Snap Inc (SNAP) 2024 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to Snap Inc.'s First Quarter 2024 Earnings Conference Call. (Operator Instructions)

大家下午好，歡迎參加 Snap Inc. 的 2024 年第一季財報電話會議。 （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 First Quarter 2024 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 2024 年第一季財報電話會議。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 investors.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 Investors.snap.com，尋找今天的新聞稿、投影片、投資者信函和投資者簡報。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-K or 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表格 10-K 或表格 10-Q 中描述的風險，特別是在標題為「風險因素」的部分。

Today's call will include both GAAP and non-GAAP measures. Reconciliations between the 2 can be found in today's press release. Please note that when we discuss all of our expense figures, they will exclude stock-based compensation and related payroll taxes as well as depreciation and amortization and certain other items. 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和攤提以及某些其他項目。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. I'm excited to share the progress we are making on our strategic priorities and the momentum we are building to capitalize on the long-term potential of our business. I'm deeply inspired by the dedication and efforts so many of our team members have put into serving our community and our partners, and it is gratifying to see our efforts beginning to bear fruit.

大家好，感謝大家加入我們。我很高興與大家分享我們在策略重點方面所取得的進展，以及我們為充分利用業務長期潛力而建立的勢頭。我們的許多團隊成員為服務社區和合作夥伴所付出的奉獻和努力深受鼓舞，很高興看到我們的努力開始結出碩果。

On our call today, I'll open with some observations about our strategic direction and key developments and then you'll hear from Derek. The full financial detail is in our investor letter, but going forward, we'll also be giving more context on the earnings call.

在今天的電話會議上，我將首先對我們的策略方向和關鍵發展發表一些看法，然後您將聽到德里克的演講。完整的財務細節在我們的投資者信中，但展望未來，我們也將在財報電話會議上提供更多背景資訊。

We remain committed to executing against our 3 strategic priorities: accelerating and diversifying our revenue growth, growing our community and deepening their engagement and leading in augmented reality. The most important strategic priority we set out for 2024 is accelerating and diversifying revenue growth. We have made significant progress to start the year with revenue growing 21% year-over-year, an acceleration of 16 percentage points over the prior quarter growth rate, which was driven by improvements we have made to our advertising platform and an increase in demand for our advertising solutions while also benefiting from the impact of an improved operating environment.

我們仍然致力於執行我們的 3 個策略重點：加速我們的收入成長並使其多樣化、發展我們的社區以及加深他們的參與並在擴增實境領域發揮領導作用。我們為 2024 年制定的最重要的策略重點是加速收入成長並使收入多元化。我們在年初取得了重大進展，營收年增 21%，比上一季的成長率加快了 16 個百分點，這得益於我們對廣告平台的改進和需求的成長我們的廣告解決方案，同時也受益於改善的營運環境的影響。

Our large hard-to-reach audience, brand-safe environment and continued innovation and progress on our advertising platform have made us a valuable partner for businesses that want to reach the next generation.

我們龐大的難以接觸到的受眾、品牌安全的環境以及廣告平台上的持續創新和進步，使我們成為想要影響下一代的企業的寶貴合作夥伴。

Our second strategic priority, designing innovative products and services that enhance people's relationships with their friends, family and the world continues to drive the growth of our global community.

我們的第二個策略重點是設計創新產品和服務，增強人們與朋友、家人和世界的關係，並繼續推動我們全球社區的發展。

In Q1, we reached 422 million daily active users, an increase of 39 million or 10% year-over-year. We continue to broaden and deepen engagement with our content platform with the number of viewers and total time spent watching content growing globally year-over-year. Our focus on visual communication between friends and family is a strategic advantage that has enabled us to reach more than 75% of 13 to 34 year olds in over 25 countries with these countries representing more than 50% of the global advertising market.

第一季度，我們的每日活躍用戶達到 4.22 億，年增 3,900 萬，成長 10%。我們持續擴大和深化與內容平台的互動，全球觀眾數量和觀看內容的總時間逐年增長。我們對朋友和家人之間視覺交流的關注是一項策略優勢，使我們能夠覆蓋超過 25 個國家超過 75% 的 13 至 34 歲人群，這些國家佔全球廣告市場的 50% 以上。

Relationships are what drive the depth of engagement on our platform. Our goal is to ensure that Snapchat helps enhance relationships with the people who matter most. These relationships lead to increased daily active usage of our platform and happier members of our community. 4 out of 5 Snapchatters believe that connecting with friends is the simplest way to feel better. This year, we are particularly focused on helping lightly engaged new and resurrected Snapchatters build relationships on our platform. Building just 1 or 2 close relationships on Snapchat and dramatically increase the number of active days for these cohorts while simultaneously leading to a happier and healthier community. Over 90% of Snapchatters say they feel comfortable, happy and connected when they use Snapchat. And Snapchat is ranked as the #1 happiest platform when compared to other apps.

關係是推動我們平台參與深度的因素。我們的目標是確保 Snapchat 有助於加強與最重要的人的關係。這些關係導致我們平台的日常活躍使用增加，並使我們社群的成員更加快樂。五分之四的 Snapchatter 認為，與朋友聯繫是讓自己感覺更好的最簡單方法。今年，我們特別致力於幫助輕度參與的新用戶和復活的 Snapchatter 在我們的平台上建立關係。只需在 Snapchat 上建立 1 到 2 個親密關係，即可大幅增加這些群體的活躍天數，同時創造一個更快樂、更健康的社區。超過 90% 的 Snapchat 用戶表示，當他們使用 Snapchat 時，他們感到舒適、快樂並保持聯繫。與其他應用程式相比，Snapchat 被評為最快樂的平台第一名。

We've been working hard to improve our advertising platform by helping our partners transition to new ways of measuring and optimizing their advertising spend in order to provide improved ROAS. In Q1, ongoing momentum with our 7-0 pixel purchase optimization model led to a more than 75% increase in purchase-related conversions year-over-year.

我們一直在努力改進我們的廣告平台，幫助我們的合作夥伴過渡到衡量和優化廣告支出的新方法，以提高廣告支出回報率。第一季度，我們 7-0 像素購買優化模型的持續發展勢頭導致與購買相關的轉換同比增長了 75% 以上。

In addition, we are excited by the progress we're seeing with our small- and medium-sized advertising partners. Today, small- and medium-sized businesses and creators can promote their services, content or products and reach new audiences, all with just a few taps within the Snap chat application. This has been instrumental in significantly accelerating the number of SMB advertisers on Snapchat, which increased 85% year-over-year.

此外，我們對中小型廣告合作夥伴所取得的進展感到興奮。如今，中小型企業和創作者只需在 Snap 聊天應用程式中輕按幾下即可推廣他們的服務、內容或產品並吸引新受眾。這對於大幅增加 Snapchat 上的中小企業廣告商數量起到了重要作用，比去年同期增長 85%。

As we look forward, the deliberate actions we've taken with our cost structure have cleared a path to meaningful adjusted EBITDA profitability and positive free cash flow. We have invested heavily in cloud infrastructure over the past year in order to improve the performance of our advertising products and deepen engagement on our platform.

展望未來，我們對成本結構採取的審慎行動已為實現有意義的調整後 EBITDA 盈利能力和正自由現金流掃清了道路。過去一年，我們在雲端基礎設施方面投入了大量資金，以提高廣告產品的效能並加深對我們平台的參與度。

We will continue to calibrate our investments carefully moving forward to ensure we build on this momentum while also realizing the operating leverage necessary to drive improved financial performance.

我們將繼續謹慎地調整我們的投資，以確保我們在這一勢頭的基礎上再接再厲，同時實現推動改善財務業績所需的營運槓桿。

We believe that a strong financial foundation and track record of innovation are critical inputs in fulfilling our vision of computing overlaid on the world. This is our third strategic priority. We have never worked on anything as profound and meaningful as augmented reality. AR enables us to service digital experiences seamlessly in the world around us, transforming the way we use computing in our daily lives.

我們相信，強大的財務基礎和創新記錄是實現我們的計算覆蓋世界的願景的關鍵投入。這是我們的第三個策略重點。我們從未從事過像擴增實境這樣深刻和有意義的事情。 AR 使我們能夠在周圍的世界中無縫地提供數位體驗，從而改變我們在日常生活中使用計算的方式。

Our AR products and services are driving major impact at scale today. On average, over 300 million people engage with augmented reality every single day on Snapchat. Our community plays with AR Lenses billions of times per day on average, and our AR creator community has built millions of lenses using our Lens Studio software.

如今，我們的 AR 產品和服務正在產生大規模的重大影響。平均每天有超過 3 億人在 Snapchat 上使用擴增實境。我們的社群平均每天使用 AR 鏡頭數十億次，我們的 AR 創作者社群已經使用我們的 Lens Studio 軟體建立了數百萬個鏡頭。

Having a large, engaged AR audience and creator community enables us to innovate rapidly. This unique position has allowed us to develop a lead and augmented reality over the last decade by leveraging one of the world's most used cameras developing highly advanced technology and tools and growing a vibrant AR creator ecosystem.

擁有大量活躍的 AR 受眾和創作者社群使我們能夠快速創新。這一獨特的地位使我們能夠在過去十年中利用世界上最常用的相機之一開發高度先進的技術和工具並發展充滿活力的 AR 創作者生態系統，從而在增強現實領域佔據領先地位。

We believe that our large and growing community, an innovative and engaging service that continues to evolve and a strong balance sheet with positive free cash flow positions us well to achieve our long-term vision for augmented reality, which we believe will be one of the most meaningful advancements in computing that the world has ever seen.

我們相信，我們龐大且不斷發展的社區、不斷發展的創新和引人入勝的服務以及具有正自由現金流的強大資產負債表，使我們能夠很好地實現增強現實的長期願景，我們相信這將成為增強現實的長期願景之一。

With that, I'd like to turn the call over to Derek to speak about our financials.

說到這裡，我想把電話轉給德瑞克，談談我們的財務狀況。

Thanks, Evan, and good afternoon, everyone. For the first quarter, revenue and adjusted EBITDA exceeded our expectations as a result of increased demand for our advertising solutions and an improved cost structure that enabled us to generate greater operating leverage. Q1 revenue grew 21% year-over-year to $1.195 billion, driven by the 14 percentage point acceleration in advertising revenue, which grew 16% year-over-year in Q1. The Direct Response, or DR portion of advertising revenue increased 17% year-over-year, up from 3% growth in the prior quarter as we began to see improved ROAS for our advertising partners, translate into accelerating demand on our ad platform. .

謝謝埃文，大家下午好。第一季度，由於對我們的廣告解決方案的需求增加以及成本結構的改善使我們能夠產生更大的營運槓桿，收入和調整後的 EBITDA 超出了我們的預期。第一季營收年增 21%，達到 11.95 億美元，這得益於廣告收入加速 14 個百分點，第一季廣告收入年增 16%。廣告收入的直接回應 (DR) 部分年增 17%，高於上一季的 3%，因為我們開始看到廣告合作夥伴的 ROAS 有所改善，轉化為對我們廣告平台的需求不斷增長。 。

Small- and medium-sized advertisers, in particular, grew quickly in Q1, with active advertisers in this segment, up 85% year-over-year. Brand-oriented advertising revenue increased 12% year-over-year, driven by strong demand for our takeover products in Q1 and an improved operating environment.

尤其是中小型廣告主，第一季成長較快，活躍廣告主年增85%。在第一季收購產品的強勁需求和營運環境改善的推動下，品牌導向的廣告收入較去年同期成長 12%。

We also continue to make progress towards diversifying our revenue sources with other revenue up 194% year-over-year to reach $87 million. Other revenue includes all nonadvertising revenue and consists almost entirely of Snapchat+ subscription revenue. Snapchat+ subscribers topped 9 million in Q1, more than tripling year-over-year. From a regional perspective, we observed acceleration in both DR and brand-related advertising revenue growth across all regions in Q1.

我們在收入來源多元化方面也持續取得進展，其他營收年增 194%，達到 8,700 萬美元。其他收入包括所有非廣告收入，幾乎全部由 Snapchat+ 訂閱收入組成。第一季 Snapchat+ 訂閱者數量突破 900 萬，較去年同期成長兩倍多。從區域角度來看，我們觀察到第一季所有區域的災難應變和品牌相關廣告收入成長均加速。

We were particularly pleased to see the improvements we have made to our ad platform translate to improved revenue growth in North America, where revenue grew 16% year-over-year in Q1, an acceleration of 14 percentage points over the prior quarter growth rate.

我們特別高興地看到我們對廣告平台所做的改進轉化為北美地區收入成長的改善，第一季營收年增 16%，比上一季的成長率提高了 14 個百分點。

Brand-oriented demand in Rest of World and Europe accelerated at a relatively faster pace in Q1 as these regions were more significantly impacted by the war in the Middle East in the prior quarter. We observed the highest rate of acceleration in total advertising revenue growth in Rest of World in Q1, driven in part by strong seasonal demand during the Ramadan holiday, which was further amplified by the timing of the holiday season shifting into Q1 of the current year.

世界其他地區和歐洲的品牌導向需求在第一季以相對較快的速度加速，因為這些地區上一季受中東戰爭的影響更為明顯。我們觀察到，第一季世界其他地區的總廣告收入成長率最高，部分原因是齋戒月假期期間強勁的季節性需求，而假期季節轉移到今年第一季的時間進一步放大了這種需求。

Total adjusted cost of revenue was $570 million in Q1, up 31% year-over-year. Infrastructure costs were the largest driver of the year-over-year increase driven in large part by the ramp in ML and AI investments to support our DR ad platform and content engagement that we implemented in Q2 and Q3 of the prior year.

第一季調整後總營收成本為 5.7 億美元，年增 31%。基礎設施成本是年成長的最大推動因素，很大程度上是由於機器學習和人工智慧投資的增加，以支持我們在上一年第二季和第三季實施的 DR 廣告平台和內容參與。

The level of investment in ML and AI was relatively stable across Q4 of 2023 and Q1 of 2024, and we have continued to improve our cloud infrastructure unit costs through a combination of engineering efficiency and pricing improvements.

2023 年第四季和 2024 年第一季度，機器學習和人工智慧的投資水準相對穩定，我們透過工程效率和定價改進的結合，繼續改善雲端基礎設施單位成本。

In addition, we benefited from higher-than-average service provider credits in Q1 that helped to further reduce infrastructure costs in Q1. As a result, infrastructure cost per DAU declined from $0.84 in Q4 of 2023 to $0.80 in Q1 of 2024.

此外，我們受益於第一季高於平均水平的服務提供者信貸，這有助於進一步降低第一季的基礎設施成本。因此，每 DAU 基礎設施成本從 2023 年第四季的 0.84 美元下降到 2024 年第一季的 0.80 美元。

The remaining components of adjusted cost of revenue, including content, developer, advertising and other partner costs were $232 million in Q1 or 19% of revenue, compared to 20% in the prior quarter and 21% in the prior year.

調整後收入成本的其餘部分，包括內容、開發者、廣告和其他合作夥伴成本，第一季為 2.32 億美元，佔收入的 19%，而上一季為 20%，去年為 21%。

Adjusted gross margin was 52% in Q1 compared to 55% in the prior quarter and 56% in the prior year. The quarter-over-quarter decline in adjusted gross margin is driven entirely by seasonally lower revenue in Q1 compared to Q4, partially offset by the sequential decline in infrastructure costs per DAU.

第一季調整後毛利率為 52%，上一季為 55%，去年同期為 56%。調整後毛利率季減完全是由於第一季營收較第四季季節性下降所致，但每日活躍用戶基礎設施成本的季減部分抵銷了這一影響。

The year-over-year decline in adjusted gross margin reflects higher infrastructure investments that began to ramp up in Q2 and Q3 of the prior year, which was partially offset by operating leverage from accelerating revenue growth in Q1.

調整後毛利率年減反映了去年第二季和第三季開始增加的基礎設施投資增加，但第一季營收加速成長帶來的營運槓桿部分抵銷了這項投資。

Adjusted operating expenses were $579 million in Q1, up 5% year-over-year. Personnel costs increased 4% year-over-year in Q1, driven primarily by the impact of higher personnel costs per regular full-time employee, which was partially offset by reductions in team size as a result of the restructuring initiatives.

第一季調整後營運費用為 5.79 億美元，年增 5%。第一季的人員成本年增 4%，主要是由於每位正式全職員工的人員成本增加，但重組措施導致的團隊規模縮小部分抵消了這一影響。

We implemented the restructuring in phases throughout the quarter, resulting in a 3% decline in average headcount year-over-year. We ended Q1 with 4,835 full-time headcount, which was down 7% year-over-year and down 27% from our peak headcount in mid-Q3 of 2022.

我們在整個季度分階段實施了重組，導致平均員工人數年減 3%。截至第一季末，我們的全職員工人數為 4,835 人，年減 7%，較 2022 年第三季中期的員工人數高峰下降 27%。

Adjusted EBITDA was $46 million in Q1, up from $1 million in Q1 of the prior year, reflecting both accelerating revenue growth and operating expense discipline.

第一季調整後 EBITDA 為 4,600 萬美元，高於上年第一季的 100 萬美元，反映出營收成長加速和營運費用紀律。

Net loss was $305 million in Q1 compared to $329 million in Q1 of the prior year. The improvement in net loss on a year-over-year basis reflects the flow-through of higher adjusted EBITDA, as well as a $60 million reduction in stock-based compensation and related expenses, or SBC, partially offset by transition costs of $70 million related to our restructuring initiatives.

第一季淨虧損為 3.05 億美元，而上年第一季淨虧損為 3.29 億美元。淨虧損年增率改善反映了調整後 EBITDA 的增加，以及股票薪酬和相關費用 (SBC) 減少 6,000 萬美元，部分被 7,000 萬美元的過渡成本所抵消與我們的重組舉措有關。

The impact of past refresh grants on the GAAP accounting of SBC expense has now fully dissipated from the cost structure. This was the largest driver of the year-over-year decline in SBC in Q1 followed by the impact of reduced headcount as a result of the recent restructuring. Dilution or growth in our share count was 3.8% in Q1, down from 5.7% in the prior quarter.

過去更新補助金對 SBC 費用 GAAP 會計的影響現已完全從成本結構中消失。這是 SBC 第一季同比下降的最大驅動因素，其次是最近重組導致的員工人數減少的影響。第一季我們的股份數量稀釋或成長為 3.8%，低於上一季的 5.7%。

As part of our efforts to responsibly manage the impact of SBC on our share count, we repurchased 21 million shares at a cost of $235 million in Q1, reflecting an average repurchase price of $11.19. Since we began opportunistically managing our share count through share repurchases in Q3 of 2022, we have repurchased 145 million shares, representing 8% of fully diluted shares outstanding at an average price of $9.86 per share and a total cost of $1.4 billion. Free cash flow was $38 million in Q1, as we continued to strategically prioritize our investments to drive sustained and meaningful positive free cash flow. We ended Q1 with $2.9 billion in cash and marketable securities on hand.

為了負責任地管理 SBC 對我們股票數量的影響，我們在第一季以 2.35 億美元的成本回購了 2,100 萬股股票，平均回購價格為 11.19 美元。自2022 年第三季我們開始透過股票回購機會性地管理我們的股票數量以來，我們已回購了1.45 億股股票，佔完全稀釋已發行股票的8%，平均價格為每股9.86 美元，總成本為14 億美元。第一季的自由現金流為 3,800 萬美元，我們繼續策略性地優先考慮我們的投資，以推動持續且有意義的正自由現金流。第一季結束時，我們手頭上有 29 億美元的現金和有價證券。

In addition, in Q1, we repurchased $100 million of our outstanding 2025 convertible notes and $351 million of our outstanding 2026 convertible notes at prices below par value. Through these transactions, we have further reduced the level of debt maturing in the years ahead, while also eliminating the risk of future dilution from the repurchased convertible notes.

此外，在第一季度，我們以低於面額的價格回購了 1 億美元已發行的 2025 年可轉換票據和 3.51 億美元已發行的 2026 年可轉換票據。透過這些交易，我們進一步降低了未來幾年到期的債務水平，同時也消除了回購可轉換票據未來稀釋的風險。

Turning to our outlook. We anticipate continued growth of our global community and our Q2 guidance is built on the assumption that DAU will be approximately $431 million in Q2. Our Q2 guidance range for revenue is $1.225 billion, to $1.255 billion, implying year-over-year revenue growth of 15% to 18%.

轉向我們的展望。我們預計我們的全球社群將持續成長，我們的第二季指引是基於第二季 DAU 約為 4.31 億美元的假設。我們對第二季營收的指導範圍為 12.25 億美元至 12.55 億美元，這意味著營收年增 15% 至 18%。

This would represent a 3 to 6 percentage point deceleration in growth rate compared to Q1, which we attribute to the 3 percentage point quarter-over-quarter acceleration in revenue growth experienced in the prior year and a further estimated 3 percentage point headwind due to changes in seasonality factors, including the timing of the Ramadan holiday season shifting toward Q1 in the current year and the impact of the leap day in Q1 of 2021.

與第一季相比，這意味著成長率將下降 3 至 6 個百分點，我們將其歸因於上一年收入成長環比加速 3 個百分點，以及由於變化而進一步估計 3 個百分點的逆風季節性因素，包括今年齋戒月假期移至第一季的時間以及2021年第一季閏日的影響。

Our investment plans for Q2 include modest incremental investments in infrastructure, personnel and marketing to sustain the momentum we have established in our business, as well as the impact of an increasing legal and regulatory burden on our cost structure.

我們第二季的投資計畫包括對基礎設施、人員和行銷進行適度增量投資，以維持我們在業務中建立的勢頭，以及日益增加的法律和監管負擔對我們成本結構的影響。

Given the revenue range above and our investment plans for the quarter ahead, we estimate that adjusted EBITDA will be between $15 million and $45 million in Q2.

考慮到上述收入範圍和我們下一季的投資計劃，我們估計第二季調整後的 EBITDA 將在 1500 萬美元至 4500 萬美元之間。

We have made significant progress to optimize our cost structure and believe it will be productive to provide forward-looking insights into our estimated full year 2024 cost structure. We currently estimate that quarterly infrastructure cost per DAU will be in the $0.83 to $0.85 range for the remainder of 2024.

我們在優化成本結構方面取得了重大進展，並相信為我們預計的 2024 年全年成本結構提供前瞻性見解將是富有成效的。我們目前估計，在 2024 年剩餘時間內，每 DAU 的季度基礎設施成本將在 0.83 美元至 0.85 美元之間。

We will continue to assess our infrastructure investment levels based on what is in the best long-term interest of our business. We expect the remaining components of cost of revenue, including content and developer partner costs as well as advertising partner and other costs to remain relatively stable as a percentage of revenue at a combined 19% to 21% of revenue, which is within the range we have reported over the trailing 4 quarters.

我們將繼續根據我們業務的最佳長期利益來評估我們的基礎設施投資水準。我們預計收入成本的其餘組成部分，包括內容和開發者合作夥伴成本以及廣告合作夥伴和其他成本佔收入的百分比將保持相對穩定，合計佔收入的 19% 至 21%，這在我們的範圍內已報告過去4 個季度的情況。

We currently anticipate that the headcount and personnel costs will grow modestly as we move through 2024, resulting in full year adjusted operating expenses of approximately $2.425 billion to $2.525 billion. We see limited opportunity to productively reduce adjusted operating expenses below this range. And if we are able to sustain higher rates of revenue growth into the second half of 2024, we will invest prudently to support that growth. For SBC, we anticipate modest sequential growth as we move through 2024, resulting in an estimated full year SBC expense of $1.13 billion to $1.2 billion.

我們目前預計，隨著 2024 年的到來，員工人數和人員成本將小幅增長，導致全年調整後營運費用約為 24.25 億美元至 25.25 億美元。我們認為有效地將調整後的營運費用降低到該範圍以下的機會有限。如果我們能夠在 2024 年下半年保持較高的收入成長率，我們將謹慎投資以支持這種成長。對於 SBC，我們預計到 2024 年將出現溫和的環比成長，預計全年 SBC 支出為 11.3 億至 12 億美元。

With that, I'll kick it back to Evan for closing remarks.

至此，我將把它交還給埃文進行結束語。

Thanks, Derek. As we continue to execute in the quarters ahead, we remain focused on serving our community with innovative and responsible products, investing in our direct response business to deliver measurable ROAS for our advertising partners, cultivating new sources of revenue to diversify our top line growth and scaling our investment levels prudently to deliver meaningful and sustained profitability and positive free cash flow. The most critical input to delivering on these strategic initiatives we laid out is innovation. That includes innovating on our products, our advertising platform and the future of augmented reality.

謝謝，德里克。隨著我們在未來幾季繼續執行，我們仍然專注於以創新和負責任的產品為社區服務，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廣告支出回報率，培育新的收入來源以實現我們的收入成長多元化，謹慎擴大我們的投資水平，以實現有意義且持續的盈利能力和正的自由現金流。實現我們所製定的這些策略舉措的最關鍵投入是創新。這包括我們的產品、廣告平台和擴增實境的未來的創新。

We believe that our demonstrated track record of innovation over the last 12 years positions us well to deliver on this for our community, our partners and our investors. While there is still a lot of work to be done, we are pleased that this focus has translated into improved results in Q1.

我們相信，過去 12 年的創新記錄使我們能夠很好地為我們的社區、合作夥伴和投資者實現這一目標。儘管還有很多工作要做，但我們很高興這一重點已轉化為第一季業績的改善。

We will now begin our Q&A session.

我們現在開始問答環節。

(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。

Can you just help us understand the drivers and you listed a number of things, but just help us kind of frame and maybe prioritize the drivers of the DR acceleration in 1Q? And just kind of how you think about linearity and progression through '24? And then if you could comment just on the slight decel that you're guiding to in the second quarter as well.

您能否幫助我們了解驅動因素，您列出了一些內容，但只是幫助我們確定框架，並可能優先考慮第一季 DR 加速的驅動因素？您如何看待 24 世紀的線性和進展？然後，您是否可以對第二季的輕微減速發表評論。

Doug, it's Derek. Thanks for the question. I think, look, at the first outset, I would say that probably the most important takeaway or theme of the top line results is just how broad-based the acceleration was on the top line. You mentioned DR specifically, but we did see each of brand DR and those 2 pillars across all 3 of our regions accelerate in the quarter. We also saw that the SMB customer base grew quite quickly, active advertisers, they are up 85%. And also then looking over at the Snapchat+ business also subs tripling or more year-over-year to 9 million. So we did see a really broad-based improvement in the top line.

道格，這是德瑞克。謝謝你的提問。我認為，首先，我會說，頂線結果最重要的要點或主題可能是頂線加速的基礎有多廣泛。您特別提到了災難恢復，但我們確實看到每個品牌災難恢復以及我們所有 3 個地區的這兩個支柱在本季度都在加速。我們也看到，中小企業客戶群成長相當快，活躍的廣告主成長了85%。再看看 Snapchat+ 業務，比去年同期成長兩倍或更多，達到 900 萬。因此，我們確實看到了收入的廣泛改善。

On the DR side, specifically, I think you've probably seen that we've been making really significant investments in that line of business over the last year, and we made a lot of investments in infrastructure to help improve their number one, leveraging more of our privacy say, signals for ranking and optimization and then continuing to evolve our models to incorporate more of those signals making larger models and refreshing them more frequently. And we've seen really good momentum, in particular on the 7-0 pixel purchase optimization that led to more than 75% increase in purchase-related conversions in Q1.

具體來說，在災難復原方面，我想您可能已經看到，去年我們在該業務領域進行了非常重大的投資，並且我們在基礎設施方面進行了大量投資，以幫助提高他們的第一名，利用我們的更多隱私資訊包括排名和優化的訊號，然後繼續發展我們的模型以納入更多這些訊號，從而形成更大的模型並更頻繁地刷新它們。我們看到了非常好的勢頭，特別是 7-0 像素購買優化，導致第一季與購買相關的轉換增加了 75% 以上。

And we're making progress on some of the nuts and bolts there around, for example, CAPI adoption we saw a more than 300% increase year-over-year on that. And we now have coverage there of approximately half of the DR revenue. And you made some improvements just in expanding the addressable market there, with the rollout of 7-0 optimization to app install and app purchase with additional app goals coming in Q2 on the road map there.

我們正在一些具體細節上取得進展，例如，我們看到 CAPI 的採用率同比增長了 300% 以上。我們現在涵蓋了大約一半的災難復原收入。您在擴大那裡的潛在市場方面做出了一些改進，推出了對應用程式安裝和應用程式購買的 7-0 優化，並在第二季的路線圖上提出了其他應用程式目標。

So there's a lot of progress on that front. We're seeing that show up in improved rollouts. And I think many of you saw in your channel checks even in Q4 that you were starting to hear about the return on rollouts in the advertising community. And I think you can see that now showing up in the demand in this quarter.

所以這方面取得了許多進展。我們看到這一點體現在改進的推出中。我想你們中的許多人甚至在第四季度就在頻道檢查中看到，你們開始聽到廣告界推出的回報。我認為您現在可以看到這一點體現在本季度的需求中。

So if you taken together, I think that each of those are proof points that the DR business is performing much, much better now. And that each of those things are ROAS-based return-based customer success based and that speaks to sort of the durability of that basis.

因此，如果綜合考慮，我認為每一項都證明災難復原業務現在的表現要好得多。所有這些都是基於 ROAS、基於回報、基於客戶成功的，這說明了該基礎的持久性。

So you asked a little bit about the transition of the growth rate into Q2. And we do expect the progress that we've made with the DR business to continue but we do have some unique items just on seasonality. I pointed to a couple in the letter. One in particular, we did have an improvement in the growth rate in the prior year of about 3 percentage points quarter-over-quarter, so that contributes to comps a little. And then there's some unique seasonality factors as we transition from Q1 to Q2 this year, notably, the leap day in Q1 of this year that contributed to the higher growth in Q1 as well as the timing of the Ramadan holiday season, moving more so into Q1 this year relative to Q2 last year and that further contributes to some of the transitions there. But none of those factors really speaking to the fundamentals of the improvement in the business that we're seeing. So hopefully, that gives you a little bit of a sense of what we're seeing and the momentum that we've established on that line of the business.

所以你問了一些關於第二季成長率轉變的問題。我們確實期望我們在災難復原業務方面取得的進展能夠繼續下去，但我們確實有一些季節性的獨特項目。我指著信中的一對夫婦。特別值得一提的是，我們上一年的成長率確實比上一季提高了約 3 個百分點，因此這對公司業績有所貢獻。然後，當我們今年從第一季過渡到第二季時，存在一些獨特的季節性因素，特別是今年第一季的閏日，以及齋戒月假期的時間安排，推動了第一季的更高成長，更是如此。但這些因素都沒有真正說明我們所看到的業務改善的基本面。希望這能讓您對我們所看到的以及我們在該業務領域建立的勢頭有一點了解。

Our next question comes from Ken Gawrelski with Wells Fargo.

我們的下一個問題來自富國銀行的 Ken Gawrelski。

Evan and Derek, you discussed on the fourth quarter earnings call, a shift in the company resources to grow engagement in North America and EMEA. Can you talk about any early progress? I know North America DAUs were flat quarter-over-quarter in 1Q, but maybe any early thoughts on future North America growth for 2Q and beyond and maybe that what's incorporated in that and the early look at 2Q DAUs, please?

Evan 和 Derek，你們在第四季度財報電話會議上討論了公司資源的轉變，以增加在北美和歐洲、中東和非洲的業務。能談談早期進展嗎？我知道第一季北美 DAU 環比持平，但也許對第二季度及以後的北美未來增長有任何早期想法，也許這其中包含了什麼以及對第​​二季度 DAU 的早期觀察，好嗎？

Thanks, Ken. Yes, we certainly have been shifting more of our resourcing and focus to growth in North America and Europe. It's a different opportunity set. Historically, we were more focused on new users and developing markets who are typically on Android devices. This is really about focusing more on reengagement with users who have downloaded Snapchat before and who may not be using it as often as some of their friends and those users are typically on iOS.

謝謝，肯。是的，我們確實已經將更多的資源和重點轉向北美和歐洲的成長。這是一個不同的機會。從歷史上看，我們更關注通常使用 Android 裝置的新用戶和發展中市場。這實際上是為了更專注於以前下載過 Snapchat 的用戶的重新參與，這些用戶可能不像他們的一些朋友那樣經常使用 Snapchat，而這些用戶通常使用 iOS。

So I'd say the opportunity set overall is different. And in our early explorations, we're finding a lot of opportunity to improve that product experience.

所以我想說整體的機會是不同的。在我們的早期探索中，我們發現了許多改善產品體驗的機會。

So the near-term and month-over-month trends have been pretty constructive growth from February to March and March to April month to date in North America has been positive. So we're making progress here. It is early, but we are seeing a lot of opportunity and eager to improve the product for our community in North America and Europe. .

因此，從 2 月到 3 月以及 3 月到 4 月迄今為止，北美的近期和環比趨勢都是相當有建設性的成長。所以我們在這裡取得了進展。現在還為時過早，但我們看到了許多機會，並渴望為北美和歐洲的社區改進產品。 。

Our next question comes from Rich Greenfield with LightShed Partners.

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

Look, I think the -- Evan, when I look at the time spent watching content globally, it was up, but North America was relatively -- you sort of signaled the last couple of quarters, it's flattish. But you keep calling out Spotlight momentum. And it feels like if I think about how you shift time spent on the platform or grow time spent on the platform, it seems like Spotlights the key to unlocking meaningful growth. Yes, creator stores are growing, but especially as you unify the feed, it feels like spotlights so important.

聽著，我認為 - 埃文，當我查看全球觀看內容的時間時，它有所增加，但北美相對 - 你在過去幾個季度中表示，它是平淡的。但你一直在強調聚光燈的勢頭。感覺如果我考慮如何改變在平台上花費的時間或增加在平台上花費的時間，聚光燈似乎是釋放有意義的成長的關鍵。是的，創作者商店正在成長，但特別是當你統一來源時，感覺聚光燈是如此重要。

And I guess could you just -- as you look across the landscape, real short TikTok versus Spotlight. How do you evaluate where Spotlight is today on a relative basis versus the choices consumers have very similar? I realize it's not exact, but a similar experience. And how aggressively are you investing to take share with Spotlight?

我想你可以——當你環顧四周時，真正簡短的 TikTok 與 Spotlight 的對比。與消費者非常相似的選擇相比，您如何評估目前 Spotlight 的相對位置？我意識到這並不準確，但有類似的經驗。為了搶佔 Spotlight 的份額，您的投資力道有多大？

Thanks, Rich. Yes, as we look at Spotlight and Creator stories, they've definitely been bright spots in terms of time spent. As you mentioned, we are really working to simplify and unify the experience, both in terms of the user perspective. So one unified feed of content, but also the ranking stack, which is going to enable us to really share signal engagement signals between stories and Spotlight, which we just haven't done historically. So we think that will really help personalize the experience overall.

謝謝，里奇。是的，當我們查看 Spotlight 和 Creator 故事時，就花費的時間而言，它們絕對是亮點。正如您所提到的，我們確實致力於從使用者角度簡化和統一體驗。因此，一個統一的內容提要，還有排名堆疊，這將使我們能夠真正在故事和 Spotlight 之間共享訊號參與訊號，這是我們歷史上從未做過的。所以我們認為這確實有助於個人化整體體驗。

I'd say looking at the feedback from our community, one area where we can really improve is in making the content feel more timely and topical. We have a lot of great signals from our community about things that are trending, things that they're interested in, in a given moment. But we haven't done a very good job surfacing the corresponding content that we also have as well because people are making billions of snaps every day on Snapchat.

我想說，看看我們社群的回饋，我們真正可以改進的一個領域是讓內容感覺更及時和熱門。我們的社群發出了許多關於特定時刻的流行趨勢、他們感興趣的事物的重要訊號。但我們還沒有很好地展示我們也有的相應內容，因為人們每天在 Snapchat 上製作數十億張快照。

So I think there's work to be done to make our content experience feel more timely and topical, and then we're spending a lot of focus on the creator journey overall. That journey from using Snapchat to communicate with 100 friends to growing a following of millions. And really making sure that people are creating great stories or great Spotlight content can be discovered and then grow that following and ultimately build a business over time. So that's been a big focus as well. Certainly, a big opportunity for us, and we're working away at it.

因此，我認為我們還需要做一些工作，讓我們的內容體驗感覺更加及時和熱門，然後我們將重點放在創作者的整體旅程上。從使用 Snapchat 與 100 位朋友交流到培養數百萬粉絲的旅程。並真正確保人們正在創造精彩的故事或精彩的聚光燈內容可以被發現，然後增加追隨者並最終隨著時間的推移建立一個業務。所以這也是一個重點。當然，這對我們來說是一個巨大的機會，我們正在努力抓住它。

Next question comes from Ross Sandler with Barclays.

下一個問題來自巴克萊銀行的羅斯桑德勒。

Yes. So it sounds like you're upgrading revamping the app install or app kind of transaction category within the DR business. Can you just remind us like back in the day, how big that category...

是的。因此，聽起來您正在升級改造災難復原業務中的應用程式安裝或應用程式類型的交易類別。你能否提醒我們，就像以前一樣，這個類別有多大…

And it appears we lost connection with Ross.

我們似乎與羅斯失去了聯繫。

Our next question today comes from James Heaney with Jefferies.

今天我們的下一個問題來自傑弗里斯的詹姆斯希尼。

Over the last few quarters, you've continued to grow your advertiser count at a pretty healthy clip. Can you guys just talk about this newer cohort of advertisers and what their propensity to spend looks like relative to older advertiser cohorts? And at what point do you feel like your SMB revenue starts to become more material?

在過去的幾個季度中，您的廣告客戶數量持續以相當健康的速度成長。你們能談談這群新的廣告商群體以及他們相對於老廣告商群體的消費傾向嗎？您從什麼時候開始覺得您的中小企業收入開始變得更物質化？

Thanks. I think to start, we're growing a newer segment of customers here, and I think that's really exciting to broadening out the overall base of advertisers. So I shared earlier in response to another question that we've seen the active advertiser count on the small and medium-sized customer base up to 85% year-over-year and it being the fastest-growing customer segment. So that is very exciting.

謝謝。我認為首先，我們正在這裡發展一個新的客戶群體，我認為這對於擴大廣告商的整體基礎確實令人興奮。因此，我之前在回答另一個問題時分享過，我們看到活躍廣告主對中小型客戶群的依賴程度比去年同期高達 85%，並且是成長最快的客戶群。所以這非常令人興奮。

And I think overall, you're seeing a broadening of the base of advertisers. There's a journey. I think that you're going to see advertisers go through in terms of one coming on to the platform, initial testing, seeing performance with some of these scaled self-serve products and then being able to grow and optimize. And of course, as we continue to bring more privacy safe signals into our models and invest in bigger models and get better and better at optimization and ranking, those products become more performant. They deliver better ROAS to those customers and they give them the ability to bid and expand their budget.

我認為總體而言，您會看到廣告商基礎的擴大。有一段旅程。我認為您將看到廣告商進入該平台，進行初步測試，查看其中一些規模化自助產品的性能，然後能夠發展和優化。當然，隨著我們繼續將更多的隱私安全訊號引入我們的模型並投資於更大的模型，並在優化和排名方面變得越來越好，這些產品的性能會變得越來越好。他們為這些客戶提供更好的廣告支出回報率，並讓他們能夠競價和擴大預算。

So I do think there's a journey here. I think what's really exciting is to see the ad platform delivering the kind of results that can help us grow that customer base. Because over the long term, the small and medium-sized customer base is going to be an absolutely critical ingredient to reaching the full monetization potential of the business. So off to a good start and a lot of work to do to continue helping more of these advertisers through that journey. Hopefully, that context helps.

所以我確實認為這裡有一段旅程。我認為真正令人興奮的是看到廣告平台提供的結果可以幫助我們擴大客戶群。因為從長遠來看，中小型客戶群將成為充分發揮業務獲利潛力的絕對關鍵因素。因此，這是一個很好的開端，並且還有很多工作要做，以繼續幫助更多的廣告商完成這趟旅程。希望這種背景有幫助。

Our next question comes from Michael Morris with Guggenheim.

我們的下一個問題來自古根漢的麥可莫里斯。

Wanted to ask you about spending and investment. Large companies in the technology sector are certainly increasing their investment in artificial intelligence infrastructure. Can you talk about your level of investment currently, whether you think that's sufficient? And how you think about your size and scale relative to larger players? And what it takes for you to continue to be competitive in connecting with your audience?

想向您詢問有關支出和投資的問題。科技領域的大公司無疑正在加大對人工智慧基礎設施的投資。您能談談您目前的投資水準嗎？相對於較大的參與者，您如何看待您的規模和規模？您怎樣才能在與觀眾的聯繫中繼續保持競爭力？

And if I could just ask one follow-up on those statistics, Derek, that you reported and just shared about the CAPI integrations and the purchase conversions, the numbers are very large, far ahead of where your revenue growth is. Can you just talk about what it takes to get more of your customer base engaged with those? And can that drive acceleration in that revenue in the coming quarters and years?

如果我可以問一位後續統計數據，Derek，您報告並剛剛分享了 CAPI 整合和購買轉化，數字非常大，遠遠領先於您的收入成長。您能否談談如何讓更多的客戶群參與其中？這能否推動未來幾季和幾年的營收加速成長？

I can start around the scale and scope of the infrastructure investments, and you're going to see those show up in really a couple of places. Number one, we shared last year that we scaled up our ML and AI infrastructure spending into the range of about $100 million a quarter starting in Q2 and Q3 of last year. And then we shared that, that investment -- larger investments were relatively stable over the last 2 quarters. Obviously, with the full year range on infrastructure for Dow, stepping up from $0.80 in Q1 to $0.83 to $0.85 in the remaining quarters of the year. We've given ourselves room to invest more there.

我可以從基礎設施投資的規模和範圍開始，你會在很多地方看到這些投資。第一，我們去年表示，從去年第二季和第三季開始，我們將機器學習和人工智慧基礎設施支出擴大到每季約 1 億美元。然後我們分享了這項投資——過去兩個季度較大的投資相對穩定。顯然，陶氏基礎設施全年範圍從第一季的 0.80 美元上升到今年剩餘季度的 0.83 至 0.85 美元。我們已經給自己留了在那裡進行更多投資的空間。

I think the important -- there's a couple of important things I would say, just to put our investment in perspective. One is that we're investing on a different model. Rather than CapEx, it's showing up as a cloud infrastructure cost that's running through cost of revenue. But two, there's a multiplier on that spend as an ongoing operating expense relative to the underlying CapEx it represents.

我認為重要的是──我要說幾件重要的事情，只是為了正確地看待我們的投資。一是我們正在投資不同的模式。它不是資本支出，而是表現為收入成本中的雲端基礎設施成本。但第二，相對於其所代表的基礎資本支出，該支出作為持續營運支出有一個乘數。

So while we might be spending hundreds of millions a year currently on this type of infrastructure, the underlying capital is multiples of that. So the scale of the infrastructure that we have access to, to run our models is obviously much, much larger. And so that's giving the business access to a lot of capacity.

因此，雖然我們目前每年可能在此類基礎設施上花費數億美元，但基礎資本卻是數倍。因此，我們可以存取、運行我們的模型的基礎設施的規模顯然要大得多。因此，這使企業能夠獲得大量容量。

And I think second and perhaps really over the long term, the most important thing is whether or not we're seeing the returns on that investment that are going to allow us to continue to scale that investment profitably for the business. And I think what you're seeing in the results in Q1 here are proof points that those investments that we've made in that infrastructure are paying off in significant and accelerating revenue growth and in particular, on the DR ad platform in addition to how it's contributing on the engagement side. And that's going to position the business to be able to continue to scale those investments ideally continue to see positive ROI on that like we have seen and grow our business over time.

我認為其次，也許從長遠來看，最重要的是我們是否看到該投資的回報，這將使我們能夠繼續擴大投資規模，為業務帶來利潤。我認為您在第一季的結果中看到的結果證明，我們在該基礎設施上所做的投資正在帶來顯著且加速的收入增長，特別是在 DR 廣告平台上，以及如何它在參與方面做出了貢獻。這將使企業能夠繼續擴大這些投資規模，理想情況下繼續看到積極的投資回報率，就像我們所看到的那樣，並隨著時間的推移不斷發展我們的業務。

So hopefully, that gives you a little bit of perspective of how we're thinking. We're going to continue to reassess that. We've been really pleased with the ROI on those investments to date, and we've made room to scale them, and we'll continue to do that based on the data that we're getting back.

希望這能讓您對我們的想法有一些了解。我們將繼續重新評估這一點。到目前為止，我們對這些投資的投資回報率感到非常滿意，並且我們已經留出了擴大投資規模的空間，我們將根據我們返回的數據繼續這樣做。

On your second question related to CAPI integrations, we're really pleased with the momentum on the coverage that we've seen there. I'd mentioned that we're looking at about 50% demand-weighted coverage of our DR ad revenue and those integrations are up about 3x, 300% year-over-year. So obviously, good momentum in getting that adopted across our DR advertising customer base.

關於與 CAPI 整合相關的第二個問題，我們對在那裡看到的報道勢頭感到非常滿意。我提到過，我們的 DR 廣告收入的需求加權覆蓋率約為 50%，這些整合量比去年同期成長了約 3 倍，即 300%。顯然，我們的 DR 廣告客戶群採用這項技術的勢頭良好。

And so really important, I think, to insulating the business going forward and helping our customers to have measurable results. And as I said in the answer to the prior question, the recipe here is getting people on board, getting them to adopt the right advertising solution for the objectives they're trying to achieve.

我認為，對於隔離未來的業務並幫助我們的客戶獲得可衡量的結果非常重要。正如我在回答上一個問題時所說，這裡的秘訣是讓人們參與進來，讓他們採用正確的廣告解決方案來實現他們想要實現的目標。

And a good proof point on that is we are providing targeted offers to small- and medium-sized customers based on what we know about their business to recommend the right advertising product for them and advertisers that adopt those recommendations are seeing much improved results, and that's contributing in a scaled, self-served way, to people being able to meet their ROAS objectives, grow their business, which puts them in a position to invest more on our platform.

一個很好的證明就是，我們根據對中小型客戶業務的了解，向他們提供有針對性的優惠，為他們推薦合適的廣告產品，而採用這些建議的廣告商看到了明顯的效果改善，並且這以一種規模化、自助式的方式為人們做出貢獻，使其能夠實現他們的ROAS 目標，發展他們的業務，這使他們能夠在我們的平台上進行更多投資。

So I think that's the recipe there in terms of us seeing that advertiser base scale. And we shared that 85% growth in the active advertisers in the segment to let you know that in addition to people making progress on these integrations, it's turning into a flywheel on the actual customer base. So hopefully, that gives you a little bit more context of what we see as the path there and how that's going.

所以我認為這就是我們看到廣告商基礎規模的秘訣。我們分享了該細分市場中活躍廣告商 85% 的成長，讓您知道除了人們在這些整合方面取得進展之外，它正在變成實際客戶群的飛輪。希望這能讓您對我們所看到的路徑以及進展有更多的了解。

Our next question comes from Benjamin Black of Deutsche Bank.

我們的下一個問題來自德意志銀行的班傑明‧布萊克。

Great. Can you talk a little bit more about your build-out of the app value optimization? How meaningful could that be? Is there any risk of disruption to the app install business in that progress there? And perhaps more broadly, what are some of the other initiatives you have on the product road map over the next 12 to 18 months that you're excited about? .

偉大的。您能多談談您對應用程式價值優化的建置嗎？這能有多大意義呢？那裡的進展是否存在對應用程式安裝業務造成乾擾的風險？也許更廣泛地說，未來 12 到 18 個月的產品路線圖上還有哪些讓您感到興奮的其他舉措？ 。

Yes. Thanks so much for the question. On the app side, the biggest thing we've been working on lately is just landing these model updates. We, I guess, in the last week or so, have updated our app install models, both for scan and non-scan. So that's been great. And we now have our app install 7-0 and app purchase 7-0 products in testing. It's very early, but the results have been promising so far.

是的。非常感謝您的提問。在應用程式方面，我們最近所做的最重要的事情就是登陸這些模型更新。我想，在上週左右，我們已經更新了我們的應用程式安裝模型，包括掃描和非掃描。所以這很棒。現在我們的應用程式安裝 7-0 和應用程式購買 7-0 產品正在測試中。現在還為時過早，但到目前為止，結果令人鼓舞。

We also have a new scan offering that we're just introducing to our customers. So we'll be excited to get their feedback and see how that can improve their performance, and we have a number of customers testing that already.

我們也向客戶推出了新的掃描產品。因此，我們將很高興獲得他們的反饋，並了解這如何提高他們的性能，並且我們已經有許多客戶對此進行了測試。

I think value optimization will follow. We've really just been focused on driving more click-through installs at much lower CPIs for our advertising partners. And then we'll be working more on the value optimization piece. I think just broadly looking at the advertising platform, we have made a lot of progress, as Derek mentioned, on signals and running much larger unified models, of course, the ad interactions as well in the ad formats.

我認為價值優化將會隨之而來。我們實際上只是專注於為我們的廣告合作夥伴以更低的 CPI 推動更多的點擊安裝。然後我們將更多地致力於價值優化部分。我認為，從廣泛的角度來看廣告平台，正如德里克提到的那樣，我們在信號和運行更大的統一模型方面取得了很大進展，當然，在廣告互動以及廣告格式方面也取得了很大進展。

I think sort of looking ahead, we've been working on things like product selection for our dynamic product ads product. We've been making progress with things like cold start, which is especially relevant for SMB advertisers at lower levels of spend to help them find success. So I think there's a lot more work to do, but we're building on a solid foundation now, and we've been able to make some very rapid progress.

我認為展望未來，我們一直在致力於動態產品廣告產品的產品選擇等工作。我們在冷啟動等方面取得了進展，這對於支出水平較低的中小企業廣告商尤其重要，可以幫助他們取得成功。所以我認為還有很多工作要做，但我們現在正在打下堅實的基礎，並且我們已經能夠取得一些非常快速的進展。

Our next question comes 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。

A couple, if I may. The first just on Snap Stars. It sounds like it's growing quite well and really contributing to engagement. Just wanted to kind of ask how do we think about the philosophy as we think about onboarding more Snap Stars, more spotlight more broadcast out media and how does that fit in the long-term engagement strategy kind of balancing it with like deepening connections with friends, family and people you care about?

如果可以的話，一對。第一個就在 Snap Stars 上。聽起來它發展得相當不錯，並且確實有助於提高參與度。只是想問一下，當我們考慮加入更多 Snap Stars、更多地關注更多廣播媒體時，我們如何看待這一理念，以及如何適應長期參與策略，以平衡它與加深與朋友的聯繫、家人和你關心的人？

And then just the second question for Derek. We've heard from others just on the recovery of the digital ad market, certain verticals coming back kind of quicker than others. Any color you can share just about the vertical mix you've seen?

接下來是德瑞克的第二個問題。我們從其他人那裡聽到了有關數位廣告市場復甦的消息，某些垂直行業的復甦速度比其他行業更快。您可以分享一下您見過的垂直混合顏色嗎？

Thanks so much for the question. Yes, as we look at content on Snapchat, I think the most successful content is really about relationships. And those can be relationships with your close friends and family, but it could also be relationships with Snap Stars. And that's the feedback we hear from Snap Stars as well that the engagement they have and the relationship they're able to build with their audience on Snapchat is really unparalleled. And one of the reasons why they love investing in our platform.

非常感謝您的提問。是的，當我們審視 Snapchat 上的內容時，我認為最成功的內容實際上是關於人際關係的內容。這些關係可以是與親密朋友和家人的關係，也可以是與 Snap Stars 的關係。這也是我們從 Snap Stars 聽到的反饋，他們在 Snapchat 上的參與度以及與受眾建立的關係確實是無與倫比的。這也是他們喜歡投資我們平台的原因之一。

As we look at scaling the Snap Star program, I'd say today, the focus is mostly around looking at countries, geographies where we're sort of under-indexed in investing in Snap Stars there so we can build out more local language content.

當我們考慮擴大 Snap Star 計劃時，我今天要說的是，重點主要是關注我們在 Snap Stars 投資方面索引不足的國家和地區，以便我們可以建立更多本地語言內容。

We're also looking at interest. A lot of Snap Stars create content around their interests. That could be food or travel, sports, those sorts of things. And so we're really looking at this intersection of the geographies where we have Snap Stars and on the interest as well and really lining up with that up with our community and what they're looking for.

我們也在關注興趣。許多 Snap Star 圍繞著自己的興趣創作內容。可能是食物、旅行、運動等等。因此，我們確實在關注 Snap Stars 的地理位置和興趣的交叉點，並真正與我們的社區和他們正在尋找的東西保持一致。

So yes, I would say overall, to your point, relationships really do drive that content consumption on our service, and that's why Snap Stars are such an important part of our offering.

所以，是的，我想說，總體而言，就您的觀點而言，關係確實推動了我們服務上的內容消費，這就是為什麼 Snap Stars 是我們產品中如此重要的一部分。

In terms of color on the verticals and where we're seeing the operating environment generally as we went through Q1, number one, I think we've seen the improvement in the operating environment to be fairly broad into Q1 and that we did see certain regions particularly impacted by the war in the Middle East in Q4.

就垂直方向的顏色以及我們在第一季總體上看到的營運環境而言，我認為我們已經看到營運環境在第一季度相當廣泛的改善，並且我們確實看到了某些第四季度受中東戰爭影響尤為嚴重的地區。

And so that certainly we've seen demand, as we mentioned in the letter, really improve on that front quarter-over-quarter. But I think more broadly, we saw a much more robust brand environment, which played out in all of our regions in Q1. And then from a DR perspective, it's really about fit. And of course, with purchase optimization and the scale that self-serve SMB product is working really well.

因此，正如我們在信中提到的那樣，我們當然已經看到需求確實在逐季度有所改善。但我認為更廣泛地說，我們看到了一個更強勁的品牌環境，這在第一季在我們所有地區都得到了體現。從 DR 的角度來看，這確實與適合度有關。當然，透過購買優化和自助服務中小企業產品的規模，效果非常好。

We've seen verticals such as CPG e-commerce restaurants and travel and SMBs broadly working really well. And I think what we're excited about is to be able to broaden that out to a wider set of customers as we introduce more of these out-based optimizations and start to address other verticals. So a much better environment in Q1 for sure. Thank you for the question.

我們已經看到快速消費品電子商務餐廳和旅遊以及中小企業等垂直行業普遍運作良好。我認為我們感到興奮的是，隨著我們引入更多這些基於外部的最佳化並開始解決其他垂直領域，能夠將其擴展到更廣泛的客戶群。所以第一季的環境肯定好得多。感謝你的提問。

Our last question comes from Dan Salmon with New Street Research.

我們的最後一個問題來自 New Street Research 的 Dan Salmon。

Can you hear me, okay?

你聽得到我說話嗎？

Yes, we can.

我們可以。

Okay. Good. Sorry about that. So 2 questions. Evan, I'm just curious, any early learnings from your ad partnership with Amazon and whether or not you'd consider more ad partners that can bring incremental demand? Both Amazon and Google are cloud partners after all and it could be interesting.

好的。好的。對於那個很抱歉。所以有2個問題。埃文，我只是很好奇，您與亞馬遜的廣告合作夥伴關係中有什麼早期經驗嗎？畢竟亞馬遜和谷歌都是雲端合作夥伴，這可能會很有趣。

And then second for Derek, can we just go back to the SMB advertiser growth at 85%? I mean that's significant acceleration. Was there something like onetime in that? Or is that the type of level of growth you can expect throughout the year?

其次，Derek，我們能否回到 SMB 廣告客戶成長率 85% 的情況？我的意思是這是顯著的加速。其中有類似曾經的事情嗎？或者這是您全年可以預期的成長水平嗎？

Yes, as we look at Amazon partnership and what they're doing with Handshake, I do think that's a great learning opportunity for us. It's still very early, but I think what's exciting is being able to bring relevant products to Amazon shoppers inside the Snapchat experience. We know that people now shop where they consume content and so to be able to offer a relevant product selection in line and allow people to check out with one tap is certainly an exciting product development. So we'll obviously continue to learn there and evolve that product.

是的，當我們審視亞馬遜的合作夥伴關係以及他們在 Handshake 方面所做的事情時，我確實認為這對我們來說是一個很好的學習機會。現在還為時過早，但我認為令人興奮的是能夠在 Snapchat 體驗中為亞馬遜購物者帶來相關產品。我們知道，人們現在在消費內容的地方進行購物，因此能夠提供相關的產品選擇並允許人們一鍵結帳無疑是一項令人興奮的產品開發。因此，我們顯然會繼續在那裡學習並改進該產品。

I do think just separately that some of these ad partnerships we've done and work we've done with other demand partners have been important elements of our growth, and we do see continued opportunity there.

我確實認為，我們已經完成的一些廣告合作夥伴關係以及我們與其他需求合作夥伴所做的工作是我們成長的重要因素，我們確實看到了持續的機會。

Dan, on the question about SMB, I would agree. I mean, that growth on the active advertisers is obviously a really important input to building what we hope will be a very big business for us over time. And we're early in the going. So there's a lot of opportunity set here both in terms of product market fit as we are able to have more optimizations that are going to appeal to a wider and wider audience in that SMB set.

Dan，關於 SMB 的問題，我同意。我的意思是，活躍廣告商的成長顯然對於建立我們希望隨著時間的推移成為一項非常大的業務非常重要。我們還處於早期階段。因此，在產品市場契合度方面存在著許多機會，因為我們能夠進行更多優化，以吸引越來越多的中小型企業受眾。

And I think we're learning a lot about how to use integration partners to help make it easier for these advertisers to onboard over time as well as the ability to work our funnels, whether that's from awareness to onboarding an acquisition to trial and discovery and through the scaling process of delivering ROAS for these partners.

我認為我們正在學習很多關於如何利用整合合作夥伴來幫助這些廣告商隨著時間的推移更容易地加入以及工作我們的管道的能力，無論是從意識到加入收購再到試驗和發現以及通過為這些合作夥伴提供ROAS 的擴展過程。

So we're early in the going there, but excited about the progress we're seeing so far, and it's something that we'll hope to build on as we go forward. So thanks for the questions. And hopefully, that gives you a little more perspective of how we're thinking about it.

因此，我們還處於早期階段，但對迄今為止所看到的進展感到興奮，我們希望在前進的過程中繼續努力。謝謝你的提問。希望這能讓您對我們的思考方式有更多的了解。

This concludes our Q&A session as well as Snap Inc. First Quarter 2024 Earnings Conference Call. Thank you all for attending today's session. You may now disconnect.

我們的問答環節以及 Snap Inc. 2024 年第一季財報電話會議到此結束。感謝大家參加今天的會議。您現在可以斷開連線。