Meta Platforms Inc (META) 2015 Q1 法說會逐字稿

Good afternoon. My name is Chris and I will be your conference operator today. At this time, I would like to welcome, everyone to the Facebook first-quarter 2015 earnings conference call.

午安.我叫克里斯，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Facebook 2015 年第一季財報電話會議。

(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 first-quarter earnings conference call. Joining me today to talk about our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO. 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 statements.

謝謝。下午好，歡迎參加 Facebook 第一季財報電話會議。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)。在我們開始之前，我想藉此機會提醒您，我們今天的評論將包括前瞻性陳述，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。

Factors that could cause these results to differ materially are set forth in today's press release and on our annual report on Form 10-K filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

今天的新聞稿和我們向美國證券交易委員會提交的 10-K 表年度報告中列出了可能導致這些結果出現重大差異的因素。我們在本次電話會議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'd like to and the call over to Mark.

現在我想把電話轉給馬克。

Thanks, Deborah, and thanks, everyone for joining us today. This was a good quarter and a good start to the year. We continued to grow the size and engagement of our community, now with 1.44 billion people using Facebook each month, and 936 million people daily.

謝謝，黛博拉，也謝謝大家今天的到來。這是一個好的季度，也是今年的一個好的開始。我們持續擴大社群規模和參與度，目前每月有 14.4 億人使用 Facebook，每天有 9.36 億人使用 Facebook。

We continue to see strong growth in daily engagement around the world, including in our most engaged markets. On mobile, nearly 1.25 billion people now use Facebook every month, 240 million more than a year ago, and we now we see more than 1 billion mobile searches every day.

我們持續看到全球日常參與度的強勁成長，包括我們參與度最高的市場。在行動裝置上，目前每月有近 12.5 億人使用 Facebook，比一年前增加了 2.4 億人，每天的行動搜尋量超過 10 億次。

Looking at our business, we continue to achieve impressive growth. Total revenue grew by 42% year-over-year, and advertising revenue grew by 46%. Mobile now accounts for 73% of our ads revenue. These results show that we're making progress on our mission to connect the world and we're executing well against our priorities, but this quarter also shows how Facebook is continuing to make progress for the years ahead.

縱觀我們的業務，我們持續取得令人矚目的成長。總營收年增42%，廣告收入成長46%。行動端目前占我們廣告收入的73%。這些結果表明，我們在連接世界的使命上正在取得進展，並且我們在優先任務上執行得很好，但本季也表明 Facebook 將在未來幾年繼續取得進展。

Facebook has evolved from a single blue app on your phone into a family of apps. Now many of these apps are reaching a global scale. More than 1.4 billion people use the core Facebook service, 800 million also use WhatsApp, 700 million use our groups product, 600 million use Messenger, and on Instagram, there are more than 300 million active members of the community.

Facebook 已從手機上的藍色應用程式發展成為一個應用程式家族。現在許多此類應用程式正在達到全球規模。超過 14 億人使用 Facebook 的核心服務，8 億人也使用 WhatsApp，7 億人使用我們的群組產品，6 億人使用 Messenger，而在 Instagram 上，有超過 3 億活躍的社群成員。

We're building this family of apps because we want people to be able to share whatever moments they want with all the different sets of people they care about. Over time, we expect people to share richer content with an increasing frequency, so we want to continue developing new and better tools to facilitate this expression. With that in mind, let's talk about our efforts over the quarter.

我們建立這個應用程式系列是因為我們希望人們能夠與他們關心的不同人群分享他們想要的任何時刻。隨著時間的推移，我們期望人們能夠以越來越高的頻率分享更豐富的內容，因此我們希望繼續開發新的、更好的工具來促進這種表達。考慮到這一點，讓我們來談談本季的努力。

First, we are working to help people share and connect with all the things they care about today. An important part of our approach is helping our community connect around important public moments and personalities. Facebook is the largest community of sports fans in the world, with 650 million people connecting to sports pages.

首先，我們致力於幫助人們分享和聯繫他們今天關心的所有事物。我們的方法的一個重要部分是幫助我們的社區圍繞著重要的公共時刻和人物建立聯繫。Facebook 是世界上最大的運動迷社區，有 6.5 億人造訪其體育頁面。

For this year's Super Bowl, more than 65 million people generated more than 265 million interactions on Facebook, the highest level of conversation we've seen for a Super Bowl to date. For the Cricket World Cup, there were more than 700 million interactions by 53 million people, which shows the strength of the global reach of our community.

今年的超級盃比賽，超過 6500 萬人在 Facebook 上進行了超過 2.65 億次互動，這是迄今為止我們見過的超級盃比賽的最高對話水平。在板球世界盃期間，有 5,300 萬人進行了超過 7 億次互動，這顯示了我們社區的全球影響力。

We are also making good progress with video. We're very pleased with our growth share, and this quarter we reached a new milestone of more than 4 billion daily video views. We also launched an embedded video player that allows people to watch Facebook videos across the web, and more than 80,000 videos have now been embedded on third-party websites.

我們在視頻方面也取得了良好的進展。我們對我們的成長份額感到非常滿意，本季我們達到了每日影片觀看量超過 40 億次的新里程碑。我們還推出了一款嵌入式視頻播放器，讓人們可以透過網路觀看 Facebook 視頻，目前已有超過 80,000 個視頻嵌入到第三方網站上。

Spherical videos are going to be supported in Newsfeed later this year, allowing you to change your viewing angle for a more immersive experience. Supporting new types of content like this is an important part of preparing for the future of how people want to share.

今年晚些時候，Newsfeed 將支援球形視頻，讓您可以改變視角，獲得更身臨其境的體驗。支持此類新類型的內容是為人們未來的分享方式做好準備的重要部分。

Another part of our strategy is helping people connect with businesses. This quarter, we announced that there were now 2 million advertisers on Facebook. This is an important milestone for our community and we're encouraged that so many businesses are finding value on Facebook. We continue to focus on innovation in our ads business and Sheryl is going to talk a bit more about that in a moment.

我們的策略的另一部分是幫助人們與企業建立聯繫。本季度，我們宣布 Facebook 上目前有 200 萬廣告商。這對我們的社群來說是一個重要的里程碑，我們很高興看到如此多的企業在 Facebook 上發現價值。我們將繼續專注於廣告業務的創新，Sheryl 稍後將對此進行更詳細的討論。

Now, here's how we're working to develop our family of apps so we can give more people more options for sharing in different ways. In the future, we expect that people are going to want to share content with their closest friends at an even greater frequency than they do today, so messaging is a big priority for us.

現在，我們正在努力開發我們的應用程式系列，以便為更多人提供以不同方式共享的更多選擇。我們預計，未來人們會比現在更頻繁地與最親密的朋友分享內容，因此訊息傳遞對我們來說是一個重中之重。

Across the Facebook family of apps, our efforts have a lot of momentum. On average, more than 45 billion messages are sent every day. With voice calling, we're also starting to make some good progress. This quarter, we started rolling out voice over IP calls on WhatsApp to let people call friends for free around the world; meanwhile, Messenger already accounts for more than 10% of mobile VoIP calls globally. With WhatsApp, we continue to be pleased with our growth and the team remains very focused on building new features to serve their community and expand.

在 Facebook 系列應用程式上，我們的努力勢頭強勁。平均每天有超過 450 億則訊息被發送。透過語音通話，我們也開始取得一些良好的進展。本季度，我們開始在 WhatsApp 上推出 IP 語音通話服務，讓人們可以免費撥打世界各地的朋友的電話；與此同時，Messenger 已經佔據了全球行動 VoIP 通話的 10% 以上。透過 WhatsApp，我們繼續對我們的成長感到滿意，並且團隊仍然非常專注於建立新功能以服務他們的社區並進行擴展。

For Messenger, this has been a particularly busy quarter. We launched the Messenger platform, which allows people to use creative new apps to have richer conversations. We also began rolling out payments on Messenger to give people an easy, secure way to send money to their friends.

對於 Messenger 來說，這是一個特別繁忙的季度。我們推出了 Messenger 平台，讓人們可以使用富有創意的新應用程式進行更豐富的對話。我們也開始在 Messenger 上推出支付功能，讓人們可以簡單、安全地向朋友匯款。

And we announced a new way for people to communicate with businesses using Messenger. We're really excited by the potential to build Messenger into a service that helps people to express themselves in rich new ways and to access useful services.

我們也宣布了一種使用 Messenger 與企業溝通的新方式。我們非常高興能夠將 Messenger 打造成為一種服務，幫助人們以豐富的新方式表達自己並獲得有用的服務。

With Instagram, our growth remains impressive and this quarter we reached a new milestone of more than 200 million daily actives. Growth in Asia, Europe, and Latin America is particularly strong, with our community growing in some countries by more than 100% year-over-year, including Japan, South Korea, and Indonesia. Combined with an average 21 minutes a day that people spend on Instagram, this is a good sign of this community's continuing and growing strengths.

Instagram 的成長動能依然令人印象深刻，本季我們達到了每日活躍用戶超過 2 億的新里程碑。亞洲、歐洲和拉丁美洲的成長尤其強勁，我們的社區在某些國家較去年同期成長超過 100%，其中包括日本、韓國和印尼。再加上人們每天平均在 Instagram 上花費的 21 分鐘，這表明這個社群的實力持續增強。

Now let's talk about how we're working with developers. Last month, we held F8, our annual event for the global developer community. Creating the future of sharing isn't something that we can do on our own, but by supporting developers, we can deliver more apps and experiences for our community.

現在讓我們來談談我們如何與開發人員合作。上個月，我們舉辦了全球開發者社群的年度盛會 F8。創造共享的未來不是我們自己能夠做到的，但透過支援開發人員，我們可以為我們的社群提供更多的應用程式和體驗。

At F8, we presented new tools to help developers build, grow, and monetize their apps, including better sharing experiences from apps to Facebook and new analytics to help developers better understand how people are using their services. More than 30 million apps and sites have been built using Facebook developer tools, and last year we drove more than 3.5 billion app installs. We think these improvements are going to create a lot of value for our community.

在 F8 會議上，我們推出了新工具來幫助開發人員建立、發展和貨幣化他們的應用程序，包括從應用程式到 Facebook 的更好的共享體驗和新的分析方法，以幫助開發人員更好地了解人們如何使用他們的服務。已有超過 3000 萬個應用程式和網站使用 Facebook 開發者工具構建，去年我們的應用程式安裝量超過 35 億次。我們認為這些改進將為我們的社區創造巨大的價值。

All right. Finally, let's talk about some of our most long-term innovation efforts. Internet.org, our effort to connect everyone in the world to the Internet continues to gather momentum. We've now made free basic Internet services available to more than 800 million people in nine countries, including, just in this quarter, launching in India, Colombia, Ghana, Guatemala, and the Philippines. More than 7 million people who weren't connected to the Internet before now use Internet.org to get online, and this year we expect to connect even more people.

好的。最後，讓我們談談我們的一些最長期的創新努力。Internet.org，我們致力於讓世界上的每個人都能連接到互聯網，這項努力正在不斷取得進展。目前，我們已向 9 個國家的 8 億多人提供了免費的基本網路服務，僅在本季度，我們就在印度、哥倫比亞、加納、危地馬拉和菲律賓推出了這項服務。超過 700 萬以前未曾上網的人現在使用 Internet.org 上網，今年我們預計連線人數將更多。

With our efforts in search, AI, and Oculus, we're also continuing to build a new generation of Internet services that are more useful, intuitive, and immersive and over the coming months we'll have more to share about these. So that's how we're thinking about innovation and the future of sharing.

透過我們在搜尋、人工智慧和 Oculus 方面的努力，我們還在繼續建立更實用、更直覺、更具沉浸感的新一代網路服務，在接下來的幾個月裡，我們將分享更多關於這些服務的資訊。這就是我們對創新和共享未來的看法。

It's been a busy quarter. In the last few months, I've visited countries in Asia, Europe, and Latin America. In many communities, I've gotten the chance to see how the Internet is changing lives and creating opportunities for people. I've heard from people who can't wait to get access to the same tools that so many of us take for granted.

這是一個繁忙的季度。在過去的幾個月裡，我訪問了亞洲、歐洲和拉丁美洲的國家。在許多社區，我有機會看到網路如何改變人們的生活並為人們創造機會。我聽說有些人迫不及待地想要獲得我們許多人認為理所當然的工具。

We are making progress on our mission and working to accelerate towards the day when everyone in the world can be connected. Thanks to our entire community and all of our employees, partners, and shareholders for being a part of this journey and for helping to build something great. Now here's Sheryl.

我們正在不斷推進我們的使命，並努力加速實現世界上每個人都能互聯互通的那一天。感謝我們整個社區以及所有員工、合作夥伴和股東參與這趟旅程並幫助創造偉大的事業。現在請謝麗爾發言。

Thanks, Mark, and hi, everyone. Q1 was a strong quarter and a great start to the year. Ad revenue was $3.3 billion, up 46%, or 55% on a constant currency basis. Mobile ad revenue grew 82% and is now 73% of total ad revenue. Our performance was strong across all marketer segments and we are pleased with the broad-based growth across our industry verticals.

謝謝，馬克，大家好。第一季表現強勁，為今年開了個好頭。廣告收入為 33 億美元，成長 46%，以固定匯率計算成長 55%。行動廣告收入成長了 82%，目前佔總廣告收入的 73%。我們在所有行銷領域都表現強勁，我們對整個行業垂直領域的廣泛成長感到滿意。

From a regional perspective, we saw strong growth in North America and Asia-Pacific, while Latin America and Europe were affected by foreign exchange headwinds and macroeconomic factors. That said, we are pleased with advertiser adoption of our ad products across all regions.

從區域來看，北美和亞太地區成長強勁，而拉丁美洲和歐洲則受到外匯逆風和宏觀經濟因素的影響。話雖如此，我們很高興看到所有地區的廣告商都採用我們的廣告產品。

Innovation drives our ads business. It's how we continually improve the quality of our ads, offer new tools to marketers, and build better experiences for the people use Facebook. We believe that this ability to innovate will continue to drive our Business, so today I want to focus on innovation across our three strategic priorities: capitalizing on the shift to mobile, growing the number of marketers using our ad products, and making our ads more relevant.

創新推動我們的廣告業務。這就是我們不斷提高廣告品質、為行銷人員提供新工具以及為 Facebook 用戶打造更好體驗的方式。我們相信，這種創新能力將繼續推動我們的業務，因此今天我想重點介紹我們三個策略重點的創新：利用向行動端的轉變、增加使用我們廣告產品的行銷人員數量以及使我們的廣告更具相關性。

First, capitalizing on the shift to mobile, mobile continues to be a great opportunity for us. People continue to be highly engaged with our mobile apps. In the United States for example, Facebook and Instagram get more than one out of every five minutes spent on mobile. As consumers shift to mobile, businesses are following and we're focusing on helping them take advantage of this opportunity to use mobile to build their businesses.

首先，利用向行動端的轉變，行動端對我們來說仍然是一個巨大的機會。人們繼續高度關注我們的行動應用程式。例如在美國，人們在行動裝置上花費的每五分鐘中，就有超過一分鐘的時間是使用 Facebook 和 Instagram。隨著消費者轉向行動設備，企業也緊跟著，我們致力於幫助他們利用這個機會利用行動裝置來發展業務。

Two new products we introduced this quarter are good examples of this. The mobile Ads Manager app gives marketers the ability to manage their ad campaigns from their mobile devices. It's early, but we are already seeing more marketers managing their activity on mobile. We also launched a page creation tool for feature phones, which has been a big driver of page adoption in high-growth emerging markets, where smartphones are less common.

我們本季推出的兩款新產品就是很好的例子。行動廣告管理器應用程式使行銷人員能夠透過行動裝置管理他們的廣告活動。雖然還為時過早，但我們已經看到越來越多的行銷人員在行動裝置上管理他們的活動。我們也推出了針對功能手機的頁面建立工具，這成為推動頁面在高成長新興市場（智慧型手機在這些市場較不普及）普及的重要推手。

Looking ahead, we believe video will play a significant role in bringing more marketers to mobile. More than 75% of global video views on Facebook occur on mobile, and we believe mobile video will become more important to marketers over time.

展望未來，我們相信影片將在吸引更多行銷人員進入行動領域方面發揮重要作用。Facebook 上超過 75% 的全球影片觀看發生在行動裝置上，我們相信隨著時間的推移，行動影片對行銷人員來說將變得更加重要。

Lionsgate Age of Adaline premiere is a great example. To promote the film, Lionsgate targeted young women on Instagram with multiple video ads over the last few weeks. This week, since the film opens on Friday, they are retargeting the audience from the Instagram campaign on Facebook. We expect more marketers to put mobile video at the heart of their campaigns in the future and we are well-positioned to drive this shift.

獅門影業的《時光盡頭的戀人》首映就是一個很好的例子。為了宣傳這部電影，獅門影業在過去幾週內在 Instagram 上向年輕女性投放了多條影片廣告。本週，由於電影將於週五上映，他們將把目標受眾從 Instagram 活動轉移到 Facebook 上。我們預計未來會有更多行銷人員將行動影片作為其行銷活動的核心，而我們已準備好推動這一轉變。

Our second priority is growing the number of marketers using our ad products and we're making great progress. In Q2 of last year, we shared that we reached 30 million active business pages on Facebook. This number continues to grow as more and more small businesses are using our free Pages product and we remain focused on converting these page owners into advertisers.

我們的第二個優先事項是增加使用我們廣告產品的行銷人員數量，我們正在取得巨大進展。去年第二季度，我們宣布 Facebook 上的活躍商業頁面數量已達 3,000 萬個。隨著越來越多的小型企業使用我們的免費 Pages 產品，這個數字還在持續成長，我們將繼續致力於將這些頁面擁有者轉化為廣告商。

One way we're doing this is by providing simple, easy-to-use products. Over 80% of our new advertisers start with entry-level tools like a promoted post or a page like. We are increasingly focused on making sure these tools work well on mobile. We are also educating marketers on how to use Facebook more effectively.

我們實現這一目標的方法之一是提供簡單、易於使用的產品。超過 80% 的新廣告客戶都是從入門工具（例如推廣貼文或頁面）開始的。我們越來越注重確保這些工具在行動裝置上運作良好。我們也正在教育行銷人員如何更有效地使用 Facebook。

We recently launched to online training resources, Blueprint for large clients and agencies, and Learn How videos for small businesses. These efforts are paying off. In Q1, we announced that we now have over 2 million active advertisers.

我們最近推出了線上培訓資源、針對大客戶和機構的藍圖以及針對小型企業的「學習如何」影片。這些努力正在發揮成效。在第一季度，我們宣布我們目前擁有超過 200 萬活躍廣告商。

Our third priority is making our ads more relevant. More relevant ads lead to better returns for marketers and better experiences for people. We are pleased with the increased adoption of our targeting tools like custom audiences and conversion tracking.

我們的第三個優先事項是讓我們的廣告更具相關性。更相關的廣告會為行銷人員帶來更好的回報，並為人們帶來更好的體驗。我們很高興看到我們的定位工具（如自訂受眾和轉換追蹤）的採用率不斷提高。

In Q1 we introduced dynamic product ads, which allow marketers to launch ads for different audiences. We also introduced carousel ads on Facebook and Instagram, which allow marketers to advertise for specific products. Adoption of our targeting tools and these new ad formats help make our ads more relevant.

我們在第一季推出了動態產品廣告，這使得行銷人員可以針對不同的受眾投放廣告。我們也在 Facebook 和 Instagram 上推出了輪播廣告，讓行銷人員可以為特定產品做廣告。採用我們的定位工具和這些新的廣告格式有助於使我們的廣告更具相關性。

We are also focused on insights and measurement. We want to help marketers accurately measure the performance of their campaign and then apply that learning to improve their returns. In Q1, we released an ads relevant score, a way for marketers to better understand how people respond to their ads. This helps marketers test different types of creative and optimize performance.

我們也注重洞察力和測量能力。我們希望幫助行銷人員準確衡量其行銷活動的效果，然後運用這些知識來提高他們的回報。在第一季度，我們發布了廣告相關性評分，以便行銷人員更了解人們對其廣告的反應。這有助於行銷人員測試不同類型的創意並優化效能。

We also launch conversion lift, a tool that scientifically measures how much additional business is driven from Facebook ads. This is important because it shows that ads on mobile can drive sales in retail stores and via other channels. For example, Celbas is a woman's fashion retail in Europe. Using conversion lift, they proved that ads on Facebook mobile drove sales on desktop and via phone calls to sales reps at their call centers.

我們也推出了轉換提升，這是一種科學衡量 Facebook 廣告帶來多少額外業務的工具。這很重要，因為它表明行動廣告可以推動零售店和其他管道的銷售。例如，Celbas 是歐洲一家女裝時尚零售商。他們利用轉換率提升證明了 Facebook 行動端上的廣告能夠推動桌面端的銷售以及透過致電呼叫中心銷售代表來推動銷售。

On the ad tech side, we are pleased with the results we're driving for advertisers and publishers. A good example of this is Cheetah Mobile. Using native ads from the audience network in its app, the Company is getting more than 2 times the CPMs compared to other ad networks.

在廣告科技方面，我們對為廣告商和出版商帶來的成果感到滿意。獵豹移動就是一個很好的例子。透過在其應用程式中使用來自受眾網路的原生廣告，該公司獲得的 CPM 比其他廣告網路高出 2 倍以上。

We continue to invest in our ad tech platform. At our F8 developer conference last month, we made two important LiveRail announcements that will improve the relevance of ads people see across a sites, apps, and devices. We extended LiveRail's video ad platform into in-app mobile display, which will give publishers better ways to manage their ad inventory across devices.

我們將繼續投資我們的廣告科技平台。在上個月的 F8 開發者大會上，我們發布了兩項重要的 LiveRail 公告，這將提高人們在網站、應用程式和裝置上看到的廣告的相關性。我們將 LiveRail 的影片廣告平台擴展到應用程式內行動展示，這將為發布商提供更好的方式管理跨裝置的廣告庫存。

We also announced that LiveRail will give publishers access to Facebook's anonymized demographic information, enabling us to serve more relevant ads to people. We've had a great start to the year and we're really optimistic about what's to come. Our teams are executing well, staying focused on our big priorities, and continuing to innovate. Now here's Dave.

我們還宣布，LiveRail 將允許發布商訪問 Facebook 的匿名人口統計訊息，使我們能夠向人們提供更相關的廣告。今年我們有了一個很好的開始，我們對未來充滿樂觀。我們的團隊表現良好，專注於我們的大事，並不斷創新。現在輪到戴夫了。

Thanks, Sheryl, and good afternoon, everyone.

謝謝，謝麗爾，大家下午好。

Q1 was a strong quarter for Facebook. We generated $3.5 billion in revenue and $1.2 billion in free cash flow, and continued making investments to position us for both near-term and long-term growth.

第一季對 Facebook 來說是一個強勁的季度。我們創造了 35 億美元的收入和 12 億美元的自由現金流，並繼續進行投資，為短期和長期成長做好準備。

We are pleased with the growth and engagement of our community. In March, 936 million people used Facebook on an average day, an increase of 17% compared to last year. This daily number represents 65% of the 1.44 billion people who used Facebook during the month of March.

我們對社區的發展和參與感到滿意。3月份，平均每天有9.36億人使用Facebook，比去年同期成長了17%。這一天均使用人數佔 3 月 Facebook 使用人數 14.4 億的 65%。

Mobile remains the key driver of our growth. In March, approximately 1.25 billion people accessed Facebook on mobile devices, up 24% from last year. In addition to Facebook, Instagram, Messenger, and WhatsApp continue to grow, exceeding 300 million, 600 million, and 800 million MAU, respectively.

移動仍然是我們成長的主要驅動力。3月份，約有12.5億人透過行動裝置造訪Facebook，比去年同期成長了24%。除了 Facebook 之外，Instagram、Messenger 和 WhatsApp 也持續成長，MAU 分別超過 3 億、6 億和 8 億。

Now turning to the financials. All of our comparisons on our on a year-over-year basis unless otherwise noted. Additionally, as a reminder, our non-GAAP measures exclude stock-based compensation and the amortization of intangibles. Total revenue was $3.5 billion, up 42%, or 49% on a constant currency basis.

現在談談財務。除非另有說明，我們所有的比較都是以同比計算的。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。總營收為 35 億美元，成長 42%，以固定匯率計算成長 49%。

Ad revenue was $3.3 billion, up 46%, or 55% on a constant currency basis. The general strengthening of the US dollar in the past year had an unfavorable impact on our revenue. Had foreign exchange rates remained constant with Q1 2014 levels, our total revenue this quarter would have been approximately $190 million higher.

廣告收入為 33 億美元，成長 46%，以固定匯率計算成長 55%。過去一年美元普遍走強對我們的收入產生了不利影響。如果外匯匯率保持與 2014 年第一季水準一致，我們本季的總營收將增加約 1.9 億美元。

Regionally, we saw strong North American ad revenue growth of 53% in the quarter, second only to APAC, which grew 57%. Europe and the Rest of World revenue grew more slowly at 35% and 32%, respectively, with currency impacts leading to a significant reduction in these regions' year-over-year growth rates.

從地區來看，本季北美廣告收入強勁成長 53%，僅次於亞太地區的 57%。歐洲和世界其他地區的收入成長較為緩慢，分別為 35% 和 32%，貨幣影響導致這些地區的年成長率大幅下降。

Mobile ad revenue in Q1 was $2.4 billion, up from approximately $1.3 billion last year. Revenue from ads served on personal computers was down approximately 4%, and we continue to see overall usage on PCs decline.

第一季行動廣告收入為 24 億美元，高於去年的約 13 億美元。個人電腦廣告收入下降了約 4%，我們持續看到個人電腦的整體使用量下降。

In Q1, the average price per ad increased 285%, while total ad impressions declined 62%. 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 of last year. To a lesser degree, the shift of usage towards mobile, where we don't have right-hand column ads, also contributed to the reported price volume trends.

第一季度，每則廣告的平均價格上漲了 285%，而廣告總展示次數卻下降了 62%。與上一季類似，這些價格量趨勢主要是由我們去年第三季推出的右側欄廣告的重新設計所驅動。在較小程度上，使用方式向行動裝置的轉變（我們沒有右側欄廣告）也導致了報告的價格量趨勢。

Total payments and other fees revenue was $226 million, down 5% compared to last year, a trend we expect to continue. The decline was driven by the year-over-year reduction in payments revenue related to games played on personal computers.

總支付和其他費用收入為 2.26 億美元，比去年下降 5%，我們預計這一趨勢將會持續下去。下降的原因是與個人電腦遊戲相關的支付收入年減。

Turning now to expenses, our Q1 total GAAP expenses were $2.6 billion, up 83%, and non-GAAP expenses were $1.7 billion, up 57%. Similar to last quarter, stock-based compensation and amortization expenses related to the WhatsApp acquisition contributed significantly to the year-over-year growth in GAAP expenses.

現在談談費用，我們第一季的 GAAP 總費用為 26 億美元，成長 83%，非 GAAP 費用為 17 億美元，成長 57%。與上一季類似，與 WhatsApp 收購相關的股票薪酬和攤銷費用對 GAAP 費用的同比增長貢獻巨大。

Non-GAAP expense growth was primarily driven by increases in headcount-related costs, cost of revenue, and marketing expenses. We ended Q1 with 10,082 employees, up 48% compared to last year. We remain very pleased with our ability to attract and retain top-tier talent.

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影響。截至第一季末，我們共有員工 1 萬人，比去年同期成長 48%。我們對自己吸引和留住頂尖人才的能力感到非常滿意。

Q1 operating income was $933 million, representing a 26% operating margin. Non-GAAP operating income was $1.8 billion, representing a 52% margin. Our Q1 GAAP and non-GAAP tax rates were 45% and 35%, respectively. Q1 GAAP net income was $512 million, or $0.18 per share, and non-GAAP net income was $1.2 billion, or $0.42 per share. In Q1, capital expenditures were $502 million, and we generated $1.2 billion of free cash flow. We ended the quarter with $12.4 billion in cash and investments.

第一季營業收入為 9.33 億美元，營業利益率為 26%。非公認會計準則營業收入為 18 億美元，利潤率為 52%。我們第一季的 GAAP 和非 GAAP 稅率分別為 45% 和 35%。第一季 GAAP 淨收入為 5.12 億美元，即每股 0.18 美元，非 GAAP 淨收入為 12 億美元，即每股 0.42 美元。第一季度，資本支出為 5.02 億美元，我們產生了 12 億美元的自由現金流。本季結束時，我們的現金和投資為 124 億美元。

Turning now to the outlook, let's start with revenue. The strengthening of the US dollar in the past year reduced our Q1 total revenue growth rate by 7 percentage points, or approximately $190 million. The dollar strengthened over the course of the quarter, and in the month of March, our year-over-year total revenue growth rate was approximately 10% lower than it would have been in constant currency terms.

現在談談前景，讓我們從收入開始。過去一年美元走強導致我們第一季的總營收成長率下降了 7 個百分點，約 1.9 億美元。美元在本季走強，3 月份，我們的年比總營收成長率比以固定匯率計算的成長率低了約 10%。

Based on this, we estimate that foreign exchange headwinds in Q2 will likely be greater than those we experienced in Q1. In addition, we expect our total payments and other fees revenue to decline on a year-over-year basis for the remainder of the year.

基於此，我們估計第二季的外匯逆風可能會比第一季更大。此外，我們預計今年剩餘時間內我們的總支付和其他費用收入將年減。

Turning to expense guidance, we are tightening our expense guidance range modestly based on better visibility into our annual spending. We expect that the year-over-year growth rate for total 2015 GAAP expenses will be in the range of 55% to 65% as compared to our prior guidance of 55% to 70%.

談到費用指導，為了更好地了解我們的年度支出，我們正在適度收緊我們的費用指導範圍。我們預計，2015 年 GAAP 總支出的年成長率將在 55% 至 65% 之間，而我們先前預測的成長率為 55% 至 70%。

We expect that the year-over-year growth rate for total 2015 non-GAAP expenses will be in the range of 50% to 60% as compared to our prior guidance of 50% to 65%. Our expense outlook reflects the broad range of investments that we're making in both our services and infrastructure, as we continue to enhance the core experiences on Facebook and Instagram, grow our messaging products, strengthen our advertising business globally, and invest in long-term growth areas like Oculus and Internet.org.

我們預計，2015 年非 GAAP 總支出的年成長率將在 50% 至 60% 之間，而我們先前預測的成長率為 50% 至 65%。我們的費用前景反映了我們在服務和基礎設施方面所做的廣泛投資，因為我們將繼續增強 Facebook 和 Instagram 的核心體驗，發展我們的通訊產品，加強我們的全球廣告業務，並投資於 Oculus 和 Internet.org 等長期成長領域。

The remainder of our guidance remains unchanged. We anticipate our 2015 capital expenditures will be in the neighborhood of $2.7 billion to $3.2 billion. We expect stock-based compensation in 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.

我們的其餘指導保持不變。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 in 2015 to be approximately $700 million to $800 million. And lastly, we anticipate our Q2 and full-year 2015 GAAP and non-GAAP tax rates to be consistent with the rates in the first quarter. In summary, Q1 was a great start to the year for Facebook. We are very pleased with of the growth of our community, the strength of our business, and the investments we're making to build long-term shareholder value.

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 年第二季和全年的 GAAP 和非 GAAP 稅率將與第一季的稅率保持一致。總而言之，第一季對 Facebook 來說是一個好的開始。我們對社區的發展、業務的實力以及為創造長期股東價值所做的投資感到非常高興。

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

克里斯，讓我們開始提問吧。

(Operator Instructions)

（操作員指示）

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

I have two. The first one, can you talk a little about early advertiser and publisher feedback from the LiveRail in-app mobile product, and what are some areas where you see potential for improvements to drive faster adoption? And then on the OpEx side, appreciate your tightening the range, can you help us at all on expeditions for headcount growth this year and what are the biggest areas you see investing in incremental employees this year?

我有兩個。第一個問題，您能否談談 LiveRail 應用程式內行動產品的早期廣告商和出版商回饋，以及您認為哪些方面有待改進以推動更快的採用？然後在營運支出方面，感謝您縮小範圍，您能否在今年幫助我們實現員工人數成長，以及您認為今年在增量員工方面投資最大的領域是什麼？

On LiveRail, we're pleased with the performance and the changes we've been able to make. Video is obviously super important, so having the ability to do work on video across the web has been really great. And then at F8, we made two more announcements that I mentioned.

在 LiveRail 上，我們對其性能和我們能夠做出的改變感到滿意。影片顯然非常重要，因此能夠在網路上處理影片真的很棒。然後在 F8 大會上，我們又發布了我之前提到的兩個公告。

What we're hearing from publishers is that this is a good opportunity and they're pleased with the extensions we're making because it can make their ad surveying and buying more efficient across the platforms they use. In terms of areas for improvement, I think there's a lot we can do. I think you have to look at our ad tech investments very holistically, from Atlas to LiveRail to the Audience Network.

我們從出版商那裡聽到的是，這是一個很好的機會，他們對我們正在做的擴展感到滿意，因為它可以使他們在使用的平台上的廣告調查和購買更有效率。就需要改進的領域而言，我認為我們可以做很多事情。我認為你必須全面地看待我們的廣告科技投資，從 Atlas 到 LiveRail 再到 Audience Network。

These are all different pieces of the ad stack, but what they're all working on is taking the relevance and the ability to do people-based marketing and make that available to work on Facebook, but also off Facebook. We believe that because we can do marketing to people and then measure results across what people do in privacy-protective ways, we have an ability to improve the relevance of marketing, which will make it better for consumers, and increase returns for marketers.

這些都是廣告堆疊的不同部分，但他們共同致力於利用相關性和以人為本的行銷能力，使其既可以在 Facebook 上運作，也可以在 Facebook 之外運作。我們相信，因為我們可以向人們行銷，然後以保護隱私的方式衡量人們的行為結果，所以我們有能力提高行銷的相關性，這將使行銷更好地服務於消費者，並增加行銷人員的回報。

Brian, it's Dave. Just on the OpEx question, I think the key is that we are investing in our near-, mid-term, and long-term priorities. In the near term, we're investing to grow the community, execute on the existing business, both on the product side and then the advertising sales force side. In the mid-term, we are building out those next generation of services to be great businesses that reach their full potential, so that's Instagram, WhatsApp, Messenger. Then in the long-term, we're investing in areas like the next-generation computing platform, Internet.org, AI.

布萊恩，我是戴夫。就營運支出問題而言，我認為關鍵在於我們正在投資我們的近期、中期和長期優先事項。短期內，我們將投資發展社區，執行現有業務，包括產品方面和廣告銷售團隊方面。從中期來看，我們正在打造下一代服務，使其成為能夠充分發揮其潛力的偉大企業，也就是 Instagram、WhatsApp 和 Messenger。從長遠來看，我們將投資下一代運算平台、Internet.org、AI 等領域。

In general, I would say our headcount growth has skewed towards the R&D side because a lot of these initiatives have long-term development needs, so we've been investing there, but we are investing across the board. In terms of a specific headcount guidance, I would just stick with our expense guidance, but I'd note that the 48% year-over-year does include some inorganic growth from the pickup of the three larger acquisitions, Oculus, LiveRail, and WhatsApp. We haven't lapped those at this point.

總的來說，我想說我們的員工人數成長偏向研發方面，因為許多這些計畫都有長期發展的需求，所以我們一直在那裡投資，但我們的投資是全方位的。就具體的員工人數指導而言，我會堅持我們的費用指導，但我要指出的是，同比增長 48% 確實包括了三項較大收購（Oculus、LiveRail 和 WhatsApp）帶來的一些無機增長。目前我們還沒有完成這些。

Douglas Anmuth, JPMorgan.

摩根大通的道格拉斯·安穆斯。

One for Sheryl and one for Mark. Sheryl, just wanted to ask you to talk a little bit more about big brands, give us a sense for what's working best in terms of products? And then also how penetrated do you think Facebook is now with some of the larger brands? And, Mark, what are the signals that you'll be looking for to tell you when it's the right time to ramp up the advertising on Instagram more? Thanks.

一個給謝麗爾 (Sheryl)，一個給馬克 (Mark)。謝麗爾，我只是想請您多談談大品牌，讓我們了解哪些產品最有效？您認為 Facebook 目前對一些較大品牌的滲透程度如何？馬克，您會尋找哪些訊號來告訴您何時是加強 Instagram 廣告投放力度的最佳時機？謝謝。

Our growth was really strong across all of our marketer segments, but we had a particularly good quarter in brands, I think driven by two things. The first is that we really have a great platform to do creative storytelling on mobile and I think we have that in a way that no one else does. Our mobile ad product is so integrated into the user experience and provides real creative flexibility that people have a way to reach people on mobile and that's becoming increasingly important in telling the stories that drive their business.

我們所有行銷部門的成長都非常強勁，但本季我們的品牌業務表現尤其出色，我認為這是由兩件事推動的。首先，我們確實擁有一個很棒的平台，可以在行動裝置上進行創意敘事，我認為我們在這方面做得是別人做不到的。我們的行動廣告產品與用戶體驗緊密結合，提供了真正的創意靈活性，使人們能夠透過行動裝置接觸到用戶，這對於講述推動業務發展的故事變得越來越重要。

The second thing is video. Video is exploding on Facebook, as Mark talked about, and that gives us an opportunity to do a lot of work with marketers on video. This is the first time the technology in media vertical was one of our top four verticals, and that's largely because of the use of mobile, and so that's been really a great story for us.

第二件事是影片。正如馬克所說，影片在 Facebook 上呈爆炸式增長，這為我們提供了與影片行銷人員合作進行大量工作的機會。這是媒體垂直領域的技術首次成為我們的四大垂直領域之一，這主要是因為行動裝置的使用，所以這對我們來說真的是一個很棒的故事。

In terms of penetration, we work with almost all the large marketers almost everywhere in the world, but even for the largest clients we have, we are a very small part of their budget. I don't think we have any large clients. If you look at 25% in the US of consumer media time is on mobile, and then 20% of mobile time goes to Facebook and Instagram.

在滲透率方面，我們與世界各地幾乎所有的大型行銷商都有合作，但即使對於我們最大的客戶來說，我們也只佔他們預算的一小部分。我認為我們沒有任何大客戶。如果你看一下，美國消費者 25% 的媒體時間花在行動裝置上，而 20% 的行動時間花在了 Facebook 和 Instagram 上。

That would be 5% of US consumer media time. With our largest clients, even our large ones, we are not close to 5% of their spend and so I think we have a considerable opportunity to grow. We also expect those underlying numbers, time on mobile, to continue to grow.

這占美國消費者媒體時間的 5%。對於我們最大的客戶，甚至是我們的大客戶，我們的支出還不到他們支出的 5%，所以我認為我們有相當大的成長機會。我們也預計這些基本數字，即行動裝置上的時間，將繼續成長。

For your second question about Instagram and the ads opportunity there, we think about this the same way that we do ads on Facebook today. The primary goal is to increase the quality. That's our strategy for growing the business. There's more inventory that we can open up on Instagram over time because it's so early, but we are going to do that once we get to formats that are working well for businesses and that we feel really good about in the consumer experience.

對於您關於 Instagram 及其廣告機會的第二個問題，我們對此的看法與我們今天在 Facebook 上投放廣告的看法相同。首要目標是提高品質。這就是我們的業務成長策略。由於現在還為時過早，我們可以在 Instagram 上開放更多的庫存，但一旦我們找到適合企業並且讓我們對消費者體驗感到滿意的格式，我們就會這樣做。

This has been a theme for our ad strategy and product development for more than a year now, maybe two years, where folks have consistently asked us what we are going to do to increase the amount of ads that we are showing and our response has been that we're going to focus on improving the quality and relevance and that's both going to perform better for the people using our services and businesses who are buying ads. That strategy I think is bearing out and we'll continue to apply it to all the things that we do.

一年多來，或許是兩年來，這一直是我們廣告策略和產品開發的主題，人們不斷問我們要做些什麼來增加我們展示的廣告數量，我們的回答是，我們將專注於提高品質和相關性，這將為使用我們服務的用戶和購買廣告的企業帶來更好的效果。我認為這項策略正在取得成效，我們將繼續將其應用到我們所做的所有事情中。

One clarification, I think I said tech and media as a vertical, I meant entertainment and media. This is the first quarter that entertainment and media is one of our top verticals.

需要澄清的是，我認為我說的技術和媒體是一個垂直領域，我的意思是娛樂和媒體。這是娛樂和媒體首次成為我們最主要的垂直領域之一。

Heather Bellini, Goldman Sachs.

高盛的 Heather Bellini。

I just had two quick ones. I was wondering, Mark, I think you mentioned you're seeing 1 billion searches per day on mobile. I was wondering if you could give us an update on your initiatives here. And also, when you think about Facebook as a microcosm of different applications, at some point is there a plan that we will be able to use this search functionality to go across all the different Facebook apps that we might have installed on our mobile devices?

我剛剛吃了兩塊。馬克，我想知道，我記得你提到每天在行動裝置上進行 10 億次搜尋。我想知道您是否可以向我們介紹一下您在此採取的舉措的最新進展。此外，當您將 Facebook 視為不同應用程式的縮影時，我們是否有計劃在某些時候使用此搜尋功能來查找我們可能安裝在行動裝置上的所有不同的 Facebook 應用程式？

We're pretty early in this whole thing and there's so much unique content that people share in Facebook that I think that that is the clear unique opportunity to go for first. Right? If you think about the overall web there's a lot of public content that's out there that any web search engine can go index and provide, but a lot of what we can get at are recommendations on products and travel and restaurants and things that your friends have shared they haven't shared publicly, and knowing different correlations or interesting things about what your friends are interested in.

我們在這個領域還處於起步階段，人們在 Facebook 上分享瞭如此多的獨特內容，我認為這顯然是一個值得優先考慮的獨特機會。正確的？如果你考慮整個網絡，你會發現有很多公共內容，任何網絡搜尋引擎都可以索引並提供這些內容，但我們可以獲得的大部分內容是產品、旅行、餐館的推薦，以及朋友分享但未公開的內容，以及了解朋友感興趣的不同關聯或有趣的事情。

That's the type of stuff -- those are questions that we can answer that no one else can answer and that's probably going to be what we continue to focus on doing first. And I think what you're seeing is that, as we enable more use cases and as we just get a lot of the basics right around performance and bringing the mobile features into parity and beyond, what we had been able to do on desktop, the volume is growing quickly. I think on a recent earnings call, we just announced that we'd passed 1 billion searches total, so now being more than 1 billion on mobile shows some progress that I'm pretty proud of for the search team.

這就是那種問題——這些問題是我們可以回答而其他人無法回答的，這可能是我們首先繼續關注的事情。我認為，您會看到，隨著我們啟用更多的用例，隨著我們在性能方面掌握大量基礎知識，並將移動功能提升到與我們在桌面上所能做到的相當甚至超越的水平，其數量正在快速增長。我想在最近的一次收益電話會議上，我們剛剛宣布我們的總搜尋量已經超過了 10 億次，所以現在行動搜尋量超過 10 億次表明了我們搜尋團隊取得了一些進步，我對此感到非常自豪。

Eric Sheridan, UBS.

瑞銀的艾瑞克·謝裡丹。

Maybe one for Mark and one for Sheryl. Mark, you talked about the family of apps at Facebook. As more and more people are consuming professional content, different verticals like news, sports, and video format on Facebook, how do you think about the use case for the consumption of that content inside the main Facebook app versus maybe an even separate app for more professional content long-term for Facebook?

也許一個給馬克，一個給謝麗爾。馬克，你談到了 Facebook 的應用程式系列。隨著越來越多的人消費專業內容，即 Facebook 上的新聞、體育和視訊格式等不同垂直領域的內容，您如何看待在主 Facebook 應用程式內消費這些內容的用例，還是可能為 Facebook 長期開發一個單獨的應用程式來提供更專業的內容？

And then for Sheryl, appreciate the color you gave us on the evolution of targeting on Facebook. Wanted to know, either qualitatively or quantitatively, if you could talk a little bit about the way those ads are performing as you continue to evolve the product set around targeting on Facebook and off, in particular around dynamic product ads and what that might mean for closing the loop longer term? Thanks so much, guys.

然後對於 Sheryl，感謝您為我們提供的有關 Facebook 定位演變的詳細資訊。想知道，無論是定性還是定量，隨著您繼續改進圍繞 Facebook 內外定位的產品組合，特別是動態產品廣告，您是否可以稍微談談這些廣告的效果，以及這對於長期閉環意味著什麼？非常感謝大家。

Yes. In terms of news and different kinds of content, this has traditionally been something that we've delivered a really good experience for, in terms of people being able to share the content that they want, being able to get access to the content that they want, different recommendations from friends, and we have a lot more coming there, so I'm excited about that.

是的。就新聞和不同類型的內容而言，我們傳統上提供了非常好的體驗，人們可以分享他們想要的內容，可以訪問他們想要的內容，獲得來自朋友的不同推薦，而且我們還會提供更多功能，所以我對此感到很興奮。

We definitely do see, in this family of apps strategy, that there's so many new ways that people want to share content, and so many different types of sets of people that people want to share with, ranging from one person at a time and that would be Messaging or small group sharing or sharing with interest-based communities or sharing with all your friends at once or sharing with public.

我們確實看到，在這一系列應用程式策略中，人們希望以如此多的新方式共享內容，人們希望與如此多不同類型的人共享內容，從一次只與一個人共享，到訊息或小組共享，或與基於興趣的社區共享，或與所有朋友同時共享，或與公眾共享。

There are just a lot of different experiences that need to get built, and a lot of what we're trying to do is enable a number of those things through Facebook, while also building unique, world-class services to enable people to share all the things they care about with all the different sets of people that they care about. So we're going to keep on doing more there, but we're happy with where we are now. We have a number of services that are reaching pretty good scale and I think we'll keep on pushing that.

有許多不同的體驗需要構建，我們正在嘗試透過 Facebook 實現這些功能，同時建立獨特的、世界一流的服務，讓人們能夠與他們關心的不同人群分享他們關心的所有事物。因此，我們將繼續在那裡做更多的事情，但我們對目前的狀況感到滿意。我們有許多服務已經達到了相當好的規模，我認為我們會繼續努力。

To your question on targeting and closing the loop, these are two really important pieces for what we want to do. Our goal, when we work with marketers, is to drive their business and that means their products off the shelves, their services into the hands of people. In order to do that well, we need to work on targeting and we need to work on measurement.

對於您關於目標和閉環的問題，這兩個對於我們想要做的事情來說是非常重要的部分。我們與行銷人員合作的目標是推動他們的業務，這意味著讓他們的產品下架，讓他們的服務送到人們手中。為了做好這一點，我們需要努力確定目標，也需要努力衡量。

With targeting, a more relevant ad is just better. It's a better experience for consumers because they see something they like in their Newsfeed and it has a higher return for marketers. So we are very focused on getting more people to use our targeting tools from custom audiences, which lets people target ads differently to their current customers or people who they'd like to be their customers, to look like audiences, which enables us to identify the characteristics of your current customers and then find other people on Facebook who share those characteristics, so again, the ad is well targeted.

透過定位，更相關的廣告會更好。這對消費者來說是更好的體驗，因為他們在新聞推送中看到了自己喜歡的內容，對行銷人員來說也帶來了更高的回報。因此，我們非常注重讓更多的人使用我們的自訂受眾定位工具，這使得人們可以針對他們當前的客戶或他們希望成為客戶的人以不同的方式定位廣告，看起來像受眾，這使我們能夠識別當前客戶的特徵，然後在 Facebook 上找到具有這些特徵的其他人，因此，廣告具有很好的針對性。

I think our targeting abilities are really second-to-none and I'll share a recent example. XFINITY put out a voice guide for visual disabilities. And they did this by doing an Oscar commercial with a girl who is blind imagining what Wizard of Oz characters look like. Now, by doing that at the Oscars, that's obviously TV, and it's a very broad ad and that's because they were both showing a product but also working on their brand.

我認為我們的定位能力確實是首屈一指的，我將分享一個最近的例子。XFINITY 推出了針對視障人士的語音指南。他們透過拍攝奧斯卡廣告來實現這一目標，廣告中一位盲人女孩想著《綠野仙蹤》中人物的樣子。現在，在奧斯卡頒獎典禮上這樣做，顯然是電視廣告，而且是一個非常廣泛的廣告，這是因為他們既展示產品，也致力於打造自己的品牌。

On Facebook, they took that ad and showed it to movie fans, Wizard of Oz fans, and also people connected to accessibility causes. That's actually pretty specific targeting that lets them hit exactly the right audience and amplify what they were doing on TV. And I think that's the kind of thing that only we can do at scale and it shows how important targeting is.

在 Facebook 上，他們將廣告展示給電影迷、綠野仙蹤迷以及與無障礙事業相關的人。這實際上是非常具體的定位，可以讓他們準確地接觸到正確的受眾並擴大他們在電視上所做的事情。我認為這種事情只有我們才能大規模地做到，這顯示了目標定位的重要性。

When you think about closing the loop, you then have to add in the measurement piece because if we can connect people seeing ads on Facebook to what they buy in stores or in other ways, that's how you close the loop. That's why we've put so much investment and hopefully so much innovation behind measurement, so conversion tracking is increasingly used and we work with our marketers to use it even more.

當你考慮閉合循環時，你必須添加測量部分，因為如果我們可以將在 Facebook 上看到廣告的人與他們在商店或以其他方式購買的東西聯繫起來，這就是閉合循環的方式。這就是為什麼我們在衡量方面投入瞭如此多的投資，並希望進行如此多的創新，因此轉化追蹤的使用越來越多，並且我們與行銷人員合作，更多地使用它。

We're also really excited about conversion lift, because that's the first product we've had which scientifically measures the additional business you get from Facebook ads. It compares test groups that see ads with control groups that don't, so whatever you're measuring in terms of conversions, whether it's sales or website clicks or registrations, we can A-B test and see exactly what the impact Facebook has. I think we're still at the beginning of this. I think there is so much more we can do to make ads more relevant on Facebook and so much more we can do to measure results and I think our future growth will depend on executing on that very well.

我們對轉換率提升也感到非常興奮，因為這是我們第一款能夠科學衡量 Facebook 廣告所帶來額外業務的產品。它將看到廣告的測試組與沒有看到廣告的對照組進行比較，因此無論您衡量的轉換率是什麼，無論是銷售額、網站點擊量還是註冊量，我們都可以進行 A-B 測試並準確了解 Facebook 的影響。我認為我們仍處於這一階段的開始階段。我認為，我們還可以做很多事情來讓 Facebook 上的廣告更具相關性，還可以做很多事情來衡量結果，我認為我們未來的成長將取決於我們能否很好地執行這些措施。

Youssef Squali, Cantor Fitzgerald.

優素福·斯誇利，坎托·菲茨杰拉德。

Question for Dave and then maybe one for Mark or Sheryl. FX-adjusted ARPU growth this past quarter was about 35%, which is, by our math, about one-half of what it was last year. Within mobile, it was about 45%; that's about one-third of what it was last year. Other than tough comps, what else is driving the decline? Is it just Q1 seasonality getting more pronounced? Is there anything else? Who would have thought that maybe video advertising would have actually have had the opposite effect.

先問 Dave 一個問題，然後再問 Mark 或 Sheryl 一個問題。經過外匯調整後，上個季度的 ARPU 成長率約為 35%，根據我們的計算，這大約是去年同期的一半。在行動領域，這一比例約為 45%；這大約是去年的三分之一。除了競爭激烈之外，還有什麼因素導致了下滑？只是第一季的季節性變得更加明顯嗎？還有什麼嗎？誰能想到，影片廣告實際上可能會產生相反的效果。

And then, maybe Mark or Sheryl, what's your experience so far with voiceover IP? What is the strategy over time? Is that something you can start charging for or -- either through maybe a subscription or is there another way of monetizing it? Thanks, guys.

然後，也許馬克或謝麗爾，到目前為止，你們對 IP 語音的體驗如何？長期戰略是什麼？您是否可以開始對此收費——或者透過訂閱，或者還有其他方式將其貨幣化？謝謝大家。

Youssef, it's Dave. On the FX-adjusted ARPU growth, I would really point to the overall revenue growth rates. That's what's driving it, so you're coming up against a bigger business last year than we had in the past, so you're seeing a declining rate on that basis. I don't think there's anything specific to ARPU. It's just a reflection of what we're seeing on the revenue front as we scale and it's as expected there.

優素福，我是戴夫。關於外匯調整後的 ARPU 成長，我真正想指出的是整體營收成長率。這就是推動因素，所以去年我們面臨的業務規模比過去更大，因此你會看到成長率在此基礎上下降。我認為 ARPU 並沒有什麼特別之處。這只是我們在擴大規模時所看到的收入狀況的反映，並且符合預期。

So we're really pleased with the performance that we're seeing on the revenue front, certainly on the FX-adjusted basis. We are seeing strong growth in the face of really a tough currency environment, so we're really pleased with that. We think we've got the best mobile ad product out there in the market and it's just getting better, so we're really pleased with what we're doing on the revenue front.

因此，我們對收入方面的表現感到非常滿意，當然也是在外匯調整的基礎上。在非常嚴峻的貨幣環境下，我們仍實現了強勁成長，因此我們對此感到非常高興。我們認為我們擁有市場上最好的行動廣告產品，而且它還在不斷改進，因此我們對我們在收入方面所取得的成績感到非常滿意。

And in terms of voice calling, no, we're not going to charge for it, just like we're not going to charge for messaging. What we're focused on doing is providing more -- higher-quality services for free than what you could otherwise get in paying for them. One thing that you may not know about voice calling is that, by using the Internet for calling rather than the relatively low bit rate voice networks, you can actually get higher-quality calls using VoIP.

至於語音通話，我們不會收取任何費用，就像我們不會對簡訊收費一樣。我們致力於免費提供比付費服務更多的高品質服務。關於語音通話，您可能不知道的一件事是，透過使用網路而不是相對低位元率的語音網路進行通話，您實際上可以使用 VoIP 獲得更高品質的通話。

One of our theories in this is that it's -- one of the reasons why voice calling has been a little slower to catch on is because you need the large established network of people who you know will have access to be able to receive a voice call before that behavior can really take on in a big global community. But now between Facebook Messenger and WhatsApp, which are two very broad communication networks, we're pretty confident that, because of the higher quality of calling that you can get through the services that we are providing, that this is going to continue growing very quickly.

我們對此的一個理論是，語音通話之所以普及得比較慢，原因之一是你需要建立一個龐大的、你知道能夠接聽語音通話的人際網絡，然後這種行為才能在一個龐大的全球社區中真正普及開來。但現在，Facebook Messenger 和 WhatsApp 這兩個非常廣泛的通訊網路之間，我們非常有信心，由於您可以透過我們提供的服務獲得更高品質的通話，這一數字將繼續快速增長。

A lot of people still -- we're just very early in rolling out and promoting it. Even in Facebook Messenger, it's been out for a little while where we are already more than 10% of the global VoIP market. I think that that's just going to continue growing and I'm really looking forward to getting the first stats on WhatsApp VoIP, as well, soon.

很多人仍然——我們才剛開始推出和推廣它。即使是 Facebook Messenger，推出不久後，我們就已經佔據了全球 VoIP 市場的 10% 以上。我認為這個數字還會繼續增長，我真的很期待很快就會獲得有關 WhatsApp VoIP 的第一個統計數據。

Mark Mahaney, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的馬克‧馬哈尼 (Mark Mahaney)。

One question for Mark, one for Sheryl. Mark, there's just this explosion in these messaging platforms worldwide and you obviously bought into one. The growth has been greater than we would have expected and perhaps you, too. Has your thinking changed on the opportunity, or maybe the need, but really the opportunity to integrate WhatsApp and Facebook over the next couple of years because of the growth of WhatsApp to date?

一個問題問馬克，一個問題問謝麗爾。馬克，全球範圍內的通訊平台正在爆炸式增長，你顯然買了其中一個。這種成長超出了我們的預期，或許也超出了您的預期。由於 WhatsApp 迄今為止的成長，您對未來幾年整合 WhatsApp 和 Facebook 的機會或需求（但實際上是機會）的看法是否發生了改變？

And then, Sheryl, you mentioned some verticals that are doing well. I was wondering if I could ask about automotive and insurance, just a couple of verticals that have always been skewed very heavily towards TV advertising, and the question is whether they've really skewed up more now on Facebook given the autoplay video ad format? Thank you.

然後，謝麗爾，你提到了一些表現良好的垂直產業。我想知道我是否可以問一下汽車和保險這兩個垂直行業，這兩個行業一直嚴重偏向電視廣告，問題是，考慮到自動播放視頻廣告格式，它們現在是否真的在 Facebook 上更加偏向電視廣告？謝謝。

On the messaging question, yes. We're pretty happy with how it's all going. I think if we are going to pay $19 billion for a company, we should have pretty high expectations for how it's going to do. So I do feel good about how we're doing, but it needs to do a lot more, obviously, and we're very excited about the road map of things that we have ahead.

關於訊息傳遞的問題，是的。我們對一切進展非常滿意。我認為，如果我們要為一家公司支付 190 億美元，我們應該對它的表現抱有相當高的期望。所以我對我們的表現感到很滿意，但顯然我們還需要做更多，我們對未來的發展路線圖感到非常興奮。

In terms of integrating them, no, we're not going to do that. One of the things that had been interesting while we were watching these different services grow was just how quickly multiple different messaging and communication services were growing at the same time. It seemed a little bit counterintuitive at first because it seemed like there should have been more overlap than it actually, now in retrospect, looking back, seems like there is.

至於整合它們，不，我們不會這麼做。當我們觀察這些不同的服務成長時，有趣的事情之一是多種不同的訊息和通訊服務同時增長的速度有多快。一開始這似乎有點違反直覺，因為看起來應該有比實際更多的重疊，但現在回想起來，似乎有更多重疊。

So you can look at countries where both services, WhatsApp and Messenger, are growing very quickly, like Brazil, for example, and what you'll see is that basically people use them a little bit differently. WhatsApp is more of a clear text messaging replacement. Facebook Messenger people use to connect with people that they know on Facebook primarily.

因此，你可以看看 WhatsApp 和 Messenger 這兩種服務都在快速成長的國家，例如巴西，你會發現人們使用它們的方式基本上略有不同。WhatsApp 更像是一種清晰的文字訊息替代品。Facebook Messenger 主要用來與 Facebook 上認識的人聯繫。

Then there are differences in the feature sets where WhatsApp is extremely utilitarian and focused on texting and now voice calling, whereas Messenger is very focused on expression. And the whole set of things that fit into the tools around the Messenger platform that we rolled out at F8, communicating with businesses now, richer tools to communicate different ways. So I think that these are just going to keep on growing, is my expectation and hope, and we're excited to pursue both different products to serve the different communities.

然後，功能集也存在差異，WhatsApp 非常實用，專注於發送簡訊和語音通話，而 Messenger 則非常注重表達。我們在 F8 上推出的 Messenger 平台相關工具中融入了整套功能，現在可以透過更豐富的工具與企業溝通，實現不同的溝通方式。所以我認為這些將會繼續成長，這是我的期望和希望，我們很高興追求不同的產品來服務不同的社區。

On the auto and insurance verticals, they're both still small which makes them good opportunities to grow. We're seeing good progress on both of them, and interestingly, insurance companies have been pretty active, both on Facebook and Instagram, so we're optimistic about that.

在汽車和保險垂直領域，它們的規模仍然較小，這使得它們具有良好的成長機會。我們看到這兩項都取得了良好的進展，有趣的是，保險公司在 Facebook 和 Instagram 上都非常活躍，所以我們對此感到樂觀。

Paul Vogel, Barclays.

巴克萊銀行的保羅‧沃格爾。

Two questions, one for Mark and one for Dave. Mark, just going back to the video question again real quick, I'm wondering, given all the noise around over-the-top and long-form content, and given your push in video, I'm just curious as to whether or not you think Facebook can or should be a player in more studio content or professionally driven content? And then, Dave, for you, just in terms of CapEx, you gave guidance for this year, but again, given the ramp-up in video and search, how should we think about CapEx longer term relative to, either in absolute terms or maybe relative to revenue growth? Thanks.

有兩個問題，一個問馬克，一個問戴夫。馬克，我們再快速回到影片問題上來，考慮到人們對超長篇內容的關注，以及你對影片的大力推動，我很好奇你是否認為 Facebook 可以或應該在更多的工作室內容或專業驅動的內容中扮演一個角色？然後，戴夫，就資本支出而言，您給出了今年的指導，但考慮到視頻和搜尋的增長，我們應該如何看待長期資本支出，無論是絕對值還是相對於收入增長？謝謝。

I can go first. On the CapEx growth for this year, Paul, yes, we are ramping CapEx, obviously, to support the initiatives that we have. 2015 is a big investment year for us, both in CapEx and OpEx. It's a little bit early to be talking about how that's going to scale going forward.

我可以先走。關於今年的資本支出成長，保羅，是的，我們正在增加資本支出，顯然是為了支持我們的舉措。2015 年對我們來說是重要的投資年，無論是資本支出或營運支出。現在談論未來如何擴大規模還為時過早。

But clearly, we've got a lot of areas that we are investing in, including video, including the various other services on top of Facebook. So we're going to be investing to deliver the best quality services that we can for our users, so we'll continue to invest heavily on the data center and infrastructure side going forward, but 2015 is a big investment year for us across the board.

但顯然，我們正在許多領域進行投資，包括視頻，以及 Facebook 之上的各種其他服務。因此，我們將進行投資，為我們的用戶提供最優質的服務，因此我們將繼續在資料中心和基礎設施方面進行大量投資，但 2015 年對我們來說是全面投資的一年。

And on video, we're excited about people sharing all different kinds of content on Facebook. Right now, a lot of what people are sharing are their social videos and content. There are a lot of public figures who have pages, often with millions or tens of millions of followers, producing unique and really high-quality content that they are pushing out to all their fans on the network today. So, yes, we'll continue looking at ways to grow that and the product experience that we have right now is growing quite well, so we feel good about it.

在影片方面，我們很高興人們在 Facebook 上分享各種不同類型的內容。現在，人們分享的很多都是社群影片和內容。許多公眾人物都擁有自己的主頁，通常擁有數百萬或數千萬粉絲，他們製作獨特且高品質的內容，並將它們推送給網路上的所有粉絲。所以，是的，我們會繼續尋找成長方式，而且我們目前的產品體驗成長相當不錯，所以我們對此感到滿意。

John Blackledge, Cowen and Company.

約翰·布萊克利奇，考恩公司。

Two questions. One more on video. With the explosive ramp in video views over the last six months, could you discuss the video advertising ramp this year and then maybe talk about the video versus static ads within the Newsfeed? And then the other question would be, you referenced Facebook hitting 2 million active advertisers in the first quarter, and with over 30 million company pages, how should we think about the advertiser TAM for Facebook next year and over time? Thank you.

兩個問題。影片上還有一篇。鑑於過去六個月影片觀看量的爆炸性增長，您能否討論一下今年影片廣告的成長情況，然後談談新聞推播中的影片廣告與靜態廣告？然後另一個問題是，您提到 Facebook 在第一季達到了 200 萬活躍廣告商，並且擁有超過 3000 萬個公司頁面，我們應該如何看待明年及以後 Facebook 的廣告商 TAM？謝謝。

To the first question, video is a big opportunity for us. Mark talked about how we have 4 billion video views on Facebook every day, and we've always believed that the format of our ads should follow the format of what consumers are doing on Facebook. So many years ago, when the homepage ticker was in vogue, we never did that. So the fact that there's so much consumer video, that gives us the opportunity to do more marketing video as well.

對於第一個問題，視訊對我們來說是一個巨大的機會。馬克談到我們每天在 Facebook 上的影片觀看次數達到 40 億次，我們始終認為，我們的廣告格式應該遵循消費者在 Facebook 上所做活動的格式。很多年前，當主頁行情自動收錄器盛行時，我們從未這樣做過。事實上，消費者影片如此之多，這也為我們製作更多行銷影片提供了機會。

It's still early days and we are very focused on quality, and it's worth noting that not all of the revenue from video is incremental, because the video ads take the place of other ads that we would have served into Newsfeed. That said, we're really excited about the opportunity. I talked about increasing the entertainment and media vertical and brand marketers, particularly, but I think all marketers have the opportunity to do video.

現在還處於早期階段，我們非常注重質量，值得注意的是，並非所有來自影片的收入都是增量的，因為影片廣告取代了我們在 Newsfeed 中投放的其他廣告。話雖如此，我們對這個機會感到非常興奮。我特別談到了增加娛樂和媒體垂直領域以及品牌行銷人員，但我認為所有行銷人員都有機會製作影片。

And that's pretty exciting, including SMBs who would never be able to hire a film crew and buy a TV ad, we're seeing those put videos in. Over 1 million SMBs have posted videos and done really small ad buys around them and that's pretty cool, because I don't think there are probably 1 million advertisers who have bought TV ads in that same period of time.

這非常令人興奮，包括那些永遠無法聘請攝製組和購買電視廣告的中小企業，我們看到他們投放了影片。超過 100 萬家中小企業發布了視頻，並購買了相關小額廣告，這非常酷，因為我認為在同一時期購買電視廣告的廣告商可能還不到 100 萬。

When you think about our marketer growth, I think we have an ability to grow both the number of advertisers who use our platform, but also the percentage of their business that we get. So 30 million small business pages continuing to grow, we have an opportunity to turn those businesses into advertisers and marketers, and that's what we've done successfully and we are going to continue to focus on that. We do that by building very simple ad products.

當您考慮我們的行銷人員成長時，我認為我們有能力增加使用我們平台的廣告商數量，以及我們獲得的業務百分比。因此，3,000 萬個小型企業頁面不斷成長，我們有機會將這些企業轉變為廣告商和行銷商，這就是我們成功做到的，我們將繼續關注這一點。我們透過建立非常簡單的廣告產品來實現這一點。

Then when you think about the percentage of spend we have, what I said before on this call, which is we only have a small percentage of even our large customers, that's true of our small customers too. There are some who spend a large portion of their budget on Facebook, but that's actually very unusual.

然後，當您考慮我們的支出百分比時，正如我之前在電話中所說的那樣，即使對於我們的大客戶，我們的支出百分比也只有很小，對於我們的小客戶也是如此。有些人將很大一部分預算花在 Facebook 上，但這實際上是非常不尋常的。

For most people, even when they start spending with us, we are a small portion of their budget. When you look at the consumer time we get, we are not getting the equivalent amount of time or resources from our marketers, really of any size, and therein lies our opportunity to grow.

對大多數人來說，即使他們開始在我們這裡消費，我們也只佔他們預算的一小部分。當你看到我們獲得的消費者時間時，你會發現我們並沒有從行銷人員那裡獲得同等數量的時間或資源，實際上無論規模大小，而這正是我們成長的機會所在。

Justin Post, Merrill Lynch.

美林證券的賈斯汀波斯特 (Justin Post)。

Dave, maybe you could help us break down the 55% ad revenue growth a little bit between usage, are you increasing ad loads at all? Maybe you talk about the formats or is Instagram helping at all? Just a little granularity on that, or maybe it's just a format shift, but just help us understand what the key drivers are and how much room you still have to go on each of these things? Thank you.

戴夫，也許您可以幫助我們在使用過程中稍微分析一下 55% 的廣告收入成長，您是否增加了廣告負載？也許您談論的是格式或 Instagram 是否有幫助？只是對此進行一點細化，或者可能只是格式轉變，但只是幫助我們了解關鍵驅動因素是什麼，以及在這些事情上你還有多少發展空間？謝謝。

Yes, Justin. In terms of the 55% revenue growth, obviously, it's mobile Newsfeed is what's driving it from a fundamental point of view. In terms of what the opportunity there is to drive it, it's really about increasing the relevance and quality of the ads. That's been a key part of what we've been doing and that will just continue to be the big driver in the near and medium term.

是的，賈斯汀。就 55% 的營收成長而言，從根本上來說，行動新聞推播顯然是推動其成長的動力。就推動這一進程的機會而言，這實際上是為了提高廣告的相關性和品質。這是我們一直在做的事情的關鍵部分，並將繼續成為近期和中期的主要推動力。

And we're doing that on a number of different fronts. Part of it's about finding the right format, so it's getting the video units there for the people for whom video ads are going to make sense. It's getting the dynamic product ads in front of people, for people who are going to find those ads interesting and engaging. And it's really just continuing to learn more and more about the people who are using Facebook and what types of as they interact with and like, and so that's part of what we're trying to do across the board.

我們正在多個不同方面進行這項工作。其中一部分是關於找到正確的格式，以便將影片單元提供給適合觀看影片廣告的人。它將動態產品廣告呈現在人們面前，讓人們覺得這些廣告有趣且引人入勝。這實際上只是繼續更多地了解使用 Facebook 的人以及他們互動和喜歡的類型，所以這也是我們全面嘗試的一部分。

And then at the same time, we're bringing more and more advertisers into the system and that's giving us a better selection of the ads that we can serve to the people using Facebook and that again improves the quality and the relevance. So the main thing that we're seeing drive this is just improving the quality and the relevance of the ads experience for the people using Facebook and I think that's going to continue to be the story.

同時，我們正在將越來越多的廣告商引入系統，這使我們能夠更好地選擇可以為 Facebook 用戶提供的廣告，從而再次提高品質和相關性。因此，我們看到推動這項進程的主要因素是提高 Facebook 用戶廣告體驗的品質和相關性，我認為這將持續下去。

The specific ads will be part of how we do that, but it won't be the only way. It will also be the targeting that we have and the targeting capabilities that we are doing with things like custom audiences and getting better and better at that. So there's a lot of different fronts that we're working on.

特定的廣告將是我們實現這一目標的一部分，但這並不是唯一的方法。這也將是我們所擁有的定位以及我們正在透過自訂受眾等方式實現的定位功能，並且會變得越來越好。所以我們正在很多不同的方面開展工作。

It's hard to tease out every individual component of it, but all in all we're really pleased with the revenue growth that we're seeing. And also, that's coupled with good engagement growth, so we are doing a nice balance of having an experience that's working well for our advertisers, but it's also working really well for the people who are using Facebook.

很難梳理出其中的每個組成部分，但總的來說，我們對所看到的收入成長感到非常滿意。此外，這與良好的參與度成長相結合，因此我們在為廣告主提供良好體驗和為 Facebook 用戶提供良好體驗之間取得了良好的平衡。

Ross Sandler, Deutsche Bank.

德意志銀行羅斯桑德勒。

Just two quick questions. First, on the Newsfeed organic reach, and then Mark, one on Apple Watch and wearables. On the Newsfeed, you guys recently made tweaks to alter the algorithm in favor of friend-oriented content. And then, on the other hand, you're also moving towards hosting publisher content from New York Times and Buzzfeed and folks like that. So how are you balancing out organic reach between these algorithm changes and then whether or not professional content is hosted inside of Facebook versus coming from a third-party website?

只要問兩個簡單的問題。首先是關於 Newsfeed 的自然覆蓋率，然後是 Mark，關於 Apple Watch 和穿戴式裝置。在新聞推送方面，你們最近對演算法進行了調整，使其更傾向於以朋友為導向的內容。另一方面，你們也正在轉向託管《紐約時報》和 Buzzfeed 等出版商的內容。那麼，您如何在這些演算法變化之間平衡自然覆蓋率，以及專業內容是託管在 Facebook 內部還是來自第三方網站？

And then the second question is, Mark, how do you view the shift to wearables with smaller screens and shorter interactions? It looks like you guys have got most of the apps on the Apple Watch. Just wondering what you're doing to adapt to these new smaller screens? Thanks.

第二個問題是，馬克，您如何看待穿戴式裝置向螢幕更小、互動更短的轉變？看起來你們已經獲得了 Apple Watch 上的大部分應用程式。只是想知道您正在做什麼來適應這些新的小螢幕？謝謝。

Sure. I can speak to both of those. For the Newsfeed question, the North Star for us in Newsfeed is that we want to produce the best experience for everyone who is using the app and loading Newsfeed to see what is going on in the world around them. So when it comes to -- there are lots of businesses on Facebook, there are professional content producers, our main interest here is the people in the community who are using Newsfeed. Not those guys.

當然。我可以談論這兩個問題。對於 Newsfeed 問題，我們在 Newsfeed 中的北極星是，我們希望為使用該應用程式並加載 Newsfeed 的每個人提供最佳體驗，以了解周圍世界正在發生的事情。所以當談到——Facebook 上有很多企業，有專業的內容製作者時，我們的主要興趣是社群中使用 Newsfeed 的人。不是那些傢伙。

So of course, we want to build tools to enable them to share their content and all that, but we are constantly refining the algorithms in order to make it so the experience is the best for you, when you open up your phone, and look at Facebook and there are a bunch of things that are going on, we want to make sure that we're getting what you care about the most. And we go to a lot of lengths to make sure that we're getting signals from people in our community to make sure that we're doing this correctly.

因此，我們當然希望建立工具，讓他們能夠分享他們的內容等等，但我們正在不斷改進演算法，以便為您提供最好的體驗，當您打開手機，瀏覽 Facebook 時，會看到很多正在發生的事情，我們希望確保我們得到的是您最關心的內容。我們竭盡全力確保我們能從社區居民那裡得到信號，以確保我們正確地做這件事。

In addition to the different signals that we would get from seeing people use the products, we also do a lot of qualitative surveys, to see what people what makes -- what people write in that they want to see from us, what people tell us is the most important thing that they saw on Facebook today or saw anywhere in the world today, what they would have wanted to have seen on Facebook. Our goal is just to constantly refine this and make it better, and we're going to keep on doing that, because we think that there's a lot of upside and there is a lot more that we can do.

除了從人們使用產品中獲得的不同訊號之外，我們還進行了大量定性調查，以了解人們的想法——人們寫下他們希望從我們這裡看到什麼，人們告訴我們他們今天在 Facebook 上看到的或在世界任何地方看到的最重要的東西是什麼，他們希望在 Facebook 上看到什麼。我們的目標只是不斷改進並使其變得更好，我們將繼續這樣做，因為我們認為它有很多優勢，我們可以做更多。

At the same time, in order to make this experience good, there also needs to be good content in the system, so we need to make sure that people have the tools to be able to share the moments that they care about. If you're a professional publisher, you need to have the ability to share a version of the content that you're producing that you're proud of, that can load quickly, that can be as rich as the tools enable people to see.

同時，為了讓這種體驗良好，系統中也需要有好的內容，所以我們需要確保人們有工具能夠分享他們關心的時刻。如果您是專業出版商，您需要有能力分享您所製作的、令您感到自豪的內容版本，該版本可以快速加載，並且可以透過工具讓人們看到的內容盡可能豐富。

And we're working on a lot of different tools for that. And you can imagine that as the tools for any of this content get better, people taking photos, newspapers writing news articles, advertisers putting out ads for content that they want to sell, the better that content gets, the more people are excited to see it, and then that informs the ranking and what the community qualitatively tells us that they want to see from us over time, as well. So it's just a constant cycle on that. What was the other question?

為此，我們正在開發許多不同的工具。你可以想像，隨著製作這些內容的工具越來越好，人們拍照，報紙撰寫新聞文章，廣告商為他們想要銷售的內容投放廣告，內容越好，人們就越興奮地看到它，然後這會影響排名，以及社區隨著時間的推移定性地告訴我們他們希望從我們這裡看到什麼。所以這只是一個持續的循環。另一個問題是什麼？

The watch.

手錶。

Oh, the watch.

哦，手錶。

Wearables.

穿戴式裝置。

I haven't actually spent that much time with this so far, so I mostly just want to congratulate Apple on shipping something that seems like a pretty amazing piece of technology and work. We're proud to be supporting and I know that we have a bunch of apps. It's a space that's going to be really interesting and we're going to watch closely and build what our community wants us to.

到目前為止，我實際上還沒有花太多時間在這上面，所以我主要只是想祝賀蘋果推出了一款看起來相當令人驚嘆的技術和產品。我們很榮幸能夠提供支持，而且我知道我們有很多應用程式。這是一個非常有趣的領域，我們將密切關注並建立我們的社區希望我們建造的東西。

Brian Pitz, Jefferies.

布萊恩‧皮茨，傑富瑞集團。

Two more quick questions on video. Roughly what percentage of videos are currently monetized via ads? And where do you see it headed over time? And as you look at the early video ads on the platform, how is pricing comparing to other ad formats? Thanks.

影片中還有兩個簡短的問題。目前大約有多少比例的影片透過廣告獲利？您認為它未來會走向何方？當您查看平台上的早期影片廣告時，其定價與其他廣告格式相比如何？謝謝。

I can take this. In terms of what percentage of videos are ads, we're not breaking that out. I think what we said was that we are really pleased with the consumer adoption we're seeing. That's the fundamental table stakes that need to be there and that's the most important thing and we're really pleased with the 4 billion video views daily that we are getting. We know that marketers love video, so there's a great opportunity here.

我可以接受這個。至於影片中廣告所佔的百分比，我們不會進行細分。我想我們所說的是，我們對看到的消費者採用感到非常高興。這是必須具備的基本條件，也是最重要的事情，我們對每天 40 億次影片觀看量感到非常滿意。我們知道行銷人員喜歡視頻，所以這是一個很好的機會。

It's still early. It's worth pointing out that, as Sheryl mentioned, video does displace other ads in Newsfeed and let me speak to how that plays into pricing as well. Video is just a format that is bid into the auction, so video is effectively winning in the auction if it's higher-priced. So if somebody's willing to pay more for a video, it's going to get served before another type of format ad, but there's not really a price differential.

時間還早。值得指出的是，正如 Sheryl 所提到的，影片確實取代了 Newsfeed 中的其他廣告，讓我來談談這對定價的影響。影片只是參與拍賣的一種格式，因此，如果價格較高，影片實際上就會在拍賣中獲勝。因此，如果有人願意為影片支付更多費用，那麼該影片就會在另一種格式的廣告之前投放，但實際上價格差異並不大。

You're paying for video. It's just what are you willing to pay into the system? So there's not differential pricing by product. It's just what are you willing to bid for the format that you want to show to the people that you want to show it to and that's how the system works.

您正在為影片付費。問題只是你願意向系統支付多少錢？因此不存在按產品劃分的差別定價。這只是你願意為你想向其展示的人們所採用的格式出價多少的問題，這就是系統的工作方式。

Ben Schachter, Macquarie.

麥格理銀行的本·沙赫特。

Mark, does the OpEx guide assume an Oculus product for consumers this calendar year and will the initial products focus on gaming or more on some of the experiences that you showed at F8 around non-gaming, like that Saturday Night Live demo? And then separately, beyond searching within Facebook, should we expect to see Facebook leverage its 2 million advertiser relationships against third-party search queries? For example, when a user searches on, say, Yahoo or maybe soon an Apple device, Facebook might tap its advertisers to provide relevant sponsored results? Thanks.

馬克，OpEx 指南是否假設 Oculus 產品會在今年面向消費者推出，並且最初的產品將專注於遊戲還是更多地關注您在 F8 上展示的一些非遊戲體驗，例如《週六夜現場》的演示？然後另外，除了 Facebook 內部搜尋之外，我們是否應該期待看到 Facebook 利用其 200 萬廣告商關係來針對第三方搜尋查詢？例如，當用戶在雅虎或即將推出的蘋果設備上進行搜尋時，Facebook 可能會利用其廣告商來提供相關的贊助結果？謝謝。

Ben, let me take the OpEx guidance question. We have not announced any specific plans for shipment volumes in 2015 related to Oculus. I'd just note that Oculus is very much in the development stage, so it's early to be talking about large shipment volumes, and our expense guidance reflects any volumes that we might do in 2015.

本，讓我來回答 OpEx 指導問題。我們尚未公佈 2015 年與 Oculus 相關的出貨量具體計畫。我想指出的是，Oculus 還處於開發階段，因此現在談論大規模出貨量還為時過早，我們的費用指導反映了 2015 年可能實現的出貨量。

And no plans to work with our marketers in the way you described.

並且沒有計劃按照您描述的方式與我們的行銷人員合作。

Peter Stabler, Wells Fargo Securities.

富國證券的彼得‧斯特布勒 (Peter Stabler)。

Dave, I just wanted to return to I think Justin's question about the drivers behind ad growth. You mentioned gains made in relevance and quality and formats. Wondering if you could provide any quantitative color around ad engagement trends, clicks, shares, likes, or anything like that? And then, secondly, one quickly for Sheryl. In your SMB discussions, wondering if you are ever asked to help facilitate transactions in that space or if that's an area of small business that you are interested in? Thank you.

戴夫，我只是想回到賈斯汀關於廣告成長背後驅動因素的問題。您提到了在相關性、品質和格式方面取得的進步。想知道您是否可以提供有關廣告參與趨勢、點擊、分享、喜歡或類似內容的任何量化資訊？其次，我要快速向 Sheryl 提問。在您的 SMB 討論中，想知道是否有人要求您幫助促進該領域的交易，或者這是否是您感興趣的小型企業領域？謝謝。

Peter, just on ads engagement, that's an area that we've obviously been very focused on and we're really pleased with the results that we're seeing there in terms of driving better engagement per ad. That's really the focus of a lot of our quality and relevance efforts. How do we find those ads that are going to be more engaging, that are going to get more clicks, that are going to get more views, that are going to get more installs?

彼得，就廣告參與度而言，這顯然是我們非常關注的一個領域，我們對在提高每個廣告的參與度方面所取得的成果感到非常滿意。這確實是我們大量品質和相關性努力的重點。我們如何找到那些更具吸引力、能獲得更多點擊、獲得更多瀏覽量、獲得更多安裝量的廣告？

We're working on focusing on all of those, on optimizing the relevance of the ads for all of those different potential actions that happen downstream and we are pleased with what we're doing there and the trends that we're seeing there. Again, that's a big part of what we are trying to do to drive the overall ads growth story, as well as providing a good experience for users with the ads that they're seeing.

我們正致力於關注所有這些問題，優化廣告與下游發生的所有不同潛在行動的相關性，我們對我們在那裡所做的事情以及我們所看到的趨勢感到滿意。再次強調，這是我們為推動整體廣告成長所做的努力的重要組成部分，同時也為用戶提供了良好的廣告體驗。

On SMBs, we have a very small test in the US we started last quarter for Buy on Facebook and that enables people to buy products from merchants with a buy button on pages. It is a product that is used and aimed at SMBs. We are also very focused on helping SMBs have a presence, especially a mobile presence.

對於中小企業，我們在上個季度在美國啟動了一項小規模測試，旨在實現「在 Facebook 上購買」的功能，這樣人們就可以透過頁面上的「購買」按鈕從商家購買產品。它是一款專門針對中小型企業的產品。我們也非常注重幫助中小企業建立影響力，尤其是行動影響力。

35% of SMBs in the United States, which is probably ahead of most other countries, don't have a web presence at all, and an even smaller percentage of SMBs have a mobile web presence or any kind of mobile presence that works. And so pages are a good and free and easy way to have a mobile web presence and that's something we are very focused on growing.

35% 的美國中小企業根本沒有網路業務，這一比例可能高於大多數其他國家，而擁有行動網路業務或任何可運作的行動業務的中小企業比例則更小。因此，頁面是一種很好的、免費的、簡單的行動網路存在方式，也是我們非常注重發展的一種方式。

Operator, we have time for one final question.

接線員，我們還有時間回答最後一個問題。

Mark May, Citi.

花旗銀行的馬克‧梅。

I had two. You've recently announced plans to enable longer form video content, as well as to allow those videos to be syndicated or distributed on third-party publishers. What, if any, initiatives do you have to help with this content, contributors and the publishers, to generate revenue from those videos? And then, secondly, on public content, what, if anything, are you doing to try to secure more unique public content that's potentially unique to Facebook from personalities and other sources? Thanks.

我有兩個。您最近宣布了啟用更長格式的影片內容的計劃，以及允許這些影片在第三方發布商上聯合發布或分發的計劃。您有什麼舉措來幫助這些內容、貢獻者和出版商從這些影片中獲取收入？其次，關於公共內容，你們正在採取什麼措施來從名人和其他來源獲取更多可能對 Facebook 獨一無二的公共內容？謝謝。

On the video question, we're basically focused primarily on video on our own site [and] service. Video tends to be pretty short-form content right now on Facebook because it's playing in Newsfeed. We do see some pretty cool examples of people using it well.

關於視訊問題，我們基本上主要關注我們自己網站[和]服務上的影片。目前，Facebook 上的影片內容往往比較短，因為它是在 Newsfeed 中播放的。我們確實看到了一些人們很好地使用它的非常酷的例子。

So for example, in the election you saw Hillary Clinton announce her candidacy, very recently, obviously, and that video got 2.7 million views. Ted Cruz and others have done the same and they've gotten large numbers of video views. So we think it's a very attractive platform for people to reach people with video messages.

舉例來說，在選舉中，你會看到希拉蕊最近宣布參選，顯然，該影片的觀看次數達到了 270 萬次。特德·克魯茲和其他人也做了同樣的事情，並且獲得了大量的視頻觀看次數。因此我們認為這是一個非常有吸引力的平台，可以讓人們透過視訊訊息進行交流。

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

偉大的。感謝您今天加入我們。感謝您的時間，我們期待再次與您交談。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。