Meta Platforms Inc (META) 2022 Q3 法說會逐字稿

Good afternoon. My name is Martin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Meta Third Quarter Earnings Conference Call. (Operator Instructions) This call will be recorded. Thank you very much. Ms. Deborah Crawford, Meta's Vice President of Investor Relations, you may begin.

下午好。我的名字是馬丁，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Meta 第三季度收益電話會議。 （操作員說明）此通話將被錄音。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 Platforms Third Quarter 2022 Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; and Dave Wehner, CFO. Susan Li, VP of Finance and our incoming CFO; and Marne Levine, Chief Business Officer, are also on the call and will join Mark and Dave for the Q&A portion.

謝謝你。下午好，歡迎來到 Meta Platforms 2022 年第三季度收益電話會議。今天和我一起討論我們的結果的是首席執行官馬克扎克伯格；和首席財務官戴夫·韋納。 Susan Li，財務副總裁兼新任首席財務官；首席商務官 Marne Levine 也參加了電話會議，並將與 Mark 和 Dave 一起參加問答環節。

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

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

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

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

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

現在我想把電話轉給馬克。

Thanks for joining today. Our community continued to grow this quarter. We now reach more than 3.7 billion people monthly across our Family of Apps. And while we continue to navigate some challenging dynamics, a volatile macro economy, increasing competition, ad signal loss and growing costs from our long-term investments, I have to say that our product trends look better from what I see than some of the commentary I've seen suggests.

感謝您今天的加入。我們的社區在本季度繼續增長。現在，我們的應用系列每月覆蓋超過 37 億人。雖然我們繼續應對一些具有挑戰性的動態、動蕩的宏觀經濟、日益激烈的競爭、廣告信號丟失以及我們長期投資的成本增加，但我不得不說，從我所看到的情況來看，我們的產品趨勢看起來比一些評論更好我看過建議。

There's been a bunch of speculation about engagement on our apps. And what we're seeing is more positive. On Facebook specifically, the number of people using the service each day is the highest it's ever been, nearly 2 billion. And engagement trends are strong. Instagram has more than 2 billion monthly actives. WhatsApp has more than 2 billion daily actives, also with the exciting trend that North America is now our fastest-growing region. Across the family, some apps may be saturated in some countries or some demographics, but overall, our apps continue to grow from a large base.

關於我們的應用程序的參與度有很多猜測。我們看到的是更積極的。特別是在 Facebook 上，每天使用該服務的人數是有史以來最高的，接近 20 億。參與趨勢很強勁。 Instagram 每月有超過 20 億的活躍用戶。 WhatsApp 每天有超過 20 億的活躍用戶，同時北美現在是我們增長最快的地區也是令人興奮的趨勢。在整個家庭中，某些應用程序可能在某些國家或某些人口統計數據中已經飽和，但總體而言，我們的應用程序在龐大的基礎上繼續增長。

And we're also seeing engagement grow, especially strong growth in Reels. And I'll share more details about that when I discuss our product priorities shortly.

而且我們還看到參與度在增長，尤其是 Reels 的強勁增長。當我稍後討論我們的產品優先級時，我將分享更多細節。

In terms of our business, total revenue grew slightly this quarter on a constant currency basis. We're still behind where I think we should be, but we believe that we will return to healthier revenue growth trends next year. That said, it's not clear that the economy has stabilized yet. So we're planning our budget somewhat more conservatively.

就我們的業務而言，本季度總收入按固定匯率計算略有增長。我們仍然落後於我認為應該達到的水平，但我們相信明年我們將恢復更健康的收入增長趨勢。也就是說，目前尚不清楚經濟是否已經穩定下來。因此，我們的預算計劃更加保守。

In 2023, we're going to focus our investments on a small number of high priority growth areas. So that means that some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size or even a slightly smaller organization than we are today.

2023 年，我們將把投資重點放在少數高優先級增長領域。所以這意味著一些團隊會有意義地增長，但大多數其他團隊將在明年保持平穩或縮小。總體而言，我們預計到 2023 年底，組織的規模將與今天大致相同，甚至略小一些。

Three of the primary areas we're going to focus on are our AI discovery engine that's powering Reels and other recommendation experiences, our ads and business messaging platforms and our future vision for the metaverse. The internal indications I've seen suggest we're doing leading work and are on the right track with these investments. So I think that we should keep investing heavily in these areas.

我們將重點關注的三個主要領域是為 Reels 和其他推薦體驗提供支持的 AI 發現引擎、我們的廣告和業務消息傳遞平台以及我們對元宇宙的未來願景。我看到的內部跡象表明，我們正在做領先的工作，並且在這些投資方面走在正確的軌道上。所以我認為我們應該繼續在這些領域大力投資。

As I've shared before, our goal is to grow Family of Apps operating income such that even with our AI infrastructure and Reality Labs investments, we can still meaningfully grow our overall company operating income in the long term.

正如我之前所分享的，我們的目標是增加應用程序家族的營業收入，這樣即使我們在人工智能基礎設施和現實實驗室的投資下，我們仍然可以在長期內有意義地增加公司的整體營業收入。

Our current surge in CapEx is largely due to building out our AI infrastructure, and we would expect CapEx to come down as a percent of revenue over the long term. We expect Reality Labs expenses will increase meaningfully again in 2023, with the biggest drivers of that being the launch of the next generation of our consumer Quest headset and hiring that has been done in 2022, but for which we're going to be paying the first full year of salaries next year.

我們目前資本支出的激增主要是由於建立了我們的人工智能基礎設施，我們預計資本支出佔收入的百分比在長期內會下降。我們預計 Reality Labs 的費用將在 2023 年再次顯著增加，其中最大的驅動因素是我們的下一代消費者 Quest 耳機的推出和 2022 年完成的招聘，但我們將為此支付明年第一年的薪水。

More broadly, beyond 2023, we expect to pace Reality Labs investments to ensure that we can achieve our goal of growing overall company operating income.

更廣泛地說，在 2023 年之後，我們預計將加快 Reality Labs 的投資步伐，以確保我們能夠實現增加公司整體營業收入的目標。

Our capital allocation philosophy over the long term is to allocate a portion of the profits generated from the Family of Apps towards these future-focused areas while enabling a greater return of capital to shareholders.

從長遠來看，我們的資本配置理念是將應用系列產生的部分利潤分配給這些著眼於未來的領域，同時為股東帶來更大的資本回報。

All right. Now I'd like to share some updates on the progress that we're seeing in these product areas. Our AI discovery engine is playing an increasingly important role across our products, especially as advances enable us to recommend more interesting content from across our networks and feeds that used to be primarily driven just by the people and accounts you follow. So this, of course, includes Reels, which continues to grow quickly across our apps, both in production and consumption. There are now more than 140 billion Reels plays across Facebook and Instagram each day. That's a 50% increase from 6 months ago. Reels is incremental to time spent on our apps. The trends look good here, and we believe that we're gaining time spent share on competitors like TikTok.

好的。現在我想分享一些關於我們在這些產品領域看到的進展的最新信息。我們的 AI 發現引擎在我們的產品中發揮著越來越重要的作用，特別是隨著進步使我們能夠從我們的網絡和提要中推薦更多有趣的內容，這些內容過去主要由您關注的人和帳戶驅動。因此，這當然包括 Reels，它在我們的應用程序中繼續快速增長，無論是在生產還是消費方面。現在每天在 Facebook 和 Instagram 上播放超過 1400 億次 Reels。這比 6 個月前增加了 50%。 Reels 會增加花在我們應用程序上的時間。這裡的趨勢看起來不錯，我們相信我們在 TikTok 等競爭對手身上獲得了更多的時間份額。

Over time, I expect a few things to set our products apart here. First is that our discovery engine work allows us to recommend all types of content beyond Reels as well, including photos, text, links, communities, short- and long-form videos and more. Second is that we can mix this content along posts -- alongside posts from your family and friends, which can't be generated by AI alone. And third is more social interactions move to messaging. We're developing a flywheel between discovery and messaging that are going to make these apps stronger. On Instagram alone, people already reshare Reels 1 billion times a day through DMs.

隨著時間的推移，我希望有幾件事能讓我們的產品在這裡脫穎而出。首先是我們的發現引擎工作允許我們推薦 Reels 之外的所有類型的內容，包括照片、文本、鏈接、社區、短視頻和長視頻等等。其次，我們可以將這些內容與帖子混合在一起——以及來自您家人和朋友的帖子，這些帖子不能僅由人工智能生成。第三是更多的社交互動轉向消息傳遞。我們正在開發發現和消息傳遞之間的飛輪，這將使這些應用程序更強大。僅在 Instagram 上，人們就已經每天通過 DM 轉發 Reels 10 億次。

Moving to monetization. I've discussed in the past how the growth of short-form video creates near-term challenges since Reels doesn't monetize at the rate of Feed or Stories yet. That means that as Reels grows, we're displacing revenue from higher monetizing surfaces. And I think this is clearly the right thing to do, so Reels can grow with the demand that we're seeing. But closing this gap is also a high priority.

轉向貨幣化。我過去曾討論過短視頻的增長如何帶來短期挑戰，因為 Reels 還沒有以 Feed 或 Stories 的速度獲利。這意味著隨著 Reels 的增長，我們正在從更高的貨幣化表面取代收入。而且我認為這顯然是正確的做法，因此 Reels 可以隨著我們所看到的需求而增長。但縮小這一差距也是一個高度優先事項。

Even with the progress we've made, we're still choosing to take a more than $500 million quarterly revenue headwind with this shift, but we expect to get to a more neutral place over the next 10 -- sorry 12 to 18 months.

即使我們已經取得了進展，我們仍然選擇在這一轉變中承受超過 5 億美元的季度收入逆風，但我們預計在接下來的 10 年（抱歉 12 到 18 個月）內會達到一個更加中立的位置。

I mentioned last quarter that Instagram Reels had crossed a $1 billion annual revenue run rate. We continue scaling monetization across both Instagram and Facebook. And the combined run rate across these apps is now $3 billion.

我在上個季度提到 Instagram Reels 的年收入已經超過了 10 億美元。我們將繼續在 Instagram 和 Facebook 上擴大貨幣化規模。這些應用程序的總運行率現在為 30 億美元。

Beyond Reels, messaging is another major monetization opportunity. Billions of people and millions of businesses use WhatsApp and Messenger every day, and we're confident that we can connect them in ways that create valuable experiences. We started with click-to-messaging ads, which lets businesses run ads on Facebook and Instagram that start a threat on Messenger, WhatsApp or Instagram Direct, so they can communicate with customers directly. And this is one of our fastest-growing ads products with a $9 billion annual run rate. And this revenue is mostly on click to Messenger today since we started there first. But click to WhatsApp just passed a $1.5 billion run rate and growing more than 80% year-over-year.

除了 Reels，消息傳遞是另一個主要的貨幣化機會。每天有數十億人和數以百萬計的企業使用 WhatsApp 和 Messenger，我們相信我們能夠以創造寶貴體驗的方式將它們聯繫起來。我們從點擊消息廣告開始，它允許企業在 Facebook 和 Instagram 上投放廣告，從而在 Messenger、WhatsApp 或 Instagram Direct 上發起威脅，因此他們可以直接與客戶溝通。這是我們增長最快的廣告產品之一，年收入達 90 億美元。自從我們首先從 Messenger 開始，今天的收入主要來自於點擊 Messenger。但點擊到 WhatsApp 的運行率剛剛超過 15 億美元，同比增長超過 80%。

Paid messaging is another opportunity that we're starting to tap into. And it continues to grow quickly but from a smaller base. We're putting the foundation in place now to scale this with key partnerships like Salesforce, which lets all businesses on their platform use WhatsApp as the main messaging service to answer customer questions and updates and sell directly in chat. And we also launched JioMart on WhatsApp in India, and it's our first end-to-end shopping experience that shows the potential for chat-based commerce through messaging.

付費消息是我們開始利用的另一個機會。它繼續快速增長，但基數較小。我們現在正在奠定基礎，通過 Salesforce 等關鍵合作夥伴擴大規模，這讓他們平台上的所有企業都可以使用 WhatsApp 作為主要消息服務來回答客戶問題和更新，並在聊天中直接銷售。我們還在印度的 WhatsApp 上推出了 JioMart，這是我們第一個端到端的購物體驗，通過消息傳遞顯示基於聊天的商務的潛力。

So between click-to-messaging and paid messaging, I'm confident that this is going to be a big opportunity.

所以在點擊消息和付費消息之間，我相信這將是一個巨大的機會。

The last area that I want to discuss today is the metaverse. We just had our Connect conference and announced Quest Pro, which we just started shipping. It's our new high-end VR headset that delivers high-resolution mixed reality so you can blend virtual objects into the physical environment around you. It's pretty amazing when you see it, and it's going to enable all kinds of new experiences and socializing, gaming, fitness and work. And I'm really looking forward to seeing what people build with this new capability.

我今天要討論的最後一個領域是元宇宙。我們剛剛舉行了 Connect 會議並宣布了 Quest Pro，我們剛剛開始發貨。這是我們全新的高端 VR 頭戴設備，可提供高分辨率混合現實，因此您可以將虛擬對象融入您周圍的物理環境中。當你看到它時，它會非常神奇，它將帶來各種新的體驗和社交、遊戲、健身和工作。我真的很期待看到人們使用這種新功能構建什麼。

Work in the metaverse is a big theme for Quest Pro. There are 200 million people who get new PCs every year, mostly for work. And our goal for the Quest Pro line over the next several years is to enable more and more of these people to get their work done in virtual and mixed reality eventually even better than they could on PCs.

在元宇宙中工作是 Quest Pro 的一個重要主題。每年有 2 億人購買新 PC，主要是為了工作。我們未來幾年 Quest Pro 系列的目標是讓越來越多的人在虛擬現實和混合現實中完成他們的工作，最終比在 PC 上做得更好。

And to deliver a great work and productivity experience, I'm excited about the partnerships that we announced with Microsoft, bringing their suite of productivity and enterprise management services to Quest; Adobe and Autodesk bringing their creative tools; Zoom bringing their communication platform; Accenture building solutions for enterprises and more.

為了提供出色的工作和生產力體驗，我很高興我們宣布與 Microsoft 建立合作夥伴關係，將他們的生產力和企業管理服務套件引入 Quest； Adobe 和 Autodesk 帶來了他們的創意工具； Zoom 帶來了他們的交流平台；埃森哲面向企業等的構建解決方案。

There's still a long road ahead to build the next computing platform, but we are clearly doing leading work here. This is a massive undertaking, and it's often going to take a few versions of each product before they become mainstream. But I think that our work here is going to be of historic importance and create the foundation for an entirely new way that we will interact with each other and blend technology into our lives as well as the foundation for the long term of our business.

構建下一個計算平台還有很長的路要走，但我們顯然正在做這方面的領先工作。這是一項艱鉅的任務，通常需要每個產品的幾個版本才能成為主流。但我認為，我們在這裡的工作將具有歷史意義，並為一種全新的方式奠定基礎，讓我們彼此互動，將技術融入我們的生活，並為我們的長期業務奠定基礎。

So between the AI discovery engine, our ads and business messaging platforms and our future vision for the metaverse, those are 3 of the areas that we're focused on. I believe that the tougher prioritization, discipline and efficiency that we are driving across the organization will help us navigate the current environment and emerge an even stronger company.

因此，在人工智能發現引擎、我們的廣告和商業消息平台以及我們對元宇宙的未來願景之間，這是我們關注的 3 個領域。我相信，我們在整個組織中推動的更嚴格的優先級、紀律和效率將幫助我們駕馭當前的環境，並成為一家更強大的公司。

As always, I'm grateful to everyone at Meta for your hard work and to all of you for being on this journey with us. And with that, I'm going to turn it over to Dave.

與往常一樣，我感謝 Meta 的每個人的辛勤工作，以及與我們一起踏上這段旅程的所有人。有了這個，我將把它交給戴夫。

Thanks, Mark, and good afternoon, everyone. Let's begin with our consolidated results. All comparisons are on a year-over-year basis, unless otherwise noted.

謝謝，馬克，大家下午好。讓我們從綜合結果開始。除非另有說明，否則所有比較均按年進行。

Q3 total revenue was $27.7 billion, down 4% or up 2% on a constant currency basis. Had foreign exchange rates remained constant with Q3 of last year, total revenue would have been approximately $1.8 billion higher.

第三季度總收入為 277 億美元，按固定匯率計算，下降 4% 或上升 2%。如果匯率與去年第三季度保持不變，總收入將增加約 18 億美元。

Q3 total expenses were $22.1 billion, up 19% compared to last year. This includes a $413 million impairment of certain operating leases as part of our ongoing work to align our office facilities footprint with our anticipated operating needs.

第三季度總支出為 221 億美元，比去年增長 19%。這包括對某些經營租賃進行 4.13 億美元的減值，作為我們正在進行的工作的一部分，以使我們的辦公設施足跡與我們的預期運營需求保持一致。

In terms of the specific line items, cost of revenue decreased 1% as a reduction in Reality Labs hardware costs was offset by growth in infrastructure and content-related expenses. R&D increased 45% mainly driven by hiring within our Family of Apps and Reality Lab segments as well as Reality Labs technology development costs.

就具體項目而言，收入成本下降了 1%，因為 Reality Labs 硬件成本的下降被基礎設施和內容相關費用的增長所抵消。研發增長 45%，主要是由於我們的應用程序家族和現實實驗室部門的招聘以及現實實驗室技術開發成本。

Lastly, Marketing & Sales and G&A increased 6% and 15%, respectively, mainly driven by headcount-related costs.

最後，營銷與銷售和 G&A 分別增長 6% 和 15%，主要受員工相關成本的推動。

Our pace of hiring slowed in the third quarter, consistent with our previously stated plans. We added 3,700 net new hires in Q3, down from our Q2 net additions of 5,700 despite Q3 typically being a seasonally stronger hiring period. We expect hiring to slow dramatically going forward and to hold headcount roughly flat next year relative to current levels, which I will cover in my outlook section.

我們的招聘步伐在第三季度放緩，這與我們之前聲明的計劃一致。儘管第三季度通常是季節性較強的招聘期，但我們在第三季度淨增加了 3,700 名新員工，低於第二季度淨增加的 5,700 名。我們預計未來招聘將大幅放緩，明年的員工人數將與當前水平基本持平，我將在展望部分介紹這一點。

Third quarter operating income was $5.7 billion, representing a 20% operating margin. Our tax rate was 21%. Net income was $4.4 billion or $1.64 per share. Capital expenditures, including principal payments on finance leases, were $9.5 billion driven by investments in servers, data centers and network infrastructure. Free cash flow was $173 million. We repurchased $6.5 billion of our Class A common stock in the third quarter and completed an inaugural debt offering of $10 billion. We ended the quarter with $41.8 billion in cash and marketable securities.

第三季度營業收入為 57 億美元，營業利潤率為 20%。我們的稅率是 21%。淨收入為 44 億美元或每股 1.64 美元。資本支出（包括融資租賃的本金支付）為 95 億美元，主要來自對服務器、數據中心和網絡基礎設施的投資。自由現金流為1.73億美元。我們在第三季度回購了 65 億美元的 A 類普通股，並完成了 100 億美元的首次債券發行。我們在本季度末擁有 418 億美元的現金和有價證券。

Moving now to our segment results. I'll begin with our Family of Apps segment. Our community across the Family of Apps continues to grow. We estimate that approximately 2.9 billion people used at least one of our Family of Apps on a daily basis in September and that approximately 3.7 billion people used at least one on a monthly basis.

現在轉到我們的細分結果。我將從我們的應用系列部分開始。我們在整個應用系列中的社區不斷發展壯大。我們估計，在 9 月份，每天大約有 29 億人至少使用我們的一個應用系列，並且大約有 37 億人每月至少使用一個。

Facebook continues to grow globally, and engagement remains strong. Facebook daily active users were 1.98 billion, up 3% or 54 million compared to last year. DAUs represented approximately 67% of the 2.96 billion monthly active users in September. MAUs grew 48 million or 2% compared to last year.

Facebook 在全球範圍內繼續增長，參與度依然強勁。 Facebook 日活躍用戶為 19.8 億，比去年增長 3% 或 5400 萬。 DAU 約佔 9 月 29.6 億月活躍用戶的 67%。與去年相比，MAU 增長了 4800 萬或 2%。

Q3 total Family of Apps revenue was $27.4 billion, down 4%. Q3 Family of Apps ad revenue was $27.2 billion, down 4% but up 3% on a constant currency basis. Consistent with our expectations, the headwind to year-over-year growth from Apple's ATT changes diminished in Q3 as we lapped the first full quarter post the launch of iOS 14.5. However, this was offset by weak advertising demand, which we believe continues to be impacted by the uncertain and volatile macroeconomic landscape. As a result, our Q3 constant currency growth rate was in line with our Q2 rate.

第三季度家庭應用總收入為 274 億美元，下降 4%。 Q3 系列應用廣告收入為 272 億美元，下降 4%，但按固定匯率計算增長 3%。與我們的預期一致，隨著我們在 iOS 14.5 發布後的第一個完整季度結束，Apple ATT 變化對同比增長的不利影響在第三季度減弱。然而，這被廣告需求疲軟所抵消，我們認為這將繼續受到不確定和波動的宏觀經濟形勢的影響。因此，我們第三季度的固定貨幣增長率與第二季度的增長率一致。

The health care and travel verticals were the largest positive contributors to growth in Q3. However, this was offset by continued softness in other verticals, including online commerce, gaming, financial services and CPG.

醫療保健和旅遊垂直行業是第三季度增長的最大積極貢獻者。然而，這被其他垂直領域的持續疲軟所抵消，包括在線商務、遊戲、金融服務和 CPG。

On an advertiser size basis, revenue growth from large advertisers remains challenged, while we've seen more resilience among smaller advertisers. Foreign currency was a significant headwind to advertising revenue growth in all international regions. On a user geography basis, year-over-year ad revenue growth was strongest in Asia Pacific and Rest of World, at 6% and 3%, respectively, with both regions continuing to benefit meaningfully from strong growth in click-to-messaging ads. North America and Europe declined 3% and 16%, respectively.

在廣告客戶規模的基礎上，大型廣告客戶的收入增長仍然面臨挑戰，而我們看到小型廣告客戶的彈性更大。外匯是所有國際地區廣告收入增長的重大阻力。從用戶地域來看，亞太地區和世界其他地區的廣告收入同比增長最為強勁，分別為 6% 和 3%，這兩個地區繼續從點擊消息廣告的強勁增長中受益匪淺.北美和歐洲分別下降了 3% 和 16%。

In Q3, the total number of ad impressions served across our services increased 17%, and the average price per ad decreased 18%. Impression growth was driven by Asia Pacific and Rest of World. The year-over-year decline in pricing was primarily driven by strong impression growth, especially from lower monetizing surfaces and regions, foreign currency depreciation and lower advertiser demand.

在第三季度，通過我們的服務投放的廣告總展示次數增加了 17%，每個廣告的平均價格下降了 18%。印象增長是由亞太地區和世界其他地區推動的。定價同比下降的主要原因是展示次數的強勁增長，尤其是較低的貨幣化表面和地區、外幣貶值和廣告客戶需求下降。

Family of Apps other revenue was $192 million, up 9%, driven by strong business messaging growth from our WhatsApp business platform, partially offset by a decline in other line items.

Family of Apps 的其他收入為 1.92 億美元，增長 9%，這得益於我們 WhatsApp 業務平台的業務消息傳遞強勁增長，但部分被其他項目的下降所抵消。

We continue to direct the majority of our investments towards the development and operation of our Family of Apps. In Q3, Family of Apps expenses were $18.1 billion, representing 82% of our overall expenses. FoA expenses grew 18% driven mostly by employee-related costs, infrastructure-related costs and the impairment of certain operating leases for office facilities that we plan to exit. Family of Apps operating income was $9.3 billion, representing a 34% operating margin.

我們繼續將大部分投資用於開發和運營我們的應用系列。在第三季度，應用系列費用為 181 億美元，占我們總費用的 82%。 FoA 費用增長 18%，主要是由於與員工相關的成本、與基礎設施相關的成本以及我們計劃退出的辦公設施的某些經營租賃的減值。 Family of Apps 營業收入為 93 億美元，營業利潤率為 34%。

Within our Reality Labs segment, Q3 revenue was $285 million, down 49% due to lower Quest 2 sales. Reality Labs expenses were $4 billion, up 24% due primarily to employee-related costs and technology development expenses. Reality Labs operating loss was $3.7 billion.

在我們的 Reality Labs 部門中，第三季度的收入為 2.85 億美元，由於 Quest 2 的銷售額下降，下降了 49%。 Reality Labs 費用為 40 億美元，增長 24%，主要是由於與員工相關的成本和技術開發費用。 Reality Labs 的運營虧損為 37 億美元。

Turning now to the outlook. We expect fourth quarter total revenue to be in the range of $30 billion to $32.5 billion. Our guidance assumes foreign currency will be an approximately 7% headwind to year-over-year total revenue growth in the fourth quarter based on current exchange rates.

現在轉向展望。我們預計第四季度總收入將在 300 億美元至 325 億美元之間。我們的指引假設，根據當前匯率，第四季度總收入同比增長將受到約 7% 的不利影響。

Before turning to the expense outlook, I wanted to provide some context on the approach we are taking towards setting our 2023 budget. We are making significant changes across the board to operate more efficiently. We are holding some teams flat in terms of headcount, shrinking others and investing headcount growth only in our highest priorities. As a result, we expect headcount at the end of 2023 will be approximately in line with third quarter 2022 levels.

在轉向支出前景之前，我想提供一些背景信息，說明我們為製定 2023 年預算所採取的方法。我們正在全面做出重大改變，以提高運營效率。我們將一些團隊的員工人數保持不變，縮減其他團隊並將員工人數增長僅投資於我們的最高優先事項。因此，我們預計 2023 年底的員工人數將與 2022 年第三季度的水平大致一致。

We've increased scrutiny on all areas of operating expenses. However, these moves follow a substantial investment cycle, so they will take time to play out in terms of our overall expense trajectory. Some steps, like the ongoing rationalization of our office footprint, will lead to incremental costs in the near term. This should set us up well for future years when we expect to return to higher rates of revenue growth.

我們加強了對所有運營費用領域的審查。然而，這些舉措遵循一個實質性的投資週期，因此就我們的整體支出軌跡而言，它們需要時間來發揮作用。一些步驟，例如我們辦公室空間的持續合理化，將在短期內導致成本增加。這應該為我們在未來幾年恢復到更高的收入增長率做好準備。

Turning now to the specific expense outlook for '22 and '23. We expect 2022 total expenses to be in the range of $85 billion to $87 billion updated from our prior outlook of $85 billion to $88 billion. This includes an estimated $900 million in additional charges in Q4 related to consolidating our office facilities footprint that we expect to record in the fourth quarter of 2022.

現在轉向'22 和'23 的具體費用前景。我們預計 2022 年的總支出將在 850 億美元至 870 億美元之間，而我們之前的預期為 850 億美元至 880 億美元。這包括在第四季度與合併我們預計在 2022 年第四季度記錄的辦公設施足蹟有關的估計 9 億美元的額外費用。

We anticipate our full year 2023 total expenses will be in the range of $96 billion to $101 billion. This includes an estimated $2 billion in charges related to consolidating our office facilities footprint.

我們預計 2023 年全年總支出將在 960 億美元至 1010 億美元之間。這包括估計 20 億美元與合併我們的辦公設施足蹟有關的費用。

We expect the slight majority of our 2023 expense dollar growth to be driven by operating expenses, with the remaining growth coming from cost of revenue. We expect the percentage growth rate of 2023 operating expenses to decelerate meaningfully as we curtail non-headcount-related expense growth and keep 2023 headcount roughly flat with current levels.

我們預計 2023 年費用美元增長的一小部分將由運營費用推動，其餘增長來自收入成本。我們預計 2023 年運營費用的百分比增長率將顯著減速，因為我們會減少與員工人數無關的費用增長，並使 2023 年員工人數與當前水平大致持平。

Conversely, our growth in cost of revenue is expected to accelerate driven by infrastructure-related expenses and, to a lesser extent, Reality Labs hardware costs driven by the launch of our next generation of our consumer Quest headset later next year.

相反，我們的收入成本增長預計將受到基礎設施相關費用的推動，在較小程度上，Reality Labs 硬件成本將受到我們明年晚些時候推出的下一代消費者 Quest 耳機的推動。

Reality Labs expenses are included in our total expense guidance. We do anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year. Beyond 2023, we expect to pace Reality Labs investments such that we can achieve our goal of growing overall company operating income in the long run.

Reality Labs 費用包含在我們的總費用指導中。我們確實預計 Reality Labs 2023 年的運營虧損將同比大幅增長。到 2023 年之後，我們預計將加快 Reality Labs 的投資步伐，以便我們能夠實現從長遠來看增加公司整體營業收入的目標。

Before turning to our CapEx outlook, I'd like to provide some context on our infrastructure investment approach. We are currently going through an investment cycle, which is being driven -- which is primarily driven by 2 large areas of investment. First, we are significantly expanding our AI capacity. These investments are driving substantially all of our capital expenditure growth in 2023. There is some increased capital intensity that comes with moving more of our infrastructure to AI. It requires more expensive servers and networking equipment, and we are building new data centers specifically equipped to support next-generation AI hardware. We expect these investments to provide us a technology advantage and unlock meaningful improvements across many of our key initiatives, including Feed, Reels and Ads. We are carefully evaluating the return we achieved from these investments, which will inform the scale of our AI investment beyond 2023.

在轉向我們的資本支出前景之前，我想提供一些關於我們的基礎設施投資方法的背景信息。我們目前正在經歷一個投資週期，這個週期是被驅動的——這主要是由兩個大的投資領域驅動的。首先，我們正在顯著擴展我們的人工智能能力。這些投資在很大程度上推動了我們在 2023 年的所有資本支出增長。隨著我們將更多的基礎設施轉向人工智能，資本密集度有所增加。它需要更昂貴的服務器和網絡設備，我們正在建設專門配備支持下一代人工智能硬件的新數據中心。我們希望這些投資能夠為我們提供技術優勢，並在我們的許多關鍵計劃（包括 Feed、Reels 和 Ads）中實現有意義的改進。我們正在仔細評估我們從這些投資中獲得的回報，這將為我們在 2023 年以後的人工智能投資規模提供信息。

Second, we are making ongoing investments in our data center footprint. In recent years, we have stepped up our investment in bringing more data center capacity online. And that work is ongoing in 2023. We believe the additional data center capacity will provide us greater flexibility with the types of servers we purchase and allow us to use them for longer, which we expect to generate greater cost efficiencies over time. These investments, along with revenue headwinds, are contributing to higher capital expenditures as a percentage of revenue in 2022 and 2023 than we expect over the long term.

其次，我們正在對我們的數據中心足跡進行持續投資。近年來，我們加大了對在線數據中心容量的投資。這項工作將在 2023 年繼續進行。我們相信，額外的數據中心容量將為我們購買的服務器類型提供更大的靈活性，並使我們能夠使用它們更長時間，我們預計隨著時間的推移會產生更高的成本效益。這些投資以及收入逆風導致 2022 年和 2023 年資本支出佔收入的百分比高於我們的長期預期。

Turning now to the specific CapEx outlook for '22 and '23. We expect 2022 capital expenditures, including principal payments on finance leases, to be in the range of $32 billion to $33 billion updated from our prior range of $30 billion to $34 billion. For 2023, we expect capital expenditures to be in the range of $34 billion to $39 billion driven by our investments in data centers, servers and network infrastructure. An increase in AI capacity is driving substantially all of our capital expenditure growth in 2023.

現在轉向 '22 和 '23 的特定資本支出前景。我們預計 2022 年的資本支出（包括融資租賃的本金支付）將在 320 億美元至 330 億美元之間，高於我們之前的 300 億美元至 340 億美元的範圍。在我們對數據中心、服務器和網絡基礎設施的投資的推動下，我們預計 2023 年的資本支出將在 340 億美元至 390 億美元之間。人工智能能力的增加正在推動我們在 2023 年的大部分資本支出增長。

Turning to tax. Absent any changes to U.S. tax law, we expect our fourth quarter 2022 and our full year 2023 tax rate to be similar to the third quarter 2022 rate. In addition, as noted on previous calls, we continue to monitor developments regarding the viability of transatlantic data transfers and their potential impact on our European operations.

轉向稅收。在美國稅法沒有任何變化的情況下，我們預計 2022 年第四季度和 2023 年全年的稅率將與 2022 年第三季度的稅率相似。此外，正如之前的電話會議所述，我們將繼續監測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發展。

In closing, we are pleased with the growth of the community using our Family of Apps and the engagement improvements we are driving with efforts such as Reels and our AI-powered content recommendations. While we are facing near-term headwinds on revenue, the fundamentals are there for a return to stronger top line growth.

最後，我們對使用我們的應用系列的社區的發展以及我們通過 Reels 和我們的 AI 驅動的內容推薦等努力推動的參與度改進感到高興。雖然我們在收入方面面臨短期阻力，但基本面已經存在，可以恢復更強勁的收入增長。

We are approaching 2023 with a focus on efficiency and spending discipline, and I'm optimistic that these moves will set us up well to achieve our goal of driving operating income growth over the long term while investing for future growth.

我們正在接近 2023 年，重點是效率和支出紀律，我樂觀地認為，這些舉措將使我們能夠很好地實現長期推動營業收入增長的目標，同時投資於未來的增長。

On a personal note, I'll be closing out a decade at Meta in the next couple of weeks, including the last 8 years as CFO. In my new role, I'm looking forward to continuing to help the company achieve its long-term mission and execute on its financial plan. I couldn't be happier to hand off the CFO role to Susan Li, who is one of the most talented executives that I've had a chance to work with in my long career in finance and tech.

就個人而言，我將在接下來的幾週內結束在 Meta 的十年，包括過去 8 年擔任首席財務官的時間。在我的新職位上，我期待繼續幫助公司實現其長期使命並執行其財務計劃。我非常高興將 CFO 的職位交給 Susan Li，她是我在金融和科技領域的漫長職業生涯中有機會與之共事的最有才華的高管之一。

And with that, Martin, let me open up the call for questions.

有了這個，馬丁，讓我打開提問的電話。

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

（操作員說明）您的第一個問題來自摩根士丹利的 Brian Nowak。

If I could squeeze in 2. The first one is on CapEx and return on invested capital. The CapEx spend and forward expectations are remaining somewhat higher than investors expected. So Mark, can you maybe just give us some examples of what these new AI investments are going to enable you to do differently going forward than in the past? And what's a reasonable period in which investors expect to see material incremental engagement or revenue from these?

如果我能擠進去 2。第一個是資本支出和投資資本回報。資本支出支出和遠期預期仍然略高於投資者的預期。那麼馬克，你能否給我們舉一些例子，說明這些新的人工智能投資將使你在未來做出與過去不同的事情？投資者期望從這些方面看到實質性增量參與或收入的合理時期是多少？

And then the second one is on engagement. I thought your comments about incremental time spent from Reels were interesting. But maybe just to sort of address the big topic around time spent, can you give us any update on what U.S. time spent trends look like just to sort of give investors some incremental confidence in the durability of the platform in your oldest market?

然後第二個是訂婚。我認為您關於從 Reels 花費的增量時間的評論很有趣。但也許只是為了解決有關花費時間的大話題，您能否向我們提供有關美國花費時間趨勢的最新信息，只是為了讓投資者對您最古老的市場中平台的耐用性有一些信心？

Brian, why don't I take the time spent question first, and then I'll hand it off to Susan on the CapEx question. So on time spent, we are really pleased with what we're seeing on engagement. And as Mark mentioned, Reels is incremental to time spent.

布賴恩，我為什麼不先花時間提問，然後我會在資本支出問題上把它交給蘇珊。因此，在所花費的時間上，我們對我們在參與方面所看到的感到非常滿意。正如馬克所提到的，捲軸是花費時間的增量。

Specifically, in terms of aggregate time spent on Instagram and Facebook, both are up year-over-year and -- in both the U.S. and globally. So while we're not specifically optimizing for time spent, those trends are positive. And we aren't specifically optimizing for time spent because that would tend to tilt us towards longer-form video, and we're actually focused more on short-form and other types of content. So just some color on time spent.

具體來說，就在 Instagram 和 Facebook 上花費的總時間而言，兩者都同比增長，而且在美國和全球範圍內都是如此。因此，雖然我們沒有專門針對花費的時間進行優化，但這些趨勢是積極的。而且我們並沒有專門針對所花費的時間進行優化，因為這會使我們傾向於長視頻，我們實際上更關注短視頻和其他類型的內容。所以只是在時間上花費了一些顏色。

And Susan, do you want to take the CapEx question?

蘇珊，你想回答資本支出問題嗎？

Yes. Thanks, Brian. So as Dave mentioned in his script, we expect 2023 CapEx to be in the range of $34 billion to $39 billion, with our investments in AI driving all of that growth. We're very focused on evaluating the ROI of our AI investments, and that'll inform our level of future spend. But so far, we've seen continued strong impact on our recommendations products from advancing developments and in our AI work.

是的。謝謝，布賴恩。因此，正如 Dave 在他的劇本中提到的，我們預計 2023 年的資本支出將在 340 億美元至 390 億美元之間，我們對人工智能的投資將推動所有這些增長。我們非常專注於評估我們的人工智能投資的投資回報率，這將決定我們未來的支出水平。但到目前為止，我們已經看到推進開發和人工智能工作對我們的推薦產品產生了持續的強大影響。

In the Q2 call, we had shared that a single AI advancement in scaling our recommendations models had led to a 15% watch time gain for Facebook Reels, and that gain has continued to grow. And we expect that there will be additional watch time improvements coming from that work.

在第二季度的電話會議中，我們分享了在擴展我們的推薦模型方面的單一 AI 進步導致 Facebook Reels 的觀看時間增加了 15%，並且這種收益還在繼續增長。我們預計這項工作會帶來額外的觀看時間改進。

On the ad side, we're also continuing to roll out more AI and ML improvements in some of the new ads offerings, and we're encouraged by all of the early examples that we've seen. So this is something that we'll be watching very closely.

在廣告方面，我們還將繼續在一些新的廣告產品中推出更多 AI 和 ML 改進，我們看到的所有早期示例都讓我們感到鼓舞。所以這是我們將密切關注的事情。

We think we're early in this journey, but our level of CapEx investment will depend on the returns that we generate through these investments in AI. And if we generate significant engagement and revenue gains, we'll continue investing here. And if we don't, we'll pace our spending accordingly.

我們認為我們處於這一旅程的早期，但我們的資本支出投資水平將取決於我們通過這些人工智能投資產生的回報。如果我們產生顯著的參與度和收入增長，我們將繼續在這裡投資。如果我們不這樣做，我們將相應地調整我們的支出。

Your next question comes from the line of Mark Shmulik with Bernstein.

您的下一個問題來自 Mark Shmulik 和 Bernstein 的觀點。

A couple, if I may. Mark, the first one, you kind of mentioned in your opening remarks that you expect to get back to kind of revenue growth in 2023. Any color you can share on kind of the key drivers behind that? And how much of that is macro-driven versus some of these initiatives that you guys are working on?

如果可以的話，一對夫婦。馬克，第一個，你在開場白中提到你希望在 2023 年恢復收入增長。你可以分享一下這背後的關鍵驅動因素嗎？與你們正在開展的一些舉措相比，其中有多少是宏觀驅動的？

And then secondly, for Susan, as we think about kind of the operating expense guidance into 2023, I know historically, those numbers have tended to skew a bit conservative. How much conservatism is baked in there? And how much flexibility is there to kind of toggle some of those expenses depending on the health of core?

其次，對於蘇珊來說，當我們考慮到 2023 年的運營費用指導時，我知道從歷史上看，這些數字往往有點保守。那裡有多少保守主義？並且根據核心的健康狀況來切換其中一些費用有多大的靈活性？

So Mark, it's Dave. I'll take the first question. Obviously, we're continuing to see significant macro headwinds in the business. We do think there's a big cyclical factor here. So some of it is just going to depend on the broader economy and recovery that we see. But we're continuing to make progress in a number of areas in terms of growth, and Mark cited one of those, which is click-to-messaging ads, which has been a solid grower. It's a $9 billion revenue run rate today, and we're continuing to make good progress on click-to-messaging ads as a driver that's especially been important in some of the developing markets.

所以馬克，是戴夫。我會回答第一個問題。顯然，我們繼續看到該業務存在重大的宏觀逆風。我們確實認為這裡有一個很大的周期性因素。因此，其中一些將取決於我們所看到的更廣泛的經濟和復蘇。但就增長而言，我們正在繼續在多個領域取得進展，Mark 引用了其中之一，即點擊消息廣告，它一直是一個穩健的增長者。今天的收入運行率為 90 億美元，我們在點擊消息廣告方面繼續取得良好進展，這在一些發展中市場尤為重要。

And overall, we're focusing on a number of areas to grow revenue as we get through this tough cycle. And we're seeing progress on a number of fronts, but it's going to depend to some extent on what the overall macro climate is like. We're not going to be facing as significant headwinds next year from the signals point of view as we are now lapping the big changes that were made on the iOS platform. So that's going to also not factor in as strongly in our growth rates next year.

總體而言，隨著我們度過這個艱難的周期，我們正專注於增加收入的多個領域。我們在許多方面都看到了進展，但這在某種程度上取決於整體宏觀氣候。從信號的角度來看，我們明年不會面臨如此重大的逆風，因為我們現在正在研究 iOS 平台上所做的重大變化。因此，這也不會成為我們明年增長率的重要因素。

And I'll take that second question on next year's OpEx guide. One thing I'd point out first is just next year's guide includes an estimated $2 billion in 2023 expenses that are onetime charges as part of our office facilities consolidation as we continue to rationalize our real estate footprint. We also expect a little over half of our expense dollar growth in 2023 to come from OpEx, with the rest coming from cost of revenue.

我將在明年的 OpEx 指南中回答第二個問題。我首先要指出的一件事是，明年的指南包括 2023 年估計的 20 億美元費用，這些費用是我們辦公設施整合的一部分，因為我們將繼續合理化我們的房地產足跡。我們還預計，到 2023 年，我們支出增長的一半以上將來自運營支出，其餘來自收入成本。

On the OpEx side, the growth in 2023 OpEx is primarily driven by headcount-related costs from employees that we've already hired through 2022, and those hires have primarily been concentrated in technical and more senior roles. So we expect the slowdown in payroll growth in 2023 will be the result of the slowdown in headcount growth overall. As we mentioned, we expect to end 2023 with headcount roughly flat to where we are now.

在運營支出方面，2023 年運營支出的增長主要是由我們已經僱傭到 2022 年的員工的員工人數相關成本推動的，這些員工主要集中在技術和更高級的職位上。因此，我們預計 2023 年工資增長放緩將是整體員工人數增長放緩的結果。正如我們所提到的，我們預計到 2023 年底，員工人數與現在大致持平。

And on the cost of revenue side, we expect the growth rate of cost of revenue to accelerate in '23 driven by the increased depreciation that we're seeing play through from the big CapEx investments that we've made so far and then as well as from Reality Labs with the launch of the next generation of the consumer Quest headset later next year.

在收入成本方面，我們預計收入成本的增長率將在 23 年加速，這是由於我們目前看到的大量資本支出投資所帶來的折舊增加，以及就像 Reality Labs 明年晚些時候推出的下一代消費者 Quest 耳機一樣。

Your next question comes from the line of Justin Post with Bank of America.

您的下一個問題來自美國銀行的 Justin Post。

A couple of questions on the Reels transition. When you think about that business, and people coming to the site, do you think -- how does it compare to the News Feed as far as repeat rates or retention? And are you a little worried that it's a little less proprietary than your prior content?

關於 Reels 過渡的幾個問題。當您考慮該業務以及訪問該網站的人時，您是否認為 - 就重複率或保留率而言，它與新聞提要相比如何？您是否有點擔心它的專有性比您之前的內容少一點？

And then second, I think there are a lot of questions on CapEx. Just wondering if the build here for this year and next is onetime to kind of get your capabilities in place, and then maybe you can go back to kind of a mid-teens level as a percentage of revenue or is just the transition in the business just a higher capital intensity business.

其次，我認為資本支出存在很多問題。只是想知道今年和明年的構建是否是一次讓你的能力到位，然後也許你可以回到十幾歲的水平，作為收入的百分比，或者只是業務的過渡只是資本密集度較高的業務。

So Justin, on the Reels transition, as Mark noted, it is incremental to time spent. So we are seeing a benefit from Reels to contributing to overall engagement on the platform. And it's contributing to healthy engagement dynamics. And I'd say that, coupled with our recommendation engine, which is also increasing engagement on the platform, are both promising trends on the engagement front.

因此，正如 Mark 所指出的，賈斯汀在 Reels 過渡時，所花費的時間是遞增的。因此，我們看到 Reels 為平台的整體參與度做出了貢獻。它有助於健康的參與動態。我想說，再加上我們的推薦引擎，它也在增加平台上的參與度，在參與度方面都是有希望的趨勢。

From a monetization perspective, we are still working to close the gap between Reels and Feeds and Stories, but it's going to take time before Reels becomes a tailwind to revenue. As Mark mentioned, we're on about a $3 billion run rate today, but Reels was still negative overall to revenue by about $500 million in the quarter. So we expect that it should be a tailwind to the business eventually. And we're sort of saying that's probably in the 12- to 18-month time frame.

從貨幣化的角度來看，我們仍在努力縮小 Reels 與 Feed 和 Stories 之間的差距，但 Reels 成為收入的順風車還需要時間。正如馬克所說，我們今天的運行速度約為 30 億美元，但 Reels 在本季度的整體收入仍為負值約 5 億美元。因此，我們預計這最終會成為業務的順風車。我們有點說這可能是在 12 到 18 個月的時間範圍內。

But overall, we're pleased with the impact that Reels has on the business, specifically on the engagement front.

但總的來說，我們對 Reels 對業務的影響感到滿意，特別是在參與方面。

And on your second question about the CapEx guide, I would really think about our CapEx investment as kind of the AI and non-AI components. On the AI side, which really is driving all of the CapEx growth in 2023, we will be pacing that future investment on the basis of the returns that we're able to see and measure. So frankly, we're hopeful that there will be a big opportunity to invest more here because we expect that this will be a high ROI area of investment for us.

關於您關於資本支出指南的第二個問題，我真的會將我們的資本支出投資視為人工智能和非人工智能組件。在真正推動 2023 年所有資本支出增長的人工智能方面，我們將根據我們能夠看到和衡量的回報來安排未來的投資。坦率地說，我們希望這裡會有更多投資的大好機會，因為我們預計這對我們來說將是一個高投資回報率的領域。

On the non-AI side, a lot of that spend is in ongoing investments on our data center footprint where we had stepped up our investment in recent years to build sort of ahead of our anticipated capacity needs, and that work continues in 2023. We do expect this component of our CapEx spend to become more efficient over time, and we're actively looking for more efficiencies there.

在非人工智能方面，大部分支出用於對我們的數據中心足跡進行持續投資，近年來我們加大了投資力度，以提前構建我們預期的容量需求，這項工作將在 2023 年繼續進行。我們確實希望我們資本支出的這一部分隨著時間的推移變得更有效率，我們正在積極尋求更高的效率。

So I don't know that we are benchmarking to an exact number on the combination of those 2 things. The future intensity, I think, is going to depend on the returns that we generate through those increased AI investments.

所以我不知道我們是在對這兩件事的組合上的確切數字進行基準測試。我認為，未來的強度將取決於我們通過增加人工智能投資所產生的回報。

Yes. And maybe I'll just add some color on how I'm seeing this, too, just because the Reels and discovery engine work is such a big part of what we're spending our time and energy on right now. I think there are 2 comparisons to the things that we've done in the past year that are worth anchoring on. For Reels monetization specifically, any time we've had a new format, like when we added Stories or even before that when we were primarily on desktop and we shifted to mobile feed, we sort of had this dynamic where we focused on increasing engagement and growing demand for the product. But while that was happening, monetization efficiency for the new format lagged behind kind of the News Feed or mobile News Feed compared to Stories for some period while that was ramping up. And while it's really hard for us to answer questions now that are like what is the eventual monetization efficiency going to be, it's really hard to predict that in advance.

是的。也許我也會為我的看法添加一些顏色，因為捲軸和發現引擎的工作是我們現在花費時間和精力的重要組成部分。我認為與我們在過去一年所做的事情有兩個比較值得關注。特別是對於 Reels 貨幣化，任何時候我們有了新的格式，比如當我們添加故事時，甚至在此之前，當我們主要在桌面上並轉向移動端時，我們都有這種動態，我們專注於提高參與度和對產品的需求不斷增長。但是，在這種情況發生的同時，新格式的貨幣化效率在一段時間內落後於新聞提要或移動新聞提要，而故事卻在不斷提高。雖然我們現在真的很難回答最終的貨幣化效率是多少這樣的問題，但很難提前預測。

What I can say is I think on Stories, we've ended up achieving something that was way greater than what we even hoped to achieve at the time, right, in terms of where we thought that Stories could net out. And a lot of the progress that we've been making on Reels monetization so far has been at a clip that we've been pretty happy with. So obviously, we want to close the monetization gap as quickly as possible. We want this to be a tailwind, not a headwind. I think we're going to get there. It's -- but I think we've gone through a few of these transitions, and I think that'll just take some time.

我可以說的是，我認為在 Stories 上，我們最終實現了比我們當時甚至希望實現的更大的目標，對，就我們認為 Stories 可以實現的目標而言。到目前為止，我們在 Reels 貨幣化方面取得的許多進展都處於我們非常滿意的階段。顯然，我們希望盡快縮小貨幣化差距。我們希望這是順風，而不是逆風。我想我們會到達那裡。這是 - 但我認為我們已經經歷了其中一些過渡，我認為這需要一些時間。

On the engagement side, in terms of how incremental this is, the basic way to think about this is you have a set amount of inventory across the system. There's content from family and friends, which is quite differentiated and valuable and accounts that you follow. But now there's this whole larger corpus that we can use AI to effectively understand what the content means and understand individually what you might be interested in, just have access to a much bigger corpus of content to put into your feeds and increase engagement. And we're seeing that start to work already and be incremental in terms of having more people use the services, having them to spend more time, having them spend -- just engage more in feeds overall. So that part of things we think is going well.

在參與方面，就增量而言，考慮這一點的基本方法是您在整個系統中擁有一定數量的庫存。有來自家人和朋友的內容，這些內容非常與眾不同且有價值，並且您關注的帳戶。但是現在有了整個更大的語料庫，我們可以使用 AI 來有效地理解內容的含義並單獨理解您可能感興趣的內容，只需訪問更大的內容語料庫即可放入您的提要並增加參與度。我們看到這已經開始發揮作用，並且在讓更多人使用服務、讓他們花費更多時間、讓他們花費方面逐漸增加——只是在整體上更多地參與到訂閱中。所以我們認為這部分事情進展順利。

We think we'll -- we should be able to continue driving results. Some of the results already have been due to some of the AI investments and infrastructure that we've made. If our bets are correct, then the AI CapEx that we're bringing online should be able to drive incremental engagement that's pretty meaningful there. But we think qualitatively that investment makes just a lot of sense given the direction that the world seems to be going in. And I do think that our somewhat unique mix of both having the kind of social friends and family content and the ability to drive recommendations, which I agree with some -- the premise of the question there, in that creators do want their content to be on multiple platforms, which I think is a little bit different from friends content where you want to, for the most part, share where your friends are, and you're not trying to have it be everywhere.

我們認為我們會 - 我們應該能夠繼續推動結果。一些結果已經歸功於我們所做的一些人工智能投資和基礎設施。如果我們的賭注是正確的，那麼我們上線的 AI 資本支出應該能夠推動增量參與，這在其中非常有意義。但我們定性地認為，考慮到世界似乎正在發展的方向，投資非常有意義。而且我確實認為，我們既有社交朋友和家庭內容的那種獨特組合，又有推動推薦的能力，我同意其中一些問題的前提，因為創作者確實希望他們的內容出現在多個平台上，我認為這與您想要分享的朋友內容有點不同你的朋友在哪裡，你不想讓它無處不在。

I think we should be able to do pretty well on both of those, and that should grow over time. But that's -- it's hard for us to be more specific than that now, but I do think that these trends -- I mean I get that this takes a little longer to play out than you would want. But we've been through a couple of these cycles before already, and I'm pretty confident this is going in a good direction.

我認為我們應該能夠在這兩個方面做得很好，而且應該隨著時間的推移而增長。但那是 - 我們現在很難比這更具體，但我確實認為這些趨勢 - 我的意思是我知道這需要比你想要的更長的時間才能發揮出來。但是我們之前已經經歷了幾個這樣的周期，我非常有信心這會朝著一個好的方向發展。

Your next question comes from the line of Doug Anmuth with JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

I have 2. Dave, you talked about the ATT impact diminishing in 3Q just as you lap the rollout. Curious if you're seeing any meaningful improvements around ATT. Or is this just a function of the year-over-year comp dynamic?

我有 2 個。戴夫，您談到 ATT 的影響在 3 季度正在減弱，就像您在推出時一樣。好奇您是否看到 ATT 周圍有任何有意義的改進。或者這只是同比動態的一個函數？

And then second, can you just talk about your efforts to attract content creators to Reels? And does revenue sharing impact your margin structure versus the current ad formats and surfaces?

其次，您能否談談您為吸引內容創作者加入 Reels 所做的努力？與當前的廣告格式和表面相比，收益分享是否會影響您的利潤結構？

So in terms of ATT impact, we're -- the primary factor is the lapping factor relative to Q2. So in Q2 of 2021, ATT had not been fully rolled out. It was largely rolled out by Q3 of '21. So the fact that we were lapping that period in the third quarter, we got a benefit relative to the second quarter, but that was offset by continued macro weakness.

因此，就 ATT 的影響而言，我們是 - 主要因素是相對於第二季度的重疊因素。因此，在 2021 年第二季度，ATT 尚未完全推出。它主要在 21 年第三季度推出。因此，我們在第三季度經歷了那個時期的事實，相對於第二季度，我們得到了好處，但這被持續的宏觀疲軟所抵消。

In terms of the efforts to attract content creators, and specifically as it relates to the overall cost structure, we don't anticipate that, that's going to have a meaningful impact to the cost structure. And obviously, it's factored into our expense guidance.

就吸引內容創作者的努力而言，特別是與整體成本結構有關，我們預計這不會對成本結構產生有意義的影響。顯然，它已納入我們的費用指導。

Your next question comes from the line of Eric Sheridan with Goldman Sachs.

您的下一個問題來自高盛的 Eric Sheridan。

Maybe 2, if I can. Mark, I would love for you to weigh in. Obviously, the company has faced a lot of headwinds from platform changes, competitive dynamics and a lot of macro impacts we've talked about over the last 12 to 24 months. How much of this investment cycle is informed by your views around future-proofing the platform so there are less externalities that can impact it and you're in control more of your own destiny versus elements of curveballs that can be thrown at you that can cause volatility in the business in the medium to long term?

也許2，如果可以的話。馬克，我希望你能參與進來。顯然，在過去 12 到 24 個月裡，公司面臨著來自平台變化、競爭動態和許多宏觀影響的諸多不利因素。這個投資週期中有多少是由您對平檯面向未來的看法決定的，因此影響它的外部性更少，並且您可以更多地控制自己的命運，而不是可能向您拋出的可能導致的曲線球元素中長期業務波動？

And then I'd love to ask one on the metaverse. Understood on the investment cadence in the metaverse over the next 2 years. Even if qualitatively, how should investors think about the revenue opportunity over the next 3 to 5 years, what's between the hardware opportunity and the non-hardware opportunity as you see it as the metaverse evolves?

然後我很想問一個關於元節的人。了解未來 2 年虛擬世界的投資節奏。即使是定性的，投資者應該如何看待未來 3 到 5 年的收入機會，隨著元宇宙的發展，硬件機會和非硬件機會之間是什麼？

Sure. Let's -- I can take the first one and then -- I mean I guess I could take the second one, too. So the first question was -- what was the...

當然。讓我們——我可以拿第一個然後——我的意思是我想我也可以拿第二個。所以第一個問題是——什麼是...

How much of the...

有多少...

Yes. Right. Okay. So I think that, that's a factor, but it's not the primary thing that's driving it. So on the business side, I think certainly, you see dynamics like what Apple has done with ATT and continues to do in some ways with the policy that they announced yesterday, which are obviously big risks and we see as issues. But there are also other things that -- like we just believe that -- and we've invested so much in measurement over time because since our ads help people higher up in the funnel than search ads, for example, we think that often, less of the value of sales is attributed to us than should be.

是的。正確的。好的。所以我認為，這是一個因素，但這不是驅動它的主要因素。因此，在業務方面，我認為當然，你會看到蘋果對 ATT 所做的事情，並在某些方面繼續執行他們昨天宣布的政策，這顯然是很大的風險，我們認為是問題。但還有其他一些事情——就像我們相信的那樣——隨著時間的推移，我們在衡量方面投入了大量資金，因為我們的廣告比搜索廣告更能幫助處於漏斗中更高位置的人，例如，我們經常認為，歸因於我們的銷售價值少於應有的價值。

So for all these reasons, having a funnel that's more integrated where we do more commerce internally, this is a big part of what we hope to achieve with business messaging. And the fact that you can find a customer, have a thread directly with them in a business chat and be able to sell a product directly or to be able to do customer support and then help people out with the product and then maybe sell them something else, that kind of integration, I think, is going to be valuable very broadly in terms of making sure that the value that we're creating for businesses and consumers can be more efficiently measured and attributed to our services.

因此，出於所有這些原因，擁有一個更加集成的渠道，我們在內部進行更多的商業活動，這是我們希望通過商業消息傳遞實現的重要部分。事實上，您可以找到客戶，在商務聊天中直接與他們建立聯繫，並能夠直接銷售產品或能夠提供客戶支持，然後幫助人們使用產品，然後可能向他們出售一些東西否則，我認為，在確保我們為企業和消費者創造的價值可以更有效地衡量和歸因於我們的服務方面，這種整合將具有非常廣泛的價值。

A lot of this, though, is it's not just about fortifying against outside threats. A lot of this is just you can build new and innovative things by -- when you control more of the stack yourself. I mean in the metaverse sense, a lot of the things that we're trying to enable, right, this feeling of presence, which in a lot of ways is sort of the ultimate social experience when you do it physically or eventually when -- as you're doing it virtually, being able to design the hardware so that way you can have sensors that can help map your facial expressions and emotions to the avatar that you have, virtually, I think, is going to be just a very profound experience. And you can start to experience that with Quest Pro, which is out now. And it's just not clear if we weren't driving this forward that anyone else would be. So I think that, that sort of integration and innovation is really helpful.

然而，這在很大程度上不僅僅是為了抵禦外部威脅。其中很多只是您可以通過自己控制更多堆棧來構建新的和創新的東西。我的意思是在元宇宙的意義上，我們試圖實現的很多東西，對，這種存在感，在很多方面，當你在身體上或最終當——當你在虛擬地做這件事時，能夠設計硬件，這樣你就可以擁有可以幫助將你的面部表情和情緒映射到你擁有的虛擬化身的傳感器，我認為，這將是一個非常深刻的經驗。您可以使用現已推出的 Quest Pro 開始體驗這一點。只是不清楚我們是否沒有像其他人那樣推動這一進程。所以我認為，這種整合和創新真的很有幫助。

Similarly, I think the fact that we can create a lot of the business and commerce platform around our messaging products, but then link to them from Facebook and Instagram creates some unique experiences that I think would be very hard to create otherwise as well just in terms of having that kind of full loop in the product.

同樣，我認為我們可以圍繞我們的消息傳遞產品創建很多商業和商務平台，然後從 Facebook 和 Instagram 鏈接到它們創造了一些獨特的體驗，我認為這些體驗很難在其他情況下創建在產品中擁有這種完整循環的條款。

So I think that that -- like enabling more experiences, I think, is really the primary driver. And then the sort of fortification against external risks is certainly a strategic advantage over the long term, but probably not the only reason why we're doing this.

所以我認為——就像實現更多體驗一樣，我認為，這確實是主要驅動力。從長遠來看，這種防禦外部風險的防禦措施無疑是一種戰略優勢，但可能不是我們這樣做的唯一原因。

Your next question comes from the line of Youssef Squali with Truist.

您的下一個問題來自 Youssef Squali 與 Truist 的對話。

Maybe one question for Dave or Susan and then one for Mark. What kind of base case assumptions for macro are you guys baking in for 2023 with -- against that 12% to 15% increase in OpEx and CapEx guide? And can you talk about maybe the fixed versus variable component in the expense guide that could give you the flexibility to address any material macro changes next year?

可能是 Dave 或 Susan 的一個問題，然後是 Mark 的一個問題。你們對 2023 年的宏觀假設有什麼樣的基本假設——相對於運營支出和資本支出指南中 12% 到 15% 的增長？您能否談談費用指南中的固定與可變部分，可以讓您靈活應對明年的任何重大宏觀變化？

And Mark, relative to your own expectations when you decided to pursue the metaverse strategy a couple of years ago, how would you rate the company's performance to date in terms of product rollout, engagement with things like Horizon World, et cetera? And is the opportunity evolving in line with your expectations? And if not, what are the key gating factors?

馬克，相對於你幾年前決定採用元宇宙戰略時的預期，你如何評價公司迄今為止在產品推出、與 Horizon World 等事物的互動方面的表現？機會的發展是否符合您的預期？如果不是，關鍵的門控因素是什麼？

It's Susan on the first question. We haven't given revenue guidance yet for 2023, but our Q4 2022 guide is a range, and that range certainly encompasses, I think, a wide variety of macro expectations. We're certainly in a period right now where we are seeing a slowdown in advertising demand, and that correlates with a lot of things that we're seeing outside of just our sector here, including rising inflation and supply chain issues sort of more broadly across the economy.

第一個問題是蘇珊。我們還沒有給出 2023 年的收入指導，但我們的 2022 年第四季度指導是一個範圍，我認為這個範圍肯定包含各種各樣的宏觀預期。我們現在肯定處於一個廣告需求放緩的時期，這與我們在這個行業之外看到的很多事情有關，包括通脹上升和更廣泛的供應鏈問題整個經濟。

So with that in mind, we have undertaken a 2023 budget process that has applied higher scrutiny to almost all of the areas of our very broad investment portfolio, and we have taken what is an intentionally more conservative approach to our budget and our anticipated growth.

因此，考慮到這一點，我們進行了 2023 年預算流程，對我們非常廣泛的投資組合的幾乎所有領域進行了更嚴格的審查，我們對我們的預算和預期增長採取了一種有意更保守的方法。

You asked about the sort of fixed versus variable components of the 2023 OpEx guide. I think I'd mentioned that over half -- a little over half of that is coming from OpEx, the rest from cost of revenue. So the cost of revenue piece that has the sort of the growth in depreciation, which is certainly fixed and is just playing through from prior year CapEx growth. Part of that is coming from Reality Labs and the launch of the next-gen consumer Quest headset. So that sort of corresponds to the product launch.

您詢問了 2023 年運營支出指南中固定與可變組件的類型。我想我提到過一半以上——其中一半多一點來自運營支出，其餘來自收入成本。因此，具有折舊增長的收入部分的成本肯定是固定的，並且只是從上一年的資本支出增長中發揮作用。其中一部分來自 Reality Labs 和下一代消費者 Quest 耳機的推出。所以那種對應於產品發布。

And then on the OpEx side, we -- a lot of the growth in 2023 OpEx is coming from employees who we've already hired. We expect that we're going to have the same number of employees end of 2023. So that's an area where we're pretty focused on being disciplined also. And then finally, I'd just mention, again, there's that $2 billion office facilities consolidation charge that's also included in the '23 OpEx guide.

然後在運營支出方面，我們 - 2023 年運營支出的大部分增長來自我們已經僱用的員工。我們預計到 2023 年底我們將擁有相同數量的員工。所以這也是我們非常關注紀律的領域。最後，我想再次提及，20 億美元的辦公設施整合費用也包含在 '23 OpEx 指南中。

Sure. And in terms of metaverse efforts and kind of how we're doing compared to what I expected, it's a pretty wide portfolio of things that we're working on, which I think is important to internalize because the -- what I think most people see are the VR headsets, right? Because that's sort of the first thing that we launched, and Quest 2 is the first mainstream VR headset. I kind of think about what we're doing. There's 4 major platforms that we're focused on developing. One is the kind of social metaverse platform where you see an early version of that with Horizon with the avatar system. And that's an area where we're really -- we're iterating out in the open, right? It's a kind of a live early product platform, and that's evolving quickly, but obviously has a long way to go before it's going to be what we aspire for it to be. But that's one important area that's given what we do is sort of the social company that's about people interacting, how you express yourself in all forms, the kind of expressive avatars, the photorealistic avatars. We think we're doing some leading work there. But obviously, we need to get that into the product and continue iterating on that.

當然。就元宇宙的努力以及與我預期相比的方式而言，這是我們正在研究的相當廣泛的事物組合，我認為將其內部化很重要，因為 - 我認為大多數人看看是 VR 頭戴設備吧？因為這是我們推出的第一件事，而 Quest 2 是第一款主流 VR 耳機。我有點想我們在做什麼。我們專注於開發 4 個主要平台。一種是社交元宇宙平台，您可以在其中看到帶有化身系統的 Horizon 的早期版本。這是我們真正的領域——我們正在公開迭代，對嗎？它是一種實時的早期產品平台，並且發展迅速，但顯然要成為我們渴望的樣子還有很長的路要走。但這是一個重要的領域，我們所做的是一種社交公司，它是關於人們互動的，你如何以各種形式表達自己，那種富有表現力的化身，照片般逼真的化身。我們認為我們正在那裡做一些領先的工作。但顯然，我們需要將其融入產品並繼續迭代。

VR is the second major platform. And there, I think that there's going to be a consumer-focused product that probably will reach very large scale, but there's also, I think, going to be a work-focused product that -- it's like you don't do most of your work on a $500 device. We have computers and workstations that are much more powerful and have more technology in them. And I think that, that's going to end up being similar here as well. So we started that with Quest Pro, and that's -- we're sort of at the start of the journey there.

VR是第二大平台。在那裡，我認為會有一個以消費者為中心的產品，可能會達到非常大的規模，但我認為，還有一個以工作為中心的產品——就像你不做大部分事情一樣您在 500 美元的設備上的工作。我們擁有功能更強大的計算機和工作站，其中包含更多技術。我認為，這最終也會在這里相似。所以我們從 Quest Pro 開始，這就是 - 我們正處於旅程的開始。

The 2 other areas, which are mostly -- which are still internal, is a lot of the work on augmented reality, which is a -- quite a large effort but, we think, is going to be just a huge part of the value that gets created over time. And there, we -- a lot of what I'm judging is how well are the R&D efforts going. There are some kind of basic things that we need to get right, some integration of things, some figuring out how to manufacture things and where we're making progress on that. And I'd say a bunch of that is that there are some things that are going better than I expected, some things that seem like they might take a bit longer. But overall, I mean, there's -- none of the indications that I have would suggest that anyone else in the world is doing leading work ahead of us in those areas, even though we have not obviously shipped the AR glasses yet.

其他兩個領域，大部分仍然是內部的，是增強現實方面的大量工作，這是一項相當大的工作，但我們認為，這將只是價值的很大一部分隨著時間的推移而創建。在那裡，我們 - 我判斷的很多內容是研發工作的進展情況。我們需要做一些基本的事情，一些事情的整合，一些弄清楚如何製造東西以及我們在哪裡取得進展。我想說的是，有些事情比我預期的要好，有些事情看起來可能需要更長的時間。但總的來說，我的意思是，沒有任何跡象表明世界上其他任何人都在這些領域領先於我們，儘管我們還沒有明顯地出貨 AR 眼鏡。

And then the fourth platform after the kind of social platforms, VR and AR, is neural interfaces, which I think the kind of risk-based EMG interface, which is, for all these computing platforms, there's going to end up being -- input is a really important part, how do you basically control the computing platform. And we think by the time that you have glasses, and you're kind of walking down the street with glasses, you're not going to have controllers with that, you're not going to want to have your hands kind of like hovering in the air, and you're not always going to want to talk to the thing, even though that's going to be one way that we use them a bunch of the time. Sometimes you're going to want something that's more private.

然後是社交平台，VR 和 AR 之後的第四個平台，是神經接口，我認為是基於風險的 EMG 接口，對於所有這些計算平台，最終都會有——輸入是一個非常重要的部分，你如何基本控制計算平台。我們認為，當你戴上眼鏡時，你會戴著眼鏡走在街上，你不會有控制器，你不會想讓你的手有點像懸停在空中，你並不總是想和那個東西說話，即使那將是我們經常使用它們的一種方式。有時你會想要一些更私密的東西。

So we think that having a discrete way to basically communicate with the device is going to be critical. And that's also an area where, as far as I can see, the research that we're doing is really leading here. So it's a pretty big surface.

因此，我們認為擁有一種與設備進行基本通信的離散方式將是至關重要的。這也是一個領域，據我所知，我們正在進行的研究在這方面確實處於領先地位。所以這是一個很大的表面。

I know that sometimes when we ship a product, there's a meme where people say, "Hey, you're spending all this money, and you've produced this thing," and it's -- I think that, that's not really the right way to think about it. I think there's a number of different products and platforms that we're building where we think we're doing leading work that will become -- launching consumer products and then eventually mature products at different cadences in different periods of time over the next 5 to 10 years. And in all of these areas, I think the teams are making very good progress. And I think that this will be fundamentally important for the future.

我知道有時當我們發布產品時，人們會說，“嘿，你花了這麼多錢，而且你已經生產了這個東西，”這是--我認為，這不是真的思考的方式。我認為我們正在構建許多不同的產品和平台，我們認為我們正在做的領先工作將成為——推出消費產品，然後在未來 5 到10年。在所有這些領域，我認為團隊都取得了很好的進展。我認為這對未來至關重要。

Nothing that we're seeing suggests that, that's not going to be the case. We are pacing a bunch of the investments given the kind of macroeconomic environment and the rest of the business performance. But ultimately, I mean, look, I get that a lot of people might disagree with this investment. But from what I can tell, I think that this is going to be a very important thing, and I think it would be a mistake for us to not focus on any of these areas, which I think are going to be fundamentally important to the future. So we're going to try to do this in a way that is responsible and matches the way that the rest of the business is growing over time.

我們所看到的沒有任何跡象表明，情況並非如此。鑑於這種宏觀經濟環境和其他業務表現，我們正在安排一系列投資。但最終，我的意思是，看，我知道很多人可能不同意這項投資。但據我所知，我認為這將是一件非常重要的事情，我認為我們不專注於這些領域中的任何一個都是錯誤的，我認為這些領域對未來。因此，我們將嘗試以一種負責任的方式來做到這一點，並與其他業務隨著時間的推移而增長的方式相匹配。

And I think we've built up the team to a point now where I think we'll be able to kind of match that growth with the rest of the business more going forward. But over time, I think that these are going to end up being very important investments for the future of our business. And I think it's some of the most historic work that we're doing that I think people are going to look back on decades from now and talk about the importance of the work that was done here.

而且我認為我們現在已經建立了團隊，我認為我們將能夠將這種增長與未來的其他業務相匹配。但隨著時間的推移，我認為這些最終將成為我們業務未來的非常重要的投資。我認為這是我們正在做的一些最具歷史意義的工作，我認為人們將從現在開始回顧幾十年，並談論這裡所做工作的重要性。

Your next question comes from the line of Mark Mahaney with Evercore ISI.

您的下一個問題來自與 Evercore ISI 的 Mark Mahaney。

I want to follow up on a prior question. It's back on the ad tools. And I'm trying to figure out how much of a priority it is for the company and how long the company thinks it can take to kind of recover or to create a new, I don't know, probabilistic ad attribution model, probabilistically based ad targeting model. This is something that took $10 billion maybe out of your business. I mean it had a material financial impact. And listening to the call, I just don't hear it as a major investment priority. So the challenge -- the question is, is it a major investment priority? Or is it that, that goal is just elusive, and it's better to focus on other things?

我想跟進一個先前的問題。它又回到了廣告工具上。我試圖弄清楚這對公司來說有多重要，以及公司認為需要多長時間才能恢復或創建一個新的、我不知道的概率廣告歸因模型，基於概率廣告定位模型。這可能會使您的業務損失 100 億美元。我的意思是它產生了重大的財務影響。聽電話，我只是不認為這是一個主要的投資優先事項。所以挑戰——問題是，它是一個主要的投資重點嗎？還是說，那個目標只是遙不可及，最好專注於其他事情？

Mark, I'll take this question. We have continued our broader work to rebuild meaningful elements of our ad tech. So our system can improve performance and measurement with -- and we've been making investments in the short and the medium term and over the long term.

馬克，我會回答這個問題。我們繼續進行更廣泛的工作，以重建我們的廣告技術中有意義的元素。因此，我們的系統可以提高性能和衡量標準——我們一直在短期、中期和長期進行投資。

In the short and the medium term, what we've been very focused on is evolving our ad system by growing on-site conversions with products like lead ads and ads that click to message. And we're continuing to make investments in AI and machine learning to improve measurement targeting and delivery.

在短期和中期，我們一直非常關注的是通過使用線索廣告和點擊消息廣告等產品增加現場轉化來改進我們的廣告系統。我們將繼續在人工智能和機器學習方面進行投資，以改善測量目標和交付。

We have been pleased with our progress that we've made this quarter to help advertisers improve performance, targeting and measurement. I would be remiss if I didn't talk about how AI and ML is really helping advertisers. One example of this is Advantage+ Shopping. We launched it in August. It's a product that's enabled by machine learning that helps clients test, learn and optimize their campaigns faster.

我們對本季度在幫助廣告商改善績效、定位和衡量方面取得的進展感到滿意。如果我不談論 AI 和 ML 如何真正幫助廣告商，那我就失職了。其中一個例子是 Advantage+ Shopping。我們在八月推出了它。這是一款由機器學習支持的產品，可幫助客戶更快地測試、學習和優化他們的活動。

It's early, but a recent test across a cross-section of advertisers found that those using Advantage+ Shopping campaign saw a 32% increase in return on ad spend. Over the longer term, we're focused on investing in privacy-enhancing technologies, both our own portfolio of solutions, but also working with the industry to do that. And all of this is in the spirit of investing in this technology to help advertisers get more value.

現在還為時過早，但最近對跨部門廣告客戶進行的一項測試發現，使用 Advantage+ 購物廣告系列的廣告支出回報率提高了 32%。從長遠來看，我們專注於投資於隱私增強技術，既包括我們自己的解決方案組合，也包括與業界合作來做到這一點。而這一切都是本著投資這項技術以幫助廣告商獲得更多價值的精神。

Great. Thanks, Marne. We have -- operator, we have time for one last question.

偉大的。謝謝，馬恩。我們有 -- 接線員，我們有時間回答最後一個問題。

That will come from the line of Brent Thill with Jefferies.

這將來自 Brent Thill 和 Jefferies 的路線。

I think kind of summing up how investors are feeling right now is that there are just too many experimental bets versus proven bets on the core. And I'm curious if you can just add more color why you don't feel these are experimental. You feel like they pay off. There's obviously a lot of focus on the investment side. I think everyone would love to hear why you think this pays off.

我認為總結投資者現在的感受是，有太多的實驗性賭注與經過驗證的核心賭注相比。我很好奇你是否可以添加更多顏色，為什麼你不覺得這些是實驗性的。你覺得他們得到了回報。顯然，投資方面有很多關注點。我想每個人都想听聽你為什麼認為這是有回報的。

Yes. Let me take at least part of that. I mean we're making a number of investments across the portfolio. Marne outlined some that we're making in the ad space. Obviously, the investments that we're making in product areas like Reels and the business messaging platform at WhatsApp are ones that we think will have a significant payoff for the -- in business, both in terms of engagement and monetization. So we're making a wide portfolio of bets. Still, the majority of our spending is directed towards our Family of Apps investment, and those are across both engagement and monetization, leveraging AI in many cases. And we're making good progress on those fronts and then leveraging as well what is today a fairly undermonetized resource in terms of our messaging platforms, building more scale around those as being a source of future revenue growth. We've already proven it out with our business -- our click-to-message ads with a $9 billion business today. We think we can build a substantial sized business around paid messaging, which will complement that as well. So I think we've got a lot of bets across the Family of Apps portfolio in addition to the work that we're doing on Reality Labs and the metaverse.

是的。讓我至少採取其中的一部分。我的意思是我們正在整個投資組合中進行大量投資。 Marne 概述了我們在廣告領域所做的一些工作。顯然，我們在 Reels 和 WhatsApp 的商業消息平台等產品領域進行的投資是我們認為將在參與度和貨幣化方面為商業帶來可觀回報的投資。因此，我們進行了廣泛的投注組合。儘管如此，我們的大部分支出都用於我們的應用系列投資，這些投資涉及參與度和貨幣化，在許多情況下都利用了人工智能。我們在這些方面取得了良好的進展，然後在我們的消息平台方面也利用了今天相當不足的資源，圍繞這些建立更多的規模，作為未來收入增長的來源。我們已經通過我們的業務證明了這一點——我們的點擊消息廣告如今的業務規模達到 90 億美元。我們認為我們可以圍繞付費消息建立一個規模龐大的業務，這也將對其進行補充。因此，我認為除了我們在 Reality Labs 和 metaverse 上所做的工作外，我們還在應用程序家族產品組合中下了很多賭注。

Yes. I mean I just say that there's a difference between something being experimental and not knowing how good it's going to end up being. But I think a lot of the things that we're working on across the Family of Apps are -- we're quite confident that they're going to work and be good. The Reels work, the discovery engine work, all the ads work on signals, the business messaging work, I -- we can't tell you right now how much -- how big they're going to scale to be. But I think that each of these things are kind of going in the right direction.

是的。我的意思是我只是說，實驗性的東西和不知道它最終會變得多好是有區別的。但我認為我們在整個應用系列中所做的很多事情都是——我們非常有信心它們會奏效並且會很好。捲軸工作，發現引擎工作，所有廣告都在信號上工作，商業信息工作，我 - 我們現在不能告訴你有多少 - 他們將擴大到多大。但我認為這些事情中的每一個都在朝著正確的方向發展。

Obviously, the metaverse work is a longer-term set of efforts that we're working on. But I don't know. I think that, that is going to end up working, too.

顯然，元宇宙工作是我們正在進行的一系列長期努力。但我不知道。我認為，這也將最終奏效。

So yes. I think that, look, there are a number of different -- there are a lot of things going on right now in the business and in the world. And so it's hard to have, like, a simple we're going to do this one thing, and that's going to solve all the issues. I mean there's macroeconomic issues. There's a lot of competition. There's ads challenges, especially coming from Apple. And then there's some of the longer-term things that we're taking on expenses because we believe that they're going to provide greater returns over time. And I think we're going to resolve each of these things over different periods of time. And I appreciate the patience. And I think that those who are patient and invest with us will end up being rewarded.

所以是的。我認為，看，有許多不同的 - 現在在商業和世界上有很多事情正在發生。所以很難有一個簡單的我們要做的一件事，這將解決所有問題。我的意思是存在宏觀經濟問題。有很多競爭。存在廣告挑戰，尤其是來自 Apple 的挑戰。還有一些我們正在承擔費用的長期事情，因為我們相信它們會隨著時間的推移提供更大的回報。我認為我們將在不同的時間段內解決這些問題。我很感激你的耐心。我認為那些有耐心並與我們一起投資的人最終會得到回報。

Just adding to what Mark just said, it is a challenging time for advertisers. And what they are focused on given the economic uncertainty is getting a strong return on investment. Going back to the Family of Apps and services, Reels continues to be the fastest-growing format on Instagram and Facebook, and it is a great way for people to discover new interest creators and connect with businesses.

再加上馬克剛才所說的，這對廣告商來說是一個充滿挑戰的時期。鑑於經濟的不確定性，他們關注的是獲得強勁的投資回報。回到應用和服務系列，Reels 仍然是 Instagram 和 Facebook 上增長最快的格式，它是人們發現新興趣創造者和與企業聯繫的好方法。

What we're focused on is making sure that businesses get a strong ROI on Reels. And one example that shows that we're delivering on this in terms of our investments is CORKCICLE, which is the insulated drinkware brand that added Reels to its business-as-usual strategy and saw a 34% higher return on ad spend and a 34% higher sales. So we are making progress with our investments and helping advertisers find that ROI that they're looking for.

我們關注的是確保企業在 Reels 上獲得強大的投資回報率。一個表明我們在投資方面實現這一目標的例子是 CORKCICLE，這是一個隔熱飲料品牌，將 Reels 添加到其一切照舊的戰略中，廣告支出回報率提高了 34%，廣告支出回報率提高了 34%。 % 更高的銷售額。因此，我們的投資正在取得進展，並幫助廣告商找到他們正在尋找的投資回報率。

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。感謝您的寶貴時間，我們期待再次與您交談。

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

今天的電話會議到此結束。感謝您加入我們。您現在可以斷開線路。