Snap Inc (SNAP) 2019 Q3 法說會逐字稿

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

大家下午好，歡迎參加 Snap Inc. 的 2019 年第三季度收益電話會議。

(Operator Instructions)

（操作員說明）

This call will be recorded.

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 Third Quarter 2019 Earnings Conference Call.

歡迎參加 Snap 2019 年第三季度收益電話會議。

With us today are Evan Spiegel, Chief Executive Officer and Co-Founder; Jeremi Gorman, Chief Business Officer; and Derek Andersen, 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 third 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 年第三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 third quarter 2019 performance in addition to our financial outlook.

今天的電話是為您提供有關我們 2019 年第三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 June 30, 2019, particularly in the section titled Risk Factors.

有關可能導致實際結果與前瞻性陳述存在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在截至 2019 年 6 月 30 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.

不應將這些措施與根據公認會計原則編制的財務信息分開考慮或替代它們。

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 delivered strong results this quarter, and we are pleased that the investments we have made are continuing to drive the growth of our community and business.

我們本季度取得了強勁的業績，我們很高興我們所做的投資將繼續推動我們社區和業務的增長。

Building on the strong momentum we developed over the first half of the year, our community grew to 210 million daily active users, an increase of 13% year-over-year.

在上半年發展的強勁勢頭的基礎上，我們的社區日活躍用戶增長到 2.1 億，同比增長 13%。

Revenue increased 50% year-over-year to $446 million, marking the third consecutive quarter of year-over-year revenue growth acceleration.

收入同比增長 50% 至 4.46 億美元，標誌著收入同比增長連續第三個季度加速。

The growth in our business this year has put us on a clear path to Q4 adjusted EBITDA profitability, and we are excited about reaching this important milestone as a team.

今年我們業務的增長使我們走上了一條通往第四季度調整後 EBITDA 盈利能力的明確道路，我們很高興作為一個團隊達到這個重要的里程碑。

Snapchat turned 8 years old in September, creating a moment for all of us to reflect on the progress we have made from building a small startup in my dad's house to operating a public company.

Snapchat 在 9 月迎來了 8 歲生日，這為我們所有人創造了一個時刻來反思我們從在我父親家建立一家小型初創公司到運營一家上市公司所取得的進展。

Many of the choices we made when Bobby and I were just getting started have created significant tailwinds for our business today, including our focus on privacy, ephemerality, self-expression and, most importantly, our decision to open Snapchat directly into the camera.

我們在 Bobby 和我剛起步時做出的許多選擇為我們今天的業務創造了重要的順風，包括我們對隱私、短暫性、自我表達的關注，最重要的是，我們決定將 Snapchat 直接打開到相機中。

I am proud of the way our team has grown together to build a business that is resilient, innovative and focused on delivering value for our community over the long term.

我為我們的團隊共同成長以建立一家具有彈性、創新性並專注於長期為我們的社區創造價值的企業而感到自豪。

We never could have imagined that Snapchat would evolve into the platform that it has become today as our generation has embraced visual communication for staying in touch with real friends.

我們從來沒有想過 Snapchat 會演變成今天的平台，因為我們這一代人已經接受了視覺交流來與真正的朋友保持聯繫。

As Snapchat's reach has grown over the years, so has the frequency with which people use our service.

多年來，隨著 Snapchat 的影響力不斷擴大，人們使用我們服務的頻率也在增加。

Today, each daily active user opens Snapchat 30 times per day on average.

如今，每位每日活躍用戶平均每天打開 Snapchat 30 次。

Empowering our community to communicate visually has enabled us to build a platform that is durable and retentive because visual communication is faster, richer and more fun than other ways of talking with friends over the Internet.

使我們的社區能夠進行視覺交流，這使我們能夠建立一個持久且具有記憶力的平台，因為視覺交流比通過 Internet 與朋友交談的其他方式更快、更豐富、更有趣。

Snapchat helps people build deeper relationships because they can see how their friends feel instead of just reading a text message.

Snapchat 幫助人們建立更深層次的關係，因為他們可以看到朋友的感受，而不僅僅是閱讀短信。

We've worked hard to make Snapchat available globally so that everyone around the world can enjoy the power of visual communication.

我們努力使 Snapchat 在全球範圍內可用，以便世界各地的每個人都可以享受視覺交流的力量。

Following the rebuild of our Android app, Snapchat is now more performant on a wider variety of devices, and we have been working on localization and other efforts to create a better user experience across international markets.

在重建我們的 Android 應用程序之後，Snapchat 現在在更多種類的設備上性能更高，我們一直致力於本地化和其他努力，以在國際市場上創造更好的用戶體驗。

This has helped us substantially increase the rate at which we onboard new Android users who not only download Snapchat but also use it on an ongoing basis to talk with their friends, contributing to our daily active user growth.

這幫助我們大幅提高了新 Android 用戶的加入率，這些新用戶不僅下載 Snapchat，還持續使用它與朋友交談，為我們的日常活躍用戶增長做出了貢獻。

We are continuing to invest in major improvements to our back end services, which will help us to regionalize our application and better serve our community around the world.

我們將繼續投資於後端服務的重大改進，這將有助於我們將我們的應用程序區域化並更好地為我們在世界各地的社區服務。

Fast, visual communication is the core product value that Snapchat provides, and we are committed to bringing our unique messaging service to people around the world, regardless of their device or quality of connectivity.

快速、視覺化的交流是 Snapchat 提供的核心產品價值，我們致力於將我們獨特的消息服務帶給世界各地的人們，無論他們的設備或連接質量如何。

Of course, Snapchat has become so much more than a messaging service and, over the years, we have identified new ways to serve our community through experiences that improve their lives.

當然，Snapchat 已經不僅僅是一種消息服務，而且多年來，我們已經確定了通過改善他們生活的體驗來服務我們社區的新方法。

The value we provide to our community has helped us reach 210 million daily active users and enabled us to expand our business by building a mobile content platform, an augmented reality platform, a social map and, most recently, a new gaming platform.

我們為社區提供的價值幫助我們達到了 2.1 億日活躍用戶，並使我們能夠通過構建移動內容平台、增強現實平台、社交地圖以及最近的新遊戲平台來擴展業務。

The connections between real friends on Snapchat bring immediate value to each of the new platforms that we create.

Snapchat 上真實朋友之間的聯繫為我們創建的每個新平台帶來直接價值。

Our content platform is the most mature of our platform businesses, and it is still growing very quickly.

我們的內容平台是我們平台業務中最成熟的，而且還在快速增長。

Following our redesign last year that paved the way for us to invest more in premium content while supporting relationships between real friends, we have more than doubled the number of media partners distributing content on Discover while simultaneously deepening our relationships with our larger partners.

繼去年的重新設計為我們在優質內容上投入更多資金同時支持真實朋友之間的關係鋪平了道路之後，我們在 Discover 上分發內容的媒體合作夥伴數量增加了一倍多，同時加深了我們與更大合作夥伴的關係。

For example, the NFL doubled down on live sports this season by breaking out Sunday football highlights into a separate Discover channel that is regularly updated throughout the day on a near-live basis.

例如，美國國家橄欖球聯盟在本賽季的體育直播中翻了一番，將周日的足球精彩集錦放到一個單獨的“發現”頻道中，該頻道會在全天以近乎實時的方式定期更新。

This has increased both the frequency at which viewers watch by 40% and the total time spent watching NFL highlights by 70% when compared to last year.

與去年相比，這使觀眾觀看的頻率增加了 40%，觀看 NFL 集錦的總時間增加了 70%。

Time spent and viewership on our content platform continue to grow rapidly, with more than 100 Discover channels reaching a monthly audience of over 10 million viewers in Q3 and total time spent by Snapchatters watching Discover increasing 40% year-over-year.

在我們的內容平台上花費的時間和觀看人數繼續快速增長，第三季度有 100 多個 Discover 頻道的每月觀眾超過 1000 萬，Snapchatter 觀看 Discover 的總時間同比增長 40%。

More broadly, this was the first year that time spent on mobile surpassed television in the U.S., which means that we have just reached the tipping point of this sea change in content viewing behavior.

更廣泛地說，這是美國在移動設備上花費的時間超過電視的第一年，這意味著我們剛剛達到了內容觀看行為發生巨變的臨界點。

We believe that this shift in behavior towards mobile content has created a large opportunity for our business, and we are excited about investing more to scale our content platform.

我們相信，這種向移動內容的行為轉變為我們的業務創造了巨大的機會，我們很高興投資更多來擴展我們的內容平台。

We have a significant lead in augmented reality due to the camera-first nature of Snapchat and the frequent usage of our camera, and we believe that smartphone-based augmented reality will be an important driver of our business over the coming years.

由於 Snapchat 的相機優先性質和我們相機的頻繁使用，我們在增強現實領域處於顯著領先地位，我們相信基於智能手機的增強現實將成為未來幾年我們業務的重要推動力。

We have been investing heavily in tools like Lens Studio to help creators build augmented reality experiences and evolving the ways that we distribute Lenses to our community through products like Scan and our AR Bar.

我們一直在大力投資於 Lens Studio 等工具，以幫助創作者構建增強現實體驗，並改進我們通過 Scan 和 AR Bar 等產品向社區分發 Lenses 的方式。

Even though augmented reality is a relatively new technology, it provides real utility for our community and real results for our advertisers, making it a natural growth opportunity for Snap.

儘管增強現實是一項相對較新的技術，但它為我們的社區提供了真正的效用，為我們的廣告商提供了真正的成果，使其成為 Snap 的自然增長機會。

Snapchat now powers billions of daily AR experiences, with each of our daily active users interacting with augmented reality nearly 30 times every day on average.

Snapchat 現在為數十億的日常 AR 體驗提供支持，我們的每個日常活躍用戶平均每天與增強現實交互近 30 次。

This high level of engagement with augmented reality has made Snapchat an appealing platform for creators and developers to build and distribute new augmented reality experiences.

與增強現實的這種高度參與使 Snapchat 成為一個吸引創作者和開發者構建和分發新的增強現實體驗的平台。

To date, our community has created over 600,000 Lenses in Lens Studio, with top-performing community Lenses reaching billions of views on Snapchat.

迄今為止，我們的社區已經在 Lens Studio 中創建了超過 600,000 個鏡頭，其中表現最好的社區鏡頭在 Snapchat 上的瀏覽量達到了數十億。

In just a few years, we have built a thriving augmented reality ecosystem where users, creators and businesses all benefit from using our platform and tools.

在短短幾年內，我們建立了一個蓬勃發展的增強現實生態系統，用戶、創作者和企業都可以從使用我們的平台和工具中受益。

We've barely scratched the surface of the opportunity we have with maps and gaming, but both are important tools for bringing friends together, and we are excited by the engagement we are seeing on both of these platforms.

我們在地圖和遊戲方面所擁有的機會幾乎沒有觸及到表面，但兩者都是將朋友聚在一起的重要工具，我們對在這兩個平台上看到的參與感到興奮。

We expect to invest significantly in both maps and gaming over the coming years, and we view these as important opportunities for growth.

我們預計未來幾年將在地圖和遊戲方面進行大量投資，我們將這些視為重要的增長機會。

In the future, we plan to make both our map and our gaming platform more easily accessible for our community on Snapchat.

未來，我們計劃讓 Snapchat 上的社區更容易訪問我們的地圖和遊戲平台。

Looking at our business today, there are clear investment areas across short-, medium- and long-term time horizons that are incremental to our investments in enhancing our core communication platform and growing our community.

縱觀我們今天的業務，在短期、中期和長期的時間範圍內都有明確的投資領域，這些投資領域是我們在增強核心溝通平台和發展社區方面的投資增量。

In the short term, meaning the next 1 to 3 years, we are focused on scaling our content and augmented reality platforms, making Snapchat content and augmented reality easier to create, easier to monetize and more personalized.

在短期內，也就是未來 1 到 3 年，我們專注於擴展我們的內容和增強現實平台，使 Snapchat 內容和增強現實更容易創建、更容易獲利和更個性化。

Over the medium term, the next 3 to 5 years, we will work to further enhance, scale and monetize our maps and gaming platforms.

在中期內，未來 3 到 5 年，我們將努力進一步增強、擴展和貨幣化我們的地圖和遊戲平台。

Looking out over the long term, the next 7 to 10 years, we will work towards realizing our vision of computing overlaid on the world through wearable augmented reality.

從長遠來看，未來 7 到 10 年，我們將努力實現通過可穿戴增強現實覆蓋世界的計算願景。

We took an important step forward towards an augmented reality future this quarter with the release of Spectacles 3, our new camera glasses.

隨著我們新的相機眼鏡 Spectacles 3 的發布，我們在本季度朝著增強現實的未來邁出了重要的一步。

Spectacles 3 have 2 cameras that allow users to capture depth in their Snaps and relive their experiences from their perspective in 3D.

Spectacles 3 有 2 個攝像頭，允許用戶在快照中捕捉深度，並從他們的 3D 視角重溫他們的體驗。

Depth is an important building block for our augmented reality technology because it allows our camera to better understand the world and overlay experiences on top of it.

深度是我們增強現實技術的重要組成部分，因為它使我們的相機能夠更好地了解世界並在其上疊加體驗。

We've made it easy for creators using Lens Studio to build new Lenses for Spectacles 3 that can be applied to Snaps after they are captured, layering augmented reality effects on top of Spectacles content.

我們讓使用 Lens Studio 的創作者可以輕鬆地為 Spectacles 3 構建新的鏡頭，這些鏡頭可以在捕捉後應用於 Snap，在 Spectacles 內容之上疊加增強現實效果。

We are building low volumes of Spectacles 3 and using this iteration to test and learn more about wearable computing.

我們正在構建少量的 Spectacles 3，並使用此迭代來測試和了解有關可穿戴計算的更多信息。

These incremental investments in the future of our business are one of the reasons why we are so excited about the operating leverage we have demonstrated over the past several quarters.

這些對我們業務未來的增量投資是我們對過去幾個季度所展示的運營槓桿如此興奮的原因之一。

We have a clear line of sight to self-funding our investments in the future, which is a strategic advantage that will allow us to invest over the long term and take risks to better serve our community and increase the value of our business.

我們對未來自籌資金有明確的願景，這是一項戰略優勢，使我們能夠進行長期投資並承擔風險，以更好地服務於我們的社區並增加我們的業務價值。

Our high-leverage business model will allow us to invest more and accelerate our innovation and leadership in mobile technology.

我們的高槓桿商業模式將使我們能夠進行更多投資並加速我們在移動技術方面的創新和領先地位。

In short, we are executing well on the fundamentals of our business, which is giving us the flexibility to invest in the future and drive long-term growth.

簡而言之，我們的業務基本面表現良好，這使我們能夠靈活地投資於未來並推動長期增長。

On the product side, we are delivering our core product value of fast, visual communication to more people than ever before.

在產品方面，我們正在向比以往更多的人提供快速、視覺傳達的核心產品價值。

The retentive, high frequency and durable utility of visual communication has helped us continue to grow our community, and we've gotten better at delivering our core product value through our application redesign, Android rebuild and many other product investments.

視覺通信的持久性、高頻和持久實用性幫助我們繼續發展我們的社區，並且通過我們的應用程序重新設計、Android 重建和許多其他產品投資，我們在交付我們的核心產品價值方面做得更好。

In terms of our business, the strong engagement of our unique community has created a large volume of inventory, and we're doing a better job of driving demand with effective ad products that deliver ROI for our advertising partners.

就我們的業務而言，我們獨特社區的強大參與創造了大量庫存，我們正在通過有效的廣告產品更好地推動需求，為我們的廣告合作夥伴帶來投資回報率。

The combination of our scalable ad platform and sales team reorganization allows us to reach a wide variety of advertisers to help them grow their businesses.

我們可擴展的廣告平台和銷售團隊重組相結合，使我們能夠接觸到各種各樣的廣告商，幫助他們發展業務。

We remain extremely undermonetized relative to our audience and engagement and underpenetrated in terms of advertiser budgets.

相對於我們的受眾和參與度，我們的貨幣化程度仍然非常低，並且在廣告商預算方面的滲透率也很低。

This has created a significant opportunity for ongoing revenue growth.

這為持續的收入增長創造了重要機會。

Lastly, we are excited about the operating leverage that we are developing in our business.

最後，我們對我們在業務中發展的經營槓桿感到興奮。

We continue to improve our efficiency across our business, and our cloud-based infrastructure has dramatically reduced the need for ongoing capital expenditures while simultaneously delivering low and declining infrastructure costs on a per user basis.

我們繼續提高整個業務的效率，我們基於雲的基礎架構大大減少了對持續資本支出的需求，同時為每位用戶提供了較低且不斷下降的基礎架構成本。

Our teams are working well together and driving value for our business and community.

我們的團隊合作良好，為我們的業務和社區創造價值。

All of this leaves us in a very unique position.

所有這些使我們處於一個非常獨特的位置。

We are a high-growth business with strong operating leverage, a clear path to profitability, a distinct vision for the future, the ability to invest over the long term and a proven history of execution through the ups and downs as a public company.

我們是一家高增長企業，擁有強大的運營槓桿、清晰的盈利路徑、對未來的清晰願景、長期投資的能力以及作為上市公司歷經風風雨雨的執行歷史。

We feel good about our team and momentum.

我們對我們的團隊和動力感覺良好。

And as we finish up our strategic planning process for next year, we are excited to share more about our business and what we believe we can accomplish together.

隨著我們完成明年的戰略規劃流程，我們很高興能分享更多關於我們的業務以及我們相信我們可以共同完成的事情。

We are particularly grateful for the investor community that has supported us through the many changes we have made over the past few years to evolve our business, and we are looking forward to building an enduring partnership with our investor base that will allow us to better serve our community and make a positive difference in the world.

我們特別感謝投資者社區支持我們在過去幾年中為發展我們的業務所做的許多改變，我們期待與我們的投資者基礎建立持久的合作夥伴關係，這將使我們能夠更好地服務我們的社區，並在世界上產生積極的影響。

Thank you for the trust you have placed in us.

感謝您對我們的信任。

And 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。

In Q3, we generated total revenue of $446 million, our third straight quarter of revenue growth acceleration, an increase of 50% year-over-year.

第三季度，我們創造了 4.46 億美元的總收入，這是我們連續第三個季度收入增長加速，同比增長 50%。

Average revenue per user was $2.12 in Q3, an increase of 33% year-over-year and 11% sequentially.

第三季度每位用戶的平均收入為 2.12 美元，同比增長 33%，環比增長 11%。

I'm confident we have the right core fundamentals to continue growing revenue at a pace significantly faster than the overall digital media industry.

我相信我們擁有正確的核心基礎，可以繼續以明顯快於整個數字媒體行業的速度增長收入。

Our success is the result of planning, discipline and deliberate decision-making across many teams at Snap who are obsessively focused on ensuring our ad products are innovative and performant, our self-service marketplace is delivering ROI at scale and that our team is operationally set up for success.

我們的成功是 Snap 的許多團隊的計劃、紀律和深思熟慮的決策的結果，他們痴迷於確保我們的廣告產品具有創新性和性能，我們的自助服務市場正在大規模提供投資回報率，並且我們的團隊在運營成功。

Because of this, we are able to consistently deliver on Snapchat's large and growing audience worldwide.

正因為如此，我們能夠始終如一地為 Snapchat 在全球範圍內不斷增長的龐大受眾提供服務。

With the confidence that we can deliver results across advertiser types and locales, we are now fully focused on optimizing and making progress against our ARPU opportunity, which we believe in the short to medium term will be largely driven by advertiser demand.

有信心我們可以跨廣告客戶類型和地區交付結果，我們現在完全專注於優化我們的 ARPU 機會並取得進展，我們相信在中短期內這將主要由廣告客戶需求驅動。

We are driving against 4 key priorities to accelerate growth.

我們正在推動加速增長的 4 個關鍵優先事項。

First, we will continue to demonstrate the value of our large, unduplicated and otherwise hard-to-reach audience.

首先，我們將繼續展示我們龐大、不重複且難以觸及的受眾的價值。

Second, we will continue to launch innovative ad products that allow advertisers to reach our audience in an effective and immersive way.

其次，我們將繼續推出創新的廣告產品，讓廣告商以有效和身臨其境的方式接觸我們的受眾。

Third, we will relentlessly deliver ROI and help our advertisers measure their campaigns in the ways most meaningful to them.

第三，我們將堅持不懈地提供投資回報率，並幫助我們的廣告商以對他們最有意義的方式衡量他們的活動。

Finally, we will better service more advertising partners by improving our sales and marketing functions, expanding our go-to-market operations and activating key partnerships.

最後，我們將通過改進我們的銷售和營銷職能、擴大我們的市場營銷業務和激活關鍵合作夥伴關係來更好地服務於更多的廣告合作夥伴。

Snapchat helps brands reach millennials and Gen Z, hard to reach and highly coveted audiences.

Snapchat 幫助品牌接觸千禧一代和 Z 世代，這些都是難以接觸和夢寐以求的受眾。

Together, these generations have over $1 trillion in direct spending power, and they are not as active on more traditional advertising mediums.

這幾代人共同擁有超過 1 萬億美元的直接消費能力，而且他們在更傳統的廣告媒體上並不那麼活躍。

Meaning to reach them, marketers need to find them on immersive mobile platforms like Snapchat.

為了接觸他們，營銷人員需要在 Snapchat 等身臨其境的移動平台上找到他們。

In the U.S., we reached 90% of 13 to 24 year-olds and 75% of 13 to 34 year-olds.

在美國，我們覆蓋了 90% 的 13 至 24 歲人群和 75% 的 13 至 34 歲人群。

Given the uniqueness of our audience, we are seeing outsized impact when it comes to driving incremental reach, even among younger people via their influence on household purchasing decisions in categories like CPG.

鑑於我們受眾的獨特性，在推動增量覆蓋方面，我們看到了巨大的影響，即使是在年輕人中，因為他們對 CPG 等類別的家庭購買決策產生了影響。

NCSolutions evaluated how our CPG advertisers in the U.S. are driving off-line sales by appealing to Snapchat users who are not necessarily the primary shopper for their household.

NCSolutions 評估了我們在美國的 CPG 廣告商如何通過吸引不一定是其家庭主要購物者的 Snapchat 用戶來推動線下銷售。

The results were compelling.

結果令人信服。

76% of sales driven by our ads were from households where one of these purchase influencers had been exposed to our ads, and 63% of incremental sales came from households where ads were seen only by a purchase influencer.

我們的廣告推動的銷售額中有 76% 來自其中一位購買影響者曾接觸過我們的廣告的家庭，而 63% 的增量銷售來自只有購買影響者才能看到廣告的家庭。

NCSolutions also found that Snap has been delivering an average return on ad spend of $2.92 across more than 80 studies over 2 years versus the $2.50 return on ad spend norm for mobile advertising.

NCSolutions 還發現，Snap 在 2 年內的 80 多項研究中實現了 2.92 美元的平均廣告支出回報，而移動廣告的廣告支出標準為 2.50 美元。

These data indicate the strong influence Gen Z and millennials have over household purchase decisions and the strong on and off-line results our ads are delivering because of it.

這些數據表明 Z 世代和千禧一代對家庭購買決策的強大影響，以及我們的廣告因此而產生的強大在線和離線結果。

The continued rise of mobile content consumption, especially on mobile-native premium formats, presents us with a growing opportunity.

移動內容消費的持續增長，尤其是移動原生優質格式，為我們提供了一個不斷增長的機會。

Our market position as a leading platform focused on premium mobile video provides us better insights and data about what performs well on mobile devices.

作為專注於優質移動視頻的領先平台，我們的市場地位為我們提供了更好的洞察力和數據，了解哪些內容在移動設備上表現良好。

Nearly all ad formats on Snapchat are video-based, be it Snap Ads, Story Ads or Commercials.

Snapchat 上的幾乎所有廣告格式都是基於視頻的，無論是 Snap 廣告、故事廣告還是商業廣告。

And in this past quarter, we doubled down on our video advertising solutions with a robust rollout of new products for video buyers.

在上個季度，我們加大了視頻廣告解決方案的力度，為視頻買家推出了強大的新產品。

We extended the maximum length of video ads on our platform, allowing advertisers to leverage videos up to 3 minutes in length.

我們延長了平台上視頻廣告的最大長度，允許廣告商利用長達 3 分鐘的視頻。

We added this capability to our unskippable Commercials as well, transitioning to a skippable video after the first 6 seconds.

我們也將此功能添加到不可跳過的廣告中，在前 6 秒後轉換為可跳過的視頻。

In addition, we have developed a product by which advertisers can bid in our auction against the goal of longer-form video views.

此外，我們還開發了一種產品，廣告客戶可以通過該產品在我們的拍賣中針對較長視頻觀看的目標出價。

These capabilities together helped Universal Pictures get completed trailer views on Snap up to 9x more efficiently in early testing.

這些功能共同幫助環球影業在早期測試中將 Snap 的完整預告片視圖提高了 9 倍。

This is extremely attractive to large advertisers across verticals like automotive brands and movie studios who have longer stories to tell.

這對汽車品牌和電影製片廠等垂直行業的大型廣告商極具吸引力，他們有更長的故事要講。

As Evan mentioned, we are seeing continued success with our augmented reality platform.

正如 Evan 所說，我們看到我們的增強現實平台繼續取得成功。

We are early in our journey to help brands leverage AR to connect with customers.

我們正處於幫助品牌利用 AR 與客戶建立聯繫的早期階段。

Self-serve is now the dominant way our advertisers buy AR, which supports the investments we are making to improve Lens Studio and democratize the Lens creation process.

自助服務現在是我們的廣告商購買 AR 的主要方式，它支持我們為改進 Lens Studio 和使 Lens 創建過程民主化而進行的投資。

In addition, we will continue to partner with creative agencies to take the best learnings from Snap's AR team to teach a broad audience of creative talent what is possible for brand-driven AR experiences.

此外，我們將繼續與創意機構合作，從 Snap 的 AR 團隊中汲取最佳經驗，向廣大創意人才傳授品牌驅動的 AR 體驗的可能性。

While early, the broad adoption of AR will lead advertisers to grow their investment in our platform as we continue to create engaging new experiences for Snapchatters and reach incremental customers.

雖然早期，AR 的廣泛採用將引導廣告商增加他們對我們平台的投資，因為我們將繼續為 Snapchatter 創造引人入勝的新體驗並接觸更多的客戶。

Driving ROI is the best way to retain advertisers, and we are ensuring that advertisers can optimize their campaigns for the most impactful business outcomes.

提高投資回報率是留住廣告商的最佳方式，我們確保廣告商可以優化他們的活動以獲得最有影響力的業務成果。

We are focused on improving advertiser ROI by investing in relevance, optimization and measurement.

我們專注於通過投資相關性、優化和衡量來提高廣告客戶的投資回報率。

In Q3, in addition to our new video view optimization, we launched new models for in-app and web purchases, allowing advertisers to better optimize for these results.

在第三季度，除了我們新的視頻觀看優化之外，我們還推出了新的應用內購買和網絡購買模型，讓廣告商能夠更好地針對這些結果進行優化。

Based on our initial testing, for app-based purchases, these improved optimization models drove 71% more purchases and a 23% lower cost per purchase compared to the previous model.

根據我們的初步測試，對於基於應用程序的購買，這些改進的優化模型與之前的模型相比，購買量增加了 71%，每次購買成本降低了 23%。

This translated into 32% higher revenue with only 11% more impressions.

這意味著收入增加了 32%，而展示次數僅增加了 11%。

This means we simultaneously increased revenue, yield and advertiser ROI.

這意味著我們同時提高了收入、收益和廣告客戶的投資回報率。

Maria Milenkova, Senior Acquisition Manager at Starling Bank, a mobile-only, U.K.-based bank, explained, "By optimizing towards app purchases, people who are most likely to download and make a purchase, Snap was able to drive 17% of all paid app installs for Starling Bank.

英國移動銀行 Starling Bank 的高級採購經理 Maria Milenkova 解釋說：“通過優化應用購買，最有可能下載和購買的人，Snap 能夠推動 17% Starling Bank 的付費應用安裝。

Snapchat has proved to be an efficient and scalable partner for us, achieving a 61% lower cost per install compared to other platforms."

事實證明，Snapchat 是我們高效且可擴展的合作夥伴，與其他平台相比，每次安裝成本降低了 61%。”

Our advancements in optimization, coupled with the launch of product catalogs earlier this year, have set us up for our latest offering just in time for the holiday season: Dynamic Ads, which we started testing this past month and announced publicly just a few days ago.

我們在優化方面的進步，再加上今年早些時候推出的產品目錄，為我們在假期期間及時推出最新產品做好了準備：動態廣告，我們在上個月開始測試並在幾天前公開宣布.

We now dynamically generate ad creatives based on product catalogs in combination with our optimization engine.

我們現在結合我們的優化引擎，根據產品目錄動態生成廣告創意。

Although it's early, we're seeing promising results.

雖然現在還為時過早，但我們看到了有希望的結果。

Princess Polly, an online fashion boutique, stated, "While we previously found success with Snap Ads, we loved the idea of combining personalized creative with promotional messaging to drive purchases." At this time, we are seeing our Dynamic Ads campaign drive a 66% decrease in cost per purchase and a 171% increase in return on ad spend compared to similar product-focused campaigns running in the U.S."

在線時尚精品店 Princess Polly 表示：“雖然我們之前通過 Snap Ads 獲得了成功，但我們喜歡將個性化創意與促銷信息相結合以推動購買的想法。”目前，與在美國開展的以產品為中心的類似活動相比，我們看到我們的動態廣告活動使每次購買成本降低了 66%，廣告支出回報增加了 171%。”

As we've shared over the past several quarters, in order to better service our advertisers, we have completed our sales reorg in both the U.S. and international markets, and we are already seeing strong results across vertical cohorts and countries.

正如我們在過去幾個季度中所分享的那樣，為了更好地服務於我們的廣告客戶，我們已經完成了在美國和國際市場的銷售重組，並且我們已經在垂直群組和國家/地區看到了強勁的結果。

With our sales team set up for operational success, we will now have the ability to be strategic in how we choose to prioritize advertisers, on which verticals we focus and how we will drive go-to-market strategies to improve advertiser demand.

隨著我們的銷售團隊為運營成功而建立，我們現在將能夠戰略性地選擇如何優先考慮廣告客戶、我們關注哪些垂直領域以及我們將如何推動進入市場的戰略以改善廣告客戶的需求。

For example, for our entertainment partners, we've added new measurement tactics and direct-to-ticketing calls to action so they cannot only ascertain how a film is tracking but also how they can directly attribute advertising on Snapchat to ticket sales.

例如，對於我們的娛樂合作夥伴，我們添加了新的衡量策略和直接票務號召性用語，因此他們不僅可以確定電影的跟踪方式，還可以確定他們如何將 Snapchat 上的廣告直接歸因於票務銷售。

We have also seen strong growth with more always-on advertisers in our enterprise segment as a result of our new sales team reorganization.

由於我們新的銷售團隊重組，我們還看到了企業部門中更多始終在線的廣告客戶的強勁增長。

With this vertical-focused structure now complete internationally as well, our advertising business is set up to be a fast follow to the community growth we are seeing outside the U.S., something our advertisers are seeking.

這種以垂直為中心的結構現在也在國際上完成，我們的廣告業務將快速跟進我們在美國以外看到的社區增長，這是我們的廣告商正在尋求的。

Our community grew 10% in Europe and 30% in rest of world year-over-year.

我們的社區在歐洲同比增長 10%，在世界其他地區同比增長 30%。

We've been hearing from our brand partners that many of them are interested in broadening their reach into markets where we are seeing growth in order to continue to invest in the future of their businesses, particularly in verticals such as CPG and travel.

我們從我們的品牌合作夥伴那裡聽說，他們中的許多人有興趣將他們的影響力擴大到我們看到增長的市場，以便繼續投資於他們業務的未來，特別是在 CPG 和旅遊等垂直領域。

Emirates Airlines recently used Story Ads to drive 50% more efficient cost per flight search versus other platforms.

阿聯酋航空公司最近使用 Story Ads 將每次航班搜索的成本比其他平台提高了 50%。

Boutros Boutros, the CMO of Emirates Airlines, said, "Emirates achieved excellent results with Snapchat by adopting a media strategy that allowed us to deliver performance that exceeded our expectations.

阿聯酋航空首席營銷官布特羅斯·布特羅斯 (Boutros Boutros) 表示：“阿聯酋航空在 Snapchat 上取得了優異的成績，採用了一種媒體策略，使我們能夠提供超出預期的績效。

Using Snap's targeting products, Emirates was able to reach travelers that expressed a high level of travel intent, which yielded outstanding results in driving interest for seat bookings."

使用 Snap 的定位產品，阿聯酋航空能夠接觸到表現出高度旅行意圖的旅客，從而在提高座位預訂興趣方面取得了顯著成果。”

We believe our advertising platform provides a compelling opportunity for businesses of all sizes to grow, and we work with strategic partners in order to onboard new, high-quality advertisers that increase the diversity of our customer base.

我們相信我們的廣告平台為各種規模的企業提供了一個令人信服的發展機會，我們與戰略合作夥伴合作，以吸引新的、高質量的廣告商，從而增加我們客戶群的多樣性。

We continue to see success from our Shopify partnership, allowing e-commerce brands to reach incremental audiences at scale and efficiently gain new customers.

我們繼續從我們的 Shopify 合作夥伴關係中看到成功，使電子商務品牌能夠大規模地接觸更多的受眾並有效地獲得新客戶。

We will continue to build similar partnerships globally in which we are able to form symbiotic relationships with partners who interface with businesses at scale, giving them the tools and support to market to businesses on our behalf.

我們將繼續在全球範圍內建立類似的合作夥伴關係，在這種合作關係中，我們能夠與大規模與企業互動的合作夥伴建立共生關係，為他們提供代表我們向企業營銷的工具和支持。

In addition to these new partnerships and opportunities, our advertising continues to work for the most established brands in the world.

除了這些新的合作夥伴關係和機會之外，我們的廣告還繼續為世界上最知名的品牌服務。

L'Oreal Paris, part of L'Oréal USA, looked to Snapchat to recruit new customers and drive short-term sales for the Colorista hair color franchise.

L'Oreal Paris 是 L'Oréal USA 的一部分，它希望 Snapchat 招募新客戶並推動 Colorista 染髮系列的短期銷售。

L'Oreal Paris was not only looking to launch a new product but also establish a whole new category: hair makeup.

巴黎歐萊雅不僅希望推出新產品，還希望建立一個全新的品類：美髮。

Snap worked with L'Oreal Paris and the agency of record, Wavemaker, to develop a strategy rooted in best practices.

Snap 與巴黎歐萊雅和唱片公司 Wavemaker 合作，制定了一項植根於最佳實踐的戰略。

The campaign leveraged multiple ad products across Snap, including our nonskippable Commercials ad product, and they exceeded expectations, delivering a return on ad spend nearly 2x higher than beauty category norms.

該活動利用了 Snap 上的多種廣告產品，包括我們的不可跳過的商業廣告產品，它們超出了預期，廣告支出回報率比美容品類標準高出近 2 倍。

Delivering strong ROI for our advertisers is one of our most important goals.

為我們的廣告商提供強大的投資回報率是我們最重要的目標之一。

This goal dictates how we organize our teams, our strategy and our vision.

這個目標決定了我們如何組織我們的團隊、我們的戰略和我們的願景。

And executing against this goal is how we will accomplish our ARPU goals in the coming years.

執行這個目標是我們在未來幾年實現 ARPU 目標的方式。

Strong ROI leads to growing budgets, more advertisers, stronger retention and continuous renewals.

強勁的投資回報率會導致預算增加、廣告客戶增多、留存率更高和持續續訂。

Ultimately, advertisers set their budgets based on 2 things: performance and partnership.

最終，廣告商根據兩件事來設定預算：績效和合作夥伴關係。

We deliver on performance no matter how advertisers measure results, be it direct sales, brand affinity or app downloads, and we are focused on improving every day.

無論廣告商如何衡量結果，無論是直接銷售、品牌親和力還是應用程序下載，我們都能提供績效，而且我們每天都專注於改進。

Our ability to provide insightful direction on how to engage 13 to 34 year-olds worldwide make us the go-to partner when companies determine how their brands will best resonate with this critical and growing audience.

我們能夠就如何吸引全球 13 至 34 歲的人提供有見地的指導，這使我們成為公司確定其品牌如何才能最好地與這一關鍵且不斷增長的受眾產生共鳴的首選合作夥伴。

It is because of this combination of performance and partnership that we are succeeding across sectors.

正是由於這種績效和夥伴關係的結合，我們在各個領域都取得了成功。

We are not just winning with your typical youth brands, but we are also earning budgets and trust from the world's most sophisticated marketers.

我們不僅贏得了您典型的青年品牌，而且還贏得了世界上最成熟的營銷人員的預算和信任。

As you've heard, we're seeing continued success in the CPG category where our partners are voting with their dollars.

正如您所聽到的，我們在 CPG 類別中看到了持續的成功，我們的合作夥伴正在用他們的資金進行投票。

Across beauty, beverage, grocery and more, advertisers are turning to Snap to win the hearts and minds of the world's 13 to 34 year-olds.

在美容、飲料、雜貨等領域，廣告商正轉向 Snap，以贏得全球 13 至 34 歲人群的青睞。

We see this as a broad and continuing trend and are well positioned to continue to win across multiple categories as this audience becomes even more critical to marketers.

我們認為這是一個廣泛而持續的趨勢，並且隨著這些受眾對營銷人員變得更加重要，我們有能力繼續在多個類別中獲勝。

We are only at the beginning of realizing our full potential, and I am thrilled that we have the teams, the structure, the products and the audience to continue succeeding for years to come.

我們才剛剛開始充分發揮潛力，我很高興我們擁有能夠在未來幾年繼續取得成功的團隊、結構、產品和受眾。

And now I'd like to turn the call over to Derek to discuss our Q3 financials.

現在我想把電話轉給 Derek 討論我們的第三季度財務狀況。

Thanks, Jeremi.

謝謝，傑雷米。

Our Q3 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.

我們第三季度的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 210 million in Q3 2019, which represents an increase of 7 million or 4% growth sequentially and 24 million or 13% growth year-over-year.

正如 Evan 之前提到的，2019 年第三季度每日活躍用戶增加到 2.1 億，環比增長 700 萬或 4%，同比增長 2400 萬或 13%。

The 7 million sequential increase in DAU was higher than we anticipated entering the quarter.

DAU 連續增長 700 萬，高於我們進入本季度的預期。

We continue to benefit from improvements we have made to our application and sustained momentum with new Snapchatters.

我們繼續受益於我們對應用程序所做的改進以及新 Snapchatter 的持續發展勢頭。

In addition, we estimate that seasonality headwinds came in at the lower end of our expectations for Q3.

此外，我們估計季節性逆風出現在我們對第三季度預期的低端。

The growth in our community continues to be broad-based with year-over-year and sequential growth on both iOS and Android platforms as well as year-over-year and sequential growth across each of North America, Europe and rest of world.

我們社區的增長繼續廣泛，iOS 和 Android 平台的同比和環比增長，以及北美、歐洲和世界其他地區的同比和環比增長。

Rest of world represented 5 million of the sequential DAU growth as we continue to benefit from an improved Android application.

隨著我們繼續受益於改進的 Android 應用程序，世界其他地區代表了 500 萬連續 DAU 增長。

We are doubling down on this via our efforts to localize the product experience through language support, local content and local partnerships.

我們正在加倍努力通過語言支持、本地內容和本地合作夥伴來本地化產品體驗。

North America and Europe each delivered DAU growth of 1 million sequentially, and we are pleased to see continued expansion of our audience in these already well established markets.

北美和歐洲的 DAU 均連續增長 100 萬，我們很高興看到我們的受眾在這些已經成熟的市場繼續擴大。

In the quarter, we generated total revenue of $446 million, an increase of 50% year-over-year.

本季度，我們的總收入為 4.46 億美元，同比增長 50%。

Our year-over-year revenue growth rate accelerated by 2 percentage points versus the prior quarter, making this the third consecutive quarter of revenue growth acceleration.

我們的收入同比增長率與上一季度相比加快了 2 個百分點，這是連續第三個季度收入增長加速。

Average revenue per user was $2.12 in Q3, an increase of 33% year-over-year, with the highest rate of ARPU growth coming in North America at 43%.

第三季度每位用戶的平均收入為 2.12 美元，同比增長 33%，其中 ARPU 增長率最高的是北美，為 43%。

We continue to see broad-based improvement in advertiser demand.

我們繼續看到廣告客戶需求的廣泛改善。

Total impressions were up 121% year-over-year driven primarily by growth in Snap Ads as we continue to see strong demand for down funnel bid optimization products such as app installs as well as growing demand for our premium ad units such as Commercials.

總印像數同比增長 121%，主要是由於 Snap Ads 的增長，因為我們繼續看到對向下漏斗競價優化產品（如應用安裝）的強勁需求以及對我們的優質廣告單元（如商業廣告）的需求不斷增長。

Our advertisers are able to achieve higher ROI when they combine Snap Ads with our augmented reality and creative tools products, and this is helping to drive strong adoption of our self-serve Reach & Frequency Lens products, which grew more than 30% sequentially in Q3.

當我們的廣告客戶將 Snap Ads 與我們的增強現實和創意工具產品相結合時，他們能夠實現更高的投資回報率，這有助於推動我們的自助式 Reach & Frequency Lens 產品的廣泛採用，該產品在第三季度環比增長超過 30% .

We see significant potential for future revenue growth from augmented reality and creative tools products as we continue to innovate on behalf of our advertising partners.

隨著我們繼續代表廣告合作夥伴進行創新，我們看到了增強現實和創意工具產品未來收入增長的巨大潛力。

On the yield side, we saw cost per impression decline modestly, down 6% sequentially.

在收益方面，我們看到每次展示費用小幅下降，環比下降 6%。

We benefited from year-over-year growth in user activity in Q3, including growth in Snapchatters posting and viewing Stories and continued strong growth in viewership of premium content.

我們受益於第三季度用戶活動的同比增長，包括 Snapchatter 發布和觀看故事的增長以及優質內容收視率的持續強勁增長。

The improvement in user activity, combined with optimizations to our self-serve platform to utilize our inventory more efficiently, are driving continued expansion of our available supply at a rate that is above growth in advertiser demand, which has resulted in the modest decline in yield.

用戶活動的改善，加上我們對自助服務平台的優化，以更有效地利用我們的庫存，正在推動我們的可用供應以高於廣告客戶需求增長的速度持續擴大，這導致收益略有下降.

As a result, we continue to have ample supply and lots of room to grow ARPU through both improved sell-through rates and higher yields over time.

因此，隨著時間的推移，通過提高銷售率和更高的收益率，我們繼續擁有充足的供應和很大的 ARPU 增長空間。

Gross margins were 51% in Q3 2019, up 15 percentage points year-over-year and 5 percentage points sequentially as we continue to focus on scaling our operations efficiently.

2019 年第三季度毛利率為 51%，同比增長 15 個百分點，環比增長 5 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 $0.70 in Q3 2019, down $0.03 sequentially and $0.05 year-over-year.

2019 年第三季度每個 DAU 的基礎設施成本為 0.70 美元，環比下降 0.03 美元，同比下降 0.05 美元。

We continue to make significant progress against our goal of 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.

我們繼續朝著隨著時間推移降低基本單位成本的目標取得重大進展，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 Q3, our efficiency improvements more than offset improvements in user activity, resulting in a decline in infrastructure costs per DAU.

在第三季度，我們的效率提升不僅抵消了用戶活動的提升，還導致每 DAU 的基礎設施成本下降。

Operating expenses were $271 million in Q3 2019, up 11% year-over-year and 5% sequentially.

2019 年第三季度的運營費用為 2.71 億美元，同比增長 11%，環比增長 5%。

We shared last quarter that we expected to make investments in the growth of our business in Q3, including in marketing to support advertiser and community growth as well as investments to resume growth in our talent base.

我們在上個季度分享了我們預計將在第三季度對我們的業務增長進行投資，包括支持廣告商和社區增長的營銷以及恢復我們人才基礎增長的投資。

This is exactly what we executed on in Q3 with investments in our Real Friends marketing campaign, among other marketing initiatives focused on driving community and advertiser growth.

這正是我們在第三季度通過投資 Real Friends 營銷活動以及其他專注於推動社區和廣告客戶增長的營銷計劃所執行的。

In addition, we saw a sequential rise in our full-time employee population in Q3, which has brought us back to roughly even with the prior year.

此外，我們看到第三季度的全職員工人數連續增加，這使我們與上一年大致持平。

We are pleased with the early momentum we are seeing from these investments and continue to see opportunity to invest productively in the growth of our business while maintaining positive adjusted EBITDA leverage.

我們對從這些投資中看到的早期勢頭感到高興，並繼續看到在保持積極的調整後 EBITDA 槓桿的同時有效投資於我們業務增長的機會。

Adjusted EBITDA losses were $42 million in Q3 2019, an improvement of $96 million over the prior year and $36 million over the prior quarter.

2019 年第三季度調整後的 EBITDA 虧損為 4200 萬美元，比上年增加 9600 萬美元，比上一季度增加 3600 萬美元。

Consistent with our prior guidance, this was the sixth consecutive quarter that we reported a year-over-year improvement in adjusted EBITDA.

與我們之前的指導一致，這是我們連續第六個季度報告調整後的 EBITDA 同比有所改善。

In Q3, we delivered adjusted EBITDA leverage of 65% which, as we expected, was down from 72% in the prior quarter but up significantly from 45% 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.

在第三季度，我們實現了 65% 的調整後 EBITDA 槓桿率，正如我們預期的那樣，低於上一季度的 72%，但比上一年的 45% 顯著上升，因為我們在取得進展的同時繼續投資於業務的未來盈利能力和正的自由現金流。

Net income was negative $227 million in Q3, an improvement of $98 million over the prior year and $28 million over the prior quarter.

第三季度淨收入為負 2.27 億美元，比上年增加 9800 萬美元，比上一季度增加 2800 萬美元。

The year-over-year and sequential improvements in net income largely reflect the flow-through of improvements in adjusted EBITDA.

淨收入的同比和連續增長在很大程度上反映了調整後 EBITDA 改善的流動性。

Free cash flow for Q3 was negative $84 million, an improvement of $75 million year-over-year and $19 million quarter-over-quarter, driven by the significant improvements in adjusted EBITDA that were partially offset by growth in net working capital.

第三季度的自由現金流為負 8400 萬美元，同比增長 7500 萬美元，環比增長 1900 萬美元，這是由於調整後 EBITDA 的顯著改善部分被淨營運資本的增長所抵消。

Working capital has continued to scale efficiently year-over-year driven by improvements in both days of accounts receivable outstanding and days of accounts payable outstanding.

在應收賬款未清天數和應付賬款未清天數改善的推動下，營運資金繼續有效地逐年增加。

Ensuring that our working capital scales efficiently has been an important goal over the past year, we are pleased to see that these efforts are now contributing to our progress towards positive free cash flow.

確保我們的營運資金有效擴展一直是過去一年的一個重要目標，我們很高興看到這些努力現在有助於我們在實現正自由現金流方面取得進展。

We ended the quarter with $2.3 billion in cash and marketable securities, an increase of $1.1 billion versus the prior quarter, which largely reflects the net proceeds of our convertible notes offering completed in Q3 of this year.

我們在本季度末擁有 23 億美元的現金和有價證券，比上一季度增加了 11 億美元，這在很大程度上反映了我們在今年第三季度完成的可轉換票據發行的淨收益。

When combined with our existing revolving credit facility, we now have access to a total of $3.5 billion in capital.

結合我們現有的循環信貸額度，我們現在可以獲得總計 35 億美元的資本。

As we look forward to Q4, 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.

在我們期待第四季度的同時，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 that our financial guidance assumes DAU of 214 million to 215 million in Q4, which implies a sequential increase in DAU of 4 million to 5 million.

首先，我將與您分享我們的財務指導假設第四季度的 DAU 為 2.14 億至 2.15 億，這意味著 DAU 將連續增加 400 萬至 500 萬。

In terms of our financial guidance, we are guiding to a range of between $540 million and $560 million for revenue in Q4.

就我們的財務指導而言，我們將第四季度的收入指導在 5.4 億美元至 5.6 億美元之間。

For adjusted EBITDA in Q4, we are guiding to a range of between breakeven and positive $20 million, which would mark our seventh consecutive quarter of year-over-year improvement in adjusted EBITDA.

對於第四季度調整後的 EBITDA，我們指導的範圍在盈虧平衡和正 2000 萬美元之間，這將標誌著我們在調整後的 EBITDA 方面連續第七個季度實現同比增長。

Achieving breakeven in 2019 is a stretch goal that we set last fall as part of our strategic planning process.

在 2019 年實現盈虧平衡是我們去年秋天在戰略規劃過程中設定的一個延伸目標。

We are pleased to see that disciplined execution over a sustained period of time has put us on the path to reach this milestone in the fourth quarter.

我們很高興看到在一段持續的時間內嚴格執行使我們走上了在第四季度達到這一里程碑的道路上。

With revenue growth having accelerated for 3 consecutive quarters to reach 50% year-over-year in Q3 and continued strong adjusted EBITDA leverage of 65% in the most recent quarter, we believe that we have a clear path to achieve sustained adjusted EBITDA profitability over time.

由於收入增長連續三個季度加速，第三季度同比增長達到 50%，並且最近一個季度調整後 EBITDA 槓桿持續強勁，達到 65%，我們相信我們有一條清晰的道路來實現持續調整後的 EBITDA 盈利能力時間。

With limited CapEx requirements due to our efficient cloud infrastructure strategy, we believe that the path from adjusted EBITDA profitability to positive free cash flow will be short and direct.

由於我們高效的雲基礎設施戰略，資本支出要求有限，我們認為從調整後的 EBITDA 盈利能力到正的自由現金流的路徑將是短暫而直接的。

All of this means that we are now well positioned to fund our growth and investments in the future of our business from our future operating cash flows.

所有這一切意味著我們現在處於有利地位，可以從我們未來的經營現金流中為我們未來的業務增長和投資提供資金。

We are particularly pleased that we have been able to achieve these financial milestones while maintaining the trust and privacy of our community and while executing in a manner that is consistent with the values of our company as we believe these are essential inputs to the long-term success and sustainability of our business.

我們特別高興的是，我們能夠實現這些財務里程碑，同時保持我們社區的信任和隱私，同時以符合我們公司價值觀的方式執行，因為我們相信這些是長期的重要投入我們業務的成功和可持續性。

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) And our first question comes from Ross Sandler of Barclays.

（操作員說明）我們的第一個問題來自巴克萊的羅斯桑德勒。

One question on the user trajectory and one on international advertising revenue, if I can.

如果可以的話，一個關於用戶軌蹟的問題和一個關於國際廣告收入的問題。

Evan, can you provide some color on where the upside in RoW DAU net adds is coming from?

Evan，您能否提供一些關於 RoW DAU 淨增加的優勢來自何處的顏色？

Is that from new countries where you're getting a better traction?

是來自新的國家，你會得到更好的牽引力嗎？

Or is that from reactivations of some of your existing users in existing countries?

或者是因為您在現有國家/地區重新激活了一些現有用戶？

Any color there on what's driving that upside?

有什麼顏色可以推動這種上漲嗎？

And then on the flip side, I guess, is the plus 1 that we're seeing in U.S. and Europe the right kind of trajectory to think about going forward now that we're past some of the upside from Filters in the last quarter?

然後另一方面，我想，我們在美國和歐洲看到的 plus 1 是否是考慮前進的正確軌跡，因為我們已經超過了上一季度 Filters 的一些上行空間？

And then Jeremi, on the international revenue, so North America beat our numbers in the Street estimates pretty nicely but international was a miss by a tad.

然後是 Jeremi，關於國際收入，所以北美在華爾街的估計中非常好地超過了我們的數字，但在國際上卻有一點點失誤。

So can you talk about how much of that was currency-driven versus maybe something else in the international ad cadence?

那麼，您能否談談其中有多少是由貨幣驅動的，而不是國際廣告節奏中的其他因素？

And how do you feel about the opportunity for international ARPU to kind of close the gap with the U.S. over time?

您如何看待隨著時間的推移國際 ARPU 有機會縮小與美國的差距？

Hey, Ross, it's Derek speaking.

嘿，羅斯，是德里克在說話。

Thanks for the questions.

感謝您的提問。

I'll start with the question on DAU.

我將從關於 DAU 的問題開始。

On the international side on DAU, I think what we're seeing is really nice momentum actually.

在 DAU 的國際方面，我認為我們看到的勢頭實際上非常好。

And even globally, we're really pleased with the momentum that we're seeing in the business.

甚至在全球範圍內，我們都對我們在業務中看到的勢頭感到非常滿意。

We've made a number of improvements to the app, including the rebuild of Android.

我們對應用程序進行了許多改進，包括 Android 的重建。

And then on the international side, we've done some additional improvements around language support.

然後在國際方面，我們圍繞語言支持做了一些額外的改進。

You're seeing local content being added and local partnerships, and each of these things are contributing to what we're seeing as a very robust growth on the rest of world side.

您會看到添加了本地內容和本地合作夥伴關係，這些事情中的每一項都有助於我們在世界其他地區看到非常強勁的增長。

Obviously, we're more penetrated in North America and Europe than we are in rest of world, and so the opportunity set in rest of world is higher, but we're pleased to see that we were able to put up sequential growth in each of North America and Europe as well.

顯然，我們在北美和歐洲的滲透率比在世界其他地區更高，因此在世界其他地區的機會更高，但我們很高興看到我們能夠在每個地區實現連續增長北美和歐洲也是如此。

So really pleased with that.

所以真的很高興。

As we mentioned, we've seen a sustained momentum with new Snapchatters, but also we're pleased with the underlying growth momentum and user activity driven by all the improvements we've made.

正如我們所提到的，我們已經看到新 Snapchatter 的持續發展勢頭，但我們也對我們所做的所有改進推動的潛在增長勢頭和用戶活動感到滿意。

So really broad-based, the DAU growth, and pleased to see it.

如此廣泛的基礎，DAU 的增長，很高興看到它。

To your question on international revenue, I think probably you're zeroing in on ARPU there.

對於您關於國際收入的問題，我認為您可能正在關注 ARPU。

And I guess what I would do is point you to what we've been talking about a lot of the last couple of calls about the fact that we really have ample supply in the inventory side, and so the constraint here is really to grow demand.

而且我想我會做的是向您指出我們在最近幾次電話會議中一直在談論的事實，即我們在庫存方面確實有充足的供應，因此這裡的限制實際上是增加需求.

And so we've had really strong growth on DAU in the rest of world segment, and so that's obviously going to impact your ARPU a little in the short term.

因此，我們在世界其他地區的 DAU 增長非常強勁，這顯然會在短期內對您的 ARPU 產生一點影響。

What you should expect is that absolute revenue growth is what we're going to be focused on and RoW when we've got really robust DAU in the short term.

你應該期待的是，當我們在短期內擁有真正強勁的 DAU 時，絕對收入增長是我們將關注的重點和 RoW。

So if you look at the absolute growth in revenue on rest of world, that actually -- the year-over-year growth actually accelerated versus the prior quarters.

因此，如果您查看世界其他地區收入的絕對增長，實際上 - 與前幾個季度相比，同比增長實際上加速了。

So we're really pleased actually with what we're seeing on the monetization side in the rest of world.

所以我們真的很高興我們在世界其他地方看到的貨幣化方面。

We started as self-serve first in rest of world.

我們首先在世界其他地方開始自助服務。

We've seen really strong adoption of the ad platform and liked the momentum we've got there, so hopefully -- focused on that on an absolute basis and there'll be a lag effect of DAU growth as we grow into our -- growing supply in that region.

我們已經看到廣告平台的大力採用，並且喜歡我們在那裡的勢頭，所以希望 - 絕對專注於這一點，隨著我們成長為我們的 -該地區的供應不斷增長。

Hopefully, that adds a little bit more context to your questions.

希望這能為您的問題增加一點背景。

The next question comes from Michael Levine of Pivotal Research Group.

下一個問題來自 Pivotal Research Group 的 Michael Levine。

(technical difficulty)

（技術難度）

sales reorg.

銷售重組。

Should we expect to see the same, a similar impact in the international regions?

我們是否應該期望在國際地區看到同樣的、類似的影響？

Or will that be a little bit more of a lagging effect as well?

或者這也會產生更多的滯後效應？

Michael, we couldn't hear the beginning of your question.

邁克爾，我們聽不到你問題的開頭。

Would you mind repeating it, please?

請你介意重複一遍好嗎？

Sure.

當然。

So with regards to the revenue guidance, I mean, terrific results for the U.S. as Ross is also mentioning about international.

因此，關於收入指導，我的意思是，羅斯也提到了美國的出色業績。

I guess what I'd love to understand is do you feel like you've seen the impact from the sales reorg to the same degree that you've seen at this point in the United States?

我想我想了解的是，您是否覺得您已經看到銷售重組的影響與您在美國看到的程度相同？

Michael, it's Derek.

邁克爾，我是德里克。

Thanks for the question.

謝謝你的問題。

I think in general, we're really pleased with what we're seeing in terms of momentum on the monetization side.

我認為總的來說，我們對貨幣化方面的勢頭感到非常滿意。

We've had a really strong adoption of our ad products, Commercials and self-serve Lenses amongst other products.

我們的廣告產品、廣告和自助服務鏡頭以及其他產品得到了非常廣泛的採用。

We're delivering ROI to our DR advertisers, and we have good momentum with that segment.

我們正在為我們的 DR 廣告商提供投資回報率，並且我們在該領域擁有良好的勢頭。

And we've made really good progress deepening our advertiser relationships especially post-reorg in North America, as you point out.

正如您所指出的，我們在深化我們的廣告客戶關係方面取得了非常好的進展，尤其是在北美的重組後。

When you think about our guide on revenue, it reflects both the known tailwinds and the potential for headwinds.

當您考慮我們的收入指南時，它既反映了已知的順風，也反映了逆風的可能性。

So we had 3 quarters of accelerating revenue growth.

因此，我們有 3 個季度的收入增長加速。

And obviously, that points to the fact that we've got really strong tailwinds in the business, and we're pleased to see that, and that reflects the optimism we've had about the monetization of the business.

顯然，這表明我們在業務中獲得了非常強大的順風，我們很高興看到這一點，這反映了我們對業務貨幣化的樂觀態度。

For Q4, we also have reflected in some of what we think are potential headwinds to the business.

對於第四季度，我們還反映了一些我們認為對業務潛在的不利因素。

One of them is how the quarter really shapes up calendar-wise this year.

其中之一是本季度如何在今年的日曆上真正形成。

If you think about the peak demand season in our business for advertising revenue, that really runs from Black Friday period through to the December holidays in North America.

如果您考慮一下我們業務中廣告收入的需求旺季，那實際上是從黑色星期五到北美的十二月假期。

And that's really a peak demand period for us.

這對我們來說確實是一個需求高峰期。

The way the calendar falls this year, there's 1 fewer week of activity between those 2 holidays, and so that's a potential for a headwind for us.

今年日曆下降的方式，這兩個假期之間的活動減少了 1 週，所以這對我們來說可能是逆風。

And obviously, the guide reflects that.

顯然，該指南反映了這一點。

Another possible headwind for our business when we think about year-over-year growth rates in Q4 is the really strong growth we've had in our always-on advertising business over the last year.

當我們考慮到第四季度的同比增長率時，我們業務的另一個可能的不利因素是去年我們始終在線的廣告業務的真正強勁增長。

We've really seen demand from always-on advertisers build this year, and that's become a bigger part of the growth story in terms of driving year-over-year growth in Q1 through Q3 this year.

我們確實看到今年一直在線的廣告商的需求在增加，就推動今年第一季度至第三季度的同比增長而言，這已成為增長故事的重要組成部分。

And I think one of the things that we'll be watching for is to see how that factor develops in the second half of Q4 as we've typically had pretty strong demand around tentpole events and holidays, which would, in particular, be around the holidays in Q4.

而且我認為我們將要關注的一件事是看看這個因素在第四季度下半年如何發展，因為我們通常對帳篷活動和假期有相當強烈的需求，尤其是在第四季度的假期。

So we'll see how that impacts our year-over-year growth rates in the second half of the quarter.

因此，我們將看到這將如何影響我們在本季度下半年的同比增長率。

But in general, at a very high level, we're very optimistic about what we're seeing on the monetization front.

但總的來說，在非常高的水平上，我們對我們在貨幣化方面看到的情況非常樂觀。

Both of the examples I'd mentioned here about potential headwinds are isolated to Q4 in the short term.

我在這裡提到的關於潛在逆風的兩個例子在短期內都與第四季度無關。

So the results we're seeing in our business are only building confidence on a long-term ARPU thesis for our business, and we're pretty optimistic there.

因此，我們在業務中看到的結果只是為我們的業務建立了對長期 ARPU 論點的信心，我們對此非常樂觀。

Thanks for the question.

謝謝你的問題。

Hope that gives a little extra context.

希望能提供一些額外的背景信息。

Our next question comes from Heath Terry of Goldman Sachs.

我們的下一個問題來自高盛的希思特里。

You guys noted that engagement was up to 30x a day.

你們注意到參與度高達每天 30 倍。

I think the last time you gave that number, it was around 25x.

我想你上次給出這個數字時，大約是 25 倍。

So curious, as you look at the type of engagement within that, if you can kind of help us break it down in terms of how that has evolved between games and content creation and content consumption, especially as you've added more professionally created content to the platform messaging and then also, as we think about the growth in ARPU in the U.S. this quarter, particularly given the acceleration that we saw against a significantly more difficult comp, how that's informing sort of what you think about the potential ceiling for growth such that there is one on North American ARPU and the pace of ARPU in the international markets, sort of what we should expect as kind of the ripple effect into those markets about -- on monetization.

很好奇，當你看到其中的參與類型時，如果你能幫助我們分解它在遊戲、內容創建和內容消費之間的演變方式，尤其是當你添加了更多專業創建的內容時到平台消息傳遞，然後，當我們考慮本季度美國 ARPU 的增長時，特別是考慮到我們看到的加速比明顯更加困難，這如何告知您對潛在增長上限的看法例如北美 ARPU 和國際市場 ARPU 的步伐，我們應該期待這些市場的連鎖反應——關於貨幣化。

Thanks for the question, Heath.

謝謝你的問題，希思。

I think at a really high level, what we're seeing are that the core improvements to the product are improving the ability of our users to communicate with their friends, and that's driving that really high frequency, over 30x a day on average, that you're seeing.

我認為在一個非常高的水平上，我們看到的是產品的核心改進是提高我們的用戶與他們的朋友交流的能力，這推動了非常高的頻率，平均每天超過 30 倍，你看到了。

But the engagement on the platform is very broad-based.

但是平台上的參與是非常廣泛的。

So in the U.S., for example, roughly 80% of our daily active users are on our Discover content platform.

例如，在美國，大約 80% 的每日活躍用戶都在我們的 Discover 內容平台上。

And so I think as we look at the ARPU opportunity over a very long period of time, it's obviously very early.

所以我認為，當我們在很長一段時間內觀察 ARPU 機會時，顯然還為時過早。

We've mentioned before that we have ample supply on our platform.

我們之前提到過，我們的平台上有充足的供應。

And so what we really need to focus on now is driving demand for advertisers, and I think we've done a lot to -- not only with the sales reorg but also with the ad platform and the underlying improvements we've made in optimization and measurement.

所以我們現在真正需要關注的是推動對廣告商的需求，我認為我們已經做了很多工作——不僅是銷售重組，還有廣告平台和我們在優化方面所做的基本改進和測量。

And so I think that's what you're seeing with the revenue ramp, and we're really excited to sustain our revenue growth into the future.

所以我認為這就是你所看到的收入增長，我們真的很高興能在未來保持我們的收入增長。

Our next question comes from Rich Greenfield of LightShed.

我們的下一個問題來自 LightShed 的 Rich Greenfield。

It's Rich Greenfield.

這是豐富的格林菲爾德。

I've got a few.

我有幾個。

I guess first off, the elephant in the room that I think everyone listening to this call is interested in is kind of -- is TikTok friend or foe?

我想首先，我認為每個聽這個電話的人都感興趣的房間裡的大像有點——TikTok是朋友還是敵人？

They obviously spend a lot of money advertising across your platform.

他們顯然在您的平台上花費大量資金做廣告。

Is it a risk?

有風險嗎？

Is it really just helping people spend more time on mobile, which is overall good for you?

它真的只是幫助人們在移動設備上花費更多時間，這對您總體來說是好事嗎？

How do we just think about what you're seeing from users that use both platforms, et cetera?

我們如何考慮您從使用這兩個平台等的用戶那裡看到的內容？

Then two, U.S. DAU growth is obviously growing but relatively slow.

其次，美國 DAU 增長明顯在增長，但相對緩慢。

Are you seeing a meaningful uptick in overall engagement?

您是否看到整體參與度顯著上升？

Has the U.S. essentially -- as you sort of matured, there's still a lot of potential for you to grow U.S. DAU.

美國本質上是不是——隨著你的成熟，你仍有很大的潛力來增加美國的 DAU。

How do you think about that over the long term?

從長遠來看，您如何看待這一點？

And then just lastly for Jeremi in Snap Select, what exactly are you trying to achieve with Snap Select?

最後，對於 Snap Select 中的 Jeremi，您究竟想通過 Snap Select 實現什麼目標？

I know it's still very early days, but we hear from a lot of brands that they're excited about the potential of this being Google preferred.

我知道現在還為時尚早，但我們從很多品牌那裡聽說，他們對 Google 首選的潛力感到興奮。

Like what is the opportunity that you're doing?

比如你正在做的機會是什麼？

Kind of why are you doing Snap Select?

您為什麼要進行 Snap Select？

And how should we think about its impact on your business over the next couple of years?

我們應該如何看待它在未來幾年對您的業務的影響？

Thanks, Rich.

謝謝，里奇。

I think at a high level, looking at TikTok, we definitely consider them a friend.

我認為在高層次上，看著 TikTok，我們絕對認為他們是朋友。

They're a developer partner.

他們是開發者合作夥伴。

With Snap Kit, they're an advertising partner for us.

有了 Snap Kit，他們就是我們的廣告合作夥伴。

And I think most importantly, the value they provide to their community is very different than the value we provide to ours to really empower communication with real friends.

而且我認為最重要的是，他們為社區提供的價值與我們為真正增強與真正朋友的交流所提供的價值大不相同。

So I think overall, as you mentioned, time spent on mobile is growing.

所以我認為總的來說，正如你提到的，花在移動設備上的時間正在增長。

We're both growing our businesses in a very rapidly growing industry overall.

我們都在一個整體發展非常迅速的行業中發展我們的業務。

So we're excited to continue deepening that partnership and working together to provide great products to our respective communities.

因此，我們很高興能夠繼續深化這種夥伴關係，並共同努力為我們各自的社區提供出色的產品。

I think when we look at daily active users, we continue to see a lot of opportunity there, both in the U.S. but also internationally, and we've been making a lot of investments to continue that growth.

我認為，當我們查看每日活躍用戶時，我們繼續在美國和國際上看到很多機會，我們一直在進行大量投資以繼續這種增長。

And we're especially pleased to put up the numbers that we did on a much higher base following the prior quarter.

我們特別高興地把我們在上一季度之後更高的基數上得出的數字。

So I think great underlying trends there that we're excited to continue.

因此，我認為我們很高興繼續發展的潛在趨勢。

And then just quickly on Snap Select, we're continuously hearing from advertisers that they want us to win.

然後很快就在 Snap Select 上，我們不斷聽到廣告商希望我們獲勝。

They're seeking more options.

他們正在尋求更多選擇。

And beyond that, they're seeking options with performant and innovative ads.

除此之外，他們還在尋找具有高性能和創新廣告的選項。

I don't think there's any slowing down in the growth of digital video, and Snap Select is a cornerstone to our winning strategy.

我認為數字視頻的增長並沒有放緩，而 Snap Select 是我們制勝戰略的基石。

That market is growing rapidly.

這個市場正在迅速增長。

And given our brand safety and continued growth in viewership of our originals and brand-safe content, we are in a great position to capture this demand.

鑑於我們的品牌安全以及原創內容和品牌安全內容的收視率持續增長，我們處於抓住這一需求的有利位置。

We've actually seen a number of midyear upfronts for Snap Select inventory.

實際上，我們已經看到了 Snap Select 庫存的許多年中預付款。

As you mentioned, brands are getting really excited about it.

正如你所提到的，品牌對此感到非常興奮。

And these are incremental investments in our platform.

這些都是對我們平台的增量投資。

This is why we continue to innovate with our video ad products like longer-form video and goal-based bidding.

這就是我們繼續創新視頻廣告產品的原因，例如長視頻和基於目標的競價。

And I think really worth noting is that while Commercials and Snap Select and everything in Discover are incredible video products, actually almost every product on Snapchat is a video ad product from Stories to Snap Ads as well, and we're continuing to innovate in that space to capture video demand across the entirety of the app.

我認為真正值得注意的是，雖然 Commercials 和 Snap Select 以及 Discover 中的所有內容都是令人難以置信的視頻產品，但實際上 Snapchat 上的幾乎所有產品都是從 Stories 到 Snap Ads 的視頻廣告產品，我們正在繼續創新空間來捕獲整個應用程序的視頻需求。

Our next question is from Brian Nowak of Morgan Stanley.

我們的下一個問題來自摩根士丹利的布賴恩諾瓦克。

I have 2. The first one, Evan, it seems like every quarter we go through this discussion of are you going to add 5 million, 6 million users, what's sort of the number.

我有 2 個。第一個，Evan，似乎每個季度我們都會討論你是否要增加 500 萬、600 萬用戶，這個數字是多少。

I'd be curious to sort of hear your perspective, if you just sort of step back and say, what do you think are one of -- one or 2 of the key factors to really continue to add 5 million or 6 million people per quarter or 20 million for next year and keep growing the U.S.-based, so sort out the 2 big factors you're really focused on.

我很想听聽你的觀點，如果你退後一步說，你認為是什麼之一——真正繼續增加 500 萬或 600 萬人的關鍵因素之一明年的季度或 2000 萬，並繼續在美國增長，因此請整理出您真正關注的兩大因素。

And then, Jeremi, sort of a similar question around bringing on more advertisers on the platform.

然後，Jeremi，關於在平台上吸引更多廣告商的問題類似。

You've done so many great things over the course of the last year.

在過去的一年裡，你做了很多偉大的事情。

What are still some -- one of the -- one or 2 of the big hurdles yet to clear to bring more advertisers into the auction market?

將更多廣告商帶入拍賣市場，還有哪些——其中之一——一兩個大障礙尚未清除？

Thanks, Brian.

謝謝，布賴恩。

Yes, so I think what we've been focused on is just continuing to deliver our core product value of visual communication to our community because that's highly differentiated and then, of course, to continue our innovation and to really deliver additional value to our community, whether that's through augmented reality or content, maps, gaming.

是的，所以我認為我們一直關注的只是繼續向我們的社區提供視覺傳達的核心產品價值，因為這是高度差異化的，然後當然是繼續我們的創新並真正為我們的社區提供額外的價值，無論是通過增強現實還是內容、地圖、遊戲。

And so I think we'll continue to do a combination of both going forward.

因此，我認為我們將繼續將兩者結合起來。

And as we look -- especially internationally, we see a huge opportunity to continue to grow our community, and we're excited about what we're seeing.

正如我們所看到的 - 特別是在國際上，我們看到了繼續發展我們社區的巨大機會，我們對我們所看到的感到興奮。

And thanks for the question regarding demand.

並感謝有關需求的問題。

We do continue to see this as our #1 priority and our biggest opportunity, as you discussed there.

正如您在那裡討論的那樣，我們確實繼續將此視為我們的第一要務和最大的機會。

We are accomplishing it in multiple ways, all of which are benefiting our advertising partners.

我們正在以多種方式實現它，所有這些都使我們的廣告合作夥伴受益。

You're seeing the benefits of that in North America ARPU right now, which is up 43% year-over-year, which is the market in which our reorg has been in effect the longest.

你現在在北美看到了 ARPU 帶來的好處，同比增長 43%，這是我們重組實施時間最長的市場。

So we have very high hopes for that level of trajectory across the rest of the world as well.

因此，我們也對世界其他地區的這種發展水平寄予厚望。

The way that we're going to continue to bring demand onto the platform is in 4 key ways.

我們將繼續為平台帶來需求的方式有 4 個關鍵方面。

The first is that we want to demonstrate the value of our audience in that they are unduplicated and hard to reach.

首先是我們想要展示我們的觀眾的價值，因為他們是不重複的並且難以觸及。

We know that advertisers will continue to want to reach millennials and Gen Z and that we have that audience in spades.

我們知道廣告商將繼續希望接觸千禧一代和 Z 世代，而且我們擁有這些受眾。

We are able to articulate that audience and their value through B2B marketing campaigns at a scale we've never executed them before through presence at trade shows and then through press.

我們能夠通過 B2B 營銷活動以我們以前從未執行過的規模通過貿易展覽和媒體展示這些受眾及其價值。

Secondly, we will continue to launch innovative products for our new and existing advertisers.

其次，我們將繼續為新老廣告客戶推出創新產品。

We talked about the long-form video, goal-based bidding.

我們討論了基於目標的長視頻競價。

And there are so many more to come on the back of that, particularly on a vertical-by-vertical basis.

在這背後還有更多的東西，特別是在垂直的基礎上。

As we continue to say, we are relentless about delivering our ROI for advertisers because we believe that, that is the most retentive tool that we have at our disposal.

正如我們繼續說的那樣，我們堅持為廣告商提供投資回報率，因為我們相信，這是我們可以使用的最具保留性的工具。

And then lastly, we're going to continue to invest in our sales teams with their skills and their education, so that they can deliver best-in-class customer service.

最後，我們將繼續利用他們的技能和教育投資於我們的銷售團隊，以便他們能夠提供一流的客戶服務。

Our next question comes from Mark Mahaney of RBC.

我們的下一個問題來自 RBC 的 Mark Mahaney。

Derek, could you talk about gross margins in the future?

Derek，你能談談未來的毛利率嗎？

And what will be the drivers of gross margin expansion from here.

以及從這裡開始毛利率擴張的驅動因素是什麼。

Maybe you won't -- my guess is that you won't quantify how much gross margins go.

也許你不會——我的猜測是你不會量化毛利率有多少。

Even qualitatively, could you talk about that?

即使是定性的，你能談談嗎？

And then Evan, could you shed any numbers on maps and games and just how widely used they've been?

然後是 Evan，您能否介紹一下地圖和遊戲中的任何數字以及它們的使用範圍？

Maps has been around for a reasonable period of time.

地圖已經存在了一段合理的時間。

How broad is the adoption?

採用範圍有多廣？

And when do -- is there anything you ought to do to kind of push that adoption?

什麼時候做——你應該做些什麼來推動這種採用？

Is it at a point now where you can actually push it and kind of surface that feature more?

現在是不是你可以真正推動它以及具有更多功能的表面？

Mark, it's Derek speaking.

馬克，是德里克在說話。

Thanks for the question.

謝謝你的問題。

As for the margins, we see a lot of opportunity to invest productively in the business as we go forward.

至於利潤率，隨著我們的發展，我們看到了很多對業務進行有效投資的機會。

There's a couple of different fronts in which we see that: one is marketing to drive advertiser and community growth; another is talent to drive our monetization efforts, including the sales org and also engineering teams to drive optimization.

我們看到有幾個不同的方面：一個是推動廣告商和社區增長的營銷；另一個是推動我們貨幣化努力的人才，包括銷售組織和工程團隊來推動優化。

We see some opportunities to invest in talent for leadership on the AR front.

我們看到了一些投資於 AR 領域領導力人才的機會。

And of course, we continue to make investments in content, and that spend is going to scale as we continue to grow the revenue associated with it and our content partners continue to find success in the platform.

當然，我們繼續在內容上進行投資，隨著我們繼續增加與之相關的收入以及我們的內容合作夥伴繼續在平台上取得成功，這種支出將會擴大。

I think what's really important here is what we're seeing from these investments is that they are productive, and so we're seeing growth in our community and growth in our monetization off of these investments.

我認為這裡真正重要的是我們從這些投資中看到的是它們是富有成效的，因此我們看到了我們社區的增長以及我們從這些投資中獲利的增長。

And we believe that we can continue to invest in the growth of our business and try positive operating leverage which will contribute to margin expansion over time.

我們相信，我們可以繼續投資於我們的業務增長，並嘗試積極的經營槓桿，這將有助於隨著時間的推移擴大利潤率。

And so that's what's really going to be our focus is to continue to make disciplined but productive investments in the business and drive up positive operating leverage as we scale forward.

因此，我們真正關注的重點是繼續對業務進行有紀律但富有成效的投資，並在我們擴大規模時提高積極的經營槓桿。

And Mark, we're really excited about what we're seeing in terms of maps and games.

馬克，我們對我們在地圖和遊戲方面所看到的感到非常興奮。

I don't have any specifics to share with you.

我沒有任何細節可以和你分享。

But maps, in particular, has become quite a large platform for us despite its relative obscurity, which I think really speaks to the value that maps provide to our community.

但尤其是地圖，儘管它相對默默無聞，但它已成為我們相當大的平台，我認為這確實說明了地圖為我們社區提供的價值。

So as we look out over the next year, we're definitely thinking about ways that we're going to lift up maps and integrate it more to the core experience for Snapchat, which I think will be a great evolution.

因此，當我們展望明年時，我們肯定會考慮如何提升地圖並將其更多地整合到 Snapchat 的核心體驗中，我認為這將是一次偉大的演變。

Our next question comes from Stephen Ju of Credit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

So Jeremi, as you said in the prepared remarks, you're starting to take the wrapping paper off things like Dynamic Ads.

所以 Jeremi，正如您在準備好的評論中所說，您開始將包裝紙從動態廣告之類的東西上取下來。

So is there a way to characterize how much your engineering resources are now being dedicated to consumer-facing products versus the more ad-facing products and, subsequently, whether you believe the pace of ad unit product rollouts will pick up from here?

那麼，有沒有一種方法可以描述您現在將多少工程資源用於面向消費者的產品與更多面向廣告的產品，以及隨後，您是否相信廣告單元產品推出的步伐將從這裡加快？

And I guess related to that, I mean you reported at an ad impression growth of 122%.

我想與此相關，我的意思是您報告的廣告展示次數增長了 122%。

So clearly, the unit growth is the greater driver of your revenue growth.

很明顯，單位增長是您收入增長的更大驅動力。

So the ad load is not that high, and there's a high ceiling there, but you have to be thinking about ways to drive ad pricing growth as well.

所以廣告負載並沒有那麼高，而且有一個很高的上限，但你也必須考慮推動廣告定價增長的方法。

So can you talk about any targeting or ad unit improvements you may be working on at the background so that you decrease the risk of user churn?

那麼，您能否談談您可能在後台進行的任何定位或廣告單元改進，以降低用戶流失的風險？

Stephen, at a really high level, I can speak to how we're thinking about our engineering resources.

斯蒂芬，在一個非常高的水平上，我可以談談我們是如何考慮我們的工程資源的。

I think that our investments in monetization will be ongoing, so I don't necessarily think about moving engineering resources back and forth between consumer product and monetization.

我認為我們對貨幣化的投資將持續進行，因此我不一定會考慮在消費產品和貨幣化之間來回移動工程資源。

I think actually, if we look at the future of the business, part of the important -- one of the important levers in terms of managing impression growth is actually optimization.

我認為實際上，如果我們著眼於業務的未來，部分重要的 - 在管理印象增長方面的重要槓桿之一實際上是優化。

And so we're going to continue to invest heavily in engineering to improve optimization on our platform, which should improve relevance overall for advertising products, and I think that will contribute to the way that our community perceives ad load.

因此，我們將繼續在工程方面投入巨資，以改進我們平台的優化，這應該會提高廣告產品的整體相關性，我認為這將有助於我們的社區感知廣告負載的方式。

Our next question comes from John Egbert of Stifel.

我們的下一個問題來自 Stifel 的 John Egbert。

You made some impressive strides for profitability over the last several quarters.

在過去幾個季度中，您在盈利方面取得了令人矚目的進步。

EBITDA breakeven will be a great milestone for the company obviously.

顯然，EBITDA 盈虧平衡對公司來說將是一個重要的里程碑。

As you approach positive free cash flow, can you talk about your philosophy in regards to balancing investments in growth versus continued operating leverage once your business reaches that self-funding milestone?

當您接近正的自由現金流時，您能否談談您在業務達到自籌資金里程碑後平衡增長投資與持續經營槓桿的理念？

Thanks for the question.

謝謝你的問題。

It's Derek speaking.

是德里克在說話。

Yes, I think what we're really focused on is making sure that we continue to invest in the areas of the business where we can see productive returns.

是的，我認為我們真正關注的是確保我們繼續投資於我們可以看到生產回報的業務領域。

And I think we've demonstrated that fairly clearly over a few quarters now, continuing to invest in the business but continuing to make positive progress towards both profitability and positive free cash flow.

我認為我們已經在幾個季度內相當清楚地證明了這一點，繼續投資於業務，但繼續在盈利能力和正自由現金流方面取得積極進展。

We do, as I mentioned earlier, see a lot of opportunity to invest productively in the business, and you should expect us to do that.

正如我之前提到的，我們確實看到了很多對業務進行有效投資的機會，您應該期望我們這樣做。

But those investments are really focused on areas that we are seeing returns and where we're seeing productivity on the investment, whether that is marketing that's driving advertiser growth as well as community growth, whether it's investments in our engineering teams and sales teams to drive monetization or investments in AR in order to drive leadership there.

但這些投資真正集中在我們看到回報的領域以及我們看到投資生產力的領域，無論是推動廣告客戶增長的營銷還是社區增長，是否是對我們的工程團隊和銷售團隊的投資來推動對 AR 進行貨幣化或投資，以推動在那裡的領導地位。

And each of those things are turning around and delivering results back to the business.

這些事情中的每一個都在扭轉局面，並將結果回饋給企業。

And that's allowing us to really invest in our business but also still see positive operating leverage as we do it.

這使我們能夠真正投資於我們的業務，但在我們這樣做的同時仍然看到積極的經營槓桿。

And our expectation is that you should see more of the same as we go forward.

我們的期望是，隨著我們前進，您應該看到更多相同的東西。

Our next question comes from Lloyd Walmsley of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Lloyd Walmsley。

Two, if I can.

二，如果可以的話。

First, you guys mentioned users posting to Stories grew, but it sounds a more muted than growth in premium content.

首先，你們提到發佈到 Stories 的用戶有所增長，但這聽起來比優質內容的增長更為溫和。

So can you just talk about how posting and viewing of friends stories has ebbed and flowed and how important is that to add inventory versus, say, Discover or Lenses and Filters?

那麼，您能否談談發布和查看朋友故事的情況如何消退，以及添加庫存與發現或鏡頭和過濾器相比有多重要？

Can you give us a rough sense of the breakout?

你能給我們大致了解一下突破嗎？

And then secondly, you mentioned in the prepared remarks the NCSolutions study pointing to realized premium to the mobile adverts.

其次，您在準備好的評論中提到 NCSolutions 研究指出移動廣告已實現溢價。

But it looked like it was only about 16% higher than the mobile adverts, yet your ARPU is so much lower than more established platforms.

但看起來它只比移動廣告高出 16% 左右，但你的 ARPU 卻比更成熟的平台低得多。

Your CPMs are lower.

您的每千次展示費用較低。

So just surprised it wasn't more meaningfully above the industry average, so wondering why you think it's not higher.

所以只是驚訝它沒有高於行業平均水平，所以想知道為什麼你認為它沒有更高。

And should we be concerned that all the upside is capped by that?

我們是否應該擔心所有的上漲空間都受此限制？

And what are the key drivers for getting that realized higher over the next kind of few years?

在接下來的幾年裡，實現這一目標的關鍵驅動因素是什麼？

Thanks, Lloyd.

謝謝，勞埃德。

Yes, the users posting to Stories continues to be an important driver of our business.

是的，發佈到 Stories 的用戶仍然是我們業務的重要推動力。

And I think one of the things that's been exciting about our investments in premium content has been that we can continue to offer additional forms of content and new Stories after our community has consumed all the friends posted by their users.

而且我認為我們對優質內容的投資令人興奮的一件事是，在我們的社區消耗了他們用戶發布的所有朋友之後，我們可以繼續提供其他形式的內容和新故事。

And so we have now, after our redesign is an infinite scroll of content.

所以我們現在有了，在我們重新設計之後是一個無限的內容捲軸。

And so users come to check out Stories from their friends but then stay for more premium content.

因此，用戶會來查看他們朋友的故事，然後留下來獲取更多優質內容。

So we've actually been very excited about the relationship between the 2 in terms of what they unlock for time spent and for monetization.

所以我們實際上對兩者之間的關係感到非常興奮，因為他們解鎖了所花費的時間和貨幣化。

And pertaining to the NCSolutions study, it's still very early.

關於 NCSolutions 的研究，現在還為時過早。

The intent of putting it in the prepared remarks was to show that our early results are certainly positive, but we have a lot of room to grow to continue to invest in products, in optimization and in measurement.

將其放在準備好的評論中的目的是表明我們的早期結果肯定是積極的，但我們還有很大的增長空間可以繼續投資於產品、優化和測量。

But we are very pleased with the early results.

但我們對早期的結果非常滿意。

So a lot of room to grow there and a lot of opportunity for us and for our advertising partners.

因此，那裡有很大的發展空間，也為我們和我們的廣告合作夥伴提供了很多機會。

Our last question will come from Justin Post of Bank of America Merrill Lynch.

我們的最後一個問題將來自美銀美林的賈斯汀波斯特。

Great.

偉大的。

A couple of questions.

幾個問題。

Evan, in your prepared remarks, you've highlighted again that Snap was undermonetized, and it certainly seems that way based on ARPU.

埃文，在你準備好的評論中，你再次強調了 Snap 的貨幣化不足，而且基於 ARPU 看起來確實如此。

There continues to be some concerns on where ARPU can go based on Snap's use of communication.

基於 Snap 對通信的使用，ARPU 的走向仍然存在一些擔憂。

Just wondering if there are some areas of the platform where ad loads are especially low and you see a big monetization opportunity over the next couple of years.

只是想知道平台的某些區域是否有廣告負載特別低的區域，並且您會在未來幾年看到巨大的獲利機會。

And then secondly, I thought it was interesting, you highlighted building a partnership with investors.

其次，我認為這很有趣，你強調了與投資者建立夥伴關係。

Just wondering if that's kind of new thinking around the company, how you're thinking about investing and supporting the stock and what partnership with investors could mean going forward.

只是想知道這是否是圍繞公司的一種新思維，你是如何考慮投資和支持股票的，以及與投資者的合作關係可能意味著什麼。

Thanks, Justin.

謝謝，賈斯汀。

Yes, so as we look at advertising business, there's opportunity across augmented reality and content.

是的，所以當我們關注廣告業務時，增強現實和內容都有機會。

And I think there's a ton of headroom there, as you know, relative to our time spent and frequency of engagement.

正如你所知，相對於我們花費的時間和參與頻率，我認為那裡有很大的空間。

I think the really important and exciting thing about operating a communications businesses is that we have a really durable source of distribution that brings our community into our service every day and that we can support that community with additional services like augmented reality or a content business.

我認為運營通信業務真正重要和令人興奮的事情是，我們擁有真正持久的分發資源，每天都將我們的社區帶入我們的服務中，並且我們可以通過增強現實或內容業務等附加服務來支持該社區。

So I think a lot of room to run on both of those.

所以我認為這兩個方面都有很大的空間。

And then I think in terms of our partnership with investors, I think when the company was private, we got to build those relationships with our investors over quite a long period of time.

然後我認為就我們與投資者的伙伴關係而言，我認為當公司私有時，我們必須在相當長的一段時間內與我們的投資者建立這種關係。

And as the company became public and the investor base transitioned, we invested a lot of time getting to know the folks who are going to be supporting our business over the next couple of decades.

隨著公司上市和投資者基礎的轉變，我們投入了大量時間來了解將在未來幾十年內支持我們業務的人們。

And while those relationships are still new, we've learned a lot, and we're grateful for that opportunity.

雖然這些關係仍然是新的，但我們已經學到了很多，我們很感激這個機會。

So I think we certainly went through a difficult and challenging transition as a business over the last year or 2 as a public company.

因此，我認為我們作為一家企業在過去一年或兩年作為一家上市公司確實經歷了艱難且充滿挑戰的轉型。

And really, with a lot of insight and support from the investor community, I think we've been able to demonstrate that the business is moving in the right direction.

真的，在投資者社區的大量洞察和支持下，我認為我們已經能夠證明業務正在朝著正確的方向發展。

We're executing really well on the fundamentals, and that makes us excited about what we can accomplish together in the future.

我們在基本面上執行得非常好，這讓我們對未來可以共同完成的事情感到興奮。

This concludes our question-and-answer session as well as Snap Inc.'s third quarter 2019 earnings conference call.

我們的問答環節以及 Snap Inc. 的 2019 年第三季度財報電話會議到此結束。

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。