Alphabet Inc (GOOGL) 2009 Q2 法說會逐字稿

Good day, and welcome, everyone, to the Google Inc. conference call. This call is being recorded. At this time, I would like to turn the call over to Ms. Maria Shim. Please go ahead, ma'am.

美好的一天，歡迎大家參加 Google Inc. 電話會議。此通話正在錄音。此時，我想將電話轉給Maria Shim女士。請繼續，女士。

Good afternoon, everyone, and welcome to Google's second quarter 2009 earnings follow up conference call. With us are Patrick Pichette, Chief Financial Officer; and Jonathan Rosenberg, Senior Vice President of Product Management.

大家下午好，歡迎參加 Google 2009 年第二季財報後續電話會議。與我們一起的有首席財務官帕特里克·皮切特 (Patrick Pichette)；喬納森‧羅森伯格（Jonathan Rosenberg），產品管理資深副總裁。

After we cover a few housekeeping items we'll open the call immediately to your questions. Please limit yourself to one question and one follow on. Also this call is being webcast from our Investor Relations website located at investor.Google.com.

在我們介紹了一些內務處理項目後，我們將立即打開電話回答您的問題。請只回答一個問題並繼續回答一個問題。此外，本次電話會議也透過我們的投資者關係網站（位於investor.Google.com）進行網路直播。

Please refer to our website for important information including our earnings press release and related slide deck. A replay of this call will also be available on our website in a few hours. Please note that we routinely post important information on our Investor Relations website located at investor.Google.com and we encourage you to make use of that resource.

請參閱我們的網站以了解重要訊息，包括我們的收益新聞稿和相關幻燈片。本次電話會議的重播也將在幾個小時後在我們的網站上提供。請注意，我們會定期在投資者關係網站 Investor.Google.com 上發布重要訊息，我們鼓勵您利用該資源。

As a reminder, the purpose of this follow up call is to give participants the opportunity to ask more detailed financial and product questions in an efficient and Reg FD compliant manner. Let me now quickly cover the Safe Harbor.

提醒一下，這次後續電話會議的目的是讓參與者有機會以高效且符合 FD 法規的方式提出更詳細的財務和產品問題。現在讓我快速介紹一下安全港。

Some of the statements we make today may be considered forward-looking and these statements involve a number of risks and uncertainties that could cause actual results to differ materially. Please note that these forward-looking statements reflect our opinions only as of the date of this presentation and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.

我們今天發表的一些聲明可能被認為是前瞻性的，這些聲明涉及許多風險和不確定性，可能導致實際結果出現重大差異。請注意，這些前瞻性陳述僅反映我們截至本簡報發布之日的觀點，我們沒有義務根據新資訊或未來事件修改或公開發布對這些前瞻性陳述的任何修改結果。

Please refer to our SEC filings including our annual report on Form 10-K for the year ended December 31, 2008, as well as our earnings press release for a more detailed description of the risk factors that may affect our results. Copies can be obtained from the SEC or by visiting the Investor Relations section of our website.

請參閱我們向 SEC 提交的文件，包括截至 2008 年 12 月 31 日的年度 10-K 表格年度報告，以及我們的收益新聞稿，以了解可能影響我們業績的風險因素的更詳細說明。您可以從 SEC 或造訪我們網站的投資者關係部分取得副本。

Also please note that certain financial measures we use on this call such as operating profit and operating margin are expressed on a non-GAAP basis have been adjusted to exclude charges relating to stock based compensation. We have also adjusted our net cash provided by operating activities to remove capital expenditures which we refer to as free cash flow. Our GAAP results and GAAP to non-GAAP reconciliation can be found in our earnings press release. With that we are ready to take your questions. Operator?

另請注意，我們在本次電話會議中使用的某些財務指標（例如按非公認會計準則計算的營業利潤和營業利潤率）已進行調整，以排除與股票薪酬相關的費用。我們也調整了經營活動提供的淨現金，以消除資本支出，我們稱之為自由現金流。我們的 GAAP 業績以及 GAAP 與非 GAAP 調整表可以在我們的收益新聞稿中找到。我們已經準備好回答您的問題了。操作員？

(Operator Instructions) We will pause for just a moment to assemble the roster. We will take our first question from William Morrison, ThinkEquity.

（操作員指示）我們將暫停片刻以集合名單。我們將回答 ThinkEquity 的 William Morrison 提出的第一個問題。

Hi. Thanks. I have a follow up question on the exchange. And Jonathan I think in the call you said that it is now essentially integrated with Edwards and AdSense. I am just curious do you think the bigger opportunity in the exchange is on the DoubleClick network of publishers or Google content network? That's question number one.

你好。謝謝。我有一個關於交流的後續問題。喬納森（Jonathan），我認為您在電話中說過，它現在基本上與 Edwards 和 AdSense 整合了。我只是好奇您認為交換中更大的機會是在發布商的 DoubleClick 網路還是 Google 內容網路上？這是第一個問題。

And question number two, as I'm sure you're aware, Congress is once again looking at regulating behavioral advertising. And it seems like, at least the initial take is they're pushing for opt-in on third party cookies, opt out on first party.

第二個問題，我相信您也知道，國會正在再次考慮規範行為廣告。看起來，至少他們最初的看法是，他們正在推動選擇加入第三方 cookie，選擇退出第一方。

I'm just curious, I believe you guys have stated that you support that kind of environment. And curious what kind of impact that would have on the exchange business and behavioral targeting you are doing on the contact Google network? Thanks.

我只是好奇，我相信你們已經說過你們支持這種環境。好奇這會對您在聯絡 Google 網路上進行的交換業務和行為定位產生什麼樣的影響？謝謝。

I guess it is a little early for me to handicap the overall opportunity. To date we are happy with the progress on the add exchange we've integrated the existing DoubleClick exchange with the Edwards and AdSense advertisers, and it is all on the Google infrastructure at this point.

我想現在對我來說阻礙整體機會還為時過早。迄今為止，我們對添加交換的進展感到滿意，我們已將現有的 DoubleClick 交換與 Edwards 和 AdSense 廣告商集成，目前一切都在 Google 基礎設施上。

Overall the idea there is about creating the biggest pool we can of liquidity. So, advertisers will find opportunities where they can today, and will be able to monetize inventory the most efficiently. I don't think it could be any better insight into what the relative sizes might be.

總體而言，我們的想法是創建我們能夠擁有的最大的流動性池。因此，廣告商將在今天所能找到的地方找到機會，並且能夠最有效地利用庫存貨幣化。我認為這不能更好地了解相對大小。

On the cookies side, we are already allowing users to edit preferences in the manager in terms of opting in and opting out. I think that's a pretty positive sign because it means that you can control the ads to a degree. But I don't really have a sense -- I can't really speculate as to what's going to happen based on different potential legislation that we haven't yet seen on how it is going to impact the market overall.

在 Cookie 方面，我們已經允許使用者在管理員中編輯選擇加入和選擇退出的偏好設定。我認為這是一個非常積極的信號，因為這意味著您可以在一定程度上控制廣告。但我真的沒有任何感覺——我無法根據不同的潛在立法來推測將會發生什麼，我們還沒有看到它將如何影響整個市場。

I think people are very interested in the intraspace advertising efforts but probably a larger fraction of the opportunity is just in creating this open platform for both advertisers and publishers to buy and sell inventories. So I think that's probably relatively more important than just the modest incremental improvement in targeting that you might get from one particular component of the targeting.

我認為人們對空間內廣告工作非常感興趣，但可能很大一部分機會只是為廣告商和出版商創建這個開放平台來買賣庫存。因此，我認為這可能比您可能從目標定位的一個特定組成部分中獲得的目標定位的適度增量改進相對更重要。

Thank you.

謝謝。

We will go to the next question, please.

我們將進入下一個問題。

We will take our next question from Sumit Dhanda from JMP Securities.

我們將回答 JMP 證券公司 Sumit Dhanda 的下一個問題。

Yes. Thank you very much. On the call you mentioned--?

是的。非常感謝。在電話中你提到──？

Sumit, you just dropped off somehow. Maybe you are on mute? We will take the next question and then come back to you.

蘇米特，你不知怎的就掉下來了。也許你處於靜音狀態？我們將回答下一個問題，然後再回覆您。

We will take our next question from Marianne Wolk from Susquehanna.

我們將回答來自薩斯奎哈納的瑪麗安·沃克的下一個問題。

Thank you. You highlighted the strength in the AdSense for content business this quarter. Can you talk about whether you are seeing a net increase in overall spending when advertisers use ASC or is this a more economical source of conversions for them and reduces net spending?

謝謝。您強調了本季 AdSense 內容廣告業務的優勢。您能否談談當廣告商使用 ASC 時，您是否看到總體支出淨增加，或者這對他們來說是否是更經濟的轉換來源並減少淨支出？

I don't know if it reduces net spending but it is a good, I mean obviously it is a -- as Nikesh mentioned earlier on the call, there is mix of in the -- if you think of the display space, right? There's clearly a mix between the branding side and then the performance side. And people are in these times really focusing on the performance side. And in consequence it really helped that part of the business. I don't know, John, if you have more comment to give on it but that's basically what we see.

我不知道它是否會減少淨支出，但它是一件好事，我的意思是顯然它是——正如尼克什早些時候在電話會議上提到的那樣，如果你想到展示空間，對嗎？品牌方面和性能方面顯然是混合的。現在人們真正關注的是性能方面。結果，它確實幫助了這部分業務。約翰，我不知道你是否有更多評論，但這基本上就是我們所看到的。

Yes, the only other observation I have is I have certainly seen with some advertisers they are finding display is really a great complement to search. And an advertiser starts a new display campaign on the content network and they actually see some improvement in their search ads getting more effective.

是的，我唯一的其他觀察結果是，我確實看到一些廣告商發現展示確實是搜尋的一個很好的補充。廣告商在內容網路上啟動了新的展示廣告活動，他們實際上看到了搜尋廣告的一些改進，變得更加有效。

So I think that there's a positive dynamic between the two. But we are not really seeing a shift from search. We are seeing the subset of advertisers who are tapped out on search and still have budget to spend looking for incremental conversions and being aware of the fact that on an ROI basis they could get that content and grow their total sales.

所以我認為兩者之間存在著積極的動態。但我們並沒有真正看到搜尋的轉變。我們看到一部分廣告商在搜尋上已經筋疲力盡，但仍然有預算用於尋找增量轉化，並意識到在投資回報率的基礎上他們可以獲得該內容並增加總銷售額。

Overall you think this is an incremental source of revenue?

總的來說，您認為這是增量收入來源嗎？

Yes.

是的。

Okay. Great. Thanks very much.

好的。偉大的。非常感謝。

We will go to the next question please.

我們將進入下一個問題。

We'll take our next question from Ross Sandler from RBC Capital Markets.

我們將接受加拿大皇家銀行資本市場的羅斯桑德勒 (Ross Sandler) 提出的下一個問題。

Two quick questions, first on the partner sites versus Google site. So partner sites revenue growth outpaced Google websites growth on a quarter-over-quarter basis for the first time I think ever -- even with the $44 million quarter-over-quarter FX boost. So can you provide us with a little color on what is driving that mix shift? Is it the display stuff you were just referring to? And then I have one follow up.

兩個簡單的問題，首先是關於合作夥伴網站與 Google 網站的問題。因此，合作夥伴網站的收入成長在季度環比基礎上首次超過了谷歌網站的成長，我認為這是有史以​​來第一次——即使匯率環比增長了 4,400 萬美元。那麼您能為我們提供一些關於推動混合轉變的原因嗎？是你剛才說的顯示器嗎？然後我有一個跟進。

There's nothing really fundamental. If you look at in terms of percentages, if you look at how the mix is changing, it is not changing in any fundamental way. So, this quarter, I mean in fact [ad] Google properties have really delivered most of the growth in terms of revenue. So, the AdSense network continues to grow but in fact, it grew at a slower pace; 3.5 versus 2%. So I am not exactly sure if I understand your question.

沒有什麼真正根本的東西。如果你從百分比的角度來看，如果你看看混合是如何變化的，那麼它並沒有任何根本性的變化。因此，本季度，我的意思是，事實上，[廣告] 谷歌資產確實帶來了大部分收入成長。因此，AdSense 網路持續成長，但實際上成長速度較慢； 3.5 與 2%。所以我不確定我是否理解你的問題。

This is Jonathan, the only other big component that you might consider there may be if you look at it relative to a year or so ago, is the component that's coming from display.

這是喬納森，如果你相對於一年左右的時間來看，你可能會認為可能存在的唯一其他重要組件是來自顯示器的組件。

Right. On a sequential basis, I think Google sites are down about 1% and the partner sites up 3%. That was just the only -- that was what I was referring to, Patrick, I guess.

正確的。從環比來看，我認為 Google 網站下降了約 1%，而合作夥伴網站則上升了 3%。那隻是唯一的——這就是我所指的，派崔克，我想。

Yes, on a quarterly basis but on a quarterly basis, it is really, it is very difficult for a 90 days to make a trend. I know it sounds like, but and given these numbers in terms of total revenue, I mean that's how you have to think about it.

是的，按季度計算，但是按季度計算，確實，90 天很難形成趨勢。我知道這聽起來像是，但是考慮到這些總收入的數字，我的意思是你必須這樣考慮。

Okay. There weren't any like real significant partner wins that may have kind of been a one-time incremental boost in the second quarter?

好的。沒有任何像真正重要的合作夥伴勝利那樣可能是第二季的一次性增量推動嗎？

No, not at all.

一點都不。

Okay. And then on the FX hedging issue, so you had a greater FX hit. If we look year-over-year, the 497 versus last quarter 429, but you're hedging revenue was $124 million this quarter versus the $154 million last quarter. So, is that difference explained by some of the one-time gains you had on the hedging side in 1Q? And is this $124 million that you had in 2Q kind of the right stable run rate to think about going forward?

好的。然後是外匯對沖問題，因此您受到了更大的外匯打擊。如果我們同比來看，則為 497 美元，而上季度為 429 美元，但本季的對沖收入為 1.24 億美元，而上季為 1.54 億美元。那麼，這一差異是否可以用第一季對沖方面的一些一次性收益來解釋？第二季的 1.24 億美元是考慮未來的正確穩定運行率嗎？

No. So, it -- again FX is a complicated matter, right, for two reasons. One is we started building our FX program last year roughly at this time, and at that time we had nothing for the GDP for example, right. We actually only started setting up GDP hedges at the end of the second quarter, actually at the end of the third quarter, so kind of September-October time frame.

不。所以，外匯又是一個複雜的問題，對吧，有兩個原因。一是我們去年大約在這個時候開始建立外匯計劃，當時我們沒有任何關於GDP的數據，對吧。我們實際上是在第二季末才開始設定 GDP 對沖，實際上是在第三季末，也就是 9 月至 10 月的時間框架。

So if you think of the ladders of hedges we have started building last year, right, they come at different times and then therefore they impact through this year in different magnitudes. So be careful of using like this quarter and the numbers you see as what should be the steady state for a certain set of exposures.

因此，如果你想想我們去年開始建造的對沖階梯，對吧，它們出現的時間不同，因此它們對今年的影響程度也不同。因此，請謹慎使用本季和您看到的數字作為一組特定風險敞口的穩定狀態。

Second is where the currency was last year depending on where we were, Q1, Q2, Q3. Again, on a delta year-over-year basis gets very different sets of numbers. You have to think of the puzzle in terms of those two factors.

其次是去年貨幣的情況，取決於我們的情況：第一季、第二季、第三季。同樣，在同比增量的基礎上，得到了非常不同的數字組。你必須根據這兩個因素來思考這個難題。

Unfortunately right, you don't have all of this information to build. But that's how the mechanics really work from our FX desk. So that's why you end up with this quarter, the delta between where the radar today for Q2 versus the Q2 of last year give you this kind of sense of magnitudes. So that's the simplest way I can explain it.

不幸的是，您沒有建立所有這些資訊。但這就是我們外匯櫃檯的實際運作方式。這就是為什麼你最終會得到這個季度的結果，今天第二季的雷達與去年第二季的雷達之間的增量給你帶來了這種幅度的感覺。這是我能解釋的最簡單的方式。

Okay. Thanks, guys.

好的。多謝你們。

And I know it is frustrating. I acknowledge that. Let me acknowledge that it is a complex set of issues. And so it is very difficult to get a sense of.

我知道這令人沮喪。我承認這一點。讓我承認這是一系列複雜的問題。所以很難有一個感覺。

So let's go to the next question.

那麼讓我們進入下一個問題。

We will go next to Sumit Dhanda from JMP Securities.

接下來我們將邀請 JMP 證券公司的 Sumit Dhanda。

Welcome back.

歡迎回來。

Thank you. Thank you. So you have mentioned that CPCs in fact have been impacted because of the increase in query volumes in countries like -- low CPC countries like Brazil and China. If you were to think about it macro conditions were to improve and higher CPC geographies, do you think the momentum would be big enough to overcome the declining CPCs of Brazil and China? Or do you think declining CPCs we should start to expect as a secular trend from here on just because query growth from those markets will probably be higher than some of the more developed countries?

謝謝。謝謝。因此，您提到，每次點擊費用實際上受到了影響，因為巴西和中國等每次點擊費用較低的國家/地區的查詢量增加。如果您考慮宏觀環境改善和 CPC 地域分佈提高，您認為這一勢頭是否足以克服巴西和中國 CPC 下降的影響？或者您認為，從現在開始，我們應該開始將每次點擊費用下降視為長期趨勢，因為這些市場的查詢成長可能會高於一些較發達國家？

I think you're painting the puzzle the right way, which is international mix has a real effect on our CPC. And it has it in two ways, which country it comes from whether it be Germany versus India, the growth rates between these different countries. And then obviously there's all the currency issues and FX issues that play into it as well.

我認為你以正確的方式描繪了這個難題，國際組合對我們的每次點擊費用都有真正的影響。它有兩個方面，它來自哪個國家，是德國還是印度，以及這些不同國家之間的成長率。顯然還有所有貨幣問題和外匯問題也參與其中。

So I mean the -- what we talked about, it was down year-over-year and up quarter-over-quarter. Is a good illustration of what the combination of all of these things do right, and then you have seasonality on top of it. So these are the pieces at work. Jonathan, I don't know if you have additional color.

所以我的意思是——我們談到的是，它同比下降，但環比上升。很好地說明了所有這些因素的組合是正確的，然後你就可以看到季節性。這些就是正在發揮作用的部分。喬納森，我不知道你是否還有其他顏色。

Well, I mean international growth will be a significant component in terms of what the blended average CPC will move towards. We certainly expect growth in those developed markets as the economy rebounds, but the relative difference between the monetization in the US, Canada, Australia, Western European countries is quite significant relative to some of the more base markets. So as you add incremental clicks from those developing markets that's going to continue. That brings the blended average, everything else being constant, down.

嗯，我的意思是，就混合平均每次點擊費用的走向而言，國際成長將是一個重要組成部分。我們當然預期隨著經濟反彈，這些已開發市場也會成長，但美國、加拿大、澳洲、西歐國家的貨幣化程度相對於一些基礎市場而言相當顯著。因此，當您增加來自那些發展中市場的點擊量時，這種情況將會持續下去。在其他條件不變的情況下，這會導致混合平均值下降。

Okay. And one final question, in terms of tax, what tax rate should we be using for 2009?

好的。最後一個問題，就稅收而言，2009 年我們應該使用什麼稅率？

I can tell you that at the end of the second quarter, 20% was good. Because that's where, I can't give you any forward -- and again I think that the comment I made on the call was an important one, right. There are really two sets of kind of big dynamics in our tax rates. Obviously, it is remember, all of the mix between our international versus US mix of revenues is a big component that will actually swing the tax rate.

我可以告訴你，第二季末，20%已經不錯了。因為這就是我無法給你任何轉發的地方——我再次認為我在電話會議上發表的評論很重要，對吧。我們的稅率實際上有兩組大的動態。顯然，請記住，我們的國際收入與美國收入組合之間的所有組合都是實際上影響稅率的重要組成部分。

And then second is how the hedging programs rolls out and depending on the types of gains that we may have on hedging and the way that all this flows through, also has a significant impact on our tax rate. So for, if you remember in Q4 for example where we had very large gains on FX, it drew a lot of tax implications. So it is just these are the two big ticket items that you have to consider through your modeling.

其次是對沖計劃的實施方式，這取決於我們在對沖方面可能獲得的收益類型以及所有這些收益的流動方式，這也會對我們的稅率產生重大影響。因此，如果您還記得在第四季度，我們的外匯收益非常大，這引起了許多稅務影響。因此，這只是您在建模時必須考慮的兩個重要項目。

Thank you very much.

非常感謝。

Thank you. Next question, please.

謝謝。請下一個問題。

We will take our next question from Trip Chowdhry from Global Equities Research.

我們將回答來自全球股票研究部的 Trip Chowdhry 的下一個問題。

Thank you. Two quick questions. First regarding the new initiatives that you have with ApExchange and other product initiatives. It seems like we don't have a business model supporting those initiatives. Do you think it would be still exported or license supported? And if you think it is more license supported, how can investors feel confident that Google can execute on business models which are other than pure ad driven? Thank you.

謝謝。兩個簡單的問題。首先是關於 ApExchange 和其他產品計劃的新計劃。我們似乎沒有支持這些措施的商業模式。您認為它還會出口或獲得許可證支援嗎？如果你認為它得到了更多的許可支持，那麼投資者怎麼能對谷歌能夠執行純廣告驅動以外的商業模式充滿信心呢？謝謝。

The ad exchange itself is actually -- it has a business model today. It is driven by the volume of ads that are flowing through the exchange. And it's the same thing --

廣告交易本身實際上 - 它現在有一個商業模式。它是由流經交易所的廣告量所驅動的。這是同樣的事情——

I mean app engine?

我的意思是應用程式引擎？

Oh, the —app engine.

哦，應用程式引擎。

Yes. I think that Eric addressed that question when we talked about enterprise and apps earlier. And I think that there are certainly opportunities for other licensing models and other models in terms of garnering revenue.

是的。我認為，當我們之前討論企業和應用程式時，艾瑞克（Eric）解決了這個問題。我認為其他授權模式和其他模式在獲得收入方面肯定有機會。

But I think that we are confident that with a lot of the functionality we are delivering to people where they're running search both across their internal information and across their external information what we are doing is creating a better environment on the web, creating a better environment online, creating more applications for developers to produce.

但我認為我們有信心，透過我們向人們提供的許多功能，他們可以在內部資訊和外部資訊中進行搜索，我們正在做的是在網路上創建一個更好的環境，創建一個更好的線上環境，創造更多的應用程式供開發者製作。

And the more people spend time on the web; the more they search. The better they can search over their own internal information, the more they run searches online. So I think we are pretty confident that in the long run from a strategic perspective that's positive for us.

人們花在網路上的時間越多；他們搜索得越多。他們越能更好地搜尋自己的內部訊息，他們在線上搜尋的次數就越多。因此，我認為我們非常有信心，從長遠來看，從戰略角度來看，這對我們來說是積極的。

And a follow up on that, if you look -- I was investigating and trying to understand your developer programs on the stuff. It seems like between the competition between Microsoft and Google, the way it is being played out. It is less of a competition, more of a war of attrition. And why I say that is you are giving up a lot of OS and a lot of software for free. And even before the industry matures, [industry] immediately gets collapsed and which I don't see any person as a winner.

如果你看的話，我正在調查並試圖了解你的開發者計劃。這看起來就像是微軟和谷歌之間的競爭，正在以這種方式展開。這與其說是一場競爭，不如說是消耗戰。我為什麼這麼說是因為你免費放棄了很多作業系統和軟體。即使在這個行業成熟之前，[行業]就會立即崩潰，我不認為任何人是贏家。

So who do you think -- you create products where you grow the industry in terms of revenues rather than collapse industry from day one? And obviously, we have different data points here regarding end rights even though Google claims it is very successful. Our data points are saying it hasn't been successful. And again the prime reason is it just couldn't gather the revenue matrices for your developers. Developers are not making money on Android -- they're making a lot of money on iPhone. And that's the reason why iPhone is successful. The next big question is how do you think about growing the industry rather than collapsing industry from day one? That's all for me.

那麼你認為誰——你創造的產品可以在收入方面促進產業成長，而不是從第一天起就導致產業崩潰？顯然，儘管谷歌聲稱它非常成功，但我們在這裡有關於最終權利的不同數據點。我們的數據顯示它並不成功。主要原因還是它無法為開發人員收集收入矩陣。開發者並沒有在 Android 上賺錢，而是在 iPhone 上賺了很多錢。這就是 iPhone 成功的原因。下一個大問題是，您如何看待從一開始就發展行業而不是崩潰行業？這就是我的全部。

I'm not sure I completely understand your premise about growing the industry versus collapsing it. I mean, the broad story from a developer perspective is we are trying to make the web the place to build to deploy and experience what are becoming increasingly rich and exciting applications, and we are doing that in a few areas.

我不確定我是否完全理解您關於發展行業而不是崩潰行業的前提。我的意思是，從開發人員的角度來看，我們正在努力使網路成為構建、部署和體驗日益豐富和令人興奮的應用程式的地方，並且我們正在幾個領域這樣做。

We are making the browser more powerful with Chrome. We are trying to make connectivity pervasive and accessible and usable for developers. I disagree with some of the comments about the degree to which the Android market is robust. We have got a lot of applications that we are seeing there and a lot of users using them. We are also trying to provide Google level services to every developer which is app engine. And we are very optimistic that that is going to make for a much more exciting and richer web.

我們正在透過 Chrome 使瀏覽器變得更強大。我們正在努力讓連線變得普遍、可供開發人員存取和使用。我不同意一些關於 Android 市場強勁程度的評論。我們在那裡看到了很多應用程序，並且有很多用戶在使用它們。我們也努力為每個開發者提供Google級別的服務，即應用程式引擎。我們非常樂觀地認為這將創造一個更令人興奮和更豐富的網絡。

Okay. Let's go to the next question, please.

好的。請讓我們進入下一個問題。

We will go next to Ben Schachter from Broadpoint AmTech.

接下來我們將邀請來自 Broadpoint AmTech 的 Ben Schachter。

Hey guys, a few housekeeping questions. One, bonus accruals didn't come up at all I don't think and that was sort of the issue last quarter. I was wondering if you can talk about how those trended and how we should think about those?

大家好，請教幾個家政問題。第一，應計獎金根本沒有出現，我不認為這是上個季度的問題。我想知道您是否可以談談這些趨勢如何以及我們應該如何考慮這些？

And then if we could dig a little bit deeper into G&A. And if you could just remind us what were the big issues in Q1? And I think you were sort of implying that there was nothing special about where the run rate was in Q2. Maybe we should think about that going forward.

然後我們是否可以更深入地研究 G&A。您能否提醒我們第一季的大問題是什麼？我認為您的意思是第二季的運行率沒有什麼特別之處。也許我們應該考慮一下未來的情況。

Finally on the tax rate, my understanding and previously has always been the tax rate you put in the quarter is what you expect was your best guess for the year. And so we should all think about that as your best guess for the year, is that correct?

最後關於稅率，我的理解和以前一樣，你在本季設定的稅率是你所期望的，是你對這一年的最佳猜測。因此，我們都應該將其視為您今年的最佳猜測，對嗎？

So I would start with the last one. In theory, you are right that when we take tax provisions you can't just look back wards you have to think through the full fiscal year. But again, if you think of all the moving parts within it, it is a bit like OI&E, with Brent and the team in Treasury, right, they try to give you a number that reflects what they think is going to happen but then the currency takes off and then the world changes, so just a word of caution on that one.

所以我將從最後一個開始。從理論上講，你是對的，當我們採取稅收規定時，你不能只回顧過去，你必須考慮整個財政年度。但同樣，如果你想到其中的所有活動部件，它有點像 OI&E，布倫特和財政部的團隊，對吧，他們試圖給你一個數字來反映他們認為將要發生的事情，但隨後貨幣起飛，然後世界發生變化，所以對此請注意。

In case of G&A, you are right that we have not had and you will remember in Q1 we talked about kind of three items that really impacted our G&A or that we had noted anyways. The legal settlements, which were kind of one-time in a few areas and then there was the restructuring of our sales and marketing group, and then finally there was some bad debt. These are the three that specifically we had documented and mentioned to the street. We didn't have anything of any significance this quarter. So that is -- that is the essence of some of the delta.

就一般管理費用而言，您是對的，我們沒有這樣做，您會記得在第一季我們討論了真正影響我們的一般管理費用或我們已經注意到的三項內容。法律和解在某些領域是一次性的，然後是我們的銷售和行銷團隊的重組，最後是一些壞帳。這是我們專門記錄並在街上提到的三個。本季我們沒有任何重要的事情。這就是──這就是三角洲一些地區的本質。

In the case of the bonus, you will remember it was really a big issue between Q4; a year-end issue and starting the year. I mean there's nothing special to report on the bonus accrual for this quarter.

就獎金而言，你會記得這確實是第四季之間的一個大問題；年終刊和年初刊。我的意思是，關於本季的應計獎金沒有什麼特別需要報告的。

Were the bonus accruals similar to what they were in Q1?

應計獎金與第一季相似嗎？

We wouldn't comment on that. Let me tell you this way. We have our plan that has been approved with the Board, and that plan basically has a set of indicators within it and we are tracking according to these indicators.

我們不會對此發表評論。讓我這樣告訴你。我們的計劃已經得到了董事會的批准，該計劃基本上有一套指標，我們正在根據這些指標進行追蹤。

One other thing you very subtly were mentioning YouTube might be doing a bit better than it has in the past. The prerole issue is the first time you have sort of really embraced that on a public call. Do you think that's going to be the key monetization effort going forward? Or is it still you are testing out new, new methods or are you kind of set on prerole in terms of how you are pushing your sales force?

您非常巧妙地提到的另一件事是 YouTube 可能比過去做得更好。角色扮演前的問題是你第一次在公開電話會議上真正接受這一點。您認為這將是未來的關鍵貨幣化工作嗎？或者您是否還在測試新的、新的方法，或者您已經在如何推動銷售隊伍方面做好了準備？

Let's give two answers on it. Let me give you the general answer and then I'll let Jonathan jump in on the details. I think that the -- it is true that we are pleased with YouTube's trajectory. And in part the reason why we are communicating to the Street is there has been so much press over the last quarter with all of these documentations of massive costs, and no business models and all of the negative press that we have read a lot about. And we just wanted to kind of reaffirm to the Street this was, this is a very credible business model and it's one that has got trajectory. In that sense it is just to tell everybody we are on progress on the plan that we had made for it.

我們對此給出兩個答案。讓我給你一個一般性的答案，然後我會讓喬納森談談細節。我認為，我們確實對 YouTube 的發展軌跡感到滿意。我們與華爾街溝通的部分原因是上個季度有如此多的媒體報道，所有這些文件都涉及巨額成本，沒有商業模式以及我們讀過很多的負面新聞。我們只是想向華爾街重申，這是一個非常可信的商業模式，而且已經有了軌跡。從這個意義上說，這只是告訴大家我們在我們所製定的計劃上正在取得進展。

I will it turn to Jonathan on the monetization pieces.

我將就貨幣化部分向喬納森求助。

Sure, Ben. There really isn't a simple answer there because there are sort of four main user activities on the site if you think about it broadly, right. They enter on the home page, they search for videos to watch, they watch videos and they upload videos and engage with the community with comments, recommendations and that sort of thing.

當然，本。那裡確實沒有一個簡單的答案，因為如果您廣泛地考慮一下，該網站上有四種主要的用戶活動，對吧。他們進入主頁，搜尋要觀看的視頻，觀看視頻並上傳視頻，並透過評論、推薦等方式與社區互動。

The different types of modes really get different advertising models. And that's part of why I think it has taken us time to triangulate towards what works and I think some of the things that we have now are still in pretty nascent basic stages.

不同類型的模式確實有不同的廣告模式。這就是為什麼我認為我們花了時間來三角測量什麼是有效的，我認為我們現在擁有的一些東西仍然處於相當初級的基本階段。

If you look at the home page, it is basically big brand display ads. Search can be good for promoting videos. Kind of similar to maybe what AdWords does for Google. If you look at where the big inventory is, the massive users are in more of the watch pages.

如果你看首頁，基本上都是大品牌的展示廣告。搜尋對於推廣影片很有幫助。有點類似 AdWords 為 Google 所做的事情。如果你看看大庫存在哪裡，你會發現大量用戶出現在更多的觀看頁面中。

So that is where we are sort of trying to figure out. Is it overlays that are going to work? Is it the instream stuff? I think we are still testing all of these things and the answer is going to be different for the different areas on the site that the user is on.

這就是我們試圖弄清楚的地方。疊加層會起作用嗎？是內流的東西嗎？我認為我們仍在測試所有這些事情，並且對於用戶所在網站的不同區域，答案將會有所不同。

I think on the call you indicated much more, just being more open to the preroles. And that seemed to be new to me. Were you not trying to indicate anything in particular there?

我認為你在電話會議上表示了更多，只是對預演更加開放。這對我來說似乎是新鮮事。您沒有試圖表明什麼特別的地方嗎？

I would not say that our overall optimism that we expressed with respect to YouTube is primarily a function of one specific format. We have actually been testing preroles I think for quite a while. So if you interpreted that one single comment to preroles to imply the broad conclusion with respect to optimism on YouTube. I think that's probably, that is probably a mistake.

我不會說我們對 YouTube 所表達的整體樂觀態度主要取決於某種特定格式。我認為我們實際上已經測試前角色很長一段時間了。因此，如果您將角色前面的一條評論解讀為暗示 YouTube 上的樂觀情緒的廣泛結論。我認為這可能是個錯誤。

Okay. Thanks.

好的。謝謝。

Let's go to the next question, please.

請讓我們進入下一個問題。

We will take our next question from James Mitchell from Goldman Sachs.

我們將回答來自高盛的詹姆斯米切爾的下一個問題。

Sure. Thank you. If I was smarter this question would be simpler. So I apologize in advance if it is confusing. If I look back at the last year or so, seems like paid lead growth sales [broke through] the financial crisis whereas price per click access [ex] dropped very sharply. And then this most recent quarter, paid lead growth slowed a little bit to up 15% year on year, while price per click seems to be stabilizing quarter on quarter.

當然。謝謝。如果我比較聰明的話這個問題就會更簡單。因此，如果令人困惑，我提前道歉。如果我回顧去年左右，似乎付費銷售線索成長銷售[突破了]金融危機，而每次點擊造訪價格[例如]卻急劇下降。然後在最近一個季度，付費線索成長略有放緩，年增 15%，而每次點擊價格似乎逐季穩定。

When I take those trends is it better to infer that paid leads just grows structurally over time by face a law of large numbers while prices per click are sensitive to the economic cycle? Or is it better to infer that Google's monetization initiatives tend to boost the paid leads in some quarters versus price per click in other quarters?

當我考慮這些趨勢時，是否可以更好地推斷付費線索只是隨著時間的推移通過面對大數定律而結構性增長，而每次點擊價格對經濟週期敏感？或者更好地推斷，Google的貨幣化舉措往往會提高某些季度的付費銷售線索，而不是其他季度的每次點擊價格？

Well, maybe you are smarter than I am because I'm not sure I understand the entire question. But I think what you said is generally true. I think that in any given quarter, the economic situation can impact the number of leads that are likely to convert, impact the number of commercial queries. I do think what Nikesh said is true which is that advertisers don't constrain by their budget they manage to bids. So I think --

好吧，也許你比我聰明，因為我不確定我是否理解整個問題。但我認為你說的大體上是正確的。我認為在任何特定季度，經濟狀況都會影響可能轉換的潛在客戶數量，影響商業查詢的數量。我確實認為 Nikesh 所說的是正確的，即廣告商不會受到他們設法出價的預算的限制。所以我認為 -

I think the model, if you think of -- go back and take a look at the relationship between click growth and then CPC right. Click growth is driven by so many factors. So you have the growth of the Internet itself then you have the seasonality within it and then you have, there are so many factors that will drive the click growth.

我認為這個模型，如果你想到的話，回去看看點擊增長和每次點擊費用之間的關係吧。點擊成長是由許多因素推動的。所以你有網路本身的成長，然後你有它的季節性，然後你有，有很多因素會推動點擊成長。

And then obviously, if people are in recessionary environments shopping even more for the better bargains and then they click even more because they move around a bit. So it is a complex hypothesis that you're tabling and to kind of say here I have figured out the four dots that make it work. I mean, I don't think any of us around the table that live in this world would make it a simple puzzle.

顯然，如果人們處於經濟衰退的環境中，他們會更多地購買更便宜的商品，然後他們會點擊更多，因為他們會四處走動。因此，您提出的這是一個複雜的假設，在這裡我可以說我已經找出了使其發揮作用的四個點。我的意思是，我不認為生活在這個世界上的我們中的任何一個人都會把它變成一個簡單的謎題。

The one thing I think we can say for sure is queries are less sensitive to the economy. There's more comparison shopping when the economy is not strong, and potentially a little bit less buying. So you could still have high paid -- so paid clicks can be high even when the economy is bad and I think the CPCs would adjust if the users aren't converting and drop if that's consistent with the hypothesis that you are trying to articulate.

我認為我們可以肯定地說的一件事是查詢對經濟不太敏感。當經濟不景氣時，人們會進行更多的比較購物，並且可能會減少一些購買。所以你仍然可以得到高薪——所以即使經濟不景氣，付費點擊也可能很高，我認為如果用戶沒有轉化，每次點擊費用就會調整，如果這與你試圖闡明的假設一致的話，每次點擊費用就會下降。

The comparison shopping could have helped paid lead growth in the fourth quarter while the weaker conversions would have hurt [CPC] in now conditions, normalized a little bit. Maybe it is just a extrapolation question. You mentioned there were 12 improvements throughout quality in the quarter, and they had a bigger impact than you should on revenue. Would that impact be felt more on the paid leads or more on the [PPC]?

比較購物可能有助於第四季度付費線索的成長，而較弱的轉換率在目前的情況下可能會損害[CPC]，稍微正常化一點。也許這只是一個推斷問題。您提到本季整個品質有 12 項改進，它們對收入的影響超出了您應有的影響。這種影響對付費潛在客戶影響更大還是對 [PPC] 影響更大？

It would impact both.

這會對兩者都有影響。

Okay. Thank you for that. Rich question.

好的。謝謝你。豐富的問題。

Thanks, James. Let's take another question, please.

謝謝，詹姆斯。請讓我們再問一個問題。

We will go next to Mark Mahaney from Citi.

接下來我們將請花旗銀行的馬克‧馬哈尼 (Mark Mahaney)。

Thanks. One question just on mobile. There has been some data points that in the Founder's letter about a third of queries in Japan coming off of mobile devices that's obviously a very unique market. You don't qualify unique but it obviously is a very unique market.

謝謝。手機上有一個問題。創辦人的信中有一些數據表明，日本大約有三分之一的查詢來自行動設備，這顯然是一個非常獨特的市場。你不具備獨特的資格，但它顯然是一個非常獨特的市場。

Any other markets where you think search queries are material 5% as a percentage of total queries? And any thoughts on are there any particular reasons why Western Europe and the US and other markets over time wouldn't reach levels that may be half of what you'd see in Japan's? Call it over a two to three year period? Thank you.

您認為其他市場的搜尋查詢佔總查詢的比例為 5%？您是否有任何想法，是否有任何特殊原因導致西歐、美國和其他市場隨著時間的推移無法達到日本市場一半的水平？稱為兩到三年的時間？謝謝。

So are you specifically asking questions with respect to mobile search volume increasing relative to Japan?

那麼您是專門針對行動搜尋量相對於日本的成長所提出的問題嗎？

Just mobile search, yes, please.

只需移動搜索，是的，請。

Well, I mean mobile search volume is increased quite a bit in the US, I think as we mentioned. And that's largely a function of availability of phones with good browsers and I think data plans are also are an important dynamic.

嗯，我的意思是，正如我們所提到的，美國的行動搜尋量大幅增加。這在很大程度上取決於具有良好瀏覽器的手機的可用性，我認為數據計劃也是一個重要的動態。

Generally, I think mobile search volume is pretty high in Indonesia and in the Middle East. But we are starting to see mobile growth increase pretty well overall. You certainly see more interest in mobile search where the land line infrastructure is relatively poor. But -- I don't have any more specific thoughts beyond that.

總的來說，我認為印尼和中東的行動搜尋量相當高。但我們開始看到行動成長整體成長得相當不錯。您當然會看到人們對行動搜尋更感興趣，因為固定線路基礎設施相對較差。但是——除此之外我沒有更具體的想法。

As Eric said in the previous call and I think the adoption of these high end devices, which are getting more and more ubiquitous; the G-phones, the Android platform, the iPhone. I think they really do drive a lot of living on the web because the web is so much more accessible and therefore a lot more searches as well. There's the fundamental trend that's happening there as well that is clearly more than just Japan. There's a whole ecosystem that is building right now.

正如艾瑞克在上一次電話會議中所說，我認為這些高階設備的採用正變得越來越普遍； G 手機、Android 平台、iPhone。我認為它們確實推動了很多人在網路上的生活，因為網路更容易訪問，因此也有更多的搜尋。那裡也正在發生一個基本趨勢，顯然不只是日本。目前正在建構一個完整的生態系統。

One quick follow on has to do with paid search results. What's the latest thinking on the inclusion of broader formats within paid search results, i.e. allowing advertisers to respond to intentions with more than just text but include display ads or video links or whatever in the paid search results to apply universal search that you've applied to organic search to paid search results? Thank you.

快速跟進的一項內容與付費搜尋結果有關。關於在付費搜尋結果中包含更廣泛格式的最新想法是什麼，即允許廣告商不僅使用文字來回應意圖，還包括展示廣告或影片連結或付費搜尋結果中的任何內容以應用您已應用的通用搜尋到自然搜尋到付費搜尋結果？謝謝。

I think Nikesh mentioned the Video Plus Box. We are also working on much better ways of offering valuable information in ads with functionality like the product OneBox where we are doing similar efforts. We are also I think going to make significant progress and we have made some in experimenting with local, where it is easier to -- or we're getting better at determining where a user is and thereby being able to give them the appropriate local information.

我想 Nikesh 提到了 Video Plus Box。我們也正在研究更好的方法，透過諸如產品 OneBox 等功能在廣告中提供有價值的訊息，我們也在做類似的努力。我認為我們也將取得重大進展，並且我們在本地試驗方面取得了一些進展，在這些方面更容易，或者我們在確定用戶所在位置方面做得更好，從而能夠為他們提供適當的本地資訊。

There's a lot of opportunity and if you look over the course of the last year, I think that the search results have in many ways with Universal search been outpacing the innovations on the ad side. And we're really going to move forward with the experiments on things like products and video and local. We of course have got to do that in ways that are good for the user, but we think we are making progress there. I think we have made more progress on the surf side.

機會很多，如果你回顧去年的情況，我認為通用搜尋的搜尋結果在很多方面都超過了廣告方面的創新。我們確實將繼續推進產品、影片和本地等方面的實驗。當然，我們必須以對用戶有利的方式做到這一點，但我們認為我們正在這方面取得進展。我認為我們在衝浪方面取得了更多進展。

Thank you, Jonathan, thank you Patrick.

謝謝你，喬納森，謝謝你派崔克。

Thank you. Let go to the next question, please.

謝謝。請進入下一個問題。

We will take our next question from Youssef Squali from Jefferies and Company.

我們將接受 Jefferies and Company 的 Youssef Squali 提出的下一個問題。

Thank you very much. So, two quick questions for you, Patrick. If I take the domestic business which was sequentially down and I take out some revenues from YouTube so you talked a lot about how well YouTube did I can very easily get to year on year decline in the US search business.

非常感謝。那麼，派崔克，有兩個簡單的問題想問你。如果我考慮連續下降的國內業務，並從 YouTube 中扣除一些收入，那麼您談到了 YouTube 的表現如何，我可以很容易地看到美國搜尋業務的同比下降。

So, I am trying to understand what this really means. I mean, why wouldn't that imply maybe the beginning of the maturation of search? I know it is somewhat unbelievable but what is the counter argument there?

所以，我試著去理解這到底意味著什麼。我的意思是，為什麼這不意味著搜尋成熟的開始？我知道這有點令人難以置信，但是反對的論點是什麼？

That the US search business is not declining.

表示美國搜尋業務並沒有衰退。

Okay. So that means YouTube -- the numbers --

好的。所以這意味著 YouTube——數字——

This is Jonathan. It is not all static, right. We are going to continue to deliver to these advertisers much better ways to manage their bids, much better ways to optimize their campaign and manage their budget. We actually didn't talk about it on the call but we have ruled out a new advertiser interface for Ad Words to a very large fraction of our advertisers.

這是喬納森。它並不都是靜態的，對吧。我們將繼續為這些廣告商提供更好的方式來管理他們的出價，更好的方式來優化他們的廣告活動和管理他們的預算。事實上，我們並沒有在電話會議上討論這個問題，但我們已經排除了向大部分廣告商提供新的 Ad Words 廣告商介面的可能性。

The previous question just asked about the opportunities to improve the quality of ads and if you look at it today, the click through rate on ads is still low relative to the search results. So I think there's lots and lots of opportunity there. And there's still many verticals where is we don't do a particularly good job with the searches. There are lots of head room in terms of monetization for search overall.

上一個問題只是詢問了提高廣告品質的機會，如果你今天看的話，廣告的點擊率相對於搜尋結果仍然很低。所以我認為那裡有很多很多的機會。還有很多垂直領域我們的搜尋工作做得還不夠好。整體搜尋的獲利空間還有很大的空間。

That's helpful. I am looking at the domestic revenues last year versus this year, and the delta is really only about 40 million, $45 million. So the point there just for sake of argument is YouTube was there last year which obviously it wasn't. And if it is [$50] million this year, which arguably if it is or not, then your domestic revenues in search would be declining year on year. But your point is they're not. So, I will take that.

這很有幫助。我比較了去年和今年的國內收入，發現增量其實只有 4,000 萬、4,500 萬美元左右。因此，為了便於爭論，這裡的要點是 YouTube 去年就在那裡，但顯然不是。如果今年是 [50]000000 美元（可以說無論是否如此），那麼您在搜尋方面的國內收入將逐年下降。但你的意思是他們不是。所以，我會接受的。

Also, there's another flaw in that logic because YouTube is not US only.

此外，這種邏輯還有另一個缺陷，因為 YouTube 不僅限於美國。

Majority of it is US though.

不過其中大部分是美國。

And but also it wasn't 0 last year.

而且去年這個數字也不是 0。

Right. Fair enough. Okay. If I look at growth in the network, it was up 2% versus negative 3% in Q1, right. So how much of that was driven by YouTube versus AdSense for content. In other words, is AdSense for search up as well year on year or is AdSense for content just growing faster? Looking at AOL, traffic for AOL for ask for MySpace, the numbers don't just look too impressive to imply that AdSense for search would be that much higher.

正確的。很公平。好的。如果我看看網路的成長，就會發現第一季成長了 2%，而第一季則下降了 3%，對吧。那麼，其中有多少是由 YouTube 和 AdSense 內容推動的呢？換句話說，AdSense 搜尋廣告是否逐年成長，還是 AdSense 內容廣告只是成長更快？看看 AOL，AOL 詢問 MySpace 的流量，這些數字看起來並不令人印象深刻，並不意味著 AdSense 搜尋廣告會高得多。

Yes, there's no doubt that ASC is up relative to AFS within that period. But also in general display as well as been up. Because Q1 if you remember comments we have made on the display side there was some build back in Q1 versus Q4, and now coming back into Q2.

是的，毫無疑問，ASC 在此期間相對於 AFS 是上升的。而且整體表現也還不錯。因為如果您還記得我們在顯示方面所做的評論，那麼第一季與第四季度相比，第一季有一些回升，現在又回到了第二季。

Okay. That's helpful. Thanks.

好的。這很有幫助。謝謝。

Thanks for the question. Let's go to the next question, please.

謝謝你的提問。請讓我們進入下一個問題。

We will take our next question from Christa Quarles from Thomas Weisel Partners.

我們將回答 Thomas Weisel Partners 的 Christa Quarles 提出的下一個問題。

First question, you guys talked a little bit about the mobile advertising market being basically not a separate biddable marketplace. I was wondering if you could just give us rough sizes of percentages of advertisers who have opted out to the mobile piece, more or less than half. So that's the first question.

第一個問題，你們談到了行動廣告市場基本上不是一個單獨的可競價市場。我想知道您是否可以向我們提供選擇退出行動廣告的廣告商的粗略百分比，多於或少於一半。這是第一個問題。

And then the second question is do you guys have any data around your developer community yet, which are the most popular products that developers tend to be working; size of developer, community, how many people went to the developer conference? So that's question two.

第二個問題是，你們是否有關於開發人員社群的任何數據，這些數據是開發人員傾向於使用的最受歡迎的產品；開發者規模、社群、有多少人參加了開發者大會？這是第二個問題。

And then the third question is just I found myself opening my lot to Google last week, I had to pay for storage because I had been bumping up against my limits. I was wondering if you guys have actually said how many people pay for Google storage? Thanks.

第三個問題是，我發現自己上周向谷歌開放了我的空間，我必須支付儲存費用，因為我已經達到了我的極限。我想知道你們是否真的說過有多少人為 Google 儲存體付費？謝謝。

This is Jonathan. I think that we had 3500 people at the developer conference sign up. Somebody can check on that and tell me what the--.

這是喬納森。我認為開發者大會上有 3500 人報名。有人可以檢查一下並告訴我那是什麼——。

It included people like me.

其中包括像我這樣的人。

Well, no, I think it was 3500 developers.

嗯，不，我認為是 3500 名開發人員。

Okay.

好的。

We can specifically check on that.

我們可以專門檢查一下。

Okay.

好的。

The -- I believe on the mobile side that's generally a separately biddable marketplace.

我相信在行動端，這通常是一個單獨的可投標市場。

I thought it was opt in. I think Eric's comment on the call was specifically that it is roughly the same CPC because it is embedded in the same PC marketplace. But over time -- I thought it was a right now you basically have your queries basically for the PC and you have to opt out so as not to be included in the mobile results. Is that not --

我以為這是選擇加入。我認為 Eric 對此次電話會議的評論特別指出，它的 CPC 大致相同，因為它嵌入在同一個 PC 市場中。但隨著時間的推移，我認為現在您基本上有針對 PC 的查詢，並且您必須選擇退出，以免包含在移動結果中。那不是——

So, well, mobile is sort of tricky because there is the SmartPhones which are more conventional browsers. And that is -- that's tied to the traditional experience. But then there's a separate set of mobile only campaigns that you can also run.

所以，行動裝置有點棘手，因為智慧型手機是更傳統的瀏覽器。那就是──這與傳統經驗息息相關。但是，您也可以執行一組單獨的僅限行動裝置的廣告活動。

Okay. I guess what -- I am talking about the SmartPhones side. And I guess, the question is manifesting out of the fact that I have talked to mobile competitors who are frustrated that you guys are embedding that and they're saying that the ad quality may not be as good or whatever. So I guess what I am trying to get a sense of from you is what percentage of advertisers have chosen to opt out of those mobile because they either don't feel like the quality is there or they're just not ready to measure it?

好的。我猜怎麼著——我說的是智慧型手機方面。我想，這個問題是因為我已經與行動競爭對手交談過，他們對你們嵌入這一點感到沮喪，他們說廣告品質可能不那麼好或其他什麼。因此，我想我想從您那裡了解的是，有多少比例的廣告商選擇退出這些移動設備，因為他們要么覺得質量不高，要么只是沒有準備好衡量它？

That I don't know. I know that the default -- I think the default is that you show on both but we give advertisers control and they can opt out. They can do just a SmartPhone only capabilities.

我不知道。我知道預設 - 我認為預設情況是您在兩者上都顯示，但我們給予廣告商控制權，他們可以選擇退出。他們只能完成智慧型手機獨有的功能。

Right. But you don't have any --.

正確的。但你沒有——。

I think the number is small but I don't actually have it with me.

我認為這個數字很小，但我實際上並沒有帶著它。

Small that has opted out?

小已經選擇退出了？

Yes.

是的。

Okay. And then paying for storage, do you have any idea?

好的。然後支付儲存費用，你有什麼想法嗎？

I don't think we have ever disclosed that.

我認為我們從未透露過這一點。

It is not a significant -- paid storage is not a significant portion of our revenue.

這並不重要——付費儲存並不是我們收入的重要組成部分。

Okay. Thanks.

好的。謝謝。

Thanks. Let go to the next call, please.

謝謝。請接聽下一個電話。

Thank you. We will take our next question from Sandeep Aggarwal from Collins Stewart.

謝謝。我們將回答來自柯林斯·史都華的桑迪普·阿加瓦爾的下一個問題。

Thank you. Jonathan it has been nearly six, seven weeks since Bing was launched. Just a couple of questions to the extent you are willing to comment. What is your overall take on Bing? Are you seeing any changes or behavior by a typical Google user in terms of propensity to search at Google? And also, in terms of using up lending (inaudible) along with some particular offerings such as travel and shopping can really work here?

謝謝。喬納森，自 Bing 推出以來已經將近六到七週了。只要您願意發表評論，就幾個問題。您對 Bing 的整體看法如何？您是否發現典型 Google 使用者在 Google 搜尋傾向方面有任何變化或行為？而且，就用完貸款（聽不清楚）以及旅行和購物等某些特定產品而言，這裡真的可行嗎？

I think we said on the call we think it is relatively early to call. We certainly haven't seen a large shift in share. I do think that there are opportunities to do a much better job with vertically oriented searches.

我想我們在電話會議上說過，我們認為現在打電話還太早。我們當然沒有看到份額有重大變化。我確實認為垂直搜尋有機會做得更好。

And the question was asked on the call earlier, we talked about some verticals. I think I mentioned finance on the call earlier where there's certainly an opportunity to do a much better job with ads. And certainly I think there's an opportunity to do a better job in shopping and in travel and in many verticals in time.

這個問題是在早些時候的電話會議上提出的，我們討論了一些垂直領域。我想我之前在電話會議上提到了財務問題，那裡肯定有機會在廣告方面做得更好。當然，我認為有機會在購物、旅遊以及許多垂直領域中及時做得更好。

And Patrick if I may ask one question on the head count, there was a 378, head count reduction sequentially. Was this, what was it (inaudible) job elimination versus not refilling the attrition?

派崔克，如果我可以問一個關於人數的問題，人數連續減少了 378 人。這就是（聽不清楚）裁員與不補充人員流失之間的關係嗎？

Let me give you the context on this again. I think it is important. We had announced at the end of Q1 a number of rationalization in the sales and marketing program. And we are, we have a lot of, we continue to have a lot of job openings, and we are hiring.

讓我再次向您介紹這件事的背景。我認為這很重要。我們在第一季末宣布了一系列銷售和行銷計劃的合理化。我們有很多，我們繼續有很多職位空缺，並且我們正在招聘。

So, in the second quarter, what you see is just a manifestation of if you can't hire fast enough in the job openings you have, just for whatever reason over the last 90 days you end up in this position where you haven't started catching up if you wish. So it is just a timing issue.

因此，在第二季度，您所看到的只是您在現有職位空缺中無法足夠快地招聘的表現，無論出於何種原因，在過去90 天內，您最終都會處於這個職位，而您卻沒有這樣做如果你願意的話，就開始追趕吧。所以這只是一個時間問題。

So the Company continues to hire, it continues to have many recs open in many departments, and in some positions were eliminated in sales and marketing as was discussed. So that is the net result of it; right. So if you go to the Google site for job posting you will see a lot of job postings today.

因此，公司繼續招聘，許多部門繼續招聘許多推薦人，正如所討論的，銷售和行銷部門的一些職位被取消。這就是它的最終結果；正確的。因此，如果您訪問 Google 網站發布招聘信息，您今天會看到很多招聘信息。

Thank you.

謝謝。

Thank you. And thanks for that question. Let's go to the next question, please.

謝謝。謝謝你提出這個問題。請讓我們進入下一個問題。

We will go next to Doug Anmuth from Barclays Capital.

接下來我們將邀請來自巴克萊資本的道格·安姆斯 (Doug Anmuth)。

Thanks for taking the questions. Two questions, I think pretty straightforward. First one on cash flow, your net income was higher Q to Q but your free cash flow was lower. So can you clarify what's going on with working capital and also in income taxes?

感謝您提出問題。兩個問題，我覺得很簡單。第一個關於現金流，您的淨利潤比上季度更高，但您的自由現金流較低。那麼您能澄清一下營運資金和所得稅的情況嗎？

And then secondly, on TAC, it came in somewhat higher than we expected at least. So I am curious how much you are benefiting at this point from the Dell deal coming off? Are you still paying residuals there? And are we likely to see sort of greater benefits from that going forward? Thanks.

其次，在 TAC 上，它的表現至少比我們預期的要高一些。所以我很好奇您現在從戴爾交易中獲得了多少好處？那裡還有餘款嗎？未來我們是否可能會看到更大的好處？謝謝。

So on the cash flow, I will give you the most simple answer which is in Q2 you have two tax payments and they occur for the federal and the California state and they occur April 15, and I think June 15. So just those are not in Q1 and then you get a big hit in Q2.

因此，關於現金流，我會給你最簡單的答案，即在第二季度你有兩次納稅，它們發生在聯邦和加利福尼亞州，發生在4 月15 日，我認為是6 月15 日。所以這些都不是在第一季度，然後你在第二季度會受到很大的打擊。

It is a big amount of money like hundreds and hundreds and hundreds of millions. I think it's like $800 million or $900 million in that range. So it is like a ton of money. That will impact free cash, obviously impact, by far outweigh everything else on the free cash flow calculations. Everything else actually is in pretty good shape.

這是一筆龐大的資金，數百、數億、數億。我認為這個範圍內大約是 8 億或 9 億美元。所以這就像一大筆錢。這將影響自由現金，顯然，影響遠遠超過自由現金流計算中的其他一切。其他一切實際上都狀況良好。

On the TAC side, I think -- there's again, if you look at our TAC and how it has been progressing as I said on the call prior -- on the previous call. You just got moving pieces but you wouldn't have -- kind of, there's no significant event that would have actually moved it in one way or another.

在 TAC 方面，我認為，如果你看看我們的 TAC 以及它的進展情況，就像我在之前的電話會議上所說的那樣，在上一次電話會議上。你只是移動了棋子，但你不會——有點，沒有任何重大事件會以某種方式實際移動它。

You just have this effect between Google and the non-Google and then you have the effects of the niche between -- within the AdSense network between the smaller and the larger guys. And then that moves all of the time and that's what you see in the reflection.

你會在 Google 和非 Google 之間產生這種效應，然後在 AdSense 網路中規模較小的公司和較大的公司之間產生利基效應。然後它一直在移動，這就是你在倒影中看到的。

Obviously, so what we have seen in Q2 is higher percentage of the smaller partners, and slightly higher on the Google. And that's what you end up with.

顯然，我們在第二季度看到的是較小合作夥伴的比例較高，而Google的比例略高。這就是你最終得到的結果。

Okay. Just going back real quick on that tax hit as I look back at other second quarters I assume that timing would be the same but I don't see sort of a similar effect there in previous years.

好的。當我回顧其他第二季度時，快速回顧一下稅收打擊，我認為時間會是相同的，但我沒有看到前幾年有類似的影響。

Yes, but I wouldn't worry about two years ago what happened in Q2 for TAC. Two years ago or three years ago you would have had very different mix of deals with very different pay outs.

是的，但我不會擔心兩年前 TAC 第二季發生的事情。兩年前或三年前，你會有非常不同的交易組合和非常不同的支出。

Okay. All right I was referring to income taxes actually.

好的。好吧，我實際上指的是所得稅。

Oh. Sorry.

哦。對不起。

Taxes, close.

稅收，關閉。

TAXE, okay yes. I thought it was TAC, did everybody get tax? Sorry about that. On taxes, no I mean well I would have to go back. Every year we pay a lot, right?

稅，好的，是的。我以為是TAC，大家都繳稅嗎？對於那個很抱歉。關於稅收，不，我的意思是我必須回去。每年我們付出很多吧？

All right. We will take it off line.

好的。我們會將其下線。

Okay. We will have the IR people come back to you on the details.

好的。我們將讓 IR 人員就詳細資訊回覆您。

Okay. Thank you.

好的。謝謝。

Thank you. Next question, please.

謝謝。請下一個問題。

We will go next to Jeetil Patel from Deutsche Bank.

接下來我們將前往德意志銀行的吉蒂爾·帕特爾 (Jeetil Patel)。

Great. Couple of questions, guys. On the TAC it has obviously been moving down as Doug alluded to as well. But curious are you able to basically take down TAC on the search side of the CPC front and maybe reallocate it to more the lead gen side of the business in terms of CPA and CPM inside the network there?

偉大的。夥計們，有幾個問題。在 TAC 上，正如 Doug 也提到的那樣，它顯然正在下降。但好奇的是，您是否能夠基本上取消 CPC 前端搜尋端的 TAC，並可能將其重新分配到網路內 CPA 和 CPM 方面的業務領先一代？

And second as your look at your display category developing, are you seeing the interest in YouTube develop among pure display oriented advertisers or lead gen oriented advertisers?

其次，當您審視您的展示類別的發展時，您是否發現純展示型廣告商或潛在客戶導向廣告商對 YouTube 的興趣有所增長？

And then lastly Germany, last quarter I think you pointed out has a fairly strong market for you (inaudible). I guess can you give us a sense of where Germany is and is that close to cracking the 10% market in terms of contribution?

最後是德國，我認為您在上個季度指出了一個相當強勁的市場（聽不清楚）。我想您能否讓我們了解一下德國的情況以及就貢獻而言是否已經接近突破 10% 的市場？

I just need to understand better your first question.

我只是需要更好地理解你的第一個問題。

TAC has been moving down, is there the possibility that you can take some of your TAC dollars, that you pay out on a CPC basis whether it is search or CSCs or others, and bring down those TAC payments and reallocate them to more of the display side of the business in terms of inside your AdSense for content network on a CPM basis?

TAC 一直在下降，是否有可能您可以拿出一些 TAC 美元，以 CPC 為基礎進行支付，無論是搜尋還是 CSC 還是其他，然後減少這些 TAC 付款並將其重新分配給您的AdSense 內容更多的人廣告網路中的業務展示部分是按每千次曝光費用(CPM) 計算的嗎？

The different deals are just different characteristics and you can't just shift them. They're with each of the partners and they -- here in the AdSense network there is a certain structure. And then if you do a deal for Chrome or for Toolbar you just have a completely different set of structure for those deals.

不同的交易只是不同的特徵，你不能簡單地改變它們。他們與每個合作夥伴在一起，在 AdSense 網路中，有一定的結構。然後，如果您為 Chrome 或 Toolbar 進行交易，您將為這些交易提供一套完全不同的結構。

We continue to manage each of these sets of partners and each of these streams of TAC with their own set of economics. And every time we get a good deal we do it. And the mix is -- the mix is just a product of all of that; no more, no less. We don't think of, okay we will reduce the dial on one to increase the dial on the other. Everything that makes sense we do.

我們繼續按照各自的經濟學原理來管理每組合作夥伴和每組 TAC。每次我們得到一筆好交易時，我們都會這樣做。混合是－混合只是所有這些的產物；不多也不少。我們不會想到，好吧，我們會減少其中一個的刻度盤以增加另一個的刻度盤。我們所做的一切有意義。

This is Jonathan, I guess on the questions with respect to YouTube. I tried to address some of that in, I think it was Ben's question. And again, the type of advertiser really depends on which of the activities it is, right. There's the home page, there's searching for videos to watch; there's the watch pages. So, it depends which activity you are talking about.

我猜我是喬納森，正在回答有關 YouTube 的問題。我試圖解決其中的一些問題，我認為這是本的問題。再說一遍，廣告商的類型實際上取決於它的活動類型，對吧。有首頁，有搜尋影片觀看；有觀看頁面。因此，這取決於您所談論的活動。

The traditional Google advertisers are generally direct response focused. The brand display advertisers, people taking over the home page banners are more display oriented. And I think you are starting to see some TV advertisers come on line but I don't think I can give you too much color on exactly to what degree that is playing in the equation.

傳統的Google廣告商通常會注重直接反應。品牌展示廣告商、接管主頁橫幅的人更注重展示。我認為您已經開始看到一些電視廣告商上線，但我認為我無法為您提供太多關於其在等式中發揮作用的程度的信息。

And then what's the question, there was also I think a question about Germany?

那麼問題是什麼，我認為還有一個關於德國的問題？

Yes, Germany you highlighted as a big, and a strong market last quarter. I guess can you just provide an update on commentary on how that progressed in Q2?

是的，您在上個季度強調德國是一個龐大且強勁的市場。我想您能否提供有關第二季度進展的最新評論？

I mean it did well. But I wouldn't give anymore information than that. You will remember last quarter in Q1 there was a lot of macro economic events that people were asking about. How is Europe doing given the melt down and the economy and the UK, and how is the rest of the continental. So we just use this as an illustration rather than a set of data points with a lot of facts around it.

我的意思是它做得很好。但我不會提供更多資訊。您會記得第一季的上個季度，人們詢問了很多宏觀經濟事件。鑑於經濟崩潰、經濟和英國，歐洲的表現如何，歐洲大陸其他地區的表現如何。所以我們只是用它作為說明，而不是一組包含大量事實的數據點。

Thank you. Let's go to the next question, please.

謝謝。請讓我們進入下一個問題。

We will go next to Steve Weinstein from Pacific Crest.

接下來我們將邀請來自 Pacific Crest 的 Steve Weinstein。

Great. Thank you. A lot of my questions have been asked but can you just help explain all of the volatility in the interest and other income line and how we can get our hands around that? It is swinging enough that it is affecting the numbers.

偉大的。謝謝。有人問了我很多問題，但您能否幫助解釋利息和其他收入線的所有波動以及我們如何解決這個問題？它的波動足以影響數字。

Yes. Like OI&E will continue to be a real challenge. It is a real challenge for us as well. Right? Because FX there has been so much volatility in FX, in the last little while. And I think the next three or four, last three or four quarters. I mean it is difficult to predict where FX is going.

是的。就像 OI&E 一樣，OI&E 將繼續成為一個真正的挑戰。這對我們來說也是一個真正的挑戰。正確的？因為外匯，在過去一段時間裡，外匯波動很大。我認為未來三、四個季度，最後三、四個季度。我的意思是很難預測外匯走勢。

So, in fact we were discussing as a team like some companies kind of right now stay at the margin level, right? And then after that they say it is really tough to give guidance anywhere below. Obviously we don't give guidance. But the point is in general there are really two big drivers that affect it for us.

所以，事實上，我們作為一個團隊正在討論，就像一些公司現在保持在利潤水平一樣，對吧？然後他們說，在下面的任何地方提供指導真的很困難。顯然我們不提供指導。但重點是，總的來說，確實有兩個重要的驅動因素對我們產生影響。

One is obviously on the investment side, we have been very conservative in the last year to make sure that we protect the capital of Google. And by doing so, right, obviously our yields have gone down quite dramatically to protect that. So all of our investment in our markets -- marketable securities have been sovereigned back and that we have talked about. It has a pretty big impact in terms of trajectory.

一個顯然​​是在投資方面，我們去年一直非常保守，以確保保護谷歌的資本。透過這樣做，顯然我們的收益率已經大幅下降以保護這一點。因此，我們在市場上的所有投資——有價證券都已被收回，我們已經討論過這一點。就軌跡而言，它有相當大的影響。

On the flip side of that, our hedging cost as volatility continues to be really high, the hedging costs we've benefited from it. But sometimes you just get the timings of the FAS 133 that hit you. And even though you are doing fine on your hedges per se, right, you end up at the end of the quarter and because of where the FX rates stand at that point and then you mark to market your options. You end up with having from an accounting point of view, bringing these expenses back into the current quarter it can have a big effect. These swings can be quite significant.

另一方面，由於波動性，我們的對沖成本仍然很高，我們從中受益的對沖成本。但有時您只能得到 FAS 133 襲擊您的時間。即使你的對沖本身做得很好，對吧，你最終會在季度末，因為當時的外匯匯率，然後你標記你的選擇權。從會計的角度來看，您最終會發現，將這些費用帶回當前季度可能會產生很大的影響。這些波動可能相當顯著。

So I sympathize with you because it in fact is really difficult to get some good semblance of where this thing is going on a quarter to quarter basis. I mean I can tell you that on the flip side of that is we manage this very responsibly. Obviously, as you can see in the results of our FX program.

所以我對你表示同情，因為事實上很難清楚地了解這件事每季的進展。我的意思是，我可以告訴你，另一方面，我們非常負責任地管理此事。顯然，正如您在我們的外匯計劃的結果中看到的那樣。

And then our investment program, we have to think through in the coming quarters as to how do we, given the economy stabilizing and the banking systems are stabilizing, right, how do we rethink our investment portfolio, do you take advantage of kind of the stabilized environment?

然後我們的投資計劃，我們必須在未來幾季思考，考慮到經濟穩定和銀行系統穩定，我們如何重新考慮我們的投資組合，你是否利用了環境穩定？

This is Jonathan, since I actually got a factual answer to one of the questions that was asked earlier I thought I would just share it. I answered Christa and said that there were 3500 developers or I may have said attendees at the developer conference. There were 3500 attendees but 2196 developers. So there must have been, Christa must have been there with a lot of her friends but the factual answer to your question is just under 2200 developers.

我是喬納森，因為我實際上得到了之前提出的問題之一的事實答案，所以我想我會分享它。我回答 Christa 說有 3500 名開發者，或者我可能是說開發者大會的與會者。共有 3500 名與會者，但有 2196 名開發人員。所以一定有，Christa 一定和她的許多朋友都在那裡，但你問題的實際答案是不到 2200 名開發人員。

So, Steve I open that answers your question and the big pieces at work.

所以，史蒂夫，我開始回答你的問題和工作上的重要問題。

Yes. I think understand the pieces, and hopefully we will get less volatility. So thank you.

是的。我認為了解這些內容，希望我們能減少波動。所以謝謝。

Thank you. Let's go to the next question, please.

謝謝。請讓我們進入下一個問題。

We will go next to Ross Sandler from RBC Capital Markets.

接下來我們請聽聽加拿大皇家銀行資本市場部的羅斯‧桑德勒 (Ross Sandler)。

Just a couple of follow ups. First on the CapEx. Patrick, you have said in the past you have kind of thrown out the hypothetical example that up until the middle of last year, you guys were managing the CapEx program to always kind of stay ahead of capacity. So if you thought you needed 20 data centers in a given year you would invest in 22 or 23. How do we think about where we are today in terms of capacity utilization of all of Google's infrastructure, and when does maintenance cap CapEx have to start kicking in?

只是幾個後續行動。首先是資本支出。派崔克，您過去曾說過，您已經拋棄了一個假設的例子，即直到去年年中，您一直在管理資本支出計劃，以始終保持領先於產能的水平。因此，如果您認為在某一年需要 20 個資料中心，那麼您會投資 22 個或 23 個。我們如何考慮目前 Google 所有基礎設施的容量利用率以及維護資本支出上限何時開始踢進去？

And then a question, a follow up question, on just the relative growth rates for US versus like Western Europe, do you think those two markets through the second quarter are now moving closer in tandem? Western Europe started to slow down a little bit later than the US in terms of kind of where we have come from in the last four quarters. Do you think we are now in parity in terms of the deceleration in those markets?

然後是一個問題，一個後續問題，關於美國與西歐等國家的相對增長率，您認為這兩個市場在第二季度現在是否正在同步接近？就過去四個季度的情況而言，西歐開始放緩的速度比美國晚一些。您認為我們現在在這些市場的減速方面處於同等地位嗎？

And then the last question is when you talk about putting the content network on AdEx, the next version of the Exchange, how does Google think about sacrificing potentially more favorable rev share deals with publishers that are on the content network today with potentially a less, a lower rev share if they put their inventory on the exchange? I think the exchange is, are closer to a 5 to 10% type of rev share. So how do you think about that dynamic when you start plugging in all the inventory from the content network? That's it.

最後一個問題是，當您談論將內容網絡放在AdEx（Exchange 的下一個版本）上時，Google 如何考慮犧牲與當今內容網絡上的出版商可能更有利的收益分成協議，而這些協議可能會減少，如果他們將庫存放在交易所，收益份額會降低嗎？我認為這種交換更接近 5% 到 10% 的收益份額。那麼，當您開始插入內容網路中的所有庫存時，您如何看待這種動態？就是這樣。

Let me start with the CapEx question. And so on CapEx, I mean it has been every quarter, I have been here four quarters, and every quarter everybody asks, Patrick, it is going down again. So is it bottoming out?

讓我從資本支出問題開始。資本支出也是如此，我的意思是每個季度都是這樣，我在這裡已經四個季度了，每個季度每個人都會問，帕特里克，它又在下降。那麼是見底了嗎？

And we have had a great benefit in the last two or three quarters of not only higher utilization rates, but Moore's Law has been at work for us on top of that and we have had really good timing of our capacity. So the combination of all of these things has given us quite a boost in terms of managing our CapEx. And that is just shown in the results.

在過去的兩三個季度中，我們獲得了巨大的好處，不僅利用率更高，而且摩爾定律一直在為我們發揮作用，我們的產能把握得非常好。因此，所有這些因素的結合給我們在管理資本支出方面帶來了巨大的推動。這僅顯示在結果中。

You will remember also that I said we have a number of areas where we need to invest, and we are making the investments. And I'd mentioned, you'll remember one place which is in Scandinavia, which the only time you can work on it is in the summer. Even if we had all our plans to start in March, the place was in the deep freeze at the time. And now they're kind of working hard at it.

你們還記得，我說過我們有很多領域需要投資，而且我們正在進行投資。我提到過，你會記得斯堪的納維亞半島的一個地方，你唯一可以在那裡工作的時間是夏天。即使我們所有的計劃都在三月開始，但當時這個地方還是處於嚴寒狀態。現在他們正在努力工作。

So, we continue to invest. And they're lumpy and they're big. And when you get a next generation of servers ready then you do a big overhaul and then at that point you get a lot of capital in. And that's just the nature of the business.

所以，我們繼續投資。而且它們是塊狀的而且很大。當你準備好下一代伺服器時，你就會進行一次大修，然後你就會獲得大量資本。這就是業務的本質。

So we are one, very pleased of the way the team has worked really hard to get this better utilization, and better planning of the capacity. So they're smarter about it so we have got the benefits over the last three or four quarters, and we are continuing to invest. And we will do so in the future. That's on the CapEx side.

因此，我們對團隊為獲得更好的利用率和更好的容量規劃所付出的努力感到非常高興。所以他們在這方面更聰明，所以我們在過去三、四個季度中獲得了收益，我們正在繼續投資。我們將來也會這樣做。這是在資本支出方面。

On the content --

就內容而言——

I don't think there's an easy answer on the AdExchange question. The idea is basically to create an open platform so advertisers and publishes can buy and sell inventory. I think they're going to be different optimization insights and different margins which are justified by different targeting technologies that different players bring to the table. But I think that what we are hoping to do is eliminate, reduce a lot of the fragmentation that exists in the whole buying experience. And if you can, if overall you can get more budget and more advertisers and more publishers flowing through there, in the end the economics are going to work across both sides.

我認為 AdExchange 問題沒有簡單的答案。這個想法基本上是創建一個開放平台，以便廣告商和出版商可以買賣庫存。我認為它們將是不同的優化見解和不同的利潤，這是由不同的參與者帶來的​​不同的定位技術證明的。但我認為我們希望做的是消除、減少整個購買體驗中存在的大量碎片。如果可以的話，如果你總體上可以獲得更多的預算、更多的廣告商和更多的出版商流經那裡，那麼最終經濟將對雙方都有利。

The last question you asked which is US versus Western Europe. We are really pleased the growth in Western Europe. Obviously in both of these markets the economy has had a lot of short term effects that you can't discount, that's been true for the UK and also the FX has had a huge effect as you can see to our results. So in both cases we are really pleased with growth rates that we have.

您問的最後一個問題是美國與西歐。我們對西歐的成長感到非常高興。顯然，在這兩個市場中，經濟都產生了許多無法忽視的短期影響，對於英國來說也是如此，外匯也產生了巨大的影響，正如您在我們的結果中看到的那樣。因此，在這兩種情況下，我們都對我們的成長率感到非常滿意。

I don't think that I would correlate one already with the other right now. I think they have their own sets of momentums and dynamics. Let's go, we will take one last question. Unfortunately we are running out of time. So we'll take one last question, please.

我認為我現在不會將其中一個與另一個關聯起來。我認為他們有自己的動力和動力。走吧，我們來回答最後一個問題。不幸的是我們的時間不多了。請我們回答最後一個問題。

Thank you. We'll take our final question from Colin Gillis from Brigantine.

謝謝。我們將接受來自 Brigantine 的 Colin Gillis 的最後一個問題。

I know that every customer is important. But when we talk about slimming down the sales and marketing efforts, could you give me a sense as to what is that customer base that needs an awful lot of direct hand holding? Is it a 1,000 customers, is it 5,000 customers?

我知道每個客戶都很重要。但是，當我們談論減少銷售和行銷工作時，您能否讓我了解需要大量直接指導的客戶群是什麼？是 1,000 個客戶，還是 5,000 個客戶？

This is Jonathan. I don't think there's an easy answer to that question. Basically the way we manage the sales and the support experience is on a bang for the buck basis we are providing the support to the customers from whom we are going to garner the largest amount of revenue. I think if you were able to support larger numbers of customers, you would be able to make incremental revenues.

這是喬納森。我認為這個問題沒有一個簡單的答案。基本上，我們管理銷售和支援體驗的方式是建立在物有所值的基礎上的，我們為我們將從中獲得最大收入的客戶提供支援。我認為，如果您能夠支援更多的客戶，您將能夠增加收入。

So, I think there are many, many thousands of customers that could use optimization efforts from our support organization. There's only a subset that we are actually able to support at the level that we would like to. But on a bang for the buck basis, we are prior advertising at the top of that funnel.

因此，我認為有成千上萬的客戶可以利用我們支援組織的最佳化工作。我們實際上只能支援我們想要的級別的一個子集。但在物有所值的基礎上，我們會在該頻道的頂部進行預先廣告。

You shouldn't read--?

你不該讀——？

The key there is really focusing -- I mean we are really trying to do there is create automated tools that make scaling these efforts easier and make it easier for customers to optimize on their own. Of course, we also partner with agencies who I think do a lot of the heavy lifting there for us and play an important component to the equation.

關鍵在於真正的專注——我的意思是我們真正想做的是創建自動化工具，使擴展這些工作變得更容易，並使客戶更容易自行優化。當然，我們也與一些機構合作，我認為他們為我們承擔了很多繁重的工作，並在這個過程中發揮了重要的組成部分。

Absolutely. So I mean just trying to get some sense. Directionally would you say you're focusing in more on the larger customers at the top of the funnel?

絕對地。所以我的意思是只是想明白一些道理。您是否會說您在方向上更專注於漏斗頂部的大客戶？

Yes, certainly we allocate our sales time. I mean the sales people allocate their time on the basis of -- on the bang for the buck basis where the money is for the most part.

是的，我們當然會分配銷售時間。我的意思是銷售人員根據性價比來分配時間，其中大部分是錢。

The direct sales force focuses essentially on these very large national accounts; our very large advertisers. And whether they are agencies or they are big customers. That's where they focus essentially their attention. And then we have a second category that you get some phone support and the third category that you just sort of on the web.

直銷隊伍主要關注這些非常龐大的國民帳戶；我們非常大的廣告商。無論他們是代理商還是大客戶。這就是他們主要關注的地方。然後我們有第二類，您可以獲得一些電話支持，第三類，您可以在網路上獲得支持。

So, what we did -- the reason why we did, just coming back to the original question, the front end one. We did the rationalization we grew so fast and then we made a number of acquisitions. And then you end up in a position when you kind of start adding all of the bodies and you say okay who is talking to whom. You end up with duplications in some places. And that's neither good nor bad. It is just the way it was. And we said okay let's do a bit of rationalization.

所以，我們所做的事──我們這樣做的原因，只是回到最初的問題，也就是前端問題。我們對快速成長的公司進行了合理化調整，然後進行了多次收購。然後你最終會陷入這樣的境地：當你開始添加所有的身體時，你會說好吧，誰在和誰說話。最終你會在某些地方重複出現。這既不好也不壞。事情就是這樣。我們說好吧，讓我們進行一些合理化。

But we continue to -- we have all of the head count we need in order to focus on the big accounts that we want them in. We are not constrained in that sense, if you wish, right? We just, we have -- and that's why we did the clean up in Q1.

但我們繼續——我們擁有所需的全部人員，以便專注於我們希望他們加入的大客戶。如果你願意，我們在這個意義上不受限制，對嗎？我們只是，我們已經——這就是我們在第一季進行清理的原因。

Thank you. That was a very nice quarter you had.

謝謝。那是一個非常美好的季度。

Thank you very much.

非常感謝。

Okay. With that, Maria, we can close the call. Is that okay?

好的。瑪麗亞，這樣我們就可以結束通話了。可以嗎？

Yes. Thank you, everyone, for your time. We will talk to you next quarter.

是的。謝謝大家抽出時間。我們將在下個季度與您交談。

Thank you, everybody.

謝謝大家。

This concludes today's conference. We thank you for your participation.

今天的會議到此結束。我們感謝您的參與。