Alphabet Inc (GOOGL) 2017 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Alphabet Inc.

女士們，先生們，美好的一天，歡迎來到 Alphabet Inc.

Fourth Quarter 2017 Earnings Call.

2017 年第四季度財報電話會議。

(Operator Instructions)

（操作員說明）

I'd now like to turn the conference over to Ellen West, Head of Investor Relations.

我現在想將會議轉交給投資者關係主管 Ellen West。

Please go ahead.

請繼續。

Thank you.

謝謝你。

Good afternoon, everyone, and welcome to Alphabet's Fourth Quarter 2017 Earnings Conference call.

大家下午好，歡迎參加 Alphabet 2017 年第四季度財報電話會議。

With us today are Ruth Porat and Sundar Pichai.

今天和我們在一起的是 Ruth Porat 和 Sundar Pichai。

Now I'll quickly cover the safe harbor.

現在我將迅速覆蓋安全港。

Some of the statements that we make today may be considered forward looking, including statements regarding our future investments, our long-term growth and innovation, the expected performance of our businesses and our expected level of capital expenditures.

我們今天所做的一些陳述可能被認為是前瞻性的，包括關於我們未來投資、我們的長期增長和創新、我們業務的預期業績和我們預期的資本支出水平的陳述。

These statements involve a number of risks and uncertainties that could cause actual results to differ materially.

這些陳述涉及許多可能導致實際結果存在重大差異的風險和不確定性。

For more information, please refer to the risk factors discussed in our Form 10-K for 2016 filed with the SEC.

如需更多信息，請參閱我們提交給 SEC 的 2016 年 10-K 表格中討論的風險因素。

Undue reliance should not be placed on any forward-looking statements and they are made based on assumptions as of today.

不應過分依賴任何前瞻性陳述，它們是基於截至今天的假設作出的。

We undertake no obligation to update them.

我們不承擔更新它們的義務。

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

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release.

GAAP 與非 GAAP 措施的對賬包含在今天的收益新聞稿中。

As you know, we distribute our earnings release through our Investor Relations website located at abc.xyz/investor.

如您所知，我們通過位於 abc.xyz/investor 的投資者關係網站發布我們的收益報告。

This call is also being webcast from our IR website, where a replay of the call will be available later today.

此次電話會議也將從我們的 IR 網站進行網絡直播，今天晚些時候將在該網站上重播電話會議。

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

現在，我將把電話轉給露絲。

Thank you, Ellen.

謝謝你，艾倫。

We had a fantastic 2017 with total revenues of $110.9 billion, up 23% over 2016; and operating income of $28.9 billion, up 22% year-on-year excluding the EC fine.

我們的 2017 年表現出色，總收入達到 1109 億美元，比 2016 年增長 23%；營業收入為 289 億美元，扣除歐盟罰款後，同比增長 22%。

Our momentum reflects a relentless focus on users, advertisers and enterprise customers, as well as the benefits of our commitment to long-term investing.

我們的勢頭反映了對用戶、廣告商和企業客戶的不懈關注，以及我們致力於長期投資的好處。

For the fourth quarter, revenues of $32.3 billion were up 24% year-on-year.

第四季度收入為 323 億美元，同比增長 24%。

The ongoing very strong performance in sites revenue, in particular, reflects the combined benefits of innovation and secular growth with mobile search again leading the way.

尤其是網站收入的持續強勁表現反映了創新和長期增長的綜合優勢，移動搜索再次引領潮流。

Healthy growth in network revenues was again led by our programmatic business.

我們的程序化業務再次引領網絡收入的健康增長。

Substantial growth in other revenues, namely hardware, Cloud and Play, continues to highlight the benefits of our investments.

其他收入（即硬件、雲和 Play）的大幅增長繼續凸顯我們投資的好處。

Our outline for today's call is, first, I'll review the quarter on a consolidated basis for Alphabet, focusing on year-over-year changes.

我們今天電話會議的大綱是，首先，我將在 Alphabet 的綜合基礎上回顧本季度，重點關注同比變化。

In order to facilitate comparisons of this quarter's results to prior periods, we have also provided the tax-affected line items, excluding the impact of the U.S. tax legislation enacted at the end of 2017.

為了便於將本季度的業績與前期進行比較，我們還提供了受稅收影響的項目，不包括 2017 年底頒布的美國稅法的影響。

You can see the components in our earnings press release.

您可以在我們的收益新聞稿中看到這些組件。

Second, I will review results for Google and then Other Bets.

其次，我將查看 Google 的結果，然後查看 Other Bets。

I will then conclude with our outlook.

然後，我將總結我們的展望。

Sundar will then discuss business and product highlights, after which, we will take your questions.

然後，Sundar 將討論業務和產品亮點，之後，我們將回答您的問題。

Starting with a summary of Alphabet's consolidated financial performance for the quarter.

從 Alphabet 本季度的綜合財務業績摘要開始。

Total revenues of $32.3 billion were up 24% year-over-year and strong across all regions.

總收入為 323 億美元，同比增長 24%，並且在所有地區都表現強勁。

U.S. revenues were $15.4 billion, up 21% year-over-year.

美國收入為 154 億美元，同比增長 21%。

EMEA revenues were $10.3 billion, up 24% year-over-year.

EMEA 收入為 103 億美元，同比增長 24%。

In fixed FX terms, EMEA grew 22%, reflecting strengthening of both the euro and the British pound.

按固定匯率計算，EMEA 增長 22%，反映出歐元和英鎊均走強。

APAC revenues were $4.7 billion, up 30% versus last year and up 32% in fixed FX terms, reflecting weakening of the Japanese yen.

亞太地區收入為 47 億美元，比去年增長 30%，按固定外匯計算增長 32%，反映出日元走弱。

Other Americas revenues were $1.9 billion, up 31% year-over-year and up 30% in fixed FX terms, reflecting strengthening of the Canadian dollar.

其他美洲地區的收入為 19 億美元，同比增長 31%，按固定外匯計算增長 30%，反映出加元走強。

On a consolidated basis, total cost of revenues, including TAC, which I'll discuss in the Google segment results, was $14.3 billion, up 34% year-on-year.

在綜合基礎上，包括 TAC 在內的總收入成本為 143 億美元，同比增長 34%。

Other cost of revenues on a consolidated basis was $7.8 billion, up 34% year-over-year, primarily driven by Google-related expenses, specifically cost associated with our data centers and other operations, including depreciation, hardware-related costs for our expanded Made by Google family of products and content acquisition costs primarily for YouTube.

其他綜合收入成本為 78 億美元，同比增長 34%，主要受 Google 相關費用的推動，特別是與我們的數據中心和其他運營相關的成本，包括折舊、我們擴展後的硬件相關成本由 Google 製造的產品系列和內容獲取成本主要用於 YouTube。

Operating expenses were $10.4 billion, up 19% year-over-year, in particular, reflecting an increase in marketing spend given the holiday season.

運營費用為 104 億美元，同比增長 19%，這尤其反映了假期期間營銷支出的增加。

Stock-based compensation totaled $1.8 billion.

基於股票的薪酬總額為 18 億美元。

Headcount at the end of the quarter was 80,110, up 2,009 people from last quarter.

本季度末的員工人數為 80,110 人，比上一季度增加了 2,009 人。

As in prior quarters, the majority of new hires were engineers and product managers.

與前幾個季度一樣，大多數新員工是工程師和產品經理。

In terms of product areas, the most sizable headcount additions were once again made in Cloud for both technical and sales roles, consistent with the priority we placed on this business.

就產品領域而言，最大規模的員工人數增加再次出現在雲技術和銷售職位上，這與我們對該業務的優先級一致。

Operating income was $7.7 billion, up 15% versus last year, and the operating margin was 24%.

營業收入為 77 億美元，比去年增長 15%，營業利潤率為 24%。

Other income and expense was $354 million.

其他收入和支出為 3.54 億美元。

We provide more detail on the line items within OI&E in our earnings press release.

我們在收益新聞稿中提供了有關 OI&E 內的項目的更多詳細信息。

Our provision for income taxes on a reported basis includes $9.9 billion for items associated with the U.S. tax legislation, resulting in a reported net loss of $3 billion and loss per diluted share of $4.35.

我們在報告基礎上的所得稅準備金包括與美國稅收立法相關的項目的 99 億美元，導致報告的淨虧損為 30 億美元，每股攤薄虧損為 4.35 美元。

Excluding the impact of the U.S. tax legislation, our effective tax rate was 15%.

排除美國稅法的影響，我們的有效稅率為 15%。

Our net income was $6.8 billion, and earnings per diluted share were $9.70.

我們的淨收入為 68 億美元，每股攤薄收益為 9.70 美元。

Turning now to CapEx and operating cash flow.

現在轉向資本支出和運營現金流。

Cash CapEx for the quarter was $4.3 billion.

本季度的現金資本支出為 43 億美元。

Operating cash flow was $10.3 billion with free cash flow of $6 billion.

經營現金流為 103 億美元，自由現金流為 60 億美元。

We ended the quarter with cash and marketable securities of approximately $102 billion.

我們在本季度末擁有約 1020 億美元的現金和有價證券。

Let me now turn to our segment financial results, starting with the Google segment.

現在讓我談談我們的部門財務業績，從谷歌部門開始。

Revenues were $31.9 billion, up 24% year-over-year.

收入為 319 億美元，同比增長 24%。

In terms of the revenue detail, Google sites revenues were $22.2 billion in the quarter, up 24% year-over-year, led again by mobile search, complemented by solid growth from desktop search and strong performance from YouTube.

就收入細節而言，本季度谷歌網站收入為 222 億美元，同比增長 24%，移動搜索再次領先，桌面搜索的穩健增長和 YouTube 的強勁表現相輔相成。

Network revenues were $5 billion, up 13% year-on-year, reflecting the ongoing momentum of programmatic and AdMob.

網絡收入為 50 億美元，同比增長 13%，反映了程序化和 AdMob 的持續發展勢頭。

Other revenues for Google were $4.7 billion, up 38% year-over-year, fueled by hardware, Cloud and Play.

在硬件、雲計算和 Play 的推動下，谷歌的其他收入為 47 億美元，同比增長 38%。

Finally, we continue to provide monetization metrics to give you a sense of the price and volume dynamics of our advertising businesses.

最後，我們將繼續提供貨幣化指標，讓您了解我們廣告業務的價格和數量動態。

You can find the details in our earnings press release.

您可以在我們的收益新聞稿中找到詳細信息。

Total traffic acquisition costs were $6.5 billion or 24% of total advertising revenues and up 33% year-over-year.

總流量獲取成本為 65 億美元，佔廣告總收入的 24%，同比增長 33%。

The increase in site's TAC as a percentage of sites revenues as well as network TAC as a percentage of network revenues continues to reflect the fact that our strongest growth areas, namely mobile search and programmatic, carry higher TAC.

網站的 TAC 佔網站收入的百分比以及網絡 TAC 佔網絡收入的百分比的增加繼續反映了這樣一個事實，即我們最強勁的增長領域，即移動搜索和程序化，具有更高的 TAC。

Total TAC as a percentage of total advertising revenues was up year-over-year, reflecting primarily an increase in the site's TAC rate, which was modestly offset by a favorable revenue mix shift from network to sites.

總 TAC 佔總廣告收入的百分比同比上升，主要反映了網站 TAC 率的增加，這被從網絡到網站的有利收入組合轉移適度抵消。

The increase in the site's TAC rate year-over-year was driven by changes in partner agreements and the ongoing shift to mobile, which carries higher TAC because more mobile searches are channeled through paid access points.

該網站的 TAC 率同比增長是由合作夥伴協議的變化和持續向移動設備的轉變所推動的，移動設備的 TAC 更高，因為更多的移動搜索是通過付費接入點進行的。

The underlying trend affecting the network TAC rate year-over-year continues to be the shift to programmatic, which carries higher TAC.

逐年影響網絡 TAC 率的潛在趨勢仍然是向程序化的轉變，程序化的 TAC 更高。

Google's stock-based compensation totaled $1.7 billion for the year, up 1% year-over-year.

谷歌全年以股票為基礎的薪酬總額為 17 億美元，同比增長 1%。

Operating income was $8.8 billion, up 11% versus last year, and the operating margin was 27%.

營業收入為 88 億美元，比去年增長 11%，營業利潤率為 27%。

Accrued CapEx for the quarter was $3.8 billion, reflecting investments in production equipment, facilities and data center construction.

本季度的應計資本支出為 38 億美元，反映了對生產設備、設施和數據中心建設的投資。

Let me now turn and talk about Other Bets.

現在讓我轉身談談其他賭注。

I'll cover results for the full year 2017 because it remains most instructive to look at financials for Other Bets over a longer time horizon, as discussed on prior calls.

我將介紹 2017 年全年的結果，因為正如之前的電話會議所討論的那樣，在更長的時間範圍內查看其他投注的財務狀況仍然是最具啟發性的。

Results for the quarter are in our earnings release.

本季度的結果在我們的收益報告中。

For the full year 2017, Other Bets revenues were $1.2 billion, up 49% versus 2016, primarily generated by Nest, Fiber and Verily.

2017 年全年，Other Bets 收入為 12 億美元，比 2016 年增長 49%，主要來自 Nest、Fiber 和 Verily。

Operating loss was $3.4 billion for the full year 2017 versus an operating loss of $3.6 billion in 2016.

2017 年全年的經營虧損為 34 億美元，而 2016 年的經營虧損為 36 億美元。

Other Bets accrued CapEx was $507 million, down from $1.4 billion in 2016, primarily reflecting a reduced investment in Fiber.

其他應計資本支出為 5.07 億美元，低於 2016 年的 14 億美元，主要反映了對光纖的投資減少。

We're pleased with our progress across Other Bets.

我們對其他投注方面的進展感到滿意。

A couple of updates:

幾個更新：

Nest turned in a strong holiday performance in the fourth quarter across an expanded family of products in energy, safety and security.

Nest 在第四季度在能源、安全和安保領域的一系列產品中取得了強勁的假日業績。

In 2017, Nest products also became available in 12 new countries, more than double the number in 2016.

2017 年，Nest 產品還在 12 個新國家/地區上市，是 2016 年的兩倍多。

Verily wrapped up its first field study, seeking to reduce the transmission of diseases through mosquitoes with positive results.

Verily 完成了第一次實地研究，旨在減少通過蚊子傳播疾病並取得積極成果。

And just last week Onduo, a joint venture between Verily and Sanofi, began a limited commercial launch of its diabetes management platform.

就在上週，Verily 和賽諾菲的合資企業 Onduo 開始對其糖尿病管理平台進行有限的商業啟動。

At Waymo, progress is accelerating.

在 Waymo，進展正在加速。

For example, Waymo surpassed 4 million miles of driving in the real world, taking only 6 months to achieve the last million miles compared to about 18 months for our first million miles.

例如，Waymo 在現實世界中的行駛里程超過了 400 萬英里，僅用了 6 個月就實現了最後一百萬英里，而我們的前一百萬英里大約需要 18 個月。

And in November, Waymo announced that it is the only company to have a fleet of driverless cars on public roads that are completely autonomous without anyone in the driver seat.

11 月，Waymo 宣布它是唯一一家在公共道路上擁有無人駕駛汽車車隊的公司，這些無人駕駛汽車完全自主，沒有任何人坐在駕駛座上。

Let me close with some observations on our priorities and longer-term outlook,

最後，讓我對我們的優先事項和長期前景發表一些看法，

Our 23% revenue growth in 2017 was powered in particular by the ongoing extraordinary performance of our sites business.

我們 2017 年 23% 的收入增長主要得益於我們網站業務持續的非凡表現。

Both mobile and desktop search continue to grow and benefit from our approach to innovation with strong momentum as we identify additional opportunities to enhance the user and advertiser experience.

移動和桌面搜索繼續增長，並從我們強勁的創新方法中受益，因為我們發現了更多機會來增強用戶和廣告商的體驗。

As we've consistently emphasized, alongside the continued momentum in our advertising business, we are focused on building a second wave of growth within Google over the medium and long term, which includes the rapidly growing revenue businesses in Google: Cloud, hardware and YouTube.

正如我們一直強調的那樣，除了廣告業務的持續發展勢頭外，我們還專注於在 Google 內部建立第二波中長期增長，其中包括 Google 快速增長的收入業務：雲、硬件和 YouTube .

With respect to Cloud, we are seeing the benefits of a fully featured enterprise offering and an expanded go-to-market team, bringing our advantages in infrastructure, data analytics, security and machine learning to more customers.

在雲方面，我們看到了功能齊全的企業產品和擴大的上市團隊的好處，將我們在基礎設施、數據分析、安全和機器學習方面的優勢帶給更多客戶。

And we're pleased with the momentum in our hardware business in 2017, driven by an expansion in both our product line and geographic availability.

我們對 2017 年硬件業務的發展勢頭感到滿意，這得益於我們產品線和地理可用性的擴展。

Finally, as we look further into the future for our third wave of growth, we remain excited about the longer-term potential for our Other Bets businesses.

最後，隨著我們進一步展望第三波增長的未來，我們仍然對其他賭注業務的長期潛力感到興奮。

Overall, operating income was up 22% year-over-year in 2017, excluding the impact of the EC fine, although there was obviously fluctuation in the rate of operating income growth quarter-to-quarter.

總體而言，2017 年營業收入同比增長 22%，不包括歐共體罰款的影響，但營業收入增速環比波動明顯。

Within cost of revenues, the biggest component is traffic acquisition cost, reflecting our strong revenue growth in mobile search and the fact that mobile search carries higher TAC than our desktop business.

在收入成本中，最大的組成部分是流量獲取成本，這反映了我們在移動搜索方面的強勁收入增長以及移動搜索的 TAC 高於我們的桌面業務的事實。

While we expect sites TAC to continue to increase as a percentage of sites revenue, reflecting ongoing strength in mobile search, we anticipate that the pace of year-over-year growth in sites TAC, as a percentage of sites revenue, will slow after the first quarter of 2018.

雖然我們預計網站 TAC 佔網站收入的百分比將繼續增加，這反映了移動搜索的持續實力，但我們預計網站 TAC 佔網站收入百分比的同比增長速度將在2018 年第一季度。

Within OpEx, we are keenly focused on prioritization in order to optimize the resources we're investing for longer-term growth.

在運營支出中，我們非常關注優先級，以優化我們為長期增長而投資的資源。

As I discussed on last quarter's call, marketing spend in the fourth quarter is significantly elevated, in particular, supporting hardware, but also across Cloud and YouTube.

正如我在上個季度的電話會議上所討論的那樣，第四季度的營銷支出顯著增加，特別是支持硬件，還有跨雲和 YouTube。

For 2018, we remain excited about the investments we are making to drive the next phase of growth in our big bets in Google, in Cloud, hardware and YouTube, and our machine learning efforts, which are powering innovation across our businesses.

對於 2018 年，我們仍然對我們為推動下一階段增長而進行的投資感到興奮，我們在谷歌、雲、硬件和 YouTube 方面的大賭注，以及我們的機器學習工作正在推動我們業務的創新。

You'll see us continue to support our priority areas with increased headcount, which will remain concentrated in R&D.

您會看到我們繼續通過增加員工人數來支持我們的優先領域，這些領域將繼續集中在研發上。

With the closing of our deal with HTC earlier this week, for example, we've added 2,000 employees to support our hardware business.

例如，隨著本週早些時候我們與 HTC 的交易結束，我們增加了 2,000 名員工來支持我們的硬件業務。

With respect to SBC, we've completed the transition to a single annual compensation cycle for employees with a full year equity refresh grant to employees in the first quarter of 2018.

關於 SBC，我們已經完成了向單一年度員工薪酬週期的過渡，並在 2018 年第一季度向員工提供全年股權更新補助。

Our biannual grant to SVPs will also occur in the first quarter, and you will see the combined step up in our first quarter results.

我們對高級副總裁的兩年一次的資助也將在第一季度進行，您將在我們的第一季度業績中看到合併後的增長。

For our Other Bets in 2018, we will continue to calibrate the magnitude and pace of investment appropriate to their individual execution paths.

對於我們在 2018 年的其他賭注，我們將繼續調整適合其各自執行路徑的投資規模和速度。

Finally, our framework for capital allocation is unchanged from our prior discussions.

最後，我們的資本配置框架與我們之前的討論沒有變化。

The primary use of cash continues to be to support organic growth in the business.

現金的主要用途仍然是支持業務的有機增長。

We're excited about the significant opportunities we've identified in our businesses and continue to invest appropriately.

我們對我們在業務中發現的重大機遇感到興奮，並繼續進行適當的投資。

We then layer in a sensitivity analysis regarding potential M&A as well as CapEx, in particular, computing infrastructure to support the needs of these growing businesses.

然後，我們對潛在併購和資本支出進行敏感性分析，特別是計算基礎設施，以支持這些不斷增長的業務的需求。

The most sizable catalyst for added investment in compute power include the expanding application of machine learning efforts across Alphabet, as well as additional requirements for Google's Cloud, Search and YouTube businesses.

增加計算能力投資的最大催化劑包括機器學習在 Alphabet 中的擴展應用，以及對谷歌云、搜索和 YouTube 業務的額外要求。

This framework further considers complementary uses such as a share repurchase.

該框架進一步考慮了股票回購等互補用途。

After taking these potential investments into account, our Board has decided to extend our share repurchase program up to an additional $8.6 billion of Class C capital stock.

考慮到這些潛在投資後，我們的董事會決定將我們的股票回購計劃擴大到額外的 86 億美元 C 類股本。

In conclusion, 2017 was another great year, and we are very excited about the opportunities ahead.

總之，2017 年又是偉大的一年，我們對未來的機遇感到非常興奮。

I will now turn it over to Sundar.

我現在將把它交給 Sundar。

Thanks, Ruth.

謝謝，露絲。

Our teams are off to a great start in 2018.

我們的團隊在 2018 年有了一個良好的開端。

This year is special as it will mark 20 years since Google was founded.

今年很特別，因為它將是谷歌成立 20 週年。

A lot has changed, but our mission, organizing the world's information and making it universally accessible and useful, remains the best guide for the next 10 years.

很多事情都發生了變化，但我們的使命，即組織世界信息並使其普遍可訪問和有用，仍然是未來 10 年的最佳指南。

Technology is an incredibly dynamic industry.

技術是一個充滿活力的行業。

We've been laying a foundation for the next decade as we pivot to an AI-first company, powering the next generation of Google products, like the Google Assistant.

隨著我們轉向一家以人工智能為先的公司，為下一代谷歌產品（如穀歌智能助理）提供動力，我們一直在為未來十年奠定基礎。

And we have been making substantial investments in our 3 biggest bets: Cloud, YouTube and hardware.

我們一直在對 3 個最大的賭注進行大量投資：雲、YouTube 和硬件。

These bets have enormous potential and already, they are showing real momentum and gaining traction.

這些賭注具有巨大的潛力，並且已經顯示出真正的勢頭並獲得了牽引力。

Today, I'll start by sharing some of the exciting progress in these 3 big bets.

今天，我將首先分享這 3 個大賭注中的一些令人興奮的進展。

First, Google Cloud.

首先，谷歌云。

Google Cloud, which includes Google Cloud Platform and G Suite, has reached meaningful scale.

包括谷歌云平台和 G Suite 在內的谷歌云已經達到了有意義的規模。

And I'm excited to share today that it's already $1 billion-per-quarter business.

今天我很高興與大家分享它已經是每季度 10 億美元的業務。

In fact, we believe that Google Cloud Platform, based on publicly reported data for the 12 months ending December 2017, is the fastest-growing major public cloud provider in the world.

事實上，根據截至 2017 年 12 月的 12 個月的公開報告數據，我們認為谷歌云平台是全球增長最快的主要公共雲提供商。

We're also increasingly doing larger, more strategic deals with customers.

我們也越來越多地與客戶進行更大規模、更具戰略性的交易。

In fact, a number of deals worth over $1 million across all cloud products more than tripled from 2016 to 2017.

事實上，從 2016 年到 2017 年，所有云產品中價值超過 100 萬美元的交易增加了兩倍多。

The strength of our products and the value of working with Google is increasingly clear to partners and customers.

合作夥伴和客戶越來越清楚我們產品的優勢以及與 Google 合作的價值。

In the fourth quarter, we forged new and deepened existing partnerships with industry leaders, including Cisco for open hybrid enrollments, Salesforce for customer insights and productivity and SAP for AI and data insights across their products.

在第四季度，我們與行業領導者建立了新的和深化的現有合作夥伴關係，包括 Cisco 的開放式混合註冊、Salesforce 的客戶洞察和生產力以及 SAP 的 AI 和跨產品的數據洞察。

These collaborations span our entire companies from engineering integration to marketing programs to joint sales, and they cover Google Cloud Platform, G Suite and Google Analytics.

這些合作涵蓋了我們整個公司，從工程集成到營銷計劃再到聯合銷售，涵蓋 Google Cloud Platform、G Suite 和 Google Analytics。

We also saw accelerating customer traction on our (inaudible) included global brands like Bed, Bath & Beyond, Dentsu Aegis Network, Keller Williams, Mattel and Tyco Retail Solutions.

我們還看到，我們的（聽不清）包括 Bed、Bath & Beyond、Dentsu Aegis Network、Keller Williams、Mattel 和 Tyco Retail Solutions 等全球品牌的客戶吸引力正在加速。

And underscoring the increasing importance of Google Cloud to the enterprise, we surpassed another new milestone, 4 million paying customers on G Suite.

並且突顯了 Google Cloud 對企業日益重要的重要性，我們超越了另一個新的里程碑，即 G Suite 上的 400 萬付費客戶。

Next, YouTube.

接下來，YouTube。

Every month, more than 1.5 billion people come to YouTube to watch their favorable content on channels ranging from TheEllenShow, which has more than 22 million subscribers; to the NBA, with over 8 million subscribers; to SciShow, a really popular educational channel with more than 4.5 million subscribers.

每月有超過 15 億人來到 YouTube 觀看他們喜歡的內容，包括擁有超過 2200 萬訂閱者的 TheEllenShow； NBA，擁有超過 800 萬訂戶； SciShow 是一個非常受歡迎的教育頻道，擁有超過 450 萬訂閱者。

In fact, there are over 1 billion learning-related video views every day on YouTube.

事實上，YouTube 上每天有超過 10 億次與學習相關的視頻瀏覽量。

I learned that this week.

這週我學到了。

With all this great content, people are thinking of YouTube more as a key part of their TV viewing experience.

有了所有這些精彩的內容，人們更多地將 YouTube 視為他們觀看電視體驗的關鍵部分。

For Tuesday night's State of the Union, more partners used YouTube to live stream the address than ever before, generating 5 million live views.

在周二晚上的國情咨文中，使用 YouTube 直播地址的合作夥伴比以往任何時候都多，產生了 500 萬次實時觀看。

And just yesterday, we announced a partnership with Major League Soccer's, LA Football Club.

就在昨天，我們宣布與美國職業足球大聯盟洛杉磯足球俱樂部建立合作夥伴關係。

YouTube TV will be the exclusive home to watch all locally-televised English language matches in addition to their original programming and content.

除了原創節目和內容外，YouTube TV 將成為觀看所有本地電視英語比賽的獨家平台。

YouTube TV is now also available on Roku.

YouTube TV 現在也可以在 Roku 上使用。

There is great momentum around the world with localized versions of YouTube now in 90 countries in 80 different languages.

YouTube 的本地化版本現已在 90 個國家/地區以 80 種不同的語言呈現，在全球範圍內發展勢頭強勁。

Just this morning, we announced that we are expanding the popular YouTube Go app to over 130 countries around the globe.

就在今天早上，我們宣布將流行的 YouTube Go 應用擴展到全球 130 多個國家/地區。

The app has great data usage transparency and controls built in, which is especially useful for people living in regions with limited connectivity.

該應用程序具有出色的數據使用透明度和內置控件，這對於生活在連接受限地區的人們特別有用。

In the fourth quarter, we also strengthened our relationship with the music industry, signing new licensing deals with Sony Music Entertainment and Universal Music Group.

在第四季度，我們還加強了與音樂行業的關係，與索尼音樂娛樂和環球音樂集團簽署了新的授權協議。

We also partnered with Ticketmaster to help fans buy tickets to see their favorite artists perform live.

我們還與 Ticketmaster 合作，幫助粉絲購買門票，觀看他們最喜歡的藝術家的現場表演。

Third, our growing hardware business.

第三，我們不斷增長的硬件業務。

Our Made by Google hardware products were very popular this holiday season.

我們的 Made by Google 硬件產品在這個假期非常受歡迎。

Device shipments in the fourth quarter have more than doubled year-over-year.

第四季度的設備出貨量同比增長了一倍多。

Our retail partners also saw strong performance.

我們的零售合作夥伴也看到了強勁的表現。

Our devices are available in stores like Best Buy, Target and Walmart.

我們的設備可在 Best Buy、Target 和 Walmart 等商店購買。

I'm especially excited about the popularity of our Google devices for the home, like the Google Home Mini, Max and Chromecast.

我對 Google Home Mini、Max 和 Chromecast 等家用谷歌設備的受歡迎程度感到特別興奮。

In the last year, we have sold tens of millions of these devices and counting.

去年，我們已售出數千萬台此類設備，而且還在不斷增加。

I want to call out the great work of our marketing and design teams.

我想讚揚我們營銷和設計團隊的出色工作。

Our hardware is beautiful individually and as a family, and people love discovering the unique features like the built-in Google Assistant.

我們的硬件無論是個人還是家庭都很漂亮，人們喜歡發現內置 Google 助理等獨特功能。

Earlier this week, we officially closed our deal with HTC, which will bring great talent to drive even more innovation in the years to come.

本週早些時候，我們正式完成了與 HTC 的交易，這將帶來優秀的人才，在未來幾年推動更多的創新。

Turning to our efforts in machine learning.

轉向我們在機器學習方面的努力。

Or AI research and innovation leads the world.

或者人工智能研究和創新引領世界。

Our mission to better organize the world's information has been transformed by these technologies with our search products and the Google Assistant at the heart.

這些以我們的搜索產品和 Google 助理為核心的技術改變了我們更好地組織世界信息的使命。

There's great momentum around the Google Assistant, as we bring it to more people on more devices.

Google 智能助理髮展勢頭強勁，我們將它帶給更多設備上的更多人。

It's now available on more than 400 million devices, including speakers like Google Home as well as Android phones and tablets, iPhones, headphones, televisions, watches and more.

它現在可以在超過 4 億台設備上使用，包括 Google Home 等揚聲器以及 Android 手機和平板電腦、iPhone、耳機、電視、手錶等。

People love to use the Assistant on all these devices.

人們喜歡在所有這些設備上使用 Google 助理。

There was a lot of excitement around the Google Assistant at CES from partners and consumers, where we brought the Assistant to new surfaces, like smart displays from brands like JBL and Lenovo as well as Android Auto, which is now available in more than 400 car models from brands like GM, Hyundai and Volvo.

在 CES 上，合作夥伴和消費者對 Google 智能助理感到非常興奮，我們將智能助理帶到了新的表面，例如 JBL 和聯想等品牌的智能顯示器以及 Android Auto，現在已在 400 多輛汽車上使用來自通用、現代和沃爾沃等品牌的車型。

One area that's really benefiting from our advancements in AI is photography.

真正受益於人工智能進步的一個領域是攝影。

The Pixel 2 phone is the leader in video rankings by industry standards with smoother and clearer videos, thanks to machine learning and our video stabilization technique.

得益於機器學習和我們的視頻穩定技術，Pixel 2 手機在行業標準的視頻排名中處於領先地位，視頻更流暢、更清晰。

And Google Photos continues to go from strength to strength.

谷歌照片繼續發展壯大。

On New Year's Eve alone, over 3 billion photos and videos were uploaded to Google Photos.

僅在新年前夜，就有超過 30 億張照片和視頻上傳到 Google 相冊。

More broadly, we want everyone to be able to use machine learning for their own needs.

更廣泛地說，我們希望每個人都能夠根據自己的需要使用機器學習。

We recently gave Google Cloud customers access to Auto ML, which makes it far easier to build complex new [enrollments].

我們最近為 Google Cloud 客戶提供了 Auto ML 的訪問權限，這使得構建複雜的新 [註冊] 變得更加容易。

Since its launched a few weeks ago, over 10,000 customers have already signed up to try it.

自幾週前推出以來，已有超過 10,000 名客戶註冊試用。

Lastly, I'll give a quick update on our computing and advertising platforms.

最後，我將簡要介紹一下我們的計算和廣告平台。

First, Android.

首先，安卓。

To provide a better, more tailored experience for our next billion users, we made Android Oreo Go edition available for our device partners.

為了為我們的下一個十億用戶提供更好、更量身定制的體驗，我們為我們的設備合作夥伴提供了 Android Oreo Go 版本。

This year, we expect to see Go devices from dozens of manufacturers and with great support for mobile operators and app developers around the world.

今年，我們期待看到來自數十家製造商的 Go 設備，並為全球移動運營商和應用程序開發人員提供大力支持。

I'm confident that this will bring the power of smartphones to many more people for the first time.

我相信這將首次將智能手機的強大功能帶給更多人。

Google Play is also growing well.

Google Play 也發展良好。

Just last week, we introduced audiobooks so you can now catch up on your favorite books any time on multiple devices.

就在上週，我們推出了有聲讀物，因此您現在可以隨時在多種設備上閱讀您喜愛的書籍。

And in Latin America, a number of unique monthly buyers on Google Play grew by over 50% year-over-year in 2017.

在拉丁美洲，2017 年，Google Play 上的一些月度獨立買家同比增長了 50% 以上。

Chromebooks also continued to gain momentum and traction.

Chromebook 也繼續獲得動力和牽引力。

Third party research tells us that fourth quarter sales of consumer Chromebooks in the U.S. grew by over 70% year-over-year.

第三方研究告訴我們，第四季度美國消費者 Chromebook 的銷售額同比增長了 70% 以上。

Moving to our advertising platforms, which help large and small businesses.

轉移到我們的廣告平台，幫助大小企業。

As shoppers turn to their mobile phones this holiday shopping season, Google was central to helping them discover new brands, compare products and find the best deals.

隨著購物者在這個假日購物季轉向他們的手機，谷歌在幫助他們發現新品牌、比較產品和找到最優惠的價格方面發揮了核心作用。

We redesigned the mobile shopping experience on Google, bringing more product information to the forefront like reviews and ratings.

我們重新設計了 Google 上的移動購物體驗，將評論和評分等更多產品信息帶到了最前沿。

We are also making the payments experience simpler, safer and more consistent.

我們還讓支付體驗更簡單、更安全、更一致。

We brought our payments efforts together as the new Google Pay, which shoppers can use to pay online in stores and across Google products like Chrome and the Play Store.

我們將我們的支付工作整合為新的 Google Pay，購物者可以使用它在商店以及 Chrome 和 Play 商店等 Google 產品中進行在線支付。

Companies like Airbnb and Insta Cart are using Google Pay to speed up mobile check out.

Airbnb 和 Insta Cart 等公司正在使用 Google Pay 來加快移動結賬速度。

And Hotel Tonight found that customers using Google Pay are 65% more likely to complete their bookings.

Hotel Tonight 發現，使用 Google Pay 的客戶完成預訂的可能性要高出 65%。

We also have really strong momentum in app promotion ads.

我們在應用推廣廣告方面也有非常強勁的勢頭。

The majority of our app promotion campaigns are now using universal app campaigns, which is part of our focus on simplifying the advertiser experience.

我們的大多數應用推廣活動現在都使用通用應用活動，這是我們致力於簡化廣告客戶體驗的一部分。

Additionally, we introduced a new playable ad format in Google Play that allows users to sample games before they install.

此外，我們在 Google Play 中引入了一種新的可播放廣告格式，允許用戶在安裝遊戲之前對其進行採樣。

Ads in Google Play are performing really well for developers.

Google Play 中的廣告對開發者來說效果非常好。

And our app promotion business on YouTube is flourishing.

我們在 YouTube 上的應用推廣業務正在蓬勃發展。

We launched major initiatives, such as [tourism measurement] and location-based ad formats to drive online to offline commerce.

我們推出了主要舉措，例如[旅遊測量]和基於位置的廣告格式，以推動線上到線下的商務。

We are focused on making sure YouTube is a great place for users and advertisers while helping creators earn money from popular content.

我們致力於確保 YouTube 成為用戶和廣告商的好去處，同時幫助創作者從熱門內容中獲利。

In addition to the significant work we are doing to product users and stop abuse on the platform, just a few weeks ago, we announced changes to advertising on YouTube, including stricter monetization criteria, new manual reviews for all videos in Google Preferred and simpler controls for marketers.

除了我們對產品用戶和停止平台濫用行為所做的重要工作外，就在幾週前，我們還宣布了對 YouTube 廣告的更改，包括更嚴格的獲利標準、對 Google 優選中所有視頻的新人工審核以及更簡單的控制對於營銷人員。

The feedback we have received from advertisers and creators so far has been really positive.

到目前為止，我們從廣告商和創作者那裡收到的反饋非常積極。

So as you can see, we are making great strides in our biggest bets, and I'm proud of the work we are doing across the company.

正如你所看到的，我們在最大的賭注上取得了長足的進步，我為我們在整個公司所做的工作感到自豪。

I'm also incredibly proud that as Google grows, we are making significant contributions to our partners, the economy and our local communities.

我也非常自豪的是，隨著 Google 的發展，我們正在為我們的合作夥伴、經濟和當地社區做出重大貢獻。

Our business continues to benefit our partners around the world.

我們的業務繼續使我們在世界各地的合作夥伴受益。

This includes news publishers, app developers and YouTube creators who we share revenue with.

這包括我們與之分享收入的新聞出版商、應用程序開發者和 YouTube 創作者。

Over the last 4 years, our partners have earned over $100 billion.

在過去的 4 年裡，我們的合作夥伴已經賺了超過 1000 億美元。

That's incredible, and we are working on new ways to drive even more value to our partners.

這太不可思議了，我們正在研究新的方法來為我們的合作夥伴帶來更多價值。

In the U.S. specifically, we have offices and data centers across 21 states, and we plan to hire thousands of people across the U.S. this year.

特別是在美國，我們在 21 個州設有辦事處和數據中心，我們計劃今年在美國招聘數千人。

Last year in the U.S., we grew faster outside the Bay Area than in the Bay Area.

去年在美國，我們在灣區以外的增長速度比在灣區的要快。

To support this growth, we'll be making significant investments in offices across 9 states, including Colorado and Michigan.

為了支持這一增長，我們將對包括科羅拉多州和密歇根州在內的 9 個州的辦事處進行重大投資。

We'll also be building or opening 5 big new data centers in the U.S. And with digital skills in high demand by employers, our Grow with Google initiative will help jobseekers and small businesses gain education and skills to help them succeed.

我們還將在美國建造或開設 5 個新的大型數據中心。由於雇主對數字技能的需求量很大，我們與 Google 一起成長的計劃將幫助求職者和小企業獲得教育和技能，以幫助他們取得成功。

Just a couple of weeks ago, we announced that we are creating an IT support certification program that will give thousands of people scholarships and job opportunities.

就在幾週前，我們宣布我們正在創建一個 IT 支持認證計劃，該計劃將為成千上萬的人提供獎學金和工作機會。

More than 10,000 people have already signed up, which is amazing.

已經有超過10,000人註冊了，這很了不起。

I want to thank all our employees, Google users, partners and advertisers around the world.

我要感謝我們在世界各地的所有員工、谷歌用戶、合作夥伴和廣告商。

I couldn't be more excited about what's in store for all of us this year.

我對今年為我們所有人準備的東西感到非常興奮。

With that, I'll hand it back over to Ruth.

有了這個，我會把它交還給露絲。

Thank you, Sundar.

謝謝你，桑達爾。

And we will now take your questions.

我們現在將回答您的問題。

(Operator Instructions) And our first question comes from Eric Sheridan of UBS.

（操作員說明）我們的第一個問題來自瑞銀的 Eric Sheridan。

Maybe 2. One for Sundar, one for Ruth.

也許是 2。一份給 Sundar，一份給 Ruth。

Sundar, coming out of CES and the success you had with Google Home and the Google Assistant during the holiday period based on the blog post you guys put out, can you identify some of the key investments in either partnerships or hardware capabilities that you're targeting over the next 1 to 2 years to make sure the momentum around Assistant is sustained?

Sundar，根據你們發布的博客文章，從 CES 中走出來，以及您在假期期間使用 Google Home 和 Google Assistant 取得的成功，您能否確定您在合作夥伴關係或硬件功能方面的一些關鍵投資以未來 1 到 2 年為目標，以確保圍繞 Google 助理的勢頭得以持續？

And then, Ruth, looking at cost of goods sold, that came in quite a bit higher than we thought, and you were lapping a one-time charge, if we have it right, versus the year-ago period.

然後，露絲，看看銷售的商品成本，這比我們想像的要高得多，如果我們沒記錯的話，與去年同期相比，你正在收取一次性費用。

Maybe you could talk a little bit about some of the pressures in cost of goods sold that were either seasonal or maybe a new normal in terms of a higher level going forward.

也許你可以談談銷售成本的一些壓力，這些壓力要么是季節性的，要么可能是未來更高水平的新常態。

Any color there would be really appreciated.

那裡的任何顏色都會非常感激。

Thanks, Eric.

謝謝，埃里克。

On the Google Assistant and Google Home, we are very excited about the momentum we saw in CES.

在 Google Assistant 和 Google Home 上，我們對在 CES 上看到的勢頭感到非常興奮。

It actually reflects work we've been doing for a while.

它實際上反映了我們一段時間以來所做的工作。

Google Assistant in some ways brings together all the technology we've been building for years, and it's an extension and it's supported by Google Search as well.

Google 助理在某些方面匯集了我們多年來一直在構建的所有技術，它是一個擴展，它也受到 Google 搜索的支持。

We are also thinking about our capabilities broadly beyond just one device alone.

我們也在廣泛地考慮我們的能力，而不僅僅是一台設備。

And that's what we are doing here across phones, across all surfaces.

這就是我們在這裡跨手機、跨所有表面所做的事情。

So that's something big we are focused on.

所以這是我們關注的大事。

And the second is we always build ecosystems, be it Android or Chrome or Chromebooks.

第二個是我們始終構建生態系統，無論是 Android 還是 Chrome 或 Chromebook。

We work with many, many partners and scale up things, right?

我們與許多許多合作夥伴合作並擴大規模，對嗎？

And so we are leveraging those best practices and trying to build this in a way in which the entire ecosystem can ship products with the Google Assistant and generate values.

因此，我們正在利用這些最佳實踐，並嘗試以整個生態系統可以使用 Google Assistant 發布產品並產生價值的方式來構建它。

So I think the framework is great.

所以我認為這個框架很棒。

And long term, our investments in AI will directly manifest those capabilities for users through the Google Assistant.

從長遠來看，我們對人工智能的投資將通過谷歌助手直接向用戶展示這些能力。

So I'm very bullish on it.

所以我非常看好它。

And then in terms of the gross margins, it obviously reflects our product mix.

然後就毛利率而言，它顯然反映了我們的產品組合。

And as you know well, the TAC rate for each of sites and network as a percentage of those revenue lines does continue to increase because they're our strongest growth areas, namely mobile search and programmatic, and so carry higher TAC.

如您所知，每個網站和網絡的 TAC 率佔這些收入線的百分比確實繼續增加，因為它們是我們最強勁的增長領域，即移動搜索和程序化，因此具有更高的 TAC。

But as I indicated in my opening comments, we do estimate that the year-on-year increase in the sites TAC rate will slow after the first quarter of 2018.

但正如我在開場評論中指出的那樣，我們確實估計網站 TAC 率的同比增長將在 2018 年第一季度之後放緩。

And then the other thing to note, other cost of revenue does reflect the seasonality of hardware, having increased both the number of products in the Made by Google family as well as continuing to expand geographically in Western Europe and APAC.

然後要注意的另一件事是，其他收入成本確實反映了硬件的季節性，既增加了 Google 製造系列的產品數量，又繼續在西歐和亞太地區進行地理擴張。

You can see that reflected here.

你可以看到這裡反映出來。

And our next question comes from Heather Bellini of Goldman Sachs.

我們的下一個問題來自高盛的 Heather Bellini。

Two quick questions.

兩個快速的問題。

One for Ruth and Sundar.

一個給露絲和桑達爾。

I guess, Ruth, just to follow-up on your comments there, the partner agreements which you just cited.

我想，Ruth，只是為了跟進你的評論，你剛才引用的合作夥伴協議。

Is there any color you could give us on how these typically work?

你有什麼顏色可以告訴我們這些通常是如何工作的嗎？

And what I mean by that is are they typically multiyear deals on average?

我的意思是他們通常是平均多年的交易嗎？

And how do we think about these impacting the rate of change in tax since you were talking about the pace of growth in TAC as we look out, call it, in year 2 if these are multiyear deals?

如果這些是多年期交易，我們如何看待這些影響稅收變化率的因素？

And then for Sundar, I guess, I wanted to follow up a little bit with what we saw at CES.

然後對於 Sundar，我想，我想跟進我們在 CES 上看到的內容。

But how do you think about voice?

但是你如何看待聲音？

And given the significant number of devices in the market, how do you think in the future about traffic acquisition strategies on these devices as you look 5 years down the road?

鑑於市場上有大量設備，您如何看待未來 5 年後這些設備上的流量獲取策略？

Is there any reason to think that the strategies might be different that you're going to follow as you look ahead than what we've seen over the past, call it, since the advent of the iPhone?

是否有任何理由認為，當你展望未來時，你將遵循的策略可能與我們過去看到的策略不同，稱之為 iPhone 出現以來？

So on your first question, there's not much really that I'm going to be able to add there.

所以關於你的第一個問題，我真的沒有什麼可以補充的。

I mean, given the ongoing momentum in our mobile search business, this does continue to be relevant as you look forward, given mobile carries higher TAC.

我的意思是，鑑於我們的移動搜索業務的持續發展勢頭，鑑於移動設備具有更高的 TAC，這確實與您的預期相關。

But the rate, as per your question, has also reflected changes in partnership agreement.

但是，根據您的問題，該比率也反映了合作協議的變化。

So all factors considered, we expect the year-on-year increases will slow after the first quarter of '18.

因此，考慮到所有因素，我們預計 18 年第一季度之後同比增長將放緩。

And as I've said on many of these calls, we're very pleased to have a very strong position in a rapidly growing market, and that momentum does continue.

正如我在許多電話會議上所說的那樣，我們很高興在快速增長的市場中擁有非常強大的地位，而且這種勢頭確實會持續下去。

I guess, the only other thing to add is that Q4 TAC as a percentage of revenues does benefit from the fact that the fourth quarter is a seasonally strong quarter for YouTube.

我想，唯一要補充的是，第四季度 TAC 佔收入的百分比確實受益於第四季度是 YouTube 季節性強勁的季度這一事實。

So quarter-on-quarter changes are less insightful because CAC is distinct from TAC.

因此，由於 CAC 與 TAC 不同，季度環比變化沒有那麼深刻。

It's not in this number.

不在這個號碼裡。

But not much more to add there.

但沒有太多要添加的。

Pass it to Sundar.

把它交給桑達爾。

And Heather, on voice, we are very excited by voice.

希瑟，在語音方面，我們對語音感到非常興奮。

We obviously see it being adopted strongly in countries like India.

我們顯然看到它在印度等國家被大力採用。

It's actually a significant part of just mobile search queries in general.

它實際上是一般移動搜索查詢的重要組成部分。

And things like Google Assistant and doing Google Home kind of really accelerates the trend.

像 Google Assistant 和做 Google Home 這樣的事情確實加速了這一趨勢。

But we definitely see more multi-modalities.

但我們肯定會看到更多的多模態。

So as you saw, we also announced many smart displays at CES.

如您所見，我們還在 CES 上宣布了許多智能顯示器。

And I think that will be an exciting trend as well.

我認為這也將是一個令人興奮的趨勢。

So we'll bet on all of that.

所以我們會賭上這一切。

In general, I think about we want to be there for users when they need us and we want to serve everyone.

總的來說，我認為我們想在用戶需要我們時為他們服務，我們想為每個人服務。

That's why we work across the ecosystem.

這就是我們在整個生態系統中工作的原因。

We do first-party devices.

我們做第一方設備。

We do it globally.

我們在全球範圍內進行。

And so we are committed to doing that well.

因此，我們致力於做好這件事。

So I think it'll be an extension of how we have approached search from day 1 and trying to serve everyone.

因此，我認為這將是我們從第一天開始著手搜索並嘗試為所有人服務的方式的延伸。

And so I don't, overall, see a big shift.

因此，總的來說，我沒有看到重大轉變。

And our next question comes from Douglas Anmuth of JPMorgan.

我們的下一個問題來自摩根大通的 Douglas Anmuth。

Some big news earlier this week just in terms of Waymo with FCA talking about delivering thousands of minivans to Waymo later in the year.

本週早些時候，Waymo 與 FCA 談論在今年晚些時候向 Waymo 交付數千輛小型貨車的一些重大新聞。

So I was hoping, Ruth, you could just talk to us more about the timing for that business and how we should think about the economic model there as you move to operations and deployment phase.

所以我希望，露絲，你可以和我們談談更多關於該業務的時間安排，以及當你進入運營和部署階段時我們應該如何考慮那裡的經濟模式。

And then, secondly, the cash, now obviously much more accessible in terms of what is held overseas.

然後，其次是現金，就海外持有的東西而言，現在顯然更容易獲得。

Can you just talk more about your plans there.

你能多談談你的計劃嗎？

Obviously, a bigger buyback there, but still not meaningful in terms of the overall size of the company.

顯然，那裡有更大的回購，但就公司的整體規模而言仍然沒有意義。

Sure.

當然。

So first on Waymo, we do remain very excited about the opportunity with Waymo and our continued progress on multiple fronts, in particular, the rider program in Phoenix, we're excited about and we're expanding our testing to more states.

因此，首先在 Waymo 上，我們仍然對 Waymo 的機會以及我們在多個方面的持續進展感到非常興奮，特別是鳳凰城的騎手計劃，我們很興奮，我們正在將我們的測試擴展到更多的州。

In November, we announced that Waymo's self-driving TAC reached a major milestone, becoming the only company to have a fleet of driverless cars on public roads that are completely autonomous.

11 月，我們宣布 Waymo 的自動駕駛 TAC 達到了一個重要的里程碑，成為唯一一家在公共道路上擁有完全自動駕駛的無人駕駛汽車車隊的公司。

And that builds on our more than 4 million test miles driven in the real world in 7 states, 25 US cities, we're currently driving -- self-driving, I should say, 10,000 miles every day, with billions of miles in simulation and robust testing at our private facility.

這建立在我們在 7 個州、25 個美國城市的現實世界中駕駛超過 400 萬英里的測試基礎上，我們目前正在駕駛——自動駕駛，我應該說，每天 10,000 英里，模擬數十億英里在我們的私人設施中進行強大的測試。

So more to your question, we do continue to explore a range of options beyond the program we're piloting in Phoenix, including ride-sharing and personal use vehicles logistics, deliveries and working with cities to help them address public transportation objectives.

對於您的問題，除了我們在鳳凰城試點的計劃之外，我們確實會繼續探索一系列選項，包括拼車和個人使用車輛的物流、交付以及與城市合作以幫助他們實現公共交通目標。

That being said, our first commercial application is the ride service that we will launch in 2018 that would be open to members of the public in Phoenix.

話雖如此，我們的第一個商業應用程序是我們將於 2018 年推出的乘車服務，該服務將在鳳凰城向公眾開放。

And riders will be able to use our Waymo app to hail one of our fully driving -- self-driving cars without a driver at the wheel.

騎手將能夠使用我們的 Waymo 應用程序來迎接我們的一輛完全駕駛的汽車——無人駕駛的無人駕駛汽車。

So very excited about that.

對此非常興奮。

And then in terms of cash.

然後是現金。

I think the main point, as we think about it, is there's no change in our approach to our capital allocation framework.

我認為，正如我們所想的那樣，主要的一點是我們對資本分配框架的方法沒有改變。

We've consistently been focused on long-term investing.

我們一直專注於長期投資。

We talked a lot about that already on this call.

我們已經在這次電話會議上談了很多。

And our framework has been, therefore, very consistent.

因此，我們的框架非常一致。

The priority, the first use is organic.

優先級，第一次使用是有機的。

It's investing in the many opportunities that we have.

它投資於我們擁有的許多機會。

And the second is strategic.

第二個是戰略性的。

And we do remain active with smaller M&A deals, in particular, to support our Cloud business in hardware.

我們仍然積極參與較小的併購交易，特別是在硬件方面支持我們的雲業務。

The HTC deal, which we just closed, is a good example of that.

我們剛剛完成的 HTC 交易就是一個很好的例子。

Third is CapEx.

第三是資本支出。

So we continue to invest in machines to support growth we see across Google.

因此，我們繼續投資於機器以支持我們在 Google 上看到的增長。

But in particular, supporting Cloud, Search, YouTube and all that we're doing in machine learning.

但特別是支持雲、搜索、YouTube 以及我們在機器學習方面所做的一切。

And then finally, that leaves return of capital.

最後，剩下的就是資本回報。

When we considered all of that, that's what led us to extend -- have the Board extend the share repurchase program, which we announced a couple of years ago.

當我們考慮所有這些時，這就是導致我們擴展的原因-讓董事會擴展我們幾年前宣布的股票回購計劃。

And we'll let you determine what that number represents in true Google fashion, but it's just a modest increase to what we've been doing previously.

我們會讓您確定這個數字在真正的 Google 時尚中代表什麼，但這只是對我們之前所做的事情的適度增加。

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

我們的下一個問題來自摩根士丹利的布賴恩諾瓦克。

I have 2. The first one, Ruth, you called out desktop search, I think, for the second straight quarter as being relatively strong.

我有 2 個。第一個，Ruth，我認為，你連續第二個季度稱桌面搜索相對強勁。

Could you just talk about some of the drivers of the strength of desktop.

你能不能談談桌面實力的一些驅動因素。

And how do you think about the sustainability of continued strong desktop growth into 2018 and beyond?

您如何看待 2018 年及以後桌面持續強勁增長的可持續性？

The second one, kind of a question in search query volume.

第二個，是搜索查詢量中的一個問題。

There's often speculation and question marks around how consumer behavior is changing in e-commerce and whether Google is still capturing as many e-commerce searches.

關於消費者行為在電子商務中的變化以及谷歌是否仍在捕獲盡可能多的電子商務搜索，經常存在猜測和問號。

Could you just talk to what you're seeing in retail search query volumes and search user growth within e-commerce in the United States?

您能否談談您在美國電子商務中的零售搜索查詢量和搜索用戶增長方面看到的情況？

Overall, we -- obviously, search is very broad.

總的來說，我們——顯然，搜索範圍非常廣泛。

And even when you talk about commercial, I think we serve across many, many categories, including things like -- from travel to hotels and to services, to products and so on.

甚至當你談論商業時，我認為我們服務於很多很多類別，包括從旅行到酒店和服務，再到產品等等。

So we're very, very comprehensive.

所以我們非常非常全面。

And obviously, e-commerce is evolving a lot, and we continue to invest there.

顯然，電子商務正在發生很大的變化，我們將繼續在那裡投資。

Google Shopping is doing well.

谷歌購物做得很好。

I mean, we work hard to make sure we bring the best experience possible, which is why [asset evolves] Search and Assistant be partner with companies like Walmart, for example, to make it much easier to buy products and so on.

我的意思是，我們努力確保我們帶來最好的體驗，這就是為什麼[資產發展]搜索和助手與沃爾瑪等公司合作，例如，讓購買產品等變得更加容易。

So we invest a lot there.

所以我們在那裡投資很多。

You are right.

你說的對。

Consumer behavior is changing, but we are comfortable given that breadth of how we do things and how that -- how we are focused on user experience there.

消費者的行為正在發生變化，但考慮到我們做事的方式和方式的廣度——我們如何專注於用戶體驗，我們對此感到很自在。

And on your question on desktop.

並在您的桌面問題上。

There really isn't one particular item to call out here.

這裡真的沒有什麼特別值得一提的。

And that's why last quarter, I tried to walk through the process that our team goes through and the way they look at innovations really stepping back and recognizing that the way we all use smartphones and desktop is continuing to evolve.

這就是為什麼上個季度，我試圖回顧我們團隊所經歷的過程，以及他們看待創新的方式真正退後一步，並認識到我們所有人使用智能手機和桌面的方式正在繼續發展。

And so therefore, there's utility and challenging assumptions about evolving user behavior and advertiser preferences, and that opens new lines of inquiry, which benefits not just mobile, but also desktop.

因此，對於不斷變化的用戶行為和廣告商偏好，存在實用性和挑戰性的假設，這開闢了新的調查渠道，這不僅有利於移動設備，也有利於桌面設備。

And desktop did deliver solid revenue growth.

台式機確實帶來了穩健的收入增長。

It does remain an important form factor for certain more complex tasks such as planning vacations or assessing insurance options, and we're pleased with the ongoing strength.

對於某些更複雜的任務，例如計劃假期或評估保險選項，它確實仍然是一個重要的形式因素，我們對持續的實力感到滿意。

So I'll leave it to you to do any of the forecasting.

所以我會留給你做任何預測。

But we just view it as yet another valuable form factor and are really pleased with the performance there.

但我們只是將其視為另一種有價值的外形因素，並對那裡的性能感到非常滿意。

And our next question comes from Anthony DiClemente of Evercore.

我們的下一個問題來自 Evercore 的 Anthony DiClemente。

I have one for Sundar and one for Ruth.

我有一份給 Sundar，一份給 Ruth。

Sundar, on YouTube, you mentioned the 1.5 billion people come to YouTube.

Sundar，在 YouTube 上，您提到了 15 億人來到 YouTube。

Any other information you can give us there on user growth or engagement trends, would be great, anything on time spent.

您可以在此處向我們提供有關用戶增長或參與度趨勢的任何其他信息，無論花費多少時間，都會很棒。

I mean, particularly as YouTube becomes more mature, and mobile video, particularly in North America, gets more competitive.

我的意思是，尤其是隨著 YouTube 變得更加成熟，移動視頻，尤其是在北美，變得更具競爭力。

And then also on YouTube, anything around new products or features driving the monetization or ad business?

然後在 YouTube 上，是否有關於推動貨幣化或廣告業務的新產品或功能？

And then Ruth, just a question on the growth in marketing spend.

然後露絲，只是關於營銷支出增長的問題。

In the fourth quarter, I think you said that the 4Q is significantly elevated.

第四季度，我覺得你說的第四季度明顯提升。

Should we interpret that to mean that the growth rate in selling and marketing year-over-year should decelerate off the 4Q?

我們是否應該將其解釋為銷售和營銷的同比增長率應該在第四季度減速？

And then just related to that, [in] getting a good return on investment from this marketing spend, particularly when you think about media mix and all the spend that we've seen on TV as compared to digital marketing.

然後與此相關，[in] 從這種營銷支出中獲得良好的投資回報，特別是當您考慮媒體組合以及我們在電視上看到的與數字營銷相比的所有支出時。

Look, on YouTube, we are continuing to see great momentum.

看，在 YouTube 上，我們繼續看到巨大的勢頭。

Maybe one area, which for example highlights how well it's doing is if you think about YouTube on TV, people actually watching YouTube on the big screen, our growth has been significant there.

也許有一個領域，例如突出它的表現如何，如果你想想電視上的 YouTube，人們實際上在大屏幕上觀看 YouTube，我們的增長在那裡非常顯著。

And so increasingly, people will use YouTube for -- we see it being used across every possible use case.

因此，越來越多的人將 YouTube 用於 - 我們看到它被用於所有可能的用例。

And I said it earlier in the call, every day, we get over 1 billion user on educational content alone.

我在電話會議的早些時候說過，每天，僅教育內容就有超過 10 億用戶。

People use it to go catch up on sports, music, entertainment.

人們用它來追趕運動、音樂、娛樂。

And so you can think about the breadth of -- historically, YouTube has been very strong on mobile.

所以你可以想想——從歷史上看，YouTube 在移動設備上的表現非常強大。

It continues to be strong on mobile.

它在移動設備上仍然很強勁。

It's doing particularly well in the next billion user markets.

它在下一個十億用戶市場中表現尤其出色。

Our growth last year was very strong there, which is why we supported it with investments like YouTube Go.

去年我們在那裡的增長非常強勁，這就是為什麼我們通過像 YouTube Go 這樣的投資來支持它。

And we are seeing it now growth well beyond mobile, especially in the living room.

而且我們現在看到它的增長遠遠超出移動設備，尤其是在客廳。

So a lot of momentum there.

所以那裡有很大的動力。

And then in terms of sales and marketing.

然後在銷售和營銷方面。

As I said, it particularly supported hardware, but was also supporting Cloud and YouTube.

正如我所說，它特別支持硬件，但也支持 Cloud 和 YouTube。

And as Sundar and I have said, these are important Google growth areas for us and we are investing to support growth in the business.

正如 Sundar 和我所說，這些對我們來說是重要的 Google 增長領域，我們正在投資以支持業務增長。

The elevated levels this quarter did reflect both seasonality and strategic decision to invest in these brands.

本季度的高水平確實反映了投資這些品牌的季節性和戰略決策。

And so we view it as a very important part of the overall investment in what we view as very sizable opportunities.

因此，我們將其視為對我們認為非常可觀的機會進行整體投資的一個非常重要的部分。

And it's both supporting the brand and the momentum there for going into 2018, but it's very specific product-focused as well.

它既支持了品牌，也支持了進入 2018 年的勢頭，但它也非常專注於特定的產品。

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

我們的下一個問題來自 BMO Capital Markets 的 Dan Salmon。

Sundar, I'll go with the European theme.

Sundar，我會選擇歐洲主題。

First, curious to hear your thoughts on the potential impact of GDPR maybe both on your own sites and properties and how any business practices may need to be adjusted for that, but also for tools like Customer Match that your advertisers may use.

首先，很想听聽您對 GDPR 可能對您自己的網站和財產的潛在影響的看法，以及可能需要如何調整任何業務實踐，以及您的廣告商可能使用的客戶匹配等工具。

And then, second, I'll take a shot at it.

然後，第二，我會試一試。

Any updates on your dialogue with EU officials and regulators on the proceedings there?

您與歐盟官員和監管機構就那裡的訴訟程序進行對話的任何更新？

Good question.

好問題。

I was just in Europe last week.

我上周剛在歐洲。

It was exciting to be there.

在那裡很令人興奮。

There's clearly momentum we feel in terms of how Europe is doing, and we are very committed to the region.

就歐洲的表現而言，我們明顯感受到了勢頭，我們對該地區非常投入。

We are opening new offices there.

我們正在那裡開設新辦事處。

We announced the AI center.

我們宣布了人工智能中心。

We are committed to hiring more engineers and supporting staff there.

我們致力於在那裡僱用更多的工程師和支持人員。

So it's an important market for us.

所以這對我們來說是一個重要的市場。

On things like GDPR, we want to be -- we have been thoughtfully engaged there.

在 GDPR 之類的問題上，我們希望成為——我們已經深思熟慮地參與其中。

I think it's important to put privacy first for European citizens, and we are very supportive of the work that's underway there.

我認為將歐洲公民的隱私放在首位很重要，我們非常支持那裡正在進行的工作。

And we are committed to complying with GDPR across all the services that we provide in Europe.

我們致力於在我們在歐洲提供的所有服務中遵守 GDPR。

There's still time.

還有時間。

As a reminder, it doesn't go into effect until May or so.

提醒一下，它要到五月左右才會生效。

And we are working to make sure all our products are ready, and we'll work hard to make the transition well.

我們正在努力確保我們所有的產品都準備就緒，我們將努力做好過渡。

In terms of, again, with EU -- with the European Commission, we have long had constructive conversations.

再說一次，就與歐盟——與歐盟委員會而言，我們長期以來一直進行建設性的對話。

We are understanding their concerns and responding with thoughtful changes, and we'll continue engaging in a thoughtful way.

我們正在理解他們的擔憂，並通過深思熟慮的變化做出回應，我們將繼續以深思熟慮的方式參與其中。

And our next question comes from Colin Sebastian of Robert Baird.

我們的下一個問題來自 Robert Baird 的 Colin Sebastian。

First, Sundar, your comments on Google Cloud were upbeat.

首先，Sundar，您對 Google Cloud 的評價很樂觀。

And I wonder how much of the momentum there is related to machine-learning capabilities offered as a service.

我想知道有多少動力與作為服務提供的機器學習能力有關。

If you could frame just how important that is for the Cloud business overall.

如果您能說明這對整個雲業務有多麼重要。

And then as a follow-up, on Google Home or the voice-based Assistant, if there's any update in how you're thinking about monetization from a transactional perspective, a transactional model with perhaps retail partners?

然後作為後續行動，在 Google Home 或基於語音的智能助理上，如果您從交易的角度思考貨幣化的方式有什麼更新，可能是與零售合作夥伴的交易模式？

Or do you see an ad-based model emerging there as well?

或者您是否看到那裡也出現了基於廣告的模型？

On the first thing, Colin, on Cloud, particularly the last quarter, we obviously brought Auto ML to our Google Cloud customers.

首先，Colin 在 Cloud 上，尤其是上個季度，我們顯然將 Auto ML 帶給了我們的 Google Cloud 客戶。

To me, that shows the rate at which we are bringing our internal advances.

對我來說，這顯示了我們內部進步的速度。

It's just a year ago, I remember, everyone reviewing with the team when they first showed me the Auto ML work.

就在一年前，我記得，當他們第一次向我展示 Auto ML 工作時，每個人都和團隊一起回顧。

We spoke about it at Google I/O.

我們在 Google I/O 上談到了它。

And it's pretty cutting-edge work.

這是非常前沿的工作。

And to turn it back around and to provide it to everyone in the world, I think that shows the power of what we can do with Google Cloud and get our state-of-the-art and get it to everyone.

為了扭轉局面並將其提供給世界上的每個人，我認為這顯示了我們可以使用 Google Cloud 做的事情的力量，並獲得我們最先進的技術並將其提供給每個人。

I think the momentum there, obviously, is due to our strength in machine learning, the kind of open agile development [enrollment] we provide security and then the combination with G Suite.

我認為那裡的勢頭顯然是由於我們在機器學習方面的實力，我們提供安全性的那種開放式敏捷開發 [註冊]，然後是與 G Suite 的結合。

But above all, I think we've always -- we've been doing cloud now for 19 years because Google itself was built on a cloud platform.

但最重要的是，我認為我們一直在做雲計算已經有 19 年了，因為谷歌本身就是建立在雲平台上的。

But where the momentum is really coming from is over the past 2 years, we have put a lot of effort to make sure we are enterprise-scale ready.

但真正的動力來自於過去 2 年，我們付出了很多努力來確保我們已經為企業規模做好了準備。

So now, we can handle any type of enterprise, any kind of regulatory complexities, security complexity and so on.

所以現在，我們可以處理任何類型的企業、任何類型的監管複雜性、安全性複雜性等等。

And that's evident in the business wins we are seeing.

這在我們所看到的商業勝利中很明顯。

So we are signing customers who are very large across the board globally, and I think that's driving a lot of momentum there.

因此，我們正在與全球範圍內非常大的客戶簽約，我認為這推動了那裡的發展勢頭。

On your question on Google Home and voice-based Assistant and how we are thinking about monetization, there a lot of interesting ideas internally.

關於您關於 Google Home 和基於語音的助手的問題以及我們如何考慮貨幣化，內部有很多有趣的想法。

So we acquire -- teams are excited about trying new things.

所以我們獲得——團隊對嘗試新事物感到興奮。

We see a lot of potential.

我們看到了很多潛力。

But the guidance have given the teams to be squarely focused on user experience.

但該指南使團隊能夠完全專注於用戶體驗。

We are really getting started.

我們真的開始了。

I think these are going to be powerful technologies.

我認為這些將是強大的技術。

But there are areas where we clearly feel all of us fall short for doing right by users and getting the expectation -- matching their expectations.

但是在某些領域，我們清楚地覺得我們所有人都未能做到讓用戶正確並獲得期望——與他們的期望相匹配。

So you'll see us focused on user experience there for a while to come.

所以你會看到我們在未來一段時間內專注於用戶體驗。

And our next question comes from Michael Nathanson of MoffettNathanson.

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

One for Sundar, one for Ruth.

一份給桑達爾，一份給露絲。

Both on YouTube.

兩者都在 YouTube 上。

So first question was, as Google Preferred kicks up a little heat on types of qualities that makes the cut for your videos, do you feel that you have to take a more active stance in looking at what is in Google Preferred -- sorry, YouTube Preferred?

所以第一個問題是，由於 Google Preferred 對能夠為您的視頻進行剪輯的品質類型產生了一點熱度，您是否認為您必須採取更積極的立場來看待 Google Preferred 中的內容——抱歉，YouTube首選？

And how are you going to go about that?

你打算怎麼做？

And then for Ruth, the past year was one where we heard a lot about brand safety.

然後對於露絲來說，過去一年我們聽到了很多關於品牌安全的信息。

And I wonder, when you look back at the YouTube results in '17, is there any noticeable signs of maybe a shift in ad spending from some of the brands who are making those complaints?

我想知道，當您回顧 17 年的 YouTube 結果時，是否有任何明顯跡象表明某些提出這些投訴的品牌的廣告支出可能發生了轉變？

So those are my questions.

所以這些是我的問題。

Thanks, Michael.

謝謝，邁克爾。

Probably, we can talk about both as they're related.

也許，我們可以談論兩者，因為它們是相關的。

In -- we obviously want to make sure YouTube has a great experience for users, content creators and advertisers because it supports content creators.

在——我們顯然希望確保 YouTube 為用戶、內容創建者和廣告商提供良好的體驗，因為它支持內容創建者。

And we took a lot of steps last year, but particularly in December, we are up to a new rigorous approach.

去年我們採取了很多措施，尤其是在 12 月，我們採用了一種新的嚴格方法。

And that's a much more stringent standard for creators.

這對創作者來說是一個更加嚴格的標準。

For example, they need 1,000 subscribers to be eligible for monetization.

例如，他們需要 1,000 名訂閱者才有資格獲利。

We are manually reviewing Google Preferred videos.

我們正在人工審核 Google 優選視頻。

We obviously use machine learning to support that a lot, and they both go hand-in-hand.

我們顯然使用機器學習來支持這一點，而且它們都是齊頭並進的。

We've provided improved controls for marketers, and we are also working with trusted third-party vendors to assist brand suitability.

我們為營銷人員提供了改進的控制，並且我們還與值得信賴的第三方供應商合作，以協助品牌適用性。

So it's a comprehensive approach to make sure all of this works well.

因此，這是一種確保所有這些工作良好的綜合方法。

And so while there have been concerns and we are -- but we are working really hard to address them and respond strongly.

因此，儘管存在擔憂並且我們確實存在 - 但我們正在努力解決這些問題並做出強烈回應。

And so I think it sets -- we are focused on the long-term opportunity here.

所以我認為它設定了 - 我們專注於這裡的長期機會。

And I think we are setting ourselves up well for the years ahead.

我認為我們正在為未來幾年做好準備。

And the next question comes from Ken Sena of Wells Fargo Securities.

下一個問題來自 Wells Fargo Securities 的 Ken Sena。

So just a question on -- searches seem to be coming more qualified through travel as far as filtering the price that people want to pay, locations, amenities, et cetera.

所以只是一個問題——就過濾人們想要支付的價格、地點、便利設施等而言，搜索似乎通過旅行變得更加合格。

Is there any trend that goes along with that in terms of maybe depressing search volume growth to some extent because of the more filtered aspect?

是否有任何趨勢可能會因為過濾的方面而在某種程度上抑制搜索量的增長？

And then, secondly, does the higher qualification trend tie in at all to the shifts towards programmatic in terms of other parties that might be involved or the discussion that we've had around TAC?

其次，就可能涉及的其他方或我們圍繞 TAC 進行的討論而言，更高的資格趨勢是否與向程序化的轉變有關？

And then maybe, two, just as a follow-up.

然後也許，兩個，作為後續行動。

If you can provide just a little bit more color on Google Pay in terms of what might be different this round versus previous attempts?

如果您可以在 Google Pay 上提供更多顏色，就本輪與之前的嘗試可能有什麼不同？

Maybe I'm not fully sure I understood all the specifics there.

也許我不完全確定我了解那裡的所有細節。

But at a high level, as people are on-the-go, they are traveling, etc., if anything, I think search is more invaluable than ever before.

但在高層次上，當人們在旅途中，他們在旅行等等，如果有的話，我認為搜索比以往任何時候都更寶貴。

All the work we do in local searches applies incredibly when you travel.

我們在本地搜索中所做的所有工作都非常適用於您旅行時。

The properties we have, like Google Maps, et cetera, go along with it.

我們擁有的屬性，如穀歌地圖等，也隨之而來。

So overall, I think they all add up to a better user experience, and hence, a better opportunity for us.

所以總的來說，我認為它們都可以帶來更好的用戶體驗，因此對我們來說是一個更好的機會。

Google Pay turns out to be an important part of all of this.

事實證明，Google Pay 是這一切的重要組成部分。

As we move from just answers to helping users complete actions over time, including transactions, their ability to complete the transaction is an important part of it, and which is why making sure Google Pay, in a unified way, works as seamlessly as possible, is a big part of our long-term strategy.

隨著我們從僅提供答案轉向幫助用戶隨著時間的推移完成操作，包括交易，他們完成交易的能力是其中的重要組成部分，這就是為什麼要確保 Google Pay 以統一的方式盡可能無縫地工作，是我們長期戰略的重要組成部分。

The next question comes from Stephen Ju of Credit Suisse.

下一個問題來自瑞士信貸的 Stephen Ju。

So Sundar, I think Ruth cited hardware in the prepared remarks as the largest contributor in the fourth quarter for the other revenue line.

所以 Sundar，我認為 Ruth 在準備好的評論中提到硬件是第四季度其他收入線的最大貢獻者。

As you look at the road map going forward, you acquired the HTC engineers to bring that team in-house.

當您查看未來的路線圖時，您獲得了 HTC 工程師以將該團隊帶入內部。

So it looks like for the first time, you have an integrated hardware and a software team under one roof.

所以看起來你第一次在一個屋簷下擁有一個集成的硬件和一個軟件團隊。

So how do you think your product development pace and strategy will change for smartphones and other devices going forward?

那麼，您認為未來智能手機和其他設備的產品開發速度和戰略將如何變化？

And also, does it make sense to bring the Nest team to be more integrated into core Google as well given the drive to increase the touch points for all the Google products [for the form] factors?

此外，考慮到增加所有 Google 產品（形式）因素的接觸點的驅動力，讓 Nest 團隊更多地融入核心 Google 是否有意義？

Well, thanks, Stephen.

好吧，謝謝，斯蒂芬。

Great question.

好問題。

You're right that part of the reason we are so excited about being able to bring this world-class team in-house is while we've been working together already, we've had to straddle a company boundary to do that.

你說得對，我們之所以對能夠將這個世界級的團隊引入內部感到如此興奮，部分原因在於我們已經一起工作，我們必須跨越公司邊界才能做到這一點。

But now, having them as Googlers would really make that integrated development, which is so critical for us to do it better.

但現在，讓他們成為 Google 員工真的會實現集成開發，這對我們做得更好至關重要。

We bring a unique approach to hardware.

我們為硬件帶來了獨特的方法。

The combination of AI plus software, plus hardware.

AI+軟件+硬件的結合。

So being able to get those teams working together, I think, will really drive the pace forward.

因此，我認為，能夠讓這些團隊一起工作，將真正推動前進的步伐。

And the best example of that is you see the advances we have made with both still and media photography on our phones.

最好的例子就是你看到我們在手機上的靜態和媒體攝影方面取得的進步。

And the Nest team is very, very closely aligned with the Google hardware team.

Nest 團隊與 Google 硬件團隊非常、非常緊密地結盟。

They work hard to realize a lot of synergies there.

他們努力工作以實現那裡的許多協同作用。

We already shared a lot of our go-to-market efforts, and we increasingly are collaborating on product development as well.

我們已經分享了很多進入市場的努力，我們也越來越多地在產品開發方面進行合作。

So we collaborate closely, and I'm excited at the possibilities there as well.

所以我們密切合作，我也對那裡的可能性感到興奮。

And our next question comes from Justin Post of Merrill Lynch.

我們的下一個問題來自美林證券的賈斯汀波斯特。

First for Sundar.

首先是 Sundar。

It didn't feel like there was many visible search changes this year as far as coverage or ad formats.

就覆蓋範圍或廣告格式而言，今年沒有明顯的搜索變化。

So would love to hear your thoughts on search innovation pipeline as you look out to '18 and key growth drivers going forward.

因此，當您展望 18 年和未來的主要增長動力時，很想听聽您對搜索創新管道的看法。

And then, Ruth, in the prepared remarks, there was a lot of comments on investment in your medium-term business growth drivers, offices, data centers and other areas.

然後，Ruth，在準備好的評論中，有很多關於您的中期業務增長動力、辦公室、數據中心和其他領域的投資的評論。

I'm just wondering if you view 2018 upcoming as an investment year, or kind of more of the same of what we've seen over the last couple of years?

我只是想知道您是否將 2018 年視為投資年，或者與我們在過去幾年中看到的更多相同？

So Justin, when you think about search, one of the ways that I encourage you to think, we think about user journeys.

所以賈斯汀，當你考慮搜索時，我鼓勵你思考的一種方式，我們會考慮用戶旅程。

So a lot of the innovation that we are doing has gone on to not just an individual query in how we respond, but how we think about what our user is trying to accomplish over a series of sessions.

因此，我們正在進行的許多創新不僅針對我們如何響應的單個查詢，而且還包括我們如何思考用戶在一系列會話中試圖完成的事情。

Are you trying to plan a trip and how do we do it better?

您是否正在計劃旅行，我們如何做得更好？

Do you have a health-related area where you're trying to learn more about it?

你有一個健康相關的領域，你想了解更多嗎？

And how do we help you through that?

我們如何幫助您度過難關？

And so it's not always just changing a specific format, but understanding context better and bringing you that information through a journey.

因此，它並不總是僅僅改變特定的格式，而是更好地理解上下文並通過旅程為您帶來這些信息。

And I think so, there's a lot of innovation that's happening in that direction.

我認為是的，在這個方向上有很多創新正在發生。

And also underlying is what I said earlier.

我之前所說的也是潛在的。

It's not just providing the answers.

它不僅僅是提供答案。

How do you help them get to that information and act on it?

你如何幫助他們獲取這些信息並採取行動？

And so maybe you found something and you want to call that place, or maybe you're trying to order a birthday gift and we actually want you to -- want to go a step further and help that -- help you buy that gift.

所以也許你找到了一些東西，你想給那個地方打電話，或者你想訂購一份生日禮物，而我們實際上希望你——想要更進一步，幫助那個——幫助你購買那個禮物。

So that's along the lines.

所以這是大勢所趨。

And the innovation is happening across search and Assistant in an integrated way.

創新正在以一種集成的方式在搜索和 Google 助理中發生。

And then in terms of your investment question, we've consistently been investing across Alphabet, and we've tried to be very clear about our investment priorities, all with a view to supporting healthy, long-term growth that goes back to the inception of the company.

然後就您的投資問題而言，我們一直在對整個 Alphabet 進行投資，並且我們努力明確我們的投資重點，所有這些都是為了支持可追溯到成立之初的健康、長期增長該公司的。

The year-on-year op inc growth that you've seen does include these sustained investments for all the areas that both Sundar and I have talked about.

您所看到的運營公司的同比增長確實包括對 Sundar 和我談到的所有領域的這些持續投資。

For the year, up 22% versus last year.

今年，與去年相比增長了 22%。

Obviously, a lot of variability in growth quarter-to-quarter.

顯然，每個季度的增長變化很大。

And we just continue to be focused on doing the right things to support growth of the business.

我們只是繼續專注於做正確的事情來支持業務的增長。

The fourth quarter does reflect the obvious seasonality.

第四季度確實反映了明顯的季節性。

And again, we continue to look across the various products, their needs and try and prioritize, but we can remain committed to long-term growth.

再一次，我們繼續審視各種產品、他們的需求並嘗試確定優先級，但我們可以繼續致力於長期增長。

And our next question comes from Ben Schachter of Macquarie.

我們的下一個問題來自麥格理的 Ben Schachter。

Just a couple of questions.

只是幾個問題。

Can you discuss the evolution of the business model for Waymo?

你能談談 Waymo 商業模式的演變嗎？

You're launching the ride hailing service in Phoenix.

您將在鳳凰城推出叫車服務。

You've worked with manufacturers.

你與製造商合作過。

You talked about other models.

你談到了其他模型。

But when you think about the sort of 5 to 10-year view of that, what will the primary business model look like?

但是，當您考慮這種 5 到 10 年的觀點時，主要的商業模式會是什麼樣子？

And separately, can you talk about what is interesting from a strategic point of view about the video game business?

另外，您能從戰略的角度談談視頻遊戲業務的有趣之處嗎？

You're making some key hires there.

你正在那裡招聘一些關鍵人才。

And I'm just wondering what you think Google can bring to that industry that would be innovative.

我只是想知道你認為谷歌能為這個行業帶來什麼創新。

So on Waymo, really not much more to add.

所以在 Waymo 上，真的沒有太多要補充的了。

We're really pleased after years of work on technology where it was really about safety, safety, safety and developing the technology and the platform.

經過多年的技術工作，我們真的很高興，這真的是關於安全、安全、安全以及開發技術和平台。

And now, we're in a position where we have this opportunity to let people use and benefit from what we've developed.

現在，我們有機會讓人們使用我們開發的產品並從中受益。

I think that safety has been a key driver and the opportunity for cities has been really exciting what it means about optimizing resource space that they have.

我認為安全一直是一個關鍵驅動因素，城市的機會對於優化他們擁有的資源空間意味著什麼真的很令人興奮。

So it's still very early days, and we're just -- we're pleased with all the progress the teams made.

所以現在還很早，我們只是——我們對團隊取得的所有進展感到滿意。

But it would be getting ahead of ourselves to go further out than we've laid out here.

但是，如果我們比我們在這裡制定的更進一步，那就太超前了。

On the video gaming side, I think, look, we are -- we today have a lot of momentum in these areas, both with YouTube as a platform, Google Play.

在視頻遊戲方面，我認為，看，我們今天在這些領域有很大的發展勢頭，無論是 YouTube 作為平台還是 Google Play。

So these are assets that really work well.

所以這些是真正運作良好的資產。

And we'll continue investing there.

我們將繼續在那裡投資。

Nothing new or interesting to share with you at this time.

目前沒有什麼新的或有趣的可以與您分享。

And that concludes our question-and-answer session for today.

今天的問答環節到此結束。

I'd like to turn the conference back over to Ellen West for closing remarks.

我想把會議轉回給 Ellen West 做閉幕詞。

Thanks, everyone, for joining us today.

謝謝大家，今天加入我們。

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

我們期待在第一季度電話會議上再次與您交談。

Ladies and gentlemen, thank you for participating in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude the program, and you may all disconnect.

這確實結束了程序，你們都可以斷開連接。

Everyone, have a great day.

大家，有一個美好的一天。