Alphabet Inc (GOOGL) 2022 Q1 法說會逐字稿

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

歡迎大家，並感謝您等待 Alphabet 2022 年第一季度收益電話會議。 （操作員說明）我現在想將會議交給您今天的演講者，投資者關係總監 Jim Friedland。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alphabet's First Quarter 2022 Earnings Conference Call. With us today are Sundar Pichai, Philipp Schindler and Ruth Porat.

謝謝你。大家下午好，歡迎參加 Alphabet 的 2022 年第一季度收益電話會議。今天和我們在一起的是 Sundar Pichai、Philipp Schindler 和 Ruth Porat。

Now I'll quickly cover the safe harbor. 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.

現在我將迅速覆蓋安全港。我們今天就我們的業務、運營和財務業績做出的一些陳述可能被認為是前瞻性的，這些陳述涉及許多可能導致實際結果出現重大差異的風險和不確定性。如需更多信息，請參閱我們最近提交給 SEC 的 10-K 表格中討論的風險因素。

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.

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。

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. Over the last few months, guided by our mission, we continue to develop helpful technologies with a view towards empowering both people and businesses. Even as more people return to in-person activities, we are seeing hybrid approaches to learning and working are here to stay, and our products are helping partners seize these new opportunities.

謝謝你，吉姆，大家下午好。在過去的幾個月裡，在我們的使命的指導下，我們繼續開發有用的技術，以增強個人和企業的能力。即使越來越多的人重返現場活動，我們也看到學習和工作的混合方法將繼續存在，我們的產品正在幫助合作夥伴抓住這些新機遇。

To help support our own flexible work plans, this year, we plan to invest approximately $9.5 billion in our U.S. offices and data centers, creating at least 12,000 new Google jobs in the U.S. in places like New York and Atlanta. To enable our long-term growth, we are investing in areas like Cloud, AI, YouTube, Search and beyond. In 2020 and 2021 combined, we invested $40 billion in research and development here in the U.S.

為了幫助支持我們自己的靈活工作計劃，今年我們計劃在美國的辦事處和數據中心投資約 95 億美元，在紐約和亞特蘭大等地在美國創造至少 12,000 個新的 Google 工作崗位。為了實現我們的長期增長，我們正在投資雲、人工智能、YouTube、搜索等領域。 2020 年和 2021 年，我們在美國的研發投入了 400 億美元。

Beyond the U.S., we have announced new office investments in London and Warsaw and a new product development center in Nairobi. We are excited for the product development they will support. We'll share more about these investments at Google I/O, our annual developer conference on May 11, and I encourage you to tune in.

在美國之外，我們宣佈在倫敦和華沙投資新的辦公室，在內羅畢設立新的產品開發中心。我們對他們將支持的產品開發感到興奮。我們將在 5 月 11 日的年度開發者大會 Google I/O 上分享更多有關這些投資的信息，我鼓勵您收看。

Turning now to product highlights. AI continues to be at the heart of our core search and information products. We launched multisearch in Google Search this quarter. It's a new way people can find what they need using both images and words. For example, you can snap a photo of a shirt pattern and then type the word green to find a green shirt with that pattern. We also shared new features in Search to help people find health care providers who take their insurance and book appointments online. With ads automation, search ads powered by AI are helping our customers quickly respond to the market conditions most relevant to their business. Philipp will discuss this in more detail.

現在轉向產品亮點。人工智能仍然是我們核心搜索和信息產品的核心。本季度我們在 Google 搜索中推出了多重搜索。這是一種新的方式，人們可以使用圖像和文字找到他們需要的東西。例如，您可以拍一張襯衫圖案的照片，然後輸入單詞 green 以查找具有該圖案的綠色襯衫。我們還分享了搜索中的新功能，以幫助人們找到購買保險和在線預約的醫療保健提供者。通過廣告自動化，由人工智能驅動的搜索廣告正在幫助我們的客戶快速響應與其業務最相關的市場條件。 Philipp 將更詳細地討論這一點。

Let's move to YouTube. We continue to support our community of creators, advertisers and viewers. With over 2 billion monthly signed-in users, we are well positioned to do this. YouTube, over the past 2 years, has seen significant growth and has become a central destination for entertainment, learning and educational content. And even as people have returned to in-person activities, time spent on YouTube has continued to grow. Just as YouTube evolve from desktop to mobile, and that created huge opportunities, we are excited about the new opportunities we see now. Short-form video is one.

讓我們轉到 YouTube。我們將繼續支持我們的創作者、廣告商和觀眾社區。每月有超過 20 億的登錄用戶，我們完全有能力做到這一點。 YouTube 在過去 2 年中取得了顯著增長，並已成為娛樂、學習和教育內容的中心目的地。即使人們回到了面對面的活動中，在 YouTube 上花費的時間也在繼續增長。正如 YouTube 從桌面設備發展到移動設備並創造了巨大的機會一樣，我們對我們現在看到的新機會感到興奮。短視頻就是其中之一。

YouTube Shorts is now averaging over 30 billion daily views. That's 4x as much as a year ago. In the first quarter, we added new capabilities to video editing, and we are continuing to invest in making Shorts a fantastic experience for creators and viewers alike. As we've always done with products, we focus on building a great user experience first, and we will work to build monetization over time.

YouTube Shorts 現在的日均觀看量超過 300 億次。這是一年前的 4 倍。在第一季度，我們為視頻編輯添加了新功能，並且我們將繼續投資，讓 Shorts 成為創作者和觀眾的絕佳體驗。正如我們一直以來對產品所做的那樣，我們首先專注於打造出色的用戶體驗，並且隨著時間的推移，我們將努力實現盈利。

The living room is another area of opportunity. On average, viewers are watching over 700 million hours of YouTube content on televisions every day. And in the year ahead, we will give YouTube's connected TV viewers new smartphone control navigation and interactivity features, allowing people to comment and share content they are watching on television directly from their devices.

客廳是另一個機會領域。平均而言，觀眾每天在電視上觀看超過 7 億小時的 YouTube 內容。在未來一年，我們將為 YouTube 的聯網電視觀眾提供新的智能手機控制導航和交互功能，讓人們可以直接通過他們的設備評論和分享他們在電視上觀看的內容。

Turning next to our computing platforms. A few weeks ago, we marked a big milestone, our 100th release of Chrome and Chrome OS. Over the years, we have worked with developer and OEM partners to improve speed, simplicity and security and move the web forward. It's a great example of what we mean when we say we are building for the long term.

轉向我們的計算平台。幾週前，我們標誌著一個重要的里程碑，即 Chrome 和 Chrome OS 的第 100 個版本。多年來，我們一直與開發人員和 OEM 合作夥伴合作，以提高速度、簡單性和安全性，並推動 Web 向前發展。當我們說我們正在長期建設時，這是一個很好的例子。

And on Android, we'll showcase at I/O the many helpful features and services that Android and its platforms provide. Over the coming years, we will continue to invest in new form factors, seamless multidevice experiences and raising the bar for user privacy while giving developers the tools they need to succeed on mobile.

在 Android 上，我們將在 I/O 上展示 Android 及其平台提供的許多有用的功能和服務。在接下來的幾年裡，我們將繼續投資於新的外形、無縫的多設備體驗並提高用戶隱私標準，同時為開發人員提供他們在移動設備上取得成功所需的工具。

As you know, we have made changes to our Google Play pricing model to help all developers on our platform succeed. Today, 99% of developers qualify for a service fee of 15% or less. While this impacted our short-term results, we think it's the right long-term approach to support the ecosystem and to be the most developer-friendly app store and gaming platform available.

如您所知，我們對 Google Play 定價模型進行了更改，以幫助我們平台上的所有開發者取得成功。如今，99% 的開發人員有資格獲得 15% 或更低的服務費。雖然這影響了我們的短期業績，但我們認為這是支持生態系統並成為對開發人員最友好的應用商店和遊戲平台的正確長期方法。

We are also exploring alternative billing options. And as we do this, we'll continue to uphold high safety standards that protect personal data and sensitive financial information. Earlier today, we launched the Data safety section in Play, where people can access more information about how apps collect, share and secure their data.

我們還在探索替代計費選項。在我們這樣做的同時，我們將繼續堅持保護個人數據和敏感財務信息的高安全標準。今天早些時候，我們在 Play 中推出了數據安全部分，人們可以在其中訪問有關應用程序如何收集、共享和保護其數據的更多信息。

In hardware, Pixel 6 is a huge step forward for the Pixel portfolio, and it's been great to see the response from Pixel users. It's the fastest-selling Pixel ever, and we are building broad consumer awareness of the brand and making good progress. I'm excited about the products we have coming and look forward to sharing more at Google I/O.

在硬件方面，Pixel 6 是 Pixel 產品組合向前邁出的一大步，很高興看到 Pixel 用戶的反應。這是有史以來最暢銷的 Pixel，我們正在建立消費者對該品牌的廣泛認知並取得良好進展。我對我們即將推出的產品感到興奮，並期待在 Google I/O 上分享更多信息。

Next, on to Cloud, where Q1 revenue grew 44% year-over-year with continued strong performance across Google Cloud Platform and Workspace. We continue to deliver differentiated products across 4 distinct areas. First, cybersecurity, where we introduced new offerings, including Assured Workloads to address digital sovereignty in the European Union; Virtual Machine Threat Detection, a first-to-market agentless malware detection capability; an advanced intrusion detection system for network threat detection. Organizations like T-Mobile and DoorDash are protecting their critical systems and data with Google Cloud's trusted cybersecurity products. These include Security Command Center, which helps many companies, including UKG, Ultimate Kronos Group, and Ocado Group, monitor and manage their security posture and risk. Our leading threat detection and response platform, Chronicle, is now paired with Siemplify to more quickly automate incident detection and resolution. We also announced our intent to acquire Mandiant, a leader in dynamic cyber defense and response, to help protect customers from the most advanced threats.

接下來是雲，第一季度收入同比增長 44%，谷歌云平台和工作空間的表現持續強勁。我們繼續在 4 個不同的領域提供差異化的產品。首先是網絡安全，我們推出了新產品，包括保證工作負載，以解決歐盟的數字主權問題；虛擬機威脅檢測，第一個上市的無代理惡意軟件檢測功能；用於網絡威脅檢測的高級入侵檢測系統。 T-Mobile 和 DoorDash 等組織正在使用 Google Cloud 值得信賴的網絡安全產品來保護他們的關鍵系統和數據。其中包括安全指揮中心，它幫助包括 UKG、Ultimate Kronos Group 和 Ocado Group 在內的許多公司監控和管理其安全狀況和風險。我們領先的威脅檢測和響應平台 Chronicle 現在與 Siemplify 配對，以更快地自動化事件檢測和解決。我們還宣布有意收購動態網絡防禦和響應領域的領導者 Mandiant，以幫助保護客戶免受最先進的威脅。

Second, we continue to evolve a leading data cloud with serverless Spark to run batch Spark workloads; BigLake, a new storage engine that unifies data warehouses and lakes; and Dataplex, which provides unified management and governance of data across data warehouses and lakes. Our unified data cloud and AI platform is helping organizations like KeyBanc, LG Electronics, and Macy's work intelligently with data across multiple clouds. BigQuery, our leading solution for analytics, is helping customers like Kraft Heinz, Mercado Libre and [Vertabelo] to help create more personal consumer experiences. BT Group, UPS and other leading brands continue to tap our deep expertise in artificial intelligence and machine learning to power their organizations. This includes our Contact Center AI platform, which helped The Home Depot improve their call containment by 185%, creating a more positive customer support experience. We are proud to share that more than 700 technology partners power their applications with our data cloud.

其次，我們繼續使用無服務器 Spark 發展領先的數據云，以運行批量 Spark 工作負載； BigLake，一個統一數據倉庫和湖的新存儲引擎； Dataplex，它提供跨數據倉庫和湖泊的數據統一管理和治理。我們的統一數據云和 AI 平台正在幫助 KeyBanc、LG Electronics 和 Macy's 等組織智能地處理跨多個雲的數據。 BigQuery 是我們領先的分析解決方案，正在幫助 Kraft Heinz、Mercado Libre 和 [Vertabelo] 等客戶打造更加個性化的消費者體驗。英國電信集團、UPS 和其他領先品牌繼續利用我們在人工智能和機器學習方面的深厚專業知識為其組織提供動力。這包括我們的聯絡中心 AI 平台，該平台幫助 The Home Depot 將其呼叫控制提高了 185%，創造了更積極的客戶支持體驗。我們很自豪地分享，超過 700 家技術合作夥伴使用我們的數據云為他們的應用程序提供支持。

Third, our open secure infrastructure remains a differentiator as it enables customers to run their workloads and apps where they need them. This is winning global brands like Dun & Bradstreet, Boeing and [Kyocera]. Our product leadership continued with the release of Tau VMs, which powers price performance that's more than 40% better than any other leading cloud; and Google Distributed Cloud Edge, a new edge solution designed to run telecommunication networks at scale, which is helping Bell Canada evolve its 5G network.

第三，我們的開放式安全基礎設施仍然是一個差異化因素，因為它使客戶能夠在他們需要的地方運行他們的工作負載和應用程序。這正在贏得 Dun & Bradstreet、波音和 [京瓷] 等全球品牌的青睞。隨著 Tau VM 的發布，我們的產品領先地位繼續保持，它的性價比比任何其他領先的雲高出 40% 以上；谷歌分佈式雲邊緣，一種新的邊緣解決方案，旨在大規模運行電信網絡，幫助貝爾加拿大發展其 5G 網絡。

And we further expanded our regional footprint globally. Leading companies like Mahindra are choosing us for large-scale IT transformations and migrating their data centers to Google Cloud, while Sony's Crunchyroll uses our infrastructure and networking capabilities to power the largest anime streaming service in the world. Our scalability enables Ninja Van, the leading logistics provider in Southeast Asia, to handle more than 10x their normal traffic during peak times.

我們進一步擴大了我們在全球的區域足跡。 Mahindra 等領先公司選擇我們進行大規模 IT 轉型並將其數據中心遷移到 Google Cloud，而索尼的 Crunchyroll 則利用我們的基礎架構和網絡功能為世界上最大的動漫流媒體服務提供支持。我們的可擴展性使東南亞領先的物流提供商 Ninja Van 能夠在高峰時段處理 10 倍以上的正常流量。

Finally, we continue to advance Google Workspace. To support hybrid work, we recently introduced new collaboration features, including bringing Google Meet directly into Google Docs, Sheets and Slides. You can now see and hear your team as you collaborate in real time without the need to schedule meetings. Google Meet can now live stream to up to 100,000 people who can also participate in Q&A and polls. We also launched the next wave of innovation in Google Docs with smart canvas, including auto-generated summaries and pageless format in Docs, smart chips and automating workflow using Gmail. Smart canvas has seen very rapid uptake with more than 6 million checklist and 6 million smart chips being added to documents each week. These innovations are helping employees adapt to hybrid work at large enterprises like Equifax and Ocean Network Express, digital natives including Flipkart and organizations like the University of Alberta.

最後，我們繼續推進 Google Workspace。為了支持混合工作，我們最近推出了新的協作功能，包括將 Google Meet 直接引入 Google 文檔、表格和幻燈片。您現在可以在實時協作時看到和聽到您的團隊，而無需安排會議。 Google Meet 現在可以向多達 100,000 人進行直播，這些人還可以參與問答和投票。我們還通過智能畫佈在 Google Docs 中推出了下一波創新，包括自動生成的摘要和 Docs 中的無頁格式、智能芯片和使用 Gmail 的自動化工作流程。智能畫布的使用速度非常快，每周有超過 600 萬個清單和 600 萬個智能芯片被添加到文檔中。這些創新正在幫助員工適應 Equifax 和 Ocean Network Express 等大型企業、Flipkart 等數字原生代以及阿爾伯塔大學等組織的混合工作。

Finally, our Other Bets. This month, Waymo became the first company to run fully autonomous ride-hailing operations in multiple locations simultaneously. Today, employees can take rider-only trips in San Francisco, joining the growing number of public Waymo One riders in Phoenix.

最後，我們的其他賭注。本月，Waymo 成為第一家同時在多個地點開展全自動叫車業務的公司。如今，員工可以在舊金山參加僅限騎手的旅行，加入鳳凰城越來越多的公共 Waymo One 騎手。

Wing launched its on-demand drone deliveries in the Dallas-Fort Worth area. In the first quarter of 2022, Wing completed over 50,000 commercial deliveries. That's up more than 3x year-over-year.

Wing 在達拉斯-沃思堡地區推出了按需無人機送貨服務。在 2022 年第一季度，Wing 完成了超過 50,000 次商業交付。同比增長超過 3 倍。

As you know, sustainability continues to be a big focus for us. In addition to our own ambitious goals to operate on 24/7 carbon-free energy by 2030, we recently joined Frontier, a new coalition with Stripe and many others, jointly committing more than $900 million to accelerate carbon removal solutions.

如您所知，可持續性仍然是我們關注的重點。除了我們自己的雄心勃勃的目標，即到 2030 年使用 24/7 無碳能源運營，我們最近加入了 Frontier，這是一個與 Stripe 和許多其他公司組成的新聯盟，共同承諾投入超過 9 億美元來加速碳去除解決方案。

Before I close, we remain deeply concerned about the war in Ukraine and the humanitarian crisis unfolding in the region. While I was in Warsaw, Poland last month, I met with many leaders across Central and Eastern Europe to reaffirm our commitment to the region. We are finding ways for our products and platforms to be helpful, including enhanced features on Search to help refugees find resources. Across all these efforts, I feel inspired by the ways that our teams at Google work to help people in moments big and small.

在我結束髮言之前，我們仍然對烏克蘭的戰爭和該地區正在發生的人道主義危機深感關切。上個月我在波蘭華沙時，會見了中歐和東歐的許多領導人，重申我們對該地區的承諾。我們正在尋找讓我們的產品和平台發揮作用的方法，包括增強搜索功能以幫助難民找到資源。在所有這些努力中，我對我們在 Google 的團隊在大大小小的時刻幫助人們的方式感到鼓舞。

With that, let me thank Googlers everywhere for their contributions this quarter. Over to you, Philipp.

藉此，讓我感謝各地 Google 員工在本季度所做的貢獻。交給你，菲利普。

Thanks, Sundar, and hi, everyone. As always, it's great to be with you all. I want to start by echoing Sundar. The war in Ukraine and the deepening humanitarian crisis across the region is heartbreaking. As with our response during the global pandemic, we remain focused on how we can help, whether it's air raid alerts on Android phones to help Ukranians get to safety, refugee centers live on Maps or new attributes that let hotels share if they're offering free or significantly discounted accommodations for those in need or whether it's helping via Insights, which enabled Ukraine's largest person-to-person marketplace, OLX Ukraine, to pivot its product strategy nearly overnight to help people find essential products and services.

謝謝，Sundar，大家好。和往常一樣，很高興和大家在一起。我想首先回應 Sundar。烏克蘭的戰爭和整個地區不斷加深的人道主義危機令人心碎。與我們在全球大流行期間的反應一樣，我們仍然專注於如何提供幫助，無論是在 Android 手機上發出空襲警報以幫助烏克蘭人安全，難民中心生活在地圖上，還是讓酒店在提供時分享的新屬性為有需要的人提供免費或大幅折扣的住宿，或者通過 Insights 提供幫助，這使烏克蘭最大的個人對個人市場 OLX 烏克蘭幾乎在一夜之間調整了其產品戰略，以幫助人們找到基本的產品和服務。

Let's take a quick look at our performance this quarter before we dive into the trends that drove it. In Google Services revenues, we were pleased with the growth in the first quarter, up 20% year-over-year. Retail was again the largest contributor to year-on-year growth of our ads business in Q1, followed by travel.

在深入探討推動它的趨勢之前，讓我們快速瀏覽一下我們本季度的表現。在 Google 服務收入方面，我們對第一季度的增長感到滿意，同比增長 20%。零售再次成為我們第一季度廣告業務同比增長的最大貢獻者，其次是旅遊。

Speaking of travel, people are seemingly back on the move, whether they're searching for planes, passports or their next vacation destination. Q1 travel searches were above Q1 '19 prepandemic levels. Query growth in categories like beaches and islands were up 27% versus 2019, while vacation rentals rose 37%. Compared to last year, global searches for passport online jumped 80%, while searches for travel insurance surged 2x. We continue to launch new tools to help travel partners reconnect with customers and to help users find the trusted info they need to plan their next trip.

說到旅行，人們似乎又開始行動了，無論他們是在尋找飛機、護照還是他們的下一個度假目的地。第一季度的旅行搜索量高於 19 年第一季度的流行前水平。與 2019 年相比，海灘和島嶼等類別的查詢增長了 27%，而度假租金增長了 37%。與去年相比，全球在線護照搜索量增長了 80%，而旅遊保險搜索量增長了 2 倍。我們將繼續推出新工具，幫助旅行合作夥伴重新與客戶建立聯繫，並幫助用戶找到他們計劃下一次旅行所需的可信信息。

In March, free hotel booking links expanded to Search and Maps. Travel partners can extend their reach. Users get a more comprehensive set of options. And earlier this month, we made it possible for hoteliers to easily share their rates and availability directly on Google via Business Profile.

3 月，免費酒店預訂鏈接擴展到搜索和地圖。旅行合作夥伴可以擴大他們的影響力。用戶可以獲得更全面的選項。本月早些時候，我們讓酒店經營者可以通過商家資料直接在 Google 上輕鬆分享他們的房價和空房情況。

Let's talk Performance Max, our newest AI-powered campaign that allows businesses to harness the best of automation to drive the most optimal performance across all Google Ads inventory. Since launching globally in November, PMax has seen strong customer adoption, particularly among smaller businesses. PMax' simplicity shows how we're moving from a model in which businesses needed to understand the complex language of campaigns, keywords, CPC and so on to a model where we understand the company's goals and actively help them achieve their business objectives.

讓我們談談 Performance Max，這是我們最新的 AI 支持的廣告系列，它允許企業利用最好的自動化來推動所有 Google Ads 廣告資源的最佳性能。自 11 月在全球推出以來，PMax 的客戶採用率很高，尤其是在小型企業中。 PMax 的簡單性展示了我們如何從企業需要了解廣告活動、關鍵字、每次點擊費用等複雜語言的模型轉變為我們了解公司目標並積極幫助他們實現業務目標的模型。

Take ASSIST CARD, a leading LatAm travel assistance company who first tested PMax to accelerate its recovery in Argentina. Initial test to drive sales yielded a 40% lower cost per acquisition at a 15x higher conversion rate versus other campaigns with the same goals. Early success led ASSIST CARD to rapidly expand PMax to 9 other countries, including Brazil, Spain and the U.S., and significantly increased spend on the new format in 2022.

以 ASSIST CARD 為例，這是一家領先的拉美旅行援助公司，它首先測試了 PMax，以加速其在阿根廷的複蘇。與具有相同目標的其他活動相比，推動銷售的初始測試以 15 倍的高轉化率獲得了 40% 的每次獲取成本降低。早期的成功使 ASSIST CARD 迅速將 PMax 擴展到其他 9 個國家，包括巴西、西班牙和美國，並在 2022 年顯著增加了對新格式的支出。

Moving on to retail, where we had another strong quarter. Consumers are finding a new balance between online and in-person. Google Maps searches for shopping near me were up 100% globally year-over-year. People want to buy from brands that provide a seamless experience wherever and whenever they prefer to shop. For local businesses and big box retailers alike, this remains a big opportunity. Omnichannel is still a winning strategy.

轉向零售，我們有另一個強勁的季度。消費者正在在線和麵對面之間找到新的平衡。谷歌地圖搜索我附近的購物在全球範圍內同比增長了 100%。人們希望從能夠隨時隨地提供無縫體驗的品牌購買商品。對於本地企業和大型零售商來說，這仍然是一個巨大的機會。全渠道仍然是一種制勝策略。

We're also continuing our investments to make shopping on Google as effortless, delightful and as engaging as possible. With rich, more immersive content, including more visual and browsable results for apparel and fashion searches and new advancements like multisearch in Google Search, which launched in beta for shopping queries earlier this month, we're helping people go beyond the search box to search anywhere and any way.

我們還將繼續投資，讓在 Google 上購物盡可能輕鬆、愉快和吸引人。憑藉豐富、更具沉浸感的內容，包括針對服裝和時尚搜索的更多可視化和可瀏覽結果，以及 Google 搜索中的多重搜索（本月早些時候推出了針對購物查詢的測試版）等新進步，我們正在幫助人們超越搜索框進行搜索任何地方和任何方式。

Take AR beauty, which is still in its early days, but a great example of the innovative and cool experiences we're building to benefit both users and brands. Shoppers can now virtually discover and try on thousands of products from 90-plus brands, including Maybelline New York, MAC and Charlotte Tilbury as well as from retailers like Ulta Beauty right in Google Search.

以 AR 美容為例，它仍處於早期階段，但它是我們正在構建的創新和酷體驗的一個很好的例子，以使用戶和品牌都受益。購物者現在可以在 Google 搜索中虛擬地發現和試用來自 90 多個品牌的數千種產品，包括美寶蓮紐約、MAC 和 Charlotte Tilbury 以及來自 Ulta Beauty 等零售商的產品。

Let's move on to YouTube. Our brand business had a strong quarter. However, we did see more modest growth in direct response. For brand, we're enthusiastic about what's ahead for connected TV. Brands are turning to us to tap into the shift to streaming and reach new audiences in smarter and more efficient ways. Over 135 million people in the U.S. were reached via YouTube on connected TVs in December. We've recently rolled out new tools to help advertisers consistently plan and measure their CTV spend across platforms. And later this year, in partnership with Nielsen, we'll help brands directly compare their YouTube reach to linear TV, including the ability to measure co-viewing. This apples-to-apples comparison will be a game changer in helping advertisers make smarter investment decisions.

讓我們轉到 YouTube。我們的品牌業務有一個強勁的季度。然而，我們確實看到直接反應的增長更為溫和。對於品牌，我們對聯網電視的未來充滿熱情。品牌正在轉向我們，以利用向流媒體的轉變，並以更智能、更有效的方式吸引新的受眾。去年 12 月，美國有超過 1.35 億人通過 YouTube 連接電視。我們最近推出了新工具，幫助廣告商一致地規劃和衡量跨平台的 CTV 支出。今年晚些時候，我們將與 Nielsen 合作，幫助品牌直接將其 YouTube 覆蓋面與線性電視進行比較，包括衡量共同觀看的能力。這種蘋果對蘋果的比較將改變遊戲規則，幫助廣告商做出更明智的投資決策。

According to Nielsen, in the U.S., YouTube accounts for over 50% of ad-supported streaming watch time on connected TVs among people ages 18 and up. And over 35% of viewers in this group can't be reached by any other ad-supported streaming service. In other words, we're seeing that when users choose to watch ad-supported CTV, they choose to watch YouTube, and YouTube delivers CTV audiences that advertisers can reach anywhere else. Brands are taking notice, like Warner Bros., who leaned to YouTube to help drive awareness among key audiences for The Batman. By using a combination of best-performing video creative, connected TV media and video ad sequencing, Warner Bros. expanded its target audience in the 2 weeks leading up to its release, helping contribute to its successful $134 million opening weekend.

根據尼爾森的說法，在美國，YouTube 佔 18 歲及以上人群在聯網電視上的廣告支持的流媒體觀看時間的 50% 以上。任何其他支持廣告的流媒體服務都無法接觸到該組中超過 35% 的觀眾。換句話說，我們看到，當用戶選擇觀看廣告支持的 CTV 時，他們會選擇觀看 YouTube，而 YouTube 會提供廣告客戶可以在其他任何地方接觸到的 CTV 觀眾。品牌正在引起注意，例如華納兄弟，他們依靠 YouTube 來幫助提高蝙蝠俠關鍵觀眾的知名度。通過結合使用表現最佳的視頻創意、聯網電視媒體和視頻廣告排序，華納兄弟在其發布前的兩週內擴大了其目標受眾，為其成功的 1.34 億美元首映週末做出了貢獻。

For direct response, we continue to believe there's great opportunity to address commercial intent on YouTube between video action campaigns, app campaigns, product feeds and new live commerce features.

對於直接響應，我們仍然認為在 YouTube 上解決視頻操作廣告系列、應用廣告系列、產品 Feed 和新的實時商務功能之間的商業意圖是一個很好的機會。

As Sundar mentioned, Shorts is another area we're really excited about. Engagement is strong, and we're focused on delivering great experiences for users, creators and advertisers. In fact, we're testing ads on Shorts with products like app install and video action campaigns. And while it's still early days, we're encouraged by initial advertiser feedback and results, which brings me to our partners and how we're closely collaborating with them to grow and evolve healthier, sustainable ecosystems and bring them the best of Google. We continue to focus on accelerating growth in India's digital ecosystem and are excited about our expanding partnerships with a number of partners in the region.

正如 Sundar 提到的，短褲是我們非常興奮的另一個領域。參與度很高，我們專注於為用戶、創作者和廣告商提供出色的體驗。事實上，我們正在通過應用安裝和視頻操作活動等產品測試 Shorts 上的廣告。雖然現在還處於初期階段，但我們對最初的廣告客戶反饋和結果感到鼓舞，這讓我想到了我們的合作夥伴，以及我們如何與他們密切合作，以發展和發展更健康、可持續的生態系統，並為他們帶來 Google 的精華。我們將繼續專注於加速印度數字生態系統的增長，並對我們與該地區眾多合作夥伴擴大合作夥伴關係感到興奮。

Then Sundar mentioned Sony's Crunchyroll. Beyond Cloud, we're working across Android, Google Play, Google TV and more to help Sony and Crunchyroll acquire and retain more users and fans and strengthen its leadership in the direct-to-consumer anime streaming market.

然後 Sundar 提到了索尼的 Crunchyroll。除了雲，我們正在 Android、Google Play、Google TV 等領域開展合作，以幫助索尼和 Crunchyroll 獲得併留住更多用戶和粉絲，並加強其在直接面向消費者的動漫流媒體市場的領導地位。

As always, I want to extend deep appreciation to our customers and partners for their collaboration and trust and to our product, engineering, partnership, sales and many support teams. Thank you. Your relentless focus on helping our users, customers and partners makes our success possible. Now over to Ruth.

與往常一樣，我想對我們的客戶和合作夥伴的合作和信任以及我們的產品、工程、合作夥伴、銷售和許多支持團隊表示深深的感謝。謝謝你。您對幫助我們的用戶、客戶和合作夥伴的不懈關注使我們的成功成為可能。現在輪到露絲。

Thank you, Philipp. We had a strong first quarter with revenue growth led again by Search and Cloud. My comments will be on year-over-year comparisons for the first quarter, unless I state otherwise. I will start with results at the Alphabet level, followed by segment results and conclude with our outlook.

謝謝你，菲利普。我們的第一季度表現強勁，搜索和雲再次引領收入增長。除非我另有說明，否則我的評論將針對第一季度的同比比較。我將從字母級別的結果開始，然後是細分結果，最後是我們的展望。

For the first quarter, our consolidated revenues were $68 billion, up 23% or up 26% in constant currency. Our total cost of revenues was $29.6 billion, up 23%, primarily driven by other cost of revenues, which was $17.6 billion, up 22%. The biggest factors here were costs associated with data centers and other operations, followed by content acquisition costs, primarily driven by costs for subscription content and then costs for YouTube's advertising-supported content.

第一季度，我們的綜合收入為 680 億美元，按固定匯率計算增長 23% 或 26%。我們的總收入成本為 296 億美元，增長 23%，主要受其他收入成本的推動，即 176 億美元，增長 22%。這裡最大的因素是與數據中心和其他運營相關的成本，其次是內容獲取成本，主要由訂閱內容成本驅動，然後是 YouTube 廣告支持內容的成本。

Operating expenses were $18.3 billion, up 24%. Headcount growth was the primary driver of expense across all 3 categories: research and development, sales and marketing and G&A. Growth in sales and marketing also reflects an increase in advertising and promo expense as we ramped back from the lower levels of spend last year.

運營費用為 183 億美元，增長 24%。員工人數增長是所有 3 個類別費用的主要驅動因素：研發、銷售和營銷以及 G&A。隨著我們從去年較低的支出水平回落，銷售和營銷的增長也反映了廣告和促銷費用的增加。

Operating income was $20.1 billion, up 22%. And our operating margin was 30%. Other income and expense was a loss of $1.2 billion, which was driven by unrealized losses in the value of investments in equity securities given market volatility. Net income was $16.4 billion.

營業收入為 201 億美元，增長 22%。我們的營業利潤率為 30%。其他收入和支出為 12 億美元的損失，這是由於市場波動導致股本證券投資價值的未實現損失所致。淨收入為 164 億美元。

We again delivered substantial free cash flow with $15.3 billion in the quarter and $69 billion for the trailing 12 months. We ended the quarter with $134 billion in cash and marketable securities. We repurchased a total of 52 billion of our Class A and Class C shares in the last 12 months.

我們在本季度再次以 153 億美元和過去 12 個月的 690 億美元實現了可觀的自由現金流。我們在本季度末擁有 1340 億美元的現金和有價證券。在過去 12 個月中，我們共回購了 520 億股 A 類和 C 類股票。

Let me now turn to our segment financial results, starting with our Google Services segment. Total Google Services revenues were $61.5 billion, up 20%. Google Search and other advertising revenues of $39.6 billion in the quarter were up 24%, led again by retail, followed by continued recovery in travel. YouTube advertising revenues of $6.9 billion were up 14%, reflecting ongoing strong growth in brand and more modest growth in direct response. The deceleration in the year-on-year growth rate primarily reflects lapping of the exceptional performance of direct response that we called out in the first quarter of 2021.

現在讓我談談我們的部門財務業績，從我們的谷歌服務部門開始。谷歌服務總收入為 615 億美元，增長 20%。本季度谷歌搜索和其他廣告收入為 396 億美元，增長 24%，零售業再次領先，其次是旅遊業務持續復甦。 YouTube 廣告收入為 69 億美元，增長 14%，這反映了品牌持續強勁增長和直接反應的溫和增長。同比增速放緩主要反映了我們在 2021 年第一季度所稱的直接反應的卓越表現。

Network advertising revenues of $8.2 billion were up 20%, driven by AdSense and AdMob. Other revenues were $6.8 billion, up 5%. The growth rate reflects substantial growth in YouTube nonadvertising revenues driven by subscriber growth in YouTube Music and Premium and YouTube TV, which were largely offset by a year-on-year decline in Play revenues, primarily as a result of the pricing changes that we've discussed with you previously.

在 AdSense 和 AdMob 的推動下，網絡廣告收入增長了 20%，達到 82 億美元。其他收入為 68 億美元，增長 5%。增長率反映了 YouTube 非廣告收入的大幅增長，這是由 YouTube Music 和 Premium 以及 YouTube TV 的訂閱者增長推動的，這在很大程度上被 Play 收入的同比下降所抵消，這主要是由於我們的定價變化。之前和你討論過。

In terms of costs within Google Services, TAC was $12 billion, up 23%. Google Services operating income was $22.9 billion, up 17%. And the operating margin was 37%.

在 Google 服務的成本方面，TAC 為 120 億美元，增長 23%。谷歌服務營業收入為 229 億美元，增長 17%。營業利潤率為37%。

Turning to the Google Cloud segment. Revenues were $5.8 billion for the first quarter, up 44%. GCP's revenue growth was again greater than Cloud's, reflecting significant growth in both infrastructure and platform services. Strong revenue growth in Google Workspace was driven by solid growth in both seats and average revenue per seat. Google Cloud had an operating loss of $931 million.

轉向谷歌云部分。第一季度收入為 58 億美元，增長 44%。 GCP 的收入增長再次超過 Cloud，反映了基礎設施和平台服務的顯著增長。 Google Workspace 收入的強勁增長得益於席位和每個席位的平均收入的穩健增長。谷歌云的運營虧損為 9.31 億美元。

As to our Other Bets for the first quarter, revenues were $440 million, and the operating loss was $1.2 billion.

至於我們第一季度的其他賭注，收入為 4.4 億美元，經營虧損為 12 億美元。

Let me close with some comments on our outlook. We're pleased with our strong results in the first quarter, which reflect the benefit of investments we've made over many years. We remain committed to investing to continue to build helpful technologies in support of long-term growth notwithstanding the uncertainty in the global outlook. The most visible reflection of our focus on long-term performance is our continued investment in talent and compute capacity across the company.

最後讓我對我們的前景發表一些評論。我們對第一季度的強勁業績感到滿意，這反映了我們多年來所做投資的好處。儘管全球前景存在不確定性，我們仍致力於投資以繼續開發有用的技術以支持長期增長。我們對長期績效的關注最明顯的體現是我們對整個公司的人才和計算能力的持續投資。

In terms of outlook by segment for Google Services, the revenue growth rates we delivered in 2021 in our advertising businesses benefited from lapping the COVID-related weakness in 2020. Obviously, we will not have that tailwind for the rest of this year. As discussed in prior calls, the largest impact from COVID on our results was in the second quarter of 2020, which means that in the second quarter of 2022, we will face a particularly tough comp as we lap the recovery we had in the second quarter of 2021. Additionally, the second quarter results will continue to reflect that we suspended the vast majority of our commercial activities in Russia.

就谷歌服務的細分前景而言，我們在 2021 年實現的廣告業務收入增長率得益於 2020 年與 COVID 相關的疲軟。顯然，我們在今年剩餘時間內不會有這種順風。正如之前的電話會議所討論的，COVID 對我們業績的最大影響是在 2020 年第二季度，這意味著在 2022 年第二季度，我們將面臨一個特別艱難的競爭，因為我們將在第二季度實現復甦2021 年。此外，第二季度業績將繼續反映出我們暫停了在俄羅斯的絕大多數商業活動。

Within other revenues, in the first quarter, the substantial growth in YouTube subscription revenues was offset by a decline in Play revenues versus the first quarter last year due to the fee changes we previously announced. These fee changes will continue to affect our results throughout 2022 until we lap the introduction of the changes.

在其他收入中，在第一季度，YouTube 訂閱收入的大幅增長被 Play 收入與去年第一季度相比下降所抵消，原因是我們之前宣布的費用變化。這些費用變化將繼續影響我們整個 2022 年的結果，直到我們推出這些變化。

Turning to Google Cloud. Cloud's performance in the first quarter reflects growing deal volume and strength across multiple industries and regions. Customers are increasingly choosing Google Cloud to help them digitally transform their businesses using our global infrastructure offerings, our data analytics and AI capabilities and the collaboration benefits of Workspace. We continue to invest aggressively in Cloud given the sizable market opportunity we see.

轉向谷歌云。雲計算在第一季度的表現反映了多個行業和地區的交易量和實力不斷增長。越來越多的客戶選擇 Google Cloud 來幫助他們利用我們的全球基礎架構產品、我們的數據分析和 AI 功能以及 Workspace 的協作優勢實現業務數字化轉型。鑑於我們看到的巨大市場機會，我們將繼續大力投資雲計算。

At the Alphabet level, reported revenues in the first quarter reflect that the U.S. dollar strengthened versus last year, with a 3-point headwind in Q1 compared with a 2-point tailwind in the first quarter of 2021. In the second quarter, the impact from foreign exchange rates will have an even greater impact on year-over-year comparisons given both the larger tailwind last year and the increase we expect in the headwind in Q2 versus Q1 based on current spot rates.

在 Alphabet 層面，第一季度報告的收入反映出美元與去年相比走強，第一季度逆風 3 點，而 2021 年第一季度逆風 2 點。在第二季度，影響鑑於去年更大的順風以及我們根據當前即期匯率預計第二季度與第一季度相比逆風的增加，來自外匯匯率的影響將對同比比較產生更大的影響。

With respect to Alphabet headcount, we added 7,400 people in the first quarter, and the majority of hires were for technical roles. The biggest increases in headcount this quarter across product areas were again in Cloud for both technical and sales roles.

在 Alphabet 員工人數方面，我們在第一季度增加了 7,400 人，並且大部分員工都是技術職位。本季度各產品領域的員工人數增幅最大的是雲技術和銷售職位。

Turning to CapEx. The investment in the first quarter reflects the timing of closing for several large acquisitions of office facilities, which converged in the first quarter. More specifically, of the total, nearly 4 billion covers the purchases in New York, London and Poland that we had mentioned previously. We continue to expect a meaningful increase in CapEx in 2022 versus last year. For the balance of 2022, the increase will be particularly reflected in investments in technical infrastructure globally with servers as the largest component.

轉向資本支出。第一季度的投資反映了幾項大型辦公設施收購的結束時間，這些收購在第一季度趨於一致。更具體地說，在總數中，有近 40 億是我們之前提到的在紐約、倫敦和波蘭的採購。我們繼續預計 2022 年資本支出將比去年顯著增加。在 2022 年的剩餘時間裡，這一增長將特別體現在以服務器為最大組成部分的全球技術基礎設施投資上。

As stated in our press release today, our Board has authorized the repurchase of up to an additional $70 billion of our Class A and Class C shares in a manner that's in the best interest of the company and its stockholders.

正如我們今天的新聞稿中所述，我們的董事會已授權以符合公司及其股東最佳利益的方式回購多達 700 億美元的 A 類和 C 類股票。

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

謝謝你。現在 Sundar、Philipp 和我將回答你的問題。

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

（操作員說明）我們的第一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one, Ruth, wondering, could you talk to us at all about sort of the shape of the ad business growth throughout the first quarter, understanding there's some uncertainty around Ukraine, et cetera? And then what have you seen sort of quarter-to-date in the overall Search business from a growth perspective?

我有 2。第一個，露絲，想知道，你能不能和我們談談整個第一季度的廣告業務增長的形式，了解烏克蘭周圍存在一些不確定性等等？然後，從增長的角度來看，您在整個搜索業務中看到了哪些季度？

And then the second one for Philipp. Appreciate all the color on Performance Max. Can you just talk to us a little bit about -- strategically about how long we should think about it takes to drive broader adoption of these type of tools with your sales forces at months, quarters, years? Where are you in SMB adoption? How long do you think it takes to get broader and maybe full adoption of a product like that?

然後是菲利普的第二個。欣賞 Performance Max 上的所有顏色。您能否與我們談談——從戰略上講，我們應該考慮在幾個月、幾個季度、幾年內推動銷售人員更廣泛地採用這些類型的工具需要多長時間？您在 SMB 採用方面處於什麼位置？你認為需要多長時間才能獲得更廣泛甚至完全採用這樣的產品？

Thanks, Brian. So in terms of the ad business, I would say, as I did in the opening comments, we were very pleased with the year-on-year Search revenue growth in the first quarter, up 24%. And it really reflected the strength that we've seen in retail, as Philipp and I commented on.

謝謝，布賴恩。因此，就廣告業務而言，我想說，正如我在開場評論中所做的那樣，我們對第一季度搜索收入同比增長 24% 感到非常滿意。正如菲利普和我所評論的那樣，它確實反映了我們在零售業看到的實力。

I would say -- as you're asking how are we looking forward, I would say the revenue growth rates that we delivered in 2021 in Search and across our advertising businesses more generally, as I said in the opening comments, did benefit from lapping the COVID-related weakness in 2020. So I think one key point is that we're not going to have that tailwind for the rest of this year. And as I noted, one of the key areas to focus is Q2 of 2020. That was where we had the largest impact from COVID. So that means in the second quarter of 2022, we're going to face a tough comp, as I said.

我會說——正如我在開場評論中所說，當你問我們展望如何時，我想說的是，我們在 2021 年在搜索和整個廣告業務中實現的收入增長率確實受益於研磨2020 年與 COVID 相關的弱點。所以我認為一個關鍵點是，在今年剩下的時間裡，我們不會有這種順風。正如我所指出的，要關注的關鍵領域之一是 2020 年第二季度。那是我們受到 COVID 影響最大的地方。因此，正如我所說，這意味著在 2022 年第二季度，我們將面臨一場艱難的比賽。

I would say, in addition, the second quarter results are going to continue to reflect that we suspended the vast majority of our commercial activities in Russia. And then I noted the impact of foreign exchange. So as we're looking at it generally, we feel good about what we're doing in the business, a couple of key points that I called out there.

此外，我想說的是，第二季度的業績將繼續反映出我們暫停了在俄羅斯的絕大多數商業活動。然後我注意到了外彙的影響。因此，當我們總體上看待它時，我們對我們在業務中所做的事情感覺良好，這是我在那裡提到的幾個關鍵點。

And to your question on Performance Max, which we covered last quarter as well, maybe just a quick recap. It really brings together the best of Google's automation to help advertisers maximize their reach and efficiency across our channels. Using the same input, we can now serve campaigns on multiple inventory formats, expanding an advertisers' reach with the same effort.

對於您關於 Performance Max 的問題，我們也在上個季度討論過，也許只是一個快速回顧。它確實匯集了 Google 自動化的最佳優勢，可幫助廣告客戶最大限度地提高他們在我們渠道中的影響力和效率。使用相同的輸入，我們現在可以提供多種廣告資源格式的廣告系列，以同樣的努力擴大廣告商的覆蓋面。

And by the way, just today, we announced new features for Performance Max, including new customer acquisition goals, new campaign level insights. More details about the one-click upgrade tool for Smart Shopping and Local campaigns. So we're very, very committed to helping Performance Max deliver for our advertisers and have been very open to advertiser feedback how we can do this.

順便說一句，就在今天，我們宣布了 Performance Max 的新功能，包括新的客戶獲取目標、新的活動級別洞察。有關智能購物和本地廣告系列一鍵升級工具的更多詳細信息。因此，我們非常非常致力於幫助 Performance Max 為我們的廣告客戶提供服務，並且非常願意聽取廣告客戶的反饋意見，我們該如何做到這一點。

And specifically on your time axis, I don't think there is a material difference to the time axis that we've looked at in previous rollouts. As always, focused on generating the maximum value and performance for our advertising partners.

特別是在您的時間軸上，我認為我們在之前的推出中看到的時間軸沒有實質性差異。一如既往，專注於為我們的廣告合作夥伴創造最大價值和績效。

And our next question comes from Eric Sheridan from Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe one follow-up to Brian's question. Other industry players have called out pockets of weakness in brand advertising globally in the quarter that you just reported. Did you see any of that from a volatility standpoint, especially around maybe the war in Ukraine for a period of time in March? And then sticking with all the commentary you gave on YouTube, how should we be thinking about the strategic goals of driving longer engagement and user growth and monetization for you to begin some of the initiatives you called out versus how to think about the performance of the business as we go through '22, short-form video versus long-form video or maybe mix of direct response versus brand advertising?

也許是對布賴恩問題的跟進。在您剛剛報告的那個季度，其他行業參與者已經指出了全球品牌廣告的一些弱點。你有沒有從波動的角度看到任何這些，尤其是在 3 月份的一段時間內烏克蘭戰爭期間？然後堅持你在 YouTube 上發表的所有評論，我們應該如何考慮推動更長的參與度、用戶增長和貨幣化的戰略目標，以便你開始你提出的一些舉措，而不是如何考慮22 年的業務，短視頻與長視頻，還是直接響應與品牌廣告的混合？

Great. So I'll start on the first question and revenue impact. I think you are asking from the war and anything else that was relevant there. I would say the most important, as both Sundar and Philipp said, is what a tragic humanitarian crisis this is. And across Google, we're doing a lot to provide support.

偉大的。所以我將從第一個問題和收入影響開始。我想你是在問戰爭以及那里相關的任何其他事情。我想說，正如 Sundar 和 Philipp 所說，最重要的是這是一場多麼悲慘的人道主義危機。在整個 Google 中，我們正在做很多工作來提供支持。

In terms of revenues, the most direct impact is the fact that we suspended the vast majority of our commercial activities in Russia, as we announced in early March. And to your question, about 1% of Google revenues were from Russia in 2021, and that was primarily from advertising.

就收入而言，最直接的影響是我們暫停了在俄羅斯的絕大多數商業活動，正如我們在 3 月初宣布的那樣。對於你的問題，2021 年谷歌約有 1% 的收入來自俄羅斯，這主要來自廣告。

In addition, from the outset of the war, there was a pullback in advertiser spend, particularly on YouTube in Europe. So a couple of impacts from the war.

此外，從戰爭一開始，廣告客戶的支出就出現了回落，尤其是在歐洲的 YouTube 上。因此，戰爭產生了一些影響。

And I guess over to Philipp with respect to YouTube and trends there.

關於 YouTube 和那裡的趨勢，我猜想 Philipp。

So maybe to dig a little deeper into the part of your questions around Shorts. Shorts went global, rolled out to over 100 countries, and as Sundar mentioned, now has 30 billion daily views, which is 4x higher than a year ago. And if we take the creator view, we're taking a fresh look at what it means to monetize Shorts and reward creators for their short-term videos. The first step, I think, is our $100 million YouTube Shorts Fund, which is now available in over 100 countries globally. And over 40% of creators who will receive payment from the Shorts Funds in 2021 weren't in the YouTube Partner Program, just as an interesting number.

因此，也許可以更深入地挖掘您關於 Shorts 的部分問題。 Shorts 走向全球，推廣到 100 多個國家，正如 Sundar 所說，現在每天有 300 億次觀看，比一年前高出 4 倍。如果我們採用創作者的觀點，我們將重新審視通過 Shorts 獲利和獎勵創作者的短期視頻意味著什麼。我認為，第一步是我們 1 億美元的 YouTube Shorts Fund，該基金現已在全球 100 多個國家/地區推出。在 2021 年將從 Shorts Funds 獲得付款的創作者中，超過 40% 沒有加入 YouTube 合作夥伴計劃，這是一個有趣的數字。

And then on the advertiser view side, as I mentioned earlier, we're testing ads on Shorts with products like app install and Video action campaigns and are encouraged by the early results. And so all in all, I think we're deeply committed to supporting the next generation of mobile creators here on YouTube and are very actively working on what monetization could look like in the future.

然後在廣告客戶方面，正如我之前提到的，我們正在使用應用安裝和視頻操作活動等產品測試 Shorts 上的廣告，並受到早期結果的鼓舞。總而言之，我認為我們堅定地致力於支持 YouTube 上的下一代移動創作者，並且非常積極地致力於未來的盈利模式。

And our next question comes from Doug Anmuth from JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

I have 2. First, just on advertising. Just thinking about industry conversations, it seems pretty clear that you were able to capture some dollars that shifted to search from social related to Apple's iOS privacy changes. Just curious if that dynamic continued in 1Q. And then if you can comment at all on just how you think about sustainability of those dollars going forward.

我有2。首先，只是關於廣告。僅考慮行業對話，很明顯您能夠獲得一些資金，這些資金從與 Apple 的 iOS 隱私更改相關的社交轉向搜索。只是好奇這種動態是否會在第一季度持續下去。然後，如果您可以就您如何看待這些美元未來的可持續性發表評論。

And then, Ruth, in terms of spending and on the margin side, operating margins continue to be strong at 30% even with the greater headcount of the past couple of quarters. Just hoping you could elaborate a little bit on what you mean by considered investments and in what areas are you able to offset and gain more efficiencies in the business.

然後，露絲，在支出和利潤率方面，即使過去幾個季度的員工人數增加，營業利潤率仍保持在 30% 的強勁水平。只是希望您能詳細說明您所說的投資的含義，以及您可以在哪些領域抵消並提高業務效率。

Thanks for the questions. So with respect to Search and ATT, there's really nothing to highlight. We haven't seen a noticeable shift in spend.

感謝您的提問。所以關於搜索和 ATT，真的沒有什麼值得強調的。我們還沒有看到支出的明顯變化。

And then in terms of overall margins and how we're thinking about investing, what I tried to make clear is we do continue to plan to invest aggressively this year. I made that point in opening comments with respect to both ongoing hiring at a rapid clip as well as ongoing investment in technical infrastructure.

然後就整體利潤率以及我們對投資的看法而言，我試圖澄清的是，我們確實繼續計劃今年積極投資。我在開場評論時指出了這一點，包括持續的快速招聘以及對技術基礎設施的持續投資。

And I would say in terms of margins, we do remain focused on investing for long-term value creation. And as we noted, last year, in 2021, our margins did benefit from substantial revenue growth, while at the same time, expense growth ramped more gradually during the year. And in certain respects, as we talked about last year, margins benefited from what I described as a bit of a timing difference between revenue growth and expense growth.

我想說的是，就利潤率而言，我們確實仍然專注於投資以創造長期價值。正如我們所指出的，去年，在 2021 年，我們的利潤率確實受益於收入的大幅增長，而與此同時，費用增長在這一年中更加緩慢地增長。在某些方面，正如我們去年談到的那樣，利潤率受益於我所說的收入增長和支出增長之間的時間差異。

And there were 2 other benefits worth calling out that we talked about last year that affected operating margin. The first was the impact from the change in useful lives that we called out last year, and that benefited the year-on-year growth in expenses last year. And the second was the impact of foreign exchange, which was a tailwind last year, but as I noted, has really flipped to a headwind given the strength of the U.S. dollar. And as a reminder, the impact of foreign exchange is greater on operating income than it is on revenue given our expense base is weighted towards the U.S. with most of our R&D efforts located here in the U.S.

還有兩個值得一提的好處是我們去年談到的影響營業利潤率的。首先是我們去年提到的使用壽命變化的影響，這有利於去年費用的同比增長。第二個是外彙的影響，去年是順風，但正如我所指出的，鑑於美元的強勢，它確實變成了逆風。提醒一下，外匯對營業收入的影響大於對收入的影響，因為我們的支出基礎偏重於美國，而我們的大部分研發工作都位於美國。

So the main thing is, the key point, we are very focused on long-term value creation. And in our view, given the opportunities we see, there are some key investments that we're continuing to make.

所以最重要的是，關鍵點，我們非常專注於長期價值創造。在我們看來，鑑於我們看到的機會，我們將繼續進行一些關鍵投資。

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

我們的下一個問題來自美銀美林的 Justin Post。

A couple of things. First on YouTube, quite a ramp in Shorts activity. Has that been a little bit of a headwind for growth as you ramp that up, and we can try to guess on monetization later?

有幾件事。首先在 YouTube 上，Shorts 的活動非常活躍。隨著您的增長，這是否對增長造成了一點阻力，我們可以稍後嘗試猜測貨幣化？

And then secondly, when you think about regulation in Europe, there's a lot of headlines about the Digital Market Act and other things. How do you think about the regulatory environment and the evolution over the next couple of years?

其次，當你想到歐洲的監管時，有很多關於數字市場法和其他事情的頭條新聞。您如何看待未來幾年的監管環境和演變？

Thanks for the questions. So in terms of YouTube, I think there are a couple of questions in your question. In terms of the deceleration in the year-on-year revenue growth rate relative to the first quarter, the largest factor was lapping an exceptionally strong quarter in direct response, as we noted last year.

感謝您的提問。因此，就 YouTube 而言，我認為您的問題中有幾個問題。正如我們去年所指出的，就收入同比增速相對於第一季度的減速而言，最大的因素是直接反應異常強勁的季度。

In addition to that direct response lapping, there were a couple of other items worth noting. First, as I've already mentioned, the war that did have an outsized impact on YouTube ads relative to the rest of Google. And that was both from suspending the vast majority of our commercial activities in Russia as well as, as I noted earlier, the related reduction in spend primarily by brand advertisers in Europe.

除了直接響應的研磨之外，還有其他一些值得注意的項目。首先，正如我已經提到的那樣，相對於谷歌的其他公司，這場戰爭確實對 YouTube 廣告產生了巨大的影響。這既是因為我們暫停了我們在俄羅斯的絕大多數商業活動，也是因為，正如我之前提到的，主要是歐洲品牌廣告商的相關支出減少。

Then in addition, as we mentioned on the third quarter earnings call, we continue to experience a headwind from ATT primarily in direct response. And the dollar impact from ATT has been consistent since it was implemented in April of last year. And then there's the FX headwind I've already commented on.

此外，正如我們在第三季度財報電話會議上提到的，我們繼續受到 ATT 的不利影響，主要是直接反應。自去年 4 月實施以來，ATT 對美元的影響一直是一致的。然後是我已經評論過的外匯逆風。

I would say to the other part of your question, we're experiencing a slight headwind to revenue growth as Shorts viewership grows as a percentage of total YouTube time. We are testing monetization on Shorts, and early advertiser feedback and results are encouraging. And the team is focused on closing the gap with traditional YouTube ads over time. So we're excited about the new opportunities with Shorts, but a slight headwind.

對於你問題的另一部分，我想說的是，隨著 Shorts 收視率佔 YouTube 總時間的百分比增長，我們的收入增長受到了輕微的不利影響。我們正在測試 Shorts 的獲利能力，早期的廣告客戶反饋和結果令人鼓舞。隨著時間的推移，該團隊專注於縮小與傳統 YouTube 廣告的差距。因此，我們對 Shorts 的新機會感到興奮，但有一點阻力。

On the second part of the question about DMA and -- regulation. Look, we support a number of DMA's goals, including expanded consumer choice, interoperability. Obviously, the implementation deals will be important, and we are still -- it's too early to tell, but we'll be working as we have done over the past many years. We'll be engaging constructively, including regulatory dialogue, to understand and make progress.

關於 DMA 和監管問題的第二部分。看，我們支持 DMA 的許多目標，包括擴大消費者選擇、互操作性。顯然，實施協議將很重要，我們仍然 - 現在說還為時過早，但我們將像過去多年所做的那樣工作。我們將進行建設性的參與，包括監管對話，以了解並取得進展。

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

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

Okay. I'll stick, please, with YouTube questions. That kind of brand softness in Western Europe, Ruth, does that look like that has already abated? Or does that look like that's continuing? And if you step back and just look at overall YouTube usage -- and I know you mentioned some numbers in the prepared comments. Just given the much broader array now, I think, of content options, including in short-form video and long-form video, are you seeing the overall growth -- any impact on the overall growth in YouTube users or in engagement per YouTube user?

好的。請在 YouTube 上提出問題。西歐那種品牌的軟弱，露絲，看起來是不是已經減弱了？還是看起來還在繼續？如果你退後一步，看看 YouTube 的整體使用情況——我知道你在準備好的評論中提到了一些數字。我認為，鑑於現在內容選項範圍更廣，包括短視頻和長視頻，您是否看到了整體增長——對 YouTube 用戶整體增長或每個 YouTube 用戶參與度的任何影響?

So in terms of the first question, impact from the war, I think it's too early to comment. Tragically, it is still ongoing. So too early to comment there.

所以關於第一個問題，戰爭的影響，我認為現在評論還為時過早。可悲的是，它仍在進行中。所以在這裡發表評論還為時過早。

And then overall, in terms of YouTube and engagement, I noted on both YouTube's advertising business as well as the subscription businesses, the performance there, I'd say, over the past few years, we've seen significant investment in online video. There's been a ton of innovation. We think innovation is positive. Broadly, we continue to benefit from the fact that there are 2 billion logged-in viewers who visit YouTube every single month. And people are creating comment -- content on YouTube at a very active rate. We're really pleased with what we see there, and our team does remain focused on innovating and helping creators grow.

然後總體而言，就 YouTube 和參與度而言，我注意到 YouTube 的廣告業務和訂閱業務的表現，我想說，在過去幾年中，我們看到了對在線視頻的大量投資。有很多創新。我們認為創新是積極的。從廣義上講，我們繼續受益於每月有 20 億登錄觀眾訪問 YouTube 的事實。人們正在以非常活躍的速度創建評論——YouTube 上的內容。我們對在那裡看到的東西感到非常滿意，我們的團隊確實仍然專注於創新和幫助創作者成長。

As Sundar said, Shorts now has 30 billion daily views. That's 4x higher than a year ago. And I think that really goes to your question about the level of activity that we're seeing.

正如 Sundar 所說，Shorts 現在每天有 300 億的瀏覽量。這比一年前高出 4 倍。我認為這確實涉及您關於我們所看到的活動水平的問題。

And our next question comes from Michael Nathanson from MoffettNathanson.

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

I have one on YouTube, of course, and then one for Ruth. On YouTube, I think what we're hearing is that there's emerging concern that TikTok is a competitor to YouTube's mobile position. And I know you called out the strength of Shorts, but can you talk big picture if you're seeing any meaningful shift in consumer demand to the mobile YouTube product? And any type of advertising maybe shift on mobile because of TikTok?

當然，我在 YouTube 上有一個，然後是 Ruth 的一個。在 YouTube 上，我認為我們聽到的是，人們越來越擔心 TikTok 是 YouTube 移動領域的競爭對手。而且我知道您提到了 Shorts 的優勢，但是如果您看到消費者對移動 YouTube 產品的需求發生了任何有意義的轉變，您能談談大局嗎？任何類型的廣告都可能因為 TikTok 而轉移到移動設備上？

And then to Ruth, it's an odd quarter because if you look at APAC, the APAC region underperformed EMEA, which had Russia and Ukraine in there. Is there anything you want to call out about Asia Pacific this quarter, why it could have been softer? Or any other product that may have led to a bit of a slower quarter for APAC?

然後對露絲來說，這是一個奇怪的季度，因為如果你看看亞太地區，亞太地區的表現遜於歐洲、中東和非洲，其中有俄羅斯和烏克蘭。關於本季度的亞太地區，您有什麼想說的嗎？為什麼它可能會更溫和一些？或者任何其他可能導致亞太地區季度放緩的產品？

Look, maybe I'll start on the first part of your question. It's very similar to what Ruth said before. I mean we've seen significant investment in online video, and there's been a ton of innovation. But there are 2 billion plus logged-in viewers who visit YouTube every single month, and more people are creating content on YouTube than we've ever seen before. And the team remains very focused on trying to help creators grow, trying to innovate.

聽著，也許我會從你問題的第一部分開始。這與Ruth之前所說的非常相似。我的意思是我們已經看到對在線視頻的大量投資，並且有大量的創新。但是每個月有超過 20 億的登錄觀眾訪問 YouTube，而且在 YouTube 上創建內容的人比以往任何時候都多。團隊仍然非常專注於幫助創作者成長，嘗試創新。

And just to give you a number, 2021, the number of YouTube channels that had made at least $10,000 in revenue was up more than 40% year-over-year. And we're heavily investing in Shorts, in the connected TV and shopping. You heard the stats from Sundar on the 30 billion daily views. So we continue to invest and new monetization options for creators beyond ads are a big part of what we're doing. And as I said before, testing ads on Shorts are encouraged by initial results.

只是給你一個數字，2021 年，收入至少 10,000 美元的 YouTube 頻道數量同比增長超過 40%。我們正在大力投資短褲、聯網電視和購物。您從 Sundar 那裡聽到了關於每日 300 億瀏覽量的統計數據。因此，我們繼續投資，為創作者提供除廣告之外的新貨幣化選項是我們所做工作的重要組成部分。正如我之前所說，最初的結果鼓勵在短褲上測試廣告。

Yes. In terms of geographic color, just to even broaden out your question a bit more and go through the various regions, so in the U.S., we were pleased with the 27% year-on-year growth. And I think nothing to call out there. In Europe, as you noted in your question, the slightly bigger impact from the war in Ukraine than in other regions, and then the sizable delta between fixed and floating really reflects the meaningful strengthening of the dollar versus the euro.

是的。在地理顏色方面，只是為了進一步擴大您的問題並通過各個地區，所以在美國，我們對 27% 的同比增長感到滿意。我認為沒有什麼好說的。正如您在問題中所指出的，在歐洲，烏克蘭戰爭的影響略大於其他地區，然後固定和浮動之間的巨大差異確實反映了美元兌歐元的有意義的走強。

I guess to the heart of your question with respect to APAC, the main thing there is to take you back to a year ago, we were lapping a substantial 39% growth rate in constant currency. And so this really reflects lapping that sizable growth relative to more muted ads performance in APAC this first quarter, and it really takes you just back to last quarter. In other -- Americas, it was much more about the FX headwind more than anything else.

我猜你關於亞太地區的問題的核心是，主要是帶你回到一年前，我們以固定匯率計算的增長率高達 39%。因此，這確實反映了第一季度亞太地區相對於較弱的廣告表現而言的可觀增長，這真的讓你回到了上一季度。在其他地區——美洲，外匯逆風比其他任何事情都重要。

And our next question comes from Brent Thill from Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

For Sundar, just on Google Cloud, if you could just walk through the next leg of growth, where you're most excited for the rest of '22.

對於 Sundar 來說，只要在 Google Cloud 上，如果你能走過下一段增長，那你對 22 年剩下的時間最興奮。

Thanks. Look, overall across the board, I'm excited because you saw in my earlier remarks there's a lot of product innovation across the key areas, be it data and analytics, cybersecurity, our open multicloud as well as Google Workspace. So when I look at the innovation in the product pipeline and the overall demand we are seeing and how early our journey is, there's definitely a lot to look forward to. Cybersecurity has been a particular focus. We obviously are excited about our acquisition of Mandiant, which I think will help us serve customers deeper as well.

謝謝。總體而言，我很興奮，因為您在我之前的講話中看到了關鍵領域的許多產品創新，無論是數據和分析、網絡安全、我們的開放式多雲以及 Google Workspace。因此，當我看到產品管道中的創新、我們看到的整體需求以及我們的旅程有多早時，肯定有很多值得期待的地方。網絡安全一直是一個特別關注的焦點。我們顯然對收購 Mandiant 感到興奮，我認為這也將有助於我們更深入地為客戶服務。

But overall, the execution has been great. We are scaling up, particularly in our go-to-market as well. And I think that will play out well. And over time, as we focus on converting bookings to consumption as well, I think it will play out well, taking a long-run view and methodically scaling up and executing better. So that's what I'm excited about.

但總的來說，執行效果很好。我們正在擴大規模，特別是在我們的上市方面。我認為這會很好地發揮作用。隨著時間的推移，由於我們也專注於將預訂轉化為消費，我認為它會發揮良好的作用，從長遠來看，有條不紊地擴大規模並更好地執行。這就是我興奮的地方。

And our next question comes from Stephen Ju from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

So Sundar, I think your Search team recently released a block posting, talking about the desire to help your users with their management of money. And I think we talked about some of this last time with the rollout of Tez in India and the evolution to Google Pay, but can you talk about your ambitions to add more utility to the service so that it becomes more, hopefully, indispensable service for your user base and particularly as you hope that this theoretically becomes your next billion user product?

所以 Sundar，我認為您的搜索團隊最近發布了一個塊帖子，談到了幫助您的用戶管理資金的願望。我認為我們上次在印度推出 Tez 以及向 Google Pay 的演變時談到了其中的一些內容，但您能否談談您為該服務添加更多實用程序的雄心壯志，以便它成為更多，有希望地成為不可或缺的服務您的用戶群，特別是您希望這在理論上成為您的下一個十億用戶產品？

Thanks, Stephen. Obviously, we've been focused on making sure payments works well. One, maybe you can step back and think about it as that our payment strategy is very similar to the strategy we have for commerce overall. We want to make all of this work easier, both on the merchant and the financial institution side, and making sure they can connect with the customers well. And you mentioned the work in India that was certainly what really got everything started. We are now -- 150 million people across 40 countries are using Google Pay.

謝謝，斯蒂芬。顯然，我們一直專注於確保付款運作良好。第一，也許您可以退後一步考慮一下，因為我們的支付策略與我們整體的商業策略非常相似。我們希望在商家和金融機構方面簡化所有這些工作，並確保他們能夠與客戶建立良好的聯繫。你提到了在印度的工作，這當然是一切真正開始的原因。我們現在 - 40 個國家/地區的 1.5 億人正在使用 Google Pay。

And your questions about making -- first of all, we're making sure it works across the board, works well, easy to use for all the sites. And then over time, we will innovate and build new digital experiences. Simple examples you saw was we rolled out the ability for users to pay for parking on Google Pay with their voice just using Google Assistant.

還有你關於製作的問題——首先，我們確保它可以全面運行，運行良好，易於在所有網站上使用。然後隨著時間的推移，我們將創新並構建新的數字體驗。您看到的簡單示例是，我們推出了讓用戶只需使用 Google 助理就可以通過語音在 Google Pay 上支付停車費的功能。

So really building for scale, building for simplicity. And then over time, we will layer on additional helpful features. But we are definitely focused on the first part now, making sure it works well for as many users across the world.

所以真正為規模而建，為簡單而建。然後隨著時間的推移，我們將增加額外的有用功能。但我們現在絕對專注於第一部分，確保它適用於全球盡可能多的用戶。

And our last question comes from the line of Dan Salmon from BMO.

我們的最後一個問題來自 BMO 的 Dan Salmon。

I have 2 questions. First, I'd like to ask about Google Analytics, where there's been a transition ongoing for a year or so now to a new version of the product and where you'll begin sunsetting the older version next year. That's always a really important tool for advertisers and publishers to measure the impact of your advertising. So could you tell us a little bit more about those changes, how they may or may not be related to the deprecation of cookies in Chrome and how you plan to ensure its smooth transition?

我有 2 個問題。首先，我想問一下關於 Google Analytics（分析）的問題，現在已經有一年左右的時間過渡到產品的新版本，以及明年您將在哪裡開始淘汰舊版本。對於廣告商和發布商而言，這始終是衡量廣告影響的非常重要的工具。那麼，您能否告訴我們更多有關這些更改的信息，它們可能與 Chrome 中棄用 cookie 的關係或不相關，以及您計劃如何確保其順利過渡？

And then second, one last one on YouTube. You mentioned the strong performance in subscriptions, Ruth. Any products that you would highlight that are driving that strength in particular?

然後是第二個，YouTube 上的最後一個。你提到了訂閱方面的強勁表現，露絲。您要強調的任何產品都特別推動了這種力量？

So I can take the one on the Google Analytics side. This is something we've been working on for a very long time. There is no specific relation to what you've mentioned. This is one of the normal upgrades to our products that we're doing on a quite regular basis. We're very excited about it. Advertisers are excited about it. Our partners are happy about it. So this is -- yes, this is a nice one. We like it.

所以我可以在谷歌分析方面拿一個。這是我們長期以來一直在努力的事情。與您提到的內容沒有特定關係。這是我們定期對我們的產品進行的正常升級之一。我們對此感到非常興奮。廣告商對此感到興奮。我們的合作夥伴對此感到高興。所以這是- 是的，這是一個很好的。我們喜歡它。

And then in terms of the YouTube subscription businesses. As I said, they continue to deliver substantial revenue growth, and that was driven by subscriber growth for both YouTube TV as well as YouTube Music and Premium. So pleased with what we're seeing there.

然後是 YouTube 訂閱業務。正如我所說，他們繼續帶來可觀的收入增長，這得益於 YouTube TV 以及 YouTube Music 和 Premium 的訂閱用戶增長。對我們在那裡看到的感到非常滿意。

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

謝謝你。我們的問答環節到此結束。我想把會議轉回給 Jim Friedland 來做任何閉幕詞。

Thanks, everyone, for joining us today. We look forward to speaking with you again on our second quarter 2022 call. Thank you, and have a good evening.

謝謝大家，今天加入我們。我們期待在 2022 年第二季度電話會議上再次與您交談。謝謝你，祝你晚上愉快。

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

謝謝你。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。