Alphabet Inc (GOOGL) 2021 Q1 法說會逐字稿

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

歡迎大家，並感謝您等待 Alphabet 2021 年第一季度收益電話會議。

(Operator Instructions)

（操作員說明）

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

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。

Please go ahead.

請繼續。

Thank you.

謝謝你。

Good afternoon, everyone, and welcome to Alphabet's First Quarter 2021 Earnings Conference Call.

大家下午好，歡迎參加 Alphabet 的 2021 年第一季度收益電話會議。

With us today are Sundar Pichai, Philipp Schindler and Ruth Porat.

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.

現在我將迅速覆蓋安全港。

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.

我們今天就我們的業務、運營和財務業績做出的一些陳述，包括 COVID-19 大流行對這些領域的影響，可能被認為是前瞻性的，這些陳述涉及許多可能導致實際結果大相徑庭。

For more information, please refer to the risk factors discussed in our most recent Form 10-K filed with the SEC.

如需更多信息，請參閱我們最近提交給 SEC 的 10-K 表格中討論的風險因素。

During this call, we will present both GAAP and non-GAAP financial measures.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor.

非 GAAP 與 GAAP 措施的對賬包含在今天的收益新聞稿中，該新聞稿通過我們位於 abc.xyz/investor 的投資者關係網站向公眾分發和提供。

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

現在我將把電話轉給 Sundar。

Thank you, Jim.

謝謝你，吉姆。

Good afternoon, everyone.

大家下午好。

After a hard year, people in some parts of the world are beginning to rebuild their lives, businesses and communities, but recovery is far from uniform across the globe as the tragic scenes in countries like India and Brazil remind us.

在經歷了艱難的一年之後，世界某些地區的人們開始重建他們的生活、企業和社區，但正如印度和巴西等國家的悲慘景象提醒我們的那樣，全球範圍內的複蘇遠非統一。

We are continuing to help support public health officials in their vital and urgent work.

我們將繼續幫助支持公共衛生官員開展重要而緊迫的工作。

Our focus is on providing authoritative information.

我們的重點是提供權威信息。

We are helping over 100 government agencies and nonprofits worldwide distribute critical information and billions of PSAs about COVID-19 and vaccines.

我們正在幫助全球 100 多個政府機構和非營利組織分發有關 COVID-19 和疫苗的關鍵信息和數十億份公益廣告。

And Google Cloud Technology is powering a virtual agent to help make vaccination appointments over the phone, supporting 28 languages and dialects for those with limited Internet access.

谷歌云技術正在為虛擬代理提供支持，以幫助通過電話預約疫苗接種，為互聯網訪問受限的人提供 28 種語言和方言。

We are focused on doing our part to help.

我們專注於盡我們所能提供幫助。

In some parts of the world, the economy began to rebound, which created a rising tide in the first quarter that benefited a number of sectors, including existing and emerging companies and partners.

在世界一些地區，經濟開始反彈，這在第一季度創造了一個上升的趨勢，使包括現有和新興公司和合作夥伴在內的許多行業受益。

For example, data suggest that investment in start-ups is at an all-time high.

例如，數據表明對初創企業的投資處於歷史最高水平。

Our product releases are returning to a regular cadence.

我們的產品發布正在恢復正常節奏。

I'm particularly excited that our developer event Google IO is back this year all virtual and free for everyone on May 18 through 20.

我特別興奮的是，我們的開發者活動 Google IO 今年又回來了，所有活動都將在 5 月 18 日至 20 日期間為所有人免費提供。

We'll have significant product updates and announcements, and I invite you all to tune in.

我們將發布重要的產品更新和公告，我邀請大家收聽。

Today, I'll briefly mention a few highlights from the past quarter, and go a bit deeper on cloud.

今天，我將簡要提及上個季度的一些亮點，並深入探討雲。

Then Philipp will discuss advertising and partnership developments.

然後 Philipp 將討論廣告和合作夥伴關係的發展。

Finally, Ruth will cover the quarterly results.

最後，露絲將介紹季度業績。

Quickly turning to product highlights of the quarter.

快速轉向本季度的產品亮點。

Our knowledge and information services like Search and Maps remain at the heart of our mission to provide helpful and accurate information during important moments.

我們的知識和信息服務（例如搜索和地圖）始終是我們使命的核心，即在重要時刻提供有用且準確的信息。

People have turned to Google Search more than ever since the pandemic began.

自大流行開始以來，人們比以往任何時候都更多地轉向谷歌搜索。

We see hundreds of millions of searches every day for COVID and related health information.

我們每天都會看到數億次關於 COVID 和相關健康信息的搜索。

People are also searching for jobs.

人們也在尋找工作。

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

為了幫助他們，求職者現在可以使用搜索快速輕鬆地找到不需要大學學歷的職位，我們正在與頂級招聘網站合作，以使服務更加完善。

Maps will be adding over 100 AI-powered improvements this year, such as indoor live view, which helps you navigate airports, transit stations and malls using augmented reality.

地圖今年將添加 100 多項由人工智能驅動的改進，例如室內實時取景，它可以幫助您使用增強現實導航機場、中轉站和商場。

Last quarter, I mentioned Google News Showcase, our $1 billion investment in the news industry.

上個季度，我提到了 Google News Showcase，我們在新聞行業投資了 10 億美元。

I'm pleased to see continued momentum this quarter with new launches in the U.K., Italy, Argentina and Australia.

我很高興看到本季度繼續在英國、意大利、阿根廷和澳大利亞推出新產品的勢頭。

In Q1, we added more than 170 publications across 12 countries with more coming soon.

在第一季度，我們在 12 個國家/地區添加了 170 多種出版物，並且即將推出更多出版物。

With respect to YouTube, people continue to find all types of informational content from educational videos to podcast.

關於 YouTube，人們繼續發現從教育視頻到播客的所有類型的信息內容。

In fact, according to a recent study conducted by Ipsos, 77% of respondents say they used YouTube during 2020 to learn a new skill.

事實上，根據益普索最近進行的一項研究，77% 的受訪者表示他們在 2020 年使用 YouTube 來學習一項新技能。

YouTube Shots continues to gain popularity with over 6.5 billion daily views as of March, up from 3.5 billion at the end of 2020.

截至 3 月，YouTube Shots 繼續受到歡迎，每日觀看次數超過 65 億次，高於 2020 年底的 35 億次。

We've added a new metric to our transparency reports called a violator view rate, which will help us estimate what percentage of views on YouTube come from content that violates our policies.

我們在透明度報告中添加了一個名為違規者觀看率的新指標，該指標將幫助我們估算 YouTube 上的觀看百分比來自違反我們政策的內容。

In Q4 of last year, YouTube's violator view rate was between 16 and 18 views out of every 10,000.

去年第四季度，YouTube 的違規觀看率為每 10,000 人中有 16 至 18 次觀看。

This is down over 70% compared to the same quarter in 2017, in large part, thanks to our investments in machine learning.

與 2017 年同期相比，這一數字下降了 70% 以上，這在很大程度上要歸功於我們在機器學習方面的投資。

Let me also mention Chrome OS, which this quarter celebrated 10 years.

我還要提一下本季度慶祝 10 週年的 Chrome OS。

It's been a valuable tool for millions of students and teachers during the pandemic.

在大流行期間，它一直是數百萬學生和教師的寶貴工具。

According to third parties, Chromebooks were the most popular device in K-12 education globally for the last year.

據第三方稱，Chromebook 是去年全球 K-12 教育中最受歡迎的設備。

Next, I'll move to Cloud, where we continue to see strong performance across both Google Cloud Platform and Workspace.

接下來，我將轉向 Cloud，我們將繼續看到 Google Cloud Platform 和 Workspace 的強勁表現。

Q1 revenue grew 46% year-over-year, with GCP's revenue growth rate once again meaningfully about cloud overall.

第一季度收入同比增長 46%，GCP 的收入增長率再次對整體雲計算產生了有意義的影響。

We continue to unlock the value of the Google ecosystem by signing multiyear multiproduct partnerships with companies like Global Payments and Grupo Global.

通過與 Global Payments 和 Grupo Global 等公司簽署多年的多產品合作夥伴關係，我們繼續釋放 Google 生態系統的價值。

And just yesterday, We announced a new Google-wide partnership with Univision, which is migrating to our cloud, continuing to distribute content on YouTube and reaching customers via play in ads.

就在昨天，我們宣布與 Univision 在 Google 範圍內建立新的合作夥伴關係，該合作夥伴正在遷移到我們的雲中，繼續在 YouTube 上分發內容並通過播放廣告來吸引客戶。

In cloud, There are 3 distinct market trends shaping our growth and driving our product and go-to-market strategy.

在雲中，有 3 個不同的市場趨勢塑造了我們的增長並推動了我們的產品和上市戰略。

First, we see very strong customer momentum in the data cloud.

首先，我們在數據云中看到了非常強勁的客戶勢頭。

Our expertise in real-time data and analytics is winning companies like Twitter and Ingersoll Rand, who are moving their complex data workloads to Google Cloud.

我們在實時數據和分析方面的專業知識贏得了 Twitter 和 Ingersoll Rand 等公司的青睞，這些公司正在將其複雜的數據工作負載遷移到 Google Cloud。

Our strength in AI and ML is also helping financial services customers like HSBC, Commerzbank, SAB Group and BBVA improve efficiency of payments, reduce fraud and risk and deliver faster payment solutions.

我們在人工智能和機器學習方面的優勢還幫助匯豐銀行、德國商業銀行、SAB 集團和 BBVA 等金融服務客戶提高支付效率，減少欺詐和風險，並提供更快的支付解決方案。

This past quarter, we released new functionality for big query, delivering significantly better performance for business intelligence queries.

上個季度，我們發布了大查詢的新功能，顯著提高了商業智能查詢的性能。

Second, we are seeing customers wanting a robust infrastructure cloud in order to create operational efficiencies and reduce IT costs.

其次，我們看到客戶需要強大的基礎架構雲，以提高運營效率並降低 IT 成本。

We are winning large IT transformation deals with companies that are migrating their data centers to Google Cloud.

我們正在與將數據中心遷移到 Google Cloud 的公司贏得大型 IT 轉型交易。

Multicloud remains a differentiator as it provides the easiest and most open development environment for customers like Taylor's, allowing them to access and move their data between various clouds.

多雲仍然是一個差異化因素，因為它為像 Taylor's 這樣的客戶提供了最簡單、最開放的開發環境，允許他們在各種雲之間訪問和移動他們的數據。

Third, we continue to deliver helpful innovations to enable hybrid work with Google Workspace.

第三，我們繼續提供有益的創新，以實現與 Google Workspace 的混合工作。

This includes digital tools for frontline workers like nurses and retail store workers as well as new security offerings.

這包括為護士和零售店員工等一線工作人員提供的數字工具以及新的安全產品。

These innovations have helped grow our revenue per seat and the number of seats in the last quarter.

這些創新幫助我們在上一季度增加了每個座位的收入和座位數量。

Workspace is being adopted by customers, including Keralty in healthcare, Sun Life in financial services and Airbus in manufacturing and aviation.

Workspace 正在被客戶採用，包括醫療保健領域的 Keralty、金融服務領域的 Sun Life 以及製造業和航空領域的空中客車公司。

Now a brief update on Other Bets.

現在簡要更新其他投注。

Waymo's fully autonomous public ride-hailing service in Phoenix is providing hundreds of rides per week.

Waymo 在鳳凰城的全自動公共乘車服務每週提供數百次乘車服務。

In San Francisco, Waymo's began limited employee testing.

在舊金山，Waymo 開始了有限的員工測試。

I'm pleased by the progress here and look forward to Waymo's continued momentum under the leadership of new Co-CEOs, Takedra and Dmitri.

我對這裡的進展感到高興，並期待 Waymo 在新的聯合首席執行官 Takedra 和 Dmitri 的領導下繼續保持發展勢頭。

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

Calico 及其合作夥伴艾伯維（AbbVie）宣布，它已進入針對癌症和神經退行性疾病（如 ALS、帕金森病和創傷性腦損傷）的新藥物療法的臨床階段項目。

Before I close, I want to mention that in 2021 in the U.S. alone, we plan to invest over $7 billion in offices and data centers and create at least 10,000 new full-time jobs.

在結束之前，我想提一下，僅在 2021 年，我們計劃在辦公室和數據中心投資超過 70 億美元，並創造至少 10,000 個新的全職工作崗位。

And as we do this, we continue to make progress on our sustainability goals.

在我們這樣做的同時，我們將繼續在我們的可持續發展目標上取得進展。

We matched our operations with 100% renewable energy for the past 4 years, and we are working towards operating on carbon-free energy around the clock by 2030, a far more ambitious goal that we hope will be transformative for the industry.

在過去的 4 年裡，我們將我們的運營與 100% 可再生能源相匹配，並且我們正致力於到 2030 年全天候使用無碳能源運營，這是一個更加雄心勃勃的目標，我們希望它將為行業帶來變革。

Five of our data centers in Europe and North America are already operating near or at 90% carbon-free energy around the clock.

我們在歐洲和北美的五個數據中心已經在接近或以 90% 的無碳能源全天候運行。

We're also working towards our commitment to help 1 billion people make more sustainable choices with our services by 2022.

我們還在努力實現我們的承諾，即到 2022 年幫助 10 億人通過我們的服務做出更可持續的選擇。

One example of how we are doing this is a new AI-powered feature in Maps that will show the routes with the lowest carbon footprint when ETAs are the same.

我們如何做到這一點的一個例子是地圖中的一項新的 AI 驅動功能，該功能將在 ETA 相同時顯示碳足跡最低的路線。

You'll also be able to compare the carbon impact between routes.

您還可以比較路線之間的碳影響。

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

最後，展望 2021 年剩餘時間，我們的 4 大主題將繼續指導我們：首先，構建和提供最有用的產品和服務；第二，通過投資於優質信息並保持用戶數據的安全和私密，繼續贏得用戶的信任；第三，作為一家公司，執行力很強，尤其是在我們開始重新開放辦公室的時候；第四，在我們自己的業務和我們的合作夥伴中建立可持續的價值。

As always, thank you to our Googlers around the world for a great start to the year.

一如既往，感謝我們在世界各地的 Google 員工為新的一年帶來了美好的開始。

To everyone, I look forward to seeing you at IO.

各位，期待在 IO 與大家相見。

Over to Philipp.

交給菲利普。

Thanks, Sundar, and good afternoon, everyone.

謝謝，Sundar，大家下午好。

It's great to be joining you again today.

很高興今天再次加入您的行列。

We're pleased with the strong growth in Google Services revenues in the first quarter.

我們對第一季度 Google 服務收入的強勁增長感到高興。

Year-on-year performance reflects elevated consumer online activity, broad-based strength in advertiser spend and lapping of the initial impact of the pandemic on advertising revenues that began in March last year.

同比表現反映了消費者在線活動的增加、廣告客戶支出的廣泛實力以及從去年 3 月開始的大流行對廣告收入的初步影響。

In the first quarter in Search, we saw sustained strength across most categories led by retail.

在搜索領域的第一季度，我們看到以零售業為主導的大多數類別的持續增長。

We also saw strong performance in tech and CPG.

我們還看到了科技和 CPG 的強勁表現。

In YouTube, we had phenomenal growth driven by direct response followed by continued strength in brand.

在 YouTube 中，我們在直接響應的推動下實現了驚人的增長，隨後是品牌的持續實力。

We've seen great momentum in TrueView for action ads with a number of advertisers using the format doubling over the past year.

我們看到 TrueView 行動廣告的發展勢頭強勁，在過去一年中使用該格式的廣告客戶數量翻了一番。

In network, exceptional growth was driven by AdMob and Ad Manager, with particular strength in app campaigns.

在網絡方面，AdMob 和 Ad Manager 推動了非凡的增長，尤其是應用廣告系列。

Google Other revenues were driven by growth in Google Play and YouTube's nonadvertising revenues, followed by hardware.

Google 其他收入的增長來自 Google Play 和 YouTube 非廣告收入的增長，其次是硬件。

I would now like to take a few minutes to dive deeper into the trends we're seeing in our business.

我現在想花幾分鐘時間深入了解我們在業務中看到的趨勢。

As Sundar touched on earlier, the pandemic is evolving in different ways across the world.

正如 Sundar 早些時候提到的那樣，這種流行病正在世界範圍內以不同的方式演變。

Some countries are in advanced stages of reopening.

一些國家正處於重新開放的後期階段。

Others are facing reacceleration of cases, and there's everything in between.

其他人則面臨案件的重新加速，介於兩者之間。

It's never been more important to help businesses navigate the pandemic as circumstances change.

隨著情況的變化，幫助企業應對大流行從未如此重要。

On travel, we're starting to see renewed interest from users as they turn to Google to plan their next trip even before they're ready to book.

在旅行方面，我們開始看到用戶重新產生了興趣，因為他們甚至在準備好預訂之前就轉向 Google 來計劃他們的下一次旅行。

Every travel partner is looking to understand where demand is going, and we're helping them find these opportunities through insights and automation.

每個旅行合作夥伴都希望了解需求的去向，我們正在通過洞察力和自動化幫助他們找到這些機會。

For American Airlines, for example, that meant using our insight tools to anticipate demand on untapped routes.

例如，對於美國航空公司來說，這意味著使用我們的洞察工具來預測未開發航線的需求。

These newly prioritized routes had a significantly higher booking rate in Search this quarter compared to last quarter.

與上一季度相比，本季度這些新優先路線在搜索中的預訂率顯著提高。

Also, just last month, we made it free for hotels and travel companies to list their booking links similar to what we did with Shopping last year.

此外，就在上個月，我們讓酒店和旅遊公司可以免費列出他們的預訂鏈接，這與我們去年在購物時所做的類似。

For consumers, it means more choice.

對於消費者來說，這意味著更多的選擇。

For hotels and travel companies, it means free exposure on Google.

對於酒店和旅遊公司來說，這意味著在 Google 上免費曝光。

For advertisers, it means paid campaigns can be augmented with free listings.

對於廣告商來說，這意味著付費活動可以通過免費列表來增加。

We are already seeing positive results across the board.

我們已經看到了全面的積極成果。

Let me switch gears now and talk about retail, where we had a very strong quarter.

現在讓我換個角度談談零售，我們在這個季度表現非常強勁。

As you know, we've taken important steps over the past year to accelerate an open retail ecosystem.

如您所知，我們在過去一年中採取了重要步驟來加速開放零售生態系統。

We made product listings free, removed commission fees and opened our Shopping platform to Shopify and PayPal.

我們免費提供產品列表，取消佣金，並向 Shopify 和 PayPal 開放我們的購物平台。

We're also helping retailers lean into some key opportunities such as innovating in omnichannel as the line between digital and physical retail continues to blur and tapping into commercial intent on YouTube and other services.

我們還幫助零售商抓住一些關鍵機會，例如在數字零售和實體零售之間的界限繼續模糊的情況下進行全渠道創新，並利用 YouTube 和其他服務的商業意圖。

Let me talk about both.

讓我談談兩者。

Over the last 6 months, people's shopping preferences have shifted constantly in response to changing conditions.

在過去的 6 個月中，人們的購物偏好隨著環境的變化而不斷變化。

It's not just online.

它不只是在線。

It's not just offline.

這不僅僅是離線。

It's a mix.

這是一個混合體。

And that's our sweet spot with Search, Maps and YouTube.

這就是我們在搜索、地圖和 YouTube 上的最佳選擇。

Last quarter, we talked about a surge in searches for available near me and for curbside pickup.

上個季度，我們談到了我附近可用和路邊取貨的搜索量激增。

That trend has not changed.

這種趨勢沒有改變。

Searches for local and businesses are up 80% versus last year.

與去年相比，本地和企業的搜索量增加了 80%。

Omnichannel is here to stay.

全渠道將繼續存在。

Take Dick's Sporting Goods.

以迪克的體育用品為例。

Throughout the pandemic, they accelerated curbside pick-up, pick-up in-store and ship from store fulfillment options and search.

在整個大流行期間，他們加快了路邊取貨、店內取貨和從商店履行選項和搜索發貨的速度。

This approach contributed to 100% year-over-year increase in e-commerce sales in 2020.

這種方法有助於 2020 年電子商務銷售額同比增長 100%。

And just recently, they activated YouTube to build awareness for new store concepts.

就在最近，他們啟動了 YouTube，以建立對新商店概念的認知度。

Michaels, the arts and crafts store, also activated their omnichannel fulfillment approach using Search And maps.

工藝品商店 Michaels 也使用搜索和地圖激活了他們的全渠道履行方法。

And to meet surging demand for art supplies, they use TrueView Action to tap into the vast number of arts and craft searches happening on YouTube.

為了滿足對藝術用品不斷增長的需求，他們使用 TrueView Action 來利用 YouTube 上發生的大量藝術和手工藝搜索。

In 2020, their e-commerce sales were up 350%.

2020年，他們的電子商務銷售額增長了350%。

We're also doing more to help merchants tap into the incredible innate commercial behavior across Search and YouTube.

我們還在做更多的工作來幫助商家利用搜索和 YouTube 上令人難以置信的先天商業行為。

Google merchants can now plug their product feeds right into their video action campaigns, and early adopters are seeing huge results.

谷歌商家現在可以將他們的產品提要直接插入他們的視頻行動活動中，早期採用者看到了巨大的成果。

Luxury cosmetics company, Clarins HK, had a beautiful product imagery from the Google merchant feed as an extension and saw a 68% conversion rate uplift within 3 weeks.

豪華化妝品公司 Clarins HK 將來自 Google 商家 Feed 的精美產品圖片作為擴展，並在 3 週內實現了 68% 的轉化率提升。

Any merchant can now light this up with a single click in our Google Merchant Center.

現在，任何商家都可以在我們的 Google Merchant Center 中單擊一下來點亮它。

Speaking of YouTube, we're helping advertisers address both brand and performance goals at scale, driving higher return on ad spend at a time when they need it most.

說到 YouTube，我們正在幫助廣告客戶大規模實現品牌和績效目標，在他們最需要的時候推動更高的廣告支出回報。

We're only a few years in on direct response, and we think there is significant opportunity for innovation that will improve the user experience and provide better ROI for advertisers.

我們在直接響應方面只有幾年的時間，我們認為有很大的創新機會可以改善用戶體驗並為廣告商提供更好的投資回報率。

On the performance side, advertisers of all sizes are actually seeing incredible results.

在性能方面，各種規模的廣告商實際上都看到了令人難以置信的結果。

Like global group fitness company Less Mills was hit hard when the 20,000 partner gyms closed during lockdown.

與全球團體健身公司 Less Mills 一樣，當 20,000 家合作健身房在封鎖期間關閉時，它也受到了沉重打擊。

They accelerated digital and grew app subscribers by almost 7x with TrueView for Action.

他們使用 TrueView 行動號召加速了數字化進程並將應用訂閱者增長了近 7 倍。

We're seeing strong growth at YouTube's brand business, fueled by a global consumer trend from linear TV towards streaming video.

在從線性電視到流媒體視頻的全球消費趨勢的推動下，我們看到 YouTube 的品牌業務強勁增長。

With over 2 billion monthly logged in users and over 1 billion hours of video watched every day, YouTube is offering advertisers efficient reach to large audiences, which are incremental to those found on TV.

YouTube 每月有超過 20 億的登錄用戶和每天超過 10 億小時的視頻觀看時間，YouTube 正在為廣告商提供對大量觀眾的有效覆蓋，這些觀眾比電視上的觀眾有所增加。

Large brands are benefiting from this trend.

大品牌正從這一趨勢中受益。

Taco Bell saw a 27% incremental reach for the limited time offer campaigns.

Taco Bell 的限時優惠活動增加了 27% 的覆蓋面。

And Kellogg's saw incremental reach of over 30% for the recent Special K campaign.

家樂氏最近的 Special K 活動增加了超過 30% 的覆蓋面。

Before I close, I want to take a minute to highlight our work with partners.

在結束之前，我想花一點時間來強調一下我們與合作夥伴的合作。

Sundar mentioned Google News showcase.

Sundar 提到了 Google 新聞展示。

We now have deals with 600-plus publishers across more than 12 countries: Le Monde in France, Der Spiegel and Stern in Germany, Clarin in Argentina, Evening Standard in the U.K., just to name a few.

我們現在與超過 12 個國家的 600 多家出版商達成交易：法國的 Le Monde、德國的 Der Spiegel 和 Stern、阿根廷的 Clarin、英國的標準晚報等等。

And we're continuing to expand the program.

我們正在繼續擴展該計劃。

We're also developing more valuable relationships with some of our strategic partners.

我們還與我們的一些戰略合作夥伴發展更有價值的關係。

By teaming up, we're able to build new experiences for our users while helping our partners innovate and grow.

通過合作，我們能夠為我們的用戶打造新體驗，同時幫助我們的合作夥伴進行創新和發展。

We've gone well beyond ads to bring the best of Google across Cloud, Play, YouTube and more to help them do just that.

我們已經超越了廣告，將 Google 的精華帶到了 Cloud、Play、YouTube 等平台，幫助他們做到這一點。

Sundar mentioned Univision.

Sundar 提到了 Univision。

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

在本季度，我們還宣布了 T-Mobile、Albertsons、安聯和慕尼黑再保險。

I want to thank our customers and partners for their collaboration.

我要感謝我們的客戶和合作夥伴的合作。

We've always said we succeed only when they succeed.

我們一直說，只有當他們成功時，我們才會成功。

And I also want to thank our product, partnerships, sales and support teams for their amazing work and innovation.

我還要感謝我們的產品、合作夥伴、銷售和支持團隊的出色工作和創新。

I'll now hand off the call to Ruth.

我現在將把電話轉給 Ruth。

Thank you, Philipp.

謝謝你，菲利普。

Our very strong financial results in the first quarter reflect both lapping the impact of COVID on our business beginning in March 2020 and as well as the benefit of excellent underlying operating performance.

我們在第一季度非常強勁的財務業績既反映了 COVID 對我們從 2020 年 3 月開始的業務的影響，也反映了出色的基本運營業績帶來的好處。

My focus will be on year-over-year comparisons for the first quarter unless I state otherwise.

除非我另有說明，否則我的重點將放在第一季度的同比比較上。

I'll start with results at the Alphabet level followed by segment results and conclude with our outlook.

我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 first quarter, our consolidated revenues were $55.3 billion, up 34% or up 32% in constant currency, reflecting elevated consumer activity online and broad-based increases in advertiser spending within Google services as well as ongoing strength in Google Cloud.

第一季度，我們的綜合收入為 553 億美元，增長 34% 或按固定匯率計算增長 32%，這反映了在線消費者活動的增加、谷歌服務中廣告客戶支出的廣泛增長以及谷歌云的持續實力。

Our total cost of revenues was $24.1 billion, up 27%, primarily driven by other cost of revenues, which was $14.4 billion, up 25%, followed by TAC, which was $9.7 billion, up 30%.

我們的總收入成本為 241 億美元，增長 27%，主要受其他收入成本的推動，為 144 億美元，增長 25%，其次是 TAC，為 97 億美元，增長 30%。

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

在其他收入成本中，最大的因素是：首先，內容獲取成本，主要受 YouTube 廣告支持內容的成本驅動，其次是訂閱內容成本；其次，與數據中心和其他運營相關的成本，部分被由於服務器和某些網絡設備的估計使用壽命變化而導致的折舊費用減少所抵消。

Operating expenses were $14.8 billion, up 4%.

營業費用為 148 億美元，增長 4%。

In terms of the 3 component parts of OpEx.

就 OpEx 的 3 個組成部分而言。

First, the increase in R&D expenses was driven primarily by headcount growth.

首先，研發費用的增長主要受員工人數增長的推動。

Second, sales and marketing expenses were essentially flat, reflecting headcount growth, which was offset by lower spend on ads and promo as well as on travel and entertainment.

其次，銷售和營銷費用基本持平，反映了員工人數的增長，這被廣告和促銷以及旅行和娛樂方面的支出減少所抵消。

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

最後，G&A 的下降反映了由於 COVID 的影響而在 2020 年第一季度記錄的異常高的信貸損失準備金被與某些法律事務相關的費用所抵消的好處。

Headcount was up 4,694 from the fourth quarter, including more than 1,800 Fitbit employees who joined us in Q1.

員工人數比第四季度增加了 4,694 人，其中包括 1,800 多名在第一季度加入我們的 Fitbit 員工。

Again, the majority of new hires were engineers and product managers.

同樣，大多數新員工是工程師和產品經理。

Operating income was $16.4 billion, up 106%, and our operating margin in the quarter was 30%.

營業收入為 164 億美元，增長 106%，我們本季度的營業利潤率為 30%。

Other income and expense was $4.8 billion, which primarily reflects unrealized gains in the value of investments in equity securities.

其他收入和支出為 48 億美元，主要反映股本證券投資價值的未實現收益。

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

淨收入為 179 億美元，經營現金流為 193 億美元，本季度自由現金流為 133 億美元，過去 12 個月為 507 億美元。

We ended the first quarter with $135 billion in cash and marketable securities.

我們在第一季度結束時擁有 1350 億美元的現金和有價證券。

Let me now turn to our segment financial results.

現在讓我談談我們的分部財務業績。

Starting with our Google Services segment.

從我們的 Google 服務部門開始。

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

谷歌服務總收入為 512 億美元，增長 34%，其中本季度谷歌搜索和其他廣告收入為 319 億美元，增長 30%，其中大部分類別的收入以零售業為首。

YouTube advertising revenues of $6 billion, up 49%, driven by exceptional performance in direct response and ongoing strength in brand advertising.

YouTube 廣告收入達到 60 億美元，增長 49%，這得益於直接響應方面的卓越表現和品牌廣告的持續實力。

Network advertising revenues of $6.8 billion, up 30%, driven by AdMob and Ad Manager.

在 AdMob 和 Ad Manager 的推動下，網絡廣告收入達到 68 億美元，增長 30%。

Other revenues were $6.5 billion, up 46%, primarily driven by growth in Play and YouTube nonadvertising revenues followed by hardware, which benefited from the addition of Fitbit revenues.

其他收入為 65 億美元，增長 46%，主要受 Play 和 YouTube 非廣告收入增長的推動，其次是硬件，這得益於 Fitbit 收入的增加。

Google Services operating income was $19.5 billion, up 69%.

谷歌服務營業收入為 195 億美元，增長 69%。

And the operating margin was 38%.

營業利潤率為38%。

Turning to the Google Cloud segment, including GCP and Google Workspace.

轉向 Google Cloud 部分，包括 GCP 和 Google Workspace。

Revenues were $4 billion for the first quarter, up 46%.

第一季度收入為 40 億美元，增長 46%。

GCP's revenue growth was again meaningfully above cloud overall.

GCP 的收入增長再次顯著高於整體雲。

Strong growth in Google Workspace revenues was driven by growth in both seats and average revenue per seat.

Google Workspace 收入的強勁增長是由席位和每個席位的平均收入的增長推動的。

Google Cloud had an operating loss of $1 billion.

谷歌云的運營虧損為 10 億美元。

As to our Other Bets in the first quarter, revenues were $198 million.

至於我們第一季度的其他賭注，收入為 1.98 億美元。

The operating loss was $1.1 billion.

經營虧損為 11 億美元。

Let me end with our outlook for each segment and our investments more broadly.

最後，讓我談談我們對每個細分市場的展望以及更廣泛的投資。

For Google services, for the remainder of 2021, year-over-year comparisons will be affected meaningfully by the impact of COVID last year with a greater benefit in Q2 from an easier comp relative to what you saw in Q1 and then beginning to lap stronger performance in the second half of the year.

對於 Google 服務，在 2021 年剩餘時間內，同比比較將受到去年 COVID 的影響的顯著影響，第二季度相比您在第一季度看到的情況更容易獲得更大的收益，然後開始變得更強勁下半年業績。

In the first quarter, we continued to benefit from elevated consumer online activity and broad-based strength in advertiser spend.

在第一季度，我們繼續受益於消費者在線活動的增加和廣告客戶支出的廣泛實力。

It is too early to say how durable this consumer behavior will be as economies recover and restrictions on mobility are lifted.

隨著經濟復甦和出行限制的解除，現在說這種消費者行為將持續多久還為時過早。

Within other revenues, Play benefited from an increased level of user engagement starting in Q1 last year due to the pandemic, which we are now beginning to lap.

在其他收入中，Play 受益於從去年第一季度開始由於大流行而提高的用戶參與度，我們現在開始關注大流行。

In terms of investment levels within Google Services, we still intend to invest aggressively to support the extraordinary opportunities we see.

就 Google 服務的投資水平而言，我們仍打算積極投資以支持我們看到的非凡機會。

That being said, in some areas like travel and entertainment and marketing events, the pace of investment through the balance of the year may be affected by the pace of COVID recovery globally.

話雖如此，在旅遊、娛樂和營銷活動等某些領域，今年餘下時間的投資步伐可能會受到全球 COVID-19 復甦步伐的影響。

As for Google Cloud, our approach to building the business has not changed.

至於谷歌云，我們建立業務的方法沒有改變。

We remain focused on revenue growth, and we will continue to invest aggressively in products and our go-to-market organization given the opportunity we see.

我們仍然專注於收入增長，我們將繼續積極投資於產品和我們的上市組織，因為我們看到了機會。

The operating results in Q1, in part, reflect some notable items in the quarter: first, the lapping of the unusually high allowances for credit losses recorded in the first quarter of 2020, as I already mentioned; and second, lower depreciation expense due to the change in estimated useful lives, although the dollar benefit will diminish throughout the course of the year across segments.

第一季度的經營業績在一定程度上反映了該季度的一些值得注意的項目：首先，正如我已經提到的，2020 年第一季度記錄的異常高的信貸損失準備金的重疊；其次，由於預計使用壽命的變化，折舊費用降低，儘管美元收益將在整個年度期間跨部門減少。

As we've noted previously, operating results should benefit from increased scale over time.

正如我們之前所指出的，隨著時間的推移，經營業績應該會受益於規模的擴大。

However, at this point, we do remain focused on continuing to invest to build the cloud organization for long-term performance.

但是，在這一點上，我們仍然專注於繼續投資以建立雲組織以實現長期績效。

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

在其他賭注方面，我們繼續投資，重點關注長期價值創造機會。

Turning to CapEx at the consolidated level.

轉向綜合層面的資本支出。

The results reflect ongoing investment in our technical infrastructure, offset by a slower pace of investment in office facilities given the ongoing impact of COVID.

結果反映了我們對技術基礎設施的持續投資，但鑑於 COVID 的持續影響，辦公設施投資步伐放緩抵消了這一影響。

Within technical infrastructure, servers continue to be the largest driver of investment as we continue to invest to support Cloud, Search, ads and machine learning.

在技術基礎架構中，隨著我們繼續投資支持雲、搜索、廣告和機器學習，服務器仍然是最大的投資驅動力。

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

最後，在資本配置方面，我們對資本的主要用途仍然是支持我們業務的有機增長，其次是保持收購和投資的靈活性。

We complement these growth drivers with a return of capital.

我們通過資本回報來補充這些增長動力。

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

正如我們今天在新聞稿中指出的那樣，我們的董事會已授權回購最多 500 億美元的 C 類股票。

Thank you.

謝謝你。

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

現在 Sundar、Philipp 和我將回答你的問題。

(Operator Instructions) And the first question comes from the line of Brian Nowak from Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的 Brian Nowak。

I have 2. First one for Sundar.

我有 2 個。Sundar 的第一個。

I appreciate the color on the 4 key priorities.

我很欣賞 4 個關鍵優先事項的顏色。

I wanted to dig a little more into the build and provide the most helpful products and services.

我想更深入地研究構建並提供最有用的產品和服務。

Maybe if you can sort of talk to us about Search.

也許你可以和我們談談搜索。

How do you think about the key investment priorities and innovation areas to continue to make Search more and more helpful for your users and your advertisers?

您如何看待關鍵的投資重點和創新領域，以繼續使搜索對您的用戶和廣告客戶越來越有用？

And the second one for Philipp, maybe similar question on YouTube.

Philipp 的第二個問題，可能是 YouTube 上的類似問題。

You've done such a great job on innovation around YouTube.

您在圍繞 YouTube 的創新方面做得非常出色。

Where do you see the largest incremental opportunities for further innovation at YouTube to deliver more outsized value for your advertisers?

您認為 YouTube 進一步創新的最大增量機會在哪裡，可以為您的廣告客戶帶來更大的價值？

Thanks.

謝謝。

On Search, great question.

在搜索中，好問題。

I still think we are in very early stages.

我仍然認為我們還處於非常早期的階段。

A recent example, which I was proud of, was when the ship was stuck in the Suez Canal, then it got out.

最近的一個讓我感到自豪的例子是，當這艘船被困在蘇伊士運河時，它就逃了出來。

If you asked the question to Google, I think very soon after that, we had the right answer, that seems obvious to do except we need to provide right answers and without giving wrong answers or misinformation for many other things.

如果您向 Google 提出這個問題，我認為在那之後不久，我們就有了正確的答案，這似乎是顯而易見的，除了我們需要提供正確的答案並且不對許多其他事情提供錯誤答案或錯誤信息。

So to do that is where all our underlying investments go and that's how we think about it over the long term.

因此，這樣做是我們所有基礎投資的去向，也是我們長期考慮的方式。

BERT, last year, I think, was a great example of it.

我認為去年的 BERT 就是一個很好的例子。

It was one of our biggest quality improvements.

這是我們最大的質量改進之一。

And that was based on the transformer breakthrough from our Google AI team, which laid the foundation for it.

這是基於我們 Google AI 團隊的 Transformer 突破，為它奠定了基礎。

So we are continuing to invest that way in the deep technology.

因此，我們將繼續以這種方式投資於深度技術。

As the web is scaling up, there's more information than ever before.

隨著網絡規模的擴大，信息量比以往任何時候都多。

So that's a big part of what we are doing.

所以這是我們正在做的很大一部分。

Beyond that, there's a lot of opportunity to improve the user experience.

除此之外，還有很多改善用戶體驗的機會。

You've seen our efforts around shopping.

您已經看到了我們在購物方面的努力。

That's one aspect of how we are working hard to improve the experience there.

這是我們如何努力改善那裡的體驗的一個方面。

So -- but we are looking at it pretty deeply.

所以 - 但我們正在深入研究它。

Philipp?

菲利普?

Yes.

是的。

On the YouTube side, let me start with our direct response business.

在 YouTube 方面，讓我從我們的直接響應業務開始。

Growth was truly exceptional this quarter.

本季度的增長確實非常出色。

DR was practically nonexistent on YouTube a few years ago, and it's now a large and fast-growing business, and we're just getting started, in my view.

幾年前，YouTube 上幾乎不存在 DR，現在它是一個龐大且快速增長的業務，在我看來，我們才剛剛起步。

People already, as you know, go to YouTube, to decide what they want to buy, and we want to make it easier for them to buy and make the discovery process overall a lot easier.

如您所知，人們已經在 YouTube 上決定他們想買什麼，我們想讓他們更容易購買，並使整個發現過程更容易。

And for creators, we launched new shoppable capabilities, so users can actually make purchases from the favorite creators directly on YouTube.

對於創作者，我們推出了新的購物功能，因此用戶實際上可以直接在 YouTube 上從最喜歡的創作者那裡購買。

Just as an example, as part of our Brand Connect program, Calvin Klein tested these and drove over, I think it was 200% lift in brand search and sold out multiple products, actually.

舉個例子，作為我們的 Brand Connect 計劃的一部分，Calvin Klein 測試了這些並開車過來，我認為這是 200% 的品牌搜索提升，實際上多種產品都售罄。

For merchants, they can now bring their product feeds directly into their video campaigns.

對於商家來說，他們現在可以將他們的產品提要直接帶入他們的視頻廣告系列中。

And I think we're still scratching the surface on what's possible really with commercial intent on YouTube.

而且我認為我們仍在探索 YouTube 上真正具有商業意圖的可能性。

And then there's, of course, the opportunity to be a major platform for brands.

當然，還有機會成為品牌的主要平台。

Historical approaches to reaching audiences through, let's just say, call it, linear TV don't really work anymore.

歷史上通過線性電視吸引觀眾的方法，比如說，稱之為線性電視不再奏效了。

Advertisers are using YouTube now to reach the audience they can't find anywhere else.

廣告商現在正在使用 YouTube 來吸引他們在其他任何地方都找不到的受眾。

And remember, more 18- to 49-year olds are actually watching YouTube than all linear TV combined.

請記住，實際上觀看 YouTube 的 18 至 49 歲的人比所有線性電視加起來還要多。

And brands are also seeing more incremental reach on YouTube compared to TV.

與電視相比，品牌在 YouTube 上的影響力也越來越大。

So we're starting to see advertisers buy a mix actually of awareness and more action-oriented formats.

因此，我們開始看到廣告商實際上購買了意識和更多以行動為導向的格式的組合。

They're driving reach and results across the funnel, from awareness to consideration to action.

他們正在從意識到考慮再到行動的整個渠道推動影響力和結果。

So we see a lot of really interesting opportunities here.

所以我們在這裡看到了很多非常有趣的機會。

And our next question comes from Doug Anmuth from JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

I have 2. First, Ruth, just wanted to ask you about Cloud.

我有 2 個。首先，Ruth，我只是想問你關於 Cloud 的事。

You saw some significant benefits just from the change in useful life.

您僅從使用壽命的變化中就看到了一些顯著的好處。

But I think in the past, you talked about 1Q perhaps being the biggest loss of the year.

但我認為過去，您談到 1Q 可能是今年最大的損失。

I was just curious if that's still the case in your view going forward.

我只是好奇，如果你認為未來的情況仍然如此。

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

其次，鑑於我們在 Waymo 看到的管理轉型，我們是否應該期待未來的運營方式會發生任何變化？

Thanks for the question.

謝謝你的問題。

So in terms of cloud and overall performance, I think the main point I would say is I wouldn't extrapolate generally from quarter-to-quarter, given we're still in the early stages of building the business.

因此，就雲計算和整體性能而言，我認為我想說的主要一點是，我不會從季度到季度進行一般性推斷，因為我們仍處於建立業務的早期階段。

We do intend to continue to invest meaningfully in cloud given the opportunity.

如果有機會，我們確實打算繼續對雲進行有意義的投資。

And so as you said, there were a couple of things that benefited margins in the quarter, both the depreciation expense side, but also lapping the unusually high allowance for credit losses that were recorded back in the first quarter.

正如您所說，本季度有幾件事使利潤率受益，包括折舊費用方面，以及第一季度記錄的異常高的信貸損失準備金。

So the main takeaway is we're continuing to invest, we'll invest aggressively in products and go-to-market where we've talked about quite consistently over time.

因此，主要的收穫是我們將繼續投資，我們將積極投資於產品和進入市場，我們一直在談論隨著時間的推移。

And as much as operating losses and operating margin will benefit from increased scale over time at this point, we do remain focused on investing to build the organization for long-term performance.

在這一點上，隨著時間的推移，隨著時間的推移，經營虧損和經營利潤率將受益於規模的擴大，我們仍然專注於投資以建立組織以實現長期績效。

And Doug, on Waymo, John is stepping down as CEO, and he's been planning for this transition.

而道格，在 Waymo 上，約翰正在辭去 CEO 的職務，他一直在為這次過渡做計劃。

And Dmitri and Takedra have been working closely with them.

Dmitri 和 Takedra 一直在與他們密切合作。

And so we'll continue our investments there.

因此，我們將繼續在那裡進行投資。

Pretty excited that the fully autonomous experience of Waymo 1 is available in Phoenix, and we are also accelerating the development of our next-generation Waymo driver to deployed in San Francisco.

很高興 Waymo 1 的完全自主體驗在鳳凰城可用，我們也在加速開發下一代 Waymo 驅動程序以部署在舊金山。

And this past quarter, Waymo began limited driver testing in San Francisco.

上個季度，Waymo 開始在舊金山進行有限的駕駛員測試。

And so really focused on making sure we make the hard technical progress so that we can operationalize this, and so we'll continue executing towards that.

因此，我們真正專注於確保我們取得艱難的技術進步，以便我們可以將其付諸實施，因此我們將繼續朝著這個方向執行。

And our next question comes from Brent Thill from Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

As it relates to some of the harder-hit industries, I'm curious if you could just characterize the shape of the recovery, what you're seeing across travel in some of the other sectors.

由於它與一些受災最嚴重的行業有關，我很好奇您是否可以描述復甦的形式，以及您在其他一些行業的旅行中看到的情況。

And have there been any verticals that you have yet to see recover that may pull out in the second half of the year?

是否有任何垂直行業尚未看到復蘇，但可能會在今年下半年退出？

So overall, what we indicated is that the strong results reflect in part, lapping the impact that we saw starting late in Q1 of last year and then a pick up in a number of areas.

因此，總體而言，我們表示強勁的結果部分反映了我們在去年第一季度末開始看到的影響，然後在許多領域有所回升。

I think the main thing we'd want to leave you with is that we are seeing, in part, an acceleration of the shift to digital, but it's too early to forecast the extent to which these changes in consumer behavior and advertising spend will endure.

我認為我們想留給您的主要內容是，我們在一定程度上看到了向數字化轉變的加速，但現在預測消費者行為和廣告支出的這些變化將持續多久還為時過早.

There are some obvious examples if you think about, for example, the bump in consumption for things like outfitting your home to work-from-home.

如果您考慮一下，就會有一些明顯的例子，例如，像在家辦公這樣的事情的消費增長。

Obviously, that doesn't repeat.

顯然，這不會重複。

And so our main thing is that we think it's premature at this point to really assess how durable this consumer behavior trends are.

因此，我們的主要問題是，我們認為此時真正評估這種消費者行為趨勢的持久性還為時過早。

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

特別是旅行，你有沒有 - 你能就你在這方面看到的東西給我們任何顏色嗎？

Nothing more to add.

沒有什麼要補充的了。

Philipp had a couple of comments about some of the areas where we're trying to innovate to be helpful to our partners.

Philipp 對我們正在嘗試創新以幫助我們的合作夥伴的一些領域發表了一些評論。

But beyond that, nothing to add.

但除此之外，沒有什麼可補充的。

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

下一個問題來自美國銀行的 Justin Post。

Maybe one for Philipp and one for Ruth.

也許一份給菲利普，一份給露絲。

First, Philipp, you mentioned a couple of times that durability of the improvement is tough to gauge.

首先，Philipp，您多次提到改進的持久性很難衡量。

Maybe you can help us understand what the key drivers of Search are that you're thinking about over the next couple of years.

也許您可以幫助我們了解您在接下來的幾年中考慮的搜索的關鍵驅動因素是什麼。

Is it queries, product improvements, certain changes in verticals like shopping?

是查詢、產品改進、購物等垂直行業的某些變化嗎？

How are you thinking about driving Search growth?

您如何看待推動搜索增長？

And then maybe for Ruth.

然後也許是為了露絲。

Model showed great efficiency last year on the cost side and margins.

去年，模型在成本方面和利潤方面表現出了很高的效率。

Anything you're learning or experiences during the pandemic that we can think about post-pandemic on cost efficiencies or things like that?

您在大流行期間學到的任何東西或經驗，我們可以在大流行後考慮成本效率或類似的事情嗎？

Yes.

是的。

Thank you so much for the question.

非常感謝你的問題。

I usually look at the different components of Search as basically 4 key drivers.

我通常將搜索的不同組件視為基本上 4 個關鍵驅動程序。

The first one, obviously, being the queries.

顯然，第一個是查詢。

So are we really the best place for users to turn to when they need information?

那麼，當用戶需要信息時，我們真的是他們求助的最佳場所嗎？

The second one is, I would call it ads coverage.

第二個是，我稱之為廣告覆蓋率。

So what percent of queries is really commercial?

那麼百分之多少的查詢是真正商業的？

And then what percentage are we actually covering with ads?

然後我們實際上用廣告覆蓋了多少百分比？

And then we need to ask ourselves, do both of these have upside.

然後我們需要問自己，這兩者是否都有好處。

The third one is click-through rates or individual ad click-through rates close to being optimized.

第三個是接近優化的點擊率或單個廣告點擊率。

Is there more we can do here by just delivering better creatives, better ads, better answers?

通過提供更好的創意、更好的廣告、更好的答案，我們還能做更多嗎？

To what extent can we deploy next-generation machine learning here?

我們可以在多大程度上部署下一代機器學習？

And then the last one is obviously the CPC, right?

然後最後一個顯然是CPC，對嗎？

How much is someone willing to bid for a click on their ad?

有人願意為點擊他們的廣告出價多少？

And this is obviously, to a large extent, driven by the quality of traffic we're sending.

這在很大程度上顯然是由我們發送的流量質量驅動的。

And then conversion rate is a big driver of this.

然後轉化率是一個很大的驅動力。

So we're working very closely with our partners, advertisers and so on across the world to help them optimize their conversion rates and their OI.

因此，我們正在與我們在世界各地的合作夥伴、廣告商等密切合作，以幫助他們優化轉化率和 OI。

Those are really the 4 big components, and I'm excited about all 4 of them, actually.

這些確實是 4 大組件，實際上，我對所有 4 個組件都感到興奮。

And in terms of your question on efficiency, I appreciate the question.

關於你關於效率的問題，我很欣賞這個問題。

I think that at the highest level, the approach is unchanged.

我認為在最高級別，方法是不變的。

Our approach on investing in capital allocation is, first and foremost, to support long-term growth with financially sustainable businesses.

我們投資資本配置的方法首先是支持財務上可持續的業務的長期增長。

It's about being sharper within product areas and then making sure we're investing in what I keep referring to as operational excellence, things like our technical infrastructure, systems to improve productivity, to improve velocity of our product teams and then the very important efforts around privacy and security and content moderation.

這是關於在產品領域內更加敏銳，然後確保我們投資於我一直所說的卓越運營，比如我們的技術基礎設施、提高生產力的系統、提高我們產品團隊的速度，然後是非常重要的努力隱私和安全以及內容審核。

And I think, to your question, the experiences of this past year underscored really the value of having made those investments to protect and support operational excellence.

我認為，就你的問題而言，過去一年的經驗確實強調了進行這些投資以保護和支持卓越運營的價值。

It really served us well and customers and our ability to deliver throughout this period of time.

它確實為我們和客戶以及我們在這段時間內的交付能力提供了很好的服務。

So that framework is unaltered.

所以這個框架沒有改變。

I think that part of what you're seeing in the first quarter, I've said it a couple of times now, but are some notable items in the quarter, the lapping of the allowance for credit losses, the benefit from depreciation life.

我認為您在第一季度看到的那部分內容，我已經說過幾次了，但是是本季度的一些值得注意的項目，信用損失準備金的計算，折舊年限的收益。

And then there were certain things that were due to COVID, just the lower impact for things like T&E and marketing.

然後有些事情是由於 COVID 造成的，只是對 T&E 和營銷等方面的影響較小。

And so the main point is we will continue to invest for long-term growth, so that's in both areas, Google Services and Cloud.

所以重點是我們將繼續投資於長期增長，這在谷歌服務和雲這兩個領域都是如此。

And we continue to maintain that framework that you referenced about looking for efficiencies where they are, but ensuring that we can deliver for users and customers.

我們繼續維護您提到的關於尋找效率的框架，但確保我們可以為用戶和客戶提供服務。

And our next question comes from Colin Sebastian from Baird.

我們的下一個問題來自 Baird 的 Colin Sebastian。

Sundar, first, you've highlighted for years that machine learning is clearly a strength and differentiation of the overall platform, including in cloud services, where we're also seeing competitors focus more on their capabilities here.

Sundar，首先，您多年來一直強調機器學習顯然是整個平台的優勢和差異化，包括在雲服務中，我們也看到競爭對手在這裡更加關注他們的能力。

So I'm wondering if you could talk about the pace of change around data science and how Google can sustain its competitive advantage in those areas.

所以我想知道你是否可以談談圍繞數據科學的變革步伐，以及谷歌如何保持其在這些領域的競爭優勢。

And then Philipp, I wanted to follow up on the momentum in Search that you attribute to Google Shopping.

然後是 Philipp，我想跟進您歸因於 Google 購物的搜索勢頭。

Is it fair to say that the shift to free product listings has led to the desired increase in retail advertising across the platform?

可以公平地說，向免費產品列表的轉變導致整個平台零售廣告的預期增加嗎？

Or are there other reasons beyond the pandemic that you attribute for that success?

或者，除了大流行之外，還有其他原因可以歸結為這種成功嗎？

Colin, on -- thanks.

科林，關於——謝謝。

And obviously, as we are thinking about AI, it all starts with foundational R&D we do.

顯然，當我們考慮人工智能時，這一切都始於我們所做的基礎研發。

I think we are one of the largest R&D investors in AI in the world.

我認為我們是世界上最大的人工智能研發投資者之一。

And so thinking ahead and doing that -- and we're doing it across all the foundational areas, and we are taking many diverse approaches.

所以提前思考並做到這一點 - 我們正在所有基礎領域都這樣做，我們正在採取許多不同的方法。

So as we make breakthroughs -- I earlier spoke about transformers and how that translated as BERT to improve search quality.

因此，當我們取得突破時——我之前談到了轉換器以及如何將其轉化為 BERT 以提高搜索質量。

And similarly, we are very committed to taking the AI improvements and bringing it through our GCP offerings to our enterprise customers as well.

同樣，我們也非常致力於進行 AI 改進，並將其通過我們的 GCP 產品提供給我們的企業客戶。

So it's an approach we are deeply committed to, and we are thinking of it with all layers of the stack.

因此，這是我們堅定地致力於的一種方法，我們正在考慮堆棧的所有層。

So this is why you see us work hard on TPUs, and we think about the tool chain for developers on top of all that.

所以這就是為什麼你看到我們在 TPU 上努力工作，我們在這之上考慮開發人員的工具鏈。

And so -- and I think if I look at the progress ahead, I think there's a lot more progress coming down the pipe.

所以 - 我認為如果我看一下未來的進展，我認為還有更多的進展即將到來。

And so I'm pretty excited, and it's why I feel Google GCP will be differentiated over time as our competitive advantage plays out.

所以我非常興奮，這就是為什麼我覺得隨著我們的競爭優勢發揮出來，Google GCP 會隨著時間的推移而與眾不同。

Yes.

是的。

And on the Shopping side, look, it's been a year since we brought Bill onboard, Bill Ready.

在購物方面，看，自從我們把比爾帶到船上已經一年了，比爾準備好了。

And we pivoted our Shopping strategy to better support retailers and consumers, trying to really build an open retail ecosystem.

我們將購物策略轉向更好地支持零售商和消費者，努力真正建立一個開放的零售生態系統。

And we're pleased with the progress we're making.

我們對我們正在取得的進展感到滿意。

As you said, free listings and 0 commissions, they've actually lowered barriers for online retail.

正如您所說，免費列表和 0 佣金，它們實際上降低了在線零售的門檻。

Shopping ads continue to be a powerful way for retailers to promote their products.

購物廣告仍然是零售商宣傳其產品的有力方式。

And the combination of free and paid is a meaningful one.

免費和付費的結合是有意義的。

We had a set of new partnerships with Shopify and PayPal that are giving retailers a lot more choice.

我們與 Shopify 和 PayPal 建立了一系列新的合作夥伴關係，為零售商提供了更多選擇。

And we will continue to simplify the, let me call it, end-to-end user and merchant experience, of course.

當然，我們將繼續簡化端到端的用戶和商家體驗。

In particular, we are trying to streamline and working hard to streamline the back-end experience for merchants, especially for hybrid retailers, so retailers that play in both brick-and-mortar and in digital.

特別是，我們正在努力簡化並努力簡化商家的後端體驗，尤其是混合型零售商，即同時參與實體店和數字業務的零售商。

And overall, we want to make it much, much easier for retailers to get started on Google and have their information appear across surfaces.

總體而言，我們希望讓零售商更輕鬆地開始使用 Google 並讓他們的信息出現在各個平台上。

And I mentioned the overall strength in retail before.

我之前提到過零售的整體實力。

So thank you.

所以謝謝。

And our next question comes from Mark Mahaney from ISI.

我們的下一個問題來自 ISI 的 Mark Mahaney。

I wanted to ask about your attempts to retain advertisers, and I'll ask it this way.

我想問一下你們挽留廣告商的嘗試，我會這樣問。

I think we've had record numbers of new business formations in the country and around the world on the unfortunate impact of COVID, but I think that's -- my guess is it's been a huge tailwind for your business.

我認為，由於 COVID 的不幸影響，我們在該國和世界各地建立了創紀錄的新業務，但我認為這是 - 我的猜測是這對您的業務來說是一個巨大的順風。

At the same time, we've had this real tip over, I think, of linear TV ad budgets in the back half of the year onto online channels like YouTube.

與此同時，我認為，我們在今年下半年將線性電視廣告預算轉移到了 YouTube 等在線頻道上。

So talk about these new advertisers that you've brought on to the Google platform, what you've been able to do, how confident you are in your ability to retain them, your advertiser retention strategy.

因此，請談談您為 Google 平台帶來的這些新廣告商、您能夠做到什麼、您對保留他們的能力有多大信心、您的廣告商保留策略。

So I can take those.

所以我可以拿走那些。

I mean, a lot of the new advertisers that you're referring to are obviously SMBs, and there is no doubt that this has been a challenging year for SMBs.

我的意思是，您所指的許多新廣告商顯然都是中小企業，毫無疑問，今年對中小企業來說是充滿挑戰的一年。

The pandemic has disrupted how many of them connect with their customers.

大流行打亂了他們中的許多人與客戶的聯繫。

But frankly, the pandemic has also been a catalyst for key consumer trends, obviously creating a lot of new opportunities for small businesses.

但坦率地說，這種流行病也是主要消費趨勢的催化劑，顯然為小企業創造了許多新機會。

And obviously, consumers are spending more time online.

顯然，消費者在網上花費的時間越來越多。

They're buying more online.

他們在網上購買更多。

They were willing to try new brands, and they're eager to support local businesses, SMBs.

他們願意嘗試新品牌，並且渴望支持本地企業、中小企業。

So searches for support local businesses are up significantly since last year.

因此，自去年以來，支持本地企業的搜索量大幅增加。

And we've been focused really on helping SMBs with simpler tools so they can actually embrace digital a lot faster.

我們一直專注於幫助 SMB 使用更簡單的工具，以便他們能夠更快地擁抱數字化。

And that's where we have really invested over the year and making everything simpler.

這就是我們一年來真正投資的地方，讓一切變得更簡單。

We had a very wide range of solutions to help them get online.

我們有非常廣泛的解決方案來幫助他們上網。

get discovered across all of our key products, Search, Maps, YouTube and so on.

在我們所有的主要產品、搜索、地圖、YouTube 等中被發現。

And there's multiple, multiple fascinating stories from them coming back to us.

他們有多個，多個引人入勝的故事回到我們身邊。

And we see this positively reflected in our rates here as well.

我們在這裡的費率中也看到了這一點。

And our next question comes from Michael Nathanson from MoffettNathanson.

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

I have 2. One for Philipp, one for Ruth.

我有 2 個。一個給 Philipp，一個給 Ruth。

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

菲爾，關於搜索的問題，我想知道你什麼時候退後一步，你認為哪些類別、哪些地區在營銷支出中的比例仍然不足，我們可能會看到更多的提升？

And then for Ruth, we always asked in the past about CapEx spending, noticed your useful life.

然後對於露絲，我們過去總是詢問資本支出，注意到你的使用壽命。

But I wonder has this pandemic change maybe your approach to the office space that you bought and thinking about how the company is going to deploy capital in terms of space going forward and how we think about the future of CapEx the next couple of years based on post pandemic.

但我想知道這種流行病是否會改變您購買辦公空間的方法，並考慮公司將如何在未來空間方面部署資本以及我們如何考慮未來幾年資本支出的未來大流行後。

Philipp seems to be on mute.

菲利普似乎處於靜音狀態。

I'll go ahead and start on the CapEx question.

我將繼續討論資本支出問題。

So in terms of CapEx, I think I'll address 2 parts.

因此，就資本支出而言，我想我將討論兩個部分。

You asked about office facilities, and I do think it's important to know.

您詢問了辦公設施，我認為了解這一點很重要。

We are continuing to invest in our technical infrastructure, and that's what you saw again here this quarter, and we'll continue to do so to support growth that we're seeing in Cloud and Search and ads and machine learning.

我們將繼續投資於我們的技術基礎設施，這就是您在本季度再次看到的情況，我們將繼續這樣做，以支持我們在雲和搜索、廣告和機器學習方面看到的增長。

No change there, so you'll be seeing that.

那裡沒有變化，所以你會看到的。

But the core of your question was really about office facilities.

但你問題的核心實際上是關於辦公設施。

And I think it's -- we've been very clear we do value bringing people together in the office, and we're looking at a hybrid work-from-home, work-from-office model.

我認為這是 - 我們非常清楚我們確實重視將人們聚集在辦公室中，我們正在研究一種在家工作和辦公室工作的混合模式。

As we look forward at developing our real estate footprint for offices, what we factor into it is, first, we are growing our headcount.

當我們期待為辦公室開發我們的房地產足跡時，我們考慮的是，首先，我們正在增加我們的員工人數。

We are looking at less density per employee.

我們正在考慮減少每位員工的密度。

So even with a hybrid work environment, we will continue to need space, and so we're continuing to build out our campuses and office facilities.

因此，即使是混合工作環境，我們仍將繼續需要空間，因此我們將繼續建設我們的校園和辦公設施。

What you saw in the first quarter was a slightly slower pace of that and a slower pace on fit-outs as well as we're evolving what does the space look like, but we expect to continue to pick up the pace there as we fit out our spaces for this kind of new reimagined environment.

您在第一季度看到的是速度稍慢，裝修速度也較慢，而且我們正在發展空間的樣子，但我們希望繼續加快步伐，因為我們適合為這種重新想像的新環境騰出我們的空間。

So yes, we'll continue to be investing in campuses around the globe as we have been.

所以，是的，我們將一如既往地繼續投資於全球各地的校園。

Yes.

是的。

And on your first part of your question, look, we're looking at our business from a very global perspective and are excited about it.

關於你問題的第一部分，看，我們正在從一個非常全球化的角度看待我們的業務，並對此感到興奮。

Keep in mind, we're not just addressing above-the-line marketing budget from an addressable market perspective, so not just traditional advertising, TV advertising and so on.

請記住，我們不只是從可尋址的市場角度解決線上營銷預算，因此不僅僅是傳統廣告、電視廣告等。

Below-the-line budgets are really significant, everything, promotional pricing, product placements, sponsorships and so on and so on.

線下預算真的很重要，一切，促銷價格，產品展示位置，贊助等等。

So there's this massive acceleration in e-commerce due to the pandemic.

因此，由於大流行，電子商務出現了巨大的加速。

Still more than 80% of commerce is still offline.

仍有超過 80% 的商業仍處於離線狀態。

So there's a huge opportunity here across the world for us to tap into those other budgets.

因此，我們在世界各地都有巨大的機會來利用這些其他預算。

They were really traditionally used in a very different context.

傳統上，它們實際上是在非常不同的背景下使用的。

So there's plenty of room for growth here.

所以這裡有很大的增長空間。

And I talked about how we look at it from a queries' perspective, from a commercial intent perspective.

我談到了我們如何從查詢的角度，從商業意圖的角度來看待它。

We're trying to use machine learning really smartly here.

我們正在嘗試在這裡非常巧妙地使用機器學習。

But the real focus in the end has to be how do we actually make our partners successful, how do we drive incremental ROI for them.

但最終真正的重點必須是我們如何真正讓我們的合作夥伴成功，我們如何為他們提高投資回報率。

And as long as we continue this well, I think we should continue to see budgets move our way as well.

只要我們繼續保持良好狀態，我認為我們應該繼續看到預算也朝著我們的方向發展。

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

我們的最後一個問題來自富國銀行的 Brian Fitzgerald。

Guys, you mentioned the strength in the supply side products in the network business.

伙計們，您提到了網絡業務中供應方產品的實力。

Wondering if you might be able to comment on how the demand side products are doing.

想知道您是否可以評論需求方產品的表現。

And maybe in a similar vein, some of the changes you've made in that technology over the last few years may have had the effect of drawing some of your advertiser customers more deeply into your tech stack.

也許在類似的情況下，您在過去幾年中對該技術所做的一些更改可能已經將您的一些廣告客戶更深入地吸引到您的技術堆棧中。

Wondering if this is also creating a strong on-ramp in GCP, specifically around data analytic products like big query.

想知道這是否也在 GCP 中創建了一個強大的入口，特別是圍繞大查詢等數據分析產品。

So in terms of overall on network revenues, as I think I noted briefly in opening comments, what we're really seeing is the ongoing strength in advertiser spend.

因此，就網絡收入的整體而言，正如我在開場評論中簡要指出的那樣，我們真正看到的是廣告客戶支出的持續增長。

Both Phil and I talked about that, particularly what we saw with AdMob and Ad Manager and particular strength in app campaigns.

Phil 和我都談到了這一點，尤其是我們在 AdMob 和 Ad Manager 中看到的，以及在應用廣告系列中的特殊優勢。

And all of this just underscores what each of us commented on that the results do reflect what was broad-based strength across our partners' properties in the first quarter.

所有這一切都突顯了我們每個人的評論，即結果確實反映了第一季度我們合作夥伴資產的廣泛實力。

And that concludes our question-and-answer session.

我們的問答環節到此結束。

I'd like to turn the conference back over to Jim Friedland for your closing remarks.

我想把會議轉回給 Jim Friedland 做你的閉幕詞。

Thanks, everyone, for joining us today.

謝謝大家，今天加入我們。

We look forward to speaking with you again on our second quarter 2021 call.

我們期待在 2021 年第二季度電話會議上再次與您交談。

Thank you and have a good evening.

謝謝你，祝你晚上愉快。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。