Google (GOOG) 2021 Q2 法說會逐字稿

Welcome, everyone. Thank you for standing by for the Alphabet's Second Quarter 2021 Earnings Conference Call. (Operator Instructions) I would now like to hand the conference over to your speaker today, Jim Friedland, Director of Investor Relations. Please go ahead.

歡迎大家。感謝您等待 Alphabet 的 2021 年第二季度收益電話會議。 （操作員說明）我現在想將會議交給您今天的演講者，投資者關係總監 Jim Friedland。請繼續。

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

謝謝你。大家下午好，歡迎參加 Alphabet 的第二季度收益電話會議。今天和我們在一起的是 Sundar Pichai、Philipp Schindler 和 Ruth Porat。

Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business, operations and financial performance, including the effect of the COVID-19 pandemic on those areas, may be considered forward-looking and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. For more information, please refer to the risk factors discussed in our most recent Form 10-K filed with the SEC.

現在我將迅速覆蓋安全港。我們今天就我們的業務、運營和財務業績做出的一些陳述，包括 COVID-19 大流行對這些領域的影響，可能被認為是前瞻性的，這些陳述涉及許多可能導致實際結果大相徑庭。如需更多信息，請參閱我們最近提交給 SEC 的 10-K 表格中討論的風險因素。

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

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。非 GAAP 與 GAAP 措施的對賬包含在今天的收益新聞稿中，該新聞稿通過我們位於 abc.xyz/Investor 的投資者關係網站向公眾分發和提供。

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. It's good to be with you. Today, I'll give an overview of the quarter, going through some of our product momentum, then touching on Cloud and YouTube.

謝謝你，吉姆，大家下午好。和你在一起真好。今天，我將概述本季度，回顧我們的一些產品勢頭，然後介紹 Cloud 和 YouTube。

First, I want to acknowledge that the new COVID-19 variants have been challenging for so many communities across the world. As the pandemic evolves, we want to help people get the information they need to keep themselves and their family safe. I really encourage everyone to get the vaccine when it's available to you.

首先，我要承認，新的 COVID-19 變體對世界上如此多的社區來說一直是個挑戰。隨著大流行的發展，我們希望幫助人們獲得所需的信息，以確保自己和家人的安全。我真的鼓勵大家在有疫苗的時候接種。

Turning to the quarter, we saw a rising tide of online consumer and business activity. We are proud that our services helped so many businesses and partners. In fact, we set a number of records this quarter. This quarter, publisher partners earned more than they ever have from our network. We also paid more to YouTube creators and partners than in any quarter in our history. And on top of that, over the past year, we have sent more traffic to third-party websites than any year prior, in addition to generating billions of direct connections like phone calls, directions, ordering food and making reservations that drove customers and revenue to businesses around the world that are working to get back on their feet.

回到本季度，我們看到在線消費者和商業活動的興起。我們很自豪我們的服務幫助瞭如此多的企業和合作夥伴。事實上，我們在本季度創造了多項記錄。本季度，發布商合作夥伴從我們的網絡中獲得的收入比以往任何時候都多。我們向 YouTube 創作者和合作夥伴支付的費用也比我們歷史上任何一個季度都多。最重要的是，在過去一年中，我們向第三方網站發送的流量比以往任何一年都多，此外還產生了數十億的直接聯繫，例如電話、路線、訂餐和預訂，從而推動了客戶和收入致世界各地正在努力重新站起來的企業。

A few years ago, we placed a bet on AI, believing that it would be a fundamental technology that would underpin and dramatically improve all our products. That vision was on full display at our IO Event in May, where we announced new advancements that will be helpful to people and businesses everywhere. As one example, we introduced Multitask Unified Models, or MUM. MUM is a big advancement in Search, a thousand times more powerful than our current systems. It has the ability to learn and transfer knowledge across 75 languages, which means that it can learn from sources in 1 language and help bring that information to you in another.

幾年前，我們把賭注押在了人工智能上，相信它將是一項基礎技術，可以支撐並顯著改進我們所有的產品。這一願景在 5 月的 IO 活動中得到了充分展示，我們宣布了新的進步，這些進步將對世界各地的人們和企業有所幫助。作為一個例子，我們介紹了多任務統一模型或 MUM。 MUM 是搜索領域的一大進步，比我們當前的系統強大一千倍。它具有跨 75 種語言學習和轉移知識的能力，這意味著它可以從一種語言的資源中學習，並幫助您以另一種語言將該信息帶給您。

We also announced a new AI system called LaMDA that achieves a new level of natural conversation capabilities. We think LaMDA will help make information in computing more accessible, and we are excited about this early-stage research.

我們還宣布了一個名為 LaMDA 的新 AI 系統，該系統可實現更高水平的自然對話能力。我們認為 LaMDA 將有助於使計算中的信息更容易獲得，我們對這項早期研究感到興奮。

And last week, DeepMind shared its new AlphaFold protein structure database which doubled the number of high accuracy human protein structures available to researchers. In the coming months, it will include almost every sequence protein known to science.

上週，DeepMind 分享了其新的 AlphaFold 蛋白質結構數據庫，該數據庫使研究人員可獲得的高精度人類蛋白質結構數量翻了一番。在接下來的幾個月裡，它將包括幾乎所有科學已知的序列蛋白。

Turning to Android. We previewed Android 12 at Google IO. The latest version will include new ways to personalize devices and significantly improve speed and power efficiency. We have built new privacy productions directly into the OS, such as the new Privacy Dashboard, to help people keep information safe and private. Android 12 will, of course, be central to Google's own devices. I'm very excited by our fall lineup, which will showcase Android 12 and some of the deep technology investments that are helping us push boundaries.

轉向安卓。我們在 Google IO 上預覽了 Android 12。最新版本將包括個性化設備的新方法，並顯著提高速度和電源效率。我們在操作系統中直接構建了新的隱私產品，例如新的隱私儀表板，以幫助人們保持信息的安全和私密。當然，Android 12 將成為谷歌自己設備的核心。我對我們的秋季陣容感到非常興奮，它將展示 Android 12 和一些幫助我們突破界限的深度技術投資。

Pixel remains at the heart of that long-term strategy, and I'm proud of how the team continues to deliver the best of Google through our family of helpful devices including Nest and Fitbit. You can see all of these devices at our first retail store in New York City, and I'm looking forward to seeing some new ones there soon.

Pixel 仍然是該長期戰略的核心，我為團隊如何通過我們的有用設備系列（包括 Nest 和 Fitbit）繼續提供最好的 Google 感到自豪。您可以在我們位於紐約市的第一家零售店看到所有這些設備，我期待很快在那裡看到一些新設備。

We are also seeing developers getting tremendous benefit from Google Play. Through the end of Q2, over $120 billion has been earned cumulatively by developers around the world from Google Play.

我們還看到開發人員從 Google Play 中獲得了巨大的收益。截至第二季度末，全球開發者從 Google Play 累計賺取了超過 1200 億美元。

Let me talk a bit more about Cloud. Q2 revenue grew 54% year-over-year. Our innovative products, focused go-to-market strategy and growing ecosystem are driving our momentum. Organizations across industries are choosing Google Cloud as their platform for digital transformation, including SAP customers like PayPal, Johnson Controls and Whirlpool, who have deployed SAP environments on Google Cloud.

讓我多談談雲。第二季度收入同比增長 54%。我們的創新產品、專注的上市戰略和不斷發展的生態系統正在推動我們的發展勢頭。各行各業的組織都在選擇 Google Cloud 作為其數字化轉型平台，其中包括 PayPal、Johnson Controls 和 Whirlpool 等 SAP 客戶，他們已在 Google Cloud 上部署了 SAP 環境。

This quarter, we saw 3 distinct trends. First, the increase in cyber and ransomware attacks is a wake-up call for the industry. Over 2 decades, Google has built some of the most secure computing systems in the world, and we are proud that our Google Cloud customers can benefit from our experience here. Customers like Major League Baseball are partnering with Google Cloud to further enhance their security program. We pioneered the Zero Trust approach, an architecture that builds in multiple layers of defense against unauthorized access. This approach in other security solutions help customers minimize the impact of cyber attacks and prevent them completely.

本季度，我們看到了 3 個不同的趨勢。首先，網絡和勒索軟件攻擊的增加為行業敲響了警鐘。 20 多年來，Google 構建了一些世界上最安全的計算系統，我們很自豪我們的 Google Cloud 客戶可以從我們在這裡的經驗中受益。美國職業棒球大聯盟等客戶正在與 Google Cloud 合作，以進一步增強他們的安全計劃。我們開創了零信任方法，這是一種構建多層防禦以防止未經授權的訪問的架構。其他安全解決方案中的這種方法可幫助客戶最大限度地減少網絡攻擊的影響並完全防止它們。

At our Cloud Security Summit last week, we announced new solutions across our portfolio of products. BT is bringing our new security operations solutions based on Chronicle to the managed security services market. And Adobe in the state of Wisconsin are helping product users with our fraud protection product.

在上週的雲安全峰會上，我們宣布了產品組合中的新解決方案。 BT 將基於 Chronicle 的新安全運營解決方案引入託管安全服務市場。威斯康星州的 Adobe 正在幫助產品用戶使用我們的欺詐保護產品。

Second, our expertise in real-time data and analytics continues to differentiate us in the data cloud, one of the fastest-growing segments of the market. BigQuery is not only a data warehouse, it's a platform for customer innovation, and it's helping drive our strong year-over-year growth with customers like HCA Healthcare, who will be using BigQuery to analyze data to improve clinical care.

其次，我們在實時數據和分析方面的專業知識繼續使我們在數據云中脫穎而出，這是市場中增長最快的部分之一。 BigQuery 不僅是一個數據倉庫，還是一個客戶創新平台，它幫助推動我們與 HCA Healthcare 等客戶的強勁同比增長，這些客戶將使用 BigQuery 分析數據以改善臨床護理。

Additionally, our deep expertise in AI and machine learning remains a key differentiator. Winning customers like Groupe Casino and leading to partnerships with industrial automation leaders like Siemens. Our focus on delivering industry-specific solutions, coupled with our secure open cloud infrastructure, enable us to support leading telecommunications companies such as Reliance; Jio; Telecom Italia, TIM; and Ericsson to work together on applications and new solutions for 5G networks and mobile edge computing. These joined existing customers, Vodafone, Telus and many others.

此外，我們在人工智能和機器學習方面的深厚專業知識仍然是一個關鍵的差異化因素。贏得 Groupe Casino 等客戶，並與西門子等工業自動化領導者建立合作夥伴關係。我們專注於提供行業特定的解決方案，再加上我們安全的開放雲基礎設施，使我們能夠支持領先的電信公司，例如 Reliance；焦；意大利電信，TIM；與愛立信合作開發 5G 網絡和移動邊緣計算的應用程序和新解決方案。這些加入了現有客戶、沃達丰、Telus 和許多其他客戶。

Third, Google Workspace continues to show strong growth, particularly in the enterprise space because we have designed the product to meet the challenges of hybrid work. This includes the announcements we made at IO about Smart Canvas as well as expanding our advanced security and compliance capabilities and solutions for front-line workers. These innovations are landing wins with companies like Carvana, the online auto retailer; and software company, Red Hat.

第三，Google Workspace 繼續呈現強勁增長勢頭，尤其是在企業領域，因為我們設計的產品是為了應對混合工作的挑戰。這包括我們在 IO 上發布的關於 Smart Canvas 的公告，以及為一線員工擴展我們先進的安全和合規能力以及解決方案。這些創新正在贏得在線汽車零售商 Carvana 等公司的青睞；和軟件公司紅帽。

Turning next to YouTube. YouTube Shorts continues to gain momentum. We've been rolling it out everywhere YouTube is available in more than 100 countries worldwide. I'm proud to announce that YouTube Shorts has just surpassed 15 billion daily views. Also pleased with the progress we are making with YouTube subscription products across Music, Premium and YouTube TV, each delivering a fantastic experience and content for viewers.

轉到 YouTube 旁邊。 YouTube 短褲繼續獲得動力。我們一直在全球 100 多個國家/地區推出 YouTube。我很自豪地宣布，YouTube Shorts 的每日觀看次數剛剛超過 150 億次。我們也對我們在 Music、Premium 和 YouTube TV 上的 YouTube 訂閱產品取得的進展感到高興，每個產品都為觀眾提供了美妙的體驗和內容。

And finally, Waymo continues to build and commercialize the Waymo driver and grow the team. People love the fully autonomous ride-hailing service in Phoenix. Since first launching its services to the public in October 2020, Waymo safely served tens of thousands of rights without a human driver in the vehicle, and we look forward to many more.

最後，Waymo 繼續構建和商業化 Waymo 驅動程序並發展團隊。人們喜歡鳳凰城的全自動叫車服務。自 2020 年 10 月首次向公眾推出服務以來，Waymo 在沒有人類駕駛員的情況下安全地服務了數万項權利，我們期待更多。

Before I close, let me call out our continued work on sustainability, which has been a core value for us since our founding. As you'll recall, we were the first to announce an ambitious goal that will be transformative for the industry. We aim to operate on 24/7 carbon-free energy by 2030. In Q2, we announced that 5 of our data centers are already operating at or near 90% carbon-free energy. To help us reach our target everywhere, we implemented a system to shift flexible computing tasks at different times and places with greater availability of carbon-free energy, and we are working to enable geothermal power in more places starting in Nevada next year.

在我結束之前，讓我強調一下我們在可持續發展方面的持續工作，這自我們成立以來一直是我們的核心價值。您還記得，我們是第一個宣布雄心勃勃的目標的人，該目標將為行業帶來變革。我們的目標是到 2030 年使用 24/7 無碳能源運行。在第二季度，我們宣布我們的 5 個數據中心已經在使用或接近 90% 的無碳能源運行。為了幫助我們在任何地方實現我們的目標，我們實施了一個系統，以在不同時間和地點轉移靈活的計算任務，以提高無碳能源的可用性，並且我們正在努力從明年在內華達州開始在更多地方啟用地熱發電。

I want to thank all our employees around the world for their contributions to a great quarter. I know it's been a challenging 18 months. Through it all, taking care of everyone in our workforce has remained a top priority. Now we are reimagining the future of work with flexibility as a guiding principle. I was excited to see so many people in person as we started a voluntary return to our California offices recently. As we make our way back, we are giving employees more flexibility in how and where they work, and we'll continue to invest in our sites in the U.S. and elsewhere.

我要感謝我們在世界各地的所有員工為這個偉大的季度所做的貢獻。我知道這是一個充滿挑戰的 18 個月。通過這一切，照顧我們員工中的每個人仍然是重中之重。現在，我們正在以靈活性為指導原則重新構想工作的未來。當我們最近開始自願返回加利福尼亞辦事處時，我很高興能親眼看到這麼多人。隨著我們的回歸，我們為員工的工作方式和工作地點提供了更大的靈活性，我們將繼續投資於我們在美國和其他地方的工廠。

Over to Philipp.

交給菲利普。

Thanks, Sundar, and hello, everyone. It's great to be with you today.

謝謝，Sundar，大家好。今天很高興和你在一起。

We are pleased with the growth in Google Services revenues in the second quarter. Year-on-year performance reflects elevated consumer online activity, broad-based strength in advertiser spend and the lapping of the first ever revenue decline in our ads business last year due to COVID.

我們對第二季度 Google 服務收入的增長感到滿意。同比表現反映了消費者在線活動的增加、廣告客戶支出的廣泛實力以及去年由於 COVID 導致我們的廣告業務收入首次下降。

In the second quarter, retail, again, was by far the largest contributor to the year-on-year growth of our ads business. Travel, financial services and media and entertainment were also strong contributors.

在第二季度，零售再次成為我們廣告業務同比增長的最大貢獻者。旅遊、金融服務以及媒體和娛樂也是重要的貢獻者。

Let's now take a few minutes to talk about the trends we've seen across our business.

現在讓我們花幾分鐘時間來談談我們在整個業務中看到的趨勢。

Over the last 18 months, we've been deeply focused on helping businesses, big and small, navigate profound change. First, as a lifeline during the pandemic, and now, as a partner to reaccelerate growth as the world begins to reopen. The road to global recovery is likely to be uneven and unpredictable. That's why the real-time insights we've put in the hands of businesses going into the pandemic will be just as important coming out of it.

在過去的 18 個月裡，我們一直專注於幫助大大小小的企業應對深刻的變化。首先，作為大流行期間的生命線，現在，作為世界開始重新開放時重新加速增長的合作夥伴。全球復甦之路可能崎嶇不平且不可預測。這就是為什麼我們提供給進入大流行的企業手中的實時洞察力將同樣重要。

New tools like Travel Insights, which launched in the U.S. this month after rolling out to select countries in APAC and EMEA in December, are helping our partners get a clearer picture of where demand is coming from. Wyndham Hotels & Resorts, for example, is leaning into insights and automation across Search, display and YouTube to meet travelers wherever and whenever they need a hotel. They drove nearly 2x more direct bookings from media deployed on Google in the first half of 2021 versus the year prior.

Travel Insights 等新工具於 12 月在亞太地區和歐洲、中東和非洲地區的選定國家/地區推出後於本月在美國推出，正在幫助我們的合作夥伴更清楚地了解需求的來源。例如，溫德姆酒店及度假村 (Wyndham Hotels & Resorts) 正在藉助搜索、展示廣告和 YouTube 的洞察力和自動化，隨時隨地滿足旅行者的需求。與前一年相比，他們在 2021 年上半年從部署在 Google 上的媒體獲得的直接預訂量增加了近 2 倍。

Or take Amtrak. COVID hit, ridership plummeted, budgets were cut. Uncertainty ensued on how to efficiently reach essential travelers. So we stepped in with insights and automation. Bookings for the last quarter, which was Q2, increased 3x year-over-year, with cost per acquisition down 52%.

或者坐美鐵。新冠疫情襲來，客流量驟降，預算被削減。不確定性隨之而來的是如何有效地接觸到必要的旅行者。所以我們介入了洞察力和自動化。上一季度（即第二季度）的預訂量同比增長 3 倍，每次採購成本下降 52%。

These examples also underscore the value of AI and automation in a world that's changing fast. We know today that more than 80% of our advertisers use automated bidding. Using ML, our ads products are more efficiently connecting businesses with their customers, taking the guesswork out of getting the right message at the right time to the right customer, all in the privacy-first way.

這些例子還強調了人工智能和自動化在瞬息萬變的世界中的價值。我們今天知道，超過 80% 的廣告客戶使用自動出價。使用機器學習，我們的廣告產品可以更有效地將企業與其客戶聯繫起來，避免在正確的時間將正確的信息傳遞給正確的客戶，這一切都以隱私優先的方式進行。

And Performance Max, our news AI part campaign is now in beta. It lets brands buy ads from a single campaign across all Google properties, helping drive more online sales, more leads and/or more store visits. Early results for participating advertisers are great.

還有 Performance Max，我們的新聞 AI 部分活動現在處於測試階段。它可以讓品牌從一個廣告系列中購買所有 Google 資產的廣告，從而幫助推動更多的在線銷售、更多的潛在客戶和/或更多的實體店光顧。參與的廣告商的早期結果非常好。

Moving on to retail, where momentum remains strong. We're continuing to build an open ecosystem that benefits both users and merchants. Last year, we removed financial barriers with 3 product listings and 0 commission fees. This year, we're removing integration barriers. With Shopify, WooCommerce, GoDaddy and Square, merchants can now onboard and show their products across Google for free. And our shopping graph is using AI to connect these products to the people who want them, with over 24 billion listings from millions of merchants across the web.

轉向零售，勢頭依然強勁。我們將繼續構建一個讓用戶和商家都受益的開放生態系統。去年，我們通過 3 個產品列表和 0 佣金消除了財務障礙。今年，我們正在消除集成障礙。借助 Shopify、WooCommerce、GoDaddy 和 Square，商家現在可以免費加入 Google 並在 Google 上展示他們的產品。我們的購物圖正在使用人工智能將這些產品與需要它們的人聯繫起來，網絡上數百萬商家的超過 240 億個列表。

Let's talk omnichannel. Last quarter, I said it was here to stay, and it is. Retailers continue to build their digital presence to drive both online and offline sales. And we're helping them do it. Take Bed, Bath and Beyond, who quickly pivoted to curbside pickup, pick up in-store and same-day delivery when people were stuck at home. They've continued these offerings across Google with impressive success. Omni and digital shoppers now make up 50% of customers. And in Q1, 1/3 of total digital sales were fulfilled by stores, plus they've tapped YouTube to build awareness for their new customer-inspired owned brands. We'll continue to invest in new ways to help retailers through what is likely to be a long and uncertain recovery around the world.

讓我們談談全渠道。上個季度，我說它會留下來，而且確實如此。零售商繼續建立他們的數字化形象，以推動線上和線下銷售。我們正在幫助他們做到這一點。 Take Bed, Bath and Beyond，當人們被困在家裡時，他們迅速轉向路邊取貨、店內取貨和當日送貨。他們在 Google 上繼續提供這些產品並取得了令人矚目的成功。 Omni 和數字購物者現在佔客戶的 50%。在第一季度，1/3 的數字銷售總額是由商店完成的，此外，他們還利用 YouTube 來提高他們新的受客戶啟發的自有品牌的知名度。我們將繼續投資於新的方式，以幫助零售商度過全球可能長期且不確定的複蘇期。

Let's move to YouTube, which had a great quarter with strong growth in both brand and direct response. We've seen 3 key trends. First, brand. YouTube is helping advertisers reach audiences they can't find anywhere else. According to Nielsen's total ad ratings reach reporting, from Q4 '18 to Q4 '20, on average, 70% of YouTube's reach was delivered to an audience not reached by the advertisers TV media. In other words, YouTube's reach is becoming increasingly incremental to TV, and this audience dynamic is a huge win for brands. In fact, Nielsen found that U.S. advertisers who shifted just 20% of spend from TV to YouTube generated a 25% increase to the total campaign reach within their target audience while lowering their cost per reach point by almost 20%. These combined effects of approved reach and efficiency are helping advertisers get the most out of their brand investments.

讓我們轉向 YouTube，該季度在品牌和直接反應方面都有強勁增長。我們已經看到了 3 個主要趨勢。第一，品牌。 YouTube 正在幫助廣告商吸引他們在其他任何地方都找不到的受眾。根據尼爾森的總廣告收視率報告，從 18 年第 4 季度到 20 年第 4 季度，YouTube 平均 70% 的覆蓋率是投放給廣告商電視媒體未覆蓋的受眾。換句話說，YouTube 對電視的影響越來越大，而這種受眾動態對品牌來說是一個巨大的勝利。事實上，尼爾森發現，僅將 20% 的支出從電視轉移到 YouTube 的美國廣告商在其目標受眾中的總廣告活動覆蓋面增加了 25%，同時將每個覆蓋點的成本降低了近 20%。批准的覆蓋面和效率的這些綜合影響正在幫助廣告商從他們的品牌投資中獲得最大收益。

Second, direct response. Advertisers are turning to the platform to generate demand and drive transactions. Like Malaysian ad tech platform Mindvalley, which focuses on personal growth and learning, increased their investment in TrueView for Action, and now, Video action as people turn to YouTube in record numbers to learn. In Q2, this generated 600,000-plus leads, with 20% coming from the U.S.

二是直接反應。廣告商正在轉向該平台以產生需求並推動交易。與專注於個人成長和學習的馬來西亞廣告技術平台 Mindvalley 一樣，他們增加了對 TrueView for Action 的投資，而現在，隨著人們轉向 YouTube 學習的人數創紀錄，視頻行動也增加了。在第二季度，這產生了 600,000 多個潛在客戶，其中 20% 來自美國。

Third, YouTube is uniquely positioned to drive both massive reach and action. We're seeing more advertisers adopt a full-funnel approach to scale their businesses with increased efficiency. Compara, a financial services market leader in Chile, combined a reach and direct response campaign to capitalize on leads. Over 10 weeks, they reached 5 million users with incremental conversions up 70%. This trend is widely embraced by our largest advertisers, where business are breaking down silos between online and offline.

第三，YouTube 具有獨特的優勢，可以推動廣泛的影響力和行動。我們看到越來越多的廣告商採用全渠道方法以提高效率來擴展業務。 Compara 是智利的金融服務市場領導者，它結合了覆蓋面和直接響應活動來利用潛在客戶。在 10 週內，他們達到了 500 萬用戶，增量轉化率提高了 70%。這一趨勢被我們最大的廣告商廣泛接受，業務正在打破線上和線下之間的孤島。

Since our founding, we've always believed that the future of Google and the future of our partners are intrinsically linked, from individual YouTube creators and major music labels, to global and local online publishers, to play developers, big and small. Our business is built on revenue share models that succeed only when our partners succeed.

自成立以來，我們一直認為 Google 的未來與我們合作夥伴的未來有著內在的聯繫，從 YouTube 個人創作者和主要音樂品牌，到全球和本地在線出版商，再到大大小小的遊戲開發商。我們的業務建立在只有當我們的合作夥伴成功時才能成功的收入分成模式。

One excellent example of how we're helping our partners innovate is our work with the telecom industry. Sundar talked about efforts in cloud to help them build more efficient networks and transition to 5G. We're also working across Google to help carriers, including AT&T, Telstra, T-Mobile and Verizon, launch new devices and services, add new subscribers, rethink customer engagement via business messaging partnerships and support enterprise growth.

我們如何幫助合作夥伴進行創新的一個很好的例子是我們與電信行業的合作。 Sundar 談到了在雲方面的努力，以幫助他們建立更高效的網絡並過渡到 5G。我們還與 Google 合作，幫助包括 AT&T、Telstra、T-Mobile 和 Verizon 在內的運營商推出新設備和服務，增加新用戶，通過商業消息合作夥伴關係重新考慮客戶參與度並支持企業發展。

I want to close with 2 huge thank yous. First, to our customers and partners for their collaboration. Second, to our product, partnership sales and many support teams for their extraordinary work this quarter and dedication to our customers and partner success.

我想以兩個巨大的感謝結束。首先，感謝我們的客戶和合作夥伴的協作。其次，感謝我們的產品、合作夥伴銷售和許多支持團隊在本季度的出色工作以及為我們的客戶和合作夥伴的成功所做的貢獻。

Now over to Ruth.

現在輪到露絲。

Thank you, Philipp.

謝謝你，菲利普。

Our strong revenue performance in the second quarter reflects lapping the impact of COVID on our business, elevated consumer online activity, broad-based strength in advertiser spend as well as the benefit of excellent ongoing execution by our teams. My comments will be on year-over-year comparisons for the second quarter, unless I state otherwise. We'll start with results at the Alphabet level, followed by segment results, and conclude with our outlook.

我們在第二季度的強勁收入表現反映了 COVID 對我們業務的影響、消費者在線活動的增加、廣告客戶支出的廣泛實力以及我們團隊出色的持續執行所帶來的好處。除非我另有說明，否則我的評論將針對第二季度的同比比較。我們將從字母級別的結果開始，然後是細分結果，最後是我們的展望。

For the second quarter, our consolidated revenues were $61.9 billion, up 62%, or up 57% in constant currency. Our total cost of revenue was $26.2 billion, up 41%, primarily driven by growth in TAC, which was $10.9 billion, up 63%; followed by growth in other cost of revenues, which was $15.3 billion, up 29%, the largest driver of which was content acquisition costs. Operating expenses were $16.3 billion, up 22%.

第二季度，我們的綜合收入為 619 億美元，增長 62%，或按固定匯率計算增長 57%。我們的總收入成本為 262 億美元，增長 41%，主要受 TAC 增長的推動，即 109 億美元，增長 63%；其次是其他收入成本的增長，為 153 億美元，增長 29%，其中最大的驅動力是內容獲取成本。運營費用為 163 億美元，增長 22%。

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 due primarily to the ramp-up of spending on ads in promo in contrast to the pullback in the second quarter last year. Finally, the increase in G&A reflects the impact of charges relating to legal matters.

從運營支出的三個組成部分來看，首先，研發費用的增長主要是由員工人數增長推動的。其次，銷售和營銷費用的增長主要是由於促銷廣告支出的增加，而去年第二季度則有所回落。最後，G&A 的增加反映了與法律事務有關的費用的影響。

Headcount was up 4,061 from the first quarter. Operating income was $19.4 billion, up 203%, and our operating margin in the quarter was 31%. Other income and expense was $2.6 billion, which primarily reflects unrealized gains in the value of investments in equity securities. Net income was $18.5 billion.

員工人數比第一季度增加了 4,061 人。營業收入為 194 億美元，增長 203%，我們本季度的營業利潤率為 31%。其他收入和支出為 26 億美元，主要反映股本證券投資價值的未實現收益。淨收入為 185 億美元。

Let me now turn to our segment financial results, starting with our Google Services segment. Total Google Services revenues were $57.1 billion, up 63%. Google Search and other advertising revenues of $35.8 billion in the quarter were up 68%, with broad-based strength across our business, led again by strong growth in retail. YouTube advertising revenues of $7 billion were up 84%, driven by brand, followed by direct response. Network advertising revenues of $7.6 billion were up 60%, driven by Ad Manager and AdMob. Other revenues were $6.6 billion, up 29%, primarily driven by growth in YouTube non-advertising revenues; followed by hardware, which benefited from the addition of Fitbit revenues; and finally, Google Play, which lapped the increased level of user engagement that started in Q1 last year due to the pandemic. Google Services operating income was $22.3 billion, up 134%. And the operating margin was 39%.

現在讓我談談我們的部門財務業績，從我們的谷歌服務部門開始。谷歌服務總收入為 571 億美元，增長 63%。本季度谷歌搜索和其他廣告收入為 358 億美元，增長 68%，我們的業務基礎廣泛，零售業的強勁增長再次領跑。 YouTube 廣告收入為 70 億美元，增長 84%，受品牌推動，其次是直接響應。在 Ad Manager 和 AdMob 的推動下，網絡廣告收入達到 76 億美元，增長了 60%。其他收入為 66 億美元，增長 29%，主要受 YouTube 非廣告收入增長的推動；其次是硬件，這得益於 Fitbit 收入的增加；最後是 Google Play，它超越了去年第一季度由於大流行而開始的用戶參與度的提高。谷歌服務營業收入為 223 億美元，增長 134%。營業利潤率為39%。

Turning to the Google Cloud segment. Revenues were $4.6 billion for the second quarter, up 54%. GCP's revenue growth was again above Cloud overall, reflecting significant growth in both infrastructure and platform services. Once again, strong growth in Google Workspace revenues was driven by robust growth in both seats and average revenue per seat. Google Cloud had an operating loss of $591 million. As to our Other Bets in the first quarter, revenues were $192 million, the operating loss was $1.4 billion.

轉向谷歌云部分。第二季度收入為 46 億美元，增長 54%。 GCP 的收入增長再次高於雲整體，反映了基礎設施和平台服務的顯著增長。 Google Workspace 收入的強勁增長再次受到席位和每個席位平均收入的強勁增長的推動。谷歌云的運營虧損為 5.91 億美元。至於我們第一季度的其他賭注，收入為 1.92 億美元，經營虧損為 14 億美元。

Let me close with some comments on our outlook.

最後讓我對我們的前景發表一些評論。

In the second quarter, revenues benefited from an FX tailwind of more than 4% at the consolidated level. Based on FX spot rates against the dollar relative to the third quarter of last year, we expect a more muted tailwind to revenues in the third quarter. In terms of outlook by segment, for Google Services, the benefit to revenue growth in Q2 from lapping the effect of COVID last year will diminish through the balance of the year as we begin to lap stronger performance in the second half of 2020.

在第二季度，收入受益於綜合水平超過 4% 的外匯順風。根據相對於去年第三季度對美元的外匯即期匯率，我們預計第三季度收入的順風將更加溫和。就細分市場的前景而言，對於谷歌服務而言，由於我們在 2020 年下半年開始表現更強勁，因此去年第二季度受 COVID 影響的收益增長將在今年餘下減少。

In the second quarter, we continued to benefit from elevated consumer online activity and broad-based strength in advertiser spend. We believe it is still too early to forecast the longer-term trends as markets reopen, especially given the recent increase in COVID cases globally.

在第二季度，我們繼續受益於消費者在線活動的增加和廣告客戶支出的廣泛實力。我們認為，隨著市場重新開放，預測長期趨勢還為時過早，特別是考慮到最近全球 COVID 病例的增加。

Within other revenues, Play revenue growth for the balance of the year will face headwinds due to the impact of lapping elevated engagement in the pandemic as well as the change in fee structure, which was implemented as of July 1. We continue to invest across Google services to support the extraordinary opportunities we see.

在其他收入中，今年餘下時間的 Play 收入增長將面臨逆風，原因是對大流行的參與度提高以及費用結構的變化（自 7 月 1 日起實施）的影響。我們將繼續在 Google 上進行投資服務來支持我們看到的非凡機會。

A couple of reminders consistent with prior years: We expect that headcount additions will be seasonally higher in Q3 as we bring on new graduates. In addition, we expect sales and marketing expenses to be more heavily weighted to the back half of the year, in part, to support product launches in the holiday season. As for Google Cloud, we remain focused on revenue growth and are pleased with the trends we are seeing. Across Cloud, we will continue to invest aggressively, given the opportunity we see.

與往年一致的幾點提醒：我們預計隨著新畢業生的加入，第三季度的員工人數將季節性增加。此外，我們預計銷售和營銷費用將在今年下半年佔更大比重，部分是為了支持假日季節的產品發布。至於谷歌云，我們仍然專注於收入增長，並對我們看到的趨勢感到滿意。考慮到我們看到的機會，我們將在整個雲計算領域繼續大舉投資。

Turning to CapEx. The results in the second quarter primarily reflect ongoing investment in our technical infrastructure, most notably in servers, to support ongoing growth across Google. We also began to increase the pace of investment in ground-up construction and fit-outs of office facilities, which were slowed due to COVID and are focused now on [advances].

轉向資本支出。第二季度的業績主要反映了我們對技術基礎設施的持續投資，尤其是在服務器方面的投資，以支持整個谷歌的持續增長。我們還開始加快對辦公設施的地面建設和裝修的投資步伐，這些投資因新冠疫情而放緩，現在專注於[進步]。

Turning to cash and capital allocation. We continue to generate strong free cash flow of $16.4 billion in the quarter and $58.5 billion for the trailing 12 months. We ended the second quarter with $136 billion in cash and marketable securities. As we indicated in our press release today, our Board has approved an amendment to the existing $50 billion stock repurchase program permitting us to repurchase both Class A and Class C shares in a manner that's in the best interest of the company and its stockholders.

轉向現金和資本配置。我們繼續在本季度產生 164 億美元的強勁自由現金流，在過去的 12 個月中產生 585 億美元。我們在第二季度結束時擁有 1360 億美元的現金和有價證券。正如我們今天在新聞稿中指出的那樣，我們的董事會已批准對現有 500 億美元股票回購計劃的修訂，允許我們以符合公司及其股東最佳利益的方式回購 A 類和 C 類股票。

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

謝謝你。現在，Sundar、Philipp 和我將回答您的問題。

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

（操作員說明）我們的第一個問題來自摩根士丹利的 Brian Nowak。

I have 2. One for Sundar and one for Philipp. Sundar, the first one is you've had so much innovation over the years using AI to improve Search and improve the overall business. Can you just give us some examples of where you still see low-hanging fruit or areas for further improvement in the company's overall products using AI, et cetera, over the next couple of years?

我有 2 個。一個給 Sundar，一個給 Philipp。 Sundar，第一個是您多年來使用 AI 來改進搜索和改善整體業務的創新非常多。您能否給我們舉一些例子，說明在接下來的幾年裡，您仍然認為在哪些方面可以實現低效或在公司的整體產品中使用 AI 等進一步改進的領域？

And then, Philipp, your comments on omnichannel were pretty loud and clear. Give us some examples of where you're most focus to continue to enable more retailers to move in the omnichannel sort of drive that side of the business?

然後，菲利普，你對全渠道的評論非常響亮和清晰。給我們一些例子，說明您最關注的地方是繼續讓更多零售商進入全渠道驅動業務的那一邊？

Brian, thanks. A couple. We see so much headroom given our bet on AI, going to our most important product of all, Search. When you see the launch of Bird, which was a significant improvement, and we are following that up with MUM, which is another extraordinary advance, so the rate information is growing, pretty rapidly. And so constantly developing better models to improve our search quality ranking, et cetera, is one of the most important ways we invest. Beyond that, I would say, all the work we are doing into making sure computers can understand in a multimodal way, be it images, audio, text, video, and then bringing it across our products, I think, is an important way we'll approach it. Philipp?

布賴恩，謝謝。一對夫婦。考慮到我們對人工智能的押注，我們看到了很大的空間，我們最重要的產品是搜索。當您看到 Bird 的推出時，這是一項重大改進，我們正在跟進 MUM，這是另一個非凡的進步，因此費率信息正在快速增長。因此，不斷開發更好的模型來提高我們的搜索質量排名等等，是我們投資的最重要方式之一。除此之外，我想說的是，我們所做的所有工作都是確保計算機能夠以多模式方式理解，無論是圖像、音頻、文本、視頻，然後將其應用於我們的產品，我認為這是我們的重要方式會接近它。菲利普?

Yes. And to my part of the question, look, we want to make sure that when people come to Google, they are able to basically find the best products and prices available from, frankly, the widest possible range of merchants. And we're making strong progress under Bill's leadership.

是的。對於我的部分問題，看，我們希望確保當人們來到谷歌時，他們基本上能夠從最廣泛的商家那裡找到最好的產品和價格。我們在比爾的領導下取得了長足的進步。

And as I said earlier, 2020 was about removing financial barriers. We made listings free, removed commission fees. And it's worth pointing out the upside of combining free listings with shopping ads actually. Merchants that used both in Q1 saw a 50% lift in clicks once they started. I think that's pretty impressive.

正如我之前所說，2020 年是關於消除財務障礙的。我們免費提供列表，取消佣金。值得指出的是，將免費列表與購物廣告相結合的好處。在第一季度使用這兩種方法的商家在開始使用後點擊量增加了 50%。我認為這非常令人印象深刻。

2021, as I said, has been about removing integration barriers. We have the partnerships with Shopify, Square, BigCommerce, GoDaddy, WooCommerce and so on. And they're making it easier for businesses to get started with us, whether it's across Search and Shopping and image search and YouTube. And then once merchants are onboarded, I mean, there's so much more value we can offer them. We launched a new measurement tools to help retailers better understand performance and pricing. You asked specifically a question about focus areas.

正如我所說，2021 年的目標是消除整合障礙。我們與 Shopify、Square、BigCommerce、GoDaddy、WooCommerce 等建立了合作夥伴關係。他們讓企業更容易開始使用我們，無論是在搜索和購物、圖像搜索和 YouTube 上。然後，一旦商家入職，我的意思是，我們可以為他們提供更多的價值。我們推出了新的衡量工具，以幫助零售商更好地了解績效和定價。你特別問了一個關於重點領域的問題。

And then we're making the product and user experience better, not only with our UI/UX research feedback with our tech and AI capabilities. And maybe a cool example is how we're using AR to bring in-store experiences online, like with auto dealerships, and then letting users really try before they buy. And we do this in cosmetics and in apparel categories. And we have the shopping graph, which I mentioned earlier. We think it will open up completely new product experiences across Google. Shopping with Lens is one example. You can shop your screen shots or use your phone camera to find the dress or pair of sneakers that caught your eye or whatever. And we're working hard to build an open retail ecosystem, and that really levels the playing field for all merchants, and we think there is a lot of opportunity ahead. And I think those are our biggest areas of focus.

然後，我們不僅通過我們的 UI/UX 研究反饋以及我們的技術和 AI 功能來改善產品和用戶體驗。也許一個很酷的例子是我們如何使用 AR 將店內體驗帶到網上，比如汽車經銷商，然後讓用戶在購買前真正嘗試。我們在化妝品和服裝類別中這樣做。我們有購物圖，我之前提到過。我們認為它將在 Google 上開闢全新的產品體驗。使用 Lens 購物就是一個例子。您可以購買您的屏幕截圖或使用您的手機攝像頭來找到吸引您眼球的裙子或運動鞋或其他任何東西。我們正在努力建立一個開放的零售生態系統，這確實為所有商家提供了公平的競爭環境，我們認為未來有很多機會。我認為這些是我們最大的關注領域。

Our next question comes from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

I have 2. First, just I think the key initiative over the last couple of years has been to bring the full breadth of Google Services to customers. So I was hoping you could talk more just about -- when you think about the Search and overall ads recovery, and then also growth in Google Cloud, how those efforts are going as you work across businesses with corporate customers and what their reception has been? And then, Ruth, just on costs kind of in the back half and going forward, as you think about bringing some of these costs back, just curious if you can comment more around some of the puts and takes as you think about the overall cost structure pre COVID versus post COVID?

我有 2 個。首先，我認為過去幾年的關鍵舉措是將 Google 服務的全部範圍提供給客戶。所以我希望你能多談談——當你考慮搜索和整體廣告恢復，以及谷歌云的增長時，當你與企業客戶合作時，這些努力是如何進行的，以及他們的接收情況如何?然後，露絲，只是關於後半部分和未來的成本，當您考慮將其中一些成本帶回來時，只是好奇您是否可以在考慮總體成本時對一些看跌期權發表更多評論COVID前與COVID後的結構？

Yes. Thanks, Doug. I would say, overall, as you realize, it's a broad digital shift. Customers are looking for digital transformation. And depending on the sector they are in, they look to Alphabet as a digital partner, and we try to bring the broader solution set that's possible across our capabilities. And that's been working well.

是的。謝謝，道格。我想說，總的來說，正如你所意識到的，這是一個廣泛的數字化轉變。客戶正在尋求數字化轉型。根據他們所處的行業，他們將 Alphabet 視為數字合作夥伴，我們試圖在我們的能力範圍內帶來更廣泛的解決方案集。這一直運作良好。

You mentioned Cloud, most of our Cloud customers are either in conversations with us. It could be because they're concerned about security on their supply chain, or they're trying to understand the shift to digital and invest more in data analytics. Or the shift to hybrid workforce is what's probably getting them to think about Workspace and so on.

您提到了 Cloud，我們的大多數 Cloud 客戶都在與我們交談。這可能是因為他們擔心供應鏈的安全性，或者他們正試圖了解向數字化的轉變並在數據分析方面進行更多投資。或者向混合勞動力的轉變可能讓他們考慮 Workspace 等等。

And if they are retailers, we can bring in our expertise across ads, the work we are doing on commerce to be -- with the partnerships we have. And so we can bring those additional expertise to bear. And so that's a trend we are seeing across. Philipp gave examples of our telco partnerships. And so across our priority verticals, we are able to engage in a broad way. And maybe the recent Google-wide partnership with Univision was another example of a multiyear, multiproduct partnership with companies.

如果他們是零售商，我們可以通過我們擁有的合作夥伴關係，將我們在廣告方面的專業知識、我們在商業方面所做的工作引入。因此，我們可以運用這些額外的專業知識。這就是我們看到的趨勢。 Philipp 舉例說明了我們的電信合作夥伴關係。因此，在我們的優先垂直領域，我們能夠以廣泛的方式參與。也許最近與 Univision 的 Google 範圍內的合作夥伴關係是與公司建立多年、多產品合作關係的另一個例子。

And with respect to the second question, how we think about investments in the back half. Really, the driving focus is how do we support near-term, long-term quality growth. And I think it's important to note that some of our costs are less variable in the short term, such as depreciation and the operations cost of our data centers. So when you look at Q2 performance, in part, the meaningful year-on-year improvement in the operating margin in the second quarter, clearly reflects the strong revenue growth, but also the fact that some of these costs are less variable in the short term.

關於第二個問題，我們如何看待後半部分的投資。確實，驅動重點是我們如何支持近期、長期的質量增長。我認為重要的是要注意，我們的一些成本在短期內變化較小，例如折舊和數據中心的運營成本。因此，當您查看第二季度的業績時，在一定程度上，第二季度營業利潤率的同比顯著改善清楚地反映了強勁的收入增長，但也反映了其中一些成本在短期內變化較小的事實學期。

However, to support long-term growth, and very much to your question, it's true across both Google Services and Google Cloud, we will continue to increase the pace of investment. And that's true in headcount, it's true with compute, sales and marketing, really across the board. And you also heard that in some of my comments about CapEx. We're continuing to pick up the pace of investment in office facilities. Both fit-outs and ground-up construction have been slowed as a result of COVID, and we're pleased that the pace has picked up, and that really relates to our comments about continuing to build out across the U.S., around the globe, in line with continuing to invest in headcount growth.

但是，為了支持長期增長，非常適合您的問題，Google 服務和 Google Cloud 都是如此，我們將繼續加快投資步伐。在員工人數方面如此，在計算、銷售和營銷方面也是如此，真的是全面的。你也在我對資本支出的一些評論中聽到了這一點。我們將繼續加快對辦公設施的投資步伐。由於 COVID，裝修和地面建設都放緩了，我們很高興步伐加快，這與我們關於繼續在美國、全球各地建設的評論有關，與繼續投資於員工人數增長相一致。

I'd make one other point, which is, I think you're aware of this, but in this quarter, the results also reflect the benefit from the change in useful lives that we talked about earlier in the year that reduced depreciation expense. It's a benefit of about $721 million in the quarter, and the benefit from this change will be lower in the second half as you're looking ahead.

我要提出另一點，即我認為您已經意識到這一點，但在本季度，結果也反映了我們在今年早些時候談到的使用壽命變化減少折舊費用的好處。本季度的收益約為 7.21 億美元，而隨著您的展望，這一變化的收益將在下半年降低。

Our next question comes from Justin Post with Bank of America.

我們的下一個問題來自美國銀行的 Justin Post。

A couple. When you look at Search in the quarter, it really accelerated beyond the comp. And if you look at it quarter-over-quarter, it was really good. So wondering if there's any products or verticals that really surprised you, or things to call out? And how do you think about the sustainability here, specifically in Search and the product pipeline from here?

一對夫婦。當您查看本季度的搜索時，它確實在競爭中加速。而且，如果您按季度查看它，那真的很棒。所以想知道是否有任何產品或垂直領域真的讓你感到驚訝，或者有什麼值得關注的？您如何看待這裡的可持續性，特別是在搜索和這裡的產品管道方面？

And then secondly, on Cloud, really saw a nice margin improvement there. How do you feel about where you are on the infrastructure side and ability to really continue to show kind of that improvement in margins over time?

其次，在 Cloud 上，確實看到了不錯的利潤率改善。您如何看待您在基礎設施方面的位置以及隨著時間的推移真正繼續表現出這種利潤率改善的能力？

Two questions. Maybe I'll take the second first. On the Cloud side, first of all, we do investments in our infrastructure. First of all, we are doing it across a set of cloud services we are building for Google. And it's the same that we bring to Cloud, and so there's tremendous synergies we have there. And maybe to give you an example of it, I already mentioned data analytics and processing. It's the same infrastructure, be it BigQuery, et cetera, which we have invested and built over time. And people are looking to use data analytics alongside with machine learning and AI. They want to do this across structure and unstructured data, do it across any platform. And so that's the kind of capability we are able to bring. And overall, I'll let Ruth comment on maybe the margin side of this a bit more. Ruth?

兩個問題。也許我會先拿第二個。在雲方面，首先，我們對基礎設施進行投資。首先，我們正在為 Google 構建的一組雲服務中實現這一目標。這與我們為 Cloud 帶來的相同，因此我們在那裡擁有巨大的協同效應。也許給你一個例子，我已經提到過數據分析和處理。它是相同的基礎架構，無論是 BigQuery 等，我們都隨著時間的推移投資和構建。人們希望將數據分析與機器學習和人工智能結合使用。他們希望跨結構化和非結構化數據執行此操作，跨任何平台執行此操作。這就是我們能夠帶來的能力。總的來說，我會讓 Ruth 多評論一下這方面的邊緣。露絲？

Yes. I would just build on Sundar's comment. There's really no change in our approach to building the Cloud business. We do intend to continue to invest meaningfully. We are very pleased with the business, as we both said. As an example, we're continuing to build out the global footprint, continuing to invest in our compute capacity globally. As an example, we most recently announced a second cloud region in India. This is our 26th cloud data center region globally. And so continuing to invest across the board, given the opportunity that we see.

是的。我只想建立在 Sundar 的評論之上。我們構建雲業務的方法確實沒有改變。我們確實打算繼續進行有意義的投資。正如我們倆所說，我們對這項業務非常滿意。例如，我們將繼續擴大全球足跡，繼續在全球範圍內投資於我們的計算能力。例如，我們最近宣佈在印度建立第二個雲區域。這是我們在全球的第 26 個雲數據中心區域。因此，鑑於我們看到的機會，繼續全面投資。

And as I said last quarter, I would not extrapolate from quarter-to-quarter, given we still are in the early stages of building the business, and we do intend to continue to invest aggressively, including expanding our go-to-market organization, our channel expansion, our product offerings and our compute capacity. Excited about what we're seeing the team executing upon here.

正如我上個季度所說，鑑於我們仍處於建立業務的早期階段，我不會逐季推斷，我們確實打算繼續積極投資，包括擴大我們的上市組織、我們的渠道擴展、我們的產品供應和我們的計算能力。對我們在這裡看到團隊執行的內容感到興奮。

On Search, to answer the first part of your...

在搜索中，回答您的第一部分...

Yes, can you hear me?

是的，你能聽到我的聲音嗎？

Yes.

是的。

Yes. And to the first part of the question, similar to what I said in my remarks at the beginning, retail was, again, by far the largest contributor to the year-on-year growth of our ads business. Travel, financial services, media entertainment were also very, very strong contributors.

是的。對於問題的第一部分，與我在開頭的講話中所說的類似，零售再次成為我們廣告業務同比增長的最大貢獻者。旅遊、金融服務、媒體娛樂也是非常非常強大的貢獻者。

Our next question comes from Colin Sebastian with Baird. Great.

我們的下一個問題來自 Colin Sebastian 和 Baird。偉大的。

First, Sundar, as a follow-up on Cloud, you talked about the tailwinds from advanced AI and data analytics in terms of growth. Is it fair to say as well based on your initial comments that security also represents some competitive differentiation that's contributing incrementally to business development?

首先，Sundar，作為雲的後續行動，您談到了高級人工智能和數據分析在增長方面的順風。根據您最初的評論是否可以公平地說，安全性也代表了一些競爭差異化，這些差異化對業務發展做出了增量貢獻？

And then for Philipp, in the momentum in YouTube and capturing the shift in viewership and advertising away from linear TV, how do the different Google Services fit together in that? Not just core YouTube, but Android TV, Google TV, YouTube TV. Is this something that's been increasingly connected or linked in the back end and as well on the front end for consumers?

然後對於 Philipp 來說，在 YouTube 的發展勢頭中，並捕捉到收視率和廣告從線性電視的轉變，不同的 Google 服務如何在其中融合在一起？不僅是核心 YouTube，還有 Android TV、Google TV、YouTube TV。這是在後端以及消費者前端越來越多地連接或鏈接的東西嗎？

On security and cloud, we definitely see it as a strong differentiation. Obviously, Google for a long time. We are cloud native. We pioneered approaches like Zero Trust, built the architecture out from a security-first perspective. And so particularly over the course of the last couple of years, as companies have really -- with the recent attacks, they really started thinking deeply about the vulnerabilities, supply chain security has been a major source of consensus, particularly over the past few quarters. Cyber threats, increasingly, is in the mind of not just CIOs, but CEOs across our partners.

在安全和雲方面，我們絕對認為這是一個強大的差異化。顯然，谷歌已經很久了。我們是雲原生的。我們開創了諸如零信任之類的方法，從安全第一的角度構建了架構。因此，特別是在過去幾年中，正如公司確實 - 隨著最近的攻擊，他們真正開始深入思考漏洞，供應鏈安全一直是共識的主要來源，尤其是在過去幾個季度.網絡威脅越來越多地出現在 CIO 以及我們合作夥伴的 CEO 的腦海中。

And so it's definitely an area where we are seeing a lot of conversations, a lot of interest. It's our strongest product portfolio, and we are continuing to enhance our solutions, be it integrating Chronicle, BeyondCorp and all the product components we have there. So a definite source of strength, and you'll continue to see us invest here.

所以這絕對是一個我們看到很多對話、很多興趣的領域。這是我們最強大的產品組合，我們將繼續增強我們的解決方案，無論是集成 Chronicle、BeyondCorp 以及我們在那裡擁有的所有產品組件。因此，這是一個明確的力量來源，您將繼續看到我們在這裡投資。

And on the second part of your question, look, momentum is really strong across both our brand and direct response business on YouTube. Maybe let me start on the brand side. The global shift to online video and streaming continues, with over like 2 billion monthly active users now, 1 billion plus hours of video watched every day. I think we're at the forefront of this shift. And advertisers have increasingly needed to look beyond linear TV alternatives to achieve their reach and awareness goals. And as I said earlier, Nielsen total ad ratings reach reporting has found, on average, 70% of YouTube's reach was delivered to an audience, not reached by the advertisers TV media. So not only are we driving improved reach, but we're also helping brands do it more efficiently.

關於你問題的第二部分，看，我們在 YouTube 上的品牌和直接響應業務的勢頭非常強勁。也許讓我從品牌方面開始。全球向在線視頻和流媒體的轉變仍在繼續，現在每月有超過 20 億活躍用戶，每天觀看超過 10 億小時的視頻。我認為我們處於這一轉變的最前沿。廣告商越來越需要超越線性電視替代品，以實現其覆蓋面和知名度目標。正如我之前所說，尼爾森總廣告收視率報告發現，平均 70% 的 YouTube 覆蓋面是投放給觀眾的，而不是廣告商的電視媒體。因此，我們不僅在推動擴大覆蓋面，而且還在幫助品牌更有效地做到這一點。

And as a result of this, you see many advertisers reevaluating the media mix and increasing their investments in our platforms. And as far as the direct response part goes, we're helping advertisers convert intent into action. We try to drive performance at an incredible scale. Take an example like with video action campaigns, which is our next-generation TrueView for Action format. Advertisers are getting access to even more inventory across YouTube and our partners, all in a single automated campaign. And as I said before, we're working really hard to make YouTube not only more actionable, but also more shoppable.

因此，您會看到許多廣告商重新評估媒體組合併增加對我們平台的投資。就直接響應部分而言，我們正在幫助廣告商將意圖轉化為行動。我們試圖以令人難以置信的規模推動性能。以視頻行動廣告系列為例，這是我們的下一代 TrueView for Action 格式。廣告客戶可以通過一個自動廣告系列訪問 YouTube 和我們的合作夥伴的更多廣告資源。正如我之前所說，我們正在努力使 YouTube 不僅更具可操作性，而且更易於購買。

So YouTube is proving to be meaningful for not just brand building and reaching a massive audience, but also for converting viewers into buyers. And what's nice is that we're seeing more advertisers leveraging brand to create demand and direct response to convert it. So they're basically using the funnel very, very smartly.

因此，事實證明，YouTube 不僅對品牌建設和吸引大量觀眾具有重要意義，而且對於將觀眾轉化為購買者也很有意義。令人高興的是，我們看到越來越多的廣告商利用品牌來創造需求並直接響應來轉化它。所以他們基本上非常非常聰明地使用漏斗。

And then to the second part of your second question, the YouTube TV ads, for example. This part, we're really trying to bring the -- well, connected TV is -- let me phrase it from a connected TV part. I think that's easier.

然後是第二個問題的第二部分，例如 YouTube 電視廣告。這部分，我們真的試圖帶來 - 好吧，聯網電視 - 讓我從聯網電視部分來形容它。我認為這更容易。

It is really the fastest-growing consumer service that we have. And that growth started before the pandemic and has frankly solidified since. And in the U.S., we have over 120 million people watch YouTube on TVs every month, and that's up from like 100 million last year. We're #1 in reach and watch time among ad-supported streaming services. So we're very, very happy with the development that we're seeing here.

它確實是我們擁有的增長最快的消費者服務。這種增長在大流行之前就開始了，並且坦率地說，自那以後就已經鞏固了。在美國，每月有超過 1.2 億人在電視上觀看 YouTube，而去年這一數字約為 1 億。在廣告支持的流媒體服務中，我們的覆蓋面和觀看時間排名第一。所以我們對我們在這裡看到的發展非常非常滿意。

Our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Just a follow-up on YouTube. Can you maybe talk to the e-commerce opportunity that you're seeing evolve? Where you're at now, and eventually, where would you like to be?

只是在 YouTube 上的後續行動。您能否談談您所看到的電子商務機會？你現在在哪裡，最終，你想去哪裡？

On YouTube, look, I mean, if you look at the engagement across the platform, we definitely see a lot of headroom for e-commerce. Over the past year, you've seen us really focus on ads rating a shift to -- in terms of onboarding merchants across Google. So we have definitely invested both in terms of bringing merchants on board, removing barriers there, providing better integrations by partnering with players, platform providers across the industry. And now we are investing in our consumer experiences, be it on Google Search or on YouTube. And so you will see us roll out features over time. Philipp, do you want to add more here?

在 YouTube 上，我的意思是，如果你看看整個平台的參與度，我們肯定會看到電子商務的巨大空間。在過去的一年中，您已經看到我們真正專注於廣告評級的轉變——就 Google 上的商家入職而言。因此，我們肯定在讓商家加入、消除障礙、通過與整個行業的玩家、平台提供商合作提供更好的集成方面進行了投資。現在，我們正在投資於我們的消費者體驗，無論是在 Google 搜索還是在 YouTube 上。因此，隨著時間的推移，您將看到我們推出的功能。 Philipp，你想在這裡添加更多嗎？

Yes. Look, there's a ton of commercial intent across YouTube, and it was a shopping destination before COVID. I mean, think unboxing videos, product reviews, make up tutorials and so on. And throughout the pandemic, we've really seen more shoppers turn to the platform for ideas, inspiration and really help them decide what to buy. And a number of shopping capabilities' already underway, and we're working really hard to make it easier for users to discover and buy directly on YouTube. And I mentioned how a merchant can globally add their product feeds now right into video action campaigns, and brands and shoppers alike are loving it, and we've also done beta testing this, for example, with Discovery Ads. And last quarter, I mentioned how viewers can make purchases from their favorite creators via early experiments with brand connect and shop with product shelves, and early adopters are seeing a lot of success here. So stay tuned for more updates later this year.

是的。看，YouTube 上有大量的商業意圖，在 COVID 之前它是一個購物目的地。我的意思是，想想拆箱視頻、產品評論、化妝教程等等。在整個大流行期間，我們確實看到更多的購物者轉向該平台尋求創意和靈感，並真正幫助他們決定購買什麼。許多購物功能已經在進行中，我們正在努力讓用戶更容易直接在 YouTube 上發現和購買。我還提到了商家現在可以如何在全球範圍內將他們的產品提要直接添加到視頻行動活動中，品牌和購物者都喜歡它，我們還對此進行了 beta 測試，例如，使用 Discovery Ads。上個季度，我提到了觀眾如何通過品牌連接和產品貨架購物的早期實驗從他們最喜歡的創作者那裡購買，早期採用者在這裡看到了很多成功。所以請繼續關註今年晚些時候的更多更新。

Our next question comes from Mark Mahaney with Evercore ISI.

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

We've had record new business formation in the U.S., and I think globally in the wake of COVID. And my guess is that, that's also been a major driver of growth for you. Could you just talk about that a little bit to the extent to which you think some of these, especially the advertising trends, come from these new businesses that are formed, whether they're digital hybrid or whatever?

我們在美國建立了創紀錄的新業務，我認為是在 COVID 之後的全球範圍內。我的猜測是，這也是您增長的主要動力。您能否稍微談談您認為其中一些，尤其是廣告趨勢，來自這些新形成的業務，無論它們是數字混合業務還是其他業務？

And then secondly, how do you go from tens of thousands of Waymo rides to millions of rides? Like what are the biggest obstacles to that? Any clue at all as to how long that takes? Are the issues more regulatory, more technical?

其次，你如何從數万次 Waymo 騎行到數百萬次騎行？比如最大的障礙是什麼？關於這需要多長時間的任何線索？這些問題是否更具監管性、技術性？

Look, new businesses, small businesses are the backbone of our economy here. But obviously, local communities are in varying stages of recovery. Some are reopening, while others are, unfortunately, returning to lockdown. And we're focused on continuing to, I would say, level the playing field for SMBs here. And from getting them online and, frankly, set up for success, you're giving them all the digital tools they need to get discovered and be ready for what's ahead. This includes the ability to like seamlessly transition between online and offline and reach customers nearby, far beyond their local neighborhoods as well.

看，新企業，小企業是我們這裡經濟的支柱。但顯然，當地社區正處於不同的恢復階段。一些正在重新開放，而另一些則不幸地恢復了鎖定狀態。我們專注於繼續，我想說，在這里為中小型企業提供公平的競爭環境。從讓他們上線，坦率地說，為成功做好準備，你為他們提供了他們需要的所有數字工具，讓他們被發現並為未來做好準備。這包括在線和離線之間無縫轉換的能力，並能夠接觸到附近的客戶，也遠遠超出他們當地的社區。

So over the past few months, I mean, literally, just the past few months, we've made it easier for SMBs to show their products across Google for free, and we added new ways for them to highlight in-store inventory through local inventory ads. And we've also made it easier for them to leverage the power of YouTube. They now can create video ad campaigns literally within minutes via their smartphone. And these are just a few examples of the ways we're helping. Plus, also interesting trend, people are more eager than ever to support their local small businesses. Searches for support local business are up like 20x last year in the U.S. alone. And this is creating a lot of opportunity for SMBs overall. And I don't know, take an example, like [Ayla Beauty], for example, it's a San Francisco beauty brand. They made 100% pivot to online during the pandemic. And with insight into popular wellness and beauty searches and Google Ads, has been really able to grow their business significantly over the last year.

所以在過去的幾個月裡，我的意思是，從字面上看，就在過去的幾個月裡，我們讓中小企業更容易在谷歌上免費展示他們的產品，我們還為他們增加了新的方式來通過本地突出顯示店內庫存庫存廣告。我們還讓他們更容易利用 YouTube 的力量。他們現在可以通過智能手機在幾分鐘內創建視頻廣告活動。這些只是我們提供幫助的幾個例子。此外，還有一個有趣的趨勢，人們比以往任何時候都更渴望支持當地的小企業。去年，僅在美國，支持本地業務的搜索量就增加了 20 倍。這為中小企業創造了很多機會。而且我不知道，舉個例子，像[Ayla Beauty]，例如，它是舊金山的美容品牌。在大流行期間，他們 100% 轉向在線。憑藉對流行的健康和美容搜索以及 Google Ads 的深入了解，他們的業務在過去一年中確實實現了顯著增長。

On Waymo, as you mentioned, in our -- in Phoenix, we've had very good experience by scaling up rides. These are driverless rides and no one else in the car other than the passengers. And people have had a very positive experience overall. We are obviously with a strong focus on safety. We're looking to scale it up. Through it all, we are building newer capabilities as well investing in next-generation of hardware and software. So it's an iterative process, and at each step, it's very clear to us that we are ahead, and we are making progress, and you'll see us continue to invest here, with a focus on safety first, and I expect this to scale up more through the course of 2022.

正如你提到的，在 Waymo 上，在我們的鳳凰城，我們通過擴大遊樂設施獲得了非常好的經驗。這些是無人駕駛的旅程，除了乘客之外，車內沒有其他人。人們總體上獲得了非常積極的體驗。我們顯然非常重視安全。我們正在尋求擴大規模。通過這一切，我們正在構建更新的功能，並投資於下一代硬件和軟件。所以這是一個反复的過程，在每一步，我們都很清楚我們領先，我們正在取得進展，你會看到我們繼續在這裡投資，關注安全第一，我希望這會在 2022 年期間進一步擴大規模。

Our next question comes from Michael Nathanson with MoffettNathanson.

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

Great. I have one for you, Sundar, and one for Philipp. Just a minute ago, Philipp spoke to the acceleration in streaming and smart TVs worldwide and the importance that YouTube has on the TV glass. I wanted to hear from you about your interest in supporting the smart TV ecosystem? And where do you see the opportunity for Google in terms of your product offerings to maybe improve consumer adoption of connected TVs?

偉大的。我有一份給你，桑達爾，還有一份給菲利普。就在一分鐘前，Philipp 談到了全球流媒體和智能電視的加速發展以及 YouTube 在電視玻璃上的重要性。我想听聽您對支持智能電視生態系統的興趣？您認為 Google 在您提供的產品方面有哪些機會可能會提高消費者對聯網電視的採用率？

And then for you, Philipp, people have been asking about Search. But if you look at Search on a 2-year stack, the growth is the highest it has been years. And I wonder if you can disaggregate for us the growth between maybe new sort customers coming on the platform versus increased spending on an existing per customer basis? Anything you help us on kind of what drove it on a client-by-client basis on Search.

然後對於你，Philipp，人們一直在詢問搜索。但是，如果您以 2 年的堆棧來看搜索，那麼增長是多年來最高的。而且我想知道您是否可以為我們分解可能出現在平台上的新客戶與現有每位客戶的支出增加之間的增長？您對我們在搜索上逐個客戶推動它的任何幫助。

On the first question on the smart TV ecosystem. Look, I mean, there is a shift to these becoming computing devices over time. They're going to be connected computing experiences. People who both consume content passively, actively, including gaming, over-the-top video and so on. So we view this as part of our platform shift. Android TV has made tremendous strides. It's a very customizable platform. We are working not only with TV providers globally, we are doing it with cable box manufacturers, as well as we supplement it with Google TV, with Chromecast as well.

關於智能電視生態系統的第一個問題。看，我的意思是，隨著時間的推移，這些正在成為計算設備。它們將是互聯的計算體驗。既被動又主動地消費內容的人，包括遊戲、OTT 視頻等。因此，我們將此視為我們平台轉變的一部分。 Android TV 取得了長足的進步。這是一個非常可定制的平台。我們不僅與全球的電視提供商合作，我們還與有線電視盒製造商合作，我們還通過 Google TV 和 Chromecast 對其進行補充。

So it's a significant investment from our side, making sure we can drive that shift. And obviously, it has a lot of synergies for us in terms of being able to bring our services to our users as well as give more opportunities for our Play developers to reach more users as well. But definite strong integration points with YouTube and YouTube TV as well.

因此，這是我們方面的一項重大投資，確保我們能夠推動這一轉變。顯然，它對我們有很大的協同作用，能夠將我們的服務帶給我們的用戶，並為我們的 Play 開發者提供更多接觸更多用戶的機會。但與 YouTube 和 YouTube TV 也有明確的強集成點。

Look, maybe rather than go into the deep disaggregation that you're talking about. Let me maybe talk a little about how we think about the overall market for Search. In the addressable market, in the last call -- last quarter, I gave you a little bit of a breakdown here. But what is really important is we're not just addressing above-the-line marketing budgets, which is different metrics around, let's say, around $500 billion which is traditional advertising, TV advertising and so on. There is also significant upside in below-the-line budgets overall, like promotional pricing, product [placements] and sponsorships and so on.

看，也許而不是進入你正在談論的深度分解。讓我談談我們如何看待搜索的整體市場。在可尋址市場中，在最後一次電話會議中 - 上個季度，我在這裡給了你一些細分。但真正重要的是我們不只是解決線上營銷預算，這是不同的指標，比如說，大約 5000 億美元，即傳統廣告、電視廣告等。總體而言，線下預算也有顯著的上升空間，例如促銷定價、產品 [展示位置] 和讚助等。

And sure, we've seen COVID accelerate the shift to e-commerce at an astounding rate, but keep also in mind, 80% of commerce still remains offline. So there's a lot of room for digital to play a bigger role, and we think we can tap into other budgets that were traditionally used for, let's say, local advertising to drive sales.

當然，我們已經看到 COVID 以驚人的速度加速了向電子商務的轉變，但請記住，80% 的商業仍然處於離線狀態。因此，數字化發揮更大作用的空間很大，我們認為我們可以利用傳統上用於本地廣告的其他預算來推動銷售。

And as we think about our long runway for growth, we also think obviously about improving user and advertiser experiences for years to come here. And we're constantly asking ourselves how do we drive better answers to queries, including those with commercial intent? And how do we use our ML to deliver even more relevant and higher-quality experiences for users? And our primary focus is really on delivering great experience for users and driving incremental value for our partners and making them successful. And I think as long as we do this, we should continue to see budgets move our way.

當我們考慮我們的長期增長道路時，我們顯然也在考慮改善未來幾年的用戶和廣告客戶體驗。我們不斷地問自己，我們如何為查詢提供更好的答案，包括那些具有商業意圖的查詢？我們如何使用我們的 ML 為用戶提供更相關和更高質量的體驗？我們的主要關注點實際上是為用戶提供出色的體驗，為我們的合作夥伴帶來增值並讓他們取得成功。我認為，只要我們這樣做，我們就應該繼續看到預算朝著我們的方向發展。

Our last question comes from Jason Bazinet with Citi.

我們的最後一個問題來自花旗銀行的 Jason Bazinet。

I just had one question, maybe it dovetails off of what you just said. But if I take your ad dollars this quarter, $50 billion in annualized, it's like $200 billion a year. Are you or the Board focused at all on trying to diversify away from the ad market? Or do you just feel like there's so much runway that there is no real reason to stay focused on non ad-based growth?

我只是有一個問題，也許它與你剛才所說的相吻合。但如果我拿你這個季度的廣告收入，每年 500 億美元，這就像每年 2000 億美元。您或董事會是否完全專注於嘗試擺脫廣告市場的多元化？或者你只是覺得有太多的跑道，沒有真正的理由繼續專注於非基於廣告的增長？

Look. At a high level, we -- multiple parts to your question. Obviously, we are very focused on -- we have a mission. We have an approach of being helpful across certain important attributes. And we do deep investments in computer science and AI to build services. And out of that, naturally, there is diversification over time. When you look at YouTube, is contributing to that. You look at Cloud, and within Cloud, we have both GCP and Workspace contributing to that. And longer term, we have efforts like Waymo as well.

看。在高層次上，我們 - 您的問題的多個部分。顯然，我們非常專注於——我們有一個使命。我們有一種方法可以在某些重要屬性上提供幫助。我們在計算機科學和人工智能方面進行了大量投資以構建服務。因此，隨著時間的推移，自然會出現多樣化。當您查看 YouTube 時，它正在為此做出貢獻。你看看雲，在雲中，我們有 GCP 和 Workspace 對此做出貢獻。從長遠來看，我們也有像 Waymo 這樣的努力。

Beyond that, as both Philipp and Ruth have spoken about, with this digital shift, we see a lot of headroom in terms of where market for either advertising or e-commerce. And so we see a lot of headroom there as well.

除此之外，正如 Philipp 和 Ruth 所說，隨著這種數字化轉變，我們在廣告或電子商務市場方面看到了很大的空間。所以我們也看到了很多淨空。

So we take a long-term view. We start from first principles to its focusing on both investing in deep technology and solving user problems. And out of that, I think you have a set of diversified models that emerged, both different types of businesses. And also within a business, for example, in YouTube, we have both ads and subscription over time. And so I think we'll continue approaching it that way with an eye for the long term.

所以我們有長遠的眼光。我們從首要原則開始，專注於投資深度技術和解決用戶問題。除此之外，我認為你有一套多樣化的模式出現了，都是不同類型的業務。在企業內部，例如在 YouTube 中，隨著時間的推移，我們同時擁有廣告和訂閱。所以我認為我們將繼續以這種方式接近它，著眼於長期。

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

今天的問答環節到此結束。我想把會議轉回給 Jim Friedland 來做進一步的評論。

Thanks, everyone, for joining us today. We look forward to speaking with you again on our third quarter 2021 call. Thank you, and have a good evening.

謝謝大家，今天加入我們。我們期待在 2021 年第三季度電話會議上再次與您交談。謝謝你，祝你晚上愉快。

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

謝謝大家。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。