(SNAP) 2022 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to Snap Inc.'s Second Quarter 2022 Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to David Ometer, Head of Investor Relations.

大家下午好，歡迎參加 Snap Inc. 的 2022 年第二季度收益電話會議。 （操作員說明）我現在想將電話轉給投資者關係主管 David Ometer。

Thank you, and good afternoon, everyone. Welcome to Snap's Second Quarter 2022 Earnings Conference Call. With us today are Evan Spiegel, Chief Executive Officer and Co-Founder; Jeremi Gorman, Chief Business Officer; and Derek Andersen, Chief Financial Officer. Today, we published our inaugural investor letter on our Investor Relations website and with the SEC shortly after market close. The investor letter includes full details of our results, and we hope that you had a chance to read it. Please also refer to our Investor Relations website at investor.snap.com to find today's press release, slides and our updated investor presentation.

謝謝大家，大家下午好。歡迎參加 Snap 的 2022 年第二季度收益電話會議。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。今天，我們在投資者關係網站上發布了首封投資者信函，並在收市後不久向美國證券交易委員會發布。投資者信函包括我們業績的全部細節，我們希望您有機會閱讀它。另請參閱我們的投資者關係網站investor.snap.com 以查找今天的新聞稿、幻燈片和我們更新的投資者演示文稿。

This conference call includes forward-looking statements, which are based on our assumptions as of today. Actual results may differ materially from those expressed in these forward-looking statements, and we make no obligation to update our disclosures. 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 the risks described in our most recent Form 10-Q, particularly in the section titled Risk Factors.

本次電話會議包括前瞻性陳述，這些陳述基於我們今天的假設。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。有關可能導致實際結果與前瞻性陳述大不相同的因素的更多信息，請參閱我們今天發布的新聞稿以及我們最近的 10-Q 表格中描述的風險，特別是在標題為“風險因素”的部分.

Today's call will include both GAAP and non-GAAP measures. Reconciliations between the 2 can be found in today's press release. 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. Please refer to our filings with the SEC to understand how we calculate any of the metrics discussed on today's call.

今天的電話會議將包括 GAAP 和非 GAAP 措施。兩者之間的和解可以在今天的新聞稿中找到。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。請參閱我們提交給 SEC 的文件，以了解我們如何計算今天電話會議中討論的任何指標。

With that, I'd like to turn the call back over to the operator, who will begin our analyst Q&A session.

有了這個，我想把電話轉回給接線員，接線員將開始我們的分析師問答環節。

Thank you. We will now begin the question-and-answer session. (Operator Instructions) The first question is from the line of Ross Sandler with Barclays.

謝謝你。我們現在開始問答環節。 （操作員說明）第一個問題來自巴克萊銀行的羅斯桑德勒。

Great. Maybe we could start with the macro environment. You stated in the letter that 3Q is roughly flattish thus far. And that's a pretty material slowdown from where you guys were 90 days ago, which, I guess, isn't surprising given kind of what's going on with the macro. So could you parse out for us which categories are slowing the most in your ad business? And you called out in the letter some high-growth sectors cutting back. I'd assume you mean venture-backed, start-up-type companies that buy ads on Snap. How big of a revenue bucket is that for you guys? And how does the trajectory there compare to the larger kind of Fortune 500 marketers on your platform?

偉大的。也許我們可以從宏觀環境開始。您在信中表示，到目前為止，3Q 大致持平。與你們 90 天前的情況相比，這是一個相當大的放緩，我想，考慮到宏觀正在發生的事情，這並不奇怪。那麼，您能否為我們分析一下您的廣告業務中哪些類別的增長速度最慢？你在信中呼籲一些高增長行業削減開支。我假設您是指在 Snap 上購買廣告的風險投資支持的初創公司。這對你們來說有多大的收入桶？與您平台上的大型財富 500 強營銷人員相比，那裡的發展軌跡如何？

Ross, it's Derek speaking, and thanks for the question. I think it's probably a good opportunity to step back and discuss how the overall demand environment is materializing. As you noted, we have seen a pretty good deceleration over the last 90 days. And as we noted in the shareholder letter, we've seen that across our DR and brand businesses as well as a number of sectors.

羅斯，是德里克在說話，謝謝你的提問。我認為這可能是退後一步討論整體需求環境如何實現的好機會。正如你所指出的，在過去 90 天裡，我們看到了相當不錯的減速。正如我們在股東信中指出的那樣，我們已經在我們的 DR 和品牌業務以及許多行業中看到了這一點。

But over a longer trajectory here, we've observed a fairly steady deceleration in demand over the last year. The deceleration began with the platform policy changes implemented in Q3 of last year. Those policy changes upended a decade of advertising industry standards, and in turn, the model is used to drive the direct response to advertising business as well as the tools used to measure the returns from that direct response advertising.

但在這裡更長的軌跡上，我們觀察到去年需求相當穩定地減速。減速始於去年第三季度實施的平台政策變化。這些政策變化顛覆了十年來的廣告行業標準，反過來，該模型被用來推動對廣告業務的直接反應以及用於衡量直接反應廣告回報的工具。

And then beginning -- later in Q4 and certainly through the first half of this year, we've seen macroeconomic challenges have built. While there have been lingering supply chain and labor supply issues impacting certain segments that began during the pandemic, more recently, we've seen the impact of persistently high inflation, then rising interest rates and rising geopolitical risks associated with the war in Ukraine. Those macro headwinds have disrupted many of the industry segments that have been most critical to the growing demand for advertising solutions over prior years.

然後開始 - 在第四季度晚些時候，當然到今年上半年，我們已經看到宏觀經濟挑戰已經建立。雖然在大流行期間開始影響某些部門的供應鍊和勞動力供應問題揮之不去，但最近，我們看到了持續高通脹的影響，然後是利率上升以及與烏克蘭戰爭相關的地緣政治風險上升。這些宏觀逆風擾亂了許多行業領域，這些領域對過去幾年對廣告解決方案不斷增長的需求至關重要。

We're seeing these various headwinds put pressure on the earnings of a wide variety of companies, and this is directly impacting the demand for advertising. Specifically, advertising spending, in particular, auction-driven direct response advertising is among the very few line items in a company's cost structure that they can reduce immediately in response to pressure on their top line or their input costs. As a result, as many industries and verticals have come under top line or input cost pressure, advertising spending has been amongst the first areas impacted.

我們看到這些不同的逆風給各種公司的收益帶來了壓力，這直接影響了對廣告的需求。具體而言，廣告支出，特別是拍賣驅動的直接響應廣告是公司成本結構中極少數可以立即減少以應對收入壓力或投入成本的項目之一。因此，由於許多行業和垂直行業都面臨收入或投入成本壓力，廣告支出是最先受到影響的領域之一。

And to put a finer point on that, we've, over time, worked very hard to make it very easy for our clients to turn on advertising and to ramp their advertising. And that's been particularly good for our business as budgets have grown over time. But in a period where we're seeing headwinds, it's also very easy to turn off and very quick to turn off. So we see this dynamic within our business as advertisers have lowered their budgets and their bids per action to reflect their current willingness to pay.

為了更好地說明這一點，隨著時間的推移，我們一直在非常努力地工作，以使我們的客戶能夠非常輕鬆地打開廣告並增加他們的廣告。隨著預算隨著時間的推移而增長，這對我們的業務尤其有利。但是在我們看到逆風的時期，它也很容易關閉並且很快關閉。因此，我們在我們的業務中看到了這種動態，因為廣告商已經降低了預算和每次操作的出價，以反映他們目前的支付意願。

So for example, in some industries where top line growth may remain strong but the businesses are experiencing input cost pressure due to inflation, we've observed reduced marketing spending and lower bids per action. And in certain other high-growth sectors where businesses are seeing higher cost of capital, that's further reflected in their campaign budgets and their level of bids per action. So amid these various headwinds, we're also seeing increasing competition because the advertising dollars in aggregate are now growing more slowly, and that intensifies the competition we see.

例如，在一些收入增長可能保持強勁但企業因通貨膨脹而面臨投入成本壓力的行業中，我們觀察到營銷支出減少，每次行動的出價降低。在某些其他高增長行業，企業的資本成本更高，這進一步反映在他們的競選預算和每次行動的出價水平上。因此，在這些不同的逆風中，我們也看到了越來越激烈的競爭，因為現在廣告收入的總體增長速度越來越慢，這加劇了我們所看到的競爭。

So because of these impacts from the platform policy changes and the macro environment and the competition all compound on one another, it can be difficult to sort of attribute the deceleration to any one factor. But in order to keep growing, we've got to stay focused on the inputs that we control. And that means investing to improve our direct response business including our first and third-party measurement solutions as well as improve ranking and optimization. So hopefully, that gives you a little broader context of how we're seeing the demand environment evolve and how that's translating into our business more recently.

因此，由於平台政策變化以及宏觀環境和競爭的這些影響相互疊加，很難將減速歸因於任何一個因素。但為了保持增長，我們必須專注於我們控制的輸入。這意味著投資以改善我們的直接響應業務，包括我們的第一方和第三方測量解決方案，以及提高排名和優化。因此，希望這可以讓您更廣泛地了解我們如何看待需求環境的演變以及最近如何轉化為我們的業務。

The next question is from the line of Brian Nowak with Morgan Stanley.

下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one, I appreciate the color around where we are sort of to start out 3Q being flattish. I know there's a lot of moving pieces on here, Derek, on the months and things. Just remind us how we should think about the monthly comps, July versus August versus September, and some of the platform changes impacting the year-on-year comp structure throughout this quarter.

我有 2 個。第一個，我很欣賞我們在 3Q 開始時的顏色是平淡的。我知道這裡有很多動人的片段，Derek，關於月份和其他事情。只需提醒我們應該如何考慮月度補償、7 月與 8 月與 9 月的對比，以及影響本季度同比結構的一些平台變化。

And then the second one, I think the last answer was pretty helpful. But just walk us through philosophically in this type of macro environment, what do you have to execute on to really get the business back to growth? Do you have to add more advertisers? How do you get advertisers to expand, ad budget? Like what are sort of your key strategies you need to execute on to sort of get back to healthy growth in the next 6 months through the platform?

然後是第二個，我認為最後一個答案很有幫助。但只要在這種宏觀環境中從哲學上引導我們，你必須執行什麼才能真正讓業務恢復增長？是否必須添加更多廣告商？如何讓廣告商擴大廣告預算？例如，您需要執行哪些關鍵策略才能通過該平台在未來 6 個月內恢復健康增長？

Thanks for the question. I'll take both of those. First, as we enter Q3, a lot of the headwinds that I just talked about in the prior question continue to be as significant as they've been at any point recently. And it's not clear how those headwinds are going to evolve as we go through the quarter, whether they might abate or whether they may intensify. And one of the reasons for that is the point I mentioned near the end there, which is, in particular, how easy it is to ramp up spending on our platform and how flexible we've made it for folks to ramp down their spending.

謝謝你的問題。這兩個我都要。首先，當我們進入第三季度時，我剛才在上一個問題中談到的許多不利因素仍然與最近的任何時候一樣重要。目前尚不清楚隨著我們整個季度的發展，這些不利因素將如何演變，它們是否會減弱或是否會加劇。原因之一是我在最後提到的一點，特別是，增加我們平台上的支出是多麼容易，以及我們讓人們減少支出變得多麼靈活。

And so the reaction within our business and our top line to a shift in those trends can be fairly rapid, and that makes the visibility forward-looking particularly challenging. So given that, we believe the most prudent approach to giving folks some indication of what to expect going forward is to focus on providing transparency on how our business is performing right now and our plans to better position our business for long-term growth.

因此，我們的業務和收入對這些趨勢轉變的反應可能相當迅速，這使得前瞻性的可見性特別具有挑戰性。因此，鑑於此，我們認為讓人們了解未來預期的最謹慎方法是專注於提供透明度，以了解我們的業務目前的表現以及我們為長期增長更好地定位我們的業務的計劃。

So that sort of leads into your second question. And essentially to return to a higher rate of long-term revenue growth, we're focused on 3 priorities. The first is investing in our products and our platforms to sustain the growth of our community, which has been very healthy. The second is investing heavily in our direct response advertising business, and we've articulated 3 key priorities there, including around investing in our first- and third-party measurement solutions as well as continuing to make improvements in our optimization and ranking and product innovation. And then lastly, as we shared a little bit in the letter, we're focused on cultivating new sources of revenue that will help diversify our top line revenue over time.

所以這種情況會導致你的第二個問題。本質上，為了恢復更高的長期收入增長率，我們專注於三個優先事項。首先是投資於我們的產品和我們的平台，以維持我們社區的發展，這是非常健康的。第二個是大力投資於我們的直接響應廣告業務，我們已經明確了三個關鍵優先事項，包括圍繞投資我們的第一方和第三方測量解決方案以及繼續改進我們的優化和排名以及產品創新.最後，正如我們在信中分享的一點，我們專注於培養新的收入來源，這將有助於隨著時間的推移使我們的收入多樣化。

So we believe that if we can stay committed and focused on these priorities and combine that with our unique reach and rapid product innovation that we've demonstrated over a long period of time here, that provides us a path to regain momentum over time. So hopefully, that gives you a little bit of helpful additional context on your questions. Thank you.

因此，我們相信，如果我們能夠繼續致力於並專注於這些優先事項，並將其與我們在很長一段時間內展示的獨特影響力和快速產品創新相結合，這將為我們提供一條隨著時間的推移重新獲得動力的途徑。因此，希望這能為您的問題提供一些有用的額外背景信息。謝謝你。

Our next question is from the line of Rich Greenfield with LightShed Partners.

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

I'm going to struggle to keep it to one. But on Page 1, you called out growing competition for ad dollars on top of the slowing ad market. I'm curious, how much of that is sort of directly tied to TikTok, which has been a monster in terms of its growth, versus sort of the 2 juggernauts that exist today in terms of Google and Facebook? Any color on sort of where that competition is coming from? And then I guess sort of related to this on time spent. Is any of this people spending less time, and it obviously relates to competition, but is this people spending less time on Snapchat every day, meaning less opportunities to monetize the user? Or is this just purely advertisers simply not spending as much as they were before? I'd be curious on both of those points.

我將努力保持它為一個。但在第 1 頁，您指出在廣告市場放緩的情況下，廣告收入的競爭日益激烈。我很好奇，其中有多少與 TikTok 直接相關，就其增長而言，它一直是一個怪物，而不是如今在谷歌和 Facebook 方面存在的兩大巨頭？比賽的來源有什麼顏色嗎？然後我想這與花費的時間有關。這些人中是否有人花費更少的時間，這顯然與競爭有關，但這些人每天在 Snapchat 上花費的時間是否更少，這意味著通過用戶獲利的機會更少？或者這只是純粹的廣告商根本沒有像以前那樣花錢？我會對這兩點很好奇。

Rich, it's Derek. I'll take the question. So on the competition side in terms of monetization, we face a number of very large and very sophisticated competitors. So today, we're seeing the overall advertising pie grow at a slower rate amid the macro headwinds I've mentioned earlier. So as competition, whether it's with TikTok or any of the other very large, sophisticated players in this space, has only intensified. So it's hard to disentangle the numerous factors here impacting what's clearly a headwind driving deceleration in our business. But definitely, as you see that high grow at a slower rate and you've got lots of folks competing very intensely over it, you're going to see the competitive factor be a bigger part of the overall discussion.

里奇，是德里克。我會回答這個問題。因此，在貨幣化方面的競爭方面，我們面臨著許多非常龐大和非常成熟的競爭對手。所以今天，在我之前提到的宏觀逆風中，我們看到整體廣告蛋糕的增長速度較慢。因此，無論是與 TikTok 還是與該領域的任何其他大型、成熟的參與者的競爭，都只會愈演愈烈。因此，很難理清影響我們業務減速的不利因素的眾多因素。但可以肯定的是，當你看到高增長以較慢的速度增長並且你有很多人在它上面進行非常激烈的競爭時，你會看到競爭因素成為整體討論的更大部分。

And then in terms of what we're seeing on engagement and how that's translating to revenue, one, you're correct that the community in aggregate continues to grow at a healthy rate. And we've also seen time spent with content where we generate the majority of our revenue today growing, and that's reflected in the approximately 9% impression growth that we shared in the letter.

然後就我們所看到的參與度以及這如何轉化為收入而言，你說得對，社區總體上繼續以健康的速度增長。我們還看到，我們今天產生大部分收入的內容所花費的時間在增長，這反映在我們在信中分享的大約 9% 的印象增長中。

The primary issue here is about how demand is materializing. And so we talked a little extensively about this already, but we've definitely seen the deceleration in demand as we've -- first, with the platform changes, then all of the macro issues that have compounded on top of that, which are really a significant factor at this point, and then the competition play into it.

這裡的主要問題是需求是如何實現的。因此，我們已經對此進行了廣泛的討論，但我們確實看到了需求的減速——首先，隨著平台的變化，然後是所有在此基礎上複雜化的宏觀問題，它們是在這一點上確實是一個重要因素，然後競爭發揮作用。

So I think from a perspective of seeing the growth materialize, this is really about the demand side of things. What we have to do is stay focused on the inputs that we control, and that's around investing in our direct response business and making sure that we get improvements into our first- and third-party measurement solutions as well as continuing to invest in improving optimization and ranking and personalization.

所以我認為從看到增長實現的角度來看，這實際上是關於需求方面的。我們要做的就是專注於我們控制的輸入，這圍繞著投資於我們的直接響應業務，確保我們改進我們的第一方和第三方測量解決方案，並繼續投資於改進優化以及排名和個性化。

And so certainly, the continued growth of our community is going to help over the long term and is very important to the long-term health of the business. But in the near term, this is about demand and us improving our direct response to advertising tools to serve that demand for the long term. So hopefully, that provides a little helpful context to those questions.

當然，我們社區的持續發展將在長期內有所幫助，並且對企業的長期健康非常重要。但在短期內，這與需求有關，我們會改進對廣告工具的直接反應，以長期滿足這種需求。因此，希望這能為這些問題提供一些有用的背景信息。

Our next question is from the line of Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe I'll ask this as a 2-parter. As you look back over the last 2 years from when Apple first announced their policy changes and then implemented them a year ago, maybe talk a little bit about what your key learnings have been that you wish you had maybe done on a more accelerated timetable or how you might have positioned the company differently looking backwards over the last 2 years.

也許我會以 2 人的身份問這個問題。回顧過去 2 年，從 Apple 首次宣布其政策變更並在一年前實施這些變更時，不妨談談您希望在更快的時間表上完成的主要學習是什麼，或者回顧過去 2 年，您可能如何以不同的方式定位公司。

And putting a finer point on the 3 elements of how to build and scale the DR business from here, can you put some sense around how far along you are on those initiatives and the amount of investment capacity that might be needed to achieve them and/or a timetable in which to achieve them?

從這裡開始對如何建立和擴展 DR 業務的 3 個要素進行更詳細的說明，您能否了解一下您在這些計劃上的進展以及實現這些計劃可能需要的投資能力數量和/或實現它們的時間表？

Yes. Sure. Thanks for the question. This is Jeremi talking. So I think when you want to talk about the long term, I want to go back to what Derek was mentioning regarding our key priorities and where we're focused on growing the business. So in particular, focusing on our measurement strategies as well as integrating with both third-party and first-party measurement solutions to get everything back on track.

是的。當然。謝謝你的問題。這是傑雷米在說話。所以我認為當你想談論長期時，我想回到 Derek 提到的關於我們的關鍵優先事項以及我們專注於發展業務的地方。因此，尤其要關注我們的衡量策略以及與第三方和第一方衡量解決方案的集成，以使一切重回正軌。

When you think of our advertising set more broadly, there are a litany of ways that they measure their advertising, including their own proprietary tools and then, of course, our first-party, privacy-centric tools but then the third-party tools that they prefer. So continuing to optimize there and then continuing to drive demand in categories where we have headwinds, I think, are particularly important in that regard.

當您更廣泛地考慮我們的廣告系列時，他們衡量廣告的方式有很多種，包括他們自己的專有工具，當然還有我們以隱私為中心的第一方工具，然後是第三方工具他們更喜歡。因此，我認為繼續在那裡進行優化，然後繼續推動我們遇到逆風的類別的需求，在這方面尤為重要。

Our next question is from the line of Lloyd Walmsley with UBS.

我們的下一個問題來自瑞銀的 Lloyd Walmsley。

If I can ask 2. I guess the first one would just be as we think about the divergence in tone between the major ad agency holdcos that continue to sound relatively upbeat versus what you guys are seeing, do you think that that's just a function of them being a lagging indicator? Is it a different customer base? Is digital brand just easier to cut faster? Like what do you think are some of the divergences you're seeing there? And are there customers still spending at healthy rates with you guys or maybe just moving budget?

如果我可以問 2。我想第一個問題就是我們考慮到繼續聽起來相對樂觀的主要廣告代理控股公司之間的語氣差異與你們所看到的相比，你認為這只是一個函數他們是一個滯後指標？是不同的客戶群嗎？數字品牌是否更容易更快地切割？比如你認為你在那裡看到的一些分歧是什麼？是否有客戶仍然以健康的價格與你們一起消費，或者只是移動預算？

And then the second one would just be as we think about moving through whatever form of downturn this is coming out on the other side, do you think that the 50% top line growth ambition is still attainable in this kind of environment of increased competition and diluted ad performance post ATT? Is it just going to be a tougher road structurally? Or do you think 50% is still on the table on the other side of this trough here?

然後第二個就是當我們考慮通過另一邊出現的任何形式的低迷時，你認為在這種競爭加劇的環境中，50% 的收入增長目標仍然可以實現嗎？ ATT 後廣告效果被稀釋？從結構上講，這將是一條更艱難的道路嗎？或者你認為 50% 仍然在這個低谷的另一邊？

This is Jeremi again. I will take the first part and then hand it over to Derek. We saw a lot of enthusiasm at Cannes as well and a lot of really great reaction to our incredible augmented reality exhibit that we had there. But in general, I'm kind of harkening back to what Derek just said earlier in the call, is that over the past few years, we've spent a lot of time removing friction from buying and selling on our platform.

這又是傑雷米。我會拿第一部分，然後把它交給德里克。我們在戛納也看到了很多熱情，並且對我們在那裡舉辦的令人難以置信的增強現實展覽產生了很多非常好的反應。但總的來說，我有點回想起 Derek 剛才在電話會議中所說的話，在過去的幾年裡，我們花了很多時間來消除我們平台上買賣的摩擦。

You alluded to this in your question in terms of it making -- when it turns -- it's easier to turn on. It's definitely easier to turn off. So as companies are reevaluating their priorities and their cost structure, they are looking at things like digital ad spend. It's easy to pause, reevaluate and move forward there. So those same tools and services that make it easy to ramp up, make it easy to ramp down. And we know that our advertising partners are facing significant uncertainty, and we talked about that a few times. So I'll focus on the others.

您在問題中提到了這一點，因為它使 - 當它轉動時 - 更容易打開。關閉肯定更容易。因此，隨著公司重新評估他們的優先事項和成本結構，他們正在關注數字廣告支出等問題。在那裡暫停、重新評估和前進很容易。因此，那些讓提升變得容易的工具和服務，也讓提升變得更容易。我們知道我們的廣告合作夥伴正面臨著巨大的不確定性，我們曾多次談到這一點。所以我會專注於其他人。

You mentioned this as well, but there is a pretty heavy selection bias for the kinds of team members and the types of clients that attend Cannes. We talk a lot about a balance between our DR business as well as our brand business. Large agencies as well as brands tend to be heavily represented at Cannes, whereas other companies like direct-to-consumer, e-commerce, for instance, or app install are less represented at Cannes.

您也提到了這一點，但是對於參加戛納電影節的團隊成員和客戶類型存在相當大的選擇偏差。我們經常談論我們的 DR 業務和品牌業務之間的平衡。大型機構和品牌往往在戛納有大量代表，而直接面向消費者、電子商務或應用安裝等其他公司在戛納的代表較少。

So I think that's part of the divergence that you're seeing, is, to your point, about them being kind of just a different mix of people that's less representative. And a lot of those brands that are bearing the brunt of these macro issues that we've talked about before, they aren't particularly well represented at Cannes. So I think that's what you're seeing there.

所以我認為這是你所看到的分歧的一部分，就你的觀點而言，他們只是一種不那麼具有代表性的不同人群。許多品牌首當其沖地受到我們之前討論過的這些宏觀問題的影響，它們在戛納電影節上的表現並不特別好。所以我認為這就是你在那裡看到的。

But again, I think that one of the things that was really exciting for us and me personally being there was the excitement around the augmented reality advertising future. We had an exhibit with a lot of incredible brands there. And we're able to showcase our capabilities and believe that, that will have a long-term halo effect on the AR business, where we remain incredibly committed in addition to our resilient performance business.

但同樣，我認為對我們和我個人來說真正令人興奮的一件事是圍繞增強現實廣告未來的興奮。我們在那裡舉辦了一個展示了許多令人難以置信的品牌的展覽。我們能夠展示我們的能力，並相信這將對 AR 業務產生長期的光環效應，除了我們的彈性性能業務之外，我們仍然非常致力於。

And it's Derek. I can take the second part of that, which is with the long-term growth prospects. I think first, it's important to step back, and I think it's probably clear for all. But in order to achieve really elevated growth rates, we're going to need an operating environment that is more cooperative than the one that we're experiencing right now. Having stable platform policies that we can build and optimize against are really important, but having a macro environment where clients are able to invest and grow their marketing budgets is really important, too. It's definitely easier to grow our top line in an environment where there are incremental budgets being deployed and we can capture incremental share versus simply having to take share of the existing pie in order to grow.

是德里克。我可以考慮第二部分，即長期增長前景。我認為首先，退後一步很重要，我認為這可能對所有人都很清楚。但為了實現真正更高的增長率，我們將需要一個比我們現在正在經歷的更合作的運營環境。擁有我們可以構建和優化的穩定平台策略非常重要，但擁有一個客戶能夠投資和增加營銷預算的宏觀環境也非常重要。在部署了增量預算並且我們可以捕獲增量份額的環境中增加我們的收入絕對更容易，而不是僅僅為了增長而不得不佔據現有餡餅的份額。

The key here is being focused on the inputs that we control and the things that are critical to long-term growth. We've articulated some of those in our letter. So to be super clear, one is continuing the growth of our global community at a rapid pace. We already reached a very deep penetration in many of the world's most attractive advertising markets, but continuing to deepen our engagement and our penetration of those advertising markets and the overall global community is input one.

這裡的關鍵是關注我們控制的投入以及對長期增長至關重要的事情。我們在信中闡明了其中的一些內容。所以說得非常清楚，我們的全球社區正在繼續快速發展。我們已經在世界上許多最具吸引力的廣告市場實現了非常深入的滲透，但繼續深化我們的參與以及我們對這些廣告市場和整個全球社區的滲透是投入之一。

And the second is, as we've discussed earlier here today, is continuing to invest in our direct response business and improving that consistently over time. Number one, we're improving our first- and third-party measurement solutions; and two, through better ranking and optimization that delivers better optimization for our advertising partners and therefore return on ad spend over time; and then three is really about continuing to cultivate new sources of revenue across our business, and there's lots of opportunity for that.

第二個是，正如我們今天早些時候在這裡討論的那樣，繼續投資於我們的直接響應業務，並隨著時間的推移不斷改進。第一，我們正在改進我們的第一方和第三方測量解決方案；第二，通過更好的排名和優化，為我們的廣告合作夥伴提供更好的優化，從而隨著時間的推移獲得廣告支出回報；然後第三個真正是關於繼續在我們的業務中培養新的收入來源，並且有很多機會。

Obviously, we have a number of screens in our application that are currently undermonetized that present a lot of opportunity to grow over time, whether that's Spotlight or the Camera that's very early in its monetization, or over the longer term, the Map and, of course, the future of AR and many other formats. And of course, we've got other endeavors that are earlier and are going that could provide growth, including the recently launched Snapchat+. So continuing to invest in diversifying our top line growth to drive resiliency into our business and being well positioned for the long term is the key. And if we stay focused on those priorities, we believe we'll be well positioned over time.

顯然，我們的應用程序中有許多屏幕目前未充分獲利，隨著時間的推移，無論是 Spotlight 還是處於獲利初期的相機，或者從長遠來看，地圖和，的當然，AR 和許多其他格式的未來。當然，我們還有其他更早的努力可以提供增長，包括最近推出的 Snapchat+。因此，繼續投資於使我們的收入增長多樣化，以提高我們業務的彈性，並為長期做好準備是關鍵。如果我們繼續專注於這些優先事項，我們相信隨著時間的推移我們將處於有利地位。

Our next question is from the line of Justin Post with Bank of America.

我們的下一個問題來自美國銀行的 Justin Post。

Great. You've talked a lot about measurement in both the letter and on the comments here. I guess the first question is, did measurement deteriorate in the quarter? Any changes from Apple or Google, either in the quarter or looking forward to the second half? And then second, when you look at the measurement opportunity, how would you say you do versus peers today? And what is the timing for starting to see real improvement there?

偉大的。你在這封信和這裡的評論中都談到了很多關於測量的問題。我想第一個問題是，本季度的測量是否惡化？蘋果或谷歌的任何變化，無論是在本季度還是期待下半年？其次，當你看到衡量機會時，你會說你今天與同行相比如何？什麼時候開始在那裡看到真正的改善？

Yes, no problem. This is Jeremi. So we'll talk about the measurement tools here, particularly as it pertains to the peers. Thank you for the question. So there are a couple of things to keep in mind, that measurement, targeting, optimization and engagement all together are important for driving performance. And measurable performance in particular is what we have always been focused on.

是沒有問題。這是傑雷米。因此，我們將在這裡討論測量工具，尤其是與同行相關的。感謝你的提問。所以有幾件事要記住，衡量、定位、優化和參與對提高績效很重要。特別是可衡量的性能是我們一直關注的。

We still see a lot of headroom in improving our optimization and engagement, and we talked about that, and Derek just covered it as one of our core priorities. But I can give you an answer specifically to measurement in particular, which we have called out for a while, and this is where we're focused on our 2 key priorities.

我們仍然看到在改進優化和參與方面還有很大的空間，我們談到了這一點，Derek 剛剛將其作為我們的核心優先事項之一。但我可以給你一個特別是關於測量的答案，我們已經呼籲了一段時間，這就是我們專注於我們的兩個關鍵優先事項的地方。

So as we talked about kind of over the last year as platform changes have happened, driving adoption, utilization and trust in our first-party privacy-preserving measurement solutions such as estimated conversions, for example, is a key part of this journey. So near term, our focus is growing -- on growing the adoption of those privacy performing integration technologies, and those help feed both measurement and optimization such as the conversions API that we've had for quite some time.

因此，正如我們在去年討論的那樣，隨著平台變化的發生，推動對我們的第一方隱私保護測量解決方案（例如估計轉換）的採用、利用和信任是這一旅程的關鍵部分。因此，在短期內，我們的關注點正在增長——越來越多地採用那些隱私執行集成技術，這些技術有助於衡量和優化，例如我們已經使用了很長一段時間的轉換 API。

And then from there, we have to focus on building trust in those estimated conversions. As I mentioned in one of my earlier example -- in one of my earlier answers, advertisers are playing around with new measurement as well, triangulating on first-party, third-party and proprietary solutions. These statistically modeled conversions -- when we're building trust, these statistically modeled conversions can augment some of those third-party tools. An example of that would be Scan in a privacy-preserving manner and giving advertisers more information to act quickly.

然後從那裡開始，我們必須專注於建立對這些估計轉換的信任。正如我在之前的一個例子中提到的——在我之前的一個答案中，廣告商也在玩新的衡量標準，對第一方、第三方和專有解決方案進行三角測量。這些統計建模的轉化——當我們建立信任時，這些統計建模的轉化可以增強一些第三方工具。一個例子就是以保護隱私的方式進行掃描，並為廣告商提供更多信息以迅速採取行動。

But in general, we believe that estimated conversions are going to become an increasingly important part of a privacy-centric advertising world, which feeds into the second measurement priority that we have, which is ensuring that our advertising performance is well represented in advertisers' preferred third-party measurement solutions. So that -- what I mean by that is that this is a core component of building trust.

但總的來說，我們認為估算的轉化次數將成為以隱私為中心的廣告世界中越來越重要的一部分，這反映了我們擁有的第二個衡量優先級，即確保我們的廣告效果在廣告商的偏好中得到很好的體現第三方測量解決方案。所以——我的意思是，這是建立信任的核心組成部分。

So regardless of the impact of our advertising, if our first-party measurement tools are not in alignment with advertisers' preferred, trusted third-party tools, we're still fighting an uphill battle. And those third-party tools across both web and app have been impacted by platform policy changes. This has been particularly acute for web-based advertisers and has led to an increase in a relative emphasis on same session, last click-based advertising, where we need to show that we are performant.

因此，無論我們的廣告產生何種影響，如果我們的第一方衡量工具與廣告商首選的、受信任的第三方工具不一致，我們仍在進行一場艱苦的戰鬥。而這些跨網絡和應用程序的第三方工具也受到平台政策變化的影響。這對於基於網絡的廣告商來說尤其嚴重，並導致相對強調同一會話、基於最後一次點擊的廣告，我們需要在這些廣告中展示我們的表現。

We're still early in this journey. The platform policy changes, as you know, are an ever-evolving environment, but we do feel confident in our solutions and the opportunity ahead of us. We're going to focus on this problem holistically, and we believe that we're going to improve performance in parallel with how we're represented within third-party tools than we get credit for the conversions that we do drive. In turn, that will drive trust in our first-party solutions, which will then enable us to focus on optimizing towards these privacy-based observable actions, and that will drive our advertising flywheel.

我們還處於旅程的早期階段。如您所知，平台政策的變化是一個不斷發展的環境，但我們確實對我們的解決方案和我們面前的機會充滿信心。我們將全面關注這個問題，並且我們相信，與我們在第三方工具中的表現方式相比，我們將提高性能，而不是因為我們推動的轉化而獲得功勞。反過來，這將推動對我們的第一方解決方案的信任，這將使我們能夠專注於優化這些基於隱私的可觀察行為，這將推動我們的廣告飛輪。

Our next question is from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Derek, can you talk to the trade-off to profitability? And what are the steps you're taking, as you highlight in the letter, to emerge as a more focused company?

Derek，你能談談盈利能力的權衡嗎？正如您在信中強調的那樣，您正在採取哪些步驟來成為一家更專注的公司？

Brent, thanks for the question. First, I think it's clear, our rate of revenue growth has slowed considerably, and we are acknowledging we must adapt our investment strategy accordingly. So first, we intend to substantially slow our rate of hiring to effectively pause growth in our headcount, which is a significant portion of our OpEx. In addition, we'll be looking at the rate of operating expense growth that is nonpersonnel-related in order to stem the rate of growth in our overall operating expenses, the objective there being to get to a place where we can carve out a path to free cash flow breakeven or better even at reduced rates of top line growth.

布倫特，謝謝你的問題。首先，我認為很明顯，我們的收入增長率已經大大放緩，我們承認我們必須相應地調整我們的投資策略。因此，首先，我們打算大幅放慢招聘速度，以有效地暫停員工人數的增長，這是我們運營支出的重要組成部分。此外，我們將研究與非人事相關的運營費用增長率，以阻止我們整體運營費用的增長率，目標是到達一個我們可以開闢道路的地方即使在收入增長率降低的情況下，也可以實現現金流盈虧平衡或更好。

As we implement these changes, we'll be reprioritizing our investments and driving renewed focus on productivity in particular. And in addition, we'll focus our go-forward investments around sustaining the investments we believe are most critical to capitalizing on the future of AR and executing on the priorities we articulated in the letter and that I've shared here today.

隨著我們實施這些變化，我們將重新確定我們的投資優先級，並特別推動重新關註生產力。此外，我們將把我們的前進投資集中在維持我們認為對於利用 AR 的未來和執行我們在信中闡明的優先事項以及我今天在這里分享的優先事項上最關鍵的投資。

We may incur some transition costs along the way as we execute on these changes, but we expect to emerge from all of that with a more focused cost structure as a result. So hopefully, that gives you a sense of how we're thinking about it in terms of both a priority perspective and how to bring the growth both in our OpEx and overall cost structure under control. Thanks for the question. I hope that provides some additional insight.

在執行這些更改的過程中，我們可能會產生一些過渡成本，但我們希望從所有這些中脫穎而出，從而形成更集中的成本結構。因此，希望這能讓您了解我們如何從優先級角度以及如何控制我們的運營支出和整體成本結構的增長方面來考慮它。謝謝你的問題。我希望這能提供一些額外的見解。

Our next question comes from Mark Mahaney with Evercore.

我們的下一個問題來自 Evercore 的 Mark Mahaney。

When you talk about diversifying your revenue streams, I think, Derek, you mentioned a couple of different areas, Maps, Spotlight, et cetera. Could you triage those a little bit? Of those different areas, which do you think has got the greatest potential to the least potential in terms of diversification?

當您談到使您的收入來源多樣化時，我認為，Derek，您提到了幾個不同的領域，地圖、Spotlight 等等。你能對這些進行分類嗎？在這些不同的領域中，您認為哪些領域的多元化潛力最大，而潛力最小？

And then I want to get back to one macro question. In the script here, you talked about macroeconomic challenges that have disrupted many of the industries that have been most critical to your advertising solutions. Is there a particular reason why the macro pressures would have impacted your advertiser base more than what would happen with other companies? Is there something about your advertiser base that may be more economically sensitive than what we would see in the general economy?

然後我想回到一個宏觀問題。在這裡的劇本中，您談到了擾亂許多對您的廣告解決方案最關鍵的行業的宏觀經濟挑戰。宏觀壓力對您的廣告客戶群的影響比對其他公司的影響更大，有什麼特別的原因嗎？與我們在一般經濟中看到的相比，您的廣告客戶群是否對經濟更為敏感？

Mark, it's Derek speaking. Thanks for the questions, and I'll get in there on those. I think in terms of -- taking them in reverse order, your second question there around our composition of advertising and why it might be more and less challenging for us. I think, first of all, it's difficult to know what the composition of other folks' businesses are. Certainly, we have a relatively lower exposure to small- and medium-sized, brick-and-mortar businesses. So that's part of the substance there.

馬克，是德里克在說話。感謝您的問題，我會回答這些問題。我認為 - 以相反的順序排列它們，您的第二個問題是圍繞我們的廣告構成以及為什麼它對我們來說可能越來越少的挑戰。我認為，首先，很難知道其他人的業務構成是什麼。當然，我們對中小型實體企業的敞口相對較低。這就是那裡的實質內容的一部分。

But I think more than anything, when you're thinking about us decelerating from what was a very rapid rate of growth to nearly flat or approximately flat growth currently, one of the challenges, I think, that is clearly difficult is that it's much easier to gain share when budgets are growing and when investment levels are growing. And so it's easier to take share, whereas as we're seeing the overall advertising pie grow at a smaller rate, then that essentially intensifies the competition over that bid.

但我認為最重要的是，當您考慮我們從非常快速的增長率減速到目前幾乎持平或幾乎持平的增長時，我認為挑戰之一顯然是困難的是它更容易在預算增長和投資水平增長時獲得份額。因此更容易獲得份額，而我們看到整體廣告蛋糕以較小的速度增長，這從本質上加劇了對該出價的競爭。

And then the last thing that I would share just here in terms of the composition of revenue is that obviously, we've shared previously that the significant majority of our revenue is direct response related. And as I've mentioned earlier, one of the things we've tried very hard to do on behalf of our advertising partners in recent years is to make it very easy to turn on and off direct response advertising and to scale that advertising very quickly.

然後我要在這里分享的關於收入構成的最後一件事是，顯然，我們之前已經分享過，我們的大部分收入與直接反應相關。正如我之前提到的，近年來我們代表我們的廣告合作夥伴非常努力地嘗試做的一件事是讓打開和關閉直接響應廣告變得非常容易，并快速擴展廣告.

And so as our partners were able to grow their marketing budgets and grow their rates of investment, they were able to very easily and with very high return on investment scale their advertising with us. But that works in the opposite way when folks have to retrench their budgets, and it's very easy to shrink down. And so to the extent that we maybe skew in those 2 ways differently than other folks, that might impact relative growth rates.

因此，由於我們的合作夥伴能夠增加他們的營銷預算並提高他們的投資率，他們能夠非常輕鬆地以非常高的投資回報率與我們一起擴大他們的廣告規模。但是，當人們不得不縮減預算時，情況正好相反，而且很容易縮減。因此，在某種程度上，我們可能以不同於其他人的方式以這兩種方式傾斜，這可能會影響相對增長率。

And then over the long term, the question on where we see opportunity, one, I think we've got a significant amount of green space on the application. We've talked about that over recent years. One, we still obviously have room to go on our content business that we monetize today, but Spotlight is a relatively new product for us. We shared last quarter that we have begun testing monetization there. Certainly, we're excited about that opportunity over the long term and expect that we'll expand the testing there into the back half of the year, especially later in the year when that sort of inventory will be more helpful.

然後從長遠來看，關於我們在哪裡看到機會的問題，一個，我認為我們在應用程序上有大量的綠色空間。近年來，我們已經談到了這一點。第一，我們今天顯然仍有發展內容業務的空間，但 Spotlight 對我們來說是一個相對較新的產品。我們在上個季度分享了我們已經開始在那裡測試貨幣化。當然，從長遠來看，我們對這個機會感到興奮，並期望我們將把測試擴展到今年下半年，尤其是在今年晚些時候，這種庫存會更有幫助。

Obviously, the longest -- long term, the most exciting opportunity is AR. And we're investing heavily around the future of AR to drive monetization and enterprise solutions for our AR partners, and we're very excited about that opportunity to contribute to the business over the long term.

顯然，從長遠來看，最令人興奮的機會是 AR。我們正在圍繞 AR 的未來進行大量投資，以推動我們的 AR 合作夥伴的貨幣化和企業解決方案，我們很高興有機會長期為業務做出貢獻。

And of course, medium to long term is the Map, and we're very excited about what we're seeing there on engagement. We shared some stats in the letter and some of the engagement that we're driving around Map. And so those are all exciting avenues to expand monetization across our ad business.

當然，中長期是地圖，我們對我們在那裡看到的參與感到非常興奮。我們在信中分享了一些統計數據，以及我們圍繞地圖開展的一些參與。因此，這些都是在我們的廣告業務中擴大盈利的令人興奮的途徑。

And then if you look further into other diversification opportunities that we've been discussing more recently, including the launch of Snapchat+, obviously, a lot of opportunities here. Staying focused on our core priorities is going to be the key in order to execute on that. So we're seeing long-term growth. So hopefully, that gives you a little bit of context to how we're thinking about it over the longer term.

然後，如果您進一步研究我們最近一直在討論的其他多元化機會，包括 Snapchat+ 的推出，顯然這裡有很多機會。專注於我們的核心優先事項將是執行該任務的關鍵。因此，我們看到了長期增長。因此，希望這能給您一些關於我們如何從長遠來看它的背景信息。

Our next question is from the line of Mark Shmulik with Bernstein.

我們的下一個問題來自 Mark Shmulik 和 Bernstein 的觀點。

Derek, I know you mentioned a few times, I think, the ability for Snap to grow as ad budgets grow. And I guess what I'm wondering is in conversations with some of your core advertisers, how much of the impact that they're seeing to their ad budgets would you say are transitory versus a real permanent rebasing in how they think about performance marketing and digital advertising spend?

Derek，我知道你提到過幾次，我認為 Snap 能夠隨著廣告預算的增長而增長。我想我想知道的是在與您的一些核心廣告商的對話中，您會說他們對廣告預算的影響有多大是暫時的，而不是真正永久地改變他們對績效營銷的看法和數字廣告支出？

Thanks for the question. This is Jeremi. I can take this one. I think we're looking at macro pressures from a litany of different angles. We're hearing supply chain pressure, inflationary costs, of course, that are impacting unit economics as it pertains to moving product. They're getting pressure from the cost of capital, as we've talked about before, capital being more expensive as well as drying up in different areas.

謝謝你的問題。這是傑雷米。我可以拿這個。我認為我們正在從一連串不同的角度看待宏觀壓力。我們聽到供應鏈壓力，當然，通貨膨脹成本正在影響單位經濟，因為它與移動產品有關。正如我們之前所談到的，他們正承受著資本成本的壓力，資本變得更加昂貴，而且在不同的領域都在枯竭。

So insofar as any of those are transitory, I think that's yet to play out in the overall macro. But what we're hearing from advertisers, I think, more specifically as it pertains to advertising budgets is what we said before, which is that they are taking this time, given all of those other macro pressures, to reevaluate their priorities to ensure that they're making the right investments in the right places. And when we talk about digital advertising, it is the easiest thing to turn off.

因此，只要其中任何一個都是暫時的，我認為這還沒有在整體宏觀上發揮作用。但我認為，我們從廣告商那裡聽到的，更具體地說，與廣告預算有關的是我們之前所說的，即考慮到所有其他宏觀壓力，他們正在花時間重新評估他們的優先事項，以確保他們在正確的地方進行正確的投資。當我們談論數字廣告時，它是最容易關閉的東西。

I know we said that a couple of different times, but I think it's important to reiterate here, is that it is the most important thing to turn off. But it is also one of the most performant tools in their tool chest. So as things start to rebound for some of these advertisers in the areas where the macro pressures are a little bit more transitory, it's also the first thing to get turned back on. So we remain optimistic that as things hopefully start to improve in the macro that we can capture that opportunity by remaining focused on the 3 key priorities that we've articulated in the call earlier.

我知道我們說過幾次，但我認為在這裡重申一下很重要，關閉是最重要的事情。但它也是他們工具箱中性能最高的工具之一。因此，隨著這些廣告商在宏觀壓力稍微短暫的領域中的一些情況開始反彈，這也是首先要重新開始的事情。因此，我們仍然樂觀地認為，隨著宏觀形勢有望開始改善，我們可以通過繼續專注於我們之前在電話會議中闡明的 3 個關鍵優先事項來抓住這個機會。

Thank you. Our next question is from Doug Anmuth with JPMorgan.

謝謝你。我們的下一個問題來自摩根大通的 Doug Anmuth。

Just when you think about the new sources of revenue, you talked about some of the new surfaces, including Spotlight and Camera and perhaps Map further out. How do you think about balancing opening up more inventory there with what's essentially more of a demand problem near term? And then on a related question, can you just talk about Spotlight engagement and the extent to which you think it's incremental versus a shift for users within the platform?

就在您考慮新的收入來源時，您談到了一些新的表面，包括 Spotlight 和 Camera，也許還有更遠的 Map。您如何看待在短期內開放更多庫存與本質上更多的需求問題之間的平衡？然後在一個相關的問題上，您能否談談 Spotlight 參與度以及您認為它在多大程度上是增量的，而不是平台內用戶的轉變？

Doug, it's Derek speaking. I can take the first one there. Just in terms of -- from a very short-term perspective, I would say that the primary issue, as you've alluded, is about demand generation. So in the near term, we're very focused on demand generation. I think that opening up new sources of inventory and new sources of supply over time are really critical to the long-term growth and the long-term health of the business, which is why we're focused on continuing to invest in the growth of the community and continuing to invest in our content businesses and the Map and, of course, our AR capabilities so that we can generate more effective inventory over time.

道格，是德里克在說話。我可以在那裡拿第一個。就 - 從非常短期的角度來看，我想說的是，正如你所暗示的，主要問題是關於需求的產生。所以在短期內，我們非常關注需求的產生。我認為隨著時間的推移開闢新的庫存來源和新的供應來源對企業的長期增長和長期健康至關重要，這就是為什麼我們專注於繼續投資於社區並繼續投資於我們的內容業務和地圖，當然還有我們的 AR 功能，以便我們能夠隨著時間的推移產生更有效的庫存。

And of course, as we're thinking about ramping testing of the monetization of Spotlight, of course, we think about the course of the year and where demand generation peaks over the course of the year. And so in the very near term, I think you're right that predominantly, this is about demand. The extent to which incremental supply is going to be helpful is really over the medium and long term. And so fortunately, the healthy growth in the community and the healthy engagement we're seeing across our platform is really helpful to driving that long-term opportunity.

當然，當我們正在考慮對 Spotlight 的貨幣化進行加速測試時，我們當然會考慮一年中的過程以及一年中需求產生的高峰期。所以在短期內，我認為你是對的，主要是關於需求。從中期和長期來看，增量供應的幫助程度確實如此。幸運的是，社區的健康發展和我們在平台上看到的健康參與確實有助於推動這一長期機會。

And then in terms of Spotlight versus -- incremental versus within the platform, when we look at content engagement, we're very focused on continuing to see people engaging with Stories from their friends and family. That's one of the things that bring them into Discover and then helping them segue into additional entertaining content from Discover or Spotlight. We've been pleased to see the overall time spent watching content grew globally year-over-year. And of course, Spotlight, itself, also doing very well, growing 59% year-over-year on time and MAU growing 46% year-over-year to reach more than 270 million.

然後就 Spotlight 與 - 增量與平台內部而言，當我們查看內容參與度時，我們非常專注於繼續看到人們與他們的朋友和家人的故事互動。這是將他們帶入 Discover 並幫助他們從 Discover 或 Spotlight 轉向更多有趣內容的原因之一。我們很高興看到全球觀看內容的總時間同比增長。當然，Spotlight 本身也做得很好，準時同比增長 59%，MAU 同比增長 46%，達到 2.7 億以上。

So certainly being able to grow the overall content engagement and then being able to grow Spotlight at accelerated rates is encouraging for the overall engagement piece. At the same time, we're still seeing Discover do very well, including generating very wide viewership growth on users over the age of 25, which is exciting for growing and aging up with our communities.

因此，當然能夠提高整體內容參與度，然後能夠以更快的速度增長 Spotlight，這對於整體參與度來說是令人鼓舞的。與此同時，我們仍然看到 Discover 做得很好，包括在 25 歲以上的用戶中產生非常廣泛的收視率增長，這對於我們社區的成長和老齡化來說是令人興奮的。

So overall, as we step back and look at the service, we're particularly excited about the growth in our overall community. That's the key input to then driving people into each of our products, and having DAU up 18% year-over-year or 54 million is a great sign of health in the overall community, and the working people into our products from there is the key. So hopefully, that gives a little bit more context. And thank you very much for the question.

因此，總的來說，當我們退後一步審視這項服務時，我們對整個社區的發展感到特別興奮。這是推動人們購買我們每款產品的關鍵投入，而 DAU 同比增長 18% 或 5400 萬是整個社區健康的一個很好的標誌，而從那裡進入我們產品的勞動人民是鑰匙。所以希望這能提供更多的背景信息。非常感謝您的提問。

This concludes our question-and-answer session as well as Snap Inc.'s Second Quarter 2022 Earnings Conference Call. Thank you for attending today's session. You may now disconnect.

我們的問答環節以及 Snap Inc. 的 2022 年第二季度收益電話會議到此結束。感謝您參加今天的會議。您現在可以斷開連接。