Snap Inc (SNAP) 2019 Q2 法說會逐字稿

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

大家下午好，歡迎參加 Snap Inc. 的 2019 年第二季度收益電話會議。

(Operator Instructions) This call will be recorded.

（操作員說明）此通話將被錄音。

Thank you very much.

非常感謝。

Mr. David Ometer of Investor Relations, you may begin.

投資者關係部的 David Ometer 先生，您可以開始了。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

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

歡迎來到 Snap 的 2019 年第二季度收益電話會議。

With us today are Evan Spiegel, Chief Executive Officer and Cofounder; Jeremi Gorman, Chief Business Officer; and Derek Andersen, Chief Financial Officer.

今天和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；和首席財務官 Derek Andersen。

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

今天早些時候，我們提供了一份幻燈片演示文稿，概述了我們 2019 年第二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 I will cover the safe harbor.

現在我將覆蓋安全港。

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

今天的電話是為您提供有關我們 2019 年第二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 quarterly report on Form 10-Q for the quarter ended March 31, 2019, particularly in the section titled Risk Factors.

有關可能導致實際結果與前瞻性陳述大相徑庭的因素的更多信息，請參閱我們今天發布的新聞稿以及我們在截至 2019 年 3 月 31 日的季度的 10-Q 表格季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're proud of the results that our team delivered this quarter.

我們為我們的團隊在本季度取得的成果感到自豪。

We added 13 million daily actives users, our highest net adds since the second quarter of 2016, bringing our daily active users to 203 million.

我們增加了 1300 萬日活躍用戶，這是自 2016 年第二季度以來的最高淨增加量，使我們的日活躍用戶達到 2.03 億。

The average number of Snaps created every day grew to more than 3.5 billion this quarter, and average time spent per user was over 30 minutes per day.

本季度每天創建的 Snap 平均數量增長到超過 35 億個，每個用戶每天花費的平均時間超過 30 分鐘。

Our revenue growth rate accelerated both quarter-over-quarter and year-over-year to 48%, yielding $388 million in total revenue for the quarter.

我們的收入增長率環比和同比均加速至 48%，本季度總收入為 3.88 億美元。

This growth in our community, engagement and revenue is the result of several transitions we completed over the past 18 months.

我們社區、參與度和收入的這種增長是我們在過去 18 個月中完成的幾次轉型的結果。

Early last year, we redesigned our application to emphasize the importance of communicating with real friends and create a space for premium content.

去年年初，我們重新設計了我們的應用程序，以強調與真正的朋友交流的重要性，並為優質內容創造空間。

We rebuilt our Android application to reach a broader audience, built a self-serve advertising platform to reach more advertisers and transitioned our leadership to support our growing team.

我們重建了我們的 Android 應用程序以覆蓋更廣泛的受眾，建立了一個自助廣告平台以覆蓋更多的廣告商，並轉變了我們的領導層以支持我們不斷壯大的團隊。

In addition to delivering improved business results, we have built a company culture that reflects our long-held values of being kind, smart and creative.

除了提供更好的業務成果外，我們還建立了一種反映我們長期以來秉持的善良、聰明和創造性價值觀的公司文化。

Completing these transitions has established a strong foundation for growing our community, increasing engagement and growing advertiser demand.

完成這些轉變為發展我們的社區、提高參與度和不斷增長的廣告客戶需求奠定了堅實的基礎。

Our team is hard at work making significant progress against each of these areas.

我們的團隊正在努力在這些領域取得重大進展。

We have driven the growth of our community by making Snapchat a fast and fun way to communicate with real friends.

我們通過使 Snapchat 成為與真實朋友交流的快速而有趣的方式，推動了社區的發展。

Following last year's substantial product evolution, we believe that we are now better positioned for long-term success.

繼去年的重大產品演變之後，我們相信我們現在能夠更好地取得長期成功。

Today, more than 75% of the 13- to 34-year-old population in the United States is active on Snapchat, making us larger than services like Facebook and Instagram among this audience and demonstrating the broad-based appeal of our service.

今天，在美國 13 至 34 歲的人群中，超過 75% 的人活躍在 Snapchat 上，這使得我們在這些受眾中的規模超過了 Facebook 和 Instagram 等服務，並展示了我們服務的廣泛吸引力。

We have also observed that communicating visually with real friends on Snapchat provides long-term value for our community.

我們還觀察到，在 Snapchat 上與真正的朋友進行視覺交流為我們的社區提供了長期價值。

For example, Snapchatters in the United States who joined 5 years ago and were active at the end of their first year have retained at more than a 95% annualized rate.

例如，5 年前加入並在第一年末活躍的美國 Snapchatter 的年化率保持在 95% 以上。

We believe this high retention rate underscores the important role Snapchat plays in the lives of the people who use our products.

我們相信，如此高的留存率凸顯了 Snapchat 在使用我們產品的人們的生活中所扮演的重要角色。

We've built a strong base with high penetration and retention in core markets like the United States, and we're hard at work bringing the Snapchat experience to a broader community around the world.

我們已經在美國等核心市場建立了具有高滲透率和保留率的強大基礎，我們正在努力將 Snapchat 體驗帶給全球更廣泛的社區。

We are seeing early positive results following the rollout of our new Android application, with more than a 10% increase in the retention rate of people who open Snapchat for the first time.

在推出新的 Android 應用程序後，我們看到了早期的積極成果，首次打開 Snapchat 的用戶的保留率提高了 10% 以上。

Furthermore, on the majority of Android devices used by new users, Snapchatters are now sending 7% more Snaps when compared to the old version, which we believe is an important leading indicator of their long-term retention.

此外，在新用戶使用的大多數 Android 設備上，與舊版本相比，Snapchatter 現在發送的 Snap 數量增加了 7%，我們認為這是他們長期留存率的重要領先指標。

We have also partnered with global telcos that serve more than 1 billion customers to help our community better manage the costs of Snapchat usage, and we launched 8 new languages so far in 2019 that are spoken by over 750 million people worldwide.

我們還與為超過 10 億客戶提供服務的全球電信公司合作，以幫助我們的社區更好地管理 Snapchat 的使用成本，我們在 2019 年迄今為止推出了 8 種新語言，全球超過 7.5 億人使用這些語言。

We have never been more excited about our opportunity to build a global community.

我們對建立全球社區的機會感到前所未有的興奮。

Our redesigned application helps new Snapchatters adopt retentive behaviors like talking with their real friends.

我們重新設計的應用程序可以幫助新的 Snapchatter 採取保持行為，例如與他們真正的朋友交談。

Our rebuilt Android application provides a vastly improved experience across billions of devices, and our self-serve advertising business has driven accelerating revenue growth that can support a growing community around the world.

我們重建的 Android 應用程序在數十億台設備上提供了極大改進的體驗，我們的自助廣告業務推動了收入的加速增長，可以支持全球不斷發展的社區。

Meanwhile, we are also working to deepen engagement across Snapchat.

同時，我們也在努力加深整個 Snapchat 的參與度。

Now that we have built a strong underlying foundation for our service, we are well positioned to continue investing in key areas like our content platform, our augmented reality platform and our gaming platform.

現在我們已經為我們的服務打下了堅實的基礎，我們有能力繼續投資於我們的內容平台、增強現實平台和遊戲平台等關鍵領域。

These efforts support our mission of empowering people to express themselves, live in the moment, learn about the world and have fun together, which in turn will help drive the long-term growth of our business.

這些努力支持我們的使命，即讓人們能夠表達自己、活在當下、了解世界並一起享受樂趣，這反過來將有助於推動我們業務的長期增長。

We are working hard to grow a made-for-mobile content platform that serves our community, content creators and advertisers.

我們正在努力發展一個為我們的社區、內容創建者和廣告商服務的移動內容平台。

Our content partners are growing in both number and quality as our platform matures and as their experience on Snapchat has helped them become more effective mobile storytellers.

隨著我們平台的成熟以及他們在 Snapchat 上的經驗幫助他們成為更有效的移動故事講述者，我們的內容合作夥伴的數量和質量都在增長。

For example, ESPN started out as a text-heavy Publisher Story when we first launched Discover.

例如，當我們首次推出 Discover 時，ESPN 最初是一個以文字為主的出版商故事。

They have since transitioned to full-screen vertical video with SportsCenter and are now expanding their sports coverage on Discover to 4 different shows.

此後，他們通過 SportsCenter 過渡到全屏垂直視頻，現在正在將 Discover 上的體育報導擴展到 4 個不同的節目。

We are also continuing to evolve the product experience for this expanding slate of content.

我們還將繼續為不斷擴大的內容髮展產品體驗。

For example, we improved content discovery through better ranking to help our community find content that appeals to them and facilitated loyalty through products like Show Profiles, where people can browse past seasons and manage their subscriptions.

例如，我們通過更好的排名改進了內容髮現，以幫助我們的社區找到吸引他們的內容，並通過 Show Profiles 等產品提高忠誠度，人們可以在其中瀏覽過去的季節並管理他們的訂閱。

We are focused on building loyalty and repeat engagement with our Shows, and we saw more than 90% of Snapchatters who completed the first season of Endless Summer, a Snap Original produced by Bunim/Murray Productions, go on to watch Season 2 in its first month.

我們專注於建立忠誠度和重複參與我們的節目，我們看到超過 90% 的 Snapchatter 完成了由 Bunim/Murray Productions 製作的 Snap Original 無盡夏日的第一季，繼續觀看第 2 季的第一季月。

As a result of our investments in our content platform, total daily time spent by Snapchatters watching Discover increased by over 60% year-over-year, while the number of daily viewers has grown by 35% year-over-year.

由於我們對內容平台的投資，Snapchatter 每天觀看 Discover 的總時間同比增長了 60% 以上，而每日觀看人數同比增長了 35%。

This was driven by the additional content we added to our platform over the past year as well as changes we made to our platform to prioritize depth of engagement.

這是由我們在過去一年中添加到平台的額外內容以及我們為優先考慮參與深度而對平台所做的更改所推動的。

By investing in premium content, we are seeing the quality of our platform improve, in addition to increasing engagement with longer-form content.

通過投資優質內容，我們看到我們平台的質量得到了提高，此外還增加了對長篇內容的參與度。

We believe this is best for the overall health of our content business.

我們相信這對我們內容業務的整體健康是最好的。

We are also improving our advertising offering to better support our content platform.

我們還在改進我們的廣告產品，以更好地支持我們的內容平台。

Building upon the success of our Shows format, we recently announced the launch of Snap Select, a new way for advertisers to run Commercials within a curated set of our Shows programming.

在我們的節目格式取得成功的基礎上，我們最近宣布推出 Snap Select，這是一種讓廣告商在我們精心策劃的節目節目中投放廣告的新方式。

This is an example of a product evolution that serves both our advertisers and our content partners while strengthening our overall platform by generating revenue that we can reinvest into better serving our community.

這是一個產品進化的例子，它既服務於我們的廣告商，也服務於我們的內容合作夥伴，同時通過產生收入來加強我們的整體平台，我們可以再投資於更好地為我們的社區服務。

Augmented reality has become a daily behavior for the vast majority of our community because Snapchat opens into the camera.

增強現實已成為我們社區絕大多數人的日常行為，因為 Snapchat 對著鏡頭開放。

Our strategy is to continue driving innovation in fundamental AR technology while building a platform for creators and partners to power augmented reality experiences for our community.

我們的戰略是繼續推動基礎 AR 技術的創新，同時為創作者和合作夥伴建立一個平台，為我們的社區提供增強現實體驗。

We recently launched the next generation of AR Lenses, which leverage our experience with the mobile camera as well as our ongoing investment in research and innovation.

我們最近推出了下一代 AR 鏡頭，它利用了我們在移動攝像頭方面的經驗以及我們對研究和創新的持續投資。

These new Lenses use deep neural networks to modify a person's appearance in real time, and we're well received by our community with over 200 million people playing with these new Lenses in the first 2 weeks.

這些新鏡頭使用深度神經網絡實時修改一個人的外貌，我們受到了社區的好評，在前 2 週內有超過 2 億人在使用這些新鏡頭。

We continue to invest in Lens Studio, our desktop application for creating augmented reality experiences.

我們繼續投資 Lens Studio，這是我們用於創建增強現實體驗的桌面應用程序。

With Lens Studio, we're making the AR creation process easier while simultaneously providing more sophisticated tools in order to unlock the creativity of our community.

借助 Lens Studio，我們正在簡化 AR 創建過程，同時提供更複雜的工具來釋放我們社區的創造力。

We launched Lens Studio 2.0 at the beginning of the quarter to introduce Landmarkers, a new tool for overlaying augmented reality on the world and a variety of other capabilities.

我們在本季度初推出了 Lens Studio 2.0，以引入 Landmarkers，這是一種用於在世界上疊加增強現實的新工具以及各種其他功能。

The number of people submitting new Lenses every month grew by more than 20% from the prior quarter, and we love seeing the new experiences created by our community as we continue to add new templates and capabilities.

每月提交新 Lenses 的人數比上一季度增長了 20% 以上，我們喜歡看到社區創造的新體驗，因為我們繼續添加新的模板和功能。

We're also supporting our creator community with new in-app features like creator profiles so that people can follow their favorite Lens creators, view their portfolio of Lenses and get notified about their latest creations.

我們還通過創作者資料等新的應用內功能支持我們的創作者社區，以便人們可以關注他們最喜歡的鏡頭創作者、查看他們的鏡頭組合併獲得有關他們最新創作的通知。

We saw more engagement with Lenses created by our community in Q2 2019 than the entirety of 2018, and we are continuing to invest in improving both the creation process and the discovery of these community Lenses.

我們看到社區在 2019 年第二季度創建的 Lenses 的參與度超過了 2018 年全年，我們將繼續投資於改進這些社區 Lenses 的創建過程和發現。

We believe that investing in fundamental long-term innovation and supporting a vibrant creator platform will help us continue to lead the way in augmented reality.

我們相信，投資於基本的長期創新並支持一個充滿活力的創作者平台將幫助我們繼續引領增強現實的發展。

Our newly launched gaming platform is off to a great start.

我們新推出的遊戲平台有了一個良好的開端。

In the past 4 months, we have worked with our partners to release 7 new premium games for our community, including 3 games that allow Snapchatters to play as their Bitmoji.

在過去的 4 個月中，我們與合作夥伴合作為我們的社區發布了 7 款新的高級遊戲，其中包括 3 款允許 Snapchatter 充當他們的 Bitmoji 的遊戲。

We designed our gaming platform to support gameplay with real friends and are excited to see early results showing the value of these social interactions.

我們設計了我們的遊戲平台來支持與真正的朋友一起玩遊戲，並且很高興看到早期結果顯示了這些社交互動的價值。

For example, we see a direct correlation between the number of friends playing a game together and their time spent playing games.

例如，我們看到一起玩遊戲的朋友數量與他們玩遊戲的時間之間存在直接相關性。

While we are just getting started building out our new gaming platform, we are learning a lot and can't wait to continue evolving the platform to serve our partners and community.

雖然我們剛剛開始構建我們的新遊戲平台，但我們學到了很多東西，迫不及待地想繼續發展這個平台，為我們的合作夥伴和社區服務。

Our advertising business is gaining momentum following the transitions we have made in our business.

隨著我們業務的轉變，我們的廣告業務正在獲得動力。

Over the past few years, we have built a large and unique audience, created effective and engaging mobile ad units and migrated to a self-serve monetization platform.

在過去幾年中，我們建立了龐大而獨特的受眾群體，創建了有效且引人入勝的移動廣告單元，並遷移到了自助貨幣化平台。

We're now working on scaling demand on our platform by helping advertisers of all types and sizes generate returns on their ad spend.

我們現在正致力於通過幫助各種類型和規模的廣告商從他們的廣告支出中獲得回報來擴大我們平台上的需求。

On the front end, we are developing services and partnerships to make it easier for advertisers to create and buy ads, and we are seeing positive momentum with vertical video and stories as the broader industry moves to adopt the mobile ad formats that we have pioneered.

在前端，我們正在開發服務和合作夥伴關係，以使廣告商更容易創建和購買廣告，隨著更廣泛的行業開始採用我們開創的移動廣告格式，我們看到了垂直視頻和故事的積極勢頭。

On the back end, we have dramatically improved our optimization engine in order to better meet a variety of campaign goals, whether advertisers are trying to efficiently reach a large audience or drive high-quality conversions.

在後端，我們極大地改進了我們的優化引擎，以更好地滿足各種活動目標，無論廣告商是試圖有效地覆蓋大量受眾還是推動高質量的轉化。

These changes have broadened the; types of; advertisers and campaigns that find success on our platform and have led to increased budgets.

這些變化擴大了；種類;在我們的平台上取得成功並導致預算增加的廣告商和活動。

For example, with the launch of conversion optimization less than 1 year ago, we are now accessing uncapped performance budgets from some of our largest advertisers that are limited only by the return on investment that we are able to deliver.

例如，在不到一年前推出了轉化優化，我們現在從一些最大的廣告商那裡獲得了無上限的績效預算，這些廣告商僅受我們能夠提供的投資回報的限制。

As we see advertisers increase their budgets in response to these improved returns, we are also putting effort into scaling the number of advertisers on our platform.

當我們看到廣告商增加預算以應對這些改善的回報時，我們也在努力擴大我們平台上的廣告商數量。

I want to briefly step back and highlight how our different efforts across Snap work together to drive our long-term growth strategy.

我想簡單地退後一步，強調我們在 Snap 的不同努力如何共同推動我們的長期增長戰略。

This quarter offers a great example.

本季度提供了一個很好的例子。

Our significant investments in innovation have helped us build a scaled augmented reality platform and deliver cutting-edge technology like the new Lenses powered by deep neural networks that we launched in May.

我們在創新方面的重大投資幫助我們構建了一個可擴展的增強現實平台，並提供了尖端技術，例如我們在 5 月推出的由深度神經網絡提供支持的新型 Lenses。

The popularity of these Lenses drew millions of people into our rebuilt Android application, where they experienced the new and improved Snapchat that led to increased engagement.

這些鏡頭的流行吸引了數百萬人進入我們重建的 Android 應用程序，在那裡他們體驗了新的和改進的 Snapchat，從而提高了參與度。

The enhancements we have made to our advertising business and self-serve platform meant that we were better able to monetize this increased engagement, leading to accelerating revenue growth.

我們對廣告業務和自助服務平台所做的改進意味著我們能夠更好地利用這種增加的參與度獲利，從而加快收入增長。

Our team is at our best when we combine creativity, technical innovation and operational excellence to deliver new experiences for our community and make those experiences available as widely as possible.

當我們將創造力、技術創新和卓越運營相結合，為我們的社區提供新體驗並儘可能廣泛地提供這些體驗時，我們的團隊處於最佳狀態。

This quarter demonstrated our ability to work together as a team across many disciplines to deliver great results.

本季度展示了我們作為一個跨多個學科的團隊合作以取得出色成果的能力。

Our accelerating top line growth in daily active users, engagement and revenue is translating into significant improvements in our financial performance.

我們在每日活躍用戶、參與度和收入方面的收入加速增長正在轉化為我們財務業績的顯著改善。

Our total cost structure per daily active user grew less than 1% year-over-year, meaning that nearly all of our revenue growth flowed through to the bottom line and resulted in a 53% year-over-year improvement in adjusted EBITDA.

我們每位每日活躍用戶的總成本結構同比增長不到 1%，這意味著我們幾乎所有的收入增長都流向了利潤，並導致調整後的 EBITDA 同比增長了 53%。

As we approach our stretch goal of adjusted EBITDA breakeven, we are excited about dedicating more resources toward investing in innovation while maintaining a high degree of operational rigor.

隨著我們接近調整後 EBITDA 盈虧平衡的延伸目標，我們很高興能夠將更多資源用於投資創新，同時保持高度的運營嚴謹性。

We are so excited about our opportunity to reinvent the camera and achieve our vision of overlaying computing on the world, and our rapidly improving business results will allow us to move faster to better serve our community in the future.

我們很高興有機會重新發明相機並實現我們在世界上覆蓋計算的願景，我們快速改進的業務成果將使我們能夠更快地行動，在未來更好地為我們的社區服務。

Our team is collaborating well together, supporting one another, and we are all committed to making a positive difference in the lives of the people who use our products.

我們的團隊合作良好，相互支持，我們都致力於為使用我們產品的人們的生活帶來積極的改變。

Before I hand things over to Jeremi and Derek, I want to welcome Kenny Mitchell, who joined us recently as our first Chief Marketing Officer.

在我把事情交給 Jeremi 和 Derek 之前，我想歡迎 Kenny Mitchell，他最近作為我們的第一位首席營銷官加入了我們。

We look forward to bringing his deep experience with McDonald's and Gatorade to build our marketing strategy moving forward.

我們期待著將他在麥當勞和佳得樂的豐富經驗帶到我們前進的營銷戰略中。

In addition, I want to welcome Derek into his new role as our Chief Financial Officer and Lara as our new Chief People Officer.

此外，我想歡迎 Derek 擔任我們的首席財務官和 Lara 擔任我們新的首席人事官。

Both Derek and Lara have been strong leaders at Snap for some time, and I look forward to the continued positive impact they will bring to our team and business.

一段時間以來，Derek 和 Lara 都是 Snap 的強大領導者，我期待他們將為我們的團隊和業務帶來持續的積極影響。

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

有了這個，我會把電話轉給 Jeremi 來分享更多關於我們廣告業務的信息。

Thanks, Evan.

謝謝，埃文。

We're pleased with our results for this quarter and continue to see significant upside and opportunity for our advertising business.

我們對本季度的業績感到滿意，並繼續看到我們的廣告業務有顯著的上升空間和機會。

In Q2, we generated total revenue of $388 million and delivered a second straight quarter of revenue growth acceleration.

在第二季度，我們創造了 3.88 億美元的總收入，並連續第二個季度實現了收入增長加速。

Average revenue per user was $1.91 in Q2, an increase of 37% year-over-year and 14% sequentially.

第二季度每位用戶的平均收入為 1.91 美元，同比增長 37%，環比增長 14%。

We believe the single biggest driver for our revenue in the short to medium term will be increasing the number of active advertisers using Snapchat.

我們認為，中短期內我們收入的最大驅動力將是增加使用 Snapchat 的活躍廣告客戶的數量。

We have significant headroom in our business given high levels of user engagement and ample supply of available impressions.

鑑於高水平的用戶參與度和充足的可用印象供應，我們的業務有很大的發展空間。

We are making consistent improvements and investments across our products, tools and sales teams to grow advertiser demand and help advertisers on Snapchat achieve business outcomes at scale.

我們正在對我們的產品、工具和銷售團隊進行持續改進和投資，以增加廣告客戶的需求並幫助 Snapchat 上的廣告客戶大規模實現業務成果。

We have a strong, straightforward value proposition to offer new and existing advertisers.

我們有一個強大、直接的價值主張來為新的和現有的廣告商提供服務。

As Evan noted, Snapchat plays a central role in the lives of the 13- to 34-year-old demographic.

正如埃文所說，Snapchat 在 13 至 34 歲人群的生活中發揮著核心作用。

In fact, in the U.S., advertisers can reach more of this audience on Snapchat than on other platforms like Instagram, Facebook and Twitter, creating an obvious and exciting opportunity for incremental reach.

事實上，在美國，與 Instagram、Facebook 和 Twitter 等其他平台相比，廣告商可以在 Snapchat 上覆蓋更多此類受眾，從而為增加覆蓋面創造了明顯且令人興奮的機會。

In addition to millennials, Gen Z has become a growing focus for brands as this generation begins to develop lifelong habits and brand affinity.

除了千禧一代之外，隨著這一代人開始養成終生習慣和品牌親和力，Z 世代也越來越成為品牌關注的焦點。

Gen Z already commands $44 billion in buying power and influences up to $600 billion in household spending, particularly in categories in which Gen Z family members are more native to the product such as in tech and gaming.

Z 世代已經擁有 440 億美元的購買力，並影響了高達 6000 億美元的家庭支出，尤其是在 Z 世代家庭成員更熟悉該產品的領域，例如科技和遊戲。

As we look to the future, we have many opportunities to highlight the ways that millennials and Gen Z use Snapchat with their friends and to enable brands to reach them in creative and impactful ways.

展望未來，我們有很多機會突出千禧一代和 Z 世代與朋友一起使用 Snapchat 的方式，並使品牌能夠以創造性和有影響力的方式接觸他們。

To engage the Snapchat audience, advertisers need effective ads, easy buying and consistent positive campaign results.

為了吸引 Snapchat 受眾，廣告商需要有效的廣告、易於購買和始終如一的積極活動結果。

To that end, we are focused on 2 fundamental priorities in our ad business.

為此，我們專注於廣告業務的兩個基本優先事項。

The first is to develop powerful ad formats that are both innovative and easy to create.

首先是開發強大的廣告格式，既具有創新性又易於創建。

The second is to show consistent, predictable results for our advertisers, driving measurable ROI and enabling them to optimize for the outcomes most relevant to them.

第二個是為我們的廣告商展示一致、可預測的結果，推動可衡量的投資回報率，並使他們能夠針對與他們最相關的結果進行優化。

Just this month, we started testing our new Instant Create onboarding flow, which generates ads for businesses in 3 simple steps from their existing assets, be it their app or their e-commerce storefront.

就在本月，我們開始測試新的 Instant Create 入職流程，該流程通過 3 個簡單的步驟從現有資產（無論是他們的應用程序還是電子商務店面）為企業生成廣告。

Additionally, our product catalog formats typically used for e-commerce have had an immediate impact, allowing our partners to easily showcase multiple products and for our community to shop without leaving Snapchat.

此外，我們通常用於電子商務的產品目錄格式產生了立竿見影的影響，使我們的合作夥伴能夠輕鬆展示多種產品，並讓我們的社區無需離開 Snapchat 即可購物。

Thousands of advertisers have already uploaded their product catalogs to Snapchat, and we expect that these e-commerce ads will drive incremental revenue growth in the second half of the year.

成千上萬的廣告商已經將他們的產品目錄上傳到 Snapchat，我們預計這些電子商務廣告將在下半年推動收入增長。

Q2 was a big quarter for Snap's broadly adopted, state-of-the-art augmented reality platform.

對於 Snap 廣泛採用的最先進的增強現實平台來說，第二季度是一個重要的季度。

On the revenue side, we believe that augmented reality is the future of experiential, immersive advertising and that the industry is just beginning to leverage our technology to connect with Snapchatters.

在收入方面，我們相信增強現實是體驗式沉浸式廣告的未來，而且該行業剛剛開始利用我們的技術與 Snapchatter 建立聯繫。

Our users opt in to over 10 seconds of play time on average with our sponsored Lenses.

我們的用戶使用我們贊助的 Lenses 平均選擇超過 10 秒的播放時間。

Our self-serve AR buying tool has been scaling quickly since its launch in Q2 2018, and we anticipate advertisers will grow their investment in our ad platform as we continue driving new AR ad products, market education and robust measurement.

我們的自助式 AR 購買工具自 2018 年第二季度推出以來一直在迅速擴展，我們預計隨著我們繼續推動新的 AR 廣告產品、市場教育和強大的衡量，廣告商將增加對我們廣告平台的投資。

Let's dive into a recent AR example.

讓我們深入研究一個最近的 AR 示例。

Of course, the world stopped for Game of Thrones, and we were thrilled to be part of the zeitgeist.

當然，世界因《權力的遊戲》而停止，我們很高興能成為時代精神的一部分。

But the most incredible aspect of this execution was how the remarkable ability to land a dragon on the Flatiron building and turn New York into King's Landing led to performance outcomes for HBO in the form of HBO Now user acquisition.

但這次執行中最令人難以置信的方面是，將巨龍降落在熨斗大樓並將紐約變成君臨城的非凡能力如何以 HBO Now 用戶獲取的形式為 HBO 帶來了業績成果。

HBO augmented the iconic dragon with a National Lens that was played with by our users for 23 seconds on average and led to a 10-point lift in both brand favorability and recommendation intent according to Millward Brown.

根據 Millward Brown 的說法，HBO 使用 National Lens 增強了標誌性的龍，我們的用戶平均玩了 23 秒，並導致品牌好感度和推薦意圖提升了 10 點。

A concurrent HBO Now campaign implemented our Snap Pixel to help drive high-quality conversions, making us one of HBO's most performant acquisition channels of 2019.

同時舉辦的 HBO Now 活動實施了我們的 Snap Pixel，以幫助推動高質量的轉化，使我們成為 HBO 2019 年表現最好的獲取渠道之一。

This deep partnership was made possible by our recent sales team verticalization.

我們最近的銷售團隊垂直化使這種深入的合作關係成為可能。

As Evan mentioned, this quarter, we also announced Snap Select for premium video ads.

正如 Evan 提到的，本季度，我們還宣布了 Snap Select 用於高級視頻廣告。

Snap Select combines 4 things brand love: our 6-second, full-screen, nonskippable video product; running adjacent to a set of premium shows; bought by a simple one-click buy flow; at a predictable fixed price.

Snap Select 結合了品牌喜愛的 4 件事：我們的 6 秒、全屏、不可跳過的視頻產品；在一組優質節目旁邊運行；通過簡單的一鍵購買流程購買；以可預測的固定價格。

It's designed for both social video and online video buyers and has the potential to attract incremental online video and TV budgets into our hand-curated, brand safe environment.

它專為社交視頻和在線視頻購買者而設計，並有可能將增量在線視頻和電視預算吸引到我們手工策劃的品牌安全環境中。

Brand safety is vitally important to us, and Snap Select highlights our continued focus on premium content from verified publishers.

品牌安全對我們來說至關重要，Snap Select 凸顯了我們對來自經過驗證的出版商的優質內容的持續關注。

Now let's talk about an example of an advertiser using a portfolio approach.

現在讓我們談談使用組合方法的廣告客戶的示例。

Subway recently took advantage of our Commercials premium video offering to reach an incremental audience on Snapchat.

Subway 最近利用我們的商業廣告優質視頻產品在 Snapchat 上吸引更多觀眾。

We ran 2 campaigns both measured by Nielsen Total Audience Ratings.

我們開展了 2 個活動，均由 Nielsen Total Audience Ratings 衡量。

In a campaign that compared the reach and efficiency of Commercials, we were able to offer 8% incremental reach versus TV.

在比較廣告的覆蓋面和效率的活動中，我們能夠提供 8% 的增量覆蓋率與電視。

When the campaign was expanded beyond Commercials to include Snap Ads, we were able to add 26% incremental reach.

當該活動擴展到商業廣告之外，包括 Snap 廣告時，我們能夠增加 26% 的增量覆蓋面。

In both campaigns, over 3/4 of those reached on Snapchat were reached only on our platform.

在這兩個活動中，超過 3/4 在 Snapchat 上的訪問者僅在我們的平台上訪問。

We believe this demonstrates the opportunity for our video offering to augment other TV and online video budgets.

我們相信這表明我們的視頻產品有機會增加其他電視和在線視頻預算。

Snapchat advertising drives measurable and repeatable ROI.

Snapchat 廣告推動了可衡量和可重複的投資回報率。

Over the last quarter, our engineering team successfully migrated our primary monetization machine learning models to use deep learning.

在上個季度，我們的工程團隊成功地將我們的主要貨幣化機器學習模型遷移到使用深度學習。

Deep learning provides greater predictive power, and we expect this to improve our ability to serve the right ad to the right user, driving better advertising outcomes and improving the user experience.

深度學習提供了更強的預測能力，我們希望這能提高我們為正確的用戶提供正確的廣告的能力，推動更好的廣告效果並改善用戶體驗。

For example, when we launched the new deep learning model for app installs, we were able to drive 20% more installs at a greater impression efficiency.

例如，當我們推出新的應用安裝深度學習模型時，我們能夠以更高的展示效率推動安裝量增加 20%。

Now let's talk about a performance-based example.

現在讓我們談談一個基於性能的例子。

Direct-to-consumer advertisers like Quip, a growing oral care brand, will benefit from these improvements to our ad technology.

像 Quip 這樣不斷發展的口腔護理品牌這樣的直接面向消費者的廣告商將受益於我們對廣告技術的這些改進。

In their first ever Conversion Lift test with us, we proved out a 7% incremental lift in purchases driven by Snap Ads and Story Ads.

在他們與我們進行的首次轉化提升測試中，我們證明 Snap Ads 和 Story Ads 推動的購買量增加了 7%。

Certain audience cohorts generated greater than 8% incremental lift, providing fuel for optimization and future campaigns.

某些受眾群體產生了超過 8% 的增量提升，為優化和未來的活動提供了動力。

Our large audience, creative formats and advanced measurement tool set provide a significant opportunity for direct-to-consumer brands like Quip to expand beyond the saturated marketplaces of our peers.

我們龐大的受眾、創意格式和先進的衡量工具集為 Quip 等直接面向消費者的品牌提供了一個重要的機會，可以擴展到我們同行的飽和市場之外。

Our number of active advertisers continues to grow.

我們的活躍廣告客戶數量持續增長。

There were more ad accounts active on Snap this quarter than ever before, yet we remain constrained by demand, not by supply.

本季度 Snap 上活躍的廣告帳戶比以往任何時候都多，但我們仍然受到需求而非供應的限制。

Our advertisers retain well and generally increase their spend as we continue to demonstrate consistent, meaningful ROI for them.

隨著我們繼續為他們展示持續、有意義的投資回報率，我們的廣告客戶保留得很好並且通常會增加他們的支出。

As we add more advertisers, we see the health of our marketplace growing with increasing diversity, relevance and engagement, which subsequently improves advertiser efficiency and user experience.

隨著我們增加更多的廣告商，我們看到我們的市場隨著多樣性、相關性和參與度的增加而增長，從而提高了廣告商的效率和用戶體驗。

We expect that increasing the number of advertisers will be the largest contributor to revenue growth, and we are aggressively pursuing the opportunity.

我們預計增加廣告客戶的數量將成為收入增長的最大貢獻者，我們正在積極尋求這個機會。

We believe that driving ROI is the best advertiser retention tool.

我們相信提高投資回報率是最好的廣告客戶保留工具。

And following our investments in our ad products and self-service platform, we have demonstrated our ability to deliver strong results at scale for our advertisers.

在我們對廣告產品和自助服務平台的投資之後，我們已經證明了我們有能力為我們的廣告商提供大規模的強勁成果。

While there is still a lot of opportunity to further improve ROI, we are focused on bringing in more demand into our platform, starting with 3 major opportunities.

雖然仍有很多機會可以進一步提高投資回報率，但我們專注於為我們的平台帶來更多需求，從 3 個主要機會開始。

First, we are building integrations with third-party channels like Shopify to make buying, measurement and campaign management significantly easier for a large set of customers.

首先，我們正在構建與 Shopify 等第三方渠道的集成，以使大量客戶的購買、衡量和活動管理變得更加容易。

Secondly, we are removing friction from our self-serve tools with products like Instant Create that decrease the time and creative investment required for smaller, resource-constrained advertisers.

其次，我們正在使用 Instant Create 等產品消除自助服務工具的摩擦，這些產品減少了資源受限的小型廣告商所需的時間和創意投資。

Finally, as we continue to launch products and partnerships that are designed to help scale our demand to more advertisers, we are also putting sales and marketing functions in place to help onboard and support this broader base of advertisers.

最後，隨著我們繼續推出旨在幫助將我們的需求擴大到更多廣告客戶的產品和合作夥伴關係，我們還將建立銷售和營銷職能，以幫助和支持更廣泛的廣告客戶群。

Our product is evolving from a power user tool for advanced professional marketers to one that serves businesses of all types and sizes, and we're excited to scale our platform to more advertisers.

我們的產品正在從面向高級專業營銷人員的高級用戶工具發展為服務於各種類型和規模的企業的工具，我們很高興將我們的平台擴展到更多廣告商。

As a closing note, we have completed our sales reorganization in the U.S. We are pleased with the results thus far and are cautiously optimistic that we will see limited disruption to momentum as we extend the reorganization to our international teams in Q3.

最後，我們已經完成了在美國的銷售重組。我們對迄今為止的結果感到滿意，並謹慎樂觀地認為，隨著我們在第三季度將重組擴展到我們的國際團隊，我們將看到對勢頭的有限破壞。

In Q2, our North America year-over-year ARPU growth rate was 42%, our highest growth rate since the second quarter of 2017.

第二季度，我們北美地區的 ARPU 同比增長率為 42%，是自 2017 年第二季度以來的最高增長率。

Importantly, we remain confident that the changes we have made to our team will lead to growing and building deep relationships with advertisers over the longer term.

重要的是，我們仍然相信，我們對團隊所做的改變將導致長期發展並與廣告商建立深厚的關係。

And now I'd like to turn the call over to Derek to discuss our Q2 financials.

現在我想把電話轉給 Derek 討論我們的第二季度財務狀況。

Thanks, Jeremi.

謝謝，傑雷米。

Our Q2 financial results reflect our priorities of making focused investments in the future of our business and scaling our business efficiently in order to drive towards profitability and positive free cash flow.

我們的第二季度財務業績反映了我們對未來業務的重點投資和有效擴展業務的優先事項，以推動盈利和積極的自由現金流。

As Evan mentioned earlier, daily active users increased to 203 million in Q2 2019, which represents an increase of 13 million or 7% growth sequentially and 15 million or 8% growth year-over-year.

正如 Evan 之前提到的，2019 年第二季度每日活躍用戶增加到 2.03 億，環比增長 1300 萬或 7%，同比增長 1500 萬或 8%。

We were particularly pleased to see that the growth of our community was broad-based with year-over-year and sequential growth on both iOS and Android platforms.

我們特別高興地看到，我們社區的增長基礎廣泛，在 iOS 和 Android 平台上均實現了同比和連續增長。

In addition, we observed both year-over-year and sequential growth across each of North America, Europe and Rest of World.

此外，我們觀察到北美、歐洲和世界其他地區的同比和環比增長。

We estimate that approximately 7 million to 9 million of the 13 million in sequential DAU growth is attributable to an improvement in user engagement that we observed after launching our new augmented reality Lenses, which brought in new users and reengaged lapsed users.

我們估計，在連續 1300 萬的 DAU 增長中，約有 700 萬至 900 萬歸因於我們在推出新的增強現實 Lenses 後觀察到的用戶參與度的提高，這帶來了新用戶並重新吸引了流失的用戶。

We estimate that the remaining 4 million to 6 million of sequential growth in DAU was driven by underlying growth trends in our community, which are the result of the improvements we've made to our application over the past year.

我們估計 DAU 中剩餘的 400 萬到 600 萬的連續增長是由我們社區的潛在增長趨勢推動的，這是我們在過去一年中對應用程序進行改進的結果。

Importantly, the impact of our augmented reality innovation was higher because of these improvements, including the rebuild of Android, as these improvements have better positioned us to capture the upside of our innovation.

重要的是，由於這些改進（包括 Android 的重建），我們增強現實創新的影響更大，因為這些改進使我們能夠更好地抓住創新的優勢。

Average revenue per user was $1.91 in Q2, an increase of 37% year-over-year and 14% sequentially.

第二季度每位用戶的平均收入為 1.91 美元，同比增長 37%，環比增長 14%。

We saw improvement in ARPU across all regions, both year-over-year and sequentially.

我們看到所有地區的 ARPU 均有所改善，無論是同比還是環比。

Impressions per DAU were up 122% year-over-year driven by growth in user engagement, in particular growing engagement with premium content and improvements in sell-through rate.

在用戶參與度增長的推動下，每 DAU 的展示次數同比增長 122%，尤其是對優質內容的參與度不斷提高以及銷售率的提高。

For the quarter, we generated total revenue of $388 million, an increase of 48% year-over-year.

本季度，我們的總收入為 3.88 億美元，同比增長 48%。

Our year-over-year revenue growth rate accelerated by 9 percentage points versus the prior quarter.

與上一季度相比，我們的收入同比增長率加快了 9 個百分點。

We were particularly pleased that immediately following our sales reorganization in North America, we saw revenue growth in that region accelerate by 14 percentage points to 47%.

我們特別高興的是，在我們在北美進行銷售重組後，我們立即看到該地區的收入增長加快了 14 個百分點，達到 47%。

We view this as an early sign that the changes we have made are working for our business and our advertisers.

我們認為這是一個早期跡象，表明我們所做的改變對我們的業務和廣告商都有效。

On the yield side, we saw cost per impression continue to level off in Q2, down 34% year-over-year but just 3% sequentially.

在收益方面，我們看到第二季度的每次展示成本繼續趨於平穩，同比下降 34%，但環比僅下降 3%。

Given our ample supply of available impressions, we view yield as an output at this stage and not an input.

鑑於我們有充足的可用展示次數，我們將收益視為現階段的輸出而非輸入。

As a result, we are focused on optimizing our overall revenue growth.

因此，我們專注於優化我們的整體收入增長。

We expect that demand will continue to fill in for our newest ad products over time.

我們預計，隨著時間的推移，我們最新的廣告產品將繼續滿足需求。

As an example, revenue from Commercials grew more than 60% sequentially, which illustrates that demand is building quickly for our latest ad products.

例如，來自商業廣告的收入環比增長超過 60%，這表明對我們最新廣告產品的需求正在迅速增長。

We view the launch of Snap Select in the final weeks of Q2 as an additional catalyst for growth of our Commercials ad product going forward.

我們認為在第二季度最後幾週推出的 Snap Select 是我們未來商業廣告產品增長的額外催化劑。

We are still very early in the growth cycle for our newest ad units and believe we have significant runway to grow revenue with our existing supply.

對於我們最新的廣告單元，我們仍處於增長周期的早期階段，並且相信我們在現有供應的情況下有很大的增長空間來增加收入。

In the interim, we are pleased with the high ROI being achieved by our early adopter advertisers as this will allow them to continue to expand their budgets with us over time.

在此期間，我們很高興我們的早期採用者廣告客戶實現了高投資回報率，因為這將使他們能夠隨著時間的推移繼續擴大他們的預算。

Gross margins were 46% in Q2 2019, up 17 percentage points year-over-year and 7 percentage points sequentially as we continue to focus on scaling our operations efficiently.

2019 年第二季度的毛利率為 46%，同比增長 17 個百分點，環比增長 7 個百分點，因為我們繼續專注於有效擴展我們的業務。

Infrastructure costs per DAU were $0.72 in Q2 2019, flat both year-over-year and sequentially.

2019 年第二季度每個 DAU 的基礎設施成本為 0.72 美元，同比和環比持平。

We continue to make significant progress in driving down our underlying unit costs over time, including the cost to deliver a Snap, the cost to deliver an impression and other key drivers of infrastructure costs.

隨著時間的推移，我們在降低基本單位成本方面繼續取得重大進展，包括交付 Snap 的成本、交付印象的成本以及基礎設施成本的其他關鍵驅動因素。

In Q2, improvements in user activity were fully offset by these infrastructure efficiency efforts as we continue to prioritize scaling the business efficiently in order to drive positive operating leverage.

在第二季度，這些基礎設施效率工作完全抵消了用戶活動的改善，因為我們繼續優先考慮有效地擴展業務以推動積極的運營槓桿。

Operating expenses were $259 million in Q2 2019, up 5% year-over-year and 4% sequentially.

2019 年第二季度的運營費用為 2.59 億美元，同比增長 5%，環比增長 4%。

The growth in operating expenses in Q2 was driven primarily by investments in support of our sales organization, partnership development efforts and marketing to support advertiser and community growth.

第二季度運營費用的增長主要是由支持我們的銷售組織、合作夥伴關係發展工作和營銷以支持廣告商和社區增長的投資推動的。

We expect to make additional investments to grow our business going forward, including to build new products for our community and improve our advertising platform.

我們希望進行額外投資以發展我們的業務，包括為我們的社區打造新產品和改進我們的廣告平台。

As a result, we plan to grow our talent base in the second half of 2019, in addition to making targeted investments in marketing and content to support the growth of our community and advertiser base.

因此，我們計劃在 2019 年下半年擴大我們的人才基礎，此外還對營銷和內容進行有針對性的投資，以支持我們的社區和廣告客戶基礎的增長。

We will continue to be disciplined in our approach to investments and focused on scaling our business efficiently to drive operating leverage.

我們將繼續在投資方法上保持自律，並專注於有效擴展我們的業務以提高運營槓桿率。

We see the investments that we have made in recent quarters and that we will make in the quarters ahead as a key part of our path to becoming sustainably profitable.

我們認為我們在最近幾個季度所做的投資以及我們將在未來幾個季度進行的投資是我們實現可持續盈利之路的關鍵部分。

Adjusted EBITDA losses were $79 million in Q2 2019, an improvement of $90 million over the prior year and $45 million over the prior quarter.

2019 年第二季度調整後的 EBITDA 損失為 7900 萬美元，比上年增加 9000 萬美元，比上一季度增加 4500 萬美元。

This was the fifth consecutive quarter that we reported a year-over-year improvement in adjusted EBITDA.

這是我們連續第五個季度報告調整後的 EBITDA 同比有所改善。

In the second quarter, we delivered adjusted EBITDA leverage of 72%, which is down from 105% in the prior quarter but up significantly from 31% in the prior year as we continue to invest in the future of our business while making progress towards profitability and positive free cash flow.

在第二季度，我們實現了 72% 的調整後 EBITDA 槓桿率，低於上一季度的 105%，但比上一年的 31% 顯著上升，因為我們繼續投資於業務的未來，同時在實現盈利方面取得進展和正的自由現金流。

Free cash flow for Q2 was negative $103 million, a decline of $25 million quarter-over-quarter, which reflects the relatively higher collections in Q1 following seasonally higher revenue in Q4.

第二季度的自由現金流為負 1.03 億美元，環比下降 2500 萬美元，這反映了在第四季度的季節性收入增加之後，第一季度的收款相對較高。

Free cash flow improved by $131 million year-over-year driven by the significant improvements in adjusted EBITDA.

受調整後 EBITDA 顯著改善的推動，自由現金流同比增加 1.31 億美元。

We ended the quarter with $1.2 billion in cash and marketable securities, nearly flat versus the prior quarter, and are pleased with the progress we have made in reducing our cash burn as we scale our business efficiently.

我們在本季度結束時擁有 12 億美元的現金和有價證券，與上一季度相比幾乎持平，並且對我們在有效擴展業務的同時減少現金消耗方面取得的進展感到滿意。

As we look forward to Q3, we expect to continue to invest in the future of our business, to scale our business efficiently and to make additional progress towards profitability and positive free cash flow.

在我們期待第三季度的同時，我們預計將繼續投資於我們業務的未來，有效地擴展我們的業務，並在盈利能力和正自由現金流方面取得更多進展。

To begin, I will share with you some of the directional thinking regarding DAU growth that we have used internally to set our financial guidance.

首先，我將與您分享我們在內部用於設定財務指導的有關 DAU 增長的一些方向性思考。

Q3 has historically been a relatively difficult quarter for us seasonality-wise, and this will be a headwind in Q3 relative to Q2.

從歷史上看，第三季度對我們來說是一個相對困難的季度，相對於第二季度，這將是第三季度的逆風。

We expect that the underlying growth we've experienced year-to-date will continue in Q3, and therefore, offset these seasonal headwinds.

我們預計今年迄今為止我們經歷的潛在增長將在第三季度繼續，因此抵消了這些季節性逆風。

As a result, our financial guidance assumes DAU of 205 million to 207 million in Q3, representing 10% to 11% year-over-year growth, which would be a sequential acceleration from 8% in Q2.

因此，我們的財務指導假設第三季度的 DAU 為 2.05 億至 2.07 億，同比增長 10% 至 11%，這將比第二季度的 8% 連續加速。

We are cautiously optimistic that the underlying growth trend in user engagement will continue into Q4 and next year.

我們謹慎樂觀地認為，用戶參與度的潛在增長趨勢將持續到第四季度和明年。

In terms of our financial guidance, we expect to maintain strong momentum on the top line and to continue to make solid progress towards profitability.

在我們的財務指導方面，我們預計收入將保持強勁勢頭，並繼續在盈利方面取得堅實進展。

For Q3, we are guiding to a range of between $410 million and $435 million for revenue.

對於第三季度，我們指導的收入範圍在 4.1 億美元至 4.35 億美元之間。

For adjusted EBITDA in Q3, we are guiding to a range of between negative $85 million and negative $60 million, which would mark our sixth consecutive quarter of year-over-year improvement in adjusted EBITDA.

對於第三季度調整後的 EBITDA，我們的指導範圍為負 8500 萬美元至負 6000 萬美元，這將標誌著我們在調整後的 EBITDA 方面連續第六個季度實現同比增長。

Thank you for joining our call today, and we will now take your questions.

感謝您今天加入我們的電話會議，我們現在將回答您的問題。

(Operator Instructions) Our first question today will come from Ross Sandler of Barclays.

（操作員說明）我們今天的第一個問題將來自巴克萊的羅斯桑德勒。

One question related to the DAU trajectory and then a quick one on Discover.

一個與 DAU 軌跡相關的問題，然後是一個關於 Discover 的快速問題。

So Evan, I guess how's the retention on the 7 million to 9 million DAUs that you added in 2Q from the new filters and trending of late.

所以埃文，我猜你在第二季度從新過濾器和最近的趨勢中添加的 700 萬到 900 萬個 DAU 的保留情況如何。

Is the guidance for 3Q reflecting some drop-off in that user cohort?

第三季度的指導是否反映了該用戶群的一些下降？

Or is that just some conservatism baked in?

或者這只是某種保守主義？

Any color there will be helpful.

那裡的任何顏色都會有幫助。

And then you guys gave a couple new stats on engagement from new Discover users and existing Discover users.

然後你們提供了一些關於新發現用戶和現有發現用戶參與度的新統計數據。

So I guess -- and it looks like it's going up a lot.

所以我猜——而且看起來漲了很多。

So what are the primary drivers of the accelerating growth in engagement you're seeing in Discover?

那麼，您在 Discover 中看到的參與度加速增長的主要驅動力是什麼？

And do you think this can continue for the foreseeable future?

您認為這種情況在可預見的未來會持續下去嗎？

Thanks, Ross.

謝謝，羅斯。

Yes, we're really excited about the momentum we're seeing on our content business.

是的，我們對我們在內容業務上看到的勢頭感到非常興奮。

A lot of demand for our content.

對我們的內容有很多需求。

I think that's a function of the improving content quality and also the personalization that we've really been investing in over the past couple of quarters.

我認為這是提高內容質量的一個功能，也是我們在過去幾個季度中真正投資的個性化。

We're also currently testing a bunch of new ways of merchandising content.

我們目前還在測試一系列銷售內容的新方式。

And specifically, our Shows and premium content, we're excited about that, too.

特別是我們的節目和優質內容，我們也對此感到興奮。

And I'll let Derek speak to the guidance question.

我會讓 Derek 談談指導問題。

Ross, thanks for the question.

羅斯，謝謝你的問題。

We are pleased with growth that we saw in Q2, in particular that it was broad-based.

我們對第二季度的增長感到滿意，尤其是基礎廣泛。

We saw growth across platforms and regions, which is really nice.

我們看到了跨平台和跨地區的增長，這非常好。

Looking forward into Q3, we're coming from a higher base in Q2 and really pleased that we're able to share -- that we expect to have sequential growth again into the next quarter.

展望第三季度，我們來自第二季度的更高基數，並且非常高興我們能夠分享 - 我們預計下一季度將再次實現連續增長。

This time around, we wanted to share with you guys a little bit of guidance on that front in terms of what we've assumed for DAU growth in our -- on our own financial forecasting.

這一次，我們想在這方面與你們分享一些指導，就我們對我們自己的財務預測中 DAU 增長的假設而言。

Hopefully, that gives you a little bit of color about where we can expect going forward.

希望這能讓您對我們可以期待的未來有所了解。

And really pleased to see that we've got strength on the underlying momentum of the business, and that that's going to carry forward and now allow us to grow off of our now higher base number.

真的很高興看到我們在業務的潛在動力方面擁有實力，這將繼續發展，現在讓我們能夠從現在更高的基數中成長。

The next question will come from Heath Terry of Goldman Sachs.

下一個問題將來自高盛的希思特里。

I wonder if we could dig a bit into the monetization side of things.

我想知道我們是否可以深入研究貨幣化方面。

Can you -- as we look at the improvement here, can you give us a sense of what the profile of that growth is?

您能否 - 當我們看到這裡的改進時，您能否讓我們了解這種增長的概況？

How much of it is brands versus direct response?

品牌與直接反應有多少？

You mentioned growing advertisers.

您提到了不斷增長的廣告商。

Is that to say that the majority of this is coming from existing advertisers increasing their spend?

這是否是說其中大部分來自現有廣告商增加支出？

And then as we think about sort of the channels within that spend, is there a way to sort of disaggregate between professional content, creative tools, UTC messaging?

然後，當我們考慮這種支出中的渠道時，有沒有辦法在專業內容、創意工具、UTC 消息傳遞之間進行分類？

Just -- and then of course, the impact of self-serve.

只是——當然還有自助服務的影響。

So just trying to get a little bit deeper into that number, please.

因此，請嘗試更深入地了解該數字。

Thanks for the question, Heath.

謝謝你的問題，希思。

We don't break out specific brand versus DR, but I can give you some examples.

我們不會區分特定品牌與 DR，但我可以給你一些例子。

As you heard in the call just a bit ago, we have great examples from Subway, HBO and Quip, which are really reflective of our overall ecosystem growing from all different types of advertisers.

正如您剛才在電話會議中聽到的那樣，我們有來自 Subway、HBO 和 Quip 的很好的例子，它們確實反映了我們的整個生態系統從所有不同類型的廣告商中成長起來。

We are also really focused on how those 2 objectives are starting to converge, so we don't really consider there to be a specific brand advertiser and a specific DR advertiser anymore.

我們也非常關注這兩個目標是如何開始融合的，所以我們不再認為有特定的品牌廣告商和特定的 DR 廣告商。

What we really are focused on is making sure that the outcomes are best for the advertiser, and those are starting to converge.

我們真正關注的是確保結果對廣告商來說是最好的，並且這些結果開始趨於一致。

In order to do this, we are creating the powerful easy-to-use format.

為了做到這一點，我們正在創建功能強大且易於使用的格式。

We moved to the auction, as everybody has heard us talked about, and that really helped our DR advertisers grow.

正如每個人都聽到我們談論的那樣，我們搬到了拍賣，這確實幫助我們的 DR 廣告客戶成長。

But we also have just absolutely incredible augmented reality formats, creative tools.

但我們也有絕對令人難以置信的增強現實格式、創意工具。

And as we talked about before, with the increased engagement in Discover, we also have the opportunity to run our unskippable, 6-second Commercials format and now even further refined into Snap Select, which is running those in a brand safe environment.

正如我們之前談到的，隨著 Discover 的參與度增加，我們也有機會運行我們不可跳過的 6 秒廣告格式，現在甚至進一步細化為 Snap Select，它在品牌安全的環境中運行這些廣告。

So we continue to see acceleration across both brand and DR types of advertisers, and we saw that this past quarter.

因此，我們繼續看到品牌和 DR 類型的廣告商都在加速增長，我們在上個季度看到了這一點。

The next question will come from Mark Mahaney of RBC.

下一個問題將來自 RBC 的 Mark Mahaney。

Okay.

好的。

Let me try 2 questions.

讓我嘗試2個問題。

I just want to follow up on Ross' question, and I just want to try to get at the issue of this extra color you gave on the DAU growth in the quarter.

我只是想跟進羅斯的問題，我只是想嘗試解決您對本季度 DAU 增長給出的這種額外顏色的問題。

Is there -- should we be reading that the ones that -- that some of the DAUs came in because some -- maybe some of the Lens filters may be less sustainable, that they may not stick with the company as long as the other -- as consistently -- whoever -- as long as the other DAUs?

是否存在——我們是否應該讀到那些——一些 DAU 的出現，因為一些——也許一些鏡頭過濾器可能不太可持續，他們可能不會像其他人那樣堅持公司—— - 始終如一地 - 誰 - 和其他 DAU 一樣長？

Just address that, what you're seeing in that.

只是解決這個問題，你在其中看到了什麼。

I know it's early, but is there a particular reason why you would call that group of DAUs out?

我知道現在還為時過早，但你有什麼特別的原因會叫這組 DAU 出來嗎？

And then when you talk about talent, investing in talent in the back half of the year, any more color on what sort of talents you're looking for?

然後當你談論人才，在下半年投資人才時，你正在尋找什麼樣的人才？

Is that on the sales side, R&D side?

是在銷售方面還是研發方面？

Any color there would be appreciated.

任何顏色都將不勝感激。

Mark, thanks for the question.

馬克，謝謝你的問題。

I think on the first one there around the drivers around the DAU growth, really pleased to see the overall growth in Q2, and we thought it's a big number there.

我認為第一個是圍繞 DAU 增長的驅動因素，很高興看到第二季度的整體增長，我們認為這是一個很大的數字。

It made sense to share a little bit of color about some of the drivers.

分享一些關於一些驅動程序的顏色是有道理的。

And obviously, pleased to see we've had innovation on the augmented reality Lens side.

顯然，很高興看到我們在增強現實鏡頭方面進行了創新。

That's been a driver for us.

那是我們的驅動力。

And that's not only brought in some new users to the platform, but it's increased engagement with existing users as well, which contributed to the overall growth.

這不僅為平台帶來了一些新用戶，而且還增加了與現有用戶的互動，從而促進了整體增長。

But in addition to that, we're pleased that we've got an underlying momentum of growth with our user base, which is really coming from all of the improvements that we've made to the app over the last year, which are paying off in terms of us being able to capture the benefit of our own innovation driving into the platform.

但除此之外，我們很高興我們的用戶群擁有潛在的增長勢頭，這實際上來自我們去年對應用程序所做的所有改進，這些改進正在付出代價就我們而言，我們能夠從我們自己的創新驅動到平台中獲益。

And so the benefit that we saw off of the augmented reality Lens innovation was higher because of those improvements we made.

因此，由於我們所做的這些改進，我們從增強現實 Lens 創新中看到的收益更高。

So hopefully, that gives you a little bit more color in terms of what drove the growth in Q2.

因此，希望這可以讓您在推動第二季度增長的因素方面獲得更多色彩。

And again, as I said earlier, we're super pleased that we can now build on top of that higher base going into the next quarter.

同樣，正如我之前所說，我們非常高興我們現在可以在下個季度的更高基礎上進行建設。

I believe your second question was around the growing of the talent base in the latter half of the year, and yes, definitely making targeted investments in the business.

我相信你的第二個問題是關於下半年人才基礎的增長，是的，肯定會對業務進行有針對性的投資。

We see a lot of opportunity in the business, and we want to make sure that we're investing in the long-term future of the business.

我們在業務中看到了很多機會，我們希望確保我們正在投資於業務的長期未來。

We think we've been pretty disciplined about those investments so far and expect to be going forward.

我們認為到目前為止，我們對這些投資非常自律，並希望繼續前進。

So we're balancing operating leverage and pushing towards our goals of profitability and positive free cash flow while still making big investments in the future of the business.

因此，我們正在平衡運營槓桿並推動實現盈利和正自由現金流的目標，同時仍在對業務的未來進行大量投資。

We've made a lot of investments recently and expect to make more going forward, and we see that as part of us building towards a sustainably profitable business.

我們最近進行了大量投資，並希望在未來做出更多投資，我們認為這是我們建設可持續盈利業務的一部分。

So these things go hand-in-hand.

所以這些事情是齊頭並進的。

Hopefully, that helps give a little more context.

希望這有助於提供更多背景信息。

The next question will come from Stephen Ju of Crédit Suisse.

下一個問題將來自瑞士信貸的 Stephen Ju。

Okay.

好的。

So Evan, it seems like in the past, the potential ARPU over CoRPU had to make sense for you guys to think about entering a region.

所以 Evan，在過去，潛在的 ARPU 超過 CoRPU 似乎必須讓你們考慮進入一個區域。

But how does the current Android app or even the iOS app for that matter change that ratio?

但是當前的 Android 應用程序甚至 iOS 應用程序是如何改變這一比例的呢？

You launched in 8 new languages for your prepared remarks.

您為準備好的評論推出了 8 種新語言。

So should we be thinking about a more expansive addressable market for Snapchat?

那麼我們是否應該為 Snapchat 考慮一個更廣闊的潛在市場？

And Jeremi, you understandably called out brand safety as an important consideration for premium video ads.

Jeremi，您可以理解地將品牌安全稱為優質視頻廣告的重要考慮因素。

So it sounds like right now that inventory is corralled around Shows, where you can know -- you know the context than the content.

所以聽起來現在庫存圍繞著節目，你可以知道 - 你知道上下文而不是內容。

So can you talk about what you will look to do to scale this stream of revenue in the future?

那麼，您能否談談您將如何擴大未來的收入來源？

Thanks, Stephen.

謝謝，斯蒂芬。

Yes, there's a sort of confluence of factors that are making us excited about our international growth opportunity.

是的，有多種因素讓我們對我們的國際增長機會感到興奮。

One of them is the success we're seeing on the self-serve advertising platform, and you can see that in the Rest of World ARPU numbers.

其中之一是我們在自助廣告平台上看到的成功，您可以在世界其他地區的 ARPU 數據中看到這一點。

So we're getting more and more confident about our ability to really scale the business and generate revenue there over the longer term.

因此，我們對真正擴大業務規模並在長期內產生收入的能力越來越有信心。

And additionally, the improvements we've made on Android have now made our product available to a much larger subset of the smartphone population globally.

此外，我們在 Android 上所做的改進現在使我們的產品可用於全球更大的智能手機人群。

So really excited about the progress there.

對那裡的進展感到非常興奮。

What we're going to do now is invest a lot more in content, augmented reality, experiences, of course localizing the service in terms of the languages that we discussed.

我們現在要做的是在內容、增強現實、體驗方面進行更多投資，當然還要根據我們討論的語言對服務進行本地化。

And so we're investing heavily there, and we're excited about that long-term opportunity.

所以我們在那裡進行了大量投資，我們對這個長期機會感到興奮。

And given that we've been able to manage costs on the infrastructure side, we think that can be a really valuable revenue generator for the business over the long term.

鑑於我們已經能夠管理基礎設施方面的成本，我們認為從長遠來看，這可以成為業務真正有價值的收入來源。

And thanks, I'll take the second part there regarding safety.

謝謝，我將在那裡討論關於安全的第二部分。

It is not centered specifically on Discover or on Commercials.

它並不專門以發現或商業廣告為中心。

We -- from the outset, Snapchat has been designed to create the feeling of a natural conversation.

我們——從一開始，Snapchat 就旨在創造一種自然對話的感覺。

It's a private conversation and communication that deletes by default, and it's not preserved for eternity, which makes it brand safe across the board.

這是默認刪除的私人對話和通信，並且不會永久保存，這使其全面安全。

And all in, we're really comfortable with our position because of the regulatory notions and privacy concerns like discussed in GDPR.

總而言之，由於 GDPR 中討論的監管概念和隱私問題，我們對自己的立場感到非常滿意。

They've -- those have been embedded in our principles since the beginning as a company.

從公司成立之初，它們就已嵌入我們的原則中。

And our content isn't random.

而且我們的內容不是隨機的。

It's hand-curated with a select -- with select community members as well as publishers participating in Discover.

它由精選社區成員以及參與發現的出版商精心挑選。

So what I was speaking to is that, that's further curated in Snap Select so as is from our hand-curated publisher content as well as our own Shows to ensure brand safety.

所以我要說的是，這在 Snap Select 中得到了進一步的策劃，因此來自我們手工策劃的出版商內容以及我們自己的節目，以確保品牌安全。

But it's something that we -- that is truly embedded in our values and everything we do across all of our platforms, including our augmented reality, our Snap Ads as well as our Story Ads.

但這是我們的東西——真正嵌入我們的價值觀和我們在所有平台上所做的一切，包括我們的增強現實、我們的 Snap 廣告以及我們的故事廣告。

The next question will come from John Egbert of Stifel.

下一個問題將來自 Stifel 的 John Egbert。

Great.

偉大的。

Over the last couple of weeks, we've seen growing concerns around the usage of third-party apps like FaceApp in terms of how they obtain store and claim ownership of users' personal photos.

在過去的幾周里，我們看到人們越來越擔心使用 FaceApp 等第三方應用程序獲取商店和聲稱擁有用戶個人照片的所有權。

I was wondering if you could talk about some of the way that Snap protects users' photos and videos when they use Snap's own AR Lenses as well as those built by creators in the Lens Studio.

我想知道您能否談談 Snap 在用戶使用 Snap 自己的 AR 鏡頭以及由 Lens Studio 中的創作者構建的 AR 鏡頭時保護用戶照片和視頻的一些方式。

That's a great question.

這是一個很好的問題。

Obviously, we've invested a lot in privacy, and we care a lot about the safety of our community.

顯然，我們在隱私方面投入了大量資金，我們非常關心社區的安全。

And from the beginning, we've always embraced this idea of deletion by default, meaning that the content that you create and send your friends is deleted after they viewed it.

從一開始，我們就一直默認刪除這種想法，這意味著您創建和發送給朋友的內容在他們查看後會被刪除。

And so I think the way that we've constructed our service really helps preserve user privacy.

所以我認為我們構建服務的方式確實有助於保護用戶隱私。

And as we look forward and empower more creativity on our platform, that's always something that we're going to keep in mind.

當我們期待並在我們的平台上賦予更多創造力時，我們將始終牢記這一點。

The next question will come from Lloyd Walmsley of Deutsche Bank.

下一個問題將來自德意志銀行的 Lloyd Walmsley。

So you talked about seeing an immediate impact from product catalogs and what sounds like healthy adoption for the businesses there.

因此，您談到了產品目錄的直接影響以及對那裡的企業來說聽起來像是健康的採用。

So wondering if you can just give us a sense on what kind of conversion rates or conversion rate uplifts the advertisers are seeing from integrating that format with the new ad unit kind of relative to a traditional ad that would require click out.

因此，想知道您是否可以讓我們了解廣告商通過將這種格式與新的廣告單元類型相結合，相對於需要點擊的傳統廣告，看到了什麼樣的轉化率或轉化率提升。

And then I guess, related to that, what do you see in terms of ad pricing in this -- as people integrate product catalogs of this data premium pricing to these sort of ad units?

然後我猜想，與此相關的是，當人們將這些數據溢價定價的產品目錄整合到這類廣告單元中時，您對廣告定價有何看法？

Anything you can share there would be great.

你可以在那里分享的任何東西都會很棒。

Thanks for the question, Lloyd.

謝謝你的問題，勞埃德。

Regarding the ROI that advertisers are seeing, we really believe that our advertising partners are voting with their wallets.

關於廣告商看到的投資回報率，我們真的相信我們的廣告合作夥伴正在用他們的錢包投票。

They're retaining well.

他們保持得很好。

They're continuing to grow their spend, and we are keeping them within the ecosystem.

他們繼續增加支出，我們將他們保留在生態系統中。

We do believe that driving that ROI is the best retention tool for us, and we continue to make investments in the ad product and self-service platform.

我們確實相信，提高投資回報率是我們最好的留存工具，我們會繼續在廣告產品和自助服務平台上進行投資。

You mentioned catalogs specifically, which is built, of course, for our e-com advertisers.

您特別提到了目錄，它當然是為我們的電子商務廣告商構建的。

And we are committed to helping these e-commerce businesses achieve their objectives by creating these rich experiences.

我們致力於通過創造這些豐富的體驗來幫助這些電子商務企業實現其目標。

We just -- we had launched, as you know probably, the Amazon Visual Search product.

正如您可能知道的那樣，我們剛剛推出了亞馬遜視覺搜索產品。

We have digital recognition tech, and we recently launched our Shopify integration as well, which will allow our advertising partners who have Shopify stores to link quickly to build ads just right from the Shopify experience.

我們擁有數字識別技術，我們最近也推出了 Shopify 集成，這將使我們擁有 Shopify 商店的廣告合作夥伴能夠快速鏈接，以直接從 Shopify 體驗中構建廣告。

And then we've also dipped our toes into launching stories for influencers.

然後我們還涉足為有影響力的人發布故事。

So it's very clear that we're committed to the e-commerce space.

所以很明顯，我們致力於電子商務領域。

And again, with the retention that we see from these advertisers in particular and that continued spend growth, we know that we're continuing to perform on an ROI basis for them.

再一次，特別是我們從這些廣告商那裡看到的留存率以及持續的支出增長，我們知道我們將繼續為他們提供投資回報率。

The next question will come from Brian Nowak of Morgan Stanley.

下一個問題將來自摩根士丹利的布賴恩諾瓦克。

I have 2. The first one, your innovation around AR continues to really stand out, what you had with baby face and then gender swap this quarter.

我有 2 個。第一個，你圍繞 AR 的創新繼續真正脫穎而出，你在本季度擁有娃娃臉和性別互換。

Could you just talk us a little bit about how you think about sort of pipeline -- the visibility on forward pipeline for other big AR innovation to come -- to continue to drive the user growth as we go into the back half and then to 2020?

您能否簡單談談您對管道的看法——其他大型 AR 創新即將到來的前向管道的可見性——在我們進入後半段然後到 2020 年時繼續推動用戶增長?

Then the second one, in the letter, you talked about the importance of advertiser count growth.

然後第二個，在信中，您談到了廣告客戶數量增長的重要性。

Can you just give us an update on how many advertisers you have now on the platform and how quickly that's growing?

您能否向我們介紹一下您現在在平台上擁有多少廣告商以及增長速度有多快？

On the AR front, we really believe we're barely scratching the surface.

在 AR 方面，我們真的相信我們只是觸及了表面。

We're investing heavily in that area, and I think most importantly, building tools for creators.

我們在該領域進行了大量投資，我認為最重要的是，為創作者構建工具。

So what we're seeing in Lens Studio is that people are creating more and more Lenses for our community and really creating an ecosystem around augmented reality.

所以我們在 Lens Studio 中看到的是，人們正在為我們的社區創造越來越多的 Lenses，並真正圍繞增強現實創建一個生態系統。

So beyond even the fundamental investments and fundamental innovation in augmented reality at Snap, I think the way that our community is embracing the tools that we're creating is really exciting.

因此，除了 Snap 在增強現實方面的基本投資和基本創新之外，我認為我們的社區採用我們正在創建的工具的方式真的很令人興奮。

So a lot of work to do there.

所以有很多工作要做。

This is a 3-, 5-, 10-year journey for us, and we're just at the beginning.

對我們來說，這是一個 3 年、5 年、10 年的旅程，而我們才剛剛開始。

So we're really excited about that.

所以我們對此感到非常興奮。

And unfortunately, we don't break out the number of advertisers, but we're making good progress there.

不幸的是，我們沒有公佈廣告客戶的數量，但我們在這方面取得了不錯的進展。

And I think what's exciting is spend per advertiser and advertisers are both growing together, and I think that bodes well for the long term.

而且我認為令人興奮的是每個廣告商的支出和廣告商都在共同增長，我認為這對長期來說是個好兆頭。

The next question will come from Justin Post of Merrill Lynch.

下一個問題將來自美林證券的賈斯汀波斯特。

Obviously, you have a very strong reach among younger demographics.

顯然，您在年輕人群中擁有非常強大的影響力。

And just wondering if you could talk about the challenges and opportunities for advertisers in reaching that demographic.

只是想知道您是否可以談論廣告商在達到該人群方面的挑戰和機遇。

Are there additional concerns you think about?

您是否考慮過其他問題？

And then longer term, how do you think, with all your engagement, your ARPU will look when you compare it to other sites such as Twitter and Instagram given how much engagement you have?

然後從長遠來看，考慮到您的參與度，您如何看待您的所有參與度，當您將其與 Twitter 和 Instagram 等其他網站進行比較時，您的 ARPU 會如何？

Thanks.

謝謝。

Yes, I think the biggest hurdle for advertisers historically has been the creative formats.

是的，我認為歷史上廣告商面臨的最大障礙是創意格式。

But I think fortunately, what we're seeing is that formats like our 6-second nonskippable video ads have a really high impact with our community, and so advertisers are increasingly willing to make vertical creative or cut their creative.

但我認為幸運的是，我們看到的是，像 6 秒不可跳過的視頻廣告這樣的格式對我們的社區產生了非常大的影響，因此廣告商越來越願意製作垂直創意或削減他們的創意。

So I think we've overcome that barrier.

所以我認為我們已經克服了這個障礙。

And we're seeing advertisers get really excited about augmented reality, this idea of experiential advertising that our community opts into.

我們看到廣告商對增強現實感到非常興奮，這是我們社區選擇的體驗式廣告理念。

So I think really, those creative formats, 2, 3 years ago, maybe were a hindrance for our business but now have become a real asset for us.

所以我真的認為，那些 2、3 年前的創意格式可能是我們業務的障礙，但現在已成為我們真正的資產。

And so that's really an exciting shift to see there.

所以看到那裡真的是一個令人興奮的轉變。

And then in terms of the ARPU question, I think if we take the U.S., for example, I think we're monetizing it like roughly 1/5 of Twitter ARPU or something like that in the U.S. And not that we want to use that as a comp, but I think there's a huge amount of upside relative to the time spent in engagement we're seeing on our platform.

然後就 ARPU 問題而言，我認為如果我們以美國為例，我認為我們正在將其貨幣化，大約是 Twitter ARPU 的 1/5 或類似的東西。而不是我們想要使用它作為一個比較，但我認為相對於我們在平台上看到的參與時間有很大的上升空間。

So I think as Jeremi pointed out, that's why we're so focused on advertiser growth.

所以我認為正如 Jeremi 所指出的，這就是我們如此關注廣告客戶增長的原因。

We've got a lot of supply, and we really have to onboard advertisers.

我們有很多供應，我們真的必須招募廣告商。

And fortunately, with our new self-serve platform, people are seeing great ROI, great results, and they're able to scale.

幸運的是，通過我們新的自助服務平台，人們看到了巨大的投資回報率和出色的成果，並且他們能夠擴大規模。

The next question will come from Jason Helfstein of Oppenheimer.

下一個問題將來自奧本海默的 Jason Helfstein。

I guess 2 questions.

我猜2個問題。

One, the metric that you started out with, the 3.8 billion Snaps per day -- 3.8 billion Snaps per day, 30 minutes per day in time spent, is that a regular metric you plan to give?

第一，您開始使用的指標，每天 38 億個 Snap——每天 38 億個 Snap，每天花費 30 分鐘，這是您計劃給出的常規指標嗎？

And can you tell us perhaps how that trended either sequentially or year-over-year?

您能否告訴我們，這種趨勢是按順序排列還是按年排列？

And then just second, maybe just to dig deeper, I know you don't want to give out the number of advertisers, but can you comment in the growth perhaps in advertisers quarterly or year-over-year?

然後只是第二個，也許只是為了更深入地挖掘，我知道你不想透露廣告商的數量，但你能評論一下廣告商的季度或同比增長嗎？

Yes.

是的。

We shared the Snaps per day metric in the past as well as time spent both as a spot metric.

我們在過去分享了每天的 Snaps 指標以及作為現貨指標所花費的時間。

The 3.5 billion Snaps a day is up from 3 billion.

每天 35 億次 Snap 高於 30 億次。

And I'm afraid we can't break out advertiser growth for you, but we'll try to share more in the future.

恐怕我們無法為您展示廣告客戶的增長情況，但我們會在未來嘗試分享更多內容。

The next question will come from John Blackledge of Cowen.

下一個問題將來自 Cowen 的 John Blackledge。

Great.

偉大的。

Evan, on the gaming opportunity, could you just discuss it a little bit further in how you would expect it to kind of impact the user base or the engagement or retention, et cetera?

Evan，關於遊戲機會，您能否進一步討論一下您希望它如何影響用戶群或參與度或保留率等等？

And then on user growth, as it relates to the 3Q guide and going into 4Q in 2020, you expect to add more users.

然後是用戶增長，因為它與 3Q 指南和 2020 年 4Q 相關，你預計會增加更多用戶。

Would you expect the majority of the user additions to be driven by Rest of World?

您是否期望大多數用戶添加是由世界其他地區推動的？

Or would it perhaps be a little bit more broad-based?

或者它可能會更廣泛一些？

On the gaming front, I think the best way to think about it is really when we first started out building our content business, we really took time to get the user experience right before we scaled it out.

在遊戲方面，我認為最好的思考方式是，當我們剛開始構建內容業務時，我們確實花時間在擴展之前獲得用戶體驗。

And so today, we're working with this very small number of publishers, really focusing on user engagement and retention.

所以今天，我們正在與極少數的發布商合作，真正專注於用戶參與度和留存率。

And I think the exciting thing that we're seeing is that people who are playing games with more friends are playing longer, which means that the Snap platform can really provide unique value to gaming publishers because we're able to bring this group of real friends that likes hanging out together.

而且我認為我們看到的令人興奮的事情是，與更多朋友一起玩遊戲的人玩的時間更長，這意味著 Snap 平台可以真正為遊戲發行商提供獨特的價值，因為我們能夠為這群真正的喜歡一起出去玩的朋友。

So I think we've been correct so far on our thesis around socializing and social gaming, so we're excited to continue building on that.

所以我認為到目前為止，我們關於社交和社交遊戲的論點是正確的，所以我們很高興能繼續在此基礎上發展。

And I think I'll let Derek take the question on the guide for DAU.

我想我會讓 Derek 回答 DAU 指南中的問題。

John, thanks for the question.

約翰，謝謝你的問題。

Really pleased with the growth we saw in Q2 and pleased that we can share that we do expect to grow again into the next quarter sequentially.

對我們在第二季度看到的增長感到非常滿意，並且很高興我們可以分享我們確實希望在下一季度繼續增長。

And in terms of sources of growth, we really are pleased with the underlying growth trends and momentum we're seeing in the business.

在增長來源方面，我們對我們在業務中看到的潛在增長趨勢和勢頭感到非常滿意。

Those have come from the improvements we've made to the app over the last year, including the rebuild of Android but also improvements across all platforms.

這些來自我們在去年對應用程序所做的改進，包括 Android 的重建以及所有平台的改進。

And so you saw that we had fairly broad-based growth in Q2, all regions, all platforms, which we're pleased with.

因此，您看到我們在第二季度、所有地區、所有平台都有相當廣泛的增長，我們對此感到滿意。

We do expect to grow into the next quarter.

我們確實希望增長到下個季度。

We're not going to break out our thoughts going forward by platform or by region, but we are pleased to see that we've got fairly broad-based momentum in the most recent quarters.

我們不會按平台或按地區來闡述我們的想法，但我們很高興看到我們在最近幾個季度獲得了相當廣泛的動力。

And we expect that, that will continue forward into the next quarter and be able to grow again sequentially on our new higher base.

我們預計，這將持續到下個季度，並能夠在我們新的更高基礎上再次連續增長。

Thanks for the question.

謝謝你的問題。

The next question will come from Mark May of Citi.

下一個問題將來自花旗銀行的 Mark May。

Two, if I could.

二，如果可以的話。

First, I know advertisers on Snap can execute against many different objectives like app installs, website visits, video views, et cetera.

首先，我知道 Snap 上的廣告商可以針對許多不同的目標執行，例如應用安裝、網站訪問、視頻觀看等。

I'm sure they're all growing nicely.

我相信他們都長得很好。

Just wonder -- I just was hoping if you could comment on the ones where you're seeing particularly strong growth right now.

只是想知道 - 我只是希望你能評論一下你現在看到特別強勁增長的那些。

And then on Snap Maps, other companies in the space have been able to create a lot of value off their map assets.

然後在 Snap Maps 上，該領域的其他公司已經能夠從他們的地圖資產中創造很多價值。

Snapchat uses the map in a very different way than all these other companies.

Snapchat 使用地圖的方式與所有其他公司截然不同。

Just curious what sort of opportunities, if any, there are -- that there may be to like further leverage Snap Map going forward from an engagement and monetization standpoint.

只是好奇有什麼樣的機會，如果有的話 - 從參與和貨幣化的角度來看，可能會進一步利用 Snap Map。

Thanks for the question, Mark.

謝謝你的問題，馬克。

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

我先回答第一部分，然後再翻過來。

Regarding what advertisers -- where advertisers are seeing success, I think it's on goal-based bidding across the board.

關於哪些廣告商——廣告商在哪些方面取得了成功，我認為這是基於目標的全面競價。

So whether that goal is number of app installs, number of views, number of impressions, whether it means that they want to sell product on e-com, whatever it may be, they have the opportunity to choose that goal-based bidding in our Ad Manager platform that was well designed to have an algorithm that optimizes to those outcomes, and we're seeing success across the board given the strength of the algorithm, and it's learning over time.

因此，無論該目標是應用安裝次數、瀏覽次數、展示次數，是否意味著他們想在電子商務上銷售產品，無論是什麼，他們都有機會在我們的Ad Manager 平台經過精心設計，具有針對這些結果進行優化的算法，鑑於算法的強大功能，我們看到了全面的成功，並且隨著時間的推移它正在學習。

On the Snap Maps front, we really set out to explore this opportunity of creating a personal map.

在 Snap Maps 方面，我們真正著手探索創建個人地圖的機會。

We noticed that so many people when they open their phone, they have the exact same map even though their personal experiences of the world are so different, they live in different places, they hang out with different friends, they have different favorite places to go.

我們注意到，很多人在打開手機時，擁有完全相同的地圖，儘管他們對世界的個人體驗如此不同，他們住在不同的地方，他們與不同的朋友閒逛，他們有不同的喜歡去的地方.

And so I think as we've been on this journey, the first place we really started was bringing your friends into the map and allowing you to interact with them, and that's really gone well so far.

所以我認為，當我們一直在這個旅程中時，我們真正開始的第一個地方是將你的朋友帶入地圖並允許你與他們互動，到目前為止，這真的很順利。

So we're super excited with the engagement that we're seeing there.

因此，我們對在那裡看到的參與感到非常興奮。

But this is a long-product journey for us before we think about monetization.

但在我們考慮貨幣化之前，這對我們來說是一個漫長的產品之旅。

And so for now, we're just focused on the product experience.

所以現在，我們只關注產品體驗。

We've got a big, long road map here to keep developing that product.

我們在這裡有一個龐大而漫長的路線圖來繼續開發該產品。

But so far, great engagement and exciting to build on that thesis.

但到目前為止，以該論文為基礎的參與度很高且令人興奮。

The next question will come from Doug Anmuth of JPMorgan.

下一個問題將來自摩根大通的 Doug Anmuth。

One for Evan and one for Jeremi.

一份給埃文，一份給傑雷米。

First, Evan, you talked about 75% of the 13- to 34-year-old population in the U.S. active on Snapchat.

首先，埃文，你談到美國 13 至 34 歲的人口中有 75% 活躍在 Snapchat 上。

Can you just talk about whether you think it's important to go beyond 34-year-olds?

您能否談談您認為超越 34 歲是否重要？

Is that a material part of the strategy still?

這仍然是戰略的重要組成部分嗎？

And then, Jeremi, record advertisers in 2Q and still demand constrained.

然後，Jeremi 在第二季度創紀錄的廣告商仍然需求受限。

What's the gating factor in your view to getting more advertisers on board?

您認為吸引更多廣告商加入的關鍵因素是什麼？

Thanks, Doug.

謝謝，道格。

Yes, I definitely think it's important for us to grow with our user base over time, especially as we look towards the long term of the business.

是的，我絕對認為隨著時間的推移與我們的用戶群一起成長對我們來說很重要，尤其是當我們著眼於業務的長期發展時。

That's why we shared the retentions that we're really excited about, that I think shows that this communication with real friends and this idea of visual communication is really powerful and something that people grow with over time as it becomes a part of their lives.

這就是為什麼我們分享了我們非常興奮的保留，我認為這表明這種與真正的朋友的交流以及這種視覺交流的想法是非常強大的，隨著時間的推移，人們會隨著時間的推移而成長，因為它已經成為他們生活的一部分。

So definitely, I think that that's an important opportunity.

因此，毫無疑問，我認為這是一個重要的機會。

And one of the areas where we're investing there is around content and augmented reality experiences to meet the needs of different demographics.

我們在那裡投資的領域之一是圍繞內容和增強現實體驗，以滿足不同人群的需求。

So that no matter what age you are when you come in to Snapchat, you feel like there's something for you to play with or to watch.

因此，無論您進入 Snapchat 時的年齡，您都會覺得有一些東西可以玩或看。

We think that's really important.

我們認為這非常重要。

And thanks.

謝謝。

Regarding how we increase the number of advertisers, we're very fortunate to be in a position where engagement continues to be brought across the entirety of the app from Discover to the camera to chat, and we have an opportunity from the supply side to really just add more advertisers as we've talked about.

關於我們如何增加廣告商的數量，我們很幸運能夠繼續在整個應用程序中帶來參與，從發現到相機聊天，我們有機會從供應方真正開始正如我們所討論的，只需添加更多的廣告商。

So can't overemphasize enough how our biggest opportunity is getting more advertisers into the system.

因此，我們最大的機會是如何讓更多的廣告商進入系統，怎麼強調都不為過。

And in order to that, we're focused on 3 fundamental priorities.

為此，我們專注於 3 個基本優先事項。

One is to develop ad formats that are both innovative and easy to create, so take down any barriers that advertisers may have regardless of their level of sophistication.

一是開發既具有創新性又易於創建的廣告格式，從而消除廣告商可能遇到的任何障礙，無論其複雜程度如何。

The second is to show consistent and predictable results for our advertisers, driving ROI and enabling them to optimize for whatever outcome it is that they wanted.

第二個是為我們的廣告商展示一致且可預測的結果，推動投資回報率並使他們能夠針對他們想要的任何結果進行優化。

And then also as we've been continuing to do over the last 3 quarters, aligning our sales teams around the advertiser needs and objectives, and both segmentation and verticalization have led to really positive momentum across all cohorts and verticals, and we're really thrilled about that.

然後，正如我們在過去 3 個季度中一直在做的那樣，使我們的銷售團隊圍繞廣告客戶的需求和目標進行調整，細分和垂直化在所有同類群組和垂直領域都帶來了非常積極的勢頭，我們真的對此感到很興奮。

So we will continue to focus on those to get even more than the record number of advertisers that we had this quarter, and we know that the opportunity in front of us is tremendous.

因此，我們將繼續關注那些獲得超過本季度創紀錄數量的廣告商的廣告商，我們知道擺在我們面前的機會是巨大的。

Our next question will come from Victor Anthony of Aegis Capital.

我們的下一個問題將來自 Aegis Capital 的 Victor Anthony。

Maybe just talk about your path to free cash flow generation, if you could give kind of somewhat of a time frame on that.

如果你能給出一些時間框架，也許只是談談你產生自由現金流的道路。

And second, you touched upon, I guess, the e-commerce efforts, whether they be product catalog formats, Instant Create.

其次，我猜你提到了電子商務的努力，無論是產品目錄格式，即時創建。

Maybe if you could just discuss how big of an opportunity do you think e-commerce will be for you guys.

也許如果您可以討論一下您認為電子商務對你們來說有多大的機會。

Victor, thanks for the question.

維克多，謝謝你的問題。

I'll take the first one and the second one for Jeremi.

我會拿第一個和第二個給 Jeremi。

On the path to free cash flow, one, I think you've seen pretty consistent progress quarter-to-quarter-to-quarter.

在通往自由現金流的道路上，我認為您已經看到季度與季度之間的進展相當一致。

Pretty pleased.

很高興。

This was our fifth consecutive quarter of year-over-year adjusted EBITDA improvement.

這是我們連續第五個季度調整後的 EBITDA 同比增長。

We're guiding for next quarter that we expect that we would make it a sixth.

我們正在指導下個季度，我們預計我們將使其成為第六個季度。

So we're just trying to be super disciplined here in terms of making progress on that road, getting to free cash flow.

因此，我們只是想在這條道路上取得進展，獲得自由現金流方面非常自律。

I'm not going to give you a time line here, but certainly, you can see that we've been making significant progress.

我不會在這裡給你一個時間表，但你肯定可以看到我們已經取得了重大進展。

It's been fairly consistent quarter-to-quarter for a couple of years now and looking forward to being able to get to that milestone at some point.

幾年來，每季度都相當一致，並期待能夠在某個時候達到那個里程碑。

Not a specific date, but pleased with our progress, and it is a priority for us for sure.

沒有具體的日期，但對我們的進展感到滿意，這肯定是我們的首要任務。

And thanks.

謝謝。

As it comes to e-commerce advertisers, it's definitely an area of focus for us.

對於電子商務廣告商，這絕對是我們關注的一個領域。

We are doubling down on our sales efforts, on our product efforts, continuing to innovate not only on the bid side of the platform but also on the outcome side of the platform to ensure that the people who are looking to sell product from Snap are staying within the confines of Snap and able to execute that transaction really easily.

我們正在加倍努力，我們的產品努力，不僅在平台的投標方面而且在平台的結果方面繼續創新，以確保希望從 Snap 銷售產品的人留下來在 Snap 的範圍內，並且能夠非常輕鬆地執行該事務。

If you think about the opportunity ahead, I'll just speak to the partnership that we have with Shopify specifically.

如果您考慮未來的機會，我將專門談談我們與 Shopify 的合作夥伴關係。

If you just look at that one opportunity, there are hundreds of thousands of Shopify vendors that have storefronts that they can create in just a few clicks directly into Snap, create a store, and our customers can shop directly from that store.

如果您只看一次機會，那麼成千上萬的 Shopify 供應商擁有店面，他們只需點擊幾下即可直接在 Snap 中創建店面，創建商店，我們的客戶可以直接從該商店購物。

And that is just Shopify.

這就是 Shopify。

So if you extrapolate that out into the litany of other e-commerce players that there are in the ecosystem, the opportunity is tremendous.

因此，如果您將其推斷到生態系統中的其他電子商務參與者的一連串，機會是巨大的。

And we will continue to double down both in product and sales to ensure that we capture that.

我們將繼續在產品和銷售方面加倍努力，以確保我們抓住這一點。

Our last question comes from Michael Levine of Pivotal.

我們的最後一個問題來自 Pivotal 的 Michael Levine。

Congratulations on great quarter, guys.

祝賀偉大的季度，伙計們。

In your comment, Jeremi, about the verticalization of the sales force, what inning would you say you view the business at in terms of generating returns from that restructuring?

在您的評論中，Jeremi，關於銷售隊伍的垂直化，您認為從重組中產生回報的角度來看，您如何看待業務？

Thanks for the question, Michael.

謝謝你的問題，邁克爾。

It's early days.

現在還早。

We have completed the reorganization in the U.S., and that has been behind us for 1 quarter now.

我們已經在美國完成了重組，這已經落後了我們一個季度。

We are cautiously optimistic that we'll see a lot of the same positive momentum in the international reorg, which we're undergoing right now.

我們謹慎樂觀地認為，我們將在國際重組中看到許多同樣積極的勢頭，而我們目前正在經歷的重組。

I can tell you that advertiser sentiment has been extremely positive as our teams start to grow and learn -- and have depth of experience by category, particularly when you consider that each different category has different levels of pressure, different types of investor pressures, different types of tariff pressures.

我可以告訴你，隨著我們的團隊開始成長和學習，廣告客戶的情緒非常積極——並且在不同類別方面擁有豐富的經驗，特別是當你考慮到每個不同的類別都有不同程度的壓力、不同類型的投資者壓力、不同的關稅壓力的種類。

The better that we can understand that they're particular industries, the better we can help solve their problem.

我們越能理解它們是特定的行業，我們就能更好地幫助解決它們的問題。

And so we are seeing a huge -- a ground solid support from our advertiser and agency community on the verticalization, but it's still early days.

因此，我們看到了來自我們的廣告商和代理社區對垂直化的巨大支持，但這仍處於初期階段。

But I'm thrilled to see that most of the verticals at the company right now are growing.

但我很高興看到公司目前的大多數垂直領域都在增長。

This concludes our question-and-answer session as well as Snap Inc.'s Second Quarter 2019 Earnings Conference Call.

我們的問答環節以及 Snap Inc. 的 2019 年第二季度收益電話會議到此結束。

Thank you for attending today's session.

感謝您參加今天的會議。

You may now disconnect.

您現在可以斷開連接。