Meta Platforms Inc (META) 2020 Q1 法說會逐字稿

Good afternoon. My name is Mike, and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook First Quarter 2020 Earnings Conference call. (Operator Instructions) This call will be recorded. Thank you very much. Ms. Deborah Crawford, Facebook's Vice President of Investor Relations, you may begin.

下午好。我叫邁克，今天我將擔任你們的會議接線員。在這個時候，我想歡迎大家參加 Facebook 2020 年第一季度收益電話會議。 （操作員說明）此通話將被錄音。非常感謝。 Facebook 投資者關係副總裁 Deborah Crawford 女士，您可以開始了。

Thank you. Good afternoon, and welcome to Facebook's First Quarter 2020 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，歡迎來到 Facebook 的 2020 年第一季度收益電話會議。今天和我一起討論我們的結果的是首席執行官馬克扎克伯格;首席運營官謝麗爾·桑德伯格 (Sheryl Sandberg)；和首席財務官 Dave Wehner。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. 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 and in our annual report on Form 10-K filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

在我們開始之前，我想藉此機會提醒您，我們今天的發言將包含前瞻性陳述。實際結果可能與這些前瞻性陳述中預期的結果存在重大差異。今天的新聞稿和我們向美國證券交易委員會提交的 10-K 表格年度報告中列出了可能導致這些結果出現重大差異的因素。我們在此次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，我們不承擔因新信息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.fb.com.

在此電話會議期間，我們可能會同時介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 措施的對賬。新聞稿和隨附的投資者介紹可在我們的網站 investor.fb.com 上獲取。

Finally, we hope that everyone listening today is staying safe. The vast majority of us at Facebook are working productively from home, and everyone on this call this afternoon has dialed in remotely.

最後，我們希望今天收聽的每個人都安全。我們 Facebook 的絕大多數人都在家里高效地工作，今天下午參加這個電話會議的每個人都是遠程撥入的。

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

現在我想把電話轉給馬克。

All right. Thanks, everyone, for joining us today. Before we get started, I also just want to say that I know that this is a very hard time for a lot of people. I know a lot of you are calling in from New York, where this has been particularly tough, although almost everyone has been affected by what's going on in some way. So I just want to start by acknowledging that, and taking a moment to thank everyone working on the front lines to help all of us get through this.

好的。謝謝大家今天加入我們。在我們開始之前，我也只想說，我知道這對很多人來說都是一段非常艱難的時期。我知道你們中的很多人都從紐約打來電話，那裡的情況特別艱難，儘管幾乎每個人都在某種程度上受到了正在發生的事情的影響。所以我只想首先承認這一點，並花點時間感謝在前線工作的每一個人，幫助我們所有人度過難關。

There is a lot of uncertainty now about the world and what it will look like over the coming months. And Sheryl and Dave are going to give some more context on what that means for our business. The impact on our business has been significant. And I remain very concerned that this health emergency and, therefore, the economic fallout will last longer than people are currently anticipating. And while there are massive societal costs, from the current shelter in place restrictions, I worry that reopening certain places too quickly before infection rates have been reduced to very minimal levels, will almost guarantee future outbreaks and worse longer-term health and economic outcomes.

關於世界以及未來幾個月它會是什麼樣子，現在存在很多不確定性。 Sheryl 和 Dave 將就這對我們的業務意味著什麼提供更多背景信息。對我們業務的影響是顯著的。我仍然非常擔心這種突發衛生事件以及由此帶來的經濟影響將比人們目前預期的持續時間更長。儘管從目前的就地避難所限制中會產生巨大的社會成本，但我擔心在感染率降至非常低的水平之前過快地重新開放某些地方幾乎肯定會導致未來爆發和更糟糕的長期健康和經濟結果。

So with that said, I want to use this time today to discuss how we're responding to COVID, what we're seeing across our services and some reflections on how we plan to run the company going forward.

因此，話雖如此，我想利用今天的這段時間來討論我們如何應對 COVID，我們在我們的服務中看到了什麼，以及我們計劃如何運營公司的一些思考。

So response has been focused on 3 areas: helping people stay connected while we're all apart; assisting the public health response; and working on the economic recovery, especially for small businesses. Now I'll start with how we're assisting the public health response.

因此，響應集中在 3 個方面：幫助人們在我們分開時保持聯繫；協助公共衛生響應；致力於經濟復甦，尤其是小企業。現在我將從我們如何協助公共衛生應對開始。

The first step here is connecting people with authoritative health information. And we built a COVID-19 information center with authoritative information from health officials and governments and messages encouraging people to stay home, that are coming from public figures they trust. And we put this COVID-19 information center at the top of everyone's Facebook app. And so far, we've directed more than 2 billion people to it. Equally important is also limiting the spread of misinformation. We don't allow content that puts people at imminent risk of physical harm. So when people share hoaxes, like that inhaling water cures COVID, which is both false and will be physically harmful if anyone does that, we take that down. For other types of misinformation, we partner with independent fact checkers who have marked more than 4,000 pieces of content related to COVID as false, which has resulted in more than 40 million warning labels being seen across our services. And we know that these work because 95% of the time when someone sees a warning label, they don't click through to view that content.

這裡的第一步是將人們與權威的健康信息聯繫起來。我們建立了一個 COVID-19 信息中心，其中包含來自衛生官員和政府的權威信息以及鼓勵人們待在家裡的信息，這些信息來自他們信任的公眾人物。我們將這個 COVID-19 信息中心放在每個人的 Facebook 應用程序的頂部。到目前為止，我們已經指導了超過 20 億人使用它。同樣重要的是限制錯誤信息的傳播。我們不允許發布使人們面臨迫在眉睫的身體傷害風險的內容。因此，當人們分享惡作劇時，比如吸入水可以治愈 COVID，這既是錯誤的，而且如果有人這樣做會對身體造成傷害，我們將其撤下。對於其他類型的錯誤信息，我們與獨立的事實核查員合作，他們已將 4,000 多條與 COVID 相關的內容標記為虛假信息，這導致我們的服務中出現了超過 4000 萬個警告標籤。我們知道這些之所以有效，是因為 95% 的情況下，當有人看到警告標籤時，他們不會點擊查看該內容。

Now beyond helping people broadly access high-quality information, we're also focused on helping governments and health authorities get better data in a privacy protective way to inform key policy decisions that they need to make as well. So we partnered with Carnegie Mellon to run a widespread symptom survey on Facebook, and we're using their findings to produce daily county-by-county maps of the symptoms that people are experiencing across the country and soon globally as well. And since people experiencing symptoms is a precursor to them going to the hospital or getting more seriously ill, this tool can help local governments and health officials plan how to allocate scarce resources, like PPE and ventilators as well as determine when it's safe to start reopening an area, or when an area will need to have tighter shelter orders if symptoms reemerge. And just this morning, we announced that we're working to connect these symptom surveys to ground truth infection rate data from large serology and PCR studies that are funded separately by the Chan Zuckerberg Initiative in order to more accurately determine the true infection and exposure levels globally on a local region basis as well. So this is work that we're uniquely positioned to do because Facebook is a global community, and people use their authentic identities on our service. So that means that we can make sure that the data is meaningful. But we're very focused on doing this in ways that we know are going to be helpful to the health response, and that protect people's privacy and human rights, which is why we've primarily focused on how aggregate data can help.

現在，除了幫助人們廣泛獲取高質量信息外，我們還專注於幫助政府和衛生當局以保護隱私的方式獲得更好的數據，以便為他們也需要做出的關鍵政策決策提供信息。因此，我們與卡內基梅隆大學合作，在 Facebook 上進行了一項廣泛的症狀調查，我們正在利用他們的調查結果來製作全國乃至全球範圍內人們正在經歷的症狀的每日逐縣地圖。由於出現症狀的人是他們去醫院或病情加重的前兆，該工具可以幫助地方政府和衛生官員規劃如何分配稀缺資源，例如個人防護裝備和呼吸機，以及確定何時可以安全地重新開放某個地區，或者如果症狀再次出現，某個地區需要更嚴格的庇護令。就在今天早上，我們宣布我們正在努力將這些症狀調查與由 Chan Zuckerberg Initiative 單獨資助的大型血清學和 PCR 研究的真實感染率數據聯繫起來，以便更準確地確定真實的感染和暴露水平在全球範圍內也是在局部區域的基礎上。所以這是我們具有獨特定位的工作，因為 Facebook 是一個全球社區，人們在我們的服務中使用他們的真實身份。所以這意味著我們可以確保數據有意義。但我們非常專注於以我們知道將有助於健康應對的方式來做到這一點，並保護人們的隱私和人權，這就是為什麼我們主要關注聚合數據如何提供幫助。

Now outside of Facebook, Priscilla and my work at the Chan Zuckerberg Initiative with -- alongside leading experts and science and health, continues to inform my views on the best ways for us to assist in this health response, and also what we should expect going forward with this disease.

現在在 Facebook 之外，普里西拉和我在 Chan Zuckerberg Initiative 的工作——與領先的專家和科學與健康一起，繼續告訴我關於我們協助這種健康應對的最佳方式的觀點，以及我們應該期待的事情推進這種疾病。

All right. So next, I want to discuss how we're helping people stay connected with the people they care about, even while we can't be together during this period. So this is our core mission, and I'm proud of how we've supported people around the world during this time. We know that people especially rely on social apps in times of crisis, and in times when we can't be together in person. And right now, we are experiencing both of those all around the world at the same time. So we're seeing major increases in use of our services. For the first time ever, there are now more than 3 billion people actively using Facebook, Instagram, WhatsApp or Messenger each month. That includes 2.6 billion people using Facebook alone and more than 2.3 billion people using at least one of our services every day. In many of the places that have been hardest hit by the virus, messaging volume has increased more than 50%, and voice and video calling have more than doubled across Messenger and WhatsApp.

好的。所以接下來，我想討論一下我們如何幫助人們與他們關心的人保持聯繫，即使我們在此期間不能在一起。所以這是我們的核心使命，我為我們在這段時間裡如何支持世界各地的人們感到自豪。我們知道，人們在危機時刻以及無法親自相聚的時候尤其依賴社交應用程序。而現在，我們正在世界各地同時經歷這兩種情況。因此，我們看到我們服務的使用量大幅增加。有史以來第一次，每月有超過 30 億人積極使用 Facebook、Instagram、WhatsApp 或 Messenger。這包括僅使用 Facebook 的 26 億人，以及每天至少使用我們的一項服務的超過 23 億人。在許多受病毒影響最嚴重的地方，消息量增加了 50% 以上，Messenger 和 WhatsApp 的語音和視頻通話量增加了一倍多。

In Italy, for example, we've seen up to 70% more time spent across our apps; Instagram and Facebook Live views doubled in 1 week; and we've also seen time and group video calling increased by more than 1,000% over March. So making sure that our services are stable and reliable during this period is a top priority. We're monitoring usage closely and adding capacity in our data centers where we can. The investments we've made in shared infrastructure that power all of our different services over the years have helped us manage through this. But it has been a challenge while all our teams have been working remotely.

例如，在意大利，我們發現在我們的應用程序上花費的時間增加了 70%； Instagram 和 Facebook Live 瀏覽量在 1 週內翻了一番；我們還看到時間和群組視頻通話時間比 3 月份增加了 1,000% 以上。因此確保我們的服務在此期間穩定可靠是重中之重。我們正在密切監控使用情況，並儘可能增加數據中心的容量。多年來，我們對支持我們所有不同服務的共享基礎設施進行的投資幫助我們度過了難關。但是，當我們所有的團隊都在遠程工作時，這一直是一個挑戰。

Now I'm sharing these numbers to give you a sense of a surge in people relying on these services that we're seeing. Obviously, I wish the circumstances were different. And I don't expect that this exact spike in usage will sustain over a longer period of time. But in some areas, I think we are seeing an acceleration in pre-existing long-term trends, like the dramatic increase in online private social communication that is likely to continue. And if nothing else, this usage shows that for a lot of people around the world, these services are part of the social infrastructure that brings us together.

現在我分享這些數字是為了讓您了解依賴我們所看到的這些服務的人數激增。顯然，我希望情況有所不同。而且我不認為這種確切的使用高峰會持續更長的時間。但在某些領域，我認為我們正在看到先前存在的長期趨勢的加速發展，比如可能會繼續的在線私人社交交流的急劇增加。如果不出意外，這種用法表明，對於世界各地的許多人來說，這些服務是將我們聚集在一起的社會基礎設施的一部分。

Now even before COVID-19, our product strategy is already focused on building out private social platforms and enabling online commerce, so it's well aligned with what people need now. Last week, we announced a number of new product improvements around video presence, which has emerged as an especially critical part of the private social platform during this time. Our view is that video presence includes 3 categories: video calling, video rooms and live video. And we plan to lead and offer the best services for social uses in each of those different categories.

現在，甚至在 COVID-19 之前，我們的產品戰略就已經專注於構建私人社交平台和支持在線商務，因此它非常符合人們現在的需求。上週，我們宣布了一系列圍繞視頻呈現的新產品改進，視頻呈現在這段時間已成為私人社交平台的一個特別重要的部分。我們認為視頻呈現包括3類：視頻通話、視頻房間和視頻直播。我們計劃在每個不同類別中領導並提供最好的社交用途服務。

Now video calling is when you actually ring a person's phone or computer, and it's by far the most used type of video chat. Between WhatsApp and Messenger, there are more than 700 million daily actives participating in calls. We're doubling the size of WhatsApp video calls from 4 to 8. And this is important because WhatsApp is the most popular end-to-end encrypted calling service. So if you care about privacy and encryption, and you want to be able to reach anyone, you're probably using WhatsApp. And now you're going to be able to get your whole family or a larger group together on calls.

現在，視頻通話是您實際撥打某人的電話或計算機的時間，它是迄今為止最常用的視頻聊天類型。在 WhatsApp 和 Messenger 之間，每天有超過 7 億活躍用戶參與通話。我們將 WhatsApp 視頻通話的規模從 4 倍增加到 8 倍。這很重要，因為 WhatsApp 是最受歡迎的端到端加密通話服務。因此，如果您關心隱私和加密，並且希望能夠聯繫到任何人，那麼您可能正在使用 WhatsApp。現在您將能夠讓您的整個家庭或更大的團隊一起通話。

For video rooms, we announced a completely new product called Messenger Rooms. And the idea here is that you can create a room for any activity or event you want, send a link to your friends or have them discover your room on Facebook, and then they can just drop in and hang out for a bit. And this is different from any other video presence experience because it is serendipitous. You don't have to plan out an event and schedule in advance if you don't want. It could be much more spontaneous and fun. And I've really enjoyed getting to use this as we've been building out Messenger Rooms internally, and I'm looking forward to getting it in more people's hands around the world soon.

對於視頻室，我們發布了一款名為 Messenger Rooms 的全新產品。這裡的想法是，您可以為您想要的任何活動或事件創建一個房間，將鏈接發送給您的朋友或讓他們在 Facebook 上發現您的房間，然後他們就可以順便進來閒逛一下。這與任何其他視頻呈現體驗不同，因為它是偶然的。如果你不想，你不必提前計劃和安排活動。它可能更加自發和有趣。我真的很喜歡使用它，因為我們一直在內部構建 Messenger Rooms，我期待著很快將它交到世界各地更多人的手中。

Live video is also particularly important right now. People used to primarily livestream physical events, but since almost no one is planning physical events right now, live streaming has become the primary venue for many events, whether that's the Pope's weekly mass on Facebook Live or DJs hosting dance parties on Instagram. Every day, more than 800 million daily actives are engaging with livestreams across workout classes, concerts and more. And we pivoted the Facebook events team to help people create online events, including enabling people and small businesses to charge people to join their events in order to support small businesses that rely on in-person services before.

實時視頻現在也特別重要。人們過去主要直播體育賽事，但由於現在幾乎沒有人計劃體育賽事，直播已成為許多活動的主要場所，無論是教皇每週在 Facebook Live 上的彌撒，還是 DJ 在 Instagram 上舉辦的舞會。每天，超過 8 億的每日活躍用戶通過健身課程、音樂會等方式參與直播。我們還調整了 Facebook 活動團隊，幫助人們創建在線活動，包括讓人們和小型企業向參加活動的人們收費，以支持以前依賴面對面服務的小型企業。

The last area of our response that I want to discuss is how we're helping with the economic recovery, especially for small businesses. Sheryl will talk about this more, but with so many businesses forced to close their physical storefronts, more are looking to build their digital presences. And those which already invested in their digital presences are increasingly viewing them as their primary storefronts. So we're working on a number of ways to deepen this experience, helping people buy items and services directly within our apps. And we're going to have a lot more to share on this soon.

我想討論的我們回應的最後一個方面是我們如何幫助經濟復甦，尤其是對小企業。 Sheryl 將更多地談論這一點，但由於許多企業被迫關閉實體店面，更多企業正在尋求建立數字業務。那些已經投資於數字業務的公司越來越多地將其視為主要店面。因此，我們正在研究多種方法來加深這種體驗，幫助人們直接在我們的應用程序中購買商品和服務。我們將很快就此分享更多內容。

Overall, though, our business depends on the success of small businesses, so this is a moment where we feel that we're well positioned to be champions for small business' interests and supporters of important infrastructure that they're going to need in order to move online.

不過，總的來說，我們的業務取決於小企業的成功，所以在這個時刻，我們覺得我們有能力成為小企業利益的捍衛者和他們需要的重要基礎設施的支持者移動到網上。

One aspect of online commerce that I want to mention is the partnership that we just announced with Jio Platforms in India. The largest Facebook and WhatsApp communities in the world are in India, and we think that there's an especially important opportunity to serve small businesses and enable commerce there over the long term. So by bringing together JioMart, which is Jio's small business initiative to connect millions of shops across India, with WhatsApp, we think that we're going to be able to create a much better shopping and commerce experience. And there's a lot more that we can do here, and I'm looking forward to making progress with the team at Jio.

我想提及的在線商務的一個方面是我們剛剛宣布與印度 Jio Platforms 的合作夥伴關係。世界上最大的 Facebook 和 WhatsApp 社區在印度，我們認為這是一個特別重要的機會，可以為小企業提供服務，並促進那裡的長期商業發展。因此，通過將 JioMart（Jio 旨在連接印度數百萬家商店的小型企業計劃）與 WhatsApp 結合在一起，我們認為我們將能夠創造更好的購物和商務體驗。我們在這裡可以做的還有很多，我期待與 Jio 的團隊一起取得進步。

Now beyond our immediate plans to help respond to the pandemic, I also want to share some reflections on how we're planning to run the company during this period. I have always believed that in times of economic downturn, the right thing to do is to keep investing in building the future, and I believe this for a few reasons. First, when the world changes quickly, people have new needs, and that means that there are more new things to build. Second, since many big companies will pull back on their investments, there are a lot of things that wouldn't otherwise get built but that we can help deliver. And the third, I believe that there's a sense of responsibility and duty to invest in the economic recovery and to provide stability for your community and stakeholders if you have the ability to do so. And we're in a fortunate position to be able to do this. Along with our strong financial position and the important social value our services provide, we're planning to hire at least 10,000 more people in product and engineering roles this year so we can continue building and making progress. That said, with advertisers spending less and our business performance below expectations, we do plan to moderate some areas of our expense growth, especially in business functions. We accepted that our profit margins will decrease this year as we continue investing, and Dave will share more on our financial outlook in a few minutes. But this economic pullback has certainly reinforced for me the importance of maintaining high margins. Our financial position has allowed us to continue investing in building products and making investments like our partnership with Jio even when the underlying economic conditions are challenging.

現在，除了我們幫助應對這一流行病的近期計劃之外，我還想分享一些關於我們在此期間計劃如何運營公司的想法。我一直認為，在經濟低迷時期，正確的做法是繼續投資建設未來，我相信這一點有幾個原因。首先，當世界快速變化時，人們會有新的需求，這意味著有更多的新事物需要構建。其次，由於許多大公司將撤回投資，因此有很多東西本來無法建成，但我們可以幫助實現。第三，我相信如果你有能力這樣做，投資經濟復甦並為你的社區和利益相關者提供穩定是一種責任感和義務感。我們很幸運能夠做到這一點。除了我們強大的財務狀況和我們的服務提供的重要社會價值外，我們計劃今年再僱用至少 10,000 名產品和工程人員，以便我們能夠繼續建設和取得進步。也就是說，由於廣告商支出減少且我們的業務表現低於預期，我們確實計劃在某些方面放慢支出增長，尤其是在業務職能方面。我們承認，隨著我們繼續投資，今年我們的利潤率將下降，戴夫將在幾分鐘內分享更多關於我們財務前景的信息。但這種經濟回落對我來說無疑加強了保持高利潤率的重要性。我們的財務狀況使我們能夠繼續投資於構建產品並進行投資，例如我們與 Jio 的合作夥伴關係，即使在潛在的經濟條件充滿挑戰的情況下也是如此。

Now as always, I am grateful to everyone on this journey with us, and that's especially true during this period. As our services play an especially important role right now in helping people stay connected, in assisting the public health response and working on the economic recovery. I really want to thank all of our employees who are working hard to deliver these services, and everyone who has believed in us and supported our company over the years to help us get to the point where we can deliver these services for people around the world.

現在，一如既往，我感謝與我們一起踏上這段旅程的每一個人，在這段時間尤其如此。由於我們的服務目前在幫助人們保持聯繫、協助公共衛生響應和致力於經濟復甦方面發揮著特別重要的作用。我真的要感謝我們所有努力提供這些服務的員工，以及多年來相信我們並支持我們公司幫助我們達到為世界各地的人們提供這些服務的地步的每一個人.

So thank you. And with that, here is Sheryl to talk more about our business.

所以謝謝。說到這裡，Sheryl 將更多地談論我們的業務。

Thanks, Mark, and hi, everyone. As Mark said, this is an extraordinarily challenging time. It's a public health emergency, a global economic crisis, and a time of great anxiety and personal tragedy for so many. My heart goes out to everyone on this call who has lost someone they love, and to everyone for the many ways so many are suffering.

謝謝，馬克，大家好。正如馬克所說，這是一個極具挑戰性的時期。這是突發公共衛生事件、全球經濟危機，也是許多人極度焦慮和個人悲劇的時刻。我的心與所有在這通電話中失去所愛之人的人同在，也與所有因許多方式遭受苦難的人同在。

Mark talked about how our company has responded during this emergency to keep people safe and informed, how we see our responsibilities and how we are thinking about the future. I'm going to talk more about the impact we have seen in our business and what we are doing to help other businesses survive and recover in this changing landscape.

馬克談到了我們公司在這次緊急情況下如何應對以確保人們的安全和知情、我們如何看待我們的責任以及我們如何思考未來。我將更多地談論我們在我們的業務中看到的影響，以及我們正在做些什麼來幫助其他企業在這個不斷變化的環境中生存和恢復。

Our total ad revenue for Q1 was $17.4 billion, which is a 17% year-over-year increase. After a strong start to the quarter, we saw a significant impact on our business as a consequence of the pandemic from the second week of March onwards. This impact has not been felt evenly. We've seen strong growth in gaming and relative stability in technology and e-commerce, which is one of our largest sectors. There are a few contributing factors here: first, as people stay at home, these sectors are seeing more use of their products and services; second, advertisers in these sectors tend to optimize for measurable objectives, and we are generating sales at lower prices due to the overall reduction in ad demand. On the other hand, we've seen significant declines in travel and auto as these industries have been hit particularly hard. These trends are continuing in the first 2 weeks of Q2, and Dave will share more on this shortly.

我們第一季度的廣告總收入為 174 億美元，同比增長 17%。在本季度開局強勁之後，從 3 月的第二週開始，疫情對我們的業務產生了重大影響。這種影響並沒有被均勻地感受到。我們已經看到遊戲的強勁增長以及技術和電子商務的相對穩定，這是我們最大的行業之一。這裡有幾個促成因素：首先，由於人們呆在家裡，這些行業的產品和服務得到了更多的使用；其次，這些行業的廣告商傾向於針對可衡量的目標進行優化，由於廣告需求的整體減少，我們正在以較低的價格產生銷售。另一方面，由於旅遊和汽車行業受到的打擊尤為嚴重，我們已經看到它們大幅下滑。這些趨勢在第二季度的前 2 週仍在繼續，Dave 將在短期內分享更多信息。

Companies of all types are adapting to a world where people aren't walking into their stores or seeing their brand on billboards. With more people spending time on our products and services than ever before, we are focused on continuing to deliver free and paid tools to help businesses reach the right people at the right time, and on finding new ways to support those struggling to keep the lights on and pay their employees.

各種類型的公司都在適應人們不會走進他們的商店或在廣告牌上看到他們的品牌的世界。隨著越來越多的人花時間在我們的產品和服務上，我們專注於繼續提供免費和付費工具，以幫助企業在正確的時間接觸到正確的人，並尋找新的方法來支持那些努力保持光明的人上並支付他們的員工。

People are looking for businesses on Facebook and Instagram, more than usual during this crisis, so our free products are particularly important to the many brick-and-mortar businesses pivoting quickly online. Even in the United States, before the crisis, 1 in 3 companies didn't have a website because they can be expensive and difficult to set up even in the best of times. A Facebook page or Instagram business profile is free, and in a matter of minutes, established as a digital storefront. Many are finding creative ways to engage their customers using our free products from gyms offering workouts on Facebook Live, to stores and restaurants using WhatsApp and Messenger to reach customers with delivery options.

人們在 Facebook 和 Instagram 上尋找業務，在這場危機中比以往任何時候都多，因此我們的免費產品對於許多快速轉向在線的實體企業尤為重要。即使在美國，在危機之前，也有三分之一的公司沒有網站，因為即使在最好的時候，網站建設起來也很昂貴且困難。 Facebook 頁面或 Instagram 業務資料是免費的，並且在幾分鐘內即可建立為數字店面。許多公司正在尋找創造性的方式來吸引他們的客戶使用我們的免費產品，從在 Facebook Live 上提供鍛煉的健身房，到使用 WhatsApp 和 Messenger 的商店和餐館，以通過交付選項接觸客戶。

In Thailand, when Penguin Eat Shabu closed the doors of its 9 restaurants, they started selling to-go boxes. They promoted them with Facebook posts and customers could order through Messenger, and they got 350 sales in 1 minute. A second offer led to 2,500 hot pot sales. After initially putting their employees on unpaid leave, these sales increased their revenue and helped restore employees to full pay.

在泰國，當 Penguin Eat Shabu 關閉其 9 家餐廳時，他們開始銷售外帶盒。他們通過 Facebook 帖子推廣它們，客戶可以通過 Messenger 訂購，他們在 1 分鐘內獲得了 350 筆銷售。第二次報價促成了 2,500 份火鍋的銷售。在最初讓員工休無薪假後，這些銷售增加了他們的收入，並幫助員工恢復了全薪。

Marketers of all sizes have more limited budgets so they need to make every dollar work as hard as possible. That means measuring the value of their advertising is more important than ever, which is something our personalized ads provide. For years, we have made major investments in systems and tools that enable businesses to easily understand their return on investment. In the current environment, these investments are paying off.

各種規模的營銷人員的預算都比較有限，因此他們需要盡可能地用好每一分錢。這意味著衡量他們廣告的價值比以往任何時候都更加重要，而這正是我們的個性化廣告所提供的。多年來，我們在使企業能夠輕鬆了解其投資回報的系統和工具方面進行了大量投資。在當前環境下，這些投資正在獲得回報。

We are also launching new products to help businesses adapt to changing circumstances. Our teams moved quickly to make gift cards available on both Facebook and Instagram, giving customers the option to support businesses by paying upfront for products and services they can use later. We also made it possible for people to create fundraisers for local businesses with a few simple clicks. Fundraisers have been available to support nonprofits and people since 2015. But given the overwhelming interest in helping small businesses weather the storm, we made these tools available for businesses as well, something we never expected to do.

我們還推出了新產品，以幫助企業適應不斷變化的環境。我們的團隊迅速採取行動，在 Facebook 和 Instagram 上提供禮品卡，讓客戶可以選擇通過預先支付他們以後可以使用的產品和服務來支持企業。我們還讓人們只需點擊幾下就可以為本地企業創建籌款活動。自 2015 年以來，籌款活動一直在為非營利組織和個人提供支持。但鑑於人們對幫助小企業渡過難關的濃厚興趣，我們也為企業提供了這些工具，這是我們從未想過的事情。

We also launched temporary service changes to make it easier for businesses to share critical information like inventory updates, shipment details or new ways to buy. For example, if a restaurant needs to shift to a delivery model, they can now add food delivery links to their Facebook page or Instagram business profile. Creating these products quickly in the current environment wasn't easy, and I am grateful to our product and engineering teams who are executing so well working from home.

我們還推出了臨時服務變更，讓企業更容易共享關鍵信息，例如庫存更新、發貨詳情或新的購買方式。例如，如果一家餐廳需要轉變為外賣模式，他們現在可以將外賣鏈接添加到他們的 Facebook 頁面或 Instagram 業務資料中。在當前環境下快速創建這些產品並不容易，我很感謝我們的產品和工程團隊，他們在家工作時表現出色。

The Business Resource Hub we launched in early May is a one-stop shop where businesses of all sizes can find support and virtual training that can help them migrate online. People can take courses on everything from how to connect with customers via messaging and Facebook Live to how to increase online sales. We are fortunate to be in a strong financial position. We can continue to pay all of our employees and contractors during this difficult time, which is why we believe we have a real responsibility to help others, especially small businesses around the world. In mid-March, we announced a $100 million grant program to help 30,000 small businesses across the more than 30 country we call home. Applications open this month, and we are focused on getting cash into their hands as soon as possible. Economic crisis hit vulnerable communities the hardest, especially women and women of color and the families who depend on them. That's why half of the grants available in the U.S. are earmarked for women minority and veteran-owned businesses. We have also worked closely with the U.S. government's small business administration to spread the word to small businesses about how to apply for relief loans reaching 30 million accounts across Facebook and Instagram with this information.

我們在 5 月初推出的業務資源中心是一個一站式商店，各種規模的企業都可以在這裡找到可以幫助他們在線遷移的支持和虛擬培訓。人們可以參加各種課程，從如何通過消息和 Facebook Live 與客戶聯繫，到如何增加在線銷售額。我們很幸運能夠擁有強大的財務狀況。在此困難時期，我們可以繼續支付所有員工和承包商的工資，這就是為什麼我們相信我們有真正的責任幫助他人，尤其是世界各地的小企業。 3 月中旬，我們宣布了一項 1 億美元的贈款計劃，以幫助我們稱之為家的 30 多個國家/地區的 30,000 家小型企業。本月開放申請，我們專注於盡快將現金交到他們手中。經濟危機對脆弱社區的打擊最為嚴重，尤其是婦女和有色人種婦女以及依賴她們的家庭。這就是為什麼美國有一半的贈款專門用於女性少數族裔和退伍軍人擁有的企業。我們還與美國政府的小企業管理局密切合作，向小企業宣傳如何利用這些信息向 Facebook 和 Instagram 上的 3000 萬個賬戶申請救濟貸款。

Businesses aren't the only ones facing hardship. Newsrooms are too. At a time when critical information is needed to keep community safe, news organizations are seeing steep declines in ad revenue. In late March, we announced a $100 million investment to support the news industry, with $25 million in grant funding for local news organizations and $75 million in marketing spend to get money to publishers.

企業並不是唯一面臨困難的人。新聞編輯室也是。在需要關鍵信息來確保社區安全的時候，新聞機構的廣告收入卻在急劇下降。 3 月下旬，我們宣布投資 1 億美元支持新聞行業，其中 2500 萬美元用於當地新聞機構的贈款，7500 萬美元的營銷支出用於向出版商籌集資金。

We have a responsibility to help during this uncertain time by connecting billions of people when they are separated physically, getting vital health information on to people on a dramatic scale and helping small businesses survive. I want to close by saying how grateful I am to our partners and teams around the world. During this unprecedented time, we are trying to stay closer than ever to businesses large and small as they adapt to these significant challenges. I also want to thank our teams for ensuring our services keep running and working so hard to launch new products so we can continue making a real difference in people's lives. This is such a difficult period for everyone, and we are grateful for the important work that is being accomplished by so many.

我們有責任在這個不確定的時期提供幫助，將數十億身體分離的人聯繫起來，以驚人的規模向人們提供重要的健康信息，並幫助小企業生存。最後，我想對我們在世界各地的合作夥伴和團隊表示感謝。在這個前所未有的時期，我們正努力比以往任何時候都更接近大小企業，因為他們正在適應這些重大挑戰。我還要感謝我們的團隊確保我們的服務持續運行並努力推出新產品，以便我們能夠繼續真正改變人們的生活。這對每個人來說都是一個艱難的時期，我們感謝這麼多人正在完成的重要工作。

Now here is Dave.

現在戴夫來了。

Thanks, Sheryl, and good afternoon, everyone. Echoing Mark and Sheryl's comments, my thoughts are with everyone facing challenges during this difficult and unprecedented time. Before turning to results, I wanted to comment briefly on Facebook's operating posture during the crisis.

謝謝，Sheryl，大家下午好。與 Mark 和 Sheryl 的評論相呼應，我的心與每個在這個前所未有的困難時期面臨挑戰的人同在。在談到結果之前，我想簡要評論一下 Facebook 在危機期間的經營狀況。

We took early action to ensure that all our employees were safe and moved to a global work-from-home status on March 6 in the week prior to the WHO declaring COVID-19 a global pandemic. We are currently operating with over 95% of our full-time employees working from home, with safety being the #1 priority for those essential workers who need to come in to our data centers and other facilities. We have been able to both support our existing employees and to onboard new employees throughout this period. While we are by no means operating at 100% of capacity across every dimension of our operations, we have continued to ship new product releases, maintain service availability, review content and stay connected with our business customers. Given the circumstances, we have been pleased with the dedication and professionalism with which the Facebook team is tackling the challenges presented by this crisis.

我們及早採取行動以確保我們所有員工的安全，並於 3 月 6 日在世界衛生組織宣布 COVID-19 為全球大流行病的前一周轉為全球在家工作狀態。目前，我們有超過 95% 的全職員工在家工作，安全是那些需要進入我們的數據中心和其他設施的重要工作人員的第一要務。在此期間，我們既能支持現有員工，又能招募新員工。雖然我們絕不是在我們運營的各個方面都以 100% 的能力運營，但我們繼續發布新產品、保持服務可用性、審查內容並與我們的商業客戶保持聯繫。在這種情況下，我們對 Facebook 團隊應對這場危機帶來的挑戰所表現出的奉獻精神和專業精神感到滿意。

Now turning to the results. The COVID-19 pandemic is having a broad impact on our community metrics, revenue, expenses and business operations. Our community metrics reflected increase -- reflect increased engagement as people around the world have sheltered in place. It's gratifying that people are using our family of apps to stay informed and to connect with people and organizations that they care about. In March, we estimate that, on average, 2.3 billion people used at least one of our services on a daily basis and that approximately 3 billion people were active on a monthly basis.

現在轉向結果。 COVID-19 大流行對我們的社區指標、收入、支出和業務運營產生了廣泛影響。我們的社區指標反映了增長——反映了隨著世界各地的人們都在適當的地方避難而增加的參與度。令人欣慰的是，人們正在使用我們的應用程序系列來隨時了解情況並與他們關心的人和組織建立聯繫。 3 月份，我們估計平均有 23 億人每天至少使用我們的一項服務，每月約有 30 億人活躍。

We have seen increased usage across all of our services, particularly in markets that have been most impacted by the virus, including a surge in video and voice calling on Messenger and WhatsApp. People around the world have increasingly turned to Facebook as well. Daily active users reached 1.73 billion, up 11% compared to last year. DAUs represented approximately 67% of the 2.6 billion monthly active users in March. MAUs grew 228 million or 10% compared to last year. We expect that we will lose some of this increased engagement when shelter-in-place restrictions are relaxed and life returns to a more normal cadence which we all look forward to.

我們發現我們所有服務的使用量都在增加，尤其是在受病毒影響最嚴重的市場，包括 Messenger 和 WhatsApp 上的視頻和語音通話激增。世界各地的人們也越來越多地轉向 Facebook。日活躍用戶達到17.3億，比去年增長11%。 DAU 約佔 3 月份 26 億月度活躍用戶的 67%。與去年相比，MAU 增長了 2.28 億或 10%。我們預計，當就地避難限制放寬並且生活恢復到我們都期待的更正常的節奏時，我們將失去一些這種增加的參與。

Turning now to the financials. Q1 total revenue was $17.7 billion, up 18% or 19% on a constant currency basis. Had foreign exchange rates remain constant with Q1 of last year, total revenue would have been $275 million higher. Q1 ad revenue was $17.4 billion, up 17% or 19% on a constant currency basis. Again, the COVID-19 pandemic had a meaningful impact on our revenue. Revenue was strong from the beginning of the quarter through the first week of March when we began to see a steep slowdown in our ads business. Particularly in countries that implemented shelter-in-place measures to reduce the spread of the virus.

現在轉向財務。第一季度總收入為 177 億美元，按固定匯率計算增長 18% 或 19%。如果外匯匯率與去年第一季度保持不變，總收入將增加 2.75 億美元。第一季度廣告收入為 174 億美元，按固定匯率計算增長 17% 或 19%。同樣，COVID-19 大流行對我們的收入產生了重大影響。從本季度初到 3 月的第一周，當我們開始看到廣告業務急劇放緩時，收入一直很強勁。特別是在實施就地避難措施以減少病毒傳播的國家。

As Sheryl mentioned, there was a great deal of variability by vertical. During the last 3 weeks of March, travel and auto were our weakest verticals, and we saw relative strength in gaming, technology and e-commerce. These trends have continued into Q2. We have seen relatively comparable pullbacks amongst large and small advertisers. COVID-19 had an impact across the globe in Q1. On a regional basis, ad revenue growth was strongest in Asia Pacific at 21%, followed by U.S., Canada, Europe and rest of world at 16% each.

正如 Sheryl 所提到的，垂直方向存在很大的可變性。在 3 月的最後 3 週，旅遊和汽車是我們最薄弱的垂直行業，我們在遊戲、科技和電子商務方面看到了相對強勢。這些趨勢一直持續到第二季度。我們在大型和小型廣告商之間看到了相對可比的回調。 COVID-19 在第一季度對全球產生了影響。從地區來看，亞太地區的廣告收入增長最為強勁，達到 21%，其次是美國、加拿大、歐洲和世界其他地區，各增長 16%。

Turning now to our price and volume metrics. In Q1, the total number of ad impressions served across our services increased 39%, and the average price per ad decreased 16%. The growth of impressions was primarily driven by Facebook mobile News Feed due to product optimizations we made prior to the pandemic as well as from increased engagement that I talked about earlier. The decline in average price per ad was largely attributable to the reduction in advertiser demand during the last 3 weeks of March. Other revenue was $297 million, up 80% driven primarily by sales of Oculus products. As a reminder, we launched Quest in May 2019.

現在轉向我們的價格和數量指標。第一季度，我們服務中的廣告展示總數增加了 39%，每條廣告的平均價格下降了 16%。由於我們在大流行之前進行的產品優化以及我之前談到的增加的參與度，印象的增長主要是由 Facebook 移動動態消息推動的。每條廣告的平均價格下降主要是由於 3 月的最後 3 周廣告客戶需求減少。其他收入為 2.97 億美元，增長 80%，主要受 Oculus 產品銷售的推動。提醒一下，我們於 2019 年 5 月推出了 Quest。

Turning now to expenses. Q1 total expenses were $11.8 billion, up 1% on a reported basis. Excluding the $3 billion expense we recorded in Q1 related to our settlement with the FTC Q1 of last year, that is related to our settlement with the FTC, total expenses were up 35% year-over-year. Cost of revenue increased 23%, driven primarily by depreciation related to our infrastructure spend. R&D grew 40% and was driven primarily by investments in core product as well as our innovation efforts, particularly in AR/VR. Marketing and sales grew 38% and was driven by consumer and growth marketing. Finally, excluding the FTC expense from Q1 of 2019, G&A grew 49%, driven partially by an increase in estimated credit losses related to COVID-19. We had over 3,300 net new hires in Q1, primarily in technical functions and ended the quarter with over 48,000 full-time employees, up 28% compared to last year. As I mentioned earlier, we continue to recruit and onboard new employees successfully while in a work-from-home environment.

現在轉向費用。第一季度總支出為 118 億美元，按報告基礎增長 1%。不包括我們在第一季度記錄的與去年第一季度與 FTC 達成和解相關的 30 億美元費用，即與我們與 FTC 達成和解相關的費用，總費用同比增長 35%。收入成本增加了 23%，這主要是由於與我們的基礎設施支出相關的折舊所致。研發增長了 40%，主要由對核心產品的投資以及我們的創新努力推動，尤其是在 AR/VR 方面。營銷和銷售額增長了 38%，這主要受到消費者和增長營銷的推動。最後，不計入 2019 年第一季度的 FTC 費用，G&A 增長了 49%，部分原因是與 COVID-19 相關的估計信用損失增加。我們在第一季度淨增聘了 3,300 多名新員工，主要是技術職能部門，本季度末全職員工超過 48,000 名，比去年增長 28%。正如我之前提到的，我們在在家工作的環境中繼續成功地招聘和入職新員工。

Operating income was $5.9 billion representing a 33% operating margin, and our tax rate was 16%. Net income was $4.9 billion or $1.71 per share. Capital expenditures were $3.7 billion driven by investments in data centers, servers, office buildings and network infrastructure. We had $7.3 billion of free cash flow in the quarter, and we repurchased $1.2 billion of our Class A common stock. We ended the quarter with $60.3 billion of cash and investments.

營業收入為 59 億美元，營業利潤率為 33%，稅率為 16%。淨收入為 49 億美元或每股 1.71 美元。資本支出為 37 億美元，主要受數據中心、服務器、辦公樓和網絡基礎設施投資的推動。本季度我們有 73 億美元的自由現金流，我們回購了 12 億美元的 A 類普通股。我們以 603 億美元的現金和投資結束了本季度。

As I mentioned last quarter, though we booked the FTC expense in 2019, we did not pay the $5 billion settlement amount until the -- after the first quarter of 2020 closed. In addition, this past week, as Mark mentioned, we signed an agreement to invest approximately $5.7 billion into Jio Platforms in India. Our strong balance sheet proved to be an important asset this quarter, enabling us to commit to a long-term growth priority in India even in the midst of a troubled global economy.

正如我上個季度提到的，儘管我們在 2019 年計入了 FTC 費用，但直到 2020 年第一季度結束後，我們才支付 50 億美元的和解金額。此外，正如馬克所說，上週我們簽署了一項協議，將向印度的 Jio Platforms 投資約 57 億美元。我們強大的資產負債表在本季度被證明是一項重要資產，使我們能夠在全球經濟陷入困境的情況下致力於印度的長期增長優先事項。

Turning now to the outlook. With the COVID-19 crisis, like all companies, we are facing a period of unprecedented uncertainty in our business outlook, certainly in the nearly 8 years I've been with Facebook. We expect our business performance will be impacted by issues beyond our control, including the duration and efficacy of shelter-in-place orders, the effectiveness of economic stimuli around the world and the fluctuation of currencies relative to the U.S. dollar. On the latter point alone, since the WHO declared COVID-19 as a pandemic, we have seen the U.S. dollar appreciate 5% relative to the foreign currencies we do business in.

現在轉向前景。與所有公司一樣，隨著 COVID-19 危機，我們的業務前景正面臨著前所未有的不確定性時期，當然是在我加入 Facebook 的近 8 年裡。我們預計我們的業務績效將受到我們無法控制的問題的影響，包括就地避難令的持續時間和效力、全球經濟刺激措施的有效性以及貨幣相對於美元的波動。僅就後一點而言，自從 WHO 宣布 COVID-19 為大流行病以來，我們已經看到美元相對於我們開展業務的外幣升值了 5%。

Given the increasing uncertainty in our business outlook, we are not providing specific revenue guidance for the second quarter or full year 2020. Rather, I would like to provide a snapshot of revenue performance in the second quarter thus far. There is a tremendous amount of macro uncertainty. So it's difficult to extrapolate performance based on a small sample of data. After an initial steep decrease in ad revenue in March, we have seen signs of stability reflected in the first 3 weeks of April. Ad revenue has been approximately flat compared to the same period a year ago, down from the 17% year-over-year growth in the first quarter of 2020. The April trends reflect weakness across all of our user geographies as most of our major countries have had some sort of shelter-in-place guidelines in effect. We are understandably cautious given that most economists are forecasting a global GDP contraction in Q2, which, if history were a guide, would suggest the potential for an even more severe advertising industry contraction.

鑑於我們業務前景的不確定性越來越大，我們不會提供第二季度或 2020 年全年的具體收入指導。相反，我想簡要介紹一下迄今為止第二季度的收入表現。存在大量的宏觀不確定性。因此很難根據少量數據樣本推斷性能。在 3 月份廣告收入最初急劇下降之後，我們在 4 月份的前 3 週看到了穩定的跡象。廣告收入與去年同期相比基本持平，低於 2020 年第一季度 17% 的同比增長率。4 月份的趨勢反映了我們所有用戶地區的疲軟情況，因為我們的大多數主要國家/地區已經實施了某種就地避難指南。考慮到大多數經濟學家預測第二季度全球 GDP 收縮，我們的謹慎是可以理解的，如果以歷史為鑑，這將表明廣告業收縮的可能性更大。

In terms of expenses, we are continuing to monitor the COVID-19 situation and its impact on our business and operations, and we'll adjust our plans accordingly. We expect to realize operational savings in certain areas, such as travel, events and marketing as well as from slower head count growth in our business functions. However, we plan to continue to invest in product development and to recruit technical talent. In addition, we have committed over $300 million to date in investments to help our broader community during this crisis, which will have an impact on our financial performance this year. As a result, we expect total expenses in 2020 to be between $52 billion and $56 billion, down from the prior range of $54 billion to $59 billion. While this reflects a moderate reduction in the planned growth rate of total expenses, our overall expense growth in the face of expected revenue weakness will have a negative impact on our 2020 operating margins.

在費用方面，我們將繼續監測 COVID-19 的情況及其對我們業務和運營的影響，我們將相應地調整我們的計劃。我們希望在某些領域實現運營節省，例如旅行、活動和營銷，以及我們業務職能部門人數增長放緩。但是，我們計劃繼續投資於產品開發和招聘技術人才。此外，迄今為止，我們已承諾投資超過 3 億美元，以在這場危機中幫助我們更廣泛的社區，這將對我們今年的財務業績產生影響。因此，我們預計 2020 年的總支出將在 520 億美元至 560 億美元之間，低於之前的 540 億美元至 590 億美元的範圍。雖然這反映了總費用的計劃增長率適度下降，但面對預期的收入疲軟，我們的整體費用增長將對我們 2020 年的營業利潤率產生負面影響。

Turning now to capital expenditures. Our significant investments in infrastructure over the past 4 years have served us well during this period of high user engagement. We plan to continue to grow our CapEx investments to enhance and expand our global infrastructure footprint over the long term. In 2020, we now expect capital expenditures to be approximately $14 billion to $16 billion, down from our prior range of $17 billion to $19 billion. This reduction reflects a significant decrease in our construction efforts related to shelter-in-place orders. Given the strong engagement growth and related demands on our infrastructure, this year's CapEx reduction should be viewed as a deferral into 2021 rather than savings.

現在轉向資本支出。我們在過去 4 年中對基礎設施的重大投資在這段用戶參與度高的時期為我們提供了良好的服務。我們計劃繼續增加我們的資本支出投資，以長期增強和擴大我們的全球基礎設施足跡。到 2020 年，我們現在預計資本支出約為 140 億美元至 160 億美元，低於我們之前 170 億美元至 190 億美元的範圍。這一減少反映了我們與就地避難所訂單相關的建設工作的顯著減少。鑑於強勁的參與度增長和對我們基礎設施的相關需求，今年的資本支出削減應被視為推遲到 2021 年，而不是節省。

Turning now to tax. We expect our full year 2020 tax rate will be in the high teens, although we may see fluctuations in our quarterly rate depending on our financial results.

現在轉向稅收。我們預計我們的 2020 年全年稅率將達到十幾歲，儘管我們可能會根據我們的財務業績看到季度稅率的波動。

Our thoughts are with those in the community who are facing health challenges during this crisis and with those health care workers on the front lines. We are also mindful of the challenges many businesses are facing in this crisis, including the 140 million small businesses who use our platform. Our focus is, first and foremost, on helping our broad community navigate these challenges.

我們的心與社區中在這場危機中面臨健康挑戰的人們以及前線的醫護人員同在。我們也注意到許多企業在這場危機中面臨的挑戰，包括使用我們平台的 1.4 億小企業。我們的重點首先是幫助廣大社區應對這些挑戰。

With that, Mike, let's open it up for questions.

有了這個，邁克，讓我們開始提問。

(Operator Instructions) Your first question comes from the line of Brian Nowak from Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Brian Nowak。

I have 2. Just the first one for Sheryl or Dave, I appreciate all the color on the different ad verticals between gaming, e-commerce, travel and autos, et cetera. I guess I'd be curious to hear about sort of what happened in the decline in the ad business you saw in March compared to the stability in April, sort of what changed in those verticals? And then understanding you're not giving guidance, but talk to us about some of the key verticals that would be needed to sort of bring the business back to growth as we go throughout the year. And then the second question for Mark, you talked a little bit about SMBs. I'd be curious to hear about some of the key investment areas and initiatives you really think you need to execute on to make the SMB offering more comprehensive in '21 and beyond.

我有 2 個。只是 Sheryl 或 Dave 的第一個，我欣賞遊戲、電子商務、旅遊和汽車等不同廣告垂直領域的所有顏色。我想我很想知道您在 3 月份看到的廣告業務下降與 4 月份的穩定相比發生了什麼，這些垂直領域發生了什麼變化？然後了解你不是在提供指導，而是與我們討論一些關鍵的垂直領域，這些垂直領域需要在我們全年進行時使業務恢復增長。然後是馬克的第二個問題，你談到了一些關於中小企業的問題。我很想知道您真正認為需要執行的一些關鍵投資領域和計劃，以使 SMB 產品在 21 世紀及以後更加全面。

Okay, Brian. Did you want to take that, Sheryl?

好的，布賴恩。你想接受嗎，雪莉爾？

Yes, why don't you go first and I'll go second. You take the first. I'll take the second.

是啊，要不你先走，我第二個走。你拿第一個。我要第二個。

Yes. Sure. Sorry, we're doing our coordination. So Brian, yes, the trends that we saw in the end of Q1, we saw a pullback -- pretty broad-based pullback, especially concentrated in some of the areas that we talked about, things like travel and auto, but really kind of broad-based, large and small advertisers. We saw relative strength even then in a few categories like gaming, where you have always-on campaigns that we're able to pick up some supply because the lower pricing kind of cleared at the levels that those advertisers were trying to acquire users at. So that is one of the benefits of the auction. And then e-commerce, we've seen was not as strong as gaming, but we've seen that show signs of stability as well and all of those trends sort of continued into Q2. So I don't think there's a lot of vertical shifts, but I think we've seen e-commerce sort of do reasonably well. What we're seeing is really, I think, pretty straightforward. We're seeing people who are driving towards online conversion events do well because they're able to -- they're able to kind of bid in the auction and get those users and get those results that they're looking for. And people who are like looking for off-line or more top-of-funnel brand, there, we've seen more pullback in spend.

是的。當然。抱歉，我們正在進行協調。所以布賴恩，是的，我們在第一季度末看到的趨勢，我們看到了回調——相當廣泛的回調，特別是集中在我們談到的一些領域，比如旅遊和汽車，但確實有點基礎廣泛，大大小小的廣告商。即使在那時，我們在遊戲等幾個類別中也看到了相對優勢，在這些類別中，你有永遠在線的活動，我們能夠獲得一些供應，因為較低的定價在那些廣告商試圖獲得用戶的水平上得到了清除。這就是拍賣的好處之一。然後電子商務，我們看到沒有遊戲那麼強勁，但我們也看到了穩定的跡象，所有這些趨勢都持續到第二季​​度。所以我不認為有很多垂直轉變，但我認為我們已經看到電子商務在某種程度上做得相當好。我認為，我們所看到的確實非常簡單。我們看到那些正在推動在線轉化事件的人做得很好，因為他們能夠 - 他們能夠在拍賣中出價並獲得這些用戶並獲得他們正在尋找的結果。那些喜歡尋找線下或更多頂級渠道品牌的人，在那裡，我們看到了更多的支出回落。

To your second question on SMBs, there's really 2 parts to this. One is what are we doing now to help SMBs weather the storm and come back to the business and be able to pay their employees. And the second is the ongoing ad work we do. On the first, I think we've been really focused. We came out early with our $100 million grants program, and we're rolling it out very aggressively around the world, trying to get money to people very quickly. And we're building specialized products we never would have thought of before. Fundraisers were something that we did for nonprofits, for people, not small businesses. So in this very difficult time for SMBs, we're really focused on doing everything we can to help them survive and even thrive as they help transition online.

對於您關於 SMB 的第二個問題，實際上有兩個部分。一是我們現在正在做的事情是幫助中小型企業渡過難關並重返業務並能夠支付員工工資。第二個是我們正在進行的廣告工作。首先，我認為我們一直非常專注。我們很早就推出了 1 億美元的贈款計劃，並且我們正在全球範圍內非常積極地推廣它，試圖盡快將資金提供給人們。我們正在構建我們以前從未想過的專業產品。籌款活動是我們為非營利組織、為人們而不是小企業所做的事情。因此，在這個對中小型企業來說非常困難的時期，我們真正專注於盡我們所能幫助他們生存，甚至在他們幫助在線轉型時茁壯成長。

SMBs are also a major part of our business going forward. And on there, it's really the execution we do quarter after quarter to make our ads perform. We offer very personalized ads that can be directly targeted at small groups. We do that in a very privacy protective way. And those ads are often most important for small businesses who can't afford to buy broad-based media. And so all of the work we do to continue to allow targeting all of the work we do to make the ads more personalized, all of the work we do to make free tools available, which is important for all the online businesses who use our free tools. There are 140 million of them as well as the 8 million who are our advertisers and the funnel between those. That's the nuts and bolts of our business. We work on it every day. We're continuing to work on it every day through this crisis, and we'll continue beyond that.

中小企業也是我們未來業務的重要組成部分。在那裡，這真的是我們每個季度都在執行，以使我們的廣告發揮作用。我們提供非常個性化的廣告，可以直接針對小群體。我們以一種非常保護隱私的方式來做到這一點。對於無力購買廣泛媒體的小型企業來說，這些廣告通常最為重要。因此，我們所做的所有工作都是為了繼續允許定位 我們所做的所有工作都是為了使廣告更加個性化，我們所做的所有工作都是為了提供免費工具，這對於所有使用我們免費的在線企業來說都很重要工具。其中有 1.4 億，還有 800 萬是我們的廣告客戶以及它們之間的漏斗。這是我們業務的基本要素。我們每天都在努力。在這場危機中，我們每天都在繼續努力，我們將繼續努力。

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

你的下一個問題來自摩根大通的 Doug Anmuth。

I have 2, I think, probably both for Mark. First, I was hoping you could talk more about the functionality of WhatsApp and perhaps other platforms as you expand in India with the Jio Platforms partnership. Are there other markets where you could see something similar? Or is the strategy here unique to India? And then second, just given the increased engagement with communication tools and voice and video, in particular, how is that translating into increased activity in the Feed and within Stories?

我有 2 個，我想，可能都是給馬克的。首先，我希望你能更多地談論 WhatsApp 的功能，也許還有其他平台的功能，因為你通過 Jio Platforms 合作夥伴關係在印度擴張。是否有其他市場可以看到類似的東西？或者這裡的策略是印度獨有的？其次，鑑於通信工具以及語音和視頻的參與度增加，特別是，這如何轉化為 Feed 和 Stories 中活動的增加？

Sure. I can speak to the first one, and Dave and -- see if there are any stats in particular to share on the second one. And for commerce on WhatsApp more broadly, we're very focused on making it. So that small businesses can have a presence on all of the apps, right, Facebook, Instagram, WhatsApp and Messenger, and can communicate organically with people and then increasingly can do things that can help them drive transactions. So we've started rolling out things like catalogs in WhatsApp. We're working on payments to build the complete transactions. And we've rolled out a new ad format click to messaging ads, where basically a lot of small businesses and different businesses are finding that their message threads with people perform better for driving sales than their websites or other presences. They basically buy ads inside Facebook or Instagram that send people to chat threads. And then as we build out all these tools around that -- around making those threads more valuable, we think that those ads will only increase in value, which is the way we're currently thinking about that business.

當然。我可以和第一個、Dave 和--看看是否有任何特別的統計數據可以分享第二個。對於更廣泛的 WhatsApp 商務，我們非常專注於實現它。這樣一來，小型企業就可以在所有應用程序（對吧，Facebook、Instagram、WhatsApp 和 Messenger）上都有存在，並且可以與人們有機地交流，然後越來越多地可以做一些可以幫助他們推動交易的事情。所以我們已經開始在 WhatsApp 中推出諸如目錄之類的東西。我們正在處理付款以建立完整的交易。我們推出了一種新的廣告格式點擊消息廣告，基本上很多小型企業和不同的企業發現他們與人們的消息線程比他們的網站或其他存在更能推動銷售。他們基本上是在 Facebook 或 Instagram 內購買廣告，將人們發送到聊天線程。然後當我們圍繞它構建所有這些工具時——圍繞使這些線程更有價值，我們認為這些廣告只會增加價值，這就是我們目前考慮該業務的方式。

In India, with Jio, Jio has had this vision for a while. I want to be careful not to put words in their mouth, but just from what they've basically described both to us and publicly, about their JioMart vision is there are millions of small businesses and shops across India, and they want to try to help get them onto a single network that you'll be able to communicate with through WhatsApp and do payments online through WhatsApp. So I think of that is a great, very large example of how we can wire up and help small businesses in the country where we have the largest WhatsApp community. But certainly, all the products and technology that we're building to enable that partnership are going to be things that we want to do around the world. So we're very excited about working with them to drive this vision forward, and then extending it everywhere over the coming months and years. I mean, Dave, I don't know if you want to say anything about the second point. I think it's -- at a high level, I mean, you may have stats that you want to share, but I think it's -- we have seen a broad-based increase in use of the product. It's hard to know what is just correlated with the pandemic versus people are doing more video chat or messaging. So therefore, they also connect more in other parts of the product. But I do think, overall, we believe that providing a broad set of social tools for people is -- and just providing more value for people does accrue to all of the different services, which is important because, as you know, some of the services for our business, we include ads in and some we don't.

在印度，與 Jio 一起，Jio 已經有了這樣的願景有一段時間了。我要小心，不要把話說到他們嘴裡，但從他們基本上向我們和公開描述的內容來看，關於他們的 JioMart 願景，印度有數百萬家小企業和商店，他們想嘗試幫助他們進入單一網絡，您將能夠通過 WhatsApp 與之通信並通過 WhatsApp 在線支付。所以我認為這是一個很好的、非常大的例子，說明我們如何在我們擁有最大的 WhatsApp 社區的國家聯繫和幫助小企業。但可以肯定的是，我們為實現這種夥伴關係而構建的所有產品和技術都將成為我們想要在世界範圍內做的事情。因此，我們非常高興能與他們合作推動這一願景向前發展，然後在未來數月和數年內將其擴展到所有地方。我的意思是，戴夫，我不知道你是否想談談第二點。我認為這是——在高層次上，我的意思是，你可能有想要分享的統計數據，但我認為——我們已經看到該產品的使用有了廣泛的增長。很難知道什麼與大流行有關，而人們正在進行更多的視頻聊天或消息傳遞。因此，它們也在產品的其他部分連接更多。但我確實認為，總的來說，我們相信為人們提供廣泛的社交工具是 - 並且只是為人們提供更多價值確實會增加所有不同的服務，這很重要，因為正如你所知，一些為我們的業務提供的服務，我們包含廣告，有些則不包含。

Yes. And the only thing I'd add there is, we talked about the 39% increase in ad impressions, and that's really driven by engagement increases on our Feed products and Stories products as well as the surge that we've seen in the video and messaging. So it really wasn't limited to video on messaging. It was broad-based, as Mark said, and that's creating supply on the ad impression side as well.

是的。我唯一要補充的是，我們談到了 39% 的廣告展示次數增長，這實際上是由我們的 Feed 產品和 Stories 產品的參與度增加以及我們在視頻和視頻中看到的激增所推動的消息傳遞。所以它真的不限於消息傳遞視頻。正如馬克所說，它具有廣泛的基礎，這也在廣告印象方面創造了供應。

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

你的下一個問題來自美銀美林的 Justin Post。

Sheryl, maybe you could talk a little bit about the ad auction dynamics. Are you seeing e-commerce and digital replace auto and other categories? And how efficiently is that auction working? And secondly, can you give us any color on percent of ads that come from direct response versus brand or maybe CPC bidding versus CPM?

Sheryl，也許你可以談談廣告拍賣動態。您是否看到電子商務和數字取代汽車和其他類別？拍賣的效率如何？其次，你能給我們任何關於直接反應與品牌或 CPC 出價與 CPM 的廣告百分比的顏色嗎？

Sure. I can take that, Justin. In terms of the ad auction dynamics, yes, I mean, we are seeing -- when a vertical is doing better than the other or people fall out of the auction, we have very dynamic content. It's -- and so we're able to backfill that with other bids from other clients. So we're seeing a lot of bidding into the system from gaming and e-commerce. As prices come down, it's also more economic and they can get the ROIs that they want. So it's a natural way in which those -- that happens and you see a replacement effect there. So that's working well. Far more -- by far, the majority of our revenue -- we haven't given a specific number on what is direct response, but it's really -- for many years, driven our business, it continues to drive our business. And I would say, if anything, COVID has accentuated the importance of people who are bidding for online conversions. And so I think we've seen a falloff in some of the more sort of broad-based brand advertising right now. And really a focus on those things that are driving direct results today, which isn't really surprising, given the economic climate.

當然。我可以接受，賈斯汀。就廣告拍賣動態而言，是的，我的意思是，我們正在看到——當一個垂直領域比另一個做得更好或者人們退出拍賣時，我們有非常動態的內容。它是 - 所以我們能夠用其他客戶的其他出價來回填它。所以我們看到很多來自遊戲和電子商務的系統競標。隨著價格下降，它也更經濟，他們可以獲得他們想要的投資回報率。所以這是一種自然的方式——發生這種情況，你會看到那裡的替代效果。所以效果很好。更多 - 到目前為止，我們的大部分收入 - 我們沒有給出直接反應的具體數字，但它確實 - 多年來，推動我們的業務，它繼續推動我們的業務。而且我想說，如果有的話，COVID 強調了為在線轉化出價的人的重要性。因此，我認為我們現在已經看到一些更廣泛的品牌廣告出現下滑。真正關注那些在今天推動直接結果的事情，考慮到經濟環境，這並不奇怪。

Your next question comes from the line of Ross Sandler from Barclays.

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

Just a follow-up to the last question. I think about 4 years ago, you mentioned that the top 100 advertisers were just under 25% of revenue and coming down. So I guess, how does that mix look today? And Dave, I think you mentioned large and small advertisers were kind of pulling back in March and then into April, you've got about the same rate. But any more pronounced decel from large versus small, any color there? And then second question is, Mark, you mentioned in your opening remarks that something along the lines of high margins are important to the company, especially given the economic environment. So how do you think about balancing levels of investment with revenue over the long term. Has your thinking around that changed versus, I think, you mentioned in a comment maybe 2 years ago, has anything changed in the way you're thinking about margins.

只是對最後一個問題的跟進。我想大約 4 年前，你提到前 100 名廣告商的收入不到 25%，而且還在下降。所以我想，今天的組合看起來如何？戴夫，我想你提到過大型和小型廣告商在 3 月份和 4 月份都有所縮減，你們的比率大致相同。但是，從大到小，有沒有更明顯的減速，有什麼顏色嗎？然後第二個問題是，馬克，你在開場白中提到，高利潤率對公司很重要，特別是考慮到經濟環境。那麼從長遠來看，您如何看待平衡投資水平與收入。你對這方面的想法是否發生了變化，我認為，你在 2 年前的評論中提到，你對利潤率的看法是否發生了任何變化。

Ross, it's Dave. I'll take that first one. Yes, we've seen sort of a pullback of advertising from both large and small advertisers. And I would say, given the uncertain economic climate, we know SMBs are getting hit hard. But our business is quite diversified, and there's no one size fits all for SMBs. We've got some businesses that are obviously suffering greatly from the shelter-in-place orders, and then we have SMBs who are also digital natives and have online objectives, and those are doing relatively better. So we've got SMBs who are in gaming and e-commerce and the like. So we are seeing -- we are seeing, I think, a fairly diverse range of SMBs. And I would say in terms of the diversity of our business, that remains very high. We're not concentrated, but we haven't updated that specific stat that we gave back 4 years ago, but we remain very diversified from an advertiser perspective.

羅斯，是戴夫。我要第一個。是的，我們已經看到大小廣告商的廣告都出現了某種程度的回調。我想說，鑑於不確定的經濟環境，我們知道中小型企業正受到沉重打擊。但我們的業務相當多元化，沒有一種適合所有中小企業的規模。我們有一些企業顯然受到就地避難所訂單的嚴重影響，然後我們有中小型企業，他們也是數字原住民並且有在線目標，而且這些企業做得相對更好。所以我們有從事遊戲和電子商務等行業的中小型企業。所以我們看到 - 我認為我們看到的是相當多樣化的 SMB。我要說的是，就我們業務的多樣性而言，這仍然非常高。我們並不集中，但我們沒有更新我們 4 年前返回的具體統計數據，但從廣告商的角度來看，我們仍然非常多元化。

Sure. I can talk to the margins a bit. Overall, I think during a period like this, there are a lot of new things that need to get built. And I think it's important that rather than slamming on the brakes now, as I think a lot of companies may, that it's important to keep on building and keep on investing and building for the new needs that people have and especially to make up for some of the stuff that other companies would pull back on. And I think that's -- in some ways, that's an opportunity. In other ways, I think it's a responsibility to keep on investing in the economic recovery. So that's in the near term. But the other reflection that I've had is that I think if you're going to have a business, which is primarily advertising which is our plan for the long term, then I think you have to recognize that advertising is more volatile and sensitive to the macro economy. And therefore, if you're going to have this kind of a business, I think you really want to maintain high margins. So in that way when we go through periods like this, you can make sure that we remain stable and healthy and able to keep on building the things that are important for the long term. So what I guess I'd want to just be clear on is that we are willing to accept a reduction in margins in the near term, but we understand, and I personally have an appreciation for the importance of maintaining high margins over time. So it's not that we're going to kind of take things down this year and then continue taking things down a lot in the future. I think over the coming years, if we invest a lot more now, I think we are going to look for ways to manage expenses to make sure that we can maintain high margins over time.

當然。我可以談談邊緣一點。總的來說，我認為在這樣的時期，有很多新東西需要建立。而且我認為重要的是，與其像我認為很多公司那樣現在急剎車，不如繼續建設，繼續投資和建設以滿足人們的新需求，尤其是彌補一些其他公司會撤回的東西。我認為那是 - 在某些方面，這是一個機會。在其他方面，我認為繼續投資於經濟復甦是一種責任。所以這是在短期內。但我的另一個想法是，我認為如果你要開展一項業務，主要是廣告，這是我們的長期計劃，那麼我認為你必須認識到廣告更加不穩定和敏感對宏觀經濟。因此，如果您要開展此類業務，我認為您確實希望保持高利潤率。因此，當我們經歷這樣的時期時，您可以確保我們保持穩定和健康，並能夠繼續建設對長期重要的事情。所以我想我想明確的是，我們願意在短期內接受利潤率的下降，但我們理解，而且我個人也很欣賞隨著時間的推移保持高利潤率的重要性。所以這並不是說我們今年會減少一些東西，然後在未來繼續減少很多東西。我認為在未來幾年，如果我們現在投資更多，我認為我們將尋找管理費用的方法，以確保我們能夠隨著時間的推移保持高利潤率。

Your next question comes from the line of Youssef Squali from SunTrust.

您的下一個問題來自 SunTrust 的 Youssef Squali。

Two questions. Mark, can you discuss the performance of your gaming platform including Oculus so far. How satisfied are you with the traction there? And what are you doing to better position the company to take advantage of the increased engagement we're seeing on other platforms, competing platforms. And maybe, Dave or Sheryl, can you speak to the trend you're seeing in markets where COVID-19 hit earlier, say, maybe January and February and how they're performing today? And any learnings from these markets?

兩個問題。馬克，你能談談你的遊戲平台包括 Oculus 到目前為止的性能嗎？您對那裡的牽引力有多滿意？你在做什麼來更好地定位公司，以利用我們在其他平台、競爭平台上看到的增加的參與度。也許，Dave 或 Sheryl，你能談談你在 COVID-19 較早出現的市場中看到的趨勢，比如 1 月和 2 月，以及它們今天的表現如何？從這些市場中學到了什麼？

Sure. So I can talk a bit about games. We have a few big areas of investment here. One is just in our mobile apps, a massive amount of growth in live streaming. That's -- I talked about live video in my opening remarks, and people live streaming gaming content is certainly one big category that's growing quickly and that we're investing a lot in. So that, I think, is going quite well. We recently had some pretty big launches of an app in that area, and we're going to keep on investing there.

當然。所以我可以談談遊戲。我們在這裡有幾個大的投資領域。一個只是在我們的移動應用程序中，實時流媒體的大量增長。那就是——我在開場白中談到了直播視頻，人們直播遊戲內容無疑是一個快速增長的大類別，我們在這方面投入了大量資金。所以，我認為，進展順利。我們最近在該領域推出了一些相當大的應用程序，我們將繼續在那裡投資。

And on the virtual reality side, this has always been a long-term vision. Quest has surpassed our expectations. I wish we can make more of them faster during this period. I do think that it's one of those areas where as people can't go out into the world as much, the ability to have technology that allows us to be physically present or feel present even when we can't be physically together, whether that's Quest or Portal, or any of the software that we're building around video presence, that stuff has certainly seen especially large spikes in usage. And it's possible that this brings -- accelerate some of the trends around adoption of things like virtual or augmented reality, but I'm not sure what will happen there long term. But in the near term, I'm quite pleased with how Quest is doing, and I wish we could make more of them.

而在虛擬現實方面，這一直是一個長期願景。 Quest 超出了我們的預期。我希望在此期間我們可以更快地製作更多它們。我確實認為這是人們不能盡可能多地進入世界的領域之一，擁有技術的能力使我們能夠身體存在或感覺存在，即使我們不能身體在一起，無論那是Quest 或 Portal，或者我們圍繞視頻呈現構建的任何軟件，這些東西的使用量肯定會出現特別大的峰值。這可能會帶來 - 加速採用虛擬現實或增強現實等事物的一些趨勢，但我不確定長期會發生什麼。但在短期內，我對 Quest 的表現感到非常滿意，我希望我們能製作更多。

Youssef, I'll take the second part of that question. So I think probably the market that would be most destructive would be a market like China. But I think for us, China is a bit different because we don't have users in China. So the business there is China-based advertisers reaching people outside of China. So it's hard to extrapolate too much from that. We did see a pullback of revenue in China earlier in the quarter. And we have seen a recovery there and a recovery -- but one thing that's hard to know is part of that is really kind of mixed up in the verticals as well. China tends to, for us, index pretty highly with gaming and e-commerce. And those segments that are driven towards online outcomes where we're seeing relative strength. So it's hard to really read too much into the experience.

Youssef，我將回答這個問題的第二部分。所以我認為最具破壞性的市場可能是像中國這樣的市場。但我認為對我們來說，中國有點不同，因為我們在中國沒有用戶。所以那裡的業務是中國的廣告商接觸中國以外的人。所以很難從中推斷太多。我們確實在本季度早些時候看到中國的收入回落。我們已經看到那裡的複蘇和復蘇——但很難知道的一件事是，其中的一部分在垂直領域也確實有點混亂。對我們來說，中國傾向於高度重視遊戲和電子商務。以及那些我們看到相對優勢的在線結果驅動的細分市場。因此，很難真正深入了解這種體驗。

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

你的下一個問題來自瑞銀的 Eric Sheridan。

Maybe 2, if I can. One bigger picture one. Dovetailing all of the comments around e-commerce, I'm curious if there's anything you're seeing in terms of the behavior of users on the platform that would make you want to accelerate or change the path of product development to capture some of the supply and demand you might be seeing as people want to sell in an omnichannel world and some of the demand that might be there on the buyer side to connect e-commerce broadly across Facebook's properties as an output of the current environment. And then, Dave, maybe if I could just ask one quickly. I don't think you called it out, but I am curious if you could identify the credit loss assumption in the quarter and what the number might have been. Or is that something we might have to wait for the 10-Q for?

也許 2，如果可以的話。一張大圖一張。與圍繞電子商務的所有評論相吻合，我很好奇您是否看到平台上用戶行為方面的任何事情會讓您想要加速或改變產品開發的路徑以捕獲一些當人們希望在全渠道世界中進行銷售時，您可能會看到供求關係，而買方方面可能存在一些需求，將電子商務廣泛連接到 Facebook 的資產中，作為當前環境的輸出。然後，戴夫，也許我可以快點問一個。我不認為你說出來了，但我很好奇你是否能確定本季度的信用損失假設以及這個數字可能是多少。或者這是我們可能需要等待 10-Q 的原因嗎？

Mark, did you want to -- do you want to take the e-commerce? Or do you want me to do both?

馬克，你想——你想做電子商務嗎？或者你想讓我兩者都做？

I mean I can talk to it briefly, and then you can add to it if you think that there's more. We are seeing increases in some of the consumer behavior around this. But I think the bigger thing is just that for all the small businesses that we serve, and a lot of small businesses that are out there that are still primarily physical, there's a -- there's been a big push to get online and to do more selling online. And I think that there are lots of opportunities for us to support them and building the tools that they need to do this. We're seeing a lot of businesses that were primarily physical, now moving towards selling stuff online for the first time, and we're seeing a lot of businesses that already had a digital presence now really transition to having their digital presence be their primary presence. And that -- I think that, that trend, while there may be some short-term spike, I do think plays into a pre-existing long-term trend. And we'll certainly want to accelerate that aspect of our product road map to make sure that we can serve a lot of those businesses during this period when it can help them with the recovery and get through this. So we're working on a lot of work streams there. We'll hopefully have more to share over the coming weeks.

我的意思是我可以簡短地談一談，然後如果您認為還有更多可以添加。我們看到圍繞此的一些消費者行為有所增加。但我認為更重要的是，對於我們服務的所有小企業，以及許多仍然主要是實體的小企業，有一個 - 有一個很大的推動力來上網並做更多事情在線銷售。而且我認為我們有很多機會支持他們並構建他們執行此操作所需的工具。我們看到許多主要是實體店的企業現在首次轉向在線銷售商品，而且我們看到許多已經擁有數字業務的企業現在真正過渡到以數字業務為主要業務在場。而且 - 我認為，這種趨勢雖然可能會出現一些短期飆升，但我確實認為它會影響預先存在的長期趨勢。我們當然希望加快我們產品路線圖的這方面，以確保我們可以在此期間為很多這些企業提供服務，因為它可以幫助他們恢復並度過難關。所以我們正在那里處理很多工作流。我們希望在接下來的幾週內有更多的分享。

Yes, Eric, on the bad debt expense, that increased by $193 million, so that will be the number that's in the Q. And the majority of that relates to charges, obviously, that we're taking related to the COVID-19 pandemic and our views on collectability of certain accounts in that environment.

是的，埃里克，關於壞賬支出，增加了 1.93 億美元，所以這將是 Q 中的數字。顯然，其中大部分與我們正在收取的與 COVID-19 大流行相關的費用有關以及我們對該環境下某些賬戶的可收回性的看法。

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

你的下一個問題來自 RBC 的 Mark Mahaney。

Two questions. Mark, at the very beginning, you talked about the economic fallout possibly lasting longer than people think. Just any detail behind that. Is there something you're seeing in the data? Is it your gut reaction? And then following up a little bit on Eric Sheridan's question, these kind of events, crises can create new, I don't know, paths, streams or whatever. So you talked about shopping. What about WhatsApp? There's a surge in usage of WhatsApp, is there something that's happened that makes it more interesting more -- for long term, more interesting as a monetization vehicle because of the surge in usage of WhatsApp?

兩個問題。馬克，一開始，您談到了經濟影響可能持續的時間比人們想像的要長。這背後的任何細節。您在數據中看到了什麼嗎？是你的直覺反應嗎？然後稍微跟進一下 Eric Sheridan 的問題，這類事件、危機可以創造新的、我不知道的路徑、流或其他任何東西。所以你談到了購物。 WhatsApp 呢？ WhatsApp 的使用量激增，是否發生了什麼事情讓它變得更有趣——從長遠來看，由於 WhatsApp 使用量的激增，它作為一種貨幣化工具更有趣？

Sure. I can take those 2. I think that we'll see a meaningful economic hit, if I had to predict, for the period of the health emergency. And so I think that, as Dave said in his comments, the efficacy of the shelter-in-place orders and how well that's going, I think will be a big determinant of how long and how painful the economic fallout is from this. So there's certainly a range of outcomes. I don't think I have any particular insight that's not public or that you don't have, but I worry that this could be worse than at least some people are predicting.

當然。我可以接受那些 2。我認為，如果我必須預測，在衛生緊急情況期間，我們將看到有意義的經濟打擊。因此，我認為，正如戴夫在他的評論中所說，就地避難令的效力以及進展情況，我認為這將是決定經濟後果持續多長時間和痛苦程度的重要因素。所以肯定會有一系列的結果。我不認為我有任何不公開的或你沒有的特別見解，但我擔心這可能比至少一些人預測的更糟。

The -- what was the other question, was monetization on WhatsApp? I think that there's a huge opportunity on WhatsApp, if for no other reason than that it has 2 billion people using it, and we haven't done significant work on building out the business yet. I mean we have some tools there, but we're still early in the phase of -- we've built out WhatsApp business. There's tens of millions of businesses that are signed up and that are using that. So it's -- there's tremendous demand. People want to communicate with businesses. And we've been in the process of building out the infrastructure to do payments and more commerce. Ad units like what I mentioned around click-to-messaging ads are performing well. So I think all the indicators are positive. But it's just a generally untapped opportunity so far and one that we're -- that I think is very exciting to build out over the coming years.

另一個問題是什麼，是 WhatsApp 的貨幣化嗎？我認為 WhatsApp 有巨大的機會，如果沒有其他原因，那就是它有 20 億人在使用它，而且我們還沒有在建立業務方面做大量工作。我的意思是我們在那裡有一些工具，但我們仍處於早期階段——我們已經建立了 WhatsApp 業務。有數以千萬計的企業已經註冊並正在使用它。所以它 - 有巨大的需求。人們希望與企業進行交流。我們一直在構建基礎設施來進行支付和更多的商業活動。像我提到的有關點擊消息廣告的廣告單元表現良好。所以我認為所有的指標都是積極的。但到目前為止，這只是一個普遍未開發的機會，而且我們 - 我認為在未來幾年內建立起來非常令人興奮。

Your last question comes from the line of Colin Sebastian from Baird.

你的最後一個問題來自 Baird 的 Colin Sebastian。

Great. I guess, first, Dave, I was hoping -- I know this is not a key focus right now, but any updated thoughts or a time line on some of the targeting and measurement headwinds that you spoke about on the last call? And then with respect to both the ongoing investment priorities as well as the slower growth in head count, is there any way you could articulate which areas are seeing that slowdown versus those that are getting full support?

偉大的。我想，首先，戴夫，我希望——我知道這不是現在的重點，但關於你在上次電話會議上談到的一些目標和測量逆風的任何更新想法或時間表？然後關於正在進行的投資優先事項以及人數增長放緩，您是否可以通過任何方式闡明哪些領域正在放緩，哪些領域正在獲得全力支持？

Sure, Colin, I can take both of those. Yes. I mean, the targeting headwinds are having an impact on the business but obviously, that's dwarfed by the impact that COVID-19 is having right now. We continue to see the 3 factors around targeting, and this hasn't changed the regulatory pressures with GDPR, and CCPA and similar regulations. The moves by platforms that make third-party targeting and measurement more difficult and then our own moves on launching privacy controls. So these are impacting the whole industry, and we believe we're relatively well positioned. We've got a lot of first-party signal. That said, I think this will have a broad impact on return on investment and could affect what advertisers are able to find and acquire customers effectively for their businesses. They may not be able to grow as quickly as they otherwise could. And that could have a negative impact on their growth in the economy and obviously, revenue for us. So certainly, it's a challenging time to make it tougher for businesses to grow. But we're certainly -- continue to have that headwind in the longer term.

當然，科林，我可以接受這兩個。是的。我的意思是，目標逆風正在對業務產生影響，但顯然，這與 COVID-19 目前的影響相形見絀。我們繼續看到圍繞目標的 3 個因素，這並沒有改變 GDPR、CCPA 和類似法規的監管壓力。平台採取的措施使第三方定位和測量變得更加困難，然後我們自己採取措施啟動隱私控制。所以這些正在影響整個行業，我們相信我們處於相對有利的位置。我們有很多第一方信號。也就是說，我認為這將對投資回報產生廣泛影響，並可能影響廣告商能夠有效地為其業務尋找和獲取客戶的能力。他們可能無法像其他方式那樣快速成長。這可能會對他們的經濟增長產生負面影響，顯然也會對我們的收入產生負面影響。因此，可以肯定的是，讓企業更難成長是一個充滿挑戰的時期。但我們肯定 - 從長遠來看會繼續面臨這種不利因素。

Sorry, I did -- I forgot the investment priorities. We're continuing to focus on recruiting on the tech side, so products and engineering. So we're sort of fully going down that path. That's both our core product and sort of our innovation efforts. And we are slowing down head count in business functions. So some of the functions related to things like advertising sales, slower in those departments, given the overall economic climate. And then there are certain areas there we're just finding efficiencies. There's less travel. There's less entertainment. I think that may persist for quite some time. So we're seeing savings there. And we're going to be looking at getting marketing efficiencies because obviously prices are coming down on the marketing front, so that we can get the same impact for less dollars and also for efficiencies on marketing spend. So those are the areas that I would call out.

抱歉，我忘記了——我忘記了投資重點。我們將繼續專注於技術方面的招聘，所以產品和工程。所以我們有點完全沿著這條路走下去。這既是我們的核心產品，也是我們的創新努力。我們正在放慢業務職能部門的人數。因此，考慮到整體經濟環境，一些與廣告銷售等相關的職能在這些部門中速度較慢。然後在某些領域我們只是在尋找效率。旅行少了。娛樂活動少了。我認為這可能會持續相當長一段時間。所以我們在那裡看到了節省。我們將著眼於提高營銷效率，因為顯然營銷方面的價格正在下降，這樣我們就可以用更少的錢獲得同樣的影響，同時提高營銷支出的效率。所以這些是我要指出的領域。

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

偉大的。感謝您今天加入我們。感謝您的寶貴時間。大家注意安全，我們期待與您再次交談。

Thanks, everybody.

謝謝大家。

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。您現在可以斷開線路。