Snap Inc (SNAP) 2019 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to Snap Inc.'s First Quarter 2019 Earnings Conference Call.

大家下午好，歡迎參加 Snap Inc. 的 2019 年第一季度收益電話會議。

(Operator Instructions) This call is being recorded.

（操作員說明）此通話正在錄音。

Thank you very much.

非常感謝。

Mr. David Ometer of Investor Relations, you may now begin your conference.

投資者關係部的 David Ometer 先生，您現在可以開始您的會議了。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Welcome to Snap's First Quarter 2019 Earnings Conference Call.

歡迎參加 Snap 2019 年第一季度收益電話會議。

With us today are Evan Spiegel, Chief Executive Officer and Co-Founder; Jeremi Gorman, Chief Business Officer; and Lara Sweet, Interim Chief Financial Officer.

今天與我們在一起的是首席執行官兼聯合創始人 Evan Spiegel； Jeremi Gorman，首席商務官；和臨時首席財務官 Lara Sweet。

Earlier today, we made a slide presentation available that provides an overview of our user and financial metrics for the first quarter 2019, which can be found on our Investor Relations website at investor.snap.com.

今天早些時候，我們提供了一個幻燈片演示文稿，概述了我們 2019 年第一季度的用戶和財務指標，可在我們的投資者關係網站investor.snap.com 上找到。

Now we'll cover the safe harbor.

現在我們將覆蓋安全港。

Today's call is to provide you with information regarding our first quarter 2019 performance in addition to our financial outlook.

今天的電話是為您提供有關我們 2019 年第一季度業績以及我們的財務展望的信息。

This conference call includes forward-looking statements.

本次電話會議包括前瞻性陳述。

Any statement that refers to expectations, projections, guidance or other characterizations of future events, including financial projections or future market conditions, is a forward-looking statement based on assumptions today.

任何涉及對未來事件的預期、預測、指導或其他特徵的陳述，包括財務預測或未來市場狀況，都是基於當今假設的前瞻性陳述。

Actual results may differ materially from those expressed in these forward-looking statements, and we make no obligation to update our disclosures.

實際結果可能與這些前瞻性陳述中表達的結果大不相同，我們沒有義務更新我們的披露。

For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as risks described in our annual report on Form 10-K for the year ended December 31, 2018, particularly in the section titled Risk Factors.

有關可能導致實際結果與前瞻性陳述產生重大差異的因素的更多信息，請參閱我們今天發布的新聞稿以及我們截至 2018 年 12 月 31 日止年度的 10-K 表格年度報告中描述的風險，特別是在標題為“風險因素”的部分中。

Additional information can be found in our other filings with the SEC when available.

其他信息可以在我們向 SEC 提交的其他文件中找到。

Our commentary today will also include non-GAAP financial measures, and we believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends.

我們今天的評論還將包括非 GAAP 財務指標，我們相信這些非 GAAP 財務指標的使用為投資者提供了一種額外的工具，可用於評估持續的經營業績和趨勢。

These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

這些措施不應與根據公認會計原則編制的財務信息隔離或替代。

Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our press release issued today, a copy of which can be found on our Investor Relations website.

我們報告的結果的 GAAP 和非 GAAP 指標之間的調節可以在我們今天發布的新聞稿中找到，其副本可以在我們的投資者關係網站上找到。

Please note that when we discuss all of our expense figures, they will exclude stock-based compensation and related payroll taxes as well as depreciation and amortization and nonrecurring charges.

請注意，當我們討論所有費用數據時，它們將不包括基於股票的薪酬和相關的工資稅以及折舊和攤銷以及非經常性費用。

At times in our prepared remarks or in response to questions, we may offer additional metrics to provide greater insight into our business or our quarterly and annual results.

有時在我們準備好的評論或回答問題時，我們可能會提供額外的指標，以更深入地了解我們的業務或我們的季度和年度業績。

This additional detail may be onetime in nature, and we may or may not provide an update in the future on these metrics.

這個額外的細節可能是一次性的，我們將來可能會也可能不會提供這些指標的更新。

Please refer to our filings with the SEC to understand how we calculate our metrics.

請參閱我們提交給 SEC 的文件，以了解我們如何計算我們的指標。

With that, I'd like to turn the call over to Evan.

有了這個，我想把電話轉給 Evan。

Hi, everyone, and welcome to our call.

大家好，歡迎來電。

We began the year with a solid first quarter, delivering strong results across our business with growth in daily active users, user engagement and revenue.

我們以穩健的第一季度開局，在日常活躍用戶、用戶參與度和收入方面實現了強勁的業績增長。

Our early momentum in the fiscal year is driven by our ability to innovate and execute on our mission to empower people to express themselves, live in the moment, learn about the world and have fun together.

我們在本財年的早期勢頭是由我們創新和執行使命的能力推動的，即讓人們能夠表達自己、活在當下、了解世界並一起玩樂。

We are excited to see the early results of some of the investments we made in 2018 and prior years.

我們很高興看到我們在 2018 年和之前幾年進行的一些投資的早期成果。

We added 4 million net additional users in the first quarter, growing our community to 190 million daily active users.

我們在第一季度新增了 400 萬用戶，使我們的社區日活躍用戶達到 1.9 億。

We have achieved significant reach with millennials and Gen Z in key markets like the United States where we now reach 75% of all 13 to 34 year olds.

我們在美國等主要市場與千禧一代和 Z 世代取得了顯著的聯繫，我們現在覆蓋了 75% 的 13 至 34 歲人群。

As of March, our ads can now reach more 13 to 34 year olds than Instagram in the United States.

截至 3 月，在美國，我們的廣告現在可以覆蓋比 Instagram 更多的 13 至 34 歲人群。

Our business generated revenues of $320 million in Q1, an increase of 39% year-over-year, and our year-over-year revenue growth increased by 3 percentage points versus the prior quarter.

我們的業務在第一季度創造了 3.2 億美元的收入，同比增長 39%，我們的收入同比增長比上一季度增長了 3 個百分點。

Our adjusted EBITDA loss in Q1 was $123 million, representing a 43% improvement year-over-year.

我們在第一季度調整後的 EBITDA 虧損為 1.23 億美元，同比增長 43%。

This is the second consecutive quarter where more than 100% of our incremental year-over-year revenue flowed through to our bottom line.

這是我們連續第二個季度超過 100% 的同比增長收入流入我們的底線。

As of the end of Q1, our new Android application is available to everyone.

截至第一季度末，我們的新 Android 應用程序可供所有人使用。

Compared to the prior version, it is 25% smaller, opens 20% faster on average and is modularized to allow for efficient ongoing innovation.

與之前的版本相比，它的體積縮小了 25%，平均打開速度提高了 20%，並且採用模塊化設計以實現高效的持續創新。

On some of the lowest performing devices, this resulted in a 6% increase in the number of people sending Snaps within the first week of upgrading to the new Android build.

在一些性能最低的設備上，這導致在升級到新的 Android 版本的第一周內發送 Snap 的人數增加了 6%。

While these early results are promising, improvements in performance and new user retention will take time to compound and meaningfully impact our top line metrics.

雖然這些早期結果很有希望，但性能和新用戶留存率的提高將需要時間來複合並有意義地影響我們的頂線指標。

There are billions of Android devices in the world that now have access to an improved Snapchat experience, and we look forward to being able to grow our Snapchat community in new markets.

世界上有數十億台 Android 設備現在可以使用改進後的 Snapchat 體驗，我們期待能夠在新市場中發展我們的 Snapchat 社區。

Following the expansion of our Discover platform with last year's redesign, we have been focused on broadening our content offerings and growing engagement.

繼去年重新設計我們的 Discover 平台後，我們一直專注於擴大我們的內容產品和增加參與度。

We now offer more than 450 premium content channels worldwide.

我們現在在全球提供 450 多個優質內容頻道。

We doubled the number of non-U.

我們將非 U 的數量增加了一倍。

S. partners we work with in the past 6 months and launched over 50 new Shows and Publisher Stories in international markets in Q1 alone.

S. 合作夥伴在過去 6 個月中與我們合作，僅在第一季度就在國際市場推出了 50 多個新節目和出版商故事。

After seeing incredible engagement with Snap Originals, we will be launching 10 new original shows while also renewing some of last season's hit shows.

在看到與 Snap Originals 令人難以置信的互動後，我們將推出 10 部新的原創節目，同時更新上一季的一些熱門節目。

The number of people watching Discover and their time spent watching content continue to grow as Discover becomes part of their daily routine.

隨著 Discover 成為他們日常生活的一部分，觀看 Discover 的人數和他們觀看內容的時間繼續增長。

In Q1, nearly half of our daily Discover viewers watched Discover every day of the week.

在第一季度，我們每天有近一半的 Discover 觀眾在一周中的每一天都觀看 Discover。

This growth in engagement is benefiting our content partners who have been able to reach a new audience on Snapchat.

這種參與度的增長使我們的內容合作夥伴受益，他們能夠在 Snapchat 上接觸到新的受眾。

ESPN's Emmy-nominated Discover content added an incremental 13% to the total viewership across ESPN's U.S. mobile presence among people 13 and older in January as measured by ComScore.

根據 ComScore 的衡量，ESPN 獲得艾美獎提名的 Discover 內容在 1 月份 13 歲及以上人群中 ESPN 在美國移動的總收視率增加了 13%。

In March, our partners increased their total mobile monthly reach in the U.S. by an average of more than 30% just by publishing to Discover as measured by ComScore.

根據 ComScore 的衡量，3 月份，僅通過發佈到 Discover，我們的合作夥伴在美國的每月移動總覆蓋率平均增加了 30% 以上。

Our augmented reality platform continues to evolve with our community now spending more than 250 million minutes playing with AR experiences every day on average in the Snapchat camera.

我們的增強現實平台不斷發展，我們的社區現在平均每天花費超過 2.5 億分鐘在 Snapchat 攝像頭上玩 AR 體驗。

This represents a 10% increase in playtime per DAU compared to last year.

與去年相比，這意味著每個 DAU 的遊戲時間增加了 10%。

With this growing engagement, we are also focusing on our growing community of Lens creators as well as extending the capabilities of our AR platform.

隨著這種不斷增長的參與，我們還專注於我們不斷增長的鏡頭創作者社區以及擴展我們的 AR 平台的功能。

When we launched Lens Studio just over 1 year ago, a talented community of creators began creating and sharing AR experiences.

當我們一年多前推出 Lens Studio 時，一群才華橫溢的創作者社區開始創作和分享 AR 體驗。

Creators are now submitting thousands of new Lenses on a daily basis, and Lenses from our community are viewed hundreds of millions of times every day.

創作者現在每天提交數千個新鏡頭，來自我們社區的鏡頭每天被觀看數億次。

We are constantly adding new functionalities to Lens Studio while also investing directly in our creator community.

我們不斷為 Lens Studio 添加新功能，同時也直接投資於我們的創作者社區。

For example, we recently launched creator profiles, where creators can showcase their portfolios and build a following among our 190 million daily active users, more than 3/4 of whom are engaging with AR on Snapchat every day.

例如，我們最近推出了創作者資料，創作者可以在其中展示他們的作品集，並在我們 1.9 億日活躍用戶中建立追隨者，其中超過 3/4 的人每天都在 Snapchat 上使用 AR。

Augmented reality allows our Snapchat community to overlay their creativity on the world.

增強現實讓我們的 Snapchat 社區能夠將他們的創造力疊加到世界上。

We started by building augmented reality for selfies and then surfaces and are currently working on powering an even broader range of real-world interactions.

我們首先為自拍構建增強現實，然後是表面，目前正在努力為更廣泛的現實世界互動提供動力。

With our new Landmarkers product, our camera can now interact directly with iconic buildings around the world, making it possible to land an Ice Dragon on top of the Flatiron building in New York for the Game of Thrones premier.

借助我們新的 Landmarkers 產品，我們的相機現在可以直接與世界各地的標誌性建築互動，從而可以讓冰龍降落在紐約熨斗大廈的頂部，以觀看《權力的遊戲》首映式。

With Scan, our camera can also recognize what it's looking at and deliver a contextually relevant experience.

借助 Scan，我們的相機還可以識別它正在查看的內容並提供與上下文相關的體驗。

For example, our camera might surface pet-friendly Lenses when you're scanning your dog or help you identify a particular product you're scanning to help you buy on Amazon.

例如，當您掃描您的狗或幫助您識別您正在掃描的特定產品以幫助您在亞馬遜上購買時，我們的相機可能會顯示寵物友好型鏡頭。

We recently launched Snap Games, which allows our community to play high-quality mobile games with their friends in real time through our chat service.

我們最近推出了 Snap Games，它允許我們的社區通過我們的聊天服務與他們的朋友實時玩高質量的手機遊戲。

This was the result of more than 2 years of investment to create a new way to have fun with your close friends.

這是 2 年多來投資的結果，旨在創造一種與親密朋友一起玩樂的新方式。

We worked with some amazing partners to build a platform focused on unique gaming experiences designed specifically for our platform and community with communication between friends and thoughtfully integrated monetization.

我們與一些了不起的合作夥伴合作，構建了一個專注於為我們的平台和社區設計的獨特遊戲體驗的平台，通過朋友之間的交流和精心整合的貨幣化。

We've been so excited to see the response from our community, and we can't wait to continue developing games.

我們很高興看到社區的反應，我們迫不及待地想繼續開發遊戲。

Our advertising business is continuing to scale, following our transition to self-serve monetization with nearly all of our products, including Lenses, now available via our Ads Manager.

隨著我們向自助貨幣化轉型，我們的廣告業務繼續擴大，幾乎所有產品（包括鏡頭）現在都可以通過我們的廣告管理器獲得。

We invested heavily in this platform over the past year, including launching dozens of new capabilities to deliver scalable ROI for an increasing variety of advertisers, including bid optimization for conversion events.

過去一年，我們在這個平台上進行了大量投資，包括推出數十項新功能，為越來越多的廣告商提供可擴展的投資回報率，包括轉化事件的出價優化。

This has helped us scale our direct response revenue, which more than doubled when compared to Q1 last year.

這幫助我們擴大了直接響應收入，與去年第一季度相比增加了一倍多。

Brand buyers are also seeing great results from our improvements over the past year.

品牌買家也從我們過去一年的改進中看到了巨大的成果。

We now allow advertisers to optimize against important brand goals like efficient reach and targeting, which helps our vertical video and camera marketing products work together to deliver our brand narrative.

我們現在允許廣告商針對重要的品牌目標進行優化，例如有效覆蓋和定位，這有助於我們的垂直視頻和攝像頭營銷產品協同工作以傳遞我們的品牌故事。

We have also seen that our growing reach and engagement among millennials and Gen Z is an important differentiator in the marketplace.

我們還看到，我們在千禧一代和 Z 世代中不斷擴大的影響力和參與度是市場上的重要差異化因素。

These generations are unprecedented in size and spending power, are still in the process of developing their brand loyalties and are difficult to engage on other platforms or with traditional advertising formats.

這幾代人的規模和消費能力前所未有，仍在發展他們的品牌忠誠度，很難在其他平台或傳統廣告形式上參與。

For example, Nestle recently ran a multiproduct campaign for DiGiorno Pizza across Snap Ads and Filters, enabling them to deliver a comprehensive narrative across the different parts of our platform and allowing them to reach new buyers.

例如，雀巢最近通過 Snap 廣告和過濾器為 DiGiorno Pizza 開展了一項多產品活動，使他們能夠在我們平台的不同部分提供全面的敘述，並讓他們能夠接觸到新的買家。

1/3 of incremental sales were driven by new buyers to the DiGiorno portfolio as measured by Nielsen Catalina Solutions.

根據 Nielsen Catalina Solutions 的衡量，1/3 的增量銷售是由 DiGiorno 產品組合的新買家推動的。

This resulted in a 3.3% sales lift driven almost entirely by increased penetration and a 3.6x return on ad spend as measured by Nielsen Catalina Solutions.

根據 Nielsen Catalina Solutions 的衡量，這幾乎完全由滲透率的提高和 3.6 倍的廣告支出回報推動了 3.3% 的銷售額增長。

We are so excited to see advertisers achieve great results on Snapchat, and we are looking forward to continuing to improve our advertising products and platform.

我們很高興看到廣告商在 Snapchat 上取得了不錯的成績，我們期待繼續改進我們的廣告產品和平台。

We have worked hard to thoughtfully balance our long-term investments and product innovation with operating cost discipline.

我們一直在努力平衡我們的長期投資和產品創新與運營成本紀律。

The improvements we have made to our cost structure over the past year were largely due to efficiencies we found in our products and operations that outpaced our growing investments across our content, gaming, augmented reality and advertising platforms.

過去一年我們對成本結構的改進主要是由於我們在產品和運營中發現的效率超過了我們在內容、遊戲、增強現實和廣告平台上不斷增長的投資。

As we look towards the future, we see many opportunities to increase our investments, and we will continue to manage our business for long-term growth.

展望未來，我們看到了許多增加投資的機會，我們將繼續管理我們的業務以實現長期增長。

Our team is energized by our progress and the many opportunities in front of us.

我們的團隊因我們的進步和擺在我們面前的許多機會而充滿活力。

We will continue to drive product innovation, enhance our advertising platform and strengthen our team and business.

我們將繼續推動產品創新，加強我們的廣告平台，加強我們的團隊和業務。

With that, I'll turn the call over to Jeremi to talk more about our advertising business.

有了這個，我將把電話轉給 Jeremi，以更多地談論我們的廣告業務。

Thanks, Evan.

謝謝，埃文。

It's been a pleasure to be a part of Snap for the past 6 months, and I'm thrilled to continue to work together with the rest of our leadership to build upon our strong foundation.

在過去的 6 個月裡，很高興成為 Snap 的一員，我很高興能繼續與我們的其他領導層一起努力，在我們強大的基礎上再接再厲。

We continue to see significant upside and opportunity in the future of our business.

我們繼續看到我們業務未來的巨大上行空間和機遇。

There are 3 primary drivers of our optimism.

我們樂觀的主要驅動因素有 3 個。

The first is our opportunity to scale the learnings from our successful brand partnerships across a wider variety of partners and industries.

首先是我們有機會在更廣泛的合作夥伴和行業中擴大我們成功的品牌合作夥伴關係的經驗。

The second is our rapid progress with performance advertisers.

第二是我們與績效廣告商的快速進步。

And the third is the health of our advertising ecosystem given the strength of our ad products and growing user engagement.

第三是考慮到我們廣告產品的實力和不斷增長的用戶參與度，我們廣告生態系統的健康狀況。

First, we have been working closely with many large brand advertisers as we build out our ad platform and products, learning and iterating with them, and we've made major strides following our switch to a self-service platform.

首先，我們一直在與許多大型品牌廣告商密切合作，構建我們的廣告平台和產品，與他們一起學習和迭代，我們在轉向自助服務平台後取得了重大進展。

Over the past year, we've been building some of the best tools for brand marketers and to Snap Ads Manager to enable them to achieve business results.

在過去的一年中，我們一直在為品牌營銷人員和 Snap Ads Manager 構建一些最佳工具，以使他們能夠實現業務成果。

For example, advertisers can now buy our core ad products based on Reach & Frequency, which allows brand marketers the flexibility and customization of self-service tools with the transparency and predictability of reserved pricing.

例如，廣告商現在可以購買我們基於 Reach & Frequency 的核心廣告產品，這使品牌營銷人員能夠靈活地定制自助服務工具，同時保留定價的透明度和可預測性。

It has only been less than a year since we launched Reach & Frequency for Lenses, and it is now the dominant way marketers are buying AR advertising on Snap.

自我們推出 Reach & Frequency for Lenses 僅不到一年時間，它現在已成為營銷人員在 Snap 上購買 AR 廣告的主要方式。

We see a significant opportunity to scale the learnings from this group of successful brand advertisers to a broader set of customers.

我們看到了一個重要的機會，可以將這群成功的品牌廣告商的經驗擴展到更廣泛的客戶群。

For example, while we've seen success with a number of key QSR brands, there are remaining advertisers in the category with whom we could do more.

例如，雖然我們已經看到許多關鍵 QSR 品牌取得了成功，但我們還可以在該類別中做更多的廣告商。

And now with the teams organized by vertical, these advertisers can be serviced by our team members with relevant categorical expertise.

現在，通過垂直組織的團隊，這些廣告商可以由我們具有相關分類專業知識的團隊成員提供服務。

Like in this example, in order to fully realize these opportunities, we needed to set up a more scalable structure for our sales teams.

就像在這個例子中一樣，為了充分利用這些機會，我們需要為我們的銷售團隊建立一個更具可擴展性的結構。

As of April 1, the reorganization has taken effect in the U.S. and the international reorganization is underway as we speak.

截至4月1日，重組已在美國生效，國際重組正在進行中。

We have split the team into 3 segments to organize around advertiser needs.

我們將團隊分成 3 個部分，以圍繞廣告客戶的需求進行組織。

A significant portion of our U.S. revenue is transitioning between sales team members, and while we expect some disruption to our near-term business, we're confident that this is the right long-term structure.

我們美國收入的很大一部分正在銷售團隊成員之間轉移，雖然我們預計近期業務會受到一些干擾，但我們相信這是正確的長期結構。

Our Enterprise sales team is focused on large brand advertisers with complex buying structures and is now structured by vertical rather than by region.

我們的企業銷售團隊專注於具有復雜購買結構的大型品牌廣告商，現在按垂直而不是按地區構建。

This allows our teams to share learnings across categories and gain expertise in the industries in which our advertisers operate, especially as these relationships and campaigns become increasingly sophisticated.

這使我們的團隊能夠跨類別分享經驗，並在我們的廣告商經營的行業中獲得專業知識，尤其是在這些關係和活動變得越來越複雜的情況下。

Alongside this Enterprise team is an Emerging Advertiser team focused primarily on direct response advertisers such as app install and direct-to-consumer brands.

除了這個企業團隊之外，還有一個新興廣告商團隊，主要專注於直接響應廣告商，例如應用安裝和直接面向消費者的品牌。

This is a category seeing growing success on our platform.

這個類別在我們的平台上取得了越來越大的成功。

Lastly, our newly formed Scaled Services organization is focused on one-to-many marketing and sales tactics to continue to bring more and more advertisers to our platform.

最後，我們新成立的 Scaled Services 組織專注於一對多的營銷和銷售策略，以繼續為我們的平台帶來越來越多的廣告商。

Overlaying this structure is a newly developed Agency team to focus specifically on deepening our relationships with our Agency partners.

覆蓋此結構的是一個新開發的代理團隊，專門專注於深化我們與代理合作夥伴的關係。

We're excited about these changes and the opportunities that come with them.

我們對這些變化以及隨之而來的機遇感到興奮。

This new structure will allow us to better drive adoption of some of the most engaging and innovative ad units in the industry.

這種新結構將使我們能夠更好地推動行業中一些最具吸引力和創新性的廣告單元的採用。

As millennials and Gen Z are increasingly favoring short-form video and other rich mobile experiences over desktop and television, we are creating mobile ad units so that brands can reach our audience using these formats.

隨著千禧一代和 Z 世代越來越喜歡短視頻和其他豐富的移動體驗，而不是桌面和電視，我們正在創建移動廣告單元，以便品牌可以使用這些格式吸引我們的受眾。

Earlier this month, we announced a new slate of Snap Originals and our new Snap Games platform.

本月早些時候，我們宣布了新的 Snap Originals 和我們新的 Snap Games 平台。

Both of these products are monetized by Commercials, our 6-second nonskippable mobile video product.

這兩種產品都由我們的 6 秒不可跳過的移動視頻產品 Commercials 貨幣化。

We designed this specifically to work well for both our users and our advertising partners.

我們專門設計了這個，以便為我們的用戶和我們的廣告合作夥伴提供良好的服務。

Brayden Ainzuain, Head of Digital and Innovation at Publicis in MENA told us, "The launch of Commercials on Snapchat answers the growing desire amongst brands to reach a mobile audience with compelling branded video content.

陽獅中東和北非地區數字與創新主管 Brayden Ainzuain 告訴我們：“在 Snapchat 上推出商業廣告滿足了品牌日益增長的願望，即通過引人注目的品牌視頻內容吸引移動受眾。

Being the launch partner of this new format with our forward-thinking clients gave us a first view of its impact.

與我們有遠見的客戶一起作為這種新格式的啟動合作夥伴，讓我們第一次看到了它的影響。

We saw incredible results for BMW, MINI, Nestlé and Samsung locally achieving really efficient CPMs, CPCVs and view-through rates."

我們看到寶馬、MINI、雀巢和三星在當地取得了非常高效的 CPM、CPCV 和觀看率，取得了令人難以置信的成果。”

We continue to build on our industry-leading AR technology.

我們將繼續以我們行業領先的 AR 技術為基礎。

Brands can now leverage our image recognition technology and location-enabled AR to immerse our community in an impactful content experience.

品牌現在可以利用我們的圖像識別技術和支持位置的 AR 讓我們的社區沉浸在有影響力的內容體驗中。

For example, Nike and Foot Locker recently brought the House of Hoops to life by having Lebron James emerge from the wall to dunk, all inside our camera.

例如，Nike 和 Foot Locker 最近通過讓 Lebron James 從牆上出現扣籃，讓籃球之家煥然一新，所有這些都在我們的攝像機內。

On average, 3/4 of our daily active users engage with AR experiences every day, and we're excited to partner with brands to bring even more AR experiences to our camera.

平均而言，我們每天有 3/4 的活躍用戶參與 AR 體驗，我們很高興與品牌合作，為我們的相機帶來更多的 AR 體驗。

We see an interesting opportunity at the intersection of our self-serve tools, our video ads and our AR ads.

我們在自助服務工具、視頻廣告和 AR 廣告的交匯處看到了一個有趣的機會。

Our Ads Manager empowers advertisers to run sophisticated campaigns that leverage multiple formats, helping brands tell a cohesive story across our service.

我們的廣告管理器使廣告商能夠利用多種格式開展複雜的活動，幫助品牌在我們的服務中講述一個有凝聚力的故事。

Combining our optimization and delivery capabilities with formats native to the Snapchat generation allows our products to work better together and delivers compelling storytelling at scale.

將我們的優化和交付能力與 Snapchat 一代的原生格式相結合，使我們的產品能夠更好地協同工作，並大規模提供引人入勝的故事講述。

For example, Toyota ran a sophisticated campaign across our various video and AR products to promote the Corolla Hatchback amongst millennials.

例如，豐田在我們的各種視頻和 AR 產品中開展了一項複雜的活動，以在千禧一代中推廣 Corolla Hatchback。

Snapchatters engaged with the ads watching more than 90% of their commercials on average and playing with their Lens for more than 10 seconds each on average.

與廣告互動的 Snapchatter 平均觀看了超過 90% 的廣告，並且平均每人使用 Lens 的時間超過 10 秒。

By combining different video and AR experiences in an optimized and efficient way, Toyota was able to deliver a rich narrative that led Snapchatters 25 and older who saw the ads to be 40% more likely to identify the car as having the particular brand attributes the ads were designed to promote as measured by Kantar.

通過以優化和高效的方式結合不同的視頻和 AR 體驗，豐田能夠提供豐富的敘述，使 25 歲及以上的 Snapchatter 看到廣告的人更有可能將汽車識別為具有特定品牌屬性的廣告旨在促進由 Kantar 衡量。

Second, we've made remarkable progress with performance advertisers and our direct response platform generally.

其次，我們在效果廣告商和我們的直接響應平台方面取得了顯著進展。

In less than 2 years, we built a self-service ad platform from scratch that is nearly at feature parity with industry leaders on things like targeting and delivery capabilities.

在不到 2 年的時間裡，我們從零開始構建了一個自助服務廣告平台，在定位和投放能力等方面幾乎與行業領導者相當。

That's why Wish, one of the most sophisticated e-commerce advertisers, is seeing success with our newest formats such as a 75% lower cost per install when leveraging our new app install optimization capabilities and an even lower cost per install when using our new Shoppable Catalog Ad format.

這就是為什麼 Wish 是最成熟的電子商務廣告商之一，我們的最新格式取得了成功，例如，利用我們的新應用安裝優化功能，每次安裝成本降低 75%，使用我們新的 Shoppable 時，每次安裝成本更低目錄廣告格式。

Additionally, our progress in this area allowed us to increase the volume of always-on performance advertisers that are not as affected by seasonal brand advertising trends with our total direct response revenue more than doubling year-over-year.

此外，我們在這一領域取得的進展使我們能夠增加不受季節性品牌廣告趨勢影響的始終在線效果廣告客戶的數量，我們的直接響應總收入同比增長一倍以上。

Advanced DR advertisers such as Pocket Gems, makers of the popular mobile game Episode, have seen improved return on ad spend on our platform over time.

隨著時間的推移，流行的手機遊戲 Episode 的製造商 Pocket Gems 等高級 DR 廣告商已經看到我們平台上的廣告支出回報率有所提高。

For instance, in Q1, our app install ads drove 300% more purchase volume inside Episode as compared to Q1 2018.

例如，在第一季度，與 2018 年第一季度相比，我們的應用安裝廣告在劇集內的購買量增加了 300%。

We continue to learn alongside close partners like Pocket Gems, improving measurement, optimization and relevance to drive stronger downstream results for performance-oriented campaigns.

我們將繼續與 Pocket Gems 等密切合作夥伴一起學習，改進衡量、優化和相關性，從而為以績效為導向的活動推動更強大的下游結果。

Lastly, while our advertising business is still young, it is powered by very strong underlying fundamentals, including a hard-to-reach audience with high-quality engagement and auction dynamics to drive better results as we scale our business.

最後，雖然我們的廣告業務還很年輕，但它由非常強大的基本面提供支持，包括具有高質量參與和拍賣動態的難以觸及的受眾，以在我們擴大業務時推動更好的結果。

We have high penetration among a valuable and growing audience who engages heavily with both premium mobile video and interactive AR every day in Snapchat.

我們在有價值且不斷增長的受眾中擁有很高的滲透率，他們每天都在 Snapchat 中大量使用優質移動視頻和交互式 AR。

With demographic and behavioral trends pointing in our favor, we are increasing inventory within our ad products such as high-quality shows and games, which have the potential to attract incremental online video budgets into our hand-curated, brand-safe environment.

隨著人口統計和行為趨勢對我們有利，我們正在增加高質量節目和遊戲等廣告產品的庫存，這些產品有可能吸引增量在線視頻預算進入我們手工策劃的品牌安全環境。

We also have a lot of opportunities to improve and expand our business.

我們也有很多機會來改進和擴展我們的業務。

Our advertising products and self-service platform have proven to deliver ROI at scale with a lot of headroom for continued improvement.

我們的廣告產品和自助服務平台已被證明可以大規模提供投資回報率，並有很大的持續改進空間。

In the past year alone, we introduced several new capabilities from lower-funnel bidding optimizations for downstream events like website and in-app purchases to innovative new ad formats like Story Ads, Commercials and AR Lenses with Direct Response Attachments.

僅在過去一年，我們就推出了多項新功能，從針對網站和應用內購買等下游活動的低漏斗競價優化，到故事廣告、商業廣告和帶有直接響應附件的 AR 鏡頭等創新廣告格式。

We are also expanding existing self-service products for camera advertising to bring the benefits of optimization and scale to even more of our ad products.

我們還在擴展現有的相機廣告自助服務產品，以便為我們的更多廣告產品帶來優化和擴展的優勢。

As these improvements have given advertisers of all types and sizes the capacity to win on Snap, we also have opportunities to not only deepen our relationships with the world's largest companies but also expand into new industries, geographies and advertiser types to increase the overall advertiser breadth and depth on the platform.

由於這些改進使各種類型和規模的廣告商都有能力在 Snap 上獲勝，我們也有機會不僅加深與世界上最大的公司的關係，而且還擴展到新的行業、地區和廣告商類型，以增加整體廣告商的廣度和平台上的深度。

Furthermore, trends in our business also point to auction dynamics that can drive both growth and performance.

此外，我們的業務趨勢還表明拍賣動態可以推動增長和業績。

This past year has demonstrated that we're able to grow our advertiser base and revenue while simultaneously decreasing average cost per conversion for our advertisers, showing how our ongoing improvements in our efficiency and optimization have plenty of room to flow through to deliver better results at a larger scale.

過去的一年表明，我們能夠擴大廣告客戶群和收入，同時降低廣告客戶的平均每次轉化成本，這表明我們在效率和優化方面的持續改進有足夠的空間來提供更好的結果更大的規模。

We also recently announced the upcoming Snap Audience Network, which will allow us to help our publisher and advertiser partners reach their customers in a variety of environments in a privacy-safe way.

我們最近還宣布了即將推出的 Snap Audience Network，這將使我們能夠幫助我們的發布商和廣告商合作夥伴以隱私安全的方式在各種環境中接觸他們的客戶。

This will be a long-term investment, and we're getting started with a few select partners.

這將是一項長期投資，我們正在與一些精選的合作夥伴開始合作。

We're committed to our advertisers' success in every way possible, and the results of the past few quarters show this.

我們致力於以各種可能的方式幫助廣告客戶取得成功，過去幾個季度的結果表明了這一點。

I feel so fortunate to be here at this fantastic moment in Snap's history, and I'm confident that there's an incredible amount of opportunity ahead of us.

我很幸運能在 Snap 歷史上的這個美妙時刻來到這裡，我相信我們面前有大量的機會。

With that, I'd like to turn the call over to Lara.

有了這個，我想把電話轉給勞拉。

Thanks, Jeremi.

謝謝，傑雷米。

Our Q1 2019 financial results reflect our continued focus on driving growth, revenue and long-term operational efficiencies.

我們 2019 年第一季度的財務業績反映了我們對推動增長、收入和長期運營效率的持續關注。

Our Q1 2019 operating cash flow improved $166 million to negative $66 million compared with Q1 2018 and improved $60 million compared with Q4 2018.

與 2018 年第一季度相比，我們 2019 年第一季度的運營現金流增加了 1.66 億美元至負 6,600 萬美元，與 2018 年第四季度相比增加了 6,000 萬美元。

The year-over-year change in operating cash flow is driven by a $94 million improvement in adjusted EBITDA offset by changes in the timing of working capital.

經營現金流的同比變化是由調整後 EBITDA 的 9400 萬美元改善被營運資金時間的變化所抵消。

Similarly, the sequential change in operating cash flow is driven by changes in the timing of working capital reflecting the seasonality of our business between Q4 and Q1 partially offset by a $73 million decline in adjusted EBITDA.

同樣，營運現金流的連續變化是由反映我們第四季度至第一季度業務季節性的營運資金時間變化驅動的，部分被調整後 EBITDA 下降 7300 萬美元所抵消。

Our capital expenditures, which are nominal, are mainly associated with the build-out of our office facilities.

我們名義上的資本支出主要與我們辦公設施的擴建有關。

Q1 2019 capital expenditures were $12 million compared to $36 million in Q1 2018 and $23 million in the prior quarter.

2019 年第一季度的資本支出為 1200 萬美元，而 2018 年第一季度為 3600 萬美元，上一季度為 2300 萬美元。

Our Q1 2019 free cash flow improved $190 million to negative $78 million compared with Q1 2018 and improved $71 million compared with Q4 2018.

與 2018 年第一季度相比，我們 2019 年第一季度的自由現金流增加了 1.9 億美元至負 7800 萬美元，與 2018 年第四季度相比增加了 7100 萬美元。

Common shares outstanding plus shares underlying stock-based awards outstanding totaled 1,544 million on March 31, 2019, compared with 1,457 million a year ago.

截至 2019 年 3 月 31 日，已發行普通股加上已發行的基礎股票獎勵總計 15.44 億股，而一年前為 14.57 億股。

We ended the quarter with $1.2 billion of cash and marketable securities.

我們在本季度結束時擁有 12 億美元的現金和有價證券。

Our change in cash for the quarter was negative $70 million.

我們本季度的現金變動為負 7000 萬美元。

The change in cash was $151 million better than the prior year and improved $65 million versus the prior quarter as we continue to make progress towards generating free cash flow.

隨著我們繼續在產生自由現金流方面取得進展，現金變化比上一年增加了 1.51 億美元，比上一季度增加了 6500 萬美元。

For the quarter, we generated record Q1 revenue of $320 million, an increase of 39% year-over-year and a decrease of 18% sequentially, reflecting the expected seasonality in our business from Q4 to Q1.

本季度，我們創造了創紀錄的第一季度收入 3.2 億美元，同比增長 39%，環比下降 18%，反映了我們從第四季度到第一季度業務的預期季節性。

Daily active users were 190 million in Q1 2019 compared to 191 million in Q1 2018 and 186 million in Q4 2018.

2019 年第一季度的每日活躍用戶為 1.9 億，而 2018 年第一季度為 1.91 億，2018 年第四季度為 1.86 億。

Our results in Q1 benefited from positive momentum at the beginning of the quarter due to seasonality that we observed as a result of the holiday season.

我們在第一季度的業績受益於季度初的積極勢頭，因為我們觀察到假日季節的季節性。

Average revenue per user was $1.68, an increase of 39% year-over-year and a decrease of 19% sequentially, again reflecting seasonality in our business.

每位用戶的平均收入為 1.68 美元，同比增長 39%，環比下降 19%，再次反映了我們業務的季節性。

In Q1 2019, North America ARPU increased 34% year-over-year compared to a 23% year-over-year increase in Q4 2018 and a 16% year-over-year increase in Q1 2018.

2019 年第一季度，北美 ARPU 同比增長 34%，而 2018 年第四季度同比增長 23%，2018 年第一季度同比增長 16%。

In terms of our advertising business, total impressions were up 155% year-over-year and 6% sequentially, while pricing was down 42% year-over-year and was down 22% sequentially.

在我們的廣告業務方面，總展示次數同比增長 155%，環比增長 6%，而定價同比下降 42%，環比下降 22%。

The price decrease was driven primarily by an increase in available supply.

價格下跌主要是由於可用供應增加所致。

Infrastructure costs per daily active user were $0.72 in Q1 2019, down from $0.73 in Q1 2018 and flat sequentially.

2019 年第一季度每日活躍用戶的基礎設施成本為 0.72 美元，低於 2018 年第一季度的 0.73 美元，環比持平。

We have maintained our focus on unit cost efficiencies while growing daily active users by 4 million quarter-over-quarter.

我們一直專注於單位成本效率，同時將每日活躍用戶數量環比增長 400 萬。

Our cloud infrastructure costs moving forward are expected to be driven by 3 primary factors.

我們未來的雲基礎設施成本預計將受到 3 個主要因素的推動。

The first is the size of our community and the depth of engagement per user of our application.

首先是我們社區的規模和我們應用程序每個用戶的參與深度。

As engagement trends continue in a positive direction, we expect to observe higher infrastructure costs despite improving unit costs for the underlying cloud services and user actions.

隨著參與趨勢繼續朝著積極的方向發展，儘管基礎雲服務和用戶操作的單位成本有所提高，但我們預計會觀察到更高的基礎設施成本。

The second factor is the cost structure of our cloud partners where we continue to benefit from their growing economies of scale, which are passed on to us in the form of lower rates.

第二個因素是我們的雲合作夥伴的成本結構，我們繼續從他們不斷增長的規模經濟中受益，這些經濟以較低的費率形式傳遞給我們。

The third factor is how efficiently we utilize our cloud infrastructure.

第三個因素是我們利用雲基礎設施的效率。

On this last front, we are seeing continuous improvements in the unit cost of delivering various services to our users, including, for example, the cost to serve an advertising impression and the cost to deliver a Snap.

在這最後一個方面，我們看到向用戶提供各種服務的單位成本不斷提高，例如，提供廣告展示的成本和交付 Snap 的成本。

In addition to infrastructure costs, the remainder of cost of revenue is primarily made up of content costs and payments to third-party ad sellers, which declined 11% sequentially and increased 10% year-over-year primarily due to seasonality in our business.

除基礎設施成本外，其餘的收入成本主要由內容成本和支付給第三方廣告銷售商的費用構成，這主要是由於我們業務的季節性因素，環比下降 11%，同比增長 10%。

Gross margin expanded substantially year-over-year, which continues to demonstrate that our business model is scaling profitably.

毛利率同比大幅增長，這繼續表明我們的業務模式正在盈利。

Gross margin was 39%, improving over 2,100 basis points year-over-year, although gross margin declined by 900 basis points sequentially, again reflecting the seasonal nature of our business.

毛利率為 39%，同比增長超過 2,100 個基點，但毛利率環比下降 900 個基點，再次反映了我們業務的季節性。

Operating expenses in the quarter were $248 million, down 4% year-over-year and up 4% sequentially.

本季度的運營費用為 2.48 億美元，同比下降 4%，環比增長 4%。

We continue to focus on driving operating cost productivity across our business.

我們將繼續專注於提高整個業務的運營成本生產力。

Our operating expenses are primarily driven by employee-related costs, which represent about 2/3 of our operating expenses.

我們的運營費用主要由員工相關成本驅動，約占我們運營費用的 2/3。

We continue to see fixed cost leverage in employee-related costs, which declined 2% year-over-year and were up 4% sequentially.

我們繼續看到員工相關成本中的固定成本槓桿率同比下降 2%，環比上升 4%。

Operating expenses as a percentage of revenue were 77% compared with 112% in Q1 2018 and 61% in Q4 2018.

營業費用佔收入的百分比為 77%，而 2018 年第一季度為 112%，2018 年第四季度為 61%。

Q1 2019 adjusted EBITDA was negative $123 million, an improvement of $94 million over the prior year and a decline of $73 million over the prior quarter.

2019 年第一季度調整後的 EBITDA 為負 1.23 億美元，比上年增加 9400 萬美元，比上一季度減少 7300 萬美元。

This was the fourth consecutive quarter that we had an improvement in year-over-year adjusted EBITDA.

這是我們連續第四個季度調整後的 EBITDA 同比有所改善。

Adjusted EBITDA margin for Q1 2019 improved significantly year-over-year to negative 39% compared with negative 94% in Q1 2018.

2019 年第一季度調整後的 EBITDA 利潤率同比顯著提高至負 39%，而 2018 年第一季度為負 94%。

Adjusted EBITDA leverage was 105% in the quarter compared to 104% in the prior quarter.

本季度調整後的 EBITDA 槓桿率為 105%，而上一季度為 104%。

Finally, Q1 operating loss improved $76 million over the prior year to negative $316 million.

最後，第一季度運營虧損比上年減少 7600 萬美元，至負 3.16 億美元。

Our Q1 operating loss increased $121 million over the prior quarter.

我們的第一季度運營虧損比上一季度增加了 1.21 億美元。

With respect to the second quarter of 2019, the positive trends we are observing in per user engagement may increase our infrastructure costs overall.

關於 2019 年第二季度，我們觀察到的每位用戶參與度的積極趨勢可能會增加我們的整體基礎設施成本。

Additionally, as Evan mentioned earlier, we plan to make additional investments in marketing, content, engineering and sales to support our long-term strategic objectives and to build on the momentum we see in our business today.

此外，正如 Evan 之前提到的，我們計劃在營銷、內容、工程和銷售方面進行額外投資，以支持我們的長期戰略目標，並鞏固我們今天看到的業務勢頭。

We believe that these investments will create value over the long term, but in the immediate term, they will put downward pressure on the very high operating leverage we have observed in recent quarters.

我們相信這些投資將在長期內創造價值，但在短期內，它們將對我們在最近幾個季度觀察到的非常高的經營槓桿施加下行壓力。

These forward-looking statements reflect our expectations as of April 23, 2019, and are subject to substantial uncertainty.

這些前瞻性陳述反映了我們截至 2019 年 4 月 23 日的預期，並存在很大的不確定性。

As mentioned at the start of the call, our results are inherently unpredictable and may be materially affected by many factors.

正如電話會議開始時所提到的，我們的結果本質上是不可預測的，並且可能會受到許多因素的重大影響。

Now I'll share our Q2 2019 outlook.

現在我將分享我們的 2019 年第二季度展望。

Revenue is expected to be between $335 million and $360 million or to grow between 28% and 37% year-over-year compared to $262 million in Q2 2018.

與 2018 年第二季度的 2.62 億美元相比，預計收入將在 3.35 億美元至 3.6 億美元之間，或同比增長 28% 至 37%。

Adjusted EBITDA is expected to be between negative $150 million and negative $125 million compared to negative $169 million in Q2 2018.

調整後的 EBITDA 預計將在負 1.5 億美元至負 1.25 億美元之間，而 2018 年第二季度為負 1.69 億美元。

This guidance assumes, among other things, that no business acquisitions, investments, restructurings or legal settlements are concluded in the quarter.

除其他事項外，本指南假設本季度未完成任何業務收購、投資、重組或法律和解。

While we are not going to give specific guidance on daily active users, we have previously seen stronger daily active user growth rates in Q1 when compared to Q2.

雖然我們不會就每日活躍用戶給出具體指導，但我們之前曾看到，與第二季度相比，第一季度的每日活躍用戶增長率更高。

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

有了這個，讓我們打開問題的線路。

(Operator Instructions) And today's first questioner will be Ross Sandler with Barclays.

（操作員說明）今天的第一位提問者將是巴克萊銀行的羅斯桑德勒。

Evan, just a question on the DAU commentary for 2Q.

Evan，關於 2Q 的 DAU 評論的問題。

So you just mentioned in the prepared remarks that the growth rate will be lower than 1Q.

所以你剛才在準備好的評論中提到，增長率將低於一季度。

I assume you guys are referring to the 2% sequential growth that you just realized in the first quarter in terms of it being lower than that, but just a clarification will be helpful.

我假設你們指的是你們剛剛在第一季度實現的 2% 的連續增長，因為它低於這個數字，但澄清一下會有所幫助。

And then I guess big picture.

然後我猜大局。

When do you see Snap getting back to the cadence of DAU growth that you had kind of pre-redesign now that Android is fully rolled out?

既然 Android 已經全面推出，那麼您什麼時候會看到 Snap 恢復到您進行了某種預先重新設計的 DAU 增長節奏？

And is Android at this point growing month-over-month?

Android 在這一點上是否逐月增長？

Any color would be helpful on that.

任何顏色都會對此有所幫助。

Ross, this is Lara and thanks for the question.

羅斯，我是勞拉，謝謝你的提問。

I think to be clear, as you pointed out, we were talking about our sequential growth rates, so we've previously seen stronger quarter-over-quarter daily active user growth rates in Q1 when compared with Q2.

正如您所指出的，我認為要明確的是，我們正在談論我們的連續增長率，因此與第二季度相比，我們之前看到第一季度的季度每日活躍用戶增長率高於第二季度。

Additionally, as we look out, we don't provide guidance outside of what we've reflected in Q2, and our assumptions on DAU are reflected in our guidance on revenue and adjusted EBITDA.

此外，正如我們所看到的，我們不提供超出我們在第二季度反映的指導，我們對 DAU 的假設反映在我們對收入和調整後 EBITDA 的指導中。

And we think that as we're rolling out, the early results on Android are promising.

我們認為，隨著我們的推出，Android 的早期結果很有希望。

Improvements in performance and new user retention take time to compound and meaningfully impact our top line metrics.

性能和新用戶保留的改進需要時間來複合並有意義地影響我們的頂線指標。

And our next questioner today will be Heath Terry with Goldman Sachs.

今天我們的下一個提問者將是高盛的希思特里。

Evan, I know you touched on it a little bit in the remarks.

埃文，我知道你在評論中提到了一點。

But any deeper discussion you want to have around the initial returns that you're seeing on the Android app levels of engagement, geography in terms of where that's showing sort of the most benefit?

但是，您希望圍繞您在 Android 應用程序的參與度、地理位置方面看到的初始回報進行更深入的討論，以確定哪些地方顯示出最大的好處？

And then from an advertising revenue side of things, as you think about benchmarking yourself versus your peers, when you look at the mix that you've got, whether it's brand versus direct response or self-serve versus direct sales, is there a particular opportunity or gap there that you're more focused on in terms of closing?

然後從廣告收入方面來看，當您考慮將自己與同行進行基準比較時，當您查看您所擁有的組合時，無論是品牌與直接響應還是自助服務與直接銷售，是否存在特定的就關閉而言，您更關注的機會或差距是什麼？

Maybe that's a better question for Jeremi, but appreciate any thoughts you have.

也許這對 Jeremi 來說是一個更好的問題，但感謝您的任何想法。

Thanks for the questions.

感謝您的提問。

I'll let Jeremi handle the second one.

我會讓 Jeremi 處理第二個。

As it pertains to Android, we're definitely excited by what we're seeing.

由於它與 Android 有關，我們對所看到的內容感到非常興奮。

We talked about the improvements, especially on resource-constrained devices, which is really exciting for us because that opens up a new market opportunity from -- for folks who really weren't able to use Snapchat as effectively in the past.

我們談到了改進，特別是在資源受限的設備上，這對我們來說真的很令人興奮，因為這為過去確實無法有效使用 Snapchat 的人們開闢了新的市場機會。

So excited about what we're seeing.

對我們所看到的感到非常興奮。

I can't provide any specifics beyond what we shared earlier, but it's early.

除了我們之前分享的內容之外，我無法提供任何細節，但現在還為時過早。

And I think really, for us, this is sort of the price of admission to international markets.

我真的認為，對我們來說，這是進入國際市場的某種代價。

So I think the next chapter is really going to be about localizing our content experiences, our augmented reality experiences, things like that as we look to grow internationally.

所以我認為下一章真的是關於本地化我們的內容體驗、我們的增強現實體驗，以及我們尋求國際化發展的類似事情。

And thanks.

謝謝。

I'll take the second part of the question.

我將回答問題的第二部分。

Parts of what have driven the strong results for this quarter have been performance advertisers who've more than doubled their spend year-over-year in Q1.

推動本季度強勁業績的部分原因是績效廣告客戶在第一季度的支出同比增長了一倍以上。

This followed the launch of our lower-funnel tools in the past year such as goal-based bidding for in-app conversions and pixel events.

在此之前，我們在過去一年推出了低漏斗工具，例如針對應用內轉化和像素事件的基於目標的競價。

We're very pleased that we've also seen growth from brand advertisers as we continue to iterate on the ad product ecosystem specific to Reach & Frequency Lenses that are available; our Commercials format, which is the full-screen unskippable video format that's in brand-safe environments, which are really strong for brand advertisers.

我們很高興看到品牌廣告商的增長，因為我們繼續迭代特定於可用的 Reach & Frequency Lenses 的廣告產品生態系統；我們的商業廣告格式，這是一種在品牌安全環境中不可跳過的全屏視頻格式，對於品牌廣告商來說非常強大。

So we're seeing strong growth in both segments and expect that to continue.

因此，我們看到這兩個領域都出現了強勁的增長，並預計這種情況會持續下去。

And the next questioner today will be Rich Greenfield with BTIG.

今天的下一位提問者將是 BTIG 的 Rich Greenfield。

I've got a few.

我有幾個。

First, Evan, at the Partner Day, you've kind of talked about gaming being what you thought was kind of the most exciting part of the series of announcements.

首先，Evan，在合作夥伴日，您談到了遊戲是您認為是一系列公告中最令人興奮的部分。

Was hoping you could elaborate for everyone listening kind of why gaming is so important to Snapchat.

希望你能詳細說明為什麼遊戲對 Snapchat 如此重要。

Is it more about engagement, revenues or both?

更多的是關於參與度、收入還是兩者兼而有之？

Two, Ad Kit, I think Jeremi mentioned this.

第二，Ad Kit，我想 Jeremi 提到了這一點。

I know kind of a new announcement at the Partner Day.

我知道在合作夥伴日有一個新的公告。

Any partners yet or any third-party platform or any third-party mobile apps using Ad Kit and actually using your ads anywhere yet?

是否有任何合作夥伴或任何第三方平台或任何第三方移動應用程序使用 Ad Kit 並在任何地方實際使用您的廣告？

And how should we think about the timing of that?

我們應該如何考慮它的時機？

And then just lastly on the Android rollout.

最後是 Android 的推出。

Obviously, you've had a lot of people for the last few years that have been kind of frustrated with Snapchat on Android, which is why you rebuilt it.

很明顯，在過去的幾年裡，你有很多人對 Android 上的 Snapchat 感到有點沮喪，這就是你重建它的原因。

While in markets like India where you're a new launch, I don't assume you need a win-back campaign, but in markets like Europe where people may have been frustrated, what's your plan for kind of helping tell people that there's a new rebuilt app and a much better experience?

雖然在印度這樣的市場，你是一個新產品，但我認為你不需要一個贏回來的活動，但在歐洲這樣的市場，人們可能會感到沮喪，你有什麼計劃來幫助告訴人們有一個新的重建應用程序和更好的體驗？

Like what's that marketing strategy look like over the next several months?

就像接下來幾個月的營銷策略是什麼樣的？

Thanks, Rich, for the questions.

謝謝，豐富的問題。

As it pertains to gaming, I think what's great about the gaming platform is that it really leverages the unique attributes of Snapchat to bring friends together.

由於它與遊戲有關，我認為遊戲平台的優點在於它真正利用了 Snapchat 的獨特屬性將朋友聚集在一起。

So I think what we're excited about over the long term is that it may create more monetization opportunities around the communication side of our business.

因此，我認為從長遠來看，我們感到興奮的是，它可能會圍繞我們業務的通信方面創造更多的貨幣化機會。

But it's very early, and we're excited about the enthusiasm around that platform.

但現在還為時過早，我們對圍繞該平台的熱情感到興奮。

So that'll be great.

所以那會很棒。

And I think as it pertains to Android and sort of the win back, it's going to take time to rebuild that trust.

而且我認為，由於它與 Android 和某種贏回有關，需要時間來重建這種信任。

And I think the best way for us to do that is really to deliver on the product, continue our pace of innovation on Android and deliver those improvements over time.

我認為我們做到這一點的最佳方式是真正交付產品，繼續我們在 Android 上的創新步伐，並隨著時間的推移交付這些改進。

We're, of course, supplementing that with marketing and other sort of in-market activities, but I think that it's going to be a process.

當然，我們會通過營銷和其他類型的市場活動來補充這一點，但我認為這將是一個過程。

And I'll jump in on the Ad Kit question, Rich.

我會直接回答 Ad Kit 的問題，Rich。

Thank you for the question.

感謝你的提問。

The Ad Kit has not launched yet for the Snap Audience Network.

Snap Audience Network 的廣告工具包尚未發布。

It's a long-term strategy and still obviously very early days.

這是一個長期戰略，顯然還處於早期階段。

We just announced it a couple of weeks ago.

幾週前我們剛剛宣布了這一消息。

But we're really excited by the response from publishers who want to work with us and our ad partners on connecting with our hard-to-reach audience.

但我們對希望與我們和我們的廣告合作夥伴合作以與我們難以觸及的受眾建立聯繫的出版商的回應感到非常興奮。

Will they spend time outside of Snapchat?

他們會花時間在 Snapchat 之外嗎？

We're growing the list of partners deliberately, and we're going to have more to share in the months to come.

我們正在特意增加合作夥伴名單，在接下來的幾個月裡我們將分享更多內容。

But it is -- we don't expect it to have a material impact on revenue in 2019 as we're making this a very deliberate long-term strategy for the business.

但它是——我們預計它不會對 2019 年的收入產生重大影響，因為我們正在將其作為一項非常慎重的長期業務戰略。

And our next questioner today will be Justin Post with Merrill Lynch.

我們今天的下一位提問者將是美林證券的賈斯汀·波斯特。

Great.

偉大的。

In the prepared remarks, you talked about engagement up.

在準備好的評論中，你談到了訂婚。

I was wondering if you could talk about what people are really growing on Snapchat.

我想知道您是否可以談論人們在 Snapchat 上的真正成長。

Is it Discover?

是發現嗎？

Is it other areas?

是其他地區嗎？

And any impact on total time spent?

對花費的總時間有何影響？

And then secondly, related to that, impressions were up 155%.

其次，與此相關的是，展示次數增加了 155%。

Where are you serving the majority of those new ad impressions?

您在哪裡投放大部分新廣告展示？

And are those -- the yields to advertisers is good with those new impressions?

這些新印像對廣告商的收益是否良好？

So on the engagement growth, we're really seeing it across the board.

因此，在參與度增長方面，我們確實全面看到了它。

We shared the time spent remains over 30 minutes per user per day, so really excited about that, and I think there's lots of opportunity to grow on the content side of the business but also with our augmented reality products and communication.

我們分享了每位用戶每天花費的時間仍然超過 30 分鐘，對此非常興奮，我認為在業務的內容方面以及我們的增強現實產品和通信方面都有很多發展機會。

And then as far as the diversification of where we run our advertising, we're very fortunate to continue to have these innovative areas such as games and the forthcoming audience network.

然後就我們投放廣告的多元化而言，我們很幸運能夠繼續擁有這些創新領域，例如游戲和即將到來的受眾網絡。

Of course, as we continue to grow DAU, there are more opportunities to show more ads, more Story Ads for instance and then with the Commercials format that runs in Discover and across games.

當然，隨著 DAU 的不斷增長，我們有更多機會展示更多廣告，例如更多故事廣告，然後是在 Discover 和跨遊戲中運行的商業廣告格式。

And as we start to see increasing engagement in those 2 areas, we have more opportunities to show more ads to our Snapchat community without impacting their experience.

隨著我們開始看到這兩個領域的參與度越來越高，我們有更多機會在不影響他們體驗的情況下向我們的 Snapchat 社區展示更多廣告。

And our next questioner today will be Lloyd Walmsley with Deutsche Bank.

我們今天的下一個提問者將是德意志銀行的勞埃德沃爾姆斯利。

Great.

偉大的。

I have 2 if I can.

如果可以的話，我有 2 個。

First, Jeremi, a lot of changes to the sales force with some verticalization, some emerging ad team, the Agency team.

首先，Jeremi，銷售團隊發生了很多變化，包括一些垂直化、一些新興的廣告團隊、代理團隊。

Can you kind of rank order the most interesting opportunity to drive revenue in the next year or 2?

您能否對未來一兩年內增加收入的最有趣的機會進行排序？

And talk about maybe how conversations with advertisers have been changing.

並談論與廣告商的對話可能發生的變化。

And then second one, kind of related to this.

然後是第二個，與此有關。

It seems like most of the focus right now is around performance advertisers.

似乎現在的大部分焦點都集中在績效廣告商身上。

You said performance ad spend doubled.

你說效果廣告支出翻了一番。

And assuming that's the majority of ad spend, it implies kind of a flattish or decline in brand spend.

假設這是廣告支出的大部分，這意味著品牌支出持平或下降。

I don't know if that's really the right -- if you're really over half on performance but if you can give us a sense of mix and then how the brand spend has trended and kind of where the focus is there.

我不知道這是否真的是正確的——如果你真的超過一半的表現，但如果你能給我們一種混合感，那麼品牌支出的趨勢以及重點在那裡。

Thanks for the questions, Lloyd.

謝謝你的問題，勞埃德。

I will answer them in generally reverse order.

我會以相反的順序回答他們。

We just started our performance advertising business about a year ago, so the growth trends do not imply a decline in brand spend.

我們大約一年前才開始我們的效果廣告業務，因此增長趨勢並不意味著品牌支出的下降。

It's just newer so that it's growing more quickly.

它只是更新，因此它的增長更快。

As it pertains to the sales reorganization in particular, I'm actually really excited about the split because if you look at it in segments, specifically to the enterprise customers, what our sales team used to have was a list of somewhere between 60 to 100 advertisers on whom they were calling.

由於它尤其涉及到銷售重組，我實際上對拆分感到非常興奮，因為如果您從細分市場來看，特別是針對企業客戶，我們的銷售團隊曾經擁有的列表大約在 60 到 100 之間他們正在拜訪的廣告商。

We've shrunk that list in the enterprise world allowing them to go much more deep with the advertisers they service, and then that's consistent across industries as well.

我們在企業界縮小了該列表，使他們能夠更深入地了解他們所服務的廣告商，然後這在各個行業也是一致的。

So everyone who calls on QSR, for instance, across the whole country rolls up into the same manager.

因此，例如，在全國范圍內，所有調用 QSR 的人都會聚集到同一個經理中。

In terms of the emerging pieces, because we were seeing such high growth specific to app install as well as direct to consumer, for example, we've grouped those together so that we have people like optimization experts that are focused on those kinds of clients that require a different level of service.

就新興部分而言，例如，因為我們看到應用安裝和直接面向消費者的增長如此之快，所以我們將它們組合在一起，以便我們擁有像優化專家這樣專注於這類客戶的人需要不同級別的服務。

So really what we've done is organize the team against advertiser needs very specific to how they'd like to be serviced.

因此，我們所做的實際上是根據廣告客戶的需求組織團隊，這些需求非常具體到他們希望如何得到服務。

Some want to have more optimization specialists.

有些人希望擁有更多的優化專家。

Some want to have more white glove service as their advertising mix becomes more sophisticated.

隨著他們的廣告組合變得更加複雜，有些人希望獲得更多的白手套服務。

So I'm excited about all of it, so it would be hard to rank order them in terms of the most interesting.

所以我對這一切都很興奮，所以很難按照最有趣的方式對它們進行排序。

But the horizontal -- making the business both horizontal and vertical, we expect to yield dividends for years to come.

但是橫向 - 使業務既橫向又縱向，我們預計在未來幾年會產生紅利。

We feel it's a very durable structure.

我們覺得這是一個非常耐用的結構。

And our next questioner today will be Mark Mahaney with RBC Capital Markets.

今天我們的下一個提問者將是 RBC 資本市場的 Mark Mahaney。

Just some color, please, on DAU growth in the March quarter.

請對 3 月季度的 DAU 增長進行一些說明。

I think last quarter, you provided a little bit of color on how much of the growth came from iOS versus Android.

我認為上個季度，您對 iOS 與 Android 的增長有多少提供了一些色彩。

Could you do that for the March quarter?

你能在三月季度做到這一點嗎？

Secondly, can you talk a little bit about if you've -- the success you've had in expanding the demographic appeal above the 34-year age -- 34-year-old age cutoff or whatever it is?

其次，你能談談你是否 - 你在擴大 34 歲以上的人口吸引力方面取得的成功 - 34 歲的年齡界限或其他什麼？

I know there's a few of us above there.

我知道上面有我們幾個人。

And then third, in the Q2 -- in these investments that you're making in the June quarter, is it just an increase in magnitude of investments in these areas, marketing, engineering, content and sales?

第三，在第二季度——在你在六月季度進行的這些投資中，僅僅是在這些領域、營銷、工程、內容和銷售方面的投資規模增加了嗎？

Or are there new areas that you've not invested in before that you plan to invest in now?

或者有沒有你之前沒有投資過的新領域，你現在打算投資？

Just talk about whether it's qualitative or quantitative increase.

只說是質的增加還是量的增加。

Thanks.

謝謝。

I'll take the -- 2 of those questions.

我將回答其中的兩個問題。

One, we're not breaking out our iOS versus Android expectations as it relates to DAU.

第一，我們不會打破與 DAU 相關的 iOS 與 Android 預期。

And then similarly, as we look at our investments, these are things that we are continuing to invest in.

同樣，當我們審視我們的投資時，這些都是我們繼續投資的東西。

We always have a focus on driving growth and innovation in our business, and our Q2 guidance reflects our continuation of that.

我們始終專注於推動業務增長和創新，我們的第二季度指導反映了我們對此的延續。

Mark, I think as we look at expanding our audience, we're most focused today on the international audience, that's 13 to 34.

馬克，我認為當我們著眼於擴大受眾時，我們今天最關注的是國際受眾，即 13 到 34 人。

We know that our product really resonates with our core demo.

我們知道我們的產品確實與我們的核心演示產生了共鳴。

We're going to focus our efforts there.

我們將把精力集中在那裡。

And I think the age-out strategy is a longer-term strategy for us and will require more investments in terms of content and augmented reality experiences that appeal to that demographic, but that's something that we're certainly working on.

而且我認為老齡化戰略對我們來說是一項長期戰略，需要在吸引該人群的內容和增強現實體驗方面進行更多投資，但這確實是我們正在努力的方向。

The next questioner today will be John Egbert with Stifel.

今天的下一位提問者將是 Stifel 的 John Egbert。

I know it's extremely early, but I'm wondering if you can share any early learnings from user behavior on the games platform, whether it's behavior you've observed directly or feedback you've gotten from your developer partners.

我知道現在還為時過早，但我想知道您是否可以分享從遊戲平台上的用戶行為中獲得的任何早期經驗，無論是您直接觀察到的行為還是您從開發者合作夥伴那裡獲得的反饋。

And I'm sure it'll differ by game, and you might have a very, very broad group of different types of games eventually.

而且我相信它會因遊戲而異，最終你可能會擁有非常非常廣泛的不同類型遊戲。

But in general, is there a meaningful difference in infrastructure costs for real-time games relative to other forms of content consumption on Snapchat?

但總的來說，相對於 Snapchat 上其他形式的內容消費，實時遊戲的基礎設施成本是否存在顯著差異？

We don't provide the breakout of how we look at the cost per engagement across our various forms of content.

我們沒有詳細說明我們如何看待各種形式的內容的每次參與成本。

As we look forward into Q2, we do see that the positive trends that we're observing overall in per user engagement may increase our infrastructure costs overall.

當我們展望第二季度時，我們確實看到我們在每個用戶參與度方面觀察到的整體積極趨勢可能會增加我們的整體基礎設施成本。

And the next questioner today will be Eric Sheridan with UBS.

今天的下一位提問者將是瑞銀的 Eric Sheridan。

Maybe a little bit of color on the increased success you've had on the direct response side.

您在直接響應方面取得的成功可能會增加一點色彩。

Can you give us a little bit of color about how direct response advertisers might be trending year-on-year from a budget standpoint?

從預算的角度來看，您能否就直接響應廣告商的同比趨勢向我們提供一些色彩？

Or what's driving more success in the direct response size?

或者是什麼推動了直接響應規模的更大成功？

Is it depth of advertisers in the auction as you continue to widen out depth?

隨著您繼續擴大深度，拍賣中的廣告客戶是否有深度？

Or is it upward price from the auction dynamic?

還是拍賣動態的價格上漲？

Just want a little bit of more color what's driving the growth both in terms of mix and on the advertiser side in direct response.

只是想要更多一點色彩，是什麼推動了混合方面的增長，以及直接響應廣告客戶方面的增長。

Thanks for the question, Eric.

謝謝你的問題，埃里克。

There are a couple of reasons that we're seeing so much success.

我們看到如此巨大的成功有幾個原因。

It is -- all of -- most of those things, it's an increased number of active ad accounts.

這是 - 所有 - 大多數事情，它是活躍廣告帳戶數量的增加。

In fact, the number of active ad accounts is higher than it has ever been in our history.

事實上，活躍廣告帳戶的數量比我們歷史上的任何時候都要高。

We are seeing increased budgets.

我們看到預算增加。

We're seeing success in app install, and we are seeing success in commerce as we continue to iterate on the ad products such as catalogs that allow advertisers like Wish to find success in their direct response advertising.

我們在應用安裝方面取得了成功，在商業方面也取得了成功，因為我們繼續迭代廣告產品，例如目錄，讓 Wish 這樣的廣告商能夠在他們的直接響應廣告中取得成功。

And at the end of the day, we believe that our innovative mobile-first ad formats provide both brand and DR advertisers an opportunity to reach their customers at scale in an engaging way and still believe there's significant upside.

歸根結底，我們相信我們創新的移動優先廣告格式為品牌和 DR 廣告商提供了一個以引人入勝的方式大規模接觸客戶的機會，並且仍然相信有顯著的優勢。

And our next questioner today will be Mark May with Citi.

我們今天的下一位提問者將是花旗的馬克·梅。

Okay.

好的。

Moving on, our next questioner today will be John Blackledge with -- oh, go ahead, sir.

繼續前進，我們今天的下一個提問者將是約翰布萊克利奇 - 哦，繼續吧，先生。

Sorry about that.

對於那個很抱歉。

In terms of your philosophy around balancing growth and profitability and this just kind of ties in to your prepared remarks regarding operating leverage going forward, how are you thinking about delivering on your stretch goal, I think it was of EBITDA breakeven this year and just in general around delivering on improvements in margins and EBITDA, say, over the next year or so?

就您關於平衡增長和盈利能力的理念而言，這與您準備好的關於未來運營槓桿的評論有關，您如何考慮實現您的延伸目標，我認為這是今年的 EBITDA 盈虧平衡點一般來說，在未來一年左右的時間裡，如何提高利潤率和 EBITDA？

Thanks for the question.

謝謝你的問題。

Yes, I think as we look at our progress over the last year or so, we've really been able to hold our cost structure roughly flat for more than a year.

是的，我認為當我們回顧過去一年左右的進展時，我們確實能夠將我們的成本結構保持在一年多的時間里大致持平。

And I think as we look forward, it is our second quarter of more than 100% incremental flow-through on year-over-year incremental revenue.

而且我認為，正如我們展望的那樣，這是我們第二季度的同比增量收入增長超過 100%。

And so I think as we're looking at the growth opportunities in front of us, not only will increasing engagement translate to higher infrastructure costs, but we also see more opportunities to invest on our content business or augmented reality business and more.

所以我認為，當我們看到擺在我們面前的增長機會時，不僅增加參與度會轉化為更高的基礎設施成本，而且我們還會看到更多投資於內容業務或增強現實業務等的機會。

So I think just as we look to the future, we're of course going to do our best to balance our operating efficiency along with our long-term investments.

所以我認為，正如我們展望未來一樣，我們當然會盡最大努力平衡我們的運營效率和我們的長期投資。

But we see a lot of opportunities right now, and we want to make sure we're doing the right thing for the long term.

但是我們現在看到了很多機會，我們希望確保我們在長期內做正確的事情。

And the next questioner today will be John Blackledge with Cowen.

今天的下一位提問者將是約翰·布萊克利奇和考恩。

With the sales reorg, you mentioned some disruption to the near-term business.

通過銷售重組，您提到了近期業務的一些中斷。

Could you discuss that a little bit more broadly, how long it might persist and also perhaps quantify or give a range of the impact?

您能否更廣泛地討論一下，它可能會持續多長時間，也可能量化或給出一定範圍的影響？

The second question is on user engagement, definitely appears strong despite rising ad loads over the past year or so.

第二個問題是關於用戶參與度，儘管在過去一年左右的廣告加載量不斷增加，但它肯定看起來很強勁。

How do you feel about your ability to continue to raise ad load over the near and intermediate term?

您如何看待您在近期和中期繼續提高廣告負載的能力？

John, thanks for the question.

約翰，謝謝你的問題。

This is Jeremi.

這是傑雷米。

I'll answer the first part and then turn it over to Lara.

我先回答第一部分，然後交給勞拉。

Regarding the sales reorg, Snap, like any other organization, has some potential disruption when you do a reorganization, nothing particularly acute to us but just general sentiment when you do a reorganization.

關於銷售重組，Snap 與任何其他組織一樣，在您進行重組時會產生一些潛在的干擾，這對我們來說沒有什麼特別嚴重的，但只是在您進行重組時的普遍情緒。

That is reflected in our guidance, though, thus far, we've mitigated as many risks as we possibly can with revenue changing hands or clients changing hands.

這反映在我們的指導中，但到目前為止，我們已經盡可能多地減輕了收入易手或客戶易手的風險。

An example of that would be that if an account was turning over from an account executive to a different account executive with whom that client hadn't worked, we got a month overlap with that advertiser and march between the 2 teams to ensure continuity of service.

這方面的一個例子是，如果一個客戶從客戶經理轉到另一個客戶經理，而該客戶沒有與之合作，我們與該廣告商有一個月的重疊，並在兩個團隊之間進行，以確保服務的連續性.

And we put another -- a number of other mitigating risk factors in there as well.

我們還放了另一個——一些其他減輕風險的因素。

So nothing specific to us but just general disruption as things change hands.

因此，我們沒有什麼特別的，只是隨著事情的易手而產生的普遍破壞。

And that is again reflected in our guidance.

這再次反映在我們的指導中。

I'll turn it to Lara for the second part.

第二部分我會交給勞拉。

Great.

偉大的。

Thanks, Jeremi.

謝謝，傑雷米。

I think as it relates to that as well, Jeremi mentioned we just factored that into our guidance as these are inherently disruptive events.

我認為這也與此相關，Jeremi 提到我們只是將其納入我們的指導，因為這些本質上是破壞性事件。

When we look at our ad load broadly, when we looked at Q1, we consistently increase supply while monitoring the effect on users.

當我們從廣義上看我們的廣告負載時，當我們查看第一季度時，我們會持續增加供應量，同時監控對用戶的影響。

This allowed more and more brand and performance advertisers to achieve return on investment and see success with our growing suite of ad products, and we expect this result will increase demand going forward.

這使越來越多的品牌和效果廣告商獲得了投資回報，並通過我們不斷增長的廣告產品套件看到了成功，我們預計這一結果將增加未來的需求。

Additionally, our monetization efforts always keep the user experience top of mind, which is why we're focused on optimization and providing the most relevant ads to our users.

此外，我們的貨幣化工作始終將用戶體驗放在首位，這就是為什麼我們專注於優化並向我們的用戶提供最相關的廣告。

Healthy engagement from our community is important as an increased engagement opens up available ad inventory as do features like new originals and games.

我們社區的健康參與很重要，因為參與度的增加會打開可用的廣告庫存，新原創和遊戲等功能也是如此。

The next questioner today will be Doug Anmuth with JPMorgan.

今天的下一位提問者將是摩根大通的 Doug Anmuth。

Jeremi, I was hoping if you could just talk a little bit about your efforts to improve the onboarding of advertisers, how you might be doing that faster now.

Jeremi，我希望你能談談你為改善廣告商入職所做的努力，你現在如何能更快地做到這一點。

And then, Lara, you talked a little bit about some of those investment areas where you're going to pick up the spend here.

然後，勞拉，你談到了一些你將在這裡獲得支出的投資領域。

The cloud part was pretty clear.

雲部分非常清晰。

I was just hoping you could talk more on kind of marketing content, sales, if there's anything else to call out in those areas.

我只是希望你能更多地談論營銷內容、銷售，如果在這些領域還有什麼要說的話。

Sure thing, Doug.

當然，道格。

Thanks for the question.

謝謝你的問題。

We're making a couple of different changes on both the product side as well as on the sales side to onboard new advertisers.

我們在產品方面和銷售方面都進行了一些不同的更改，以吸引新的廣告客戶。

Right now the sophisticated advertisers, those who have been buying advertising for a long time, have a really easy time utilizing our Ad Manager as the features are nearly at parity with the rest of the industry.

現在，那些長期購買廣告的老練的廣告客戶可以輕鬆地使用我們的 Ad Manager，因為這些功能幾乎與業內其他公司相提並論。

However, for smaller businesses, we know that we need to change the tools a bit to make them a little bit easier, a little bit more automated and simple for smaller advertisers to use.

然而，對於小型企業，我們知道我們需要稍微改變工具，讓它們更容易、更自動化和更簡單，以供小型廣告商使用。

We're in the process of evaluating those changes and making some of those to activate more advertisers in the tail.

我們正在評估這些變化，並做出一些改變以激活更多的廣告商。

To coincide with that, we've also formed the Scaled Services team whose job is to focus on one-to-many marketing and sales tactics such as e-mail marketing and a proper CRM system to guide them through the process to get them onboarded and to ensure that their churn rate stays low so that we can get more and more advertisers into the ecosystem, ultimately impacting our auction dynamics in a favorable way.

與此同時，我們還組建了規模化服務團隊，其工作是專注於一對多的營銷和銷售策略，例如電子郵件營銷和適當的 CRM 系統，以指導他們完成讓他們入職的流程並確保他們的流失率保持在較低水平，以便我們可以讓越來越多的廣告商進入生態系統，最終以有利的方式影響我們的拍賣動態。

And I'll take the next part.

我將進行下一部分。

If you look at over time, the improvements we've made in our cost structure over the past year were largely due to efficiencies we found in our products and ops.

隨著時間的推移，我們在過去一年中對成本結構所做的改進主要歸功於我們在產品和運營中發現的效率。

These outpaced our growing investments across content, gaming, augmented reality and our ad platform.

這些超過了我們在內容、遊戲、增強現實和我們的廣告平台方面不斷增長的投資。

So as we're looking forward and building on the momentum of the business, that's where we're really focusing on areas to be able to invest in marketing, content, engineering and sales so that we're providing more opportunities for our community to deeply engage with our app as well as factors like Jeremi mentioned, the creation of the emerging sales team, which allows us to reach new advertisers at scale.

因此，當我們展望並鞏固業務的發展勢頭時，我們真正專注於能夠投資於營銷、內容、工程和銷售的領域，以便我們為社區提供更多機會深入參與我們的應用程序以及 Jeremi 提到的因素，新興銷售團隊的創建，這使我們能夠大規模接觸新的廣告客戶。

We plan to do this through things like targeted investments in people that will really support our long-term strategic objectives.

我們計劃通過對能夠真正支持我們長期戰略目標的人員進行有針對性的投資來做到這一點。

And our next questioner today will be Brian Nowak with Morgan Stanley.

我們今天的下一個提問者將是摩根士丹利的布賴恩諾瓦克。

You've made a series of improvements to the overall ad process, the self-serve tools, the reorg, sales force, video ads, et cetera.

您對整個廣告流程、自助服務工具、重組、銷售團隊、視頻廣告等進行了一系列改進。

Could you maybe just sort of talk about the 1 or 2 biggest hurdles you're still encountering with branded advertisers to really get them to spend more on the platform?

您能否談談您仍然遇到品牌廣告商的 1 或 2 個最大障礙，以真正讓他們在平台上花費更多？

It seems like performance is coming.

看來表演要來了。

What's the 1 or 2 biggest improvements you have to make to really start to crack the brands more?

要真正開始更多地破解品牌，您必須做出的 1 或 2 個最大改進是什麼？

Thanks for the question, Brian.

謝謝你的問題，布賴恩。

We are -- I would say the #1 hurdle is that our ad formats are different than you would traditionally see on desktop, television or even other digital.

我們——我想說的第一大障礙是我們的廣告格式與您在台式機、電視甚至其他數字設備上看到的傳統廣告格式不同。

So that's not assets that everybody necessarily has at their disposal.

因此，這不是每個人都必須擁有的資產。

When you think of a 6-second unskippable vertical video for instance, that's not something that everybody just has on hand.

例如，當您想到一個 6 秒不可跳過的垂直視頻時，這並不是每個人手頭都有的東西。

The good news is that we are working very closely with the product team who has been working very hard to help our advertisers create these assets and then automate it in simple and scalable way so that more advertisers can advertise on our platform.

好消息是我們正在與產品團隊密切合作，他們一直在努力幫助我們的廣告商創建這些資產，然後以簡單且可擴展的方式將其自動化，以便更多的廣告商可以在我們的平台上做廣告。

Additionally, as these formats, vertical video, vertical still images, become more and more common across the overall advertising ecosystem outside of Snap, we suspect that, that will have -- mean that other people have these assets at their disposal and that'll become less of a hurdle for us.

此外，隨著這些格式、垂直視頻、垂直靜止圖像在 Snap 之外的整個廣告生態系統中變得越來越普遍，我們懷疑這將意味著其他人擁有這些資產可供他們使用，這將對我們來說不再是一個障礙。

But we remain focused on improving the ad product suite.

但我們仍然專注於改進廣告產品套件。

We're investing in relevance, optimization and measurement and these innovative ad formats to continue.

我們正在對相關性、優化和衡量以及這些創新的廣告格式進行投資以繼續下去。

But I would say that, that is probably our #1 hurdle for onboarding.

但我想說，這可能是我們入職的第一大障礙。

The next questioner today will be Michael Nathanson with MoffettNathanson.

今天的下一位提問者將是 MoffettNathanson 的 Michael Nathanson。

One for Jeremi.

一個給傑雷米。

One for Lara.

一個給勞拉。

Jeremi, in answering that question of Brian's, one of the bullet case ideas is perhaps the category of digital ads on Snap is going to grow because of Instagram's push into Stories.

Jeremi 在回答 Brian 的這個問題時，其中一個重要的想法可能是 Snap 上的數字廣告類別將會因為 Instagram 對 Stories 的推動而增長。

Is there any way you could help us understand if -- has Instagram Stories push maybe made it easier for you to kind of transition people to a different type of format?

您有什麼方法可以幫助我們了解 - Instagram Stories 的推送是否讓您更容易將人們轉換為不同類型的格式？

Is there anything you can share on that?

你有什麼可以分享的嗎？

I would say unspecific to Instagram but the adoption of the vertical stories format generally across the app ecosystem will help us, again kind of referring to my previous answer.

我會說對 Instagram 不特定，但在整個應用生態系統中普遍採用垂直故事格式將對我們有所幫助，這又是指我之前的回答。

The more advertisers that have that asset, the more easy it is for us to onboard those advertisers into Snap.

擁有該資產的廣告商越多，我們就越容易將這些廣告商加入 Snap。

So we view that as success for the entirety of the industry and how people naturally hold their phones native to this generation.

因此，我們認為這是整個行業的成功，以及人們如何自然地將手機放在這一代人身上。

And the next questioner today will be Anthony DiClemente with Evercore.

今天的下一位提問者將是 Evercore 的 Anthony DiClemente。

Maybe for Jeremi, one thing I'm curious about on premium publisher revenue.

也許對於 Jeremi 來說，我對優質出版商收入感到好奇的一件事。

So a number of points in the prepared remarks about how well Discover is doing in terms of growing engagement and viewership with Discover.

因此，在準備好的評論中，有幾點是關於 Discover 在增加 Discover 的參與度和收視率方面做得如何。

Assuming a lot of that is premium publisher content, it seems like, at the same time, you've done a great job controlling revenue share costs.

假設其中很多是優質的出版商內容，同時，您似乎在控制收益分成成本方面做得很好。

If you just look at the slide that shows the composition of cost to revenue, I think those are up 9%, so staying relatively in check.

如果您只看顯示成本與收入構成的幻燈片，我認為這些增長了 9%，因此保持相對可控。

So can you just help me think about how do those content agreements and revenue share costs work?

所以你能幫我想想這些內容協議和收益分成成本是如何運作的嗎？

Like why should we expect premium publisher costs related to Discover, expect those to start to pick up?

比如我們為什麼要期待與 Discover 相關的溢價出版商成本，期待那些開始回升？

Or are we -- am I thinking about that the right way?

還是我們——我是否以正確的方式思考這個問題？

In other words, how do those kind of flow through the income statement, those agreements?

換句話說，這些收入如何通過損益表、那些協議流動？

And how do you see them trending going forward?

您如何看待它們的未來趨勢？

Thanks.

謝謝。

This is Lara.

這是拉拉。

I'll actually take that one.

我真的會拿那個。

I think that the health of our relationship with our content partners and our content ecosystem is very important to us.

我認為我們與內容合作夥伴和內容生態系統的健康關係對我們來說非常重要。

And as we talked about one of the areas that we're focusing on investing in is our content area, and these expectations are factored into our guidance for Q2.

正如我們談到我們專注於投資的領域之一是我們的內容領域，這些期望被納入我們對第二季度的指導。

And I think additionally, as we look at the P&L, we don't go into details on how we structure these arrangements.

而且我還認為，當我們查看損益表時，我們不會詳細說明我們如何構建這些安排。

But as you know, from an actual income statement standpoint, our cost of revenue is reflected, includes our rev share as well as our infrastructure costs.

但如您所知，從實際損益表的角度來看，我們的收入成本得到了反映，包括我們的收入份額以及我們的基礎設施成本。

And the next questioner today will be Brent Thill with Jefferies.

今天的下一位提問者將是 Jefferies 的 Brent Thill。

Lara, on pricing, it's gotten better, but you were down 42% in Q1, down 65% in Q1 last year.

勞拉，在定價方面，它變得更好了，但你在第一季度下降了 42%，去年第一季度下降了 65%。

At what point do you start to see improvements?

您從什麼時候開始看到改進？

Is that back half of the year from your perspective?

從你的角度來看，這是下半年嗎？

Price is not an outcome we seek to drive in the short term.

價格不是我們在短期內尋求推動的結果。

Our focus has always been on building a healthy marketplace that ensures advertisers continue to achieve the best outcomes while maximizing ROI.

我們的重點一直是建立一個健康的市場，以確保廣告商繼續取得最佳成果，同時最大限度地提高投資回報率。

In Q1, on the supply side, we steadily rolled out new ad products and placement, and this captured the growing engagement on our service while monitoring the effect on users.

在第一季度，在供應方面，我們穩步推出了新的廣告產品和展示位置，這在監控對用戶的影響的同時，捕捉到了對我們服務的日益增長的參與度。

More and more advertisers have been able to come in, achieve return on investment, see success with our ad products, and we think this is actually going to increase demand going forward.

越來越多的廣告商能夠進來，實現投資回報，看到我們的廣告產品取得成功，我們認為這實際上會增加未來的需求。

So while we believe this is healthy for our business in the long term, it caused downward pressure on our pricing.

因此，雖然我們認為從長遠來看這對我們的業務是健康的，但它對我們的定價造成了下行壓力。

And also as a reminder, for the demand side, our self-serve tools are less than 2 years old.

另外提醒一下，對於需求方，我們的自助服務工具還不到 2 年的歷史。

So demand is still early, and we continue to see meaningful growth.

因此，需求仍處於早期階段，我們繼續看到有意義的增長。

And the next questioner today will be Ron Josey with JMP Securities.

今天的下一位提問者將是 JMP Securities 的 Ron Josey。

Jeremi, just want to follow up on something you talked about, an interesting opportunity at the intersection of self-serve video and AR and just maybe understand that a little bit more just given how the market has really been adopting video and AR together.

Jeremi，只是想跟進你談到的一些事情，這是自助視頻和 AR 交叉點的一個有趣機會，並且只是考慮到市場實際上是如何同時採用視頻和 AR 的，也許可以理解一點。

Sure.

當然。

Thanks for the question, Ron.

謝謝你的問題，羅恩。

I think that it's a fascinating intersection because we see that when advertisers use the entirety of our product suite or at least more than just one particular piece that their outcomes are better and specific to their KPIs.

我認為這是一個令人著迷的交叉點，因為我們看到，當廣告商使用我們的整個產品套件或至少不僅僅是一個特定的部分時，他們的結果會更好，並且特定於他們的 KPI。

So when we see people utilize Lenses, Stories and Snap Ads, for instance, together in a campaign, those results come out better.

因此，當我們看到人們在活動中一起使用鏡頭、故事和快照廣告時，這些結果會更好。

And I think that -- and that's what I was referring to when I was talking about the intersection.

我認為——這就是我在談論交叉路口時所指的。

In addition, we've moved things like our Lens product into the auction and to the self-service format where advertisers can now bid via things like Reach & Frequency for instance.

此外，我們已將諸如 Lens 產品之類的東西移入拍賣和自助服務形式，廣告商現在可以通過諸如 Reach & Frequency 之類的東西進行競價。

So where Lenses used to be available only on a per day basis, now they can be bought on an audience basis, allowing more advertisers of all types to use our creative tools to drive performance.

因此，過去鏡頭僅按天提供，現在可以按受眾購買，讓更多各種類型的廣告商使用我們的創意工具來提高效果。

Our next questioner today will be Youssef Squali with SunTrust.

我們今天的下一位提問者將是 SunTrust 的 Youssef Squali。

Two quick questions, please.

請提兩個簡單的問題。

Can you speak to your performance across geos?

你能談談你在不同地區的表現嗎？

Looks like North America did really well.

看起來北美做得很好。

Europe and rest of world did a little less well.

歐洲和世界其他地區的表現稍遜一籌。

Anything to call out there?

有什麼要叫的嗎？

And then from your early observations, how do you think monetization on Android will compare to that of iOS?

然後從您早期的觀察來看，您認為 Android 上的貨幣化與 iOS 上的比較如何？

Is there anything structural that should actually justify a delta between the 2?

有什麼結構可以證明兩者之間的增量是合理的嗎？

This is Lara, and thanks for the question.

我是 Lara，謝謝你的提問。

North America growth accelerated 34% year-over-year versus 23% last quarter.

北美增長同比增長 34%，而上一季度為 23%。

We think a lot of the reason for this acceleration was strong advertiser trends in North America and increased spend from those brand and performance advertisers despite seasonality.

我們認為，這種加速的很多原因是北美強勁的廣告客戶趨勢以及這些品牌和績效廣告客戶的支出增加，儘管有季節性。

We believe there's still a large opportunity with both brand and performance businesses in the U.S. and internationally.

我們相信，無論是在美國還是在國際上，品牌和績效業務都存在巨大的機會。

So as you look at that, Europe, next in that bucket, really lagged North America in the shift to self-serve, so the impacts are more pronounced in our year-over-year revenue and ARPU trends, whereas rest of world started on the auction.

因此，當您看到這一點時，歐洲，在那個桶中的下一個，在向自助服務的轉變方面確實落後於北美，因此對我們的同比收入和 ARPU 趨勢的影響更為明顯，而世界其他地區則開始拍賣。

And so we're able to begin monetizing those markets quickly, and you see results of that in our rest of world including areas like the Middle East.

因此，我們能夠快速開始將這些市場貨幣化，您會在我們的世界其他地區（包括中東等地區）看到這一成果。

I think as it pertains to the monetization opportunity on Android versus iOS, we don't break out the difference there, but I would say that as Android engagement increases, we believe the revenue opportunity will increase as well.

我認為，由於它與 Android 與 iOS 的貨幣化機會有關，我們不會打破那裡的差異，但我會說隨著 Android 參與度的增加，我們相信收入機會也會增加。

And our last questioner for today will be Ray Stochel with Consumer Edge Research.

我們今天的最後一位提問者將是來自 Consumer Edge Research 的 Ray Stochel。

All sort of related to gaming but could involve things that are non-gaming related.

各種與遊戲有關，但可能涉及與遊戲無關的事物。

What does rewarded advertising add to your capabilities?

獎勵廣告對您的能力有何幫助？

And what feedback are you getting from advertisers so far?

到目前為止，您從廣告商那裡得到了什麼反饋？

And then how important would in-app purchases be over time to success in rewarded advertising?

那麼隨著時間的推移，應用內購買對獎勵廣告的成功有多重要？

And then big picture across gaming and nongaming, how big could in-app purchases be as a portion of sales in, let's say, 3 to 5 years?

然後是遊戲和非遊戲的大圖景，假設 3 到 5 年，應用內購買佔銷售額的比例有多大？

Thanks for the question.

謝謝你的問題。

Yes, our rewarded video product's built on top of Commercials and that product is seeing I think a lot of uptake in the marketplace to 6-second nonskippable units premium video, and that's been really well received by advertisers.

是的，我們的獎勵視頻產品是建立在商業廣告之上的，我認為該產品在市場上已被大量採用 6 秒不可跳過單元的優質視頻，這確實受到廣告商的好評。

So we're expanding that inventory with our rewarded video units in gaming.

因此，我們正在通過遊戲中的獎勵視頻單元擴展該庫存。

I can't speak to the broader sort of in-app purchase opportunity, but it's certainly something we're looking at.

我無法談論更廣泛的應用內購買機會，但這肯定是我們正在關注的東西。

And this will conclude our question-and-answer session as well as Snap Inc.'s First Quarter 2019 Earnings Conference Call.

這將結束我們的問答環節以及 Snap Inc. 的 2019 年第一季度收益電話會議。

I just want to thank you all for attending today's presentation, and you may now disconnect your lines.

我只想感謝大家參加今天的演示，現在你們可以斷開線路了。