Snap Inc (SNAP) 2019 Q4 法說會逐字稿

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

大家下午好，歡迎參加 Snap Inc. 的 2019 年第四季度和全年收益電話會議。

(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 your presentation.

投資者關係部的 David Ometer 先生，您可以開始您的演講了。

Thank you and good afternoon, everyone.

謝謝大家，大家下午好。

Welcome to Snap's Fourth Quarter and Full Year 2019 Earnings Conference Call.

歡迎參加 Snap 的 2019 年第四季度和全年收益電話會議。

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 fourth quarter and full year 2019, which can be found on our Investor Relations website at investor.snap.com.

今天早些時候，我們提供了一個幻燈片演示文稿，概述了我們 2019 年第四季度和全年的用戶和財務指標，可以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 fourth quarter and full year 2019 performance in addition to our financial outlook.

除了我們的財務展望外，今天的電話是為您提供有關我們 2019 年第四季度和全年業績的信息。

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 September 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產生重大差異的因素的更多信息，請參閱我們今天發布的新聞稿以及我們在截至 2019 年 9 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。

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

這些信息可以在我們向美國證券交易委員會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作為其替代考慮。

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。

Hello, everyone, and thank you for joining our call.

大家好，感謝您加入我們的電話。

2019 was a transformative year for Snap.

2019 年對於 Snap 來說是變革性的一年。

We saw momentum across the board as we grew our community, accelerated our revenue growth and made progress towards profitability and free cash flow.

隨著社區的發展，我們看到了全面的發展勢頭，加快了收入增長，並在盈利能力和自由現金流方面取得了進展。

We continue the momentum we developed early in the year through the fourth quarter, and we are excited about growing our business into 2020 and beyond.

我們將在今年年初發展的勢頭延續到第四季度，我們對將我們的業務發展到 2020 年及以後感到興奮。

Our community grew to 218 million daily active users in Q4, we accelerated year-over-year revenue growth to 44% compared to 36% in Q4 of 2018, and we generated $42 million of adjusted EBITDA.

我們的社區在第四季度增長到 2.18 億日活躍用戶，我們將收入同比增長加速至 44%，而 2018 年第四季度為 36%，我們產生了 4200 萬美元的調整後 EBITDA。

Throughout the course of 2019, we added 31 million daily active users, largely driven by investments in our core product and improvements to our Android application.

在整個 2019 年期間，我們增加了 3100 萬日活躍用戶，這主要得益於對核心產品的投資和對 Android 應用程序的改進。

Our full year adjusted EBITDA improved by 65% year-over-year, and we are working towards full year adjusted EBITDA profitability in 2020.

我們全年調整後的 EBITDA 同比增長 65%，我們正在努力實現 2020 年全年調整後的 EBITDA 盈利能力。

The strength and momentum in our underlying business fundamentals gives us confidence in our long-term growth and profitability as we invest in growing our business for the future.

我們的基本業務基礎的實力和勢頭使我們對我們的長期增長和盈利能力充滿信心，因為我們投資於未來的業務發展。

We've recently completed our 2020 strategic planning process and have aligned our teams and resources around our goals of supporting real friendships on Snapchat, expanding our service to a broader global community, investing in our AR and content platforms, and scaling revenue while achieving profitability in order to self-fund our investments in the future.

我們最近完成了 2020 年戰略規劃流程，並圍繞支持 Snapchat 上的真正友誼、將我們的服務擴展到更廣泛的全球社區、投資於我們的 AR 和內容平台以及在實現盈利的同時擴大收入的目標調整了我們的團隊和資源以便為我們未來的投資自籌資金。

We have always believed that supporting real friendships and creating products to serve our community are core to building a long-term sustainable business.

我們一直認為，支持真正的友誼和創造產品來服務我們的社區是建立長期可持續業務的核心。

On any given day, most people have something to share with their family and close friends and using Snapchat allows them to communicate together in a way that is efficient and expressive.

在任何一天，大多數人都會與家人和密友分享一些東西，而使用 Snapchat 可以讓他們以一種高效且富有表現力的方式進行交流。

This means that our camera has become an important tool for maintaining relationships through visual communication and storytelling, creating a distinct competitive advantage for our company.

這意味著我們的相機已成為通過視覺交流和講故事來維持關係的重要工具，為我們公司創造了獨特的競爭優勢。

Supporting daily self-expression, while harnessing the richness of visual communication gives us a broad and unique long-term opportunity that will serve us well into the future.

支持日常自我表達，同時利用豐富的視覺交流，為我們提供了一個廣泛而獨特的長期機會，這將為我們在未來提供良好的服務。

Beyond empowering new ways of communicating visually, Snapchat allows our community to nurture close friendships, which plays a vital role in health and happiness.

除了賦予視覺交流的新方式之外，Snapchat 還允許我們的社區培養親密的友誼，這對健康和幸福起著至關重要的作用。

The growth of our Snapchat community underscores people's desire to communicate with one another through technology that feels natural and similar to face-to-face friendships.

我們 Snapchat 社區的發展突顯了人們希望通過感覺自然且類似於面對面友誼的技術相互交流。

We want to build technology for humans that are supportive of the ways we have interacted for centuries, long before the creation of the smartphone.

我們希望為人類構建技術，支持我們幾個世紀以來的交互方式，早在智能手機誕生之前。

Our fourth quarter engagement demonstrates the power of friendship and self-expression.

我們第四季度的參與展示了友誼和自我表達的力量。

As our community came together to celebrate the holidays on Snapchat, we saw more than 200 million Snapchatters creating Snaps on Christmas Eve and Christmas, sending an average of nearly 30 snaps each.

當我們的社區聚集在一起在 Snapchat 上慶祝節日時，我們看到超過 2 億 Snapchatter 在平安夜和聖誕節創建 Snap，平均每人發送近 30 個 Snap。

We are particularly excited to note that the number of people creating a snap with our camera every day is growing faster year-over-year than our overall DAU growth, meaning that existing and new members of our community continue to use our camera frequently to express themselves.

我們特別高興地註意到，每天用我們的相機拍照的人數同比增長快於我們的整體 DAU 增長，這意味著我們社區的現有成員和新成員繼續經常使用我們的相機來表達他們自己。

We are encouraged by the way Snapchatters worldwide have adopted visual communication, and we are excited to empower even more creativity by making it faster and easier to express yourself on Snapchat.

我們對全球 Snapchatter 採用視覺交流的方式感到鼓舞，我們很高興能夠通過讓在 Snapchat 上更快、更輕鬆地表達自己來賦予更多創造力。

As we work to grow our community around the world, we believe that the best way to build a global business is to invest in products and partnerships that are locally relevant and reflect local culture while reducing the barriers to using Snapchat.

隨著我們努力在世界各地發展我們的社區，我們相信建立全球業務的最佳方式是投資於與當地相關並反映當地文化的產品和合作夥伴關係，同時減少使用 Snapchat 的障礙。

Visual communication is a high bandwidth activity that can be burdensome in markets with limited and expensive cellular Internet.

視覺通信是一項高帶寬活動，在蜂窩互聯網有限且價格昂貴的市場中可能會造成負擔。

We have now partnered with over 70 international carriers to help our community manage these costs.

我們現在已經與 70 多家國際運營商合作，幫助我們的社區管理這些成本。

And our ongoing investments in the efficiency of our service helped cut Snapchat's median cellular data usage in half in the past 6 months.

在過去 6 個月中，我們對服務效率的持續投資幫助將 Snapchat 的蜂窩數據使用量中值減少了一半。

We are also working with local partners to provide content and AR experiences that are tailored to the diverse cultures of our community and now offer hundreds of locally relevant international Discover channels, the majority of which were launched in 2019.

我們還與當地合作夥伴合作，提供針對我們社區多元文化量身定制的內容和 AR 體驗，現在提供數百個與當地相關的國際發現頻道，其中大部分於 2019 年推出。

Going forward, we will continue to invest in our team, technology and partnerships to fully realize our vast opportunities for growth around the world.

展望未來，我們將繼續投資於我們的團隊、技術和合作夥伴關係，以充分實現我們在全球的巨大增長機會。

Our content and augmented reality platforms have continued to grow and provide value to our community and partners.

我們的內容和增強現實平台不斷發展並為我們的社區和合作夥伴提供價值。

Discover, our curated content platform, has grown year-over-year in both reach and time spent, especially as content viewership continues to transition from linear television to mobile.

Discover 是我們精心策劃的內容平台，其覆蓋面和花費時間都在逐年增長，尤其是隨著內容收視率繼續從線性電視過渡到移動電視。

We have dramatically expanded our product and content offerings through partnerships, including our Snap Original Shows.

我們通過合作夥伴關係極大地擴展了我們的產品和內容產品，包括我們的 Snap Original Shows。

While our investments up to this point have been selective and measured, these original shows are already being watched by more than half of the U.S. Gen Z population.

雖然到目前為止我們的投資都是有選擇的和衡量的，但這些原創節目已經被超過一半的美國 Z 世代人口觀看。

This makes our original shows, ranging from early hits like the Dead Girls Detective Agency, now in its fourth season, to new franchises like our recently launched “Vs the World” docuseries, some of the largest premium ad-supported titles for this audience.

這使得我們的原創節目，從像死女偵探社這樣的早期熱門節目，現在已經到了第四季，到新的特許經營權，比如我們最近推出的“Vs the World”紀錄片系列，這些都是針對這些觀眾的最大的付費廣告支持的標題。

As we continue to increase our investments in originals and other premium content offerings, we are excited to see Discover evolve into a top destination for mobile content consumption with a number of people that watch more than 15 minutes of premium Discover content every day, growing by nearly 50% year-over-year.

隨著我們繼續增加對原創和其他優質內容產品的投資，我們很高興看到 Discover 發展成為移動內容消費的首選目的地，每天有許多人觀看超過 15 分鐘的優質 Discover 內容，增長速度為同比增長近 50%。

We have also worked hard to provide value to our community through our camera with augmented reality.

我們還努力通過我們的增強現實相機為我們的社區提供價值。

This year, we are focusing our efforts on expanding both the variety of lens experiences available to our community and the value that augmented reality is able to deliver beyond entertainment and self-expression.

今年，我們的重點是擴大我們社區可用的各種鏡頭體驗，以及增強現實能夠提供的超越娛樂和自我表達的價值。

For example, our growing Lens Studio platform is dramatically increasing the number of AR experiences available to our community, which in turn is driving more engagement on Snapchat.

例如，我們不斷發展的 Lens Studio 平台正在顯著增加社區可用的 AR 體驗數量，這反過來又推動了 Snapchat 的更多參與。

On New Year's Eve alone, more than 200 million Snapchatters engaged with augmented reality over 13 billion times, up over 50% from the prior year.

僅在新年前夜，就有超過 2 億 Snapchatter 使用增強現實技術超過 130 億次，比上一年增長了 50% 以上。

Lens Studio contributed meaningfully to this increase with more than 20% of the lenses sent on New Year's Eve built and submitted by our community compared to just 5% the year before.

Lens Studio 對這一增長做出了有意義的貢獻，在新年前夜發送的鏡頭中有 20% 以上是由我們的社區製作和提交的，而前一年只有 5%。

We've also made it easier to find and experiment with different AR experiences on Snapchat using Lens Explorer.

我們還讓使用 Lens Explorer 在 Snapchat 上查找和試驗不同的 AR 體驗變得更加容易。

In Q4 2019, 5x as many people went to Lens Explorer to search and browse AR experiences every day when compared to Q4 2018, with more than 10% of our community using Lens Explorer every day on average.

與 2018 年第四季度相比，2019 年第四季度每天使用 Lens Explorer 搜索和瀏覽 AR 體驗的人數增加了 5 倍，平均每天有超過 10% 的社區使用 Lens Explorer。

We are also excited to be working with partners to expand the value of our camera.

我們也很高興能與合作夥伴一起擴大我們相機的價值。

Shazam has helped Snapchatters identify over 1 billion songs using our camera, and we are adding new partners like Photomath to help people learn how to solve math problems without using a calculator.

Shazam 已經幫助 Snapchatters 使用我們的相機識別了超過 10 億首歌曲，我們正在添加像 Photomath 這樣的新合作夥伴，以幫助人們學習如何在不使用計算器的情況下解決數學問題。

As we continue to scale our content and AR platforms, we are also making significant progress against many other long-term opportunities, including Snap Kit, maps and games.

隨著我們繼續擴展我們的內容和 AR 平台，我們也在針對許多其他長期機會取得重大進展，包括 Snap Kit、地圖和遊戲。

While these newer offerings are at a much earlier stage than our content and AR platforms, we are excited by the engagement we are seeing from our community.

雖然這些較新的產品比我們的內容和 AR 平台處於更早的階段，但我們對社區的參與感到興奮。

Today, these platforms enable people to share a new song they discovered on Spotify, see what their friends are up to around the world, hang out and chat with a group of friends while playing games and personalize their Fitbit workout routine and watch face with their Bitmoji.

如今，這些平台使人們能夠分享他們在 Spotify 上發現的一首新歌，看看他們的朋友在世界各地都在做什麼，在玩遊戲的同時與一群朋友閒逛和聊天，以及個性化他們的 Fitbit 鍛煉程序，並與他們的朋友一起看臉。位表情符號。

We can't wait to continue expanding these offerings across a wider variety of experiences for our community, some of which we will be announcing at our Snap Partner Summit in April.

我們迫不及待地想繼續為我們的社區提供更廣泛的體驗，其中一些我們將在 4 月的 Snap 合作夥伴峰會上宣布。

Given the substantial long-term opportunities ahead, we are working hard to scale our revenue so that we are able to self-fund our investments in the future.

鑑於未來存在大量長期機會，我們正在努力擴大收入，以便我們能夠在未來為我們的投資自籌資金。

We believe that our platform is still extremely undermonetized, given our massive reach among a differentiated and growing community, the high levels of engagement on our service and our proven advertising products that drive measurable ROI for our partners.

我們認為，鑑於我們在差異化且不斷發展的社區中的廣泛影響力、對我們服務的高度參與以及我們經過驗證的廣告產品為我們的合作夥伴帶來了可衡量的投資回報率，我們認為我們的平台仍然極度缺乏貨幣化。

This means that we have a large volume of high-quality advertising inventory and the potential to meaningfully increase our average revenue per user over time, even in advance of monetizing our longer-term investments like gaming and maps.

這意味著我們擁有大量高質量的廣告庫存，並且有可能隨著時間的推移顯著增加我們每用戶的平均收入，即使是在將我們的長期投資（如游戲和地圖）貨幣化之前。

In 2020, we will continue to evolve our advertising products and go-to-market strategy for both performance and brand-oriented budgets.

2020 年，我們將繼續改進我們的廣告產品和市場營銷戰略，以實現以業績和品牌為導向的預算。

We have started investing heavily in our ranking and optimization efforts this year to increase the scale and return on ad spend that we are able to deliver to performance advertisers.

今年，我們已開始大力投資於排名和優化工作，以增加我們能夠為績效廣告客戶提供的廣告支出規模和回報。

As these early investments are starting to bear fruit, we are getting better at increasing the value and relevance of each ad impression.

隨著這些早期投資開始取得成果，我們在提高每次廣告展示的價值和相關性方面做得越來越好。

Not only does this increase the return that our advertisers receive from their investment in our platform, but it can simultaneously reduce the number of impressions we show for a particular campaign.

這不僅增加了我們的廣告商從他們對我們平台的投資中獲得的回報，而且還可以同時減少我們為特定活動展示的展示次數。

This frees up inventory for additional campaigns, while improving the user experience by reducing the number of ads shown that are not relevant to a particular individual.

這可以釋放更多廣告系列的庫存，同時通過減少與特定個人無關的廣告數量來改善用戶體驗。

As with any new technology platform, we expect ongoing improvements to be steady but incremental, and we plan to significantly increase our investment in product and engineering talent to build upon the gains we have made in this area.

與任何新技術平台一樣，我們預計持續改進將是穩定但漸進的，我們計劃顯著增加對產品和工程人才的投資，以鞏固我們在該領域取得的成果。

Given our massive reach among young people, we also believe we have a strong value proposition for household brands that want to reach our audience at scale, but find it increasingly difficult to efficiently access our audience on linear television or other online platforms.

鑑於我們在年輕人中的廣泛影響力，我們還相信，對於想要大規模接觸我們的觀眾，但發現在線性電視或其他在線平台上有效地接觸我們的觀眾越來越困難的家庭品牌，我們有一個強大的價值主張。

We have seen early success with many brands and believe there is a significant opportunity to scale their success across more advertisers, especially as television and desktop budgets represent 3x the total mobile ad spend in the U.S., but advertisers are increasingly unable to reach our unique demographic on those platforms.

我們已經看到許多品牌的早期成功，並相信有一個重要的機會在更多的廣告商中擴大他們的成功，特別是電視和桌面預算占美國移動廣告總支出的 3 倍，但廣告商越來越無法接觸到我們獨特的人群在那些平台上。

Building trusted long-term relationships and further developing our advertising solutions for specific verticals takes time, and we are investing in a multiyear strategy to address this massive opportunity.

建立值得信賴的長期關係並進一步開發我們針對特定垂直行業的廣告解決方案需要時間，我們正在投資制定一項多年戰略以應對這一巨大機遇。

We are focused on growing our revenue and achieving profitability, so that we are able to accelerate both our near-term investments in our products and business as well as the realization of our long-term vision for the camera.

我們專注於增加收入和實現盈利，以便我們能夠加快對產品和業務的近期投資以及實現我們對相機的長期願景。

We continue to see tremendous opportunity in defining what it means to be a modern camera company because the camera is seemingly infinite, untapped potential.

我們繼續看到定義現代相機公司意味著什麼的巨大機會，因為相機似乎是無限的，未開發的潛力。

Historically, it was difficult and expensive to create a photograph, and people used cameras infrequently to document and save treasured memories.

從歷史上看，拍攝照片既困難又昂貴，人們很少使用相機來記錄和保存珍貴的記憶。

The past decade brought smartphones with an Internet-connected camera in everyone's pocket, empowering people to use cameras for daily communication with over 1.3 trillion snaps created on Snapchat in 2019.

在過去的十年裡，每個人的口袋裡都出現了帶有聯網攝像頭的智能手機，使人們能夠使用攝像頭進行日常通信，2019 年在 Snapchat 上創建了超過 1.3 萬億張快照。

This decade promises to bring yet another revolution in terms of camera usage with augmented reality as people begin to experience the world around them through lenses that inspire creativity, provide real utility and understand contexts in ways that have never before been possible.

隨著人們開始通過激發創造力、提供真正實用性並以前所未有的方式理解環境的鏡頭來體驗周圍的世界，這十年有望在增強現實的相機使用方面帶來另一場革命。

I'll now turn the call over to Jeremi to discuss the progress we have made in growing our advertising business.

我現在將把電話轉給 Jeremi，討論我們在發展廣告業務方面取得的進展。

Thanks, Evan.

謝謝，埃文。

We're so excited with the progress we made in 2019 and see significant opportunities for our business moving into 2020.

我們對 2019 年取得的進展感到非常興奮，並看到我們的業務進入 2020 年的重大機遇。

Our teams are well aligned, enabling our business to grow revenue alongside our community through performance improvements on Android and iOS world-class augmented reality experiences and engaging made for mobile content.

我們的團隊協調一致，通過改進 Android 和 iOS 世界級增強現實體驗和為移動內容製作的參與度，使我們的業務能夠與我們的社區一起增加收入。

Over 2019, we generated full year revenue of $1.7 billion, an increase of 45% year-over-year compared to 43% in 2018.

2019 年全年收入為 17 億美元，與 2018 年的 43% 相比，同比增長 45%。

In Q4 2019, we generated revenue of $561 million, an increase of 44% year-over-year compared to 36% in Q4 of 2018.

2019 年第四季度，我們創造了 5.61 億美元的收入，與 2018 年第四季度的 36% 相比，同比增長 44%。

These results are a byproduct of the hard work being done across all teams at Snap and validate decisions we've made around the structure of our sales teams and the products we have built for our advertisers and community.

這些結果是 Snap 所有團隊辛勤工作的副產品，驗證了我們圍繞銷售團隊結構以及我們為廣告商和社區打造的產品所做的決定。

As a result, we believe that we have the opportunity to continue growing annual revenue at a pace significantly faster than our peers.

因此，我們相信我們有機會繼續以明顯快於同行的速度增長年收入。

We are fully focused on making progress against our ARPU opportunity, which we believe to, in the short- to medium-term will be largely driven by advertiser demand.

我們完全專注於在我們的 ARPU 機會上取得進展，我們相信，在中短期內，這將在很大程度上受到廣告客戶需求的推動。

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

鑑於我們在全球範圍內的高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。

As a result, we are focused on driving demand from advertisers to improve CPMs in our self-serve auction.

因此，我們專注於推動廣告客戶的需求，以提高我們自助競價中的每千次展示費用。

Looking at our current ad products and applying comparative industry CPMs to our own inventory, we are in a position to meaningfully close the ARPU gap relative to our peers.

查看我們當前的廣告產品並將比較行業 CPM 應用於我們自己的廣告資源，我們能夠顯著縮小與同行相比的 ARPU 差距。

In addition, not only does demand growth increase contestation in our auction, driving up CPMs, but it also increases the number of ads available to choose from for each impression, improving relevance per impression and ultimately, yielding higher ROI for our advertising partners, even in increased prices.

此外，需求增長不僅增加了我們競價中的競爭，推高了每千次展示費用，而且還增加了每次展示可供選擇的廣告數量，提高每次展示的相關性，最終為我們的廣告合作夥伴帶來更高的投資回報率，甚至在價格上漲。

To achieve our ARPU goals, we remain focused on 3 key priorities: first, improving our measurement, ranking and optimization to drive relevance and deliver ROI; second, building out our sales and marketing functions to support the needs of our advertising partners globally; third, creating innovative ad experiences around video and augmented reality that deliver real business value.

為了實現我們的 ARPU 目標，我們仍然專注於 3 個關鍵優先事項：首先，改進我們的衡量、排名和優化以提高相關性並提供投資回報率；其次，建立我們的銷售和營銷職能，以支持我們全球廣告合作夥伴的需求；第三，圍繞視頻和增強現實創造創新的廣告體驗，提供真正的商業價值。

Our 3 priorities, along with our growing global audience, will allow us to drive performance at scale for businesses around the world.

我們的三大優先事項，以及不斷增長的全球受眾，將使我們能夠為全球企業大規模提升業績。

Our business growth is enabled by our large, growing, unique and unduplicated audience.

我們的業務增長得益於我們龐大、不斷增長、獨特且不重複的受眾。

For example, in the U.S., we reached more than 90% of 13 to 24 year olds and more than 75% of 13 to 34 year olds.

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

In addition, our reach is expanding outside of the U.S. as a result of ongoing product improvements that allow us to grow our business and community around the world.

此外，由於持續的產品改進，我們的業務範圍正在擴大到美國以外，這使我們能夠在全球範圍內發展我們的業務和社區。

Our community engages with our service for over 30 minutes per day on average, and our advertisers have unparalleled reach with a valuable 13- to 34-year-old demographic that makes up the majority of millennials and Gen Z.

我們的社區平均每天使用我們的服務超過 30 分鐘，我們的廣告客戶擁有無與倫比的覆蓋面，擁有 13 至 34 歲的寶貴人群，這些人群佔千禧一代和 Z 世代的大多數。

Our first priority is investing heavily to improve our measurement, ranking and optimization to drive relevance and deliver ROI.

我們的首要任務是大力投資以改善我們的衡量、排名和優化，以提高相關性並提供投資回報率。

In 2019, our investments enabled performance advertisers to scale on our platform.

2019 年，我們的投資使績效廣告客戶能夠在我們的平台上進行擴展。

For example, at the start of the quarter, our pixel purchase optimization goal comprise less than 5% of self-serve revenue.

例如，在本季度初，我們的像素購買優化目標佔自助服務收入的不到 5%。

Over Black Friday and Cyber Monday, however, this optimization goal that allows advertisers to bid explicitly on purchase activity on their website grew to over 10% of self-serve revenue globally.

然而，在黑色星期五和網絡星期一期間，允許廣告商對其網站上的購買活動明確出價的優化目標增長到全球自助服務收入的 10% 以上。

We enter 2020 with multiple investments in commerce from the past year, ready to scale to new advertisers.

進入 2020 年，我們在過去一年中對商業進行了多項投資，準備擴展到新的廣告商。

Our self-serve tools, lower funnel optimization goals, video ad formats and advanced solutions, such as product catalogs and dynamic ads, work together to reward advertisers who invest in our platform with ROI at scale.

我們的自助服務工具、較低的渠道優化目標、視頻廣告格式和高級解決方案（例如產品目錄和動態廣告）共同為在我們平台上投資的廣告商提供大規模投資回報。

For example, Ralph Lauren started testing dynamic ads in October of 2019, as product based ad formats have been amongst the tactics that have worked for their business.

例如，Ralph Lauren 於 2019 年 10 月開始測試動態廣告，因為基於產品的廣告格式一直是對其業務有效的策略之一。

After initial testing proved to be extremely successful, they increased investment by 3x in Q4 2019 during one of the most competitive times of the year for shoppers.

在初步測試證明非常成功後，他們在 2019 年第四季度將投資增加了 3 倍，這是一年中購物者競爭最激烈的時期之一。

This solution not only helps them drive relevance during the holiday period, but they've shared this will be a key performance driver throughout the course of the year.

該解決方案不僅可以幫助他們在假期期間提高相關性，而且他們還表示這將成為全年的關鍵績效驅動因素。

Our second priority is to grow demand via better service for our advertising partners.

我們的第二個優先事項是通過為我們的廣告合作夥伴提供更好的服務來增加需求。

As we continue to scale our advertising business across all geographies, we expect to build out teams in different verticals to support our rapidly growing ad business.

隨著我們繼續在所有地區擴展我們的廣告業務，我們希望在不同的垂直領域建立團隊，以支持我們快速增長的廣告業務。

This includes building a global partners team to work with our largest global advertisers to create seamless global planning, hiring more sales operations experts to continue to improve operational rigor in our sales teams and pipeline planning and generally mature the ways our sales organizations operates as we scale over the coming years.

這包括建立一個全球合作夥伴團隊，與我們最大的全球廣告商合作，以創建無縫的全球規劃，聘請更多的銷售運營專家來繼續提高我們銷售團隊和管道規劃的運營嚴謹性，並隨著我們的規模擴大銷售組織的運營方式。在未來幾年。

We're encouraged by the early success with many of our verticals, most notably tech, restaurants, entertainment and CPG.

我們對許多垂直領域的早期成功感到鼓舞，尤其是科技、餐廳、娛樂和 CPG。

For example, PepsiCo's Mountain Dew looked to Snapchat to leverage our innovative ad products and drive sales for the Mountain Dew brand.

例如，百事可樂的激浪公司希望 Snapchat 利用我們的創新廣告產品並推動激浪品牌的銷售。

Snapchat worked with Mountain Dew to run 2 campaigns for their DewNited and VooDEW product lines.

Snapchat 與 Mountain Dew 合作，為其 DewNited 和 VooDEW 產品線開展了 2 個活動。

The DewNited campaign leveraged Snap Ads and filters to highlight the classic Mountain Dew logo and helped drive incremental sales returns above PepsiCo norms, primarily through a lift in household penetration.

DewNited 活動利用 Snap 廣告和過濾器來突出經典的 Mountain Dew 徽標，並幫助推動銷售回報高於百事可樂標準，主要是通過提高家庭滲透率。

The VooDEW campaign leveraged Snap Ads and lenses to target Halloween fans and candy buyers, which resulted in a significant lift in ad awareness and brand favorability for Mountain Dew's limited time VooDEW product.

VooDEW 活動利用 Snap 廣告和鏡頭來定位萬聖節粉絲和糖果購買者，從而顯著提升了 Mountain Dew 限時 VooDEW 產品的廣告知名度和品牌好感度。

Our third priority is to continue to lead the way with innovative advertising products and services.

我們的第三個優先事項是繼續以創新的廣告產品和服務引領潮流。

As brands focus more on incremental reach and depth of engagement rather than just clicks and impressions, more advertisers are employing innovative formats that drive real customer interactions.

隨著品牌更多地關注增量覆蓋面和參與深度，而不僅僅是點擊和印象，越來越多的廣告商正在採用創新格式來推動真正的客戶互動。

Snap is the ideal place for these brands because our advertising products are built on the same foundation that makes our engaging consumer products successful.

Snap 是這些品牌的理想場所，因為我們的廣告產品建立在使我們引人入勝的消費產品取得成功的相同基礎之上。

We continue to invest heavily in innovative solutions that leverage our content and augmented reality platforms in order to drive better outcomes for our advertisers and delight our Snapchat community.

我們將繼續大力投資於利用我們的內容和增強現實平台的創新解決方案，以便為我們的廣告商帶來更好的結果並取悅我們的 Snapchat 社區。

Video is a top priority.

視頻是重中之重。

For example, we started to scale commercials, our 6-second nonskippable, full-screen video format and Snap Select, which enables fixed CPM buying of commercials and prepackaged premium inventory.

例如，我們開始擴展廣告、我們的 6 秒不可跳過的全屏視頻格式和 Snap Select，它支持固定 CPM 購買廣告和預打包的優質廣告資源。

Combining this engaging ad format and easy-to-buy model within premium content placements has seen early success with high-quality brands.

在優質內容展示位置中結合這種引人入勝的廣告格式和易於購買的模式，已經在高質量品牌中取得了早期成功。

Recently, we rolled out the capability for Snapchatters to engage more deeply with our Commercials product and have already seen success stories.

最近，我們推出了讓 Snapchatter 更深入地使用我們的廣告產品的功能，並且已經看到了成功案例。

For Black Friday 2019, GOAT, the global platform for style, featured a week-long Black Friday raffle that included over 3,000 prizes, 35,000 sneakers and $10,000 in GOAT credit.

對於 2019 年黑色星期五，全球時尚平台 GOAT 舉辦了為期一周的黑色星期五抽獎活動，其中包括 3,000 多個獎品、35,000 件運動鞋和 10,000 美元的 GOAT 積分。

They ran a Commercials campaign that swiped up to the promotion landing page, which led users to download the app.

他們開展了一項商業廣告活動，該活動向上滑動到促銷登陸頁面，從而引導用戶下載該應用程序。

Snap accounted for 95% of all traffic to that landing page, and GOAT saw a cost per install of just $0.20 from Snapchatters downloading their app to participate in the Black Friday raffle.

Snap 佔該著陸頁所有流量的 95%，而 GOAT 發現 Snapchatters 下載他們的應用程序以參與黑色星期五抽獎活動的每次安裝成本僅為 0.20 美元。

Amanda Sun, Senior User Acquisition Manager, said, "We'll continue to leverage Commercials annually with our Black Friday raffle as well as with other similar campaigns to not only broaden awareness but to reach a highly engaged audience."

高級用戶獲取經理 Amanda Sun 表示：“我們將繼續在每年的黑色星期五抽獎活動以及其他類似活動中利用商業廣告，不僅可以擴大知名度，還可以吸引高度參與的受眾。”

Long-term brand building on mobile remains a challenge for marketers, and no one is better positioned to deliver solutions than Snap.

在移動設備上建立長期品牌仍然是營銷人員面臨的挑戰，沒有人能比 Snap 更好地提供解決方案。

We have a huge opportunity with our camera-first functionality in our sponsored AR lens formats.

在我們贊助的 AR 鏡頭格式中，我們的相機優先功能擁有巨大的機會。

We are at the beginning of building out our AR ecosystem for brands and providing additional value beyond paid media.

我們正在開始為品牌構建 AR 生態系統，並提供付費媒體以外的附加價值。

For example, this quarter, we announced that McDonald's and Coca-Cola are the first brand partners to utilize our scan camera search technology.

例如，本季度，我們宣布麥當勞和可口可樂是首批使用我們掃描相機搜索技術的品牌合作夥伴。

Our scan feature combines visual search and augmented reality by recognizing images through the Snap camera and providing AR lenses related to what the camera is focused on, in this case, the well-known logos of McDonald's and Coca-Cola.

我們的掃描功能結合了視覺搜索和增強現實，通過 Snap 相機識別圖像並提供與相機所關注的內容相關的 AR 鏡頭，在這種情況下，是麥當勞和可口可樂的知名徽標。

These initiatives complement our existing marketing campaigns and link digital content to the physical world.

這些舉措補充了我們現有的營銷活動，並將數字內容與現實世界聯繫起來。

Any brand can now utilize our scan technology for free via Lens Studio, our public AR creation tool and submit it to the Snapchat community.

任何品牌現在都可以通過我們的公共 AR 創作工具 Lens Studio 免費使用我們的掃描技術，並將其提交給 Snapchat 社區。

Turning physical products that are part of Snapchatters everyday lives into conversation starters through immersive AR is a unique way to connect with our audience and an important milestone for this technology.

通過身臨其境的 AR 將 Snapchatter 日常生活中的實體產品轉變為對話的發起者，這是一種與我們的觀眾建立聯繫的獨特方式，也是這項技術的一個重要里程碑。

We believe we are poised to continue growing advertiser adoption of AR ad formats as augmented reality marketing becomes more widely adopted by businesses.

我們相信，隨著增強現實營銷被企業更廣泛地採用，我們將繼續增加廣告商對 AR 廣告格式的採用。

We are also seeing that when brands utilize a portfolio approach of combining sponsored augmented reality lenses with Snap Ads, they result in stronger ROI and lower cost per outcome.

我們還看到，當品牌利用將贊助增強現實鏡頭與 Snap Ads 相結合的組合方法時，它們會帶來更高的投資回報率和更低的成本。

This is leading brands to deepen their investment with Snap over time.

隨著時間的推移，這正在引領品牌加深對 Snap 的投資。

For example, our partnership with MGM Resorts International started with brand-focused campaigns, including a lens in Q4 of 2018 to launch their new Park MGM Hotel in Las Vegas.

例如，我們與 MGM Resorts International 的合作始於以品牌為中心的活動，包括 2018 年第四季度在拉斯維加斯推出新的 Park MGM 酒店的鏡頭。

This drove a 10-point lift in ad awareness and a 5-point lift in consideration intent.

這使廣告認知度提高了 10 個百分點，考慮意向提高了 5 個百分點。

Given the upper funnel success they saw, they implemented the Snap Pixel and expanded into running direct response efforts to drive room bookings across our entire portfolio of properties, using Snap Ads, Story Ads and collection ads.

鑑於他們看到的上層漏斗成功，他們實施了 Snap Pixel 並擴展到運行直接響應工作，以使用 Snap 廣告、故事廣告和收藏廣告來推動我們整個物業組合的房間預訂。

These generated an 18x blended return on ad spend across all ad units.

這些在所有廣告單元中產生了 18 倍的混合廣告支出回報。

Most recently, they came full circle by combining the best of their direct response learnings with Snapchat's augmented reality opportunity by applying AR for direct response to drive Park MGM and expanded portfolio bookings in Q3 of 2019.

最近，他們通過應用 AR 進行直接響應來推動 Park MGM 並在 2019 年第三季度擴大投資組合預訂，將他們最好的直接響應學習與 Snapchat 的增強現實機會相結合，從而繞了一圈。

This activation drove return on ad spend in line with direct response-focused Story Ads and Snap Ad units, proving augmented reality is an effective tactic for achieving cost-efficient room bookings.

這種激活推動了廣告支出回報，與以直接響應為重點的故事廣告和 Snap 廣告單元一致，證明增強現實是實現具有成本效益的客房預訂的有效策略。

We enter 2020 with a full-featured ad platform and a sales team structured to support our business.

進入 2020 年，我們擁有功能齊全的廣告平台和支持我們業務的銷售團隊。

Looking forward, our strategy for growth is to continue to invest in new products and marketplace improvements to help advertisers scale, build focused relationships with brands and agencies across many of our verticals and to improve our direct response products for performance-centric businesses.

展望未來，我們的增長戰略是繼續投資於新產品和市場改進，以幫助廣告商擴大規模，與我們許多垂直領域的品牌和代理商建立重點關係，並為以績效為中心的業務改進我們的直接響應產品。

Based on the size of our audience, their levels of engagement across camera, content and communication and our overall opportunity in the growing digital advertising market, we are in a position to meaningfully close the ARPU gap relative to our peers.

根據我們的受眾規模、他們在相機、內容和通信方面的參與程度以及我們在不斷增長的數字廣告市場中的整體機會，我們能夠有效地縮小與同行相比的 ARPU 差距。

Our team is incredibly excited about what the future holds for Snap, and we look forward to growing and building deep relationships with our partners over the longer term.

我們的團隊對 Snap 的未來感到無比興奮，我們期待在長期內與我們的合作夥伴發展並建立深厚的關係。

With that, I'll turn the call over to Derek.

有了這個，我會把電話轉給 Derek。

Thanks, Jeremi.

謝謝，傑雷米。

Our Q4 financial results reflect our priorities of making focused investments in the future of our business and scaling our operations efficiently in order to drive towards profitability and positive free cash flow.

我們的第四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我們的運營以推動盈利和積極的自由現金流的優先事項。

As Evan mentioned earlier, our community grew to 218 million daily active users in Q4 2019, which represents an increase of 31 million or 17% year-over-year.

正如 Evan 之前提到的，我們的社區在 2019 年第四季度增長到 2.18 億日活躍用戶，同比增長 3100 萬或 17%。

We are pleased to see that the year-over-year growth rate of our community accelerated from 13% in Q3 2019 to 17% in Q4 2019, and that the sequential growth in DAU exceeded our expectations entering the quarter.

我們很高興看到我們社區的同比增長率從 2019 年第三季度的 13% 加速到 2019 年第四季度的 17%，並且 DAU 的環比增長超出了我們進入本季度的預期。

We continue to benefit from the cumulative impact of improvements we have made to our application, which are contributing to higher levels of engagement and a sustained retention of new Snapchatters.

我們繼續受益於我們對應用程序所做改進的累積影響，這有助於提高參與度並持續保留新的 Snapchatter。

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。

As we are now lapping the period when DAU stabilized near the end of 2018, we are focusing once again on the year-over-year growth rates in DAU, which tend to better illustrate the underlying trends within the community compared to the sequential growth patterns that are often skewed by seasonality within regions.

由於我們現在正經歷 DAU 在 2018 年底附近穩定的時期，我們再次關注 DAU 的同比增長率，與連續增長模式相比，這往往能更好地說明社區內的潛在趨勢往往受到區域內的季節性影響。

In North America, DAU grew by 7 million or 9% year-over-year, up from 5 million or 6% in the prior quarter.

在北美，DAU 同比增長 700 萬或 9%，高於上一季度的 500 萬或 6%。

In Europe, DAU grew by 7 million or 12% year-over-year, up from 6 million or 9% in the prior quarter.

在歐洲，DAU 同比增長 700 萬或 12%，高於上一季度的 600 萬或 9%。

In rest of world, DAU grew by 17 million or 36% year-over-year compared to 13 million or 28% in the prior quarter.

在世界其他地區，DAU 同比增長 1700 萬或 36%，而上一季度為 1300 萬或 28%。

We are pleased to see that a pattern of solid year-over-year growth has developed across all regions and that the rate of year-over-year growth accelerated across all regions in the current quarter.

我們很高興地看到，所有地區都形成了穩健的同比增長模式，並且本季度所有地區的同比增長速度都在加快。

We believe the accelerating growth of our community, in an increasingly competitive market for attention on mobile, clearly demonstrates the value of our differentiated platform.

我們相信，在競爭日益激烈的移動關注市場中，我們社區的加速增長清楚地展示了我們差異化平台的價值。

We exceeded the top end of our guidance range in Q4 and generated total revenue of $561 million, an increase of 44% year-over-year.

我們在第四季度超出了指導範圍的上限，總收入為 5.61 億美元，同比增長 44%。

As expected, our rate of revenue growth decelerated versus the prior quarter, reflecting a tougher comparison period in Q4 relative to recent prior quarters and the impact of a shorter peak holiday period in the current year.

正如預期的那樣，我們的收入增長率與上一季度相比有所放緩，這反映出第四季度與前幾個季度相比更為艱難，以及本年度假期高峰期較短的影響。

Recent prior quarter growth rates have been elevated by the impact of growing always on demand for our goal-based advertising products, which has helped to fill in valleys of demand within our self-serve auction ecosystem.

最近一個季度的增長率受到了對我們基於目標的廣告產品的需求不斷增長的影響，這有助於填補我們自助拍賣生態系統中的需求谷。

We are now lapping the launch of our goal-based advertising capabilities in the prior year, which resulted in a tougher comparison period this quarter relative to recent prior quarters.

我們現在在上一年推出基於目標的廣告功能，這導致本季度與最近幾個季度相比更加艱難。

In addition, while we experienced elevated holiday-driven ad spending, throughout the period between Black Friday and Christmas, this window of time was approximately 1 week shorter in the current year compared to the prior year.

此外，雖然我們經歷了假日驅動的廣告支出增加，但在整個黑色星期五和聖誕節期間，這一時間窗口在本年度比上一年短了大約 1 週。

And this factor also contributed to the deceleration in year-over-year revenue growth rates in the current quarter.

這一因素也導致本季度收入同比增速放緩。

In North America, revenue grew 42% year-over-year in Q4 compared to 52% in Q3, while ARPU grew 31% year-over-year compared to 43% in Q3.

在北美，第四季度收入同比增長 42%，而第三季度為 52%，而 ARPU 同比增長 31%，而第三季度為 43%。

This relatively lower rate of growth in North America in Q4 reflects the impact of the shorter holiday period being concentrated in this region as well as the tougher comparison period.

北美第四季度相對較低的增長率反映了較短的假期集中在該地區以及比較艱難的時期的影響。

In Europe, revenue grew 47% year-over-year in Q4 compared to 36% in Q3, while ARPU grew 31% year-over-year compared to 24% in Q3.

在歐洲，第四季度收入同比增長 47%，而第三季度為 36%，而 ARPU 同比增長 31%，而第三季度為 24%。

We were pleased to see European growth accelerate following the completion of our sales team reorganization in the prior quarter.

我們很高興看到在上一季度我們的銷售團隊重組完成後歐洲增長加速。

In rest of world, revenue grew 49% year-over-year in Q4 compared to 55% in Q3, while ARPU grew 9% year-over-year compared to 21% in Q3.

在世界其他地區，第四季度收入同比增長 49%，而第三季度為 55%，而 ARPU 同比增長 9%，而第三季度為 21%。

The deceleration in Rest of World revenue growth reflects the steep ramp in the prior year when rest of world revenue grew 47% sequentially, following the launch of more sophisticated goal-based bidding capabilities.

世界其他地區收入增長的放緩反映了上一年的急劇增長，在推出更複雜的基於目標的競價功能後，世界其他地區的收入環比增長 47%。

Our goal-based advertising products gained traction quickly in the Rest of World region a year ago and helped to drive the growth of our always-on advertising business worldwide throughout the course of 2019.

一年前，我們基於目標的廣告產品在世界其他地區迅速獲得關注，並幫助推動了我們在 2019 年全年不間斷的全球廣告業務的增長。

We continue to see broad-based improvement in advertiser demand and strong adoption of our ad products, including Story Ads revenue that doubled year-over-year in Q4 and Commercials ad revenue that more than tripled year-over-year in Q4.

我們繼續看到廣告客戶需求的廣泛改善和我們的廣告產品的強勁採用，包括故事廣告收入在第四季度同比增長一倍，商業廣告收入在第四季度同比增長三倍以上。

We continue to view the camera as a significant long-term monetization opportunity, and we are pleased to see year-over-year revenue growth from AR lenses and filters accelerate by 21 percentage points in Q4, driven by strong adoption of our self-serve Reach and Frequency AR products and strong demand from advertisers seeking to build their presence in the carousel at key moments.

我們繼續將相機視為一個重要的長期貨幣化機會，我們很高興看到第四季度 AR 鏡頭和濾鏡的收入同比增長 21 個百分點，這得益於我們自助服務的大力採用覆蓋和頻率 AR 產品以及尋求在關鍵時刻在輪播中建立影響力的廣告商的強烈需求。

Total impressions doubled year-over-year in Q4, while cost per impression continued to stabilize with a year-over-year decline in eCPM of 24% in Q4, an improvement over the 27% decline observed in the prior quarter.

第四季度總展示次數同比翻了一番，而每次展示費用繼續穩定，第四季度 eCPM 同比下降 24%，比上一季度下降 27% 有所改善。

The ongoing growth and engagement, combined with optimizations to our self-serve platform to utilize our inventory more efficiently, are driving continued expansion of our available supply, which allowed us to grow revenue 26% sequentially, with just a 7% rise in yields over the same period.

持續的增長和參與，加上優化我們的自助服務平台以更有效地利用我們的庫存，正在推動我們可用供應的持續擴張，這使我們的收入連續增長 26%，而收益率僅增長 7%同一時期。

Gross margins were 56% in Q4 2019, up 8 percentage points year-over-year and 5 percentage points sequentially, as we continue to focus on scaling our operations efficiently.

2019 年第四季度的毛利率為 56%，同比增長 8 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 $0.72 in Q4, flat versus the prior year, but up $0.02 sequentially, reflecting seasonal trends in user activity.

第四季度每個 DAU 的基礎設施成本為 0.72 美元，與去年持平，但環比增長 0.02 美元，反映了用戶活動的季節性趨勢。

We continue to make significant progress against our goal of driving down our underlying unit cost 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礎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 Q4, our efficiency improvements fully offset the year-over-year increase in user activity, resulting in flat cost per DAU year-over-year.

在第四季度，我們的效率提升完全抵消了用戶活動的同比增長，導致每 DAU 的成本同比持平。

On the content side, we have been doubling down on our investments in premium content, and we are pleased to see these investments yield more than 50 shows with monthly audiences of 10 million are greater in Q4, which contributes to our ability to grow Story Ads revenue and commercial ads revenue at the rapid rates noted earlier.

在內容方面，我們一直在加倍對優質內容的投資，我們很高興看到這些投資在第四季度帶來了超過 50 個每月觀眾 1000 萬的節目，這有助於我們發展故事廣告的能力收入和商業廣告收入以前面提到的高速增長。

The focus on scaling our infrastructure cost efficiently has allowed us to make these investments in premium content, while continuing to expand our gross margins, which reflects our overall approach of scaling our operations efficiently while making investments in the future of our business.

對有效擴展基礎設施成本的關注使我們能夠在優質內容上進行這些投資，同時繼續擴大我們的毛利率，這反映了我們在對業務的未來進行投資的同時有效擴展業務的整體方法。

Operating expenses were $271 million in Q4 2019, up 14% year-over-year and flat sequentially.

2019 年第四季度的運營費用為 2.71 億美元，同比增長 14%，環比持平。

We shared last quarter that we intended to invest in the future of our business by growing our talent base, and we have begun to do so.

我們在上個季度分享了我們打算通過擴大人才基礎來投資於我們業務的未來，我們已經開始這樣做了。

Full-time head count grew 11% year-over-year in Q4, with the growth in head count focused on monetization and engineering, and this was the primary driver of our year-over-year operating expense growth.

第四季度全職員工人數同比增長 11%，員工人數的增長集中在貨幣化和工程方面，這是我們運營費用同比增長的主要驅動力。

While there is typically a lag between investing in talent and improved output metrics, we are pleased with the momentum we are seeing from the investments we have made over the past year and expect to continue to invest productively in the growth of our business going forward.

雖然在人才投資和提高產出指標之間通常存在滯後，但我們對過去一年的投資所看到的勢頭感到滿意，並希望繼續有效地投資於我們未來的業務增長。

Q4 marked our first quarter of adjusted EBITDA profitability at $42 million for the quarter, an improvement of $93 million over the prior year and $85 million over the prior quarter.

第四季度我們的第一季度調整後 EBITDA 盈利為 4200 萬美元，比上年增加 9300 萬美元，比上一季度增加 8500 萬美元。

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

與我們之前的指導一致，這是我們連續第七個季度報告調整後的 EBITDA 同比有所改善。

In Q4, we delivered adjusted EBITDA leverage of 54%, which as expected, was down from 65% in the prior quarter as we continue to invest in the future of our business, while making progress towards profitability and positive free cash flow.

在第四季度，我們實現了 54% 的調整後 EBITDA 槓桿率，正如預期的那樣，低於上一季度的 65%，因為我們繼續投資於我們業務的未來，同時在盈利能力和正自由現金流方面取得進展。

Net income was negative $241 million in Q4, a decline of $49 million over the prior year and $13 million over the prior quarter.

第四季度淨收入為負 2.41 億美元，比去年同期下降 4900 萬美元，比上一季度下降 1300 萬美元。

The decline in net income largely reflects a onetime legal settlement, which offset the improvement in adjusted EBITDA in the quarter.

淨收入的下降主要反映了一次性的法律和解，這抵消了本季度調整後 EBITDA 的改善。

Free cash flow for Q4 was negative $76 million, an improvement of $73 million year-over-year and $8 million quarter-over-quarter, primarily driven by the improvements in adjusted EBITDA that were partially offset by seasonal changes in net working capital between Q3 and Q4.

第四季度的自由現金流為負 7600 萬美元，同比增加 7300 萬美元，環比增加 800 萬美元，主要是由於調整後 EBITDA 的改善部分被第三季度之間淨營運資本的季節性變化所抵消和 Q4。

We ended the quarter with $2.1 billion in cash and marketable securities, down from $2.3 billion in the prior quarter, which largely reflects investments in working capital as well as cash investments related to M&A activity during the period.

我們在本季度末擁有 21 億美元的現金和有價證券，低於上一季度的 23 億美元，這主要反映了該期間對營運資金的投資以及與併購活動相關的現金投資。

As we look forward to Q1, we expect to continue to invest in the future of our business to scale our operations efficiently and to make additional progress towards full year profitability and positive free cash flow.

在我們期待第一季度的同時，我們預計將繼續投資於我們業務的未來，以有效地擴大我們的運營規模，並在實現全年盈利能力和正的自由現金流方面取得更多進展。

To begin, I will share with you that our financial guidance for Q1 assumes DAU of 224 million to 225 million, implying year-over-year growth of 18%.

首先，我將與您分享我們對第一季度的財務指導假設 DAU 為 2.24 億至 2.25 億，這意味著同比增長 18%。

For revenue, we are guiding to a range of between $450 million and $470 million for Q1, which includes the potential for modest acceleration in year-over-year revenue growth relative to Q4 at the higher end of the range.

對於收入，我們將第一季度的收入指導在 4.5 億美元至 4.7 億美元之間，其中包括相對於第四季度較高端的收入同比增長可能適度加速。

For adjusted EBITDA in Q1, we are guiding to a range of between negative $90 million and negative $70 million, with a sequential decline reflecting the seasonally higher revenue in Q4, and our plans to invest in the future of our business, while continuing to achieve positive adjusted EBITDA leverage.

對於第一季度調整後的 EBITDA，我們指導的範圍在負 9000 萬美元和負 7000 萬美元之間，環比下降反映了第四季度收入的季節性增長，以及我們計劃投資於我們業務的未來，同時繼續實現調整後的 EBITDA 槓桿為正。

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。

Just a question on revenue trajectory in 4Q and 1Q.

只是關於 4Q 和 1Q 收入軌蹟的問題。

So Jeremi, you flagged how the ad load is pretty low and that there's plenty of available impressions on any given day given the engagement here.

因此，Jeremi，您指出廣告負載非常低，並且考慮到這裡的參與度，在任何一天都有大量可用的展示次數。

So the question is more on the demand side.

所以問題更多的是在需求方面。

How much of the growth that you're seeing in the fourth quarter, the 44%, is from new versus existing advertisers?

您在第四季度看到的 44% 增長中有多少來自新廣告商和現有廣告商？

And I guess, what's the team doing to increase the pace of onboarding new advertisers onto the platform?

而且我想，團隊正在做些什麼來加快將新廣告商加入平台的步伐？

And then looking at the 1Q revenue range, Derek, you mentioned there's acceleration at the high end.

然後看看第一季度的收入範圍，德里克，你提到高端有加速。

We can all see that.

我們都可以看到。

So I guess, what's giving you the confidence that the revenue growth is going to pick up in 1Q?

所以我想，是什麼讓你有信心第一季度收入增長會回升？

Thanks for the question, Ross.

謝謝你的問題，羅斯。

Couple different things.

結合不同的東西。

So from the advertiser count perspective, as we don't break it out specifically, we are continuing to see strong demand for down funnel bid optimization such as app install and then increased demand for our premium ad units from brand advertisers like Commercials and AR.

因此，從廣告客戶數量的角度來看，由於我們沒有具體細分，我們繼續看到對下漏斗競價優化（例如應用安裝）的強勁需求，然後來自商業廣告和 AR 等品牌廣告客戶對我們優質廣告單元的需求增加。

Our advertisers are generally retaining well and increasing their spend as we continue to demonstrate this meaningful ROI, which is really critical in terms of advertiser growth.

隨著我們繼續展示這一有意義的投資回報率，我們的廣告客戶通常保持良好並增加他們的支出，這對於廣告客戶的增長而言確實至關重要。

I'm pleased to let you know that in Q4 of 2019, we did have our highest number of active advertisers ever, and there's still a lot of room to grow there.

我很高興地告訴您，在 2019 年第四季度，我們確實擁有有史以來最多的活躍廣告客戶，並且仍有很大的增長空間。

We have a lot of opportunity to get new advertisers, primarily through education of the market through our sales teams and our work with our agency partners as well.

我們有很多機會獲得新的廣告商，主要是通過我們的銷售團隊進行市場教育，以及我們與代理合作夥伴的合作。

And in addition, in Q4, we started a deliberate approach to buying B2B marketing to reach the media planning community.

此外，在第四季度，我們開始有意購買 B2B 營銷以接觸媒體策劃社區。

And that's still early days, but we really like what we're seeing.

這還為時尚早，但我們真的很喜歡我們所看到的。

So all in, we continue to deliver ROI.

因此，我們繼續提供投資回報率。

We're really, really focused on the market, ensuring that we bring the best solutions to them and have the exact right products to continue to grow the advertiser base.

我們非常非常專注於市場，確保我們為他們帶來最好的解決方案，並擁有正確的產品來繼續擴大廣告客戶群。

And it's Derek speaking.

是德里克在說話。

Thanks for the question, Ross.

謝謝你的問題，羅斯。

I'll take the second half of it with respect to the Q1 guide.

關於 Q1 指南，我將討論它的後半部分。

I think a couple things.

我想了幾件事。

One, when I look at the growth rate in Q4, obviously, we pointed out some onetime factors there that are impacting the revenue around the timing of the holiday season and whatnot.

第一，當我查看第四季度的增長率時，很明顯，我們指出了一些影響假期時間等收入的一次性因素。

And so one of the things, I think, when we think about the revenue going forward, we're really confident in the trajectory of the business, fundamentally, for all of the reasons that Jeremi just mentioned.

所以其中一件事，我認為，當我們考慮未來的收入時，我們對業務的發展軌跡非常有信心，從根本上說，出於 Jeremi 剛才提到的所有原因。

But -- and in terms of our personality around guiding, we want to make sure that we're factoring into our range, not only the things that we're optimistic about or that we're seeing materializing in the business, but also the potential for some risk to materialize in the environment and so on.

但是 - 就我們在指導方面的個性而言，我們希望確保我們正在考慮我們的範圍，不僅是我們樂觀或我們看到在業務中實現的事情，而且還有某些風險在環境中實現的可能性等等。

So our guide tries to reflect both the momentum we see in our business and the confidence we have about our long-term trajectory, but also the potential for risk to materialize throughout the course of the quarter.

因此，我們的指南試圖反映我們在業務中看到的勢頭和我們對長期發展軌蹟的信心，以及在整個季度期間實現風險的可能性。

And hopefully, that gives you a little bit of a sense of why we point a little bit optimistically to the higher end of the range and the potential for us to balance off that Q4 number.

希望這能讓您對為什麼我們有點樂觀地指向該範圍的高端以及我們平衡第四季度數字的潛力有所了解。

Our next question is from Michael Levine of Pivotal Research Group.

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

Wanted to understand how big of a driver for 2019 and conceivably in Q4 native direct-to-consumer advertising has been for the business?

想了解 2019 年以及第四季度原生直接面向消費者的廣告對企業的影響有多大？

It's definitely a question we get a lot of inbounds from investors.

這絕對是一個問題，我們從投資者那裡得到了很多。

Thanks for the question, Michael.

謝謝你的問題，邁克爾。

I would say that we're very, very fortunate to have both a strong brand-based business and a strong DR-based business.

我想說，我們非常非常幸運地擁有強大的基於品牌的業務和強大的基於 DR 的業務。

So we're not concerned relative to the fact that we have that diversification and a suite of products that's meant to serve advertisers of all types.

因此，我們並不擔心我們擁有多樣化的產品和一套旨在為所有類型的廣告商提供服務的產品。

We love what we're seeing in the verticalization efforts and that broad-based swath of success across verticals like entertainment, tech, CPG and more.

我們喜歡我們在垂直化工作中看到的一切，以及在娛樂、科技、CPG 等垂直領域取得的廣泛成功。

So we are not as heavily reliant on that D2C group because we have products and services to be as diversified as possible.

因此，我們沒有那麼嚴重依賴 D2C 團隊，因為我們的產品和服務要盡可能多樣化。

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。

When you look at the improvements that you're seeing in ARPU in the quarter, how would you disaggregate that between usage and monetization?

當您查看您在本季度看到的 ARPU 改進時，您如何將其分解為使用和貨幣化？

There was a lot of great detail about monetization in the prepared remarks, but can you quantify the contribution from the investments that you're making in advertising technology, better targeting and measurement?

準備好的評論中有很多關於貨幣化的詳細信息，但是您能否量化您在廣告技術、更好的定位和衡量方面所做投資的貢獻？

And there -- are there specific components in that ad tech that you'd call out as contributing, whether it's specific ad formats or specific tools that you're seeing advertisers use?

還有 - 您認為廣告技術中有哪些特定組件可以作為貢獻，無論是您看到廣告商使用的特定廣告格式還是特定工具？

And then just -- when you mention that ARPU gap in the transcript, can you quantify what you see as the right measurement of that gap between sort of where you are and who you're using -- not necessarily who, but the level that you're using as the benchmark?

然後只是 - 當你在成績單中提到 ARPU 差距時，你能否量化你認為正確衡量你所在位置和你正在使用的人之間的差距 - 不一定是誰，而是水平你用作為基準？

Heath, it's Derek speaking.

希思，是德里克在說話。

Thanks for the question.

謝謝你的問題。

There's sort of 2 components there.

那裡有2個組件。

I'll take them in reverse order.

我會以相反的順序來處理它們。

The first one was just about the ARPU gap and what gap are we trying to close.

第一個是關於 ARPU 差距以及我們試圖縮小的差距。

I think when we think about our ARPU opportunity near term and longer term, we're really looking at the audience we have, the engagement we have, the ad products that we have today and the yields that we see in the marketplace for the inventory that we have.

我認為，當我們考慮近期和長期的 ARPU 機會時，我們真正關注的是我們擁有的受眾、我們擁有的參與度、我們今天擁有的廣告產品以及我們在市場上看到的庫存收益我們有。

And what we're really excited about is the opportunity to just continue to drive demand into our ecosystem and get market-based eCPMs and yields for the inventory and the audience that we have.

我們真正感到興奮的是有機會繼續推動我們的生態系統的需求，並為我們擁有的庫存和受眾獲得基於市場的 eCPM 和收益。

So we're trying to drive towards that.

因此，我們正在努力實現這一目標。

And of course, we look at peers in the marketplace in near-term like a Twitter, which we think is a benchmark we want to drive towards.

當然，我們會在短期內關注市場上的同行，例如 Twitter，我們認為這是我們想要推動的基準。

And obviously, we've got opportunity to go beyond that.

顯然，我們有機會超越這一點。

And that's where we get into some of the discussion about how excited we are about the improving engagement on the user side.

這就是我們開始討論我們對提高用戶參與度感到多麼興奮的地方。

We pointed in some of the prepared remarks and highlights for the growth that we're seeing in engagement on Discover, with the time spent being up there, growing engagement with premium shows and in general, the health of the ecosystem.

我們在一些準備好的評論和亮點中指出了我們在 Discover 上看到的參與度的增長，在那里花費的時間，與優質節目的參與度越來越高，總體而言，生態系統的健康狀況。

And of course, when we see the growth in our DAUs accelerating year-over-year versus the prior quarter, all of that just adds to our opportunity.

當然，當我們看到我們的 DAU 與上一季度相比同比增長加速時，所有這些都增加了我們的機會。

And so when we think about closing the gap, that's the kind of stuff we're looking at.

所以當我們考慮縮小差距時，這就是我們正在尋找的東西。

And then to your other question, which is how much of the ARPU growth is being driven by usage versus, say, optimization, and I think at this point because we are not supply constrained, we're looking at predominantly just trying to build absolute demand into the ecosystem.

然後是你的另一個問題，即 ARPU 增長有多少是由使用量與優化驅動的，我認為在這一點上，因為我們不受供應限制，我們主要關注的是試圖建立絕對對生態系統的需求。

And so what you see when we're able to improve our optimization and serve the right ad to the right user at the right moment, and we can bring more diversity of advertisers into the ecosystem, that just allows us to use our inventory more efficiently, and it takes some of the pressure off yields, which is great for our advertising customers who benefit from really low yields in the ecosystem today because we are not supply constrained.

因此，當我們能夠改進優化並在正確的時間向正確的用戶提供正確的廣告時，您會看到什麼，我們可以將更多多樣性的廣告商帶入生態系統，這使我們能夠更有效地使用我們的庫存，並且它減輕了收益的一些壓力，這對於我們的廣告客戶來說非常好，因為我們不受供應限制，因此他們受益於當今生態系統中非常低的收益。

So that's how we see the marketplace yielding out.

這就是我們看到市場產生的方式。

And hopefully, that gives a little bit more color to your question there.

希望這能為您的問題提供更多色彩。

Our next question comes from Mark Mahaney of RBC.

我們的下一個問題來自 RBC 的 Mark Mahaney。

Okay.

好的。

Two questions, please.

請教兩個問題。

One, Evan, in the -- quarter or 2 ago, you called out the impact, particularly of some of the new features on the gender filters on the DAU growth, and this last quarter, you had this nice innovation in terms of Cameo.

一個，埃文，在 - 一個季度或 2 年前，你提到了影響，特別是性別過濾器的一些新功能對 DAU 增長的影響，而在上個季度，你在 Cameo 方面有了很好的創新。

If it was just not as immaterial, so there wasn't a need to call it out?

如果它不是那麼無關緊要，那麼沒有必要把它說出來？

If you'll talk about that?

如果你會談論這個？

And then you talked about full year EBITDA profitability, but Derek, you didn't mention that at the end.

然後你談到了全年 EBITDA 盈利能力，但 Derek，你最後沒有提到這一點。

So just -- is that a goal?

所以只是 - 這是一個目標嗎？

Is that -- not wishful thinking, but is that like a nice-to-have goal or is that actually you're trying to run the business to generate full year profitability just if 1 or 2 or if you will adjust that?

這是不是一廂情願的想法，而是這是一個很好的目標，還是實際上你正在努力經營業務以產生全年盈利能力，只要 1 或 2 或者你會調整它嗎？

Mark, yes, a lot of exciting innovation for us, Cameos included.

馬克，是的，對我們來說有很多令人興奮的創新，包括 Cameos。

It's very early for Cameos.

對於 Cameos 來說，現在還為時過早。

They're part of our chat service.

它們是我們聊天服務的一部分。

And so I think over time, as more and more members of our community discover cameos, we'll get really excited about them, and I think that has a lot of potential to drive growth in the future.

所以我認為隨著時間的推移，隨著越來越多的社區成員發現客串，我們會對他們感到非常興奮，我認為這有很大的潛力推動未來的增長。

But I think one of the really interesting things that's happening in our business is that as we start turning our products into platforms, for example, whether that's our content business or augmented reality, we see a lot of opportunity for durable innovation.

但我認為，在我們的業務中發生的一件真正有趣的事情是，當我們開始將我們的產品轉變為平台時，例如，無論是我們的內容業務還是增強現實，我們都看到了很多持久創新的機會。

So one of the things we're seeing on the augmented reality side is this -- the community created lenses are really growing in engagement and popularity.

所以我們在增強現實方面看到的一件事是——社區創建的鏡頭在參與度和受歡迎程度方面確實在增長。

And what's great about that is that we don't have to come up with all the ideas here at Snap, our community is coming up with great ideas every day.

最棒的是，我們不必在 Snap 提出所有想法，我們的社區每天都在提出偉大的想法。

And they're actually building them and then sharing them with everyone.

他們實際上是在構建它們，然後與每個人分享它們。

And that's driving a lot of recurring engagement and growth for us.

這為我們帶來了很多經常性的參與和增長。

And so we're excited about that going into the future.

所以我們對未來的發展感到興奮。

And then, Mark, thanks for the question.

然後，馬克，謝謝你的問題。

And obviously, on the full year profitability side, look, obviously, Evan and I are 1,000% aligned.

顯然，在全年盈利能力方面，顯然，埃文和我是 1,000% 一致的。

This is an objective for the company.

這是公司的目標。

We don't guide beyond the current quarter.

我們不指導超出當前季度。

But as you can see, we've been investing in the company in order to accelerate our revenue growth, try to close these ARPU gaps faster.

但正如你所看到的，我們一直在對該公司進行投資以加速我們的收入增長，並試圖更快地縮小這些 ARPU 差距。

And as we pour those investments on, we like the returns that we're seeing.

當我們投入這些投資時，我們喜歡我們所看到的回報。

And so we're driving the scale in the business in order to make that possible.

因此，我們正在擴大業務規模以實現這一目標。

And -- so it's obviously an objective that the entire leadership team is pushing towards.

而且 - 所以這顯然是整個領導團隊正在推動的目標。

We just don't guide beyond the current quarter, and that's why you don't see me talking to it in my section there.

我們只是不會在當前季度之外進行指導，這就是為什麼您沒有看到我在我的部分中與它交談的原因。

Our next question comes from Rich Greenfield of LightShed Partners.

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

I guess just kind of maybe to start with for Evan, kind of philosophical.

我想可能從 Evan 開始，有點哲學。

I think if you looked back a year ago, kind of the quality of Discover was something we spent a lot of time harping on.

我認為，如果您在一年前回首往事，Discover 的質量是我們花了很多時間反復強調的。

And I think if you look a year forward, you've made a lot of progress in improving the quality of the content that's there.

而且我認為，如果您展望一年，您在提高現有內容的質量方面取得了很大進展。

But I'm just wondering, like, as you think about the tension between what the algorithm wants to suggest to drive the most clicks versus improving the quality, how does that battle take place at Snap every day?

但我只是想知道，當您考慮算法想要建議的驅動最多點擊與提高質量之間的緊張關係時，Snap 每天如何進行這場戰鬥？

And is some of it, what we're seeing in terms of revenue growth or ARPU growth, is part of the constraint of like you're improving the quality of the experience and it takes time to onboard all of the advertisers to benefit from the improvement in quality.

其中一些，我們在收入增長或 ARPU 增長方面看到的，是限制的一部分，比如你正在提高體驗的質量，並且需要時間來吸引所有廣告商才能從中受益質量的提高。

And then just kind of a follow-up to the question that was asked earlier about number of advertisers.

然後只是對之前提出的關於廣告商數量的問題的一種跟進。

Facebook disclosed, I think, over 8 million advertisers now, up from 7 million.

我認為，Facebook 披露的廣告客戶現在超過 800 萬，高於 700 萬。

Jeremi, is it fair to say that you're still in the hundreds of thousands of advertisers?

Jeremi，可以公平地說，您仍然是成千上萬的廣告商中的一員嗎？

And I guess, the biggest single question that everyone's thinking about is, is that the single greatest driver of closing the gap, is just bringing on more advertisers to build up competition in the auction?

而且我想，每個人都在想的最大的一個問題是，縮小差距的最大驅動力是吸引更多的廣告商在拍賣中建立競爭嗎？

Is that what gets you 50%, 60-type percent revenue growth relative to where you are now?

相對於你現在的情況，這是否能讓你獲得 50%、60% 的收入增長？

Thanks for the questions.

感謝您的提問。

Rich, we're really excited about the momentum we're seeing on the content side of the business.

Rich，我們對我們在業務內容方面看到的勢頭感到非常興奮。

And I think there's still a lot of room to improve the service.

而且我認為服務還有很大的提升空間。

There's going to be some announcements we're making later this year around new innovations to that effect.

今年晚些時候，我們將圍繞新的創新發布一些公告。

And I think the tension's always going to be there.

而且我認為這種緊張局勢總是會存在的。

But one of the really unique things about Snap is that all of that content in Discover is curated.

但關於 Snap 的真正獨特之處之一是 Discover 中的所有內容都是經過策劃的。

And so we're really defining the pool of content that's served to our community, and that's how we try to get the right balance between content that's really relevant, but also content that's high quality.

所以我們真的在定義服務於我們社區的內容池，這就是我們試圖在真正相關的內容和高質量的內容之間取得正確平衡的方式。

And so I think that's sort of the right trade-off to make for now, but we're doing some experimentation around merchandising, things like our shows more effectively.

所以我認為這是目前做出的正確權衡，但我們正在圍繞商品推銷進行一些實驗，比如更有效地展示我們的節目。

You see that, if you swipe over from Discover, one page over, we're doing a lot of experimentation there.

您會看到，如果您從“發現”上滑過一頁，我們就會在那裡進行大量實驗。

And we're learning a lot.

我們學到了很多東西。

So we hope to bring some of those learnings more broadly to our community as we go forward.

因此，我們希望在我們前進的過程中，將其中的一些知識更廣泛地帶到我們的社區中。

And then I'll take the second part of your question, Rich.

然後我會回答你問題的第二部分，Rich。

Yes, absolutely, definitively, advertiser account is the single best way to grow demand, including onboarding new advertisers of all types.

是的，絕對，明確地說，廣告客戶帳戶是增加需求的最佳方式，包括加入所有類型的新廣告客戶。

We have products for all of them, and we are very comfortable with how we're onboarding those but tons and tons of opportunity ahead.

我們為所有這些產品提供產品，我們對如何加入這些產品感到非常滿意，但未來會有大量的機會。

We do have fewer than 8 million advertisers, but a lot of headroom to grow.

我們的廣告客戶確實少於 800 萬，但仍有很大的增長空間。

We have the supply to do it and the products to do it and bring on advertisers of all types.

我們有足夠的供應和產品來做這件事，並吸引各種類型的廣告商。

So yes, that is where we are myopically focused on the sales team to ensure that we have a breadth of advertisers to close the ARPU gap relative to our peer set.

所以是的，這就是我們短視地專注於銷售團隊的地方，以確保我們擁有廣泛的廣告商來縮小與同行相比的 ARPU 差距。

Our next question comes from Doug Anmuth of JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

I just wanted to follow-up on Discover, Evan.

我只是想跟進發現，埃文。

You talked about the 35% increase in time spent and more than that among users, 25 plus.

你談到花費的時間增加了 35%，超過了 25 歲以上的用戶。

Can Discover help Snap age up more over time here?

Discover 可以在這裡幫助 Snap 隨著時間的推移變得更加成熟嗎？

And then can you just talk more about what the shift in usage tour Discover means for monetization and closing that ARPU gap?

然後你能多談談使用之旅 Discover 的轉變對於貨幣化和縮小 ARPU 差距意味著什麼？

Well, at a high level, there are really interesting shifts happening in content consumption overall, as you know, the viewing behavior moves from linear television to mobile content consumption.

嗯，在高層次上，內容消費整體發生了非常有趣的轉變，正如你所知，觀看行為從線性電視轉向移動內容消費。

And I think the content offerings really across the board have not caught up to this behavioral shift.

而且我認為，真正全面的內容產品並沒有跟上這種行為轉變。

And that's why we see so much opportunity here and why we're continuing to invest in creating new shows, creating new content types because we see so much demand from our community.

這就是為什麼我們在這裡看到如此多的機會以及為什麼我們繼續投資於創建新節目、創建新的內容類型，因為我們看到了來自社區的如此多的需求。

So that behavior shift, I think, happened first with young people, and it's increasingly happening with older folks as well, and we're excited about the growth that we're seeing there.

所以我認為，這種行為轉變首先發生在年輕人身上，而且也越來越多地發生在老年人身上，我們對在那裡看到的增長感到興奮。

So I do think it plays an important role in closing the ARPU gap, but frankly, the ARPU opportunity is so broad at Snap, given the current level of advertiser demand and the amount of inventory that's available.

因此，我確實認為它在縮小 ARPU 差距方面發揮了重要作用，但坦率地說，鑑於目前的廣告客戶需求水平和可用庫存量，Snap 的 ARPU 機會是如此廣泛。

I think we'd have to grow something north of 50% full year revenue for several years just to get close to a Twitter level of ARPU.

我認為我們必須在幾年內將全年收入增長 50% 以上，才能接近 Twitter 的 ARPU 水平。

So we're very focused on accelerating revenue growth, which we think is possible.

因此，我們非常專注於加速收入增長，我們認為這是可能的。

Our next question comes from Justin Post of Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的賈斯汀波斯特。

Great.

偉大的。

A couple questions.

幾個問題。

First, you are guiding to possible acceleration in Q1.

首先，您正在指導第一季度可能的加速。

I know the comps get tougher, both on DAUs and revenue growth as the year progresses.

我知道隨著時間的推移，在 DAU 和收入增長方面的競爭會變得更加艱難。

How do you feel about the year and your revenue initiatives?

您如何看待這一年和您的收入計劃？

And just kind of the setup for the year, if you can help with that at all.

如果你能幫忙的話，只是今年的設置。

And then secondly, I thought it was interesting that your revenue share costs were up 49% year-over-year but your Commercials, I guess, were up 3x.

其次，我認為有趣的是，你的收入分成成本同比增長了 49%，但我猜你的商業廣告增長了 3 倍。

So maybe you could just help us a little bit about the gross margins of the Discover business, if those are really attractive to you and the operating margins there?

所以也許你可以幫助我們了解一下 Discover 業務的毛利率，如果這些對你和那裡的營業利潤率真的很有吸引力的話？

Justin, it's Derek speaking.

賈斯汀，是德里克在說話。

Thanks for the question.

謝謝你的問題。

In terms of a setup for the year on revenue and just our momentum heading into it, I think we've really been focused on our long-term opportunity.

就今年的收入設置以及我們進入它的勢頭而言，我認為我們真的專注於我們的長期機會。

Both Evan and I have touched on it here today around the longer-term ARPU opportunity.

今天，埃文和我都談到了關於長期 ARPU 機會的問題。

And we've been investing in the business in a lot of different ways around the monetization time in terms of our sales teams, the engineers that support those teams on optimization and then, of course, in the product.

我們一直在圍繞我們的銷售團隊、支持這些團隊進行優化的工程師以及當然還有產品方面的貨幣化時間以多種不同的方式對業務進行投資。

And so we feel like we've been putting the inputs into the business in order to set ourselves up.

因此，我們覺得我們一直在將投入投入到業務中以建立自己的地位。

And so I think we are really pleased with the momentum we're seeing in the business and the absolute revenue growth opportunity there.

因此，我認為我們對我們在業務中看到的勢頭以及絕對的收入增長機會感到非常滿意。

And so we're going to keep -- you're going to see us continue to invest in the business in order to make it possible to close that gap faster.

因此，我們將繼續 - 您將看到我們繼續投資於業務，以便更快地縮小差距。

In terms of the scaling on the cost of revenue, there's really 3 big components of the cost structure.

就收入成本的縮放而言，成本結構實際上有 3 個大組成部分。

They're, obviously, infrastructure, which you can see separately, and then of course, the content side and then, of course, certain costs and so on are on ads.

顯然，它們是基礎設施，您可以單獨查看，當然還有內容方面，當然還有某些成本等都在廣告上。

And when I think about the scaling there, the biggest -- we do report that within revenue share, so it probably gives you a little bit of an essence of the structure of a lot of that cost, but we're also investing in our own shows and in our own content.

當我考慮那裡的規模時，最大的 - 我們確實報告了收入份額，所以它可能讓你了解很多成本結構的本質，但我們也在投資我們的自己的節目和我們自己的內容。

Some of that structure is a little bit different and scales, frankly, quite well for us, as our audience grows and as the engagement grows.

坦率地說，隨著觀眾的增長和參與度的增長，其中一些結構有點不同，而且規模對我們來說非常好。

And so that also contributes to our ability to expand our margins as we scale the business.

因此，這也有助於我們在擴大業務規模時擴大利潤的能力。

And so you're seeing a really good flow through there.

因此，您會看到那裡的流量非常好。

The 8 percentage point expansion is really healthy, and we expect that we can continue to scale efficiently.

8 個百分點的擴張確實是健康的，我們預計我們可以繼續有效地擴大規模。

Having that infrastructure cost number get more efficient on a [unit] cost basis over time really opens it up for us to invest in the future of the business on the content side, which expands our monetization opportunity while still growing those margins.

隨著時間的推移，使基礎設施成本數字在[單位]成本基礎上變得更加有效，確實為我們在內容方面投資業務的未來打開了大門，這擴大了我們的貨幣化機會，同時仍然增加了這些利潤。

And so that cost structure has been working nicely for us, and we are going to stay focused on being operationally efficient, so we can make those investments.

因此，這種成本結構對我們來說效果很好，我們將繼續專注於提高運營效率，這樣我們就可以進行這些投資。

Our next question comes from Stephen Ju of Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

So Evan, some of the RoW regions have lower GDP per capita, so your ARPU may ultimately be lower.

所以埃文，一些 RoW 地區的人均 GDP 較低，所以你的 ARPU 最終可能會更低。

But would you say that the cost to serve in those regions maybe that much lower as well given the data cost constraints you called out and the use case for the app might be different?

但是，考慮到您提到的數據成本限制以及應用程序的用例可能不同，您是否會說在這些地區提供服務的成本可能會低得多？

And Derek, your DSOs are down every quarter this year relative to the prior year.

還有 Derek，與去年相比，今年每個季度你的 DSO 都在下降。

So can you talk about the shifting mix between revenue that is more self-service versus agency driven and ultimately, where that DSO can ultimately go as the advertiser base continues to shift?

那麼，您能否談談更多自助服務與代理驅動的收入之間的變化組合，以及隨著廣告客戶群的不斷變化，DSO 最終可以走向何方？

Stephen, thanks for the questions.

斯蒂芬，謝謝你的提問。

To the first one, in terms of us managing our infrastructure cost by DAU and the long-term around the cost per DAU by region relative to ARPU.

對於第一個，就我們按 DAU 管理基礎設施成本以及按地區相對於 ARPU 的每個 DAU 成本的長期而言。

Obviously, we've got a lot of opportunity to grow ARPU as we've been talking about, and we've been able to grow ARPU much faster than our cost per DAU.

顯然，正如我們一直在談論的那樣，我們有很多提高 ARPU 的機會，而且我們的 ARPU 增長速度遠遠快於我們的每 DAU 成本。

You can see that this quarter with the growth in revenue and flat cost per DAU.

您可以看到本季度的收入增長和每個 DAU 的固定成本。

And so that's allowing us to expand our efficiency overall in our margin.

因此，這使我們能夠在利潤中提高整體效率。

Typically, as you're thinking through the cost per -- of infrastructure, user engagement is obviously a driver, the cost to deliver impressions are also a factor in there.

通常，當您考慮基礎設施的單位成本時，用戶參與顯然是一個驅動因素，提供印象的成本也是其中的一個因素。

And of course, it's going to vary based on user engagement.

當然，它會根據用戶參與度而有所不同。

It's going to vary based a little bit on ARPU because of the impressions being a component of that.

它會根據 ARPU 有所不同，因為印像是其中的一個組成部分。

And so generally speaking, there is some alignment there between your ARPU and your cost per DAU, when you look at different regions.

所以一般來說，當您查看不同地區時，您的 ARPU 和您的每 DAU 成本之間存在一定的一致性。

And so that helps you a little bit as you've got your ARPU varying by country.

這對您有所幫助，因為您的 ARPU 因國家/地區而異。

And importantly, we're getting better and better at managing those costs and getting them scaled appropriately.

重要的是，我們在管理這些成本和適當擴展它們方面做得越來越好。

And so that's been working pretty well for us.

所以這對我們來說效果很好。

And I think you can see that coming through in the margins even as our rest of world DAU has been growing a little faster than our more mature markets, the margins have still been expanding.

而且我認為您可以看到，即使我們在世界其他地區的 DAU 增長速度比我們更成熟的市場要快一些，但利潤率仍在擴大。

And so I think you can see that coming through in the outputs.

所以我認為你可以在輸出中看到這一點。

In terms of DSO, yes, we've put a lot of attention on just scaling our business efficiently and making sure that we're managing our DSO efficiently and working capital, making sure it scales well.

就 DSO 而言，是的，我們非常關注有效地擴展我們的業務，並確保我們有效地管理我們的 DSO 和營運資金，確保它能夠很好地擴展。

Obviously, Q4 working capital was a drain quarter-over-quarter, seasonally higher revenues.

顯然，第四季度營運資金環比下降，季節性收入增加。

We even got to collect those in.

我們甚至要把它們收集起來。

But generally speaking, we've been able to expand the working capital structure pretty efficiently over the course of the last year, and you can see that starting to come through in the outputs.

但總的來說，在過去一年中，我們已經能夠非常有效地擴展營運資本結構，你可以看到這開始在產出中體現出來。

Our next question comes from Eric Sheridan of UBS.

我們的下一個問題來自瑞銀的 Eric Sheridan。

Maybe 2 topics, if I can.

如果可以的話，也許有 2 個主題。

On the shorter holiday period there, just want to know if you could quantify how that might have impacted Q4 and whether that outperformed or underperformed versus your expectations that we knew the calendar was going to be less days?

在較短的假期期間，您是否可以量化這可能對第四季度產生的影響，以及與我們知道日曆天數會減少的預期相比，它的表現是好是壞？

And then on the always-on demand and thinking about the valleys that filled into the self-serve auction, you're calling that out as a headwind in Q4.

然後在始終在線的需求和考慮填充自助拍賣的山谷中，您將其稱為第四季度的逆風。

Looking back over Q1 to Q3 of '19 as we look at year-on-year comparisons going forward, are there any comparisons we should be aware of that create either tougher comps or easier comps now as we look forward over the next couple of quarters that we should be aware of just versus the way you'll be communicating on the business going forward?

回顧 19 年第一季度到第三季度，當我們展望未來的同比比較時，有沒有我們應該注意的比較，因為我們期待接下來的幾個季度，這些比較現在創造了更艱難的比賽或更容易的比賽我們應該注意與您就未來業務進行溝通的方式？

Eric, thanks for the questions.

埃里克，謝謝你的提問。

Yes, the shorter holiday period, I mean, the way I think about that as I look at the revenue through the quarter and similar to what we've seen in prior years, we saw elevated holiday spending in the period between Black Friday and Christmas.

是的，假期較短，我的意思是，當我查看整個季度的收入時，與我們在前幾年看到的類似，我們看到黑色星期五和聖誕節期間的假期支出有所增加.

That period's just a little shorter for us.

那個時期對我們來說只是短一點。

And one of the things that's really important to understand about our business is because we're not supply constrained, we're more sensitive to fluctuations in demand, whereas other platforms, if you're more dense, when you have that kind of demand fluctuating, it's going to trade-off against yield a little bit more.

了解我們的業務非常重要的一件事是因為我們不受供應限制，我們對需求波動更敏感，而其他平台，如果你更密集，當你有這種需求時波動，它將更多地權衡收益。

And so we -- the expectations that we had for that impact in Q4, pretty much lined up with what we saw.

因此，我們對第四季度的影響的期望與我們所看到的幾乎一致。

So it was as expected, which is why you saw us come in real close to our guide.

所以正如預期的那樣，這就是為什麼您看到我們非常接近我們的指南。

And then in terms of the impact of the always on going, for sure, we saw the business accelerate throughout the course of 2019.

然後就“始終如一”的影響而言，可以肯定的是，我們看到該業務在 2019 年整個過程中都在加速發展。

And of course, that just makes the expectations higher.

當然，這只會讓期望值更高。

But as we were seeing our business improve over the course of 2019, we were investing in the business.

但是，當我們看到我們的業務在 2019 年期間有所改善時，我們正在對該業務進行投資。

And you can see that where we were investing in our sales teams and our engineering and product organizations that support the business overall and content and so on.

您可以看到我們在銷售團隊以及支持整體業務和內容等的工程和產品組織方面進行了投資。

And so as our business has improved, we've been investing in the business.

因此，隨著我們的業務有所改善，我們一直在對該業務進行投資。

Typically, you'll see a lag effect between the investments that you put into the business and the monetization that results from all of that.

通常，您會看到您投入業務的投資與由此產生的貨幣化之間存在滯後效應。

We're pleased with the early results that we're seeing from those investments, and we're doubling down on what's working.

我們對從這些投資中看到的早期結果感到滿意，並且我們正在加倍努力。

And so that's what's making us optimistic about our ability to realize our ARPU opportunity as we move forward because of those investments appear to be looking good.

這就是讓我們對我們在前進過程中實現 ARPU 機會的能力感到樂觀的原因，因為這些投資看起來不錯。

Thanks for the question.

謝謝你的問題。

I hope that helps to illustrate.

我希望這有助於說明。

Our last question will come from Brian Nowak of Morgan Stanley.

我們的最後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, Jeremi, I appreciate sort of the detail on your key strategic priorities.

我有 2 個。第一個，傑雷米，我很欣賞你的關鍵戰略優先事項的一些細節。

I guess sitting in your seat now, what do you think are sort of 1 or 2 of the most important aspects to really improve to improve the direct response advertiser adoption and the pace at which DR dollars can flow over the platform?

我想現在坐在你的座位上，你認為真正需要改進的 1 或 2 個最重要的方面是什麼，以提高直接響應廣告商的採用率以及 DR 資金可以流過平台的速度？

What's the biggest area of friction you need to improve in 2020?

2020 年您需要改善的最大摩擦領域是什麼？

And then the second one for Derek.

然後是 Derek 的第二個。

I thought it was interesting to hear sort of your guidance philosophy or you're sort of assuming some risks to the and downside.

我認為聽到您的指導理念很有趣，或者您正在承擔一些風險和下行風險。

So just as we're thinking about the first quarter guide, maybe talk us through some of the potential risks to the downside that are incorporated into the guide that could perhaps go better or worse?

因此，正如我們正在考慮第一季度指南一樣，也許可以告訴我們一些潛在的下行風險，這些風險包含在指南中，可能會變得更好或更糟？

Thanks for the question, Brian.

謝謝你的問題，布賴恩。

So we are absolutely focused on optimization and ranking alongside improvements to our advertising tools and products for our more sophisticated advertisers.

因此，我們絕對專注於優化和排名，同時為更成熟的廣告客戶改進我們的廣告工具和產品。

There are not a lot of huge hurdles remaining in the business.

業務中沒有太多巨大的障礙。

I think we're structurally sound.

我認為我們在結構上是健全的。

But I think really importantly, one of the things is that advertisers really just want us to win.

但我認為非常重要的是，其中一件事是廣告商真的只是希望我們贏。

They want us to succeed.

他們希望我們成功。

They want options, they think they are looking for brand-safe environments for their messages.

他們想要選擇，他們認為他們正在為他們的信息尋找品牌安全的環境。

They want to reach Gen Z and millennials where they're forming lifelong habits.

他們希望接觸 Z 世代和千禧一代，他們正在形成終生習慣。

They want performing media, they want video, and they want creative canvases, and we have all of those things.

他們想要表演媒體，他們想要視頻，他們想要創意畫布，而我們擁有所有這些東西。

So I think in terms of fundamentals, we have everything we need in the building to reaccelerate revenue, and we're extremely optimistic about our ability to do that.

因此，我認為就基本面而言，我們在大樓中擁有重新加速收入所需的一切，我們對我們實現這一目標的能力非常樂觀。

So we're looking forward to a great 2020.

因此，我們期待著美好的 2020 年。

Yes.

是的。

And Brian, it's Derek speaking.

還有布賴恩，是德里克在說話。

Thanks for the question.

謝謝你的問題。

If this will be a Q1 guide, I think when you're thinking about risks and opportunities, a lot of that really comes down to our execution and how quickly we can capitalize on our opportunity.

如果這將是第一季度的指南，我認為當您考慮風險和機遇時，其中很多真正歸結為我們的執行以及我們可以多快利用我們的機會。

Obviously, we talk about keys to growth being bringing more new demand into the platform, diversifying our advertisers and continuing to deliver optimizations and that allow us to use our inventory more effectively and deliver ROI for our advertisers.

顯然，我們談到增長的關鍵是為平台帶來更多新需求，使我們的廣告客戶多樣化並繼續提供優化，這使我們能夠更有效地使用我們的庫存並為我們的廣告客戶提供投資回報率。

And that's really the focus and how quickly we can execute on that, and how quickly our customers react to the ROI that they're seeing.

這才是真正的重點，我們可以多快執行它，以及我們的客戶對他們所看到的投資回報率做出反應的速度有多快。

And we're really excited about our opportunity and the momentum we have in the business, and we're trying to give you a good estimate of where we think things can come out.

我們對我們的機會和我們在業務中的發展勢頭感到非常興奮，我們正在努力讓您對我們認為事情可以發展的地方有一個很好的估計。

And obviously, when you're growing at the rates we are, there's a little bit of a range around what that possibly is.

顯然，當你以我們的速度增長時，可能會有一點範圍。

And we're trying to deliver in the short term, but also keep our eye really focused on investing for the long-term, so that we're accelerating the business to capture the longer-term opportunity as quickly as we can.

我們正在努力在短期內實現目標，但同時也將注意力真正集中在長期投資上，以便我們加快業務發展，盡快抓住長期機會。

And the Q1 guide reflects that and the range around what we think the execution could be.

Q1 指南反映了這一點以及我們認為可能執行的範圍。

Thanks for the question.

謝謝你的問題。

Hopefully, that helps explain.

希望這有助於解釋。

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

這將結束我們的問答環節以及 Snap Inc. 的 2019 年第四季度和全年收益電話會議。

Thank you all for attending today's presentation, and you may now disconnect your lines.

感謝大家參加今天的演示，現在可以斷開線路了。