Snap Inc (SNAP) 2024 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to Snap Inc.'s third-quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the call over to David Ometer, Head of Investor Relations.

大家下午好，歡迎參加 Snap Inc. 的 2024 年第三季財報電話會議。 （操作員指示）我現在想將電話轉給投資者關係主管 David Ometer。

Thank you, and good afternoon, everyone. Welcome to Snap's third-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 年第三季財報電話會議。今天與我們在一起的有執行長兼聯合創始人埃文·斯皮格爾 (Evan Spiegel)；和首席財務官德里克·安德森(Derek Andersen)。

Please refer to our Investor Relations website at investor.snap.com to find today's press release, earnings slides, and investor letter. This conference call includes forward-looking statements, which are based on our assumptions as of today. Actual results may differ materially from those expressed in these forward-looking statements, and we make no obligation to update our disclosures.

請參閱我們的投資者關係網站 Investor.snap.com，尋找今天的新聞稿、收益投影片和投資者信函。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 two can be found in today's press release. Please note that when we discuss all of our expense figures, they will exclude stock-based compensation and related payroll taxes, as well as depreciation and amortization and 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。兩者之間的和解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 for joining our call. In Q3, we continued to make progress on our core priorities of growing our community and improving depth of engagement, driving top-line revenue growth and diversifying our revenue sources and building toward our long-term vision for Augmented Reality.

大家好，感謝您加入我們的通話。第三季度，我們繼續在發展社區、提高參與深度、推動營收成長、實現收入來源多元化以及實現擴增實境的長期願景等核心優先事項上取得進展。

Daily active users reached 443 million in Q3, an increase of 37 million year over year. We continue to deepen engagement with our content platform with a number of content viewers and total time spent watching content growing year over year. The progress we have made with our direct response advertising business and the growth of our Snapchat+ subscription business contributed to total revenue increasing 15% year over year to $1.37 billion.

第三季每日活躍用戶達4.43億，年增3700萬。我們持續加深與內容平台的互動，內容觀看者數量和觀看內容的總時間逐年增加。我們在直接回應廣告業務方面取得的進展以及 Snapchat+ 訂閱業務的成長推動總收入年增 15%，達到 13.7 億美元。

We continue to make meaningful progress with our lower-funnel DR business as total active advertisers more than doubled year over year in Q3. In an effort to grow our lower-funnel DR business faster, we are innovating on our advertising products, investing in machine learning, and evolving the way we go to market to better serve our advertising partners.

我們的漏斗下端災難復原業務持續取得有意義的進展，第三季活躍廣告客戶總數較去年同期增加了一倍以上。為了更快地發展我們的漏斗下端災難復原業務，我們正在對廣告產品進行創新，投資於機器學習，並改進我們進入市場的方式，以更好地為我們的廣告合作夥伴服務。

We hosted our Annual Snap Partner Summit in Q3, bringing together partners, creators, and lens developers to introduce a number of new initiatives. We announced a new and simplified version of Snapchat that we believe will further our initiative to grow our community and deepen engagement.

我們在第三季舉辦了年度 Snap 合作夥伴高峰會，將合作夥伴、創作者和鏡頭開發人員聚集在一起，推出了許多新舉措。我們發布了 Snapchat 的新簡化版本，我們相信它將進一步推動我們發展社群和加深參與的舉措。

We also announced two new ad placements, Sponsored Snaps and Promoted Places, that will provide incremental reach to our advertising partners as they engage with Snapchatters across our service. To further our vision for Augmented Reality computing, we launched the fifth generation of Spectacles, our AR glasses powered by Snap OS, and introduced a series of generative AI innovations for our AR developer platform. Developers are already building amazing lenses, and we can't wait to see the new experiences they create for our community.

我們還宣布了兩個新的廣告位置，即贊助 Snap 和促銷位置，這將在我們的廣告合作夥伴透過我們的服務與 Snapchatter 互動時為他們提供增量覆蓋範圍。為了進一步實現我們對擴增實境運算的願景，我們推出了第五代 Spectacles，這是由 Snap OS 提供支援的 AR 眼鏡，並為我們的 AR 開發者平台引入了一系列生成式 AI 創新。開發人員已經在建造令人驚嘆的鏡頭，我們迫不及待地想看到他們為我們的社區創造的新體驗。

We believe the rapid pace of innovation set by our team demonstrates the impact of a leaner organizational structure that is more focused on our core strategic priorities. The benefits of our more focused set of priorities is also evident in our financial results, where we have cleared a path to generate meaningful adjusted EBITDA profitability and positive free cash flow, both of which are critical stepping stones to future GAAP profitability.

我們相信，我們團隊設定的快速創新步伐證明了更精簡的組織結構的影響，該結構更加專注於我們的核心策略優先事項。我們更加集中的優先事項的好處在我們的財務業績中也很明顯，我們已經掃清了一條道路，可以產生有意義的調整後EBITDA 盈利能力和正的自由現金流，這兩者都是未來GAAP 盈利能力的關鍵墊腳石。

In Q3 specifically, the combination of top-line progress and expense discipline translated to $132 million of adjusted EBITDA and $72 million of free cash flow. Moving forward, we will continue to calibrate our investments carefully to build on our top-line momentum while realizing the operating leverage necessary to drive improved financial performance.

具體來說，在第三季度，營收進度和支出紀律相結合，調整後的 EBITDA 為 1.32 億美元，自由現金流為 7,200 萬美元。展望未來，我們將繼續仔細調整我們的投資，以鞏固我們的營收動能，同時實現推動改善財務績效所需的營運槓桿。

In Q3, we introduced a new and simplified version of Snapchat, organized into three core experiences focused on communicating with friends, using the camera, and watching entertaining content. For Snapchatters, this updated layout offers a more personal, relevant, and easy-to-use interface.

在第三季度，我們推出了新的簡化版 Snapchat，分為三個核心體驗，重點是與朋友交流、使用相機和觀看娛樂內容。對於 Snapchatter 來說，這種更新的佈局提供了更個人化、相關且易於使用的介面。

For creators, Simple Snapchat unlocks greater discovery and enhances the ability for content to reach new audiences. Currently, there are approximately 10 million Snapchatters using Simple Snapchat across dozens of countries.

對於創作者來說，Simple Snapchat 可以解鎖更大的發現並增強內容接觸新受眾的能力。目前，數十個國家約有 1,000 萬個 Snapchatter 使用 Simple Snapchat。

Broadly speaking, Simple Snapchat is driving the greatest content engagement games among more casual users, which is an important input to community growth and advertising inventory. We are seeing particularly positive impacts on Android devices, including increased time spent with content, increased story views, and more replies to friend stories, which is an important conversation starter that helps foster close relationships.

從廣義上講，Simple Snapchat 正在推動休閒用戶之間最精彩的內容互動遊戲，這是社群成長和廣告庫存的重要投入。我們看到 Android 設備受到了特別積極的影響，包括花在內容上的時間增加、故事觀看次數增加以及對朋友故事的更多回复，這是有助於培養親密關係的重要對話開始者。

We are also seeing an increase in content active days on iOS, but the impacts to other top engagement metrics are not yet as broadly positive as on Android, due in part to the differences in engagement across these platforms.

我們也看到 iOS 上的內容活躍天數增加，但對其他主要參與度指標的影響尚未像 Android 那樣廣泛積極，部分原因是這些平台之間的參與度存在差異。

We are encouraged by this early progress as it reinforces our conviction that this user experience will further our goals of inspiring creation, enhancing communication, and delivering a more engaging content experience. We recognize that any significant change in user experience brings risk of disruption to our community and advertising business. Further, the impact on engagement may vary as we expand our testing to new cohorts. As a result, we will be intently focused on testing and iterating in the months ahead to optimize the experience for our community and our business.

我們對這一早期進展感到鼓舞，因為它增強了我們的信念，即這種用戶體驗將進一步推動我們激發創作、加強溝通和提供更具吸引力的內容體驗的目標。我們認識到，使用者體驗的任何重大變化都會對我們的社群和廣告業務帶來幹擾的風險。此外，隨著我們將測試擴展到新的人群，對參與度的影響可能會有所不同。因此，我們將在未來幾個月專注於測試和迭代，以優化我們的社區和業務的體驗。

We continue to make meaningful progress in growing our global community, reaching 443 million daily active users in Q3, an increase of 11 million quarter over quarter. Daily active users in North America was 100 million, approximately flat year over year but up quarter over quarter as our initiatives to increase user engagement begin to show early signs of progress. Daily active users in Europe was 99 million compared to 97 million in the prior and 95 million in the prior year. DAU in rest of world was 244 million compared to 235 million in the prior quarter and 211 million in the prior year.

我們在發展全球社群方面繼續取得有意義的進展，第三季每日活躍用戶達到 4.43 億，比上一季增加 1,100 萬。北美的每日活躍用戶數為 1 億，與去年同期基本持平，但隨著我們提高用戶參與度的舉措開始顯示出早期進展跡象，環比有所上升。歐洲每日活躍用戶數為 9,900 萬，而上年同期為 9,700 萬，上年為 9,500 萬。全球其他地區的 DAU 為 2.44 億，而上一季為 2.35 億，上年為 2.11 億。

Snapping with friends and family is the core of our service and the primary driver of the continued growth and long-term retention of our global community. In Q3, we introduced new AI-enabled features to inspire creation, spark conversations, and help our communities strengthen their relationships through snapping. For example, we introduced AI and Snapchat Memories, which enables Snapchatters to share AI-generated collages and video mash-ups with friends.

與朋友和家人合影是我們服務的核心，也是我們全球社區持續成長和長期保留的主要動力。在第三季度，我們推出了新的人工智慧功能，以激發創作、激發對話，並幫助我們的社群透過快照加強關係。例如，我們引入了 AI 和 Snapchat Memories，使 Snapchatter 能夠與朋友分享 AI 生成的拼貼畫和影片混搭。

In addition, we announced an expanded strategic partnership with Google Cloud to leverage the multi-modal capabilities of Gemini on Vertex AI to power snapping with My AI, our AI-powered chat bot. In Q3, the number of snaps sent to My AI in the US more than tripled quarter over quarter.

此外，我們也宣布擴大與 Google Cloud 的策略合作夥伴關係，以利用 Vertex AI 上 Gemini 的多模式功能來支援我們的人工智慧聊天機器人 My AI 的捕捉功能。第三季度，發送到美國 My AI 的快照數量比上一季增加了兩倍以上。

Our content platform continues to strengthen relationships on Snapchat with a number of people sharing spotlight content with friends up more than 60% year over year in Q3. To further deepen content engagement, we are investing in our ML models to improve ranking and personalization.

我們的內容平台持續加強在 Snapchat 上的關係，第三季與朋友分享焦點內容的人數較去年同期增加了 60% 以上。為了進一步加深內容參與度，我們正在投資我們的機器學習模型，以提高排名和個人化。

In Q3, we enhanced our Spotlight recommendation system to better represent each Snapchatter's interests and references based on historical signals, launched models optimized for new Snapchatters, and deployed multi-modal ML models to improve recognition of video, text and audio, and content submitted by creators. To expand our content supply, we are focused on growing our creator community by supporting them with content creation tools and monetization opportunities.

第三季度，我們增強了Spotlight 推薦系統，以根據歷史訊號更好地代表每個Snapchatter 的興趣和參考，推出了針對新Snapchatter 優化的模型，並部署了多模態ML 模型來提高對視訊、文本和音訊以及使用者提交的內容的識別。為了擴大我們的內容供應，我們致力於透過為創作者提供內容創作工具和貨幣化機會來支持他們，從而發展我們的創作者社群。

In Q3, we began testing a new AI video generation tool that enables creators to generate engaging videos with a simple text or image prompt. Our efforts to support creators have contributed to the number of creators posting content growing approximately 50% year over year in Q3. The combined impact of these initiatives have helped to drive improvements in global time spend watching content, which increased 25% year over year and 6% quarter over quarter in Q3.

在第三季度，我們開始測試一種新的人工智慧影片生成工具，該工具使創作者能夠透過簡單的文字或圖像提示來產生引人入勝的影片。我們為支持創作者所做的努力使得第三季發佈內容的創作者數量年增了約 50%。這些措施的綜合影響有助於推動全球觀看內容的時間增加，第三季年增 25%，季增 6%。

In North America, time spent watching content was relatively stable, down 1% year over year, while increasing 2% quarter over quarter. The relatively higher rate of growth outside North America is due in part to the greater mix of content viewing being driven by Spotlight in these regions, as Spotlight reach and depth of engagement continues to grow rapidly across all regions.

在北美，觀看內容的時間相對穩定，較去年同期下降 1%，而較上季成長 2%。北美以外地區相對較高的成長率部分是由於 Spotlight 在這些地區推動了更多的內容觀看組合，因為 Spotlight 的覆蓋範圍和參與深度在所有地區持續快速成長。

Augmented reality continues to inspire creation and drive engagement on Snapchat. More than 375,000 AR creators, developers, and teams from nearly every country in the world have built over 4 million lenses. For example, our Past and Future Me AI lens, which enables Snapchatters to transform their younger and older self, was viewed over 650 million times in Q3.

擴增實境繼續激發創作靈感並推動 Snapchat 的參與度。來自世界上幾乎每個國家的超過 375,000 名 AR 創作者、開發者和團隊已經構建了超過 400 萬個鏡頭。例如，我們的「過去和未來的我」人工智慧鏡頭使 Snapchatter 能夠改變年輕和年長的自己，第三季的觀看次數超過 6.5 億次。

To build on this momentum, we created a number of generative AI capabilities in Lens Studio, including Easy Lens, a new GenAI tool that makes it possible to create an AR experience within minutes.

為了鞏固這一勢頭，我們在 Lens Studio 中創建了許多生成式 AI 功能，包括 Easy Lens，這是一種新的 GenAI 工具，可以在幾分鐘內創建 AR 體驗。

We are also rolling out a slate of new GenAI suite features in lens studio, including new animation tools that automatically blend different animations together to easily generate full 3D characters. The response to our new tools and lens studio has been inspiring and reinforces our belief that long-term success in AR requires a vibrant developer and creator ecosystem. We believe our efforts to build a global AR ecosystem are critical to enabling new experiences brought to life through Spectacles.

我們還在lens studio中推出了一系列新的GenAI套件功能，包括新的動畫工具，可以自動將不同的動畫混合在一起以輕鬆產生完整的3D角色。人們對我們的新工具和鏡頭工作室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。我們相信，我們建立全球 AR 生態系統的努力對於透過 Spectacles 實現新體驗至關重要。

In Q3, we introduced the fifth generation of Spectacles, our see-through standalone AR glasses that enable developers to use AR lenses and experience the world together with friends in new ways. Spectacles are powered by Snap OS, our new operating system designed to reflect how people naturally interact with their hands and voice. Spectacles enable developers to create immersive AR experiences, interact with My AI, browse the Internet, or lay out multiple screens to get work done anywhere.

第三季度，我們推出了第五代 Spectacles，這是我們的透明獨立 AR 眼鏡，使開發者能夠使用 AR 鏡頭，以新的方式與朋友一起體驗世界。 Spectacles 由 Snap OS 提供支持，這是我們的新作業系統，旨在反映人們如何自然地用手和聲音進行互動。 Spectacles 讓開發人員能夠創建身臨其境的 AR 體驗、與 My AI 互動、瀏覽網路或佈置多個螢幕以在任何地方完成工作。

AR developers and partners are already creating AR experiences for Spectacles, including Bricktacular by The LEGO Group, and Peridot, a friendly and unique AR pet from Niantic. We aspire to be the most developer-friendly platform in the world, and we are excited to offer our new generation of Spectacles to developers as an invitation and inspiration to create new experiences.

AR 開發者和合作夥伴已經在為 Spectacles 打造 AR 體驗，其中包括樂高集團的 Bricktaulous 和 Niantic 的友好而獨特的 AR 寵物 Peridot。我們渴望成為世界上對開發者最友善的平台，我們很高興向開發者提供新一代 Spectacles，作為創造新體驗的邀請和靈感。

Looking ahead, we are focused on innovating and enhancing our core product experience while continuing to invest in the future of augmented reality. We believe continued progress on these initiatives is a critical input to serving our community and expanding our long-term monetization opportunity.

展望未來，我們將專注於創新和增強我們的核心產品體驗，同時繼續投資於擴增實境的未來。我們相信，這些措施的持續進展對於服務我們的社區和擴大我們的長期貨幣化機會至關重要。

We continue to make progress on three foundational advertising platform initiatives, including better and larger ML models, improved privacy-safe signals, and more performant ad formats in order to deliver improved campaign performance for our advertising partners. The expansion of 7/0 optimization to app install and app purchase is driving better performance for advertisers with early results showing cost per install decreasing 24% and cost per purchase decreasing 27% compared to 28:1 optimization.

我們繼續在三個基礎廣告平台計劃上取得進展，包括更好、更大的機器學習模型、改進的隱私安全信號以及性能更高的廣告格式，以便為我們的廣告合作夥伴提供更好的廣告活動效果。將7/0 優化擴展到應用程式安裝和應用程式購買，為廣告主帶來了更好的效果，早期結果顯示，與28:1 優化相比，每次安裝成本降低了24%，每次購買成本降低了27%。

For example, Nexters, an international game development company and creator of hit title Hero Wars, leverage 7/0 optimization for app install and app purchase and saw a 19% increase in installs with an 18% lower cost per install and a 56% increase in purchases at a 36% lower cost per purchase.

例如，Nexters 是一家國際遊戲開發公司，也是熱門遊戲《Hero Wars》的創造者，利用7/0 優化進行應用程式安裝和應用程式購買，安裝量增加了19%，每次安裝成本降低了18%，增加了56%每次採購成本降低 36%。

Recently, we introduced our new landing page view optimization goal to help advertisers drive high-quality traffic to their websites. Through improvements in our ML models that optimize for this specific objective, we observed lower costs for some advertisers versus traditional click engagement models.

最近，我們推出了新的登陸頁面視圖優化目標，以幫助廣告商為其網站帶來高品質的流量。透過針對此特定目標最佳化的機器學習模型的改進，我們發現與傳統的點擊參與模型相比，一些廣告商的成本更低。

For example, with the guidance of their digital agency Tinuiti, Wrangler leverage landing page view optimization and saw a 34% increase in CPM efficiency and a 380% increase in conversions, leading to a 212% higher ROAS compared to previous benchmarks.

例如，在數位代理商 Tinuiti 的指導下，Wrangler 利用登陸頁面視圖優化，CPM 效率提高了 34%，轉換率提高了 380%，與先前的基準相比，ROAS 提高了 212%。

The combination of more performant DR products, go-to-market operations optimized for SMB customers, and easier on-boarding and integration tools are helping to rapidly expand our SMB customer base. As a result of these efforts, total active advertisers more than doubled year over year in Q3. Today, with our Snap Promote offering, SMBs and creators alike can promote their services, content or products, reach new audiences, and measure ad performance all within Snapchat on their mobile devices.

更高效能的災難復原產品、針對中小企業客戶優化的上市營運以及更簡單的入門和整合工具的結合正在幫助快速擴大我們的中小企業客戶群。由於這些努力，第三季活躍廣告客戶總數比去年同期增加了一倍以上。如今，借助我們的 Snap Promotion 產品，中小型企業和創作者等可以在行動裝置上的 Snapchat 中推廣他們的服務、內容或產品，吸引新受眾並衡量廣告成效。

We also continue to enhance the advertiser on-boarding experience by personalizing and automating the buying process from end to end so that SMBs can optimize their campaigns faster and enhance performance. Recently, we launched automated in-flight campaign recitations, adapted templates for campaign setup, and scaled creative editing to further improve our go-to-market strategy for SMBs.

我們也透過端到端的個人化和自動化購買流程，持續增強廣告商的入職體驗，以便中小型企業能夠更快地優化其廣告活動並提高績效。最近，我們推出了自動飛行中的行銷活動背誦、調整行銷活動設定範本以及擴展創意編輯，以進一步改進我們針對中小型企業的上市策略。

For example, US-based cookie franchise Crumbl leveraged our new 7/0 optimization for app install and app purchase and completed their CAPI integration, resulting in a 32% quarter-over-quarter increase in ROAS and a 242% quarter-over-quarter increase in purchases. We are also focused on reaccelerating upper-funnel brand revenue growth by delivering innovative and performant advertising products, while supporting brands and agencies with resources and unique insights.

例如，總部位於美國的 cookie 特許經營商 Crumbl 利用我們新的 7/0 優化來進行應用程式安裝和應用程式購買，並完成了 CAPI 集成，從而使 ROAS 環比增長 32%，環比增長 242%購買量增加。我們也致力於透過提供創新和高效能的廣告產品來重新加速漏斗上游品牌收入的成長，同時為品牌和代理商提供資源和獨特的見解。

In Q3, we launched First Lens Unlimited, which offers advertisers the first impression of the day in the first slot of their AR Lens Carousel, allowing them to reach our community at greater scale. During testing, First Lens Unlimited drove an average increase of over 35% in incremental impressions for advertising partners.

在第三季度，我們推出了 First Lens Unlimited，它可以在 AR Lens Carousel 的第一個位置為廣告商提供當天的第一印象，使他們能夠更大規模地接觸我們的社群。在測試期間，First Lens Unlimited 將廣告合作夥伴的增量展示次數平均增加了 35% 以上。

We also launched state-specific First Story, which allows US advertisers to target First Story takeover campaigns to individual states or to reach the entire country with different creators for each state. We are also experimenting with two new ad placements, Sponsored Snaps and Promoted Places. Importantly, both of these placements are designed to leverage our existing full-screen vertical video Snap ad format so that advertisers can automate placement across our service without having to develop bespoke creatives.

我們還推出了針對特定州的 First Story，讓美國廣告商將 First Story 收購活動定位到各州，或涵蓋整個國家，每個州都有不同的創作者。我們也正在嘗試兩種新的廣告展示位置：贊助商快照和推廣位置。重要的是，這兩種展示位置均旨在利用我們現有的全螢幕垂直影片 Snap 廣告格式，以便廣告主可以在我們的服務中自動展示位置，而無需開發客製化創意。

Sponsored Snaps will empower advertisers to communicate visually with the Snapchat community, making the core functionality of Snapchat accessible to advertisers. Promoted Places enables businesses to use the Snap Map to suggest sponsored places of interest to Snapchatters. Sponsored Snaps and Promoted Places will help businesses reach Snapchatters in engaging ways across our differentiated service, and we believe these new ad placements will contribute meaningful incremental advertising inventory over time. We are on track to launch Sponsored Snaps and Promoted Places in certain geographies in Q4.

贊助 Snap 將使廣告主能夠與 Snapchat 社群進行視覺交流，使廣告主能夠使用 Snapchat 的核心功能。推薦地點使企業能夠使用 Snap 地圖向 Snapchatter 推薦贊助的感興趣的地點。贊助 Snap 和推廣位置將幫助企業透過我們的差異化服務以吸引人的方式接觸 Snapchatter，我們相信隨著時間的推移，這些新的廣告投放將貢獻有意義的增量廣告庫存。我們預計在第四季在某些地區推出贊助 Snap 和促銷地點。

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

說到這裡，我想將電話轉給德里克，討論我們的財務表現。

Thanks, Evan. In Q3, total revenue was $1.37 billion, up 15% year over year and 11% quarter over quarter. Advertising revenue was $1.25 billion, up 10% year over year, driven primarily by growth from DR advertising revenue, which increased 16% year over year. DR ad revenue growth was driven by continued strong demand for our 7/0 Pixel Purchase optimization that was up more than 160% year over year, as well as a growing contribution from app purchase optimization.

謝謝，埃文。第三季總營收為 13.7 億美元，年增 15%，季增 11%。廣告收入為 12.5 億美元，年增 10%，主要得益於 DR 廣告收入的成長，該收入年增 16%。 DR 廣告收入成長的推動因素是對 7/0 Pixel 購買優化的持續強勁需求（同比增長超過 160%）以及應用購買優化的貢獻不斷增長。

Brand-oriented advertising revenue was down 1% year over year as we continued to see weak demand from certain consumer discretionary verticals, including technology, entertainment, and retail. We continue to make progress toward diversifying our revenue sources, with other revenue more than doubling year over year to reach $123 million in Q3. Other revenue includes all non-advertising revenue, the majority of which is Snapchat+ subscription revenue. And Snapchat+ subscribers more than doubled year over year to exceed 12 million in Q3.

由於我們持續看到某些非必需消費品垂直產業（包括科技、娛樂和零售）的需求疲軟，以品牌為導向的廣告收入較去年同期下降 1%。我們在收入來源多元化方面持續取得進展，第三季其他營收年增一倍多，達到 1.23 億美元。其他收入包括所有非廣告收入，其中大部分是 Snapchat+ 訂閱收入。第三季 Snapchat+ 訂閱者數量較去年同期增加了一倍多，超過 1,200 萬人。

In Q3, North America revenue grew 9% year over year, with a relatively lower rate of growth in this region due to the impact of weaker brand-oriented demand being relatively concentrated in North America. Europe revenue grew 24% year over year as continued progress on our DR ad platform fully offset the impact of more challenging prior-year comparisons.

第三季度，北美地區營收年增9%，但受品牌導向需求相對集中於北美較弱的影響，該地區成長率相對較低。由於我們 DR 廣告平台的持續進步完全抵消了更具挑戰性的上年比較的影響，歐洲收入年增 24%。

Rest of world revenue grew 32% year over year, driven by continued progress with our DR ad platform. Global impression volume grew approximately 19% year over year, and driven in large part by expanded advertising delivery within Spotlight and Creator Stories.

在我們的 DR 廣告平台持續進步的推動下，世界其他地區的營收年增 32%。全球展示量年增約 19%，這在很大程度上是由於 Spotlight 和 Creator Stories 中廣告投放的擴大所推動的。

Total eCPMs were down approximately 7% year over year as inventory growth exceeded advertising demand growth in Q3.

由於第三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 7%。

Adjusted cost of revenue was $637 million in Q3, up 16% year over year. Infrastructure costs were the largest driver of the year-over-year increase, due in large part to the ramp in ML and AI investments over the past year. Infrastructure costs per DAU was $0.84 in Q3, which is up from $0.81 in the prior quarter and within our expected range of $0.83 to $0.85. The remaining components of adjusted cost of revenue were $263 million in Q3, 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 of 19% to 21%.

第三季調整後營收成本為 6.37 億美元，年增 16%。基礎設施成本是年成長的最大驅動力，這在很大程度上是由於過去一年機器學習和人工智慧投資的增加。第三季每 DAU 基礎設施成本為 0.84 美元，高於上一季的 0.81 美元，在我們 0.83 至 0.85 美元的預期範圍內。第三季調整後收入成本的其餘部分為 2.63 億美元，佔營收的 19%，與上一季一致，且處於我們全年成本結構指引範圍 19% 至 21% 的下限。

Adjusted gross margin was relatively stable at 54% in Q3, up from 53% in the prior quarter, but in line with 54% in the prior year. Adjusted operating expenses were $604 million in Q3, up 1% year over year. Personnel costs decreased 9% year over year, driven by an 11% year over year decline in full-time head count. This was partially offset by higher marketing costs related to our ongoing More Snapchat campaign as well as the impact of our Snap Partner Summit, which occurred in Q3 this year compared to Q2 in the prior year.

第三季調整後毛利率相對穩定，為 54%，高於上一季的 53%，但與去年同期的 54% 持平。第三季調整後營運費用為 6.04 億美元，年增 1%。由於全職員工人數較去年同期下降 11%，人員成本較去年同期下降 9%。這部分被我們正在進行的 More Snapchat 活動相關的較高行銷成本以及今年第三季舉行的 Snap 合作夥伴高峰會（與去年第二季相比）的影響所抵消。

Increases in legal-related costs year over year, including the impact of complying with an increasingly complex global regulatory environment, were also a key factor in offsetting lower personnel costs in Q3. Adjusted EBITDA was $132 million in Q3, up from $40 million in Q3 of the prior year, reflecting higher revenue and operating expense discipline.

法律相關成本逐年增加，包括遵守日益複雜的全球監管環境的影響，也是抵銷第三季人員成本下降的關鍵因素。第三季調整後 EBITDA 為 1.32 億美元，高於去年第三季的 4,000 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 50% in Q3 as we continue to carefully prioritize our investments to drive top-line growth and deliver improved financial performance.

第三季調整後 EBITDA 流入或流入調整後 EBITDA 的同比增量收入份額為 50%，因為我們繼續仔細確定投資的優先順序，以推動營收成長並改善財務表現。

Net loss was $153 million in Q3 compared to a net loss of $368 million in Q3 of the prior year. The $215 million, or 58% improvement in net loss year over year largely reflects the flow-through of a $92 million improvement in adjusted EBITDA, a $94 million or 26% reduction in stock-based compensation and related expenses, and the impact of $19 million of restructuring costs in the prior year. The reduction in SBC to $266 million in the current quarter reflects reduced count and the diminished impact of refreshed equity grants relative to the prior year.

第三季淨虧損為 1.53 億美元，而上年第三季淨虧損為 3.68 億美元。淨虧損年減 2.15 億美元，或 58%，主要反映了調整後 EBITDA 改善 9,200 萬美元、股票薪酬和相關費用減少 9,400 萬美元，即 26%，以及 19 美元的影響。 。本季 SBC 減少至 2.66 億美元，反映出與前一年相比數量減少以及更新的股權授予影響減弱。

Free cash flow was $72 million in Q3, while operating cash flow was $116 million. Over the trailing 12 months, free cash flow was $147 million and operating cash flow was $347 million, as we continue to balance investments with top-line growth to deliver sustained positive cash flow.

第三季自由現金流為 7,200 萬美元，營運現金流為 1.16 億美元。過去 12 個月，自由現金流為 1.47 億美元，營運現金流為 3.47 億美元，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 the year-over-year growth in our share count, was 0.6% in Q3, down from 1.9% in the prior quarter. We ended Q3 with $3.2 billion in cash and marketable securities on hand and no debt maturing in the current year, which reflects our ongoing commitment to maintaining a conservative balance sheet with ample liquidity for our operations.

第三季的稀釋度（即我們的持股數量年增）為 0.6%，低於上一季的 1.9%。截至第三季末，我們手頭上有 32 億美元現金和有價證券，而本年度沒有到期債務，這反映了我們持續致力於維持保守的資產負債表，並為我們的營運提供充足的流動性。

As we enter Q4, we anticipate continued growth of our global community, and our Q4 guidance is built on the assumption that DAU will be approximately 451 million in Q4. We are excited about the potential for Simple Snapchat, Sponsored Snaps, and Promoted Places to contribute to top-line growth over time.

當我們進入第四季度時，我們預計全球社區將持續成長，我們第四季的指導是基於第四季度 DAU 約為 4.51 億的假設。我們對 Simple Snapchat、贊助 Snap 和促銷地點隨著時間的推移為營收成長做出貢獻的潛力感到興奮。

In particular, we are encouraged by early testing results that show content engagement gains among less frequently engaged users of Snapchat, as we believe this can be an important input to impression growth and incremental reach for advertisers. While we believe growth in content engagement and demand for the new ad placements may build over time, many of the changes associated with Simple Snapchat occur immediately as Snapchatters transition to the new user experience, which presents the risk of near-term disruption.

特別是，我們對早期測試結果感到鼓舞，這些結果顯示 Snapchat 不太活躍的用戶的內容參與度有所提高，因為我們相信這可能是廣告商印象增長和增量覆蓋的重要投入。雖然我們相信內容參與度和對新廣告投放的需求可能會隨著時間的推移而增長，但隨著Snapchat 過渡到新的用戶體驗，與Simple Snapchat 相關的許多變化會立即發生，這帶來了近期中斷的風險。

While we do not currently anticipate a broad rollout of Simple Snapchat at our most highly monetized markets until Q1 at the earliest, we have now begun limited testing in these markets and may further expand this testing as we move through Q4.

雖然我們目前預計最早要到第一季才會在我們貨幣化程度最高的市場廣泛推出 Simple Snapchat，但我們現在已經開始在這些市場進行有限測試，並可能在第四季度進一步擴大測試範圍。

In addition, upper funnel advertising from large enterprise clients has historically been an important component of demand in Q4, and this portion of the business has been underperforming our overall ads business in recent quarters. Given these factors, our Q4 guidance range for revenue is $1.51 billion to $1.56 billion, implying year-over-year revenue growth of 11% to 15%. From a cost structure perspective, we are tracking well against our full-year cost structure guidance.

此外，來自大型企業客戶的漏斗上層廣告歷來是第四季度需求的重要組成部分，而這部分業務在最近幾季的表現一直遜於我們的整體廣告業務。考慮到這些因素，我們第四季的營收指引範圍為 15.1 億美元至 15.6 億美元，這意味著營收年增 11% 至 15%。從成本結構的角度來看，我們很好地追蹤了全年成本結構指引。

For infrastructure, our guidance was for quarterly cost of $0.83 to $0.85 per DAU. We hit the midpoint of this range in Q3. And with growing ML and AI capacity utilization being partially offset by the benefit of recent pricing improvements, we anticipate being near the top end of this range in Q4.

對於基礎設施，我們的指導是每 DAU 的季度成本為 0.83 美元至 0.85 美元。我們在第三季達到了該範圍的中點。隨著機器學習和人工智慧產能利用率的不斷增長被近期定價改善的好處所部分抵消，我們預計第四季度將接近這一範圍的上限。

For all other cost of revenue, our guidance range was 19% to 21% of revenue. We came in at the low end of this range in Q3 and anticipate being within the range again in Q4.

對於所有其他收入成本，我們的指導範圍是收入的 19% 至 21%。我們在第三季處於該範圍的低端，預計第四季將再次處於該範圍內。

For adjusted operating expenses, we provided full year guidance of $2.425 billion to $2.525 billion. In Q3, our annualized run rate was consistent with the low end of this range. And with modest sequential growth forecasted for Q4, we expect to be near the low end of the range for the full year.

對於調整後的營運支出，我們提供了 24.25 億美元至 25.25 億美元的全年指引。在第三季度，我們的年化運行率與該範圍的低端一致。由於預計第四季度將出現溫和的環比增長，我們預計全年將接近該範圍的低端。

For SBC and related expenses, we guided for a range of $1.13 billion to $1.2 billion for the full year. In Q3, the annualized run rate of our SBC expense was below the low end of this range. We anticipate modest sequential growth in SBC expense in Q4, and therefore, anticipate we will come in 4% to 5% below the low end of our guidance range for the full year.

對於 SBC 及相關費用，我們預計全年的支出範圍為 11.3 億美元至 12 億美元。第三季度，我們的 SBC 費用的年化運作率低於該範圍的低端。我們預計第四季度 SBC 費用將出現適度環比增長，因此預計全年業績將比我們指導範圍的下限低 4% 至 5%。

Given the revenue range above and the progress we have made to optimize our cost structure, we estimate that adjusted EBITDA will be between $210 million and $260 million in Q4. Given the strength of our balance sheet, our progress towards sustained free cash flow generation, and our desire to opportunistically manage our share count for the benefit of our long-term shareholders, we have authorized a new share repurchase program in the amount of $500 million.

鑑於上述收入範圍以及我們在優化成本結構方面取得的進展，我們估計第四季度調整後的 EBITDA 將在 2.1 億美元至 2.6 億美元之間。考慮到我們的資產負債表實力、我們在持續產生自由現金流方面取得的進展，以及我們為了長期股東的利益而機會主義地管理我們的股票數量的願望，我們已授權一項價值5 億美元的新股票回購計畫。

As we move forward, we will remain focused on prioritizing our investments carefully to drive top-line growth alongside improved financial performance.

隨著我們的前進，我們將繼續專注於仔細確定投資的優先順序，以推動營收成長並改善財務表現。

Thank you for joining our call today, and we will now take your questions.

感謝您今天加入我們的電話會議，我們現在將回答您的問題。

(Operator Instructions) Dan Salmon, New Street Research.

（操作員說明）Dan Salmon，New Street Research。

Evan, you've highlighted the potential risk of Simple Snapchat transition in your comments. Derek walked through the sort of timing of testing. You both mentioned over a dozen markets and mentioned that you're being cautious on how you move testing into higher monetizing markets. So the high level makes a lot of sense.

Evan，您在評論中強調了簡單 Snapchat 過渡的潛在風險。德里克（Derek）介紹了測試的時間安排。你們都提到了十幾個市場，並提到你們對如何將測驗轉移到更高的貨幣化市場持謹慎態度。所以高水準是很有意義的。

Could you maybe take us a layer deeper on how you and the team are monitoring and managing that risk on a regular basis, including how you're ensuring you don't see a monetization headwind from the changes?

您能否讓我們更深入地了解您和團隊如何定期監控和管理該風險，包括您如何確保不會因變化而出現貨幣化阻力？

Thanks, Dan. We're definitely excited about the long-term opportunity for Simple Snapchat. And that's especially with new and less engaged users where we've seen some of the biggest increases in content engagement. But we definitely have a lot of work to do to iterate and test before we begin a broader rollout. So that will include things like better understanding the shifts in inventory and potential impacts to monetization.

謝謝，丹。我們對 Simple Snapchat 的長期機會感到非常興奮。尤其是對於新用戶和參與度較低的用戶，我們發現內容參與度出現了最大的成長。但在開始更廣泛的推廣之前，我們肯定還有很多工作要做來迭代和測試。因此，這將包括更好地了解庫存變化以及對貨幣化的潛在影響等事情。

For example, we'll be working to move more of the story ad delivery into interstitial placements rather than tile-based ads in the current discover feed. So certainly changes the scale have the potential to be disruptive, which is why we're taking this test-and-learn approach. And ultimately, we really want our community and our partners to benefit from these changes.

例如，我們將努力將更多的故事廣告投放轉移到插頁式展示位置，而不是目前發現動態中的基於圖塊的廣告。因此，規模的變化肯定有可能造成破壞，這就是我們採用這種測試和學習方法的原因。最終，我們真的希望我們的社區和合作夥伴從這些變化中受益。

Rich Greenfield, LightShed Partners.

里奇·格林菲爾德，LightShed 合夥人。

Just wanted to follow up on Simple Snapchat. When you said you started to roll it out in some major markets this quarter, have you done that in the US, UK, France, Germany, like some of your big ad markets? The reason I ask is, obviously, the product looks great.

只是想跟進 Simple Snapchat。當您說本季開始在一些主要市場推出產品時，您是否在美國、英國、法國、德國（例如一些大型廣告市場）這樣做了？顯然，我問這個問題的原因是該產品看起來很棒。

It's driving engagement, but I think what we're all trying to understand is are you willing to take some near-term disruption revenue-wise next year to roll out the superior product? Or will you wait until it's a revenue-neutral shift to roll it out? Like we're just trying to understand what will happen to make you roll it out more broadly, if that makes sense.

它正在推動參與度，但我認為我們都想了解的是，您是否願意在明年採取一些近期的收入中斷措施來推出卓越的產品？還是你會等到收入中立轉變才推出它？就像我們只是想了解會發生什麼讓你更廣泛地推廣它，如果這有意義的話。

Thanks, Rich. Yeah. We're still early in the journey on understanding the monetization dynamics and some of those inventory shifts and how that could impact revenue. We certainly want to take the time to work through those sorts of changes and make sure advertisers and our partners, for example, are prepared for those sorts of changes.

謝謝，里奇。是的。我們仍處於了解貨幣化動態、其中一些庫存變化及其如何影響收入的早期階段。我們當然希望花時間來完成這些變化，並確保廣告商和我們的合作夥伴等為這些變化做好準備。

So all that to say, I think it's pretty early right now. And while we are excited about some of the engagement shifts we've seen with new and less engaged users, we're going to take our time to really understand the monetization dynamics and work through some of those changes.

綜上所述，我認為現在還為時過早。雖然我們對新用戶和參與度較低的用戶所看到的一些參與度轉變感到興奮，但我們將花時間真正了解貨幣化動態並解決其中的一些變化。

So our goal is really to take our community and our partners along for that journey. And so we're going to keep testing and learning here and potentially even explore something like a phased rollout, for example, over an extended period of time.

因此，我們的目標實際上是帶領我們的社區和合作夥伴一起踏上這段旅程。因此，我們將繼續在這裡進行測試和學習，甚至可能探索諸如在較長時間內分階段推出之類的東西。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

Just wanted to ask about Sponsored Snaps and Promoted Places. I know you mentioned you're pretty excited about the long-term opportunity. Can you help us just understand the usage those services get and how you're thinking about inserting ads and how that could look for you in the very long term?

只是想詢問有關贊助快照和促銷地點的資訊。我知道你提到你對這個長期機會感到非常興奮。您能否幫助我們了解這些服務的使用情況以及您如何考慮插入廣告以及長期來看這對您有何影響？

Thanks, Justin. Yeah, we're really excited about these two new ad placements that will really be leveraging the foundation we built for performance advertising over the past couple of years with really the vision that Snap Ads can be fungible across many different placements across Snapchat that leverage the unique and differentiated ways at our community engages across our platform.

謝謝，賈斯汀。是的，我們對這兩個新的廣告展示位置感到非常興奮，它們將真正利用我們在過去幾年中為效果廣告建立的基礎，並真正實現Snap 廣告可以在Snapchat 上的許多不同展示位置之間互換的願景，這些展示位置利用了我們的社區以獨特且差異化的方式在我們的平台上進行互動。

I think in the case of Promoted Places, we've gotten some great early feedback. We've run some initial tests, although I think it's a bit too early to share the data there. But in general, we're just seeing a lot of businesses really focused on driving more people in store into their retail locations to try and strengthen that customer relationship.

我認為就促銷地點而言，我們已經收到了一些很好的早期回饋。我們已經進行了一些初步測試，儘管我認為現在分享數據還為時過早。但總的來說，我們只是看到許多企業真正專注於吸引更多的人進入他們的零售店，以嘗試加強客戶關係。

I think many brands are feeling like they've been dis-intermediated with their digital relationship with customers. And so being able to bring people into their retail establishments and really strengthen that relationship with their customers, something that's important to them. So the feedback there has been great. And we have some sponsored Snap test forthcoming in the quarter. So once we have some more data back there, we'll be eager to share that as well.

我認為許多品牌都覺得自己與客戶的數位關係已經脫節。因此，能夠吸引人們進入他們的零售店並真正加強與客戶的關係，這對他們來說很重要。所以那裡的反饋非常好。我們將在本季進行一些贊助的 Snap 測試。因此，一旦我們獲得更多數據，我們也會渴望分享。

Ken Gawrelski, Wells Fargo.

肯‧加維爾斯基（Ken Gawrelski），富國銀行。

Appreciate it. Want to ask, when you think about the key objectives for the simplified app launch, when you think about the opportunities and engagement versus monetization, if you could kind of weigh the two and if there's one that is more important than the other.

欣賞它。想問一下，當您考慮簡化應用程式啟動的關鍵目標時，當您考慮機會和參與度與貨幣化時，您是否可以權衡兩者，以及是否有一個比另一個更重要。

And the second one is, how do you think -- what will it take to get advertisers to spend more broadly, not only always on, which is more of a direct response or SME behavior? But also, spend kind of -- give you a budget and allow you to allocate across the different products and services on Snap, which we seem to be very successful at both Google and Meta.

第二個問題是，您如何看待——如何讓廣告商更廣泛地支出，而不僅僅是始終支出，這更多的是直接反應或中小企業行為？而且，給你一個預算，讓你在 Snap 上的不同產品和服務之間進行分配，我們在 Google 和 Meta 上似乎都非常成功。

Yeah. Thanks, Ken. I think as we look at the evolution with Simple Snapchat, our North Star has always been creating the best possible product experience for our community and a product experience that they really love. I think there are some challenges today as we've innovated over the years and created all these new ways to engage with Snapchat.

是的。謝謝，肯。我認為，當我們審視 Simple Snapchat 的演變時，我們的北極星一直在為我們的社群創造盡可能最好的產品體驗，以及他們真正喜歡的產品體驗。我認為今天存在一些挑戰，因為我們多年來不斷創新並創造了所有這些與 Snapchat 互動的新方式。

The app has become quite complex. And even basic things like watching Stories or watching Spotlight, that's something that people have to do in two different screens right now. And so being able to unify the content experience, I think, is something that's going to be a really important step in the right direction for us.

該應用程式已變得相當複雜。即使是像觀看故事或觀看聚光燈這樣的基本事情，人們現在也必須在兩個不同的螢幕上完成。因此，我認為，能夠統一內容體驗對我們來說將是朝著正確方向邁出的非常重要的一步。

Same goes for content discovery, for example. I think today, the tile-based content discovery is just not as effective as full screen content discovery. And so I think that's a big opportunity that will not only benefit folks using Snapchat, but also creators who are working really hard to reach our audience with really compelling content. So I think, in general, this North Star of our community and, of course, our partners like creators is really important to us.

例如，內容發現也是如此。我認為今天，基於圖塊的內容發現並不像全螢幕內容發現那麼有效。因此，我認為這是一個巨大的機會，不僅有利於 Snapchat 的用戶，也有利於那些努力以真正引人注目的內容吸引觀眾的創作者。所以我認為，總的來說，我們社區的北極星，當然還有創作者等我們的合作夥伴對我們來說非常重要。

And then we found is that, that, over the long term, tends to create more opportunity for advertising partners as well as they are able to reach our audience through these different parts of our service. So I think the North Star is going to be the community engagement and then thinking about how we can best manage this transition so that our advertising partners and our content partners can benefit from it as well.

然後我們發現，從長遠來看，往往會為廣告合作夥伴創造更多機會，並且他們能夠透過我們服務的這些不同部分接觸到我們的受眾。因此，我認為北極星將是社區參與，然後思考我們如何最好地管理這一轉變，以便我們的廣告合作夥伴和內容合作夥伴也能從中受益。

Mark Shmulik, Bernstein.

馬克·什穆里克，伯恩斯坦。

Hi, I'm [Louisa] speaking on behalf of Mark Shmulik. So I have a question -- we have a question on Spotlight engagement. Is Spotlight viewership behavior outside of North America different? Can you provide some more color on that?

大家好，我是 [Louisa] 代表 Mark Shmulik 發言。我有一個問題——我們有一個關於 Spotlight 參與度的問題。北美以外地區的 Spotlight 收視行為有何不同？你能提供更多的顏色嗎？

We've seen really strong growth in Spotlight engagement globally. I think in North America, as we shared in the letter, we've essentially been offsetting some declines with the Stories content engagement while we've seen growth in Spotlight. So I think you're just seeing a bit of a mix shift there. But overall, the growth of Spotlight and the depth of engagement has been a big driver of content view time growth for us.

我們看到全球 Spotlight 參與度的強勁成長。我認為在北美，正如我們在信中所分享的那樣，我們基本上已經透過 Stories 內容參與度抵消了一些下降，同時我們看到了 Spotlight 的成長。所以我認為你只是看到了一些混合轉變。但總體而言，Spotlight 的成長和參與度的深度一直是我們內容觀看時間成長的重要動力。

James Heaney, Jefferies.

詹姆斯·希尼，杰弗里斯。

Can you talk about the results that you're seeing from the new app install product? And what needs to happen for app install clients to become a more meaningful driver of your top-line results? And then just curious if you can comment on the revenue growth that you're seeing so far in Q4 that helped inform your 11% to 15% guide?

您能談談您從新的應用程式安裝產品中看到的結果嗎？應用程式安裝客戶需要做什麼才能成為您的營收結果的更有意義的驅動力？然後只是想知道您是否可以對第四季度迄今為止所看到的收入成長發表評論，這有助於為您的 11% 至 15% 指南提供資訊？

James, it's Derek. Thanks for the question. On the app side, I think one of the things that we've seen is an ongoing trend is that we sort of walked new optimizations and products through the process of testing with initial existing clients on a limited basis, getting to a point where we can see really good results for those customers and then expanding that in go-to-market, evangelizing those results, and driving broader adoption, which tends to then lead to general availability and then eventually a bigger contribution to the actual revenue growth over time.

詹姆斯，這是德瑞克。謝謝你的提問。在應用程式方面，我認為我們看到的一個持續趨勢是，我們在有限的基礎上通過與最初的現有客戶進行測試的過程來進行新的優化和產品，達到了這樣的程度：可以為這些客戶看到真正好的結果，然後在進入市場時擴大這種結果，傳播這些結果，並推動更廣泛的採用，這往往會導致普遍可用性，最終隨著時間的推移對實際收入成長做出更大的貢獻。

So if I look in particular over this year, in Q3, we saw app purchase optimization start to become a growing contributor to the top line growth. So that's something that we launched much earlier in the year. It went through that testing phase and expansion in go-to-market and now is becoming a contributor, which is wonderful to see.

因此，如果我特別關註今年，在第三季度，我們看到應用程式購買優化開始成為收入成長的日益重要的貢獻者。所以這是我們今年早些時候推出的東西。它經歷了測試階段和上市擴張，現在正在成為貢獻者，這是令人高興的。

If we think about app install and app purchase, those are things that we extended our 7/0 optimization framework too, and we've seen clear performance improvements for advertisers. We've shared some case studies there.

如果我們考慮應用程式安裝和應用程式購買，我們也擴展了 7/0 優化框架，並且我們已經看到廣告商的明顯效能改進。我們在那裡分享了一些案例研究。

But from a metrics point of view, for example, we've seen cost per install is down 24% and cost per purchase is down 27%. So those are really exciting results to see for our customers and then give us results that we can evangelize to others. So I think the key here is to keep rolling out the adoption of those, expand the testing, evangelize those results in case studies to the customer verticals where we have really good product market fit and continue to drive that through the elevation, the execution in the go-to-market.

但從指標的角度來看，例如，我們發現每次安裝成本下降了 24%，每次購買成本下降了 27%。因此，對於我們的客戶來說，這些確實是令人興奮的結果，然後我們可以向其他人傳播這些結果。因此，我認為這裡的關鍵是繼續推廣這些技術的採用，擴大測試範圍，將案例研究中的這些結果傳播給我們擁有良好產品市場契合度的客戶垂直領域，並繼續透過提升、執行來推動這一目標。

If we look back further, the first optimization on the rebuild of the DR business that we rolled out well more than a year ago was the 7/0 Pixel Purchase optimization. And that's really one that's gone through the entire evolution of the launch test evangelize and grow, and we saw that up 160% year over year in the most recent quarter. So hoping to drive continued results there and build on the momentum that we have with the overall DR business.

如果我們再往前看，我們一年多前推出的災難復原業務重建的第一個優化就是7/0像素購買優化。這確實是一個經歷了發布測試傳播和成長的整個演變的過程，我們看到在最近一個季度同比增長了 160%。因此，希望能夠持續取得成果，並以我們整體災難復原業務的勢頭為基礎。

Thanks for the question. Hopefully, that helps.

謝謝你的提問。希望這會有所幫助。

When we're thinking about your other question around the guide into Q4 and what's informing that, obviously, Q4 has historically been a pretty back-end weighted quarter. And so limited to read through to the back half is always challenging. I think one of the things we're focused on is the momentum that we're seeing in different parts of the business.

當我們思考您圍繞第四季度指南提出的其他問題以及其中的信息時，顯然，第四季度歷來是一個相當後端加權的季度。因此，僅限於通讀後半部總是充滿挑戰。我認為我們關注的事情之一是我們在業務不同部分看到的勢頭。

So I just talked a lot about the DR business. We're focused on continued execution there, continued healthy adoption, continued rollout of the app optimizations and client performance.

所以我剛才講了很多DR業務。我們專注於持續執行、持續健康採用、持續推出應用程式優化和客戶端效能。

On the brand side, we're not expecting any significant recovery there. We've been down 1% year over year in each of the last two quarters. We're not anticipating a major shift there as we go into Q4. And obviously, that's an important component of revenue in the final quarter of the year. Our product execution is the key that we're focused on there in terms of igniting growth long term.

在品牌方面，我們預計不會有任何重大復甦。過去兩季我們的業績年減了 1%。當我們進入第四季時，我們預計不會出現重大轉變。顯然，這是今年最後一個季度收入的重要組成部分。我們的產品執行是我們專注於長期成長的關鍵。

So you did see us roll out some product optimizations in the most recent quarter, including First Lens Unlimited, which allows our advertisers to reach folks with the first impression of the day and the first slot in the Lens Carousel. So that's seeing some really nice early results, drove 30% -- 35% actual increase in incremental impressions.

因此，您確實看到我們在最近一個季度推出了一些產品優化，包括 First Lens Unlimited，它使我們的廣告商能夠透過當天的第一印象和 Lens Carousel 中的第一個位置來吸引人們。因此，我們看到了一些非常好的早期結果，推動增量印象數實際上增加了 30% - 35%。

And we also launched the state-specific First Story, which is a product that allows advertisers to target individual creative to specific states or to target the entire country with different creative for different states. So there's a lot of product innovation going in there, and that's the key to improving that growth over the longer term, but not expecting a big improvement on the brand side and particularly in Q4. So those are some of the dynamics we're seeing alongside the very limited testing of Simple Snapchat that are informing the range there. And hopefully, that gives you a little color.

我們還推出了針對特定州的 First Story，該產品允許廣告商將個人創意定位到特定州，或針對不同州使用不同的創意來定位整個國家。因此，那裡有很多產品創新，這是提高長期成長的關鍵，但預計品牌方面不會有很大的改善，尤其是在第四季度。這些是我們看到的一些動態，以及 Simple Snapchat 的非常有限的測試，這些測試正在告知那裡的範圍。希望這能帶給你一點色彩。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究。

I guess regarding top line growth. So when you think about the trajectory of your revenue growth and excluding, I guess, Snapchat+ subscription, just the advertising growth, what gives you most confidence in your ability to deliver faster than overall digital ad market growth?

我想是關於營收成長。因此，當你考慮你的收入成長軌跡時，我猜，排除 Snapchat+ 訂閱，只考慮廣告成長，是什麼讓你對自己的交付速度比整體數位廣告市場成長更快的能力最有信心？

I mean, you have a lot of product initiatives going on, from CAPI integration ongoing with app optimizations and then the announcements that you had during your Partner Summit, and that includes Simple Snapchat and Sponsored Snaps and Promoted Places, even if that takes a little bit longer in your mind for monetization. So could you help us think through what gives you confidence as you think about maybe near to midterm in terms of ad revenue growth?

我的意思是，您正在進行許多產品計劃，從正在進行的CAPI 整合與應用程式最佳化，到您在合作夥伴高峰會期間發布的公告，其中包括簡單的Snapchat 以及贊助的Snap 和促銷地點，即使這需要一點時間你對貨幣化的想法要長一些。那麼，當您考慮到廣告收入成長可能接近中期時，您能否幫助我們思考什麼給了您信心？

Hey there, it's Derek speaking. I think the answer here is multilayered. To start, I think, over the long term, we are most focused on the execution of the direct response business and specifically lower funnel DR business in terms of rolling out product optimizations. And then on top of that, we're very focused on growing the small and medium-sized customer segment and making sure that we build on the momentum there.

嘿，我是德瑞克。我認為這裡的答案是多層次的。首先，我認為，從長遠來看，我們最關注的是直接回應業務的執行，特別是在推出產品優化方面的下漏斗災難復原業務。最重要的是，我們非常專注於發展中小型客戶群，並確保我們在此基礎上繼續發展。

So as I talk through each one of those, I'd say there's a multilayered approach here where we're executing against a number of different initiatives to be able to drive that sustained and higher rate of growth on those components of the business. So specifically, first, is the continued ongoing build-out of the ML and AI architecture at the company that feeds into our ability to have better personalization and recommendation of ads, getting the right ad in front of the right person.

因此，當我談論其中每一個時，我想說這裡有一種多層方法，我們正在執行許多不同的舉措，以便能夠推動業務的這些組成部分持續和更高的成長率。因此，具體而言，首先，公司不斷建立機器學習和人工智慧架構，這增強了我們更好地個人化和推薦廣告的能力，將正確的廣告展示在正確的人面前。

We continue to make progress on having more signals coming into the platform and harvesting more of the privacy safe signals that exist on the platform, getting more of that harnessed into much larger models and our ability to refresh those more frequently.

我們繼續在讓更多訊號進入平台、收集平台上存在的更多隱私安全訊號、將更多訊號利用到更大的模型中以及我們更頻繁地刷新這些訊號的能力方面取得進展。

Then you can see the steady drumbeat of us delivering rolling out and then optimizing new goals for advertisers. We talked earlier about the really strong growth we're seeing the 7/0 Pixel Purchase. Now we rolled that out and extended that framework to some of the app objectives and how that's starting to deliver growth, and then go-to-market efforts on all client sizes to basically deliver those optimizations to folks where we have great product market fit.

然後您可以看到我們為廣告商推出並優化新目標的穩定鼓聲。我們之前討論過 7/0 Pixel 購買量的強勁成長。現在，我們推出了該框架，並將該框架擴展到一些應用程式目標以及如何開始實現成長，然後針對所有客戶規模進行市場推廣工作，基本上為我們擁有良好產品市場契合度的人們提供這些優化。

One of the muscles that we're really learning to build here is go-to-market on SMC, and there's a lot of learnings there and a lot of work to do. So for example, we've, number one, been able to roll out Snap Promote is a great way for advertisers to get started with just a couple of clicks right in the app. So the lowest friction way to get started.

我們在這裡真正學習建立的力量之一是在 SMC 上進入市場，那裡有很多知識和很多工作要做。例如，我們首先能夠推出 Snap Promotion，這是廣告商只需在應用程式中點擊幾下即可開始使用的好方法。所以這是最低摩擦的開始方式。

We've also, for folks using Ad Manager, made it a lot easier for them to very quickly onboard there, get started with automated recommendations for campaign setup and optimization. And then we're getting very good integration partners there that are helping us not only drive direct where we've made it much easier to do direct integrations with CAPI, but then we've got a long and extending list of integration partners that are making it much easier for small and medium-sized customers to adopt CAPI and get started with that, feeding their performance with better signals and feedback loops.

對於使用 Ad Manager 的使用者來說，我們也讓他們更輕鬆地快速上手，開始使用針對廣告活動設定和最佳化的自動建議。然後，我們在那裡獲得了非常好的整合合作夥伴，他們不僅幫助我們直接推動與CAPI 的直接整合變得更加容易，而且我們還獲得了一長串不斷擴展的整合合作夥伴列表，這些合作夥伴包括：使中小型客戶更容易採用 CAPI 並開始使用，透過更好的訊號和回饋循環來提高他們的效能。

So there's a lot of work to be done here. And I think the sort of simplest answer to your question is the road map here is very clear. We have a lot of work to do and a lot of things to execute against. We have a very clear idea of what we need to do. And the team's pace of execution has been very solid.

所以這裡還有很多工作要做。我認為對你的問題最簡單的答案是這裡的路線圖非常清晰。我們有很多工作要做，還有很多事情要執行。我們非常清楚我們需要做什麼。而且團隊的執行速度也非常穩健。

And so the focus now is to continue to execute that road map, deliver for our customers and drive the results. Hopefully, that helps a little bit there.

因此，現在的重點是繼續執行該路線圖，為我們的客戶提供服務並推動成果。希望這能有所幫助。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Evan, question on the Spectacles. So the demo was pretty insane at the Partner Summit compared to when some of us have tried out prior versions of that product. So I guess the question is what level of investment and what pace over timing of when that could be a consumer product are you expecting?

埃文，關於眼鏡的問題。因此，與我們中的一些人嘗試過該產品的早期版本相比，合作夥伴高峰會上的演示相當瘋狂。所以我想問題是你期望什麼程度的投資以及什麼時候它可能成為消費產品？

And then related to that, now that we've seen what Meta is doing with Orion, how does that impact like both the investment level and the pace by which you're going to get that market to the consumer -- or get the product to the consumer perhaps quicker than before or not? Just your thoughts on that would be great.

與此相關的是，現在我們已經了解了 Meta 與 Orion 所做的事情，這對投資水平和將市場推向消費者（或獲取產品）的速度有何影響或許比以前更快地到達消費者手中？只要你對此有什麼想法就太好了。

Thanks, Ross. Yes, we're really excited about the progress we're making with Spectacles and it's been really exciting to share the fifth generation with so many of our partners and developers. I think right now, we're just really focused on helping people build amazing Lenses for Spectacles.

謝謝，羅斯。是的，我們對 Spectacles 所取得的進展感到非常興奮，並且與許多合作夥伴和開發者分享第五代產品也非常令人興奮。我認為現在，我們真正專注於幫助人們製造令人驚嘆的眼鏡鏡片。

I think one of the challenges that any new computing platforms sort of faces is this chicken and egg problem of people really needing, in our case, new lens experiences to use when they first buy AR glasses. And so by focusing on really seeding and supporting that developer ecosystem and making sure there are amazing lenses for people to use when they buy the consumer product, I think we're really focused on the key problem we need to solve in advance of widespread consumer adoption.

我認為任何新的計算平台都會面臨的挑戰之一是先有雞還是先有蛋的問題，在我們的例子中，人們在第一次購買 AR 眼鏡時真正需要新的鏡頭體驗。因此，透過專注於真正播種和支持開發者生態系統，並確保人們在購買消費產品時可以使用令人驚嘆的鏡頭，我認為我們真正專注於我們需要在廣泛的消費者面前解決的關鍵問題採用。

So we're going to stay focused there for now. It's been so exciting to see the amazing lenses people have already built in the weeks since launch. We think there's just a huge opportunity to transform the way people use computing, grounded in the real world, and together with their friends and leveraging natural interactions. And this is a vision we've been working towards for over a decade now.

所以我們現在要集中精力。自發布以來的幾週內，看到人們已經製造出令人驚嘆的鏡頭，真是令人興奮。我們認為，這是一個巨大的機會來改變人們使用計算的方式，紮根於現實世界，與他們的朋友一起利用自然互動。這是我們十多年來一直在努力實現的願景。

And so we have some very unique assets to leverage like Lens Studio, which helps people build these really complex AR experiences and then run them in a really performant way on Lens core that powers not just Snapchat application but also our Spectacles Glasses.

因此，我們有一些非常獨特的資產可以利用，例如Lens Studio，它可以幫助人們建立這些非常複雜的AR 體驗，然後在Lens core 上以真正高性能的方式運行它們，不僅為Snapchat 應用程式提供支持，也為我們的Spectacles Glasses 提供支援。

So that, alongside all of our investments in hardware and the progress we've made, just makes me really excited about where we are now and, of course, the potential to get this into customers' hands. So we're going to stay focused on our strategy and keep executing. We're really excited to share more with you soon.

因此，除了我們對硬體的所有投資和所取得的進步之外，我對我們現在的處境以及將其交到客戶手中的潛力感到非常興奮。因此，我們將繼續專注於我們的策略並繼續執行。我們很高興很快能與您分享更多資訊。

This concludes our Q&A session, as well as Snap Inc.'s third-quarter '24 earnings conference call. Thank you for attending today's session. You may now disconnect.

我們的問答環節以及 Snap Inc. '24 年第三季財報電話會議到此結束。感謝您參加今天的會議。您現在可以斷開連線。