Google (GOOG) 2020 Q4 法說會逐字稿

Welcome, everyone, and thank you for standing by for the Alphabet Fourth Quarter 2020 Earnings Conference Call. (Operator Instructions)

歡迎大家，並感謝您等待 Alphabet 2020 年第四季度收益電話會議。 （操作員說明）

I would now like to hand the conference over to your speaker today, Jim Friedland, Director of Investor Relations. Please go ahead.

我現在想把會議交給你今天的演講者，投資者關係總監吉姆弗里德蘭。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alphabet's Fourth Quarter 2020 Earnings Conference Call. With us today are Sundar Pichai, Philipp Schindler and Ruth Porat.

謝謝你。大家下午好，歡迎參加 Alphabet 的 2020 年第四季度收益電話會議。今天和我們在一起的是 Sundar Pichai、Philipp Schindler 和 Ruth Porat。

Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business, operations and financial performance, including the effect of the COVID-19 pandemic on those areas, may be considered forward-looking. And such statements involve a number of risks and uncertainties that could cause actual results to differ materially. For more information, please refer to the risk factors discussed in our most recent Form 10-Q filed with the SEC. Additional information will also be set forth in our upcoming Form 10-K filing for the year ended December 31, 2020.

現在我將迅速覆蓋安全港。我們今天就我們的業務、運營和財務業績做出的一些陳述，包括 COVID-19 大流行對這些領域的影響，可能被認為是前瞻性的。此類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。有關更多信息，請參閱我們最近提交給 SEC 的 10-Q 表格中討論的風險因素。其他信息也將在我們即將提交的截至 2020 年 12 月 31 日的年度 10-K 表格中列出。

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。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 Sundar.

現在我將把電話轉給 Sundar。

Thank you, Jim, and good afternoon, everyone. 2020 was a year unlike any other. We are proud that people continue to choose Google's products to stay informed, connected and comforted during uncertain times. Being helpful to people in moments big and small is the foundation of everything we do.

謝謝你，吉姆，大家下午好。 2020 年是與眾不同的一年。我們很自豪人們繼續選擇 Google 的產品，以便在不確定的時期保持知情、聯繫和舒適。在大大小小的時刻為人們提供幫助是我們所做一切的基礎。

The past year also accelerated the shift to cloud and adoption of online services. This has profound implications for all companies and consumers, and we are pleased that so many trust us to help them make this transition. In particular, Google's products and support have been a lifeline for millions of small and medium businesses hit hard by the pandemic.

過去一年也加速了向雲計算的轉變和在線服務的採用。這對所有公司和消費者都有深遠的影響，我們很高興有這麼多人信任我們來幫助他們實現這一轉變。特別是，谷歌的產品和支持一直是數百萬受疫情重創的中小企業的生命線。

Today, I'll review some of the important work we have done this quarter across Google and Alphabet with a particular focus on our growing cloud business, which we are breaking out as a separate segment for the first time. Then I'll welcome to the call Google's Chief Business Officer, Philipp Schindler, who many of you know from investor conferences and events. Philipp will speak about partnerships, business and advertising trends in the Google Services segment. We have heard that you appreciate more texture and detail there. Then Ruth will go through the quarter in more detail.

今天，我將回顧我們本季度在 Google 和 Alphabet 中所做的一些重要工作，特別關注我們不斷增長的雲業務，這是我們首次將其作為一個單獨的部門進行拆分。那麼，我將歡迎 Google 的首席商務官 Philipp Schindler 來電，你們中的許多人都從投資者會議和活動中認識他。 Philipp 將談論 Google 服務部門的合作夥伴關係、業務和廣告趨勢。我們聽說您喜歡那裡更多的紋理和細節。然後露絲將更詳細地介紹本季度。

First, some highlights at Google. Since the pandemic began, our teams have built new features and products to help people and businesses. Now we are helping with the complex challenge of getting vaccines to billions of people around the world. Vaccination locations have started to roll out in Google Search and Maps. Google Cloud's Intelligent Vaccine Impact platform is helping authorities improve vaccine distribution and forecasting. We are providing substantial new ad grants to the CDC, the World Health Organization and others to promote vaccine education. We're also making direct grants to organizations addressing racial and geographic disparities in vaccination access, plus opening up Google's facilities as vaccination clinics as needed.

首先，谷歌的一些亮點。自大流行開始以來，我們的團隊已經構建了新的功能和產品來幫助人們和企業。現在，我們正在幫助解決為全球數十億人提供疫苗的複雜挑戰。疫苗接種地點已開始在 Google 搜索和地圖中推出。 Google Cloud 的智能疫苗影響平台正在幫助當局改進疫苗分發和預測。我們正在向 CDC、世界衛生組織和其他機構提供大量新的廣告資助，以促進疫苗教育。我們還向解決疫苗接種方面種族和地理差異的組織提供直接贈款，並根據需要開放 Google 的設施作為疫苗接種診所。

Elsewhere, in Maps, we added a new community feed in the Explore tab, and now you can track takeout and delivery orders when you book or order from Google Maps. At YouTube, we are building products to help creators benefit from 2 important trends: live video and short-form video. More than 0.5 million channels livestreamed on YouTube for the first time in 2020, from artists performing in their living rooms to churches moving their services online. And videos in our new Shorts player are receiving 3.5 billion daily views. We are looking forward to expanding Shorts to more countries this year.

在其他地方，我們在 Google 地圖的“探索”選項卡中添加了一個新的社區供稿，現在您可以在從 Google 地圖預訂或訂購時跟踪外賣和送貨訂單。在 YouTube，我們正在構建產品以幫助創作者從 2 個重要趨勢中受益：直播視頻和短視頻。 2020 年，超過 50 萬個頻道首次在 YouTube 上進行了直播，從在客廳表演的藝術家到將服務轉移到網上的教堂。我們新的 Shorts 播放器中的視頻每天獲得 35 億次觀看。我們期待今年將 Shorts 擴展到更多國家/地區。

Philipp will dive into the work to support online commerce and our partners, but I want to call out our News Showcase product. It's a $1 billion investment in partnerships with news publishers, and I'm really excited about our progress here. We have now signed agreements with nearly 450 publications, the majority of which are local and regional, across a dozen countries including France, Germany, U.K. and Brazil. And last month, we announced a new global deal with Reuters as well as an agreement with one of the major French publishing associations to open access to News Showcase. We want to do more partnerships in more countries, and we'll have more to announce in the weeks to come.

Philipp 將致力於支持在線商務和我們的合作夥伴的工作，但我想強調我們的 News Showcase 產品。這是與新聞出版商合作的 10 億美元投資，我對我們在這裡取得的進展感到非常興奮。我們現在已經與法國、德國、英國和巴西等十幾個國家的近 450 家出版物簽署了協議，其中大部分是本地和區域性的。上個月，我們宣布與路透社達成一項新的全球協議，並與法國主要出版協會之一達成協議，開放對 News Showcase 的訪問。我們希望在更多國家建立更多的合作夥伴關係，我們將在未來幾週內宣布更多。

Among other highlights, we also launched our reimagined Google Pay app, making it easier to organize finances and save money. It's now used by over 150 million people in 30 countries. In hardware, we recently closed our acquisition of Fitbit, which will improve our product pipeline and help make health and wellness accessible to more people. To all the Fitbit employees, welcome to Google. We have a great portfolio of products, and I look forward to sharing more about our product plans.

除其他亮點外，我們還推出了重新設計的 Google Pay 應用程序，讓您更輕鬆地組織財務和節省資金。它現在被 30 個國家的超過 1.5 億人使用。在硬件方面，我們最近完成了對 Fitbit 的收購，這將改善我們的產品線，並幫助更多人獲得健康和保健服務。 Fitbit 的所有員工，歡迎來到 Google。我們擁有豐富的產品組合，我期待更多地分享我們的產品計劃。

Now a closer look at Google Cloud. I'm very pleased with the progress here. And as Ruth will mention, we'll continue making disciplined investments to scale the business and improve profitability. Google Cloud delivered revenue growth of 47% year-over-year, with GCP growth remaining meaningfully above the growth rate for Cloud overall. In addition, our backlog grew to nearly $30 billion, up from $19 billion in Q3, nearly all attributable to Cloud. We continue to invest strongly in the business given the momentum we are seeing.

現在仔細看看谷歌云。我對這裡的進展感到非常滿意。正如 Ruth 將提到的，我們將繼續進行有紀律的投資，以擴大業務規模並提高盈利能力。谷歌云的收入同比增長 47%，GCP 的增長明顯高於雲的整體增長率。此外，我們的積壓訂單從第三季度的 190 億美元增長到近 300 億美元，幾乎全部歸功於雲。鑑於我們所看到的勢頭，我們將繼續大力投資該業務。

These investments in our go-to-market organization have helped us win larger deals including several billion-dollar deals in 2020. Deals over $250 million more than tripled in the same period. We're also seeing strong growth through our broad network of partners, with our channel partner ecosystem growing more than 5x, and indirect channel revenue, more than doubling in the past 2 years. Our industry-leading customer satisfaction, as identified in a recent report from IDC, is helping us drive significant expansion and net revenue retention with existing customers.

這些對我們的上市組織的投資幫助我們贏得了更大的交易，包括 2020 年的數十億美元交易。同期超過 2.5 億美元的交易增加了兩倍多。通過我們廣泛的合作夥伴網絡，我們也看到了強勁的增長，我們的渠道合作夥伴生態系統增長了 5 倍以上，間接渠道收入在過去 2 年中增長了一倍以上。 IDC 最近的一份報告指出，我們行業領先的客戶滿意度正在幫助我們推動現有客戶的顯著擴張和淨收入保留。

Our products are mature and highly differentiated in many segments. In infrastructure cloud, our leadership in multi-cloud and cybersecurity helped us win large data center and IT transformation deals with customers like Highmark Health and Vodafone as well as cloud-native leaders, including Wayfair and Etsy. Our leading data and analytics cloud provides new customers such as Kyoto University Graduate School of medicine and health care and MercadoLibre in retail with the ability to analyze any data in real time across any cloud. Our industry solutions based on our AI/ML expertise have helped us win customers like Optus in communications and Otto Group in retail.

我們的產品在許多領域都成熟且高度差異化。在基礎架構雲方面，我們在多雲和網絡安全方面的領先地位幫助我們贏得了與 Highmark Health 和 Vodafone 等客戶以及 Wayfair 和 Etsy 等雲原生領導者的大型數據中心和 IT 轉型交易。我們領先的數據和分析雲為京都大學醫學與保健研究生院和零售業的 MercadoLibre 等新客戶提供了跨任何云實時分析任何數據的能力。我們基於 AI/ML 專業知識的行業解決方案幫助我們贏得了通信領域的 Optus 和零售領域的 Otto Group 等客戶。

I'm also particularly excited to see us winning large transformations by bringing the entire breadth of Google's technology to customers. Yesterday, we announced our multiyear partnership with Ford, which is using Google Cloud, Android and other Google apps and services to transform their business. Google Workspace, the industry's only cloud-native communication and collaboration solution, is helping companies meet their evolving hybrid workplace needs. Workspace is driving innovation at many of the fastest growing companies. Additionally, this quarter, we expanded our partnership with SAP. They'll extend their usage of Google Cloud for their cloud solutions, including SAP Business Technology Platform, to provide the best experience for our joint customers.

我也特別興奮地看到我們通過將 Google 的全部技術帶給客戶而贏得了巨大的轉變。昨天，我們宣布了與福特的多年合作夥伴關係，福特正在使用谷歌云、Android 和其他谷歌應用程序和服務來改變他們的業務。 Google Workspace 是業界唯一的雲原生通信和協作解決方案，正在幫助公司滿足其不斷變化的混合工作場所需求。 Workspace 正在推動許多發展最快的公司的創新。此外，本季度，我們擴大了與 SAP 的合作夥伴關係。他們將在包括 SAP Business Technology Platform 在內的雲解決方案中擴展對 Google Cloud 的使用，從而為我們的共同客戶提供最佳體驗。

Across the Alphabet portfolio, our investments in AI continue to drive progress. For example, DeepMind's AI part protein-folding breakthrough will enable researchers to tackle new and difficult problems, from fighting diseases to environmental sustainability. Google has partnership with Mayo Clinic in developing AI systems that can help plan radiotherapy treatments. Waymo is now providing hundreds of fully autonomous rides per week and recently partnered with Daimler trucks to develop fully autonomous trucks.

在整個 Alphabet 投資組合中，我們對人工智能的投資繼續推動進步。例如，DeepMind 的 AI 部分蛋白質折疊突破將使研究人員能夠解決新的難題，從抗擊疾病到環境可持續性。谷歌與 Mayo Clinic 合作開發可以幫助規劃放射治療的人工智能係統。 Waymo 現在每週提供數百次全自動駕駛，最近還與戴姆勒卡車合作開發全自動卡車。

To wrap up, last year I talked about our 4 big themes of helpfulness, trust, execution and sustainable value. These will continue to guide our strategic focus across the company in 2021 and beyond as we continue to advance our core information mission in products like Search, Maps and YouTube; keep people's information safe and secure; drive substantial advancements in AI over the next 3 years; and ensure we are the most effective place to work beyond COVID, all supported by sustainable long-term businesses.

總結一下，去年我談到了我們的四大主題：樂於助人、信任、執行和可持續價值。這些將繼續指導我們在 2021 年及以後的整個公司的戰略重點，因為我們將繼續推進我們在搜索、地圖和 YouTube 等產品中的核心信息使命；確保人們的信息安全可靠；在未來 3 年內推動 AI 的重大進步；並確保我們成為 COVID 之後最有效的工作場所，所有這些都得到可持續的長期業務的支持。

I want to thank our teams across Google and Alphabet for all of their work this quarter and throughout all of 2020. 2021 gives us another chance to be helpful to people, businesses and communities. While there's hard work ahead, I'm profoundly optimistic about what we'll accomplish together.

我要感謝 Google 和 Alphabet 的團隊在本季度以及 2020 年全年所做的所有工作。2021 年讓我們有另一個機會為人們、企業和社區提供幫助。雖然前面還有很長的路要走，但我對我們將共同完成的事情深感樂觀。

With that, I'll turn it over to Philipp.

有了這個，我會把它交給菲利普。

Thanks, Sundar, and good afternoon, everyone. It's great to be joining you today.

謝謝，Sundar，大家下午好。很高興今天能加入您的行列。

We're pleased with Google Services revenue of $52.9 billion in the fourth quarter, which continued the significant rebound from the negative impact of COVID earlier in the year. Two trends drove the strong results across Search, YouTube and network advertising. Consumers continued to move more of their activity online, and advertisers responded to the shift in consumer behavior by reactivating spend that they had paused earlier in the crisis.

我們對第四季度 529 億美元的 Google 服務收入感到滿意，這繼續從今年早些時候 COVID 的負面影響中顯著反彈。兩大趨勢推動了搜索、YouTube 和網絡廣告的強勁表現。消費者繼續將更多的活動轉移到網上，廣告商通過重新激活他們在危機早期暫停的支出來應對消費者行為的轉變。

In the fourth quarter, retail was the largest contributor to the year-on-year growth of our ads business. Tech, media and entertainment and CPG were also strong contributors. The trajectory of search advertising over the past year demonstrates its responsiveness to consumer interest and needs and how marketers can quickly adjust their spending as circumstances change to focus on generating ROI for their businesses.

第四季度，零售是我們廣告業務同比增長的最大貢獻者。科技、媒體和娛樂以及 CPG 也是重要的貢獻者。過去一年搜索廣告的發展軌跡表明其對消費者興趣和需求的響應能力，以及營銷人員如何在環境變化時快速調整支出以專注於為其業務創造投資回報率。

In YouTube, Direct Response had a substantial year-on-year growth throughout the entire year, including the fourth quarter. After a substantial pullback at the outset of the pandemic, brand spending began to recover in the third quarter. Marketers realized that even if there was a pullback in consumer demand in the short term, they needed to keep their brands in front of people to stay top of mind when spending pick back up. In the fourth quarter, we saw significant acceleration of brand spending on YouTube. Network revenues in the fourth quarter benefited from the same uplift in spend by advertisers, particularly in AdMob and Ad Manager. Google other revenues were driven by growth in YouTube's nonadvertising revenues, primarily from subscriptions as well as by Google Play revenue growth.

在 YouTube 中，Direct Response 在全年（包括第四季度）都實現了大幅同比增長。在大流行開始時大幅回落之後，品牌支出在第三季度開始復蘇。營銷人員意識到，即使短期內消費者需求出現回落，他們也需要將品牌展示在人們面前，以便在消費回升時保持首要地位。在第四季度，我們看到 YouTube 上的品牌支出顯著加速。第四季度的網絡收入受益於廣告商支出的增長，尤其是在 AdMob 和 Ad Manager 方面。谷歌的其他收入受到 YouTube 非廣告收入增長的推動，主要來自訂閱以及 Google Play 收入增長。

I now want to step back from the results of the quarter and quickly reflect on the generational shift to digital we've seen over the past year and what that means for our business. First, dramatic changes to consumer behavior have fundamentally changed the way companies are doing business across many industries and geographies. Lufthansa is a great example. Like many airlines, they needed more insight on where to fly, at what capacity and how often as travel started to open up last year. Over the summer, we built a product called Flight Demand Explorer, which gave real-time answers to these questions, helping them find demand and ramp up. Within 2 months, they tripled destination routes and got more than 80 planes back in the air, with many flights fully sold out within days.

我現在想從本季度的結果中退後一步，快速反思我們在過去一年中看到的向數字化的代際轉變，以及這對我們的業務意味著什麼。首先，消費者行為的巨大變化從根本上改變了公司在許多行業和地區開展業務的方式。漢莎航空就是一個很好的例子。與許多航空公司一樣，隨著去年開始開放旅行，他們需要更深入地了解飛行地點、容量和頻率。整個夏天，我們開發了一款名為 Flight Demand Explorer 的產品，它可以實時回答這些問題，幫助他們找到需求並提高產量。在 2 個月內，他們將目的地航線增加了兩倍，並讓 80 多架飛機重新起飛，許多航班在幾天內就全部售罄。

We're putting real-time insights into the hands of businesses and other verticals. In fact, we just launched a new insights page to give our advertisers the latest on ever-changing search trends relevant to their business right inside of Google Ads. Petco is another great example as people adopted an unprecedented number of pets during shelter-in-place. It led to a spike in demand for pet supplies, and Petco saw their curbside pickup services go through the roof. So they accelerated delivery and pickup options using Search, Shopping and local inventory ads and were able to drive a 100% increase in their e-commerce business. And this is important. Multi-touch points like curbside pickup and pick up in-store are in high demand and here to stay. We've seen huge year-on-year jumps in searches for available near me and curbside pickup. Retailers offering multi-touch are benefiting from this trend, and this offering sits squarely in our core capabilities with Maps and Search.

我們將實時洞察力提供給企業和其他垂直行業。事實上，我們剛剛推出了一個新的洞察頁面，旨在讓我們的廣告客戶在 Google Ads 內了解與其業務相關的不斷變化的搜索趨勢的最新信息。 Petco 是另一個很好的例子，因為人們在就地避難期間收養了數量空前的寵物。這導致對寵物用品的需求激增，Petco 看到他們的路邊取貨服務一飛沖天。因此，他們使用搜索、購物和本地庫存廣告加快了交付和取貨選項，並能夠推動電子商務業務 100% 的增長。這很重要。路邊取貨和店內取貨等多點接觸點需求量很大，並且會一直存在。我們已經看到我附近的可用搜索和路邊取貨的搜索量同比大幅增長。提供多點觸控的零售商正從這一趨勢中受益，而這一產品正是我們地圖和搜索的核心功能。

Let me tell you about L'Oréal. They did a great job adapting to changes in shopping behavior by making a sharp pivot to e-commerce and to TrueView. By making existing video creatives more timely and actionable, their Kiehl's U.S. brand drove record visits to their site from YouTube, 4x more per dollar. They're also partnering with us to bring AR experience for their cosmetics across Google Services, including YouTube and Search. I could go on and on. Companies are rapidly adopting.

讓我告訴你關於歐萊雅的事。通過轉向電子商務和 TrueView，他們在適應購物行為的變化方面做得很好。通過使現有的視頻創意更加及時和可操作，他們的 Kiehl's 美國品牌推動了 YouTube 對他們網站的創紀錄訪問量，每美元增加了 4 倍。他們還與我們合作，在包括 YouTube 和搜索在內的 Google 服務中為他們的化妝品帶來 AR 體驗。我可以繼續下去。公司正在迅速採用。

Next, I'd like to talk about how we're evolving our commerce strategy. We've taken significant steps to accelerate an open ecosystem for online retail that benefits businesses of all sizes, from large online household names to your neighborhood store just around the corner. We've long said that we want to make Google the best place for users to start their shopping journeys, regardless of where those journeys end.

接下來，我想談談我們如何發展我們的商業戰略。我們已採取重大措施來加速開放的在線零售生態系統，使各種規模的企業受益，從大型在線家喻戶曉到您附近的商店。我們早就說過，我們想讓谷歌成為用戶開始購物之旅的最佳場所，無論這些旅程在哪裡結束。

In the fourth quarter, the year-over-year growth rates in retail searches was more than 3x the rate we had seen in the same period last year driven in part by COVID. We also want to make Google the best place for merchants to connect with users, regardless of whether the transaction happens on our platform or theirs. Over the last 12 months, we grew our merchant community over 80%, with significant growth in small and medium-sized businesses. All of these merchants and their inventory will show up across Google, including Search, Image Search and YouTube.

在第四季度，零售搜索的同比增長率是去年同期的 3 倍多，部分原因是 COVID 驅動。我們還想讓 Google 成為商家與用戶聯繫的最佳場所，無論交易是在我們的平台上還是在他們的平台上進行。在過去的 12 個月裡，我們的商家社區增長了 80% 以上，中小型企業也有顯著增長。所有這些商家及其庫存都將顯示在 Google 上，包括搜索、圖片搜索和 YouTube。

I want to close by talking about something that has been a principle of Google since our founding. We've always believed that the future of Google and the future of our partners are fundamentally linked. In fact, we built our business on revenue share models that support a broad range of partners, including large and small online publishers, individual YouTube creators broadcasting from their homes and global music labels as well as Google Play developers of all sizes. We only succeed when our customers and partners succeed. One number, I think, is worthwhile highlighting in this context. Over the past 3 years, we paid out nearly $140 billion to our partners, from Google Play developers and publisher partners using our advertising services to YouTube creators, artists and media organizations around the world.

最後，我想談談自 Google 成立以來一直遵循的原則。我們一直認為，Google 的未來與我們合作夥伴的未來有著根本的聯繫。事實上，我們的業務建立在支持廣泛合作夥伴的收入分成模式上，包括大大小小的在線出版商、在家中進行廣播的個人 YouTube 創作者和全球音樂唱片公司以及各種規模的 Google Play 開發者。只有當我們的客戶和合作夥伴成功時，我們才會成功。我認為，在這種情況下，值得強調一個數字。在過去的 3 年中，我們向合作夥伴支付了近 1400 億美元，這些合作夥伴包括使用我們的廣告服務的 Google Play 開發者和發布商合作夥伴，以及世界各地的 YouTube 創作者、藝術家和媒體組織。

Our performance is only possible because of our customers and partners. I want to thank them for their partnership, collaboration and feedback. I also want to thank our product, partnership, sales and many support teams for their tremendous work, innovating to help our users, customers and partners succeed, especially through these difficult times.

我們的業績只有在我們的客戶和合作夥伴的幫助下才有可能。我要感謝他們的合作、合作和反饋。我還要感謝我們的產品、合作夥伴、銷售和許多支持團隊所做的巨大工作，他們通過創新幫助我們的用戶、客戶和合作夥伴取得成功，尤其是在這些困難時期。

I'll now hand off the call to Ruth.

我現在將把電話轉給 Ruth。

Thank you, Philipp. We are very pleased with our exceptional fourth quarter performance after an unprecedented year.

謝謝你，菲利普。在經歷了前所未有的一年之後，我們對第四季度的出色表現感到非常滿意。

For 2020, total Alphabet revenues were $183 billion, up 13% year-on-year or up 14% in constant currency. With our new segment disclosures this quarter, I'll start with quarterly results at the Alphabet level, followed by segment results and conclude with our outlook. My focus will be on year-on-year comparisons for the fourth quarter, unless I state otherwise.

2020 年，Alphabet 總收入為 1830 億美元，同比增長 13% 或按固定匯率計算增長 14%。隨著我們本季度新的部門披露，我將從 Alphabet 級別的季度業績開始，然後是部門業績，最後是我們的展望。除非我另有說明，否則我的重點將放在第四季度的同比比較上。

For the fourth quarter, our consolidated revenues were $56.9 billion, up 23%, which reflect broad-based increases in advertiser spending in Search and YouTube within Google Services as well as ongoing strength in Google Cloud. Our total cost of revenues was $26.1 billion, up 24%, primarily driven by other cost of revenues, which was $15.6 billion and up 25%. The biggest factors here were: first, content acquisition costs, primarily driven by costs for YouTube's advertising-supported content, followed by costs for subscription content; and second, costs associated with data centers and other operations, including depreciation.

第四季度，我們的綜合收入為 569 億美元，增長 23%，這反映了廣告客戶在 Google 服務中搜索和 YouTube 支出的廣泛增長以及 Google Cloud 的持續實力。我們的總收入成本為 261 億美元，增長 24%，主要受其他收入成本的推動，即 156 億美元，增長 25%。這裡最大的因素是：首先，內容獲取成本，主要由 YouTube 的廣告支持內容的成本驅動，其次是訂閱內容的成本；其次，與數據中心和其他運營相關的成本，包括折舊。

Operating expenses were $15.2 billion, down 4%. The year-on-year decline reflects the lapping of valuation-based compensation charges in certain Other Bets in the fourth quarter of 2019, primarily in R&D, as well as the impact of actions taken earlier in the year as a result of COVID. Each of the 3 components of OpEx also reflects our decision to slow head count growth beginning late in the first quarter. Head count was up 3,180 from the third quarter. Again, the majority of new hires were engineers and product managers with continued aggressive investment in cloud for both technical and sales roles.

營業費用為 152 億美元，下降 4%。同比下降反映了 2019 年第四季度某些其他賭注中基於估值的薪酬費用的重疊，主要是在研發方面，以及今年早些時候因 COVID 而採取的行動的影響。 OpEx 的 3 個組成部分中的每一個也反映了我們從第一季度末開始放緩員工人數增長的決定。人數比第三季度增加了 3,180 人。同樣，大多數新員工都是工程師和產品經理，他們在技術和銷售崗位上繼續積極投資雲。

Operating income was $15.7 billion, up 69%, and our operating margin in the quarter was 28%. Other income and expense was $3 billion, which primarily reflects unrealized gains in the value of investments in equity securities. Net income was $15.2 billion. Operating cash flow was $22.7 billion, with free cash flow of $17.2 billion in the quarter and $43 billion for the full year 2020. We ended the fourth quarter with $137 billion in cash and marketable securities.

營業收入為 157 億美元，增長 69%，我們本季度的營業利潤率為 28%。其他收入和支出為 30 億美元，主要反映股本證券投資價值的未實現收益。淨收入為 152 億美元。經營現金流為 227 億美元，本季度的自由現金流為 172 億美元，2020 年全年為 430 億美元。我們在第四季度結束時擁有 1,370 億美元的現金和有價證券。

Let me now turn to our segment financial results, starting with our Google Services segment. Total Google Services revenues were $52.9 billion, up 22%. Each component of our advertising revenues reflects the return of advertiser spend in response to the continued movement of consumer activity online that Philipp spoke about, including Google Search and other advertising revenues of $31.9 billion in the quarter, up 17%; YouTube advertising revenues of $6.9 billion, up 46%, driven by a rebound not only in brand advertising but also ongoing strength in direct response; network advertising revenues of $7.4 billion, up 23%.

現在讓我談談我們的部門財務業績，從我們的谷歌服務部門開始。谷歌服務總收入為 529 億美元，增長 22%。我們廣告收入的每個組成部分都反映了廣告客戶支出的回報，以應對 Philipp 所說的消費者在線活動的持續變化，包括谷歌搜索和本季度其他 319 億美元的廣告收入，增長 17%； YouTube 廣告收入為 69 億美元，增長 46%，這不僅得益於品牌廣告的反彈，還得益於持續的直接響應能力；網絡廣告收入為 74 億美元，增長 23%。

Other revenues were $6.7 billion, up 27%, primarily driven by growth in YouTube nonadvertising and Play revenues. Within Play, app revenues in the fourth quarter continued to benefit from elevated levels of engagement, reflecting increases in active buyers and spend per buyer due to COVID. However, we did experience a deceleration in growth from the levels we saw in the third quarter. Google Services operating income was $19.1 billion, up 41%, and the operating margin was 36%.

其他收入為 67 億美元，增長 27%，主要受 YouTube 非廣告和 Play 收入增長的推動。在 Play 中，第四季度的應用收入繼續受益於參與度的提高，這反映了由於 COVID 導致活躍買家和每位買家支出的增加。但是，與第三季度的水平相比，我們確實經歷了增長減速。谷歌服務營業收入為 191 億美元，增長 41%，營業利潤率為 36%。

Turning to the Google Cloud segment, including GCP and Google Workspace. Revenues were $3.8 billion for the fourth quarter, up 47%. GCP's revenue growth rate was again meaningfully above Cloud overall. Strong growth in Google Workspace revenues was driven by growth in both seats and average revenue per seat. Google Cloud had an operating loss of $1.2 billion, essentially flat versus last year.

轉向 Google Cloud 部分，包括 GCP 和 Google Workspace。第四季度收入為 38 億美元，增長 47%。 GCP 的收入增長率再次顯著高於整體雲。 Google Workspace 收入的強勁增長是由席位和每個席位的平均收入的增長推動的。谷歌云的運營虧損為 12 億美元，與去年基本持平。

As to our Other Bets, for the full year 2020, revenues were $657 million, primarily generated by Fiber and Verily, and reflect that most of our Other Bets are pre-revenue. The operating loss was $4.5 billion for the full year 2020 versus an operating loss of $4.8 billion in 2019.

至於我們的其他賭注，2020 年全年的收入為 6.57 億美元，主要由 Fiber 和 Verily 產生，這反映了我們的大部分其他賭注都是未有收入的。 2020 年全年的運營虧損為 45 億美元，而 2019 年的運營虧損為 48 億美元。

Let me end with our outlook for each segment and our investments more broadly. For Google Services, we're encouraged by the increase in consumer online activity and the return of advertiser spend as reflected in our Q4 results. Looking forward to 2021, year-over-year quarterly comparisons will be affected meaningfully by the impact of COVID last year with easier comps in the first half, especially in Q2, and then lapping stronger performance in the second half. With respect to other revenues, with the closing of the Fitbit acquisition earlier this month, we will be reporting its revenues within Google Other.

最後，讓我談談我們對每個細分市場的展望以及更廣泛的投資。對於 Google 服務，我們對消費者在線活動的增加和廣告客戶支出的回報感到鼓舞，這反映在我們的第四季度業績中。展望 2021 年，同比季度比較將受到去年 COVID 的影響的顯著影響，上半年比較容易，尤其是在第二季度，然後在下半年表現更強勁。關於其他收入，隨著本月早些時候完成對 Fitbit 的收購，我們將報告其在 Google Other 內的收入。

In terms of investment levels within Google Services, late in the first quarter of 2020, as a result of COVID, we made what we described as tactical adjustments to slow the pace of spend in certain categories. Given the ongoing uncertainty in the external environment, we maintained the discipline through the rest of 2020. Looking forward, we do expect the pace of investment to increase to support the extraordinary opportunities we see given the usefulness of our products and services in this environment. The investment pace will ramp up over the course of the year.

就 Google 服務的投資水平而言，在 2020 年第一季度末，由於 COVID，我們進行了我們所說的戰術調整，以減緩某些類別的支出步伐。鑑於外部環境的持續不確定性，我們在 2020 年剩餘時間內保持紀律。展望未來，鑑於我們的產品和服務在這種環境中的有用性，我們確實預計投資步伐會加快，以支持我們看到的非凡機會。投資步伐將在年內加快。

As for Google Cloud, we've obviously been investing aggressively given the substantial market opportunity we see. Under Thomas Kurian's leadership, we further accelerated investment to strengthen the position of the business. For example, we are on track to meet our near-term goal of tripling the size of the Cloud Direct sales force and have greatly expanded the partner channel. We've also substantially improved our product offering while rationalizing our approach to focus on our 6 key industry verticals. And we've invested in expanding our network of locations for compute capacity to support Cloud, ending 2020 serving customers in 24 regions and 73 zones.

至於谷歌云，鑑於我們看到的巨大市場機會，我們顯然一直在積極投資。在Thomas Kurian的帶領下，我們進一步加快投資，鞏固業務地位。例如，我們有望實現將 Cloud Direct 銷售人員規模擴大兩倍的近期目標，並大大擴展了合作夥伴渠道。我們還大幅改進了我們的產品供應，同時合理化我們的方法，專注於我們的 6 個關鍵行業垂直領域。我們已投資擴展我們的計算能力位置網絡以支持雲，到 2020 年底為 24 個地區和 73 個區域的客戶提供服務。

We're encouraged by the momentum in the growth of revenue and customer wins. We more than doubled revenues over the last 2 years from $5.8 billion in 2018 to $13.1 billion in 2020. Our backlog, which is nearly all attributable to Cloud, nearly tripled from 2019 to 2020. Although increases in backlog do not directly correlate to revenue trends, the growth in backlog demonstrates the success Google Cloud is having with large enterprises, which are signing meaningful long-term commitment agreements.

我們對收入增長和贏得客戶的勢頭感到鼓舞。在過去 2 年中，我們的收入翻了一番多，從 2018 年的 58 億美元增加到 2020 年的 131 億美元。從 2019 年到 2020 年，我們的積壓訂單幾乎全部歸功於雲計算，幾乎翻了三倍。雖然積壓訂單的增加與收入趨勢沒有直接關係，積壓的增長表明 Google Cloud 與大型企業取得了成功，這些企業正在簽署有意義的長期承諾協議。

Looking forward, we will continue to focus on revenue growth driven by ongoing investment in products and the go-to-market organization. Cloud's operating loss reflects that we have meaningfully built out our organization ahead of revenues, as we've discussed in prior quarters, with respect to the substantial investments in our go-to-market organization as well as engineering and technical infrastructure. Operating loss and operating margin will benefit from increased scale over time. In addition, we are focused on delivering on efficiency efforts across the board to contribute incrementally to profitability over time.

展望未來，我們將繼續專注於產品持續投資和上市組織推動的收入增長。 Cloud 的運營虧損反映了我們在收入之前已經有意義地建立了我們的組織，正如我們在前幾個季度所討論的那樣，涉及對我們的上市組織以及工程和技術基礎設施的大量投資。隨著時間的推移，經營虧損和經營利潤率將受益於規模的擴大。此外，我們專注於全面提高效率，隨著時間的推移逐步提高盈利能力。

Finally, as you can see from the historical data provided in the press release, Cloud's operating loss was higher in the first quarter relative to other quarters, and then the operating loss improves thereafter. We expect similar seasonality in 2021. In terms of Other Bets, we continue to invest with a focus on the long-term value creation opportunity.

最後，從新聞稿中提供的歷史數據可以看出，Cloud 第一季度的經營虧損相對於其他季度較高，之後經營虧損有所改善。我們預計 2021 年會出現類似的季節性。在其他押注方面，我們將繼續投資，重點關注長期價值創造機會。

On head count, we plan to reaccelerate the pace of hiring in Google Services, in line with our opportunities. Our head count growth will also reflect the addition of Fitbit and our ongoing transition of certain customer support roles from third-party vendors to Google's in-house operation centers. We also plan to continue to prioritize investment in both sales and technical roles for Google Cloud.

在人數方面，我們計劃根據我們的機會重新加快 Google 服務的招聘步伐。我們的員工人數增長也將反映 Fitbit 的加入以及我們正在將某些客戶支持角色從第三方供應商轉移到 Google 的內部運營中心。我們還計劃繼續優先投資於 Google Cloud 的銷售和技術角色。

Turning to CapEx. At the consolidated level, the year-on-year results this quarter again reflect the slower pace throughout 2020 of investment in office facilities. Within technical infrastructure, servers continue to be the largest driver of investment in the fourth quarter, followed by data centers. Looking ahead, we expect a return to a more normalized pace of ground-up construction and fit-out of office facilities, which translates into a sizable increase in CapEx in 2021. Servers will continue to be the largest driver of spend on technical infrastructure.

轉向資本支出。在綜合層面，本季度的同比業績再次反映了整個 2020 年辦公設施投資的放緩。在技術基礎設施中，服務器仍然是第四季度最大的投資驅動力，其次是數據中心。展望未來，我們預計辦公設施的地面建設和裝修將恢復更加正常化的步伐，這將轉化為 2021 年資本支出的大幅增長。服務器將繼續成為技術基礎設施支出的最大推動力。

Finally, a housekeeping point. As noted in our earnings press release, we have adjusted the estimated useful lives of servers and certain network equipment starting in 2021. We expect these changes will favorably impact our 2021 operating results by approximately $2.1 billion for assets as of year-end 2020.

最後，一個家政點。正如我們在收益新聞稿中指出的那樣，我們已經從 2021 年開始調整了服務器和某些網絡設備的估計使用壽命。我們預計這些變化將對我們 2021 年的運營業績產生有利影響，截至 2020 年底資產價值約為 21 億美元。

We look forward to the year ahead. I hope everyone stays safe. Thank you. And now Sundar, Philipp and I will take your questions.

我們期待新的一年。我希望每個人都保持安全。謝謝你。現在 Sundar、Philipp 和我將回答你的問題。

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

（操作員說明）我們的第一個問題來自瑞銀的 Eric Sheridan。

I hope everyone is safe and well on the team out there as well. Maybe I'll try first on Cloud. I don't know if it's better to Sundar or to Ruth, but can you just conceptually help us understand how to think about the opportunity you're going after versus Cloud and how it factors back into which you want to invest against the opportunity or, possibly, maybe even accelerate the opportunity by looking at inorganic paths to growing scale vis-à-vis competition in the space?

我希望團隊中的每個人都平安無事。也許我會先在 Cloud 上嘗試。我不知道這對 Sundar 還是 Ruth 更好，但是您能否從概念上幫助我們了解如何考慮您所追求的機會與 Cloud 相比，以及它如何影響您想要投資的機會或，可能，甚至可能通過尋找無機途徑來擴大規模以應對該領域的競爭，從而加速機會？

And then maybe for Philipp if I can. YouTube continues to evolve as a platform. There's now subscription offerings. You highlighted the strength you're seeing in DR. Could you talk a little bit about the path for monetization in the coming years and how we should think about the opportunity against a large-scale audience and engagement you see at YouTube broadly?

如果可以的話，也許是為了菲利普。 YouTube 作為一個平台不斷發展。現在有訂閱產品。您強調了您在 DR 中看到的優勢。您能否談一談未來幾年的盈利路徑，以及我們應該如何看待您在 YouTube 上看到的大規模觀眾和參與度的機會？

On Cloud, obviously, we see how early customers are in the shift. We see the large TAM ahead and, definitely, the market dynamics. And our momentum, in the context of the market, is what is the framework which we are thinking about, the scale of investments and the pace of investments. Obviously, it's an area in which the longer you are in, the cohorts add up and so contributes more and the economies of scale starts working as well. But we are definitely investing ahead to making sure we are able to serve the customers globally across all the offerings they are interested in, and that's how we are thinking about it.

顯然，在雲上，我們看到了早期客戶的轉變。我們看到了未來的大 TAM，當然還有市場動態。在市場背景下，我們的動力是我們正在考慮的框架、投資規模和投資步伐。顯然，在這個領域，你在其中的時間越長，群體就會增加，因此貢獻越大，規模經濟也開始發揮作用。但我們肯定會提前投資，以確保我們能夠為全球客戶提供他們感興趣的所有產品，這就是我們的想法。

Ruth, I'm not sure you want to add more.

露絲，我不確定你想添加更多。

I think that's the main point, just given the sheer scale of the opportunity and our position, investing to really position ourselves well across industries and geographies. And the key elements of it, I tried to call out in the opening comments: investing in product, go to market, data centers. And you can see it in the results. I think you're going to continue to see us building there, and that's what we're talking about building ahead. We are keenly focused on delivering for both customers and shareholders and that, of course, includes an intense focus on the path to profitability.

我認為這是重點，考慮到機會的巨大規模和我們的地位，投資是為了在各個行業和地區真正定位自己。我試圖在開場評論中指出其中的關鍵要素：投資產品、進入市場、數據中心。您可以在結果中看到它。我認為您將繼續看到我們在那裡建設，這就是我們正在談論的未來建設。我們非常專注於為客戶和股東提供服務，當然，這也包括對盈利之路的高度關注。

Yes. And on your question on YouTube, on the overall development and the subscription side, our Direct Response business on YouTube was practically nonexistent 3 years ago. And now it's one of our largest and fastest-growing ad offerings on YouTube. And with TrueView for action, we're actually making it easier for advertisers to unlock opportunities to reach audiences with video campaigns. And just to give you a few numbers, 60% of TrueView for action customers are new to YouTube. And we more than doubled the number of active advertisers using TrueView for action in the first 6 months of 2020.

是的。關於你在 YouTube 上的問題，關於整體開發和訂閱方面，我們在 YouTube 上的直接響應業務在 3 年前幾乎不存在。現在，它是我們在 YouTube 上規模最大、增長最快的廣告產品之一。借助 TrueView 行動號召廣告，我們實際上讓廣告客戶更輕鬆地利用視頻廣告系列來吸引受眾。舉幾個數字，60% 的 TrueView 行動號召廣告客戶是 YouTube 的新手。在 2020 年的前 6 個月，我們使用 TrueView 行動號召廣告的活躍廣告客戶數量增加了一倍多。

And we're really tapping into the tremendous innate commercial behavior on the platform. 70% of YouTube viewers are saying they bought a brand as a result of seeing it on YouTube. I talked about L'oréal earlier. MasterClass is another great example. Online learning has become a huge opportunity, and they use TrueView for action to connect the right people to the right content and saw really big, like 140% increase in clicks to their sites, 70% increase in sign-ups to courses and so on.

我們真的在利用平台上巨大的先天商業行為。 70% 的 YouTube 觀眾表示，他們購買了一個品牌是因為他們在 YouTube 上看到了該品牌。我之前談到了歐萊雅。 MasterClass 是另一個很好的例子。在線學習已成為一個巨大的機會，他們使用 TrueView 行動號召將正確的人與正確的內容聯繫起來，並取得了巨大的成功，例如他們網站的點擊量增加了 140%，課程註冊量增加了 70% 等等.

YouTube continues, in our view, to be amazing for brand advertisers as well. Our brand business was hit hard in the early stages of the pandemic, rebounded in Q3 and into Q4. And it really helps advertisers reach younger audiences. They can reach anywhere. We now reach more 18- to 49-year-olds than all linear TV networks combined. Watch time is increasing. Advertiser effectiveness is getting better and better. And so this is a very nice development on the subscription strategy.

在我們看來，YouTube 繼續為品牌廣告商帶來驚喜。我們的品牌業務在疫情初期受到重創，在第三季度和第四季度出現反彈。它確實有助於廣告商接觸年輕觀眾。他們可以到達任何地方。現在，我們覆蓋的 18 至 49 歲人群比所有線性電視網絡的總和還要多。觀看時間正在增加。廣告商的效果越來越好。所以這是訂閱策略的一個非常好的發展。

Maybe just briefly, music is an incredibly popular vertical on YouTube and, obviously, a key part of the overall experience. We found that users wanted a premium YouTube experience and we -- basically the ability to download songs and videos. YouTube Premium provides additional revenue streams, of course, for music labels and publishers as well. In 2019, YouTube paid the music industry over $3 billion. We have over 30 million music and premium paid subscribers. We are now operating over 95 countries, so members get a lot of extra benefits, yes.

也許只是簡單地說，音樂在 YouTube 上是一個非常受歡迎的垂直領域，顯然，它是整體體驗的關鍵部分。我們發現用戶想要優質的 YouTube 體驗，而我們——基本上是下載歌曲和視頻的能力。當然，YouTube Premium 也為唱片公司和出版商提供了額外的收入來源。 2019 年，YouTube 向音樂產業支付了超過 30 億美元的收入。我們擁有超過 3000 萬音樂和付費訂閱用戶。我們現在在超過 95 個國家/地區開展業務，因此會員可以獲得很多額外的好處，是的。

And our next question comes from Doug Anmuth from JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

Ruth and Sundar, I just wanted to follow up on Eric's question a bit. Anything else you can add just in terms of the significant inflection that you saw on Google Cloud backlog there? And I guess, in particular, curious what you're seeing in terms of benefit and success as you're leveraging Alphabet more broadly like in the Ford deal. And then how do you think about Google Cloud margins structurally kind of long-term relative to peers? Any color there would be helpful.

Ruth 和 Sundar，我只是想稍微跟進一下 Eric 的問題。僅就您在 Google Cloud 積壓工作中看到的重大變化而言，您還可以添加任何其他內容嗎？我猜想，特別是好奇你在利益和成功方面看到了什麼，因為你正在更廣泛地利用 Alphabet，就像在福特交易中一樣。然後你如何看待谷歌云相對於同行的長期結構性利潤率？那裡的任何顏色都會有幫助。

Maybe I'll start with customers are looking for digital transformation. And depending on the sector they are in, they are definitely interested in a broader solution set across the breadth of what Google and Alphabet can bring. We see this in health care, our efforts in Google Health, work that's happening in Verily, all end up helping. Ford is a great example of, I'd say, thinking longer term not just for Cloud but Android auto-powering their vehicles. And so these are big transformations cutting across the company. And one of the areas where we are really executing is leveraging our global business operations that Philipp runs and partnering closely with Thomas' teams, and that's definitely brings in a lot of synergies here.

也許我會從正在尋找數字化轉型的客戶開始。根據他們所處的行業，他們肯定對谷歌和 Alphabet 可以帶來的更廣泛的解決方案感興趣。我們在醫療保健中看到了這一點，我們在 Google Health 中的努力，在 Verily 正在進行的工作，最終都會有所幫助。我想說，福特是一個很好的例子，它不僅考慮到雲計算，而且考慮到 Android 為他們的車輛提供自動動力。因此，這些都是貫穿整個公司的重大轉變。我們真正執行的領域之一是利用 Philipp 運營的全球業務運營並與 Thomas 的團隊密切合作，這肯定會帶來很多協同效應。

On your second question, on the broader stuff, the one thing I would say is -- I mentioned a part earlier, we get into these long-term deals. And so over time, as you add more cohorts, that contributes to the margin structure. It is -- the scale of the product offerings, the number of areas and the number of regions in the world, there's a much more significant investment. And so there is definitely a fixed cost structure associated with it, and we are also investing ahead. But as we scale up the business, we expect the trends to be favorable.

關於你的第二個問題，關於更廣泛的問題，我要說的一件事是 - 我之前提到過一部分，我們進入了這些長期交易。因此，隨著時間的推移，隨著您添加更多同類群組，這將有助於形成保證金結構。這是 - 產品供應的規模，世界範圍內的地區數量和地區數量，有更重要的投資。所以肯定有一個與之相關的固定成本結構，我們也在提前投資。但隨著我們擴大業務，我們預計趨勢將是有利的。

And our next question comes from Brent Thill from Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

You mentioned you accelerated -- saw accelerating brand spend in the quarter. And many investors are asking the sustainability and what you're seeing in that as you head into the beginning of this year. If you could just talk directionally in terms of how your clients are acting as they head out of the holiday season, that would be helpful.

你提到你加速 - 在本季度看到加速的品牌支出。許多投資者都在詢問可持續性以及您在今年年初看到的情況。如果您可以就您的客戶在假期結束時的表現進行定向交談，那將很有幫助。

Sure. I'll take that. As we've each noted, the financial results really did reflect this increase in advertiser activity. And that was in part unlocking budgets that they had paused earlier in the year as well as really reflecting the increase in consumer online activity. The largest contributor, as Philipp mentioned, was retail, the largest contributor to the year-on-year growth of the ads business. But I would say tech, media and entertainment as well as CPG were also meaningful contributors. And for Search, we saw ongoing improvement in advertisers spend broadly.

當然。我會接受的。正如我們每個人都指出的那樣，財務結果確實反映了廣告客戶活動的增加。這在一定程度上釋放了他們在今年早些時候暫停的預算，也真正反映了消費者在線活動的增加。正如 Philipp 所說，最大的貢獻者是零售，它是廣告業務同比增長的最大貢獻者。但我想說，科技、媒體和娛樂以及 CPG 也是有意義的貢獻者。對於搜索，我們看到廣告客戶的廣泛支出持續改善。

For YouTube, Direct Response, as Philipp talked about, really did maintain a very high level of growth. And the acceleration in overall YouTube revenue growth reflects a pickup in brand advertising across all verticals on top of the ongoing strength that we saw in DR. And then in network, also same point, it's this pickup in advertiser spend, as Philipp noted. It was led by growth in AdMob and Ad Manager.

對於 YouTube，正如 Philipp 所說，Direct Response 確實保持了非常高的增長水平。 YouTube 整體收入增長的加速反映了品牌廣告在所有垂直領域的回升，以及我們在 DR 中看到的持續實力。然後在網絡中，同樣的一點，正如 Philipp 所說，這是廣告客戶支出的回升。它是由 AdMob 和 Ad Manager 的增長帶動的。

So we're really pleased with Q4. It was a great end to a challenging year. And when we think about 2021, I made the point in the opening comments, we obviously have easier year-on-year comparisons in the first half as we anniversary the effects of the pandemic. So not much more to add, we -- it was a strong quarter, and we feel really good about the level of activity.

所以我們對第四季度非常滿意。為充滿挑戰的一年畫上了圓滿的句號。當我們想到 2021 年時，我在開場評論中指出，隨著我們紀念大流行的影響，我們顯然更容易在上半年進行同比比較。所以沒有太多要補充的，我們 - 這是一個強勁的季度，我們對活動水平感覺非常好。

And our next question comes from Heath Terry from Goldman Sachs.

我們的下一個問題來自高盛的 Heath Terry。

Great. I appreciate the level of detail on the drivers behind the acceleration in Search and YouTube. I was wondering if you could go a bit further and disaggregate or give, even just qualitatively, the drivers behind that acceleration between pre-pandemic advertisers returning to prior spending levels versus new advertisers or new advertiser spend being allocated to the platform.

偉大的。我很欣賞搜索和 YouTube 加速背後驅動因素的詳細程度。我想知道您是否可以進一步分解或給出，即使只是定性的，大流行前廣告商恢復到先前支出水平與新廣告商或新廣告商支出分配給平台之間的加速背後的驅動因素。

Well, I think the main point is sort of this mega comment that we saw a slowdown. And as Philipp said, and we've talked about on prior calls, one of the first things that happens is a step-back and then you see, as users reengage and activity picks up and the effectiveness of advertising the ROI available, you see advertising come back in. I remember talking about this throughout last year that we had seen this actually going back to the prior financial crisis. And what you've seen is just a broad-based reengagement, which we're really pleased about across industries. And it's also -- as Philipp noted in his comments, there's been a tremendous opportunity really to step in here and help small, medium businesses as they were evolving and adapting to this new digital world, and it's been quite key there as well.

好吧，我認為主要的一點是我們看到放緩的這種大型評論。正如 Philipp 所說，我們在之前的電話會議中談到過，發生的第一件事就是後退一步，然後你會看到，隨著用戶重新參與和活動的增加以及廣告投資回報率的有效性，你會看到廣告又回來了。我記得去年全年都在談論這個，我們已經看到這實際上可以追溯到之前的金融危機。你所看到的只是基礎廣泛的重新參與，我們對跨行業感到非常高興。而且，正如 Philipp 在他的評論中指出的那樣，這是一個巨大的機會，可以真正介入並幫助中小型企業發展和適應這個新的數字世界，這也是非常關鍵的。

Our next question comes from Brian Nowak from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2 for Philipp. Philipp, first one, I appreciate all the color on retail and commerce, the merchant community growing so strong in the last year. I'd be curious to hear about your discussions now with merchants and sort of what the largest friction points that they're looking for you to solve and sort of continue to help them as the world reopens, kind of the merchant discussions. And then secondly, a question on one of the earlier products on Discover feed, I'd love to hear about sort of early learnings on Discover feed and how you think about hurdles you need to overcome to monetize that.

我有 2 個給菲利普。菲利普，第一個，我很欣賞零售和商業的所有色彩，商人社區在去年變得如此強大。我很想听聽您現在與商家的討論，以及他們希望您解決的最大摩擦點是什麼，並在世界重新開放時繼續幫助他們，類似於商家的討論。其次，關於 Discover 提要的早期產品之一的問題，我很想听聽有關 Discover 提要的早期學習以及您如何考慮需要克服的障礙才能將其貨幣化。

Yes. Thank you very much for the question. Look, at the highest level, we want to build a healthier e-commerce ecosystem. When people come to Google to shop, we want them to help find the best product with the best prices from really the widest range of merchants, and we want our results to be as comprehensive and relevant as possible. And we took some significant steps last year, as you know, on Google Shopping. And in many ways, we really see them as a return to our first principles here: free listing, zero commissions, really good feedback, helps lower barriers for online retail. So we've become a great place for stores to connect with potential customers whether it's by driving traffic to the website for free listings or ads or just by making it easier for purchases to happen directly on Google. And by the way, let me be clear also, shopping ads will continue to be a powerful way for retailers to promote their products, obviously.

是的。非常感謝您的提問。看，在最高層面，我們希望建立一個更健康的電子商務生態系統。當人們來 Google 購物時，我們希望他們幫助從最廣泛的商家那裡找到價格最優惠的最佳產品，並且我們希望我們的結果盡可能全面和相關。如您所知，我們去年在 Google 購物上採取了一些重要步驟。在許多方面，我們確實將它們視為對我們這里首要原則的回歸：免費上市、零佣金、非常好的反饋，有助於降低在線零售的門檻。因此，我們已經成為商店與潛在客戶建立聯繫的好地方，無論是通過為網站吸引免費列表或廣告的流量，還是通過讓直接在 Google 上進行購買更容易。順便說一句，我還要明確一點，購物廣告顯然將繼續成為零售商推廣其產品的有力方式。

So overall, we're providing an open ecosystem that works for every kind of business, from national chains and online marketplaces to just your small local stores. And we're giving retailers more choice, which is very well received by opening our platform to third-party providers. We talked about this, starting with PayPal and Shopify. And we brought YouTube into the fold, and we began experimenting with a feature that lets you learn a lot more about products and videos on a limited set of channels and so on and so on. So I would say overall it's very, very well received.

總的來說，我們提供了一個開放的生態系統，適用於各種業務，從全國連鎖店和在線市場到您的小型本地商店。我們正在為零售商提供更多選擇，這通過向第三方供應商開放我們的平台而受到好評。我們從 PayPal 和 Shopify 開始討論了這個問題。我們將 YouTube 納入其中，並開始試驗一項功能，讓您可以在有限的一組頻道等上了解更多有關產品和視頻的信息，等等。所以我想說總的來說它非常非常受歡迎。

On the Discover side, discovery has grown -- so discovery is Discover and, obviously, discovery ads. So Discover has grown dramatically since we launched it, I think, just 3 years ago. People are loving how we're surfacing relevant information, gorgeous visuals that are all in what we call [Coriolis] feed experience. And naturally, some of these experiences are commercial. And we made discovery ads generally available about 6 months ago. I think it was May 2020. And it's already reaching up to 3 billion people across Discover, YouTube, Gmail, and that's worldwide. And advertisers love how we're able to drive performance objectives by really matching their premium creatives with Google intent on our -- yes, what we call Coriolis surfaces.

在發現方面，發現已經增長——所以發現就是發現，顯然，發現廣告。因此，我認為，自 3 年前我們推出 Discover 以來，Discover 的發展迅速。人們喜歡我們如何呈現相關信息、華麗的視覺效果，這些都在我們所謂的 [科里奧利] 提要體驗中。當然，其中一些體驗是商業的。我們大約在 6 個月前推出了發現廣告。我想那是 2020 年 5 月。它已經在 Discover、YouTube、Gmail 和全球範圍內覆蓋了多達 30 億人。廣告客戶喜歡我們如何通過將他們的優質創意與 Google 對我們的意圖真正匹配來推動性能目標——是的，我們稱之為科里奧利表面。

And our next question comes from Colin Sebastian from Baird.

我們的下一個問題來自 Baird 的 Colin Sebastian。

Maybe for Sundar or Philipp, a follow-up on YouTube. Just given the strength of those services ads and subscriptions during the pandemic, I wonder if part of what we're seeing is more of an acceleration from TV ad budgets from linear spending to more of YouTube spending, I mean given also the momentum we've seen in over-the-top over the last 9 months or so. And then given some of the changing industry dynamics around privacy, including what you've already announced around browser cookies, wondering what plans might be as well for Android and how we should think about potential impact on ad revenues broadly as a result of privacy changes.

也許對於 Sundar 或 Philipp，YouTube 上的後續活動。鑑於大流行期間這些服務廣告和訂閱的實力，我想知道我們所看到的部分是否更多地是從電視廣告預算從線性支出加速到更多 YouTube 支出，我的意思是考慮到我們的勢頭在過去 9 個月左右的時間裡，我們已經看到了過度的情況。然後考慮到圍繞隱私的一些不斷變化的行業動態，包括您已經宣布的關於瀏覽器 cookie 的內容，想知道 Android 可能有哪些計劃以及我們應該如何考慮隱私變化對廣告收入的潛在影響.

Yes, I can take that. We've seen brands steadily shift budgets to YouTube to complement their linear TV buys as TV audiences really become more fragmented. And as traditional TV ratings continue to decline, TV advertisers are turning to streaming platforms like YouTube to reach people who are no longer watching TV. Connected TVs are our fastest-growing screen. In the U.S., we have over 100 million people that watch YouTube and YouTube TV on their TV screens each month. YouTube helps advertisers reach general audiences they can't reach anywhere else. We talked about it. YouTube reaches more 18- to 49-year-olds than all linear TV networks combined. And so there is an opportunity, a big opportunity, for YouTube to help brands and agencies really more easily connect with this audience. And we're very invested in this space.

是的，我可以接受。我們已經看到品牌穩步將預算轉移到 YouTube，以補充他們的線性電視購買，因為電視觀眾確實變得更加分散。隨著傳統電視收視率持續下降，電視廣告商正在轉向 YouTube 等流媒體平台，以吸引不再看電視的人。聯網電視是我們增長最快的屏幕。在美國，每月有超過 1 億人在他們的電視屏幕上觀看 YouTube 和 YouTube TV。 YouTube 可幫助廣告客戶覆蓋他們在其他任何地方都無法覆蓋的普通受眾。我們談到了它。 YouTube 覆蓋的 18 至 49 歲人群超過了所有線性電視網絡的總和。因此，YouTube 有一個機會，一個巨大的機會，可以幫助品牌和代理機構更輕鬆地與這些觀眾建立聯繫。我們在這個領域非常投入。

And just to give you a few examples, in the second half of last year, we launched YouTube Masthead on TV screens to help advertisers drive awareness with large audiences in basically a single moment. Many are taking advantage of it: Uber, many others. We launched Brand Lift for YouTube on TV screens to really help advertisers make informed decisions about ad performance, optimize streaming campaigns in real time and so on. And we also made it possible last year for advertisers to basically buy among the most popular YouTube and YouTube TV content viewed on the TV screens in one -- what we call one single lineup.

舉幾個例子，去年下半年，我們在電視屏幕上推出了 YouTube 標頭廣告，以幫助廣告商在短時間內提高大量受眾的認知度。許多人正在利用它：優步，許多其他人。我們在電視屏幕上推出了適用於 YouTube 的 Brand Lift，以真正幫助廣告商就廣告效果做出明智的決策、實時優化流媒體廣告系列等。去年，我們還讓廣告商基本上可以在電視屏幕上觀看的最受歡迎的 YouTube 和 YouTube 電視內容合二為一——我們稱之為單一陣容。

Quickly on the third-party cookies strategy in general, we know that expectations are really changing for how data is used online, and people are demanding greater privacy. We're taking our responsibility to user privacy and to supporting our partners in the web ecosystem very, very seriously. In 2019, we announced The Privacy Sandbox, which is an open standards initiative to invent new technology that will replace third-party cookies with a set of privacy-preserving mechanisms for the web, and we're making great progress. We've shared a detailed proposal with the industry for experimentation and feedback.

快速了解一般的第三方 cookie 策略，我們知道人們對在線數據使用方式的期望確實在發生變化，人們要求更大的隱私。我們正在非常非常認真地承擔用戶隱私和支持我們在網絡生態系統中的合作夥伴的責任。 2019 年，我們宣布了隱私沙盒，這是一項開放標準計劃，旨在發明新技術，用一套網絡隱私保護機制取代第三方 cookie，我們正在取得巨大進展。我們已經與業界分享了一份詳細的提案，以供實驗和反饋。

We shared recently as well our what we call FLoC, our Federated Learning of Cohorts API, which we think provides an effective replacement signal for third-party cookies. And we really believe Privacy Sandbox is the best path forward, and we remain very committed to our collaboration with the ads community on privacy-preserving open standard mechanisms that can, what we call, sustain a healthy and ad-supported web.

我們最近還分享了我們所謂的 FLoC，即我們的群組聯合學習 API，我們認為它為第三方 cookie 提供了一個有效的替代信號。我們真的相信隱私沙盒是前進的最佳途徑，我們仍然非常致力於與廣告社區在隱私保護開放標準機制方面的合作，我們稱之為維持健康和廣告支持的網絡。

And our next question comes from Michael Nathanson from MoffettNathanson.

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

Philipp, I was following up on Colin's question just perfectly. I wanted to understand the framework, if you could, and think about the bigger opportunity longer term and priority highs -- priority is in streaming video, right? So are you happy with the progress of YouTube TV so far? Will you expand into other countries? And can you contrast that versus the opportunity you see in connected TVs and devices as you've done for Google TV or Chromecast? And then is there a perceived added value from advertisers for this type of inventory? Does it attract a new type of advertiser to offer YouTube TV inventory or connected TV inventory from the traditional YouTube advertising?

Philipp，我完美地跟進了 Colin 的問題。如果可以的話，我想了解這個框架，並考慮更大的長期機會和優先級高點——優先級在於流媒體視頻，對嗎？那麼到目前為止，您對 YouTube TV 的進展感到滿意嗎？你會擴展到其他國家嗎？您能否將其與您在聯網電視和設備中看到的機會進行對比，就像您為 Google TV 或 Chromecast 所做的那樣？然後，廣告商對此類庫存是否有感知的附加值？它是否會吸引新類型的廣告商提供 YouTube 電視廣告資源或傳統 YouTube 廣告的聯網電視廣告資源？

Yes, maybe I'll comment on -- one of the things which has worked well for Google over the years is we really try to reach users where they are, and that's how Google has worked always. We've invested across platforms, across devices, across countries. And I think the same applies for the YouTube experience. We want to bring it to the screen that's most convenient for users and, hence, our investments in Google TV, Chromecast, YouTube TV as a whole itself. And I think we are taking a long-term view here, obviously focused on the user experience and really getting it all to work well. We know -- while smartphones are at the center for YouTube, TV is an important form factor. And over time, people will use it across multiple screens. And so that's the experience we are focused on. And any time we create that experience, we know, over time, there is value to be captured commercially as well that makes sense for advertisers, but we take a long-term view.

是的，也許我會評論一下——多年來，谷歌一直運作良好的一件事是，我們真的試圖接觸到他們所在的用戶，這就是谷歌一直以來的工作方式。我們已經跨平台、跨設備、跨國家進行投資。我認為這同樣適用於 YouTube 體驗。我們希望將它帶到對用戶最方便的屏幕上，因此我們對 Google TV、Chromecast、YouTube TV 本身的投資也是如此。而且我認為我們在這裡採取了長遠的眼光，顯然專注於用戶體驗，並真正讓這一切運作良好。我們知道——雖然智能手機是 YouTube 的核心，但電視是一個重要的外形因素。隨著時間的推移，人們將在多個屏幕上使用它。這就是我們關注的體驗。每當我們創造這種體驗時，我們都知道，隨著時間的推移，商業價值也會被捕捉到，這對廣告商來說是有意義的，但我們會著眼長遠。

Yes. And I talked about the connected TV part already. Maybe briefly just on YouTube TV, YouTube TV continues to gain momentum. Our advertising efforts on YouTube TV itself are still very, very early. But we think there is an opportunity to apply some of our targeting and measurement capabilities to really provide a better user and advertiser experience over time. And yes, we heard from customers, they have a very strong interest in advertising and streaming environments. I mentioned how we combine it in the single lineups. So that's an interesting path going forward.

是的。我已經談到了聯網電視部分。也許只是在 YouTube TV 上，YouTube TV 繼續獲得動力。我們在 YouTube TV 本身上的廣告工作還處於非常非常早期的階段。但我們認為有機會應用我們的一些定位和衡量功能，以便隨著時間的推移真正提供更好的用戶和廣告客戶體驗。是的，我們從客戶那裡聽說，他們對廣告和流媒體環境非常感興趣。我提到了我們如何將它組合到單個陣容中。所以這是一條有趣的前進道路。

And our next question comes from Stephen Ju from Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

So Sundar, I think let's -- I think you've recently talked about a 10- to 20-year journey for AI and quantum computing to unlock new use cases. I think you brought up in the past some of the ways AI is helping you with the products that you have in market right now. But as we take a more longer-term look into the future, what do you think some of the new applications could be?

所以 Sundar，我想讓我們 - 我想你最近談到了 AI 和量子計算開啟新用例的 10 到 20 年旅程。我認為您過去曾提出過 AI 幫助您開發目前市場上的產品的一些方式。但是，當我們對未來進行更長期的展望時，您認為一些新的應用程序可能是什麼？

And I think, Philipp, it might have been a few years ago when you were speaking at an investor conference, and you called out the desire to onboard and help SMBs, particularly as they really had no way to advertise before. And Google, and online in general, presented a golden opportunity to really help them grow their business. So where do you think you are in terms of putting together an easy-to-use set of tools to help those who otherwise don't really have agency representation so that they can reach all the different customers that they should be reaching across all of the different services that you're offering?

而且我認為，菲利普，可能是幾年前，當你在一次投資者會議上發言時，你呼籲加入和幫助中小型企業的願望，特別是因為他們以前真的沒有辦法做廣告。而谷歌，以及整個網絡，提供了一個真正幫助他們發展業務的絕好機會。那麼，您認為您在整合一組易於使用的工具來幫助那些實際上沒有代理代表的人，以便他們能夠接觸到他們應該接觸到的所有不同客戶您提供的不同服務？

Thanks, Stephen. I'll answer the AI part first. We've always wanted to be foundational in how we approach technological advances, and that's the core competency. We invest across the company. We're one of the largest R&D investors in the world. And obviously, AI is a big part of it. Just I'm really excited that we -- over the past few years, while we have made progress in understanding different modalities, be it text, images, voice, vision, et cetera, there is -- we definitely -- I think we are at an inflection point, and we are investing to build better models and deepen our understanding and do it in a more generalized way. And when we do that, it will apply horizontally across our products.

謝謝，斯蒂芬。我先回答AI部分。我們一直希望成為我們處理技術進步的基礎，這就是核心競爭力。我們對整個公司進行投資。我們是世界上最大的研發投資者之一。顯然，人工智能是其中的重要組成部分。只是我真的很興奮我們——在過去的幾年裡，雖然我們在理解不同的模式方面取得了進展，無論是文本、圖像、語音、視覺等等，但我們確實——我認為我們正處於一個轉折點，我們正在投資以建立更好的模型並加深我們的理解，並以更普遍的方式進行。當我們這樣做時，它將橫向應用於我們的產品。

You saw a version of that when we shipped Bird in Search in what was one of our biggest quality improvements, but you'll see that flow across be it Google Search, YouTube, Android as well as our investments in Alphabet, be it self-driving cars or robotics. So we take that view and, definitely, we want to make sure we are driving state-of-the-art progress. Philipp?

當我們在 Search 中發布 Bird 時，您看到了一個版本，這是我們最大的質量改進之一，但您會看到這種流程貫穿於 Google 搜索、YouTube、Android 以及我們對 Alphabet 的投資，無論是自我駕駛汽車或機器人。因此，我們採取這種觀點，並且，我們當然希望確保我們正在推動最先進的進步。菲利普?

Yes. So first, let me recognize, I mean it has obviously been a very, very challenging environment for SMBs. Many weren't online. Many lost line of sight to demand overnight due to COVID. So around this time last year, as soon as we saw the scale of the impact, we really accelerated product that give our customers, and especially our SMB customers, signals to help them actually navigate and pivot. And as I noted earlier, as more consumers moved online and advertisers obviously responded by reactivating spend, we also saw our advertiser base grow, particularly the number of smaller advertisers or SMBs, and we're helping them see shift in supply and demand not just across sectors but actually within sectors. For example, travel continues to get hit hard, hit pretty hard. And after the initial lockdown last year, searches for vacation homes and near-me rentals saw huge spikes, and that continues to fluctuate.

是的。首先，讓我承認，我的意思是，對於中小企業來說，這顯然是一個非常非常具有挑戰性的環境。許多人不在線。由於 COVID，許多人在一夜之間失去了需求。因此，大約在去年的這個時候，我們一看到影響的規模，就真正加速了產品的開發，為我們的客戶，尤其是我們的 SMB 客戶提供信號，幫助他們實際導航和調整。正如我之前提到的，隨著越來越多的消費者轉移到網上，廣告商顯然通過重新激活支出做出回應，我們也看到我們的廣告商基礎不斷增長，尤其是小型廣告商或中小企業的數量，我們正在幫助他們看到供需的變化，而不僅僅是跨部門但實際上在部門內。例如，旅行繼續受到重創，受到重創。在去年最初的封鎖之後，度假屋和靠近我的出租屋的搜索量出現了巨大的飆升，而且還在繼續波動。

On the other hand, if we look at retail, demand isn't disappearing. It's shifting in many cases. We're seeing increases in searches for things like gym equipment, crafts, patio heaters and so on, anything related to outdoor activity and so on. We're obviously thinking about how to help SMBs on products like Maps. Like, over the last 5 years, we've made more than 1,000 improvements to business profiles, making it a lot easier for merchants to connect with customers and especially now into the crisis. In 2020, we added new features to, for example, provide COVID updates, service changes and new attributes like takeout, delivery, curbside pickup, now all easily available for consumers on Maps to connect them to their favorite SMBs, so a really incredible investment, frankly, from our side, and I think it's very well received.

另一方面，如果我們看零售，需求並沒有消失。在許多情況下，它正在發生變化。我們看到健身器材、工藝品、露台取暖器等與戶外活動相關的任何東西的搜索量都在增加。我們顯然正在考慮如何在地圖等產品上幫助中小企業。例如，在過去 5 年中，我們對業務資料進行了 1,000 多項改進，使商家更容易與客戶建立聯繫，尤其是在危機中。 2020 年，我們添加了新功能，例如提供 COVID 更新、服務更改和外賣、送貨、路邊取貨等新屬性，現在所有這些功能都可供消費者在地圖上輕鬆使用，以將他們連接到他們最喜歡的 SMB，這是一項非常了不起的投資，坦率地說，從我們這邊來看，我認為它很受歡迎。

Thank you. And that concludes our question-and-answer session. I'd like to turn the conference back over to Jim Friedland for any closing remarks.

謝謝你。我們的問答環節到此結束。我想把會議轉回給 Jim Friedland 來做任何閉幕詞。

Thanks, everyone, for joining us today. We look forward to speaking with you again on our first quarter 2021 call. Thank you, and have a good evening.

謝謝大家，今天加入我們。我們期待在 2021 年第一季度電話會議上再次與您交談。謝謝你，祝你晚上愉快。

Thank you. This concludes today's conference call. Thank you for participating, and you may now disconnect.

謝謝你。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。