Alphabet Inc (GOOGL) 2021 Q4 法說會逐字稿

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

歡迎大家，感謝大家參加 Alphabet 2021 年第四季財報電話會議。 （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 Fourth 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 年第四季財報電話會議。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.

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。

For more information, please refer to the risk factors discussed in our Forms 10-K and 10-Q filed with the SEC, including our upcoming Form 10-K filing for the year ended December 31, 2021.

欲了解更多信息，請參閱我們向美國證券交易委員會 (SEC) 提交的 10-K 表和 10-Q 表中討論的風險因素，包括我們即將提交的截至 2021 年 12 月 31 日的年度 10-K 表。

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 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 happy new year, everyone.

謝謝你，吉姆，祝大家新年快樂。

The last few months have been challenging for communities everywhere because of Omicron. I'm grateful for the frontline health care workers who are helping us through it and glad to see signs that this wave is receding in many parts of the world. Whether it's helping people find a COVID testing center, learn a new skill or launch a new business, our mission to organize the world's information and make it universally accessible and useful is as relevant today as it's ever been.

由於 Omicron 的影響，過去幾個月對各地的社區來說都充滿挑戰。我感謝幫助我們度過難關的第一線醫護人員，並很高興看到世界許多地方的疫情正在消退。無論是幫助人們找到 COVID 檢測中心、學習新技能還是開展新業務，我們的使命都是整合全球信息，使其普遍可訪問和使用，這一使命在今​​天和以往任何時候都同樣重要。

In 2022, we'll stay focused on evolving our knowledge and information products, including Search, Maps and YouTube, to be even more helpful. Investments in AI will be key, and we'll continue to make improvements to conversational interfaces like the Assistant.

2022 年，我們將繼續專注於改進我們的知識和資訊產品，包括搜尋、地圖和 YouTube，以提供更多幫助。對人工智慧的投資將是關鍵，我們將繼續改進助手等對話介面。

I'll begin by touching on a few highlights from Q4. Our new AI models are helping to create information experiences that are truly conversational, multimodal and personal. For example, multitask unified model, or MUM for short, has improved searches for vaccine information. And soon, we'll introduce new ways to search with images and words simultaneously.

首先，我將介紹第四季的一些亮點。我們的新人工智慧模型正在幫助創造真正對話式、多模式和個人化的資訊體驗。例如，多任務統一模型（簡稱 MUM）改進了疫苗資訊的搜尋。很快，我們將推出同時使用圖像和文字進行搜尋的新方法。

In October, we introduced a new AI architecture called Pathways. AI models are typically trained to do only one thing. With Pathways, a single model can be trained to do thousands, even millions of things. From MUM to Pathways to BERT and more, these deep AI investments are helping us lead in search quality.

十月份，我們推出了名為 Pathways 的全新 AI 架構。人工智慧模型通常只被訓練做一件事。透過 Pathways，可以訓練單一模型來完成數千甚至數百萬件事。從 MUM 到 Pathways 到 BERT 等等，這些深度 AI 投資正在幫助我們在搜尋品質方面處於領先地位。

They're also powering innovations beyond Search. For example, DeepMind's protein-folding system AlphaFold, was recently recognized by Nature and Science magazine as a defining breakthrough. To illustrate the scale of the team's achievement, it took scientists more than 50 years to figure out the structure of 150,000 proteins. The DeepMind team has now expanded that number to 1 million, and they think they will get to more than 100 million this year.

他們也推動著搜索之外的創新。例如，DeepMind 的蛋白質折疊系統 AlphaFold 最近被《自然》和《科學》雜誌評為決定性突破。為了說明團隊成就的規模，科學家花了 50 多年的時間才弄清楚 15 萬種蛋白質的結構。 DeepMind 團隊現在已將這一數字擴大到 100 萬，他們認為今年將超過 1 億。

Philipp will talk in great detail about our advertising business, which also benefits from our investments in AI. It's been a very strong quarter for us. Our teams have helped millions of businesses of all sizes and launched dozens of important features to help them get the most out of their online marketing spend. These businesses are the backbone of our global economy and the heart of our community, so helping them thrive is more important than ever.

Philipp 將詳細介紹我們的廣告業務，該業務也受惠於我們對人工智慧的投資。對我們來說這是一個非常強勁的季度。我們的團隊已經幫助了數百萬各種規模的企業，並推出了數十項重要功能，幫助他們最大限度地利用線上行銷支出。這些企業是我們全球經濟的支柱和社區的核心，因此幫助它們蓬勃發展比以往任何時候都更重要。

We are also seeing exciting momentum at YouTube. YouTube Shorts continues to drive significant engagement. We just hit 5 trillion all-time views and have over 15 billion views each day globally. This is helping our creator community reach newer and bigger audiences. In fact, more people are creating content on YouTube than ever before.

我們也看到 YouTube 正呈現令人興奮的勢頭。 YouTube Shorts 繼續推動著人們的廣泛參與。我們的總觀看次數剛好達到 5 兆次，全球每天的觀看次數超過 150 億次。這有助於我們的創作者社群接觸到更新、更大的受眾。事實上，在 YouTube 上創作內容的人數比以往任何時候都多。

Last year, the number of YouTube channels that made at least $10,000 revenue was up more than 40% year-over-year, and we are continuing to improve support for artists and creators. More creatives than ever are earning money from our non-ads products like Super Chat and channel memberships. And the Shorts fund is now available in more than 100 countries.

去年，收入至少 10,000 美元的 YouTube 頻道數量同比增長了 40％ 以上，我們正​​在繼續加強對藝術家和創作者的支持。越來越多的創意人員透過我們的非廣告產品（如超級聊天和頻道會員）賺錢。目前 Shorts 基金已覆蓋超過 100 個國家。

Another big area for investment is combining the best of AI software and hardware to deliver helpful experiences across our family of devices. In Q4, we set an all-time quarterly sales record for Pixel. This came in spite of an extremely challenging supply chain environment. The response to Pixel 6 from our customers and carrier partners was incredibly positive, and AI is making Pixel even more helpful. As one example, live translate detects whether a chat message is in a different language and automatically translates it in up to 48 languages.

另一個重要的投資領域是結合最好的人工智慧軟體和硬件，為我們的設備系列提供有益的體驗。在第四季度，我們創下了 Pixel 的季度銷售記錄。儘管供應鏈環境極具挑戰性，但我們仍取得了這項成果。我們的客戶和營運商合作夥伴對 Pixel 6 的反應非常積極，而 AI 讓 Pixel 變得更加有用。舉個例子，即時翻譯可以偵測聊天訊息是否為另一種語言，並自動將其翻譯成多達 48 種語言。

We are also focused on ensuring devices across the Android and Chrome ecosystems work well together. For example, at CES last month, we announced that we are working with Acer, HP and Intel to bring great experiences to their devices. Also announced at CES, the new Ripple open standard will broaden the capabilities of radar technology opening the door for new products and services.

我們也致力於確保 Android 和 Chrome 生態系統中的裝置能夠協同工作。例如，在上個月的 CES 上，我們宣布正在與宏碁、惠普和英特爾合作，為他們的設備帶來出色的體驗。在 CES 上也宣布，新的 Ripple 開放標準將拓寬雷達技術的功能，為新產品和服務打開大門。

Another priority is ensuring our products and services are private, secure and safe. To that end, I'll note a new privacy sandbox proposal called Topics API. We think it will be a big improvement for protecting user privacy while also ensuring businesses are able to thrive online. We'll begin testing this year and look forward to feedback from the industry.

另一個優先事項是確保我們的產品和服務的隱私、安全性和可靠性。為此，我將指出一個名為「Topics API」的新隱私沙盒提案。我們認為這對於保護用戶隱私以及確保企業能夠在線上蓬勃發展將是一個巨大的進步。我們將於今年開始測試，並期待業界的回饋。

Next, on to Cloud. It's been a big year, so let me go a bit deeper this quarter. In Q4, Cloud revenue grew 45% year-over-year to $5.5 billion. Alphabet's backlog increased more than 70% to $51 billion, most of which is attributed to Google Cloud. This growth comes from many leading businesses including Albertsons and LVMH; digital natives, including Box and Spotify; and public sector agencies, including the Commonwealth of Massachusetts, the Defense Innovation Unit and the USDA.

接下來，進入雲。這是重要的一年，所以讓我在本季更深入地談談這一點。第四季度，雲端運算營收年增 45%，達到 55 億美元。 Alphabet 的積壓訂單增加了 70% 以上，達到 510 億美元，其中大部分歸功於 Google Cloud。這一成長來自許多領先企業，包括 Albertsons 和 LVMH；數位原生代，包括 Box 和 Spotify；以及公共部門機構，包括馬薩諸塞州、國防創新部門和美國農業部。

Our sales force, which we have more than tripled since 2019, delivered strong results across geographies, products and industries, and we continue to invest. For the full year 2021, compared with the full year 2020, we saw over 80% growth in total deal volume for Google Cloud Platform and over 65% growth in the number of deals over $1 billion.

我們的銷售隊伍自 2019 年以來增加了兩倍多，在各個地區、產品和行業都取得了強勁的業績，並且我們將繼續投資。 2021 年全年，與 2020 年全年相比，Google Cloud Platform 的總交易量增加了 80% 以上，超過 10 億美元的交易數量增加了 65% 以上。

Our partner ecosystem is helping accelerate our growth. For the full year 2021 compared with the full year 2020, the number of customers spending more than $1 million through the marketplace increased by 6x. Customer spend through channel partners on GCP more than doubled, and the number of active certifications within our top global systems integrators more than doubled as well.

我們的合作夥伴生態系統正在幫助我們加速成長。 2021 年全年與 2020 年全年相比，透過該市場消費超過 100 萬美元的客戶數量增加了 6 倍。客戶透過通路合作夥伴在 GCP 上的支出增加了一倍多，我們全球頂級系統整合商的有效認證數量也增加了一倍以上。

Our product leadership continued with more than 2,000 new cloud products and feature releases in the last year. These were in 4 categories. First, our data cloud and our AI/ML platform is helping organizations like Cartier, Groupe Rocher and Mitsubishi Heavy Industries understand and use their data intelligently across multiple clouds. Our fast secure data sharing capability helps the National Cancer Institute advance breast cancer research. Our unified data lake and data warehouse, which brings together unstructured and structured data helps, TELUS and Tyson Foods improve their understanding of customers. And our AI/ML platform helps CEM deliver better customer experience.

去年，我們繼續保持產品領先地位，推出了 2,000 多種新的雲端產品和功能。這些分為 4 類。首先，我們的資料雲和 AI/ML 平台正在幫助卡地亞、Groupe Rocher 和三菱重工等組織跨多個雲端智慧地理解和使用他們的資料。我們快速安全的數據共享能力幫助國家癌症研究所推動乳癌研究。我們的統一資料湖和資料倉儲匯集了非結構化和結構化數據，幫助 TELUS 和泰森食品加深對客戶的了解。我們的 AI/ML 平台可協助 CEM 提供更好的客戶體驗。

Second, our open multi-cloud infrastructure enables customers like BBVA and Wells Fargo to run mission-critical systems on our cloud. We believe new auto scaling in our Kubernetes engine, which allows customers to run 15,000 node clusters outscales the competition by up to 10x. Our edge cloud helps us grow in telecommunications, driving partnerships in Q4 with Indosat Ooredoo Hutchison, Telenor and Verizon. They join existing customers and partners, including Ericsson, Reliance Jio and Nokia.

其次，我們開放的多雲基礎設施使 BBVA 和富國銀行等客戶能夠在我們的雲端上運行關鍵任務系統。我們相信，Kubernetes 引擎中的新自動擴展功能可讓客戶運行 15,000 個節點集群，比競爭對手的規模高出 10 倍。我們的邊緣雲端幫助我們在電信領域實現成長，並在第四季度與 Indosat Ooredoo Hutchison、Telenor 和 Verizon 建立了合作夥伴關係。他們加入了現有的客戶和合作夥伴，包括愛立信、Reliance Jio 和諾基亞。

Third, our cybersecurity products are helping product organizations like ANZ Bank, MEDITECH and Wayfair as a trusted cloud provider. VirusTotal helps product organizations from software supply chain vulnerabilities. Chronicle and Security Command Center help organizations detect and protect themselves from cyber threats. And our fraud prevention and identity verification solutions are protecting over 5 million websites.

第三，我們的網路安全產品正在幫助澳新銀行、MEDITECH 和 Wayfair 等產品組織成為值得信賴的雲端供應商。 VirusTotal 協助產品組織抵禦軟體供應鏈漏洞。 Chronicle 和安全指揮中心可協助組織偵測並保護自己免受網路威脅。我們的防詐騙和身分驗證解決方案正在保護超過 500 萬個網站。

Finally, our secure communication and collaboration platform, Google Workspace, is helping public sector organizations like USAID and the U.S. Air Force Research Laboratory as well as global brands, including Colgate and Roche, adopt secure hybrid work. Our new Work Safer program launched in Q4 provides the highest security for e-mail, meetings and documents by bringing together Google Workspace, Titan security keys, zero trust and other security advances.

最後，我們的安全通訊和協作平台 Google Workspace 正在幫助美國國際開發署和美國空軍研究實驗室等公共部門組織以及高露潔和羅氏等全球品牌採用安全的混合工作方式。我們在第四季推出的全新 Work Safer 計畫透過整合 Google Workspace、Titan 安全性金鑰、零信任和其他安全性進步，為電子郵件、會議和文件提供最高等級的安全性。

Customers come to Google Cloud because of our expertise in bringing enterprises and consumer ecosystems closer together. One example is Shopify. From Black Friday through Cyber Monday, Shopify reported $6.3 billion in global sales by 47 million customers, all safely transacted on Google Cloud. Importantly, we have made progress operating 24/7 on carbon-free energy and continue to provide customers the cleanest cloud in the industry.

客戶選擇 Google Cloud 是因為我們擁有拉近企業和消費者生態系統距離的專業知識。 Shopify 就是一個例子。從黑色星期五到網路星期一，Shopify 報告全球 4,700 萬客戶實現了 63 億美元的銷售額，所有交易均在 Google Cloud 上安全完成。重要的是，我們在全天候無碳能源運作方面取得了進展，並繼續為客戶提供業界最清潔的雲端。

On to our Other Bets. October marked the 1-year anniversary of our Waymo One fully autonomous commercial ride-hailing service in Arizona. In San Francisco, hundreds of riders are using Waymo One as part of our trusted tester program, with many more on the waiting list. And Waymo Via continues delivering freight into the Southwest U.S. and developing partnerships with key industry players.

繼續我們的其他賭注。十月是我們在亞利桑那州推出 Waymo One 全自動商業叫車服務一週年紀念。在舊金山，數百名乘客正在使用 Waymo One 作為我們值得信賴的測試人員計劃的一部分，還有更多乘客在等候名單上。 Waymo Via 繼續向美國西南部運送貨物，並與主要行業參與者建立合作夥伴關係。

Before I close, I want to say how proud I am of Google's work to help with economic recovery around the world. Nearly 1/3 of small business owners say that without digital tools, they would have had to close their business during the pandemic. Digital skills have also been a lifeline to help people find jobs and grow their careers. Since 2014, we have provided digital skills training to over 90 million people around the world.

最後，我想說，我為Google為全球經濟復甦所做的貢獻感到無比自豪。近三分之一的小企業主表示，如果沒有數位工具，他們將不得不在疫情期間關閉企業。數位技能也是幫助人們找到工作和發展職業的生命線。自2014年以來，我們已為全球超過9,000萬人提供數位技能培訓。

In the months and years ahead, technology will help unleash new opportunities globally, especially as hundreds of millions more people come online in places including Southeast Asia and Africa.

在未來的歲月裡，科技將有助於在全球釋放新的機遇，特別是隨著東南亞和非洲等地數億人上網。

With that, let me thank Googlers everywhere for their contributions this quarter and throughout 2021. Over to you, Philipp.

最後，我要感謝世界各地的 Google 員工在本季度以及整個 2021 年所做的貢獻。接下來交給你了，菲利普。

Thanks, Sundar. Hi, everyone. It's great to be here today.

謝謝，Sundar。大家好。今天能來到這裡真是太好了。

We're pleased with the growth in Google Services revenues in the fourth quarter. Year-on-year performance was driven by broad-based strength in advertiser spend and strong consumer online activity. In the fourth quarter, retail was again by far the largest contributor to year-on-year growth of our ads business. Finance, media and entertainment and travel were also strong contributors.

我們對第四季度谷歌服務收入的成長感到滿意。年比業績成長主要得益於廣告商支出的全面成長以及消費者線上活動的強勁成長。第四季度，零售再次成為我們廣告業務年成長的最大貢獻者。金融、媒體和娛樂以及旅遊業也是強勁的貢獻者。

Before we dive into some of the trends that drove this quarter's performance, let's zoom out for a second. Quarter after quarter, for the last 20-some months, we said that the world is in flux, that the recovery is uneven, that uncertainty is the new normal. Q4 proved no different. What we know for certain, though, is that businesses are the lifeblood of a thriving economy, and our role in helping them remains more important than ever. AI continues to power our ability to help via insights, new tools and automation. In fact, the same cutting-edge AI that's advancing our understanding of everything from search to protein folding is also driving innovation across our ads products.

在我們深入探討推動本季業績的一些趨勢之前，讓我們先來回顧一下。在過去的二十多個月裡，我們一個季度又一個季度地表示，世界正在不斷變化，復甦並不均衡，不確定性是新常態。 Q4 也是如此。但我們可以肯定的是，企業是繁榮經濟的命脈，我們在幫助企業方面所扮演的角色比以往任何時候都更重要。人工智慧持續透過洞察力、新工具和自動化增強我們提供幫助的能力。事實上，尖端人工智慧不僅推動了我們對從搜尋到蛋白質折疊等一切事物的理解，也推動了我們廣告產品的創新。

Let's start with automation. It's become a key differentiator for businesses in navigating complexity and efficiently reaching customers, wherever they are in a privacy-first way. Our news campaign, Performance Max, went global in November and has been quickly embraced by advertisers. It brings the best of Google Ads, AI and automation together to let brands promote their businesses across all Google Services from a single campaign, helping them drive more online sales, leads and/or foot traffic. It's also an example of how we are radically simplifying our products and making them easier for customers to use.

讓我們從自動化開始。它已成為企業應對複雜性並以隱私優先的方式有效接觸客戶（無論客戶身在何處）的關鍵差異化因素。我們的新聞活動「Performance Max」於 11 月在全球推出，並迅速受到廣告商的歡迎。它將 Google Ads、AI 和自動化的最佳功能整合在一起，讓品牌可以透過單一廣告系列在所有 Google 服務中推廣其業務，幫助他們推動更多的線上銷售、潛在客戶和/或客流量。這也是我們如何從根本上簡化我們的產品並讓客戶更容易使用的一個例子。

French children's wear retailer, Petit Bateau, tested PMAX over a 3-week period. Return on ad spend jumped 35%, click-through rates increased 40%, and valuable insights were gleaned into what messaging resonated most.

法國童裝零售商 Petit Bateau 對 PMAX 進行了為期三週的測試。廣告支出回報率躍升 35%，點擊率增加 40%，並且獲得了哪些資訊最能引起共鳴的寶貴見解。

We've also developed our insights tools. 4 new features launched in Q4, including demand forecast, which uses ML to help businesses predict forward-looking trends and better understand what goods to stock and what services to offer when. Whether it's insights, automation or new features, our work to help businesses more easily connect with their customers has been nonstop. On top of the 100-plus enhancements made to our ads products every quarter, we've launched 200-plus features and tools since March 2020.

我們也開發了洞察工具。第四季度推出了 4 項新功能，包括需求預測，它使用 ML 來幫助企業預測前瞻性趨勢並更好地了解需要儲存什麼商品以及何時提供什麼服務。無論是洞察力、自動化或新功能，我們幫助企業更輕鬆地與客戶建立聯繫的工作一直持續進行。除了每季廣告產品的 100 多項增強功能外，自 2020 年 3 月以來，我們還推出了 200 多項功能和工具。

A recent example. We made it easier for businesses to claim and verify their business profile on Google Search and Maps and respond to customer messages directly in Search. In Germany, completed business profiles received an average of over 5x more calls versus those that aren't. For an SMB, that can be really meaningful.

最近的一個例子。我們讓企業能夠更輕鬆地在 Google 搜尋和地圖上聲明和驗證其企業資料，並直接在搜尋中回覆客戶訊息。在德國，填寫完整的企業資料後，平均接到的電話比未填寫的企業資料多 5 倍以上。對於中小型企業來說，這確實很有意義。

Let's transition to retail, where we had a terrific quarter. Since the beginning of the pandemic, we've seen ongoing shifts in consumer spending patterns. Pre-COVID, each year, we saw increased spikes in demand between Black Friday and Cyber Monday. What's interesting is that in 2020, and again in 2021, we actually saw shoppers start shopping earlier and spending more throughout the quarter. In Q4, we also saw a parallel lead year-over-year retail query growth with hobbies and leisure a close second. I've said it before, I'll say it again, the future of retail is omnichannel. And we continue to invest in new features and next-gen experiences so merchants and shoppers can benefit.

讓我們轉向零售業，我們在這個領域度過了一個非常棒的季度。自從疫情爆發以來，我們看到消費者支出模式不斷改變。在新冠疫情之前，每年我們都會看到黑色星期五和網路星期一之間的需求激增。有趣的是，在 2020 年以及 2021 年，我們實際上看到購物者開始更早購物並且在整個季度花費更多。在第四季度，我們也看到零售查詢量年增，其中愛好和休閒緊隨其後。我以前說過，現在我再說一遍，零售業的未來是全通路的。我們將繼續投資於新功能和下一代體驗，以便商家和購物者能夠受益。

Global searches for gift shops near me jumped 60% year-over-year in October, with searches for gifts near me up 70% in Google Maps. People increasingly want to know what's available nearby before they get to the store. Our new in-stock filter helps with just that. Shoppers can find local stores that carry the products they want right from search, like a new tennis racket or that last-minute birthday gift. Showing in-store availability helps businesses attract local customers, and they've caught on. 1 in 4 local offers across shopping and Google.com are taking advantage of our curbside pickup badge.

10 月份，全球「我附近的禮品店」的搜尋量同比增長了 60%，其中谷歌地圖上「我附近的禮品」的搜尋量增加了 70%。人們越來越希望在去商店之前知道附近有什麼可買的。我們的新庫存過濾器正好可以解決這個問題。購物者可以直接透過搜尋找到出售他們想要的商品的當地商店，例如新的網球拍或最後一刻的生日禮物。顯示店內庫存有助於企業吸引本地顧客，而且他們已經意識到了這一點。購物和 Google.com 上四分之一的本地優惠都利用了我們的路邊取貨徽章。

People also want deals. They're looking for value. For shoppers, we made it possible to browse and discover the hottest deals for major moments like Black Friday and Cyber Monday on Search. For merchants, we made it even easier to list promotions via automated imports from third-party integrations like Shopify and WooCommerce. Moving inventory, attracting new customers and building brand loyalty during the holidays and beyond got a lot easier. In Q4, the number of merchants using promo features jumped 280% year-over-year.

人們也想要交易。他們正在尋找價值。對於購物者，我們可以透過搜尋瀏覽並發現黑色星期五和網路星期一等重大時刻的最熱門優惠。對於商家，我們透過 Shopify 和 WooCommerce 等第三方整合的自動匯入功能，讓列出促銷變得更加容易。在假期期間及之後轉移庫存、吸引新客戶和建立品牌忠誠度變得容易得多。第四季度，使用促銷功能的商家數量年增280%。

Retailers are also turning to us to help them transform and accelerate growth. Take Warby Parker, who drove a 32% year-over-year increase in its Q3 sales, by not only opening stores and expanding its contact lens business, but also by tapping into Google across services. Omnichannel bidding, smart shopping campaigns and an expanded presence in Maps to promote in-store eye exams contributed to Warby's success. And it since launched its first-ever brand awareness campaign on YouTube, which brings me to YouTube, where our commerce opportunity remains really exciting.

零售商也向我們尋求協助，希望他們能夠轉型並加速成長。以 Warby Parker 為例，第三季銷售額年增 32%，不僅得益於其開設門市和擴大隱形眼鏡業務，還得益於其在各個服務領域與 Google 的合作。全通路競價、智慧購物活動以及擴大地圖影響力以推廣店內眼科檢查，這些都為 Warby 的成功做出了貢獻。此後，該公司在 YouTube 上推出了首個品牌知名度活動，這讓我想到了 YouTube，在這裡，我們的商業機會仍然非常令人興奮。

We're making it easier for viewers to buy what they see and simpler for advertisers to drive action with innovative solutions like product feeds and video action campaigns and emerging formats like live commerce.

我們透過產品資訊流、視訊行動活動等創新解決方案以及直播商務等新興形式，讓觀眾更輕鬆地購買他們看到的內容，讓廣告商更輕鬆地推動廣告業務。

Backcountry.com generated a 12:1 return on ad spend with product feeds in 2021 and plans to double its investment in 2022, while Samsung, Walmart and Verizon partnered with creators to host shoppable holiday livestream events in the U.S.

Backcountry.com 在 2021 年透過產品資訊流實現了 12:1 的廣告支出回報率，並計劃在 2022 年將其投資翻一番，而三星、沃爾瑪和 Verizon 則與創作者合作，在美國舉辦可購物的假日直播活動。

As for our brand business, momentum remains strong. We continue to make inroads in unlocking TV brand budgets, and we're still in the early innings of what's possible with Connected TV.

就我們的品牌業務而言，發展動能依然強勁。我們將繼續在解鎖電視品牌預算方面取得進展，並且我們仍處於聯網電視發展的早期階段。

Let's take a minute to double-click into the full funnel trend I talked about last quarter. YouTube's ability to drive both massive reach and action is becoming more clear to more advertisers. In a recent study, DR advertisers who added YouTube branding formats not only drove increased reach, but also averaged 9% more conversions. At the same time, we see more brand advertisers adding action, like Nike Korea, which saw higher conversion rates and drove 50% plus incremental reach by adding video action. Another huge focus for us is continuing to deliver for our partners and key ecosystems, all while delighting users.

讓我們花一點時間來雙擊我上個季度談到的完整漏斗趨勢。 YouTube 推動大規模覆蓋和行動的能力對於越來越多的廣告商來說變得越來越明顯。在最近的一項研究中，增加了 YouTube 品牌格式的 DR 廣告客戶不僅擴大了覆蓋率，而且平均轉換率提高了 9%。同時，我們看到越來越多的品牌廣告商增加了廣告活動，例如耐吉韓國，透過增加影片活動，其轉換率更高，覆蓋率也增加了 50% 以上。我們關注的另一個重點是繼續為我們的合作夥伴和主要生態系統提供服務，同時讓用戶滿意。

Our expanded partnership with Snap to deliver a first-of-its-kind Quick Tap to Snap feature is a great example. On Pixel 4A with 5G or newer pixel phones, users can access SnapChat directly from their lock screen, making Pixel the fastest phone to make a snap. And then across our Pixel and AR teams, we're working with the NBA to create exciting immersive experiences for fans using 3D and AR technology. And the delighting doesn't stop there. With Adobe, we are collaborating on a multiyear journey to bring Photoshop, Illustrator and its other flagship products to the web, a testament to the web as a first-class platform for creativity and productivity.

我們與 Snap 擴大合作，推出首創的「快速點擊快照」功能就是一個很好的例子。在配備 5G 或更新像素手機的 Pixel 4A 上，用戶可以直接從鎖定畫面存取 SnapChat，這使得 Pixel 成為拍攝快照最快的手機。然後，透過我們的 Pixel 和 AR 團隊，我們正在與 NBA 合作，使用 3D 和 AR 技術為球迷創造令人興奮的沉浸式體驗。而令人高興的事物還不止於此。我們與 Adob​​e 合作，經過多年的努力，將 Photoshop、Illustrator 及其其他旗艦產品引入網絡，證明該網絡是創造力和生產力的一流平台。

As we close out another extraordinary and challenging year, I want to express deep gratitude to our customers and partners for their trust and collaboration. Our success is only possible because of their success.

在我們結束又一個不平凡且充滿挑戰的一年之際，我要向客戶與合作夥伴的信任與合作表示深深的感謝。我們的成功是因為他們的成功。

I also want to say a gigantic thank you to our product, engineering, partnerships, sales and many support teams for their outstanding work and unwavering commitment to helping our users, customers and partners.

我也要向我們的產品、工程、合作夥伴、銷售和許多支援團隊表示衷心的感謝，感謝他們出色的工作和堅定不移地致力於幫助我們的用戶、客戶和合作夥伴。

Ruth, over to you.

露絲，交給你了。

Thank you, Philipp.

謝謝你，菲利普。

We are very pleased with our performance in the fourth quarter and for the full year, which reflected broad-based strength in advertiser spend and strong consumer online activity as well as substantial ongoing revenue growth from Google Cloud. My comments will be on year-over-year comparisons for the fourth quarter, unless I state otherwise. We will start with results at the Alphabet level followed by segment results and conclude with our outlook.

我們對第四季度和全年的業績感到非常滿意，這反映了廣告商支出的廣泛實力和強勁的消費者在線活動，以及來自 Google Cloud 的持續大幅收入增長。我的評論將基於第四季的年比數據，除非我另有說明。我們將先介紹字母層級的結果，然後介紹細分市場的結果，最後介紹我們的展望。

For the fourth quarter, our consolidated revenues were $75.3 billion, up 32% or up 33% in constant currency, rounding out a strong year. Our total cost of revenues was $33 billion, up 26%, primarily driven by other cost of revenues, which was $19.6 billion, up 25%. The biggest factors here were: first, content acquisition costs, primarily driven by costs for YouTube's advertising-supported content followed by costs for subscription content; second, hardware costs; and third, costs associated with data centers and other operations, including depreciation, which were offset in part by the impact of the change in useful lives made at the beginning of 2021.

第四季度，我們的綜合營收為 753 億美元，成長 32%，以固定匯率計算成長 33%，為強勁的一年畫下圓滿句點。我們的總營收成本為 330 億美元，成長 26%，主要受其他營收成本（196 億美元，成長 25%）推動。這裡最大的因素是：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；第二，硬體成本；第三，與資料中心和其他營運相關的成本（包括折舊）部分被 2021 年初使用壽命變化的影響所抵消。

Operating expenses were $20.5 billion, up 35%. In terms of the 3 component parts of OpEx: first, the increase in R&D expenses was driven primarily by headcount growth; second, the growth in sales and marketing expenses was driven primarily by increased spending on ads and promo for the 2021 holiday season, in contrast to the sizable pullback in the fourth quarter of 2020; finally, the increase in G&A reflects the impact of charges relating to legal matters as well as charitable contributions.

營運支出為 205 億美元，成長 35%。從營運支出的三個組成部分來看：第一，研發費用的增加主要受員工人數增長的推動；其次，銷售和營銷費用的增長主要得益於2021年假期季廣告和促銷支出的增加，而2020年第四季度則出現大幅回落；最後，一般及行政費用的增加反映了與法律事務以及慈善捐款相關的費用的影響。

Operating income was $21.9 billion, up 40%, and our operating margin was 29%. Other income and expense was $2.5 billion, which primarily reflects unrealized gains in the value of investments in equity securities. Net income was $20.6 billion.

營業收入為 219 億美元，成長 40%，營業利益率為 29%。其他收入和支出為 25 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206億美元。

We continue to generate strong free cash flow with $18.6 billion in the quarter and $67 billion in 2021. We ended the year with $140 billion in cash and marketable securities. We also repurchased a total of $50 billion of our shares in 2021.

我們持續產生強勁的自由現金流，本季為 186 億美元，2021 年為 670 億美元。截至年底，我們的現金和有價證券為 1400 億美元。我們也在 2021 年回購了總計 500 億美元的股票。

Let me now turn to our segment financial results, starting with our Google Services segment. Total Google Services revenues were $69.4 billion, up 31%. Google Search and other advertising revenues of $43.3 billion in the quarter were up 36%, with broad-based strength across our business, led again by strong growth in retail. YouTube advertising revenues of $8.6 billion were up 25%, reflecting strength in both direct response and brand advertising. The deceleration in the growth rate versus the third quarter of 2021 was driven primarily by lapping a strong recovery in brand in the fourth quarter of 2020. Network advertising revenues of $9.3 billion were up 26%, driven by AdMob.

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 694 億美元，成長 31%。本季度，Google搜尋和其他廣告收入為 433 億美元，成長 36%，整個業務都呈現強勁成長勢頭，零售業的強勁成長再次引領了這一趨勢。 YouTube 廣告收入達 86 億美元，成長 25%，反映出直接反應廣告和品牌廣告的強勁表現。與 2021 年第三季相比，成長率放緩的主要原因是 2020 年第四季品牌強勁復甦。在 AdMob 的推動下，網路廣告營收成長 26%，達到 93 億美元。

Other revenues were $8.2 billion, up 22%, driven primarily by growth in hardware, which benefited from the successful launch of the Pixel 6 and Pixel 6 Pro as well as the addition of Fitbit revenues followed by YouTube nonadvertising revenues.

其他收入為 82 億美元，成長 22%，主要得益於硬體的成長，這得益於 Pixel 6 和 Pixel 6 Pro 的成功推出，以及 Fitbit 收入的增加和 YouTube 非廣告收入的增加。

In terms of Google Services cost, TAC was $13.4 billion, up 28%. Google Services operating income was $26 billion, up 36%. And the operating margin was 37%.

谷歌服務成本方面，TAC為134億美元，較去年成長28%。谷歌服務營運收入為260億美元，成長36%。營業利益率為37%。

Turning to the Google Cloud segment. Revenues were $5.5 billion for the fourth quarter, up 45%. GCP's revenue growth was again greater than clouds, and that reflects significant growth in both infrastructure and platform services. Strong revenue growth in Google Workspace was driven by solid growth in both seats and average revenue per seat. Google Cloud had an operating loss of $890 million.

轉向 Google Cloud 部分。第四季營收為 55 億美元，成長 45%。 GCP 的營收成長再次高於雲端運算，這反映了基礎設施和平台服務的顯著成長。 Google Workspace 的強勁收入成長得益於席位數和每席位平均收入的穩健成長。谷歌雲端營運虧損 8.9 億美元。

As to our Other Bets for the full year 2021, revenues were $753 million. The operating loss was $5.3 billion for the full year 2021 versus an operating loss of $4.5 billion in 2020.

至於我們 2021 年全年的其他投資，收入為 7.53 億美元。 2021 年全年營業虧損為 53 億美元，而 2020 年營業虧損為 45 億美元。

Let me close with some comments on our outlook. We are nearly 2 years into a global pandemic that has brought unprecedented change and uncertainty in the macro environment. Throughout these difficult times, Googlers have remained focused on delivering helpful services for users and partners as well as on driving innovation for long-term growth.

最後，請容許我對我們的展望發表一些評論。全球疫情已持續近兩年，為宏觀環境帶來了前所未有的變化和不確定性。在這些困難時期，Google員工始終專注於為用戶和合作夥伴提供有用的服務，並推動創新以實現長期成長。

In terms of outlook by segment, for Google Services, we are very pleased with our year-on-year revenue growth in Q4 and for the full year 2021, which continued to be driven by broad-based advertiser strength and strong consumer online activity. The year-on-year growth rate also reflected a benefit from lapping COVID-related weakness in 2020, which obviously will not be a factor in 2022.

就各部門的前景而言，對於Google服務，我們對第四季度和 2021 年全年的同比增長感到非常滿意，這繼續受到廣泛廣告商實力和強勁的消費者在線活動的推動。同比成長率也反映出 2020 年克服了與新冠疫情相關的疲軟影響，但這顯然不會成為 2022 年的因素。

Within other revenues, we are pleased with the momentum from Pixel 6 and Pixel 6 Pro reflected in our hardware revenues in the fourth quarter. As a reminder, hardware revenues in 2021 also reflected the acquisition of Fitbit, which we lapped a couple of weeks ago.

在其他收入中，我們對 Pixel 6 和 Pixel 6 Pro 在第四季度硬體收入中體現的勢頭感到滿意。提醒一下，2021 年的硬體收入也反映了對 Fitbit 的收購，我們幾週前就對此進行了報告。

With respect to Play, the underlying consumer spend and engagement trends remained healthy in the fourth quarter. That being said, in 2022, Google Play's contribution to revenue growth will reflect the fee changes we started to implement in the third quarter of 2021. In terms of investment levels within Google Services, we are focused investing meaningfully in the many opportunities we see for growth.

就 Play 而言，第四季潛在的消費者支出和參與度趨勢仍然保持健康。話雖如此，2022 年，Google Play 對營收成長的貢獻將反映我們在 2021 年第三季開始實施的費用變化。就 Google 服務的投資水準而言，我們專注於對我們看到的眾多成長機會進行有意義的投資。

Turning to Google Cloud, 2021 represented another year of substantial growth. Our investments in our go-to-market organization, product innovation and partner ecosystem have been paying off as we help customers with their digital transformation. You can see that Google Cloud revenues increased by 47% for the full year 2021 compared to 2020 with GCP revenues continuing to grow at a faster rate than cloud overall. While cloud operating loss and operating margin improved in 2021, we plan to continue to invest aggressively in cloud given the sizable market opportunity we see. We do remain focused on the longer-term path to profitability and over time, operating loss and operating margin should benefit from increased scale.

談到 Google Cloud，2021 年是另一個大幅成長的一年。在我們幫助客戶實現數位轉型的過程中，我們對行銷組織、產品創新和合作夥伴生態系統的投資已經獲得了回報。您可以看到，與 2020 年相比，2021 年全年 Google Cloud 營收成長了 47%，而 GCP 營收的成長速度持續快於雲端運算整體成長速度。儘管 2021 年雲端營運虧損和營運利潤率有所改善，但鑑於我們看到的龐大市場機會，我們計劃繼續大力投資雲端業務。我們確實仍然專注於長期獲利之路，隨著時間的推移，營業虧損和營業利潤率應該會因規模擴大而受益。

At the Alphabet level, in the first quarter, based on current spot rates, we expect the foreign exchange impact on reported revenues to be a headwind. With respect to Alphabet headcount, we added nearly 6,500 people in the fourth quarter, and the majority of hires were for technical roles. We continue to attract great talent and expect a strong pace of hiring in 2022 across Alphabet.

從 Alphabet 層面來看，在第一季，根據目前的現貨匯率，我們預期外匯對報告收入的影響將是一個阻力。就 Alphabet 員工人數而言，我們在第四季度增加了近 6,500 名員工，其中大部分是技術人員。我們將繼續吸引優秀人才，並預計 2022 年 Alphabet 的招募速度將保持強勁。

Turning to CapEx. The results in the fourth quarter primarily reflect ongoing investment in our technical infrastructure, most notably in servers, to support ongoing growth in both Google Services and Google Cloud. We also increased the pace of investment in fit-outs and ground-up construction of office facilities.

轉向資本支出。第四季度的業績主要反映了我們對技術基礎設施的持續投資，尤其是伺服器的投資，以支援 Google 服務和 Google Cloud 的持續成長。我們也增加了辦公設施裝修和新建的投資步伐。

In 2022, we expect a meaningful increase in CapEx. In technical infrastructure, servers will again be the largest driver of spend. With respect to office facilities, after fairly muted CapEx over the past 2 years, we are reaccelerating investment in fit-outs and ground-up construction.

2022 年，我們預計資本支出將大幅增加。在技​​術基礎設施方面，伺服器將再次成為最大的支出驅動力。就辦公設施而言，在過去兩年資本支出相當低迷之後，我們正在重新加快對裝修和從頭開始建設的投資。

Recently, you have also seen us pursue real estate acquisitions where they make sense. For example, last month, we announced plans to purchase for $1 billion a previously leased headquarters building in London. And in the first quarter, we have completed the $2.1 billion purchase of a New York office building that we announced in the third quarter of 2021.

最近，您也看到我們在合理的範圍內進行房地產收購。例如，上個月，我們宣布計劃以 10 億美元購買位於倫敦的先前租賃的總部大樓。並且在第一季度，我們完成了 2021 年第三季宣布的 21 億美元收購紐約辦公大樓的交易。

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) Our first question comes from the line of Doug Anmuth from JPMorgan.

（操作員指示）我們的第一個問題來自摩根大通的 Doug Anmuth。

One for Sundar and one for Ruth. Sundar, first, was just curious to get your view on Web3 and just how you're thinking about Alphabet's approach and where your primary efforts here may lie going forward.

一個給 Sundar，一個給 Ruth。 Sundar，首先，我很好奇您對 Web3 的看法，以及您對 Alphabet 的方法的看法，以及您未來的主要努力方向是什麼。

And then, Ruth, you mentioned the 6,500 increase in headcount. I think it was the biggest that we've seen in any quarter ever. I know you're catching up on hiring from the last several quarters. But can you just help us understand little bit more on where these investments are going in tech and how to think about the cost structure in '22?

然後，露絲，您提到員工人數增加了 6,500 人。我認為這是我們有史以來見過的最大的一個季度。我知道你們正在追趕過去幾季的招募進度。但是，您能否幫助我們進一步了解這些投資在技術領域的去向以及如何考慮 22 年的成本結構？

Thanks. Look, any time there is innovation, I find it exciting, and I think it is something we want to support the best we can. The web has always evolved, and it's going to continue to evolve. And as Google, we have benefited tremendously from open-source technologies, and so we do plan to contribute there.

謝謝。看，任何時候有創新，我都會覺得很令人興奮，而且我認為這是我們想要盡力支持的事情。網路一直在不斷發展，並且也將繼續發展。作為谷歌，我們從開源技術中受益匪淺，因此我們確實計劃在該領域做出貢獻。

There's several areas of interest. AR is a big one at the computing layer. We've been investing there for a long time, we'll will continue to play a role. And it's something both -- not just with the computing layer, but services layer, be it Maps, YouTube, Google Meet, et cetera, I think, will contribute a lot.

有幾個感興趣的領域。 AR 在運算層面上佔有重要地位。我們已經在那裡投資了很長時間，我們將繼續發揮作用。我認為，這不僅涉及計算層，還涉及服務層，無論是地圖、YouTube、Google Meet 等等，都會做出巨大貢獻。

On Web3, we are definitely looking at blockchain, and such an interesting and powerful technology with broad applications so much broader again than any one application. So as a company, we are looking at how we might contribute to the ecosystem and add value.

在 Web3 上，我們肯定會關注區塊鏈，這是一種有趣且強大的技術，其應用範圍比任何一個應用程式都要廣泛得多。因此，作為一家公司，我們正在研究如何為生態系統做出貢獻並增加價值。

Just one example, our Cloud team is looking at how they can support our customers' needs in building, transacting, storing value and deploying new products on blockchain-based platforms. So we'll definitely be watching the space closely and supporting it where we can. Overall, I think technology will continue to evolve and innovate, and we want to be pro-innovation and approach it that way.

舉個例子，我們的雲端團隊正在研究如何支援客戶在基於區塊鏈的平台上建立、交易、儲存價值和部署新產品的需求。因此，我們一定會密切關注該領域並盡力為其提供支援。總的來說，我認為科技將繼續發展和創新，我們希望支持創新並以這種方式對待它。

And in terms of headcount, we do continue to be a magnet for great talent. The number of applications is up year-on-year. And as I said, as you noted, we added almost 6,500 people in the fourth quarter. We do expect the strong pace to continue.

就員工人數而言，我們確實持續吸引優秀人才。申請數量逐年增加。正如我所說，正如您所說，我們在第四季度增加了近 6,500 名員工。我們確實預計強勁的步伐將會持續下去。

And it really goes to comments from Sundar, from Philipp and from me. We're excited about the opportunities ahead of us, in particular, Google Services, Google Cloud, we're adding. We intend to ensure we have the scale that we need to execute well. And so we're continuing to hire. As I said, the majority were again in technical roles, and really pleased with the opportunities we see ahead.

這確實符合 Sundar、Philipp 和我的評論。我們對未來的機會感到非常興奮，特別是我們正在增加的 Google 服務和 Google Cloud。我們打算確保我們擁有良好執行所需的規模。因此我們將繼續招募。正如我所說，大多數人再次擔​​任技術職務，並且對我們看到的未來​​機會感到非常高興。

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

下一個問題來自高盛的 Eric Sheridan。

Maybe 2 questions, if I can. First, following up on Doug's question. Susan has been writing a fair bit on YouTube and the way it's exposed to the creator economy and which you're trying to build for the medium to long term. Can you talk about elements of the creator economy and how it sort of fits into your products, both on the advertising side and the commerce side over the medium to long term?

如果可以的話，我想問兩個問題。首先，跟進 Doug 的問題。蘇珊 (Susan) 一直在寫一些關於 YouTube 的文章，探討它如何向創作者經濟展示，以及你試圖在中長期內打造什麼樣的經濟。您能否談談創作者經濟的要素以及它在中長期內如何融入您的產品（包括廣告方面和商業方面）？

And then, Ruth, maybe just one follow-up on the expense side. Was there anything of a onetime nature in Q4? Because just looking at some of the corporate expense or some of the elements of the core margin, just trying to make sure if there were any onetimers that needed to be called out. Because I think you talked about legal and charitable donations as well, just so we could model that right.

然後，露絲，也許只需要在費用方面跟進一次。 Q4 中是否有一次性的事情？因為只需查看一些公司費用或核心利潤的一些要素，就可以確定是否有任何需要調用的一次性事件。因為我認為您也談到了合法和慈善捐贈，這樣我們就可以模仿這一點。

On YouTube. Look, one of the -- YouTube, from day 1, it's been very focused on making sure we can support creators while it's been a big part. And even recently, I mentioned in my remarks earlier about the growth we are seeing not just in ads, but beyond ads, with Super Chat, Channel Memberships and so on. Susan mentioned in her creative letter that, while early, they'll be taking a look at NFT and so on, with the view towards making sure the user experience works and -- but there is value, we are constantly thinking about how we can support and do more for creators. So that's going to be an integral part.

在 YouTube 上。你看，從第一天起，YouTube 就非常注重確保我們能夠支持創作者，而這在其中發揮了重要作用。甚至最近，我在先前的評論中提到，我們看到的成長不僅體現在廣告方面，也體現在廣告之外，包括超級聊天、頻道會員等等。蘇珊在她的創意信中提到，雖然還處於早期階段，但他們會關注 NFT 等，以確保用戶體驗有效並且——但它是有價值的，我們一直在思考如何支持創作者並為他們做更多的事情。所以這將是不可或缺的一部分。

I think all the commerce experiences we are thinking about in YouTube is a whole additional layer of opportunity. And again, it's another area where it all feels very early to me. We are seeing tremendous traction in YouTube across newer areas, be it podcast, gaming, learning, sports. And so across all these areas, we'll kind of take a vertical-specific look and see how we can support creators better.

我認為我們在 YouTube 上考慮的所有商業體驗都是一個全新的機會。再次，這對我來說是另一個感覺非常早的領域。我們看到 YouTube 在播客、遊戲、學習、體育等新領域表現出巨大的吸引力。因此，在所有這些領域，我們將採取垂直特定的視角，看看如何更好地支持創作者。

And then in terms of expense, I gave a number of the items. R&D was mostly an increase in headcount. In sales and marketing, I would note that sales and marketing was elevated in the fourth quarter by ads and promo, in part to support the holiday season and more so than last year.

然後就費用而言，我捐了一些物品。研發方面主要增加了員工人數。在銷售和行銷方面，我注意到第四季度的銷售和行銷因廣告和促銷而有所提升，部分原因是為了支持假日季，而且比去年同期有所提升。

The additional items to note that I called out is in the fourth quarter, we did have a onetime well-being bonus. We also had a year-on-year increase in charitable contributions, including a higher Googler gift match. And in fact, I would say that it's more helpful in particular on the corporate costs unallocated to think of that line on a trailing 12-month basis because it can be lumpy, to your question.

我指出的另外需要注意的事項是，在第四季度，我們確實有一次性福利獎金。我們的慈善捐款也較去年同期成長，其中包括更高的 Google 員工禮品匹配。事實上，我想說，對於未分配的公司成本來說，以過去 12 個月為基礎來考慮這條線會更有幫助，因為對於您的問題來說，它可能會很不均勻。

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

我們的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. Maybe the first one for Philipp. You've made so much progress over the last 12 to 24 months about improving the retail and e-commerce Search product for advertisers. As you look across the other verticals of Search, where are you most excited or see the most opportunity for innovation to really drive more value for advertisers in nonretail verticals as we go into 2022?

我有 2 個。也許是第一個給 Philipp。在過去的 12 到 24 個月裡，你們在為廣告主改進零售和電子商務搜尋產品方面取得了很大進展。當您放眼搜尋的其他垂直領域時，在進入 2022 年之際，您最興奮的領域在哪裡，或看到哪些創新機會最多，從而真正為非零售垂直領域的廣告商創造更多價值？

Then the second question, either for Philipp or Sundar, you both talked about the commerce shopping opportunity on YouTube. Can you just sort of talk to us a little bit about what aspects are already built out versus what areas of innovation are hurdles you still have to clear to really realize that commerce opportunity on YouTube?

那麼第二個問題，無論是針對 Philipp 還是 Sundar，你們都談到了 YouTube 上的商業購物機會。您能否向我們簡單介紹一下，哪些方面已經實現，以及哪些創新領域仍需克服的障礙才能真正實現 YouTube 上的商業機會？

Yes. Thank you so much for your question. Look, consumers now have a lot of different ways to access information and more than they've ever had before, and Search is just one of them. But we're constantly trying to innovate and improve the experience for both users and advertisers over the long term. And as I've discussed previously, I can share some of the questions we actually ask ourselves to give you a sense of how we think about the opportunity.

是的。非常感謝您的提問。你看，消費者現在有很多不同的方式來獲取信息，而且比以前更多，而搜索只是其中之一。但從長遠來看，我們一直在努力創新並改善用戶和廣告商的體驗。正如我之前討論過的，我可以分享一些我們實際上問過自己的問題，讓您了解我們如何看待這個機會。

So the first one, obviously, are we the best place users turn when they need information or want to discover and be inspired? So things like queries and discover. And we're focused on providing better and more comprehensive answers to more types of questions, and we need to obviously deliver high-quality, relevant info for all types of queries, including ones where they may be looking for a specific brand or product or just looking for an inspiration. And how people search is changing and it needs to become more multimodal, more conversational. So what does that mean for ads, for example. So getting user experience right across commercial queries is essential way beyond, obviously, the area that you mentioned. And there is a lot of innovation that goes into this.

因此，第一個問題顯然是，當使用者需要資訊或想要發現和獲得啟發時，我們是他們最好的去處嗎？諸如查詢和發現之類的事情。我們專注於為更多類型的問題提供更好、更全面的答案，我們顯然需要為所有類型的查詢提供高品質、相關的信息，包括他們可能正在尋找特定品牌或產品或只是尋找靈感的查詢。人們的搜尋方式正在發生變化，它需要變得更加多模式、更加對話化。那麼這對廣告來說又意味著什麼呢？因此，獲得正確的商業查詢使用者體驗顯然遠遠超出了您所提到的領域。這其中蘊含著許多創新。

The second part is really are we providing the most relevant ads when and where consumers are? And we only want to show ads when they're helpful to people. On 80% of the searches actually, we show no top ads and most of the ads that you see are on searches with commercial intent. And yes, we're -- for those with commercial interest, the question is really how do we provide the best answer in a way that's meaningful to users and where advertisers actually have something relevant to offer.

第二部分是我們是否真的在消費者所在的時間和地點提供最相關的廣告？我們只想在廣告對人們有幫助時才展示廣告。實際上，在 80% 的搜尋中，我們不會顯示任何頂級廣告，並且您看到的大多數廣告都是在具有商業意圖的搜尋中顯示的。是的，對於那些有商業利益的人來說，問題實際上是我們如何以對用戶有意義的方式提供最佳答案，以及廣告商實際上可以提供一些相關的東西。

And then the last, the third point is really the questions around -- and this goes again for the vertical you mentioned, but for many, many beyond, are we delivering most conversions for advertisers at the best ROI? And there's a lot of intelligence in our auctions to deliver great ROI for advertisers, but there's always more we can do.

最後，第三點實際上是圍繞著以下問題展開的——這不僅適用於您提到的垂直領域，而且適用於許多其他領域，我們是否以最佳投資回報率為廣告商帶來了最多的轉換？我們的拍賣包含許多智慧功能，可以為廣告主帶來極高的投資報酬率，但我們還可以做得更多。

And we're delivering -- or are we delivering the most relevant uses by leveraging our users' signals? Are we building the best creatives by combining advertisers' assets in ways that make it compelling for a user? Have we predicted the value of the user for that advertiser so we can help appropriately bid for each search with a unique user and query combinations we need? Can we fully measure what users do after they click on ads, from buying something to making phone calls to downloading apps and all across devices? So those are a lot of different things how we think about the runway ahead.

我們正在利用用戶的訊號來提供最相關的用途嗎？我們是否透過組合廣告商的資產來打造最佳創意，從而吸引用戶？我們是否已經預測了該廣告商的用戶價值，以便我們能夠根據我們所需的唯一用戶和查詢組合，幫助對每次搜尋進行適當的出價？我們能否全面衡量用戶點擊廣告後的行為，從購買東西到打電話、下載應用程式以及跨裝置的所有行為？所以，我們對未來跑道的看法有很多不同。

Maybe quickly on YouTube and commerce. Look, one thing I would say is across both Search, YouTube and other areas, there's a lot of common infrastructure that's getting done, right? So this is focused on merchants, onboarding merchants and all the back end so that we can have the broadest and the most comprehensive inventory available. And there, our partnership with other e-commerce platforms is a basic foundational layer we are putting in.

也許很快就會在 YouTube 和商業領域出現。我想說的是，無論是在搜尋、YouTube 還是其他領域，都有很多通用的基礎設施正在建設中，對吧？因此，我們的重點是商家、入職商家和所有後端，以便我們能夠擁有最廣泛、最全面的庫存。並且，我們與其他電子商務平台的合作是我們正在建立的基本基礎層。

And specifically on YouTube, while pretty early, there's a lot of pilots underway. Just -- we have introduced a creator tagging pilot program so that viewers get a choice to browse, learn and shop products featured in their favorite videos; piloted shopping live streams with brands like Walmart and Target; and more broadly, including product feeds more globally in video action campaigns.

特別是在 YouTube 上，雖然還處於早期階段，但已經有許多試點計畫正在進行中。只是——我們推出了一項創作者標記試點計劃，以便觀眾可以選擇瀏覽、了解和購買他們最喜歡的視頻中介紹的產品；與沃爾瑪和塔吉特等品牌試行購物直播；更廣泛地說，在視頻行動活動中更廣泛地包含產品信息流。

So there's a lot more to do. Super early also on testing how shopping can be integrated with Shorts. And so again, early, but I find the opportunity space here pretty broad, and it's exciting.

所以還有很多事情要做。我們也很早就開始測試如何將購物與 Shorts 整合。雖然還為時過早，但我發現這裡的機會空間相當廣闊，而且令人興奮。

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

我們的下一個問題來自美國銀行的賈斯汀·波斯特 (Justin Post)。

Maybe one for Sundar and one for Ruth. First, on Search, very strong growth. Just maybe you could help us understand where you are in kind of the AI cycle of improvements there. There's still a lot of room to go there, you have highlighted in several earnings reports. And second, is there any fundamental reason why Search could be higher growth today than it was pre-pandemic?

也許一個是給 Sundar 的，一個是給 Ruth 的。首先，在搜尋方面，成長非常強勁。也許您可以幫助我們了解您所在的 AI 改進週期。您在幾份收益報告中都強調了這一點，即還有很大的發展空間。其次，是否存在根本原因導致搜尋業務如今的成長速度高於疫情前？

And then over to Ruth, cloud had impressive growth. I'm assuming the infrastructure layer is highest in the sector. And it grew $500 million-plus quarter-over-quarter, but margins did come down. And so just kind of understanding what drove that and then what it's going to take to really show a good leverage there.

然後對露絲來說，雲端運算取得了令人矚目的成長。我假設基礎設施層是該領域中最高的。雖然其季度環比增長了 5 億多美元，但利潤率卻下降了。因此，只是了解是什麼推動了這一進程，然後了解需要做什麼才能真正發揮良好的槓桿作用。

On the first part, we obviously are investing deeply in AI R&D across both Google AI and DeepMind and so -- and then we take that and apply it across the company, but particularly in the context of Search. And so that's what underlies BERT, MUM, Pathways and LaMDA to power conversational experiences. And so I -- when I look at the [tipoff tree] about -- as to where the research on the AI side is progressing, it's progressing at an incredibly rapid pace. We are committed to leading there. And then we have real good interfaces between the AI teams and our core product area teams, including Search to kind of productize this.

在第一部分，我們顯然正在對 Google AI 和 DeepMind 等的 AI 研發進行大量投資——然後我們將其應用於整個公司，特別是在搜尋領域。這就是 BERT、MUM、Pathways 和 LaMDA 增強對話體驗的基礎。因此，當我查看 [提示樹] 時，我發現人工智慧的研究進展非常迅速。我們致力於發揮領導作用。然後，我們在人工智慧團隊和核心產品領域團隊之間建立了良好的接口，包括搜尋以將其產品化。

So primarily, I think you're going to continue to see us lead in search quality. I just find the world of information is only continuing to grow, and it's getting increasingly multimodal in nature. Just like we took the leap from text to images, thinking through video, audio, incorporating it and then providing it back to users regardless of whether they are typing, speaking or looking at something wanting an answer. That's the journey between AI and Search, and we'll continue doing that.

所以首先，我認為你會繼續看到我們在搜尋品質方面處於領先地位。我發現資訊世界正在不斷發展，其本質正變得越來越多模式。就像我們從文字到圖像的飛躍一樣，透過視訊、音訊進行思考，將其整合起來，然後將其提供給用戶，無論他們是在打字、說話還是在看某個想要得到答案的東西。這就是人工智慧和搜尋之間的旅程，我們將繼續這樣做。

And in terms of cloud, if we step back from the comments that both Sundar and I made, overall, we're very pleased with the ongoing progress in the business. And that's reflected and the revenue growth, as you noted, our backlog, the breadth of customer wins, the industry verticals. Our view is that we're in an extraordinary time to help customers digitally transform their businesses. And the key thing is we believe it remains very early innings.

就雲端而言，如果我們回顧 Sundar 和我所發表的評論，總體而言，我們對業務的持續進展感到非常滿意。正如您所說，這反映在收入成長、我們的積壓訂單、客戶贏得的廣度以及行業垂直度上。我們認為，我們正處於一個幫助客戶實現業務數位轉型的非凡時期。關鍵是我們相信這仍處於非常早期的階段。

So as a result, our focus remains on revenue growth and investing as needed as we're looking over the long term. We're continuing to invest aggressively. And it's in our go-to-market capabilities. It's our products. It's our infrastructure. We do remain focused on the longer-term path to profitability, but we are continuing to invest here as we're seeing early innings, and pleased with the ongoing progress.

因此，我們的重點仍然是收入成長和根據需要進行長期投資。我們將繼續大力投資。這是我們進入市場的能力。這是我們的產品。這是我們的基礎設施。我們確實仍然專注於長期盈利之路，但我們會繼續在此進行投資，因為我們看到了早期階段，並對持續的進展感到滿意。

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

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

Okay. I'll try 2 questions. I just want to follow up on Justin's question about Search growing faster than pre-pandemic. I think, Philipp you talked about a couple of areas within Search, and retail is at the front of the list. I think you mentioned in a few other categories. Travel was always a big category. Do you feel like travel has come back full? Or is it travel still sort of underperforming for macro reasons versus where it was pre-COVID?

好的。我將嘗試回答兩個問題。我只是想跟進賈斯汀關於搜尋成長速度比疫情前更快的問題。我認為，菲利普，您談到了搜尋中的幾個領域，而零售業位居榜首。我想您還提到了其他幾個類別。旅行一直是一個大類別。您是否覺得旅行又充實起來了？或者，由於宏觀原因，與新冠疫情之前相比，旅遊業的表現仍然有些不佳？

And then, Ruth, just on the share repurchases, I think that was a record level in the quarter. How should we think about the share repurchases going forward? To what extent is it opportunistic versus, I don't know, systematic or systemic way you think about returning cash to shareholders as every year, your free cash flow rises?

然後，露絲，僅就股票回購而言，我認為這是本季創紀錄的水平。我們該如何看待未來的股票回購？隨著每年自由現金流的增加，您考慮向股東返還現金的方式在多大程度上是機會主義的，還是系統性的，我不知道？

Yes. Thank you. Look, I said earlier that travel was a contributor to our year-on-year ads growth in Q4, and we were encouraged by the performance we saw throughout much of the quarter, but we found that user behavior tends to reflect what's going on in the world. And demand really continues to vary based on location and type of activity. And this has been more pronounced in light of Omicron. We've seen changes in traveler search behavior as preferences have evolved. Searches for outdoor destinations like beaches, parks and camping have increased, while searches for museums, for example, have declined.

是的。謝謝。你看，我之前說過，旅遊業是我們第四季度廣告同比增長的一個貢獻因素，我們對本季度大部分時間的表現感到鼓舞，但我們發現用戶行為往往反映了世界上正在發生的事情。而且需求確實會根據地點和活動類型的不同而改變。而從 Omicron 的情況來看，這一點更加明顯。隨著偏好的演變，我們看到旅行者的搜尋行為也改變了。海灘、公園和露營等戶外目的地的搜尋量增加，而對博物館等的搜尋量則有所下降。

Overall, I think it's fair to say that travel has generally been sensitive to outbreaks and that there's still unevenness that makes it too soon to say what trends are here to stay and which pre-pandemic habits are coming back. That said, as people think about where they want to go next, they're coming to us to help them navigate a patchwork of information. In fact, from the end of August to the end of October, searches for travel rules were up over 6x globally year-over-year.

總的來說，我認為可以公平地說，旅行通常對疫情很敏感，而且仍然存在不平衡，因此現在判斷哪些趨勢會持續下去以及哪些疫情前的習慣會回歸還為時過早。也就是說，當人們思考下一步要去哪裡時，他們會來找我們，希望我們能幫助他們瀏覽拼湊的資訊。事實上，從 8 月底到 10 月底，全球範圍內對旅行規則的搜尋量比去年同期增長了 6 倍以上。

And we've launched a ton of new features to make it easier for people to understand changing travel restrictions and requirements. And similarly for travel partners, we've pivoted our product strategy in big ways to help, whether it's with flight demand explorer and travel insights to help partners predict demand, over making it free for hotel and travel companies, and now, to run activity operators to list their booking links.

我們推出了大量新功能，讓人們更容易了解不斷變化的旅行限制和要求。同樣，對於旅遊合作夥伴，我們也大力調整了產品策略來提供幫助，無論是使用航班需求探索器和旅遊洞察來幫助合作夥伴預測需求，還是免費向酒店和旅遊公司提供這些服務，現在，我們還運行活動運營商來列出他們的預訂鏈接。

And I'm sure you also saw our big sustainability in news in October. New info on CO2 and Google Flights, eco-friendly hotels, new eco-friendly routes and maps. So lots of important work is being done here, actually, to help our users and businesses drive more sustainable choices and just overall help our travel partners and the industry at large.

我相信您也在十月份的新聞中看到了我們關於永續發展的重大消息。有關二氧化碳和 Google 航班、環保酒店、新的環保路線和地圖的新資訊。因此，實際上，我們正​​在進行大量重要的工作，以幫助我們的用戶和企業做出更永續的選擇，並從整體上幫助我們的旅遊合作夥伴和整個行業。

In terms of the share repurchase, as we've talked about on prior calls, we do view the share repurchase program as valuable and are pleased that we were able to increase the authorization to $50 billion last year. You've seen that we've increased the pace quite a bit over the last several years, from $18 billion back in 2019 to $50 billion, as I said, for the full year 2021, and are just continuing to execute against it. We do have additional capacity under the existing authorization and just are continuing to execute against it. We do view it as incrementally valuable.

就股票回購而言，正如我們在之前的電話會議上所討論的那樣，我們確實認為股票回購計劃很有價值，並且很高興去年我們能夠將授權金額增加到 500 億美元。大家已經看到，過去幾年裡，我們的步伐加快了很多，從 2019 年的 180 億美元增加到了我所說的 2021 年全年的 500 億美元，而且我們還在繼續朝著這個目標努力。在現有授權下，我們確實擁有額外的容量，並且正在繼續執行。我們確實認為它具有逐漸增加的價值。

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 a couple, Sundar, and a follow-up. Sundar, just interested in the decision you announced last week to move away from Federated Learning and go to Topics. So could you talk a bit about the reason and the rationale why you're making that change. When FLoC was first announced, it was patterned to be very effective versus -- relative to cookies as a signal for advertisers. What do you think is going to be the impact as you go away from cookies to Topics on ROAS and budgets?

我有幾個，Sundar，還有一個後續的。 Sundar，我只是對你上週宣布的放棄聯邦學習、轉向主題學習的決定感興趣。那麼，您能否談談做出這項改變的原因和理由？當 FLoC 首次發佈時，它被認為是一種非常有效的——相對於 cookie 而言，它是一種向廣告商發出的信號。您認為從 Cookie 轉向主題對 ROAS 和預算會產生什麼影響？

And then Philipp, I think during the pandemic, one of the big growth spurts has definitely been Connected TV. Can you talk a bit about what YouTube is seeing with Connected TV, and how important of a driver is that? And then as hopefully we get back to normal, what are you doing on the product side to make YouTube on CTV even more engaging as time goes on?

然後菲利普，我認為在疫情期間，連網電視無疑是一大成長點。您能否談談 YouTube 對連網電視的看法，以及這種看法對於推動連網電視有多重要？然後，希望我們能夠恢復正常，隨著時間的推移，您在產品方面做了哪些工作，以使 CTV 上的 YouTube 更具吸引力？

So I can take the one for Sundar. So the Chrome team has been really focused and working independently on privacy sandbox, which you all know is our initiative to build privacy, preserving on-device technologies that will power the future of digital advertising, and obviously, as a result, the freedom on the web.

所以我可以選一個給 Sundar。因此，Chrome 團隊一直非常專注於隱私沙盒的獨立開發，眾所周知，這是我們建立隱私的舉措，旨在保護將為數位廣告的未來提供動力的設備技術，顯然，這也將推動網路自由的發展。

Just last week, we announced our newest privacy sandbox proposal called Topics. And Topics was informed by our own learnings, plus widespread, let me call it, community feedback from our earlier FLoC trials and will now actually replace our FLoC proposal. I urge you all to read last week's blog for the details. But basically, the Topics API will allow advertisers to show relevant ads to people based on their interest inferred from the website they visit all in a more private way for users.

就在上週，我們宣布了最新的隱私沙盒提案「Topics」。 Topics 是根據我們自己的學習成果以及我們早期 FLoC 試驗中廣泛的（我稱之為）社群回饋而形成的，現在實際上將取代我們的 FLoC 提案。我強烈建議大家閱讀上週的部落格以了解詳細資訊。但基本上，Topics API 將允許廣告商根據用戶訪問的網站推斷出的興趣，向他們展示相關廣告，而這一切都以對用戶更私密的方式進行。

And from an advertiser's perspective, which is a big part of your question, it's obviously way too early to share more because we're just opening this up to the world. We expect to make it available for testing by the end of Q1. But we're really focused on designing for both parties, from an advertiser and a privacy point of view, and are committed to making sure goals are met on both sides.

從廣告商的角度來看，這也是您問題的一個重要部分，現在分享更多資訊顯然還為時過早，因為我們才剛剛向全世界開放這一點。我們預計將在第一季末進行測試。但我們真正注重的是為雙方設計，從廣告商和隱私的角度出發，並致力於確保雙方的目標都能實現。

On the second one, the Connected TV opportunity, streaming in the living room has exploded. We've seen it firsthand. Connected TV is our fastest-growing screen, and we think there's a ton of runway ahead. Brands are getting the best of all worlds, the precision of digital with the scale of linear and a lot more relevance. They can personalize ads at scale and use video ad sequencing to tell powerful stories, and we've recently added action to the mix.

第二個機會是連網電視，客廳裡的串流服務已經爆炸性成長。我們已經親眼目睹了這一切。聯網電視是我們成長最快的螢幕，我們認為未來還有很長的路要走。品牌正在獲得所有領域的最佳成果，即數字的精確性、線性的規模以及更多的相關性。他們可以大規模地個性化廣告，並使用影片廣告序列來講述有力的故事，而且我們最近還添加了動作。

Video action campaigns were upgraded in October to automatically include CTV inventory, which means users get a more helpful viewing experience and brands get to drive more online sales and/or leads. And just think about it like the traditional TV screen "desk screen" that viewers have essentially stared at for decades, is now starting to come alive with the ability to drive conversions and it's pretty cool.

影片行動廣告系列於 10 月進行了升級，自動包含 CTV 庫存，這意味著用戶可以獲得更有幫助的觀看體驗，品牌可以推動更多的線上銷售和/或潛在客戶。試想一下，就像觀眾幾十年來一直盯著的傳統電視螢幕「桌面螢幕」一樣，現在開始活躍起來，具有推動轉換的能力，這非常酷。

Measurement is also obviously a key component to success here, and we want to make sure that advertisers can fully measure their YouTube CTV video investments across YouTube and YouTube TV for an accurate view of true incremental reach and frequency and so on. And the U.S. advertisers actually can do this now, if you have comScore and Nielsen. So all in all, we are excited by the opportunities ahead with Connected TV. I think we're just getting started.

顯然，衡量也是成功的關鍵因素，我們希望確保廣告主能夠全面衡量他們在 YouTube 和 YouTube TV 上的 YouTube CTV 影片投資，以準確了解真正的增量覆蓋率和頻率等。如果有 comScore 和 Nielsen，美國廣告商現在實際上可以做到這一點。總而言之，我們對連網電視未來的機會感到興奮。我認為我們才剛開始。

And our next question comes from Brent Thill from Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Ruth, it sounds like there was a good Q4 ad flush, the concept of spend, if you got it. And I'm just curious about seasonality this year and if you expect the year to be more back-end loaded. Or do you feel like it's a little more balanced as we go through this year?

露絲，聽起來第四季的廣告投放情況不錯，支出的概念，如果你明白的話。我只是好奇今年的季節性，以及您是否預計今年的後端負載會更多。或者您覺得隨著今年的過去，情況會變得更加平衡？

So overall, we did see strength as we're going through the year. As I indicated, there was a broad-based advertiser strength. There was strong consumer online activity, and those were really the primary drivers.

所以總體而言，我們確實看到了今年的實力。正如我所指出的，廣告商實力雄厚。消費者的線上活動非常活躍，這些才是真正的主要動力。

I think the one place that, that comment might be more relevant is really in understanding the year-on-year within YouTube relative to last year, where there was strength this year relative to -- there was real strength this year, but what we saw last year was more in line with, I think, your question, which was after a weak, beginning of the year, a very strong fourth quarter. Last year, we were lapping that very strong quarter last year. And so that explains some of the year-on-year growth comparisons. But overall, the key driver was the backdrop of broad-based advertiser support and spending.

我認為，該評論可能更相關的一點是，真正了解 YouTube 與去年相比的同比表現，今年的相對實力確實很強，但我認為，我們去年看到的情況更符合你的問題，即在年初表現疲軟之後，第四季度表現非常強勁。去年，我們度過了一個非常強勁的季度。這就可以解釋一些同比增長的比較。但總體而言，關鍵驅動因素是廣泛的廣告商支援和支出背景。

And our next question comes from Dan Salmon from BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Dan Salmon。

I have 2 questions for Sundar. First, Sundar, mentioned that investment in artificial intelligence has helped the ads business significantly. What are the 2 to 3 ways that you think AI has helped your advertisers invest your ad revenue growth the most?

我有兩個問題想問 Sundar。首先，Sundar 提到，對人工智慧的投資對廣告業務有很大幫助。您認為 AI 最能幫助您的廣告主投資廣告收入成長的 2 到 3 種方式是什麼？

And then second, we've seen a variety of new bills introduced in the U.S. Congress recently that seem to take aim squarely at large technology companies like Alphabet. What do you think these bills have right and what do you think that they have wrong?

其次，我們看到美國國會最近提出了各種新法案，這些法案似乎都瞄準了 Alphabet 等大型科技公司。您認為這些法案哪些地方正確，哪些地方錯誤？

So 2 things. On AI and advertising, after I answer the second part, I'll pass it to Philipp to give more details. But definitely, again, the overarching thing is the same AI advancements. We want to make it simpler for advertisers to run campaigns, and there's a lot that goes behind it to drive that simplicity. And Philipp can give a bit more details there.

所以有兩件事。關於人工智慧和廣告，在我回答完第二部分之後，我會將其交給 Philipp 來提供更多細節。但毫無疑問的是，最重要的還是人工智慧的進步。我們希望讓廣告主能夠更輕鬆地進行廣告活動，並且我們付出了很多努力來推動這種簡單性。菲利普可以提供更多細節。

On your question about congressional antitrust bills. As a company, we have always been constructive in how we have approached, and we are open to sensible, updated regulations. It's important that technology is beneficial to society. And so for example, there are many areas where there's widespread agreement. We have call for privacy regulations, particularly at the federal level, updating protections for children and so on.

關於您關於國會反壟斷法案的問題。作為一家公司，我們始終採取建設性的做法，並且對合理的、更新的法規持開放態度。科技對社會有益很重要。例如，在許多領域人們已經達成了廣泛的共識。我們呼籲制定隱私法規，特別是在聯邦層面，更新對兒童的保護措施等等。

On some of the current proposals, they quite don't address those issues. There are areas where we are genuinely concerned that they could break a wide range of popular services we offer to our users, all the work we do to make them -- make our products safe, private, secure, et cetera. And in some cases, can hurt American competitiveness by disadvantaging solely U.S. companies.

目前的一些提案並未解決這些問題。我們確實擔心，在某些方面，它們可能會破壞我們向用戶提供的各種流行服務，以及我們為確保產品安全、私密、可靠等所做的所有工作。在某些情況下，這可能會損害美國公司的競爭力。

So broadly, when we think about building many features, do we have to think on each feature. We ship 3,000 features in Search alone every year. How do we make sure that complies with all the regulation? Where do we proactively need approvals and so on? So those all can have unintended consequences. We're very worried about the impact on small business and local retailers as well as their customers as well.

所以從廣義上講，當我們考慮建立許多功能時，我們是否必須考慮每個功能。我們每年僅在搜尋領域就推出 3,000 個功能。我們如何確保符合所有法規？我們在哪些方面需要主動獲得批准等等？所以這些都可能產生意想不到的後果。我們非常擔心這會對小型企業、當地零售商及其客戶造成影響。

Having said that, we are committed to approaching it constructively. We always want to engage and do things in a way that's beneficial for society. And we'll -- we have urged Congress to take time to consider the unintended consequences, and I think we'll remain focused on building great products for our users.

話雖如此，我們致力於以建設性的方式處理這個問題。我們始終希望以對社會有益的方式參與和做事。我們已經敦促國會花時間考慮意外後果，我認為我們將繼續專注於為用戶打造優秀的產品。

So back to the first question you asked on AI and the impact on our ads product, we covered -- Performance Max, we talked about it. We talked about Insights page. In Search, I would say, we see an emergence of a real -- let's call it, a better-together story fueled by machine learning and automation. Advertisers are leaning more into automation, using responsive search ads to create and select the best-performing creatives, matching with more relevant search queries using broad match keywords, setting optimized bids with auction time signals. We have smart bidding. So those are a few examples.

所以回到您關於人工智慧及其對我們的廣告產品的影響的第一個問題，我們已經討論過了——Performance Max。我們討論了 Insights 頁面。我想說，在搜尋中，我們看到了一個真實的出現——我們稱之為由機器學習和自動化推動的更好的故事。廣告主越來越傾向於自動化，使用自適應搜尋廣告來創建和選擇效果最佳的創意，使用廣泛匹配關鍵字匹配更相關的搜尋查詢，並使用拍賣時間訊號設定優化出價。我們有智能競價。以上就是一些例子。

We're using more AI to help advertisers measure their results and bid intelligently with data-driven attribution, for example, which uses very advanced ML to more accurately understand how each marketing touchpoint actually contributed to a conversion, obviously, while respecting user privacies. Broad matched keywords are a big part of this. We have responsive ads on display and discovery. They use text image and video assets from advertisers and predict the best combination of assets to show in any size or format on Google properties or the display network.

例如，我們正在使用更多的人工智慧來幫助廣告商衡量他們的結果，並透過數據驅動的歸因進行智慧出價，它使用非常先進的機器學習來更準確地了解每個行銷接觸點實際上是如何促成轉換的，當然，同時尊重用戶隱私。廣泛匹配的關鍵字是其中很重要的一部分。我們有展示和發現的響應式廣告。他們使用廣告主的文字、圖像和影片資產，並預測在 Google 產品或展示網路上以任何尺寸或格式顯示的最佳資產組合。

Yes. So I think AI and ML will only get better and so will our tools, and we're helping advertisers lean into automation and identify new opportunities as a central part really of their recovery and growth strategies.

是的。因此，我認為人工智慧和機器學習只會變得更好，我們的工具也是如此，我們正在幫助廣告商依靠自動化並發現新的機會，這是他們復甦和成長策略的核心部分。

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

我們的最後一個問題來自瑞士信貸的 Stephen Ju。

Okay. I'll stick to one. So zooming out a little bit on the big picture. Sundar, I think it was almost 4 years ago when Google released a blog post about the next billion users and how developing products for India and other emerging markets will hopefully inform what you should be doing everywhere else. So I think you have previously talked about Tez being a pretty notable example there. So can you talk about whether we should continue to be looking overseas? Do you think about what direction you might take across your various products and services?

好的。我會堅持一個。因此，將整體情況稍微縮小一點。 Sundar，我想大約四年前，Google發布了一篇關於下一個十億用戶的部落格文章，並希望該文章能夠為印度和其他新興市場開發產品，從而指導你在其他地方應該做的事情。所以我認為您之前已經談到過 Tez 是一個非常顯著的例子。那麼您能談談我們是否應該繼續關注海外嗎？您是否考慮過您的各種產品和服務可能會採取什麼方向？

Thanks, Stephen. Great question. And I think that trend is going to continue. You mentioned, obviously, payments. And definitely, it's informed our payment strategy globally. In general, we are trying to think deeper about these newer markets, both -- it really lines up with our mission of building a more equitable Internet for everyone.

謝謝，史蒂芬。好問題。我認為這種趨勢將會持續下去。顯然，您提到了付款。毫無疑問，它影響了我們的全球支付策略。總的來說，我們正在嘗試更深入地思考這些新市場，這確實符合我們為每個人建立更公平的網路的使命。

A couple of the things we have done recently. A year ago, we announced a $10 billion Google for India Digitization Fund. And it's a reflection of our confidence in the future of India, its digital economy, our desire to build products there, which we think will help us globally. And last year in October 2021, we announced a plan to invest $1 billion in, Africa, again, with the goal of supporting entrepreneurs, helping businesses with their digital transformation and beginning to build products in Africa for African users, which I think will help us take learnings outside.

這是我們最近做的一些事情。一年前，我們宣佈設立 100 億美元的Google印度數位化基金。這反映了我們對印度未來和數位經濟的信心，也反映了我們在那裡生產產品的願望，我們認為這將有助於我們的全球發展。去年，也就是2021年10月，我們宣布了一項向非洲投資10億美元的計劃，目的是支持企業家，幫助企業進行數位轉型，並開始在非洲為非洲用戶打造產品，我認為這將有助於我們將經驗帶到非洲之外。

I already see it. When I look at YouTube in India, some of the commerce ideas we talked about earlier, you may see as first stride in India first because we can get quicker feedback, very dynamic, youthful population. And so we'll do it there and then roll it out globally. So we are constantly looking for opportunities like that.

我已經看到了。當我觀察印度的 YouTube 時，您可能會發現我們之前談到的一些商業理念在印度率先邁出了第一步，因為我們可以獲得更快的回饋，而且受眾群體非常活躍，非常年輕。因此，我們將在那裡進行，然後在全球範圍內推廣。所以我們一直在尋找這樣的機會。

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

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

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

感謝大家今天加入我們。我們期待在 2022 年第一季電話會議上再次與您交談。謝謝，祝您晚上愉快。

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

謝謝。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。