(SNAP) 2022 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to Snap Inc.'s Third 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 年第三季度收益電話會議。 （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 Third Quarter 2022 Earnings Conference Call. With us today are Evan Spiegel, Chief Executive Officer and Co-Founder; Jerry Hunter, Chief Operating Officer; and Derek Andersen, Chief Financial Officer. Please refer to our Investor Relations website at investor.snap.com to find today's press release, slides, investor letter and investor presentation.

謝謝大家，大家下午好。歡迎參加 Snap 的 2022 年第三季度收益電話會議。今天與我們在一起的是首席執行官兼聯合創始人 Evan Spiegel；傑瑞亨特，首席運營官；和首席財務官 Derek Andersen。請訪問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、投資者信函和投資者介紹。

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

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。有了這個，我想把電話轉給 Evan。

Hi, everyone, and thank you all for joining us. While our business continued to face significant headwinds this quarter, we took action to further focus our business on our 3 strategic priorities of growing our community and deepening their engagement with our products, reaccelerating and diversifying our revenue growth and investing in augmented reality. We believe that we can be successful in this new operating environment, but we must rigorously prioritize our investments and continue to delight our community with our products while driving success for our advertising partners.

大家好，感謝大家加入我們。儘管本季度我們的業務繼續面臨重大阻力，但我們採取行動進一步將業務重點放在我們的 3 個戰略重點上，即發展我們的社區和加深他們對我們產品的參與、重新加速和多元化我們的收入增長以及投資於增強現實。我們相信我們可以在這個新的運營環境中取得成功，但我們必須嚴格優先考慮我們的投資，並繼續用我們的產品取悅我們的社區，同時推動我們的廣告合作夥伴取得成功。

Growing our community and engagement is one of our most important inputs to long-term success because it increases our overall revenue opportunity and strengthens our network effects. Our team remains focused on expanding our product offering and deepening engagement with our global community, which increased 19% year-over-year to reach 363 million daily active users. Our revenue grew 6% year-over-year to $1.13 billion, and we generated adjusted EBITDA of $73 million and free cash flow of $18 million. We are focused on increasing our share of wallet as growth in the overall digital advertising segment slows by working to increase the return on advertising spend delivered by our direct response advertising platform as we believe these are the most defensible advertising budgets in a challenged economic environment.

發展我們的社區和參與度是我們取得長期成功的最重要投入之一，因為它增加了我們的整體收入機會並加強了我們的網絡效應。我們的團隊仍然專注於擴大我們的產品供應並加深與我們全球社區的互動，這一數字同比增長 19%，達到 3.63 億日活躍用戶。我們的收入同比增長 6% 至 11.3 億美元，調整後的 EBITDA 為 7300 萬美元，自由現金流為 1800 萬美元。隨著整體數字廣告領域的增長放緩，我們專注於增加我們的錢包份額，通過努力增加我們的直接響應廣告平台提供的廣告支出回報，因為我們相信這些是在充滿挑戰的經濟環境中最有保障的廣告預算。

To achieve this, we are investing in driving scalable, lower funnel performance for our advertising partners and making improvements to our ad platform and Auction Dynamics so that we can continue to deliver strong returns on advertising spend. Our camera has evolved into a leading platform for augmented reality. Our AR products and services are already driving a major impact at scale today as Snapchatters use our services to shop, play, learn, explore and entertain themselves.

為實現這一目標，我們正在投資於為我們的廣告合作夥伴推動可擴展的、更低的渠道績效，並改進我們的廣告平台和 Auction Dynamics，以便我們能夠繼續提供可觀的廣告支出回報。我們的相機已經發展成為增強現實的領先平台。今天，我們的 AR 產品和服務已經在大規模產生重大影響，因為 Snapchatter 使用我們的服務來購物、玩耍、學習、探索和娛樂自己。

This quarter, we announced several new valuable partnerships, innovative AR experiences and new AR features and capabilities in Lens Studio. Over 250 million people engage with augmented reality on Snapchat every day. Accelerating our lead in augmented reality helps us build a durable competitive advantage that comes from investing over the long term, building sophisticated technical tools and capabilities and growing a platform that is increasingly differentiated and difficult to replicate. This momentum and the creative energy of the Snapchat community makes us incredibly excited about the future of augmented reality.

本季度，我們宣布了 Lens Studio 中的幾個新的有價值的合作夥伴關係、創新的 AR 體驗以及新的 AR 特性和功能。每天有超過 2.5 億人在 Snapchat 上使用增強現實技術。加速我們在增強現實領域的領先地位有助於我們建立持久的競爭優勢，這種優勢來自於長期投資、構建複雜的技術工具和能力以及發展一個越來越差異化且難以復制的平台。 Snapchat 社區的這種勢頭和創造力讓我們對增強現實的未來感到無比興奮。

As part of our reprioritization efforts, we have reorganized our team to better meet the challenges of the current environment and to make as much progress as possible, as quickly as possible, in the areas of our business that we are able to control. In particular, there is a significant opportunity to improve coordination and prioritization across our engineering, sales and product teams. In an effort to realize this opportunity, we promoted Jerry Hunter to Chief Operating Officer. Jerry leads our monetization efforts across our 3 operating regions, EMEA, APAC and Americas as well as our engineering, growth, partnerships and content, AR and enterprise and SMB teams.

作為我們重新調整優先級工作的一部分，我們重組了我們的團隊，以更好地應對當前環境的挑戰，並在我們能夠控制的業務領域盡快取得盡可能多的進展。特別是，我們的工程、銷售和產品團隊之間的協調和優先級排序得到了改善。為了抓住這個機會，我們提拔 Jerry Hunter 為首席運營官。 Jerry 領導我們在 3 個運營區域（歐洲、中東和非洲、亞太地區和美洲）以及我們的工程、增長、合作夥伴和內容、AR 以及企業和 SMB 團隊的貨幣化工作。

Jerry has repeatedly demonstrated operational rigor at scale, leading our business through several challenging transitions, including the build-out of our advertising platform, the rebuild of our Android product, our infrastructure optimizations and most recently, significant investments in our platform integrity team. With that, I'm excited to introduce Jerry.

Jerry 多次展示了大規模運營的嚴謹性，帶領我們的業務完成了幾次具有挑戰性的轉型，包括擴建我們的廣告平台、重建我們的 Android 產品、優化我們的基礎設施，以及最近對我們的平台完整性團隊進行的重大投資。有了這個，我很高興介紹傑瑞。

Thanks, Evan, and thank you, everybody, for joining our call. I see significant opportunities for our business in the years ahead. As a business, our primary focus is on driving lower funnel performance and improving yield of our inventory for advertising partners. We're working to improve optimization against lower funnel objectives to drive more conversions and innovating on our advertising formats in order to make them more native and engaging.

謝謝，埃文，謝謝大家加入我們的電話。我看到未來幾年我們的業務將面臨重大機遇。作為一家企業，我們的主要重點是降低渠道績效並提高廣告合作夥伴的庫存收益。我們正在努力改進針對較低渠道目標的優化，以推動更多轉化，並在我們的廣告格式上進行創新，以使其更具原生性和吸引力。

Improving our product and technical performance of our advertising platform requires tight collaboration and teamwork across sales, product and engineering. Our renewed focus will be on creating alignment across our teams to ensure that feedback from clients helps inform our product road map and that each of our teams is more directly accountable for advertiser success.

提高我們廣告平台的產品和技術性能需要銷售、產品和工程方面的緊密協作和團隊合作。我們將重新關注在我們的團隊之間建立一致性，以確保來自客戶的反饋有助於為我們的產品路線圖提供信息，並且我們的每個團隊都更直接地對廣告商的成功負責。

After years of rapid growth in the size of our team, we're focused on driving productivity in our sales organization and improving our go-to-market with more clarity about the role that Snapchat plays in the lives of our community and how we can help businesses grow. We will listen to our clients, clearly understand their challenges and opportunities and demonstrate how Snapchat can play a meaningful role in driving their success.

經過多年團隊規模的快速增長，我們專注於提高銷售組織的生產力並改進我們的市場推廣，更清楚地了解 Snapchat 在我們社區生活中所扮演的角色以及我們如何能夠幫助企業成長。我們將傾聽客戶的心聲，清楚地了解他們的挑戰和機遇，並展示 Snapchat 如何在推動他們取得成功方面發揮重要作用。

We're also working hard to deliver new revenue-generating opportunities, including spotlight, augmented reality advertising and our Snapchat+ subscription service. We're expanding our advertising test within Spotlight in Q4, especially as we see many opportunities to introduce advertising formats that align well with this new content viewing experience.

我們還在努力提供新的創收機會，包括聚光燈、增強現實廣告和我們的 Snapchat+ 訂閱服務。我們將在第四季度在 Spotlight 中擴展我們的廣告測試，特別是當我們看到許多機會引入與這種新的內容觀看體驗非常吻合的廣告格式時。

With hundreds of millions of people using AR every day, we have a huge opportunity to help businesses reach their customers with immersive and engaging augmented reality experiences. Snapchat+ represents an exciting opportunity to diversify our revenue streams outside of advertising. And we have a direct ability to increase subscribers with new product features and by driving awareness of our subscription offering. I couldn't be more excited to be here at Snap, and I look forward to sharing more about our plans for 2022 and beyond. Thank you. And with that, we can begin our Q&A.

每天有數億人使用 AR，我們有巨大的機會幫助企業通過身臨其境和引人入勝的增強現實體驗接觸客戶。 Snapchat+ 代表了一個令人興奮的機會，可以使我們在廣告之外的收入來源多樣化。我們有直接的能力通過新產品功能和提高我們訂閱產品的知名度來增加訂閱者。來到 Snap 讓我感到無比興奮，我期待更多地分享我們 2022 年及以後的計劃。謝謝你。有了這個，我們就可以開始我們的問答了。

(Operator Instructions) The first question comes from the line of Eric Sheridan with Goldman Sachs.

（操作員說明）第一個問題來自高盛的 Eric Sheridan。

Maybe I'll do a 2-parter, if I can. I think first, Evan, what people still want to hear is sort of looking back over the last 4, 5 quarters as Apple made the policy changes they did and the industry has been in this sort of transformative mode over the last 12-plus months, what have been some of the key learnings of where you found the infrastructure and the ad product maybe less well positioned in terms of what's happened from an industry shift standpoint?

如果可以的話，也許我會做一個 2-parter。我認為首先，埃文，人們仍然想听到的是回顧過去 4 到 5 個季度，因為蘋果公司做出了他們所做的政策改變，並且該行業在過去 12 多個月中一直處於這種變革模式，從行業轉變的角度來看，您發現基礎設施和廣告產品的位置可能不太好，有哪些重要的經驗教訓？

And turning to the forward time table, you've obviously laid out an investment plan to sort of reposition the ad product for the long term. Can we get a better sense of like where you are in the process of repositioning the ad platform for the medium to long term? And how should we be thinking about what the pathway is in terms of headwinds versus tailwinds from a monetization standpoint?

轉向遠期時間表，您顯然已經制定了一項長期重新定位廣告產品的投資計劃。我們能否更好地了解您在中長期重新定位廣告平台的過程中所處的位置？從貨幣化的角度來看，我們應該如何考慮逆風與順風的路徑是什麼？

Thanks, Eric. Yes. So at a high level, we're focused on building our business for the long term. And that means that we really put our community at the center of everything that we do, and we innovate to offer products that add value to people's lives by empowering them to express themselves, live in the moment, learn about the world and have fun together.

謝謝，埃里克。是的。因此，在高層次上，我們專注於長期建立我們的業務。這意味著我們真正將社區置於我們所做的一切的中心，我們通過創新提供的產品為人們的生活增加價值，讓他們能夠表達自己、活在當下、了解世界並一起享受樂趣.

And that long-term perspective is really what informs our strategy as we think about navigating this difficult macro environment that has impacted our advertising business over the past few quarters. So we made the decision to reprioritize and focus our investments on our 3 strategic priorities: growing our community and their engagement, reaccelerating and diversifying our revenue and investing in augmented reality. And these changes should allow us to drive continued growth in our community while delivering free cash flow even with low levels of revenue growth.

當我們考慮駕馭過去幾個季度影響我們廣告業務的艱難宏觀環境時，這種長期視角確實為我們的戰略提供了依據。因此，我們決定重新調整優先級並將我們的投資重點放在我們的 3 個戰略優先事項上：發展我們的社區和他們的參與度，重新加速和多樣化我們的收入，以及投資於增強現實。這些變化應該使我們能夠推動社區的持續增長，同時即使在收入增長水平較低的情況下也能提供自由現金流。

And that gives us a lot more flexibility to focus on the long term in an environment where the cost of capital has increased quite dramatically. There's a lot of opportunity to generate incremental revenue across our platform, whether that's our AR platform, Spotlight or the Map. We've also been growing our Snapchat+ subscription service, which is another way that we deliver value to our community and allows us to monetize the high levels of engagement that we have across our service.

在資本成本急劇增加的環境中，這使我們能夠更加靈活地專注於長期。無論是我們的 AR 平台、Spotlight 還是地圖，我們都有很多機會在我們的平台上產生增量收入。我們還一直在發展我們的 Snapchat+ 訂閱服務，這是我們為社區創造價值的另一種方式，使我們能夠通過我們的服務獲得的高水平參與度獲利。

Operationally, our advertising business has become a lot more technically complex over the past few years as advertisers are working to better measure and optimize their campaigns. That means that we need to drive increased coordination across our sales, engineering and product teams, which is one of the reasons I'm so excited to have Jerry leading these teams as our COO. I've already observed a significant change in the way that our teams are working together, and I'm really pleased to see the focus on our advertising customers driving everything that they do.

在運營方面，我們的廣告業務在過去幾年中在技術上變得更加複雜，因為廣告商正在努力更好地衡量和優化他們的活動。這意味著我們需要加強我們的銷售、工程和產品團隊之間的協調，這也是我很高興讓 Jerry 作為我們的首席運營官領導這些團隊的原因之一。我已經觀察到我們團隊合作的方式發生了重大變化，我很高興看到我們的廣告客戶專注於推動他們所做的一切。

I mean tactically, really, that means working to make conversions on our platform more observable and easier to measure, whether that's more on platform or click-through conversions, improvements to our first-party tooling, third-party tooling and partnerships, ad format improvements, ML and optimization improvements, and of course, continuing to grow our inventory. We saw about an 8% increase in impressions year-over-year in the quarter, which is really a function of daily active users and engagements.

我的意思是在戰術上，真的，這意味著努力使我們平台上的轉化更容易觀察和更容易衡量，無論是更多的平台轉化還是點擊轉化，改進我們的第一方工具、第三方工具和合作夥伴關係、廣告格式改進、機器學習和優化改進，當然還有繼續增加我們的庫存。我們看到本季度的印像數同比增長約 8%，這實際上是每日活躍用戶和參與度的函數。

And then as we're looking to the future, we've really tried to make sure that all of our investments are lined up against those 3 strategic priorities that I mentioned, community growth, revenue growth and AR. And that's really how we're going to be working through this challenging environment.

然後，當我們展望未來時，我們真的努力確保我們所有的投資都與我提到的這 3 個戰略優先事項一致，即社區增長、收入增長和 AR。這就是我們將如何在這個充滿挑戰的環境中工作的方式。

The next question comes 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 maybe. Jerry, let me ask you a couple. So just can you give us some examples of 1 or 2 of the most important steps that you see yourself focusing on to really improve the performance-driven business and how quickly that business can ramp within the overall mix, this blocking and tackling?

我可能有 2 個。傑瑞，讓我問你幾個。因此，您能否給我們舉一些您認為自己專注於真正改善績效驅動型業務的最重要步驟的 1 或 2 個示例，以及該業務在整體組合中能夠以多快的速度增長，這種阻礙和應對？

Then the second one, with U.S. time spent down 5% and really the core Snap Stories seem to be weathering decline. How do you think about sort of differentiating the pitch to advertisers and even users as your engagement is increasingly driven by short-form video and long-form video?

然後是第二個，美國的時間花費了 5%，而真正的核心 Snap Stories 似乎正在經歷衰退。隨著您的參與越來越多地受到短視頻和長視頻的推動，您如何看待向廣告商甚至用戶區分推銷？

Thanks for the question, Brian. I'm excited about the opportunities we have for our business. Advertising has become more technical as signals and measurement continue to evolve. Actually, I have 3 things I want to tell you about. First is building up the connective tissue between sales, engineering and product. That includes feedback mechanisms in the product from sales and customers and better go-to-market planning that ensures customer success in our platform.

謝謝你的問題，布賴恩。我對我們的業務所擁有的機會感到興奮。隨著信號和測量的不斷發展，廣告變得更加技術化。其實，我有 3 件事想告訴你。首先是在銷售、工程和產品之間建立結締組織。這包括來自銷售和客戶的產品反饋機制以及更好的上市計劃，以確保客戶在我們的平台上取得成功。

Two is continuing to strengthen our DR business, which we know is more defensible, both in good and challenging times. We'll do this by continuing to drive our first-party measurement, and we're seeing strong adoption by our top advertisers, making our systems work better with third-party measurement systems like Google Analytics and continuing to improve personalization and optimization.

二是繼續加強我們的 DR 業務，我們知道這在良好和充滿挑戰的時期都更具防禦性。我們將通過繼續推動我們的第一方衡量來做到這一點，我們看到我們的頂級廣告商大力採用，使我們的系統更好地與 Google Analytics 等第三方衡量系統配合使用，並繼續改進個性化和優化。

And the third thing is bringing top talent to our 3 President roles for the Americas, APAC and EMEA. One of them, Ronan Harris is going to join us next week. This will ensure that we're improving our focus on customers in every region and getting closer to the customers' needs. I think these priorities will set Snap up to be successful in this current environment.

第三件事是將頂尖人才帶到我們在美洲、亞太地區和歐洲、中東和非洲地區的 3 位總裁職位上。其中之一，羅南哈里斯將在下週加入我們。這將確保我們提高對每個地區客戶的關注度，並更貼近客戶的需求。我認為這些優先事項將使 Snap up 在當前環境中取得成功。

Yes, I can speak a little bit to content trends that we're seeing in the U.S. and more broadly. So at a very high level, both in the U.S. and globally, viewership is up. And so that means that our overall opportunity is expanding if we can continue to increase folks' depth of engagement. And that's really important, of course, for advertisers who really value the reach that we provide.

是的，我可以談談我們在美國和更廣泛範圍內看到的內容趨勢。因此，無論是在美國還是在全球範圍內，收視率都在非常高的水平。因此，這意味著如果我們能夠繼續增加人們的參與深度，我們的整體機會正在擴大。當然，這對於真正重視我們提供的覆蓋面的廣告商來說非常重要。

Looking more specifically at Stories, what we're finding is that while people continue to engage at really high levels with Stories from their close friends or private stories, especially from people that are really important to them, that depth of story engagement, you get to your 200th friend or something like that, at some point, content on Spotlight or Discover is maybe more engaging or more interesting.

更具體地看故事，我們發現，雖然人們繼續以非常高的水平參與來自他們親密朋友或私人故事的故事，尤其是來自對他們非常重要的人的故事，但故事參與的深度，你會得到對於你的第 200 位朋友或類似的東西，在某些時候，Spotlight 或 Discover 上的內容可能更吸引人或更有趣。

And so what we're trying to do is help people transition from that friend story content that really drives that healthy top of funnel and viewership to content in Spotlight and Discover. And both of those are growing nicely. Spotlight, of course, is growing very rapidly year-over-year and we're excited about that.

因此，我們正在嘗試做的是幫助人們從真正推動健康的漏斗和收視率頂部的朋友故事內容過渡到 Spotlight 和 Discover 中的內容。並且這兩者都發展得很好。當然，Spotlight 每年都在快速增長，我們對此感到很興奮。

I think as it pertains to advertisers, as I mentioned, they're really looking for reach but they're also looking for performance, especially in this period of time, which is why we focus so heavily on evolving our direct response business and making sure that we're really delivering return on ad spend for our partners.

我認為這與廣告商有關，正如我所提到的，他們確實在尋找覆蓋面，但他們也在尋找性能，尤其是在這段時間裡，這就是為什麼我們如此專注於發展我們的直接響應業務並製作確保我們確實為我們的合作夥伴帶來了廣告支出回報。

I think there are going to be some unique opportunities with things like Spotlight, for example, where smaller advertisers can experiment with content, submitting content to Spotlight, seeing how it performs. And then if they get some traction there and get feedback from our community, they may want to turn into a direct response advertising unit and manage that through our ad platform. So I do think some of the content investments we're making provide new and unique opportunities for advertisers, but really, especially in this environment, the focus is going to be on reach and performance.

我認為像 Spotlight 這樣的東西將會有一些獨特的機會，例如，較小的廣告商可以嘗試內容，將內容提交給 Spotlight，看看它的表現如何。然後，如果他們在那裡獲得一些關注並從我們的社區獲得反饋，他們可能希望變成一個直接響應的廣告單元並通過我們的廣告平台進行管理。所以我確實認為我們正在進行的一些內容投資為廣告商提供了新的和獨特的機會，但實際上，特別是在這種環境下，重點將放在覆蓋面和性能上。

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

下一個問題來自 Rich Greenfield 與 LightShed Partners 的觀點。

I want this one specifically for Evan. I guess it's pretty obvious that you're a sticky utility for photo-based messaging, especially among sort of your core demos. But you're clearly losing engagement time spent to TikTok and maybe even other camera apps that have come on to the scene like BeReal, impacting sort of overall time spent per user per day then, in turn, monetization.

我想要這個專門為 Evan 準備的。我想很明顯，您是基於照片的消息傳遞的粘性實用程序，尤其是在您的核心演示中。但你顯然正在失去花在 TikTok 上的參與時間，甚至可能會失去像 BeReal 這樣出現在現場的其他相機應用程序，這會影響每位用戶每天花費的總時間，進而影響貨幣化。

Curious on the -- I guess the most important question for you, especially on the product side is, how? Like how do you get people to spend more time on Snapchat and especially more monetizable time spent on Snapchat? And like what is the plan for that in '23? Because I think that's what investors are going to really be anchored on as they think about your stock over the next year.

好奇——我想對你來說最重要的問題是，尤其是在產品方面，如何？比如你如何讓人們在 Snapchat 上花費更多時間，尤其是在 Snapchat 上花費更多可獲利的時間？就像 23 年的計劃是什麼？因為我認為這是投資者在明年考慮你的股票時真正要立足的地方。

Thanks, Rich. Yes, so at a high level, as you pointed out, Snapchat provides an extremely valuable utility in terms of visual messaging but also across our service with things like the Map or our AR platform and, of course, content, as you also mentioned. And so we've really worked hard to diversify engagement across our products. And our application opens the camera so we've got a real strength in visual communication and augmented reality that remains under-monetized, which is why we've really focused on accelerating our revenue growth in augmented reality so that it's more commensurate with the engagement that we're seeing there.

謝謝，里奇。是的，正如您所指出的那樣，從高層次上講，Snapchat 在視覺消息傳遞方面提供了非常有價值的實用程序，而且還通過我們的服務提供了地圖或我們的 AR 平台，當然還有內容，正如您所提到的。因此，我們確實努力使我們產品的參與度多樣化。我們的應用程序打開了攝像頭，因此我們在視覺通信和增強現實方面擁有真正的實力，但貨幣化程度仍然不足，這就是為什麼我們真正專注於加速增強現實的收入增長，使其與參與度更加相稱我們在那裡看到的。

And we believe that the differentiated nature of our service is what's contributing to the daily active user growth which grew 19% year-over-year to 363 million daily active users. In terms of the content specifically, I think there's a lot of headroom, of course, to continue to grow content engagement. As I mentioned, viewership has expanded, and we're continuing to see a lot of demand for content and Spotlight, which is growing nicely and on our Discover platform.

我們相信，我們服務的差異化性質是推動日活躍用戶增長的原因，日活躍用戶同比增長 19%，達到 3.63 億日活躍用戶。具體就內容而言，我認為當然還有很大的空間可以繼續提高內容參與度。正如我所提到的，收視率已經擴大，我們繼續看到對內容和 Spotlight 的大量需求，這些需求在我們的 Discover 平台上增長良好。

I think we can do a better job helping people transition from friend stories or private stories into those types of content. And relative to other services where people are spending a lot of time watching content, we believe we have a lot of headroom to increase content engagement. So working to improve content diversity and personalization to realize that opportunity. Overall, of course, impressions grew 8% year-over-year. So we are seeing some progress there.

我認為我們可以做得更好，幫助人們從朋友故事或私人故事過渡到這些類型的內容。相對於人們花費大量時間觀看內容的其他服務，我們相信我們有很大的空間來增加內容參與度。因此，努力改善內容多樣性和個性化以實現這一機會。當然，總體而言，印像數同比增長 8%。所以我們看到那裡取得了一些進展。

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

下一個問題來自與伯恩斯坦聯盟的 Mark Shmulik。

A couple, if I may. First for Evan, I know with the leak memo, there was kind of the numbers out there on internal expectations for 2023. Any color you can share just how that's changed, given this is a fast-evolving macro market and a lot of changes with kind of new executives like Jerry on board and kind of the plans in place there?

如果可以的話，一對夫婦。首先對於埃文，我從洩密備忘錄中知道，那裡有一些關於 2023 年內部預期的數字。你可以分享任何顏色的變化，因為這是一個快速發展的宏觀市場，而且隨著像 Jerry 這樣的新高管加入以及那裡的計劃是什麼？

And then secondly, Jerry, I just kind of think about kind of new levers of monetization. And I know we're talking about kind of Spotlight ads coming on board here in the fourth quarter. Any color you can share in just kind of the road map of what else is there to kind of really reaccelerate revenue growth? I kind of look at stats like Samsung phones, 2.5 billion snaps. And so just how do we think about the Camera Kit and AR Kit being monetized as well?

其次，傑里，我只是想一些新的貨幣化槓桿。而且我知道我們正在談論第四季度即將推出的 Spotlight 廣告。您可以在路線圖中分享任何顏色，說明還有什麼可以真正重新加速收入增長？我有點看像三星手機這樣的統計數據，25 億張快照。那麼我們如何看待相機套件和 AR 套件也被貨幣化？

Thanks, Mark. Yes, so that was an internal memo that we weren't intending to share publicly, and as such, had a number of aspirational goals really designed to rally the team, especially at a time when we're restructuring and refocusing our business. It's really important for our team to see the enormous opportunity that we have in front of us, whether that's reaccelerating our revenue growth by improving our direct response business, better monetizing the enormous amount of AR engagement that we see, obviously, in our camera, and continuing to grow and build on Snapchat+.

謝謝，馬克。是的，所以這是一份我們不打算公開分享的內部備忘錄，因此，它有許多旨在凝聚團隊的雄心勃勃的目標，尤其是在我們正在重組和重新調整業務重點的時候。對於我們的團隊來說，看到擺在我們面前的巨大機會真的很重要，無論是通過改善我們的直接響應業務來重新加速我們的收入增長，還是更好地將我們在相機中看到的大量 AR 參與貨幣化，並繼續在 Snapchat+ 的基礎上發展壯大。

So we certainly see a lot of opportunity there, and the goal is really, as we look to 2023, inspiring our team. I remember some really challenging times in the past when expectations were really, really low. And internally, we tried to really inspire our team and that's what helped us deliver a 50% year-over-year revenue growth on average the last 5 years or so. So I think especially in really challenging times, when we've taken the necessary steps to make sure our business can be successful over the long term, inspiring the team is critically important. But those goals are internal and aspirational.

因此，我們當然看到了很多機會，而我們的目標確實是，正如我們展望 2023 年那樣，激勵我們的團隊。我記得過去一些非常具有挑戰性的時期，當時的期望非常非常低。在內部，我們試圖真正激勵我們的團隊，這幫助我們在過去 5 年左右的時間里平均實現了 50% 的收入同比增長。所以我認為，尤其是在真正充滿挑戰的時代，當我們採取必要措施確保我們的業務能夠長期取得成功時，激勵團隊至關重要。但這些目標是內部的和抱負的。

I'll take the second part of that question. In addition to the work on AR and accelerating the AR business that Evan touched on, I just want to give you a sense of how we're refocusing and realigning sales engineering and product teams around the customer. So let me give you an example of a program we started a couple of months back called the Reference Customer Program. The idea is to find customers that we want to ensure getting the most from our platform.

我將回答這個問題的第二部分。除了 Evan 談到的關於 AR 和加速 AR 業務的工作之外，我只想讓您了解我們如何圍繞客戶重新調整和調整銷售工程和產品團隊。因此，讓我舉一個我們幾個月前開始的計劃的示例，稱為參考客戶計劃。我們的想法是找到我們希望確保從我們的平台獲得最大收益的客戶。

We brought several SWOT teams together, a SWOT team that included folks from the account team, the engineering team and product teams to review every aspect of how the advertiser was using the platform. And we found that through this, we were able to help improve their implementation, better utilize features that are already in the platform, in a couple of cases, did a little bit of feature integration work.

我們召集了幾個 SWOT 團隊，一個 SWOT 團隊包括客戶團隊、工程團隊和產品團隊的人員，以審查廣告商如何使用該平台的各個方面。我們發現，通過這種方式，我們能夠幫助改進它們的實現，更好地利用平台中已有的功能，在某些情況下，我們做了一些功能集成工作。

In all those cases, the customers had higher ROI than expected and they were happy with their results. Now we're in the process of rolling these successes out to other customers who might have similar opportunities. And I think that, that's just a product of this -- of bringing the teams together. So I think there's a lot of opportunity for us to just bring teams together and take advantage of what we've already got out there and have it implemented in a better way.

在所有這些情況下，客戶的投資回報率都高於預期，他們對結果感到滿意。現在，我們正在將這些成功推廣給可能有類似機會的其他客戶。我認為，這只是將團隊聚集在一起的產物。所以我認為我們有很多機會將團隊聚集在一起，利用我們已經獲得的東西並以更好的方式實施。

The next question comes from Ross Sandler with Barclays.

下一個問題來自巴克萊銀行的羅斯桑德勒。

I just wanted to throw the macro question out. So it sounds like it's mostly brand advertising that was weak in 3Q, and it seems like that's the area that's forecasted to really drop off as we kind of go forward here in 4Q. So could you just maybe elaborate a little bit on what you're seeing? What's -- we can obviously see what's going on with the macro broadly, but specifically to like rest of this quarter, what commitments you're looking at that would cause those growth rates to kind of dip into the negative?

我只是想拋出宏觀問題。因此，聽起來主要是品牌廣告在第三季度表現不佳，而且隨著我們在第四季度向前發展，這似乎是預計真正下降的領域。那麼您能否詳細說明您所看到的內容？什麼 - 我們顯然可以廣泛地看到宏觀的情況，但特別是喜歡本季度的剩餘時間，您正在考慮哪些承諾會導致這些增長率下降到負數？

And then related to one of the prior questions, you're growing your DAUs almost 20% and impressions 8%. So it seems like we've just got a demand problem here, not a supply problem. Can you just talk to that a little bit?

然後與之前的一個問題相關，您的 DAU 增長了近 20%，印像數增長了 8%。所以看起來我們只是遇到了需求問題，而不是供應問題。你能稍微談談嗎？

It's Derek speaking. Thanks for the question. One, yes, in Q3, the deceleration in revenue growth was really observed across both our direct response and the brand advertising business, with the direct response advertising growing modestly faster than the overall business, while the brand-oriented advertising business declined slightly year-over-year in the quarter.

是德里克在說話。謝謝你的問題。一，是的，在第三季度，我們的直接反應和品牌廣告業務都確實觀察到了收入增長的減速，直接反應廣告的增長速度略高於整體業務，而品牌導向的廣告業務則略有下降——本季度同比增長。

And then in Q4, as we look forward, we expect the brand business to play a bigger role in the diesel that we anticipate to occur as we move through the quarter. And that being due to the fact that, number one, the growth rates were very high in the prior year but also it's a bigger portion of the business in Q4. I think stepping back, we've seen revenue growth move around over the last several months but within a relatively tight range. So we grew about 13% in Q2, but we saw that decelerate as we moved through the quarter. And this led us to the sharing, when we reported last quarter, that the growth was approximately flat in the early portion of that quarter.

然後在第四季度，正如我們所期待的那樣，我們預計品牌業務將在我們預計在本季度中發生的柴油中發揮更大的作用。這是因為，第一，去年的增長率非常高，但它在第四季度的業務中佔有更大的份額。我認為退後一步，我們已經看到過去幾個月的收入增長有所變化，但在相對狹窄的範圍內。因此，我們在第二季度增長了約 13%，但隨著我們整個季度的推進，我們看到增長放緩。這導致我們在上個季度報告時分享了該季度早期的增長大致持平。

By the end of August, when we shared AK about the restructuring, the quarter-to-date revenue had improved to about 8%, and so that implied things accelerated a bit. With the full quarter number at 6% this quarter, obviously, things slowed down into about the low single digits in September. And then we've seen things move up a bit in the beginning of this quarter with the early weeks being at about 9%.

到 8 月底，當我們與 AK 分享重組時，本季度至今的收入已提高到 8% 左右，這意味著事情有所加速。顯然，本季度整個季度的增長率為 6%，9 月份情況放緩至大約低個位數。然後我們看到本季度初的情況有所上升，前幾週約為 9%。

And so if you sort of take that together, what we're seeing is the growth rate has moved around month-to-month and accelerated or decelerated a couple of times. But we've largely been range-bound here between flat and the low teens as we continue to navigate this really difficult operating environment. And I think the thing I'd share here that's really important is something we've talked about several times in recent quarters, which is that it's incredibly fast and easy for advertisers to turn digital performance advertising on and off as they seek to calibrate their investments and their own growth in their business. And that's part of what we're seeing here with the start-stop on the growth rates in the accel and the decel that we've experienced.

因此，如果你把它綜合起來，我們看到的是增長率逐月變化，並且加速或減速了幾次。但是，隨著我們繼續在這個非常困難的運營環境中航行，我們在很大程度上處於平淡和低端之間的區間。我認為我要在這里分享的真正重要的事情是我們在最近幾個季度多次討論過的事情，那就是廣告商在尋求校准他們的投資和自身業務的增長。這就是我們在這裡看到的一部分，隨著我們所經歷的加速和減速的增長率開始停止。

So as we're navigating this, it's incredibly important that we stay focused on the inputs that we control. And you heard a lot about that from Evan and Jerry earlier around the investments we're making to grow the community, the investments to improve the DR business and, of course, things like Snapchat+, which are helping to diversify the top line growth and, of course, the future of AR.

因此，在我們進行導航時，我們必須專注於我們控制的輸入，這一點非常重要。早些時候，您從 Evan 和 Jerry 那裡聽到了很多關於我們為發展社區而進行的投資、改善 DR 業務的投資，當然還有 Snapchat+ 之類的東西，它們有助於實現收入增長和多元化，當然，AR的未來。

And then to your other question, in terms of supply versus demand, we continue to believe we have a significant room to grow our advertising business. And so I do believe that as you've seen the macro challenges compound on some of the platform changes we saw last year, certainly, we've been demand-challenged. And we continue to see a lot of opportunity to grow, grow our business with impressions as you see in the most recent quarter with those impressions growing but also through eCPMs as we can continue to get better at our direct response business, including optimization, personalization and ranking, which Jerry talked about a lot earlier. So I agree with you on that point. Hopefully, all of that provides a little bit of context for your question.

然後關於你的另一個問題，就供需而言，我們仍然相信我們有很大的空間來發展我們的廣告業務。因此，我確實相信，正如您在去年看到的一些平台變化中所面臨的宏觀挑戰一樣，當然，我們一直受到需求挑戰。而且我們繼續看到很多增長機會，通過印象來發展我們的業務，正如您在最近一個季度看到的那樣，這些印像在增長，但也通過 eCPM，因為我們可以繼續在我們的直接響應業務方面做得更好，包括優化、個性化和排名，傑里之前談到了很多。所以我同意你的觀點。希望所有這些都能為您的問題提供一些背景信息。

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

下一個問題來自瑞銀的 Lloyd Walmsley。

Thanks. First one is just you talked about expanding Spotlight test this quarter. You just talked about being kind of just demand-constrained. So curious how you guys think it plays out if we think about adding inventory from Spotlight, reducing eCPM. How responsive is the community to moving budget over as that ad load ramp since eCPMs come down? How easy is it for advertisers to shift that creative and see ROI in the Spotlight format?

謝謝。第一個是您剛剛談到本季度擴展 Spotlight 測試。你剛才談到有點受需求限制。很好奇你們認為如果我們考慮從 Spotlight 添加庫存，降低 eCPM 會如何發揮作用。自 eCPM 下降以來，隨著廣告負載的增加，社區對預算轉移的反應如何？廣告商轉移創意並以 Spotlight 格式查看投資回報率有多容易？

And then second one, if I can. You talked about taking $450 million out of the cost base. I think it was kind of an exit 2Q annualized number. Can you just talk about what kind of growth we should expect on that new cost base in terms of either headcount inflation or other cost growth on this new base heading into '23?

然後第二個，如果可以的話。你談到從成本基礎中拿出 4.5 億美元。我認為這是一個退出第二季度的年化數字。您能否談談我們應該在新的成本基礎上預期什麼樣的增長，無論是員工人數通脹還是這個新基礎上進入 23 年的其他成本增長？

It's Derek speaking. Thanks for the question. So in terms of the first one around monetizing Spotlight, as we look into Q4, we will expand our advertising tests within spotlight. But in addition, businesses already have several mechanisms to test and learn directly within Spotlight, so businesses are able to submit content to Spotlight, see how it performs within our community, receive direct feedback from our user base and then use those learnings to inform their campaigns.

是德里克在說話。謝謝你的問題。因此，就第一個圍繞 Spotlight 貨幣化而言，當我們展望第四季度時，我們將在 Spotlight 範圍內擴大我們的廣告測試。但此外，企業已經有多種機制可以直接在 Spotlight 中進行測試和學習，因此企業能夠向 Spotlight 提交內容，查看它在我們社區中的表現，從我們的用戶群接收直接反饋，然後使用這些學習來告知他們的活動。

We believe that this is a good example of how Spotlight offers an exciting new way for brands to experiment with their video creative and learn how to make content that inspires the community. We're also working on new tools that will enable businesses to easily promote their most engaging Spotlight content, drive conversations and then measure their success with ad managers.

我們相信，這是 Spotlight 如何為品牌提供令人興奮的新方式來嘗試其視頻創意並學習如何製作能夠激發社區的內容的一個很好的例子。我們還在開發新工具，使企業能夠輕鬆宣傳他們最具吸引力的 Spotlight 內容，推動對話，然後衡量他們與廣告經理的成功。

So at a high level, we're really excited about the potential for Spotlight. But we also have a lot of room, as I just mentioned, to grow our advertising business regardless of how and when we ramp Spotlight ad load, sorry. So we're ramping our testing judiciously there to make sure that we maximize the long-term value.

所以在高層次上，我們對 Spotlight 的潛力感到非常興奮。但正如我剛才提到的，我們還有很大的空間來發展我們的廣告業務，無論我們如何以及何時增加 Spotlight 廣告負載，抱歉。因此，我們正在那裡明智地加大測試力度，以確保我們最大化長期價值。

The next question is from the line of Mark Mahaney with Evercore.

下一個問題來自 Mark Mahaney 和 Evercore。

Two questions, please. First is, as you try to -- thoughts on Scan 4.0, when that comes out sometime this quarter? Do you think -- your thoughts on whether that will help you or not? At the same time, I think you've been trying to recover signal. You've been doing a series of things to try to improve ad attribution, ad targeting. Just where are you on that? .

請教兩個問題。首先是，當您嘗試時，關於 Scan 4.0 的想法，當它在本季度的某個時候出現？你認為——你對這是否對你有幫助的想法？同時，我認為您一直在嘗試恢復信號。您一直在做一系列事情來嘗試改善廣告歸因、廣告定位。只是你在哪裡？ .

And then you talked about ROI in the shareholder letter. Can you just quantify, like for people running campaigns, consistently running campaigns, how impaired is the ROI versus where it was kind of a year ago and the path to getting that back to levels that you had at that time?

然後你在股東信中談到了投資回報率。你能否量化一下，比如對於開展活動、持續開展活動的人，投資回報率與一年前的水平相比受到了多大的損害，以及將其恢復到當時水平的途徑？

This is Jerry. Let me talk about that first one on Scan 4.0. To take a step back here, we think it's critical. Measurement is critical. That's why we've invested so heavily in first- and third-party measurement. And Scan 4.0 is important, the coming changes are definitely needed improvements to help advertisers achieve their business goals. And better campaign attribution and more granular reporting should give us even more headroom for improvement.

這是傑瑞。讓我談談 Scan 4.0 上的第一個。退後一步，我們認為這很關鍵。測量是至關重要的。這就是我們在第一方和第三方測量方面投入如此巨大的原因。並且 Scan 4.0 很重要，即將到來的變化肯定需要改進，以幫助廣告商實現其業務目標。更好的活動歸因和更細化的報告應該給我們更多的改進空間。

For the ROI part of the question, we are constantly evolving the best way we serve our advertisers. We're continuing to update and improve our first-party measurement solutions, which are seeing continued adoption of our top advertisers. And they're seeing success on our platform as a result. We're also continuing to prove the way that third-party measurement systems like Google Analytics are reflecting conversions in our systems, and we're seeing positive results there, too.

對於問題的 ROI 部分，我們不斷改進為廣告客戶服務的最佳方式。我們將繼續更新和改進我們的第一方衡量解決方案，我們的頂級廣告商正在繼續採用這些解決方案。結果，他們在我們的平台上看到了成功。我們還在繼續證明 Google Analytics 等第三方衡量系統在我們的系統中反映轉化的方式，我們也看到了積極的結果。

We're also driving our direct response ads to better convert right on our platform. That improvement is happening through more experimentation with ML and integrating data from our privacy protecting first-party measurement solutions so that our ranking and personalization are more effective. And I just -- I want to come back to the fact that this ad space is more technical. And it's just as important as the rest of these to talk about that integration between sales, engineering and product teams and the processes that ensure that our advertising partners are achieving success by cross-functional process, tighter lines of communication and faster responsiveness to their opportunities and challenges.

我們還在推動我們的直接響應廣告，以更好地在我們的平台上進行轉化。這種改進是通過對 ML 進行更多實驗並整合來自我們的隱私保護第一方測量解決方案的數據來實現的，從而使我們的排名和個性化更加有效。我只是 - 我想回到這個廣告空間更具技術性的事實。同樣重要的是要討論銷售、工程和產品團隊之間的整合，以及確保我們的廣告合作夥伴通過跨職能流程、更緊密的溝通渠道和更快的機會響應速度取得成功的流程和挑戰。

Our last question comes from the line of Brent Thill with Jefferies.

我們的最後一個問題來自 Jefferies 的 Brent Thill。

Just on the brand side. I think many are curious kind of why brand will suffer so hard going into a seasonally strong period. Is this more macro-related? Is it -- given some of the restructuring, is that having some impact? And I guess, Evan, if you can also follow up on that. I know you -- there's been a lot of change. When do you expect that to kind of stabilize and that to flow through the system and you feel that you're on the right foundation from this restructuring activity?

只是在品牌方面。我想很多人都很好奇為什麼品牌會在進入季節性旺盛時期遭受如此沉重的打擊。這與宏觀有關嗎？是不是——考慮到一些重組，這會產生一些影響嗎？我想，埃文，如果你也可以跟進。我知道你——發生了很多變化。你預計什麼時候會穩定下來並通過系統流動，並且你覺得你在這次重組活動中處於正確的基礎上？

It's Derek speaking. I'll take the first part of that and then hand it off to Evan. I think first, just stepping back for context on Q4. Even flattish year-over-year revenue growth is about a 15% step-up on a quarter-over-quarter basis. So we are expecting revenue to grow seasonally at a pretty good clip. So the issue that we're seeing here is that if you look back to a year ago, we grew at over 40% year-over-year in the prior year. And many of the really significant macro impacts that we've seen over the course of this year weren't impacting the business nearly as much as they were a year ago.

是德里克在說話。我會拿第一部分，然後把它交給埃文。我認為首先，只是在第四季度退後一步。即使是同比持平的收入增長也比上一季度增長了約 15%。因此，我們預計收入將以相當不錯的速度季節性增長。所以我們在這裡看到的問題是，如果你回顧一年前，我們在前一年的年增長率超過了 40%。我們在今年看到的許多真正重大的宏觀影響對業務的影響幾乎沒有一年前那麼大。

So for example, the persistent inflation we've seen this year, but the ramp in the Fed rate cycle as well as the onset of the war in Ukraine, that really had an impact on growth rates as we move in to Q2. And so while we're still expecting really pretty robust 15% approximately quarter-over-quarter growth in Q4, the comp to the prior year and the fact that the macro impacts have built up and compounded on each other over the course of this year is really making the back half of this quarter, number one, a little bit more difficult from a visibility point of view.

例如，我們今年看到的持續通脹，但美聯儲利率週期的上升以及烏克蘭戰爭的爆發，在我們進入第二季度時確實對增長率產生了影響。因此，雖然我們仍然預計第四季度的環比增長非常強勁，約為 15%，但與去年相比，以及宏觀影響在今年的過程中已經累積並相互疊加的事實從知名度的角度來看，這確實使本季度的後半段排名第一，有點困難。

And certainly, with the performance that we saw from the brand portion of the advertising business in Q3 gives the -- sort of informs our expectation of the decel to move through the rest of the quarter. So hopefully, that gives you a little more context on that side of things. I'll turn it over to Evan for the second portion there.

當然，我們在第三季度從廣告業務的品牌部分看到的表現給出了我們對本季度剩餘時間減速的預期。所以希望這能給你更多關於這方面的背景信息。我會把它交給 Evan 那裡的第二部分。

Thanks, Brent, for the question. Yes, I mean, these sorts of changes in restructurings are always challenging. And I'm really just grateful to the team and really proud of how quickly they've worked to adapt and really make sure we're focused on our key priorities. I think it's going to take a little bit of time. We certainly have regained some momentum and focus, but the process is still concluding in certain countries where regulations require that those processes take a little bit longer. So I wouldn't say that we're complete there.

謝謝布倫特的問題。是的，我的意思是，重組中的這些變化總是具有挑戰性的。我真的很感謝團隊，並為他們能夠迅速適應並真正確保我們專注於我們的關鍵優先事項而感到自豪。我認為這需要一點時間。我們當然已經恢復了一些動力和重點，但在某些國家，該過程仍在結束，法規要求這些過程需要更長的時間。所以我不會說我們已經完成了。

I think one thing I'm watching specifically is on the sales side. We've got these President roles. Ronan Harris is joining a bit later this month as our President of EMEA. We will also have an APAC President and an Americas President, and we'll be putting folks into those roles as soon as we can. And in addition to that, we're also thinking about how to better organize our sales teams to go to market in a way that, that best serves our customers. And we're sort of thinking about Q1 as the time line for that.

我認為我正在特別關注的一件事是在銷售方面。我們有這些總統角色。 Ronan Harris 將於本月晚些時候加入，擔任我們的 EMEA 總裁。我們還將有一位亞太地區總裁和一位美洲總裁，我們將盡快讓人們擔任這些角色。除此之外，我們還在考慮如何更好地組織我們的銷售團隊，以最能為我們的客戶服務的方式進入市場。我們正在考慮將第一季度作為時間線。

So we're certainly not done with this process because we see more opportunity to streamline and improve the way we serve our advertising partners. I know that's something Jerry is thinking a lot about. But overall, if you just look at how the team has managed through this period of time, I'm really proud of the work they're doing and the progress we're making.

所以我們當然沒有完成這個過程，因為我們看到了更多簡化和改進我們為廣告合作夥伴服務的方式的機會。我知道這是傑瑞一直在考慮的事情。但總的來說，如果你看看團隊在這段時間裡是如何管理的，我真的為他們所做的工作和我們正在取得的進步感到自豪。

This concludes our question-and-answer session as well as Snap Inc.'s Third 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 年第三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。