Meta Platforms, Inc. (META) 2020 Q4 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 Fourth Quarter and Full Year 2020 Earnings Conference Call. (Operator Instructions) This call will be recorded. Thank you very much.

各位下午好。我叫 Mike，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Facebook 2020 年第四季暨全年財報電話會議。（接線員指示）本次通話將被錄音。非常感謝。

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

Facebook 投資人關係副總裁 Deborah Crawford 女士，您可以開始。

Thank you. Good afternoon, and welcome to Facebook's Fourth Quarter and Full Year 2020 Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO.

謝謝。各位下午好，歡迎參加 Facebook 2020 年第四季暨全年財報電話會議。今天與我一同討論業績的有：執行長 Mark Zuckerberg、營運長 Sheryl Sandberg，以及財務長 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 quarterly report on Form 10-Q filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

在開始之前，我想藉此機會提醒各位，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所預期者有重大差異。可能導致結果出現重大差異的因素已載於今日新聞稿，以及我們向美國證券交易委員會（SEC）提交的 10-Q 季度報告中。我們在本次電話會議中所作的任何前瞻性陳述均基於截至今日的假設；對於因新資訊或未來事件而更新這些陳述，我們不承擔任何義務。

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

在本次電話會議中，我們可能同時提供 GAAP 與非 GAAP 財務衡量指標。GAAP 與非 GAAP 指標之間的調節表已包含於今日的財報新聞稿中。該新聞稿及隨附的投資人簡報可於我們的網站 investor.fb.com 取得。接下來我想把電話交給 Mark。

All right. Thanks, everyone, for joining us today. I hope you are all staying healthy and well. Our community and business had a strong end of the year. As COVID continued to keep many of us apart and at home, people and businesses continue relying on our services to stay in touch and create economic opportunities. 2.6 billion people now use one or more of our apps each day, and more than 200 million businesses, mostly small businesses, use our free tools to reach customers. Those numbers give a sense of scale but some of the stories we hear show the impact.

好的。感謝各位今天加入。我希望大家都保持健康平安。我們的社群與業務在年底表現強勁。隨著 COVID 持續讓許多人彼此分隔、待在家中，人們與企業持續仰賴我們的服務來保持聯繫並創造經濟機會。現在每天有 26 億人使用我們的一個或多個 App，且有超過 2 億家企業（多為小型企業）使用我們的免費工具來觸及客戶。這些數字展現了規模，但我們聽到的一些故事更能顯示其影響。

Groups have formed where COVID long-haulers are helping each other through this scary experience where there's not much else to turn to. Teachers are sending class assignments to students through WhatsApp. Local bookstores and coffee shops are using Instagram to let customers know they're open for curbside pickup. We saw people come together to raise $1.8 billion for nonprofit and personal causes through our fundraising tools last year, including $175 million for COVID-related causes alone. I'm proud of the role that our services played in helping people support each other during what has been such a hard time.

有些社團已成立，讓 COVID 長期後遺症患者（long-haulers）在這段令人恐懼、且幾乎無處可求助的經歷中彼此扶持。老師透過 WhatsApp 將課堂作業傳給學生。當地書店與咖啡店使用 Instagram 告知顧客可路邊取貨（curbside pickup）。去年我們看到人們透過募款工具為非營利與個人原因合計募得 18 億美元，其中僅與 COVID 相關的原因就達 1.75 億美元。我為我們的服務在這段艱難時期協助人們彼此支持所扮演的角色感到自豪。

Now I've spent a fair amount of time on recent earnings calls talking about our election integrity efforts. So I'm not going to discuss them at length today, but I do want to call out that according to our estimates, we easily surpassed our goal to help 4 million people register to vote as part of the largest-ever effort -- largest effort to distribute authoritative voting information in recent history. And I want to thank everyone involved in our teams and outside involved with that effort.

我在近期的財報電話會議中花了不少時間談我們在選舉公正性方面的努力，因此今天不會長篇討論。不過我想特別指出，根據我們的估計，我們不僅達成、且大幅超越了協助 400 萬人完成選民登記的目標；這也是近代史上規模最大的權威投票資訊發布行動。我也要感謝所有參與此項工作的內部團隊與外部夥伴。

So today, I'm going to focus on our product work, and specifically, I'm going to focus on 4 themes that I'm excited about for the year ahead: communities; private messaging; commerce tools for small businesses; and building the next computing platform.

因此今天我將聚焦在產品工作上，具體而言，我會聚焦於我對未來一年感到興奮的四個主題：社群；私密訊息；面向小型企業的商務工具；以及打造下一代運算平台。

So let's start with communities. Now I think that helping people build communities is one of the most important things that we can do. Our social fabric is made of multiple different layers through which we get our social support. First, we have friends and family, and that's the most personal layer. Then we have communities we're part of, where we feel a sense of purpose and belonging, explore interests, develop skills, grow as individuals and then meet new people. And then finally, there's the safety net that society and government provide. And in many parts of the world, there's been an unfortunate decline in community participation over the last several decades, that second layer. And this isn't something that we can solve alone but I think we can help.

先從社群談起。我認為，協助人們建立社群是我們能做的最重要事情之一。我們的社會結構由多個不同層次組成，透過這些層次我們獲得社會支持。首先是朋友與家人，這是最個人的一層。接著是我們所屬的社群，在其中我們感受到使命感與歸屬感、探索興趣、培養技能、作為個體成長，並結識新朋友。最後，則是社會與政府提供的安全網。在世界許多地方，過去幾十年社群參與（第二層）不幸地出現下滑。這不是我們能單獨解決的問題，但我認為我們可以提供協助。

So now that we've helped billions of people stay connected with friends and family, helping everyone find and participate in communities that are meaningful to them has been our next goal. And we even updated our mission a few years ago to reflect this, making it -- give people the power to build community and bring the world closer together. Today, more than 600 million people are now members of a group on Facebook that they consider to be meaningful in their lives. This has grown steadily over time. And I hear all the time from people who are in parenting groups that there are major resources to navigate raising kids or from people who found a group that shares the same health condition and they can lean on that community for knowledge and support, or from people who've moved to a new place and joined local groups to meet people and get situated.

因此，在我們已協助數十億人與親友保持連結之後，下一個目標就是協助每個人找到並參與對他們有意義的社群。我們甚至在幾年前更新了使命以反映這點：賦予人們建立社群的力量，讓世界更緊密相連。如今，已有超過 6 億人是 Facebook 上某個他們認為對生活有意義的社團成員，且這個數字隨時間穩定成長。我經常聽到來自育兒社團的人分享，社團提供了大量資源協助他們面對教養孩子的各種挑戰；也聽到有人找到與自己有相同健康狀況的社團，能依靠該社群獲得知識與支持；或是有人搬到新地方後加入在地社團，以結識新朋友並安頓下來。

Our product focus now is to develop this community infrastructure beyond feeds and message boards to help people build and run full, self-sustaining community institutions. So we're building tools to help groups get things done together and provide support for people that span messaging, video chat and even communities' own websites. And we're exploring different ways to raise funds, including donations, merchandise and membership fees to help group leaders support their communities' operations and hire people for different roles that are needed to build sustainable communities for the long term.

我們目前的產品重點，是將這套社群基礎設施從動態消息與留言板延伸，協助人們建立並運作完整、可自我維持的社群機構。因此我們正在打造工具，協助社團一起完成事情並提供支持，涵蓋訊息、視訊聊天，甚至社群自己的網站。我們也在探索不同的募資方式，包括捐款、商品與會員費，以協助社團管理者支援其社群的營運，並為建立長期可持續的社群而聘用不同所需角色的人才。

So as we continue to focus on this, we need to make sure that the communities that people connect with are healthy and positive. And that's something that we've been focused on for a while now. One way, of course, that we do this is by taking down groups that break our rules against things like violence or hate speech. And in September, we shared that we had removed more than 1 million groups in the last year alone. But there are also a lot of groups that we may not want to encourage people to join even if they don't violate our policies. So for example, we stopped recommending civic and political groups in the U.S. ahead of the elections. And we're continuing to fine-tune how this works, but now we plan to keep civic and political groups out of recommendations for the long term and we plan to expand that policy globally. And to be clear, this is a continuation of work we've been doing for a while to turn down the temperature and discourage divisive conversation and communities.

在我們持續聚焦於此的同時，也必須確保人們連結的社群是健康且正向的。這也是我們一段時間以來的重點之一。當然，其中一種做法是移除違反我們規範的社團，例如涉及暴力或仇恨言論等。9 月時我們曾分享，僅在過去一年我們就移除了超過 100 萬個社團。但也有許多社團即使未違反政策，我們可能仍不希望鼓勵人們加入。舉例來說，在選舉前我們停止在美國推薦公民與政治類社團。我們仍在持續微調其運作方式，但目前我們計畫長期將公民與政治類社團排除在推薦之外，並計畫將該政策擴展至全球。需要說明的是，這是我們一段時間以來持續推動的工作延伸，目的在於降低對立氛圍，並抑制分化性的對話與社群。

Now along these same lines, we're also currently considering steps that we can take to reduce the amount of political content in News Feed as well. We're still working through exactly the best ways to do this. And to be clear, of course, we're still going to enable people to engage in political groups and discussions if they want to. These can often be important and helpful, and there can be ways that people organize grassroots movements or speak out against injustice or learn from people with different perspectives. So we want these discussions to be able to keep happening, but one of the top pieces of feedback that we are hearing from our community right now is that people don't want politics and fighting to take over their experience on our services. So one theme for this year is that we're going to continue to focus on helping millions of more people participate in healthy communities, and we're going to focus even more on being a force for bringing people closer together.

同樣基於這些考量，我們目前也在評估可採取哪些措施，以降低動態消息（News Feed）中的政治內容比例。我們仍在研究最合適的做法。當然需要說明的是，如果人們想要，我們仍會讓他們能參與政治社團與討論。這些往往很重要且有幫助，也可能是人們組織草根運動、對不公不義發聲，或向不同觀點的人學習的方式。因此我們希望這些討論能持續進行；但我們目前從社群收到的最主要回饋之一是，人們不希望政治與爭吵主導他們在我們服務上的體驗。因此，今年的一個主題是：我們將持續聚焦協助更多數以百萬計的人參與健康的社群，並更進一步成為讓人們更緊密相連的力量。

Next, let's talk about private messaging. As we've discussed before, while people enjoy connecting with friends and communities in the digital equivalent of a town square in apps like Facebook and Instagram, the fastest-growing social experiences are about connecting privately in the digital equivalent of the living room in services like WhatsApp and Messenger. So that's why we kicked off a big effort a couple of years ago to reimagine what a modern social platform would look like if you build it from the bottom-up to be privacy first.

接下來談私密訊息。如同我們先前討論過的，雖然人們喜歡在 Facebook 與 Instagram 這類 App 中、如同數位版市政廣場（town square）般與朋友及社群連結，但成長最快的社交體驗，是在 WhatsApp 與 Messenger 這類服務中、如同數位版客廳（living room）般進行私密連結。因此，我們在幾年前啟動了一項重大計畫，重新想像：若從底層開始、以隱私優先來打造，一個現代社交平台應該長什麼樣子。

And we identified several core principles. A private social platform should be built around the most intimate interactions that we have, and that's one-on-one conversations. The most important aspect of privacy and security is that your conversations should stay between you. And that means that your conversations should always be end-to-end encrypted and they should disappear when you're done with them. Now safety and reducing spam matter, too, and that means that we should maintain a minimum amount of metadata to build sophisticated tools to stop bad actors using these services. And you should have choice over what services you use. So we should make messaging as interoperable as possible across our apps. And finally, no matter what, we should only store people's data in countries where we know we can keep it secure, and we should continue opposing data localization in countries with weak records on human rights or privacy.

我們也確立了幾項核心原則。私密社交平台應圍繞我們最親密的互動建立，也就是一對一對話。隱私與安全最重要的一點，是你的對話應只存在於對話雙方之間。這意味著，你的對話應始終採用端對端加密，並在你使用完後消失。同時，安全與降低垃圾訊息也同樣重要，這表示我們應保留最低限度的中繼資料（metadata），以建立更精密的工具，阻止不法分子濫用這些服務。你也應能選擇使用哪些服務，因此我們應讓訊息在我們的各個 App 之間盡可能具備互通性。最後，無論如何，我們只應在我們確信能確保安全的國家儲存人們的資料，並應持續反對在在人權或隱私紀錄薄弱的國家推動資料在地化（data localization）。

Now I think that these are the privacy principles that matter most to people. First and foremost, people care that their conversations stay private. But after that, people also care about safety and other convenience, too. And from this perspective, WhatsApp and the direction that we're heading in with Messenger are the best private social apps available. Now we have a lot of competitors who make claims about privacy that are often misleading. Now Apple recently released so-called nutrition labels which focused largely on metadata that apps collect rather than the privacy and security of people's actual messages, but iMessage stores "non end to end encrypted" backups of your messages by default unless you disable iCloud. So Apple and governments have the ability to access most people's messages. So when it comes to what matters most, protecting people's messages, I think that WhatsApp is clearly superior.

現在我認為，這些是人們最在意的隱私原則。首先也是最重要的，人們在意他們的對話能保持私密。但除此之外，人們也在意安全性以及其他便利性。從這個角度來看，WhatsApp 以及我們在 Messenger 上前進的方向，是目前最好的私密社交應用程式。現在我們有許多競爭對手提出關於隱私的主張，但往往具有誤導性。蘋果最近推出了所謂的「營養標籤」，其重點多放在應用程式蒐集的中繼資料（metadata），而不是人們實際訊息的隱私與安全；但 iMessage 預設會儲存你訊息的「非端對端加密」備份，除非你停用 iCloud。因此，蘋果與政府有能力存取大多數人的訊息。所以就最重要的事情——保護人們的訊息——而言，我認為 WhatsApp 顯然更勝一籌。

Now since I try to use these earnings calls to discuss aspects of business strategy that I think are important for investors to understand, I do want to highlight that we increasingly see Apple as one of our biggest competitors. iMessage is a key linchpin of their ecosystem. It comes pre-installed on every iPhone, and they preferenced it with private APIs and permissions, which is why iMessage is the most used messaging service in the U.S. And now we are also seeing Apple's business depend more and more on gaining share in apps and services against us and other developers.

由於我嘗試利用這些財報電話會議來討論我認為投資人需要理解的商業策略面向，我確實想強調：我們愈來愈把蘋果視為我們最大的競爭對手之一。iMessage 是其生態系的關鍵樞紐。它預先安裝在每一支 iPhone 上，而且他們透過私有 API 與權限給予它優先待遇，這也是為什麼 iMessage 是美國使用最廣的訊息服務。現在我們也看到，蘋果的業務愈來愈依賴在應用程式與服務領域對我們以及其他開發者取得市占。

So Apple has every incentive to use their dominant platform position to interfere with how our apps and other apps work, which they regularly do to preference their own. And this impacts the growth of millions of businesses around the world. Including -- with the upcoming iOS 14 changes, many small businesses will no longer be able to reach their customers with targeted ads. Now Apple may say that they're doing this to help people, but the moves clearly track their competitive interests. And I think that this dynamic is important for people to understand because we and others are going to be up against this for the foreseeable future.

因此，蘋果有充分誘因利用其主導性平台地位，干擾我們的應用程式以及其他應用程式的運作方式，而他們也經常這麼做，以偏袒自家產品。這會影響全球數以百萬計企業的成長。包括——隨著即將到來的 iOS 14 變更，許多小型企業將不再能透過定向廣告觸及其客戶。蘋果可能會說他們這麼做是為了幫助人們，但這些舉措顯然符合其競爭利益。我認為這種動態很重要，應該讓大家理解，因為在可預見的未來，我們與其他人都將持續面對這種情況。

Now our messaging services continue growing, but it is an uphill battle and our services just need to be that much better as private social platforms to succeed. So to make sure that we remain the best, a couple of years back, we kicked off a number of long-term efforts that have started shipping recently. And more of these projects around strengthening encryption, ephemerality, interoperability and offering other tools are going to be shipping throughout this year.

我們的訊息服務仍在持續成長，但這是一場艱難的戰役；要成功，我們的服務就必須作為私密社交平台做到更好。因此，為了確保我們仍是最好的平台，幾年前我們啟動了多項長期投入，而最近已開始推出成果。今年之內，更多關於強化加密、訊息短暫性（ephemerality）、互通性（interoperability）以及提供其他工具的專案也將陸續上線。

All right. So now let's talk about commerce. Our goal here is to give every individual, entrepreneur and small business access to the same kinds of tools that historically only the big companies have had access to. And we've always cared about this but the pandemic has made it more urgent. So it used to be the case that only large companies could afford to have analytics or targeted advertising capacity to reach their customers. And it was expensive to build these capabilities, and it often required building teams and storing large amounts of data in-house, which most small businesses can't do.

好。現在我們來談談商務。我們的目標是讓每一位個人、創業者與小型企業，都能使用到過去只有大型公司才有的同類工具。我們一直很重視這點，但疫情讓這件事更為迫切。過去通常只有大型公司負擔得起分析工具或定向廣告能力來觸及客戶。建立這些能力成本高昂，往往需要組建團隊並在內部儲存大量資料，而多數小型企業做不到。

And so one of the things that I'm most proud of is that we build the tools so we can offer these same capabilities to small businesses often for free. So when you hear people say that we hold a lot of data, that's because hundreds of millions of businesses that would have otherwise had to do this individually and would have had no easy way of doing so are now using our services to help them reach customers. And when you hear people say that we're connecting data from lots of sources, that's to help small businesses reach customers more efficiently. Now big companies often do this themselves, but small businesses can't a lot of times. So we do this for them. So when you hear people argue that we shouldn't be doing these things or that we should go back to the old days of untargeted television ads, I think that what they're really arguing for is a regression where only the largest companies have this capacity, small businesses are severely disadvantaged and competition is diminished.

因此，我最自豪的一件事是：我們打造了這些工具，讓我們能把同樣的能力提供給小型企業，而且往往是免費的。所以當你聽到有人說我們持有大量資料，那是因為有數以億計的企業，若不是使用我們的服務，本來就得各自單獨做這些事，而且也沒有簡單的方法；現在他們透過我們的服務來協助觸及客戶。當你聽到有人說我們把來自許多來源的資料連結起來，那是為了幫助小型企業更有效率地觸及客戶。大型公司往往能自行做到，但小型企業很多時候做不到，所以我們替他們做。當你聽到有人主張我們不該做這些事，或我們應該回到過去那種不做定向的電視廣告時代，我認為他們真正主張的是一種倒退：只有最大型的公司才具備這種能力，小型企業將嚴重處於劣勢，而競爭也會被削弱。

So with our commerce tools, we've made it so that a business can set up a shop once, and then they will have an online storefront in both Facebook and Instagram immediately and eventually on WhatsApp and Messenger as well. And we recently expanded checkout to all U.S. businesses, making the process of buying a lot more seamless. And as the lockdowns have continued, we saw more businesses, more small businesses and creators also use paid online events as a way to make money.

透過我們的商務工具，我們讓企業只要建立一次商店，就能立即在 Facebook 與 Instagram 同時擁有線上店面，並且最終也會在 WhatsApp 與 Messenger 上提供。我們最近也把結帳功能擴展到所有美國企業，讓購買流程更順暢。隨著封鎖措施持續，我們也看到更多企業、更多小型企業與創作者，開始使用付費線上活動作為賺錢方式。

WhatsApp is also an important part of our strategy here. More than 175 million people message a WhatsApp business account every day. And we're building new features to make it even easier to transact with businesses in the app. We introduced carts, which lets people browse catalogs, select multiple products and send the order as a message to a business. And the more people that interact with businesses, the better tools that we're going to need to provide for businesses to help them support their customers. Many businesses need more than a phone to manage their customer service. So we're building tools to let businesses store and manage their WhatsApp chats using our secure hosting infrastructure if they would like. And we're in the process of updating WhatsApp's privacy policy in terms of service to reflect these optional experiences.

WhatsApp 也是我們此處策略的重要一環。每天有超過 1.75 億人會傳訊息給 WhatsApp 商業帳號。我們正在打造新功能，讓在應用程式內與商家交易更容易。我們推出了購物車功能，讓人們瀏覽型錄、選擇多項商品，並把訂單以訊息形式傳給商家。人們與商家互動越多，我們就越需要提供更好的工具，協助商家支援其客戶。許多企業管理客服所需的不只是手機。因此，如果企業願意，我們正在打造工具，讓企業能使用我們安全的託管基礎設施來儲存與管理其 WhatsApp 對話。我們也正在更新 WhatsApp 的隱私政策與服務條款，以反映這些可選的體驗。

Now to clarify some confusion that we've seen, this update does not change the privacy of anyone's messages with friends and family. All of these messages are end-to-end encrypted, which means we can't see or hear what you say, and we never will unless the person that you message chooses to share it. And business messages will only be hosted on our infrastructure if the business chooses to do so. So we want everyone to know the lengths that we go to, to protect your private messages. So we are moving the date of this update back to give everyone time to understand what the update means.

為了釐清我們看到的一些混淆，這次更新不會改變任何人與親友之間訊息的隱私性。所有這些訊息都是端對端加密，這表示我們看不到也聽不到你說了什麼，而且除非你傳訊息的對象選擇分享，否則我們永遠不會看到。商業訊息也只有在商家選擇這麼做時，才會託管在我們的基礎設施上。因此，我們希望讓每個人都知道，我們為了保護你的私密訊息所採取的各種措施。所以我們將這次更新的日期往後延，以便讓每個人都有時間理解這次更新的意涵。

Finally, let's discuss our work building the next computing platform. This is one of the areas that I'm most excited about our progress heading into 2021. If you look at the history of computing, every 15 years or so, a new major platform emerges that integrate technology more naturally and ubiquitously into our lives, starting with mainframes and PCs and browser-based computing and then mobile. And I believe that the next logical step here is an immersive computing platform that just delivers this magical sense of presence that you're really there with another person or in another place. Our phones can't deliver this, and neither can any other technology that has come before it. This is going to unlock the types of social experiences that I have dreamed about building since I was a kid, and it's what we're building towards at Facebook Reality Labs.

最後，讓我們討論我們在打造下一個運算平台方面的工作。這是我對我們邁入 2021 年的進展最感到興奮的領域之一。若你回顧運算史，大約每 15 年就會出現一個新的主要平台，讓科技更自然、更普遍地融入我們的生活，從大型主機與個人電腦、以瀏覽器為基礎的運算，接著到行動裝置。我相信下一個合乎邏輯的步驟，是一個沉浸式運算平台，能帶來那種神奇的臨場感，讓你彷彿真的與另一個人同在，或真的身處另一個地方。手機做不到，過去任何技術也都做不到。這將解鎖我從小就夢想打造的各種社交體驗，而這正是我們在 Facebook Reality Labs 正在努力的方向。

We launched Quest 2 in October, and it is on track to be the first mainstream virtual reality headset. We designed it so that anyone could jump in with the best and most immersive experience out there and at a price that makes it available to as many people as possible. Now I think that Facebook has done more than any other company to help bring virtual reality to the mainstream, and it has been great to see so many people embrace this, especially this year during the pandemic. We're seeing people use it to play games with friends, when they can't be together in person, to do workouts in their living room or to meet with colleagues while they're working from home. So there are a lot of reasons that Quest 2 was one of the hot holiday gifts this year. We're also seeing a growing ecosystem of developers building amazing new experiences for the platform. Right now, more than 60 Oculus developers are generating revenue in the millions, and that's nearly twice as many as a few months ago.

我們在 10 月推出 Quest 2，它正朝著成為第一款主流虛擬實境頭戴裝置的方向前進。我們的設計目標是讓任何人都能以盡可能普及的價格，直接體驗到市面上最佳、最沉浸的體驗。我認為 Facebook 在推動虛擬實境走向主流方面，比任何其他公司做得都更多；看到這麼多人擁抱它令人振奮，尤其是在今年疫情期間。我們看到人們用它在無法線下相聚時與朋友玩遊戲、在客廳運動，或在居家工作時與同事開會。因此，Quest 2 成為今年假期熱門禮物之一有很多原因。我們也看到越來越多開發者生態系在這個平台上打造令人驚豔的新體驗。目前已有超過 60 位 Oculus 開發者創造了數百萬美元等級的營收，幾乎是幾個月前的兩倍。

In previous quarters, I've talked about our long-term future goals when it comes to virtual reality, but I think that this quarter's results show that this future is here. Augmented reality glasses are going to be a key part of this vision, too. We're still working on some of the foundational technology to underpin these and the ultimate product is still some years away, but this year, we are excited to deliver a first glimpse of what will be when we launch our first pair of smart glasses from Ray-Ban in partnership with Luxottica. And during this pandemic, we've also seen Portal has proven to be a great way for people to stay connected especially over the holidays as families had to celebrate apart. This year, we're focused on expanding the role of Portal and virtual reality presence into the workplace, bringing more features that can improve remote presence, collaboration and productivity.

在先前的季度，我談過我們在虛擬實境方面的長期未來目標，但我認為本季度的結果顯示：這個未來已經到來。擴增實境眼鏡也將是這個願景的關鍵部分。我們仍在研發一些支撐這些產品的基礎技術，最終產品距離問世仍需數年；但今年，我們很期待在與 Luxottica 合作、以 Ray-Ban 品牌推出第一副智慧眼鏡時，讓大家首次一窺未來樣貌。在這次疫情期間，我們也看到 Portal 被證明是人們保持聯繫的絕佳方式，尤其是在假期期間，因為許多家庭不得不分開慶祝。今年我們將專注於擴大 Portal 與虛擬實境臨場感在職場中的角色，帶來更多能提升遠端臨場感、協作與生產力的功能。

2021 has a lot of unknowns. We don't know when vaccines are going to be widely available, when our teams will be back in the office or when our lives are going to start feeling normal again. But what I do know is that we're going to keep investing in and innovating on the big themes that I discussed here in order to put more power in the hands of people and small businesses. I personally believe that technology can unlock progress and opportunity and that the full story of the Internet has not yet been written. That's why I'm hopeful for the year ahead and grateful that you are all in this journey with us.

2021 年有很多未知數。我們不知道疫苗何時會廣泛可得，不知道我們的團隊何時會回到辦公室，也不知道我們的生活何時會再次開始感覺正常。但我知道的是，我們將持續在我在此討論的重大主題上投資並推動創新，以便把更多力量交到人們與小型企業手中。我個人相信科技能夠解鎖進步與機會，而網際網路的完整故事尚未寫完。這也是為什麼我對未來一年抱持希望，並感謝你們所有人與我們一同踏上這段旅程。

And now here is Sheryl to talk about our business.

接下來請 Sheryl 來談談我們的業務。

Thanks, Mark, and hi, everyone. Like Mark, I hope everyone is safe and healthy. This was a strong quarter for our business as the acceleration of online commerce we've seen during the pandemic continued into the holiday season. Our total revenue for Q4 was $28.1 billion, which is a 33% year-over-year increase, our fastest growth rate in over 2 years.

謝謝你，Mark，大家好。和 Mark 一樣，我也希望大家都平安健康。對我們的業務而言，這是一個強勁的季度，因為我們在疫情期間看到的線上商務加速成長延續到了假期旺季。我們第四季總營收為 281 億美元，年增 33%，是超過 2 年以來最快的成長率。

After a really difficult year for so many businesses, this holiday period was important. And while many businesses are still struggling, the good news is that Q4 was stronger than expected for retail. In the U.S., the National Retail Federation reported that sales in November and December went up 8% year-over-year and online sales were up 24%. This holiday period was also longer. Compared to previous years, advertisers started spending earlier and sustained that spend well beyond Black Friday and Cyber Monday. We saw robust performance across regions as well as an improvement in brand advertising.

在許多企業都經歷極其艱難的一年之後，這個假期檔期格外重要。雖然仍有許多企業在掙扎，但好消息是，第四季零售表現強於預期。在美國，全國零售聯合會（National Retail Federation）報告指出，11 月與 12 月的銷售額年增 8%，線上銷售年增 24%。這個假期檔期也更長。與往年相比，廣告主更早開始投放，並且將投放延續到黑色星期五與網路星期一之後很長一段時間。我們看到各地區表現強勁，同時品牌廣告也有所改善。

The strength of our Q4 performance is a result of years of investments in free and paid tools to help businesses succeed online. Even before the pandemic, businesses were going digital, but COVID made this a necessity. Almost overnight, businesses had to create digital storefronts, figure out how to take online orders and find new ways to reach their customers. For many small companies, these steps or even just setting up a website or a mobile app can be difficult and expensive. Our free and paid tools help solve these problems for businesses around the world.

我們第四季表現強勁，源自多年來在免費與付費工具上的投資，協助企業在線上取得成功。即使在疫情之前，企業就已在走向數位化，但 COVID 讓這成為必要條件。幾乎在一夜之間，企業必須建立數位店面、想辦法接受線上訂單，並找到接觸顧客的新方式。對許多小型公司而言，這些步驟，甚至只是建立網站或行動 App，都可能困難且昂貴。我們的免費與付費工具協助解決全球企業面臨的這些問題。

With so many businesses struggling when the pandemic hit, we asked our teams what do businesses need and how can we help. First, they need the tools to get their business up and running online. So what can we do to make ours simpler and more effective? And can we build new ones to help them? Second, they need the digital skills and know-how to succeed. So how can we help more businesses with training and resources? And third, they need their voices to be heard. So can we use our scale to amplify their voices and tell their stories? We've been asking these questions throughout the last year and into Q4.

疫情爆發時，許多企業陷入困境，我們便詢問團隊：企業需要什麼？我們能如何幫忙？第一，他們需要工具，讓企業能在線上啟動並運作。因此，我們能做些什麼讓我們的工具更簡單、更有效？我們能否打造新的工具來協助他們？第二，他們需要成功所需的數位技能與知識。因此，我們如何透過訓練與資源協助更多企業？第三，他們需要讓自己的聲音被聽見。因此，我們能否運用我們的規模來放大他們的聲音並講述他們的故事？過去一年以及進入第四季，我們一直在思考這些問題。

On the first, we accelerated our work on tools to make it easier for people to find brands and products they love and for businesses to manage their online presence and connect with customers. Mark talked about some of the new tools we've launched, like shops and paid online events. In the fall, we also rolled out Facebook Business Suite, a new interface to help businesses manage their pages or profiles across our apps.

在第一點上，我們加速推進工具的開發，讓人們更容易找到他們喜愛的品牌與產品，也讓企業更容易管理其線上形象並與顧客建立連結。Mark 談到我們推出的一些新工具，例如商店（shops）與付費線上活動。秋季時，我們也推出了 Facebook Business Suite，這是一個新介面，協助企業跨我們的 App 管理其粉絲專頁或個人檔案。

We also continued to invest in making our products as effective as possible so businesses can get more value for every dollar they spend. Personalized ads are privacy-safe and help businesses reach customers where they are, which has been more important than ever during the pandemic. One notable area of progress this past year was in Stories ads, which have become more effective for direct-response advertisers.

我們也持續投資，讓產品盡可能有效，讓企業在每一美元支出上都能獲得更高價值。個人化廣告在隱私安全的前提下，協助企業在顧客所在之處觸及他們，而這在疫情期間比以往任何時候都更重要。過去一年一個顯著的進展領域是限時動態（Stories）廣告，對直接回應型（direct-response）廣告主而言，其效果已變得更好。

One business that used Stories ads is Carlota Flower Lab, a florist in Los Reyes, Mexico. Before COVID, they made 70% of their revenue from face-to-face workshops. So when the pandemic hit, founder Paola Mendoza had to get creative. She used personalized ads on Instagram to reach new audiences and even found her first international customers with campaigns targeting California and Texas. One campaign for Dia de los Muertos, the Day of the Dead in November, led to a 24x return on ad spend, helping Paola triple her annual revenue in 2020 despite COVID.

有一家使用限時動態廣告的企業是 Carlota Flower Lab，這是一家位於墨西哥 Los Reyes 的花店。在 COVID 之前，他們 70% 的營收來自面對面的工作坊。因此疫情來襲時，創辦人 Paola Mendoza 必須發揮創意。她在 Instagram 上使用個人化廣告來觸及新受眾，甚至透過鎖定加州與德州的投放活動，找到了第一批國際客戶。11 月亡靈節（Dia de los Muertos，Day of the Dead）的一個投放活動帶來 24 倍的廣告投資報酬率（return on ad spend），即使在 COVID 之下，也幫助 Paola 在 2020 年將年度營收提高到三倍。

On the second, resources and training, we did some big things in 2020. We created a Business Resource Hub, a one-stop shop for resources and trainings for small businesses that we've continued to build out through the end of the year. We committed to reach 1 million members of the black community and 1 million members of the Latinx and Hispanic communities in the U.S. with free digital skills training through our Elevate program by 2023. And we reimagined our Boost with Facebook events to reach businesses virtually with 100 million people tuning in throughout the year. This included our 12-week season of support to help businesses across 16 countries prepare for the holidays.

在第二點——資源與訓練——我們在 2020 年做了幾件大事。我們建立了企業資源中心（Business Resource Hub），作為小型企業資源與訓練的一站式平台，並在年底前持續擴充。我們承諾在 2023 年前，透過 Elevate 計畫在美國為 100 萬名黑人社群成員，以及 100 萬名拉丁裔與西語裔（Latinx and Hispanic）社群成員提供免費數位技能訓練。我們也重新構想 Boost with Facebook 活動，以線上方式觸及企業，全年共有 1 億人次收看。其中包括我們為期 12 週的支援季，協助 16 個國家的企業為假期旺季做準備。

On the third, a great example of how we amplify the voices of our businesses in Q4 is our #BuyBlack Friday campaign, one of my favorite campaigns ever. In the U.S., black-owned businesses closed at twice the rate of others after the start of the pandemic. So we wanted to help people shop with them over the holidays. We created ways for people to find black businesses in their local area, a gift site featuring products from black businesses across the U.S. and even a #BuyBlack Friday show on Facebook Live that was seen by 15 million people.

在第三點上，第四季我們放大企業聲音的一個很棒例子是 #BuyBlack Friday 活動，這是我最喜歡的活動之一。在美國，疫情開始後，黑人擁有的企業倒閉率是其他企業的兩倍。因此我們希望在假期期間幫助大家向他們購物。我們建立了讓人們能在當地找到黑人企業的方法、一個禮品網站（gift site）展示全美黑人企業的產品，甚至在 Facebook Live 上推出 #BuyBlack Friday 節目，吸引了 1,500 萬人觀看。

One of the small businesses we featured is a vegan skincare brand called Redoux from New York City. Its founder, Asia Grant, appeared on the #BuyBlack Friday show, and that became one of her most successful sales days ever. The campaign gave her record revenue and web traffic, and she was even able to hire more people, something that's so important given current unemployment rates.

我們介紹的小型企業之一，是來自紐約市、名為 Redoux 的純素護膚品牌。其創辦人 Asia Grant 出現在 #BuyBlack Friday 節目中，而那天成為她史上最成功的銷售日之一。這個活動為她帶來創紀錄的營收與網站流量，她甚至因此能夠雇用更多人——在目前的失業率情況下，這點尤其重要。

Business owners like Asia and Paola have worked hard to adapt and grow online, but lots of businesses will continue to struggle in 2021. So we're going to keep listening to them and building on what we did last year. That means improving our products and tools to help businesses seamlessly manage their online presence, advertise across our apps and communicate with customers through business messaging. It means making more training available through programs like She Means Business for women and Elevate for diverse communities. And it means finding more ways to amplify their voices, whether it's sharing the stories of small businesses worried that Apple's iOS 14 changes will hurt their ability to reach customers or showcasing small businesses and gift guides and products like businesses nearby.

像 Asia 與 Paola 這樣的企業主努力適應並在線上成長，但在 2021 年仍會有許多企業持續面臨困難。因此，我們將繼續傾聽他們的需求，並在去年所做的基礎上再接再厲。這意味著改進我們的產品與工具，協助企業無縫管理其線上形象、在我們的 App 之間投放廣告，並透過商務訊息（business messaging）與顧客溝通。這也意味著透過如 She Means Business（面向女性）與 Elevate（面向多元社群）等計畫提供更多訓練。並且意味著尋找更多方式放大他們的聲音——無論是分享那些擔心 Apple iOS 14 變更將傷害其觸及顧客能力的小型企業故事，或是展示小型企業、送禮指南與產品，例如「附近商家」（businesses nearby）。

I want to close by saying how grateful I am to all the businesses around the world who work with us. Your partnership helps us build the tools you need so you can continue to grow and hire. And as always, I'm grateful to our incredible teams who have done so much to help businesses survive this difficult year, including coming up with great ideas like #BuyBlack Friday. I hope that 2021 is a better year for everyone.

最後我想說，我非常感謝全球所有與我們合作的企業。你們的夥伴關係幫助我們打造你們所需要的工具，讓你們能持續成長並招募人才。一如既往，我也感謝我們出色的團隊，他們為了協助企業度過這艱難的一年做了許多事，包括提出像 #BuyBlack Friday 這樣的好點子。我希望 2021 年對每個人而言都是更好的一年。

Now here's Dave.

接下來請 Dave。

Thanks, Sheryl, and good afternoon, everyone. Q4 was a strong quarter, capping off a solid year for our business as full year 2020 revenue grew 22% to $86 billion. We have been encouraged to see improved demand for our ads during the second half of the year after facing significant headwinds at the onset of the pandemic. Our results reflect the ongoing strength in the digital economy and the value we're providing to millions of businesses who use our services to reach consumers and generate sales.

謝謝你，Sheryl，大家午安。第四季表現強勁，為我們的業務畫下穩健的一年句點；2020 全年營收成長 22% 至 860 億美元。在疫情初期面臨顯著逆風之後，我們很受鼓舞地看到下半年廣告需求改善。我們的結果反映了數位經濟持續的強勁動能，以及我們為數以百萬計使用我們服務來觸及消費者並創造銷售的企業所提供的價值。

Let's begin with our community metrics. In December, we estimate that approximately 2.6 billion people use at least one of our services on a daily basis and that approximately 3.3 billion people use at least one on a monthly basis. Facebook daily active users reached 1.84 billion, up 11% or 188 million compared to last year. DAUs represented approximately 66% of the 2.8 billion monthly active users in December. MAUs grew 299 million or 12% compared to last year. Consistent with our outlook, U.S. and Canada DAU declined 1 million sequentially as usage continued to normalize from peak COVID levels experienced earlier in the year.

先從社群指標開始。12 月，我們估計約有 26 億人每天使用我們至少一項服務，約有 33 億人每月使用我們至少一項服務。Facebook 每日活躍用戶（DAU）達到 18.4 億，較去年成長 11%，增加 1.88 億人。DAU 約占 12 月 28 億月活躍用戶（MAU）的 66%。MAU 較去年增加 2.99 億人，成長 12%。符合我們的展望，美國與加拿大的 DAU 較上一季減少 100 萬人，因使用量持續從年初 COVID 高峰水準回歸常態。

Turning to the financials. All comparisons are on a year-over-year basis unless otherwise noted. Q4 total revenue was $28.1 billion, up 33% or 32% on a constant currency basis. We benefited from a currency tailwind, and had foreign exchange rates remained constant with Q4 of last year, total revenue would have been $339 million lower.

接著看財務表現。除非另有說明，所有比較皆以年對年為基礎。第四季總營收為 281 億美元，年增 33%；以固定匯率（constant currency）計算則年增 32%。我們受惠於匯率順風；若外匯匯率維持與去年第四季相同，總營收將會少 3.39 億美元。

Q4 ad revenue was $27.2 billion, up 31% or 30% on a constant currency basis. The growth in advertising revenue was largely driven by a strong holiday shopping season for retail, which benefited from the ongoing shift to online commerce. On a user geography basis, ad revenue was strongest in Europe, which grew 35% and benefited from currency tailwinds; U.S. and Canada grew 31%; and Asia Pacific grew 29%. Rest of world growth improved 25% but continues to be significantly impacted by currency headwinds. In Q4, the total number of ad impressions served across our services increased 25% and the average price per ad increased 5%. Impression growth was driven by both Facebook and Instagram. The increase in average price per ad was driven primarily by Facebook mobile feed as well as pricing improvement in Instagram Stories.

第四季廣告營收為 272 億美元，年增 31%，以固定匯率計年增 30%。廣告營收成長主要受零售業強勁的假期購物季帶動，而這也受惠於持續轉向線上商務的趨勢。以用戶地理區域來看，廣告營收以歐洲最強，成長 35%，並受惠於匯率順風；美國與加拿大成長 31%；亞太地區成長 29%。世界其他地區的成長改善至 25%，但仍持續受到匯率逆風的顯著影響。第四季，我們各項服務投放的廣告曝光總量增加 25%，每則廣告平均價格上升 5%。曝光量成長同時由 Facebook 與 Instagram 帶動。每則廣告平均價格的上升主要由 Facebook 行動版動態消息帶動，並且 Instagram 限時動態的定價也有所改善。

Other revenue was $885 million, up 156% due to strong Quest 2 holiday sales. We've been encouraged by the positive reception of Quest 2 since its October launch.

其他營收為 8.85 億美元，年增 156%，主要因 Quest 2 假期銷售強勁。我們對 Quest 2 自 10 月上市以來獲得的正面回饋感到鼓舞。

Turning now to expenses. Q4 total expenses were $15.3 billion, up 25% compared to last year. In terms of specific line items, cost of revenue increased 49% driven primarily by hardware costs related to Quest 2 sales, core infrastructure investments and payments to partners. R&D increased 34% driven primarily by hiring and investments in core products as well as our consumer hardware efforts. Marketing and sales increased 8%, driven by hiring and marketing spend. Lastly, G&A expenses decreased 13% as we lapped charges related to the BIPA legal settlement recorded in the fourth quarter of 2019.

接著談費用。第四季總費用為 153 億美元，較去年增加 25%。就各項明細而言，營收成本增加 49%，主要由 Quest 2 銷售相關的硬體成本、核心基礎設施投資以及對合作夥伴的付款所帶動。研發費用增加 34%，主要由招募人員以及對核心產品與消費性硬體工作的投資所帶動。行銷與銷售費用增加 8%，由招募與行銷支出帶動。最後，一般及行政費用下降 13%，因為我們已跨過 2019 年第四季認列的 BIPA 法律和解相關費用的比較基期。

In the past year, we added a record 13,600 net employees and reached our goal of adding 10,000 employees in tech and product roles. We ended the year with over 58,600 full-time employees, up 30% compared to last year. We continue to be pleased with our ability to recruit, onboard and retain talent in this environment.

過去一年，我們新增了創紀錄的 13,600 名淨增員工，並達成新增 10,000 名技術與產品職務員工的目標。年底全職員工超過 58,600 人，較去年增加 30%。在此環境下，我們持續對自身招募、到職培訓與留才能力感到滿意。

Fourth quarter operating income was $12.8 billion, representing a 46% operating margin. Our tax rate was 14%. Net income was $11.2 billion or $3.88 per share. Capital expenditures were $4.8 billion, driven by investments in data centers, servers, office facilities and network infrastructure. Free cash flow was $9.2 billion, and we ended the quarter with $62 billion in cash and marketable securities.

第四季營業利益為 128 億美元，營業利益率為 46%。我們的稅率為 14%。淨利為 112 億美元，或每股 3.88 美元。資本支出為 48 億美元，主要由資料中心、伺服器、辦公設施與網路基礎設施投資所帶動。自由現金流為 92 億美元，季度末我們持有 620 億美元的現金與有價證券。

For the full year, we repurchased $6.3 billion of our Class A common stock and had $8.6 billion remaining in our prior authorization as of December 31. Today, we announced a $25 billion increase in our stock repurchase authorization.

就全年而言，我們回購了 63 億美元的 A 類普通股，截至 12 月 31 日，先前核准的回購額度尚餘 86 億美元。今天，我們宣布將股票回購授權額度增加 250 億美元。

Turning now to the outlook. We continue to face significant uncertainty as we manage through a number of crosscurrents in 2021. We believe our business has benefited from 2 broad economic trends playing out during the pandemic. The first is the ongoing shift to online commerce. The second is the shift in consumer demand towards products and away from services. We believe these shifts provided a tailwind to our advertising business in the second half of 2020, given our strength in product verticals sold via online commerce and our lower exposure to service verticals like travel. Looking forward, a moderation or reversal in one or both of these trends could serve as a headwind to our advertising revenue growth.

接著談展望。2021 年在多股力量交錯影響下，我們在營運管理上仍面臨顯著不確定性。我們認為疫情期間出現的兩大廣泛經濟趨勢使我們的業務受惠。第一是持續轉向線上商務。第二是消費需求從服務轉向商品。我們認為，鑑於我們在透過線上商務銷售的商品類別（product verticals）具優勢，且對旅遊等服務類別（service verticals）的曝險較低，這些轉變在 2020 年下半年為我們的廣告業務帶來順風。展望未來，若上述一項或兩項趨勢放緩或反轉，可能會成為我們廣告營收成長的逆風。

At the same time, in the first half of 2021, we will be lapping a period of growth that was negatively impacted by reduced advertising demand during the early stages of the pandemic. As a result, we expect year-over-year growth rates in total revenue to remain stable or modestly accelerate sequentially in the first and second quarters of 2021. In the second half of the year, we will lap periods of increasingly strong growth, which will significantly pressure year-over-year growth rates.

同時，在 2021 年上半年，我們將跨過一段在疫情初期因廣告需求下降而受到負面影響的成長比較基期。因此，我們預期 2021 年第一季與第二季的總營收年增率將維持穩定，或按季略為加速。到了下半年，我們將跨過成長愈來愈強勁的比較期間，這將對年增率造成顯著壓力。

We also expect to face more significant ad targeting headwinds in 2021. This includes the impact of platform changes, notably iOS 14 as well as the evolving regulatory landscape. While the timing of the iOS 14 changes remains uncertain, we would expect to see an impact beginning in the late first -- beginning late in the first quarter.

我們也預期 2021 年將面臨更顯著的廣告定向（ad targeting）逆風，其中包括平台變更的影響，尤其是 iOS 14，以及不斷演變的監管環境。雖然 iOS 14 變更的時點仍不確定，但我們預期影響將自第一季後段開始出現——也就是第一季末開始。

There is also continuing uncertainty around the viability of transatlantic data transfers in light of recent European regulatory developments. And like other companies in our industry, we are closely monitoring the potential impact on our European operations as these developments progress.

此外，鑑於近期歐洲監管發展，跨大西洋資料傳輸的可行性仍存在持續不確定性。與本產業其他公司一樣，隨著這些發展推進，我們正密切監控其對我們歐洲營運的潛在影響。

Turning now to expenses. We expect 2021 total expenses to be in the range of $68 billion to $73 billion, unchanged from our prior outlook. This is driven by investments in technical and product talent as well as continued growth in infrastructure costs. We continue to expect 2021 capital expenditures to be in the range of $21 billion to $23 billion driven by data centers, servers, network infrastructure and office facilities. Our outlook includes spend that was delayed from 2020 due to the impact of the pandemic on our construction efforts.

接著談費用。我們預期 2021 年總費用將介於 680 億至 730 億美元，與先前展望一致。這主要由對技術與產品人才的投資，以及基礎設施成本的持續成長所帶動。我們仍預期 2021 年資本支出將介於 210 億至 230 億美元，主要用於資料中心、伺服器、網路基礎設施與辦公設施。我們的展望包含因疫情對建設作業造成影響而自 2020 年延後的支出。

Turning now to tax. We continue to expect our full year 2021 tax rates to be in the high teens.

接著談稅務。我們仍預期 2021 全年稅率將落在 10% 後段（high teens）。

In closing, 2020 was a unique operating environment that introduced a number of unforeseen challenges. We have been pleased with our team's ability to adapt in order to maintain the reliability of our services, deliver new products and experiences and support the millions of businesses who use our platforms to reach consumers.

最後總結，2020 年是一個獨特的營運環境，帶來多項未預見的挑戰。我們對團隊能夠適應變化、維持服務可靠性、推出新產品與體驗，並支持數以百萬計使用我們平台觸及消費者的企業，感到滿意。

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

接下來，Mike，我們開放提問。

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

（接線員指示）您的第一個問題來自摩根士丹利（Morgan Stanley）的 Brian Nowak。

I have 2. The first one for either Mark or Sheryl. I appreciate the color on commerce. I was curious as for any encouraging, quantifiable signposts or learnings that you've seen so far in Instagram Shopping that sort of give you confidence you're making progress in building out this opportunity.

我有兩個問題。第一個想請教 Mark 或 Sheryl。感謝你們對商務的補充說明。我想了解的是，在 Instagram Shopping 方面，你們目前看到哪些令人鼓舞、可量化的指標或學習，讓你們對於在打造這個機會上正在取得進展更有信心？

And then the second one, Dave, in -- appreciate the comment on the forward outlook and the outlook commentary. I guess the question is -- you sort of talk about this shift to consumer expenditure toward products away from services that could potentially be a headwind in the back half as it reverses. I think last quarter, you mentioned you had 10 million advertisers. So maybe talk to us about sort of some of the segments of advertisers you think that you're missing and what initiatives do you have in place to sort of broaden the advertiser base to bring more services on the platform.

第二個問題，Dave——也謝謝你對前瞻展望與相關評論的說明。我想問的是——你提到消費支出從服務轉向商品的變化，若在下半年反轉，可能成為逆風。我記得上季你提到你們有 1,000 萬名廣告主。能否談談你們認為目前缺少了哪些廣告主區隔，以及你們有哪些措施來擴大廣告主基礎，讓更多服務類別進入平台？

I can take the first. With Instagram Shopping, we launched a new Shop tab on Instagram in Q4, and this is built on other shopping efforts we've had. We see this as an overall part of our commerce effort. We've always been, I think, a great place for people to discover new products and services, but we are very interested in taking people all the way down that funnel from discovery to purchase to finding products and services to checking out as well. And our shopping efforts are part of that. We're seeing nice uptick. It's still really early days, but we think businesses are having a good experience and people are having a good experience. And as always, with our ad products and with our commerce products, we want to make sure we provide a great experience to the end user so that they can find the things they are looking for.

我先回答第一個。關於 Instagram Shopping，我們在第四季於 Instagram 推出新的「商店」分頁（Shop tab），這是建立在我們既有的其他購物努力之上。我們將其視為整體商務布局的一部分。我們一直以來都是人們發掘新產品與服務的好地方，但我們也非常有興趣把人們一路帶到漏斗底端，從發現到購買——也包括找到產品與服務以及結帳。我們的購物努力就是其中一環。我們看到不錯的成長動能。現在仍是非常早期的階段，但我們認為企業的體驗良好、使用者的體驗也良好。而且一如既往，無論是我們的廣告產品或商務產品，我們都希望確保為終端使用者提供很棒的體驗，讓他們能找到自己正在尋找的東西。

Brian, it's Dave. Yes, the data that we've looked at there really is that when you look at the data from the U.S. BEA, it basically showed that in Q3, while the services consumer spend was still down year-over-year, spending on goods actually surged to record levels or the highest in like 15 years. We don't have the results for Q4, but we expect that sort of trend continued. If you look at the balance of our business, it tends to skew more towards products relative to the overall GDP and -- or the overall consumer spend in, for instance, the U.S. So we just think we're overall exposed a little bit more to products. We continue to invest to improve our exposure and travel -- sorry, in service areas like travel. But our expectation would be in 2021, we'll continue to have a similar skew towards products as we've had in the past. But we'll continue to make investments to make our ad products more relevant for services as well.

Brian，我是 Dave。是的，我們所看的資料顯示，根據美國經濟分析局（U.S. BEA）的數據，第三季服務類消費支出雖然仍較去年同期下滑，但商品支出實際上飆升至創紀錄水準，或是約 15 年來最高。我們還沒有第四季的結果，但我們預期這類趨勢仍在延續。若看我們業務的組成，相較於整體 GDP——或例如美國的整體消費支出——我們的結構往往更偏向商品。因此我們認為整體而言，我們對商品的曝險略高。我們持續投資以改善我們在旅遊等服務領域的曝險——抱歉，是在旅遊等服務領域。不過我們預期在 2021 年，我們仍會維持與過去相近、偏向商品的結構；同時也會持續投資，讓我們的廣告產品對服務類別同樣更具相關性。

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

您的下一個問題來自摩根大通（JPMorgan）的 Doug Anmuth。

For Dave and Sheryl, we know you mentioned significant ad targeting headwinds. But has your view on IDFA changed at all over the past few months? Just curious how you're thinking about Facebook's ability now to offset some of the impact just through things like limited log-in mode and new APIs and other conversion tools and data. And then if you could just talk a little bit more about how you're thinking about the impact across FAN and then the core products.

給 Dave 和 Sheryl，我們知道你們提到廣告定向面臨顯著逆風。但過去幾個月你們對 IDFA 的看法有任何改變嗎？只是好奇你們現在如何看待 Facebook 透過例如有限登入模式、新的 API，以及其他轉換工具與資料，來抵消部分影響的能力。然後也請你們再多談一點，你們如何看待對 FAN 以及核心產品的影響。

Doug, I'll take that. So I don't think our outlook has changed in any significant way on iOS 14. We continue to believe that, that will be a headwind in the ads business. It's, in our view, not just limited to IDFA, but broader than that is we're going to have to be providing a prompt, asking people for permission to use third-party data to deliver personalized ads. So that's going to be true whether you're using IDFA or not. And we do expect there to be high opt-out rates related to that, and that's factored into our outlook. We expect that to roll out sometime -- we expect later in Q1. But the timing is uncertain, and Apple hasn't given clarity on that at this point. And we do expect that will have increasing impact through the year as more users adopt iOS 14 and go through those permissions.

Doug，我來回答。我認為我們對 iOS 14 的展望並沒有任何重大改變。我們仍然相信這會對廣告業務造成逆風。在我們看來，這不僅僅局限於 IDFA，更廣泛的是，我們將必須提供一個提示，向人們徵求允許使用第三方資料來投放個人化廣告。因此，不論你是否使用 IDFA，情況都會如此。我們確實預期會有很高的拒絕同意（opt-out）比例，這也已納入我們的展望之中。我們預期這會在某個時間點推出——我們預期在第一季稍晚。但時程仍不確定，Apple 目前也尚未就此給出明確說法。我們也預期，隨著更多使用者採用 iOS 14 並經歷這些權限流程，這項影響將在全年逐步加大。

When you think about what the mitigations might be, obviously, there's going to be mitigation of the impact on us, to some extent, just because this is a platform-wide change. And so it will impact everyone. And so that's going to mitigate it to some extent. And in addition, over time, we hope to help businesses by providing more on-site conversion opportunities through initiatives like shops and also click-to-messaging ads.

當你思考可能的緩解措施時，顯然，這會在某種程度上緩解對我們的影響，因為這是全平台的變更，因此會影響所有人，這會在一定程度上抵消影響。此外，隨著時間推移，我們希望透過像是 Shops 等計畫，提供更多站內轉換機會，並透過點擊傳訊（click-to-messaging）廣告等方式來協助企業。

As it relates to specifically the Audience Network products, obviously, that's going to have a significant impact on Audience Network on iOS, as we've explained in the past. But it's -- but the broader impact given the size of that business is really to our -- to the core advertising business on iOS.

至於特別針對 Audience Network 產品而言，正如我們過去所說，這顯然會對 iOS 上的 Audience Network 造成重大影響。但——但就該業務規模而言，更廣泛的影響其實是對我們——對 iOS 上的核心廣告業務。

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。

Maybe 2, if I can. Mark, just coming back to your comment, what do you see as some of the key investments either on the hardware side or the content and application side to unlock the opportunity based on what you recently saw with the success of Oculus in the holiday period where there's piece of hardware, obviously, that sold through quite well? And how do you think about aligning investments against the opportunity in the coming years?

如果可以的話，我想問兩個問題。Mark，回到你剛才的評論，基於你最近看到 Oculus 在假期期間的成功——顯然那是一款硬體，銷售表現相當不錯——你認為在硬體端或內容與應用端，有哪些關鍵投資可以解鎖這個機會？以及你如何看待在未來幾年將投資與機會對齊？

And then maybe -- I don't know if it's for Sheryl or Dave, but maybe if I could just follow up a little bit on Doug's question. When you think out to the language you're using about the back half of the year, is there any sense you can give us quantitatively about how to think about some of the tougher comps you'll see as we move through '21 versus identifying the degree or the severity of different outcomes from some of the headwind?

然後也許——我不確定是問 Sheryl 還是 Dave——但我想稍微追問一下 Doug 的問題。當你們談到今年下半年時，你們是否能在量化上給我們一些概念，讓我們理解隨著 2021 年推進，你們將面臨更艱難的比較基期（comps），以及如何辨識由不同逆風所帶來的各種結果的程度或嚴重性？

I can take the first one. So when we started working on virtual and augmented reality, we basically laid out a path where we knew that virtual reality would be practical to build first. And we view that it's kind of all part of one continuous ecosystem for spatial, immersive computing and presence, so the key things that we're trying to do with VR now.

我可以先回答第一個。我們開始投入虛擬與擴增實境時，基本上規劃了一條路徑：我們知道虛擬實境會先更實際可行、可以先打造。我們認為這些其實都是同一個連續生態系的一部分，指向空間化、沉浸式運算與臨場感（presence）。因此，我們現在在 VR 上要做的關鍵事情是——

I do believe that Quest 2 is the first mainstream virtual reality product that is doing quite well, and I'm really proud of what we've been able to do there. The goal there is we keep on shipping content and titles and working with developers and shipping new capabilities to the device. Like last year, we shipped the ability to do -- now hand-tracking, which no one expected to be possible yet, but the team working on that did some really great work. And it just made the device better and increased the value.

我確實相信 Quest 2 是第一個真正走向主流、而且表現相當好的虛擬實境產品，我也為我們在這方面所做到的成果感到非常自豪。那裡的目標是持續推出內容與作品、與開發者合作，並為裝置推出新功能。像去年，我們推出了——現在的手部追蹤（hand-tracking）能力，這是沒有人預期這麼快就能做到的，但負責這項工作的團隊做得非常出色。這讓裝置變得更好，也提升了其價值。

So the -- we're continuing to work on new hardware as well. The new hardware will kind of fit the same platform. So the content that works on Quest 2 should be forward-compatible. And so that way, we're going to build one kind of larger installed base around the virtual reality headsets that we have. And at the same time, we're building towards a future with some of this -- the fundamental technology investments that we're making to be able to provide augmented reality glasses that hopefully will be able to support a lot of the same content in this ecosystem over time and take advantage of a lot of these foundational investments that we've made.

所以——我們也持續在開發新的硬體。新的硬體會大致沿用同一個平台。因此，在 Quest 2 上可運作的內容應該能向前相容。如此一來，我們就能圍繞現有的 VR 頭戴式裝置建立一個更大的裝置安裝基礎（installed base）。同時，我們也在為未來做準備——透過我們正在投入的一些基礎技術投資，讓我們有能力提供擴增實境眼鏡；希望隨著時間推移，它也能支援這個生態系中許多相同的內容，並利用我們已經完成的許多基礎性投資。

So this is -- this continues to be a long-term investment. I think it's very important both for the vision of what we want to do. Like I said in my script before -- earlier, it's just some of the things that we're going to be able to build with VR and AR are the types of social experiences that I wanted us to -- I wanted to build since I was a kid, and I'm excited to be able to unlock that. And I also think strategically, it's important for us to have a little more control of our own destiny in terms of the operating systems and platforms that all of our services operate on, so continue to be very focused on this and optimistic about what we're seeing.

所以這——仍然是一項長期投資。我認為這對我們想做的願景非常重要。就像我先前在講稿裡——更早之前說的，我們能用 VR 和 AR 打造的一些東西，是我從小就一直想——一直想打造的那種社交體驗，我很興奮能把它解鎖。我也認為從策略上來看，讓我們在作業系統與平台方面對自身命運有更多掌控權很重要，因為我們所有服務都運行在那些系統與平台之上。因此我們會持續非常專注於此，並對目前看到的進展保持樂觀。

Yes. Eric, it's Dave. Just coming back to your question. I think the context is we have this -- we've had a tremendously strong quarter, Q4 of this year. A number of factors, we talked about, driving that. A couple of are pandemic-related, which is just the shift to online commerce as well as the ongoing -- the shift to more spend on products versus services. In Q4, we also saw strength with sort of our full range of advertisers. We have seen sort of small- and medium-sized businesses come back and start getting strength in Q2 and Q3 or Q3 specifically. And then Q4, we also saw strength from some of our largest advertisers as well.

是的。Eric，我是 Dave。回到你的問題，我認為背景是：我們今年第四季表現極為強勁。我們談到有多項因素推動了這點，其中有幾項與疫情相關，也就是向線上商務的轉移，以及持續——支出更多轉向商品而非服務。在第四季，我們也看到來自各類型廣告主的強勁表現。我們看到中小企業在第二季與第三季（或更具體地說第三季）回來並開始轉強。而在第四季，我們也看到一些最大型廣告主同樣表現強勁。

So as you look out in 2021, I think we're just going to be facing tougher comps in the back half of the year. Some of those things related to the pandemic had the potential to revert, whether it's more consumer expenditure shifting towards services away from products. So that will make it a little bit of a tougher comp. And then you layer on top of that headwind to growth related to privacy-related headwinds. The biggest factor there is iOS 14. So we certainly anticipate growth, but we're just looking at tougher comps as we hit the back half of the year given really, most importantly, the strength that we saw this year and then, on top of that, the headwinds that we're seeing from some of the privacy changes.

因此展望 2021 年，我認為我們在下半年將面臨更艱難的比較基期。其中一些與疫情相關的因素可能會回歸常態，例如消費支出更多從商品轉回服務，這會讓比較基期更具挑戰。然後在此之上，你還要再疊加與隱私相關的成長逆風，其中最大的因素是 iOS 14。因此我們當然預期仍會成長，但當我們進入下半年時，鑑於最重要的是今年所見到的強勁表現，以及再加上我們從部分隱私變更中看到的逆風，我們將面臨更艱難的比較基期。

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

您的下一個問題來自美國銀行（Bank of America）的 Justin Post。

Great. I guess I'll ask about regulation. I know it's a tough topic. First, Mark, in your prepared remarks, you elevated a little bit competition with Apple. Is there anything going on with iOS 14 besides IDFA that maybe puts you in more direct competition with Apple?

好的。我想我會問監管方面。我知道這是個棘手的話題。首先，Mark，在你準備好的發言中，你稍微提高了與 Apple 的競爭層級。除了 IDFA 之外，iOS 14 還有沒有其他事情，可能讓你們與 Apple 形成更直接的競爭？

And then secondly, obviously, the FTC filed their case since the last earnings call. Maybe just open forum, any thoughts on that, that you're able to share.

其次，顯然 FTC 自上次財報電話會議以來已提起訴訟。也許開放式地問一下，你們對此有沒有任何可以分享的想法？

Well, in terms of the competition with Apple specifically, I laid out 3 or 4 product focus areas. And with the exception of the work that we're doing on communities, which I think is quite separate from the work that they do, the other 3 areas, I think, are going to have very significant competitive overlap with Apple. In messaging, certainly iMessage is the most popular service in the U.S., I think, because of the fact that they pre-install it and give their app several advantages that other apps don't have. In commerce and supporting small businesses, I think there, you have some of the iOS 14 changes that we think are going to be very problematic especially for small businesses. And then longer term, as we move towards building the next computing platform, I think we would expect to see them as more of a competitor there as well. So I do think that this is sort of shaping up that -- we face many competitors, right? There are a lot of competitors in the core social app work that we do.

嗯，就與 Apple 的競爭而言，我提出了 3 或 4 個產品聚焦領域。除了我們在社群（communities）上的工作——我認為那與他們做的事情相當不同——之外，另外 3 個領域我認為都會與 Apple 有非常顯著的競爭重疊。在傳訊方面，iMessage 無疑是美國最受歡迎的服務，我想這是因為他們預先安裝，並且給了他們的 App 一些其他 App 所沒有的優勢。在商務與支援小型企業方面，我認為那裡有一些我們認為會非常棘手的 iOS 14 變更，特別是對小型企業而言。然後從更長期來看，當我們邁向打造下一代運算平台時，我認為我們也會預期在那裡更把他們視為競爭對手。所以我確實認為這正在逐步成形——我們面對很多競爭對手，對吧？在我們核心社交 App 的工作上也有很多競爭者。

(technical difficulty)

（技術問題）

Excuse me. This is the operator. I apologize but there will be a slight delay in today's conference. Please hold and the conference will resume shortly. Thank you for your patience.

不好意思。我是接線員。很抱歉，今天的電話會議將稍有延遲。請稍候，會議將很快恢復。感謝您的耐心等候。

Was there another question on that last one that I was supposed to answer?

剛才最後那一題是不是還有另一個我應該回答的問題？

Well, there's a question about the FTC. All right. Are we on now through this line?

嗯，有一個關於 FTC 的問題。好。現在我們是透過這條線接上了嗎？

Yes, you are connected.

是的，您已連線。

Okay.

好。

All right. So where did I lose you?

好，那我在哪裡跟丟你們了？

I think you had covered the question of the dynamics related to the competitive landscape, and then there was a follow-on question around the FTC case and any thoughts that we have on that. I don't think we have anything we necessarily are commenting on at this point.

我想您已經回答了與競爭格局相關的動態問題，接著有一個延伸問題是關於 FTC 案件，以及我們對此是否有任何看法。我想目前我們沒有什麼特別要評論的。

Yes. Nothing on the case. I mean on regulation overall because I think some of the question was focused on that, the point that I would highlight is I actually think it would be very helpful to us and the Internet sector overall for there to be clearer rules and expectations on some of these social issues around how content should be handled or how elections should be handled, around what privacy norms governments want to see in place because these questions all have trade-offs, right? All the content and elections content and elections questions have trade-offs between giving people free expression and a voice. But some, there are trade-offs again, safety and privacy and other social equities. They're all very important. And it's, I think, very difficult for a private company to balance those, and I think it would be much better to have just a clearer guidance and clearer rules for the Internet. So that's going to be something that we continue to advocate for.

是的。對那個案件沒有什麼可說的。我是說，就整體監管而言，因為我想部分問題聚焦在那上面，我要強調的一點是：我其實認為，對我們以及整個網際網路產業來說，如果能在一些社會議題上有更清楚的規則與期待，會非常有幫助，例如內容應該如何處理、選舉應該如何處理，以及政府希望建立哪些隱私規範，因為這些問題都有取捨，對吧？所有關於內容、選舉內容與選舉的問題，都在讓人們自由表達與發聲之間存在取捨。但同時也有取捨，例如安全、隱私與其他社會公平等面向。這些都非常重要。而且我認為，對一家民營公司而言，要在這些之間取得平衡非常困難；我覺得若能對網際網路有更明確的指引與更清楚的規則會好得多。因此，這將是我們會持續倡議的方向。

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

下一個問題來自 Barclays 的 Ross Sandler。

A question about the price/volume metrics that you disclosed -- can you hear me?

關於你們披露的價格／量的指標有個問題——你聽得到我嗎？

Yes. I can hear you, yes.

是的，我聽得到。

A question about the price versus volume metrics, Dave, that you just mentioned. The first quarter in a long time that price, I think, was up year-on-year. I know there's a lot of factors that go into that. But you also mentioned that you're seeing strong traction from DR advertisers around the Stories format. So maybe just a little bit more color on where we are in the Stories versus feed price dynamic and what kinds of DR advertisers are seeing the most traction around these Stories ads.

關於你剛提到的價格相對於量的指標，Dave。這是很長一段時間以來第一次價格我想是年增。我知道這裡面有很多因素。但你也提到你們看到成效型（DR）廣告主在 Stories 版位上有很強的進展。能否再多談一些目前 Stories 相對於動態消息（feed）的價格動態，以及哪些類型的成效型廣告主在這些 Stories 廣告上看到最大的成效？

Yes. Sure, Ross. So I mean, as you know, with the auction dynamic, the growth in pricing is -- does really depend on impression growth. And we saw impression growth slowed this quarter to 25% from the Q3 rate of 35%. And some of that is just due to lapping product optimizations on Instagram during Q4 of '19 as well as just the normalization of engagement trends on Facebook. And so we would expect that sort of overall story to continue into Q1 with those trends.

好的，當然，Ross。就像你知道的，在拍賣機制下，價格成長——其實很大程度取決於曝光（impression）的成長。我們看到本季曝光成長放緩至 25%，低於第三季的 35%。其中一部分只是因為我們在 2019 年第四季於 Instagram 上做的產品優化進入了比較基期，另外也包括 Facebook 上互動趨勢的正常化。因此我們預期這樣的整體趨勢會延續到第一季。

And then we're also continuing to make iterative improvements that enhance the performance and benefit pricing over time. And the one example that we give there is Instagram Stories that, as you know, it's been an area we've been focused on to try and make DR performance through better ads in our activity work better on Stories, and we've been seeing some good progress there. So we called that out as well as being a driver of price improvement. There's still a gap with Stories ads and feed ads, but we've been pleased with the progress we've been making on that front.

另外，我們也持續做一些迭代式改善，隨時間提升成效並有利於定價。我們舉的例子是 Instagram Stories——如你所知，這一直是我們聚焦的領域，目標是透過更好的廣告與我們的活動（activity）讓 Stories 上的成效型（DR）表現更好，而我們也看到不錯的進展。因此我們也把它點出來，作為價格改善的驅動因素之一。Stories 廣告與動態消息（feed）廣告之間仍有差距，但我們對目前在這方面取得的進展感到滿意。

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

下一個問題來自 Baird 的 Colin Sebastian。

Great. Two quick ones from me. I guess given the ongoing efforts in private messaging, I'm curious ultimately what will differentiate Messenger from WhatsApp other than branding or geography, if there's an inevitable consolidation of functionality there.

很好。我這邊兩個簡短問題。鑑於你們在私密訊息方面的持續投入，我很好奇，最終 Messenger 與 WhatsApp 除了品牌或地理因素之外，會有什麼差異？如果功能不可避免地會整合在一起的話。

And then secondly, on Reels, I know it's still early, but any update on performance or uptake as well as the road map for monetization, I think, would be helpful.

第二個是關於 Reels。我知道還很早，但能否更新一下表現或採用情況，以及變現路線圖？我想這會很有幫助。

Mark, do you want to take this?

Mark，你要回答這題嗎？

Yes, I can take the first one. I mean the biggest connection for -- the biggest difference between Messenger and WhatsApp is, obviously, the connection to Facebook. And the kind of same identity and graph that you use on Facebook comes with you to Messenger. So even if you can send messages across the different apps and there's more interoperability and we bring the same world-class privacy features to both, I think that, that will still make the apps feel fairly distinct.

是的，我可以先回答第一個。我是說，Messenger 和 WhatsApp 最大的連結——最大的差異，顯然是與 Facebook 的連結。你在 Facebook 上使用的同一套身分與社交圖譜（graph）會跟著你到 Messenger。所以即使你可以在不同 App 之間互傳訊息、互通性更高，而且我們也把同樣世界級的隱私功能帶到兩者上，我認為這仍會讓這些 App 的體驗相當不同。

I also think the kind of aesthetic and focus of the apps on how much different functionality they include will vary. I think WhatsApp has always had -- we've always focused a lot on making it a very utilitarian experience and place more of a premium on simplicity there. So we'll continue adding new functionality, but we're more focused on keeping that minimal. Whereas in Messenger, we have a lot more tools and features for expression, and I would expect that we'll continue adding more there as well.

我也認為，App 的美學風格與重點，以及它們納入多少不同功能，會有所差異。我認為 WhatsApp 一直以來——我們一直很專注把它做成非常實用（utilitarian）的體驗，並更重視簡潔。因此我們會持續加入新功能，但會更著重維持精簡。相較之下，在 Messenger 上，我們有更多用於表達的工具與功能，我預期我們也會持續在那裡加入更多。

On the second, with Reels, we're really pleased with the early data on consumption, and we have a bunch of work ahead of us to make it easier for people to create and discover content. We've now rolled out the product into over 50 countries.

第二個，關於 Reels，我們對早期的觀看（consumption）數據非常滿意，而我們接下來還有很多工作要做，讓大家更容易創作與發現內容。我們現在已把產品推廣到超過 50 個國家。

In monetization of it, we've launched branded content tag in Reels. So that helps creators share the content and monetize. We launched shopping in Reels. And we've said that we will launch ads. The timing is to be determined. And we're going to follow the same pattern we followed on other things like Stories. We launch a consumer product. We make sure there's product market fit and people are using it. Then we launch an ad product and we make sure that it's beneficial for consumers. And as David answered in, I think, the last question, we work very diligently quarter-by-quarter on the basis point improvements that help us scale a product. So we will do things to make it easier for people to create the right businesses to create the right ad format. We will do things to make those ads get to the person who might be looking for that product or service.

在變現方面，我們已在 Reels 推出品牌內容標籤（branded content tag），這能幫助創作者分享內容並變現。我們也在 Reels 推出了購物功能（shopping）。而且我們也說過會推出廣告，時間點尚待決定。我們會遵循與其他產品（例如 Stories）相同的模式：先推出消費者產品，確保產品市場契合（product market fit）且人們在使用；接著推出廣告產品，並確保它對消費者是有益的。正如 David 在上一題的回答，我們會非常勤勉地逐季推進，以基點（basis point）層級的改善來幫助我們擴大產品規模。我們會做一些事情，讓人們更容易創作、讓企業更容易建立合適的廣告格式；我們也會做一些事情，讓這些廣告能觸及可能正在尋找該產品或服務的人。

Your next question comes from the line of Youssef Squali from Truist Securities.

下一個問題來自 Truist Securities 的 Youssef Squali。

I have 2 questions, please. Mark, I want to go back to the first theme that you discussed of communities and how you're looking to potentially deemphasize civic and political groups. How important -- or how large is civic and political content on the site? Is there a way to quantify it or quantify the engagement with it to see if this is one of the headwinds that you guys talk about in terms of potentially emerging in 2021?

我有兩個問題。Mark，我想回到你一開始談到的第一個主題：社群（communities），以及你們如何考慮可能降低公民與政治類社團的比重。公民與政治內容在網站上的重要性——或規模有多大？有沒有辦法量化，或量化其互動程度，以判斷這是否會成為你們所提到、可能在 2021 年出現的逆風之一？

And second, on the regulatory headwinds, there is just increasing talk of about Section 220 protection. I know it's a thorny subject. But from where you stand, how do you see Facebook -- and not just really Facebook, but other social media platforms dealing with it and if it was either to be narrowed or even completely eliminated?

第二個，關於監管逆風，現在越來越多討論到第 220 條保護。我知道這是個棘手的議題。但就你們的立場來看，你如何看待 Facebook——不只是 Facebook，而是其他社群媒體平台——將如何因應？如果它被限縮，甚至被完全取消的話。

Sure. I can probably take both of those. Yes. I don't know if we have any stats to share on the size of civic and political content, but it's a pretty small minority of the content, right? And it's -- and all the feedback that we have from our communities suggest that the vast majority of people would like to -- would like it to stay that way. And I think there has been this trend, I think, across society where a lot of things have become politicized and politics has kind of had a way of creeping into everything. And I think a lot of the work that we're -- a lot of the feedback that we see from our communities is that people don't want that in their experience. They come to our services to connect with friends and family, to connect to communities that they care about. And I think that we can potentially do a better job of those core jobs that we have and do a better job of helping to bring people together and helping to promote healthier communities if we can reduce the amount of politics on our services.

好的。我大概可以兩題都回答。是的，我不確定我們是否有任何可分享的統計數據來說明公民與政治內容的規模，但它在內容中占比其實相當小，對吧？而且——我們從社群收到的所有回饋都顯示，絕大多數人希望——希望它維持在這樣的程度。我認為社會上一直有一個趨勢：很多事情都被政治化，政治似乎有種滲透到一切的方式。我們從社群看到的許多回饋是，人們不希望在他們的體驗中出現這些。他們來到我們的服務，是為了與親友連結、與他們在乎的社群連結。我認為，如果我們能降低服務中的政治內容，我們或許能把這些核心工作做得更好，更能把人們凝聚在一起，也更能促進更健康的社群。

Now I mean it's -- we'll have to balance this carefully because we have a deep commitment to free expression. So I believe that if people want to be able to discuss the stuff or join groups there, they should certainly be able to do that. But I just don't think that it's serving the community particularly well to be recommending that content right now.

當然，這需要非常謹慎地取得平衡，因為我們對言論自由有深厚的承諾。所以我相信，如果人們想討論這些事情或加入相關社團，他們當然應該能這麼做。但我只是不認為，在目前這個時間點去推薦那類內容，對社群特別有幫助。

But one thing to mention just because you were asking about the headwinds and all that is I don't think that this is a factor in any of that. And Wehner can jump in if there's any more that you want to add on that. But I don't think that that's what he had in mind in any way there. Wehner, I'll skip a beat for you to jump in if you want before going to the next question.

不過有一點要提一下，因為你剛才在問逆風之類的問題，我不認為這會是其中任何一部分的因素。若你還想補充什麼，Wehner 也可以加入。但我不認為他在那裡的意思在任何方面是指這個。Wehner，在進入下一個問題之前，我先停一下讓你如果想補充可以插話。

Yes. No. I was just going to say that exact thing, Youssef. This is not something that's factoring into our outlook. It's not a headwind that is a factor in our 2021 outlook. And certainly, on the ads front as well, political is extremely small. It's low single-digit revenue even in an active political quarter like we had. So no, it's not factoring in on either the ad side or the engagement side in our outlook.

是的。不。Youssef，我正要說的就是完全同樣那件事。這不是會納入我們展望的因素。這不是會影響我們 2021 年展望的逆風因素。而且當然，在廣告方面也是如此，政治相關的占比非常小。即使在像我們那樣的活躍政治季度，收入也只是低個位數百分比。所以不，這不會在我們的展望中影響廣告端或互動端。

Yes. And now going to your 230 question, I do think -- and I testified this -- about this in Congress. I do think that Congress should update Section 230 to make sure that it's working the way that people intend, right? And it's after, I think, being in place for almost 25 years. And the Section 230 has been very important. It's helped give rise to the Internet as we know it today, and it's given Internet platforms tools to be able to balance free expression and safety. And I think it's also gone pretty far in terms of helping to ensure that values like free expression are built into the Internet's DNA. So I think that any changes should be thought through very carefully and should be thought through not just from the perspective of what a larger company like Facebook or Google or Twitter could handle in terms of updating their content moderation policies but also from the perspective of making sure that new companies can continue to emerge. I think that's very important as well.

是的。接著談你關於 230 的問題，我確實認為——我也在國會就此作證——我確實認為國會應該更新《第 230 條》，以確保它以人們所期望的方式運作，對吧？而且我認為，在施行將近 25 年之後。《第 230 條》一直非常重要。它幫助催生了我們今天所熟知的網際網路，也讓網際網路平台擁有工具，能在言論自由與安全之間取得平衡。我也認為它在確保像言論自由這樣的價值被寫入網際網路的 DNA 方面，已經發揮了相當大的作用。因此我認為任何變更都應該非常審慎地思考，不僅要從像 Facebook、Google 或 Twitter 這樣的大公司在更新其內容審核政策方面能承受什麼的角度來看，也要從確保新公司仍能持續出現的角度來看。我認為這也非常重要。

So we've supported changes in this for a while. Back in 2018, we supported a change to prevent sex trafficking. And we'll support similar efforts to tackle harms like child exploitation, imagery and material and opioids. And we'll also support a new push to make content moderation systems more transparent. The details on all this, of course, matter, but we hope to be able to work with the new Congress on this.

所以我們支持在這方面的變更已經有一段時間了。早在 2018 年，我們就支持一項變更以防止性販運。我們也會支持類似的努力來處理像兒童剝削、影像與素材，以及鴉片類藥物等危害。我們也會支持一項新的推動，讓內容審核系統更透明。當然，這些細節都很重要，但我們希望能與新一屆國會就此合作。

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

你的最後一個問題來自 Cowen 的 John Blackledge。

Great. Two questions. Mark, on community, could you just provide further details on layering more services for Facebook groups and expectation for uptake of those new services? And could community evolve as a meaningful monetization driver in the coming years?

很好。兩個問題。Mark，關於社群，你能否提供更多細節，說明為 Facebook 社團疊加更多服務，以及對這些新服務採用率的預期？另外，社群在未來幾年是否可能演變成一個有意義的變現驅動因素？

And then on IDFA, maybe for Dave or Sheryl, how do you think advertisers are prepared for the changes? And will the long-tail advertisers be more impacted than the larger, more sophisticated advertisers?

然後關於 IDFA，可能請 Dave 或 Sheryl 回答，你們認為廣告主對這些變更的準備程度如何？而長尾廣告主是否會比更大型、更成熟的廣告主受到更大的影響？

I can speak to the first point. First, for the business -- and I don't think we've looked at communities separately from friends and family. They're both different types of content that show up in News Feed that people interact with, but my guess is that it's probably already a pretty meaningful driver of the business and the value that people get from the services today. So absolutely, I think as this continues to grow, it should be in the future.

我可以先談第一點。首先，就業務而言——而且我不認為我們曾把社群與親友內容分開來看。它們都是出現在動態消息中、讓人們互動的不同類型內容，但我猜它可能已經是推動業務以及人們今天從服務中獲得價值的一個相當重要的驅動因素。所以當然，我認為隨著這持續成長，未來也應該會是如此。

The big trend that we're looking at now and that I tried to call out in my remarks earlier is that right now, there's a spectrum of different kinds of groups and communities on Facebook, everything from meme groups that people find very entertaining and fun to groups that people really turn to for support when they have kind of serious issues in their lives. And I think that right now though, most of these communities, they have this backbone of -- there's a feed. There are ways to message people.

我們現在在看的大趨勢——我也在先前的發言中特別點出——是目前 Facebook 上有各式各樣的社團與社群，從人們覺得很有娛樂性、很好玩的迷因社團，到人們在生活中遇到比較嚴重的問題時會轉向尋求支持的社團。我認為不過就目前而言，這些社群大多都有一個骨幹——有一個動態串流。有一些方式可以傳訊息給人。

But when I think about the physical communities that I'm a part of, in my life, they often have more of an institutional structure, right? There are subcommunities. There are people who -- it's their full-time job to basically help people engage and basically help people navigate them. I'm thinking about things like the synagogue that I'm a member of, right? I mean there are people there whose job is to help engage the congregation and help them get basically the most out of everything that the institution has to offer, and that's a very important kind of community organization. And I would love for more institutions like that to be able to organize and build community more effectively online.

但當我想到我生活中所屬的實體社群時，它們往往有更多的制度性結構，對吧？有子社群。有一些人——這是他們的全職工作——基本上就是幫助人們參與，並協助人們在其中找到方向。我想到像我所屬的猶太會堂，對吧？我的意思是，那裡有人其工作就是協助會眾參與，並幫助他們基本上從該機構所提供的一切中獲得最大效益，而那是一種非常重要的社群組織形式。我很希望有更多那樣的機構能夠在線上更有效地組織並建立社群。

So there are lots of just different tools that I think that if we provide, spanning messaging, spanning video chat, these organizations' own websites and other things that they do that if we can help in a lot of those areas, then we can make it so that groups on Facebook are not just a feed and a place where you post some content and maybe engage on a post, but that we can really help more organizations build up community institutions like that. And I think that, that could be a very big contribution and something that I'm excited about taking on.

所以我認為有很多不同的工具，如果我們能提供——涵蓋傳訊、涵蓋視訊聊天、這些組織自己的網站，以及他們做的其他事情——如果我們能在很多這些領域提供協助，那麼我們就能讓 Facebook 上的社團不只是動態串流與一個你發一些內容、也許在貼文上互動的地方，而是我們真的能幫助更多組織建立那樣的社群機構。我認為那可能會是非常大的貢獻，也是我很期待投入的一件事。

To your second question, we think it's a really important question and one that we take very seriously. So small businesses are very reliant on personalized ads, the ability to use data in a very privacy-safe way to get the customers who are interested in their products and services. And that makes sense. Big businesses, we can buy an ad to the whole country. We can buy an ad to a whole region. Small businesses can't. They have to find the precise audiences they want. And I think one of the mainstays of our business is we've enabled that targeting in a very privacy-safe way without giving information without permission to advertisers.

至於你的第二個問題，我們認為這是一個非常重要的問題，而且我們非常嚴肅地看待。小型企業非常依賴個人化廣告，也就是以非常符合隱私安全的方式使用資料，去觸及對其產品與服務有興趣的客戶。這很合理。大型企業可以買投放到全國的廣告，也可以買投放到整個區域的廣告。小型企業做不到。他們必須找到他們想要的精準受眾。我認為我們業務的一個核心支柱，就是我們以非常符合隱私安全的方式提供那種定向能力，而不會在未經允許的情況下把資訊提供給廣告主。

And what's happening with IDFA is that small businesses are really concerned because they're worried that they're not going to be able to buy effective advertising. If all personalized ads went away, small businesses would see a 60% cut in website sales. Now we don't think Apple's contemplating going that far that quickly, but that is the general direction of what would happen. And you can see that, that would be very detrimental to their business. It's also very detrimental to economic growth because so much of our job growth comes from small businesses.

而 IDFA 正在發生的事情是，小型企業非常擔心，因為他們擔心自己將無法購買到有效的廣告。如果所有個人化廣告都消失，小型企業的網站銷售將會減少 60%。現在我們不認為 Apple 會考慮那麼快就走到那麼極端，但那就是大致的方向會發生的事。你可以看到，那會對他們的業務非常不利。這也會對經濟成長非常不利，因為我們的就業成長有很大一部分來自小型企業。

I think it's worth noting it's not just about advertisers. Some of these changes also impact developers and other forms of businesses. We are starting to hear from creators and developers who are worried that some of their free services will have to start charging or shut down, force them into subscriptions or other in-payments for revenue. Now not all small businesses are aware of these challenges, but we are hearing from more and more of them. So we're very concerned.

我認為值得注意的是，這不只是關於廣告主。其中一些變更也會影響開發者以及其他形式的企業。我們開始聽到創作者與開發者擔心，他們的一些免費服務將不得不開始收費或關閉，迫使他們改採訂閱或其他應用內付費來取得收入。現在並非所有小型企業都意識到這些挑戰，但我們正聽到越來越多這樣的聲音。所以我們非常擔憂。

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

很好。謝謝各位今天加入我們。我們感謝你們的時間，也期待再次與你們交流。

Ladies and gentlemen, this concludes today's conference call. Thank you for joining us. You may now disconnect your lines.

各位女士先生，今天的電話會議到此結束。感謝各位參與。你們現在可以掛斷電話線。