Meta Platforms Inc (META) 2014 Q4 法說會逐字稿

Good afternoon. My name is Courtney and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook fourth-quarter and full-year 2014 earnings conference call.

午安.我叫考特尼，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Facebook 2014 年第四季和全年財報電話會議。

(Operator Instructions)

（操作員指示）

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

非常感謝。您可以請 Facebook 投資者關係副總裁 Deborah Crawford 女士開始發言。

Thank you. Good afternoon and welcome to Facebook's fourth-quarter earnings conference call. Joining me today to talk about our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO.

謝謝。下午好，歡迎參加 Facebook 第四季財報電話會議。今天與我一起討論我們業績的有執行長馬克·祖克柏；謝麗爾·桑德伯格（Sheryl Sandberg），首席營運長；以及財務長戴夫·韋納 (Dave Wehner)。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements and actual results may differ materially from those contemplated by these forward-looking. Factors that could cause these results to differ materially are set forth in today's press release, our annual report on Form 10-K and the most recent quarterly report on Form 10-Q filed with that 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括前瞻性陳述，實際結果可能與這些前瞻性陳述所預期的結果有重大差異。可能導致這些結果出現重大差異的因素已在今天的新聞稿、我們向美國證券交易委員會提交的 10-K 表年度報告和最新 10-Q 表季度報告中列出。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

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

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的對帳。新聞稿和隨附的投資者介紹可在我們的網站 investor.fb.com 上查閱。

And now I would like to turn the call over to Mark.

現在我想把電話轉給馬克。

Thanks, Deborah. And thanks, everyone, for joining today. This has been a good quarter for Facebook and a great end to the year. Our community continued to grow in size and engagement, and we're very pleased with the growth of our business.

謝謝，黛博拉。感謝大家今天的參與。對於 Facebook 來說，這是一個表現良好的季度，也是今年的完美結束。我們的社區規模和參與度不斷增長，我們對業務的成長感到非常滿意。

Overall, 2014 was a year of great progress for the Facebook community. 1.39 billion people now use Facebook each month and 890 million people daily, an increase of 165 million monthly actives and 133 million daily actives this year.

整體而言，2014 年對 Facebook 社群來說是取得巨大進步的一年。目前，每月使用 Facebook 的用戶有 13.9 億，每天使用 Facebook 的用戶有 8.9 億，今年每月活躍用戶增加了 1.65 億，每天活躍用戶增加了 1.33 億。

Time spent per person per day across our services continued to rise, growing this quarter by more than 10% compared to last year. And that doesn't even include WhatsApp which joined us late last year. These milestones show that our community continues to get stronger.

每個人每天使用我們服務的時間持續增加，本季比去年同期成長了 10% 以上。這還不包括去年年底加入我們的 WhatsApp。這些里程碑表明我們的社區正在不斷變得更加強大。

It's not just our community where we've made a lot of progress. 2014 was also a year of big investments in our future. This year we made big bets on the next generation of communication and computng platforms by acquiring WhatsApp and Oculus.

我們不僅在我們的社區取得了很大進步。2014年也是我們對未來進行大規模投資的一年。今年，我們透過收購 WhatsApp 和 Oculus 對下一代通訊和運算平台進行了大力投資。

We focused on serving our community better across all of our products, raising the quality and relevance of content and newsfeed, improving our search and video products, and improving the performance and efficiency of our mobile apps. And we continue to invest in our employees and infrastructure, furthering our headcount by 45% this year, and opening our newest data center in November, in Altoona, Iowa.

我們專注於透過所有產品更好地服務我們的社區，提高內容和新聞源的品質和相關性，改進我們的搜尋和影片產品，並提高我們的行動應用程式的效能和效率。我們將繼續投資於我們的員工和基礎設施，今年我們的員工人數增加了 45%，並於 11 月在愛荷華州阿爾圖納開設了最新的資料中心。

When you consider the progress of our community and our investments, 2014 was an important year for us and a good sign of how we're thinking about the future. In the next decade, Facebook is focused on our mission to connect the entire world, welcoming billions of people to our community, and connecting many more people to the Internet through Internet.org.

當你考慮到我們社區的進步和我們的投資時，2014 年對我們來說是重要的一年，也是我們如何思考未來的一個好兆頭。在未來十年，Facebook 將專注於我們的使命，連接整個世界，歡迎數十億人加入我們的社區，並透過 Internet.org 將更多的人連接到網路。

To serve the entire world, we need to build products that serve our community and allow people to share different types of content with different audiences. We need to offer new services and infrastructure at greater scale. And we need to create new tools and innovate to solve fundamental challenges in the places we want to connect.

為了服務全世界，我們需要打造服務於我們社群的產品，並允許人們與不同的受眾分享不同類型的內容。我們需要提供更大規模的新服務和基礎設施。我們需要創造新的工具並進行創新來解決我們想要連結的地方所面臨的根本挑戰。

Doing this will take a lot of effort over the coming years, and Facebook is going to have to evolve. Similar to our transition to mobile over the last couple of years, now we want to really focus on serving everyone in the world.

要做到這一點，未來幾年需要付出很多努力，Facebook 也必須不斷發展。與過去幾年我們向行動領域的轉型類似，現在我們真正想要專注於服務世界上的每個人。

Our mission has always been to make the world more open and connected. This is something we've been preparing for over the last decade.

我們的使命始終是讓世界更開放、更互聯互通。這是我們過去十年來一直在準備的事情。

Everything we've achieved in 2014 and over the last 10 years has helped us to build a foundation for a future of greater scale. I'm excited for our progress in 2015.

我們在 2014 年以及過去 10 年所取得的成就幫助我們為更大規模的未來奠定了基礎。我對我們 2015 年的進步感到非常興奮。

Now, with that in mind, I want to talk about the things that we expect to execute on over the next 3, 5 and 10 years. Over the next 3 years, our main focus is to continue to serve and grow our community by delivering better services for people and businesses around the world.

現在，考慮到這一點，我想談談我們期望在未來 3 年、5 年和 10 年內執行的事情。在接下來的三年裡，我們的主要重點是繼續為世界各地的人們和企業提供更好的服務，從而服務和發展我們的社區。

One sign of our continued growth and engagement is our progress on visual and public content. More than two billion photos are now shared daily across Facebook, Instagram, Messenger and WhatsApp.

我們持續成長和參與的一個標誌是我們在視覺和公共內容方面的進步。目前，Facebook、Instagram、Messenger 和 WhatsApp 上每天分享的照片超過 20 億張。

Video grew significantly this year to an average of more than three billion video views per day on Facebook. We now have more than two billion interactions every week on Facebook between public figures and their fans.

今年，Facebook 上的影片觀看量大幅成長，平均每天超過 30 億次。目前，公眾人物和他們的粉絲在 Facebook 上每週的互動次數超過 20 億次。

Instagram is also growing and helping people share and consume the most engaging content in different communities across world. Instagram reached 300 million monthly actives, with more than 70% outside of the US. Average time spent using the app continues to be very strong compared to other mobile services.

Instagram 也在不斷發展，幫助人們在世界各地的不同社區分享和消費最具吸引力的內容。Instagram 的每月活躍用戶達到 3 億，其中 70% 以上來自美國以外。與其他行動服務相比，使用該應用程式的平均時間仍然非常高。

Across Facebook and Instagram we've done a very good job on engagement, especially when it comes to helping people find and consume content they like. In 2015 we will continue working on this as well as developing more ways for people to share even more of the moments they care about on Facebook.

在 Facebook 和 Instagram 上，我們在參與度方面做得非常出色，尤其是在幫助人們找到並消費他們喜歡的內容方面。2015 年，我們將繼續致力於此，並開發更多方式讓人們在 Facebook 上分享更多他們關心的時刻。

Five years ago, most of the content shared on Facebook was text and some photos. Today, it's primarily photos with some text and video. Over the next five years, we want to keep developing new products and features to help people share the way they want.

五年前，Facebook 上分享的大部分內容是文字和一些照片。今天，主要是照片，還有一些文字和影片。在接下來的五年裡，我們希望繼續開發新產品和新功能，幫助人們以他們想要的方式分享。

When it comes to serving businesses, we've continue to help drive results for businesses of every size around the world. Last week a Deloitte report found that in 2014, Facebook created more than $225 billion of global economic impact and 4.5 million new jobs. This is an important reminder of the big opportunity we have to create value for businesses, and why we are committed to serving them well.

在為企業提供服務方面，我們持續幫助世界各地各種規模的企業取得成果。德勤上週發布的一份報告發現，2014 年，Facebook 為全球經濟創造了超過 2,250 億美元的效益，並創造了 450 萬個新就業機會。這是一個重要的提醒，提醒我們擁有為企業創造價值的巨大機遇，以及我們為何致力於為他們提供良好的服務。

In 2014 we invested aggressively in improving our ad tech and measurement tools. We're going to continue working to provide new capabilities for marketers. Sheryl will talk about this more in a moment.

2014 年，我們大力投資改善我們的廣告技術和測量工具。我們將繼續努力為行銷人員提供新的功能。謝麗爾稍後會詳細談論這一點。

Next, let's talk about our efforts over the next five years to build the next generation of Facebook services. We expect WhatsApp and Messenger to connect hundreds of millions of more people, and become indispensable services for the world, as well as important contributors to our business.

接下來我們來談談未來五年我們為打造下一代 Facebook 服務所做的努力。我們期望 WhatsApp 和 Messenger 能夠連結更多數億人，成為世界不可或缺的服務，並成為我們業務的重要貢獻者。

Messenger and WhatsApp recently achieved impressive new milestones. In November, Messenger reached 500 million monthly actives. And at the beginning of January, WhatsApp reached 700 million monthly actives, with more than 30 billion messages sent each day. These numbers speak to the quality of both products and the size of the opportunity ahead to help billions of people communicate and collaborate.

Messenger 和 WhatsApp 最近取得了令人印象深刻的新里程碑。11 月份，Messenger 的月活躍用戶數達到 5 億。1 月初，WhatsApp 的每月活躍用戶數已達 7 億，每天發送的訊息超過 300 億則。這些數字說明了這兩種產品的品質以及未來幫助數十億人溝通和協作的機會有多大。

Search at Facebook is another important efforts that we expect to create a lot of value over the next few years. In this quarter we launched updates to Facebook search to make it easier to find content and posts on mobile and desktop.

Facebook 的搜尋功能是我們另一個重要的努力，我們預計它將在未來幾年創造大量價值。本季度，我們推出了 Facebook 搜尋更新，以便更輕鬆地在行動裝置和桌面裝置上找到內容和貼文。

We're going to continue listening to feedback from our community and taking the time to build a really valuable product here. Were optimistic about our ability to deliver value that only Facebook is able to provide.

我們將繼續聽取社群的回饋，並花時間打造真正有價值的產品。我們對自己提供只有 Facebook 才能提供的價值的能力充滿信心。

Working with developers is the other part of our strategy. In this quarter we continued to make progress with helping developers build, grow and monetize their apps.

與開發人員合作是我們策略的另一部分。本季度，我們在幫助開發人員建立、發展和貨幣化他們的應用程式方面繼續取得進展。

In October we rolled out our Audience Network around the world. Since then, the number of apps in the network has nearly tripled, and impressions served by the network have more than quadrupled.

十月份，我們在全球推出了受眾網路。自那時起，網路中的應用程式數量幾乎增加了兩倍，網路提供的印象增加了四倍多。

In 2015 we will continue to build upon our long-term goal of making Facebook a truly cross-platform that allows developers to share their work across every major mobile platform. And we look forward to sharing more details at our next F8 event in San Francisco this March.

2015 年，我們將繼續致力於實現我們的長期目標，即讓 Facebook 成為一個真正的跨平台，讓開發人員能夠在所有主要行動平台上分享他們的工作。我們期待在今年 3 月於舊金山舉行的下一場 F8 活動上分享更多細節。

Finally, let's talk about our plans over the next decade to connect everyone to the Internet through Internet.org, and to develop the next generation of computing platforms with Oculus. Internet.org now has a lot of momentum. And we've launched free basic Internet services in Zambia, Tanzania, Ghana, Kenya and Colombia.

最後，我們來談談未來十年的計劃，透過 Internet.org 讓每個人都能連接到互聯網，並與 Oculus 一起開發下一代運算平台。Internet.org 目前發展勢頭強勁。我們在尚比亞、坦尚尼亞、加納、肯亞和哥倫比亞推出了免費基本網路服務。

More than 150 million people living in these countries now have the option to connect to the Internet using Internet.org. We've already connected 6 million of them to the Internet who didn't have access before. We're very excited about Internet.org's progress, and the level of interest we're seeing across industries, governments and our community.

現在，這些國家的 1.5 億多人可以選擇使用 Internet.org 連接網路。我們已經幫助 600 萬以前無法上網的人連接了網路。我們對 Internet.org 的進展以及各行各業、政府和社區的關注程度感到非常興奮。

2015 is going to be an important year for our long-term plans. And I expect us to share more updates about our progress here over the coming months.

2015 年對我們的長期計畫來說將是重要的一年。我希望我們能在接下來的幾個月分享更多有關我們進展的最新消息。

Oculus continues to make progress towards the future of immersive VR experiences that are part of daily life for millions of people. This month the team had another good showing at ZS, and developer interest in Oculus platform continues to grow.

Oculus 繼續朝著沉浸式 VR 體驗的未來邁進，這種體驗將成為數百萬人日常生活的一部分。本月，該團隊在 ZS 上再次表現出色，開發人員對 Oculus 平台的興趣持續增長。

So, that's my update for this quarter. It's been a good quarter and a good end to an important year for us. I want to thank everyone in our Facebook community and our employees, our partners and our stockholders for their support.

這就是我本季的更新內容。對我們來說，這是一個好的季度，也是重要的一年的一個圓滿結束。我要感謝 Facebook 社群的每個人以及我們的員工、合作夥伴和股東的支持。

Thanks to you, our community is growing stronger every day, and we are making progress toward making the entire world more open and connected. Thanks and now here's Sheryl.

感謝你們，我們的社群每天都在變得更加強大，我們正在朝著讓整個世界更加開放和互聯的方向前進。謝謝，現在是謝麗爾 (Sheryl)。

Thanks, Mark. And, hi, everyone. Q4 was strong across the board, capping a great year.

謝謝，馬克。大家好。第四季業績全面強勁，為這一年畫下了圓滿的句點。

This is our first quarter with over $3 billion in ad revenue and over $2 billion in mobile ad revenue. Our Q4 ad revenue grew 53% year over year. Our mobile ad revenue was 69% of the total ad revenue, and doubled in the past year.

這是我們第一個廣告收入超過 30 億美元、行動廣告收入超過 20 億美元的季度。我們的第四季廣告收入年增53%。我們的行動廣告收入佔總廣告收入的69％，在過去一年中翻了一番。

Our growth was strong across all verticals and marketer segments. We also saw healthy growth around the world, although growth rates outside the US were affected by exchange rates.

我們在所有垂直行業和行銷領域都實現了強勁成長。儘管美國以外地區的成長率受到匯率的影響，但我們也看到全球的健康成長。

Looking back at 2014, our teams made great progress on our three main priorities -- capitalizing on the shift to mobile, growing the number of marketers using our ad products, and making our ads more relevant. We believe that the market increasingly understands that we have the leading mobile ad products and are the only platform that delivers people-based marketing at scale.

回顧 2014 年，我們的團隊在三大重點領域取得了巨大進展——充分利用行動端的轉變、增加使用我們廣告產品的行銷人員數量以及提高我們廣告的相關性。我們相信，市場越來越了解我們擁有領先的行動廣告產品，並且是唯一能夠大規模提供以人為本的行銷的平台。

The shift to mobile is changing the way people consume video. As Mark said, video grew dramatically on Facebook in 2014, especially around global events like the World Cup and the ALS ice bucket took a challenge.

向行動裝置的轉變正在改變人們觀看影片的方式。正如馬克所說，2014 年 Facebook 上的影片數量急劇增長，尤其是圍繞世界盃和 ALS 冰桶挑戰賽等全球性事件的影片數量。

In just one year the number of videos posted per person on Facebook increased 75% globally and 94% in the US. Today, over 50% of people in the US who come to Facebook daily watch at least one video per day.

光是一年時間，全球人均在 Facebook 上發布的影片數量就增加了 75%，美國則增加了 94%。如今，每天造訪 Facebook 的美國人中超過 50% 的人每天至少觀看一個影片。

Globally, over 65% of Facebook video views occur on mobile. Marketers have followed this trend and are using video to help people discover and learn about their brands.

在全球範圍內，超過 65% 的 Facebook 影片觀看發生在行動裝置上。行銷人員順應了這一趨勢，並使用影片來幫助人們發現和了解他們的品牌。

In Q4, we expanded autoplay video ads internationally. During the holiday season, we saw many clients telling their stories creatively through video.

在第四季度，我們將自動播放影片廣告擴展到國際。在節日期間，我們看到許多客戶透過影片創造性地講述他們的故事。

2014 was also the year we began scaling Instagram ads. In Q4, we rolled out Instagram ads in Australia and Canada. Marketers are excited to have access to the 300 million people who use Instagram and the creativity it inspires.

2014 年也是我們開始擴大 Instagram 廣告規模的一年。第四季度，我們在澳洲和加拿大推出了 Instagram 廣告。行銷人員很高興能夠接觸到 3 億 Instagram 用戶以及它所激發的創造力。

We're seeing beautiful, creative and great results from brand marketers across verticals, from insurance and tax, to retail and entertainment. For example, as one of our first Instagram video advertisers, Banana Republic developed a series of videos to promote its new BR clothing line. The video showed fashion sketches from the new collection and drove a 23-point lift in ad recall.

我們看到，從保險和稅務到零售和娛樂等各個垂直領域的品牌行銷人員都取得了美麗、富有創意和出色的成果。例如，作為我們的首批 Instagram 影片廣告商之一，Banana Republic 製作了一系列影片來推廣其新的 BR 服裝系列。影片展示了新系列的時裝草圖，使廣告回憶率提高了 23 個百分點。

While it's still early, and we are being deliberate in our rollout, we believe that Instagram will become core to advertisers' mobile brand-building efforts. We also made progress growing a number of marketers using our ad products.

雖然現在還為時過早，而且我們還在慎重考慮如何推出 Instagram，但我們相信，Instagram 將成為廣告商行動品牌建立工作的核心。我們也取得了進展，增加了使用我們廣告產品的行銷人員數量。

Custom Audiences, our suite of proprietary targeting products, has become an essential tool for segmenting current and potential customers. Conversion tracking, a way from marketers to measure the impact of the campaigns online, is also seeing wider adoption. We've made it easier for businesses of all sizes to plan and manage their ad campaigns, and for small businesses to use our targeting tools.

自訂受眾是我們專有的定位產品套件，已成為細分現有客戶和潛在客戶的重要工具。轉換追蹤是行銷人員衡量網路行銷活動影響力的一種方式，也正在得到更廣泛的應用。我們讓各種規模的企業都能更輕鬆地規劃和管理他們的廣告活動，並讓小型企業更輕鬆地使用我們的定位工具。

Travel company Thomas Cook recently used Facebook in Belgium to reach a broad audience, and used Custom Audiences to send targeted messages to existing customers, based on the places they'd expressed interest in. They reached 30% of the Belgian population in just one day and achieved a 3.85 times return on investment. Results like these are attracting more marketers of all kinds to our platform.

旅遊公司 Thomas Cook 最近在比利時使用 Facebook 來吸引廣泛的受眾，並使用自訂受眾根據現有客戶感興趣的地方向他們發送有針對性的消息。他們僅用一天的時間就涵蓋了比利時30%的人口，並獲得了3.85倍的投資回報。這樣的結果吸引了更多各類行銷人員加入我們的平台。

Finally, we made great progress improving ad relevance and measurement. To do this, we made significant investments in both our core measurement and targeting tools, as well as Ad Tech.

最後，我們在提高廣告相關性和衡量性方面取得了巨大進展。為了實現這一目標，我們對核心測量和定位工具以及廣告技術進行了大量投資。

Earlier in 2014, we introduced ad buying capabilities based on reach and frequency metrics, which is similar to how brand marketers buy TV ads, and therefore enables better cross comparison. We improved our Ads Manager product to give better insight into ad campaigns, audience and impact.

2014 年初，我們推出了基於覆蓋率和頻率指標的廣告購買功能，這與品牌行銷人員購買電視廣告的方式類似，因此可以進行更好的交叉比較。我們改進了我們的廣告管理器產品，以便更好地了解廣告活動、受眾和影響。

In the fall we relaunched Atlas to help marketers reach real people and measure results across multiple devices. Omnicom was our first global client. And this month we announced a partnership with Havas to further expand globally.

在秋季，我們重新推出了 Atlas，以幫助行銷人員接觸真實的人並透過多種設備衡量結果。宏盟集團是我們的第一個全球客戶。本月，我們宣布與 Havas 建立合作夥伴關係，以進一步拓展全球業務。

We also invested in Audience Network which helps marketers extend their campaigns off of Facebook, and LiveRail, which provides publishers with video tools to monetize their inventory more efficiently.

我們還投資了 Audience Network，它可以幫助行銷人員在 Facebook 之外擴展他們的行銷活動，以及 LiveRail，它為出版商提供影片工具，以更有效地將其庫存貨幣化。

Heading into 2015, we are excited to build on the progress we've made with our core ad products, as well as with newer areas like video Instagram and Ad Tech. It's still early days in all of these efforts. There's a lot of hard work to do and we plan to invest aggressively.

進入 2015 年，我們很高興能夠在核心廣告產品以及影片 Instagram 和廣告技術等新領域取得進展。所有這些努力都還處於早期階段。還有很多辛苦的工作要做，我們計劃積極投資。

Our ultimate goal is to be a critical business partner to our clients, providing people-based marketing at scale to build their brands and move their products off shelves. Over the past few weeks I've had a chance to meet with many of our largest global clients and agency partners and talk about how we can drive real business results for them, making every impression count and every dollar they spend improve their bottom line.

我們的最終目標是成為客戶的重要業務合作夥伴，大規模提供以人為本的行銷，以建立他們的品牌並讓他們的產品下架。在過去的幾周里，我有機會與我們許多最大的全球客戶和代理商合作夥伴會面，討論如何為他們帶來真正的業務成果，讓每一次印像都發揮作用，讓他們花費的每一美元都提高他們的底線。

Our clients are excited by the opportunity to use video Instagram and ads on and off Facebook to reach the right people with the right message. In turn, as our ads become more relevant, we provide a better experience for the people who use Facebook.

我們的客戶很高興有機會使用影片 Instagram 和 Facebook 內外的廣告向合適的人群傳達合適的訊息。反過來，隨著我們的廣告變得越來越相關，我們為使用 Facebook 的用戶提供了更好的體驗。

Coming off our biggest year ever I want to say a special thank you to the Facebook teams around the world. To our global sales, engineering, product design and infrastructure teams, your accomplishments over this past year are the reason our business is in such a great place.

在我們度過有史以來最重要的一年後，我想向世界各地的 Facebook 團隊表達特別的感謝。對於我們的全球銷售、工程、產品設計和基礎設施團隊來說，你們在過去一年中取得的成就是我們的業務如此出色的原因。

To our entire company, I feel lucky to work with you as we stay focused on our priorities and work together to help connect the world. And to our clients, thank you for your partnership and your trust in us.

對於我們整個公司來說，我很幸運能與你們合作，因為我們將專注於我們的優先事項並共同努力幫助連結世界。對於我們的客戶，感謝你們的合作和對我們的信任。

Heading into 2015, we have big opportunities and a lot of work ahead. Thanks. And now here's Dave.

邁入2015年，我們面臨著巨大的機會和大量的工作。謝謝。現在輪到戴夫了。

Thanks, Sheryl. And good afternoon, everyone. Q4 wrapped up a strong year for Facebook. In 2014 our revenue growth 58% to approximately $12.5 billion and we generated over $3.6 billion in free cash flow.

謝謝，謝麗爾。大家下午好。第四季為 Facebook 的強勁表​​現畫上了圓滿的句號。2014 年，我們的營收成長 58%，達到約 125 億美元，並產生了超過 36 億美元的自由現金流。

We are very pleased with the continuing growth of our network. In December, the number of people using Facebook on an average day increased by 18% compared to last year, to 890 million. The daily number represents 64% of the 1.39 billion people who used Facebook during the month.

我們對網路的持續成長感到非常高興。12月份，平均每天使用Facebook的人數比去年同期增加了18%，達到8.9億。每日使用人數佔當月 Facebook 使用人數 13.9 億的 64%。

Mobile remains the primary driver of our growth. We ended the year with 1.19 billion people using Facebook on mobile in the month. We also continued to see solid growth with Instagram, Messenger and WhatsApp recently crossing 300 million, 500 million at 700 million MAUs, respectively.

移動仍然是我們成長的主要動力。截至今年底，當月透過行動裝置使用 Facebook 的用戶數量達到 11.9 億。我們也看到 Instagram、Messenger 和 WhatsApp 持續保持穩健成長，每月活躍用戶數最近分別突破 3 億、5 億和 7 億。

Turning now to the financials, all of our comparisons are on a year-over-year basis unless otherwise noted. In addition, as a reminder, our non-GAAP measures exclude stock-based compensation and the amortization of intangibles.

現在談談財務狀況，除非另有說明，我們所有的比較都是以同比進行的。此外，需要提醒的是，我們的非公認會計準則指標不包括股票薪資和無形資產攤提。

Total revenue in Q4 was $3.9 billion, up 49%, or 53% on a constant currency basis. Given how significantly exchange rates have continued to move, we anticipate that this currency headwind will increase in 2015. I will give more color on this later in the call.

第四季總營收為 39 億美元，成長 49%，以固定匯率計算成長 53%。鑑於匯率持續大幅波動，我們預期 2015 年貨幣逆風將會加劇。我稍後會在電話中對此進行更詳細的說明。

Ad revenue was $3.6 billion, up 53% or 58% on a constant currency basis. Mobile ad revenue in Q4 doubled to $2.5 billion or 69% of ad revenue, compared to approximately $1.2 billion or 53% of ad revenue last year. Desktop ad revenue was up approximately 1% despite the fact that overall desktop usage was down.

廣告收入為 36 億美元，成長 53%（以固定匯率計算成長 58%）。第四季行動廣告收入翻了一番，達到 25 億美元，佔廣告收入的 69%，而去年同期約為 12 億美元，佔廣告收入的 53%。儘管整體桌面使用率下降，但桌面廣告收入仍成長了約 1%。

In Q4, the average price per ad increased 335%, while total ad impressions declined 65%. Similar to last quarter, these price-volume trends were primarily driven by the redesign of our right-hand column ads, which rolled out in the third quarter.

第四季度，每則廣告的平均價格上漲了 335%，而廣告總展示次數卻下降了 65%。與上一季類似，這些價格-數量趨勢主要受到我們在第三季推出的右側欄廣告的重新設計所推動。

Total payments and other fees revenue was $257 million, up 7%. Note that the growth was driven by revenue from acquisitions made in the past year.

總支付和其他費用收入為 2.57 億美元，成長 7%。請注意，這一成長是由去年收購的收入推動的。

On an organic basis payments revenue from games, which represents the substantial majority of our payments and other fees revenue, declined 10% compared to last year. As previously noted, we expect this trend to continue as desktop usage declines.

從有機基礎來看，遊戲支付收入（占我們支付和其他費用收入的絕大部分）與去年相比下降了 10%。如前所述，我們預期隨著桌面使用率的下降，這種趨勢將會持續下去。

Turning now to expenses, our Q4 total GAAP expenses were $2.7 billion, up 87%, and non-GAAP expenses were $1.6 billion, up 50%. GAAP expense growth was driven primarily by significant stock-based compensation and amortization expenses related to the WhatsApp acquisition. Non-GAAP expense growth was driven primarily by increases in headcount related costs, cost of revenue, and marketing expenses.

現在談談費用，我們第四季的 GAAP 總費用為 27 億美元，成長 87%，非 GAAP 費用為 16 億美元，成長 50%。GAAP 費用成長主要受與 WhatsApp 收購相關的大量股票薪酬和攤銷費用的推動。非公認會計準則費用成長主要受員工人數相關成本、收入成本和行銷費用增加的推動。

On a full-year basis, our 2014 GAAP expenses were $7.4 billion, up 47%, and our non-GAAP expenses were $5.3 billion, up 34%. We ended the year with roughly 9,200 employees, up 45%. Overall, we remain very pleased with our ability to attract and retain top-tier talent.

從全年來看，我們 2014 年 GAAP 支出為 74 億美元，成長 47%；非 GAAP 支出為 53 億美元，成長 34%。截至年底，我們的員工人數約為 9,200 人，成長了 45%。整體而言，我們對吸引和留住頂尖人才的能力感到非常滿意。

GAAP operating income was $1.1 billion in Q4, representing a 29% operating margin, down from 44% last year, again primarily due to expenses related to our recent large acquisitions. Non-GAAP operating income was $2.2 billion in Q4, representing a 58% operating margin, consistent with the margin last year.

第四季 GAAP 營業收入為 11 億美元，營業利潤率為 29%，低於去年的 44%，主要歸因於我們最近的大型收購相關的費用。第四季非公認會計準則營業收入為 22 億美元，營業利益率為 58%，與去年同期的利潤率一致。

Interest and other income and expense was a net expense of $19 million in Q4, versus a net expense of $3 million in Q4 last year. This increase in expense was primarily due to foreign exchange losses resulting from the periodic remeasurement of our foreign currency balances during the period.

第四季利息和其他收入及支出的淨支出為 1,900 萬美元，而去年第四季的淨支出為 300 萬美元。費用增加主要是由於本期間定期重新計量外幣餘額而導致的外匯損失。

In Q4, we benefited from the reinstatement of the R&D tax credit. Our GAAP tax rate was 37%, but would have been approximately 42% excluding the benefit of the tax credit. Our Q4 non-GAAP tax rate was 31%, and would have been approximately 32% excluding this benefit.

第四季度，我們受惠於研發稅收抵免的恢復。我們的 GAAP 稅率為 37%，但如果不計入稅收抵免優惠，稅率將約為 42%。我們第四季的非公認會計準則稅率為 31%，如果不包括這項福利，稅率約為 32%。

Q4 net income was $701 million, or $0.25 per share, and non-GAAP net income was $1.5 billion or $0.54 per share. In 2014, we spent $1.8 billion on CapEx and generated over $3.6 billion of free cash flow. We ended 2014 with $11.2 billion in cash and investments and a net operating loss carryforward of approximately $4.5 billion.

第四季淨收入為 7.01 億美元，即每股 0.25 美元，非 GAAP 淨收入為 15 億美元，即每股 0.54 美元。2014年，我們的資本支出為18億美元，產生了超過36億美元的自由現金流。截至 2014 年底，我們的現金及投資為 112 億美元，淨營業虧損結轉約 45 億美元。

Turning now to the outlook, let me start with revenue. We are still in the early stages of building out many aspects of our ads business and we remain optimistic about our long-term opportunities. Looking at 2015, there are a couple of things I want to note.

現在談談前景，讓我先從收入開始。我們的廣告業務的許多方面仍處於建設的早期階段，我們對我們的長期機會仍然持樂觀態度。回顧2015年，我想指出幾點。

The first involves how the recent movements in exchange rates might impact our 2015 revenue. Assuming exchange rates were to remain constant at today's level, we would expect that our total revenue in 2015 would be approximately 5% lower than it would be under 2014 exchange rates. Note this 5% represents the expected reduction in 2015 total revenue, not the reduction in the year-over-year growth rate.

第一個問題涉及近期匯率變動將如何影響我們 2015 年的營收。假設匯率維持在今天的水平，我們預計 2015 年的總收入將比 2014 年匯率下的總收入低約 5%。請注意，這 5% 代表 2015 年總收入的預期減少，而不是同比增長率的減少。

And, second, we are reporting revenue from Atlas, LiveRail and the Audience Network on a net, not a gross, basis. So, the growth in those products will have less of an impact on our overall reported revenue growth in 2015.

其次，我們報告 Atlas、LiveRail 和 Audience Network 的收入是淨收入，而不是總收入。因此，這些產品的成長對我們 2015 年報告的整體收入成長的影響較小。

Turning now to expenses, we are tightening our ranges modestly given the better visibility into 2015 spending. We expect that our full-year 2015 total GAAP expenses will increase 55% to 70% compared to 2014. We expect that our 2015 total non-GAAP expenses will increase 50% to 65%.

現在談到支出，鑑於 2015 年支出的可預見性，我們正在適度縮緊範圍。我們預計，2015 年全年 GAAP 總支出將比 2014 年增加 55% 至 70%。我們預計 2015 年非公認會計準則總支出將增加 50% 至 65%。

A simple way of thinking about our investments is across three categories -- people, product and infrastructure. On the people side, we enter 2015 with 45% more employees than we did a year ago. And we will continue to invest in and grow the talent base throughout the year.

我們的投資可以簡單分為三類：人員、產品和基礎設施。在人員方面，2015 年我們的員工人數比一年前增加了 45%。我們將全年繼續投資並擴大人才基礎。

In terms of product, we are investing to build great experiences for people, marketers and developers, ranging from our existing products and services to newer initiatives such as Ad Tech, Internet.org, Oculus, and WhatsApp. We'll also invest in marketing to support all of these initiatives which, as I noted, was a driver of expense growth in Q4.

在產品方面，我們正在投資為人們、行銷人員和開發人員打造出色的體驗，從我們現有的產品和服務到較新的計劃，例如 Ad Tech、Internet.org、Oculus 和 WhatsApp。我們還將投資行銷來支持所有這些舉措，正如我所指出的，這是第四季度費用成長的驅動力。

Turning to infrastructure, we continue to build out our global infrastructure to enable billions of people around the world to connect, message and share with each other. We'll be investing in data centers, our network and servers to grow our existing services and support newer initiatives such as video and our global connectivity efforts through Internet.org.

談到基礎設施，我們繼續建立我們的全球基礎設施，以使全球數十億人能夠相互聯繫、發送訊息和分享。我們將投資資料中心、網路和伺服器，以發展我們現有的服務並支援新的計劃，例如視訊和透過 Internet.org 實現的全球連接工作。

We anticipate our 2015 CapEx will be in the neighborhood of $2.7 billion to $3.2 billion. We expect stock-based compensation for 2015 to be in the range of $3 billion to $3.3 billion, approximately half of which is related to our prior acquisitions, most notably WhatsApp.

我們預計 2015 年資本支出將在 27 億美元至 32 億美元左右。我們預計 2015 年的股票薪酬將在 30 億美元至 33 億美元之間，其中約一半與我們先前的收購有關，最著名的是 WhatsApp。

We expect amortization expenses for 2015 to be approximately $700 million to $800 million. Finally, we anticipate our Q1 and full-year 2015 GAAP tax rates to be in the mid to high 40%s and non-GAAP rates to be in the mid to high 30%s.

我們預計 2015 年攤提費用約為 7 億至 8 億美元。最後，我們預計 2015 年第一季和全年的 GAAP 稅率將在 40% 中高位，非 GAAP 稅率將在 30% 中高點。

In summary, Q4 caps off a great year for Facebook in which we executed well, and also made some very important investments for our future. In 2015 we are focused on continuing to execute on the business and investing in our long-term mission and success.

總而言之，第四季度對 Facebook 來說是偉大的一年，我們在這一年中表現良好，並為我們的未來做出了一些非常重要的投資。2015 年，我們的重點是繼續開展業務並投資於我們的長期使命和成功。

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

好了，考特尼，讓我們開始提問吧。

(Operator Instructions)

（操作員指示）

Heather Bellini with Goldman Sachs.

高盛的 Heather Bellini。

I just had two quick questions. Sheryl or Mark, I was just wondering, from a brand advertising perspective, is there a way you could share with us how your conversations with these advertisers have been trending over the past 12 months, how they've been evolving, and how they are thinking about the video opportunity?

我只有兩個簡單的問題。Sheryl 或 Mark，我只是想知道，從品牌廣告的角度來看，您能否與我們分享過去 12 個月您與這些廣告商的對話趨勢、他們如何發展以及他們如何看待視頻機會？

And then, Dave, I just wanted to follow up on your question about total expense guidance, because in the past you've given a 5-point range, I believe, for total expenses and this year it's 15. Granted, you did tighten it, which we appreciate. And just wondering the parameters around how we think about the low end versus the high end?

然後，戴夫，我只是想跟進你關於總支出指導的問題，因為過去你給了總支出的 5 點範圍，我相信，今年是 15 點。當然，您確實把它擰緊了，我們對此表示感謝。我只是想知道我們如何看待低端與高端的參數？

It's a great time for the brand question because over the past few weeks I've spent a lot of time kicking off 2015 with our largest agency partners and largest clients. I would say that people remain really excited about Facebook, but people are bigger believers, because we've had an opportunity to do more measurement over the past year.

現在是討論品牌問題的好時機，因為過去幾週我花了很多時間與我們最大的代理商合作夥伴和最大的客戶一起開啟 2015 年。我想說的是，人們仍然對 Facebook 感到非常興奮，但人們更相信它，因為在過去的一年裡我們有機會進行更多的測量。

So, I think there are two things about the Facebook platform that are really exciting for brand marketers. The first is the creativity and storytelling. And certainly, as you mentioned, video is a big part of that because video is a format that marketers have used for a long time to build emotional connection to brands.

所以，我認為 Facebook 平台有兩點讓品牌行銷人員非常興奮。第一是創意和故事性。當然，正如您所說，影片是其中的重要組成部分，因為影片是行銷人員長期以來用來與品牌建立情感聯繫的一種形式。

The second is measurement. What clients want and what they should want is an ability to look at their ad spend and see how effective it is, not just in the brand lift metrics, even though those are important, but in moving products off shelves. Over the past year and a half, the investments we've made in building out that measurement have paid off.

第二是測量。客戶想要的和他們應該想要的是能夠查看他們的廣告支出並了解其效果，不僅僅是在品牌提升指標方面（儘管這些指標很重要），而且還在產品下架方面。在過去的一年半里，我們為建立這項衡量標準所做的投資已經獲得了回報。

So, when I sit down with clients at the beginning of this year compared to last year, we have more actual case studies of marketing we've done with them. We've been able to A-B test Facebook ads versus no Facebook ads, and what the effectiveness is on their sales. And I think across the board, we are showing very healthy, very competitive ROI.

因此，與去年相比，今年年初當我與客戶坐下來交談時，我們與他們一起進行的實際行銷案例研究更多。我們已經能夠對 Facebook 廣告和無 Facebook 廣告進行 A-B 測試，並了解其對銷售的影響。我認為，整體而言，我們的投資報酬率非常健康，而且非常有競爭力。

The opportunity and the challenge, now, is to scale. Even for our largest clients globally we still represent a really small part of what they do. So, it's on us to prove to them that the results we're showing them in these smaller tests can happen in more brands, more countries with a larger part of their business.

現在的機會和挑戰在於擴大規模。即使對於我們全球最大的客戶來說，我們仍然只佔他們業務的一小部分。因此，我們要向他們證明，我們在這些小規模測試中所展示的結果可以在更多品牌、更多國家以及他們更大業務範圍內得到應用。

Heather, it's Dave.

希瑟，我是戴夫。

Just following up on that, where we land in the range of guidance on expenses will depend on a number of different factors. It's going to depend on how successful we are at hitting our recruiting goals, how much we ramp in areas like marketing, how quickly we deploy our capital against our CapEx plan, and then how we execute against our plan of ramping investments in new areas like Oculus, WhatsApp, Internet.org, et cetera.

順便說一下，我們在費用指導範圍內的位置將取決於許多不同的因素。這將取決於我們在實現招聘目標方面的成功程度、我們在行銷等領域的投入程度、我們根據資本支出計劃部署資本的速度，以及我們如何執行在 Oculus、WhatsApp、Internet.org 等新領域加大投資的計劃。

We feel good about where we are. We're going into 2015 on a high note. So, I feel like we're making these investments from a position of strength, and excited about the opportunities to put more capital to work in 2015.

我們對目前的狀況感到滿意。我們將以高昂的姿態邁入 2015 年。因此，我覺得我們是在擁有優勢地位的情況下進行這些投資的，並且對 2015 年投入更多資本的機會感到興奮。

Eric Sheridan with UBS.

瑞銀的 Eric Sheridan。

Mark, I wanted to follow up on your comment around search. It's early days, but what the Company is seeing in terms of the way people are interacting with the new search functionality inside Facebook, broadly. And then maybe tying it back to advertising, what that might mean for closing the loop with some of your small- and medium-sized business advertises, and maybe even the Places initiative, long-term, thanks.

馬克，我想跟進你關於搜尋的評論。雖然現在還處於早期階段，但該公司已經大致了解了人們與 Facebook 內部新搜尋功能的互動方式。然後也許將其與廣告聯繫起來，這可能意味著與一些中小型企業廣告形成閉環，甚至可能是長期的 Places 計劃，謝謝。

Sure. Our view on this is that there is a lot of unique content that people have shared in Facebook, a lot of personal content, recommendations from friends that you can get, that you just wouldn't be able to get through a traditional web search service or other app. We are on this multi-year voyage to basically index all the content and make it available to people and rank it well.

當然。我們對此的看法是，人們在 Facebook 上分享了很多獨特的內容，很多個人內容，你可以獲得朋友的推薦，而這些都是你無法透過傳統的網路搜尋服務或其他應用程式獲得的。我們經過多年的努力，基本上將所有內容編入索引，供人們使用，並對其進行良好的排名。

We started off by launching Graph Search, which I think included more than 1 trillion different connections in the first system. The second round of the search progress that we just started rolling out at the end of last year was Post Search, which now has indexed more than I think 1 trillion posts. The sizes of these corpuses are bigger than anything in a traditional web search corpus that you'd find.

我們首先推出了 Graph Search，我認為它在第一個系統中包含了超過 1 兆個不同的連結。我們去年年底剛開始推出的第二輪搜索進程是帖子搜索，現在它已經索引了超過 1 兆個帖子。這些語料庫的規模比您在傳統網路搜尋語料庫中所能找到的任何語料庫都要大。

It's an interesting and fun challenge to make this work. We're seeing that people immediately understand how they can use this and find content that they've seen in newsfeeds before or that they've posted with just a few keywords. We're excited about that but there's a lot more to do.

完成這項工作是一個有趣且好玩的挑戰。我們發現人們立即明白如何使用它，並找到他們之前在新聞推送中看到的內容或僅用幾個關鍵字發布的內容。我們對此感到很興奮，但還有很多事情要做。

So, I'd say we're not really thinking about advertising in it yet. On the scale that our community operates, 1 billion searches per day is actually not that big compared to what we think the opportunity here should be. And we are just continuing to keep on working on it because there's just a lot of unique value that people should be able to get from their friends on Facebook through search.

所以我想說我們還沒有真正考慮在其中投放廣告。就我們社區的營運規模而言，每天 10 億次搜尋實際上與我們認為這裡的機會相比並不算大。我們將繼續致力於此，因為人們可以透過搜尋從 Facebook 上的朋友那裡獲得很多獨特的價值。

John Blackledge with Cowen.

約翰·布萊克利奇和考恩​​公司。

I just wondered if you could provide your view on Facebook as a video platform given that video views per day increased to 3 billion in December from 1 billion in September of 2014. And how we should think about video content mix over the next couple of years.

我只是想知道，鑑於每天的影片觀看次數從 2014 年 9 月的 10 億次增加到 12 月的 30 億次，您是否可以對 Facebook 作為影片平台提供看法。以及我們應該如何考慮未來幾年的影片內容組合。

And same kind of topic, if you can give a sense of user and advertiser feedback on the autoplay video ads, that would be great. Thank you.

同樣的主題，如果您能了解用戶和廣告商對自動播放影片廣告的回饋，那就太好了。謝謝。

I'll talk about the consumer products and then Sheryl can jump in about ads.

我將談論消費品，然後 Sheryl 可以談談廣告。

What we're seeing, and I alluded to this a bit in my opening remarks, is that there's been this evolution of content on Facebook over the last 10 years towards richer format that conveys more of the moments that people care about. So, if you go back five years ago, a lot of Facebook was primarily text and a little bit of photos.

我們看到的是，正如我在開場白中提到的那樣，在過去 10 年裡，Facebook 上的內容一直在向更豐富的形式發展，可以傳達更多人們關心的時刻。所以，如果你回顧五年前，你會發現 Facebook 上的內容主要是文字和少量照片。

Now, I think the primary mode that people are using to share is photos. And I wouldn't be surprised if in the future that shifted more and more towards videos.

現在，我認為人們分享的主要方式是照片。如果未來越來越多地轉向視頻，我也不會感到驚訝。

So, we're thinking about how to enable consumption first of the content that people were sharing. And this year an increased focus on new opportunities around production. That way it's easier for people to capture the moments that are important to them, create higher-quality moments and pieces of content out of those, and increase their experiences through that.

因此，我們正在考慮如何先實現人們所分享內容的消費。今年我們更加重視生產領域的新機會。這樣，人們就可以更輕鬆地捕捉對他們來說重要的時刻，並利用這些時刻和內容創造更高品質的時刻和內容，並透過這種方式豐富他們的體驗。

So, there's a lot more to do here. And I think that this is going to be one of the big trends over the next three to five years, is the growth in video and richer content in our service.

所以，這裡還有很多事情要做。我認為這將是未來三到五年的一大趨勢，即我們服務中影片的成長和內容的豐富。

From a consumer and marketer feedback on video ads point of view, those two things really go together. It's exciting that we've gotten to 3 billion video views per day because that means consumers are using video ads and enjoying them on Facebook and in newsfeed.

從消費者和行銷人員對影片廣告的回饋來看，這兩件事確實是相輔相成的。令人興奮的是，我們每天的影片觀看次數已達到 30 億次，因為這意味著消費者正在使用影片廣告並在 Facebook 和新聞推送中享受它們。

The way we think about our ads product is we want them to blend in with the consumer experience. So, the fact that we have this much consumer video on Facebook, means we have an opportunity to grow our ad business, and that's exciting for marketers.

我們對廣告產品的看法是，我們希望它們能融入消費者體驗。因此，Facebook 上擁有如此多的消費者影片意味著我們有機會擴大廣告業務，這對行銷人員來說是令人興奮的。

Justin Post with Merrill Lynch.

美林證券的賈斯汀波斯特 (Justin Post)。

It looks like you did about $9 of revenue in the US per MAU, which is over a $30 run rate, which is impressive.

看起來你們在美國每個 MAU 的收入約為 9 美元，也就是超過 30 美元的運行率，這令人印象深刻。

Sheryl, maybe first question to you. How do you grow that from here? Is it usage? Is it more higher ad load? Is it the mix of ads? Or is it targeting? Maybe some thoughts on how you grow from there.

謝麗爾，也許這是我要問你的第一個問題。您如何從現在開始發展這項業務？是用法嗎？廣告負載是否更高？是廣告混合嗎？還是有針對性？也許有一些關於你如何從那裡成長的想法。

And then, Mark, as you look at your other three platforms; WhatsApp, Instagram, Messenger, and other things you probably have in mind -- can they monetize anywhere as well as Facebook if you look out to your five-year plan? Thank you.

然後，馬克，當你查看其他三個平台時； WhatsApp、Instagram、Messenger 以及您可能想到的其他東西——如果您制定五年計劃，它們能否像 Facebook 一樣在任何地方實現盈利？謝謝。

Thanks for the question. When you think about what's happening, certainly the growth has been good. But it's still true that marketing dollars have not followed consumer time in the same percentages.

謝謝你的提問。當你思考正在發生的事情時，你會發現成長確實是好的。但事實是，行銷費用並沒有按照相同的百分比跟隨消費者的時間。

In the US, mobile gets 25% of consumer media time but only 10% of the ad budget. And to take one comparable example, that means that for every consumer hour spent on print, marketers spent $1, and they spend $0.07 per hour on mobile. Which means that we have an opportunity to grow.

在美國，行動裝置佔了消費者媒體時間的 25%，但僅佔廣告預算的 10%。舉一個類似的例子，這意味著消費者在印刷品上花費的每個小時，行銷人員花費 1 美元，而在行動裝置上每小時花費 0.07 美元。這意味著我們有成長的機會。

One of the most important ways we grow is not just bring more marketers into Facebook, having them use more of our ad products, but, as you mentioned, better targeting. A more relevant ad is a better ad experience for consumers, but also drives a much higher return for marketers. And since we're running an auction, as our ads get more relevant and we provide higher ROI, we should be able to continue to grow.

我們發展最重要的方式之一不僅是吸引更多行銷人員加入 Facebook，讓他們更多地使用我們的廣告產品，正如您所說，還要實現更好的定位。更相關的廣告不僅能為消費者帶來更好的廣告體驗，也能為行銷人員帶來更高的回報。而且由於我們正在進行拍賣，隨著我們的廣告變得更加相關並且我們提供更高的投資回報率，我們應該能夠繼續成長。

I think we've done a good job over the last year making our ads more relevant. I think most people on this call would say that you see more relevant ads than you used to a year ago. But I still think some of the Facebook ads still have room for improvement in terms of relevance. And, so, we see a lot of room for improvement there, both in the ROI we deliver and in the experience we can provide consumers.

我認為我們在過去的一年裡做得很好，使我們的廣告更具相關性。我想參加這次電話會議的大多數人都會說，與一年前相比，你看到的相關廣告更多了。但我依然認為部分Facebook廣告在相關性方面仍有進步的空間。因此，我們看到了很大的改進空間，無論是在我們提供的投資報酬率方面，還是在我們能為消費者提供的體驗方面。

I'll add something to that just on the side of how we think about value through Facebook and then I will talk about the other apps. In terms of the product development that we do here, we have four major groups inside the Company. This is how our Company is organized.

我將補充一些關於我們如何透過 Facebook 思考價值的內容，然後我將討論其他應用程式。就我們在這裡進行的產品開發而言，我們公司內部有四個主要團隊。這就是我們公司的組織方式。

We have one which is focused on growing the community; one which is focused on increasing content consumption and people's engagement; another which is focused on efficiency and helping people get the most value out of each moment that they're spending on Facebook; and then the fourth group is our core business which is focused on helping people to see the best ads and basically make the most money per moment that people are spending at the lowest cost and most efficiency in terms of serving people.

我們有一個專注於發展社群的組織；一個專注於增加內容消費和人們的參與度；另一個則注重效率，幫助人們充分利用使用 Facebook 的每一刻；第四部分是我們的核心業務，專注於幫助人們看到最好的廣告，以最低的成本和最高的效率為人們提供服務，從而讓人們在每一刻都能賺到最多的錢。

There is, I think, big upside in each of those four categories. Our community is growing. I mentioned in our comments up front that time spent across our services grew by 10% year over year per person, which is pretty meaningful. Utility and efficiency are increasing. And, of course, the ads business per person and the efficiency of our services are both increasing, as well.

我認為這四個類別都有很大的優勢。我們的社區正在不斷壯大。我之前在評論中提到過，每個人使用我們服務的時間同比增長了 10%，這是非常有意義的。實用性和效率正在提高。當然，人均廣告業務量和我們的服務效率也在提高。

So, I'm pretty excited about that and think we are organized in a way where we can continue executing against that.

因此，我對此感到非常興奮，並認為我們已經組織好了，可以繼續執行這一目標。

That other opportunity is Instagram, Messenger and WhatsApp. I'm really excited about. And I do think that they're going to reach the level where they contribute to our business in a pretty big way.

另一個機會是 Instagram、Messenger 和 WhatsApp。我真的很興奮。我確實認為他們將會達到為我們的業務做出巨大貢獻的水平。

But it's really important to get this right and not rush it. What I'd say around messaging is we're pretty early in that cycle. We are about where Facebook was in around 2006 or 2007, where, at that point, Facebook is really just a consumer product. There were no businesses in the ecosystem.

但真正重要的是要做好這件事，不要操之過急。關於訊息傳遞，我想說的是，我們處於該週期的早期階段。我們目前的狀況與 Facebook 在 2006 年或 2007 年左右的狀況差不多，那時，Facebook 其實只是一種消費性產品。生態系中沒有企業。

And a lot of people were telling us go put better ads in. And that felt wrong. I didn't think that that was going to be the right way to build the product or build the business.

很多人告訴我們要投放更好的廣告。這感覺不對。我不認為這是打造產品或開展業務的正確方法。

So, instead, what we did was we built pages, which was a way for businesses to interact for free in the system and start creating organic interactions between people and businesses so we could figure out what the people using Facebook wanted from businesses within Facebook. And we build more tools for pages and businesses to engage. Our recent success with advertising is really just built on some of those organic interactions between people and businesses.

因此，我們所做的就是建立頁面，這是企業在系統中免費互動的一種方式，並開始在人與企業之間建立有機互動，這樣我們就可以弄清楚使用 Facebook 的人希望從 Facebook 內的企業獲得什麼。我們也為頁面和企業建立了更多參與工具。我們最近在廣告方面的成功實際上只是建立在人與企業之間的一些有機互動之上。

What you see in Messenger and WhatsApp now is we're still at the early end of that curve where the interaction is still primarily people to people, and businesses are starting to figure out, in the case of WhatsApp -- much less in Messenger, so far -- what the organic interaction is. But we're going to have to go through a whole cycle of figuring out how that works before it really makes sense to start monetizing them in a big way. But, yes, I'm a big fundamental believer that these are going to be very big contributors to our businesses over time, but we just have to do it right.

現在，您在 Messenger 和 WhatsApp 中看到的是，我們仍處於該曲線的早期階段，其中互動仍然主要是人與人之間的互動，並且企業才剛剛開始弄清楚，就 WhatsApp 而言（到目前為止，在 Messenger 中還遠遠不夠）有機互動是什麼。但我們必須經歷一整個週期來弄清楚它是如何運作的，然後才能真正開始大規模地將其貨幣化。但是，是的，我堅信，隨著時間的推移，這些將對我們的業務做出巨大貢獻，但我們必須正確地做這件事。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

Two questions. Sheryl, can you talk about where we are in the North American market versus your other regions in terms of advertiser maturation and acceptance of the Facebook platform? The growth rates in North America continue to be really impressive despite it being your business when you look at the ARPU trends. And compared to the other regions those seem to be moderating a bit.

兩個問題。Sheryl，您能否談談在廣告商成熟度和 Facebook 平台接受度方面，北美市場與其它地區相比處於什麼位置？從 ARPU 趨勢來看，儘管北美是您的業務，但其成長率仍然令人印象深刻。與其他地區相比，這些地區的情況似乎有所緩和。

And then I was wondering, Dave, if you could talk about the pricing growth which actually accelerated from Q3 to Q4? Can you give us some color there? I know there were changes to right-hand rail but anything else you would add about why there was such a huge acceleration in pricing growth. Thanks.

然後我想知道，戴夫，您是否可以談談從第三季度到第四季度實際上加速的價格增長？你能為我們提供一些顏色嗎？我知道右側軌道發生了變化，但您還能補充什麼關於為什麼價格增長速度如此之快的原因嗎？謝謝。

North America remains a really important market for us. And, as you said, we've had growth we are very happy with. It's still true that for any client, no matter how big they are for us, we represent a really tiny part of their ad spend. And we represent an under-investment in terms of where they can reach their consumers.

北美對我們來說仍然是一個非常重要的市場。正如您所說，我們取得了成長，對此我們感到非常高興。事實是，對於任何客戶來說，無論他們對我們來說有多大，我們只佔他們廣告支出的極小一部分。就接觸消費者的方式而言，我們表示投資不足。

So we believe by continuing to make these investments we can really continue to grow. We get 20% of people's time on mobile phone in the US between Facebook and Instagram. We don't get close to that in terms of anyone's marketing spent or the time they spend.

因此，我們相信，透過繼續進行這些投資，我們確實可以繼續成長。在美國，人們在 Facebook 和 Instagram 上花費的手機時間佔了 20%。就任何人的行銷支出或所花的時間而言，我們都無法接近這個水平。

What we say to our clients over and over again is that we want to drive their business. And that's probably the most important thing we're doing for these large North American spenders, is around the measurement work we've done.

我們一遍又一遍地告訴客戶，我們希望推動他們的業務發展。這可能是我們為這些北美大消費者所做的最重要的事情，圍繞著我們所做的測量工作。

Two years ago we were not able to measure all the way through to purchase off the shelves, and now we can. Yesterday, we rolled out a product we call Lift, which is really the next iteration of our measurement capabilities. It enables large customers to go in and set up ads with control test groups so that they can A-B test; this group of people saw a Facebook ad, this group of people didn't. And they can measure all the way through to conversion of whatever they are measuring, whether it's an online conversion to a sale.

兩年前，我們還無法進行全程測量併購買現貨，但現在我們可以了。昨天，我們推出了一款名為 Lift 的產品，這實際上是我們測量能力的下一個迭代。它使大客戶能夠進入並設置帶有控制測試群組的廣告，以便他們可以進行 A-B 測試；這群人看到了 Facebook 廣告，這群人沒有看到。他們可以全程測量他們所測量內容的轉換率，無論是在線上轉換為銷售。

We think the measurement out there online and digitally is not particularly accurate. People don't have real people-based measurement. Through our investments in Atlas and through our investments in the core Facebook measuring tools, we think if we can show the ROI marketers are getting, and we can increasingly do so, we can continue to penetrate the North America market.

我們認為網路上和數字的測量並不是特別準確。人們沒有真正的以人為本的衡量標準。透過對 Atlas 的投資以及對核心 Facebook 測量工具的投資，我們認為，如果我們能夠展示行銷人員獲得的投資回報率，並且我們能夠越來越多地這樣做，我們就能繼續滲透北美市場。

Ben, it's Dave.

本，我是戴夫。

Also just building on what Sheryl said, worth noting that the drop in the value of international currency is impacted by results outside the US. So, some of what you're seeing here is the result of that.

另外，基於謝麗爾所說的，值得注意的是，國際貨幣價值的下跌受到美國以外結果的影響。所以，您在這裡看到的一些現象就是由此產生的。

It reduced year-over-year revenue growth rates by 7% to 8% in the different international regions. That's a big reason why you see the US doing much better, as well as the fact that that's just a more advanced market in what we've done in terms of just building up the advertiser base and getting adoption of our best targeting products, as Sheryl was talking about.

它將不同國際地區的年比收入成長率降低了 7% 至 8%。這就是為什麼你會看到美國表現更好的一個重要原因，正如謝麗爾所說的那樣，這是一個更先進的市場，我們在建立廣告客戶基礎和採用我們的最佳定位產品方面已經取得了進展。

Going to your question on pricing growth, I would just reiterate what I said in my comments. It's largely due to the right-hand column redesign and then also this shift to mobile where we don't show right-hand column ads. That's really what's causing the pricing shift.

關於價格成長的問題，我只想重申我在評論中所說的話。這主要是因為右側欄重新設計，而且由於轉向行動設備，我們不再顯示右側欄廣告。這才是導致價格變動的真正原因。

Then, fundamentally, we just continue to get better at targeting. That drives better engagement. And as we get better engagement, that drives better ROI for our advertisers, which ultimately, I think as Sheryl commented on earlier, gets reflected in better pricing for our ads. And that's a big opportunity for us.

然後，從根本上來說，我們只是繼續提高瞄準能力。這可以推動更好的參與。隨著我們獲得更好的參與度，這將為我們的廣告商帶來更好的投資回報率，最終，我認為，正如謝麗爾之前評論的那樣，這將反映在我們廣告的更好的定價上。這對我們來說是一個巨大的機會。

And we are seeing that we're getting better and better at driving engagement from the ad units that we have, and getting that right ad in front of the right person. So, that's a big factor, as well.

我們發現，我們在推動現有廣告單元的參與度以及將合適的廣告呈現給合適的人方面做得越來越好。所以，這也是一個重要因素。

Brian Wieser with Pivotal Research.

Pivotal Research 的 Brian Wieser。

Thanks for taking the question.

感謝您回答這個問題。

First, I was wondering if you could talk about the degree to which you think premium video content, where it's not necessary to optimally capture budgets from advertiser that might otherwise have gone to TV? You have a couple of initiatives around ABC and NFL. So, I was curious to hear your thoughts on that.

首先，我想知道您是否可以談談您認為優質視訊內容的程度，即沒有必要從廣告主那裡獲得原本可能流向電視的預算？您圍繞 ABC 和 NFL 開展了一些計劃。所以，我很好奇想聽聽你對此的想法。

Separately, among clients who are using Atlas, and especially those who are new to Atlas, do you get a sense that their spending on digital media is changing? Or, if so, how? And, alternately, are they just happier with their campaign management tools? Thanks very much.

另外，在使用 Atlas 的客戶中，尤其是新使用 Atlas 的客戶，您是否感覺到他們在數位媒體上的支出正在改變？或者，如果是的話，怎麼做？或者說，他們是否對自己的競選管理工具更滿意？非常感謝。

On video ads, what really matters is that consumers are using video on Facebook because that gives us an opportunity, one, to provide a great consumer experience, but, two, to have ads match that consumer experience. If there wasn't consumer video on Facebook, video ads in your newsfeed would be very jarring. As a percentage of the videos you're seeing, video ads fit nicely into that experience.

對於視頻廣告來說，真正重要的是消費者在 Facebook 上使用視頻，因為這為我們提供了機會，第一，提供出色的消費者體驗，第二，讓廣告與消費者體驗相匹配。如果 Facebook 上沒有消費者視頻，新聞推送中的視頻廣告就會顯得非常刺眼。就您所觀看的影片的百分比而言，影片廣告非常適合這種體驗。

I don't think it matters as much what the video content is. So, while we're certainly exploring some premium content -- as you said, we have an NFL Verizon test out there in the public eye -- we're already seeing pretty explosive growth without that kind of premium content in the system in large numbers. And, so, we'll continue to figure out.

我認為影片內容並不重要。因此，雖然我們確實在探索一些優質內容——正如你所說，我們在公眾視野中進行了 NFL Verizon 測試——但我們已經看到，即使系統中沒有大量此類優質內容，也實現了相當爆炸式的增長。因此，我們會繼續尋找答案。

We are certainly open to increasing video content either way, but we haven't quite figured out what the mix needs to be. And right now the growth is very strong.

無論如何，我們當然願意增加影片內容，但我們還沒有完全弄清楚需要什麼樣的組合。目前成長非常強勁。

In terms of Atlas, we just relaunched this fall and we're just seeing those deals get done in broad adoption. So, I think it's too soon for us to report that Atlas drives an increase in digital spend or an increase in any particular kind of spend.

就 Atlas 而言，我們今年秋天剛剛重新推出，我們看到這些交易得到了廣泛的採用。因此，我認為現在就報告 Atlas 推動數位支出或任何特定類型支出的增加還為時過早。

But here's what we believe really deeply, which is that Atlas is going to revitalize marketing by making the measurement more accurate. If you look at how digital ads are being measured, they are being measured based on a cookie-based world that assumes that people have one device, largely a PC, and that's just not true.

但我們堅信，Atlas 將透過提高測量準確性來振興行銷。如果你觀察一下數位廣告是如何被衡量的，你會發現，它們是基於 cookie 的世界來衡量的，這個世界假設人們只有一台設備，主要是一台 PC，但事實並非如此。

Consumers have phones, they have tablets, they have PCs, as well. And the ability to understand that that's one person to serve an ad and measure all the way through correctly, we think it's going to massively improve the efficiency in the system as it gets adopted.

消費者有手機、有平板電腦、也有個人電腦。並且能夠理解一個人投放廣告並全程正確衡量的能力，我們認為，隨著它的採用，它將極大地提高系統的效率。

Peter Stabler with Wells Fargo.

富國銀行的 Peter Stabler。

One for Sheryl. Sheryl, as you push further toward monetizing off-platform inventory, wondering if you could speak to the state of your relationships with premium publishers? There is a narrative out there we sometimes encounter that publishers are growing a bit concerned about the power you guys wheel, particularly as you push into monetizing off the platform. Thanks very much.

一個給謝麗爾。謝麗爾，當您進一步推動平台外庫存貨幣化時，您是否可以談談您與優質出版商的關係狀況？我們有時會遇到這樣一種說法，即出版商越來越擔心你們的權力，特別是當你們努力透過平台獲利時。非常感謝。

Our audience network efforts are still pretty new. We have a goal of serving more relevant ads to people off Facebook, which will provide greater reach for Facebook marketers and also a better opportunity to monetize for publishers.

我們的觀眾網絡工作仍然很新。我們的目標是向 Facebook 以外的用戶提供更多相關廣告，這將為 Facebook 行銷人員提供更大的覆蓋範圍，同時也為出版商提供更好的獲利機會。

We're seeing some nice results. Shazam reported that using Audience Network increased their revenue from Ad Networks by 37%. We believe that working with publishers, if we can increase the value of their inventory by providing more relevant and targeted ads, they are going to be really happy with that opportunity. And we are in the early stages of finding those partners.

我們看到了一些不錯的結果。Shazam 報告稱，使用 Audience Network 使其來自廣告網路的收入增加了 37%。我們相信，與出版商合作，如果我們能夠透過提供更相關、更有針對性的廣告來增加他們的庫存價值，他們將會非常高興有這樣的機會。我們目前正處於尋找合作夥伴的早期階段。

Anthony DiClemente with Nomura.

野村證券的 Anthony DiClemente。

First for either Mark or Sheryl on the subject of public video content and what you guys are doing to increase the amount of video in the newsfeed. Are there things in terms of actors, celebrities, public figures that you can do to economically incentivize those creators of, let's say, the higher-quality user-generated content onto the Facebook platform, be it a revenue share, what have you, relative to the economics for those types of folks on competing online video platforms?

首先，請馬克或謝麗爾談談公共影片內容的問題，以及你們為增加新聞推播中的影片數量所做的工作。就演員、名人、公眾人物而言，你們能否採取一些措施，從經濟上激勵那些在 Facebook 平台上提供高品質用戶生成內容的創作者，例如收入分成，相對於競爭在線視頻平台上的這類人的經濟效益，你們有什麼措施嗎？

And then just one quick one for Dave. You mentioned -- I just had to ask -- you'd be the shifting the accounting for Facebook Audience Network and LiveRail for revenue to be net of TAC in 2015 versus gross in 2014.

然後我再快速問一下戴夫。您提到——我只是要問——您是否會將 Facebook Audience Network 和 LiveRail 的收入會計轉換為 2015 年的 TAC 淨額，而不是 2014 年的總收入。

I'm just wondering why do that? And is there anything you can help us with in terms of order of magnitude of that shift? Thanks.

我只是想知道為什麼要這麼做？就這種轉變的數量級而言，您能幫助我們嗎？謝謝。

On premium video content, we haven't figured out exactly how important this is to the ecosystem or how much we're going to invest or what kind of monetization we're going to offer. Video is growing quite nicely through the ecosystem right now.

對於優質影片內容，我們還沒有弄清楚它對生態系統到底有多重要，或者我們將投入多少，或者我們將提供什麼樣的貨幣化方式。目前，影片在整個生態系統中發展得相當順利。

We have made a lot of investments in public content, working with public figures to use the Facebook platform. We are by far the largest social platform and increasingly you're seeing public figures, everything from news broadcasters to journalists to public figures, do a lot on Facebook. And that's important to us because it provides the kind of sharing people want.

我們在公共內容方面投入了大量資金，與公眾人物合作利用 Facebook 平台。我們是迄今為止最大的社交平台，你越來越多地看到公眾人物，從新聞廣播員到記者，都在 Facebook 上做很多事情。這對我們很重要，因為它提供了人們想要的那種分享。

People come to Facebook to share with their friends and family but they also come to Facebook to connect with everyone from politicians to journalists to celebrities they want to connect with, and get news. And we've definitely seen public content grow as a percentage of what people get.

人們使用 Facebook 與朋友和家人分享訊息，但他們也使用 Facebook 與所有人建立聯繫，從政客到記者再到他們想要聯繫的名人，並獲取新聞。我們確實看到公共內容在人們獲取的內容中所佔的百分比正在增長。

We also had some nice wins with the Golden Globes this year. Other things we're doing to go deep, we're doing some partnerships. We did In Davos at CNBC to show how we can help content creators increase their distribution and reach people directly on Facebook.

今年我們也獲得了一些不錯的金球獎。我們正在做的其他深入的事情是建立一些合作關係。我們在達沃斯的 CNBC 上展示瞭如何幫助內容創作者增加其分發量並直接在 Facebook 上與人們聯繫。

Anthony, it's Dave.

安東尼，我是戴夫。

Just to be clear, the net revenue recognition for those products, that's how we did it in Q4, as well. Those are all small today. But there's not a change in accounting in 2015. That's how we accounted for those products in Q4.

需要明確的是，這些產品的淨收入確認，我們在第四季也是這樣做的。今天這些都已經很小了。但 2015 年的會計處理並沒有改變。這就是我們在第四季對這些產品的解釋。

As far as the net versus gross we just evaluated all the facts and circumstances and made the judgment that net revenue recognition was the most appropriate treatment here.

就淨收入與毛收入而言，我們只是評估了所有事實和情況，並判斷淨收入確認是最合適的處理方式。

Ross Sandler with Deutsche Bank.

德意志銀行的羅斯桑德勒。

Just following up on the video concept, how important is it that Facebook host the videos versus sharing clips from third-party players in the feed? What percent of that 3 billion streams daily is Facebook-embedded versus from other players? And are you able to monetize videos from third-party players today or is there a way to work around that in the future? Thanks.

繼續討論影片概念，Facebook 託管影片與在動態消息中分享第三方播放器的影片片段相比，哪個更重要？每天 30 億次串流媒體中，有多少比例是 Facebook 嵌入的，有多少比例來自其他播放器？現在您可以透過第三方播放器將影片貨幣化嗎？或者將來有沒有辦法解決這個問題？謝謝。

The stat that we shared of 3 billion a day is all native on Facebook. There are probably other shares from other video services, as well. But the way that those look in our services are if they're links to other sites.

我們每天分享 30 億個資料都是 Facebook 原生的資料。可能還有其他視訊服務的分享。但在我們的服務中，它們看起來就像是指向其他網站的連結。

The reason why I think native video is so valuable for people using our service is that, when someone uploads a video to Facebook directly, we can optimize how it's delivered. We can make it autoplay. We can find the right quality and bit rate to send down to the person based on their connection over time, and optimize all kinds of different things.

我認為原生影片對於使用我們服務的用戶如此有價值的原因是，當有人直接將影片上傳到 Facebook 時，我們可以優化其傳送方式。我們可以讓它自動播放。我們可以根據用戶的長期連線情況，找到合適的品質和位元率發送給用戶，並優化各種不同的東西。

So, what I think people are finding from public figures to everyday videos that people are uploading is that the best experience that you can get is by uploading content native to Facebook, which is I think, a big part of the growth that we are seeing there.

因此，我認為人們從公眾人物到人們上傳的日常影片中發現，你能獲得的最佳體驗是上傳 Facebook 原生內容，我認為這是我們在那裡看到的成長的重要組成部分。

Colin Sebastian with Robert Baird.

科林·塞巴斯蒂安和羅伯特·貝爾德。

I wonder if it's possible to distinguish how much of the growth in advertising revenues can be attributed to changes in organic compressions and how you balance the desire of business partners to contribute content to feeds versus monetization? Thank you.

我想知道是否有可能區分廣告收入的成長有多少可以歸因於有機壓縮的變化，以及如何平衡業務合作夥伴向 feed 貢獻內容的願望與貨幣化？謝謝。

I'm not sure I exactly understand the question. But let me see if I can take a crack at it, Colin.

我不確定我是否完全理解了這個問題。但是讓我看看我是否可以嘗試一下，科林。

We're seeing, obviously, great growth in DAU which is up 18%. We're seeing growth in time spent across the network, up 10% per DAU. So, you've got those underlying drivers of engagement driving growth.

顯然，我們看到 DAU 大幅成長，成長了 18%。我們發現網路使用時間正在成長，每日活躍用戶 (DAU) 成長了 10%。因此，您已經掌握了推動參與度成長的潛在驅動力。

We're also monetizing at higher rates because we're able to get better targeting into the ads and get better conversion for advertisers. So, that's reflected in better pricing.

我們也能夠以更高的利率獲利，因為我們能夠更好地定位廣告並為廣告主帶來更好的轉換率。因此，這體現在更好的定價上。

So, there's a number of different factors that are coming into play. But, clearly, driving organic growth and engagement is critical in the business and we're seeing good success there.

所以，有許多不同的因素在發揮作用。但顯然，推動有機成長和參與對於業務至關重要，而且我們在這方面看到了良好的成功。

One theme that I'd just add to emphasize here, because I think there have been a couple of questions to this effect, is our primary strategy for growing the ad business is increasing the quality of the content, not increasing the number of ads per story that people are seeing on Facebook. There are impacts like, as people consume more content on Facebook, within the ratio of ads, the organic content that we will show, they might see more ads.

我想在這裡強調的一個主題是，因為我認為已經有幾個這樣的問題，那就是我們發展廣告業務的主要策略是提高內容的質量，而不是增加人們在 Facebook 上看到的每個故事的廣告數量。其影響在於，隨著人們在 Facebook 上消費更多內容，在廣告比例內，我們展示的自然內容中，他們可能會看到更多廣告。

But overall, our strategy is much less about increasing the volume of ads and much more about increasing the quality of the content and the quality of the targeting to get the right content to the right people. This is a pretty controversial strategy internally and we weren't sure if that was going to work out. But for the last year it's really fueled our growth in a good way and we feel very confident that this is the right path going forward, as well.

但總體而言，我們的策略不在於增加廣告數量，而是提高內容品質和定位質量，以便將正確的內容傳遞給正確的人群。這在內部是一個相當有爭議的策略，我們不確定它是否會奏效。但在過去的一年裡，它確實以一種好的方式推動了我們的成長，我們非常有信心這也是前進的正確道路。

Carlos Kirjner with Bernstein.

卡洛斯·基爾納 (Carlos Kirjner) 和伯恩斯坦。

I have two quick questions.

我有兩個簡單的問題。

First, when you say that time spent increased 10% year on year, is this roughly uniform across your geographic regions?

首先，當您說花費的時間年增了 10% 時，這在您所在的地理區域內是否大致一致？

And, secondly, Mark, I think during your remarks in every earnings call, you talk to your investors for a considerable amount of time about Facebook's efforts to connect the world, and specifically about Internet.org which suggest you think this is important to investors. Can you clarify why you think this matters to investors? And, importantly, why you think Facebook can make a significant difference at scale, given that your [ann over pupil] user in emerging markets is about $5, and to connect any user who has no device or coverage may be at risk in terms of dollars? Thank you.

其次，馬克，我認為在每次收益電話會議上，您都會花大量時間與投資者談論 Facebook 為連接世界所做的努力，特別是 Internet.org，這表明您認為這對投資者很重要。您能否解釋為什麼您認為這對投資者很重要？而且，重要的是，考慮到您[ann over pupil]在新興市場的用戶成本約為 5 美元，而連接任何沒有設備或覆蓋範圍的用戶可能會面臨金錢風險，您為什麼認為 Facebook 可以在規模上產生重大影響？謝謝。

It matters to the kind of investors that we want to have, because we are really a mission-focused company. We wake up every day and make decisions because we want to help connect the world. That's what we're doing here.

這對我們想要擁有的投資者類型很重要，因為我們是一家真正專注於使命的公司。我們每天醒來並做出決定，因為我們希望幫助連結世界。這就是我們在這裡所做的事情。

Part of the subtext of your question is that, yes, if we were only focused on making money, we might put all of our energy on just increasing ads to people in the US and the other most developed countries. But that's not the only thing that we care about here.

你的問題的部分潛台詞是，是的，如果我們只專注於賺錢，我們可能會把所有的精力都放在增加對美國和其他最發達國家的廣告上。但這並不是我們唯一關心的事。

I do think that over the long term, that focusing on helping connect everyone will be a good business opportunity for us, as well. We may not be able to tell you exactly how many years that's going to happen in. But as these countries get more connected, the economies grow, the ad markets grow, and if Facebook and the other services in our community, or the number one, and number two, three, four, five services that people are using, then over time we will be compensated for some of the value that we've provided.

我確實認為，從長遠來看，專注於幫助每個人建立聯繫對我們來說也是一個很好的商業機會。我們可能無法確切地告訴您這將在多少年後發生。但隨著這些國家之間的聯繫越來越緊密，經濟成長，廣告市場不斷增長，如果 Facebook 和我們社區中的其他服務，或者人們正在使用的第一、第二、第三、第四、第五個服務，那麼隨著時間的推移，我們將獲得我們提供的部分價值的補償。

This is why we're here. We're here because our mission is to connect the world. I just think it's really important that investors know that.

這就是我們來這裡的原因。我們來到這裡是因為我們的使命是連結世界。我只是認為讓投資者知道這一點非常重要。

And, Carlos, on the time spent per DAU, we're just giving the one point. We're not breaking anything out by region.

卡洛斯，對於每個 DAU 所花費的時間，我們只給出一個點。我們不會按地區細分任何內容。

Paul Vogel with Barclays.

巴克萊銀行的保羅‧沃格爾 (Paul Vogel)。

I'm just curious, given the impact that currency had on the quarter on growth rates outside the US, is there any market you could call out, particularly, that were either better or worse that might be masked by the currency swings, number one? And, number two, I'm just curious if currency does stay where it is, does it all impact your spending plans or how and where and when you'll invest? Thanks.

我只是好奇，考慮到貨幣對本季度美國以外地區增長率的影響，您是否可以指出哪些市場表現更好或更差，而這些市場可能會被貨幣波動所掩蓋，第一？第二，我很好奇，如果貨幣保持不變，這是否會影響您的支出計劃，或者您投資的方式、地點和時間？謝謝。

Paul, it's Dave.

保羅，我是戴夫。

Taking your second part first, we are really making investment decisions on short-term fluctuations in currency. So, I would say, in general, no, it's not affecting those decisions.

先談談你的第二部分，我們其實是根據貨幣的短期波動來做出投資決策。所以，我想說，總的來說，它不會影響這些決定。

There are certainly big macro effects that are going on, and part of those are what's driving a lot of the currency fluctuation, as well. So, you have regions that are certainly growing more quickly and regions that are growing more slowly.

確實存在著巨大的宏觀影響，其中一部分也是導致貨幣波動的原因。因此，有些地區肯定成長較快，而有些地區成長較慢。

So, from a macro perspective, the United States is doing better in terms of growth versus Europe versus Latin America. You see those compounded in both currency and macroeconomic conditions in those regions. I'd say generally we've got more favorable market conditions in which to operate in the US.

因此，從宏觀角度來看，美國的成長表現優於歐洲和拉丁美洲。你會看到這些地區的貨幣和宏觀經濟狀況都出現了複合成長。我想說，整體而言，我們在美國擁有更有利的市場條件。

Overall, I would say the business is driven by the fundamentals of us continuing to execute against our plan. Whether you're in a market that's suffering a little bit from a macroeconomic headwind, we still have the best mobile product in that market and we are growing.

總的來說，我想說，業務的驅動力來自於我們繼續執行計劃的基本原則。無論您所在的市場是否受到宏觀經濟逆風的影響，我們仍然擁有該市場上最好的行動產品，並且我們正在不斷發展。

So, I think, at the end of the day, it's the fundamentals of our business that are going to drive our success, and we're focused on that. But wanted to at least give some color around how the currencies might impact the 2015 results.

所以，我認為，歸根結底，我們業務的基本面將推動我們的成功，而我們專注於此。但至少想說明一下貨幣可能如何影響 2015 年的結果。

Robert Peck with SunTrust.

SunTrust 的 Robert Peck。

I have two quick questions. Mark, you haven't spoken much yet today about the e-commerce opportunity in front of Facebook, particularly the buy button. Can you elaborate a little bit on plans around e-commerce and what you see that opportunity?

我有兩個簡單的問題。馬克，今天你還沒有談論太多關於 Facebook 面臨的電子商務機會，特別是購買按鈕。您能否詳細說明一下有關電子商務的計劃以及您認為的機會？

And then, Dave, I was wondering, for investors, could you maybe go through your view on how you look at capital efficiency and ROI, so that, whether it be acquisitions or CapEx or even OpEx, how you look and see you are getting a good return on that spend? Thanks so much.

然後，戴夫，我想知道，對於投資者來說，您能否談談您對資本效率和投資回報率的看法，以便無論是收購、資本支出還是營運支出，您如何看待並看到自己從這些支出中獲得良好的回報？非常感謝。

Q4 is a really important quarter in general, but it's a particularly important quarter for e-commerce. So, it's a timely question.

總體而言，第四季是一個非常重要的季度，但對於電子商務來說，這是一個特別重要的季度。所以，這是一個及時的問題。

When you think about buy on Facebook, it's a small task in the US we started last quarter. It enables people to buy on pages.

當你考慮在 Facebook 上購買時，這是我們上個季度在美國開始的一項小任務。它使人們能夠在頁面上購買。

To be clear, you're not buying from Facebook, you're buying directly from the merchant. And it's really an SMB product to give them capability they haven't had.

需要明確的是，您不是從 Facebook 購買，而是直接從商家購買。它確實是一款 SMB 產品，可以為他們提供他們所不具備的功能。

We'll see what happens in terms of where people convert, whether it's on Facebook. But we think the opportunity to connect consumers with the products that they then purchase is a really big one. Where we play in that most directly is the time and attention consumers have, as well as the information to do very relevant advertising, and we're going to stay focused there.

我們將觀察人們在何處轉變，無論是在 Facebook 上。但我們認為，將消費者與他們購買的產品聯繫起來的機會確實很大。我們最直接發揮作用的地方是消費者的時間和注意力，以及製作高度相關的廣告的訊息，我們將繼續集中精力於此。

Robert, I think the bulk of the investment that we're doing is really focused on the capital and the OpEx to deliver against the core mission of enabling billions of people to connect and share. So, for the most part, we're looking at what do we need to deploy to deliver against the mission to deliver against our overall financial results. There are places where we can individually take out specific projects, whether it be M&A or specific capital investments, and then we'll look at those on an IRR basis for specific projects.

羅伯特，我認為我們所做的大部分投資實際上都集中在資本和營運支出上，以實現讓數十億人連接和共享的核心使命。因此，在大多數情況下，我們都在考慮需要部署什麼才能完成使命並實現我們的整體財務表現。我們可以單獨進行一些特定項目，無論是併購或特定資本投資，然後我們會根據特定項目的 IRR 來審查這些項目。

But you have to recognize that we're basically one large business, and we're operating against capital deployment against delivering, against the objectives of that business. That's the bulk of the spend that we do. But certainly we look at things on an ROI basis on an individual project basis, as well.

但你必須認識到，我們基本上是一個大企業，我們的營運違背了資本部署，違背了交付，違背了企業的目標。這是我們支出的大部分。但我們當然也會根據單一項目的投資報酬率來看待事情。

Arvind Bhatia with Sterne Agee.

Arvind Bhatia 和 Sterne Agee。

Just quickly on WhatsApp, I know the focus will be user growth for a while. But in the future, as you do turn on the monetization engine, just curious what are some of the primary ways that you are assuming growth will come from advertising or games perhaps.

就 WhatsApp 而言，我知道一段時間內重點將放在用戶成長上。但在未來，當你啟動貨幣化引擎時，我只是好奇你認為成長將透過哪些主要方式來自廣告或遊戲。

And also, on WhatsApp user growth, would you be able to call out where that's coming from? Is there any particular areas that are stronger? And curious how that's doing in the US? Thank you.

另外，關於 WhatsApp 用戶成長，您能說說這是從何而來的嗎？有哪些特定領域表現較佳？好奇這在美國進展如何？謝謝。

You are right that the focus for WhatsApp is on helping to connect a lot more people. When Jan and team joined us, one of the first things that we agreed on, and why I think it made sense for them to join, is that now they can focus for a few years on getting to 1 billion more than that and continuing to scale.

您說得對，WhatsApp 的重點是幫助更多的人建立聯繫。當 Jan 和他的團隊加入我們時，我們達成的第一個共識之一，也是我認為他們加入的理由是，現在他們可以專注於幾年的時間，將用戶數量提升到 10 億，並繼續擴大規模。

Beyond that, SMS is an incredibly global and universal product. And I think WhatsApp just has a huge opportunity to serve billions of people.

除此之外，簡訊是一種極為全球化和通用的產品。我認為 WhatsApp 擁有為數十億人提供服務的巨大機會。

In terms of what the business looks like, at the end of the day, it's a distribution business, like Facebook and Instagram. How you most effectively convert that into business opportunity for customers, whether that's through payments or ads or other different kinds of structures, we'll figure that out, what the optimal thing will be.

從業務形式來看，歸根結底，它是一種分銷業務，就像 Facebook 和 Instagram 一樣。如何最有效地將其轉換為客戶的商機，無論是透過付款或廣告或其他不同類型的結構，我們都會找出最佳方案。

But the first order thing to do is to help serve billions of people here, help continue to increase engagement. And if people are spending a lot of time in WhatsApp, sending more than 30 billion messages a day, which is really crazy when you think about the volume there compared to the global SMS volume overall. And I think if we do that, there will be a number of opportunities.

但首要任務是服務這裡的數十億人，幫助繼續提高參與度。如果人們在 WhatsApp 上花費大量時間，每天發送超過 300 億條訊息，那麼當你考慮到它的數量與全球簡訊總量相比時，這真是太瘋狂了。我認為如果我們這樣做，就會有很多機會。

People asked me this question a while ago, about how we thought about games on Facebook, as well. I always thought about our canvass business on desktop, even though it was payment, as actually the same thing as our business on mobile around app install and engagement.

不久前有人問過我這個問題，關於我們對 Facebook 遊戲的看法。我一直認為，儘管我們在桌面上的畫布業務是一種支付業務，但實際上它與我們在行動端圍繞應用程式安裝和參與的業務是相同的。

What developers tasked for is distribution. And whether they're doing that through payments or ads or whatever it is, it kind of is all the same. The most important thing is to help people connect, help people and businesses connect, create business opportunities. And then you get a small amount of the value that you are creating on top.

開發人員的任務是分發。無論他們是透過付款、廣告或其他方式來實現這一點，都是一樣的。最重要的是幫助人們建立聯繫，幫助人們和企業建立聯繫，創造商業機會。然後你就得到了你在上面創造的一小部分價值。

So, that will play out over the next set of years. It's one of the intellectual challenges that I'm really looking forward to tackling.

所以，這將在未來幾年內實現。這是我真正期待解決的智力挑戰之一。

Mark Mahaney with RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Mark Mahaney。

Sheryl, the size of the ad revenue that Facebook is generating and the growth, these are large budgets that are shifting over to Facebook. Any commentary on where you think those budgets are coming from? What are the source of funds?

謝麗爾，Facebook 的廣告收入規模龐大，而且不斷成長，這些巨額預算正在轉移到 Facebook。您認為這些預算的來源為何？資金來源有哪些？

And then I know, David, the engagement levels seem to be rising. This seemed to be a little slip in the engagement levels, that DAU over MAU ratio in Asia and the rest of world, at least sequentially. Is that just noise or is that a reason to panic? Thanks.

然後我知道，大衛，參與度似乎正在上升。這似乎表明亞洲和世界其他地區的 DAU 與 MAU 比率的參與度略有下滑，至少是連續下滑。那隻是噪音還是引起恐慌的原因？謝謝。

I don't think there's any single source of where the dollars are coming from. Certainly as consumer time and attention is shifting to mobile, the marketer time and attention, we pay a lot of attention to the marketer segments we work with. So, we're seeing strong growth from brand, from direct response like e-commerce, from SMBs and developers.

我認為這些資金沒有單一來源。當然，隨著消費者的時間和注意力轉向行動設備，行銷人員的時間和注意力也轉向行動設備，我們非常關注與我們合作的行銷人員群體。因此，我們看到來自品牌、電子商務等直接回應、中小企業和開發商的強勁成長。

We stay pretty focused, not really on the source of where the money is coming from but what are the objectives people are spending against on Facebook so that we can meet all the different objectives. We understand that in order to continue to grow -- and we want to continue to grow -- we're going to have to serve multiple objectives on the Facebook platform, and that's what we're focused on.

我們非常專注，並不是真正關注資金的來源，而是關注人們在 Facebook 上消費的目標是什麼，以便我們能夠滿足所有不同的目標。我們明白，為了繼續發展——我們也希望繼續發展——我們必須在 Facebook 平台上實現多個目標，而這正是我們關注的重點。

Mark, I think the simple story is we're really pleased with how we're executing on the engagement front. 64% of people coming to Facebook monthly, coming on an average day, is, we think, a great stat. I think small changes are pretty much noise. We're really happy with it.

馬克，我認為簡單來說，我們對我們在參與方面的執行感到非常滿意。我們認為，平均每天有 64% 的人每月造訪 Facebook，這是一個很棒的數據。我認為小小的改變都只是噪音。我們對此非常滿意。

We talked about things like the video engagement. Mark shared some stats like how much photo sharing is going on across our properties. Overall, I think engagement is a great story for us and we are really happy with it.

我們討論了諸如視頻參與之類的事情。馬克分享了一些統計數據，例如我們的設備上有多少照片被分享。總的來說，我認為訂婚對我們來說是一件很棒的事情，我們對此感到非常高興。

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

偉大的。感謝大家今天加入我們。感謝您的時間，我們期待再次與您交談。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。