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，並感謝您等待 Alphabet 2021 年第四季度收益電話會議。 （操作員說明）

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

我現在想把會議交給你今天的演講者，投資者關係總監吉姆弗里德蘭。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.

謝謝你。大家下午好，歡迎參加 Alphabet 的 2021 年第四季度收益電話會議。今天和我們在一起的是 Sundar Pichai、Philipp Schindler 和 Ruth Porat。

Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business, operations and financial performance, including the effect of the COVID-19 pandemic on those areas, may be considered forward-looking, and such statements involve a number of risks and uncertainties that could cause actual results to differ materially.

現在我將迅速覆蓋安全港。我們今天就我們的業務、運營和財務業績做出的一些陳述，包括 COVID-19 大流行對這些領域的影響，可能被認為是前瞻性的，這些陳述涉及許多可能導致的風險和不確定性實際結果大相徑庭。

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.

有關更多信息，請參閱我們向 SEC 提交的 10-K 和 10-Q 表格中討論的風險因素，包括我們即將提交的截至 2021 年 12 月 31 日止年度的 10-K 表格。

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非公認會計原則與公認會計原則措施的對賬，該新聞稿通過我們位於 abc.xyz/investor 的投資者關係網站向公眾分發和提供。

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

現在，我將把電話轉給 Sundar。

Thank you, Jim, and happy new year, everyone.

謝謝你，吉姆，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，過去幾個月對世界各地的社區都充滿挑戰。我感謝前線的醫護人員幫助我們度過難關，並很高興看到世界許多地方有跡象表明這波浪潮正在消退。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，我們組織全球信息並使其普遍可訪問和有用的使命在今天與以往一樣重要。

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信息產品，包括搜索、地圖和 YouTube，以提供更多幫助。對人工智能的投資將是關鍵，我們將繼續改進智能助理等對話界面。

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.

我將首先談談第四季度的一些亮點。我們新的 AI 模型正在幫助創建真正對話式、多模式和個人化的信息體驗。例如，多任務統一模型（簡稱 MUM）改進了對疫苗信息的搜索。很快，我們將推出同時使用圖像和文字進行搜索的新方法。

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.

10 月，我們推出了一種名為 Pathways 的新 AI 架構。 AI 模型通常被訓練為只做一件事。借助 Pathways，可以訓練單個模型完成數千甚至數百萬的事情。從 MUM 到 Pathways 再到 BERT 等等，這些深度 AI 投資正在幫助我們在搜索質量方面處於領先地位。

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.

他們還在推動搜索之外的創新。例如，DeepMind 的蛋白質折疊系統 AlphaFold，最近被《自然與科學》雜誌認定為一項決定性突破。為了說明該團隊成就的規模，科學家們花了 50 多年的時間才弄清了 150,000 種蛋白質的結構。 DeepMind 團隊現在已經將這個數字擴大到 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，這也得益於我們對 AI 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，以幫助他們充分利用在線營銷支出。這些企業是我們全球經濟的支柱和我們社區的核心，因此幫助他們蓬勃發展比以往任何時候都更加重要。

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.

我們在 YouTube 上也看到了令人興奮的勢頭。 YouTube Shorts 繼續推動大量參與。我們剛剛達到 5 萬億次歷史瀏覽量，並且每天在全球範圍內的瀏覽量超過 150 億次。這有助於我們的創作者社區接觸到更多更新的受眾。事實上，在 YouTube 上創作內容的人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，收入至少為 10,000 美元的 YouTube 頻道數量同比增長了 40% 以上，我們正在繼續改善對藝術家和創作者的支持。比以往任何時候都多的創意者從我們的非廣告產品（例如超級留言和頻道會員資格）中獲利。 Shorts 基金現已在 100 多個國家推出。

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能軟件和硬件，在我們的設備系列中提供有用的體驗。在第四季度，我們創造了 Pixel 的季度銷售記錄。儘管供應鏈環境極具挑戰性，但還是出現了這種情況。我們的客戶和運營商合作夥伴對 Pixel 6 的反應非常積極，而 AI 讓 Pixel 更有幫助。例如，實時翻譯會檢測聊天消息是否為其他語言，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.

我們還專注於確保 Android 和 Chrome 生態系統中的設備能夠很好地協同工作。例如，在上個月的 CES 上，我們宣布我們正在與宏碁、惠普和英特爾合作，為他們的設備帶來出色的體驗。同樣在 CES 上宣布，新的 Ripple 開放標準將拓寬雷達技術的能力，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是私密、安全和安全的。為此，我將注意到一個名為 Topics API 的新隱私沙盒提案。我們認為這將是保護用戶隱私的一大進步，同時也確保企業能夠在網上蓬勃發展。我們將在今年開始測試，並期待業界的反饋。

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，上雲。這是重要的一年，所以讓我在本季度更深入一點。第四季度，雲收入同比增長 45% 至 55 億美元。 Alphabet 的積壓訂單增加了 70% 以上，達到 510 億美元，其中大部分歸功於谷歌云。這種增長來自許多領先的企業，包括 Albertsons 和 LVMH；數字原生代，包括 Box 和 Spotify；和公共部門機構，包括馬薩諸塞州聯邦、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.

自 2019 年以來，我們的銷售人員增加了兩倍多，在各個地區、產品和行業中取得了強勁的業績，我們將繼續投資。對於 2021 年全年，與 2020 年全年相比，我們看到 Google Cloud Platform 的總交易量增長超過 80%，超過 10 億美元的交易數量增長超過 65%。

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加速我們的發展。與 2020 年全年相比，2021 年全年通過市場消費超過 100 萬美元的客戶數量增加了 6 倍。客戶通過渠道合作夥伴在 GCP 上的支出增加了一倍多，我們全球頂級系統集成商的有效認證數量也增加了一倍多。

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 多種新的雲產品和功能版本。這些分為 4 類。首先，我們的數據云和我們的 AI/ML 平台正在幫助 Cartier、Groupe Rocher 和 Mitsubishi Heavy Industries 等組織跨多個雲智能地理解和使用他們的數據。我們快速安全的數據共享能力幫助美國國家癌症研究所推進乳腺癌研究。我們的統一數據湖和數據倉庫匯集了非結構化和結構化數據，有助於 TELUS 和 Tyson Foods 提高對客戶的了解。我們的 AI/ML 平台幫助 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，我們的開放式多雲基礎架構使 BBVA 和富國銀行等客戶能夠在我們的雲上運行關鍵任務系統。我們相信，我們的 Kubernetes 引擎中的新自動擴展允許客戶運行 15,000 個節點集群，其規模比競爭對手高出 10 倍。我們的邊緣雲幫助我們在電信領域發展，在第四季度推動與 Indosat Ooredoo Hutchison、Telenor 和 Verizon 的合作夥伴關係。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，我們的網絡安全產品正在幫助 ANZ Bank、MEDITECH 和 Wayfair 等產品組織成為值得信賴的雲提供商。 VirusTotal 幫助產品組織擺脫軟件供應鏈漏洞。 Chronicle and Security Command Center 幫助組織檢測和保護自己免受網絡威脅。我們的欺詐預防和身份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，我們的安全通信和協作平台 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包括高露潔和羅氏在內的全球品牌採用安全的混合工作方式。我們在第 4 季度推出的全新 Work Safer 計劃通過整合 Google Workspace、Titan 安全密鑰、零信任和其他安全性進步，為電子郵件、會議和文檔提供最高安全性。

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.

客戶之所以選擇 Google Cloud，是因為我們在拉近企業和消費者生態系統方面的專業知識。一個例子是 Shopify。從黑色星期五到網絡星期一，Shopify 報告了 4700 萬客戶的 63 億美元全球銷售額，所有客戶都在 Google Cloud 上安全交易。重要的是，我們在 24/7 無碳能源運營方面取得了進展，並繼續為客戶提供業內最清潔的雲。

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。 10 月是我們在亞利桑那州推出全自動商業乘車服務的 Waymo One 一周年紀念日。在舊金山，數百名騎手正在使用 Waymo One 作為我們值得信賴的測試計劃的一部分，還有更多人在等待名單上。 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.

在結束之前，我想說一下我對 Google 為幫助全球經濟復甦所做的工作感到多麼自豪。近 1/3 的小企業主表示，如果沒有數字工具，他們將不得不在大流行期間關閉業務。數字技能也是幫助人們找到工作和發展事業的生命線。自 2014 年以來，我們已為全球超過 9000 萬人提供數字技能培訓。

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.

在未來的幾個月和幾年中，技術將有助於在全球範圍內釋放新的機遇，尤其是在東南亞和非洲等地有數億人上網的情況下。

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

藉此，讓我感謝各地的 Google 員工在本季度和整個 2021 年所做的貢獻。感謝您，Philipp。

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

謝謝，桑達爾。大家好。今天很高興來到這裡。

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 Google 服務收入的增長感到高興。廣告客戶支出的廣泛實力和強勁的消費者在線活動推動了同比業績。在第四季度，零售再次成為我們廣告業務同比增長的最大貢獻者。金融、媒體和娛樂以及旅遊也是重要的貢獻者。

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度業績的一些趨勢之前，讓我們先縮小一下。一個季度又一個季度，在過去的 20 個月裡，我們說世界在不斷變化，復甦不平衡，不確定性是新常態。第四季度證明沒有什麼不同。不過，我們可以肯定的是，企業是繁榮經濟的命脈，我們在幫助他們方面的作用比以往任何時候都更加重要。人工智能繼續增強我們通過洞察力、新工具和自動化提供幫助的能力。事實上，推動我們對從搜索到蛋白質折疊等方方面面的理解的尖端人工智能也在推動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。它已成為企業在駕馭複雜性和有效接觸客戶方面的關鍵差異化因素，無論他們身在何處，都以隱私為先的方式。我們的新聞活動 Performance Max 在 11 月走向全球，並迅速受到廣告商的歡迎。它將 Google Ads、人工智能和自動化的最佳優勢結合在一起，讓品牌可以通過一個廣告系列在所有 Google 服務中推廣他們的業務，幫助他們推動更多的在線銷售、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使它們更易於客戶使用的一個例子。

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 3 週的測試。廣告支出回報率增長了 35%，點擊率提高了 40%，並且收集了有價值的見解，以了解最能引起共鳴的信息。

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.

我們還開發了我們的洞察工具。第四季度推出了 4 項新功能，包括需求預測，它使用 ML 幫助企業預測前瞻性趨勢並更好地了解庫存商品和何時提供什麼服務。無論是洞察力、自動化還是新功能，我們幫助企業更輕鬆地與客戶建立聯繫的工作一直不間斷。除了每季度對我們的廣告產品進行 100 多項改進之外，我們還推出了 200 多項功能和工具，自 2020 年 3 月以來。

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。我們讓企業更容易在 Google 搜索和地圖上聲明和驗證其業務資料，並直接在搜索中回复客戶消息。在德國，與未完成的業務相比，已完成的業務簡介平均多出 5 倍以上。對於中小企業來說，這真的很有意義。

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.

讓我們過渡到零售業，我們有一個很棒的季度。自大流行開始以來，我們已經看到消費者支出模式的持續變化。在 COVID 之前，我們每年都看到黑色星期五和網絡星期一之間的需求激增。有趣的是，在 2020 年和 2021 年，我們實際上看到購物者更早地開始購物，並且在整個季度花費更多。在第四季度，我們還看到了與去年同期相比零售查詢的平行增長，其中愛好和休閒緊隨其後。我以前說過，我再說一遍，零售的未來是全渠道的。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，我附近的禮品店的全球搜索量同比增長 60%，谷歌地圖中我附近的禮品搜索量增長了 70%。人們越來越想在去商店之前知道附近有什麼可用的。我們新的庫存過濾器有助於解決這個問題。購物者可以通過搜索找到當地商店，這些商店出售他們想要的產品，例如新的網球拍或最後一刻的生日禮物。顯示店內可用性有助於企業吸引當地客戶，並且他們已經流行起來。購物和 Google.com 中四分之一的本地優惠正在利用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，我們可以在搜索中瀏覽和發現黑色星期五和網絡星期一等重要時刻的最熱門優惠。對於商家，我們通過從 Shopify 和 WooCommerce 等第三方集成自動導入來更輕鬆地列出促銷活動。在節假日期間及以後移動庫存、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同比增長 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.

零售商也在求助於我們來幫助他們轉型和加速增長。以 Warby Parker 為例，他在第三季度的銷售額同比增長了 32%，不僅通過開設商店和擴大其隱形眼鏡業務，而且還通過跨服務利用 Google。全渠道競價、智能購物活動以及在地圖中擴大影響力以促進店內眼科檢查為 Warby 的成功做出了貢獻。此後，它在 YouTube 上推出了其首個品牌知名度活動，這將我帶到了 YouTube，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.

我們正在讓觀眾更輕鬆地購買他們看到的東西，並讓廣告商更容易通過創新的解決方案（如產品信息流和視頻行動廣告系列）以及實時商務等新興格式來推動行動。

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 年通過產品提要產生了 12:1 的廣告支出回報率，併計劃在 2022 年將其投資翻一番，而三星、沃爾瑪和威瑞森則與創作者合作，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.

至於我們的品牌業務，勢頭依然強勁。我們繼續在釋放電視品牌預算方面取得進展，而且我們仍處於聯網電視的早期階段。

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.

讓我們花點時間雙擊我上個季度談到的完整漏斗趨勢。對於更多廣告商來說，YouTube 推動大規模覆蓋和行動的能力變得越來越清楚。在最近的一項研究中，添加 YouTube 品牌格式的 DR 廣告客戶不僅提高了覆蓋面，而且平均轉化次數增加了 9%。與此同時，我們看到更多品牌廣告商添加了動作，例如 Nike Korea，它的轉化率更高，並通過添加視頻動作推動了 50% 以上的增量覆蓋。我們的另一個重點是繼續為我們的合作夥伴和關鍵生態系統提供服務，同時取悅用戶。

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 擴大合作夥伴關係以提供首創的 Quick Tap to Snap 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屏幕訪問 SnapChat，這使 Pixel 成為最快的手機。然後在我們的 Pixel 和 AR 團隊中，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。令人愉快的不止於此。我們與 Adobe 合作進行了多年的旅程，將 Photoshop、Illustrator 及其其他旗艦產品引入網絡，這證明了網絡是一流的創造力和生產力平台。

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.

在我們結束又一個非凡而充滿挑戰的一年之際，我想對我們的客戶和合作夥伴的信任與合作深表感謝。我們的成功只有因為他們的成功才有可能。

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.

我還要非常感謝我們的產品、工程、合作夥伴、銷售和許多支持團隊，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，這反映了廣告客戶支出的廣泛實力和強勁的消費者在線活動，以及谷歌云的持續收入大幅增長。除非我另有說明，否則我的評論將針對第四季度的同比比較。我們將從字母級別的結果開始，然後是細分結果，最後是我們的展望。

For the 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，我們的綜合收入為 753 億美元，按固定匯率計算增長 32% 或 33%，為強勁的一年畫上了圓滿的句號。我們的總收入成本為 330 億美元，增長 26%，主要受其他收入成本的推動，即 196 億美元，增長 25%。這裡最大的因素是：首先，內容獲取成本，主要由 YouTube 的廣告支持內容的成本驅動，其次是訂閱內容的成本；第二，硬件成本；第三，與數據中心和其他運營相關的成本，包括折舊，這部分被 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.

運營費用為 205 億美元，增長 35%。從運營支出的三個組成部分來看：一是研發費用的增長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是由於 2021 年假日季節的廣告和促銷支出增加，而 2020 年第四季度則大幅回落；最後，G&A 的增加反映了與法律事務和慈善捐款有關的費用的影響。

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，增長 40%，我們的營業利潤率為 29%。其他收入和支出為 25 億美元，主要反映股本證券投資價值的未實現收益。淨收入為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.

我們繼續產生強勁的自由現金流，本季度為 186 億美元，2021 年為 670 億美元。到年底，我們擁有 1400 億美元的現金和有價證券。我們還在 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.

現在讓我談談我們的部門財務業績，從我們的谷歌服務部門開始。谷歌服務總收入為 694 億美元，增長 31%。本季度谷歌搜索和其他廣告收入為 433 億美元，增長了 36%，我們的業務基礎廣泛，零售業的強勁增長再次領跑。 YouTube 廣告收入為 86 億美元，增長 25%，反映了直接反應和品牌廣告的實力。與 2021 年第三季度相比，增長率放緩的主要原因是 2020 年第四季度品牌的強勁復甦。在 AdMob 的推動下，網絡廣告收入增長了 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，增長 22%，主要受硬件增長的推動，硬件增長得益於 Pixel 6 和 Pixel 6 Pro 的成功推出以及 Fitbit 收入的增加，隨後是 YouTube 非廣告收入。

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%.

在谷歌服務成本方面，TAC 為 134 億美元，增長 28%。谷歌服務營業收入為 260 億美元，增長 36%。營業利潤率為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.

轉向谷歌云部分。第四季度收入為 55 億美元，增長 45%。 GCP 的收入增長再次超過雲，這反映了基礎設施和平台服務的顯著增長。 Google Workspace 收入的強勁增長得益於席位和每個席位的平均收入的穩健增長。谷歌云的運營虧損為 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 年全年的其他賭注，收入為 7.53 億美元。 2021 年全年的經營虧損為 53 億美元，而 2020 年的經營虧損為 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.

最後讓我對我們的前景發表一些評論。一場給宏觀環境帶來前所未有的變化和不確定性的全球大流行已經過去了將近 2 年。在這些困難時期，谷歌人始終專注於為用戶和合作夥伴提供有用的服務，並致力於推動創新以實現長期增長。

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.

就細分市場的前景而言，對於 Google 服務，我們對第四季度和 2021 年全年的收入同比增長感到非常滿意，這繼續受到廣泛的廣告客戶實力和強勁的消費者在線活動的推動。同比增長率也反映了 2020 年與 COVID 相關的疲軟帶來的好處，這顯然不會成為 2022 年的一個因素。

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 的勢頭感到滿意，這反映在我們第四季度的硬件收入中。提醒一下，2021 年的硬件收入也反映了我們幾週前對 Fitbit 的收購。

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，第四季度的潛在消費者支出和參與度趨勢保持健康。話雖如此，在 2022 年，Google Play 對收入增長的貢獻將反映我們在 2021 年第三季度開始實施的費用變化。就 Google 服務的投資水平而言，我們專注於對我們看到的許多機會進行有意義的投資生長。

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.

談到谷歌云，2021 年又是一個大幅增長的一年。隨著我們幫助客戶進行數字化轉型，我們對上市組織、產品創新和合作夥伴生態系統的投資取得了回報。您可以看到，與 2020 年相比，2021 年全年谷歌云的收入增長了 47%，而 GCP 收入的增長速度繼續快於雲的整體增長速度。雖然雲計算運營虧損和運營利潤率在 2021 年有所改善，但鑑於我們看到的巨大市場機會，我們計劃繼續大力投資雲計算。我們確實仍然專注於實現盈利的長期路徑，隨著時間的推移，經營虧損和經營利潤率應該會受益於規模的擴大。

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.

在 Alphabet 層面，在第一季度，根據當前的即期匯率，我們預計外匯對報告收入的影響將是一個不利因素。在 Alphabet 員工人數方面，我們在第四季度增加了近 6,500 人，並且大部分員工都是技術職位。我們將繼續吸引優秀人才，並預計 2022 年整個 Alphabet 的招聘步伐將加快。

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，尤其是在服務器方面，以支持谷歌服務和谷歌云的持續增長。我們還加快了辦公設施裝修和地面建設的投資步伐。

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顯著增加。在技術基礎設施方面，服務器將再次成為最大的支出驅動因素。在辦公設施方面，在過去 2 年資本支出相當低迷之後，我們正在重新加速對裝修和地面建設的投資。

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，您還看到我們在有意義的地方進行房地產收購。例如，上個月，我們宣布計劃以 10 億美元的價格購買之前在倫敦租用的總部大樓。在第一季度，我們已經完成了我們在 2021 年第三季度宣布的 21 億美元對紐約辦公樓的購買。

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

謝謝你。現在 Sundar、Philipp 和我將回答你的問題。

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

（操作員說明）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.

一份給 Sundar，一份給 Ruth。首先，Sundar 只是想了解您對 Web3 的看法，以及您如何看待 Alphabet 的方法，以及您在這方面的主要努力可能在哪裡進行。

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，你提到了員工人數增加了 6,500 人。我認為這是我們在任何季度見過的最大的一次。我知道你正在趕上過去幾個季度的招聘。但是你能不能幫助我們更多地了解這些投資在技術方面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，我都覺得它令人興奮，我認為這是我們想要盡我們所能支持的東西。網絡一直在發展，而且還會繼續發展。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那裡做出貢獻。

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 在計算層是一個重要的領域。我們已經在那裡投資了很長時間，我們將繼續發揮作用。這兩者兼而有之——不僅是計算層，而且服務層，無論是地圖、YouTube、Google Meet 等等，我認為都會做出很大貢獻。

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，以及如此有趣和強大的技術，其應用範圍比任何一個應用程序都要廣泛得多。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，我們的雲團隊正在研究如何支持客戶在基於區塊鏈的平台上構建、交易、存儲價值和部署新產品的需求。所以我們肯定會密切關注這個空間，並儘可能地支持它。總的來說，我認為技術將繼續發展和創新，我們希望支持創新並以這種方式接近它。

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，我們確實繼續吸引著優秀人才。申請數量同比增長。正如我所說，正如你所指出的，我們在第四季度增加了近 6,500 人。我們確實預計強勁的步伐將繼續。

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.

這真的來自 Sundar、Philipp 和我的評論。我們對擺在我們面前的機會感到興奮，特別是我們正在添加的谷歌服務、谷歌云。我們打算確保我們擁有良好執行所需的規模。所以我們繼續招聘。正如我所說，大多數人再次擔任技術職務，並對我們看到的未來機會感到非常滿意。

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

我們的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，也許有 2 個問題。首先，跟進 Doug 的問題。蘇珊在 YouTube 上寫了很多文章，以及它與創作者經濟的接觸方式，以及您正試圖從中長期構建的方式。你能談談創作者經濟的元素，以及它如何適應你的產品，無論是在廣告方面還是在中長期的商業方面？

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，也許只是費用方面的一個後續行動。第四季度有什麼一次性的東西嗎？因為只看一些公司費用或核心利潤的一些元素，只是想確定是否有任何一次性的人需要被召喚出來。因為我認為你也談到了合法和慈善捐贈，所以我們可以正確地建模。

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。看，YouTube 之一，從第一天開始，它就一直非常專注於確保我們能夠支持創作者，同時它是一個重要的部分。甚至最近，我在之前的講話中提到了我們看到的增長不僅在廣告中，而且在廣告之外，還有超級留言、頻道會員等。 Susan 在她的創意信中提到，在早期，他們將研究 NFT 等，以確保用戶體驗有效，而且——但有價值的是，我們一直在思考如何才能做到支持並為創作者做更多的事情。所以這將是一個不可或缺的部分。

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 中考慮的所有商業體驗都是額外的一層機會。再說一次，這是另一個我覺得一切都還很早的領域。我們在 YouTube 的新領域看到了巨大的吸引力，無論是播客、遊戲、學習還是體育。因此，在所有這些領域中，我們將採用垂直特定的視角，看看我們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.

然後在費用方面，我給出了一些項目。研發主要是員工人數的增加。在銷售和營銷方面，我會注意到第四季度的銷售和營銷通過廣告和促銷活動得到提升，部分原因是為了支持假日季節，比去年更是如此。

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.

我要注意的其他事項是在第四季度，我們確實有一次性的福利獎金。我們的慈善捐款也同比增加，包括更高的 Google 員工禮物匹配。事實上，我想說的是，在過去 12 個月的基礎上考慮這條線對未分配的公司成本特別有幫助，因為對於你的問題，它可能是不穩定的。

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布賴恩諾瓦克。

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 Philipp 的第一個。在過去 12 到 24 個月內，您在為廣告商改進零售和電子商務搜索產品方面取得了很大進展。縱觀搜索的其他垂直領域，進入 2022 年，您最興奮或最有機會真正為非零售垂直領域的廣告商帶來更多價值的創新機會在哪裡？

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?

然後是關於 Philipp 或 Sundar 的第二個問題，你們都談到了 YouTube 上的商業購物機會。您能否與我們稍微談談已經建立的哪些方面以及哪些創新領域是您仍然需要清除的障礙才能真正意識到 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。非常感謝你的問題。看，消費者現在有很多不同的方式來訪問信息，而且比以往任何時候都多，搜索只是其中之一。但從長遠來看，我們一直在努力創新和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.

那麼第一個，很明顯，當用戶需要信息或想要發現和受到啟發時，我們是他們轉向的最佳場所嗎？所以像查詢和發現這樣的事情。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質量的相關信息，包括他們可能正在尋找特定品牌或產品或只是在尋找靈感。人們搜索的方式正在發生變化，它需要變得更加多模式、更加對話。例如，這對廣告意味著什麼。因此，在商業查詢中獲得正確的用戶體驗顯然超出了您提到的領域。在這方面有很多創新。

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.

第二部分是我們真的在消費者的時間和地點提供最相關的廣告嗎？而且我們只想在對人們有幫助時展示廣告。實際上，在 80% 的搜索中，我們沒有展示熱門廣告，而且您看到的大部分廣告都是出於商業目的的搜索。是的，我們 - 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，並且廣告商實際上可以提供相關的東西。

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.

最後一點，第三點是真正的問題——這同樣適用於你提到的垂直領域，但對於很多很多以外的人來說，我們是否以最佳的投資回報率為廣告商提供了最多的轉化？我們的拍賣中有很多智能可以為廣告商帶來巨大的投資回報率，但我們總是可以做更多的事情。

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.

我們正在交付——或者我們是否通過利用用戶的信號來交付最相關的用途？我們是否通過組合廣告商的資產以使其對用戶具有吸引力來構建最佳創意？我們是否為該廣告商預測了用戶的價值，以便我們可以幫助使用我們需要的唯一用戶和查詢組合對每次搜索進行適當的出價？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到下載應用程序以及所有跨設備？所以這些是我們如何看待未來跑道的很多不同的事情。

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.

也許很快就會出現在 YouTube 和商業上。看，我想說的一件事是在搜索、YouTube 和其他領域，有很多通用的基礎設施正在完成，對吧？因此，這將重點放在商家、入職商家和所有後端，以便我們可以擁有最廣泛和最全面的可用庫存。在那裡，我們與其他電子商務平台的合作夥伴關係是我們投入的基本基礎層。

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，雖然還很早，但有很多試點正在進行中。只是——我們推出了一個創作者標籤試點計劃，讓觀眾可以選擇瀏覽、學習和購買他們最喜歡的視頻中的產品；試行與沃爾瑪和塔吉特等品牌的購物直播；更廣泛地說，包括在視頻行動活動中更全球化的產品提要。

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。超級早期還測試瞭如何將購物與 Shorts 集成。再說一次，很早，但我發現這裡的機會空間非常廣闊，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 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?

也許一個給 Sundar，一個給 Ruth。首先，在搜索方面，增長非常強勁。只是也許你可以幫助我們了解你在人工智能改進週期中的位置。你在幾份收益報告中強調了還有很大的發展空間。其次，是否有任何根本原因可以解釋為什麼今天的搜索增長可能比大流行前更高？

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.

然後到露絲，云有令人印象深刻的增長。我假設基礎設施層是該行業最高的。它比上一季度增長了 5 億多美元，但利潤率確實下降了。因此，只需了解是什麼推動了這一點，然後需要什麼才能真正顯示出良好的影響力。

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，我們顯然在谷歌 AI 和 DeepMind 等領域大力投資人工智能研發——然後我們將其應用到整個公司，尤其是在搜索的背景下。這就是 BERT、MUM、Pathways 和 LaMDA 支持對話體驗的基礎。因此，當我查看 [tipoff 樹] 時，關於 AI 方面的研究進展如何，它正在以令人難以置信的速度發展。我們致力於引領那裡。然後我們在 AI 團隊和我們的核心產品領域團隊之間建立了真正良好的接口，包括搜索來將其產品化。

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.

因此，首先，我認為您將繼續看到我們在搜索質量方面處於領先地位。我只是發現信息世界只會繼續增長，而且它在本質上變得越來越多模式。就像我們從文本到圖像的飛躍一樣，通過視頻、音頻進行思考，將其整合起來，然後將其提供給用戶，無論他們是在打字、說話還是在看想要答案的東西。這是人工智能和搜索之間的旅程，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.

在雲方面，如果我們從 Sundar 和我所做的評論中退後一步，總的來說，我們對業務的持續進展感到非常滿意。正如您所指出的，這反映了收入增長、我們的積壓、客戶贏得的廣度、垂直行業。我們的觀點是，我們正處於幫助客戶實現業務數字化轉型的非凡時刻。關鍵是我們相信它仍然是非常早期的一局。

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增長和根據需要進行長期投資。我們將繼續積極投資。這體現在我們的上市能力中。是我們的產品。這是我們的基礎設施。我們確實仍然專注於實現盈利的長期路徑，但我們將繼續在這裡投資，因為我們看到了早期的局面，並對正在進行的進展感到滿意。

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。我會嘗試2個問題。我只是想跟進賈斯汀關於搜索增長比大流行前更快的問題。我認為，Philipp 您談到了搜索中的幾個領域，而零售業位於列表的最前面。我想你在其他幾個類別中提到過。旅行一直是一個很大的類別。你覺得旅行回來了嗎？還是由於宏觀原因，與新冠疫情之前相比，旅行仍然表現不佳？

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，就股票回購而言，我認為這是本季度的創紀錄水平。我們應該如何看待未來的股票回購？它在多大程度上是機會主義的，我不知道，隨著你的自由現金流每年增加，你考慮將現金返還給股東的系統或系統方式？

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，旅行是我們第四季度廣告同比增長的一個貢獻者，我們對本季度大部分時間看到的表現感到鼓舞，但我們發現用戶行為往往反映了正在發生的事情世界。需求確實會繼續根據位置和活動類型而變化。鑑於 Omicron，這一點更加明顯。隨著偏好的演變，我們已經看到旅行者搜索行為的變化。對海灘、公園和露營等戶外目的地的搜索量有所增加，而對博物館的搜索量則有所下降。

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，因此現在說什麼趨勢會保持下去以及大流行前的哪些習慣正在恢復還為時過早。也就是說，當人們考慮他們下一步想去哪裡時，他們會來找我們來幫助他們瀏覽拼湊的信息。事實上，從 8 月底到 10 月底，全球旅行規則的搜索量同比增長了 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.

我們還推出了大量新功能，讓人們更容易了解不斷變化的旅行限制和要求。同樣對於旅行合作夥伴，我們已經在很大程度上改變了我們的產品戰略來提供幫助，無論是通過航班需求瀏覽器和旅行洞察來幫助合作夥伴預測需求，而不是為酒店和旅遊公司免費提供服務，現在還可以開展活動運營商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.

我敢肯定，您在 10 月份的新聞中也看到了我們的重大可持續性。關於二氧化碳和谷歌航班的新信息、環保酒店、新的環保路線和地圖。實際上，這裡正在做很多重要的工作，以幫助我們的用戶和企業推動更可持續的選擇，並從整體上幫助我們的旅行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.

在股票回購方面，正如我們在之前的電話會議中談到的那樣，我們確實認為股票回購計劃很有價值，並且很高興我們去年能夠將授權增加到 500 億美元。您已經看到，在過去的幾年裡，我們的步伐加快了很多，從 2019 年的 180 億美元增加到 2021 年全年的 500 億美元，而且還在繼續執行。在現有授權下，我們確實有額外的能力，並且正在繼續執行。我們確實認為它具有增量價值。

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?

我有一對夫婦，Sundar，還有一個跟進者。 Sundar，只是對您上周宣布的離開聯邦學習並轉到主題的決定感興趣。所以你能談談你做出這種改變的原因和理由嗎？當 FLoC 首次宣佈時，它被設計為非常有效，相對於 cookie 作為廣告商的信號。當您從 cookie 轉向關於 ROAS 和預算的主題時，您認為會產生什麼影響？

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?

然後是菲利普，我認為在大流行期間，聯網電視無疑是最大的增長點之一。您能否談一談 YouTube 通過 Connected TV 看到的內容，以及驅動程序的重要性？然後希望我們能恢復正常，隨著時間的推移，你們在產品方面做了什麼讓 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.

所以我可以拿那個給 Sundar。因此，Chrome 團隊一直非常專注於隱私沙盒並獨立工作，你們都知道這是我們建立隱私的舉措，保留將為數字廣告的未來提供動力的設備上技術，顯然，因此，自由網絡。

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，我們宣布了名為 Topics 的最新隱私沙盒提案。 Topics 是由我們自己的學習成果以及廣泛的（讓我稱之為）社區反饋從我們早期的 FLoC 試驗中獲得的，現在實際上將取代我們的 FLoC 提案。我敦促大家閱讀上週的博客以了解詳細信息。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用戶展示相關廣告，所有這些都以更私密的方式為用戶提供。

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，這是您問題的重要組成部分，現在分享更多信息顯然還為時過早，因為我們只是向世界開放。我們預計將在第一季度末將其用於測試。但我們真正專注於為雙方設計，從廣告商和隱私的角度來看，並致力於確保雙方都實現目標。

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，連接電視的機會，在客廳流媒體已經爆發。我們已經親眼目睹了。聯網電視是我們增長最快的屏幕，我們認為前面還有很多跑道。品牌正在獲得世界上最好的，數字的精度與線性的規模和更多的相關性。他們可以大規模個性化廣告，並使用視頻廣告序列來講述強有力的故事，我們最近在組合中添加了動作。

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.

視頻行動廣告系列在 10 月升級為自動包含 CTV 廣告資源，這意味著用戶可以獲得更有用的觀看體驗，品牌可以推動更多的在線銷售和/或潛在客戶。想想看，就像觀眾幾十年來一直盯著的傳統電視屏幕“桌面屏幕”，現在開始有了推動轉化的能力，這很酷。

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.

衡量顯然也是成功的關鍵組成部分，我們希望確保廣告商能夠全面衡量他們在 YouTube 和 YouTube TV 上的 YouTube CTV 視頻投資，以準確了解真正的增量覆蓋面和頻率等。如果你有 comScore 和 Nielsen，美國的廣告商現在實際上可以做到這一點。總而言之，我們對互聯電視帶來的機遇感到興奮。我想我們才剛剛開始。

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?

Ruth，如果你明白的話，這聽起來像是一個很好的 Q4 廣告同花順，即支出的概念。我只是對今年的季節性感到好奇，如果你預計這一年會更多地被後端加載。或者你覺得今年我們經歷了一些更平衡？

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.

所以總的來說，我們確實在這一年中看到了實力。正如我所指出的，有一個基礎廣泛的廣告客戶實力。消費者在線活動強勁，而這些確實是主要驅動力。

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個地方實際上是了解 YouTube 與去年相比的同比情況，今年相對於去年有實力 - 今年有真正的實力，但我們我認為去年看到的更符合你的問題，這是在年初的疲軟之後，第四季度非常強勁。去年，我們經歷了去年非常強勁的季度。這就解釋了一些同比增長比較。但總體而言，關鍵驅動因素是廣泛的廣告客戶支持和支出的背景。

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

我們的下一個問題來自 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 2 個問題要問 Sundar。首先，Sundar 提到對人工智能的投資極大地幫助了廣告業務。您認為 AI 幫助廣告商在廣告收入增長方面投入最多的 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，我們最近在美國國會看到了各種新法案，這些法案似乎直接針對像 Alphabet 這樣的大型科技公司。你認為這些法案有什麼正確之處，你認為它們有什麼錯誤？

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2件事。關於 AI 和廣告，在我回答完第二部分後，我將把它傳遞給 Philipp 提供更多細節。但毫無疑問，最重要的是同樣的人工智能進步。我們想讓廣告商更簡單地運行廣告系列，而在它背後有很多東西可以推動這種簡單性。 Philipp 可以在那裡提供更多細節。

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.

關於你關於國會反壟斷法案的問題。作為一家公司，我們在處理方式上始終具有建設性，我們對明智的、更新的法規持開放態度。技術對社會有益是很重要的。例如，在許多領域達成廣泛共識。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.

在當前的一些提案中，他們完全沒有解決這些問題。在某些領域，我們真正擔心它們可能會破壞我們為用戶提供的各種流行服務，以及我們為使這些服務所做的所有工作——使我們的產品安全、私密、安全等等。在某些情況下，僅對美國公司不利，可能會損害美國的競爭力。

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.

如此廣泛地說，當我們考慮構建許多功能時，我們是否必須考慮每個功能。我們每年僅在搜索中就發布 3,000 個功能。我們如何確保符合所有規定？我們在哪裡主動需要批准等等？所以這些都可能產生意想不到的後果。我們非常擔心對小企業和本地零售商以及他們的客戶的影響。

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，我們致力於建設性地處理它。我們總是希望以對社會有益的方式參與和做事。我們將——我們已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我們的用戶打造出色的產品。

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.

回到你問的第一個關於人工智能的問題以及對我們廣告產品的影響，我們談到了——Performance Max，我們談到了它。我們談到了洞察頁面。在搜索中，我想說，我們看到了一個真實的出現——讓我們稱之為，一個由機器學習和自動化推動的更好的故事。廣告商更傾向於自動化，使用響應式搜索廣告創建和選擇效果最佳的廣告素材，使用廣泛匹配關鍵字匹配更相關的搜索查詢，設置具有拍賣時間信號的優化出價。我們有智能出價。這些只是幾個例子。

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.

我們正在使用更多的人工智能來幫助廣告商衡量他們的結果並通過數據驅動的歸因進行智能出價，例如，它使用非常先進的機器學習來更準確地了解每個營銷接觸點實際上是如何促成轉化的，同時尊重用戶隱私。廣泛匹配的關鍵字是其中的重要組成部分。我們在展示和發現上有響應式廣告。他們使用來自廣告客戶的文本圖像和視頻資產，並預測資產的最佳組合，以在 Google 媒體資源或展示網絡上以任何尺寸或格式展示。

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 AI 和 ML 只會變得更好，我們的工具也會變得更好，我們正在幫助廣告商轉向自動化並確定新的機會，作為他們恢復和增長戰略的核心部分。

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。所以在大圖上縮小一點。 Sundar，我想大約是 4 年前，Google 發布了一篇關於下一個十億用戶的博客文章，以及如何為印度和其他新興市場開發產品將有望告知您在其他地方應該做什麼。所以我認為你之前曾談到 Tez 是一個非常值得注意的例子。那麼你能談談我們是否應該繼續關注海外嗎？您是否考慮過您在各種產品和服務中可能採取的方向？

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，斯蒂芬。好問題。而且我認為這種趨勢將繼續下去。您顯然提到了付款。毫無疑問，它為我們的全球支付策略提供了信息。總的來說，我們正試圖更深入地思考這些新市場——這確實符合我們為每個人建立一個更公平的互聯網的使命。

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.

我們最近做了幾件事。一年前，我們宣佈設立 100 億美元的 Google for India 數字化基金。這反映了我們對印度未來、其數字經濟的信心，以及我們在印度製造產品的願望，我們認為這將對我們在全球範圍內有所幫助。去年 2021 年 10 月，我們再次宣布了一項在非洲投資 10 億美元的計劃，目標是支持企業家，幫助企業進行數字化轉型，並開始在非洲為非洲用戶打造產品，我認為這將有所幫助我們在外面學習。

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。當我查看印度的 YouTube 時，我們之前談到的一些商業理念，你可能會認為這是印度的第一步，因為我們可以獲得更快的反饋，非常有活力，年輕的人群。所以我們會在那裡做，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。我想把會議轉回給 Jim Friedland 來做任何閉幕詞。

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.

謝謝大家，今天加入我們。我們期待在 2022 年第一季度電話會議上再次與您交談。謝謝你，祝你晚上愉快。

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

謝謝你。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。