Alphabet Inc (GOOGL) 2009 Q4 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, Senior Manager of Investor Relations. 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。現在，我想把電話轉給投資者關係高級經理Maria Shim女士。請繼續，女士。

Good afternoon everyone and welcome to Google's fourth quarter and fiscal year 2009 conference call. With us are Patrick Pichette, Chief Financial Officer, Jonathan Rosenberg, Senior Vice President of Product Management and Nikesh Arora will be joining us for the first half hour so if you have specific sales geographic vertical questions for him please address them to him in the first half hour of our call. After we cover a few housekeeping items, we will begin taking your questions. This call is being Webcast from our investor relations website located at Investor.Google.com. 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 in our website in a few hours. Please note 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.

大家下午好，歡迎參加 Google 2009 年第四季和財年電話會議。與我們一起的有財務長Patrick Pichette、產品管理高級副總裁Jonathan Rosenberg 和Nikesh Arora 將在前半個小時加入我們，因此，如果您對他有具體的銷售地理垂直問題，請在第一時間向他提出我們通話的半小時。在我們介紹了一些內務管理專案後，我們將開始回答您的問題。本次電話會議透過我們的投資者關係網站 Investor.Google.com 進行網路直播。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，我們經常在位於 Investor.Google.com 的投資者關係網站上發布重要訊息，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 cover the Safe Harbor. 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 forward-looking statements in light of new information or future events . 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 this Investor Relations section of our website.

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。現在讓我介紹一下安全港。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前瞻性陳述的任何修改的結果。請參閱我們向 SEC 提交的文件，包括截至 2008 年 12 月 31 日的 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 in a non-GAAP basis, and adjusted to exclude charges relating to stock based compensation. We've also adjusted our net cash provided by operating activities to remove capital expenditures which is 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're 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（例如營業利潤和營業利潤率）是按非公認會計原則（non-GAAP）計算的，並經過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，也就是我們所謂的自由現金流。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。這樣我們就準備好回答您的問題了。操作員？

Thank you. (Operator Instructions). We'll take our first question from [Sumit Sunna] from JMP Securities.

謝謝。 （操作員說明）。我們將回答來自 JMP 證券的 [Sumit Sunna] 的第一個問題。

Yes, thank you very much. Just wanted to get more details about CPC growth sequentially. Are there any specific instances, I know in the past quarter, about how emerging markets where credit growth has been strong but CPCs are lower, can you help us quantify that impact and secondly, on the CPC question itself, anything specifically in Europe, we had heard instances where trademark bidding has kind of slowed down, and the efficacy of that has slowed down and you pull-down CPC with it, can you comment?

是的謝謝你。只是想了解有關每次點擊費用連續增長的更多詳細資訊。我知道在上個季度，是否有任何具體實例說明信貸成長強勁但每次點擊費用較低的新興市場如何，您能否幫助我們量化這種影響？其次，關於每次點擊費用問題本身，特別是在歐洲，我們聽說過商標競價速度有所放緩的情況，其效果也有所放緩，並且您因此拉低了每次點擊費用，您能發表評論嗎？

Yes, sure, this is Jonathan. I'll let Nikesh comment on any specific issues related to Europe or any dynamics that he's seeing there on the trademark issues . The specific issues which we've traditionally talked about a lot on you're looking at average CPC which is obviously a blended number, and is impacted by some of the things that you suggested, such as the relative growth in maturing markets versus established markets had some anomalous dynamics when you look at this quarter which I would highlight which are first and foremost to the FX movement. We had, the dollar was weaker in Q4 2009 when you compare to Q4 2008 so that causes the non-US clicks to have higher CPCs when reported in dollar terms, but I think the other thing that you may not see is there is an important mix effect going on. We made some quality improvements on the AFC network, and basically, that had the effect of reducing the total clicks in the AFC network, relative to what it would have otherwise been, and so we had a higher proportion of clicks therefore coming from Google.com and from AFS and that's a mix shift that caused the blended average of CPC the way you're seeing it to otherwise rise and so those are the two things that I think are more different than this quarter than in the past and I think that and otherwise I don't have anymore insight.

是的，當然，這是喬納森。我將讓尼科甚評論與歐洲相關的任何特定問題或他在商標問題上看到的任何動態。我們傳統上經常討論的具體問題是平均每次點擊費用，這顯然是一個混合數字，並且受到您建議的一些因素的影響，例如成熟市場與成熟市場的相對增長當您查看本季度時，出現了一些異常動態，我要強調的是，這些異常動態首先與外匯走勢有關。我們發現，與2008 年第4 季相比，2009 年第4 季美元走弱，因此以美元計算時，非美國點擊次數的每次點擊費用更高，但我認為您可能沒有看到的另一件事是，有一個重要因素混合效果正在進行中。我們對 AFC 網路進行了一些品質改進，基本上，這減少了 AFC 網路中的總點擊量（相對於原本的點擊量），因此來自 Google 的點擊量比例更高。com 和 AFS，這是一種混合轉變，導致CPC 的混合平均值以其他方式上升，因此我認為本季度與過去相比，這兩件事有更大的不同，我認為否則我就沒有更多的洞察力了。

Okay, next question please?

好的，請下一個問題？

We'll take our next question from Aaron Kessler from Kaufman.

我們將回答考夫曼的亞倫·凱斯勒的下一個問題。

Just a question on the local side and mobile, how that ties in. There's a lot of assumption on the mobile side that that's really dependent on local growth longer term. Just your view on that and maybe how you see the growth in the local side develop to drive mobile longer term.

只是本地端和行動端的一個問題，這如何連結起來。行動端有很多假設，認為這實際上依賴於本地的長期成長。只是您對此的看法，以及您如何看待本地方面的成長以推動行動業務的長期發展。

It's Patrick speaking. I think that mobile, one element of mobile is local, but I would far and away not only pin it to local. There's no doubt that we are having some great experiments on local, but on mobile, what you have is a whole set of searches and a whole set of activities that actually just transcends clearly just the local business, and those searches obviously are going to also fuel it, so it's a mosaic of opportunities but local is just one of them, but Jonathan maybe you have additional comments?

是派崔克說話。我認為移動，移動的一個元素是本地的，但我遠遠不止將其固定在本地。毫無疑問，我們正在本地進行一些很棒的實驗，但在移動設備上，您擁有的是一整套搜索和一整套活動，它們實際上顯然超越了本地業務，而且這些搜索顯然也將燃料它，所以這是一個馬賽克的機會，但本地只是其中之一，但喬納森也許你有其他意見？

Yes, I think local is hugely important. It's going to be much more important in the not too distant future, because as we're seeing more integration, as I mentioned in some of my other remarks, people who are shopping offline start online and today, people still don't have access to the inventory information in the local stores, so I mentioned that in mobile, we're seeing that when phone numbers and coupons are offered, people are much more likely to click on the mobile ad. Well imagine if the inventory information is there, so that they can actually consummate a transaction locally, as that information becomes available, local is going to be much much more powerful, and we already have some examples where advertisers like with AT&T are using some of our local products to help people find local stores, so I think we're just starting to get there in terms of the capabilities that are going to be necessary for local to take off, but I think that local is going to matter much more on these devices because obviously they know where they are with GPS.

是的，我認為本地化非常重要。在不久的將來，這將變得更加重要，因為隨著我們看到更多的整合，正如我在其他一些評論中提到的那樣，線下購物的人們開始在網上購物，而今天，人們仍然無法訪問本地商店的庫存信息，所以我提到在移動設備中，我們發現當提供電話號碼和優惠券時，人們更有可能點擊移動廣告。想像一下，如果庫存資訊存在，那麼他們實際上可以在本地完成交易，當該資訊可用時，本地將變得更加強大，我們已經有一些例子，其中像 AT&T 這樣的廣告商正在使用一些我們的本地產品可以幫助人們找到本地商店，所以我認為我們才剛開始實現本地化起飛所需的能力，但我認為本地化將更加重要這些設備顯然是因為它們透過 GPS 知道自己在哪裡。

And also quickly I think you filtered out some of your advertisers this quarter, maybe AdSense for content, maybe you can provide more details around that.

而且我認為您很快就在本季度過濾掉了一些廣告商，也許是 AdSense for content，也許您可以提供更多相關細節。

Sorry, can you restate the question?

抱歉，您能重述一下問題嗎？

I think there's reports you filtered out some of your advertisers this quarter on the AdSense side, so can you provide any more details about that?

我認為有報告指出您本季在 AdSense 方面過濾掉了一些廣告客戶，您能否提供更多相關細節？

Yes, we have been obviously constantly looking at advertisers to see whether there is any fraud or any spam that is happening and we permanently suspend advertisers who repeatedly attempt to scam users, so we went through one of our regular processes of looking at advertisers, and seeing which one of those we thought were not adding quality or adding sort of value to our users, and in those cases, we chose to suspend them permanently.

是的，我們顯然一直在不斷關注廣告商，看看是否存在任何欺詐或垃圾郵件，並且我們永久暫停反复嘗試欺騙用戶的廣告商，因此我們經歷了關注廣告商的常規流程之一，並且看看看我們認為其中哪一個沒有為我們的用戶增加品質或增加某種價值，在這些情況下，我們選擇永久暫停它們。

This quarter was the approach that we took to suspend the repeated scam users as opposed to before, where all we were doing was disabling certain bad ads.

本季我們採取了暫停重複詐騙用戶的方法，而之前我們所做的只是停用某些不良廣告。

Okay, and did this have any material impact on the quarter numbers? It sounds like it could have had a slight impact from what I was reading.

好的，這對季度數據有什麼實質影響嗎？聽起來它可能對我正在閱讀的內容產生了輕微的影響。

No. The impact is slight. It's a relatively small number of advertisers.

不會。影響很小。廣告商的數量相對較少。

Okay, great. Thank you.

好的，太好了。謝謝。

Can we have our next question please?

我們可以提出下一個問題嗎？

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。

Hi guys, two questions. First, on the cyclical nature of paid click growth, and then a follow-up from James' question earlier. So on paid clicks, the growth rate has been decelerating pretty steadily for the last couple quarters based on some of the mix and kind of natural deceleration you guys talk about. Do you see any evidence in your data that as the economy recovers in 2010 that paid clicks could actually reaccelerate and for instance in the fourth quarter you had a reacceleration in the domestic market, did paid clicks accelerate there and what are your thoughts on that and the follow-up from James question, on the international stuff, so if we've done the math correctly, international growth ex-currency and ex-hedging decelerated to around 16% from 19% last quarter. Can you talk about what's driving that deceleration, because I think it had accelerated in Q3, thanks.

大家好，有兩個問題。首先，關於付費點擊成長的周期性，然後是詹姆斯先前問題的後續內容。因此，在付費點擊方面，根據你們談論的一些組合和自然減速，過去幾季的成長率一直在穩步減速。您是否在數據中看到任何證據表明，隨著 2010 年經濟復甦，付費點擊實際上可能會重新加速，例如在第四季度，國內市場的付費點擊是否會加速，您對此有何看法？詹姆斯關於國際問題的後續問題，所以如果我們計算正確的話，除貨幣和除對沖之外的國際成長從上季度的19% 減速至16% 左右。您能否談談是什麼導致了減速，因為我認為第三季減速加速了，謝謝。

So on the paid clicks, I think that the only thing we would tell you because we can't give you anything perspective is obviously as every place there's a recovery and there's robust auctions and also seasonality with these auctions, right? You could have kind of increased CPCs and so that's really the only fundamental driver of the CPC and CPC growth.

因此，關於付費點擊，我認為我們唯一能告訴您的是，因為我們無法向您提供任何觀點，所以顯然每個地方都在復蘇，並且有強勁的拍賣以及這些拍賣的季節性，對嗎？每次點擊費用可能會有所增加，因此這實際上是每次點擊費用和每次點擊費用增長的唯一基本驅動力。

You don't see consumers clicking on ads, not the CPCs, but actually the volume of paid clicks? You don't see that incidence increasing when the economy gets better?

您看到的不是消費者點擊廣告，不是每次點擊費用，而是付費點擊量？當經濟好轉時，您沒有看到這種情況的發生率增加嗎？

Yes, absolutely. People search more and they search more and not only do they search more but they click more, there's no doubt about it, so you'll remember if you go back to a couple quarters ago, we had this conversation where we said because people were more shy at shopping, they click less, and so it was a consumer driven phenomenon that drove our CPC at the time, and it was just simply that no matter how the auction operated, the fact that people click less and as people, as the economy recovers and people click more obviously it will have an effect on CPC. As for the international, Nikesh, do you want to cover the international portion?

是的，一點沒錯。人們搜尋更多，他們搜尋更多，他們不僅搜尋更多，而且點擊更多，這是毫無疑問的，所以你會記得，如果你回到幾個季度前，我們進行了這次對話，我們說因為人們購物時更害羞，他們點擊的次數更少，所以這是一種消費者驅動的現象，推動了我們當時的每次點擊費用，很簡單，無論拍賣如何運作，人們點擊的次數更少，而且作為人，隨著經濟復甦，人們點擊更加明顯，這會對CPC產生影響。至於國際，Nikesh，你想承擔國際部分嗎？

I think the important thing to note is if you look at last year Q4, we have a precipitous decline in the US, much more sort of sharper than what we saw in the international market so the comps for the US looks much better than they look for in national regions and in addition many of our new product areas which we stage globally start in the US and make their way across the globe, we have had sort of more of them do well in the US than they have done internationally, so purely from that perspective, the US is going to look slightly stronger from the rest of our international markets.

我認為值得注意的重要一點是，如果你看看去年第四季度，我們在美國出現了急劇下滑，比我們在國際市場上看到的要嚴重得多，所以美國的比較看起來比看起來要好得多因為在國家地區以及我們在全球範圍內推出的許多新產品領域都是從美國開始並走向全球，我們在美國做得比在國際上做得更好，所以純粹從這個角度來看，美國的表現將比其他國際市場稍強。

Great, thank you.

太好了謝謝。

Next question, please?

請下一個問題？

We'll take our next question from George Askew from Stifel Nicolaus.

我們將回答來自 Stifel Nicolaus 的 George Askew 的下一個問題。

Yes, thank you very much. Two questions. First, has Google since the first of the year finished implementing the caffeine search architecture across all of your data centers?

是的謝謝你。兩個問題。首先，Google自今年年初以來是否已經在所有資料中心完成了咖啡因搜尋架構的實施？

I don't know if we finished implementing it, but--

我不知道我們是否完成了它的實施，但是——

I believe the answer to that is no.

我相信答案是否定的。

Not yet. Not yet. Okay, and then--

還沒有。還沒有。好吧，然後——

I said yes, in answer to your question, not yet. The answer is not yet.

我回答你的問題時說是的，還沒有。答案還沒有。

Okay, not yet, all right and then obviously, display advertising is a huge push for the Company. Can you help us please understand how much of your display advertising revenue is from owned and operated properties such as YouTube and how much is powered by tools of Google but does not appear on your website like a DoubleClick?

好吧，還沒有，好吧，顯然，展示廣告對公司來說是一個巨大的推動力。您能否幫助我們了解您的展示廣告收入中有多少來自自有和經營的資產（例如 YouTube），有多少是由 Google 工具提供支援但不會像 DoubleClick 一樣出現在您的網站上？

Well, we don't give the mix but clearly, it's all of the elements that are at work. The best way to think of our business on the display side is we have our business on the display side, which corresponds to the premium end, which is where people brand markets are looking for premium advertising slots look at YouTube as a property they want to advertise with in competition to other premium inventory that's out there. If you go to the next level, the best way to think about it is in our network which is our collection of publishers which are all the way from small publishers to certain large publishers will give us access to the inventory which we are then able to collectively sell as a network both using contextual advertising as well as using interest based advertising, and that of course has a different profile as it relates to the margins and the revenues as compared to YouTube, and then the third part is where we use both our tools as well as our exchange properties like AdExchange and DoubleClick platforms, which is where we can have different buyers and sellers and different people who put the inventory up there and different people selling the inventory, and that's beginning to get traction now and most of our top ad networks are in that space but clearly again that is a very different pricing profile or margin profile so that's the way to think about our three different businesses. Now from a structural perspective, but clearly from an advertiser perspective when we make that pitch we offer the entire gamut of services depending on what campaign objectives they have and what they are trying to achieve.

好吧，我們沒有給出組合，但很明顯，所有的元素都在起作用。考慮我們在顯示器方面的業務的最佳方式是，我們在顯示方面開展業務，這對應於高端市場，即品牌市場正在尋找優質廣告位的人將 YouTube 視為他們想要的資產。與現有的其他優質廣告資源競爭。如果你進入下一個層次，最好的思考方式是在我們的網絡中，這是我們的出版商集合，從小型出版商到某些大型出版商，這將使我們能夠訪問庫存，然後我們能夠作為一個網絡進行集體銷售，既使用上下文廣告，也使用基於興趣的廣告，當然，與YouTube 相比，它在利潤和收入方面有不同的概況，然後第三部分是我們使用我們的工具以及我們的交換資產，例如AdExchange 和DoubleClick 平台，在這裡我們可以有不同的買家和賣家以及不同的人在那裡放置庫存以及不同的人出售庫存，這現在開始受到關注，我們的大部分頂級廣告網絡就在這個領域，但很明顯，這是一個非常不同的定價概況或利潤概況，因此這是考慮我們三個不同業務的方式。現在從結構的角度來看，但顯然從廣告商的角度來看，當我們進行宣傳時，我們會根據他們的活動目標和他們想要實現的目標提供全套服務。

Would Google have another owned and operated display ad site?

谷歌是否會擁有另一個擁有和經營的展示廣告網站？

Well, we are constantly experimenting with various properties that we have to see what's the best mechanism and the worst-best format of advertising to use on those.

好吧，我們不斷地試驗各種屬性，我們必須看看什麼是最好的機制以及最糟糕、最好的廣告格式。

Okay, thank you.

好的謝謝。

We'll take the next question please?

我們來回答下一個問題好嗎？

We'll take our next question from Scott Davis from JPMorgan.

我們將回答摩根大通的斯科特戴維斯的下一個問題。

Yes, hi, thank you. Nikesh, I just have a follow-up to Ross' and James' question about the rest of the world growth. So given that it decelerated and I understand the products in the US haven't been rolled out there, that would explain why it wouldn't reaccelerate but it doesn't explain the deceleration so it sounds like you're saying the primary answer is just the comps, which did in fact get a lot more difficult versus the fourth quarter of last year. I was wondering though if there's a third element, which is there were a number of times on the call that it was mentioned that large advertisers have come back first, and I guess I was wondering if you could give some color on whether or not the rest of the world make up of advertisers is more small advertisers as compared to large, and therefore, that lagged a little for that reason as well, or was it just purely the comps for the first reason I said?

是的，嗨，謝謝。尼科甚，我只是想跟進羅斯和詹姆斯關於世界其他地區成長的問題。因此，考慮到它減速了，而且我知道美國的產品還沒有在那裡推出，這可以解釋為什麼它不會重新加速，但它不能解釋減速，所以聽起來你說的主要答案是只是比較，事實上與去年第四季相比確實變得更加困難。我想知道是否還有第三個要素，即電話會議中多次提到大型廣告商首先回來了，我想我想知道您是否可以就是否與大型廣告商相比，世界其他地區的廣告商組成是小型廣告商，因此，這也導致了一些滯後，或者這純粹是我所說的第一個原因的比較？

Thank you very much, for asking the clarifying question. I think there are three elements to what you ask. One clearly is a comp element because as Patrick would say, we've had a V-shaped recovery, and in certain markets we've had a slightly elongated V in some markets and some of the markets are bobbing around so clearly in the US, we've seen a sharper rebound than elsewhere because they had not as sharp a decline so clearly one of the comp issue. The second issue has also to do with the advertiser mix.

非常感謝您提出澄清問題。我認為你的要求包含三個要素。其中一個顯然是補償因素，因為正如帕特里克所說，我們已經經歷了 V 型復甦，在某些市場中，我們的 V 型略有拉長，而美國的一些市場明顯在波動。 ，我們看到了比其他地方更劇烈的反彈，因為他們沒有那麼明顯的下降幅度，這是補償問題之一。第二個問題也與廣告商組合有關。

Actually, the large advertiser phenomenon is overweighted to the US than it is towards emerging parts of the world, so in various parts of Southern Europe, and emerging parts of Asia, Latin America, and the Middle East and Europe, and the other parts of Europe, we are clearly not seeing as much divergence between large advertisers and small advertisers in those markets, so they are not, they haven't been as aggressive back and they haven't aggressively left in the first instance and the third case is clearly in some of those markets which are nascent, what has happened is as the economy took a hit earlier, they actually reprioritized their spending and some of them may have pulled back and it just takes a little bit longer to get it back to online advertising because in those markets they aren't as reliant or as convinced of online advertising but clearly as I said in places like Brazil we are making huge efforts to get the education up on advertising around the globe.

事實上，美國的大廣告商現像比世界新興地區的影響更大，因此在南歐各地、亞洲、拉丁美洲、中東和歐洲的新興地區以及世界其他地區。歐洲，我們顯然沒有看到這些市場中大型廣告商和小型廣告商之間存在太大差異，所以他們沒有，他們沒有那麼積極地反擊，他們在第一種情況下也沒有積極地離開，第三種情況顯然是在一些新興市場中，隨著經濟早些時候受到打擊，他們實際上重新調整了支出的優先順序，其中一些可能已經縮減，只是需要更長的時間才能恢復到在線廣告，因為在這些市場中，他們並不那麼依賴或相信網路廣告，但正如我在巴西等地所說的那樣，我們正在做出巨大努力，以提高全球廣告教育水平。

Do you have an expectation to follow-up on, because you're clearly pleased with sales and it's easy for the Street, including myself to get ahead of ourselves because we can do channel checks and hear about the US and hear about the UK, and those things accelerated nicely so it seems like the only thing that is missing is just conviction on when you'll see reacceleration in the rest of the world. Part of it will come just because comps will get a lot easier but do you have a suggestion for what kind of lag you think is involved for the rest of the world?

您是否期望跟進，因為您顯然對銷售感到滿意，而且華爾街（包括我自己）很容易超前，因為我們可以進行渠道檢查並了解美國和英國的情況，這些事情加速得很好，所以似乎唯一缺少的就是何時會看到世界其他地方重新加速的信念。部分原因只是因為比賽會變得更加容易，但你對世界其他地方會出現什麼樣的滯後有什麼建議嗎？

Clearly I'm not going to try and speculate on numbers and try and figure out when these things happen, but for the long term perspective if you think about the US versus these markets, clearly some of these markets are further behind in terms of the development where the US is or certain parts of Europe are, like for example, UK is very advanced, and even if you look at the evolution of some of these markets for the last three, four years, we have seen a trend, and the trend suggests over time people will start getting more convinced about online advertising as more and more consumers get online as more and more broadband penetrates those markets and those dynamics are clearly easy for you guys to understand and try and project and based on that, my long term conviction is that we are going to see the continued shift towards online advertising both on the search side as well as display side and as Patrick alluded to in the earlier call the television market is another huge market where the eyeballs are beginning to shift and advertisers will want to target those audiences and we feel comfortable that tools were developing based on our experience in the US markets can be deployed around the world so in the long term I believe there's clearly growth in each of those markets. I can't project which quarter they will show up in. Thank you.

顯然，我不會嘗試猜測數字並試圖弄清楚這些事情何時發生，但從長遠來看，如果你考慮美國與這些市場，顯然其中一些市場在美國或歐洲某些地區的發展，例如英國非常先進，即使你看看其中一些市場在過去三四年的演變，我們也看到了一種趨勢，並且趨勢表明，隨著時間的推移，隨著越來越多的消費者上網，隨著越來越多的寬頻滲透到這些市場，人們將開始更加相信在線廣告，這些動態顯然很容易讓你們理解、嘗試和預測，基於此，我的長篇文章我們堅信，我們將看到搜索端和顯示端向在線廣告的持續轉變，正如帕特里克在之前的電話會議中提到的那樣，電視市場是另一個巨大的市場，眼球開始轉移，廣告商也開始轉向在線廣告。我們希望瞄準這些受眾，並且我們感到滿意的是，根據我們在美國市場的經驗所開發的工具可以部署在世界各地，因此從長遠來看，我相信每個市場都有明顯的成長。我無法預測他們會出現在哪個季度。謝謝。

I think just as a general comment on the overall total revenue and then these differ between all these markets and geographies, I mean as we said in the call, on the previous call, we are really pleased with the trajectory of the Company and the reason for it is you can see how a quick rebound in the economy in the US or at least not a strong rebound but a quick rebound actually you can see the leverage model of the Google model so in that sense I think we take a lot of comfort for the long term.

我認為，就像對總體總收入的一般性評論一樣，所有這些市場和地區之間的收入有所不同，我的意思是，正如我們在電話會議中所說，在之前的電話會議上，我們對公司的發展軌跡及其原因感到非常滿意因為你可以看到美國經濟如何快速反彈，或者至少不是強勁反彈，但實際上是快速反彈，你可以看到谷歌模型的槓桿模型，所以從這個意義上說，我認為我們感到很安慰從長遠來看。

Great. Could we take the next question please?

偉大的。我們可以回答下一個問題嗎？

We'll take our next question from Jim Friedland from Cowen & Co.

我們將回答來自 Cowen & Co. 的 Jim Friedland 的下一個問題。

Thanks, first on G & A, if I look at Q4 versus Q3, there was, it actually moved up decently, last year it was flattish but then you're really working on the costs. Was there anything one-time in nature or unique about that increase, or was it seasonal or is this just getting back to what's sort of a more traditional pattern?

謝謝，首先在 G & A 方面，如果我看看第四季度與第三季度，它實際上上升得不錯，去年持平，但你真的在研究成本。這種增長是否具有一次性性質或獨特性，或者是季節性的，還是只是回到了更傳統的模式？

I think on G & A, the two big areas that we talked about, one of them was actually ramping up our marketing, as we had discussed on the previous call. We also had a few expenses more than would have been ordinar it on the legal side and so those would be kind of the two big bumps that if you think in the quarter and but nevertheless, I mean very much under our control, right? If you think about it, if there's one thing we've proven this year, that Google is our ability to actually really control our expenses, and dial where we think we're going to get a great pay back and a great return and that's exactly what you've seen in Q4 where when Eric talked about, let's pushback the investments and go back into making sure we run the business the way we want to run it and obviously when you have areas like marketing broadly defined, that's the first place you can actually turn on the dials to get a real impact back and that's why we move that way.

我認為在 G & A 上，我們討論的兩個大領域，其中之一實際上是加強我們的行銷，正如我們在之前的電話會議中討論的那樣。我們在法律方面的支出也比平常多了一些，所以如果你在本季度考慮的話，這將是兩個大的顛簸，但儘管如此，我的意思是很大程度上在我們的控制之下，對嗎？如果你想一想，如果我們今年證明了一件事，那就是谷歌有能力真正控制我們的開支，並撥出我們認為可以獲得豐厚回報和豐厚回報的能力，那就是這正是您在第四季度所看到的，當艾瑞克談到時，讓我們推遲投資並重新確保我們以我們想要的方式經營業務，顯然，當您對行銷等領域進行廣泛定義時，這是第一位的你實際上可以打開旋鈕來獲得真正的影響，這就是我們這樣做的原因。

Okay, and then on marketing, we have with the Nexis One, we've seen some ads around the Google network, but we haven't seen any sort of more traditional advertising, given that it is sort of a meaningful product launch, and you are trying to change an industry, why haven't we seen a push in that area or are you just telling us that you're going to use sort of the traditional way that Google has gotten out there?

好的，然後在行銷方面，我們在 Nexis One 上看到了 Google 網路上的一些廣告，但我們還沒有看到任何更傳統的廣告，因為這是一次有意義的產品發布，並且你正試圖改變一個行業，為什麼我們沒有看到該領域的推動，或者你只是告訴我們你將使用谷歌已經推出的傳統方式？

Yes, I think that Nikesh will probably have more details on this. Because we launched a product like it's really a new model we're trying to launch with this online store, we did not, all we wanted to do is, and we have so much advertising anyway, the marketing on the product around the product itself, we didn't deem necessary to actually push it in the same way that other more traditional channels would have done. Nikesh?

是的，我認為 Nikesh 可能會提供更多相關細節。因為我們推出了一款產品，就像我們試圖透過這個線上商店推出的新型號一樣，但我們沒有，我們想做的就是，無論如何，我們有很多廣告，圍繞產品本身進行產品行銷，我們認為沒有必要像其他更傳統的管道那樣實際推動它。尼凱什？

I think Patrick said it and we alluded to it in the earlier call. This is a new way for us of selling mobile phones, and clearly the first target group we can go after are the people who like Google, who are the Google aficionados people online, so since we are trying to come up with the model of selling something online, it's perfectly logical for us to do online marketing for that, and as this evolves and as we test this we would explore other ways going forward.

我認為帕特里克說過這句話，我們在之前的電話會議中也提到過。這是我們銷售手機的一種新方式，顯然我們首先要追求的目標群體就是那些喜歡谷歌的人，也就是網上的谷歌愛好者，所以既然我們正在嘗試提出這樣的銷售模式在線的東西，我們為此進行線上行銷是完全合乎邏輯的，隨著這種情況的發展，當我們測試它時，我們將探索未來的其他方式。

Okay, great, thank you.

好的，太好了，謝謝。

Can we take our next question please?

我們可以回答下一個問題嗎？

We'll take our next question from Heath Terry from FBR Capital markets.

我們將回答來自 FBR 資本市場的 Heath Terry 的下一個問題。

Great, thank you. Eric touched on this a little bit on the call but can you give us an idea of where you're seeing most traction in your display efforts and as you look at the DoubleClick ad networks what are its competitive advantages, and what does the development path look like there?

太好了謝謝。 Eric 在電話會議上稍微談到了這一點，但是您能否告訴我們您在展示工作中最受關注的地方，以及當您查看 DoubleClick 廣告網絡時，它的競爭優勢是什麼，以及發展路徑是什麼看起來像那裡？

Look, in terms of display, I think Nikesh, in the way he portrayed it a few minutes ago, let me give the high level answer and Nikesh, if you have color commentary. There is the simplification of the process with DoubleClick and DoubleClick platforms for both the publishers and the advertisers has made it, so simplification of all that has made a huge difference and we can see it in the numbers of people signing up for it and then obviously on the performance and the markets, two other big thrusts that actually have good trajectory, so maybe Nikesh, you want to give a bit more on the display itself?

看，在展示方面，我認為尼科甚，就像他幾分鐘前描繪的那樣，讓我給出高水平的答案，尼科甚，如果你有色彩評論的話。 DoubleClick 的流程得到了簡化，DoubleClick 平台對於發布商和廣告商來說都已經做到了這一點，因此所有這些的簡化已經產生了巨大的變化，我們可以從註冊人數中看到這一點，然後很明顯關於性能和市場，另外兩個大推動力實際上具有良好的軌跡，所以也許Nikesh，您想在顯示器本身上提供更多資訊？

I think that's very important to understand, if you think about the evolution of the display market, right? In the early days of display we've been selling sites and as we look at it there's been a huge explosion in the number of sites, millions and millions of websites that you can decide to target ads and try and display ads, and now the challenge that it creates is on two ends. It creates a challenge of consistency where is where products like DoubleClick with some degree of consistency and how ads are served and put across-the-board and products like AdExchange begin to help, because effectively you're trying to create a consistent way of serving ads in the market.

如果你考慮一下顯示器市場的演變，我認為理解這一點非常重要，對吧？在展示的早期，我們一直在銷售網站，正如我們所看到的，網站數量出現了巨大的爆炸式增長，您可以決定定位廣告並嘗試展示廣告的網站數以百萬計，而現在它帶來的挑戰是兩端的。它帶來了一致性的挑戰，而像 DoubleClick 這樣具有一定程度一致性的產品以及如何全面投放廣告和投放廣告以及 AdExchange 這樣的產品開始提供幫助，因為您實際上正在嘗試創建一致的服務方式。市場上的廣告。

The second part also the inefficiency in the selling side because it's very hard for an advertiser then to go aggregate multiple sites and try and buy them individually, so it really helps to have an exchange where you can aggregate tremendous amounts of inventory. If you do both of those things, we can layer on top of that both contextual and intraspace advertisements, so the best way to think about this is we're slowly shifting the display industry behavior to look and mimic what advertisers have been traditionally used to buying. They are used to buying audiences on an aggregated large scale and the way we are able to put together the Google network, the AdExchange, the DoubleClick platforms we are trying to replicate the ability to buy large audiences, and as that begins to happen, as they're able to target more and more you clearly expect that becomes more relevant for them and therefore the prices will react accordingly to that relevance to the advertisers.

第二部分也是銷售方的低效率，因為廣告商很難聚合多個網站並嘗試單獨購買它們，因此擁有一個可以聚合大量庫存的交易所確實很有幫助。如果你做到了這兩件事，我們就可以在上下文廣告和空間內廣告之上分層，所以考慮這個問題的最佳方法是我們正在慢慢改變顯示器行業的行為，以觀察和模仿廣告商傳統上習慣的方式購買。他們習慣於大規模地購買受眾群體，以及我們能夠將 Google 網路、AdExchange、DoubleClick 平台整合在一起的方式，我們正在嘗試複製購買大量受眾群體的能力，隨著這種情況開始發生，隨著他們能夠瞄準越來越多的你明確期望的與他們更相關的內容，因此價格將根據與廣告商的相關性做出相應的反應。

Yes, this is just Jonathan, quickly. I would summarize the competitive advantages. We're making it easy to buy, sell, and serve display ads, and one of the things I think is particularly exciting, which Eric was asked about on the call earlier, was the shifting budget dynamic. One of the things I think has been very positive that we've seen is that with products like Display Ad Builder we're actually bringing a lot of new advertisers to display. They can much more easily create display ads and now they can do it directly from the ad words interface, and turns out there are new advertisers to display, and they're not fundamentally decreasing their budgets in search so we're winning on both sides.

是的，這只是喬納森，快點。我總結一下競爭優勢。我們正在讓購買、銷售和投放展示廣告變得更加容易，我認為特別令人興奮的一件事是不斷變化的預算動態，而埃里克在早些時候的電話會議上被問到了這一點。我認為我們看到的非常積極的事情之一是，透過展示廣告生成器等產品，我們實際上帶來了很多新的廣告商來進行展示。他們可以更輕鬆地創建展示廣告，現在他們可以直接從廣告詞介面執行此操作，結果是有新的廣告商可以展示，而且他們並沒有從根本上減少搜尋預算，因此我們雙方都贏了。

Thank you. Could we take the next question please?

謝謝。我們可以回答下一個問題嗎？

We'll take our next question from Richard Fetyko from Merriman & Company.

我們將回答來自 Merriman & Company 的 Richard Fetyko 的下一個問題。

Thanks, guys. In the past, you've talked about changes in ad coverage or density of coverage. I was wondering if you could characterize the changes in the last couple quarters, if there's been any, and secondly on the mobile strategy, just wondering the success you've had with the adoption of the Android Operating System for the mobile devices, what role do you see that as playing in your mobile strategy? Does that lead to certain level, certain opportunity of modernization over time?

多謝你們。過去，您談到了廣告覆蓋範圍或覆蓋密度的變化。我想知道您是否可以描述一下過去幾季的變化（如果有的話），其次是行動策略，只是想知道您在行動裝置上採用 Android 作業系統方面取得了成功，扮演了什麼角色您認為這會影響您的行動戰略嗎？隨著時間的推移，這是否會帶來一定程度、一定程度的現代化機會？

Let me answer the mobile first and I'll let Jonathan answer the first question on coverage. The whole mobile strategy is built on building and accelerating an ecosystem and obviously we have our own mobile teams have developed these cool apps so if you think of VIC for the people who know VIC and all, the really cool applications and all the rest, but it's about the ecosystem that does three things, right? It really promotes innovation, it has a lower cost of innovation, because by being open sourced, you kind of enable everybody to jump in and do it, and then as a consequence, you keep it open sourced so the benefit to us really is twofold.

讓我先回答手機問題，然後讓喬納森回答有關覆蓋範圍的第一個問題。整個移這是關於做三件事的生態系統，對吧？它確實促進了創新，創新成本更低，因為透過開源，你可以讓每個人都參與進來，然後你就可以保持它的開源，所以對我們來說確實是雙重的好處。

The benefit is, users get better applications faster at market spreads faster everywhere, so think of the spread of high end devices faster at a lower cost sooner, which drives all these applications and so users get a benefit, and then as a consequence of that, as we talked before, consumers that have Android devices, we know from our own research, they use it like 30 times more than what a typical handset would be and in consequence they do a lot more search and a lot more advertising opportunities, so pushing that ecosystem is so critical, because that's where the world is going and if you think in terms of NPV as the image I always use, what's the value of accelerating that? Well it's huge and it's huge for the users, but it's also huge for us, and that's why we're pushing it in the three dimensions of Mobile, Android, and now what you've heard as the Nexis One handsets to set the standards at a higher level so that's the mind set in which we operate and we gain to benefit massively from it and so does the user. Now, for the ad coverage, Jonathan?

好處是，用戶在市場上更快地獲得更好的應用程序，在各地更快地傳播，所以想想高端設備更快地以更低的成本更快地傳播，這推動了所有這些應用程序，因此用戶獲得了好處，然後作為結果正如我們之前所說，擁有Android 設備的消費者，我們從我們自己的研究中得知，他們使用Android 設備的次數是典型手機的30 倍，因此他們會進行更多的搜尋和更多的廣告機會，所以推動這個生態系統非常重要，因為這就是世界的發展方向，如果你按照我一直使用的形象來看待淨現值（NPV），那麼加速這個過程的價值是什麼？嗯，它是巨大的，對用戶來說是巨大的，但對我們來說也是巨大的，這就是為什麼我們在移動、Android 三個維度上推動它，現在你聽到的是Nexis One 手機來設定標準在更高的層面上，這就是我們營運的思維模式，我們可以從中受益匪淺，使用者也是如此。現在，關於廣告報道，喬納森？

Sure. So as you know we really don't break down the components of the RPM equation specifically to coverage CPC or click through rates. We have told you in the past on a couple of occasions when there's been a situation where we noticed a dynamic that caused us to make a change, which we had mentioned a few quarters ago in the past. Right now, I think we're pretty happy with where coverage is. We mostly have been focused on improving the quality of the ads themselves, and we've talked to you a bit in the past about the tradeoffs that we make there in terms of how we decide to take improvements with respect to quality and coverage. I think the main change that you can probably see is the new formats that we've been launching, which we talked about which basically offer a better experience within our ads rather than new ads that we're not otherwise showing today, so I don't think there's not a lot to say in terms of fundamental changes in coverage.

當然。如您所知，我們確實不會專門針對每次點擊費用或點擊率來分解 RPM 方程式的組成部分。我們過去曾多次告訴您，當我們注意到一種動態導致我們做出改變時，我們在幾個季度前曾提到過這一點。現在，我認為我們對覆蓋範圍非常滿意。我們主要專注於提高廣告本身的質量，我們過去曾與您討論過我們在決定如何決定改進品質和覆蓋範圍方面所做的權衡。我認為您可能會看到的主要變化是我們一直在推出的新格式，我們談到了這些新格式基本上在我們的廣告中提供了更好的體驗，而不是我們今天沒有展示的新廣告，所以我不我認為就覆蓋面的根本變化而言，沒有太多可說的。

Thank you.

謝謝。

Okay, next question, please?

好的，請下一個問題？

We'll take our next question from Mary Meeker from Morgan Stanley.

我們將回答來自摩根士丹利的瑪麗·米克的下一個問題。

Scott and I have a couple questions, and first is for Nikesh, if you'll let us ask the other as well if not we'll queue back up. You guys on the call were obviously very enthusiastic about the growth and monetization opportunities in YouTube, mobile, DoubleClick and enterprise. That said, desktop is still the vast vast vast majority of your revenue. You guys are the ones getting the inbound phone calls about people getting more interested these categories and to Scott Davis' question, the stock market's not responding that well to your earnings announcement but at the same time you guys are really enthusiastic about 2010 per your tone and your commentary. Could you give us a sense of when these new initiatives start to add 100 basis points here and there or a couple hundred million in incremental revenue to the business and if not quantitatively just philosophically about when they start to move the needle because that would drive an acceleration in revenue for the Company.

我和史考特有幾個問題，第一個是問尼科甚的，如果你能讓我們也問另一個問題，否則我們會排隊。參加電話會議的各位顯然對 YouTube、行動、DoubleClick 和企業領域的成長和獲利機會非常熱衷。也就是說，桌面仍然是您收入的絕大多數。你們是接到電話的人，說人們對這些類別越來越感興趣，對於斯科特·戴維斯的問題，股市對你們的盈利公告反應不佳，但同時，按照你們的語氣，你們對2010 年真的很熱情和你的評論。您能否讓我們了解這些新措施何時開始為企業增加 100 個基點或數億美元的增量收入？公司收入加速成長。

It's Patrick. Let me start by saying the following: One is, we display as Eric said, right, is already a pretty significant business for us.

是派崔克。首先我要說的是：一是，正如艾瑞克所說，我們的展示對我們來說已經是一項非常重要的業務。

Yes.

是的。

And in the sense that when he talks about the next $1 billion business and when you take all of the elements that Nikesh has talked about so if you think of YouTube and if you think of all of the elements that are within it, right? I mean, at some point in the future, this will add up to something that one, we're excited about and then two, that moves the needle, and you could argue in many areas within it, has already started moving the needle, and then on the other ones, there as you said, Mary, they're nowhere near where the core business is, but the trajectories and the growth rates that we see and the adoption rates and the adoption rate on users gives us, that's why we feel so comfortable about when we talk about 2010 and beyond, right?

從某種意義上說，當他談到下一個 10 億美元的業務時，當你考慮 Nikesh 談到的所有元素時，如果你想到 YouTube 並想到其中的所有元素，對嗎？我的意思是，在未來的某個時刻，這將成為我們感到興奮的一件事，然後是兩件事，這將推動這一進程，你可以在其中的許多領域爭論，它已經開始推動這一進程，然後在其他方面，正如你所說，瑪麗，它們離核心業務還很遠，但是我們看到的軌跡和增長率以及用戶的採用率和採用率給了我們，這就是為什麼當我們談論2010 年及以後時，我們感覺很舒服，對嗎？

Building this business for the long term, we see a lot of positive trajectory, and we have to celebrate that, because two years ago, we couldn't have said that about mobile, we couldn't have said that about enterprise but two years later where we stand at the end of 2009 we look at the great progress of Jonathan's comment of putting a few arrows in the right place and putting more wood around them. We're very pleased about the trajectory they have.

從長遠來看，建立這項業務，我們看到了很多積極的軌跡，我們必須慶祝這一點，因為兩年前，我們不能這樣說關於移動，我們不能這樣說關於企業，但兩年前後來我們在2009 年底的立場看到了喬納森評論的巨大進步，即在正確的位置放置一些箭頭並在它們周圍放置更多的木頭。我們對他們的發展軌跡感到非常滿意。

Is there any stuff around it that you can provide us?

您可以向我們提供有關它的任何東西嗎？

So Mary let me talk to this more. This is Nikesh. If you just think about our business in the various ways we just talked about, and I want to underline that search is not by sort of by any means exhausted. This is an area where we continue to make progress and we continue to see interest. I would say we're seeing more and more large advertisers coming in, and that's not just a function of the economy. It's also a function of them having developed their eCommerce capabilities, and worked really hard on having an online strategy so as they come fourth and build an online strategy across multiple verticals, we're beginning to see the resurgence and return of those guys into the online phase.

所以瑪麗要我再談談這個。這是尼凱什。如果你只是以我們剛才談到的各種方式來思考我們的業務，我想強調的是，搜尋無論如何都不會窮盡。這是我們不斷取得進展並且持續看到興趣的領域。我想說的是，我們看到越來越多的大型廣告商進來，這不僅僅是經濟的作用。這也是他們開發電子商務能力的一個原因，並且非常努力地制定線上策略，因此當他們排名第四並跨多個垂直領域建立線上策略時，我們開始看到這些人的復興和回歸線上階段。

Having said that, in addition to pure from a direct marketing direct response perspective the next leg which we're beginning to see in Search is that people are beginning to see the off line impacts of people searching online, so even if you have a business where you aren't selling something on the web, it is very clear to most businesses whether they're in pharmaceuticals, consumer goods, autos, that most people, 70 to 80% of the people will research something online which is a significant value to them or significant importance whether it's a drug or a car before they go make that purchase, or before they will make a brand affiliation, so clearly that sort of research is being funded by us by various agencies out there, and that's continuing to drive that search cycle while it's driving that in some of our mature markets, clearly those facts have still to make their ways into emerging and maturing markets around the world, so I want to underline there's tremendous runway from where we stand.

話雖如此，除了純粹從直接營銷直接響應的角度來看，我們在搜索中開始看到的下一步是人們開始看到人們在線搜索的離線影響，所以即使你有一家企業如果您不在網絡上銷售商品，那麼大多數企業都非常清楚，無論是藥品、消費品還是汽車行業，大多數人（70% 到80% 的人）都會在網上研究一些具有重要價值的東西在他們購買之前，或者在他們建立在品牌歸屬之前，無論是藥物還是汽車，對他們來說都是非常重要的，所以很明顯，我們的各個機構正在資助此類研究，並且這將繼續推動雖然搜尋週期正在推動我們一些成熟市場的發展，但顯然這些事實仍然需要進入世界各地的新興和成熟市場，因此我想強調，距離我們的立場還有巨大的距離。

As Patrick said about display, again clearly you're seeing shift from people buying sites to people buying audiences and people, they are making it more and month interest based, which is that's how traditional advertiser used to buy, they're buying frequency and advertisers and often not buying sites because sites over emphasizes brand affiliation as opposed to interest targeting and I think that trend is going to continue. If you think about sort of the YouTube space and the online video space, I think we have seen that sort of becoming a relevant part of the media mix as far as online advertising is concerned, but if you just think structurally in the industry, we're beginning to see the emergence of professional content on the web slowly, both from broadcasters or from sort of content creators, as well as people who provide online video, and as that trend continues as that sort of creates more and more inventory in the online web, we'll see more and more people get excited about advertising video to the audiences which I think is going to be another big leg for the whole industry not just for us.

正如帕特里克（Patrick）談到展示時所說，很明顯，您會看到人們從購買網站轉向購買受眾和人群，他們正在使其變得更加基於每月的興趣，這就是傳統廣告商過去的購買方式，他們購買頻率和數量廣告商通常不購買網站，因為網站過度強調品牌歸屬而不是興趣定位，我認為這種趨勢將繼續下去。如果你考慮 YouTube 空間和線上影片空間，我認為就線上廣告而言，我們已經看到它成為媒體組合的相關部分，但如果你只從行業的結構角度思考，我們我們開始看到專業內容在網絡上慢慢出現，無論是來自廣播公司還是內容創作者，以及提供線上影片的人，並且隨著這種趨勢的持續，這種趨勢會在網路中創造越來越多的庫存。在網路上，我們將看到越來越多的人對向觀眾播放影片廣告感到興奮，我認為這將成為整個行業的另一個支柱，而不僅僅是我們。

And if you continue that story, Jonathan talked about mobile, Patrick talked about mobile, and again as we see the emergence of Smartphones and devices like the Nexis One continued success of devices on various handset manufacturers around the world we're again going to see the search traffics begin to move in that direction, so clearly, all those things are in the right direction and of course as Eric alluded to earlier on the enterprise side, we are seeing this big shift in cloud computing. We are beginning to see large customers and even parts of the government, the City of LA, start to make their road, make end roads into those customer segments, and clearly other people will watch those customers and gain strength from those, and start to converge, so across-the-board, I think I'm very positive about the potential and prospect of each of these business lines.

如果你繼續這個故事，喬納森談到了移動，帕特里克談到了移動，當我們看到智慧型手機和像 Nexis One 這樣的設備的出現時，我們將再次看到世界各地各手機製造商的設備不斷取得成功搜索流量開始朝這個方向移動，很明顯，所有這些事情都朝著正確的方向發展，當然，正如埃里克早些時候在企業方面提到的那樣，我們正在看到雲端運算的巨大轉變。我們開始看到大客戶，甚至部分政府部門，洛杉磯市，開始開闢道路，開闢通往這些客戶群的末端道路，顯然其他人會關注這些客戶並從中獲得力量，並開始匯聚，所以全面，我認為我對這些業務線的潛力和前景非常樂觀。

Again as Patrick said, and Jonathan said, we can't actually comment on when these things will materialize from a quarterly basis but again we remain convinced this is a good long term trend. Did that give you enough flavor?

正如帕特里克和喬納森所說，我們實際上無法評論這些事情何時會按季度實現，但我們仍然相信這是一個很好的長期趨勢。這給你足夠的味道了嗎？

Thank you very much, Nikesh and Patrick.

非常感謝你們，尼科甚和派崔克。

Thank you, we'll go to the next question. Sorry, Mary we'll go to the next question.

謝謝，我們進入下一個問題。抱歉，瑪麗，我們將討論下一個問題。

I apologize. We'll take William Morrison from ThinkEquity.

我道歉。我們將聘請 ThinkEquity 的 William Morrison。

Hi. Just a couple quick modeling questions, Patrick.

你好。只是幾個簡單的建模問題，派崔克。

Yes.

是的。

How should we be thinking about tax rate in 2010 and then on CapEx, before the recession, you guys were kind of consistently spending low teens, somewhere in the low teens as a percent of revenue and CapEx and that came way down last year. Curious, should we be expecting CapEx to ramp back up to 10% plus of revenue or any commentary around CapEx?

我們應該如何考慮 2010 年的稅率，然後考慮資本支出，在經濟衰退之前，你們的支出一直在十幾歲以下，佔收入和資本支出的百分比在十幾歲以下，去年大幅下降。好奇的是，我們是否應該預期資本支出將回升至收入的 10% 以上，或者是否有任何有關資本支出的評論？

Okay, so William thanks for your question. Look, the usual suspects continue to be OI&E and CapEx and tax rate, and this quarter is no different than the prior quarters so just to give a bit of color, quickly on each. Tax rate has been quite stable through the year and so there's, I mean the big issue that we focus on the tax rate because it gets affected by mix, and a few other things but the real fundamental issue is legislation for us rather than this quarter or next quarter, so I think that there's nothing in our tax rate that we, that is affecting it more, if you think in the long term than any of these big legislations, and that's why we're focused on them, because it is really important for the US economy and for US companies that are participating internationally to get this right because there's so many jobs in the US associated with them, so that's on the tax side.

好的，威廉感謝你的問題。看，通常的嫌疑人仍然是 OI&E、資本支出和稅率，本季度與前幾季沒有什麼不同，所以只是快速地對每個季度進行一些說明。稅率全年都相當穩定，所以我的意思是，我們關注的一個大問題是稅率，因為它受到混合和其他一些因素的影響，但真正的根本問題是我們的立法，而不是本季度或下個季度，所以我認為，如果你從長遠來看，我們的稅率沒有什麼比任何這些重大立法對它的影響更大，這就是我們關注它們的原因，因為它是對於美國經濟和參與國際事務的美國公司來說，做到這一點非常重要，因為美國有很多工作與之相關，所以這是在稅收方面。

On CapEx, I mean, sometimes people say Patrick, you say this too often but it's true. I'm really pleased with our CapEx numbers. I think that we are ramping back up. We're ramping back up at a much lower level than what has been historically, but we are ramping back up, and every opportunity that we have to make sure that we need capacity or we need CapEx, we will fund everything fully. We've been really fortunate in 2009 that we've had a couple of good breaks in terms of capacity utilization, a bunch of chip sets that work really well in our favor in terms of performance as we discussed before and all this. We just brought it right to the bottom line that's fantastic to us, and our shareholders, and we're continuing to monitor that very closely so the level what you should take away is we're going to continue the level of discipline.

在資本支出方面，我的意思是，有時人們會說派崔克，你這句話說得太頻繁了，但這是事實。我對我們的資本支出數字非常滿意。我認為我們正在加速恢復。我們正在以比歷史水平低得多的水平恢復增長，但我們正在恢復增長，並且我們必須確保我們需要產能或需要資本支出的每一個機會，我們將為一切提供全額資金。我們非常幸運，2009 年我們在產能利用率方面取得了幾次良好的突破，正如我們之前討論的那樣，一堆晶片組在性能方面對我們非常有利。我們只是把它帶到了底線，這對我們和我們的股東來說都是非常棒的，我們將繼續密切監控這一點，所以你應該得到的水平是我們將繼續保持紀律水平。

If you allow me to close on OI& E, again big variability quarter-over-quarter so everybody who has their crystal ball and both variability of FX as well as just variability in general between FX exchange rates, it drives so much of our FAS 133 that you see the big swing this quarter yet once again but in the other direction and it was also you will remember I said in the previous call that we had taken so much accelerated write-offs of our previous hedges portfolio that we had so much of it written off that at some point you get some benefit in the short-term so that's what happened and then also, people should note that we have started moving off as we had discussed in the previous quarters, we've been so focused during the crisis of late 2008 or early 2009 of cash preservation, to make sure that we do not put at risk the cash that we had accumulated, and then over the last couple quarters, we've begun the transition to a more balanced portfolio, so you're also seeing proper kind of ramp up and yield there as well.

如果您允許我結束 OI&E，再次說明季度與季度之間的巨大變化，因此每個擁有水晶球的人以及外匯的變化以及外匯匯率之間的總體變化，它推動了我們的 FAS 133 的大部分變化你會再次看到本季度的大幅波動，但方向相反，你也會記得我在上次電話會議中說過，我們對之前的對沖投資組合進行瞭如此多的加速沖銷，以至於我們有很多它註銷了在某些時候你會在短期內獲得一些好處，所以這就是發生的事情，然後人們也應該注意到我們已經開始離開，正如我們在前幾個季度討論的那樣，我們在這段時間非常專注於2008 年底或 2009 年初的現金保存危機，以確保我們不會將我們累積的現金置於風險之中，然後在過去的幾個季度中，我們已經開始向更加平衡的投資組合過渡，因此您也看到了適當的成長和產量。

So these are the big ticket items that usually fluctuate, or you have questions on the P & L so I'm glad you asked the question, thanks.

這些是通常會波動的大件商品，或者您對損益表有疑問，所以我很高興您提出這個問題，謝謝。

Could we take our next question please?

我們可以回答下一個問題嗎？

We'll 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。

Thank you for taking another question. I believe you mentioned on the fourth quarter 2008 results call that the quarter was "one of our strongest ad quality improvement" whereas on the call now you just mentioned that the quality launches are more modest in terms of impact on monetization. Is it fair to infer that the fourth quarter 2008 revenue benefited more from ad quality initiatives versus fourth quarter 2009 revenue?

感謝您提出另一個問題。我相信您在2008 年第四季度業績電話會議上提到，該季度是“我們廣告品質改進最強勁的季度之一”，而在現在的電話會議上，您剛剛提到質量發布對貨幣化的影響更為溫和。與 2009 年第四季的營收相比，2008 年第四季的營收更受惠於廣告品質措施是否公平？

That's a pretty hard question to fully parse without my actually going back and digging into the data. It is consistently the case that we freeze quality improvements after Thanksgiving, so I'd have to actually look at what the exact improvements were and when they occurred intraquarter comparing Q4 this quarter to Q4 last quarter and without actually having that in front of me, it's pretty hard to say.

如果我不實際回過頭來深入研究數據，這是一個很難完全解析的問題。感恩節後我們一直凍結品質改進，所以我必須實際看看具體的改進是什麼，以及它們何時發生在季度內，將本季度的第四季度與上季度的第四季度進行比較，而實際上並沒有在我面前，很難說。

Okay. Thank you very much.

好的。非常感謝。

Can we take our next question please?

我們可以回答下一個問題嗎？

We'll take our next question from Mark Mahaney from Citigroup.

我們將回答花旗集團馬克·馬哈尼的下一個問題。

Thanks. There was a recent deal with Twitter in terms of live feeds and Jonathan you mentioned your own anecdotal experiment or uses of it. Can you make any broad comments about what kind of impact that you think that's had on overall usage if you found any levels of greater engagement because of the inclusion of realtime Twitter results in your overall search results, anything in terms of click through rates, length of time, number of searches, anything like that? Thank you.

謝謝。最近與 Twitter 在直播方面達成了一項協議，喬納森，你提到了你自己的軼事實驗或它的用途。如果您發現由於在整體搜尋結果中包含即時Twitter 結果而帶來了更高的參與度，無論是點擊率、長度還是任何方面，您是否可以就您認為這對整體使用產生的影響發表任何廣泛的評論時間、搜尋次數等？謝謝。

I'm not sure I have any great data to offer you there. The sets of things that we're now incorporating in the realtime search are Tweets, blogs, news. We certainly see those dynamics when you have something that is very interesting like an earthquake, so the feature we think is certainly performing well, and it's giving people better quality results much more expeditiously than they previously had, but what the overall impact is across search and each of the other metrics, I think it's still too early to say.

我不確定我有什麼重要的數據可以提供給你。我們現在納入即時搜尋的內容包括推文、部落格和新聞。當你遇到像地震這樣非常有趣的事情時，我們當然會看到這些動態，因此我們認為該功能肯定表現良好，並且它比以前更快地為人們提供了更好質量的結果，但總體影響是跨搜尋的以及其他每個指標，我認為現在說還為時過早。

Well I think it is worth saying that in the last again if you go back in the last six to nine months, people tend, the thing that continues to amaze me on the search side is how people almost take it for granted that search works, and when you look at the last six to nine months, like realtime search introduction which was really done in the second half this year, the complete overhaul of the caffeine, so that from a speed perspective, and tying it all back again to the Mobile, I mean it is amazing the kind of searches you can do right now just typing in a few words that even six months ago you wouldn't dreamt of doing so from that perspective I think it was really important to us to get realtime search up and running because there are a lot of types of information that people want on a kind of actual basis because it just happened, and having these feeds provide so much value, so in that sense I think that there's no doubt that they're having an impact. Now the issue is we haven't, Mark, we haven't asked the economics team that actually can run these models, give me a sample and then do an experiment, and so it's a good question to ask, but there's no doubt that it clearly improved the experience.

好吧，我認為值得一提的是，如果你回顧過去的六到九個月，人們往往會在搜尋方面繼續讓我感到驚訝的是，人們幾乎理所當然地認為搜尋是有效的，當你看看過去的六到九個月時，例如今年下半年真正完成的即時搜尋介紹，對咖啡因的徹底檢修，因此從速度的角度來看，並將其全部重新綁回移動，我的意思是，你現在只需輸入幾個單字就可以進行這種搜索，這是令人驚奇的，即使是六個月前，從這個角度來看，你也不會夢想這樣做，我認為建立實時搜索對我們來說非常重要並運行，因為人們在實際的基礎上想要很多類型的信息，因為它剛剛發生，並且這些提要提供瞭如此多的價值，所以從這個意義上說，我認為毫無疑問他們正在擁有一個影響。現在的問題是，馬克，我們還沒有詢問真正可以運行這些模型的經濟團隊，給我一個樣本，然後做一個實驗，所以這是一個很好的問題，但毫無疑問它明顯改善了體驗。

Can I ask also a quick question on China? Is there a solution here whereby you can stay committed to China in the future and not sensor search results? Is there some sort of work around on that?

我還可以問一個關於中國的簡單問題嗎？有沒有一個解決方案可以讓您將來繼續致力於中國而不是感測器搜尋結果？有什麼辦法可以解決這個問題嗎？

Now, look. The team is working on this and I think it's really important that we stick to Eric's comments of earlier this afternoon so I'd just refer you back to his comments.

現在，看。團隊正在努力解決這個問題，我認為我們堅持埃里克今天下午早些時候的評論非常重要，所以我只想請您參考他的評論。

Okay, thanks. Next question, please?

好的謝謝。請下一個問題？

We'll take our next question from Ben Schachter from Broadpoint AmTech.

我們將回答來自 Broadpoint AmTech 的 Ben Schachter 的下一個問題。

Patrick a couple of housekeeping modeling questions. On the housekeeping front, could you give us specifics on how you're accounting for Nexis One products being sold, so are you taking inventory and the P & L and also on gross margin it's also trending up significantly from lower CapEx. Is there anything that's going to offset that any time soon and then Jonathan if you could, CPA product ads. I know it's still early stages here but how widespread are they, where are we in the rollout of that product and general thoughts on the product, thanks.

派崔克提出了幾個家政建模問題。在內部管理方面，您能否向我們詳細介紹您如何核算正在銷售的 Nexis One 產品，您是否統計了庫存和損益表，以及毛利率，它也從較低的資本支出中顯著上升。是否有任何東西可以很快抵消這一點，然後喬納森（Jonathan），如果可以的話，CPA 產品廣告。我知道現在還處於早期階段，但它們的普及程度如何，我們在推出產品方面處於什麼階段以及對該產品的整體想法，謝謝。

So let me start with the specific of Nexis One. We have partnerships with T-Mobile with that specific handset right now. We actually booked them to other revenue so the revenue comes as other revenue and we recognize the full $529 per device up front, so and it's tied into the licensing and other set of revenue and then that's regardless if it's an unlocked phone or a T-Mobile phone, and then in terms of the gross margin, sorry, the cost obviously goes to other costs and on the gross margin, I think that the thing that you've noticed properly that over the last two quarters not only did CapEx run wild but because CapEx ran well also our data center expenses as we continue to push for efficiencies we've got some benefits out of that as well, and again, can't push forward, so give you any details in the future, but you should take comfort we're managing these efficiencies quite well now. One last point Ben you talked about on the Nexis. On the inventory side, it's really immaterial to us. It's inconsequential so we don't have a big exposure on inventory and clearly not on margin, so I'll turn it over to Jonathan.

讓我從 Nexis One 的具體情況開始。我們目前與 T-Mobile 就該特定手機建立了合作夥伴關係。我們實際上將它們計入其他收入，因此收入作為其他收入，我們預先確認每台設備 529 美元，因此它與許可和其他收入相關聯，然後無論它是解鎖手機還是 T-手機，然後就毛利率而言，抱歉，成本顯然會花在其他成本上，而在毛利率上，我認為您已經註意到，在過去兩個季度中，資本支出不僅瘋狂但由於我們的數據中心支出也運行良好，隨著我們繼續提高效率，我們也從中獲得了一些好處，而且無法繼續推進，所以將來給您任何詳細信息，但您應該請放心，我們現在已經很好地管理了這些效率。 Ben 你在 Nexis 上談到的最後一點。在庫存方面，這對我們來說並不重要。這無關緊要，所以我們在庫存方面沒有很大的風險，而且顯然也沒有保證金，所以我會把它交給喬納森。

Yes, hi, Ben. The product ads I think are still going on a relatively small portion of the queries, I was trying to come up with an example and it took me a couple of tries, jogging strollers if you type into Google will show you one, but I think it's a small portion of the queries. It's certainly, there's certainly a lot of interest from the advertisers. We started by focusing on the larger retailers and it was just a relatively small number of them but it's a great ad experience for users because you see the pictures, you see the prices, it gives users a lot more information to help them decide which product to buy, so I'm very excited about the form, but I think right now it's still in pretty nascent stages in terms of the number of participants and the degree to which it shows itself in the results.

是的，嗨，本。我認為產品廣告仍然只佔查詢的一小部分，我試圖舉一個例子，我嘗試了幾次，如果你在谷歌中輸入慢跑嬰兒車，就會向你展示一個，但我認為這只是查詢的一小部分。當然，廣告商肯定有很大的興趣。我們首先關注較大的零售商，它們的數量相對較少，但這對用戶來說是一種很好的廣告體驗，因為你看到圖片，你看到價格，它為用戶提供了更多信息來幫助他們決定哪種產品購買，所以我對這種形式感到非常興奮，但我認為目前就參與者數量和結果顯示程度而言，它仍處於相當初級的階段。

Great. Can we have our next question please?

偉大的。我們可以提出下一個問題嗎？

We'll take our next question from Justin Post from Merrill Lynch.

我們將接受美林證券 (Merrill Lynch) 賈斯汀波斯特 (Justin Post) 提出的下一個問題。

Yes, just wanted to talk about the CapEx efficiencies. Really able to pull back your CapEx budget and just going forward, do you think you can still see a lot of the efficiencies or do you think you just kind of need a ramp up as you see growth kind of reaccelerating, what's your view on that?

是的，只是想談談資本支出效率。確實能夠削減你的資本支出預算，然後繼續前進，你認為你仍然可以看到很多效率，還是你認為你只是需要增加，因為你看到成長重新加速，你對此有何看法？

It's a tough answer to give for the following reason, and I don't want to be evasive but here is the real issue is because Google as you know does its own data centers and most of its equipment is built and designed by ourselves, all you need is, by pushing hard on the limits of this equipment, and working really hard to make sure we get good performance, you got a couple of good breaks, and as you see in the last 12 months, you got a really nice break from a CapEx perspective, and in the future, we're obviously pushing the team for utilization and design to make sure that we get as many of those as possible. What's the beta on that? It's pretty high, but every time you get one you get a lot of value and you have at least some evidence that we're pretty good at it, so there lies the tension that I have Justin with, because I'm not just assembling stuff that's off the shelf from regular products, I can give you the exact forecast and life goes on, it's much more difficult to actually answer your question. Having said that, there's no doubt as you can see in the last 12 months the level of committment that we have in making sure that we're going to be capital efficient, and on the flip side of that, if we ever needed to actually ramp up our CapEx for whatever reason, we're ready to pounce as well, so that's the balance we're trying to strike.

由於以下原因，這是一個很難給出的答案，我不想迴避，但真正的問題是，因為正如你所知，谷歌擁有自己的數據中心，並且大部分設備都是我們自己建造和設計的，所有你需要的是，透過努力突破該設備的極限，並非常努力地工作以確保我們獲得良好的性能，你得到了幾次良好的休息，正如你在過去12 個月中所看到的，你得到了一個非常好的休息從資本支出的角度來看，在未來，我們顯然會推動團隊進行利用和設計，以確保我們獲得盡可能多的資源。其測試版是多少？這是相當高的，但每次你得到一個，你都會獲得很多價值，並且你至少有一些證據表明我們非常擅長，所以這就是我和賈斯汀之間的緊張關係，因為我不僅僅是在組裝常規產品中現成的東西，我可以給你準確的預測，生活還在繼續，真正回答你的問題要困難得多。話雖如此，毫無疑問，正如您在過去 12 個月中看到的那樣，我們在確保資本效率方面所做出的承諾程度，而另一方面，如果我們真的需要的話無論出於何種原因增加我們的資本支出，我們也準備好突襲，所以這就是我們試圖達到的平衡。

Thank you.

謝謝。

Can we take our next question please?

我們可以回答下一個問題嗎？

We'll take our next question from Brian Pitz from UBS.

我們將接受瑞銀 (UBS) 的布萊恩皮茲 (Brian Pitz) 提出的下一個問題。

Great. Thanks. Just quickly regarding China, I know you guys have said so far but help us think about something for a second. If you in fact made the decision to leave this market, do you think you would still operate your AdSense and/or apps businesses which are pretty much unrelated to censorship in the region? Thanks.

偉大的。謝謝。關於中國，我知道你們已經說過了，但請幫助我們思考一下。如果您確實決定離開這個市場，您認為您還會經營與該地區的審查制度幾乎無關的 AdSense 和/或應用程式業務嗎？謝謝。

Yes, I think again, I'm going to ask everybody to be patient over the coming weeks as we're working through the resolution of this issue. I think that Eric was quite eloquent in the way he tried to communicate with the blog post was very clear as to the objectives we have, and Eric was quite eloquent so I just would circle back to his answers, and just in a way, work with us as we have over the coming weeks, you can imagine that we're working really hard at this, and as soon as we have more information we'll let you know.

是的，我再次想，我會要求大家在接下來的幾週內保持耐心，因為我們正在努力解決這個問題。我認為艾瑞克（Eric）在他試圖與部落格文章溝通的方式上非常雄辯，他對我們的目標非常清楚，而且艾瑞克（Eric）非常雄辯，所以我只想回到他的答案，並且在某種程度上，工作正如我們在未來幾週內所做的那樣，您可以想像我們正在為此努力工作，一旦我們獲得更多信息，我們會立即通知您。

Thanks.

謝謝。

Could we take one more question please?

我們可以再問一個問題嗎？

We'll take our next question from Spencer Wang from Credit Suisse.

我們將接受瑞士信貸銀行 Spencer Wang 的下一個問題。

Thanks for squeezing me in. Was just wondering if we look at the international markets was wondering as you guys have wrapped up 2009 and 2010 which geographies do you think you'd have the most opportunity to gain incremental share in search, thanks.

感謝您邀請我加入。我只是想知道我們是否關注國際市場，想知道在 2009 年和 2010 年結束後，您認為哪些地區最有機會在搜尋領域獲得增量份額，謝謝。

In search, I think the answer is "yes." I mean, you'd expect to have in every area with the kind of product rollouts that we have and the focus that we have, I wouldn't say that we are favoring one market versus another to actually push. I mean there's clearly, the world is really divided into kind of three sets of markets, as Nikesh always pointed out. You have the very mature market of the US and the UK, and then the next tier of kind of somewhat mature markets but with a lot of head room which is the kind of big European countries, Japan and all the kind of industrialized countries and then you have all of these other emerging economies, that actually are very promising, very different CPC, but very promising, and we have a balanced set of approaches for each of them, because they are so different in terms of where they are, and that's why, even the marketing is different for each of then because of the different circumstances, so our objective is to continue to actually increase our share of search by having to write both kind of total global products but also pushing on localization with languages and everything else that you hear from us.

在搜尋中，我認為答案是“是”。我的意思是，你會期望在每個領域都有我們所擁有的產品推出和我們所關注的重點，我不會說我們偏向於一個市場而不是另一個市場來實際推動。我的意思是，正如尼科甚總是指出的那樣，世界顯然分為三類市場。美國和英國是非常成熟的市場，然後是下一層有點成熟但有很大發展空間的市場，即歐洲大國、日本和所有工業化國家，然後還有所有這些其他新興經濟體，它們實際上非常有前途，非常不同的CPC，但非常有前途，我們對每個經濟體都有一套平衡的方法，因為它們的情況非常不同，這就是為什麼，由於情況不同，每個人的營銷方式也不同，所以我們的目標是繼續實際增加我們的搜尋份額，方法是編寫兩種全球產品，同時推動語言和其他所有內容的在地化您從我們這裡聽到的。

Great. Thanks.

偉大的。謝謝。

Thank you.

謝謝。

Maria, so why don't I close? I want to, Mary it's funny or somebody else I think it was Mary that talked about we feel optimistic about 2010. I think that we have had and we're very optimistic for the reason that we see great trajectories from our 2009. I think Eric said it very well. 2009 was a real year of testing.

瑪麗亞，那我為什麼不關門呢？我想，瑪麗，這很有趣，或者其他人，我想是瑪麗談到我們對 2010 年感到樂觀。我認為我們已經經歷過，我們非常樂觀，因為我們看到了 2009 年的偉大軌跡。我認為埃里克說得很好。 2009年是真正的測試年。

We tend to forget how fast 12 months has passed, but the roller coaster we went through over Q1, Q2, Q3 and Q4 of this year, we're delighted to see the recovery in terms of our growth rates, the performance of the business, and the innovation that we drove through 2009, so from that perspective, that's why the Company feels confident about not only 2010 but its long term prospects in all these areas, so with that, I'd like to thank everybody for your great questions and I look forward to seeing you at the end of Q1. Have a happy New Year, everyone. Cheers. I'll leave Connie to close the call.

我們往往會忘記12個月過得有多快，但今年我們經歷了第一季、第二季、第三季和第四季的過山車，我們很高興看到我們的成長率、業務業績的復甦，以及我們在2009 年推動的創新，所以從這個角度來看，這就是為什麼公司不僅對2010 年而且對所有這些領域的長期前景充滿信心，因此，我要感謝大家提出的好問題我期待在第一季末見到您。祝大家新年快樂。乾杯。我會讓康妮結束通話。

Thank you and this concludes today's conference. We thank you for your participation.

謝謝大家，今天的會議到此結束。我們感謝您的參與。