(SNAP) 2022 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to Snap Inc.'s Fourth Quarter 2022 Earnings Conference Call.

大家下午好，歡迎來到 Snap Inc. 的 2022 年第四季度收益電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to David Ometer, Head of Investor Relations.

我現在想把電話轉給投資者關係主管 David Ometer。

Thank you, and good afternoon, everyone. Welcome to Snap's Fourth 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.

謝謝，大家下午好。歡迎來到 Snap 2022 年第四季度收益電話會議。今天和我們在一起的是首席執行官兼聯合創始人 Evan Spiegel；首席運營官 Jerry Hunter；和首席財務官 Derek Andersen。

Please refer to our Investor Relations website at investor.snap.com to find today's press release, slides, investor letter and investor presentation. 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.

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。本次電話會議包含前瞻性陳述，這些陳述基於我們截至今日的假設。實際結果可能與這些前瞻性陳述中表達的結果存在重大差異，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 most recent Form 10-Q, particularly in the section titled Risk Factors.

有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱我們今天發布的新聞稿以及我們最新的 10-Q 表格中描述的風險，特別是標題為“風險因素”的部分。

Today's call will include both GAAP and non-GAAP measures. Reconciliations between the two 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 指標。可以在今天的新聞稿中找到兩者之間的和解。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補償和相關工資稅以及折舊和攤銷以及非經常性費用。請參閱我們提交給美國證券交易委員會的文件，了解我們如何計算今天電話會議上討論的任何指標。

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

有了這個，我想把電話轉給埃文。

Hi, everyone, and thank you all for joining us.

大家好，感謝大家加入我們。

2022 was a challenging year for our business as we continue to be impacted by macroeconomic headwinds, platform policy changes and increased competition. We've taken action to refocus our investments to support our 3 strategic priorities of growing our community and deepening their engagement with our products, accelerating and diversifying our revenue growth and investing in the future of augmented reality. We are focused on the most important inputs that we can control, delivering engaging experiences to Snapchatters and improving business outcomes for our advertising partners.

2022 年對我們的業務來說是充滿挑戰的一年，因為我們繼續受到宏觀經濟逆風、平台政策變化和競爭加劇的影響。我們已採取行動重新調整我們的投資重點，以支持我們的 3 個戰略重點，即發展我們的社區並加深他們對我們產品的參與，加速我們的收入增長並使其多樣化，以及投資於增強現實的未來。我們專注於我們可以控制的最重要的輸入，為 Snapchatter 提供引人入勝的體驗，並為我們的廣告合作夥伴改善業務成果。

We continue to drive strong growth in our community, ending the year at 375 million daily active users in Q4, an increase of 17% year-over-year. Our team continues to innovate rapidly in ways that support the growth of our community. For example, in Q4, we released Communities to expand our content offering, onboarded several new media partners, doubled down on our progress with Spotlight, and launched new Snapchat+ features, each of which helps drive engagement across our service.

我們繼續推動社區的強勁增長，截至今年第四季度，日活躍用戶達到 3.75 億，同比增長 17%。我們的團隊繼續以支持社區發展的方式快速創新。例如，在第 4 季度，我們發布了社區以擴展我們的內容供應，加入了幾個新的媒體合作夥伴，加倍推進了我們在 Spotlight 方面的進展，並推出了新的 Snapchat+ 功能，每一項都有助於推動我們服務的參與度。

For the full year, we generated $4.6 billion of revenue, up 12% year-over-year, and generated $1.3 billion in the quarter or flat year-over-year, reflecting the rapid deceleration in digital advertising growth. Direct response advertising is a critical way that many companies grow their businesses, as it is one of the most performant and measurable forms of advertising. We have made progress updating and improving our ad platform over the past year across 3 key areas: investing in observability and measurement, improving engagement and conversion quality, and increasing the volume of high-quality engagements and conversions.

全年，我們創造了 46 億美元的收入，同比增長 12%，本季度創造了 13 億美元的收入或與去年同期持平，反映出數字廣告增長的快速減速。直接響應廣告是許多公司發展業務的關鍵方式，因為它是效果最好、可衡量的廣告形式之一。過去一年，我們在 3 個關鍵領域更新和改進了我們的廣告平台：投資於可觀察性和衡量、提高參與度和轉化質量，以及增加高質量的參與度和轉化量。

In the very near term, it will take time for these improvements to translate into improved top line growth. Over the long term, we believe that delivering higher return on advertising spend and utilizing our inventory more efficiently are critical inputs to gaining share of wallet, accelerating revenue growth and realizing the full ARPU potential of our business.

在短期內，這些改進需要時間才能轉化為收入增長的改善。從長遠來看，我們相信提供更高的廣告支出回報和更有效地利用我們的庫存是獲得錢包份額、加速收入增長和實現我們業務的全部 ARPU 潛力的關鍵投入。

We believe that the camera represents our greatest opportunity to improve the way people live and communicate. Over the last decade, we have made significant advances to our AR software and hardware that have enabled the growth of the sophisticated AR platform that we have today. Over 250 million Snapchatters engaged with augmented reality every day on average, and we are investing rapidly and thoughtfully in the future of AR to further expand our leadership position.

我們相信相機是我們改善人們生活和交流方式的最佳機會。在過去十年中，我們在 AR 軟件和硬件方面取得了重大進展，從而促成了我們今天擁有的複雜 AR 平台的發展。平均每天有超過 2.5 億的 Snapchatter 參與增強現實，我們正在對 AR 的未來進行快速而周到的投資，以進一步擴大我們的領導地位。

We continued our path to sustainable profitability by generating $378 million of adjusted EBITDA in 2022, achieving our third consecutive year of positive adjusted EBITDA. We also generated $55 million of free cash flow in 2022, achieving our second consecutive year of positive free cash flow.

我們通過在 2022 年產生 3.78 億美元的調整後 EBITDA 繼續我們的可持續盈利之路，實現了我們連續第三年的正調整 EBITDA。我們還在 2022 年產生了 5500 萬美元的自由現金流，實現了我們連續第二年的正自由現金流。

2022 brought significant challenges for our business, and we have emerged with a highly engaged and growing community, a more focused team and cost structure, a clear path to delivering sustained adjusted EBITDA profitability and positive free cash flow, and a strong balance sheet with $3.9 billion in cash and marketable securities. We begin 2023 focused on executing against our 3 strategic priorities of growing our community and deepening their engagement with our products, accelerating and diversifying our revenue growth and investing in the future of augmented reality. We look forward to sharing more about our progress and plans at our upcoming Investor Day on February 16 at our offices in Santa Monica.

2022 年為我們的業務帶來了重大挑戰，我們已經出現了一個高度參與和不斷發展的社區、一個更加專注的團隊和成本結構、一條實現持續調整後 EBITDA 盈利能力和正自由現金流的明確途徑，以及 3.9 美元的強勁資產負債表億現金和有價證券。從 2023 年開始，我們將重點執行我們的 3 個戰略重點，即發展我們的社區並加深他們對我們產品的參與，加速我們的收入增長並使其多樣化，以及投資於增強現實的未來。我們期待在即將於 2 月 16 日在我們位於聖莫尼卡的辦公室舉行的投資者日上分享更多關於我們的進展和計劃的信息。

Thank you. And with that, we will begin our Q&A session.

謝謝你。然後，我們將開始我們的問答環節。

(Operator Instructions) The first question comes from Justin Post with Bank of America.

（操作員說明）第一個問題來自美國銀行的 Justin Post。

Clearly, it's a tough environment for the digital economy overall. Can you talk about some of the bigger first quarter revenue headwinds from Snap from a macro perspective? And then can you go into the monetization changes that you are making in the quarter that could have a positive longer impact on the model?

顯然，對於整個數字經濟來說，這是一個艱難的環境。你能從宏觀角度談談 Snap 在第一季度的一些更大的收入逆風嗎？然後你能談談你在本季度所做的可能對模型產生長期積極影響的貨幣化變化嗎？

Thanks, Justin. It's Evan. From our recent conversations with our partners, it seems like advertising demand hasn't really improved, but it hasn't gotten significantly worse either. I mean, obviously, the brand spend is significantly reduced like we saw in the quarter, but our direct response business continued to grow in Q4. And in general, it seems like our partners are just managing their spend very cautiously so that they can react quickly to any changes in the environment.

謝謝，賈斯汀。是埃文。從我們最近與合作夥伴的對話來看，廣告需求似乎並沒有真正改善，但也沒有明顯惡化。我的意思是，很明顯，品牌支出明顯減少，就像我們在本季度看到的那樣，但我們的直接反應業務在第四季度繼續增長。總的來說，我們的合作夥伴似乎只是非常謹慎地管理他們的支出，以便他們能夠對環境的任何變化做出快速反應。

I think as we look at Q1, the most significant impact thus far had really been the changes we're making to our ad platform. Maybe just like taking a step back here, we've really been on a journey rearchitecting our ad platform. We shared a lot over the last year about our improvements to observability and measurability of conversion, things like our Conversions API or data clean rooms and multiparty computation. Of course, our pixel implementation for e-commerce advertisers.

我認為，當我們查看第一季度時，迄今為止最重要的影響確實是我們對廣告平台所做的更改。也許就像在這裡退一步一樣，我們真的一直在重新設計我們的廣告平台。在過去的一年裡，我們分享了很多關於我們對轉換的可觀察性和可測量性的改進，比如我們的轉換 API 或數據潔淨室和多方計算。當然，我們的像素實現是針對電子商務廣告商的。

I think we have made good progress there. Conversion API adoption continues to grow nicely. And the majority of our revenue is now measured using signals from Conversions API, pixel integration, scan or MMPs. And so a lot of what we've been doing is taking this improved measurability and using it to improve the value of those conversions. And so some of the things we've shipped recently in Q1 at the beginning of the quarter are big changes to our in-app UI, which we believe will help improve consideration because it aligns the ad UI with the more organic content experience.

我認為我們在那裡取得了很好的進展。轉換 API 的採用率繼續保持良好增長。我們的大部分收入現在是使用來自轉化 API、像素集成、掃描或 MMP 的信號來衡量的。因此，我們一直在做的很多事情都是利用這種改進的可衡量性，並利用它來提高這些轉化的價值。因此，我們最近在本季度初的第一季度發布的一些東西是對我們的應用內 UI 的重大改變，我們相信這將有助於提高考慮度，因為它使廣告 UI 與更有機的內容體驗保持一致。

We've done a lot of work to improve our in-app web view performance, which we believe can help contribute to improved conversions on the platform. We've updated our user ID graph, which helps improve attribution as well. And some of the early results are promising. So for example, pixel advertisers utilizing 1-0 attribution for them. Clicks are 40% more likely to result in a conversion. We're also seeing stuff like higher dwell times, higher nonbounce rates and higher third-party match rates. So overall, obviously, the results are early, but we're excited about these changes we're making.

我們已經做了很多工作來改進我們的應用程序內網絡視圖性能，我們相信這有助於提高平台上的轉化率。我們更新了用戶 ID 圖，這也有助於改進歸因。一些早期結果很有希望。因此，例如，像素廣告商為他們使用 1-0 歸因。點擊導致轉化的可能性提高 40%。我們還看到了諸如更高的停留時間、更高的非跳出率和更高的第三方匹配率之類的東西。所以總的來說，很明顯，結果是早期的，但我們對我們正在做出的這些改變感到興奮。

And then what we're doing is we're taking our machine learning models, and we're training them on these higher-value conversions, which will hopefully help us scale the overall number of those conversions over time. But the net-net, the impact in the short term is really that advertisers are experiencing these higher-value conversions, but there are fewer of them as our models retrain and hopefully, as we progress through the quarter, we can improve and increase that volume overall.

然後我們正在做的是我們正在採用我們的機器學習模型，我們正在對這些更高價值的轉換進行培訓，這有望幫助我們隨著時間的推移擴展這些轉換的總數。但總的來說，短期內的影響確實是廣告商正在經歷這些更高價值的轉化，但隨著我們的模型重新訓練，這種轉化越來越少，希望隨著我們在本季度的進展，我們可以改進和增加這種轉化整體音量。

And obviously, in addition to larger advertisers, these changes really benefit smaller advertisers who are much more reliant on last click conversions for measurement, maybe because they haven't implemented our Conversions API or don't have a data clean room, for example. So this, I think, of course, is a near-term headwind to the business, but we're very excited about the long-term potential of these changes, and we're working really hard on it.

顯然，除了大型廣告商之外，這些變化確實有利於小型廣告商，他們更依賴於最終點擊轉化進行衡量，例如，可能是因為他們尚未實施我們的轉化 API 或沒有數據清理室。因此，我認為，這當然是對業務的近期不利因素，但我們對這些變化的長期潛力感到非常興奮，我們正在為此努力。

The next question comes from Mark Shmulik with AllianceBernstein.

下一個問題來自 AllianceBernstein 的 Mark Shmulik。

So it looks like time spent on content globally was off, I think, led by...

所以看起來在全球範圍內花在內容上的時間已經減少了，我認為，由...領導

My apologies, Mark has dropped. The next question comes from Ross Sandler with Barclays.

抱歉，Mark 掉線了。下一個問題來自巴克萊銀行的羅斯桑德勒。

Evan, I've got a high-level technology question. You guys have been stating forever that you're a camera company, and we've seen an explosion in these new generative AI tools. How do you see those impacting your business? We have examples of Midjourney inside of Discord driving up engagement for them. Do you see the same kind of opportunity inside of Snap? Or do you see -- do you view this as possibly a risk if people are going to the camera less? How do you see this impacting Snap over the next, like, 5 years?

埃文，我有一個高級技術問題。你們一直在聲明你們是一家相機公司，我們已經看到這些新的生成人工智能工具的爆炸式增長。您如何看待影響您業務的因素？我們有 Discord 內部的 Midjourney 提高他們參與度的例子。你在 Snap 內部看到了同樣的機會嗎？或者你是否看到 - 如果人們減少對相機的關注，你是否認為這可能是一種風險？您如何看待這對 Snap 在未來（比如 5 年）的影響？

Thanks. Yes, we're so excited about the opportunity around generative AI. It's a huge opportunity for us, and we're already investing a ton. A lot of our most sophisticated AR lenses use generative AI technology. And we also see a lot of opportunities just to make our camera more powerful with generative AI. I mean some simple examples are like improving the resolution and clarity of a snap after you capture it or even much more extreme transformations or editing images or snaps based on a text input. But if we think longer term, 5 years, as you mentioned, this is going to be critical to the growth of augmented reality.

謝謝。是的，我們對圍繞生成人工智能的機會感到非常興奮。這對我們來說是一個巨大的機會，我們已經投入了大量資金。我們許多最先進的 AR 鏡頭都使用生成式 AI 技術。我們也看到了很多機會，可以通過生成人工智能讓我們的相機更強大。我的意思是一些簡單的例子，比如在捕捉快照後提高分辨率和清晰度，甚至更極端的轉換或基於文本輸入編輯圖像或快照。但如果我們考慮更長期，如你提到的 5 年，這將對增強現實的發展至關重要。

So today, if you look at AR, there's just a real limitation on what you can build in AR because there's a limited number of 3D models that have been created by artists. And we can use generative AI to help build more of these 3D models very quickly, which can really unlock the full potential of AR and help people make their imagination real in the world. You can imagine, playing around, your kids wearing AR glasses and pointing, "Oh my gosh, there's a pirate ship and a big monster", and we can bring those to life using generative, which I think is really exciting.

所以今天，如果你看看 AR，你可以在 AR 中構建的內容確實存在限制，因為藝術家創建的 3D 模型數量有限。而且我們可以使用生成式 AI 來幫助非常快速地構建更多這樣的 3D 模型，這可以真正釋放 AR 的全部潛力，幫助人們在世界中實現他們的想像。你可以想像，你的孩子戴著 AR 眼鏡四處玩耍並指著，“哦，我的天哪，有一艘海盜船和一個大怪物”，我們可以使用生成技術將它們帶入生活，我認為這真的很令人興奮。

And then of course, we're also thinking about how to integrate those tools into Lens Studio. We saw a lot of success integrating Snap ML tools into Lens Studio, and it's really enabled creators to build some incredible things. We now have 300,000 creators who built more than 3 million lenses in Lens Studio. So the democratization of these tools, I think, will also be very powerful.

當然，我們也在考慮如何將這些工具集成到 Lens Studio 中。我們看到將 Snap ML 工具集成到 Lens Studio 中取得了很多成功，它確實使創作者能夠構建一些令人難以置信的東西。我們現在有 300,000 名創作者，他們在 Lens Studio 中製作了超過 300 萬個鏡頭。因此，我認為這些工具的民主化也將非常強大。

The next question is from Richard Greenfield with LightShed Partners.

下一個問題來自 LightShed Partners 的 Richard Greenfield。

One, I guess, I want to just follow back on the initial topic of this. DR was up 4% in Q4, which is actually a pretty encouraging number. But your -- it sounds like you're talking about in Q1 based on your guidance, the changes you're making are going to drive that DR to go from -- you know, up 4% to down something. Could you just help us better understand as a DR flywheel and your investments start to kick in, why is it not driving sort of accelerated spend? Why is it actually hurting? I know you heard a little bit about it in the letter, but I think there's a lot of confusion of sort of why that inflection to the negative in DR as you're sort of investing to improve it?

第一，我想，我只想回到最初的主題。 DR 在第四季度增長了 4%，這實際上是一個非常令人鼓舞的數字。但是你的 - 聽起來你正在根據你的指導在第一季度談論，你所做的改變將推動 DR 從 - 你知道的，上升 4% 到下降一些。您能否幫助我們更好地理解作為 DR 飛輪並且您的投資開始發揮作用，為什麼它沒有推動某種加速支出？為什麼它真的很痛？我知道你在信中聽到了一些關於它的信息，但我認為有很多困惑，為什麼在你投資改善 DR 時會出現負面影響？

And then just on engagement, you made a comment that global time spent was up on content. Was that true in the U.S.? Or was that more of a global comment? And then on friends' Stories, you said it was down in Q4. Is that TikTok, Reels, Shorts? Just any color on what's driving sort of the pressure on friends' Stories in Q4 would be great.

然後就參與度而言，您評論說全球時間都花在了內容上。在美國是這樣嗎？或者這更像是一個全球性的評論？然後在朋友的故事中，你說它在第四季度下降了。那是 TikTok、Reels、Shorts 嗎？在第 4 季度對朋友的故事施加壓力的任何顏色都會很棒。

Thanks, Rich. There's a lot in there, so let me see if I can get to all of it. I think at a high level on the DR business, as I mentioned, the key here is that we're really improving the overall value of those conversions. But as a result, the volume of those conversions has decreased as our models relearn on the conversions that we're driving and hopefully, obviously, can expand that volume over time. But it's also requiring advertisers to adapt, for example.

謝謝，里奇。裡面有很多，所以讓我看看我是否能全部掌握。正如我所提到的，我認為在 DR 業務的高層，這裡的關鍵是我們真正提高了這些轉換的整體價值。但結果是，隨著我們的模型重新學習我們正在推動的轉化，這些轉化的數量已經減少，並且顯然希望可以隨著時間的推移擴大該數量。但它也需要廣告商進行調整，例如。

So they need to see that increased volume show up -- that increased value show up in their third-party measurement tools, for example, and then go in and increase their bids to reflect that increased value. And so overall, that sort of disruption. And then again, when you layer in, of course, the changes to the app UI, even things like our sales reorg channel redesign this quarter. It's a lot all at once, but frankly, we'd rather rip the Band-Aid. And so we waited to release a lot of these changes in Q1.

因此，他們需要看到增加的數量出現——增加的價值出現在他們的第三方測量工具中，例如，然後進入並提高他們的出價以反映增加的價值。總的來說，這種破壞。再一次，當你分層時，當然，應用程序用戶界面的變化，甚至像我們的銷售重組渠道這樣的東西在本季度重新設計。一次有很多，但坦率地說，我們寧願撕掉創可貼。因此，我們等待在第一季度發布大量這些更改。

I know Jerry has been eager to make a lot of these changes. But we know that Q4 is critically important for our advertising partners. It's just vital to their businesses. And so we held a lot of those changes to Q1, and we're making them all at once. So they're disruptive, but I think the really exciting thing is that it is having the intended impact in terms of value to advertisers and frankly, the expected impact in terms of the disruption to our business.

我知道 Jerry 一直渴望做出這些改變。但我們知道第四季度對我們的廣告合作夥伴來說至關重要。這對他們的業務至關重要。因此，我們對第一季度進行了很多更改，並且我們正在同時進行所有這些更改。所以它們具有破壞性，但我認為真正令人興奮的是，它在廣告商的價值方面產生了預期的影響，坦率地說，在對我們業務的破壞方面產生了預期的影響。

So we're going to continue to work through it. But again, the improvements we're seeing in terms of third-party match rates, dwell time, nonbounce rates, that's all really exciting. I think in overall, an input to improving return on advertising spend for our advertising partners.

所以我們將繼續努力解決它。但同樣，我們在第三方匹配率、停留時間、非跳出率方面看到的改進，這一切都非常令人興奮。我認為總的來說，這是提高我們廣告合作夥伴的廣告支出回報率的一種投入。

And then you, I think, asked about content time spend. So I'd say overall, content viewers continue to grow content products, including Spotlight, friends' Stories, creator Stories, partner content. That's true in the U.S. as well, where content viewership is growing. And globally, overall time spent watching content on the platform continues to grow. But time spent watching friends' Stories does continue to be a headwind to total time spent. So if you think about our investments here and what we're doing to reaccelerate time spent with times -- with content, the most important thing is really increasing Spotlight viewership and engagement. We think we've got a lot of headroom here.

然後你，我想，詢問了內容時間花費。所以我想說，總的來說，內容觀眾繼續增加內容產品，包括 Spotlight、朋友的故事、創作者故事、合作夥伴內容。在美國也是如此，內容收視率正在增長。在全球範圍內，在該平台上觀看內容的總時間持續增長。但是花在看朋友的故事上的時間確實繼續成為總花費時間的不利因素。因此，如果您考慮我們在這裡的投資以及我們正在做的事情來重新加快時間花費的時間 - 內容，最重要的是真正增加 Spotlight 的收視率和參與度。我們認為我們在這裡有很大的餘量。

We're excited about the 100% year-over-year growth on time spend and 30% year-over-year growth in Spotlight MAU. We're also continuing to invest in new creator tools and growing our creator ecosystem to increase -- create our content supply and diversity. That was definitely a bright spot in the U.S. where time spent watching creator Stories grew 10% year-over-year in Q4. And then we're making a lot of product improvements and innovations around friends' Stories, including things like community stories, which we think are really valuable to our community. And then lastly, obviously, onboarding new media partners who are driving significant viewership and time spend as we shared in the letter.

我們對 Spotlight MAU 的時間支出同比增長 100% 和 30% 感到興奮。我們還將繼續投資於新的創作者工具並發展我們的創作者生態系統，以增加——創造我們的內容供應和多樣性。這在美國絕對是一個亮點，第四季度花在觀看創作者故事上的時間同比增長了 10%。然後我們圍繞朋友的故事進行了大量的產品改進和創新，包括社區故事之類的東西，我們認為這對我們的社區非常有價值。最後，很明顯，正如我們在信中分享的那樣，加入新媒體合作夥伴，他們正在推動顯著的收視率和時間花費。

I do think short video competition is going to continue to be very intense. Our community loves watching entertaining short videos. So what we're really trying to do here is just play to our strengths around our camera and messaging. We benefit from the enormous amount of video creation happening on our platform, over 5 billion snaps created every day, and this network of close friends who really enjoy sharing videos across our platform. So I think we'll continue to play our strengths there. It's part of what's contributing to the great growth we're seeing in Spotlight.

我確實認為短視頻競爭將繼續非常激烈。我們的社區喜歡觀看有趣的短片。所以我們真正想在這裡做的只是發揮我們在相機和消息傳遞方面的優勢。我們受益於我們平台上發生的大量視頻創作，每天創建超過 50 億個快照，以及真正喜歡在我們平台上分享視頻的親密朋友網絡。所以我認為我們會繼續在那裡發揮我們的優勢。這是我們在 Spotlight 中看到的巨大增長的一部分。

The next question is from Brian Nowak with Morgan Stanley.

下一個問題來自摩根士丹利的布賴恩諾瓦克。

Just to kind of go back to the ad disruption in the near term kind of laid out on Page 9. I guess one of the questions I have, maybe I'm just not really understanding it. Is the way to think about this, the value of the advertiser is going up because in the near term, you're sort of increasing the effective ad load? So we should think about platform-wide pricing going down in the near term. Is that right? Or am I sort of off there is the first one.

只是回到第 9 頁上列出的近期廣告中斷問題。我想我有一個問題，也許我只是不太理解它。考慮這個問題的方式是，廣告客戶的價值正在上升，因為在短期內，你會增加有效的廣告負載？因此，我們應該考慮在短期內降低全平台定價。是對的嗎？或者我有點不喜歡第一個。

Then the second thing, one of the important aspects of driving direct response business is sort of data capture and being able to build cohorts of users. Can you just talk to us about some of the data capture that you already have and how you think about the potential to sort of cohort these users to drive a large DR business?

然後第二件事，推動直接響應業務的重要方面之一是數據捕獲和能夠建立用戶群。您能否與我們談談您已經擁有的一些數據捕獲，以及您如何看待將這些用戶分組以推動大型 DR 業務的潛力？

Brian, it's Derek speaking. I'll take the first one. Just in terms of what we're seeing in terms of inventory and the experience there, what you're effectively seeing is that we've had some growth in impressions just as we've invested in the creator Stories product, in particular, that's been very popular both from a hosting and from an engagement perspective. And so you've seen that contribute. So not necessarily an ad load, it's driven by positive engagement with that product. And then in terms of what we're seeing in sort of the overall ecosystem of the auction, what we're doing here is using our inventory significantly more efficiently. And so that has the effect of actually returning impressions back into the auction, which have to be absorbed across other GDBs and sort of puts downward pressure, all else being equal, on the contestation in the auction.

布萊恩，我是德里克。我要第一個。就我們在庫存和那裡的體驗方面所看到的而言，你有效地看到的是，正如我們投資於創作者故事產品一樣，我們的印像有所增長，特別是，那是從託管和參與的角度來看都非常受歡迎。所以你已經看到了那個貢獻。所以不一定是廣告負載，它是由對該產品的積極參與驅動的。然後就我們在拍賣的整體生態系統中看到的情況而言，我們在這裡所做的是更有效地使用我們的庫存。因此，這實際上具有將印象返回拍賣的效果，這些印象必須被其他 GDB 吸收，並且在其他條件相同的情況下，對拍賣中的競爭施加下行壓力。

And so obviously, that increases the opportunity for ROAs and return for advertisers. And all else being equal, what you're seeing that do is translate into lower eCPMs in the short term. But the improvements that we're making to the DR platform translating into longer dwell times, lower bounce rates and some of the metrics that Evan shared with you earlier, really are improving the value of the auctions we're driving and so that is more performative for the advertisers.

很明顯，這增加了 ROA 的機會和廣告商的回報。在其他條件相同的情況下，您所看到的是在短期內轉化為較低的有效每千次展示費用。但是，我們對 DR 平台所做的改進轉化為更長的停留時間、更低的跳出率以及 Evan 之前與您分享的一些指標，確實提高了我們正在推動的拍賣的價值，所以這更多對廣告商的表現。

So in the very near term, this disruption comes through with the pressure on the supply and the disruption to the volumes that are being driven, but the value is clearly higher, and we can see that already coming through. So hopefully, that gives you a little bit more context on what's happening in the sort of supply-demand environment there. I'll turn it over to Jerry for the second part of your question.

因此，在短期內，這種中斷會隨著供應壓力和正在推動的交易量中斷而發生，但價值顯然更高，我們可以看到已經發生了。因此，希望這能讓您更多地了解那裡的供需環境中正在發生的事情。關於你問題的第二部分，我會把它交給 Jerry。

Yes. Thanks, Derek. Brian, thanks for the question. Let me just give you a little about how we think about this data. So we have a bunch of ways that we're collecting data. So conversion API, Pixel, data clean rooms, it's like Evan talked about earlier, multiparty computation, scan and MMP. And all of these signals feed into our system and give us a better view of what's happening with customers and conversions. Add to that, the changes that we made to the web view and to the ad format, so we get better signal about how our customers are interacting with our product. These all come together to train our ML.

是的。謝謝，德里克。布賴恩，謝謝你的提問。讓我簡單介紹一下我們如何看待這些數據。所以我們有很多收集數據的方法。所以轉換 API、Pixel、數據潔淨室，就像 Evan 之前談到的，多方計算、掃描和 MMP。所有這些信號都會輸入我們的系統，讓我們更好地了解客戶和轉化情況。除此之外，我們還對網絡視圖和廣告格式進行了更改，因此我們可以更好地了解客戶如何與我們的產品互動。這些都聚集在一起來訓練我們的 ML。

And then that gives us better targeting over time. So the way we think about this is sort of a circle where there's constantly information that's coming in, we make changes in each of these products as well as making changes to -- customers make changes to their campaigns, and then we make changes to the ad format. We feed it into the ML, and this sort of circle gives us better and better targeting over time, which we think still leads to better CPMs across the board and better ROAs for our customers.

隨著時間的推移，這讓我們可以更好地定位。所以我們思考這個問題的方式有點像一個循環，在這個循環中，不斷有信息進來，我們對這些產品中的每一個進行更改，並對 - 客戶對其活動進行更改，然後我們對廣告格式。我們將其輸入 ML，隨著時間的推移，這種循環為我們提供了越來越好的定位，我們認為這仍然會為我們的客戶帶來更好的全面 CPM 和更好的 ROA。

The next question comes from Mark Mahaney with Evercore.

下一個問題來自 Evercore 的 Mark Mahaney。

Okay. I think I'll just ask one question on the monetization of Spotlight. It's something that we've gone back and forth on for a while now. What's the -- I don't want to say what's the holdup in monetizing Spotlight, but I do kind of want to ask that. Like what are the factors that you're looking for that allow you to be a little bit more aggressive in monetizing what's clearly a really strong growth asset for you? I know you don't want to undermine the user experience, but when do you make that on-off decision or that full on decision?

好的。我想我只想問一個關於 Spotlight 貨幣化的問題。這是我們已經來回討論了一段時間的事情。是什麼——我不想說將 Spotlight 貨幣化的障礙是什麼，但我確實有點想問這個問題。例如，您正在尋找哪些因素可以讓您更加積極地貨幣化對您來說顯然是非常強勁的增長資產？我知道你不想破壞用戶體驗，但你什麼時候做出開關決定或完全決定？

Mark, it's Derek speaking. I can take that question for you. I think for context, just to start, and I hinted out this a little earlier in the prior question, we definitely believe that we are demand constrained and not supply constrained at the moment. And to sort of put a finer point on that, we saw 8% impression growth in the most recent quarter, and that translated into a 9% decline in eCPM. So clearly, demand is the sort of lacking portion of things there. And obviously, that's why so much focus is on improvement in the DR business so that we can utilize our inventory and monetize take share. I think we're pleased with what we're seeing also in the growth in supply already. The investments that we made in creator stories in the most recent quarter translated into really solid volumes on posting and that translated into really good engagement. And so that's driven some impression growth in the most recent quarter that we're really pleased about.

馬克，我是德里克。我可以為你回答這個問題。我認為就上下文而言，只是開始，我在前面的問題中稍早一點暗示了這一點，我們絕對相信我們目前受到需求限製而不是供應限制。為了更好地說明這一點，我們在最近一個季度看到了 8% 的印象增長，這轉化為 eCPM 下降了 9%。很明顯，需求是那裡缺乏的東西。顯然，這就是為什麼如此關注 DR 業務的改進，以便我們可以利用我們的庫存並通過分享獲利。我認為我們對已經在供應增長中看到的情況感到滿意。我們在最近一個季度對創作者故事的投資轉化為非常可靠的發布量，並轉化為非常好的參與度。因此，這推動了最近一個季度的一些印象增長，我們對此感到非常高興。

In terms of Spotlight though, to answer your question specifically, we did share last quarter that we would be expanding the testing of Spotlight monetization, and we did do that in Q4 and we're pleased with what we saw. It remains really early in that testing. But in the testing we've seen thus far, the yield we're getting on ads served in Spotlight is equal to, and in some cases, higher than the yield we're realizing currently for similar ads elsewhere in the app. So again, this is really early, but that's very encouraging data in terms of what it means for our optimism about the potential for Spotlight to become a really meaningful portion of our overall content business in the future.

不過，就 Spotlight 而言，為了具體回答你的問題，我們在上個季度確實分享了我們將擴大 Spotlight 貨幣化的測試，我們在第四季度確實這樣做了，我們對所看到的結果感到滿意。它仍然處於該測試的早期階段。但在我們迄今為止看到的測試中，我們在 Spotlight 中投放的廣告獲得的收益等於，在某些情況下，高於我們目前在應用程序其他地方實現的類似廣告的收益。再次重申，這真的很早，但就我們對未來 Spotlight 成為我們整體內容業務中真正有意義的一部分的潛力的樂觀態度而言，這是非常令人鼓舞的數據。

So we're going to continue to advance our testing on spotlight in the months ahead and continue to optimize the ad experience for both our community and advertising partners. But as I said earlier, given where demand constrained, the urgency to ramp up monetization there is limited and focusing on the advertiser and the customer experience is the most important thing in the very near term.

因此，我們將在未來幾個月繼續推進我們對 Spotlight 的測試，並繼續為我們的社區和廣告合作夥伴優化廣告體驗。但正如我之前所說，鑑於需求受限，提高貨幣化的緊迫性有限，關注廣告商和客戶體驗是近期最重要的事情。

The next question is from Eric Sheridan with Goldman Sachs.

下一個問題來自高盛的 Eric Sheridan。

Maybe if I can pivot to the cost side of the equation and just try to tie a few loose ends together. So it sounds like Evan earlier said, there's obviously some key areas to invest in that will act as a headwind to margins even as you exit '22 and go into '23. You've obviously done a cost-cutting initiative coming out of '22. And then there's elements of the business would improve on the back of the DR initiatives as we move through 2023. Can we get a little more granular on some of the headwinds versus the tailwinds and the cost structure and tying it back to how we should be thinking about leverage in the business when you think about your investment cadence versus sort of implementation of the cost-cutting initiative and then an improved revenue profile as we move through '23?

也許如果我可以轉向等式的成本方面，並嘗試將一些鬆散的部分聯繫在一起。所以聽起來就像 Evan 早些時候說的那樣，即使你退出 22 年進入 23 年，顯然有一些關鍵領域需要投資，這將成為利潤率的逆風。你顯然已經完成了 22 年的成本削減計劃。然後，隨著 2023 年的到來，在 DR 計劃的支持下，業務的某些方面將有所改善。我們能否更詳細地了解一些逆風與順風以及成本結構，並將其與我們應該如何做聯繫起來當您考慮您的投資節奏與某種程度的成本削減計劃的實施，然後在我們度過 23 世紀時改善收入狀況時，考慮業務中的槓桿作用？

Eric, it's Derek speaking. I can take that one. I think to start off, when we approached the reprioritization that we announced near the end of Q3 where we shared that we were going to be removing $500 million from the cash cost structure, I think it's important to just understand that we were very thoughtful in our approach about that because we really wanted to achieve 2 goals. One is we wanted to make sure that we were clearly building a path to adjusted EBITDA profitability and positive free cash flow even at lower growth rates. But we also wanted to make sure that each of our 3 strategic priorities were fully funded so that we were fully funding the efforts to continue to grow our community and deepen engagement, the work that we're doing to improve our DR platform in order to accelerate revenue growth as well as the efforts around diversifying our revenue growth, which you see with Snapchat+, and then also, of course, being able to continue to invest in the long-term AR business.

埃里克，我是德里克。我可以拿那個。我認為首先，當我們接近我們在第三季度末宣布的重新排序時，我們分享了我們將從現金成本結構中移除 5 億美元，我認為重要的是要了解我們在我們的做法是因為我們真的想實現兩個目標。一是我們要確保即使在較低的增長率下，我們也清楚地建立了調整後的 EBITDA 盈利能力和正自由現金流的途徑。但我們也想確保我們的 3 個戰略優先事項中的每一個都得到充分資助，以便我們充分資助繼續發展我們的社區和加深參與的努力，我們正在做的工作是改進我們的 DR 平台，以便加速收入增長以及圍繞我們的收入增長多元化所做的努力，您可以在 Snapchat+ 上看到這一點，當然，還能夠繼續投資於長期的 AR 業務。

And so what you can see is we've been able to make sure that we have a cost structure that fully funds those 3 priorities, and we're -- but we're still on track to deliver all of the $500 million in cost reduction. So the first $50 million there is coming out of fixed content reductions, and you should see that fully reflected in the fixed component of the content costs in Q1. And similarly, on the cash operating cost structure, the objective there was to remove $450 million. And we were continuing to wind down various operations through the course of Q4. So you'll see the full benefit of that cost reduction again in Q1 just as we anticipated. For example, our actual headcount numbers are, at the end of the current quarter, are down 20% from the peak in Q2.

所以你可以看到，我們已經能夠確保我們的成本結構能夠為這 3 個優先事項提供充分的資金，而且我們 - 但我們仍在按計劃交付所有 5 億美元的成本減少。因此，前 5000 萬美元來自固定內容削減，你應該看到這充分反映在第一季度內容成本的固定部分。同樣，在現金運營成本結構上，目標是減少 4.5 億美元。在第四季度，我們繼續縮減各種業務。因此，正如我們預期的那樣，您將在第一季度再次看到成本降低的全部好處。例如，我們的實際員工人數在本季度末比第二季度的峰值下降了 20%。

So it gives you a sense of the progress we've made in managing down the cost structure and getting ourselves to the prioritized cost structure. So then going forward, first, I'd say like we remain long-term oriented when we're thinking about the investments in the business. So there are going to be things that are incredibly compelling for us to invest in, in the business. And for example, we just made the investment in creator Stories, obviously, a very compelling investment immediately resulting in an 8% increase in inventory.

因此，它讓您了解我們在管理成本結構和讓我們自己進入優先成本結構方面取得的進展。那麼接下來，首先，我想說的是，當我們考慮對業務的投資時，我們仍然以長期為導向。因此，將會有一些非常有吸引力的事情讓我們投資於業務。例如，我們剛剛對創作者故事進行了投資，顯然，這是一項非常引人注目的投資，立即導致庫存增加 8%。

So there are going to be investments like that along the way that are incredibly compelling. What we have to do is to remain, one, very disciplined on the aggregate cost structure and very focused on prioritizing our investments to make sure that we maintain that path to adjusted EBITDA profitability and consistent free cash flow generation. It's now our third consecutive year of adjusted EBITDA profitability, second consecutive year of positive free cash flow.

因此，在此過程中將會有類似的投資，這些投資非常引人注目。我們必須做的是，在總成本結構上保持非常嚴格的紀律，並非常專注於確定我們投資的優先順序，以確保我們保持調整後的 EBITDA 盈利能力和持續產生自由現金流的路徑。現在是我們連續第三年實現調整後的 EBITDA 盈利，連續第二年實現正自由現金流。

And that's important to controlling our financial destiny going forward, making sure that we can fund the investments in the future of our business and also making sure that we have the cash and cash flow to manage any dilution that we experience in the business, which you see we've been active in doing. So hopefully, that gives you a sense of like where we are on the reprioritization of the cost structure and funding our priorities, but also how we're thinking about balancing that discipline going forward.

這對於控制我們未來的財務命運非常重要，確保我們能夠為未來業務的投資提供資金，並確保我們有現金和現金流來管理我們在業務中遇到的任何稀釋，你看到我們一直在積極做。因此，希望這能讓您了解我們在重新確定成本結構的優先級和為我們的優先事項提供資金方面所處的位置，以及我們正在考慮如何平衡未來的紀律。

Our next question is from Lloyd Walmsley with UBS.

我們的下一個問題來自瑞銀集團的 Lloyd Walmsley。

Two, if I can. First, you've talked a lot about the headwinds to time spent in friends' Stories, but can you just talk about what you're seeing in the core chat experiences? Are you seeing growth in, whether it's time for user or visits per day per user in that core kind of anchor engagement that feeds the whole business?

兩個，如果可以的話。首先，你已經談了很多關於在朋友的故事中花費時間的不利因素，但你能談談你在核心聊天體驗中看到的內容嗎？您是否看到增長，無論是用戶時間還是每個用戶每天訪問的核心類型的錨定參與為整個業務提供服務？

And then the second one was just in the letter, you mentioned Discover content moving into more places. Curious if you expect this to be more of a driver of engagement or monetization or both. Have you started doing anything that you can kind of share early learnings of this year?

然後第二個就在信中，你提到發現內容移動到更多地方。如果您希望這更多地成為參與或貨幣化或兩者兼而有之的驅動力，那很好奇。你有沒有開始做任何你可以分享今年早期學習的事情？

Thanks, Lloyd, for the question. Yes. We're incredibly excited about the momentum we're seeing around our messaging service. Visual messaging is really core to the Snapchat experience and what helps people connect with their friends and family and, of course, enhances their relationships. So we're really excited about that momentum there. And of course, the work that we're doing in our camera around augmented reality and helping our community express themselves with AR Lenses and try and get new utility out of augmented reality with things like [Trion] as well.

謝謝勞埃德提出的問題。是的。我們對消息服務的發展勢頭感到無比興奮。視覺消息是 Snapchat 體驗的真正核心，它可以幫助人們與朋友和家人聯繫，當然也可以增進他們的關係。所以我們對那裡的勢頭感到非常興奮。當然，我們在相機中圍繞增強現實所做的工作，並幫助我們的社區使用 AR 鏡頭表達自己，並嘗試通過 [Trion] 之類的東西從增強現實中獲得新的實用性。

So those core experiences around the camera and messaging are obviously really exciting, driving a lot of growth for us. And also things like the map, for example, as we mentioned, I believe, in the letter, Q4 Snapchatters opened places on the map more than twice as often as they did in Q4 of 2021. So definitely a lot of strong growth and engagement around the core product value of messaging, and we're really optimistic about some of the new products we have coming around that as well.

因此，圍繞相機和消息傳遞的那些核心體驗顯然非常令人興奮，為我們帶來了很大的增長。還有地圖之類的東西，例如，正如我們在信中提到的，我相信，第四季度 Snapchatter 在地圖上打開地點的頻率是 2021 年第四季度的兩倍多。所以肯定有很多強勁的增長和參與圍繞消息傳遞的核心產品價值，我們也對圍繞它推出的一些新產品非常樂觀。

Our last question comes from Doug Anmuth with JPMorgan.

我們的最後一個問題來自摩根大通的 Doug Anmuth。

I have two. First, just to circle back on friends' Stories and the strategy there. It sounds like part of the goal here is to get people to shift in to use Spotlight more? Is the idea to shift them into that tab in particular or to put Spotlight videos within friends' Stories? And then can you also just talk about how revenue sharing with creators will work on Spotlight?

我有兩個。首先，回到朋友的故事和那裡的策略。聽起來這裡的部分目標是讓人們更多地使用 Spotlight？是將它們特別轉移到該選項卡中，還是將 Spotlight 視頻放入朋友的故事中？然後你能不能也談談與創作者的收入分享將如何在 Spotlight 上運作？

Yes, sure. So at a high level, what we're seeing with friends' Stories is that people still really want to watch stories from their close friends and their family. It's more the longer tail of their friends where they prefer to watch a really entertaining video than maybe a story about somebody's day-to-day life. And so that's really where we're trying to understand where that sort of breakpoint is for different members of our community and help them discover Spotlight content sort of at that moment as they start to become less engaged with friends' Stories. So some of that, for example, is creating entry points even in Discover, right, so that people can tap directly into Spotlight content from that four-tab content experience.

是的，當然。因此，在較高層面上，我們在朋友的故事中看到的是，人們仍然真的很想看他們親密朋友和家人的故事。更像是他們朋友的長尾巴，他們更喜歡看一個真正有趣的視頻，而不是一個關於某人日常生活的故事。因此，這正是我們真正試圖了解社區不同成員的斷點在哪裡，並幫助他們在他們開始減少與朋友的故事互動時發現 Spotlight 內容。因此，其中一些，例如，甚至在 Discover 中創建入口點，對吧，這樣人們就可以直接從四個選項卡的內容體驗中進入 Spotlight 內容。

And in addition, we're also helping drive folks to the Spotlight tab itself, especially. For example, if one of the creators they are following has posted a new Spotlight video, we can let folks know and bring them into spotlight that way. So that's, I think, kind of how we're thinking about driving more top of funnel to spotlight at least in the near term. As it pertains to revenue share with creators, we do, do a small amount of sort of content seating, for example, with sort of contests and things like that around Spotlight, but we have not yet rolled out sort of a large-scale revenue share.

此外，我們還特別幫助人們使用 Spotlight 選項卡本身。例如，如果他們關注的創作者之一發布了新的 Spotlight 視頻，我們可以讓人們知道並以這種方式將他們帶到聚光燈下。所以，我認為，這就是我們考慮至少在短期內推動更多漏斗頂部成為聚光燈的方式。由於它涉及與創作者的收入分成，我們會做少量的內容座位，例如，圍繞 Spotlight 進行比賽和類似的事情，但我們還沒有推出大規模的收入分享。

In fact, what we're seeing a lot of creators do is use Spotlight to get distribution for their stories, so to become discovered in spotlight, drive people to subscribe to their creator stories where we then do revenue share with them. And that is actually, I think, quite beneficial both to our business and creators because that subscription model, it provides much more stable revenue for the creators. And I think that's something that they really value compared to Spotlight, which is a bit more hit-driven. So if they've got a great hit video, they can use that to drive people to their story and then monetize that more durably over time and build that relationship with their audience.

事實上，我們看到許多創作者所做的是使用 Spotlight 來分發他們的故事，以便在聚光燈下被發現，促使人們訂閱他們的創作者故事，然後我們與他們分享收入。我認為，這實際上對我們的業務和創作者都非常有利，因為訂閱模式為創作者提供了更穩定的收入。而且我認為與 Spotlight 相比，這是他們真正看重的東西，Spotlight 更受點擊驅動。因此，如果他們有一個很棒的熱門視頻，他們可以利用它來吸引人們關注他們的故事，然後隨著時間的推移更持久地從中獲利，並與觀眾建立這種關係。

This concludes our question-and-answer session as well as Snap Inc.'s Fourth quarter 2022 Earnings Conference Call.

我們的問答環節以及 Snap Inc. 的 2022 年第四季度收益電話會議到此結束。

Thank you for attending today's session. You may now disconnect.

感謝您參加今天的會議。您現在可以斷開連接。