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.

午安.我叫弗朗斯，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Meta 2021 年第四季和全年財報電話會議。 （操作員說明）通話將會被錄音。非常感謝。

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。下午好，歡迎參加 Meta 2021 年第四季和全年財報電話會議。今天與我一起討論我們的結果的是執行長馬克·祖克柏 (Mark Zuckerberg)；謝麗爾·桑德伯格，營運長；和財務長戴夫‧韋納 (Dave Wehner)。

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.

在我們開始之前，我想藉此機會提醒您，我們今天的言論將包含前瞻性陳述。實際結果可能與這些前瞻性陳述預期的結果有重大差異。今天的新聞稿和我們向 SEC 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中所做的任何前瞻性陳述均基於截至目前的假設，我們不承擔因新資訊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.

在這次電話會議中，我們可能會介紹公認會計準則和非公認會計準則的財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的調整表。新聞稿和隨附的投資者簡報可在我們的網站 Investor.fb.com 上取得。

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件重要的事。 10 月份，我們宣布 Meta 將成為我們的新名稱，並闡述了我們對 Metaverse 的願景。當我們分享我們的連結計劃時，我說這不是我們自己要做的事情。虛擬宇宙將由創作者和開發者構建，具有互通性，並將觸及經濟的許多不同部分。在那之後的幾個月裡，令人興奮的是看到許多其他公司分享了他們自己的虛擬宇宙計劃以及他們的經驗和產品將如何展示。我期待與他們中的許多人合作，共同努力實現這一目標。

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.

去年我們要為我們前進的方向奠定基礎，而今年我們要付諸執行。今天，我將討論 2022 年的 7 個主要投資重點。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.

但在此之前，我想簡要介紹一下我們第四季度的業績，我知道謝麗爾和戴夫將更深入地討論這一點。我為我們團隊在這裡所做的工作感到自豪。我們發貨了產品。我們的社區持續發展。各種規模的企業都會向我們尋求協助，幫助他們接觸到人們。

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.

但我想指出有兩件事對我們的業務產生了影響。首先是競爭。人們對於如何度過自己的時間有很多選擇，像 TikTok 這樣的應用程式成長得非常快。這就是為什麼從長遠來看，我們對 Reels 的關注如此重要，我們的工作也是如此，以確保我們的應用程式為年輕人提供最好的服務，這一點我在上次電話會議上談到過。

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，我們的服務正處於向 Reels 等短影片的過渡過程中。因此，隨著越來越多的活動轉向這種媒介，我們正在取代動態消息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，更加努力地關注這些趨勢是正確的短期權衡。我們之前已經透過行動資訊流和故事進行了此類轉變，我們在短期內克服了逆風，以適應長期的重要趨勢。雖然影片在歷史上變現速度較慢，但我們相信，隨著時間的推移，短片將更像 Feed 或 Stories，而不是像 Watch 那樣變現。因此，我對 Reels 也能達到我們所需要的目標感到樂觀。

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服務的領域，並根據此策略執行。 David 稍後將詳細分享這對我們業務的影響，但在此之前，我想討論我們 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，短影片將成為人們消費內容方式中越來越重要的一部分。 Reels 現在是我們迄今為止成長最快的內容格式。它已經是 Instagram 上參與度成長的最大貢獻者，在 Facebook 上的成長也非常迅速。隨著我們不斷改進為創作者提供的工具、為觀眾排名以及在世界各地推出該產品，我們預計這一數字將繼續快速增長。因此，展望未來，我們正在投資簡化 Instagram 上的視頻，為創作者構建更出色的創意和盈利工具，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訊息傳遞，即與與您有共同點的人群聊天，無論是共享社區、興趣還是經驗。我們已經經營了一些世界上最受歡迎的訊息傳遞平台，人們可以在其中與朋友、家人和同事進行一對一或團體聯繫。我們發現人們越來越希望在訊息中分享更多以前可能發佈到 Feed 的內容。因此，我認為我們在工作場所看到的 Slack、Discord 或 Telegram 等應用程式的受歡迎程度也反映了這一趨勢。因此，我們將幫助 WhatsApp 上的用戶更好地組織群聊，並更輕鬆地找到他們所屬社區的信息，例如家長小組或社區。我們也在 Facebook 和 Messenger 上建立社群聊天，以便在這些群組和社群內進行即時對話。

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.

現在我還想談談商業訊息傳遞，因為這是一個真正有發展動能的領域。我們估計每周有超過 10 億用戶透過我們的訊息服務連結企業帳戶。我們正在與 Uber 和 GeoMart 等公司合作，幫助人們透過聊天預訂乘車或直接送貨上門。我們正在建立新的工具，以使人們和用戶更好地管理線上購買的企業。我們相信，這將成為我們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.

我們在更廣泛的商務方面也取得了良好進展。我們已經幫助許多企業透過個人化廣告吸引新客戶和現有客戶，我們的商務工具是其延伸。這是個人和企業透過我們的應用程式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付款資訊。謝麗爾將在這裡分享更多有關我們進展的信息，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.

接下來是廣告。隨著蘋果 iOS 的變化以及歐洲的新法規，一個明顯的趨勢是可用於投放個人化廣告的數據越來越少。但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，我們正在重建許多廣告基礎設施，以便我們能夠繼續發展並提供高品質的個人化廣告。

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，我想討論的接下來的兩個優先事項重點是支撐我們所有產品的基礎設施。第一個是隱私。我們在加強隱私保護方面投入了大量資金，包括重建我們的隱私計畫和隱私審查流程。我們也進行了更新，為我們的產品帶來更好的隱私，包括 WhatsApp 上的端對端加密備份和消失訊息以及 Messenger 上的端對端加密語音和視訊通話。在接下來的幾年裡，我們將專注於建立一個主要的隱私基礎設施項目，該項目將在我們的技術基礎的更深層次上編碼我們的隱私承諾，使其更加持久，並在這個不斷發展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.

現在談談人工智慧。隨著時間的推移，這是我們經常看到投資回報高於預期的領域之一。人工智慧的進步帶來了我到目前為止所討論的許多體驗。它使我們能夠在使用更少的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。它顯著提高了 Reels 的相關性和整體內容排名。它在我們的商務工作中發揮著重要作用。

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.

人工智慧也將在我們的工作中發揮重要作用，幫助建構虛擬宇宙。我們剛剛宣布了人工智慧研究超級集群，我們認為一旦今年稍後完工，它將成為世界上最快的超級電腦。這將使新的人工智慧模型能夠從數萬億個範例中學習並理解數百種語言，這對於我們正在建立的體驗至關重要。現在展望未來，我們的重點是透過基礎研究的進步以及資料中心設計、網路、儲存和軟體的改進，進一步擴展我們的運算能力並改造我們的人工智慧基礎設施。

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宇宙。我們專注於建立沉浸式、實體化互聯網所需的基礎硬體和軟體，以實現比當今任何現有技術更好的數位社交體驗。

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.

在硬體方面，我們看到了 Quest 2 的真正吸引力。我們度過了一個強勁的假期，Oculus 在美國聖誕節那天首次登上了應用商店的榜首。了進展，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.

現在就軟體而言，Horizo​​​​n 是我們元宇宙部門的核心。這是我們最近向美國和加拿大的人們開放的社交 VR 世界建構體驗。我們已經看到許多才華橫溢的創作者構建了一些世界，例如製作人合作的錄音室或冥想的放鬆空間。今年，我們還計劃推出 Horizo​​n 行動版本。因此，這將把早期的虛擬世界體驗帶入 VR 以外的更多領域。

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，雖然最深入、最身臨其境的體驗將出現在虛擬實境中，但隨著時間的推移，您也將能夠透過 Facebook 或 Instagram 應用程式存取這些世界，甚至可能會更多。因此，這將使我們能夠建立更豐富的社交體驗，您可以在虛擬宇宙中與朋友聯繫，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.

我們也專注於化身，這將是您在 Horizo​​n 中以及在元宇宙中其他開發者體驗中代表自己的方式。 12 月，我們向 Quest 和 Rift 以及基於 Windows 的 VR 平台上的所有 Unity 開發人員推出了 Metaverse Avatars SDK，讓開發人員將 Meta Avatars 帶入自己的 VR 體驗中。我們剛剛宣布了一項更新，可讓您進一步自訂頭像以更好地表達自己。我們還推出了數位服裝，從 NFL 合作夥伴開始，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 上使用您的頭像。因此，它成為我們 2D 社交應用程式和 3D 沉浸式虛擬實境體驗之間的另一座橋樑。因此，我們還有大量工作要做，以使化身俱有足夠的表現力和高保真度，以充分代表我們並幫助我們感受到彼此的存在，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社交、直觀和有趣的虛擬世界，讓人們、企業和創作者都能蓬勃發展。而這個完全實現的願景還有很長的路要走。儘管方向很明確，但我們前進的道路尚未完全確定。但我對我們迄今為止所取得的勢頭和進展感到滿意，我相信這些是我們未來重點關注的正確投資領域。

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，當然也感謝所有與我們一起踏上這段旅程的人。現在謝麗爾來了。

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。第四季我們的廣告總營收為 326 億美元，年增 20%。今年年底也標誌著我們的業務年收入首次超過 1000 億美元。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.

在整個 2021 年，我們看到了穩健的成長，這種成長在第四季度仍在繼續。但除了馬克所描述的競爭和我們向短視頻的轉變之外，還有許多動態因素在上個季度給我們帶來了阻力。 2020 年，我們經歷了一段需求強勁的時期，受益於線上商務的強勁成長，但此後成長放緩。第四季也是蘋果 iOS 變更後的第一個假期季節，這對各種規模的企業，尤其是依賴數位廣告成長的小型企業產生了影響。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.

我們也從廣告主那裡聽到了其他導致第四季不利因素的宏觀趨勢，包括全球供應鏈中斷、勞動力短缺和通膨壓力。許多行業報告指出，人們在假期期間提前購物，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，其中許多人比平常更早提前支付了支出。

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三個方面的進展：廣告、商務和訊息。首先，廣告。與我們行業中的其他人一樣，我們因 Apple iOS 的變化而面臨阻力。正如我們上季所描述的，蘋果為廣告主帶來了兩個挑戰：一是我們的廣告定位準確度下降，這增加了推動結果的成本；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.

這些挑戰是複雜且相互關聯的。我們正在努力嘗試和改進，例如，在縮小 iOS 網路轉換的漏報差距方面取得進展，並引入聚合事件測量解決方案等工具，為廣告主提供更好的見解。這些努力將有助於緩解一些挑戰。但我們預計，由於蘋果的變化以及第一季和整個 2022 年的監管變化，整體定位和衡量的阻力將適度增加。

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.

關於向短影片的轉變，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 的獲利速度低於 Feed 和 Stories，但我們預計這種情況會隨著時間的推移而改善。我們之前已經成功轉型：從網路到行動裝置的轉變，然後從資訊流到故事的轉變。我們這裡有一本劇本。我們在故事貨幣化方面的經驗是直接適用的，所以我們不是從頭開始。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。我們在第四季推出了許多新工具。我們發布了新功能，例如對產品問題的評分、評論和社群回复，並顯著提高了結帳穩定性。我們將商店引入了群組，並開始為創作者測試即時購物，這是虛擬宇宙中可能實現的沉浸式購物體驗的早期一瞥。

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.

我們的商務策略仍然專注於三個領域：繼續成為廣告商尋找客戶並獲得強勁投資回報率的最佳場所，使在我們的平台上銷售更容易並改善客戶體驗。與其他行動和網路購物體驗相比，我們還有很多工作要做，但我們已經看到了有希望的早期跡象。很高興看到企業和消費者使用產品標籤、投放和即時購物等社交和沈浸式購物體驗。

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.

The Laundress 就是一個很好的例子，它是聯合利華的優質織物護理和家庭清潔品牌，希望提高人們對其與音樂家約翰·梅爾 (John Mayer) 共同開發的新系列的認知度。 11 月，他們在Instagram 上獨家推出了24 小時的獨家活動，並舉辦了一場現場購物活動，即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它們。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，我們對假期期間商務工具的參與度感到滿意，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，商務訊息傳遞。我們的重點是幫助企業和消費者建立連結。我們最大的創收工作就是點擊訊息廣告，您點擊 Facebook 或 Instagram Feed 上的廣告，就會在 Messenger、Instagram Direct 或 WhatsApp 中開啟與企業的聊天。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，他們希望使用我們的訊息應用程式來獲取公用事業、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.

在第四季度，我們擴展了人們可以選擇從企業接收的資訊類型，以及他們可以互動的格式。我們將繼續投資新工具，讓人們更輕鬆地透過聊天提供協助和購買。現在，全球每月有超過 1.5 億用戶在 WhatsApp 中查看企業目錄。 WhatsApp 上的收藏等新功能可協助企業組織產品，讓人們可以輕鬆找到要購買的商品。

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：打造幫助人們連結和業務發展的產品。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帶來真正的價值。在未來一年，我們將繼續投資於能夠為客戶提高 Reels 等短影片廣告效果的項目，並為我們平台上的消費者和行銷人員提供更好的商務體驗。

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，我感謝世界各地大大小小的合作夥伴，我們每天都向他們學習；感謝我們 Meta 的團隊，他們辛勤工作，幫助企業度過假期及其他時間。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，謝麗爾，大家下午好。正如我們在 10 月宣布的那樣，從本季度開始，我們將報告兩個部分的收入和營業收入：應用程式系列和現實實驗室。我將首先討論我們的綜合業績，然後再討論細分市場，並以我們的前景結束。除非另有說明，所有比較均按年比較。

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，2021 年全年總收入成長了 37%，達到近 1,180 億美元。第四季總營收為 337 億美元，以固定匯率計算成長 20% 或 21%。與 2021 年前三個季度不同，我們在第四季度經歷了貨幣逆風。如果匯率與去年第四季保持不變，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%，這主要是由 Reality Labs 硬體成本、核心基礎設施投資和向合作夥伴付款推動的。研發成長了 35%，這主要是由於我們增加了招募人員來支援應用程式系列和現實實驗室，以及現實實驗室研發營運成本的增加。行銷和銷售額成長 34%，主要由行銷支出和招募推動。最後，一般行政費用增加了 107%，這主要是由法律相關成本和員工相關成本所推動的。

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.

第四季度，我們淨增加了 3,700 多名新員工，其中大部分是技術職能人員。截至本季末，我們擁有超過 71,900 名全職員工，比去年增加 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.

第四季營業收入為 126 億美元，營業利益率為 37%。我們的稅率是19%。淨利潤為 103 億美元，即每股 3.67 美元。資本支出（包括融資租賃本金支付）為 55 億美元，主要由資料中心、伺服器、網路基礎設施和辦公設施投資推動。自由現金流為 126 億美元。我們在第四季回購了 192 億美元的 A 類普通股，本季結束時我們擁有 480 億美元的現金和有價證券。

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.

現在轉向我們的細分結果。我將從應用程式系列部分開始。第四季應用程式系列總營收為 328 億美元，成長 20%。第四季應用程式系列廣告收入為 326 億美元，以固定匯率計算成長 20% 或 21%。從用戶地理來看，亞太地區的廣告收入較去年同期成長最為強勁，達到 31%。世界其他地區、歐洲和北美分別成長了 28%、20% 和 15%。貨幣對所有國際地區來說都是溫和的阻力。

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.

第四季度，我們服務中的廣告展示總數增加了 13%，每個廣告的平均價格增加了 6%。展示次數成長主要由亞太地區和世界其他地區推動，而北美地區的展示次數較​​去年同期下降 6%。在全球範圍內，展示次數的成長受益於廣告負載的增加和用戶的成長。這部分被與參與度相關的不利因素所抵消，因為我們面臨著人們時間競爭的加劇，以及我們應用程式內的參與度轉向 Reels 等視訊服務，這些服務顯示的廣告比當今的 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.

各個地區的定價成長都很廣泛。由於我們經歷了去年同期的強勁成長並面臨貨幣逆風，全球定價成長較第三季放緩。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.

由於遊戲支付收入下降，應用程式系列其他收入為 1.55 億美元，下降 8%。應用系列費用為 169 億美元，成長 35%，原因是法律相關費用、員工相關費用、行銷基礎設施相關費用以及支付給合作夥伴的費用增加。 Family of Apps 營業收入為 159 億美元，營業利益率為 48%。我們估計，12 月大約有 28 億人每天至少使用我們的應用程式系列中的一款，並且大約有 36 億人每月至少使用一款。

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，較去年成長5%，即8,400萬。 12 月的 DAU 約佔 29.1 億月活躍用戶的 66%。與去年相比，每月活躍用戶數成長了 1.15 億，即 4%。 Facebook 用戶成長受到第四季度一些不利因素的影響。在亞太地區和世界其他地區，我們認為先前時期的新冠疫情捲土重來推動了用戶成長。印度的用戶成長也受到數據套餐定價上漲的限制。除了這些因素之外，我們認為競爭性服務正在對成長產生負面影響，尤其是對於年輕受眾而言。

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，第四季營收為 8.77 億美元，成長 22%，這主要得益於 Quest 2 假期期間的強勁銷售。 Reality Labs 支出為 42 億美元，成長 48%，主要受到員工相關成本、研發營運支出和銷售商品成本的推動。 Reality Labs 在第四季營運虧損為 33 億美元。 2021 年全年，Reality Labs 營運虧損為 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 年第一季總營收將在 270 億美元至 290 億美元之間，年增 3% 至 11%。我們預計第一季的年成長將受到印象和價格成長不利因素的影響。在印象方面，我們預計，人們時間競爭的加劇以及我們的應用程式內的參與度轉向 Reels 等視訊服務（這些服務的盈利率低於 Feed 和 Stories）將繼續帶來不利影響。

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，我們預期成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 變更未生效的時期，我們預期平台和監管變化帶來的廣告定位和衡量阻力將適度增加。其次，我們將在去年經歷一段強勁的需求時期，我們從廣告商得知，成本通膨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，我們預期外幣將成為年成長的阻力。此外，正如先前的電話會議中所指出的，我們也繼續關注跨大西洋資料傳輸的可行性以及對我們歐洲業務的潛在影響的進展。

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 年總支出將在 900 億美元至 950 億美元之間，先前的預測為 910 億美元至 970 億美元。我們預期的費用成長是由技術和產品人才投資以及基礎設施相關成本所推動的。

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（包括融資租賃本金支付）將在 290 億美元至 340 億美元之間，與我們先前的估計持平。我們計劃的資本支出主要由資料中心、伺服器、網路基礎設施和辦公設施的投資所驅動。正如我們之前討論的，這個範圍反映了我們在人工智慧和機器學習投資方面的顯著增加，這將為我們應用程式系列的許多領域提供支援。雖然我們的現實實驗室產品和服務未來可能需要更多的基礎設施容量，但它們目前不需要大量容量，因此不是 2022 年資本支出的重要推動因素。

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.

到稅收。如果美國稅法沒有任何變化，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。

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打造下一代線上社交體驗的長期目標保持一致。我們將在 2022 年積極投資，以支持我們的產品路線圖，努力為人們提供新穎且引人入勝的體驗，並為依賴我們服務的企業和創作者提供支援。

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

法國先生，現在讓我們開始提問。

(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布萊恩·諾瓦克（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。你們都談到了過去如何透過移動和故事等經歷過其他轉變，並且你們成功地度過了這一過程。 Reels 轉場是否有任何獨特之處或更具挑戰性，讓您認為與過去的其他格式相比，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.

那麼第二個問題，Dave，當您談到第一季和 2022 年廣告定位和衡量方面的阻力變得更大時，除了同比數據比較之外，還有其他什麼嗎？或者從訊號角度來看您是否期待其他變化？也許可以幫助我們了解您期望在訊號遺失方面出現的任何進一步變化。

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，布萊恩。我可能可以同時接受這兩個，或者——是的。所以在 Reels 上，我的意思是，我認為 Reels 的許多特徵使其與我們之前經歷的轉變非常相似。就像過去一樣，當我們專注於故事時，我們真正關注的是消費者體驗，並真正讓短影片在 Instagram 和 Facebook 上有效發揮作用。我們已經看到這是 Instagram 成長的最大推動力，而且它在 Facebook 上的成長也非常迅速。

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.

所以我們對所看到的感到非常鼓舞。但我們真正專注於打造正確的消費者體驗。隨著時間的推移，我們確實認為這是一種對廣告有效的格式，我們認為我們在故事方面擁有的經驗將真正適合捲軸格式。因此，我們對隨著時間的推移而貨幣化的能力充滿信心。但目前，Stories 中的廣告相對較少 - 抱歉，今天 Reels 中的廣告相對較少。因此，從印象成長和貨幣化的角度來看，這絕對是一個阻力。

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 對營收的影響——抱歉，iOS 在第四季度表現一般，這符合我們的預期，與第三季的逆風類似。但顯然，當我們進入 2022 年時，我們將經歷一段時期，在第一季和第二季度，這些逆風在一年前的時期不會出現。因此，這肯定會導致今年上半年的比賽非常艱難。我們認為，iOS 整體上對我們業務的影響將在 2022 年達到 100 億美元左右，因此這對我們的業務來說是一個相當大的阻力。

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。電子商務是第四季度成長明顯放緩的領域。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，這一點相當引人注目——值得注意的是，谷歌呼籲在同一垂直領域看到力量。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看到的與我們所看到的差異的部分解釋，這是有道理的。

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.

如果你仔細觀察，我們相信蘋果的這些限制的設計方式是將瀏覽器從蘋果對應用程式要求的追蹤提示中剔除出來。因此，這意味著搜尋廣告可以比我們這樣的基於應用程式的廣告平台存取更多的第三方數據來進行衡量和優化。因此，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同類。因此，我們相信 Google 搜尋廣告業務相對於我們這樣的服務可能會受益。它採取了與蘋果不同的一系列限制。鑑於蘋果每年繼續從谷歌搜尋廣告中收取數十億美元的費用，這種政策差異顯然存在持續下去的動力。

Our next question is from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的艾瑞克·謝裡丹。

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，也許有兩個問題。首先，跟進 Brian 關於 Reels 的問題。我認為，當我們之前經歷這些轉變時，您已經談論過從參與度角度看到的有關 Reels 的內容，以及從消費者角度來看，與其他形式的參與度相比，參與度如何，以及就錢包的早期階段、差異廣告定價而言，差異可能是什麼，以及您認為如何縮小這一差距。您是否能夠在參與程度或定價差異方面向我們提供任何[意願]，以便我們可以考慮可能需要的過渡範圍？

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，謝麗爾，在最後一次電話會議上，如果我沒記錯的話，您談到了我們進入第一季時的一些要素，在上半場，團隊試圖實施的一些解決方法將開始顯示出一些功效。當我們進入上半年時，您能否向我們介紹一下您內部對變通辦法的立場以及更廣泛的廣告客戶群體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，關於我們在參與方面所看到的一些內容。整體而言，捲軸和短片影片非常吸引人。我們看到的很多情況是——人們花了更多的時間——我想我在我的劇本中預先提到過這一點，它的增長速度非常快。這已經是 Instagram 參與度成長的最大貢獻者。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。

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.

但我認為回到上一個問題，有一個問題是——這裡有什麼因素會——與我們過去所看到的有什麼相似之處和不同之處。最大的相似之處在於，這當然不是我們第一次經歷重大的格式演變。從桌上 Feed 到行動 Feed、Feed 到 Stories，再到現在到 Reels，這些轉變的共同點是，我們的廣告系統和業務在開始時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部分參與，它會在短期內對收入造成不利影響。但這不是那部分——目前對我們來說還不是那麼大的問題。我的意思是，這使得一些事情在短期內變得不那麼清晰，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故事和行動 Feed 中看到的動態有點不同。對於 Reels，我想說團隊執行得相當好，而且產品成長得非常非常快。

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.

這裡有些獨特之處在於，TikTok 作為競爭對手已經如此龐大，並且還在龐大的基礎上繼續以相當快的速度成長。因此，對於先前被問到的問題，我們是否喜歡——之前被問過的問題，是否有任何東西可以讓我們——需要更長的時間才能達到我們想要的目標，即使我們的複利速度非常快，我們也有一個競爭對手，其複利速度也相當快。

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 Reels 上的問題，它非常有吸引力。我認為整體參與度將作為其中的一部分而成長。這就是我們對未來感到樂觀的原因。但這裡還有很多工作要做。

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

然後，謝麗爾，您是否打算回答有關緩解方面的問題的第二部分？

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，當我們談論緩解措施時，我們說過 iOS 變更帶來了 2 個關鍵挑戰：定位和衡量效能。在定位方面，重建我們的廣告優化系統以在使用更少數據的同時提高效能是一個多年的開發過程。作為這項工作的一部分，我們正在投資自動化，使廣告主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.

在測量方面，測量中有 2 個關鍵領域受到 Apple iOS 變化的影響。正如您所提到的，我在上個季度的電話會議上談到了這一點。首先是漏報缺口。這裡發生的事情是廣告商擔心他們沒有獲得實際的投資回報。在這方面，自上個季度以來，我們在少報問題上取得了真正的進展，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，而小型活動則更難，這意味著這部分需要更長的時間，也意味著蘋果的變化繼續對小型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.

測量挑戰的第二個領域實際上是資料延遲。作為 iOS 變更的一部分，我們和許多其他廣告平台會延遲收到較不精細的轉換資料。廣告商與我們分享的內容是，這使得即時決策變得特別困難，這在假期期間尤其重要，因為人們經常花費大量資金，並且真正監控他們的廣告並調整支出，甚至不是每天，而是經常進行按小時計算。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賈斯汀·波斯特。

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。馬克，從大局來看，你添加了很多短視頻，內容可能從你朋友的內容轉向一般內容，這對 Facebook 意味著什麼？我相信你已經想了很多。但您如何看待 Facebook 作為平台的演進？

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，對於戴夫來說，當您考慮衡量和目標挑戰時，當我們進入 9 月和 10 月時，我們是否應該有效地解決這些問題？或者是否有理由認為下半年情況實際上可能會變得更糟，僅僅考慮收入成長的重新加速？

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，我認為來自朋友的內容始終是體驗的重要組成部分，因此與朋友討論您發現的內容，無論是在群組、社區、公共內容、Reels、新聞或其他內容中之類的內容。但我認為總的來說，你是對的，人們在動態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內容，你可以與你的朋友討論這些內容，但這是一種轉變轉向更多的公共內容。

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，如果你能在很多事情上進行日常行為，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動態中分享的大量內容透過聊天發送給朋友，無論是一對一還是透過群組聊天。這就是為什麼我將社區訊息作為我們的主要優先事項之一的原因之一。因為如果你看看整個服務群，你會發現很多個人分享都在轉向訊息傳遞。

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，以及許多真正高度吸引人的內容，這些內容構成了對話的基礎，無論是在聊天中還是在那些Feed 應用程式中的評論線程中。但這種類型的創意工作更多的是我們在 Feed 應用程式中看到的，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，我是戴夫。關於你問題的第二部分，這實際上是關於與目標定位和衡量相關的逆風的情況。我認為我們看到的是兩件事正在發生。我們遇到了來自 iOS 15 之類的增量阻力，它提供了一些額外的定位和測量阻力。但這些遠沒有 iOS 14.5 所做的改變那麼重要，後者在去年下半年才真正開始對業務產生更嚴重的影響。所以我認為，研磨效應在今年上半年將非常明顯，我們正在研磨的時期並沒有產生這種影響。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.

但我們繼續面臨更多的阻力，因為它與 iOS 15 等相關，而且還面臨進一步的監管阻力，限制了歐洲等地區將數據用於目標目的。因此，我們繼續面臨阻力。我認為我們正在努力減輕這些影響。但最大的重疊效應將出現在今年上半年，我們沒有遇到去年同期 iOS 14 的巨大阻力。

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。您能談談您在這個過程中的進展嗎？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產品。這種更深入的整合是否可能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，我只是好奇你是否願意對 22 年現實實驗室的支出或損失數字發表評論。

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 Reels 趨勢的開始更進一步，但我想說我們更接近 Reels 趨勢的開始而不是結束。這裡有一個大飛輪，更多的創作者可以分享更多的內容。由於我們的 Feed 中混合了各種不同類型的內容，因此我們只會顯示捲軸或推薦它們。如果我們覺得有高品質的內容可以展示，那麼隨著高品質的內容越多，我們就會展示更多的內容。當然還會有更多。我們認為它正在成長——我們相信，在這兩個平台上的參與度將會大幅成長。

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，我認為戴夫在這裡談到了，Reels 的下一個相對貨幣化率- 我不知道，無論可預見的是什麼未來將低於 Feed，因為我們用它取代了其中的一些。但隨著時間的推移，我們認為整體參與度有巨大的成長潛力。我們認為，隨著時間的推移，在穩定的狀態下，我們認為 Reels 的獲利方式應該比其他較長形式的影片更接近 Feed 或 Stories。

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。我認為，我們認為這絕對是正確的做法，我們應該努力推動 Reels 盡快成長，而不是踩煞車，儘管這可能會導致近期成長速度比我們慢一些。這就是我看到的圖片。

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

我不知道你是否想補充什麼。

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，我認為這是完全正確的。這就是我們專門為第一季提供的指導中所考慮的因素。然後，道格，關於費用前景，我們不會按部門細分費用。但我也許可以在這裡給一些顏色。我們預計 2022 年員工人數的加速成長將成為費用成長的最大貢獻者。

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.

這主要是在技術和產品角色中支援 Mark 列出的 7 個產品優先事項：Reels、社群訊息、商業、廣告、隱私、人工智慧和元宇宙。其中許多投資優先事項都與我們的應用程式系列細分市場相對應，我們預計應用程式系列將在2022 年繼續推動大部分費用成長，儘管我們確實預計Reality Labs 的營運虧損將在22 年大幅增加，這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?

我想請教2個問題。首先，關於 ESG。你能不能——已經採取了一系列措施，降低政治目標的能力，在 Instagram 中引入“休息一下”功能，也許還有其他一些可以說是為了某種目的而推出的東西。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，即蘋果的政策變化。您能稍微說明一下您是如何得出這個數字的嗎？

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，逆風而行，我們只是在估計 iOS 累積變化對 2022 年（我們的 2022 年收入預測）的整體影響。因此，如果您將我們在 iOS 上看到的變更進行匯總，您會發現這是一個數量級。我們無法準確地說明這一點。這是一個估計。我們已經了解了對我們業務的影響範圍。因此，我們認為這是我們克服困難的一個巨大阻力。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。我對 ESG 方面沒有任何具體資訊。所以我可能無法對此發表評論。我可以在線下與您聯繫。

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，您在上次財報電話會議上表示，您的目標是重新關注年輕觀眾的成長，我認為您當時甚至暗示，這可能意味著減少對其他受眾的關注。我知道這可能還為時過早，但有什麼顏色可以分享使用者的成長和年齡層的參與度嗎？

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?

然後可能還有一個問題想問你。我很好奇你認為我們什麼時候可以開始看到 Instagram 等應用程式與 AR 和 VR 的融合以及這些應用程式的互通性。你認為我們會看到逐漸進化的東西，還是只有當虛擬宇宙充分建立起來後才會被打開的東西，無論什麼時候？

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。我可以談談你的第一個關於用戶成長的問題。我認為我們所說的整體用戶成長是我們肯定看到了激烈競爭的影響，尤其是年輕觀眾。確實如此，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成長情況，我們會看到美國和加拿大的每月活躍用戶數和每日活躍用戶數出現反彈，考慮到我們的高滲透率，這在某種程度上是預期和表明的。然後，如果你看看世界其他地區，我們會看到一些不利因素，在印度等地區，本季有點獨特，我們看到數據計畫定價上漲導致那裡的成長放緩。這是本季在這方面的一些獨特元素。

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。就虛擬宇宙的某些方面何時出現而言，我的意思是，我在一開始的講話中談到了化身，以及我們如何使其變得越來越富有表現力並最終 - 我們已經展示了一些圍繞您自己的照片級真實化身進行演示，您可以將其顯示在所有不同的應用程式中，並且您的化身可以顯示在Facebook、Instagram、Messenger 以及Quest 中，我們將進一步擴展這一點。

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.

我想我之前也評論過我們 2022 年的目標，讓 Horizo​​n 不僅能在沉浸式 VR 中運行，還能在 2D 螢幕上運行。因此，您也可以透過 Facebook 或 Instagram 或其他應用程式進入此類世界。所以我認為你會看到其中一些東西已經存在了。其中一些將在今年完成。

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，跨應用程式發送訊息的能力是我們已經研究了一段時間的事情。您已經可以在 Messenger 和 Instagram 上做到這一點，隨著時間的推移，我們還將推出更多功能。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運作。

Our next question is from John Blackledge with Cowen.

我們的下一個問題來自約翰·布萊克利奇和考恩​​。

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 和其他短影片服務有何不同？

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?

還有一張是給謝麗爾的。自從 iOS 變更以來，中小型企業如何改變廣告支出預算還有更多的資訊嗎？ Facebook 上新的中小企業廣告商的採用是否會放緩？

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。所以我可以從捲軸開始。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，例如動態和故事，現在我認為這種捲軸短視頻格式在不同的網絡或社區的背景下，具有相同的格式會呈現出不同的特徵。例如，即使格式相對相似，您在 Twitter 或 Pinterest 上的動態中可能進行的討論也與您在 Facebook 或 Instagram 上進行的討論不同。

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.

因此，我認為在某種程度上，即使創作者選擇在多個用戶之間重新分享他們的內容，您也會根據在場人員的不同，在不同的服務中與您的朋友進行不同的討論。然後還有一種社會動態，朋友和不同的社區也創造了這些。所以你在 Facebook 和 Instagram 上看到的 Reels 有所不同，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成長。因此，很難確切知道這件事最終會如何解決。但我們只是認為人們的胃口——我多次評論過這種長期趨勢，在我經營這家公司的時間裡，本週，基本上，我們已經走了從2000 年代初期文本是人們在線分享和消費內容的主要方式，到我們手機上安裝了鏡頭，照片成為主要方式。

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.

現在行動網路開始變得非常好，影片真正成為主要內容，而且更加自然和吸引人。順便說一句，這就是為什麼我認為圍繞虛擬實境和擴增實境的更身臨其境的格式將成為影片之後的下一步，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，我們在短影片中看到的是，它是我們擁有的視覺來源類型以及人們想要分享和互動的參與度和內容的下一步。無論是透過訊息傳遞或線上評論將其發送給朋友，還是只是自己觀看，總的來說，我們看到人們在這方面花費的時間比我們在應用程式中看到的要多得多。這也反映在 TikTok 等其他應用程式的成功上。

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。我們認為整個產業都會有競爭對手。但正如我們在其他一些格式中所看到的那樣，根據其實施的環境和朋友的內容，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集團的勞埃德·沃姆斯利。

I think we have a follow-up on SMB.

我認為我們對 SMB 有後續行動。

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，我想回答的一個後續問題是中小企業。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，但對中小企業來說要困難得多。我之前談過，我們在衡量差距方面取得的進展，我們在大型客戶方面取得的進展比在中小企業方面取得的進展更多。

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.

個人化廣告對於中小企業來說也更為重要。中小企業確實需要購買他們正在尋找的非常小的目標受眾。企業規模越大，您就越能減少廣告的個人化設定。因此，我們確實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，我們確實認為使用我們的廣告系統可以為中小企業帶來巨大的好處。我們將繼續努力解決這些測量差距，並繼續確保中小型企業可以使用它。我們也努力幫助中小企業採用我們的一些商務工具和其他一些解決方案（例如商務訊息），並取得了一些成功。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集團的勞埃德·沃姆斯利。

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?

也許一份給馬克，一份給謝麗爾。馬克，如果我們看短視頻，您現在對內容的狀態以及相對於您想要的位置的匹配算法有何感覺？我的意思是你有你需要的內容嗎？您是否將其呈現在正確的用戶面前？或者是否還有很大的改進空間並提高參與度？

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?

那麼，Sheryl，您在重建廣告產品方面到底處於什麼階段？推廣時需要注意哪些關鍵事項？或者我們的客戶需要採取什麼措施或做什麼才能真正開始看到 ROA 的改善和預算的回報？例如是否需要採用某些功能（例如 CAPI）？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.

我可以回答捲軸問題。因此，我們確實看到了未來巨大的潛力。但我認為有時當我們說我們一開始就更接近時，這意味著我們仍然有很多基本問題需要克服，以便取得進展以達到我們的目標。透過這個產品，我們看到的是非常明確的產品市場契合度，而且成長速度令人難以置信。我們在 TikTok 中面臨著一個更大的競爭對手，因此需要一段時間才能復合並趕上。但從根本上說，我們認為它有很大的繼續成長的潛力。

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.

那麼對於你的問題，我們有我們需要的內容嗎？這是一個飛輪。因此，我們可以為創作者建立更好的工具，並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，它變得越大，它就越會吸引更多的創作者，而且它會在某種程度上建立在自身之上。我們認為我們還處於早期階段——在我們看到飛輪真正發揮作用並開始增長的規模上。如果它繼續以當前的速度複合成長，那麼明年的成長速度將非常快，甚至可能會超過這個速度。

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，我認為這是我能給的對我們現狀的最佳總結：清晰的產品、適合市場、快速成長、要趕上成為該領域最大的公司還有很長的路要走。但我認為一切都已就位，而且目前的重點肯定是真正追求這一點。只是隨著這一增長，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.

但我再次認為，這顯然是我們繼續前進的正確策略。這就是人們想要的。他們喜歡這個產品。我們將——所以我們將盡快、盡可能地推出它。

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，正如我所說，短期內我們正在努力進行衡量。我們正在推出新方法，幫助企業繼續使用 Apple 的 SKAdNetwork、API 和 Meta 的聚合事件測量和轉換模型來測量行銷活動。因此，我們有人們可以採用的特定產品來幫助我們。從長遠來看，我們需要開發隱私增強技術，以幫助最大限度地減少我們了解和使用的個人資訊量，使用更多聚合數據、使用更多匿名數據，同時仍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眾多定位和衡量工具。因此，雖然我們看到了這些變化的影響，但我們並不是從 100% 的數以百萬計的廣告商都在使用可用工具開始的。因此，雖然我們繼續讓那些在採用曲線上一路走來的人學習和適應這些變化，但也有一些廣告商甚至連基本的事情都沒有做，而我們可以繼續努力並改進他們的廣告商。我們仍然相信系統還有很大的效能改進空間。

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

偉大的。接線員，我們還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?

戴夫，我想這是一個關於應用程式系列細分市場利潤的問題。這個還沒出現，但是同比下降了6個點左右。我知道您已經預測了 21 年的費用成長。但我認為，對於一些認為您的廣告業務利潤率相當穩定的人來說，這種下降有點令人意外。那麼，還有更多關於推動這一趨勢的因素嗎？這僅僅是您正在經歷的收入逆風還是任何其他不穩定的因素？

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?

與此相關的是，當你製作短片時，你的想法是如何圍繞支付收入份額（像 YouTube 或其他類似的事情來促進這種轉變）演變的？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。我認為就塊狀物品而言，我的意思是，您會看到第四季度的 G&A 增長了相當可觀的金額。其中一部分與法律相關費用有關。這些往往是塊狀的。所以那裡有一個因素。我認為總的來說，由於它與應用程式系列和利潤相關，我會回到我對我們正在進行的投資所做的評論，以及應用程式系列是我們在 2022 年大力投資的領域馬克概述的優先事項，包括捲軸、訊息傳遞、商業和廣告。我們在資本支出方面進行了大量投資，主要針對應用程式系列業務部門的人工智慧和機器學習。因此，我們正在那裡進行大量投資。

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費用而言，隨著我們的發展——隨著我們的短期形式的發展，這顯然會影響我們的開支狀況。因此，這也反映在費用指導中。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，並已納入 2022 年的前景中。

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

謝謝。感謝大家今天加入我們。感謝您抽出寶貴的時間，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。現在您可以斷開線路。