Meta Platforms Inc (META) 2015 Q4 法說會逐字稿

Good afternoon. My name is Chris, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Facebook fourth-quarter and full-year 2015 earnings call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

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 年第四季和全年財報電話會議。所有線路均已靜音，以防止任何背景噪音。發言人發言後，將進行問答環節。

(Operator Instructions)

（操作員指示）

This call will be recorded. Thank you very much. Ms. Deborah Crawford, Facebook's Vice President of Investor Relations, you may begin.

本次通話將會被錄音。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 and full-year 2015 earnings conference call. Joining me today to discuss our results are Mark Zuckerberg, CEO, Sheryl Sandberg, COO, and Dave Wehner, CFO.

謝謝。下午好，歡迎參加 Facebook 2015 年第四季和全年財報電話會議。今天與我一起討論我們業績的有執行長馬克·祖克柏、營運長謝麗爾·桑德伯格和財務長戴夫·韋納。

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

在我們開始之前，我想藉此機會提醒大家，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、我們的 10-K 表年度報告以及我們向美國證券交易委員會提交的最新 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 may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The press release and an accompanying investor presentation are available on our website at investor. SB.com. Now, I would like to turn the call over to Mark.

在本次電話會議中，我們可能會展示 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投資者處查閱。SB.com。現在，我想把電話轉給馬克。

Thanks, Deborah. And, thanks, everyone, for joining us today. Overall, Q4 was a strong quarter and a great end to the year. More than 1.59 billion people now use Facebook each month and 1.04 billion every day. Our growth of nearly 200 million people monthly and 148 million people daily this year. More than 1.44 billion people use Facebook on mobile devices.

謝謝，黛博拉。感謝大家今天的參與。整體而言，第四季表現強勁，為今年畫下了圓滿的句點。目前每月有超過 15.9 億人使用 Facebook，每天有 10.4 億人使用 Facebook。今年我們每月新增近2億人，每天新增1.48億人。超過 14.4 億人在行動裝置上使用 Facebook。

And, when it comes to our business, we're also pleased with our continued growth. Total revenue grew by 52% year-over-year to more than $5.8 billion, and advertising revenues grew by 57% to reach more than $5.6 billion. But, it's important to consider not just our business results, but also how we're improving the lives of people and communities around the world.

就我們的業務而言，我們也對持續的成長感到滿意。總營收年增 52%，達到 58 億美元以上，廣告收入成長 57%，達到 56 億美元以上。但是，重要的不僅是考慮我們的業務成果，還要考慮我們如何改善世界各地人民和社區的生活。

Next week, Facebook celebrates its 12th birthday, and as I think about our progress and where we go from here, I have reflected on the diverse global moments that Facebook was involved in in 2015. More than 950 million people received a notification that a friend or a loved one was safe in a crisis. Millions of people supported the people of Nepal after the earthquake and the people of France after the Paris attacks. More than 8 million people used 35,000 groups and pages on Facebook to support refugees. And, people from all over the world connected around moments from Star Wars to the US presidential election, from the Indian super league to the Cricket World Cup.

下週，Facebook 將迎來 12 歲生日，當我思考我們的進步以及未來的發展方向時，我回想起了 Facebook 在 2015 年參與的豐富多彩的全球事件。超過 9.5 億人收到了朋友或親人在危機中安全的通知。地震發生後，數百萬人向尼泊爾人民表達慰問；巴黎恐怖攻擊事件發生後，數百萬人向法國人民表達慰問。超過 800 萬人使用 Facebook 上的 35,000 個群組和頁面來支持難民。而且，世界各地的人們圍繞著從《星際大戰》到美國總統大選、從印度超級聯賽到板球世界盃等事件展開交流。

Seeing our global community connecting in all of these ways shows the opportunities ahead as we connect the world, but also the challenges. Even as the world has tended towards greater openness over time, in many communities we also see greater fear over what a connected world and more technological progress means for them.

看到我們的全球社會以所有這些方式相互聯繫，表明我們在連接世界時面臨著機遇，但也面臨挑戰。儘管世界隨著時間的推移趨向於更加開放，但在許多社區中，我們也看到人們對互聯世界和更多技術進步對他們意味著什麼感到越來越恐懼。

Addressing these concerns is essential for making progress on our mission, and we're going to keep working to give as much voice as we can and advance the benefits of connectivity and bringing the world together. In 2016 and beyond, we're going to continue doing that by serving our community, working to bring connectivity to billions of the people who are not yet connected, and building new technologies that give people more ways to express themselves.

解決這些問題對於我們完成使命至關重要，我們將繼續努力，盡可能多地發出聲音，促進互聯互通，讓世界更加團結。2016 年及以後，我們將繼續這樣做，服務我們的社區，努力為數十億尚未聯網的人們提供網路連接，並開發新技術，為人們提供更多表達自我的方式。

Now, let's talk about how we've continued working to do that, and let's start with how we're improving our existing products and businesses. Our strategy here is to deliver better, more engaging experiences for our community and to give people better tools for sharing different types of content with the different groups of people that they care about.

現在，讓我們談談我們如何繼續努力做到這一點，首先談談我們如何改進現有的產品和業務。我們的策略是為我們的社區提供更好、更具吸引力的體驗，並為人們提供更好的工具，以便與他們關心的不同群體分享不同類型的內容。

Video is an important part of the Facebook experience and continuing to invest here is important for allowing people to share and consume some of the most engaging content. We've continued to make progress, and now 100 million hours of video are watched daily on Facebook. We've been testing new experiences, like suggested videos, which enables people to discover more videos they might be interested in. We're also exploring ways to give people a dedicated place on Facebook for when they just want to watch videos.

影片是 Facebook 體驗的重要組成部分，繼續在此方面進行投資對於讓人們分享和消費一些最具吸引力的內容至關重要。我們不斷取得進步，現在 Facebook 上每天的影片觀看時間已達 1 億小時。我們一直在測試新的體驗，例如推薦視頻，它可以幫助人們發現更多他們可能感興趣的視頻。我們也正在探索為 Facebook 上的想要觀看影片的用戶提供專用空間的方法。

With other parts of our core, we've continued to focus on improving the performance and quality of our products to better serve different communities on Facebook. And, these efforts are paying off with growth and engagement for different products reaching an impressive scale.

對於核心的其他部分，我們繼續專注於提高產品的性能和質量，以便更好地服務 Facebook 上的不同社群。而且，這些努力正在獲得回報，不同產品的成長和參與度達到了令人印象深刻的規模。

Now, more than 500 million people use events each month, and more than 123 million events were created on Facebook in 2015. For the first time, more than 1 billion people used groups in a single month on Facebook. It's inspiring to see all the different communities using groups from the small family and classroom and church groups, to the large ones, like the running challenge group that I started a few weeks ago that now has about 100,000 members.

現在，每月有超過 5 億人使用活動，2015 年在 Facebook 上創建的活動超過 1.23 億個。首次有超過 10 億人在一個月內使用 Facebook 群組。看到不同社區紛紛成立團體，從小型家庭、教室和教會團體，到大型團體，例如我幾週前創建的跑步挑戰小組，現在已有大約 100,000 名成員，這令人鼓舞。

To serve our entire global community, we're optimizing our services for people in developing countries. We've improved Facebook Light to offer a better experience in low bandwidth environments, improving load times, and adding features like video. More than 80 million people now use Facebook Light as of December.

為了服務整個全球社區，我們正在優化針對發展中國家人民的服務。我們改進了 Facebook Light，以便在低頻寬環境中提供更好的體驗，縮短載入時間，並添加影片等功能。截至 12 月，已有超過 8,000 萬人使用 Facebook Light。

And, when it comes to serving businesses, we've continued to focus on creating better ads and tools for our more than 2.5 million active advertisers. More than 50 million small businesses now use pages on Facebook, and people post more than 2.5 billion comments on these pages each month. This is a good example of how the strength and engagement of our community is making Facebook more valuable for businesses every day. And, Sheryl is going to talk more about this in a minute.

在為企業提供服務方面，我們一直致力於為超過 250 萬活躍廣告商打造更好的廣告和工具。目前，有超過 5,000 萬家小型企業使用 Facebook 上的頁面，人們每月在這些頁面上發布超過 25 億則評論。這是一個很好的例子，說明我們社群的力量和參與如何使 Facebook 每天都為企業帶來更多價值。謝麗爾 (Sheryl) 稍後會詳細討論這個問題。

Next, let's talk about how we're building our next generation of services. With Instagram, we've continued to drive the shift towards more visual content online. The community continues to grow, and back in September, we announced a new milestone of 400 million monthly actives.

接下來，讓我們談談如何建立下一代服務。透過 Instagram，我們繼續推動線上內容向更多視覺內容的轉變。社群繼續發展壯大，早在 9 月份，我們就宣布了每月活躍用戶數達到 4 億的新里程碑。

Over the last year as the community has grown, we've focused on building engaging new experiences for the community, including by improving search and by introducing trending content. We've also worked to develop new experiences to give people more options for creating and sharing different types of content. In March, we launched the layout app, allowing people to easily combine images. In October, the team also launched Boomerang, an app for making looping videos which reached number one in the app store in more than 70 countries.

在過去的一年裡，隨著社群的不斷發展，我們致力於為社群打造引人入勝的新體驗，包括改善搜尋和引入流行內容。我們也致力於開發新的體驗，為人們提供更多創建和分享不同類型內容的選擇。三月份，我們推出了佈局應用程序，讓人們可以輕鬆組合圖像。10 月份，該團隊還推出了 Boomerang，這是一款製作循環影片的應用程序，在 70 多個國家的應用程式商店中排名第一。

We also introduced a new video channel on Instagram for people to watch moments from big events, like New Year's or the college football championship as they happen. With messenger and WhatsApp, we've continued to make progress with building these into valuable communication services for everyone in the world.

我們還在 Instagram 上推出了一個新的影片頻道，讓​​人們可以觀看新年或大學橄欖球錦標賽等重大事件的精彩時刻。透過 Messenger 和 WhatsApp，我們不斷取得進展，將它們打造成為世界上每個人有價值的通訊服務。

More than 800 million people now use messenger monthly. In 2015, we grew that number by almost 0.25 billion, while also increasing engagement. We continued to give people new ways to communicate by introducing video calling and new options for customizing conversations with fun things like colors and emojis and by using apps through the messenger platform.

目前每月有超過 8 億人使用 Messenger。2015年，我們的用戶數量增加了近2.5億，同時參與度也提高了。我們繼續為人們提供新的溝通方式，包括推出視訊通話、使用顏色和表情符號等有趣的東西定制對話的新選項以及透過通訊平台使用應用程式。

We also worked to expand messenger's utility by adding payments, a new way to connect with businesses, and by testing M, a digital assistant powered by AI. In this quarter, we also began testing a transportation platform allowing people to request an Uber ride through messenger. More services will be coming to the platform soon, including airlines.

我們也致力於透過添加支付功能（一種與企業聯繫的新方式）以及測試由人工智慧驅動的數位助理 M 來擴展 Messenger 的實用性。本季度，我們也開始測試一個交通平台，讓人們透過 Messenger 請求 Uber 搭車。包括航空公司在內的更多服務將很快登陸該平台。

WhatsApp ended the year with nearly one billion monthly actives. As WhatsApp has grown, we've worked to keep it fast, simple, and reliable. And, we've seen many communities come to depend on this as their main communication service.

截至今年底，WhatsApp 的每月活躍用戶數已接近 10 億。隨著 WhatsApp 的發展，我們一直致力於保持其快速、簡單和可靠。而且，我們已經看到許多社區開始依賴它作為他們的主要通訊服務。

To serve these communities well, this month we announced that WhatsApp will now be free to everyone, and we will no longer charge the subscription fees that many people were charged after their first year. We think this is an important step towards creating an even more ubiquitous product without affecting our plans for building WhatsApp into an important business in the coming years. Later this year, we'll be testing new ways for people to use WhatsApp to communicate with businesses and organizations that they want to hear from.

為了更好地服務這些社區，本月我們宣布 WhatsApp 將對所有人免費開放，並且我們將不再收取許多人在第一年後需要支付的訂閱費用。我們認為這是朝著打造更普及的產品邁出的重要一步，同時不會影響我們在未來幾年將 WhatsApp 打造為重要業務的計畫。今年晚些時候，我們將測試新的方式，讓人們使用 WhatsApp 與他們想要了解資訊的企業和組織進行溝通。

Finally, let's talk about our work on new breakthrough technologies that can help connect more people to the Internet and create transformative new experiences. In 2015, we made significant progress on our efforts to connect more people to the Internet. We've launched the first trials of express Wi-Fi, a product designed to help entrepreneurs bring their communities online. We launched free basics in 33 more countries. And, we've now connected 19 million people.

最後，讓我們來談談我們在新突破技術方面的工作，這些技術可以幫助更多人連接到互聯網並創造變革性的新體驗。2015年，我們在讓更多人上網的努力上取得了重大進展。我們已啟動快速 Wi-Fi 的首次試用，該產品旨在幫助創業家將他們的社區連接到網路。我們在另外 33 個國家推出了免費基礎服務。現在，我們已經連結了 1900 萬人。

This year, we expect to hold our first test flight of Aquila, our First Solar-powered aircraft designed to beam internet into communities from the sky. We're also working on new advances in lasers that can transfer large amounts of data faster and more efficiently than anything today.

今年，我們預計將進行 Aquila 的首次試飛，這是我們的第一架太陽能飛機，旨在從空中向社區傳送網路。我們也致力於研究雷射的新進展，以便能夠比當今的任何技術更快、更有效率地傳輸大量資料。

With our work in AI, we continue to make progress towards a new generation of computers that can see and understand. Over the last year, we've published dozens of research papers including some of the leading work on image recognition and language understanding.

透過我們在人工智慧領域的工作，我們不斷朝著能夠看到和理解的新一代電腦的方向前進。在過去的一年裡，我們發表了數十篇研究論文，其中包括一些關於圖像辨識和語言理解的領先研究。

To drive the entire AI community forward, we've also opened source software and a lot of new AI hardware platforms. Achieving the scientific breakthroughs to build AI that makes a dramatic, visible difference in people's lives -- it's going to take a long time. But, already, we're seeing opportunities to serve our community.

為了推動整個人工智慧社群的發展，我們也開源軟體和許多新的人工智慧硬體平台。實現科學突破，打造出能夠為人們的生活帶來巨大、明顯變化的人工智慧——這需要很長時間。但是，我們已經看到了為社區服務的機會。

We recently built a prototype AI system that combines language and vision comprehension, so you can show it an image that it's never seen before and it can answer questions about that image. And, we've even used AI to help blind people experience their friends' photos and newsfeed by describing the scenes.

我們最近建立了一個結合語言和視覺理解的原型人工智慧系統，因此你可以向它展示一張它從未見過的圖像，它可以回答有關該圖像的問題。而且，我們甚至使用人工智慧透過描述場景來幫助盲人體驗他們朋友的照片和新聞推送。

With virtual reality, we've reached some important milestones. The Samsung gear VR shipped over the holidays with our Oculus software, and we're pleased with the initial reaction.

借助虛擬現實，我們已經達到一些重要的里程碑。三星 Gear VR 在假期期間與我們的 Oculus 軟體一起發貨，我們對最初的反應感到滿意。

This month, we also opened pre-orders for Oculus headsets. This will be the world's best VR experience, and we're excited to begin shipping to people in more than 20 countries before the end of March. More than 100 VR games and experiences are coming to Oculus this year. And, later this year, we'll also be shipping our Oculus touch controllers to get your hands into virtual reality. These controllers will enhance the VR experience and allow people to communicate more naturally in VR through intuitive hand movements and gestures.

本月，我們也開放了 Oculus 頭戴裝置的預訂。這將是世界上最好的 VR 體驗，我們很高興能在 3 月底前開始向 20 多個國家的人們出貨。今年，將有超過 100 款 VR 遊戲和體驗登陸 Oculus。今年晚些時候，我們還將推出 Oculus 觸控控制器，讓您的雙手進入虛擬實境。這些控制器將增強 VR 體驗，並允許人們透過直覺的手部動作和手勢在 VR 中更自然地交流。

This Oculus launch is shaping up to be a big moment for the gaming community. But over the long term, VR has the potential to change the way that we live, work, and communicate as well. The launch is an important step towards the future, and we're really looking forward to seeing how people use it.

Oculus 的發布將成為遊戲界的重大時刻。但從長遠來看，VR 也有可能改變我們的生活、工作和溝通方式。這次發布是邁向未來的重要一步，我們非常期待看到人們如何使用它。

So, that's how we've continued to make progress on our strategy. It's been a strong quarter, and we ended 2015 with a great foundation for our efforts going into 2016. Our strategy is working, and we have many more opportunities ahead. So, we're going to continue investing to deliver more great results over the long term.

這就是我們的策略不斷取得進展的方式。這是一個強勁的季度，我們為 2015 年的結束打下了良好的基礎，為 2016 年的工作奠定了良好的基礎。我們的策略正在發揮作用，未來我們還有更多的機會。因此，我們將繼續投資，以在長期內取得更多優異的成果。

On a more personal note, over the last few months with the new addition in my family, I've been reflecting a lot on the legacy that we want to pass on to the next generation. I'm excited about our progress and the chance to build something great for the future. If we continue to focus on solving the fundamental challenges facing the world and bringing the world closer together, we can leave a better world for the whole next generation. And, that's what I think about every day as we continue building Facebook. I want to thank everyone in our community, our employees, our shareholders, our partners who are helping us on this journey. Thanks. And, here's Sheryl.

從個人角度來說，在過去幾個月裡，隨著家裡新成員的加入，我一直在思考我們想要傳遞給下一代的遺產。我對我們的進步和為未來創造偉大成就的機會感到興奮。如果我們繼續致力於解決世界面臨的根本挑戰，使世界更加緊密地連結在一起，我們就能為下一代留下一個更美好的世界。在我們繼續建立 Facebook 的過程中，我每天都在思考這個問題。我要感謝我們社區的每一個人、我們的員工、我們的股東、我們的合作夥伴，感謝他們在這段旅程中給予我們的幫助。謝謝。這是謝麗爾 (Sheryl)。

Thanks, Mark, and hi, everyone. We had a terrific fourth quarter capping off a great 2015. Q4 ad revenue grew 57%, or 66% on a constant currency basis. Mobile ad revenue reached $4.5 billion, up 81% year-over-year, and is now 80% of total ad revenue.

謝謝，馬克，大家好。我們以出色的第四季度成績為 2015 年畫上了圓滿的句號。第四季廣告收入成長 57%，以固定匯率計算成長 66%。行動廣告收入達 45 億美元，年增 81%，佔總廣告收入的 80%。

Facebook and Instagram drive business results for our partners, helping move products off shelves, online and off. As a result, we're growing spend from our current clients and attracting new marketers to our platform.

Facebook 和 Instagram 為我們的合作夥伴帶來業務成果，幫助產品從線上和線下架。因此，我們現有客戶的支出不斷增加，並吸引新的行銷人員加入我們的平台。

We saw strong growth across all verticals, marketer segments, and regions. We're also pleased with the growth we're seeing in emerging markets in countries like China, where businesses are advertising on Facebook and Instagram to reach people internationally.

我們看到所有垂直行業、行銷商領域和地區都實現了強勁成長。我們也對中國等新興市場的成長感到高興，這些國家的企業正在 Facebook 和 Instagram 上投放廣告，以接觸國際用戶。

We continue to make progress on our three priorities. Capitalizing on the shift to mobile, growing the number of marketers using our ad products, and making our ads more relevant and effective.

我們在三個優先事項上繼續取得進展。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，並使我們的廣告更具相關性和有效性。

First, capitalizing on the shift to mobile. Heading into 2016, it's clear that consumers have shifted to mobile, and businesses know they need to catch up. Marketers now realize that if they want to reach their customers where they are, mobile is essential. Our conversations with clients have shifted from if they should market on mobile to how.

首先，利用向行動端的轉變。進入 2016 年，很明顯消費者已經轉向行動裝置，企業知道他們需要迎頭趕上。行銷人員現在意識到，如果他們想在客戶所在的地方接觸到他們，行動裝置是必不可少的。我們與客戶的對話已經從是否應該在行動裝置上行銷轉變為如何行銷。

With over 1.44 billion people using Facebook on mobile monthly and over 400 million monthly actives on Instagram, Facebook and Instagram have become the two most important mobile advertising platforms. We provide a creative canvas powered by technology, a unique combination of art and science that marketers can use to deliver great creative with the highest quality targeting at unparalleled scale.

每月有超過 14.4 億人透過行動裝置使用 Facebook，Instagram 每月有超過 4 億活躍用戶，Facebook 和 Instagram 已成為兩個最重要的行動廣告平台。我們提供由技術驅動的創意畫布，這是藝術與科學的獨特結合，行銷人員可以使用它來以無與倫比的規模提供具有最高品質定位的出色創意。

The 2015 holiday season was a defining moment for mobile marketing and demonstrated the power of our mobile platform. According to comScore, total US consumer spending on mobile in November and December was up 59% year-over-year. This holiday season, marketers turned to mobile more than ever before.

2015 年假期季節是行動行銷的決定性時刻，展現了我們行動平台的強大力量。根據 comScore 統計，11 月和 12 月美國消費者在行動裝置上的總支出年增 59%。今年假期，行銷人員比以往任何時候都更加關注行動裝置。

To reach a large global audience for the launch of Halo 5, Microsoft Xbox used video optimized for Facebook and Instagram. Working with their agencies and power media team from Dentsu Aegis network, Eisenberg group, and 215 McCann, they understood that people watch video differently in mobile newsfeed than on TV, so they created videos to capture audience attention in the first 3 seconds even without sound. They drove over 380 million impressions and 49 million video views in key markets and increased purchase intent by 10 points in the US.

為了讓《最後一戰 5》的發布吸引全球大量觀眾，微軟 Xbox 使用了針對 Facebook 和 Instagram 優化的影片。他們與電通安吉斯集團、艾森伯格集團和 215 McCann 等代理商和實力媒體團隊合作，了解到人們在行動新聞推送中觀看影片的方式與在電視上觀看影片的方式不同，因此他們製作了即使在沒有聲音的情況下也能在前 3 秒吸引觀眾注意力的影片。他們在主要市場獲得了超過 3.8 億次展示和 4,900 萬次影片觀看，並將美國的購買意願提高了 10 個百分點。

Our second priority is growing the number of marketers using our ad products. Last quarter, we announced that we had over 2.5 million active advertisers, and since then, our growth has remained strong. This represents a small fraction of the over 50 million small businesses now actively using pages. So, we see a big opportunity to continue to grow the number of Facebook advertisers going forward.

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。上個季度，我們宣布我們擁有超過 250 萬活躍廣告商，自那時起，我們的成長一直保持強勁。這只是目前積極使用網頁的 5,000 多萬家小型企業中的一小部分。因此，我們看到了未來繼續增加 Facebook 廣告商數量的巨大機會。

We're also very pleased with the growth in advertiser adoption of Instagram, and the positive results advertisers are seeing from their investments. 98 of the top 100 advertisers on Facebook also advertised on Instagram in Q4.

我們也對 Instagram 的廣告商採用率的成長以及廣告商從投資中看到的正面成果感到非常高興。第四季度，Facebook 上排名前 100 名的廣告主中有 98 家也在 Instagram 上投放了廣告。

Our third priority is improving the relevance and effectiveness of our ads. We shipped a lot of new ad products this past year. These products help deliver personalized marketing at scale and drive business for our clients.

我們的第三個優先事項是提高廣告的相關性和有效性。去年我們推出了許多新的廣告產品。這些產品有助於大規模地實現個人化行銷並為我們的客戶推動業務發展。

Leading up to Black Friday, Shop Direct, the UK's second largest online retailer, teased upcoming sales with a cinemagraph video to build awareness. They then retargeted people who saw the video with one-day-only deals. On Black Friday, they used our carousel and DPA ads to promote products people had shown interest in. They saw a 20 times return on ad spend from this campaign, helping them achieve their biggest Black Friday and their most successful sales day ever.

在黑色星期五來臨之際，英國第二大線上零售商 Shop Direct 透過動態影片預告即將推出的促銷活動，以提高知名度。然後，他們重新向觀看該影片的用戶提供僅限一天的優惠。在黑色星期五，他們使用我們的輪播和 DPA 廣告來推廣人們感興趣的產品。他們從這次活動中獲得了 20 倍的廣告支出回報，幫助他們實現了有史以來最大的黑色星期五和最成功的銷售日。

To share just a few other product examples -- in emerging markets, we launched slide show, a video-like ad experience that works with lower connection speeds and feature [phones]. We introduced local awareness ads globally to help brick-and-mortar businesses reach people near their stores and started testing canvas ads to help marketers showcase their products in a more immersive way. We continue to invest in ad tech and are especially pleased with the growth of audience network.

只分享一些其他產品範例——在新興市場，我們推出了幻燈片，這是一種類似影片的廣告體驗，適用於較低的連線速度和功能手機。我們在全球推出了在地知名度廣告，幫助實體企業接觸到其商店附近的人們，並開始測試畫布廣告，以幫助行銷人員以更身臨其境的方式展示他們的產品。我們繼續投資廣告技術，並對受眾網路的成長感到特別高興。

Measurement also remains a critical area of focus. Our measurement tools like conversion lift and the Facebook pixel prove to marketers that we're driving business results and help make our ads more relevant. This year, we saw more advertisers shift from proxy metrics like clicks to business results, like digital and in-store sales.

測量仍然是一個關鍵的關注領域。我們的測量工具（如轉換提升和 Facebook 像素）向行銷人員證明我們正在推動業務成果並有助於使我們的廣告更具相關性。今年，我們看到越來越多的廣告主從點擊量等代理商指標轉向數位和店內銷售等業務成果。

Our results show that the investments we've made over the past few years are paying off, and we see a lot of exciting opportunities ahead. We know we still have a lot of hard work to do and heading into the new year, we will remain very focused on our top three priorities.

我們的結果表明，我們過去幾年所做的投資正在獲得回報，我們看到未來許多令人興奮的機會。我們知道我們還有很多艱苦的工作要做，進入新的一年，我們將繼續專注於我們的三大優先事項。

I want to take this opportunity to thank our clients around the world for their partnership. Your investment and feedback is critical to making our products better. I also really want to thank the global Facebook teams for your extraordinary dedication to our partners' success. Your hard work and execution is critical to helping us to sell our mission. Thanks, everyone. And, now, here's Dave.

我想藉此機會感謝我們世界各地的客戶的合作。您的投資和回饋對於改進我們的產品至關重要。我也衷心感謝 Facebook 全球團隊為我們合作夥伴的成功所做的非凡奉獻。您的辛勤工作和執行對於幫助我們實現我們的使命至關重要。謝謝大家。現在，請聽戴夫的發言。

Thanks, Sheryl, and good afternoon, everyone. Q4 was a strong quarter and wrapped up a phenomenal year for Facebook. Full-year 2015 revenue was $17.9 billion, up 44% year-over-year, or 53% on a constant currency basis. In 2015, we generated over $6 billion in free cash flow, including $2.1 billion in Q4, while continuing to fund important investments for the future growth of the business.

謝謝，謝麗爾，大家下午好。第四季表現強勁，為 Facebook 輝煌的一年畫上了圓滿的句號。2015 年全年營收為 179 億美元，年增 44%，以固定匯率計算成長 53%。2015年，我們產生了超過60億美元的自由現金流，其中第四季為21億美元，同時繼續為未來業務成長提供重要投資。

The strong growth and engagement of our community was a consistent theme throughout 2015 and that continued in the fourth quarter. In December, 1.04 billion people used Facebook on an average day, an increase of 17% compared to last year. This daily number represented 65% of the 1.59 billion people who visited Facebook during the month of December.

我們社區的強勁成長和參與是 2015 年全年一貫的主題，而這一趨勢在第四季度得以延續。12月份，平均每天有10.4億人使用Facebook，比去年同期成長了17%。這一日造訪量佔 12 月 Facebook 造訪人數 15.9 億的 65%。

Mobile continued to drive the growth of our community. In December, 1.44 billion people accessed Facebook on mobile devices, an increase of 21% compared to last year. And, 90% of the people who used Facebook on both a monthly and daily basis accessed us via mobile devices.

行動裝置繼續推動我們社區的發展。12月份，有14.4億人透過行動裝置造訪Facebook，比去年同期成長了21%。並且，90% 每月和每天使用 Facebook 的用戶都是透過行動裝置造訪我們的網站。

Now, turning to the financials. All of our comparisons are on a year-over-year basis unless otherwise noted. Additionally, our non-GAAP measures exclude stock-based compensation and the amortization of intangibles.

現在，我們來談談財務問題。除非另有說明，我們所有的比較都是以同比進行的。此外，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。

In Q4, total revenue was $5.8 billion, up 52%, or 60% on a constant currency basis. Q4 ad revenue was $5.6 billion, up over $2 billion from last year. Year-over-year growth was 57%, or 66% on a constant currency basis.

第四季總營收為 58 億美元，成長 52%，以固定匯率計算成長 60%。第四季廣告收入為 56 億美元，比去年同期成長 20 多億美元。年增 57%，以固定匯率計算則成長 66%。

The strengthening of the US dollar continued to have an unfavorable impact on our revenue in the fourth quarter. Had exchange rates remained constant with Q4 2014 levels, our total revenue would have been approximately $320 million higher.

美元走強繼續對我們第四季的收入產生不利影響。如果匯率維持與 2014 年第四季水準一致，我們的總營收將增加約 3.2 億美元。

US and Canada and Asia-Pacific continued to be our two strongest regions, with ad revenue growth of 64% and 57%, respectively. Our rest of world and Europe regions grew at 53% and 45%, respectively, as they were more heavily impacted by currency headwinds.

美國、加拿大和亞太地區仍然是我們表現最強勁的兩個地區，廣告收入分別成長了 64% 和 57%。由於受到貨幣逆風的嚴重影響，我們的世界其他地區和歐洲地區分別增加了 53% 和 45%。

Mobile ad revenue was $4.5 billion, up 81% from last year, and represented 80% of our advertising revenue. For perspective, three years ago, the mobile percentage was just over 20%.

行動廣告收入為 45 億美元，比去年增長 81%，占我們廣告收入的 80%。從這個角度來看，三年前，行動裝置的比例剛好超過 20%。

Q4 capped off a remarkably successful year for our mobile advertising business, where we were able to combine strong growth in ad inventory supply with strong growth in advertiser demand. On the supply side, we grew the number of people using Facebook on mobile, time spent, and ad load. Our ongoing focus on ad quality and relevance enabled us to deliver a better overall mobile ads experience for our users while increasing the number of ads that they see. In Q4, we also benefited to a lesser extent from increases in ad inventory from Instagram and the audience network.

第四季為我們的行動廣告業務取得了顯著的成功，我們將廣告庫存供應的強勁成長與廣告商需求的強勁成長結合起來。在供應方面，我們增加了在行動裝置上使用 Facebook 的人數、使用時間和廣告負載。我們持續專注於廣告品質和相關性，這使我們能夠為用戶提供更好的整體行動廣告體驗，同時增加他們看到的廣告數量。在第四季度，我們也從 Instagram 和受眾網路的廣告庫存增加中獲益，但程度較小。

On the demand side, we believe our efforts on targeting and measurement solution enabled marketers to achieve better business results at better values. This helped us drive strong growth from a broad array of advertisers, including direct response in brand advertisers, large companies and SMBs, and both existing and new advertisers.

在需求方面，我們相信我們在定位和測量解決方案方面的努力使行銷人員能夠以更好的價值實現更好的業務成果。這幫助我們從廣泛的廣告商那裡獲得了強勁成長，包括品牌廣告商、大公司和中小型企業的直接回應，以及現有和新的廣告商。

Turning now to the overall price [volume metrics]. In Q4, the average price per ad increased 21%, while total ad impressions increased 29% on a year-over-year basis. It's worth noting that this was the first quarter since Q3 2013 that total ad impressions increased on a year-over-year basis. This was driven by an increase in mobile ad impressions and was partially offset by a decline in ad impressions delivered on personal computers, consistent with the ongoing declines in PC usage.

現在來談談整體價格[數量指標]。第四季度，每則廣告的平均價格年增了 21%，而廣告總展示次數較​​去年同期成長了 29%。值得注意的是，這是自 2013 年第三季以來，廣告展示總量首次年增。這是由於行動廣告展示次數的增加所致，但部分被個人電腦上廣告展示次數的下降所抵消，這與個人電腦使用量的持續下降相一致。

The reported increase in price is being driven by the continued mix shift towards mobile, which contains higher-priced newsfeed ads, rather than the mix we have on PCs, of both newsfeed ads and lower-priced right-hand column ads. Total payments and other fees revenue was $204 million, down 21% compared to last year. The decline was driven by a reduction in payments revenue related to games played on personal computers.

據報道，價格上漲是由於廣告組合持續向行動裝置轉變所致，行動裝置包含價格較高的新聞推播廣告，而不是像 PC 上那樣，既包含新聞推播廣告，又包含價格較低的右側欄廣告。總支付等費用收入為 2.04 億美元，較去年同期下降 21%。下降的原因是與個人電腦遊戲相關的支付收入減少。

Turning now to expenses. Q4 total GAAP expenses were $3.3 billion, up 21%, and non-GAAP expenses were $2.3 billion, up 42%. Our year-over-year GAAP expense growth rates slowed this quarter, as we lapped the introduction of stock-based compensation charges associated with the WhatsApp transaction. Non-GAAP expenses were driven by increases in head count-related costs, cost of revenue, and marketing expenses. We ended the year with nearly 12,700 employees, up 38% compared to last year.

現在談談費用。第四季總 GAAP 支出為 33 億美元，成長 21%，非 GAAP 支出為 23 億美元，成長 42%。由於我們引入了與 WhatsApp 交易相關的股票薪酬費用，本季我們的年比 GAAP 費用成長率有所放緩。非公認會計準則費用的增加是由於員工人數相關成本、收入成本和行銷費用的增加。截至今年年底，我們擁有近 12,700 名員工，比去年成長了 38%。

Our GAAP operating margin was -- I'm sorry. GAAP operating income was approximately $2.6 billion, representing a 44% operating margin. Our non-GAAP operating income was $3.5 billion, representing a 60% operating margin. Our Q4 GAAP and non-GAAP tax rates were 39% and 36%, respectively.

我們的 GAAP 營業利潤率是 - 抱歉。GAAP 營業收入約 26 億美元，營業利益率為 44%。我們的非公認會計準則營業收入為 35 億美元，營業利益率為 60%。我們第四季的 GAAP 和非 GAAP 稅率分別為 39% 和 36%。

Our Q4 GAAP net income was approximately $1.6 billion, or $0.54 per share, and our non-GAAP net income was $2.3 billion, or $0.79 per share. In the full-year 2015, capital expenditures were $2.5 billion, as we continued to invest in servers, data centers, network infrastructure, and office facilities to support the rapid growth of the business. We ended the year with over $18.4 billion in cash and investments.

我們的第四季 GAAP 淨收入約為 16 億美元，即每股 0.54 美元，我們的非 GAAP 淨收入為 23 億美元，即每股 0.79 美元。2015年全年資本支出為25億美元，我們繼續投資於伺服器、資料中心、網路基礎設施和辦公設施，以支援業務的快速成長。截至今年年底，我們的現金和投資超過 184 億美元。

Turning now to the outlook. First, some color on revenue. We expect the factors that drove the strong growth of our advertising business in 2015 will continue into 2016. However, we expect to continue to face foreign exchange headwinds, especially early in the year, as we will be lapping periods where the dollar was relatively weaker than it is today.

現在來談談展望。首先，讓我們來了解一下收入狀況。我們預計，推動我們 2015 年廣告業務強勁成長的因素將持續到 2016 年。然而，我們預計將繼續面臨外匯逆風，尤其是在年初，因為我們將經歷美元相對現在較弱的時期。

More importantly -- sorry. More broadly, the overall macro environment introduces a level of uncertainty around global growth and exchange rates that could impact our business in 2016. And, we do expect to face tougher comparables as the year progresses, given the remarkably strong advertising performance in 2015.

更重要的是——抱歉。更廣泛地說，整體宏觀環境為全球成長和匯率帶來了一定程度的不確定性，這可能會影響我們 2016 年的業務。而且，鑑於 2015 年廣告業績的出色表現，我們預計隨著時間的推移，我們將面臨更嚴峻的競爭情況。

Turning now to expense guidance. 2016 will be another significant investment year for Facebook. In 2015, we continued investing heavily in the core. At the same time, we doubled our investment levels in our next generation services, which includes WhatsApp, Instagram, and messenger, and we tripled our investment levels in our long-term areas of focus, which includes our connectivity efforts, Oculus, and our AI investments. We will continue investing significantly in all of these areas in 2016.

現在轉向費用指導。2016年對Facebook來說將是另一個重要的投資年。2015年，我們繼續在核心領域投入大量資金。同時，我們對下一代服務（包括 WhatsApp、Instagram 和 Messenger）的投資水準增加了一倍，我們對長期重點領域的投資水準增加了兩倍，其中包括我們的連結工作、Oculus 和我們的人工智慧投資。2016年我們將繼續在所有這些領域進行大量投資。

We expect the year-over-year growth rate for full-year 2016 total GAAP expenses to be approximately 30% to 40%, and for full-year 2016 total non-GAAP expenses to be approximately 45% to 55%. Note these ranges represent total operating expenses, including cost of revenue. These ranges also include the cost of revenue impact of the expected shipments of Oculus Rift that we expect that impact to be immaterial to our overall total expenses for the year.

我們預計 2016 年全年 GAAP 總支出年增率約為 30% 至 40%，2016 年全年非 GAAP 總支出年增率約為 45% 至 55%。請注意，這些範圍代表總營運費用，包括收入成本。這些範圍還包括 Oculus Rift 預期出貨量對收入成本的影響，我們預期該影響對我們全年的總支出來說無關緊要。

We anticipate our 2016 capital expenditures will be in the range of $4 billion to $4.5 billion. We recently announced that we will begin building a new data center in Clonee, Ireland, and that project is on top of the new data center being built in Fort Worth, Texas. We expect our 2016 stock-based compensation to be in the range of $3.1 billion to $3.3 billion, approximately 50% of which is related to our prior acquisitions, most notably WhatsApp. We expect 2016 amortization expenses to be approximately $700 million to $800 million.

我們預計 2016 年資本支出將在 40 億美元至 45 億美元之間。我們最近宣布，我們將開始在愛爾蘭克洛尼建造一個新的資料中心，該專案位於正在德克薩斯州沃思堡建造的新資料中心之上。我們預計 2016 年的股票薪酬將在 31 億美元至 33 億美元之間，其中約 50% 與我們先前的收購有關，最著名的是 WhatsApp。我們預計 2016 年攤提費用約為 7 億至 8 億美元。

And, lastly, we anticipate that our Q1 and full-year 2016 GAAP and non-GAAP tax rates to be in the low 30% on a percentage basis, down from our 2015 rates. We expect our tax rates will decline further over time and resemble those of our global peers over the next several years. In addition, in 2016, we expect for the first time to pay a significant amount of US income tax on a cash basis.

最後，我們預計 2016 年第一季和全年的 GAAP 和非 GAAP 稅率將在 30% 以下，低於 2015 年的稅率。我們預計我們的稅率將隨著時間的推移而進一步下降，並在未來幾年與全球同業的稅率持平。此外，2016年，我們預計將首次以現金方式繳納大量美國所得稅。

To conclude, 2015 was an outstanding year for Facebook. Our performance reflects the strong growth and engagement of our community, the momentum we're seeing in our ads business, and the significant progress we're making on our mission to connect the world. With that, Chris, we would like to open up the call for questions.

總而言之，2015 年對 Facebook 來說是傑出的一年。我們的業績反映了我們社區的強勁成長和參與度、我們在廣告業務中看到的勢頭以及我們在連接世界的使命上取得的重大進展。克里斯，我們想開始提問。

(Operator Instructions)

（操作員指示）

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

您的第一個問題來自摩根大通的道格拉斯·安穆斯 (Douglas Anmuth)。您的線路已開通。

Thanks for taking my question. Two things I wanted to ask. First, Mark, on messenger and WhatsApp, can you talk more about the takeaway on the messenger platform now that it's been open for nearly a year to developers, and how that's informed your view on what you're going to do with WhatsApp going forward?

感謝您回答我的問題。我想問兩件事。首先，馬克，關於 Messenger 和 WhatsApp，您能否詳細談談 Messenger 平台向開發者開放近一年後，您對 WhatsApp 未來發展有何看法？

Then, secondly, perhaps Dave or Sheryl, on the ad load, a few years ago you had talked about ad load at mid-single-digit levels and then more recently as up significantly since then. Do you still feel like there is still significant room to increase ad load here? And, how do you think about the theoretical ceiling there? Thanks.

其次，戴夫或謝麗爾，關於廣告負載，幾年前您曾談到廣告負載處於中等個位數水平，而最近則大幅上升。您是否仍然覺得這裡還有很大的增加廣告負載的空間？您如何看待那裡的理論上限？謝謝。

I can start with the ad load question, Doug. So, ad load is definitely up significantly from where we were a couple of years ago. And, as I mentioned, it's one of the factors driving an increase in inventory. Really, one thing to think about here is that improving the quality and the relevance of the ads has enabled us to show more of them, without harming the experience. And, our focus really remains on the experience. So, we'll continue to monitor engagement and sentiment very carefully. I mentioned that we expect the factors that drove the performance in 2015 to continue to drive the performance in 2016. So, yes, I think that's the color I can give on ad load.

我可以從廣告負載問題開始，道格。因此，與幾年前相比，廣告量肯定大幅增加。正如我所提到的，這是導致庫存增加的因素之一。實際上，這裡要考慮的一件事是，提高廣告的品質和相關性使我們能夠展示更多的廣告，而不會損害體驗。而且，我們的重點仍然放在體驗上。因此，我們將繼續密切關注參與度和情緒。我提到，我們預期推動 2015 年業績的因素將繼續推動 2016 年業績。所以，是的，我認為這就是我可以在廣告加載時給出的顏色。

On messenger, the platform efforts in 2015 focused on two things. One was expanding the different types of content that people can share in messenger. And, that diversity is going really well. We see continued increase in video sharing and photos and stickers and a lot of stuff that you would just call fun, but that people really enjoy as different ways to express themselves.

在 Messenger 方面，2015 年平台的努力主要集中在兩件事上。一是擴大人們可以在 Messenger 上分享的不同類型的內容。而且，這種多樣性進展得非常好。我們看到影片、照片、貼紙和許多你稱之為有趣的東西的分享持續增加，但人們真正喜歡的是它們作為表達自我的不同方式。

But, in terms of the business, the more important piece is how people can interact with businesses through messenger. And, we started some early small tests around F8 last year, where with some eCommerce services made it so that people who were buying things could follow up with the business and get customer support and buy more things, and we went through this process of integrating that and making sure that it integrated with all of these systems well. And, I think everyone is really happy with that so far. We started off pretty slowly, but that's going to be some of the basis for how we look to make messenger a business going forward. We're happy with the initial results. There's obviously a lot more there that we need to do, and we'll have more to talk about this year and beyond.

但就業務而言，更重要的是人們如何透過通訊工具與企業互動。而且，我們在去年 F8 左右開始了一些早期的小測試，其中透過一些電子商務服務使得購買商品的人可以跟進業務並獲得客戶支援併購買更多商品，我們經歷了這個整合過程並確保它與所有這些系統很好地整合。而且，我認為到目前為止每個人都對此感到非常高興。我們起步相當緩慢，但這將成為我們未來將即時通訊業務打造成一項業務的基礎。我們對初步結果感到滿意。顯然，我們還有很多事情要做，今年及以後我們還會有更多的事情要談。

The next question is from John Blackledge with Cowen and Company. Your line is open.

下一個問題來自 Cowen and Company 的 John Blackledge。您的線路已開通。

Great, thanks. So, it was a phenomenal quarter and year for Facebook. And, given we're about a month into 2016, there's a lot of discussion around the global macro headwinds. Just wondering how the business is trending thus far in the quarter? Maybe by market, US, Europe, Asia-Pac and rest of world. And, generally, just how Facebook is positioned if the global macro environment softens a bit. Thank you.

太好了，謝謝。所以，對於 Facebook 來說，這是一個非凡的季度和一年。2016年才剛過一個月，關於全球宏觀逆風的討論就很多了。只是想知道本季迄今的業務趨勢如何？可能是按市場、美國、歐洲、亞太地區和世界其他地區。整體而言，如果全球宏觀環境稍微軟化，Facebook 的定位將會如何。謝謝。

John, it's Dave. Just on that question, we're not commenting specifically on Q1. We didn't see anything in Q4 that indicated broad-based macro weakness, beyond, of course, the impact that FX was having, which was pretty significant. We saw the impact in places like Brazil where you've got a currency headwind of over 30%. So, you're certainly seeing that impact it. And, obviously, those sort of global macroeconomic and currency factors will continue to impact us.

約翰，我是戴夫。就這個問題而言，我們沒有具體評論第一問題。在第四季度，我們沒有看到任何跡象表明宏觀經濟普遍疲軟，當然，除了外匯造成的影響之外，這種影響相當顯著。我們看到了巴西等地受到的影響，那裡的貨幣逆風超過 30%。所以，你一定會看到它的影響。顯然，這些全球宏觀經濟和貨幣因素將繼續影響我們。

We're obviously benefiting from a strong secular shift to usage of mobile, and we feel we're very well positioned in that. We're seeing more and more advertisers move to mobile. They realize that it's no longer a question of whether they need to be on mobile, but it's really how they are going to be on mobile. And, we think we've got the best solution for that, and we're investing to make it even better. So, I think from a secular trend point of view, we're very well positioned. But, obviously, we'll continue to monitor the macro conditions in currency.

我們顯然受益於向行動裝置使用的長期強勁轉變，並且我們認為我們在這方面處於非常有利的地位。我們看到越來越多的廣告商轉向行動端。他們意識到，問題不再是他們是否需要使用行動設備，而是他們將如何使用行動裝置。我們認為我們已經找到了最好的解決方案，並且我們正在投資使其變得更好。因此，我認為從長期趨勢的角度來看，我們處於非常有利的位置。但顯然，我們將繼續監控貨幣的宏觀狀況。

The next question is from Eric Sheridan with UBS. Your line is open.

下一個問題來自瑞銀的 Eric Sheridan。您的線路已開通。

Thanks for taking the question. Maybe just asking for more color on Instagram. It's obviously still very early days on Instagram, but what are you seeing in terms of user engagement as you continue to move ad load up on the product? What advertiser adoption of the product is? I know you gave us a little bit of color during the prepared comments. And also, pricing on the environment inside the platform as you continue to roll out deeper with the advertising products. Thank you so much.

感謝您回答這個問題。也許只是要求 Instagram 上有更多的色彩。Instagram 顯然還處於早期階段，但隨著您繼續增加產品的廣告量，您在用戶參與度方面看到了什麼變化？廣告主對產品的採用情況如何？我知道您在準備好的評論中為我們提供了一點色彩。而且，隨著您持續深入推廣廣告產品，平台內部環境的定價也會隨之改變。太感謝了。

When we introduce ads into feed and continue to increase the ad load, we monitor really carefully. We're looking at user engagement on the platform. We also look at the quality of ads. And, our basic belief is that if we have high-quality ads, those create a good consumer experience, and we can look at what consumers are doing because we can understand how actively engaged they are on the platform.

當我們在資訊流中引入廣告並不斷增加廣告負載時，我們會非常仔細地監控。我們正在關注該平台的用戶參與度。我們也會關注廣告的品質。我們的基本信念是，如果我們有高品質的廣告，就會創造良好的消費者體驗，我們可以觀察消費者的行為，因為我們可以了解他們在平台上的積極參與程度。

For Instagram, we don't break out revenue. Instagram -- and we're pleased with the growth on Instagram. And, as I mentioned, 98 of our top 100 advertisers on Facebook are now advertising on Instagram. It's also the case that Facebook had remarkably strong growth as well. So, we're seeing strong growth across those platforms. I think what's exciting about both platforms is that they combine the art and the science of both a creative canvas that marketers are excited about and targeting. So, to share another example from the holiday, Shutterfly did a Facebook and Instagram -- both a brand and direct response holiday campaign on mobile. And, what they did was just beautiful pictures, but also targeting very specifically to women with specific interests, such as things like weddings and babies. They saw a 6.4 times return on ad spend. We think that's what's possible when you combine the creative canvas we have, using the technology and using the platform that we've created.

對於 Instagram，我們不會公佈其收入。Instagram——我們對 Instagram 的成長感到非常高興。而且，正如我所提到的，Facebook 上排名前 100 位的廣告商中有 98 位現在都在 Instagram 上做廣告。Facebook 也同樣實現了非常強勁的成長。因此，我們看到這些平台的強勁成長。我認為這兩個平台令人興奮的地方在於，它們將藝術與科學結合在一起，創造出了行銷人員所興奮和瞄準的創意畫布。因此，為了分享假期中的另一個例子，Shutterfly 在 Facebook 和 Instagram 上開展了品牌和直接回應行動假期活動。而且，他們所做的不僅僅是拍攝精美的照片，而且還專門針對具有特定興趣的女性，例如婚禮和嬰兒等。他們的廣告支出回報率達到了 6.4 倍。我們認為，當你將我們擁有的創意畫布、技術和我們創建的平台結合起來時，這一切都是可能的。

The next question is from Heather Bellini with Goldman Sachs. Your line is open.

下一個問題來自高盛的 Heather Bellini。您的線路已開通。

I just had two quick questions. One, Sheryl, I just wanted to follow up on what you said about Facebook and Instagram and the overlap in the advertisers. And, I was wondering if you could share with us how you feel those advertisers view it? Do they view it as an incremental platform? Or, there's been some question about whether or not some advertisers might take their spending and just move it over to Instagram. I'm wondering if you see incremental spending as a result of opening up both platforms?

我只有兩個簡單的問題。首先，謝麗爾，我只是想跟進一下你所說的關於 Facebook 和 Instagram 以及廣告商重疊的問題。並且，我想知道您是否可以與我們分享您對那些廣告商的看法？他們是否將其視為一個增量平台？或者，有人質疑一些廣告商是否會將他們的支出轉移到 Instagram 上。我想知道您是否認為開放兩個平台會帶來增量支出？

And then, the second question would just be to Mark. Just was wondering, I know you've mentioned Oculus and the pre-orders. I was just wondering if you could give us your take on whether or not you're happy with the initial launch of Oculus pre-orders? And also, we obviously all know the big gaming impact. I'm just wondering from your perspective, as you look out, what industries do you think where this could be the most disruptive, outside of gaming? Thank you.

然後，第二個問題就是問馬克的。只是想知道，我知道您提到過 Oculus 和預訂。我只是想知道您是否可以告訴我們您對 Oculus 預訂的首次推出是否滿意？而且，我們顯然都知道遊戲的巨大影響。我只是想知道，從您的角度來看，除了遊戲之外，您認為哪些產業可能會受到最具顛覆性的衝擊？謝謝。

I'll take the Oculus one first. Yes, I am happy. I don't show much joy, but I'm happy. Sorry. It's going to be gaming for the beginning. That's the initial market. There are about -- I think it's around 250 million people who have Xboxes, PlayStations, or Wiis. That's the initial market of folks who we think are going to be most interested in the early VR experiences, especially at some of the higher price points. But, overall, the reason why we're interested in this as a social company is that we think that this is going to be a new way that people interact, right? And, if you've tried out the toy box demo with the hands, Oculus Touch, what you see is when you're in virtual reality with another person and you can interact with the environment and use your hands, you can -- it's not just about where you are and the fact that you can instantaneously teleport to another place. You can interact with people in all of these different ways that would be very difficult in the rest of the world. So, we're very excited about that. That's going to be a big area of investment for us, and is ultimately, I think, going to change the way that we communicate and live and work in addition to how we play games. But, I think we're off to a good start.

我先拿一個 Oculus 的。是的，我很高興。我沒有表現出太多的喜悅，但我很高興。對不起。一開始這將是一場遊戲。這就是最初的市場。我認為大約有 2.5 億人擁有 Xbox、PlayStation 或 Wii。我們認為，這是對早期 VR 體驗最感興趣的人群的初始市場，尤其是在一些價格較高的產品上。但總的來說，作為一家社交公司，我們對此感興趣的原因是我們認為這將成為人們互動的新方式，對嗎？而且，如果你已經嘗試過用手 Oculus Touch 進行玩具盒演示，你會看到當你和另一個人處於虛擬現實中時，你可以與環境互動並使用你的雙手，你可以 - 這不僅僅是關於你在哪裡，而且你可以立即傳送到另一個地方。你可以用各種不同的方式與人互動，而這在世界其他地方是非常困難的。因此，我們對此感到非常興奮。這將是我們投資的一大領域，而且我認為，最終，除了玩遊戲的方式之外，它還將改變我們的溝通、生活和工作方式。但我認為我們已經有一個好的開始。

On the Instagram question. Certainly in the short run, some of the spend is incremental, and some of it isn't. Some of our clients approach this where they have a social budget or a Facebook budget, and some of that moves to Instagram. And, some people, it's incremental spend.

關於 Instagram 的問題。當然，從短期來看，有些支出是增量的，有些則不是。我們的一些客戶採用這種方式，他們有社交預算或 Facebook 預算，其中一些轉移到 Instagram。對某些人來說，這是增量支出。

In the medium to long run, however, we believe that we are really well positioned to take share from other platforms out there. We believe both Facebook and Instagram have this combination of an ability to do great creative with the best targeting and the most sophisticated measurement, which shows businesses how we help them move products off shelves. And, we want -- and we tell our clients we want to be the best dollar, the best euro, the best pound, and the best minute you spend. We really encourage them to measure their ROI and compare us to other platforms. We think that comparison bodes very well for our growth.

然而，從中期來看，我們相信我們確實有能力從其他平台奪取市場份額。我們相信 Facebook 和 Instagram 都具備將出色的創意、最佳定位和最複雜的測量方法相結合的能力，這向企業展示了我們如何幫助他們將產品從貨架上轉移出去。並且，我們想要—並且我們告訴我們的客戶，我們想要成為您花費的最好的美元、最好的歐元、最好的英鎊和最好的時間。我們確實鼓勵他們衡量他們的投資回報率並將我們與其他平台進行比較。我們認為，這種比較對我們的成長來說是一個非常好的預兆。

We also think the continued consumer shift to mobile devices bodes well for our growth as well. That said, we have to continue to execute. We know this won't be easy. We have to continue to build the right products. We have to continue to measure all the way through from seeing an ad impression to sale. So, it's up to us to stay focused in the coming year and years.

我們也認為，消費者持續轉向行動裝置也有利於我們的成長。話雖如此，我們必須繼續執行。我們知道這並不容易。我們必須持續打造合適的產品。我們必須持續衡量從看到廣告印像到銷售的整個過程。因此，我們必須在未來的一年和幾年裡保持專注。

The next question is from Ben Schachter with Macquarie. Your line is open.

下一個問題來自麥格理的 Ben Schachter。您的線路已開通。

Congratulations on a great year. You've had a lot of success with standalone apps. Should we expect to see you launching more such apps? And, could a standalone video app be a part of that, particularly for people who want to just watch video.

恭喜您度過了美好的一年。您在獨立應用程式方面已經取得了許多成功。我們是否應該期待看到您推出更多這樣的應用程式？而且，獨立的視訊應用程式可以成為其中的一部分嗎，特別是對於只想觀看影片的人來說。

On the virtual reality, another question. Can you just discuss the supply constraints in terms of how many units you can ship per month? And, should we expect those shipments to accelerate into the holiday? Then, also related to that, how are you going to work with retailers to show consumers the power of Oculus in-store and in person? Thanks.

關於虛擬現實，還有另一個問題。您能否討論一下每月可以出貨多少件方面的供應限制？那麼，我們是否應該預期這些貨物在假期期間會加速運輸？那麼，與此相關的是，您將如何與零售商合作，向消費者展示 Oculus 在店內和現場的強大功能？謝謝。

So, on the apps question, the ones that have done the best are things that augment the core Facebook functionality for large subsets of the community. For example, we have this pages manager app. There are 50 million businesses that have pages on Facebook, and while that is not a huge number compared to the size of the overall community of people, it's a very large number of people and businesses. And, giving a focused experience for the person who wants to run their business through Facebook and be communicating with their customers all day long, that's just proven to be an incredibly engaging experience that drives content into the system and is good overall. We have introduced a number of things like that for public figures, for groups. Messenger has probably been the most successful as something that's connected to the Facebook experience that now has more than 800 million people using it. So, I do think that there are additional opportunities for this. And, we'll continue looking at them.

因此，關於應用程式問題，做得最好的是那些為社群的大部分子集增強核心 Facebook 功能的應用程式。例如，我們有這個頁面管理器應用程式。有 5000 萬家企業在 Facebook 上擁有頁面，雖然與整個社區的規模相比，這個數字並不是很大，但對於個人和企業來說，這是一個非常大的數量。而且，為那些想要透過 Facebook 經營業務並全天與客戶溝通的人提供專注的體驗，這已被證明是一種令人難以置信的引人入勝的體驗，可以將內容引入系統，總體來說效果很好。我們為公眾人物、團體推出了許多類似的產品。Messenger 可能是最成功的，因為它與 Facebook 的體驗緊密相連，目前已有超過 8 億人使用它。所以，我確實認為這方面還有其他機會。我們會繼續關注它們。

So, Ben, just following up on VR and supply constraints. We have two products -- the [you've got gear] VR, and Samsung is really handling all of that from a hardware perspective, and obviously, they are well prepared on that front. With rift, it's really -- it's early in the evolution of VR. It's early to be talking about large volume, so at this point, I don't think we're giving a lot of color around supply chain and that sort of thing. It's not going to be material to our financials this year.

所以，Ben，只是跟進 VR 和供應限制。我們有兩款產品——[you've got gear] VR，三星確實從硬體角度處理了所有這些產品，顯然，他們在這方面做好了充分的準備。就 Rift 而言，VR 的發展確實還處於早期階段。現在談論大批量還為時過早，所以目前，我認為我們不會過多地關注供應鏈和諸如此類的事情。這不會對我們今年的財務狀況產生重大影響。

The next question is from Brian Nowak with Morgan Stanley. Your line is open.

下一個問題來自摩根士丹利的 Brian Nowak。您的線路已開通。

Thanks for taking my questions. I have two. The first one is to go back to some of the core Facebook advertising success. I wonder if you could talk about some of the Facebook video ad learnings and kind of positives that you've encountered and hurdles that you still encounter that could be holding back advertisers from moving further video budgets out of the platform.

感謝您回答我的問題。我有兩個。首先要回顧 Facebook 廣告的一些核心成功之處。我想知道您是否可以談談 Facebook 影片廣告的一些經驗和您遇到的積極因素，以及您仍然遇到的可能阻礙廣告商將更多影片預算轉移出該平台的障礙。

And then, the second one, we always see this gap between Asia and rest of world monetization versus North America and Europe. I was wondering if you could talk through some strategies and qualitative drivers you see over the next couple of years that are going to increase the overall Asia and rest-of-world monetization even further. Thanks.

其次，我們總是看到亞洲和世界其他地區與北美和歐洲之間的貨幣化差距。我想知道您是否可以談談您認為未來幾年將進一步提高亞洲和世界其他地區整體貨幣化的某些策略和定性驅動因素。謝謝。

I think our approach in increasing monetization around the world is really the same. We need to build really compelling ad products with great formats that let marketers be creative and be convincing. I'll share an example of something we did for an emerging market. I mentioned briefly in my remarks slide show. The slide show product is enabled a video-like experience with phones with lower connection speeds than feature phones by a series of photos. So, Coca-Cola used that in Kenya and Nigeria. They took screen shots of a video ad they had produced for other markets. They uploaded them with texts. They reached 2 million people with a 10-point lift in ad awareness. The way we need to drive sales around the world is by understanding markets, launching things like click to missed call ads in India and making sure our products work for markets, but also being able to connect to both advertising metrics and business metrics around the world.

我認為我們在全球範圍內提高貨幣化的方法實際上是相同的。我們需要打造真正引人注目的廣告產品，採用出色的格式，讓行銷人員發揮創意並具有說服力。我將分享一個我們針對新興市場所做的事情的例子。我在我的發言幻燈片中簡要地提到了這一點。幻燈片產品透過一系列照片，讓連接速度比功能手機慢的手機也能獲得類似影片的體驗。因此，可口可樂在肯亞和奈及利亞採用了這種方法。他們截取了為其他市場製作的影片廣告的螢幕截圖。他們上傳了這些內容並附上了文字。他們的廣告覆蓋人數達到 200 萬人，廣告知名度提高了 10 個百分點。我們需要透過了解市場、在印度推出點擊未接來電廣告等方式來推動全球銷售，並確保我們的產品適合市場，同時也能夠連接到世界各地的廣告指標和商業指標。

Video ads are important on our platform and the most important thing that's growing well there is consumer engagement with videos growing. We have 500 million people watching video a day. And, the fact that so much video is being consumed on our platform gives us room for an ads business to grow because we want the formats to match. Marketers also really love video, and it's a really compelling way to reach people.

影片廣告在我們的平台上非常重要，而成長良好的最重要的一點是消費者對影片的參與度不斷提高。每天有 5 億人觀看影片。而且，我們的平台上有如此多的影片消費，這為我們的廣告業務提供了成長空間，因為我們希望格式能夠匹配。行銷人員也非常喜歡視頻，這是一種非常有效的接觸人們的方式。

And, videos contributing to our growth -- it's important to note that it's not just large brand advertisers that are doing video, but all of our market segments. Direct response, [SMBs] who have uploaded 1.5 million videos, and that's both organic and paid in the last month, and developers. The video ad spend is not all incremental, of course, because every time we put an ad in a newsfeed, if it's a video ad, it's taking the place of an ad with another format.

而且，視頻促進了我們的成長——值得注意的是，不僅僅是大型品牌廣告商在製作視頻，我們所有的細分市場都在製作視頻。直接回應是，[SMB] 上個月上傳了 150 萬個視頻，包括自然上傳和付費上傳，還有開發人員。當然，影片廣告支出並非全是增量，因為每次我們在新聞推播中投放廣告時，如果是影片廣告，它就會取代其他格式的廣告。

In terms of learnings, one of the most important learnings we have is that video formats are different on Facebook. There are certainly people that are watching the whole 30-second video ad with sound, but there are some people that are doing less. They are watching shorter formats, and they are watching with sound. And, one of the challenges we have in the market is convincing marketers and agencies and people that make the video to experiment with different formats.

在學習方面，我們最重要的學習之一是 Facebook 上的影片格式不同。當然，有些人會觀看整個 30 秒有聲影片廣告，但有些人看得比較少。他們觀看的是較短的格式，並且是有聲音的。我們在市場上面臨的挑戰之一是說服行銷人員、代理商和製作影片的人員嘗試不同的格式。

The good news is that we're getting great results, like the Halo 5 example I shared in my remarks. That when people are willing to experiment, this is a pretty unique, creative canvas. You can do short form with sound off. You can do longer form with sound on, and everything in between. And, our ability to persuade marketers to experiment is going to be a major driver of how much we can do here.

好消息是我們取得了很好的成果，就像我在評論中分享的 Halo 5 範例一樣。當人們願意嘗試時，這就是一塊非常獨特、有創意的畫布。您可以關閉聲音，進行簡短形式。您可以製作更長的有聲形式，以及介於兩者之間的所有內容。而且，我們說服行銷人員進行實驗的能力將成為我們在此能做多少事的主要驅動力。

The next question is from Justin Post with Bank of America Merrill Lynch. Your line is open.

下一個問題來自美銀美林的賈斯汀波斯特 (Justin Post)。您的線路已開通。

Thanks. I'll ask a couple of longer-term questions. First, I know a year ago you gave us a usage update on time spent. Wondering if video or any other products are having a big impact on usage? And, if you can give us any metrics there.

謝謝。我會問幾個長期問題。首先，我知道一年前您向我們提供了有關所花費時間的使用情況更新。想知道影片或任何其他產品是否對使用產生重大影響？並且，如果您可以提供給我們任何指標。

And then, maybe one for Sheryl, we have you at 8% of all media time spent. Just wondering if you think Facebook could monetize better than other forms of media based on time spent or maybe a little bit below?

然後，也許對謝麗爾來說，你花了所有媒體時間的 8%。只是想知道您是否認為 Facebook 可以比其他形式的媒體根據用戶花費的時間更好地實現盈利，或者可能略遜一籌？

And then, maybe one for Dave. 60% margins last quarter, obviously very strong. Just wondering, what you think about the long term, and any comments on long-term margins. Thank you.

然後，也許還有一個給戴夫。上個季度的利潤率為 60%，顯然非常強勁。只是想知道，您對長期有何看法，以及對長期利潤有何評論。謝謝。

In terms of monetizing time spent, it's certainly the case that consumers have shifted to mobile, and businesses need to catch up. The exact percentage we can monetize that, we'll see. But, we certainly think that we will continue to benefit from the consumer shift to mobile because businesses are behind. If you ask even our largest clients, our largest clients if they drew a pie chart of where their consumers spend their time and money and [whether] they spend their time and money, we are still underindexed.

從花費時間的貨幣化角度來看，消費者確實已經轉向行動設備，企業也需要迎頭趕上。我們將會看到我們可以將其貨幣化的確切百分比。但是，我們確實認為，由於企業落後，我們將繼續受益於消費者向行動裝置的轉變。如果你問我們最大的客戶，我們最大的客戶，他們是否畫了一個餅圖來顯示他們的消費者把時間和金錢花在哪裡，以及他們是否花了時間和金錢，你會發現我們仍然沒有得到充分的重視。

That said, I'll say it again, we have a lot of hard work to do. We really need to prove to clients, particularly as they scale and we become a bigger part of their spend, that we're driving results. Other platforms, other forms of advertising, like TV and other, have very established metrics that people have believed for a very long time. We think our targeting can be better than any other platform. We also believe our ability to measure results can be deeper. But, it's up to us to prove that and to prove that client-to-client.

話雖如此，我還是要再說一遍，我們還有很多艱苦的工作要做。我們確實需要向客戶證明，特別是當他們擴大規模並且我們成為他們支出中更大的一部分時，我們正在推動成果。其他平台、其他形式的廣告（例如電視等）都有人們長期以來相信的既定指標。我們認為我們的定位比任何其他平台都更好。我們也相信，我們衡量結果的能力可以更深入。但是，我們必須證明這一點，並向客戶證明這一點。

It's also worth noting that we work really well with TV. It's not always a choice of TV or Facebook, but often, we can be a complement. We've done a bunch of work with Nielsen to measure what happens when marketers do big TV campaigns and do campaigns that are broadly targeted on Facebook. And, we are able to increase the reach and increase brand favorability. So for the most part, when people are doing big campaigns, they are doing them across multiple platforms, and we think that will continue.

另外值得注意的是，我們與電視的合作非常順利。我們並不總是在電視或 Facebook 之間做出選擇，但很多時候，我們可以互相補充。我們與尼爾森進行了大量合作，以衡量行銷人員進行大型電視行銷活動以及在 Facebook 上進行廣泛定位行銷活動時的效果。而且，我們能夠擴大影響力並提高品牌好感度。因此，大多數情況下，當人們進行大型活動時，他們會在多個平台上進行，我們認為這種情況將會持續下去。

Justin, on time spent, there's no question that video is helping us on time spent and engagement. We're not -- you won't have any specific stats other than the hours per day -- sorry, time spent per day that Mark mentioned on video. So, no updates on stats there other than that.

賈斯汀，就花費的時間而言，毫無疑問影片可以幫助我們節省時間並提高參與度。我們不是——除了每天的小時數之外，您不會獲得任何具體的統計數據——抱歉，是馬克在影片中提到的每天花費的時間。因此，除此之外沒有其他統計數據更新。

In terms of our long-term margins, we're not managing the business to a specific margin target in any year. We still think we're early in investing in the business. And, we're really investing in new areas today where we see a long-term opportunity for revenue growth. That being said, there -- we do think there's a lot of margin potential in this business, given the focus on advertising. But, no target at this point.

就我們的長期利潤率而言，我們不會在任何一年將業務管理到特定的利潤率目標。我們仍然認為我們對該業務的投資還處於早期階段。而且，我們今天確實在投資新領域，我們看到了長期收入成長的機會。話雖如此，考慮到對廣告的關注，我們確實認為這項業務具有很大的利潤潛力。但目前還沒有目標。

The next question is from Anthony DiClemente with Nomura. Your line is open.

下一個問題來自野村證券的 Anthony DiClemente。您的線路已開通。

Thanks for the questions, and good afternoon. Just for Mark or Sheryl, wondering what is your strategy for professional video content going forward? You talked a lot about video. Would bringing more professional content to Facebook accelerate video engagement and adoption?

感謝您的提問，下午好。只是想問馬克或謝麗爾，想知道你們未來對專業影片內容的策略是什麼？您談了很多有關影片的事情。為 Facebook 帶來更多專業內容是否會加速影片的參與度和採用率？

And then, for Dave, just kind of back to the quarter. You don't break out Instagram revenue or financials, but wondering if the acceleration in the quarter -- would you say was that driven more by the step-up in Instagram given the opening up of the API, the incremental Instagram ad load? Or, was there a commensurate acceleration in the core Facebook revenue? Thanks.

然後，對於戴夫來說，就回到本季。您沒有公佈 Instagram 的收入或財務數據，但想知道本季的成長——您是否認為這是否更多地是由 Instagram 的提升（考慮到 API 的開放和 Instagram 廣告負載的增加）所推動的？或者，Facebook 的核心收入是否也出現了相應的加速成長？謝謝。

In terms of video content, newsfeed is as interesting as the quality of the content in it. What we're seeing is that users are generating a lot of really high-quality content, often pretty short form that people are really happy to consume. And, we believe that trend will continue because we're at the very beginning with people really understanding the power of the smartphones that a lot of people are walking around with, particularly in developed markets.

就影片內容而言，新聞推送的趣味性與內容的品質一樣重要。我們看到的是，用戶正在產生大量真正高品質的內容，這些內容通常非常簡短，人們非常樂意消費。而且，我們相信這種趨勢將會持續下去，因為我們才剛開始真正了解智慧型手機的威力，尤其是在已開發市場，許多人都在使用智慧型手機。

We are working with publishers to try to make the content experience better inside of newsfeed. The best example of that is probably news with instant articles where we figured out that it was the slowest upload experience you could have in newsfeed to link off to an outside articles. So, we've worked with publishers to upload more news articles natively to Facebook, and we're seeing great engagement from that.

我們正在與出版商合作，嘗試改善新聞推播中的內容體驗。最好的例子可能是帶有即時文章的新聞，我們發現在新聞源中連結到外部文章是最慢的上傳體驗。因此，我們與出版商合作，將更多新聞文章本地上傳到 Facebook，並且我們看到了很高的參與度。

Similarly, we've had conversations with makers of premium content. I think they are excited by the work they already do with us to use Facebook to distribute their content. And, we're interested in doing more. It's probably worth noting that much of the engagement and consumption we have is short form, not long form.

同樣，我們也與優質內容的製作者進行了對話。我認為他們對與我們合作使用 Facebook 分發內容感到非常興奮。而且，我們有興趣做更多的事情。可能值得注意的是，我們的參與和消費大部分都是短期的，而不是長期的。

Anthony, it's Dave. Instagram -- we're certainly very pleased with the performance of Instagram, and it's certainly made a contribution this quarter. Make no mistake, core Facebook is really driving the top line. We're very pleased with the strong performance that we had with Facebook itself in the quarter.

安東尼，我是戴夫。Instagram——我們對 Instagram 的表現非常滿意，它在本季度確實做出了貢獻。毫無疑問，Facebook 的核心業務才是推動營收成長的真正動力。我們對 Facebook 本季的強勁表現感到非常滿意。

The next question is from Carlos Kirjner with Bernstein. Your line is open.

下一個問題來自伯恩斯坦的卡洛斯·基爾納 (Carlos Kirjner)。您的線路已開通。

I have two quick questions. I am interested in the plans to allow users to do other things beyond liking content. I think you call it reactions. I call it adding more words to the Facebook graph. Can you talk about the rollout of this capability? And, whether this is something that you only see at Facebook.com? Or, whether it's going to be widespread across the web and other sites, much like the like button.

我有兩個簡單的問題。我對允許用戶除了喜歡內容之外做其他事情的計劃很感興趣。我認為你稱之為反應。我稱之為在 Facebook 圖表中添加更多文字。能談談這項功能的推出情況嗎？而且，這是否只是您在 Facebook.com 上看到的內容？或者，它是否會像「讚」按鈕一樣在網路和其他網站上廣泛傳播。

And, secondly, can you talk about your thinking of the role of different Facebook platforms in payments? Are there things that you will not do because you don't have or do not want to acquire these [key one] assets? What's the boundary for what you could do with payments? Thank you.

其次，您能談談您對不同 Facebook 平台在支付領域所扮演的角色的看法嗎？是否有一些事情是您因為沒有或不想獲得這些[關鍵]資產而不願意做的？您可以使用付款做什麼的界線是什麼？謝謝。

Sure. So, reactions is going to roll out on every platform. We're testing it in a handful of countries to start, just to make sure that we have the UI and interaction simple enough that people could express more of what they wanted without getting in their way. It is adding a little bit of complexity to something that is very simple today, just a one-tap like button.

當然。因此，反應將會在每個平台上展開。我們首先在少數幾個國家進行測試，只是為了確保我們的使用者介面和互動足夠簡單，以便人們可以表達更多他們想要的內容而不會受到阻礙。它為今天非常簡單的事情增加了一點複雜性，只需單擊一下即可。

But, the philosophy behind it is that when you only have a like button, if you share a sad piece of content or something that makes you angry, people may not have the tool to react to it and therefore over time the community feels less comfortable sharing that kind of content on Facebook. And, we want people to be able to share all of the things that are meaningful to them, not just the things that are happy and that people are going to like when they see it. We think that that's just really important to the mission of the Company and will increase engagement and sharing and openness and all of the things that we care about. And, so far, I think there are a few tweaks that we needed to make to reactions since initially testing it, but it's going well. I think we plan to roll it out everywhere pretty soon. So, that's the game plan there.

但是，背後的理念是，當你只有一個「讚」按鈕時，如果你分享了悲傷的內容或讓你生氣的內容，人們可能沒有工具來對其做出反應，因此隨著時間的推移，社群會不太願意在 Facebook 上分享此類內容。並且，我們希望人們能夠分享所有對他們有意義的事情，而不僅僅是那些快樂的事和人們看到後會喜歡的事情。我們認為這對公司的使命非常重要，並將增加參與度、共享度和開放度以及我們關心的所有事情。到目前為止，我認為自最初測試以來我們需要對反應進行一些調整，但進展順利。我認為我們計劃很快將其推廣到各地。這就是比賽計劃。

On payments, the basic strategy that we have is to make it, especially in products like messenger, that where the business interaction may be a bit more transactional, to take all the friction out of making the transactions that you need. So, we don't view ourselves as a payments business. That's not the type of Company that we are. We'll partner with everyone who does payments. We look at the stuff that Apple is doing with Apple Pay, for example, which is a really neat innovation in the space that takes a lot of friction out of transactions as well. And, our view is that the less friction, the better the user experience. The more people can easily interact with the businesses that they care about. Ultimately for our business, that will drive up the amount that businesses are willing to pay to advertise to send people into those kind of interactions because they perform well. So, it's good for everyone, but that's kind of how we think about that.

在付款方面，我們的基本策略是，特別是在像 Messenger 這樣的產品中，業務互動可能更具交易性，從而消除您所需交易中的所有摩擦。所以，我們不認為自己是一家支付公司。這不是我們這樣的公司。我們將與所有進行支付的人合作。例如，我們看看蘋果在 Apple Pay 所做的事情，這是該領域非常巧妙的創新，也消除了交易中的許多摩擦。而且，我們的觀點是，摩擦越少，使用者體驗就越好。更多的人們能夠輕鬆地與他們關心的企業互動。最終對我們的業務來說，這將提高企業願意支付的廣告費用，以吸引人們進行此類互動，因為他們表現良好。所以，這對每個人都有好處，但我們就是這麼想的。

The next question is from Michael Nathanson with Moffett Nathanson. Your line is open.

下一個問題來自 Moffett Nathanson 的 Michael Nathanson。您的線路已開通。

Thanks. I have two. Following on Mark's answer to the question about payments. I wondered, Sheryl, if you look at the fourth quarter as you said as a defining moment for marketers and with the friction of transactions getting easier, was there any type of shift in the marketers or verticals that moved money to Facebook in the quarter? Do you see more retail, let's say, or anything different in terms of the composition of who was buying in the fourth quarter?

謝謝。我有兩個。接下來是馬克對有關付款問題的回答。謝麗爾，我想知道，如果您將第四季度視為行銷人員的決定性時刻，並且隨著交易摩擦變得越來越容易，那麼本季度行銷人員或垂直行業是否發生了某種轉變，將資金轉移到了 Facebook？您是否看到零售量增加，或者就第四季度的購買者組成而言有什麼不同？

Fourth quarter is a holiday quarter, so our top verticals were eCommerce, CPG, and retail. Our growth is really broad-based. And, I think it really shows how important the targeting can be. What we've definitely done over the last year and plan to invest even more in over the next year is worked hard on vertical-specific targeting. So, for example, for the telecom industry, being able to target existing consumers with new consumers with people who are -- their voice plan or data plan is about to expire. With the auto industry, really important industry for growth for us, helping them figure out who their current customers are, who their potential customers are, and where are the audience segments out there who have similar likes, interests, backgrounds, demographics to their current customers so that they can serve the right ad to the right people. The kind of things we're able to do with targeting and measurement apply across industries and obviously have to be industry and vertical-specific, and we're working hard at that.

第四季是假日季度，因此我們的重點垂直領域是電子商務、快速消費品和零售。我們的成長確實具有廣泛的基礎。我認為這確實顯示了目標定位的重要性。我們在過去一年中確實做了一些努力，並計劃在明年投入更多資金，以實現垂直特定目標。以電信業為例，我們能夠針對現有消費者和新消費者，也就是語音計畫或數據計畫即將到期的消費者。汽車產業對於我們的成長至關重要，我們幫助他們弄清楚誰是他們目前的客戶，誰是他們的潛在客戶，以及哪些受眾群體與當前客戶有相似的喜好、興趣、背景和人口統計特徵，以便他們可以向合適的人群提供合適的廣告。我們能夠透過定位和測量實現跨行業應用，而且顯然必須是特定行業和垂直行業的，我們正在為此努力。

The next question is from Mark Mahaney with RBC Capital Markets. Your line is open.

下一個問題來自加拿大皇家銀行資本市場的馬克‧馬哈尼 (Mark Mahaney)。您的線路已開通。

Great, thanks. Two questions. Sheryl, could you talk about political advertising? And, how you think about the attractiveness of -- and any anecdotes you have on Facebook as a platform for political campaigns?

太好了，謝謝。兩個問題。謝麗爾，你能談談政治廣告嗎？您如何看待 Facebook 作為政治競選平台的吸引力？您有什麼軼事嗎？

And then, Mark, the story is in 2012 at the beginning of that year, you realized just how powerful the movement was towards mobile devices, and you turned to your engineers and said we need to generate $1 billion in revenue off of mobile devices. I wonder if you've had that same conversation with your engineers when you think about these two messaging platforms that you have. They have got a large number of users, and clearly globally, we've seen this massive shift over towards messaging. The Internet has changed, and how people have engaged with it. Do you feel like you had -- or do you need to have that kind of $1 billion conversation with your engineers about those two messaging platforms? Thanks.

然後，馬克，故事發生在 2012 年年初，你意識到行動裝置的趨勢有多強大，你對工程師說，我們需要從行動裝置中創造 10 億美元的收入。我想知道，當您考慮您擁有的這兩個訊息平台時，您是否與您的工程師進行過相同的對話。他們擁有大量的用戶，顯然，在全球範圍內，我們已經看到了向訊息傳遞的巨大轉變。網路已經改變，人們與網路的互動方式也改變了。您是否覺得您已經—或者您是否需要與您的工程師就這兩個訊息平台進行價值 10 億美元的對話？謝謝。

In terms of the elections, it's important to note that we're large and diversified, so no one vertical drives our business. Yes, the 2016 election is a big deal in terms of ad spend. But, so is the World Cup. So, is Super Bowl every year. So are events like the Olympics.

就選舉而言，值得注意的是，我們規模龐大且業務多元化，因此沒有一個垂直產業能夠推動我們的業務。是的，從廣告支出的角度來看，2016 年大選是一件大事。但是，世界盃也是如此。每年的超級盃也是如此。奧運等賽事也是如此。

We are excited about the kind of targeting we're able to offer for our ads platform. We believe we have precision that doesn't exist on any other platforms. So, for example, using Facebook and Instagram ads, you can target by congressional district, you can target by interest, you can target by demographics, or any combination of those. And, we're seeing politicians at all levels really take advantage of that targeting.

我們對能夠為我們的廣告平台提供的定位類型感到非常興奮。我們相信我們擁有其他平台所不具備的精確度。例如，使用 Facebook 和 Instagram 廣告，您可以按國會選區進行定位，可以按興趣進行定位，可以按人口統計數據進行定位，或按這些的任意組合進行定位。而且，我們看到各級政治人物都真正利用了這種針對性。

It's also probably worth saying that we're pretty excited about what's happening with the elections organically on Facebook. Facebook is really the new town hall and connecting the people who are running for office, both at the national and the local level with people directly has been really important. Every member of congress in the United States is now on Facebook. We're seeing some of them post every vote and explain why they are doing votes. We're seeing a bunch of the candidates for president get on Facebook themselves and interact, taking questions from their potential voters directly. And, we think that kind of direct engagement where people can hold their elected officials accountable, and elected officials can speak directly to constituents is a really important part of our mission, and we're excited about the 2016 election and what's happening there.

也許也值得一提的是，我們對 Facebook 上選舉活動的自然進展感到非常興奮。Facebook 實際上是新的市政廳，它使國家和地方競選公職的人與民眾直接聯繫起來，這一點非常重要。現在，美國國會的每一位議員都在使用 Facebook。我們看到他們中的一些人發布了每一次投票並解釋了他們投票的原因。我們看到許多總統候選人自己登入 Facebook 進行互動，直接回答潛在選民的問題。我們認為，這種直接參與，即人民可以要求民選官員承擔責任，民選官員可以直接與選民對話，是我們使命中非常重要的一部分，我們對 2016 年大選及其發生的事情感到興奮。

The next question -- .

下一個問題——。

I'll answer the other one. In terms of the story that you said, I think you have it wrong. I don't know where you got that story from. I never had a conversation with the team where we were behind on mobile, and then I said we need to do this to make money. That's not really how we operate. What happened is we realized that mobile was growing faster than desktop and that people were shifting their usage. And, it was the more important thing for people's consumer experience. That's when we made the shift, not in our business first, but in how we developed products. And, I told all of our product teams when they come in for reviews, really just come in with mobile. If you come in and you try to show me a desktop product, then I'm going to kick you out. You have to come in and show me a mobile product.

我來回答另一個問題。就你所說的故事而言，我認為你錯了。我不知道你從哪裡得到這個故事。我從來沒有和團隊討論過我們在行動領域落後的問題，然後我說我們需要這樣做來賺錢。這並不是我們真正的運作方式。我們意識到行動裝置的成長速度比桌上型電腦更快，而且人們的使用方式正在轉變。而且，這對於人們的消費體驗來說更為重要。那時我們就做出了轉變，首先不是業務上的轉變，而是產品開發方式上的轉變。並且，我告訴我們所有的產品團隊，當他們來評審時，只需帶著行動裝置來。如果你進來並試圖向我展示桌面產品，那麼我就會把你踢出去。你必須進來給我展示一個移動產品。

And that, I think, was just as a crude leadership tactic, somewhat effective in helping to motivate the organization to shift its energy towards focusing on mobile. But, it was -- if you remember, we actually went through a pretty tough period because we went through this period where our mobile experience was not as good as we wanted it to be. And, we had no ads on mobile, and we actually prioritized making the mobile experience good before putting ads in. So, there was a long time where people thought that our business might not be as good because we had no ads on mobile. And, that was because we always prioritized the experience for people above, even if it's going to be a painful thing for the Company.

我認為，這只是一種粗略的領導策略，在激勵組織將精力轉向行動領域方面有一定的效果。但是，如果你還記得的話，我們實際上經歷了一段相當艱難的時期，因為我們的行動體驗並不像我們所希望的那麼好。而且，我們在行動裝置上沒有廣告，實際上，在投放廣告之前，我們優先考慮的是讓行動體驗更好。因此，很長一段時間以來，人們都認為我們的業務可能不太好，因為我們在行動裝置上沒有廣告。這是因為我們始終優先考慮上級人員的體驗，即使這對公司來說是一件痛苦的事情。

That's how I think about messaging. We know that messaging is going to be increasingly important. That's why we went out and hired David Marcus, who is one of the best product leaders in the field to run messenger, and why we bought WhatsApp, which is the leading messaging product worldwide. And, we have a formula for how we build these businesses.

這就是我對訊息傳遞的看法。我們知道訊息傳遞將變得越來越重要。這就是為什麼我們聘請了 David Marcus 來經營 Messenger，他是該領域最優秀的產品領導者之一，也是為什麼我們收購了 WhatsApp，它是全球領先的訊息產品。並且，我們有一個關於如何建立這些業務的公式。

First, you build a great consumer experience, right, that helps people share in a new way that's really important. Then, after that, you can start to introduce organic ways that people can interact with businesses. So that -- and Facebook is pages. The businesses that people want to interact with, the public figures, the politicians. Not necessarily ads, but organic interactions around not necessarily just your friends and families, but more public figures and businesses. And then, only once you have that ramped up to a good scale can you really start dialing up advertising, having that feel good and be a good part of the experience with good content because all of those public figures and businesses are already participating in the platform at scale.

首先，你要打造出色的消費者體驗，這可以幫助人們以新的方式分享，這點非常重要。然後，您就可以開始介紹人們與企業互動的有機方式。所以——Facebook 就是頁面。人們想要互動的企業、公眾人物、政治人物。不一定是廣告，而是與朋友和家人之間的有機互動，還包括與更多公眾人物和企業的互動。然後，只有當你將其提升到一個良好的規模時，你才能真正開始撥打廣告，讓廣告感覺良好，並透過優質內容成為體驗的重要組成部分，因為所有這些公眾人物和企業都已經大規模參與該平台。

So, you can expect to see that playbook in Instagram where we're pretty far along in terms of having quite a mature public content ecosystem, and ads are ramping well with good, high-quality ads because a lot of public figures and businesses are already investing and creating that kind of good content that goes on Instagram. And, you're going to see the same playbook in messenger and WhatsApp, in terms of making it so there are organic businesses and public figures. There's a bit more of that on WhatsApp already in terms of businesses using it than on messenger. We are catching up on messenger, but we'll do that on both. Once we have those ecosystems built out, we'll build businesses around them. And, that's how we think about stuff. We'll do that in all of our products and the different things that we do going forward.

因此，您可以期待在 Instagram 上看到這種策略，我們在擁有相當成熟的公共內容生態系統方面已經取得了長足的進步，而且廣告正在透過優質、高品質的廣告順利發展，因為許多公眾人物和企業已經在 Instagram 上投資和創建這種優質內容。而且，你會在 Messenger 和 WhatsApp 中看到相同的劇本，即讓企業和公眾人物有機地結合在一起。從企業使用 WhatsApp 的情況來看，其數量已經比 Messenger 多一些。我們正在追趕 Messenger，但我們會在兩者上都這樣做。一旦我們建立了這些生態系統，我們就會圍繞它們建立業務。這就是我們思考事物的方式。我們將在我們所有的產品以及未來所做的不同的事情中做到這一點。

Operator, looks like we have time for one last question.

接線員，看來我們還有時間回答最後一個問題。

Certainly. The final question is from Paul Vogel with Barclays. Your line is open.

當然。最後一個問題來自巴克萊銀行的保羅‧沃格爾。您的線路已開通。

Great, thanks. Just two questions. One, on the Facebook sports stadium? Just wondering how you think about that in terms of how is it going to be different from other offerings? What's the big differentiating factor? And, how do you get folks to participate in that? And the second side, just on the margin side again. Do your revenue and costs line up geographically, so there's obviously a translation impact to the numbers. But, is there any operating mismatch between revenue and costs that would either benefit or hurt margins?

太好了，謝謝。僅兩個問題。一、在 Facebook 體育場？只是想知道您如何看待它與其他產品有何不同？最大的差別因素是什麼？那麼，您如何讓人們參與其中呢？第二面，又在邊緣。您的收入和成本是否在地理位置上一致，因此翻譯顯然會對數字產生影響。但是，收入和成本之間是否存在經營不匹配，從而對利潤率有利還是有害？

On the sport stadium, this is an early test, but we're pretty excited about it. We are the largest community of sports fans in the world. We have 650 million sports fans on our platform. And, people are already using Facebook to share during realtime events. It's an increasingly important use case for us. This gives people a place to share that one event and participate in it. I think what you'll see from us is always a focus on driving users and driving engagement. This is one way to do it. We'll see how it works. We're pretty open to experimentation. So, we feel -- but we feel pretty confident that realtime sharing is an increasingly important part of the platform, and one we'll continue to invest in.

在體育場上，這只是一次早期測試，但我們對此感到非常興奮。我們是世界上最大的體育迷社群。我們的平台上有6.5億體育迷。而且，人們已經開始使用 Facebook 分享即時事件。對我們來說，這是一個越來越重要的用例。這為人們提供了一個分享和參與活動的地方。我想您會看到我們始終專注於推動用戶並推動參與。這是一種方法。我們將看看它是如何運作的。我們非常樂意進行實驗。所以，我們感覺——但我們非常有信心，即時共享是平台中越來越重要的一部分，我們將繼續對其進行投資。

And, Paul, it's Dave. I think that question is really around FX and how it relates on the revenue side versus the costs side. And, on that front, we're -- substantial majority of our expenses are US dollar-based, so certainly we see an impact to margins with FX headwinds. So, that's just the reality of having most of our development resources, for instance, in the US. Beyond that, we don't do geographic cost breakouts and allocations. It's not how we run the business. But, certainly from an FX point of view, FX headwinds have a dampening effect on margins.

保羅，我是戴夫。我認為這個問題實際上與外匯以及它與收入方面和成本方面的關係有關。在這方面，我們的絕大部分支出都是以美元計算的，因此我們肯定會看到外匯逆風對利潤率的影響。這就是現實情況，我們的大部分開發資源都集中在美國。除此之外，我們不進行地理成本細分與分配。這不是我們經營業務的方式。但從外匯角度來看，外匯逆風肯定會對利潤率產生抑製作用。

All right. Thank you for joining us today. We appreciate your time. And, we look forward to speaking with you again.

好的。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. Thank you for joining us. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您加入我們。現在您可以斷開線路了。