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，感謝大家參加 Alphabet 2020 年第四季財報電話會議。 （操作員指示）

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

現在，我想將會議交給今天的發言人、投資者關係總監吉姆‧弗里德蘭 (Jim Friedland)。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。大家下午好，歡迎參加 Alphabet 2020 年第四季財報電話會議。今天和我們在一起的有 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.

現在我將快速介紹安全港。我們今天就我們的業務、營運和財務表現（包括 COVID-19 疫情對這些領域的影響）所作的一些聲明可能被視為前瞻性的。此類聲明涉及許多風險和不確定性，可能導致實際結果大不相同。欲了解更多信息，請參閱我們最近向美國證券交易委員會提交的 10-Q 表中討論的風險因素。我們即將提交的截至 2020 年 12 月 31 日的 10-K 表格中還將列出更多資訊。

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 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，人們在不確定的時期繼續選擇谷歌的產品來保持資訊暢通、保持聯繫並獲得安慰。無論大小，幫助他人是我們所做的一切的基礎。

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.

過去的一年也加速了向雲端運算的轉變和線上服務的採用。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，相信我們能夠幫助他們實現這一轉變。尤其是Google的產品和支持，對於數百萬受到疫情重創的中小企業來說，更是一條生命線。

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，我將回顧本季我們在 Google 和 Alphabet 所做的一些重要工作，特別關注我們不斷成長的雲端業務，這是我們首次將其作為一個單獨的部門獨立出來。然後我歡迎谷歌首席商務官菲利普·辛德勒 (Philipp Schindler) 參加電話會議，你們中的許多人都是透過投資者會議和活動認識他的。 Philipp 將談論 Google 服務領域的合作夥伴關係、業務和廣告趨勢。我們聽說您更欣賞那裡的紋理和細節。然後，露絲將更詳細地介紹本季的情況。

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。自從疫情爆發以來，我們的團隊已經開發了新功能和新產品來幫助個人和企業。現在，我們正在幫助應對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搜尋和地圖中推出。 Google Cloud 的智慧疫苗影響平台正在幫助當局改善疫苗分發和預測。我們正在向疾病預防控制中心、世界衛生組織和其他機構提供大量新的廣告補助，以促進疫苗教育。我們也向致力於解決疫苗接種方面的種族和地理差異問題的組織提供直接資助，並根據需要開放谷歌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.

另外，在「地圖」中，我們在「探索」標籤中新增了新的社群動態稿，現在您可以在從 Google 地圖預訂或訂購時追蹤外送和外送訂單。在 YouTube，我們正在打造產品來幫助創作者從兩個重要趨勢中受益：直播影片和短影片。 2020 年，超過 50 萬個頻道首次在 YouTube 上進行直播，從在客廳表演的藝術家到將禮拜轉移到線上的教會。我們新推出的 Shorts 播放器中的影片每日觀看次數達 35 億次。我們期待今年將 Shorts 推廣到更多國家。

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 將致力於支持線上商務和我們的合作夥伴，但我想專注於我們的新聞展示產品。這是與新聞出版商合作的 10 億美元投資，我對我們在這方面的進展感到非常興奮。目前，我們已經與近 450 家出版物簽署了協議，其中大多數是地方性和區域性的，遍布法國、德國、英國和巴西等十幾個國家。上個月，我們宣布與路透社達成新的全球協議，並與法國一家主要出版協會達成協議，開放新聞展示。我們希望在更多國家建立更多合作夥伴關係，並將在未來幾週內宣布更多消息。

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.

除此之外，我們還推出了重新設計的 Google Pay 應用，讓管理財務和省錢變得更容易。目前已有 30 個國家的 1.5 億多人使用它。在硬體方面，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享受健康和保健。致所有 Fitbit 員工，歡迎加入 Google。我們擁有豐富的產品組合，我期待分享更多關於我們的產品計劃。

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 Google Cloud。我對這裡的進展感到非常滿意。正如露絲所提到的，我們將繼續進行有紀律的投資，以擴大業務規模並提高獲利能力。 Google Cloud 的營收年增 47%，其中 GCP 的成長率仍遠高於雲端運算整體的成長率。此外，我們的積壓訂單從第三季的 190 億美元成長至近 300 億美元，幾乎全部歸功於雲端運算。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.

我們對行銷組織的這些投資幫助我們贏得了更大的交易，包括 2020 年的幾筆數十億美元的交易。同期，超過 2.5 億美元的交易增加了兩倍多。我們也透過廣泛的合作夥伴網路實現了強勁成長，我們的通路合作夥伴生態系統成長了 5 倍以上，間接通路收入在過去 2 年中成長了一倍以上。 IDC 最近的一份報告指出，我們領先業界的客戶滿意度正在幫助我們實現現有客戶的大幅擴張和淨收入保留。

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.

我們的產品已經成熟，並且在許多領域具有高度差異化。在基礎設施雲方面，我們在多雲和網路安全方面的領導地位幫助我們贏得了與 Highmark Health 和 Vodafone 等客戶以及 Wayfair 和 Etsy 等雲端原生領導者的大型資料中心和 IT 轉型交易。我們領先的數據和分析雲為京都大學醫學和保健研究生院和零售業的 MercadoLibre 等新客戶提供了跨任何雲端即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訊領域的 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.

我還特別高興地看到，透過將 Google 的全部技術帶給客戶，我們贏得了巨大的轉變。昨天，我們宣布與福特建立多年合作關係，福特正在使用 Google Cloud、Android 和其他 Google 應用程式和服務來轉型其業務。 Google Workspace 是業界唯一的雲端原生通訊和協作解決方案，可協助企業滿足不斷變化的混合工作場所需求。工作空間正在推動許多發展最快的公司的創新。此外，本季我們擴大了與 SAP 的合作夥伴關係。他們將擴展 Google Cloud 在其雲端解決方案（包括 SAP 商業技術平台）中的使用範圍，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 產品組合中，我們對人工智慧的投資持續推動著進步。例如，DeepMind 的人工智慧部分蛋白質折疊突破將使研究人員能夠解決從對抗疾病到環境永續性等新的難題。谷歌與梅奧診所合作開發可協助規劃放射治療的人工智慧系統。 Waymo 目前每週提供數百次全自動駕駛汽車服務，最近還與戴姆勒卡車公司合作開發全自動駕駛卡車。

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.

總而言之，去年我談到了我們的四大主題：樂於助人、信任、執行力和永續價值。隨著我們繼續在搜尋、地圖和 YouTube 等產品中推進我們的核心資訊使命，這些將繼續指導我們 2021 年及以後整個公司的戰略重點；確保人們的信息安全；在未來3年內推動人工智能的實質性進步；並確保我們是新冠疫情之後最有效的工作場所，所有這些都由可持續的長期業務支持。

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 團隊在本季度以及整個 2020 年所做的所有工作。 2021 年讓我們有另一個機會為人民、企業和社區提供協助。儘管前面還有許多艱辛的工作，但我對我們共同取得的成就充滿信心。

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

說完這些，我就把麥克風交給菲利普。

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

謝謝，Sundar，大家下午好。我很高興今天能和你們在一起。

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.

我們對谷歌服務第四季度 529 億美元的收入感到滿意，這延續了今年早些時候 COVID 負面影響後的顯著反彈。兩種趨勢推動了搜尋、YouTube 和網路廣告的強勁業績。消費者繼續將更多的活動轉移到線上，廣告商也透過重新激活他們在危機初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年成長的最大貢獻者。科技、媒體和娛樂以及快速消費品也是強勁的貢獻者。過去一年搜尋廣告的發展軌跡顯示了其對消費者興趣和需求的反應能力，以及行銷人員如何隨著情況的變化快速調整支出，以專注於為其業務創造投資報酬率。

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 全年（包括第四季度）都實現了大幅同比增長。在疫情爆發之初大幅回落之後，品牌支出在第三季開始復甦。行銷人員意識到，即使短期內消費者需求有所回落，他們也需要讓自己的品牌出現在人們面前，以便在消費回升時保持首要地位。第四季度，我們看到品牌在 YouTube 上的支出顯著加速。第四季的網路收入也受惠於廣告商支出的成長，尤其是 AdMob 和 Ad Manager 支出的成長。谷歌的其他收入主要來自 YouTube 非廣告收入的成長（主要來自訂閱收入）以及 Google Play 收入的成長。

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.

現在，我想暫時放下本季的業績，快速回顧一下我們在過去一年中看到的數位轉型，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許多行業和地區的公司開展業務的方式。漢莎航空就是一個很好的例子。與許多航空公司一樣，隨著去年旅行開放，他們需要更多地了解航班目的地、載客量和航班頻率。今年夏天，我們開發了一款名為「航班需求探索器」的產品，它可以即時回答這些問題，幫助他們發現需求並加快發展。在兩個月內，他們的目的地航線增加了兩倍，並有 80 多架飛機重新投入運營，許多航班的機票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.

我們正在將即時洞察交付到企業和其他垂直行業手中。事實上，我們剛剛推出了一個新的洞察頁面，讓我們的廣告商在 Google Ads 中了解與他們的業務相關的不斷變化的搜尋趨勢的最新情況。 Petco 是另一個很好的例子，因為人們在居家隔離期間收養了數量空前的寵物。這導致寵物用品的需求激增，Petco 的路邊取貨服務也隨之激增。因此，他們使用搜尋、購物和本地庫存廣告加速了送貨和取貨選項，並成功推動了電子商務業務 100% 的成長。這很重要。路邊取貨和店內取貨等多點觸控點的需求量很大，並且會持續存在。我們發現「附近有售」和「路邊取貨」的搜尋量比去年同期大幅成長。提供多點觸控服務的零售商正受益於此趨勢，而這項服務恰好符合我們地圖和搜尋的核心功能。

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.

讓我跟你講講歐萊雅。他們透過大力轉向電子商務和 TrueView，很好地適應了購物行為的變化。透過讓現有的影片創意更加及時和可操作，他們的 Kiehl's 美國品牌從 YouTube 獲得了創紀錄的網站訪問量，每美元訪問量增加了 4 倍。他們也與我們合作，透過 Google 服務（包括 YouTube 和搜尋）為他們的化妝品帶來 AR 體驗。我還可以繼續說下去。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策略。我們已採取重大舉措，加速建立開放的線上零售生態系統，使各種規模的企業受益，從大型家喻戶曉的線上品牌到您附近的社區商店。我們一直說，我們希望讓 Google 成為用戶開始購物之旅的最佳場所，無論購物之旅在何處結束。

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.

第四季度，零售搜尋量的年成長率是去年同期的 3 倍多，部分原因是受新冠疫情的影響。我們也希望讓 Google 成為商家與用戶聯繫的最佳場所，無論交易發生在我們的平台上還是他們的平台上。在過去的 12 個月中，我們的商家社群成長了 80% 以上，其中中小型企業成長顯著。所有這些商家及其庫存都會出現在 Google 上，包括搜尋、圖片搜尋和 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，我想談談自谷歌成立以來一直秉持的原則。我們始終相信，谷歌的未來和我們合作夥伴的未來是緊密相連的。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之上，包括大型和小型線上出版商、在家中進行廣播的個人 YouTube 創作者和全球音樂廠牌以及各種規模的 Google Play 開發商。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，有一個數字值得強調。在過去 3 年裡，我們向合作夥伴支付了近 1,400 億美元，從使用我們廣告服務的 Google Play 開發者和出版商合作夥伴，到世界各地的 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.

我們的業績之所以能夠取得這樣的成績，完全歸功於我們的客戶和合作夥伴。我要感謝他們的合作、協作和回饋。我還要感謝我們的產品、合作夥伴、銷售和許多支援團隊的出色工作，他們不斷創新，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露絲。

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 總營收為 1,830 億美元，年增 13%，以固定匯率計算成長 14%。隨著我們本季新分部的揭露，我將首先介紹 Alphabet 級別的季度業績，然後介紹分部業績，最後介紹我們的展望。除非我另有說明，否則我將重點放在第四季度的同比情況。

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，成長 23%，這反映了 Google 服務中搜尋和 YouTube 上的廣告客戶支出的普遍成長，以及 Google Cloud 的持續強勁成長。我們的總營收成本為 261 億美元，成長 24%，主要受其他營收成本（156 億美元，成長 25%）推動。這裡面最大的因素是：首先是內容獲取成本，主要由YouTube廣告支援內容的成本驅動，其次是訂閱內容的成本；其次，與資料中心和其他營運相關的成本，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.

營運支出為 152 億美元，下降 4%。同比下降反映了 2019 年第四季度某些「其他投資」（主要在研發領域）中基於估值的薪酬費用的疊加，以及今年早些時候因 COVID 而採取的行動的影響。營運支出的三個組成部分也反映了我們從第一季末開始減緩員工人數成長的決定。員工總數較第三季增加了 3,180 人。同樣，大多數新員工都是工程師和產品經理，並且繼續大力投資雲端運算的技術和銷售職位。

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.

本季營業收入為 157 億美元，成長 69%，營業利益率為 28%。其他收入和支出為 30 億美元，主要反映股權證券投資價值的未實現收益。淨收入為152億美元。營運現金流為 227 億美元，本季自由現金流為 172 億美元，2020 年全年自由現金流為 430 億美元。截至第四季度，我們持有現金和有價證券 1,370 億美元。

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%.

現在讓我來談談我們各部門的財務業績，首先從Google服務部門開始。谷歌服務總收入為 529 億美元，成長 22%。我們的廣告收入的每個組成部分都反映了廣告商支出的回報，以響應 Philipp 所說的在線消費者活動的持續變化，其中包括谷歌搜索和其他廣告收入本季為 319 億美元，增長 17%； YouTube 廣告收入為 69 億美元，增長 46%，這不僅得益於廣告品牌的網絡，也強勁得益於直接反應收入的持續得益於24%；

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，成長 27%，主要得益於 YouTube 非廣告和 Play 收入的成長。在 Play 領域，第四季度的應用收入繼續受益於參與度的提高，這反映了由於新冠疫情的影響，活躍買家數量和每位買家的支出都有所增加。然而，與第三季相比，我們的成長確實有所放緩。谷歌服務營運收入為191億美元，成長41%，營運利潤率為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。第四季營收為 38 億美元，成長 47%。 GCP 的營收成長率再次明顯高於雲端運算整體水準。 Google Workspace 營收的強勁成長得益於席位數和每席位平均收入的成長。谷歌雲端營運虧損 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.

至於我們的其他投資，2020 年全年收入為 6.57 億美元，主要來自 Fiber 和 Verily，這反映出我們的大多數其他投資都尚未盈利。 2020 年全年營業虧損為 45 億美元，而 2019 年營業虧損為 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，讓我來談談我們對每個細分市場以及更廣泛的投資的展望。對於 Google 服務而言，第四季度業績顯示消費者線上活動的增加以及廣告商支出的回升令我們感到鼓舞。展望 2021 年，季度同比將受到去年新冠疫情的顯著影響，上半年（尤其是第二季度）的同比表現將更加平穩，而下半年的表現將更加強勁。關於其他收入，隨著本月初 Fitbit 收購的完成，我們將在 Google 其他收入中報告其收入。

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 服務的投資水準而言，2020 年第一季末，由於新冠疫情的影響，我們做出了所謂的戰術調整，以減緩某些類別的支出速度。鑑於外部環境持續存在的不確定性，我們在 2020 年剩餘時間內保持了紀律。展望未來，我們確實預計投資步伐將會加快，以支持我們在當前環境下鑑於我們的產品和服務的實用性而看到的非凡機會。今年的投資步伐將會加快。

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 Google Cloud，鑑於我們看到的龐大市場機遇，我們顯然一直在積極投資。在湯瑪斯·庫里安的領導下，我們進一步加快投資以加強業務地位。例如，我們預計將實現近期目標，將雲端直銷隊伍規模擴大三倍，並大幅擴展了合作夥伴通路。我們也大幅改善了我們的產品供應，同時合理化了我們的方法，專注於 6 個關鍵的垂直產業。我們還投資擴大了運算能力網絡，以支援雲端，到 2020 年底將為 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.

營收和客戶成長的勢頭令我們感到鼓舞。過去兩年，我們的營收成長了一倍多，從 2018 年的 58 億美元增加到 2020 年的 131 億美元。我們的積壓訂單幾乎全部歸因於雲端運算，從 2019 年到 2020 年幾乎增加了兩倍。雖然積壓訂單的增加與收入趨勢並不直接相關，但積壓訂單的成長證明了 Google Cloud 在與大型企業簽署有意義的長期承諾協議方面取得的成功。

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，我們將繼續專注於透過對產品和市場組織的持續投資來推動收入成長。雲端運算的營運虧損反映出，正如我們在前幾個季度所討論的那樣，我們在收入成長之前就已經在組織建設方面進行了有意義的建設，包括對行銷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因規模擴大而受益。此外，我們致力於全面提高效率，以便隨著時間的推移逐步提高獲利能力。

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 在第一季的營運虧損相對於其他季度較高，隨後營運虧損有所改善。我們預計 2021 年也會出現類似的季節性。就其他投資而言，我們將繼續進行投資，並專注於長期價值創造機會。

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.

在員工人數方面，我們計劃根據我們的機遇，加快 Google 服務部門的招募步伐。我們的員工人數成長也將反映 Fitbit 的加入以及我們正在將某些客戶支援角色從第三方供應商轉移到 Google 的內部營運中心。我們也計劃繼續優先投資 Google Cloud 的銷售和技術職位。

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。從綜合來看，本季的年比業績再次反映出2020年全年辦公設施投資速度放緩。在技​​術基礎設施方面，伺服器繼續成為第四季度最大的投資驅動力，其次是資料中心。展望未來，我們預計辦公設施的新建和裝修速度將恢復到更正常的水平，這意味著 2021 年資本支出將大幅增加。伺服器將繼續成為技術基礎設施支出的最大驅動力。

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，再說一點家事。正如我們的收益新聞稿中所述，我們從 2021 年開始調整了伺服器和某些網路設備的預計使用壽命。我們預計，這些變化將對我們 2021 年的經營業績產生正面影響，截至 2020 年底，資產將減少約 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.

我們期待著新的一年。我希望每個人都平安。謝謝。現在，Sundar、Philipp 和我將回答大家的提問。

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

（操作員指示）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?

我也希望團隊中的每個人都平安健康。也許我會先在雲端嘗試。我不知道這對 Sundar 還是 Ruth 來說更好，但您能否從概念上幫助我們理解如何看待您所追求的機會與雲端運算，以及它如何影響您想要針對該機會進行投資，或者甚至可能透過研究相對於該領域的競爭而擴大規模的無機途徑來加速該機會？

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，也許可以給菲利普。 YouTube 作為一個平台不斷發展。現在有訂閱服務。您強調了您在 DR 中看到的優勢。您能否談談未來幾年的貨幣化路徑，以及我們應該如何看待 YouTube 上大規模受眾和參與度帶來的機會？

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.

在雲端，我們顯然可以看到客戶在轉變過程中有多早期。我們預見了未來巨大的 TAM，當然還有市場動態。在市場背景下，我們的勢頭就是我們正在考慮的框架、投資規模和投資速度。顯然，在這個領域，你待的時間越長，參與的人就越多，貢獻就越大，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，我不確定你是否想補充更多。

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，考慮到機會的規模和我們的地位，投資才能真正讓我們在各個行業和地區佔據有利地位。我在開場白中試圖指出它的關鍵要素：投資產品、進入市場、資料中心。您可以在結果中看到它。我想你會繼續看到我們在那裡建設，這就是我們所談論的未來建設。我們非常注重為客戶和股東提供服務，當然，這也包括高度關注獲利之路。

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。關於您關於 YouTube 的問題，就整體發展和訂閱方面而言，三年前我們在 YouTube 上的直接回應業務實際上並不存在。現在它是我們在 YouTube 上規模最大、成長最快的廣告產品之一。透過 TrueView 行動號召，我們實際上讓廣告主更輕鬆地透過影片廣告系列抓住機會吸引受眾。舉幾個數字來說，60% 的 TrueView for Action 客戶都是 YouTube 新用戶。 2020 年前 6 個月，使用 TrueView 行動號召的活躍廣告客戶數量增加了一倍以上。

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.

我們確實正在挖掘平台上巨大的內在商業行為。 70% 的 YouTube 觀眾表示，他們是在 YouTube 上看到某個品牌後購買的。我之前談到了歐萊雅。 MasterClass 是另一個很好的例子。線上學習已經成為一個巨大的機會，他們使用 TrueView 行動廣告將合適的人與合適的內容聯繫起來，並看到了巨大的收益，例如網站點擊量增加了 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.

我們認為，YouTube 對品牌廣告商來說也持續發揮驚人的作用。我們的品牌業務在疫情初期受到重創，但在第三季和第四季有所反彈。它確實可以幫助廣告商接觸到更年輕的受眾。他們可以到達任何地方。現在，我們涵蓋的 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。廣告主的效果越來越好。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.

簡單來說，音樂是 YouTube 上非常受歡迎的垂直領域，顯然也是整體體驗的關鍵部分。我們發現用戶想要優質的 YouTube 體驗，而我們基本上想要的是下載歌曲和影片的能力。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。我們擁有超過 3000 萬音樂和高級付費訂閱用戶。現在我們的業務範圍已覆蓋 95 個國家，因此會員可以獲得許多額外的好處，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.

露絲和桑達爾，我只是想稍微跟進一下艾瑞克的問題。就您在 Google Cloud 積壓工作中看到的重大變化而言，您還能補充什麼嗎？我特別好奇的是，當您像在福特交易中一樣更廣泛地利用 Alphabet 時，您在利益和成功方面看到了什麼。那麼，您如何看待 Google Cloud 相對於同業的長期利潤結構？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.

也許我會從客戶尋求數位轉型開始。根據他們所處的行業，他們肯定對 Google 和 Alphabet 所能提供的更廣泛的解決方案感興趣。我們在醫療保健領域看到了這一點，我們在 Google Health 的努力，以及在 Verily 的工作，最終都有所幫助。我想說，福特就是一個很好的例子，他們不僅考慮雲端運算，還考慮 Android 自動驅動他們的汽車。這些都是影響整個公司的重大變革。我們真正執行的領域之一是利用 Philipp 管理的全球業務運營並與 Thomas 的團隊密切合作，這無疑會帶來許多協同效應。

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，就更廣泛的內容而言，我想說的一件事是——我之前提到過，我們達成了這些長期交易。因此，隨著時間的推移，隨著您添加更多的群組，這將有助於利潤結構。就產品供應的規模、地區數量和世界區域數量而言，投資金額要大得多。因此，肯定存在與之相關的固定成本結構，而且我們也在進行提前投資。但隨著業務規模的擴大，我們預期趨勢將會有利。

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.

您提到您加速了—看到本季品牌支出加速成長。許多投資者都在詢問永續性，以及在進入今年年初時您看到了什麼。如果您能就客戶在假期結束後的表現進行指導性地談談，那將會很有幫助。

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。正如我們所注意到的，財務結果確實反映了廣告商活動的增加。這在一定程度上釋放了他們今年稍早暫停的預算，同時也反映了消費者線上活動的增加。正如菲利普所提到的，最大的貢獻者是零售業，它是廣告業務年成長的最大貢獻者。但我想說，科技、媒體和娛樂以及快速消費品也是重要的貢獻者。對於搜索，我們看到廣告商的支出持續增加。

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 來說，正如 Philipp 所談到的，Direct Response 確實保持了非常高的成長水準。 YouTube 整體營收成長的加速反映了所有垂直領域品牌廣告的回升，以及我們在 DR 中看到的持續強勁成長。然後在網路中，同樣如此，正如菲利普指出的那樣，廣告商支出也在增加。這是由 AdMob 和 Ad Manager 的成長所帶動的。

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.

所以我們對第四季非常滿意。這是充滿挑戰的一年的完美結束。當我們回顧 2021 年時，正如我在開場白中指出的那樣，隨著疫情影響的周年紀念，我們顯然更容易進行上半年的同比比較。因此，我們沒有什麼可補充的，這是一個強勁的季度，我們對活動水平感到非常滿意。

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

我們的下一個問題來自高盛的希思·特里。

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。我很欣賞對搜尋和 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（即使只是定性地）這種加速背後的驅動因素，即疫情前的廣告商恢復到之前的支出水平與新廣告商或新廣告商的支出分配給平台。

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.

嗯，我認為主要的一點是，我們看到了經濟放緩。正如菲利普所說，我們在之前的電話會議上也討論過，首先發生的事情之一就是後退一步，然後你會看到，隨著用戶重新參與，活動回升，廣告效果和投資回報率提高，你會看到廣告回歸。我記得去年全年都在談論這個問題，我們發現這種情況實際上可以追溯到上一次金融危機。您所看到的只是廣泛的重新參與，我們對各行各業的這種做法感到非常高興。而且正如菲利普在評論中指出的那樣，這是一個巨大的機會，可以介入並幫助中小型企業不斷發展和適應這個新的數位世界，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 Philipp。菲利普，首先，我很欣賞零售和商業方面的所有亮點，商人群體在去年發展得非常強勁。我很想聽聽您現在與商家的討論情況，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為他們提供幫助，就像商家討論的那樣。其次，關於 Discover feed 上早期產品之一的問題，我很想聽聽您對 Discover feed 的早期學習經驗，以及您認為要將其貨幣化需要克服哪些障礙。

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。你看，從最高層面來說，我們希望建立一個更健康的電子商務生態系統。當人們來到 Google 購物時，我們希望他們能夠從最廣泛的商家中找到最優惠的價格最佳產品，並且我們希望我們的搜尋結果盡可能全面且相關。如你所知，去年我們在 Google Shopping 方面採取了一些重要措施。在很多方面，我們確實將它們視為對我們首要原則的回歸：免費名單、零佣金、真正良好的回饋，有助於降低線上零售的門檻。因此，我們已經成為商店與潛在客戶建立聯繫的絕佳場所，無論是透過免費清單或廣告吸引網站流量，還是只是透過讓客戶更輕鬆地直接在 Google 上購物。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效方式。

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，我們提供一個開放的生態系統，適用於各種類型的企業，從全國連鎖店和線上市場到小型本地商店。我們為零售商提供了更多選擇，透過向第三方供應商開放我們的平台，這項舉措受到了熱烈歡迎。我們從 PayPal 和 Shopify 開始討論這個問題。我們將 YouTube 納入其中，並開始試驗一項功能，讓您可以在有限的頻道上了解有關產品和影片的更多資訊等等。所以我想說，總的來說，它受到了非常非常熱烈的歡迎。

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 Discover 方面，發現功能已經發展壯大——因此發現就是發現，而且顯然是發現廣告。因此，我認為，自從我們三年前推出 Discover 以來，它已經取得了顯著的成長。人們喜歡我們呈現相關資訊和華麗視覺效果的方式，這就是我們所說的 [Coriolis] 資訊流體驗。當然，其中一些體驗是商業性的。大約六個月前，我們開始全面推出發現廣告。我記得是 2020 年 5 月。它已經覆蓋了 Discover、YouTube、Gmail 等全球範圍內的 30 億用戶。廣告主喜歡我們能夠透過將他們的優質創意與 Google 意圖真正匹配來推動績效目標 - 是的，我們稱之為科氏表面。

And our next question comes from Colin Sebastian from Baird.

我們的下一個問題來自貝爾德公司的科林·塞巴斯蒂安。

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 來說，可以在 YouTube 上進行跟進。考慮到疫情期間這些服務廣告和訂閱的強勁表現，我想知道我們所看到的是否更多的是電視廣告預算從線性支出轉向 YouTube 支出的加速，我的意思是，也考慮到我們在過去 9 個月左右看到的 over-the-top 的勢頭。然後考慮到隱私方面的一些行業動態變化，包括您已經宣布的有關瀏覽器 cookie 的內容，想知道 Android 可能也有什麼計劃，以及我們應該如何看待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。隨著電視觀眾變得越來越分散，我們看到各大品牌逐漸將預算轉移到 YouTube 上，以補充其線性電視購買量。隨著傳統電視收視率持續下降，電視廣告商開始轉向 YouTube 等串流平台來接觸那些不再看電視的觀眾。連網電視是我們成長最快的螢幕。在美國，每月有超過 1 億人在電視螢幕上觀看 YouTube 和 YouTube TV。 YouTube 幫助廣告商接觸到他們在其他任何地方都無法接觸到的一般受眾。我們討論過這件事。 YouTube 覆蓋的 18 至 49 歲人群比所有線性電視網絡的總和還要多。因此，YouTube 有機會，一個巨大的機會，幫助品牌和機構更輕鬆地與這些受眾建立聯繫。我們在這個領域投入了大量資金。

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，我們在電視螢幕上推出了 YouTube 標頭廣告，幫助廣告主在瞬間提升大量受眾的認知度。許多人都在利用這一點：Uber 和許多其他公司。我們在電視螢幕上推出了 YouTube 品牌提升功能，真正幫助廣告主就廣告效果做出明智的決策，即時優化串流廣告活動等等。去年，我們也讓廣告主能夠購買電視螢幕上最受歡迎的 Y​​ouTube 和 YouTube TV 內容——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.

總體來說，關於第三方 cookie 策略，我們知道人們對資料線上使用方式的期望正在改變，人們要求更高的隱私保護。我們非常認真地對待用戶隱私的責任以及對網路生態系統合作夥伴的支持。 2019 年，我們宣布了「隱私沙盒」計劃，這是一項開放標準計劃，旨在發明新技術，以一套網路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，以供實驗和回饋。

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.

我們最近也分享了我們所謂的 FLoC，即我們的群組聯合學習 API，我們認為它為第三方 cookie 提供了有效的替代訊號。我們堅信隱私沙盒是最好的前進道路，我們仍然致力於與廣告社群合作，建立保護隱私的開放標準機制，我們稱之為維持健康、廣告支援的網路。

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?

菲利普，我完全正確地回答了柯林的問題。如果可以的話，我想了解這個框架，並思考長期的更大機會和優先事項——優先事項是在串流媒體影片中，對嗎？那麼，您對 YouTube TV 目前的進展滿意嗎？你們會向其他國家擴張嗎？您能否將其與您在連網電視和裝置中看到的機會（例如 Google TV 或 Chromecast）進行比較？那麼，廣告商是否認為這種類型的廣告資源具有附加價值呢？它是否會吸引新型廣告商來提供 YouTube 電視廣告資源或連網電視廣告資源，而不是傳統的 YouTube 廣告？

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——多年來谷歌一直行之有效的方法之一是，我們真正嘗試在用戶所在的地方與他們聯繫，這就是谷歌一直以來的工作方式。我們的投資涉及跨平台、跨裝置、跨國。我認為這也適用於 YouTube 體驗。我們希望將其帶到對用戶來說最方便的螢幕上，因此我們對 Google TV、Chromecast 和 YouTube TV 進行了投資。我認為我們著眼於長遠，顯然注重用戶體驗並真正讓一切運作良好。我們知道——雖然智慧型手機是 YouTube 的核心，但電視也是一個重要的外形因素。隨著時間的推移，人們將會在多個螢幕上使用它。這就是我們所關注的體驗。我們知道，每當我們創造這種體驗時，隨著時間的推移，它也可以在商業上獲得價值，這對廣告商來說是有意義的，但我們著眼於長遠。

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。我已經討論過連網電視部分了。也許只是在 YouTube TV 上短暫出現，但 YouTube TV 仍在繼續獲得發展勢頭。我們在 YouTube TV 上的廣告宣傳工作還處於非常早期的階段。但我們認為，我們有機會運用我們的一些定位和測量功能，以便隨著時間的推移真正提供更好的用戶和廣告商體驗。是的，我們從客戶那裡聽說，他們對廣告和串流媒體環境非常感興趣。我提到了我們如何在單人陣容中將其結合起來。所以這是一條有趣的前進道路。

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

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——我認為您最近談到了人工智慧和量子計算需要 10 到 20 年的時間才能解鎖新的用例。我想您過去曾提到人工智慧如何幫助您開發目前市場上的產品。但是，當我們從更長遠的角度看未來時，您認為可能會出現哪些新的應用？

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?

菲利普，我想，這可能發生在幾年前，當時您在一次投資者會議上發言，您曾呼籲加入並幫助中小企業，特別是因為他們以前真的沒有辦法做廣告。而Google以及整個網路則為他們提供了一個真正幫助他們發展業務的絕佳機會。那麼，您認為您在整合一套易於使用的工具來幫助那些實際上沒有代理商代表的人方面處於什麼位置，以便他們能夠透過您提供的所有不同服務接觸到他們應該接觸到的所有不同客戶？

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，史蒂芬。我先回答AI部分。我們一直希望成為技術進步的基礎，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，人工智慧是其中的重要組成部分。我只是真的很高興——在過去的幾年裡，我們在理解不同的模式方面取得了進展，無論是文字、圖像、語音、視覺等等，我們肯定——我認為我們正處於一個轉折點，我們正在投資建立更好的模型，加深我們的理解，並以更普遍的方式去做。當我們這樣做時，它將水平應用於我們的所有產品。

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?

當我們在搜尋中推出 Bird 時，您已經看到了它的一個版本，這是我們最大的品質改進之一，但您會看到它貫穿 Google 搜尋、YouTube、Android 以及我們對 Alphabet 的投資，無論是自動駕駛汽車還是機器人技術。因此，我們持這種觀點，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，我要承認，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。許多人沒有在線。由於新冠疫情，許多人一夜之間失去了對需求的關注。因此，去年這個時候，當我們看到影響的規模時，我們確實加速了產品開發，為我們的客戶，特別是我們的中小企業客戶提供訊號，幫助他們真正地導航和轉變。正如我之前提到的，隨著越來越多的消費者轉向線上，廣告商顯然透過重新啟動支出做出反應，我們也看到我們的廣告商基礎不斷增長，特別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，不僅是跨行業的變化，而且實際上是行業內部的變化。例如，旅遊業繼續受到嚴重打擊，打擊相當嚴重。去年首次封鎖之後，度假屋和附近租房的搜尋量大幅增加，並且持續波動。

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，如果我們看零售業，需求並沒有消失。在很多情況下，情況都在改變。我們發現，健身器材、手工藝品、露台暖爐等與戶外活動相關的產品的搜尋量正在增加。我們顯然正在思考如何在諸如地圖之類的產品上幫助中小企業。例如，在過去的 5 年裡，我們對商業資料進行了 1,000 多項改進，使商家更容易與客戶建立聯繫，尤其是在現在的危機中。 2020 年，我們增加了新功能，例如提供 COVID 更新、服務變更和外賣、送貨、路邊取貨等新屬性，現在消費者可以通過地圖輕鬆獲得所有這些功能，以便將他們連接到他們最喜歡的 SMB，所以坦率地說，從我們的角度來看，這是一項非常不可思議的投資，我認為它受到了熱烈歡迎。

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。我們的問答環節到此結束。我想將會議交還給吉姆·弗里德蘭 (Jim Friedland) 做最後發言。

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.

感謝大家今天加入我們。我們期待在 2021 年第一季電話會議上再次與您交談。謝謝，祝您晚上愉快。

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

謝謝。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了。