Google (GOOG) 2025 Q1 法說會逐字稿

Welcome everyone. Thank you for standing by for the Alphabet first quarter 2025 earnings conference call. (Operator Instructions) I would now like to hand a conference over to your speaker today. Jim Friedland, Senior Director of Investor Relations. Go ahead.

歡迎大家。感謝您參加 Alphabet 2025 年第一季財報電話會議。（操作員指示）現在我想將今天的會議交給您的發言人。投資者關係資深總監 Jim Friedland。前進。

Thank you. Good afternoon, everyone, and welcome to Alphabet's first quarter 2025 earnings conference call. With us today are Sundar Pichai, Philipp Schindler and Anat Ashkenazi. Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business, operations and financial performance may be considered forward-looking.

謝謝。大家下午好，歡迎參加 Alphabet 2025 年第一季財報電話會議。今天和我們在一起的有 Sundar Pichai、Philipp Schindler 和 Anat Ashkenazi。現在我將快速介紹安全港。我們今天就我們的業務、營運和財務表現所做的一些聲明可能被視為前瞻性的。

Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our forms 10-K and 10-Q, including the risk factors. We undertake no obligation to update any forward-looking statement.

此類聲明基於當前的預期和假設，受多種風險和不確定性的影響。實際結果可能存在重大差異。請參閱我們的 10-K 和 10-Q 表格，其中包括風險因素。我們不承擔更新任何前瞻性聲明的義務。

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。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。除非另有說明，否則我們的評論將基於同比比較。

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

現在我將把電話轉給 Sundar。

Thanks, Jim. Good afternoon, everyone. We are pleased with our strong results this quarter. We continue to see healthy growth and momentum across the business, including AI powering new features. In search, we saw continued double-digit revenue growth.

謝謝，吉姆。大家下午好。我們對本季的強勁業績感到滿意。我們繼續看到整個業務的健康成長和發展勢頭，包括人工智慧驅動的新功能。在搜尋領域，我們的收入持續保持兩位數成長。

AI Overviews is going very well with over 1.5 billion users per month, and we are excited by the early positive reaction to AI mode. There's a lot more to come ahead. In subscriptions, we surpassed 270 million subscriptions with YouTube and Google One as key drivers. And cloud grew rapidly with significant demand for our solutions, and you saw our leadership in AI at Cloud Next across infrastructure, agents and more.

AI Overviews 進展順利，每月用戶超過 15 億，我們對 AI 模式早期的積極反應感到非常興奮。未來還有很多事情要做。在訂閱量方面，我們的訂閱量超過了 2.7 億，其中 YouTube 和 Google One 是主要推動力。隨著我們解決方案的需求不斷增加，雲端運算也迅速發展，您可以在 Cloud Next 的基礎架構、代理商等人工智慧領域看到我們的領導地位。

Our differentiated full stack approach to AI continues to be central to our growth. This quarter was super exciting as we rolled out Gemini 2.5, our most intelligent AI model, which is achieving breakthroughs in performance and it's widely recognized as the best model in the industry. That's an extraordinary foundation for our future innovation, and we are focused on bringing this to people and customers everywhere. Looking ahead to IO, Brandcast and Google Marketing Live, I can wait for our teams to showcase the innovations they've been working on.

我們對人工智慧的差異化全端方法仍然是我們成長的核心。本季非常令人興奮，因為我們推出了最聰明的 AI 車型 Gemini 2.5，該車型在性能上取得了突破，並被廣泛認為是業界最好的車型。這是我們未來創新的非凡基礎，我們致力於將其帶給世界各地的人們和客戶。展望 IO、Brandcast 和 Google Marketing Live，我期待我們的團隊展示他們一直在研究的創新。

Turning to our AI progress this quarter, which continues to enable significant growth opportunities. The elements of the AI stack I've previously mentioned are AI infrastructure, world-class research, including models and tooling and our products and platforms.

談到我們本季在人工智慧方面的進展，它繼續帶來巨大的成長機會。我之前提到的 AI 堆疊的要素是 AI 基礎設施、世界一流的研究（包括模型和工具）以及我們的產品和平台。

Starting with AI infrastructure, our long-term investments in our global network have positioned us well. Google's network is robust and resilient, supported by over 2 million miles of fiber and 33 subsea cables. Complementing this, we offer the industry's widest range of TPUs and GPUs and continue to invest in next-generation capabilities.

從人工智慧基礎設施開始，我們對全球網路的長期投資使我們處於有利地位。谷歌的網路強大且具有彈性，由超過 200 萬英里的光纖和 33 條海底電纜提供支援。除此之外，我們還提供業界最廣泛的 TPU 和 GPU，並持續投資下一代功能。

Ironwood, our 7-generation TPU and most powerful to date is the first designed specifically for inference at scale. It delivers more than 10 times improvement in compute power or a recent high-performance DPU, while being nearly twice as power efficient.

Ironwood 是我們的第 7 代 TPU，也是迄今為止功能最強大的 TPU，也是第一款專為大規模推理而設計的 TPU。它的運算能力比最新的高效能 DPU 提高了 10 倍以上，同時功率效率提高了近兩倍。

A strong relationship with NVIDIA continues to be a key advantage for us and our customers. We were the first cloud provider to offer NVIDIA's groundbreaking B200 and B200 Blackwell GPUs and will be offering their next-generation veriobin GPUs.

與 NVIDIA 建立牢固的關係仍然是我們和我們的客戶的關鍵優勢。我們是第一家提供 NVIDIA 突破性的 B200 和 B200 Blackwell GPU 的雲端供應商，並將提供其下一代 veriobin GPU。

Second, this infrastructure powers our world-class research, including our industry-leading models. We released Gemini 2.5 Pro last month, receiving extremely positive feedback from both developers and consumers, 2.5 Pro is state-of-the-art on a wide range of benchmarks and debuted number 1 on the chatbot arena by a significant margin.

其次，該基礎設施為我們的世界級研究（包括我們領先業界的模型）提供支援。我們上個月發布了 Gemini 2.5 Pro，得到了開發人員和消費者的非常積極的反饋，2.5 Pro 在廣泛的基準測試中處於領先地位，並在聊天機器人領域以顯著優勢首次排名第一。

2.5 Pro achieved big leaps in reasoning coating, science and math capabilities, opening up new possibilities for developers and customers. Active users in AI studio and Gemini API have grown over 200% since the beginning of the year. And last week, we introduced 2.5 Flash, which enables developers to optimize quality and cost. Our latest image and video generation models, Imagen 3 and Veo 2 are rolling out broadly and are powering incredible creativity.

2.5 Pro 在推理能力、科學和數學能力方面取得了巨大的飛躍，為開發人員和客戶開闢了新的可能性。自今年年初以來，AI Studio 和 Gemini API 的活躍用戶成長了 200% 以上。上週，我們推出了 2.5 Flash，它使開發人員能夠優化品質和成本。我們最新的圖像和視訊生成模型 Imagen 3 和 Veo 2 正在廣泛推廣並激發令人難以置信的創造力。

Turning to open models. We launched Gema 3 last month, delivering state-of-the-art performance for its size. Gema models have been download more than 140 million times. Lastly, we are developing AI models in new areas where there's enormous opportunity. For example, our new Gemini Robotics models. And in Health, we launched AI co scientist, a multi-agent AI research system, while AlphaFold has now been used by over 2.5 million researchers.

轉向開放模型。我們上個月推出了 Gema 3，其尺寸大小提供了最先進的性能。Gema 模型的下載量已超過 1.4 億次。最後，我們正在具有巨大機會的新領域開發人工智慧模型。例如，我們的新款 Gemini Robotics 模型。在健康領域，我們推出了多智能體人工智慧研究系統 AI co Scientist，目前已有超過 250 萬名研究人員使用 AlphaFold。

Third, turning to products and platforms. All 15 of our products with 0.5 billion users now use Gemini models. Android and Pixel are two examples of how we are putting the best AI in people's hands, making it super easy to use AI for a wide range of tasks, just by using their camera, voice or taking a screen shot. We are upgrading Google Assistant on mobile devices to Gemini and later this year, we'll upgrade tablets, cars and devices that connect to your phones such as headphones and watches.

第三，轉向產品和平台。我們所有 15 款產品、5 億用戶現在都使用 Gemini 模型。Android 和 Pixel 就是兩個例子，說明我們如何將最好的人工智慧交到人們手中，讓人們只需使用相機、語音或截圖，就能非常輕鬆地使用人工智慧完成各種任務。我們正在將行動裝置上的 Google Assistant 升級到 Gemini，今年晚些時候，我們將升級平板電腦、汽車以及連接到手機的設備，例如耳機和手錶。

The Pixel 9A launched a very strong reviews, providing the best of Google's AI offerings like Gemini Live and AI-powered camera features. And Gemini live camera and screen sharing is now rolling out to all Android devices, including Pixel and Samsung S25.

Pixel 9A 獲得了非常強烈的評價，提供了 Google 最好的 AI 產品，例如 Gemini Live 和 AI 驅動的相機功能。Gemini 即時相機和螢幕分享功能現已推廣至所有 Android 設備，包括 Pixel 和三星 S25。

Now moving on to key highlights from across search, cloud, YouTube and Waymo. First search, AI is one of the most revolutionary technologies for enabling and expanding our information mission. And for search, we see it growing the number and types of questions we can answer. We are already seeing this with AI overviews, which now has more than 1.5 billion users every month. Nearly a year after we launched AI Overviews in the US, we continue to see that usage growth is increasing as people learn that search is more useful for more of their queries.

現在讓我們來談談搜尋、雲端、YouTube 和 Waymo 的重點亮點。首先，人工智慧是實現和擴展我們的資訊使命的最具革命性的技術之一。對於搜索，我們發現我們可以回答的問題的數量和類型都在不斷增長。我們已經在 AI 概覽中看到了這一點，它現在每月擁有超過 15 億用戶。在我們在美國推出 AI Overviews 近一年後，我們繼續看到使用量的成長正在增加，因為人們了解到搜尋對於更多查詢更有用。

So we are leaning in heavily here, continuing to roll the feature out in new countries to more users into more queries. Building on the positive feedback for AI overviews, in March, we released AI mode and experiment in labs. It expands what AI Overviews can do with more advanced reasoning, thinking and multimodal capabilities to help with questions that need further exploration and comparisons.

因此，我們在此方面投入了巨大努力，繼續在新的國家推出該功能，讓更多用戶能夠進行更多查詢。基於對 AI 概述的正面回饋，我們於 3 月發布了 AI 模式並在實驗室中進行實驗。它擴展了 AI 概覽的功能，具有更高級的推理、思考和多模式能力，可以幫助解決需要進一步探索和比較的問題。

On average, AI mode queries are twice as long as traditional search queries. We're getting really positive feedback from early users about its design, fast response time and ability to understand complex nuance questions. We also continue to see significant growth in multimodal queries. Circle to search is now available on more than 250 million devices with usage increasing nearly 40% this quarter and monthly visual searches with lens have increased by 5 billion since October.

平均而言，AI 模式查詢的長度是傳統搜尋查詢的兩倍。我們從早期用戶那裡得到了關於其設計、快速回應時間和理解複雜細微問題的能力的非常積極的回饋。我們也繼續看到多模式查詢的顯著成長。目前，超過 2.5 億台設備均可使用 Circle 搜索，本季度使用量增長了近 40%，自 10 月份以來，每月使用鏡頭的視覺搜索量增加了 50 億次。

Moving on to Cloud. At Cloud Next, we announced major innovations and over 500 companies shared the business results, they are achieving by working with us. We provide leading cost, performance and reliability for AI training and inference. This enables us to deliver the best value for AI leaders like any scale and contextual AI as well as global brands like Verizon and for highly sensitive data and regulatory requirements, Google distributed cloud and our sovereign AI make Gemini available on premises or in country.

轉向雲。在 Cloud Next 上，我們宣布了重大創新，超過 500 家公司分享了他們與我們合作所取得的業務成果。我們為人工智慧訓練和推理提供領先的成本、效能和可靠性。這使我們能夠為任何規模和情境 AI 等 AI 領導者以及 Verizon 等全球品牌提供最佳價值，並且對於高度敏感的數據和監管要求，Google 分散式雲端和我們的主權 AI 使 Gemini 可以在本地或國家/地區使用。

Our Vertex AI platform makes over 200 foundation models available, helping customers like Lowe's integrate AI. We offer industry-leading models, including Gemini 2.5 Pro, 2.5 Flash, Imagen 3, Veo 2, CHIRP and Lydia plus open source and third-party models like LAMA4 and Anthropic. We are the leading cloud solution for companies looking to the new era of AI agents, a big opportunity.

我們的 Vertex AI 平台提供 200 多個基礎模型，幫助 Lowe's 等客戶整合 AI。我們提供業界領先的模型，包括 Gemini 2.5 Pro、2.5 Flash、Imagen 3、Veo 2、CHIRP 和 Lydia，以及 LAMA4 和 Anthropic 等開源和第三方模型。對於尋求新時代人工智慧代理的公司來說，我們是領先的雲端解決方案供應商，這是一個巨大的機會。

Our agent development kit is a new open source framework to simplify the process of building sophisticated AI agents and multi-agent systems. An agent designer is a low core tool to build AI agents and automate tasks in over 100 enterprise applications and systems. We are putting AI agents in the hands of employees at major global companies like KPMG. With Google agent space, employees can find and synthesize information from within their organization, converge with AI agents and take action with their enterprise applications.

我們的代理開發套件是一個新的開源框架，用於簡化建構複雜的 AI 代理和多代理系統的過程。代理設計器是一種低核心工具，用於建立 AI 代理並在 100 多個企業應用程式和系統中自動執行任務。我們正在將人工智慧代理交到畢馬威等全球大型公司的員工手中。借助 Google 代理空間，員工可以在組織內部查找和綜合信息，與 AI 代理融合，並使用企業應用程式採取行動。

It combines enterprise search, conversational AI or chat, and access to Gemini and third-party agents. We also offer pre-packaged agents across customer engagement, coding, creativity and more that are helping to provide conversational customer experiences accelerate software development and improve decision-making. And of course, Google Workspace, it delivers more than 2 billion AI assess monthly, including summarizing Gmail and refining docs.

它結合了企業搜尋、對話式人工智慧或聊天以及對 Gemini 和第三方代理的存取。我們也提供涵蓋客戶參與、編碼、創造力等方面的預先包裝代理，協助提供對話式客戶體驗，加速軟體開發並改善決策。當然還有 Google Workspace，它每月提供超過 20 億次 AI 評估，包括總結 Gmail 和完善文件。

Lastly, our cybersecurity products are helping organizations detect, investigate and respond to cybersecurity threats. Our expertise, coupled with integrated Gemini AI advances, detects malware, prioritizes threats and speeds up investigative workflows. This quarter, we were excited to announce our intent to acquire Wiz, a leading cloud security platform that protects all major clouds and code environments.

最後，我們的網路安全產品正在幫助組織偵測、調查和應對網路安全威脅。我們的專業知識與整合的 Gemini AI 進步相結合，可偵測惡意軟體、確定威脅的優先順序並加快調查工作流程。本季度，我們很高興地宣布我們有意收購 Wiz，這是一個領先的雲端安全平台，可保護所有主要的雲端和程式碼環境。

Together, we can make it easier and faster for organizations of all types and sizes to protect themselves, end-to-end and across all major clouds. We think this will help spur more multi-cloud computing, something customers want.

透過共同努力，我們可以讓各種類型和規模的組織更輕鬆、更快速地在所有主要雲端平台上進行端到端的自我保護。我們認為這將有助於刺激更多的多雲運算，這是客戶想要的。

Next, YouTube. Yesterday marked a historic milestone, the 28th anniversary of the first video uploaded to YouTube from that single 19-second upload, the platform has grown into a global phenomenon, fundamentally changing how billions of people create share and experience content.

接下來是 YouTube。昨天標誌著一個歷史性的里程碑，即第一個上傳到 YouTube 的影片的 28 週年，從那段 19 秒的單曲上傳，該平台已經發展成為一個全球現象，從根本上改變了數十億人創作、分享和體驗內容的方式。

Through all this growth, subscriptions are now a big part of the business. We continue to diversify subscription options, recently expanding our premium light pilot to the US, giving users a new way to enjoy most videos on YouTube ad free. TV is the primary device for YouTube viewing in the US.

透過所有這些成長，訂閱現在已成為業務的重要組成部分。我們繼續提供多樣化的訂閱選項，最近將我們的高級輕量級試點擴展到美國，為用戶提供了一種新的方式，可以無廣告地欣賞 YouTube 上的大多數影片。電視是美國觀看 YouTube 的主要設備。

According to Nielsen, YouTube has been number 1 in streaming watch time in the US for the last two years, and YouTube now has over 1 billion monthly active podcast users. YouTube Music and Premium reached over 125 million subscribers, including trials globally.

根據尼爾森的調查，YouTube 在過去兩年中一直是美國串流觀看時長排名第一的平台，目前 YouTube 每月活躍的播客用戶超過 10 億。YouTube Music 和 Premium 的訂閱用戶已超過 1.25 億，其中包括全球的試用用戶。

And finally, Waymo is now safely serving over 0.25 million paid passenger trips each week. That's up 5 times from a year ago. This past quarter, Waymo opened up paid service in Silicon Valley through our partnership with Uber, we expanded in Austin and are preparing for our public launch in Atlanta later this summer. We recently announced Washington, DC as a future ride-hailing city going live in 2026 alongside Miami.

最後，Waymo 目前每周可安全為超過 25 萬名付費乘客提供服務。這比一年前增長了 5 倍。上個季度，Waymo 透過與 Uber 的合作在矽谷開通了付費服務，我們在奧斯汀進行了擴張，並準備在今年夏天晚些時候在亞特蘭大公開發布服務。我們最近宣布華盛頓特區將於 2026 年與邁阿密一起成為未來的叫車城市。

Waymo continues progressing on two important capabilities for riders, airport access and freeway driving, thanks to all of our employees for their work this quarter. It was a great start to the year, and Q2 will be even more exciting.

Waymo 繼續推動兩項對乘客至關重要的功能，即機場通行和高速公路駕駛，感謝我們所有員工本季所做的工作。今年的開局很好，第二季將會更加精彩。

With that, Philipp, over to you.

菲利普，現在輪到你了。

Thanks, Sundar, and hello, everyone. I'll quickly cover performance for the quarter and then frame the rest of my remarks around the progress we are delivering across search ads, YouTube and partnerships. Google services revenues were $77 billion for the quarter, up 10% year-on-year, driven by strong growth in Search and YouTube, partially offset by a year-on-year decline in network revenues.

謝謝，Sundar，大家好。我將快速介紹本季的業績，然後圍繞我們在搜尋廣告、YouTube 和合作夥伴關係方面取得的進展展開我的其餘發言。谷歌服務本季營收為 770 億美元，年增 10%，這得益於搜尋和 YouTube 的強勁成長，但網路收入的同比下降部分抵消了這一增長。

To add some further color to the performance. The 10% increase in search and other revenues was led by financial services, primarily due to strength in insurance followed by retail. YouTube saw a similar performance across verticals. It's 10% growth in advertising revenues was driven by direct response followed by brand.

為表演增添一些色彩。搜尋和其他收入成長 10% 主要得益於金融服務，這主要得益於保險業的強勁成長，其次是零售業。YouTube 在各個垂直領域都展現了類似的表現。其廣告收入成長 10% 主要是由直接反應和品牌推動的。

So let's start with search, where we've seen robust growth in revenues. All around the world, over 2 billion people use search every day to find information, compare products or shop. And there are more than 5 trillion searches on Google annually. We've continued our efforts to help more people ask entirely new questions, bringing more opportunities for businesses to connect with consumers. And as we've mentioned before, with the launch of AI overviews, the volume of commercial quarries has increased.

那麼我們就從搜尋開始吧，我們已經看到該領域的收入強勁成長。全世界每天有超過 20 億人使用搜尋來尋找資訊、比較產品或購物。每年 Google 上的搜尋次數超過 5 兆次。我們一直在努力幫助更多人提出全新的問題，為企業與消費者建立聯繫帶來更多機會。正如我們之前提到的，隨著人工智慧概覽的推出，商業採石場的數量有所增加。

Q1 marked our largest expansion to date for AI overviews, both in terms of launching to new users and providing responses for more questions. The feature is now available in more than 15 languages across 140 countries. For overviews, overall, we continue to see monetization at approximately the same rate, which gives us a strong base in which we can innovate even more.

第一季是我們迄今為止對 AI 概覽的最大擴展，包括向新用戶推出以及為更多問題提供答案。該功能目前已在 140 個國家/地區提供 15 多種語言版本。總體而言，我們繼續看到貨幣化速度大致相同，這為我們進行更多創新奠定了堅實的基礎。

Turning to visual quarries. On the last earnings call, I mentioned the success we're seeing with lens, where shoppers use their camera or images to quickly find information in ways they couldn't before. In Q1, the number of people shopping on lens grew by over 10%, and the majority of lens quarries are incremental. Sundar mentioned the significant growth we're also seeing with Circle to search as multi-modality continues to drive quarries across search.

轉向視覺獵物。在上次財報電話會議上，我提到了我們在鏡頭方面的成功，購物者可以使用他們的相機或圖像以以前無法實現的方式快速找到資訊。一季度，鏡頭購買人數較去年同期成長超10%，且大部分鏡頭採購呈現增量態勢。Sundar 提到，隨著多模式繼續推動搜尋領域的發展，我們也看到了 Circle 搜尋的顯著成長。

Moving to ads. More businesses, big and small, are adopting AI part campaigns, and the deployment of AI across our ads business is driving results for our customers and for our business. Throughout 2024, we launched several features that leverage LLM to enhance advertiser value, and we're seeing this work pay off. The combination of these launches now allows us to match ads to more relevant search queries. And this helps advertisers reach customers and searches where we would not previously have shown their ads.

轉向廣告。越來越多的企業，無論大小，都在採用人工智慧來開展活動，並且在我們的廣告業務中部署人工智慧正在為我們的客戶和我們的業務帶來成果。在整個 2024 年，我們推出了多項利用 LLM 來提升廣告商價值的功能，我們看到這項工作取得了回報。這些發布的結合現在使我們能夠將廣告與更相關的搜尋查詢進行配對。這可以幫助廣告商接觸到我們之前不會顯示其廣告的客戶和搜尋。

Focusing on our customers, we continue to solve advertisers' pain points and find opportunities to help them create distribute and measure more performant ads infusing AI at every step of the marketing process. On Audience Insights, we released new asset audience recommendations, which tell businesses the themes that resonate most with their top audiences.

我們以客戶為中心，不斷解決廣告商的痛點，並尋找機會幫助他們在行銷過程的每一步注入人工智慧，創造、分發和衡量更有效率的廣告。在受眾洞察方面，我們發布了新的資產受眾推薦，告訴企業最能引起其頂級受眾共鳴的主題。

On creative, advertisers can now generate a broader variety of lifestyle imagery customized to their business to better engage their customers and use them across PMAX, dimension, display and app campaigns. Additionally, in PMAX, advertisers can automatically source images from their landing pages and crop them, increasing the variety of their assets.

在創意方面，廣告商現在可以產生根據其業務定制的更廣泛的生活方式圖像，以更好地吸引客戶，並在 PMAX、尺寸、展示和應用程式活動中使用它們。此外，在 PMAX 中，廣告主可以自動從其登陸頁面獲取圖像並進行裁剪，從而增加其資產的多樣性。

On media buying, advertisers continue to see how AI-powered campaigns help them find new customers. In demand gen, advertisers can more precisely manage ad placements across YouTube Gmail, Discover and Google display network globally and understand which assets work best at a channel level.

在媒體購買方面，廣告主繼續觀察人工智慧驅動的廣告活動如何幫助他們找到新客戶。在需求生成中，廣告主可以更精確地管理全球 YouTube Gmail、Discover 和 Google 展示廣告網路上的廣告展示位置，並了解哪些資產在管道層級效果最佳。

Thanks to dozens of AI part improvements launched in 2024, businesses using demand gen now see an average 26% year-on-year increase in conversions per dollar spend for gold-like purchases and leads. And when using demand gen with product feed, on average, they see more than double the conversion per dollar spent year-over-year.

由於 2024 年推出的數十項 AI 零件改進，使用需求產生的企業現在看到黃金般的購買和潛在客戶的每美元支出轉換率同比增長平均 26%。並且，當使用需求產生和產品回饋時，他們平均發現每花費一美元的轉換率比去年同期增加了一倍以上。

As an example, Royal Canin combined demand gen and PMAX campaigns to find more customers for its cat and dog food products. The integration resulted in a 2.7 times higher conversion rate, a 70% lower cost per acquisition for purchases and increase the value per user by 8%.

例如，皇家寵物食品結合需求產生和 PMAX 活動來為其貓糧和狗糧產品尋找更多客戶。整合後，轉換率提高了 2.7 倍，每次購買成本降低了 70%，每個用戶的價值提高了 8%。

Turning to YouTube, where we saw strong growth in revenues across ads and subscriptions. This week, we're celebrating YouTube's 20th anniversary. We are proud of its leadership as a streaming destination where people come to watch everything they love from live sports and greater produced content to shorts and podcasts. Creators are what drives viewership and on average, they upload 20 million videos a day to YouTube. Our biggest creators generate a level of fandom and viewer engagement around large cultural moments on YouTube that brands can't find anywhere else.

談到 YouTube，我們看到其廣告和訂閱收入強勁成長。本週，我們正在慶祝 YouTube 成立 20 週年。我們為它作為串流媒體目的地的領導地位感到自豪，人們可以在這裡觀看他們喜歡的一切，從現場體育賽事和製作更精彩的內容到短片和播客。創作者是推動觀看量的動力，他們平均每天向 YouTube 上傳 2000 萬個影片。我們最出色的創作者在 YouTube 上圍繞大型文化時刻創造出一定程度的粉絲群和觀眾參與度，這是品牌在其他任何地方都無法找到的。

During March Madness, brands aligned not only with clips and highlights from the game, but also with the creators who drive basketball culture like Jasser and the Ringers J. Kileman. In Q1, the growth of our reservation-based ads business more than doubled year-over-year. Brands and creators continue to use the opportunities that collaborations and partnerships offer.

在瘋狂三月期間，品牌不僅與比賽的片段和精彩片段保持一致，還與推動籃球文化的創作者保持一致，例如 Jasser 和 Ringers J. Kileman。第一季度，我們的預訂廣告業務年增了一倍多。品牌和創作者繼續利用合作和夥伴關係提供的機會。

Toyota work with Zach King, the King of short magical videos with over 42 million followers to take over his channel. The creator takeover and accompanying Creator ad lifted to Eros brand awareness by 25% compared to a control group and 9% compared to the Toyota brand ad.

豐田與擁有超過 4200 萬粉絲的魔術短片之王 Zach King 合作，接管他的頻道。與對照組相比，創作者接管和隨附的創作者廣告使 Eros 品牌知名度提高了 25%，與豐田品牌廣告相比提高了 9%。

Looking at shorts, engaged views grew by over 20% in the first quarter. We continue to be pleased with the progress we're making globally in shorts monetization relative to in-stream viewing and are particularly encouraged by the trend in the US.

從短片來看，第一季的觀看量增加了 20% 以上。我們對全球短片貨幣化相對於串流觀看的進展感到滿意，尤其對美國的趨勢感到鼓舞。

As always, I'll wrap up with the strong momentum we're seeing in partnerships where customers increasingly recognize the strength and breadth of what Google has to offer. For instance, roadblocks is partnering Google Ad Manager to bring immersive ads to gamers.

像往常一樣，我將總結我們在合作關係中看到的強勁勢頭，客戶越來越認識到谷歌所提供的產品的實力和廣度。例如，roadblocks 正在與 Google Ad Manager 合作，為遊戲玩家帶來沉浸式廣告。

Gen Z gamers are roadblocks biggest users and thanks to our partnership, advertisers will be able to reach this audience with ads that blend seamlessly into the gaming experience. We also launched a YouTube shorts effect to help people release iconic roadblocks heads and inspire fans to create content at scale.

Z 世代遊戲玩家是最大的用戶障礙，由於我們的合作，廣告商將能夠透過無縫融入遊戲體驗的廣告來接觸這一受眾。我們還推出了 YouTube Shorts 效果，幫助人們發布標誌性的路障頭像，並激勵粉絲大規模創作內容。

In closing, I'd like to thank Google everywhere for their contributions and commitment to our success and to our customers and partners for their continued trust.

最後，我要感謝谷歌為我們的成功所做的貢獻和承諾，並感謝我們的客戶和合作夥伴對我們持續的信任。

Anat, over to you.

阿納特，交給你了。

Thank you, Philipp. My comments will focus on year-over-year comparisons for the first quarter, unless I state otherwise. I will start with results at the Alphabet level and will then cover our segment results. I'll end with some commentary on our outlook for the second quarter and 2025.

謝謝你，菲利普。除非我另有說明，我的評論將集中於第一季的年比比較。我將從字母層級的結果開始，然後介紹我們的細分結果。最後，我將對第二季和 2025 年的展望發表一些評論。

We had another strong quarter in Q1, consolidated revenues of $90.2 billion, increased by 12% or 14% in constant currency. Search and YouTube advertising, subscription platforms and devices and Google Cloud each had double-digit revenue growth this quarter, reflecting strong momentum across the business. Total cost of revenue was $36.4 billion, up 8%.

我們在第一季又表現強勁，綜合營收達 902 億美元，成長 12%，以固定匯率計算成長 14%。本季度，搜尋和 YouTube 廣告、訂閱平台和設備以及 Google Cloud 的收入均實現了兩位數成長，反映出整個業務的強勁勢頭。總營收成本為 364 億美元，成長 8%。

Tech was $13.7 billion, up 6%. We continue to see a revenue mix shift with Google Search growth at double-digit levels while network revenues, which have much higher tax rate declined. Other cost of revenue was $22.6 billion, up 9%, with the increase primarily driven by content acquisition costs largely for YouTube, followed by depreciation and other technical infrastructure operations costs.

科技支出為 137 億美元，成長 6%。我們繼續看到收入結構發生變化，谷歌搜尋成長達到兩位數，而稅率高得多的網路收入則下降。其他收入成本為 226 億美元，成長 9%，成長主要源自於 YouTube 的內容取得成本，其次是折舊和其他技術基礎設施營運成本。

Total operating expenses increased 9% to $23.3 billion. R&D investments increased by 14%, primarily driven by increases in compensation and depreciation expenses. Sales and marketing expenses decreased 4%, primarily reflecting a decline in compensation expenses. G&A expenses increased by 17%, reflecting the impact of charges for legal and other matters.

總營運支出成長 9% 至 233 億美元。研發投資增加了14%，主要原因是薪資和折舊費用增加。銷售和行銷費用下降4%，主要反映了薪酬費用的下降。一般及行政開支增加了 17%，反映了法律和其他事務費用的影響。

Operating income increased 20% this quarter to $31 billion, and operating margin increased to 33.9%, representing 2.3 points of margin expansion. Operating margin benefited from healthy revenue growth, a moderated pace of compensation growth and a favorable mix shift towards lower tech advertising revenues, partially offset by year-on-year increase in depreciation expenses of just over $1 billion.

本季營業收入成長 20%，達到 310 億美元，營業利益率增至 33.9%，利潤率擴大 2.3 個百分點。營業利潤率受益於健康的收入成長、薪資成長速度放緩以及向低科技廣告收入的有利組合轉變，但折舊費用年增率略高於 10 億美元，部分抵銷了這一成長。

Other income and expenses was $11.2 billion, primarily due to unrealized gain on our nonmarketable equity securities related to our investment in a private company, which we noted in our 10-K is a subsequent event. Net income increased 46% to $34.5 billion and earnings per share increased 49% to $2.81. We delivered free cash flow of $19 billion in the first quarter and $74.9 billion for the trailing 12 months. We ended the quarter with $95 billion in cash and marketable securities.

其他收入和支出為 112 億美元，主要由於我們對一家私人公司的投資相關的非流通股權證券的未實現收益，我們在 10-K 報告中指出這是後續事件。淨收入成長 46% 至 345 億美元，每股收益成長 49% 至 2.81 美元。我們在第一季實現了 190 億美元的自由現金流，在過去 12 個月中實現了 749 億美元的自由現金流。本季結束時，我們的現金和有價證券總額為 950 億美元。

Turning to segment results. Google Services revenues increased 10% to $77.3 billion, reflecting strength in Google Search and YouTube advertising as subscription. Google Search and other advertising revenues increased by 10% to $50.7 billion. The robust performance of search was once again broad-based across verticals led by financial services due primarily to strength in insurance followed by retail.

轉向細分結果。谷歌服務營收成長 10%，達到 773 億美元，反映出Google搜尋和 YouTube 廣告訂閱業務的強勁表現。谷歌搜尋和其他廣告收入成長10%，達到507億美元。搜尋的強勁表現再次廣泛體現在以金融服務為首的各個垂直領域，這主要得益於保險業的強勁表現，其次是零售業。

YouTube advertising revenues increased 10% to $8.9 billion, driven by direct response advertising followed by brand. Network advertising of $7.3 billion were down 2%. Subscription platforms and device revenues increased 19% to $10.4 billion, primarily reflected growth in subscription revenues. This growth was primarily driven by YouTube subscription offerings followed by Google One, with growth in the number of subscribers being the biggest driver of revenue growth. Google Services operating income increased 17% to $32.7 billion and operating margin increased from 39.6% to 42.3%.

YouTube 廣告收入成長 10%，達到 89 億美元，這主要得益於直接反應廣告和品牌廣告。網路廣告收入 73 億美元，下降 2%。訂閱平台和設備收入成長 19% 至 104 億美元，主要反映了訂閱收入的成長。這一成長主要得益於 YouTube 訂閱服務以及 Google One，其中訂閱用戶數量的成長是營收成長的最大驅動力。谷歌服務營運收入成長 17% 至 327 億美元，營運利潤率從 39.6% 增至 42.3%。

Turning to the Google Cloud segment, which continued to deliver very strong results this quarter. Revenue increased by 28% to $12.3 billion in the first quarter reflecting growth in GCP across core and AI products at a rate that was much higher than cloud's overall revenue growth rate. Growth in Google Workspace was primarily driven by an increase in average revenue per seat. Google Cloud operating income increased to $2.2 billion and operating margin increased from 9.4% to 17.8%.

談到Google雲端部門，該部門本季持續取得非常強勁的業績。第一季營收成長 28%，達到 123 億美元，反映出 GCP 核心和 AI 產品的成長速度遠高於雲端運算的整體營收成長率。Google Workspace 的成長主要得益於每座位平均收入的成長。Google Cloud 營運收入增至 22 億美元，營運利潤率從 9.4% 增至 17.8%。

As we scale our fleet, we continue to focus on driving improvements in productivity, efficiency and utilization to offset the growth in expenses, particularly from higher depreciation. As to other bets, for the first quarter, revenues were $450 million, and operating loss was $1.2 billion. The year-on-year decline in revenue and increase in operating loss primarily reflects the milestone payment received in the first quarter of 2024 for one of our other bets.

隨著我們擴大船隊規模，我們將繼續致力於提高生產力、效率和利用率，以抵消費用的成長，特別是更高的折舊費用。至於其他投資，第一季營收為 4.5 億美元，營運虧損為 12 億美元。營收年減和經營虧損增加主要反映了我們在另一項投資中於 2024 年第一季收到的里程碑付款。

With respect to CapEx, our reported CapEx in the first quarter was $17.2 billion, primarily reflecting investment in our technical infrastructure with the largest component being investment in servers, followed by data centers to support the growth of our business across Google Services, Google Cloud and Google DeepMind.

關於資本支出，我們第一季報告的資本支出為 172 億美元，主要反映了我們對科技基礎設施的投資，其中最大的部分是伺服器投資，其次是資料中心投資，以支援我們在 Google 服務、Google Cloud 和 Google DeepMind 的業務成長。

In Q1, we returned value to shareholders in the form of $15.1 billion in share repurchases and $2.4 billion in dividend payments. As we announced today, our Board of Directors declared a 5% increase in our quarterly dividend and also approved and used $70 billion share repurchase authorization.

在第一季度，我們以 151 億美元的股票回購和 24 億美元的股息支付的形式向股東返還了價值。正如我們今天宣布的那樣，我們的董事會宣布將季度股息提高 5%，同時批准並使用 700 億美元的股票回購授權。

Turning to our outlook. I would like to provide some commentary on several factors that will impact our business performance in the second quarter and the remainder of 2025. First, in terms of revenue, I'll highlight a couple of items that we mentioned last quarter that will have an impact on second quarter and 2025 revenue.

轉向我們的展望。我想就影響我們第二季和 2025 年剩餘時間業務表現的幾個因素提供一些評論。首先，在收入方面，我將重點介紹我們上個季度提到的幾個將對第二季和 2025 年收入產生影響的項目。

First, in Google services, advertising revenue in 2025 will be impacted by lapping the strength we experienced in the financial service vertical throughout 2024. Second, in cloud, we're in a tight demand supply environment and given that revenues are correlated with the timing of deployment of new capacity, we could see variability in cloud revenue growth rates depending on capacity deployment each quarter. We expect relatively higher capacity deployment towards the end of 2025.

首先，在Google服務中，2025 年的廣告收入將受到我們在 2024 年金融服務垂直領域所經歷的強勁成長的影響。其次，在雲端運算領域，我們處於緊張的供需環境中，並且鑑於收入與新容量的部署時間相關，我們可能會看到雲端運算收入成長率隨每季的容量部署而變化。我們預計到 2025 年底，容量部署將相對較高。

Moving to investments, starting with our expectation for CapEx for the full year 2025. We still expect to invest approximately $75 billion in CapEx this year. The expected CapEx investment level may fluctuate from quarter-to-quarter due to the impact of changes in the timing of deliveries and construction schedules.

談到投資，首先是我們對 2025 年全年資本支出的預期。我們仍預期今年的資本支出將達到約 750 億美元。由於交付時間和施工進度變化的影響，預期資本支出投資水準可能會逐季度波動。

In terms of expenses. First, as I mentioned on our previous earnings call, the significant increase in our investments in CapEx over the past few years will continue to put pressure on the P&L, primarily in the form of higher depreciation. In the first quarter, we saw 31% year-on-year growth in depreciation from the increase in technical infrastructure assets placed in service. Given the increase in CapEx investments over the past few years, we expect the growth rate in depreciation to accelerate throughout 2025.

在費用方面。首先，正如我在之前的收益電話會議上提到的那樣，過去幾年我們在資本支出方面的投資大幅增加將繼續對損益表造成壓力，主要表現為折舊增加。第一季度，由於投入使用的技術基礎設施資產增加，折舊額年增31%。鑑於過去幾年資本支出的增加，我們預計 2025 年折舊成長率將會加速。

Second, as we've previously said, we expect some head count growth in 2025 in key investment area. As we've disclosed previously, due to a shift in the timing of our annual employee stock-based compensation awards begin in 2023. Our first quarter stock-based comp expenses is relatively lower compared to the remaining quarters of the year.

其次，正如我們之前所說，我們預計 2025 年重點投資領域的員工數量將會增加。正如我們之前所揭露的那樣，由於我們年度員工股票薪酬獎勵時間的變化，獎勵將於 2023 年開始。與今年剩餘幾季相比，我們第一季的股票薪資費用相對較低。

In conclusion, as you heard from Sundar and Philipp, we're pleased with the progress we're making across the organization, the results for the quarter and the opportunities ahead. Our success as a company is grounded in our experience driving advancements in deep computer science that enables us to create innovative new products and services for users, businesses and partners around the world. We have a strong track record of incubating and then building these offerings into new profitable businesses for Alphabet.

總而言之，正如您從 Sundar 和 Philipp 那裡聽到的，我們對整個組織所取得的進展、本季度的業績以及未來的機會感到滿意。我們公司的成功源於我們在深度電腦科學領域推動進步的經驗，這使我們能夠為世界各地的用戶、企業和合作夥伴創造創新的新產品和服務。我們在孵化這些產品並將其打造為 Alphabet 新的盈利業務方面有著良好的記錄。

As we announced last quarter, YouTube and cloud exited 2024 at a combined annual run rate of $110 billion. And as you heard from Sundar earlier, Waymo has continued to progress in building on its impressive technological achievements to scale rapidly and develop a sustainable business model.

正如我們在上個季度宣布的那樣，到 2024 年，YouTube 和雲端運算的年總運行規模將達到 1,100 億美元。正如您之前從 Sundar 那裡聽到的，Waymo 在其令人印象深刻的技術成就的基礎上不斷進步，迅速擴大規模並開發可持續的商業模式。

Thank you.

謝謝。

Sundar, Philipp and I will now take your questions.

桑達爾、菲利普和我現在將回答你們的問題。

(Operator Instructions) Brian Nowak, Morgan Stanley.

（操作員指示）摩根士丹利的 Brian Nowak。

Great. Thanks for taking my questions. I have two. The first one on sort of the macro advertising backdrop, maybe -- I know it's April 24, and you called out some factors that you're kind of thinking about the second quarter. Any other factors you're seeing in advertising verticals or regions or categories that could be showing any signs of weakness quarter-to-date, we should think through any other changes from typical seasonality in 2Q '25 versus prior quarters?

偉大的。感謝您回答我的問題。我有兩個。第一個問題是關於宏觀廣告背景的，也許——我知道現在是 4 月 24 日，您提到了一些您對第二季度的考慮因素。您在廣告垂直行業、地區或類別中看到的任何其他因素可能在本季迄今顯示出疲軟跡象，我們應該考慮 2025 年第二季與前幾季相比的典型季節性變化嗎？

Then the second one, on Philipp, I think I heard you mentioned how the volume of commercial queries has increased. Maybe can you just walk us through which of the products are driving that increase in commercial queries. And as you sort of think about the pipeline of search products, are there any others that you're particularly excited about to kind of continue to drive further commercial query growth throughout '25, '26? Thanks.

然後第二個問題，關於菲利普，我想我聽到你提到商業查詢量是如何增加的。您能否向我們介紹哪些產品推動了商業查詢量的增加？當您考慮搜尋產品的管道時，是否有其他產品讓您特別興奮，並希望它們在 2025 年和 2026 年繼續推動商業查詢的成長？謝謝。

So let me take the first one as well. We saw broad-based strength across ad verticals in Q1, and we saw it give you a bit of vertical color here, search was led again, by finance, due primarily to ongoing strength in the insurance, retail, health care and travel. We're actually also sizable contributors here to growth.

因此我也選擇第一個。我們看到第一季各個廣告垂直領域都表現強勁，我們看到它在這裡為你帶來了一些垂直色彩，搜尋再次由金融引領，這主要歸功於保險、零售、醫療保健和旅遊領域的持續強勁表現。事實上，我們也為這裡的成長做出了巨大的貢獻。

With regard to Q2, we're only a few weeks in, so it's really too early to comment. I mean we're obviously not immune to the macro environment. We wouldn't want to speculate about potential impacts beyond noting that the changes to the de minimis exemption will obviously cause a slight headwind to our ads business in 2025, primarily from APAC-based retailers.

關於第二季度，我們才剛開始幾週，所以現在發表評論還為時過早。我的意思是，我們顯然無法免受宏觀環境的影響。我們不想猜測潛在的影響，但可以肯定的是，最低限度豁免的變化顯然會對我們 2025 年的廣告業務造成輕微阻力，主要來自亞太地區的零售商。

And maybe to zoom out, I would say we have a lot of experience in managing through uncertain times, and we focus on helping our customers by providing deep insights into changing consumer behavior that is relevant to their business. Examples are auction dynamics, quarry trend insights on topics like replacement purchases and so on. So we have a lot of experience in this area.

也許從更宏觀的角度來說，我想說我們在應對不確定時期方面擁有豐富的經驗，我們專注於透過提供與客戶業務相關的不斷變化的消費者行為的深刻見解來幫助我們的客戶。例如拍賣動態、替代購買等主題的採石場趨勢洞察等。所以我們在這個領域有很多經驗。

On the commercial quarry side, look, AI overviews continue to drive higher satisfaction and search usage. And as I noticed Q1 was really our largest expansion to date for AI overviews, both in terms of launching to new users and providing responses for more questions. And that's really the core already of the answer. AI Overviews sits at the center of your question here. And when it comes to other products, look, I don't want to speculate on this, but we're happy with what we're seeing here in AI Overviews, and I'm confident we can expand this to more products over time.

從商業採石場方面來看，人工智慧概覽持續推動更高的滿意度和搜尋使用率。我注意到，第一季確實是我們迄今為止在 AI 概覽方面最大的擴展，無論是向新用戶推出還是為更多問題提供答案。這其實已經是答案的核心了。AI 概述是您的問題的核心。至於其他產品，我不想對此進行推測，但我們對 AI Overviews 中看到的內容感到滿意，而且我相信我們可以隨著時間的推移將其擴展到更多產品。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Thanks for taking the questions. Phil, maybe just to go back to AI Overviews for a moment. Can you just tell us how we should think about the $1.5 billion AI Overviews users just in terms of breadth of rollout? And I know you're saying monetization at approximately the same rate. But what does that mean in terms of click-through rates and conversion?

感謝您回答這些問題。菲爾，也許我們先回到 AI 概述一會兒。您能否告訴我們，從推廣廣度來看，我們應該如何看待價值 15 億美元的 AI Overviews 用戶？我知道您說的是貨幣化速度大致相同。但就點擊率和轉換率而言，這意味著什麼？

And then Anat, just curious if there have been any changes to Google's approach to durably reengineering the cost base since you've joined? And if macro weakens, and you see more of a slowdown, would you expect to find additional opportunities to cut back more on costs?

然後 Anat，我只是好奇自從你加入以來，谷歌在持久重塑成本基礎的方法上是否有任何變化？如果宏觀經濟走弱，並且您看到經濟進一步放緩，您是否會期望找到更多機會來進一步削減成本？

Yes. Look, on the ads, in AI Overviews, last -- late last year, actually, we launched them within the overviews on mobile in the US. And this builds on our previous rollout of ads above and below. So this was a change that we have. But as I talked about it before, overall, we see the monetization at approximately the same rate, which gives us a strong base on which we can innovate even more. So I'm very happy with this. I don't think this is the moment to go into the details of clicks rates and conversion and so on. But overall, we're happy with what we're seeing.

是的。你看，關於 AI 概覽中的廣告，實際上，去年年底，我們在美國行動裝置概覽中推出了它們。這是在我們之前推出的上方和下方廣告的基礎上進行的。這就是我們所做的改變。但正如我之前談到的，總體而言，我們看到貨幣化的速度大致相同，這為我們進一步創新奠定了堅實的基礎。所以我對此非常高興。我認為現在不是討論點擊率、轉換率等細節的時候。但總體而言，我們對所看到的結果感到滿意。

And to your question on our approach to productivity and efficiency, it hasn't really changed. I've mentioned my approach and our approach as a company on -- at the end of 2024. And we're still focused on driving efficiency and productivity throughout the organization, both in our operating expenses and in our CapEx. I mentioned some of these on my -- during my prepared remarks.

至於您問到我們的生產力和效率方法，答案其實並沒有改變。我曾提到我的方法以及我們作為一家公司在 2024 年底的方法。我們仍然專注於提高整個組織的效率和生產力，包括營運費用和資本支出。我在準備好的發言中提到了其中的一些。

But certainly, this helps us as we think about the investments we need to make in innovation to drive long-term sustainable growth profile for the company, we're able to repurpose some of these efficiencies into these investments as well as, as you think about the increase in CapEx we've seen over the past several years and what we're investing this year, this will put additional pressure on the income statement in the form of depreciation.

但毫無疑問，這有助​​於我們思考需要在創新方面進行的投資，以推動公司的長期可持續增長，我們能夠將其中一些效率重新用於這些投資，而且，正如你所想到的，過去幾年我們看到的資本支出增加，以及我們今年的投資，這將以折舊的形式對損益表施加額外的壓力。

So we're working hard to try and offset some of the headwinds as well as within the CapEx investments themselves, $75 billion, we're looking at how do we make sure every dollar is used efficiently. We have a highly rigorous process, to determine the demand behind it and then the allocation of the compute associate with our technical infrastructure investments, ensuring that we're utilizing that appropriately and that we're highly efficient with everything we're doing.

因此，我們正在努力嘗試抵消一些不利因素，並在 750 億美元的資本支出投資本身中研究如何確保每一美元都能有效利用。我們有一個非常嚴格的流程，以確定背後的需求，然後分配與我們的技術基礎設施投資相關的計算，確保我們適當地利用它，並確保我們所做的一切都是高效的。

You've seen some of the announcement and some of the changes but we're focusing on continuing to moderate the pace of compensation growth, looking at our real estate footprint and again, the build-out and utilization of our technical infrastructure across the business.

您已經看到了一些公告和一些變化，但我們的重點是繼續緩和薪資成長速度，專注於我們的房地產足跡，以及整個業務的技術基礎設施的建設和利用。

Great. Thank you, Both.

偉大的。謝謝你們，兩位。

Eric Sheridan,Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thank you for taking the questions. First, maybe for Sundar. When you look across the consumer AI landscape today, how are you thinking about continuing to drive differentiation for Gemini as a platform through the lens of usage, utility or putting product innovation at the forefront of driving consumer habits.

感謝您回答這些問題。首先，也許對於 Sundar 來說。當您放眼當今的消費者人工智慧領域時，您如何考慮透過使用性、實用性的角度繼續推動 Gemini 平台的差異化，還是將產品創新置於推動消費者習慣的最前沿。

And then the second one, maybe for Anat, if the macro environment were to change and become more downwardly volatile, how should investors think about the investments that are must make this year almost fixed in nature versus where there might be more flexibility to alter the investment priorities of the company if the macro environment were to worsen? Thank you so much.

然後第二個問題，也許對於 Anat 來說，如果宏觀環境發生變化並且變得更加不穩定，投資者應該如何看待今年必須進行的投資，這些投資幾乎是固定的，而如果宏觀環境惡化，則可以更靈活地改變公司的投資重點？太感謝了。

Thanks, Eric. Obviously, it's an exciting moment on the AI front. I think the foundation for everything is obviously the Frontier model progress we are seeing and particularly with 2.5 pro and flash. I think we're well positioned. We are seeing tremendous reception from developers, enterprises and consumers too.

謝謝，埃里克。顯然，這是人工智慧領域的一個令人興奮的時刻。我認為一切的基礎顯然是我們所看到的 Frontier 模型的進步，特別是 2.5 pro 和 flash。我認為我們處於有利地位。我們也看到了來自開發商、企業和消費者的熱烈歡迎。

And obviously, we are delivering consumer AI experiences across our product portfolio, including the primary way people experience it is obviously in search with AI Overviews and very early days with AI mode, but that will be a consumer AI forward experience. And we're already seeing very positive feedback. Queries are -- people are typing in roughly 2 times longer queries compared to a traditional search.

顯然，我們正在透過我們的產品組合提供消費者 AI 體驗，其中人們體驗它的主要方式顯然是透過 AI 概覽進行搜索，以及在早期階段使用 AI 模式，但這將是一種消費者 AI 前瞻性體驗。我們已經看到了非常正面的回饋。查詢是——與傳統搜尋相比，人們輸入的查詢大約長 2 倍。

So there's a lot of excitement there. And in the Gemini app, which you asked about, we've really seen increased momentum, particularly over the last few weeks as we've rolled out just the newer models, but we are seeing users are really responding well to all the innovation Gemini Live which is based on Project Astra has been very well received, deep research.

因此那裡有很多令人興奮的事情。在您詢問的 Gemini 應用程式中，我們確實看到了成長勢頭，特別是在過去幾週我們推出較新的型號時，但我們看到用戶對所有創新都反應良好，Gemini Live 基於 Project Astra 進行了深入研究，並獲得了廣泛好評。

I think based on 2.5 Pro is Sota and that's been well received in Canvas, we've had a lot of traction as well. And so we are definitely investing more. We have recently organized ourselves better to capitalize on this momentum, and I'm excited about our road map there.

我認為基於 2.5 Pro 的 Sota 並且在 Canvas 中受到了好評，我們也獲得了極大的關注。因此我們肯定會投入更多資金。我們最近更好地組織起來以利用這一勢頭，我對我們的路線圖感到非常興奮。

And on the investments this year and overall, should there be any macroeconomic changes as I said, we're still planning to invest approximately $75 billion in CapEx this year. we do see a tremendous opportunity ahead of us across the organization, whether it's to support Google services, Google Cloud and Google DeepMin.

至於今年的投資以及整體投資，正如我所說，如果出現任何宏觀經濟變化，我們仍計劃今年投資約 750 億美元的資本支出。我們確實看到整個組織面臨著巨大的機遇，無論是支援 Google 服務、Google Cloud 還是 Google DeepMin。

Recall stated on the Q4 call that we exited the year in cloud specifically with more customer demand than we had capacity. And that was the case this quarter as well. So we want to make sure we ramp up to support customer needs and customer demands.

回想一下，我們在第四季度電話會議上表示，我們在雲端運算領域今年結束時，客戶需求已經超出了我們的容量。本季的情況也是如此。因此，我們希望確保能夠滿足客戶的需求和要求。

Having said that, we're investing in long term, and we're investing in innovation. That's the essence of our business. and we want to do it in a responsible fashion. So you've seen us over the past couple of years, and we're continuing to do this, and you're seeing this in our results, drive efficiency and productivity throughout the business.

話雖如此，我們正在進行長期投資，我們正在投資創新。這就是我們業務的本質。我們希望以負責任的方式去做這件事。所以，在過去的幾年裡，你已經看到了我們，我們也繼續這樣做，你也可以從我們的成果中看到這一點，推動整個企業的效率和生產力。

And we've announced things such as consolidation of teams, which helps not just with cost, but with velocity and speed. We're able to get things to market faster. So that's one of the areas we're focused on. You heard from Sundar in the last couple of calls and just a rapid pace of innovation we're bringing to the marketplace.

我們也宣布了諸如團隊合併之類的舉措，不僅有助於降低成本，還有助於提高速度。我們能夠更快地將產品推向市場。這是我們關注的領域之一。在過去的幾次電話會議中，桑達爾向我們介紹了我們為市場帶來的快速創新。

So the way we're doing this across the business to drive productivity and efficiency should help us have a more resilient organization irrespective of macroeconomic condition. But certainly, we don't ignore that. We always look at what's happening outside the organization as well as inside but invest appropriately to drive both the short-term growth as well as the long-term growth.

因此，我們在整個企業中採取的提高生產力和效率的方式應該有助於我們建立一個更具彈性的組織，而不受宏觀經濟狀況的影響。但我們當然不會忽視這一點。我們始終關注組織內部和外部發生的事情，並進行適當的投資以推動短期成長和長期成長。

Thank you.

謝謝。

Ross Sandler, Barclays.

巴克萊銀行的羅斯桑德勒。

Great, thanks. One for Sundar, one for Philipp. Sundar, it was disclosed this week in the trial that's going on that Gemini has 35 million DAUs. And just curious, that number obviously trails ChatGPT by a pretty wide margin. Could you talk about the strategy to get that DAU figure much higher that you guys are deploying?

太好了，謝謝。一個給 Sundar，一個給 Philipp。Sundar，本​​週正在進行的審判透露，Gemini 擁有 3500 萬 DAU。令人好奇的是，這個數字顯然遠遠落後於 ChatGPT。您能談談你們為提高 DAU 數字而採取的策略嗎？

And then Philipp, just curious to hear what you're seeing on the brand advertising side at YouTube in 1Q and into early 2Q. Are brands holding up relatively well, like direct response? Or are they starting to react to some of these macro jitters that we're experiencing? Any thoughts there? Thank you very much.

然後菲利普，我很好奇你對 YouTube 在第一季和第二季初的品牌廣告有何看法。品牌是否表現相對較好，例如直接反應？或者他們開始對我們正在經歷的一些宏觀動盪做出反應？有什麼想法嗎？非常感謝。

Thanks, Ross. I think I touched upon this to Eric's question as well, but we are definitely I think there's been a lot of momentum in terms of product features we've been introducing, and we are definitely seeing reception, including increased adoption and usage based on those features. So I think we are in a positive cycle. The recent advances on the model frontier. By many metrics, I think we have the best model out there now. And I think that's going to drive increased adoption as well.

謝謝，羅斯。我想我也在回答 Eric 的問題時提到了這一點，但我認為，就我們推出的產品功能而言，我們確實取得了很大的進展，而且我們也確實看到了反響，包括基於這些功能的採用和使用率的提高。所以我認為我們正處於一個良性循環之中。模型前沿的最新進展。從許多指標來看，我認為我們現在擁有最好的模型。我認為這也將推動採用率的提高。

And again, I would reiterate, people are using -- obviously, we have 1.5 billion users through AI Overviews interacting with AI in a deep way in a very way. Obviously, we are innovating with AI mode. And we have a very exciting road map ahead with the Gemini app as well. So across the board, super excited about what's ahead.

我再次重申，人們正在使用——顯然，我們有 15 億用戶透過 AI Overviews 與 AI 進行深入的互動。顯然，我們正在用AI模式進行創新。我們對 Gemini 應用程式也有一個非常令人興奮的發展圖。所以大家對未來都感到非常興奮。

And on your brand question, brand and, by the way, also Direct Response had a very solid growth brand advertisers really enjoyed culture moments we had like Cochela, for example, or March Madness. We had strong contributions overall from the finance and retail verticals in Q1 on the site as well.

關於您的品牌問題，順便說一下，Direct Response 也實現了非常穩健的成長，品牌廣告商非常享受我們的文化時刻，例如 Cochela 或 March Madness。該網站第一季的金融和零售垂直領域也為我們做出了巨大貢獻。

The operating metrics for YouTube were strong in Q1. Watch time growth remains robust, particularly in key monetization opportunity areas such as shorts and living room. It's also, by the way, nice to see the strong position of our creators who obviously benefit from the brand piece, which gives us a lot of confidence when we look at it more closely. And on the Q2 side, I think I mentioned it's too early to really comment on that.

YouTube 第一季的營運指標表現強勁。觀看時間成長依然強勁，特別是在短片和客廳等關鍵的獲利機會領域。順便說一句，我們也很高興看到我們的創作者佔據強勢地位，他們顯然受益於品牌效應，當我們更仔細地觀察時，這給了我們很大的信心。關於第二季度，我認為我提到現在對此發表評論還為時過早。

Mark Shmulik from Bernstein.

伯恩斯坦的 Mark Shmulik。

Great. Thanks for digging my questions. Sundar, I appreciate the color on Gemini deployment across kind of the 15 products with 0.5 billion users or more. It would be great to hear more about where you're seeing the most usage and deployment of Gen AI internally at Google, perhaps whether the capabilities are they in a place today in terms of either supplementing or augmenting the workforce.

偉大的。感謝您解答我的問題。Sundar，我很欣賞 Gemini 在 15 種產品中部署的色彩，這些產品擁有 5 億或更多的用戶。非常高興能夠聽到更多關於您在谷歌內部看到 Gen AI 最多使用和部署的地方的信息，或許可以了解它們目前在補充或增強勞動力方面的能力。

And then just to build on that earlier AI mode type questions. Appreciate AI mode has 2 times longer queries in traditional search. But any color you can share perhaps on how AI mode behavior differs from how consumers are using the Gemini app?

然後只是在早期的 AI 模式類型問題的基礎上進行建構。欣賞 AI 模式的查詢時間是傳統搜尋的 2 倍。但是，您能否分享一下 AI 模式行為與消費者使用 Gemini 應用程式的方式有何不同？

Look, internally, I mean this has been an extraordinary amount of focus and excitement both because I think we are -- the early use cases have been transformative in nature and I think there's still feels like early days and long ways to go. Obviously, I had mentioned a few months ago in terms of how we are using AI for coding. We're continuing to make a lot of progress there in terms of people using coding additions. I think the last time I had said the number was like 25% of code that's checked in. It involves people accepting AI suggested solutions. That number is well over 30% now.

看起來，從內部來看，我的意思是這引起了極大的關注和興奮，因為我認為我們——早期的用例本質上是變革性的，我認為仍然感覺像處於早期階段，還有很長的路要走。顯然，幾個月前我曾提到我們如何使用人工智慧進行程式設計。就人們使用編碼附加功能而言，我們正在繼續取得很大進展。我記得上次我說過這個數字是已簽入代碼的 25%。它涉及人們接受人工智慧建議的解決方案。現在這個數字已經遠超過30%。

But more importantly, we have deployed more deeper flows and particularly with the newer models, I think we are working on early agent workflows and how we can get those coding experiences to be much deeper. We are deploying it across all parts of the company. Our customer service teams are deeply leading the way there. We've both dramatically enhanced our user experience as well as made it much more efficient to do so, and we are actually bringing all our learnings and expertise in our solutions through cloud to our other customers.

但更重要的是，我們已經部署了更深層的流程，特別是對於較新的模型，我認為我們正在研究早期的代理工作流程以及如何使這些編碼體驗更加深入。我們正在公司的各個部門部署它。我們的客戶服務團隊在這方面發揮積極引領作用。我們不僅顯著提升了用戶體驗，還使其更加高效，實際上，我們正​​在透過雲端將我們在解決方案中的所有學習成果和專業知識帶給我們的其他客戶。

But beyond that, all the way from the finance team preparing for this earnings call, to everything. It's deeply embedded in everything we do. But I still see it as early days and there's going to be a lot more to do. On AI mode, look, I think we are just leaning in on the early positive feedback. Well, as we scaled up AI overviews. It's been one of our most positive launches. And -- but it's been clear people have wanted even more of it.

但除此之外，從財務團隊為這次收益電話會議做準備，到一切。它深深地融入我們所做的每一件事。但我仍然認為現在還處於早期階段，還有很多事情要做。在 AI 模式下，看，我認為我們只是依靠早期的正面回饋。好吧，隨著我們擴大 AI 概覽。這是我們最積極的發布之一。而且——但很明顯人們想要更多。

And so with AI mode, we are bringing the -- our state-of-the-art Germany models right into search. And I mentioned people typing in longer queries. There's a lot more complex nuance questions, people are following through more. People are appreciating the clean design, the fast response time and the fact that they can kind of be much more open-ended can undertake more complicated tasks, product comparisons, for example, has been a positive one. exploring how to is planning a trip.

因此，透過 AI 模式，我們將最先進的德國模型直接引入搜尋中。我提到人們輸入了更長的查詢。有許多更複雜、更細微的問題，人們正在更深入地研究。人們欣賞簡潔的設計、快速的回應時間，以及它們可以更開放地執行更複雜的任務，例如產品比較，這是一個積極的表現。探索如何規劃一次旅行。

So those are the kinds of early feedback we are seeing. And I think we are obviously really focused on improving the product across all of AI mode, AI Overviews in the Gemini app, and we are seeing positive user traction as well.

這些就是我們看到的早期回饋。我認為我們顯然非常專注於改進所有 AI 模式、Gemini 應用程式中的 AI 概覽產品，我們也看到了積極的用戶吸引力。

Mark Mahaney, Evercore.

馬克‧馬哈尼 (Mark Mahaney)，Evercore。

Okay, thanks. One for Anat and one for Sundar. Anat, getting back to a question I think that Doug was asking earlier. You just put up record high or multiyear record high margins for both Google services and for Google Cloud, you talk, though, about depreciation expenses accelerating rapidly throughout the year because of all the investments you've already -- you worn people about.

好的，謝謝。一個給 Anat，一個給 Sundar。Anat，回到我認為 Doug 之前問過的一個問題。您剛剛為Google服務和Google雲端創下了多年來的最高利潤率，但是，您卻談到，由於您已經進行的所有投資，全年的折舊費用都在迅速增加——您讓人們感到厭煩。

Back in the September quarter, you seem relatively confident that you had enough levers to kind of offset kind of rising infrastructure costs that still your 6 months later? Or is that still your view that you've got enough levers that even with the rising infrastructure costs, you can enough in there to kind of counterbalance that?

回到 9 月的季度，您似乎相對有信心，您擁有足夠的槓桿來抵消基礎設施成本的上漲，並且這種局面在 6 個月後仍然有效嗎？或者您仍然認為，您已經擁有足夠的槓桿，即使基礎設施成本不斷上升，您也有足夠的能力來平衡這筆成本？

And then just briefly on Waymo, that continues to rise aggressively the numbers Sundar. The long-term business model for Waymo. Is there a reason to make a decision on that soon? Or have you already made the decision of whether this is a long-term licensing model or you really want to run this as a stand-alone ridesharing delivery in autonomous vehicle business? Thank you very much.

然後簡單談談 Waymo，Sundar 的數字繼續大幅上升。Waymo 的長期商業模式。有沒有理由盡快對此做出決定？或者您已經決定這是否是一個長期許可模式，或者您真的想將其作為自動駕駛汽車業務中的獨立共乘服務來運營？非常感謝。

On your first question on profitability and what levers do we have? And do we still have levers to pull. First, I think every organization can always push a little further I don't view productivity goals or efficiency as an episodic kind of project-based effort, but rather a continuous effort that when you get to a certain place you push a little further.

關於獲利能力以及我們有哪些槓桿的第一個問題？我們是否還有槓桿可以拉？首先，我認為每個組織都可以再進一步，我不認為生產力目標或效率是一種基於專案的偶發性努力，而是一種持續的努力，當你到達某個地方時，你會再進一步。

Having said that, we do have significant investments we're making across the organization, and we have been making them for the past several quarters. And we've been able to do it because we were able to find efficiency to fund those investments across the organization. Those are for products and services are going to drive long-term growth for the company.

話雖如此，我們確實在整個組織內進行了大量投資，並且在過去幾個季度中我們一直在進行這些投資。我們之所以能夠做到這一點，是因為我們能夠找到高效的方式來為整個組織的這些投資提供資金。這些產品和服務將推動公司的長期成長。

So while we're trying to offset as much of the headwind associated with the increase in infrastructure costs. It will become more difficult. As I said, the depreciation will accelerate. We had about a 31% year-over-year growth in depreciation this quarter and it will be higher as we go throughout the year.

因此，我們正在努力抵消與基礎設施成本增加相關的盡可能多的阻力。這會變得更加困難。正如我所說，貶值將會加速。本季折舊額年增約 31%，全年折舊額還會持續成長。

So think about that kind of as a headwind that we have to manage against but we're continuing with pushing across the organization, leveraging Sundar mentioned the use of AI and kind of an AI first Google across several of our functions to help us manage a larger scope of work using our AI, AI agents and AI tools.

因此，可以將其視為我們必須應對的一種逆風，但我們將繼續在整個組織中推動，利用 Sundar 提到的人工智慧和Google的人工智慧在我們的多個職能中使用，以幫助我們使用人工智慧、人工智慧代理和人工智慧工具來管理更大範圍的工作。

As Sundar mentioned, we did deleverage it in preparation for the earnings call and leveraging across several functions. So there are opportunities, but there are also great opportunities for investment, and we want to make sure that we make room for to make these investments to drive long-term growth and ensure we have a very resilient long-term growth profile for the company.

正如 Sundar 所提到的，我們確實為了準備收益電話會議而降低了槓桿率，並且利用了多個職能部門的槓桿率。因此，機會是存在的，但投資機會也很大，我們希望確保有足夠的空間進行這些投資，以推動長期成長，並確保公司擁有非常有彈性的長期成長前景。

And Mark, thanks. I think this is probably the first question I've got on an earnings call on Waymo. So thank you, and I think it's a sign of its progress. Look, the thing that excites me is I think we've been laser focused and will continue to be on building the world's best driver. And I think doing that well really gives you a variety of optionality in business models across geographies, et cetera.

還有馬克，謝謝。我想這可能是我在 Waymo 收益電話會議上遇到的第一個問題。所以謝謝你，我認為這是進步的標誌。聽著，讓我興奮的是，我認為我們一直集中精力，並將繼續致力於打造世界上最好的車手。我認為做好這一點確實會讓你在跨地域的商業模式等方面擁有多種選擇。

It'll also require a successful ecosystem of partners, and we can't possibly do it all ourselves. And so I'm excited about the progress the teams have made through a variety of partnerships, obviously, a highlight of it is a partnership with Uber. We are very pleased with what we are already seeing in Austin in terms of either satisfaction. We look forward to offering the first paid rights in Atlanta, Uber later this year.

它還需要一個成功的合作夥伴生態系統，我們不可能獨自完成所有工作。因此，我對團隊透過各種合作所取得的進展感到非常興奮，顯然，其中一個亮點是與 Uber 的合作。我們對奧斯汀的滿意度感到非常滿意。我們期待今年稍晚在亞特蘭大推出 Uber 首個付費服務。

But we are also building up a network of partners, for example, for maintaining fleets of vehicles and doing all the operations related to that with the recently announced partnership with Move in Phoenix and Miami. Obviously, partnerships with OEMs, there are future optionality around personal ownership as well.

但我們也在建立合作夥伴網絡，例如，透過最近宣布的與鳳凰城和邁阿密的 Move 合作，維護車隊並開展所有相關業務。顯然，與 OEM 的合作，在個人所有權方面也具有未來的選擇權。

So we are widely exploring and -- but at the same time, clearly staying focused on making progress both in terms of safety, the driver experience and progress on the business model and operationally scaling it up.

因此，我們正在廣泛探索，但同時，我們顯然將重點放在安全性、駕駛體驗以及商業模式和營運規模的進步上。

Thank you very much.

非常感謝。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

Thank you. Two, if I may, please. First, on AI-powered search. You have a number of AI-powered search interfaces, including three most prominently, AI Overviews, AI mode and Gemini. In the future, should we think of these as distinct experiences that will be long-lasting or more experimental now and will -- and Google will eventually focus on one approach going forward?

謝謝。如果可以的話，請給我兩張。首先，關於人工智慧搜尋。您擁有多個由人工智慧驅動的搜尋介面，其中最突出的三個是人工智慧概覽、人工智慧模式和 Gemini。在未來，我們是否應該將這些視為持久的獨特體驗，還是現在和將來都更具實驗性——谷歌最終會專注於一種方法？

And the second one is more on the financial side you continue to experience very healthy gross margin expansion. We see the TAC, sure, but you -- Anat, you also talked about the offsetting depreciation expense. Could you talk about beyond those two buckets where you're seeing the real savings on the COGS line and driving that gross margin expansion? And maybe even how we should be thinking about that going forward?

第二個更多的是從財務方面來看，你繼續經歷非常健康的毛利率擴張。當然，我們看到了 TAC，但你——Anat，你還談到了抵消折舊費用。您能否談談除了這兩個方面之外，您在哪些方面看到了 COGS 方面的實際節省並推動了毛利率的擴大？甚至我們未來該如何思考這個問題？

Okay. Now maybe on AI-powered search and how do we see our consumer experience. Look, I do think search and Gemini obviously, will be two distinct efforts, right? I think there are obviously some areas of overlap, but they're also like export very, very different use cases. And so for example, in Gemini, we see people iteratively coding and going much deeper on a coding workflow as an example. So I think both will be around.

好的。現在也許討論人工智慧搜尋以及我們如何看待我們的消費者體驗。我確實認為搜尋和 Gemini 顯然將是兩種截然不同的努力，對嗎？我認為顯然存在一些重疊的領域，但它們也導出非常非常不同的用例。例如，在 Gemini 中，我們看到人們迭代編碼，並在編碼工作流程上進行更深入的研究。所以我認為兩者都會存在。

Within search, I would think of AI Overviews is scaling up and working for our entire user base, but an AI mode is the tip of the tree for us pushing forward on an AI forward experience. There will be things which we discovered there, which will make sense in the context of AI Overviews. So I think will flow through to our user base. You almost want to think of what are the most advanced 1 million people using search for most advanced 10 million people and then how do 1.5 billion people use search for.

在搜尋領域，我認為 AI 概覽正在擴大規模並服務我們的整個用戶群，但 AI 模式只是我們推動 AI 前進體驗的冰山一角。我們在那裡發現的東西在人工智慧概述的背景下是有意義的。所以我認為這將會影響到我們的用戶群。你幾乎要想想最先進的 100 萬人如何使用搜索，最先進的 1000 萬人如何使用搜索，然後 15 億人如何使用搜索。

And we want to innovate. And so I think this allows us to do that. But the true not through all of this is user feedback, user satisfaction, user experience. And so that will determine where this all works out in the future.

我們想要創新。所以我認為這使我們能夠做到這一點。但真正貫穿這一切的是使用者回饋、使用者滿意度、使用者體驗。這將決定未來這一切將如何發展。

And to your question on gross margin, a couple of trends to highlight there. And I've mentioned this in the prepared remarks, you've seen improvement in tech that's really driven by the change in revenue mix with a continued search growth and the network revenue declines. Network revenue has a much higher attach rate. So that mix is helping us from a gross margin perspective. So think about that as well.

關於毛利率的問題，有幾個趨勢需要強調。我在準備好的發言中提到過，您已經看到技術的進步，這實際上是由收入結構的變化推動的，搜尋收入持續增長，而網路收入下降。網路收入的附加率要高得多。因此，從毛利率的角度來看，這種組合對我們有幫助。所以也考慮一下這一點。

Now we do have depreciation for technical infrastructure hits in two-- primarily in two places in the income statement. One is in other cost of sales and the rest is in R&D. So it is in that line item that's impacting cost of sales. Now we've had some efficiencies there, and I did mention the improvement in our overall cost of headcount growth and compensation, kind of moderating those growth.

現在，我們確實在損益表中的兩個地方對技術基礎設施進行了折舊——主要是在兩個地方。一部分是其他銷售成本，其餘是研發成本。因此，該項目影響了銷售成本。現在我們已經提高了一些效率，我確實提到了我們的員工人數成長和薪酬整體成本的改善，在某種程度上緩和了這些成長。

So that helps us as well, more than offset the depreciation increases in Q1, but as I mentioned, this number will be higher in the coming quarters. Recall, we have -- we said approximately $75 billion in CapEx, which is up from $55 billion or just over $50 billion last year. So there is expected to be quite a significant increase in depreciation.

所以這對我們也有幫助，足以抵消第一季的折舊增加，但正如我所提到的，這個數字在未來幾季會更高。回想一下，我們說過，資本支出約為 750 億美元，高於去年的 550 億美元或略高於 500 億美元。因此預計折舊將大幅增加。

Ron Josey, Citi.

花旗銀行的 Ron Josey。

Great. Thanks for taking the question, Philip. I wanted to touch a little bit more on your comments around direct response in YouTube. I think it's been improving and been a driver over the past couple of quarters. I'd love to hear more just about what's driving that? Is that the demand gen and integration with PMAX? Or are users perhaps more involved on direct response now that shorts usage is driving? We'd love your thoughts there.

偉大的。謝謝你回答這個問題，菲利普。我想進一步談談您關於 YouTube 直接回應的評論。我認為它在過去幾個季度一直在改善並且成為推動力。我很想進一步了解是什麼推動了這個進程？這是需求產生和與 PMAX 的整合嗎？或者，現在短褲的使用正在推動用戶更多地參與直接回應？我們非常希望聽到您的想法。

Yes. I think there is a lot of different factors. Mostly, we continue to help our customers really using our AI power tools. You mentioned a few of them to drive performance. That's a very big one. As I mentioned before, we're also happy with the progress we're seeing on shorts and closing the monetization gap here to the overall business, which is actually really nice to see, especially in the US. So we're very happy with that. Yes.

是的。我認為有很多不同的因素。最重要的是，我們繼續使用我們的人工智慧工具來幫助我們的客戶。您提到了其中的一些可以提高性能的方法。這是一個非常大的問題。正如我之前提到的，我們對短片的進展以及與整體業務的貨幣化差距的縮小感到高興，這實際上真的很高興看到，特別是在美國。所以我們對此感到非常高興。是的。

And I'll just chime in to say, YouTube just celebrated its 20th birthday, and we now have more than 20 billion videos on YouTube, and we get 20 million videos uploaded every day. So I think it's a tremendous platform and thanks to all the creators and users who have supported us there over the years.

我還要補充一點，YouTube 剛剛慶祝了它的 20 歲生日，現在 YouTube 上已有超過 200 億個視頻，而且我們每天上傳 2000 萬個視頻。所以我認為這是一個非常棒的平台，感謝多年來支持我們的所有創作者和用戶。

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

謝謝。今天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)，請他發表進一步的評論。

Thanks, everyone, for joining us today. We look forward to speaking with you again on our second quarter 2025 call. Thank you, and have a good evening.

感謝大家今天加入我們。我們期待在 2025 年第二季電話會議上再次與您交談。謝謝，祝您晚上愉快。

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。您現在可以斷開連線。