Meta Platforms Inc (META) 2021 Q4 法說會逐字稿

Good afternoon. My name is France, and I will be your conference operator today. At this time, I would like to welcome everyone to the Meta Fourth Quarter and Full Year 2021 Earnings Conference Call. (Operator Instructions) The call will be recorded. Thank you very much.

下午好。我的名字是法國，今天我將成為你們的會議接線員。在這個時候，我想歡迎大家參加 Meta 2021 年第四季度和全年收益電話會議。 （操作員說明）通話將被錄音。非常感謝你。

Ms. Deborah Crawford, Facebook's Vice President of Investor Relations, you may begin.

Facebook 投資者關係副總裁 Deborah Crawford 女士，您可以開始了。

Thank you. Good afternoon, and welcome to Meta's Fourth Quarter and Full Year 2021 Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO.

謝謝你。下午好，歡迎來到 Meta 的 2021 年第四季度和全年收益電話會議。今天和我一起討論我們的結果的是首席執行官馬克扎克伯格；謝麗爾·桑德伯格，首席運營官；和首席財務官戴夫·韋納。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's press release and in our quarterly report on Form 10-Q filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

在開始之前，我想藉此機會提醒您，我們今天的言論將包括前瞻性陳述。實際結果可能與這些前瞻性陳述所設想的結果大不相同。今天的新聞稿和我們向美國證券交易委員會提交的 10-Q 表格季度報告中列出了可能導致這些結果出現重大差異的因素。我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，我們不承擔因新信息或未來事件而更新這些陳述的義務。

During this call, we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The press release and an accompanying investor presentation are available on our website at investor.fb.com.

在本次電話會議中，我們可能會介紹 GAAP 和非 GAAP 財務指標。 GAAP 與非 GAAP 措施的對賬包含在今天的收益新聞稿中。新聞稿和隨附的投資者介紹可在我們的網站investor.fb.com 上找到。

And now I'd like to turn the call over to Mark.

現在我想把電話轉給馬克。

Hi, everyone, and thanks for joining today. This was a solid quarter for our products and business. It was also an important one for our company. In October, we announced that Meta would be our new name, and we laid out our vision for the metaverse. And when we shared our plans to connect, I said this is not something that we're going to do on our own. The metaverse will be built by creators and developers, will be interoperable and will touch many different parts of the economy. In the months since, it's been exciting to see lots of other companies share their own plans for the metaverse and how their experiences and products might show up, too. And I look forward to partnering with a lot of them as we work to bring this to life together.

大家好，感謝您今天的加入。對於我們的產品和業務來說，這是一個穩健的季度。這對我們公司來說也是一項重要的工作。 10 月，我們宣布 Meta 將成為我們的新名稱，並製定了我們對 Metaverse 的願景。當我們分享我們的連接計劃時，我說這不是我們要自己做的事情。元宇宙將由創作者和開發者構建，將具有互操作性，並將觸及經濟的許多不同部分。從那以後的幾個月裡，看到許多其他公司分享他們自己的元宇宙計劃以及他們的經驗和產品可能會如何展示，這令人興奮。我期待與他們中的許多人合作，共同實現這一目標。

Now last year was about putting a stake in the ground for where we're heading, and this year is going to be about executing. And today, I'm going to discuss our 7 major investment priorities for 2022. They're Reels, community messaging, commerce, ads, privacy, AI and, of course, the metaverse. And these are the areas that we're putting a lot more talent and budget towards.

去年是為了確定我們前進的方向，而今年將是關於執行。今天，我將討論我們 2022 年的 7 個主要投資重點。它們是捲軸、社區消息傳遞、商業、廣告、隱私、人工智能，當然還有元界。這些是我們投入更多人才和預算的領域。

But before I get to that, I want to briefly touch on our Q4 results, which I know Sheryl and Dave are going to go deeper on. I'm proud of the work that our team did here. We shipped products. Our community continued to grow. And businesses of all sizes turned to us to help them reach people.

但在我開始之前，我想簡要介紹一下我們的第四季度業績，我知道雪莉和戴夫會更深入地討論。我為我們團隊在這裡所做的工作感到自豪。我們運送了產品。我們的社區繼續發展。各種規模的企業都求助於我們來幫助他們接觸人們。

But there are 2 things that I want to call out that are having an impact on our business. The first is competition. People have a lot of choices for how they want to spend their time, and apps like TikTok are growing very quickly. And this is why our focus on Reels is so important over the long term, as is our work to make sure that our apps are the best services out there for young adults, which I spoke about on our last call.

但是有兩件事我想指出對我們的業務有影響。首先是競爭。人們對如何度過時間有很多選擇，而像 TikTok 這樣的應用程序正在快速增長。這就是為什麼從長遠來看，我們對 Reels 的關注如此重要，我們的工作也是為了確保我們的應用程序是為年輕人提供的最佳服務，我在上次電話會議上談到了這一點。

The second area and related to this is that we are in the middle of a transition on our own services towards short-form video like Reels. So as more activity shifts towards this medium, we are replacing some time in News Feeds and other higher monetizing services. So as a result of both competition and the shift to short-term -- short-form video as well as our focus on serving young adults over optimizing overall engagement, we're going to continue to see some pressure on impression growth in the near term.

與此相關的第二個領域是，我們正在將自己的服務向 Reels 等短視頻過渡。因此，隨著越來越多的活動轉向這種媒體，我們正在取代新聞提要和其他更高貨幣化服務的時間。因此，由於競爭和向短期——短視頻的轉變，以及我們專注於為年輕人服務而不是優化整體參與度，我們將繼續看到近期印象增長的一些壓力學期。

Now I'm confident that leaning harder into these trends is the right short-term trade-off to make in order to get long-term gains. And we've made these types of transitions before with mobile Feed and Stories, where we took on headwinds in the near term to align with important trends over the long term. And while video has historically been slower to monetize, we believe that over time, short-form video is going to monetize more like Feed or Stories than like Watch. So I'm optimistic that we'll get to where we need to be with Reels, too.

現在我相信，為了獲得長期收益，更努力地適應這些趨勢是正確的短期權衡。我們之前已經通過移動 Feed 和 Stories 進行了這些類型的轉換，我們在短期內遇到了不利因素，以與長期的重要趨勢保持一致。雖然從歷史上看，視頻的變現速度較慢，但我們相信，隨著時間的推移，短視頻的變現方式將更像 Feed 或 Stories，而不是 Watch。所以我很樂觀，我們也將與 Reels 一起到達我們需要的地方。

Ultimately, our continued success relies on building new products that people find valuable and enjoy using. And in a competitive marketplace, we are focused on understanding the areas that we need to deliver on for people and executing against this strategy. David is going to share more on the impact to our business in a minute, but before we get to that, I want to discuss our investment priorities for 2022.

最終，我們的持續成功依賴於開發人們認為有價值並喜歡使用的新產品。在競爭激烈的市場中，我們專注於了解我們需要為人們提供的領域並針對這一戰略執行。 David 將在一分鐘內分享更多有關對我們業務的影響的信息，但在我們開始之前，我想討論一下我們 2022 年的投資重點。

The first one is Reels. Now it's clear that short-form video will be an increasing part of how people consume content moving forward. And Reels is now our fastest-growing content format by far. It's already the biggest contributor to engagement growth on Instagram, and it is growing very quickly on Facebook, too. And as we continue to improve the tools for creators, ranking for the people watching and as we roll out the product everywhere across the world, we expect that this will continue growing quickly. So looking ahead, we're investing in simplifying video across Instagram, building more great creative and monetization tools for creators and helping more people discover and interact with relevant Reels.

第一個是捲軸。現在很明顯，短視頻將越來越多地成為人們消費內容的方式。 Reels 現在是我們迄今為止增長最快的內容格式。它已經是 Instagram 參與度增長的最大貢獻者，在 Facebook 上的增長也非常迅速。隨著我們繼續改進創作者的工具、為觀看者排名以及隨著我們在世界各地推出該產品，我們預計這將繼續快速增長。因此，展望未來，我們將投資簡化 Instagram 視頻，為創作者構建更出色的創意和獲利工具，並幫助更多人發現相關 Reels 並與之互動。

The next investment priority is community messaging, which is about chatting with groups of people that you have something in common with, whether that's a shared community, an interest or experience. We already run some of the world's most popular messaging platforms where people connect one-on-one or in groups with friends, family and colleagues. And we're seeing people increasingly want to share more things in messages that they were previously maybe posting to Feed. So I think the popularity that we're seeing with apps like Slack in the workplace or Discord or Telegram reflects this trend, too. So we're going to help people on WhatsApp better organize their group chats and make it easier to find information for the communities that they're a part of, like parent groups or neighborhoods. And we're also building community chats on Facebook and Messenger for real-time conversations within those groups and communities.

下一個投資重點是社區消息傳遞，即與您有共同點的人群聊天，無論是共享社區、興趣還是經驗。我們已經運行了一些世界上最受歡迎的消息傳遞平台，人們可以在這些平台上與朋友、家人和同事進行一對一或成組的聯繫。而且我們看到人們越來越希望在消息中分享他們以前可能發佈到 Feed 的更多內容。所以我認為我們在工作場所看到的 Slack 或 Discord 或 Telegram 等應用程序的受歡迎程度也反映了這一趨勢。因此，我們將幫助 WhatsApp 上的人們更好地組織他們的群聊，並讓他們更容易找到他們所屬社區的信息，例如家長組或社區。我們還在 Facebook 和 Messenger 上構建社區聊天，以便在這些群組和社區內進行實時對話。

Now I also want to call out business messaging since it's an area where there's some real momentum here. We estimate that there are more than 1 billion users are connecting with a business account across our messaging services every week. And we're partnering with companies like Uber and GeoMart to help people book a ride or have their grocery delivered right from a chat. And we're building new tools to make buying online better for people and user to manage for businesses. And we believe that this can be an important business for us in the years to come.

現在我還想強調商業信息，因為這是一個真正有動力的領域。我們估計每周有超過 10 億用戶通過我們的消息服務連接到企業帳戶。我們正在與 Uber 和 GeoMart 等公司合作，幫助人們通過聊天直接預訂乘車或提供雜貨。我們正在構建新工具，以使人們和用戶更好地為企業管理在線購買。我們相信，這對我們來說是未來幾年的一項重要業務。

We're also making good progress on our broader commerce efforts. We already help a lot of businesses reach new and existing customers with personalized ads, and our commerce tools are an extension of that. This is a seamless way for people and businesses to buy and sell through our apps. And our strategy here since introducing Shops 1.5 years ago has been to make it as easy as possible for people to make a purchase after discovering a new brand or product without having to switch over to a browser or reenter their payment info. And Sheryl will share more about our progress here, including some of the success we saw over the holidays.

我們在更廣泛的商業努力方面也取得了良好進展。我們已經幫助許多企業通過個性化廣告吸引新老客戶，而我們的商務工具是其延伸。這是個人和企業通過我們的應用程序進行買賣的無縫方式。自 1.5 年前推出 Shops 以來，我們的策略一直是讓人們在發現新品牌或產品後儘可能輕鬆地進行購買，而無需切換到瀏覽器或重新輸入他們的付款信息。 Sheryl 將在這里分享更多關於我們進展的信息，包括我們在假期中看到的一些成功。

Now next up is ads. And with Apple's iOS changes and new regulation in Europe, there is a clear trend where less data is available to deliver personalized ads. But people still want to see relevant ads, and businesses still want to reach the right customers. So we are rebuilding a lot of our ads infrastructure so we can continue to grow and deliver high-quality personalized ads.

現在接下來是廣告。隨著 Apple 的 iOS 變化和歐洲的新法規，一個明顯的趨勢是提供個性化廣告的可用數據越來越少。但是人們仍然希望看到相關的廣告，企業仍然希望吸引合適的客戶。因此，我們正在重建大量廣告基礎設施，以便我們能夠繼續發展並提供高質量的個性化廣告。

Now the next 2 priorities that I want to discuss focus on infrastructure that underpins all of our products. The first one is privacy. And we've made huge investments in strengthening our approach to privacy, including rebuilding our privacy program and our privacy review process. And we made updates to bring greater privacy to our products, including end-to-end encrypted backups and disappearing messages on WhatsApp and end-to-end encrypted voice and video calling on Messenger. And over the next few years, we're focused on building out a major privacy infrastructure project that will encode our privacy commitments at a deeper level of our technical foundation to make them more durable and make product development faster in this evolving environment.

現在，我想討論的下兩個優先事項集中在支撐我們所有產品的基礎設施上。第一個是隱私。我們在加強我們的隱私方法方面進行了大量投資，包括重建我們的隱私計劃和我們的隱私審查流程。我們進行了更新，為我們的產品帶來更大的隱私，包括端到端加密備份和 WhatsApp 上的消失消息以及 Messenger 上的端到端加密語音和視頻通話。在接下來的幾年裡，我們專注於構建一個重要的隱私基礎設施項目，該項目將在我們技術基礎的更深層次上對我們的隱私承諾進行編碼，以使其更加持久，並在這個不斷變化的環境中加快產品開發速度。

Now on to AI. This is one of the areas where we've routinely seen stronger returns on our investments over time than we've expected. Advances in AI enable a lot of the experience that I've talked about so far. It enabled us to deliver better ads to people while using less data. That's core to all of our safety and security work. It has meaningfully improved the relevance of Reels and overall content ranking in general. And it plays a big role in our commerce efforts.

現在談人工智能。隨著時間的推移，這是我們經常看到我們的投資回報高於我們預期的領域之一。人工智能的進步使我迄今為止談到的許多體驗成為可能。它使我們能夠在使用更少數據的同時向人們提供更好的廣告。這是我們所有安全和安保工作的核心。它總體上顯著提高了 Reels 的相關性和整體內容排名。它在我們的商業活動中發揮著重要作用。

Artificial intelligence is also going to play a big role in our work to help build the metaverse. We just announced our AI Research SuperCluster, which we think will be the world's fastest supercomputer once it is complete later this year. And this is going to enable new AI models that can learn from trillions of examples and understand hundreds of languages, which will be key for the kinds of experiences that we're building. Now looking ahead, we're focused on further scaling our computing power and transforming our AI infrastructure through advances in foundational research as well as improvements to data center design, networking, storage and software.

人工智能也將在我們幫助構建元宇宙的工作中發揮重要作用。我們剛剛宣布了我們的 AI Research SuperCluster，我們認為一旦它在今年晚些時候完成，它將成為世界上最快的超級計算機。這將使新的人工智能模型能夠從數万億個示例中學習並理解數百種語言，這將是我們正在構建的各種體驗的關鍵。現在展望未來，我們專注於通過基礎研究的進步以及數據中心設計、網絡、存儲和軟件的改進，進一步擴展我們的計算能力和改造我們的人工智能基礎設施。

Now the last investment priority here is the metaverse. We are focused on the foundational hardware and software that are required to build an immersive, embodied Internet that enables better digital social experiences than anything that exists today.

現在這裡的最後一個投資重點是元界。我們專注於構建身臨其境的實體互聯網所需的基礎硬件和軟件，以實現比當今任何事物更好的數字社交體驗。

On the hardware front, we're seeing real traction with Quest 2. People have spent more than $1 billion on Quest store content, helping virtual reality developers grow and sustain their businesses. We had a strong holiday season, and Oculus reached the top of the app store for the first time on Christmas Day in the U.S. We're working towards a release of a high-end virtual reality headset later this year, and we continue to make progress developing Project Nazare, which is our first fully augmented reality glasses.

在硬件方面，我們看到了 Quest 2 的真正吸引力。人們在 Quest 商店內容上花費了超過 10 億美元，幫助虛擬現實開發人員發展和維持他們的業務。我們度過了一個強勁的假期，Oculus 在美國聖誕節首次登上應用商店榜首 我們正在努力在今年晚些時候發布一款高端虛擬現實耳機，我們將繼續製作正在開發 Nazare 項目，這是我們的第一款完全增強現實眼鏡。

Now as for software, Horizon is core to our metaverse division. This is our social VR world-building experience that we recently opened to people in the U.S. and Canada. And we've seen a number of talented creators build worlds like a recording studio where producers collaborate or a relaxing space to meditate. And this year, we plan to launch a version of Horizon on mobile, too. So that will bring early metaverse experiences to more surfaces beyond VR.

現在就軟件而言，Horizon 是我們 Metaverse 部門的核心。這是我們最近向美國和加拿大的人們開放的社交 VR 世界構建體驗。我們已經看到許多有才華的創作者建立了一個世界，比如製作人合作的錄音室或一個放鬆的冥想空間。今年，我們還計劃在移動設備上推出 Horizon 版本。因此，這將為 VR 之外的更多表面帶來早期的元宇宙體驗。

So while the deepest and most immersive experiences are going to be in virtual reality, you're also going to be able to access these worlds from your Facebook or Instagram apps as well and probably more over time. So this will enable us to build even richer social experiences where you can connect with friends in the metaverse, whether they're in VR or not.

因此，雖然最深刻、最身臨其境的體驗將出現在虛擬現實中，但您也將能夠從您的 Facebook 或 Instagram 應用程序訪問這些世界，而且隨著時間的推移可能會更多。因此，這將使我們能夠構建更豐富的社交體驗，您可以在其中與元宇宙中的朋友聯繫，無論他們是否在 VR 中。

We're also focused on avatars, which will be how you represent yourself in Horizon and across other developers' experiences in the metaverse. In December, we rolled out our metaverse Avatars SDK to all Unity developers on Quest and Rift and Windows-based VR platforms, letting developers bring Meta Avatars to their own VR experiences. And we just announced an update that lets you further customize your avatar to better express yourself. And we're introducing digital clothing, too, starting with an NFL partnership, you can cheer on your favorite team.

我們還專注於化身，這將是您在 Horizon 以及其他開發人員在元宇宙中的體驗中代表自己的方式。 12 月，我們在 Quest 和 Rift 以及基於 Windows 的 VR 平台上向所有 Unity 開發人員推出了 Metaverse Avatars SDK，讓開發人員將 Meta Avatars 帶入他們自己的 VR 體驗。我們剛剛宣布了一項更新，可讓您進一步自定義您的頭像以更好地表達自己。我們還推出了數字服裝，從與 NFL 合作開始，您可以為您最喜歡的球隊加油。

You can use your avatar across Quest, Facebook, Instagram and Messenger. So it serves as another bridge between our 2D social apps and 3D immersive virtual reality experiences. So we have a bunch of work ahead to make the avatars as expressive and high fidelity as they need to be to fully represent us and help us feel present with one another, but I am very excited for the advances that we're making here.

您可以在 Quest、Facebook、Instagram 和 Messenger 中使用您的頭像。因此，它充當了我們的 2D 社交應用程序和 3D 沉浸式虛擬現實體驗之間的另一座橋樑。因此，我們還有很多工作要做，以使化身俱有表現力和高保真度，以充分代表我們並幫助我們感覺彼此存在，但我對我們在這裡取得的進步感到非常興奮。

Now making meaningful progress across all 7 of these areas is going to improve the services that we offer today and will help power a more social, intuitive and entertaining metaverse where people, businesses and creators can all thrive. And this fully realized vision is still a ways off. And although the direction is clear, our path ahead is not yet perfectly defined. But I am pleased with the momentum and the progress that we've made so far, and I am confident that these are the right areas of investments for us to focus on going forward.

現在，在所有這 7 個領域取得有意義的進展將改善我們今天提供的服務，並將有助於推動一個更加社交、直觀和有趣的虛擬世界，人們、企業和創作者都可以在這裡茁壯成長。而這個完全實現的願景還有很長的路要走。雖然方向很明確，但我們前進的道路還沒有完全確定。但我對我們迄今為止取得的勢頭和進展感到滿意，我相信這些是我們未來專注於投資的正確領域。

2022 is the first page of the next chapter for our company. I'm grateful for all the talented teams at Meta and our partners for executing on this important work and, of course, for all of you who are on this journey with us. And now here is Sheryl.

2022年是我們公司下一章的第一頁。我感謝 Meta 的所有才華橫溢的團隊和我們的合作夥伴執行這項重要的工作，當然也感謝與我們一起踏上這段旅程的所有人。現在這裡是雪莉。

Thanks, Mark, and hi, everyone. Our total ad revenue in Q4 was $32.6 billion, which is up 20% year-over-year. The close of the year also marked the first time our business generated more than $100 billion in annual revenue. I want to congratulate our teams and thank our partners for helping us reach this milestone.

謝謝，馬克，大家好。我們第四季度的總廣告收入為 326 億美元，同比增長 20%。年末也標誌著我們的業務首次創造了超過 1000 億美元的年收入。我要祝賀我們的團隊，並感謝我們的合作夥伴幫助我們實現了這一里程碑。

Throughout 2021, we saw solid growth, which continued in Q4. But there were a number of dynamic factors that created headwinds for us this past quarter in addition to those Mark described around competition and our shift to short-form video. We were lapping a period of strong demand in 2020 that benefited from very strong growth in online commerce, which has since slowed. Q4 was also the first holiday season after Apple's iOS changes, which had an impact on businesses of all sizes, especially small businesses who rely on digital advertising to grow. This will continue to be a factor in 2022.

整個 2021 年，我們看到了穩健的增長，並在第四季度繼續保持增長。但是，除了 Mark 描述的圍繞競爭和我們轉向短視頻的那些因素之外，還有許多動態因素給我們帶來了不利影響。我們在 2020 年經歷了一段需求強勁的時期，這得益於在線商務的強勁增長，此後增長放緩。第四季度也是蘋果 iOS 變化後的第一個假期，這對各種規模的企業產生了影響，尤其是依賴數字廣告發展的小型企業。這將繼續成為 2022 年的一個因素。

We've also heard from advertisers about other macro trends that contributed to the headwinds in Q4, including global supply chain disruptions, labor shortages and inflationary pressures. A number of industry reports have pointed to people shopping earlier in the holiday season to avoid potential supply chain issues and shipping delays. This is in line with the behavior we saw from advertisers, many of whom front-loaded their spend earlier than usual.

我們還從廣告商那裡了解到導致第四季度逆風的其他宏觀趨勢，包括全球供應鏈中斷、勞動力短缺和通脹壓力。許多行業報告指出，人們在假日季節早些時候購物，以避免潛在的供應鏈問題和運輸延誤。這與我們從廣告商那裡看到的行為一致，他們中的許多人比平時更早地預付了他們的支出。

Mark talked about 7 areas of investment. I'd like to talk about our progress in 3 of those: ads, commerce and messaging. First, ad. Like others in our industry, we faced headwinds as a result of Apple's iOS changes. As we described last quarter, Apple created 2 challenges for advertisers: one is that the accuracy of our ads targeting decreased, which increased the cost of driving outcomes; the other is that measuring those outcomes became more difficult.

馬克談到了7個投資領域。我想談談我們在其中 3 個方面的進展：廣告、商務和消息傳遞。首先，廣告。與我們行業中的其他人一樣，由於 Apple 的 iOS 變化，我們面臨著逆風。正如我們上個季度所描述的，Apple 給廣告商帶來了兩個挑戰：一個是我們的廣告定位的準確性下降，這增加了推動成果的成本；另一個是衡量這些結果變得更加困難。

These challenges are complex and interrelated. We're working to try and improve things, for example, by making progress in closing the underreporting gap for iOS web conversions and by introducing tools like our Aggregated Event Measurement solutions to deliver better insights for advertisers. These efforts will help to mitigate some of the challenges. But we expect the overall targeting and measurement headwinds to moderately increase from Apple's changes and from regulatory changes in Q1 and throughout 2022.

這些挑戰既複雜又相互關聯。我們正在努力嘗試和改進一些事情，例如，通過在縮小 iOS 網絡轉化的漏報差距方面取得進展，並通過引入我們的聚合事件衡量解決方案等工具來為廣告商提供更好的洞察力。這些努力將有助於緩解一些挑戰。但我們預計，由於蘋果公司的變化以及第一季度和整個 2022 年的監管變化，總體目標和衡量阻力將適度增加。

On the shift to short-form video, I want to emphasize that while we're going through a transition, we're optimistic. Right now, Reels monetizes at a lower rate than Feed and Stories, but we expect this to improve over time. We've made successful transitions before: the shift from web to mobile and then another shift from Feed to Stories. We have a playbook here. The experience we have for monetizing stories is directly applicable, so we're not starting from scratch. We think that over the long term, this shift will be a success for us and our partners, too.

關於向短視頻的轉變，我想強調的是，雖然我們正在經歷轉型，但我們很樂觀。目前，Reels 的獲利率低於 Feed 和 Stories，但我們預計這會隨著時間的推移而改善。我們之前已經進行過成功的轉變：從 Web 到移動設備的轉變，然後又從 Feed 到 Stories 的轉變。我們這裡有一本劇本。我們通過故事獲利的經驗是直接適用的，所以我們不是從頭開始的。我們認為，從長遠來看，這種轉變對我們和我們的合作夥伴來說也將是成功的。

Second, commerce. We launched a number of new tools in Q4. We released new features like ratings, reviews and community replies to product questions and significantly improved checkout stability. We brought Shops to Groups, and we started testing live shopping for creators, an early glimpse of the immersive shopping experiences that will be possible in the metaverse.

第二，商業。我們在第四季度推出了許多新工具。我們發布了評級、評論和社區對產品問題的回復等新功能，並顯著提高了結賬穩定性。我們將 Shops 引入 Groups，並開始為創作者測試實時購物，這是對在元世界中可能實現的沉浸式購物體驗的初步了解。

Our commerce strategy remains focused on 3 areas: continuing to be the best place for advertisers to find customers and get strong ROI, making it easier to sell on our platform and improving the customer experience. We still have a lot of work to do compared to other mobile and web shopping experiences, but we're seeing promising early signs. It's great to see businesses and consumers using social and immersive shopping experiences like product tags, drops and live shopping.

我們的商業策略仍然專注於 3 個領域：繼續成為廣告商尋找客戶並獲得高投資回報率的最佳場所，讓在我們的平台上銷售更容易，並改善客戶體驗。與其他移動和網絡購物體驗相比，我們還有很多工作要做，但我們看到了有希望的早期跡象。很高興看到企業和消費者使用社交和身臨其境的購物體驗，如產品標籤、滴滴和現場購物。

A good example is The Laundress, a premium fabric care and home cleaning brand from Unilever that wanted to build awareness of a new line it developed with the musician John Mayer. In November, they launched exclusively on Instagram for 24 hours and hosted a live shopping event, a conversation between John Mayer and Laundress Co-Founder, Lindsey Julia Boyd, where people could buy the new products as they talked about them live. The hour-long event generated more than $40,000 in sales. Overall, we're pleased with the engagement we saw with our commerce tools over the holiday season and view Q4 as a promising milestone in our multiyear journey.

一個很好的例子是聯合利華旗下的高級織物護理和家居清潔品牌 The Laundress，它希望提高人們對它與音樂家 John Mayer 開發的新系列的認識。 11 月，他們在 Instagram 上獨家推出 24 小時，並舉辦了一場現場購物活動，這是 John Mayer 和 Laundress 聯合創始人 Lindsey Julia Boyd 之間的對話，人們可以在現場談論新產品時購買新產品。長達一小時的活動產生了超過 40,000 美元的銷售額。總體而言，我們對我們在假期期間看到的商務工具的參與感到滿意，並將第四季度視為我們多年旅程中一個充滿希望的里程碑。

Third, business messaging. Our focus is on helping businesses and consumers connect. Our largest monetization effort is click to messaging ad, where you click on an ad on your Facebook or Instagram Feed and it opens a chat with the business in Messenger, Instagram Direct or WhatsApp. It's a great way for businesses to drive engagement. And we've seen lots of demand from consumers who want to use our messaging apps for everyday services like utilities, financial services, education and travel.

第三，商業信息。我們的重點是幫助企業和消費者建立聯繫。我們最大的盈利方式是點擊消息廣告，您可以點擊 Facebook 或 Instagram 動態中的廣告，然後在 Messenger、Instagram Direct 或 WhatsApp 中打開與企業的聊天。這是企業提高參與度的好方法。我們已經看到消費者的大量需求，他們希望將我們的消息應用程序用於公用事業、金融服務、教育和旅行等日常服務。

In Q4, we expanded the types of information people can choose to receive from businesses in the format in which they can interact. We're continuing to invest in new tools to make it easier for people to help and make purchases right from a chat. More than 150 million users globally now view a business catalog in WhatsApp each month. And new features like collections on WhatsApp help businesses organize their products and make it straightforward for people to find things to buy.

在第 4 季度，我們擴展了人們可以選擇以他們可以交互的格式從企業接收的信息類型。我們將繼續投資於新工具，讓人們更輕鬆地通過聊天提供幫助和購物。現在，全球有超過 1.5 億用戶每月在 WhatsApp 中查看業務目錄。 WhatsApp 上的收藏等新功能可幫助企業組織產品，讓人們更容易找到要購買的東西。

As we enter 2022, our focus is where it has always been: building products that help people connect and businesses grow. We're making long-term investments to evolve our business and continue to drive real value for our partners. In the coming year, we'll continue to invest in things that improve ad performance for our clients in short-form video like Reels and in making the commerce experience better for consumers and marketers on our platforms.

進入 2022 年，我們的重點始終是：打造有助於人們聯繫和業務發展的產品。我們正在進行長期投資以發展我們的業務並繼續為我們的合作夥伴創造真正的價值。在接下來的一年裡，我們將繼續投資於改善客戶在 Reels 等短視頻中的廣告效果，並在我們的平台上為消費者和營銷人員提供更好的商業體驗。

As ever, I'm grateful to our partners around the world, big and small, who we learn from every day; and to our teams at Meta, who work so hard to help businesses through the holiday season and beyond. Now here's Dave.

一如既往，我感謝我們在世界各地的大大小小的合作夥伴，我們每天都向他們學習；以及我們在 Meta 的團隊，他們非常努力地幫助企業度過假期及以後。現在是戴夫。

Thanks, Sheryl, and good afternoon, everyone. As we announced in October, beginning this quarter, we are reporting revenue and operating income in 2 segments: Family of Apps and Reality Labs. I will begin by discussing our consolidated results before moving to segments and ending with our outlook. All comparisons are on a year-over-year basis unless otherwise noted.

謝謝，Sheryl，大家下午好。正如我們在 10 月份宣布的那樣，從本季度開始，我們將報告兩個部分的收入和營業收入：應用系列和現實實驗室。我將首先討論我們的綜合結果，然後再討論細分市場並以我們的展望結束。除非另有說明，否則所有比較均按年進行。

We delivered solid results in the fourth quarter, ending a strong year for our business as full year 2021 total revenue grew 37% to nearly $118 billion. Q4 total revenue was $33.7 billion, up 20% or 21% on a constant currency basis. Unlike the first 3 quarters of 2021, we experienced a currency headwind in Q4. And had foreign exchange rates remained constant with Q4 of last year, total revenue would have been about $307 million higher.

我們在第四季度取得了穩健的業績，結束了我們業務強勁的一年，因為 2021 年全年總收入增長了 37%，達到近 1180 億美元。第四季度總收入為 337 億美元，按固定匯率計算增長 20% 或 21%。與 2021 年前三個季度不同，我們在第四季度遇到了貨幣逆風。如果匯率與去年第四季度保持不變，總收入將增加約 3.07 億美元。

Q4 total expenses were $21.1 billion, up 38% compared to last year. In terms of the specific line items, cost of revenue increased 22%, driven primarily by Reality Labs hardware costs, core infrastructure investments and payments to partners. R&D increased 35%, driven primarily by hiring to support Family of Apps and Reality Labs as we increase -- as well as increased Reality Labs R&D operating costs. Marketing and sales increased 34%, mainly driven by marketing spend and hiring. Lastly, G&A increased 107%, driven primarily by legal-related costs and employee-related costs.

第四季度總支出為 211 億美元，比去年增長 38%。就具體項目而言，收入成本增長了 22%，主要受 Reality Labs 硬件成本、核心基礎設施投資和合作夥伴付款的推動。研發增長了 35%，這主要是由於隨著我們的增加而招聘來支持應用程序家族和現實實驗室，以及現實實驗室研發運營成本的增加。營銷和銷售增長 34%，主要受營銷支出和招聘的推動。最後，G&A 增長了 107%，主要受法律相關成本和員工相關成本的推動。

We added over 3,700 net new hires in Q4, the majority in technical functions. We ended the quarter with over 71,900 full-time employees, up 23% compared to last year.

我們在第四季度新增了 3,700 多名新員工，其中大部分是技術職能部門。截至本季度末，我們擁有超過 71,900 名全職員工，比去年增長 23%。

Fourth quarter operating income was $12.6 billion, representing a 37% operating margin. Our tax rate was 19%. Net income was $10.3 billion or $3.67 per share. Capital expenditures, including principal payments on finance leases, were $5.5 billion, driven by investments in data centers, servers, network infrastructure and office facilities. Free cash flow was $12.6 billion. We repurchased $19.2 billion of our Class A common stock in the fourth quarter, and we ended the quarter with $48 billion in cash and marketable securities.

第四季度營業收入為 126 億美元，營業利潤率為 37%。我們的稅率是 19%。淨收入為 103 億美元或每股 3.67 美元。在數據中心、服務器、網絡基礎設施和辦公設施投資的推動下，資本支出（包括融資租賃的本金支付）為 55 億美元。自由現金流為 126 億美元。我們在第四季度回購了 192 億美元的 A 類普通股，並以 480 億美元的現金和有價證券結束了本季度。

Moving now to our segment results. I'll begin with the Family of Apps segment. Q4 total Family of Apps revenue was $32.8 billion, up 20%. Q4 Family of Apps ad revenue was $32.6 billion, up 20% or 21% on a constant currency basis. On a user geography basis, year-over-year ad revenue growth was strongest in Asia Pacific at 31%. Rest of World, Europe and North America grew 28%, 20% and 15%, respectively. Currency was a modest headwind in all international regions.

現在轉到我們的細分結果。我將從應用系列部分開始。第四季度家庭應用總收入為 328 億美元，增長 20%。 Q4 系列應用廣告收入為 326 億美元，按固定匯率計算增長 20% 或 21%。從用戶地域來看，亞太地區的廣告收入同比增長最為強勁，達到 31%。世界其他地區、歐洲和北美分別增長了 28%、20% 和 15%。貨幣在所有國際地區都是一個溫和的逆風。

In Q4, the total number of ad impressions served across our services increased 13%, and the average price per ad increased 6%. Impression growth was primarily driven by Asia Pacific and Rest of World, while impressions in North America declined 6% year-over-year. On a global basis, impression growth benefited from ad load increases and user growth. This was partially offset by engagement-related headwinds as we faced increased competition for people's time and a shift of engagement within our apps to video services like Reels, which show fewer ads than Feed or Stories today.

在第 4 季度，通過我們的服務投放的廣告總展示次數增加了 13%，每個廣告的平均價格增加了 6%。展示次數增長主要由亞太地區和世界其他地區推動，而北美的展示次數同比下降 6%。在全球範圍內，展示次數的增長得益於廣告負載的增加和用戶的增長。這部分被與參與度相關的不利因素所抵消，因為我們面臨著對人們時間的日益激烈的競爭，以及我們的應用程序內的參與度正在轉向像 Reels 這樣的視頻服務，這些服務顯示的廣告比現在的 Feed 或 Stories 少。

Pricing growth was broad-based across regions. Worldwide pricing growth slowed from the third quarter as we lapped stronger growth in the year ago period and faced currency headwinds. Pricing was also negatively impacted by advertisers facing challenges from macroeconomic factors and measurement targeting headwinds.

各地區的定價增長基礎廣泛。全球定價增長從第三季度開始放緩，因為我們經歷了去年同期的強勁增長並面臨貨幣逆風。廣告商面臨宏觀經濟因素和衡量目標逆風的挑戰，也對定價產生了負面影響。

Family of Apps other revenue was $155 million, down 8% due to a decline in payment revenue earned from games. Family of Apps expenses were $16.9 billion, up 35% due to higher legal-related costs, employee-related expenses, marketing infrastructure-related costs and payments to partners. Family of Apps operating income was $15.9 billion, representing a 48% operating margin. We estimate that approximately 2.8 billion people used at least one of our Family of Apps on a daily basis in December and that approximately 3.6 billion people use at least one on a monthly basis.

Family of Apps 其他收入為 1.55 億美元，下降 8%，原因是遊戲支付收入下降。由於法律相關成本、員工相關費用、營銷基礎設施相關成本和支付給合作夥伴的費用增加，應用系列費用為 169 億美元，增長 35%。 Family of Apps 營業收入為 159 億美元，營業利潤率為 48%。我們估計，在 12 月，每天大約有 28 億人至少使用我們的一個應用系列，並且大約有 36 億人每月至少使用一個。

Facebook daily active users were 1.93 billion, up 5% or 84 million compared to last year. DAUs represented approximately 66% of the 2.91 billion monthly active users in December. MAUs grew by 115 million or 4% compared to last year. Facebook user growth was impacted by a few headwinds in the fourth quarter. In the Asia Pacific and Rest of World, we believe COVID resurgences during prior periods pulled forward user growth. User growth in India was also limited by an increase in data package pricing. In addition to these factors, we believe competitive services are negatively impacting growth, particularly with younger audiences.

Facebook 日活躍用戶為 19.3 億，比去年增長 5%，即 8400 萬。 DAU 約佔 12 月 29.1 億月活躍用戶的 66%。與去年相比，MAU 增長了 1.15 億或 4%。 Facebook 用戶增長在第四季度受到了一些不利因素的影響。在亞太地區和世界其他地區，我們認為 COVID 在前期的複蘇推動了用戶增長。印度的用戶增長也受到數據套餐價格上漲的限制。除了這些因素之外，我們認為競爭性服務正在對增長產生負面影響，尤其是對年輕受眾而言。

Within our Reality Labs segment, Q4 revenue was $877 million, up 22%, driven by strong Quest 2 sales during the holiday season. Reality Labs expenses were $4.2 billion, up 48%, driven by employee-related costs, R&D operating expenses and cost of goods sold. Reality Labs operating loss was $3.3 billion in the fourth quarter. For the full year 2021, Reality Labs operating loss was $10.2 billion.

在我們的 Reality Labs 部門中，第四季度收入為 8.77 億美元，增長 22%，這得益於假日季節 Quest 2 的強勁銷售。 Reality Labs 支出為 42 億美元，增長 48%，主要受員工相關成本、研發運營費用和銷售成本的推動。 Reality Labs 第四季度的營業虧損為 33 億美元。 2021 年全年，Reality Labs 的運營虧損為 102 億美元。

Turning now to the outlook. We expect first quarter 2022 total revenue to be in the range of $27 billion to $29 billion, which represents 3% to 11% year-over-year growth. We expect our year-over-year growth in the first quarter to be impacted by headwinds to both impression and price growth. On the impression side, we expect continued headwinds from both increased competition for people's time and a shift of engagement within our apps towards video services like Reels, which monetize at lower rates than Feed and Stories.

現在轉向展望。我們預計 2022 年第一季度的總收入將在 270 億美元至 290 億美元之間，同比增長 3% 至 11%。我們預計第一季度的同比增長將受到印象和價格增長的不利影響。在印象方面，我們預計人們的時間競爭加劇以及我們的應用程序內的參與轉向像 Reels 這樣的視頻服務，這些服務的貨幣化率低於 Feed 和 Stories ，這將繼續帶來不利因素。

On the pricing side, we expect growth to be negatively impacted by a few factors. First, we will lap a period in which Apple's iOS changes were not in effect, and we anticipate modestly increasing ad targeting and measurement headwinds from platform and regulatory changes. Second, we will lap a period of strong demand in the prior year, and we're hearing from advertisers that macroeconomic challenges like cost inflation and supply chain disruptions are impacting advertiser budgets. Finally, based on current exchange rates, we expect foreign currency to be a headwind to year-over-year growth. In addition, as noted on previous calls, we also continue to monitor developments regarding the viability of transatlantic data transfers and the potential impact on our European operations.

在定價方面，我們預計增長將受到一些因素的負面影響。首先，我們將經歷一段蘋果 iOS 變化未生效的時期，我們預計平台和監管變化帶來的廣告定位和衡量阻力會適度增加。其次，我們將在前一年經歷一段強勁的需求，我們從廣告商那裡聽說，成本膨脹和供應鏈中斷等宏觀經濟挑戰正在影響廣告商的預算。最後，根據當前匯率，我們預計外幣將成為同比增長的阻力。此外，正如之前的電話會議所述，我們還將繼續監測跨大西洋數據傳輸的可行性以及對我們歐洲業務的潛在影響的發展。

Turning now to the expense outlook. We expect 2022 total expenses to be in the range of $90 billion to $95 billion, updated from our prior outlook of $91 billion to $97 billion. Our anticipated expense growth is driven by investments in technical and product talent and infrastructure-related costs.

現在轉向費用前景。我們預計 2022 年的總支出將在 900 億美元至 950 億美元之間，高於我們之前預測的 910 億美元至 970 億美元。我們預期的費用增長是由對技術和產品人才以及基礎設施相關成本的投資推動的。

We expect 2022 capital expenditures, including principal payments on finance leases, to be in the range of $29 billion to $34 billion, unchanged from our prior estimate. Our planned capital expenditures are primarily driven by investments in data centers, servers, network infrastructure and office facilities. As we discussed previously, this range reflects the significant increase in our AI and machine learning investments, which will support a number of areas across our Family of Apps. While our Reality Labs products and services may require more infrastructure capacity in the future, they do not require substantial capacity today, and as a result, are not a significant driver of 2022 capital expenditures.

我們預計 2022 年的資本支出（包括融資租賃的本金支付）將在 290 億美元至 340 億美元之間，與我們之前的估計持平。我們計劃的資本支出主要來自對數據中心、服務器、網絡基礎設施和辦公設施的投資。正如我們之前所討論的，這個範圍反映了我們在人工智能和機器學習方面的投資顯著增加，這將支持我們應用系列中的許多領域。雖然我們的 Reality Labs 產品和服務在未來可能需要更多的基礎設施容量，但它們現在不需要大量容量，因此，它們並不是 2022 年資本支出的重要驅動力。

On to tax. Absent any changes to U.S. tax laws, we expect our full year 2022 tax rate to be similar to the full year 2021 rate.

上稅。在美國稅法沒有任何變化的情況下，我們預計 2022 年全年稅率將與 2021 年全年稅率相似。

Separately today, we announced that our Class A common stock will begin trading on NASDAQ under the ticker symbol META in the first half of 2022. The new ticker symbol aligns with our rebranding from Facebook to Meta.

今天，我們另外宣布，我們的 A 類普通股將於 2022 年上半年開始在納斯達克交易，股票代碼為 META。新的股票代碼與我們從 Facebook 到 Meta 的品牌重塑相一致。

In closing, 2021 was a strong year for our business and an important year for the company as we aligned our corporate identity with our long-term ambition to build the next generation of online social experiences. We're investing aggressively in 2022 to support our product road map as we work to deliver new and engaging experiences for people and support businesses and creators who rely on our services.

最後，2021 年是我們業務強勁的一年，也是公司重要的一年，因為我們將企業形象與構建下一代在線社交體驗的長期目標保持一致。我們將在 2022 年大力投資，以支持我們的產品路線圖，同時努力為人們提供新的、引人入勝的體驗，並支持依賴我們服務的企業和創作者。

With that, France, let's open up the call for questions.

有了這個，法國，讓我們開始提問。

(Operator Instructions) And our first question is from the line of Brian Nowak with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one on the Reels transition. You all talked about how you've been through other transitions in the past with mobile and Stories, et cetera, and you successfully navigated through. Is there anything that's unique or more challenging about the Reels transition that makes you think it could take potentially longer to sort of scale those ad products for this format as opposed to other formats in the past?

我有 2 個。第一個關於 Reels 過渡。你們都談到了過去如何通過移動和故事等方式經歷其他轉變，並且成功地度過了難關。與過去的其他格式相比，Reels 過渡是否有任何獨特或更具挑戰性的地方，讓您認為可能需要更長的時間來擴展這種格式的廣告產品？

Then the second one, Dave, when you sort of talk about the headwinds around ad targeting and measurement becoming larger in the first quarter and in 2022, is there anything other than sort of year-on-year data comps there? Or are you expecting other changes from a signal perspective? And maybe help us understand any further changes you expect to come on the signal loss perspective.

然後是第二個，戴夫，當您談到第一季度和 2022 年圍繞廣告定位和衡量的不利因素變得更大時，除了同比數據之外，還有什麼其他的嗎？或者您是否期望從信號角度發生其他變化？也許可以幫助我們了解您期望在信號丟失方面發生的任何進一步變化。

Yes. Thanks, Brian. I can probably take both of those or -- yes. So on Reels, I mean, I think there's a lot of the characteristics of Reels that makes it quite similar to the transition that we've gone through before. As in the past, when we were focused on Stories, we're really focused on consumer experience and really making short-form video work effectively on both Instagram and Facebook. And we're already seeing that be the biggest driver of growth on Instagram, and it's growing very quickly on Facebook.

是的。謝謝，布賴恩。我可能兩個都可以，或者——是的。所以在 Reels 上，我的意思是，我認為 Reels 的許多特徵使它與我們之前經歷的過渡非常相似。與過去一樣，當我們專注於 Stories 時，我們真正專注於消費者體驗，並真正讓短視頻在 Instagram 和 Facebook 上有效地發揮作用。我們已經看到這是 Instagram 增長的最大推動力，而且它在 Facebook 上的增長速度非常快。

So we're really encouraged by what we're seeing. But we're really focused on making the consumer experience right. And over time, we do think it's a format that will work effectively for advertising, and we think the experience that we have for Stories will really lend itself well in the Reels format. So we're confident in our ability to monetize over time. But right now, there's relatively few ads in Stories -- sorry, relatively few ads in Reels today. So it's definitely something that, from an impression growth and monetization perspective, is going to be a headwind.

所以我們真的對我們所看到的感到鼓舞。但我們真正專注於讓消費者體驗正確。隨著時間的推移，我們確實認為它是一種可以有效用於廣告的格式，我們認為我們在故事中擁有的體驗將真正適合 Reels 格式。因此，我們對隨著時間的推移貨幣化的能力充滿信心。但現在，Stories 中的廣告相對較少——抱歉，今天 Reels 中的廣告相對較少。因此，從印象增長和貨幣化的角度來看，這絕對是一個逆風。

On iOS 14, we saw the revenue impact with iOS 14 -- sorry, iOS just in general in Q4, and that was in line with our expectations and similar to the Q3 headwind. But obviously, as we go into 2022, we're going to be lapping a period in which in Q1 and Q2, those headwinds were not in place in the year ago period. So that definitely makes for a tough comp in the first half of the year. And we believe the impact of iOS overall as a headwind on our business in 2022 is on the order of $10 billion, so it's a pretty significant headwind for our business.

在 iOS 14 上，我們看到了 iOS 14 對收入的影響——抱歉，iOS 在第四季度總體上是這樣，這符合我們的預期，類似於第三季度的逆風。但很明顯，隨著我們進入 2022 年，我們將經歷一個在第一季度和第二季度，這些逆風在一年前還沒有出現的時期。所以這肯定會在今年上半年造成一場艱難的比賽。我們相信，iOS 對我們 2022 年業務的整體不利影響約為 100 億美元，因此這對我們的業務來說是一個相當大的不利因素。

And we're seeing that impact in a number of verticals. E-commerce was an area where we saw a meaningful slowdown in growth in Q4. And similarly, we've seen other areas like gaming be challenged. But on e-commerce, it's quite noticeable -- notable that Google called out seeing strength in that very same vertical. And so given that we know that e-commerce is one of the most impacted verticals from iOS restrictions, it makes sense that those restrictions are probably part of the explanation for the difference between what they were seeing and what we were seeing.

我們在許多垂直領域都看到了這種影響。電子商務是我們看到第四季度增長顯著放緩的一個領域。同樣，我們也看到遊戲等其他領域受到挑戰。但在電子商務方面，這一點非常引人注目——值得注意的是，谷歌呼籲在同一垂直領域看到實力。因此，鑑於我們知道電子商務是受 iOS 限制影響最大的垂直行業之一，這些限制可能是他們所見與我們所見之間差異的部分解釋是有道理的。

And if you look at it, we believe those restrictions from Apple are designed in a way that carves out browsers from the tracking prompts Apple requires for apps. And so what that means is that search ads could have access to far more third-party data for measurement and optimization purposes than app-based ad platforms like ours. So when it comes to using data, you can think of it [that it's] not really apples-to-apples for us. And as a result, we believe Google Search ad business could have benefited relative to services like ours. It takes a different set of restrictions from Apple. And given that Apple continue to take billions of dollars a year from Google Search ads, the incentive clearly exists for this policy discrepancy to continue.

如果您仔細觀察，我們相信 Apple 的這些限制旨在將瀏覽器從 Apple 要求的應用程序跟踪提示中剔除。這意味著搜索廣告可以訪問更多的第三方數據來進行衡量和優化，而不是像我們這樣的基於應用程序的廣告平台。所以當談到使用數據時，你可以認為它對我們來說並不是真正的蘋果對蘋果。因此，我們相信 Google 搜索廣告業務相對於我們這樣的服務可能會受益。它需要與 Apple 不同的一組限制。鑑於蘋果每年繼續從谷歌搜索廣告中獲取數十億美元，顯然存在這種政策差異繼續存在的動機。

Our next question is from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe 2 questions, if I can. First, following up on Brian's questions about Reels. I think when we've gone through these transitions before, you've talked a little bit about what you're seeing from an engagement standpoint about Reels and how levels of engagement compared to other forms of engagement from a consumer perspective on the property and what the differential might be in terms of wallet's early innings, in terms of differential ad pricing and how you think to close that gap. Is there any [willingness] you're able to give us on both engagement levels or pricing differential so we can think through what the transition scope might need to be?

如果可以的話，也許有 2 個問題。首先，跟進 Brian 關於 Reels 的問題。我認為，當我們之前經歷過這些過渡時，您已經談到了您從 Reels 的參與度角度所看到的內容，以及從消費者的角度來看，與其他形式的參與度相比，參與度水平對房產和就錢包的早期階段而言，差異可能是什麼，就差異廣告定價以及您認為如何縮小這一差距而言。您是否能夠在參與度或定價差異方面向我們提供任何 [意願]，以便我們可以考慮過渡範圍可能需要是什麼？

And then, Sheryl, on the last call, if I remember correctly, you talked about elements of as we move into Q1, in the first half, some of the workaround efforts that the team were trying to implement would start to show some efficacy. Can you give us an update on where you stand internally on workarounds and broader advertiser community acceptance of some of the workarounds on targeting and measurement as we move into the first half?

然後，Sheryl，在最後一次電話會議上，如果我沒記錯的話，你談到了我們進入第一季度的元素，在上半年，團隊試圖實施的一些變通辦法將開始顯示出一些效果。隨著我們進入上半年，您能否向我們介紹一下您在內部對變通辦法的立場以及更廣泛的廣告商社區對定位和衡量方面的一些變通辦法的接受程度？

Sure. I can start with your first question on some of what we're seeing on engaging -- engagements. Reels and short-form video overall are very engaging. And a lot of what we're seeing is that there is -- people are spending a lot more time -- and I think I mentioned this in my script upfront that it's growing very quickly. This is already the biggest contributor to engagement growth on Instagram. I think it's one of the biggest contributors that we're seeing to positive engagement on Facebook, too, already.

當然。我可以從你的第一個問題開始，這個問題是關於我們在參與方面看到的——參與。捲軸和短視頻整體非常吸引人。我們看到的很多情況是——人們花費了更多的時間——我想我在我的劇本中預先提到了這一點，它正在快速增長。這已經是 Instagram 參與度增長的最大貢獻者。我認為它也是我們在 Facebook 上看到的積極參與的最大貢獻者之一，也是。

But I think going back to the last question, there was a question on what -- are there any factors here that will -- what are the similarities and differences to what we've seen in the past. The big similarity is that this is certainly not the first time that we've gone through a major format evolution. And what these transitions all had in common from desktop Feed to mobile Feed, Feed to Stories and now to Reels is in the beginning, our ad system and business are not as tuned for the new format.

但我想回到最後一個問題，有一個問題是什麼——這裡有什麼因素會——與我們過去看到的有什麼相似之處和不同之處。最大的相似之處在於，這肯定不是我們第一次經歷主要的格式演變。這些從桌面 Feed 到移動 Feed、Feed 到 Stories 以及現在到 Reels 的轉變的共同點是，在開始時，我們的廣告系統和業務並未針對新格式進行調整。

So as the engagement to the new thing starts to replace some of the engagement in the old thing, it creates a near-term headwind for revenue. But it's not that part -- at this point now is not that big of a concern for us. I mean it makes some of the stuff not as clear in the near term, but over the long term, we're pretty optimistic about that. The dynamic that I think is actually a little bit different with Reels than what we've seen with Stories and mobile Feed in the past. And with Reels, I would say that the teams are executing quite well, and the product is growing very, very quickly.

因此，隨著對新事物的參與開始取代對舊事物的一些參與，它會在短期內對收入造成不利影響。但這不是那部分——在這一點上，現在對我們來說並不是那麼大的問題。我的意思是它使一些東西在短期內不那麼清楚，但從長遠來看，我們對此非常樂觀。我認為 Reels 的動態實際上與我們過去在 Stories 和移動 Feed 中看到的有點不同。對於 Reels，我想說團隊執行得非常好，產品增長非常非常快。

The thing that is somewhat unique here is that TikTok is so big as a competitor already and also continues to grow at quite a fast rate off of a very large base. And so that -- to the question that was asked before around are we like -- that was asked before around is there anything that's going to make it so that we -- it takes us longer to kind of get to where we want on this, it is that even though we're compounding extremely quickly, that's -- we also have a competitor that is compounding at a pretty quick rate, too.

這裡有點獨特的是，TikTok 已經是一個如此龐大的競爭對手，並且還在一個非常大的基礎上繼續以相當快的速度增長。所以——對於之前被問到的問題，我們喜歡——之前被問到有什麼可以做到的，所以我們——我們需要更長的時間才能到達我們想要的地方，即使我們的複利速度非常快，我們也有一個競爭對手，它的複利速度也非常快。

But overall, back to the question on Reels, it's extremely engaging. I think overall engagement will grow as a part of this. And that's why we're optimistic about the future. But there's a lot of work to do here.

但總的來說，回到關於 Reels 的問題，它非常吸引人。我認為整體參與度將作為其中的一部分而增長。這就是為什麼我們對未來持樂觀態度。但是這裡有很多工作要做。

And then, Sheryl, were you going to take the second part of the question on the mitigation front?

然後，Sheryl，你打算在緩解方面回答問題的第二部分嗎？

Yes. So when we talked about mitigation, we've said there are 2 key challenges from the iOS changes: targeting and measuring performance. On targeting, it's very much a multiyear development journey to rebuild our ads optimization systems to drive performance while we're using less data. And as part of this effort, we're investing in automation to enable advertisers to leverage machine learning to find the right audience with less effort and reduce reliance on targeting. That's going to be a longer-term effort.

是的。因此，當我們談到緩解措施時，我們曾說過 iOS 變化帶來了兩個關鍵挑戰：定位和衡量性能。在定位方面，重建我們的廣告優化系統以在我們使用較少數據的同時提高性能是一個多年的發展歷程。作為這項工作的一部分，我們正在投資自動化，以使廣告商能夠利用機器學習以更少的努力找到合適的受眾並減少對定位的依賴。這將是一項長期的努力。

On measurement, there were 2 key areas within measurement, which were impacted as a result of Apple's iOS changes. And I talked about this on the call last quarter as you referenced. The first is the underreporting gap. And what's happening here is that advertisers worry they're not getting the ROI they're actually getting. On this part, we've made real progress on that underreporting gap since last quarter, and we believe we'll continue to make more progress in the years ahead. I do want to caution that it's easier to address this with large campaigns and harder with small campaigns, which means that part will take longer, and it also means that Apple's changes continue to hurt small businesses more.

在衡量方面，衡量中有兩個關鍵領域受到 Apple iOS 變化的影響。正如你所提到的，我在上個季度的電話會議上談到了這一點。首先是漏報差距。而這裡發生的情況是廣告商擔心他們沒有得到他們實際得到的投資回報率。在這方面，自上個季度以來，我們在漏報差距方面取得了實際進展，我們相信我們將在未來幾年繼續取得更多進展。我確實想提醒一下，大型活動更容易解決這個問題，而小型活動更難解決，這意味著這部分需要更長的時間，這也意味著蘋果的變化繼續對小企業造成更大的傷害。

The second area underneath the measurement challenge is really -- are really data delays. As part of the iOS changes, we and many other ad platforms, we receive less granular conversion data on a delayed basis. And what advertisers shared with us that this makes real-time decision-making especially difficult, and that's particularly important during the holiday period, where people are often spending a lot and really monitoring their ads and adjusting spend not even on a daily basis but often on an hourly basis. And that was one of the challenges we faced during this holiday quarter.

測量挑戰下的第二個領域實際上是數據延遲。作為 iOS 變化的一部分，我們和許多其他廣告平台會延遲收到不太精細的轉化數據。廣告商與我們分享的是，這使得實時決策變得特別困難，這在假期期間尤其重要，人們經常花費大量資金並真正監控他們的廣告並調整支出，甚至不是每天而是經常按小時計算。這是我們在這個假期期間面臨的挑戰之一。

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

我們的下一個問題來自美國銀行的 Justin Post。

A couple. Mark, just on a big picture basis, you're adding a lot of short-form video and maybe the content shifting from content from your friends to general content, what does that mean for Facebook? I'm sure you've thought about a lot of it. But how do you think about the evolution of Facebook as a platform?

一對夫婦。馬克，就大局而言，您添加了很多短視頻，並且內容可能從您的朋友內容轉變為一般內容，這對 Facebook 意味著什麼？我相信你已經考慮了很多。但是您如何看待 Facebook 作為一個平台的演變？

And then for Dave, as you think about the measurement and targeting challenges, when we get out to September and October, should we be effectively lapping the issues? Or is there the reason to think it could actually get worse in the second half, just thinking about revenue growth kind of reaccelerating?

然後對於 Dave，當您考慮衡量和定位挑戰時，當我們到 9 月和 10 月時，我們是否應該有效地解決這些問題？還是有理由認為下半年情況實際上會變得更糟，只是考慮到收入增長會重新加速？

I can take the first one. So for Facebook, I think content from your friends is always going to be an important part of the experience, and so will be discussing stuff that you find with friends, whether it's in a group or community or public content or Reels or news or different content like that. But I think overall, you're right that the balance of content that people see in Feeds is shifting a little bit more towards stuff that isn't coming from their friends, which you may discuss with your friends, but it is kind of shifting towards more public content.

我可以拿第一個。因此，對於 Facebook，我認為來自您朋友的內容始終是體驗的重要組成部分，因此將與朋友討論您發現的內容，無論是在群組、社區、公共內容、Reels、新聞或其他方面之類的內容。但我認為總的來說，你是對的，人們在 Feed 中看到的內容的平衡正在更多地轉向不是來自他們的朋友的東西，你可以和你的朋友討論，但這是一種轉變走向更公開的內容。

I think at the same time, we're seeing this trend where if you can do your day-to-day behavior on a lot of the stuff, this pattern may resonate with you. But a lot of people now are taking a lot of the content that they may have previously shared in a Feed and sending it to friends over chats, whether it's one-on-one or through group chats. And this is one of the reasons why I called out community messaging as one of the major priorities for us. Because if you look at the overall constellation of services, a lot of the kind of personal sharing is sort of shifting towards messaging.

我認為同時，我們看到了這種趨勢，如果你可以在很多東西上做你的日常行為，這種模式可能會引起你的共鳴。但現在很多人都將他們之前在 Feed 中共享的大量內容通過聊天發送給朋友，無論是一對一還是通過群聊。這就是為什麼我將社區消息傳遞稱為我們的主要優先事項之一的原因之一。因為如果你看一下整個服務群，很多個人分享都在轉向消息傳遞。

And a lot of the -- what we're seeing in Feeds is basically this content consumption and a lot of just really highly engaging content that forms the basis for conversations, whether it's in chat or in comment threads in those Feed apps. But that type of creative work is a lot more of what we're seeing across the Feed apps, so whether that's Facebook or Instagram.

我們在 Feed 中看到的很多內容基本上都是這種內容消費，以及許多非常吸引人的內容，它們構成了對話的基礎，無論是在聊天中還是在這些 Feed 應用程序中的評論線程中。但這種類型的創意作品比我們在 Feed 應用程序中看到的要多得多，所以無論是 Facebook 還是 Instagram。

Justin, it's Dave. On the second part of your question, it's really about sort of what's the landscape of headwinds look like as it relates to targeting and measurement. And there, I think what we're seeing is kind of 2 things going on. We've got incremental headwinds coming from things like iOS 15, which provides some additional sort of targeting and measurement headwinds. But those are far less significant than the changes made with iOS 14.5, which really started to have an impact more seriously on the business in the second half of last year. So I think that lapping effect is going to be very pronounced in the first half of the year, where we're lapping periods that didn't have that impact. So that's where we're going to see the biggest impact from the lapping.

賈斯汀，是戴夫。關於你問題的第二部分，它實際上是關於逆風的情況，因為它與目標和測量有關。在那裡，我認為我們看到的是兩種正在發生的事情。我們遇到了來自諸如 iOS 15 之類的增量逆風，它提供了某種額外的定位和測量逆風。但這些變化遠沒有 iOS 14.5 的變化那麼重要，iOS 14.5 真正開始對去年下半年的業務產生更嚴重的影響。因此，我認為重疊效應將在今年上半年非常明顯，我們所處的重疊期沒有產生這種影響。所以這就是我們將看到研磨影響最大的地方。

But we're continuing to face more headwinds as it relates to like iOS 15 and also further regulatory headwinds that restrict the use of data for targeting purposes in regions like Europe. So we're continuing to see headwinds. I think we're working to mitigate those. But the biggest lapping effect will be in the first half of the year, where we didn't have the big iOS 14 headwinds in the same period last year.

但是，我們將繼續面臨更多的阻力，因為它與 iOS 15 相關，並且還有進一步的監管阻力，這些阻力限制了在歐洲等地區將數據用於定位目的。因此，我們繼續看到逆風。我認為我們正在努力減輕這些影響。但最大的重疊影響將在今年上半年，我們在去年同期沒有遇到 iOS 14 的大阻力。

Our next question is from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

Mark, you talked last quarter, I think, about how Reels would become better integrated into both Facebook and Instagram. Can you just talk about where you are in that process? Clearly, we've seen some. Just curious if there's more in the product pipeline. And could that deeper integration potentially have even greater drag on revenue going forward?

馬克，我想你上個季度談到了 Reels 如何更好地融入 Facebook 和 Instagram。你能談談你在那個過程中的位置嗎？顯然，我們已經看到了一些。只是好奇產品管道中是否還有更多內容。這種更深層次的整合是否會對未來的收入產生更大的拖累？

And then, Dave, just curious if you're willing to comment on Reality Lab spend or loss number in '22.

然後，戴夫，只是好奇你是否願意評論 22 年 Reality Lab 的支出或損失數字。

I can talk about the first piece. I mean I think we're probably a little further along than just the beginning, but I'd say we're closer to the beginning than the end of the trend on Reels. There's a big flywheel here where more creators share more content. And because we have a mix of content in the Feeds from all different types, we're only going to show Reels or recommend them. If we feel like there's high-quality content to show, so as there's more high-quality content, we show more of it. There certainly will be a lot more. We think it's growing -- it is going to grow a lot going forward we believe, in engagement on both of those platforms.

我可以談談第一部分。我的意思是我認為我們可能比開始更進一步，但我想說我們更接近開始而不是捲軸趨勢的結束。這裡有一個很大的飛輪，更多的創作者可以分享更多的內容。而且因為我們在 Feed 中混合了所有不同類型的內容，所以我們只會展示 Reels 或推薦它們。如果我們覺得有高質量的內容要展示，那麼隨著高質量的內容越多，我們就會展示更多的內容。肯定會有更多。我們認為它正在增長——我們相信，在這兩個平台上的參與度都會增長很多。

So yes, I mean I think that we probably will see, and as we're forecasting, and I think Dave has talked about here, the relative monetization rate of Reels for the next -- I don't know, for whatever the foreseeable future is, will be lower than Feed as we kind of displace some of that with this. But over time, we think that there's a potential for a tremendous amount of overall engagement growth. And we think that in a steady state over time, we think that Reels should monetize closer to Feed or Stories than other longer-form video.

所以是的，我的意思是我認為我們可能會看到，正如我們預測的那樣，我認為 Dave 在這裡談到了 Reels 下一個的相對貨幣化率——我不知道，無論可預見的未來是，將低於 Feed，因為我們用這個取代了其中的一些。但隨著時間的推移，我們認為整體參與度增長潛力巨大。而且我們認為隨著時間的推移處於穩定狀態，我們認為 Reels 應該比其他較長形式的視頻更接近 Feed 或 Stories 來獲利。

So I think we're optimistic about it. And I think that that's -- we think it's definitely the right thing to lead into this and to push hard to grow Reels as quickly as possible and not hold on the brakes at all even though it may create some near-term slower growth than we would have wanted. That's kind of -- that's the picture that I see.

所以我認為我們對此持樂觀態度。而且我認為那是 - 我們認為這絕對是正確的做法，並儘可能快地推動 Reels 的增長，而不是踩剎車，即使它可能會導致近期的增長速度比我們慢本來想要的。有點——這就是我看到的畫面。

I don't know if you want to add anything to that.

我不知道您是否想對此添加任何內容。

No, I think that's exactly right. And that's what's kind of factored into the guidance we're providing specifically for Q1. And then, Doug, on the expense outlook, we're not breaking out expenses by segment. But I probably can give some color here. We're expecting accelerated headcount growth in 2022 to be the biggest contributor of expense growth.

不，我認為這完全正確。這就是我們專門為第一季度提供的指導中考慮的因素。然後，道格，關於費用前景，我們沒有按細分市場劃分費用。但我可能可以在這裡給一些顏色。我們預計 2022 年員工人數的加速增長將成為費用增長的最大貢獻者。

And that's largely in tech and product roles to support the 7 product priorities that Mark laid out: Reels, community messaging, commerce, ads, privacy, AI and the metaverse. And a number of those investment priorities map to our Family of Apps segment, and we expect Family of Apps to continue to drive the majority of expense growth in 2022, though we do expect Reality Labs operating loss to increase meaningfully in '22, and that's incorporated into our outlook.

這主要是技術和產品角色，以支持 Mark 提出的 7 個產品優先事項：捲軸、社區消息傳遞、商業、廣告、隱私、人工智能和元界。其中一些投資優先事項映射到我們的應用系列部門，我們預計應用系列將繼續推動 2022 年的大部分費用增長，儘管我們確實預計 Reality Labs 的運營虧損將在 22 年顯著增加，那就是納入我們的展望。

Our next question is from the line of Mark Mahaney with Evercore ISI.

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

I want to ask 2 questions, please. First, on ESG. Could you just -- there's been a series of steps that have been taken, reducing the ability to do political targeting, the introduction of the Take a Break feature within Instagram and maybe a few other things that arguably have been put out there to kind of address some of the ESG concerns. Where do you think you are in terms of addressing some of those that we've heard in the investment community?

我想問2個問題，拜託。首先，關於 ESG。你能不能 - 已經採取了一系列步驟，降低了進行政治定位的能力，在 Instagram 中引入了“休息一下”功能，也許還有其他一些可以說已經被放在那裡的東西解決一些 ESG 問題。您認為您在解決我們在投資界聽到的一些問題方面處於什麼位置？

And then, Dave, I think you mentioned this $10 billion headwind, and I think that was related to some of these policy change, the Apple policy changes. Could you just give a little color as to how you came up with that number?

然後，戴夫，我想你提到了這個 100 億美元的逆風，我認為這與其中一些政策變化有關，蘋果的政策變化。你能否就你是如何得出這個數字的？

Yes. Mark, on the headwind, we're just estimating what we think is the overall impact of the cumulative iOS changes to where 2022 -- our 2022 revenue forecast is. So if you kind of aggregate the changes that we're seeing across iOS, that's sort of the order of magnitude. We can't be precise on this. It's an estimate. We've got ranges on the impact to our business. So we think it's a substantial headwind to work our way through. And obviously, we're working hard to mitigate those impacts and continue to make ads relevant and effective for users. I don't have anything specific on the ESG front. So I probably can't comment on that. I can follow up with you offline on that.

是的。馬克，在逆風中，我們只是在估計我們認為累積的 iOS 變化對 2022 年的總體影響——我們對 2022 年的收入預測。因此，如果您將我們在 iOS 上看到的變化進行匯總，那就是數量級。這一點我們無法準確。這是一個估計。我們對對我們業務的影響有一定範圍的了解。因此，我們認為這是一個巨大的逆風。顯然，我們正在努力減輕這些影響，並繼續使廣告對用戶具有相關性和有效性。我沒有關於 ESG 方面的任何具體內容。所以我可能無法對此發表評論。我可以離線跟進你。

Our next question is from Youssef Squali with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Youssef Squali。

I have 2 questions as well. Mark, you stated your goal of refocusing on growth of younger audiences on the last earnings call, and I think you even signaled back then that it could mean maybe less focus on other constituency. I know it may be early, but any color maybe to share on growth on users and engagement by maybe age groups?

我也有2個問題。馬克，你在上一次財報電話會議上表示你的目標是重新關注年輕觀眾的增長，我認為你當時甚至暗示這可能意味著可能更少關注其他選區。我知道這可能還為時過早，但有什麼顏色可以分享用戶增長和年齡組的參與度嗎？

And then probably another question for you. I'm curious about when you think we can start seeing the kind of the mesh-in of apps like Instagram with AR and VR and the interoperability of these apps. Is that something where you think we're going to see gradually evolve or something that gets kind of opened only once the metaverse is sufficiently built up, whenever that is?

然後可能是你的另一個問題。我很好奇你什麼時候認為我們可以開始看到 Instagram 等應用程序與 AR 和 VR 的融合，以及這些應用程序的互操作性。這是你認為我們會看到逐漸演變的東西，還是只有在元宇宙充分建立後才會開放的東西，無論何時？

Let me take the first one. I can take your first one on user growth. I think what we said about overall kind of user growth is we're certainly seeing an impact from strong competition, particularly with younger audiences. So that's true, and we're kind of seeing that globally.

讓我拿第一個。我可以將您的第一個用於用戶增長。我認為我們所說的整體用戶增長是我們肯定看到了激烈競爭的影響，尤其是年輕觀眾。所以這是真的，我們在全球範圍內都看到了這一點。

If you look at kind of the overall user growth landscape for the fourth quarter, we're seeing MAU and DAU in the U.S. and Canada sort of bounce around, sort of expected and indicated given our high level of penetration. And then if you look at the Rest of World, we've seen some headwinds there, kind of a little bit unique in the quarter in areas like India, where we saw data plan pricing increase lead to slower growth there. So that's another kind of -- some unique elements of the quarter on that front.

如果你看一下第四季度的整體用戶增長情況，我們會看到美國和加拿大的 MAU 和 DAU 有所反彈，這在某種程度上是預期的，並且表明了我們的高滲透率。然後，如果您看看世界其他地區，我們在那裡看到了一些不利因素，在本季度在印度等地區有點獨特，我們看到數據計劃定價的增加導致那裡的增長放緩。所以這是另一種 - 在這方面本季度的一些獨特元素。

Sure. And in terms of when there's some aspects of the Metaverse showing up, I mean, I talked about avatars in my remarks at the beginning and how we're making it to kind of increasingly both expressive and eventually -- and we've shown some demos around photorealistic avatars of yourself that you can show up in all the different apps, and your avatar can show up across Facebook and Instagram and Messenger as well as in Quest, and we'll expand that further.

當然。至於何時出現元宇宙的某些方面，我的意思是，我在一開始的講話中談到了化身，以及我們如何使它變得越來越具有表現力和最終——我們已經展示了一些您可以在所有不同的應用程序中展示您自己的逼真頭像的演示，您的頭像可以出現在 Facebook、Instagram 和 Messenger 以及 Quest 中，我們將進一步擴展。

And I think I also commented before about our goal for 2022 to make it so that Horizon works not just in immersive VR but on 2D screens as well. So you could potentially jump into those kind of worlds from Facebook or Instagram or different apps as well. So I think you're seeing some of that stuff will -- is already there. Some of it will come over the course of this year.

而且我想我之前也評論過我們在 2022 年的目標，即讓 Horizon 不僅可以在沉浸式 VR 中工作，還可以在 2D 屏幕上工作。因此，您也有可能從 Facebook 或 Instagram 或其他應用程序跳入這類世界。所以我認為你會看到其中的一些東西——已經存在。其中一些將在今年出現。

Of course, the ability to message across apps is something that we've been working on for a while. You can already do that across Messenger and Instagram, and there's more there that we'll roll out over time as well. So I think -- yes, I think you are going to see this stuff work seamlessly across the family.

當然，跨應用程序發送消息的能力是我們一段時間以來一直在努力的事情。您已經可以在 Messenger 和 Instagram 上做到這一點，而且隨著時間的推移，我們還會推出更多功能。所以我認為——是的，我認為你會看到這些東西在整個家庭中無縫地工作。

Our next question is from John Blackledge with Cowen.

我們的下一個問題來自 John Blackledge 和 Cowen。

Two questions. Maybe first one for Mark. How is Reels differentiated versus TikTok, YouTube Shorts and other short-form video services?

兩個問題。也許是馬克的第一個。 Reels 與 TikTok、YouTube Shorts 和其他短視頻服務有何區別？

And one for Sheryl. Any further color on how SMBs are changing ad spend budget since the iOS changes? And is it slowing adoption of new SMB advertisers on Facebook?

還有一個給雪莉。自 iOS 發生變化以來，中小型企業如何改變廣告支出預算？它是否會減緩 Facebook 上新的中小企業廣告商的採用速度？

Sure. So I can start with Reels. One of the things that I think we've seen is that there are some fundamental formats in social media like Feeds and Stories and now I think this Reels short-form video format that within the context of a different network or community, the same format will take on different characteristics. So for example, the kind of discussions that you might have in a feed on Twitter or on Pinterest are different from what you would do in Facebook or Instagram, even given a relatively similar format.

當然。所以我可以從 Reels 開始。我認為我們已經看到的一件事是社交媒體中有一些基本格式，例如 Feed 和 Stories會呈現出不同的特點。因此，例如，您在 Twitter 或 Pinterest 上的提要中可能進行的討論與您在 Facebook 或 Instagram 中進行的討論不同，即使格式相對相似。

So I think to some degree, even if a creator chooses to reshare their content across a number, you'll have different discussions with your friends across the different services based on who's there. And then there's a social dynamic where friends and different communities create these as well. So you see somewhat different Reels across Facebook and Instagram, and I'm sure you see different stuff across TikTok, too.

所以我認為，在某種程度上，即使創作者選擇通過多個號碼轉發他們的內容，你也會根據不同的服務與你的朋友進行不同的討論。然後是一個社交動態，朋友和不同的社區也創造了這些。所以你在 Facebook 和 Instagram 上看到了一些不同的 Reels，我相信你在 TikTok 上也看到了不同的東西。

But what we're seeing is that this is all growing incredibly quickly. So it's hard to know exactly where this is going to settle in the end. But we just think the appetite that people have -- there's been this long-term trend that I commented on a number of times where over the time that I've been running this company, 18 years this week, basically, we've gone from text being the primary way that people share and consume content online at the beginning of the early 2000s to -- until we got cameras on our phones and photos became the primary thing.

但我們看到的是，這一切都在以驚人的速度增長。所以很難確切知道這最終會在哪裡解決。但我們只是認為人們的胃口——我曾多次評論過這種長期趨勢，在我經營這家公司的這段時間裡，本週 18 年，基本上，我們已經離開了從 2000 年代初期人們在線分享和消費內容的主要方式文本到 - 直到我們的手機上安裝了相機，照片成為主要內容。

And now that mobile networks are starting to have gotten really good, video is really becoming the primary thing, and it is a lot more natural and engaging. This is partially, by the way, why I think that an even more immersive format around virtual reality and augmented reality is going to be the kind of next step after video and why we're so invested there.

現在移動網絡開始變得非常好，視頻真的成為了主要的東西，而且更加自然和吸引人。順便說一句，這部分是為什麼我認為圍繞虛擬現實和增強現實的更加身臨其境的格式將成為視頻之後的下一步，也是我們如此投入的原因。

But definitely, what we're seeing with short-form video is it's the next step from the kind of visual feeds that we have and the amount of engagement and content that people want to share and interact with. And whether it's taking it and sending it to a friend in messaging or commenting online or just having fun watching it themselves, it's -- in general, we're seeing people spend a lot more time on this than what we've seen from apps so far. And that's also reflected in the success that other apps like TikTok have had.

但可以肯定的是，我們在短視頻中看到的是，它是我們擁有的視覺源類型以及人們想要分享和互動的參與度和內容量的下一步。無論是通過消息傳遞或在線評論將其發送給朋友，還是只是開心地自己觀看，總的來說，我們看到人們在這方面花費的時間比我們從應用程序中看到的要多得多迄今為止。這也反映在 TikTok 等其他應用程序的成功中。

So there's a lot more to go here. We think we will have competitors across the industry. But as we've seen with some of these other formats too, it will feel different depending on the context in which it's implemented and the content from your friends.

所以這裡還有很多事情要做。我們認為我們將擁有整個行業的競爭對手。但正如我們在其他一些格式中也看到的那樣，根據實施的環境和您朋友的內容，感覺會有所不同。

Our next question is from Lloyd Walmsley with UBS.

我們的下一個問題來自瑞銀的 Lloyd Walmsley。

I think we have a follow-up on SMB.

我認為我們對 SMB 進行了跟進。

Yes, a follow-up I wanted to answer, the SMBs. So it's a good question because as we've said, the iOS changes definitely hurt advertisers across the board, but they're much harder for SMBs. The progress we made on the measurement gap, which I talked about before, we've made more progress with larger clients than we have with SMBs.

是的，我想回答的後續問題是中小型企業。所以這是一個很好的問題，因為正如我們所說，iOS 的變化肯定會全面傷害廣告商，但對中小型企業來說更難。我們在衡量差距方面取得的進展，我之前談到過，我們在大型客戶方面取得的進展比我們在中小企業方面取得的進展更大。

It's also the case that personalized ads are more important for SMBs. And SMB really needs to buy a very small targeted audience that they're looking for. And the larger the business, the more you're able to personalize the ad less. So we're definitely seeing that this has more of an impact for SMBs.

個性化廣告對中小企業來說也更為重要。 SMB 確實需要購買他們正在尋找的非常小的目標受眾。企業越大，您就越能減少個性化廣告。因此，我們肯定看到這對中小企業產生了更大的影響。

We do feel, over the long run, that we believe we have strong benefits for SMBs in using our ad system. We are going to continue to work on these measurement gaps and continue to make sure SMBs can use it. We're also working hard on SMBs adopting some of our commerce tools and some of our other solutions like business messaging and seeing some success there. But you are right that this remains a challenge.

從長遠來看，我們確實認為，我們相信我們對中小型企業使用我們的廣告系統有很大的好處。我們將繼續努力解決這些測量差距，並繼續確保 SMB 可以使用它。我們也在努力讓中小型企業採用我們的一些商務工具和我們的一些其他解決方案，如商業消息傳遞，並在那裡取得了一些成功。但你說得對，這仍然是一個挑戰。

And our next question is from Lloyd Walmsley with UBS.

我們的下一個問題來自瑞銀的勞埃德沃爾姆斯利。

Maybe one for Mark and one for Sheryl. Mark, if we look at short-form video, how do you feel right now about the state of your content and your matching algorithm relative to where you want it to be? I mean do you have the content you need? Are you getting it in front of the right users? Or is there a lot of room to improve this and drive more engagement?

也許一個給馬克，一個給雪兒。馬克，如果我們看一下短視頻，你現在對你的內容狀態和你想要的匹配算法有什麼感覺？我的意思是你有你需要的內容嗎？您是否在正確的用戶面前展示了它？還是有很大的空間來改進這一點並推動更多的參與？

And then, Sheryl, where exactly are you in terms of rebuilding the ad product? And what are the key things you need to see to kind of roll out? Or what do our customers either need to adopt or do on their end to really start to see improvement to ROAs and a return on that budget? Like are there certain features like CAPI that you need to get adopted? Are there tools in the pipeline? Are there things they need to do on there? And what do we need to see that come back?

然後，Sheryl，就重建廣告產品而言，你到底在哪裡？您需要看到哪些關鍵事項才能推出？或者我們的客戶需要採取什麼措施或最終採取什麼措施才能真正開始看到 ROA 的改善和該預算的回報？像您需要採用某些功能（例如 CAPI）嗎？管道中有工具嗎？那裡有他們需要做的事情嗎？我們需要什麼才能看到它回來？

I can take the Reels question. So we do see a huge amount of potential ahead. But I think sometimes when we say that there's -- that we're closer at the beginning, what that means is that we still have a lot of kind of fundamental questions to overcome in order to make progress to get where we're going. With this product, what we see is there is very clear product market fit, and it is growing incredibly quickly. We face a competitor in TikTok that is a lot bigger, so it will take a while to compound and catch up there. But fundamentally, we think that there's just a lot of potential for it to continue growing.

我可以回答捲軸的問題。因此，我們確實看到了巨大的潛力。但我認為，有時當我們說我們一開始就更接近時，這意味著我們仍有許多基本問題需要克服，以便取得進展以達到我們的目標。有了這款產品，我們看到的是非常明確的產品市場契合度，而且它的增長速度非常快。我們在 TikTok 中面臨一個更大的競爭對手，因此需要一段時間才能複合併趕上那裡。但從根本上說，我們認為它有很大的潛力繼續增長。

So to your question, do we have the content that we need? It's a flywheel. So the better tools that we can build for creators and the better monetization we can offer them, which tends to be an advantage that we have over other competitors is how effective our monetization and ad systems are, then, I mean, the bigger it gets, the more it will attract more creators, and it will kind of build on itself. And we think that we're early -- at a scale where we're seeing that flywheel really kick in and start to grow. And if it keeps on compounding at the rates that it's growing at, then this is going to grow extremely quickly over the next year and potentially beyond that.

所以對於你的問題，我們有我們需要的內容嗎？這是一個飛輪。因此，我們可以為創作者構建更好的工具，我們可以為他們提供更好的貨幣化，這往往是我們相對於其他競爭對手的優勢，那就是我們的貨幣化和廣告系統的有效性，然後，我的意思是，它變得更大，它會吸引更多的創作者，它會建立在自己的基礎上。我們認為我們還為時過早——在我們看到飛輪真正發揮作用並開始增長的規模上。如果它繼續以它的增長速度複利，那麼這將在明年以極快的速度增長，甚至可能超過這個速度。

But yes, I think that's kind of the best summary that I can give of where we are: clear product, market fit, growing quickly, a long way to go to catch up to be the biggest in the space. But I think the pieces are in place, and the focus is certainly there at this point to really go after that. It's just that as this grew, it is -- at least for the coming quarters, it's going to monetize at a somewhat lower rate, which is reflected in the guidance that Dave gave.

但是，是的，我認為這是我能給出的關於我們所處位置的最好總結：清晰的產品、市場契合、快速增長、趕上成為該領域最大的公司還有很長的路要走。但我認為這些部分已經到位，並且重點肯定在這一點上，以便真正做到這一點。只是隨著這種情況的增長，至少在未來幾個季度，它將以較低的速度貨幣化，這反映在戴夫給出的指導中。

But again, I think this is clearly the right strategy for us to push on. This is what people want. They enjoy the product. We're going to -- so we're just going to roll it out as quickly and as well as we can.

但同樣，我認為這顯然是我們推進的正確策略。這就是人們想要的。他們喜歡這個產品。我們將——所以我們將盡可能快地推出它。

On the question of what we need to see to rebuild ad products and continue to grow return on ad spend, in the short run, as I talked about, we're working on measurement. We're rolling out new ways to help businesses continue to measure campaigns using Apple's SKAdNetwork, API and Meta's Aggregated Event Measurement and conversion modeling. So we have specific products that people can adopt that help us. Over the longer term, we need to develop privacy-enhancing tech to help minimize the amount of personal information we learn and we use, use more aggregate, use more anonymized data while still allowing us to show relevant ads. And that's going to take us time.

關於我們需要看到什麼來重建廣告產品並繼續增加廣告支出回報的問題，在短期內，正如我所說的，我們正在努力衡量。我們正在推出新的方法來幫助企業繼續使用 Apple 的 SKAdNetwork、API 和 Meta 的聚合事件衡量和轉換建模來衡量活動。所以我們有特定的產品，人們可以採用這些產品來幫助我們。從長遠來看，我們需要開發增強隱私的技術，以幫助最大限度地減少我們學習和使用的個人信息量，使用更多聚合數據，使用更多匿名數據，同時仍然允許我們展示相關廣告。這需要我們時間。

But one thing I do want to point out is there are also a lot of things that small businesses and large businesses can do to take advantage of the many targeting and measurement tools we have. So while we have seen an impact from these changes, we also didn't start from a place where 100% of our millions and millions of advertisers are using the tools that are available. So while we continue to get those that were all the way on the adoption curve to learn and adapt to these changes, there are also advertisers out there that aren't doing even the basic things yet that we can continue to work on and improve their performance. We still believe there's a lot of performance improvement left in the system.

但我確實想指出的一件事是，小型企業和大型企業還可以做很多事情來利用我們擁有的許多定位和衡量工具。因此，雖然我們已經看到了這些變化的影響，但我們也不是從我們數以百萬計的廣告商 100% 都在使用可用工具的地方開始的。因此，雖然我們繼續讓那些一直處於採用曲線上的人學習和適應這些變化，但也有一些廣告商甚至沒有做一些基本的事情，我們可以繼續努力並改進他們表現。我們仍然相信系統中還有很多性能改進。

Great. Operator, we have time for one last question.

偉大的。接線員，我們有時間回答最後一個問題。

Our last question will be from the line of Ross Sandler with Barclays.

我們的最後一個問題來自巴克萊銀行的羅斯桑德勒。

I guess, Dave, a question on the Family of Apps segment margin. This hasn't come up yet, but it was down about 6 points year-on-year. And I know that you had kind of forecasted the expense growth that you came in at for '21. But I think that downtick is coming as a bit of a surprise for some folks who thought your ad business had fairly stable margins. So any more color on what's driving that? Is that just the revenue headwinds that you're experiencing or any other lumpy items?

我猜，Dave，關於應用系列細分市場利潤的問題。這還沒有出現，但同比下降了大約 6 個百分點。而且我知道您已經預測了 21 年的費用增長。但我認為，對於一些認為你的廣告業務利潤率相當穩定的人來說，這種下降有點令人驚訝。那麼驅動它的原因還有更多顏色嗎？這只是您遇到的收入逆風或任何其他不穩定的項目嗎？

And then related to that, as you build out short-form video, how has your thinking evolved around paying rev share like YouTube does or other things like that to catalyze the shift? Any thoughts on that?

然後與此相關，當你製作短視頻時，你的想法是如何圍繞像 YouTube 那樣的支付收入份額或其他類似的事情來促進這種轉變的？對此有什麼想法嗎？

Yes, Ross. I think in terms of lumpy items, I mean, you will see that G&A was up a pretty substantial amount in Q4. So a part of that is related to legal-related expenses. Those tend to be lumpy. So there was a factor there. I think in general, as it relates to Family of Apps and margin, I'd come back to the commentary that I made on the investments that we're making and Family of Apps being an area where we're investing heavily in 2022 across the priorities that Mark outlined, including Reels, messaging, commerce and ads. There's a big investment that we're making on the CapEx side that's primarily geared towards AI and machine learning for the Family of Apps business segment. So there's a lot of investments that we're making there.

是的，羅斯。我認為就塊狀項目而言，我的意思是，您會看到 G&A 在第四季度增長了相當大的數量。因此，其中一部分與法律相關費用有關。那些往往是塊狀的。所以那裡有一個因素。我認為總的來說，由於它與應用系列和利潤有關，我會回到我對我們正在進行的投資所做的評論，而應用系列是我們在 2022 年大力投資的領域馬克概述的優先事項，包括捲軸、消息傳遞、商業和廣告。我們在資本支出方面進行了大量投資，主要針對應用程序家族業務部門的人工智能和機器學習。所以我們在那裡進行了很多投資。

What was the second question? Yes, in terms of payments to partners, that clearly will play into the expense profile as we grow that -- as we grow short form. So that's also reflected as part of the guidance for expenses. So over time, that will be an impact as well, and that's part of the investment that we're making on the Reels side and is factored into the 2022 outlook.

第二個問題是什麼？是的，就支付給合作夥伴的款項而言，隨著我們的發展，這顯然會影響費用狀況——因為我們的形式越來越短。因此，這也反映為費用指南的一部分。因此，隨著時間的推移，這也會產生影響，這是我們在 Reels 方面進行的投資的一部分，並被納入 2022 年的展望。

Thank you. Thanks to everybody for joining us today. We appreciate your time, and we look forward to speaking with you again.

謝謝你。感謝大家今天加入我們。感謝您的寶貴時間，我們期待再次與您交談。

And this concludes today's conference call. Thank you for joining us. You may now disconnect your lines.

今天的電話會議到此結束。感謝您加入我們。您現在可以斷開線路。