Meta Platforms Inc (META) 2022 Q1 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 First Quarter Earnings Conference Call. (Operator Instructions) After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions) The call will also be recorded.

午安.我叫 France，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Meta 第一季財報電話會議。 （操作員說明） 演講者發言後，將進行問答環節。 （操作員說明）通話也會被錄音。

Thank you very much. Ms. Deborah Crawford, Meta's Vice President of Investor Relations, you may begin.

非常感謝。 Meta 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 Platform's First Quarter 2022 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 Platform 2022 年第一季財報電話會議。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 annual report on Form 10-K 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。今天的新聞稿以及我們向 SEC 提交的 10-K 表格年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。

All right. Hey, everyone, and thanks for joining us today. We made progress this quarter across a number of our priorities and our community continues to grow. More people use our services today than ever before, and I am proud of how our products are serving people across the world during what has been a difficult period for a lot of people.

好的。大家好，感謝您今天加入我們。本季我們在許多優先事項上取得了進展，我們的社區也在不斷發展。今天使用我們服務的人比以往任何時候都多，我對我們的產品在許多人的困難時期為世界各地的人們提供服務感到自豪。

I talked last quarter about some of the near-term challenges facing our business. Some are specific to Meta, like our transition to short-form video, which doesn't monetize as well for now but which we're quite optimistic about over the long term. Some are specific to our industry, like signal loss resulting from Apple's iOS changes, which is a meaningful headwind, but we also expect that with the right technology investments we'll navigate okay over time.

上個季度我談到了我們業務面臨的一些近期挑戰。有些是 Meta 特有的，例如我們向短視頻的過渡，目前它的盈利能力還不是很好，但從長遠來看，我們對此非常樂觀。有些是我們行業特有的，例如蘋果 iOS 變化導致的訊號損失，這是一個有意義的阻力，但我們也預計，透過正確的技術投資，隨著時間的推移，我們將順利度過難關。

Other challenges are broader macro trends, like the softness in e-commerce after the acceleration we saw during the pandemic. The war on Ukraine, which is a real tragedy on a humanitarian level, has also had an impact on our business. We've been blocked in Russia and we decided to stop accepting ads from Russian advertisers globally. And we've also seen effects on business globally following the start of the war.

其他挑戰是更廣泛的宏觀趨勢，例如我們在大流行期間看到的加速之後電子商務的疲軟。烏克蘭戰爭是一場真正的人道主義悲劇，也對我們的業務產生了影響。我們在俄羅斯被封鎖，並決定在全球範圍內停止接受來自俄羅斯廣告商的廣告。我們也看到戰爭開始後對全球商業的影響。

Taking a step back, I want to share some thoughts on our business trajectory and operating philosophy. First, I think it's useful to level set on our business trajectory over the last few years. After the start of COVID, the acceleration of e-commerce led to outsized revenue growth, but we're now seeing that trend back off. However, based on the strong revenue growth that we saw in 2021, we kicked off a number of multiyear projects to accelerate some of our longer-term investments, especially in our AI infrastructure, business platform and reality labs. These investments are going to be important for our success and growth over time, so I continue to believe that we should see them through. But with our current business growth levels, we are now planning to slow the pace of some of our investments. Dave will give more detail in his commentary.

退一步來說，我想分享一些關於我們的業務軌跡和經營理念的想法。首先，我認為確定過去幾年我們的業務軌跡是有用的。新冠疫情爆發後，電子商務的加速導致收入大幅成長，但我們現在看到這種趨勢有所回落。然而，基於我們在 2021 年看到的強勁收入成長，我們啟動了許多多年期項目，以加速我們的一些長期投資，特別是在我們的人工智慧基礎設施、業務平台和現實實驗室方面。隨著時間的推移，這些投資對我們的成功和成長至關重要，因此我仍然相信我們應該堅持到底。但鑑於我們目前的業務成長水平，我們現在計劃放慢一些投資的步伐。戴夫將在他的評論中提供更多細節。

I also want to share how I'm thinking about investments and margins. Last year, we began looking at our business as 2 segments: Family of Apps and Reality Labs. On the Family of Apps side, I am confident that we can return to better revenue growth rates over time and sustain high operating margins. In Reality Labs, we are making large investments to deliver the next platform that I believe will be incredibly important, both for our mission and business, comparable and value to the leading mobile platforms today.

我也想分享我對投資和利潤的看法。去年，我們開始將我們的業務分為兩個部分：應用程式系列和現實實驗室。在應用程式系列方面，我相信隨著時間的推移，我們能夠恢復更好的收入成長率並維持較高的營業利潤率。在 Reality Labs，我們正在進行大量投資來提供下一個平台，我相信這個平台對於我們的使命和業務都非常重要，與當今領先的行動平台具有可比性和價值。

Now I recognize that it's expensive to build this. It's something that's never been built before. And it's a new paradigm for computing and social connection. So over the next several years, our goal from a financial perspective is to generate sufficient operating income growth from Family of Apps to fund the growth of investment in Reality Labs, while still growing our overall profitability. Now unfortunately, that's not going to happen in 2022, given the revenue headwinds. But longer term, that is our goal and our expectation. Of course, our priority remains building for the long term. So while we're currently building our plans to achieve this, it is possible that prolonged macroeconomic or business uncertainty could force us to trade off against shorter-term financial goals. But we remain confident in our long-term opportunities and growth.

現在我認識到建造這個的成本很高。這是以前從未建造過的東西。這是計算和社交聯繫的新範例。因此，在接下來的幾年裡，從財務角度來看，我們的目標是從應用程式系列中獲得足夠的營業收入成長，為 Reality Labs 的投資成長提供資金，同時仍提高我們的整體獲利能力。不幸的是，考慮到收入的不利因素，這種情況在 2022 年不會發生。但從長遠來看，這是我們的目標和期望。當然，我們的首要任務仍然是長期建設。因此，雖然我們目前正在製定計劃來實現這一目標，但長期的宏觀經濟或商業不確定性可能會迫使我們權衡短期財務目標。 但我們對長期機會和成長仍然充滿信心。

Now with that, I want to dive deeper on what we're seeing in 3 of our main investment priorities that I expect to drive this growth: Reels, Ads and the Metaverse. So let's start with Reels. There are 2 key trends that we're seeing here. First, the increasing popularity of short-form video; and second, the advancement of AI recommendations driving more of our feeds rather than just social content. On the first point, since I started Facebook 18 years ago, we've seen multiple shifts in the media types that people use. And we started as a website primarily with text, then people got phones with cameras and the main format became images on mobile apps.

現在，我想更深入地探討我們在 3 個主要投資重點中看到的內容，我預計這些投資重點將推動這一成長：捲軸、廣告和元宇宙。讓我們從捲軸開始。我們在這裡看到兩個主要趨勢。一是短影片日益普及；其次，人工智慧推薦的進步推動了我們更多的提要，而不僅僅是社交內容。關於第一點，自從 18 年前我創建 Facebook 以來，我們看到人們使用的媒體類型發生了許多轉變。我們最初是一個主要包含文字的網站，然後人們有了帶有相機的手機，主要格式變成了行動應用程式上的圖像。

In the last several years, mobile networks have gotten faster and now video is the main way that people experience content online. Short-form video is the latest iteration of this, and it's growing very quickly. Reels already makes up more than 20% of the time that people spend on Instagram. Video overall makes up 50% of the time that people spend on Facebook and Reels has grown quickly there as well.

在過去幾年中，行動網路變得越來越快，現在影片是人們在線上體驗內容的主要方式。短視頻是這種形式的最新版本，並且增長非常快。 Reels 已經佔據了人們在 Instagram 上花費的時間的 20% 以上。總體而言，影片佔人們在 Facebook 上花費的時間的 50%，而 Reels 在該領域的成長也很快。

The second point is that while we're experiencing an increase in short-form video, we're also seeing a major shift in Feeds from being almost exclusively curated by your social graph or follow graph to now having more of your feed recommended by AI, even if the content wasn't posted by a friend or someone you follow. Social content from friends and people and businesses you follow will continue being a lot of the most valuable, engaging and differentiated content for our services, but now also being able to accurately recommend content from the whole universe that you don't follow directly, unlocks a large amount of interesting and useful videos and posts that you might have otherwise missed.

第二點是，雖然我們正在經歷短影片的增加，但我們也看到了 Feed 的重大轉變，從幾乎完全由您的社交圖或關注圖策劃，到現在更多的 Feed 由人工智慧推薦，即使內容不是由朋友或您關注的人發布的。來自朋友、您關注的人和企業的社交內容將繼續成為我們服務中最有價值、最有吸引力和最有特色的內容，但現在也能夠準確地推薦您不直接關注的整個宇宙的內容，解鎖您可能會錯過的大量有趣且有用的影片和貼文。

Overall, I think about the AI that we're building not just as a recommendation system for short-form video, but as a discovery engine that can show you all of the most interesting content that people have shared across our systems. In Facebook, that includes not just video, but also text posts, links, group posts, re-shares and more. On Instagram that includes photos as well as video. In the future, I think that people will increasingly turn to AI-based discovery engines to entertain them, teach them things and connect them with people who share their interests.

總的來說，我認為我們正在建立的人工智慧不僅是一個短影片推薦系統，而且是一個發現引擎，可以向您展示人們在我們的系統中分享的所有最有趣的內容。在 Facebook 中，這不僅包括視頻，還包括文字貼文、連結、群組貼文、轉發等。 Instagram 上包含照片和影片。未來，我認為人們將越來越多地轉向基於人工智慧的發現引擎來娛樂他們、教他們東西並將他們與有共同興趣的人聯繫起來。

And I believe that our investments in AI, all the different types of content we support and our work to build the best platform for creators to make a living will increasingly set our services apart from the rest of the industry and drive our success. And we're also finding that having an ambitious vision around building the world's discovery engine is attracting a lot of the most talented AI folks to work on this program.

我相信，我們對人工智慧的投資、我們支持的所有不同類型的內容以及我們為創作者謀生構建最佳平台的工作將日益使我們的服務與行業其他服務區分開來，並推動我們的成功。我們還發現，圍繞著建立世界發現引擎的雄心勃勃的願景吸引了許多最有才華的人工智慧人員參與該計畫。

Next, let's talk about Ads. Sheryl will discuss this in more detail, but I want to highlight that this is also a large AI investment for us. There are 3 main trends to highlight in our Ads business right now. First, we're managing headwinds from the shift to short-form video that I just mentioned. In the near term, this is a drag on revenue because real monetization is less than theater stories. But I expect that, that will improve over time. We've seen this type of media format transition multiple times before. Back in 2012, when we transition from desktop feed to mobile feed, we saw mobile feed growing massively, but not monetizing well yet, and we leaned into it, went through some tough quarters, and then it became the foundation of our business today.

接下來，我們來談談廣告。 Sheryl 將更詳細地討論這一點，但我想強調的是，這對我們來說也是一項巨大的人工智慧投資。目前我們的廣告業務有 3 個主要趨勢需要強調。首先，我們正在應對我剛才提到的轉變為短視頻的不利因素。短期內，這會拖累收入，因為實際貨幣化程度低於戲劇故事。但我預計，隨著時間的推移，情況會有所改善。我們之前已經多次看到這種類型的媒體格式轉換。早在2012 年，當我們從桌面Feed 過渡到行動Feed 時，我們看到行動Feed 大幅成長，但尚未實現良好盈利，我們開始涉足這一領域，經歷了一些艱難的季度，然後它成為了我們今天業務的基礎。

Similarly, in 2018, when people started using Stories more instead of Feed, but Stories didn't monetize as well as Feed yet, we still doubled down on Stories, had another tough period but came out stronger than ever.

同樣，在2018 年，當人們開始更多地使用Stories 而不是Feed，但Stories 的盈利能力還不如Feed 時，我們仍然在Stories 上加倍努力，經歷了又一個艱難時期，但結果比以往任何時候都更強大。

So we've run this play before, and we're running it again now. We're focused on growing Reels as a major part of the discovery engine vision and we expect that this expansion and engagement to shift from a short-term headwind to a tailwind at some point.

所以我們以前演過這個劇，現在又演了一次。我們專注於將捲軸發展作為發現引擎願景的主要部分，我們預計這種擴張和參與將在某個時候從短期逆風轉變為順風。

Now while this is playing out, we're also managing the headwinds from signal loss that we've discussed a lot recently. This means growing first-party understanding of what people are interested in by making it easier for people to engage with businesses and our apps, whether that's completing purchases on Facebook or Instagram or messaging businesses on WhatsApp or Messenger. It also means making sure that we build the best privacy-enhancing technologies to provide accurate targeting and measurement to advertisers, even when purchases aren't happening within our apps.

現在，在這種情況發生的同時，我們也在應對訊號遺失帶來的不利因素，我們最近多次討論過這一點。這意味著透過讓人們更容易與企業和我們的應用程式互動，無論是在Facebook 或Instagram 上完成購買，還是在WhatsApp 或Messenger 上完成訊息業務，從而增強第一方對人們感興趣的內容的了解。這也意味著確保我們建立最好的隱私增強技術，為廣告主提供準確的定位和衡量，即使購買不是在我們的應用程式內發生的。

We're making major AI investments to build the most advanced models and infrastructure in the industry. Over the next year or 2, we hope that this drives better recommendations for people, higher returns for advertisers and increases our revenue growth, even in the face of signal loss. Over the longer term, I think that these large technology investments can provide a sustainable competitive advantage over others in the industry.

我們正在進行重大的人工智慧投資，以建立業內最先進的模型和基礎設施。在未來一兩年內，我們希望這能為人們帶來更好的推薦，為廣告商帶來更高的回報，並增加我們的收入成長，即使在訊號遺失的情況下也是如此。從長遠來看，我認為這些大規模的技術投資可以提供比業內其他公司更永續的競爭優勢。

The last priority that I want to discuss today is the Metaverse. Because while we're focusing on the biggest opportunities and challenges of today, I think it's important to build the foundation for the next era of social technology as well. The centerpiece of our strategy is the social platform that we're starting to build with Horizon. It's still early, but as we build out the experience, the next focus will be on growing the community. We plan to launch a web version of Horizon later this year that will make it easy for people to step into the Metaverse experiences from a lot more platforms, even without needing a headset.

我今天要討論的最後一個優先事項是元宇宙。因為雖然我們專注於當今最大的機會和挑戰，但我認為為下一個社交科技時代奠定基礎也很重要。我們策略的核心是我們開始使用 Horizo​​n 建立的社交平台。現在還為時過早，但隨著我們累積經驗，下一個重點將是發展社區。我們計劃在今年稍後推出 Horizo​​​​n 的網頁版，這將使人們可以輕鬆地從更多平台進入 Metaverse 體驗，甚至不需要耳機。

I think the best experience will be on virtual and, eventually, augmented reality platforms, and especially on our platform like Quest, where in an upcoming release, from the moment you put on your headset, you're going to be embodied with your Meta avatar and ready to interact in a Horizon with your friends right from your Quest home.

我認為最好的體驗將是在虛擬和最終的擴增實境平台上，尤其是在像Quest 這樣的平台上，在即將發布的版本中，從您戴上耳機的那一刻起，您將體現在您的Meta 上化身並準備好直接在 Quest 家中與您的朋友在 Horizo​​​​n 中互動。

But making this available everywhere will mean that you can interact with anyone on whatever devices or platform that they want to use. Our other focus for Horizon is building out the Metaverse economy and helping creators make a living, working in the metaverse. We expect to be meaningfully better at monetization than others in the space and we think that, that should become a sustainable advantage for our platforms as they develop.

但是，使其在任何地方都可用意味著您可以在任何人想要使用的任何設備或平台上與他們互動。 Horizo​​n 的另一個重點是建立元宇宙經濟並幫助創作者在元宇宙中謀生和工作。我們希望在貨幣化方面比該領域的其他公司做得更好，我們認為，隨著我們平台的發展，這應該成為我們平台的可持續優勢。

On the hardware side, Meta Quest 2 continues to be the leading virtual reality headset. Later this year, we'll release a higher-end headset code-named Project Cambria, which will be more focused on work use cases and eventually replacing your laptop or work setup. This premium device will have improved ergonomics and full color pass-through mixed reality to seamlessly blend virtual reality with the physical world. We're also building in eye tracking and face tracking, so that your avatar can make eye contact and facial expressions, which dramatically improves your sense of presence.

在硬體方面，Meta Quest 2 仍然是領先的虛擬實境耳機。今年晚些時候，我們將發布一款代號為 Project Cambria 的高階耳機，它將更加專注於工作用例，並最終取代您的筆記型電腦或工作設定。這款優質設備將具有改進的人體工學和全彩直通混合實境功能，可將虛擬實境與物理世界無縫融合。我們還建立了眼球追蹤和臉部追蹤功能，以便您的頭像可以進行眼神交流和臉部表情，從而大大提高您的存在感。

It's also a good example of why we're developing hardware in addition to the social platforms. We're bringing Horizon to more platforms, but if you want to be able to make eye contact or have your physical facial expressions just automatically get translated to avatar in real time, then our hardware will provide the best Metaverse experience, whether you're playing a game or meeting with coworkers in Horizon work rooms. We'll share more details about Project Cambria in the months ahead as we get ready to launch it.

這也是我們除了社群平台之外還開發硬體的一個很好的例子。我們正在將 Horizo​​​​n 帶到更多平台，但如果您希望能夠進行眼神交流或讓您的身體面部表情自動實時轉換為頭像，那麼我們的硬體將提供最佳的 Metaverse 體驗，無論您是在Horizo​​n 工作室中玩遊戲或與同事開會。我們將在未來幾個月準備啟動 Cambria 專案時分享更多有關該專案的詳細資訊。

I believe the areas that we've discussed today are the right places for us to be doubling down on our work. The questions we face are not going to be resolved overnight. But we've also faced a number of these challenges before, so I'm confident that we can navigate this period while continuing to invest in our future. I'm grateful for everyone on our team who is executing on this important work, for our partners and for our investors who believe in us and the future that we're building together. And now here is Sheryl.

我相信我們今天討論的領域是我們加倍努力的正確領域。我們面臨的問題不會在一夜之間解決。但我們之前也曾面臨過許多此類挑戰，因此我相信我們能夠度過這段時期，同時繼續投資我們的未來。我感謝我們團隊中正在執行這項重要工作的每個人，感謝我們的合作夥伴以及相信我們和我們共同建立的未來的投資者。現在謝麗爾來了。

Thanks, Mark, and hi, everyone. Our total ad revenue in Q1 was $27 billion, which is up 6% year-over-year. We saw solid growth in APAC and Rest of World, but a more challenging environment in North America and Europe.

謝謝，馬克，大家好。第一季我們的廣告總收入為 270 億美元，年增 6%。我們看到亞太地區和世界其他地區的穩健成長，但北美和歐洲的環境更具挑戰性。

Despite the headwinds Mark described a moment ago, we saw meaningful growth in areas like video ads and click-to-messaging ads. The changes to the ads landscape over the last year have caused significant disruptions to the way many businesses advertise online. Our teams are working closely with our partners to help them navigate this new environment so they can continue to get great return on investment. And we're focused on building products and tools that grow their businesses and ours over the long term.

儘管存在馬克剛才描述的不利因素，但我們在影片廣告和點擊訊息廣告等領域看到了有意義的成長。去年廣告格局的變化對許多企業的網路廣告方式造成了重大影響。我們的團隊正在與合作夥伴密切合作，幫助他們駕馭這個新環境，以便他們能夠繼續獲得豐厚的投資回報。我們專注於建立能夠長期發展他們和我們的業務的產品和工具。

I want to pick up on what Mark said about our ad strategy. As he described, it's focused on 3 main areas: one, growing video monetization, especially short-form video like Reels; two, evolving our ad systems to do more with less data; and three, investing in AI and machine learning to support our ads infrastructure.

我想了解馬克所說的關於我們的廣告策略的內容。正如他所描述的，它重點關註三個主要領域：一是不斷增長的影片貨幣化，尤其是像 Reels 這樣的短影片；第二，改進我們的廣告系統，以更少的數據做更多的事情；第三，投資人工智慧和機器學習以支援我們的廣告基礎設施。

First, video. Half of the time spent on Facebook is video and video services on Facebook were a significant source of revenue growth in the first quarter. People already watch a lot of longer-form video content that's eligible for industry ads, which we monetize well. Stories monetization continues to grow across Facebook and Instagram. And with Reels growing quickly, there's also a big opportunity as we get better at monetizing short-form video over time.

首先，視訊。 Facebook 上花費的時間有一半是視頻，Facebook 上的視頻服務是第一季收入成長的重要來源。人們已經觀看了許多符合行業廣告條件的較長影片內容，我們透過這些內容實現了良好的盈利。 Facebook 和 Instagram 上的故事貨幣化持續成長。隨著 Reels 的快速成長，隨著時間的推移，我們越來越擅長透過短影片獲利，這也帶來了巨大的機會。

We've accelerated our efforts to improve the Reels ad format. Our experience monetizing Stories is directly applicable here. We're leveraging what we learned with Stories ads to create ads for Reels that have a native format, perform well and are easy for advertisers to create. We're working closely with our partners to help them make the most of the opportunity with video, like experimenting with new formats and with campaigns that utilize multiple types of video ads.

我們加快了改進 Reels 廣告格式的腳步。我們透過故事獲利的經驗在這裡直接適用。我們正在利用從故事廣告中學到的知識來為捲軸製作廣告，這些廣告具有原生格式、效果良好且易於廣告商製作。我們正在與合作夥伴密切合作，幫助他們充分利用影片機會，例如嘗試新格式以及利用多種類型影片廣告的廣告活動。

A great example is the U.S. restaurant chain Wendy's. They used a range of video formats across Feeds, Stories, Reels and in-stream to promote their March Madness campaign, driving consumers to the first virtual Wendy's restaurant in Horizon Worlds. We also worked with them to promote the campaign in Horizon World itself, with a virtual welcome screen directing people to what they called the Wendyverse. The campaign was a big success, reaching 52 million people and improving Wendy's brand and message awareness across a number of metrics.

美國連鎖餐廳 Wendy's 就是一個很好的例子。他們在 Feed、Stories、Reels 和插播中使用了一系列影片格式來宣傳「瘋狂三月」活動，吸引消費者前往 Horizo​​​​n Worlds 中的第一家虛擬 Wendy's 餐廳。我們也與他們合作在地平線世界本身推廣該活動，透過虛擬歡迎畫面引導人們進入他們所謂的溫迪宇宙。該活動取得了巨大成功，覆蓋了 5200 萬人，並在多個指標上提高了 Wendy's 的品牌和資訊知名度。

Second, evolving our ad system. Our focus is on paving the way for the next era of personalized advertising, and there's work we're doing over the near, medium and long term. In the near term, we're working closely with advertisers to help them navigate the new landscape, while we evolve and improve our ad solutions. For example, we're encouraging partners to integrate with our conversions API to create a direct, reliable and privacy safe connection between their marketing data and Meta. And we've recently introduced a faster and easier way for SMBs to integrate with it called the Conversions API Gateway.

其次，改進我們的廣告系統。我們的重點是為下一個個人化廣告時代鋪平道路，我們正在做近期、中期和長期的工作。短期內，我們將與廣告商密切合作，幫助他們駕馭新格局，同時不斷發展和改進我們的廣告解決方案。例如，我們鼓勵合作夥伴與我們的轉換 API 集成，以在其行銷資料和 Meta 之間創建直接、可靠且隱私安全的連接。我們最近為中小型企業推出了一種更快、更簡單的整合方式，稱為 Conversions API Gateway。

One way we're helping advertisers get better insights with less data is with conversion modeling. This can help them understand measurement and campaign performance, even when we're not able to see or aggregate certain conversions. We're also helping businesses connect directly with customers and grow more on-site data conversions through products like click-to-message ads. This is 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 already a multibillion dollar business with healthy double-digit year-over-year growth in Q1.

我們幫助廣告商透過更少的數據獲得更好的洞察的一種方法是轉換建模。這可以幫助他們了解衡量和廣告系列效果，即使我們無法查看或匯總某些轉換。我們也幫助企業直接與客戶建立聯繫，並透過點擊訊息廣告等產品增加更多的現場數據轉換。您可以在此處點擊 Facebook 或 Instagram feed 上的廣告，然後在 Messenger、Instagram Direct 或 WhatsApp 中開啟與企業的聊天。它已經是一項價值數十億美元的業務，第一季同比實現了兩位數的健康成長。

A great example is Deichmann, Europe's largest footwear retailer. They've built a fully automated virtual shoe assistant to give customers personalized footwear recommendations and promoted it through Click-to-Messenger ads on Facebook. They had an 85% click-through rate and saw 30% more incremental purchases than with their usual link ads.

歐洲最大的鞋類零售商 Deichmann 就是一個很好的例子。他們建立了一個全自動的虛擬鞋子助手，為客戶提供個人化的鞋子推薦，並透過 Facebook 上的 Click-to-Messenger 廣告進行推廣。與通常的連結廣告相比，他們的點擊率高達 85%，增量購買量增加了 30%。

In the medium term, we see an opportunity to grow other on-site conversion products like lead ads, which make it easier for businesses to generate leads and shop ads, which direct you to a brand's digital storefront on Facebook or Instagram. It's still very early for shop ads, but we think driving people to shops can be a compelling objective for commerce advertisers as we continue to improve our on-site commerce tools.

從中期來看，我們看到了發展其他現場轉換產品的機會，例如線索廣告，這使企業更容易產生線索和商店廣告，引導您進入 Facebook 或 Instagram 上的品牌數位商店。對於商店廣告來說，現在還為時過早，但我們認為，隨著我們不斷改進我們的現場商務工具，吸引人們前往商店對於商業廣告商來說可能是一個令人信服的目標。

Over the longer run, we're also developing privacy-enhancing technologies, which will help us minimize the amount of personal information we process, while still allowing us to show people relevant ads and measure performance for advertisers. And we're collaborating across our industry on these and other standards that will support this next era of personalized advertising.

從長遠來看，我們也正在開發隱私增強技術，這將幫助我們最大限度地減少我們處理的個人資訊量，同時仍允許我們向人們展示相關廣告並衡量廣告商的效果。我們正在整個行業中就這些標準和其他標準進行合作，以支持下一個個人化廣告時代。

Third, AI and machine learning, which are crucial components of these privacy-enhancing technologies and will drive improvements over time to our ads ranking and measurement capabilities. We're significantly increasing our investment in AI and machine learning across the company this year, and a large portion of this is going towards ads. We continue to innovate in order to deliver better performing ads in general, and these investments will help us do that while processing less individual level data.

第三，人工智慧和機器學習，它們是這些隱私增強技術的重要組成部分，並將隨著時間的推移推動我們的廣告排名和衡量能力的改進。今年，我們在整個公司大幅增加了對人工智慧和機器學習的投資，其中很大一部分用於廣告。我們不斷創新，以便整體上提供效果更好的廣告，這些投資將幫助我們在處理更少的個人資料的同時實現這一目標。

We also have a range of automated tools to make it easier for advertisers to create, manage and improve the performance of their ad campaigns. We're constantly working to improve these tools and make them simpler for advertisers to use. Taken together, we think our range of solutions can help advertisers get better results now and over the longer term. We're confident our apps will continue to be the best places for advertisers to reach people where they get measurable outcomes long into the future.

我們還擁有一系列自動化工具，使廣告主更輕鬆地創建、管理和提高廣告活動的效果。我們不斷努力改進這些工具，讓廣告主更容易使用。總而言之，我們認為我們的一系列解決方案可以幫助廣告商在當前和長期內獲得更好的結果。我們相信，我們的應用程式將繼續成為廣告商接觸人們的最佳場所，讓他們在未來很長一段時間內獲得可衡量的成果。

As ever, I want to say thank you to our partners, large and small, and to our teams, who are working so hard to deliver great results for businesses everywhere. Now here's Dave.

一如既往，我想對我們大大小小的合作夥伴以及我們的團隊表示感謝，他們正在努力工作，為世界各地的企業帶來巨大的成果。現在是戴夫。

Thanks, Sheryl, and good afternoon, everyone. Let's begin with our consolidated results. All comparisons are on a year-over-year basis, unless otherwise noted. Q1 total revenue was $27.9 billion, up 7% or 10% on a constant currency basis. Had foreign exchange rates remained constant with Q1 of last year, total revenue would have been about $893 million higher. Q1 total expenses were $19.4 billion, up 31% compared to last year. In terms of specific line items, cost of revenue increased 17%, driven primarily by core infrastructure investments, payments to partners and content-related costs. R&D increased 48%, mainly driven by hiring to support Family of Apps and Reality Labs. Marketing and sales increased 16%, mainly driven by hiring and marketing spend. And lastly, G&A increased 45%, driven mainly by legal-related costs and employee-related costs.

謝謝，謝麗爾，大家下午好。讓我們從我們的綜合結果開始。除非另有說明，所有比較均按年比較。第一季總營收為 279 億美元，以固定匯率計算成長 7% 或 10%。如果匯率與去年第一季保持不變，總收入將增加約 8.93 億美元。第一季總支出為 194 億美元，比去年增長 31%。就具體項目而言，收入成本成長了 17%，這主要是由核心基礎設施投資、向合作夥伴付款以及內容相關成本所推動的。研發成長了 48%，主要是由於招募支援應用程式系列和現實實驗室。行銷和銷售額成長 16%，主要由招募和行銷支出推動。最後，一般行政費用增加了 45%，主要由法律相關成本和員工相關成本推動。

We added over 5,800 net new hires in Q1, the majority in technical functions. We ended the quarter with over 77,800 full-time employees, up 28% compared to last year. The first quarter operating income was $8.5 billion, representing a 31% operating margin. Our tax rate was 16%, net income was $7.5 billion or $2.72 per share. Capital expenditures, including payments -- 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 $8.5 billion, we repurchased $9.4 billion of our Class A common stock in the first quarter, and we ended the quarter with $43.9 billion in cash and marketable securities.

第一季我們淨增加了 5,800 多名新員工，其中大部分是技術職能部門。截至本季末，我們擁有超過 77,800 名全職員工，比去年增加 28%。第一季營業收入為 85 億美元，營業利益率為 31%。我們的稅率為 16%，淨利潤為 75 億美元，即每股 2.72 美元。資本支出，包括付款——融資租賃的本金付款為 55 億美元，主要是由資料中心、伺服器、網路基礎設施和辦公設施投資推動的。自由現金流為 85 億美元，我們在第一季回購了 94 億美元的 A 類普通股，本季結束時我們擁有 439 億美元的現金和有價證券。

Now moving to our segment results. I'll begin with the Family of Apps segment. Q1 total Family of Apps revenue was $27.2 billion, up 6%. Q1 Family of Apps ad revenue was $27 billion, up 6% or 10% on a constant currency basis. Growth decelerated from the fourth quarter due to a variety of factors. Prior to the war in Ukraine, we faced expected headwinds related to the continued slowdown in our online e-commerce vertical, which had grown quickly during the COVID-19 pandemic as well as ongoing targeting and measurement challenges impacting advertising spend. We experienced a further deceleration in growth following the start of the Ukraine war due to the loss of revenue in Russia as well as a reduction in advertising demand, both within Europe and outside the region. We believe that war introduced further volatility into an already uncertain macroeconomic landscape for advertisers.

現在轉向我們的細分結果。我將從應用程式系列部分開始。第一季應用系列總營收為 272 億美元，成長 6%。第一季應用程式系列廣告收入為 270 億美元，以固定匯率計算成長 6% 或 10%。受多種因素影響，成長較第四季放緩。在烏克蘭戰爭之前，我們面臨著預期的阻力，這些阻力與我們的線上電子商務垂直領域的持續放緩有關，該垂直領域在COVID-19 大流行期間迅速增長，以及影響廣告支出的持續定位和衡量挑戰。烏克蘭戰爭爆發後，由於俄羅斯收入損失以及歐洲內外廣告需求減少，我們的成長進一步放緩。我們認為，戰爭為廣告商本已不確定的宏觀經濟格局帶來了進一步的波動。

Foreign exchange rates were also a headwind to growth in the quarter. On a user geography basis, year-over-year ad revenue growth was strongest in Rest of World and Asia Pacific at 21% and 20%, respectively; North America grew 1%; and Europe was flat year-over-year. Europe advertising revenue was disproportionately challenged by the factors related to the war in Ukraine. In Q1, the total number of ad impressions served across our services increased 15% and the average price per ad decreased 8%. Impression growth was driven primarily by Asia Pacific and Rest of World. The year-over-year decline in pricing was driven primarily by the ongoing mix shift in ad impressions towards regions and services that monetize at lower rates.

外匯匯率也是本季經濟成長的阻力。從用戶地理來看，全球其他地區和亞太地區的廣告收入較去年同期成長最為強勁，分別為 21% 和 20%；北美成長1%；歐洲同比持平。歐洲廣告收入受到烏克蘭戰爭相關因素的不成比例的挑戰。第一季度，我們服務中的廣告展示總數增加了 15%，每個廣告的平均價格下降了 8%。印象數成長主要由亞太地區和世界其他地區推動。定價較去年同期下降的主要原因是廣告印象持續轉變為以較低費率獲利的地區和服務。

Family of Apps other revenue was $215 million, up 9% as revenue growth from the WhatsApp business API offset a decline in payments-related revenue earned from Games. Family of Apps expenses were $15.7 billion, up 27%, driven mainly by employee-related expenses, infrastructure costs and legal costs. Family of Apps operating income was $11.5 billion, representing a 42% operating margin. we estimate that approximately 2.9 billion people use at least one of our family of apps on a daily basis in March and that approximately 3.6 billion people use at least one on a monthly basis. Facebook daily active users were 1.96 billion, up 4% or 82 million compared to last year.

應用程式系列其他收入為 2.15 億美元，成長 9%，因為 WhatsApp 業務 API 的收入成長抵消了遊戲支付相關收入的下降。應用程式系列支出為 157 億美元，成長 27%，主要由員工相關支出、基礎設施成本和法律成本推動。 Family of Apps 營業收入為 115 億美元，營業利益率為 42%。我們估計，3 月份大約有 29 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日活躍用戶為19.6億，較去年成長4%，即8,200萬。

DAUs represented approximately 67% of the 2.94 billion monthly active users in March. MAUs grew by 83 million or 3% compared to last year. Europe DAUs and MAUs declined sequentially and were negatively impacted by the loss of users in Russia following the government's block of Facebook in the country. We expect this trend to continue in the second quarter and this will likely cause global MAU to be flat to down sequentially.

DAU 約佔 3 月 29.4 億月活躍用戶的 67%。與去年相比，每月活躍用戶數增加了 8,300 萬，即 3%。歐洲的 DAU 和 MAU 連續下降，並受到俄羅斯政府封鎖 Facebook 後該國用戶流失的負面影響。我們預計這一趨勢將在第二季度持續，這可能會導致全球月活躍用戶數環比持平甚至下降。

Within our Reality Labs segment, Q1 revenue was $695 million, up 30%, driven by Quest 2 sales. Reality Labs expenses were $3.7 billion, up 55% driven by employee-related costs, R&D operating expenses and cost of goods sold. Reality Labs operating loss was $3 billion in the first quarter.

在我們的 Reality Labs 部門中，受 Quest 2 銷售的推動，第一季營收為 6.95 億美元，成長 30%。 Reality Labs 支出為 37 億美元，成長 55%，主要受員工相關成本、研發營運支出和銷售商品成本的推動。 Reality Labs 第一季營運虧損為 30 億美元。

Turning now to the outlook. We expect second quarter 2022 total revenue to be in the range of $28 billion to $30 billion. This outlook reflects a continuation of the trends impacting revenue growth in the first quarter, including softness in the back half of the first quarter that coincided with the war in Ukraine. Our guidance assumes foreign currency will be approximately a 3% headwind to year-over-year growth in the second quarter based on current exchange rates. In addition, as noted on previous calls, we continue to monitor developments regarding the viability of transatlantic data transfer and their potential impact on our European operations, and we are pleased with the progress on a political agreement.

現在轉向展望。我們預計 2022 年第二季總營收將在 280 億至 300 億美元之間。這一前景反映了影響第一季營收成長的趨勢的延續，包括第一季後半段烏克蘭戰爭期間的疲軟。我們的指引假設，根據當前匯率，第二季的年成長將受到約 3% 的阻力。此外，正如先前的電話會議中所指出的，我們將繼續關注跨大西洋數據傳輸的可行性及其對我們歐洲業務的潛在影響的進展，我們對政治協議方面取得的進展感到高興。

Turning now to the expense outlook. We expect 2022 total expenses to be in the range of $87 billion to $92 billion, lowered from our prior outlook of $90 billion to $95 billion. We expect 2022 expense growth to be driven primarily by the Family of Apps segment followed by Reality Labs. 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. Absent any changes to U.S. tax law, we expect our full year 2022 tax rate to be above the Q1 rate and in the high teens.

現在轉向費用前景。我們預計 2022 年總支出將在 870 億美元至 920 億美元之間，低於先前 900 億美元至 950 億美元的預期。我們預計 2022 年費用成長將主要由應用程式系列細分市場推動，其次是 Reality Labs。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。如果美國稅法沒有任何變化，我們預計 2022 年全年的稅率將高於第一季的稅率，並達到高十幾歲的水平。

In closing, our advertisers are adjusting to a new digital advertising landscape brought about by recent mobile platform changes, while navigating a complex set of macroeconomic challenges. Given the resulting revenue headwinds, we have adjusted our plans for hiring and expense growth this year. We continue to see a lot of opportunity across our investment priorities and remain committed to dedicating additional talent and capital towards these areas while ensuring our investment plans are appropriately calibrated to the operating environment.

最後，我們的廣告主正在適應最近行動平台變化帶來的新數位廣告格局，同時應對一系列複雜的宏觀經濟挑戰。鑑於由此帶來的收入逆風，我們調整了今年的招聘和費用增長計劃。我們繼續在我們的投資重​​點中看到很多機會，並繼續致力於為這些領域投入更多的人才和資本，同時確保我們的投資計劃適當地適應營運環境。

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 two. The first one on Reels engagement. I appreciate the color about the percentage of time that's going through Reels. I wanted to ask about the incrementality of that time. Maybe can you talk to us a little bit about what you're seeing on total time spent on both core Facebook as well as Instagram in the U.S. as you're seeing this really strong Reels engagement moving through the overall user base?

我有兩個。第一個是關於 Reels 參與的。我很欣賞關於經過捲軸的時間百分比的顏色。我想問一下當時的增量。也許您能和我們談談您在美國核心 Facebook 和 Instagram 上花費的總時間嗎？

And then the second one, Dave, I wanted to ask you about CapEx. Understanding this year, there's investments in AI and machine learning, et cetera. How should we think about how much of this year's CapEx is sort of onetime-ish that may not persist on a multiyear basis? Or is it better to think of it as maybe the capital intensity of the business could just be structurally higher going forward?

第二個，戴夫，我想問你關於資本支出的問題。據了解，今年有人工智慧和機器學習等的投資。我們該如何看待今年的資本支出中有多少是一次性的，可能不會持續多年？還是最好將其視為未來業務的資本密集度可能會在結構上更高？

Brian, I'll take a crack at both of those, and then Mark can add any color if he wants. In terms of cannibalization, Reels does pull time away from other surfaces, but we do believe it's additive to overall engagement. And we've seen that in the past with other products like Stories. And so we're seeing a similar pattern there.

布萊恩，我會嘗試這兩個，然後馬克可以根據需要添加任何顏色。就蠶食而言，捲軸確實會減少其他表面的時間，但我們確實相信它可以增加整體參與。我們過去在故事等其他產品中也看到過這種情況。所以我們在那裡看到了類似的模式。

In terms of overall engagement for both Facebook and Instagram, there's a lot of complexity with kind of looking through the period of COVID because that tends to create a lot of different peaks and troughs in engagement. But if you look back, engagement for both Facebook and Instagram remain above the levels they were at pre-pandemic and that's true both globally and in the U.S. So I think we're pleased with that.

就 Facebook 和 Instagram 的整體參與度而言，回顧新冠疫情期間存在著許多複雜性，因為這往往會造成許多不同的參與度高峰和低谷。但如果你回顧過去，Facebook 和 Instagram 的參與度仍然高於疫情前的水平，無論是在全球還是在美國都是如此，所以我認為我們對此感到滿意。

On the CapEx front, let me just sort of address the overall ramp. It's true we are investing significantly in AI and machine learning investments to power ranking and recommendations for things like Ads, Reels and Feed. And so that does add to the CapEx intensity of the business. And we do think there is additional capital intensity of the business as we make significant investments in AI and machine learning on top of just additional capacity growth. We're not sharing an outlook beyond 2022 at this point. France, you can go to the next question. Go ahead.

在資本支出方面，讓我談談整體的成長。確實，我們在人工智慧和機器學習方面進行了大量投資，以增強廣告、捲軸和動態等內容的排名和推薦。因此，這確實增加了業務的資本支出強度。我們確實認為，除了額外的產能成長之外，我們還對人工智慧和機器學習進行了大量投資，因此業務的資本強度將會增加。目前我們不會分享 2022 年後的展望。法國，你可以進入下一個問題。前進。

Our next question is Eric Sheridan with Goldman Sachs.

我們的下一個問題是高盛的艾瑞克·謝裡丹。

Maybe one big picture and one more micro question. Mark, I think one of the questions we get the most from investors is when you think about where you're trying to go with the Metaverse longer term, how do you think about the investment cycle versus the monetization cycle when you think about creating hardware, both on the physical side and the distribution layer for hardware versus the content and the creator cycle you need to solve for on the Metaverse over the medium to long term?

也許一張大圖和一個微觀問題。馬克，我認為我們從投資者那裡得到最多的問題之一是，當你考慮元宇宙的長期發展方向時，當你考慮創建硬體時，你如何看待投資週期與貨幣化週期，無論是在物理方面還是在硬體分發層與內容和創作者週期上，您需要在中長期內解決元宇宙上的問題？

And second, I don't know if I missed it or not, but I think last quarter, you called out on the Apple privacy changes, that the headwind might get worse in Q1 than it was in Q4. Can you give us an update on how those headwinds continue to evolve, and whether what you over the last couple of years have somewhat future-proofed against future changes that Apple might make in the iOS ecosystem?

其次，我不知道我是否錯過了這一點，但我認為上個季度，您對蘋果隱私變化提出了批評，第一季的逆風可能會比第四季更嚴重。您能否向我們介紹一下這些不利因素是如何繼續演變的，以及您在過去幾年中所做的事情是否能夠在一定程度上抵禦蘋果未來可能在 iOS 生態系統中做出的變化？

Yes, I can give some context on the first one and then Dave can speak to the second question. I think that the cycle here between investment and meaningful enough revenue growth to be near or very profitable is going to be long. I think it's going to be longer for Reality Labs than for a lot of the traditional software that we've built. And if you think about -- just a bit of context that may be useful on why we've ramped expenses so much is especially with the success that we've seen with Quest 2, we're now basically funding product teams to be building our future products, 2 or 3 versions into the future.

是的，我可以就第一個問題提供一些背景信息，然後戴夫可以回答第二個問題。我認為投資和足夠有意義的收入成長以接近或非常有利可圖之間的周期將會很長。我認為現實實驗室的時間會比我們建造的許多傳統軟體更長。如果你想一想——一些背景資訊可能有助於解釋為什麼我們大幅增加開支，尤其是我們在 Quest 2 上看到的成功，我們現在基本上是在資助產品團隊的建立我們未來的產品，未來有2 或3 個版本。

Because when you're designing hardware, it's -- these are multiyear plans that you're building and kind of figuring out all the pieces that are going to go into that. So we have multiple teams in parallel that we've sort of now spun up. This goes for VR as well as augmented reality and the other work that we're doing, and is sort of driven by the success that we feel like we're seeing in the markets and the technology is starting to be ready to really ramp up.

因為當你設計硬體時，這些是你正在製定的多年計劃，並且要弄清楚將要涉及的所有部分。所以我們有多個並行的團隊，現在我們已經組成了。這適用於 VR、擴增實境以及我們正在做的其他工作，並且在某種程度上是受到我們在市場上看到的成功以及該技術開始準備真正提升的推動。

So those expenses we're experiencing today. I mean having those teams operating is something that you see weigh on the results and is one of the reasons why I think the growth rates and expenses have been so high, and I think we'll continue investing more over some period. But at some point, we will have all those product teams fully staffed for a few versions into the future and then the growth rates there will come down.

所以我們今天所經歷的這些費用。我的意思是，讓這些團隊運作會對結果產生影響，這也是我認為成長率和費用如此之高的原因之一，我認為我們將在一段時間內繼續增加投資。但到了某個時候，我們將讓所有這些產品團隊在未來的幾個版本中配備充足的人員，然後成長率就會下降。

But it's not going to be until those products really hit the market and scale in a meaningful way and this market ends up being big that this will be a big revenue or profit contributor to the business. So that's why I've given the color on past calls that I expect us to be later this decade, right? Maybe primarily, this is laying the groundwork for what I expect to be a very exciting 2030s when this is like -- when this is sort of more established as the primary computing platform at that point. I think that there will be results along the way for that, too. But I do think that this is going to be a longer cycle.

但直到這些產品真正進入市場並以有意義的方式擴大規模，而這個市場最終變得很大，這才會成為企業的巨大收入或利潤貢獻者。這就是為什麼我在過去的電話會議中給出了顏色，我預計我們將在本十年晚些時候進行，對吧？也許主要是，這為我期望的非常令人興奮的 2030 年代奠定了基礎，那時它已經成為主要的計算平台。我認為在過程中也會有成果。但我確實認為這將是一個更長的周期。

Some of the software parts of what we're doing in the Metaverse will, I think, have near-term opportunities to monetize. And I think we'll see how that goes. Certainly, Horizon will roll out across all platforms and there will be a number of things that we can do there that will have shorter cycles that might resemble a little bit more what we're used to with apps. But overall, I think that that's kind of the context that I want everyone to have on that.

我認為，我們在元宇宙中所做的一些軟體部分將有近期的貨幣化機會。我想我們會看看事情會如何發展。當然，Horizo​​​​n 將在所有平台上推出，我們可以在那裡做很多事情，這些事情的周期會更短，可能更像我們習慣的應用程式。但總的來說，我認為這就是我希望每個人都能了解的背景。

Eric, I'll take the second part, the second question that you had. We expect -- we've expected ongoing privacy headwinds from the iOS changes, and we continue to see them. Those are obviously factored into our Q2 outlook along with the impact on demand that we're seeing from things like the war in Ukraine. More specifically, ATT continues to be a headwind, but we're also seeing incremental headwinds from iOS 15 and other regulatory changes. And again, we factored all of those headwinds into our Q2 outlook. Of course, any outlook on platform headwinds depends in part on the platforms themselves and how they write and enforce their policies. So I'd sort of put that caveat in as well.

艾瑞克，我將回答第二部分，也就是你提出的第二個問題。我們預計 - 我們預計 iOS 的變化會帶來持續的隱私阻力，我們將繼續看到它們。這些顯然都考慮到了我們第二季的前景，以及我們從烏克蘭戰爭等事件中看到的對需求的影響。更具體地說，ATT 仍然是一個阻力，但我們也看到 iOS 15 和其他監管變化帶來的阻力越來越大。我們再次將所有這些不利因素納入我們的第二季展望中。當然，對平台逆風的任何展望都部分取決於平臺本身以及它們如何制定和執行政策。所以我也會提出這個警告。

When you look at what we're doing to mitigate those near term, we're working on improvements to our current solutions and Sheryl talked about some of those like privacy-enhanced technologies. Medium term, we see the opportunity to move clients more towards on-site conversions. We're seeing a lot of success in things like Click-to-Messaging ads, lead gen ads and then more nascent effort in shop ads. And then longer term, we're rebuilding our ads stack to employ more machine learning and AI to be more effective at ads with less data. So we think we've got a response that we're building into the new environment, and we're optimistic about the future.

當您了解我們為緩解這些問題而採取的近期措施時，您會發現我們正在努力改進當前的解決方案，謝麗爾談到了其中一些問題，例如隱私增強技術。從中期來看，我們看到了讓客戶更多地進行現場轉換的機會。我們在點擊訊息廣告、潛在客戶開發廣告以及商店廣告等方面看到了很多成功。從長遠來看，我們正在重建廣告堆疊，以採用更多的機器學習和人工智慧，以更少的資料更有效地投放廣告。因此，我們認為我們已經得到了正在融入新環境的回應，並且我們對未來感到樂觀。

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。

Great. Dave, maybe I can follow on. You gave an outlook for maybe $10 billion headwind this year. Is it fair to assume a decent chunk of that in Q1 and when you lap that in Q4, you could see progress? And then I think there is a lot of concern for the social companies on Apple 16 potential changes with IP addresses and other factors. In the past, you've been able to call out potential headwinds. In the future, I'm wondering if you have -- if you can say anything about iOS 16 or how you're thinking about potential future Apple changes.

偉大的。戴夫，也許我可以繼續。您預計今年可能會面臨 100 億美元的逆風。假設第一季的相當大一部分是公平的，當你在第四季度完成這一點時，你可以看到進步嗎？然後我認為社交公司對 Apple 16 與 IP 位址和其他因素的潛在變化有很多擔憂。過去，您能夠指出潛在的不利因素。未來，我想知道您是否可以談談有關 iOS 16 的任何事情，或者您如何看待蘋果未來可能做出的改變。

Yes, sure. On the $10 billion impact, we shared our estimated $10 billion impact on ATT last quarter to give a sense of the order of magnitude, and we believe it's still to be that order of magnitude on the expected impact. It's not a precise point estimate and we don't plan to update it. Also worth noting, it's -- that's not a -- it's not a lapping. There was an impact from ATT in the second half of last year as well. So that's not a -- all in the increment. There was an impact last year. Also beyond ATT, we expect to see additional targeting and measurement headwinds from iOS 15 and other regulatory changes. I don't think we have anything at this point to share about 16.

是的，當然。關於 100 億美元的影響，我們分享了上個季度對 ATT 的估計 100 億美元的影響，以了解其數量級，並且我們相信它仍然是預期影響的這個數量級。這不是一個精確的點估計，我們不打算更新它。另外值得注意的是，這不是——這不是——這不是研磨。去年下半年也受到了ATT的影響。所以這不是——全部都在增量中。去年就有影響。此外，除了 ATT 之外，我們預計 iOS 15 和其他監管變化也會帶來額外的定位和測量阻力。我認為我們目前沒有任何關於 16 的資訊可以分享。

And then I think also, Justin, you asked about sort of the second half, we would expect the growth rate in Q3 to be modestly higher than the Q2 rate since we will be lapping the first full quarter impact of ATT in Q3, but there's obviously a lot of uncertainty baked into our Q2 outlook, and that implies uncertainty in the second half as well.

然後我還認為，賈斯汀，您詢問了下半年的情況，我們預計第三季度的增長率將略高於第二季度，因為我們將在第三季度經歷 ATT 的第一個完整季度影響，但有顯然，我們第二季的前景存在著許多不確定性，這也意味著下半年的不確定性。

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。

First for Mark, just curious as AI curation of content takes over from social cues, I was hoping you could talk about what some of the biggest changes will be to the user experience and then perhaps monetization as well long term.

首先，馬克，只是好奇，隨著人工智慧內容管理接管社交線索，我希望你能談談用戶體驗的一些最大變化是什麼，然後可能還有長期的貨幣化。

And then second, in terms of Reels, how do you think about the timing for turning on ads more and what needs to happen in the product for that to happen?

其次，就 Reels 而言，您如何看待更多開啟廣告的時機以及產品需要做什麼才能實現這一點？

Yes. So I can talk about the AI-driven recommendations and discovery engine part. And I mean, maybe I can start to give some context on the ads too and then someone else can jump in there. I think the biggest shift here is that now the universe of content that are candidates to show in a person's feed is way bigger. It used to just be, okay, here are the people, here are the friends or businesses or pages that you follow. Maybe it was on the order of 1,000 or a few thousand potential posts a day that we could show and we built a new Feed system that could help rank those to show the most interesting ones to you at the top.

是的。所以我可以談談人工智慧驅動的推薦和發現引擎部分。我的意思是，也許我也可以開始提供一些有關廣告的背景信息，然後其他人可以加入其中。我認為這裡最大的轉變是，現在可以在個人提要中顯示的內容範圍更大了。過去只是，好吧，這裡是人，這裡是你關注的朋友、企業或頁面。也許我們每天可以展示大約 1,000 或數千個潛在帖子，我們建立了一個新的 Feed 系統，可以幫助對這些帖子進行排名，以便在頂部向您顯示最有趣的帖子。

But fundamentally, that was more a challenge of ranking a relatively small number of posts in the order that would be optimal. Now it's a much more open-ended thing. There are millions of pieces of content that we could potentially show a person. And as our understanding of people and our understanding of content gets better through AI, we're now better able to, across all different content types, text, links, photos, short-form videos, long-form videos, everything basically built to understand what the content is about, match it more with what people are interested in, which just means that there's a lot more candidates to show people.

但從根本上來說，這更像是一個挑戰，即按照最佳順序對相對較少的帖子進行排名。現在這是一個更開放的事情。我們可以向人們展示數百萬條內容。隨著我們對人和內容的理解透過人工智慧變得更好，我們現在能夠更好地跨越所有不同的內容類型，文字、連結、照片、短視頻、長視頻，一切基本上都是為了了解內容的內容，將其與人們感興趣的內容更加匹配，這意味著有更多的候選內容可以向人們展示。

The social content from your friends, I think will continue being a lot of the most unique and valuable content in the system, so that will still be there. But in addition to that, you'll now have a lot of other interesting content. So overall, what does that mean? I think it will -- this will be a -- it will make the services more interesting. It will mean that there's more interesting stuff to consume and interact with, both in Facebook and in Instagram, which should contribute to engagement over time. The parts of this that are about Reels, I think have some specific monetization questions where we need to ramp up that format. But the parts of this, which are just about showing better content in Feed, should actually monetize quite naturally. And that's something that I think we're going to -- we're starting to see that kind of ramp up in Facebook and Instagram already as a part of the experience.

我認為來自你朋友的社交內容將繼續成為系統中最獨特和最有價值的內容，因此仍然存在。但除此之外，您現在還會有很多其他有趣的內容。總的來說，這意味著什麼？我認為這將使服務變得更加有趣。這意味著 Facebook 和 Instagram 上都會有更多有趣的內容可供消費和互動，隨著時間的推移，這將有助於提高參與度。關於捲軸的部分，我認為有一些具體的貨幣化問題，我們需要加強這種格式。但其中的部分，即在 Feed 中顯示更好的內容，實際上應該很自然地貨幣化。我認為我們將會這樣做——我們已經開始看到 Facebook 和 Instagram 上的這種增長已經成為體驗的一部分。

On the Reels monetization side, I mean, I think the main question here is, there's the cycle, which -- I mean, Sheryl should probably jump in and talk a little bit more about this, is just take some time for all the advertisers to optimize the creative, right? It's like when we started doing Stories, they had ads that were designed for News Feed. And it just took some time for them to create effective content for Stories. And I think we're going to see the same thing for Reels. And the way we think about the pacing of this is that we do show ads with Reels but we're going to show more as the content gets better and as that ramps up to not be a big kind of pain point in the user experience, where we basically match this so that way as the ads get better across all these different formats, we're willing to show more of them.

在 Reels 貨幣化方面，我的意思是，我認為這裡的主要問題是，存在一個週期，我的意思是，謝麗爾可能應該介入並更多地談論這個問題，只是需要所有廣告商一些時間來優化創意，對嗎？就像當我們開始做故事時，他們有專為動態消息設計的廣告。他們只花了一些時間就為故事創建了有效的內容。我認為我們也會在 Reels 上看到同樣的情況。我們考慮這個節奏的方式是，我們確實用捲軸展示廣告，但隨著內容變得更好，我們將展示更多，並且隨著這不再是用戶體驗中的一個大痛點，我們基本上對此進行了匹配，這樣，隨著廣告在所有這些不同格式中變得更好，我們願意展示更多廣告。

And that's why improving the quality of ads has also been really important for our business. So I'm not sure if there's anything else that you want to add on that, though, Sheryl.

這就是為什麼提高廣告品質對我們的業務也非常重要。所以我不確定你是否還有什麼要補充的，謝麗爾。

No, I think it's a really important thing to think about because it's something we're very optimistic about. We have great consumer engagement on Reels. We have fast growth. And we have a playbook for taking that kind of consumer engagement and rolling out ads into the experience. This is going to be a multiyear journey like Stories, but it's one we're very optimistic about. And as Mark said, it's about helping advertisers create the format of ads that matches the content.

不，我認為這是一件非常重要的事情，因為我們對此非常樂觀。我們在 Reels 上擁有很高的消費者參與度。我們有快速的成長。我們有一個劇本可以吸引這種消費者參與並將廣告融入體驗中。這將是一個像故事一樣的多年旅程，但我們對此非常樂觀。正如馬克所說，這是為了幫助廣告商創建與內容相符的廣告格式。

Now what we've learned over time is the more we do for our advertisers, the better off we are. The more we automate it, the more we can help them target, the more we can help them form the creative. And the experience we have, putting ads and stories is directly applicable. But the other reason we're really optimistic is we think this can create great results for advertisers. And at the end of the day, advertisers are chasing ROI, they're going to go where they get a return on their investment.

現在，隨著時間的推移，我們了解到，我們為廣告商所做的越多，我們的境況就越好。我們自動化得越多，就越能幫助他們定位目標，我們就越能幫助他們形成創意。我們擁有的投放廣告和故事的經驗是直接適用的。但我們真正樂觀的另一個原因是我們認為這可以為廣告商創造很好的結果。歸根究底，廣告商追逐的是投資報酬率，他們會去能獲得投資回報的地方。

And while this still monetizes at a lower rate versus Feed and Stories, advertisers who are using it are seeing really promising results. I'll share an example. Prose is a direct-to-consumer hair care brand, and they A/B tested adding a Reels ad placement to their usual campaign. They saw a 23% lower cost per purchase, a 52% higher unique audience reach and 3x higher video completion. So what that says is that this format works not just for this advertiser, but we're hearing this from many across the board and we think we can help a lot of advertisers adopt this in the coming years.

雖然與 Feed 和 Stories 相比，這種方式的盈利率仍然較低，但使用它的廣告商卻看到了非常有希望的結果。我將分享一個例子。 Prose 是一個直接面向消費者的護髮品牌，他們對在日常活動中添加 Reels 廣告投放進行了 A/B 測試。他們發現每次購買成本降低了 23%，獨特受眾覆蓋率提高了 52%，影片完成率提高了 3 倍。也就是說，這種格式不僅適用於該廣告商，而且我們從許多人那裡聽到了這一點，我們認為我們可以幫助許多廣告商在未來幾年採用這種格式。

Our next question is from Youssef Squali from Truist Securities.

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

I have two. First, Mark, on the regulatory front, it looks like European and U.S. regulators are getting more aligned on how to proceed to address issues like antitrust and interoperability, the news on the transatlantic data transfers seems pretty positive. Just stepping back and looking at the new environment that seems to be formed, particularly between European and U.S. regulators, do you see this as being more favorable or less favorable to Facebook?

我有兩個。首先，馬克，在監管方面，歐洲和美國監管機構似乎在如何解決反壟斷和互通性等問題上變得更加一致，跨大西洋數據傳輸的消息似乎相當積極。退後一步，看看似乎正在形成的新環境，特別是歐洲和美國監管機構之間的環境，您認為這對 Facebook 更有利還是更不利？

And then maybe this is for Dave. With the stock down so much, can you maybe talk about employee retention and how you think about cash comp versus stock-based comp in the current environment?

也許這是給戴夫的。由於股票下跌如此之多，您能否談談員工留任率以及您如何看待當前環境下的現金薪酬與股票薪酬？

I'll take the regulatory question. Now is a really critical and interesting time in regulation for our industry because the rules that are governing the Internet are being rethought and rewritten, certainly in Europe but increasingly around the world. You spoke about the DMA. We expect DMA to have significant challenges for our industry. We're working with European regulators on these rules. They are largely in the range of what we were expecting, but the final text has not been released yet, and the details on this will matter. But overall, the regulatory environment is a real challenge for our industry.

我將回答監管問題。現在是我們行業監管的一個非常關鍵和有趣的時刻，因為管理網路的規則正在被重新思考和重寫，當然在歐洲，但在世界各地也越來越多。您談到了 DMA。我們預計 DMA 會為我們的行業帶來重大挑戰。我們正在與歐洲監管機構就這些規則進行合作。它們基本上在我們預期的範圍內，但最終文本尚未發布，有關細節很重要。但總體而言，監管環境對我們這個行業來說是一個真正的挑戰。

One, we think we are well set up to meet working closely with regulators and doing things in our technology like privacy-enhancing technologies to do more with less data. But we expect this can be -- this can continue to be a significantly challenging time, not just for us, but across our whole industry.

第一，我們認為我們已經做好了與監管機構密切合作的準備，並在我們的技術中做一些事情，例如隱私增強技術，以更少的數據做更多的事情。但我們預計這可能仍然是一個充滿挑戰的時期，不僅對我們來說，而且對我們整個行業也是如此。

Yes. And Youssef, it's Dave. So on the retention and recruiting front, I mean, I'd say we continue to have success in recruiting as demonstrated by the 5,800 net new hires this quarter. So we're pleased with our ability to do that. Also on the retention front, attrition, which has stepped up since what we experienced during the pandemic, is really still broadly consistent with levels that we had seen pre-pandemic. So it's definitely something that we're tracking and, obviously, the stock price is something that we watch, but the trends are relatively in line with expectations. So from that sense, we feel like we're doing okay.

是的。優素福，是戴夫。因此，在保留和招聘方面，我的意思是，我們在招聘方面繼續取得成功，本季淨新員工 5,800 名就證明了這一點。所以我們對我們做到這一點的能力感到滿意。同樣在保留方面，自大流行期間經歷以來，人員流失率有所上升，實際上仍然與大流行前的水平大致一致。因此，這絕對是我們正在追蹤的東西，顯然，股價也是我們關注的東西，但趨勢相對符合預期。所以從這個意義上來說，我們感覺我們做得還不錯。

Our next question is from the line of Mark Shmulik with Bernstein.

我們的下一個問題來自馬克·什穆里克（Mark Shmulik）和伯恩斯坦（Bernstein）。

The first, just on the strength that you saw over in kind of APAC and Rest of the World, can you share some color? Is that just less exposure to the macro? Is it the new users? Or something else?

首先，就您在亞太地區和世界其他地區看到的實力而言，您能分享一些顏色嗎？這只是減少了對宏觀的接觸嗎？是新用戶嗎？或其他什麼？

And then the second question, Mark, last quarter, you kind of gave us your priorities for the year. And with the operating expense guidance down a little bit, any color you can share on how, perhaps, that's affected prioritization? Any changes in kind of spending intensity on some of the longer-term initiatives like the Metaverse versus some of the near-term stuff like business messaging?

然後是第二個問題，馬克，上個季度，您向我們介紹了今年的優先事項。隨著營運費用指導略有下降，您可以分享這可能如何影響優先順序嗎？一些長期計劃（如元宇宙）與一些近期計劃（如商業訊息傳遞）的支出強度有何變化？

So I'll take the first question, sort of in terms of the regional growth. So growth slowed in all regions due to pricing headwinds. Currency was obviously a headwind in all the international regions. Europe decelerated very meaningfully, and the existing headwinds were compounded by the effects of, obviously, the Ukraine war. In North America, we have a relatively higher exposure to off-site objectives. So the targeting and measurement challenges continue to impact growth in that region more. Also, I'd note that in North America, impressions were down year-over-year in Q1. So ad impressions were down year-over-year, though the rate improved from Q4. So it was primarily a demand-driven deceleration.

我將回答第一個問題，即區域成長方面的問題。因此，由於價格逆風，所有地區的成長都放緩了。貨幣顯然是所有國際地區的阻力。歐洲經濟明顯減速，而烏克蘭戰爭的影響顯然加劇了現有的不利因素。在北美，我們對場外目標的接觸相對較多。因此，目標定位和衡量挑戰繼續對該地區的成長產生更大的影響。另外，我還注意到，在北美，第一季的展示次數較​​去年同期下降。因此，儘管廣告展示次數比第四季有所改善，但廣告展示次數較​​去年同期下降。因此，這主要是需求驅動的減速。

When we look at APAC and the Rest of World, it benefited from strong demand in products like Click-to-Messaging ads. In Rest of World, growth decelerated the least of all regions. Macro conditions in Brazil improved a bit after softness in the second half of 2021. And then in APAC, it was -- relative strength was pretty broad-based, but I'd call out particular strength in India, and that's benefiting from good supply tailwinds in terms of impression growth.

當我們觀察亞太地區和世界其他地區時，它受益於對點擊訊息廣告等產品的強勁需求。世界其他地區的成長放緩幅度是所有地區中最少的。巴西的宏觀經濟狀況在 2021 年下半年疲軟之後略有改善。 。

Yes. In terms of priorities, it's -- our priorities are broadly consistent with what I've outlined on the last call. It was the beginning of the year, so I outlined a lot of the basic focus areas for the company, whereas on most earnings calls, I'll talk about a few areas that I've been particularly focused on. I think we're pacing some of the investments across each of these areas. But I think more importantly, we're shifting the bulk of the energy inside the company towards those high-priority areas, away from other areas.

是的。就優先事項而言，我們的優先事項與我在上次電話會議中概述的內容大致一致。那是今年年初，所以我概述了公司的許多基本重點領域，而在大多數財報電話會議上，我會談論一些我特別關注的領域。我認為我們正在調整每個領域的一些投資。但我認為更重要的是，我們正在將公司內部的大部分精力從其他領域轉移到那些高優先領域。

So we're a big company at this point. It's not just all about recruiting and adding new people from the outside. A lot of it is we have a lot of awesome people here and a lot of the decisions that we had to make on a day-to-day basis are how do we direct the really talented people who are already at the company, and we want to make sure that rather than just always relying on just getting more and more new people from the outside, which we're going to keep on doing, we're recruiting a lot, I want to make sure that our teams are disciplined about reprioritizing internally.

所以我們現在是一家大公司。這不僅僅是從外部招募和增加新人的問題。很大程度上是因為我們這裡有很多很棒的人，我們每天必須做出的許多決定是我們如何指導公司已經有真正有才華的人，我們我想確保，我們正在招聘很多人，而不是總是依賴從外部引進越來越多的新人（我們將繼續這樣做），我想確保我們的團隊遵守紀律內部重新確定優先順序。

One thing that I want to add just as a bit of cultural commentary on the attrition question, is I don't think that this sort of volatility that companies face is always that unhealthy for making sure that you have the right people at companies. I mean during COVID, we saw the attrition levels go down a lot because people didn't want to get new jobs, which probably meant that there were people who were staying at the company who didn't care that much about what we were doing as compared to what we would have wanted.

我想補充的一件事是，作為對員工流失問題的一點文化評論，我不認為公司面臨的這種波動對於確保公司擁有合適的人才總是那麼不健康。我的意思是，在新冠疫情期間，我們看到員工流失率下降了很多，因為人們不想找到新工作，這可能意味著留在公司的人不太關心我們在做什麼與我們想要的相比。

And I'm just trying to lead the company in a way where we're positioning ourselves as the premier company for building the future of social interaction and the Metaverse. If you care about those things, I think we're getting the best people to come work here. If you care about doing awesome AI work on stuff like the discovery engine, across all of these different types of formats, we're the only place that's doing that.

我只是想領導公司，將自己定位為建構社交互動和元宇宙未來的一流公司。如果你關心這些事情，我認為我們正在吸引最優秀的人才來這裡工作。如果您關心在發現引擎等各種不同格式的內容上進行出色的人工智慧工作，那麼我們是唯一這樣做的地方。

And that's a great problem, and that we're just seeing attract a lot of talent. And I know that sometimes people are critical of the ads model, but it drives a lot of value for businesses and people around the world. And I think the people who believe in that and want to see that continue to grow, I want them here, too. So yes, I mean, I think we'll see attrition go up and down over time. I think we're doing okay now, as Dave says, but I don't necessarily think that periods like this, where we're prioritizing a little bit more, where we're focusing and growing, is going to be unhealthy over the long term. I actually think it's going to make us a better company.

這是一個很大的問題，我們看到它吸引了很多人才。我知道有時人們會對廣告模式持批評態度，但它為世界各地的企業和人們帶來了許多價值。我認為那些相信這一點並希望看到這一點繼續成長的人，我也希望他們在這裡。所以，是的，我的意思是，我認為隨著時間的推移，我們會看到人員流失率上下波動。正如戴夫所說，我認為我們現在做得還不錯，但我並不一定認為像這樣的時期，我們更加優先考慮一點，我們更加專注和成長，會比以前更不健康。事實上，我認為這將使我們成為一家更好的公司。

Our next question is from Michael Nathanson with MoffettNathanson.

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

I have one for Sheryl and one for Dave. Sheryl, in the past, you've been pretty clear that IDFA is a two-part problem, measurement and targeting. So can you give us an update on how close you are closing the gap on measurement from where you were before? And then targeting, which you said is a longer-term issue, can you give us a sense of how quickly do you think the AI solution can maybe speed that up? And any updates on some of the consortiums that you've been talking about?

我有一份給謝麗爾，一份給戴夫。 Sheryl，過去您已經非常清楚地表明 IDFA 是一個由兩部分組成的問題：衡量和定位。那麼，您能否向我們介紹一下您在衡量方面與之前的差距縮小了多少程度的最新情況？然後，您所說的目標定位是一個長期問題，您能否讓我們了解您認為人工智慧解決方案可以多快加快這一速度？您一直在談論的一些財團有什麼最新消息嗎？

And then Dave, just quickly on Reels, it's clear it's a huge product assumption. Can you give us a quantification, if you could, on the impact of revenue from not -- from having more Reels but not monetizing at the same rate or speed of traditional News feed and Stories? So that's -- those are my questions.

然後 Dave，很快就在 Reels 上，很明顯這是一個巨大的產品假設。如果可以的話，您能否為我們提供一個量化結果，說明擁有更多捲軸但沒有以與傳統新聞提要和故事相同的速率或速度貨幣化所帶來的收入影響？這就是我的問題。

So on the mitigation time line, we've talked before and I've talked before about 2 key challenges from the iOS, which is what you mentioned, targeting and measuring performance. We're working through mitigations on both. They are both a multifaceted challenge and they're interconnected because better measurement leads to better targeting for advertisers. On the first, we are improving our systems as we test and learn and supporting advertisers with best practices and we're working on automating tools that will help advertisers target better, and we have to do it with less data. We have to do more with more aggregated and anonymous data.

因此，在緩解時間表上，我們之前已經討論過，我之前也討論過來自 iOS 的 2 個關鍵挑戰，這就是您提到的，目標和衡量效能。我們正在努力緩解這兩個問題。它們都是多方面的挑戰，而且相互關聯，因為更好的衡量可以更好地定位廣告商。首先，我們在測試和學習的過程中改進我們的系統，並透過最佳實踐為廣告商提供支持，我們正在開發自動化工具，幫助廣告商更好地定位目標，而且我們必須用更少的數據來做到這一點。我們必須利用更多匯總和匿名數據做更多事情。

On measurement, we've been able to close a good part of the underreporting gap and shared that with advertisers, but the rest of the gap will take us longer to close. This is a particularly big challenge for small businesses, because we have to work with them. We have to work with them obviously, in a longer tail and more resource-intensive way.

根據衡量，我們已經能夠縮小很大一部分漏報差距，並與廣告商分享，但其餘的差距將需要更長的時間才能縮小。這對小型企業來說是一個特別大的挑戰，因為我們必須與他們合作。顯然，我們必須以更長的尾部和更資源密集的方式與他們合作。

Yes. And I can address the Reels question. I think we've touched on it a few times. So I don't know if I have a whole lot that's additive, but it now makes up a meaningful portion of people's time on Instagram. Mark gave the stat that it's over 20% of people's time on Instagram. So that speaks to there being a good opportunity as we ramp ads in Reels, but it's very early days in terms of ads in Reels.

是的。我可以解決捲軸問題。我想我們已經談過幾次了。所以我不知道我是否有很多額外的東西，但它現在佔據了人們在 Instagram 上的時間的一個有意義的部分。 Mark 給出的統計顯示，人們有超過 20% 的時間花在 Instagram 上。因此，這表明我們在 Reels 中增加廣告是一個很好的機會，但就 Reels 中的廣告而言，現在還處於早期階段。

But that being said, it's going to take -- it's going to be, as Sheryl said, a multiyear journey. If you look at Stories, Stories, we really began ramping in 2018. And at the end of last year, we mentioned that in developed markets, Stories on a sort of per time basis was monetizing at a similar rate as Feed. So it took many years for that gap to close and there's still work to be done across the world on that front. But Reels is going to be a similar opportunity, but also it will take time for us to close that gap. But given that it's a good amount of time that people are spending in Reels, that is a good opportunity for us over that time period.

但話雖如此，正如謝麗爾所說，這將是一個多年的旅程。如果你看看故事，故事，我們確實在 2018 年開始成長。因此，這一差距花了很多年才縮小，而且世界各地在這方面仍有工作要做。但 Reels 將是一個類似的機會，但我們也需要時間來縮小這一差距。但考慮到人們在 Reels 上花費了大量的時間，這對我們來說是一個很好的機會。

Our next question is from Ross Sandler with Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

Just one follow-up for Sheryl kind of related to that last question. So now that we're in this world where no one can use mobile IDs for targeting, there seems like there's a lot of interesting new ideas kicking around the industry around like cohort-based targeting or contextual or other kind of ID-free, privacy-centric targeting techniques.

謝麗爾的一個後續行動與最後一個問題有關。因此，現在我們所處的世界沒有人可以使用行動 ID 進行定位，行業內似乎出現了很多有趣的新想法，例如基於群組的定位或上下文或其他類型的無 ID 隱私保護以中心為中心的瞄準技術。

So my question is, given the size of Facebook and all the first-party data that you have, how do you think some of these new techniques are going to perform relative to the rest of the industry? And when do you expect them to kind of show up in a more meaningful revenue way?

所以我的問題是，考慮到 Facebook 的規模和您擁有的所有第一方數據，您認為這些新技術相對於行業其他技術的表現如何？您預計它們什麼時候會以更有意義的收入方式出現？

So I guess what I'm asking is, is the opportunity here to claw back some of that $10 billion of lost revenue? Or do you think looking forward, your competitive advantage, maybe even broader and you might be able to open up more ad dollars to Facebook with these new techniques, any thought on that?

所以我想我要問的是，是否有機會恢復這 100 億美元的收入損失？或者你認為展望未來，你的競爭優勢可能會更廣泛，你可能能夠透過這些新技術向 Facebook 開放更多的廣告收入，有什麼想法嗎？

Sorry, Dave and I are going back and forth. When you think about how we mitigate some of these challenges, there's a couple of things to think about. One, what are the solutions we have that can be on site. So as we develop some of our commerce products as people are using things like Click-to-Messaging ads, Click-to-Messaging ads are a good example of to close the loop, at least to the point where you're connecting directly with a customer, happens on our service. If our commerce efforts are successful over the longer term, we'll be able to close that loop directly on our end service.

抱歉，戴夫和我要來回走動。當您思考我們如何緩解其中一些挑戰時，有幾件事需要考慮。第一，我們有哪些可以現場使用的解決方案。因此，當我們開發一些商業產品時，人們正在使用點擊訊息廣告之類的東西，點擊訊息廣告是閉環的一個很好的例子，至少在您直接與客戶，發生在我們的服務上。如果我們的商務努力從長遠來看取得成功，我們將能夠直接在我們的終端服務上關閉該循環。

The other thing that was interesting, and your question is you're right that this is about relative comparative advantage in a very highly competitive space that we have been able to use data, I think, in a privacy safe but very efficiently. Some of the data we've relied on has changed that's causing some near-term challenges and headwinds for us. But over the long run, once that settles out, advertisers are going to go where they get the best return. So we have highly engaged platforms, we still have very important data that is first-party that we are able to use to target.

另一件有趣的事情是，你的問題是，你是對的，這是在一個競爭非常激烈的領域中的相對比較優勢，我認為我們已經能夠在隱私安全但非常有效的情況下使用數據。我們所依賴的一些數據發生了變化，這給我們帶來了一些近期挑戰和阻力。但從長遠來看，一旦這個問題解決了，廣告商就會去那些能獲得最佳回報的地方。因此，我們擁有高度參與的平台，我們仍然擁有非常重要的第一方數據，我們可以用來定位。

We're working on measurement solutions and we're also working on things without the industry. So we think while these times are challenging, over the long run, we do have a very strong competitive advantage when you look across the opportunities advertisers have to advertise, both offline and online.

我們正在研究測量解決方案，我們也在研究與產業無關的事情。因此，我們認為，雖然現在充滿挑戰，但從長遠來看，當你審視廣告商必須在線下和線上做廣告的機會時，我們確實擁有非常強大的競爭優勢。

Our next question is from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的布倫特希爾 (Brent Thill)。

I know it's early on Reels monetization, but are there early learnings that you've learned and taken away so far that you could share?

我知道 Reels 貨幣化還處於早期階段，但是您到目前為止學到並學到的早期經驗是否可以分享？

And then the second question we get is just on Reels budgets. Are they incremental to overall spend? Or are you seeing advertisers repurpose from Stories and Feeds into Reels?

然後我們得到的第二個問題就是關於 Reels 的預算。它們會增加整體支出嗎？或者您看到廣告商將故事和資訊流重新調整為捲軸？

I can take those. So on the first, it is the process I've described, which is that we know that if there's a consumer product that consumers are enjoying, we are able to move advertisers into that product if a couple of things are true. As Mark talked about, the format of the ads fits into the format of the product. Reels, which is short-form video, which is text, which is pictures, is a great format for us because those are all things we've already done well, both on the consumer front but importantly on the ads front. So we are able to create the format of the ads and offer that to advertisers.

我可以接受那些。首先，這就是我所描述的過程，即我們知道，如果有一種消費者喜歡的消費品，並且滿足以下幾個條件，我們就能夠將廣告商吸引到該產品中。正如馬克所說，廣告的格式適合產品的格式。捲軸是短影片、文字、圖片，對我們來說是一種很好的格式，因為這些都是我們已經做得很好的事情，無論是在消費者方面，還是在廣告方面。因此，我們能夠建立廣告格式並將其提供給廣告商。

Then we need to help advertisers create compelling ads, and we need to help them place across our different properties. We have a lot of places you can place ads. We have a lot of experience in this, and we are on a ramp. It is a multiyear ramp, but we've learned things, make it as automated as possible. For example, rather than ask advertisers create the perfect ad, the more you can ask advertisers to give you the components of that ad and create it for them, the better. Things will work on over time.

然後，我們需要幫助廣告商製作引人注目的廣告，並且需要幫助他們在我們的不同資產中投放廣告。我們有很多地方可以放置廣告。我們在這方面擁有豐富的經驗，並且正在進步。這是一個多年的過程，但我們已經學到了一些東西，使其盡可能自動化。例如，與其要求廣告商製作完美的廣告，不如要求廣告主向您提供廣告的組成部分並為他們製作廣告，效果越好。隨著時間的推移，事情會順利進行。

On targeting, try to figure out what are the advertisers' real end goals and then we can suggest the products that fit for those end goals. So if you tell us you're trying to get to on-site conversions or you tell us you're trying to get people to message you, we can then put you into different placements across our ad offerings. And Reels is a very compelling part of that.

在定位方面，試著找出廣告商的真正最終目標是什麼，然後我們可以建議適合這些最終目標的產品。因此，如果您告訴我們您正在嘗試實現現場轉化，或者您告訴我們您正在嘗試讓人們向您發送訊息，我們就可以將您放置在我們的廣告產品中的不同展示位置。捲軸是其中非常引人注目的一部分。

On the incrementality of budgets, it's always both. When we roll out a new product, there's always some of the budgets, which are just being reallocated from other parts of our own platform because there are people who will have a Meta budget or a Facebook budget or an Instagram budget. Over time, our goal is to grow those budgets.

在預算的增量方面，兩者總是兼而有之。當我們推出新產品時，總是會有一些預算，這些預算只是從我們自己平台的其他部分重新分配，因為有人會有元預算、Facebook 預算或 Instagram 預算。隨著時間的推移，我們的目標是增加這些預算。

And we do that the same way. It is our large teams, feet on the street, working with our global advertisers and our largest clients, and it's our online ability to sell and monetize and grow that I think we are industry leading on working with SMBs, where we have to show them the returns and win their budgets. And when we roll out new products and partially, it's incremental as long as we're really delivering great ROI compared to what they can get off of our platform, over time, those budgets can continue to grow.

我們也以同樣的方式做到這一點。我認為我們在與中小企業合作方面處於行業領先地位，這是我們的大型團隊，與我們的全球廣告商和最大的客戶合作，我們的在線銷售、貨幣化和增長能力，我們必須向他們展示這一點回報並贏得他們的預算。當我們推出部分新產品時，只要我們確實提供了與他們從我們平台上獲得的投資回報率相比更高的投資回報率，那麼隨著時間的推移，這些預算就可以繼續增長。

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。

Very good. Our last question then will be from Alan Gould with the Loop Capital.

非常好。我們的最後一個問題將來自 Loop Capital 的艾倫·古爾德 (Alan Gould)。

Two questions. Dave, can you just confirm, did you say MAUs would be down sequentially in 2Q? And Mark, last quarter, you spoke -- you were quite open about the competitive issues on TikTok, which seemed to be impacting the whole industry now. Any way of quantifying how much you think TikTok is impacting Facebook?

兩個問題。 Dave，您能否確認一下，您是否說過第二季的月活躍用戶數會連續下降？馬克，上個季度，您談到了 TikTok 的競爭問題，這似乎正在影響整個產業。有什麼方法可以量化您認為 TikTok 對 Facebook 的影響有多大嗎？

Yes, Alan, because of the loss of users in Russia, we do expect there to be a sequential decline in MAUs in Europe. And the -- we think that will feed over into overall global because I think that will tip it to be flat to down. Just as a reminder, government restrictions on Facebook access in Russia were implemented in late February through early March. So some Russian users were still on our service as active users during our Q1 calculation. So part of that is just the way we calculate MAUs the last month of the quarter. And so that's going to spill over into Q2.

是的，艾倫，由於俄羅斯用戶的流失，我們確實預期歐洲的每月活躍用戶數將會連續下降。我們認為這將影響全球整體，因為我認為這將使其持平甚至下降。提醒一下，俄羅斯政府對 Facebook 存取的限制是在 2 月底至 3 月初實施的。因此，在我們第一季的計算中，一些俄羅斯用戶仍然作為活躍用戶使用我們的服務。因此，其中一部分就是我們計算本季最後一個月月活躍用戶數的方式。因此，這將蔓延到第二季。

I think it's clear that short-form video is a massive opportunity for the industry broadly, and we're very pleased about the offering that we have with Reels and the opportunity for us to compete for share and time in the market. Obviously, other competitors are -- have strong offerings like TikTok, but we're pleased with what we've got with Reels and the efforts that we're making to grow that important product.

我認為很明顯，短視頻對於整個行業來說是一個巨大的機會，我們對 Reels 提供的產品以及我們在市場上爭奪份額和時間的機會感到非常高興。顯然，其他競爭對手擁有 TikTok 等強大的產品，但我們對 Reels 所取得的成果以及我們為發展這項重要產品所做的努力感到滿意。

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

偉大的。謝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。

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。