(SNAP) 2023 Q3 法說會逐字稿

Good afternoon, everyone. And welcome to Snap Inc.'s Third Quarter 2023 Earnings Conference Call. (Operator Instructions)

大家下午好。歡迎參加 Snap Inc. 的 2023 年第三季財報電話會議。 （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 2023 Earnings Conference Call. With us today are Evan Spiegel, Chief Executive Officer and Co-Founder; and Derek Andersen, Chief Financial Officer.

謝謝大家，大家下午好。歡迎參加 Snap 2023 年第三季財報電話會議。今天與我們在一起的有執行長兼聯合創始人埃文·斯皮格爾 (Evan Spiegel)；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.

請參閱我們的投資者關係網站 Investor.snap.com，尋找今天的新聞稿、投影片、投資者信函和投資者簡報。

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.

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有重大差異，我們沒有義務更新我們的揭露。

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. 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公認會計原則和非公認會計原則措施。兩者之間的對帳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、攤提和一次性費用。請參閱我們向 SEC 提交的文件，以了解我們如何計算今天電話會議中討論的任何指標。

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

說到這裡，我想把電話轉給埃文。

Hi, everyone, and thank you all for joining us. Our revenue returned to positive growth in Q3, increasing 5% year-over-year and flowing through to positive adjusted EBITDA, as our reprioritized cost structure demonstrated the leverage in our business model. We are focused on improving our advertising platform to drive higher return on investment for our advertising partners, and we have evolved our go-to-market efforts to better serve our partners and drive customer success.

大家好，感謝大家加入我們。我們的營收在第三季恢復正成長，年增 5%，並實現正調整 EBITDA，因為我們重新調整的成本結構證明了我們業務模式的槓桿作用。我們專注於改進我們的廣告平台，為我們的廣告合作夥伴帶來更高的投資回報，並且我們不斷發展我們的市場推廣工作，以更好地服務我們的合作夥伴並推動客戶成功。

We also made progress toward diversifying our revenue with Snapchat+ reaching more than 5 million subscribers in the quarter, resulting in Snapchat+ revenue growing more than 250% year-over-year. 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.

我們在營收多元化方面也取得了進展，Snapchat+ 在本季的訂閱用戶數量超過 500 萬，導致 Snapchat+ 營收年增超過 250%。我們對朋友和家人之間視覺交流的關注是一項策略優勢，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。

Our community grew to 406 million daily active users in Q3, and we are working to further deepen content engagement by focusing on 3 key areas: investing in our ML models to improve content ranking and personalization across all of our content services, growing our creator community and diversity of content by supporting and rewarding creators, and using content to start conversations and build relationships across our service.

我們的社群在第三季度成長到4.06 億日活躍用戶，我們正在努力透過專注於3 個關鍵領域來進一步加深內容參與度：投資我們的ML 模型以提高我們所有內容服務的內容排名和個人化，發展我們的創作者社群透過支持和獎勵創作者，並使用內容在我們的服務中開始對話和建立關係來實現內容的多樣性。

We continue to leverage AI technology to deliver new products and features to our community. Since launching My AI, more than 200 million people have sent more than 20 billion messages, which we believe makes My AI one of the most used AI chatbots available today. More than 250 million Snapchatters engaged with AR experiences on our platform every day on average.

我們繼續利用人工智慧技術為我們的社群提供新產品和功能。自推出 My AI 以來，已有超過 2 億人發送了超過 200 億條訊息，我們相信這使得 My AI 成為當今最常用的 AI 聊天機器人之一。平均每天有超過 2.5 億 Snapchatter 在我們的平台上體驗 AR 體驗。

On November 9, we will be live streaming our sixth annual Lens Fest. We're thrilled to have the opportunity to bring together the vibrant Snap AR community of developers and creators that are collaborating with us to push boundaries, redefine what's possible with augmented reality and build businesses along the way.

11 月 9 日，我們將直播第六屆年度鏡頭節。我們很高興有機會將充滿活力的 Snap AR 開發者和創作者社群聚集在一起，他們與我們合作突破界限，重新定義擴增實境的可能性，並一路建立業務。

Given the progress we have made with our ad platform, the leadership team we have built, the work we have done to reprioritize our cost structure and the strength of our balance sheet, we believe we are well positioned to continue making progress on our top strategic priorities.

鑑於我們在廣告平台方面取得的進展、我們建立的領導團隊、我們為重新調整成本結構的優先順序所做的工作以及我們資產負債表的實力，我們相信我們有能力繼續在我們的首要戰略方面取得進展優先事項。

As we move forward into Q4 and 2024, we remain focused on investing in our platform to sustain community growth, investing heavily in our direct response business to deliver measurable return on ad spend, and cultivating new sources of revenue to diversify our top line growth to build a more resilient business.

隨著我們進入第四季度和2024 年，我們仍然專注於投資我們的平台以維持社區成長，大力投資我們的直接回應業務以提供可衡量的廣告支出回報，並培育新的收入來源以實現收入成長多角化打造更具彈性的業務。

I want to thank Jerry Hunter, our Chief Operating Officer, for 7 years of service at Snap. Jerry has notified us of his intent to retire and will be transitioning his responsibilities by the end of the month. I am deeply grateful to Jerry for the meaningful contributions he has made over his many years at Snap. His work to improve our advertising platform, serve our community and build a strong team has helped to lay the foundation for our future growth.

我要感謝我們的營運長 Jerry Hunter 在 Snap 工作了 7 年。傑瑞已通知我們他打算退休，並將在本月底之前過渡他的職責。我非常感謝 Jerry 多年來在 Snap 做出的有意義的貢獻。他在改善我們的廣告平台、服務社群和建立強大團隊方面所做的工作為我們未來的發展奠定了基礎。

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

謝謝。接下來，我們將開始問答環節。

(Operator Instructions) Our first question comes from Doug Anmuth with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Doug Anmuth。

Your 4Q revenue guide mostly implies the deceleration versus 3Q, and I think that's coming on much easier comps. I was just hoping you could provide some color on October performance, especially given the war in the Middle East and we know that 4Q is back-end weighted, and I think the brand comps in particular, get easier through the quarter. Just hoping you could talk about what's embedded there.

你們的第四季收入指南主要意味著相對於第三季的減速，我認為這會在更容易的比較中出現。我只是希望你能為 10 月份的表現提供一些信息，特別是考慮到中東戰爭，我們知道第四季度是後端加權的，我認為品牌比較在整個季度會變得更容易。只是希望你能談談其中嵌入的內容。

Doug, it's Derek speaking. I'll take that one for you. First and foremost, you're right, we had a quarter in Q3 that we're pretty pleased with on the progress we made on top line. There's a lot that went into that. We had a number of drivers to that outcome, including the progress we've made in our direct response ad platform.

道格，我是德瑞克。我給你拿一個。首先也是最重要的，你是對的，我們對第三季的一個季度在營收方面取得的進展感到非常滿意。其中涉及很多內容。我們有許多推動這項結果的因素，包括我們在直接回應廣告平台方面的進展。

We continue to make really significant investments in the ad ranking and optimization, in core to creating a much broader range of signals into the ad platform and driving much larger models. And we've also instituted a much faster pace of experimentation, all of that's leading to more precise conversion predictions, improved ROI for our advertisers. And as we noted in the letter, in particular, 7-0 has been a bright spot in the quarter in terms of driving pixel purchase behavior and the year-over-year and quarter-over-quarter growth that we saw in lower funnel.

我們繼續在廣告排名和優化方面進行重大投資，其核心是在廣告平台中創建更廣泛的訊號並推動更大的模型。我們也加快了實驗速度，所有這些都帶來了更精確的轉換預測，提高了廣告商的投資報酬率。正如我們在信中特別指出的，在推動像素購買行為以及我們在下漏斗中看到的同比和環比增長方面，7-0 一直是本季度的一個亮點。

And I also note that part of the strength in Q3 was around brand advertising, where we saw really good uptake on our total takeover products, including First Story that launched in the period. So really pleased with the momentum that we saw there.

我還注意到，第三季的部分優勢在於品牌廣告，我們看到我們的整體收購產品得到了很好的採用，包括在此期間推出的 First Story。我們對在那裡看到的勢頭感到非常滿意。

And I think as you look into Q4, I think we talked about a little bit in the letter, but to share some high-level color, we believe we're on the right path of the DR platform. So we're pleased with the continuous progress we're making there, working with our partners on making their privacy safe integrations with the platform, higher quality and more performance for them and driving our performance.

我認為，當您研究第四季度時，我認為我們在信中討論了一些內容，但為了分享一些高級別的信息，我們相信我們正走在災難復原平台的正確道路上。因此，我們對我們在這方面取得的持續進步感到高興，與我們的合作夥伴合作，使他們的隱私安全與平台集成，為他們提供更高的品質和更好的性能，並推動我們的業績。

We're also pleased with what we're seeing on our scaled solutions for small- and medium-sized businesses and what that drove out in terms of quarter-over-quarter growth in Q3 of 11% in aggregate. And the DR business returning to year-over-year growth. So we're really pleased with fundamentally what we're seeing there and what we're executing against into the new quarter.

我們也對針對中小型企業的規模化解決方案所取得的成果以及第三季季比 11% 的整體成長感到滿意。災難復原業務恢復年增。因此，從根本上講，我們對所看到的情況以及新季度的執行情況感到非常滿意。

I think on the brand side, in particular, coming off of the progress that we saw in Q3 with those new brand products seeing really good uptake.

我認為，特別是在品牌方面，我們在第三季度看到了進展，這些新品牌產品得到了很好的採用。

You're right. As we move into Q4, Q4 is a little bit different as a quarter. Historically, we've seen a little bit larger share of the revenue coming from brand products in Q4. And then to -- the Q4 business being a little bit more back-end weighted than other quarters historically as well. So both of those things sort of impacting visibility and brand having grown at a slower rate in Q3, and being a larger share of the business in Q4 sort of brings a little bit of a mix shift headwind.

你說得對。當我們進入第四季度時，第四季度作為一個季度有點不同。從歷史上看，我們在第四季度看到來自品牌產品的收入份額稍大。然後，第四季業務的後端權重也比歷史上其他季度高一些。因此，這兩件事都在某種程度上影響了知名度和品牌，在第三季度以較慢的速度增長，並且在第四季度佔據更大的業務份額，這帶來了一些混合轉變的逆風。

And then last, the point that you raised very specifically, which is what we've seen since the onset of the war in the Middle East is, we have had a number of primarily brand-oriented campaigns pause spending in the early period after the onset of the war there in the Middle East. I will say that we have seen a lot of those campaigns resume spending. And the impact to our daily run rate has reduced significantly as a result of that.

最後，您非常具體地提出了一點，這就是我們自中東戰爭爆發以來所看到的情況，即我們有許多主要以品牌為導向的活動在戰爭結束後的早期暫停了支出。中東戰爭爆發。我想說的是，我們已經看到很多這樣的活動恢復了支出。因此，對我們日常運行率的影響已大大減少。

But we also have seen a very small amount of incremental campaign positives triple in more recently. And so one of the things that we've tried to do here when we're thinking about giving forward-looking information for Q4 is, number one, be transparent about what we've seen quarter-to-date on that side.

但我們也看到最近一小部分增量活動的正面效果增加了三倍。因此，當我們考慮提供第四季度的前瞻性資訊時，我們試圖做的一件事是，第一，對我們本季迄今所看到的情況保持透明。

And then -- I think when we look back historically, for example, to what we all experienced at the onset of the war in Ukraine and the impact that, that had on folks' business and the operating environment. I think we've very realized that war is fundamentally unpredictable. And as a result, it would be imprudent to provide a formal guide in that kind of an environment.

然後，我認為當我們回顧歷史時，例如，我們在烏克蘭戰爭爆發時所經歷的一切以及它對人們的業務和營運環境的影響。我認為我們已經非常認識到戰爭從根本上來說是不可預測的。因此，在這種環境下提供正式指南是不明智的。

However, what we did do for the sake of transparency, for the investment community to share our internal forecast. And that internal forecast assumes an acceleration at the top end. But we've attempted to incorporate everything that we know as of today about the impact of those pauses into the fullness of the range of revenue. So that you can see that. And then, of course, that obviously flows right through to the adjusted EBITDA range as well because we have a very high rate of flow-through.

然而，我們所做的一切都是為了透明度，讓投資界分享我們的內部預測。此內部預測假設高端會加速。但我們試圖將迄今為止所知道的有關這些暫停的影響的所有資訊納入收入範圍的完整內容中。這樣你就可以看到這一點。當然，這顯然也直接流入調整後的 EBITDA 範圍，因為我們的流通率非常高。

So -- I think just stepping back, fundamentally, we're pleased with the progress we're making on the DR business. And we're pleased, we think we're on the right path with that platform. And we're also pleased with the uptake that we saw from those new brand products in Q3 as well. So I think the progress there is good. We just want to make sure that people are aware of that one headwind we've seen to begin the quarter. And hopefully, that gives you a little bit of color on how we framed that.

因此，我認為退一步來說，從根本上來說，我們對災難復原業務所取得的進展感到滿意。我們很高興，我們認為我們在該平台上走在正確的道路上。我們也對第三季這些新品牌產品的採用感到滿意。所以我認為那裡的進展是好的。我們只是想確保人們意識到我們在本季開始時看到的不利因素。希望這能讓您對我們如何建立這一點有一些了解。

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。

So Evan, you recently changed the leadership team in North America ad sales. And that seems like the area that's not yet caught up with the rest of the business, which is performing quite well.

埃文，您最近更換了北美廣告銷售的領導團隊。這似乎是一個尚未趕上其他業務的領域，而其他業務的表現相當不錯。

So I guess, how do you feel about that change? How confident are we that North America larger accounts are going to step up and commit to more budget with Snap in 2024? And when do you expect that growth rate to kind of converge with the international business? If you can help us there.

所以我想，您對這種變化有何看法？我們對北美較大的客戶在 2024 年加大 Snap 投入並承諾更多預算的信心有多大？您預計該成長率何時會與國際業務的成長率趨同？如果你能在那裡幫助我們的話。

Ross, thanks so much for the question. Yes, we are making some progress in North America, the fastest-growing region quarter-over-quarter, but obviously, a long way from where we'd like it to be.

羅斯，非常感謝你的提問。是的，我們在北美這個季度環比成長最快的地區取得了一些進展，但顯然距離我們希望的目標還有很長的路要走。

In general, North America has a number of large customers that are simply just more complex to work with. So while we've made a lot of progress with some of the simpler integrations, our 7-0 optimization and whatnot for smaller advertisers. It's just taken more of a focus and more in the details work to drive customer success with larger advertisers.

一般來說，北美有許多大客戶，只是合作起來更加複雜。因此，雖然我們在一些更簡單的整合、7-0 優化以及針對小型廣告商的其他方面取得了很大進展。只是需要更多的關注和更多的細節工作來推動更大廣告商的客戶成功。

So I'm pleased with the progress that we're making. We're fixing stuff every day and getting advertisers closer to hitting their KPIs or, in many cases, above their KPIs, which should translate into improved spend.

因此，我對我們所取得的進展感到滿意。我們每天都在修復問題，讓廣告商更接近達到他們的 KPI，或者在許多情況下超過他們的 KPI，這應該會轉化為支出的改善。

So making progress there, but definitely more complex customers, and we're excited about Patrick's leadership of the team. He's got a wealth of experience to bring.

因此，我們在這方面取得了進展，但客戶肯定更加複雜，我們對帕特里克對團隊的領導感到興奮。他有豐富的經驗可以帶來。

Our next question is from Rich Greenfield with LightShed.

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

One question and then a housekeeping. In the employee memo that leaked a couple of weeks ago, it stated a goal of 80% of your daily active users interacting with content, trying to get a handle on how ambitious of a goal that is for 2024? Is content engagement -- would it seem to be a pretty critical driver of your advertising revenue potential, thinking about where ads are embedded. I don't have any idea really where you are in terms of how many DAUs touch content today. And what would be driving the growth to 80% of overall DAU? So any color you can give us on that goal and where you are today and changes would be great.

一個問題，然後是家事服務。在幾週前洩漏的員工備忘錄中，它提出了讓 80% 的日常活躍用戶與內容互動的目標，試圖了解 2024 年的目標有多大？內容參與度－考慮到廣告嵌入的位置，它似乎是廣告收入潛力的一個非常關鍵的驅動因素。我不知道現在有多少 DAU 接觸內容。是什麼推動 DAU 成長至總 DAU 的 80%？因此，您可以就這個目標、您今天的處境和變化向我們提供任何顏色，這都是很棒的。

And then two, just on the -- also in that memo, you mentioned a 20% revenue growth goal for 2024. Evan, is that really hard to do? Like, what's your confidence goal on getting 20% growth next year?

然後是兩點，也在該備忘錄中，您提到了 2024 年收入增長 20% 的目標。埃文，這真的很難做到嗎？例如，您明年實現 20% 成長的信心目標是多少？

Thanks, Rich. Yes, that's an internal memo really designed to motivate and inspire the team around what's possible. When it comes to the content penetration, that's really going to be driven by emerging countries where -- in some cases, our growth there is -- earlier in its cycle, and so folks are just ramping up with our communications products and have yet to really transition to the content-focused products.

謝謝，里奇。是的，這是一份內部備忘錄，其真正的目的是激勵和激勵團隊實現可能的目標。當涉及內容滲透時，這實際上將由新興國家推動，在某些情況下，我們的成長處於週期的早期，因此人們只是在使用我們的通訊產品，但尚未採取行動。真正過渡到以內容為中心的產品。

So when we talk about 80% of DAU, in aggregate, what we're really trying to accomplish is drive depth of -- sorry, breadth of content engagement in some of the emerging countries and then really depth of engagement in the more developed countries where we do have a very high rate of DAUs engaging with content already. So that's really how that strategy -- how we're thinking about the content strategy.

因此，當我們談論80% 的DAU 時，總的來說，我們真正想要實現的是推動一些新興國家/地區內容參與的深度——抱歉，內容參與的廣度，然後是較發達國家的真正深度參與我們的 DAU 參與內容的比例確實非常高。這就是我們如何考慮內容策略的策略。

The 20% revenue, that's really about making more progress in terms of customer success, especially with the lower funnel. We are excited about the progress that we're seeing. So we're hoping we can just keep our heads down and keep making more progress there.

20% 的收入實際上是為了在客戶成功方面取得更多進展，尤其是在較低的漏斗中。我們對所看到的進展感到興奮。因此，我們希望我們能夠保持低調並繼續取得更多進展。

Our next question is from Mark Shmulik with Bernstein.

我們的下一個問題來自伯恩斯坦的馬克·什穆里克。

Evan, I would love to hear just a little bit more color on My AI, like around usage. Are folks using this daily? What are they really asking their AI companion? And then is there any like real commercial intent that you're seeing there? And kind of like a sub follow-up. Any color you could share on how that Microsoft partnership is going there would be fantastic.

埃文，我很想聽到有關「我的人工智慧」的更多信息，例如使用情況。人們每天都會使用這個嗎？他們到底想問他們的人工智慧伴侶什麼？那麼你在那裡看到了什麼真正的商業意圖嗎？有點像子後續行動。如果您能分享有關微軟合作夥伴關係進展的任何顏色，那就太棒了。

Yes. We're excited about the progress we're seeing with My AI. I don't think it's really a daily use case yet. I think -- we hope that it's really a weekly use case for now because there are some gaps, it doesn't yet have access to real-time information and those sorts of things.

是的。我們對 My AI 所取得的進展感到非常興奮。我認為這還不是真正的日常用例。我認為 - 我們希望它現在確實是每週一次的用例，因為存在一些差距，它還無法存取即時資訊和諸如此類的東西。

So our primary focus right now is just improving response quality. As you can imagine, it's a little hard to measure because the responses can be unpredictable. So we think we've built a pretty good way of understanding if the responses people are getting -- are satisfactory and we're seeing some of the work we're doing to improve those responses lead to higher retention with the product overall.

因此，我們現在的主要重點是提高回應品質。正如您可以想像的那樣，這有點難以衡量，因為回應可能是不可預測的。因此，我們認為我們已經建立了一種很好的方法來了解人們得到的回應是否令人滿意，並且我們看到我們正在做的一些工作來改善這些回應，從而提高了產品的整體保留率。

But I would say it's just very, very early with this product, and we're going to keep the vast majority of our focus on response quality, which we think can drive more engagement and long-term retention. And there's certainly plenty of commercial intent. We are taking steps to integrate that, for example, into our models to help folks see more relevant content and advertising. So making some progress there as well.

但我想說的是，這個產品還處於非常非常早期的階段，我們將把絕大多數注意力集中在反應品質上，我們認為這可以推動更多的參與度和長期保留。當然還有很多商業意圖。例如，我們正在採取措施將其整合到我們的模型中，以幫助人們看到更多相關的內容和廣告。因此，這方面也取得了一些進展。

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。

Yes. Maybe I'll ask us to -- Lots of third-party data out here on engagement and time spent. Just wondering how you'd characterize engagement on the platform and the drivers from here. And then I think you gave some DAU guidance, that's a modest slowdown. What are you seeing as far as DAUs in North America and rest of world in Q4?

是的。也許我會要求我們——這裡有很多關於參與度和花費時間的第三方數據。只是想知道您如何描述平台和驅動程式的參與度。然後我認為您給了一些 DAU 指導，這是適度的放緩。您對第四季北美和世界其他地區的 DAU 有何看法？

Let Derek speak to the guidance question. But overall, healthy engagement trends, we certainly see an opportunity in more developed regions like North America, where we do reach a very large percentage of the smartphone population to drive more daily usage with monthly active users.

讓德里克談談指導問題。但總體而言，健康的參與趨勢，我們當然在北美等較發達的地區看到了機會，在那裡我們確實覆蓋了很大比例的智慧型手機人口，以推動每月活躍用戶的更多日常使用。

There are plenty of folks who are monthly active, but maybe not daily active who have messages that are unread from friends or stories available. And so we do see an opportunity to drive more frequency of use with monthly active users in regions like North America. Of course, plenty more headroom in the rest of world region in terms of incremental new users.

有很多人每月活躍，但可能不是每日活躍，他們有未讀過的來自朋友的訊息或可用的故事。因此，我們確實看到了在北美等地區提高每月活躍用戶使用頻率的機會。當然，世界其他地區在新用戶增量方面還有更多的空間。

We are also excited about what we're seeing on the content side. So we saw year-over-year acceleration in time spent growth globally and some positive trends in the U.S. as well, with U.S. content time spent growing quarter-over-quarter.

我們也對內容方面所看到的感到興奮。因此，我們看到全球花費時間年增率加快，美國也出現了一些正面的趨勢，美國內容花費時間逐季成長。

So I'd say in terms of overall engagement, we're pleased we see opportunity to continue growing it.

因此，我想說，就整體參與度而言，我們很高興看到繼續成長的機會。

And just to pick up the second part of that, on the DAU forecast that we shared for Q4, which is 410 million to 412 million.

接下來是第二部分，我們對第四季的 DAU 預測為 4.1 億至 4.12 億。

First, just for context, year-over-year growth right there is about 35 million to 37 million DAU year-over-year. So still seeing really significant year-over-year growth. I think you've got to look at this a little bit -- market by market. In North America, in particular, as an example, in some of our other more mature markets. We're reaching really high percentages of 13- to 34-year-olds in over 25 countries, and that would include, of course, North America and many Western European countries.

首先，僅供參考，DAU 年增約 3,500 萬至 3,700 萬。因此，仍然可以看到真正顯著的同比增長。我認為你必須逐一看待這個問題。以北美為例，特別是在我們其他一些較成熟的市場。我們正在涵蓋超過 25 個國家的 13 至 34 歲人群，其中當然包括北美和許多西歐國家。

So we're already at a very, very high penetration there. North America, for example, over 100 million DAU. And I think the latest number we shared on now was 150 million. So the reach there is really, really deep. Our focus and much of the growth in the DAU number in total, recently has been coming from the rest of world region. That's been the biggest driver of growth.

所以我們在那裡的滲透率已經非常非常高了。以北美地區為例，DAU 超過 1 億。我想我們現在分享的最新數字是 1.5 億。所以那裡的影響力非常非常深。最近，我們的重點以及 DAU 總數的成長大部分來自世界其他地區。這是成長的最大動力。

We had a very good quarter in the prior year as a comp there. And so you're seeing that a little bit impacted in the year-over-year rate there. But otherwise, continuing to see substantial year-over-year growth that internal forecast range, again, implying 35 million to 37 million additional DAU on a year-over-year basis. So hopefully, that provides a little color.

作為那裡的競爭對手，我們去年的季度表現非常好。因此，您會發現同比增長率受到了一些影響。但除此之外，繼續看到內部預測範圍內的大幅同比增長，這意味著 DAU 年比增加 3500 萬至 3700 萬。希望這能提供一點色彩。

The next question is from Brian Nowak with Morgan Stanley.

下一個問題來自摩根士丹利的布萊恩·諾瓦克。

I have 2. The first one, little housekeeping. Derek, can you help us out a little bit -- sort of the amount of subscription revenue in 3Q? And then what are you assuming on subscription revenue contribution in your fourth quarter guide at the midpoint of one of the areas.

我有2個。第一個，很少的家事。德瑞克（Derek），你能幫我們了解一下第三季的訂閱收入嗎？然後，您對第四季度指南中某一區域中點的訂閱收入貢獻有何假設。

Then the second one, it sounds like you're starting to make some progress on the performance strategy. Can you give us a few more tangible examples of categories or verticals where you've made the most progress and how you think about the next categories to really sort of improve the performance for advertisers.

然後是第二個，聽起來你在效能策略上開始取得一些進展。您能否給我們一些更具體的例子，說明您在哪些類別或垂直領域取得了最大進展，以及您如何考慮下一個類別，以真正提高廣告商的表現。

Sure. I'll take the first part of that there. In terms of the breakdown on how we're doing on Snapchat+, I think first, we're really excited about what we're seeing there. That's a product that is not very old since we launched it. We reached more than 5 million subscribers in the period.

當然。我將在那裡討論第一部分。就我們在 Snapchat+ 上的表現進行細分來看，我認為首先，我們對在那裡看到的東西感到非常興奮。這是一款自從我們推出以來並不太老的產品。在此期間，我們的訂戶數量超過 500 萬人。

So we've had really nice momentum there. I think if you go back to the Investor Day at the beginning of the year, we were -- I think we shared then that we were running about close to 100 million annualized run rate then you've seen the subscription number grow about 60% then, so to give you some sort of a ballpark of where we're trending to in the most recent quarter on progress of that product. So certainly becoming a much more meaningful contributor and we shared in the letter that it grew at a rate of more than 250% in the most recent quarter.

所以我們在那裡有非常好的勢頭。我想，如果你回到年初的投資者日，我們——我想我們當時分享說，我們的年化運行率接近 1 億，那麼你會看到訂閱數量增長了約 60%然後，讓您大致了解我們在最近一個季度該產品的進展趨勢。因此，我們肯定會成為一個更有意義的貢獻者，我們在信中表示，它在最近一個季度的成長率超過 250%。

So -- really pleased with what we're seeing there in terms of uptake and what that's contributing to the business, both from a top line and margin perspective. We don't have -- obviously, we're going to break down our forward look for Q4 between different types of revenue, but we would expect to continue some momentum on the subscription business into Q4, just as we would on the advertising business as well. So hopefully, that gives you a little bit of an idea.

因此，無論是從營收還是利潤的角度來看，我們對所看到的吸收率以及對業務的貢獻感到非常滿意。顯然，我們將在不同類型的收入之間細分對第四季度的展望，但我們預計訂閱業務將繼續保持到第四季度的勢頭，就像我們在廣告業務上所做的那樣以及。希望這能為您帶來一些想法。

I'll talk about, a little bit about where we're seeing some strength with advertisers. And then if everyone wants to chime in with more detail on what -- where we expect to go from here. Really, what we're seeing is, we've been focusing very heavily on getting our go-to-market efforts and where we're seeing success in the progress of the ad platform really well aligned. And so making sure that we're selling through the products and the optimizations that are going to work for our advertisers and help them grow their business. That's led us to see success with the pretty large variety of sectors.

我會談談我們在廣告商身上看到的一些優勢。然後，如果每個人都想更詳細地了解我們期望從這裡走向何方。事實上，我們所看到的是，我們一直非常注重我們的市場推廣工作，我們在廣告平台的進展方面所取得的成功確實非常一致。因此，請確保我們銷售的產品和優化對我們的廣告商有用，並幫助他們發展業務。這使我們在相當多的領域看到了成功。

But some of the ones that we've talked about recently that I can share with you is, we're seeing good traction with CPG, restaurants and traveler categories that have been doing well on the platform and combinations of an e-com business is also doing well. And that's going to align well to both -- what I talked about earlier, which is the really good progress we've seen on 7-0 pixel purchase optimizations and what that's meant for lower funnel revenue growth year-over-year and quarter-over-quarter.

但我最近可以與大家分享的一些內容是，我們看到 CPG、餐廳和旅客類別的良好吸引力，這些類別在平台上表現良好，並且電子商務業務的組合是也做得很好。這將與我之前談到的兩者很好地吻合，這是我們在 7-0 像素購買優化方面看到的真正良好的進展，以及這對較低的漏斗收入同比和季度增長意味著什麼。超過季度。

And then also a little bit of the success that we've seen with those new brand takeover products and the traction that we got with those in Q3. That was helpful to the sequential improvement in revenue there. So hopefully, that gives you a little bit of a sense of what we're seeing both on the subscription side and the traction with different verticals of advertisers.

然後，我們也看到了這些新品牌收購產品所取得的一些成功以及我們在第三季獲得的吸引力。這有助於那裡收入的連續改善。希望這能讓您對我們在訂閱方面所看到的情況以及不同垂直領域的廣告商的吸引力有一點了解。

I can speak just briefly to the progress we've been making on the tech side of things. We're making a lot of headway with our ML platform, being able to run bigger models that have more features. So I think that -- I feel good about our progress there, obviously, more to do.

我可以簡單地談談我們在技術方面的進展。我們的機器學習平台取得了巨大進展，能夠運行具有更多功能的更大模型。所以我認為——我對我們在那裡取得的進展感到滿意，顯然，還有更多工作要做。

I think kind of the atomic unit of our performance business right now is 7-0 purchase optimization. That's working well for a lot of advertisers. And so really, what we've been trying to do is then build on top of that to solve slightly more sophisticated advertiser needs.

我認為目前我們績效業務的基本單位是 7-0 購買優化。這對很多廣告商來說效果很好。事實上，我們一直在嘗試做的是在此基礎上解決稍微複雜的廣告客戶需求。

So for example, with our app business, we've been beta testing event optimization for app advertisers, so rather than just optimizing around an install, optimizing around something like completing a level or something like that in a game. And that -- those sorts of optimizations are really important certain performance advertisers.

例如，在我們的應用程式業務中，我們一直在為應用程式廣告商進行測試事件優化，因此不僅僅是圍繞安裝進行優化，而是圍繞完成關卡或遊戲中類似的事情進行優化。對於某些效果廣告商來說，這類最佳化非常重要。

So I think taking that sort of fundamental building block that's working with 7-0 and then iterating on top of that to meet more advertiser needs is really important right now.

因此，我認為採用與 7-0 配合使用的基本建置模組，然後在此基礎上進行迭代以滿足更多廣告商的需求，現在非常重要。

I also think there's more we can do in terms of advertiser cold start for the long tail of advertisers. It takes maybe a little too long and maybe a bit too much spend for these smaller advertisers to get ramped up and to find conversions quickly. So we've also been iterating a lot there and making progress there.

我也認為，在針對廣告主長尾的廣告主冷啟動方面，我們還可以做更多的事情。對於這些規模較小的廣告商來說，可能需要花費太長的時間和太多的支出來擴大規模並快速找到轉換。因此，我們也在這方面進行了大量迭代並取得了進展。

But overall, I feel good about where the various tech pieces are right now. And one of the things we've just been learning as we go deep with these bigger customers is that it's become a lot more about the way that they're using these different pieces of our platform together. So really, auditing, signal quality, for example, going deep to make sure advertisers are bidding against the right goals for what they're measuring for.

但總的來說，我對目前各種技術的狀況感到滿意。當我們深入接觸這些大客戶時，我們剛剛了解到的一件事是，他們越來越關注他們一起使用我們平台的不同部分的方式。因此，實際上，例如，審核訊號質量，深入確保廣告商針對他們所衡量的目標進行正確的出價。

And I think just taking that customer success lens across all of our teams from product to measurement, PMM, engineering, of course, to debug these more complex setups has yielded a lot of positive momentum as well.

我認為，從產品到測量、PMM、工程，當然，從產品到測量、PMM、工程，所有團隊都以客戶成功的視角來調試這些更複雜的設置，也產生了很多積極的動力。

Your next question is from Lloyd Walmsley with UBS.

您的下一個問題來自瑞銀集團 (UBS) 的勞埃德‧沃姆斯利 (Lloyd Walmsley)。

A couple of parts to (inaudible) here. On the ads within My AI search, can you talk about how those are performing for you all, for advertisers? Are those all powered by Bing or some of them your own ads? And have you integrated that signal in the targeting across the platform?

這裡有幾個部分（聽不清楚）。關於「我的人工智慧搜尋」中的廣告，您能談談這些廣告對你們所有人、對廣告商來說效果如何嗎？這些都是由 Bing 提供支援的還是其中一些是您自己的廣告？您是否將該訊號整合到整個平台的定位中？

And I guess, just broadly, while we're on the topic, how do you think about turning to partners like Microsoft Bing or others? Just in general, to enhance monetization across the platform more broadly, similar to what we've seen at Pinterest, is that something you guys think about doing beyond the Bing integration?

我想，從廣義上講，當我們談論這個主題時，您如何看待轉向 Microsoft Bing 或其他公司等合作夥伴？總的來說，為了更廣泛地增強整個平台的貨幣化，類似於我們在 Pinterest 上看到的，你們是否考慮在 Bing 整合之外做一些事情？

It's still early with the partnership. I think the click-through rates are very healthy when the ads are relevant. So the big focus has really been on improving relevance, continuing to drive relevance for sponsor links in My AI.

合作關係還為時過早。我認為當廣告相關時，點擊率非常健康。因此，重點實際上是提高相關性，繼續提高 My AI 中贊助商連結的相關性。

So far in terms of signal integration, right now, we're using it to inform interest categories. I think there's a lot more we can do there but we've sort of taken that initial step again sort of with the test and learn perspective. So we think about this more as a longer-term investment, especially because the immediate work we're doing on that platform is yielding really meaningful results.

到目前為止，在訊號整合方面，我們正在使用它來告知興趣類別。我認為我們還有很多事情要做，但我們已經從測驗和學習的角度再次邁出了第一步。因此，我們更多地將其視為一項長期投資，特別是因為我們在該平台上所做的直接工作正在產生真正有意義的結果。

So we'll keep focusing on the product experience and of course, experimenting with the partnership, but there are more important priorities, I think, in terms of the ad platform right now.

因此，我們將繼續關注產品體驗，當然也會嘗試合作夥伴關係，但我認為，目前在廣告平台方面還有更重要的優先事項。

Our last question comes from Mark Mahaney with Evercore.

我們的最後一個問題來自 Evercore 的 Mark Mahaney。

Okay. And I just want to get into a nuts and bolts issue on ARPU or a question on ARPU. You had that -- 2 kind of interesting trends here. European ARPU kind of jumped a lot. And I know this is an output indicator, but could you just maybe explain why that is, and just like a 15% year-over-year growth.

好的。我只想談談 ARPU 的特定問題或 ARPU 的問題。這裡有兩種有趣的趨勢。歐洲 ARPU 大幅上漲。我知道這是一個產出指標，但您能否解釋為什麼會這樣，就像同比增長 15% 一樣。

And then sequentially, North American ARPU jumped a lot. It's kind of the biggest sequential growth we've seen in a while. So just any color behind those 2 metrics. And again, I understand that their output metrics, but any color would be appreciated.

隨後，北美 ARPU 大幅躍升。這是我們一段時間以來看到的最大的連續成長。所以這兩個指標後面的任何顏色都可以。再說一遍，我了解他們的輸出指標，但任何顏色都會受到讚賞。

Mark, it's Derek. Thanks for the question. Look, I think part of what you're seeing there is the fundamental improvements that we're making to the ad platform and the ad products in our go-to-market.

馬克，這是德瑞克。謝謝你的提問。看，我認為您所看到的部分內容是我們對廣告平台和上市廣告產品所做的根本性改進。

So for example, when you're looking at the year-over-year growth in the European region, what we're seeing there is that the fundamental improvements that we've made to the DR ad platform.

例如，當您查看歐洲地區的同比增長時，我們看到的是我們對 DR 廣告平台所做的根本性改進。

So some of the things I talked about earlier in terms of the big investments we've made in infrastructure to drive ad ranking and optimization, the work that we've done to incorporate a broader range of signals and features into those models and then those models themselves becoming much larger. The faster pace of experimentation that we're seeing on the DR ad platform, all of that's driving out much more precise conversion predictions. And that's driving improved ROI for advertisers. And you can see that, as I mentioned earlier, in the improvement in lower funnel year-over-year and quarter-over-quarter.

因此，我之前談到的一些事情涉及我們在基礎設施方面進行的大量投資，以推動廣告排名和優化，我們所做的工作是將更廣泛的信號和功能納入這些模型，然後是模型本身變得更大。我們在 DR 廣告平台上看到的實驗速度越來越快，所有這些都推動了更精確的轉換預測。這推動了廣告商投資報酬率的提高。正如我之前提到的，您可以看到漏斗下部同比和環比的改善。

And then the other thing is what I also mentioned earlier, which is these new brand products to be launched earlier this year, they got very nice traction in Q3, including First Story and the total takeover products. And then, of course, the go-to-market improvements that we've been making. And I think one thing in particular in Europe and to a certain -- and to an extent, in the APAC region is that the new region precedence for those regions came on prior to us making the significant changes to our ad platform in Q1 and prior to launching these products.

然後另一件事就是我之前也提到的，就是今年稍早推出的這些新品牌產品，它們在第三季獲得了很好的牽引力，包括First Story和總收購產品。當然，還有我們一直在進行的上市改進。我認為，特別是在歐洲，在某種程度上，在亞太地區，在我們對第一季度及之前的廣告平台進行重大改變之前，這些地區的新區域優先權就已經出現了。推出這些產品。

And so those fundamental improvements to the ad product, the ad platform and the go to market, those are not just unique to the European region -- for the most part, they're going to be globally applicable, including some of the really good improvements -- we're making a scalable solutions for small and medium-sized businesses.

因此，對廣告產品、廣告平台和進入市場的這些根本性改進不僅僅是歐洲地區獨有的——在很大程度上，它們將在全球範圍內適用，包括一些真正好的改進——我們正在為中小型企業制定可擴展的解決方案。

But you can see some of that is impacting North America a little later. And that's why North America, for example, was the fastest region quarter-over-quarter at 14% sequentially in growth, and that's a combination of those fundamental improvements coming to bear on the North America market, as well as the improved go-to-market exercise there.

但稍後您會發現其中一些影響正在影響北美。這就是為什麼北美成為環比增長最快的地區，環比增長 14%，這是北美市場發生的根本性改善以及改進的首選因素的結合。-那裡的市場活動。

So I think what you're seeing is the work starting to show up in the output and the fundamental progress we're making with the ad platform, and that's showing up in ARPU, which is great news for the business all around. So thanks for the question.

因此，我認為您所看到的是我們在廣告平台上所取得的基本進展以及我們在廣告平台上取得的基本進展開始在產出中體現出來，這也體現在ARPU 中，這對整個行業來說都是個好消息。謝謝你的提問。

Thank you. This concludes our question-and-answer session as well as Snap Inc.'s Third 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 年第三季財報電話會議到此結束。感謝您參加今天的會議。您現在可以斷開連線。