Meta Platforms Inc (META) 2022 Q4 法說會逐字稿

Good afternoon. My name is Dave, and I will be your conference operator today. At this time, I would like to welcome everyone to the Meta Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) This call will be recorded. Thank you very much.

下午好。我叫戴夫，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Meta 第四季度和 2022 年全年收益電話會議。 （操作員說明）此通話將被錄音。非常感謝你。

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

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 Fourth Quarter 2022 Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; and Susan Li, CFO. Javier Olivan, COO, is also on the call and will join Mark and Susan for the Q&A portion.

謝謝你。下午好，歡迎來到 Meta Platforms 2022 年第四季度收益電話會議。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;和首席財務官蘇珊·李。首席運營官哈維爾·奧利萬 (Javier Olivan) 也在電話會議中，並將與馬克和蘇珊一起參加問答環節。

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.

在我們開始之前，我想藉此機會提醒您，我們今天的發言將包含前瞻性陳述。實際結果可能與這些前瞻性陳述中預期的結果存在重大差異。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。我們在此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. And now I'd like to turn the call over to Mark.

在此電話會議期間，我們可能會同時介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 措施的對賬。新聞稿和隨附的投資者介紹可在我們的網站 investor.fb.com 上獲取。現在我想把電話轉給馬克。

All right. Hey, everyone, and thanks for joining us today. 2022 is a challenging year, but I think we ended it having made good progress on our main priorities and setting ourselves up to deliver better results this year as long as we keep pushing on efficiency. And I said last quarter that I thought our product trends look better than most of the commentary out there suggests. And I think that's even more the case now. We reached more than 3.7 billion people monthly across our Family of Apps. On Facebook, we now reached 2 billion daily actives and almost 3 billion monthly. The number of people daily using Facebook, Instagram and WhatsApp is the highest it's ever been.

好的。大家好，感謝您今天加入我們。 2022 年是充滿挑戰的一年，但我認為我們在主要優先事項上取得了良好進展，並為今年取得更好的成績做好了準備，只要我們繼續提高效率。我在上個季度說過，我認為我們的產品趨勢看起來比大多數評論所暗示的要好。我認為現在更是如此。我們的應用程序系列每月覆蓋超過 37 億人。在 Facebook 上，我們現在達到了 20 億日活躍用戶和近 30 億月活躍用戶。每天使用 Facebook、Instagram 和 WhatsApp 的人數創歷史新高。

Now before getting into our product priorities, I want to discuss my management theme for 2023, which is the Year of Efficiency. We closed last year with some difficult layoffs and restructuring some teams. And when we did this, I said clearly that this was the beginning of our focus on efficiency and not the end. And since then, we've taken some additional steps, like working with our infrastructure team on how to deliver our road map while spending less on CapEx. Next, we're working on flattening our org structure and removing some layers of middle management to make decisions faster as well as deploying AI tools to help our engineers be more productive.

現在，在進入我們的產品優先級之前，我想討論我 2023 年的管理主題，即效率年。我們去年關閉了一些艱難的裁員和重組一些團隊。當我們這樣做時，我明確表示這是我們關注效率的開始，而不是結束。從那時起，我們採取了一些額外的步驟，比如與我們的基礎設施團隊合作，研究如何在減少資本支出的同時交付我們的路線圖。接下來，我們正在努力扁平化我們的組織結構並移除一些中層管理人員以更快地做出決策，並部署人工智能工具來幫助我們的工程師提高工作效率。

As part of this, we're going to be more proactive about cutting projects that aren't performing or may no longer be as crucial. But my main focus is on increasing the efficiency of how we execute our top priorities. So I think that there's going to be some more that we can do to improve our productivity, speed and cost structure. And by working on this over a sustained period, I think we'll both build a stronger technology company and become more profitable.

作為其中的一部分，我們將更加主動地削減表現不佳或可能不再那麼重要的項目。但我的主要重點是提高我們執行首要任務的效率。所以我認為我們可以做更多的事情來提高我們的生產力、速度和成本結構。通過長期致力於此，我認為我們都將建立一家更強大的科技公司並變得更有利可圖。

I'm very focused on doing this in a way that helps us build better product. And because of that, even if our business outperforms our goals, this will stay our management theme for the year since I think it's going to make us a better company. Now at the same time, I'm also focused on delivering better financial results than what we've reported recently and on meeting the expectation that I outlined last year of delivering compounding earnings growth even while investing aggressively in future technology.

我非常專注於以一種幫助我們構建更好產品的方式來做這件事。正因為如此，即使我們的業務超出了我們的目標，這仍將是我們今年的管理主題，因為我認為這將使我們成為一家更好的公司。與此同時，我還專注於提供比我們最近報告的更好的財務業績，並滿足我去年概述的預期，即使在積極投資未來技術的同時實現複合收益增長。

And next, I want to give some updates on our priority areas. Our priorities haven't changed since last year. The 2 major technological waves driving our road map are AI today and, over the longer term, the metaverse. So first, let's talk about our AI discovery engine. Facebook and Instagram are shifting from being organized solely around people and accounts you follow to increasingly showing more relevant content recommended by our AI systems. And this covers every content format, which is something that makes our services unique. But we're especially focused on short-form video since Reels is growing so quickly. And I'm really proud of our progress here. The Reels plays across Facebook and Instagram have more than doubled over the last year, while the social component of people resharing Reels has grown even faster and has more than doubled on both apps in just the last 6 months.

接下來，我想介紹一下我們優先領域的最新情況。自去年以來，我們的優先事項沒有改變。推動我們路線圖發展的兩大技術浪潮是當今的 AI 以及從長遠來看的元宇宙。首先，讓我們談談我們的 AI 發現引擎。 Facebook 和 Instagram 正在從僅僅圍繞您關注的人和帳戶組織起來，越來越多地展示我們的人工智能係統推薦的更多相關內容。這涵蓋了所有內容格式，這使我們的服務與眾不同。但我們特別關注短片視頻，因為 Reels 增長如此之快。我為我們在這裡取得的進步感到非常自豪。去年，Reels 在 Facebook 和 Instagram 上的播放量增加了一倍多，而人們轉發 Reels 的社交成分增長得更快，僅在過去 6 個月內，這兩個應用程序的播放量就增加了一倍多。

The next bottleneck that we're focused on to continue growing Reels is improving monetization efficiency or the revenue that's generated per minute of Reels watched. Currently, the monetization efficiency of Reels is much less than Feed. So the more that Reels grows, even though it adds engagement to the system overall, it takes some time away from Feed, and we actually lose money. But people want to see more Reels, though. So the key to unlocking that is improving our monetization efficiencies that way we can show more Reels without losing increasing amounts of money. We're making progress here, and our monetization efficiency on Facebook has doubled in the past 6 months.

為了繼續發展 Reels，我們關注的下一個瓶頸是提高貨幣化效率或每分鐘觀看 Reels 所產生的收入。目前 Reels 的變現效率遠不及 Feed。因此，Reels 增長得越多，即使它增加了整個系統的參與度，它也需要一些時間來遠離 Feed，而我們實際上會賠錢。但是人們希望看到更多的 Reels。因此，解鎖的關鍵是提高我們的貨幣化效率，這樣我們就可以展示更多的 Reels 而不會損失更多的錢。我們正在這方面取得進展，過去 6 個月我們在 Facebook 上的貨幣化效率翻了一番。

In terms of the revenue headwind, we're still on track to be roughly neutral by the end of this year or maybe early next year. And then after that, we should be able to profitably grow Reels while keeping up with the demand that we see.

就收入逆風而言，到今年年底或明年初，我們仍有望大致保持中立。然後在那之後，我們應該能夠在滿足我們看到的需求的同時盈利地增長 Reels。

In our broader ads business, we're continuing to invest in AI, and we're seeing our efforts pay off here. In the last quarter, advertisers saw over 20% more conversions than in the year before. And combined with the decline in cost per acquisition, this has resulted in higher returns on ad spend.

在我們更廣泛的廣告業務中，我們將繼續投資人工智能，我們看到我們的努力在這裡得到回報。在上個季度，廣告商的轉化率比去年同期高出 20% 以上。再加上每次獲取成本的下降，這帶來了更高的廣告支出回報。

We continue to be excited about the monetization opportunity with business messaging, too. Facebook and Instagram are the first 2 pillars of our business. And in the next few years, we hope to bring messaging online as the next pillar. One way of doing this is click-to-message ads, which is now the $10 billion run rate. And paid messaging is the other piece of this. We're earlier here, but we continue to onboard more businesses to the WhatsApp Business Platform where they can answer customer questions and updates and sell directly in chat. So for example, Air France has started using WhatsApp to share boarding passes and other information, other flight information, in 22 countries and 4 languages. And businesses often tell us that more people open their messages and they get better results on WhatsApp than other channels.

我們也繼續對商業消息傳遞的貨幣化機會感到興奮。 Facebook 和 Instagram 是我們業務的前兩大支柱。在接下來的幾年裡，我們希望將在線消息傳遞作為下一個支柱。實現此目的的一種方法是點擊消息廣告，現在的運行率為 100 億美元。付費消息傳遞是其中的另一部分。我們來得較早，但我們會繼續讓更多企業加入 WhatsApp 商業平台，他們可以在該平台上回答客戶問題和更新，並直接在聊天中進行銷售。因此，例如，法航已開始使用 WhatsApp 在 22 個國家/地區以 4 種語言共享登機牌和其他信息、其他航班信息。企業經常告訴我們，與其他渠道相比，更多人在 WhatsApp 上打開他們的消息並且他們獲得了更好的結果。

AI, it's the foundation of our discovery engine and our ads business. And we also think that it's going to enable many new products and additional transformations in our apps. Generative AI is an extremely exciting new area, with so many different applications. And one of my goals for Meta is to build on our research to become a leader in generative AI, in addition to our leading work in recommendation AI.

人工智能，它是我們發現引擎和廣告業務的基礎。我們還認為它將在我們的應用程序中啟用許多新產品和其他轉換。生成式人工智能是一個非常令人興奮的新領域，有許多不同的應用。除了我們在推薦 AI 方面的領先工作之外，我對 Meta 的目標之一是在我們的研究基礎上成為生成 AI 領域的領導者。

So the last area that I want to talk about is the metaverse. We shipped Quest Pro at the end of last year. I'm really proud of it. It's the first mainstream mixed reality device. I mean we are setting the standard for the industry with our Meta Reality system. As always, the reason why we're focused on building these platforms is to deliver better social experiences than what's possible today on phones. And the value of MR is that you can experience the immersion and presence of VR while still being grounded in the physical world around you. We're already seeing developers build out some impressive new experiences like Nanome for 3D modeling, molecules and drug development; Arkio for architects and designers to create interiors; and of course, a lot of great games. The MR ecosystem is relatively new, but I think it's going to grow a lot over the next few years. Later this year, we're going to launch our next-generation consumer headset, which will feature Meta Reality as well. And I expect that this is going to establish this technology as the baseline for all headsets going forward and eventually, of course, for AR glasses as well.

所以我想談的最後一個領域是元宇宙。我們在去年年底推出了 Quest Pro。我真的為此感到自豪。它是第一款主流混合現實設備。我的意思是我們正在用我們的 Meta Reality 系統為行業設定標準。一如既往，我們專注於構建這些平台的原因是為了提供比當今手機上更好的社交體驗。 MR 的價值在於，您可以體驗 VR 的沉浸感和臨場感，同時仍能置身於周圍的物理世界。我們已經看到開發人員構建了一些令人印象深刻的新體驗，例如用於 3D 建模、分子和藥物開發的 Nanome； Arkio 供建築師和設計師創建室內設計；當然，還有很多很棒的遊戲。 MR 生態系統相對較新，但我認為它在未來幾年內會增長很多。今年晚些時候，我們將推出我們的下一代消費耳機，它也將具有元現實功能。我預計這將把這項技術確立為所有頭戴設備的基準，當然，最終也是 AR 眼鏡的基準。

Beyond MR, the broader VR ecosystem continues growing. There are now over 200 apps on our VR devices that have made more than $1 million in revenue. We're also continuing to make progress with avatars. We just launched avatars on WhatsApp last quarter, and more than 100 million people have already created avatars in the app. And of those, about 1 in 5 are using their avatar as their WhatsApp profile photo. And I thought that, that was an interesting example of how the Family of Apps and metaverse visions come together because -- and even though most of our Reality Labs investment is going towards future computing platforms -- glasses, headsets and the software to run them -- as the technology develops, most people are going to experience the metaverse for the first time on phones and then start building up their digital identities across our apps.

除了 MR，更廣泛的 VR 生態系統還在繼續發展。現在我們的 VR 設備上有 200 多個應用程序的收入超過 100 萬美元。我們也在繼續在化身方面取得進展。上個季度我們剛剛在 WhatsApp 上推出了虛擬形象，已經有超過 1 億人在該應用程序中創建了虛擬形象。其中，大約五分之一的人使用他們的頭像作為他們的 WhatsApp 個人資料照片。我認為，這是一個有趣的例子，說明了應用程序家族和元宇宙的願景是如何結合在一起的，因為——儘管我們現實實驗室的大部分投資都用於未來的計算平台——眼鏡、耳機和運行它們的軟件-- 隨著技術的發展，大多數人將首次在手機上體驗元宇宙，然後開始在我們的應用程序中建立他們的數字身份。

All right. So those are the areas we're focused on, AI, including our discovery engine, ads, business messaging and increasingly generative AI and the future platforms for the metaverse. And from an operating perspective, we are focused on efficiency and continuing to streamline the company so we can execute these priorities as well as possible and build a better company while improving our business performance. And as always, I'm grateful to our teams for your work on all of these important areas and to all of you for being on this journey with us. And now over to Susan.

好的。所以這些就是我們關注的領域，人工智能，包括我們的發現引擎、廣告、商業消息傳遞和日益生成的人工智能以及元宇宙的未來平台。從運營的角度來看，我們專注於效率並繼續精簡公司，以便我們能夠盡可能地執行這些優先事項，並在提高我們的業務績效的同時建立一個更好的公司。一如既往，我感謝我們的團隊在所有這些重要領域所做的工作，並感謝你們所有人與我們一起踏上這段旅程。現在輪到蘇珊了。

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，否則所有比較均基於同比。

Q4 total revenue was $32.2 billion, down 4% or up 2% year-over-year on a constant currency basis. Had foreign exchange rates remained constant with Q4 of last year, total revenue would have been approximately $2 billion higher. Q4 total expenses were $25.8 billion, up 22% compared to last year.

第四季度總收入為 322 億美元，按固定匯率計算同比下降 4% 或增長 2%。如果外匯匯率與去年第四季度保持不變，總收入將增加約 20 億美元。第四季度總支出為 258 億美元，比去年增長 22%。

In terms of the specific line items, cost of revenue increased 31%, driven mostly by a write-down of certain data center assets as well as growth in infrastructure-related costs. R&D increased 39%, marketing and sales increased 4%, and G&A decreased 7%. Operating lease impairments and employee-related costs were the largest contributors to growth for all 3 expense lines. However, growth in marketing and sales was partially offset by lower marketing spend, and growth in G&A was more than fully offset by a decrease in legal-related expenses.

就具體項目而言，收入成本增長了 31%，這主要是由於某些數據中心資產的減記以及基礎設施相關成本的增長。研發增長 39%，營銷和銷售增長 4%，而 G&A 下降 7%。經營租賃減值和員工相關成本是所有 3 條費用線增長的最大貢獻者。然而，營銷和銷售的增長被營銷支出的減少部分抵消，而 G&A 的增長被法律相關費用的減少完全抵消。

We ended the fourth quarter with over 86,400 employees, which includes a substantial majority of the approximately 11,000 employees impacted by our previously announced layoff who remained on payroll as of December 31 due to applicable legal requirements. We expect the vast majority of the impacted employees will no longer be captured in our reported headcount figures by the end of the first quarter of 2023.

第四季度結束時，我們擁有超過 86,400 名員工，其中包括受我們先前宣布的裁員影響的約 11,000 名員工中的絕大部分，由於適用的法律要求，截至 12 月 31 日，這些員工仍在工資單上。我們預計，到 2023 年第一季度末，絕大多數受影響的員工將不再包含在我們報告的員工人數中。

Fourth quarter operating income was $6.4 billion, representing a 20% operating margin. Our tax rate for the quarter was 24%. Net income was $4.7 billion or $1.76 per share. Capital expenditures, including principal payments on finance leases, were $9.2 billion, driven by investments in servers, data centers and network infrastructure.

第四季度營業收入為 64 億美元，營業利潤率為 20%。我們本季度的稅率為 24%。淨收入為 47 億美元或每股 1.76 美元。受服務器、數據中心和網絡基礎設施投資的推動，包括融資租賃本金支付在內的資本支出為 92 億美元。

Free cash flow was $5.3 billion, and we ended the year with $40.7 billion in cash and marketable securities. In the fourth quarter, we repurchased $6.9 billion of our Class A common stock, bringing our total share repurchases for the full year to $27.9 billion. We had $10.9 billion remaining on our prior authorization as of December 31. And today, we announced a $40 billion increase in our stock repurchase authorization.

自由現金流為 53 億美元，年底我們擁有 407 億美元的現金和有價證券。第四季度，我們回購了 69 億美元的 A 類普通股，使我們全年的股票回購總額達到 279 億美元。截至 12 月 31 日，我們的事先授權剩餘 109 億美元。今天，我們宣布股票回購授權增加 400 億美元。

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 2.96 billion people use at least one of our Family of Apps on a daily basis in December, and that approximately 3.74 billion people used at least one on a monthly basis.

現在轉到我們的細分結果。我將從我們的應用程序系列部分開始。我們整個應用程序系列的社區不斷壯大。我們估計，在 12 月，大約有 29.6 億人每天至少使用我們的應用程序系列中的一款，並且大約有 37.4 億人每月至少使用一款。

Facebook continues to grow globally, and engagement remains strong. We reached 2 billion Facebook daily active users for the first time in December, up 4% or 71 million compared to last year. DAUs represented approximately 67% of the 2.96 billion monthly active users in December. MAUs grew by 51 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。我們在 12 月首次達到 20 億 Facebook 每日活躍用戶，比去年增長 4% 或 7100 萬。 DAU 約佔 12 月 29.6 億月活躍用戶的 67%。與去年相比，MAU 增長了 5100 萬或 2%。

Q4 total Family of Apps revenue was $31.4 billion, down 4% year-over-year. Q4 Family of Apps ad revenue was $31.3 billion, down 4%, but up 2% on a constant currency basis. Consistent with our expectations, Q4 revenue remained under pressure from weak advertising demand, which we believe continues to be impacted by the uncertain and volatile macroeconomic landscape. The financial services and technology verticals were the largest negative contributors to the year-over-year decline in Q4, but both have relatively smaller shares of our revenue.

第四季度應用系列總收入為 314 億美元，同比下降 4%。第 4 季度應用系列廣告收入為 313 億美元，下降 4%，但按固定匯率計算增長 2%。與我們的預期一致，第四季度收入仍然受到廣告需求疲軟的壓力，我們認為這繼續受到不確定和動蕩的宏觀經濟形勢的影響。金融服務和技術垂直行業是第四季度同比下降的最大負面因素，但兩者在我們收入中的份額相對較小。

Growth remained negative in our largest verticals, online commerce and CPG, though the pace of year-over-year decline in online commerce has slowed compared to last quarter. The largest positive contributors to year-over-year growth in Q4 were the travel and health care verticals, though both are relatively smaller verticals in absolute share.

儘管與上一季度相比，在線商務的同比下降速度有所放緩，但我們最大的垂直行業、在線商務和 CPG 仍然出現負增長。對第四季度同比增長做出最大積極貢獻的是旅遊和醫療垂直行業，儘管這兩個垂直行業的絕對份額相對較小。

Foreign currency remained a significant headwind to advertising revenue growth in all international regions. On a user geography basis, ad revenue growth was strongest in Rest of World at 5%. North America was flat, while Asia Pacific and Europe declined 3% and 16%, respectively. In Q4, the total number of ad impressions served across our services increased 23%, and the average price per ad decreased 22%. Impression growth was primarily driven by the Asia Pacific and Rest of World regions.

外匯仍然是所有國際地區廣告收入增長的重大阻力。在用戶地理基礎上，世界其他地區的廣告收入增長最為強勁，達到 5%。北美持平，而亞太地區和歐洲分別下降 3% 和 16%。在第 4 季度，通過我們的服務投放的廣告總展示次數增加了 23%，每條廣告的平均價格下降了 22%。印象增長主要是由亞太地區和世界其他地區推動的。

The year-over-year decline in pricing was primarily driven by strong impression growth, especially from lower monetizing surfaces and regions, lower advertiser demand and foreign currency depreciation. While overall pricing remains under pressure from these factors, we have continued to make improvements to our ads targeting and measurement that, we believe, are driving more conversions and better returns for advertisers.

定價同比下降的主要原因是印象增長強勁，尤其是來自較低的貨幣化表面和地區、較低的廣告客戶需求和外幣貶值。雖然總體定價仍受到這些因素的壓力，但我們繼續改進我們的廣告定位和衡量，我們相信，這正在為廣告商帶來更多的轉化和更好的回報。

Family of Apps' other revenue was $184 million in Q4, up 19%, with strong business messaging revenue growth from our WhatsApp Business Platform, partially offset by a decline in other line items. We continue to direct the majority of our investments towards the development and operation of our Family of Apps. In Q4, Family of Apps' expenses were $20.8 billion, representing 81% of our overall expenses. Family of Apps' expenses were up 23% due primarily to restructuring-related expenses and growth in infrastructure-related costs.

Family of Apps 的其他收入在第四季度為 1.84 億美元，增長 19%，我們的 WhatsApp Business 平台的業務消息收入增長強勁，部分被其他訂單項的下降所抵消。我們繼續將大部分投資用於開發和運營我們的應用程序系列。第四季度，Family of Apps 的支出為 208 億美元，占我們總支出的 81%。應用程序系列的支出增長了 23%，這主要是由於重組相關支出和基礎設施相關成本的增長。

Family of Apps' operating income was $10.7 billion, representing a 34% operating margin. Within our Reality Labs segment, Q4 revenue was $727 million, down 17% due to lower Quest 2 sales. Reality Labs expenses were $5 billion, up 20% due primarily to employee-related costs and restructuring-related expenses. Reality Labs operating loss was $4.3 billion.

Family of Apps 的營業收入為 107 億美元，營業利潤率為 34%。在我們的 Reality Labs 部門，第四季度收入為 7.27 億美元，由於 Quest 2 銷售額下降而下降 17%。 Reality Labs 的支出為 50 億美元，增長 20%，這主要是由於與員工相關的成本和與重組相關的支出。 Reality Labs 的運營虧損為 43 億美元。

Before turning to the outlook, I'd like to discuss our work to grow profitability by scaling monetization and improving our operational efficiency. There are 2 primary levers to increasing monetization: growing supply and growing demand. Growing ad supply gives businesses more opportunities to get in front of people, and we are focused on enabling that in a couple of ways.

在談到前景之前，我想討論一下我們通過擴大貨幣化和提高運營效率來提高盈利能力的工作。增加貨幣化有兩個主要槓桿：增加供應和增加需求。不斷增長的廣告供應為企業提供了更多出現在人們面前的機會，我們專注於通過多種方式實現這一目標。

First and foremost, we remain focused on building engaging experiences for the people who use our apps. We are coming into 2023 with a strong foundation as Reels continues to scale, and we're seeing in-feed recommendations contribute to engagement as we help people discover new content in their feeds. We will continue to invest in making these experiences best in class.

首先，我們仍然專注於為使用我們應用程序的人打造引人入勝的體驗。隨著 Reels 的不斷擴展，我們將以堅實的基礎進入 2023 年，並且我們看到信息流中的推薦有助於提高參與度，因為我們幫助人們在他們的信息流中發現新內容。我們將繼續投資，打造一流的體驗。

The other side of growing supply comes from more effectively monetizing the surfaces within our apps, including those that have a lower level of ads today. In the nearer term, ramping Reels monetization remains a primary focus. Over the longer term, we see opportunities to continue improving Facebook and Instagram monetization while also scaling revenue contributions from our messaging platforms.

供應增長的另一面來自更有效地貨幣化我們應用程序中的界面，包括那些目前廣告水平較低的應用程序。在短期內，提高 Reels 貨幣化仍然是主要關注點。從長遠來看，我們看到了繼續改善 Facebook 和 Instagram 貨幣化的機會，同時還擴大了我們消息平台的收入貢獻。

Growing advertiser demand is the other focus, and a big effort here is around continuing to drive advertiser performance. While we're still contending with the broader macro uncertainty and signals landscape weighing on advertiser demand in the near term, we're making good progress on our road map and are already seeing improvements to add performance and measurement from the investments we've made.

不斷增長的廣告商需求是另一個重點，這裡的一大努力是繼續推動廣告商的業績。雖然我們仍在應對更廣泛的宏觀不確定性，並表明短期內廣告商需求的前景承壓，但我們在路線圖上取得了良好進展，並且已經看到改進，以增加我們所做投資的績效和衡量標準.

We see opportunities for continued gains in the near and medium term, with our AI investments powering a lot of this work as we continue to improve ads ranking and enable increased automation for advertisers to make it easier for them to run campaigns and use our systems to optimize their performance. Another opportunity we have is to further scale on-site conversions through products like click-to-message, lead ads and shop ads.

我們看到了在近期和中期持續收益的機會，隨著我們繼續提高廣告排名並提高廣告商的自動化程度，使他們更容易開展活動並使用我們的系統優化他們的表現。我們擁有的另一個機會是通過點擊消息、線索廣告和商店廣告等產品進一步擴大現場轉化率。

Click-to-message ads continue to grow quickly, and we believe they're bringing incremental demand onto our platform, with over half of click-to-message advertisers exclusively using click-to-messaging ads on our platform. We see further opportunity as we continue to scale click-to-WhatsApp ads and are investing in growing newer formats like shop ads. Over the long term, we're investing heavily in AI to develop and deploy privacy-enhancing technologies and continue building new tools that will make it easier for advertisers to create and deliver more relevant and engaging ads.

點擊消息廣告繼續快速增長，我們相信它們正在為我們的平台帶來增量需求，超過一半的點擊消息廣告商專門在我們的平台上使用點擊消息廣告。隨著我們繼續擴大點擊 WhatsApp 廣告的規模，並投資開發商店廣告等更新的格式，我們看到了更多機會。從長遠來看，我們正在大力投資人工智能，以開發和部署增強隱私的技術，並繼續構建新工具，使廣告商能夠更輕鬆地製作和投放更具相關性和吸引力的廣告。

Moving now to our efficiency work. We took significant actions in 2022 to operate more efficiently. In Q4, we made the difficult decision to lay off employees while deprioritizing certain projects and curtailing non-headcount-related expenses. We have applied the same scrutiny to our physical assets. We identified opportunities to consolidate our office facilities, and we have streamlined our future data centers to a new architecture, which we believe will be more cost efficient and more flexible that provides us optionality to support both AI and non-AI workloads.

現在轉到我們的效率工作。我們在 2022 年採取了重大行動以提高運營效率。在第 4 季度，我們做出了裁員的艱難決定，同時取消了某些項目的優先級並削減了與裁員無關的費用。我們對我們的實物資產進行了同樣的審查。我們發現了整合辦公設施的機會，並將未來的數據中心簡化為一個新架構，我們相信這將更具成本效益和靈活性，為我們提供支持人工智能和非人工智能工作負載的選擇。

In Q4, we recorded $4.2 billion of total restructuring costs in connection with all of these efforts, and expect there to be some additional costs in 2023 in areas like office facilities impairments as we continue this work. As Mark has said, these actions are just the beginning of our efficiency efforts, and we remain keenly focused on this in 2023. We are working across the company to deprioritize lower ROI work, move faster, increase productivity and reduce costs across the business. As part of this, we are carefully scrutinizing our hiring needs, actively reevaluating projects and reducing management layers. I'm confident that our company-wide focus on efficiency will position us to be an even more productive organization going forward.

在第 4 季度，我們記錄了與所有這些努力相關的總重組成本 42 億美元，並且隨著我們繼續這項工作，預計 2023 年在辦公設施減值等領域將產生一些額外成本。正如 Mark 所說，這些行動只是我們提高效率工作的開始，我們將在 2023 年繼續密切關注這一點。我們正在全公司範圍內努力降低 ROI 較低的工作的優先級，加快行動速度，提高生產力並降低整個企業的成本。作為其中的一部分，我們正在仔細審查我們的招聘需求，積極重新評估項目並減少管理層級。我相信，我們全公司對效率的關注將使我們成為一個更俱生產力的組織。

Turning now to the revenue outlook. We expect first quarter 2023 total revenue to be in the range of $26 billion to $28.5 billion. Our guidance assumes foreign currency will be an approximately 2% headwind to year-over-year total revenue growth in the first quarter based on current exchange rates.

現在轉向收入前景。我們預計 2023 年第一季度的總收入將在 260 億美元至 285 億美元之間。我們的指引假設，根據當前匯率，外幣將對第一季度總收入同比增長造成約 2% 的不利影響。

Turning now to the expense outlook. We anticipate our full year 2023 total expenses will be in the range of $89 billion to $95 billion, lowered from our prior outlook of $94 billion to $100 billion due to slower anticipated growth in payroll expenses and cost of revenue. We now expect to record an estimated $1 billion in restructuring charges in 2023 related to consolidating our office facilities footprint. This is down from our prior estimate of $2 billion as we recorded a portion of the charges in the fourth quarter of 2022. We may incur additional restructuring charges as we progress further in our efficiency efforts.

現在轉向費用前景。我們預計 2023 年全年總支出將在 890 億美元至 950 億美元之間，低於我們之前預期的 940 億美元至 1000 億美元，原因是工資支出和收入成本的預期增長放緩。我們現在預計，到 2023 年，與整合辦公設施足跡相關的重組費用預計將達到 10 億美元。這低於我們之前估計的 20 億美元，因為我們在 2022 年第四季度記錄了部分費用。隨著我們在提高效率方面取得進一步進展，我們可能會產生額外的重組費用。

Turning now to the CapEx outlook for 2023. We expect capital expenditures to be in the range of $30 billion to $33 billion, lowered from our prior estimate of $34 billion to $37 billion. The reduced outlook reflects our updated plans for lower data center construction spend in 2023 as we shift to a new data center architecture that is more cost efficient and can support both AI and non-AI workloads. Substantially, all of our capital expenditures continue to support the Family of Apps.

現在轉向 2023 年的資本支出展望。我們預計資本支出將在 300 億美元至 330 億美元之間，低於我們之前估計的 340 億美元至 370 億美元。下調的前景反映了我們在 2023 年降低數據中心建設支出的最新計劃，因為我們將轉向更具成本效益且可以同時支持人工智能和非人工智能工作負載的新數據中心架構。實質上，我們所有的資本支出都將繼續支持應用程序系列。

On to tax. Absent any changes to U.S. tax law, we expect our full year 2023 tax rate percentage to be in the low 20s. 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.

上稅。在美國稅法沒有任何變化的情況下，我們預計 2023 年全年的稅率百分比將在 20% 左右。此外，正如之前的電話會議所述，我們將繼續監測有關跨大西洋數據傳輸可行性的發展及其對我們歐洲業務的潛在影響。

In closing, 2022 was a challenging but pivotal year for our business. We made important progress on our priorities and have taken significant steps to improve our efficiency and productivity. We are set up well to build on this work in 2023 as we continue investing for future growth while remaining focused on delivering strong financial performance.

最後，2022 年對我們的業務來說是充滿挑戰但又至關重要的一年。我們在我們的優先事項上取得了重要進展，並採取了重要步驟來提高我們的效率和生產力。我們已準備好在 2023 年繼續開展這項工作，因為我們將繼續投資於未來的增長，同時繼續專注於提供強勁的財務業績。

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

有了這個，戴夫，讓我們開始提問。

(Operator Instructions) 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 Brian Nowak 與摩根士丹利的合作。

I have 2, one for Mark, one for Susan. Mark, the first one is on generative AI. I sort of wanted to dig a little more into how you think about your Bluesky potential user and advertiser use cases of generative AI. And how do you think about the time line for when we can foresee some glimpses of those on the platform?

我有 2 個，馬克一個，蘇珊一個。馬克，第一個是關於生成人工智能。我有點想深入了解您如何看待您的 Bluesky 潛在用戶和廣告商使用生成 AI 的案例。您如何看待我們何時可以預見平台上的一些內容的時間線？

And then the second one for Susan. Just any more color on the new data center architecture and how we should think about the long-term capital intensity of the business, whether it's CapEx per minute, CapEx per DAU. How big of a long-term benefit could this change be to the overall cash flow?

然後是蘇珊的第二個。關於新數據中心架構的更多顏色以及我們應該如何考慮業務的長期資本密集度，無論是每分鐘的資本支出，還是每 DAU 的資本支出。這種變化對整體現金流的長期效益有多大？

Yes, I can start with generative AI. I think this is a really exciting area. And I mean I'd say the 2 biggest themes that focused on for this year, one is efficiency and then the kind of the new product area is going to be the generative AI work. We have a bunch of different work streams across almost every single one of our products to use the new technologies, especially the large language models and diffusion models for generating images and videos and avatars and 3D assets and all kinds of different stuff across all of the different work streams that we're working on, as well as over the long term, working on things that could really empower creators to be way more productive and creative across the apps and run a lot of different accounts.

是的，我可以從生成人工智能開始。我認為這是一個非常令人興奮的領域。我的意思是我會說今年關注的兩個最大主題，一個是效率，然後是新產品領域的那種將是生成 AI 工作。我們幾乎每一個產品都有一堆不同的工作流來使用新技術，尤其是用於生成圖像和視頻、化身和 3D 資產以及所有各種不同東西的大型語言模型和擴散模型。我們正在處理不同的工作流，並且從長遠來看，致力於真正使創作者能夠在應用程序中提高生產力和創造力並運行許多不同帳戶的事情。

So I know there's some really exciting stuff here. I want to be careful not to kind of get too far ahead of the development of it. So I think you'll see us launch a number of different things this year, and we'll talk about them, and we'll share updates on how they're doing. I do expect that the space will move quickly. I think we'll learn a lot about what works and what doesn't. A lot of the stuff is expensive, right, to kind of generate an image or a video or a chat interaction. These things we're talking about, like cents or fraction of a cent. So one of the big interesting challenges here also is going to be how do we scale this and make this work more efficient so that way we can bring it to a much larger user base. But I think once we do that, there are going to be a number of very exciting use cases. I realize this is a pretty high-level answer for now, but I think that we'll be able to share more details over the coming months.

所以我知道這裡有一些非常令人興奮的東西。我要小心，不要在它的發展之前走得太遠。所以我想你會看到我們今年推出了許多不同的東西，我們會討論它們，我們會分享它們的最新進展。我確實希望空間會快速移動。我想我們會學到很多關於什麼有效什麼無效的知識。很多東西都很昂貴，對吧，生成圖像或視頻或聊天互動。我們正在談論的這些東西，比如美分或幾分之一美分。因此，這裡最有趣的挑戰之一就是我們如何擴展它並使它的工作更有效率，這樣我們就可以將它帶給更大的用戶群。但我認為一旦我們這樣做，將會有許多非常令人興奮的用例。我知道目前這是一個相當高層次的答案，但我認為我們將能夠在未來幾個月內分享更多細節。

Thanks, Brian. On your questions about CapEx. So your first question was about the new data center architecture that we talked about, which is underpinning the lowered CapEx outlook. So we're shifting our data centers to a new architecture that can more efficiently support both AI and non-AI workloads. And that's going to give us more optionality as we better understand our demand for AI over time. Additionally, we're expecting that the new design will be cheaper and faster to build than previous data center architecture.

謝謝，布萊恩。關於資本支出的問題。所以你的第一個問題是關於我們談到的新數據中心架構，這是降低資本支出前景的基礎。因此，我們正在將我們的數據中心轉移到一個可以更有效地支持 AI 和非 AI 工作負載的新架構。隨著時間的推移，我們會更好地了解我們對 AI 的需求，這將為我們提供更多的選擇權。此外，我們預計新設計將比以前的數據中心架構更便宜、建造起來更快。

Along with the new data center architecture, we're going to optimize our approach to building data centers. So we have a new phased approach that allows us to build base plans with less initial capacity and less initial capital outlay, but then flex up future capacity quickly if needed. We're still planning to grow AI capacity significantly, and that connects, I think, to a lot of the things that Mark was describing earlier in his question.

隨著新的數據中心架構，我們將優化我們構建數據中心的方法。因此，我們採用了一種新的分階段方法，使我們能夠以較少的初始容量和較少的初始資本支出來製定基本計劃，但如果需要的話，可以迅速增加未來的容量。我們仍在計劃顯著提高人工智能能力，我認為這與馬克早些時候在他的問題中描述的很多事情有關。

In terms of longer-run capital intensity, we certainly expect that the lower CapEx outlook will have some incremental benefit to CapEx as a percent of revenue, and that's still really something that we are focused on over the longer term. The current surge in CapEx is really due to the building out of AI infrastructure, which we really began last year and are continuing into this year. We'll be measuring the ROI of these AI investments, and their returns will continue to inform our future spend. Our intention is still to bring CapEx as a percent of revenue down, but capital intensity in the nearest term is really going to depend, in part, on the revenue outlook and our needs to further build AI capacity for future demand.

就長期資本密集度而言，我們當然預計較低的資本支出前景將對資本支出佔收入的百分比產生一些增量好處，從長遠來看，這仍然是我們真正關注的問題。目前資本支出的激增實際上是由於人工智能基礎設施的建設，我們從去年開始，並將持續到今年。我們將衡量這些人工智能投資的投資回報率，它們的回報將繼續影響我們未來的支出。我們的意圖仍然是降低資本支出佔收入的百分比，但最近的資本密集度實際上將在一定程度上取決於收入前景以及我們為未來需求進一步建設 AI 能力的需求。

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

你的下一個問題來自高盛的 Eric Sheridan。

Maybe I can ask a multiparter on going back to some of your comments on Reels. Mark, you always had this philosophy of letting the user sort of continue to grow engagement, and monetization has always lagged sort of consumer adoption of new products. How do you think about going a little bit deeper on the mixture of letting the engagement of short-form video continue to build versus eventually sort of continuing to drive higher levels of monetization against that product.

也許我可以請多方參與討論您對 Reels 的一些評論。馬克，你一直秉承讓用戶參與度持續增長的理念，而貨幣化總是滯後於消費者對新產品的採用。您如何考慮更深入地了解讓短視頻的參與繼續建立與最終繼續推動對該產品的更高水平的貨幣化的混合。

Second, can you give us a little bit of color of how advertiser conversations continue to evolve around short-form video and the adoption of the Canvas and the utilization of that as a means to deliver a mixture of brand and DR messages? And then lastly would just be, can you quantify at all the gap that still exists between the engagement around short-term video and the monetization and how that might close as we look out over the next couple of years?

其次，您能否給我們一些關於廣告商對話如何圍繞短視頻和 Canvas 的採用以及利用它作為傳遞品牌和 DR 消息的一種方式繼續發展的一些顏色？然後最後就是，您能否量化圍繞短期視頻的參與與貨幣化之間仍然存在的所有差距，以及我們在未來幾年內如何縮小這種差距？

Yes. I mean the way that I've always looked at -- the second take the first part of this, is that for these consumer products, often building up and scaling the product use case is a somewhat different discipline than working on the monetization. So it's such a kind of hard problem to build these new types of products that you want to give the teams as much clarity and as simple of goals as possible. So in the beginning, just saying, okay, just let's make something that works for people. And then once we get to many hundreds of millions of people or billions of people using it, then we'll focus on ramping up the monetization, which has been a formula that's worked for us. That's the general approach.

是的。我的意思是我一直關注的方式——第二部分是第一部分，對於這些消費產品，通常建立和擴展產品用例與貨幣化工作有些不同。因此，構建這些新型產品是一個非常困難的問題，您希望讓團隊的目標盡可能清晰和簡單。所以一開始，只是說，好吧，讓我們做一些對人們有用的東西。然後，一旦我們有數億或數十億人使用它，我們就會專注於提高貨幣化，這一直是對我們有用的公式。這是一般的方法。

Now with Reels, we do have a lot of people using it now. So I think at this point, the question is, is there any strategic advantage to letting it scale further than will be -- than would be profitable to do? And I think at the scale that it's at right now, it's not clear that there's much strategic advantage. I mean there are certain flywheels, and you get certain more feedback or data points from a little bit more distribution. But at this point, we're a pretty good scale. So I think for now, the right thing to do is to work on monetization efficiency. And we know that there is demand to see some more Reels. And as we naturally improve the monetization efficiency, which I have confidence in because the teams are doing good work, and that's been working, I shared the stat about it, the efficiency doubling over the last 6 months on Facebook, I think as we can continue some of those trends, then we'll naturally just unlock the ability to show more and more Reels, and we'll continue to grow from there.

現在有了 Reels，我們現在確實有很多人在使用它。所以我認為在這一點上，問題是，讓它擴展到比未來更遠的規模是否有任何戰略優勢——而不是有利可圖的？而且我認為就目前的規模而言，尚不清楚有多少戰略優勢。我的意思是有某些飛輪，你會從更多的分佈中獲得更多的反饋或數據點。但在這一點上，我們的規模相當不錯。所以我認為現在，正確的做法是提高貨幣化效率。我們知道有看到更多捲軸的需求。隨著我們自然而然地提高貨幣化效率，我對此充滿信心，因為團隊做得很好，而且一直在發揮作用，我分享了有關它的統計數據，過去 6 個月在 Facebook 上的效率翻了一番，我認為我們可以做到繼續其中的一些趨勢，然後我們自然會解鎖展示越來越多的 Reels 的能力，我們將繼續從那裡發展。

But that's the overall approach. I do think that our philosophy of building these consumer products, focusing on getting them to hundreds of millions or billions of people and then focusing on monetization beyond that and bringing that in as the balance is the right approach. It served us well. You can expect us to continue doing that on future things that we do, including some -- hopefully, some of the new generative AI products or some of the new metaverse stuff that we're doing. We're going to take the same approach there as well.

但這是總體方法。我確實認為我們構建這些消費產品的理念，專注於將它們帶給數億或數十億人，然後專注於超越這一點的貨幣化，並在平衡時將其引入，這是正確的方法。它對我們很有幫助。你可以期待我們在未來所做的事情上繼續這樣做，包括一些 - 希望是一些新的生成人工智能產品或我們正在做的一些新的虛擬世界。我們也將在那裡採用相同的方法。

So on the advertisers reaction to Reels. We continue working on enabling more advertisers to participate in Reels app, more formats, more objectives, more tools to create them. And we've been making good progress with now over 40% of our advertisers use Reels app across our apps. And between direct response versus brand, we're actually seeing progress with both. But direct response continues to be where advertisers are focused. And just as an example, Outletcity, which is a German fashion retailer, developed creatives specifically for Reels to test the impact of the conversions. And they found that Reels resulted in a 19x higher ROAS, 89% lower cost per purchase and 9x higher lift in sales. So overall, very good results.

所以關於廣告商對 Reels 的反應。我們繼續致力於讓更多的廣告商參與 Reels 應用程序、更多的格式、更多的目標、更多的工具來創建它們。我們一直在取得良好進展，現在超過 40% 的廣告商在我們的應用程序中使用 Reels 應用程序。在直接反應與品牌之間，我們實際上看到了兩者的進步。但直接反應仍然是廣告商關注的焦點。舉個例子，德國時裝零售商 Outletcity 專門為 Reels 開發了創意，以測試轉化的影響。他們發現 Reels 使 ROAS 提高了 19 倍，每次購買成本降低了 89%，銷售額提高了 9 倍。所以總的來說，非常好的結果。

On your third question, Eric, we are not quantifying the gap in monetization efficiency between Reels and other services. We know it took us several years to bring the gap close between Stories and Feed ads. And we expect that this will take longer for Reels. Having said that, we are still roughly on track to bring the overall Reels revenue headwind to a neutral place by the end of this year or early next year. And we're planning to do that through both improving Reels monetization efficiency and growing incremental engagement from Reels.

關於你的第三個問題，埃里克，我們沒有量化 Reels 和其他服務之間的貨幣化效率差距。我們知道我們花了幾年時間才縮小故事和動態廣告之間的差距。我們預計 Reels 需要更長的時間。話雖如此，我們仍大致有望在今年年底或明年初將 Reels 的整體收入逆風降至中性水平。我們計劃通過提高 Reels 的貨幣化效率和增加 Reels 的增量參與來實現這一目標。

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

你的下一個問題來自 Mark Shmulik 與 Bernstein 的對話。

I've got a couple as well. First one, I know for Susan or Javier. As we think about -- I appreciate the color on improving conversion rate. Would it be fair to say that you're kind of through the other side of some of those IDFA headwinds we've been talking about for the last year or so? And any more color just kind of that journey of the AI-driven adage would be appreciated.

我也有一對。第一個，我知道蘇珊或哈維爾。正如我們所想的那樣——我很欣賞提高轉化率的顏色。可以公平地說，您已經度過了我們在過去一年左右一直在談論的 IDFA 逆風的另一面嗎？任何更多的顏色都將受到 AI 驅動格言的那種旅程。

And secondly, Mark, kind of diving in that annual theme of efficiency and following on Buzz's post. What's the right way to think about long-term investment intensity in Reality Labs and kind of balancing that with the ambition to build the next computing platform? Is this the right intensity of kind of where you're at right now to think about? Or are there any milestones we should be looking for?

其次，馬克，有點潛入效率的年度主題並關注 Buzz 的帖子。考慮 Reality Labs 的長期投資強度以及平衡其與構建下一個計算平台的雄心的正確方法是什麼？這是你現在所處位置的正確強度嗎？還是我們應該尋找任何里程碑？

Thanks, Mark. So on your first question, we are continuing to make progress in mitigating the impact from the ATT change. But this is more generally just the reality of the online advertising environment that we operate in now. So we're continuing to work on building tools that mitigate the impact of those changes, and we see strong adoption of those tools, including tools we've talked about before like CAPI Gateway, et cetera.

謝謝，馬克。所以關於你的第一個問題，我們在減輕 ATT 變化的影響方面繼續取得進展。但這更普遍只是我們現在運營的在線廣告環境的現實。因此，我們將繼續致力於構建減輕這些變化影響的工具，並且我們看到這些工具得到廣泛採用，包括我們之前討論過的工具，如 CAPI 網關等。

We're also investing in ways to bring conversions on site, and we have a lot of ad formats that have been instrumental in doing so across both click-to-messaging ads, leads ads -- lead ads and shop ads being formats that bring conversions on site. And then over the longer run, we're continuing to invest in our privacy-enhancing technologies to more fundamentally enable us to deliver more performance and privacy-safe ads to advertisers.

我們還投資於在網站上帶來轉化的方法，我們有很多廣告格式在點擊消息廣告、線索廣告方面發揮了重要作用——線索廣告和商店廣告都是帶來轉化的格式現場轉換。然後從長遠來看，我們將繼續投資於我們的隱私增強技術，以便從根本上使我們能夠向廣告商提供性能更好且隱私安全的廣告。

Javi, is there anything you want to add on that?

Javi，你有什麼要補充的嗎？

Yes. And I think, Susan, you touched on most of it. I think if you look at the strategy on ads, we really have 2 parts, which is continue investing in AI, and that's where we're seeing a lot of the improvement in ads relevance. And as Mark was saying, we saw over 20% more conversions than in the prior year, which, combined with the decline in cost per acquisition, results on higher ROAS. We also use it for automated experiences for the advertisers, improvements on measurement, which allow advertisers to do better budget decisions.

是的。我想，蘇珊，你已經觸及了其中的大部分內容。我想如果你看一下廣告戰略，我們真的有兩個部分，那就是繼續投資人工智能，這就是我們看到廣告相關性得到很大改善的地方。正如 Mark 所說，我們看到轉化次數比上一年增加了 20% 以上，再加上每次獲取成本的下降，導致了更高的 ROAS。我們還將它用於廣告商的自動化體驗，改進衡量，使廣告商能夠做出更好的預算決策。

But the second part is bringing more conversions on site, which are also obviously helping, offsetting this signal loss. Indeed, we're reframing the [column] of signal growth opportunity. And one example we believe that were -- just to give another example, [IDF], which is an online marketing and sales automation agency in Italy for hotels and resorts. They use this app to collect a higher volume of qualified leads at a lower cost, so basically compared to off-site leads and in the leads off-site. They managed to achieve a 2x more final bookings with on-site leads, 4x more qualified leads with on-site leads and a 2.7x lower cost per lead with on-site versus the alternative option in the lead acquisition off-site.

但第二部分是在現場帶來更多轉化，這顯然也有幫助，抵消了這種信號損失。事實上，我們正在重新構建信號增長機會的[列]。我們認為有一個例子——再舉一個例子，[IDF]，它是意大利一家針對酒店和度假村的在線營銷和銷售自動化機構。他們使用此應用程序以更低的成本收集更多的合格線索，因此基本上與場外線索和場外線索相比。他們設法通過現場線索實現了 2 倍以上的最終預訂，通過現場線索實現了 4 倍以上的合格線索，並且與場外線索獲取的替代選項相比，通過現場線索獲得的每條線索成本降低了 2.7 倍。

All right. And I can give some color on -- and I think there was a question about how we're thinking about this efficiency theme as it applies to Reality Labs over time. I guess there are 2 ways that I think this applies.

好的。我可以給一些顏色 - 我認為有一個問題是我們如何考慮這個效率主題，因為它隨著時間的推移適用於 Reality Labs。我想有兩種方法適用。

The first thing is, I think it's important to not just think about Reality Labs as one thing, right? There are like 3 major areas, right? There's the augmented reality work long term, which is actually the biggest area, but hasn't -- but it's still a large research problem. There is a lot of work there that we haven't actually shipped the product yet. VR, which is starting to ramp, right? Quest 2, I think, did quite well. We have multiple product lines there with the Quest Pro. And then the smallest by kind of budget size today is the metaverse software program. And that's -- it doesn't reflect the importance of it. I think the software and social platform might be the most critical part of what we're doing, but software is just a lot less capital-intensive to build than the hardware. So it's the smallest part of the program. And within each of those areas, there are a lot of different things that we're doing.

首先，我認為重要的是不要將 Reality Labs 視為一回事，對吧？有3個主要領域，對吧？有長期的增強現實工作，這實際上是最大的領域，但還沒有——但它仍然是一個大的研究問題。那裡有很多工作我們還沒有真正發貨。 VR，開始興起，對吧？我認為 Quest 2 做得很好。我們有多個產品線，包括 Quest Pro。然後今天預算規模最小的是元宇宙軟件程序。那就是——它並沒有反映出它的重要性。我認為軟件和社交平台可能是我們正在做的事情中最關鍵的部分，但與硬件相比，軟件的構建資本密集度要低得多。所以它是程序中最小的部分。在每個領域內，我們正在做很多不同的事情。

So just like any project that we would run, we're constantly learning from how the products that we've shipped are doing, how the market is evolving overall, how competitors are doing, and what reaction they're seeing to different things, and what experiments are being played out. And we're kind of constantly tuning the road map. And obviously, some of these are longer-term things, right? So you start planning out the hardware that you're going to ship 2, 3 years in advance. But we're kind of constantly looking at the signals and learning and making decisions about what it makes sense to do forward. So that's definitely going to continue.

因此，就像我們要運行的任何項目一樣，我們不斷地從我們交付的產品的表現、市場的整體發展情況、競爭對手的表現以及他們對不同事物的反應，以及正在進行的實驗。我們正在不斷調整路線圖。顯然，其中一些是長期的事情，對嗎？因此，您開始提前 2、3 年規劃要交付的硬件。但我們一直在不斷地觀察信號，學習並做出決定，決定什麼是有意義的。所以這肯定會繼續下去。

And we will -- even though I'm -- none of the signals that I've seen so far suggests that we should shift the Reality Lab strategy long term. We are constantly adjusting the specifics of how we adjust -- of how we execute this. So I think that -- we'll certainly look at that as part of the ongoing efficiency work.

我們將——儘管我是——到目前為止，我所看到的任何信號都表明我們應該長期改變 Reality Lab 戰略。我們不斷調整我們如何調整的細節——我們如何執行它。所以我認為 - 我們肯定會將其視為正在進行的效率工作的一部分。

The other piece is just different tactics, things like trying to flatten the org, things like that. Those are going to apply across the whole company. So we expect that within the road map that we're trying to execute, both on Reality Labs and Family of Apps, we just want to focus on making all of our work more efficient. A lot of the time, when people talk about efficiency, there's a lot of focus on prioritization and which big things can you cut. But I actually think what makes you a better company over time is being able to execute and do more things because you're operating more efficiently, and you can get things done with fewer resources. So I'd like to kind of get us to that mode more, which I guess gets me to a higher level point in this, which is I just think we're in -- we've entered somewhat of a phase change for the company, where we just grew so quickly for like the first 18 years of the company's growth. And it's very hard to really crank on efficiency while you're growing that quickly. And I just think we're in a different environment now where we have a bunch of areas that, I mean, you're still extremely exciting and growing quickly for the future, where I think the right strategy will be to focus on kind of top line growth. But I think a lot of what we do, it really just makes sense to really focus on the efficiency a lot more than we had previously and making sure that we can do that work more effectively.

另一部分只是不同的策略，比如試圖扁平化組織之類的事情。這些將適用於整個公司。因此，我們希望在我們試圖執行的路線圖中，無論是在 Reality Labs 還是 Family of Apps 上，我們只想專注於提高我們所有工作的效率。很多時候，當人們談論效率時，很多人都在關注優先級以及可以削減哪些大事。但我實際上認為，隨著時間的推移，讓你成為一家更好的公司的是能夠執行和做更多的事情，因為你的運營效率更高，而且你可以用更少的資源完成工作。所以我想讓我們更多地進入那種模式，我想這讓我在這方面達到了更高的水平，我只是認為我們處於 - 我們已經進入了一些階段性的變化公司，我們在公司發展的前 18 年裡發展得如此之快。當您快速增長時，很難真正提高效率。而且我只是認為我們現在處於一個不同的環境中，我們有很多領域，我的意思是，你仍然非常興奮並且為未來快速發展，我認為正確的策略是專注於某種頂線增長。但我認為我們所做的很多事情，真正比以前更多地關注效率並確保我們能夠更有效地完成這項工作真的很有意義。

For what it's worth, I think if we do that well, it will be -- I think we'll be able to do better product work. And I think it will be a more fun place for people to work because I think they're going to get more stuff done. So I'm pretty committed to this, and it's going to go across all of the different things that we're doing.

對於它的價值，我認為如果我們做得好，那將是——我認為我們將能夠做更好的產品工作。而且我認為對於人們來說，這將是一個更有趣的工作場所，因為我認為他們會完成更多的工作。所以我非常致力於這一點，它將涉及我們正在做的所有不同的事情。

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

你的下一個問題來自摩根大通的 Doug Anmuth。

Great. Susan, I know the expense outlook came down by $5 billion. I was just hoping you could talk about some of the areas where you may be able to get increased efficiency still. And then what does the new expense outlook suggest for hiring levels in '23? And then separately, I was hoping you could comment on the issues in Europe around Meta's use of first-party data to target ads. How could this get resolved? And how should we think about the risk to Meta?

偉大的。蘇珊，我知道支出前景下降了 50 億美元。我只是希望你能談談你仍然可以提高效率的一些領域。那麼新的支出前景對 23 年的招聘水平有何影響？然後，我希望你能單獨評論一下歐洲圍繞 Meta 使用第一方數據來定位廣告的問題。這怎麼能解決？我們應該如何考慮 Meta 的風險？

I'll start with the 2023, the expense outlook. So the primary components of the reduction in the 2023 expense outlook are across 3 areas. The first is slower payroll growth. So we're continuing to scrutinize how we allocate resources across the company on this. We have a broad hiring freeze in place right now. And we continue to expect a slower pace of hiring in the year as we evaluate what roles we're going to open. I'll roll in the answer to your second question here, which is this is an ongoing process for us. We don't presently have a hiring target to share for the end of the year.

我將從 2023 年的支出前景開始。因此，2023 年支出前景減少的主要組成部分涉及 3 個領域。首先是工資增長放緩。因此，我們將繼續審查我們如何在整個公司內分配資源。我們現在有廣泛的招聘凍結。我們繼續預計今年的招聘速度會放緩，因為我們正在評估我們將要開設的職位。我將在這裡回答你的第二個問題，這對我們來說是一個持續的過程。我們目前沒有要分享的年底招聘目標。

The second component of the lower expense outlook is on cost of revenue. We're expecting slower growth. Depreciation here is impacted by us extending the useful lives of non-AI servers in Q4. And then the third component is our outlook now reflects an estimated $1 billion in facilities' consolidation charges. That's down from the prior $2 billion estimate that we gave in the last guidance range since a portion of the previously estimated charges were already recognized in Q4 2022. So those are really the big -- those are really the primary issues as it pertains to the lower expense outlook.

較低支出前景的第二個組成部分是收入成本。我們預計增長會放緩。這裡的折舊受到我們在第四季度延長非人工智能服務器使用壽命的影響。然後第三個組成部分是我們的前景，現在反映了估計 10 億美元的設施整合費用。這低於我們在上一個指導範圍內給出的之前 20 億美元的估計，因為之前估計的部分費用已經在 2022 年第四季度得到確認。所以這些真的很重要——這些確實是主要問題，因為它與較低的支出前景。

Your second question was on the issues in Europe around Meta using data to target ads. So I think if you're referring to the EU DPC ruling that we have to change our approach regarding our reliance on contractual necessity as a legal basis for ads in Europe, that's a decision. We don't agree with it. We believe that our current approach is GDPR-compliant, and we're appealing the substance of the rulings and the fines. We don't expect that those decisions are going to affect our ability to provide personalized advertising in the EU, and that advertisers should be able to continue to use our platforms to reach customers and grow their businesses.

你的第二個問題是關於歐洲使用數據定位廣告的 Meta 問題。所以我認為，如果你指的是歐盟 DPC 的裁決，即我們必須改變我們依賴合同必要性作為歐洲廣告法律依據的方法，那就是一個決定。我們不同意。我們相信我們目前的做法符合 GDPR，我們正在對裁決和罰款的實質內容提出上訴。我們預計這些決定不會影響我們在歐盟提供個性化廣告的能力，並且廣告商應該能夠繼續使用我們的平台來接觸客戶並發展他們的業務。

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

你的下一個問題來自美國銀行的 Justin Post 專線。

Maybe a follow-up on the privacy and data use. Are you still facing headwinds in the first quarter? Or are you kind of past that from IDFA or ATT? And then as you look out over the next year, anything on Android or in the EU with Digital Markets Act? Or anything we should be thinking about or aware of?

也許是關於隱私和數據使用的後續行動。你在第一季度仍然面臨逆風嗎？還是您有點超過了 IDFA 或 ATT？然後，當你展望未來一年時，Android 或歐盟的數字市場法案有什麼進展嗎？或者我們應該考慮或意識到的任何事情？

Thanks, Justin. On ATT, I think what I would say is there is still certainly an absolute headwind to our revenue number. That is the impact of the ATT changes being in place. Having said that, we are lapping its rollout and adoption. And we're making progress in mitigating the impact due to a lot of the work that both Javi and I just talked about, including the different advertiser tools, including ad formats that bring ad conversions on site and including the longer-term AI investments in privacy-enhancing technologies.

謝謝，賈斯汀。在 ATT 上，我想我要說的是，我們的收入數字仍然存在絕對的逆風。這就是 ATT 變更的影響。話雖如此，我們正在準備它的推出和採用。由於 Javi 和我剛才談到的很多工作，我們在減輕影響方面取得了進展，包括不同的廣告商工具，包括在網站上帶來廣告轉換的廣告格式，以及對 AI 的長期投資隱私增強技術。

The second part of your question was on, oh, anything from Android and other headwinds. On Android, it's too early to know where this will land. I think Google is taking an approach that is collaborating with the industry, which we think is critical, and we'll have updates as more time elapses there. And then your third -- the third part of your question, I think, was on regulatory issues in the EU. I think this was on DSA. We are expecting -- we have been preparing for some time to comply with DSA and meet the compliance deadlines that we expect to come into effect this year. Those are meaningful but manageable segment of costs. We've been preparing for a long time, and those costs have been factored already into our cost -- into our total expense guidance.

你問題的第二部分是，哦，來自 Android 和其他逆風的任何東西。在 Android 上，現在知道它會在哪裡落地還為時過早。我認為谷歌正在採取一種與行業合作的方法，我們認為這很關鍵，隨著時間的推移，我們會進行更新。然後是你的第三個——我認為你問題的第三部分是關於歐盟的監管問題。我認為這是在 DSA 上。我們期待 - 我們已經準備了一段時間來遵守 DSA 並滿足我們預計今年生效的合規期限。這些是有意義但可管理的成本部分。我們已經準備了很長時間，這些成本已經計入我們的成本——計入我們的總費用指南。

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

您的下一個問題來自 Youssef Squali 與 Truist 的使用。

Two questions for me, please. First, maybe one for Susan. Just staying on the theme of the efficiency and with all the adjustments to your cost basis lately, can you maybe just speak to the relationship you're trying to build between revenue growth and OpEx, CapEx growth over time? I think the last time we saw them move in tandem or close to each other was back in 2017. So are you at a point where you'd want them to grow much closer to each other? Or are we still in an investment mode and therefore, potentially margin compression mode beyond just 2023?

請問我兩個問題。首先，也許是給蘇珊的。只停留在效率的主題上，並且最近對你的成本基礎進行了所有調整，你能否談談你試圖在收入增長與運營支出、資本支出隨時間增長之間建立的關係？我認為我們上一次看到它們串聯移動或彼此靠近是在 2017 年。那麼您是否正處於希望它們彼此更加靠近的地步？或者我們是否仍處於投資模式，因此可能會在 2023 年之後出現利潤率壓縮模式？

And then maybe, Mark, can you just provide an update on kind of the health of the broad digital ad space, especially for the SMB side and DR? Just curious if coming out of Q4, you're incrementally bullish or you're still as cautious as, say, you were 3 or 6 months ago.

然後，馬克，您能否提供有關廣泛數字廣告空間健康狀況的更新，尤其是對於 SMB 端和 DR？只是好奇如果從第四季度出來，你會逐漸看漲，或者你仍然像 3 個月或 6 個月前一樣謹慎。

First question. So certainly, the lower expense outlook and CapEx outlook puts us in a better position in terms of financial performance for this year. We are, I think, still -- we're focused on the goal that Mark outlined, I think, last quarter of delivering compounding earnings growth, while enabling aggressively in future technology. And that continues to be the principle by which we are -- by which we're guiding our financial plans.

第一個問題。因此，可以肯定的是，較低的費用前景和資本支出前景使我們在今年的財務業績方面處於更好的位置。我認為，我們仍然——我們專注於馬克在上個季度概述的目標，即實現複合收益增長，同時積極推動未來技術的發展。這仍然是我們的原則——我們指導我們的財務計劃的原則。

The second question is on update -- on the health of the broader digital ad space. I can take -- I can start with this, and Javi, you should feel free to jump in if you want to add more color. Q4, for us, we saw -- the holiday season, for us, fell mostly within our range of expectations. Trends in online commerce modestly improved for us, which is encouraging, but again, the growth was still negative year-over-year. So overall, I think this is still a pretty volatile macro environment. It's early in the year to know how this will shape up for 2023. And if there's anything, Javi, you'd like to add, you can jump in.

第二個問題是關於更新——關於更廣泛的數字廣告空間的健康狀況。我可以——我可以從這個開始，Javi，如果你想添加更多顏色，你應該隨時加入。第四季度，對我們來說，我們看到——對我們來說，假期大部分都在我們的預期範圍內。對我們來說，在線商務的趨勢略有改善，這令人鼓舞，但同樣，同比增長仍然為負。所以總的來說，我認為這仍然是一個非常不穩定的宏觀環境。現在要知道 2023 年會如何發展還為時過早。Javi，如果你有什麼想補充的，可以加入。

No, I think you covered it well, Susan.

不，我認為你講得很好，蘇珊。

Your next question will come from the line of Ron Josey with Citi.

你的下一個問題將來自花旗銀行的 Ron Josey。

Mark, I wanted to talk a little bit more around the progress on the AI discovery engine in Reels. And we're seeing it in our own usage in terms of content and categories and just getting more insights and content that we'd like to see. But can you just talk about the added signal that Meta is seeing and gaining you to produce this more relevant content across Reels to Stories to Feed and maybe even Messenger?

馬克，我想多談談 Reels 中 AI 發現引擎的進展。我們在內容和類別方面看到了我們自己的使用，並且只是獲得了我們希望看到的更多見解和內容。但是，您能否談談 Meta 看到的附加信號，並促使您在 Reels 到 Stories to Feed 甚至 Messenger 中製作更相關的內容？

I'm not exactly sure what would be useful to share here. But in general, a lot of the gains that we're seeing on the discovery engine overall, which we basically used to refer to our AI recommendation system across Facebook and Instagram across all different content types of which Reels is sort of a special case, and that's growing the fastest with short-form video. But a lot of this is -- I mean there's not like one specific data type that's useful. A lot of the trends that we're seeing here is, we're using larger models, which require more computation. We've shifted the models from being more CPU-based to being GPU-based. We've seen big improvements in the amount of time and engagements that we've gotten. And we -- it's a little bit hard for us to predict exactly how much we'll be able to continue tuning those and improving. But from the experience that we've had so far, I would bet that there's still pretty significant upside there. I know that you kind of asked about specific data points, but I think that, that's really the theme that we're seeing. And that applies across Reels and the rest of the discovery engine.

我不確定在這里分享什麼會有用。但總的來說，我們在發現引擎上看到的很多收益，我們基本上用來指代我們在 Facebook 和 Instagram 上跨所有不同內容類型的 AI 推薦系統，其中 Reels 是一種特例，短視頻增長最快。但其中很多是——我的意思是沒有一種特定的數據類型是有用的。我們在這裡看到的很多趨勢是，我們正在使用更大的模型，這需要更多的計算。我們已將模型從更多基於 CPU 轉變為基於 GPU。我們已經看到我們獲得的時間和參與度有了很大的改進。而且我們 - 我們很難準確預測我們將能夠繼續調整和改進多少。但從我們迄今為止的經驗來看，我敢打賭那裡仍有相當大的上升空間。我知道你問過具體的數據點，但我認為，這確實是我們所看到的主題。這適用於 Reels 和其他發現引擎。

The one thing that I'd add, it's a little bit separate from your question, but we do spend most of the time talking about Reels, so maybe it's worth giving some color on the rest of the discovery engine work, which is -- has also been doing quite well and is much more incremental to the rest of the business because if people end up being able to discover additional photos or links or groups or things like that in Facebook or just interesting content across Instagram, then they're just more engaged in the product. And we already know how to monetize that content. So that ends up being really helpful both for the overall engagement, not very cannibalistic at all and already profitable. So that's -- we've spent less time talking about that because I get that Reels is sort of the faster-growing area.

我要補充的一件事，它與你的問題有點不同，但我們確實花了大部分時間談論 Reels，所以也許值得給發現引擎的其餘工作一些顏色，這是 -也一直做得很好，並且對其他業務的貢獻更大，因為如果人們最終能夠在 Facebook 中發現更多的照片、鏈接、群組或類似的東西，或者只是在 Instagram 上發現有趣的內容，那麼他們只是更多地投入到產品中。我們已經知道如何通過這些內容獲利。因此，這最終對整體參與度都非常有幫助，根本不是自相殘殺，而且已經有利可圖。這就是 - 我們花更少的時間談論這個，因為我知道 Reels 是增長更快的領域。

But we do still expect that as a percent of the overall feeds in Facebook and Instagram, recommended content will continue growing. I don't know if it will be a majority by the end of this year, but maybe it will be 30-ish percent, 40%, something in that zone, and continuing to grow because we can just find content that people are going to be interested in that may not be from accounts that they've followed directly. So hopefully, that's some useful color on what we're seeing across those efforts.

但我們仍然預計，推薦內容在 Facebook 和 Instagram 的總供稿中所佔的百分比將繼續增長。我不知道到今年年底它是否會成為多數，但也許會達到 30% 左右，40%，在那個區域，並且會繼續增長，因為我們可以找到人們正在瀏覽的內容對此感興趣可能不是來自他們直接關注的帳戶。所以希望，這是我們在這些努力中看到的一些有用的顏色。

Your next question comes from the line of John Blackledge with Cowen.

你的下一個問題來自 John Blackledge 與 Cowen 的對話。

Two questions. Just a follow-up on Reality Labs. Should we continue to expect accelerating losses at Reality Labs in '23? And if so, should we expect Reality Labs to be a peak up losses this year? And then second, Susan mentioned shop ads in the bucket of early monetization. Just any color there on how we might see that scale this year.

兩個問題。只是對 Reality Labs 的跟進。我們是否應該繼續期待 Reality Labs 在 23 年加速虧損？如果是這樣，我們是否應該期望 Reality Labs 今年的虧損達到頂峰？其次，Susan 在早期獲利方面提到了商店廣告。關於今年我們如何看待這一規模的任何顏色。

Yes. Sorry, I'll go ahead and take the first question about Reality Labs, and Javi, you can take the second question on shop ads. On Reality Labs, we still expect our full year Reality Labs losses to increase in 2023, and we're going to continue to invest meaningfully in this area given the significant long-term opportunities that we see. It is a long-duration investment, and our investments here are underpinned by the accompanying need to drive overall operating profit growth while we're making these investments.

是的。抱歉，我會繼續回答關於 Reality Labs 的第一個問題，Javi，你可以回答關於商店廣告的第二個問題。在 Reality Labs 方面，我們仍然預計 Reality Labs 的全年虧損將在 2023 年增加，鑑於我們看到的重大長期機會，我們將繼續在這一領域進行有意義的投資。這是一項長期投資，我們在這裡的投資得到了推動整體營業利潤增長的伴隨需求的支持，同時我們正在進行這些投資。

I'll turn it to Javi on the shop ads.

我會在商店廣告上將其轉給 Javi。

Yes. So in Q4, we continue to test shop ads in the U.S. We're seeing increased performance by helping direct the consumer to the place where they're most likely to purchase. So it's early to know, but we really finally saw product market fit in a test. It's off a small base. But to just give you a sense, we saw triple-digit growth in both revenue and adoption across Q4. We expect this growth to normalize to a lower level in 2023. And the shop ads beta has a revenue run rate in the hundreds of millions of dollars. So that gives you a small base. It's a small revenue run rate yet, but it's growing rapidly. And we expect it to continue, but normalize to more lower levels in 2023.

是的。因此，在第 4 季度，我們繼續在美國測試商店廣告。通過幫助將消費者引導至他們最有可能購買的地點，我們看到效果有所提高。所以現在知道還為時過早，但我們終於在測試中看到了產品市場契合度。這是一個小基地。但為了給您一個感覺，我們看到第四季度的收入和採用率都實現了三位數的增長。我們預計這種增長將在 2023 年正常化至較低水平。商店廣告測試版的收入運行率為數億美元。所以這給了你一個小基地。這是一個很小的收入運行率，但它正在迅速增長。我們預計它會繼續，但會在 2023 年正常化到更低的水平。

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

您的下一個問題來自 Mark Mahaney 與 Evercore ISI 的合作。

Two questions, please. The click-to-messaging at now that $10 billion revenue run rate. How do you think about the growth path for that going forwards? And do you find that that's bringing in brand-new advertisers to Meta that you hadn't seen before? Like who's coming in on that? And does that give you a new growth path?

請教兩個問題。現在點擊消息的收入達到 100 億美元。您如何看待未來的增長路徑？您是否發現這會為 Meta 帶來您以前從未見過的全新廣告商？就像誰進來了？這會給你一條新的成長道路嗎？

And then, Mark, if I could just ask you. This year of efficiency, it's almost like there's been a journey going on since early last year when you talked about -- talking about driving the business for growing operating profit. And I guess I just want to ask the why question. I mean it's -- the markets obviously like what they're hearing from you today and the changes. But why the much greater focus on efficiency not just tonight, but kind of over the last 9 or 12 months with maybe a few hiccups. Like what -- is it just the maturity of the business? Is it just trying to take on advantage of a crisis, but there is a crisis out there in terms of the economy, and maybe that forced minds to think this way? Just a little bit more color on the why.

然後，馬克，我能不能問問你。今年的效率，幾乎就像從去年年初開始的一段旅程，當時你談到 - 談論推動業務以增加營業利潤。我想我只想問為什麼問題。我的意思是——市場顯然喜歡他們今天從你那裡聽到的消息和變化。但是，為什麼不僅今晚，而且在過去 9 或 12 個月裡，都更加關注效率，可能還有一些小問題。比如——這只是業務的成熟度嗎？它是否只是想利用危機，但在經濟方面存在危機，也許這迫使人們這樣想？關於原因的更多顏色。

This is Susan. On the click-to-messaging ads. So we are -- this is one of our fastest-growing ads products, and we believe that they're bringing incremental demand onto our platform. I mentioned in my script that over half of click-to-message advertisers exclusively use click-to-message ads on our platform.

這是蘇珊。在點擊消息廣告上。所以我們 - 這是我們增長最快的廣告產品之一，我們相信它們正在為我們的平台帶來增量需求。我在我的腳本中提到，超過一半的點擊消息廣告商專門在我們的平台上使用點擊消息廣告。

In terms -- you asked how we're going to scale, and I think there are a couple of dimensions. In terms of demand, I think the biggest piece here is getting more businesses to adopt click-to-messaging ads via creating more entry points, simplifying creation flows. We're trying to integrate with partners who can help smaller businesses scale. So there's a lot of work going on there.

就術語而言 - 你問我們將如何擴展，我認為有幾個方面。就需求而言，我認為這裡最重要的部分是讓更多企業通過創建更多入口點、簡化創建流程來採用點擊消息廣告。我們正在嘗試與可以幫助小型企業擴大規模的合作夥伴進行整合。所以那裡有很多工作要做。

On the performance side, we're continuing to focus on just driving up the ROI that advertisers get from click-to-messaging ads. We're trying to give advertisers the ability to do more down-funnel optimization, create better in-thread experiences and simplify flows that help them drive conversion. And then ultimately, we're always focused on growing supply, and in this case, growing the business messaging ecosystem by creating more ways for people and businesses to connect across our messaging app. So I think an example of that would be something like business directory search on WhatsApp. So it's an opportunity we're very excited about and we've invested a lot in and we've seen very healthy growth.

在性能方面，我們將繼續專注於提高廣告商從點擊消息廣告中獲得的投資回報率。我們正在努力讓廣告商能夠進行更多的漏斗優化，創造更好的線內體驗並簡化有助於他們推動轉化的流程。然後最終，我們始終專注於增加供應，在這種情況下，通過為人們和企業創建更多方式來連接我們的消息傳遞應用程序，從而發展商業消息傳遞生態系統。所以我認為這方面的一個例子就是 WhatsApp 上的企業目錄搜索。因此，這是一個我們非常興奮的機會，我們已經投入了大量資金，而且我們已經看到了非常健康的增長。

I'll turn it to Mark on the efficiency question.

關於效率問題，我會把它交給馬克。

Yes. So I mean, on the efficiency point, I think we come to it from a few places. I mean one is just like the journey of the company. For the first 18 years, I think we grew at 20%, 30% compound or a lot more every year, right? And then obviously, that changed very dramatically in 2022, where our revenue was negative for the growth -- for the first time in the company's history. So that was a pretty big step down. And we don't anticipate that, that's going to continue, but I also don't think it's going to necessarily go back to the way it was before.

是的。所以我的意思是，在效率方面，我認為我們是從幾個地方來的。我的意思是一個就像公司的旅程。在最初的 18 年裡，我認為我們每年的複合增長率為 20%、30% 或更多，對吧？然後很明顯，這種情況在 2022 年發生了巨大變化，我們的收入對增長產生了負面影響——這在公司歷史上是第一次。所以這是一個相當大的進步。而且我們不認為這種情況會繼續下去，但我也不認為它一定會回到以前的狀態。

So I do think this is a pretty rapid phase change there that I think just forced us to basically take a step back and say, okay, we can't just treat everything like it's hyper growth. There are going to be some areas that are going to be very rapidly growing or that are very kind of future investments that we want to make. But we also have a lot of things now that are -- just have a lot of people using them and support large amounts of business and that we think we should operate somewhat differently. So there's that piece of it.

所以我確實認為這是一個非常快速的相變，我認為這只是迫使我們基本上後退一步說，好吧，我們不能把一切都當作超速增長來對待。將有一些領域將非常快速地增長，或者是我們想要進行的非常好的未來投資。但我們現在也有很多東西——只是有很多人在使用它們並支持大量業務，我們認為我們應該以不同的方式運作。這就是它的一部分。

But the other part of it that I'd say is that as we started doing the work, I actually think it makes us better, right? And that was somewhat unexpected, right? I kind of, historically, would have thought that this would just occupy some amount of our mind space and that, that would be more of a trade-off against how we are able to build products and get things done. But at this point, I'm actually fairly optimistic that there are a pretty good road map of things that we can do that will just make us more efficient and actually better able to build the things that we want.

但我要說的另一部分是，當我們開始工作時，我實際上認為它讓我們變得更好，對吧？這有點出乎意料，對吧？從歷史上看，我有點認為這只會佔據我們的一些思維空間，而且，這更像是一種權衡我們能夠構建產品和完成工作的方式。但在這一點上，我實際上相當樂觀，我們可以做的事情有一個很好的路線圖，這只會讓我們更有效率，實際上能夠更好地構建我們想要的東西。

Not all of them will help save money, right? So for example, focusing on AI tools to help improve engineer productivity, it's not necessarily going to reduce costs. Although over the long term, maybe it will make it so we can have fewer -- we just hire less, right, and stay a smaller company for longer. But I do think things like reducing layers of management just make it so information flows better through the company and so you can make faster decisions. And I think, ultimately, that will help us not only make better products, but I think it will help us attract and retain the best people who want to work in a faster-moving environment.

並非所有這些都有助於省錢，對吧？因此，例如，專注於人工智能工具來幫助提高工程師的生產力，並不一定會降低成本。儘管從長遠來看，也許它會成功，這樣我們就可以擁有更少的人——我們只是減少僱傭，對吧，並在更小的公司里呆得更久。但我確實認為，減少管理層級之類的事情只會讓信息在公司中更好地流動，這樣你就可以更快地做出決策。我認為，最終，這不僅會幫助我們製造出更好的產品，還會幫助我們吸引和留住想要在快速變化的環境中工作的最優秀人才。

And so that honestly was a little bit surprising, right, that as we started digging into this that the company would actually start to feel better to me. And I don't know how long that will -- like how long the road map is, if things that we can continue to do where that will be the case. But I do think we have a good amount of things like that. So that's why I'm really focused on this now. And I do want to continue to emphasize the dual goals here of making the company a better technology company and increasing our profitability. They're both important, but I think it's also really important to focus on the first one of just making it a better company because that way, even if we outperform our business goals this year, I just want to communicate, especially the people inside the company that we're going to stick with this, because I think it's just going to make us a better company over the long term. So I think that's it for now.

因此，老實說，這有點令人驚訝，對吧，當我們開始深入研究這個問題時，公司實際上會開始讓我感覺更好。我不知道那會持續多久——比如路線圖有多長，如果我們可以繼續做的事情會發生這種情況。但我確實認為我們有很多這樣的事情。所以這就是為什麼我現在真正專注於此。我確實想在這裡繼續強調使公司成為更好的技術公司和提高我們的盈利能力的雙重目標。它們都很重要，但我認為關注第一個也很重要，那就是讓它成為一家更好的公司，因為那樣的話，即使我們今年的業績超過了我們的業務目標，我也只想溝通，尤其是內部人員我們將堅持這一點的公司，因為我認為從長遠來看，這只會讓我們成為一家更好的公司。所以我認為現在就是這樣。

Operator, we have time for one last question.

接線員，我們有時間問最後一個問題。

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

這將來自 Brent Thill 和 Jefferies 的血統。

Susan, for your Q1 guidance, can you just remind us all what your embedded expectations are for market conditions, how you think about seasonality? What's embedded in that guidance?

蘇珊，對於你的第一季度指導，你能否提醒我們大家你對市場狀況的內在預期，你如何看待季節性？該指南中嵌入了什麼？

Thanks, Brent. For -- I mean for Q1, we are -- our guidance range of $26 billion to $28.5 billion corresponds to negative 7% to plus 2% year-over-year growth. And it reflects a wide range of uncertainty given the continuation of the general macro environment that we've been operating in. Again, we are pleased with the core engagement trends that we've talked about and the performance improvements that we're delivering for advertisers with our monetization work and our investments in AI. And we expect FX to be less of a headwind to year-over-year growth in Q1 than it was in Q4. But again, we are keeping a close eye on advertising demand and on the ongoing macroeconomic volatility.

謝謝，布倫特。對於 - 我的意思是對於第一季度，我們 - 我們的指導範圍為 260 億美元至 285 億美元，對應於負 7% 至正 2% 的同比增長。鑑於我們一直在其中運營的總體宏觀環境的持續，它反映了廣泛的不確定性。同樣，我們對我們所討論的核心參與趨勢以及我們正在實現的績效改進感到滿意廣告商與我們的貨幣化工作和我們對 AI 的投資。我們預計第一季度外匯對同比增長的不利影響將小於第四季度。但同樣，我們正在密切關注廣告需求和持續的宏觀經濟波動。

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

偉大的。感謝您今天加入我們。感謝您的寶貴時間，我們期待與您再次交談。

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。您現在可以斷開線路。