Meta Platforms Inc (META) 2012 Q4 法說會逐字稿

Good afternoon.

午安.

My name is Steve and I will be your conference Operator today.

我叫史蒂夫，今天我將擔任你們的會議接線生。

At this time, I would like to welcome everyone to the Facebook fourth-quarter earnings conference call.

此時此刻，我歡迎大家參加 Facebook 第四季財報電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speakers' remarks there will be a question-and-answer session.

演講者發言後將進行問答環節。

(Operator Instructions)

（操作員說明）

Thank you very much.

非常感謝。

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

Facebook 投資者關係總監 Deborah Crawford 女士，您可以開始了。

Thank you.

謝謝。

Good afternoon and welcome to Facebook's fourth-quarter and full year earnings conference call.

下午好，歡迎參加 Facebook 第四季和全年財報電話會議。

Joining me today to talk about our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and David Ebersman, CFO.

今天和我一起談論我們的業績的是執行長馬克祖克柏 (Mark Zuckerberg)；謝麗爾·桑德伯格，營運長；和財務長大衛·埃伯斯曼。

Before we get started, I would like to take this opportunity to remind you that, during the course of this call, we will make forward-looking statements regarding the future events and the future financial performance of the Company.

在我們開始之前，我想藉此機會提醒您，在本次電話會議期間，我們將對公司未來事件和未來財務表現做出前瞻性陳述。

We caution you to consider the important risk factors that could cause actual results to differ materially from those in the forward-looking statements, in the press release and this conference call.

我們提醒您考慮可能導致實際結果與前瞻性聲明、新聞稿和本次電話會議中的結果有重大差異的重要風險因素。

These risk factors are described in our press release and are more fully detailed under the caption risk factors in our quarterly report on Form 10-K, filed with the SEC on October 24, 2012.

這些風險因素在我們的新聞稿中進行了描述，並在我們於 2012 年 10 月 24 日向 SEC 提交的 10-K 表格季度報告中的風險因素標題下進行了更全面的詳細說明。

In addition, please note that the date of this conference call is January 30, 2013 and any forward-looking statements that we make today are based on the assumptions as of this date.

此外，請注意，本次電話會議的日期是 2013 年 1 月 30 日，我們今天所做的任何前瞻性陳述均基於截至該日期的假設。

We undertake no obligation to update these statements as a result of new information or future events.

我們不承擔因新資訊或未來事件而更新這些聲明的義務。

During this call, we will present both GAAP and non-GAAP financial measures.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release.

今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的調整表。

this call is being broadcast on the internet, and is available on the Investor Relations section of the Facebook website at investor.

這次電話會議正在網路上播出，您可以在 Facebook 網站投資者關係部分查看。

FB.com.

FB.com。

A rebroadcast of the call will be available after 6.00 PM Pacific Time today.

太平洋時間今天下午 6 點後將重播此電話會議。

The earnings press release and an accompanying investor presentation are also available on our website.

收益新聞稿和隨附的投資者簡報也可在我們的網站上取得。

After management's remarks we will host a Q&A session.

管理層發言後，我們將舉辦問答環節。

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

現在我想把電話轉給馬克。

Thanks, everyone, for joining us.

謝謝大家加入我們。

2012 was a big year for us.

2012 年對我們來說是重要的一年。

We made this big transition where now there are more people using Facebook on mobile every day than on desktops.

我們實現了這一重大轉變，現在每天在行動裝置上使用 Facebook 的人數比在桌上型裝置上使用的人數還要多。

This was challenging for us to navigate, since we started off the year with Apps that weren't as high quality as we wanted, and no ads in our Apps at all, but now we're coming out of the year with a strong foundation and a lot of momentum.

這對我們來說是一個挑戰，因為我們年初的應用程式品質沒有我們想要的那麼高，而且我們的應用程式中根本沒有廣告，但現在我們已經打下了堅實的基礎和很大的動力。

Just last week, comScore put out a report, saying Facebook is now 23% of all time spent on Apps in the US, and one of the next biggest Apps is Instagram at 3%, so put together, we're now more than a quarter of the time spent in Apps.

就在上週，comScore 發布了一份報告，稱 Facebook 現在占美國應用程式花費時間的 23%，其次最大的應用程式之一是 Instagram，佔 3%，所以加起來，我們現在超過了四分之一的時間花在應用程式上。

Today, there is no argument, Facebook is a mobile company.

如今，毫無疑問，Facebook 是一家行動公司。

As I've said before, there are three main parts of our strategy, build the best mobile product, build the platform and services that leverage the social graph, and build a really strong monetization engine.

正如我之前所說，我們的策略分為三個主要部分：打造最好的行動產品、打造利用社交圖譜的平台和服務，以及打造真正強大的獲利引擎。

I'm going to use our time today the same way I will on most of these calls, to give my assessment of how I think we're doing in each of these big areas.

我將像在大多數電話會議中一樣利用今天的時間，對我認為我們在每個大領域中的表現進行評估。

Let's start with mobile.

讓我們從行動裝置開始。

I think more people are starting to understand that mobile is a great opportunity for us.

我認為越來越多的人開始認識到移動對我們來說是一個很好的機會。

Mobile is the perfect device for Facebook for three reasons -- it allows us to reach more people; we have more engagement from the people who we reach; and I think we'll also be able to make more money for each minute people spend with us on their mobile devices.

行動裝置對 Facebook 來說是完美的設備，原因有三：它讓我們能夠接觸到更多的人；我們所接觸到的人有較多的參與度；我認為，人們在行動裝置上與我們一起度過的每一分鐘，我們也將能夠賺更多的錢。

But mobile isn't just driving greater engagement on Facebook.

但行動裝置不僅能提高 Facebook 的參與度。

Mobile enables many new experiences, and is growing overall share and across all Apps.

行動裝置帶來了許多新體驗，並且在所有應用程式中的整體份額正在不斷增長。

This creates a very dynamic ecosystem, and one where there's a lot of room for us to create even more sharing through Facebook.

這創造了一個非常動態的生態系統，我們有很大的空間可以透過 Facebook 創造更多分享。

Often, doing a good job is just about focusing on basic issues like performance and stability.

通常，做好工作只需專注於效能和穩定性等基本問題。

In December, we released a completely rewritten version of Facebook for Android.

12 月，我們發布了 Android 版 Facebook 的完全重寫版本。

This was the Android version of the iOS rewrite we did earlier last year.

這是我們去年早些時候重寫的 iOS 版本的 Android 版本。

Neither of these rewrites added big new features, but simply by improving speed and stability, we've made a much better user experience, enabling people to share even more.

這些重寫都沒有添加重大的新功能，但僅僅透過提高速度和穩定性，我們就創造了更好的用戶體驗，使人們能夠分享更多。

It's a good example of how early we are in the market that these changes made such a difference.

這是一個很好的例子，說明我們在市場上的起步有多早，這些變化就產生瞭如此大的影響。

Photos and Instagram are doing really well too.

照片和 Instagram 也表現出色。

We had our best day ever on New Year's Day with more than 600 million photos uploaded to Facebook.

我們在元旦度過了有史以來最美好的一天，Facebook 上傳了超過 6 億張照片。

Instagram has continued growing very quickly, and hopefully we'll have some new milestones to share with you all soon.

Instagram 持續快速發展，希望我們很快就能與大家分享一些新的里程碑。

A lot of what we had to do last year was simply to improve our mobile development process.

去年我們要做的很多事情只是改善我們的行動開發流程。

Now we're there.

現在我們到了。

We move fast and ship new versions of our Apps on a regular monthly cycle.

我們行動迅速，並每月定期發布新版本的應用程式。

You have a good version of all of the Facebook features you know and want on your phone.

您在手機上擁有您所了解和想要的所有 Facebook 功能的良好版本。

So now, the next thing we're going to do is get really good at building new mobile first experiences.

所以現在，我們要做的下一件事就是真正擅長建立新的行動優先體驗。

That's going to be a big theme for us this year.

這將成為我們今年的一個大主題。

If we do this well, we should be able to bring even more relevant content and connections to more people, and continue to deepen their engagement.

如果我們做得好，我們應該能夠為更多的人帶來更多相關的內容和聯繫，並繼續加深他們的參與。

Next I want to talk about platform and building new services, using the social graph.

接下來我想談談使用社交圖譜的平台和建立新服務。

Normally I'll use this section to talk about what's going on in the ecosystem outside of our Company, but this quarter, I think we built the most interesting new service using the social graph, Graph Search.

通常我會用這一部分來討論我們公司以外的生態系統中正在發生的事情，但本季度，我認為我們使用社交圖譜「圖譜搜尋」建立了最有趣的新服務。

This is an early beta product, but I'm really excited about it, because it's an entirely new kind of search.

這是一個早期的測試版產品，但我對此感到非常興奮，因為它是一種全新的搜尋方式。

It's not web search, it's structured search over the whole graph of content that people have mapped out on Facebook.

這不是網絡搜索，而是對人們在 Facebook 上繪製的整個內容圖進行的結構化搜索。

It's good for lots of things you wouldn't use a traditional search engine for; seeing where your friends have eaten or traveled to, browsing photos and content your friends have posted, finding new people to meet or recruit for a job, and many other things.

它可以做很多你不會使用傳統搜尋引擎做的事情；查看您的朋友在哪裡吃飯或旅行過，瀏覽您的朋友發布的照片​​和內容，尋找新朋友或招聘工作，以及許多其他事情。

Some of these are big areas, where we think there's room for much better product.

其中一些是大領域，我們認為有空間生產更好的產品。

Down the line, if we do this well, this could potentially turn into a meaningful business for us.

從長遠來看，如果我們做得好，這可能會變成對我們有意義的業務。

For now, we're going to continue working to refine the product and roll it out to everyone.

目前，我們將繼續努力完善該產品並將其推廣給所有人。

Still, I think the way the Graph Search is different from normal web search is a good example of how there's going to be this market for a whole new crop of social services, in existing markets today that weren't designed with the principles of real identity and social connections, et cetera.

儘管如此，我認為圖搜尋與普通網路搜尋的不同方式是一個很好的例子，說明在當今的現有市場中，全新的社會服務市場將如何存在，而這些市場並不是按照真實的原則設計的。身份和社會關係等等。

One platform development that I am really excited by is seeing how well our App install advertising product is doing.

讓我真正興奮的一個平台開發是看到我們的應用程式安裝廣告產品的表現如何。

Developers are finding that Facebook is a great service for connecting with the right people who want to use their Apps, and getting a lot of installs.

開發人員發現 Facebook 是一項出色的服務，可以與想要使用其應用程式的合適用戶建立聯繫，並獲得大量安裝。

On mobile, our platform already enables developers to help you bring your friends to a developers App.

在行動裝置上，我們的平台已經使開發者能夠幫助您將您的朋友帶到開發者應用程式中。

We also want to be one of the primary ways that developers get new people to their Apps in the first place, and with App install ads, we're off to a good, if early, start in achieving that.

我們也希望成為開發者首先吸引新用戶使用他們的應用程式的主要方式之一，而透過應用程式安裝廣告，我們為實現這一目標邁出了一個良好的（如果還早的話）開始。

Now I want to talk a bit about monetization.

現在我想談談貨幣化。

Last year was a big year for us here.

去年對我們來說是重要的一年。

We started off the year with no ads at all in mobile, and we ended up with approximately 23% of our ads revenue coming from mobile in the fourth quarter.

今年年初，我們在行動裝置上完全沒有廣告，最終第四季我們的廣告收入中約 23% 來自行動裝置。

That's a pretty amazing change.

這是一個非常驚人的變化。

One of the big drivers of this, has been that as we rolled out ads to News Feed, we found that it barely affected the level of engagement on Facebook.

造成這種情況的一大推動因素是，當我們向 News Feed 推出廣告時，我們發現它幾乎沒有影響 Facebook 上的參與度。

We thought that we could make this work over time without a big impact if we spent a long time tuning the ads, but the numbers turned out even better than we thought without much tuning, so this has enabled us to show people a few ads in News Feed each day.

我們認為，如果我們花很長時間調整廣告，我們可以隨著時間的推移完成這項工作，而不會產生太大影響，但結果比我們想像的還要好，無需太多調整，因此這使我們能夠向人們展示一些廣告每天的新聞提要。

So that means that now we have this News Feed ad business that we have barely tuned, and there's a big opportunity in front of us to make every ad that we're showing a lot better.

因此，這意味著現在我們幾乎沒有調整過動態消息廣告業務，而且我們面前有一個巨大的機會，可以讓我們展示的每一個廣告都變得更好。

The biggest ways that we're going to this are by improving targeting and relevance so we can show everyone content that they care more about, and by designing better ad products that aren't just about links and text and images.

我們實現這一目標的最重要方法是提高定位和相關性，以便我們可以向每個人展示他們更關心的內容，並設計更好的廣告產品，而不僅僅是連結、文字和圖像。

For targeting, I'm most excited about the work we're doing on Custom Audiences, our tool that lets advertisers upload their customer list and target against that, and information that is already on Facebook at the same time, perfectly.

對於定位，我最興奮的是我們在自訂受眾方面所做的工作，我們的工具可以讓廣告商上傳他們的客戶清單並針對該清單進行定位，同時完美地在 Facebook 上提供了資訊。

Say, my customers are in some age range and live in some states, you may not know which states your customers live in, but if they shared it on Facebook it's possible to create these kinds of experiences.

比方說，我的客戶處於某個年齡層並居住在某些州，您可能不知道您的客戶居住在哪些州，但如果他們在 Facebook 上分享，就有可能創造這些體驗。

For new ad experiences, I'm looking forward to doing more with different kinds of media.

對於新的廣告體驗，我期待利用不同類型的媒體做更多的事情。

As our News Feed design evolves to show richer kinds of stories, that opens up new opportunities to offer different kinds of ads as well.

隨著我們的動態消息設計不斷發展以展示更豐富的故事，這也為提供不同類型的廣告提供了新的機會。

Aside from ads, I do want to temper near-term expectations a little bit on revenue items coming from other areas, like Gifts or Graph Search.

除了廣告之外，我確實想稍微調整一下來自其他領域的收入項目的近期預期，例如禮物或圖譜搜尋。

I think these can be big opportunities for us long term, but for the foreseeable future, the most important thing for us is to continue building out great consumer experiences around these products.

我認為從長遠來看，這些對我們來說可能是巨大的機會，但在可預見的未來，對我們來說最重要的是繼續圍繞這些產品打造出色的消費者體驗。

We're going to invest in these, but for the next year at least, our work around ads will have by far the biggest impact on our business.

我們將在這些方面進行投資，但至少在明年，我們圍繞廣告的工作將對我們的業務產生迄今為止最大的影響。

Now, before I hand it off to Sheryl, there's one more thing I want to discuss.

現在，在我把它交給謝麗爾之前，我還想討論一件事。

We're at an interesting point in our evolution, where there are lots of areas we need to invest in.

我們正處於發展的一個有趣的階段，有很多領域需要我們投資。

We need to build the best mobile experiences, we need to build our platforms, and we need to build a really strong monetization engine.

我們需要打造最好的行動體驗，我們需要建立我們的平台，我們需要建立一個真正強大的獲利引擎。

We can easily invest our entire engineering team just in building out the nuts and bolts of these areas today, but we also feel like there's an imperative to start planting seeds for tomorrow's businesses as well.

今天，我們可以輕鬆地投資整個工程團隊來建立這些領域的具體細節，但我們也覺得有必要開始為明天的業務播下種子。

Products like Graph Search, that are in beta today, but will hopefully grow up to be pillars of the Facebook service and businesses, are things that we want to invest in aggressively, and things we feel like it's the right thing for our business over the long term to invest in aggressively.

像圖譜搜尋這樣的產品目前處於測試階段，但有望成長為 Facebook 服務和業務的支柱，是我們想要積極投資的東西，我們認為這對我們的業務來說是正確的事情。長期積極投資。

Based on this, we made the decision to continue to grow our headcount quickly in 2013, particularly in Product Development.

基於此，我們決定在2013年持續快速增加員工人數，特別是在產品開發方面。

This will likely cause our expenses to grow at a faster rate than we expect to grow our revenue this year, which means that aren't operating to maximize our profit this year, but we're doing what we think will build the best service and business over the long term.

這可能會導致我們的支出成長速度快於我們今年預期的收入成長速度，這意味著我們今年的營運目標不是最大化我們的利潤，但我們正在做我們認為將打造最好的服務和長期的業務。

Finally, I just want to take a minute to thank everyone who works at Facebook.

最後，我想花一點時間感謝所有在 Facebook 工作的人。

Last year really was an amazing year for us, on many levels.

去年對我們來說在許多層面上確實是令人驚奇的一年。

We connected one billion people, we navigated the transition to becoming a mobile company, and we laid the foundation for some great new products I'm excited to show the world this year.

我們連結了 10 億人，我們完成了向行動公司的轉型，我們為一些出色的新產品奠定了基礎，我很高興今年向世界展示。

And this is all because we have this unique culture, filled with some of the most talented people in the world, who are still mission-driven, who want to make the world a better place, and who work so hard to make the world that place.

這都是因為我們擁有這種獨特的文化，充滿了世界上最有才華的人，他們仍然以使命為導向，希望讓世界變得更美好，並且為讓世界變得更美好而努力工作地方。

Thank you, all.

謝謝你們。

Thanks to everyone who's on this call for taking the time to be with us today.

感謝所有參加本次電話會議的人今天抽出時間與我們在一起。

I look forward to be able to report on all the progress we will make next quarter.

我期待能夠報告我們下個季度取得的所有進展。

And now I'll hand the podium over to Sheryl.

現在我將把講台交給謝麗爾。

Thanks, Mark.

謝謝，馬克。

So our ad business continued its positive trajectory in the fourth quarter.

因此，我們的廣告業務在第四季度繼續保持積極的軌跡。

Total fourth-quarter revenue was $1.585 billion, with $1.329 billion coming from ads.

第四季總營收為 15.85 億美元，其中 13.29 億美元來自廣告。

This represents a 41% increase for advertising revenue.

這意味著廣告收入增加了 41%。

Ad revenue from News Feed increased across both desktop and mobile, and in Q4, approximately 23% of our ad revenue came from mobile, up from approximately 14% in Q3.

來自桌面和行動裝置的動態消息廣告收入均有所成長，第四季度，我們的廣告收入中約 23% 來自行動設備，高於第三季度的約 14%。

Our focus in the fourth quarter was to continue improving and scaling the products we launched in 2012.

我們第四季的重點是繼續改進和擴展 2012 年推出的產品。

We know that our advertising products are delivering results for marketers, and one of the best indicators of this came over the holiday season, where more businesses, from big brands to small retailers, used us as a core part of their holiday outreach.

我們知道，我們的廣告產品正在為行銷人員帶來成果，最好的指標之一是在假期期間，從大品牌到小型零售商，越來越多的企業將我們作為其假期推廣的核心部分。

Perhaps the biggest highlight in the fourth quarter was the increasing importance of mobile, not just to Facebook but also to our clients.

也許第四季最大的亮點是行動的重要性日益增加，不僅對 Facebook，而且對我們的客戶也是如此。

Marketers are realizing more and more that Facebook is one of the best places to reach their customers on mobile, because of our unique ability to reach specific target audiences at scale.

行銷人員越來越意識到，Facebook 是在行動裝置上接觸客戶的最佳場所之一，因為我們具有大規模接觸特定目標受眾的獨特能力。

Another highlight is the traction our offers and Promoted Post products, which are really easy to use, have given us at local businesses.

另一個亮點是我們的產品和推廣貼文產品非常易於使用，為我們當地企業帶來了吸引力。

As I described last quarter, our strategies focus on three priorities.

正如我上季度所述，我們的策略重點在於三個優先事項。

One, building products and tools that create value for every type of marketer.

第一，建構為各類行銷人員創造價值的產品與工具。

Two, proving that value to marketers.

第二，向行銷人員證明這價值。

And three, taking advantage of the unique opportunity we have in mobile.

第三，利用我們在行動領域擁有的獨特機會。

Starting with the first.

從第一個開始。

We build products that create value for every type of marketer.

我們打造為各類行銷人員創造價值的產品。

We continue our focus on four key customer segments; brand marketers, direct marketers, local businesses, and developers.

我們持續關註四個關鍵客戶群；品牌行銷人員、直銷人員、本地企業和開發人員。

For brand marketers, we combine access to the largest community of real people in the world, with some of the industry's best targeting capabilities.

對於品牌行銷人員來說，我們將世界上最大的真人社群的訪問權限與業內最好的定位能力結合在一起。

We now work with every one of the Ad Age Global 100 Advertisers and overall revenue from these clients is growing through consistently with our ad revenue in 2012, which means it significantly out paced the estimates for our overall ad spend from the industry.

我們現在與廣告時代全球 100 強廣告商中的每一位合作，這些客戶的總體收入與我們 2012 年的廣告收入一致增長，這意味著它大大超出了我們對行業總體廣告支出的估計。

In the fourth quarter, we launched a new way for advertisers to buy guaranteed ad impressions, with the goal of helping them reach massive audiences on mobile.

在第四季度，我們為廣告商推出了一種購買有保證的廣告展示次數的新方式，目的是幫助他們在行動裝置上吸引大量受眾。

Wal-Mart used this target block over the important Thanksgiving weekend to deliver 50 million mobile ads to their existing and potential customers.

沃爾瑪在重要的感恩節週末利用這一目標區塊向其現有和潛在客戶投放了 5000 萬個行動廣告。

We think this is a really important step in the evolution of mobile advertising, as these numbers rival the appeal of broader web and TV campaigns.

我們認為這是行動廣告發展過程中非常重要的一步，因為這些數字可以與更廣泛的網路和電視活動的吸引力相媲美。

Increasingly, companies use Facebook as the exclusive channel to launch new products.

越來越多的公司使用 Facebook 作為推出新產​​品的獨家管道。

To share one example, Michael Kors used Facebook to launch a line of new sneakers.

舉一個例子，Michael Kors 利用 Facebook 推出了一系列新運動鞋。

Many of the sneakers sold out online and in stores, and they achieved a 16 point increase in awareness of the sneaker among the 36 million people that the campaign reached on Facebook.

許多運動鞋在網路上和商店都被搶購一空，在 Facebook 上的 3,600 萬人中，該運動鞋的認知度提高了 16 個百分點。

That's the equivalent of 5.8 million new people in the brand's target audience, who are now aware of the new line of shoes.

這相當於該品牌的目標受眾中新增了 580 萬人，他們現在已經了解了新鞋履系列。

For direct marketers, the products we launched in the third quarter continued to gain traction in Q4 as well.

對於直銷商來說，我們在第三季推出的產品在第四季也持續受到關注。

Since we launched our office products at the end of September, we have seen stronger advertiser adoption and user engagement, with nearly 42 million unique users claiming an offer.

自從我們在 9 月底推出辦公室產品以來，我們看到了廣告商的採用和用戶參與度的提高，有近 4,200 萬獨立用戶申請了優惠。

Cost per redemption compare favorably to those from e-mail, newspaper, paid search and display media, based on data from the Direct marketing Association.

根據直銷協會的數據，每次兌換的成本比電子郵件、報紙、付費搜尋和顯示媒體的成本要低。

Discounts and promotions are often an important tactic for direct marketers and we think our Offers product is well-placed to compete in these media budgets.

折扣和促銷通常是直銷商的重要策略，我們認為我們的優惠產品在這些媒體預算中處於有利地位。

As Mark said, one of the products we're most excited about is Custom Audiences, which lets marketers show their ads to exactly the right people, by coupling our rich targeting capabilities with their own customer data, or data from a third party.

正如馬克所說，我們最興奮的產品之一是自訂受眾，它可以讓行銷人員透過將我們豐富的定位功能與自己的客戶資料或來自第三方的資料結合起來，向正確的人展示他們的廣告。

A large retailer, for example, can send one set of ads to customers who typically buy sporting goods, and a different set of ads to those who would purchase TV products.

例如，大型零售商可以向通常購買體育用品的客戶發送一組廣告，並向購買電視產品的客戶發送另一組廣告。

This results in some of the best targeting available on or off line today.

這導致了當今在線或離線可用的一些最佳定位。

To share one example, [Jax Rags], an online shopping site for men, used Custom Audiences to target specific segments of its customer database, and target them with ads for products that the Company knew were most relevant to them, such as sneakers.

舉一個例子，男性線上購物網站 [Jax Rags] 使用「自訂受眾」來定位其客戶資料庫的特定部分，並向他們投放公司知道與他們最相關的產品廣告，例如運動鞋。

As a result, the Company achieved a 30% lower cost per acquisition than other platforms, and saw a 6-times return on advertising spend.

結果，該公司的每次獲取成本比其他平台低了 30%，廣告支出回報率達到了 6 倍。

It's important to understand that Custom Audiences is not a separate standalone ad product, but rather a targeting capability that can be used with many of our ad products to drive greater accuracy and efficiency.

重要的是要了解，自訂受眾不是一個單獨的廣告產品，而是一種定位功能，可以與我們的許多廣告產品一起使用，以提高準確性和效率。

For example, when Custom Audiences is used with Offers, marketers can customize discounts for exactly the right kind of customer.

例如，當自訂受眾與優惠結合使用時，行銷人員可以為正確類型的客戶自訂折扣。

The Facebook exchange or FBX allows businesses to bid on specific ad impressions in realtime, and it continues to gain momentum and drive solid results for advertisers.

Facebook Exchange 或 FBX 允許企業即時對特定廣告展示進行競價，並且它繼續獲得動力並為廣告商帶來了可觀的成果。

Despite only becoming available to all marketers in September, by December, FBX served nearly one billion impressions daily, and supported over 1,300 advertisers each day.

儘管 FBX 在 9 月才向所有行銷人員開放，但到 12 月份，FBX 每天的展示次數已接近 10 億次，每天為 1,300 多家廣告商提供支援。

Large and small advertisers alike are seeing higher click-through rates, lower costs for conversion and strong incremental reaches in FBX.

大大小小的廣告主都在 FBX 中看到了更高的點擊率、更低的轉換成本和強勁的增量覆蓋範圍。

Revenue from local businesses was particularly strong in the fourth quarter.

第四季本地企業的營收尤其強勁。

We're pleased that the number of local business pages that advertised and Facebook nearly doubled since the beginning of 2012.

我們很高興看到，自 2012 年初以來，投放廣告的本地商業頁面和 Facebook 的數量幾乎翻了一番。

This is due in no small part to our Promoted Post product, which makes it easier for businesses to create and purchase ads directly from their Facebook page.

這在很大程度上要歸功於我們的推廣貼文產品，該產品使企業可以更輕鬆地直接從其 Facebook 頁面創建和購買廣告。

Almost 500,000 pages have used Promoted Posts.

近 50 萬個頁面使用了推廣貼文。

About 30% of these are new advertisers to Facebook, and more than 70% have become repeat customers.

其中約 30% 是 Facebook 的新廣告商，超過 70% 已成為回頭客。

Finally, for developers, we continue to gain traction with our new mobile App install ads.

最後，對於開發者來說，我們透過新的行動應用程式安裝廣告持續獲得吸引力。

Since their launch in October, they are already being used by 20% of the Top 100 grossing iOS Apps to accelerate growth.

自 10 月推出以來，收入最高的 100 款 iOS 應用程式中已有 20% 正在使用它們來加速成長。

According to research conducted by comScore in December, Facebook is the top driver of awareness of new mobile App downloads, and among people who learn about new Apps on Facebook, 48% click directly from the Facebook App to download new mobile Apps.

根據 comScore 12 月進行的研究，Facebook 是新行動應用程式下載認知度的最大推動力，在 Facebook 上了解新應用程式的人中，48% 的人直接從 Facebook 應用程式點擊下載新行動應用程式。

Cie Games used this product to drive installs of its new game, Car Town 2. As a result, it broke into the Top 10 games list on iOS in many countries, while achieving a 40% lower cost per installation compared to their other advertising.

Cie Games 使用該產品來推動其新遊戲《汽車城2》的安裝量。最終，該遊戲躋身許多國家/地區iOS 遊戲排行榜前10 名，同時與其他廣告相比，每次安裝成本降低了40 %。

In addition to games, we believe this will be a very useful product to help companies and industries like retail, travel and financial services shift their businesses to mobile.

除了遊戲之外，我們相信這將是一個非常有用的產品，可以幫助零售、旅遊和金融服務等公司和行業將業務轉移到行動裝置上。

Next, I want to focus on our commitment to proving value -- proving Facebook value to marketers.

接下來，我想重點討論我們對證明價值的承諾——向行銷人員證明 Facebook 的價值。

We designed all of our products to deliver a strong return on investment.

我們設計的所有產品都是為了提供豐厚的投資回報。

Given that we are still a relatively new marketing platform, proving that our ads are effective remains an important and ongoing priority for us.

鑑於我們仍然是一個相對較新的行銷平台，證明我們的廣告有效仍然是我們的重要且持續的優先事項。

We work with research companies like Nielsen, Aggregate Knowledge and Datalogix, to demonstrate how our ads drive sales and help inform our product development.

我們與 Nielsen、Aggregate Knowledge 和 Datalogix 等研究公司合作，展示我們的廣告如何推動銷售並協助為我們的產品開發提供資訊。

For example, research from Aggregate Knowledge shows that Facebook is an increasingly powerful tool to help marketers reach more people and drive sales.

例如，Aggregate Knowledge 的研究表明，Facebook 是一個日益強大的工具，可以幫助行銷人員接觸更多人並推動銷售。

In a study of fourth-quarter marketing campaigns, they found that media plans that included Facebook reached people who would not have seen the campaigns otherwise.

在第四季度行銷活動的研究中，他們發現，包括 Facebook 在內的媒體計畫吸引了原本不會看到這些活動的人。

In fact, 45% of those reached were reached exclusively through Facebook.

事實上，其中 45% 的受眾是透過 Facebook 專門接觸的。

The study also found that Facebook had a 68% lower cost per acquisition, and drove 24% more new sales than other online channels.

研究還發現，與其他線上管道相比，Facebook 的每次獲客成本降低了 68%，新銷售額增加了 24%。

We also worked with clients directly to integrate with their own measurement systems, so they can better understand the ROI Facebook delivers.

我們還直接與客戶合作，與他們自己的衡量系統集成，以便他們能夠更好地了解 Facebook 提供的投資回報率。

For example, we built a deep relationship with PepsiCo, where we worked with its Lays brand to drive significant sales ahead of plan, and a 5X return on ad spend, for their Do Us a Flavor campaign on Facebook.

例如，我們與百事公司建立了深厚的關係，我們與百事公司的樂事品牌合作，為他們在Facebook 上的「Do Us a Flavor」活動提前推動了顯著的銷售，並獲得了5 倍的廣告支出回報。

In the fourth quarter, we also made conversion tracking available in beta.

在第四季度，我們還在測試版中提供了轉換追蹤功能。

Conversion tracking allows marketers of all sizes to more easily measure the impact of their Facebook advertising, whether the Facebook ad is the first ad or the last ad the person sees before taking an action.

轉換追蹤使各種規模的行銷人員能夠更輕鬆地衡量 Facebook 廣告的影響，無論 Facebook 廣告是人們在採取行動之前看到的第一個廣告還是最後一個廣告。

Finally, I want to discuss how we are continuing to take advantage of the significant opportunity we have in mobile.

最後，我想討論一下我們如何繼續利用行動領域的重大機會。

As mentioned before, approximately 23% of our advertising revenue now comes from mobile.

如前所述，我們現在大約 23% 的廣告收入來自行動裝置。

In addition, 65% of our advertisers are now using ads in News Feed, which run on both desktop and mobile, up from 50% at the end of the third quarter.

此外，我們 65% 的廣告商現在在桌面和行動裝置上運行的 News Feed 中使用廣告，高於第三季末的 50%。

Marketers are recognizing that our News Feed is the most efficient and effective place to reach their customers, due in large part to the fact that ads in News Feed see a higher click-through rate and ultimately a lower cost for conversion than ads on the right hand side of our site.

行銷人員認識到，我們的動態消息是接觸客戶的最高效、最有效的地方，這在很大程度上是因為動態消息中的廣告比右側的廣告具有更高的點擊率，並且最終的轉化成本更低我們網站的手邊。

By working with Datalogix, we have shown that ads in News Feed also drives more than 8 times the incremental off line sales than ads on the right hand side.

透過與 Datalogix 合作，我們發現動態消息中的廣告所帶來的離線銷售增量是右側廣告的 8 倍以上。

Clients also recognize that, because our users share their real identities on Facebook, and because they are logged in when they use Facebook on mobile, we have a unique ability to serve advertising that people find relevant.

客戶也認識到，由於我們的用戶在 Facebook 上分享他們的真實身份，並且由於他們在行動裝置上使用 Facebook 時已登錄，因此我們擁有獨特的能力來投放人們認為相關的廣告。

This is an important competitive advantage for us, relative to other mobile platforms, and one we think we are very unique in.

相對於其他行動平台，這對我們來說是一項重要的競爭優勢，我們認為我們在這一方面非常獨特。

Overall, we continue to make real progress advancing our advertising strategy.

整體而言，我們在推動廣告策略方面持續取得實際進展。

Our revenue and key metrics are growing nicely, and as we look ahead to 2013, we're very confident in the direction of our ad business.

我們的營收和關鍵指標成長良好，展望2013年，我們對廣告業務的方向非常有信心。

Over one billion people are on Facebook, and we are enabling businesses to engage with them directly wherever they are.

Facebook 上的用戶超過 10 億，我們讓企業能夠直接與他們互動，無論他們身在何處。

Our massive scale, accurate targeting, strength in mobile, and new advertising products are driving measurable results for all types of businesses, and transforming the way people and businesses connect.

我們的大規模規模、準確的定位、行動領域的優勢以及新的廣告產品正在為所有類型的企業帶來可衡量的成果，並改變人們和企業的聯繫方式。

We look forward to making even more progress in these areas in the year ahead.

我們期待未來一年在這些領域取得更大進展。

Now, I'll hand it over to David.

現在，我將把它交給大衛。

Thanks, Sheryl, and good afternoon, everyone.

謝謝，謝麗爾，大家下午好。

We're pleased with the progress we have made in Q4 against our key financial priorities, growing revenue, investing aggressively in areas critical to our future performance, and positioning the Company to maximize long-term financial returns.

我們對第四季度在關鍵財務優先事項上的進展感到滿意，包括增加收入、積極投資對我們未來業績至關重要的領域，以及使公司實現長期財務回報最大化。

We ended the year with 1.06 billion people using Facebook, up 25% from a year ago.

截至年底，Facebook 用戶數量為 10.6 億，比去年同期成長 25%。

In December, 618 million people accessed Facebook each day on average, up 28% from last year, and we grew monthly and daily users across all geographic regions.

12 月，平均每天有 6.18 億人造訪 Facebook，比去年增長 28%，並且我們在所有地理區域的月度和每日用戶數量均有所增長。

Mobile continues to drive our growth.

移動繼續推動我們的成長。

680 million people accessed Facebook from Mobile Devices in December, up 57% versus last year, and the numbers I just mentioned do not include Instagram, which continues to grow at an impressive rate.

12 月份，有 6.8 億人透過行動裝置造訪 Facebook，比去年成長了 57%，而我剛才提到的數字不包括 Instagram，後者繼續以驚人的速度成長。

We ended 2012 with strong engagement across our products, and this engagement remains a foundation for everything we're trying to build.

2012 年結束時，我們的產品都具有很強的參與度，這種參與度仍然是我們努力打造的一切的基礎。

Turning to revenue, in Q4, revenue was up 40% year-over-year, or 42% when adjusted for constant exchange rates.

說到收入，第四季營收年增 40%，按固定匯率調整後成長 42%。

Q4 year-over-year growth would have been 34%, if adjusted to exclude the additional month of Payments transactions we recognized as planned.

如果調整後排除我們按計劃確認的額外月份支付交易，第四季度同比增長率將為 34%。

Ad revenue in Q4 was up 41% or 43%, when adjusted for constant exchange rates.

根據固定匯率調整後，第四季的廣告收入成長了 41% 或 43%。

Year-over-year advertising growth in Q4 was the strongest of any quarter in 2012, and we view this as a validation of our recent investments in mobile News Feed ads, growing our advertiser base, and launching new ad products.

第四季的廣告年增率是 2012 年所有季度中最強勁的，我們認為這是對我們最近在行動動態廣告、擴大廣告商基礎和推出新廣告產品方面的投資的驗證。

In the fourth quarter, ad impressions were up 46%, and average price per ad was down 4% compared to last year.

第四季度，廣告展示次數增加了 46%，每個廣告的平均價格比去年下降了 4%。

These trends were driven by significantly faster impression growth in developing markets such as Asia and Latin America, which have relatively lower pricing and thereby brought down our average price overall.

這些趨勢是由亞洲和拉丁美洲等發展中市場的印象增長明顯加快所推動的，這些市場的定價相對較低，從而拉低了我們的整體平均價格。

The faster impression growth in developing markets in Q4 was significantly affected by product changes, primarily our decision to lower the market reserve price, or the floor price we accept in our auction, which increased the number of ads shown in these markets.

第四季發展中市場的展示次數成長較快受到產品變化的顯著影響，主要是我們決定降低市場保留價或我們在拍賣中接受的底價，這增加了這些市場中展示的廣告數量。

We continue to see positive trends in price per ad in key developed markets, including an 18% increase in average price in the US and Canada in Q4.

我們繼續看到主要已開發市場每廣告價格的正面趨勢，其中第四季度美國和加拿大的平均價格上漲了 18%。

Payments and other revenue was $256 million in Q4.

第四季支付和其他收入為 2.56 億美元。

As planned, in Q4, we recognized revenue from four months of payments transactions, for accounting reasons detailed in our last 10-Q.

按照計劃，在第四季度，我們確認了四個月支付交易的收入，出於我們上一個 10 季中詳細說明的會計原因。

Adjusting for the extra month, Payments' revenues from games was essentially flat with the fourth quarter of 2011.

經過額外一個月的調整後，Payments 的遊戲營收與 2011 年第四季基本持平。

This past quarter, Payments and other revenue also included around $5 million from sources outside of games, primarily user-Promoted Posts, and to a lesser extent, from our new Gifts product.

上個季度，支付和其他收入還包括來自遊戲以外來源的約 500 萬美元，主要是用戶推薦的帖子，還有少量來自我們的新禮品產品。

Shifting now to expenses.

現在轉向支出。

In Q4, our total GAAP expenses were $1.06 billion.

第四季度，我們的 GAAP 總支出為 10.6 億美元。

Excluding the impact of stock compensation, total expenses increased 67% to $849 million, driven primarily by headcount and infrastructure.

排除股票薪酬的影響，總支出增加 67% 至 8.49 億美元，這主要是由員工數量和基礎設施推動的。

We ended 2012 with just over 4,600 employees, a 44% increase from last year, driven by hiring in our technical groups.

2012 年底，我們的員工總數超過 4,600 名，比去年增加了 44%，這得益於我們技術團隊的招募。

We were recently ranked the number one place to work by Glass Door, which we view as a testament to how strong our culture remains, through this period of significant headcount growth.

最近，我們被《Glass Door》評為最佳工作場所，我們認為這證明了我們的文化在這段員工人數大幅增長的時期依然強大。

In Q4, our GAAP operating income was $523 million.

第四季度，我們的 GAAP 營業收入為 5.23 億美元。

Excluding stock comp, our non-GAAP operating income was $736 million, representing a 46% operating margin.

不包括股票補償，我們的非 GAAP 營業收入為 7.36 億美元，營業利潤率為 46%。

Our GAAP tax rate for Q4 was 87%, and our non-GAAP tax rate was 41%.

我們第四季的 GAAP 稅率為 87%，非 GAAP 稅率為 41%。

For 2013, we expect our non-GAAP tax rate to be a few percentage points higher than the rate in Q4.

對於 2013 年，我們預計非 GAAP 稅率將比第四季高出幾個百分點。

Additionally, we ended the year with approximately $5.8 billion in NOL tax loss carryforwards, created by stock compensation.

此外，我們年底也透過股票補償產生了約 58 億美元的 NOL 稅收損失結轉。

GAAP net income and EPS for the fourth quarter was $64 million or $0.03 per share, non-GAAP net income and EPS was $426 million or $0.17 per share, compared to $0.15 in Q4 last year.

第四季 GAAP 淨利和每股收益為 6,400 萬美元，即每股 0.03 美元；非 GAAP 淨利和每股收益為 4.26 億美元，即每股 0.17 美元，而去年第四季為 0.15 美元。

We ended Q4 with $9.6 billion in cash and investments, giving us great flexibility and risk protection.

在第四季末，我們擁有 96 億美元的現金和投資，為我們提供了極大的靈活性和風險保護。

Looking forward now, we believe we've built a solid foundation for continued growth in 2013 and beyond.

現在展望未來，我們相信我們已經為 2013 年及以後的持續成長奠定了堅實的基礎。

In our ads business, we believe we have good momentum and plan to continue investing to grow advertiser demand and improve the quality, engagement and value of our ads, particularly in News Feed.

在我們的廣告業務中，我們相信我們有良好的勢頭，並計劃繼續投資以增加廣告商的需求並提高廣告的品質、參與度和價值，特別是在動態消息中。

In terms of 2013 expectations for Payments, our games ecosystem continues to show healthy signs of diversification, with new kinds of games growing engagement and monetization in Q4.

就 2013 年支付預期而言，我們的遊戲生態系統持續呈現多元化的健康跡象，第四季度新型遊戲的參與度和貨幣化程度不斷提高。

However, we continue to face an offsetting headwind from declining desktop usage in developed markets, since our games payments revenue is essentially all from desktop computers.

然而，由於我們的遊戲支付收入基本上全部來自桌上型電腦，因此我們繼續面臨已開發市場桌上型電腦使用率下降的不利影響。

In terms of non-games payments revenue, while we remain excited about the long-term potential of commerce on Facebook, current revenue from user-Promoted Posts and Gifts is very small, and we expect 2013 contributions from these initiatives to remain very small, given current run rates.

就非遊戲支付收入而言，雖然我們對 Facebook 上商業的長期潛力仍然感到興奮，但目前來自用戶推廣帖子和禮物的收入非常小，我們預計 2013 年這些舉措的貢獻仍然很小，給定當前運行率。

In terms of infrastructure, we expect CapEx spend in 2013 will be in the neighborhood of $1.8 billion, as we continue to invest in servers, new data centers, and network infrastructure to enable us to bring Facebook speedily and reliably to everyone around the world.

在基礎設施方面，我們預計2013 年的資本支出將在18 億美元左右，因為我們將繼續投資於伺服器、新資料中心和網路基礎設施，以使我們能夠快速、可靠地將Facebook 帶給世界各地的每個人。

We're pleased that planned 2013 CapEx spend is up relatively modestly compared to 2012, which came in under forecast at a shade under $1.6 billion, as our investments in software and hardware efficiency are paying off nicely.

我們很高興看到，與2012 年相比，計劃的2013 年資本支出增長相對溫和，2012 年低於預期，略低於16 億美元，因為我們在軟體和硬體效率方面的投資得到了良好的回報。

As Mark noted, 2013 will be a year of significant investment in areas we believe are critical to drive long-term engagement and monetization, and we plan to continue to hire aggressively to accelerate product development, and deliver new products for users and advertisers.

正如Mark 指出的那樣，2013 年將是在我們認為對推動長期參與和貨幣化至關重要的領域進行重大投資的一年，我們計劃繼續積極招募人員以加速產品開發，並為用戶和廣告商提供新產品。

As a result of our hiring and investment plans, we expect that our total expenses, excluding stock comp, will likely grow by somewhere around 50% in 2013, though actual growth will depend on hiring and project decisions we make through the year.

由於我們的招聘和投資計劃，我們預計 2013 年我們的總支出（不包括股票補償）可能會增加 50% 左右，儘管實際增長將取決於我們全年做出的招聘和專案決策。

We believe this level of near-term investment is the right strategic decision, to enable long-term value creation.

我們相信這種程度的短期投資是正確的策略決策，能夠創造長期價值。

We're excited about the potential returns from investing in our product.

我們對投資我們產品的潛在回報感到興奮。

We continue to feel there's operating leverage inherent in our business, and we're committed to building a highly-profitable cash-generating business over the long term.

我們仍然認為我們的業務具有固有的營運槓桿，並且我們致力於長期建立高利潤的現金產生業務。

In summary, we believe we're entering 2013 in a strong position.

總而言之，我們相信我們在進入 2013 年時處於有利地位。

We're working in very large markets that offer us great opportunities for growth.

我們正在非常大的市場開展工作，這為我們提供了巨大的成長機會。

We have uniquely-valuable assets in terms of the size, identity, and engagement of the people who use Facebook, and we have a fantastic group of employees who have big aspirations to build on our financial performance from 2012.

就 Facebook 用戶的規模、身分和參與度而言，我們擁有獨特的寶貴資產，而且我們擁有一群出色的員工，他們雄心勃勃地希望從 2012 年起繼續鞏固我們的財務表現。

Now, let's open the call for questions.

現在，讓我們開始提問。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Douglas Anmuth from JPMorgan.

你的第一個問題來自摩根大通的道格拉斯安穆斯 (Douglas Anmuth)。

Your line is open.

您的線路已開通。

Just wanted to ask two things.

只是想問兩件事。

First, can you help us understand the mobile trajectory through Q4, just given the commentary you gave about exiting Q3 at a $270 million run rate, and doing more than $300 million in the fourth quarter?

首先，您能否幫助我們了解第四季度的移動軌跡？僅考慮您對以 2.7 億美元的運行率退出第三季度並在第四季度實現超過 3 億美元的評論的評論？

Did you open up more additional inventory in Q4 from the late Q3 levels, and did you see any notable change in pricing?

您是否在第四季度比第三季末增加了更多庫存？您是否看到價格有任何顯著變化？

And then can you also just comment on how you feel about the volume of ad load in the News Feed right now on both desktop and mobile, and perhaps in terms of baseball innings, where you think you are in terms of penetration?

然後，您是否也可以評論一下您對桌面和行動裝置上動態消息中廣告負載量的看法，或許還可以就棒球局數而言，您認為自己在滲透率方面處於什麼位置？

Thanks.

謝謝。

I'll take the first half.

我就拿上半場來說吧

We think the most important thing is we think mobile can be a huge opportunity for us and we're really pleased with the progress we made in the fourth quarter.

我們認為最重要的是我們認為行動領域對我們來說是一個巨大的機會，我們對第四季度的進展感到非常滿意。

If you compare the averages Q3 versus Q4, well if you compare the overall revenue, our mobile revenue doubled from Q3 to Q4, and we continue to make progress also, in terms of the quality and the relevance of the mobile ads that we show.

如果你比較第三季和第四季的平均水平，如果你比較整體收入，我們的行動收入從第三季到第四季翻了一番，而且我們在展示的行動廣告的品質和相關性方面也繼續取得進步。

I think the most important thing here is we're still really early.

我認為最重要的是我們還很早。

A couple quarters ago, mobile revenues were 0% of our ads revenue, and now we're up to 23% and believe there's a lot more we can do, and a lot of growth ahead of us.

幾個季度前，行動收入占我們廣告收入的 0%，而現在我們已達到 23%，並且相信我們還有很多事情可以做，而且我們還有很大的成長空間。

I'll speak to the quality piece.

我會談談品質。

So one of the things that we measure for News Feed quality is the amount of feedback that we get, so likes and comments and things like that, and just to give a sense of the magnitude of these things, the ranking improvements and things that we did over the course of last year improved the amount of feedback in News Feed, on the order of about 50%.

因此，我們衡量動態消息品質的因素之一是我們收到的回饋量，例如按讚和評論等，只是為了讓大家了解這些事情的嚴重程度、排名改進以及我們所做的事情。去年，News Feed中的回饋量確實提高了約50%。

I don't know if it was quite exactly 50%, but it was on that order.

我不知道是否完全是 50%，但確實是按照這個順序。

And we measure very closely, when we take into account advertising and spend, in order to rank ads into News Feed, we're inherently not showing what would have organically shown up in that slot, so we want to make sure we're not decreasing quality by a big amount.

當我們考慮到廣告和支出時，我們會進行非常仔細的衡量，以便將廣告排名到動態消息中，我們本質上不會顯示該位置中會自然顯示的內容，因此我們希望確保我們不會質量大幅下降。

So what we found was that when we did the tests to take out the ads, we were -- inserting the ads had about a 2% reduction in the amount of likes and comments.

我們發現，當我們進行刪除廣告的測試時，插入廣告後按讚和留言的數量減少了約 2%。

So over the period of last year, we had on the order of a 50% increase and a very marginal offset of 2% for putting ads in, which just makes us feel really confident that we're continuing to very strongly net improve the experience of Feed.

因此，在去年期間，我們在廣告方面增加了 50% 左右，並有 2% 的邊際補償，這讓我們非常有信心繼續大力淨改善體驗飼料。

And that's one of the things that I mentioned in my script before.

這是我之前在劇本中提到過的事情之一。

We weren't that, we're confident we could get this to a good place over time in terms of being a good experience, but the amount of the improvements we've done have just dwarfed the quantitative feedback hit that anything that we've seen on the ads is very promising to us, in terms of what we're going to be able to do, going forward.

我們不是那樣的，我們有信心隨著時間的推移，我們可以把它帶到一個好的地方，成為一種良好的體驗，但我們所做的改進的數量使定量反饋相形見絀，我們所做的任何事情都相形見絀。就我們未來能夠做的事情而言，我們在廣告上看到的內容對我們來說非常有希望。

Your next question comes from the line of Ben Schachter with Macquarie.

你的下一個問題來自 Ben Schachter 與麥格理 (Macquarie) 的對話。

Your line is now open.

您的線路現已開通。

Mark, in the comments you said you're looking at different types of media for ads.

馬克，在評論中你說你正在尋找不同類型的廣告媒體。

I was wondering at a high level, if you could talk about how that would potentially change the overall Facebook experience, and if you could give real examples for how these different types of ad units would come into play.

我想知道，您是否可以從高層次上談談這將如何改變 Facebook 的整體體驗，以及您是否可以舉出真實的例子來說明這些不同類型的廣告單元將如何發揮作用。

And also, just separately, engagement.

另外，還有參與度。

I was wondering if you could give us any update on how you're viewing engagement, or any change to how you measure it, and any views on how that's going through the quarter?

我想知道您是否可以向我們提供有關您如何看待參與度的最新信息，或者您衡量參與度的任何變化，以及對整個季度的情況有何看法？

Thanks.

謝謝。

Sure.

當然。

So one of the product design principles that we've always had is, we want the organic content to be of the same basic types of formats as paid content, right?

因此，我們一直以來的產品設計原則之一是，我們希望有機內容具有與付費內容相同的基本格式類型，對吧？

So historically, advertisers want really rich things like big pictures or videos, and we haven't provided those things historically, but one of the things we've done in the last year, is you've seen the organic News Feed product that consumers use, moving towards bigger pictures, richer media, and I think you'll continue to see it go in that direction.

所以從歷史上看，廣告商想要真正豐富的東西，比如大圖片或視頻，而我們歷史上沒有提供這些東西，但我們去年所做的事情之一，就是你已經看到了消費者所使用的有機動態消息產品。使用，走向更大的圖片、更豐富的媒體，我想你會繼續看到它朝這個方向發展。

And I think a lot of the success of products like Instagram is because of that, it's very immersive, even on a small screen, it's a wonderful photo product.

我認為像Instagram這樣的產品的許多成功都是因為它，它非常具有沉浸感，即使在小螢幕上，它也是一個很棒的照片產品。

And when you have those form factors for the content, that gives you the ability to offer those form factors for advertising as well, so I think you see the trend there in terms of where it's going, and that's naturally going to make it so we can deliver much more engaging advertising experiences than we were traditionally able to do when we didn't have those types of content in the system.

當你有了這些內容的形式因素時，你就能夠為廣告提供這些形式因素，所以我認為你看到了它的發展趨勢，這自然會使得我們當系統中沒有這些類型的內容時，我們可以提供比傳統上更具吸引力的廣告體驗。

David can speak to some of the stats you were asking about.

大衛可以談談你所詢問的一些統計數據。

In terms of engagement, overall, everything continues to go very well.

就參與度而言，整體而言，一切都進展順利。

We passed a billion users, and in the fourth quarter, 59% of them used Facebook on an average day in December, which is up a couple percent from where we started the year, so just pretty remarkable how, as we continue to grow the user base, that number continues to grow and really speaks to the value of the service and the importance of mobile, which is really driving that.

我們的用戶數量超過了10 億，在第四季度，其中59% 的用戶在12 月份平均每天使用Facebook，這比我們年初的數字增長了幾個百分點，所以隨著我們繼續增長用戶數量，這一數字非常引人注目。用戶群，這個數字持續成長，真正說明了服務的價值和移動的重要性，這確實推動了這一點。

There's another metric we track which measures the number of people who have come to the site, in at least six of the last seven days, so it shows the audience for whom Facebook is a daily experience, and that, we ended the year with record highs on that metric as well.

我們追蹤的另一個指標是衡量過去 7 天中至少有 6 天訪問過該網站的人數，因此它向受眾展示了 Facebook 是他們的日常體驗，而且我們以創紀錄的成績結束了這一年該指標也很高。

So everything continues to go well, and our job is to make Facebook a better, more useful product so we can continue to drive new kinds of engagement in the future.

所以一切都會繼續順利進行，我們的工作就是讓 Facebook 成為一個更好、更有用的產品，這樣我們就可以在未來繼續推動新的參與方式。

Your next question comes from the line of Heather Bellini with Goldman Sachs.

您的下一個問題來自高盛的希瑟貝利尼 (Heather Bellini)。

Your line is now open.

您的線路現已開通。

I had a question for Sheryl and then a question for Mark.

我問了謝麗爾一個問題，然後又問了馬克一個問題。

Sheryl, I was wondering if you could share with us what you've seen from FBX.

Sheryl，我想知道您是否可以與我們分享您從 FBX 看到的內容。

I know it's still early, but what milestones you're looking to hit with this business in 2013?

我知道現在還為時過早，但您希望在 2013 年實現這項業務的哪些里程碑？

And then, Mark, just wondering where you think we are in terms of the social ad revolution, and when you look out over the next 12 months, what do you think could surprise you the most in terms of revenue opportunities that are ahead of you when you look out for 2013?

然後，馬克，我想知道您認為我們在社交廣告革命方面處於什麼位置，當您展望未來 12 個月時，您認為在您面前的收入機會方面，什麼最能讓您感到驚訝你什麼時候展望2013年？

Thanks.

謝謝。

So on FBX, as everyone knows, it's realtime bidding for specific instructions, we're very encouraged by what we see, both in terms of marketing demand and ad performance.

因此，眾所周知，在 FBX 上，它是針對特定指示的即時競價，無論是在行銷需求還是廣告效果方面，我們對所看到的情況感到非常鼓舞。

And the numbers, as I said in my opening remarks, are getting higher.

正如我在開場白中所說，這個數字正在變得越來越高。

We see good data from our clients and customers that it's driving more conversions, we have data from one of our clients, Triggit, that FBX drives 36% more conversions than we target anywhere else, Shutterfly had a 4X higher return on ad spend than other platforms, and we have a bunch of other examples like that.

我們從我們的客戶和顧客那裡看到了良好的數據，表明它正在推動更多的轉化，我們從我們的客戶之一Triggit 那裡得到的數據表明，FBX 比我們在其他任何地方的目標實現了36%多的轉化，Shutterfly 的廣告支出報酬率比其他公司高出4 倍平台，我們還有很多類似的其他例子。

I would say the importance of FBX is not just the product itself, but really what it represents, and the other opportunities around making the ads more targeted.

我想說 FBX 的重要性不僅在於產品本身，還在於它所代表的內容，以及其他讓廣告更有針對性的機會。

So FBX is one way of making the ads better targeted and more useful to users, which makes a higher return from advertisers.

因此FBX是一種讓廣告更有針對性、對使用者更有用的方式，讓廣告主獲得更高的回報。

Custom Audiences is another, but I think what you're seeing from us is a really big push to make our ads higher quality, better for users, higher return for advertisers, and FBX is just one of many ways we're working on doing that.

自訂受眾是另一個，但我認為您從我們這裡看到的是一個真正巨大的推動力，使我們的廣告品質更高，對用戶更好，為廣告商帶來更高的回報，而FBX只是我們正在努力的眾多方法之一那。

Yes, and I'll just add to that a little bit but you mostly covered it.

是的，我只會補充一點，但你大部分都涵蓋了。

I think we're really early, but what we really expected was to not be able to necessarily show everyone an ad every day because we weren't sure that we had the quality up front, and that was some of the engagement metrics I was talking about before.

我認為我們確實很早，但我們真正期望的是不一定每天都向每個人展示廣告，因為我們不確定我們是否具有預先的質量，這是我所考慮的一些參與度指標說起之前。

So we've been positively surprised that the quality has been naturally high, and there's been basically no engagement hit at all that's very meaningful.

因此，我們感到非常驚訝的是，品質本來就很高，而且基本上沒有任何參與度的打擊，這是非常有意義的。

So what that means is that now, previously we thought we were going to have to spend 6 to 12 months just tuning in order to be able to get it to a quality level to incrementally rollout ads, whereas now we've had them rolled out.

所以這意味著現在，之前我們認為我們需要花費 6 到 12 個月的時間進行調整，以便能夠達到逐步推出廣告的品質水平，而現在我們已經推出了它們。

Now we can go straight into doing the same types of things to improve targeting, and improve the quality of the ad format, which obviously, when they're fully deployed has much more leverage to those changes than if we had to wait until we hit different quality thresholds to roll it out more, so I think we're pretty early.

現在我們可以直接做同樣類型的事情來提高定位，並提高廣告格式的質量，顯然，當它們完全部署時，比我們必須等到我們點擊時對這些變化有更大的影響力不同的質量門檻來更多地推出它，所以我認為我們還很早。

It's not that it's going in a completely different direction, it's mostly the two things that we talked about so far, good targeting and good ad formats, and there's just a lot of room to grow in both.

這並不是說它正在走向完全不同的方向，主要是我們到目前為止討論的兩件事，良好的定位和良好的廣告格式，並且兩者都有很大的增長空間。

Your next question comes from the line of Carlos Kirjner from Sanford Bernstein.

您的下一個問題來自 Sanford Bernstein 的 Carlos Kirjner。

Your line is now open.

您的線路現已開通。

Thank you.

謝謝。

I have two questions.

我有兩個問題。

Can you help us understand why ad ARPU in the US grew 27%, while it grew only 7% in Europe?

您能否幫助我們理解為什麼美國的廣告 ARPU 成長了 27%，而歐洲僅成長了 7%？

Is Facebook that sensitive to macro?

Facebook對宏觀這麼敏感嗎？

And on the platform, can you help me understand what metric you track to evaluate the progress and adoption of the Facebook platform outside Facebook.com?

在平台上，您能否幫助我了解您追蹤哪些指標來評估 Facebook.com 以外的 Facebook 平台的進展和採用？

Is that the number of pages or objects tagged with Open Graph, and are you in a race with Google's Knowledge Graph to be the basis of the semantic web, or can both co-exist?

這是用開放圖譜標記的頁面或物件的數量嗎？您是否正在與Google的知識圖譜競爭成為語義網的基礎，或者兩者可以共存？

Thank you.

謝謝。

Carlos, I'll take the first one.

卡洛斯，我選第一個。

So I think that when you compare the disclosure we make about the US and Canada to Europe, one of the notable differences is in Europe, as we continue to penetrate that market, we're getting into some of the lower monetizing countries in Europe, so there's sort of an inter-Europe lower price dynamic going on where the ads, the places that are growing more rapidly are starting at a lower price point and bringing down the average, either on a CPM basis or an ARPU basis, so I do think there are macro things that matter in Europe as well, but that's the bigger point.

因此，我認為，當你將我們對美國和加拿大的披露與歐洲進行比較時，顯著的差異之一是在歐洲，隨著我們繼續滲透該市場，我們正在進入歐洲一些貨幣化程度較低的國家，因此，歐洲之間存在一種較低的價格動態，其中廣告、增長更快的地方以較低的價格點開始，並降低了平均價格（無論是按每千次展示費用還是按ARPU 計算），所以我這樣做我認為歐洲也有一些宏觀問題很重要，但這是更重要的一點。

Yes, and in terms of the point on structured data there's Open Graph in order to help developers and people map out all of the different connections between things outside of Facebook, but one of the things that we talked about when we rolled out Graph Search is there are more than a trillion connections between people and things in Facebook today, and that's the basis for Graph Search.

是的，就結構化資料而言，開放圖譜可以幫助開發人員和人們繪製出 Facebook 之外的事物之間的所有不同聯繫，但我們在推出圖譜搜尋時討論的一件事是如今，Facebook 中的人與物之間存在超過一兆個聯繫，這就是圖譜搜尋的基礎。

I think a lot of the goal of having the utility like Graph Search is also to give people a reason to map out more of these structured connections themselves.

我認為擁有像圖搜尋這樣的實用程式的許多目標也是讓人們有理由自己繪製更多這些結構化連接。

You mentioned the Google comparison, I think we're just coming from a completely different place.

你提到了谷歌的比較，我認為我們只是來自一個完全不同的地方。

Our whole product is people and structured connections to other people, and content, and things that they like, whereas traditional web search is the exact opposite, it's completely unstructured.

我們的整個產品是人和與其他人、內容和他們喜歡的事物的結構化聯繫，而傳統的網路搜尋則恰恰相反，它完全是非結構化的。

Google and others may be trying to put in some of the structured foundation, but we just have years of having built that up and I think that we're just in a completely different place on that.

谷歌和其他公司可能正在嘗試建立一些結構化的基礎，但我們只有多年的時間來建立它，我認為我們在這方面處於完全不同的位置。

Your next question comes from the line of Youssef Squali from Cantor Fitzgerald.

您的下一個問題來自康托·菲茨杰拉德 (Cantor Fitzgerald) 的優素福·斯誇利 (Youssef Squali)。

Your line is now open.

您的線路現已開通。

Two questions, please.

請教兩個問題。

First, starting with David.

首先，從大衛開始。

First, thank you for helping quantify the increase in operating expenses next year.

首先，感謝您協助量化明年營運費用的成長。

I was wondering if you can help us with the trajectory of that spend throughout the year, how long do you think this investment cycle is going to be?

我想知道您是否可以幫助我們了解全年支出的軌跡，您認為這個投資週期會持續多久？

Is it mostly 2013, or is this a multi-year cycle?

主要是 2013 年，還是這是一個多年周期？

Then maybe, Mark, maybe can you talk just about the video opportunity for Facebook, video in the News Feed that is.

那麼，馬克，也許你能談談 Facebook 的視訊機會，即新聞推送中的影片。

Where are you in that process, will that be something that organically you can do or would that require you to maybe acquire?

你在這個過程中處於什麼位置，這是你可以有機地做的事情還是需要你獲得的事情？

Thanks.

謝謝。

So Youssef, we think we've got some really big and important opportunities right in front of us now, and that's driving our decision-making around the level of investment we're making, which is important to us in 2013.

因此，Youssef，我們認為現在擺在我們面前的是一些非常巨大且重要的機會，這推動了我們圍繞我們正在進行的投資水平做出決策，這對 2013 年的我們很重要。

That will moderate over time but I wouldn't want to make a firm commitment to exactly what it's going to look like in the future, because particularly the R&D part of it is going to depend on what the opportunities are, and how excited we are about the returns we can get from them.

隨著時間的推移，這種情況會有所緩解，但我不想對未來的具體情況做出堅定的承諾，因為特別是研發部分將取決於機會是什麼，以及我們的興奮程度關於我們可以從他們那裡得到的回報。

Video ads?

影片廣告？

Not just ads though.

但不僅僅是廣告。

Yes, I mean I think I touched on some of this earlier in terms of making it that News Feed is richer just enables more opportunity for this, and there are already the ability for pages to post videos in different content into the systems.

是的，我的意思是，我想我之前已經談到了其中的一些內容，即讓動態消息更豐富只會為此提供更多機會，並且頁面已經能夠將不同內容的視頻發佈到系統中。

We actually have a very large volume of this.

我們實際上有很大的數量。

Another thing we have the ability to support is people posting links on other services, so for video advertising, it's not necessarily critical that we host the video.

我們有能力支持的另一件事是人們在其他服務上發布鏈接，因此對於視頻廣告來說，我們託管視頻並不一定重要。

We want to be the distribution platform for a lot of the stuff, but I think there's definitely an opportunity and over time, we'll have more to talk about.

我們希望成為許多東西的分發平台，但我認為肯定有機會，隨著時間的推移，我們將有更多的話題可以討論。

Your next question comes from the line of Scott Devitt from Morgan Stanley.

您的下一個問題來自摩根士丹利的斯科特·德維特（Scott Devitt）。

Your line is now open.

您的線路現已開通。

I had a different question on that regional ARPU slide, which is I guess wondering the pace or maybe where we are now from a Sponsored Story rollout, and relative ad load in the US relative to Europe and Asia?

我對區域 ARPU 幻燈片有一個不同的問題，我想知道贊助商故事推出的速度，或者我們現在的位置，以及美國相對於歐洲和亞洲的相對廣告負載？

And then secondly, it looks like the absolute additions of mobile users and mobile-only users was quite strong in the quarter.

其次，本季行動用戶和純行動用戶的絕對增量似乎相當強勁。

It was up 25% in terms of mobile ads, and 30% in terms of mobile-only ads versus the third quarter, and Mark mentioned a few areas.

與第三季相比，行動廣告成長了 25%，純行動廣告成長了 30%，Mark 提到了幾個領域。

I was just wondering if there's any one or two things that stand out in terms of driving that acceleration?

我只是想知道在推動加速方面是否有任何一兩件事是突出的？

Thanks.

謝謝。

Okay, in terms of the ARPU by geography, I don't know that I have a lot more color to offer.

好吧，就以地理位置劃分的 ARPU 而言，我不知道我還能提供更多的色彩。

In terms of the mobile News Feed rollout, as you would expect with a new advertising product, really in the end of the second quarter and the third quarter it took off first in the US, and Europe followed and I think the growth was much more notable for that product area, in Asia and the rest of world in the fourth quarter, as compared to the third, and that's just sort of the natural progression of how roll-outs tend to go for us.

就行動新聞推播的推出而言，正如您對新廣告產品所期望的那樣，實際上在第二季度末和第三季度，它首先在美國起飛，歐洲緊隨其後，我認為增長要多得多與第三季相比，第四季在亞洲和世界其他地區的產品領域值得注意，這只是我們推出產品的自然進展。

In terms of your second question about the increase in mobile users and mobile-only users, which we agree is really important and impressive, I don't know that we would point to any one thing that drove that, just as much as continued penetration of smartphones and around the world in many markets, and our ability to make our products better, so that people are more inclined to use them.

關於你的第二個問題，即行動用戶和純行動用戶的成長，我們認為這非常重要且令人印象深刻，我不知道我們會指出推動這一增長的任何一件事，就像持續滲透一樣智慧型手機和全球許多市場的發展，以及我們使我們的產品變得更好的能力，以便人們更願意使用它們。

Your next question comes from the line of Mark Mahaney from RBC.

您的下一個問題來自加拿大皇家銀行 (RBC) 的馬克·馬哈尼 (Mark Mahaney)。

Your line is now open.

您的線路現已開通。

Great, thanks.

萬分感謝。

I know it's very early stages, the rollout of the Graph Search, but any early signs of the impact that has had on engagement?

我知道圖搜尋的推出還處於非常早期的階段，但是有任何早期跡象表明它對參與度產生了影響嗎？

And then, Mark, you mentioned just early on about the new products, maybe some mobile-specific products and features, any hint as to what those could be?

然後，馬克，您剛才提到了新產品，也許是一些特定於行動裝置的產品和功能，有任何關於這些產品和功能的暗示嗎？

Thanks a lot.

多謝。

Unfortunately, I don't think there's that much that I can share with you on either of those.

不幸的是，我認為在這兩方面我無法與您分享太多。

On Graph Search, it's still early.

在圖搜尋方面，現在還為時過早。

This is one of the products that I'm the most excited about that we've built.

這是我們打造的最令我興奮的產品之一。

It is a completely new pillar of our ecosystem, and I think it's going to be an important utility that people use.

它是我們生態系統的全新支柱，我認為它將成為人們使用的重要實用程式。

Right now, the whole strategy around this is, it's a beta product, and we are primarily rolling it out in order to get more data, so that we can incorporate the data of how people use it to make ranking better before we do a full rollout.

目前，圍繞此的整個策略是，它是一個測試版產品，我們推出它的主要目的是為了獲取更多數據，以便我們可以在我們進行全面評估之前整合人們如何使用它的數據來提高排名。推出。

So right now it's rolled out to the order of tens or hundreds of thousands of people, not extremely widely, and I mean so we have data, but I don't think anything that is really relevant to share beyond that.

所以現在它已經推廣到了數萬或數十萬人，但並不是非常廣泛，我的意思是我們有數據，但我認為除此之外沒有任何真正相關的東西可以分享。

In terms of the new experiences, I think the big theme that we're just going to push on mobile is, people keep on asking if we're going to build a phone, and we aren't going to build a phone, because it's not the right strategy for us to build one integrated system, where so, let's say we sold 10 million units, that would be 1% of users.

就新體驗而言，我認為我們要在行動裝置上推動的大主題是，人們不斷問我們是否要製造手機，但我們不會製造手機，因為對我們來說，建立一個整合系統並不是正確的策略，假設我們售出了1000 萬台，那將是用戶的1%。

Who cares for us?

誰關心我們？

But the big thing for us is we have a billion people using our products and we need to make Facebook really good across all of the devices that they use, and we're going to keep on pushing to get more integrated with the system.

但對我們來說最重要的是，我們有 10 億人使用我們的產品，我們需要讓 Facebook 在他們使用的所有設備上真正發揮作用，我們將繼續努力與系統進行更多整合。

When Facebook is a product that people are spending almost 20% of their time or more on phones using, it really should be, and I think people want it to be very integrated into all of the different devices that they have, and that's what we're going to focus on.

當Facebook 是一款人們花費近20% 或更多時間在手機上使用的產品時，它確實應該如此，而且我認為人們希望它能夠非常整合到他們擁有的所有不同設備中，這就是我們所做的我們將重點放在。

So rather than just building an App, that's a version of the functionality that you have today, making it so that we can go deeper and deeper, I think will be a big focus for us.

因此，不僅僅是建立一個應用程序，這是您今天擁有的功能的一個版本，使我們能夠越來越深入，我認為這將是我們的一大焦點。

Your next question comes from the line of Ross Sandler from Deutsche Bank.

您的下一個問題來自德意志銀行的羅斯桑德勒。

Your line is now open.

您的線路現已開通。

Great, just one question for David, on the right hand rail revenue.

太好了，只有一個問題要問大衛，關於右手邊的鐵路收入。

So based on our math, the overall News Feed business may have been around $500 million-ish in the fourth quarter, which would imply about a 10% decline for right hand rail revenue.

因此，根據我們的計算，第四季整體動態消息業務可能約為 5 億美元左右，這意味著右側鐵路收入將下降約 10%。

Does that make sense directionally?

這有方向性嗎？

And if so, can you just talk about how you think right hand rail is likely to trend in 2013 and can the new ad tools like Custom Audiences help offset the desktop traffic decline that you're seeing in markets like US and Europe?

如果是這樣，您能否談談您認為 2013 年右手欄的趨勢如何？自訂受眾等新廣告工具能否幫助抵消您在美國和歐洲等市場看到的桌面流量下降？

Thanks.

謝謝。

Yes, thanks for your question, Ross.

是的，謝謝你的提問，羅斯。

For us, the most important metric is that the overall ad revenue increased 41%.

對我們來說，最重要的指標是整體廣告收入成長了 41%。

I think that the way we think about things, it's hard to really separate out the mobile and desktop or Feed in right hand column as separate and distinct businesses, because for most of our ads, marketers will tell us what ad they want to show and to what audience they want us to show the ad, and we choose where it goes.

我認為，按照我們思考問題的方式，很難真正將行動裝置和桌上型裝置或右側欄中的Feed 作為單獨且不同的業務分開，因為對於我們的大多數廣告，行銷人員會告訴我們他們想要顯示什麼廣告，以及他們希望我們向哪些受眾展示廣告，然後我們選擇廣告的投放位置。

It's not true for 100% of the ads, but it's certainly true in the majority case.

對於 100% 的廣告來說並非如此，但在大多數情況下確實如此。

So our job is to find the place to put the ads that will create the most value for the user and the marketer.

因此，我們的工作是找到能夠為使用者和行銷人員創造最大價值的廣告投放位置。

So the overall ad revenue number really provides a sort of just a better sense of how much advertising demand there is in the system that we're able to service, and over time, we'll continue to experiment with how to optimize that.

因此，整體廣告收入數字確實可以更好地了解我們能夠服務的系統中有多少廣告需求，隨著時間的推移，我們將繼續嘗試如何優化它。

In general, you can see from the user numbers that the growth in usage is coming from mobile, particularly in developed markets that desktop usage continues to be flat or declining, so that's obviously the macro trend that will affect what the future of the right hand column revenues are.

總體而言，從用戶數量可以看出，使用量的增長來自移動設備，特別是在已開發市場，桌面設備的使用量持續持平或下降，因此這顯然是影響右手未來的宏觀趨勢。列收入是。

Your next question comes from the line of Neil Doshi with Citi.

你的下一個問題來自花旗銀行的尼爾多西 (Neil Doshi)。

Mark, could you maybe tell us how far along you are in terms of developing tools, and providing more data metrics to large agencies and advertisers?

馬克，您能否告訴我們您在開發工具以及向大型代理商和廣告商提供更多數據指標方面進展如何？

And then, David, in terms of the gaming declines that we're seeing on Facebook desktop, is there an opportunity for Facebook to help monetize or to monetize games that are played on Facebook on the mobile site?

然後，大衛，就我們在 Facebook 桌面上看到的遊戲下降而言，Facebook 是否有機會幫助貨幣化或透過 Facebook 行動網站上玩的遊戲貨幣化？

Thank you.

謝謝。

Yes.

是的。

These are important.

這些都很重要。

Sheryl has more details on this, so I think she should take the first one.

謝麗爾對此有更多詳細信息，因此我認為她應該選擇第一個。

Yes, measurement is really important for us and it's one of the challenges we face.

是的，測量對我們來說確實很重要，也是我們面臨的挑戰之一。

I remember, through the years I've worked on this, when search happened, people weren't able to measure it and then they figured out how to measure search, and more a new thing, and people need to think about measurement differently.

我記得，在我從事這方面的工作的這些年裡，當搜索發生時，人們無法衡量它，然後他們想出瞭如何衡量搜索，這是一個新事物，人們需要以不同的方式思考衡量。

One of the most important things we need to do in the market is help educate people that the click is not really the most important metric for us.

我們在市場上需要做的最重要的事情之一是幫助人們了解點擊對我們來說並不是真正最重要的指標。

In fact, now that we've been able to work with companies to look at in-store sales data, we find that of the people who saw a Facebook ad and then purchased a product in the store, 99% of them never clicked on an ad, so reeducating the market, what the metrics are that are right for us.

事實上，現在我們已經能夠與公司合作查看店內銷售數據，我們發現在看到 Facebook 廣告然後在商店購買產品的人中，99% 的人從未點擊過廣告，因此重新教育市場，什麼指標適合我們。

I would say in terms of our measurement capabilities, we're really early.

我想說，就我們的測量能力而言，我們確實還很早。

We weren't able to tie into sales data at all until pretty late in 2012.

直到 2012 年很晚，我們才完全能夠關聯到銷售數據。

In order to do those studies we have to work very deeply with retail providers and each client.

為了進行這些研究，我們必須與零售提供者和每位客戶進行深入合作。

A lot of our big clients have their own departments that do this measurement and we work with them individually, so we're pretty early.

我們的許多大客戶都有自己的部門來進行這種測量，我們單獨與他們合作，所以我們還很早。

We're happy with the progress we've made.

我們對所取得的進展感到滿意。

We launched conversion measurements in just mid-December, and that's broadly available on the system, but I think we have a lot of opportunity to do a lot more measurement, a lot more rapidly.

我們在 12 月中旬推出了轉換測量，並且在系統上廣泛可用，但我認為我們有很多機會進行更多、更快的測量。

We're particularly excited about our ability to do this on mobile.

我們對於能夠在行動裝置上做到這一點感到特別興奮。

With customers who are using their data in a privacy protected way, we can now measure all the way from seeing a Facebook ad in a mobile device through to a purchase in a store, and that's a pretty exciting capability, we think is pretty unique in the market.

對於以隱私保護方式使用資料的客戶，我們現在可以全程進行衡量，從在行動裝置上看到 Facebook 廣告到在商店中進行購買，這是一項非常令人興奮的功能，我們認為這在市場。

Neil, your second question was about mobile gaming and it's an interesting question as well.

尼爾，你的第二個問題是關於手機遊戲的，這也是一個有趣的問題。

So while we're seeing now is really strong growth in adoption of our platform in games on both iOS and Android, and we want Facebook to be the default social infrastructure for mobile games, and feel like we're making progress in that direction, and convincing developers that they will get more users, more engaged users, and better monetizing users, if the users are able to connect with their friends and bring their Facebook identity with them.

因此，雖然我們現在看到 iOS 和 Android 遊戲中我們平台的採用率確實強勁增長，而且我們希望 Facebook 成為手機遊戲的默認社交基礎設施，並且感覺我們正在朝這個方向取得進展，讓開發者相信，如果用戶能夠與他們的朋友聯繫並攜帶他們的Facebook 身份，他們將獲得更多用戶、更活躍的用戶以及更好的貨幣化用戶。

At this point, we don't have any payments integrations with these mobile games, but our belief is that if we can help game developers to grow users' engagement and monetization, it puts us in an interesting position to consider future financial relationships.

目前，我們還沒有與這些手機遊戲進行任何支付集成，但我們相信，如果我們能夠幫助遊戲開發商提高用戶的參與度和貨幣化，那麼我們就可以在考慮未來的財務關係時處於有利的位置。

And the only other thing I would add is that we really launched or ramped up the mobile App install ads in the fourth quarter, and are already seeing that's a pretty promising way for developers to try and get better distribution for what they've built, including games developers, and that's sort of a nice first step for us in trying to participate in the mobile gaming ecosystem.

我要補充的唯一一件事是，我們在第四季度真正推出或加強了行動應用程式安裝廣告，並且已經看到，對於開發人員來說，這是一種非常有前途的方式，可以嘗試並且更好地分發他們所建造的內容，包括遊戲開發商，這對我們嘗試參與行動遊戲生態系統來說是一個很好的第一步。

Your next question comes from the line of Brian Nowak with Nomura.

你的下一個問題來自布萊恩·諾瓦克（Brian Nowak）與野村證券（Nomura）的對話。

Your line is now open.

您的線路現已開通。

I have two questions.

我有兩個問題。

First one, could you talk at all to some of the engagement trends you're seeing within the demos?

首先，您能談談您在演示中看到的一些參與趨勢嗎？

Specifically what are you seeing in the younger post college demos?

具體來說，您在年輕的大學後演示中看到了什麼？

Are their engagement trends per user still rising, or are they starting to show signs of leveling off?

每個用戶的參與度趨勢是否仍在上升，或者是否開始顯示出趨於平穩的跡象？

And then the second one is, when you look at your biggest categories of branded advertisers and where you're at this point, what do you see as still the biggest near-term opportunities where Facebook and social budget share is still low and pretty underpenetrated relative to your larger categories?

第二個問題是，當你審視最大的品牌廣告商類別以及目前所處的位置時，你認為 Facebook 和社交預算份額仍然較低且滲透率較低的近期最大機會是什麼相對於您更大的類別？

Thanks.

謝謝。

In terms of engagement, as we said, the overall engagement patterns remain really strong for us.

在參與度方面，正如我們所說，整體參與模式對我們來說仍然非常強勁。

We don't break out engagement metrics by self-reported demographics like age.

我們不會透過自我報告的人口統計資料（例如年齡）來細分參與度指標。

I think that one thing we can say is that our view is that the overall marketplace is expanding really rapidly here, in terms of just the amount of time people, college-age, post-college are spending, connected, sharing with their friends, et cetera, and we think that's great for Facebook and our long term position, because we're a leader in such a rapidly-expanding market.

我認為我們可以說的一件事是，我們的觀點是，就人們、大學年齡、大學畢業後與朋友花費、聯繫、分享的時間而言，這裡的整體市場正在迅速擴張，等等，我們認為這對Facebook 和我們的長期地位非常有利，因為我們是這個快速擴張的市場的領導者。

And taking the second part we think we have really big opportunities across-the-board with the large brand spenders.

就第二部分而言，我們認為我們在與大型品牌消費者的全面合作中擁有真正的巨大機會。

If you just look at mobile, what you see, and [Merrymaker] just put out a report on this, mobile gets 1% of ad revenue and 10% of time consumed, so right there, you see a big gap.

如果你只看行動設備，你所看到的，[Merrymaker]剛剛發布了一份報告，行動裝置獲得了1% 的廣告收入和10% 的時間消耗，所以就在那裡，你會看到一個很大的差距。

Our opportunities there are to ramp with the large advertisers, build more deeply into their measurement systems so we can measure, help them use the Custom Audiences and other targeting we offer because right now a lot of our advertisers aren't using that targeting so they are sending more generic ads to our whole system.

我們在那裡的機會是與大型廣告商合作，更深入地建立他們的衡量系統，以便我們可以衡量，幫助他們使用自訂受眾和我們提供的其他定位，因為現在我們的許多廣告商沒有使用該定位，所以他們正在向我們的整個系統發送更多通用廣告。

And that's great, we have the scale to do that, but a better ad experience will take advantage of the targeting we offer.

這很好，我們有足夠的規模來做到這一點，但更好的廣告體驗將利用我們提供的定位。

We think in mobile, we think we're particularly really uniquely positioned.

我們認為在行動領域，我們的定位特別獨特。

It's not just that we have unprecedented scale and huge engagement, that Mark talked about in his opening statement.

馬克在開幕詞中談到，這不僅是因為我們擁有前所未有的規模和巨大的參與。

We have a natural ad format, one of the big successes of 2012 was putting ads into News Feed and having them work, both for our clients on the marketing side, but also for our users, the engagement Mark talked about.

我們有一種自然的廣告格式，2012 年的一大成功是將廣告放入動態消息中並讓它們發揮作用，不僅對我們行銷方面的客戶，而且對我們的用戶，馬克談到的參與度。

On mobile, because we have real identity and people are logged in, we have a really unique ability to serve relevant ads, and so I think particularly in the mobile area, we are positioned in a very strong way, compared to anyone else.

在行動裝置上，因為我們擁有真實身份並且人們已登錄，所以我們擁有提供相關廣告的真正獨特的能力，因此我認為特別是在行動領域，與其他任何人相比，我們的定位非常強大。

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

您的下一個問題來自美國銀行美林銀行的賈斯汀·波斯特 (Justin Post)。

Your line is now open.

您的線路現已開通。

I have a couple questions.

我有幾個問題。

It definitely seems the mobile ramp slowed as the quarter progressed.

隨著本季的進展，行動業務成長速度似乎明顯放緩。

Obviously, good numbers versus last quarter.

顯然，與上季相比，數字不錯。

Did you make an effort to maybe pull back some of the ad loads, or is there still a lot of opportunity to add more inventory in the mobile News Feeds, as we look forward?

您是否努力減少了一些廣告負載，或者是否仍然有很多機會在行動動態中添加更多廣告資源，正如我們所期望的那樣？

And then secondly, maybe you could just comment on the health of the Payments business.

其次，也許您可以評論一下支付業務的健康狀況。

It looks like the US was up quarter-over-quarter, even if we back out the extra month, so was that some of the other new initiatives, or did the gaming business get a little bit better in Q4?

即使我們取消了額外的一個月，美國的季度環比增長似乎也是如此，那麼是其他一些新舉措，還是遊戲業務在第四季度有所好轉？

Thank you.

謝謝。

On the mobile side, I think it's just really important to recognize we're very early in this.

在移動方面，我認為認識到我們在這方面還處於早期階段非常重要。

Of course we're still making changes in terms of what ads we show, how we select them, how many we show to different users, and under different circumstances, so this is still very early in the process of us trying to learn how to optimize that business as we develop it.

當然，我們仍在對展示的廣告、選擇廣告的方式、向不同用戶展示的廣告數量以及在不同情況下展示的廣告數量進行更改，因此，在我們嘗試學習如何在我們開發該業務時對其進行最佳化.

Our perspective is that we're still we have a lot of opportunity there.

我們的觀點是，我們仍然有很多機會。

In terms of Payments what you said is generally true.

就付款而言，您所說的基本上是正確的。

Note that this year as opposed to last year, we do have a little bit of revenue from non-game sources as I said, so you've got to neutralize or back that out of you want to compare games to games year-over-year.

請注意，與去年相比，今年我們確實有一點來自非遊戲來源的收入，正如我所說，因此您必須抵消或支持這一點，因為您想要將遊戲與遊戲進行逐年比較 -年。

But having said that, if you make the year-over-year comparison, we do as I said, we see as I said earlier, we see a nice diversification happening in games, and it's a very interesting business to try and think about projecting going forward because some of the trends are really quite positive, but you have to be mindful of the macro trend, that we're not growing the sort of the essence of this user base in the developed markets right now.

但話雖如此，如果你進行同比比較，我們會按照我所說的去做，我們會看到，正如我之前所說的，我們看到遊戲中正在發生很好的多元化，嘗試和考慮預測是一項非常有趣的業務繼續前進，因為一些趨勢確實非常積極，但你必須注意宏觀趨勢，我們目前並沒有在已開發市場中發展這種用戶群的本質。

Your next question comes from the line of Jordan Rohan with Stifel Nicolaus.

你的下一個問題來自 Jordan Rohan 和 Stifel Nicolaus 的路線。

Your line is now open.

您的線路現已開通。

Thanks, a couple of questions.

謝謝，有幾個問題。

Any chance you can clarify more than just the impression volume metrics that you gave on FBX?

除了在 FBX 上給出的展示量指標之外，您是否有機會澄清更多內容？

Importantly, when do you anticipate mobile News Feed will be accessible through that platform?

重要的是，您預計什麼時候可以透過該平台存取行動動態消息？

Separately, and given the promise of Gifts and e-commerce, why does it seem to be a business that you characterize as very small in the near term?

另外，鑑於禮品和電子商務的前景，為什麼您認為該業務在短期內規模很小？

What are the impediments to future growth so that you can call it big enough to matter or an important part of 2013 revenue mix?

未來成長的障礙是什麼，以至於您可以將其稱為重要的或 2013 年收入組合的重要組成部分？

Thank you.

謝謝。

On the first one, on FBX, when it's available, we have nothing to share at this point.

第一個是 FBX，當它可用時，我們目前沒有什麼可分享的。

So second question on Gifts.

第二個問題是關於禮物。

I think that I really can just reiterate what Mark said earlier, which is that the focus for right now is trying to figure out what the right product is.

我想我真的可以重申馬克之前所說的，那就是現在的重點是試圖找出正確的產品是什麼。

We think Gifts is, if done well can be a very natural and positive part of the Facebook experience, so for example, when you're wishing someone a Happy Birthday the ability to send a gift along with that and just figuring out how the product needs to work, what the interfaces are, what the selection of products is, how the payment process works, all of that stuff is what we're going to have to optimize, to make the product grow as you're asking.

我們認為，如果做得好，禮物可以成為 Facebook 體驗中非常自然和積極的一部分，因此，例如，當您祝某人生日快樂時，您可以同時發送一份禮物，並且只需弄清楚該產品如何需要工作，介面是什麼，產品選擇是什麼，支付流程如何運作，所有這些都是我們必須優化的，以使產品按照您的要求成長。

And we're going to try to do that.

我們將嘗試這樣做。

That will be something we work on in 2013.

這將是我們 2013 年要做的事。

Your next question comes from the line of Brian Pitz with Jefferies.

你的下一個問題來自 Brian Pitz 和 Jefferies 的對話。

Your line is now open.

您的線路現已開通。

Two questions.

兩個問題。

Mark, could you give us some examples of the kind of mobile first experiences you're working on that you mentioned at the beginning of the call?

馬克，您能給我們一些您在通話開始時提到的正在開發的行動優先體驗的範例嗎？

And also any comments on how integration with iOS 6 is benefiting your overall mobile strategy?

還有關於與 iOS 6 的整合如何有利於您的整體行動策略的評論嗎？

Thanks.

謝謝。

I don't really think I can say anymore about things that we're developing, then directionally what I've already said.

我真的認為我不能再談論我們正在開發的東西了，然後就我已經說過的方向而言。

On iOS, I mean there are two really big platforms out there.

在 iOS 上，我的意思是有兩個非常大的平台。

Sorry, there are three.

抱歉，有三個。

Android, iOS, and mobile web, and where we basically are, the strategy through each of those are a bit different.

Android、iOS 和行動網絡，以及我們基本上所處的位置，每一個的策略都有點不同。

So mobile web, there's a limit to how the depths of how deep you can get into the system but we can go as deep as anyone else, so we feel pretty good about that, and we think our mobile web experience is really good, and has on the same order of magnitude of users as our App, so that's actually really good.

所以行動網絡，你進入系統的深度是有限的，但我們可以和其他人一樣深入，所以我們對此感覺很好，我們認為我們的行動網路體驗非常好，並且與我們的應用程式具有相同數量級的用戶，所以這實際上非常好。

For Android, and then I'll get to iOS last, Android is a very dynamic and open platform, as long as Google keeps it that way.

對於 Android，最後我會談到 iOS，Android 是一個非常動態和開放的平台，只要 Google 保持這種狀態。

And even though our relationship with Google isn't one where the companies really talk, we are able to do a bunch of things, because they have an open platform that lets us get fairly deep into the system and build some really great experiences, which I think will be, which we're excited on about and we're working on.

儘管我們與Google的關係並不是公司真正談論的關係，但我們能夠做很多事情，因為他們有一個開放的平台，可以讓我們相當深入地了解系統並建立一些真正很棒的體驗，這我認為會的，我們對此感到興奮並正在努力。

An example that we have already that I can talk about is for Messenger.

我可以談論的一個例子是 Messenger。

On Android, you build an messaging app that can actually do SMS on the phone.

在 Android 上，您建立了一個實際上可以在手機上發送簡訊的訊息應用程式。

You can't do that on iOS, because on iOS, iOS controls SMS on the phone.

您無法在 iOS 上執行此操作，因為在 iOS 上，iOS 控製手機上的簡訊。

But on Android you can build something that does that, and our Messenger App does that.

但在 Android 上，您可以建立一些可以做到這一點的東西，而我們的 Messenger 應用程式可以做到這一點。

So that's a good example on what you can do on Android.

這是一個很好的例子，說明您可以在 Android 上執行哪些操作。

On iOS, because it's a more locked down system, the way that you can do deeper integration is by working directly with Apple.

在 iOS 上，因為它是一個更鎖定的系統，所以進行更深入整合的方法是直接與 Apple 合作。

They've been a great partner for us so far, and we're really excited about doing more there, and people enjoy the integration that we have with them today, to be able to share photos and share web pages from anywhere across the experience, when you're on your iPhone or iPad, and we're really happy with it.

到目前為止，他們一直是我們很好的合作夥伴，我們非常高興能在那裡做更多的事情，人們喜歡我們今天與他們的集成，能夠在體驗中的任何地方共享照片和共享網頁，當您使用iPhone 或iPad 時，我們對此非常滿意。

So I don't think there's any meaningful numbers to share there, but qualitatively it's a really good experience and I'm really happy with the partnership we have with them.

因此，我認為沒有任何有意義的數字可以分享，但從品質上來說，這是一次非常好的體驗，我對我們與他們的合作關係感到非常滿意。

Operator, we have time for one last question.

接線員，我們還有時間回答最後一個問題。

So your last question comes from the line of Ken Sena with Evercore Partners.

所以你的最後一個問題來自 Ken Sena 和 Evercore Partners 的線。

Thank you.

謝謝。

Can you maybe give some color behind your decision to lower the price, the pricing floor, on the Marketplace?

您能否為您在市場上降低價格、定價下限的決定提供一些支持？

And also can I get just a clarification on FBX?

我還可以得到關於 FBX 的澄清嗎？

Are you doing about a billion impressions per day?

您每天的展示次數大約是 10 億次嗎？

And then also within the 22% mobile number, is there any FBX within that?

那麼在 22% 的手機號碼中，是否有 FBX？

Thank you.

謝謝。

On the last you're correct, we're doing a billion impressions per day and FBX is not available now on mobile.

最後您是對的，我們每天的展示次數達到 10 億次，而 FBX 現在在行動裝置上不可用。

On the reserve price, we're always iterating and experimenting to optimize what we show for the user experience, and for our business performance.

在底價方面，我們一直在迭代和試驗，以優化我們展示的內容，以提高用戶體驗和業務績效。

The price floor has been something we've had in place.

價格下限是我們已經設定的。

It's way below the average prices, and the purpose of it has been to both support higher prices and omit poor quality ads.

它遠低於平均價格，其目的是支持更高的價格並忽略品質較差的廣告。

Over time, we've developed other tools to help us achieve those objectives, so the floor has become less important for us.

隨著時間的推移，我們開發了其他工具來幫助我們實現這些目標，因此地板對我們來說變得不那麼重要了。

And interestingly there's non-intuitive benefits also that we've been realizing, which is that small businesses as you can imagine, often create some of the highest quality and most highly-engaging ads on Facebook.

有趣的是，我們也已經意識到了一些非直觀的好處，那就是，正如您所想像的那樣，小型企業通常會在 Facebook 上製作一些最高品質和最具吸引力的廣告。

It makes sense because your local coffee shop feels like part of the community you live in and seeing an ad from them fits naturally into the experience that you want on Facebook, and small businesses are often the lowest bidders in our auction.

這是有道理的，因為您當地的咖啡店感覺就像您所居住的社區的一部分，看到他們的廣告自然符合您在Facebook 上想要的體驗，而小型企業通常是我們拍賣中的最低出價者。

So by lowering the floor, if we can bring in more small businesses into our network, get them comfortable advertising with us, and hopefully ramp them up over time, that should be a good thing.

因此，透過降低底線，如果我們能夠將更多的小型企業引入我們的網絡，讓他們放心地在我們這裡做廣告，並希望隨著時間的推移而增加他們的數量，那應該是一件好事。

As I said, for the changes we happen to make this quarter, the impact was really primarily in international markets, because the price floor really wasn't coming into play in most of the developed markets anyway.

正如我所說，對於我們本季發生的變化，影響實際上主要是在國際市場，因為價格下限實際上在大多數已開發市場都沒有發揮作用。

That's it.

就是這樣。

Thank you for joining us today.

感謝您今天加入我們。

We really appreciate your time, and we look forward to speaking with you again next quarter.

我們非常感謝您抽出寶貴的時間，我們期待下個季度再次與您交談。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。