Google (GOOG) 2021 Q3 法說會逐字稿

Welcome, everyone, and thank you for standing by for the Alphabet Q3 2021 Earnings Conference Call. (Operator Instructions)

歡迎大家，感謝大家參加 Alphabet 2021 年第三季財報電話會議。 （操作員指示）

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

現在，我想將會議交給今天的發言人、投資者關係總監吉姆‧弗里德蘭 (Jim Friedland)。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alphabet's Third Quarter 2021 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 2021 年第三季財報電話會議。今天和我們在一起的有 Sundar Pichai、Philipp Schindler 和 Ruth Porat。

Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business, operations and financial performance, including the effect of the COVID-19 pandemic on those areas may be considered forward-looking, and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. For more information, please refer to the risk factors discussed in our most recent Forms 10-K and 10-Q 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（包括 COVID-19 疫情對這些領域的影響）所作的一些聲明可能被視為前瞻性的，此類聲明涉及許多風險和不確定性，可能導致實際結果大不相同。欲了解更多信息，請參閱我們最近向美國證券交易委員會提交的 10-K 和 10-Q 表格中討論的風險因素。

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

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. In 2016, I laid out our vision to become an AI-first company. Five years later, this quarter's results show how our investments in AI are building more helpful products for people and for our partners in local communities. Today, I'll begin with new product highlights then I'll cover our Cloud business, followed by YouTube.

謝謝你，吉姆，大家下午好。 2016 年，我提出了成為人工智慧優先公司的願景。五年後，本季的結果表明，我們在人工智慧方面的投資正在為人們和當地社區的合作夥伴打造更多有用的產品。今天，我將首先介紹新產品亮點，然後介紹我們的雲端業務，接著介紹 YouTube。

First, product highlights. Search remains the heart of what we do. We have made remarkable advances over the past 23 years that benefits Search and related products like Google Assistant, which just celebrated 5 years. Earlier this year, we announced that we reached a significant milestone with multitask unified model or MUM for short. MUM is 1,000x more powerful than BERT and can understand information across many contexts, like text and images.

一、產品亮點。搜尋仍然是我們工作的核心。過去 23 年，我們取得了顯著進步，這有利於搜尋和相關產品，例如剛慶祝 5 週年的 Google Assistant。今年早些時候，我們宣布多任務統一模型（簡稱 MUM）達到了一個重要的里程碑。 MUM 比 BERT 強大 1,000 倍，可以理解多種背景下的訊息，例如文字和圖像。

At our Search On event in September, we shared how we are using MUM to improve Google Lens so people can Search using both images and words. We also shared that we are bringing a more visual shopping experience to Search, powered by the Google Shopping graph. It links shoppers with over 24 billion product listings from merchants across the web.

在 9 月的 Search On 活動中，我們分享如何使用 MUM 改進 Google Lens，以便人們可以同時使用圖像和文字進行搜尋。我們也表示，我們將透過 Google Shopping 圖表為搜尋帶來更直覺的購物體驗。它將購物者與來自網路各地商家的超過 240 億種產品清單連結起來。

Google Maps now offers eco-friendly routing. It lets drivers in the U.S. choose a more fuel-efficient route, saving money and reducing emissions. Maps now has a wildfire layer so that people can get up-to-date details and make quick informed decisions during emergencies.

谷歌地圖現在提供環保路線。它讓美國的駕駛者可以選擇更省油的路線，節省金錢並減少排放。地圖現在有一個野火層，以便人們可以獲得最新的詳細資訊並在緊急情況下做出快速明智的決定。

Finally, in Search and our Discover feed, we are continuing to support the News ecosystem and make quality journalism more accessible. Philipp will give a bit more detail about our News showcase partnerships.

最後，在搜尋和發現提要中，我們將繼續支持新聞生態系統，並使優質新聞更容易獲得。 Philipp 將詳細介紹我們的新聞展示合作關係。

Turning next to Hardware. I hope you saw our fall Pixel event last week. I'm very excited about the range of Pixel phones available this holiday season. The new Pixel 6 and 6 Pro bring together the best of Google AI, software and hardware, with the most advanced and inclusive cameras we've ever built.

接下來轉向硬體。我希望您看到了我們上週的秋季 Pixel 活動。我對今年假期發售的 Pixel 手機系列感到非常興奮。新款 Pixel 6 和 6 Pro 融合了 Google AI、軟體和硬體的最佳功能，以及我們迄今為止打造的最先進、功能最全面的相機。

They're beautiful, fast and powered by Google Tensor, a first-ever system-on-a-chip. It's specifically built to support Google AI and machine learning on device, and provides a long-term foundation for our Pixel devices. We also introduced our new Nest Renew program, which uses Nest thermostats to support clean energy use in the home.

它們美觀、快速，並由首個系統單晶片 Google Tensor 提供支援。它專為支援設備上的 Google AI 和機器學習而構建，並為我們的 Pixel 設備提供長期基礎。我們還推出了新的 Nest Renew 計劃，該計劃使用 Nest 恆溫器來支援家庭清潔能源的使用。

On to Android. Android 12 is getting great reviews. It's the biggest design change in Android's history with new widgets to personalize your phone. We also introduced accessibility features that use gestures to control your phone and communicate. Android 12 is secured by default and private by design.

轉到 Android。 Android 12 獲得了好評。這是 Android 史上最大的設計變革，透過新的小工具可以個性化您的手機。我們還引入了使用手勢控製手機和進行通訊的輔助功能。 Android 12 預設是安全的，並且在設計上是私密的。

New dashboards and indicators make it easier to view and adjust privacy permissions, and disable access to device sensors and location information. We've also made progress with the Made for India affordable smartphone co-developed with Reliance. The JioPhone Next device features premium localized capabilities and is on track to launch in market by Diwali.

新的儀表板和指示器可以更輕鬆地查看和調整隱私權限，並停用對設備感測器和位置資訊的存取。我們也與 Reliance 共同開發了專為印度打造的經濟型智慧型手機，並取得了進展。 JioPhone Next 設備具有優質的在地化功能，預計在排燈節前上市。

On to cloud, where we see continued momentum with Q3 revenue growing 45% year-over-year with GCP's revenue growth rate about Cloud overall. At Cloud Next, 2 weeks ago, we unveiled hundreds of new capabilities, services and solutions. We also announced 20 new and expanded partnerships to support the growth and scale of our customers around the world. More than any other top cloud provider, Google Cloud has unique capabilities to meet the needs of enterprises, digital natives and SMBs around the world. I'll highlight 3.

在雲端運算方面，我們看到其持續成長勢頭，第三季營收年增 45%，GCP 的營收成長率與雲端運算整體相當。在兩週前的 Cloud Next 大會上，我們推出了數百種新功能、服務和解決方案。我們還宣布了 20 個新的和擴大的合作夥伴關係，以支持全球客戶的成長和規模。與其他頂級雲端供應商相比，Google Cloud 擁有獨特的功能，可滿足全球企業、數位原生世代和中小型企業的需求。我將重點介紹第 3 點。

First, our leadership in real-time data, analytics and AI is winning customers like Carrefour Belgium, Deutsche Post DHL and Wendy's, who are unlocking data to deliver unique business outcomes. BigQuery, our leading data warehouse solution is reducing costs and driving productivity at Cardinal Health and ATB Financial. Our differentiated AI and ML-based industry solutions are helping leading global companies. GE Appliances, a Haier company, is integrating Vision AI into their next-generation smart home appliances. And iCare retail is using recommendations AI to drive a 30% increase in customer click-through rate.

首先，我們在即時數據、分析和人工智慧領域的領導地位贏得了比利時家樂福、德國郵政 DHL 和溫迪漢堡等客戶，他們正在解鎖數據以實現獨特的業務成果。 BigQuery 是我們領先的資料倉儲解決方案，它正在幫助 Cardinal Health 和 ATB Financial 降低成本並提高生產力。我們差異化的基於人工智慧和機器學習的行業解決方案正在幫助全球領先的公司。海爾旗下的 GE Appliances 正將 Vision AI 融入其下一代智慧家電中。 iCare 零售正在利用推薦 AI 將客戶點擊率提高 30%。

Second, customers see value in our open scalable infrastructure that enables them to run workloads anywhere on our cloud at the edge or in their data centers. [Road and fields] scale that's SAP environment. Siemens Energy is migrating its global network of data centers and company-wide SAP systems and Indonesia's largest technology digital native, GoTo Group, is supporting over 100 million monthly active users with Google Cloud.

其次，客戶看到了我們開放的可擴展基礎設施的價值，它使他們能夠在邊緣雲端或資料中心的任何地方運行工作負載。 [道路和田野] 規模，這就是 SAP 環境。西門子能源正在遷移其全球資料中心網路和全公司範圍的 SAP 系統，而印尼最大的技術數位原生企業 GoTo Group 正在使用 Google Cloud 支援每月超過 1 億活躍用戶。

General Mills, Bell Canada and Wells Fargo are harnessing our leadership in multi-cloud and our open development environment. And to meet the unique digital sovereignty needs of customers around the world, we announced industry-first partnerships with T-Systems in Germany and Thales in France.

通用磨坊、加拿大貝爾和富國銀行正在利用我們在多雲和開放開發環境方面的領導地位。為了滿足全球客戶獨特的數位主權需求，我們宣布與德國 T-Systems 和法國泰雷茲建立業界首個合作夥伴關係。

Third, as consumers, businesses and schools continue their shift towards hybrid work, the threats of cybersecurity continue to increase. Customers are turning to Google Workspace and our cybersecurity platform to provide the ease of use, collaboration and security they need. These include organizations like Discovery, CommonSpirit Health, and the State of Maryland who want to foster creativity while securely protecting their users.

第三，隨著消費者、企業和學校持續向混合工作模式轉變，網路安全威脅持續增加。客戶正在轉向 Google Workspace 和我們的網路安全平台，以提供他們所需的易用性、協作性和安全性。其中包括 Discovery、CommonSpirit Health 和馬裡蘭州等組織，他們希望在安全保護使用者的同時培養創造力。

We are also seeing strong growth in our broad portfolio of cybersecurity products. This includes Chronicle, one of our zero trust offerings, which JetBlue uses to direct cybersecurity threats, helping to protect its customers and enterprise. We are bringing our team's deep expertise to customers through the Google cybersecurity action team and a new Work Safer program, which provides best-in-class security for e-mails, meetings, messaging and more.

我們也看到我們廣泛的網路安全產品組合正在強勁成長。其中包括 Chronicle，這是我們的零信任產品之一，捷藍航空使用它來應對網路安全威脅，幫助保護其客戶和企業。我們透過 Google 網路安全行動團隊和新的 Work Safer 計畫將我們團隊的深厚專業知識帶給客戶，該計畫為電子郵件、會議、訊息傳遞等提供一流的安全性。

Earlier, I mentioned a few of the sustainability-related product features we announced. Our cloud customers already benefit from operating on the world's cleanest cloud. And last year, we set an ambitious goal to run our data centers and campuses on 24/7 carbon-free energy by 2030. 2/3 of the electricity consumed by Google data centers in 2020 was matched with local carbon-free sources on an hourly basis. And our new carbon footprint tool gives customers carbon emissions insights associated with their Google Cloud platform usage.

之前，我提到了我們宣布的一些與永續性相關的產品功能。我們的雲端客戶已經從世界上最清潔的雲端營運中受益。去年，我們設定了一個雄心勃勃的目標，到 2030 年，我們的資料中心和園區將全天候使用無碳能源運作。 2020 年，Google資料中心消耗的電力中有 2/3 每小時都與當地的無碳能源相符。我們的新碳足跡工具可為客戶提供與 Google Cloud 平台使用相關的碳排放洞察。

Now over to YouTube for a few highlights. We recently surpassed 50 million music and premium subscribers, including those in trial, and YouTube shots continues to see higher option rates. In the past year, the average number of daily first-time creators more than doubled. Next week, as global leaders gather in Glasgow to address climate change, YouTube is partnering with COP26 to live stream conference activities, making the event more accessible for everyone.

現在請前往 YouTube 查看一些精彩內容。我們最近的音樂和付費訂閱用戶數量已超過 5,000 萬（包括試用用戶），YouTube 影片的選項率也持續走高。在過去的一年裡，每天首次創作者的數量平均增加了一倍以上。下週，全球領導人將齊聚格拉斯哥討論氣候變遷議題，YouTube 將與 COP26 合作直播會議活動，讓每個人都能更輕鬆地觀看這項活動。

As we grow, we are maintaining our open global platform responsibly by removing harmful content and reducing borderline content. Both our AI investments and the promotion of trusted sources have helped us significantly lower the violator view rate, which is the percentage of views on YouTube from content that violates our policies.

隨著我們的成長，我們透過刪除有害內容和減少邊界內容來負責任地維護我們開放的全球平台。我們對人工智慧的投資和對可信來源的推廣幫助我們顯著降低了違規觀看率，即違反我們政策的內容在 YouTube 上的觀看次數百分比。

On to our other bets. Waymo began welcoming riders to its Trusted Tester program in San Francisco, in addition to its fully autonomous ride-hailing service currently in Phoenix. Next year, Waymo will open a dedicated trucking hub in the Dallas-Fort Worth area, helping support commercial freight routes across the Southwest. And we announced last week the first commercial expansion of Wing's on-demand air delivery service to Walgreens customers in select locations.

繼續我們的其他賭注。除了目前在鳳凰城推出的全自動叫車服務外，Waymo 也開始在舊金山歡迎乘客加入其 Trusted Tester 計畫。明年，Waymo 將在達拉斯-沃斯堡地區開設一個專用卡車運輸樞紐，以幫助支持整個西南地區的商業貨運路線。我們上週宣布，將首次向沃爾格林部分地區的客戶推出 Wing 按需空運服務的商業擴展。

To close, the world is slowly starting to travel and meet up in person. And this quarter, I joined events virtually to celebrate some big milestones in regions around the world. Earlier this month, we announced a $1 billion investment in Africa over 5 years to support the continent's digital transformation. And September marked 20 years since we opened our first office outside of the U.S. in Tokyo. We now have thousands of employees in 28 offices across the Asia Pacific region, and we are investing in cloud regions and digital skills programs to help expand economic opportunity there.

最後，世界正在慢慢開始旅行和麵對面的會面。本季度，我參加了一些虛擬活動，慶祝世界各地地區的一些重要里程碑。本月初，我們宣佈在未來五年內向非洲投資 10 億美元，以支持非洲大陸的數位轉型。今年 9 月是我們在美國以外在東京開設第一家辦事處的 20 週年。我們目前在亞太地區 28 個辦事處擁有數千名員工，我們正在投資雲端區域和數位技能計劃，以幫助擴大那裡的經濟機會。

As you can see, our business in APAC is growing really well. In Africa, Asia Pacific and beyond, it's been a successful quarter, and we have lots more innovation and product development on the way. Thanks to our employees around the world for their contributions. As we continue our mode to hybrid work, I hope to see more of you in person soon. Thank you, and over to Philipp.

如您所見，我們在亞太地區的業務發展非常好。在非洲、亞太地區及其他地區，這是一個成功的季度，我們還將有更多的創新和產品開發。感謝我們世界各地的員工所做的貢獻。隨著我們繼續採用混合工作模式，我希望很快能親自見到你們。謝謝，交給 Philipp。

Thanks, Sundar, and hi, everyone. It's great to be with you all today. We're pleased with the growth in Google Services revenues in the third quarter. Year-on-year performance was driven by broad-based strength and advertiser spend. Consumer online activity also remained elevated. In the third quarter, retail was again by far the largest contributor to year-on-year growth of our ads business. Media and entertainment, finance and travel were also strong contributors.

謝謝，Sundar，大家好。今天能和大家在一起真是太好了。我們對第三季 Google 服務收入的成長感到滿意。同比業績表現得益於廣泛的實力和廣告商的支出。消費者的網路活動也保持活躍。第三季度，零售再次成為我們廣告業務年成長的最大貢獻者。媒體和娛樂、金融和旅遊業也是重要貢獻者。

Let's take a deeper look at some of the trends that drove this quarter's performance. First, from a big picture, a global recovery perspective, we continue to see a lot of unevenness. Some economies have restarted and reaccelerated, albeit at different speeds. Other countries, depending on local regulations and vaccines have been slower to rebound. It's clear that uncertainty is the new normal. The world is in flux.

讓我們深入了解推動本季業績的一些趨勢。首先，從整體來看，從全球復甦的角度來看，我們仍然看到許多不平衡現象。一些經濟體已經重啟並重新加速，儘管速度不同。其他國家由於依賴當地法規和疫苗，反彈速度較慢。顯然，不確定性是新常態。世界正在不斷變化。

So when it comes to anticipating change, predicting demand and investing in innovation, businesses need as much support now as they did 1.5 years ago and we continue to help. Like in travel, where hotel free booking links are increasing traffic for many partners, from OTAs to boutique hotels. Consumers like more choice. Travel partners like free exposure. And advertisers like to augment paid campaigns with free listings. So last month, we launched free booking links for things to do in a new ad format that makes it easier to promote local experiences.

因此，在預測變化、預測需求和投資創新方面，企業現在需要的支援與一年半前一樣多，而我們將繼續提供協助。就像在旅遊業中，飯店免費預訂連結正在為許多合作夥伴（從線上旅行社到精品飯店）增加流量。消費者喜歡有更多的選擇。旅行夥伴喜歡免費的曝光。廣告商喜歡用免費清單來增強付費廣告活動。因此，上個月，我們以新的廣告形式推出了免費的活動預訂鏈接，以便更輕鬆地推廣本地體驗。

Now when you search zip lining, aquariums or the Tokyo Tower, you can buy tickets directly on Google. And then there are companies like Alaska Airlines that are harnessing first-party data and automation across Search to navigate market fluidity and better understand the lifetime value of their customers. They've increased return on ad spend by 30% plus versus the same period pre-COVID. Beyond travel, business of all kinds are increasingly adopting tools like AI-driven automation and insights to connect with customers no matter what stage of the recovery they're in.

現在，當您搜尋高空滑索、水族館或東京鐵塔時，您可以直接在 Google 上購買門票。還有像阿拉斯加航空這樣的公司，它們正在利用第一方數據和搜尋自動化來應對市場流動性並更好地了解客戶的終身價值。與新冠疫情爆發前的同期相比，他們的廣告支出回報率提高了 30% 以上。除了旅遊業之外，各類企業越來越多地採用人工智慧驅動的自動化和洞察等工具來與客戶建立聯繫，無論他們處於復甦的哪個階段。

150-year-old luxury retailer, de Bijenkorf turned to local insights and automation to speed up cross-border expansion beyond the Netherlands and Belgium to Germany, France and Austria. With a multipronged approach, including shopping campaigns, de Bijenkorf drove substantial growth throughout the pandemic, returning visitors to online stores were up fourfold in first half 2021 versus 2020, which leads me to retail, we had another stellar quarter.

擁有 150 年歷史的奢侈品零售商 de Bijenkorf 利用當地洞察力和自動化來加快從荷蘭和比利時到德國、法國和奧地利的跨境擴張。透過採取包括購物活動在內的多管齊下的策略，de Bijenkorf 在整個疫情期間實現了大幅增長，2021 年上半年在線商店的回頭客數量與 2020 年相比增長了四倍，這讓我想到了零售業，我們又度過了一個輝煌的季度。

We've seen explosive growth in digital over the last 20-some months but as the world begins to reopen, shoppers are returning to stores. Brick-and-mortar isn't dead. Instead, omnichannel is in full force. Searches for open now near me are up 4x globally versus last year. Strong growth in local shopping queries means people are researching their visits to stores more often before they go.

在過去的 20 多個月裡，我們看到了數位科技的爆炸式增長，但隨著世界開始重新開放，購物者正在重返商店。實體店並未消亡。相反，全通路正在全面發揮作用。與去年相比，全球「我附近現在營業」的搜尋量增加了 4 倍。本地購物查詢的強勁增長意味著人們在去商店之前會更頻繁地研究他們的購物體驗。

As a result, we've seen more advertisers include in-store sales alongside e-commerce goals to drive omnichannel growth. Adoption has nearly doubled over the past year. Take Kohl's. It optimized media spend into trending categories and launched curbside pickup just 2 weeks after its 1,100 stores shut down. After testing local inventory ads in Q4, Kohl's went all in on omnichannel bidding across its paid Search portfolio and is leaning heavily into a full funnel approach on YouTube, including CTV.

因此，我們看到越來越多的廣告商將店內銷售與電子商務目標結合起來，以推動全通路成長。過去一年，採用率幾乎翻了一番。以科爾百貨為例。該公司將媒體支出優化到熱門類別，並在其 1,100 家門市關閉僅兩週後就推出了路邊取貨服務。在第四季度測試了本地庫存廣告後，科爾士百貨在其付費搜尋組合中全力投入全通路競價，並在 YouTube 上大力推行全通路方法，包括 CTV。

Kohl's net sales were up 31% year-over-year in Q2, led by higher foot traffic and continued strength in digital. Innovating in omnichannel and next-gen user experiences remains core to our shopping strategy. A few of our latest launches include: easier ways for business to show the local services they offer, from hair extensions to auto repair across Search and Maps; local inventory ads that highlights which products are in stock and when to pick them up; free shipping and easy return annotations across Search and shopping; AR capabilities that bring in-store moments online and that users try before they buy; and then, instantly shoppable images with Google Lens, plus a new visual browsable experience on Search.

科爾百貨第二季淨銷售額年增 31%，主要得益於客流量增加和數位業務持續強勁成長。全通路和下一代用戶體驗的創新仍然是我們購物策略的核心。我們最新推出的功能包括：讓企業能夠更輕鬆地在搜尋和地圖上展示其提供的本地服務，從接發到汽車維修等；本地庫存廣告，突出顯示哪些產品有庫存以及何時可以取貨；在搜尋和購物中提供免費送貨和輕鬆退貨註釋； AR 功能可將店內體驗帶到線上，讓用戶在購買前先試用體驗；

There's a lot more to come, including tapping into commerce on YouTube. From shoppable live stream experiments with retailers like Sephora, Target and Walmart to pilots that view us buy directly from their favorite creators videos, we're still in the early innings of what's possible. Our direct response momentum remains strong. Video action campaigns are driving more conversions than previous formats. And by adding product feeds to these campaigns, advertisers are achieving, on average, over 60% more conversions at a lower cost than those without.

未來還會有更多內容，包括進軍 YouTube 商業領域。從與絲芙蘭、塔吉特和沃爾瑪等零售商合作的可購物直播實驗，到觀看我們直接從他們最喜歡的創作者影片中購買商品的試點，我們仍處於探索可能性的早期階段。我們的直接響應勢頭依然強勁。視訊行動廣告活動比以前的格式推動了更多的轉換。透過在這些廣告活動中添加產品資訊流，廣告主可以比沒有添加產品的廣告商平均以更低的成本實現超過 60% 的轉換率。

Our brand business is also performing well. As I said last quarter, YouTube's reach is becoming increasingly incremental to TV. We're helping advertisers find audiences they can't find anywhere else. Connected TV is driving part of this growth. It's our fastest-growing screen. The precision of digital paired with the scale of linear is proving to be an awesome combo and even more so now with the expansion of video action campaigns for CTV.

我們的品牌業務也表現良好。正如我上個季度所說，YouTube 對電視的影響力正在不斷增強。我們正在幫助廣告商找到他們在其他任何地方都找不到的受眾。聯網電視正在推動這一成長的一部分。這是我們成長最快的螢幕。事實證明，數字的精確度與線性的規模相結合是一個非常棒的組合，而隨著 CTV 視訊行動活動的擴展，這種組合更是如此。

Advertisers can now drive conversions on the big screen, which brings me to help brands of all sizes continue to buy YouTube at both ends of the funnel, to create future demand while they convert existing demand. And they're seeing upside. For example, we found that advertisers using both DR and brand video, brand driving 28% of conversion assists. Domino's Pizza is a great example. The U.K. business delivered a 9x return on ad spend on their direct response campaigns when paired with their brand campaigns.

廣告商現在可以在大螢幕上推動轉化，這使我能夠幫助各種規模的品牌繼續在管道的兩端購買 YouTube，以在轉化現有需求的同時創造未來的需求。他們看到了好處。例如，我們發現，廣告商同時使用 DR 和品牌視頻，品牌推動了 28% 的轉換助攻。達美樂披薩就是一個很好的例子。當英國企業將直接反應活動與品牌活動結合時，其廣告支出回報率達到了 9 倍。

Lastly, I've said it before, and I'll say it again. Our success is only possible because of our customers and partners. We do well only when they do well. And it's a result of the revenue share models we've talked about many times before.

最後，我以前說過，現在再說一次。我們的成功離不開我們的客戶和合作夥伴。只有他們做得好，我們才能做得好。這是我們之前多次討論過的收入分成模式的結果。

Three highlights. First, as Sundar mentioned, our commitment to high-quality journalism and open access to information remains steadfast. It's been 1 year since we launched News Showcase. In Q3 alone, we signed over 120 deals and launched in 3 new markets: Japan, Colombia and Austria. And of the more than 1,000 publications across a dozen plus countries that we now have on board, 90% are considered local, regional or community newspapers.

三大亮點。首先，正如 Sundar 所提到的，我們始終堅定不移地致力於提供高品質的新聞報導和開放的資訊取得。我們推出 News Showcase 已經一年了。光是在第三季度，我們就簽署了 120 多筆交易，並進入了 3 個新市場：日本、哥倫比亞和奧地利。目前，我們已在十幾個國家擁有 1,000 多種出版物，其中 90% 屬於地方性、地區性或社區報紙。

Second, over 2 million creators are now making money and building their businesses on YouTube via YouTube Partner Program with 10 different ways to monetize their content, from Super Chat to BrandConnect. The next generation of businesses and media companies are being built by creators on YouTube and we're excited to help them grow.

其次，目前有超過 200 萬創作者透過 YouTube 合作夥伴計劃在 YouTube 上賺錢並開展業務，他們透過從 Super Chat 到 BrandConnect 等 10 種不同的方式將他們的內容貨幣化。 YouTube 上的創作者正在創建下一代企業和媒體公司，我們很高興能夠幫助他們成長。

Third, I echo Sundar's excitement on Pixel. And to bring it to life and to users, we worked with an entire ecosystem of partners. We signed partnership agreements with over 45 carriers and retailers across 9 countries at launch, including deep collaboration with each of the major U.S. carriers: AT&T, T-Mobile and Verizon.

第三，我同意 Sundar 對 Pixel 的興奮之情。為了將其變為現實並提供給用戶，我們與整個合作夥伴生態系統進行了合作。我們在發佈時與 9 個國家的 45 多家營運商和零售商簽署了合作協議，其中包括與美國各大營運商 AT&T、T-Mobile 和 Verizon 的深度合作。

On behalf of many, I want to say how grateful we are to collaborate with so many amazing customers and partners every day. We can't wait to start doing more of this in person again soon. Also, a huge thank you to our sales, partnerships, product and support teams for their work and dedication. The impact you all continue to have is, as we say in German, (foreign language). With that, Ruth, over to you.

我代表大家表示，我們非常感激能夠每天與這麼多優秀的客戶和合作夥伴合作。我們迫不及待地想盡快再次親自做更多這樣的事。此外，我們也要衷心感謝我們的銷售、合作夥伴、產品和支援團隊的工作和奉獻精神。正如我們用德語所說的那樣，你們所有人持續產生的影響是（外語）。好了，露絲，交給你了。

Thank you, Philipp. Our revenue performance in the third quarter reflects continued broad-based strength in advertiser spend and elevated consumer online activity as well as a strong contribution from Google Cloud. My comments will be on year-over-year comparisons for the third quarter, unless I state otherwise. We will start with results at the Alphabet level followed by segment results and conclude with our outlook.

謝謝你，菲利普。我們第三季的營收表現反映了廣告商支出的持續廣泛強勁、消費者線上活動的增加以及 Google Cloud 的強勁貢獻。我的評論將基於第三季的年比比較，除非我另有說明。我們將先介紹字母層級的結果，然後介紹細分市場的結果，最後介紹我們的展望。

For the third quarter, our consolidated revenues were $65.1 billion, up 41% or up 39% in constant currency. Our total cost of revenues was $27.6 billion, up 31%, primarily driven by growth in TAC, which was $11.5 billion, up 41%. Other cost of revenues were $16.1 billion, up 24%, reflecting in part the benefit from the change in useful lives made earlier this year. The largest driver of the growth in other cost of revenues was content acquisition costs.

第三季度，我們的綜合營收為 651 億美元，成長 41%，以固定匯率計算成長 39%。我們的總營收成本為 276 億美元，成長 31%，主要受 TAC 成長的推動，TAC 為 115 億美元，成長 41%。其他收入成本為 161 億美元，成長 24%，部分反映了今年稍早改變使用壽命的好處。其他收入成本成長的最大驅動力是內容獲取成本。

Operating expenses were $16.5 billion, up 19% in terms of the 3 component parts of OpEx: first, the increase in R&D expenses was driven primarily by headcount growth; second, the growth in sales and marketing expenses was driven by headcount growth, followed by the continued ramp-up of spending on ads and promo in contrast to the pullback in the third quarter last year. Finally, the increase in G&A reflects the impact of charges relating to legal matters followed by headcount growth.

營運費用為 165 億美元，從營運支出的三個組成部分來看，增長了 19%：首先，研發費用的增加主要受員工人數增長的推動；其次，銷售和營銷費用的增長是由員工人數的增長推動的，其次是廣告和促銷支出的持續增加，而去年第三季度則有所回落。最後，一般及行政費用的增加反映了與法律事務相關的費用以及員工人數成長的影響。

Operating income was $21 billion, up 88% and our operating margin was 32%. Other income and expense was $2 billion, which primarily reflects unrealized gains in the value of investments in equity securities. Net income was $18.9 billion. We continue to generate strong free cash flow of $18.7 billion in the quarter, and $65.7 billion for the trailing 12 months. We ended the third quarter with $142 billion in cash and marketable securities.

營業收入為 210 億美元，成長 88%，營業利益率為 32%。其他收入和支出為 20 億美元，主要反映股權證券投資價值的未實現收益。淨收入為189億美元。我們繼續產生強勁的自由現金流，本季達到 187 億美元，過去 12 個月達到 657 億美元。截至第三季末，我們擁有 1,420 億美元的現金和有價證券。

Let me now turn to our segment financial results. Starting with our Google Services segment. Total Google Services revenues were $59.9 billion, up 41%. The Google Search and other advertising revenues of $37.9 million in the quarter were up 44%, with broad-based strength across our business, led again by strong growth in retail.

現在讓我來談談我們分部的財務表現。從我們的 Google 服務部分開始。谷歌服務總收入為 599 億美元，成長 41%。本季度，Google搜尋和其他廣告收入為 3,790 萬美元，成長 44%，整個業務都呈現強勁成長勢頭，零售業的強勁成長再次引領了這一趨勢。

YouTube advertising revenues of $7.2 billion were up 43% due to strength in both direct response and brand advertising. The deceleration in the growth rate versus the second quarter was driven by lapping a strong recovery in brand in the third quarter of last year.

YouTube 廣告收入達 72 億美元，由於直接反應和品牌廣告的強勁增長，增長了 43%。與第二季相比，成長率的放緩是由於去年第三季品牌銷售強勁復甦。

Network advertising revenues of $8 billion were up 40%. Other revenues were $6.8 billion, up 23%, driven by growth in YouTube non-advertising revenues and hardware, which benefited from the addition of Fitbit revenues. Google Services operating income was $24 billion, up 66% and the operating margin was 40%.

網路廣告收入達80億美元，成長40%。其他收入為 68 億美元，成長 23%，這得益於 YouTube 非廣告收入和硬體的成長，而 Fitbit 收入的增加則使其受益。谷歌服務營運收入為 240 億美元，成長 66%，營運利潤率為 40%。

Turning to the Google Cloud segment. Revenues were $5 billion for the third quarter, up 45%. GCP's revenue growth was again above cloud overall, reflecting significant growth in both infrastructure and platform services. Strong revenue growth in Google Workspace was driven by robust growth in both seats and average revenue per seat. Google Cloud had an operating loss of $644 million.

轉向 Google Cloud 部分。第三季營收為 50 億美元，成長 45%。 GCP 的營收成長再次高於雲端運算整體成長，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強勁成長。谷歌雲端營運虧損 6.44 億美元。

As to our other bets in the third quarter, revenues were $182 million. The operating loss was $1.3 billion. Let me close with some comments on our outlook. With respect to foreign exchange impact on reported revenues, based on current spot rates, we expect virtually no impact in Q4 in contrast to a 1.5% tailwind in Q3 and 4% in Q2.

至於我們在第三季的其他投資，營收為 1.82 億美元。營業虧損為13億美元。最後，請容許我對我們的展望發表一些評論。關於外匯對報告收入的影響，根據當前現貨匯率，我們預計第四季度幾乎沒有影響，而第三季將受到 1.5% 的順風影響，第二季將受到 4% 的影響。

In terms of outlook by segment for Google Services, as I noted, the strength of our revenues in Q3 reflected both underlying strength in advertiser and user activity as well as the impact from lapping weaker performance in the comparable period last year. Given the gradual recovery in results through the back half of 2020, the benefit from lapping prior year performance diminished in Q3 versus Q2 and will diminish further in Q4.

就Google服務各部門的前景而言，正如我所指出的，我們第三季營收的強勁表現既反映了廣告商和用戶活動的潛在實力，也反映了去年同期業績較弱的影響。鑑於 2020 年下半年業績逐漸回升，第三季與上年同期業績相比帶來的好處有所減弱，並將在第四季進一步減弱。

Within other revenues, in the fourth quarter, we expect the ongoing drivers of revenue growth to be hardware due to the benefit from the holiday selling season and inclusion of Fitbit as well as YouTube subscriptions. Google Play's contribution to revenue growth will remain more muted, given the ongoing impact of both lapping the increased level of user engagement that started in the first quarter of 2020 due to the pandemic as well as the fee change that took effect on July 1. Within Google Services, we expect sales and marketing expenses to be elevated in the fourth quarter to support the holiday season.

在其他收入方面，我們預計第四季度營收成長的持續驅動力將是硬件，這得益於假日銷售季以及 Fitbit 和 YouTube 訂閱的推動。考慮到 2020 年第一季因疫情而開始的用戶參與度提升以及 7 月 1 日生效的費用調整的持續影響，Google Play 對收入增長的貢獻將保持較低水平。在 Google 服務方面，我們預計第四季度的銷售和行銷費用將有所增加，以支持假期季節。

Turning to Google Cloud. We remain focused on revenue growth and are pleased with the trends we are seeing. In GCP, our customer wins, as Sundar noted, reflect our multiyear investments in products and solutions that are purpose-built to solve for the biggest opportunities within our targeted 8 industries. The benefit of these solutions to our customers is clear, and they are choosing to work with us as their long-term transformation partner.

轉向 Google Cloud。我們仍然專注於收入成長，並對我們所看到的趨勢感到滿意。正如 Sundar 所指出的，在 GCP，我們的客戶獲勝反映了我們多年來對產品和解決方案的投資，這些產品和解決方案旨在解決我們所針對的 8 個行業中的最大機會。這些解決方案為我們的客戶帶來的好處是顯而易見的，他們選擇與我們合作作為他們的長期轉型合作夥伴。

With respect to Workspace, we are pleased with the ongoing momentum in both seat growth and average revenue per seat, which underscores the value of collaborative solutions, in particular as people increasingly are embracing a hybrid work model. Across Cloud, we continue to invest aggressively, both in growing our go-to-market and product teams as well as building out our cloud regions. At the Alphabet level, headcount grew by nearly 6,000 in the third quarter including our seasonal campus hires, and we expect robust headcount growth in Q4 for both Google Services and Google Cloud.

關於 Workspace，我們對席位成長和每個席位平均收入的持續成長勢頭感到滿意，這凸顯了協作解決方案的價值，特別是在人們越來越接受混合工作模式的情況下。在雲端領域，我們持續積極投資，既擴大我們的市場和產品團隊，也建立我們的雲端區域。在 Alphabet 層面，第三季員工總數增加了近 6,000 人（包括我們的季節性校園招募），我們預計第四季度 Google 服務和 Google Cloud 的員工總數都將強勁成長。

Turning to CapEx. The results in the third quarter primarily reflect ongoing investment in our technical infrastructure, most notably in servers to support ongoing growth in Google Services and Google Cloud. We also continue to increase the pace of investment in fit-outs and ground-up construction of office facilities to accommodate our ongoing headcount growth globally. We will continue to pursue real estate acquisition opportunities where it makes sense as you saw in our New York City announcement in Q3.

轉向資本支出。第三季的業績主要反映了我們對技術基礎設施的持續投資，尤其是對伺服器的投資，以支援 Google 服務和 Google Cloud 的持續成長。我們也將持續增加對辦公設施裝修和新建的投資步伐，以適應全球員工人數的持續成長。正如您在我們第三季的紐約市公告中所看到的那樣，我們將繼續尋求合理的房地產收購機會。

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 Eric Sheridan from Goldman Sachs.

（操作員指示）我們的第一個問題來自高盛的 Eric Sheridan。

Maybe first one for Sundar. Big picture. Coming back to how you started the call, when you look out over the next 3 to 5 years, what do you see as some of the big investments that Google needs to make to marry your ambitions on AI and machine learning against aligning Google's broader product and services against the rising digitalization of the global economy? I would love to have that as a framing over the next 3 to 5 years.

這可能是 Sundar 的第一個。大局。回到您開始通話時的問題，展望未來 3 到 5 年，您認為谷歌需要進行哪些重大投資，才能將您在人工智慧和機器學習方面的雄心壯志與谷歌更廣泛的產品和服務結合起來，適應全球經濟日益數字化的情況？我希望在未來 3 到 5 年內以此為框架。

And then maybe I'm not sure if it's directed better at Philipp or Ruth. But on a shorter duration basis, there seem to be an element of headwinds and tailwinds in the broader macro economy. Can you talk a little bit about the business of Google's products and what elements of reopening dynamic you're seeing on a sector basis versus potential headwinds as we move into Q4 and next year from things like supply chain shortages or labor shortages or things like that?

然後我可能不確定這是否更適合菲利普或露絲。但從較短的時間來看，宏觀經濟整體似乎存在著一些不利因素和順風因素。您能否簡單談談Google產品的業務，以及您從行業角度看到的重新開放動態以及進入第四季度和明年可能面臨的阻力，例如供應鏈短缺或勞動力短缺等？

Eric, great question. You're right in the fact that AI and ML itself is the broader deeper investments we are driving and we're using it across our product portfolio. The recent launch of Tensor and Pixel 6 is a great example of that.

艾瑞克，這個問題問得好。您說得對，人工智慧和機器學習本身就是我們正在推動的更廣泛、更深入的投資，而我們正在我們的整個產品組合中使用它。最近推出的 Tensor 和 Pixel 6 就是一個很好的例子。

So for example, we are willing to go as deep in the stack as needed, silicon, both on the cloud side with our Tensor processing units and Google Tensor on the client side is an example of that. So overall thinking through compute, networking, building data centers, making sure they are clean and carbon-free and really investing in the advanced models and algorithms on top, which is -- a lot of it's just done by our AI research teams.

例如，我們願意根據需要深入堆疊，矽片，無論是在雲端使用我們的 Tensor 處理單元，還是在客戶端使用 Google Tensor，都是一個例子。因此，從整體考慮計算、網路、建造資料中心，確保它們清潔、無碳，並真正投資於先進的模型和演算法，其中許多都是由我們的人工智慧研究團隊完成的。

So making sure we are able to attract the best talent across the world is all part of that. So -- but you'll continue to see us take -- undertake deep technology investments. And beyond that horizon, that's why we are thinking even about areas like quantum computing and so on.

因此，確保我們能夠吸引世界各地最優秀的人才是其中的一部分。所以——但你會繼續看到我們進行深度技術投資。超越這個視野，這就是為什麼我們甚至在思考量子運算等領域。

So to the second part of your question, we continue to watch countries as vaccination rates climb and local regulations ease, we expect some amount of heterogeneity in recovery, depending obviously on location and vaccination rates. But because every region is different, it's hard to make a generalization from the data right now.

因此，對於您問題的第二部分，我們繼續觀察各國，隨著疫苗接種率的上升和當地法規的放寬，我們預計復甦情況會出現一定程度的異質性，這顯然取決於地點和疫苗接種率。但由於每個地區都不同，目前很難根據數據做出概括。

That said, the consumer shift to digital is real and will continue even as we start seeing people return to stores. Shopping habits have ebbed and flowed over the last 20 months. But the underlying takeaway is that people want more choice, they want more information, more flexibility, and we don't see this reversing. Omnichannel, I talked about it, is definitely in full force. I said this earlier. We've been really focused on building features and solutions to help retailers, large and small succeed here.

話雖如此，消費者向數位化的轉變是真實的，即使我們開始看到人們重返商店，這種轉變仍將繼續。在過去 20 個月裡，人們的購物習慣時好時壞。但根本原因是人們想要更多的選擇，他們想要更多的資訊、更多的彈性，而且我們認為這種情況不會逆轉。我剛才談到了全渠道，它肯定正在全面發揮作用。我之前就說過這句話。我們一直致力於建立功能和解決方案，以幫助大大小小的零售商在這裡取得成功。

And we think this will continue as the world reopens and shoppers fluctuate between online and in-store based on whatever is really more convenient. YouTube is exciting for many reasons. It's incredible to see the amount of content that's valuable for people across so many topics, and we're helping advertisers tap into this.

我們認為，隨著世界重新開放，購物者會根據真正更方便的方式在線上和店內購物之間波動，這種情況將會持續下去。 YouTube 令人興奮的原因有很多。看到如此多的話題中對人們有價值的內容數量令人​​難以置信，我們正在幫助廣告商利用這些內容。

And whether it's browsing for inspiration, product research or actually making the purchase, 1 billion shopping sessions happen across Google every day, and they're happening on Search and YouTube and Image Search and the shopping tab and Lens and so on. So frankly, we're really encouraged by the long-term opportunity in commerce, and we're laser-focused on helping businesses of all sizes connect with their customers wherever they are.

無論是瀏覽尋找靈感、研究產品還是實際購買，每天在 Google 上都會發生 10 億次購物會話，這些購物會話發生在搜尋、YouTube、圖片搜尋、購物標籤和 Lens 等平台上。坦白說，我們對商業領域的長期機會感到非常鼓舞，並且我們專注於幫助各種規模的企業與世界各地的客戶建立聯繫。

And our next question comes from Brian Nowak from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

It's [Brenda] on for Brian. We have 2. The first one, you have made notable strides in the Retail Search category over the past 12 to 18 months, and there seems to be more to come. Can you talk to us about which other Search verticals you are most excited to innovate and invest around the next -- within the next year or 2?

現在由 [Brenda] 代替 Brian 上場。我們有 2 個。第一個，在過去的 12 到 18 個月中，您在零售搜尋類別中取得了顯著的進步，而且似乎還會取得更多進步。您能否與我們談談在未來一兩年內您最想創新和投資的其他搜尋垂直領域有哪些？

My second question is maybe one on augmented reality. You have made some real progress here and now have some budding product integration. Philosophically, how do you think about the key augmented reality use cases you are focused on enabling? And do you need an Alphabet-specific hardware set to capitalize on the opportunity?

我的第二個問題可能是關於擴增實境的。您在這裡已經取得了一些真正的進展，並且現在已經有一些萌芽的產品整合。從哲學角度來看，您如何看待您所關注的關鍵擴增實境用例？您是否需要一套 Alphabet 專用的硬體來利用這個機會？

Maybe I'll take the second one first. On augmented reality, we've -- for a while, we've deeply focused on thinking through computing for the long term. We've talked about ambient computing. And it's just a matter of time before, beyond phones, you will see other successful form factors and AR is an exciting part of that future.

也許我會先選第二個。關於擴增實境，一段時間以來，我們一直致力於對計算進行長遠思考。我們已經討論過環境計算。除了手機之外，你還會看到其他成功的形式，這只是時間問題，而 AR 是未來令人興奮的一部分。

We are looking at all the deep investments we need to make. I think it's going to take some time. And so for example, when you look at something like Google Lens or when you look at the fact that we are making Search work in a multimodal way or when you think about YouTube and making sure it works well in a VR/AR world. So we are obviously investing in all our services. And beyond that, from a computing standpoint, both our hardware teams as well as our platform teams are thinking through definitely, and it's going to be a major area of investment for us.

我們正在考慮所有需要進行的深度投資。我認為這需要一些時間。例如，當您查看 Google Lens 之類的產品時，或者當您看到我們以多模式方式進行搜尋時，或者當您考慮 YouTube 並確保它在 VR/AR 世界中運作良好時。因此，我們顯然正在對所有服務進行投資。除此之外，從運算的角度來看，我們的硬體團隊和平台團隊都在認真考慮，這將是我們投資的一個主要領域。

On the first question about -- I think Philipp spoke about shopping. We obviously -- Search is -- part of what makes Search so successful is people use it for a wide variety of use cases. And so we really invest comprehensively across all experiences, be it local and Maps, be it Images, be it videos. And so we are definitely investing a lot. People do come to Search for education as well. So making sure we are comprehensive.

關於第一個問題——我認為菲利普談到了購物。顯然，搜尋之所以如此成功，部分原因在於人們將其用於各種各樣的用例。因此，我們確實全面投資於所有體驗，無論是本地和地圖、圖像還是影片。因此我們肯定會投入大量資金。人們確實也會來搜尋教育。因此要確保我們的工作全面。

Health has been a major area of focus, particularly through the pandemic. And so the strength of Search is both in its depth and breadth. And so -- and getting it right with a high focus on quality and we'll continue to do that.

健康一直是人們關注的重點領域，尤其是在疫情期間。因此，搜尋的優勢在於其深度和廣度。所以——我們高度重視質量，並將繼續這樣做。

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, I was just curious if you're seeing any impact at all from the Apple iOS changes in your business and perhaps particularly in YouTube? And then second, given retail the biggest driver of services growth, and of course, you're really just touching all parts of the economy. Any more commentary on how you're thinking about supply and labor shortage dynamics in the fourth quarter? And if you're perhaps seeing anything thus far there?

我有 2 個。首先，我只是好奇，您是否看到 Apple iOS 變化對您的業務（尤其是 YouTube）產生了任何影響？其次，鑑於零售業是服務業成長的最大驅動力，當然，你實際上觸及了經濟的各個部分。您對於第四季供應和勞動力短缺動態有何看法？到目前為止您是否看到了什麼？

Thanks for the question. Starting with the iOS 14 changes. So overall, as we said, we're pleased with the strength across our business in the third quarter. It was broad-based. It was global. In terms of the iOS 14 changes specifically, they had a modest impact on YouTube revenues. That was primarily in direct response. I think as you all know well, focusing on privacy has been core to what we've been doing consistently. And let me have Philipp take you through some more on that.

謝謝你的提問。從 iOS 14 的變化開始。總體而言，正如我們所說，我們對第三季業務的強勁表現感到滿意。它是廣泛性的。它是全球性的。具體來說，iOS 14 的變化對 YouTube 收入的影響不大。這主要是直接回應。我想大家都知道，關注隱私一直是我們一貫工作的核心。讓菲利普向您詳細介紹這一點。

Yes. So from our standpoint, we see ATT as one aspect of the many broader ecosystem changes that are underway. And we've been investing in privacy preserving technology for many years. Our focus is on supporting developers, small and large advertisers, creators, publishers, so that they're able to mitigate impact to their businesses.

是的。因此，從我們的角度來看，我們將 ATT 視為正在進行的眾多更廣泛的生態系統變化的一個面向。多年來，我們一直在投資隱私保護技術。我們的重點是支持開發商、大小廣告商、創作者、出版商，以便他們可以減輕對其業務的影響。

And we really see the future of digital advertising being built on advances and privacy preserving on device technologies, which support the free and open Internet, and obviously, a robust ads ecosystem. On your supply chain questions, I would say performance in Q3 was strong across ads revenue lines, regions and nearly all verticals, In line with the widespread reporting of supply chain weakness in the auto industry, we've seen some impact on vehicles within the auto vertical, which started earlier in the year, although the impact has really been offset somewhat by increased demand in related areas like parts, accessories, repairs and maintenance.

我們確實看到數位廣告的未來建立在設備技術的進步和隱私保護之上，這些技術支援自由開放的互聯網，顯然還有強大的廣告生態系統。關於您的供應鏈問題，我想說第三季度的廣告收入線、地區和幾乎所有垂直行業的表現都很強勁，與汽車行業供應鏈疲軟的廣泛報道一致，我們看到汽車垂直行業中的車輛受到了一些影響，這種影響始於今年早些時候，儘管這種影響實際上已被零件、配件、維修和保養等相關領域需求的增加所抵消。

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

我們的下一個問題來自美國銀行的賈斯汀·波斯特 (Justin Post)。

One for Sundar and one for Ruth. Sundar, margins have been strong this year, and I think the depreciation change has helped. Can you just comment on how you see the current investing spending levels of the company? Are you in good shape, anything where you might be increasing investment?

一個給 Sundar，一個給 Ruth。 Sundar，今年的利潤率很高，我認為折舊變化起了作用。您能否評論一下您如何看待公司目前的投資支出水準？您的狀況是否良好？在哪些方面可能會增加投資？

And then for Ruth, there are news about Play Store fee cuts on the subscription piece. How do we think about that maybe impacting the business in '22 when those start to take effect?

然後對於 Ruth 來說，有關於 Play Store 訂閱費用削減的消息。當這些措施開始生效時，我們如何看待這可能會對 2022 年的業務產生影響？

At a high level, look, I mean I have taken a long-term view and we are obviously investing both in foundational technologies like AI and just deeper computer science overall. And applying it across a prioritized set of areas. And so no change in the framework. If anything, I do feel with the digital transformation underway, if anything, we feel a sense of urgency to execute against the opportunities we see. So still working within the long-term framework. Maybe, Ruth and Philipp?

從高層次來看，我的意思是我已經採取了長遠的眼光，我們顯然正在投資人工智慧等基礎技術以及更深層的電腦科學。並將其應用於一系列優先領域。因此框架沒有變化。如果有什麼不同的話，我確實感覺到，隨著數位轉型的進行，如果說有什麼不同的話，那就是我們感到一種緊迫感，要抓住我們看到的機會。因此仍在長期框架內工作。也許是露絲和菲利普？

Yes, if I can just add on, on the margin and go to your second part of the question, just a bit of context on the third quarter here. An important point, hopefully self-evident, is that the improvement in the Q3 operating margin does reflect the strong revenue growth in the quarter. And as I said on the second quarter call, some of our costs are less variable in the short term, such as depreciation and the operations costs of our data centers. And we did have a gross margin benefit from this in the near term.

是的，如果我可以補充一下，在邊際上轉到問題的第二部分，這裡只是關於第三季度的一些背景資訊。重要的一點（希望不言而喻）是，第三季營業利潤率的提高確實反映了該季度強勁的收入成長。正如我在第二季電話會議上所說，我們的一些成本在短期內變化較小，例如折舊和資料中心的營運成本。而我們確實在短期內從中獲得了毛利率收益。

But consistent with Sundar's comments and Philipp's, we do continue to invest here. And then to support long-term growth across both Google Services and Google Cloud, we're continuing to invest at a meaningful clip across headcount, compute, sales and marketing. I noted the headcount increase in Q3 of about 6,000, and we do expect the pace of hiring to remain strong.

但與 Sundar 和 Philipp 的評論一致，我們確實會繼續在這裡投資。然後，為了支持 Google 服務和 Google Cloud 的長期成長，我們將繼續在員工人數、運算、銷售和行銷方面進行有意義的投資。我注意到第三季員工人數增加了約 6,000 人，我們確實預計招募速度將保持強勁。

The benefit from the change in useful lives was obviously in the quarter as well, and that benefit does diminish, is lower in the fourth quarter. So just to put some of that in context, and as Sundar said, we are continuing to invest in the business, focusing on long-term growth.

使用壽命變化帶來的好處顯然也在本季度顯現，但這一好處確實減少了，在第四季度更低。因此，為了將其中的一些內容放在背景中，正如 Sundar 所說，我們將繼續對業務進行投資，並專注於長期成長。

With respect to the play changes, again, just as it relates to this quarter, and I think as I said in the opening comments, the key point to note there was that results lapped the strength that we had in the -- going into the pandemic from user engagement and that continue seeing user engagement. But yes, there is a reduction in the fee that kicks in. This one that we just announced last week, it kicks in as of January 2022. And we'll let you do the modeling on that.

關於遊戲變化，再次強調，就像與本季度相關的一樣，我認為正如我在開場白中所說的那樣，需要注意的關鍵點是，結果與我們在疫情期間從用戶參與度獲得的實力相吻合，並且繼續看到用戶參與度。但是是的，費用會降低。這是我們上週剛宣布的，它將於 2022 年 1 月開始生效。我們會讓你對此進行建模。

And our next question comes from Mark Mahaney from ISI.

下一個問題來自 ISI 的 Mark Mahaney。

Two questions. Is there anything that suggests that some of these ATT headwinds for other people in the industry actually cost shifts in budget over to your platforms, your different platforms? And then -- that's for Philipp.

兩個問題。是否有任何跡象表明，對於業內其他人士來說，ATT 所面臨的一些不利因素實際上會導致預算轉移到你們的平台，你們的不同平台上？然後——這是給菲利普的。

And then Ruth, just on the margins, is there anything other than revenue overage, that really strong revenue performance flowing against fixed costs and the extended depreciation schedules that's causing those margins to rise? Or have you been able to work out, eke out, tweak out new efficiencies in the model itself?

然後，露絲，僅就利潤率而言，除了收入超額之外，還有什麼其他因素嗎？即營收表現強勁，抵銷了固定成本，折舊計畫延長，導致利潤率上升？或者您能夠在模型本身中製定、努力、調整新的效率？

So why don't I start on that? The key points, as I said, is it starts with strong revenue growth and just timing lags. If some of the costs, as I said, are kind of more fixed in the near term, but we do continue to invest. And you can see that in gross margin. You can see it in operating margin. And we are continuing to invest to support growth we see in both Google Services and Google Cloud.

那我為什麼不從那裡開始呢？正如我所說，關鍵在於它始於強勁的收入成長，只是時間落後。正如我所說，如果某些成本在短期內更加固定，但我們確實會繼續投資。您可以從毛利率中看到這一點。您可以在營業利潤率中看到這一點。我們將繼續投資以支援 Google 服務和 Google Cloud 的成長。

You sort of -- and up-leveling the question, we've consistently said, let's -- our focus in capital allocation is investing for long-term growth and innovation and making sure that we remain focused on those long-term opportunities. At the same time, we've consistently also said that it's important to ensure that we're being sharp about investments within each product area, and we're continuing to do that.

你有點 - 並且提高問題的高度，我們一直在說 - 我們在資本配置方面的重點是投資於長期增長和創新，並確保我們繼續關注這些長期機會。同時，我們也一直表示，確保對每個產品領域的投資保持敏銳非常重要，我們將繼續這樣做。

And we're continuing to focus on investing in what we call operational excellence to ensure we can deliver for all of our stakeholders in a high-quality way, and that includes all of our efforts around privacy, security and content moderation. So you're seeing us continue to invest there. A bit of puts and takes. We're trying to ensure that we're setting up all of the areas to deliver for long-term, high-quality performance and end results.

我們將繼續專注於投資所謂的卓越運營，以確保我們能夠以高品質的方式為所有利益相關者提供服務，其中包括我們在隱私、安全和內容審核方面的所有努力。所以你會看到我們繼續在那裡投資。有點付出和收穫。我們正在努力確保所有領域都能夠實現長期、高品質的績效和最終成果。

On the first question around ad budgets and shift in stuff, I don't think there's anything notable that we have observed to comment on.

關於廣告預算和內容轉變的第一個問題，我認為我們沒有觀察到任何值得評論的值得注意的事情。

And our next question comes from Brent Thill from Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

On Google Cloud, we continue to hear from the partners that the deal size is building and BigQuery's having a big impact for a lot of your customers. Can you just talk to and expand on what you're seeing there and any other noticeable trends that you're seeing now that maybe you hadn't seen in the past?

在 Google Cloud 上，我們不斷聽到合作夥伴表示交易規模正在擴大，BigQuery 對許多客戶產生了重大影響。您能否談談並詳細說明您在那裡看到的情況以及您現在看到的任何其他可能在過去沒有看到的明顯趨勢？

Thanks. Look, overall, we continue to see strong momentum. The team is executing well. You mentioned BigQuery data and analytics and AI continues to be kind of a foundational shift for what companies are trying to accomplish, and BigQuery does stand out there and we are definitely seeing continued momentum there. It's a source of strength.

謝謝。總體來看，我們繼續看到強勁勢頭。該團隊表現良好。您提到 BigQuery 數據和分析以及人工智慧繼續成為公司試圖實現的目標的基礎性轉變，而 BigQuery 確實脫穎而出，我們確實看到了其持續的發展勢頭。它是力量的泉源。

The other areas I would highlight are security continues to be an increasing area of focus and a differentiator for us given over 2 decades of investment we have had. We pioneered zero trust and so on. So as cybersecurity elevates and concern across companies I talk to and the CEOs, it's definitely been an area.

我想強調的其他領域是，鑑於我們 20 多年的投資，安全性繼續成為我們日益關注的領域，也是我們的一個差異化因素。我們率先實現了零信任等等。因此，隨著網路安全問題日益嚴重，以及與我交談過的各家公司和執行長們對此的關注，這無疑已成為一個值得關注的領域。

Multi-cloud continues to be a differentiator. I do think customers are increasingly looking for it. And we've embraced it from early on. So that is an area as well. But above all, I think we are very, very focused on industry value propositions, so really sharpening our solutions by vertical, and that's really helped us get some of the bigger deals you mentioned as well, and we'll continue doing that.

多雲仍然是差異化因素。我確實認為顧客越來越需要它。我們很早就接受了它。所以這也是一個領域。但最重要的是，我認為我們非常非常注重產業價值主張，因此真正透過垂直方式完善我們的解決方案，這確實幫助我們獲得了您提到的一些更大的交易，我們將繼續這樣做。

And our next question comes from Michael Nathanson from MoffettNathanson.

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

One for Sundar and one for Philipp. Sundar, you talked earlier about the JioPhone Next that'll launch next week in India. I wonder if you can talk about the longer term opportunity for Alphabet in India from opening up that product and any type of time frame when do you think you will see maybe the benefits of what you're doing on the low priced phone there?

一個給 Sundar，一個給 Philipp。桑達爾，您之前談到了將於下週在印度推出的 JioPhone Next。我想知道您是否可以談談 Alphabet 在印度推出產品的長期機遇，以及您認為何時才能看到您在印度低價手機上所做的事情所帶來的好處？

And then for Philipp, it just seems longer term as mobile targeting becomes more difficult due to all these privacy changes. There has to be a mix shift in budget. So I wonder, how do you think the value proposition of Search will change going forward?

對菲利普來說，這似乎只是長期目標，因為所有這些隱私變化使得行動定位變得更加困難。預算必須進行混合調整。所以我想知道，您認為搜尋的價值主張未來會如何改變？

And what can you do even more than you've done before to take advantage of what looks like real challenges in the ability to target and measure when it comes to mobile Search -- I mean, when it comes to mobile advertising.

當涉及到行動搜尋時（我的意思是，當談到行動廣告時），你能比以前做得更多來利用在定位和衡量能力方面看似真正的挑戰嗎？

On India, thanks for the question. Look, I think, obviously, the pandemic has been hard. But through it all, the people are looking for access and there's definitely been a wave of people who have adopted smartphones, and there is still -- we see the demand for people looking to shift from feature phones to smartphones. And so part of what excites me about the upcoming partnership with Jio in building a phone is really investing beyond just English and getting languages and getting the local needs right for people and doing it in a way that many more people can take advantages of a smartphone.

關於印度，謝謝你的提問。瞧，我認為，顯然，這場疫情很嚴重。但透過這一切，人們正在尋求獲取資訊的方式，而且確實有一波人開始使用智慧型手機，而且我們仍然看到人們希望從功能手機轉向智慧型手機的需求。因此，即將與 Jio 合作打造手機讓我感到興奮的部分原因在於，我們不僅要投資英語，還要開發語言，滿足當地人們的需求，並讓更多的人能夠利用智慧型手機。

So I view it as laying the foundation. It's a version of digital transformation and it's palpable, the demand we see. And I think over a 3- to 5-year time frame, it will end up having a lot of impact. But overall, India, just like Asia Pacific continues to be an exciting market for us. We see strength across the categories we are involved in. And so you'll continue to see us stay focused there.

因此我認為這是奠定基礎。這是數位轉型的一個版本，我們看到的需求是顯而易見的。我認為，在 3 到 5 年的時間內，它最終將產生很大的影響。但總體而言，印度和亞太地區一樣，對我們來說仍然是一個令人興奮的市場。我們在所涉及的各個類別中都看到了優勢。因此，您將繼續看到我們專注於這些領域。

And to the second part of your question, look, as I said, we see the future of digital advertising being built on advances and privacy preserving on device technologies. This is a big area that we've invested already and that we are going to invest in even more. And as far as how we think about our runway for growth, we really think about improving user and advertiser experience for years and years to come.

對於你問題的第二部分，正如我所說，我們看到數位廣告的未來建立在設備技術的進步和隱私保護之上。我們已經在這個領域投入了大量資金，我們也將在這個領域投入更多資金。至於我們如何看待我們的成長跑道，我們真正考慮的是在未來幾年內改善用戶和廣告商的體驗。

And we're always asking ourselves the same questions, right? How do we drive better answers to queries, especially on Search, especially including those with commercial intent? How do you use machine learning to deliver even more relevant and higher quality experiences for users that then drive higher clicks and more conversions for advertisers.

我們總是問自己同樣的問題，對嗎？我們如何才能更好地回答查詢，特別是在搜尋中，尤其是那些帶有商業意圖的查詢？如何利用機器學習為使用者提供更相關、更高品質的體驗，從而為廣告主帶來更高的點擊次數和更多的轉換率。

So really our main goal is to consistently deliver great experiences for users, drive incremental value for our partners and making them successful. And as long as we do this, and we continue to invest in the privacy preserving technologies, as I mentioned, we should continue to see budgets move our way.

因此，我們的主要目標是持續為用戶提供出色的體驗，為我們的合作夥伴創造增量價值並使他們成功。只要我們這樣做，並繼續投資於隱私保護技術，正如我所提到的，我們就應該繼續看到預算朝著我們的方向發展。

And our next question comes from Ross Sandler from Barclays.

我們的下一個問題來自巴克萊銀行的羅斯·桑德勒。

I just had a high-level question on YouTube. So you're obviously doing really well there. And as large as it is and as high as the engagement is compared to just about any other app that we see across the broader Internet, the revenue at just around $30 billion this year, tails in comparison to core Facebook or Instagram.

我剛剛在 YouTube 上提出了一個高級問題。所以你顯然在那裡做得很好。儘管與互聯網上任何其他應用程式相比，它的規模和參與度都很高，但今年的收入僅為 300 億美元左右，與核心應用程式 Facebook 或 Instagram 相比則相形見絀。

So do you think that this is obviously a huge opportunity for YouTube, especially with connected TV? Is there something that you guys need to change about your approach with either direct sales or kind of decoupling Search from YouTube and some of the other products that Google has under the same roof? Or do you kind of think continuing along the same path is the right strategy for YouTube specifically? Any color on that would be helpful.

那麼，您是否認為這對 YouTube 來說顯然是一個巨大的機遇，尤其是在連網電視領域？你們是否需要改變一些方式，例如直接銷售，或將搜尋與 YouTube 以及 Google 旗下的其他一些產品分開？或者您認為繼續沿著同樣的道路走下去對 YouTube 來說是正確的策略？任何顏色都會有幫助。

Look, I think obviously, YouTube is unique in the sense that it's a true video native, video first product from Day 1. And so you are dealing with -- in a new form. And obviously, as a company, I think we have taken a long-term view, which is why you see the engagement on the product. It's working at scale. Content responsibility has been our most important focus for the past many years.

你看，我認為 YouTube 顯然是獨一無二的，因為它從第一天起就是一個真正的原生影片產品，是影片優先的產品。所以你正在以一種新的形式來處理它。顯然，作為一家公司，我認為我們已經採取了長遠的眼光，這就是為什麼你會看到該產品的參與度。它正在大規模地發揮作用。多年來，內容責任一直是我們最關注的重點。

And beyond that, I think we worked hard to make sure both creators can do well, and it's a great platform for advertisers. We've had strengthened brand. We've built on it with robust momentum in direct response. There's obviously newer opportunities such as shopping, which we are investing in. And shots represents an additional early but important area for us from an investment and a growth standpoint.

除此之外，我認為我們努力確保兩位創作者都能做得很好，這對廣告商來說是一個很好的平台。我們的品牌已經增強。我們在此基礎上以強勁的勢頭建立了直接響應。顯然，我們正在投資購物等新的機會。從投資和成長的角度來看，拍攝對我們來說是一個額外的早期但重要的領域。

So I feel the fundamentals of the platform are strong. And with a long-term view, I see this as an area where we have more upside. And so we'll continue our investments with that in mind.

所以我覺得該平台的基礎很強大。從長遠來看，我認為這是一個我們擁有更大優勢的領域。因此，我們會繼續進行投資。

And our next question comes from Colin Sebastian from Baird.

我們的下一個問題來自貝爾德公司的科林·塞巴斯蒂安。

A couple of big picture questions. Sundar, first off, looking at GCP and some of the innovations you've talked about like distributed cloud. I just wonder what you think the long-term future is for hybrid cloud environments. Are they really -- or is this really just a part of the process or stepping stones to bring more companies or most companies over to full cloud adoption?

幾個大問題。 Sundar，首先，我們來看看 GCP 以及您談到的一些創新，例如分散式雲端。我只是想知道您認為混合雲環境的長期未來是什麼。他們真的是——或者這真的只是讓更多公司或大多數公司全面採用雲端運算的流程的一部分或墊腳石嗎？

And then, secondly, we're seeing a clear blurring of the lines among e-commerce, digital payments and social platforms. So I was hoping you could share the vision for Google and YouTube and the other Google apps in this context, how those pieces fit together as a closed-loop shopping platform, if that's the right way to think about it.

其次，我們看到電子商務、數位支付和社交平台之間的界線明顯變得模糊。因此，我希望您能分享 Google、YouTube 和其他 Google 應用程式的願景，以及這些部分如何組合成一個閉環購物平台，如果這是正確的思考方式的話。

To your first question on GCP, part of our strength is we have taken a very open and scalable and flexible approach, and we don't view it as a one-size fits all. So we want to meet the customers the way they want to take this journey. And I think are gearing up to support them both from a multi-cloud, from a hybrid cloud standpoint.

對於您關於 GCP 的第一個問題，我們的優勢在於我們採取了非常開放、可擴展和靈活的方法，我們並不認為它是一刀切的。因此，我們希望以客戶希望的方式滿足他們的旅程。我認為我們正在從多雲和混合雲的角度為它們提供支援。

But I do think over time, when I look at the scale at which we are investing to support, particularly to my points early around security and so on, I think people will see the value more -- so value more of a hosted cloud solution. But I think we want to be customer-centric here, and then we want to go where the market goes, and that's why we've built the scalable infrastructure we have. So I'm excited about the opportunity there.

但我確實認為，隨著時間的推移，當我看到我們投資支援的規模時，特別是我早期關於安全等方面的觀點，我認為人們會看到更多的價值——因此更看重託管雲端解決方案。但我認為我們希望以客戶為中心，然後我們希望跟隨市場的發展，這就是我們建立可擴展基礎設施的原因。所以我對那裡的機會感到非常興奮。

On your second question around e-commerce, digital platforms, shopping, social, how does it all fit together? For me, I see there's 2 things. One is, we want to get the primitives right, which means as a user being able to be it in Search and YouTube, either on the products or as you -- we are trying to connect merchants to users, right, and be it organically or through advertising.

關於你的第二個問題，關於電子商務、數位平台、購物、社交，它們是如何結合在一起的？對我來說，我看到有兩件事。一是，我們希望正確處理基本要素，這意味著作為用戶，能夠在搜尋和 YouTube 上找到產品，或者作為您——我們正在嘗試將商家與用戶聯繫起來，無論是有機地還是透過廣告。

And so we are investing in identity, payments, making sure it's seamless for users. And so that's a big part of our focus. The second is really from a user experience standpoint, both in Search and in YouTube and other areas like Maps and Discover over time. We want to make sure if users want to act more beyond discovery and they want to do more that it's seamless to do so.

因此，我們正在投資識別和支付，以確保用戶能夠無縫使用。這是我們關注的重點。第二個實際上是從使用者體驗的角度來看的，包括搜尋、YouTube 以及地圖和發現等其他領域。我們希望確保當用戶想要採取更多超越發現的行動時，他們能夠無縫地完成更多的事情。

But we are going to be very focused on making sure for merchants that they can -- they get access to users, and that's the value proposition we deeply care about. And so we'll invest with that view in mind.

但我們將非常專注於確保商家能夠接觸到用戶，這是我們非常關心的價值主張。因此，我們會以這種觀點進行投資。

And our last question comes from the line of Stephen Ju from Credit Suisse.

我們的最後一個問題來自瑞士信貸的 Stephen Ju。

Okay. Thank you. So Sundar, I think in the past, we've talked about the intersection of hardware and software for Google. And you touched on the Pixel 6 as well as the other examples in your prepared remarks. But as you look at all the different directions you're going with Fitbit, Nest and all the other devices. So how has your thinking evolved over the years? And what do you envision a hardware and software integrated Google meaning to the consumer over the longer term?

好的。謝謝。所以 Sundar，我想過去我們曾討論過谷歌硬體和軟體的交集。您在準備好的發言中提到了 Pixel 6 以及其他例子。但當你觀察 Fitbit、Nest 和所有其他裝置所走向的不同方向時。那麼這些年來您的想法發生了什麼樣的變化呢？您認為從長遠來看，整合Google硬體和軟體對消費者意味著什麼？

And I guess, Philipp, if you look at some of the emerging and developing markets today, some of the companies there around the world have had to play multiple roles in helping to solve for transactional friction by rolling out payments, logistics and other solutions that we probably take for granted here in the States. So do you think Google should or could play a more expansive role in India and some of the other emerging markets to help accelerate the growth of e-commerce versus the role that you played in the U.S. and the West?

菲利普，我想，如果你看看今天的一些新興和發展中市場，你會發現世界各地的一些公司必須發揮多重作用，透過推出支付、物流和其他我們在美國可能認為理所當然的解決方案來幫助解決交易摩擦。那麼，您是否認為Google應該或能夠在印度和其他一些新興市場中發揮更廣泛的作用，以幫助加速電子商務的成長，而不是像您在美國和西方國家所扮演的那樣？

Overall, hardware and computing, obviously, we have been doing this for a while now. If you look at the Google Tensor bet, these are multiyear bets, which finally play out and I couldn't be more excited at the reception for Pixel 6 and Google Tensor. And I think lays a good foundation of what we want to do in the future.

總的來說，硬體和計算，顯然我們已經做了一段時間了。如果你看一下 Google Tensor 的賭注，這些都是多年的賭注，最終會發揮作用，我對 Pixel 6 和 Google Tensor 的接受度感到無比興奮。我認為這為我們未來的目標奠定了良好的基礎。

We definitely have a long-term view on where computing is headed. We want to make sure and to innovate there, you have to think at the intersection of user experience, software and hardware. I think we have a unique perspective to bring a unique point of view with our AI-first approach and applying that to bring new features and new experiences.

我們確實對計算的發展方向有著長遠的眼光。我們希望確保並在那裡進行創新，你必須在用戶體驗、軟體和硬體的交叉點上思考。我認為我們擁有獨特的視角，可以透過我們的 AI 優先方法帶來獨特的觀點，並運用它帶來新功能和新體驗。

So we'll be doing it to push computing forward. We want to guide our ecosystem when we do well in a category, the whole ecosystem benefits from it. And finally, we are going to be doing this with a view towards building a sustainable business. And we see this as an important area, and we are investing with that viewpoint. And I'm really excited with what Google Tensor and the Pixel 6 team has been able to accomplish. And they view it just as a start.

因此我們將努力推動計算技術的發展。我們希望引導我們的生態系統，當我們在某個類別中表現出色時，整個生態系統都會從中受益。最後，我們這樣做的目的是建立一個可持續發展的業務。我們認為這是一個重要領域，我們以這種觀點進行投資。我對 Google Tensor 和 Pixel 6 團隊所取得的成就感到非常興奮。他們認為這只是一個開始。

So on the second part of your question, look, every e-commerce experience is also a payment experience and a friction-ladened checkout can take the joy out of a purchase. I think we've all been there.

因此，關於你問題的第二部分，你看，每一次電子商務體驗也是一種支付體驗，而充滿摩擦的結帳可能會讓購買失去樂趣。我想我們都經歷過這樣的情況。

So think about Google Pay as a checkout facilitator. We want to make it even easier for consumers to access whatever payment method they really want, credit card, PayPal, Shop Pay and so on, and so on. And to the global nature of your question, 150 million people across 40 countries are now using Google Pay to manage transactions and stay on top of their finances. And millions of merchants are using it to provide their customers with a simple and safe way to check out and whether it's in store or online or via their app.

因此，請將 Google Pay 視為結帳工具。我們希望讓消費者更輕鬆地使用他們真正想要的任何付款方式，信用卡、PayPal、Shop Pay 等等。針對您問題的全球性，目前有來自 40 個國家的 1.5 億人正在使用 Google Pay 來管理交易並掌握財務狀況。數以百萬計的商家正在使用它為他們的客戶提供簡單、安全的結帳方式，無論是在商店、線上還是透過他們的應用程式。

So right now, we continue to be very focused on helping both merchants and financial institutions create more intuitive digital experiences and connect with our customers. In the U.S., we're partnering with merchants to surface, we call them card-linked offers and coupons within Google Pay. And in August, we announced the partnership with Setu, a fintech company in India. That was a part your question, to help users open fixed deposit accounts directly from Google Pay.

因此，現在我們繼續致力於幫助商家和金融機構創造更直觀的數位體驗並與我們的客戶建立聯繫。在美國，我們正在與商家合作，在 Google Pay 中推出我們稱之為與卡片相關的優惠和優惠券。 8 月份，我們宣布與印度金融科技公司 Setu 建立合作關係。這是您問題的一部分，可協助用戶直接從 Google Pay 開設定期存款帳戶。

So we think there's much more that we can do for both consumers and our partners. So stay tuned on this one.

因此我們認為我們可以為消費者和合作夥伴做更多的事情。因此請繼續關注此內容。

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

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 fourth quarter 2021 call. Thank you, and have a good evening.

感謝大家今天加入我們。我們期待在 2021 年第四季電話會議上再次與您交談。謝謝，祝您晚上愉快。

Thank you. That 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。