Alphabet Inc (GOOGL) 2022 Q4 法說會逐字稿

Welcome, everyone. Thank you for standing by for the Alphabet Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) I would now like to hand the conference over to your speaker today, Jim Friedland, Director of Investor Relations. Please go ahead.

歡迎大家。感謝您支持 Alphabet 2022 年第四季度收益電話會議。 （操作員說明）我現在想把會議交給今天的演講者，投資者關係總監吉姆弗里德蘭。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alphabet's Fourth Quarter 2022 Earnings Conference Call. With us today are Sundar Pichai, Philipp Schindler and Ruth Porat. Now I'll quickly cover the safe harbor.

謝謝。大家下午好，歡迎來到 Alphabet 2022 年第四季度收益電話會議。今天和我們在一起的有 Sundar Pichai、Philipp Schindler 和 Ruth Porat。現在我將快速涵蓋安全港。

Some of the statements that we make today regarding our business, operations and financial performance may be considered forward-looking, and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. For more information, please refer to the risk factors discussed in our Forms 10-K and 10-Q filed with the SEC, including our upcoming Form 10-K filing for the year ended December 31, 2022.

我們今天就我們的業務、運營和財務業績所做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，可能導致實際結果大不相同。有關更多信息，請參閱我們向美國證券交易委員會提交的 10-K 和 10-Q 表格中討論的風險因素，包括我們即將提交的截至 2022 年 12 月 31 日止年度的 10-K 表格。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor. Our comments will be on year-over-year comparisons unless we state otherwise.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。非 GAAP 與 GAAP 措施的對賬包含在今天的收益新聞稿中，該新聞稿通過我們位於 abc.xyz/investor 的投資者關係網站向公眾分發和提供。除非我們另有說明，否則我們的評論將基於同比比較。

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

現在我會把電話轉給 Sundar。

Thank you, Jim, and good afternoon, everyone. It's clear that after a period of significant acceleration in digital spending during the pandemic, the macroeconomic climate has become more challenging. We continue to have an extraordinary business and provide immensely valuable services for people and our partners. For example, during the World Cup final on December 18, Google Search saw its highest query per second volume of all time. And beyond our advertising business, we have strong momentum in Cloud, YouTube subscriptions and hardware.

謝謝你，吉姆，大家下午好。很明顯，在大流行期間數字支出顯著加速一段時間後，宏觀經濟環境變得更具挑戰性。我們繼續擁有非凡的業務，並為人們和我們的合作夥伴提供非常有價值的服務。例如，在 12 月 18 日的世界杯決賽期間，Google 搜索的每秒查詢量創歷史新高。除了我們的廣告業務，我們在雲、YouTube 訂閱和硬件方面也有強勁的發展勢頭。

However, our revenues this quarter were impacted by pullbacks in advertiser spend and the impact of foreign exchange. I'll focus on 2 major things today in a bit more detail, and then I'll give a shorter-than-usual quarterly snapshot from across our business. First, how we unlock the incredible opportunities AI enables for consumers, our partners and for our business; and second, how we focus our investments and make necessary decisions as a company to get there.

然而，我們本季度的收入受到廣告客戶支出減少和外匯影響的影響。我今天將更詳細地關注 2 件主要事情，然後我將提供一個比往常更短的整個業務的季度快照。首先，我們如何釋放 AI 為消費者、我們的合作夥伴和我們的企業帶來的難以置信的機會；其次，作為一家公司，我們如何集中投資並做出必要的決定以實現目標。

First, the AI opportunity ahead. AI is the most profound technology we are working on today. Our talented researchers, infrastructure and technology make us extremely well positioned as AI reaches an inflection point. More than 6 years ago, I first spoke about Google being an AI-first company. Since then, we have been a leader in developing AI. In fact, our Transformer research project and our field-defining paper in 2017 as well as our path-breaking work in diffusion models are now the basis of many of the generative AI applications you're starting to see today.

首先，未來的人工智能機會。人工智能是我們今天正在研究的最深刻的技術。我們才華橫溢的研究人員、基礎設施和技術使我們在 AI 達到拐點時處於非常有利的位置。 6 多年前，我第一次談到谷歌是一家人工智能優先的公司。從那時起，我們一直是開發 AI 的領導者。事實上，我們的 Transformer 研究項目和我們在 2017 年的領域定義論文以及我們在擴散模型方面的開創性工作現在是您今天開始看到的許多生成 AI 應用程序的基礎。

Translating these kinds of technical leaps into products that help billions of people is what our company has always strived on. Everyone working on the various projects underway is excited. We'll pursue this work boldly but with a deep sense of responsibility with our AI principles and the highest standards of information integrity at the core of all our work.

將這些技術飛躍轉化為能夠幫助數十億人的產品是我們公司一直努力的方向。從事各種正在進行的項目的每個人都很興奮。我們將以我們的 AI 原則和信息完整性的最高標準作為我們所有工作的核心，大膽但懷著強烈的責任感繼續這項工作。

We have been preparing for this moment since early last year, and you're going to see a lot from us in the coming few months across 3 big areas of opportunity: first, large models. We published extensively about LaMDA and PaLM, the industry's largest, most sophisticated model plus extensive work at DeepMind. In the coming weeks and months, we'll make these language models available, starting with LaMDA so that people can engage directly with them. This will help us continue to get feedback, test and safely improve them.

自去年初以來，我們一直在為這一刻做準備，在接下來的幾個月裡，您將在 3 個大機遇領域看到我們的很多東西：首先，大型模型。我們廣泛發表了有關 LaMDA 和 PaLM 的文章，這是業界最大、最複雜的模型以及在 DeepMind 的大量工作。在接下來的幾周和幾個月裡，我們將從 LaMDA 開始提供這些語言模型，以便人們可以直接與它們互動。這將幫助我們繼續獲得反饋、測試並安全地改進它們。

These models are particularly amazing for composing, constructing and summarizing. They will become even more useful for people as they provide up-to-date more factual information. And in Search, language models like BERT and MUM have improved searches for 4 years now, enabling significant ranking improvements and multimodal search like Google Lens. Very soon, people will be able to interact directly with our newest, most powerful language models as a companion to Search in experimental and innovative ways. Stay tuned.

這些模型在撰寫、構建和總結方面特別出色。隨著它們提供最新的更多事實信息，它們將對人們變得更加有用。在搜索方面，BERT 和 MUM 等語言模型已經改進了 4 年的搜索，實現了顯著的排名改進和多模式搜索，如 Google Lens。很快，人們將能夠以實驗性和創新的方式直接與我們最新、最強大的語言模型進行交互，作為搜索的伴侶。敬請關注。

Second, we'll provide new tools and APIs for developers, creators and partners. This will empower them to innovate and build their own applications and discover new possibilities with AI on top of our language, multimodal and other AI models. Third, our AI is a powerful enabler for businesses and organizations of all sizes, and we have much more to come here.

其次，我們將為開發者、創作者和合作夥伴提供新的工具和 API。這將使他們能夠創新和構建自己的應用程序，並在我們的語言、多模式和其他人工智能模型之上發現人工智能的新可能性。第三，我們的 AI 是各種規模的企業和組織的強大推動力，我們還有更多的東西要來這裡。

There's a few flavors of this. Google Cloud is making our technological leadership in AI available to customers via our Cloud AI platform, including infrastructure and tools for developers and data scientists like Vertex AI. We also offer specific AI solutions for sectors like manufacturing, life sciences and retail and will continue to roll out more. Workspace users benefit from AI-powered features like Smart Canvas for collaboration and Smart Compose for creation. And we are working to bring large language models to Gmail and Docs. We'll also make available other helpful generative capabilities from [coloring] to design and more.

這有幾種口味。 Google Cloud 正在通過我們的 Cloud AI 平台向客戶提供我們在 AI 領域的技術領先地位，包括面向開發人員和數據科學家的基礎設施和工具，例如 Vertex AI。我們還為製造、生命科學和零售等行業提供特定的人工智能解決方案，並將繼續推出更多解決方案。 Workspace 用戶受益於 AI 支持的功能，例如用於協作的 Smart Canvas 和用於創作的 Smart Compose。我們正在努力將大型語言模型引入 Gmail 和 Docs。我們還將提供其他有用的生成功能，從 [著色] 到設計等等。

And for our advertising partners, Philipp will discuss in detail how AI is powering dramatic campaign improvements and value-adding features for them. Of course, in addition to all this, AI also continues to improve Google's other products dramatically. And we'll continue our work with others outside Google, including joint research collaborations to develop AI responsibly and to apply AI to tackle society's greatest challenges and opportunities.

對於我們的廣告合作夥伴，Philipp 將詳細討論 AI 如何為他們帶來顯著的活動改進和增值功能。當然，除此之外，AI 還繼續大幅改進谷歌的其他產品。我們將繼續與 Google 以外的其他人合作，包括聯合研究合作以負責任地開發 AI 並應用 AI 應對社會面臨的最大挑戰和機遇。

For example, DeepMind's protein database of all 200 million proteins known to science have now been used by 1 million biologists around the world. We continue to invest in AI across the board, and Google AI and DeepMind are integral to a bright AI-first future. Over the past few years, DeepMind has been increasingly working across groups within Google and the Other Bets And to reflect that progress, we'll be making a financial reporting change that Ruth will share more about in her comments. We are just at the beginning of our AI journey, and the best is yet to come.

例如，DeepMind 的蛋白質數據庫包含科學界已知的所有 2 億種蛋白質，現在已被全球 100 萬生物學家使用。我們繼續全面投資 AI，Google AI 和 DeepMind 是 AI 優先的光明未來不可或缺的一部分。在過去的幾年裡，DeepMind 越來越多地與穀歌和其他賭注內部的團隊合作，為了反映這一進展，我們將對財務報告進行更改，Ruth 將在她的評論中分享更多內容。我們的 AI 之旅才剛剛開始，最好的還在後頭。

The second thing I wanted to discuss is our sharpened focus. We are committed to investing responsibly with great discipline and defining areas where we can operate more cost effectively. We are focused on methodically building financially sustainable, vibrant growing businesses across Alphabet. For example, we are working to improve the economics and hardware as we focus more intently on the Pixel line and our overall cost structure there. Cloud remains very focused on its path to profitability. And there are many opportunities to build on our progress at YouTube over the years, starting with Shorts monetization.

我想討論的第二件事是我們更加專注。我們致力於以嚴格的紀律進行負責任的投資，並確定我們可以更具成本效益地運營的領域。我們專注於有條不紊地在 Alphabet 建立財務可持續、充滿活力的成長型企業。例如，我們正在努力提高經濟性和硬件，因為我們更加專注於 Pixel 系列和那裡的整體成本結構。雲仍然非常關注其盈利之路。多年來，我們有很多機會在 YouTube 的進步基礎上再接再厲，從 Shorts 獲利開始。

Overall, I see this as an important journey to reengineer the company's cost base in a durable way. There are several dimensions already underway, including prioritization of our product investments across Google and Other Bets. It also includes a careful focus on our hiring needs, reflecting these priorities as well as efficiencies in our technical infrastructure and productivity improvements from our AI tools.

總的來說，我認為這是以持久的方式重新設計公司成本基礎的重要旅程。有幾個方面已經在進行中，包括我們在 Google 和 Other Bets 上的產品投資的優先順序。它還包括仔細關注我們的招聘需求，反映這些優先事項以及我們技術基礎設施的效率和我們人工智能工具的生產力改進。

As part of this, we did a rigorous review across product areas and functions to ensure that our people and roles are aligned with our highest priorities as a company and we announced a reduction in our workforce. I'm grateful to Googlers leaving us for all of their contributions and their hard work to help people and businesses everywhere.

作為其中的一部分，我們對產品領域和職能進行了嚴格審查，以確保我們的人員和角色與我們作為公司的最高優先事項保持一致，並且我們宣布裁員。我感謝離開我們的 Google 員工，感謝他們為幫助世界各地的人們和企業所做的所有貢獻和辛勤工作。

Let me give a few quick updates from across the business this quarter. Just this week, we started bringing revenue sharing to YouTube Shorts, which is now averaging over 50 billion daily views up from the 30 billion I announced on the Q1 2022 call. This will reward creators and help improve the Shorts experience for everyone. Our subscription business continues to grow, with YouTube Music and Premium surpassing 80 million subscribers, including trialers. Together with YouTube Primetime channel subscriptions and YouTube TV, we have good momentum here. YouTube's NFL Sunday Ticket will accelerate that by helping to drive subscriptions, bring new viewers to YouTube's paid and ad-supported experiences and create new opportunities for creators.

讓我簡要介紹一下本季度整個企業的最新情況。就在本週，我們開始為 YouTube Shorts 帶來收益分享，現在平均每日觀看次數超過 500 億次，高於我在 2022 年第一季度電話會議上宣布的 300 億次。這將獎勵創作者並幫助改善所有人的 Shorts 體驗。我們的訂閱業務持續增長，YouTube Music 和 Premium 的訂閱者超過 8000 萬，其中包括試用者。加上 YouTube Primetime 頻道訂閱和 YouTube TV，我們在這方面發展勢頭良好。 YouTube 的 NFL Sunday Ticket 將通過幫助推動訂閱、為 YouTube 的付費和廣告支持體驗帶來新觀眾並為創作者創造新機會來加速這一進程。

Turning to hardware. Many outlets and reviewers named Pixel 7 Pro the phone of the year. Features like Magic Eraser and Photo Unblur are incredible and help differentiate Pixel from others. 2022's Pixel 6A, 7 and 7 Pro are the best-selling generation of phones we have ever launched, and we gained share in every market we operate in this year.

轉向硬件。許多媒體和評論家將 Pixel 7 Pro 評為年度最佳手機。 Magic Eraser 和 Photo Unblur 等功能令人難以置信，有助於讓 Pixel 與眾不同。 2022 年的 Pixel 6A、7 和 7 Pro 是我們推出的最暢銷的一代手機，我們在今年運營的每個市場都獲得了份額。

Next, Google Cloud. We see continued momentum with Q4 revenue growing 32%. Our differentiated products and focused go-to-market strategy continue to drive customer momentum, beginning with real-time data analytics and AI. Customers are increasingly choosing BigQuery because we unify data lakes, data warehouses and advanced AI/ML into 1 system and now analyze over 110 terabytes of data per second. Customers like Kroger can analyze data in multiple clouds without moving data in most cases, and MSCI processes unstructured and structured data at scale.

接下來是谷歌云。我們看到第四季度收入增長 32% 的持續勢頭。我們的差異化產品和專注的上市戰略繼續推動客戶發展，從實時數據分析和人工智能開始。越來越多的客戶選擇 BigQuery，因為我們將數據湖、數據倉庫和高級 AI/ML 統一到一個系統中，現在每秒分析超過 110 TB 的數據。在大多數情況下，像克羅格這樣的客戶可以在不移動數據的情況下分析多個雲中的數據，而 MSCI 可以大規模處理非結構化和結構化數據。

In infrastructure, our global network and advanced TPU v4 AI supercomputer helped Snap triple the throughput for its business-critical ad ranking workload while significantly lowering cost. Our machine learning infrastructure with Cloud TPU v4 Pods can run large-scale training workloads up to 80% faster than alternatives according to third-party benchmarks, which is helping customers like Bayer accelerate drug discovery. Our reliability advantages an open edge cloud-powered mission-critical 5G network of Telefonica Germany.

在基礎設施方面，我們的全球網絡和先進的 TPU v4 AI 超級計算機幫助 Snap 將其關鍵業務廣告排名工作負載的吞吐量提高了兩倍，同時顯著降低了成本。根據第三方基準測試，我們配備 Cloud TPU v4 Pod 的機器學習基礎設施運行大規模訓練工作負載的速度比替代方案快 80%，這有助於像拜耳這樣的客戶加速藥物發現。我們的可靠性優勢在於 Telefonica Germany 的開放邊緣雲驅動關鍵任務 5G 網絡。

As I mentioned, our suite of AI/ML solutions across verticals are a key differentiator. We helped Wells Fargo automate the customer service experience for mobile users, and helped [CA] continually improve the quality of patient care. In 2022, Mandiant, which we are now integrating, helped over 1,800 customers prepare for or recover from the most critical cybersecurity incidents.

正如我所提到的，我們跨垂直領域的 AI/ML 解決方案套件是一個關鍵的差異化因素。我們幫助 Wells Fargo 實現了移動用戶客戶服務體驗的自動化，並幫助 [CA] 不斷提高患者護理質量。 2022 年，我們正在整合的 Mandiant 幫助超過 1,800 家客戶準備或從最關鍵的網絡安全事件中恢復過來。

In Workspace, the innovations mentioned earlier are helping drive new wins and expansions across geographies. In Other Bets, from Calico to Waymo, we are focused on investing sustainably across the portfolio and creating good businesses. Verily, for example, has recently honed its strategy and structure to more clearly focus its product development.

在 Workspace 中，前面提到的創新正在幫助推動跨地區的新勝利和擴張。在其他賭注中，從 Calico 到 Waymo，我們專注於對整個投資組合進行可持續投資並創造良好的業務。例如，Verily 最近完善了其戰略和結構，以更明確地關注其產品開發。

To close, we are all standing on the cusp of an era of amazing opportunities. We are going to be bold, responsible and focused as we move into it. A healthy disregard for the impossible has been core to our company culture from the very beginning. When I look around Google today, I see that same spirit and energy driving our efforts. Thanks to our employees, our partners and people everywhere who use our services. I'm excited for what's next. Over to you, Philipp.

最後，我們都站在一個充滿驚人機遇的時代的風口浪尖。當我們進入它時，我們將大膽、負責任和專注。從一開始，健康地忽視不可能就是我們公司文化的核心。當我環顧今天的 Google 時，我看到同樣的精神和能量在推動著我們的努力。感謝我們的員工、我們的合作夥伴以及世界各地使用我們服務的人們。我對接下來的事情感到興奮。交給你了，菲利普。

Thanks, Sundar. Hello, everyone. It's good to be with you all. I'll start today with our Google Services performance in the fourth quarter and then dive deeper into our priority areas. Google Services revenues of $68 billion were down 2% year-on-year, negatively affected by sizable foreign exchange headwind. In Google advertising, Search and Other revenues were down 2% year-over-year, and YouTube Ads and Network had high single-digit revenue declines. Google Other revenues were up 8% year-over-year, with strong growth in YouTube, non-advertising and hardware revenues, offset by a decrease in Play revenues.

謝謝，桑達爾。大家好。很高興和大家在一起。今天我將從第四季度的 Google 服務表現開始，然後深入探討我們的優先領域。谷歌服務的收入為 680 億美元，同比下降 2%，受到巨大的外匯逆風的負面影響。在谷歌廣告中，搜索和其他收入同比下降 2%，而 YouTube 廣告和網絡的收入降幅高達個位數。谷歌其他收入同比增長 8%，YouTube、非廣告和硬件收入的強勁增長被 Play 收入的下降所抵消。

I'll highlight 2 other factors that affected our Ads business in Q4. Ruth will provide more detail. In Search and Other, revenues grew moderately year-over-year, excluding the impact of FX, reflecting an increase in retail and travel, offset partially by a decline in finance. At the same time, we saw further pullback in spend by some advertisers in Search in Q4 versus Q3. In YouTube and Network, the year-over-year revenue declines were due to a broadening of pullbacks in advertiser spend in the fourth quarter.

我將強調影響我們第四季度廣告業務的另外兩個因素。露絲將提供更多細節。在搜索和其他方面，收入同比溫和增長，不包括外彙的影響，反映出零售和旅遊的增長，部分被金融業務的下滑所抵消。與此同時，與第三季度相比，我們看到一些廣告商在第四季度的搜索支出進一步回落。在 YouTube 和 Network 中，收入同比下降是由於第四季度廣告商支出的縮減幅度擴大。

I'll now zoom out to share more broadly where we're investing and see clear opportunities for long-term growth. First, Google AI. It's important to recognize that our advertising business has obviously benefited over the past decade from the transition to mobile. More recently, we had outsized growth in advertising revenues during the pandemic, with 2022 advertising revenues $90 billion higher than in 2019. Going forward, we are focused on growing revenues on top of this higher base through AI-driven innovation.

我現在將縮小範圍，更廣泛地分享我們正在投資的領域，並看到長期增長的明確機會。首先是谷歌人工智能。重要的是要認識到我們的廣告業務在過去十年中明顯受益於向移動設備的過渡。最近，我們在大流行期間廣告收入大幅增長，2022 年的廣告收入比 2019 年高出 900 億美元。展望未來，我們將專注於通過人工智能驅動的創新，在此更高的基礎上增加收入。

Sundar highlighted the incredible opportunities underway with AI and the transformative impact it will have on businesses. Already, breakthroughs in everything from natural language understanding to generative AI are fueling our ability to deliver results that drive meaningful performance for advertisers and are useful to users. Take Smart Bidding, which uses AI to predict future ad conversions and their value, helping businesses stay agile and responsive to rapid shifts in demand.

Sundar 強調了人工智能正在帶來的難以置信的機遇，以及它將對企業產生的變革性影響。從自然語言理解到生成式 AI 的一切突破已經在推動我們交付結果的能力，這些結果可以為廣告商帶來有意義的績效，並對用戶有用。以智能出價為例，它使用人工智能來預測未來的廣告轉化及其價值，幫助企業保持敏捷並響應需求的快速變化。

In 2022, AI advances boosted bidding performance, allowing us to move advertiser outcomes down the funnel to drive better ROI and use budgets more efficiently. In search query matching, large language models like MUM matched advertiser offers to user quarries. This understanding of human intent of language, combined with advances in bidding prediction, are why business can see an average of 35% more conversions when they upgrade exact match keywords to broad match in campaigns that use a target CPA.

到 2022 年，人工智能的進步提高了競價性能，使我們能夠將廣告客戶的結果轉移到漏斗中，以提高投資回報率並更有效地使用預算。在搜索查詢匹配中，像 MUM 這樣的大型語言模型匹配廣告商向用戶提供的報價。這種對人類語言意圖的理解，再加上出價預測方面的進步，是企業在使用目標 CPA 的廣告系列中將完全匹配關鍵字升級為廣泛匹配時，轉化次數平均增加 35% 的原因。

Google AI also underlies our creative products like tech suggestions in Google ads and creative optimization and responsive search ads. We're excited to start testing our automatically created assets better, which uses AI to generate headlines and descriptions for search creatives seamlessly once advertisers opt in. Then of course, there's Performance Max, which offers the best combination of our AI-powered systems to our customers. But we're not stopping here, and these examples aren't exhaustive. AI has been foundational to our ads business for the last decade, and we'll continue to bring cutting-edge advances to our products to help businesses and users.

Google AI 也是我們創意產品的基礎，例如 Google 廣告中的技術建議以及創意優化和響應式搜索廣告。我們很高興開始更好地測試我們自動創建的資產，它使用 AI 在廣告商選擇加入後無縫地為搜索創意生成標題和描述。當然，還有 Performance Max，它提供了我們 AI 驅動系統的最佳組合我們的顧客。但我們並沒有就此止步，這些示例並不詳盡。在過去十年中，人工智能一直是我們廣告業務的基礎，我們將繼續為我們的產品帶來前沿進步，以幫助企業和用戶。

Number two, retail. Our foundation for delivering value over the long term includes 3 pillars: first, we are on a multiyear mission to make Google a core part of shopping journeys for consumers and a valuable place for merchants to connect with users. This means constantly improving our consumer experiences, starting with a more visual, immersive, browsable search.

第二，零售。我們長期提供價值的基礎包括 3 個支柱：首先，我們的多年使命是讓 Google 成為消費者購物之旅的核心部分，並成為商家與用戶聯繫的重要場所。這意味著不斷改善我們的消費者體驗，從更加直觀、身臨其境、可瀏覽的搜索開始。

Second, we're empowering more merchants to participate in our free listings and ad experiences. In 2022, we saw an uptick in merchants, particularly SMBs and product inventory, coming on to Google, adding more value for merchants remains a top priority.

其次，我們正在授權更多商家參與我們的免費列表和廣告體驗。 2022 年，我們看到商家（尤其是中小型企業）和產品庫存數量增加，開始使用 Google，為商家增加更多價值仍然是重中之重。

Third, to drive retail performance further, we focus on great ads products, from automation and insights to bidding tools and omnichannel solutions to AI-powered campaigns like PMax, we're helping retailers hit their goals and connect with customers no matter where or when they shop.

第三，為了進一步推動零售業績，我們專注於出色的廣告產品，從自動化和洞察力到競價工具和全渠道解決方案，再到 PMax 等 AI 支持的活動，我們正在幫助零售商實現他們的目標並隨時隨地與客戶建立聯繫他們購物。

Two quick insights on PMax, which we upgraded the majority of advertisers to from Smart Shopping Campaigns last year. First, advertisers on average see a 12% uplift from SSC to PMax. Second, it was a success story during the holidays and Cyber 5. Its ability to scale and adapt to changing traffic over a volatile peak retail season drove strong results for many retailers, particularly mid-market advertisers.

關於 PMax 的兩個快速見解，我們去年將大多數廣告客戶從智能購物廣告系列升級到了 PMax。首先，廣告商平均看到從 SSC 到 PMax 有 12% 的提升。其次，它在假期和 Cyber 5 期間取得了成功。它在動蕩的零售旺季期間擴展和適應不斷變化的流量的能力為許多零售商帶來了強勁的業績，尤其是中端市場廣告商。

Moving on to YouTube. Despite ongoing revenue headwinds in Q4, we're confident in YouTube's long-term trajectory. Here's how we think about our strategy. It all starts with a creator ecosystem. Creators are the lifeblood of YouTube. In 2022, more people created content on YouTube than ever before, long-form, short-form, audio, podcast, music, live streams, what sets YouTube apart is we give creators more ways to create content and connect with fans and more ways to earn money than any other platform. More creators means more content, means more viewers, which leads to more opportunities for advertisers.

轉到 YouTube。儘管第四季度收入持續逆風，但我們對 YouTube 的長期發展軌跡充滿信心。以下是我們如何思考我們的戰略。這一切都始於創作者生態系統。創作者是 YouTube 的命脈。 2022 年，在 YouTube 上創作內容的人比以往任何時候都多，長篇、短篇、音頻、播客、音樂、直播，YouTube 的與眾不同之處在於我們為創作者提供了更多創作內容和與粉絲聯繫的方式等賺錢比任何其他平台。更多創作者意味著更多內容，意味著更多觀眾，從而為廣告商帶來更多機會。

The creator ecosystem and our multi-format strategy will continue to drive YouTube's long-term growth. And to support that growth, we're focused on: number one, ramping Shorts; number two, accelerating engagement on large screen; number three, investing in our subscription offerings; and number four, a long-term effort to make YouTube more shoppable.

創作者生態系統和我們的多格式戰略將繼續推動 YouTube 的長期發展。為了支持這種增長，我們專注於：第一，增加短褲；第二，加速大屏幕上的參與；第三，投資我們的訂閱產品；第四，一項使 YouTube 更易於購買的長期努力。

First, Shorts. Viewership is growing rapidly, as Sundar said, 50 billion-plus daily views. We're also still pleased with our continuing progress in early monetization. On the creator side, it's been impressive to see the innovative ways creators are using Shorts to introduce their content and extend existing channels. We're focused on providing creators with the best content creation and monetization tools, new, richer features and analytics capabilities that help individualize and optimize their content strategies. It's early days for Shorts but we're confident the runway is long.

第一，短褲。正如 Sundar 所說，收視率正在迅速增長，每日觀看次數超過 500 億次。我們仍然對我們在早期貨幣化方面的持續進展感到滿意。在創作者方面，看到創作者使用 Shorts 來介紹他們的內容和擴展現有頻道的創新方式令人印象深刻。我們專注於為創作者提供最好的內容創作和貨幣化工具、更豐富的新功能和分析功能，以幫助他們個性化和優化他們的內容策略。 Shorts 尚處於早期階段，但我們相信跑道很長。

Next, connected TV, where users are increasingly watching their favorite creators on the big screen at home. According to Nielsen, YouTube is the leader in U.S. streaming watch time. Advertisers are leaning in. With AI-powered solutions, we're helping brands deliver efficient reach and ROI and address pain points like frequency and measurement.

接下來是聯網電視，用戶越來越多地在家裡的大屏幕上觀看他們最喜歡的創作者。據尼爾森稱，YouTube 是美國流媒體觀看時間的領導者。廣告商正在加入。借助人工智能解決方案，我們正在幫助品牌提供高效的覆蓋面和投資回報率，並解決頻率和測量等痛點。

Then there's our subscription offerings. It's clear the future of online video is about helping users seamlessly discover and watch content across ad-supported and premium services. Our goal is to be a one-stop shop for multiple types of video content. That's why we first offered YouTube Music and Premium, where 80 million-plus paid subscribers and trialers enjoy their favorite content and music ads-free.

然後是我們的訂閱產品。很明顯，在線視頻的未來在於幫助用戶跨廣告支持和優質服務無縫地發現和觀看內容。我們的目標是成為多種類型視頻內容的一站式商店。這就是我們首先提供 YouTube Music 和 Premium 的原因，超過 8000 萬付費訂閱者和試用者可以在其中享受他們喜愛的內容和無廣告的音樂。

We then expanded into YouTube TV, significantly improving on the legacy television experience. And then last fall, Primetime Channels launched, making streaming subscription services available on YouTube on an ala carte basis. Given the potential we see in our subscription offerings, we recently announced a multiyear agreement to distribute NFL Sunday Ticket. As Sundar highlighted, we're excited about the opportunities this will open up.

然後我們擴展到 YouTube TV，顯著改善了傳統電視體驗。然後在去年秋天，黃金時段頻道推出，在 YouTube 上以單點方式提供流媒體訂閱服務。鑑於我們在訂閱產品中看到的潛力，我們最近宣布了一項多年期協議來分發 NFL Sunday Ticket。正如 Sundar 強調的那樣，我們對這將帶來的機遇感到興奮。

Lastly is our focus on shoppable YouTube. It's still nascent, but we see lots of potential and making it easier for people to shop from the creators, brands and content they love.

最後是我們對可購物 YouTube 的關注。它仍處於初期階段，但我們看到了巨大的潛力，可以讓人們更輕鬆地從他們喜愛的創作者、品牌和內容中購物。

I'll close with something I've said many times before. Our success is only possible because of our customers and partners. The reality is we only do well when they do well. Since our earliest days, our revenue share models have been structured around ROI for our partners, from Play developers and online publishers to YouTube creators, artists and media orgs around the world. Over the last 3 years, I'm proud to share that we've contributed more than $200 billion to these ecosystems. We remain as committed as ever to fueling the next generation of businesses, media companies and creativity on the web.

我將以我之前說過很多次的話結束。我們的成功離不開我們的客戶和合作夥伴。現實是，只有當他們做得好時，我們才會做得好。從我們成立之初，我們的收入分成模型就圍繞我們合作夥伴的投資回報率構建，從 Play 開發者和在線發行商到 YouTube 創作者、藝術家和世界各地的媒體組織。在過去的 3 年裡，我很自豪地宣布我們為這些生態系統貢獻了超過 2000 億美元。我們一如既往地致力於推動下一代企業、媒體公司和網絡創造力。

On that note, a big thank you to our partners and customers for their ongoing collaboration and trust, and to Googlers for their energy, focus and dedication to helping our users, customers and partners succeed, especially through these tougher times.

在這一點上，非常感謝我們的合作夥伴和客戶一直以來的合作和信任，也感謝 Google 員工為幫助我們的用戶、客戶和合作夥伴取得成功所付出的精力、專注和奉獻，尤其是在這些艱難時期。

Ruth, over to you.

露絲，交給你了。

Thank you, Philipp. For the full year 2022, Alphabet delivered revenues of $283 billion, up 10% versus 2021 and up 14% on a constant currency basis, adding $37 billion to revenues, excluding the impact of foreign exchange. I will briefly cover the main points of our fourth quarter results and then turn to our outlook to give you more context for Sundar's comments on how we're focused on investing for growth as well as on reengineering our cost base for long-term success.

謝謝你，菲利普。 2022 年全年，Alphabet 實現收入 2830 億美元，比 2021 年增長 10%，按固定匯率計算增長 14%，收入增加 370 億美元，不包括外彙的影響。我將簡要介紹我們第四季度業績的要點，然後轉向我們的展望，為您提供更多關於 Sundar 關於我們如何專注於投資促進增長以及重新設計我們的成本基礎以實現長期成功的評論的背景。

For the fourth quarter, our consolidated revenues were $76 billion, up 1% or up 7% in constant currency. Search remained the largest contributor to revenue growth on a constant currency basis. Our total cost of revenues was $35.3 billion, up 7%. Other cost of revenues of $22.4 billion were up 15%. The increase was driven by 2 factors: first, hardware costs due primarily to $1.2 billion in inventory-related charges, and secondarily, to strong unit sales. The charges reflect ongoing pricing pressures and changes in expected future inventory needs.

第四季度，我們的合併收入為 760 億美元，增長 1%，按固定匯率計算增長 7%。按固定匯率計算，搜索仍然是收入增長的最大貢獻者。我們的總收入成本為 353 億美元，增長 7%。其他收入成本為 224 億美元，增長了 15%。這一增長是由兩個因素推動的：首先，硬件成本主要是由於 12 億美元的庫存相關費用，其次是強勁的單位銷售。這些費用反映了持續的定價壓力和預期未來庫存需求的變化。

Second, costs associated with data centers and other operations. Operating expenses were $22.5 billion, up 10%, reflecting an increase in R&D expenses, primarily driven by headcount growth, followed by an increase in G&A expenses, primarily reflecting an increase in charges related to accrued legal matters. These increases were partially offset by a decline in sales and marketing expenses primarily due to lower advertising and promotional spend. Operating income was $18.2 billion, down 17% versus last year, and our operating margin was 24%. Net income was $13.6 billion.

其次，與數據中心和其他運營相關的成本。營業費用為 225 億美元，增長 10%，反映了研發費用的增加，主要受員工人數增長的推動，其次是 G&A 費用的增加，主要反映了與應計法律事務相關的費用增加。這些增長部分被主要由於廣告和促銷支出減少導致的銷售和營銷費用下降所抵消。營業收入為 182 億美元，比去年下降 17%，營業利潤率為 24%。淨收入為 136 億美元。

We delivered free cash flow of $16 billion in the fourth quarter and $60 billion in 2022. We ended the year with $114 billion in cash and marketable securities. We also repurchased a total of $59 billion of our Class A and Class C shares in 2022.

我們在第四季度交付了 160 億美元的自由現金流，在 2022 年實現了 600 億美元的自由現金流。到年底，我們擁有 1140 億美元的現金和有價證券。我們還在 2022 年回購了總計 590 億美元的 A 類和 C 類股票。

Turning to our segment results, starting with Google Services. Revenues were $67.8 billion, down 2%. Google Search and other advertising revenues of $42.6 billion in the quarter were down 2%. Search delivered moderate underlying growth in Q4, absent the impact of currency movements on reported results. YouTube advertising revenues of $8 billion were down 8%. Network advertising revenues of $8.5 billion were down 9%.

轉向我們的細分結果，從谷歌服務開始。收入為 678 億美元，下降 2%。本季度谷歌搜索和其他廣告收入為 426 億美元，下降了 2%。搜索在第 4 季度實現了溫和的基礎增長，沒有受到貨幣變動對報告結果的影響。 YouTube 廣告收入為 80 億美元，下降了 8%。網絡廣告收入為 85 億美元，下降了 9%。

Other revenues were $8.8 billion, up 8%, reflecting several factors: first, significant subscriber growth in YouTube Music Premium and YouTube TV; second, strong growth in hardware revenues, primarily from the Pixel family. Offsetting growth in these 2 areas was a year-on-year decline in Play revenues, reflecting a particularly large foreign exchange headwind in APAC as well as the impact of reductions of Play Store fees. TAC was $12.9 billion, down 4%. Google Services operating income was $21.1 billion, down 19%. And the operating margin was 31%.

其他收入為 88 億美元，增長 8%，反映了幾個因素：首先，YouTube Music Premium 和 YouTube TV 的用戶增長顯著；其次，硬件收入的強勁增長，主要來自 Pixel 系列。 Play 收入的同比下降抵消了這兩個領域的增長，反映了亞太地區特別大的外匯逆風以及 Play 商店費用減少的影響。 TAC 為 129 億美元，下降 4%。谷歌服務營業收入為 211 億美元，下降 19%。營業利潤率為 31%。

Turning to the Google Cloud segment. Revenues were $7.3 billion for the quarter, up 32%. Revenue growth in GCP was again greater than Google Cloud, reflecting strength in both infrastructure and platform services. Google Workspace's strong results were driven by increases in both seats and average revenue per seat. In Q4, we saw slower growth of consumption as customers optimized GCP costs, reflecting the macro backdrop. Google Cloud had an operating loss of $480 million. As to our Other Bets, for the full year 2022, revenues were $1.1 billion, and the operating loss was $6.1 billion.

轉向谷歌云部分。本季度收入為 73 億美元，增長 32%。 GCP 的收入增長再次超過谷歌云，反映了基礎設施和平台服務的實力。 Google Workspace 的強勁業績得益於席位和每個席位平均收入的增長。在第四季度，我們看到消費增長放緩，因為客戶優化了 GCP 成本，反映了宏觀背景。谷歌云的運營虧損為 4.8 億美元。至於我們的其他賭注，2022 年全年收入為 11 億美元，營業虧損為 61 億美元。

Turning to our outlook for the business. In 2022, our year-on-year revenue growth was affected by a number of challenges. First, we faced very tough comps, given the outsized recovery in 2021 from the impact of the pandemic. Second, foreign exchange headwinds grew throughout the year. And third, we were operating against the backdrop of a more challenging economic climate that also impacted many of our customers and which remains ongoing.

談到我們的業務前景。 2022年，我們的收入同比增長受到諸多挑戰的影響。首先，鑑於 2021 年從大流行的影響中大幅復甦，我們面臨著非常艱難的競爭。二是全年外匯逆風加大。第三，我們在更具挑戰性的經濟環境背景下運營，這也影響了我們的許多客戶，而且這種情況仍在持續。

Within Google Services, we are focused on investing in the opportunities we see for long-term revenue growth. First, within advertising, we are focused on using advances in AI to drive new and better experiences for users and search as well as to deliver better measurement, higher ROI and tools for more compelling creative content to advertisers. In YouTube, we are prioritizing continued growth in Shorts engagement and monetization while also working on other initiatives across our ad-supported products.

在 Google 服務中，我們專注於投資我們看到的長期收入增長機會。首先，在廣告領域，我們專注於利用人工智能的進步為用戶和搜索帶來更好的新體驗，並為廣告商提供更好的衡量、更高的投資回報率和工具，以提供更具吸引力的創意內容。在 YouTube 中，我們優先考慮 Shorts 參與度和貨幣化的持續增長，同時也在我們的廣告支持產品中開展其他計劃。

As to our outlook for other revenues, in Play, 2022 results reflected the particularly sizable impact from foreign exchange, lapping the uplift in user activity during the pandemic and the impact from the fee reductions we introduced. We remain optimistic about the longer-term prospects for mobile apps and gaming although remain more cautious near term, given industry trends.

至於我們對其他收入的展望，在 Play 中，2022 年的結果反映了外彙的特別大的影響，包括大流行期間用戶活動的增加以及我們推出的費用減免的影響。我們對移動應用程序和遊戲的長期前景保持樂觀，但鑑於行業趨勢，短期內仍更加謹慎。

With YouTube subscriptions, we're optimistic about building on its momentum across YouTube Music Premium, YouTube TV and Primetime Channels. In hardware, we continue to make sizable investments particularly to support innovation across our Pixel family while working to drive greater focus and cost efficiencies across the portfolio.

通過 YouTube 訂閱，我們對在 YouTube Music Premium、YouTube TV 和 Primetime Channels 上繼續發展感到樂觀。在硬件方面，我們繼續進行大量投資，特別是為了支持整個 Pixel 系列的創新，同時努力提高整個產品組合的專注度和成本效率。

For Google Cloud, we remain excited about the long-term market opportunity and the trajectory of the business. Enterprises and governments are increasingly turning to us for their digital transformation initiatives across verticals and geographies. While investing for growth, we remain very focused on Google Cloud's path to profitability. In terms of Other Bets, as Sundar mentioned, we will be making a financial reporting change as it relates to DeepMind. To reflect the increasing DeepMind collaboration with Google Services, Google Cloud and Other Bets, beginning in the first quarter, DeepMind will no longer be reported in Other Bets and will be reported as part of Alphabet's corporate costs.

對於谷歌云，我們仍然對長期的市場機會和業務發展軌跡感到興奮。企業和政府越來越多地向我們尋求跨垂直和跨地域的數字化轉型計劃。在投資增長的同時，我們仍然非常關注谷歌云的盈利之路。在其他賭注方面，正如 Sundar 提到的，我們將對與 DeepMind 相關的財務報告進行更改。為了反映 DeepMind 與 Google Services、Google Cloud 和 Other Bets 的合作不斷增加，從第一季度開始，DeepMind 將不再在 Other Bets 中報告，並將作為 Alphabet 公司成本的一部分進行報告。

I'll now walk you through the key elements of our efforts to deliver a durable reengineering of our cost base in order to slow the pace of operating expense growth. We expect the impact will become more visible in 2024. First, with respect to Alphabet headcount, we are meaningfully slowing the pace of hiring in 2023 while still investing in priority areas. In Q4, we added 3,455 people. As in prior quarters, the majority of hires were for technical roles.

現在，我將向您介紹我們努力對成本基礎進行持久重新設計以減緩運營費用增長速度的關鍵要素。我們預計這種影響將在 2024 年變得更加明顯。首先，在 Alphabet 員工人數方面，我們將在 2023 年顯著放慢招聘步伐，同時仍在優先領域進行投資。在第四季度，我們增加了 3,455 人。與前幾個季度一樣，大部分員工都是技術職位。

With respect to our recent announcement that we are reducing our workforce by approximately 12,000 roles, most of the impact will be seen in Q1. We will take a severance charge of $1.9 billion to $2.3 billion, which will be reported in corporate costs. We will continue hiring in priority areas with a particular focus on top engineering and technical talent as well as on the global footprint of our talent.

關於我們最近宣布裁員約 12,000 人的公告，大部分影響將在第一季度顯現。我們將收取 19 億至 23 億美元的遣散費，這將在公司成本中報告。我們將繼續在優先領域招聘人才，特別關注頂尖工程和技術人才以及我們人才的全球足跡。

Second, we have a longer-term effort underway to reengineer our cost base in 3 broad categories: first, using AI and automation to improve productivity across Alphabet for operational tasks as well as the efficiency of our technical infrastructure; second, managing our spend with suppliers and vendors more effectively; and third, optimizing how and where we work. In the first quarter of 2023, we expect to incur approximately $500 million of costs related to exiting leases to align our office space with our adjusted global headcount look. This will be reflected in corporate costs. We will continue to optimize our real estate footprint.

其次，我們正在進行一項長期的努力，以在三大類中重新設計我們的成本基礎：首先，使用人工智能和自動化來提高整個 Alphabet 的運營任務生產力以及我們技術基礎設施的效率；其次，更有效地管理我們與供應商的支出；第三，優化我們的工作方式和地點。在 2023 年第一季度，我們預計將產生約 5 億美元的與退出租賃相關的成本，以使我們的辦公空間與我們調整後的全球員工人數保持一致。這將反映在企業成本中。我們將繼續優化我們的房地產足跡。

Turning to CapEx. For 2023, we expect total CapEx to be generally in line with 2022, with an increase in technical infrastructure versus a decline in office facilities. Our ongoing investment in technical infrastructure is obviously a critical component of supporting our long-term growth opportunities.

轉向資本支出。對於 2023 年，我們預計總資本支出將與 2022 年基本持平，技術基礎設施將增加，而辦公設施將減少。我們對技術基礎設施的持續投資顯然是支持我們長期增長機會的重要組成部分。

Finally, I will point you to our earnings release in which we noted that we adjusted the estimated useful lives of servers and certain network equipment starting in Q1 '23. We expect these changes will favorably impact our 2023 operating results by approximately $3.4 billion for assets and service as of year-end 2022. Thank you. Sundar, Philipp and I will now take your questions.

最後，我將向您指出我們的收益發布，其中我們注意到我們從 23 年第一季度開始調整了服務器和某些網絡設備的估計使用壽命。我們預計，截至 2022 年底，這些變化將對我們 2023 年的經營業績產生約 34 億美元的資產和服務影響。謝謝。 Sundar、Philipp 和我現在將回答您的問題。

(Operator Instructions) And our first question comes from Brian Nowak with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的布賴恩諾瓦克。

I have 2. The first one around AI and sort of the cost of AI. I appreciate all the color about all the AI tools that are to come. I guess, first question is, how should we think about the potential impact on CapEx, and the higher compute intensity of these AI tools to come potentially impacting margins over the next couple of years?

我有 2 個。第一個是關於 AI 的，以及 AI 的成本。我很欣賞即將到來的所有人工智能工具的所有色彩。我想，第一個問題是，我們應該如何考慮對資本支出的潛在影響，以及這些人工智能工具的更高計算強度可能會在未來幾年內影響利潤率？

And then the second one, Ruth, I really appreciate the conversation about long-term efforts underway to improve efficiency. How should we think about potential impacts of those efforts in '23 and in '24? Have you sort of run any sizes of what types of savings we could see roll through the P&L over that period?

然後是第二個，露絲，我真的很欣賞關於為提高效率正在進行的長期努力的談話。我們應該如何考慮 23 年和 24 年這些努力的潛在影響？你有沒有計算過我們可以看到在那段時間通過損益表滾動的任何類型的儲蓄？

Thanks for the question. So starting on your question about AI and CapEx. As I think Sundar and Philipp both noted, AI is already incorporated in many of our products, products like Performance Max and Smart Bidding and Cloud, as Sundar said. It is more compute-intensive but also opens up many more services and products for our users, for creators, for advertisers.

謝謝你的問題。所以從你關於人工智能和資本支出的問題開始。正如我認為 Sundar 和 Philipp 都指出的那樣，AI 已經融入到我們的許多產品中，如 Performance Max 和 Smart Bidding 和 Cloud 等產品，正如 Sundar 所說。它的計算密集度更高，但也為我們的用戶、創作者和廣告商提供了更多的服務和產品。

That being said, we're very focused on further optimizing the cost of compute, and that's across all elements, data center, servers and our supply chain. So we're continuing to invest with a keen lens on the return on that capital. And as I indicated in opening comments, when we look at CapEx for 2023, we do expect it's going to be generally in line with 2022 with an important mix shift. We're increasing our investments in technical infrastructure. And that's not just for AI. That's to support investments across Alphabet, in particular in Cloud as well. And at the same time, we're meaningfully decreasing our CapEx for office facilities.

也就是說，我們非常專注於進一步優化計算成本，這涉及所有元素、數據中心、服務器和我們的供應鏈。因此，我們將繼續以敏銳的眼光對該資本的回報進行投資。正如我在開場評論中指出的那樣，當我們審視 2023 年的資本支出時，我們確實預計它將與 2022 年大體保持一致，並發生重要的組合轉變。我們正在增加對技術基礎設施的投資。這不僅僅適用於 AI。這是為了支持對 Alphabet 的投資，尤其是在雲方面。與此同時，我們正在大幅減少辦公設施的資本支出。

And then with respect to the overall efficiency opportunities, yes, very keen focus on the 3 areas that I noted, the -- and one of the key elements of it is using AI and automation to improve productivity and efficiency of our technical infrastructure. We noted that we want to be focused and that we are focused on durable improvements to our expense base. And that's because if you go through the items, the work streams that we have in flight, they take longer to implement, execute. They're in process now, and they continue to build on themselves and continue to provide added upside as we go through time, which is why I indicated you would see more of an impact on 2024 than in 2023. But we're continuing to work through them.

然後關於整體效率機會，是的，非常關注我提到的 3 個領域，其中一個關鍵要素是使用人工智能和自動化來提高我們技術基礎設施的生產力和效率。我們指出，我們希望集中精力，並且專注於對我們的費用基礎進行持久改善。那是因為如果你仔細檢查項目，我們正在進行的工作流，它們需要更長的時間來實施和執行。他們現在正在進行中，他們繼續建立自己，並隨著時間的推移繼續提供更多的好處，這就是為什麼我表示你會看到 2024 年的影響比 2023 年更大。但我們將繼續通過他們工作。

And our next question comes from Michael Nathanson with Nathanson (sic) [MoffettNathanson].

我們的下一個問題來自 Michael Nathanson 和 Nathanson（原文如此）[MoffettNathanson]。

I have 2. For Sundar and Philipp, you both mentioned the NFL in your remarks and the opportunities it opens up. Can you comment and help us define what do you see is that longer-term opportunity? Why is it so critical to have the NFL? Is this the first of many sports deals to be had? So anything just help us why this is so important to you.

我有 2. 對於 Sundar 和 Philipp，你們都在發言中提到了 NFL 及其帶來的機會。您能否發表評論並幫助我們定義您認為的長期機會？為什麼擁有 NFL 如此重要？這是眾多體育交易中的第一個嗎？所以任何事情都可以幫助我們為什麼這對你如此重要。

And then just, Philipp, you've said in the past about the scaling of monetization, YouTube Shorts. What are the sticky factors? What's taking time to really bring advertisers on? And what are some of the things you've seen in terms that you've solved to make this a more quickly monetizable product?

然後，Philipp，你過去曾說過 YouTube Shorts 的貨幣化規模。粘性因素是什麼？真正吸引廣告商需要什麼時間？您已經解決了哪些問題以使其成為更快的貨幣化產品？

Yes. Thank you so much for the question. We think there is a lot of great opportunities to differentiate the user and creator experience with our unique capabilities. It basically means that every YouTube viewer who is interested in the NFL can now have 1-click access to the full offering of Sunday Ticket as an add-on package on YouTube TV subscription and as a stand-alone offering on Primetime Channels. This will be the first time that Sunday Ticket is actually available a la carte for fans.

是的。非常感謝你的問題。我們認為有很多很好的機會可以通過我們獨特的能力來區分用戶和創作者的體驗。這基本上意味著每個對 NFL 感興趣的 YouTube 觀眾現在都可以一鍵訪問 Sunday Ticket 的完整產品，作為 YouTube 電視訂閱的附加包和黃金時段頻道的獨立產品。這將是 Sunday Ticket 第一次真正為粉絲提供點菜服務。

On YouTube TV, we're building the ability for subscribers to, for example, watch multiple screens at once. And on YouTube CTV, we'll be adding new features specific to the Sunday Ticket experience like comments, chats, polls and so on. On the creator side, imagine all the innovative ways they can create with exclusive NFL content, behind-the-scenes event access and so on. And we're really excited to see what they'll do across long-form, shorts, live streams and more.

例如，在 YouTube TV 上，我們正在為訂閱者打造同時觀看多個屏幕的能力。在 YouTube CTV 上，我們將添加特定於 Sunday Ticket 體驗的新功能，例如評論、聊天、投票等。在創作者方面，想像一下他們可以使用獨家 NFL 內容、幕後活動訪問權等進行創作的所有創新方式。我們真的很高興看到他們將在長片、短片、直播等方面做些什麼。

On your second question, on the Shorts side, as I said earlier, viewership is growing rapidly, 50 billion-plus daily views, up from 30 billion last spring. We're still pleased with our continuing progress in monetization. Closing the gap between Shorts and long-form is a big priority for us, as is, of course, continuing to build a great creator and user experience, which we're paying a lot of attention to. As on Shorts are now available, it gives you a bit of a sign for the progress. We have video action, app discovery, Performance Max campaigns. And via product feed, Shorts are also shoppable.

關於你的第二個問題，正如我之前所說，在 Shorts 方面，收視率正在迅速增長，每日觀看量超過 500 億，高於去年春天的 300 億。我們仍然對我們在貨幣化方面的持續進展感到滿意。縮小短片和長片之間的差距是我們的首要任務，當然，繼續打造出色的創作者和用戶體驗也是如此，我們對此非常關注。隨著 Shorts 現已上市，它為您提供了一些進步的跡象。我們有視頻行動、應用程序發現、效果最大化活動。通過產品提要，短褲也可以購買。

And again, we're the only destination where creators can produce all forms of content across multiple formats, across multiple screens and really with multiple ways to make a living. And Sundar shared just yesterday, we brought revenue sharing to Shorts via our YouTube Partner Program. Ultimately, our goal is to make YouTube the best place for Shorts and creators. And that's really what our focus is at the moment.

再一次，我們是創作者可以跨多種格式、跨多個屏幕並真正以多種方式謀生的唯一目的地。 Sundar 昨天分享了我們通過 YouTube 合作夥伴計劃為 Shorts 帶來的收益分享。最終，我們的目標是讓 YouTube 成為 Shorts 和創作者的最佳去處。而這正是我們目前關注的重點。

And our next question comes from Douglas Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Douglas Anmuth。

One for Sundar and one for Ruth. For Sundar, can you just talk more about how you can bring the AI products to market with the principles and integrity that you talked about, and how you can do that without kind of sacrificing quality or trust along the way?

一份給 Sundar，一份給 Ruth。對於 Sundar，你能不能多談談如何根據你所說的原則和完整性將 AI 產品推向市場，以及如何在不犧牲質量或信任的情況下做到這一點？

And then, Ruth, clearly, the language around reengineering the cost structure in a durable way and everything that went along with it is different than what we've heard in the past. Is there any way at all to help us quantify how you're thinking about these efforts?

然後，露絲，很明顯，關於以持久的方式重新設計成本結構的語言以及隨之而來的一切都與我們過去聽到的不同。有沒有什麼辦法可以幫助我們量化您對這些努力的看法？

Thanks, Doug. On the AI side, it is a really exciting time. I think we've been investing for a while, and it's clear that the market is ready. Consumers are interested in trying out new experiences. I think I feel comfortable with all the investments we have made in making sure we can develop AI responsibly. And we'll be careful. We'll be launching more as labs products in certain cases, beta features in certain cases and just slowly scaling up from there. Obviously, we need to make sure we are iterating in public, these models will keep getting better so the field is fast changing. The serving costs will need to be improved.

謝謝，道格。在人工智能方面，這是一個非常激動人心的時刻。我認為我們已經投資了一段時間，很明顯市場已經準備好了。消費者有興趣嘗試新的體驗。我認為我對我們為確保我們能夠負責任地開發 AI 所做的所有投資感到滿意。我們會小心的。在某些情況下，我們將作為實驗室產品推出更多產品，在某些情況下推出測試版功能，然後從那裡慢慢擴大規模。顯然，我們需要確保我們在公共場合進行迭代，這些模型將不斷完善，因此該領域正在快速變化。服務成本將需要提高。

So I view it as very, very early days, but we are committed to putting our experiences, both in terms of new products and experiences, actually bringing direct LLM experiences in Search, making APIs available for developers and enterprises and learn from there and iterate like we've always done. So I'm looking forward to it.

所以我認為這還很早，但我們致力於將我們的經驗，無論是在新產品還是新體驗方面，實際上將直接的 LLM 經驗帶入搜索中，使 API 可供開發人員和企業使用，並從中學習並迭代就像我們一直做的那樣。所以我很期待。

And then on your second question, when we talk about being focused on delivering sustainable financial value, that obviously means that expense growth cannot be growing ahead of revenue growth. And we're focused on revenue upside as well as durable changes to the expense base to really ensure we have the capacity to invest in that growth. And clearly, the emphasis of revenue growth, there's a lot that's exciting ahead of us within Google Services, all of the AI advancements that are improving advertiser ROI and the search user experience and more broadly, as we've talked about across the key product areas.

然後關於你的第二個問題，當我們談論專注於提供可持續的財務價值時，這顯然意味著費用增長不能超過收入增長。我們專注於收入增長以及支出基礎的持久變化，以真正確保我們有能力投資於這種增長。很明顯，收入增長的重點，谷歌服務中有很多令人興奮的事情，所有人工智能的進步都在提高廣告商的投資回報率和搜索用戶體驗，更廣泛地說，正如我們在關鍵產品中所討論的那樣領域。

And then very importantly, on expense growth, we have a very strong commitment to -- we keep emphasizing durably reengineer our cost base, and that will benefit all of the segments across Alphabet. And the key components, slowing the pace of hiring as a starting point, product prioritization across Google, as Sundar said, is key. Improving economics in hardware as we focus intently on the Pixel line and cost structure, then using AI and automation to improve productivity for operational tasks as well as for the efficiency of our technical infrastructure, where we have a number of work streams. Managing our spend, as I said, with suppliers and vendors and then optimizing how and where we work, and you saw part of that with the real estate consolidation, given the slower headcount growth.

然後非常重要的是，在費用增長方面，我們有一個非常堅定的承諾——我們一直強調持久地重新設計我們的成本基礎，這將有利於 Alphabet 的所有部門。正如 Sundar 所說，關鍵的組成部分，以放慢招聘速度為起點，在整個谷歌中確定產品優先級是關鍵。在我們專注於 Pixel 產品線和成本結構時提高硬件的經濟性，然後使用人工智能和自動化來提高運營任務的生產力以及我們的技術基礎設施的效率，我們有許多工作流。正如我所說，管理我們與供應商和供應商的支出，然後優化我們的工作方式和地點，鑑於員工人數增長放緩，你看到了房地產整合的一部分。

All of those not only benefit Google Services but many of those similarly drive greater efficiency across Alphabet. And so as we've said, in Cloud, we remain very focused on the path to profitability. That's a revenue and margin driver. And then with Other Bets, we're similarly focused on investing sustainably.

所有這些不僅有利於谷歌服務，而且其中許多同樣可以提高整個 Alphabet 的效率。正如我們所說，在雲中，我們仍然非常關注盈利之路。這是收入和利潤率的驅動因素。然後對於其他賭注，我們同樣專注於可持續投資。

And so to go back to it, it's the durable nature of change in some of the elements that I've talked about here where work is ongoing, you start to see impacting in '23 but to really get full year run rate and the benefit of it, there is work ongoing. And that's why we've emphasized this notion of it comes in and then really you see the run rate in '24.

所以回到它，這是我在這裡談到的一些元素變化的持久性，在工作正在進行的地方，你開始看到 23 年的影響，但真正獲得全年運行率和收益其中，有正在進行的工作。這就是為什麼我們強調了它的概念，然後你真的看到了 24 年的運行率。

Our next question is from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe 2, if I could. Sundar, for you, continuing on the AI theme, how do you think philosophically about capturing the opportunity set that you see in front of you, given all the investments you've made over the last 5-plus years that we've been talking about going back to a lot of Google I/Os versus potentially disrupt the user experience or the monetization arc in your existing product set and striking the right balance between the opportunity set and being disruptive to yourself when you think about looking forward over the next couple of years?

也許 2，如果可以的話。 Sundar，對於你來說，繼續 AI 主題，考慮到你在過去 5 年多的時間裡我們一直在談論的所有投資，你如何從哲學上思考抓住你面前的機會集關於回到很多 Google I/O 與可能破壞現有產品集中的用戶體驗或貨幣化弧線，並在您考慮展望下一對時在機會集和對自己造成破壞之間取得適當的平衡年？

And then, Ruth, maybe just following on some of the questions and debates on the cost structure. Obviously, Other Bets is an area where the losses continue to be sort of higher than what some of us think from the outside looking in. But then you showed some improvement in the losses in the Cloud division this quarter. How should we be thinking about the rationalization of the cost structure and aligning costs with opportunity sets across some of the divisions of Alphabet when you think for the medium to long term?

然後，露絲，也許只是關注關於成本結構的一些問題和辯論。顯然，其他賭注是一個損失繼續高於我們一些人從外部觀察的損失的領域。但是你在本季度雲部門的損失中表現出一些改善。當您考慮中長期時，我們應該如何考慮成本結構的合理化以及使成本與 Alphabet 某些部門的機會集保持一致？

Thanks, Eric. Look, I do think, first of all, we made such a foundational technology and we've been investing not just in terms of research but actually getting it all production scale-ready. We had already deployed. If you look at the impact, things like BERT and MUM have had on search quality, making search multimodal, driving the usage of products like Google Lens. I feel like we've been scaling up well.

謝謝，埃里克。看，我確實認為，首先，我們製造了這樣一種基礎技術，我們不僅在研究方面進行了投資，而且實際上已經為所有生產規模做好了準備。我們已經部署了。如果你看一下影響，BERT 和 MUM 之類的東西對搜索質量產生了影響，使搜索成為多模態，推動了 Google Lens 等產品的使用。我覺得我們一直在擴大規模。

In Google Cloud today with Vertex AI, we'd already been bringing AI APIs to enterprises, and they're on a pretty healthy growth path. So we do see secular opportunities ahead, both in terms of putting these APIs out, making sure every developer, every organization in the world can use it. And as I said earlier, we are in very, very early days, and I think there's a lot of room ahead.

在今天的谷歌云中，我們已經通過 Vertex AI 將 AI API 引入企業，並且他們正處於非常健康的增長道路上。因此，我們確實看到了未來的長期機會，無論是在推出這些 API 方面，還是在確保世界上每個開發人員、每個組織都可以使用它方面。正如我之前所說，我們還處於非常早期的階段，我認為未來還有很大的空間。

In terms of Search too, now that we can integrate more direct LLM-type experiences in Search, I think it will help us expand and serve new types of use cases, generative use cases. And so I think I see this as a chance to rethink and reimagine and drive Search to solve more use cases for our users as well. So again, early days, you will see us be bold, put things out, get feedback and iterate and make things better.

在搜索方面也是如此，現在我們可以在搜索中集成更直接的 LLM 類型的經驗，我認為這將有助於我們擴展和服務新類型的用例，生成用例。因此，我認為我認為這是一個重新思考、重新構想和推動搜索為我們的用戶解決更多用例的機會。所以，再一次，在早期，你會看到我們很大膽，把東西放出來，得到反饋並迭代，讓事情變得更好。

And then in terms of your question about Other Bets investment levels, so as we've talked about in prior calls, our goal for Other Bets is to use our deep technology investments to drive innovation with real potential for value creation. And at the same time, we are very focused on the overall pace of investment and the financial returns. And so what we're really looking at here are what are the opportunities for monetization and commercialization.

然後就您關於其他賭注投資水平的問題而言，正如我們在之前的電話中所討論的那樣，我們對其他賭注的目標是利用我們的深度技術投資來推動具有創造價值的真正潛力的創新。同時，我們非常關注投資的整體節奏和財務回報。因此，我們在這裡真正關注的是貨幣化和商業化的機會。

As I've said on prior calls, there is no monolithic approach across the portfolio, but we are very focused on whether -- what's the pace of investment opportunities for monetization and commercialization. And just a bit more with respect to the DeepMind move, to be very clear, we consolidate in Other Bets into Google only when that bet supports products and services within Google or for Alphabet broadly. And you saw us do that some time ago when we moved Chronicle as an example into combining with our Cloud business and really the cybersecurity offering that is now in Cloud, and that was very effective.

正如我在之前的電話會議上所說，整個投資組合中沒有單一的方法，但我們非常關注貨幣化和商業化投資機會的步伐。關於 DeepMind 的更多舉措，非常明確的一點是，只有當該賭注支持 Google 內部或廣泛支持 Alphabet 的產品和服務時，我們才會將 Other Bets 整合到 Google 中。前段時間，當我們以 Chronicle 為例，將其與我們的雲業務以及現在雲中的網絡安全產品相結合時，你看到我們這樣做了，這非常有效。

With AI, this is obviously an Alphabet strategic priority, and we see huge opportunity ahead, and DeepMind's research is core to that future across the product areas in the Alphabet portfolio. And so this reporting change reflects the strategic focus in DeepMind, the support of each one of our segments, and that's why I indicated that beginning Q1, DeepMind financials will be reported within our corporate cost segment.

對於人工智能，這顯然是 Alphabet 的戰略重點，我們看到了巨大的機遇，而 DeepMind 的研究是 Alphabet 產品組合中未來產品領域的核心。因此，這一報告變化反映了 DeepMind 的戰略重點，我們每個部門的支持，這就是為什麼我表示從第一季度開始，DeepMind 財務將在我們的公司成本部門中報告。

Our next question is from Justin Post with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Justin Post。

Just digging into Search kind of low single-digit growth ex FX. Can you talk about the pressures there, volume versus pricing or CPCs? What's really driving the slowdown? It's kind of almost back to '09 recession levels. Just think about that. And then any signs that we're near a bottom? Any stabilization in growth rates you can talk about or how your outlook is for '23 on that?

只是深入研究搜索外匯之外的低個位數增長。你能談談那裡的壓力，數量與定價或 CPC 的關係嗎？真正導致經濟放緩的原因是什麼？這幾乎回到了 09 年的衰退水平。想想看。然後有什麼跡象表明我們已接近底部？您可以談談增長率是否穩定，或者您對 23 年的前景如何？

So overall, as we've indicated, we remain very excited about all that we're doing in Search, the utility for all of us. And so that's why you've heard so many comments about the application of AI and what that means for the ongoing opportunity. You had a number of different questions in there. I think one was on volumes. In the 10-K that we'll be filing shortly, you'll see that for the full year 2022, CPCs were down 1% versus last year. And as we've talked about in prior quarters, the change in CPCs can reflect a number of different factors: geographic mix, property mix, all sorts of things.

因此，總的來說，正如我們所指出的，我們對我們在搜索中所做的一切感到非常興奮，搜索是我們所有人的實用程序。所以這就是為什麼你聽到這麼多關於人工智能應用的評論，以及這對持續的機會意味著什麼。你在那裡有很多不同的問題。我認為其中一個是關於卷的。在我們即將提交的 10-K 中，您會看到 2022 年全年的每次點擊費用比去年下降了 1%。正如我們在前幾個季度所討論的那樣，每次點擊費用的變化可以反映許多不同的因素：地理組合、財產組合等等。

Clicks were up 10% in 2022, reflecting a number of factors, including increased engagement, primarily on mobile devices and improvements in ad formats. But I think overall, we're really excited about what we see ahead. We're not going to predict the global environment. We did say the challenging backdrop is ongoing, and you can see that but we're very focused on what we can control. And I think most important and what we're really excited about here is innovation to help advertisers overall and our cost reengineering that really gets us to align this long-term sustainable value creation.

點擊次數在 2022 年增長了 10%，這反映了多種因素，包括主要在移動設備上的參與度增加以及廣告格式的改進。但我認為總的來說，我們對未來的前景感到非常興奮。我們不會預測全球環境。我們確實說過充滿挑戰的背景仍在繼續，你可以看到這一點，但我們非常專注於我們可以控制的事情。我認為最重要的是我們在這裡真正感到興奮的是創新，以幫助廣告商整體和我們的成本再造，真正讓我們調整這種長期可持續的價值創造。

Our next question is from Ross Sandler with Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

Just a question on the hardware business. Pixel's doing quite well, but it seems like there have been issues around other areas with this inventory write-down. So could maybe you guys just talk about, in your mind, the strategic importance of having the wide range of hardware products that you have in that segment as it relates to your overall AI initiatives?

只是關於硬件業務的問題。 Pixel 做得很好，但似乎在其他方面也存在庫存減記的問題。那麼，也許你們可以談談，在您的腦海中，擁有該細分市場中廣泛的硬件產品的戰略重要性，因為它與您的整體 AI 計劃相關？

Thanks, Ross. First of all, very, very pleased with how Pixel has performed through a challenging macro environment. Look, I think our computing portfolio is incredibly important. It's what allows us to -- for us to invest and drive innovation forward. You have to put it all together as a product and ship it. And I think it ends up playing a very, very big role in guiding the ecosystem as well.

謝謝，羅斯。首先，對 Pixel 在充滿挑戰的宏觀環境中的表現非常非常滿意。看，我認為我們的計算產品組合非常重要。這讓我們能夠——讓我們投資並推動創新。您必須將它們作為產品放在一起並發貨。我認為它最終在指導生態系統方面也發揮了非常非常重要的作用。

And increasingly, I think users are thinking beyond phones and thinking through a holistic ecosystem. To give one example, us undertaking Pixel Watch and, as part of that, integrating Fitbit and bringing it to our ecosystem as well, partnering closely with Samsung on wearables. The combination is what has driven over a 300% increase in actives on Android watches ecosystem. So just to give you a context on that.

而且，我認為用戶的思維越來越超越手機，而是通過一個整體的生態系統來思考。舉個例子，我們開展了 Pixel Watch，作為其中的一部分，整合了 Fitbit 並將其也引入了我們的生態系統，並與三星在可穿戴設備上密切合作。這種結合推動了 Android 手錶生態系統的活躍度增加了 300% 以上。所以只是為了給你一個背景。

So we are very thoughtful about how we are approaching this area. And as Ruth mentioned, across all these areas, too, we are working to drive greater focus and cost efficiencies in the portfolio. Obviously, we work through a challenging supply chain environment as well as a challenging environment on the demand side. And so we'll continue focusing on improving all of this in a durable way.

所以我們對我們如何接近這個領域非常深思熟慮。正如 Ruth 提到的，在所有這些領域，我們也在努力推動投資組合中的重點和成本效率。顯然，我們在充滿挑戰的供應鏈環境以及需求方的挑戰環境中工作。因此，我們將繼續專注於以持久的方式改進所有這一切。

And our next question comes from Mark Mahaney with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Mark Mahaney。

I'll just ask 1 question on, Ruth, you mentioned a couple of times getting Google Cloud to profitability. And just talk through how that gets done. You had almost 40% growth in Google Cloud. The operating loss level stayed about the same from '21 to '22, so the growth is there. What are the factors that need to be solved in order to get pretty nice profitability out of that segment sort of anywhere akin to what Azure and AWS have been able to show over the years?

我只想問一個問題，露絲，你提到過幾次讓谷歌云盈利。只是談談如何做到這一點。 Google Cloud 增長了近 40%。從 21 年到 22 年，營業虧損水平大致保持不變，因此增長就在那裡。為了從類似於 Azure 和 AWS 多年來能夠展示的任何地方的任何地方獲得相當不錯的盈利能力，需要解決哪些因素？

Thanks for the question. So as we've talked about on prior calls, with Google Cloud, we've really been investing ahead of our revenues, given the growth and the opportunity overall and the desire to ensure that we're equipped, able to support customers across segments around the globe. And so there's been meaningful investment to position ourselves to really have the momentum that the team has continued to deliver.

謝謝你的問題。因此，正如我們在之前的電話會議上談到的那樣，考慮到整體的增長和機會以及確保我們有能力支持各細分市場客戶的願望，我們真的一直在對谷歌云進行投資，而不是我們的收入在全球範圍內。因此，我們進行了有意義的投資，讓我們自己真正擁有團隊持續提供的動力。

That being said, they are, as both Sundar and I have noted, extremely focused on the path to profitability in every element of that. And some of the items that I noted that benefit Alphabet generally most certainly are relevant here for Cloud as well, everything from our efficiency with our technical infrastructure, which we're very excited about, all the efforts that they're doing there and more broadly.

話雖這麼說，正如 Sundar 和我所指出的那樣，他們非常專注於其中每一個要素的盈利之路。我提到的一些通常有利於 Alphabet 的項目肯定也與 Cloud 相關，從我們的技術基礎設施的效率，我們對此感到非常興奮，他們在那裡所做的所有努力等等寬廣地。

So this has been really to ensure, first and foremost, given the scale of the opportunity and the speed with which it's moving that we're positioned to be present with our customers, to provide them with the analytics, the skills, the capabilities that are needed to build for long-term growth. And we're at a position now where we've meaningfully closed the gap to profitability but still are working through as we continue to invest for growth while narrowing what this is on our march to profitability.

因此，這實際上是為了確保，首先也是最重要的，考慮到機會的規模和它的移動速度，我們定位於與我們的客戶一起出現，為他們提供分析、技能和能力需要建立長期增長。我們現在處於這樣一個位置，我們已經有意義地縮小了與盈利能力的差距，但我們仍在努力解決問題，因為我們繼續投資以促進增長，同時縮小我們向盈利能力邁進的差距。

And our last question comes from Brent Thill with Jefferies.

我們的最後一個問題來自 Jefferies 的 Brent Thill。

Ruth, can you give us a sense of what you're seeing in Q1? Is this year a little more seasonal than historic? Are you observing any different patterns just over 1 month into of the year? Can you give us any color in terms of how you're framing this quarter?

露絲，你能告訴我們你在第一季度看到了什麼嗎？今年是否比歷史更具季節性？您是否在一年中的 1 個多月內觀察到任何不同的模式？您能否就本季度的框架給我們任何顏色？

So I think as you know well, we don't tend to -- we don't provide exit run rates. What we try to do is give you the context within which we're approaching the overall business and the priorities that we have as we're looking at revenue upside and the growth levers there as well as how to reengineer our expense base to deliver attractive returns. So not really much to add to the comments that you've heard today, and we're continuing to execute across each one of the elements we discussed.

所以我認為正如你所知，我們不傾向於 - 我們不提供退出運行率。我們試圖做的是為您提供我們處理整體業務的背景和我們在考慮收入增長和那裡的增長槓桿時的優先事項，以及如何重新設計我們的費用基礎以提供有吸引力的回報。因此，您今天聽到的評論並沒有太多要補充的，我們將繼續執行我們討論過的每一個要素。

And that concludes our question-and-answer session for today. I'd like to turn the conference back over to Jim Friedland for any further remarks.

我們今天的問答環節到此結束。我想將會議轉回 Jim Friedland 以聽取進一步的評論。

Thanks, everyone, for joining us today. We look forward to speaking with you again on our first quarter 2023 call. Thank you, and have a good evening.

謝謝大家今天加入我們。我們期待在 2023 年第一季度的電話會議上再次與您交談。謝謝你，祝你有個愉快的夜晚。

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

謝謝大家。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。