Google (GOOG) 2022 Q1 法說會逐字稿

Welcome, everyone, and thank you for standing by for the Alphabet First Quarter 2022 Earnings Conference Call. (Operator Instructions) I'd now like to hand the conference over to your speaker today, Jim Friedland, Director of Investor Relations. Please go ahead.

歡迎大家，感謝大家參加 Alphabet 2022 年第一季財報電話會議。 （操作員指示）現在，我想將會議交給今天的發言人，投資者關係總監 Jim Friedland。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alphabet's First Quarter 2022 Earnings Conference Call. With us today are Sundar Pichai, Philipp Schindler and Ruth Porat.

謝謝。大家下午好，歡迎參加 Alphabet 2022 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 Ruth Porat。

Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business, operations and financial performance 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.

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陳述可能被視為前瞻性的，而此類陳述涉及許多風險和不確定性，可能導致實際結果大不相同。欲了解更多信息，請參閱我們最近向美國證券交易委員會提交的 10-K 表中討論的風險因素。

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

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了非 GAAP 與 GAAP 指標的對賬，該新聞稿透過我們的投資者關係網站 abc.xyz/investor 發布並向公眾開放。

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

現在我將把電話轉給 Sundar。

Thank you, Jim, and good afternoon, everyone. Over the last few months, guided by our mission, we continue to develop helpful technologies with a view towards empowering both people and businesses. Even as more people return to in-person activities, we are seeing hybrid approaches to learning and working are here to stay, and our products are helping partners seize these new opportunities.

謝謝你，吉姆，大家下午好。在過去的幾個月裡，在我們的使命的指導下，我們繼續開發有用的技術，以期增強個人和企業的能力。即使越來越多的人恢復面對面活動，我們也看到混合學習和工作方式將繼續存在，我們的產品正在幫助合作夥伴抓住這些新機會。

To help support our own flexible work plans, this year, we plan to invest approximately $9.5 billion in our U.S. offices and data centers, creating at least 12,000 new Google jobs in the U.S. in places like New York and Atlanta. To enable our long-term growth, we are investing in areas like Cloud, AI, YouTube, Search and beyond. In 2020 and 2021 combined, we invested $40 billion in research and development here in the U.S.

為了幫助支持我們自己的彈性工作計劃，今年我們計劃在美國辦公室和資料中心投資約 95 億美元，在紐約和亞特蘭大等地創造至少 12,000 個新的 Google 工作機會。為了實現長期成長，我們正在投資雲端、人工智慧、YouTube、搜尋等領域。 2020 年和 2021 年，我們在美國共投資了 400 億美元進行研發。

Beyond the U.S., we have announced new office investments in London and Warsaw and a new product development center in Nairobi. We are excited for the product development they will support. We'll share more about these investments at Google I/O, our annual developer conference on May 11, and I encourage you to tune in.

除美國以外，我們也宣佈在倫敦和華沙投資新的辦公地點，並在內羅畢建立新的產品開發中心。我們對他們將支援的產品開發感到非常興奮。我們將在 5 月 11 日舉行的年度開發者大會 Google I/O 上分享更多有關這些投資的信息，我鼓勵您關注。

Turning now to product highlights. AI continues to be at the heart of our core search and information products. We launched multisearch in Google Search this quarter. It's a new way people can find what they need using both images and words. For example, you can snap a photo of a shirt pattern and then type the word green to find a green shirt with that pattern. We also shared new features in Search to help people find health care providers who take their insurance and book appointments online. With ads automation, search ads powered by AI are helping our customers quickly respond to the market conditions most relevant to their business. Philipp will discuss this in more detail.

現在來談談產品亮點。人工智慧仍然是我們核心搜尋和資訊產品的核心。我們本季在 Google 搜尋中推出了多重搜尋。這是人們使用圖像和文字來尋找所需內容的一種新方式。例如，您可以拍攝襯衫圖案的照片，然後輸入單字「綠色」來尋找具有該圖案的綠色襯衫。我們還分享了搜尋中的新功能，以幫助人們找到接受其保險的醫療保健提供者並在線上預約。透過廣告自動化，由人工智慧驅動的搜尋廣告正在幫助我們的客戶快速回應與其業務最相關的市場狀況。 Philipp 將更詳細地討論這一點。

Let's move to YouTube. We continue to support our community of creators, advertisers and viewers. With over 2 billion monthly signed-in users, we are well positioned to do this. YouTube, over the past 2 years, has seen significant growth and has become a central destination for entertainment, learning and educational content. And even as people have returned to in-person activities, time spent on YouTube has continued to grow. Just as YouTube evolve from desktop to mobile, and that created huge opportunities, we are excited about the new opportunities we see now. Short-form video is one.

讓我們轉到 YouTube。我們將繼續支持我們的創作者、廣告商和觀眾社群。我們每月擁有超過 20 億登入用戶，因此我們完全有能力實現這一目標。在過去的兩年裡，YouTube 取得了顯著的成長，並已成為娛樂、學習和教育內容的中心目的地。即使人們已經恢復了線下活動，他們在 YouTube 上花費的時間仍在持續成長。正如 YouTube 從桌面端發展到行動端並創造了巨大的機會一樣，我們對現在看到的新機會感到興奮。短視頻就是其中之一。

YouTube Shorts is now averaging over 30 billion daily views. That's 4x as much as a year ago. In the first quarter, we added new capabilities to video editing, and we are continuing to invest in making Shorts a fantastic experience for creators and viewers alike. As we've always done with products, we focus on building a great user experience first, and we will work to build monetization over time.

YouTube Shorts 目前平均每日觀看次數超過 300 億次。比一年前增加了 4 倍。在第一季度，我們增加了影片編輯的新功能，我們將繼續投入，讓 Shorts 為創作者和觀眾帶來絕佳的體驗。正如我們一直以來對產品所做的那樣，我們首先專注於打造出色的用戶體驗，並且我們將隨著時間的推移努力實現貨幣化。

The living room is another area of opportunity. On average, viewers are watching over 700 million hours of YouTube content on televisions every day. And in the year ahead, we will give YouTube's connected TV viewers new smartphone control navigation and interactivity features, allowing people to comment and share content they are watching on television directly from their devices.

客廳是另一個充滿機會的地方。平均而言，觀眾每天透過電視觀看超過 7 億小時的 YouTube 內容。在未來的一年裡，我們將為 YouTube 的連網電視觀眾提供新的智慧型手機控制導航和互動功能，讓人們可以直接透過他們的裝置評論和分享他們在電視上觀看的內容。

Turning next to our computing platforms. A few weeks ago, we marked a big milestone, our 100th release of Chrome and Chrome OS. Over the years, we have worked with developer and OEM partners to improve speed, simplicity and security and move the web forward. It's a great example of what we mean when we say we are building for the long term.

接下來談談我們的計算平台。幾週前，我們迎來了一個重要的里程碑——第 100 次發布 Chrome 和 Chrome OS。多年來，我們一直與開發商和 OEM 合作夥伴合作，以提高速度、簡單性和安全性，推動網路的發展。這是一個很好的例子，充分體現了我們所說的「我們正在進行長遠建設」。

And on Android, we'll showcase at I/O the many helpful features and services that Android and its platforms provide. Over the coming years, we will continue to invest in new form factors, seamless multidevice experiences and raising the bar for user privacy while giving developers the tools they need to succeed on mobile.

在 Android 方面，我們將在 I/O 上展示 Android 及其平台提供的眾多有用的功能和服務。在未來幾年，我們將繼續投資於新的形式因素、無縫的多設備體驗和提高用戶隱私的標準，同時為開發人員提供在行動裝置上取得成功所需的工具。

As you know, we have made changes to our Google Play pricing model to help all developers on our platform succeed. Today, 99% of developers qualify for a service fee of 15% or less. While this impacted our short-term results, we think it's the right long-term approach to support the ecosystem and to be the most developer-friendly app store and gaming platform available.

如您所知，我們已經對 Google Play 定價模式進行了更改，以幫助我們平台上的所有開發者取得成功。如今，99% 的開發商有資格享受 15% 或更低的服務費。雖然這影響了我們的短期業績，但我們認為這是支持生態系統和成為最適合開發人員的應用程式商店和遊戲平台的正確長期方法。

We are also exploring alternative billing options. And as we do this, we'll continue to uphold high safety standards that protect personal data and sensitive financial information. Earlier today, we launched the Data safety section in Play, where people can access more information about how apps collect, share and secure their data.

我們也在探索其他計費方式。同時，我們將繼續堅持高安全標準，保護個人資料和敏感的財務資訊。今天早些時候，我們在 Play 中推出了資料安全部分，人們可以在其中存取有關應用程式如何收集、共享和保護其資料的更多資訊。

In hardware, Pixel 6 is a huge step forward for the Pixel portfolio, and it's been great to see the response from Pixel users. It's the fastest-selling Pixel ever, and we are building broad consumer awareness of the brand and making good progress. I'm excited about the products we have coming and look forward to sharing more at Google I/O.

在硬體方面，Pixel 6 是 Pixel 產品線的一大進步，我們很高興看到 Pixel 用戶的反應。這是迄今為止銷售最快的 Pixel，我們正在廣泛建立消費者對該品牌的認知度並取得良好進展。我對我們即將推出的產品感到非常興奮，並期待在 Google I/O 上分享更多產品。

Next, on to Cloud, where Q1 revenue grew 44% year-over-year with continued strong performance across Google Cloud Platform and Workspace. We continue to deliver differentiated products across 4 distinct areas. First, cybersecurity, where we introduced new offerings, including Assured Workloads to address digital sovereignty in the European Union; Virtual Machine Threat Detection, a first-to-market agentless malware detection capability; an advanced intrusion detection system for network threat detection. Organizations like T-Mobile and DoorDash are protecting their critical systems and data with Google Cloud's trusted cybersecurity products. These include Security Command Center, which helps many companies, including UKG, Ultimate Kronos Group, and Ocado Group, monitor and manage their security posture and risk. Our leading threat detection and response platform, Chronicle, is now paired with Siemplify to more quickly automate incident detection and resolution. We also announced our intent to acquire Mandiant, a leader in dynamic cyber defense and response, to help protect customers from the most advanced threats.

接下來是雲端運算，第一季營收年增 44%，Google Cloud Platform 和 Workspace 繼續表現強勁。我們將繼續在四個不同領域提供差異化產品。首先是網路安全，我們推出了新的產品，包括解決歐盟數位主權問題的Assured Workloads；虛擬機器威脅偵測，第一個進入市場的無代理惡意軟體偵測功能；用於偵測網路威脅的先進入侵偵測系統。 T-Mobile 和 DoorDash 等組織正在使用 Google Cloud 值得信賴的網路安全產品來保護其關鍵系統和資料。其中包括安全指揮中心，它幫助包括 UKG、Ultimate Kronos Group 和 Ocado Group 在內的許多公司監控和管理其安全態勢和風險。我們領先的威脅偵測和回應平台 Chronicle 現已與 Siemplify 配對，以更快實現事件偵測和解決的自動化。我們也宣布了收購動態網路防禦和回應領域的領導者 Mandiant 的意圖，以幫助保護客戶免受最先進的威脅。

Second, we continue to evolve a leading data cloud with serverless Spark to run batch Spark workloads; BigLake, a new storage engine that unifies data warehouses and lakes; and Dataplex, which provides unified management and governance of data across data warehouses and lakes. Our unified data cloud and AI platform is helping organizations like KeyBanc, LG Electronics, and Macy's work intelligently with data across multiple clouds. BigQuery, our leading solution for analytics, is helping customers like Kraft Heinz, Mercado Libre and [Vertabelo] to help create more personal consumer experiences. BT Group, UPS and other leading brands continue to tap our deep expertise in artificial intelligence and machine learning to power their organizations. This includes our Contact Center AI platform, which helped The Home Depot improve their call containment by 185%, creating a more positive customer support experience. We are proud to share that more than 700 technology partners power their applications with our data cloud.

其次，我們繼續發展領先的資料雲，使用無伺服器 Spark 來運行批量 Spark 工作負載； BigLake，一種統一資料倉儲和資料湖的新型儲存引擎；以及 Dataplex，它提供跨資料倉儲和資料湖的統一資料管理和治理。我們統一的資料雲和人工智慧平台正在幫助 KeyBanc、LG 電子和梅西百貨等組織跨多個雲端智慧地處理資料。 BigQuery 是我們領先的分析解決方案，它正在幫助卡夫亨氏、Mercado Libre 和 [Vertabelo] 等客戶創造更個人化的消費者體驗。英國電信集團、UPS 和其他領先品牌繼續利用我們在人工智慧和機器學習方面的深厚專業知識來為其組織提供支援。其中包括我們的聯絡中心 AI 平台，該平台幫助家得寶將其呼叫控制率提高了 185%，創造了更積極的客戶支援體驗。我們很自豪地告訴大家，超過 700 個技術合作夥伴使用我們的資料雲為他們的應用程式提供支援。

Third, our open secure infrastructure remains a differentiator as it enables customers to run their workloads and apps where they need them. This is winning global brands like Dun & Bradstreet, Boeing and [Kyocera]. Our product leadership continued with the release of Tau VMs, which powers price performance that's more than 40% better than any other leading cloud; and Google Distributed Cloud Edge, a new edge solution designed to run telecommunication networks at scale, which is helping Bell Canada evolve its 5G network.

第三，我們的開放安全基礎設施仍然是一個差異化因素，因為它使客戶能夠在需要的地方運行他們的工作負載和應用程式。這贏得了鄧白氏、波音和京瓷等全球品牌的青睞。隨著 Tau VM 的發布，我們的產品繼續保持領先地位，其性價比比任何其他領先的雲端技術高出 40% 以上；以及 Google Distributed Cloud Edge，這是一種旨在大規模運行電信網路的新型邊緣解決方案，正在幫助加拿大貝爾公司發展其 5G 網路。

And we further expanded our regional footprint globally. Leading companies like Mahindra are choosing us for large-scale IT transformations and migrating their data centers to Google Cloud, while Sony's Crunchyroll uses our infrastructure and networking capabilities to power the largest anime streaming service in the world. Our scalability enables Ninja Van, the leading logistics provider in Southeast Asia, to handle more than 10x their normal traffic during peak times.

我們進一步擴大了全球區域影響力。像 Mahindra 這樣的領先公司選擇我們進行大規模 IT 轉型並將其資料中心遷移到 Google Cloud，而索尼的 Crunchyroll 則使用我們的基礎設施和網路功能來支援世界上最大的動漫串流服務。我們的可擴展性使東南亞領先的物流供應商 Ninja Van 能夠在高峰時段處理超過正常流量 10 倍的流量。

Finally, we continue to advance Google Workspace. To support hybrid work, we recently introduced new collaboration features, including bringing Google Meet directly into Google Docs, Sheets and Slides. You can now see and hear your team as you collaborate in real time without the need to schedule meetings. Google Meet can now live stream to up to 100,000 people who can also participate in Q&A and polls. We also launched the next wave of innovation in Google Docs with smart canvas, including auto-generated summaries and pageless format in Docs, smart chips and automating workflow using Gmail. Smart canvas has seen very rapid uptake with more than 6 million checklist and 6 million smart chips being added to documents each week. These innovations are helping employees adapt to hybrid work at large enterprises like Equifax and Ocean Network Express, digital natives including Flipkart and organizations like the University of Alberta.

最後，我們繼續推進 Google Workspace。為了支援混合工作，我們最近推出了新的協作功能，包括將 Google Meet 直接引入 Google Docs、Sheets 和 Slides。現在，您可以在即時協作時看到和聽到您的團隊，而無需安排會議。 Google Meet 現在可以向多達 100,000 人進行直播，他們還可以參與問答和投票。我們也透過智慧畫佈在 Google Docs 推出了下一波創新，包括 Docs 中的自動生成摘要和無頁格式、智慧晶片和使用 Gmail 自動化工作流程。智慧畫布的普及速度非常快，每周有超過 600 萬份清單和 600 萬個智慧晶片被添加到文件中。這些創新正在幫助員工適應 Equifax 和 Ocean Network Express 等大型企業、Flipkart 等數位原生世代以及阿爾伯塔大學等組織的混合工作。

Finally, our Other Bets. This month, Waymo became the first company to run fully autonomous ride-hailing operations in multiple locations simultaneously. Today, employees can take rider-only trips in San Francisco, joining the growing number of public Waymo One riders in Phoenix.

最後，我們的其他賭注。本月，Waymo 成為第一家在多個地點同時進行全自動叫車業務的公司。如今，員工可以在舊金山搭乘專車出行，加入鳳凰城日益增加的 Waymo One 公共乘客群。

Wing launched its on-demand drone deliveries in the Dallas-Fort Worth area. In the first quarter of 2022, Wing completed over 50,000 commercial deliveries. That's up more than 3x year-over-year.

Wing 在達拉斯-沃斯堡地區推出了按需無人機送貨服務。 2022年第一季度，Wing完成超過50,000次商業交付。與去年同期相比，成長了 3 倍多。

As you know, sustainability continues to be a big focus for us. In addition to our own ambitious goals to operate on 24/7 carbon-free energy by 2030, we recently joined Frontier, a new coalition with Stripe and many others, jointly committing more than $900 million to accelerate carbon removal solutions.

如您所知，永續性仍然是我們關注的重點。除了我們自己在 2030 年實現全天候無碳能源運營的宏偉目標之外，我們最近還加入了 Frontier，這是與 Stripe 和其他許多公司組成的新聯盟，共同承諾投入超過 9 億美元來加速碳去除解決方案。

Before I close, we remain deeply concerned about the war in Ukraine and the humanitarian crisis unfolding in the region. While I was in Warsaw, Poland last month, I met with many leaders across Central and Eastern Europe to reaffirm our commitment to the region. We are finding ways for our products and platforms to be helpful, including enhanced features on Search to help refugees find resources. Across all these efforts, I feel inspired by the ways that our teams at Google work to help people in moments big and small.

最後，我想說的是，我們仍然對烏克蘭戰爭和該地區正在發生的人道危機深感擔憂。上個月我在波蘭華沙會見了中歐和東歐的許多領導人，並重申了我們對該地區的承諾。我們正在尋找讓我們的產品和平台更加有用的方法，包括增強搜尋功能以幫助難民找到資源。在所有這些努力中，我對 Google 團隊在各種大小時刻幫助人們的方式感到鼓舞。

With that, let me thank Googlers everywhere for their contributions this quarter. Over to you, Philipp.

最後，我要感謝所有 Google 員工在本季所做的貢獻。交給你了，菲利普。

Thanks, Sundar, and hi, everyone. As always, it's great to be with you all. I want to start by echoing Sundar. The war in Ukraine and the deepening humanitarian crisis across the region is heartbreaking. As with our response during the global pandemic, we remain focused on how we can help, whether it's air raid alerts on Android phones to help Ukranians get to safety, refugee centers live on Maps or new attributes that let hotels share if they're offering free or significantly discounted accommodations for those in need or whether it's helping via Insights, which enabled Ukraine's largest person-to-person marketplace, OLX Ukraine, to pivot its product strategy nearly overnight to help people find essential products and services.

謝謝，Sundar，大家好。一如既往，很高興和大家在一起。首先我想重複 Sundar 的觀點。烏克蘭戰爭和該地區日益加深的人道危機令人心碎。就像我們在全球疫情期間的應對措施一樣，我們仍然專注於如何提供幫助，無論是在 Android 手機上發布空襲警報以幫助烏克蘭人安全撤離，還是在地圖上實時顯示難民中心，還是讓酒店分享是否為有需要的人提供免費或大幅折扣住宿的新屬性，又或者是通過 Insights 提供幫助，這使得烏克蘭的個人幫助找到了最大的個人戰略和市場戰略。

Let's take a quick look at our performance this quarter before we dive into the trends that drove it. In Google Services revenues, we were pleased with the growth in the first quarter, up 20% year-over-year. Retail was again the largest contributor to year-on-year growth of our ads business in Q1, followed by travel.

在深入探討推動本季業績的趨勢之前，讓我們先快速回顧一下本季的表現。在Google服務收入方面，我們對第一季的成長感到滿意，年增了 20%。零售業再次成為我們第一季廣告業務年增的最大貢獻者，其次是旅遊。

Speaking of travel, people are seemingly back on the move, whether they're searching for planes, passports or their next vacation destination. Q1 travel searches were above Q1 '19 prepandemic levels. Query growth in categories like beaches and islands were up 27% versus 2019, while vacation rentals rose 37%. Compared to last year, global searches for passport online jumped 80%, while searches for travel insurance surged 2x. We continue to launch new tools to help travel partners reconnect with customers and to help users find the trusted info they need to plan their next trip.

說到旅行，人們似乎又開始出行了，無論他們是在尋找飛機、護照還是下一個度假目的地。第一季的旅遊搜尋量高於 2019 年第一季疫情前的水準。與 2019 年相比，海灘和島嶼等類別的查詢量增加了 27%，而度假租賃增加了 37%。與去年相比，全球線上護照搜尋量增加了 80%，而旅遊保險搜尋量增加了 2 倍。我們將繼續推出新工具，幫助旅遊合作夥伴與客戶重新建立聯繫，並幫助用戶找到規劃下一次旅行所需的可靠資訊。

In March, free hotel booking links expanded to Search and Maps. Travel partners can extend their reach. Users get a more comprehensive set of options. And earlier this month, we made it possible for hoteliers to easily share their rates and availability directly on Google via Business Profile.

3 月份，免費飯店預訂連結擴展到搜尋和地圖。旅行夥伴可以擴大他們的影響力。用戶將獲得更全面的選擇。本月初，我們讓旅館業者能夠透過商業資料直接在 Google 上輕鬆分享他們的價格和空房情況。

Let's talk Performance Max, our newest AI-powered campaign that allows businesses to harness the best of automation to drive the most optimal performance across all Google Ads inventory. Since launching globally in November, PMax has seen strong customer adoption, particularly among smaller businesses. PMax' simplicity shows how we're moving from a model in which businesses needed to understand the complex language of campaigns, keywords, CPC and so on to a model where we understand the company's goals and actively help them achieve their business objectives.

讓我們來談談 Performance Max，這是我們最新的 AI 驅動廣告系列，它允許企業利用最佳的自動化技術來推動所有 Google Ads 廣告資源以實現最佳效果。 PMax 自 11 月在全球推出以來，已獲得了客戶的廣泛認可，尤其是在小型企業中。 PMax 的簡單性表明了我們如何從企業需要理解廣告活動、關鍵字、每次點擊費用等複雜語言的模式轉變為我們了解公司目標並積極幫助他們實現業務目標的模式。

Take ASSIST CARD, a leading LatAm travel assistance company who first tested PMax to accelerate its recovery in Argentina. Initial test to drive sales yielded a 40% lower cost per acquisition at a 15x higher conversion rate versus other campaigns with the same goals. Early success led ASSIST CARD to rapidly expand PMax to 9 other countries, including Brazil, Spain and the U.S., and significantly increased spend on the new format in 2022.

以拉丁美洲領先的旅遊援助公司 ASSIST CARD 為例，該公司首先測試了 PMax，以加速在阿根廷的復甦。與其他具有相同目標的活動相比，初步的銷售推動測試使每次購買成本降低了 40%，而轉換率卻提高了 15 倍。早期的成功使 ASSIST CARD 迅速將 PMax 擴展到巴西、西班牙和美國等其他 9 個國家，並在 2022 年大幅增加了對新模式的支出。

Moving on to retail, where we had another strong quarter. Consumers are finding a new balance between online and in-person. Google Maps searches for shopping near me were up 100% globally year-over-year. People want to buy from brands that provide a seamless experience wherever and whenever they prefer to shop. For local businesses and big box retailers alike, this remains a big opportunity. Omnichannel is still a winning strategy.

談到零售業，我們又度過了一個強勁的季度。消費者正在尋找線上和線下之間的新平衡。谷歌地圖上「我附近的購物場所」的全球搜尋量年增了 100%。人們希望從能夠隨時隨地提供無縫購物體驗的品牌購買商品。對於本地企業和大型零售商來說，這仍然是一個巨大的機會。全通路仍然是一個成功的策略。

We're also continuing our investments to make shopping on Google as effortless, delightful and as engaging as possible. With rich, more immersive content, including more visual and browsable results for apparel and fashion searches and new advancements like multisearch in Google Search, which launched in beta for shopping queries earlier this month, we're helping people go beyond the search box to search anywhere and any way.

我們也將繼續投資，讓 Google 購物盡可能輕鬆、愉快且引人入勝。憑藉豐富、更具沉浸感的內容，包括服裝和時尚搜尋中更加直觀、更易於瀏覽的結果，以及 Google 搜尋中的多重搜尋等新進展（本月早些時候針對購物查詢推出了測試版），我們正在幫助人們超越搜尋框，在任何地方以任何方式進行搜尋。

Take AR beauty, which is still in its early days, but a great example of the innovative and cool experiences we're building to benefit both users and brands. Shoppers can now virtually discover and try on thousands of products from 90-plus brands, including Maybelline New York, MAC and Charlotte Tilbury as well as from retailers like Ulta Beauty right in Google Search.

以 AR 美妝為例，雖然它仍處於早期階段，但它是我們為使用戶和品牌受益而構建的創新而酷炫體驗的一個很好的例子。購物者現在可以透過 Google 搜尋虛擬發現並試用來自 90 多個品牌（​​包括美寶蓮紐約、MAC 和 Charlotte Tilbury）以及 Ulta Beauty 等零售商的數千種產品。

Let's move on to YouTube. Our brand business had a strong quarter. However, we did see more modest growth in direct response. For brand, we're enthusiastic about what's ahead for connected TV. Brands are turning to us to tap into the shift to streaming and reach new audiences in smarter and more efficient ways. Over 135 million people in the U.S. were reached via YouTube on connected TVs in December. We've recently rolled out new tools to help advertisers consistently plan and measure their CTV spend across platforms. And later this year, in partnership with Nielsen, we'll help brands directly compare their YouTube reach to linear TV, including the ability to measure co-viewing. This apples-to-apples comparison will be a game changer in helping advertisers make smarter investment decisions.

讓我們繼續討論 YouTube。本季我們的品牌業務表現強勁。然而，我們確實看到直接反應的成長較為溫和。對於品牌而言，我們對連網電視的未來充滿熱情。 各大品牌紛紛向我們尋求協助，希望能利用串流媒體的轉變，以更智慧、更有效率的方式接觸新的受眾。 12 月份，美國有超過 1.35 億人透過連網電視觀看了 YouTube。我們最近推出了新工具，幫助廣告主一致地規劃和衡量他們在各個平台上的 CTV 支出。今年晚些時候，我們將與尼爾森合作，幫助各大品牌直接比較其 YouTube 覆蓋範圍與線性電視的覆蓋範圍，包括衡量共同觀看的能力。這種同類比較將徹底改變遊戲規則，幫助廣告商做出更明智的投資決策。

According to Nielsen, in the U.S., YouTube accounts for over 50% of ad-supported streaming watch time on connected TVs among people ages 18 and up. And over 35% of viewers in this group can't be reached by any other ad-supported streaming service. In other words, we're seeing that when users choose to watch ad-supported CTV, they choose to watch YouTube, and YouTube delivers CTV audiences that advertisers can reach anywhere else. Brands are taking notice, like Warner Bros., who leaned to YouTube to help drive awareness among key audiences for The Batman. By using a combination of best-performing video creative, connected TV media and video ad sequencing, Warner Bros. expanded its target audience in the 2 weeks leading up to its release, helping contribute to its successful $134 million opening weekend.

據尼爾森稱，在美國，YouTube 佔了 18 歲及以上人群透過連網電視觀看廣告支援串流節目時間的 50% 以上。而該群體中超過 35% 的觀眾無法透過任何其他廣告支援的串流服務觀看。換句話說，我們發現，當用戶選擇觀看廣告支援的 CTV 時，他們選擇觀看 YouTube，而 YouTube 提供的 CTV 觀眾可以讓廣告主在其他任何地方接觸到。一些品牌也開始注意到這一點，例如華納兄弟就利用 YouTube 來幫助提升《蝙蝠俠》在主要觀眾群中的知名度。透過結合使用效果最佳的影片創意、連網電視媒體和影片廣告排序，華納兄弟在影片上映前的兩週內擴大了目標受眾，為其首映週末 1.34 億美元的票房成功做出了貢獻。

For direct response, we continue to believe there's great opportunity to address commercial intent on YouTube between video action campaigns, app campaigns, product feeds and new live commerce features.

對於直接反應，我們仍然相信，在視訊行動活動、應用活動、產品資訊流和新的即時商務功能之間，YouTube 上存在著巨大的商業意圖解決機會。

As Sundar mentioned, Shorts is another area we're really excited about. Engagement is strong, and we're focused on delivering great experiences for users, creators and advertisers. In fact, we're testing ads on Shorts with products like app install and video action campaigns. And while it's still early days, we're encouraged by initial advertiser feedback and results, which brings me to our partners and how we're closely collaborating with them to grow and evolve healthier, sustainable ecosystems and bring them the best of Google. We continue to focus on accelerating growth in India's digital ecosystem and are excited about our expanding partnerships with a number of partners in the region.

正如 Sundar 所提到的，Shorts 是另一個讓我們非常興奮的領域。參與度很高，我們專注於為用戶、創作者和廣告商提供出色的體驗。事實上，我們正​​在 Shorts 上測試應用程式安裝和視訊行動廣告等產品。雖然現在還處於早期階段，但初步的廣告客戶反饋和結果令我們感到鼓舞，這讓我想到了我們的合作夥伴，以及我們如何與他們密切合作，發展和演變更健康、可持續的生態系統，並為他們帶來谷歌的最佳產品。我們繼續致力於加速印度數位生態系統的成長，並對與該地區眾多合作夥伴不斷擴大的合作夥伴關係感到興奮。

Then Sundar mentioned Sony's Crunchyroll. Beyond Cloud, we're working across Android, Google Play, Google TV and more to help Sony and Crunchyroll acquire and retain more users and fans and strengthen its leadership in the direct-to-consumer anime streaming market.

然後 Sundar 提到了索尼的 Crunchyroll。除了雲端之外，我們還在 Android、Google Play、Google TV 等平台上開展合作，幫助索尼和 Crunchyroll 獲得並留住更多用戶和粉絲，並加強其在直接面向消費者的動漫串流媒體市場的領導地位。

As always, I want to extend deep appreciation to our customers and partners for their collaboration and trust and to our product, engineering, partnership, sales and many support teams. Thank you. Your relentless focus on helping our users, customers and partners makes our success possible. Now over to Ruth.

像往常一樣，我要向我們的客戶和合作夥伴的合作和信任以及我們的產品、工程、合作、銷售和許多支援團隊表示深深的感謝。謝謝。您堅持不懈地致力於幫助我們的用戶、客戶和合作夥伴，這使我們的成功成為可能。現在輪到露絲了。

Thank you, Philipp. We had a strong first quarter with revenue growth led again by Search and Cloud. My comments will be on year-over-year comparisons for the first quarter, unless I state otherwise. I will start with results at the Alphabet level, followed by segment results and conclude with our outlook.

謝謝你，菲利普。我們第一季表現強勁，營收成長再次由搜尋和雲端運算引領。我的評論將基於第一季的年比數據，除非我另有說明。我將從 Alphabet 級別的結果開始，然後是細分結果，最後是我們的展望。

For the first quarter, our consolidated revenues were $68 billion, up 23% or up 26% in constant currency. Our total cost of revenues was $29.6 billion, up 23%, primarily driven by other cost of revenues, which was $17.6 billion, up 22%. The biggest factors here were costs associated with data centers and other operations, followed by content acquisition costs, primarily driven by costs for subscription content and then costs for YouTube's advertising-supported content.

第一季度，我們的綜合營收為 680 億美元，成長 23%，以固定匯率計算成長 26%。我們的總營收成本為 296 億美元，成長 23%，主要受其他營收成本（176 億美元，成長 22%）推動。這裡最大的因素是與資料中心和其他營運相關的成本，其次是內容獲取成本，主要由訂閱內容成本和 YouTube 廣告支援內容成本驅動。

Operating expenses were $18.3 billion, up 24%. Headcount growth was the primary driver of expense across all 3 categories: research and development, sales and marketing and G&A. Growth in sales and marketing also reflects an increase in advertising and promo expense as we ramped back from the lower levels of spend last year.

營運支出為 183 億美元，成長 24%。員工人數成長是所有三個類別支出的主要驅動力：研發、銷售和行銷以及一般行政費用。銷售和行銷的成長也反映了廣告和促銷費用的增加，因為我們從去年的較低支出水準回落。

Operating income was $20.1 billion, up 22%. And our operating margin was 30%. Other income and expense was a loss of $1.2 billion, which was driven by unrealized losses in the value of investments in equity securities given market volatility. Net income was $16.4 billion.

營業收入為 201 億美元，成長 22%。我們的營業利益率為30%。其他收入和支出損失 12 億美元，因為市場波動導致股權證券投資價值出現未實現損失。淨收入為164億美元。

We again delivered substantial free cash flow with $15.3 billion in the quarter and $69 billion for the trailing 12 months. We ended the quarter with $134 billion in cash and marketable securities. We repurchased a total of 52 billion of our Class A and Class C shares in the last 12 months.

我們再次實現了可觀的自由現金流，本季達到 153 億美元，過去 12 個月達到 690 億美元。本季結束時，我們擁有 1,340 億美元的現金和有價證券。過去 12 個月，我們共回購了 520 億股 A 類和 C 類股票。

Let me now turn to our segment financial results, starting with our Google Services segment. Total Google Services revenues were $61.5 billion, up 20%. Google Search and other advertising revenues of $39.6 billion in the quarter were up 24%, led again by retail, followed by continued recovery in travel. YouTube advertising revenues of $6.9 billion were up 14%, reflecting ongoing strong growth in brand and more modest growth in direct response. The deceleration in the year-on-year growth rate primarily reflects lapping of the exceptional performance of direct response that we called out in the first quarter of 2021.

現在讓我來談談我們各部門的財務業績，首先從Google服務部門開始。谷歌服務總收入為 615 億美元，成長 20%。本季Google搜尋和其他廣告收入為 396 億美元，成長 24%，其中零售業再次領漲，其次是旅遊業的持續復甦。 YouTube 廣告收入成長 14%，達到 69 億美元，反映出品牌持續強勁成長，而直接反應則略有成長。同比成長率的放緩主要反映了我們在 2021 年第一季所呼籲的直接回應的出色表現的抵消。

Network advertising revenues of $8.2 billion were up 20%, driven by AdSense and AdMob. Other revenues were $6.8 billion, up 5%. The growth rate reflects substantial growth in YouTube nonadvertising revenues driven by subscriber growth in YouTube Music and Premium and YouTube TV, which were largely offset by a year-on-year decline in Play revenues, primarily as a result of the pricing changes that we've discussed with you previously.

在 AdSense 和 AdMob 的推動下，網路廣告營收成長 20%，達到 82 億美元。其他收入為 68 億美元，成長 5%。這一成長率反映了 YouTube 非廣告收入的大幅成長，這得益於 YouTube Music 和 Premium 以及 YouTube TV 的用戶成長，但這在很大程度上被 Play 收入的同比下降所抵消，這主要是由於我們之前與您討論過的價格變化造成的。

In terms of costs within Google Services, TAC was $12 billion, up 23%. Google Services operating income was $22.9 billion, up 17%. And the operating margin was 37%.

就Google服務內部成本而言，TAC 為 120 億美元，成長 23%。谷歌服務營運收入為229億美元，成長17%。營業利益率為37%。

Turning to the Google Cloud segment. Revenues were $5.8 billion for the first quarter, up 44%. GCP's revenue growth was again greater than Cloud's, reflecting significant growth in both infrastructure and platform services. Strong revenue growth in Google Workspace was driven by solid growth in both seats and average revenue per seat. Google Cloud had an operating loss of $931 million.

轉向 Google Cloud 部分。第一季營收為 58 億美元，成長 44%。 GCP 的營收成長再次高於雲端運算，反映出基礎設施和平台服務的顯著成長。 Google Workspace 的強勁收入成長得益於席位數和每席位平均收入的穩健成長。谷歌雲端營運虧損 9.31 億美元。

As to our Other Bets for the first quarter, revenues were $440 million, and the operating loss was $1.2 billion.

至於我們第一季的其他業務，營收為 4.4 億美元，營運虧損為 12 億美元。

Let me close with some comments on our outlook. We're pleased with our strong results in the first quarter, which reflect the benefit of investments we've made over many years. We remain committed to investing to continue to build helpful technologies in support of long-term growth notwithstanding the uncertainty in the global outlook. The most visible reflection of our focus on long-term performance is our continued investment in talent and compute capacity across the company.

最後，請容許我對我們的展望發表一些評論。我們對第一季的強勁業績感到滿意，這反映了我們多年來投資的成果。儘管全球前景不確定，我們仍致力於投資，持續打造有助於支持長期成長的技術。我們對長期績效關注的最明顯體現就是我們對整個公司的人才和運算能力的持續投資。

In terms of outlook by segment for Google Services, the revenue growth rates we delivered in 2021 in our advertising businesses benefited from lapping the COVID-related weakness in 2020. Obviously, we will not have that tailwind for the rest of this year. As discussed in prior calls, the largest impact from COVID on our results was in the second quarter of 2020, which means that in the second quarter of 2022, we will face a particularly tough comp as we lap the recovery we had in the second quarter of 2021. Additionally, the second quarter results will continue to reflect that we suspended the vast majority of our commercial activities in Russia.

就Google服務各部門的前景而言，我們 2021 年廣告業務的營收成長率得益於彌補了 2020 年新冠疫情相關的疲軟影響。顯然，今年剩餘時間我們不會再有這樣的順風。正如之前的電話會議中所討論的，COVID 對我們業績的最大影響是在 2020 年第二季度，這意味著在 2022 年第二季度，我們將面臨特別艱難的競爭，因為我們將重蹈 2021 年第二季度的覆轍。此外，第二季的業績將繼續反映出我們暫停了在俄羅斯的絕大多數商業活動。

Within other revenues, in the first quarter, the substantial growth in YouTube subscription revenues was offset by a decline in Play revenues versus the first quarter last year due to the fee changes we previously announced. These fee changes will continue to affect our results throughout 2022 until we lap the introduction of the changes.

在其他收入中，第一季度，YouTube 訂閱收入的大幅增長被 Play 收入與去年第一季相比的下降所抵消，原因是我們之前宣布的費用變化。這些費用變化將持續影響我們整個 2022 年的業績，直到我們完成這些變化的實施。

Turning to Google Cloud. Cloud's performance in the first quarter reflects growing deal volume and strength across multiple industries and regions. Customers are increasingly choosing Google Cloud to help them digitally transform their businesses using our global infrastructure offerings, our data analytics and AI capabilities and the collaboration benefits of Workspace. We continue to invest aggressively in Cloud given the sizable market opportunity we see.

轉向 Google Cloud。雲端運算第一季的表現反映了多個行業和地區的交易量和實力的成長。越來越多的客戶選擇 Google Cloud，利用我們的全球基礎設施產品、數據分析和 AI 功能以及 Workspace 的協作優勢，幫助他們實現業務的數位轉型。鑑於我們看到的巨大市場機遇，我們將繼續積極投資雲端運算。

At the Alphabet level, reported revenues in the first quarter reflect that the U.S. dollar strengthened versus last year, with a 3-point headwind in Q1 compared with a 2-point tailwind in the first quarter of 2021. In the second quarter, the impact from foreign exchange rates will have an even greater impact on year-over-year comparisons given both the larger tailwind last year and the increase we expect in the headwind in Q2 versus Q1 based on current spot rates.

在 Alphabet 層面，第一季報告的收入反映出美元較去年走強，第一季美元逆風 3 個百分點，而 2021 年第一季美元順風 2 個百分點。在第二季度，考慮到去年美元順風較大，以及我們根據當前現貨匯率預計第二季度美元逆風將較第一季增加，外匯匯率的影響將對同比產生更大的影響。

With respect to Alphabet headcount, we added 7,400 people in the first quarter, and the majority of hires were for technical roles. The biggest increases in headcount this quarter across product areas were again in Cloud for both technical and sales roles.

就 Alphabet 員工人數而言，我們在第一季增加了 7,400 名員工，其中大部分是技術人員。本季各產品領域員工人數增幅最大的仍是雲端運算領域的技術和銷售職位。

Turning to CapEx. The investment in the first quarter reflects the timing of closing for several large acquisitions of office facilities, which converged in the first quarter. More specifically, of the total, nearly 4 billion covers the purchases in New York, London and Poland that we had mentioned previously. We continue to expect a meaningful increase in CapEx in 2022 versus last year. For the balance of 2022, the increase will be particularly reflected in investments in technical infrastructure globally with servers as the largest component.

轉向資本支出。第一季的投資反映了幾項大型辦公設施收購的完成時間，這些收購都在第一季完成。更具體地說，總額中近 40 億美元用於我們之前提到的紐約、倫敦和波蘭的購買。我們仍預期 2022 年的資本支出將比去年大幅增加。就2022年的剩餘時間而言，這一成長將特別體現在全球技術基礎設施的投資上，其中伺服器是最大的組成部分。

As stated in our press release today, our Board has authorized the repurchase of up to an additional $70 billion of our Class A and Class C shares in a manner that's in the best interest of the company and its stockholders.

正如我們今天的新聞稿中所述，我們的董事會已授權以符合公司及其股東最佳利益的方式回購最多 700 億美元的 A 類和 C 類股票。

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

謝謝。現在，Sundar、Philipp 和我將回答大家的提問。

(Operator Instructions) And our first question comes from Brian Nowak from Morgan Stanley.

（操作員指示）我們的第一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one, Ruth, wondering, could you talk to us at all about sort of the shape of the ad business growth throughout the first quarter, understanding there's some uncertainty around Ukraine, et cetera? And then what have you seen sort of quarter-to-date in the overall Search business from a growth perspective?

我有 2 個問題。第一個問題，露絲，您能否跟我們談談第一季廣告業務成長的情況，了解烏克蘭周圍的一些不確定性等等？那麼從成長角度來看，您對本季迄今的整體搜尋業務有何看法？

And then the second one for Philipp. Appreciate all the color on Performance Max. Can you just talk to us a little bit about -- strategically about how long we should think about it takes to drive broader adoption of these type of tools with your sales forces at months, quarters, years? Where are you in SMB adoption? How long do you think it takes to get broader and maybe full adoption of a product like that?

接下來是菲利普的第二個。欣賞 Performance Max 上的所有顏色。您能否從策略角度向我們簡單介紹一下，我們應該考慮需要多長時間才能推動您的銷售團隊在幾個月、幾個季度或幾年內更廣泛地採用這類工具？您在 SMB 採用方面處於什麼位置？您認為需要多長時間才能讓這樣的產品得到更廣泛甚至全面的採用？

Thanks, Brian. So in terms of the ad business, I would say, as I did in the opening comments, we were very pleased with the year-on-year Search revenue growth in the first quarter, up 24%. And it really reflected the strength that we've seen in retail, as Philipp and I commented on.

謝謝，布萊恩。因此，就廣告業務而言，我想說，正如我在開場白中所說的那樣，我們對第一季度搜尋收入同比增長 24% 感到非常滿意。正如菲利普和我所評論的那樣，它確實反映了我們在零售業中看到的實力。

I would say -- as you're asking how are we looking forward, I would say the revenue growth rates that we delivered in 2021 in Search and across our advertising businesses more generally, as I said in the opening comments, did benefit from lapping the COVID-related weakness in 2020. So I think one key point is that we're not going to have that tailwind for the rest of this year. And as I noted, one of the key areas to focus is Q2 of 2020. That was where we had the largest impact from COVID. So that means in the second quarter of 2022, we're going to face a tough comp, as I said.

我想說——既然你問我們對未來有何展望，我想說的是，正如我在開場白中所說，我們在 2021 年搜索業務以及更廣泛的廣告業務中實現的收入增長率確實受益於彌補 2020 年與新冠疫情相關的疲軟。所以我認為一個關鍵點是，我們在今年剩餘時間內不會再有這種順風。正如我所指出的，需要關注的重點領域之一是 2020 年第二季。這是受 COVID 影響最大的季度。所以這意味著在 2022 年第二季度，我們將面臨嚴峻的競爭，正如我所說的。

I would say, in addition, the second quarter results are going to continue to reflect that we suspended the vast majority of our commercial activities in Russia. And then I noted the impact of foreign exchange. So as we're looking at it generally, we feel good about what we're doing in the business, a couple of key points that I called out there.

此外，我想說，第二季的業績將繼續反映出我們暫停了在俄羅斯的絕大多數商業活動。然後我注意到外匯的影響。因此，從總體上看，我們對自己在業務中所做的事情感到滿意，我在此指出了幾個關鍵點。

And to your question on Performance Max, which we covered last quarter as well, maybe just a quick recap. It really brings together the best of Google's automation to help advertisers maximize their reach and efficiency across our channels. Using the same input, we can now serve campaigns on multiple inventory formats, expanding an advertisers' reach with the same effort.

關於您提出的關於 Performance Max 的問題，我們上個季度也討論過，也許只是簡單回顧一下。它真正匯集了 Google 自動化的最佳功能，幫助廣告主在我們的管道上最大限度地提高覆蓋率和效率。使用相同的輸入，我們現在可以在多種庫存格式上投放廣告活動，以相同的努力擴大廣告商的覆蓋範圍。

And by the way, just today, we announced new features for Performance Max, including new customer acquisition goals, new campaign level insights. More details about the one-click upgrade tool for Smart Shopping and Local campaigns. So we're very, very committed to helping Performance Max deliver for our advertisers and have been very open to advertiser feedback how we can do this.

順便說一句，就在今天，我們宣布了 Performance Max 的新功能，包括新的客戶獲取目標、新的廣告系列層級洞察。有關智慧購物和本地廣告系列的一鍵升級工具的更多詳細資訊。因此，我們非常致力於幫助 Performance Max 為我們的廣告客戶提供服務，並且非常樂意聽取廣告客戶的回饋，以了解如何做到這一點。

And specifically on your time axis, I don't think there is a material difference to the time axis that we've looked at in previous rollouts. As always, focused on generating the maximum value and performance for our advertising partners.

特別是在您的時間軸上，我認為與我們在之前的發布中看到的時間軸沒有實質性的差異。一如既往，專注於為我們的廣告合作夥伴創造最大的價值和績效。

And our next question comes from Eric Sheridan from Goldman Sachs.

下一個問題來自高盛的 Eric Sheridan。

Maybe one follow-up to Brian's question. Other industry players have called out pockets of weakness in brand advertising globally in the quarter that you just reported. Did you see any of that from a volatility standpoint, especially around maybe the war in Ukraine for a period of time in March? And then sticking with all the commentary you gave on YouTube, how should we be thinking about the strategic goals of driving longer engagement and user growth and monetization for you to begin some of the initiatives you called out versus how to think about the performance of the business as we go through '22, short-form video versus long-form video or maybe mix of direct response versus brand advertising?

也許可以對 Brian 的問題進行一次跟進。其他行業參與者指出，在您剛剛報導的這個季度，全球品牌廣告出現了一些疲軟跡象。您是否從波動性的角度看到了這些，尤其是 3 月烏克蘭戰爭期間的某些時期？然後堅持您在 YouTube 上發表的所有評論，我們應該如何思考推動更長時間的參與度、用戶增長和貨幣化的戰略目標，以便您開始實施您所呼籲的一些舉措，而不是如何思考我們在 22 年的業務表現，短視頻與長視頻，或者可能是直接反應與品牌廣告的混合？

Great. So I'll start on the first question and revenue impact. I think you are asking from the war and anything else that was relevant there. I would say the most important, as both Sundar and Philipp said, is what a tragic humanitarian crisis this is. And across Google, we're doing a lot to provide support.

偉大的。因此，我將從第一個問題和收入影響開始。我認為您問的是戰爭以及與戰爭相關的其他事情。我想說，正如桑達爾和菲利普所說，最重要的是這是一場多麼悲慘的人道危機。在整個 Google 系統中，我們做了很多工作來提供支援。

In terms of revenues, the most direct impact is the fact that we suspended the vast majority of our commercial activities in Russia, as we announced in early March. And to your question, about 1% of Google revenues were from Russia in 2021, and that was primarily from advertising.

就收入而言，最直接的影響是我們暫停了在俄羅斯的絕大多數商業活動，正如我們在3月初所宣布的那樣。關於您的問題，2021 年谷歌約 1% 的收入來自俄羅斯，而且主要來自廣告。

In addition, from the outset of the war, there was a pullback in advertiser spend, particularly on YouTube in Europe. So a couple of impacts from the war.

此外，從戰爭一開始，廣告商的支出就有所減少，尤其是在歐洲的 YouTube 上。戰爭帶來了一些影響。

And I guess over to Philipp with respect to YouTube and trends there.

我想菲利普對 YouTube 和那裡的趨勢有何看法。

So maybe to dig a little deeper into the part of your questions around Shorts. Shorts went global, rolled out to over 100 countries, and as Sundar mentioned, now has 30 billion daily views, which is 4x higher than a year ago. And if we take the creator view, we're taking a fresh look at what it means to monetize Shorts and reward creators for their short-term videos. The first step, I think, is our $100 million YouTube Shorts Fund, which is now available in over 100 countries globally. And over 40% of creators who will receive payment from the Shorts Funds in 2021 weren't in the YouTube Partner Program, just as an interesting number.

因此，也許可以更深入地探討一下您關於 Shorts 的問題部分。 Shorts 走向全球，在 100 多個國家推出，正如 Sundar 所提到的，現在每天的觀看次數已達 300 億次，比一年前增加了 4 倍。如果我們從創作者的角度來看，我們會重新審視將 Shorts 貨幣化以及獎勵創作者製作的短片的意義。我認為第一步是設立 1 億美元的 YouTube Shorts 基金，目前已覆蓋全球 100 多個國家。有趣的是，2021 年將從 Shorts Funds 獲得報酬的創作者中，有超過 40% 並未加入 YouTube 合作夥伴計畫。

And then on the advertiser view side, as I mentioned earlier, we're testing ads on Shorts with products like app install and Video action campaigns and are encouraged by the early results. And so all in all, I think we're deeply committed to supporting the next generation of mobile creators here on YouTube and are very actively working on what monetization could look like in the future.

從廣告商的角度來看，正如我之前提到的，我們正在使用應用程式安裝和影片行動廣告系列等產品在 Shorts 上測試廣告，並對早期結果感到鼓舞。總而言之，我認為我們致力於支持 YouTube 上的下一代行動創作者，並積極致力於未來的貨幣化發展。

And our next question comes from Doug Anmuth from JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

I have 2. First, just on advertising. Just thinking about industry conversations, it seems pretty clear that you were able to capture some dollars that shifted to search from social related to Apple's iOS privacy changes. Just curious if that dynamic continued in 1Q. And then if you can comment at all on just how you think about sustainability of those dollars going forward.

我有 2 個。首先，僅關於廣告。僅考慮行業對話，似乎很明顯，您能夠獲得一些與 Apple iOS 隱私變化相關的從社交轉向搜尋的資金。只是好奇這種動態是否會在第一季繼續下去。然後，如果您可以評論您如何看待這些資金未來的可持續性。

And then, Ruth, in terms of spending and on the margin side, operating margins continue to be strong at 30% even with the greater headcount of the past couple of quarters. Just hoping you could elaborate a little bit on what you mean by considered investments and in what areas are you able to offset and gain more efficiencies in the business.

然後，露絲，就支出和利潤率而言，即使過去幾個季度員工人數有所增加，營業利潤率仍然保持 30% 的強勁水平。只是希望您能稍微解釋一下您所說的深思熟慮的投資是什麼意思，以及在哪些領域您可以抵消並提高業務效率。

Thanks for the questions. So with respect to Search and ATT, there's really nothing to highlight. We haven't seen a noticeable shift in spend.

感謝您的提問。因此，就搜尋和 ATT 而言，確實沒有什麼值得強調的。我們尚未看到支出有明顯變化。

And then in terms of overall margins and how we're thinking about investing, what I tried to make clear is we do continue to plan to invest aggressively this year. I made that point in opening comments with respect to both ongoing hiring at a rapid clip as well as ongoing investment in technical infrastructure.

然後就整體利潤率以及我們如何考慮投資而言，我想明確的是，我們確實計劃今年繼續積極投資。我在開場評論中就持續快速的招募以及對技術基礎設施的持續投資提出了這一點。

And I would say in terms of margins, we do remain focused on investing for long-term value creation. And as we noted, last year, in 2021, our margins did benefit from substantial revenue growth, while at the same time, expense growth ramped more gradually during the year. And in certain respects, as we talked about last year, margins benefited from what I described as a bit of a timing difference between revenue growth and expense growth.

我想說，就利潤率而言，我們確實仍然專注於投資長期價值創造。正如我們去年（2021 年）所指出的，我們的利潤率確實受益於大幅的收入成長，而與此同時，年內支出成長則較為緩慢。在某些方面，正如我們去年所討論的，利潤率受益於我所描述的收入成長和支出成長之間的時間差異。

And there were 2 other benefits worth calling out that we talked about last year that affected operating margin. The first was the impact from the change in useful lives that we called out last year, and that benefited the year-on-year growth in expenses last year. And the second was the impact of foreign exchange, which was a tailwind last year, but as I noted, has really flipped to a headwind given the strength of the U.S. dollar. And as a reminder, the impact of foreign exchange is greater on operating income than it is on revenue given our expense base is weighted towards the U.S. with most of our R&D efforts located here in the U.S.

我們去年討論過的另外兩個影響營業利潤率的好處值得一提。第一是我們去年提出使用壽命變化的影響，有利於去年費用的年增率。第二個是外匯的影響，去年外匯是一個順風，但正如我所指出的，鑑於美元的強勢，它實際上已經轉變為逆風。需要提醒的是，由於我們的支出基礎主要集中在美國，且我們大部分的研發工作都在美國，因此外匯對營業收入的影響大於對收入的影響。

So the main thing is, the key point, we are very focused on long-term value creation. And in our view, given the opportunities we see, there are some key investments that we're continuing to make.

因此，最主要的是，關鍵的是，我們非常注重長期價值創造。我們認為，鑑於我們看到的機會，我們將繼續進行一些關鍵投資。

And our next question comes from Justin Post from Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的賈斯汀波斯特。

A couple of things. First on YouTube, quite a ramp in Shorts activity. Has that been a little bit of a headwind for growth as you ramp that up, and we can try to guess on monetization later?

有幾件事。首先在 YouTube 上，Shorts 活動大幅增加。當您加強發展時，這是否會對成長造成一點阻力，我們可以稍後嘗試猜測貨幣化情況嗎？

And then secondly, when you think about regulation in Europe, there's a lot of headlines about the Digital Market Act and other things. How do you think about the regulatory environment and the evolution over the next couple of years?

其次，當你考慮歐洲的監管時，會有很多關於《數位市場法案》和其他內容的頭條新聞。您如何看待未來幾年的監管環境及其發展？

Thanks for the questions. So in terms of YouTube, I think there are a couple of questions in your question. In terms of the deceleration in the year-on-year revenue growth rate relative to the first quarter, the largest factor was lapping an exceptionally strong quarter in direct response, as we noted last year.

感謝您的提問。因此，就 YouTube 而言，我認為您的問題中有幾個問題。就營收年增率相對於第一季的放緩而言，最大的因素是直接反應異常強勁的一個季度，正如我們去年指出的那樣。

In addition to that direct response lapping, there were a couple of other items worth noting. First, as I've already mentioned, the war that did have an outsized impact on YouTube ads relative to the rest of Google. And that was both from suspending the vast majority of our commercial activities in Russia as well as, as I noted earlier, the related reduction in spend primarily by brand advertisers in Europe.

除了直接響應研磨之外，還有其他幾點值得注意。首先，正如我已經提到的，這場戰爭對 YouTube 廣告的影響確實比對Google其他業務的影響更大。這既包括暫停我們在俄羅斯的絕大多數商業活動，也包括如我之前提到的，主要在歐洲的品牌廣告商相應減少支出。

Then in addition, as we mentioned on the third quarter earnings call, we continue to experience a headwind from ATT primarily in direct response. And the dollar impact from ATT has been consistent since it was implemented in April of last year. And then there's the FX headwind I've already commented on.

此外，正如我們在第三季財報電話會議上提到的那樣，我們繼續面臨來自 ATT 的阻力，主要是直接回應。自去年 4 月實施以來，ATT 對美元的影響一直保持一致。然後就是我已經評論過的外匯逆風。

I would say to the other part of your question, we're experiencing a slight headwind to revenue growth as Shorts viewership grows as a percentage of total YouTube time. We are testing monetization on Shorts, and early advertiser feedback and results are encouraging. And the team is focused on closing the gap with traditional YouTube ads over time. So we're excited about the new opportunities with Shorts, but a slight headwind.

我想回答你問題的另一部分，隨著 Shorts 觀看人數佔 YouTube 總觀看時間的比例不斷增長，我們的收入增長遇到了輕微的阻力。我們正在測試 Shorts 上的獲利能力，早期廣告商的回饋和結果令人鼓舞。該團隊致力於逐步縮小與傳統 YouTube 廣告的差距。因此，我們對 Shorts 帶來的新機會感到興奮，但也遇到了一些阻力。

On the second part of the question about DMA and -- regulation. Look, we support a number of DMA's goals, including expanded consumer choice, interoperability. Obviously, the implementation deals will be important, and we are still -- it's too early to tell, but we'll be working as we have done over the past many years. We'll be engaging constructively, including regulatory dialogue, to understand and make progress.

關於 DMA 和監管問題的第二部分。你看，我們支持 DMA 的許多目標，包括擴大消費者選擇、互通性。顯然，實施協議非常重要，我們仍然——現在說還為時過早，但我們會像過去幾年一樣努力。我們將進行建設性參與，包括監管對話，以了解情況並取得進展。

And our next question comes from Mark Mahaney from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Mark Mahaney。

Okay. I'll stick, please, with YouTube questions. That kind of brand softness in Western Europe, Ruth, does that look like that has already abated? Or does that look like that's continuing? And if you step back and just look at overall YouTube usage -- and I know you mentioned some numbers in the prepared comments. Just given the much broader array now, I think, of content options, including in short-form video and long-form video, are you seeing the overall growth -- any impact on the overall growth in YouTube users or in engagement per YouTube user?

好的。請繼續回答 YouTube 問題。露絲，西歐的這種品牌疲軟現像看起來已經消退了嗎？還是看起來這種情況還在繼續？如果你退一步看看 YouTube 的整體使用情況——我知道你在準備好的評論中提到了一些數字。鑑於現在內容選項的範圍更加廣泛，我認為，包括短視頻和長視頻，您是否看到了整體增長——這對 YouTube 用戶的整體增長或每個 YouTube 用戶的參與度有任何影響嗎？

So in terms of the first question, impact from the war, I think it's too early to comment. Tragically, it is still ongoing. So too early to comment there.

因此，關於第一個問題，戰爭的影響，我認為現在評論還為時過早。可悲的是，這種現象仍在持續。現在評論還為時過早。

And then overall, in terms of YouTube and engagement, I noted on both YouTube's advertising business as well as the subscription businesses, the performance there, I'd say, over the past few years, we've seen significant investment in online video. There's been a ton of innovation. We think innovation is positive. Broadly, we continue to benefit from the fact that there are 2 billion logged-in viewers who visit YouTube every single month. And people are creating comment -- content on YouTube at a very active rate. We're really pleased with what we see there, and our team does remain focused on innovating and helping creators grow.

總體而言，就 YouTube 和參與度而言，我注意到 YouTube 的廣告業務和訂閱業務的表現，我想說，在過去幾年中，我們看到了對線上影片的大量投資。已經出現了大量的創新。我們認為創新是積極的。總體而言，我們繼續受益於每月有 20 億登入觀眾造訪 YouTube 的事實。人們在 YouTube 上創建評論內容的頻率非常高。我們對所看到的結果感到非常滿意，我們的團隊確實繼續專注於創新和幫助創作者成長。

As Sundar said, Shorts now has 30 billion daily views. That's 4x higher than a year ago. And I think that really goes to your question about the level of activity that we're seeing.

正如 Sundar 所說，Shorts 目前每日的觀看次數已達 300 億次。比一年前高出 4 倍。我認為這確實回答了你關於我們看到的活動水平的問題。

And our next question comes from Michael Nathanson from MoffettNathanson.

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

I have one on YouTube, of course, and then one for Ruth. On YouTube, I think what we're hearing is that there's emerging concern that TikTok is a competitor to YouTube's mobile position. And I know you called out the strength of Shorts, but can you talk big picture if you're seeing any meaningful shift in consumer demand to the mobile YouTube product? And any type of advertising maybe shift on mobile because of TikTok?

當然，我在 YouTube 上有一個，然後給露絲也有一個。在 YouTube 上，我認為我們聽到的是，人們開始擔心 TikTok 會成為 YouTube 行動地位的競爭對手。我知道您強調了 Shorts 的優勢，但您能否從總體上談談您是否看到消費者對行動 YouTube 產品的需求發生了重大轉變？由於 TikTok，任何類型的廣告都可能轉移到行動裝置上嗎？

And then to Ruth, it's an odd quarter because if you look at APAC, the APAC region underperformed EMEA, which had Russia and Ukraine in there. Is there anything you want to call out about Asia Pacific this quarter, why it could have been softer? Or any other product that may have led to a bit of a slower quarter for APAC?

然後對露絲來說，這是一個奇怪的季度，因為如果你看看亞太地區，亞太地區的表現不如包括俄羅斯和烏克蘭在內的歐洲、中東和非洲地區。您想對本季亞太地區的情況提出什麼意見嗎？為什麼該地區的經濟成長可能會比較疲軟？或者有其他產品可能導致亞太地區本季的銷售放緩嗎？

Look, maybe I'll start on the first part of your question. It's very similar to what Ruth said before. I mean we've seen significant investment in online video, and there's been a ton of innovation. But there are 2 billion plus logged-in viewers who visit YouTube every single month, and more people are creating content on YouTube than we've ever seen before. And the team remains very focused on trying to help creators grow, trying to innovate.

瞧，也許我會從你的問題的第一部分開始。這和露絲之前說的很相似。我的意思是，我們看到線上影片領域獲得了大量投資，並且出現了大量的創新。但每月有超過 20 億登入觀眾造訪 YouTube，而且在 YouTube 上創作內容的人數比我們以前見過的任何時候都要多。團隊始終致力於幫助創作者成長、努力創新。

And just to give you a number, 2021, the number of YouTube channels that had made at least $10,000 in revenue was up more than 40% year-over-year. And we're heavily investing in Shorts, in the connected TV and shopping. You heard the stats from Sundar on the 30 billion daily views. So we continue to invest and new monetization options for creators beyond ads are a big part of what we're doing. And as I said before, testing ads on Shorts are encouraged by initial results.

舉個數字，到 2021 年，收入至少達到 10,000 美元的 YouTube 頻道數量同比增長了 40％ 以上。我們正在大力投資 Shorts、連網電視和購物。您從 Sundar 聽說了有關每日 300 億次瀏覽量的統計數據。因此，我們將繼續投資，為創作者提供廣告以外的新的獲利選擇是我們工作的重點。正如我之前所說，在 Shorts 上測試廣告的初步結果令人鼓舞。

Yes. In terms of geographic color, just to even broaden out your question a bit more and go through the various regions, so in the U.S., we were pleased with the 27% year-on-year growth. And I think nothing to call out there. In Europe, as you noted in your question, the slightly bigger impact from the war in Ukraine than in other regions, and then the sizable delta between fixed and floating really reflects the meaningful strengthening of the dollar versus the euro.

是的。就地理顏色而言，為了進一步擴大您的問題並涉及各個地區，我們對美國 27% 的同比增長感到滿意。我認為沒有什麼好說的。正如您在問題中提到的，在歐洲，烏克蘭戰爭的影響比其他地區略大，而固定匯率和浮動匯率之間的巨大差異實際上反映了美元兌歐元的顯著走強。

I guess to the heart of your question with respect to APAC, the main thing there is to take you back to a year ago, we were lapping a substantial 39% growth rate in constant currency. And so this really reflects lapping that sizable growth relative to more muted ads performance in APAC this first quarter, and it really takes you just back to last quarter. In other -- Americas, it was much more about the FX headwind more than anything else.

我想，關於您關於亞太地區問題的核心，主要內容是讓您回顧一年前，以固定匯率計算，我們的成長率達到了 39%。因此，這實際上反映了第一季亞太地區廣告表現相對平淡的情況下的大幅成長，並且與上一季的情況類似。在其他地區——美洲，外匯逆風比其他任何事情都更重要。

And our next question comes from Brent Thill from Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

For Sundar, just on Google Cloud, if you could just walk through the next leg of growth, where you're most excited for the rest of '22.

對於 Sundar 來說，僅在 Google Cloud 上，您是否可以簡要介紹下一個成長階段，您對 22 年剩餘時間最感到興奮的地方是什麼。

Thanks. Look, overall across the board, I'm excited because you saw in my earlier remarks there's a lot of product innovation across the key areas, be it data and analytics, cybersecurity, our open multicloud as well as Google Workspace. So when I look at the innovation in the product pipeline and the overall demand we are seeing and how early our journey is, there's definitely a lot to look forward to. Cybersecurity has been a particular focus. We obviously are excited about our acquisition of Mandiant, which I think will help us serve customers deeper as well.

謝謝。總體而言，我感到很興奮，因為您在我之前的評論中看到，在關鍵領域有很多產品創新，無論是資料和分析、網路安全、我們的開放多雲還是 Google Workspace。因此，當我看到產品線的創新和我們看到的整體需求以及我們的旅程還處於早期階段時，肯定有很多值得期待的事情。網路安全一直是人們特別關注的焦點。我們顯然對收購 Mandiant 感到非常興奮，我認為這也將幫助我們更深入地服務客戶。

But overall, the execution has been great. We are scaling up, particularly in our go-to-market as well. And I think that will play out well. And over time, as we focus on converting bookings to consumption as well, I think it will play out well, taking a long-run view and methodically scaling up and executing better. So that's what I'm excited about.

但整體而言，執行效果非常好。我們正在擴大規模，特別是在行銷方面。我認為結果會很好。隨著時間的推移，當我們專注於將預訂轉化為消費時，我認為它將會發揮良好的作用，從長遠來看，有條不紊地擴大規模並更好地執行。這就是我感到興奮的事情。

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

下一個問題來自瑞士信貸的 Stephen Ju。

So Sundar, I think your Search team recently released a block posting, talking about the desire to help your users with their management of money. And I think we talked about some of this last time with the rollout of Tez in India and the evolution to Google Pay, but can you talk about your ambitions to add more utility to the service so that it becomes more, hopefully, indispensable service for your user base and particularly as you hope that this theoretically becomes your next billion user product?

所以 Sundar，我認為您的搜尋團隊最近發布了一個區塊帖子，談論了幫助您的用戶管理資金的願望。我記得上次我們討論過 Tez 在印度的推出以及 Google Pay 的演變，但您能否談談您為這項服務添加更多實用性的願望，以便它成為您用戶群不可或缺的服務，特別是您希望它理論上成為您的下一個十億用戶產品？

Thanks, Stephen. Obviously, we've been focused on making sure payments works well. One, maybe you can step back and think about it as that our payment strategy is very similar to the strategy we have for commerce overall. We want to make all of this work easier, both on the merchant and the financial institution side, and making sure they can connect with the customers well. And you mentioned the work in India that was certainly what really got everything started. We are now -- 150 million people across 40 countries are using Google Pay.

謝謝，史蒂芬。顯然，我們一直致力於確保支付功能良好。首先，也許您可以退一步想一想，我們的支付策略與我們的整體商業策略非常相似。我們希望使所有這些工作變得更容易，無論是對商家還是金融機構而言，並確保他們能夠很好地與客戶聯繫。您提到了印度的工作，這確實是一切的開始。現在，40 個國家的 1.5 億人正在使用 Google Pay。

And your questions about making -- first of all, we're making sure it works across the board, works well, easy to use for all the sites. And then over time, we will innovate and build new digital experiences. Simple examples you saw was we rolled out the ability for users to pay for parking on Google Pay with their voice just using Google Assistant.

關於製作的問題——首先，我們要確保它能夠全面發揮作用，運作良好，並且易於在所有網站上使用。隨著時間的推移，我們將創新並打造新的數位體驗。您看到的簡單範例是，我們推出了一項功能，用戶只需使用 Google Assistant 即可透過語音在 Google Pay 上支付停車費。

So really building for scale, building for simplicity. And then over time, we will layer on additional helpful features. But we are definitely focused on the first part now, making sure it works well for as many users across the world.

因此，真正是為了規模而建設，為了簡單而建設。隨著時間的推移，我們將添加更多有用的功能。但我們現在肯定專注於第一部分，確保它能夠為全世界盡可能多的用戶提供良好的服務。

And our last question comes from the line of Dan Salmon from BMO.

我們的最後一個問題來自 BMO 的 Dan Salmon。

I have 2 questions. First, I'd like to ask about Google Analytics, where there's been a transition ongoing for a year or so now to a new version of the product and where you'll begin sunsetting the older version next year. That's always a really important tool for advertisers and publishers to measure the impact of your advertising. So could you tell us a little bit more about those changes, how they may or may not be related to the deprecation of cookies in Chrome and how you plan to ensure its smooth transition?

我有兩個問題。首先，我想問一下 Google Analytics 的情況，該產品已經進行了大約一年的新版本過渡，並將於明年開始淘汰舊版本。對於廣告商和出版商來說，這始終是一個非常重要的工具，可以衡量廣告的影響力。那麼，您能否向我們詳細介紹這些變化，它們是否與 Chrome 中 Cookie 的棄用有關，以及您計劃如何確保其平穩過渡？

And then second, one last one on YouTube. You mentioned the strong performance in subscriptions, Ruth. Any products that you would highlight that are driving that strength in particular?

其次，最後一個是在 YouTube 上。露絲，您提到了訂閱業務的強勁表現。您能特別指出哪些產品能夠推動這項優勢嗎？

So I can take the one on the Google Analytics side. This is something we've been working on for a very long time. There is no specific relation to what you've mentioned. This is one of the normal upgrades to our products that we're doing on a quite regular basis. We're very excited about it. Advertisers are excited about it. Our partners are happy about it. So this is -- yes, this is a nice one. We like it.

因此我可以選擇 Google Analytics 方面的那個。這是我們長期以來一直致力於的事情。和你提到的沒有具體的關係。這是我們定期對產品進行的正常升級之一。我們對此感到非常興奮。廣告商對此感到興奮。我們的合作夥伴對此感到高興。所以這是——是的，這很好。我們喜歡它。

And then in terms of the YouTube subscription businesses. As I said, they continue to deliver substantial revenue growth, and that was driven by subscriber growth for both YouTube TV as well as YouTube Music and Premium. So pleased with what we're seeing there.

然後就 YouTube 訂閱業務而言。正如我所說，他們的收入繼續大幅增長，這得益於 YouTube TV 以及 YouTube Music 和 Premium 的用戶成長。我們對所見所聞感到非常高興。

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

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

Thanks, everyone, for joining us today. We look forward to speaking with you again on our second quarter 2022 call. Thank you, and have a good evening.

感謝大家今天加入我們。我們期待在 2022 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. This concludes today's conference call. Thank you for participating, and you may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。