Alphabet Inc (GOOGL) 2023 Q1 法說會逐字稿

Welcome, everyone. Thank you for standing by for the Alphabet First Quarter 2023 Earnings Conference Call. (Operator Instructions)

歡迎大家。感謝您參加 Alphabet 2023 年第一季財報電話會議。 （操作員指示）

I would now like to hand the conference over to your speaker today, Jim Friedland, Director of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係總監吉姆‧弗里德蘭 (Jim Friedland)。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alphabet's First Quarter 2023 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，歡迎參加 Alphabet 2023 年第一季財報電話會議。今天和我們在一起的有 Sundar Pichai、Philipp Schindler 和 Ruth Porat。現在我將快速介紹安全港。

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 most recent Form 10-K filed with the SEC.

我們今天就我們的業務、營運和財務表現所做的一些陳述可能被視為前瞻性的，而此類陳述涉及許多風險和不確定性，可能導致實際結果大不相同。欲了解更多信息，請參閱我們最近向美國證券交易委員會提交的 10-K 表中討論的風險因素。

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。今天的收益新聞稿中包含了非 GAAP 與 GAAP 指標的對賬，該新聞稿透過我們的投資者關係網站 abc.xyz/investor 發布並向公眾開放。除非另有說明，否則我們的評論將基於同比比較。

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

現在我將把電話轉給 Sundar。

Thank you, Jim, and good afternoon, everyone. I'm pleased with our business performance in the first quarter, with Search performing well and momentum in Cloud. We introduced important product updates anchored in deep computer science and AI. Our North Star is providing the most helpful answers for our users, and we see huge opportunities ahead, continuing our long track record of innovation.

謝謝你，吉姆，大家下午好。我對第一季的業務表現感到滿意，搜尋表現良好，雲端運算發展勢頭強勁。我們推出了基於深度電腦科學和人工智慧的重要產品更新。我們的北極星正在為我們的用戶提供最有用的答案，我們看到了未來的巨大機遇，延續了我們長期的創新記錄。

On Cloud, we continue to be on a long and exciting journey to build that business. Cloud delivered profitability this quarter, and we remain focused on long-term value creation here.

在雲端，我們將繼續踏上漫長而令人興奮的旅程來打造這項業務。雲端運算本季實現了盈利，我們仍然專注於長期價值創造。

Today, I'll give an update on the 2 themes I spoke about last quarter: one, our advancements in AI and how they are driving opportunities in Search and beyond; and two, our efforts to sharpen our focus as a company. Then I'll talk about our momentum in Cloud and close with our progress at YouTube.

今天，我將更新我上個季度談到的兩個主題：一是我們在人工智慧方面的進步以及它們如何推動搜尋及其他領域的機會；二是我們努力提高公司整體的專注度。然後我將談論我們在雲端運算領域的發展勢頭，最後介紹我們在 YouTube 方面取得的進展。

First, the incredible AI opportunity for consumers, our partners and for our business. I've compared it to the successful transition we made from desktop to mobile computing over a decade ago. Our investments and breakthroughs in AI over the last decade have positioned us well.

首先，這對消費者、我們的合作夥伴和我們的業務來說是一個不可思議的人工智慧機會。我將其與十多年前我們從桌面計算到行動運算的成功轉變進行了比較。過去十年我們在人工智慧領域的投資和突破使我們處於有利地位。

In our last call, I outlined 3 areas of opportunity: continuing to develop state-of-the-art large language models and make significant improvements across our products to be more helpful to our users; empowering developers, creators and partners with our tools; and enabling organizations of all sizes to utilize and benefit from our AI advances.

在我們上次的電話會議中，我概述了三個機會領域：繼續開發最先進的大型語言模型，並對我們的產品進行重大改進，以便為我們的用戶提供更多幫助；利用我們的工具為開發人員、創作者和合作夥伴提供支援；並使各種規模的組織能夠利用和受益於我們的人工智慧進步。

We have made good progress across all 3 areas. In March, we introduced our experimental conversational AI service called Bard. We have since added our PaLM model to make it even more powerful. And Bard can now help people with programming and software development tasks, including code generation. Lots more to come.

我們在這三個領域都取得了良好的進展。三月份，我們推出了名為 Bard 的實驗性對話式 AI 服務。從那時起，我們添加了 PaLM 模型，使其更加強大。現在，Bard 可以幫助人們完成程式設計和軟體開發任務，包括程式碼產生。未來還會有更多。

For developers, we have released our PaLM API alongside our new MakerSuite tool. It provides a simple way to access our large language models and begin building new generative AI applications quickly. A number of organizations are using our generative AI large language models across Google Cloud Platform, Google Workspace and our cybersecurity offerings.

對於開發人員，我們已經發布了 PaLM API 以及新的 MakerSuite 工具。它提供了一種簡單的方法來存取我們的大型語言模型並快速開始建立新的生成式人工智慧應用程式。許多組織正在 Google Cloud Platform、Google Workspace 和我們的網路安全產品中使用我們的生成式 AI 大型語言模型。

For years, we've been focused on making Search even more helpful. From Google Lens to multi-search, to visual exploration in Search, immersive view in Maps, Google Translate, to all the language models powering Search today, we have used AI to open up access to knowledge in powerful ways. We'll continue to incorporate generative AI advances to make Search better in a thoughtful and deliberate way. We'll be guided by data and years of experience about what people want and our high standards for quality. And we'll test and iterate as we go because we know that billions of people trust Google to provide the right information.

多年來，我們一直致力於讓搜尋變得更有用。從 Google Lens 到多重搜索，從搜尋中的視覺探索、地圖中的沉浸式視圖、Google 翻譯，到當今支援搜尋的所有語言模型，我們已經利用人工智慧以強大的方式開放知識獲取途徑。我們將繼續融入生成式人工智慧的進步，以深思熟慮的方式改善搜尋。我們將以數據和多年的經驗為指導，了解人們的需求以及我們對品質的高品質標準。我們會不斷測試和迭代，因為我們知道數十億人相信谷歌能夠提供正確的資訊。

As it evolves, we'll unlock entirely new experiences in Search and beyond just as camera, voice and translation technologies have all opened entirely new categories of queries and exploration.

隨著它的發展，我們將在搜尋及其他領域開啟全新的體驗，就像相機、語音和翻譯技術都開啟了全新的查詢和探索類別一樣。

AI has also been foundational to our ads business for over a decade. Products like Performance Max use the full power of Google's AI to help advertisers find untapped and incremental conversion opportunities. Philipp will talk more about this in a moment.

十多年來，人工智慧一直是我們廣告業務的基礎。 Performance Max 等產品充分利用了 Google 人工智慧的強大功能，幫助廣告主找到尚未開發的增量轉換機會。菲利普稍後將會詳細談論這一點。

And as we continue to bring AI to our products, our AI principles and the highest standards of information integrity remain at the core of all our work. As one example, our Perspective API helps to identify and reduce the amount of toxic text that language models train on, with significant benefits for information quality. This is designed to help ensure the safety of generative AI applications before they are released to the public.

隨著我們繼續將人工智慧引入我們的產品，我們的人工智慧原則和最高的資訊完整性標準仍然是我們所有工作的核心。舉個例子，我們的 Perspective API 有助於識別和減少語言模型訓練時產生的有害文字的數量，這對資訊品質有顯著的益處。這是為了幫助確保生成式人工智慧應用程式在向公眾發布之前的安全性。

We are proud to have world-class research teams who have been advancing the breakthroughs underpinning this new era of AI. Last week, I announced that we are bringing together the Brain Team in Google Research and DeepMind into one unit. Combining all this talent into one focused team, backed by the pooled computational resources of Google, will help accelerate our progress and develop the most capable AI systems safely and responsibly.

我們很自豪擁有世界一流的研究團隊，他們一直在推動人工智慧新時代的突破。上週，我宣布我們將把 Google Research 的大腦團隊和 DeepMind 合併為一個部門。將所有這些人才整合到一個專注的團隊中，並在 Google 的集中運算資源的支持下，將有助於加速我們的進步，並安全、負責任地開發最強大的人工智慧系統。

On to my second theme, the company's sharpened focus. I spoke last quarter about our commitment to invest responsibly and with discipline and to find areas where we can operate more cost effectively and with greater velocity. We have significant multiyear efforts underway to create savings, such as improving machine utilization and finding more scalable and efficient ways to train and serve machine learning models. We are making our data centers more efficient, redistributing workloads and equipment where servers aren't being fully used. This is important work as we continue to significantly invest in infrastructure to drive our many AI opportunities.

談談我的第二個主題，即公司更專注。我上個季度談到了我們致力於負責任地、有紀律地進行投資，並尋找能夠更具成本效益和更快速度運作的領域。我們正在進行多年的重大努力來節省成本，例如提高機器利用率以及尋找更具可擴展性和效率的方式來訓練和服務機器學習模型。我們正在提高資料中心的效率，重新分配未充分利用的伺服器的工作負載和設備。這是一項重要的工作，因為我們將繼續大力投資基礎設施以推動我們的眾多人工智慧機會。

Improving external procurement is another area where data suggests significant savings, and this work is underway. And we are taking concrete steps to manage our real estate portfolio to ensure it meets our current and future needs. We'll continue to use data to determine additional areas for durable savings.

改善外部採購是資料顯示可以節省大量成本的另一個領域，這項工作正在進行中。我們正在採取具體措施管理我們的房地產投資組合，以確保其滿足我們當前和未來的需求。我們將繼續利用數據來確定其他可持久節省的領域。

Next, Google Cloud. I'm pleased with the ongoing momentum in Cloud. Our disciplined expansion of our product road map and go-to-market organization has helped to build one of the largest enterprise software companies in the world. We have consistently grown top line revenues and improved annual operating margins, and we continue to do so this quarter. Our growth has come from our deep relationships with large enterprises, a strong partner ecosystem and our product leadership.

接下來是 Google Cloud。我對雲端運算的持續發展勢頭感到滿意。我們對產品路線圖和市場組織的嚴格擴展幫助我們打造了世界上最大的企業軟體公司之一。我們的營業收入持續成長，年度營業利潤率不斷提高，本季我們將繼續保持這一勢頭。我們的成長源自於與大型企業的深厚關係、強大的合作夥伴生態系統以及我們的產品領導力。

Over the past 3 years, GCP's annual deal volume has grown nearly 500%, with large deals over $250 million growing more than 300%. Nearly 60% of the world's 1,000 largest companies are Google Cloud customers, and many leading start-ups and millions of small and medium enterprises use Google Cloud.

過去 3 年，GCP 的年度交易量成長了近 500%，其中 2.5 億美元以上的大額交易成長了 300% 以上。全球 1000 家最大公司中近 60% 是 Google Cloud 的客戶，許多領先的新創公司和數百萬家中小企業都在使用 Google Cloud。

We have also built a strong partner ecosystem. Over the last 4 years, the number of Google Cloud Partner certified practitioners around the world has increased more than 15x. The largest global system integrators have built 13 dedicated practices with Google Cloud compared to 0 when we started. And today, more than 100,000 companies are part of our Google Cloud Partner Advantage program.

我們也建立了強大的合作夥伴生態系統。在過去的 4 年裡，全球獲得 Google Cloud Partner 認證的從業人員數量增加了 15 倍以上。全球最大的系統整合商已經利用 Google Cloud 建立了 13 個專用實踐，而我們剛開始時只有 0 個。如今，已有超過 10 萬家公司加入了我們的 Google Cloud Partner Advantage 計畫。

Our growth is also driven by our product leadership. We are bringing our generative AI advances to our cloud customers across our cloud portfolio. Our PaLM generative AI models and Vertex AI platform are helping Behavox to identify insider threats, Oxbotica to test its autonomous vehicles and Lightricks to quickly develop text-to-image features.

我們的成長也受到產品領先地位的推動。我們正在透過我們的雲端產品組合為我們的雲端客戶提供生成性人工智慧的進步。我們的 PaLM 生成式 AI 模型和 Vertex AI 平台正在幫助 Behavox 識別內部威脅、幫助 Oxbotica 測試其自動駕駛汽車以及幫助 Lightricks 快速開發文字轉圖像功能。

In Workspace, our new generative AI features are making content creation and collaboration even easier for customers like Standard Industries and Lyft. This builds on our popular AI Bard Workspace tools, Smart Canvas and Translation Hub used by more than 9 million paying customers.

在 Workspace 中，我們新的生成 AI 功能使 Standard Industries 和 Lyft 等客戶的內容創建和協作變得更加容易。這是基於我們廣受歡迎的 AI Bard Workspace 工具、Smart Canvas 和 Translation Hub 建構的，目前已有超過 900 萬付費客戶在使用。

Our product leadership also extends to data analytics, which provides customers the ability to consolidate their data and understand it better using AI. New advances in our data cloud enable Ulta Beauty to scale new digital and omnichannel experiences while focusing on customer loyalty; Shopify to bring better search results and personalization using AI; and Mercedes-Benz to bring new products to market more quickly.

我們的產品領導力也延伸到數據分析，這使得客戶能夠整合他們的數據並使用人工智慧來更好地理解它。我們資料雲端的新進展使 Ulta Beauty 能夠擴展新的數位和全通路體驗，同時專注於客戶忠誠度； Shopify 利用人工智慧帶來更好的搜尋結果和個人化；並幫助梅賽德斯-奔馳更快地將新產品推向市場。

We have introduced generative AI to identify and prioritize cyber threats, automate security workflows and response and help scale cybersecurity teams. Our cloud cybersecurity products helped protect over 30,000 companies, including innovative brands like Broadcom and Europe's Telepass. We are successfully integrating Mandiant with our products, including Mandiant Threat Intelligence and Breach Analytics.

我們引入了生成式人工智慧來識別和確定網路威脅的優先級，自動化安全工作流程和回應，並幫助擴大網路安全團隊。我們的雲端網路安全產品協助保護了超過 30,000 家公司，其中包括 Broadcom 和歐洲的 Telepass 等創新品牌。我們正在成功地將 Mandiant 與我們的產品集成，包括 Mandiant Threat Intelligence 和 Breach Analytics。

Our open approach to AI development, coupled with our industry-leading TPUs and best-in-class GPUs from NVIDIA, enable innovative companies to tackle any AI workload with speed and flexibility. AI21 Labs, Replit, Midjourney and many others build and train foundation models and generative AI platforms. We are the only cloud provider to announce availability of NVIDIA's new L4 Tensor Core GPU with the launch of our G2 VMs, which are purpose-built for large inference AI workloads, such as generative AI.

我們對 AI 開發的開放態度，加上我們業界領先的 TPU 和 NVIDIA 一流的 GPU，使創新公司能夠快速且靈活地處理任何 AI 工作負載。 AI21 Labs、Replit、Midjourney 和許多其他公司建立和訓練基礎模型和生成式 AI 平台。我們是唯一宣布推出 NVIDIA 全新 L4 Tensor Core GPU 的雲端供應商，我們的 G2 VM 專為大型推理 AI 工作負載（例如產生 AI）而建置。

Turning next to YouTube. Let me start by thanking Susan Wojcicki for her terrific leadership of YouTube for 9 years. She recently transitioned into an advisory role with Alphabet this quarter, with Neal Mohan, a long-time leader at Google and YouTube, becoming the new head of YouTube.

接下來轉到 YouTube。首先，我要感謝蘇珊沃西基 (Susan Wojcicki) 9 年來對 YouTube 的出色領導。本季度，她轉任 Alphabet 的顧問職位，而谷歌和 YouTube 的長期領導者尼爾·莫漢 (Neal Mohan) 則成為 YouTube 的新負責人。

Here are a few highlights from the quarter. YouTube Shorts continues to see strong momentum with Creators. Last year, the number of channels that uploaded to Shorts daily grew over 80%. Those posting weekly on Shorts saw the majority of new channel subscribers coming from their Shorts post. The living room remained our fastest-growing screen in 2022 in terms of watch time, and we are seeing growth and momentum internationally.

以下是本季的一些亮點。 YouTube Shorts 在創作者中持續保持強勁發展勢頭。去年，每天上傳到 Shorts 的頻道數量增加了 80% 以上。每週在 Shorts 上發文的用戶發現，大多數新頻道訂閱者都來自他們的 Shorts 貼文。就觀看時間而言，客廳仍然是我們 2022 年成長最快的螢幕，並且我們在國際上也看到了成長和發展勢頭。

On our subscription business, we rolled out several new updates to YouTube Premium. Premium subscribers can now queue videos on phones and tablets, stream continuously while switching between devices and auto-download recommended videos for off-line viewing.

在我們的訂閱業務方面，我們對 YouTube Premium 推出了幾項新的更新。高級訂閱者現在可以在手機和平板電腦上排隊觀看視頻，在設備之間切換時連續播放，並自動下載推薦的視頻以供離線觀看。

And we have great momentum around YouTube TV and YouTube Primetime channels. We have announced pricing for the NFL Sunday Ticket offering, which will help to drive subscriptions, bring new viewers to YouTube's paid and ad-supported experiences and create new opportunities for Creators.

我們在 YouTube 電視和 YouTube Primetime 頻道方面發展勢頭強勁。我們已公佈 NFL 週日門票的定價，這將有助於推動訂閱量，為 YouTube 的付費和廣告支援體驗帶來新觀眾，並為創作者創造新的機會。

To close across the company, we are excited about helping people, businesses and society reach their full potential with AI. We'll share updates at Google I/O about how we are using AI across our products, including our Pixel devices and share some exciting new developments for Android.

總而言之，我們全公司都很高興能夠利用人工智慧來幫助人們、企業和社會充分發揮其潛力。我們將在 Google I/O 上分享我們如何在我們的產品（包括我們的 Pixel 裝置）中使用 AI 的最新消息，並分享一些令人興奮的 Android 新進展。

Thanks to our employees around the world who continue to work hard to advance our mission. After nearly 25 years, the work to organize the world's information and make it accessible and useful is as urgent as ever, and I look forward to the work ahead.

感謝世界各地的員工繼續努力推動我們的使命。經過近25年的時間，整理世界資訊並使其易於獲取和利用的工作仍然緊迫，我對未來的工作充滿期待。

Over to you, Philipp.

交給你了，菲利普。

Thanks, Sundar, and hey, everyone. It's great to be here today. I'll kick off with Google Services' performance in the first quarter, then provide color into our key opportunity areas and then turn it over to Ruth for more on our financial performance.

謝謝，Sundar，大家好。今天能來到這裡真是太好了。我將首先介紹 Google 服務在第一季的表現，然後介紹我們的關鍵機會領域，最後將主題交給 Ruth，讓她詳細介紹我們的財務表現。

Google Services revenue of $62 billion were up 1% year-on-year, including the effect of a modest foreign exchange headwind. In Google Advertising, Search and Other, revenues grew 2% year-over-year, reflecting an increase in the travel and retail verticals, offset partially by a decline in finance as well as in media and entertainment. In YouTube Ads, we saw signs of stabilization and performance, while in network, there was an incremental pullback in advertiser spend. Google Other revenues were up 9% year-over-year led by strong growth in YouTube subscriptions revenues.

谷歌服務營收為 620 億美元，年增 1%，其中包括溫和的外匯逆風的影響。谷歌廣告、搜尋和其他業務的收入年增 2%，反映了旅遊和零售垂直領域的成長，但金融以及媒體和娛樂領域的下滑部分抵消了這一增長。在 YouTube 廣告方面，我們看到了穩定和表現的跡象，而在網路中，廣告商支出則出現了逐步回落。谷歌其他營收年增 9%，主要得益於 YouTube 訂閱收入的強勁成長。

Now let's double-click into the 3 areas I laid out last quarter where we see clear opportunities for long-term growth in advertising: number one, Google AI; number two, retail, which cuts across all of our ads products and services; and number three, YouTube.

現在讓我們仔細看看我上個季度列出的三個領域，在這些領域中，我們看到了廣告長期成長的明顯機會：第一，Google人工智慧；第二，零售，涉及我們所有的廣告產品和服務；第三名是 YouTube。

First, Google AI. I've said before, AI has long been an important driver of our business. Advancements are powering our ability to help businesses, big and small, respond in real time to rapidly changing market and consumer shifts and deliver measurable ROI when it's needed most. In Q1, we continue to innovate across our products.

首先是谷歌人工智慧。我之前說過，人工智慧一直是我們業務的重要驅動力。技術進步增強了我們幫助大大小小的企業即時回應快速變化的市場和消費者變化的能力，並在最需要的時候提供可衡量的投資報酬率。在第一季度，我們繼續對產品進行創新。

Take Core Search, for example. In targeting, we updated search keyword relevance using the latest natural language AI from MUM models to improve the relevance and performance of shown ads when there are multiple overlapping keywords eligible for an auction.

以核心搜尋為例。在定位方面，我們使用來自 MUM 模型的最新自然語言 AI ​​更新了搜尋關鍵字相關性，以便在有多個重疊關鍵字符合拍賣條件時提高所顯示廣告的相關性和表現。

In bidding, we improved our Smart Bidding models to bid more accurately based on differences in search ad formats. In other words, bid more effectively depending on how a user wants to engage with an ad.

在競價方面，我們改進了智慧競價模型，以便根據搜尋廣告格式的差異進行更準確的競價。換句話說，根據用戶希望如何與廣告互動來更有效地出價。

In Creatives, we opened our Automatically Created Assets beta to all advertisers in English. ACA generates text assets alongside your responsive search ads and uses AI to help reduce the amount of manual work to keep creatives fresh and relevant to users' query, context and to the advertisers' business.

在創意方面，我們向所有英語廣告商開放了自動建立資產測試版。 ACA 會在您的自適應搜尋廣告旁邊產生文字資產，並使用人工智慧來幫助減少手動工作量，以保持創意的新鮮度並與用戶的查詢、上下文和廣告商的業務相關。

To then unlock Core Search further and maximize conversions across all of Google, we're actively helping more advertisers paired together with Performance Max. Advertisers who use PMax are, on average, achieving over 18% more conversions at a similar CPA. This is up 5 points in just 14 months, thanks to advances in the AI underlying bidding, creatives, search query matching and new formats like YouTube Shorts.

為了進一步解鎖核心搜尋並最大限度地提高整個 Google 的轉換率，我們正在積極幫助更多廣告商與 Performance Max 合作。平均而言，使用 PMax 的廣告客戶在相似的每次轉換費用下可達到超過 18% 的轉換率。由於競價、創意、搜尋查詢匹配和 YouTube Shorts 等新格式背後的人工智慧的進步，這一數字在短短 14 個月內上升了 5 個百分點。

I mentioned earlier that travel was a contributor to growth. In March, we launched PMax for travel goals. Now even the smallest hoteliers can benefit from the expanded reach of hotel ads in PMax, like family-run Corissia Hotels Group, who drove a 32% increase in revenue and a 26% increase in total direct bookings within just 1 month of using PMax for travel goals. There's more to come here as we add even more AI product features. Stay tuned for more at Google Marketing Live in May.

我之前提到過，旅行是促進成長的因素。三月份，我們推出了針對旅行目標的 PMax。現在，即使是規模最小的酒店經營者也可以從 PMax 擴大的酒店廣告覆蓋範圍中受益，例如家族經營的 Corissia 酒店集團，該集團在使用 PMax 實現旅行目標後僅 1 個月內，收入就增長了 32%，直接預訂總量增長了 26%。隨著我們添加更多 AI 產品功能，這裡還會有更多內容。請關注 5 月的 Google Marketing Live 以了解更多內容。

Moving on to retail where we had a solid quarter. Our focus is on 3 pillars: number one, making Google a core part of shopping journeys for consumers and a valuable place for merchants to connect with users; number two, empowering more merchants to participate in our free listings and ads experiences; and number three, driving retail performance further with great ads products.

我們轉向零售業，本季業績表現穩健。我們的重點是三大支柱：第一，讓 Google 成為消費者購物旅程的核心部分和商家與用戶聯繫的寶貴場所；第二，讓更多商家參與我們的免費清單和廣告體驗；第三，透過出色的廣告產品進一步推動零售業績。

In a macro environment of do more with less, our tools and solutions are proving that we can deliver value for retailers online and omnichannel and drive high-value customers even in challenging times. Caraway, a direct-to-consumer maker of cookware, use Target ROAS to uncap budgets and PMax to optimize and deploy spend across Google inventory for its Q4 Black Friday campaign. PMax drove a 46% increase in revenue and 31% jump in ROAS, leading to Caraway's best business day in history and a robust reinvestment in its AI-first strategy for Q1.

在「用更少的資源做更多的事情」的宏觀環境下，我們的工具和解決方案證明，即使在充滿挑戰的時期，我們也可以為線上和全通路零售商提供價值，並吸引高價值客戶。 Caraway 是一家直接面向消費者的炊具製造商，它使用目標 ROAS 來限制預算，並使用 PMax 來優化和部署 Google 庫存支出，以應對其第四季度黑色星期五活動的需要。 PMax 的營收成長了 46%，ROAS 成長了 31%，這使得 Caraway 取得了歷史上最好的營業日，並對其第一季的 AI-first 策略進行了強勁的再投資。

For omni-focused retailers, we recently rolled out store sales reporting and bidding in Performance Max for store goals. This is helping retailers go beyond just optimizing to online conversions to also optimize to their stores, reaching and bidding for high-value customers who are more likely to spend in store.

對於全方位零售商，我們最近在 Performance Max 中推出了商店銷售報告和商店目標競價功能。這有助於零售商不僅優化線上轉換率，還可以優化他們的商店，接觸和競標更有可能在店內消費的高價值客戶。

Danish department store, Magasin, recently used our store sales solution to boost its omnichannel ROAS 128% versus online-only campaigns. Thanks to dynamic in-store values coming from its first-party data, including its high-value customers, Magasin can now, with confidence, measure the full impact of its online investments on both e-commerce and physical store revenue.

丹麥百貨公司 Magasin 最近使用我們的門市銷售解決方案，將其全通路 ROAS 提高了 128%（相對於純網路行銷活動）。由於來自第一方數據（包括高價值客戶）的動態店內價值，Magasin 現在可以自信地衡量其線上投資對電子商務和實體店收入的全面影響。

Turning to YouTube. Creators fuel YouTube's success. Across long form and shorts, music and podcasts, vertical and horizontal, YouTube is where Creators are incentivized to make their best work, which means the best content, more viewers and more opportunities for advertisers.

轉向 YouTube。創作者推動了 YouTube 的成功。無論是長篇還是短篇、音樂還是播客、垂直還是水平，YouTube 都是激勵創作者創作出最佳作品的地方，這意味著最好的內容、更多的觀眾和更多的廣告商機會。

As I said last quarter, our creator ecosystem and multi-format strategy will be key drivers of YouTube's long-term growth. And to support this growth, we're focused on, number one, Shorts; number two, engagement on CTV; number three, investing in our subscription offerings; and number four, a longer-term effort to make YouTube more shoppable.

正如我上個季度所說，我們的創作者生態系統和多格式策略將成為 YouTube 長期成長的關鍵驅動力。為了支持這一成長，我們首先關注的是 Shorts；第二，在 CTV 上的參與度；第三，投資我們的訂閱服務；第四，長期努力讓 YouTube 更具購物性。

First, Shorts. We're seeing strong watch time growth. Monetization is also progressing nicely. People are engaging and converting on ads across Shorts at increasing rates.

首先，短褲。我們看到觀看時間正在強勁增長。貨幣化也進展順利。人們在 Shorts 上參與廣告並進行轉換的比例正在不斷提高。

Number two, connected TV. As Sundar said, we're seeing momentum globally. Viewers love watching YouTube creators and their favorite content on the large screen. Advertisers are leaning in.

第二，連網電視。正如 Sundar 所說，我們在全球範圍內看到了這種勢頭。觀眾喜歡在大螢幕上觀看 YouTube 創作者和他們最喜歡的內容。廣告商正在傾力投入。

Zooming out more broadly for a second. Across YouTube, we're helping brands benefit from our expansive reach and drive the profitability they're looking for. In one of our largest marketing mix modeling studies to date, YouTube ROI is 40% higher than linear TV and 34% higher than all other online video, according to a customer analysis from January 2020 to March 2022 of Nielsen Compass ROI benchmarks across 16 countries and $19 billion of total media spend measured. This proves YouTube's ability to drive effectiveness at scale.

暫時縮小一倍。在 YouTube 上，我們正​​在幫助品牌從我們廣泛的影響力中獲益，並推動他們所尋求的獲利能力。在我們迄今為止最大的行銷組合模型研究之一中，根據 2020 年 1 月至 2022 年 3 月對 16 個國家的尼爾森指南針投資回報率基準和 190 億美元的總媒體支出進行的客戶分析，YouTube 的投資回報率比線性電視高 40%，比所有其他線上影片高出 34%。這證明了 YouTube 具有大規模提高效率的能力。

Next up are subscription offerings. The goal is to be a one-stop shop for multiple types of video content across both ad-supported and Premium services. Our launch of multiview on YouTube TV and our first-of-its-kind a la carte access for NFL Sunday Ticket are 2 examples of how we're investing here. Expect more updates over the coming quarters.

接下來是訂閱服務。我們的目標是成為涵蓋廣告支援服務和高級服務的多種類型影片內容的一站式商店。我們在 YouTube TV 上推出的多視圖以及我們為 NFL Sunday Ticket 提供的首創的點菜訪問是我們在此進行投資的兩個例子。預計未來幾季會有更多更新。

Number four, shopping on YouTube. It's still super early days. One highlight, last year, we brought shopping to more creators and brands by partnering with commerce platforms like Shopify. Now more than 100,000 creators, artists and brands have connected their own stores to their YouTube channels to sell their products. We're excited about the potential ahead.

第四，在 YouTube 上購物。現在還處於非常早期的階段。其中一個亮點是，去年，我們透過與 Shopify 等商業平台合作，為更多創作者和品牌帶來了購物體驗。目前已有超過 10 萬名創作者、藝術家和品牌將自己的商店連接到 YouTube 頻道來銷售他們的產品。我們對未來的潛力感到興奮。

I'll close with an awesome example of how we're bringing the best across Google to our partners to accelerate innovation, Mercedes-Benz. In February, we announced a first-of-its-kind partnership to bring Google Maps platform and YouTube into future Mercedes-Benz vehicles equipped with its next-gen MB.OS operating system. Beyond enabling the luxury automaker to design a customized navigation interface, we'll also provide AI and data cloud capabilities to advance their autonomous driving efforts and create an enhanced customer experience.

最後，我想用一個很棒的例子來結束我的演講，它展示了我們如何將谷歌的最佳資源帶給我們的合作夥伴——梅賽德斯-奔馳，以加速創新。今年 2 月，我們宣布了首個合作夥伴關係，將Google地圖平台和 YouTube 引入未來配備下一代 MB.OS 作業系統的賓士汽車。除了幫助豪華汽車製造商設計客製化的導航介面之外，我們還將提供人工智慧和數據雲功能，以推進他們的自動駕駛工作並創造增強的客戶體驗。

On that note, a big thank you, first, to our customers and partners for their trust and collaboration; and second, to all Googlers for all of their incredible work this quarter.

在此，我們首先要感謝客戶和合作夥伴的信任與合作；其次，感謝所有 Google 員工本季的出色工作。

Ruth, over to you.

露絲，交給你了。

Thank you, Philipp. Our financial results for the first quarter reflect continued healthy fundamental growth in Search and momentum in Cloud. As I go through the discussion today, I will reference some changes to our reporting and disclosures that are covered more fully in the 8-K we filed last week. I will conclude with our outlook.

謝謝你，菲利普。我們第一季的財務表現反映了搜尋業務持續健康的基本成長和雲端運算業務的發展動能。在今天的討論中，我將參考我們上週提交的 8-K 文件中更全面涵蓋的報告和揭露的一些變更。最後，我將闡述我們的展望。

For the first quarter, our consolidated revenues were $69.8 billion, up 3% or up 6% in constant currency. Search remained the largest contributor to revenue growth on a constant currency basis.

第一季度，我們的綜合營收為 698 億美元，成長 3%，以固定匯率計算成長 6%。以固定匯率計算，搜尋仍是收入成長的最大貢獻者。

In terms of expenses and profitability, year-on-year comparisons are impacted by 3 factors: first, the $2.6 billion in charges we took in the first quarter related to workforce and office space reductions. We provided a table in our earnings release that shows the impact of those charges on cost of revenues and operating expenses.

在費用和獲利能力方面，年比變化受到三個因素的影響：首先，第一季我們因裁減員工和減少辦公空間而產生的費用為 26 億美元。我們在收益報告中提供了一個表格，顯示了這些費用對收入成本和營運費用的影響。

Second, the adjustment we made to the estimated useful lives of servers and certain network equipment at the beginning of 2023. As you can see in our earnings release, the effect for the first quarter was a reduction in depreciation expense of $988 million.

其次，我們在 2023 年初對伺服器和某些網路設備的預計使用壽命進行了調整。正如您在我們的收益報告中所看到的，第一季的效果是折舊費用減少了 9.88 億美元。

Third, the shift in timing of our annual employee stock-based compensation awards from January to March delays the step-up in SBC from Q1 to Q2. This shift in timing does not affect the total amount of SBC over the full year 2023.

第三，我們年度員工股票薪酬獎勵的時間從 1 月推遲到 3 月，導致 SBC 的成長從第一季推遲到第二季。此時間變化不會影響 2023 年全年的 SBC 總量。

Total cost of revenues was $30.6 billion, up 3%, driven by other cost of revenues of $18.9 billion, which was up 7%, the biggest factor of which was compensation costs associated with data centers and other operations and followed by content acquisition costs.

總收入成本為 306 億美元，成長 3%，其中其他收入成本為 189 億美元，成長 7%，其中最大的因素是與資料中心和其他營運相關的補償成本，其次是內容獲取成本。

Operating expenses were $21.8 billion, up 19%, with a significant impact from the charges related to workforce and office space reductions. Operating income was $17.4 billion, down 13%, and our operating margin was 25%. Net income was $15.1 billion.

營運費用為 218 億美元，成長 19%，主要受到與裁減員工和減少辦公空間相關的費用的影響。營業收入為 174 億美元，下降 13%，營業利益率為 25%。淨收入為151億美元。

We delivered free cash flow of $17.2 billion in the first quarter and $62 billion for the trailing 12 months. We ended the quarter with $115 billion in cash and marketable securities.

我們第一季的自由現金流為 172 億美元，過去 12 個月的自由現金流為 620 億美元。本季結束時，我們的現金和有價證券總額為 1,150 億美元。

Turning to our segment results. These were affected by 2 additional changes outlined in our 8-K filing. First, reflecting the increasing collaboration between DeepMind and Google Services, Google Cloud, and Other Bets, as of Q1, DeepMind is reported as part of Alphabet's unallocated corporate costs. And second, beginning in the first quarter, we updated our cost allocation methodologies to provide our business leaders with increased transparency for decision-making.

談到我們的分部表現。這些受到我們 8-K 文件中概述的另外 2 項變更的影響。首先，反映出 DeepMind 與 Google 服務、Google Cloud 和其他業務之間日益加強的合作，截至第一季度，DeepMind 被報告為 Alphabet 未分配的公司成本的一部分。其次，從第一季開始，我們更新了成本分配方法，為我們的業務領導者提供更高的決策透明度。

In our filing, we provided a recast of prior period results for the segment for these 2 changes. The highlights of the year-on-year performance of our segments that I will review reflect these recast results.

在我們的文件中，我們針對這兩項變更對該部門前期業績進行了重述。我將回顧我們各部門同比業績的亮點，這些亮點反映了這些重塑的結果。

Starting with Google Services. Revenues were $62 billion, up 1%. Google Search and other advertising revenues of $40.4 billion in the quarter were up 2%. YouTube advertising revenues of $6.7 billion were down 3%. Network advertising revenues of $7.5 billion were down 8%. Other revenues were $7.4 billion, up 9%, reflecting primarily ongoing significant subscriber growth in YouTube TV and YouTube Music Premium. TAC was $11.7 billion, down 2%, primarily reflecting a mix shift between Search and Network. Google Services operating income was $21.7 billion, down 1%, and the operating margin was 35%.

從 Google 服務開始。營收為 620 億美元，成長 1%。本季Google搜尋和其他廣告收入為 404 億美元，成長 2%。 YouTube廣告收入為67億美元，下降了3%。網路廣告收入75億美元，下降8%。其他收入為 74 億美元，成長 9%，主要反映了 YouTube TV 和 YouTube Music Premium 用戶數量的持續大幅成長。 TAC 為 117 億美元，下降 2%，主要反映了搜尋和網路之間的組合轉變。谷歌服務營運收入為217億美元，下降1%，營運利潤率35%。

Turning to the Google Cloud segment. Revenues were $7.5 billion for the quarter, up 28%. Growth in GCP remained strong across geographies, industries and products. Google Workspace's strong results were driven by increases in both seats and average revenue per seat. Google Cloud had operating income of $191 million, and the operating margin was 2.6%. As to our Other Bets, for the first quarter, revenues were $288 million, and the operating loss was $1.2 billion.

轉向 Google Cloud 部分。本季營收為 75 億美元，成長 28%。 GCP 在各個地區、產業和產品上都保持著強勁的成長勢頭。 Google Workspace 的強勁業績得益於席次數和每席平均收入的增加。谷歌雲端的營業收入為1.91億美元，營業利益率為2.6%。至於我們的其他投資，第一季的營收為 2.88 億美元，營運虧損為 12 億美元。

Turning to our outlook for the business. In terms of the operating environment, our results in the first quarter reflected ongoing headwinds due to a challenging economic environment, and the outlook remains uncertain. Foreign exchange headwinds have moderated, and we expect less of a foreign exchange headwind in the second quarter based on current spot rates.

談談我們對業務的展望。在經營環境方面，我們第一季的業績反映出由於充滿挑戰的經濟環境而持續面臨的阻力，前景仍然不確定。外匯逆風已經減弱，根據目前的現貨匯率，我們預期第二季外匯逆風將會減弱。

With respect to Google Services, within advertising, Q1 results reflect the resilience of Search with its unique ability to surface demand and deliver measurable ROI. Excluding the impact of foreign exchange, the revenue growth of Search was similar to last quarter.

就 Google 服務而言，在廣告領域，第一季的業績反映了搜尋的彈性，它具有獨特的發現需求和提供可衡量的投資回報率的能力。剔除外匯影響，搜尋業務收入增幅與上季持平。

In YouTube, we saw signs of stabilization in ad spend on a sequential basis. We continue to prioritize growth in Shorts engagement where we are encouraged by progress in monetization. As to other revenues, in YouTube subscriptions, we are pleased with the significant ongoing subscriber growth in both YouTube Music Premium and YouTube TV.

在 YouTube 上，我們看到了廣告支出連續趨於穩定的跡象。我們繼續優先考慮 Shorts 參與度的成長，貨幣化的進展令我們感到鼓舞。至於其他收入，在 YouTube 訂閱方面，我們對 YouTube Music Premium 和 YouTube TV 的訂閱用戶數量持續大幅成長感到滿意。

In Play, revenues were down year-on-year, primarily due to the continued impact of foreign exchange in APAC, although results have improved as we lapped the impact from our introduction of fee reductions last year.

在 Play 業務方面，營收年減，主要原因是亞太地區外匯的持續影響，儘管由於我們去年引入費用降低措施的影響，業績有所改善。

Turning to Google Cloud. Our investments in product innovation, our go-to-market organization and our partner ecosystem delivered strong results as customers across industries and geographies increasingly rely on Google Cloud to digitally transform their businesses. That being said, in Q1, we continued to see slower growth of consumption as customers optimized GCP costs, reflecting the macro backdrop which remains uncertain. In terms of operating performance, we remain focused on driving long-term profitable growth in Cloud while continuing to invest given the substantial opportunity.

轉向 Google Cloud。隨著各行各業和各地區的客戶越來越依賴 Google Cloud 來實現業務的數位轉型，我們在產品創新、行銷組織和合作夥伴生態系統方面的投資取得了強勁的成果。話雖如此，在第一季度，由於客戶優化了 GCP 成本，我們繼續看到消費成長放緩，這反映出宏觀背景仍然不確定。在經營業績方面，我們仍將專注於推動雲端運算領域的長期獲利成長，同時抓住巨大機會繼續進行投資。

Moving to Other Bets. In the first quarter, we similarly worked to refine strategies and prioritize efforts across the portfolio, including reductions to head count.

轉向其他投注。在第一季度，我們同樣致力於完善策略並確定整個投資組合的優先工作，包括裁員。

I will now walk you through an update on our efforts to reengineer our cost base, slowing the pace of operating expense growth while creating capacity for key investment areas, particularly in support of AI across the company.

現在，我將向大家介紹我們為重新設計成本基礎所做的努力的最新進展，減緩營運費用的成長速度，同時為關鍵投資領域創造能力，特別是在支援整個公司的人工智慧方面。

First, as discussed on the fourth quarter call, we have efforts underway in 3 broad categories: number one, using AI and automation to improve productivity across Alphabet for operational tasks as well as the efficiency of our technical infrastructure; number two, managing our spend with suppliers and vendors more effectively; and number three, continuing to optimize how and where we work. As we've noted previously, all 3 work streams are ramping up this year, and we plan to build on these efforts in 2024 and in subsequent years.

首先，正如在第四季度電話會議上所討論的，我們正在進行三大類的工作：第一，使用人工智慧和自動化來提高 Alphabet 的營運任務的生產力以及我們的技術基礎設施的效率；第二，更有效地管理我們與供應商和廠商的支出；第三，繼續優化我們的工作方式和地點。正如我們之前提到的，今年所有 3 個工作流程都在加速推進，我們計劃在 2024 年及以後繼續努力。

Second, with respect to head count growth. The reported number of employees at the end of the first quarter includes almost all of the employees impacted by the workforce reduction we announced in January. We expect most of the impacted individuals will no longer be reflected in our head count by the end of the second quarter. In terms of the outlook for head count for the year, as we shared last quarter, we are meaningfully slowing the pace of hiring in 2023 while still investing in priority areas, particularly for top engineering and technical talent.

第二，關於員工人數成長。第一季末報告的員工人數幾乎涵蓋了我們一月份宣布的裁員行動所影響的所有員工。我們預計，到第二季末，大多數受影響的個人將不再反映在我們的員工總數中。就今年的員工人數前景而言，正如我們上個季度所分享的那樣，我們將在 2023 年大幅放緩招聘速度，同時仍對重點領域進行投資，特別是對頂尖工程和技術人才。

In terms of our investments in AI, we are excited about the creation of Google DeepMind, combining the Brain Team from Google Research with DeepMind, with the goal to accelerate innovation and impact. Beginning in the second quarter of 2023, the costs associated with teams and activities transferred from Google Research will move from Google Services to Google DeepMind within Alphabet's unallocated corporate costs.

在人工智慧投資方面，我們對 Google DeepMind 的創建感到非常興奮，它將 Google Research 的大腦團隊與 DeepMind 結合起來，目標是加速創新和影響力。從 2023 年第二季開始，從 Google Research 轉移的團隊和活動的相關成本將在 Alphabet 未分配的企業成本範圍內從 Google 服務轉移到 Google DeepMind。

Finally, as it relates to CapEx, for 2023, we now expect total CapEx to be modestly higher than in 2022. As discussed last quarter, CapEx this year will include a meaningful increase in technical infrastructure versus a decline in office facilities. We expect the pace of investment in both data center construction and servers to step up in the second quarter and continue to increase throughout the year.

最後，就資本支出而言，對於 2023 年，我們現在預計總資本支出將略高於 2022 年。正如上個季度所討論的那樣，今年的資本支出將包括技術基礎設施的大幅增加，而辦公設施的減少。我們預計資料中心建設和伺服器的投資步伐將在第二季加快，並在全年繼續增加。

Thank you. Sundar, Philipp and I will now take your questions.

謝謝。桑達爾、菲利普和我現在將回答你們的問題。

(Operator Instructions) Your first question comes from Brian Nowak of Morgan Stanley.

（操作員指示）您的第一個問題來自摩根士丹利的 Brian Nowak。

I have 2. First one for Sundar. Sundar, I guess as you think over the course of the next 12 months, I know you have a lot of new AI tools to show us, what new behavior changes or capabilities are you most excited about for users, developers and advertisers as these tools come out?

我有 2 個。第一個是給 Sundar 的。 Sundar，我想，正如您所想，在接下來的 12 個月裡，您將向我們展示許多新的 AI 工具，隨著這些工具的推出，您最期待用戶、開發人員和廣告商的哪些新行為變化或功能？

And then the second one for Ruth. Could you talk to us about how much of the AI tools have you incorporated internally to sort of drive more productivity out of your engineers, your sales force, your G&A? Or is that sort of something to come over the next couple of years?

然後第二個是給露絲的。您能否告訴我們，您在內部採用了多少人工智慧工具來提高工程師、銷售人員和 G&A 部門的工作效率？或者這種事情會在未來幾年內發生？

Thanks, Brian. It is an exciting time. I do think we see an opportunity across the breadth of what we do at Google to improve our experiences. Obviously, in Search, we have been using AI for a while. It's what has really helped lead Search and Search quality for the past few years using LLMs. We now have a chance to more natively use LLMs. And I think the main way -- and by the way, as I said in my remarks, we are going to be deliberate. We're going to -- our North Star is getting it right for users. So we'll iterate and innovate as we have always done.

謝謝，布萊恩。這是一個令人興奮的時刻。我確實認為，我們在谷歌所做的各個方面都看到了改善我們體驗的機會。顯然，在搜尋方面，我們已經使用人工智慧一段時間了。這正是過去幾年使用 LLM 真正幫助引領搜尋和搜尋品質的原因。我們現在有機會更本土化地使用 LLM。我認為主要的方式——順便說一句，正如我在發言中所說，我們將深思熟慮。我們將會—我們的北極星正在為使用者提供正確的服務。因此，我們將像往常一樣不斷迭代和創新。

The main area maybe I'm excited by is we do know from experience that users come back to Search. They follow on. They're engaging back on stuff they already did. And so for us, to use LLMs in a way we can serve those use cases better, I think it's a real opportunity. Obviously, if it's YouTube, the chance to really improve experiences for Creators and consumers in terms of how the videos are viewed, et cetera, I think you can expect changes. Workspace, we already have changes rolling out, and it's an area where I think we'll see the biggest advances because I think productivity is a strong use case in which generative AI can help.

我感到興奮的主要領域可能是我們確實從經驗中知道用戶會回到搜尋。他們繼續跟進。他們又開始從事已經做過的事。因此對我們來說，利用 LLM 來更好地服務這些用例，我認為這是一個真正的機會。顯然，如果是 YouTube，就影片觀看方式等方面而言，它有機會真正改善創作者和消費者的體驗，我認為你可以期待改變。工作空間，我們已經推出了一些變化，我認為我們將在這個領域看到最大的進步，因為我認為生產力是產生人工智慧可以提供幫助的一個強有力的用例。

And obviously, on Cloud, this has been an important moment to us, pretty much every organization is thinking about how to use AI to drive transformation. And so across the board, from start-ups to large companies, they are engaging with us. And so I view it as a point of inflection there as well. Ruth?

顯然，在雲端方面，這對我們來說是一個重要的時刻，幾乎每個組織都在思考如何使用人工智慧來推動轉型。因此，從新創公司到大公司，他們都在與我們合作。因此，我也將其視為一個轉捩點。露絲？

And then in terms of the second part of your question, AI has been so much a part of what we've been doing for quite some time that there are a number of different ways to answer it. One is, as I noted, we have a number of efficiency efforts underway, and one of them is about using AI and automation to further improve productivity across Alphabet. That being said, we already have AI in a lot of what we do, for example, in the way we operate and run the finance organization. It's helpful in a lot of the analytics that we use. And one of the exciting things for us is the opportunity then to share that with Cloud customers.

關於你問題的第二部分，人工智慧已經成為我們長期以來所做工作的重要組成部分，因此有很多不同的方式來回答它。一是，正如我所指出的，我們正在進行一系列提高效率的努力，其中之一就是利用人工智慧和自動化來進一步提高 Alphabet 的生產力。話雖如此，我們在許多工作中已經採用了人工智慧，例如，我們經營和管理金融機構的方式。它對我們使用的許多分析都很有幫助。對我們來說，令人興奮的事情之一就是有機會與雲端客戶分享這一點。

And Sundar just noted what we're doing within Google Workspace. We obviously all live on Google Workspace. And so that's another example of how we benefit internally from the productivity from AI, but it's also something that's available for users and enterprise customers more broadly. And then finally, one of the areas that we've talked about is the opportunity with our compute capacity and all that we've done there and the infrastructure innovation which, again, is helpful internally for what we do but on behalf of our customers.

Sundar 剛剛提到了我們在 Google Workspace 內所做的事情。顯然，我們都依賴 Google Workspace。這是我們內部如何從人工智慧的生產力中受益的另一個例子，但它也可以更廣泛地為使用者和企業客戶所用。最後，我們討論的領域之一是我們的運算能力帶來的機會以及我們在那裡所做的一切，以及基礎設施創新，這不僅對我們內部的工作有幫助，也代表了我們的客戶。

The next question comes from Doug Anmuth of JPMorgan.

下一個問題來自摩根大通的 Doug Anmuth。

One for Sundar and then one for Ruth. Sundar, just as you think about integrating Bard into your Search products over time, can you just talk more about what percentage of Search queries you think would utilize large language model-type responses? And how should we think about the cost of running Search on these models relative to today?

一個是給 Sundar 的，另一個是給 Ruth 的。 Sundar，正如您考慮將 Bard 整合到您的搜尋產品中一樣，您能否詳細談談您認為有多少比例的搜尋查詢會利用大型語言模型類型的回應？我們應該如何看待在這些模型上運行搜尋的成本相對於今天而言？

And then, Ruth, I was just hoping you could follow up on your comment on CapEx, maybe if you could help us understand the modest step-up in CapEx relative to 3 months ago.

然後，露絲，我只是希望你能跟進你對資本支出的評論，也許你能幫助我們理解與 3 個月前相比資本支出的適度增長。

Thanks, Doug. Obviously, we have launched Bard as a complementary product to Search. But we'll be bringing LLM experiences more natively into Search as well. I do think, first of all, we'll be rolling it out in an incremental way so that we can test, iterate and innovate. So I think we'll approach it that way. I think overall, I think it can apply to a broad range of queries. So I think I'm excited that it can allow us to better help users in a category of queries, maybe in which there was no right answer and they are more creative, et cetera. So I think those are opportunities. But even in our existing query categories where we get a chance to do some heavy lifting for the users and use AI to better guide them, I think you will see us exploring in those directions as well. It's early days, but I think there's a lot of innovation to come.

謝謝，道格。顯然，我們推出 Bard 是為了作為 Search 的補充產品。但我們也會將 LLM 體驗更原生地引入搜尋中。我確實認為，首先，我們將以漸進的方式推出它，以便我們可以測試、迭代和創新。所以我認為我們會以這種方式來處理。我認為總的來說，它可以適用於廣泛的查詢。所以我很高興它可以讓我們更好地幫助某一類查詢中的用戶，也許其中沒有正確的答案並且他們更有創造力等等。所以我認為這些都是機會。但即使在我們現有的查詢類別中，我們也有機會為用戶做一些繁重的工作，並使用人工智慧來更好地指導他們，我想你也會看到我們在這些方向上進行探索。現在還處於早期階段，但我認為未來還會有很多創新。

On the cost side, we have always -- cost of compute has always been a consideration for us. And if anything, I think it's something we have developed extensive experience over many, many years. And so for us, it's a nature of habit to constantly drive efficiencies in hardware, software and models across our fleet. And so this is not new. If anything, the sharper the technology curve is, we get excited by it, because I think we have built world-class capabilities in taking that and then driving down cost sequentially and then deploying it at scale across the world. So I think we'll take all that into account in terms of how we drive innovation here, but I'm comfortable with how we'll approach it.

在成本方面，我們始終——計算成本一直是我們考慮的因素。如果有什麼不同的話，我認為這是我們多年來積累的豐富經驗。因此，對我們來說，不斷提高整個車隊的硬體、軟體和模型的效率是一種習慣。這並不是什麼新鮮事。如果有什麼不同的話，那就是技術曲線越陡峭，我們就越興奮，因為我認為我們已經建立了世界一流的能力，可以採用這種技術，然後逐步降低成本，然後在世界範圍內大規模部署。因此，我認為我們會將所有這些因素都考慮在內，以決定我們如何推動創新，但我對我們的處理方式感到滿意。

And in terms of CapEx, we do now expect that total CapEx for the year, for 2023, will be modestly higher than in 2022. And I tried to point out that we're expecting a step-up in the second quarter, and that will continue to increase throughout the year. And as we discussed last quarter, AI is a key component. It underlies everything that we do. And we're continuing to invest in support of AI, support of our users, advertisers and our Cloud customers as we're commenting on here. And then as we talked about last quarter, the increase in CapEx for the full year 2023 reflects the sizable increase in technical infrastructure investment and, on the flip side, a decline in office facilities relative to last year.

就資本支出而言，我們現在預計 2023 年全年的總資本支出將略高於 2022 年。我想指出的是，我們預計第二季資本支出將增加，並且全年將繼續增加。正如我們上個季度所討論的，人工智慧是一個關鍵組成部分。它是我們所做的一切的基礎。正如我們在這裡評論的那樣，我們將繼續投資於人工智慧的支援、我們的用戶、廣告商和雲端客戶的支援。正如我們上個季度所討論的，2023 年全年資本支出的成長反映了技術基礎設施投資的大幅增加，另一方面，辦公設施相對於去年有所下降。

The next question comes from Eric Sheridan from Goldman Sachs.

下一個問題來自高盛的 Eric Sheridan。

Maybe 2, if I could, first on cloud. Obviously, one of the dominant themes, and you touched upon it, is this client optimization theme that's going on broadly in cloud computing. Can you give us a little bit more of your perspective on where we are in terms of the optimization theme broadly in cloud computing as a headwind to either revenue growth or backlog growth compared to the tailwinds of broader long-term consumption growth and, possibly, the contribution of AI initiatives to cloud computing growth?

如果可以的話，也許是 2，首先在雲端。顯然，其中一個主要主題，正如您所提到的，是雲端運算中廣泛存在的客戶端最佳化主題。您能否向我們詳細介紹一下我們在雲端運算優化主題方面所處的位置，與更廣泛的長期消費成長的順風以及人工智慧計畫對雲端運算成長的貢獻相比，雲端運算優化主題對收入成長或積壓成長構成了阻力？

And then second on YouTube, obviously, you've seen a lot of success with respect to engagement and consumption on Shorts. Can you give us an update on where we are on monetization in Shorts compared to the consumption you've already seen in usage shifts?

其次，在 YouTube 上，顯然，您已經看到 Shorts 在參與度和消費方面取得了巨大成功。您能否向我們介紹一下 Shorts 的盈利情況，以及與您在使用變化中已經看到的消費情況相比，目前的盈利情況如何？

So in terms of the cloud question, the point we're trying to underscore is there's uncertainty in the economic environment. And so we saw some headwind from slower growth of consumption, with customers really looking to optimize their cost given that macro climate. I'll leave the forecasting to you on that. But as both Sundar and I commented on, really pleased with the momentum that the team has been delivering and the breadth of what they've been working on.

因此，就雲端問題而言，我們試圖強調的一點是經濟環境存在不確定性。因此，我們看到了消費成長放緩帶來的一些阻力，在宏觀環境下，客戶確實希望優化成本。我將把這方面的預測留給你。但正如 Sundar 和我所評論的那樣，我們對團隊所展現出的勢頭以及他們所從事工作的廣度感到非常高興。

I do think, I would add, that we are leaning into optimization. I mean that's an important moment to help our customers, and we take a long-term view. And so it's definitely an area we are leaning in and trying to help customers make progress in their efficiencies where we can. Philipp?

我想補充的是，我確實認為我們正在傾向於優化。我的意思是，這是幫助我們的客戶的重要時刻，我們要有長遠的眼光。因此，這絕對是我們努力的方向，並盡力幫助客戶提高效率。菲利普？

Yes, on the Shorts side, look, Shorts viewership is growing rapidly. We announced 50 billion plus daily views on the Q4 earnings call, up from 30 billion last spring. We're pleased with our continuing progress in monetization. As I said earlier, people are engaging and converting on ads across Shorts at increasing rates. Closing the gap between Shorts and long form is a top priority for us as is continuing to build a greater creator and user experience. Ads on Shorts are now available via video action app, Discovery and Performance Max campaigns and via product feeds. Shorts also are shoppable.

是的，從 Shorts 方面來看，你看，Shorts 的觀眾人數正在迅速增長。我們在第四季財報電話會議上宣布，每日瀏覽量已超過 500 億次，高於去年春季的 300 億次。我們對貨幣化方面不斷取得的進展感到滿意。正如我之前所說，人們在 Shorts 上參與廣告並進行轉換的比例正在不斷提高。縮小 Shorts 和長篇之間的差距是我們的首要任務，同時我們將繼續打造更出色的創作者和使用者體驗。 Shorts 上的廣告現在可以透過影片行動應用程式、Discovery 和 Performance Max 廣告系列以及產品資訊流投放。短褲也可以買。

Again, we're the only destination where Creators can produce all forms of content across multiple formats and screens with multiple ways to make a living. And as Sundar said, last year, the number of channels that uploaded to Shorts daily grew over 80%. And then in February, we brought revenue sharing to Shorts via our YouTube Partner program. Our sustainable revenue sharing model at scale remains pretty unique in the industry, and we continue to see strong creator adoption. So ultimately, our goal is to make YouTube the best places for Shorts viewers and Creators. And that's really what we're focused on right now.

再說一次，我們是創作者能夠以多種格式和螢幕製作各種形式內容、透過多種方式謀生的唯一目的地。正如 Sundar 所說，去年，每天上傳到 Shorts 的頻道數量增加了 80% 以上。然後在二月份，我們透過 YouTube 合作夥伴計畫為 Shorts 帶來了收益分成。我們的大規模永續收入分享模式在業界仍然相當獨特，我們繼續看到創作者的強烈採用。因此，我們的最終目標是讓 YouTube 成為 Shorts 觀眾和創作者的最佳平台。這確實是我們現在關注的重點。

The next question comes from Ross Sandler of Barclays.

下一個問題來自巴克萊銀行的羅斯桑德勒。

I'll just ask a tough question. Sundar, you came up in a group that structured a lot of the Android partnerships from inception and I believe possibly the iOS agreement as well. So how do you feel about Alphabet's ability to maintain the unit economics with these partnerships in light of Microsoft's ambitions to increase its share of paid search? And Ruth, does this have any impact on your outlook for profitability of overall Alphabet over the long term?

我只想問一個棘手的問題。 Sundar，你加入的團隊從一開始就建立了許多 Android 合作夥伴關係，我相信也可能建立了 iOS 協定。那麼，鑑於微軟雄心勃勃地想要增加付費搜尋份額，您如何看待 Alphabet 透過這些合作關係來維持單位經濟效益的能力？露絲，這對你對 Alphabet 長期整體獲利能力的展望有影響嗎？

Maybe I'll -- look, I think, these dynamics have always been around. It's important to remember. As far as I can remember, we've always been in a competitive environment for these deals. And while I can't comment on the specifics of any of our partnership agreements, what has served us well is always, first of all, building the best product possible, focused on giving value to users.

也許我會——看，我認為，這些動力一直存在。記住這一點很重要。就我所記得，我們​​在這些交易中一直處於競爭環境中。雖然我無法評論我們任何合作協議的具體內容，但對我們有益的始終是，首先，打造最好的產品，專注於為用戶創造價值。

And when we work with our partners, we work hard to create a win-win experience. And ultimately, partners end up choosing us because that's what their users want. That's always been what's helped Search be widely distributed. So I think it all starts with continuing to innovate and improve Search and making sure we are leading there. So I think we've always approached it very robustly over the many, many years, and I'm comfortable that we'll continue to be able to do so.

當我們與合作夥伴合作時，我們努力創造雙贏的體驗。最終，合作夥伴選擇我們，因為這是他們的用戶想要的。這一直是幫助搜尋廣泛傳播的原因。因此，我認為一切都始於不斷創新和改進搜尋並確保我們在該領域處於領先地位。所以我認為，多年來我們一直以非常積極的態度來處理這個問題，我相信我們能夠繼續這樣做。

And then in terms of just longer-term profitability, I think I'll broaden out your question somewhat because the way we're looking at it is we continue to be committed to investing for growth, and we want to ensure we have overall capacity for growth. And so we have a number of work streams underway to, as we keep describing it, durably reengineer our cost base. And in particular, what we're excited about are long-term opportunities with AI and we want to make sure we have the capacity to continue to invest there in the other areas where we see long-term growth in Search and Ads, Cloud, YouTube, hardware. And so that underscores our efforts to build in additional flexibility.

然後就長期獲利能力而言，我想我會稍微擴大你的問題，因為我們看待這個問題的方式是我們繼續致力於投資成長，我們希望確保我們擁有整體成長能力。因此，我們正在進行多項工作，正如我們一直描述的那樣，持久地重新設計我們的成本基礎。尤其是，我們對人工智慧的長期機會感到興奮，我們希望確保我們有能力繼續在我們看到搜尋和廣告、雲端、YouTube、硬體等長期成長的其他領域進行投資。這凸顯了我們為增強靈活性所做的努力。

And as we have said repeatedly, we want to ensure that expense growth is not growing out of revenue growth, and that means driving revenue growth and really being as disciplined as we can on these various work streams that we've discussed earlier in this call and last quarter as well to improve our expense growth trajectory.

正如我們一再所說的，我們希望確保費用成長不會超過收入成長，這意味著推動收入成長，並儘可能嚴格地管理我們在本次電話會議和上個季度早些時候討論過的各種工作流程，以改善我們的費用成長軌跡。

The next question will come from Justin Post of BAML.

下一個問題來自美銀美林的賈斯汀波斯特 (Justin Post)。

Maybe one for Sundar and one for Ruth. Sundar, you got the cost question on learning language models into Search. Can you talk about revenues? I think, on one hand, you'll see better relevancy and maybe better results with higher conversion. But on the other hand, there might be fewer areas for ads or fewer queries because people get answers more quickly. Are you optimistic on that transition? Maybe give us your thoughts there.

也許一個是給 Sundar 的，一個是給 Ruth 的。 Sundar，您問到了關於將語言模型學習到搜尋中的成本問題。能談談收入嗎？我認為，一方面，您會看到更好的相關性，也許還有更高的轉換率和更好的結果。但另一方面，由於人們能夠更快獲得答案，因此廣告區域可能會減少或查詢會減少。您對這種轉變持樂觀態度嗎？也許可以告訴我們您的想法。

And then, Ruth, backing out the onetime charges, it looks like OpEx growth is now 8%, so real progress there. Could you give us a flavor of where you are, you think, in your optimization cycle?

然後，露絲，除去一次性費用，看起來營運支出成長率現在是 8%，所以這是真正的進步。您能否向我們介紹一下您認為的最佳化週期所處的位置？

So first of all, throughout the years, as we have gone through many, many shifts in Search, and as we've evolved Search, I think we've always had a strong grounded approach in terms of how we evolve ads as well. And we do that in a way that makes sense and provide value to users. The fundamental drivers here are people are looking for relevant information. And in commercial categories, they find ads to be highly relevant and valuable. And so that's what drives this virtuous cycle.

首先，這些年來，隨著我們在搜尋領域經歷了許多轉變，隨著我們搜尋的不斷發展，我認為我們在廣告發展方面也始終採取了強有力的紮實方法。我們以合理的方式來做到這一點，並為用戶提供價值。這裡的根本驅動力是人們正在尋找相關資訊。在商業類別中，他們發現廣告具有高度的相關性和價值。這就是推動良性循環的因素。

And I don't think the underpinnings over the fact that users want relevant commercial information, they want choice in what they look at, even in areas where we are summarizing and answering, et cetera, users want choice. We care about sending traffic. Advertisers want to reach users. And so all those dynamics, I think, which have long served us well, remain. And as I said, we'll be iterating and testing as we go. And I feel comfortable we'll be able to drive innovation here like we've always done.

我認為，用戶想要的是相關的商業訊息，他們想要選擇他們所查看的內容，即使在我們總結和回答等領域，用戶也想要選擇。我們關心發送流量。廣告商希望接觸用戶。因此，我認為，所有這些長期以來對我們有益的動力都保留了下來。正如我所說的，我們會不斷進行迭代和測試。我確信我們能夠像往常一樣在這裡推動創新。

And in terms of our OpEx trajectory, yes, there was the elevated expense and OpEx from the $2.6 billion in severance and office space charges. There was also a $988 million benefit from lower depreciation due to the change in useful lives, but that obviously is an ongoing benefit. And there was also, as we noted in our earnings release, a benefit from the shift in timing of stock-based compensation from the first quarter to the second quarter, so a little bit of complexity there.

就我們的營運支出軌跡而言，是的，26 億美元的遣散費和辦公空間費用導致費用和營運支出增加。由於使用壽命的改變，折舊成本降低也帶來了 9.88 億美元的收益，但這顯然是一項持續的收益。而且，正如我們在收益報告中指出的那樣，股票薪酬發放時間從第一季轉移到第二季度也帶來了好處，因此這方面存在一些複雜性。

But at the core of your question, we remain extremely focused on these various work streams that we've talked about. It starts with the pace of hiring. It goes to the various work streams that both Sundar and I referenced around using AI and automation to improve productivity, all that we're doing with suppliers and vendors to be as efficient as possible, all that we're doing around optimizing how and where we work. You've seen some of those announcements this quarter beyond the workforce reduction, things that we're doing in, for example, office services, and we're executing against each of these various work streams. So our view is that there's more to do. And as we try to be clear, we're in execution mode. You'll see some of the benefit in '23, you'll see more of it in '24 and we're going to continue building against it beyond.

但從您問題的核心來看，我們仍然非常關注我們討論過的這些不同的工作流程。首先要考慮的是招募的速度。它涉及到 Sundar 和我提到的使用人工智慧和自動化來提高生產力的各種工作流程，我們與供應商和供應商合作所做的一切以盡可能提高效率，我們所做的一切都是為了優化我們的工作方式和地點。您已經看到了本季度的一些公告，除了裁員之外，我們還在做一些事情，例如辦公室服務，我們正在針對各個工作流程執行這些工作。因此我們認為還有很多工作要做。當我們試圖明確時，我們處於執行模式。您將在 2023 年看到一些好處，在 2024 年您會看到更多好處，並且我們將繼續為此而努力。

The next question comes from Michael Nathanson of MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Michael Nathanson。

I have one for Philipp and one for Ruth. Philipp, we're trying to get under the hood on Search advertising and trying to understand changes in demand between sellers of goods and sellers of services. Can you give us any help looking at the service side? Has demand returned back to pre-pandemic levels? And then in terms of goods and e-commerce, have you seen a slowing of demand? Anything you can help us kind of put this -- level set it back to maybe pre-pandemic levels to understand services versus goods demand?

我有一個給菲利普，還有一個給露絲。菲利普，我們正在嘗試深入了解搜尋廣告，並試圖了解商品賣家和服務賣家之間的需求變化。您能在服務方面給我們任何幫助嗎？需求是否已恢復至疫情前的水準？那麼就商品和電子商務而言，您是否看到需求放緩？您能否幫助我們將這個水準恢復到疫情前的水平，以了解服務與商品的需求？

And then for Ruth, on the terms of efficiency and being more diligent, how does the significantly higher cost of capital impact the way you're managing and evaluating the Other Bets assets? Anything there on how you may be rethinking some of the Other Bets? And what are you doing in changing some of the structures about the Other Bets assets?

那麼對於露絲來說，從效率和更勤勉的角度來看，顯著提高的資本成本如何影響您管理和評估其他投資資產的方式？您如何重新考慮其他一些賭注？您在改變其他賭注資產的一些結構方面做了什麼？

It was a bit hard to hear you. You were breaking up. So I think I'm going to start and address what I heard as to the second question, as we're looking at higher cost of capital in this environment, how does that affect the way we're looking at Other Bets. Hopefully, we heard you correctly. It was crackling. Look, I think as we've talked about repeatedly, as it relates to Other Bets, our focus is to use deep technology to drive innovation, and we're very focused on the pace of investment and financial returns. That has been a consistent focus to generate attractive returns. And I think the core operating models and the long-term operating models are going to be the most relevant as we're looking at the returns we can generate.

聽你說話有點困難。你們正在分手。因此，我想我將開始回答我所聽到的第二個問題，由於我們在這種環境下看到了更高的資本成本，這將如何影響我們看待其他賭注的方式。希望我們聽清楚了您的意思。它發出劈啪聲。聽著，我認為正如我們反覆談到的，就「其他賭注」而言，我們的重點是利用深度技術來推動創新，並且我們非常關注投資速度和財務回報。這一直是我們關注的焦點，以產生可觀的回報。我認為，當我們考慮能夠產生的回報時，核心營運模式和長期營運模式將是最相關的。

Yes, absolutely mindful of the higher cost of capital, but I think, at its core, we're looking at what's the value creation and the return on those. And as we indicated when we went through the reduction in force, we similarly worked across the Other Bets. And some of them, as they're on a path to ongoing growth, we were moderating what is the expense trajectory there as we're looking at what's the overall return on invested capital. And we're continuing to work on these to make sure that we're delivering value. And your point is an important one, that's part of a broader question about the underlying operating assumptions.

是的，我們絕對注意到了更高的資本成本，但我認為，從本質上講，我們關注的是價值創造及其回報。正如我們在裁員時所指出的那樣，我們同樣在其他方面採取了同樣的措施。其中有些公司正處於持續成長的道路上，我們正​​在調整其支出軌跡，同時專注於投資資本的整體報酬率。我們將繼續努力，以確保我們能夠提供價值。您的觀點很重要，這是有關基本營運假設的更廣泛問題的一部分。

Okay. Philipp, I don't know if you heard the first one.

好的。菲利普，我不知道你是否聽過第一個。

Yes. On the first part, again, it didn't come across quite clearly, but I hope I understood correctly. In Search, revenues grew modestly year-over-year, again, reflecting an increase in the retail and travel verticals, offset partially by a decline in finance and media and entertainment. So excluding the impact of FX performance, it was actually similar to last quarter. The ongoing performance of Search, notwithstanding the headwinds, reflects really Search's resilience with the, I'd say, ability of Search to surface demand and deliver a measurable ROI in an uncertain environment.

是的。關於第一部分，我再次沒有表達得很清楚，但我希望我理解正確。在搜尋領域，收入同比略有增長，這再次反映了零售和旅遊垂直領域的成長，但被金融、媒體和娛樂領域的下降部分抵消。因此，排除外匯表現的影響，它實際上與上一季相似。儘管面臨阻力，搜尋的持續表現確實反映了搜尋的韌性，我認為，搜尋有能力在不確定的環境中發現需求並提供可衡量的投資報酬率。

I called out the key verticals in the quarter. There's really no additional color on other verticals. I'd say, maybe more broadly, what we saw reflects what's being reported elsewhere. And across the headlines, many companies are very focused on shorter-term profitability amidst this uncertainty and some pulled back ads budgets as well.

我列出了本季的關鍵垂直領域。其他垂直領域確實沒有額外的色彩。我想說，也許更廣泛地說，我們所看到的情況反映了其他地方所報導的情況。從各大新聞來看，許多公司在這種不確定性中非常注重短期獲利能力，有些公司甚至削減了廣告預算。

The next question comes from Mark Mahaney of Evercore.

下一個問題來自 Evercore 的 Mark Mahaney。

Can I try 2 questions, please? I think, Philipp, you talked about kind of a more of a pullback in network ad revenue versus Search and YouTube. Do you have any thoughts on why that was the case?

我可以嘗試回答兩個問題嗎？菲利普，我認為您談到了網路廣告收入相對於搜尋和 YouTube 的下降。您對出現這種情況的原因有何看法？

And then Ruth, the Cloud business, even with the accounting changes, saw this very steady march towards profitability. You turned the corner now. You talked about growing the business for long-term profitability. But are there any reasons why we wouldn't -- why they shouldn't be sustainably profitable kind of starting from here as the business continues to scale? Or could it be that, that profitability could be wobbly for a while before it's sustainably profitable, that segment cloud?

然後，露絲，即使會計發生了變化，雲端業務仍然穩步向盈利邁進。你現在已經轉過彎了。您談到了發展業務以實現長期盈利。但是，隨著業務規模的不斷擴大，我們為什麼不從現在開始持續獲利呢？有什麼理由不這樣做嗎？或者說，在實現可持續盈利之前，盈利能力可能會在一段時間內不穩定，這部分是雲端嗎？

Yes, why don't I just -- I'll take both of those. So in network, really, it's a continuation of what we talked about last quarter. We saw the ongoing pullback in advertiser spend. And I would contrast that last quarter, we talked about both a pullback in YouTube and Network, and we were pleased that we saw the stabilization in ad spend on a sequential basis in YouTube. We still saw ongoing pullback in network, which tends to be a mix of businesses, as you know well.

是的，我為什麼不——我要這兩個。因此，在網路中，實際上，這是我們上個季度討論內容的延續。我們看到廣告商支出持續減少。與上個季度形成對比的是，我們談到了 YouTube 和 Network 的回調，我們很高興看到 YouTube 的廣告支出逐季趨於穩定。我們仍然看到網路持續回調，正如您所知，網路往往是多種業務的混合體。

And then in terms of Cloud, I tried to make that clear in my opening comments as well. I think it's a really important question. We are very pleased with the Q1 results. And as both Sundar and I noted, we're intensely focused on all elements of the cost space and the long-term path to attractive profitability. At the same time, and I think at the core of your question, what we were trying to convey is we will continue to invest to support long-term growth, in particular, given the opportunities we see delivering AI capabilities to our customers. So as I've said in the past, you shouldn't extrapolate from quarter-to-quarter, but we are very pleased to be at this level and are continuing to focus on profitability and long-term value creation here.

然後就雲而言，我也試著在開場白中闡明這一點。我認為這是一個非常重要的問題。我們對第一季的業績非常滿意。正如 Sundar 和我所指出的，我們高度關注成本空間的所有要素以及實現可觀盈利能力的長期途徑。同時，我認為您問題的核心是我們試圖傳達的是，我們將繼續投資以支持長期成長，特別是考慮到我們看到的向客戶提供人工智慧功能的機會。因此，正如我過去所說的那樣，你不應該從一個季度到另一個季度進行推斷，但我們很高興達到這個水平，並將繼續關注盈利能力和長期價值創造。

And our last question will come from Colin Sebastian from Baird.

我們的最後一個問題來自貝爾德公司的科林·塞巴斯蒂安。

Two for me as well. I guess, first, Sundar, the consolidation of the AI teams, I think you talked about that helping to accelerate innovation. So I'm curious, specifically with that consolidation, what are the product milestones that we should look out for related to that?

我也有兩個。我想，首先，Sundar，人工智慧團隊的整合，我想您談到了這有助於加速創新。所以我很好奇，具體來說，對於這種整合，我們應該關注與此相關的產品里程碑是什麼？

And then Philipp, regarding your comments on retail, specifically on shopping and payments, how should we think about that evolving across the platform this year? Maybe similarly, what are some milestones we should look out for on that front?

然後菲利普，關於您對零售業，特別是購物和支付的評論，我們應該如何看待今年整個平台的發展？或許類似地，我們在這方面該關注哪些里程碑？

Thanks. I'm quite excited by bringing the 2 world-class teams, I think, of both Brain and DeepMind. Their collective accomplishments in AI over the last decade have really set the stage for this moment, and so both getting access to pool talent so that they can work together in a coordinated way and definitely will help us pool our computational resources, too, which is going to be critical and will help us build.

謝謝。我很高興能帶領兩支世界級的團隊，我認為是 Brain 和 DeepMind。過去十年來，他們在人工智慧領域的集體成就為這一刻奠定了基礎，因此雙方都可以匯集人才，以便他們能夠以協調的方式一起工作，這肯定也會幫助我們匯集計算資源，這將是至關重要的，並將幫助我們建立。

The core product is obviously building more capable models safely and responsibly and doing it -- taking into account all the capabilities our customers need, both on the consumer side and the cloud side and being able to iterate and getting that virtuous cycle going. So you already have seen us put out PaLM APIs, and we are incorporating PaLM across our products, but we'll continue that progress, and we'll keep you posted as we do.

核心產品顯然是安全、負責任地建立更強大的模型並做到這一點——考慮到我們的客戶所需的所有功能，包括消費者端和雲端，並且能夠迭代並實現良性循環。因此，您已經看到我們推出了 PaLM API，並且我們正在將 PaLM 融入到我們的產品中，但我們將繼續這一進展，並隨時向您通報最新進展。

So retail is an important vertical and driver for us, and I called out the year-over-year increase in retail and Search and other. I also talked earlier about the macro climate and how we've established we can really drive value for retailers, even in challenging times, whether it's online, off-line, both. We're helping them drive their business goals, meet customers wherever they choose to shop. Maybe a little more, some key trends here, retailers are increasingly focused on maintaining margins and driving ROI right now. PMax, Broad Match are key levers providing more incremental conversions, while insights on bids and budgets are really helping retailers identify opportunities for growth and efficiencies across our suite of products.

因此，零售業對我們來說是一個重要的垂直產業和驅動力，我指出零售業、搜尋業和其他產業的年成長。我之前也談到了宏觀環境，以及我們如何確保能夠真正為零售商創造價值，即使是在充滿挑戰的時期，無論是線上、線下還是線上線下。我們幫助他們實現業務目標，無論顧客選擇在哪裡購物，我們都能滿足他們的需求。也許多一點，這裡的一些關鍵趨勢是，零售商現在越來越注重維持利潤率和推動投資回報率。 PMax、廣泛匹配是提供更多增量轉換的關鍵槓桿，而對出價和預算的洞察則真正幫助零售商在我們的產品套件中發現成長和效率的機會。

I've talked at length on prior calls about omnichannel. Our local and omnichannel solutions are helping bridge the gap here between online and off-line by using AI to reach nearby shoppers, promote local inventory fulfillment options, optimize in-store visits and sales, for example. And then to help really retain loyal customers and acquiring new ones, we have YouTube app deep linking. And new customer acquisition goals in PMax are helping here, making checkouts easy with tools like virtual cards. And Chrome is obviously important. So those are just some of the key points. Overall, we're giving retailers really the best, I hope, AI-powered tools and solutions to maximize reach and ROI and really create a seamless experience, including, where possible, on the payment side for their customers, and this will continue to be our focus here.

我在之前的電話會議中已經詳細討論過全通路問題。我們的本地和全通路解決方案正在幫助彌合線上和線下之間的差距，例如，透過使用人工智慧來接觸附近的購物者，推廣本地庫存履行選項，優化店內訪問和銷售。然後，為了幫助真正留住忠實客戶並吸引新客戶，我們提供了 YouTube 應用程式深度連結。 PMax 中的新客戶獲取目標在此提供協助，透過虛擬卡等工具簡化結帳流程。 Chrome 顯然很重要。這些只是一些關鍵點。總的來說，我希望我們能為零售商提供最好的人工智慧工具和解決方案，以最大限度地擴大覆蓋面和投資回報率，並真正創造無縫體驗，包括在可能的情況下為客戶提供支付方面的體驗，這將繼續成為我們的重點。

Thank you. 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.

謝謝。今天的問答環節到此結束。我想將會議交還給吉姆‧弗里德蘭 (Jim Friedland)，請他發表進一步的評論。

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

感謝大家今天加入我們。我們期待在 2023 年第二季電話會議上再次與您交談。謝謝，祝您晚上愉快。

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。您現在可以斷開連線。