Google (GOOG) 2023 Q1 法說會逐字稿

Welcome, everyone. Thank you for standing by for the Alphabet First Quarter 2023 Earnings Conference Call. (Operator Instructions)

歡迎大家。感謝您支持 Alphabet 2023 年第一季度收益電話會議。 （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 First Quarter 2023 Earnings Conference Call. With us today are Sundar Pichai, Philipp Schindler and Ruth Porat. Now I'll quickly cover the safe harbor.

謝謝。大家下午好，歡迎來到 Alphabet 2023 年第一季度收益電話會議。今天和我們在一起的有 Sundar Pichai、Philipp Schindler 和 Ruth Porat。現在我將快速涵蓋安全港。

Some of the statements that we make today regarding our business, operations and financial performance 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-K filed with the SEC.

我們今天就我們的業務、運營和財務業績所做的一些聲明可能被認為是前瞻性的，這些聲明涉及許多風險和不確定性，可能導致實際結果大不相同。有關更多信息，請參閱我們最近向美國證券交易委員會提交的 10-K 表格中討論的風險因素。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor. Our comments will be on year-over-year comparisons unless we state otherwise.

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。除非我們另有說明，否則我們的評論將基於同比比較。

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

現在我會把電話轉給 Sundar。

Thank you, Jim, and good afternoon, everyone. I'm pleased with our business performance in the first quarter, with Search performing well and momentum in Cloud. We introduced important product updates anchored in deep computer science and AI. Our North Star is providing the most helpful answers for our users, and we see huge opportunities ahead, continuing our long track record of innovation.

謝謝你，吉姆，大家下午好。我對我們第一季度的業務表現感到滿意，搜索在雲中表現良好且勢頭強勁。我們推出了以深度計算機科學和人工智能為基礎的重要產品更新。我們的 North Star 正在為我們的用戶提供最有幫助的答案，我們看到了巨大的機遇，繼續我們長期的創新記錄。

On Cloud, we continue to be on a long and exciting journey to build that business. Cloud delivered profitability this quarter, and we remain focused on long-term value creation here.

在 Cloud 上，我們將繼續踏上建立該業務的漫長而激動人心的旅程。雲在本季度實現了盈利，我們仍然專注於這裡的長期價值創造。

Today, I'll give an update on the 2 themes I spoke about last quarter: one, our advancements in AI and how they are driving opportunities in Search and beyond; and two, our efforts to sharpen our focus as a company. Then I'll talk about our momentum in Cloud and close with our progress at YouTube.

今天，我將更新我上個季度談到的兩個主題：第一，我們在 AI 方面的進步以及它們如何在搜索及其他領域推動機遇；第二，我們努力提高公司的專注度。然後，我將談談我們在 Cloud 方面的發展勢頭，並以我們在 YouTube 上的進展作為結尾。

First, the incredible AI opportunity for consumers, our partners and for our business. I've compared it to the successful transition we made from desktop to mobile computing over a decade ago. Our investments and breakthroughs in AI over the last decade have positioned us well.

首先，為消費者、我們的合作夥伴和我們的企業帶來難以置信的 AI 機會。我將其與我們十多年前從桌面計算到移動計算的成功過渡進行了比較。過去十年我們在人工智能方面的投資和突破使我們處於有利地位。

In our last call, I outlined 3 areas of opportunity: continuing to develop state-of-the-art large language models and make significant improvements across our products to be more helpful to our users; empowering developers, creators and partners with our tools; and enabling organizations of all sizes to utilize and benefit from our AI advances.

在我們上次電話會議中，我概述了 3 個機會領域：繼續開發最先進的大型語言模型，並對我們的產品進行重大改進，以便為我們的用戶提供更多幫助；使用我們的工具為開發人員、創作者和合作夥伴賦能；使各種規模的組織都能利用我們的 AI 進步並從中受益。

We have made good progress across all 3 areas. In March, we introduced our experimental conversational AI service called Bard. We have since added our PaLM model to make it even more powerful. And Bard can now help people with programming and software development tasks, including code generation. Lots more to come.

我們在所有 3 個領域都取得了良好進展。 3 月，我們推出了名為 Bard 的實驗性對話式 AI 服務。此後，我們添加了 PaLM 模型，使其更加強大。 Bard 現在可以幫助人們完成編程和軟件開發任務，包括代碼生成。還有更多。

For developers, we have released our PaLM API alongside our new MakerSuite tool. It provides a simple way to access our large language models and begin building new generative AI applications quickly. A number of organizations are using our generative AI large language models across Google Cloud Platform, Google Workspace and our cybersecurity offerings.

對於開發人員，我們發布了 PaLM API 以及新的 MakerSuite 工具。它提供了一種訪問我們的大型語言模型并快速開始構建新的生成式 AI 應用程序的簡單方法。許多組織正在 Google Cloud Platform、Google Workspace 和我們的網絡安全產品中使用我們的生成式 AI 大型語言模型。

For years, we've been focused on making Search even more helpful. From Google Lens to multi-search, to visual exploration in Search, immersive view in Maps, Google Translate, to all the language models powering Search today, we have used AI to open up access to knowledge in powerful ways. We'll continue to incorporate generative AI advances to make Search better in a thoughtful and deliberate way. We'll be guided by data and years of experience about what people want and our high standards for quality. And we'll test and iterate as we go because we know that billions of people trust Google to provide the right information.

多年來，我們一直專注於讓 Google 搜索變得更有用。從 Google Lens 到多重搜索，再到搜索中的視覺探索、地圖中的沉浸式視圖、谷歌翻譯，再到今天為搜索提供支持的所有語言模型，我們已經使用 AI 以強大的方式打開了對知識的訪問。我們將繼續整合生成式 AI 的進步，以深思熟慮和深思熟慮的方式改進搜索。我們將以關於人們想要什麼的數據和多年經驗以及我們對質量的高標準為指導。我們會不斷測試和迭代，因為我們知道數十億人相信 Google 會提供正確的信息。

As it evolves, we'll unlock entirely new experiences in Search and beyond just as camera, voice and translation technologies have all opened entirely new categories of queries and exploration.

隨著它的發展，我們將在搜索和其他方面解鎖全新的體驗，就像相機、語音和翻譯技術都開啟了全新的查詢和探索類別一樣。

AI has also been foundational to our ads business for over a decade. Products like Performance Max use the full power of Google's AI to help advertisers find untapped and incremental conversion opportunities. Philipp will talk more about this in a moment.

十多年來，人工智能也一直是我們廣告業務的基礎。 Performance Max 等產品充分利用了 Google AI 的強大功能，幫助廣告商找到尚未開發的增量轉化機會。 Philipp 稍後會詳細介紹這一點。

And as we continue to bring AI to our products, our AI principles and the highest standards of information integrity remain at the core of all our work. As one example, our Perspective API helps to identify and reduce the amount of toxic text that language models train on, with significant benefits for information quality. This is designed to help ensure the safety of generative AI applications before they are released to the public.

隨著我們繼續將 AI 引入我們的產品，我們的 AI 原則和信息完整性的最高標準仍然是我們所有工作的核心。舉個例子，我們的 Perspective API 有助於識別和減少語言模型訓練所依賴的有毒文本的數量，對信息質量有顯著的好處。這旨在幫助確保生成的 AI 應用程序在向公眾發布之前的安全性。

We are proud to have world-class research teams who have been advancing the breakthroughs underpinning this new era of AI. Last week, I announced that we are bringing together the Brain Team in Google Research and DeepMind into one unit. Combining all this talent into one focused team, backed by the pooled computational resources of Google, will help accelerate our progress and develop the most capable AI systems safely and responsibly.

我們為擁有世界一流的研究團隊而感到自豪，他們一直在推進支撐這個人工智能新時代的突破。上週，我宣布我們將把 Google Research 的 Brain Team 和 DeepMind 合併為一個部門。將所有這些人才整合到一個專注的團隊中，在 Google 匯集的計算資源的支持下，將有助於加速我們的進步，並以安全和負責任的方式開發最強大的 AI 系統。

On to my second theme, the company's sharpened focus. I spoke last quarter about our commitment to invest responsibly and with discipline and to find areas where we can operate more cost effectively and with greater velocity. We have significant multiyear efforts underway to create savings, such as improving machine utilization and finding more scalable and efficient ways to train and serve machine learning models. We are making our data centers more efficient, redistributing workloads and equipment where servers aren't being fully used. This is important work as we continue to significantly invest in infrastructure to drive our many AI opportunities.

關於我的第二個主題，公司更加專注。我在上個季度談到了我們承諾以負責任和紀律的方式進行投資，並尋找我們可以更經濟高效地運營的領域。我們多年來一直在努力節省開支，例如提高機器利用率以及尋找更具可擴展性和效率的方法來訓練和服務機器學習模型。我們正在提高我們的數據中心的效率，重新分配服務器沒有得到充分利用的工作負載和設備。這是一項重要的工作，因為我們將繼續大量投資於基礎設施以推動我們的許多 AI 機會。

Improving external procurement is another area where data suggests significant savings, and this work is underway. And we are taking concrete steps to manage our real estate portfolio to ensure it meets our current and future needs. We'll continue to use data to determine additional areas for durable savings.

改善外部採購是另一個數據表明可以節省大量資金的領域，這項工作正在進行中。我們正在採取具體步驟來管理我們的房地產投資組合，以確保它滿足我們當前和未來的需求。我們將繼續使用數據來確定可持久節省開支的其他領域。

Next, Google Cloud. I'm pleased with the ongoing momentum in Cloud. Our disciplined expansion of our product road map and go-to-market organization has helped to build one of the largest enterprise software companies in the world. We have consistently grown top line revenues and improved annual operating margins, and we continue to do so this quarter. Our growth has come from our deep relationships with large enterprises, a strong partner ecosystem and our product leadership.

接下來是谷歌云。我對 Cloud 的持續發展勢頭感到滿意。我們對產品路線圖和上市組織的嚴格擴展幫助建立了世界上最大的企業軟件公司之一。我們一直在增加收入並提高年度營業利潤率，本季度我們將繼續這樣做。我們的增長來自於我們與大型企業的深厚關係、強大的合作夥伴生態系統以及我們的產品領先地位。

Over the past 3 years, GCP's annual deal volume has grown nearly 500%, with large deals over $250 million growing more than 300%. Nearly 60% of the world's 1,000 largest companies are Google Cloud customers, and many leading start-ups and millions of small and medium enterprises use Google Cloud.

在過去的 3 年裡，GCP 的年交易量增長了近 500%，超過 2.5 億美元的大宗交易增長了 300% 以上。全球 1000 家最大的公司中近 60% 是 Google Cloud 的客戶，許多領先的初創企業和數百萬中小型企業都在使用 Google Cloud。

We have also built a strong partner ecosystem. Over the last 4 years, the number of Google Cloud Partner certified practitioners around the world has increased more than 15x. The largest global system integrators have built 13 dedicated practices with Google Cloud compared to 0 when we started. And today, more than 100,000 companies are part of our Google Cloud Partner Advantage program.

我們還建立了強大的合作夥伴生態系統。在過去 4 年中，全球獲得 Google Cloud 合作夥伴認證的從業者數量增加了 15 倍以上。全球最大的系統集成商已經使用 Google Cloud 建立了 13 個專用實踐，而我們開始時為 0 個。如今，超過 100,000 家公司加入了我們的 Google Cloud Partner Advantage 計劃。

Our growth is also driven by our product leadership. We are bringing our generative AI advances to our cloud customers across our cloud portfolio. Our PaLM generative AI models and Vertex AI platform are helping Behavox to identify insider threats, Oxbotica to test its autonomous vehicles and Lightricks to quickly develop text-to-image features.

我們的增長也得益於我們的產品領先地位。我們正在通過我們的雲產品組合為我們的雲客戶帶來我們的生成 AI 進步。我們的 PaLM 生成人工智能模型和 Vertex 人工智能平台正在幫助 Behavox 識別內部威脅，幫助 Oxbotica 測試其自動駕駛汽車，幫助 Lightricks 快速開發文本到圖像的功能。

In Workspace, our new generative AI features are making content creation and collaboration even easier for customers like Standard Industries and Lyft. This builds on our popular AI Bard Workspace tools, Smart Canvas and Translation Hub used by more than 9 million paying customers.

在 Workspace 中，我們新的生成 AI 功能使 Standard Industries 和 Lyft 等客戶的內容創建和協作變得更加輕鬆。這建立在我們廣受歡迎的 AI Bard Workspace 工具、Smart Canvas 和 Translation Hub 之上，有超過 900 萬付費客戶在使用。

Our product leadership also extends to data analytics, which provides customers the ability to consolidate their data and understand it better using AI. New advances in our data cloud enable Ulta Beauty to scale new digital and omnichannel experiences while focusing on customer loyalty; Shopify to bring better search results and personalization using AI; and Mercedes-Benz to bring new products to market more quickly.

我們的產品領先地位還擴展到數據分析，使客戶能夠使用 AI 整合數據並更好地理解數據。我們數據云的新進展使 Ulta Beauty 能夠擴展新的數字和全渠道體驗，同時關注客戶忠誠度； Shopify 使用 AI 帶來更好的搜索結果和個性化；和梅賽德斯-奔馳，以便更快地將新產品推向市場。

We have introduced generative AI to identify and prioritize cyber threats, automate security workflows and response and help scale cybersecurity teams. Our cloud cybersecurity products helped protect over 30,000 companies, including innovative brands like Broadcom and Europe's Telepass. We are successfully integrating Mandiant with our products, including Mandiant Threat Intelligence and Breach Analytics.

我們引入了生成式人工智能來識別網絡威脅並確定其優先級，自動化安全工作流程和響應，並幫助擴展網絡安全團隊。我們的云網絡安全產品幫助保護了 30,000 多家公司，包括 Broadcom 和歐洲的 Telepass 等創新品牌。我們成功地將 Mandiant 與我們的產品集成，包括 Mandiant Threat Intelligence 和 Breach Analytics。

Our open approach to AI development, coupled with our industry-leading TPUs and best-in-class GPUs from NVIDIA, enable innovative companies to tackle any AI workload with speed and flexibility. AI21 Labs, Replit, Midjourney and many others build and train foundation models and generative AI platforms. We are the only cloud provider to announce availability of NVIDIA's new L4 Tensor Core GPU with the launch of our G2 VMs, which are purpose-built for large inference AI workloads, such as generative AI.

我們開放的 AI 開發方法，加上我們行業領先的 TPU 和 NVIDIA 一流的 GPU，使創新型公司能夠快速、靈活地處理任何 AI 工作負載。 AI21 Labs、Replit、Midjourney 和許多其他公司構建和訓練基礎模型和生成式 AI 平台。我們是唯一一家宣布推出 NVIDIA 全新 L4 Tensor Core GPU 並推出 G2 VM 的雲提供商，這些 VM 專為大型推理 AI 工作負載（例如生成 AI）而構建。

Turning next to YouTube. Let me start by thanking Susan Wojcicki for her terrific leadership of YouTube for 9 years. She recently transitioned into an advisory role with Alphabet this quarter, with Neal Mohan, a long-time leader at Google and YouTube, becoming the new head of YouTube.

轉到 YouTube 旁邊。首先，我要感謝 Susan Wojcicki 9 年來對 YouTube 的出色領導。她最近在本季度轉任 Alphabet 的顧問，谷歌和 YouTube 的長期領導者尼爾·莫漢 (Neal Mohan) 成為 YouTube 的新負責人。

Here are a few highlights from the quarter. YouTube Shorts continues to see strong momentum with Creators. Last year, the number of channels that uploaded to Shorts daily grew over 80%. Those posting weekly on Shorts saw the majority of new channel subscribers coming from their Shorts post. The living room remained our fastest-growing screen in 2022 in terms of watch time, and we are seeing growth and momentum internationally.

以下是本季度的一些亮點。 YouTube Shorts 繼續看到創作者的強勁勢頭。去年，每天上傳到 Shorts 的頻道數量增長了 80% 以上。那些每週在 Shorts 上發帖的人看到大多數新頻道訂閱者來自他們的 Shorts 帖子。就觀看時間而言，客廳仍然是 2022 年我們增長最快的屏幕，我們在國際上看到了增長和勢頭。

On our subscription business, we rolled out several new updates to YouTube Premium. Premium subscribers can now queue videos on phones and tablets, stream continuously while switching between devices and auto-download recommended videos for off-line viewing.

在我們的訂閱業務方面，我們推出了 YouTube Premium 的多項新更新。高級訂閱者現在可以在手機和平板電腦上對視頻進行排隊，在設備之間切換時連續流式傳輸，並自動下載推薦的視頻以供離線觀看。

And we have great momentum around YouTube TV and YouTube Primetime channels. We have announced pricing for the NFL Sunday Ticket offering, which will help to drive subscriptions, bring new viewers to YouTube's paid and ad-supported experiences and create new opportunities for Creators.

我們在 YouTube TV 和 YouTube Primetime 頻道方面勢頭強勁。我們已經公佈了 NFL 週日門票的定價，這將有助於推動訂閱，為 YouTube 的付費和廣告支持體驗帶來新的觀眾，並為創作者創造新的機會。

To close across the company, we are excited about helping people, businesses and society reach their full potential with AI. We'll share updates at Google I/O about how we are using AI across our products, including our Pixel devices and share some exciting new developments for Android.

在整個公司範圍內，我們很高興能夠幫助人們、企業和社會充分發揮 AI 的潛力。我們將在 Google I/O 上分享有關我們如何在我們的產品（包括 Pixel 設備）中使用 AI 的更新，並分享一些令人興奮的 Android 新開發成果。

Thanks to our employees around the world who continue to work hard to advance our mission. After nearly 25 years, the work to organize the world's information and make it accessible and useful is as urgent as ever, and I look forward to the work ahead.

感謝我們世界各地的員工繼續努力推進我們的使命。將近 25 年後，組織全球信息並使之易於訪問和利用的工作一如既往地緊迫，我期待著未來的工作。

Over to you, Philipp.

交給你了，菲利普。

Thanks, Sundar, and hey, everyone. It's great to be here today. I'll kick off with Google Services' performance in the first quarter, then provide color into our key opportunity areas and then turn it over to Ruth for more on our financial performance.

謝謝，Sundar，嘿，大家好。今天很高興來到這裡。我將從 Google 服務在第一季度的表現開始，然後為我們的關鍵機會領域提供色彩，然後將其轉交給 Ruth 以了解我們財務表現的更多信息。

Google Services revenue of $62 billion were up 1% year-on-year, including the effect of a modest foreign exchange headwind. In Google Advertising, Search and Other, revenues grew 2% year-over-year, reflecting an increase in the travel and retail verticals, offset partially by a decline in finance as well as in media and entertainment. In YouTube Ads, we saw signs of stabilization and performance, while in network, there was an incremental pullback in advertiser spend. Google Other revenues were up 9% year-over-year led by strong growth in YouTube subscriptions revenues.

谷歌服務收入為 620 億美元，同比增長 1%，其中包括適度的外匯逆風影響。在谷歌廣告、搜索和其他方面，收入同比增長 2%，反映了旅遊和零售垂直領域的增長，部分被金融、媒體和娛樂領域的下滑所抵消。在 YouTube 廣告中，我們看到了穩定和表現的跡象，而在網絡中，廣告商支出出現了逐步回落。在 YouTube 訂閱收入強勁增長的帶動下，谷歌其他收入同比增長 9%。

Now let's double-click into the 3 areas I laid out last quarter where we see clear opportunities for long-term growth in advertising: number one, Google AI; number two, retail, which cuts across all of our ads products and services; and number three, YouTube.

現在讓我們雙擊我在上個季度列出的 3 個領域，我們在這些領域看到了廣告長期增長的明確機會：第一，谷歌人工智能；第二，零售，涉及我們所有的廣告產品和服務；第三，YouTube。

First, Google AI. I've said before, AI has long been an important driver of our business. Advancements are powering our ability to help businesses, big and small, respond in real time to rapidly changing market and consumer shifts and deliver measurable ROI when it's needed most. In Q1, we continue to innovate across our products.

首先是谷歌人工智能。我之前說過，人工智能長期以來一直是我們業務的重要驅動力。進步正在增強我們幫助大小企業實時響應快速變化的市場和消費者轉變的能力，並在最需要的時候提供可衡量的投資回報率。在第一季度，我們繼續對我們的產品進行創新。

Take Core Search, for example. In targeting, we updated search keyword relevance using the latest natural language AI from MUM models to improve the relevance and performance of shown ads when there are multiple overlapping keywords eligible for an auction.

以核心搜索為例。在定位方面，我們使用來自 MUM 模型的最新自然語言 AI 更新了搜索關鍵字相關性，以在有多個重疊關鍵字符合拍賣條件時提高顯示廣告的相關性和性能。

In bidding, we improved our Smart Bidding models to bid more accurately based on differences in search ad formats. In other words, bid more effectively depending on how a user wants to engage with an ad.

在出價方面，我們改進了智能出價模型，以根據搜索廣告格式的差異更準確地出價。換句話說，根據用戶希望如何參與廣告來更有效地出價。

In Creatives, we opened our Automatically Created Assets beta to all advertisers in English. ACA generates text assets alongside your responsive search ads and uses AI to help reduce the amount of manual work to keep creatives fresh and relevant to users' query, context and to the advertisers' business.

在 Creatives 中，我們以英語向所有廣告商開放了自動創建的資產測試版。 ACA 會在您的響應式搜索廣告旁邊生成文本資產，並使用 AI 來幫助減少手動工作量，以保持創意新鮮並與用戶的查詢、上下文和廣告商的業務相關。

To then unlock Core Search further and maximize conversions across all of Google, we're actively helping more advertisers paired together with Performance Max. Advertisers who use PMax are, on average, achieving over 18% more conversions at a similar CPA. This is up 5 points in just 14 months, thanks to advances in the AI underlying bidding, creatives, search query matching and new formats like YouTube Shorts.

為了進一步解鎖 Core Search 並最大限度地提高整個 Google 的轉化率，我們正在積極幫助更多廣告商與 Performance Max 配對。使用 PMax 的廣告商平均以類似的 CPA 實現超過 18% 的轉化。由於 AI 基礎競價、創意、搜索查詢匹配和 YouTube Shorts 等新格式的進步，這一數字在短短 14 個月內上升了 5 個百分點。

I mentioned earlier that travel was a contributor to growth. In March, we launched PMax for travel goals. Now even the smallest hoteliers can benefit from the expanded reach of hotel ads in PMax, like family-run Corissia Hotels Group, who drove a 32% increase in revenue and a 26% increase in total direct bookings within just 1 month of using PMax for travel goals. There's more to come here as we add even more AI product features. Stay tuned for more at Google Marketing Live in May.

我之前提到旅行是增長的一個貢獻因素。 3 月，我們針對旅行目標推出了 PMax。現在，即使是最小的酒店經營者也可以從 PMax 中擴大的酒店廣告覆蓋範圍中受益，例如家庭經營的 Corissia Hotels Group，在使用 PMax旅行目標。隨著我們添加更多 AI 產品功能，我們還會推出更多功能。請繼續關注 5 月份的 Google Marketing Live，了解更多信息。

Moving on to retail where we had a solid quarter. Our focus is on 3 pillars: number one, making Google a core part of shopping journeys for consumers and a valuable place for merchants to connect with users; number two, empowering more merchants to participate in our free listings and ads experiences; and number three, driving retail performance further with great ads products.

轉向零售業，我們有一個穩定的季度。我們的重點是 3 個支柱：第一，使 Google 成為消費者購物旅程的核心部分，以及商家與用戶聯繫的寶貴場所；第二，讓更多商家參與我們的免費列表和廣告體驗；第三，通過出色的廣告產品進一步推動零售業績。

In a macro environment of do more with less, our tools and solutions are proving that we can deliver value for retailers online and omnichannel and drive high-value customers even in challenging times. Caraway, a direct-to-consumer maker of cookware, use Target ROAS to uncap budgets and PMax to optimize and deploy spend across Google inventory for its Q4 Black Friday campaign. PMax drove a 46% increase in revenue and 31% jump in ROAS, leading to Caraway's best business day in history and a robust reinvestment in its AI-first strategy for Q1.

在事半功倍的宏觀環境中，我們的工具和解決方案證明，即使在充滿挑戰的時期，我們也可以為在線和全渠道零售商創造價值，並吸引高價值客戶。 Caraway 是一家直接面向消費者的炊具製造商，它使用 Target ROAS 來取消預算上限，並使用 PMax 來優化和部署 Google 庫存中的支出，用於其第 4 季度黑色星期五活動。 PMax 推動收入增長 46% 和 ROAS 躍升 31%，使 Caraway 迎來了歷史上最好的營業日，並在第一季度對其 AI 優先戰略進行了強勁的再投資。

For omni-focused retailers, we recently rolled out store sales reporting and bidding in Performance Max for store goals. This is helping retailers go beyond just optimizing to online conversions to also optimize to their stores, reaching and bidding for high-value customers who are more likely to spend in store.

對於專注於全方位的零售商，我們最近在 Performance Max 中針對商店目標推出了商店銷售報告和出價。這有助於零售商不僅優化在線轉化，還優化他們的商店，接觸更有可能在商店消費的高價值客戶並為其出價。

Danish department store, Magasin, recently used our store sales solution to boost its omnichannel ROAS 128% versus online-only campaigns. Thanks to dynamic in-store values coming from its first-party data, including its high-value customers, Magasin can now, with confidence, measure the full impact of its online investments on both e-commerce and physical store revenue.

丹麥百貨公司 Magasin 最近使用我們的實體店銷售解決方案，將其全渠道 ROAS 提高了 128%，與純在線營銷活動相比。由於來自其第一方數據（包括其高價值客戶）的動態店內價值，Magasin 現在可以自信地衡量其在線投資對電子商務和實體店收入的全面影響。

Turning to YouTube. Creators fuel YouTube's success. Across long form and shorts, music and podcasts, vertical and horizontal, YouTube is where Creators are incentivized to make their best work, which means the best content, more viewers and more opportunities for advertisers.

轉向 YouTube。創作者推動了 YouTube 的成功。在長片和短片、音樂和播客、垂直和水平方面，YouTube 是激勵創作者做出最佳作品的地方，這意味著最好的內容、更多的觀眾和廣告商的更多機會。

As I said last quarter, our creator ecosystem and multi-format strategy will be key drivers of YouTube's long-term growth. And to support this growth, we're focused on, number one, Shorts; number two, engagement on CTV; number three, investing in our subscription offerings; and number four, a longer-term effort to make YouTube more shoppable.

正如我上個季度所說，我們的創作者生態系統和多格式戰略將成為 YouTube 長期增長的關鍵驅動力。為了支持這種增長，我們首先關注的是短褲；第二，參與 CTV；第三，投資我們的訂閱產品；第四，一項使 YouTube 更易於購買的長期努力。

First, Shorts. We're seeing strong watch time growth. Monetization is also progressing nicely. People are engaging and converting on ads across Shorts at increasing rates.

第一，短褲。我們看到觀看時長強勁增長。貨幣化也進展順利。人們越來越多地參與 Shorts 廣告並進行轉化。

Number two, connected TV. As Sundar said, we're seeing momentum globally. Viewers love watching YouTube creators and their favorite content on the large screen. Advertisers are leaning in.

第二，聯網電視。正如 Sundar 所說，我們在全球範圍內看到了發展勢頭。觀眾喜歡在大屏幕上觀看 YouTube 創作者和他們喜愛的內容。廣告商正在傾斜。

Zooming out more broadly for a second. Across YouTube, we're helping brands benefit from our expansive reach and drive the profitability they're looking for. In one of our largest marketing mix modeling studies to date, YouTube ROI is 40% higher than linear TV and 34% higher than all other online video, according to a customer analysis from January 2020 to March 2022 of Nielsen Compass ROI benchmarks across 16 countries and $19 billion of total media spend measured. This proves YouTube's ability to drive effectiveness at scale.

更廣泛地縮小一秒鐘。在 YouTube 上，我們正在幫助品牌從我們廣泛的影響力中獲益，並推動他們尋求的盈利能力。根據 2020 年 1 月至 2022 年 3 月對 16 個國家/地區的 Nielsen Compass 投資回報率基準的客戶分析，在我們迄今為止最大的營銷組合建模研究之一中，YouTube 投資回報率比線性電視高 40%，比所有其他在線視頻高 34%媒體總支出為 190 億美元。這證明了 YouTube 大規模提高效率的能力。

Next up are subscription offerings. The goal is to be a one-stop shop for multiple types of video content across both ad-supported and Premium services. Our launch of multiview on YouTube TV and our first-of-its-kind a la carte access for NFL Sunday Ticket are 2 examples of how we're investing here. Expect more updates over the coming quarters.

接下來是訂閱產品。目標是成為跨廣告支持和高級服務的多種類型視頻內容的一站式商店。我們在 YouTube TV 上推出的多視圖和我們首創的 NFL 週日門票點菜訪問是我們如何在這方面進行投資的兩個例子。預計未來幾個季度會有更多更新。

Number four, shopping on YouTube. It's still super early days. One highlight, last year, we brought shopping to more creators and brands by partnering with commerce platforms like Shopify. Now more than 100,000 creators, artists and brands have connected their own stores to their YouTube channels to sell their products. We're excited about the potential ahead.

第四，在 YouTube 上購物。現在還為時過早。一個亮點是，去年，我們通過與 Shopify 等商業平台合作，為更多的創作者和品牌帶來了購物體驗。現在，超過 100,000 名創作者、藝術家和品牌已將他們自己的商店連接到他們的 YouTube 頻道來銷售他們的產品。我們對未來的潛力感到興奮。

I'll close with an awesome example of how we're bringing the best across Google to our partners to accelerate innovation, Mercedes-Benz. In February, we announced a first-of-its-kind partnership to bring Google Maps platform and YouTube into future Mercedes-Benz vehicles equipped with its next-gen MB.OS operating system. Beyond enabling the luxury automaker to design a customized navigation interface, we'll also provide AI and data cloud capabilities to advance their autonomous driving efforts and create an enhanced customer experience.

最後，我將以一個很棒的例子來說明我們如何將 Google 最好的東西帶給我們的合作夥伴 Mercedes-Benz，以加速創新。 2 月，我們宣布了一項史無前例的合作夥伴關係，將 Google 地圖平台和 YouTube 引入未來配備下一代 MB.OS 操作系統的梅賽德斯-奔馳車輛。除了讓這家豪華汽車製造商能夠設計定制的導航界面外，我們還將提供人工智能和數據云功能，以推進他們的自動駕駛工作並創造更好的客戶體驗。

On that note, a big thank you, first, to our customers and partners for their trust and collaboration; and second, to all Googlers for all of their incredible work this quarter.

在這一點上，首先非常感謝我們的客戶和合作夥伴的信任與合作；其次，感謝所有 Google 員工在本季度所做的出色工作。

Ruth, over to you.

露絲，交給你了。

Thank you, Philipp. Our financial results for the first quarter reflect continued healthy fundamental growth in Search and momentum in Cloud. As I go through the discussion today, I will reference some changes to our reporting and disclosures that are covered more fully in the 8-K we filed last week. I will conclude with our outlook.

謝謝你，菲利普。我們第一季度的財務業績反映了搜索領域持續健康的基本面增長和雲計算的勢頭。在我今天的討論中，我將參考我們上週提交的 8-K 中更全面地涵蓋的報告和披露的一些變化。我將以我們的展望結束。

For the first quarter, our consolidated revenues were $69.8 billion, up 3% or up 6% in constant currency. Search remained the largest contributor to revenue growth on a constant currency basis.

第一季度，我們的綜合收入為 698 億美元，增長 3%，按固定匯率計算增長 6%。按固定匯率計算，搜索仍然是收入增長的最大貢獻者。

In terms of expenses and profitability, year-on-year comparisons are impacted by 3 factors: first, the $2.6 billion in charges we took in the first quarter related to workforce and office space reductions. We provided a table in our earnings release that shows the impact of those charges on cost of revenues and operating expenses.

在費用和盈利能力方面，同比比較受到 3 個因素的影響：首先，我們在第一季度收取的 26 億美元費用與勞動力和辦公空間減少有關。我們在收益發布中提供了一張表格，顯示了這些費用對收入成本和運營費用的影響。

Second, the adjustment we made to the estimated useful lives of servers and certain network equipment at the beginning of 2023. As you can see in our earnings release, the effect for the first quarter was a reduction in depreciation expense of $988 million.

其次，我們在 2023 年初對服務器和某些網絡設備的估計使用壽命進行了調整。正如您在我們的財報中看到的那樣，第一季度的影響是折舊費用減少了 9.88 億美元。

Third, the shift in timing of our annual employee stock-based compensation awards from January to March delays the step-up in SBC from Q1 to Q2. This shift in timing does not affect the total amount of SBC over the full year 2023.

第三，我們將年度員工股票薪酬獎勵的時間從 1 月改為 3 月，推遲了 SBC 從第一季度到第二季度的升級。這種時間上的轉變不會影響 2023 年全年的 SBC 總量。

Total cost of revenues was $30.6 billion, up 3%, driven by other cost of revenues of $18.9 billion, which was up 7%, the biggest factor of which was compensation costs associated with data centers and other operations and followed by content acquisition costs.

總收入成本為 306 億美元，增長 3%，其他收入成本為 189 億美元，增長 7%，其中最大的因素是與數據中心和其他運營相關的補償成本，其次是內容獲取成本。

Operating expenses were $21.8 billion, up 19%, with a significant impact from the charges related to workforce and office space reductions. Operating income was $17.4 billion, down 13%, and our operating margin was 25%. Net income was $15.1 billion.

運營費用為 218 億美元，增長 19%，其中與勞動力和辦公空間減少相關的費用產生了重大影響。營業收入為 174 億美元，下降 13%，營業利潤率為 25%。淨收入為 151 億美元。

We delivered free cash flow of $17.2 billion in the first quarter and $62 billion for the trailing 12 months. We ended the quarter with $115 billion in cash and marketable securities.

我們在第一季度交付了 172 億美元的自由現金流，在過去 12 個月交付了 620 億美元的自由現金流。本季度結束時，我們擁有 1,150 億美元的現金和有價證券。

Turning to our segment results. These were affected by 2 additional changes outlined in our 8-K filing. First, reflecting the increasing collaboration between DeepMind and Google Services, Google Cloud, and Other Bets, as of Q1, DeepMind is reported as part of Alphabet's unallocated corporate costs. And second, beginning in the first quarter, we updated our cost allocation methodologies to provide our business leaders with increased transparency for decision-making.

轉向我們的分部業績。這些受到我們 8-K 文件中概述的 2 個額外變化的影響。首先，反映出 DeepMind 與穀歌服務、谷歌云和其他賭注之間不斷加強的合作，截至第一季度，DeepMind 被報告為 Alphabet 未分配企業成本的一部分。其次，從第一季度開始，我們更新了成本分配方法，為我們的業務領導者提供更高的決策透明度。

In our filing, we provided a recast of prior period results for the segment for these 2 changes. The highlights of the year-on-year performance of our segments that I will review reflect these recast results.

在我們的備案文件中，我們針對這兩項變更提供了該部門前期業績的重鑄。我將回顧的我們細分市場同比表現的亮點反映了這些重鑄結果。

Starting with Google Services. Revenues were $62 billion, up 1%. Google Search and other advertising revenues of $40.4 billion in the quarter were up 2%. YouTube advertising revenues of $6.7 billion were down 3%. Network advertising revenues of $7.5 billion were down 8%. Other revenues were $7.4 billion, up 9%, reflecting primarily ongoing significant subscriber growth in YouTube TV and YouTube Music Premium. TAC was $11.7 billion, down 2%, primarily reflecting a mix shift between Search and Network. Google Services operating income was $21.7 billion, down 1%, and the operating margin was 35%.

從 Google 服務開始。收入為 620 億美元，增長 1%。本季度谷歌搜索和其他廣告收入為 404 億美元，增長 2%。 YouTube 廣告收入為 67 億美元，下降了 3%。網絡廣告收入為 75 億美元，下降了 8%。其他收入為 74 億美元，增長 9%，主要反映了 YouTube TV 和 YouTube Music Premium 訂閱用戶的持續顯著增長。 TAC 為 117 億美元，下降 2%，主要反映了搜索和網絡之間的混合轉變。谷歌服務營業收入為 217 億美元，下降 1%，營業利潤率為 35%。

Turning to the Google Cloud segment. Revenues were $7.5 billion for the quarter, up 28%. Growth in GCP remained strong across geographies, industries and products. Google Workspace's strong results were driven by increases in both seats and average revenue per seat. Google Cloud had operating income of $191 million, and the operating margin was 2.6%. As to our Other Bets, for the first quarter, revenues were $288 million, and the operating loss was $1.2 billion.

轉向谷歌云部分。本季度收入為 75 億美元，增長 28%。 GCP 在各個地區、行業和產品中的增長依然強勁。 Google Workspace 的強勁業績得益於席位和每個席位平均收入的增長。谷歌云的營業收入為 1.91 億美元，營業利潤率為 2.6%。至於我們的其他賭注，第一季度的收入為 2.88 億美元，營業虧損為 12 億美元。

Turning to our outlook for the business. In terms of the operating environment, our results in the first quarter reflected ongoing headwinds due to a challenging economic environment, and the outlook remains uncertain. Foreign exchange headwinds have moderated, and we expect less of a foreign exchange headwind in the second quarter based on current spot rates.

談到我們的業務前景。就經營環境而言，我們第一季度的業績反映了由於經濟環境充滿挑戰而帶來的持續不利因素，前景仍然不明朗。外匯逆風有所緩和，根據當前的即期匯率，我們預計第二季度的外匯逆風會減少。

With respect to Google Services, within advertising, Q1 results reflect the resilience of Search with its unique ability to surface demand and deliver measurable ROI. Excluding the impact of foreign exchange, the revenue growth of Search was similar to last quarter.

關於谷歌服務，在廣告方面，第一季度的結果反映了搜索的彈性，它具有發現需求和提供可衡量投資回報率的獨特能力。排除外彙的影響，搜索的收入增長與上一季度相似。

In YouTube, we saw signs of stabilization in ad spend on a sequential basis. We continue to prioritize growth in Shorts engagement where we are encouraged by progress in monetization. As to other revenues, in YouTube subscriptions, we are pleased with the significant ongoing subscriber growth in both YouTube Music Premium and YouTube TV.

在 YouTube 上，我們看到了廣告支出連續穩定的跡象。我們繼續優先考慮 Shorts 參與度的增長，我們對貨幣化取得的進展感到鼓舞。至於其他收入，在 YouTube 訂閱方面，我們對 YouTube Music Premium 和 YouTube TV 的訂閱用戶持續顯著增長感到高興。

In Play, revenues were down year-on-year, primarily due to the continued impact of foreign exchange in APAC, although results have improved as we lapped the impact from our introduction of fee reductions last year.

在 Play 中，收入同比下降，這主要是由於亞太地區外彙的持續影響，儘管隨著我們去年推出費用減免的影響有所改善，結果有所改善。

Turning to Google Cloud. Our investments in product innovation, our go-to-market organization and our partner ecosystem delivered strong results as customers across industries and geographies increasingly rely on Google Cloud to digitally transform their businesses. That being said, in Q1, we continued to see slower growth of consumption as customers optimized GCP costs, reflecting the macro backdrop which remains uncertain. In terms of operating performance, we remain focused on driving long-term profitable growth in Cloud while continuing to invest given the substantial opportunity.

轉向谷歌云。我們在產品創新、上市組織和合作夥伴生態系統方面的投資取得了強勁的成果，因為各行各業的客戶越來越依賴谷歌云來實現業務數字化轉型。話雖如此，在第一季度，隨著客戶優化 GCP 成本，我們繼續看到消費增長放緩，反映出宏觀背景仍然不確定。在經營業績方面，我們仍然專注於推動雲的長期盈利增長，同時繼續投資於大量機會。

Moving to Other Bets. In the first quarter, we similarly worked to refine strategies and prioritize efforts across the portfolio, including reductions to head count.

轉向其他賭注。在第一季度，我們同樣努力完善戰略並優先考慮整個產品組合的工作，包括裁員。

I will now walk you through an update on our efforts to reengineer our cost base, slowing the pace of operating expense growth while creating capacity for key investment areas, particularly in support of AI across the company.

我現在將向您介紹我們為重新設計成本基礎所做的最新努力，減緩運營費用增長的步伐，同時為關鍵投資領域創造能力，特別是在支持整個公司的 AI 方面。

First, as discussed on the fourth quarter call, we have efforts underway in 3 broad categories: number one, using AI and automation to improve productivity across Alphabet for operational tasks as well as the efficiency of our technical infrastructure; number two, managing our spend with suppliers and vendors more effectively; and number three, continuing to optimize how and where we work. As we've noted previously, all 3 work streams are ramping up this year, and we plan to build on these efforts in 2024 and in subsequent years.

首先，正如在第四季度電話會議上所討論的那樣，我們在三大類方面正在進行努力：第一，使用人工智能和自動化來提高整個 Alphabet 的運營任務生產力以及我們技術基礎設施的效率；第二，更有效地管理我們與供應商的支出；第三，繼續優化我們的工作方式和地點。正如我們之前所指出的，今年所有 3 個工作流都在加速推進，我們計劃在 2024 年及隨後幾年繼續努力。

Second, with respect to head count growth. The reported number of employees at the end of the first quarter includes almost all of the employees impacted by the workforce reduction we announced in January. We expect most of the impacted individuals will no longer be reflected in our head count by the end of the second quarter. In terms of the outlook for head count for the year, as we shared last quarter, we are meaningfully slowing the pace of hiring in 2023 while still investing in priority areas, particularly for top engineering and technical talent.

其次，關於人數增長。第一季度末報告的員工人數包括幾乎所有受我們 1 月份宣布的裁員影響的員工。我們預計，到第二季度末，大多數受影響的個人將不再反映在我們的員工人數中。就今年的員工人數前景而言，正如我們上個季度所分享的那樣，我們將顯著放慢 2023 年的招聘步伐，同時仍在優先領域進行投資，尤其是頂尖工程和技術人才。

In terms of our investments in AI, we are excited about the creation of Google DeepMind, combining the Brain Team from Google Research with DeepMind, with the goal to accelerate innovation and impact. Beginning in the second quarter of 2023, the costs associated with teams and activities transferred from Google Research will move from Google Services to Google DeepMind within Alphabet's unallocated corporate costs.

就我們在 AI 方面的投資而言，我們對 Google DeepMind 的創建感到興奮，它將 Google Research 的 Brain Team 與 DeepMind 結合起來，旨在加速創新和影響。從 2023 年第二季度開始，從 Google Research 轉移的與團隊和活動相關的成本將從 Google Services 轉移到 Google DeepMind，屬於 Alphabet 的未分配企業成本。

Finally, as it relates to CapEx, for 2023, we now expect total CapEx to be modestly higher than in 2022. As discussed last quarter, CapEx this year will include a meaningful increase in technical infrastructure versus a decline in office facilities. We expect the pace of investment in both data center construction and servers to step up in the second quarter and continue to increase throughout the year.

最後，就資本支出而言，我們現在預計 2023 年的總資本支出將略高於 2022 年。正如上個季度所討論的那樣，今年的資本支出將包括技術基礎設施的顯著增長，而辦公設施的下降。我們預計數據中心建設和服務器的投資步伐將在第二季度加快，並在全年繼續增加。

Thank you. Sundar, Philipp and I will now take your questions.

謝謝。 Sundar、Philipp 和我現在將回答您的問題。

(Operator Instructions) Your first question comes from Brian Nowak of Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的布賴恩諾瓦克。

I have 2. First one for Sundar. Sundar, I guess as you think over the course of the next 12 months, I know you have a lot of new AI tools to show us, what new behavior changes or capabilities are you most excited about for users, developers and advertisers as these tools come out?

我有 2 個。第一個給 Sundar。 Sundar，我想你在接下來的 12 個月裡會想到，我知道你有很多新的 AI 工具可以向我們展示，對於用戶、開發人員和廣告商來說，你最感興趣的是哪些新的行為變化或功能，因為這些工具出來？

And then the second one for Ruth. Could you talk to us about how much of the AI tools have you incorporated internally to sort of drive more productivity out of your engineers, your sales force, your G&A? Or is that sort of something to come over the next couple of years?

然後是露絲的第二個。你能和我們談談你在內部整合了多少人工智能工具來提高你的工程師、你的銷售人員、你的 G&A 的生產力嗎？還是未來幾年會出現這種情況？

Thanks, Brian. It is an exciting time. I do think we see an opportunity across the breadth of what we do at Google to improve our experiences. Obviously, in Search, we have been using AI for a while. It's what has really helped lead Search and Search quality for the past few years using LLMs. We now have a chance to more natively use LLMs. And I think the main way -- and by the way, as I said in my remarks, we are going to be deliberate. We're going to -- our North Star is getting it right for users. So we'll iterate and innovate as we have always done.

謝謝，布萊恩。這是一個激動人心的時刻。我確實認為我們在谷歌的工作範圍內看到了改善我們體驗的機會。顯然，在搜索中，我們使用人工智能已有一段時間了。這是過去幾年使用 LLM 真正幫助引領搜索和搜索質量的原因。我們現在有機會更自然地使用 LLM。我認為主要方式——順便說一下，正如我在發言中所說，我們將慎重考慮。我們將 - 我們的北極星正在為用戶提供正確的服務。因此，我們將一如既往地進行迭代和創新。

The main area maybe I'm excited by is we do know from experience that users come back to Search. They follow on. They're engaging back on stuff they already did. And so for us, to use LLMs in a way we can serve those use cases better, I think it's a real opportunity. Obviously, if it's YouTube, the chance to really improve experiences for Creators and consumers in terms of how the videos are viewed, et cetera, I think you can expect changes. Workspace, we already have changes rolling out, and it's an area where I think we'll see the biggest advances because I think productivity is a strong use case in which generative AI can help.

也許讓我感到興奮的主要領域是我們從經驗中知道用戶會返回搜索。他們繼續前進。他們正在重新參與他們已經做過的事情。所以對我們來說，以我們可以更好地服務於這些用例的方式使用 LLM，我認為這是一個真正的機會。顯然，如果是 YouTube，那麼在視頻觀看方式等方面真正改善創作者和消費者體驗的機會，我認為你可以期待變化。工作區，我們已經推出了變化，我認為這是一個我們將看到最大進步的領域，因為我認為生產力是一個強大的用例，生成人工智能可以在其中提供幫助。

And obviously, on Cloud, this has been an important moment to us, pretty much every organization is thinking about how to use AI to drive transformation. And so across the board, from start-ups to large companies, they are engaging with us. And so I view it as a point of inflection there as well. Ruth?

顯然，在 Cloud 上，這對我們來說是一個重要時刻，幾乎每個組織都在考慮如何使用 AI 來推動轉型。因此，從初創企業到大公司，他們都在與我們接洽。因此，我也將其視為一個拐點。露絲？

And then in terms of the second part of your question, AI has been so much a part of what we've been doing for quite some time that there are a number of different ways to answer it. One is, as I noted, we have a number of efficiency efforts underway, and one of them is about using AI and automation to further improve productivity across Alphabet. That being said, we already have AI in a lot of what we do, for example, in the way we operate and run the finance organization. It's helpful in a lot of the analytics that we use. And one of the exciting things for us is the opportunity then to share that with Cloud customers.

然後就你問題的第二部分而言，人工智能已經成為我們已經做了很長一段時間的工作的一部分，所以有許多不同的方法可以回答它。一是，正如我所指出的，我們正在進行許多提高效率的工作，其中之一是關於使用人工智能和自動化來進一步提高整個 Alphabet 的生產力。話雖這麼說，我們已經在很多工作中使用了人工智能，例如，在我們運營和運行財務組織的方式中。它對我們使用的許多分析很有幫助。對我們來說最令人興奮的事情之一就是有機會與 Cloud 客戶分享。

And Sundar just noted what we're doing within Google Workspace. We obviously all live on Google Workspace. And so that's another example of how we benefit internally from the productivity from AI, but it's also something that's available for users and enterprise customers more broadly. And then finally, one of the areas that we've talked about is the opportunity with our compute capacity and all that we've done there and the infrastructure innovation which, again, is helpful internally for what we do but on behalf of our customers.

Sundar 剛剛注意到我們在 Google Workspace 中所做的事情。我們顯然都生活在 Google Workspace 上。因此，這是我們如何從 AI 的生產力中受益的另一個例子，但它也是更廣泛地可供用戶和企業客戶使用的東西。最後，我們談到的其中一個領域是我們的計算能力帶來的機會以及我們在那裡所做的一切以及基礎設施創新，這再次對我們所做的事情有幫助，但代表我們的客戶.

The next question comes from Doug Anmuth of JPMorgan.

下一個問題來自摩根大通的 Doug Anmuth。

One for Sundar and then one for Ruth. Sundar, just as you think about integrating Bard into your Search products over time, can you just talk more about what percentage of Search queries you think would utilize large language model-type responses? And how should we think about the cost of running Search on these models relative to today?

一份給 Sundar，一份給 Ruth。 Sundar，正如您考慮隨著時間的推移將 Bard 集成到您的搜索產品中一樣，您能否多談談您認為有多少百分比的搜索查詢會使用大型語言模型類型的響應？相對於今天，我們應該如何考慮在這些模型上運行搜索的成本？

And then, Ruth, I was just hoping you could follow up on your comment on CapEx, maybe if you could help us understand the modest step-up in CapEx relative to 3 months ago.

然後，露絲，我只是希望你能跟進你對資本支出的評論，也許你能幫助我們了解資本支出相對於 3 個月前的適度增長。

Thanks, Doug. Obviously, we have launched Bard as a complementary product to Search. But we'll be bringing LLM experiences more natively into Search as well. I do think, first of all, we'll be rolling it out in an incremental way so that we can test, iterate and innovate. So I think we'll approach it that way. I think overall, I think it can apply to a broad range of queries. So I think I'm excited that it can allow us to better help users in a category of queries, maybe in which there was no right answer and they are more creative, et cetera. So I think those are opportunities. But even in our existing query categories where we get a chance to do some heavy lifting for the users and use AI to better guide them, I think you will see us exploring in those directions as well. It's early days, but I think there's a lot of innovation to come.

謝謝，道格。顯然，我們推出 Bard 作為 Search 的補充產品。但我們也會將 LLM 體驗更原生地引入搜索中。我確實認為，首先，我們將以漸進的方式推出它，以便我們可以測試、迭代和創新。所以我認為我們會那樣做。我認為總的來說，我認為它可以適用於範圍廣泛的查詢。所以我認為我很高興它可以讓我們更好地幫助用戶解決一類查詢，也許在這些查詢中沒有正確答案，但他們更有創意，等等。所以我認為這些都是機會。但即使在我們現有的查詢類別中，我們有機會為用戶做一些繁重的工作並使用人工智能更好地指導他們，我想你也會看到我們在這些方向上進行探索。現在還為時尚早，但我認為未來會有很多創新。

On the cost side, we have always -- cost of compute has always been a consideration for us. And if anything, I think it's something we have developed extensive experience over many, many years. And so for us, it's a nature of habit to constantly drive efficiencies in hardware, software and models across our fleet. And so this is not new. If anything, the sharper the technology curve is, we get excited by it, because I think we have built world-class capabilities in taking that and then driving down cost sequentially and then deploying it at scale across the world. So I think we'll take all that into account in terms of how we drive innovation here, but I'm comfortable with how we'll approach it.

在成本方面，我們一直 - 計算成本一直是我們的考慮因素。如果有的話，我認為這是我們多年來積累的豐富經驗。因此，對我們而言，不斷提高整個車隊的硬件、軟件和模型效率是一種習慣。所以這不是什麼新鮮事。如果有的話，技術曲線越尖銳，我們就會對此感到興奮，因為我認為我們已經建立了世界級的能力來接受它，然後依次降低成本，然後在全球範圍內大規模部署它。所以我認為我們會在我們如何推動創新方面考慮所有這些因素，但我對我們將如何處理它感到滿意。

And in terms of CapEx, we do now expect that total CapEx for the year, for 2023, will be modestly higher than in 2022. And I tried to point out that we're expecting a step-up in the second quarter, and that will continue to increase throughout the year. And as we discussed last quarter, AI is a key component. It underlies everything that we do. And we're continuing to invest in support of AI, support of our users, advertisers and our Cloud customers as we're commenting on here. And then as we talked about last quarter, the increase in CapEx for the full year 2023 reflects the sizable increase in technical infrastructure investment and, on the flip side, a decline in office facilities relative to last year.

就資本支出而言，我們現在確實預計 2023 年全年的資本支出總額將略高於 2022 年。我試圖指出，我們預計第二季度會有所增加，而且全年將繼續增加。正如我們上個季度所討論的那樣，人工智能是一個關鍵組成部分。它是我們所做一切的基礎。正如我們在這裡評論的那樣，我們將繼續投資支持人工智能，支持我們的用戶、廣告商和我們的雲客戶。然後正如我們在上個季度談到的那樣，2023 年全年資本支出的增加反映了技術基礎設施投資的大幅增加，另一方面，辦公設施相對於去年有所下降。

The next question comes from Eric Sheridan from Goldman Sachs.

下一個問題來自高盛的 Eric Sheridan。

Maybe 2, if I could, first on cloud. Obviously, one of the dominant themes, and you touched upon it, is this client optimization theme that's going on broadly in cloud computing. Can you give us a little bit more of your perspective on where we are in terms of the optimization theme broadly in cloud computing as a headwind to either revenue growth or backlog growth compared to the tailwinds of broader long-term consumption growth and, possibly, the contribution of AI initiatives to cloud computing growth?

也許 2，如果可以的話，首先在雲上。顯然，您提到的主導主題之一是在雲計算中廣泛使用的客戶端優化主題。與更廣泛的長期消費增長的順風相比，您能否就我們在雲計算中廣泛的優化主題方面的觀點，作為收入增長或積壓增長的逆風，以及可能，人工智能計劃對雲計算增長的貢獻？

And then second on YouTube, obviously, you've seen a lot of success with respect to engagement and consumption on Shorts. Can you give us an update on where we are on monetization in Shorts compared to the consumption you've already seen in usage shifts?

其次是在 YouTube 上，很明顯，您已經看到 Shorts 在參與度和消費方面取得了很大成功。與您在使用變化中看到的消費相比，您能否向我們介紹一下我們在 Shorts 中的貨幣化進展情況？

So in terms of the cloud question, the point we're trying to underscore is there's uncertainty in the economic environment. And so we saw some headwind from slower growth of consumption, with customers really looking to optimize their cost given that macro climate. I'll leave the forecasting to you on that. But as both Sundar and I commented on, really pleased with the momentum that the team has been delivering and the breadth of what they've been working on.

因此，就雲問題而言，我們試圖強調的一點是經濟環境存在不確定性。因此，我們看到了消費增長放緩帶來的一些不利因素，考慮到宏觀氣候，客戶確實希望優化他們的成本。我會把預測留給你。但正如 Sundar 和我所評論的那樣，對團隊一直在提供的勢頭以及他們一直在努力工作的廣度感到非常滿意。

I do think, I would add, that we are leaning into optimization. I mean that's an important moment to help our customers, and we take a long-term view. And so it's definitely an area we are leaning in and trying to help customers make progress in their efficiencies where we can. Philipp?

我確實認為，我想補充一點，我們正在傾向於優化。我的意思是，這是幫助我們客戶的重要時刻，我們著眼長遠。因此，這絕對是我們所關注的領域，並試圖幫助客戶在我們力所能及的範圍內提高效率。菲利普？

Yes, on the Shorts side, look, Shorts viewership is growing rapidly. We announced 50 billion plus daily views on the Q4 earnings call, up from 30 billion last spring. We're pleased with our continuing progress in monetization. As I said earlier, people are engaging and converting on ads across Shorts at increasing rates. Closing the gap between Shorts and long form is a top priority for us as is continuing to build a greater creator and user experience. Ads on Shorts are now available via video action app, Discovery and Performance Max campaigns and via product feeds. Shorts also are shoppable.

是的，在 Shorts 方面，看，Shorts 的收視率正在迅速增長。我們在第四季度財報電話會議上宣布了 500 億以上的每日觀看次數，高於去年春天的 300 億。我們對我們在貨幣化方面的持續進展感到滿意。正如我之前所說，人們正在以越來越高的速度參與 Shorts 廣告並進行轉化。縮小短片和長片之間的差距是我們的首要任務，同時繼續打造更好的創作者和用戶體驗。 Shorts 上的廣告現在可以通過視頻操作應用程序、Discovery 和 Performance Max 廣告系列以及產品 Feed 獲得。短褲也可以購買。

Again, we're the only destination where Creators can produce all forms of content across multiple formats and screens with multiple ways to make a living. And as Sundar said, last year, the number of channels that uploaded to Shorts daily grew over 80%. And then in February, we brought revenue sharing to Shorts via our YouTube Partner program. Our sustainable revenue sharing model at scale remains pretty unique in the industry, and we continue to see strong creator adoption. So ultimately, our goal is to make YouTube the best places for Shorts viewers and Creators. And that's really what we're focused on right now.

同樣，我們是創作者可以通過多種方式以多種方式在多種格式和屏幕上製作各種形式內容的唯一目的地。正如 Sundar 所說，去年每天上傳到 Shorts 的頻道數量增長了 80% 以上。然後在 2 月，我們通過 YouTube 合作夥伴計劃為 Shorts 帶來了收益分享。我們大規模的可持續收入分享模式在業內仍然非常獨特，我們繼續看到創作者的廣泛採用。因此，最終，我們的目標是讓 YouTube 成為 Shorts 觀看者和創作者的最佳去處。而這正是我們現在關注的重點。

The next question comes from Ross Sandler of Barclays.

下一個問題來自巴克萊銀行的羅斯桑德勒。

I'll just ask a tough question. Sundar, you came up in a group that structured a lot of the Android partnerships from inception and I believe possibly the iOS agreement as well. So how do you feel about Alphabet's ability to maintain the unit economics with these partnerships in light of Microsoft's ambitions to increase its share of paid search? And Ruth, does this have any impact on your outlook for profitability of overall Alphabet over the long term?

我只會問一個棘手的問題。 Sundar，你所在的小組從一開始就構建了許多 Android 合作夥伴關係，我相信 iOS 協議也可能如此。那麼，鑑於微軟增加其付費搜索份額的雄心，您如何看待 Alphabet 通過這些合作夥伴關係維持單位經濟效益的能力？露絲，這對您對整個 Alphabet 的長期盈利前景有什麼影響嗎？

Maybe I'll -- look, I think, these dynamics have always been around. It's important to remember. As far as I can remember, we've always been in a competitive environment for these deals. And while I can't comment on the specifics of any of our partnership agreements, what has served us well is always, first of all, building the best product possible, focused on giving value to users.

也許我會——看，我想，這些動力一直存在。記住這一點很重要。據我所知，我們一直處於這些交易的競爭環境中。雖然我無法評論我們任何合作協議的具體細節，但對我們有益的始終是，首先，盡可能打造最好的產品，專注於為用戶創造價值。

And when we work with our partners, we work hard to create a win-win experience. And ultimately, partners end up choosing us because that's what their users want. That's always been what's helped Search be widely distributed. So I think it all starts with continuing to innovate and improve Search and making sure we are leading there. So I think we've always approached it very robustly over the many, many years, and I'm comfortable that we'll continue to be able to do so.

當我們與合作夥伴合作時，我們努力創造雙贏的體驗。最終，合作夥伴最終選擇了我們，因為那是他們的用戶想要的。這一直是幫助搜索廣泛分佈的原因。所以我認為這一切都始於繼續創新和改進搜索並確保我們在這方面處於領先地位。所以我認為我們多年來一直非常穩健地處理它，我很高興我們將繼續能夠這樣做。

And then in terms of just longer-term profitability, I think I'll broaden out your question somewhat because the way we're looking at it is we continue to be committed to investing for growth, and we want to ensure we have overall capacity for growth. And so we have a number of work streams underway to, as we keep describing it, durably reengineer our cost base. And in particular, what we're excited about are long-term opportunities with AI and we want to make sure we have the capacity to continue to invest there in the other areas where we see long-term growth in Search and Ads, Cloud, YouTube, hardware. And so that underscores our efforts to build in additional flexibility.

然後就長期盈利能力而言，我想我會稍微擴大你的問題，因為我們看待它的方式是我們繼續致力於投資增長，我們希望確保我們擁有整體能力為了成長。因此，正如我們一直描述的那樣，我們正在進行許多工作流程，以持久地重新設計我們的成本基礎。特別是，我們對 AI 的長期機會感到興奮，我們希望確保我們有能力繼續投資於我們在搜索和廣告、雲計算等方面看到長期增長的其他領域，優酷，硬件。因此，這突顯了我們為增加靈活性所做的努力。

And as we have said repeatedly, we want to ensure that expense growth is not growing out of revenue growth, and that means driving revenue growth and really being as disciplined as we can on these various work streams that we've discussed earlier in this call and last quarter as well to improve our expense growth trajectory.

正如我們反复說過的那樣，我們希望確保支出增長不會因收入增長而增長，這意味著推動收入增長，並在我們之前討論過的各種工作流中真正做到盡可能自律和上個季度以及改善我們的費用增長軌跡。

The next question will come from Justin Post of BAML.

下一個問題將來自 BAML 的 Justin Post。

Maybe one for Sundar and one for Ruth. Sundar, you got the cost question on learning language models into Search. Can you talk about revenues? I think, on one hand, you'll see better relevancy and maybe better results with higher conversion. But on the other hand, there might be fewer areas for ads or fewer queries because people get answers more quickly. Are you optimistic on that transition? Maybe give us your thoughts there.

也許一份給 Sundar，一份給 Ruth。 Sundar，你遇到了將語言模型學習到搜索中的成本問題。你能談談收入嗎？我認為，一方面，您會看到更好的相關性，並且可能會看到更高的轉化率帶來更好的結果。但另一方面，廣告區域或查詢可能會減少，因為人們可以更快地得到答案。你對這種轉變持樂觀態度嗎？也許在那裡給我們你的想法。

And then, Ruth, backing out the onetime charges, it looks like OpEx growth is now 8%, so real progress there. Could you give us a flavor of where you are, you think, in your optimization cycle?

然後，Ruth，取消一次性費用，看起來 OpEx 增長現在是 8%，所以那裡有真正的進步。你能告訴我們你在優化週期中所處的位置嗎？

So first of all, throughout the years, as we have gone through many, many shifts in Search, and as we've evolved Search, I think we've always had a strong grounded approach in terms of how we evolve ads as well. And we do that in a way that makes sense and provide value to users. The fundamental drivers here are people are looking for relevant information. And in commercial categories, they find ads to be highly relevant and valuable. And so that's what drives this virtuous cycle.

因此，首先，多年來，隨著我們在搜索方面經歷了許多很多轉變，並且隨著我們對搜索的發展，我認為我們在如何發展廣告方面也一直有一個強有力的基礎方法。我們以一種有意義並為用戶提供價值的方式來做到這一點。這裡的基本驅動因素是人們正在尋找相關信息。在商業類別中，他們發現廣告具有高度相關性和價值。這就是推動這種良性循環的原因。

And I don't think the underpinnings over the fact that users want relevant commercial information, they want choice in what they look at, even in areas where we are summarizing and answering, et cetera, users want choice. We care about sending traffic. Advertisers want to reach users. And so all those dynamics, I think, which have long served us well, remain. And as I said, we'll be iterating and testing as we go. And I feel comfortable we'll be able to drive innovation here like we've always done.

而且我不認為用戶想要相關商業信息這一事實的基礎，他們想要選擇他們所看到的內容，即使在我們正在總結和回答的領域，等等，用戶想要選擇。我們關心發送流量。廣告商想要接觸用戶。因此，我認為，長期以來一直對我們有益的所有這些動力仍然存在。正如我所說，我們將不斷迭代和測試。我很高興我們能夠像往常一樣在這裡推動創新。

And in terms of our OpEx trajectory, yes, there was the elevated expense and OpEx from the $2.6 billion in severance and office space charges. There was also a $988 million benefit from lower depreciation due to the change in useful lives, but that obviously is an ongoing benefit. And there was also, as we noted in our earnings release, a benefit from the shift in timing of stock-based compensation from the first quarter to the second quarter, so a little bit of complexity there.

就我們的 OpEx 軌跡而言，是的，26 億美元的遣散費和辦公空間費用增加了費用和 OpEx。由於使用壽命的變化，折舊減少也帶來了 9.88 億美元的收益，但這顯然是一種持續的收益。而且，正如我們在收益發布中指出的那樣，基於股票的補償時間從第一季度到第二季度的轉變也帶來了好處，所以那裡有點複雜。

But at the core of your question, we remain extremely focused on these various work streams that we've talked about. It starts with the pace of hiring. It goes to the various work streams that both Sundar and I referenced around using AI and automation to improve productivity, all that we're doing with suppliers and vendors to be as efficient as possible, all that we're doing around optimizing how and where we work. You've seen some of those announcements this quarter beyond the workforce reduction, things that we're doing in, for example, office services, and we're executing against each of these various work streams. So our view is that there's more to do. And as we try to be clear, we're in execution mode. You'll see some of the benefit in '23, you'll see more of it in '24 and we're going to continue building against it beyond.

但在你的問題的核心，我們仍然非常關注我們已經討論過的這些不同的工作流程。首先是招聘的步伐。它涉及 Sundar 和我提到的各種工作流程，圍繞使用 AI 和自動化來提高生產力，我們與供應商和供應商所做的一切都是為了盡可能提高效率，我們所做的一切都是圍繞優化方式和地點進行的我們工作。你已經看到本季度的一些公告超出了裁員的範圍，我們正在做的事情，例如辦公服務，我們正在針對這些不同的工作流中的每一個執行。所以我們的觀點是還有更多工作要做。當我們試圖弄清楚時，我們正處於執行模式。你會在 23 年看到一些好處，你會在 24 年看到更多好處，我們將在以後繼續針對它進行建設。

The next question comes from Michael Nathanson of MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Michael Nathanson。

I have one for Philipp and one for Ruth. Philipp, we're trying to get under the hood on Search advertising and trying to understand changes in demand between sellers of goods and sellers of services. Can you give us any help looking at the service side? Has demand returned back to pre-pandemic levels? And then in terms of goods and e-commerce, have you seen a slowing of demand? Anything you can help us kind of put this -- level set it back to maybe pre-pandemic levels to understand services versus goods demand?

我有一份給 Philipp，一份給 Ruth。 Philipp，我們正試圖深入了解搜索廣告，並試圖了解商品賣家和服務賣家之間的需求變化。你能在服務方面給我們任何幫助嗎？需求是否已恢復到大流行前的水平？然後在商品和電子商務方面，您是否看到需求放緩？你能幫我們把這個 - 水平設置回大流行前的水平，以了解服務與商品需求嗎？

And then for Ruth, on the terms of efficiency and being more diligent, how does the significantly higher cost of capital impact the way you're managing and evaluating the Other Bets assets? Anything there on how you may be rethinking some of the Other Bets? And what are you doing in changing some of the structures about the Other Bets assets?

然後對於 Ruth 來說，就效率和更加勤奮而言，顯著更高的資本成本如何影響您管理和評估 Other Bets 資產的方式？關於您可能如何重新考慮其他一些賭注的任何事情嗎？你在改變其他賭注資產的一些結構方面做了什麼？

It was a bit hard to hear you. You were breaking up. So I think I'm going to start and address what I heard as to the second question, as we're looking at higher cost of capital in this environment, how does that affect the way we're looking at Other Bets. Hopefully, we heard you correctly. It was crackling. Look, I think as we've talked about repeatedly, as it relates to Other Bets, our focus is to use deep technology to drive innovation, and we're very focused on the pace of investment and financial returns. That has been a consistent focus to generate attractive returns. And I think the core operating models and the long-term operating models are going to be the most relevant as we're looking at the returns we can generate.

聽到你說話有點困難。你分手了。所以我想我將開始並解決我聽到的關於第二個問題的內容，因為我們正在考慮在這種環境下更高的資本成本，這如何影響我們看待其他賭注的方式。希望我們沒聽錯。劈啪作響。看，我認為正如我們反復談到的那樣，因為它與其他賭注有關，我們的重點是使用深度技術來推動創新，我們非常關注投資的步伐和財務回報。這一直是產生有吸引力的回報的一貫重點。而且我認為核心運營模式和長期運營模式將是最相關的，因為我們正在研究我們可以產生的回報。

Yes, absolutely mindful of the higher cost of capital, but I think, at its core, we're looking at what's the value creation and the return on those. And as we indicated when we went through the reduction in force, we similarly worked across the Other Bets. And some of them, as they're on a path to ongoing growth, we were moderating what is the expense trajectory there as we're looking at what's the overall return on invested capital. And we're continuing to work on these to make sure that we're delivering value. And your point is an important one, that's part of a broader question about the underlying operating assumptions.

是的，絕對注意更高的資本成本，但我認為，從本質上講，我們正在研究價值創造和回報。正如我們在裁員時所指出的那樣，我們在其他賭注上也進行了類似的工作。其中一些，因為他們正走在持續增長的道路上，我們正在調整那裡的支出軌跡，因為我們正在研究投資資本的總體回報率。我們將繼續致力於這些，以確保我們正在提供價值。你的觀點很重要，這是關於基本運營假設的更廣泛問題的一部分。

Okay. Philipp, I don't know if you heard the first one.

好的。菲利普，我不知道你是否聽到了第一個。

Yes. On the first part, again, it didn't come across quite clearly, but I hope I understood correctly. In Search, revenues grew modestly year-over-year, again, reflecting an increase in the retail and travel verticals, offset partially by a decline in finance and media and entertainment. So excluding the impact of FX performance, it was actually similar to last quarter. The ongoing performance of Search, notwithstanding the headwinds, reflects really Search's resilience with the, I'd say, ability of Search to surface demand and deliver a measurable ROI in an uncertain environment.

是的。同樣，在第一部分，它並沒有很清楚地表達出來，但我希望我理解正確。在搜索方面，收入同比溫和增長，再次反映出零售和旅遊垂直領域的增長，部分被金融、媒體和娛樂的下滑所抵消。因此，排除外匯表現的影響，實際上與上一季度相似。儘管有逆風，但搜索的持續表現確實反映了搜索的彈性，我想說的是，搜索能夠在不確定的環境中浮出水面並提供可衡量的投資回報率。

I called out the key verticals in the quarter. There's really no additional color on other verticals. I'd say, maybe more broadly, what we saw reflects what's being reported elsewhere. And across the headlines, many companies are very focused on shorter-term profitability amidst this uncertainty and some pulled back ads budgets as well.

我指出了本季度的關鍵垂直領域。其他垂直領域真的沒有額外的顏色。我想說，也許更廣泛地說，我們所看到的反映了其他地方報導的內容。在各種頭條新聞中，許多公司都非常關注在這種不確定性中的短期盈利能力，一些公司還縮減了廣告預算。

The next question comes from Mark Mahaney of Evercore.

下一個問題來自 Evercore 的 Mark Mahaney。

Can I try 2 questions, please? I think, Philipp, you talked about kind of a more of a pullback in network ad revenue versus Search and YouTube. Do you have any thoughts on why that was the case?

我可以嘗試 2 個問題嗎？我認為，菲利普，你談到了網絡廣告收入與搜索和 YouTube 相比更多的回落。你對為什麼會這樣有什麼想法嗎？

And then Ruth, the Cloud business, even with the accounting changes, saw this very steady march towards profitability. You turned the corner now. You talked about growing the business for long-term profitability. But are there any reasons why we wouldn't -- why they shouldn't be sustainably profitable kind of starting from here as the business continues to scale? Or could it be that, that profitability could be wobbly for a while before it's sustainably profitable, that segment cloud?

然後 Ruth，雲業務，即使會計發生了變化，也看到了向盈利的穩步前進。你現在轉彎了。您談到了為了長期盈利而發展業務。但是有什麼理由我們不會 - 為什麼隨著業務的不斷擴大，他們不應該從這裡開始可持續盈利？或者可能是，在它持續盈利之前，盈利能力可能會不穩定一段時間，那個細分市場雲？

Yes, why don't I just -- I'll take both of those. So in network, really, it's a continuation of what we talked about last quarter. We saw the ongoing pullback in advertiser spend. And I would contrast that last quarter, we talked about both a pullback in YouTube and Network, and we were pleased that we saw the stabilization in ad spend on a sequential basis in YouTube. We still saw ongoing pullback in network, which tends to be a mix of businesses, as you know well.

是的，為什麼我不只是——我會接受這兩個。所以在網絡中，實際上，這是我們上個季度所討論內容的延續。我們看到廣告商支出持續回落。我想對比一下上個季度，我們談到了 YouTube 和網絡的回調，我們很高興看到 YouTube 的廣告支出連續穩定。正如您所知，我們仍然看到網絡持續回落，這往往是業務的混合。

And then in terms of Cloud, I tried to make that clear in my opening comments as well. I think it's a really important question. We are very pleased with the Q1 results. And as both Sundar and I noted, we're intensely focused on all elements of the cost space and the long-term path to attractive profitability. At the same time, and I think at the core of your question, what we were trying to convey is we will continue to invest to support long-term growth, in particular, given the opportunities we see delivering AI capabilities to our customers. So as I've said in the past, you shouldn't extrapolate from quarter-to-quarter, but we are very pleased to be at this level and are continuing to focus on profitability and long-term value creation here.

然後就雲而言，我也試圖在我的開場評論中闡明這一點。我認為這是一個非常重要的問題。我們對第一季度的結果非常滿意。正如 Sundar 和我所指出的那樣，我們非常關注成本空間的所有要素以及實現有吸引力的盈利能力的長期路徑。與此同時，我認為你問題的核心是，我們試圖傳達的是，我們將繼續投資以支持長期增長，特別是考慮到我們看到為客戶提供 AI 功能的機會。因此，正如我過去所說，你不應該從一個季度到另一個季度進行推斷，但我們很高興能達到這個水平，並將繼續關注這裡的盈利能力和長期價值創造。

And our last question will come from Colin Sebastian from Baird.

我們的最後一個問題將來自 Baird 的 Colin Sebastian。

Two for me as well. I guess, first, Sundar, the consolidation of the AI teams, I think you talked about that helping to accelerate innovation. So I'm curious, specifically with that consolidation, what are the product milestones that we should look out for related to that?

我也有兩個。我想，首先，Sundar，人工智能團隊的整合，我想你談到了這有助於加速創新。所以我很好奇，特別是對於這種整合，我們應該關注與此相關的產品里程碑是什麼？

And then Philipp, regarding your comments on retail, specifically on shopping and payments, how should we think about that evolving across the platform this year? Maybe similarly, what are some milestones we should look out for on that front?

然後 Philipp，關於你對零售的評論，特別是關於購物和支付的評論，我們應該如何看待今年整個平台的發展？也許類似地，在這方面我們應該注意哪些里程碑？

Thanks. I'm quite excited by bringing the 2 world-class teams, I think, of both Brain and DeepMind. Their collective accomplishments in AI over the last decade have really set the stage for this moment, and so both getting access to pool talent so that they can work together in a coordinated way and definitely will help us pool our computational resources, too, which is going to be critical and will help us build.

謝謝。我很高興能帶來 Brain 和 DeepMind 這兩個世界級的團隊。他們在過去十年中在 AI 領域取得的集體成就確實為這一刻奠定了基礎，因此雙方都可以匯集人才，以便他們能夠以協調的方式一起工作，這肯定也會幫助我們匯集我們的計算資源，這是將是至關重要的，將幫助我們建設。

The core product is obviously building more capable models safely and responsibly and doing it -- taking into account all the capabilities our customers need, both on the consumer side and the cloud side and being able to iterate and getting that virtuous cycle going. So you already have seen us put out PaLM APIs, and we are incorporating PaLM across our products, but we'll continue that progress, and we'll keep you posted as we do.

核心產品顯然是在安全、負責任地構建功能更強大的模型並做到這一點——考慮到我們的客戶在消費者端和雲端需要的所有功能，並能夠迭代並實現良性循環。因此，您已經看到我們推出了 PaLM API，並且我們正在將 PaLM 整合到我們的產品中，但我們將繼續取得進展，並且我們會及時通知您。

So retail is an important vertical and driver for us, and I called out the year-over-year increase in retail and Search and other. I also talked earlier about the macro climate and how we've established we can really drive value for retailers, even in challenging times, whether it's online, off-line, both. We're helping them drive their business goals, meet customers wherever they choose to shop. Maybe a little more, some key trends here, retailers are increasingly focused on maintaining margins and driving ROI right now. PMax, Broad Match are key levers providing more incremental conversions, while insights on bids and budgets are really helping retailers identify opportunities for growth and efficiencies across our suite of products.

因此，零售對我們來說是一個重要的垂直領域和推動力，我提到了零售、搜索和其他領域的同比增長。我之前還談到了宏觀氣候，以及我們如何確定我們能夠真正為零售商帶來價值，即使是在充滿挑戰的時期，無論是線上還是線下。我們正在幫助他們實現業務目標，在客戶選擇購物的任何地方與他們會面。也許更多一點，這裡有一些關鍵趨勢，零售商現在越來越關注維持利潤率和提高投資回報率。 PMax、廣泛匹配是提供更多增量轉化的關鍵槓桿，而對出價和預算的洞察力真正幫助零售商發現我們產品套件的增長和效率機會。

I've talked at length on prior calls about omnichannel. Our local and omnichannel solutions are helping bridge the gap here between online and off-line by using AI to reach nearby shoppers, promote local inventory fulfillment options, optimize in-store visits and sales, for example. And then to help really retain loyal customers and acquiring new ones, we have YouTube app deep linking. And new customer acquisition goals in PMax are helping here, making checkouts easy with tools like virtual cards. And Chrome is obviously important. So those are just some of the key points. Overall, we're giving retailers really the best, I hope, AI-powered tools and solutions to maximize reach and ROI and really create a seamless experience, including, where possible, on the payment side for their customers, and this will continue to be our focus here.

我在之前關於全渠道的電話中詳細討論過。例如，我們的本地和全渠道解決方案通過使用 AI 接觸附近的購物者、推廣本地庫存履行選項、優化店內訪問和銷售，幫助彌合線上和線下之間的差距。然後，為了幫助真正留住忠實客戶並獲得新客戶，我們提供了 YouTube 應用深度鏈接。 PMax 中的新客戶獲取目標在這方面有所幫助，使用虛擬卡等工具可以輕鬆結賬。 Chrome 顯然很重要。所以這些只是一些關鍵點。總的來說，我們正在為零售商提供真正最好的，我希望，人工智能驅動的工具和解決方案，以最大限度地提高覆蓋面和投資回報率，並真正創造無縫體驗，包括在可能的情況下為他們的客戶提供支付方面的體驗，這將繼續成為我們的焦點。

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

謝謝。我們今天的問答環節到此結束。我想將會議轉回 Jim Friedland 以聽取進一步的評論。

Thanks, everyone, for joining us today. We look forward to speaking with you again on our second quarter 2023 call. Thank you, and have a good evening.

謝謝大家今天加入我們。我們期待在 2023 年第二季度的電話會議上再次與您交談。謝謝你，祝你有個愉快的夜晚。

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

謝謝大家。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。