Google (GOOG) 2021 Q1 法說會逐字稿

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

歡迎大家，感謝大家參加 Alphabet 2021 年第一季財報電話會議。（操作員指示）

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

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

Thank you. Good afternoon, everyone, and welcome to Alphabet's First Quarter 2021 Earnings Conference Call. With us today are Sundar Pichai, Philipp Schindler and Ruth Porat.

謝謝。大家下午好，歡迎參加 Alphabet 2021 年第一季財報電話會議。今天和我們在一起的有 Sundar Pichai、Philipp Schindler 和 Ruth Porat。

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

謝謝你，吉姆。大家下午好。

After a hard year, people in some parts of the world are beginning to rebuild their lives, businesses and communities, but recovery is far from uniform across the globe as the tragic scenes in countries like India and Brazil remind us. We are continuing to help support public health officials in their vital and urgent work. Our focus is on providing authoritative information. We are helping over 100 government agencies and nonprofits worldwide distribute critical information and billions of PSAs about COVID-19 and vaccines. And Google Cloud Technology is powering a virtual agent to help make vaccination appointments over the phone, supporting 28 languages and dialects for those with limited Internet access. We are focused on doing our part to help.

經過艱難的一年，世界一些地區的人們開始重建生活、企業和社區，但正如印度和巴西等國的悲慘場景所提醒我們的那樣，全球各地的復甦遠非統一。我們將繼續幫助支持公共衛生官員進行重要而緊急的工作。我們的重點是提供權威資訊。我們正在幫助全球 100 多個政府機構和非營利組織傳播有關 COVID-19 和疫苗的重要資訊和數十億條 PSA。谷歌雲端技術正在為虛擬代理提供支持，幫助透過電話預約接種疫苗，並為網路存取受限的人們提供 28 種語言和方言支援。我們致力於盡自己的一份力量來提供幫助。

In some parts of the world, the economy began to rebound, which created a rising tide in the first quarter that benefited a number of sectors, including existing and emerging companies and partners. For example, data suggest that investment in start-ups is at an all-time high. Our product releases are returning to a regular cadence. I'm particularly excited that our developer event Google IO is back this year all virtual and free for everyone on May 18 through 20. We'll have significant product updates and announcements, and I invite you all to tune in.

在世界部分地區，經濟開始反彈，這在第一季創造了一個上升趨勢，使許多行業受益，包括現有和新興公司和合作夥伴。例如，數據顯示，對新創企業的投資達到了歷史最高水準。我們的產品發布正在恢復正常的節奏。我特別高興的是，我們的開發者活動 Google IO 今年將以線上形式再次舉辦，時間為 5 月 18 日至 20 日，對所有人免費。我們將發布重要的產品更新和公告，歡迎大家關注。

Today, I'll briefly mention a few highlights from the past quarter, and go a bit deeper on cloud. Then Philipp will discuss advertising and partnership developments. Finally, Ruth will cover the quarterly results.

今天，我將簡要介紹上個季度的一些亮點，並更深入地探討雲端運算。然後菲利普將討論廣告和合作關係的發展。最後，露絲將介紹季度業績。

Quickly turning to product highlights of the quarter. Our knowledge and information services like Search and Maps remain at the heart of our mission to provide helpful and accurate information during important moments. People have turned to Google Search more than ever since the pandemic began. We see hundreds of millions of searches every day for COVID and related health information.

快速轉向本季的產品亮點。我們的知識和資訊服務（如搜尋和地圖）仍然是我們使命的核心，即在重要時刻提供有用和準確的資訊。自從疫情爆發以來，人們對谷歌搜尋的依賴程度比以往任何時候都高。我們每天都會看到數億次關於 COVID 和相關健康資訊的搜尋。

People are also searching for jobs. To help them, job seekers can now use Search quickly and easily find roles that do not require a college degree, and we are working together with the top employment websites to make the service even better.

人們也在尋找工作。為了幫助他們，求職者現在可以使用搜尋功能快速輕鬆地找到不需要大學學位的職位，我們正在與頂級就業網站合作，以使服務變得更好。

Maps will be adding over 100 AI-powered improvements this year, such as indoor live view, which helps you navigate airports, transit stations and malls using augmented reality. Last quarter, I mentioned Google News Showcase, our $1 billion investment in the news industry. I'm pleased to see continued momentum this quarter with new launches in the U.K., Italy, Argentina and Australia. In Q1, we added more than 170 publications across 12 countries with more coming soon.

今年，地圖將增加 100 多項人工智慧改進功能，例如室內即時視圖，可協助您使用擴增實境技術導航機場、交通站和商場。上個季度，我提到了 Google News Showcase，這是我們對新聞業的 10 億美元投資。我很高興看到本季繼續保持良好勢頭，在英國、義大利、阿根廷和澳洲推出了新產品。在第一季度，我們在 12 個國家/地區增加了 170 多種出版物，並且很快還會增加更多出版物。

With respect to YouTube, people continue to find all types of informational content from educational videos to podcast. In fact, according to a recent study conducted by Ipsos, 77% of respondents say they used YouTube during 2020 to learn a new skill. YouTube Shots continues to gain popularity with over 6.5 billion daily views as of March, up from 3.5 billion at the end of 2020. We've added a new metric to our transparency reports called a violator view rate, which will help us estimate what percentage of views on YouTube come from content that violates our policies.

就 YouTube 而言，人們可以繼續找到從教育影片到播客等各種類型資訊的內容。事實上，根據益普索 (Ipsos) 最近進行的一項研究，77% 的受訪者表示他們在 2020 年使用 YouTube 學習了一項新技能。YouTube Shots 持續受到歡迎，截至 3 月份，每日觀看次數已超過 65 億次，高於 2020 年底的 35 億次。我們在透明度報告中添加了一個新指標，稱為違規者觀看率，這將幫助我們估算 YouTube 上違反我們政策的內容的觀看次數百分比。

In Q4 of last year, YouTube's violator view rate was between 16 and 18 views out of every 10,000. This is down over 70% compared to the same quarter in 2017, in large part, thanks to our investments in machine learning.

去年第四季度，YouTube 的違規觀看率為每 10,000 次觀看 16 到 18 次。與 2017 年同期相比，這一數字下降了 70% 以上，這在很大程度上要歸功於我們在機器學習方面的投資。

Let me also mention Chrome OS, which this quarter celebrated 10 years. It's been a valuable tool for millions of students and teachers during the pandemic. According to third parties, Chromebooks were the most popular device in K-12 education globally for the last year.

我還要提一下 Chrome OS，本季慶祝了它的 10 週年。在疫情期間，它已成為數百萬名學生和教師的寶貴工具。據第三方稱，Chromebook 是去年全球 K-12 教育中最受歡迎的設備。

Next, I'll move to Cloud, where we continue to see strong performance across both Google Cloud Platform and Workspace. Q1 revenue grew 46% year-over-year, with GCP's revenue growth rate once again meaningfully about cloud overall. We continue to unlock the value of the Google ecosystem by signing multiyear multiproduct partnerships with companies like Global Payments and Grupo Global. And just yesterday, We announced a new Google-wide partnership with Univision, which is migrating to our cloud, continuing to distribute content on YouTube and reaching customers via play in ads.

接下來，我將轉到雲端，我們繼續看到 Google Cloud Platform 和 Workspace 的強勁表​​現。Q1營收年增46%，GCP的營收成長率再次對雲端運算整體產生了重要影響。我們透過與 Global Payments 和 Grupo Global 等公司簽署多年期多產品合作夥伴關係，繼續釋放 Google 生態系統的價值。就在昨天，我們宣布與 Univision 建立新的 Google 範圍的合作夥伴關係，Univision 將遷移到我們的雲端，繼續在 YouTube 上分發內容並透過播放廣告吸引客戶。

In cloud, There are 3 distinct market trends shaping our growth and driving our product and go-to-market strategy. First, we see very strong customer momentum in the data cloud. Our expertise in real-time data and analytics is winning companies like Twitter and Ingersoll Rand, who are moving their complex data workloads to Google Cloud. Our strength in AI and ML is also helping financial services customers like HSBC, Commerzbank, SAB Group and BBVA improve efficiency of payments, reduce fraud and risk and deliver faster payment solutions. This past quarter, we released new functionality for big query, delivering significantly better performance for business intelligence queries.

在雲端，有三種不同的市場趨勢塑造著我們的成長並推動著我們的產品和市場進入策略。首先，我們看到數據雲的客戶動能非常強勁。我們在即時數據和分析方面的專業知識贏得了 Twitter 和 Ingersoll Rand 等公司的青睞，他們正在將複雜的數據工作負載轉移到 Google Cloud。我們在人工智慧和機器學習方面的優勢也幫助匯豐銀行、德國商業銀行、南非銀行集團和西班牙對外銀行等金融服務客戶提高支付效率、減少詐欺和風險並提供更快的支付解決方案。上個季度，我們發布了大查詢的新功能，為商業智慧查詢提供了顯著更好的效能。

Second, we are seeing customers wanting a robust infrastructure cloud in order to create operational efficiencies and reduce IT costs. We are winning large IT transformation deals with companies that are migrating their data centers to Google Cloud. Multicloud remains a differentiator as it provides the easiest and most open development environment for customers like Taylor's, allowing them to access and move their data between various clouds.

其次，我們看到客戶需要強大的基礎設施雲，以提高營運效率並降低 IT 成本。我們正在與那些將資料中心遷移到 Google Cloud 的公司達成大型 IT 轉型交易。多雲仍然是一個差異化因素，因為它為像泰勒這樣的客戶提供了最簡單、最開放的開發環境，使他們能夠在不同的雲端之間存取和行動數據。

Third, we continue to deliver helpful innovations to enable hybrid work with Google Workspace. This includes digital tools for frontline workers like nurses and retail store workers as well as new security offerings. These innovations have helped grow our revenue per seat and the number of seats in the last quarter. Workspace is being adopted by customers, including Keralty in healthcare, Sun Life in financial services and Airbus in manufacturing and aviation.

第三，我們繼續提供有用的創新，以實現與 Google Workspace 的混合工作。這包括為護士和零售店員工等第一線工作人員提供的數位工具以及新的安全產品。這些創新幫助我們在上個季度增加了每個座位收入和座位數。採用 Workspace 的客戶包括醫療保健領域的 Keralty、金融服務領域的 Sun Life 以及製造業和航空業的空中巴士。

Now a brief update on Other Bets. Waymo's fully autonomous public ride-hailing service in Phoenix is providing hundreds of rides per week. In San Francisco, Waymo's began limited employee testing. I'm pleased by the progress here and look forward to Waymo's continued momentum under the leadership of new Co-CEOs, Takedra and Dmitri.

現在簡單更新一下其他投注。Waymo 在鳳凰城提供的全自動公共叫車服務每週提供數百次乘車服務。在舊金山，Waymo 開始對員工進行有限的測試。我對這裡的進展感到高興，並期待 Waymo 在新的聯合執行長 Takedra 和 Dmitri 的領導下繼續保持良好勢頭。

Calico and its partner, AbbVie, announced that it has entered clinical stage programs for new drug therapies for cancer and neurodegenerative diseases like ALS, Parkinson's disease and traumatic brain injury.

Calico 及其合作夥伴 AbbVie 宣布，已進入針對癌症和神經退化性疾病（如 ALS、帕金森氏症和創傷性腦損傷）的新藥治療的臨床階段計劃。

Before I close, I want to mention that in 2021 in the U.S. alone, we plan to invest over $7 billion in offices and data centers and create at least 10,000 new full-time jobs. And as we do this, we continue to make progress on our sustainability goals. We matched our operations with 100% renewable energy for the past 4 years, and we are working towards operating on carbon-free energy around the clock by 2030, a far more ambitious goal that we hope will be transformative for the industry. Five of our data centers in Europe and North America are already operating near or at 90% carbon-free energy around the clock.

最後，我想提一下，光是在美國，2021 年我們就計劃在辦公室和資料中心投資超過 70 億美元，並創造至少 10,000 個新的全職工作。透過這樣做，我們在實現永續發展目標方面不斷取得進展。過去四年來，我們始終採用 100% 可再生能源來滿足營運需求，我們正致力於在 2030 年前實現全天候使用無碳能源運營，這是一個更加宏偉的目標，我們希望它能夠為整個行業帶來變革。我們位於歐洲和北美的五個資料中心已經全天候運作接近或達到 90% 的無碳能源。

We're also working towards our commitment to help 1 billion people make more sustainable choices with our services by 2022. One example of how we are doing this is a new AI-powered feature in Maps that will show the routes with the lowest carbon footprint when ETAs are the same. You'll also be able to compare the carbon impact between routes.

我們也致力於實現我們的承諾，到 2022 年，透過我們的服務幫助 10 億人做出更永續的選擇。我們正在做的一個例子是地圖中新的人工智慧功能，當預計到達時間相同時，它將顯示碳足跡最低的路線。您也可以比較不同路線之間的碳影響。

Finally, as we look ahead to the rest of 2021, our 4 big themes continue to guide us: first, building and providing the most helpful products and services; second, continuing to earn the trust of our users by investing in high-quality information, and keeping users' data safe and private; third, strong execution as a company, particularly as we start to reopen our offices; and fourth, building sustainable value in our own business and for our partners.

最後，展望 2021 年剩餘時間，我們的四大主題將繼續指引我們：首先，建立和提供最有用的產品和服務；第二，透過投資高品質資訊並確保用戶資料的安全和私密，繼續贏得用戶的信任；第三，公司執行力強，尤其是在我們開始重新開放辦公室的時候；第四，為我們自己的業務和合作夥伴創造可持續的價值。

As always, thank you to our Googlers around the world for a great start to the year. To everyone, I look forward to seeing you at IO. Over to Philipp.

像往常一樣，感謝世界各地的 Google 員工為今年帶來了美好的開端。各位，期待在 IO 見到你們。交給菲利普。

Thanks, Sundar, and good afternoon, everyone.

謝謝，Sundar，大家下午好。

It's great to be joining you again today. We're pleased with the strong growth in Google Services revenues in the first quarter. Year-on-year performance reflects elevated consumer online activity, broad-based strength in advertiser spend and lapping of the initial impact of the pandemic on advertising revenues that began in March last year.

很高興今天能再次與你們相聚。我們對第一季 Google 服務收入的強勁成長感到滿意。同比表現反映出消費者線上活動的增加、廣告商支出的普遍強勁以及去年 3 月開始的疫情對廣告收入的初步影響的抵消。

In the first quarter in Search, we saw sustained strength across most categories led by retail. We also saw strong performance in tech and CPG. In YouTube, we had phenomenal growth driven by direct response followed by continued strength in brand. We've seen great momentum in TrueView for action ads with a number of advertisers using the format doubling over the past year.

在搜尋領域第一季度，我們看到以零售為主導的大多數類別都持續保持強勁勢頭。我們也看到科技和快速消費品領域表現強勁。在 YouTube 上，我們透過直接反應實現了驚人的成長，隨後品牌實力不斷增強。我們看到 TrueView 行動廣告發展勢頭強勁，過去一年使用該格式的廣告客戶數量翻了一番。

In network, exceptional growth was driven by AdMob and Ad Manager, with particular strength in app campaigns. Google Other revenues were driven by growth in Google Play and YouTube's nonadvertising revenues, followed by hardware. I would now like to take a few minutes to dive deeper into the trends we're seeing in our business.

在網路方面，AdMob 和 Ad Manager 推動了顯著成長，尤其是在應用程式廣告系列方面表現尤為強勁。Google 其他收入主要來自 Google Play 和 YouTube 非廣告收入的成長，其次是硬體。現在我想花幾分鐘時間深入了解我們在業務中看到的趨勢。

As Sundar touched on earlier, the pandemic is evolving in different ways across the world. Some countries are in advanced stages of reopening. Others are facing reacceleration of cases, and there's everything in between. It's never been more important to help businesses navigate the pandemic as circumstances change.

正如桑達爾之前提到的，疫情在世界各地以不同的方式發展。一些國家正處於重新開放的後期階段。其他國家則面臨病例再次激增的情況，還有其他各種情況。隨著情況的變化，幫助企業應對疫情變得比以往任何時候都更加重要。

On travel, we're starting to see renewed interest from users as they turn to Google to plan their next trip even before they're ready to book. Every travel partner is looking to understand where demand is going, and we're helping them find these opportunities through insights and automation.

在旅行方面，我們開始看到用戶重新燃起興趣，他們甚至在準備預訂之前就開始使用谷歌來計劃下一次旅行。每個旅行夥伴都希望了解需求的走向，我們透過洞察和自動化幫助他們找到這些機會。

For American Airlines, for example, that meant using our insight tools to anticipate demand on untapped routes. These newly prioritized routes had a significantly higher booking rate in Search this quarter compared to last quarter. Also, just last month, we made it free for hotels and travel companies to list their booking links similar to what we did with Shopping last year. For consumers, it means more choice. For hotels and travel companies, it means free exposure on Google. For advertisers, it means paid campaigns can be augmented with free listings. We are already seeing positive results across the board.

例如，對於美國航空公司來說，這意味著使用我們的洞察工具來預測未開發航線的需求。與上一季相比，這些新優先航線本季的搜尋預訂率明顯更高。此外，就在上個月，我們免費為酒店和旅遊公司列出他們的預訂鏈接，類似於我們去年在購物方面所做的。對消費者來說，這意味著更多的選擇。對於飯店和旅遊公司來說，這意味著在 Google 上免費曝光。對於廣告商來說，這意味著付費廣告活動可以透過免費清單進行增強。我們已經看到了各方面的正面成果。

Let me switch gears now and talk about retail, where we had a very strong quarter. As you know, we've taken important steps over the past year to accelerate an open retail ecosystem. We made product listings free, removed commission fees and opened our Shopping platform to Shopify and PayPal. We're also helping retailers lean into some key opportunities such as innovating in omnichannel as the line between digital and physical retail continues to blur and tapping into commercial intent on YouTube and other services.

現在讓我換個話題，談談零售業，我們這個季度的零售業表現非常強勁。如您所知，我們在過去一年中採取了重要措施來加速開放零售生態系統的建立。我們免費提供產品列表，取消佣金，並向 Shopify 和 PayPal 開放我們的購物平台。我們也幫助零售商抓住一些關鍵機遇，例如在數位零售和實體零售之間的界線日益模糊的情況下進行全通路創新，並利用 YouTube 和其他服務的商業意圖。

Let me talk about both. Over the last 6 months, people's shopping preferences have shifted constantly in response to changing conditions. It's not just online. It's not just offline. It's a mix. And that's our sweet spot with Search, Maps and YouTube. Last quarter, we talked about a surge in searches for available near me and for curbside pickup. That trend has not changed. Searches for local and businesses are up 80% versus last year. Omnichannel is here to stay.

讓我來談談這兩者。在過去的六個月裡，人們的購物偏好隨著情況的變化而不斷變化。這不僅發生在線上。這不僅僅是離線的。這是一種混合。這就是我們的搜尋、地圖和 YouTube 的優勢所在。上個季度，我們談到了「附近有貨」和「路邊取貨」的搜尋量激增。這一趨勢至今沒有改變。與去年相比，本地和企業的搜尋量增加了 80%。全渠道將會繼續存在。

Take Dick's Sporting Goods. Throughout the pandemic, they accelerated curbside pick-up, pick-up in-store and ship from store fulfillment options and search. This approach contributed to 100% year-over-year increase in e-commerce sales in 2020. And just recently, they activated YouTube to build awareness for new store concepts.

以迪克體育用品公司 (Dick's Sporting Goods) 為例。在整個疫情期間，他們加快了路邊取貨、店內取貨和店內發貨的履行選項和搜尋。這項做法促使2020年電子商務銷售額年增100%。就在最近，他們啟動了 YouTube 來提高人們對新商店概念的認識。

Michaels, the arts and crafts store, also activated their omnichannel fulfillment approach using Search And maps. And to meet surging demand for art supplies, they use TrueView Action to tap into the vast number of arts and craft searches happening on YouTube. In 2020, their e-commerce sales were up 350%.

工藝品商店 Michaels 也利用搜尋和地圖啟動了全通路履行方法。為了滿足對藝術用品不斷增長的需求，他們使用 TrueView Action 來挖掘 YouTube 上大量的藝術和工藝品搜尋。2020年，他們的電子商務銷售額成長了350%。

We're also doing more to help merchants tap into the incredible innate commercial behavior across Search and YouTube. Google merchants can now plug their product feeds right into their video action campaigns, and early adopters are seeing huge results.

我們也正在採取更多措施幫助商家挖掘搜尋和 YouTube 上令人難以置信的固有商業行為。谷歌商家現在可以將他們的產品資訊直接插入到他們的視訊行動活動中，早期採用者已經看到了巨大的成果。

Luxury cosmetics company, Clarins HK, had a beautiful product imagery from the Google merchant feed as an extension and saw a 68% conversion rate uplift within 3 weeks. Any merchant can now light this up with a single click in our Google Merchant Center.

奢華化妝品公司 Clarins HK 從 Google 商家資訊流中獲取了精美的產品圖像作為擴展，並在 3 週內實現了 68% 的轉換率提升。現在，任何商家只需在我們的 Google Merchant Center 中單擊即可點亮它。

Speaking of YouTube, we're helping advertisers address both brand and performance goals at scale, driving higher return on ad spend at a time when they need it most. We're only a few years in on direct response, and we think there is significant opportunity for innovation that will improve the user experience and provide better ROI for advertisers.

說到 YouTube，我們正在幫助廣告主大規模地實現品牌和績效目標，在他們最需要的時候提高廣告支出的報酬率。我們在直接回應領域只經歷了幾年的時間，我們認為有很大的創新機會，可以改善用戶體驗並為廣告商提供更好的投資回報。

On the performance side, advertisers of all sizes are actually seeing incredible results. Like global group fitness company Less Mills was hit hard when the 20,000 partner gyms closed during lockdown. They accelerated digital and grew app subscribers by almost 7x with TrueView for Action.

在績效方面，各種規模的廣告商實際上都看到了令人難以置信的結果。就像全球團體健身公司 Less Mills 一樣，由於封鎖期間 20,000 家合作健身房關閉，該公司也遭受了沉重打擊。他們利用 TrueView for Action 加速數位化進程，並將應用程式訂閱用戶數量增加了近 7 倍。

We're seeing strong growth at YouTube's brand business, fueled by a global consumer trend from linear TV towards streaming video. With over 2 billion monthly logged in users and over 1 billion hours of video watched every day, YouTube is offering advertisers efficient reach to large audiences, which are incremental to those found on TV.

我們看到 YouTube 的品牌業務正在強勁成長，這得益於全球消費趨勢從線性電視轉向串流影音。YouTube 每月擁有超過 20 億登入用戶，每天的影片觀看時間超過 10 億小時，這使得廣告商能夠有效率地接觸大量觀眾，這些觀眾的數量比電視觀眾的數量要多。

Large brands are benefiting from this trend. Taco Bell saw a 27% incremental reach for the limited time offer campaigns. And Kellogg's saw incremental reach of over 30% for the recent Special K campaign.

大型品牌正受益於此趨勢。塔可鐘 (Taco Bell) 的限時優惠活動覆蓋率增加了 27%。家樂氏最近的特別 K 活動使覆蓋率增加了 30% 以上。

Before I close, I want to take a minute to highlight our work with partners. Sundar mentioned Google News showcase. We now have deals with 600-plus publishers across more than 12 countries: Le Monde in France, Der Spiegel and Stern in Germany, Clarin in Argentina, Evening Standard in the U.K., just to name a few. And we're continuing to expand the program.

在結束之前，我想花一點時間來強調我們與合作夥伴的合作。Sundar 提到了 Google 新聞展示。我們目前與 12 多個國家的 600 多家出版商達成了協議，其中包括法國的《世界報》、德國的《明鏡周刊》和《明星報》、阿根廷的《號角報》、英國的《旗幟晚報》等等。我們正在繼續擴大該計劃。

We're also developing more valuable relationships with some of our strategic partners. By teaming up, we're able to build new experiences for our users while helping our partners innovate and grow. We've gone well beyond ads to bring the best of Google across Cloud, Play, YouTube and more to help them do just that.

我們也正在與一些策略夥伴建立更有價值的關係。透過合作，我們能夠為用戶創造新的體驗，同時幫助我們的合作夥伴創新和發展。我們已經超越了廣告的範疇，將 Google 的最佳功能帶到了 Cloud、Play、YouTube 等平台上，以幫助他們實現這一目標。

Sundar mentioned Univision. In the quarter, we also announced T-Mobile, Albertsons, Allianz and Munich Re.

桑達爾提到了環球電視網 (Univision)。本季度，我們也宣布了 T-Mobile、Albertsons、安聯和慕尼黑再保險公司。

I want to thank our customers and partners for their collaboration. We've always said we succeed only when they succeed. And I also want to thank our product, partnerships, sales and support teams for their amazing work and innovation.

我要感謝我們的客戶和合作夥伴的合作。我們總是說，只有他們成功，我們才能成功。我還要感謝我們的產品、合作夥伴、銷售和支援團隊的出色工作和創新。

I'll now hand off the call to Ruth.

我現在將把電話轉給露絲。

Thank you, Philipp.

謝謝你，菲利普。

Our very strong financial results in the first quarter reflect both lapping the impact of COVID on our business beginning in March 2020 and as well as the benefit of excellent underlying operating performance. My focus will be on year-over-year comparisons for the first quarter unless I state otherwise. I'll start with results at the Alphabet level followed by segment results and conclude with our outlook.

我們第一季非常強勁的財務表現既反映了自 2020 年 3 月以來 COVID 對我們業務的影響，也反映了出色的基礎營運績效帶來的好處。除非我另有說明，否則我將重點放在第一季的同比情況。我將從字母層級的結果開始，然後是細分結果，最後是我們的展望。

For the first quarter, our consolidated revenues were $55.3 billion, up 34% or up 32% in constant currency, reflecting elevated consumer activity online and broad-based increases in advertiser spending within Google services as well as ongoing strength in Google Cloud. Our total cost of revenues was $24.1 billion, up 27%, primarily driven by other cost of revenues, which was $14.4 billion, up 25%, followed by TAC, which was $9.7 billion, up 30%.

第一季度，我們的綜合營收為 553 億美元，同比增長 34%，按固定匯率計算增長 32%，這反映了在線消費者活動的增加、谷歌服務內廣告商支出的普遍增長以及谷歌雲的持續強勁表現。我們的總收入成本為 241 億美元，成長 27%，主要由其他收入成本（144 億美元，成長 25%）和總成本成本（TAC）（97 億美元，成長 30%）推動。

Within other cost of revenues, the biggest factors were: first, content acquisition costs, primarily driven by costs for YouTube's advertising-supported content, followed by costs for subscription content; and second, costs associated with data centers and other operations, offset partially by a reduction in depreciation expense due to changes to estimated useful lives of servers and certain network equipment. Operating expenses were $14.8 billion, up 4%.

在其他收入成本中，最大的因素是：首先是內容獲取成本，主要由 YouTube 廣告支援內容的成本驅動，其次是訂閱內容的成本；其次，與資料中心和其他營運相關的成本，由於伺服器和某些網路設備的預計使用壽命發生變化而導致的折舊費用減少部分抵消了這一成本。營運支出為 148 億美元，成長 4%。

In terms of the 3 component parts of OpEx. First, the increase in R&D expenses was driven primarily by headcount growth. Second, sales and marketing expenses were essentially flat, reflecting headcount growth, which was offset by lower spend on ads and promo as well as on travel and entertainment.

就 OpEx 的 3 個組成部分而言。首先，研發費用的增加主要是因為員工人數的成長。其次，銷售和行銷費用基本上持平，反映了員工人數的成長，但廣告和促銷以及旅遊和娛樂支出的減少抵消了這一增長。

Finally, the decline in G&A reflects the benefit of lapping the unusually high allowances for credit losses recorded in the first quarter of 2020 due to the impact of COVID, offset by charges relating to certain legal matters.

最後，一般及行政費用的下降反映了彌補 2020 年第一季因 COVID 的影響而記錄的異常高的信貸損失準備金的好處，但與某些法律事務相關的費用抵消了這一好處。

Headcount was up 4,694 from the fourth quarter, including more than 1,800 Fitbit employees who joined us in Q1. Again, the majority of new hires were engineers and product managers.

員工總數較第四季增加了 4,694 人，其中包括第一季加入的 1,800 多名 Fitbit 員工。同樣，新員工大多是工程師和產品經理。

Operating income was $16.4 billion, up 106%, and our operating margin in the quarter was 30%. Other income and expense was $4.8 billion, which primarily reflects unrealized gains in the value of investments in equity securities.

本季營業收入為 164 億美元，成長 106%，營業利潤率為 30%。其他收入和支出為 48 億美元，主要反映了股權證券投資價值的未實現收益。

Net income was $17.9 billion, operating cash flow was $19.3 billion, with free cash flow of $13.3 billion in the quarter and $50.7 billion for the trailing 12 months. We ended the first quarter with $135 billion in cash and marketable securities.

淨收入為 179 億美元，營運現金流為 193 億美元，本季自由現金流為 133 億美元，過去 12 個月自由現金流為 507 億美元。第一季結束時，我們擁有 1,350 億美元的現金和有價證券。

Let me now turn to our segment financial results.

現在讓我來談談我們分部的財務表現。

Starting with our Google Services segment. Total Google Services revenues were $51.2 billion, up 34%, consisting of Google Search and other advertising revenues of $31.9 billion in the quarter, up 30%, with strength across most categories led by retail.

從我們的 Google 服務部分開始。谷歌服務總收入為 512 億美元，成長 34%，其中Google搜尋和其他廣告收入本季為 319 億美元，成長 30%，零售業等大多數類別均表現強勁。

YouTube advertising revenues of $6 billion, up 49%, driven by exceptional performance in direct response and ongoing strength in brand advertising. Network advertising revenues of $6.8 billion, up 30%, driven by AdMob and Ad Manager. Other revenues were $6.5 billion, up 46%, primarily driven by growth in Play and YouTube nonadvertising revenues followed by hardware, which benefited from the addition of Fitbit revenues. Google Services operating income was $19.5 billion, up 69%. And the operating margin was 38%.

YouTube 廣告收入達 60 億美元，成長 49%，這得益於直接反應的出色表現和品牌廣告的持續強勁增長。網路廣告營收達 68 億美元，成長 30%，主要得益於 AdMob 和 Ad Manager 的推動。其他收入為 65 億美元，成長 46%，主要得益於 Play 和 YouTube 非廣告收入的成長，其次是硬體收入，受益於 Fitbit 收入的增加。谷歌服務營運收入為195億美元，成長69%。營業利益率為38%。

Turning to the Google Cloud segment, including GCP and Google Workspace. Revenues were $4 billion for the first quarter, up 46%. GCP's revenue growth was again meaningfully above cloud overall. Strong growth in Google Workspace revenues was driven by growth in both seats and average revenue per seat. Google Cloud had an operating loss of $1 billion.

轉向 Google Cloud 部分，包括 GCP 和 Google Workspace。第一季營收為 40 億美元，成長 46%。GCP 的營收成長再次顯著高於雲端運算整體成長。Google Workspace 營收的強勁成長得益於席位數和每席位平均收入的成長。谷歌雲端營運虧損 10 億美元。

As to our Other Bets in the first quarter, revenues were $198 million. The operating loss was $1.1 billion.

至於我們第一季的其他投資，營收為 1.98 億美元。營業虧損為11億美元。

Let me end with our outlook for each segment and our investments more broadly. For Google services, for the remainder of 2021, year-over-year comparisons will be affected meaningfully by the impact of COVID last year with a greater benefit in Q2 from an easier comp relative to what you saw in Q1 and then beginning to lap stronger performance in the second half of the year. In the first quarter, we continued to benefit from elevated consumer online activity and broad-based strength in advertiser spend. It is too early to say how durable this consumer behavior will be as economies recover and restrictions on mobility are lifted.

最後，讓我來談談我們對每個細分市場以及更廣泛的投資的展望。對於Google服務而言，在 2021 年剩餘時間裡，同比數據將受到去年 COVID 疫情的顯著影響，第二季度的收益將比第一季更容易，然後在下半年開始取得更強勁的表現。第一季度，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。隨著經濟復甦和流動限制的取消，現在判斷這種消費行為將持續多久還為時過早。

Within other revenues, Play benefited from an increased level of user engagement starting in Q1 last year due to the pandemic, which we are now beginning to lap. In terms of investment levels within Google Services, we still intend to invest aggressively to support the extraordinary opportunities we see. That being said, in some areas like travel and entertainment and marketing events, the pace of investment through the balance of the year may be affected by the pace of COVID recovery globally.

在其他收入方面，由於疫情的影響，Play 從去年第一季開始受益於用戶參與度的提高，現在我們開始應對疫情。就 Google 服務的投資水準而言，我們仍然打算積極投資以支持我們所看到的非凡機會。話雖如此，在旅遊、娛樂和行銷活動等一些領域，今年剩餘時間的投資速度可能會受到全球新冠疫情復甦速度的影響。

As for Google Cloud, our approach to building the business has not changed. We remain focused on revenue growth, and we will continue to invest aggressively in products and our go-to-market organization given the opportunity we see. The operating results in Q1, in part, reflect some notable items in the quarter: first, the lapping of the unusually high allowances for credit losses recorded in the first quarter of 2020, as I already mentioned; and second, lower depreciation expense due to the change in estimated useful lives, although the dollar benefit will diminish throughout the course of the year across segments.

至於 Google Cloud，我們建立業務的方法並沒有改變。我們仍然專注於收入成長，只要看到機會，我們將繼續積極投資於產品和我們的行銷組織。第一季度的經營業績在一定程度上反映了本季度的一些值得注意的項目：首先，正如我已經提到的，2020 年第一季度記錄的異常高的信貸損失準備金被重疊；其次，由於估計使用壽命的變化，折舊費用降低，儘管美元收益在一年內各個部門都會減少。

As we've noted previously, operating results should benefit from increased scale over time. However, at this point, we do remain focused on continuing to invest to build the cloud organization for long-term performance.

正如我們之前所指出的，隨著時間的推移，經營績效應該會因規模的擴大而受益。然而，目前，我們仍專注於持續投資建置雲端組織，以實現長期績效。

In terms of Other Bets, we continue to invest with a focus on the long-term value creation opportunity.

在其他投資方面，我們將繼續進行投資，並專注於長期價值創造機會。

Turning to CapEx at the consolidated level. The results reflect ongoing investment in our technical infrastructure, offset by a slower pace of investment in office facilities given the ongoing impact of COVID. Within technical infrastructure, servers continue to be the largest driver of investment as we continue to invest to support Cloud, Search, ads and machine learning.

轉向合併層面的資本支出。這一結果反映了我們對技術基礎設施的持續投資，但由於 COVID 的持續影響，對辦公設施的投資速度有所放緩。在技​​術基礎設施方面，隨著我們繼續投資支援雲端、搜尋、廣告和機器學習，伺服器繼續成為投資的最大驅動力。

Finally, with respect to capital allocation, our primary use of capital continues to be to support organic growth in our businesses followed by retaining flexibility for acquisitions and investments. We complement these growth drivers with a return of capital.

最後，關於資本配置，我們對資本的主要用途仍然是支持業務的有機成長，其次是保持收購和投資的靈活性。我們透過資本回報來補充這些成長動力。

As we indicated in our press release today, our Board has authorized the repurchase of up to an additional $50 billion of our Class C stock.

正如我們在今天的新聞稿中所指出的，我們的董事會已授權回購最多 500 億美元的 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 the first question comes from the line of Brian Nowak from Morgan Stanley.

（操作員指示）第一個問題來自摩根士丹利的 Brian Nowak。

I have 2. First one for Sundar. I appreciate the color on the 4 key priorities. I wanted to dig a little more into the build and provide the most helpful products and services. Maybe if you can sort of talk to us about Search. How do you think about the key investment priorities and innovation areas to continue to make Search more and more helpful for your users and your advertisers?

我有 2 個。第一個是給 Sundar 的。我很欣賞 4 個關鍵優先事項的顏色。我想更深入地研究建造並提供最有用的產品和服務。也許您可以和我們談談搜尋。您如何看待關鍵的投資重點和創新領域，以繼續使搜尋對您的用戶和廣告商越來越有幫助？

And the second one for Philipp, maybe similar question on YouTube. You've done such a great job on innovation around YouTube. Where do you see the largest incremental opportunities for further innovation at YouTube to deliver more outsized value for your advertisers?

第二個問題是針對 Philipp 的，YouTube 上可能有類似的問題。您在 YouTube 創新方面做出了巨大貢獻。您認為 YouTube 進一步創新的最大增量機會是什麼，以便為廣告商提供更大的價值？

Thanks. On Search, great question. I still think we are in very early stages. A recent example, which I was proud of, was when the ship was stuck in the Suez Canal, then it got out. If you asked the question to Google, I think very soon after that, we had the right answer, that seems obvious to do except we need to provide right answers and without giving wrong answers or misinformation for many other things. So to do that is where all our underlying investments go and that's how we think about it over the long term.

謝謝。關於搜索，這個問題問得好。我仍然認為我們還處於非常早期的階段。最近的一個例子是，一艘船被困在蘇伊士運河，後來它成功脫困，這讓我感到很自豪。如果你向谷歌提出這個問題，我想很快我們就會得到正確的答案，這似乎是顯而易見的，只是我們需要提供正確的答案，而不能為其他許多事情提供錯誤的答案或錯誤訊息。因此，我們所有的底層投資都是為了實現這一點，這也是我們的長期想法。

BERT, last year, I think, was a great example of it. It was one of our biggest quality improvements. And that was based on the transformer breakthrough from our Google AI team, which laid the foundation for it. So we are continuing to invest that way in the deep technology. As the web is scaling up, there's more information than ever before. So that's a big part of what we are doing.

我認為，去年的 BERT 就是一個很好的例子。這是我們最大的品質改進之一。這是基於我們的 Google AI 團隊在 Transformer 方面的突破，為其奠定了基礎。因此，我們將繼續以這種方式投資深度技術。隨著網路規模的擴大，資訊量比以往任何時候都多。這是我們正在做的很大一部分。

Beyond that, there's a lot of opportunity to improve the user experience. You've seen our efforts around shopping. That's one aspect of how we are working hard to improve the experience there. So -- but we are looking at it pretty deeply. Philipp?

除此之外，還有很多機會可以改善使用者體驗。您已經看到了我們在購物方面所做的努力。這是我們努力改善那裡的體驗的一個方面。所以——但我們正在深入研究這個問題。菲利普？

Yes. On the YouTube side, let me start with our direct response business. Growth was truly exceptional this quarter. DR was practically nonexistent on YouTube a few years ago, and it's now a large and fast-growing business, and we're just getting started, in my view. People already, as you know, go to YouTube, to decide what they want to buy, and we want to make it easier for them to buy and make the discovery process overall a lot easier.

是的。在 YouTube 方面，讓我先從我們的直接回應業務開始。本季的成長確實非常出色。幾年前，DR 在 YouTube 上幾乎不存在，而現在它已經成為一項規模龐大且快速成長的業務，在我看來，我們才剛起步。如你所知，人們已經透過 YouTube 來決定他們想要購買什麼，我們希望讓他們更容易購買，並使整個發現過程變得更加簡單。

And for creators, we launched new shoppable capabilities, so users can actually make purchases from the favorite creators directly on YouTube. Just as an example, as part of our Brand Connect program, Calvin Klein tested these and drove over, I think it was 200% lift in brand search and sold out multiple products, actually. For merchants, they can now bring their product feeds directly into their video campaigns. And I think we're still scratching the surface on what's possible really with commercial intent on YouTube.

對於創作者，我們推出了新的購物功能，因此用戶可以直接在 YouTube 上從他們最喜歡的創作者那裡購買作品。舉個例子，作為我們品牌連接計劃的一部分，Calvin Klein 測試了這些產品並開車過來，我認為它的品牌搜尋量上升了 200%，實際上售出了多種產品。對於商家來說，他們現在可以將他們的產品資訊直接帶入他們的影片廣告活動中。我認為，我們仍在探索 YouTube 真正具有商業意圖的可能性。

And then there's, of course, the opportunity to be a major platform for brands. Historical approaches to reaching audiences through, let's just say, call it, linear TV don't really work anymore. Advertisers are using YouTube now to reach the audience they can't find anywhere else. And remember, more 18- to 49-year olds are actually watching YouTube than all linear TV combined. And brands are also seeing more incremental reach on YouTube compared to TV.

當然，這也意味著有機會成為品牌的主要平台。透過線性電視等傳統方式吸引觀眾的做法其實已經不再有效了。廣告商現在正在使用 YouTube 來接觸他們在其他地方找不到的受眾。請記住，實際觀看 YouTube 的 18 歲至 49 歲人群比觀看所有線性電視的人群總和還要多。與電視相比，品牌在 YouTube 上的影響力也越來越大。

So we're starting to see advertisers buy a mix actually of awareness and more action-oriented formats. They're driving reach and results across the funnel, from awareness to consideration to action. So we see a lot of really interesting opportunities here.

因此，我們開始看到廣告商購買實際上是知名度和更注重行動的形式的混合。他們正在推動從意識到考慮到行動的整個過程中的覆蓋範圍和成果。所以我們在這裡看到了很多非常有趣的機會。

And our next question comes from Doug Anmuth from JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

I have 2. First, Ruth, just wanted to ask you about Cloud. You saw some significant benefits just from the change in useful life. But I think in the past, you talked about 1Q perhaps being the biggest loss of the year. I was just curious if that's still the case in your view going forward.

我有 2 個問題。首先，露絲，我只是想問你有關雲的問題。您僅從使用壽命的改變就看到了一些顯著的好處。但我認為過去您談到第一季可能是今年最大的損失。我只是好奇，在您看來，未來是否仍然如此。

And then secondly, just given the management transition that we've seen at Waymo, should we expect any change in terms of how things are operated there going forward?

其次，鑑於 Waymo 的管理層變動，我們是否應該預期未來的營運方式會發生任何變化？

Thanks for the question. So in terms of cloud and overall performance, I think the main point I would say is I wouldn't extrapolate generally from quarter-to-quarter, given we're still in the early stages of building the business. We do intend to continue to invest meaningfully in cloud given the opportunity. And so as you said, there were a couple of things that benefited margins in the quarter, both the depreciation expense side, but also lapping the unusually high allowance for credit losses that were recorded back in the first quarter.

謝謝你的提問。因此，就雲端和整體性能而言，我認為我要說的重點是，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。如果有機會，我們確實打算繼續在雲端運算領域進行有意義的投資。正如您所說，本季度有幾項因素對利潤率有利，包括折舊費用方面，以及彌補第一季記錄的異常高的信貸損失準備金。

So the main takeaway is we're continuing to invest, we'll invest aggressively in products and go-to-market where we've talked about quite consistently over time. And as much as operating losses and operating margin will benefit from increased scale over time at this point, we do remain focused on investing to build the organization for long-term performance.

因此，主要的收穫是我們將繼續投資，我們將積極投資於產品和進入市場，我們長期以來一直在談論這一點。儘管目前的營業虧損和營業利潤率將隨著規模的擴大而受益，但我們仍將專注於投資以建立具有長期業績的組織。

And Doug, on Waymo, John is stepping down as CEO, and he's been planning for this transition. And Dmitri and Takedra have been working closely with them. And so we'll continue our investments there. Pretty excited that the fully autonomous experience of Waymo 1 is available in Phoenix, and we are also accelerating the development of our next-generation Waymo driver to deployed in San Francisco.

道格，關於 Waymo，約翰即將卸任執行長一職，他一直在為這次過渡做準備。德米特里和塔克德拉一直與他們密切合作。因此我們將繼續在那裡投資。非常高興 Waymo 1 的完全自動駕駛體驗可以在鳳凰城實現，我們也在加速開發下一代 Waymo 駕駛員，以便在舊金山部署。

And this past quarter, Waymo began limited driver testing in San Francisco. And so really focused on making sure we make the hard technical progress so that we can operationalize this, and so we'll continue executing towards that.

上個季度，Waymo 開始在舊金山進行有限的駕駛員測試。因此，我們真正專注於確保取得艱難的技術進步，以便我們能夠將其付諸實踐，因此我們將繼續朝著這個目標努力。

And our next question comes from Brent Thill from Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

As it relates to some of the harder-hit industries, I'm curious if you could just characterize the shape of the recovery, what you're seeing across travel in some of the other sectors. And have there been any verticals that you have yet to see recover that may pull out in the second half of the year?

由於它與一些受打擊較嚴重的行業有關，我很好奇您是否可以描述一下復甦的形態，以及您在其他一些行業的旅遊業中看到的情況。您是否還未看到哪些垂直行業復甦，並可能在今年下半年退出市場？

So overall, what we indicated is that the strong results reflect in part, lapping the impact that we saw starting late in Q1 of last year and then a pick up in a number of areas. I think the main thing we'd want to leave you with is that we are seeing, in part, an acceleration of the shift to digital, but it's too early to forecast the extent to which these changes in consumer behavior and advertising spend will endure.

因此，總體而言，我們指出，強勁的業績在一定程度上反映了我們從去年第一季末開始看到的影響，隨後在許多領域有所回升。我認為我們想要告訴大家的主要一點是，我們在某種程度上看到了數位化轉變的加速，但現在預測消費者行為和廣告支出的這些變化將持續到何種程度還為時過早。

There are some obvious examples if you think about, for example, the bump in consumption for things like outfitting your home to work-from-home. Obviously, that doesn't repeat. And so our main thing is that we think it's premature at this point to really assess how durable this consumer behavior trends are.

如果你仔細想想就會發現一些明顯的例子，例如，為在家辦公而配備家居用品方面的消費量激增。顯然，這並不重複。因此，我們的主要觀點是，現在評估這種消費者行為趨勢的持久性還為時過早。

And travel specifically, have you -- can you just give us any color in terms of what you're seeing on that front?

您具體有旅行經驗嗎？能否向我們簡單介紹一下您在這方面看到的情況？

Nothing more to add. Philipp had a couple of comments about some of the areas where we're trying to innovate to be helpful to our partners. But beyond that, nothing to add.

沒什麼好補充的。菲利普對我們為幫助合作夥伴而嘗試創新的一些領域發表了一些評論。但除此之外，沒有什麼好補充的。

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

下一個問題來自美國銀行的賈斯汀·波斯特 (Justin Post)。

Maybe one for Philipp and one for Ruth. First, Philipp, you mentioned a couple of times that durability of the improvement is tough to gauge. Maybe you can help us understand what the key drivers of Search are that you're thinking about over the next couple of years. Is it queries, product improvements, certain changes in verticals like shopping? How are you thinking about driving Search growth?

也許一個給菲利普，一個給露絲。首先，菲利普，您曾多次提到，改進的持久性很難衡量。也許您可以幫助我們了解未來幾年您所考慮的搜尋的關鍵驅動因素是什麼。是查詢、產品改進，還是購物等垂直領域的某些變化？您如何考慮推動搜尋成長？

And then maybe for Ruth. Model showed great efficiency last year on the cost side and margins. Anything you're learning or experiences during the pandemic that we can think about post-pandemic on cost efficiencies or things like that?

或許對露絲來說也是如此。去年，模型在成本和利潤方面顯示出了極高的效率。您在疫情期間學到了什麼或經歷了什麼，我們可以在疫情後考慮成本效益或類似的事情嗎？

Yes. Thank you so much for the question. I usually look at the different components of Search as basically 4 key drivers. The first one, obviously, being the queries. So are we really the best place for users to turn to when they need information? The second one is, I would call it ads coverage. So what percent of queries is really commercial? And then what percentage are we actually covering with ads? And then we need to ask ourselves, do both of these have upside.

是的。非常感謝您的提問。我通常將搜尋的不同組件視為 4 個關鍵驅動因素。第一個顯然是查詢。那麼，當使用者需要資訊時，我們真的是最好的選擇嗎？第二個，我稱之為廣告覆蓋率。那麼有多少比例的查詢才是真正商業性的呢？那麼我們實際上透過廣告覆蓋了多少百分比呢？然後我們需要問自己，這兩者是否都有好處。

The third one is click-through rates or individual ad click-through rates close to being optimized. Is there more we can do here by just delivering better creatives, better ads, better answers? To what extent can we deploy next-generation machine learning here?

第三個是點擊率或單一廣告點擊率接近優化。透過提供更好的創意、更好的廣告、更好的答案，我們還能做更多嗎？我們可以在多大程度上部署下一代機器學習？

And then the last one is obviously the CPC, right? How much is someone willing to bid for a click on their ad? And this is obviously, to a large extent, driven by the quality of traffic we're sending. And then conversion rate is a big driver of this.

那麼最後一個顯然是中國共產黨，對嗎？人們願意為他們的廣告點擊出價多少？顯然，這在很大程度上取決於我們發送的流量的品質。而轉換率是實現這目標的重要驅動力。

So we're working very closely with our partners, advertisers and so on across the world to help them optimize their conversion rates and their OI. Those are really the 4 big components, and I'm excited about all 4 of them, actually.

因此，我們與世界各地的合作夥伴、廣告商等密切合作，幫助他們優化轉換率和 OI。這確實是 4 個主要組成部分，事實上，我對這 4 個組成部分都很感興趣。

And in terms of your question on efficiency, I appreciate the question. I think that at the highest level, the approach is unchanged. Our approach on investing in capital allocation is, first and foremost, to support long-term growth with financially sustainable businesses. It's about being sharper within product areas and then making sure we're investing in what I keep referring to as operational excellence, things like our technical infrastructure, systems to improve productivity, to improve velocity of our product teams and then the very important efforts around privacy and security and content moderation.

至於您關於效率的問題，我很感謝你提出這個問題。我認為，最高層面的做法並沒有改變。我們投資資本配置的方法是，首先，透過財務可持續的業務來支持長期成長。這是為了在產品領域更加敏銳，然後確保我們投資於我一直提到的卓越運營，例如我們的技術基礎設施、提高生產力的系統、提高我們產品團隊的速度，以及圍繞隱私、安全和內容審核的非常重要的努力。

And I think, to your question, the experiences of this past year underscored really the value of having made those investments to protect and support operational excellence. It really served us well and customers and our ability to deliver throughout this period of time.

我認為，對於您的問題，過去一年的經驗確實強調了進行這些投資以保護和支持卓越營運的價值。它確實為我們和客戶提供了良好的服務，並提高了我們在這段時間內的交付能力。

So that framework is unaltered. I think that part of what you're seeing in the first quarter, I've said it a couple of times now, but are some notable items in the quarter, the lapping of the allowance for credit losses, the benefit from depreciation life. And then there were certain things that were due to COVID, just the lower impact for things like T&E and marketing.

因此該框架沒有改變。我認為您在第一季看到的部分內容，我已經說過幾次了，但本季度有一些值得注意的項目，信用損失準備金的重疊，折舊年限帶來的好處。然後，有些事情是由於 COVID 造成的，只是對 T&E 和行銷等方面的影響較小。

And so the main point is we will continue to invest for long-term growth, so that's in both areas, Google Services and Cloud. And we continue to maintain that framework that you referenced about looking for efficiencies where they are, but ensuring that we can deliver for users and customers.

因此，重點是我們將繼續投資以實現長期成長，包括 Google 服務和雲端這兩個領域。我們將繼續維護您所提到的框架，尋求現有的效率，但確保我們能夠為使用者和客戶提供服務。

And our next question comes from Colin Sebastian from Baird.

我們的下一個問題來自貝爾德公司的科林·塞巴斯蒂安。

Sundar, first, you've highlighted for years that machine learning is clearly a strength and differentiation of the overall platform, including in cloud services, where we're also seeing competitors focus more on their capabilities here. So I'm wondering if you could talk about the pace of change around data science and how Google can sustain its competitive advantage in those areas.

Sundar，首先，多年來您一直強調，機器學習顯然是整個平台的優勢和差異化，包括在雲端服務領域，我們也看到競爭對手更加關注他們在這方面的能力。所以我想知道您是否可以談談數據科學的變化速度以及谷歌如何在這些領域保持競爭優勢。

And then Philipp, I wanted to follow up on the momentum in Search that you attribute to Google Shopping. Is it fair to say that the shift to free product listings has led to the desired increase in retail advertising across the platform? Or are there other reasons beyond the pandemic that you attribute for that success?

然後，菲利普，我想跟進一下您認為 Google Shopping 推動的搜尋成長勢頭。是否可以說，向免費產品清單的轉變導致了整個平台零售廣告的預期成長？或者您認為除了疫情之外還有其他原因促成了這項成功？

Colin, on -- thanks. And obviously, as we are thinking about AI, it all starts with foundational R&D we do. I think we are one of the largest R&D investors in AI in the world. And so thinking ahead and doing that -- and we're doing it across all the foundational areas, and we are taking many diverse approaches. So as we make breakthroughs -- I earlier spoke about transformers and how that translated as BERT to improve search quality. And similarly, we are very committed to taking the AI improvements and bringing it through our GCP offerings to our enterprise customers as well.

科林，謝謝。顯然，當我們思考人工智慧時，一切都始於我們所做的基礎研發。我認為我們是世界上最大的人工智慧研發投資者之一。因此，我們要提前思考並採取行動——我們在所有基礎領域都這樣做，並且採取了許多不同的方法。因此，當我們取得突破時——我之前談到了 Transformer 以及如何將其轉化為 BERT 來提高搜尋品質。同樣，我們也致力於推動人工智慧的改進，並透過我們的 GCP 產品將其推廣給我們的企業客戶。

So it's an approach we are deeply committed to, and we are thinking of it with all layers of the stack. So this is why you see us work hard on TPUs, and we think about the tool chain for developers on top of all that. And so -- and I think if I look at the progress ahead, I think there's a lot more progress coming down the pipe. And so I'm pretty excited, and it's why I feel Google GCP will be differentiated over time as our competitive advantage plays out.

因此，這是我們堅定致力於的方法，我們正在從堆疊的所有層面來考慮它。這就是為什麼你會看到我們在 TPU 上努力工作，並且我們在此基礎上考慮為開發人員提供工具鏈。所以——我認為如果我展望未來的進展，我認為還會有更多的進展。所以我非常興奮，這就是為什麼我覺得隨著我們的競爭優勢的發揮，Google GCP 將隨著時間的推移而變得與眾不同。

Yes. And on the Shopping side, look, it's been a year since we brought Bill onboard, Bill Ready. And we pivoted our Shopping strategy to better support retailers and consumers, trying to really build an open retail ecosystem. And we're pleased with the progress we're making. As you said, free listings and 0 commissions, they've actually lowered barriers for online retail. Shopping ads continue to be a powerful way for retailers to promote their products. And the combination of free and paid is a meaningful one.

是的。在購物方面，你看，自從我們聘請比爾·雷迪 (Bill Ready) 以來已經有一年了。我們調整了購物策略，以更好地支持零售商和消費者，並努力真正建立一個開放的零售生態系統。我們對所取得的進展感到非常滿意。正如你所說，免費清單和 0 佣金，他們實際上降低了網路零售的門檻。購物廣告仍然是零售商推廣其產品的有效方式。免費與付費的結合是有意義的。

We had a set of new partnerships with Shopify and PayPal that are giving retailers a lot more choice. And we will continue to simplify the, let me call it, end-to-end user and merchant experience, of course. In particular, we are trying to streamline and working hard to streamline the back-end experience for merchants, especially for hybrid retailers, so retailers that play in both brick-and-mortar and in digital. And overall, we want to make it much, much easier for retailers to get started on Google and have their information appear across surfaces. And I mentioned the overall strength in retail before. So thank you.

我們與 Shopify 和 PayPal 建立了一系列新的合作關係，為零售商提供了更多選擇。當然，我們將繼續簡化我所說的端到端用戶和商家體驗。具體來說，我們正在嘗試並努力簡化商家的後端體驗，特別是混合零售商，即同時在實體店和數位通路開展業務的零售商。總的來說，我們希望讓零售商更輕鬆地開始使用 Google，並讓他們的訊息出現在各個平台上。我之前提到過零售業的整體實力。所以謝謝你。

And our next question comes from Mark Mahaney from ISI.

下一個問題來自 ISI 的 Mark Mahaney。

I wanted to ask about your attempts to retain advertisers, and I'll ask it this way. I think we've had record numbers of new business formations in the country and around the world on the unfortunate impact of COVID, but I think that's -- my guess is it's been a huge tailwind for your business.

我想問一下你們為留住廣告商所做的努力，我會這樣問。我認為，由於新冠疫情的不幸影響，全國乃至全世界新成立的企業數量創下了歷史新高，但我認為這——我猜這對你的企業來說是一個巨大的順風。

At the same time, we've had this real tip over, I think, of linear TV ad budgets in the back half of the year onto online channels like YouTube. So talk about these new advertisers that you've brought on to the Google platform, what you've been able to do, how confident you are in your ability to retain them, your advertiser retention strategy.

同時，我認為，今年下半年，我們已經將線性電視廣告預算轉移到了 YouTube 等線上頻道。那麼，請談談您為 Google 平台引入的這些新廣告商，您能做什麼，您對留住他們的能力有多大信心，以及您的廣告商保留策略。

So I can take those. I mean, a lot of the new advertisers that you're referring to are obviously SMBs, and there is no doubt that this has been a challenging year for SMBs. The pandemic has disrupted how many of them connect with their customers. But frankly, the pandemic has also been a catalyst for key consumer trends, obviously creating a lot of new opportunities for small businesses. And obviously, consumers are spending more time online. They're buying more online. They were willing to try new brands, and they're eager to support local businesses, SMBs.

所以我可以接受這些。我的意思是，您所提到的許多新廣告商顯然都是中小型企業，毫無疑問，今年對於中小型企業來說是充滿挑戰的一年。疫情擾亂了許多公司與客戶的聯繫。但坦白說，這場疫情也成為主要消費趨勢的催化劑，顯然為小企業創造了許多新的機會。顯然，消費者在網路上花費的時間越來越多。他們在網路上購買的商品越來越多。他們願意嘗試新品牌，並渴望支持本地企業和中小企業。

So searches for support local businesses are up significantly since last year. And we've been focused really on helping SMBs with simpler tools so they can actually embrace digital a lot faster. And that's where we have really invested over the year and making everything simpler.

因此，自去年以來，支持本地企業的搜尋量大幅增加。我們一直致力於透過更簡單的工具幫助中小企業，以便他們能夠更快地實現數位化。這正是我們一年來真正投入並讓一切變得更簡單的地方。

We had a very wide range of solutions to help them get online. get discovered across all of our key products, Search, Maps, YouTube and so on. And there's multiple, multiple fascinating stories from them coming back to us. And we see this positively reflected in our rates here as well.

我們有各種各樣的解決方案來幫助他們上網。在我們所有的主要產品、搜尋、地圖、YouTube 等中被發現。他們為我們講述了許多令人著迷的故事。我們也看到這一點在我們的利率上得到了積極的體現。

And our next question comes from Michael Nathanson from MoffettNathanson.

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

I have 2. One for Philipp, one for Ruth. Phil, on the questions on search, I'm wondering when you step back, which categories, which geographies do you think you're still underrepresented as a percentage of marketing spending where we could see potentially even more lift to come?

我有 2 個。一個給 Philipp，一個給 Ruth。菲爾，關於搜尋的問題，我想知道，當您退一步考慮時，您認為哪些類別、哪些地區的行銷支出所佔比例仍然偏低，而我們可能看到未來會有更大的提升？

And then for Ruth, we always asked in the past about CapEx spending, noticed your useful life. But I wonder has this pandemic change maybe your approach to the office space that you bought and thinking about how the company is going to deploy capital in terms of space going forward and how we think about the future of CapEx the next couple of years based on post pandemic.

然後對於露絲，我們過去總是詢問有關資本支出的問題，並注意到你的使用壽命。但我想知道，這次疫情是否改變了您對所購買辦公空間的態度，改變了您對公司未來如何在空間方面部署資本的思考，以及我們如何在疫情結束後展望未來幾年的資本支出前景。

Philipp seems to be on mute. I'll go ahead and start on the CapEx question. So in terms of CapEx, I think I'll address 2 parts. You asked about office facilities, and I do think it's important to know.

菲利普似乎沉默了。我將繼續討論資本支出問題。因此，就資本支出而言，我想我將討論兩個部分。您詢問了辦公設施，我認為了解這一點很重要。

We are continuing to invest in our technical infrastructure, and that's what you saw again here this quarter, and we'll continue to do so to support growth that we're seeing in Cloud and Search and ads and machine learning. No change there, so you'll be seeing that.

我們將繼續投資於我們的技術基礎設施，這就是您本季再次看到的，我們將繼續這樣做以支持我們在雲端、搜尋、廣告和機器學習方面看到的成長。那裡沒有變化，所以您會看到這一點。

But the core of your question was really about office facilities. And I think it's -- we've been very clear we do value bringing people together in the office, and we're looking at a hybrid work-from-home, work-from-office model. As we look forward at developing our real estate footprint for offices, what we factor into it is, first, we are growing our headcount.

但你的問題的核心其實是關於辦公設施。我認為——我們已經非常清楚，我們確實重視將人們聚集在辦公室，我們正在研究一種混合在家工作和辦公室辦公的模式。當我們展望拓展辦公室房地產業務時，我們考慮的因素首先是，我們正在增加員工人數。

We are looking at less density per employee. So even with a hybrid work environment, we will continue to need space, and so we're continuing to build out our campuses and office facilities. What you saw in the first quarter was a slightly slower pace of that and a slower pace on fit-outs as well as we're evolving what does the space look like, but we expect to continue to pick up the pace there as we fit out our spaces for this kind of new reimagined environment. So yes, we'll continue to be investing in campuses around the globe as we have been.

我們正在考慮降低每位員工的密度。因此，即使在混合工作環境中，我們仍然需要空間，因此我們將繼續建造我們的園區和辦公設施。您在第一季看到的是，這一速度略有放緩，裝修速度也放緩，而且我們正在不斷改進空間的外觀，但隨著我們為這種新的重新構想的環境裝修空間，我們預計將繼續加快步伐。所以是的，我們將一如既往地繼續在全球各地投資校園。

Yes. And on your first part of your question, look, we're looking at our business from a very global perspective and are excited about it. Keep in mind, we're not just addressing above-the-line marketing budget from an addressable market perspective, so not just traditional advertising, TV advertising and so on. Below-the-line budgets are really significant, everything, promotional pricing, product placements, sponsorships and so on and so on.

是的。關於您問題的第一部分，您看，我們從全球化的角度看待我們的業務，並對此感到興奮。請記住，我們不僅僅從可尋址市場的角度來解決上述行銷預算問題，因此不僅僅是傳統廣告、電視廣告等等。線下預算確實很重要，包括促銷定價、產品置入、贊助等等。

So there's this massive acceleration in e-commerce due to the pandemic. Still more than 80% of commerce is still offline. So there's a huge opportunity here across the world for us to tap into those other budgets. They were really traditionally used in a very different context. So there's plenty of room for growth here.

因此，由於疫情的影響，電子商務出現了大幅加速發展。仍有超過 80% 的商業活動處於線下狀態。因此，我們在世界各地都有巨大的機會來利用這些其他預算。它們的傳統用途確實非常不同。因此，這裡有足夠的成長空間。

And I talked about how we look at it from a queries' perspective, from a commercial intent perspective. We're trying to use machine learning really smartly here. But the real focus in the end has to be how do we actually make our partners successful, how do we drive incremental ROI for them. And as long as we continue this well, I think we should continue to see budgets move our way as well.

我談到了我們如何從查詢的角度、從商業意圖的角度來看待這個問題。我們正嘗試在這裡真正聰明地使用機器學習。但最終真正的重點是我們如何真正讓我們的合作夥伴成功，如何為他們帶來增量投資報酬率。只要我們繼續保持這種良好勢頭，我認為我們的預算就會繼續朝著我們想要的方向發展。

And our final question comes from the line of Brian Fitzgerald from Wells Fargo.

我們的最後一個問題來自富國銀行的布萊恩·菲茨傑拉德。

Guys, you mentioned the strength in the supply side products in the network business. Wondering if you might be able to comment on how the demand side products are doing.

夥計們，你們提到了網路業務中供應方產品的優勢。想知道您是否可以評論一下需求方產品的表現。

And maybe in a similar vein, some of the changes you've made in that technology over the last few years may have had the effect of drawing some of your advertiser customers more deeply into your tech stack. Wondering if this is also creating a strong on-ramp in GCP, specifically around data analytic products like big query.

或許類似地，過去幾年您在該技術方面所做的某些改變可能會吸引一些廣告客戶更深入地了解您的技術堆疊。想知道這是否也在 GCP 中創建了強大的入口，特別是圍繞大查詢等資料分析產品。

So in terms of overall on network revenues, as I think I noted briefly in opening comments, what we're really seeing is the ongoing strength in advertiser spend. Both Phil and I talked about that, particularly what we saw with AdMob and Ad Manager and particular strength in app campaigns. And all of this just underscores what each of us commented on that the results do reflect what was broad-based strength across our partners' properties in the first quarter.

因此，就整體網路收入而言，正如我在開場評論中簡要提到的那樣，我們真正看到的是廣告商支出的持續強勁增長。我和 Phil 都談到了這一點，特別是我們看到的 AdMob 和 Ad Manager 以及應用程式廣告系列中的特別優勢。所有這些都強調了我們每個人的評論，即結果確實反映了第一季我們合作夥伴的資產的廣泛優勢。

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

我們的問答環節到此結束。我想將會議交還給吉姆·弗里德蘭 (Jim Friedland) 來做結束語。

Thanks, everyone, for joining us today. We look forward to speaking with you again on our second 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 年第二季電話會議上再次與您交談。謝謝您，祝您晚上愉快。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。