(SNAP) 2023 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to Snap Inc.'s Second Quarter 2023 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 2023 年第二季度收益電話會議。 （操作員指示）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 2023 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，大家下午好。歡迎參加 Snap 2023 年第二季度收益電話會議。今天與我們在一起的有首席執行官兼聯合創始人埃文·斯皮格爾 (Evan Spiegel)；傑里·亨特，首席運營官；和首席財務官德里克·安德森(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.

請參閱我們的投資者關係網站 Investor.snap.com，查找今天的新聞稿、幻燈片、投資者信函和投資者演示。本次電話會議包含前瞻性陳述，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 these 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這些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 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.

今天的電話會議將包括公認會計原則和非公認會計原則措施。兩者之間的對賬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工資稅以及折舊、攤銷和非經常性費用。

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.

請參閱我們向 SEC 提交的文件，了解我們如何計算今天電話會議中討論的任何指標。說到這裡，我想把電話轉給埃文。

Hi, everyone, and thank you all for joining us. We began the second quarter of 2023 with a strong focus on growing our community, accelerating our revenue growth and leading in augmented reality. Our community grew to 397 million daily active users in Q2, and we are working to deepen engagement with our content platform with a number of content viewers and total time spent watching content increasing globally year-over-year.

大家好，感謝大家加入我們。從 2023 年第二季度開始，我們重點關注發展我們的社區、加速我們的收入增長並在增強現實領域處於領先地位。第二季度，我們的社區每日活躍用戶增長到 3.97 億，我們正在努力加深與內容平台的互動，全球範圍內觀看內容的總時間逐年增加。

Our focus on visual communication between friends and family is a strategic advantage that has enabled us to build engaging and retentive products and services across our platform. To achieve a higher rate of revenue growth, we are focused on 3 key priorities: First, investing in our products to sustain community growth and deepen engagement; second, investing heavily in our direct response business to deliver measurable return on spend for our advertising partners; and third, cultivating new sources of revenue to diversify our top line growth to build a more resilient business.

我們對朋友和家人之間視覺交流的關注是一項戰略優勢，使我們能夠在我們的平台上打造引人入勝且具有記憶力的產品和服務。為了實現更高的收入增長率，我們重點關註三個關鍵優先事項：首先，投資我們的產品以維持社區增長並加深參與度；其次，大力投資我們的直接響應業務，為我們的廣告合作夥伴提供可衡量的支出回報；第三，培育新的收入來源，實現收入增長多元化，打造更具彈性的業務。

We generated revenue of $1,068 million in Q2, a decrease of 4% year-over-year and an increase of 8% quarter-over-quarter. In Q1 of this year, we made changes to our ad platform to unify the ad experience across our service and retrained our models to drive more in-session click-through conversions.

第二季度我們的收入為 10.68 億美元，同比下降 4%，環比增長 8%。今年第一季度，我們對廣告平台進行了更改，以統一整個服務的廣告體驗，並重新訓練我們的模型以推動更多的會話內點擊轉化。

In Q2, we made progress toward improving results for advertisers through machine learning model updates and infrastructure improvements, new ways of measuring and optimizing advertising spend and new leadership for our go-to-market efforts.

在第二季度，我們通過機器學習模型更新和基礎設施改進、衡量和優化廣告支出的新方法以及我們進入市場工作的新領導力，在改善廣告商業績方面取得了進展。

We are encouraged to see that this progress is beginning to translate into improved results with record active advertisers in Q2, up more than 20% year-over-year and through improved advertiser retention compared to the same period last year. We made progress diversifying our revenue through Snapchat+, our subscription service that offers exclusive experimental and pre-release features which now has more than 4 million subscribers.

我們欣喜地看到，這一進展已開始轉化為業績的改善，第二季度的活躍廣告客戶數量同比增長超過 20%，並且與去年同期相比，廣告客戶保留率有所提高。我們通過 Snapchat+ 實現了收入多元化，我們的訂閱服務提供獨家實驗性和預發布功能，目前擁有超過 400 萬訂閱者。

We are excited about the early progress we are making with AR Enterprise Services, our first SaaS offering, which helps retailers use our augmented reality platform to drive sales and reduce returns on their own applications and websites. We also rolled out My AI globally, and we recently began early testing of sponsored links in conversations with My AI.

我們對 AR Enterprise Services 所取得的早期進展感到興奮，這是我們的第一個 SaaS 產品，它可以幫助零售商使用我們的增強現實平台來推動銷售並減少他們自己的應用程序和網站的回報。我們還在全球範圍內推出了 My AI，並且最近開始對與 My AI 對話中的讚助鏈接進行早期測試。

Diversifying our revenue growth is an important strategic initiative and we believe our leadership in messaging and AR technology provides a strong foundation to help connect businesses to our large and engaged community. We are calibrating our investment levels to build a path to free cash flow breakeven or better even with reduced rates of revenue growth.

實現收入增長多元化是一項重要的戰略舉措，我們相信我們在消息傳遞和 AR 技術方面的領先地位為幫助企業與我們龐大且積極參與的社區建立了堅實的基礎。我們正在調整我們的投資水平，以建立一條實現自由現金流盈虧平衡或更好的道路，即使在收入增長率下降的情況下也是如此。

We will continue to invest with a long-term perspective, especially in areas that are critical to realizing the long-term opportunity of augmented reality. While our strategic investments in cloud-based ML infrastructure have put downward pressure on margins in the short term, there are early signs that the improvements to ranking and personalization of our content and ad platforms are leading to deeper engagement with content by our community and stronger returns on investment for our advertising partners.

我們將繼續以長遠的眼光進行投資，特別是在對實現增強現實的長期機會至關重要的領域。雖然我們對基於雲的機器學習基礎設施的戰略投資在短期內給利潤帶來了下行壓力，但早期跡象表明，我們的內容和廣告平台的排名和個性化的改進正在導致我們的社區更深入地參與內容，並增強我們的能力。我們的廣告合作夥伴的投資回報。

We have further scrutinized our operating costs in order to invest incrementally only where it is necessary to achieve our strategic priorities and in particular, to drive top line revenue acceleration. Last year, we reorganized our team, reprioritized our business initiatives and laid out our strategy to reaccelerate revenue growth by investing in community growth and engagement, improving our direct response advertising business and diversifying the sources of our revenue.

我們進一步審查了我們的運營成本，以便僅在有必要實現我們的戰略重點，特別是推動營收加速的情況下進行增量投資。去年，我們重組了我們的團隊，重新調整了我們的業務計劃的優先順序，並製定了通過投資於社區增長和參與、改善我們的直接響應廣告業務以及實現收入來源多元化來重新加速收入增長的戰略。

While we are still far from achieving the revenue growth to which we aspire, we believe that the momentum we have established in community growth and content engagement, the significant improvements we are seeing in return on investment for direct response advertisers and the early growth of Snapchat+ to more than 4 million subscribers demonstrate progress and further validate our strategic focus. Thank you. And with that, we will begin our Q&A session.

雖然我們距離實現我們所期望的收入增長還很遙遠，但我們相信我們在社區增長和內容參與方面建立的勢頭、我們在直接響應廣告商的投資回報方面看到的顯著改善以及 Snapchat+ 的早期增長向超過 400 萬訂閱者展示了進展並進一步驗證了我們的戰略重點。謝謝。接下來，我們將開始問答環節。

(Operator Instructions) Our first question is from the line of Mark Shmulik with Bernstein.

（操作員說明）我們的第一個問題來自 Mark Shmulik 與 Bernstein 的對話。

So Derek, on the guide, this is the first time you've guided in a while, but I guess I imagine investors were hoping for a bit more sequential improvement. Can you share just what's giving you the confidence to guide more formally now? And just how to think about some of these puts and takes that get into that guide?

德里克，關於指導，這是你一段時間以來第一次指導，但我想我想投資者希望有更多的連續改進。您能分享一下是什麼讓您有信心現在更正式地進行指導嗎？以及如何思考該指南中的一些看跌期權？

And then I guess as a follow-up, a bit more longer-term focused for Jerry. In the investor letter, you talked a lot about adding a lot of ad impressions, active advertisers up a lot, still rebuilding the ad server, launching new ad products. It sounds like many of your historic major advertisers are still not back to kind of where they were.

然後我想作為後續行動，傑瑞會更加關注長遠。在投資者的信中，您談到了很多關於增加大量廣告展示次數、活躍廣告商增加很多、仍然重建廣告服務器、推出新的廣告產品。聽起來許多歷史悠久的主要廣告商仍然沒有回到原來的狀態。

What's the easiest way to think about getting back to double-digit growth, if you were to stack rank? Is it getting these new advertisers to increase your wallet or really focusing on your kind of major accounts and getting the back?

如果要提升排名，要恢復兩位數增長的最簡單方法是什麼？是讓這些新的廣告商增加你的錢包，還是真正專注於你的主要客戶並獲得回報？

It's Derek speaking. Thanks for the question. And you're right. I'd note that we've not provided formal guidance since the very beginning of 2022. So it is a big shift for us to begin providing formal guidance again. And I think that does reflect an increased confidence in the trajectory of our business.

說話的是德里克。謝謝你的提問。你是對的。我要指出的是，自 2022 年初以來，我們就沒有提供正式指導。因此，再次開始提供正式指導對我們來說是一個重大轉變。我認為這確實反映出人們對我們業務發展軌蹟的信心增強。

We've historically I think when we've approached thinking about guidance, one of the things that we've tried to do is make sure that we're reasonably including at the top end, the attainable upside that we see in the business. And then on the downside, making sure that we're including the reasonably visible and quantifiable downside on that side.

我認為，從歷史上看，當我們考慮指導時，我們嘗試做的事情之一就是確保我們合理地將我們在業務中看到的可實現的優勢納入高端。然後是不利的一面，確保我們將這一方面合理可見且可量化的不利因素包括在內。

So as we enter Q3, the business is in a period of rapid transition as we invest to drive improved performance on our ad platform. You'll note that we've ramped investment in infrastructure really rapidly to support monetization as well as the depth of content engagement and My AI, each of which is or will be a key input to monetization over time.

因此，當我們進入第三季度時，業務正處於快速轉型期，因為我們進行投資以提高廣告平台的性能。您會注意到，我們已經非常迅速地加大了對基礎設施的投資，以支持貨幣化以及內容參與和“我的人工智能”的深度，隨著時間的推移，每一項都已經或將成為貨幣化的關鍵投入。

And given the progress we're seeing there, we're pretty excited and encouraged. We've seen active advertisers up 20% year-over-year, higher active advertiser retention year-over-year and a more than 30% lift in purchase-related conversions. So we're increasingly confident that these investments are a key input to sustain revenue growth over time.

鑑於我們所看到的進展，我們感到非常興奮和鼓舞。我們發現活躍廣告客戶同比增長 20%，活躍廣告客戶保留率同比提高，購買相關轉化次數增長超過 30%。因此，我們越來越有信心，這些投資是維持收入長期增長的關鍵投入。

That said, how the continued ramp in these investments will impact the ad platform performance, advertiser demand and top line growth in the immediate weeks and months ahead is more difficult to predict with precision. In addition, forward visibility of advertising demand remains somewhat limited.

也就是說，這些投資的持續增長將如何影響未來幾周和幾個月的廣告平台績效、廣告商需求和營收增長，這一點更難以準確預測。此外，廣告需求的前瞻性可見度仍然有限​​。

We've seen continued strength with verticals such as CPG and restaurants and travel. Well, we've got some other sectors that continue to face challenges that are unique to their sector or the macro environment and therefore, make forward visibility on advertising demand, a little bit more difficult or challenging to calibrate, especially in a quarter is typically somewhat back-end weighted.

我們看到消費品、餐廳和旅遊等垂直行業的持續強勢。嗯，我們還有一些其他行業繼續面臨其行業或宏觀環境所特有的挑戰，因此，對廣告需求進行前瞻性可視性調整會有點困難或具有挑戰性，尤其是在一個季度有點後端加權。

So for Q3, the guidance range calls for a range of between negative 5% and flat on a year-over-year growth basis. And we think this reasonably includes the attainable upside and all of these risk that we see that could possibly drive us towards the low end.

因此，對於第三季度，指導範圍要求同比增長介於負 5% 和持平之間。我們認為這合理地包括了可實現的上行空間以及我們認為可能將我們推向低端的所有這些風險。

So I hope that is a good set of context for how we think about guidance generally, given we haven't done it for a while and how we arrived at it specifically for this quarter. Thanks for the question. I'll turn it over for the other one.

因此，我希望這是我們如何思考總體指導的一個很好的背景，因為我們已經有一段時間沒有這樣做了，以及我們是如何專門為本季度製定的。謝謝你的提問。我會把它翻過來換另一張。

Mark, this is Jerry. Thanks for the question. Let me just kind of give you a little bit of history on what's going on here. We had a small number of customers who were adversely impacted by those changes that we made. They were mostly concentrated in North America, and that's why you'll see the disruptive impact of those changes are most pronounced in North America.

馬克，這是傑瑞。謝謝你的提問。讓我向您介紹一下這裡發生的事情的一些歷史。我們有少數客戶受到我們所做的這些改變的不利影響。它們主要集中在北美，這就是為什麼您會看到這些變化的破壞性影響在北美最為明顯。

But one of the things to note is that the advertisers who were impacted over half of them have recovered their spend to prior levels in previous years. And so we've made a lot of progress with that. We're learning about what it takes to make these advertisers successful and we're working with those remaining advertisers to get them back to that level as well.

但值得注意的是，其中一半以上受到影響的廣告商已將支出恢復到前幾年的水平。我們在這方面取得了很大進展。我們正在了解如何使這些廣告商取得成功，並且我們正在與剩下的廣告商合作，讓他們也恢復到原來的水平。

I do feel pretty confident or comfortable about the direction we're taking. As Derek mentioned, we are seeing more active advertisers and it's a diverse set of advertisers, the number of active advertisers is up 20% year-over-year. And we are -- most importantly, I think we're seeing more spending year-over-year in advertiser spending on lower funnel optimization, which is where we've been spending a lot of our time.

我確實對我們正在採取的方向感到非常有信心或感到舒服。正如 Derek 提到的，我們看到越來越多的活躍廣告商，而且是一個多元化的廣告商群體，活躍廣告商的數量同比增長了 20%。最重要的是，我認為我們看到廣告商在較低渠道優化上的支出逐年增加，這是我們花費大量時間的地方。

Let me also just kind of give you a sense about what we're doing to increase share of wallet and grow the space, grow demand. A year ago when we restructured the team and reprioritized this business, we've got in this very experienced leadership team to drive more operational focus, and I'm pretty excited about the work that's happening here.

讓我也讓您了解一下我們正在採取哪些措施來增加錢包份額、擴大空間、增加需求。一年前，當我們重組團隊並重新確定這項業務的優先順序時，我們擁有了這個經驗豐富的領導團隊來推動更多的運營重點，我對這裡正在進行的工作感到非常興奮。

First leader that joined is Ronan Harris, and we're seeing some very good progress in EMEA. Ajit Mohan joined shortly after that, and you'll see that we're seeing progress in APAC. We've got a couple of hires that I'm pretty excited about. They've started working in their space as Rob Wilk joined recently in the Americas and Patrick Harris is overseeing our global partnership space, and they're starting to take action in their teams.

第一位加入的領導者是 Ronan Harris，我們看到 EMEA 取得了一些非常好的進展。 Ajit Mohan 不久後加入，您會看到我們在亞太地區看到了進展。我們聘用了幾名令我非常興奮的員工。隨著 Rob Wilk 最近加入美洲，Patrick Harris 負責監督我們的全球合作夥伴空間，他們已經開始在自己的領域開展工作，並且他們開始在自己的團隊中採取行動。

So as we look into the second half, the core focus is accelerating revenue. And what we're starting to see, let's see, we've improved processes for bringing in new clients or prospecting processes and we know that our ad platform updates are giving major new opportunities for these new clients in addition to these -- our top clients (inaudible)

因此，當我們展望下半年時，核心焦點是收入增長。我們開始看到的是，讓我們看看，我們改進了引入新客戶或勘探流程的流程，我們知道我們的廣告平台更新為這些新客戶提供了重大的新機會，除了這些 - 我們的頂級客戶（聽不清）

We launched several go-to-market process improvements, which are showing positive results, both in increased share of wallet with existing customers and growth relative to market verticals that we're operating in. A couple of other things we're doing. We're systematically improving the implementation of our ad products.

我們推出了幾項進入市場流程的改進，這些改進顯示出積極的成果，既增加了現有客戶的錢包份額，也增加了我們所經營的垂直市場的增長。我們正在做的其他一些事情。我們正在系統地改進廣告產品的實施。

That means a systematic and scale program for understanding advertiser objectives, ensuring that they've got the right implementation on the signals we need for their campaigns making sure that their campaigns are set up successfully and then just working with them, iterating with them, which is, again, where we've seen success with the existing customers that are back to previous spend.

這意味著一個系統性和規模化的計劃，用於了解廣告商的目標，確保他們正確實施我們的活動所需的信號，確保他們的活動成功設置，然後與他們合作，與他們迭代，這我們再次看到現有客戶的成功，他們恢復了之前的支出。

We're also working on automating those steps so we can make sure these are easier for advertisers going forward. So this is just a few of the things that we're doing to improve efficiency and effectiveness in the go-to-market space that I think is going to bring more customers and more demand to the space. Thanks for that question.

我們還致力於自動化這些步驟，以便確保廣告商能夠更輕鬆地前進。因此，這只是我們為提高進入市場領域的效率和有效性而採取的一些措施，我認為這些措施將為該領域帶來更多的客戶和更多的需求。謝謝你提出這個問題。

Our next question is from Rich Greenfield with LightShed Partners.

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

I guess, Evan, I guess the thing that everyone is thinking about is like there's -- it feels like there's this disconnect between the overall headcount of the company because I think in the release, you sort of talked about reprioritizing where the employee base is.

我想，埃文，我想每個人都在考慮的事情是——感覺公司的總人數之間存在這種脫節，因為我認為在發布中，你談到了重新確定員工基礎的優先順序。

And I think the question is, how many of the employees are sort of near-term or even medium-term revenue focused versus longer-term projects? We've seen and not that we always love them, but you've seen people like Elon and even Bob Iger made some very hard decisions on reprioritizing initiatives, making big headcount cuts. You still have like 5,300 employees working. Are there still a lot of employees that are working on like 5-plus year projects that are not generating revenue?

我認為問題是，與長期項目相比，有多少員工關注短期甚至中期收入？我們已經看到，並不是說我們總是喜歡他們，但你已經看到像埃隆甚至鮑勃·艾格這樣的人在重新調整計劃的優先順序、大幅裁員方面做出了一些非常艱難的決定。您仍有大約 5,300 名員工在工作。是否還有很多員工正在從事類似 5 年以上的項目但沒有產生收入？

Like I think is there some way you could frame how many people today work in AR versus Spectacles versus advertising? You just mentioned some important recent hires versus the content side of it, which is what I think are like Spotlight and how much Spotlight can offer you in terms of growth?

就像我認為有什麼方法可以確定當今有多少人從事 AR、眼鏡和廣告工作？您剛剛提到了最近一些重要的招聘與內容方面的比較，我認為這就像 Spotlight 一樣，Spotlight 可以為您帶來多少增長？

Like how have you changed the balance? What does that look like today? Are you done optimizing? And like do you have to still make hard decisions on headcount going forward? Because 5,300 people with revenues declining still seems problematic for a lot of investors given how your stocks reacting after [ours]?

比如你是如何改變平衡的？今天看起來是什麼樣子？優化完了嗎？比如說，你是否還必須在未來的員工人數上做出艱難的決定？因為考慮到你們的股票在（我們的）股票之後的反應，5,300 名收入下降的人對很多投資者來說仍然是個問題？

Thanks so much for the question. We've always been clear that we're building Snap for the long term. And -- that means that we really have to strike the right balance between growing and optimizing the business we have today and also planting seeds for future growth.

非常感謝您的提問。我們始終明確，我們打造 Snap 的目標是長期的。而且——這意味著我們確實必須在發展和優化我們今天的業務以及為未來的增長播下種子之間取得適當的平衡。

And that's really core to how we've evolved from being a simple messenger to a diversified platform with engagement across our map, augmented reality and, of course, content and stories and Spotlight. As you know, engagement is a fundamental input to monetization on Snapchat, which is why we're focused on innovation.

這是我們如何從一個簡單的通訊工具發展成為一個多元化平台的核心，通過我們的地圖、增強現實，當然還有內容、故事和聚光燈進行參與。如您所知，參與度是 Snapchat 貨幣化的基本投入，這就是我們專注於創新的原因。

It's really the only way we've been able to compete with companies that are far bigger than we are, the way we've been able to grow to more than 750 million people using our service around the world. And sometimes these new products are monetizable immediately, but oftentimes, as we grow engagement, they become monetizable in the future.

這確實是我們能夠與比我們規模大得多的公司競爭的唯一方式，也是我們能夠發展到全球有超過 7.5 億人使用我們服務的方式。有時這些新產品可以立即貨幣化，但通常，隨著我們參與度的提高，它們在未來就可以貨幣化。

And this was definitely the case for our content business and, of course, for our AR platform as well. So when we confronted the rapidly changing economic environment a year ago, we made the difficult decision to sunset up some products that hadn't yet reached scale and we reduced the size of our team by approximately about 20%.

我們的內容業務確實如此，當然，我們的 AR 平台也是如此。所以，當我們在一年前面對快速變化的經濟環境時，我們做出了一個艱難的決定，關閉了一些尚未形成規模的產品，並減少了大約20%左右的團隊規模。

And as I mentioned, we support a community of more than 750 million people as well as our advertising partners and content partners, and we do that with a team of about 5,000 people. So on a revenue per headcount basis, I think you could make the case that we should actually invest more, especially given the size of our long-term opportunity, but we wanted to really thoughtfully manage our cash flow and dilution because financing costs have increased and our share price has trended lower.

正如我提到的，我們支持超過 7.5 億人的社區以及我們的廣告合作夥伴和內容合作夥伴，我們通過大約 5,000 人的團隊來實現這一目標。因此，在人均收入的基礎上，我認為我們實際上應該進行更多投資，特別是考慮到我們的長期機會的規模，但我們希望真正深思熟慮地管理我們的現金流和稀釋，因為融資成本增加了我們的股價已經走低。

So things like Spectacles or AR Enterprise Services, for example, build on core investments that we're making today in our AR platform. That's driving revenue and engagement on Snapchat right now. And that really represents a focused way to build on our core strengths by investing in longer-term initiatives that are technically complex and more difficult to replicate.

例如，像 Spectacles 或 AR 企業服務這樣的東西是建立在我們今天在 AR 平台上進行的核心投資的基礎上的。這正在推動 Snapchat 的收入和參與度。這確實代表了一種通過投資技術複雜且更難以復制的長期計劃來增強我們核心優勢的集中方式。

So by building on those core strengths in AR, we're able to make long-term focused investments more efficiently because these efforts represent an extension of our core platform rather than totally new bets. So of course, from a headcount perspective, while I wish we could invest more in some of our more long-term initiatives.

因此，通過建立 AR 領域的這些核心優勢，我們能夠更有效地進行長期重點投資，因為這些努力代表了我們核心平台的延伸，而不是全新的賭注。當然，從員工數量的角度來看，雖然我希望我們能夠在一些更長期的舉措上投入更多資金。

I think we have the right balance for where we're at today. And we really need to accelerate near-term revenue growth will simultaneously setting up the business to sustain that revenue growth over the longer term. So fortunately, we've got a balance sheet to navigate this challenging period. So we don't have to say goodbye to our longer-term opportunity as we tackle some of the shorter-term headwinds.

我認為對於我們今天的處境來說，我們已經取得了適當的平衡。我們確實需要加速近期收入增長，同時建立業務以維持長期收入增長。幸運的是，我們有一個資產負債表來度過這個充滿挑戰的時期。因此，當我們應對一些短期阻力時，我們不必放棄長期機會。

Our next question is from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

This is Katy on for Doug. First, I just wanted to dive deeper into the infrastructure cost. It feels like you're stepping up again materially get into the third quarter. So just curious if you could walk us through again what these are calling towards? I mean it feels like it's even higher now than how you were thinking about things a couple of months ago? So is there a change there in terms of that level of investments? And how can we measure that these investments are paying off?

這是凱蒂為道格配音。首先，我只是想更深入地了解基礎設施成本。進入第三季度，感覺你又在實質性地進步了。所以只是好奇您是否可以再次向我們介紹一下這些要求的目的是什麼？我的意思是，現在感覺比你幾個月前的想法還要高？那麼投資水平有變化嗎？我們如何衡量這些投資是否得到回報？

It's Derek. Thanks for that question. So first noted, the investments we're making in the near term here in infrastructure are substantial. We've been making investments into a number of areas. And so I'll break that down for you a little bit.

是德里克。謝謝你提出這個問題。首先要指出的是，我們近期在基礎設施方面的投資是巨大的。我們一直在多個領域進行投資。所以我會為你詳細解釋一下。

First, into our ad platform in order to make the advertising platform more performance and then second, into driving ML for content in order to drive deeper depth of engagement with our content platform, and then a lesser portion of the investment into products like My AI, which are intended to support that product and other innovative products on the platform.

首先，進入我們的廣告平台，以使廣告平台具有更高的性能；其次，進入推動內容機器學習，以推動與我們的內容平台更深入的互動，然後將一小部分投資投入到 My AI 等產品中，旨在支持該產品和平台上的其他創新產品。

But as I mentioned, a substantial portion of the investment going into things more directly related to a media monetization like the ad platform and depth of content engagement. I think importantly, as we made a very big ramp in the investment over the past quarter, we shared last quarter that we wanted to see results from that investment in order for us to sustain that forward.

但正如我所提到的，很大一部分投資進入了與媒體貨幣化更直接相關的領域，例如廣告平台和內容參與的深度。我認為重要的是，由於我們在過去一個季度的投資大幅增加，我們在上個季度表示，我們希望看到該投資的結果，以便我們能夠維持這一發展。

And so I mentioned a little bit of this earlier, but across each of those areas where we're putting investment in, we're really encouraged with the early results we're seeing from those investments. So whether that's the 20% rise in active advertisers, higher retention and importantly, the 30% increase in purchase-related conversions that we saw in Q2, these are all really important signs of the investments that we're making into the DR ad platform are beginning to pay off and makes us happy with the investment we've made there.

因此，我之前提到過這一點，但在我們投資的每個領域，我們對這些投資所看到的早期結果感到非常鼓舞。因此，無論是活躍廣告客戶增加 20%、更高的留存率，還是我們在第二季度看到的與購買相關的轉化次數增加 30%，這些都是我們對 DR 廣告平台進行投資的非常重要的跡象正在開始獲得回報，並使我們對在那裡所做的投資感到滿意。

Similarly, on the content side, and we started ramping investments in ML to support depth of content engagement sooner. And so that's been ramping over a longer period of time. And you can see, as a proof point there, for example, that time spent was Spotlight more than tripled year-over-year in the most recent quarter. So again, really pleased with the progress of the investments that we're putting in there.

同樣，在內容方面，我們開始加大對機器學習的投資，以更快地支持內容參與的深度。因此，這種情況在很長一段時間內一直在增加。例如，您可以看到，作為一個證據，最近一個季度，Spotlight 花費的時間同比增加了兩倍多。再說一遍，我們對我們在那裡投資的進展感到非常滿意。

It's early for My AI and as I mentioned, it's a smaller portion of the investment. But I -- we have shared some data points in our investor letter and recently that we are seeing really high volumes of conversations with My AI to provide clear intent signals about products and services that our community is interested in.

My AI 現在還處於早期階段，正如我所提到的，它只佔投資的一小部分。但我 - 我們在投資者信中分享了一些數據點，最近我們看到與 My AI 的大量對話，以提供有關我們社區感興趣的產品和服務的明確意圖信號。

And of course, that has obvious ramifications for our ad platform and monetization over time. So given the results we're seeing today, we do expect to make a further step-up in investment here in Q3 to accelerate the progress on what we're seeing here, and in particular, to accelerate the progress we're seeing on things related that are very directly related to monetization.

當然，隨著時間的推移，這會對我們的廣告平台和貨幣化產生明顯的影響。因此，考慮到我們今天看到的結果，我們確實希望在第三季度進一步加大投資，以加快我們所看到的進展，特別是加快我們所看到的進展與貨幣化直接相關的事情。

So if you look at Q2, the step-up in Q2 was about $0.11 to $0.70 infra per DAU. We've shared that our guide for Q3 is for a range of between $0.79 and $0.84. So at the midpoint of that range, it would be a similar step-up in Q3 that we saw in Q2.

因此，如果您查看第二季度，就會發現第二季度每 DAU 的增幅約為 0.11 至 0.70 美元。我們已經分享過，第三季度的指導價格範圍在 0.79 美元到 0.84 美元之間。因此，在該範圍的中點，第三季度的增長將與我們在第二季度看到的類似。

As we move forward, we're going to continue to calibrate these investments incredibly carefully to ensure that they're both productive and affordable over a reasonable time horizon. Importantly, I wouldn't simply assume that the sequential increases in infrastructure per DAU that we've observed in Q2 and guided for Q3 will lead to similar increases in Q4 or future periods.

隨著我們的前進，我們將繼續非常仔細地調整這些投資，以確保它們在合理的時間範圍內既富有成效又負擔得起。重要的是，我不會簡單地假設我們在第二季度觀察到的和第三季度指導的每 DAU 基礎設施的連續增長將導致第四季度或未來時期的類似增長。

We're going to measure the returns on these investments carefully. And whether they are sustained forward at current levels, shrink or grow from here will depend entirely on the results we see from the spend and then in particular, the acceleration we experienced in our top line.

我們將仔細衡量這些投資的回報。它們是否能在當前水平上持續前進、收縮還是增長，將完全取決於我們從支出中看到的結果，特別是我們在營收方面所經歷的加速。

The last sort of note I'll make here is we remain committed to charting accords towards adjusted EBITDA, profitability and positive free cash flow even at reduced growth rates and into the medium term and longer-term margin targets that we shared at our Investor Day.

我要在這裡指出的最後一點是，即使在增長率下降的情況下，我們仍致力於製定調整後的 EBITDA、盈利能力和正自由現金流以及我們在投資者日分享的中期和長期利潤率目標的協議。

Today, I think we've been able to balance those investments carefully even through a period of incredible transition on our ad platform. Today, we've been able to deliver on that with free cash flow over the trailing 12 months at positive $81 million and trailing 12-month operating cash flow at about $250 million. So we've been very careful to make that balance over a reasonable time horizon, and we'll continue to do that going forward.

今天，我認為即使在我們的廣告平台經歷了一段令人難以置信的過渡時期，我們也能夠謹慎地平衡這些投資。今天，我們已經能夠實現這一目標，過去 12 個月的自由現金流為正 8100 萬美元，過去 12 個月的運營現金流約為 2.5 億美元。因此，我們一直非常謹慎地在合理的時間範圍內實現這種平衡，並且我們將繼續這樣做。

Our next question is from Tom Champion with Piper Sandler.

我們的下一個問題來自 Tom Champion 和 Piper Sandler。

Can you talk a little bit about the progress with DR tools? Where are you today relative to your plan and what you hope to implement? And I'm wondering if you could just speak briefly on Scan 4.0 adoption and whether that might be helping you recapture some lost cohorts over the last year, I'm thinking of verticals like gaming or app downloads. Any comments there would be helpful.

您能談談災難恢復工具的進展嗎？相對於你的計劃和你希望實現的目標，你今天處於什麼位置？我想知道您是否可以簡單談談 Scan 4.0 的採用情況，以及這是否可以幫助您重新奪回去年失去的一些群體，我正在考慮遊戲或應用程序下載等垂直領域。那裡的任何評論都會有幫助。

Tom, thanks so much for the question. We're really excited about the progress we're making on our DR tools. Obviously, over the last year, a huge priority for us has been signal restoration. So creating solutions like conversions API that advertisers can integrate to pass back signals in a privacy safe way.

湯姆，非常感謝你的提問。我們對災難恢復工具所取得的進展感到非常興奮。顯然，去年我們的首要任務是信號恢復。因此，創建諸如轉換 API 之類的解決方案，廣告商可以集成這些解決方案，以隱私安全的方式傳回信號。

I'd tell you, our focus right now is really more on the go-to-market side because what we're finding is when advertisers have integrated our solutions and configure them correctly, they're really able to drive strong results. And this is especially the case with e-commerce and pixel purchase where we're seeing some strong momentum.

我想告訴你，我們現在的重點實際上更多的是進入市場方面，因為我們發現，當廣告商集成我們的解決方案並正確配置它們時，他們確實能夠帶來強勁的結果。電子商務和像素購買尤其如此，我們看到了一些強勁的勢頭。

So what we've been trying to do is scaled out with our go-to-market efforts. So for example, we released a new dashboard for our team to be able to make sure that advertisers are sharing signals correctly in a privacy safe way. That's helping us find these configuration errors that if we can correct can lead to much stronger results for advertising partners, and we're definitely taking a more consultative approach with clients as well.

因此，我們一直在努力擴大我們的市場推廣力度。例如，我們為我們的團隊發布了一個新的儀表板，以確保廣告商以隱私安全的方式正確共享信號。這有助於我們發現這些配置錯誤，如果我們能夠糾正這些錯誤，可以為廣告合作夥伴帶來更好的結果，而且我們肯定也會與客戶採取更多協商的方法。

So I think for e-commerce advertisers and purchase-related conversions, we're seeing a lot of progress there. On the app side, there's still some work to do, and that will be a big focus for us in the back half of the year. Scan will be a piece of that, but there are tools like value optimization, for example, where app advertisers want to be able to optimize against users, they think we'll spend a lot of money in their app, for example.

因此，我認為對於電子商務廣告商和與購買相關的轉化，我們看到了很多進展。在應用程序方面，還有一些工作要做，這將是我們下半年的重點。掃描將是其中的一部分，但是還有諸如價值優化之類的工具，例如，應用程序廣告商希望能夠針對用戶進行優化，他們認為我們會在他們的應用程序上花費很多錢。

And we don't offer that level of fine grain optimization today. So app will be a priority for us. But I think the good news is we're seeing some real momentum on the e-commerce side and the work we've done to update our models and focus on click-through conversions is really -- is delivering strong results for advertisers.

我們現在不提供這種級別的細粒度優化。所以應用程序將是我們的首要任務。但我認為好消息是，我們在電子商務方面看到了一些真正的勢頭，我們為更新模型和關注點擊轉化所做的工作確實為廣告商帶來了強勁的成果。

So think of it as go-to market is key for our e-commerce-focused advertisers. And then on the app side, there's a little more work to do, but we've got a clear path to getting there by the end of the year.

因此，對於我們專注於電子商務的廣告商來說，進入市場是關鍵。然後在應用程序方面，還有一些工作要做，但我們已經有一條明確的路徑可以在今年年底前實現這一目標。

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

我們的下一個問題來自美國銀行的賈斯汀·波斯特。

Great. And I apologize if these have already been asked. A couple of questions. First on the gross margin pressure. Is there a level of cost per user or a gross margin level where you think that can level off? How should we think about gross margins kind of a year or 2 years from now?

偉大的。如果已經有人問過這些問題，我深表歉意。有幾個問題。首先是毛利率壓力。您認為每個用戶的成本水平或毛利率水平是否可以趨於平穩？我們應該如何看待一年或兩年後的毛利率？

And then really interesting usage stats on Spotlight. I'm wondering if that is kind of more than offsetting the stories pressure at this point? Or if you're seeing overall trends flipping positive as far as usage per user related to Spotlight. How much of that moving the needle for the entire ecosystem?

然後是 Spotlight 上非常有趣的使用統計數據。我想知道這是否足以抵消目前的故事壓力？或者，如果您發現與 Spotlight 相關的每位用戶的使用情況總體趨勢呈積極趨勢。這對整個生態系統有多少推動作用？

It's Derek speaking. I think on the gross margin pressure, I would say, on the medium and long term, we articulated what we expected margins to look like on the gross margin side, at our recent Investor Day. And while we've had a really substantial step-up in infrastructure investment in Q2, and we expect to make another substantial step-up in infrastructure investment in Q3.

說話的是德里克。我認為，就中長期毛利率壓力而言，我們在最近的投資者日闡明了毛利率方面的預期利潤率。雖然我們在第二季度的基礎設施投資方面確實大幅增加，但我們預計第三季度的基礎設施投資將再次大幅增加。

I don't view that as changing what we expect for medium and long-term gross margins. Importantly, the gross margin story for Snap is going to be about reaccelerating the top line growth and how our business scales in a growth scenario.

我不認為這會改變我們對中長期毛利率的預期。重要的是，Snap 的毛利率故事將涉及重新加速營收增長以及我們的業務如何在增長情況下擴展。

What we're seeing right now is a significant opportunity and need to invest in infrastructure to support the performance of our direct response advertising business and a significant opportunity to invest in infrastructure to drive depth of engagement, which will contribute to our advertising opportunity over time as well as in other innovative products like My AI where we see a direct input to understanding intent and interest, which also contributes directly to the top line engagement.

我們現在看到的是一個重大機遇，需要投資基礎設施來支持我們直接響應廣告業務的業績，也是一個投資基礎設施以推動參與深度的重大機遇，這將有助於我們隨著時間的推移提供廣告機會以及 My AI 等其他創新產品中，我們看到了理解意圖和興趣的直接輸入，這也直接有助於提高營收參與度。

So what you're seeing here is a really significant step-up in this immediate period of time in order to support the transition in our business and our top line in order to reaccelerate. I would though still expect that our business will show phenomenal unit economics as we're able to reaccelerate the top line. And I won't reiterate it here because I've already talked at length about the early progress we're seeing from those infrastructure investments.

因此，您在這裡看到的是在當前一段時間內非常重要的進步，以支持我們業務和營收的轉型，從而重新加速。但我仍然期望我們的業務將表現出驚人的單位經濟效益，因為我們能夠重新加速營收增長。我不會在這裡重申，因為我已經詳細討論了我們從這些基礎設施投資中看到的早期進展。

But we certainly -- I think the double down on the infrastructure investment in Q3 is a sign, in addition to the metrics I've already shared that we're incredibly confident about how those infrastructure investments are contributing to the reacceleration of the top line and towards sustained longer-term growth.

但我們當然 - 我認為第三季度基礎設施投資的雙倍下降是一個跡象，除了我已經分享的指標之外，我們對這些基礎設施投資如何促進營收的重新加速充滿信心並實現持續的長期增長。

So anyway, hopefully, that gives you a better understanding on margins. I realize it's choppy in the very near term, but we think this is critical to reaccelerating the top line. And I'll turn it over to Evan to take the second question you had there on Spotlight.

所以無論如何，希望這能讓您更好地理解利潤。我意識到短期內會出現波動，但我們認為這對於重新加速收入增長至關重要。我將把它交給埃文來回答你在聚光燈上提出的第二個問題。

Thanks so much for the question about Spotlight and our content business. We're really excited about the trends that we're seeing. Obviously, globally, content viewers and content time spent continue to grow meaningfully, and Spotlight has been a big driver of that, reaching 400 million monthly active users in the quarter with time spent up 3x year-over-year.

非常感謝您提出有關 Spotlight 和我們內容業務的問題。我們對所看到的趨勢感到非常興奮。顯然，在全球範圍內，內容觀看者和花費在內容上的時間繼續顯著增長，而 Spotlight 是其中的重要推動力，本季度每月活躍用戶達到 4 億，花費的時間同比增長了 3 倍。

So we're definitely excited by that momentum. In the U.S. specifically, the trends we've seen are essentially friend stories, viewership is trending better than we had forecast. So the rate at which the friend stories viewership decline is happening has slowed. And at the same time, we're seeing some real momentum with Spotlight.

所以我們肯定對這種勢頭感到興奮。特別是在美國，我們看到的趨勢本質上是朋友故事，收視率趨勢比我們預測的要好。因此，《老友記》收視率下降的速度已經放緩。與此同時，我們也看到了 Spotlight 的一些真正的動力。

So I'm not sure in aggregate, if we flip positive yet, I think we're getting closer which is really exciting and the trends are moving in the right direction. So globally, a lot of momentum in content in the U.S. as well, a combination of friend stories performing better than we had expected and then Spotlight and crater stories driving a lot of momentum for us.

因此，我不確定總體而言，如果我們轉為積極，我認為我們正在接近這一目標，這確實令人興奮，並且趨勢正在朝著正確的方向發展。因此，在全球範圍內，美國的內容也有很大的動力，朋友故事的表現比我們預期的要好，然後聚光燈和火山口故事為我們帶來了很大的動力。

Our next question is from Ross Sandler with Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

I just had 2 questions. The first is a follow-up on the hot topic of infrastructure cost per user. So there's a lot going on here with like the rebuilding of the ad model, the content ranking model, some of the generative AI products that you're building for lens creation, et cetera.

我只有兩個問題。第一個是對每用戶基礎設施成本這一熱門話題的後續討論。因此，這裡發生了很多事情，比如廣告模型的重建、內容排名模型、您為鏡頭創建而構建的一些生成人工智能產品等等。

And then there's My AI, which just took off like crazy for the last 10 weeks or so. So is the uptick based on the first bucket, which is all these kind of discrete projects that are going on or the second bucket, meaning inference costs for My AI is going up, and so that's just a reflection of like future usage?

然後是 My AI，它在過去 10 週左右的時間裡瘋狂發展。那麼，上漲是基於第一個桶（所有這些正在進行的離散項目）還是第二個桶（意味著“我的人工智能”的推理成本正在上升），所以這只是未來使用情況的反映？

And how do you expect those 2 buckets to play out as we think about that hosting cost per user? And then the second question is you guys have 3 new regional heads of sales, I think they've been to see for now a little over a quarter. Just how do you feel about that team? And is the success in bringing back some of those large advertisers who have cut back a function of just time and getting more confidence around the attribution or do you expect these new sales organizations to really start to move the needle on revenue? Any thoughts on that.

當我們考慮每個用戶的託管成本時，您預計這兩個部分會如何發揮作用？第二個問題是你們有 3 位新的區域銷售主管，我想他們已經見過四分之一多一點了。你對那支球隊感覺如何？成功地帶回一些已經削減了時間功能的大型廣告商並在歸因方面獲得了更多信心，還是您期望這些新的銷售組織真正開始提高收入？對此有任何想法。

It's Derek speaking. I'll take the first bit on infrastructure. And speaking specifically about the drivers, we've tried to speak to the sort of an order of magnitude. But definitely, the focus here is in both Q2 and as we look forward to Q3 in the incremental investments that we're making to drive the advertising platform, specifically in depth of content engagement.

說話的是德里克。我將首先介紹基礎設施。具體到驅動程序，我們試圖討論一個數量級。但毫無疑問，這裡的重點是第二季度和第三季度，我們為推動廣告平台而進行的增量投資，特別是內容參與的深度。

Certainly, there are other investments that we're making in infrastructure to drive other products. And you mentioned My AI, which is specifically one of them. The investment there is much smaller. And then there's other investments we're making in things like lenses and so on that you mentioned again.

當然，我們還在基礎設施方面進行了其他投資來驅動其他產品。你提到了我的人工智能，它就是其中之一。那裡的投資要小得多。然後我們還在鏡頭等方面進行了其他投資，您再次提到了這一點。

The big focus here of the investment is on the investments necessary to drive the improvement in the ad platform as well as the investment opportunity to drive depth of engagement, which contributes directly to the ability to drive up inventory and grow revenue over the longer term. In terms of how My AI scales over time, I think it's been manageable so far, as I mentioned, a smaller component of the overall ramp in the spend. And we're continuing to watch it carefully, but we've been pleased with unit economics so far and the relationship between how we think that can contribute to intent and personalization and monetization relative to the unit cost.

這裡投資的重點是推動廣告平台改進所需的投資以及推動參與深度的投資機會，這直接有助於提高庫存和長期增加收入的能力。就“我的人工智能”如何隨著時間的推移進行擴展而言，我認為到目前為止它是可以管理的，正如我提到的，總體支出增長的一小部分。我們將繼續仔細觀察，但到目前為止，我們對單位經濟效益以及我們認為如何有助於意圖、個性化和貨幣化相對於單位成本之間的關係感到滿意。

So we'll monitor that carefully over time. But so far, we're comfortable with what we're seeing there. And it's not the focus of the ramp that we're experiencing in general. Hopefully, that context is helpful there and understanding what's going on. I'll turn it over for the second part of the question.

因此，我們將隨著時間的推移仔細監控這一情況。但到目前為止，我們對在那裡看到的情況感到滿意。這並不是我們所經歷的一般坡道的焦點。希望該上下文對您有所幫助並了解正在發生的事情。我將把它轉過來作為問題的第二部分。

Yes. I guess I can chat a little bit about our regional presidents. So Jerry doesn't have to pick a favorite. Ronan has been in the role of the longest started about 9 months ago overseeing EMEA. He's made a lot of progress and really identified much better ways for us to go to market there.

是的。我想我可以談談我們的地區總裁。所以傑瑞不必選擇最喜歡的。 Ronan 擔任時間最長的職務，大約 9 個月前開始負責歐洲、中東和非洲地區的監管。他取得了很大的進步，並確實為我們找到了更好的進入那里市場的方法。

We've been taking those learnings, actually and applying them around the world. Ajit is now leading our business in APAC. He's been here not quite as long as Ronan but been here for a bit. And Rob just started in the Americas in Q2. So I think we've got a bit of work to do in the Americas.

實際上，我們一直在吸取這些經驗教訓並將其應用到世界各地。 Ajit 現在領導我們在亞太地區的業務。他在這裡待的時間不像羅南那麼長，但也已經待了一會兒了。 Rob 在第二季度才剛剛開始在美洲的業務。所以我認為我們在美洲還有一些工作要做。

Rob has been making changes to his team quickly building out vertical plans to really understand where the opportunity is. And of course, spending time with a couple of the advertisers who've not yet returned to prior levels of spend. I think the reasons are pretty varied as we kind of dig into that bucket.

羅布一直在對他的團隊做出改變，快速制定垂直計劃，以真正了解機會在哪裡。當然，花時間與一些尚未恢復到之前支出水平的廣告商合作。我認為當我們深入研究這個問題時，原因是多種多樣的。

And in some cases, there are advertisers with competitors who have -- who are actually ramping their spend considerably and seeing much better performance than they ever saw before. So we've really been trying to debug on a case-by-case basis and make sure advertisers have adopted our solutions correctly.

在某些情況下，有些廣告商的競爭對手實際上大幅增加了支出，並且看到了比以前更好的表現。因此，我們確實一直在嘗試根據具體情況進行調試，並確保廣告商正確地採用了我們的解決方案。

But I think more importantly, as we look forward, building a more diversified base of advertisers because we're focusing on these lower funnel goals is going to be really important for our business. And I know Rob is thinking a lot about how to build out the torso of our advertisers because we do -- we have seen a lot of success with this more focused strategy in the Americas, but it's clear we also need to diversify our advertiser base.

但我認為更重要的是，隨著我們的展望，建立更加多元化的廣告商基礎，因為我們專注於這些較低的漏斗目標，這對我們的業務來說非常重要。我知道羅布正在思考如何打造我們廣告商的軀幹，因為我們確實這樣做了——我們在美洲看到了這種更加集中的戰略取得了很多成功，但很明顯，我們還需要使我們的廣告商基礎多樣化。

So I know that will be a real priority for the team. But I think just taking a step back, it's been really exciting to get this regional focus on our business more broadly, not just in terms of revenue, but also in terms of user growth and partnership and of course, everything we're doing on the content side. So seeing that focus translated into results has been really gratifying in EMEA and APAC, and we'll be excited to hopefully return to growth in North America soon.

所以我知道這將是團隊真正的首要任務。但我認為退一步來說，讓這個地區更廣泛地關注我們的業務確實令人興奮，不僅在收入方面，而且在用戶增長和合作夥伴關係方面，當然還有我們正在做的一切方面內容方面。因此，看到歐洲、中東和非洲和亞太地區的重點轉化為成果，我們感到非常滿意，我們將很高興希望北美很快恢復增長。

Our last question is from Eric Sheridan with Goldman Sachs.

我們的最後一個問題來自高盛的埃里克·謝里丹。

I'll just squeeze 1 in. A lots already been asked. But maybe just broadly, your view of the competitive landscape for user growth, engagement, sort of rising utility in your app vis-a-vis other potential competitive companies. How are you thinking about the mixture of what you see as the competitive landscape, where do your strengths fit today to invest behind and lean into?

我就擠1進去。已經問了很多了。但也許只是廣泛而言，您對應用程序相對於其他潛在競爭公司的用戶增長、參與度、效用不斷上升的競爭格局的看法。您如何看待您所看到的競爭格局的混合，您今天的優勢適合在哪裡進行投資和傾斜？

And we've talked a little bit about it on the call, but elements of continuing to capture rising utility on the consumer side that can produce sort of signal and measurement and advertising or monetization opportunities as you look out over the medium to long term?

我們在電話會議上對此進行了一些討論，但是當您展望中長期時，繼續捕捉消費者方面不斷增長的效用的要素可以產生某種信號和測量以及廣告或貨幣化機會？

Eric, thanks so much for the question. We're really excited about this unique role we play in the market, connecting friends and family with visual communication. And we use our strength in that very frequent visual communication to build other businesses around it.

埃里克，非常感謝你的提問。我們對我們在市場中扮演的獨特角色感到非常興奮，通過視覺交流將朋友和家人聯繫起來。我們利用我們在頻繁的視覺傳達方面的優勢來圍繞它建立其他業務。

So you can think about all of our different platforms like our content platform or AR platform, has different ways to, of course, increase engagement, but also monetize this core communications use case that we provide. And we actually think providing this place for friends and family to communicate, it's only become more important as more and more platforms focus on public social media style features where people feel like they have to compete for popularity, compete for likes and comments.

因此，您可以考慮我們所有不同的平台，例如我們的內容平台或 AR 平台，當然有不同的方式來增加參與度，但也可以通過我們提供的核心通信用例獲利。我們實際上認為，為朋友和家人提供這個交流的場所，隨著越來越多的平台專注於公共社交媒體風格的功能，人們覺得他們必須爭奪人氣、爭奪點贊和評論，這一點只會變得更加重要。

It's never been more important to actually build deeper relationships with your friends and family. And that's really the key utility that Snapchat provides. So anywhere that we can play to that strength, we can really build momentum. So for example, with Spotlight, one of the ways we've been able to drive more viewership and time spend is through enabling better sharing of content between friends.

與朋友和家人建立更深層次的關係從未如此重要。這確實是 Snapchat 提供的關鍵實用程序。因此，只要我們能夠發揮這種優勢，我們就能真正積聚動力。例如，通過 Spotlight，我們能夠增加觀看次數和時間花費的方法之一是在朋友之間更好地共享內容。

People love to share videos with their friends and laugh about them or share a video that makes them think of somebody that they care about. And we've been able to use that to drive more Spotlight engagement over time. I think similarly with My AI, we saw a real opportunity to play to our strength in communication to provide more utility with an AI chatbot, but also improve business performance by using those intent signals, which historically we'd have to infer, we'd have to guess what people were interested in based on the content they are watching or ads they were engaging with. And with My AI we can use very clear intent signal to better rank and optimize content across our platform, AR experiences and, of course, advertising as well. So I think we continue to occupy a really special place for supporting relationships between friends and family, and we've really built our business around that over time.

人們喜歡與朋友分享視頻並嘲笑他們，或者分享讓他們想起他們關心的人的視頻。隨著時間的推移，我們已經能夠利用它來提高 Spotlight 的參與度。我認為與“我的人工智能”類似，我們看到了一個真正的機會，可以發揮我們在溝通方面的優勢，為人工智能聊天機器人提供更多實用性，同時也可以通過使用這些意圖信號來提高業務績效，從歷史上看，我們必須推斷，我們“我們必鬚根據人們正在觀看的內容或正在參與的廣告來猜測人們對什麼感興趣。借助 My AI，我們可以使用非常清晰的意圖信號來更好地排名和優化我們平台上的內容、AR 體驗，當然還有廣告。因此，我認為我們在支持朋友和家人之間的關係方面繼續佔據著非常特殊的地位，並且隨著時間的推移，我們確實圍繞這一點建立了我們的業務。

Thank you. This concludes our question-and-answer session as well as Snap Inc.'s Second Quarter 2023 Earnings Conference Call. Thank you for attending today's session. You may now disconnect.

謝謝。我們的問答環節以及 Snap Inc. 的 2023 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。