Meta Platforms Inc (META) 2023 Q1 法說會逐字稿

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

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

Thank you. Good afternoon, and welcome to Meta Platform's First Quarter 2023 Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; and Susan Li, CFO.

謝謝。下午好，歡迎來到 Meta Platform 2023 年第一季度收益電話會議。今天和我一起討論我們的結果的是首席執行官馬克扎克伯格;和首席財務官蘇珊·李。

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

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

During this call, we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The press release and an accompanying investor presentation are available on our website at investor.fb.com.

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

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

現在我想把電話轉給馬克。

All right. Thanks, Deborah, and thanks, everyone, for joining. This was a good quarter, and we're seeing growing momentum in our products and business. Our community reached a milestone that now more than 3 billion people use at least 1 of our apps each day. Facebook also reached the milestone of 200 million daily actives in the U.S. and Canada after last quarter reaching 2 billion daily actives worldwide.

好的。謝謝黛博拉，也謝謝大家的加入。這是一個不錯的季度，我們看到我們的產品和業務增長勢頭強勁。我們的社區達到了一個里程碑，現在有超過 30 億人每天至少使用我們的一款應用程序。繼上個季度全球日活躍量達到 20 億之後，Facebook 在美國和加拿大的日活躍量也達到了 2 億的里程碑。

Now in a moment, I'll talk more about the results in our business and the opportunities that I'm excited about, but first, I want to share an update on our efficiency work. The goals of our efficiency work are to make us a stronger technology company that builds better products faster and to improve our financial performance to give us the space in a difficult environment to execute our ambitious long-term vision. When we started this work last year, our business wasn't performing as well as I wanted, but now we're increasingly doing this work from a position of strength. Even as our financial position improves, I continue to believe that slowing hiring, flattening our management structure, increasing the percent of our company that is technical and more rigorously prioritizing projects will improve the speed and quality of our work. I also believe that a stronger financial position will enable us to weather a volatile environment while remaining focused on our longer-term priorities.

現在，我將更多地談論我們的業務成果和令我興奮的機會，但首先，我想分享我們效率工作的最新進展。我們效率工作的目標是使我們成為一家更強大的科技公司，能夠更快地生產更好的產品，並改善我們的財務業績，讓我們在困難的環境中有空間來執行我們雄心勃勃的長期願景。當我們去年開始這項工作時，我們的業務表現並不如我所願，但現在我們越來越多地從優勢地位開始這項工作。即使我們的財務狀況有所改善，我仍然相信放慢招聘速度、扁平化我們的管理結構、增加我們公司的技術人員比例以及更嚴格地確定項目優先級將提高我們工作的速度和質量。我還相信，更強大的財務狀況將使我們能夠度過動蕩的環境，同時繼續專注於我們的長期優先事項。

So far, we've gone through 2 of the 3 waves of restructuring and layoffs that we have planned for this year in our recruiting and our technical groups. In May, we're going to carry out our third wave across our business groups. And this has been a difficult process, but after this is done, I think we're going to have a much more stable environment for our employees. And then for the rest of the year, I expect us to focus on improving our distributed work model, delivering AI tools to improve productivity and removing unnecessary processes across the company.

到目前為止，我們已經經歷了今年計劃在招聘和技術團隊中進行的 3 波重組和裁員中的 2 波。 5 月，我們將在我們的業務組中進行第三次浪潮。這是一個艱難的過程，但在完成之後，我認為我們將為員工提供一個更加穩定的環境。然後在今年餘下的時間裡，我希望我們專注於改進我們的分佈式工作模型，提供人工智能工具來提高生產力，並在整個公司消除不必要的流程。

Now moving on to our products and business. We're seeing strong engagement growth across our apps and good progress on monetization efficiency, which combined to drive good business results. Reels continues to grow quickly on both Facebook and Instagram. Reels also continue to become more social with people resharing Reels more than 2 billion times every day, doubling over the last 6 months. Reels are also increasing overall app engagement, and we believe that we're gaining share in short-form video, too.

現在轉向我們的產品和業務。我們看到我們的應用程序的參與度強勁增長，貨幣化效率也取得了良好進展，這些共同推動了良好的業務成果。 Reels 在 Facebook 和 Instagram 上繼續快速增長。 Reels 也繼續變得更加社交化，人們每天轉發 Reels 的次數超過 20 億次，在過去 6 個月中翻了一番。 Reels 也提高了應用程序的整體參與度，我們相信我們也在短視頻中獲得份額。

Now a key theme that I want to discuss today is AI. I've emphasized for a number of these calls now that there are 2 major technological waves driving our road map: a huge AI wave today and a building metaverse wave for the future. And our AI work comes in 2 main areas: first, the massive recommendations and ranking infrastructure that powers all of our products from Feed to Reels, to our ad system, to our integrity systems and that we've been working on for many, many years; and second, the new generative foundation models that are enabling entirely new classes of products and experiences.

我今天要討論的一個關鍵主題是 AI。我已經在許多這樣的電話會議中強調，現在有兩個主要的技術浪潮在推動我們的路線圖：今天巨大的 AI 浪潮和未來的構建元宇宙浪潮。我們的 AI 工作有兩個主要領域：首先，大量推薦和排名基礎架構為我們所有的產品提供支持，從 Feed 到 Reels，到我們的廣告系統，再到我們的完整性系統，我們一直在為許多許多產品而努力年;其次，新的生成基礎模型能夠實現全新類別的產品和體驗。

Our investment in recommendations and ranking systems has driven a lot of the results that we're seeing today across our discovery engine, reels and ads. Along with surfacing content from friends and family, now more than 20% of content in your Facebook and Instagram Feeds are recommended by AI from people groups or accounts that you don't follow. Across all of Instagram, that's about 40% of the content that you see. Since we launched Reels, AI recommendations have driven a more than 24% increase in time spent on Instagram.

我們在推薦和排名系統方面的投資推動了我們今天在發現引擎、捲軸和廣告中看到的許多結果。除了顯示來自朋友和家人的內容，現在您的 Facebook 和 Instagram 動態中超過 20% 的內容是由 AI 從您不關注的人群或帳戶中推薦的。在整個 Instagram 中，這大約佔您看到的內容的 40%。自從我們推出 Reels 以來，AI 推薦使人們在 Instagram 上花費的時間增加了 24% 以上。

Our AI work is also improving monetization. Reels monetization efficiency is up over 30% on Instagram and over 40% on Facebook quarter-over-quarter. Daily revenue from Advantage+ shopping campaigns is up 7x in the last 6 months. Our work to build out business messaging as the next pillar of our business is making progress, too. I shared last quarter that click-to-message ads reached a $10 billion revenue run rate. And since then, the number of businesses using our other business messaging service, paid messaging on WhatsApp, has grown by 40% quarter-over-quarter.

我們的 AI 工作也在改善貨幣化。 Reels 在 Instagram 上的貨幣化效率比上一季度提高了 30% 以上，在 Facebook 上提高了 40% 以上。 Advantage+ 購物活動的每日收入在過去 6 個月中增長了 7 倍。我們將業務消息傳遞作為我們業務的下一個支柱的工作也在取得進展。我在上個季度分享了點擊消息廣告達到 100 億美元的收入運行率。從那時起，使用我們的其他商業消息服務（WhatsApp 上的付費消息服務）的企業數量環比增長了 40%。

Our success here depends on delivering results for other businesses, and at our scale, that can have macroeconomic effects. We recently did a study with economists at UC Berkeley to understand the impact that our services make, and they concluded that every dollar spent on our ads drives, on average, $3.31 in revenues for our advertisers in the U.S. That means over $400 billion in economic activity annually is linked to supply chains relying on our platforms, supporting more than 3 million jobs.

我們在這裡的成功取決於為其他企業提供成果，並且在我們的規模上，這可能會產生宏觀經濟影響。我們最近與加州大學伯克利分校的經濟學家進行了一項研究，以了解我們的服務所產生的影響，他們得出的結論是，在我們的廣告上花費的每一美元平均可以為我們在美國的廣告商帶來 3.31 美元的收入。這意味著超過 4000 億美元的經濟收入每年的活動都與依賴我們平台的供應鏈相關聯，支持超過 300 萬個工作崗位。

Beyond recommendations, the other major focus of our AI work is foundation models to enable a lot of new use cases, including generative AI. That's been a pretty amazing year of progress on this front, and the work happening now is going to impact every single one of our apps and services. And I'm incredibly excited to ship more of the things that we're building over the coming months.

除了建議之外，我們 AI 工作的另一個主要重點是支持許多新用例的基礎模型，包括生成 AI。那一年在這方面取得了驚人的進展，現在正在進行的工作將影響我們的每一個應用程序和服務。我非常高興能夠在接下來的幾個月裡交付更多我們正在構建的東西。

Now I want to share a little bit about our approach and what you can expect to see from us. And the specifics are going to come into focus as we ship more of these things, so these are just themes for now. But first, for our products, we're always focused on connection and expression, and I expect that our AI work will reflect that. I think that there is an opportunity to introduce AI agents to billions of people in ways that will be useful and meaningful. We're exploring chat experiences in WhatsApp and Messenger, visual creation tools for posts in Facebook and Instagram and ads, overtime video and multimodal experiences as well. I expect that these tools will be valuable for everyone from regular people to creators to businesses. For example, I expect that a lot of interest in AI agents for business messaging and customer support will come once we nail that experience. Now over time, this will extend to our work on the Metaverse, too, where people will much more easily be able to create avatars, objects, worlds and code to tie all them together.

現在我想分享一些關於我們的方法以及您可以從我們這裡看到的東西。隨著我們運送更多這些東西，具體細節將成為焦點，所以這些只是現在的主題。但首先，對於我們的產品，我們始終專注於連接和表達，我希望我們的 AI 工作能夠反映出這一點。我認為有機會以有用且有意義的方式向數十億人介紹 AI 代理。我們正在探索 WhatsApp 和 Messenger 中的聊天體驗、Facebook 和 Instagram 帖子的視覺創建工具以及廣告、加班視頻和多模式體驗。我希望這些工具對從普通人到創作者再到企業的每個人都有價值。例如，我預計一旦我們確定了這種體驗，人們就會對用於業務消息傳遞和客戶支持的 AI 代理產生很大興趣。現在，隨著時間的推移，這也將擴展到我們在 Metaverse 上的工作，在那里人們將能夠更容易地創建化身、對象、世界和將它們聯繫在一起的代碼。

All right. Next, let's talk about the technology platform to enable this. Right now, most of the companies that are training large language models have business models that lead them to a closed approach to development, and I think that there's an important opportunity in the industry to help create an open ecosystem. And if we can help be a part of this, then much of the industry, I think, will standardize on using these open tools and help improve them further. So this will make it easier for other companies to integrate with our products and platforms as we enable more integrations, and that will help our product to stay at the leading edge as well.

好的。接下來，讓我們談談實現這一點的技術平台。目前，大多數訓練大型語言模型的公司的商業模式導致他們採用封閉的開發方法，我認為該行業有一個重要的機會來幫助創建一個開放的生態系統。如果我們能幫助成為其中的一部分，那麼我認為許多行業將標準化使用這些開放工具並幫助進一步改進它們。因此，隨著我們實現更多集成，這將使其他公司更容易與我們的產品和平台集成，這也將幫助我們的產品保持領先優勢。

Our approach to AI and our infrastructure has always been fairly open. We open source many of our state-of-the-art models, so people can experiment and build with them. This quarter, we released our LLaMA LLM to researchers. It has 65 billion parameters but outperforms larger models and has proven quite popular. We've also open sourced 3 other groundbreaking visual models along with their training data and model weights, Segment Anything, DINOv2 and our Animated Drawings tool, and we've gotten some positive feedback on all of those as well.

我們對人工智能和我們的基礎設施的態度一直是相當開放的。我們開源了許多最先進的模型，因此人們可以用它們進行試驗和構建。本季度，我們向研究人員發布了 LLaMA LLM。它有 650 億個參數，但性能優於更大的模型，並且已被證明非常受歡迎。我們還開源了其他 3 個突破性的視覺模型及其訓練數據和模型權重、Segment Anything、DINOv2 和我們的動畫繪圖工具，我們也獲得了所有這些的積極反饋。

Now finally, let's talk about AI infrastructure and the CapEx. This has been a major investment for us. A couple of years ago, I asked our infra teams to put together ambitious plans to build out enough capacity to support not only our existing products but also enough buffer capacity for major new products as well. And this has been the main driver of our increased CapEx spending over the past couple of years.

最後，讓我們談談人工智能基礎設施和資本支出。這對我們來說是一項重大投資。幾年前，我要求我們的基礎設施團隊制定雄心勃勃的計劃，以建立足夠的容量來支持我們現有的產品，同時也為主要的新產品提供足夠的緩衝容量。這是過去幾年我們增加資本支出的主要驅動力。

Now at this point, we are no longer behind in building out our AI infrastructure, and to the contrary, we now have the capacity to do leading work in this space at scale. As these new models and use cases continue scaling, we're going to need to continue investing in infrastructure, although we'll have a better idea of the trajectory of that investment later in the year once we can gauge usage of some of the new products we'll launch.

現在，我們在構建 AI 基礎設施方面不再落後，相反，我們現在有能力在這個領域大規模開展領先工作。隨著這些新模型和用例的不斷擴展，我們將需要繼續投資於基礎設施，儘管一旦我們能夠衡量一些新模型的使用情況，我們將在今年晚些時候更好地了解該投資的軌跡我們將推出的產品。

Now beyond AI, the other major technology wave that we're focused on is the metaverse. A narrative has developed that we're somehow moving away from focusing on the metaverse vision, so I just want to say upfront that that's not accurate. We've been focusing on both AI and the metaverse for years now, and we will continue to focus on both. The 2 areas are also related. Breakthrough in computer vision was what enabled us to ship the first stand-alone VR device. Mixed reality is built on a stack of AI technologies for understanding the physical world and blending it with digital objects. Being able to procedurally generate worlds will be important for delivering compelling experiences at scale. And our vision for AR glasses involves an AI-centric operating system that we think will be the basis for the next generation of computing.

現在，除了 AI 之外，我們關注的另一個主要技術浪潮是元宇宙。已經發展出一種說法，我們正在以某種方式遠離對元宇宙願景的關注，所以我只想預先聲明那是不准確的。多年來，我們一直專注於 AI 和元宇宙，我們將繼續關注這兩者。這2個領域也是相關的。計算機視覺的突破使我們能夠推出第一台獨立的 VR 設備。混合現實建立在一堆人工智能技術之上，用於理解物理世界並將其與數字對象融合。能夠按程序生成世界對於大規模提供引人入勝的體驗非常重要。我們對 AR 眼鏡的願景涉及一個以人工智能為中心的操作系統，我們認為它將成為下一代計算的基礎。

Metaverse technologies will also help deliver AI as well. For example, embodying AI agents will take advantage of the deep investment that we've made in avatars over the last several years. Building the metaverse is a long-term project, but the rationale for it remains the same, and we remain committed to it.

Metaverse 技術也將有助於交付 AI。例如，體現人工智能代理將利用我們在過去幾年中對化身所做的深入投資。構建元宇宙是一個長期項目，但其基本原理保持不變，我們將繼續致力於此。

Now in the near term, we've reached a few milestones that I think are worth calling out. More than 1 billion Meta Avatars have now been created. Since last year, the number of titles in the Quest Store with at least $25 million in revenue has doubled, and more than half of Quest daily actives now spend more than an hour using their device.

現在在短期內，我們已經達到了一些我認為值得一提的里程碑。現在已經創建了超過 10 億個元化身。自去年以來，Quest Store 中收入至少為 2500 萬美元的遊戲數量翻了一番，超過一半的 Quest 日常活躍用戶現在使用他們的設備的時間超過一個小時。

The next milestone is that we're gearing up to launch our next-generation consumer virtual and mixed reality device later this year. We launched Quest 2 almost 3 years ago at this point. It was a very big step forward for VR. And I'm really excited to show the world all of the improvements and new technology that we have developed since then at a price point that will be accessible for lots of people.

下一個里程碑是我們正準備在今年晚些時候推出我們的下一代消費虛擬和混合現實設備。大約 3 年前，此時我們推出了 Quest 2。這是 VR 向前邁出的一大步。我真的很高興向世界展示我們從那時起開發的所有改進和新技術，價格點對很多人來說都是可以接受的。

All right. So that's what I want to cover today. We're seeing good momentum in our products and business. We have incredibly exciting opportunities ahead in our Family of Apps, AI and the metaverse. I'm confident that our efficiency work will improve our ability to execute on all of this. As always, I'm grateful for our teams for all of your work. I know that this has been a challenging period, but I'm proud of the work that you're doing. And I'm also grateful for all of you for being on this journey with us. And now over to Susan.

好的。這就是我今天要介紹的內容。我們在我們的產品和業務中看到了良好的勢頭。在我們的應用程序系列、人工智能和元宇宙中，我們面臨著令人難以置信的激動人心的機會。我相信我們的效率工作將提高我們執行所有這些的能力。一如既往，我感謝我們的團隊所做的所有工作。我知道這是一段充滿挑戰的時期，但我為你們所做的工作感到自豪。我也感謝你們所有人與我們一起踏上這段旅程。現在輪到蘇珊了。

Thanks, Mark, and good afternoon, everyone. Let's begin with our consolidated results. All comparisons are on a year-over-year basis unless otherwise noted.

謝謝，馬克，大家下午好。讓我們從綜合結果開始。除非另有說明，否則所有比較均基於同比。

Q1 total revenue was $28.6 billion, up 3% or 6% on a constant currency basis. Had foreign exchange rates remained constant with Q1 of last year, total revenue would have been about $816 million higher. Q1 total expenses were $21.4 billion, up 10% compared to last year.

第一季度總收入為 286 億美元，按固定匯率計算增長 3% 或 6%。如果外匯匯率與去年第一季度保持不變，總收入將增加約 8.16 億美元。第一季度總支出為 214 億美元，比去年增長 10%。

In terms of the specific line items, cost of revenue increased 2%, driven by infrastructure-related costs that were partially offset by lower Reality Labs cost of goods sold. R&D increased 22%, driven primarily by restructuring charges related to facilities consolidation and severance expenses and head count-related costs from our Reality Labs and Family of Apps segments. Marketing and sales decreased 8% due mainly to lower marketing spend and head count-related expenses. And G&A increased 22% due primarily to restructuring charges related to severance and facilities consolidation expenses and legal-related expenses.

就具體的項目而言，收入成本增長了 2%，這是由於與基礎設施相關的成本被 Reality Labs 較低的銷售成本所部分抵消。研發增長 22%，主要是由於與設施整合和遣散費相關的重組費用以及我們的 Reality Labs 和 Family of Apps 部門的員工人數相關成本。營銷和銷售下降了 8%，這主要是由於營銷支出和與人數相關的支出減少。 G&A 增加了 22%，主要是由於與遣散費和設施整合費用以及法律相關費用相關的重組費用。

We ended the first quarter with over 77,100 employees, down 11% from the fourth quarter as our reported head count no longer includes substantially all of the employees impacted by the November layoffs. Employees that were impacted by layoffs in March are still included in the first quarter head count. First quarter operating income was $7.2 billion, representing a 25% operating margin. Our tax rate for the quarter was 22%. Net income was $5.7 billion or $2.20 per share.

第一季度結束時，我們擁有超過 77,100 名員工，比第四季度下降 11%，因為我們報告的員工人數不再包括幾乎所有受 11 月裁員影響的員工。受 3 月份裁員影響的員工仍包括在第一季度的總人數中。第一季度營業收入為 72 億美元，營業利潤率為 25%。我們本季度的稅率為 22%。淨收入為 57 億美元或每股 2.20 美元。

Capital expenditures, including principal payments on finance leases, were $7.1 billion driven by investments in data centers, servers and network infrastructure. Free cash flow was $6.9 billion, and we repurchased $9.2 billion of our Class A common stock in the first quarter. We ended the quarter with $37.4 billion in cash and marketable securities.

受數據中心、服務器和網絡基礎設施投資的推動，資本支出（包括融資租賃的本金支付）為 71 億美元。自由現金流為 69 億美元，我們在第一季度回購了 92 億美元的 A 類普通股。本季度結束時，我們擁有 374 億美元的現金和有價證券。

Moving now to our segment results. I'll begin with our Family of Apps segment. Our community across the Family of Apps continues to grow. For the first time, we surpassed 3 billion people using at least 1 of our Family of Apps on a daily basis in March, and approximately 3.8 billion people use at least 1 on a monthly basis. Facebook continues to grow globally as well, and engagement remains strong with DAU and MAU growing sequentially across all regions in the first quarter. Facebook daily active users were 2.04 billion, up 4% or 77 million compared to last year. DAUs represented approximately 68% of the 2.99 billion monthly active users in March. MAUs grew by 53 million or 2% compared to last year. Q1 total Family of Apps revenue was $28.3 billion, up 4% year-over-year, and Q1 Family of Apps ad revenue was $28.1 billion, up 4% or 7% on a constant currency basis.

現在轉到我們的細分結果。我將從我們的應用程序系列部分開始。我們整個應用程序系列的社區不斷壯大。 3 月份，我們首次超過 30 億人每天至少使用我們的應用程序系列中的一個，大約 38 億人每月至少使用一個。 Facebook 在全球範圍內也繼續增長，參與度依然強勁，第一季度所有地區的 DAU 和 MAU 都在連續增長。 Facebook 日活躍用戶為 20.4 億，比去年增長 4% 或 7700 萬。 DAU 約佔 3 月份 29.9 億月活躍用戶的 68%。與去年相比，MAU 增長了 5300 萬，增幅為 2%。第一季度應用系列總收入為 283 億美元，同比增長 4%，第一季度應用系列廣告收入為 281 億美元，按固定匯率計算增長 4% 或 7%。

Within ad revenue, the online commerce vertical was the largest contributor to year-over-year growth followed by health care and entertainment and media. Online commerce benefited from strong spend among advertisers in China reaching customers in other markets. However, other verticals remain challenged with financial services and technology verticals being the largest negative contributors to year-over-year growth.

在廣告收入中，在線商務垂直領域是同比增長的最大貢獻者，其次是醫療保健、娛樂和媒體。在線商務得益於中國廣告商在吸引其他市場客戶方面的強勁支出。然而，其他垂直行業仍然面臨挑戰，金融服務和技術垂直行業是同比增長的最大負面貢獻者。

On a user geography basis, ad revenue growth was strongest in Rest of World at 9%, followed by North America and Asia Pacific at 6% and 4%, respectively. Europe declined 1%. Foreign currency remained a headwind to advertising revenue growth in all international regions.

從用戶地域來看，世界其他地區的廣告收入增長最為強勁，達到 9%，其次是北美和亞太地區，分別增長 6% 和 4%。歐洲下跌 1%。外匯仍然是所有國際地區廣告收入增長的阻力。

In Q1, the total number of ad impressions served across our services increased 26%, and the average price per ad decreased 17%. Impression growth was primarily driven by Asia Pacific and Rest of World. The year-over-year decline in pricing was primarily driven by strong impression growth, especially from lower monetizing services and regions, foreign currency depreciation and lower advertising demand. While overall pricing remains under pressure from these factors, we believe our ongoing improvements to ad targeting and measurement are continuing to drive improved results for advertisers.

第一季度，我們服務中的廣告展示總數增加了 26%，每條廣告的平均價格下降了 17%。印象增長主要由亞太地區和世界其他地區推動。定價的同比下降主要是由於印象增長強勁，尤其是貨幣化服務和地區較低、外幣貶值和廣告需求較低。雖然整體定價仍受到這些因素的壓力，但我們相信我們對廣告定位和衡量的持續改進將繼續為廣告商帶來更好的結果。

Family of Apps other revenue was $205 million in Q1, down 5%, as strong business messaging revenue growth from our WhatsApp business platform was more than offset by a decline in other line items. We continue to direct the majority of our investments toward the development and operation of our Family of Apps. In Q1, Family of Apps expenses were $17.1 billion representing approximately 80% of our overall expenses. Family of Apps expenses were up 9% due primarily to restructuring charges and growth in infrastructure-related costs. Family of Apps operating income was $11.2 billion, representing a 40% operating margin.

第一季度應用系列的其他收入為 2.05 億美元，下降 5%，這是因為我們的 WhatsApp 業務平台的強勁業務消息收入增長被其他訂單項的下降所抵消。我們繼續將大部分投資用於開發和運營我們的應用程序系列。第一季度，應用程序系列支出為 171 億美元，約占我們總支出的 80%。應用程序系列支出增長了 9%，這主要是由於重組費用和基礎設施相關成本的增長。應用系列營業收入為 112 億美元，營業利潤率為 40%。

Within our Reality Labs segment, Q1 revenue was $339 million, down 51% due to lower Quest 2 sales. Reality Labs expenses were $4.3 billion, up 18% due mostly to employee-related costs and restructuring charges. Reality Labs operating loss was $4 billion.

在我們的 Reality Labs 部門，第一季度收入為 3.39 億美元，由於 Quest 2 銷售額下降而下降 51%。 Reality Labs 的支出為 43 億美元，增長 18%，主要原因是與員工相關的成本和重組費用。 Reality Labs 的運營虧損為 40 億美元。

Next, I'll discuss our ongoing monetization work. As I mentioned last quarter, there are 2 primary levers to increasing monetization, growing supply and demand. On the ad supply side, our foremost focus remains on building engaging experiences for our community, and we're continuing to make encouraging progress on our product priorities. Our investments in the discovery engine are delivering results. In-Feed Recommendations are contributing to engagement, and we've seen real time become more incremental to overall engagement on our services as we continue to improve our recommendation system. This is an important signal because it demonstrates that people are finding added value from the content we're helping them discover.

接下來，我將討論我們正在進行的貨幣化工作。正如我在上個季度提到的，有兩個主要槓桿可以增加貨幣化、增加供需。在廣告供應方面，我們的首要重點仍然是為我們的社區打造引人入勝的體驗，並且我們將繼續在我們的產品優先事項上取得令人鼓舞的進展。我們在發現引擎上的投資正在取得成果。 In-Feed Recommendations 有助於提高參與度，隨著我們不斷改進我們的推薦系統，我們已經看到實時對我們服務的整體參與度變得更加增量。這是一個重要的信號，因為它表明人們正在從我們幫助他們發現的內容中尋找附加價值。

Beyond that, we continue to focus on further narrowing the gap in monetization efficiency or monetization per time between Reels and our more mature surfaces, Feed and Stories. There are structural supply constraints with the Reels format as people view a reel for a longer time than a piece of Feed or Stories content, which results in fewer opportunities to serve ads in between posts. That will make it likely more challenging to close the monetization efficiency gap than it was with Stories.

除此之外，我們繼續專注於進一步縮小 Reels 與我們更成熟的表面、Feed 和 Stories 在貨幣化效率或每次貨幣化方面的差距。 Reels 格式存在結構性供應限制，因為人們查看一個 reel 的時間比一段 Feed 或 Stories 內容更長，這導致在帖子之間投放廣告的機會更少。與 Stories 相比，這可能會使縮小貨幣化效率差距更具挑戰性。

However, the overall economics of Reels will be determined by a combination of our ability to continue growing monetization per time on Reels and our ability to drive incremental engagement from Reels. As Mark noted, we have seen a 24% increase in overall time spent on Instagram from our ranking improvements since launching Reels globally. We continue to expect that Reels will become neutral to overall revenue by end of this year or early next year.

然而，Reels 的整體經濟性將取決於我們在 Reels 上每次繼續增加貨幣化的能力以及我們推動 Reels 增加參與度的能力。正如 Mark 指出的那樣，自從在全球推出 Reels 以來，我們發現我們在 Instagram 上花費的總時間增加了 24%，因為我們的排名有所提高。我們繼續預計，到今年年底或明年初，Reels 將對整體收入保持中性。

The other side of monetization is growing advertiser demand. One area of focus is around driving advertiser performance, and we are seeing continued strong conversion growth for advertisers, which we believe, coupled with lower cost per action, is driving higher return on investment. We remain focused on continuing to improve ads ranking and measurement with our ongoing AI investments while also leveraging AI to power increased automation for advertisers through products like Advantage+ shopping, which continues to gain adoption and receive positive feedback from advertisers. These investments will help us develop and deploy privacy-enhancing technologies and build new innovative tools that make it easier for businesses to not only find the right audience for their ad but also optimize and eventually develop their ad creative.

貨幣化的另一面是不斷增長的廣告商需求。一個重點領域是推動廣告商的業績，我們看到廣告商的轉化率持續強勁增長，我們相信，加上每次操作成本降低，這將推動更高的投資回報。我們仍然專注於通過我們持續的 AI 投資繼續改善廣告排名和衡量，同時還利用 AI 通過 Advantage+ shopping 等產品為廣告商提高自動化程度，該產品繼續獲得採用並收到廣告商的積極反饋。這些投資將幫助我們開發和部署增強隱私的技術，並構建新的創新工具，使企業不僅可以更輕鬆地為其廣告找到合適的受眾，還可以優化並最終開發他們的廣告創意。

Scaling on-site conversions is another important part of our work, and click-to-message ads continue to grow and bring incremental demand onto our platform. This format is mostly used by smaller advertisers today in Southeast Asia and Latin America, and one of the exciting opportunities ahead is to expand adoption to larger advertisers in more markets by investing in increased automation and reporting to help businesses more easily manage messages and measure results at scale.

擴大現場轉化率是我們工作的另一個重要部分，點擊消息廣告繼續增長並為我們的平台帶來增量需求。這種格式目前主要由東南亞和拉丁美洲的小型廣告商使用，未來令人興奮的機會之一是通過投資提高自動化和報告來擴大對更多市場中大型廣告商的採用，以幫助企業更輕鬆地管理消息和衡量結果在規模上。

Before turning to our revenue outlook, I'd also like to talk about our operating philosophy given the recent significant changes to our investment plans. We believe increasing our organizational efficiency is vital to our long-term success. This will increase the speed of our execution and agility to ensure that we are constantly innovating for the people who use our services. Narrowing the scope of the projects that we are working on allows us to increase our focus on the highest leverage opportunities for the company, including AI today and the metaverse longer term. It also enables us to invest in these areas while maintaining a strong financial position.

在談到我們的收入前景之前，我還想談談我們的經營理念，因為最近我們的投資計劃發生了重大變化。我們相信提高我們的組織效率對我們的長期成功至關重要。這將提高我們的執行速度和靈活性，以確保我們不斷為使用我們服務的人進行創新。縮小我們正在從事的項目的範圍，使我們能夠更加關注公司的最高槓桿機會，包括今天的 AI 和更長期的 metaverse。它還使我們能夠在保持強大財務狀況的同時投資於這些領域。

As we look forward, I also expect that we will modestly evolve our capital structure over time to improve our overall cost of capital. We expect to do so through periodically accessing the debt markets to diversify our funding sources while still maintaining a positive or neutral net cash balance over time.

展望未來，我還預計我們將隨著時間的推移適度改變我們的資本結構，以改善我們的整體資本成本。我們希望通過定期進入債務市場來實現我們的資金來源多樣化，同時隨著時間的推移仍保持正或中性的淨現金餘額。

In addition, we continue to monitor ongoing regulatory developments. We expect the IDPC to issue a decision in May in its previously disclosed inquiry relating to transatlantic data transfers of Facebook EU/EEA user data, including a suspension order for such transfers and a fine. Our ongoing consultations with policymakers on both sides of the Atlantic continue to indicate that the proposed new EU-U.S. Data Privacy Framework will be fully implemented before the deadline for suspension of such transfers, but we cannot exclude the possibility that it will not be completed in time. We will also evaluate whether and to what extent the IDPC decision could otherwise impact our data processing operations even after a new data privacy framework is in force.

此外，我們繼續監控持續的監管發展。我們預計 IDPC 將在其先前披露的與 Facebook 歐盟/歐洲經濟區用戶數據的跨大西洋數據傳輸有關的調查中於 5 月發布決定，包括暫停此類傳輸的命令和罰款。我們與大西洋兩岸的政策制定者正在進行的磋商繼續表明，擬議中的新歐盟-美國。數據隱私框架將在暫停此類傳輸的截止日期前全面實施，但我們不排除無法及時完成的可能性。我們還將評估 IDPC 的決定是否以及在多大程度上影響我們的數據處理操作，即使在新的數據隱私框架生效後也是如此。

Turning now to the revenue outlook. We expect second quarter 2023 total revenue to be in the range of $29.5 billion to $32 billion. Our guidance assumes foreign currency headwinds will be less than 1% to year-over-year total revenue growth in the second quarter based on current exchange rates.

現在轉向收入前景。我們預計 2023 年第二季度的總收入將在 295 億美元至 320 億美元之間。我們的指引假設，根據當前匯率，外幣逆風對第二季度總收入同比增長的影響將小於 1%。

Turning now to the expense outlook. We anticipate our full year 2023 total expenses will be in the range of $86 million to $90 billion, updated from our prior outlook provided in March. This outlook includes $3 billion to $5 billion of restructuring costs related to facilities consolidation charges and severance and other personnel costs. We continue to expect Reality Labs operating losses to increase year-over-year in 2023.

現在轉向費用前景。我們預計 2023 年全年總支出將在 8600 萬至 900 億美元之間，這是根據我們 3 月份提供的先前展望更新的。這一前景包括 30 億至 50 億美元的與設施整合費用和遣散費以及其他人員成本相關的重組成本。我們繼續預計 Reality Labs 的經營虧損將在 2023 年同比增加。

Turning now to the CapEx outlook. We expect capital expenditures to be in the range of $30 billion to $33 billion, unchanged from our prior estimate. This outlook reflects our ongoing build-out of AI capacity to support ads, Feed and Reels, along with an increased investment in capacity for our generative AI initiatives.

現在轉向資本支出前景。我們預計資本支出將在 300 億美元至 330 億美元之間，與我們之前的估計持平。這一前景反映了我們正在增強支持廣告、Feed 和 Reels 的 AI 能力，以及增加對我們的生成 AI 計劃能力的投資。

On to tax. Absent any changes to U.S. tax law, we expect our full year 2023 tax rate percentage to be around 20%.

上稅。在美國稅法沒有任何變化的情況下，我們預計 2023 年全年的稅率約為 20%。

In closing, Q1 was a solid quarter for our business. Our global community continued to grow. We made important progress on our company priorities and improved the efficiency of our operations while strengthening the financial position of the company, which sets us up well to execute on the opportunities ahead.

最後，第一季度對我們的業務來說是一個穩健的季度。我們的全球社區繼續發展壯大。我們在公司優先事項上取得了重要進展，提高了運營效率，同時加強了公司的財務狀況，這使我們能夠很好地把握未來的機遇。

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

有了這個，戴夫，讓我們開始提問。

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

（操作員說明）您的第一個問題來自 Brian Nowak 與摩根士丹利的合作。

I have 2. The -- one for Mark, one for Susan. Mark, first one for you is on generative AI and how you think about generative AI and some of the division models and your large language models potentially impacting your long-term advertising business and finding ways to deliver more value for advertisers over the next 2, 3, 5 years? How do you see gen AI impacting advertising?

我有 2 個。馬克一個，蘇珊一個。馬克，第一個給你的是關於生成人工智能以及你如何看待生成人工智能和一些分裂模型以及你的大型語言模型可能會影響你的長期廣告業務並尋找在接下來的 2 年為廣告商提供更多價值的方法， 3、5年？您如何看待 gen AI 對廣告的影響？

Then the second one for Susan. Just as we're thinking about hiring expectations for '24 and beyond, I think there's been some ink in the press about potential 1% to 2% hiring going forward. Can you just talk to us about that a little bit? And how does using AI internally factor in your thoughts about long-term hiring?

然後是蘇珊的第二個。正如我們正在考慮 24 歲及以後的招聘預期一樣，我認為媒體上有一些關於未來潛在 1% 到 2% 招聘的報導。你能和我們談談嗎？在您對長期招聘的想法中，如何在內部使用人工智能？

Yes, I can start off by taking the generative AI question. Although there aren't that many details that I'm going to share at this point, more of this will come in focus as we start shipping more of these things over the coming months. But I do think that there's a big opportunity here. You asked specifically about advertisers, but I think it's going to also help create more engaging experiences, which should create more engagement, and that, by itself, creates more opportunities for advertisers. But then I think that there's a bunch of opportunities on the visual side to help advertisers create different creative. We don't have the tools to do that over time, eventually making it. So we've always strived to just have an advertiser just be able to tell us what their objective is and then have us be able to do as much of the work as possible for them, and now being able to do more of the creative work there and ourselves for those who want that, I think, could be a very exciting opportunity.

是的，我可以從生成人工智能問題開始。雖然目前我要分享的細節不多，但隨著我們在未來幾個月開始運送更多此類產品，更多細節將成為焦點。但我確實認為這裡有很大的機會。你特別詢問了廣告商，但我認為這也將有助於創造更具吸引力的體驗，這應該會創造更多的參與度，而這本身就會為廣告商創造更多機會。但我認為在視覺方面有很多機會可以幫助廣告商創造不同的創意。隨著時間的推移，我們沒有工具來做到這一點，最終做到了。所以我們一直努力讓廣告商能夠告訴我們他們的目標是什麼，然後讓我們能夠為他們做盡可能多的工作，現在能夠做更多的創意工作我認為，對於那些想要那樣的人來說，那里和我們自己可能是一個非常令人興奮的機會。

I also think that there's going to be a very interesting convergence between some of the AI agents in messaging and business messaging, where, right now, we see a lot of the places where business messaging is most successful are places where a lot of businesses can afford to basically have people answering a lot of questions for people and engaging with them in chat. And obviously, once you light up the ability for tens of millions of small businesses to have AI agents acting on their behalf, you'll have way more businesses that can afford to have someone engaging in chat with customers. So I think that, that could be a pretty big opportunity, too.

我還認為，消息傳遞和商業消息傳遞中的一些 AI 代理之間將會出現非常有趣的融合，現在，我們看到許多商業消息傳遞最成功的地方是許多企業可以使用的地方基本上可以讓人們回答很多問題並與他們聊天。顯然，一旦你點亮了數以千萬計的小企業讓 AI 代理代表他們行事的能力，你就會有更多的企業能夠負擔得起與客戶聊天的人。所以我認為，這也可能是一個很大的機會。

So those are just a few of the things that we're looking at. I think this is very broad like I said. I think this is literally going to touch every single one of our products and services in multiple ways, so -- and this is just a very big wave and new set of technologies that's available, and we're working on it across the whole company.

所以這些只是我們正在研究的一些事情。我認為這非常廣泛，就像我說的那樣。我認為這實際上會以多種方式觸及我們的每一個產品和服務，所以 - 這只是一個非常大的浪潮和可用的新技術集，我們正在整個公司努力.

Brian, it's Susan. Thanks for the question. You were asking about the 1% to 2% head count growth stat that's been out there, and I thought it was worth clarifying. So that comes from something Mark mentioned in a recent internal employee Q&A that he had expected company head count to increase only 1% to 2% year-over-year. And I want to clarify that Mark was actually speaking to employees about head count budgets that have already been allocated. What we've also said previously is we have been in a broad-based hiring freeze for the last half year, and as we complete our layoffs in April and May, we will resume hiring, and we would expect head count growth in excess of 1% to 2% in 2024 as a result as we ramp up those recruiting pipelines.

布賴恩，是蘇珊。謝謝你的問題。你問的是 1% 到 2% 的人口增長統計數據，我認為這值得澄清一下。因此，這來自馬克在最近的一次內部員工問答中提到的事情，他曾預計公司員工人數同比僅增長 1% 至 2%。我想澄清一下，馬克實際上是在與員工談論已經分配的人頭預算。我們之前也說過，過去半年我們一直處於廣泛的招聘凍結狀態，當我們在 4 月和 5 月完成裁員後，我們將恢復招聘，我們預計員工人數增長將超過由於我們增加了這些招聘渠道，到 2024 年將增加 1% 到 2%。

But our long-term focus is very much on efficiency, and as hiring resumes, you'll find the biggest areas that we are hiring in will be to support priority areas like generative AI, ads, infrastructure, Reality Labs, some of the areas that we've been talking about. And you also asked about using AI internally and how that factors into our thoughts on long-term hiring. We certainly don't have enough visibility yet into how AI will make our workforce more productive, but it's something we're excited about. And I think we will have more clarity on that as more tools begin getting developed to enhance employee productivity across the industry.

但我們的長期重點是效率，隨著招聘的恢復，你會發現我們招聘的最大領域將是支持優先領域，如生成人工智能、廣告、基礎設施、現實實驗室，一些領域我們一直在談論。您還詢問了有關在內部使用 AI 的問題，以及這如何影響我們對長期招聘的想法。對於 AI 將如何提高我們的員工生產力，我們當然還沒有足夠的了解，但我們對此感到興奮。而且我認為，隨著越來越多的工具開始開發以提高整個行業的員工生產力，我們將更加清楚這一點。

Your next question comes from the line of Eric Sheridan with Goldman Sachs.

你的下一個問題來自高盛的 Eric Sheridan。

Maybe 2 if I can. Mark, I was intrigued by your comment about open source and open systems with respect to AI. Obviously, we're coming off of Web2 in mobile, where there are a lot more walled gardens and ecosystems. Can you talk a little bit about what you might want to try to do, either from a priority or an investment standpoint to be a driver of more open-ended systems in AI compared to what we saw with Web2?

如果可以的話，也許是 2。馬克，我對你關於人工智能的開源和開放系統的評論很感興趣。顯然，我們正在擺脫移動端的 Web2，那裡有更多的圍牆花園和生態系統。與我們在 Web2 中看到的相比，您能否從優先級或投資的角度談談您可能想嘗試做的事情，以成為 AI 中更多開放式系統的驅動力？

And then maybe for Susan, you introduced the concept last quarter about revisiting your data center architecture over the medium to long term. Is there any update there for us in terms of how to think about AI as a driver of data center architecture medium to long term or what that might mean for capital intensity?

然後也許對於 Susan，您在上個季度介紹了關於在中長期內重新審視您的數據中心架構的概念。關於如何將人工智能視為中長期數據中心架構的驅動力，或者這對資本密集度可能意味著什麼，我們是否有任何更新？

Yes, I can take the first one. I think that there's an important distinction between the products we offer and a lot of the technical infrastructure, especially the software that we write to support that. And historically, whether it's the open compute project that we've done or just open sourcing a lot of the infrastructure that we've built, we've historically open sourced a lot of that infrastructure even though the products themselves are obviously -- we're not -- we haven't open sourced the code for our core products or anything like that.

是的，我可以拿第一個。我認為我們提供的產品與許多技術基礎設施之間存在重要區別，尤其是我們為支持該產品而編寫的軟件。從歷史上看，無論是我們已經完成的開放計算項目，還是只是開源我們構建的大量基礎設施，我們在歷史上已經開源了很多基礎設施，儘管產品本身顯然是——我們不是——我們還沒有為我們的核心產品或類似的東西開源代碼。

And the reason why I think why we do this is that unlike some of the other companies in the space, we're not selling a cloud computing service where we try to keep the different software infrastructure that we're building proprietary. For us, it's way better if the industry standardizes on the basic tools that we're using, and therefore, we can benefit from the improvements that others make and others' use of those tools can, in some cases, like Open Compute, drive down the costs of those things, which make our business more efficient, too.

我認為我們這樣做的原因是，與該領域的其他一些公司不同，我們不出售雲計算服務，我們試圖保持我們正在構建的不同軟件基礎設施的專有性。對我們來說，如果行業對我們正在使用的基本工具進行標準化，那就更好了，因此，我們可以從其他人所做的改進中受益，而其他人對這些工具的使用，在某些情況下，比如開放計算，可以推動降低這些東西的成本，這也使我們的業務更有效率。

So I think to some degree, we're just playing a different game on the infrastructure than companies like Google or Microsoft or Amazon, and that creates different incentives for us. So overall, I think that that's going to lead us to do more work in terms of open sourcing some of the lower-level models and tools, but of course, a lot of the product work itself is going to be specific and integrated with the things that we do.

所以我認為在某種程度上，我們只是在基礎設施上玩與穀歌、微軟或亞馬遜等公司不同的遊戲，這為我們創造了不同的激勵機制。所以總的來說，我認為這將引導我們在開源一些較低級別的模型和工具方面做更多的工作，但當然，很多產品工作本身將是特定的並與我們所做的事情。

So it's not that everything we do is going to be open. Obviously, a bunch of this needs to be developed in a way that creates unique value for our products. But I think in terms of the basic models, I would expect us to be pushing and helping to build out an open ecosystem here, which I think is something that's going to be important.

所以並不是說我們所做的一切都會公開。顯然，需要以一種為我們的產品創造獨特價值的方式開發其中的一堆。但我認為就基本模型而言，我希望我們能夠推動並幫助在這裡建立一個開放的生態系統，我認為這將很重要。

So I think your question had 2 parts. The first was an update on the data center architecture that we announced last quarter. And we're progressing with construction there, but the new data centers that we're building are intended really for future year capacity, so they won't come online for a few years. So we don't have too much more to share there except that, that work is ongoing.

所以我認為你的問題有兩部分。第一個是我們上個季度宣布的數據中心架構的更新。我們正在那裡進行建設，但我們正在建設的新數據中心實際上是為未來一年的容量而設計的，因此它們在幾年內不會上線。因此，除了這項工作正在進行之外，我們沒有太多要分享的內容。

And the second part of your question was really, I think about how AI might drive capital intensity over the next few years. So you can really think about our CapEx investment as having 3 broad buckets. The first, we've talked about before, non-AI compute needs. We do have ongoing general compute and storage needs to support the existing business, but this is an area where we've become much more efficient in terms of capital intensity and are very much focused on continuing to do so over time.

你問題的第二部分實際上是，我在思考人工智能如何在未來幾年推動資本密集度。因此，您真的可以將我們的資本支出投資視為具有 3 個大桶。首先，我們之前談到過，非 AI 計算需求。我們確實有持續的一般計算和存儲需求來支持現有業務，但這是一個我們在資本密集度方面變得更加高效的領域，並且非常專注於隨著時間的推移繼續這樣做。

The second area is in our core AI investments, which is really most of our AI investment today, and that's supporting the building of the discovery engine, ranking unconnected organic content, ranking ads, and we're focused on measuring the return of those investments and making sure that we feel good about the ROI of our spend there, and that really will drive our future plans in terms of that core AI spend.

第二個領域是我們的核心 AI 投資，這實際上是我們今天大部分的 AI 投資，支持發現引擎的構建，對不相關的有機內容進行排名，對廣告進行排名，我們專注於衡量這些投資的回報並確保我們對我們在那裡支出的投資回報率感到滿意，這將真正推動我們在核心 AI 支出方面的未來計劃。

And then the third bucket is really around CapEx investments now to support gen AI. And this is an emerging opportunity for us. We're still in the beginning stages of understanding the various applications and possible use cases. And I do think this may represent a significant investment opportunity for us that is earlier on the return curve relative to some of the other AI work that we've done. And it's a little too early to say how this is going to impact our overall capital intensity in the near term.

然後第三個桶實際上是圍繞支持 gen AI 的資本支出投資。這對我們來說是一個新興的機會。我們仍處於了解各種應用程序和可能用例的初始階段。我確實認為這對我們來說可能是一個重要的投資機會，相對於我們已經完成的其他一些 AI 工作，它在回報曲線上更早。現在說這將如何影響我們近期的整體資本密集度還為時過早。

So to the extent that we spend more on CapEx in the near future, I expect it mostly to be to power this work. But I want to emphasize that we remain focused overall in striking the right balance between building out the AI capacity we need and being efficient with our CapEx spend.

因此，就我們在不久的將來在資本支出上投入更多而言，我預計這主要是為了推動這項工作。但我想強調的是，我們總體上仍然專注於在構建我們所需的 AI 能力和提高資本支出支出效率之間取得適當的平衡。

Your next question comes from the line of Mark Shmulik with Bernstein.

你的下一個問題來自 Mark Shmulik 與 Bernstein 的對話。

A couple of questions. Mark, this one's a bit more philosophical. But if we compare where Meta is today kind of pre-IDFA cookie deprecation type of world, how do you see the relative competitive position in digital advertising in light of all of these technical integrations and AI tools? Because I think the prevailing view is that privacy will level the playing field, but it certainly doesn't seem that way.

幾個問題。馬克，這個有點哲學。但是，如果我們比較 Meta 現在是 IDFA 之前 cookie 棄用類型的世界，您如何看待所有這些技術集成和 AI 工具在數字廣告中的相對競爭地位？因為我認為普遍的觀點是隱私會帶來公平的競爭環境，但事實並非如此。

And then second for Susan, I certainly appreciate the outlook on the revenue guidance. But in light of some of the commentary we've been hearing about U.S. consumers trading down, is there any additional color you can share about kind of where you're seeing strengths and weaknesses effectively quarter-to-date and beyond?

其次是蘇珊，我當然很欣賞收入指導的前景。但是根據我們聽到的一些關於美國消費者交易量下降的評論，您是否可以分享任何其他顏色來說明您在本季度及以後有效地看到優勢和劣勢的地方？

Thanks, Mark. I can go ahead and take both of those. So your first question was about the post ATT landscape and how we're positioned. In terms of our ads business, we've talked really a great deal, of course, about this over the last few years. We're making progress certainly in mitigating the direct impact from ATT's platform changes, but this is really, I think, just the reality of the online advertising environment that we're in now. And we've invested across not only sort of the direct mitigations that we've talked about in the past, including things like conversions API, but really, I think now we're focused on improving ad performance in the current signals landscape with our investments, both in increasing the volume of ads with on-site objectives and then second of all, with our AI investments that have really, I think, enhanced the performance of our ads as well as enabled us to introduce new tools and features for advertisers.

謝謝，馬克。我可以繼續並接受這兩個。所以你的第一個問題是關於後 ATT 景觀以及我們的定位。就我們的廣告業務而言，在過去幾年中，我們當然就此進行了很多討論。我們在減輕 ATT 平台變化的直接影響方面確實取得了進展，但我認為，這確實是我們現在所處的在線廣告環境的現實。我們不僅投資於我們過去討論過的直接緩解措施，包括轉換 API 之類的東西，但實際上，我認為現在我們專注於通過我們的當前信號環境提高廣告性能投資，既增加了具有現場目標的廣告數量，其次是我們的 AI 投資，我認為這確實提高了我們廣告的效果，並使我們能夠為廣告商引入新的工具和功能.

So I think we're quite well positioned here in terms of on-site conversions. We have a lot of offerings that have been growing very well for us. I think we've talked a lot about click-to-messaging ads and what that has meant in terms of driving growth for our business and new business opportunities. Other formats that have been, I think, performing well in terms of on-site conversions are lead ads, shops ads, so there are different ad formats that we're working on there. And then we've just really been investing in using AI for a long time to improve our ad systems, including ranking, to improve our modeling and measurement and again, support the introduction of new AI-powered tools and products.

所以我認為我們在現場轉換方面處於非常有利的位置。我們有很多產品對我們來說發展得很好。我想我們已經談了很多關於點擊消息廣告以及這對推動我們的業務增長和新商機的意義。我認為，在現場轉化方面表現良好的其他格式是線索廣告、商店廣告，因此我們正在研究不同的廣告格式。然後，我們長期以來一直在投資使用人工智能來改進我們的廣告系統，包括排名，改進我們的建模和測量，並再次支持引入新的人工智能工具和產品。

So I think we feel quite good about our relative position. Again, this is just work that we've been doing for a long time that, I think, in conjunction with seeing some stabilization in the macro environment, has enabled us to see that work pay off.

所以我認為我們對我們的相對位置感覺很好。同樣，這只是我們長期以來一直在做的工作，我認為，結合宏觀環境的一些穩定，我們看到了工作的回報。

And then your second question was about strengths and weaknesses in sort of the Q1 revenue performance as well as in our outlook. In terms of the Q1 revenue performance and the acceleration relative to Q4, we certainly saw stronger demand, including the impact of lapping the Ukraine war, which began in Q1 of 2022. And in particular, we saw acceleration among advertisers in China targeting users in other markets, which we believe was due, in part, to dropping shipping costs and easing COVID lockdowns for those advertisers. And then you've seen FX play a part there as well.

然後你的第二個問題是關於第一季度收入表現以及我們前景的優勢和劣勢。就第一季度的收入表現和相對於第四季度的加速而言，我們當然看到了更強勁的需求，包括從 2022 年第一季度開始的烏克蘭戰爭的影響。特別是，我們看到針對中國用戶的中國廣告商加速增長其他市場，我們認為這在一定程度上是由於運輸成本下降和對這些廣告商的 COVID 鎖定放寬。然後您已經看到 FX 也在那裡發揮作用。

Looking forward to Q2 and the back half of the year, it's certainly an easier compare there as there are tailwinds to year-over-year growth coming from lapping a weaker demand period and then moving into the first full quarter in Q2 without Russia revenue in terms of the comparison relative to Q2 2022. And we certainly expect that currency is also going to be less of a headwind than it was in the first quarter.

展望第二季度和今年下半年，相比之下肯定會更容易，因為需求疲軟的時期會帶來同比增長的順風，然後進入第二季度的第一個完整季度，而俄羅斯的收入卻沒有相對於 2022 年第二季度的比較而言。我們當然預計，與第一季度相比，貨幣的逆風也將減少。

With that said, there's a broad range of expectations captured in our Q2 outlook. And it reflects that we feel it remains a volatile macro environment. The market has absorbed a lot of new developments over the last year with inflation, higher interest rates, banking and stability, et cetera. And it's hard to have perfect visibility on how those dynamics will impact the broader economy and specifically the advertising markets for Q2 and for the rest of the year.

話雖如此，我們的第二季度展望中包含了廣泛的預期。它反映出我們認為它仍然是一個動蕩的宏觀環境。市場在過去一年中吸收了許多新的發展，包括通貨膨脹、更高的利率、銀行業務和穩定性等。而且很難完全了解這些動態將如何影響更廣泛的經濟，特別是第二季度和今年剩餘時間的廣告市場。

It also continues to be a challenging regulatory environment, so that's something that we're continuing to monitor closely. But on the other hand, we've been pleased with the performance we're delivering for advertisers and how those investments have paid off. Core engagement trends remain strong. And Reels is a revenue headwind today that we expect will become revenue neutral by the end of the year or early next year. Again, we expect FX will be a tailwind, and again, we're lapping relatively softer comps. So lots of puts and takes as we look beyond -- as we look into Q2 and beyond.

它也仍然是一個充滿挑戰的監管環境，因此我們將繼續密切關注這一點。但另一方面，我們對我們為廣告商提供的業績以及這些投資的回報感到滿意。核心參與趨勢依然強勁。而 Reels 今天是一個收入逆風，我們預計到今年年底或明年初將成為收入中性。同樣，我們預計 FX 將成為順風，並且我們再次獲得相對較軟的組合。當我們展望第二季度及以後時，我們有很多投入和投入。

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

你的下一個問題來自摩根大通的 Doug Anmuth。

Susan, you've talked about the goal of building the muscle for long-term financial discipline. Just given the restructuring that we've seen across the business so far, how far along are you in building this muscle? And what gives you the confidence that it's durable and sustainable long term even in a better macro environment, especially given all the work ahead on AI and the metaverse?

蘇珊，你談到了為長期財務紀律建立肌肉的目標。鑑於我們迄今為止在整個業務中看到的重組，您在建立這種力量方面走了多遠？是什麼讓你相信它即使在更好的宏觀環境中也能長期持久和可持續發展，特別是考慮到人工智能和元宇宙的所有工作？

Thanks, Doug. I think there are a couple of components to this. A lot of this efficiency work that we've been undertaking and especially this year, is driven not sort of by solely financial imperative but really with the focus of increasing operational efficiency. So that's been, I think, one of the foremost goals, and a lot of the work has been architected around that. And that really includes more carefully scrutinizing road maps, winding down projects that are no longer at the top of our priority list, reprioritizing investments. That's really a muscle that, I think, we have spent a lot of time building over the last half year, and I expect that we will be carrying that discipline into the way that we assess our product road maps going forward.

謝謝，道格。我認為這有幾個組成部分。我們一直在進行的許多提高效率的工作，尤其是今年，不僅僅是出於財務需要，而是真正以提高運營效率為重點。所以，我認為，這是最重要的目標之一，而且很多工作都是圍繞這個目標設計的。這實際上包括更仔細地審查路線圖，逐步減少不再位於我們優先列表首位的項目，重新確定投資的優先級。我認為，這確實是我們在過去半年中花了很多時間建立的力量，我希望我們將把這種紀律帶入我們評估未來產品路線圖的方式中。

Similarly, I think a lot of the work that we've done around increasing operational efficiency around making sure that we feel good about management spans and layers and all that work, I think, is also in service of making us a company that can build more and ship faster. And we would expect to sort of continue to make sure that we think our organizational posture is really in service, again, of building and shipping product.

同樣，我認為我們圍繞提高運營效率所做的很多工作確保我們對管理跨度和層級感覺良好，我認為所有這些工作也是為了使我們成為一家可以建立的公司更多，發貨更快。我們希望繼續確保我們認為我們的組織態勢真正服務於構建和運輸產品。

And as we move forward, including out of the sort of the layoffs that we've been implementing in the direct restructuring work, we're going to continue focusing on efficiency work, including in other areas like helping investors -- sorry, helping developers build and ship quality products faster. We're going to be investing in tooling where we can to increase the velocity of product development, and we'll continue streamlining cross-functional or processes that might tax the development process or slow us down and make sure that we're really focused on also increasing the quality and frequency of collaborative and in-person time to build relationships across the organization and get things done faster. So this is all -- I think I expect this to all be very much ongoing for us in the years to come.

隨著我們向前推進，包括我們在直接重組工作中實施的那種裁員，我們將繼續關注效率工作，包括在其他領域，比如幫助投資者——抱歉，幫助開發商更快地構建和交付優質產品。我們將投資於我們可以提高產品開發速度的工具，我們將繼續簡化可能對開發過程造成負擔或減慢我們速度的跨職能或流程，並確保我們真正專注還要提高協作和麵對面時間的質量和頻率，以在整個組織內建立關係並更快地完成工作。所以這就是全部 - 我想我希望這一切在未來幾年對我們來說都是非常持續的。

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

你的下一個問題來自美國銀行美林銀行的 Justin Post。

This could be for Susan or Mark. I think really interesting stat on the Instagram time you gave but just wondering how you'd characterize the health of the Facebook user base and usage on the site. Obviously, DAUs went up to 68% this quarter. I think Asia was really strong. But what are you seeing there? And is there kind of a catch-up here where the Reels content could start really helping Facebook time spend as well as you saw with Instagram? But just stepping out, I think there's a narrative that, that usage could be flat or down. Just wondering what your thoughts are and what you're seeing on the core Facebook.

這可能是給蘇珊或馬克的。我認為關於你提供的 Instagram 時間的統計數據非常有趣，但只是想知道你如何描述 Facebook 用戶群的健康狀況和網站上的使用情況。顯然，本季度的 DAU 上升到了 68%。我認為亞洲真的很強大。但是你在那裡看到了什麼？這裡是否存在某種追趕，Reels 內容可以開始真正幫助 Facebook 花費時間，就像您在 Instagram 上看到的那樣？但只是走出去，我認為有一種說法是，使用率可能持平或下降。只是想知道您的想法是什麼以及您在核心 Facebook 上看到了什麼。

Thanks, Justin. In terms of core Facebook user growth, we've been pleased with the growth of the community and the engagement trends that we've been seeing. In particular, I think in Q1, DAU growth benefited from strong product execution. But I should also note that Q1 is a seasonally strong engagement quarter for us, so that has some benefit in terms of quarter-over-quarter growth.

謝謝，賈斯汀。在核心 Facebook 用戶增長方面，我們對社區的增長和我們所看到的參與趨勢感到滿意。特別是，我認為在第一季度，DAU 的增長得益於強大的產品執行力。但我還應該指出，第一季度對我們來說是一個季節性的強勁參與度季度，因此這在季度環比增長方面有一些好處。

You mentioned sort of whether the work in Reels is driving incremental -- or is driving engagement in Facebook, and what I would say there is that, more broadly, sort of the discovery engine work for us and the investments we've made ranking on connected content is expansive beyond Instagram, and I think it's certainly a part of what is also driving growth on Facebook as well.

你提到 Reels 中的工作是在推動增量——還是在推動 Facebook 的參與度，我想說的是，更廣泛地說，發現引擎在某種程度上為我們工作，以及我們在排名上所做的投資關聯內容的範圍超出了 Instagram，我認為這肯定也是推動 Facebook 增長的一部分。

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

你的下一個問題來自 Youssef Squali with Truist Security。

I have 2 questions. I guess relative to OpEx guide from Q3 of last year, the new guide at the midpoint implies something like $10 billion to $15 billion lower adjusted for the restructuring costs. How does this impact your expectations for growth well beyond 2022? I'm not talking about this year. I'm just talking about the next, say, 2 to 3 years. Is it -- trying to get a sense of is it all about efficiency. Or are we potentially cutting into the bone?

我有兩個問題。我猜相對於去年第三季度的 OpEx 指南，中點的新指南意味著重組成本調整後減少了 100 億至 150 億美元。這如何影響您對 2022 年以後的增長預期？我不是在談論今年。我只是在談論下一個，比如說，2 到 3 年。是嗎——試圖了解這一切是否都與效率有關。還是我們有可能切入骨頭？

And then on the regulatory front, can you just help explain how changes to the transatlantic data transfer rules may impact your European business as it goes into effect? Just trying to get a sense if we have potentially an IDFA situation with a signal loss here again.

然後在監管方面，您能否幫助解釋跨大西洋數據傳輸規則的變化在生效時可能如何影響您的歐洲業務？只是想了解一下我們是否再次遇到信號丟失的 IDFA 情況。

Yes. Youssef, thank you. So for your first question, how much sort of has the OpEx -- the total expense guidance coming down, especially since we sort of issued our first passive guidance in Q3 last year, how has that downward sort of trend impacted our expectations beyond 2022 in the next 2 or 3 years, so we certainly haven't shared expense guidance for the out years. And frankly, that's something that we are ourselves working on internally as we lay our long term as we undergo our long-term planning exercise.

是的。優素福，謝謝。所以對於你的第一個問題，運營支出有多少——總費用指導下降了，特別是自從我們在去年第三季度發布了第一個被動指導以來，這種下降趨勢如何影響我們 2022 年以後的預期未來 2 或 3 年，所以我們當然沒有分享未來幾年的費用指導。坦率地說，這是我們自己在內部努力的事情，因為我們在進行長期規劃活動時會制定長期計劃。

But I do think that a lot of the muscle that we're building with regard to efficiency is going to translate into the longer run road map. And so I expect that we have really improved our cost structure over the last 6 months, and that's going to form the basis -- along with an increased focus on operating efficiency going forward, I think that's going to form the basis for sort of our future outlook and making sure that we are kind of constantly evaluating our investment road map to make sure that we are investing against the highest priority work and deprioritizing and winding down investments again where we don't see the ROI or we don't see a compelling opportunity. So again, we don't have guidance to share yet on the out years, but I do expect the overall efficiency ethos very much to be a part of the coming years.

但我確實認為，我們在效率方面正在建立的許多力量將轉化為更長期的路線圖。因此，我預計我們在過去 6 個月中確實改善了我們的成本結構，這將構成基礎——隨著對未來運營效率的更多關注，我認為這將構成我們的某種基礎未來展望，並確保我們不斷評估我們的投資路線圖，以確保我們正在針對最高優先級的工作進行投資，並在我們看不到投資回報率或看不到投資回報率的情況下再次取消和結束投資令人信服的機會。再次重申，我們還沒有關於未來幾年的指導，但我確實希望整體效率精神非常成為未來幾年的一部分。

On your second question on what the potential impact to our European business is of the transatlantic data transfer rule, so first, I want to emphasize, we continue to be hopeful that the new EU-U.S. privacy framework will be implemented before our deadline for suspension. But if it comes to that, there's a lot that we don't know in terms of the specifics of a final order and how long a suspension order would last, which would be important variables in determining the overall impact. What we do know is that roughly 10% of worldwide ad revenue comes from ads delivered to Facebook users in EU countries but there are more details that we would need to understand, including the impact on advertisers in EU countries before we'd be able to really provide a more accurate or fulsome estimate of that impact.

關於跨大西洋數據傳輸規則對我們歐洲業務的潛在影響的第二個問題，首先，我想強調，我們仍然希望新的歐盟-美國。隱私框架將在我們暫停的截止日期之前實施。但如果涉及到這一點，就最終命令的具體細節以及暫停命令將持續多長時間而言，我們不知道很多，這將是確定整體影響的重要變量。我們所知道的是，全球大約 10% 的廣告收入來自投放給歐盟國家 Facebook 用戶的廣告，但我們需要了解更多細節，包括在我們能夠了解之前對歐盟國家廣告商的影響確實提供了對該影響的更準確或更全面的估計。

Your next question comes from the line of Mark Mahaney with Evercore ISI.

您的下一個問題來自 Mark Mahaney 與 Evercore ISI 的合作。

Okay. Two questions. Are there any restructuring charges still to be had, Susan, in Q2 or beyond? That $3 billion to $5 billion that you talked about, did we pretty much see all of that in Q1?

好的。兩個問題。蘇珊，第二季度或以後是否還有任何重組費用？你談到的 30 億到 50 億美元，我們在第一季度幾乎看到了所有這些嗎？

And then secondly, I wonder if I could just get back to the broader opportunity around click to message. You've had -- Facebook has had these 2 wonderful assets or just 3 now messaging assets but really leading off with WhatsApp for quite some time. It's always sort of undermonetized versus some of the other leading assets, but that seems to have really started to change. The numbers are becoming material. You mentioned that there's a real power alley in terms of marketers in Latin America and Southeast Asia. How can you take what is really a differentiated product and really kind of blow it out more? How do you -- is there anything -- are there steps you can take to really get more advertisers to realize the opportunity just given the kind of cultural shifts, if you will, towards embracing messaging?

其次，我想知道我是否可以回到點擊消息周圍更廣泛的機會。你已經 - Facebook 擁有這 2 項出色的資產或現在只有 3 項消息傳遞資產，但實際上與 WhatsApp 一起領先了很長一段時間。與其他一些主要資產相比，它總是有點貨幣化不足，但這似乎真的開始改變了。這些數字正在變得重要。你提到拉丁美洲和東南亞的營銷人員有一條真正的權力通道。你怎麼能把真正差異化的產品做得更好呢？你如何 - 有什麼 - 你可以採取哪些步驟來真正讓更多的廣告商意識到這種文化轉變的機會，如果你願意的話，接受消息傳遞？

Thanks, Mark. So on your first question about restructuring charges, Q1 restructuring charges are in the range of $1.1 billion, and then we gave a range of $3 billion to $5 billion for the full year. So we do expect that we will be recognizing further restructuring charges throughout the year.

謝謝，馬克。所以關於你關於重組費用的第一個問題，第一季度的重組費用在 11 億美元之間，然後我們給出了全年 30 億至 50 億美元的範圍。因此，我們確實預計我們將在全年確認進一步的重組費用。

And then the second question about the sort of opportunity in click-to-messaging ads and particularly in WhatsApp, what does the opportunity look like there, this is an area that we -- I mean, we're very excited about. We've invested a lot. We see continued opportunity to scale click to message, particularly in WhatsApp and the click to Instagram direct area. Both of those are earlier on the growth curve. And we're investing in a few areas to continue making it easier for people and businesses to connect.

然後是關於點擊消息廣告中的機會類型的第二個問題，特別是在 WhatsApp 中，那裡的機會是什麼樣的，這是一個我們 - 我的意思是，我們非常興奮的領域。我們投入了很多。我們看到繼續擴大點擊消息的機會，特別是在 WhatsApp 和點擊 Instagram 直接區域。這兩者都處於增長曲線的早期。我們正在幾個領域進行投資，以繼續讓人們和企業更輕鬆地建立聯繫。

First, we're really investing in trying to make it easier to create ads. So in the last year, we've invested in a revamped experience in ads manager, native ad creation experiences directly in WhatsApp. We're also scaling partners. So with the cloud-hosted API, we now have hosted API solutions across WhatsApp, Messenger and Instagram so that our ecosystem of developers can help build good best-in-class experiences for businesses. And then we're also working on making these ads more performant by driving more action further down funnel, so we're working on ranking and optimization to yield better conversion from these ads and introduce new ways to drive outcomes. We've introduced new features like in-thread payments and other commerce tools.

首先，我們真的在努力讓製作廣告變得更容易。因此，在去年，我們投資了廣告管理器的改進體驗，直接在 WhatsApp 中創建原生廣告體驗。我們也在擴展合作夥伴。因此，借助雲託管 API，我們現在已經在 WhatsApp、Messenger 和 Instagram 上託管了 API 解決方案，這樣我們的開發人員生態系統就可以幫助為企業打造一流的體驗。然後，我們還致力於通過進一步推動漏斗中的更多操作來提高這些廣告的性能，因此我們致力於排名和優化，以從這些廣告中獲得更好的轉化率，並引入新的方法來推動結果。我們引入了線程內支付和其他商務工具等新功能。

So we think that there's a big opportunity here. We're trying to make every part of the experience for advertisers easier, better and more performant, and we're excited to also see growth beyond the core markets here in Southeast Asia and Latin America, where messaging is already common as a way for businesses to engage with customers and -- for businesses to engage with customers and their customer prospects. But we're hopeful that we'll see this also take off in other markets. We're seeing strong growth in the U.S. and Canada, but it's just earlier there today.

所以我們認為這裡有很大的機會。我們正在努力讓廣告商體驗的每一部分都變得更簡單、更好和更高效，我們也很高興看到東南亞和拉丁美洲的核心市場以外的增長，在這些市場，消息傳遞已經成為一種普遍的方式企業與客戶互動，以及 - 企業與客戶及其潛在客戶互動。但我們希望我們也能在其他市場看到它的起飛。我們看到美國和加拿大的強勁增長，但今天早些時候才出現。

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

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

One more for Mark on the open sourcing of the models and infrastructure for generative AI. So do you view that as kind of an opportunity for developers to plug in to help ultimately improve engagement revenue on your Family of Apps? Or do you think there could be other, call it, business models that come out of that like APIs and other types of partnerships? Just any thoughts on that?

馬克的另一篇文章是關於生成人工智能模型和基礎設施的開源。那麼，您是否認為這是開發人員插入以幫助最終提高您的應用程序系列的參與收入的機會？或者你認為可能有其他的，稱之為商業模式，比如 API 和其他類型的合作夥伴關係？對此有什麼想法嗎？

And then second question is the -- back to the 24% increase in time spent on Instagram from Reels and content ranking. Pretty incredible. So how much of that was like lost engagement from folks like TikTok that you're now recouping? And how do you think about how much more runway you have to increase that? Or when you layer in the discovery engine across blue and other apps as you're doing right now, is there some kind of benchmark you look at for increasing time spent? Is it 20%? 30%? Any thoughts on that?

然後第二個問題是 - 回到 Reels 和內容排名在 Instagram 上花費的時間增加了 24%。太不可思議了。那麼，其中有多少是像 TikTok 這樣的人失去的參與度，而您現在正在挽回？您如何考慮要增加多少跑道？或者，當您像現在一樣在 blue 和其他應用程序之間分層發現引擎時，是否有某種基準可以用來增加花費的時間？是20%嗎？ 30%？對此有什麼想法嗎？

Sure. I'll take the first one, and then Susan can take the second one. On the AI tools, we have a bunch of history here, right? So if you look at what we've done with PyTorch, for example, which is -- has generally become the standard in the industry as a tool that a lot of folks who are building AI models and different things in that space use, it's generally been very valuable for us to provide that because now all of the best developers across the industry are using tools that we're also using internally. So the tool chain is the same. So when they create some innovation, we can easily integrate it into the things that we're doing. When we improve something, it improves other products, too. Because it's integrated with our technology stack, when there are opportunities to make integrations with products, it's much easier to make sure that developers and other folks are compatible with the things that we need and the way that our systems work.

當然。我拿第一個，然後 Susan 可以拿第二個。關於 AI 工具，我們這裡有很多歷史，對吧？因此，如果你看看我們用 PyTorch 所做的事情，例如，它已經普遍成為行業標準，作為一種工具，許多正在構建 AI 模型和該領域不同事物的人都在使用它，它是一般來說，提供這些對我們來說非常有價值，因為現在整個行業中所有最優秀的開發人員都在使用我們也在內部使用的工具。所以工具鍊是一樣的。因此，當他們創造一些創新時，我們可以輕鬆地將其整合到我們正在做的事情中。當我們改進某些東西時，它也會改進其他產品。因為它與我們的技術堆棧集成，所以當有機會與產品集成時，確保開發人員和其他人與我們需要的東西和我們系統的工作方式兼容要容易得多。

There are a lot of advantages, but I view this more as a kind of back-end infrastructure advantage with potential integrations on the product side but one that should hopefully enable us to stay at the leading edge and integrate more broadly with the community and also make the way we run all this infrastructure more efficient over time. There are a number of models. I just gave PyTorch as an example. Open Compute is another model that has worked really well for us in this way, both to incorporate both innovation and scale efficiency into our own infrastructure. So there's -- our incentives, I think, are basically aligned towards moving in this direction.

有很多優勢，但我認為這更像是一種後端基礎設施優勢，在產品方面具有潛在的集成，但希望它能使我們保持領先優勢並更廣泛地與社區集成，而且隨著時間的推移，使我們運行所有這些基礎設施的方式更加高效。有多種型號。我只是以 PyTorch 為例。 Open Compute 是另一種以這種方式對我們非常有效的模型，它將創新和規模效率結合到我們自己的基礎設施中。因此，我認為我們的激勵措施基本上是朝著這個方向發展的。

Now that said, there's a lot to figure out, right? So I mean you asked if there are going to be other opportunities. I hope so. I can't speak to what all those things might be now. This is all quite early in getting developed. The better we do with the foundational work, the more opportunities, I think, that will come and present themselves. So I think that that's all stuff that we need to figure out. But at least, at the base level, I think we're generally incentivized to move in this direction. And we also need to figure out how to go in that direction over time.

現在說了，還有很多事情要弄清楚，對吧？所以我的意思是你問是否還有其他機會。但願如此。我現在不能說所有這些事情可能是什麼。這一切都還處於開發的早期階段。我認為，我們在基礎工作上做得越好，機會就會越多。所以我認為這就是我們需要弄清楚的所有內容。但至少，在基礎層面，我認為我們通常會被激勵朝這個方向前進。我們還需要弄清楚如何隨著時間的推移朝著這個方向前進。

I mean I mentioned LLaMA before. And I also want to be clear that while I'm talking about helping contribute to an open ecosystem, LLaMA is a model that we only really made available to researchers. And there's a lot of really good stuff that's happening there, but a lot of the work that we're doing, I think we would aspire to and hope to make even more open than that. So we'll need to figure out a way to do that.

我的意思是我之前提到過 LLaMA。我還想明確一點，雖然我在談論幫助為開放生態系統做出貢獻，但 LLaMA 是一個我們只真正向研究人員提供的模型。那裡正在發生很多非常好的事情，但是我們正在做的很多工作，我認為我們會渴望並希望比這更加開放。所以我們需要想辦法做到這一點。

And Ross, on your second question -- sorry, I think there was a second part of the question, which is really about Reels driving an increase in time spent on Instagram and how much runway we see. So we certainly aren't quantifying the kind of the expected engagement growth, but we're very pleased with what we've seen Reels drive in terms of incremental engagement to the platform so far. And we've talked about how the incrementality has grown over time, and that's important as we've continued to improve ranking because we're very focused not only on the absolute growth of Reels, but on increasing the incremental engagement, and that's something where we're very pleased with the trends that we've been seeing.

羅斯，關於你的第二個問題 - 抱歉，我認為問題的第二部分實際上是關於 Reels 推動 Instagram 上花費的時間增加以及我們看到多少跑道。因此，我們當然不會量化預期的參與度增長，但我們對 Reels 迄今為止在平台參與度方面的推動感到非常滿意。我們已經討論了增量是如何隨著時間的推移而增長的，這很重要，因為我們一直在提高排名，因為我們不僅非常關注 Reels 的絕對增長，而且還關注增加增量參與度，這就是我們對我們所看到的趨勢感到非常滿意。

As it comes to the plays, watch time, reshares, reactions, all of the metrics that we keep an eye on, we're seeing meaningful growth in Reels. It's clear that people value short-form video and recommendations. It's also unlocking an entirely new content pool, which we think creates an engagement opportunity as we help people discover more interesting posts. And then that's really valuable on top of the social graph, and we're seeing the sharing flywheel take off with the growth of Reels reshares, which has doubled over the last 6 months.

在播放、觀看時間、轉發、反應以及我們密切關注的所有指標方面，我們都看到了 Reels 的顯著增長。很明顯，人們重視短視頻和推薦。它還解鎖了一個全新的內容池，我們認為這會創造一個參與機會，因為我們可以幫助人們發現更多有趣的帖子。然後這在社交圖譜上非常有價值，我們看到共享飛輪隨著 Reels 轉發量的增長而起飛，在過去 6 個月中翻了一番。

And then more broadly in terms of how the discovery engine is driving incremental engagement across the platform. Our In-Feed Recommendations certainly go well beyond Reels. They cover all types of content, including text, images, links, group content, et cetera. And on Facebook, we see that AI-driven recommendations are continuing to grow and contribute to increasing engagement on the app. So again, we're not quantifying this, but it's a place where I think we are both pleased with our progress and see significant opportunity for us to do better.

然後更廣泛地說，發現引擎如何推動跨平台的增量參與。我們的 In-Feed Recommendations 肯定遠遠超出 Reels。它們涵蓋所有類型的內容，包括文本、圖像、鏈接、群組內容等。在 Facebook 上，我們看到人工智能驅動的推薦正在持續增長，並有助於提高應用程序的參與度。因此，我們再次強調，我們沒有對此進行量化，但我認為這是一個我們對我們的進步感到滿意並看到我們做得更好的重要機會的地方。

That will come from the line of Michael Nathanson with MoffettNathanson.

這將來自 Michael Nathanson 和 MoffettNathanson 的血統。

I have 2 if you can hear me. The first is, Susan, I appreciate the confidence about Reels monetization going forward. But can you share a bit what's giving you the confidence that it goes from a headwind to neutral to a tailwind down the line? Anything you can share on data points about ROAS or adoption?

如果你能聽到我的話，我有 2 個。首先，Susan，我很欣賞 Reels 未來貨幣化的信心。但是你能分享一下是什麼讓你有信心從逆風到中性再到順風嗎？您可以分享有關 ROAS 或採用率的數據點嗎？

And then just quickly, all the updates on Messenger are really -- were great to hear. Do you think the adoption is also being driven by maybe loss of signal? And how does messaging improve marketers' ability to basically retarget on post-IDFA? So anything on signal loss and how messaging helps you, marketers regain that?

然後很快，Messenger 上的所有更新真的 - 很高興聽到。您是否認為信號丟失也推動了採用？消息傳遞如何提高營銷人員基本上重新定位後 IDFA 的能力？那麼關於信號丟失的任何事情以及消息傳遞如何幫助您，營銷人員重新獲得信號？

Thanks, Michael. So on Reels, we have shared for, I think, a while now that we're working through -- we're working down the headwind to revenue from the growth of Reels cannibalizing some time that is spent on our more mature ad surfaces, Feed and Stories. And basically, we have been balancing the 2 factors here, which is the degree to which Reels is driving incremental engagement on the platform versus the lower monetization efficiency of Reels relative to the Feed and Stories engagement that it cannibalizes.

謝謝，邁克爾。因此，在 Reels 上，我認為，我們已經分享了一段時間，現在我們正在努力——我們正在努力克服 Reels 增長帶來的收入的逆風，蠶食了一些花在我們更成熟的廣告表面上的時間，提要和故事。基本上，我們一直在平衡這兩個因素，即 Reels 在平台上推動增量參與的程度與 Reels 相對於它蠶食的 Feed 和 Stories 參與度較低的貨幣化效率。

And ultimately, the overall economics of Reels is really going to be determined by the combination of those 2 things. The thing that I would -- so while we're -- we're on track to Reels becoming neutral to revenue by end of year or early next year. But I do think it's important to call out that Reels is structurally different from Feed and Stories, and so we don't have line of sight of getting Reels to monetization parity per time with Feed or Stories anytime soon because of those structural differences. But because it drives incremental engagement, we expect that we will continue and we expect we will continue to improve its monetization from current levels. So we expect the combination of those things will get us to revenue neutral by end of this year or early next and positive to revenue beyond that despite that it doesn't monetize as efficiently.

最終，Reels 的整體經濟性實際上將取決於這兩件事的結合。我會做的事情——所以當我們做的時候——我們有望在年底或明年初使 Reels 對收入保持中立。但我確實認為，重要的是要指出 Reels 在結構上與 Feed 和 Stories 不同，因此由於這些結構差異，我們無法很快讓 Reels 每次與 Feed 或 Stories 的貨幣化對等。但因為它推動了增量參與，我們預計我們將繼續，我們預計我們將繼續從目前的水平提高其貨幣化。因此，我們預計這些因素的結合將使我們在今年年底或明年初實現收入中性，並在之後實現收入增長，儘管它的貨幣化效率不高。

The second part of your question was updates on messaging and how does messaging improve marketer ability to retarget and face a signal loss. So click-to-messaging ads are a really important part of our overall ad strategy in terms of on-site objectives. And so it is a big part of the sort of first-party data playbook. And so I think from that perspective, it really has -- is both sort of a first-party data ads format, which I think in a signal-challenged landscape is important for us. And then, of course, it's a way for us to both monetize messaging behavior that's happening on our platform and create robust avenues of communication for businesses directly with their consumers, which we hope to broaden with broader business messaging offerings over time.

您問題的第二部分是消息傳遞的更新，以及消息傳遞如何提高營銷人員重新定位和麵對信號丟失的能力。因此，就現場目標而言，點擊消息廣告是我們整體廣告策略中非常重要的一部分。因此，它是第一方數據劇本的重要組成部分。因此，我認為從這個角度來看，它確實具有 - 兩種第一方數據廣告格式，我認為在信號挑戰的環境中這對我們很重要。然後，當然，這對我們來說是一種方式，既可以通過我們平台上發生的消息傳遞行為獲利，也可以為企業直接與消費者建立強大的溝通渠道，我們希望隨著時間的推移，通過更廣泛的商業消息傳遞產品來擴大這種渠道。

So we're very excited. We're really excited with the progress that click-to-messaging ads have shown and the business opportunity that we have going forward there.

所以我們非常興奮。我們對點擊消息廣告所顯示的進步以及我們在那裡取得的商機感到非常興奮。

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

偉大的。感謝您今天加入我們。感謝您的寶貴時間，我們期待與您再次交談。

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。感謝您加入我們。您現在可以斷開線路。