Meta Platforms Inc (META) 2023 Q4 法說會逐字稿

Good afternoon. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Meta Fourth Quarter and Full Year 2023 Earnings Conference Call. (Operator Instructions) This call will be recorded. Thank you very much.

午安.我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Meta 2023 年第四季和全年財報電話會議。 （操作員指示）此通話將會被錄音。非常感謝。

Ken Dorell, Meta's Director of Investor Relations, you may begin.

您可以請 Meta 投資者關係總監 Ken Dorell 開始。

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

謝謝。下午好，歡迎參加 Meta Platform 2023 年第四季和全年財報電話會議。今天與我一起討論我們業績的有執行長馬克‧祖克柏 (Mark Zuckerberg)；以及財務長 Susan Li。

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 earnings 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.

在我們開始之前，我想藉此機會提醒您，我們今天的演講將包括前瞻性陳述。實際結果可能與這些前瞻性陳述所預期的結果有重大差異。可能導致這些結果出現重大差異的因素已在今天的收益新聞稿和我們向美國證券交易委員會提交的 10-Q 表季度報告中列出。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，我們不承擔根據新資訊或未來事件更新這些陳述的義務。

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

在本次電話會議中，我們將介紹 GAAP 和某些非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的對帳表。收益新聞稿和隨附的投資者介紹可在我們的網站 investor.fb.com 上查閱。

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. Hi, everyone. Thanks for joining us. This was a good quarter, and it wrapped up an important year for our community and our company. We estimate that there are more than 3.1 billion people who use at least one of our apps each day. 2023 was our year of efficiency, which focused on making Meta a stronger technology company and improving our business to give us the stability to deliver our ambitious long-term vision for AI and the metaverse.

好的。大家好。感謝您的加入。這是一個好的季度，它結束了對我們的社區和公司來說重要的一年。我們估計，每天有超過 31 億人使用至少一款我們的應用程式。 2023 年是我們的效率之年，專注於將 Meta 打造成更強大的科技公司，並改善我們的業務，為我們提供穩定性，以實現我們對人工智慧和元宇宙的雄心勃勃的長期願景。

And last year, not only did we achieve our efficiency goals, but we returned to strong revenue growth, saw strong engagement across our apps; shipped a number of exciting new products like Threads, Ray-Ban Meta smart glasses and mixed reality in Quest 3; and of course, established a world-class AI effort that's going to be the foundation for many of our future products. I think that being a leaner company is helping us execute better and faster, and we will continue to carry these values forward as a permanent part of how we operate.

去年，我們不僅實現了效率目標，而且收入也恢復了強勁成長，應用程式的參與度也很高；推出了許多令人興奮的新產品，如 Threads、Ray-Ban Meta 智慧眼鏡和 Quest 3 中的混合實境；當然，我們也建立了世界級的人工智慧項目，這將成為我們未來許多產品的基礎。我認為，精簡公司有助於我們更好、更快地執行任務，我們將繼續把這些價值觀作為我們營運的永久組成部分。

Now moving forward, a major goal, we'll be building the most popular and most advanced AI products and services. And if we succeed, everyone who uses our services will have a world-class AI assistant to help get things done, every creator will have an AI that their community can engage with, every business will have an AI that their customers can interact with to buy goods and get support, and every developer will have a state-of-the-art open-source model to build with.

現在，我們將繼續前進，我們的一個主要目標是打造最受歡迎、最先進的人工智慧產品和服務。如果我們成功了，每個使用我們服務的人都會有一個世界級的人工智慧助理來幫助完成工作，每個創作者都會有一個可以與社區互動的人工智慧，每個企業都會有一個可以與客戶互動的人工智慧，購買商品並獲得支持，每個開發人員都會擁有一個最先進的開源模型來建構。

I also think that everyone will want a new category of computing devices that let you frictionlessly interact with AIs that can see what you see and hear what you hear, like smart glasses. And one thing that became clear to me in the last year is that this next generation of services requires building full general intelligence. Previously, I thought that because many of the tools were social-, commerce- or maybe media-oriented, that it might be possible to deliver these products by solving only a subset of AI's challenges.

我還認為，每個人都想要一種新型的計算設備，讓你能夠無縫地與人工智慧進行交互，讓人工智慧能夠看到你所看到的內容、聽到你所聽到的內容，比如智能眼鏡。去年我清楚地認識到一件事，那就是下一代服務需要建立完整的通用智慧。以前，我認為由於許多工具都是面向社交、商業或媒體的，因此可能只需解決人工智慧挑戰的一部分就可以交付這些產品。

But now it's clear that we're going to need our models to be able to reason, plan, code, remember and many other cognitive abilities in order to provide the best versions of the services that we envision. We've been working on general intelligence research and FAIR for more than a decade. But now general intelligence will be the theme of our product work as well. Meta has a long history of building new technologies into our services, and we have a clear long-term playbook for becoming leaders.

但現在很明顯，我們需要我們的模型能夠推理、規劃、編碼、記憶和許多其他認知能力，以便提供我們所設想的最佳服務版本。我們致力於通用情報研究和 FAIR 已有十多年。但現在通用智能也將成為我們產品工作的主題。 Meta 長期以來一直致力於將新技術融入我們的服務，並且我們擁有成為領導者的明確的長期策略。

And there are a few key aspects of this that I want to take some time to go through today. The first is world-class compute infrastructure. I recently shared that, by the end of this year, we'll have about 350,000 H100s, and including other GPUs, that will be around 600,000 H100 equivalents of compute. We're well positioned now because of the lessons that we learned from Reels. We initially underbuilt our GPU clusters for Reels. And when we were going through that, I decided that we should build enough capacity to support both Reels and another Reels-sized AI service that we expected to emerge so we wouldn't be in that situation again.

今天我想花點時間來闡述其中的幾個關鍵面向。首先是世界一流的運算基礎設施。我最近分享說，到今年年底，我們將擁有約 35 萬台 H100，如果包括其他 GPU，那麼計算量將達到約 60 萬台 H100。由於我們從 Reels 中吸取了教訓，現在我們處於有利地位。我們最初為 Reels 建立了 GPU 叢集。當我們經歷這一切的時候，我決定我們應該建立足夠的容量來支援 Reels 以及我們預計將出現的另一個 Reels 規模的 AI 服務，這樣我們就不會再次陷入那種境地。

And at the time, the decision was somewhat controversial, and we faced a lot of questions about CapEx spending, but I'm really glad that we did this. Now going forward, we think that training and operating future models will be even more compute-intensive. We don't have a clear expectation for exactly how much this will be yet, but the trend has been that state-of-the-art large language models have been trained on roughly 10x the amount of compute each year.

當時，這個決定有些爭議，我們面臨很多關於資本支出的問題，但我很高興我們這麼做了。展望未來，我們認為未來模型的訓練和運作將更加需要計算。目前我們還沒有明確的預期，但趨勢是，最先進的大型語言模型每年需要約 10 倍的運算量來訓練。

And our training clusters are only part of our overall infrastructure, and the rest, obviously, isn't growing as quickly. But overall, we're playing to win here, and I expect us to continue investing aggressively in this area. In order to build the most advanced clusters, we're also designing novel data centers and designing our own custom silicon specialized for our workloads.

我們的訓練集群只是我們整體基礎設施的一部分，其餘部分顯然沒有那麼快的成長。但總體而言，我們正在努力爭取勝利，我希望我們能夠繼續積極投資這一領域。為了建造最先進的集群，我們還設計了新穎的資料中心並設計了專門用於我們工作負載的客製化矽片。

The second part of our playbook is open-source software infrastructure. Our long-standing strategy has been to build an open-source general infrastructure while keeping our specific product implementations proprietary. In the case of AI, the general infrastructure includes our Llama models, including Llama 3, which is training now, and it's looking great so far, as well as industry standard tools like PyTorch that we've developed.

我們的劇本的第二部分是開源軟體基礎設施。我們的長期策略是建立開源通用基礎設施，同時保持我們具體產品實現的專有性。就人工智慧而言，通用基礎設施包括我們的 Llama 模型，包括目前正在訓練的 Llama 3，到目前為止效果很好，以及我們開發的 PyTorch 等行業標準工具。

And this approach to open source has unlocked a lot of innovation across the industry, and it's something that we believe in deeply. And I know that some people have questions about how we benefit from open sourcing, the results of our research and large amounts of compute. So I thought it might be useful to lay out the strategic benefits here.

這種開源方式已經釋放了整個產業的大量創新，這是我們深信不疑的。我知道有些人對我們如何從開源、研究成果和大量計算中受益存在疑問。因此我認為在這裡闡述戰略利益可能會有所幫助。

The short version is that open sourcing improves our models. And because there's still significant work to turn our models into products because there will be other open-source models available anyway, we find that there are mostly advantages to being the open-source leader, and it doesn't remove differentiation for our products much anyway. And more specifically, there are several strategic benefits.

簡而言之，開源改進了我們的模型。而且，由於將我們的模型轉化為產品還有大量工作要做，因為無論如何都會有其他開源模型可用，我們發現成為開源領導者主要有優勢，而且它不會消除我們產品的差異化反正。更具體地說，有幾個戰略優勢。

First, open-source software is typically safer and more secure as well as more compute-efficient to operate due to all the ongoing feedback, scrutiny and development from the community. Now this is a big deal because safety is one of the most important issues in AI. Efficiency improvements and lowering the compute costs also benefit everyone, including us.

首先，由於社群持續的回饋、審查和發展，開源軟體通常更安全、更可靠，且運算效率更高。這是一個大問題，因為安全是人工智慧中最重要的問題之一。效率的提高和計算成本的降低也使包括我們在內的每個人受益。

Second, open-source software often becomes an industry standard. And when companies standardize on building with our stack, that then becomes easier to integrate new innovations into our products. That's subtle, but the ability to learn and improve quickly is a huge advantage. And being an industry standard enables that.

其次，開源軟體往往成為業界標準。當公司使用我們的堆疊進行標準化建置時，將新的創新整合到我們的產品中就會變得更加容易。這很微妙，但快速學習和提高的能力是一個巨大的優勢。而行業標準則使這一點成為可能。

Third, open source is hugely popular with developers and researchers. And we know that people want to work on open systems that will be widely adopted. So this helps us recruit the best people at Meta, which is a very big deal for leading in any new technology area. And again, we typically have unique data and build unique product integrations anyway, so providing infrastructure like Llama as open source doesn't reduce our main advantages. This is why our long-standing strategy has been to open source general infrastructure and why I expect it to continue to be the right approach for us going forward.

第三，開源受到開發者和研究人員的廣泛歡迎。我們知道人們希望開發能夠被廣泛採用的開放系統。這有助於我們在 Meta 招募最優秀的人才，這對於領導任何新技術領域來說都非常重要。而且，我們通常擁有獨特的數據並建立獨特的產品集成，因此提供像 Llama 這樣的開源基礎設施並不會削弱我們的主要優勢。這就是為什麼我們的長期策略一直是開源通用基礎設施，以及為什麼我期望它繼續成為我們未來前進的正確方法。

The next part of our playbook is just taking a long-term approach towards the development. And while we're working on today's products and models, we're also working on the research that we need to advance for Llama 5, 6 and 7 in the coming years and beyond to develop full general intelligence. It's important to have a portfolio of multiyear investments in research projects, but it's also important to have clear launch vehicles like future Llama models that help focus our work.

我們的劇本的下一部分只是採取長期發展的方法。在我們致力於當今產品和模型的研發的同時，我們也在致力於未來幾年及以後 Llama 5、6 和 7 所需推進的研究，以開發出完整的通用智慧。對研究項目進行多年的投資組合很重要，但擁有像未來的 Llama 模型這樣明確的發射平台來幫助我們集中工作也很重要。

We've worked on general intelligence in our lab, FAIR, for more than a decade, as I mentioned, and we produced a lot of valuable work. But having clear product targets for delivering general intelligence really focuses this work and helps us build the leading research program.

正如我之前提到的，我們在實驗室 FAIR 中研究通用智慧已有十多年，並且做出了許多有價值的工作。但擁有提供通用智能的明確產品目標確實能使我們集中精力進行這項工作，並幫助我們建立領先的研究項目。

Now the next key part of our playbook is learning from unique data and feedback loops in our products. When people think about data, they typically think about the corpus that you might use to train a model upfront. And on Facebook and Instagram, there are hundreds of billions of publicly shared images and tens of billions of public videos, which we estimate is greater than the common crawl data set. And people share large numbers of public text posts and comments across our services as well.

現在我們劇本的下一個關鍵部分是從我們產品中獨特的數據和回饋循環中學習。當人們考慮資料時，他們通常會考慮可能用於預先訓練模型的語料庫。而在Facebook和Instagram上，有數千億張公開分享的圖片和數百億個公開的視頻，我們估計這比常見的抓取資料集還要大。人們也在我們的服務上分享大量公開文字貼文和評論。

But even more important in the upfront training corpus is the ability to establish the right feedback loops with hundreds of millions of people interacting with AI services across our products. And this feedback is a big part of how we've improved our AI systems so quickly with Reels and Ads, especially over the last couple of years when we had to re-architect it around new rules.

但在前期訓練語料庫中更重要的是能夠透過我們產品中與 AI 服務互動的數億人建立正確的回饋循環。這些回饋對於我們利用 Reels 和 Ads 如此快速地改進我們的 AI 系統起到了重要作用，特別是在過去幾年裡，我們不得不根據新規則重新建構它。

Now that brings me to the last part of our playbook for building leading services, which is our culture of rapid learning and experimentation across our apps. When we decide that a new technology, like AI-recommended Reels, is going to be an important part of the future, we're not shy about having multiple teams experimenting with different versions across our apps until we get it right. And then we learn what works and we roll it out to everyone.

現在，我要談談我們打造領先服務的劇本的最後一部分，也就是我們在應用程式中快速學習和實驗的文化。當我們決定一項新技術（例如AI 推薦的Reels）將成為未來的重要組成部分時，我們會毫不猶豫地讓多個團隊在我們的應用程式中嘗試不同的版本，直到我們找到正確的版本。然後我們了解哪些方法是有效的，並將其推廣給每個人。

And there used to be this meme that we'd probably launch Stories on our Settings page at some point. And look, I think it's kind of funny because it gets to a core part of our approach. We start by learning and tuning our products until they perform the way we want, and then we roll them out very broadly.

曾經有這樣一個梗，我們可能會在某個時候在「設定」頁面上啟動故事。我認為這很有趣，因為它觸及了我們方法的核心部分。我們首先學習和調整我們的產品，直到它們的性能達到我們想要的效果，然後我們才會廣泛地推廣它們。

And sometimes, occasionally, products will blow up before we're ready for them to, like Threads, although I'll note that Threads now has more people actively using it today than it did during its initial launch peak. So that one is, I think, on track to be a major success.

有時，偶爾有些產品會在我們準備好之前就爆紅，例如 Threads，不過我要指出的是，現在 Threads 的活躍用戶比最初推出時的高峰期還要多。因此我認為，這項計畫有望取得巨大成功。

But normally, we learn and we iterate methodically. And we started doing that with our AI services in the fall launching Meta AI, our assistant; AI Studio, which the precursor to Creator AIs; our Alpha with Business AIs; and the Ray-Ban Meta smart glasses. And we've been tuning each of these, and we're getting closer to rolling them out more widely. So you should expect that in the coming months.

但通常情況下，我們會有條不紊地學習和迭代。今年秋季，我們開始在我們的人工智慧服務中推出我們的助理 Meta AI； AI Studio，Creator AI 的前身；我們的 Alpha 與商業 AI；以及雷朋 Meta 智慧眼鏡。我們一直在對每一個方面進行調整，我們即將更廣泛地推出它們。因此您應該可以預料到未來幾個月內會發生這種情況。

From there, we'll focus on rolling out services until they reach hundreds of millions or billions of people. And usually, only when we reach that kind of scale do we start focusing on what monetization will look like. And although in this case, the way the business AIs will help business messaging grow and WhatsApp, Messenger and Instagram is pretty clear. But that's our basic approach, and I'm really excited about pointing our company at developing so many of these awesome things.

從那時起，我們將專注於推出服務，直到覆蓋數億或數十億人。通常，只有達到這樣的規模，我們才會開始關注貨幣化是什麼樣子。儘管在這種情況下，商業人工智慧幫助商業訊息傳遞以及 WhatsApp、Messenger 和 Instagram 成長的方式非常明確。但這是我們的基本方法，我非常高興能夠帶領我們的公司開發出如此多令人驚嘆的東西。

Now we have 2 major parts of our long-term vision, and in addition to AI, the other part is the metaverse. We've invested heavily in both AI and the metaverse for a long time, and we will continue to do so. These days, there are a lot of questions more about AI that I get, and that field is moving very quickly. But I still expect that this next generation of AR, VR and MR computing platforms to deliver a realistic sense of presence that will be the foundation for the future of social experiences and almost every other category of experiences as well.

現在我們的長期願景有兩大部分，除了AI之外，另一部分就是元宇宙。我們長期以來對人工智慧和元宇宙都進行了巨額投資，並且我們將繼續這樣做。這些天，我收到了很多關於人工智慧的問題，而且這個領域的發展非常迅速。但我仍然希望下一代 AR、VR 和 MR 運算平台能夠提供逼真的存在感，這將成為未來社交體驗以及幾乎所有其他類別體驗的基礎。

Reality Labs crossed $1 billion in revenue in Q4 for the first time, with Quest having a strong holiday season. Quest 3 is off to a strong start, and I expect it to continue to be the most popular mixed reality device. With Quest 3 and Quest 2 both performing well, we saw that the Quest app was actually the most downloaded app in the App Store on Christmas Day. I want to give a shout-out to Asgard's Wrath2, which was developed by one of our in-house studios and received IGN's 10 out of 10 masterpiece rating, making it one of the best-rated games out there, not just in VR, but of any game on any platform ever.

Reality Labs 第四季營收首次突破 10 億美元，其中 Quest 假日季表現強勁。 Quest 3 開局強勁，我預計它將繼續成為最受歡迎的混合實境設備。由於 Quest 3 和 Quest 2 都表現良好，我們發現 Quest 應用程式實際上是聖誕節當天 App Store 中下載次數最多的應用程式。我想特別表揚《Asgard's Wrath2》，它由我們的一個內部工作室開發，並獲得了 IGN 的 10 分傑作評級，使其成為目前評價最高的遊戲之一，不僅僅是在 VR 領域，而是任何平台上任何遊戲都如此。

So it's a really good sign that we're able to deliver that quality of work at Meta. Horizon is growing quickly, too. It is now on Top 10 Most Used Apps on Quest, and we have an exciting road map ahead. This is another example of applying the long-term playbook that I discussed earlier with AI but in another area. We take the time to build up the core technology and tune the experience. And then when it's ready, we're good at growing things. Now our focus for this year is going to be on growing the mobile version of Horizon as well as the VR One.

所以，這確實是一個好兆頭，表明我們能夠在 Meta 提供如此高品質的工作。 Horizo​​n 也在快速發展。它現在位列 Quest 上使用率最高的十大應用程式之列，我們還有令人興奮的發展圖。這是我之前討論過的長期策略在另一個領域應用於 AI 的另一個例子。我們花時間建立核心技術並調整經驗。當一切準備就緒後，我們就可以開始種植了。現在我們今年的重點是發展 Horizo​​n 的行動版本以及 VR One。

Ray-Ban Meta smart glasses are also off to a very strong start, both in sales and engagement. Our partner, EssilorLuxottica is already planning on making more than we both expected due to high demand. Engagement and retention are also significantly higher than the first version of the glasses. The experience is just a lot better with Meta AI in there as well as there's a higher resolution camera, better audio and more. And we also have an exciting road map of software improvements ahead, starting with rolling out multimodal AI and then some other really exciting new AI features later in the year.

Ray-Ban Meta 智慧眼鏡的開局也非常強勁，無論是銷售量還是參與度都很高。由於需求量龐大，我們的合作夥伴 EssilorLuxottica 已經計劃生產超出我們預期的產品。參與度和保留率也明顯高於第一版眼鏡。有了 Meta AI，體驗會好很多，而且還有更高解析度的相機、更好的音訊等等。我們還制定了令人興奮的軟體改進路線圖，首先推出多模式人工智慧，然後在今年稍後推出一些其他真正令人興奮的新人工智慧功能。

I said this before, but I think that people are going to want new categories of devices that seamlessly engage with AIs frequently throughout the day without having to take out your phone and press a button and point it at what you want to see. And I think that smart glasses are going to be a compelling form factor for this, and it's a good example of how our AI and metaverse visions are connected.

我之前說過，但我認為人們會想要新型的設備，這些設備可以全天頻繁地與人工智慧無縫交互，而無需拿出手機按下按鈕並將其指向你想要看到的東西。我認為智慧眼鏡將成為實現這一目標的引人注目的形式，它是我們的人工智慧和元宇宙願景如何連接的一個很好的例子。

In addition to AI in the metaverse, we're continuing to improve our Apps and Ads businesses as well. Reels and our discovery engine remain a priority and major driver of engagement, and Messaging continues to be our focus for building the next revenue pillar of our business before our longer-term work reaches scale. But since I went a bit longer in the other areas today, I'm just going to mention a few highlights here.

除了元宇宙中的人工智慧之外，我們還在繼續改進我們的應用程式和廣告業務。 Reels 和我們的發現引擎仍然是我們的優先事項和參與度的主要驅動力，而在我們的長期工作達到規模之前，訊息傳遞仍然是我們建立業務下一個收入支柱的重點。但由於今天我在其他領域討論的時間較長，因此我只想在這裡提及一些亮點。

Reels continues to do very well across both Instagram and Facebook. People re-share Reels 3.5 billion times every day. Reels is now contributing to our net revenue across our apps. The biggest opportunity going forward is unifying our recommendation systems across Reels and other types of video that will help people discover the best content across our systems no matter what format it's in.

Reels 在 Instagram 和 Facebook 上的表現持續出色。人們每天轉發 Reels 35 億次。 Reels 現在正在為我們所有應用程式的淨收入做出貢獻。未來最大的機會是統一我們在 Reels 和其他類型影片上的推薦系統，這將有助於人們在我們的系統中發現最好的內容，無論它是什麼格式。

WhatsApp is also doing very well. And the most exciting new trend here is that it is succeeding more broadly in the United States, where there's a real appetite for a private, secure and cross-platform messaging app that everyone can use. And given the strategic importance of the U.S. and its outsized importance for revenue, this is just a huge opportunity.

WhatsApp 的表現也非常出色。這裡最令人興奮的新趨勢是，它在美國取得了更廣泛的成功，美國人民真正渴望每個人都可以使用的私密、安全、跨平台的訊息應用程式。考慮到美國的戰略重要性及其對收入的巨大重要性，這是一個巨大的機會。

Threads is also growing steadily, with more than 130 million monthly actives. And I'm optimistic that we can keep the pace of improvements in growth going and show that a friendly, discussion-oriented app can be as widely used as the most popular social apps.

Threads 也在穩定成長，每月活躍用戶超過 1.3 億。我樂觀地認為，我們能夠保持成長改進的步伐，並證明友好、以討論為導向的應用程式可以像最受歡迎的社交應用程式一樣得到廣泛的應用。

All right. That's what I wanted to cover today. Our communities are growing, and our business is back on track. Once again, a big thank you to all of our employees, partners, shareholders and everyone in our community for sticking with us and for making 2023 such a success. I'm looking forward to another exciting year ahead.

好的。這就是我今天想要講的內容。我們的社區正在發展，我們的業務也回到了正軌。再次感謝我們所有的員工、合作夥伴、股東和社區裡的每個人，感謝你們的支持，讓 2023 年取得如此大的成功。我期待著又一個令人興奮的一年。

And now here's Susan.

現在請蘇珊發言。

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. Q4 total revenue was $40.1 billion, up 25% or 22% on a constant currency basis. Q4 total expenses were $23.7 billion, down 8% compared to last year.

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，所有比較均以同比為基礎。第四季總營收為 401 億美元，成長 25%，以固定匯率計算成長 22%。第四季總支出為 237 億美元，較去年同期下降 8%。

In terms of the specific line items, cost of revenue decreased 8%, driven mainly by lower restructuring costs that were partially offset by higher infrastructure-related costs. R&D increased 8%, driven primarily by higher head count-related costs from Family of Apps and Reality Labs as well as higher non-head count-related Reality Labs operating expenses, which were partially offset by lower restructuring costs.

從具體項目來看，收入成本下降了 8%，主要原因是重組成本降低，但基礎設施相關成本的增加部分抵消了這種影響。研發費用增加了 8%，主要原因是應用程式家族和現實實驗室的員工人數相關成本增加，以及與員工人數無關的現實實驗室營運費用增加，但重組成本的降低部分抵消了這些影響。

Marketing and sales decreased 29% due mainly to lower marketing spend and restructuring costs. G&A decreased 26% due mainly to lower restructuring expenses. We ended the fourth quarter with over 67,300 employees, down 22% from a year ago while up 2% from Q3 as our hiring efforts have resumed. Fourth quarter operating income was $16.4 billion, representing a 41% operating margin. Our tax rate for the quarter was 17%.

行銷和銷售額下降了 29%，主要原因是行銷支出和重組成本降低。一般及行政開支下降 26%，主要由於重組費用降低。截至第四季度，我們共有員工 67,300 多人，較去年同期下降 22%，但由於我們已恢復招聘，因此員工人數較第三季度增長 2%。第四季營業收入為164億美元，營業利益率為41%。我們本季的稅率為 17%。

Net income was $14 billion or $5.33 per share. Capital expenditures, including principal payments on finance leases, were $7.9 billion, driven by investments in servers, data centers and network infrastructure. Free cash flow was $11.5 billion, which reflects a $1.6 billion payment of income taxes deferred from prior quarters of 2023. We ended the year with $65.4 billion in cash and marketable securities and $18.4 billion in debt.

淨收入為 140 億美元，即每股 5.33 美元。資本支出（包括融資租賃的本金支付）為 79 億美元，主要由對伺服器、資料中心和網路基礎設施的投資推動。自由現金流為 115 億美元，反映了 2023 年前幾季遞延支付的 16 億美元所得稅。

In the fourth quarter, we repurchased $6.3 billion of our Class A common stock, bringing our total share repurchases for the full year to $20 billion. We had $30.9 billion remaining on our prior authorization as of December 31. And today, we announced a $50 billion increase in our stock repurchase authorization.

第四季度，我們回購了 63 億美元的 A 類普通股，使全年總回購額達到 200 億美元。截至 12 月 31 日，我們先前授權金額的剩餘 309 億美元。

Moving now to our segment results. I'll begin with our Family of Apps segment. In Q4, we saw continued community growth across the Family of Apps as well as Facebook, specifically. We're sharing today that as previewed when we first introduced our family metrics, we are transitioning away from reporting Facebook-specific metrics.

現在來看看我們的分部業績。我將從應用程式系列部分開始。在第四季度，我們看到應用程式家族以及 Facebook 的社群持續成長。今天，我們要分享的是，正如我們首次推出家庭指標時所預覽的那樣，我們正在逐漸不再報告特定於 Facebook 的指標。

As part of this transition, we will no longer report Facebook daily and monthly active users or family monthly active people. In Q1, we will instead begin reporting year-over-year changes in ad impressions and the average price per ad at the regional level while continuing to report family daily active people.

作為此次轉變的一部分，我們將不再報告 Facebook 每日和每月活躍用戶或家庭每月活躍用戶。在第一季度，我們將開始報告區域層面的廣告展示次數和每個廣告平均價格的同比變化，同時繼續報告家庭每日活躍人數。

For full year 2023, Family of Apps total revenue was $133 billion and ad revenue was $131.9 billion, each up 16% year-over-year. The largest contributors to year-over-year ad revenue growth were the online commerce, CPG, entertainment and media and gaming verticals. The online commerce and gaming verticals benefited from strong demand by advertisers in China reaching people in other markets. In 2023, revenue from China-based advertisers represented 10% of our overall revenue and contributed 5 percentage points to total worldwide revenue growth.

2023 年全年，應用程式家族總收入為 1,330 億美元，廣告收入為 1,319 億美元，較去年同期成長 16%。對廣告收入年增率貢獻最大的是網路商務、快速消費品、娛樂和媒體以及遊戲垂直產業。線上商務和遊戲垂直行業受益於中國廣告商對其他市場用戶的強勁需求。 2023年，來自中國廣告商的收入占我們整體收入的10%，並為全球總收入成長貢獻了5個百分點。

Turning back to Q4 results. Q4 total Family of Apps revenue was $39 billion, up 24% year-over-year. Q4 Family of Apps ad revenue was $38.7 billion, up 24% or 21% on a constant currency basis. Within ad revenue, the online commerce vertical was the largest contributor to year-over-year growth, followed by CPG and gaming.

回顧第四季業績。第四季應用程式系列總營收為 390 億美元，年增 24%。 Q4 家庭應用程式廣告收入為 387 億美元，成長 24%，以固定匯率計算成長 21%。在廣告收入方面，線上商務垂直產業是年成長的最大貢獻者，其次是快速消費品和遊戲。

On a user geography basis, ad revenue growth was strongest in Europe and Rest of World at 33% and 32%, respectively, followed by Asia Pacific at 23% and North America at 19%. Foreign currency was a tailwind to advertising revenue growth in all international regions.

從用戶地理來看，歐洲和世界其他地區的廣告收入增幅最為強勁，分別為 33% 和 32%，其次是亞太地區（23%）和北美（19%）。外幣是推動所有國際地區廣告收入成長的動力。

In Q4, the total number of ad impressions served across our services increased 21%, and the average price per ad increased 2%. Impression growth was mainly driven by Asia Pacific and Rest of World. Pricing growth was driven by advertiser demand and currency tailwinds, which were partially offset by strong impression growth, particularly from lower-monetizing services and regions.

第四季度，我們服務中投放的廣告展示總數增加了 21%，每個廣告的平均價格上漲了 2%。展示量成長主要受到亞太地區和世界其他地區的推動。價格增長是由廣告商需求和貨幣順風推動的，但被強勁的印象增長（特別是來自貨幣化較低的服務和地區）部分抵消。

Family of Apps other revenue was $334 million in Q4, up 82%, driven by business messaging revenue growth from our WhatsApp Business platform. We continue to direct the majority of our investments toward the development and operation of our Family of Apps. In Q4, Family of Apps expenses were $18 billion, representing approximately 76% of our overall expenses. Family of Apps expenses were down 13% due to lower restructuring expenses. Family of Apps operating income was $21 billion, representing a 54% operating margin.

第四季應用程式系列其他收入為 3.34 億美元，成長 82%，這得益於 WhatsApp Business 平台的商業訊息收入成長。我們將繼續把大部分投資用於應用程式系列的開發和營運。第四季度，應用程式系列的支出為 180 億美元，約占我們整體支出的 76%。由於重組費用降低，應用程式系列費用下降了 13%。應用程式系列營運收入為 210 億美元，營運利潤率為 54%。

Within our Reality Labs segment, Q4 revenue was $1.1 billion, up 47%, driven by Quest 3 sales during the holiday season. Reality Labs expenses were $5.7 billion, up 14% year-over-year due primarily to higher head count-related expenses and non-head count-related R&D spend. Reality Labs operating loss was $4.6 billion.

在我們的現實實驗室部門，第四季營收為 11 億美元，成長 47%，這得益於假日季 Quest 3 的銷售。 Reality Labs 的支出為 57 億美元，比去年同期增加 14%，主要原因是與員工人數相關的支出以及與員工人數無關的研發支出增加。 Reality Labs 的營運虧損為 46 億美元。

Turning now to the business outlook. There are 2 primary factors that drive our revenue performance: our ability to deliver engaging experiences for our community and our effectiveness at monetizing that engagement over time. On the first, we remain pleased with engagement trends and have strong momentum across our product priorities. We're seeing sustained growth in Reels and Video overall as daily watch time across all video types grew over 25% year-over-year in Q4, driven by ongoing ranking improvements.

現在來談談商業前景。推動我們的收入表現的兩個主要因素是：我們為社區提供引人入勝的體驗的能力，以及我們隨著時間的推移將這種參與貨幣化的有效性。首先，我們對參與度趨勢感到滿意，我們的產品重點保持強勁勢頭。我們看到 Reels 和影片整體持續成長，由於排名持續提升，第四季度所有影片類型的每日觀看時間較去年同期成長超過 25%。

In-feed recommendations of posts from accounts you're not connected to also continue to drive incremental engagement as we increasingly personalize recommendations, and we expect to deliver further improvements this year. On Instagram, we're making strong progress increasing the freshness of recommended content. And a big focus for Facebook this year will be unifying our video experiences and ranking across the app, which should create a more seamless user experience and deliver increasingly relevant video recommendations.

隨著我們不斷個人化推薦，來自您未關聯的帳戶的貼文的資訊流推薦也將繼續推動增量參與，並且我們預計今年將進一步改進。在 Instagram 上，我們在提高推薦內容的新鮮度方面取得了長足的進步。 Facebook 今年的一大重點是統一應用程式的影片體驗和排名，這將創造更無縫的用戶體驗並提供越來越相關的影片推薦。

On WhatsApp, community growth remains strong, and we're seeing good traction with our Channels product, which has quickly scaled to over 500 million monthly active users since we rolled it out globally in September. We are also making good progress in areas that have the potential to grow people's engagement with our products in the longer term, such as Threads and generative AI.

在 WhatsApp 上，社群成長依然強勁，我們的 Channels 產品發展勢頭良好，自 9 月在全球推出以來，其每月活躍用戶數已迅速增長至 5 億以上。我們也可能長期提升人們對我們產品的參與度的領域取得了良好進展，例如 Threads 和生成式 AI。

On Threads, we're coming into 2024 with strong product momentum and remain focused on introducing additional valuable features and further scaling the community this year. With generative AI, we fully rolled out our Meta AI assistant and other AI chat experiences in the U.S. at the end of the year and began testing more than 20 GenAI features across our Family of Apps.

在 Threads 方面，我們帶著強勁的產品勢頭進入 2024 年，並將繼續專注於在今年推出更多有價值的功能並進一步擴大社群。借助生成式人工智慧，我們在年底於美國全面推出了 Meta AI 助理和其他 AI 聊天體驗，並開始在我們的應用程式系列中測試 20 多個 GenAI 功能。

Our big areas of focus in 2024 will be working towards the launch of Llama 3, expanding the usefulness of our Meta AI assistant and progressing on our AI Studio road map to make it easier for anyone to create an AI. For the experiences in our apps, we'll follow our typical approach of making them great before we lean into growth and eventually monetization. But this continues to be an exciting area that has the potential to transform how people engage on our services in the years ahead.

2024 年，我們的重點領域是推出 Llama 3，擴大我們的 Meta AI 助理的實用性，並推進我們的 AI Studio 路線圖，讓任何人都能更輕鬆地創建 AI。對於我們應用程式的體驗，我們將遵循我們典型的方法，在實現成長和最終貨幣化之前，先讓它們變得更好。但這仍然是一個令人興奮的領域，有可能在未來幾年改變人們參與我們服務的方式。

Now to the second driver of our revenue performance, increasing monetization efficiency. There are 2 parts to this work. The first part is growing the level of ad inventory within organic engagement. Our approach to optimizing ad levels in our apps has become increasingly sophisticated over the years as we've developed a better understanding of the optimal place, time and person to show an ad, which has enabled us to adopt a more dynamic approach to serving apps. We expect to continue that work going forward, while services with relatively lower levels of monetization like video and messaging will serve as additional growth opportunities.

現在談談我們收入表現的第二個驅動因素，即提高貨幣化效率。這項工作分為兩部分。第一部分是增加有機參與度內的廣告庫存水準。多年來，隨著我們對展示廣告的最佳地點、時間和物件有了更好的了解，我們優化應用程式中廣告層級的方法變得越來越複雜，這使我們能夠採用更具動態的方式來為應用程式提供服務。我們希望繼續進行這項工作，而視訊和訊息等貨幣化程度相對較低的服務將成為額外的成長機會。

The other part to increasing monetization efficiency is improving marketing performance. To do this, we're focused on 3 areas. The first is AI. We continue to leverage AI across our ad systems and product suite. We're delivering continued performance gains from ranking improvements as we adopt larger and more advanced models, and this will remain an ongoing area of investment in 2024.

提高貨幣化效率的另一個部分是提高行銷績效。為了實現這一目標，我們將重點放在三個領域。第一是人工智慧。我們將繼續在我們的廣告系統和產品套件中利用人工智慧。隨著我們採用更大、更先進的模型，我們透過排名改進持續實現了效能提升，這將是 2024 年持續投資的領域。

We're also building out our Advantage+ portfolio of solutions to help advertisers leverage AI to automate their advertising campaigns. Advertisers can choose to automate part of the campaign creation setup process, such as who to show their ad to with Advantage+ audience, or they can automate their campaign completely using Advantage+ shopping, which continues to see strong growth. We're also now exploring ways to apply this end-to-end automation to new objectives.

我們也正在建立我們的 Advantage+ 解決方案組合，以幫助廣告商利用人工智慧來自動化他們的廣告活動。廣告主可以選擇自動化部分廣告活動建立設定流程，例如使用 Advantage+ 受眾向誰展示他們的廣告，或者他們可以使用 Advantage+ 購物完全自動化他們的廣告活動，後者繼續保持強勁增長。我們現在也正在探索將這種端到端自動化應用於新目標的方法。

On the ads creative side, we completed the global rollout of 2 of our generative AI features in Q4, Text Variations and Image Expansion, and plan to broaden availability of our background generation feature later in Q1. Initial adoption of these features has been strong, and tests are showing promising early performance gains. This will remain a big area of focus for us in 2024.

在廣告創意方面，我們在第四季度完成了兩項生成式 AI 功能（文字變體和圖像擴展）的全球推出，並計劃在第一季稍後擴大背景生成功能的可用性。這些功能的初期採用效果十分出色，且測試顯示早期的效能提升十分可觀。這將是我們在 2024 年關注的重點領域。

The second area of our work is helping businesses connect their marketing data and measure results. Here, we're continuing to invest in conversions API to make it easier for advertisers to not only adopt but maximize its impact. The last area is investing in new and engaging on-platform ad experiences.

我們工作的第二個領域是幫助企業連結他們的行銷數據並衡量結果。在這裡，我們將繼續投資轉換 API，以便廣告主不僅更容易採用它，而且還能最大限度地發揮其影響力。最後一個領域是投資新的、引人入勝的平台廣告體驗。

Business messaging remains a priority here. Click-to-message ads continue to grow, and we're seeing advertisers increasingly use these ads to drive down funnel conversions. Paid messaging is growing quickly, and we are focused on broadening adoption in 2024 by making it easier for businesses to buy marketing messages and more easily adopt our Flows product to develop richer in-Thread experiences for consumers.

商業訊息傳遞在這裡仍然是首要任務。點擊訊息廣告持續成長，我們看到廣告主越來越多地使用這些廣告來降低管道轉換率。付費訊息傳遞正在快速成長，我們致力於在 2024 年擴大其採用範圍，使企業更容易購買行銷訊息，並更輕鬆地採用我們的 Flows 產品，為消費者開發更豐富的 Thread 內體驗。

We're also progressing with our early testing on WhatsApp and Messenger of AIs for businesses that can provide conversational support in chat. We'll take our time to get these experiences right, but we think this will be a compelling opportunity that we're well positioned to deliver on. Outside of business messaging, we're making strong progress with our shops' ads products, which crossed the $2 billion annual run rate in Q4.

我們也在 WhatsApp 和 Messenger 上進行早期測試，為企業提供聊天對話支援的人工智慧。我們會花時間去獲得正確的經驗，但我們認為這將是一個引人注目的機會，我們有能力實現這一目標。除了商業訊息傳遞之外，我們的商店廣告產品也取得了長足進步，第四季的年運行率超過了 20 億美元。

Next, I would like to discuss our approach to capital allocation. We are in the fortunate position of being able to invest in many organic opportunities to improve the performance of our core business in the near term while also making 2 significant longer-time horizon investments in AI and Reality Labs.

接下來我想討論一下我們的資本配置方法。我們很幸運，能夠投資許多有機機會，以在短期內改善我們核心業務的業績，同時還可以對人工智慧和現實實驗室進行兩項重大的長期投資。

AI is a growing area of investment for us in 2024 as we hire to support our road map. We are also investing more in our AI infrastructure capacity this year. And given many of our ambitious forward-looking plans will rely on having sufficient compute capacity, we expect this to be an area we invest more aggressively in over the coming years. Reality Labs is the other long-term initiative we continue to invest heavily in as we progress on our efforts to develop the next computing platform.

隨著我們招募人才來支持我們的路線圖，人工智慧將成為我們 2024 年不斷成長的投資領域。我們今年也將加大對人工智慧基礎設施能力的投入。鑑於我們的許多雄心勃勃的前瞻性計劃都將依賴於擁有足夠的運算能力，我們預計這將是我們未來幾年更積極投資的領域。隨著我們努力開發下一代運算平台，現實實驗室是我們會繼續大力投資的另一個長期計畫。

Aside from organic investments, returning capital to shareholders remains important to us. We believe our strong financial position and performance will enable us to invest in the business while also continuing to return capital to investors over time. We've historically done so through share repurchases. And while we expect to maintain an active share repurchase program, we are modestly evolving our approach going forward by returning a portion of capital through a regular dividend subject to quarterly Board approval.

除了有機投資之外，向股東返還資本對我們來說仍然很重要。我們相信，我們強大的財務狀況和業績將使我們能夠投資於業務，同時隨著時間的推移繼續向投資者返還資本。我們過去都是透過股票回購來實現這一目標的。雖然我們預計將維持積極的股票回購計劃，但我們正在適度調整我們未來的策略，透過定期股息返還部分資本，但須經董事會季度批准。

In addition, we continue to monitor the active regulatory landscape, including the increasing legal and regulatory headwinds in the EU and the U.S. that could significantly impact our business and our financial results. Of note, the FTC is seeking to substantially modify our existing consent order and impose additional restrictions on our ability to operate. We are contesting this matter, but if we are unsuccessful, it would have an adverse impact on our business.

此外，我們將繼續關注積極的監管環境，包括歐盟和美國日益嚴格的法律和監管阻力，這些阻力可能會對我們的業務和財務表現產生重大影響。值得注意的是，聯邦貿易委員會正在尋求大幅修改我們現有的同意令，並對我們的營運能力施加額外的限制。我們正在對此事提出異議，但如果我們不成功，這將對我們的業務產生不利影響。

Turning now to the revenue outlook. We expect first quarter 2024 total revenue to be in the range of $34.5 billion to $37 billion. Our guidance assumes foreign currency is neutral to year-over-year total revenue growth based on current exchange rates.

現在來談談收入前景。我們預計 2024 年第一季的總營收將在 345 億美元至 370 億美元之間。我們的指導假設是，根據當前匯率，外幣對年比總收入成長沒有影響。

Turning now to the expense outlook. We expect full year 2024 total expenses to be in the range of $94 billion to $99 billion, unchanged from our prior outlook. We continue to expect a few factors to be drivers of total expense growth in 2024.

現在來談談費用前景。我們預計 2024 年全年總支出將在 940 億美元至 990 億美元之間，與先前的預測相同。我們仍預期一些因素將成為 2024 年總支出成長的驅動因素。

First, we expect higher infrastructure-related costs this year. Given our increased capital investments in recent years, we expect depreciation expenses in 2024 to increase by a larger amount than in 2023. We also expect to incur higher operating costs from running a larger infrastructure footprint.

首先，我們預期今年基礎建設相關成本將會上升。鑑於我們近年來增加的資本投資，我們預計 2024 年的折舊費用將比 2023 年增加更多。

Second, we anticipate growth in payroll expenses as we work down our current hiring underrun and add incremental talent to support priority areas in 2024, which we expect will further shift our workforce composition toward higher-cost technical roles. Finally, for Reality Labs, we expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts in AR/VR and our investments to further scale our ecosystem.

其次，隨著我們減少目前的招聘不足並在 2024 年增加人才來支持重點領域，我們預計工資支出將增長，我們預計這將進一步將我們的勞動力結構轉向成本更高的技術職位。最後，對於 Reality Labs，由於我們在 AR/VR 領域持續的產品開發努力以及進一步擴大生態系統的投資，我們預計營運虧損將比去年同期大幅增加。

Turning now to the CapEx outlook. We anticipate our full year 2024 capital expenditures will be in the range of $30 billion to $37 billion, a $2 billion increase of the high end of our prior range. We expect growth will be driven by investments in servers, including both AI and non-AI hardware, and data centers as we ramp up construction on sites with our previously announced new data center architecture.

現在來談談資本支出前景。我們預計 2024 年全年資本支出將在 300 億美元至 370 億美元之間，將比我們先前預期的高點增加 20 億美元。我們預計，隨著我們利用先前宣布的新資料中心架構加快站點建設，伺服器（包括人工智慧和非人工智慧硬體）和資料中心的投資將推動成長。

Our updated outlook reflects our evolving understanding of our AI capacity demands as we anticipate what we may need for the next generations of foundational research and product development. While we are not providing guidance for years beyond 2024, we expect our ambitious long-term AI research and product development efforts will require growing infrastructure investments beyond this year.

我們更新後的展望反映了我們對人工智慧能力需求不斷增長的理解，因為我們預測了下一代基礎研究和產品開發可能需要什麼。雖然我們沒有提供 2024 年以後的指導，但我們預計，我們雄心勃勃的長期人工智慧研究和產品開發工作將需要在今年以後增加基礎設施投資。

On to tax. Absent any changes to U.S. tax law, we expect our full year 2024 tax rate to be in the mid-teens. In closing, this was a pivotal year for our company. We increased our operating discipline, delivered strong execution across our product priorities and improved advertising performance for businesses who rely on our services. We will look to build on our priorities in each of those areas in 2024 while advancing our ambitious longer-term efforts in AI and Reality Labs.

談到稅收。如果美國稅法沒有任何變化，我們預計 2024 年全年稅率將在 15% 左右。最後，對我們公司來說，這是關鍵的一年。我們加強了營運紀律，在產品重點方面實現了強有力的執行，並為依賴我們服務的企業提高了廣告效果。我們將在 2024 年進一步鞏固每個領域的優先事項，同時推進我們在人工智慧和現實實驗室領域的雄心勃勃的長期努力。

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

克里斯塔，下面讓我們開始提問吧。

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

(操作員指示)您的第一個問題來自摩根士丹利的 Brian Nowak。

I have 2. I appreciate, Mark, the color about sort of the learnings and the data feedback loop. Let me ask you one about sort of the advertising business and all of the new machine learning and new GenAI ad tools that you built and rolled out the last year or so. Can you just talk about some of the largest areas of improvement your advertisers say is really driving this inflection of advertising? And what are the areas where you still get the most feedback on for further areas of improvement in the ad business that we should think about?

我有 2 個。我想問您一個關於廣告業務的問題，以及您在去年左右建立和推出的所有新機器學習和新的 GenAI 廣告工具。您能否談談廣告主認為真正推動廣告變革的一些最大的改進領域？在廣告業務方面，您還收到哪些最多的回饋，值得我們思考進一步改進？

And then, Susan, maybe, one, the first quarter guide, specifically on the acceleration implied. Anything on -- more color on which surfaces or ad units or regions are sort of giving you confidence in that type of acceleration at this point in the quarter?

然後，蘇珊，也許，第一季的指南，特別是隱含的加速度。有沒有什麼資訊——哪些表面、廣告單元或地區可以讓您對本季此時的這種加速發展充滿信心？

Thank you, Brian. I can take both of those. On your first question, what is driving strength in the Ads business, we certainly believe that we've been continuing to drive ad performance improvements and year-over-year conversion growth remains strong. And we see this reflected in the feedback that we hear from advertisers also.

謝謝你，布萊恩。我都可以接受這兩件事。關於您的第一個問題，廣告業務的驅動力是什麼，我們當然相信我們一直在持續推動廣告效果的提升，並且轉換率的逐年增長仍然強勁。我們從廣告商的回饋中也看到了這一點。

There are really 3 areas of our work here that we're very focused on and have been and will continue to be in 2024. First, just creating engaging on-platform ad experiences. We see that with formats like click-to-message ads, where we continue to see good momentum. Shops ads, we talked about the $2 billion annual run rate in Q4 after we just opened availability to all U.S. advertisers in Q2. Lead generation ads, another example. So we're really focused on creating engaging on-platform ad experiences.

我們在這裡的工作實際上有三個領域是我們非常關注的，並且一直以來都是並將在 2024 年繼續關注。我們看到，點擊訊息廣告等形式繼續呈現良好的發展動能。商店廣告，我們在第二季度向所有美國廣告商開放後，第四季度的年運行率達到了 20 億美元。另一個例子是潛在客戶開發廣告。因此，我們真正專注於創造引人入勝的平台廣告體驗。

Second, we're really making it easier for advertisers to connect with their marketing data. We're continuing to invest in features like conversions API, like AEM and making these features easier to adopt, enhancing reporting and other performance. And we've seen, again, that those are -- we get very positive feedback on advertisers who use those tools.

其次，我們確實讓廣告主更輕鬆地連接他們的行銷數據。我們將繼續投資於轉換 API、AEM 等功能，並使這些功能更易於採用，從而增強報告和其他效能。我們再次看到，使用這些工具的廣告商得到了非常正面的回饋。

And then finally, continuing to really use AI in important ways across our ads platform. For a long time, we have invested in building larger and more advanced models that have resulted in more Accurate predictions of relevant ads for people and improved performance for advertisers.

最後，繼續在我們的廣告平台上以重要方式使用人工智慧。長期以來，我們一直致力於建立更大、更先進的模型，以便更準確地預測與人們相關的廣告，並提高廣告商的效果。

And then, of course, we're investing a lot in AI-powered tools and products. So we're really scaling our Advantage+ suites across all of the different offerings there, which really helped to automate the ads creation process for different types of advertisers. And we're getting very strong feedback on all of those different features, Advantage+ Shopping, obviously, being the first, but Advantage+ Catalog, Advantage+ Creative, Advantage+ Audiences, et cetera. So we feel like these are all really important parts of what has continued to grow improvements in our Ads business and will continue to going forward.

當然，我們在人工智慧工具和產品上投入了大量資金。因此，我們實際上正在所有不同的產品中擴展我們的 Advantage+ 套件，這確實有助於為不同類型的廣告商實現廣告創建流程的自動化。我們收到了關於所有這些不同功能的非常強烈的回饋，其中 Advantage+ Shopping 顯然是第一個，然後還有 Advantage+ Catalog、Advantage+ Creative、Advantage+ Audiences 等等。因此，我們覺得這些都是我們廣告業務持續成長改善的重要部分，並且將繼續向前發展。

On your second question, which is about the Q1 year-over-year -- sorry, the Q1 revenue guide. This really just reflects a lot of the trends we saw in Q4, which is strong, broad-based advertising demand across verticals, particularly within online commerce and gaming. I'll also note that we get the benefit from having February 29 in this quarter. And again, just the improvements that we continue to accrue to the business from all of our investments in improving ad performance over time.

關於您的第二個問題，是關於第一季同比——抱歉，是第一季收入指南。這實際上反映了我們在第四季度看到的許多趨勢，即各垂直領域，尤其是在線商務和遊戲領域的強勁、廣泛的廣告需求。我還要指出的是，本季 2 月 29 日讓我們受益匪淺。再次強調，隨著時間的推移，我們透過對廣告效果的持續投資不斷提升業務品質。

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

您的下一個問題來自高盛的 Eric Sheridan。

Maybe 2 questions, if I can. Mark, coming out of a year like you had with the year of efficiency, what do you see as the key messages you want to share with investors about what you learned during the year of efficiency and how it might inform running an organization with the scale of ambition and just your organizational scale that Meta has on a long-term basis? That would be number one.

如果可以的話，也許有 2 個問題。馬克，在經歷了像您所說的「效率之年」這樣的一年之後，您認為最想與投資者分享的關鍵訊息是什麼？那將是最重要的。

And then Susan, I went back and looked, I don't think you've ever raised the high end of your CapEx guidance before, unless I'm mistaken. But with a wide range like that in CapEx, what should we be monitoring for what would push you towards either the lower end or the higher end of that CapEx guidance as you move through 2024?

然後蘇珊，我回去看了看，我認為你以前從未提高過資本支出指導的高端，除非我弄錯了。但是，由於資本支出範圍如此之廣，我們應該監控什麼，以便在 2024 年時推動您達到資本支出指導的低端或高端？

I'll take the first one. So the themes for the year of efficiency were to make us a stronger technology company by becoming leaner and more balanced towards our engineering work and more streamlined and to improve our financial performance, primarily with the goal of providing stability so we can invest in these long-term, ambitious visions around AI and metaverse over what we see as the coming decade or more as these things play out.

我要第一個。因此，效率年的主題是讓我們成為一家更強大的科技公司，透過精簡和平衡我們的工程工作，提高我們的財務業績，主要是為了提供穩定性，這樣我們就可以在未來十年或更長時間內投資於圍繞人工智慧和元宇宙的長期、雄心勃勃的願景。

And I think a lot of people looked at what we were doing as if it might have been some kind of short-term thing, which that's never really our focus. But the part about making the company leaner, I think, is the more important part to take forward, right? Because obviously, we're in a place now where the business is performing well. And I think the obvious question would be, okay, well, given that, should we just -- should we invest a lot more in things?

我認為很多人看待我們所做的事情好像只是某種短期的事情，但這從來都不是我們的真正重點。但我認為，精簡公司才是更重要的部分，對嗎？因為很明顯，我們現在的業務表現良好。我認為顯而易見的問題是，好吧，那麼，考慮到這一點，我們是否應該——我們是否應該在事物上投入更多？

And the biggest thing that's holding me back from doing that is that at this point, I feel like I've really come around to thinking that we operate better as a leaner company. So even though it's always -- there's always questions about like adding a few people here or there to do something. And I guess I just have more of an appreciation about how all of that adds up and in the near term, maybe makes you go a little bit faster. But over the long term, the discipline to kind of hold things to a more streamlined level actually improves the overall company performance. So I'm really focused on that.

而阻礙我這樣做的最大原因是，到目前為止，我感覺我已經真正開始認為，作為一家更精簡的公司，我們的營運會更好。因此，儘管總是存在諸如在這裡或那裡增加幾個人來做某事的問題。我想我只是更欣賞所有這些是如何累積起來的，並且在短期內，也許會讓你走得更快一點。但從長遠來看，將事情控制在更精簡水平的紀律實際上會提高公司的整體業績。所以我非常專注於此。

In 2024, we do have a big recruiting backlog from last year because part of the layoffs that we did included teams basically swapping out certain talent profiles for others. And we still need to hire some of the other talent profiles that we swapped people out for, and that will be ongoing through this year. But in terms of new head count that we added to the plan, it's relatively minimal compared to what we would have done historically.

2024 年，我們確實有大量去年的招募積壓，因為我們進行的裁員包括團隊將某些人才換成其他人才。而且我們仍然需要聘用一些我們調換的其他人才，這項工作將在今年持續進行。但就我們計劃增加的新員工人數而言，與我們過去所做的相比，這一數字相對較小。

And I sort of expect that for the next period of time going forward, even beyond 2024. My operating assumption is that we will also try to keep it relatively minimal because I think that -- until we reach a point where we're just really underwater on our ability to execute, I kind of want to keep things lean because I think that's the right thing for us to do culturally. So that's kind of the best window into how I'm thinking about this.

而且我預計，在未來的一段時間內，甚至在 2024 年以後，情況都是如此。這是我對此想法的最佳體現。

The other piece that, I guess, somewhat dovetails into what Susan is going to talk to you next is that a big part of why I wanted to improve our profitability is to give ourselves the ability to go through what is a somewhat unpredictable and volatile period over the next 5 or 10 years. There are different risk factors that are geopolitical or regulatory or different things, but also the technology landscape is somewhat unknown. And we want the ability to be able to surge investment on things like building out larger training clusters or just making different investments where that's necessary.

我想，另一點與蘇珊接下來要跟您談的內容有些吻合，那就是我希望提高盈利能力的很大一部分原因是為了讓我們有能力度過未來 5 年或 10 年內有些不可預測和動蕩的時期。有不同的風險因素，包括地緣政治、監管或其他因素，而且技術前景也有些未知。我們希望有能力加大對諸如建立更大的培訓集群或在必要時進行不同投資等方面的投資。

And in order to make sure that we have the flexibility to do that, we want to make sure that we keep our cost structure to a point where we sort of have some extra space built in. So those are really the 2 points. That was the theme that I laid out at the beginning of the year of efficiency last year: make us a stronger technology company and give us the flexibility and stability to execute the long-term goals. And those remain, I think, the big focuses going forward on that.

為了確保我們有足夠的靈活性，我們要確保我們的成本結構保持在一定水平，以便我們能留出一些額外的空間。這就是我在去年效率之年開始提出的主題：讓我們成為一家更強大的科技公司，並賦予我們執行長期目標的靈活性和穩定性。我認為，這些仍是未來關注的重點。

And I can take the second question, Eric. So we're really continuing to evolve our AI road maps and ambitions and our understanding of the capacity demands that we might have as we train next generations of foundation models and to support all of the associated product development going forward. So the increase in the top end of the range really reflects that evolving understanding of how much demand we may need. And we're also continuing to keep a close eye on supply availability.

我可以回答第二個問題，艾瑞克。因此，我們確實在不斷發展我們的人工智慧路線圖和目標，以及我們對在訓練下一代基礎模型和支援未來所有相關產品開發時可能擁有的容量需求的理解。因此，範圍高端的增加實際上反映了我們對可能需要多少需求的持續理解。我們也將繼續密切關注供應情況。

Where we land in that range is a function of both the supply and demand factors I mentioned. And this continues to be a pretty dynamic planning process for us. And there are also certainly other factors that drive uncertainty. How quickly can we execute on the new data center architecture? How the supply chain turns out to unfold over the course of the year? But our expectation is, generally, that we will need to invest more to support our AI work in the years ahead, and we're seeing some of that reflected in 2024.

我們處於這個範圍內的哪個位置取決於我所提及的供給和需求因素。對我們來說，這仍然是一個非常動態的規劃過程。當然還有其他因素造成不確定性。我們能多快執行新的資料中心架構？這一年供應鏈的進展如何？但我們的整體預期是，未來幾年我們將需要投入更多資金來支持我們的人工智慧工作，而我們看到其中一些將在 2024 年得到體現。

Your next question comes from the line of Mark Shmulik from AllianceBernstein.

您的下一個問題來自 AllianceBernstein 的 Mark Shmulik。

Mark, you mentioned at the top of the call this vision, kind of everyone having a Meta AI assistant to kind of get things done. Previously, when we were talking about the metaverse from a time horizon perspective, we were looking at a decade to kind of get there. But given kind of the pace of innovation around AI that you've seen, has that time line changed? And like do you think we'll get there quicker?

馬克，你在電話會議的開頭提到了這個願景，每個人都有一個元人工智慧助理來完成工作。以前，當我們從時間範圍的角度談論元宇宙時，我們預計需要十年才能到達那裡。但考慮到您所看到的人工智慧創新步伐，這個時間表是否已經改變了？您認為我們能更快到達那裡嗎？

And then second question for Susan. Just quickly on Shops ads. I appreciate the color. Obviously, we've had the Amazon partnership news intra-quarter. We know Meta has made a few attempts that are getting kind of more integrated into shopping over the last few years. Can you hear some of the learnings and, I guess, what's different this time around?

然後第二個問題問蘇珊。只需快速瀏覽商店廣告即可。我很欣賞這個顏色。顯然，我們在本季已經獲得了與亞馬遜合作的消息。我們知道，Meta 在過去幾年中已經做出了一些嘗試，使其更加融入購物領域。你能聽出一些經驗嗎？

Sure. I can take the first one. I do think that AI is going to make all of the products and services that we use and make better. So it's hard to know exactly how that will play out. But for the work in Reality Labs, specifically, there's a bunch of areas. Like if you take smart glasses, before, we thought that we would have to build like full displays and holograms and deliver the sense of presence before that became a mainstream product.

當然。我可以拿第一個。我確實認為人工智慧將使我們使用的所有產品和服務變得更好。因此很難確切知道事情將如何發展。但就現實實驗室的工作而言，具體來說，有許多領域。例如，如果你帶著智慧眼鏡，以前我們認為我們必須建立全顯示器和全像圖，並在其成為主流產品之前提供存在感。

And now it seems quite possible that smart glasses that have AI assistance built in will be the killer app, and that the holograms and sense of presence will come later as a -- maybe on the same time horizon we were talking about before but could end up being just as important as we expected. But there could be a big market here even before that. So I think we'll figure that out over the next few years. But yes, I mean, overall, I think the 2 go together pretty hand-in-hand. I would have predicted that a lot of the parts of Reality Labs -- I guess the sequence in technology is sometimes surprising.

現在看來，內建人工智慧輔助的智慧眼鏡很有可能成為殺手級應用，而全像圖和存在感將會在稍後出現——也許與我們之前談論的時間範圍相同，但最終可能與我們預期的一樣重要。但在此之前，這裡可能會有一個很大的市場。所以我認為我們會在未來幾年內解決這個問題。但是的，我的意思是，總的來說，我認為這兩者是相輔相成的。我本來可以預測現實實驗室的許多部分——我想技術上的順序有時會令人驚訝。

We always kind of expected that as part of building glasses or any of these platforms that having an AI assistant would be a foundational part of it. But the fact that that's -- that there have just been big strides in that over the last year or 2 is just -- is a big opportunity for these products sooner. So I think it's still unknown exactly how that will play out, but I think we'll know more over the next few years. It's very exciting, though.

我們始終期望，在建造眼鏡或任何此類平台時，擁有人工智慧助理將成為其基礎部分。但事實是，在過去的一兩年裡，我們在這方面取得了巨大的進步，這對這些產品來說是一個巨大的機會。因此我認為目前還不清楚事情將如何發展，但我認為我們將在未來幾年了解更多。但這非常令人興奮。

And Mark, I can take the second question. So first of all, online commerce continues to be one of our strongest verticals overall. And a lot of the work that we do to improve ads performance generally really helps do things like grow conversions year-over-year, improves the performance of direct response ads. We've invested a lot in the Advantage+ set of tools, tools like Advantage+ Shopping. So I would say that our offerings for e-commerce advertisers overall are very strong, and we continue to invest in making them better and more performant.

馬克，我可以回答第二個問題。首先，整體而言，線上商務仍然是我們最強大的垂直領域之一。我們為提高廣告效果所做的大量工作通常確實有助於實現諸如逐年增加轉換次數、提高直接反應廣告的效果等。我們在 Advantage+ 工具套件上投入了大量資金，例如 Advantage+ Shopping 等工具。因此我想說，我們為電子商務廣告商提供的服務總體上非常強大，而且我們將繼續投入資金，使它們變得更好、更有效能。

On Shops ads, specifically, this is an area where we are really, I would say, focusing on introducing improvements that continue to make it easier for businesses to onboard 2 shops. So for example, eligible Shopify businesses can now onboard to Shops on Facebook and Instagram very seamlessly. And we're making it easier for advertisers to turn their existing ads into Shops ads. And we'll continue to focus on deepening integrations with partners and leveraging AI to make Shops ads even more performant.

具體來說，在商店廣告方面，我想說，我們真正專注於推出改進措施，並繼續讓企業更輕鬆地進駐 2 家商店。例如，符合資格的 Shopify 企業現在可以非常無縫地加入 Facebook 和 Instagram 上的商店。我們讓廣告主更容易將現有廣告轉變為商店廣告。我們將繼續致力於深化與合作夥伴的整合，並利用人工智慧使商店廣告更加有效。

You mentioned the Amazon ads pilot, and that's a place where we're partnering with Amazon to make Buy with Prime, to create a more seamless shopping experience on Facebook and Instagram so that it's easier for people to purchase directly from an Amazon ad. This is really early, and we're testing this experience with them. But it's another avenue for us to explore how can we make these shopping experience easier for folks on our platform.

您提到了亞馬遜廣告試點，這是我們與亞馬遜合作推出的一項服務，旨在透過 Prime 購買，在 Facebook 和 Instagram 上打造更無縫的購物體驗，讓人們可以更輕鬆地直接從亞馬遜廣告中購買商品。這還為時過早，我們正在與他們一起測試這種體驗。但這是我們探索如何讓人們透過我們的平台獲得更輕鬆的購物體驗的另一種方式。

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

您的下一個問題來自美國銀行的賈斯汀·波斯特 (Justin Post)。

I was wondering if you could help us think about the messaging run rate for revenues and maybe the long-term opportunity and how you think about that going forward on a multiyear basis. And then secondly, the guidance for Q1 suggests stable growth at the midpoint despite comps getting tougher. So I'm wondering if you could help us at all think about -- the comps get increasingly tougher as we go through the year, how you're thinking about those comps and how you could grow in the second half.

我想知道您是否可以幫助我們思考訊息傳遞的運作率對於收入的影響以及可能的長期機會，以及您如何看待未來多年期的訊息傳遞機會。其次，儘管同店銷售額成長放緩，但第一季的預期表明，中期成長將保持穩定。所以我想知道您是否可以幫助我們思考——隨著時間的推移，競爭變得越來越激烈，您如何看待這些競爭以及您如何在下半年實現成長。

Thanks, Justin. I can take both of those. So on your first question about messaging monetization, right now, the 2 primary avenues that we have there are click-to-messaging ads and paid messaging, which we are investing a lot in both to facilitate the full cycle of customer engagement. We saw that revenue growth from click-to-message ads remained strong in Q4. We see broadening advertiser adoption. And there, I would say that our focus in terms of where we're investing is really around enhanced optimization and reporting. So we're really trying to drive down funnel performance, enabling businesses to optimize for purchase.

謝謝，賈斯汀。我都可以接受這兩件事。關於您第一個關於訊息貨幣化的問題，目前，我們有兩種主要途徑，即點擊訊息廣告和付費訊息，我們在這兩種途徑上都投入了大量資金，以促進客戶參與的全週期發展。我們發現第四季點擊訊息廣告的營收成長依然強勁。我們看到廣告商的採用範圍不斷擴大。我想說，我們投資的重點實際上是增強優化和報告。因此，我們確實在努力降低通路績效，使企業能夠優化購買。

And we've seen strong growth in purchase optimization revenue on click-to-Messenger ads since we've rolled that out. And we're planning to bring purchase optimization to click-to-WhatsApp campaigns this year.

自從我們推出點擊 Messenger 廣告以來，我們就看到購買優化收入強勁成長。我們計劃今年將購買優化功能引入點擊 WhatsApp 活動中。

And across the click-to-messaging ads, we're introducing more robust reporting to help advertisers kind of understand how people are engaging with them via click-to-messaging ads and what is the value of that engagement. And then, of course, in the longer term, this is a place where we're excited about the opportunities for increased automation to really help businesses scale their ability to have conversations with their consumers.

在點擊訊息廣告中，我們引入了更強大的報告功能，幫助廣告商了解人們如何透過點擊訊息廣告與他們互動，以及這種互動的價值。當然，從長遠來看，我們很高興看到自動化程度的提高，這將真正幫助企業擴大與消費者對話的能力。

On the paid messaging side, this is much earlier, of course, but we're seeing good momentum, driven by particularly strong growth from marketing messages. And we've also seen good results from our updated pricing model that we introduced in June. And here, we're really focused on making paid messaging easier to buy. So we're now testing the ability for businesses to send paid messaging directly on Meta Ads Manager.

當然，在付費資訊方面，這要早得多，但我們看到了良好的勢頭，主要是由行銷訊息強勁的成長所推動。我們六月推出的更新定價模式也取得了良好的效果。在這裡，我們真正專注於讓付費資訊更容易購買。因此，我們現在正在測試企業直接在 Meta Ads Manager 上發送付費訊息的能力。

And then, again, similar to click-to-messaging, we are investing in ways to make it easier to get more done within the app. So here, we launched Flows globally in October, which enables businesses to offer richer user experiences within WhatsApp, things like selecting a seat on a flight or booking an appointment. We're seeing good early traction, and we're focused on just introducing more ways to help businesses easily create flows, and we'll plan on introducing more capabilities here. So there's a lot, I would say, going on in the portfolio of messaging monetization work that we're doing.

然後，再次，與點擊訊息類似，我們正在投資各種方法，以便更輕鬆地在應用程式內完成更多工作。因此，我們在 10 月在全球推出了 Flows，它使企業能夠在 WhatsApp 中提供更豐富的用戶體驗，例如選擇航班座位或預訂約會。我們看到了良好的早期發展勢頭，我們專注於引入更多方式來幫助企業輕鬆創建流程，並且我們計劃在此引入更多功能。所以我想說，我們在資訊貨幣化工作方面有很多正在進行的工作。

Now your second question was around the 2024 outlook. And we obviously have not shared any guidance beyond Q1. But our revenue for the full year is going to be influenced by a number of factors, including macro conditions that are certainly harder to predict the further out you go. And over the course of 2024, as you said, we'll also be lapping periods of increasingly strong demand. So we don't provide guidance beyond Q1. There's certainly a range of outcomes, and we'll have a better read on how we will compare to future quarters as we progress through the year.

您的第二個問題是關於 2024 年的展望。顯然，我們還沒有分享第一季以外的任何指導。但我們的全年收入將受到多種因素的影響，包括宏觀條件，而越往後，這些因素就越難預測。正如您所說，到 2024 年，我們也將迎來需求日益強勁的時期。因此我們不提供第一季以外的指導。結果肯定會有多種，隨著今年的進展，我們將更了解與未來幾季的比較情況。

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

您的下一個問題來自摩根大通的 Doug Anmuth。

One for Mark, one for Susan. Mark, I believe you'd shifted FAIR out of Reality Labs into the Family of Apps. Can you just talk about some of the benefits there of moving that group as you pursue general intelligence? And then Susan, can you just walk us through your thought process on adding a dividend to your capital returns at this stage beyond the share repurchases?

一份給馬克，一份給蘇珊。馬克，我相信你已經將 FAIR 從現實實驗室轉移到應用程式系列。您能否談談在追求通用情報的過程中調動該團隊的一些好處？然後蘇珊，您能否向我們介紹一下您在現階段除了股票回購之外，在資本回報中添加股息的想法？

I can talk to the first one. Yes, the whole reason why we moved FAIR is basically to be closer to the GenAI group. They're both research groups. The GenAI group basically builds our Llama launch vehicles and products, but also conducts a fair amount of research, too, especially things that are going to be coming into the upcoming versions of Llama. FAIR is focused on more foundational work and longer-term work. So it's, I'd say, more things that might be a couple of years out to 10-plus years out. And as we -- I guess, here's one way to think about it.

我可以和第一個人談話。是的，我們搬遷 FAIR 的原因基本上是為了更接近 GenAI 團隊。他們都是研究小組。 GenAI 團隊主要負責製造我們的 Llama 運載火箭和產品，同時也進行了大量研究，特別是針對即將推出的 Llama 版本的內容。 FAIR 專注於更多基礎工作和長期工作。所以我想說，更多的事情可能還需要幾年甚至十年的時間才能實現。我想，這是一種思考問題的方法。

A lot of last year and the work that we're doing with Llama 3 is basically making sure that we can scale our efforts to really produce state-of-the-art models. But once we get past that, there's a lot more kind of different research that I think we're going to be doing that's going to take our foundation models in potentially different directions than other players in the industry are going to go in because we're focused on specific vision for what we're building.

去年我們在 Llama 3 上所做的大量工作基本上是為了確保我們能夠擴大我們的努力以真正生產出最先進的模型。但一旦我們克服了這個困難，我認為我們將進行更多不同類型的研究，這些研究將使我們的基礎模型朝著與業內其他參與者不同的方向發展，因為我們專注於我們正在建立的特定願景。

So it's really important as we think about what's going to be in Llama 5 or 6 or 7 and what cognitive abilities we want in there and what modalities we want to build into future multimodal versions of the models. We need to be doing that work in advance and to research those things. And it helps to -- and even though FAIR and GenAI will continue to be 2 kind of separate groups on different time horizons.

因此，當我們思考 Llama 5、6 或 7 中會有什麼內容、我們希望在其中擁有哪些認知能力以及我們想要在未來的多模式模型版本中建立哪些模式時，這一點非常重要。我們需要提前做好這項工作並研究這些事情。而且它有幫助 — — 儘管 FAIR 和 GenAI 在不同的時間範圍內將繼續是兩個獨立的群體。

I think to have some level of alignment between -- on the vision of what we're building between the 2 of them, so that way, the FAIR team can have in mind, hey, if we research this, then maybe it can intercept Llama 6 or something. Then that, I think, is just going to be more helpful for increasing the ambition and focus of all of the work that we do.

我認為在我們兩人之間構建的願景上應該有一定程度的一致性，這樣，FAIR 團隊就可以考慮，嘿，如果我們研究這個問題，那麼也許它可以攔截 Llama 6 或類似的東西。那麼，我認為這將更有助於增強我們所做的所有工作的雄心和重點。

It's one of the reasons that I talked about. We did open-ended research on AI for a while. But having a clear product target with these AI agents, I think, is really going to help focus the work and give us a feedback loop that's going to increase the productivity and output that we get dramatically.

這是我談到的原因之一。我們對人工智慧進行了一段時間的開放式研究。但我認為，這些人工智慧代理擁有明確的產品目標，確實有助於集中精力工作，並為我們提供反饋循環，從而大幅提高我們的生產力和產出。

Doug, on your second question about why now in terms of initiating a dividend, returning capital to shareholders remains an important priority for us. And we believe introducing a dividend really just serves as a nice complement to the existing share repurchase program. The dividend doesn't change how much we will be -- or it doesn't change the way we determine the total amount of capital we return. And we expect that share repurchases will continue to be the primary way that we return capital to shareholders. But introducing a dividend just gives us a more balanced capital return program and some added flexibility in how we return capital in the future.

道格，關於你的第二個問題，為什麼現在在開始派發股息方面，向股東返還資本仍然是我們的重要優先事項。我們認為，引入股息實際上只是對現有股票回購計畫的一個很好的補充。股利不會改變我們的股利金額－或不會改變我們確定返還資本總額的方式。我們預期股票回購將繼續成為我們向股東返還資本的主要方式。但引入股息只會讓我們擁有更平衡的資本回報計劃，並為我們未來的資本回報方式提供更多的靈活性。

Your next question comes from the line of Ron Josey from Citi.

您的下一個問題來自花旗銀行的 Ron Josey。

Mark, I hope your knee is getting better. I wanted to ask you about Apple opening up its App Store in Europe and maybe what role that might play for Meta in further building out the App Store app install ads and things along those lines. And Susan, as a follow-up to maybe a prior question, you mentioned the potential around business messaging and the team -- what the team is doing around really testing with WhatsApp and Messenger. Just talk just how you might see this unfold maybe with AI Studio and maybe timing would be helpful.

馬克，我希望你的膝蓋快點好起來。我想問您關於蘋果在歐洲開設 App Store 的問題，以及這對 Meta 在進一步打造 App Store 應用程式安裝廣告和類似產品方面可能發揮什麼作用。蘇珊，作為對先前問題的跟進，您提到了商業訊息和團隊的潛力——團隊正在對 WhatsApp 和 Messenger 進行真正的測試。只需談談您如何看待這一發展，也許使用 AI Studio 以及時間表可能會有所幫助。

I don't think that the Apple thing is going to have any difference for us because I think that the way that they've implemented it, I would be very surprised if any developer chose to go into the alternative App Stores that they have. They've made it so onerous, and I think so at odds with the intent of what the EU regulation was that I think it's just going to be very difficult for anyone, including ourselves, to really seriously entertain what they're doing there.

我認為蘋果的做法不會給我們帶來任何影響，因為我認為，以他們實施的方式，如果有開發者選擇進入他們已有的替代應用商店，我會感到非常驚訝。他們把任務弄得如此繁重，我認為這與歐盟法規的初衷相悖，我認為任何人，包括我們自己，都很難真正認真地接受他們在那裡所做的事情。

Susan, did you want to add anything?

蘇珊，你還有什麼要補充嗎？

No. I was going to take the second question, I think, which was around the rollout of some of the GenAI features from a monetization perspective. And we're -- first of all, I would say that we don't expect our GenAI products to be a meaningful 2024 driver of revenue. But we certainly expect that they will have the potential to be meaningful contributors over time.

不。首先，我想說，我們並不認為我們的 GenAI 產品能夠成為 2024 年重要的營收推手。但我們確實期望，隨著時間的推移，他們有潛力成為有意義的貢獻者。

Right now, the most near-term monetization opportunity is with our ad creative tools. We've talked about some of the places that we've been rolling those features out broadly with Text Variations and Image Expansion now globally available. And we're seeing those tools receive adoption and provide real value for advertisers even at this early stage. And we're going to keep investing in making those more useful and performant, which then leads to more advertiser adoption, and that can be sort of a virtuous feedback loop.

目前，近期的獲利機會是利用我們的廣告創意工具。我們已經討論過一些已經廣泛推出這些功能的地方，其中文字變體和圖像擴展現已在全球範圍內推出。我們看到這些工具甚至在早期階段就已被採用並為廣告商提供了真正的價值。我們將繼續投資，使它們更加實用、性能更佳，從而吸引更多廣告商採用，形成一種良性循環。

Over a longer time frame, the GenAI features that we're bringing to business messaging, which I think was where your question originated, we think really represents a compelling opportunity. We're testing AI chats on a very small scale today with a few businesses, but it will take time to continue making those AIs increasingly useful. We're hearing good feedback from the businesses testing them, and we expect to make progress this year as we expand our tests further.

從更長的時間範圍來看，我們為商業訊息傳遞帶來的 GenAI 功能（我想這就是您提出這個問題的原因）確實代表著一個引人注目的機會。目前，我們正在與一些企業小規模測試人工智慧聊天，但要讓這些人工智慧變得越來越有用還需要時間。我們從測試企業那裡得到了良好的回饋，隨著測試範圍的進一步擴大，我們預計今年將會取得進展。

I'd say one other thing is just on the consumer side, again, we think GenAI can make it easier for people to produce compelling content across all of our apps, including our messaging apps. And our AI assistant certainly provides also added utilities. So in all of these areas, I would say, we're following our typical playbook of testing and tuning the experiences until they're very good, and then we'll invest in growth and eventually explore monetization.

我想說的另一件事只是在消費者方面，我們認為 GenAI 可以讓人們更輕鬆地在我們所有的應用程式（包括我們的訊息應用程式）上製作引人注目的內容。我們的人工智慧助理當然也提供了附加的實用功能。因此，我想說，在所有這些領域，我們都遵循典型的策略，即測試和調整體驗，直到它們非常好，然後我們將投資於成長並最終探索貨幣化。

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

您的最後一個問題來自巴克萊銀行的羅斯桑德勒 (Ross Sandler)。

Mark, just curious what you're seeing with Meta AI at this stage. You talked about rapid iteration of that, given your large audience. So yes, I guess, what's going on, thus far? Which of the apps in the Family of Apps have seen engagement increase from Meta AI? And do you think that there could be increased commercial activity as either your AI agent or some of the other ones out there get more usage within your apps?

馬克，我只是好奇你現階段對 Meta AI 的看法。您談到了快速迭代，考慮到您的受眾群體龐大。是的，我想，到目前為止，發生了什麼事？應用程式系列中的哪些應用程式因 Meta AI 而參與度有所提高？您是否認為，隨著您的人工智慧代理或其他一些代理在您的應用程式中得到更多使用，商業活動可能會增加？

Yes. I think having a good assistant is going to be one of the real values that this generation of AI creates as well as giving every creator an opportunity to have an assistant or agent that people can engage with and every business and agent and also allowing people to create a bunch of quirky and fun things as well. But yes, I think Meta AI is going to be very important across the product.

是的。我認為擁有一個好的助手將成為這一代人工智慧創造的真正價值之一，同時也為每個創造者提供了一個可以與人們互動的助手或代理的機會，每個企業和代理也允許人們創造出許多古怪而有趣的東西。但是的，我認為 Meta AI 在整個產品中將非常重要。

It currently is available in some countries in WhatsApp, Messenger and Instagram. It's at the phase where we're not really pushing it super proactively. We've sort of made it available, and as people use it, we're learning from how -- what are the basic ways that people want to engage with it. We're currently in the tuning phase on this. I mean, we started rolling this out, I think, it was in November or so, maybe October.

目前，它已在部分國家的 WhatsApp、Messenger 和 Instagram 上推出。目前我們仍處於尚未積極推動這項進程的階段。我們已經將它提供給人們，隨著人們使用它，我們正在學習人們希望與它互動的基本方式是什麼。我們目前正處於此方面的調整階段。我的意思是，我們開始推出這個計劃，我想，是在十一月左右，也許是十月。

And I would expect that, over the course of this year, we are going to start rolling this out much more prominently across our apps. And that was sort of what I was saying in my opening remarks about the analogy to Stories, where we ran a bunch of experiments, put it out there, got feedback and then eventually did a lot of integrations, even to the point where people were making jokes about us putting Stories in settings, which, for the record, never happened, but I found funny.

我希望，今年我們將開始在我們的應用程式中更加突出地推出這項功能。這就是我在開場白中所說的與故事的類比，我們進行了大量實驗，將其發佈出去，得到了反饋，然後最終做了很多整合，甚至到了人們開玩笑說我們把故事放在場景中的地步，雖然這從未發生過，但我覺得很有趣。

So I think that we're going to be on that journey this year. We're basically in the learning and tuning phase now. I'm happy with how that's going. We're currently working on and planning the next set of integrations and places where this is going to be available to people across the products, and I'm really looking forward to that. And I think that's going to be one of the big themes for '24 for us.

所以我認為我們今年將踏上這段旅程。我們現在基本上處於學習和調整階段。我對目前的情況很滿意。我們目前正在研究和規劃下一組整合以及可供所有產品用戶使用的地方，我對此感到非常期待。我認為這將成為我們‘24’的重要主題之一。

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

偉大的。感謝您今天加入我們。感謝您的時間，我們期待很快再次與您交談。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。