Meta Platforms, Inc. (META) 2021 Q3 法說會逐字稿

Good afternoon. My name is France, and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook Third Quarter 2021 Earnings Conference Call. (Operator Instructions) This call will be recorded.

各位下午好。我叫 France，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 2021 年第三季財報電話會議。（接線員指示）本通話將被錄音。

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

非常感謝。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 Third Quarter 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 第三季財報電話會議。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，已載明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。我們在本通話中所作的任何前瞻性陳述，均基於截至今日的假設；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.

在本次通話中，我們可能同時呈現 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。新聞稿及隨附的投資人簡報可於我們的網站 investor.fb.com 取得。

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

接下來我想把電話交給 Mark。

Hey, everyone, and thanks for joining today. We made good progress this quarter across a number of product priorities, and our community continues to grow. There are now almost 3.6 billion people who actively use one or more of our services, and I'm excited about our road map to keep building great new experiences for them.

各位好，感謝今天加入。我們本季在多項產品優先事項上取得良好進展，我們的社群也持續成長。現在有將近 36 億人活躍使用我們的一項或多項服務，我對我們的產品路線圖感到振奮，將持續為他們打造出色的新體驗。

As expected, we did experience revenue headwinds this quarter, including from Apple's changes that are not only negatively affecting our business, but millions of small businesses and what is already a difficult time for them in the economy. Sheryl and Dave will talk about this more later, but the bottom line is we expect we'll be able to navigate these headwinds over time with investments that we're already making today.

如同預期，我們本季確實面臨營收逆風，其中包括 Apple 的變更；這些變更不僅對我們的業務造成負面影響，也影響了數以百萬計的小型企業，而此時經濟環境對他們而言本就艱難。Sheryl 和 Dave 稍後會進一步說明，但重點是：我們預期隨著時間推移，透過我們今天已在進行的投資，將能夠因應這些逆風。

Before I get to our product update, I want to discuss the recent debate around our company. I believe large organizations should be scrutinous. And I much rather live in a society where they are than one where they can't be. Good thing, criticism helps us get better. But my view is that what we are seeing is a coordinated effort to selectively use lease documents to pay a false picture of our company. The reality is that we have an open culture where we encourage discussion and research about our work so we can make progress on many complex issues that are not specific to just us. We have industry-leading programs to study the effects of our products and provide transparency to our progress because we care about getting this right.

在我進入產品更新之前，我想談談近期圍繞我們公司的辯論。我認為大型組織應該受到審視；我也寧願生活在一個它們會被審視的社會，而不是一個它們無法被審視的社會。這是好事，批評能幫助我們變得更好。但在我看來，我們所看到的是一種協同行動，選擇性地使用外洩文件來描繪一幅對我們公司不實的圖像。事實上，我們擁有開放的文化，鼓勵就我們的工作進行討論與研究，讓我們能在許多複雜議題上取得進展，而這些議題並非只與我們有關。我們有業界領先的計畫來研究產品影響，並就我們的進展提供透明度，因為我們在乎把這件事做對。

When we make decisions, we need to balance competing social equities like free expression with reducing harmful content or enabling strong encrypted privacy with supporting law enforcement or enabling research and interoperability with locking down data as much as possible. It makes a good soundbite to say that we don't sell these impossible trade-offs because we're just focused on making money, but the reality is these questions are not primarily about our business but about balancing different difficult social values.

當我們做決策時，必須在彼此競爭的社會價值之間取得平衡，例如：言論自由與降低有害內容、強加密隱私與支持執法、或是促進研究與互通性與盡可能鎖緊資料之間的取捨。把這些不可能的取捨簡化成一句話，說我們不願處理只是因為我們只專注於賺錢，聽起來很容易成為口號；但現實是，這些問題主要不是關於我們的商業利益，而是關於如何在不同且艱難的社會價值之間取得平衡。

And I've repeatedly called for regulation to provide clarity because I don't think companies should be making so many of these decisions ourselves. I'm proud of our record navigating the complex trade-offs involved in operating services at global scale, and I am proud of the research and transparency we bring to our work. Our programs are industry-leading. We have made massive investments in safety and security with more than 40,000 people, and we are on track to spend more than $5 billion on safety and security in 2021. I believe that's more than any other tech company even adjusted for scale.

我也一再呼籲透過監管來提供明確性，因為我不認為公司應該自行做出這麼多決策。我為我們在全球規模營運服務時，能在複雜取捨中前行的紀錄感到自豪，也為我們在工作中投入的研究與透明度感到自豪。我們的計畫是業界領先的。我們在安全與資安方面投入了巨額資源，相關人員超過 40,000 名；而我們也正按計畫在 2021 年於安全與資安方面支出超過 50 億美元。我相信即使按規模調整，這也高於任何其他科技公司。

We set the standard for transparency with our quarterly enforcement reports and tools like political ads archive. We established a new model for independent academic researchers to safely access data. We pioneered the Oversight Board as a model of self-regulation. And as a result, we believe that our systems are the most effective at reducing harmful content across the industry. And I think that any honest account of how we handle these issues should include that. I also think that any honest account should be clear that these issues aren't primarily about social media. That means that no matter what Facebook does, we're never going to sell them on our own.

我們以季度執法報告以及政治廣告資料庫等工具，樹立了透明度標準。我們建立了一種新模式，讓獨立學術研究者能安全地存取資料。我們率先成立監督委員會（Oversight Board），作為自我監管的典範。因此，我們相信我們的系統在降低有害內容方面是全產業最有效的。我認為任何誠實描述我們如何處理這些議題的說法，都應該把這些納入。我也認為任何誠實的描述都應清楚指出：這些議題主要並不是關於社群媒體。這意味著無論 Facebook 做什麼，我們都不可能單靠自己解決它們。

For example, polarization started rising in the U.S. before it is born. At the same time, independent research shows that many countries around the world have flat or declining polarization despite similar social media use there in the U.S. We see this pattern repeat with other issues as well. The reality is that social media is not the main driver of these issues and probably can't fix them by itself either.

例如，美國的兩極化在社群媒體誕生之前就已開始上升。同時，獨立研究顯示，全球許多國家即使社群媒體使用情況與美國相近，其兩極化程度仍持平或下降。我們也在其他議題上看到同樣的模式反覆出現。現實是，社群媒體並非這些問題的主要驅動因素，而且它本身可能也無法修復這些問題。

We should want every other company in our industry to make the investments and achieve the results that we have. I worry about the incentives that we are creating for other companies to be as introspective as we have been, but I am committed to continuing this work because I believe it will be better for our community and our business over the long term.

我們應該希望本產業的其他公司也能進行我們所做的投資，並達成我們所取得的成果。我擔心我們正在為其他公司創造的誘因，是否會讓它們像我們一樣進行自我反思；但我承諾會持續這項工作，因為我相信長期而言，這將對我們的社群與業務更有利。

Now we can't change the underlying media dynamics, but there is a different constituency that we serve that has always been more important and that I try to keep us focused. And that's people. Billions of people use our services because we build the best tools to stay connected to the people you care about, to find communities that matter to you and to grow your small business. And the reason we've been able to succeed for almost 2 decades is because we keep evolving and building.

現在，我們無法改變底層的媒體動態，但我們所服務的還有另一個不同的群體，而這一直更為重要，也是我努力讓公司保持聚焦的對象：那就是人。數十億人使用我們的服務，是因為我們打造了最好的工具，讓你能與你在乎的人保持連結、找到對你重要的社群，並發展你的小型企業。而我們之所以能在將近 20 年間取得成功，是因為我們持續演進並持續建設。

Facebook started in the dorm room and grew into a global website. We invented the News Feed and a new kind of ads platform. We became a mobile-first experience. And then we grew a whole Family of Apps that serve billions of people. And there is so much more to build.

Facebook 從宿舍房間起步，成長為全球性網站。我們發明了動態消息（News Feed）以及一種全新的廣告平台。我們轉型為以行動裝置優先的體驗。接著，我們建立了一整個應用程式家族（Family of Apps），服務數十億人。而仍有更多值得打造的事物。

Even with all of the tools that we have today, we still can't feel like we're right there together with the people we care about when we're physically apart. We can't teleport these holograms to instantly be at the office without a compute or at a concert with a friend or in your parents' living room to catch up. The creative economy and commerce tools are so nascent, and there should be opportunity for millions of more people to make a living doing the work that they love.

即使擁有今天所有的工具，當我們與在乎的人身處兩地時，我們仍無法感覺就像真的在一起。我們無法把這些全息影像瞬間傳送到辦公室、在沒有任何運算設備的情況下出現在演唱會與朋友相聚，或出現在父母的客廳裡敘舊。創作者經濟與商務工具仍非常早期，應該還有機會讓更多數以百萬計的人，靠著做自己熱愛的工作來維生。

Our 3 product priorities remain our focus on creators, commerce and building the next computing platform. A big part of our work with creators is our focus on Reels. Reels is already the primary driver of engagement growth lines. It's incredibly entertaining, and I think that there is a huge amount of potential ahead. We expect this to continue growing, and I am optimistic that Reels will be as important for our product as Stories is. We also expect to make significant changes to Instagram and Facebook in the next year to further lean into video and make Reels a more central part of the experience.

我們的三大產品優先事項仍然是：創作者、商務，以及打造下一代運算平台。我們在創作者方面的一大重點是 Reels。Reels 已經是互動參與成長的主要驅動因素。它非常有娛樂性，我認為未來潛力巨大。我們預期它將持續成長，我也樂觀認為 Reels 對我們產品的重要性將可比擬 Stories。我們也預期在未來一年對 Instagram 與 Facebook 做出重大調整，進一步加碼影音，並讓 Reels 成為體驗中更核心的一部分。

One aspect of this is giving all our apps the goal of being the best services for young adults, which we define as ages 18 to 29. Historically, young adults have been a strong base, and that's important because they are the future. But over the last decade, as the audience that uses our apps has expanded so much and we focused on serving everyone, our services have gotten dialed to be the best for the most people who use them rather than specifically for young adults. And during this period, competition has also gotten a lot more intense, especially with Apple's iMessage growing in popularity and, more recently, the rise of TikTok, which is one of the most effective competitors that we have ever faced.

其中一個面向，是讓我們所有應用程式都以成為「年輕成人」的最佳服務為目標；我們將年輕成人定義為 18 至 29 歲。歷史上，年輕成人一直是強勁的使用者基礎，這很重要，因為他們代表未來。但在過去十年，隨著使用我們應用程式的受眾大幅擴張、且我們專注於服務所有人，我們的服務逐漸被調整為最適合最多數使用者，而非特別為年輕成人打造。在此期間，競爭也變得更加激烈，尤其是 Apple 的 iMessage 受歡迎程度提升，以及近期 TikTok 的崛起；TikTok 是我們曾面對過最有效的競爭對手之一。

So we are retooling our teams to make serving young adults their North Star rather than optimizing for the larger number of older people. Like everything, this will involve trade-offs in our products, and it will likely mean that the rest of our community will grow more slowly than it otherwise would have. But it should also mean that our services become stronger for young adults. This shift will take years, not months, to fully execute, and I think it's the right approach to building our community and company for the long term.

因此，我們正在重新調整團隊，讓服務年輕成人成為他們的北極星指標，而不是為了更大數量的年長使用者進行最佳化。和所有事情一樣，這將涉及產品上的取捨，也可能意味著我們其餘社群的成長速度將比原本更慢。但這也應該意味著，我們的服務對年輕成人而言會更強。這項轉變需要數年而非數月才能完全落實，我認為這是為了長期打造我們的社群與公司所採取的正確做法。

Our next product priority is Commerce. Helping people discover new products that they're interested in and reach customers inside our apps is going to unlock a lot of opportunities. As Apple's changes, make e-commerce and customer acquisition less effective on the web, solutions that allow businesses to set up shop right inside our apps will become increasingly attractive and important to them. We built solutions like ads that can dynamically point to either a business' website or their shop on our platform, depending on what will perform better for them. And that will help more businesses navigate this challenging dynamic environment.

我們下一個產品優先事項是商務（Commerce）。協助人們發掘他們感興趣的新產品，並在我們的應用程式內觸及客戶，將會解鎖大量機會。隨著 Apple 的變更使得在網路上的電子商務與客戶獲取變得較不有效，能讓企業直接在我們的應用程式內開店的解決方案，對他們而言將愈來愈具吸引力且愈來愈重要。我們打造了像廣告這樣的解決方案，可依據對企業而言何者表現更佳，動態導向企業的網站或其在我們平台上的商店。這也將協助更多企業在這個充滿挑戰、動態變化的環境中前行。

Building a full-fledged Commerce platform is a multiyear journey. Marketplace is already at scale, and lots of people rely on it, especially now with supply chain issues that make it harder to get new products. Shops are getting more developed, and we have an exciting program planned for this holiday season where we're working closely with a number of the businesses that have invested the most in shops to identify what works to find new customers and grow their businesses even faster. And our plan is to then scale those solutions more broadly in 2022.

打造一個成熟完整的商務平台是一段跨多年的旅程。Marketplace 已經具備規模，且許多人仰賴它，尤其是在供應鏈問題使得取得新產品更困難的當下。Shops 也愈來愈成熟；我們為這個假期季規劃了一個令人振奮的計畫，將與多家在商店投入最多的企業密切合作，找出哪些做法能有效找到新客戶並更快地擴大其業務。我們的計畫是在 2022 年把這些解決方案更廣泛地擴展。

Beyond Reels and Commerce, I also want to share some thoughts on our longer-term efforts to build the next computing platform and help bring the metaverse to life. This is a major area of investment for us and an important part of our strategy going forward.

除了 Reels 與商務之外，我也想分享一些我們在更長期的努力：打造下一代運算平台，並協助讓元宇宙成真。這是我們的重要投資領域，也是我們未來策略中很關鍵的一部分。

And I think this work is critical to our mission because delivering a sense of presence, like you're right there with another person, that's the holy grail of online and social experience. Over the next decade, these new platforms are going to start to unlock the kinds of experiences that I wanted to build since before I even started Facebook. Along with those social experiences, I expect a massive increase in the creator economy and amount of digital goods and commerce.

我認為這項工作對我們的使命至關重要，因為能帶來「臨場感」——彷彿你就和另一個人同在現場——這是線上與社交體驗的終極目標。在接下來十年，這些新平台將開始解鎖我在創立 Facebook 之前就一直想打造的各種體驗。除了那些社交體驗之外，我預期創作者經濟以及數位商品與商務的規模也會大幅成長。

If you're in the metaverse every day, then you'll need digital clothes and digital tools and different experiences. Our goal is to help the metaverse reach 1 billion people and hundreds of billions of dollars of digital commerce a day. And strategically, helping to shape the next platform should also reduce our dependence on delivering our services for competitors.

如果你每天都在元宇宙裡，那你就會需要數位服裝、數位工具以及不同的體驗。我們的目標是協助元宇宙觸及 10 億人，並達成每天數千億美元規模的數位商務。從策略面來看，協助塑造下一代平台也應能降低我們在競爭對手平台上提供服務的依賴。

Building the foundational platform for the metaverse will be a long road. We just released the 128-gigabyte Quest 2, replacing a 64-gigabyte model for $299. With EssilorLuxottica, we released our first smart glasses, and they are off to a strong start as well. But bringing this vision to life isn't just about building one glass of product. There's a whole ecosystem. We're building multiple generations of our VR and AR products at the same time as well as a new operating system, a development model, a digital commerce platform, content studio and, of course, a social platform.

打造元宇宙的基礎平台將是一條漫長的道路。我們剛推出 128GB 的 Quest 2，以 299 美元取代 64GB 機型。我們也與 EssilorLuxottica 一起推出了第一款智慧眼鏡，起步表現同樣強勁。但要讓這個願景成真，不只是打造一款產品而已；這是一整個生態系。我們同時在打造多代的 VR 與 AR 產品，以及新的作業系統、開發模式、數位商務平台、內容工作室，當然還有社交平台。

So to reflect the significance of this for our business, today, we are announcing a change to our financial reporting. Starting next quarter, we will begin disclosing financial metrics for Facebook Reality Labs separately from our Family of Apps. And this will provide investors with additional visibility into the investments that we're making in augmented and virtual reality.

因此，為了反映這件事對我們業務的重要性，我們今天宣布將調整財務揭露方式。從下個季度開始，我們將開始把 Facebook Reality Labs 的財務指標與我們的應用程式家族（Family of Apps）分開揭露。這將讓投資人對我們在擴增實境與虛擬實境上的投資有更多可視性。

In 2021, we expect these investments to reduce our overall operating profit by approximately $10 billion, and I expect this investment to grow even further for each of the next several years. David will share more about this later, but I encourage you all to tune in to Connect on Thursday to hear more about our vision and our work here in more detail.

在 2021 年，我們預期這些投資將使我們的整體營業利益減少約 100 億美元，而且我預期在接下來幾年，每一年這項投資都會進一步增加。David 稍後會分享更多細節；但我也鼓勵各位在週四收看 Connect，以更深入了解我們的願景與我們在此的工作。

I recognize the magnitude of the spec on the future, and I am grateful for the support of our investors, the creative community and the thousands of talented people working on this effort inside our company to bring this inspiring future to.

我理解對未來的這項規劃規模之大，也很感謝投資人、創意社群，以及公司內數千名投入此項努力的優秀人才所給予的支持，讓我們能把這個令人振奮的未來帶到現實。

And with that, here's Sheryl.

接下來，交給 Sheryl。

Thanks, Mark, and hi, everyone. This quarter, our total revenue was $29 billion, up 35% year-over-year. We saw solid revenue growth across all regions, and we continue to grow our user base.

謝謝你，Mark，大家好。本季度我們的總營收為 290 億美元，年增 35%。我們在所有地區都看到穩健的營收成長，且我們的用戶基礎持續擴大。

We felt the impact of some big external factors in Q3. I want to explain some of the revenue softness we've seen and what we're doing to mitigate the headwinds and help businesses over the crucial holiday period and beyond.

我們在第三季感受到一些重大的外部因素影響。我想說明我們看到的部分營收走弱原因，以及我們正在採取哪些措施來緩解逆風，並在關鍵的假期檔期及其後協助企業。

To start, let's take a step back. Over the past decade, we've seen more and more businesses shift online. When the pandemic hit, this digital transformation accelerated. We've invested in tools and products over many years to help businesses make this shift. So this acceleration drove very strong growth for us throughout the last few quarters.

首先，讓我們先退一步看。過去十年來，我們看到愈來愈多企業轉向線上。疫情爆發後，這場數位轉型加速。我們多年來持續投資工具與產品，協助企業完成這個轉變。因此，這波加速在過去幾個季度為我們帶來非常強勁的成長。

We've been open about the fact that there were headwinds coming, and we've experienced that in Q3. The biggest is the impact of Apple iOS 14 changes, which has created headwinds for others in the industry as well, major challenges for small businesses and advantaged Apple's own advertising business. We started to see that impact in Q2, but adoption on the consumer side ramped up by late June, so it hit critical mass in Q3.

我們一直坦率表示逆風即將到來，而我們也在第三季經歷了這些影響。其中最大的是 Apple iOS 14 變更的影響，這也為產業內其他公司帶來逆風，對小型企業造成重大挑戰，並讓 Apple 自家的廣告業務受益。我們在第二季開始看到影響，但消費者端的採用在 6 月底加速，因此在第三季達到臨界點。

As a result, we've encountered 2 challenges. One is that the accuracy of our ads targeting decreased, which increased the cost of driving outcomes for our advertisers; and the other is that measuring those outcomes became more difficult.

因此，我們遇到兩項挑戰：其一是我們的廣告定向準確度下降，導致廣告主達成成效的成本上升；其二是衡量這些成效變得更困難。

On targeting, we focused on improving campaign performance even with the increased limitations facing our industry. We're building commerce tools to help businesses reach more new customers and get more incremental sales. And over the longer term, we're developing privacy-enhancing technologies in collaboration with others across the industry to help minimize the amount of personal information we process while still allowing us to show relevant ads. Progress in these areas will take time and will be a focus for us throughout 2022 and beyond.

在定向方面，即使面對產業限制加劇，我們仍專注於提升行銷活動表現。我們正在打造商務工具，協助企業觸及更多新客戶並帶來更多增量銷售。從更長期來看，我們也正與產業內其他夥伴合作開發強化隱私的技術，以在仍能呈現相關廣告的同時，盡量降低我們處理的個人資訊量。這些領域的進展需要時間，並將成為我們在 2022 年及之後的重點。

On measurement, as we wrote in a recent blog post, we believe we are underreporting iOS web conversions. This means real-world conversions like sales and app installs are higher than what's being reported from many advertisers, especially small advertisers. We're making good progress fixing this. We think we'll be able to address more than half of the underreporting by the end of this year, and we'll continue to work on this into 2022.

在衡量方面，正如我們近期一篇部落格文章所寫，我們相信我們低估了 iOS 網站轉換。這表示真實世界的轉換（例如銷售與應用程式安裝）高於許多廣告主所看到的回報，尤其是小型廣告主。我們在修正這個問題上已取得良好進展。我們認為在今年年底前可解決超過一半的低估情況，並會在 2022 年持續推進。

Another external factor is slowing e-commerce growth. The strong e-commerce growth in recent quarters was driven in part by the acceleration of the digital transformation that is now tapering out. I think most people see this in their own lives. There is a period of time when many people who are able to stay at home and order things online much more. But now in many places, things have opened up, and people are increasingly making purchases in person. This doesn't mean e-commerce has stopped growing. Businesses are still making the shift online, but e-commerce is no longer growing at the pace it was at the height of the pandemic.

另一個外部因素是電子商務成長放緩。近幾季強勁的電商成長，部分是由於數位轉型加速，而這股加速目前正在趨緩。我想大多數人都能在自己的生活中感受到：有一段時間，許多人能待在家裡，更多地在線上訂購商品。但現在在許多地方，社會重新開放，人們愈來愈多改為親自購買。這不代表電商停止成長。企業仍在轉向線上，但電商不再以疫情高峰期那樣的速度成長。

These factors have been compounded from many advertisers by major global supply chain issues and labor shortages, which have lost many consumer businesses with less inventory. This has reduced their appetite to generate demand from consumers, which has impacted advertising spend. Businesses in every region and across a range of verticals have been affected. At the same time, we've also seen some impact from COVID surges around the world in places like Southeast Asia.

對許多廣告主而言，這些因素又因全球重大的供應鏈問題與勞動力短缺而加劇，導致許多消費型企業庫存更少。這降低了他們向消費者創造需求的意願，進而影響廣告支出。各地區、各類垂直產業的企業都受到影響。同時，我們也看到全球部分地區（例如東南亞）因 COVID 疫情再度升溫而帶來一些影響。

Overall, if it wasn't for Apple's iOS 14 changes, we would have seen positive quarter-over-quarter revenue growth. And while we and our advertisers will continue to feel the effect of these changes in future quarters, we will continue working hard to mitigate them.

整體而言，如果不是 Apple 的 iOS 14 變更，我們本來會看到營收較前一季呈現正成長。雖然我們與廣告主在未來幾季仍會持續感受到這些變更的影響，但我們會繼續努力將其影響降到最低。

Despite the headwinds, we remain confident about our future. We believe Facebook and Instagram are the best place for people to connect with their friends and families, build communities and starting to grow businesses. And we believe they're still the best platform for advertisers to reach people where they are and get measurable outcomes. Our focus remains where it has always been, building products that help people connect and businesses grow.

儘管面臨逆風，我們仍對未來充滿信心。我們相信 Facebook 與 Instagram 是人們與親友連結、建立社群並開始發展業務的最佳場所。我們也相信它們仍是廣告主觸及受眾所在之處並取得可衡量成效的最佳平台。我們的重點一如既往：打造能幫助人們連結、並讓企業成長的產品。

Mark talked about video a moment ago. Not only is this a growing area for us overall, but we're also continuing to get better at monetizing it. More than 60% of video revenue now comes from mobile-first video, meaning videos that are shot vertically or are under 15 seconds. Over 2 billion people per month now watch videos that are eligible for in-stream ads, which are ad shown before, during or after videos. And we're expanding access to Reels ads on Instagram to more advertisers with automatic placement in new creative formats.

Mark 剛才談到影片。這不僅是我們整體成長中的一個領域，我們也持續更擅長將其變現。現在超過 60% 的影片營收來自以行動裝置為優先的影片，也就是以直式拍攝或長度少於 15 秒的影片。每月已有超過 20 億人觀看符合插播廣告（in-stream ads）資格的影片，插播廣告是指在影片播放前、播放中或播放後顯示的廣告。我們也正在擴大 Instagram 上 Reels 廣告的可用範圍，讓更多廣告主能以自動版位投放新的創意格式。

Another area we're seeing good progress is in lead generation. Our products helped businesses generate quality leads at scale and meet customers where they are in their preferred channel of communication, whether it's messaging, forms or calls. In April, we started rolling out a new conversion leads optimization goal for higher quality leads. And advertisers can also integrate their CRM with Facebook via our conversions API. Our tests show that on average, advertisers see a 20% increase in lead to sales conversion rate when they use both the optimization goal and the integration.

我們看到另一個取得良好進展的領域是潛在客戶開發。我們的產品協助企業以規模化方式產生高品質潛在客戶，並在客戶偏好的溝通管道上與其互動，無論是訊息、表單或通話。4 月，我們開始逐步推出新的「轉換潛在客戶」最佳化目標，以取得更高品質的潛在客戶。廣告主也可以透過我們的 Conversions API，將其 CRM 與 Facebook 整合。我們的測試顯示，平均而言，當廣告主同時使用最佳化目標與整合時，潛在客戶轉為銷售的轉換率可提升 20%。

Q4 is the most important quarter of the year for many businesses, large and small. As always, we're focused on making the holiday season a success for them. We're working to fix the measurement issues they are experiencing and deliver the tools and products they need to grow. And we're rolling out a range of holiday shopping experiences to help people find great deals, support small businesses and good causes and shop with local and black-owned businesses.

對許多大大小小的企業而言，第四季是一年中最重要的季度。一如既往，我們專注於讓他們的假期旺季取得成功。我們正努力修復他們所遇到的衡量問題，並提供他們成長所需的工具與產品。同時，我們也在推出一系列假期購物體驗，協助人們找到超值優惠、支持小型企業與公益事業，並向在地及黑人擁有的企業購物。

We're bringing exclusive gifts to shops that will be available when people check out on Facebook or Instagram, like 20% off your first purchase and free shipping. Starting next week, we'll host daily live shopping experiences with companies large and small, brands like Walmart, Macy's, Benefit Cosmetics and Paint Box Nail to educate shoppers and share exclusive deals. And we're bringing back one of my favorite campaigns ever by Black Friday to showcase black-owned small businesses during the holidays. It includes things like buyback collections in the Facebook and Instagram Shop tab and a weekly #BuyBlack Friday show with live shopping segments from up and coming black-owned small businesses.

我們將為商店帶來獨家贈禮，讓人們在 Facebook 或 Instagram 結帳時可享有，例如首購 8 折與免運費。從下週開始，我們將與大大小小的公司每日舉辦直播購物體驗，包含 Walmart、Macy's、Benefit Cosmetics 與 Paint Box Nail 等品牌，向消費者介紹產品並分享獨家優惠。此外，在黑色星期五前，我們也將帶回我最喜愛的活動之一，在假期期間展示黑人擁有的小型企業。內容包括在 Facebook 與 Instagram 的 Shop 分頁推出回購（buyback）精選系列，以及每週的 #BuyBlack Friday 節目，包含由新興黑人擁有小型企業帶來的直播購物片段。

I want to close by saying how grateful I am to our partners around the world and to our incredible teams who are working so hard to help people and businesses throughout this period.

最後我想說，我非常感謝全球各地的合作夥伴，以及我們出色的團隊；他們在這段期間非常努力，持續協助人們與企業。

Now here is Dave.

接下來交給 Dave。

Thanks, Sheryl, and good afternoon, everyone. We delivered solid results in the third quarter in the face of a challenging mobile platform landscape and an evolving macroeconomic environment.

謝謝你，Sheryl，各位下午好。面對充滿挑戰的行動平台環境與不斷演變的總體經濟環境，我們在第三季仍交出穩健的成果。

Let's begin with our community metrics. Our global community continued to grow, even as we lapped elevated user growth in the third quarter of last year related to the pandemic. We estimate that approximately 2.8 billion people used at least one of our services on a daily business -- basis in September and that approximately 3.6 billion people used at least one on a monthly basis.

先從社群指標談起。即使我們在去年第三季因疫情帶來的用戶成長高基期下進行比較，我們的全球社群仍持續成長。我們估計，9 月約有 28 億人以每日為基礎使用我們至少一項服務，約有 36 億人以每月為基礎使用我們至少一項服務。

Facebook daily active users reached 1.93 billion, up 6% or 110 million compared to last year. DAUs represented approximately 66% of the 2.91 billion monthly active users in September. MAUs grew by 170 million or 6% compared to last year.

Facebook 每日活躍用戶（DAU）達到 19.3 億，較去年增加 6% 或 1.1 億。9 月 DAU 約占 29.1 億每月活躍用戶（MAU）的 66%。MAU 較去年增加 1.7 億或 6%。

Turning to the financials. All comparisons are on a year-over-year basis, unless otherwise noted. Q3 total revenue was $29 billion, up 35% or 34% on a constant currency basis. We benefited from a currency tailwind, and had foreign exchange rates remained constant with Q3 of last year, total revenue would have been $259 million lower. Q3 ad revenue was $28.3 billion, up 33% or 32% on a constant currency basis.

接著看財務表現。除非另有說明，所有比較皆為年對年。第三季總營收為 290 億美元，年增 35%；以固定匯率計算則年增 34%。我們受惠於匯率順風；若外匯匯率維持與去年第三季相同，總營收將少 2.59 億美元。第三季廣告營收為 283 億美元，年增 33%；以固定匯率計算則年增 32%。

On a user geography basis, year-over-year ad revenue growth was strongest in Rest of World at 50%. Europe, North America and Asia Pacific grew 35%, 31% and 28%, respectively. Europe, Asia Pacific and Rest of World benefited from currency tailwinds, though to a lesser degree than in the prior quarter.

以用戶地理區域來看，年對年廣告營收成長以「世界其他地區」最強，達 50%。歐洲、北美與亞太分別成長 35%、31% 與 28%。歐洲、亞太與世界其他地區皆受惠於匯率順風，但程度低於上一季。

In Q3, the total number of ad impressions served across our services increased 9%, and the average price per ad increased 22%. Impression growth was driven primarily by developing markets, especially in Asia Pacific. Pricing growth benefited from advertiser demand and lapping COVID-related pricing weakness during the third quarter of last year, though, as Sheryl noted, growth was hindered by 3 primary headwinds. First, advertising spend was negatively impacted by performance and measurement headwinds related to Apple's ATT changes. Second, we are seeing some macro headwinds as growth in online commerce has moderated from the elevated levels experienced earlier in the pandemic and businesses faced supply chain disruptions. Third, COVID resurgences in Southeast Asia have led to additional lockdowns and the curtailment of economic activity. Other revenue was $734 million, up 195% driven by strong Quest 2 sales.

第三季，我們各項服務投放的廣告曝光總量增加 9%，每則廣告平均價格增加 22%。曝光成長主要由新興市場帶動，尤其是亞太地區。價格成長受惠於廣告主需求，以及去年第三季因 COVID 造成的價格疲弱所形成的低基期；不過，如 Sheryl 所提，成長受到三項主要逆風影響。第一，Apple 的 ATT 變更帶來的成效與衡量逆風，對廣告支出造成負面影響。第二，我們看到一些總體逆風：線上商務成長已從疫情早期的高檔水準趨緩，且企業面臨供應鏈中斷。第三，東南亞 COVID 再度升溫導致額外封鎖並抑制經濟活動。其他營收為 7.34 億美元，年增 195%，主要由 Quest 2 強勁銷售帶動。

Turning now to expenses. Q3 total expenses were $18.6 billion, up 38% compared to last year. In terms of the specific line items, cost of revenue increased 38% driven mostly by consumer hardware costs, core infrastructure investments and payments to partners. R&D increased 33% driven primarily by hiring to support our core products and consumer hardware efforts. Marketing and sales increased 32%, mainly driven by marketing spend and hiring. Lastly, G&A expenses increased 65% driven primarily by higher legal-related costs and employee-related costs.

接著看費用。第三季總費用為 186 億美元，較去年增加 38%。就各項明細而言，營收成本增加 38%，主要由消費者硬體成本、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 33%，主要因招募人力以支持核心產品與消費者硬體相關工作。行銷與銷售費用增加 32%，主要由行銷支出與招募帶動。最後，一般及行政（G&A）費用增加 65%，主要由較高的法律相關成本與員工相關成本所致。

We added over 4,700 net new hires in Q3 primarily in technical functions. We ended the quarter with over 68,100 full-time employees, up 28% -- up 20% compared to last year. Third quarter operating income was $10.4 billion, representing a 36% operating margin. Our tax rate was 13%. Net income was $9.2 billion or $3.22 per share.

第三季我們新增超過 4,700 名淨新進員工，主要在技術職能。我們在季末共有超過 68,100 名全職員工，較去年增加 28%——較去年增加 20%。第三季營業利益為 104 億美元，營業利益率為 36%。稅率為 13%。淨利為 92 億美元，或每股 3.22 美元。

Capital expenditures, including finance leases, were $4.5 billion driven by investments in data centers, servers, network infrastructure and office facilities. Free cash flow was $9.5 billion, and we ended the quarter with $58.1 billion in cash and marketable securities. We repurchased $14.4 billion of our Class A common stock in the third quarter and had $8 billion remaining on our prior authorization as of September 30. Today, we announced a $50 billion increase in our stock repurchase authorization.

資本支出（含融資租賃）為 45 億美元，主要由資料中心、伺服器、網路基礎設施與辦公設施投資所帶動。自由現金流為 95 億美元，季末現金與有價證券為 581 億美元。第三季我們回購 144 億美元的 A 類普通股，截至 9 月 30 日，先前授權下尚餘 80 億美元。今天，我們宣布將股票回購授權額度增加 500 億美元。

Turning now to the outlook. Starting with our results for the fourth quarter of 2021, we plan to break out Facebook Reality Labs, or FRL, as a separate reporting segment. As we have discussed, we are dedicating significant resources towards our augmented and virtual reality products and services, which are an important part of our work to develop the next generation of online social experiences. The new segment disclosures will provide additional information on the performance of FRL and the investments we are making.

接著談展望。從 2021 年第四季的結果開始，我們計畫將 Facebook Reality Labs（FRL）拆分為獨立的報導部門。如同我們先前討論的，我們正投入大量資源於擴增實境與虛擬實境產品與服務，這是我們打造下一代線上社交體驗工作的重要一環。新的部門揭露將提供更多關於 FRL 表現以及我們投資情況的資訊。

Under this reporting structure, we will provide revenue and operating profit for 2 segments. The first segment, Family of Apps, will include Facebook, Instagram, Messenger, WhatsApp and other services. The second segment, Facebook Reality Labs, will include augmented and virtual reality-related hardware, software and content. As Mark noted, we expect our investment in FRL to reduce our overall operating profit in 2021 by approximately $10 billion. We are committed to bringing this long-term vision to life, and we expect to increase our investments for the next several years. Ahead of the fourth quarter earnings call, we will share additional details about the reporting format of our segmented financials.

在此報導架構下，我們將提供兩個部門的營收與營業利益。第一個部門「應用程式家族（Family of Apps）」將包含 Facebook、Instagram、Messenger、WhatsApp 及其他服務。第二個部門「Facebook Reality Labs」將包含與擴增實境與虛擬實境相關的硬體、軟體與內容。如 Mark 所述，我們預期對 FRL 的投資將使 2021 年整體營業利益約減少 100 億美元。我們致力於實現這項長期願景，並預期在未來數年提高投資。在第四季財報電話會議之前，我們將分享更多關於分部財務報表報導格式的細節。

Turning now to the revenue outlook. We expect fourth quarter 2021 total revenue to be in the range of $31.5 billion to $34 billion. Our outlook reflects the significant uncertainty we faced in the fourth quarter in light of continued headwinds from Apple's iOS 14 changes and macroeconomic and COVID-related factors. In addition, we expect non-ads revenue to be down year-over-year in the fourth quarter as we lap the strong launch of Quest 2 during last year's holiday shopping season. As previously noted, we also continue to monitor developments regarding the viability of transatlantic data transfers and their potential impact on our European operations.

接著談營收展望。我們預期 2021 年第四季總營收將落在 315 億至 340 億美元之間。我們的展望反映了第四季面臨的高度不確定性，原因包括 Apple iOS 14 變更帶來的持續逆風，以及總體經濟與 COVID 相關因素。此外，由於去年假期購物季 Quest 2 強勁上市所形成的高基期，我們預期第四季非廣告營收將年對年下滑。如先前所述，我們也持續關注跨大西洋資料傳輸可行性的相關發展，以及其對我們歐洲營運的潛在影響。

Turning now to the expense outlook. We expect 2021 total expenses to be in the range of $70 billion to $71 billion, updated from our prior outlook of $70 billion to $73 billion. We anticipate our full year 2022 total expenses will be in the range of $91 billion to $97 billion driven by investments in technical and product talent and infrastructure-related costs. We expect 2021 capital expenditures to be approximately $19 billion, updated from our prior estimate of $19 billion to $21 billion. For 2022, we expect capital expenditures to be in the range of $29 billion to $34 billion driven by our investments in data centers, servers, network infrastructure and office facilities. A large factor driving the increase in CapEx spend is an investment in our AI and machine learning capabilities, which we expect to benefit our efforts in ranking and recommendations for experiences across our products, including in feed and video, as well as improving ads performance and relevance.

接著談費用展望。我們預期 2021 年總費用將落在 700 億至 710 億美元之間，較先前 700 億至 730 億美元的展望更新。我們預期 2022 年全年總費用將落在 910 億至 970 億美元之間，主要由技術與產品人才投資以及基礎設施相關成本所帶動。我們預期 2021 年資本支出約為 190 億美元，較先前估計的 190 億至 210 億美元更新。對於 2022 年，我們預期資本支出將落在 290 億至 340 億美元之間，主要由資料中心、伺服器、網路基礎設施與辦公設施投資所帶動。推升資本支出增加的一大因素，是我們對 AI 與機器學習能力的投資；我們預期這將有助於我們在各產品體驗（包括動態消息與影片）的排序與推薦工作，並提升廣告成效與相關性。

We expect our Q4 2021 tax rate to be in the high teens. Absent any changes to U.S. tax law, we would expect our full year tax rate in 2022 to be similar to the full year 2021 rate. Please note that our outlook for 2022 expenses, capital expenditures and tax rate are preliminary estimates as we have not yet finalized our 2022 budget.

我們預期 2021 年第四季的稅率將落在 10% 高段。若美國稅法沒有任何變動，我們預期 2022 年全年的稅率將與 2021 年全年的稅率相近。請注意，我們對 2022 年費用、資本支出與稅率的展望仍屬初步估計，因為我們尚未完成 2022 年預算的定案。

In closing, this was another solid quarter for our business despite facing some headwinds, and we believe the investments we're making in our current services as well as new products and experiences will enable us to remain the best place for people to connect and for businesses to advertise both now and in the years ahead.

最後總結，儘管面臨一些逆風，本季對我們的業務而言仍是另一個穩健的季度；我們相信，對現有服務以及新產品與體驗所做的投資，將使我們無論在當下或未來多年，仍能成為人們連結互動、以及企業投放廣告的最佳場所。

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

那麼，France，我們開放提問。

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

（接線員指示）第一個問題來自 Morgan Stanley 的 Brian Nowak。

I have 2. The first one on Reels. It sounds like it's a pretty important part of long-term adoption. Curious to hear about anything you'll share about current user adoption, current engagement or more color on the demographics of people who are using Reels now.

我有兩個問題。第一個關於 Reels。聽起來它是長期採用的一個相當重要的部分。想請教你們是否能分享一些目前的用戶採用情況、目前的互動參與度，或是更多關於現在使用 Reels 的人群結構（人口統計）的資訊。

Then the second one, just a little more question on Apple and the ATT changes. I appreciate the color on accuracy and measurement improvements. Any more specifics you can share about where you've made the most progress from your investment to date and sort of some of the areas where you're seeing more challenges, you need to continue to invest to really improve to navigate through this more challenging environment?

第二個問題是關於 Apple 以及 ATT 的變更。我很感謝你們對準確性與衡量改善所提供的說明。你們是否能更具體分享一下：截至目前的投資在哪些方面取得了最大的進展？以及哪些領域你們看到更多挑戰、需要持續投入，才能真正改善並在這個更具挑戰的環境中順利因應？

Yes. Sure, Brian. On Reels, that's been a bright spot for Instagram. And currently, we're seeing good growth globally -- strength in a number of different markets, but we've been making a lot of progress on Reels and have been happy with it on Instagram.

好的，當然可以，Brian。關於 Reels，這一直是 Instagram 的亮點。目前我們看到全球都有不錯的成長——在多個不同市場表現強勁；我們在 Reels 上取得了很大進展，並且對它在 Instagram 上的表現感到滿意。

In terms of launch on Facebook, that's earlier stage. On the monetization front, we're just starting to roll out ads in Instagram. So it's earlier on that front, and we really haven't gotten to a monetization point with Reels on Facebook.

至於在 Facebook 上的推出，仍處於較早期階段。在變現方面，我們才剛開始在 Instagram 上逐步推出廣告。因此在這方面仍屬早期，而我們在 Facebook 的 Reels 上也還沒有真正進入變現階段。

Sheryl, do you want to take the iOS 14 question?

Sheryl，你要回答 iOS 14 的問題嗎？

Yes. I can take that. I mean when you start at the top of this, you really have to think about what personalized ads are. And we think they're better for people and businesses, and they're especially important to small businesses. They also can be delivered, can be done in a very privacy safe way.

好的，我可以回答。我的意思是，當你從最上層來看這件事時，你必須先思考個人化廣告到底是什麼。我們認為它對人們與企業都更好，尤其對小型企業特別重要。而且它也可以在非常注重隱私安全的方式下提供與執行。

There are 2 big challenges coming from this iOS changes. The one is targeting and one is measurement. I'm taking the second one first. On measurement, we think we can address more than half of that underreporting by the end of the year and make more progress in the years ahead. We estimate we're underreporting iOS web conversions. We believe that real-world conversions like sales and app installs are higher. And so we have to do the work to help clients measure these properly in order for them to really understand the outcomes they're getting and improving performance. And again, we think we can get a good chunk of that done this year and more in the next year.

這些 iOS 變更帶來兩大挑戰：一個是定向（targeting），另一個是衡量（measurement）。我先談第二個。就衡量而言，我們認為到今年年底前可以解決超過一半的低估回報（underreporting）問題，並在未來幾年持續取得更多進展。我們估計目前對 iOS 網頁轉換存在低估。我們相信真實世界的轉換（例如銷售與 App 安裝）其實更高。因此我們必須投入工作，協助客戶正確衡量這些轉換，讓他們真正理解所獲得的成效並提升表現。同樣地，我們認為今年可以完成其中相當一部分，明年還能做得更多。

Targeting is a longer-term challenge. Our direct response products are built on user-level conversions. And as a result of the iOS changes, we don't see the same level of conversion data coming through. So we have to rebuild our targeting and optimization systems to work with less data. So this is a multiyear effort. We are developing privacy-enhancing technology to minimize the amount of personal information we learn and using more aggregate or anonymized data while still allowing us to show those relevant personalized ads and measure ads effectiveness. In order for this to really work and benefit all businesses, it can require some cross-industry collaboration and more commerce tools, and those are going to be longer-term efforts.

定向是一個更長期的挑戰。我們的直接回應（direct response）產品是建立在用戶層級的轉換之上。而由於 iOS 的變更，我們看不到同等程度的轉換資料回傳。因此我們必須重建定向與最佳化系統，使其能在較少資料的情況下運作。這是一項跨多年的工程。我們正在開發強化隱私的技術，以將我們所獲得的個人資訊量降到最低，並使用更多彙總或匿名化資料，同時仍能讓我們展示相關的個人化廣告並衡量廣告成效。要讓這件事真正運作並讓所有企業受益，可能需要一些跨產業合作以及更多商務工具，而這些都將是更長期的努力。

Our next question is from Eric Sheridan with Goldman Sachs.

下一個問題來自 Goldman Sachs 的 Eric Sheridan。

Maybe 2, if I can. Maybe Sheryl, following up there, in terms of thinking in terms of quarters or years on both the targeting and the measurement piece, can you help us just go one level lower in terms of what you're building in terms of what's in your control to put out into the advertising ecosystem versus what might just take time for advertisers to adopt and get comfortable with and better understand the data that drive their business outcomes and how they allocate advertising budget. That would be for you.

如果可以的話我也有兩個問題。Sheryl，延續你剛才的回答，從以季度或年度的角度來看定向與衡量這兩個面向，你能否再往下一層說明：你們正在建置哪些你們可控、可以對外提供到廣告生態系的內容；以及哪些可能需要時間讓廣告主採用、熟悉並更好地理解驅動其業務成果的資料，以及他們如何分配廣告預算。這個問題給你。

And then, Dave, maybe if I could follow up on OpEx and CapEx. Just how should we be thinking about the elements of core Facebook versus some of the things you're trying to build against Mark's vision for the long term with Reality Labs and how that might be a driver of permanence versus transient nature of OpEx and CapEx in the years ahead?

然後 Dave，我想追問一下營運費用（OpEx）與資本支出（CapEx）。我們應該如何看待核心 Facebook 的各項要素，與你們為了實現 Mark 的長期願景、在 Reality Labs 所打造的一些事情之間的關係？以及這些如何可能成為未來幾年 OpEx 與 CapEx 更具持續性（permanence）或較具短暫性（transient）的驅動因素？

So some of the technology we can build ourselves. We build AI. We made continued investments in AI that help us maintain or improve long-term performance data. We're building some of our own commerce tools, and those are tools we can build that we need other people to adopt. And then some of the targeting opportunities we see have to take tools we can build or tools we can build in industry collaboration. We're really working as part of several industry collaborative groups on what those tools will look like and how those get adopted. So those obviously take more partnership and are less in our direct control.

有些技術我們可以自行建置。我們打造 AI，並持續投資 AI，這有助於我們維持或提升長期的成效資料。我們也在建置一些自有的商務工具，而這些工具是我們能打造、但需要其他人採用的。接著，我們看到的一些定向機會，必須仰賴我們能打造的工具，或是透過產業協作共同打造的工具。我們正以多個產業協作團體的一員身分努力推進，討論這些工具會長什麼樣子以及如何被採用。因此，這些顯然需要更多夥伴合作，也較不在我們的直接控制之下。

Eric, on the outlook on expenses in 2022, it's obviously early, but we wanted to give an initial outlook of our expected expense range since we typically do that in Q3. Mark outlined we had a lot of priorities that we're investing against across the business that includes a lot of areas in the core sort of Family of Apps. But also in FRL, we've got a lot of priorities in advertising, AI, commerce, privacy. So when you kind of pull all these things together, we've got a pretty robust spending plan next year. The primary driver is going to be accelerating head count growth in 2022. So that's going to be something you'll see head count coming in above 20%, obviously, that we had this quarter. And we also expect to have higher expenses from office operations and travel once larger parts of the workforce are returning to the office in 2022. We're not providing a specific breakdown at this point for segment expense.

Eric，關於 2022 年費用展望，顯然現在還很早，但我們想先提供一個預期費用區間的初步展望，因為我們通常會在第三季這麼做。Mark 提到我們在整個業務上有許多優先事項正在投入，涵蓋核心的「應用程式家族（Family of Apps）」中的多個領域；同時在 FRL，我們在廣告、AI、商務與隱私方面也有很多優先事項。因此把這些加總起來，我們明年的支出計畫相當強勁。主要驅動因素將是 2022 年加速人力（head count）成長。因此你會看到人力成長率高於本季超過 20% 的水準。並且我們也預期，一旦 2022 年有更大部分的員工回到辦公室，辦公室營運與差旅將帶來更高的費用。目前我們不提供各部門費用的具體拆分。

Our next question from Doug Anmuth with JPMorgan.

下一個問題來自 JPMorgan 的 Doug Anmuth。

One for Mark and one for Dave. Mark, just given the significant investments in both P&L expenses and CapEx, and clearly, you're talking about the heavy focus on metaverse over the long term, I was just hoping you could help us recap kind of the 1-year, 3-year and then 5-year aspirations from a product perspective as you've done in the past? And then, Dave, just on the 2022 expenses, which is about 29% to 38% growth, do you have any commentary on revenue growth in '22 to go along with that?

我有一個問題給 Mark，一個給 Dave。Mark，鑑於你們在損益表費用與資本支出上都有顯著投資，而且你們也明確談到長期將重點放在元宇宙，我希望你能協助我們回顧一下：從產品角度來看，你們在 1 年、3 年以及 5 年的目標與願景分別是什麼（如同你們過去曾做過的那樣）？然後 Dave，關於 2022 年費用大約 29% 到 38% 的成長，你是否能就 2022 年的營收成長提供一些評論，與此相互對照？

I can talk about metaverse and Reality Labs part of this. So for the next 1 and 3 years, especially, I think what you'll see is us putting more of the foundational pieces into place. This is not an investment that is going to be profitable for us anytime in the near future. But we basically believe that the metaverse is going to be the successor of the mobile Internet, that it's going to enable social experiences that are the ultimate expression of what we try to build, which is allowing people to feel really present with the people they care about no matter where they actually are. And we think it's going to unlock a massively larger creative economy of both digital and physical goods that would exist today and allow millions of people to be able to do work doing what they love and enabling a whole different economy around that, that I think is going to be another important pillar of our business. over the next decade.

我可以談談其中的元宇宙與 Reality Labs 部分。因此在接下來 1 年與 3 年，尤其是，你會看到我們把更多基礎性的拼圖逐步到位。這不是一項在短期內能為我們帶來獲利的投資。但我們基本上相信，元宇宙將成為行動網際網路的下一代，能夠帶來社交體驗——這將是我們所嘗試打造之事的最終呈現，也就是讓人們無論身在何處，都能與他們在乎的人感到真正「同在」。我們也認為，它將解鎖一個規模大得多的創作者經濟，涵蓋數位與實體商品，超越今日所存在的規模，並讓數百萬人能夠透過做自己熱愛的事來工作，進而圍繞此形成一個全然不同的經濟體；我認為這將在未來十年成為我們業務的另一個重要支柱。

So on the next 1 to 3 years, I mean, I almost -- I wouldn't focus on the sort of business outcomes there quite as much as I would just -- there's a product to the infrastructure that we're putting in place. So there's -- they're a new platform and there's hardware components. There's the whole virtual reality product line. There's the augmented reality product line. We're kind of starting to put those pieces in place. There's the operating system and development model for all these new creative tools. There's the commerce parts of what we're doing around this and how they tie into broader commerce effort across Family of Apps.

因此在接下來 1 到 3 年，我的意思是，我幾乎——我不會那麼聚焦於那段期間的商業成果，而是更著重於——我們正在建立的產品與基礎設施。也就是說——這是一個新平台，並且包含硬體組件。有整個虛擬實境產品線，也有擴增實境產品線。我們正在開始把這些拼圖逐步到位。還有作業系統與這些全新創作工具的開發模式。也有我們在此周邊所做的商務部分，以及它們如何與「應用程式家族（Family of Apps）」更廣泛的商務努力相互連結。

And then there's all the social platform work that we're doing with our Horizon effort that touches a bunch of different areas of what we're doing. But I think you'll see all of those pieces start to build out and start to mature a bit over the next few years. And then if we do a good job on this, and I would say later in this decade, this one we would sort of expect this to be more of a real business story.

接著還有我們透過 Horizon 計畫所進行的各項社交平台工作，涵蓋了我們正在做的許多不同領域。不過我認為，未來幾年你會看到這些拼圖逐步成形、並開始更成熟一些。然後如果我們把這件事做好，我會說在本十年稍晚的時候，我們大概會預期這會更像是一個真正的商業故事。

But I think what we kind of think about for the near term is that we're delivering the product experiences that are completely groundbreaking and that people try this, and they just think this is amazing and can see the glimpse of where this is going, and that will pave the way for the future. The business North Star that I mentioned in some of my opening remarks, we hope that by the end of the decade that we can help 1 billion people use the metaverse and support hundreds of billions of dollars of digital commerce. And I think if we can do that, then this will be a good investment over the long term.

但我認為我們對近期的思考是：我們正在交付完全具突破性的產品體驗，讓人們一試用就覺得非常驚豔，並能看見這將走向何處的一絲端倪，而這將為未來鋪路。我在開場談到的商業北極星（North Star），我們希望到本十年末能協助 10 億人使用元宇宙，並支援數千億美元的數位商務。我認為如果我們能做到，那麼從長期來看這會是一項很好的投資。

Doug, it's Dave. We're not at this point providing a specific revenue outlook for 2022. We continue to see opportunities to grow both impressions and price next year, but we're obviously coming off an incredibly strong year of revenue growth in 2021. So we do expect deceleration in growth in 2022 from the full year 2021 rate. And this -- there's sort of uncertainty implied in our range for Q4 revenue, and I think that holds true for the 2022 outlook as well.

Doug，我是 Dave。我們目前不提供 2022 年的具體營收展望。我們仍看到明年在曝光量（impressions）與價格兩方面都有成長機會，但我們顯然是從 2021 年極為強勁的營收成長基期出發。因此，我們確實預期 2022 年的成長將較 2021 全年增速放緩。而且——我們在第四季營收區間中已隱含一定不確定性，我認為這點同樣適用於 2022 年的展望。

There's a lot of factors at play, including advertisers working their way through the impact of the Apple platform changes. We're obviously navigating a challenging macroeconomic environment. We'll have a better sense of how these things work together as we get through the holiday season. But yes, given the expense growth that we outlined, which is implied in the 30 -- north of 30%, we don't expect revenue growth at that level. So we would expect 2022 margins to be lower than 2021.

影響因素很多，包括廣告主仍在消化 Apple 平台變更所帶來的影響。我們也正在因應具挑戰性的總體經濟環境。等我們度過假期旺季後，會更清楚這些因素如何共同作用。不過是的，考量到我們所說明的費用成長（隱含在 30% 以上），我們不預期營收成長會達到那樣的水準。因此，我們預期 2022 年的利潤率將低於 2021 年。

Our next question is from Justin Post with Bank of America Merrill Lynch.

下一個問題來自美國銀行美林（Bank of America Merrill Lynch）的 Justin Post。

Great. Maybe one for Mark and one for Dave. Getting 18- to 29-year old users is not easy. I wonder if you could maybe outline some of your strategies to kind of get some progress there. I know it's multi-quarter.

很好。也許一題問 Mark、一題問 Dave。要取得 18 到 29 歲用戶並不容易。我想請你們概述一下，為了在這方面取得進展，你們有哪些策略？我知道這會是跨好幾個季度的工作。

And then, Dave, in your guidance for Q4, can you help us on the IDFA impact? Is it contemplated to be about the same as 3Q, a little bit better as you work on your measurement? Or is it a little bit more of a headwind in Q4?

另外，Dave，在你們對第四季的指引中，能否協助我們理解 IDFA 的影響？你們是否預期大致與第三季相同、或隨著你們改善衡量而稍微好一些？還是第四季的逆風會更大一些？

Yes, Justin, I can take the -- I can actually take both of those questions. In terms of the younger demographics, our products are obviously widely used by young adults. And we remain focused on building out those product capabilities and continuing to focus on making our products relevant for that audience. I think Reels is a big part of that strategy. And we've now got that -- we've got that rolled out in over 100 countries since launching in August of last year, and we're continuing to invest in that experience and make ongoing product enhancements. And so that's probably one of our big focus points that I would point to.

是的，Justin，我可以回答——我其實可以兩題都回答。就年輕族群而言，我們的產品顯然被年輕成人廣泛使用。我們仍專注於擴充這些產品能力，並持續讓產品對該受眾保持相關性。我認為 Reels 是這項策略的重要部分。我們自去年 8 月推出以來，已在超過 100 個國家上線，並持續投資該體驗、進行持續的產品改進。因此，這大概是我會指出的其中一個主要重點。

In terms of the IDFA...

至於 IDFA……

Maybe I'll just add on Reels. Yes. I think that this is going to be a very meaningful qualitative change in how people use a lot of different products across the Internet. I mean I think every once in a while, a format comes along that allows new types of content, right? So we saw this with News Feeds. We saw it with Stories. And I think Reels is -- from everything I've seen has the potential to be something of that scale where there are different flavors of it and different apps. But I think as a format, it can be very fundamental. And I think we're still closer to the beginning of that journey than we are to its maturity in terms of just having rolled out some of the initial tests and experiences and rolled it out in Facebook. And I mean you mentioned all the countries that it's in Instagram, but it's just continuing to grow very quickly.

我再補充一下 Reels。是的，我認為這將在質的層面上，對人們在網路上使用許多不同產品的方式帶來非常重大的改變。我的意思是，我認為每隔一段時間，就會出現一種格式，讓新的內容類型得以誕生，對吧？我們在動態消息（News Feeds）上看過這種情況，也在限時動態（Stories）上看過。我認為 Reels——就我所見的一切——有潛力達到那種規模：它會有不同的樣貌、存在於不同的 App 中。但作為一種格式，它可能非常根本。我也認為，就我們目前僅推出一些初期測試與體驗、並在 Facebook 上推出而言，我們仍更接近這段旅程的起點，而非成熟期。你提到它在 Instagram 覆蓋的所有國家，但它仍在非常快速地持續成長。

So I think that, that's going to be a big part of the focus here. And I think we'll -- I'm excited over the next year or 2 to see how that grows into something -- I would bet will be like Stories in our product today. Sorry, Dave. Go for it.

所以我認為，這會是這裡的重點之一。我也很期待在接下來 1 到 2 年看到它如何成長為某種——我敢打賭——會像我們今天產品中的 Stories 一樣的東西。抱歉，Dave。你來。

Yes. Justin, on the iOS question as it relates to Q4 versus Q3, the bulk of iOS 14 updates were completed as we entered Q3, which contributed to the step-up and the impact from Q2 to Q3. Since iOS 14 is now widely adopted, we don't expect a similar step-up in Q4. But importantly, we haven't gone through a holiday season with these changes, and prices are higher during the holidays given strong demand. And so there's uncertainty how that will intersect with the challenges on targeting and measurement coming from the iOS changes. So I think that brings some uncertainty into the Q4 outlook that's reflected in our guidance range.

是的。Justin，關於 iOS 的問題，就第四季相對第三季而言，iOS 14 的更新大多在我們進入第三季時已完成，這也導致從第二季到第三季影響出現跳升。由於 iOS 14 現在已被廣泛採用，我們不預期第四季會出現類似的跳升。但重要的是，我們尚未在這些變更下經歷過一個假期旺季，而假期期間因需求強勁，價格通常更高。因此，這些價格因素將如何與 iOS 變更帶來的定向與衡量挑戰交互作用，仍存在不確定性。我認為這也為第四季展望帶來一些不確定性，並反映在我們的指引區間中。

Our next question is from Youssef Squali with Truist Securities.

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

Two questions for me. Mark, it's the week of Facebook Connect. So I was hoping you can provide us an update on horizon. This is that social app where people can create games and experiences to -- sharing together. When will that finally come out of the closed beta? I think it's been in for the last 2 years. It seems to us that to move Facebook into the metaverse successfully, you really need to have a VR social app that's obviously cool and successful.

我有兩個問題。Mark，這週是 Facebook Connect。我希望你能提供我們關於 Horizon 的最新進展。這是一個社交 App，人們可以在其中創作遊戲與體驗來——一起分享。它何時會終於走出封閉測試（closed beta）？我想它已經測了大約 2 年。在我們看來，要成功把 Facebook 帶入元宇宙，你確實需要一個顯然很酷且成功的 VR 社交 App。

And the other question is around, again, this focus on 18 to 29. Can you maybe just speak to the current trends in engagement at both in Facebook and Instagram among millennials and younger audiences? I know you're speaking about a focus on it going forward, but how has it been trending of late?

另一個問題同樣是關於你們對 18 到 29 歲族群的聚焦。你能否談談目前在 Facebook 與 Instagram 上，千禧世代與更年輕受眾的互動（engagement）趨勢？我知道你們談到未來會更聚焦，但最近的趨勢如何？

I'll take the first, and then Dave can talk about whatever numbers you want to share. So first, let me say, I think we have -- on Thursday, at Connect, we're going to -- be going into quite a bit of detail about our vision for the metaverse and how we think we can help contribute to building this. So I encourage all of you to tune in. Part of that, that we are going to talk about is horizon, how that fits into this. And we've been steadily working on this and onboarding more creators and more people to it, and we're adding more world all the time.

我先回答第一題，然後 Dave 可以談你想分享的任何數字。首先我想說，我們——在週四的 Connect 上——會相當詳細地說明我們對元宇宙的願景，以及我們認為能如何協助推動其建構。因此我鼓勵各位收看。其中一部分我們會談到 Horizon，以及它如何融入其中。我們一直穩步推進這項工作，讓更多創作者與更多人加入，同時也持續新增更多世界（world）。

I think you're right, this is going to be a critical part of at least our platform and the work that we're doing here. We released Workrooms recently. I'm really excited about how that experience has come together. And I think, to your point, you mentioned it's important to have a VR social experience. I actually think it's important to have an experience that goes across all of the platforms, right? So I don't think what you're going to end up with is just a -- something that's like a VR or social network. I think you want to be able to have these experiences where you can feel present with people and have this immersive experience that's going to be best if you're in VR or in AR and your hologram, but it needs still to work everywhere, right? It needs to be able to work across our whole Family of Apps. It needs to be able to work on the web and on phones and on computers. So there's a lot to do.

我認為你說得對，這將是至少對我們的平台以及我們在此所做工作而言的關鍵部分。我們最近推出了 Workrooms。我對這個體驗的整體成果感到非常興奮。而且我認為，就你所說的，提到擁有 VR 社交體驗很重要；我其實認為，重要的是擁有一個能跨所有平台的體驗，對吧？所以我不認為最後你會得到的只是——某種像 VR 或社交網路那樣的單一產品。我認為你希望能有這些體驗，讓你能與人有「同在」的感覺，並擁有沉浸式體驗；若你在 VR 或 AR 中、以全像投影（hologram）呈現，效果會最好，但它仍需要在任何地方都能運作，對吧？它需要能跨我們整個 App 家族（Family of Apps）運作，也需要能在網頁、手機與電腦上運作。所以還有很多工作要做。

And whether we call it beta or not, I think the reality is we're going to be -- this is kind of similar to the question before about where we're going to be in a year or 3 years. There's a lot of foundational infrastructure that just needs to get built up here. And part of what we're trying to reflect in the segment reporting and all that is we're committed to doing this work. It's going to be a big investment. We want to be transparent about it. But we think it's very exciting. It's a huge opportunity for the future, and I encourage you to tune in on Thursday to hear more.

至於我們是否稱之為 beta，我認為現實是我們將會——這有點類似前面那個問題：一年後或三年後我們會在哪裡。這裡有大量的基礎性基建需要建起來。而我們試圖在分部揭露（segment reporting）等方面反映的是：我們承諾要做這項工作。這會是一筆重大投資。我們希望對此保持透明。但我們認為這非常令人振奮。這是面向未來的巨大機會，我也鼓勵你們週四收看以了解更多。

And Youssef, just on overall, the engagement trends, our products are widely used by teens, but we are facing tough competition from the likes of TikTok, particularly in Snapchat. And we're focused on obviously continuing to innovate and roll out products like Reels and attract the younger demographics and retain the younger demographics for our products. And that's why we're continuing to build and invest in those areas.

而 Youssef，整體來看，在互動參與趨勢方面，我們的產品被青少年廣泛使用，但我們正面臨來自 TikTok 等競品的激烈競爭，尤其是在 Snapchat 上。我們顯然專注於持續創新並推出像 Reels 這樣的產品，以吸引更年輕的人口族群並留住我們產品的年輕用戶。這也是為什麼我們持續在這些領域建設並投資。

Our next question is from Mark Mahaney with Evercore ISI.

下一個問題來自 Evercore ISI 的 Mark Mahaney。

I apologize. Two questions. On the iOS changes, is it fair to say that, that's the majority that accounts for the majority of the headwinds that you saw in Q3 and expect to see in Q4?

抱歉。我有兩個問題。關於 iOS 的變更，是否可以說，這是你們在第三季看到、並預期在第四季會看到的逆風中，占比最大的那一項？

And then secondly, a question for Mark. Just on the application of artificial intelligence to kind of help moderate content is the wrong word, but to try to make sure that inappropriate content is removed from Facebook and Instagram, et cetera. Where do you think you are in terms of getting that to be where you want it to be? I know it's been a multiyear investment journey experience. Here we are several years later. It's a Sisyphean task. Do you think you've been able to show success in using AI constructively?

第二個問題給 Mark。關於將人工智慧應用於協助內容審核——「審核」這個詞可能不太精確——但目標是確保不當內容能從 Facebook、Instagram 等平台被移除。就你們距離達到理想狀態而言，你認為目前進展到哪一步？我知道這是一段跨多年的投資歷程。幾年後的今天，這是一項西西弗斯式的任務。你認為你們是否已能展現以 AI 建設性地發揮作用的成果？

Mark, it's Dave. On the first question, yes, the Apple platform changes. We're the largest factor in terms of Q3 headwinds. I mean it was really the first full quarter impact of those new AT&T policy changes following just the increased consumer adoption ramp of the iOS updates. And if it really weren't for that, we would have expected sequential growth Q2 to Q3. So that was the largest headwind in the quarter.

Mark，我是 Dave。第一個問題，是的，Apple 平台的變更是我們第三季逆風中最大的因素。我的意思是，這確實是新的 ATT 政策變更在消費者對 iOS 更新採用率提升後，首次出現完整一季的影響。若不是因為這個因素，我們原本預期第二季到第三季會有連續成長。因此，這是本季最大的逆風。

Sure. I can speak a bit to AI. So my answer is, yes, I think it's made a big impact. We issued these quarterly transparency reports, which I should add we're industry-leading on this in both in terms of defining this and in terms of the depth of what we outlined that people can hold us accountable and kind of see the breakdown of how we're actually doing. But what we measure in those reports and disclosed is what percent of the content that we act on is our AI or our internal systems finding rather than people having to report it because we have a lot of people, right, who use our products. If they find something that's problematic, and they report stuff to us. And it used to be before the last several years that most of what we did for community integrity was just respond to incoming reports, but we decided, hey, we should really try to get in front of this and build really sophisticated systems that we're not just relying on people to tell us when there are issues, but we can proactively go address that.

當然。我可以談談 AI。我的答案是：是的，我認為它帶來了很大的影響。我們發布這些季度透明度報告；我也要補充，我們在這方面是業界領先的，無論是在定義方式上，或是在我們揭露內容的深度上，都讓外界可以監督我們並大致了解我們實際表現的拆解。在這些報告中我們衡量並揭露的是：我們採取行動的內容中，有多少比例是由 AI 或我們的內部系統發現，而不是必須靠人們回報，因為我們有很多人使用我們的產品。如果他們發現有問題的內容，就會向我們檢舉。過去在前幾年之前，我們在社群完整性方面的大部分工作，主要是回應外部檢舉；但我們決定，嘿，我們應該更積極主動，建立非常精密的系統，不只是依賴人們告訴我們哪裡有問題，而是能主動去處理。

And in most of these categories and we've basically gotten to the point now where 90-plus percent of the content were basically -- that we act on. We're identifying largely through the AI system, and it varies a bit by category. So for categories like nudity where relatively, it's easier train a computer to identify that. The numbers are very high. Some of the categories like hate speech that have been harder because, first of all, we're operating in I think it's around 150 languages around the world. I also think it's -- there's a lot of cultural nuance in this where you want to be able to make sure you understand these nuances and all those languages and that you want to make sure that people can say [or did] racism, right? If someone is saying something racist to encourage someone to do something hateful, that's bad. But if you -- if someone wants to basically say, hey, I saw this person doing this and people shouldn't be doing that, and you don't want to sense of people doing that.

而在多數這些類別中，我們基本上已經達到這樣的程度：我們採取行動的內容中，90% 以上基本上——我們所處理的內容——主要是透過 AI 系統識別出來的，而不同類別會有些差異。像裸露這類相對更容易訓練電腦辨識的類別，比例非常高。有些類別例如仇恨言論更難，因為首先，我們在全球大約 150 種語言中運作。我也認為這裡有很多文化細微差異，你必須確保能理解所有語言中的這些細節，並且要確保人們可以說「反對種族主義」，對吧？如果有人說種族歧視的話來鼓動他人做出仇恨行為，那是不好的。但如果——如果有人基本上想說，嘿，我看到某個人做了這件事，人們不應該那樣做，而你不希望把這種表達也當成（仇恨言論）去審查。

So it ends up being a very challenging problem. And for the first couple of years of working on this, we're still at a relatively low recall rate where our AI systems had 10%, 15% of the content that we were addressing -- we were dealing with proactively. But in recent years, like the AI progress has been very impressive. We're now above 90% of the content that we take an action on there is also proactive even with hate speech.

所以這最後會變成一個非常具挑戰性的問題。在最初幾年投入這項工作時，我們的召回率仍相對偏低，我們的 AI 系統只能主動處理我們所處理內容中的 10%、15%。但近年來，AI 的進展非常令人印象深刻。現在，即使是在仇恨言論方面，我們採取行動的內容中，主動識別的比例也已超過 90%。

So overall -- I mean, look, let me take this question in a slightly different direction, which is I know that there is a lot of scrutiny of our efforts. And I guess I just want to say to the team and the people who work on this that I'm really proud of the progress that they make. I think we have the best people in the world, and we're doing the best job of this, I believe, across any company in the industry. And I think this is an important area. There shouldn't be scrutiny on it, but I also think that any honest account of what's actually going on here should take into account that a huge amount of progress has been made and will continue to be made by a lot of talented people who are working on this.

所以整體而言——我的意思是，聽著，讓我用稍微不同的角度回答這個問題：我知道外界對我們的努力有很多檢視。我想對團隊以及投入這項工作的同仁說，我對他們取得的進展感到非常自豪。我認為我們擁有世界上最優秀的人才，而我相信在產業中任何公司裡，我們在這方面做得最好。我也認為這是一個重要領域。外界對此有檢視是合理的，但我也認為，任何誠實地描述這裡實際情況的說法，都應該把一個事實納入考量：大量的進步已經取得，而且在許多才華洋溢、投入其中的人努力下，未來也會持續取得進步。

Our next question is from Ross Sandler with Barclays.

下一個問題來自 Barclays 的 Ross Sandler。

Dave, one nitpicky question on the guide and then one kind of big picture for Sheryl maybe. So since we're now all focusing on the 2-year CAGRs for the guidance for the high end of the fourth quarter revenue actually has an acceleration on the 2-year CAGR. So I know we're talking about headwinds and IDFA and supply chains and everything like that, but the sequential growth looks normal, and then that 2-year CAGR is accelerating.

Dave，我有一個比較吹毛求疵的指引問題，然後還有一個可能給 Sheryl 的大方向問題。既然我們現在都在看指引的兩年期 CAGR，那麼第四季營收指引上緣在兩年期 CAGR 上其實出現加速。所以我知道我們在談逆風、IDFA、供應鏈等等，但按季成長看起來是正常的，而兩年期 CAGR 也在加速。

So I guess where is the strength coming from? And would you call that a strong 4Q environment? And then, Sheryl, you talked about overhaul and targeting longer term to have less focus on users or user-based targeting and more contextual and kind of other things. I guess, high level, how do you think that will impact the overall return on ad spend compared to pre-IDFA levels? And as you look at Facebook's competitive position in the digital ad market versus some of the other large platforms, like any impact on the long term as you kind of retool the targeting?

所以我想問，這股強勁動能是從哪裡來的？你會把這稱為強勁的第四季環境嗎？另外，Sheryl，你談到要進行全面調整，長期目標是降低對用戶或以用戶為基礎的定向依賴，轉而更多採用情境式以及其他方式。從高層次來看，你認為這會如何影響整體廣告投放報酬率（ROAS），相較於 IDFA 之前的水準？以及當你觀察 Facebook 在數位廣告市場相對於其他大型平台的競爭地位時，當你們重新調整定向策略，長期會有什麼影響嗎？

Ross, it's Dave. We're giving sort of specific quantitative revenue guidance on Q4. I think if you look at the range, it's from a sequential growth basis on a seasonal basis Q3 to Q4. It's lower sequential growth than we've seen historically. So I do think that reflects some of the uncertainty that we're seeing out there as it relates to how IDFA -- sorry, with the iOS 14 and ATT and IDFA impacts play into pricing during the holidays and also the macroeconomic factors like the supply chain issues. So I do think that kind of the seasonal sequential growth is lower than we've seen in the past. And with the range, I think that reflects that uncertainty.

Ross，我是 Dave。我們對第四季提供了相對具體的量化營收指引。我認為如果你看這個區間，從第三季到第四季在季節性基礎上的按季成長，會比我們歷史上看到的更低。因此我確實認為，這反映了我們目前看到的一些不確定性，主要與 IDFA——抱歉，是 iOS 14、ATT 與 IDFA 的影響如何在假期期間反映到定價上，以及像供應鏈問題這類總體經濟因素有關。所以我確實認為，這種季節性的按季成長低於過去，而這個區間也反映了那種不確定性。

In terms of the overall targeting, I think it's hard to sit here and decide exactly where we're going to end up at the all of this. It is going to be a multiyear effort. We've definitely seen a hit already, and we're definitely focused on tools to help advertisers.

至於整體定向，我認為很難在此刻就精確判斷我們最終會走到哪一步。這將是一項跨多年的努力。我們確實已經看到衝擊，而且我們也明確聚焦在能協助廣告主的工具上。

We think we have opportunities to strengthen targeting ourselves, both by the work we do ourselves and as part of industry consortium. You're right in your question in that advertisers have to make a choice of where they advertise. So the question for us is, how good can our targeting be compared to others?

我們認為我們有機會強化自身的定向能力，既包括我們自己所做的工作，也包括作為產業聯盟一部分所推動的工作。你在問題中說得對：廣告主必須在投放平台之間做選擇。因此對我們而言的問題是，我們的定向能力相較於其他平台能有多好？

I think our targeting can suffer compared to others like Apple who have the direct data themselves, but I think our targeting still remains, I think, in very, very many ways, very good for advertisers. When you compare us on ROI, we've always performed well. We still do even though we've taken a hit, and we're focused on continuing to do that for businesses.

我認為相較於像 Apple 這種直接掌握第一方資料的平台，我們的定向能力可能會受到影響；但我也認為，我們的定向在非常、非常多方面對廣告主而言仍然非常好。當你以投資報酬率（ROI）來比較時，我們一向表現良好。即使受到衝擊，我們現在仍然表現不錯，而我們也專注於持續為企業做到這一點。

Our next question is from John Blackledge with Cowen.

下一個問題來自 Cowen 的 John Blackledge。

Two questions. First on the macro, are you already seeing supply chain issues impacting 4Q ad revenue? Or do you expect them -- the issues to be more impactful later in the quarter?

兩個問題。第一個關於總體環境，你們是否已經看到供應鏈問題正在影響第四季廣告營收？還是你們預期——這些問題會在本季稍晚對營收造成更大的影響？

And then second question on Instagram. Given the rise of Reels, is it cannibalizing engagement on the other Instagram services?

接著第二個關於 Instagram 的問題。鑑於 Reels 的崛起，它是否正在蠶食 Instagram 其他服務的互動？

Yes, John. I mean it's -- look, we're not the macroeconomic authority on all things. I would tell you that what we're hearing from advertisers is they are seeing supply chain issues. That was true in Q3 and had an impact there as well as we expect that to continue to carry over into Q4. They're also obviously that intersects with the challenges with the targeting and measurement headwinds from iOS 14. So it's hard to parse exactly how the platform issues and the macroeconomic factors will play into Q4, but I think those are the 2 biggest factors driving the range of potential outcomes that we've outlined in our guidance.

是的，John。我的意思是——你看，我們並不是對所有事情都具備宏觀經濟權威的機構。我會告訴你，我們從廣告主那裡聽到的是，他們正面臨供應鏈問題。這在第三季就已經如此，並且在當季造成了影響；我們也預期這種情況會延續到第四季。當然，這也與 iOS 14 帶來的定向與衡量方面的阻力相互交織。因此，很難精確拆解平台層面的問題與宏觀經濟因素將如何影響第四季，但我認為這兩個是我們在指引中所概述之潛在結果區間的兩大驅動因素。

In terms of Reels and other IG services, I can take a crack at that, and then Mark and Sheryl want to add anything. Whenever we launch new experiences, this was true with Stories, it was true with Facebook Watch. It's -- you're always going to see some amount of shifting of people's time and attention to the new areas. And we do think that, that benefits the experience overall, and we think that makes the overall experience more engaging over time. And we do think that it's -- we're able to with Reels drive incremental engagement with Instagram and Facebook. So that's why we're investing to do that.

至於 Reels 與其他 IG 服務，我可以先嘗試回答，然後 Mark 和 Sheryl 若想補充也可以。每當我們推出新的體驗時——Stories 如此、Facebook Watch 也如此——你總是會看到人們的時間與注意力在某種程度上轉移到新的領域。我們確實認為這整體上有利於體驗本身，也認為這會讓整體體驗隨時間變得更具吸引力。我們也確實認為，透過 Reels，我們能為 Instagram 與 Facebook 帶來增量互動。因此我們才會投入資源來做這件事。

Our next question is from the line of Mark Shmulik with AllianceBernstein (sic) [Sanford C. Bernstein].

下一個問題來自 AllianceBernstein（原文如此）[Sanford C. Bernstein] 的 Mark Shmulik。

One for Sheryl, specifically around kind of on-platform commerce and that pivot. And I know previously you've shared kind of merchant and user adoption metrics, but any progress you could share on that front as it relates to activity? Are users embracing it?

有一題給 Sheryl，特別是關於平台內電商以及那個轉向。我知道你之前分享過一些商家與用戶採用的指標，但就活動量而言，你能否分享這方面的任何進展？用戶是否正在接受它？

And then the second question kind of more broadly around recruiting. I know the recent post to create kind of 10,000 jobs tied to the metaverse in Europe. Any particular kind of rationale for how you're thinking about recruiting kind of globally?

第二個問題則更廣泛地關於招募。我知道最近宣布要在歐洲創造約 10,000 個與元宇宙相關的工作。你們在全球招募的思考上，有沒有什麼特定的理由或邏輯？

So on commerce, we have a lot of commerce activity on our platform already. People are discovering lots of products through our Feed and Stories ads. This is our largest ad vertical, and COVID really accelerated it, but it's also been one of the fastest-growing verticals over a 5-year period.

關於電商，我們的平台上其實已經有大量的電商活動。人們透過我們的動態消息（Feed）與限時動態（Stories）廣告發現許多產品。這是我們最大的廣告垂直類別，而 COVID 確實加速了它，但在過去 5 年期間，它也一直是成長最快的垂直類別之一。

We believe we drive hundreds of billions of dollars of off-site e-commerce gross merchandise volume today through our ads business. And we think commerce tools will be built and layered on top of that to help businesses reach more new customers and drive more incremental sales.

我們相信，透過我們的廣告業務，我們目前已為站外電商帶來數千億美元的商品交易總額（GMV）。我們也認為，電商工具將會在其上被建構並層層疊加，以協助企業觸及更多新客戶並帶動更多增量銷售。

In those commerce efforts, we're focused on 3 areas: continuing to be the best place to advertise, making it easier to sell on the platform and improving the customer experience. And I think we're in different places on those. In the first, in terms of continuing to be the best place to advertise, we are a great place to find customers. We think the ROI is very strong, and it continues to be competitive.

在這些電商努力上，我們聚焦於三個領域：持續成為最佳的廣告投放平台、讓在平台上銷售更容易，以及改善顧客體驗。我認為我們在這三方面所處的階段各不相同。第一點，關於持續成為最佳廣告平台，我們是尋找客戶的絕佳場所。我們認為投資報酬率（ROI）非常強勁，而且仍具競爭力。

In terms of making it easier, the second, to sell on the platform, here, we're catching up to other mobile and web shopping experiences. And I think we have some work to do there.

至於第二點——讓在平台上銷售更容易——在這方面，我們正在追趕其他行動與網頁購物體驗。我認為我們還有一些工作要做。

And then the third, improving the consumer experience to encourage people to shop, I think we're also making progress there, but we've got some room to grow.

第三點，改善消費者體驗以鼓勵人們購物，我認為我們也在取得進展，但仍有成長空間。

And Mark, on the recruiting front, obviously, we've got a big investment a year planned in 2022. That's going to be largely driven by recruiting. We're going to have to do that globally. We're looking to build technical talent. We're going to be hiring people to do more remote work and focusing on that. We're going to be investing in head count outside of the Bay Area and continuing to focus on building our technical and product capabilities across the globe. Europe is an important part of that, and that's why it was outlined in that announcement.

Mark，關於招募方面，很明顯地，我們在 2022 年規劃了一筆龐大的年度投資，而這將主要由招募所驅動。我們必須在全球範圍內進行。我們希望建立技術人才。我們將招募更多從事遠端工作的員工，並把重點放在這上面。我們也會在灣區以外增加人力編制投資，並持續聚焦於在全球各地建立我們的技術與產品能力。歐洲是其中重要的一部分，這也是為什麼在那項公告中會特別提到。

Our last question then will be from the line of Brent Thill with Jefferies.

那麼我們最後一個問題將來自 Jefferies 的 Brent Thill。

Dave, just on the CapEx at the midpoint over 70%. There are a lot of questions just as it relates to what the surge is related to there. Is there any more detail you can help us better understand that investment?

Dave，關於資本支出（CapEx），在中位數上超過 70%。有很多問題在於這波激增到底與什麼有關。你能否提供更多細節，幫助我們更好地理解這項投資？

Yes. Sure, Brent. I mean I mentioned in my prepared remarks, our 2022 outlook really reflects a significant increase in our planned investment in areas like AI and machine learning. And a lot of that will be dedicated to investing in areas where we can use machine learning to improve ranking and recommendations to power experiences across our products in areas like Feed and in emerging areas like Reels. We'll also be dedicating that to ads as we work to improve ads relevance and leveraging machine learning and AI to help balance out the loss of Signal that we've experienced from some of the platform changes. So we think that we can, as part of sort of making our ads even more effective, make up for that loss with the large investment on the machine learning and AI side. And I think our position gives us a good ability to do that. So that's really part of the logic behind the big increase in the CapEx budget next year.

是的。當然可以，Brent。我的意思是，我在事先準備的發言中提到過，我們對 2022 年的展望確實反映出我們在 AI 與機器學習等領域的規劃投資將大幅增加。其中很大一部分將用於投資我們可以運用機器學習來改善排序與推薦的領域，以支撐我們各項產品中的體驗，例如動態消息（Feed），以及像 Reels 這樣的新興領域。我們也會把部分投入用於廣告，因為我們正在努力提升廣告相關性，並運用機器學習與 AI 來協助抵消我們因某些平台變更而經歷的訊號（Signal）流失。因此我們認為，作為讓廣告更有效的一部分，我們可以透過在機器學習與 AI 方面的大規模投資來彌補那部分流失。我也認為我們目前的條件讓我們有很好的能力做到這點。所以，這就是明年資本支出預算大幅增加背後邏輯的一部分。

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

很好。再次感謝各位今天加入。我們感謝你們的時間，並期待再次與各位交流。

And this concludes today's conference call. Thank you for joining us. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位加入。你們現在可以掛斷電話線。