Meta Platforms Inc (META) 2016 Q4 法說會逐字稿

Good afternoon.

午安.

My name is Mike, and I will be your conference operator today.

我叫麥克，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Facebook fourth quarter and full year 2016 earnings call.

此時此刻，我謹歡迎大家參加 Facebook 2016 年第四季和全年財報電話會議。

(Operator Instructions)

（操作員說明）

This call will be recorded.

此通話將會被錄音。

Thank you very much.

非常感謝。

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

Facebook 投資者關係副總裁 Deborah Crawford 女士，您可以開始了。

Thank you.

謝謝。

Good afternoon, and welcome to Facebook's fourth quarter and full year 2016 earnings conference call.

下午好，歡迎參加 Facebook 2016 年第四季和全年財報電話會議。

Joining me today to discuss our results are Mark Zuckerberg, CEO, Sheryl Sandberg, COO, and Dave Wehner, CFO.

今天與我一起討論我們的結果的是執行長馬克祖克柏、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.

在我們開始之前，我想藉此機會提醒您，我們今天的言論將包含前瞻性陳述。

Actual results may differ materially from those contemplated by these forward-looking statements.

實際結果可能與這些前瞻性陳述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 in our quarterly report on Form 10-Q filed with the SEC.

今天的新聞稿以及我們向 SEC 提交的 10-Q 表格季度報告中闡述了可能導致這些結果出現重大差異的因素。

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.

我們在本次電話會議中所做的任何前瞻性陳述均基於截至目前的假設，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.

在這次電話會議中，我們可能會介紹公認會計準則和非公認會計準則的財務指標。

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

今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的調整表。

The press release and an accompanying investor presentation are available on our website at investor.fb.com.

新聞稿和隨附的投資者簡報可在我們的網站 Investor.fb.com 上取得。

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

現在我想把電話轉給馬克。

Thanks, Deborah, and thanks everyone for joining today.

謝謝黛博拉，也謝謝大家今天加入。

This was another good quarter, and a good end to 2016.

這是又一個美好的季度，也是 2016 年美好的結束。

Our community continues to grow, and now with nearly 1.9 billion people using Facebook every month, and more than 1.2 billion people using it every day.

我們的社群不斷發展，現在每月有近 19 億人使用 Facebook，每天有超過 12 億人使用它。

We've seen continued growth in engagement on our platform, and our ad business is doing well too.

我們看到我們平台上的參與度持續成長，我們的廣告業務也表現良好。

Total revenue grew by 51% year-over-year to $8.8 billion, and advertising revenue is up 53% to $8.6 billion.

總營收年增 51%，達到 88 億美元，廣告收入成長 53%，達到 86 億美元。

Facebook stands for connecting people, and creating a global community, [in] 2016, more people than ever made their voices heard.

Facebook 代表著連結人們並創造一個全球社區，2016 年，比以往任何時候都有更多的人發出自己的聲音。

We saw billions of conversations about everything from important elections, to the Olympics, to breaking news stories around the world.

我們看到了數十億次對話，內容涉及從重要選舉到奧運會，再到世界各地的突發新聞報道。

And more people are taking advantage of new tools to connect and share on our family of apps, especially with video.

越來越多的人正在利用新工具在我們的應用程式系列上進行連接和共享，尤其是影片。

2016 was also a year that reinforced the importance of connecting the world.

2016 年也是凸顯連結世界重要性的一年。

Today is the five year anniversary of the day we filed to go public.

今天是我們申請上市的五週年紀念日。

In our letter to potential shareholders I wrote that, there's a huge need and a huge opportunity to get everyone in the world connected, to give everyone a voice, and to help transform society for the future.

我在給潛在股東的信中寫道，讓世界上的每個人相互聯繫，讓每個人都有發言權，並幫助改變未來的社會，這是一個巨大的需求和巨大的機會。

I believe that now more than ever, and as the largest global community, I see our responsibility as very important, and we'll continue to focus on doing everything we can to bring the world closer together.

我相信，作為最大的全球社區，我現在比以往任何時候都更認為我們的責任非常重要，我們將繼續專注於盡一切努力讓世界更加緊密地聯繫在一起。

I want to give you an update on our progress over our 3, 5 and 10 year time horizon, with a particular focus on what we're going to be doing over the next few years.

我想向您介紹我們在 3 年、5 年和 10 年時間範圍內取得的最新進展，特別關注我們在未來幾年將要做的事情。

I said before that I see video as a mega trend, on the same order as mobile.

我之前說過，我認為影片是一種大趨勢，與行動裝置處於同一順序。

That's why we're going to keep putting video first, across our family of apps, and making it easier for people to capture and share video in new ways.

這就是為什麼我們將在我們的應用程式系列中繼續將影片放在首位，並讓人們更輕鬆地以新的方式擷取和分享影片。

To make it easier to find and watch videos, we've added a tab at the bottom of the Facebook app, with top videos and recommendations.

為了更輕鬆地找到和觀看視頻，我們在 Facebook 應用程式底部添加了一個選項卡，其中包含熱門視頻和推薦。

We've already rolled the tab out to everyone in the US, and we're planning to bring it to more countries soon.

我們已經向美國的每個人推出了該選項卡，並計劃很快將其推廣到更多國家。

We're also improving live video as more people use it.

隨著越來越多的人使用即時視頻，我們也在改進它。

New Year's Eve was our biggest live moment ever, with more people going live than at any other time since we launched the product.

除夕夜是我們有史以來最大的直播時刻，自從我們推出該產品以來，直播的人數比任何其他時候都要多。

We're experimenting with live 360 video, audio-only live for people with slower connections, and live face masks and more camera effects.

我們正在嘗試即時 360 度視訊、為網速較慢的人提供的純音訊直播、即時面罩和更多相機效果。

And we'll have more updates.

我們還會有更多更新。

Finally, we're looking for ways to grow the ecosystem of video content on Facebook.

最後，我們正在尋找發展 Facebook 影片內容生態系統的方法。

We want people to think of Facebook as a place for interesting and relevant video content, from professional creators as well as their friends.

我們希望人們將 Facebook 視為一個提供有趣且相關影片內容的地方，這些內容來自專業創作者及其朋友。

Last year, we started to invest in more original video content to help the seed ecosystem, and we're planning to do more in 2017.

去年，我們開始投資更多原創影片內容來幫助種子生態系統，我們計劃在 2017 年做更多的事情。

We're also focused on building a more informed community.

我們也致力於建立一個更知情的社區。

We see Facebook as a community, and ourselves, our role is supporting that community.

我們將 Facebook 視為一個社區，而我們自己的角色就是支持該社區。

We don't write the news that you read, but we want to be a place where people can access information, have meaningful conversations, and this is a responsibility that we take very seriously.

我們不寫您讀到的新聞，但我們希望成為人們可以獲取資訊、進行有意義的對話的地方，這是我們非常重視的責任。

In the past, we've taken steps to reduce spam and click-bait, and now we're approaching misinformation and hoaxes the same way.

過去，我們已採取措施減少垃圾郵件和點擊誘餌，現在我們正在以相同的方式處理錯誤訊息和惡作劇。

In Q4, we started working with third-party fact checkers in the US to flag disputed stories, and make them less likely to appear in news.

在第四季度，我們開始與美國的第三方事實查核人員合作，標記有爭議的報道，並降低它們出現在新聞中的可能性。

We made it easier to report and identify misinformation, and we're working to build stronger ties between Facebook and the news industry.

我們讓報告和識別錯誤訊息變得更加容易，並且我們正在努力在 Facebook 和新聞行業之間建立更牢固的聯繫。

Our primary goal here is to do the right thing for our community.

我們的主要目標是為我們的社區做正確的事。

If we can help people stay informed, and make Facebook a better place to understand what's going on in the world, then we think that's going to make our community stronger, and a more positive force for good for the world.

如果我們能夠幫助人們隨時了解情況，並使 Facebook 成為了解世界上正在發生的事情的更好的地方，那麼我們認為這將使我們的社區變得更強大，並成為造福世界的更積極的力量。

So that's the three year update.

這是三年更新。

Over the next five years, we're going to keep building ecosystems around our apps, that a lot of people are already using.

在接下來的五年中，我們將繼續圍繞我們的應用程式建立生態系統，許多人已經在使用這些生態系統。

Growth and engagement on Instagram has been strong.

Instagram 的成長和參與度一直很強勁。

We announced in December, that Instagram now has over 600 million monthly actives, and recently passed 400 million daily active.

我們在 12 月宣布，Instagram 的每月活躍用戶數現已超過 6 億，最近每日活躍用戶數已超過 4 億。

Instagram Stories reached 150 million daily active, just five months after the launch.

Instagram Stories 推出僅五個月後，每日活躍人數就達到 1.5 億。

And we've added new features like Boomerang and Live into Stories, and I'm excited to see that continue to grow.

我們還添加了 Boomerang 和 Live into Stories 等新功能，我很高興看到這些功能持續成長。

Our messaging services are making good progress as well.

我們的訊息服務也取得了良好的進展。

In Q4, Messenger launched a new camera, a group video chat for up to 50 people, and games.

第四季度，Messenger 推出了新相機、最多可容納 50 人的群組視訊聊天以及遊戲。

400 million people now use voice and video chat on Messenger every month.

現在每月有 4 億人在 Messenger 上使用語音和視訊聊天。

WhatsApp is growing quickly too.

WhatsApp 也在快速成長。

We recently reached 1.2 billion monthly active, and more than 50 billion messages are sent through WhatsApp every day.

最近，我們的每月活躍用戶達到 12 億，每天透過 WhatsApp 發送的訊息超過 500 億則。

In the last quarter, we also added the ability to make video calls in the app.

在上個季度，我們還在應用程式中添加了進行視訊通話的功能。

Over the next 10 years, we're going to continue to invest in these platforms and technologies that give more people a voice, and make sharing even more [immersive].

未來 10 年，我們將繼續投資這些平台和技術，讓更多人有發言權，讓分享變得更加[沉浸式]。

Through our efforts with internet.org, we have now connected more than 50 million people to the internet.

透過與 internet.org 的努力，我們現已將超過 5000 萬人連接到網路。

And in November, our Connectivity Lab set a world record by transmitting 20 gigabits per second over 13 kilometers using the same amount of power that it takes to light a single light bulb.

11 月，我們的連接實驗室創下了世界紀錄，在 13 公里內以每秒 20 Gb 的速度傳輸數據，所用電量相當於點亮一個燈泡。

Ultimately, this technology is going to make it into the solar-powered planes that we're building to beam internet to parts of the world that aren't connected.

最終，這項技術將應用到我們正在建造的太陽能飛機中，以便將網路傳輸到世界上尚未連接的地區。

On artificial intelligence, we developed a new technique called style transfer that uses AI to study a painting and then can take your photos and videos, and draw them in that style in real-time on your phone.

在人工智慧方面，我們開發了一種稱為風格轉移的新技術，它使用人工智慧來研究一幅畫，然後可以拍攝你的照片和視頻，並在你的手機上實時以那種風格繪製它們。

And if you post on Facebook, looking for a place to eat or suggestions for where to go, we can now use AI to understand the text of your post, and understand what you're asking, and [surface] recommendations from the comment.

如果您在 Facebook 上發帖，尋找吃飯的地方或去哪裡的建議，我們現在可以使用人工智慧來理解您帖子的文本，了解您的要求，並從評論中[提出]建議。

We're still early in our 10 year plans for virtual reality, but we've made some good progress.

我們的虛擬實境十年計畫仍處於早期階段，但我們已經取得了一些良好進展。

In December, we shipped our touch controllers, and the community response has been very positive.

12 月，我們推出了觸控控制器，社群反應非常正面。

Samsung announced that they've now shipped more than 5 million Gear VRs, and we're bringing more social experiences to VR with apps like Oculus Rift for Gear VR.

三星宣布，他們目前已售出超過 500 萬台 Gear VR，我們將透過 Oculus Rift for Gear VR 等應用程式為 VR 帶來更多社交體驗。

We're going to keep making big investments in VR content, and I'm excited about what's coming in 2017, from new games to more immersive educational experience.

我們將繼續在 VR 內容上進行大量投資，我對 2017 年即將推出的內容感到興奮，從新遊戲到更身臨其境的教育體驗。

As I said in our call last quarter, we're going to continue to invest in hire and aggressively, to help improve our product, but also to build the infrastructure that will help us grow in the future.

正如我在上季度的電話會議中所說，我們將繼續積極投資於招聘，以幫助改善我們的產品，同時建立有助於我們未來發展的基礎設施。

A few weeks ago, I visited our newest data center in Fort Worth, Texas.

幾週前，我參觀了我們位於德克薩斯州沃思堡的最新資料中心。

It's going to be the biggest data center we built, powered by 100% renewable energy.

這將是我們建造的最大的資料中心，由 100% 再生能源供電。

And it's a great example of the investments that we're making to help us serve our community even better.

這是我們為幫助我們更好地服務社區而進行的投資的一個很好的例子。

So we've made some good progress, but we have a lot more to do to help bring the world together.

我們已經取得了一些良好進展，但我們還有很多工作要做，以幫助世界團結起來。

I want to thank our community, our teams, our partners, and all you for being a part of this journey with us.

我要感謝我們的社區、我們的團隊、我們的合作夥伴以及所有與我們一起參與這趟旅程的人。

Now here's Sheryl.

現在是謝麗爾。

Thanks, Mark, and hi, everyone.

謝謝，馬克，大家好。

We had a strong fourth quarter, capping off a great 2016.

我們在第四季表現強勁，為 2016 年畫上了圓滿的句點。

Q4 ad revenue grew 53%.

第四季廣告收入成長 53%。

Mobile ad revenue reached $7.2 billion, up [61]% year-over-year, and was approximately 84% of total ad revenue.

行動廣告收入達 72 億美元，年成長 [61]%，約佔廣告總收入的 84%。

Our growth this quarter was broad-based across all regions, marketer segments and verticals.

本季我們的成長在所有地區、行銷領域和垂直領域都有廣泛的基礎。

We're really excited to announce today that [65] million businesses are using our free pages products, and 5 million are using Instagram business profiles.

今天，我們非常高興地宣布，有 6500 萬企業正在使用我們的免費頁面產品，其中 500 萬企業正在使用 Instagram 企業資料。

More and more of these businesses are becoming advertisers, with over 4 million advertising on Facebook, and over 500,000 on Instagram.

越來越多的企業正在成為廣告商，Facebook 上的廣告數量超過 400 萬個，Instagram 上的廣告數量超過 50 萬個。

As a result, our revenue base is becoming more diverse.

因此，我們的收入基礎變得更加多樣化。

In Q4, our top 100 advertisers represented less than a quarter of our ad revenue, which is a decline from Q4 last year.

第四季度，我們的前 100 名廣告主佔廣告收入的比例不到四分之一，比去年第四季下降。

We continue to focus 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.

我們繼續專注於我們的三個優先事項，利用向行動裝置的轉變，增加使用我們廣告產品的行銷人員數量，並使我們的廣告更加相關和有效。

First, capitalizing on the shift to mobile.

首先，利用向行動裝置的轉變。

In Q4, we saw consumers use mobile for more of their holiday shopping.

在第四季度，我們看到消費者更多地使用行動裝置進行假日購物。

[Contour] found that mobile drove over $1 billion in total Cyber Monday sales for the first time ever.

[Contour] 發現，行動裝置推動網路星期一的總銷售額首次超過 10 億美元。

Marketers are increasingly seeing mobile as the opportunity it is.

行銷人員越來越多地將行動視為機會。

In 2016, we saw more marketers prioritizing mobile, and especially mobile video.

2016 年，我們看到更多行銷人員優先考慮行動設備，尤其是行動影片。

People consume video differently on mobile, so the best marketers are optimizing their creative.

人們在行動裝置上消費影片的方式不同，因此最好的行銷人員正在優化他們的創意。

For example, Hershey's used Facebook Live and video ads for the launch of their Cookie Layer Crunch.

例如，好時 (Hershey) 使用 Facebook Live 和影片廣告來推出 Cookie Layer Crunch。

They optimized their video ads to grab attention in the few seconds, and used captions for people who were viewing without sound.

他們優化了影片廣告，以便在幾秒鐘內吸引註意力，並為無聲觀看的人使用字幕。

Nielsen Brand effects measured an 11 point lift in brand awareness, and a 20 point lift in ad recall.

尼爾森品牌效應測量表明，品牌知名度提升了 11 點，廣告回憶度提升了 20 點。

We are helping more businesses connect with more people on mobile, both on Facebook and off.

我們正在幫助更多企業透過 Facebook 內外的行動裝置與更多人建立聯繫。

Last month, we announced that advertisers can reach over 1 billion people a month on the audience network.

上個月，我們宣布廣告商每月可以在受眾網路上覆蓋超過 10 億人。

Our second priority is growing the number of marketers using our ad products.

我們的第二要務是增加使用我們廣告產品的行銷人員數量。

It's clear that businesses of all sizes are using our platforms to reach customers.

顯然，各種規模的企業都在使用我們的平台來接觸客戶。

Two weeks ago, I visited Holzconnection, a family-run furniture-maker in Berlin.

兩週前，我參觀了柏林一家家族經營的家具製造商 Holzconnection。

When competition increased several years ago, the owner worried that he might have to close stores.

幾年前，當競爭加劇時，店主擔心他可能必須關閉商店。

His son joined the family business, and convinced his father to market on Facebook.

他的兒子加入了家族企業，並說服他的父親在 Facebook 上進行行銷。

Holzconnection didn't change anything about their traditional craft, just the way they reached customers.

Holzconnection 並沒有改變他們的傳統工藝，只是改變了他們接觸客戶的方式。

Since then, they've opened five new locations both domestic and internationally.

從那時起，他們在國內和國際上開設了五個新地點。

We want to help more small businesses grow.

我們希望幫助更多的小企業成長。

So we invited companies including Holzonnection to participate in small business councils around the world.

因此我們邀請了包括 Holzonnection 在內的公司參加世界各地的小型企業理事會。

We continue to invest in making our free and paid products easier to use, expanding our online tutorials, and offering creative tools for businesses of all sizes.

我們繼續投資，使我們的免費和付費產品更易於使用，擴展我們的線上教程，並為各種規模的企業提供創意工具。

For example, the owners of Distinctive Gardens, a gardening center in Illinois, watched one of our online tutorials, and then used their mobile phone to shoot a holiday-themed video ad, sorry, a holiday themed video.

例如，伊利諾伊州的園藝中心Distinctive Gardens的業主看了我們的一個在線教程，然後用手機拍攝了一個節日主題的視頻廣告，對不起，一個節日主題的視頻。

They sold out their holiday inventory.

他們把假期庫存賣光了。

Our third priority is making our ads more relevant and effective.

我們的第三個優先事項是使我們的廣告更加相關和有效。

Our goal is to drive value for our clients.

我們的目標是為客戶創造價值。

As we grow the diversity of businesses on our platform, we've invested in building ad products that meet a broad set of objectives, from building brands, to moving product off shelves, online and in stores.

隨著我們平台上業務的多元化發展，我們投資打造廣告產品，以滿足一系列廣泛的目標，從打造品牌到將產品下架、線上和商店。

To make our ad products as relevant and effective as possible, we're increasingly tailoring them by vertical.

為了使我們的廣告產品盡可能相關和有效，我們越來越多地按垂直方向對其進行客製化。

In 2016, we invested in dynamic ads, which allow advertisers to automatically promote products from their entire catalog.

2016 年，我們投資了動態廣告，使廣告主能夠自動宣傳其整個目錄中的產品。

We expanded dynamic ads across Facebook, Instagram, and the audience network and tailored them for verticals like travel and retail.

我們在 Facebook、Instagram 和受眾網路上擴展了動態廣告，並針對旅遊和零售等垂直行業進行了量身定制。

Dynamic ads for travel enables businesses to show ads based on dates and destinations people are interested in, while dynamic ads for retail show people the products available at nearby locations in real time.

旅遊動態廣告使企業能夠根據人們感興趣的日期和目的地展示廣告，而零售動態廣告則向人們即時展示附近地點提供的產品。

Last month we introduced dynamic ads for broad audiences to help businesses reach new customers based on their interest on Facebook and online behavior.

上個月，我們為廣大受眾推出了動態廣告，幫助企業根據他們對 Facebook 的興趣和線上行為吸引新客戶。

We're going to continue to work on building effective ad products, improving the value they drive.

我們將持續致力於打造有效的廣告產品，提高其帶來的價值。

We know that measurement is important to building advertiser trust.

我們知道衡量對於建立廣告商信任非常重要。

Last year, we discovered several metric issues, and while no billable metrics were affected, we took action to fix the errors, and reviewed all of our metrics.

去年，我們發現了幾個指標問題，雖然沒有任何計費指標受到影響，但我們採取了行動來修復錯誤，並審查了所有指標。

We also expanded our partnership with third-parties, given the important role they play in verification.

鑑於第三方在核查方面發揮的重要作用，我們也擴大了與第三方的合作關係。

We're going to continue to invest in measurement, including third-party partnerships in the upcoming year.

我們將繼續投資於測量，包括來年的第三方合作關係。

We believe our strong 2016 is because of the value we drove for businesses on our platform.

我們相信 2016 年的強勁表現是因為我們在平台上為企業帶來了價值。

We're inspired by the entrepreneurs we work with, like the owners of Holzconnection and Distinctive Gardens, and we're grateful for the opportunity to help them reach customers, grow their businesses, and hire more people.

我們受到與我們合作的企業家的啟發，例如 Holzconnection 和 Distinctive Gardens 的所有者，我們很高興有機會幫助他們接觸客戶、發展業務和僱用更多員工。

With only a small fraction of the businesses on Facebook and Instagram advertising, we know we have a lot of opportunity and hard work ahead.

儘管只有一小部分企業在 Facebook 和 Instagram 上投放廣告，但我們知道未來還有很多機會和艱苦的工作。

In 2017, we'll stay focused on helping businesses of all sizes reach customers around the world and grow.

2017 年，我們將繼續專注於幫助各種規模的企業接觸世界各地的客戶並實現成長。

Thanks.

謝謝。

And now here's Dave.

現在戴夫來了。

Thanks, Sheryl, and good afternoon, everyone.

謝謝，謝麗爾，大家下午好。

2016 was another year of strong, profitable growth, and we continued to invest in building our business for the long-term.

2016 年又是獲利強勁成長的一年，我們繼續投資建立我們的長期業務。

Full year 2016 revenue was $27.6 billion and grew 54%, or 56% on a constant currency basis, and we generated over $10 billion in GAAP net income.

2016 年全年營收為 276 億美元，成長 54%，以固定匯率計算成長 56%，我們的 GAAP 淨利潤超過 100 億美元。

Let's start with our community metrics.

讓我們從我們的社區指標開始。

In December, 1.23 billion people used Facebook on an average day, up 189 million or 18% compared to last year.

12月，平均每天有12.3億人使用Facebook，比去年增加1.89億人，即18%。

1.86 billion people used Facebook during the month of December, up 269 million or 17% compared to last year.

12 月 Facebook 用戶數為 18.6 億，比去年增加 2.69 億，即 17%。

In addition to our ongoing internet.org and Android product efforts, we benefited from an increase in third-party promotional free data plans in Asia and the rest of world.

除了我們正在進行的 internet.org 和 Android 產品努力之外，我們還受益於亞洲和世界其他地區第三方促銷免費數據計劃的增加。

Mobile continues to drive our growth, with 1.15 billion people accessing Facebook on mobile on an average day in December, up 212 million or 23% compared to last year.

行動裝置持續推動我們的成長，12 月平均每天有 11.5 億人透過行動裝置造訪 Facebook，比去年增加 2.12 億人，即 23%。

Given that the vast majority of monthly and daily usage now occurs on mobile devices, my comments will focus on total MAU and DAU beginning next quarter, and we do not plan to include mobile and mobile-only usage breakdowns in our supplemental investor materials after this quarter.

Given that the vast majority of monthly and daily usage now occurs on mobile devices, my comments will focus on total MAU and DAU beginning next quarter, and we do not plan to include mobile and mobile-only usage breakdowns in our supplemental investor materials after this四分之一.

Turning now to the financials.

現在轉向財務狀況。

My prepared remarks will focus on our GAAP results unless otherwise noted.

除非另有說明，我準備的發言將重點放在我們的公認會計準則結果。

As I have noted before, we focus on GAAP results because stock-based compensation plays an important role in how employees are compensated in our business and industry more broadly, and we view it as a real expense.

正如我之前指出的，我們關注 GAAP 業績，因為基於股票的薪酬對於我們更廣泛的業務和行業中員工的薪酬發揮著重要作用，我們將其視為真正的費用。

Q4 total revenue was $8.8 billion, up 51%.

第四季總營收為 88 億美元，成長 51%。

Q4 ad revenue was $8.6 billion, up 53%, or 54% on a constant currency basis.

第四季廣告營收為 86 億美元，成長 53%，以固定匯率計算成長 54%。

Mobile ad revenue was $7.2 billion, up [61]% and represented approximately 84% of total ad revenue.

行動廣告收入為 72 億美元，成長 [61]%，約佔廣告總收入的 84%。

Desktop ad revenue grew 22% despite a decline in desktop usage, helped by our efforts to limit the impact of ad blockers on advertisements served on personal computers.

儘管桌面使用量有所下降，但由於我們努力限制廣告攔截器對個人電腦上投放的廣告的影響，桌面廣告收入仍增加了 22%。

The same supply and demand factors we have discussed in the past continue to drive our mobile ads revenue.

我們過去討論過的相同供需因素繼續推動我們的行動廣告收入。

On the demand side, we continued to improve our targeting, measurement and ad formats to drive strong results for marketers.

在需求方面，我們持續改進定位、衡量和廣告格式，為行銷人員帶來強勁的業績。

As Sheryl mentioned, these efforts are working for an increasingly broad set of advertisers.

正如謝麗爾所提到的，這些努力正在為越來越廣泛的廣告商發揮作用。

On the supply side, growth in users, time spent in ad load also contributed to our strong results.

在供應方面，用戶的成長、廣告載入時間的成長也為我們的強勁業績做出了貢獻。

In Q4, the average price per ad increased 3%, and the total number of ad impressions served increased 49%, driven primarily by mobile feed ads on Facebook and Instagram.

第四季度，每個廣告的平均價格增加了 3%，廣告總展示次數增加了 49%，這主要是由 Facebook 和 Instagram 上的行動動態廣告推動的。

Payments and other fees revenue was $180 million, down 12%.

支付和其他費用收入為 1.8 億美元，下降 12%。

Q4 total expenses were $4.2 billion, up 29%.

第四季總支出為 42 億美元，成長 29%。

We ended the year with approximately 17,000 employees, up 34% compared to last year, and an increase from the 31% growth rate last quarter.

截至年底，我們擁有約 17,000 名員工，比去年成長 34%，較上季 31% 的成長率有所提高。

Q4 operating income was $4.6 billion, representing a 52% margin.

第四季營業收入為 46 億美元，利潤率為 52%。

Our tax rate was 21%.

我們的稅率是21%。

Note that our tax rate reflects our early adoption of a new accounting standard, ASU 2016-9.

請注意，我們的稅率反映了我們早期採用的新會計準則 ASU 2016-9。

Under this standard, the tax benefit related to the difference between the vesting price and the grant price of our RSU is now reflected in our income tax provision, whereas previously it was reflected as an adjustment to equity.

根據這一標準，與 RSU 的歸屬價格和授予價格之間的差異相關的稅收優惠現在反映在我們的所得稅撥備中，而以前它反映為權益調整。

This is purely an accounting convention change, and does not change the cash taxes we pay.

這純粹是會計慣例的改變，並不會改變我們所支付的現金稅。

Excluding the impact of this new standard, our Q4 GAAP tax rate would have been approximately 26%, and in line with the guidance we provided on the Q3 call.

排除這項新標準的影響，我們第四季的 GAAP 稅率約為 26%，與我們在第三季電話會議上提供的指導一致。

Net income was $3.6 billion or $1.21 per share.

淨利潤為 36 億美元，即每股 1.21 美元。

Full year 2016 capital expenditures were approximately $4.5 billion, up 78%, as we continue to invest to support the rapid growth of the business around the world.

2016 年全年資本支出約為 45 億美元，成長 78%，我們繼續投資以支持全球業務的快速成長。

Over the course of 2016, we expanded four of our existing data centers, and began construction of four new data centers.

2016 年，我們擴建了四個現有資料中心，並開始建造四個新資料中心。

In 2016, we generated over $11.6 billion in free cash flow, and ended the year with $29.4 billion in cash and investments.

2016 年，我們產生了超過 116 億美元的自由現金流，年底現金和投資達到 294 億美元。

Also note, that the new accounting standard changed how we present operating cash flow, and free cash flow, and the free cash flow calculation.

另請注意，新會計準則改變了我們呈現經營現金流量、自由現金流量以及自由現金流量計算的方式。

In the past we treated the excess tax benefit as a financing cash flow item, and thus was not included in either cash flow metric.

過去，我們將超額稅收優惠視為融資現金流量項目，因此不包含在任何現金流量指標中。

Adoption of this standard also resulted in a retrospective adjustment to certain 2016 quarterly financial line items.

採用該準則也對 2016 年某些季度財務項目進行了追溯調整。

For more detail on these adjustments, please refer to the supplemental earnings slide available on our investor website.

有關這些調整的更多詳細信息，請參閱我們投資者網站上的補充收益幻燈片。

Turning now to the outlook.

現在轉向展望。

First, on revenue, the outlook is unchanged.

首先，就收入而言，前景沒有改變。

Consistent with my comments on the Q3 call, we continue to expect that our ad revenue growth rate will come down meaningfully in 2017.

與我對第三季電話會議的評論一致，我們繼續預期 2017 年廣告收入成長率將大幅下降。

The factors driving this expectation remain the same.

推動這預期的因素保持不變。

We also expect that our full year 2017 payments and other fees revenue will decline, compared to full year 2016.

我們也預計，與 2016 年全年相比，我們 2017 年全年的付款和其他費用收入將會下降。

Second, on expenses.

第二，關於費用。

Consistent with what I said last quarter, we expect that 2017 will be an aggressive investment year.

與我上季所說的一致，我們預計 2017 年將是積極投資的一年。

We saw hiring growth accelerate in Q4, and we plan to accelerate hiring further in 2017 from the 34% growth rate.

我們看到第四季招募成長加速，我們計劃在 2017 年在 34% 的成長率基礎上進一步加快招募速度。

In addition to headcount, we expect to increase investments in R&D, content, sales and marketing, and other areas as we execute on our near-, medium- and long-term priorities.

除了員工人數之外，在執行近期、中期和長期優先事項時，我們預計將增加對研發、內容、銷售和行銷以及其他領域的投資。

We expect that full year 2017 total GAAP expenses will grow 40% to 50% compared to the full year 2016.

我們預計 2017 年全年 GAAP 總費用將比 2016 年全年增長 40% 至 50%。

We anticipate that full year 2017 share-based compensation expenses will be in the range of $3.9 billion to $4.1 billion, approximately $1.3 billion of which is related to acquisitions, most notably WhatsApp.

我們預計 2017 年全年股權激勵費用將在 39 億至 41 億美元之間，其中約 13 億美元與收購相關，尤其是 WhatsApp。

We also expect full year 2017 amortization expenses to be approximately $700 million to $800 million.

我們也預計 2017 年全年攤提費用約為 7 億至 8 億美元。

Accordingly, on a non-GAAP basis, we would expect total expenses to grow approximately 47% to 57% compared to the full year 2016.

因此，根據非公認會計準則計算，我們預計總支出將比 2016 年全年增長約 47% 至 57%。

We anticipate our expense growth rates will increase over the course of the year.

我們預計今年的費用成長率將會上升。

We expect our full year 2017 capital expenditures will be in the range of $7 billion to $7.5 billion, as we fund the expansion of data center capacity, and office facilities to support the continued rapid growth of our business.

我們預計 2017 年全年資本支出將在 70 億至 75 億美元之間，因為我們為資料中心容量和辦公設施的擴張提供資金，以支持我們業務的持續快速成長。

Turning now to tax.

現在轉向稅收。

At current stock prices, we expect that our full year 2017 GAAP and non-GAAP tax rates will be 1 to 2 percentage points lower than our respective 2016 tax rates.

以目前的股價，我們預期 2017 年全年 GAAP 和非 GAAP 稅率將比 2016 年各自的稅率低 1 至 2 個百分點。

Let me note two additional factors with the new standard.

讓我指出新標準的兩個額外因素。

First, our tax rate will vary based on stock price.

首先，我們的稅率會根據股票價格而有所變動。

And secondly, we anticipate the tax rate will start lower in Q1, and then trend up throughout the year.

其次，我們預期稅率將從第一季開始降低，然後全年呈現上升趨勢。

Before wrapping up, as a reminder, in the fourth quarter our Board of Directors authorized a $6 billion stock repurchase program beginning in 2017, with no fixed expiration date.

在結束之前，提醒一下，我們的董事會在第四季度批准了一項從 2017 年開始的 60 億美元股票回購計劃，沒有固定的到期日期。

Our main priority is to invest aggressively to grow the business, while maintaining a strong cash position.

我們的首要任務是積極投資以發展業務，同時保持強勁的現金狀況。

At this time, the Company's strong balance sheet and financial performance puts us in a position to make opportunistic repurchases of our common stock from time to time, to help offset the dilution incurred through equity issuance.

目前，公司強勁的資產負債表和財務業績使我們能夠不時地機會性回購普通股，以幫助抵消因股票發行而產生的稀釋。

To conclude, 2016 was a strong year for Facebook in terms of community growth, engagement, product innovation and the growth of our advertising business.

總而言之，2016 年對 Facebook 來說是社群發展、參與度、產品創新和廣告業務成長強勁的一年。

We believe we have significant opportunities ahead of us as we invest in our mission to make the world more open and connected.

我們相信，當我們致力於實現讓世界更加開放和互聯的使命時，我們將面臨重大機會。

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

那麼，接線員，讓我們開始提問吧。

(Operator Instructions)

（操作員說明）

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

你的第一個問題來自摩根大通的 Doug Anmuth。

Thanks for taking the question.

感謝您提出問題。

Mark, it's been a couple quarters that you've talked about video first.

馬克，你已經有幾個季度第一次談論影片了。

Can you just talk about the strategic importance of longer form content?

能談談較長形式內容的策略重要性嗎？

And then, also how do you think about that, in terms of distribution platforms both on the Facebook Mobile app, and then through other distribution formats as well?

然後，您如何看待 Facebook 行動應用程式以及其他分發格式的分發平台？

Thanks.

謝謝。

We're focusing more on shorter form content to start.

我們首先更關注較短的內容。

So the thesis that we have now, is that there are different parts of short-term content.

所以我們現在的論點是，短期內容有不同的部分。

There is the type of content that people produce socially for friends.

人們為朋友在社交場合所製作的內容類型。

There's promotional content that businesses and celebrities and folks will produce.

企業、名人和民間將製作促銷內容。

But there's also a whole class of premium content, that the creators need to get paid a good amount, in order to support the creation of that content.

但還有一整類優質內容，創作者需要獲得大量報酬，以支持該內容的創作。

And we need to be able to support that with a business model which we're working on through ads to fund that.

我們需要能夠透過我們正在開發的商業模式來支持這一點，透過廣告來為其提供資金。

So the biggest change that I think that we're going to see, on the consumption and news feed, and in the tab over the next year or two, is going to be much more video inventory and content coming in, as we work through and make that business model start to really click for a lot of folks.

因此，我認為我們將在消費和新聞提要以及未來一兩年的選項卡中看到的最大變化將是更多的視頻庫存和內容，隨著我們的努力並使這種商業模式開始真正受到很多人的歡迎。

Over the longer term, I think as that works, people will experiment with longer forms of video as well, and all kinds of different things.

從長遠來看，我認為隨著這種方法的發揮作用，人們也會嘗試更長形式的影片以及各種不同的東西。

But that I think is the primary focus for the foreseeable future.

但我認為這是可預見的未來的主要焦點。

Yes, Doug, I think you asked about platforms.

是的，道格，我想你問過有關平台的問題。

I mean, we've always been focused on a variety of getting our services on a variety of platforms, but the main focus is obviously on mobile.

我的意思是，我們一直專注於在各種平台上提供各種服務，但主要焦點顯然是行動裝置。

Your next question comes from the line of Brian Nowak from Morgan Stanley.

你的下一個問題來自摩根士丹利的布萊恩諾瓦克。

Thanks for taking my questions.

感謝您回答我的問題。

I have two.

我有兩個。

The first one, Mark, is on Instagram, 400 million daily active users.

第一個是馬克，Instagram 上有 4 億日活躍用戶。

Curious to be, [interesting] how you think about the core use of Instagram now, and how it differs from core Facebook?

很好奇，[有趣]您現在如何看待 Instagram 的核心用途，以及它與 Facebook 的核心用途有何不同？

And how do you think about that evolving over time, and the monetization of Instagram evolving over time?

您如何看待這種隨著時間的推移而演變的情況，以及 Instagram 的貨幣化隨著時間的推移而演變的情況？

And then, the second one, just to go back to Doug's question on the content.

然後，第二個問題，回到道格關於內容的問題。

I know, Dave, you mentioned content spend as being part of the investment.

我知道，戴夫，你提到內容支出是投資的一部分。

Should we think about the content investment being more driven on rev share, or do you see yourselves going out and writing, and doing licensing deals?

我們是否應該考慮內容投資更多地受到收益份額的驅動，或者您是否認為自己出去寫作並進行授權交易？

Thanks so much.

非常感謝。

I can start on that latter question.

我可以從後一個問題開始。

Our goal really is to kick start an ecosystem of partner content in the video tab, for example, and our model is really oriented towards revenue share with creators.

例如，我們的目標實際上是在影片標籤中啟動合作夥伴內容生態系統，而我們的模型實際上是針對與創作者分享收入。

We are funding some seed content to get the ecosystem going, but the focus is on rev share.

我們正在資助一些種子內容來推動生態系統的發展，但重點是收益份額。

And then, I think your question was on, how the core use case between Facebook and Instagram differs?

然後，我想你的問題是，Facebook 和 Instagram 的核心用例有何不同？

Yes, I can take that one.

是的，我可以接受那個。

There are a number of differences.

有很多差異。

I think a lot of this comes down to the graphs and the community that you have, and the different places.

我認為這很大程度上取決於圖表和社區以及不同的地方。

Instagram is a follow model, right?

Instagram 是一種關注模式，對嗎？

So it's -- they're not all bidirectional friendships.

所以它們並不都是雙向的友誼。

A larger portion of the content is public content.

大部分內容是公共內容。

More of the content is visual, where Facebook has a mix of text and news and links, and visual content like photos and videos.

更多的內容是視覺內容，Facebook 混合了文字、新聞和鏈接，以及照片和影片等視覺內容。

Instagram creates a pure experience, that's focused on photos and videos.

Instagram 創造了一種純粹的體驗，專注於照片和影片。

So all of those good and subtle decisions that Kevin has made over the years, add up to creating a different kind of community that, what we're finding -- and that's great -- is that it's really complementary to what people are doing on Facebook.

因此，凱文多年來做出的所有這些明智而微妙的決定，加起來創建了一個不同類型的社區，我們發現——這很棒——它與人們在網路上所做的事情真正互補。

And some of what we found is that, as we encourage people to use both Facebook and Instagram, engagement on both can increase.

我們發現，當我們鼓勵人們同時使用 Facebook 和 Instagram 時，兩者的參與度都會增加。

So that is great.

所以那太好了。

And that I think speaks to how you can build these different kinds of communities, with different connections, in a way that really is creating new value in people's lives.

我認為這說明瞭如何透過不同的連結來建立這些不同類型的社區，從而真正為人們的生活創造新的價值。

Your next question comes from the line of Eric Sheridan from UBS.

您的下一個問題來自瑞銀 (UBS) 的 Eric Sheridan。

Thanks for taking the question.

感謝您提出問題。

Maybe two, sticking on the same theme as what Doug and Brian just talked about.

也許是兩個，與道格和布萊恩剛才談論的主題相同。

Sheryl, for you, would love to get a sense of how you think about some of the opportunities and challenges sitting ahead of the business now, on monetizing all of the video that's being consumed on Facebook?

Sheryl，對於您來說，很想了解您如何看待目前業務面臨的一些機會和挑戰，即透過 Facebook 上消費的所有影片獲利？

And then maybe, Dave, for you, when we think about the P&L impacts of both monetizing video and investing in video, is there anything we should be thinking about, or you want to call out, in terms of gross versus net on either the revenue side or the revenue share side, that could be leading to mix shift to incremental revenue growth, but possibly lower margin revenue coming into the business?

然後，戴夫，對於您來說，當我們考慮視頻貨幣化和視頻投資對損益的影響時，我們是否應該考慮或您想指出的任何事情，無論是總收入還是淨收入？ 收入方面或收入份額方面，這可能會導致混合轉向增量收入成長，但可能會降低業務的利潤率收入？

Thanks so much.

非常感謝。

On the video ad opportunity, we're seeing consumer video exploding on our platform, as Mark has talked about, and that really creates the opportunity for video ads in the feed.

在影片廣告機會方面，正如馬克所說，我們看到消費者影片在我們的平台上爆炸式增長，這確實為資訊流中的影片廣告創造了機會。

And a lot of this happens within the current news feed product.

其中許多都發生在目前的新聞提要產品中。

People post videos, people consume news feed stories.

人們發布視頻，人們消費新聞報道。

Those stories include video stories from consumers, and then we have an opportunity to serve ads.

這些故事包括來自消費者的影片故事，然後我們就有機會投放廣告。

As consumer video has grown in news feed, it's given us that opportunity for video ads, because the format of the ads fit the format of what consumers are doing.

隨著消費者影片在動態消息中的成長，它為我們提供了影片廣告的機會，因為廣告的格式符合消費者正在做的事情的格式。

And we're seeing a lot of great examples of people using ads in the feed across Instagram and news feed.

我們看到了很多人們在 Instagram 和新聞提要中使用動態消息中的廣告的好例子。

In terms of monetizing some of our newer attempts at products and news feeds such as ad breaks, those are really in early experimental stages.

就我們在產品和新聞推送（例如廣告插播）方面的一些新嘗試的貨幣化而言，這些確實處於早期實驗階段。

And for now, we're really focused primarily on our core business, our core ad products of which video is one.

目前，我們真正主要關注的是我們的核心業務，我們的核心廣告產品，影片就是其中之一。

One of the things that's really important in this, is helping marketers understand that they need to optimize those video ads.

其中真正重要的事情之一是幫助行銷人員了解他們需要優化這些影片廣告。

That an ad that works really well 30 seconds in other platforms, in more traditional platforms, can work on ours, but the ones that are optimized, and use our targeting really perform better.

在其他平台、更傳統的平台上效果非常好的 30 秒的廣告也可以在我們的平台上播放，但經過優化並使用我們的定位的廣告確實效果更好。

And we're working hard with advertisers to help them see that.

我們正在與廣告商努力合作，幫助他們認識到這一點。

So to share one example, Motorola working with Ogilvy and [Modomento] launched the Moto Z phone.

舉個例子，摩托羅拉與奧美和[Modomento]合作推出了Moto Z手機。

And they did awareness boosting before they launched, targeting Android users, and Verizon subscribers, and they optimized their video for the Facebook and Instagram mobile feed.

他們在推出之前針對 Android 用戶和 Verizon 訂戶進行了知名度提升，並針對 Facebook 和 Instagram 行動動態優化了影片。

And then, after they launched, they did purchasing ads, and retargeted people who had viewed those initial ads.

然後，在他們推出後，他們購買了廣告，並重新定位了看過這些最初廣告的人。

That's just a great example of someone using video ads, optimizing a format, but also using the pretty unique targeting we can offer to drive sales.

這只是一個很好的例子，說明有人使用影片廣告，優化格式，但也使用我們可以提供的非常獨特的定位來推動銷售。

They measured that they had over 3.5% lift in sales, driven by the Facebook and Instagram video ads.

他們測算，在 Facebook 和 Instagram 影片廣告的推動下，銷售額成長了 3.5% 以上。

And so, we're pretty excited about the opportunity we have in our current business, and we're going to work client by client, to get the video format of those ads right, get the targeting to be as good and as deep as it can be, and make sure we're measuring all the way through to sales.

因此，我們對當前業務中擁有的機會感到非常興奮，我們將逐個客戶進行工作，以確保這些廣告的視頻格式正確，使目標定位盡可能好和深入可以，並確保我們一直在衡量銷售情況。

And Eric, you were asking about content, and where that's going to get picked up in the P&L.

艾瑞克，你問的是內容，以及這些內容將在損益表中反映出來。

There's no real simple answer in that.

這沒有真正簡單的答案。

I would say, in general, where we're going to be rev sharing with creators, that's going to be picked up in cost of revenue.

我想說，一般來說，我們將與創作者分享收入，這將在收入成本中反映出來。

So that's probably the simplest answer.

所以這可能是最簡單的答案。

But as we do arrangements to get the ecosystem going, some of that could get picked up in the sales and marketing.

但當我們做出安排以使生態系統運作時，其中一些可能會在銷售和行銷中得到體現。

And then, we have content as well that's getting picked up in R&D for the efforts we're making with Oculus.

然後，我們也有一些內容正在研發中，以表彰我們與 Oculus 所做的努力。

So you're seeing some of those get spread across several different lines in the P&L.

因此，您會看到其中一些分佈在損益表中的多個不同行中。

So it's not going to be a clean, one spot where you're going to find it.

所以它不會是一個乾淨的、你能找到它的地方。

Great.

偉大的。

Thank you.

謝謝。

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

您的下一個問題來自 Cowen 的 John Blackledge。

Great.

偉大的。

Thanks.

謝謝。

Just a couple questions.

只是幾個問題。

With the strategic shift to video, how do you view the state of the digital flash mobile video measurement?

隨著策略轉向視頻，您如何看待數位閃存行動視頻測量的現狀？

Any call out on improvements being done industry-wide, and within Facebook?

有沒有呼籲在整個行業以及 Facebook 內部進行改進？

And then, just on video search, could you just comment on improvements in video search capabilities for users?

然後，就影片搜尋而言，您能否評論一下為用戶提供的影片搜尋功能的改進？

Thank you.

謝謝。

Sheryl, do you want to take the question on video measurement, and how that's evolving?

Sheryl，您想回答有關視訊測量的問題嗎？

Yes.

是的。

So new platforms demand new measurement.

因此，新平台需要新的衡量標準。

And so people are measuring all kinds of different things, from viewability, to how many people see the ad, to how long they run the ad.

因此，人們正在衡量各種不同的事情，從可見度到有多少人看到廣告，再到廣告投放的時間。

We're focused on all of these metrics, and working hard with third-parties, and with our advertiser to get those metrics right.

我們專注於所有這些指標，並與第三方和我們的廣告商努力合作，以確保這些指標正確。

We really believe that at the end of the day, what matters the most is, all the way through the sale.

我們堅信，歸根結底，最重要的是整個銷售過程。

What matters the most is the [AB] test, that these people saw ads on Facebook and Instagram, these people didn't, and here's the sales lift.

最重要的是 [AB] 測試，這些人在 Facebook 和 Instagram 上看到了廣告，而這些人沒有看到，這就是銷售提升。

And all the other metrics, although important and we're working hard, are proxy metrics.

所有其他指標雖然很重要且我們正在努力工作，但都是代理指標。

And those metrics are going through a platform shift that we need to work on.

這些指標正在經歷我們需要努力的平台轉變。

And then Mark.

然後是馬克。

And for video search, search is a big priority, and the thing that we're working on across all of the different verticals, not just video, but also all the posts on Facebook, all of the content that people are selling in marketplace, the groups that people are joining and sharing, and all the news content.

對於視頻搜索，搜索是一個重中之重，我們正在所有不同的垂直領域開展工作，不僅僅是視頻，還有 Facebook 上的所有帖子，人們在市場上銷售的所有內容，人們加入和分享的群群組以及所有新聞內容。

And it's an area that we've been working on for a while.

這是我們已經研究了一段時間的領域。

It's growing steadily, and doing well, and we hope to have more updates on that soon.

它正在穩步增長，並且表現良好，我們希望很快能有更多更新。

Your next question comes from the line of Mark May from Citi.

您的下一個問題來自花旗集團的馬克梅。

Thanks for taking my questions.

感謝您回答我的問題。

I think the first one might be directed at Sheryl.

我認為第一個可能是針對謝麗爾的。

Your reported pricing metric, I realize there's typically been noise in that.

我意識到您報告的定價指標通常會有噪音。

I think it's up 3% year-on-year.

我認為同比增長了3%。

First of all, is that sort of representative for general pricing changes in the marketplace, and do you think that there's still room for upside in pricing?

首先，這是否代表了市場整體定價變動？

And if so, where are some of the key areas that you -- where you see that coming from?

如果是這樣，您認為這種情況來自哪些關鍵領域？

And then, another question on video.

然後，另一個關於影片的問題。

As you've begun to push more video content to users within the Facebook app itself, are you witnessing any meaningful changes in engagement time spent, with a typical Facebook app user?

當您開始在 Facebook 應用程式本身內向用戶推送更多影片內容時，您是否發現與典型 Facebook 應用程式用戶的互動時間發生了任何有意義的變化？

Thank you.

謝謝。

Mark, it's Dave.

馬克，這是戴夫。

I can take those, on the metrics.

我可以在指標上接受這些。

From the price volume perspective, yes, the price per ad increased modestly 3%.

從價格量的角度來看，是的，每個廣告的價格小幅上漲了 3%。

There's lots of different underlying metrics, but the overall kind of reported metric is really, continues to be driven by the mix shift away from right-hand column ads, which are lower price and lower value.

有許多不同的基本指標，但整體報告指標實際上仍然是由右欄廣告的混合轉變所驅動的，右欄廣告的價格更低，價值也更低。

And then, obviously impression growth is driven by the user's time spent in ad load.

然後，顯然印象增長是由用戶花在廣告加載上的時間所驅動的。

In terms of the opportunities for price, it's really just continuing to focus on making our ads better targeted, more relevant, improving all the different ways in which we can drive better outcomes for our advertisers, and sort of meeting them with the results that they care about, and delivering those results.

就價格機會而言，實際上只是繼續專注於使我們的廣告更有針對性、更相關，改進我們可以為廣告商帶來更好結果的所有不同方式，並透過他們所期望的結果滿足他們的需求。

We think there continues to be great opportunities to do that, and how the supply demand dynamics play out, will kind of impact the overall direction of price.

我們認為仍然有很好的機會做到這一點，而供需動態的發揮將在一定程度上影響價格的整體方向。

And it's going to depend obviously, also on regional mixes too, because some regions are -- have obviously lower prices.

顯然，這也取決於地區組合，因為某些地區的價格明顯較低。

I think the other question was on video.

我認為另一個問題是在視頻上。

Video is one of the big drivers of engagement growth on Facebook.

影片是 Facebook 參與度成長的主要推動力之一。

It's also helpful on Instagram, where we're also seeing the benefit of ranking changes.

它在 Instagram 上也很有幫助，我們也看到了排名變化的好處。

So we continue to see good engagement, and time spent growth across the Facebook family, and on just Facebook, and video is a part of that story.

因此，我們繼續看到整個 Facebook 家族以及 Facebook 上的良好參與度和花費時間的增長，而影片是這個故事的一部分。

So it's an important part of that story.

所以這是這個故事的重要組成部分。

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

您的下一個問題來自美銀美林的 Justin Post。

Great.

偉大的。

A couple things.

有幾件事。

First, we know a lot of political activity, obviously in Q4.

首先，我們知道很多政治活動，顯然是在第四季。

Did that contribute anything abnormally to revenues or users?

這對收入或用戶有什麼異常貢獻嗎？

Second question, and I know you'll be getting a lot of this over the next two or three months, but just any difference on trends, millennials on the platform, versus other cohorts or groups, just thinking about how those are trending versus the other groups?

第二個問題，我知道在接下來的兩三個月裡你會得到很多這樣的訊息，但是平台上的千禧世代與其他群體或群體相比，趨勢上的任何差異，只需考慮一下這些人的趨勢與其他團體？

And then finally, I think we've seen some ads on Messenger being tested in certain regions of the world.

最後，我認為我們已經看到 Messenger 上的一些廣告正在世界某些地區進行測試。

Any commentary on that would be helpful?

任何對此的評論會有幫助嗎？

Thank you.

謝謝。

Yes, I'll take a few of those.

是的，我會拿其中的一些。

So on elections, we run a very large and diversified business.

因此，在選舉方面，我們經營著非常龐大且多元化的業務。

So there are these events that are obviously, big like the US elections, the World Cup, Super Bowl, but there are enough of these all around the world, that no one event is that big for our business.

因此，這些事件顯然是重大的，例如美國大選、世界盃、超級碗，但世界各地的此類事件已經足夠多了，沒有一項事件對我們的業務來說那麼重要。

Even last quarter, political spending, even within the US alone, was not a top 10 vertical for us.

即使在上個季度，政治支出（即使僅在美國境內）也不是我們的前十名垂直支出。

When you think about ads in Messenger, we right now are really focused on consumer growth and engagement, because we know that over time that creates a monetization opportunity.

當你想到 Messenger 中的廣告時，我們現在真正關注的是消費者成長和參與度，因為我們知道隨著時間的推移，這會創造一個獲利機會。

We're seeing a lot of organic connections between businesses and consumers.

我們看到企業和消費者之間存在許多有機連結。

We're now, per month at 1 billion messages sent between people and businesses, and we think that's very promising for our ability for people to use this platform, to make those connections that will ultimately drive the business opportunities.

現在，我們每個月在個人和企業之間發送 10 億條訊息，我們認為這對於我們讓人們使用這個平台建立聯繫的能力非常有希望，最終推動商機。

We're in the very early stages, some of those ads you're seeing are [exploring] how to build more of these connections.

我們正處於非常早期的階段，您看到的一些廣告正在[探索]如何建立更多這樣的聯繫。

But right now, we're going to remain focused on the user experience, and the experimentation we're doing.

但現在，我們將繼續關注用戶體驗以及我們正在進行的實驗。

Yes, Justin, just adding to the question on elections, I'd also point out that our reported daily active and monthly active numbers reflect usage in December.

是的，賈斯汀，只是補充有關選舉的問題，我還想指出，我們報告的每日活躍數和每月活躍數反映了 12 月的使用情況。

So even for the US, that doesn't really pick up the election period, just because the way that we tabulates those results.

因此，即使對於美國來說，這並不能真正反映選舉期間的情況，只是因為我們列出這些結果的方式。

On millennials, we were really pleased.

對於千禧世代，我們真的很高興。

This was a fantastic quarter for overall growth of the Facebook community, our strongest absolute MAU and DAU additions year-over-year since being a public Company.

對於 Facebook 社群的整體成長來說，這是一個出色的季度，這是自成為上市公司以來我們最強勁的絕對月活躍用戶數和每日活躍用戶數同比增長。

So we're really pleased with that.

所以我們對此非常滿意。

So within that context, we're not breaking out specific cohorts.

因此，在這種背景下，我們不會劃分特定的群體。

But we remain a great place for advertisers to reach millennials, and Instagram is obviously another great place to reach millennials.

但我們仍然是廣告商接觸千禧世代的好地方，Instagram 顯然是另一個接觸千禧世代的好地方。

And we continue to build our products to serve a wide variety of audiences, including millennials as well.

我們繼續打造我們的產品，為包括千禧世代在內的廣大受眾提供服務。

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

您的下一個問題來自加拿大皇家銀行資本市場部的馬克‧馬哈尼 (Mark Mahaney)。

David, I think you just talked about this, a pretty material increase in MAUs.

David，我想您剛剛談到了 MAU 的大幅成長。

Can I ask two questions?

我可以問兩個問題嗎？

The Asia area MAU growth in particular, I think it was something like 44 million sequentially, that's the biggest that I think you've ever had.

特別是亞洲地區的 MAU 成長，我認為連續成長約為 4,400 萬，這是我認為有史以來最大的成長。

So could you just talk about, was there some particular markets, some particular region there that added to it?

那麼您能否談談，是否有一些特定的市場、一些特定的地區加入其中？

And then, since we're talking Asia, can you just comment, Mark, on China?

然後，既然我們談論的是亞洲，馬克，你能評論一下中國嗎？

And how you think about it, long-term as a market opportunity, and your level of optimism that Facebook can have a material presence in that market in 5 to 10 years?

從長遠來看，您如何看待這個市場機會？

Thank you.

謝謝。

Sure.

當然。

So Mark, Asia benefits probably more than any other region, around the sort of three factors that I called out in my prepared remarks.

因此，馬克，圍繞著我在準備好的發言中指出的三個因素，亞洲可能比其他地區受益更多。

And those are internet.org efforts, Android product improvements that we've continued to make a big area like Android, our Facebook Light platform on Android has been a great grower for us.

這些都是 internet.org 的努力，我們繼續在 Android 等大領域進行 Android 產品改進，我們在 Android 上的 Facebook Light 平台對我們來說是一個巨大的成長。

But then particularly, in the fourth quarter, wanted to call out that we've seen an increase in third-party promotional free data plans in places like India.

但特別是在第四季度，我們發現印度等地的第三方促銷免費數據計畫增加。

So that clearly, is having an impact in APAC, and India was our strongest growth market.

很明顯，這對亞太地區產生了影響，而印度是我們成長最強勁的市場。

So that would be something that I would say, was a little bit more unique this past quarter.

所以我想說的是，上個季度有點獨特。

Your next question -- (multiple speakers)

您的下一個問題－（多位發言者）

The China question.

中國問題。

Yes, sorry.

是的，抱歉。

Mark's going to take China question.

馬克將回答中國問題。

Sure.

當然。

So as I've said a number of times before, our mission is to connect everyone in the world.

正如我之前多次說過的，我們的使命是連結世界上的每個人。

And it's hard to do that over the long-term, if we don't find a way to serve the more than 1 billion people who live in China.

如果我們找不到一種方法來為生活在中國的超過10億人提供服務，那麼從長遠來看，就很難做到這一點。

So that's certainly a thing that we're going to look out -- at over the long-term.

因此，這肯定是我們要長期關注的事情。

And the specific time horizon that you mentioned, I think it's really hard to predict how this will play out, or what we will end up doing.

至於你提到的具體時間範圍，我認為很難預測這將如何發展，或者我們最終會做什麼。

But one of the big things that we need to think about here is, of course, we're only going to do this in a way, that we're comfortable with over the long-term.

但我們需要考慮的一件大事當然是，我們只會以一種我們長期感到滿意的方式來做這件事。

So obviously, something that we're going to continue engaging in, and thinking about, how to move forward on.

顯然，我們將繼續參與並思考如何繼續前進。

And long-term, it's very important, but no news at all in the near-term.

從長遠來看，這非常重要，但短期內根本沒有任何消息。

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

您的下一個問題來自高盛 (Goldman Sachs) 的希瑟貝利尼 (Heather Bellini)。

Great.

偉大的。

Thank you for taking the questions.

感謝您提出問題。

I had two.

我有兩個。

I was just wondering, Mark, you mentioned -- similar to how you referenced Facebook and Instagram being complementary, how do you think about WhatsApp and Messenger?

我只是想知道，馬克，你提到過——就像你提到 Facebook 和 Instagram 是互補的一樣，你如何看待 WhatsApp 和 Messenger？

And I'm wondering if there's different paths to monetization over time for each of these?

我想知道隨著時間的推移，這些項目是否有不同的獲利途徑？

And then, my second question, I guess, might be for any of you, just you, Dave, have mentioned expectations for slower growth in ad load on core Facebook in the second half of this year.

然後，我想，我的第二個問題可能是針對你們中的任何人的，只有你，戴夫，提到了今年下半年 Facebook 核心廣告負載增長放緩的預期。

How should we think about the potential for ad load growth on Instagram?

我們該如何看待 Instagram 廣告負載成長的潛力？

Thank you.

謝謝。

I'll take Messenger and WhatsApp, then you can take ad load.

我將使用 Messenger 和 WhatsApp，然後您就可以載入廣告了。

So yes, is the basic answer that Messenger and WhatsApp serve somewhat different utilities for people.

所以，是的，基本答案是 Messenger 和 WhatsApp 為人們提供的實用程式有所不同。

WhatsApp really takes the place of SMS in a lot of the markets where it operates.

WhatsApp 在其營運的許多市場中確實取代了簡訊。

The graph is based on phone numbers.

此圖表基於電話號碼。

You're as likely to text your barber, or somebody that you're going to transact with, you would have a phone number with, as you would be a friend.

你可能會發短信給你的理髮師，或者你要與之交易的人，你有電話號碼，就像你是朋友一樣。

Whereas on Facebook Messenger, the graph is your friends.

而在 Facebook Messenger 上，圖表就是你的朋友。

And you're more likely to say, wish an acquaintance happy birthday on Facebook Messenger than on WhatsApp, where you might not have their phone number in the first place.

你更有可能在 Facebook Messenger 上說“祝朋友生日快樂”，而不是在 WhatsApp 上，因為在 WhatsApp 上你可能一開始就不知道他們的電話號碼。

So you can think about some overlap in the core use case, as you might message your close friends and family on either.

因此，您可以考慮核心用例中的一些重疊，因為您可能會向您的親密朋友和家人發送訊息。

But what we found in general, is that if you look at some of the markets that are strongest for both of them, they could each grow in those markets.

但我們發現，總的來說，如果你看看對這兩個國家來說最強勁的一些市場，你會發現它們都可以在這些市場中成長。

And as messaging has become more affordable and more reliable for people, the volumes of messaging have just gone through the roof, in terms of what people want to do.

隨著訊息傳遞對人們來說變得更加實惠和可靠，就人們想做的事情而言，訊息傳遞量剛好達到頂峰。

Looking at -- my understanding from looking at a bunch of analytics is that the peak of global SMS reached somewhere in the low 20 billion messages per day.

透過查看大量分析，我了解到全球 SMS 的峰值達到了每天 200 億條訊息的水平。

And we already have many times more than that, three times or more than that, across WhatsApp and Messenger.

我們在 WhatsApp 和 Messenger 上的應用程式數量已經是這個數字的許多倍、三倍甚至更多。

And of course, there are other messaging products in the world, besides these as well.

當然，除了這些之外，世界上還有其他訊息產品。

So we're pretty confident that this is going to keep on growing.

因此，我們非常有信心這將繼續增長。

I do think to your point that the monetization paths are going to be somewhat different, reflecting the difference in product philosophy.

我確實認為您的觀點是，貨幣化路徑將會有所不同，反映了產品理念的差異。

So Messenger is much more focused on being an expressive and rich environment, that has lots of different types of content.

因此，Messenger 更注重成為一個富有表現力且豐富的環境，其中包含許多不同類型的內容。

Kind of more like Facebook to the Instagram example that we used before, whereas WhatsApp I think is a much more utilitarian experience, with a much more stark UI, where there's just not as much emphasis on having a lot of different ways to engage.

有點像是 Facebook 與我們之前使用的 Instagram 的例子，而 WhatsApp 我認為是一種更實用的體驗，具有更鮮明的用戶界面，只是沒有那麼強調有很多不同的參與方式。

So we did the experiment that you asked about before, around ads in Messenger and different ways that businesses can interact.

因此，我們圍繞 Messenger 中的廣告以及企業互動的不同方式進行了您之前詢問的實驗。

And there is a lot of flexibility on how we can explore there, which is why I think you'll see some more of that on the Messenger side, than on the WhatsApp side in the near-term.

我們的探索方式有很大的靈活性，這就是為什麼我認為近期你會在 Messenger 方面看到比 WhatsApp 方面更多的靈活性。

But giving businesses the opportunity to connect in WhatsApp, and reach the people that they want, and eventually have increasingly, hopefully transactional interactions, I think will be a really useful thing on that platform as well.

但讓企業有機會在 WhatsApp 中進行聯繫，接觸到他們想要的人，並最終進行越來越多的交易互動，我認為在該平台上也將是一件非常有用的事情。

Heather, it's Dave.

希瑟，我是戴夫。

Just on Instagram versus Facebook and ad load, clearly the biggest driver of our business is core Facebook, just in terms of sheer size, and even sheer contribution to growth.

僅就 Instagram 與 Facebook 和廣告負載而言，顯然，我們業務的最大驅動力是核心 Facebook，無論是從規模還是對成長的貢獻來看。

Instagram is growing quicker on a percentage basis, but it's much smaller.

從百分比來看，Instagram 的成長速度更快，但規模小得多。

The ad load opportunities are higher on Instagram, because Instagram is at a lower ad load than Facebook.

Instagram 上的廣告負載機會更高，因為 Instagram 的廣告負載比 Facebook 低。

So there is an opportunity for us to continue to grow ad load on Instagram probably beyond -- in a longer time frame than there is on Facebook, because of that disparity in terms of where they are today.

因此，我們有機會繼續增加 Instagram 上的廣告負載，時間範圍可能會比 Facebook 更長，因為它們目前的情況存在差異。

But given the scale of Facebook and the importance driving overall revenue, that's why I continue to express what our expectations are for advertising growth in 2017, and the reduction in the growth rate that we expect, given the potential to grow ad load on Facebook, that we expect come down in 2017.

但考慮到 Facebook 的規模和推動整體收入的重要性，這就是為什麼我繼續表達我們對 2017 年廣告成長的預期，以及考慮到 Facebook 上廣告負載成長的潛力，我們預期成長率的下降，我們預計2017年會有所下降。

Your next question comes from the line of Peter Stabler from Wells Fargo Securities.

您的下一個問題來自富國銀行證券公司的 Peter Stabler。

Thanks very much.

非常感謝。

Two for Sheryl, if I could.

如果可以的話，給謝麗爾兩個。

First of all, Sheryl, when it comes to measurement, I'm curious if you could comment on what appear to be the really successful efforts you've had in linking on Facebook ad exposure to both offline and online sales of your customers.

首先，Sheryl，說到衡量，我很好奇您能否評論一下您在將 Facebook 廣告曝光度與客戶的線下和在線銷售聯繫起來方面所做的真正成功的努力。

And I guess, if we think across, maybe your 1,000 largest clients, any chance you could give us a sense of what percentage are utilizing this level of kind of advanced measurement, in terms of measuring actual sales lift, and share gains?

我想，如果我們考慮一下，也許是您的 1,000 個最大的客戶，您是否有機會讓我們了解在衡量實際銷售提升和份額收益方面使用這種高級測量水平的百分比？

And then, secondly, just wondering if there's any color around the pretty recent roll out of buy buttons on Instagram?

其次，我想知道 Instagram 最近推出的購買按鈕是否有任何顏色？

Thank you very much.

非常感謝。

Yes.

是的。

So when you think on measurement, your question gets to the heart of the matter, which is there's a lot of conversations on what we measure.

因此，當您考慮測量時，您的問題就觸及了問題的核心，即有很多關於我們測量的內容的對話。

And when you see platform shifts, as you are in the ad market for more traditional forms of media, to display, to now mobile, we're seeing those metrics change.

當你看到平台轉變時，當你在廣告市場中從更傳統的媒體形式轉向展示，現在轉向移動時，我們會看到這些指標發生變化。

And there's obviously, a lot of conversation, and a lot of concern out there about what we're measuring.

顯然，對於我們所測量的內容，有許多討論和擔憂。

We think the answer to all of this, is to remember that what really matters is going all the way through, from the ad itself to the sale, whether that sale is online or offline.

我們認為所有這一切的答案是記住，真正重要的是從廣告本身到銷售的整個過程，無論銷售是在線上還是離線。

And we are working hard, to work on the data in a privacy-protected way to be able to do that.

我們正在努力工作，以保護隱私的方式處理數據，以便能夠做到這一點。

And we're making progress across verticals, across our large customers.

我們正在跨垂直行業、跨大客戶取得進展。

I don't have the percentage of exactly how many customers are working on this type of measurement with us.

我不知道有多少客戶與我們一起進行此類測量。

It's certainly growing.

它肯定在增長。

It's certainly something we're working on vertical by vertical.

這當然是我們正在逐一垂直領域進行的工作。

But it has really important impacts, not just in their ability to serve the right ad, to the right person, at the right time, but also their ability to optimize their ad for our format.

但這具有非常重要的影響，不僅在於他們在正確的時間向正確的人提供正確的廣告的能力，還在於他們針對我們的格式優化廣告的能力。

That once they understand what's really moving their products off shelves, online and off, that's where we get to the real work we need to do, to optimize the ad, and really work on the targeting.

一旦他們了解了是什麼真正讓他們的產品下架、線上和線下，我們就可以開始真正需要做的工作，優化廣告，並真正致力於定位。

And so, I remain very optimistic.

因此，我仍然非常樂觀。

We have a lot of hard work to do, to get to all of our ad campaigns having that kind of measurement.

為了讓我們所有的廣告活動都有這種衡量標準，我們還有很多艱苦的工作要做。

That's going to take a long time.

這需要很長時間。

But the more we can do it, even in studies with each client, the better our ads get.

但我們做得越多，即使是對每個客戶進行研究，我們的廣告就會越好。

Your next question -- (multiple speakers)

您的下一個問題－（多位發言者）

Oh, buy button.

哦，購買按鈕。

Yes, sorry, just to address the buy button.

是的，抱歉，只是為了解決購買按鈕問題。

The core of our business is really connecting people with what they care about.

我們業務的核心是將人們與他們關心的事物真正連結起來。

And so, we're looking at getting the right message, the right time.

因此，我們正在考慮在正確的時間獲取正確的資訊。

We've worked hard on product ads that get to products.

我們在針對產品的產品廣告上下了很大的功夫。

So you've seen us work on dynamic ads, carousel ads, estimated store visits, things that help our ads business sell products.

您已經看到我們致力於動態廣告、輪播廣告、估計商店訪問量以及幫助我們的廣告業務銷售產品的事情。

You are seeing us take other steps, like a buy button, like the marketplace launch, which are really aimed at improving some of the experiences we think people are trying to have, and already having in organic ways on Facebook.

你會看到我們採取了其他措施，例如購買按鈕，例如市場推出，這些措施的真正目的是改善我們認為人們正在嘗試擁有的、並且已經在 Facebook 上以有機方式擁有的一些體驗。

But the core of our focus is, still very much focused on ads, and how we can do ads at the product level.

但我們關注的核心仍然是廣告，以及我們如何在產品層面上做廣告。

Your next question comes from the line of Ken Sena from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Ken Sena。

Thanks.

謝謝。

Just on the OpEx for 2017, you mentioned R&D content, sales, marketing.

就在2017年的營運支出中，您提到了研發內容、銷售、行銷。

As we think about R&D, and also the talent shortages that are in data science and engineering, not to mention the potentially, it getting worse around immigration, et cetera.

當我們考慮研發以及資料科學和工程領域的人才短缺時，更不用說潛在的移民等問題，情況會變得更糟。

How should we think about that potentially factoring in, as we look out through 2017, and maybe a little bit further out?

當我們展望 2017 年，甚至更遠的未來時，我們應該如何考慮這個潛在因素？

Sure, Ken.

當然，肯。

I mean, we obviously are focused on hiring top engineering talent.

我的意思是，我們顯然專注於招募頂尖的工程人才。

It's key to our 2017 goals, and executing on our 3, 5 and 10 year road map, the one that Mark outlined.

這是實現我們 2017 年目標以及執行馬克概述的 3 年、5 年和 10 年路線圖的關鍵。

One thing that we're optimistic about is, our ability to hire technical talent outside of the Bay area, as well as in the Bay area.

我們樂觀的一件事是，我們有能力聘請灣區以外以及灣區的技術人才。

And that's because we built up engineering locations in key areas like Seattle, London, New York, Boston, Tel Aviv.

這是因為我們在西雅圖、倫敦、紐約、波士頓、特拉維夫等關鍵地區建立了工程基地。

So we've got other markets in which we can recruit, and grow engineering and other technical teams.

因此，我們還有其他市場可以招募和發展工程和其他技術團隊。

And that's really different from where we were a couple years ago.

這與幾年前的情況確實不同。

So that's an important part of the infrastructure that we put in place in the last two years that we're pleased with.

這是我們在過去兩年中建立的基礎設施的重要組成部分，我們對此感到滿意。

Your next question comes from the line of Brian Fitzgerald from Jefferies.

您的下一個問題來自傑富瑞 (Jefferies) 的布萊恩·菲茨傑拉德 (Brian Fitzgerald)。

Thanks.

謝謝。

Mark, on AI maybe, you mentioned improved recommendations, and we've interacted with chat bots on Messenger.

馬克，也許在人工智慧方面，您提到了改進的建議，我們已經與 Messenger 上的聊天機器人互動了。

Maybe curious overall, how you see artificial intelligence and machine learning processes impacting your business over time?

總的來說，您可能會好奇，隨著時間的推移，您如何看待人工智慧和機器學習流程對您的業務的影響？

Well, I think AI is going to be great for the experience that people have in our community.

嗯，我認為人工智慧對於我們社區中人們的體驗將會非常有用。

So there are a few types of systems here that we're working on, around understanding content.

因此，我們正在圍繞理解內容開發幾種類型的系統。

One is around visual content, and the other is about language.

一個是視覺內容，一個是語言。

So for visual content, we want to be able to look at a photo, and understand what's in it, right?

因此，對於視覺內容，我們希望能夠查看照片並了解其中的內容，對吧？

And whether that's something that you're going to be interested in, right?

這是否是您感興趣的事情，對吧？

And similarly, we went to be able to look at a video, and watch it, and understand whether that's something that you're going to be interested in.

同樣，我們能夠觀看視頻，並了解它是否是您感興趣的東西。

And you can imagine that, today we consider putting things in your news feed that you're connected to in some way, right?

您可以想像，今天我們考慮將您以某種方式連接到的內容放入您的動態消息中，對嗎？

That are from a friend, or a page that you're following, or that one of your friends liked.

這些資訊來自朋友、您追蹤的頁面或您的朋友喜歡的頁面。

But there's no reason that we shouldn't be able to match you up, with any of the millions of pieces of content that you might be interested in, that get shared on Facebook every day, except for the fact that we don't have the AI technology to know what those are about, and if they match your interest today.

但是，我們沒有理由不能將您與每天在 Facebook 上分享的數百萬條您可能感興趣的內容進行匹配，除非我們沒有人工智慧技術可以了解這些內容是什麼，以及它們是否符合您今天的興趣。

So but a combination of being able to understand the texts that people message, read the articles that people would want to look at, watch the videos, look at the photos, are going to be great too.

因此，能夠理解人們發送的文字、閱讀人們想看的文章、觀看影片、查看照片，這一切都會很棒。

Another area where I'm really excited about this, is our ability to keep the community safe, right?

我對此感到非常興奮的另一個領域是我們維護社區安全的能力，對吧？

So there's an increasing focus on objectionable content, right, and a lot of unfortunate things, right, that people share on Facebook.

因此，人們越來越關注人們在 Facebook 上分享的令人反感的內容（對吧）以及許多不幸的事情（對吧）。

And it's a minority of the content, but I'm really focused on making sure that our Company gets faster at taking the bad stuff down.

這只是內容的一小部分，但我真正專注於確保我們公司更快消除不良內容。

And we can do better with people.

我們可以與人一起做得更好。

But ultimately the best thing we can do is build AI systems that can watch a video, and understand that it's going to be problematic, and violate the policies of our community, and that people aren't going to want to see it.

但最終我們能做的最好的事情就是建立可以觀看影片的人工智慧系統，並了解這將是有問題的，並且違反了我們社群的政策，人們不會想看到它。

And then, just not show it to people, before bad experiences happen -- and things like violence get spread through -- violent content gets spread through the network.

然後，在糟糕的經歷發生之前，不要向人們展示它——暴力之類的事情會透過網路傳播——暴力內容會透過網路傳播。

So I think it's -- both going to be -- AI is both going to be great on showing people content -- that's really good, and helping us enforce the community standards that we have, to make sure that everyone has a good and fair experience.

所以我認為——兩者都會——人工智慧在向人們展示內容方面會很棒——這真的很好，並幫助我們執行我們現有的社群標準，以確保每個人都有良好和公平的機會經驗。

Your next question comes from the line of Scott Devitt from Stifel.

您的下一個問題來自 Stifel 的 Scott Devitt。

Hi, thanks.

你好謝謝。

I had two questions for Mark.

我有兩個問題要問馬克。

Wondering, Mark, if you could talk a bit more about the new video tab, just early engagement trends, user feedback?

馬克，想知道您是否可以多談談新的視訊選項卡、早期參與趨勢、用戶回饋？

And really just how the product works in terms of categorization of content, user preference targeting, and maybe how the content flows into the tab, versus being in the news feed, and to the extent that there's duplication there?

實際上，該產品在內容分類、使用者偏好定位方面的工作原理，以及內容如何流入選項卡，而不是在新聞提要中，以及在某種程度上存在重複？

And then separately, VR and AR continues to be in the 10 year vision for the business.

然後，VR 和 AR 仍然分別屬於該業務的 10 年願景。

Mark, was wondering if you could provide some detail on what you think the friction points are, that are keeping that from being on a more accelerated commercialization path?

馬克，想知道您是否可以提供一些細節，說明您認為阻礙其更快商業化的摩擦點是什麼？

Thank you.

謝謝。

So I'll take video first, and then I can talk about VR as well.

所以我會先拍視頻，然後我也可以談談VR。

So for the video tab, the goal that we have for the product experience, is to make it so that when people want to watch videos, where they want to keep up to date on what's going on with their favorite show, or what's going on with a public figure that they want to follow, that they can come to Facebook, and go to a place, knowing that that's going to show them all the content that they're interested in.

因此，對於視訊選項卡，我們對產品體驗的目標是，當人們想要觀看影片時，他們想要了解他們最喜歡的節目的最新動態，或者正在發生的事情與他們想要關注的公眾人物一起，他們可以訪問Facebook，去一個地方，知道那裡會向他們展示他們感興趣的所有內容。

So that's a pretty different intent, than how people come to Facebook today.

因此，這與人們今天使用 Facebook 的意圖截然不同。

Today for the most part, people pull Facebook out when they have a few minutes, when they want to catch up, and see what's going on in the world, with their friends and in the news, and everything that's going on.

如今，大多數情況下，當人們有幾分鐘的時間、想要了解世界上正在發生的事情、朋友之間的事情、新聞中的事情以及正在發生的一切時，他們就會退出 Facebook。

So that's very different from saying, hey, I want to watch video content now.

因此，這與說「嘿，我現在想觀看影片內容」非常不同。

And that's what I think we're going to unlock with this tab.

我認為這就是我們將透過此選項卡解鎖的內容。

So all of the content that is on Facebook is eligible to go in the tab.

因此 Facebook 上的所有內容都有資格進入該選項卡。

I mean, we're showing video content, not all the rest of it.

我的意思是，我們正在展示影片內容，而不是所有其他內容。

But there isn't a concrete difference between what can be a news feed, and what could be here.

但什麼可以是新聞提要，什麼可以是這裡，沒有具體的區別。

It's just that the experience is designed to deliver on that promise of, you want to watch videos, you want to keep up with the content that you watch episodically, week over week.

只是這種體驗的設計是為了兌現這樣的承諾：你想觀看視頻，你想跟上你每週不定期觀看的內容。

This is going to be the place where you go to do that.

這將是您執行此操作的地方。

I do think that it's going to get a lot stronger, once the business model really starts to click here, right, because a lot of the best episodic content is professionally created.

我確實認為，一旦商業模式真正開始點擊這裡，它就會變得更加強大，因為許多最好的劇集內容都是專業創作的。

And those folks needed to make a good amount of money in order to support their business model.

這些人需要賺很多錢才能支持他們的商業模式。

So having mid-roll ads, we're committed to doing this in a way, that's very good on the user experience.

因此，對於中貼片廣告，我們致力於以一種對使用者體驗非常好的方式來做這件事。

But that is going to enable the kind of content that I think is going to take this to the next level.

但這將使我認為的內容能夠將其提升到一個新的水平。

The early trends are good, but I think this is really going to be an area, that is proportional to the amount of quality content that is in the system, and the business model is really going to be the thing that enables that.

早期的趨勢很好，但我認為這確實是一個領域，它與系統中優質內容的數量成正比，而商業模式確實將成為實現這一目標的因素。

Your next -- (multiple speakers)

您的下一個－（多位發言者）

All right, sorry, I forgot about that for a second.

好吧，抱歉，我暫時忘記了。

All right, so VR and AR, what can accelerate that?

好吧，那麼 VR 和 AR，什麼可以加速呢？

I think that there are parts of this that are on a good trajectory, and parts where we're a little behind where we would want to be.

我認為，其中有些部分處於良好的軌道上，而有些部分我們則有點落後於我們想要的目標。

I think, Samsung shipping 5 million Gear VRs -- I mean, that's their product, not ours, but we build technology that powers it.

我認為，三星出貨了 500 萬台 Gear VR——我的意思是，那是他們的產品，不是我們的，但我們開發了為其提供動力的技術。

I think that's quite a good result, right, and one that we're very happy with, and just shows how strong of a company Samsung is, at being able to build these products, and sell them through into the world.

我認為這是一個相當好的結果，對吧，我們對此感到非常滿意，並且表明三星是一家多麼強大的公司，能夠製造這些產品並將其銷往世界各地。

On the side of the products that we built, Rift and Touch were both a little delayed.

在我們開發的產品方面，Rift 和 Touch 都有點延遲。

That was obviously somewhat of a disappointment.

這顯然讓人有些失望。

And if you want to accelerate development, obviously we need to get our products in the market at a good pace.

如果你想加速開發，顯然我們需要以良好的速度將我們的產品推向市場。

But in terms of the content development, I actually think that's coming at a reasonable clip.

但就內容開發而言，我實際上認為這是一個合理的速度。

Early on, there is this issue which is that if you're a [AAA] game developer, until there's a certain volume of units in the field, you're not going to be able to make enough money to fund your game development, just based off of people buying your content.

早期就存在這樣的問題，如果您是 [AAA] 遊戲開發者，在該領域有一定數量的單位之前，您將無法賺到足夠的錢來資助您的遊戲開發，只是基於人們購買您的內容。

So that's why we're investing so much capital in content, to seed the ecosystem, and solve this chicken and egg problem of, you need the content in order to create the ecosystem.

這就是為什麼我們在內容上投入如此多的資本，為生態系統播種，並解決這個先有雞還是先有蛋的問題，你需要內容來創建生態系統。

But I don't think that there is really a strategy to pull this in from 10 years to 5, I just think it's going to be a 10 year thing.

但我不認為真的有一個策略可以將這個時間從 10 年縮短到 5 年，我只是認為這將是一個 10 年的事情。

I mean, the analogy that I always use is, the first smartphone came out in -- sorry, 2003, right, the Blackberry and Palm Trio, and it took 10 years to get to 1 billion units.

我的意思是，我經常使用的類比是，第一部智慧型手機問世於——抱歉，2003 年，對吧，黑莓和 Palm Trio，花了 10 年時間才達到 10 億部。

And I don't know, if there was something that folks could have done to make that happen fast, but I think that was pretty good.

我不知道人們是否可以做一些事情來讓這一切快速發生，但我認為這非常好。

And if we can be on a similar trajectory, of anywhere near 10 years for VR and AR, then I would feel very good about that.

如果 VR 和 AR 能夠走近 10 年的類似軌跡，那麼我會感覺非常好。

And I feel like we're making the right bets now to plant the seeds for that.

我覺得我們現在正在為此埋下正確的賭注。

But I would ask for the patience of the investor community in doing that, because we're going to invest a lot in this, and it's not going to return, or be really profitable for us for quite a while.

但我希望投資者對此保持耐心，因為我們將在這方面投入大量資金，但在相當長的一段時間內不會有回報，也不會真正為我們帶來利潤。

Operator, we have time for one last question.

接線員，我們還有時間回答最後一個問題。

Your last question comes from the line of Anthony DiClemente from Nomura Instinet.

你的最後一個問題來自 Nomura Instinet 的 Anthony DiClemente。

Thanks a lot for fitting me in.

非常感謝你讓我融入。

A couple for Mark.

馬克的一對。

Mark, just on the theme of video, given the strong cash position that Facebook has, the cash on the balance sheet, the free cash flow generation of the Company, are there any possible acquisitions out there, that you think would or could super-charge your growth in the video space, in the original content space, given this evolution?

馬克，就視頻主題而言，考慮到 Facebook 擁有強勁的現金狀況、資產負債表上的現金、公司自由現金流的產生，是否有任何可能的收購，您認為會或可能會超級-鑑於這種演變，您在影片領域、原創內容領域的成長如何？

And maybe, along those lines, what do you think about live sports in terms of the video use case?

也許，沿著這些思路，您對體育直播的視訊用例有何看法？

Is that working on Facebook?

Facebook 有這個功能嗎？

You've experimented, you experimented with NBA games on Facebook outside the US, NBA D-League on Facebook.

你已經嘗試過，你在美國以外的 Facebook 上嘗試過 NBA 比賽，在 Facebook 上嘗試過 NBA D-League。

So just wanted to get your thoughts on how those have gone?

所以只是想聽聽您對這些進展的看法？

Thanks a lot.

多謝。

So Anthony, I can just take the first part of that at least, which is look, our focus was on kick-starting the ecosystem here, for the video tab that Mark talked about.

所以安東尼，我至少可以看一下第一部分，我們的重點是啟動這裡的生態系統，對於馬克談到的視訊選項卡。

We're looking at a wide range of content, and we're really working towards a revenue share model with creators.

我們正在研究廣泛的內容，並且我們正在努力與創作者建立收入分享模式。

We're certainly going to be seeding content to get the ecosystem going, but that's not about doing big deals.

我們當然會播種內容來推動生態系統的發展，但這不是為了做大交易。

So we'll -- we're certainly looking at a variety of different types of content to look at.

因此，我們肯定會關注各種不同類型的內容。

I think you got it.

我想你明白了。

Great.

偉大的。

Great.

偉大的。

Super.

極好的。

Thank you for joining us today.

感謝您今天加入我們。

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

感謝您抽出寶貴的時間，我們期待再次與您交談。

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

女士們、先生們，今天的電話會議到此結束。

Thank you for joining us.

感謝您加入我們。

You may now disconnect your lines.

現在您可以斷開線路。