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。感謝您參加 Alphabet 2021 年第二季財報電話會議。 （操作員指示）現在，我想將會議交給今天的發言人，投資者關係總監 Jim Friedland。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alphabet's Second Quarter 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 第二季財報電話會議。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 Form 10-K filed with the SEC.

現在我將快速介紹安全港。我們今天就我們的業務、營運和財務表現（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 表中討論的風險因素。

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

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

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

現在我將把電話轉給 Sundar。

Thank you, Jim, and good afternoon, everyone. 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。很高興和你在一起。今天，我將概述本季的情況，介紹我們的一些產品發展勢頭，然後談到雲端和 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 變種對世界各地的許多社區都帶來了挑戰。隨著疫情的發展，我們希望幫助人們獲得所需的資訊，以保障自己和家人的安全。我真的鼓勵每個人在有疫苗的時候都去接種。

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.

展望本季度，我們看到線上消費者和商業活動日益增多。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，本季我們創下了多項紀錄。本季度，出版商合作夥伴從我們的網路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要多。除此之外，在過去的一年裡，我們向第三方網站發送的流量比以往任何一年都要多，此外還產生了數十億個直接連接，如電話、路線指引、訂餐和預訂，為世界各地努力恢復元氣的企業帶來了客戶和收入。

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，我們對人工智慧下了賭注，相信它將成為支撐和顯著改善我們所有產品的基礎技術。這個願景在我們 5 月的 IO 活動上得到了充分展示，我們在會議上宣布了將對世界各地的人們和企業有所幫助的新進展。舉個例子，我們引入了多任務統一模型（MUM）。 MUM 是搜尋領域的一大進步，比我們現有的系統強大一千倍。它能夠學習和傳遞 75 種語言的知識，這意味著它可以從一種語言的來源學習，並幫助您用另一種語言將這些訊息傳達給您。

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.

我們也宣布了一款名為 LaMDA 的新型人工智慧系統，其自然對話能力達到了新的水平。我們認為 LaMDA 將有助於使計算資訊更易於獲取，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 蛋白質結構資料庫，該資料庫使研究人員可用的高精度人類蛋白質結構數量增加了一倍。在接下來的幾個月裡，它將涵蓋幾乎所有科學界已知的蛋白質序列。

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 Android。我們在 Google IO 上預覽了 Android 12。最新版本將包括個人化設備的新方法，並顯著提高速度和電源效率。我們在作業系統中直接建立了新的隱私產品，例如新的隱私儀表板，以幫助人們保證資訊的安全和私密。當然，Android 12 將成為Google自家設備的核心。我對我們的秋季產品線感到非常興奮，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 仍然是這項長期策略的核心，我為團隊如何透過 Nest 和 Fitbit 等一系列實用裝置繼續提供 Google 的最佳產品而感到自豪。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產品。

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.

我們也看到開發者從 Google Play 中獲得了巨大的利益。截至第二季末，全球開發者透過 Google Play 累計賺取超過 1,200 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.

讓我再多談談雲。第二季度營收年增54%。我們的創新產品、專注的市場策略和不斷發展的生態系統正在推動我們的發展。各行各業的組織都選擇 Google Cloud 作為其數位轉型的平台，其中包括 PayPal、江森自控和惠而浦等 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，我們看到了三種不同的趨勢。首先，網路攻擊和勒索軟體攻擊的增加給業界敲響了警鐘。二十多年來，Google已經建立了一些世界上最安全的運算系統，我們很自豪我們的Google雲端客戶能夠從我們的經驗中受益。美國職棒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畫。我們率先採用了零信任方法，這是一種建立多層防禦機制來防止未經授權存取的架構。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路攻擊的影響並完全阻止其發生。

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.

在上週的雲端安全高峰會上，我們宣布了我們產品組合中的新解決方案。 BT 正在將基於 Chronicle 的全新安全營運解決方案引入託管安全服務市場。威斯康辛州的 Adob​​e 正在透過我們的詐欺防護產品幫助產品用戶。

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，我們在即時數據和分析方面的專業知識使我們在數據雲（市場成長最快的領域之一）中保持差異化。 BigQuery 不僅是一個資料倉儲，它也是一個客戶創新的平台，它幫助我們與 HCA Healthcare 等客戶實現強勁的同比成長，HCA Healthcare 將使用 BigQuery 分析資料以改善臨床照護。

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，我們在人工智慧和機器學習方面的深厚專業知識仍然是一個關鍵的區別因素。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關係。我們專注於提供行業特定的解決方案，加上我們安全的開放雲端基礎設施，使我們能夠支援 Reliance 等領先的電信公司；焦；義大利電信，TIM；與愛立信合作開發5G網路和行動邊緣運算的應用和新解決方案。這些客戶加入了現有客戶行列，包括沃達豐、Telus 和其他許多公司。

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 持續呈現強勁成長，尤其是在企業領域，因為我們設計該產品是為了應對混合工作帶來的挑戰。這包括我們在 IO 上發布的有關 Smart Canvas 的公告，以及擴展我們針對第一線工作人員的先進安全和合規能力和解決方案。這些創新為線上汽車零售商 Carvana 等公司帶來了勝​​利；以及軟體公司 Red Hat。

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.

接下來轉到 YouTube。 YouTube Shorts 繼續保持強勁勢頭。我們已在全球 100 多個提供 YouTube 服務的國家/地區推出此服務。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 YouTube 音樂、Premium 和 YouTube TV 訂閱產品所取得的進展感到高興，每款產品都為觀眾帶來了精彩的體驗和內容。

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 繼續建造和商業化 Waymo 駕駛員並擴大團隊。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 已安全地為數以萬計的無人駕駛汽車提供了服務，我們期待更多這樣的服務。

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.

在結束之前，請允許我強調我們在永續發展方面的持續努力，自我們成立以來，這一直是我們的核心價值。您可能還記得，我們​​是第一個宣布這將改變整個行業的雄心勃勃的目標的公司。我們的目標是到 2030 年實現全天候無碳能源營運。在第二季度，我們宣布我們的 5 個資料中心已經實現或接近 90% 的無碳能源營運。為了幫助我們在各地實現目標，我們實施了一個系統，可以在不同的時間和地點轉移靈活的計算任務，並提供更多無碳能源，並且我們正在努力從明年開始在更多地方使用地熱能，從內華達州開始。

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18個月充滿挑戰。在整個過程中，照顧好員工的每一位成員始終是我們的首要任務。現在，我們以彈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州辦公室時，我很高興能親眼見到這麼多人。隨著我們逐步恢復運營，我們將為員工提供更多工作方式和工作地點的靈活性，並且我們將繼續對美國和其他地方的工廠進行投資。

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。今天能和你們在一起真是太好了。

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Google服務收入的成長感到滿意。年比業績反映了消費者線上活動的增加、廣告商支出的全面強勁，以及去年由於新冠疫情導致的廣告業務首次收入下滑。

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年成長的最大貢獻者。旅遊、金融服務以及媒體和娛樂也是重要貢獻者。

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來討論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，我們一直致力於幫助大大小小的企業應對深刻的變革。首先，它是疫情期間的生命線；現在，隨著世界開始重新開放，它又成為加速成長的合作夥伴。全球復甦之路很可能並不平坦且難以預測。這就是為什麼我們為處於疫情中的企業提供的即時洞察對於企業走出疫情同樣重要。

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.

繼去年 12 月在亞太地區和歐洲、中東和非洲地區部分國家推出後，本月又在美國推出了 Travel Insights 等新工具，這些新工具正在幫助我們的合作夥伴更清楚地了解需求來自哪裡。例如，溫德姆酒店及度假村 (Wyndham Hotels & Resorts) 正依靠搜尋、展示和 YouTube 的洞察和自動化來滿足旅客隨時隨地需要飯店的需求。 2021 年上半年，他們透過部署在 Google 上的媒體獲得的直接預訂量比去年同期增加了近 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%.

或搭乘美國鐵路公司 (Amtrak)。受新冠疫情影響，乘客人數大幅下降，預算被削減。如何有效地聯繫到必要的旅客，這成為了不確定性。因此我們介入並提出了見解和自動化。上一季（即第二季）的預訂量年增了 3 倍，每次獲取成本下降了 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.

這些例子也強調了人工智慧和自動化在快速變化的世界中的價值。我們今天知道，超過 80% 的廣告主使用自動競價。使用機器學習，我們的廣告產品能夠更有效地將企業與客戶聯繫起來，消除了在正確的時間向正確的客戶傳遞正確訊息的猜測，所有這些都是以隱私優先的方式進行的。

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.

我們的新聞 AI 部分活動 Performance Max 現已處於測試階段。它允許品牌透過一個廣告系列在所有 Google 平台上購買廣告，從而幫助推動更多的線上銷售、更多的潛在客戶和/或更多的商店訪問量。參與的廣告商的早期成果非常好。

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.

轉向零售業，其發展勢頭依然強勁。我們將繼續建立一個讓用戶和商家都受益的開放生態系統。去年，我們透過 3 個產品清單和 0 佣金費用消除了財務障礙。今年，我們正在消除融合障礙。透過 Shopify、WooCommerce、GoDaddy 和 Square，商家現在可以免費加入並在 Google 上展示他們的產品。我們的購物圖譜利用人工智慧將這些產品與想要它們的人聯繫起來，網路上有來自數百萬商家的超過 240 億個清單。

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.

讓我們來談談全通路。上個季度，我說過它會繼續存在，事實也確實如此。零售商繼續打造其數位業務，以推動線上和線下銷售。我們正在幫助他們實現這一目標。以 Bed, Bath and Beyond 為例，當人們被困在家中時，他們迅速轉向路邊取貨、店內取貨和當日送達服務。他們在 Google 上繼續提供這些服務並取得了令人矚目的成功。目前，全通路購物者和數位購物者佔顧客總數的 50%。在第一季度，1/3 的數位銷售總額是由商店完成的，此外，他們還利用 YouTube 來提升其新的以客戶為導向的自有品牌的知名度。我們將繼續投資新的方式，幫助全球零售商度過可能漫長且不確定的復甦期。

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.

讓我們來看看 YouTube，該季度表現非常出色，品牌和直接反應均實現了強勁增長。我們看到了三個主要趨勢。第一、品牌。 YouTube 正在幫助廣告商接觸到他們在其他任何地方都找不到的受眾。根據尼爾森的整體廣告收視覆蓋率報告，從 2018 年第四季到 2020 年第四季，YouTube 平均有 70% 的觸及率是廣告商電視媒體未覆蓋的受眾。換句話說，YouTube 的影響力正在逐漸擴展到電視領域，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，美國廣告主只需將 20% 的支出從電視轉移到 YouTube，就能使廣告活動在目標受眾中的整體覆蓋率提高 25%，同時將每個覆蓋點的成本降低近 20%。這些認可的覆蓋範圍和效率的綜合效應正在幫助廣告商最大限度地利用他們的品牌投資。

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.

第二，直接回應。廣告商正在轉向該平台來創造需求並推動交易。例如，專注於個人成長和學習的馬來西亞廣告科技平台 Mindvalley 增加了對 TrueView for Action 的投資，現在，隨著人們以創紀錄的數量轉向 YouTube 進行學習，他們也增加了對 Video action 的投資。在第二季度，這產生了超過 60 萬條線索，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，可以推動大規模的覆蓋範圍和行動。我們看到越來越多的廣告商採用全通路方法來提高業務擴展效率。 Compara 是智利金融服務市場的領導者，它結合了覆蓋範圍和直接回應活動來充分利用潛在客戶。經過 10 週的時間，他們的用戶數量達到了 500 萬，轉換率增加了 70%。這一趨勢得到了我們最大廣告商的廣泛接受，他們的業務正在打破線上和線下之間的障礙。

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，我們始終堅信，谷歌的未來和我們合作夥伴的未來是緊密相連的，從個人 YouTube 創作者和主要音樂廠牌，到全球和本地線上出版商，再到大大小小的遊戲開發商。我們的業務建立在收入分成模式之上，只有我們的合作夥伴成功，這種模式才能成功。

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.

我們幫助合作夥伴創新的一個很好的例子就是我們與電信業的合作。 Sundar 談到了雲端運算方面的努力，以幫助他們建立更有效率的網路並向 5G 過渡。我們也與 Google 合作，協助包括 AT&T、Telstra、T-Mobile 和 Verizon 在內的營運商推出新設備和服務、增加新用戶、透過商業訊息合作夥伴關係重新思考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.

最後，我想以兩句深深的感謝來結束。首先，感謝我們的客戶和合作夥伴的合作。其次，感謝我們的產品、合作夥伴銷售和許多支援團隊本季的出色工作以及對我們的客戶和合作夥伴成功的奉獻。

Now over to Ruth.

現在輪到露絲了。

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.

我們第二季強勁的收入表現反映了 COVID 對我們業務的影響、消費者線上活動的增加、廣告商支出的廣泛增長以及我們團隊持續出色執行的好處。我的評論將基於第二季的年比數據，除非我另有說明。我們將從 Alphabet 級別的結果開始，然後是細分結果，最後是我們的展望。

For the 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，我們的綜合營收為 619 億美元，成長 62%，以固定匯率計算成長 57%。我們的總收入成本為 262 億美元，成長 41%，主要得益於 TAC 的成長，即 109 億美元，成長 63%；其次是其他收入成本的成長，為153億美元，成長29%，其中最大的驅動力是內容獲取成本。營運支出為 163 億美元，成長 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.

從營運支出的三個組成部分來看，首先，研發費用的增加主要受到員工人數成長的推動。其次，銷售和行銷費用的成長主要是由於促銷廣告支出的增加，而去年第二季則有所減少。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.

員工總數較第一季增加了 4,061 人。本季營業收入為 194 億美元，成長 203%，營業利益率為 31%。其他收入和支出為 26 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%.

現在讓我來談談我們各部門的財務業績，首先從Google服務部門開始。谷歌服務總收入為 571 億美元，成長 63%。本季度，Google搜尋和其他廣告收入達 358 億美元，成長 68%，整個業務表現強勁，零售業的強勁成長再次引領了這一趨勢。 YouTube 廣告收入達 70 億美元，成長 84%，主要由品牌推動，其次是直接反應。在 Ad Manager 和 AdMob 的推動下，網路廣告收入成長了 60%，達到 76 億美元。其他收入為66億美元，成長29%，主要得益於YouTube非廣告收入的成長；其次是硬件，受益於 Fitbit 收入的增加；最後是 Google Play，由於疫情的影響，其用戶參與度自去年第一季度開始有所提升。谷歌服務營運收入為223億美元，年增134%。營業利益率為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 Google Cloud 部分。第二季營收為 46 億美元，成長 54%。 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。再次，Google Workspace 收入的強勁增長是由席位數量和每席位平均收入的強勁增長所推動的。谷歌雲端營運虧損 5.91 億美元。 至於我們第一季的其他投資，營收為 1.92 億美元，營運虧損為 14 億美元。

Let me close with some comments on our outlook.

最後，請容許我對我們的展望發表一些評論。

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，綜合來看，外匯因素帶來的營收成長超過 4%。根據與去年第三季相比外匯即期匯率兌美元的走勢，我們預期第三季的營收成長將更加溫和。從各部門的前景來看，對於谷歌服務而言，隨著我們在 2020 年下半年開始取得更強勁的業績，第二季度因去年新冠疫情的影響而產生的收入增長效益將在今年剩餘時間裡逐漸減弱。

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線上活動的增加和廣告商支出的普遍強勁增長。我們認為，現在預測市場重新開放後的長期趨勢還為時過早，尤其是考慮到近期全球新冠病例的增加。

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.

在其他收入方面，由於疫情期間用戶參與度的提升以及 7 月 1 日起實施的費用結構變化的影響，今年剩餘時間的 Play 收入增長將面臨阻力。我們將繼續在 Google 各項服務上進行投資，以支持我們所看到的非凡機會。

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，隨著我們引進新畢業生，第三季員工人數的增加將出現季節性成長。此外，我們預計銷售和行銷費用將更集中在下半年，部分原因是為了支持假期季節的產品發布。至於 Google Cloud，我們仍然專注於營收成長，並對我們所看到的趨勢感到滿意。在雲端運算領域，只要看到機會，我們將繼續大力投資。

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，尤其是伺服器的投資，以支持Google的持續成長。我們也開始加快對辦公設施從頭開始建設和裝修的投資步伐，這些投資因新冠疫情而放緩，現在我們專注於[預付款]。

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。我們繼續產生強勁的自由現金流，本季為 164 億美元，過去 12 個月為 585 億美元。截至第二季末，我們擁有 1,360 億美元的現金和有價證券。正如我們在今天的新聞稿中所指出的，我們的董事會已經批准對現有的 500 億美元股票回購計畫進行修訂，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。現在，Sundar、Philipp 和我將回答大家的提問。

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

（操作員指示）我們的第一個問題來自摩根士丹利的 Brian Nowak。

I have 2. 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，首先，多年來，您在利用人工智慧來改善搜尋和改善整體業務方面取得了許多創新。您能否舉一些例子，說明在未來幾年內，您認為公司整體產品在使用人工智慧等方面還有哪些可以實現的成果或需要進一步改進的領域？

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。請舉一些例子，說明您最關注哪些方面，以繼續推動更多零售商向全通路發展，從而推動業務發展？

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?

布萊恩，謝謝。一對。鑑於我們對人工智慧的投入，我們看到了巨大的發展空間，這將推動我們最重要的產品——搜尋的發展。當您看到 Bird 的推出時，這是一個重大的改進，而我們正在跟進 MUM，這是另一個非凡的進步，因此利率資訊正在迅速增長。因此，不斷開發更好的模型來提高我們的搜尋品質排名等是我們投資的最重要的方式之一。除此之外，我想說，我們所做的所有工作都是為了確保電腦能夠以多模式的方式理解圖像、音頻、文字、視頻，然後將其融入我們的產品中，我認為這是我們實現這一目標的重要方法。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。對於我的問題，我們想確保當人們訪問谷歌時，他們基本上能夠從盡可能廣泛的商家中找到最好的產品和價格。在比爾的領導下，我們正在取得長足的進步。

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 年的目標是消除金融障礙。我們免費提供列表，取消了佣金費用。實際上，值得指出的是，將免費清單與購物廣告結合起來是有好處的。第一季同時使用這兩種服務的商家一旦開始使用，點擊量就會增加 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 年的主題是消除融合障礙。我們與 Shopify、Square、BigCommerce、GoDaddy、WooCommerce 等建立了合作夥伴關係。他們讓企業能夠更輕鬆地與我們合作，無論是透過搜尋和購物、圖片搜尋還是 YouTube。一旦商家加入，我們就可以為他們提供更多價值。我們推出了新的測量工具，幫助零售商更了解性能和定價。您特別詢問了有關重點領域的問題。

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，我們不僅利用我們的技術和 AI 功能，透過 UI/UX 研究回饋來改善產品和使用者體驗。也許一個很酷的例子是我們如何使用 AR 將店內體驗帶到線上，就像汽車經銷店一樣，然後讓用戶在購買之前真正嘗試。我們在化妝品和服裝領域也這樣做。我們有我之前提到的購物圖表。我們認為它將為 Google 帶來全新的產品體驗。使用 Lens 購物就是一個例子。您可以瀏覽螢幕截圖或使用手機相機來尋找吸引您眼球的衣服或運動鞋等。我們正在努力建立一個開放的零售生態系統，為所有商家提供公平的競爭環境，我們認為未來有很多機會。我認為這些是我們最關注的領域。

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措施是向客戶提供全方位的 Google 服務。所以我希望您能多談談——當您考慮搜尋和整體廣告的復甦，以及Google雲端的成長時，當您與企業客戶進行跨業務合作時，這些努力進展如何，他們的反應如何？然後，露絲，僅就後半部分的成本以及未來成本而言，當您考慮降低部分成本時，我只是好奇您是否可以對 COVID 之前和 COVID 之後的整體成本結構中的一些利弊進行更多評論？

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，這是一個廣泛的數位化轉變。客戶正在尋求數位轉型。根據他們所在的行業，他們將 Alphabet 視為數位合作夥伴，而我們則嘗試在我們的能力範圍內提供更廣泛的解決方案。而這項措施一直效果良好。

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.

您提到了雲，我們的大多數雲端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，或者他們試圖了解數位化的轉變並在數據分析方面投入更多資金。或者向混合勞動力的轉變可能會讓他們考慮工作區等等。

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，我們可以利用我們在廣告方面的專業知識，以及我們在商業方面所做的工作——與我們現有的合作夥伴關係相結合。這樣我們就可以發揮這些額外的專業知識。這就是我們所看到的趨勢。 Philipp 給了我們與電信公司合作的例子。因此，我們能夠以廣泛的方式參與我們的優先垂直領域。也許最近 Google 與 Univision 的廣泛合作是與公司建立多年、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，我們如何看待下半年的投資。實際上，驅動重點是我們如何支持短期和長期的高品質成長。我認為值得注意的是，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。因此，當您查看第二季度的業績時，部分原因是第二季度營業利潤率同比大幅提升，這清楚地反映了強勁的收入增長，同時也表明其中一些成本在短期內變化較小。

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.

然而，為了支持長期成長，正如您所問的，無論是在谷歌服務還是谷歌雲，我們都將繼續加大投資步伐。就員工人數而言，這確實如此，就計算、銷售和行銷而言，實際上是全方位的。你們也在我的一些關於資本支出的評論中聽到這一點。我們正在繼續加快對辦公設施的投資步伐。由於新冠疫情的影響，裝修和從頭開始的建設都放緩了，我們很高興看到步伐加快，這與我們關於繼續在美國和全球範圍內進行建設的評論非常吻合，同時繼續投資於員工人數的增長。

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.

我想說另一點，我想你已經意識到了這一點，但在本季度，結果也反映了我們今年早些時候談到的使用壽命變化帶來的好處，即減少了折舊費用。本季的收益約為 7.21 億美元，展望未來，下半年這項變化帶來的收益將會更低。

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賈斯汀·波斯特 (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。當你觀察本季的搜尋情況時，你會發現它確實加速超越了競爭對手。如果你看一下季度環比情況，你會發現情況確實很好。那麼想知道是否有任何產品或垂直行業真正讓您感到驚訝，或值得關注的事情？您如何看待這裡的可持續性，特別是在搜尋和產品線方面？

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，在雲端運算方面，我們的利潤率確實有了很大的提高。您如何看待自己在基礎設施方面的現狀以及能否隨著時間的推移真正繼續提高利潤率？

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。也許我會先選第二個。在雲端，首先，我們對基礎設施進行投資。首先，我們正在為 Google 建立一系列雲端服務來實現這一目標。我們將其帶入雲端運算，因此我們在那裡具有巨大的協同效應。為了給你舉個例子，我已經提到了數據分析和處理。無論是 BigQuery 還是其他，都是相同的基礎設施，都是我們隨著時間的推移而投資和建造的。人們希望將數據分析與機器學習和人工智慧結合使用。他們希望跨結構化和非結構化資料、跨任何平台實現這一目標。這就是我們能夠帶來的能力。總的來說，我會讓露絲對此的邊際方面發表更多評論。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。我只是想根據 Sundar 的評論進行補充。我們建構雲端業務的方法實際上沒有改變。我們確實打算繼續進行有意義的投資。正如我們雙方所說，我們對這項業務非常滿意。例如，我們正在繼續擴大全球影響力，並繼續在全球範圍內投資我們的運算能力。例如，我們最近宣佈在印度設立第二個雲端區域。這是我們在全球的第 26 個雲端資料中心區域。因此，鑑於我們看到的機會，我們將繼續全面投資。

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，考慮到我們仍處於業務建設的早期階段，我不會根據季度來推斷，我們確實打算繼續積極投資，包括擴大我們的行銷組織、我們的通路擴展、我們的產品供應和我們的運算能力。我們很高興看到團隊在這裡所做的事情。

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

在搜尋中，回答您的第一部分...

Yes, can you hear me?

是的，你聽得到我說話嗎？

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，與我在一開始的發言中所說的類似，零售仍然是我們廣告業務同比增長的最大貢獻者。旅遊、金融服務、媒體娛樂也是非常強勁的貢獻者。

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

我們的下一個問題來自貝爾德的科林·塞巴斯蒂安。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，作為雲端運算的後續，您談到了先進的人工智慧和數據分析在成長方面的推動作用。根據您最初的評論，是否可以說安全性也代表著一些競爭差異化，從而逐步促進業務發展？

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?

那麼對菲利普來說，在 YouTube 的發展勢頭以及抓住觀眾和廣告從線性電視轉變的趨勢下，不同的 Google 服務如何融合在一起？不只是核心的 YouTube，還有 Android TV、Google TV、YouTube TV。對消費者來說，這是否與後端和前端的連結越來越緊密？

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.

在安全性和雲端方面，我們確實將其視為一個強大的差異化。顯然，谷歌已經很久了。我們是雲端原生的。我們率先採用了零信任等方法，從安全第一的角度建構了架構。因此，特別是在過去幾年中，隨著公司真正地——面對最近的攻擊，他們開始深入思考漏洞，供應鏈安全已成為共識的主要來源，特別是在過去幾個季度。網路威脅日益成為不僅 CIO 的焦點，而且我們合作夥伴的 CEO 也越來越關注網路威脅。

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.

因此，這確實是一個我們看到很多討論、很多興趣的領域。這是我們最強大的產品組合，我們正在繼續增強我們的解決方案，包括整合 Chronicle、BeyondCorp 以及我們在那裡擁有的所有產品組件。所以這絕對是一個力量的源泉，你會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，你看，我們的品牌和 YouTube 上的直接反應業務的發展勢頭都非常強勁。也許讓我從品牌方面開始吧。全球持續向線上影片和串流媒體轉變，目前每月活躍用戶超過 20 億，每天觀看的影片長度超過 10 億小時。我認為我們正處於這一轉變的前沿。廣告商越來越需要尋找線性電視以外的替代品來實現其覆蓋範圍和知名度的目標。正如我之前所說，尼爾森整體廣告收視覆蓋率報告發現，平均而言，YouTube 70% 的覆蓋率是傳遞給觀眾的，而不是透過廣告商的電視媒體傳達的。因此，我們不僅在努力擴大影響力，而且還在幫助品牌更有效率地做到這一點。

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。就直接回應部分而言，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來提高性能。以影片行動廣告活動為例，這是我們的下一代 TrueView for Action 格式。廣告商可以透過一個自動化廣告活動存取 YouTube 和我們合作夥伴的更多庫存。正如我之前所說，我們正在努力使 YouTube 不僅更具可操作性，而且更具購物性。

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 不僅對於品牌建立和吸引大量受眾具有重要意義，而且對於將觀眾轉化為購買者也具有重要意義。令人欣慰的是，我們看到越來越多的廣告商利用品牌來創造需求，並透過直接反應轉化需求。所以他們基本上非常聰明地使用了漏斗。

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.

然後回到你的第二個問題的第二部分，例如 YouTube 電視廣告。這部分，我們真正想要的是──嗯，連網電視是──讓我從連網電視部分來表達。我認為這樣比較容易。

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.

這確實是我們成長最快的消費者服務。這種成長在疫情爆發之前就已開始，坦白說，自那時起就一直保持穩定。在美國，每月有超過 1.2 億人透過電視觀看 YouTube，而去年這一數字約為 1 億。在廣告支援的串流服務中，我們的覆蓋率和觀看時間均位居第一。因此，我們對目前看到的發展感到非常高興。

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?

這只是 YouTube 上的後續內容。您能否談談您所看到的電子商務發展機會？您現在在哪裡？最終您想去哪裡？

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，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發展空間。在過去的一年裡，您已經看到我們真正關注廣告評級的轉變——在 Google 上引入商家方面。因此，我們確實在吸引商家、消除障礙以及透過與整個行業的參與者和平台提供者合作提供更好的整合方面進行了投資。現在我們正在投資消費者體驗，無論是在 Google 搜尋還是在 YouTube 上。因此，您將會看到我們隨著時間的推移推出新的功能。菲利普，你想在這裡添加更多內容嗎？

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。你看，YouTube 上有大量的商業意圖，在 COVID 爆發之前它就是一個購物目的地。我的意思是，想想開箱影片、產品評論、化妝教學等等。在整個疫情期間，我們確實看到越來越多的購物者轉向該平台尋求想法、靈感，並真正幫助他們決定購買什麼。許多購物功能已在開發中，我們正在努力讓用戶更輕鬆地在 YouTube 上直接發現和購買商品。我提到了商家如何在全球範圍內將他們的產品資訊直接添加到視訊行動活動中，品牌和購物者都喜歡它，而且我們也對此進行了 Beta 測試，例如使用 Discovery Ads。上個季度，我提到了觀眾如何透過品牌連結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商品，早期採用者在這裡看到了巨大的成功。因此請繼續關註今年稍後的更多更新。

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?

受新冠疫情影響，美國新創企業成立數量創歷史新高，我認為全球新創企業成立數量也創歷史新高。我猜這也是您成長的主要動力。您能否稍微談談這個問題，您認為其中一些趨勢，特別是廣告趨勢，在多大程度上來自於這些新形成的業務，無論它們是數位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，Waymo 如何將乘車次數從數萬次增加到數百萬次？那麼，最大的障礙是什麼？有任何線索知道這需要多長時間嗎？這些問題是否更具監管性、更具技術性？

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.

你看，新企業、小企業是我們這裡經濟的支柱。但顯然，當地社區的復原階段各不相同。有些地方正在重新開放，而不幸的是，有些地方又恢復了封鎖。我想說，我們的重點是繼續為這裡的中小企業提供公平的競爭環境。透過讓他們上網，坦白說，為成功做好準備，你為他們提供了被發現和為未來做好準備所需的所有數位工具。這包括在線上和線下之間無縫過渡的能力，以及接觸附近甚至遠遠超出當地社區的客戶的能力。

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.

因此，在過去的幾個月裡，我的意思是，實際上，就在過去的幾個月裡，我們讓中小企業可以更輕鬆地在 Google 上免費展示他們的產品，並且我們為他們添加了新的方式，透過本地庫存廣告來突出顯示店內庫存。我們也讓他們更輕鬆地利用 YouTube 的強大功能。他們現在只需幾分鐘就可以透過智慧型手機製作影片廣告活動。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是，人們比以往任何時候都更渴望支持當地的小型企業。光是在美國，去年對支持本地企業的搜尋量就成長了 20 倍。這為中小企業創造了許多機會。我不知道，舉個例子，例如[Ayla Beauty]，它是一個舊金山的美容品牌。疫情期間，他們100%轉向線上運作。透過對熱門健康和美容搜尋以及 Google 廣告的深入了解，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.

正如您所提到的，在鳳凰城，我們在 Waymo 上透過擴大乘車規模獲得了非常好的經驗。這些都是無人駕駛車輛，車內除了乘客之外沒有其他人。總體而言，人們的體驗非常積極。我們顯然非常重視安全。我們正在尋求擴大規模。透過這一切，我們正在建立新的功能並投資下一代硬體和軟體。所以這是一個反覆的過程，在每一步中，我們都非常清楚我們處於領先地位，我們正在取得進展，你會看到我們繼續在這裡投資，重點是安全第一，我預計到 2022 年，這一規模將進一步擴大。

Our next question comes from Michael Nathanson with MoffettNathanson.

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

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。我有一個給你，Sundar，還有一個給 Philipp。就在剛才，菲利普談到了全球串流媒體和智慧電視的加速發展以及 YouTube 對電視玻璃的重要性。我想聽聽您對支持智慧電視生態系統的興趣？就產品而言，您認為Google有哪些機會可以提高消費者對連網電視的接受度？

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.

然後對於你來說，菲利普，人們一直在詢問有關搜尋的問題。但如果你以兩年的時間跨度來觀察搜索，你會發現其增長速度是多年來最高的。我想知道您是否可以為我們分解平台上新客戶的成長與現有每位客戶支出的成長？您能否幫助我們了解在搜尋方面基於每位客戶推動我們取得進展的原因？

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.

關於智慧電視生態系統的第一個問題。你看，我的意思是，隨著時間的推移，這些正在轉變為計算設備。它們將會成為互聯計算體驗。人們既被動地消費內容，也主動消費內容，包括遊戲、OTT影片等等。因此，我們將此視為平台轉變的一部分。 Android TV 取得了巨大的進步。這是一個高度可自訂的平台。我們不僅與全球的電視供應商合作，還與有線電視盒製造商合作，同時我們也與 Google TV 和 Chromecast 合作。

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，從我們的角度來看，這是一項重大投資，確保我們能夠推動這一轉變。顯然，這對我們來說具有很大的協同效應，因為我們能夠將我們的服務帶給我們的用戶，同時也為我們的 Play 開發者提供更多機會接觸更多的用戶。但與 YouTube 和 YouTube TV 的整合點也十分明確。

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.

瞧，也許不必深入討論你正在談論的深度分解。讓我稍微談談我們對整個搜尋市場的看法。在可尋址市場中，在上一次電話會議（上個季度）中，我在這裡為您提供了一些細分。但真正重要的是，我們不僅要解決線上行銷預算問題，還要考慮不同的指標，比如說，大約 5,000 億美元，包括傳統廣告、電視廣告等等。整體而言，低於線下的預算也具有顯著的上升空間，例如促銷定價、產品[展示位置]和贊助等。

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，但也請記住，80% 的商業活動仍然處於線下狀態。因此，數位技術還有很大的發展空間，可以發揮更大的作用，而且我們認為，我們可以利用傳統上用於本地廣告等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.

當我們考慮我們長期的成長道路時，我們顯然也會考慮在未來幾年改善用戶和廣告商的體驗。我們不斷地問自己，如何才能更好地回答問題，包括那些帶有商業意圖的問題？我們如何使用機器學習為使用者提供更相關、更高品質的體驗？我們的主要重點是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。我認為只要我們這樣做，預算就會繼續朝著我們想要的方向發展。

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?

我只有一個問題，也許它與您剛才所說的話相吻合。但如果我把本季的廣告收入算下來，以年率計算是 500 億美元，那麼一年就是 2,000 億美元。您或董事會是否致力於嘗試擺脫對廣告市場的依賴，並實現多元化發展？還是你只是覺得，發展空間太大，沒有真正的理由繼續專注於非廣告為基礎的成長？

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。從高層次上講，我們—您的問題分為多個部分。顯然，我們非常專注於——我們有一個使命。我們採取一種方法來對某些重要屬性提供幫助。我們在電腦科學和人工智慧方面進行了大量投資，以建構服務。由此，隨著時間的推移，自然就會出現多樣化。當你瀏覽 YouTube 時，它正在為此做出貢獻。您看一下雲，在雲端中，我們有 GCP 和 Workspace 為其做出貢獻。從長遠來看，我們也會做出像 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，正如菲利普和露絲所談到的，隨著數位轉型，我們看到廣告或電子商務市場有很大的發展空間。因此，我們也看到那裡有很大的發展空間。

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.

因此，我們要從長遠角度來考慮。我們從第一原則開始，專注於投資深度技術和解決用戶問題。由此，我認為出現了一套多元化的模式，包括不同類型的業務。而且在一個企業中，例如在 YouTube 中，我們同時提供廣告和訂閱服務。因此我認為我們會繼續以這種方式來處理這個問題，並專注於長遠。

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。我想將會議交還給吉姆‧弗里德蘭 (Jim Friedland)，請他發表進一步的評論。

Thanks, everyone, for joining us today. We look forward to speaking with you again on our third 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 年第三季電話會議上再次與您交談。謝謝，祝您晚上愉快。

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

謝謝大家。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。