Snap Inc (SNAP) 2024 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to Snap Inc's second-quarter 2024 earnings conference call.

大家下午好，歡迎參加 Snap Inc 的 2024 年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想將電話轉給投資者關係主管 David Ometer。

Thank you and good afternoon, everyone.

謝謝大家，大家下午好。

Welcome to Snap’s second-quarter 2024 earnings conference call.

歡迎參加 Snap 2024 年第二季財報電話會議。

With us today are Evan Spiegel, Chief Executive Officer and Co-Founder; and Derek Andersen, Chief Financial Officer.

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.

本次電話會議包括基於我們今天的假設的前瞻性陳述。

Actual results may differ materially from those expressed in these forward-looking statements, and we make no obligation to update our disclosures.

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.

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。

Reconciliations between the two can be found in today’s press release.

兩者之間的和解可以在今天的新聞稿中找到。

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.

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。

Please refer to our filings with the SEC to understand how we calculate any of the metrics discussed on today’s call.

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 for joining our call.

大家好，感謝您加入我們的通話。

Q2 marked an important milestone for Snap as we reached more than 850 million monthly active users and 432 million daily active users on the path to our goal of 1 billion monthly active users.

第二季是 Snap 的重要里程碑，我們的每月活躍用戶數超過 8.5 億，每日活躍用戶數超過 4.32 億，朝著每月活躍用戶數 10 億的目標邁進。

Our focus on visual communication between friends and family is a strategic advantage that has enabled us to serve more than 75% of 13 to 34 year olds in over 25 countries.

我們對朋友和家人之間視覺交流的關注是一項策略優勢，使我們能夠為超過 25 個國家超過 75% 的 13 至 34 歲人群提供服務。

As Snapchat has grown, our community has grown with us, and approximately 80% of Snapchatters are above the age of 18.

隨著 Snapchat 的發展，我們的社群也與我們一起成長，大約 80% 的 Snapchatter 年齡在 18 歲以上。

We also continue to broaden and deepen engagement with our content platform in Q2, with global content viewers growing 12% year over year, and global time spent watching content growing 25% year over year.

第二季度，我們也持續擴大並深化與內容平台的互動，全球內容觀眾年增 12%，全球觀看內容的時間較去年同期成長 25%。

The growth of our community, the progress we have made with our direct response advertising business, and the success of our Snapchat+ subscription business that now reaches more than 11 million subscribers, all contributed to revenue growth of 16% year over year, despite the impact of a weaker brand advertising environment for certain consumer discretionary verticals.

我們社群的發展、我們在直接回應廣告業務方面取得的進展，以及我們的Snapchat+ 訂閱業務的成功（現已覆蓋超過1,100 萬訂閱者），所有這些都為收入同比增長16% 做出了貢獻，儘管受到影響某些非必需消費品產業的品牌廣告環境較弱。

We are pleased with the ongoing progress made in our DR business as well as well as the continued rapid growth in the total number of active advertisers which more than doubled year over year in Q2.

我們對災難應變業務持續取得的進展以及活躍廣告商總數持續快速成長（第二季較去年同期成長一倍以上）感到高興。

We believe this progress validates our strategy of focusing on growing our community and engagement, investing in our direct response advertising products, and diversifying our revenue growth with our subscription offering.

我們相信這項進展驗證了我們的策略，即專注於發展我們的社區和參與度、投資我們的直接回應廣告產品以及透過我們的訂閱服務實現收入成長多元化。

The actions we have taken to optimize our cost structure have cleared a path to meaningful Adjusted EBITDA profitability and positive free cash flow.

我們為優化成本結構而採取的行動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。

In Q2, the combination of top-line progress and expense discipline translated to $55 million of Adjusted EBITDA and sets us up well for continued improvement in operating leverage as the year progresses.

第二季度，營收進度和費用紀律相結合，調整後 EBITDA 達到 5,500 萬美元，為我們在今年的進展中持續改善營運槓桿奠定了良好基礎。

Adjusted EBITDA flow through, or the share of incremental year-over-year revenue that flowed through to Adjusted EBITDA, was 55% in Q2, up from 22% in Q1.

第二季調整後 EBITDA 流量，即流入調整後 EBITDA 的年增營收為 55%，高於第一季的 22%。

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

展望未來，我們將繼續仔細調整我們的投資，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 the strong financial foundation we are building and our track record of innovation position us well to fulfill our long-term vision for augmented reality.

我們相信，我們正在建立的強大財務基礎和我們的創新記錄使我們能夠很好地實現擴增實境的長期願景。

Visual communication is at the core of the Snapchat experience.

視覺傳達是 Snapchat 體驗的核心。

Our strategy to drive daily active user growth and engagement is focused on improving the way Snapchatters communicate and interact with their friends, family, and the world.

我們推動日常活躍用戶成長和參與的策略重點是改善 Snapchatter 與朋友、家人和世界溝通和互動的方式。

We have delivered a number of new communication features and user experience enhancements in recent months to execute on this strategic initiative.

近幾個月來，我們提供了許多新的通訊功能和使用者體驗增強功能，以執行這項策略性舉措。

For example, in Q2, we introduced Map Reactions that enable Snapchatters to send their favorite emojis to friends on the Snap Map to start conversations.

例如，在第二季度，我們引入了地圖反應，使 Snapchatter 能夠將他們最喜歡的表情符號發送給 Snap 地圖上的朋友以開始對話。

We also launched editable chats, which allow Snapchatters to edit messages up to five minutes after sending them, and My AI Reminders that give Snapchatters the ability to ask for a reminder for an upcoming deadline.

我們還推出了可編輯聊天功能，允許 Snapchatter 在發送訊息後五分鐘內編輯訊息，以及“我的人工智慧提醒”，讓 Snapchatter 能夠要求提醒即將到來的截止日期。

In addition, we are investing to enhance iOS app performance by making improvements to battery management, app and screen loading latency, and camera quality.

此外，我們還投資透過改進電池管理、應用程式和螢幕載入延遲以及相機品質來增強 iOS 應用程式效能。

We are also leveraging machine learning and generative AI to help our community form meaningful connections and to deliver engaging product experiences.

我們也利用機器學習和生成式人工智慧來幫助我們的社群建立有意義的聯繫並提供引人入勝的產品體驗。

These improvements have contributed to all-time highs in the number of daily active users sending Snaps in every region, which is an important input to sustained daily engagement.

這些改進使得每個地區發送 Snap 的每日活躍用戶數量創下歷史新高，這是維持日常參與的重要投入。

The results of these initiatives are reflected in our global community reaching 432 million daily active users in Q2, an increase of 10 million quarter over quarter.

這些措施的成果體現在我們的全球社群在第二季的每日活躍用戶數量達到 4.32 億，比上一季增加了 1,000 萬。

Daily active users in North America was 100 million, down by less than 1% year over year, but up quarter over quarter as our initiatives to improve the way Snapchatters communicate begin to show early signs of progress.

北美的每日活躍用戶為 1 億，年減不到 1%，但隨著我們改善 Snapchatter 溝通方式的舉措開始顯示出早期進展跡象，環比增長。

DAU in Europe was 97 million, compared to 96 million in the prior quarter and 94 million in the prior year.

歐洲的 DAU 為 9,700 萬，而上一季為 9,600 萬，上年為 9,400 萬。

DAU in rest of world was 235 million, compared to 226 million in the prior quarter and 202 million in the prior year.

全球其他地區的 DAU 為 2.35 億，而上一季為 2.26 億，上年為 2.02 億。

To further deepen content engagement, we continue to invest in our ML models to improve content ranking and personalization across all of our content surfaces.

為了進一步加深內容參與度，我們繼續投資我們的機器學習模型，以提高所有內容表面的內容排名和個人化。

As a result, we are seeing significant improvement in content engagement, with global time spent watching content growing 25% year over year and 10% quarter over quarter in Q2, driven by strong growth in total time spent watching spotlight and creator Stories.

因此，我們看到內容參與度顯著改善，在觀看焦點和創作者故事的總時間強勁增長的推動下，第二季度全球觀看內容的時間同比增長 25%，環比增長 10%。

In North America, some of our changes have been disruptive, and this contributed to mixed results on time spent with content, which declined by just under 2% on a year-over-year basis while increasing nearly 6% on a quarter-over-quarter basis in Q2.

在北美，我們的一些變化具有破壞性，這導致花在內容上的時間結果好壞參半，同比下降了近 2%，但環比增長了近 6%。

North America content engagement trends improved as we moved through the quarter, and time spent with content increased year over year in the month of June.

隨著本季的推進，北美內容參與度趨勢有所改善，6 月花在內容上的時間年增。

In Q2, we continued to make progress unifying the ranking models between spotlight and stories to a single backend stack that ranks all content types to deliver the most engaging content to our community, regardless of format.

在第二季度，我們繼續取得進展，將聚光燈和故事之間的排名模型統一到單個後端堆疊，該堆疊對所有內容類型進行排名，以便為我們的社區提供最具吸引力的內容，無論格式如何。

To expand our content supply, we are focused on growing our creator community and making it easier for creators to submit and subsequently share compelling content.

為了擴大我們的內容供應，我們專注於發展我們的創作者社區，讓創作者更容易提交並隨後分享引人注目的內容。

These efforts contributed in part to the number of creators submitting Spotlight content growing more than 20% year over year in Q2.

這些努力在一定程度上促使第二季提交 Spotlight 內容的創作者數量年增 20% 以上。

We are also working with publisher partners to bring new and engaging content to our community.

我們也與出版商合作夥伴合作，為我們的社群帶來新穎且引人入勝的內容。

For example, in Q2, we announced Snap Nation, an evolution in our existing partnership with Live Nation that gives Snapchatters access to tour and festival experiences, including exclusive behind-the-scenes content and live music experiences.

例如，在第二季度，我們宣布推出 Snap Nation，這是我們與 Live Nation 現有合作夥伴關係的演變，讓 Snapchatter 能夠獲得巡迴演出和節日體驗，包括獨家幕後內容和現場音樂體驗。

Augmented reality continues to inspire communication, and Snapchatters play with AR Lenses billions of times per day on average.

擴增實境繼續激發溝通的靈感，Snapchatter 平均每天使用 AR 鏡頭數十億次。

In Q2, the number of Snapchatters sharing AR Lens experiences with their friends increased 12% year over year, driven by the popularity of innovative generative AI Lenses and improved ranking and optimization of our AR experiences.

第二季度，在創新生成式 AI Lens 的普及以及 AR 體驗排名和優化的提升的推動下，與朋友分享 AR Lens 體驗的 Snapchatter 數量同比增長 12%。

For example, our ML Scribble World Lens, which enables Snapchatters to transform into artistic, cartoon-style versions of themselves, was viewed over 1 billion times in Q2, and our 90s AI Lens was viewed by more than 20% of US Snapchatters.

例如，我們的 ML Scribble World Lens 使 Snapchatter 能夠轉變為藝術、卡通風格的自己，在第二季度的瀏覽量超過 10 億次，而我們​​的 90 年代 AI Lens 則被超過 20% 的美國 Snapchatter 瀏覽。

In addition, we launched a generative AI Lens in collaboration with Beyoncé, dedicated to her new COWBOY CARTER album, which was engaged with 80 million times in the first three days.

此外，我們還與 Beyoncé 合作推出了生成式 AI Lens，專門針對她的新專輯《COWBOY CARTER》，該專輯在前三天的播放量就達到了 8000 萬次。

We continue to improve our AR ranking technology in order to personalize the AR experience and deliver relevant AR content to our community.

我們不斷改進我們的 AR 排名技術，以便個性化 AR 體驗並向我們的社群提供相關的 AR 內容。

We recently enabled dynamic, ML-driven Lens ranking based on Snapchatter preferences, and we improved the quality of Lens ranking model predictions for AR Snaps.

我們最近啟用了基於 Snapchatter 偏好的動態、ML 驅動的 Lens 排名，並且提高了 AR Snap 的 Lens 排名模型預測的品質。

These initiatives contributed to a 10% year-over-year increase in Snap Story posts with an AR Lens globally.

這些舉措使得全球使用 AR Lens 的 Snap Story 貼文年增了 10%。

Our progress in AR is powered by our Lens Studio developer platform and the hundreds of thousands of creators who have leveraged this platform.

我們在 AR 領域的進步得益於我們的 Lens Studio 開發者平台以及利用該平台的數十萬創作者。

In Q2, we released Lens Studio 5.0, which features our new GenAI Suite, powered by proprietary SnapML technology, that enables Lens creators to generate Lenses in minutes using a text prompt that requires no coding by the creator.

在第二季度，我們發布了Lens Studio 5.0，其中包含我們新的GenAI 套件，該套件由專有的SnapML 技術提供支持，使Lens 創建者能夠使用文字提示在幾分鐘內生成鏡頭，而無需創建者進行編碼。

The response to our new tools in Lens Studio has been inspiring and reinforces our belief that long-term success in AR requires a vibrant developer and creator ecosystem.

對 Lens Studio 新工具的反應非常鼓舞人心，並強化了我們的信念：AR 領域的長期成功需要充滿活力的開發者和創作者生態系統。

As we move forward, we are focused on innovating and enhancing our core product experiences in order to grow our global community and deepen engagement.

隨著我們的前進，我們專注於創新和增強我們的核心產品體驗，以發展我們的全球社區並加深參與。

We believe continued progress on these initiatives is a critical input to both serving our community and expanding our monetization opportunity over time.

我們相信，這些措施的持續進展對於服務我們的社區和隨著時間的推移擴大我們的貨幣化機會至關重要。

We look forward to sharing more of our progress at our Snap Partner Summit on September 17.

我們期待在 9 月 17 日舉行的 Snap 合作夥伴高峰會上分享更多進展。

We continued to make progress on three foundational advertising platform initiatives, including larger ML models, improved signals, and more performant ad formats.

我們繼續在三項基礎廣告平台計劃上取得進展，包括更大的機器學習模型、改進的訊號和性能更高的廣告格式。

Our 7-0 optimization for purchases continues to drive encouraging results for advertising partners.

我們對購買的 7-0 優化繼續為廣告合作夥伴帶來令人鼓舞的成果。

For example, Ridge, an everyday essentials e-commerce company, continued to lean into Snap’s DR best practices to drive success. leveraging 7-0 optimization, conversions API, and our ML-based auto-bidding, ridge drove a 73% higher ROAS compared to their prior campaign strategy.

例如，日常必需品電子商務公司 Ridge 繼續依靠 Snap 的災難復原最佳實踐來推動成功。利用 7-0 優化、轉換 API 和我們基於 ML 的自動出價，與先前的廣告活動策略相比，ridge 的 ROAS 提高了 73%。

For app-based advertisers, we have invested in improvements across the entire ad stack.

對於基於應用程式的廣告商，我們投資於整個廣告堆疊的改進。

We made ad format enhancements and streamlined the app download experience on iOS, so that Snapchatters can install apps without leaving Snapchat.

我們增強了廣告格式並簡化了 iOS 上的應用程式下載體驗，以便 Snapchatter 無需離開 Snapchat 即可安裝應用程式。

Early testing shows that the enhanced app download experience is driving lower cost per install and improved ROAS for advertisers.

早期測試表明，增強的應用程式下載體驗正在降低每次安裝成本，並提高廣告商的 ROAS。

We also expanded 7-0 optimization to app install and app purchase and, after testing showed consistent improvement in cost per install and cost per purchase, we recently began scaling these products with our advertising partners.

我們還將 7-0 優化擴展到應用程式安裝和應用程式購買，並且在測試顯示每次安裝成本和每次購買成本持續改善後，我們最近開始與廣告合作夥伴一起擴展這些產品。

We are encouraged to see that a number of gaming app clients, including Roblox, are seeing a 30% to 50% improvement in ROAS on Snapchat.

我們很高興地看到，包括 Roblox 在內的許多遊戲應用用戶端在 Snapchat 上的 ROAS 提高了 30% 到 50%。

We have also begun testing value optimization, which allows advertisers to bid on the value of purchases, and we are seeing encouraging early results.

我們也開始測試價值優化，讓廣告主對購買的價值進行出價，我們看到了令人鼓舞的早期結果。

We anticipate that mobile gaming and e-commerce advertisers in particular will benefit from these new optimizations.

我們預計行動遊戲和電子商務廣告商尤其將從這些新的優化中受益。

For example, Lancôme, a beauty brand from L’Oréal, leveraged our new Value Optimization with the aim of increasing average purchase cart size and ROAS.

例如，歐萊雅旗下的美容品牌蘭蔻利用我們新的價值優化，旨在提高平均購買車規模和廣告支出回報率。

The campaign exceeded expectations and delivered a 38% increase in average purchase cart size and a 4.4x increase in ROAS.

該活動超出了預期，使平均購買車規模增加了 38%，廣告支出回報率 (ROAS) 增加了 4.4 倍。

Our DR ad platform relies on scaled privacy-centric signals that advertisers can use to optimize their ad campaigns.

我們的 DR 廣告平台依賴以隱私為中心的大規模訊號，廣告主可以使用這些訊號來優化其廣告活動。

Conversions API, our privacy-centric first-party signal solution, is driving improved results for advertisers.

Conversions API 是我們以隱私為中心的第一方訊號解決方案，正在為廣告商帶來更好的結果。

For example, European e-commerce company My Jewellery saw their campaign deliver 156% higher last click ROAS and 13% lower cost per visit after implementing CAPI.

例如，歐洲電子商務公司 My Jewellery 發現，在實施 CAPI 後，他們的行銷活動最終點擊 ROAS 提高了 156%，每次造訪成本降低了 13%。

In addition, we announced several partnerships, including Snowflake, Datahash, LiveRamp, and Tealium, to make it easier for advertisers to adopt Conversions API in a seamless and privacy-centric way.

此外，我們還宣布了多項合作夥伴關係，包括 Snowflake、Datahash、LiveRamp 和 Tealium，以便廣告主更輕鬆地以無縫且以隱私為中心的方式採用 Conversions API。

Our improvements to Conversions API, improved collaboration with advertisers, and growth in partner integrations resulted in Conversions API integrations growing over 300% year over year in Q2.

我們對 Conversions API 的改進、與廣告商的協作的改進以及合作夥伴整合的成長導致第二季 Conversions API 整合同比增長超過 300%。

We are excited by the progress we’re seeing with our small and medium-sized business advertising partners.

我們對中小型企業廣告合作夥伴所取得的進展感到非常興奮。

Today, SMBs and creators alike can promote their services, content, or products, reach new audiences, and gain more followers, all in just a few taps within Snapchat.

如今，中小型企業和創作者等都可以推廣他們的服務、內容或產品，吸引新受眾並獲得更多追蹤者，所有這些只需在 Snapchat 中輕按幾下即可。

In addition, we launched useful tools such as dynamic campaign setup recommendations and codeless Pixel setups to help businesses achieve higher ROAS.

此外，我們還推出了有用的工具，例如動態廣告系列設定建議和無程式碼像素設置，以幫助企業實現更高的廣告支出回報率。

These changes have been instrumental in the growth of SMB advertisers on Snapchat, which contributed in part to total active advertisers more than doubling year over year in Q2.

這些變化對 Snapchat 上中小企業廣告商的成長起到了重要作用，這在一定程度上促成了第二季度活躍廣告商總數同比增加一倍多。

This quarter, we continued to build compelling advertising products to help our brand advertising partners reach the Snapchat community at scale.

本季度，我們繼續打造引人注目的廣告產品，幫助我們的品牌廣告合作夥伴大規模覆蓋 Snapchat 社群。

For example, at our NewFronts presentation, we announced a number of sponsorship opportunities, including our partnership with NBCUniversal for the Paris 2024 Olympic Games, where some of our most popular creators will share stories of the games with their unique perspectives and on-the-ground access in Paris.

例如，在我們的 NewFronts 演示中，我們宣布了許多贊助機會，包括與 NBCUniversal 合作舉辦 2024 年巴黎奧運會，我們的一些最受歡迎的創作者將以他們獨特的視角和現場分享奧運會的故事。通道。

We also renewed our longstanding sports partnerships with the NFL, NBA, and WNBA, to provide official content across Stories and Spotlight for our community.

我們也續簽了與 NFL、NBA 和 WNBA 的長期運動合作關係，透過 Stories 和 Spotlight 為我們的社群提供官方內容。

In an effort to drive incremental performance for brands, we recently announced the Snap Advanced Partner Program, which will offer qualifying agencies and advertisers personalized training and enablement sessions, dedicated support, and additional tools and resources to enhance their campaigns.

為了提高品牌績效，我們最近宣布了 Snap 高級合作夥伴計劃，該計劃將為合格的代理商和廣告商提供個人化培訓和支援課程、專門支援以及其他工具和資源，以增強他們的行銷活動。

Our sponsored AR advertising solutions offer marketers the opportunity to leverage unique and engaging augmented reality experiences that lift the measurable performance of their brand campaigns.

我們的贊助 AR 廣告解決方案為行銷人員提供了利用獨特且引人入勝的擴增實境體驗的機會，從而提升其品牌活動的可衡量績效。

Specifically, research has shown that campaigns that pair AR Ads with Video Ads on Snapchat deliver 1.6x ad awareness lift when compared to Video Ads alone.

具體來說，研究表明，與單獨使用影片廣告相比，將 AR 廣告與 Snapchat 上的影片廣告配對的活動可將廣告認知度提升 1.6 倍。

Research from our partnership with OMD and Amplified Intelligence found that Snapchat campaigns that include AR in their mix drive 5x more active attention compared to industry peers.

我們與 OMD 和 Amplified Intelligence 合作進行的研究發現，與業界同行相比，包含 AR 的 Snapchat 活動所引起的積極關注度提高了 5 倍。

In order to expand the reach and impact of our AR advertising solutions, we recently launched AR Extensions for businesses, which extend our AR advertising products beyond the camera to all of our ad surfaces, including our Dynamic Product Ads, Snap Ads, Collection Ads, Commercials, and Spotlight.

為了擴大我們的AR 廣告解決方案的覆蓋範圍和影響力，我們最近推出了面向企業的AR 擴展，它將我們的AR 廣告產品從攝影機擴展到我們所有的廣告介面，包括我們的動態產品廣告、快照廣告、收藏廣告、廣告和聚光燈。

As we move forward, we have conviction that our continued focus on improving our ad platform and delivering solutions that drive measurable business results for our advertising partners is the key to building a larger and more durable advertising business.

在我們前進的過程中，我們堅信，繼續專注於改進我們的廣告平台並提供為我們的廣告合作夥伴帶來可衡量的業務成果的解決方案，是建立更大、更持久的廣告業務的關鍵。

With the most important foundational elements of our advertising platform now in place, we look forward to making further progress on helping our advertising partners grow their businesses.

隨著我們廣告平台最重要的基礎要素的到位，我們期待在幫助我們的廣告合作夥伴發展業務方面取得進一步進展。

With that, I’d like to turn the call over to Derek to discuss our financial results.

說到這裡，我想把電話轉給德瑞克，討論我們的財務表現。

Thanks, Evan, and good afternoon, everyone.

謝謝埃文，大家下午好。

Total revenue was $1.24 billion in Q2, up 16% year over year, while advertising revenue was $1.13 billion, up 10% year over year.

第二季總營收為 12.4 億美元，年增 16%，廣告收入為 11.3 億美元，年增 10%。

DR advertising revenue increased 16% year over year driven by a combination of total active advertisers more than doubling year over year, continued progress with our 7-0 Pixel Purchase Optimization, and early contributions from the product improvements delivered for app-based advertisers.

DR 廣告收入年增 16%，這得益於活躍廣告商總數同比增加一倍以上、我們的 7-0 像素購買優化的持續進展以及為基於應用的廣告商提供的產品改進的早期貢獻。

Brand-oriented advertising revenue declined 1% year over year, driven by particularly weak demand from certain consumer discretionary verticals including retail, technology, and entertainment, as well as the timing impact of holidays shifting out of Q2 in the current year.

品牌導向廣告收入較去年同期下降 1%，原因是零售、科技和娛樂等某些非必需消費品垂直行業的需求特別疲軟，以及今年第二季假期移出的時間影響。

We continued to make progress toward diversifying our revenue sources, with other revenue up 151% year over year to reach $105 million in Q2.

我們在收入來源多元化方面持續取得進展，第二季其他營收年增 151%，達到 1.05 億美元。

Other revenue includes all non-advertising revenue, the majority of which is Snapchat+ subscription revenue and Snapchat+ reached the 11 million subscriber milestone in Q2.

其他收入包括所有非廣告收入，其中大部分是 Snapchat+ 訂閱收入，Snapchat+ 在第二季度達到了 1,100 萬訂閱者里程碑。

In Q2, North America revenue grew 12% year over year, with the relatively lower rate of growth in this region due to the impact of weaker brand-oriented demand being relatively concentrated in North America.

第二季度，北美地區營收年增12%，但由於品牌導向需求相對集中於北美地區較弱的影響，該地區成長率相對較低。

DR was a bright spot in North America in Q2, driven in part by strong growth from our small and medium-sized customer segment.

災難復原是第二季北美的亮點，部分原因是我們的中小型客戶群的強勁成長。

In an effort to accelerate our growth in the Americas, we made changes in Q2 to optimize our go-to-market organization in North America to better support clients where we see the best product market fit and greatest opportunity for our business going forward.

為了加速我們在美洲的成長，我們在第二季度做出了改變，以優化我們在北美的市場進入組織，以便更好地為我們認為最適合產品市場和未來業務發展機會的客戶提供支援。

Europe revenue grew 26% year over year, as continued progress on our DR ad platform, and a relatively more stable demand environment for Brand oriented advertising solutions, fully offset the impact of more challenging prior year comparisons.

歐洲營收年增 26%，因為我們的 DR 廣告平台不斷取得進展，以及以品牌為導向的廣告解決方案的需求環境相對更加穩定，完全抵消了更具挑戰性的上年比較的影響。

Rest of World revenue grew at 20% year over year, driven by the continued progress of our DR ad platform, while the deceleration versus the prior quarter growth rate was due primarily to the timing of holiday periods shifting out of Q2 this year.

在我們的 DR 廣告平台持續進步的推動下，世界其他地區的收入年增 20%，而與上一季相比增速放緩的主要原因是今年假期時間從第二季移出。

Global impression volume grew approximately 13% year over year, driven in large part by expanded advertising delivery within Spotlight.

全球展示量年增約 13%，這在很大程度上得益於 Spotlight 內廣告投放的擴大。

Total eCPMs were down approximately 3% year over year as inventory growth exceeded advertising demand growth in Q2.

由於第二季庫存成長超過了廣告需求成長，總有效每千次曝光費用年減約 3%。

Adjusted cost of revenue was $586 million in Q2, up 19% year over year.

第二季調整後營收成本為 5.86 億美元，年增 19%。

Infrastructure costs were the largest driver of the year-over-year increase in adjusted cost of revenue, driven in large part by the ramp in ML and AI investments that we implemented in Q2 and Q3 of the prior year.

基礎設施成本是調整後收入成本年增率的最大驅動因素，這在很大程度上是由於我們在上一年第二季和第三季實施的機器學習和人工智慧投資的增加所致。

Infrastructure cost per DAU was $0.81 in Q2, which is up from $0.80 in the prior quarter, but below our expected range of $0.83 to $0.85 per DAU due to a combination of greater than expected engineering efficiencies and a more moderate ramp in ML and AI investments.

第二季每DAU 基礎設施成本為0.81 美元，高於上一季的0.80 美元，但低於我們每DAU 0.83 至0.85 美元的預期範圍，原因是工程效率高於預期，而且ML 和AI 投資增長更為溫和。

The remaining components of adjusted cost of revenue were $236 million in Q2, or 19% of revenue, which is in line with the prior quarter and at the lower end of our full-year cost structure guidance range.

第二季調整後收入成本的其餘部分為 2.36 億美元，佔營收的 19%，這與上一季一致，也處於我們全年成本結構指引範圍的下限。

Adjusted gross margin was relatively stable at 53% in Q2, up from 52% in the prior quarter but down slightly from 54% in the prior year.

第二季調整後毛利率相對穩定，為 53%，高於上一季的 52%，但略低於去年同期的 54%。

Adjusted operating expenses were $596 million in Q2, down 3% year over year.

第二季調整後營運費用為 5.96 億美元，年減 3%。

Personnel costs decreased 12% year over year in Q2 following the restructuring initiative we announced in Q1.

繼第一季宣布重組措施後，第二季人員成本年減 12%。

We ended Q2 with 4,719 full-time headcount, down 11% year over year.

截至第二季末，我們的全職員工人數為 4,719 人，年減 11%。

The decline in personnel-related costs was partially offset by increases in legal related costs in Q2, including the impact of complying with an increasingly complex global regulatory environment, as well as the impact of a previously announced settlement with the state of California.

人員相關成本的下降被第二季法律相關成本的增加部分抵消，包括遵守日益複雜的全球監管環境的影響，以及先前宣布與加州達成和解的影響。

In addition, we incurred $8 million in costs related to the retroactive digital services tax implemented by the Canadian government in Q2.

此外，我們也因加拿大政府在第二季實施的追溯數位服務稅而產生了 800 萬美元的費用。

Adjusted EBITDA was $55 million in Q2, up from negative $38 million in Q2 of the prior year, reflecting higher revenue and operating expense discipline.

第二季調整後 EBITDA 為 5,500 萬美元，高於上一年第二季的負 3,800 萬美元，反映出更高的營收和營運費用紀律。

Adjusted EBITDA flow through or the share of incremental year-over-year revenue that flowed through to Adjusted EBITDA was 55% in Q2, up from 22% in Q1, as we continue to carefully prioritize our investments in order to drive topline growth and deliver improved profitability.

第二季調整後 EBITDA 流量或流入調整後 EBITDA 的同比增量收入份額為 55%，高於第一季的 22%，因為我們繼續謹慎地確定投資的優先順序，以推動營收成長並實現目標提高盈利能力。

Net loss was $249 million in Q2, compared to a net loss of $377 million in Q2 of the prior year.

第二季淨虧損為 2.49 億美元，而上年第二季淨虧損為 3.77 億美元。

The improvement in net loss year over year reflects the flow-through of the $93 million improvement in Adjusted EBITDA as well as a $57 million reduction in stock based compensation and related expenses.

淨虧損同比改善反映了調整後 EBITDA 增加 9,300 萬美元以及股票薪酬和相關費用減少 5,700 萬美元。

The reduction in stock-based compensation was driven by a combination of the diminished impact of refresh grants on the GAAP accounting of SBC, combined with the reduction in headcount that resulted from our recent restructuring.

股票薪資的減少是由於刷新補助金對 SBC GAAP 會計的影響減弱以及我們最近的重組導致的員工人數減少共同推動的。

The $269 million of SBC and related expenses we reported in Q2 better reflects our SBC related expenses at current staffing levels.

我們在第二季報告的 2.69 億美元的 SBC 及相關費用更好地反映了我們目前人員配置水準下的 SBC 相關費用。

The benefits of improved Adjusted EBITDA and lower SBC were partially offset by $16 million in costs associated with the early retirement of $386 million of our outstanding convertible notes in Q2.

調整後 EBITDA 改善和 SBC 降低的好處被第二季提前註銷 3.86 億美元未償還可轉換票據相關的 1,600 萬美元成本部分抵消。

Free cash flow was negative $73 million in Q2, which reflects the impact of collecting seasonally lower Q1 revenue in Q2.

第二季自由現金流為負 7,300 萬美元，反映了第二季第一季營收季節性下降的影響。

Over the trailing twelve months, free cash flow was positive $15 million while operating cash flow was positive $244 million as we continue to balance investments with topline growth to deliver sustained positive cash flow.

在過去 12 個月中，自由現金流為正 1,500 萬美元，營運現金流為正 2.44 億美元，因為我們持續平衡投資與營收成長，以實現持續的正現金流。

Dilution, or year-over-year growth in our share count, was 1.9% in Q2, down from 3.8% in the prior quarter.

第二季的稀釋度（即我們的股票數量年增）為 1.9%，低於上一季的 3.8%。

As part of our efforts to responsibly manage the impact of SBC on our share count, we repurchased 7 million shares at a cost of $76 million in Q2, reflecting an average share repurchase price of $11.06. Since we began opportunistically managing our share count through share repurchases in Q3 of 2022, we have repurchased 151.5 million shares, representing 8.4% of fully diluted shares outstanding, at an average price of $9.91 per share and a total cost of $1.5 billion.

為了負責任地管理 SBC 對我們股票數量的影響，我們在第二季以 7,600 萬美元的成本回購了 700 萬股股票，平均股票回購價格為 11.06 美元。自從我們在2022 年第三季開始透過股票回購機會性地管理我們的股份數量以來，我們已經回購了1.515 億股股票，佔完全稀釋的已發行股票的8.4%，平均價格為每股9.91美元，總成本為15 億美元。

In Q2, we issued $750 million in convertible notes maturing in 2030 with a coupon of 50 basis points.

第二季度，我們發行了 7.5 億美元的可轉換票據，將於 2030 年到期，票面利率為 50 個基點。

In addition, we negotiated the repurchase of $148 million of our 2025 convertible notes and $238 million of our 2026 convertible notes.

此外，我們也協商回購了 1.48 億美元的 2025 年可轉換票據和 2.38 億美元的 2026 年可轉換票據。

We also unwound the capped calls associated with our 2025 convertible notes, resulting in proceeds of $63 million.

我們也解除了與 2025 年可轉換票據相關的上限認購權，從而獲得 6,300 萬美元的收益。

We ended Q2 with $3.1 billion in cash and marketable securities on hand, with no debt maturing in the current year, $36 million maturing in 2025, and $250 million maturing in 2026.

截至第二季末，我們手頭上有 31 億美元的現金和有價證券，今年沒有到期債務，3,600 萬美元將於 2025 年到期，2.5 億美元將於 2026 年到期。

We believe the combination of these transactions have ensured more than adequate liquidity for our operations while further strengthening our balance sheet for the long term.

我們相信，這些交易的結合確保了我們的營運擁有充足的流動性，同時進一步加強了我們的長期資產負債表。

As we enter Q3, we anticipate continued growth of our global community, and as a result, our Q3 guidance is built on the assumption that DAU will be approximately 441 million in Q3.

當我們進入第三季時，我們預計全球社群將持續成長，因此，我們的第三季指引是基於第三季 DAU 約為 4.41 億的假設。

We are focused on executing against our roadmap to deliver improvements to our advertising platform to drive strong performance for our advertising partners.

我們專注於執行我們的路線圖，以改善我們的廣告平台，從而為我們的廣告合作夥伴帶來強勁的業績。

Our Q3 guidance range for revenue is $1.335 billion to $1.375 billion, implying year-over-year revenue growth of 12% to 16%.

我們對第三季營收的指導範圍為 13.35 億美元至 13.75 億美元，這意味著營收年增 12% 至 16%。

Our investment plans for Q3 remain consistent with the full-year cost guidance ranges we provided last quarter, which assume we make modest incremental investments in infrastructure, personnel, and marketing to sustain the momentum we have established in our business, and that we continue to experience the impact of an increasing legal and regulatory burden on our cost structure.

我們第三季的投資計畫與我們上季提供的全年成本指引範圍保持一致，假設我們在基礎設施、人員和行銷方面進行適度的增量投資，以維持我們在業務中建立的勢頭，並且我們繼續體驗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 Q3, we estimate that adjusted EBITDA will be between $70 million and $100 million in Q3.

鑑於上述收入範圍以及我們第三季的投資計劃，我們估計第三季調整後的 EBITDA 將在 7,000 萬美元至 1 億美元之間。

As we move forward into the second half of 2024, we will remain focused on prioritizing our investments carefully to deliver against the cost plans we have set out for our business, while investing prudently to deliver for our community and our partners.

進入 2024 年下半年，我們將繼續專注於仔細確定投資的優先順序，以實現我們為業務制定的成本計劃，同時謹慎投資，為我們的社區和合作夥伴提供服務。

To learn more about the progress we are making for our community and our partners we encourage you to tune into our 6th annual Snap Partner Summit on Tuesday, September 17.

要詳細了解我們為社區和合作夥伴所取得的進展，我們鼓勵您收看 9 月 17 日星期二舉行的第六屆年度 Snap 合作夥伴高峰會。

Thank you.

謝謝。

And we’ll now take your questions.

現在我們將回答您的問題。

(Operator Instructions) Ken Gawrelski, Wells Fargo.

（操作員說明）Ken Gawrelski，富國銀行。

Thank you very much.

非常感謝。

Good afternoon.

午安.

To help us out with maybe some of the volatility you've seen in advertising results over the last several quarters.

幫助我們解決過去幾季廣告業績中可能出現的一些波動問題。

Could you just talk a little bit about the advertising performance within the quarter, maybe how the months progressed in the June quarter?

您能否簡單談談本季的廣告業績，也許是六月季度的進展？

And then maybe I'll -- the third quarter has started off.

然後也許我會——第三季已經開始了。

And maybe just to add to that, could you talk a little bit about the impacts of the Olympics?

也許補充一下，您能談談奧運的影響嗎？

I know you've put out releases about your NBC relationship with the Olympics and some of the content related to that.

我知道您已經發布了有關 NBC 與奧運會關係的新聞稿以及一些與之相關的內容。

Could you talk about contributions from the Olympics in 3Q and then potentially political in the US in the second half?

您能否談談第三季奧運的貢獻以及下半年美國的潛在政治貢獻？

Thank you.

謝謝。

Ken, it's Derek speaking.

肯，我是德瑞克。

Thanks for the question.

謝謝你的提問。

I think at a high level, it might make sense to talk about how revenue growth has progressed through the course of Q2 in the context of brand and DR separately.

我認為，從較高的層面來看，分別在品牌和災難復原的背景下談論第二季營收成長的進展可能是有意義的。

I think one of the things that we're seeing with the DR business is that it is incredibly resilient, and it's been growing at a pretty strong clip.

我認為我們在災難復原業務中看到的一件事是它具有令人難以置信的彈性，並且它一直以相當強勁的速度成長。

And it's also fairly stable.

而且它也相當穩定。

So to put a little bit finer point on that, direct response revenue advertising was up 16% year over year in Q2.

更具體地說，第二季直接回應廣告收入年增 16%。

And that's roughly in line with the 17% that we observed in Q1 despite a tougher comp going into Q2.

儘管第二季的競爭更加激烈，但這與我們在第一季觀察到的 17% 大致一致。

So what you're seeing is a business there that is very much based on performance.

因此，您所看到的業務在很大程度上取決於績效。

And so if you're looking under the hood of that business, we're seeing really good momentum on our 7-0 pixel purchase optimizations.

因此，如果您深入了解該業務，我們將看到 7-0 像素購買優化的良好勢頭。

And then as we move into the current quarter, that's performing alongside some of the newer advertising solutions we've delivered for app-based advertisers.

然後，當我們進入本季度時，它與我們為基於應用程式的廣告商提供的一些較新的廣告解決方案一起發揮作用。

I think Evan mentioned earlier in the prepared remarks that we've been scaling up our 7-0 optimization to App Install and app purchases in the quarter after some of the testing that showed really good results.

我認為埃文早些時候在準備好的評論中提到，在一些測試顯示出非常好的結果之後，我們已經在本季度擴大了對應用程式安裝和應用程式購買的 7-0 優化。

And we're seeing advertisers benefit from that now.

我們現在看到廣告商從中受益。

And then we've shared some case studies also in the letter to that effect.

然後我們在信中也分享了一些案例研究來說明這一點。

We also began testing value optimization in Q2, and we see some really good results from that in the early going, which is promising.

我們也在第二季開始測試價值優化，我們在早期看到了一些非常好的結果，這是有希望的。

And then you've also got the ongoing momentum of really strong CAP adoption.

然後，您還將獲得真正強勁的 CAP 採用的持續動力。

That was up 300% year over year which is, of course, a driver of improved performance.

年成長 300%，這當然是業績改善的推動力。

So taken together, that's contributing to a business on the DR side that's highly performing and has some ongoing growth behind it.

總而言之，這對災難復原方面的業務做出了貢獻，該業務表現出色，背後有一些持續成長。

And you can see that also reflected in the really strong growth we're seeing in active advertisers there.

您可以看到，這也反映在我們看到的活躍廣告商的強勁成長中。

We shared earlier that we saw active advertisers more than double year over year in Q2.

我們之前分享過，第二季的活躍廣告商年增了一倍多。

And obviously, that's reflective of some really strong growth we're seeing in the SMC segment.

顯然，這反映了我們在 SMC 領域看到的一些真正強勁的成長。

And of course, there's a number of drivers behind that, including the progress we're making with Snap Promote some of the things we're seeing around automated campaign setup tools to make it easier to get started and realize positive ROA quickly for those customers.

當然，這背後有許多驅動因素，包括我們在 Snap Promotion 方面取得的進展以及我們在自動化行銷活動設定工具方面看到的一些東西，這些工具可以讓這些客戶更輕鬆地開始使用并快速實現積極的 ROA 。

And then also some improvements in our go-to-market operations there on the SMC side in order to help us focus on acquiring and supporting clients where we have a really good product market fit.

然後，我們也對 SMC 方面的上市營運進行了一些改進，以幫助我們專注於獲取和支援我們擁有非常適合產品市場的客戶。

So that business, there's a reason why we've been very focused on investing in this business because it's performance-based tends to be more resilient, and the growth there is a little bit more stable.

因此，我們一直非常專注於投資這項業務，因為它基於績效的往往更具彈性，而且成長更加穩定。

I think over time, what you're seeing on the brand side is there are a couple of things that led to the decel there from the prior quarter.

我認為隨著時間的推移，你在品牌方面看到的是有幾件事導致了上一季的減速。

We mentioned one of them on the last call, which is just that there's some timing of some events and holidays in Q2 that were a bit of a headwind, but that was known going into the quarter.

我們在上次電話會議中提到了其中一個，那就是第二季度的一些事件和假期的一些時間安排有點不利，但進入本季度就知道了。

I think the portion of the demand performance in Q2 that was particularly disappointing in some of the weakness that we've seen in particular consumer discretionary verticals, including technology, entertainment and retail that we mentioned earlier.

我認為第二季的需求表現部分尤其令人失望，因為我們在非必需消費品垂直領域看到了一些疲軟，包括我們之前提到的技術、娛樂和零售。

And so when I'm thinking about that business, we've built a very large brand-oriented business over the years.

因此，當我考慮這項業務時，多年來我們已經建立了一個非常龐大的以品牌為導向的業務。

And we have very performing brand products for our advertisers to allow us to reach our very large community at scale when they have big events and whatnot.

我們為廣告商提供了非常出色的品牌產品，使我們能夠在大型活動等活動時大規模接觸我們的大型社群。

But we've also learned over time that, that brand business can be very volatile, which is again why we focused a lot on investing in the DR business.

但隨著時間的推移，我們也了解到，品牌業務可能非常不穩定，這也是我們大力投資災難復原業務的原因。

So I think a really good example what we can see in moments of volatility like this or where we're seeing in moments where maybe the economic environment is tougher and people start moving down funnel with their marketing investments is that we do particularly well in verticals where we have really good performance for Direct Response.

因此，我認為一個很好的例子是，在這樣的波動時刻，或者在經濟環境更加嚴峻、人們開始向下移動營銷投資的時刻，我們可以看到我們在垂直領域做得特別好我們在直接響應方面表現非常出色。

And so I think a good example of a vertical that fits that is restaurants.

所以我認為適合這一點的垂直行業的一個很好的例子就是餐廳。

In the most recent quarter, I think you've probably seen lots of economic data suggesting that the environment for restaurants has been a little tougher in some cases, but that's a category that continues to grow for us on the DR side in the current quarter because we've got great performance for those advertisers, and they've been able to continue to invest and grow their business on the back of that.

在最近一個季度，我認為您可能已經看到許多經濟數據表明，在某些情況下，餐館的環境有點艱難，但在本季度，我們在災難恢復方面，這一類別繼續增長因為我們為這些廣告商帶來了出色的業績，他們能夠在此基礎上繼續投資並發展業務。

So hopefully, that gives you a little bit clearer understanding of the dichotomy there.

希望這能讓您對其中的二分法有更清晰的了解。

And then as we move into Q3, maybe I'll share a little bit of color on how we thought about our revenue guide for Q3.

然後，當我們進入第三季時，也許我會分享一些關於我們如何看待第三季收入指南的資訊。

To start off with, we shared the expectation for top line growth in Q3 would be 12% to 16% year over year.

首先，我們預計第三季營收年增將達到 12% 至 16%。

First of all, just to put that in context, that implies quarter-over-quarter growth of 8% to 11%, which historically speaking, would be a really strong quarter-over-quarter result for Q3.

首先，就具體情況而言，這意味著季度環比增長 8% 至 11%，從歷史角度來看，這對於第三季度來說將是一個非常強勁的環比業績。

And we are off to a good start to begin the new quarter, which is reflected in that.

我們在新季度有了一個良好的開端，這反映在這一點上。

And I think if you step back and look on a two-year stack basis, can give a little bit more context too, that implies 18% to 22% on a two-year stack which would be a significant step up from the 11% to 12% that we've seen in the first half of this year.

我認為，如果你退後一步，看看兩年堆疊的基礎上，也可以提供更多背景信息，這意味著兩年堆疊的比例為 18% 到 22%，這將比 11% 顯著提高到今年上半年的12%。

So hopefully, that puts the guide into Q3 into a little bit more context.

希望這能讓第三季的指南有更多的背景。

Specifically, we expect more of this trend of the business and its growth going forward to continue to be driven by strong performance from the DR business.

具體來說，我們預計這一業務趨勢及其未來的成長將繼續受到災難復原業務的強勁表現的推動。

We've got a great roadmap there and of course, continued contributions from Snapchat+ which other revenue, which comprised mostly of subscription revenue up 150% plus year over year and now at a run rate of over $100 million a quarter.

我們在那裡有一個很好的路線圖，當然，還有來自 Snapchat+ 的持續貢獻以及其他收入，其中主要包括訂閱收入，同比增長 150% 以上，現在每季度的運行速度超過 1 億美元。

So those are the big areas we're seeing -- expecting to see drivers from the brand side, we've not assumed that we would see a big rebound in Q3.

所以這些是我們看到的大領域——期望看到來自品牌方面的驅動力，我們並沒有假設我們會在第三季度看到大幅反彈。

Now certainly, you called out some events like the Olympics, and we've got a great lineup of content around the Olympics.

當然，您提到了奧運會等一些賽事，我們已經準備了一系列圍繞奧運會的精彩內容。

We've got creators at the Olympics covering things we've had lots of participation in athletes.

我們在奧運會上有創作者報告我們有很多運動員參與的事情。

The content on the platform has been terrific.

平台上的內容非常棒。

And of course, we do see brand spending around halo events like that.

當然，我們確實看到品牌圍繞此類光環活動進行支出。

But at a high level across the entirety of the quarter, we've not built a huge recovery in that brand business in there.

但從整個季度的高水準來看，我們的品牌業務尚未實現巨大復甦。

We're expecting the step up in improvements in the business in Q3 to come predominantly from the DR and Snapchats+ business in the coming quarters.

我們預計第三季業務的改善將主要來自未來幾季的 DR 和 Snapchats+ 業務。

So hopefully, that gives you a little bit better sense of how the business has been progressing year to date and what we expect things to look like as we go into the next quarter.

因此，希望這能讓您更了解今年迄今為止的業務進展以及我們對下一季的預期情況。

Thanks for the question.

謝謝你的提問。

Dan Salmon, New Street Research.

丹·薩蒙，新街研究。

Hi, good afternoon everyone.

嗨，大家下午好。

I have a two-part question.

我有一個由兩個部分組成的問題。

So the total advertiser count more than doubled this quarter.

因此，本季廣告客戶總數增加了一倍以上。

That's a little different than the 85% growth in SMB advertisers you talked about last quarter, but presumably, SMBs are still a big driver of that.

這與您上季度談到的中小企業廣告商 85% 的成長略有不同，但想必中小企業仍然是這一成長的重要推動力。

So the first part is, can you speak to the drivers of advertiser growth count?

第一部分是，您能談談廣告主成長數量的驅動因素嗎？

I imagine improvements in the DR ad performance are part of that, but are there any of the partner programs, reseller agreements or anything else that you'd highlight that are really helping drive that growth.

我認為 DR 廣告效果的改進是其中的一部分，但是是否有任何合作夥伴計劃、經銷商協議或您強調的任何其他內容真正有助於推動這種增長。

And then the second part is on your ad product roadmap and whether or not this growth in the total advertiser count has you rethinking any elements of the roadmap.

第二部分是關於您的廣告產品路線圖，以及廣告客戶總數的成長是否讓您重新考慮路線圖的任何要素。

And in particular, whether it starts to make sense to look at developing more AI-based automated ad buying products like those we're seeing generate a lot of value for SMBs on other platforms.

特別是，考慮開發更多基於人工智慧的自動化廣告購買產品是否有意義，就像我們看到的那些為其他平台上的中小企業創造大量價值的產品一樣。

I'd just be curious to hear your updated thoughts on whether that makes sense yet.

我只是想聽聽您關於這是否有意義的最新想法。

Thanks.

謝謝。

Thanks, Dan.

謝謝，丹。

I think just at a high level, we're incredibly excited by what we're seeing with small and medium-sized advertisers.

我認為，從高水準來看，我們對中小型廣告商所看到的情況感到非常興奮。

I think our SMC business overall is probably the most important driver of long-term revenue growth for us over the coming years.

我認為我們的整體 SMC 業務可能是未來幾年我們長期收入成長的最重要驅動力。

So to really see that progress there has been really exciting.

因此，真正看到這一進展確實令人興奮。

From a roadmap and automation perspective, automation is vitally important for these advertisers and it can really reduce the friction in terms of getting started and then ultimately growing spend on Snap.

從路線圖和自動化的角度來看，自動化對於這些廣告商來說至關重要，它確實可以減少啟動以及最終增加 Snap 支出的摩擦。

I think if you look at some of the enhancements we've made for SMC advertisers, we're getting better at inferring SMC advertiser objectives when they sign up for an account on Snapchat and then we direct those customers to preconfigured campaign setups.

我認為，如果您看看我們為SMC 廣告商所做的一些增強功能，您會發現，當SMC 廣告商在Snapchat 上註冊帳戶時，我們會更好地推斷他們的目標，然後我們會引導這些客戶進行預先配置的廣告活動設定。

And that can be really helpful for getting folks started.

這對於人們入門確實很有幫助。

We also offer tools like codeless signal set up, for example, that are very useful.

例如，我們還提供非常有用的工具，例如無代碼訊號設定。

I do think there's more we can do on automation, especially in terms of creative optimization as well as budget optimization.

我確實認為我們在自動化方面可以做更多的事情，特別是在創意優化和預算優化方面。

We have some improvements coming there.

我們在那裡做了一些改進。

I think, more specifically, we're thinking ahead to the holiday season.

我認為，更具體地說，我們正在提前考慮假期。

So as I look at e-commerce, SMC advertisers, we're really focused on things like product selection, leveraging on and off platform, privacy-safe signals, doing more work to drive in session conversions with some major model updates we've been working on.

因此，當我關注電子商務、SMC 廣告商時，我們真正關注的是產品選擇、平台內外利用、隱私安全訊號、透過我們已經進行的一些主要模型更新來推動會話轉換等方面的工作。 。

And then overall streamlining the checkout experience, which we think is really important for driving more of those in-section conversions.

然後整體簡化結帳體驗，我們認為這對於推動更多的區域內轉換非常重要。

Those in-section conversions are some of the most incremental conversions.

這些節內轉換是增量轉換最多的一些。

They're really valuable to SMC advertisers.

它們對於 SMC 廣告商來說確實很有價值。

I think in terms of the top of funnel for the SMC business, one of the big drivers there has been Snap Promote, which allows advertisers to get started in app.

我認為就 SMC 業務的漏斗頂部而言，最大的推動因素之一是 Snap Promotion，它允許廣告商從應用程式開始。

We reached over 850 million users on a monthly basis.

我們每個月的用戶數量超過 8.5 億。

And so I think we've just been really excited to see that their passion for our service and their usage of our service has also, I think, encouraged them to try out Snapchat for growing their business with our advertising tools.

因此，我認為我們真的很高興看到他們對我們服務的熱情以及他們對我們服務的使用，我認為，這也鼓勵他們嘗試 Snapchat，透過我們的廣告工具來發展他們的業務。

So I do think the Snapchat community overall will be a great source of growth for our SMC business, and we're very focused on growing that both in the near term, but more importantly, as a real long-term driver of our growth.

因此，我確實認為 Snapchat 社群總體上將成為我們 SMC 業務成長的重要來源，我們非常注重短期內的成長，但更重要的是，將其作為我們成長的真正長期驅動力。

Doug Anmuth, JPMorgan.

道格·安姆斯，摩根大通。

Yes, hi.

是的，嗨。

This is Katy on for Doug.

這是凱蒂為道格配音。

First, I just want to touch on the brand business.

首先，我想談談品牌業務。

Again, I know you mentioned it's been more volatile versus DR is more resilient.

再說一遍，我知道您提到它的波動性更大，而 DR 則更具彈性。

So can you just talk about how much visibility you typically have over the brand side and what you can do to maybe improve the stickiness of spending on Snap within brand overall?

那麼，您能否談談您通常在品牌方面擁有多少知名度，以及您可以採取哪些措施來提高整體品牌內 Snap 支出的黏性？

And then second, on the engagement side of the platform, that's obviously been an important focus area.

其次，在平台的參與方面，這顯然是一個重要的重點領域。

You talked about rolling out some product improvement inter-quarter.

您談到了在季度間推出一些產品改進。

Some had positive effects on engagement in North America, some more negative.

有些對北美的參與產生了正面影響，有些則產生了負面影響。

So can you just talk about the puts and takes there and just to give a little bit more color.

那麼你能不能只談談看跌期權和看跌期權，並提供更多的色彩。

Thanks.

謝謝。

Yeah.

是的。

Hey, thanks, Katy.

嘿，謝謝，凱蒂。

I think as we look at the brand business, the most important thing is really driving performance for advertisers.

我認為，當我們審視品牌業務時，最重要的是真正推動廣告商的表現。

And our solutions are very performant, whether advertisers are measuring performance with our first-party tools or with MM or MTA, results and I think more recently with some of our conversion lift solutions.

我們的解決方案非常高效，無論廣告主是使用我們的第一方工具還是使用 MM 或 MTA 來衡量效果，我認為最近我們的一些轉換提升解決方案都取得了成果。

So we continue to help advertisers really measure what matters most to them.

因此，我們繼續幫助廣告商真正衡量對他們來說最重要的事情。

And I think one of the most important things, especially as we look at brand spend in the back half is the relationship between brand spend and lower funnel performance.

我認為最重要的事情之一，特別是當我們考慮後半段的品牌支出時，是品牌支出與下漏斗績效之間的關係。

And I think some of the most sophisticated advertisers are really leveraging full funnel solutions because building that brand awareness is really important in terms of improving overall conversion rates on the lower funnel.

我認為一些最成熟的廣告商確實在利用完整的漏斗解決方案，因為建立品牌知名度對於提高漏斗下端的整體轉換率非常重要。

So I think as we get into the back half of the year, really working with our advertising partners to make sure they're leveraging our full funnel offering and our performance brand solutions will be really important.

因此，我認為，當我們進入今年下半年時，真正與我們的廣告合作夥伴合作，確保他們利用我們的完整通路產品和我們的績效品牌解決方案將非常重要。

And then I think in terms of the progress we're making on content engagement, especially in North America, the team has had a bit of a split focus over the past couple of quarters, we've been building out a whole new back-end ranking stack that combines stories and Spotlight.

然後我認為就我們在內容參與方面取得的進展而言，尤其是在北美，團隊在過去幾個季度中的焦點有些分散，我們一直在構建一個全新的後台 -結合故事和聚光燈的最終排名堆棧。

We think that's a better experience for our community because it combines both types of content that they really love.

我們認為這對我們的社區來說是更好的體驗，因為它結合了他們真正喜歡的兩種類型的內容。

Spotlight has been a real bright spot for us in terms of growth and engagement and so have creator stories.

在成長和參與方面，Spotlight 對我們來說是一個真正的亮點，創作者的故事也是如此。

And then, of course, as always, a friend stories.

然後，當然，一如既往，一個朋友的故事。

People love to see what their friends are up to.

人們喜歡看看他們的朋友在做什麼。

So being able to combine all those content types rather than requiring our community to go to different places to get those different types of content, I think we'll be very positive for the content experience on Snapchat.

因此，能夠結合所有這些內容類型，而不是要求我們的社群去不同的地方獲取這些不同類型的內容，我認為我們將對 Snapchat 上的內容體驗非常積極。

But maintaining our existing production content stack while building a whole new combined stack has been a bit of a challenge and what the team's focus.

但是，在建立全新的組合堆疊的同時維護現有的製作內容堆疊一直是一個挑戰，這也是團隊的重點。

And I think that contributed to a little bit of the choppiness we saw through the quarter.

我認為這在一定程度上導致了我們整個季度的波動。

But ultimately, as we look at North America engagement overall, both North America, DAU and content time spend were both up quarter over quarter.

但最終，當我們觀察北美地區的整體參與度時，北美地區的每日活躍用戶數和內容時間支出均較上季成長。

So directionally positive as we really work to make progress there.

方向如此積極，因為我們確實努力在那裡取得進展。

Rich Greenfield, Lightshed Partners.

里奇·格林菲爾德，Lightshed Partners。

Hi.

你好。

I got a couple of questions.

我有幾個問題。

One, I just wanted to follow up on DR.

第一，我只是想跟進 DR。

You talked about DR advertisers and API integrations making meaningful progress over the course of the quarter, and obviously, year over year, yet, Derek, I think you talked to a slowdown in the ad revenue tied to DR from Q1 to Q2.

您談到了DR 廣告商和API 整合在本季度取得了有意義的進展，顯然，逐年取得了有意義的進展，但是，Derek，我認為您談到了從第一季度到第二季度與DR 相關的廣告收入放緩。

I guess the question everyone who's listening to this call was wondering is like given all the progress you've made and how much focus you put.

我想每個正在聽這個電話的人都想知道的問題是你所取得的所有進展以及你投入了多少注意力。

Why is DR not exploding?

為什麼DR沒有爆發？

Like why is it growing mid-teens?

例如為什麼它會長到十幾歲？

Why isn't it scaling dramatically?

為什麼它沒有大幅擴充？

And tied to that is just how much of a headwind is brand advertising in the Q3 guide?

與此相關的是，第三季指南中的品牌廣告有多少阻力？

And then just a follow-up for Evan.

然後是埃文的後續行動。

On the whole conversation you were having on the last question about the integration of the app what is actually causing -- when you talk about sort of the changes are pressuring time spent, what's actually happening?

在整個對話中，您就有關應用程式整合的最後一個問題進行了討論，這實際上是什麼原因造成的——當您談到某種變化給所花費的時間帶來壓力時，實際上發生了什麼？

And what you're learning as you make this integration is the goal still to get to a single unified like you open up the app and its content.

當您進行此整合時，您所學到的目標仍然是像打開應用程式及其內容一樣實現單一統一。

Is that still the plan?

這仍然是計劃嗎？

And how soon could we see that from what you've been testing overseas?

我們多久才能從您在海外的測試中看到這一點？

When could we see that in the US?

我們什麼時候可以在美國看到這一點？

Hey, Richard, thanks for the question.

嘿，理查德，謝謝你的提問。

I think just diving in a little bit on the Q3 guide and how to think about the projections for ad revenue and DR revenue specifically, I think it's important to just remember that there was a 9-percentage-point acceleration in overall revenue in the prior year from Q2 to Q3.

我認為，只要深入了解第三季指南，以及如何具體考慮廣告收入和 DR 收入的預測，我認為重要的是要記住，上一季的整體收入增長了 9 個百分點從第二季到第三季度。

And it was actually a slightly faster than that acceleration for the Direct Response business.

實際上，這比直接回應業務的加速要快一些。

So I think to put it in a little bit more finer context, at sort of the midpoint of our guidance range for the coming quarter, we'd be overcoming almost all of that 9-point acceleration in the prior year.

因此，我認為把它放在更精細的背景下，在我們下一季指導範圍的中點，我們將克服去年幾乎所有的 9 個百分點的加速。

So we'd essentially be nearly keeping pace.

所以我們基本上可以跟上步伐。

And at the high end of our range, we'd be fully keeping pace with that acceleration for the prior year.

在我們範圍的高端，我們將完全跟上前一年的加速步伐。

And just to put a finer point on that, I want to sort of reiterate that guide implies an 8% to 11% quarter-over-quarter improvement in the overall business, which I think if you look historically across periods, is a very good result for Q3.

為了更詳細地闡述這一點，我想重申一下，該指南意味著整體業務季度環比改善 8% 至 11%，我認為如果你從不同時期的歷史角度來看，這是一個非常好的結果。三季的結果。

And then to maybe even look at it another way is to think about it on a two-year stack where the guide for Q3 implies 18% to 22% for Q3, and that's up from 12% in Q1 and 11% for Q2 of this year.

然後，甚至可以用另一種方​​式來看待它，就是在兩年的堆疊上考慮它，其中第三季度的指南意味著第三季度為18% 到22%，而這比第一季的12%和第二季的11% 有所上升。

So I think it's really tough to characterize that guide in Q3 is representing a business that's not improving.

因此，我認為很難描述第三季的指南代表的是一家沒有改善的業務。

And you've got a pretty solid roadmap on the DR side.

在災難復原方面，您已經有了一個非常可靠的路線圖。

But I'll turn it over to Evan to talk a little bit more about the other parts of your question.

但我會將其轉交給埃文，以進一步討論您問題的其他部分。

Thanks, Rich, for the question.

謝謝里奇的提問。

And we've definitely been working hard on the content experience.

我們確實一直在內容體驗方面努力工作。

We know how important content is to our community and also in terms of just the way that they maintain their relationships by sharing content with one another.

我們知道內容對我們的社群有多重要，也知道他們透過彼此分享內容來維持關係的方式。

When we look at the content experience, as I mentioned, we really want to combine stories and spotlight, which are both beloved content types on Snapchat but are now located in two different tabs on the app.

正如我所提到的，當我們審視內容體驗時，我們確實希望將故事和焦點結合起來，這兩種內容都是Snapchat 上深受喜愛的內容類型，但現在位於應用程式的兩個不同選項卡中。

And that just makes content discovery just have a bit more friction.

這只會讓內容發現遇到更多阻力。

It also doesn't take advantage of the overall supply that we have across both stories and spotlight.

它也沒有利用我們在故事和聚光燈下的整體供應。

And we know that combining that supply will help us provide more relevant content to folks based on their interest and will allow us to leverage signals across both of those content types.

我們知道，結合這些供應將有助於我們根據人們的興趣向他們提供更相關的內容，並使我們能夠利用這兩種內容類型的訊號。

So if you think about the steps to get there, one is sort of a user interface change that combines both the stories and short video user interface, so that has been in testing.

因此，如果您考慮實現這一目標的步驟，其中之一就是將故事和短視訊使用者介面結合起來的使用者介面更改，因此已經在測試中。

There's also the infrastructure piece of it to combine both content types and rank across both content types, which is nontrivial because the objective function has to work across the way that those different types of content are consumed.

還有它的基礎設施部分，用於組合兩種內容類型並對兩種內容類型進行排名，這很重要，因為目標函數必須跨不同類型內容的消費方式運作。

That's also in testing, where you'll see that first is actually in spotlight, where we've made progress, for example, adding publisher stories and have been testing that combined the content experience.

這也在測試中，您會看到首先實際上是焦點，我們已經取得了進展，例如，添加了發布商故事，並且一直在進行結合內容體驗的測試。

And of course, we'll have a bunch more to share at the upcoming Snap Partner Summit, which is on September 17.

當然，我們將在 9 月 17 日即將舉行的 Snap 合作夥伴高峰會上分享更多內容。

Hope to see you there.

希望在那裡見到你。

Mark Mahaney, Evercore.

馬克·馬哈尼，Evercore。

This is Dan Peterson on for Mark.

這是馬克的丹彼得森。

Focusing on the brand advertiser demand, how have the verticals that you called out that were soft in Q2 trended quarter to date?

專注於品牌廣告客戶的需求，您所說的第二季表現疲軟的垂直產業迄今為止的趨勢如何？

Have they gotten worse, the same, better, and any granularity you can give on a vertical level would be helpful.

它們是否變得更糟、相同、更好，您可以在垂直等級上提供的任何粒度都會有所幫助。

Thanks.

謝謝。

Hey there.

嘿。

Thanks for the question.

謝謝你的提問。

I think probably the most important thing to sort of zoom in on when we're talking about how we're beginning into the new quarter and what's assumed in the guide is probably a little bit of what I touched on earlier on the assumption essentially in the revenue guide that the growth that we're going to see in Q3, will continue to be driven predominantly by the direct response business and the ongoing momentum we've got there as well as the continued momentum of the Snapchat+ business.

我認為，當我們談論如何開始進入新季度時，最重要的事情可能是放大，以及指南中的假設可能是我之前提到的假設的一部分收入指南表明，我們將在第三季度看到的增長將繼續主要由直接響應業務和我們在那裡的持續動力以及Snapchat+ 業務的持續動力推動。

So there's not an assumption built into that guide that we're going to see significantly improved or really significant turnaround in the brand performance in the quarter.

因此，該指南中並沒有假設我們將在本季看到品牌業績的顯著改善或真正重大的轉變。

Obviously, we're working hard on that.

顯然，我們正在為此努力。

We've been delivering some innovations for customers there with some stuff we announced at new fronts and other things we've talked about in a letter there.

我們一直在為那裡的客戶提供一些創新，包括我們在新領域宣布的一些內容以及我們在一封信中討論過的其他內容。

So I would sort of think of it that way.

所以我會這樣想。

What we're really focused on here, and I think you've heard us talk about this and deliver on it consistently over the last 18 months is the investments we're putting into product and go-to market around DR and a really keen focus around delivering ad products and optimizations that deliver performance results for advertisers that they can scale on and having go-to-market operations that are wrapped around those solutions and deliver to customers, we have strong product market fit from.

我們在這裡真正關注的是，我想您已經聽到我們談論這一點並在過去 18 個月中始終如一地實現這一點，那就是我們圍繞 DR 對產品和進入市場進行的投資以及真正熱衷的專注於提供廣告產品和最佳化，為廣告主提供可擴展的績效結果，並圍繞這些解決方案進行上市並交付給客戶，我們擁有強大的產品市場契合度。

I think you're going to see us continue to lean into the momentum we're seeing in the small and medium-sized customer front and some of the optimized campaign setups that we're delivering there continuing to lean into Snap Promote, continuing to deliver performance results for those folks as well.

我認為您會看到我們繼續依靠我們在中小型客戶方面看到的勢頭，以及我們在那裡提供的一些優化的活動設置，繼續依靠 Snap Promotion，繼續也為這些人提供績效結果。

So building on what have been our strategic priorities for the last 18 to 24 months and building on the results that we saw in the most recent quarter around our DR and Snapchat+ verticals.

因此，我們要以過去 18 至 24 個月的策略優先事項為基礎，並以我們最近一個季度在 DR 和 Snapchat+ 垂直領域看到的結果為基礎。

So hopefully that helps a little.

希望這能有所幫助。

[Nim Banzel], Bank of America.

[Nim Banzel]，美國銀行。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

Could you provide some insights into the current stage of spotlight monetization and how you are expected to grow over the next few quarters?

您能否提供一些關於聚光燈貨幣化現階段的見解以及預計未來幾季的成長？

And in the long run, how big can the surface become related to your current scale and potential timeframe for that.

從長遠來看，表面能有多大與你目前的規模和潛在的時間表有關。

Thank you.

謝謝。

Thanks so much for the question.

非常感謝您的提問。

We've definitely been excited about the growth in spotlight time spend, the uptake of that service.

我們確實對聚光燈下花費的時間的增長以及該服務的採用感到興奮。

And certainly, it's been a source of inventory growth for us.

當然，它是我們庫存成長的一個來源。

I think if I compare time spent on spotlight to other short video services, I think we have an enormous amount of headroom on Snapchat.

我認為，如果將花在聚光燈上的時間與其他短視頻服務進行比較，我認為我們在 Snapchat 上有巨大的發展空間。

That's part of the reason why we focus so much on this combined content experience, we know how much our community loves stories, and we really believe that a combined experience that combines the stories format with short-form video will be most compelling and easiest to use, especially in terms of content discovery.

這就是為什麼我們如此關注這種組合內容體驗的部分原因，我們知道我們的社區有多喜歡故事，並且我們堅信，將故事格式與短視頻相結合的組合體驗將是最引人注目且最容易理解的。

So the team has been working very hard on that.

所以團隊一直在這方面非常努力。

We continue to make progress in terms of model improvements.

我們在模型改進方面不斷取得進展。

We've seen some great growth in terms of spotlight submissions and that's helping with overall content supply.

我們看到聚光燈提交量有了很大的成長，這有助於整體內容供應。

One big area of focus for us in the coming months is really around model freshness and making sure that we are updating our models quickly enough to learn from engagement with new pieces of content so that we can serve the freshest possible original content to our community and not have to wait for days in some cases, for us to understand and leverage that signal.

未來幾個月我們重點關注的一大領域實際上是模型的新鮮度，並確保我們能夠足夠快地更新模型，以便從與新內容的互動中學習，以便我們能夠為我們的社區提供盡可能新鮮的原創內容，在某些情況下，我們不必等待幾天才能理解和利用該訊號。

So a lot to do there, but certainly, I'm pleased with the growth so far and excited to get the combined content experience out to our community.

那裡有很多事情要做，但當然，我對迄今為止的成長感到滿意，並且很高興能夠將組合的內容體驗帶給我們的社群。

Mark Shmulik, Bernstein.

馬克·什穆里克，伯恩斯坦。

Hi, this is Jenny on behalf of Mark Shmulik.

大家好，我是馬克·什穆里克 (Mark Shmulik) 的代表珍妮 (Jenny)。

Thank you for taking our questions.

感謝您接受我們的提問。

We just have one, just given the launch of Snapchat's web product, is there any consideration to moving away from having the app open to the camera to perhaps something more like spotlight, that's more monetizable.

我們只有一個問題，考慮到 Snapchat 的網路產品剛剛推出，是否有考慮從讓應用程式向攝影機開放轉向也許更像聚光燈的東西，這更能賺錢。

Thank you.

謝謝。

Thank you so much for the question.

非常感謝你的提問。

Opening to the camera has always been a really important part of the Snapchat experience, especially because it keeps you grounded in the real world with your friends rather than distracting you with content created by other people.

開放相機一直是 Snapchat 體驗中非常重要的一部分，特別是因為它可以讓您與朋友一起融入現實世界，而不是因為其他人創建的內容而分散您的注意力。

And that prompt to create and express yourself is something that's really important to the Snapchat product.

對於 Snapchat 產品來說，創造和表達自己的提示非常重要。

It helps people start new conversations when they share a Snap or helps them share what they're seeing and experiencing with their friends if they add that snap to their story.

它可以幫助人們在分享快照時開始新的對話​​，或者如果他們將該快照添加到他們的故事中，可以幫助他們與朋友分享他們所看到和經歷的事情。

And of course, it's an amazing top of funnel for our augmented reality platform where hundreds of millions of Snapchatters engage with lenses on a regular basis.

當然，對於我們的擴增實境平台來說，這是一個令人驚嘆的漏斗頂部，數億 Snapchatter 定期與鏡頭互動。

So I think opening to the camera is really a unique part of the Snapchat experience and part of what really differentiates our service.

因此，我認為開放式攝影機確實是 Snapchat 體驗的獨特部分，也是我們服務真正與眾不同的部分。

And I think given the strength we've seen now, I think it's been almost, what, 13 years that we've been working on Snapchat, we continue to see new highs in terms of the number of unique Snap centers, which were up across hit record highs across all regions in the quarter.

我認為，鑑於我們現在所看到的實力，我認為我們在 Snapchat 上工作已經差不多 13 年了，我們在獨特的 Snap 中心的數量方面繼續看到新高，這些中心在增長本季度所有地區的銷售額均創下歷史新高。

So I think the strength of the core product and that prompt to really express yourself and share with your close friends and family is something that's really unique to Snap and differentiates our service.

因此，我認為核心產品的優勢以及真正表達自己並與親密朋友和家人分享的動力是 Snap 的獨特之處，並使我們的服務與眾不同。

I do think, though, and I don't want to run too much of the surprise with the Snap Partner Summit coming up.

不過，我確實這麼認為，我不想對即將到來的 Snap 合作夥伴高峰會感到太多意外。

But there is an opportunity, I believe, to help simplify the Snapchat experience overall, and that's something we have been working towards, and we look forward to sharing more at the Summit.

但我相信，有機會幫助簡化 Snapchat 的整體體驗，這也是我們一直在努力的方向，我們期待在高峰會上分享更多內容。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thanks so much.

非常感謝。

Maybe taking a step back and asking a bigger picture question, Evan.

也許退後一步，問一個更大的問題，埃文。

You talked a lot and you have a lot of detail on this call so far in terms of the journey you've been on sort of the evolution of the platform and product as you look towards the back half of this year and was a value towards 2025, any updated skew in terms of your key investment priorities or things you think of is critical to execute on that positions the platform for elements of user growth, engagement or monetization with an eye to the medium to long term.

到目前為止，您在這次電話會議上談了很多，並且在您展望今年下半年時所經歷的平台和產品的演變過程中提供了很多細節，這對您來說是一個價值到2025 年，您的關鍵投資優先事項或您想到的事情方面的任何更新偏差對於執行都至關重要，這可以為平台定位用戶成長、參與度或貨幣化等要素，並著眼於中長期。

Thanks very much.

非常感謝。

Thanks so much for the question.

非常感謝您的提問。

I've certainly been spending a lot more of my time over the past year or so on the monetization side of the business.

在過去一年左右的時間裡，我確實在業務的貨幣化方面花費了更多的時間。

And I think just looking at the long-term strength of the business and our opportunity in augmented reality.

我認為只要專注於業務的長期實力以及我們在擴增實境方面的機會。

I think a personal goal and maybe a broader growth for the business is really to have our revenue resilience match the engagement resilience we see on our platform with our community of 850 million people around the world.

我認為個人目標以及更廣泛的業務成長實際上是讓我們的收入彈性與我們在平台上看到的與全球 8.5 億人社群的互動彈性相匹配。

I think over the years, we've seen that, that engagement has really been durable, and we've been able to continue to grow service.

我認為多年來，我們已經看到，這種參與確實是持久的，而且我們已經能夠繼續發展服務。

I think as I look at the revenue side of things, what really excites me and a big area of focus and investment for us in the coming year will be the small and medium-sized customer segment.

我認為，當我審視收入方面時，真正令我興奮的以及我們來年重點關注和投資的一大領域將是中小型客戶群。

I think it really leverages the strength of our scale with our community and also our ability on the product and engineering side to drive results for advertisers.

我認為它確實利用了我們社區的規模優勢以及我們在產品和工程方面的能力來為廣告商帶來成果。

And ultimately, we really believe that, that will result in much more resilient revenue from a diversified customer base, and that's a sort of foundation we want to be building our business on for the long term.

最終，我們確實相信，這將從多元化的客戶群中帶來更具彈性的收入，這是我們希望長期發展業務的基礎。

So certainly a continued focus on the monetization side, especially with small, medium-sized customers and then making a lot of progress on foundationally on our machine learning models and our ability to drive performance.

因此，我們肯定會繼續關注貨幣化方面，尤其是中小型客戶，然後在我們的機器學習模型和提高性能的能力方面取得很大進展。

Thank you.

謝謝。

This concludes our Q&A session as well as Snap Inc's second-quarter 2024 earnings conference call.

我們的問答環節以及 Snap Inc. 的 2024 年第二季財報電話會議到此結束。

Thank you all for attending today's session.

感謝大家參加今天的會議。

You may now disconnect.

您現在可以斷開連線。