Snap Inc (SNAP) 2024 Q4 法說會逐字稿

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

大家下午好，歡迎參加 Snap Inc. 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

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

現在，我想將電話轉給投資者關係主管戴維·奧米特 (David Ometer)。

Thank you and good afternoon, everyone.

謝謝大家，下午好。

Welcome to Snap's fourth-quarter 2024 earnings conference call.

歡迎參加 Snap 2024 年第四季財報電話會議。

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

今天與我們在一起的有執行長兼聯合創始人 Evan Spiegel；以及財務長德瑞克·安德森（Derek Anderson）。

Please refer to our Investor Relations website at investor.snap.com to find today's press release earnings slides, investor letter, and investor presentation.

請參閱我們的投資者關係網站 investor.snap.com 以尋找今天的新聞稿收益投影片、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.

本次電話會議包含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, particularly in the section titled Risk Factors.

有關可能導致實際結果與這些前瞻性陳述存在重大差異的因素的更多信息，請參閱我們今天發布的新聞稿以及我們最新的 10-K 表中描述的風險，特別是標題為“風險因素”的部分。

Today's call will include both GAAP and non-GAAP measures.

今天的電話會議將包括 GAAP 和非 GAAP 指標。

Reconciliation between the two can be found in today's press release.

從今天的新聞稿中可以看出兩人的和解。

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字時，將不包括股票薪酬和相關工資稅以及折舊和攤提和某些其他項目。

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

請參閱我們向美國證券交易委員會提交的文件，以了解我們如何計算今天電話會議上討論的任何指標。

I'd like to turn the call over to Evan.

我想把電話轉給埃文。

Hi, everyone, and thank you for joining our call.

大家好，感謝您參加我們的電話會議。

In Q4, we continue 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.

在第四季度，我們繼續在我們核心重點上取得進展，即發展我們的社區、提高參與深度、推動營收成長、實現收入來源多元化，並朝著增強現實的長期願景邁進。

Daily active users reached 453 million in Q4, an increase of 39 million year over year and content viewers and total time spent watching content grew year over year.

第四季日活躍用戶數達4.53億，較去年同期增加3,900萬，內容瀏覽者和觀看內容的總時長較去年同期增加。

The progress we have made with our direct response advertising business and the growth of our Snapchat Plus subscription business contributed to Q4 revenue increasing 14% year over year to $1.56 billion.

我們的直接反應廣告業務所取得的進展以及 Snapchat Plus 訂閱業務的成長推動第四季度營收年增 14% 至 15.6 億美元。

The benefits of our more focused investments are now evident in our improved profitability and free cash flow generation.

我們更集中的投資所帶來的好處現在已在我們提高的獲利能力和自由現金流產生中明顯體現。

In Q4, the combination of top-line progress and expense discipline translated to $276 million of adjusted EBITDA and 60% adjusted EBITDA flow-through, $182 million of free cash flow, and $9 million of net income.

在第四季度，營收成長和費用控制的結合帶來了 2.76 億美元的調整後 EBITDA 和 60% 的調整後 EBITDA 流轉、1.82 億美元的自由現金流和 900 萬美元的淨收入。

In 2024, we generated $5.36 billion of revenue which grew 16% year over year, driven primarily by DR ad revenue, which also grew 16% year over year for the full year.

2024 年，我們的營收為 53.6 億美元，年增 16%，主要得益於 DR 廣告收入，全年營收也較去年同期成長 16%。

Snapchat Plus grew from 7 million to 14 million subscribers in 2024.

2024 年，Snapchat Plus 的用戶數從 700 萬人增加到 1,400 萬。

And other revenue, the majority of which is Snapchat Plus subscription revenue, grew 131% year over year, exiting the full year with an annualized revenue run rate well over $500 million.

其他收入（其中大部分是 Snapchat Plus 訂閱收入）年增 131%，全年年化收入運行率遠超過 5 億美元。

We delivered $509 million of adjusted EBITDA for the full year, marking our fifth consecutive year of positive adjusted EBITDA.

我們全年實現調整後 EBITDA 5.09 億美元，這是我們連續第五年實現正向調整後 EBITDA。

In 2024, we generated $219 million in free cash flow, achieving our fourth consecutive year of positive free cash flow.

2024年，我們產生了2.19億美元的自由現金流，實現了連續第四年實現正自由現金流。

As we enter 2025, we are focused on key initiatives to build on the momentum we established in 2024.

進入 2025 年，我們將重點放在關鍵舉措，以延續 2024 年確立的勢頭。

First, our new ad placement, Sponsored Snaps and Promoted Places, provide advertisers with incremental reach while enabling them to connect with our community in unique and personalized ways.

首先，我們的新廣告位、贊助快照和推廣地點為廣告商提供了增量覆蓋範圍，同時使他們能夠以獨特和個性化的方式與我們的社區建立聯繫。

Second, we are improving the way we go to market by providing advertising partners with actionable insights and introducing automated campaign optimization tools to enhance performance.

其次，我們正在透過向廣告合作夥伴提供可操作的見解並引入自動化廣告活動優化工具來提高績效，從而改善我們的行銷方式。

Third, we are rolling out a simplified Snapchat experience designed to improve accessibility and usability for our community.

第三，我們正在推出簡化的 Snapchat 體驗，旨在提高社群的可近性和可用性。

Fourth, we will continue to advance our machine learning infrastructure to drive higher-quality ad interactions.

第四，我們將繼續推動我們的機器學習基礎設施，以推動更高品質的廣告互動。

Lastly, in 2024, we launched our fifth generation of spectacles powered by our new Snap OS operating system as well as our latest version of Lens Studio, which empowers developers to create innovative AR experiences that overlay computing on the real world.

最後，在 2024 年，我們推出了搭載全新 Snap OS 作業系統和最新版本 Lens Studio 的第五代眼鏡，讓開發人員能夠創造將運算疊加在現實世界上的創新 AR 體驗。

In 2025, we will expand our developer ecosystem by enhancing our tools to simplify AR creation and increase the number of spectacles experiences that can bring augmented reality into everyday life.

2025 年，我們將透過增強工具來擴展我們的開發者生態系統，以簡化 AR 創作並增加可將擴增實境帶入日常生活的眼鏡體驗數量。

We are also pleased to announce that Ajit Mohan will be our new Chief Business Officer.

我們也很高興地宣布，Ajit Mohan 將擔任我們的新商務長。

Ajit joined Snap over two years ago as President of APAC, where he rapidly grew our business and presence across the region.

兩年多前，阿吉特加入 Snap 擔任亞太區總裁，他迅速發展了我們在該地區的業務和影響力。

As Chief Business Officer, Ajit will be responsible for growing our advertising business across all regions and will lead our revenue product and business operations organizations to help bring greater alignment across our teams responsible for serving our advertising partners.

作為首席商務官，Ajit 將負責在所有地區發展我們的廣告業務，並將領導我們的收入產品和業務營運組織，以幫助實現我們負責服務廣告合作夥伴的團隊之間的更大協調。

Our progress in 2024 reinforces our confidence in our ability to adapt and innovate in a dynamic environment.

我們在 2024 年取得的進步增強了我們在動態環境中適應和創新的能力的信心。

We believe that the foundation we built positions Snap to unlock even greater value for our business, community, and partners in the years to come.

我們相信，我們建立的基礎將使 Snap 在未來幾年為我們的業務、社群和合作夥伴創造更大的價值。

We continue to make progress in growing our global community, reaching 453 million daily active users in Q4, an increase of $10 million quarter over quarter.

我們在全球社群發展方面持續取得進展，第四季每日活躍用戶達到 4.53 億，季增 1,000 萬美元。

Daily active users in North America was 100 million compared to 100 million in the prior quarter and 100 million in the prior year.

北美地區每日活躍用戶數為 1 億，而上一季為 1 億，去年同期為 1 億。

Daily active users in Europe was 99 million compared to 99 million in the prior quarter and 96 million in the prior year.

歐洲每日活躍用戶數為 9,900 萬，而上一季為 9,900 萬，去年同期為 9,600 萬。

Daily active users in Rest of World was 254 million compared to 244 million in the prior quarter and 218 million in the prior year.

世界其他地區的每日活躍用戶數為 2.54 億，而上一季為 2.44 億，去年同期為 2.18 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.

與朋友和家人一起拍照是我們服務的核心，也是我們全球社區持續成長和長期保留的主要動力。

In Q4, we introduced new features to inspire creation and help our communities strengthen their relationships through snapping.

在第四季度，我們推出了新功能來激發創造力，並幫助我們的社群透過 Snapshot 加強他們的關係。

For example, in Q4, we launched new Bitmoji stickers based on new trends for Snapchatters to react and express themselves visually.

例如，在第四季度，我們根據新趨勢推出了新的 Bitmoji 貼紙，以便 Snapchat 用戶做出反應並以視覺方式表達自己。

We also announced new location sharing features in Family Center, our in-app hub for parental tools and resources, making it easy for families to stay connected well on the move.

我們也宣布了家庭中心的新的位置共享功能，家庭中心是我們應用內的家長工具和資源中心，讓家庭成員在旅途中也能輕鬆保持聯繫。

In addition, we launched new and early access Snapchat Plus features, including the steps which help Snapchatters keep track of the places they visited on the Snap Map and new app teams and custom backgrounds.

此外，我們還推出了新的和早期訪問的 Snapchat Plus 功能，包括幫助 Snapchat 用戶在 Snap Map 上追蹤他們訪問過的地方的步驟以及新的應用程式團隊和自訂背景。

In Q4, global time spent watching content grew year-over-year, driven primarily by strong growth in total time spent watching Spotlight.

第四季度，全球觀看內容的時間年增，主要得益於觀看 Spotlight 的總時間的強勁成長。

Our focus is now on refining the symbol Snapchat Experience in preparation for a broader rollout over the coming year, while also expanding our creator community to foster a vibrant content ecosystem.

我們現在的重點是完善 Snapchat Experience 符號，為來年更廣泛的推廣做準備，同時擴大我們的創作者社區，以培育充滿活力的內容生態系統。

In Q4, we expanded simple Snapchat testing to over 25 million Snapchatters in nearly every country where we offer Snapchat.

在第四季度，我們將簡單的 Snapchat 測試擴展到幾乎每個提供 Snapchat 服務的國家/地區的 2500 多萬 Snapchat 用戶。

While we will gain further insights from these initial tests in the months ahead, early learnings have already led to future refinements, including improvements to help Snapchatters more easily locate their subscriptions.

雖然我們將在未來幾個月從這些初步測試中獲得進一步的見解，但早期的學習已經導致了未來的改進，包括幫助 Snapchat 用戶更輕鬆地找到他們的訂閱的改進。

These optimizations are aimed at improving the simple Snapchat experience for our power users in order to make the transition easier for some of our most engaged community members.

這些優化旨在改善高級用戶的簡單 Snapchat 體驗，以便讓我們一些最活躍的社群成員更輕鬆地過渡。

We continue to see encouraging trends in engagement metrics, including increased content active days among less frequent and more casual users.

我們繼續看到參與度指標的令人鼓舞的趨勢，包括不太頻繁和更隨意的用戶的內容活躍天數增加。

We are particularly pleased with how simple Snapchat is driving a shift in behavior with Snapchatters spending a greater share of their time watching content rather than scrolling to find something to watch.

我們尤其高興看到 Snapchat 以如此簡單的方式推動了行為的轉變，Snapchat 用戶花費更多的時間觀看內容，而不是滾動尋找要觀看的內容。

We will continue to test and learn, gain insights and iterate accordingly in the months ahead to ensure a smooth rollout and simple Snapchat.

我們將在未來幾個月內繼續測試和學習，獲得見解並進行相應的迭代，以確保順利推出並簡化 Snapchat。

In Q4, we reaffirmed our commitment to fostering a dynamic and original content ecosystem on Snapchat.

在第四季度，我們重申了在 Snapchat 上培育充滿活力的原創內容生態系統的承諾。

By prioritizing authentic creators and timely original content, we proactively balance near-term view time with the long-term health of our platform.

透過優先考慮真實的創作者和及時的原創內容，我們主動平衡短期觀看時間與平台的長期健康發展。

For example, comments on Spotlight videos within 24 hours of submission increased significantly over the last three months, driven primarily by pressure content, leading to deeper engagement between Snapchatters and content from creators.

例如，在過去三個月內，Spotlight 影片提交後 24 小時內的評論顯著增加，這主要受到壓力內容的推動，從而促進了 Snapchat 用戶與創作者內容之間的更深入互動。

In addition, more than 1 billion snaps were shared publicly on Snapchat every month in Q4 from our community, creators and media partners.

此外，第四季度，我們的社群、創作者和媒體合作夥伴每月在 Snapchat 上公開分享了超過 10 億張快照。

As part of our broader efforts to grow the greater community, we continue to invest in creation tools in a diverse set of monetization opportunities.

作為我們擴大社區的更廣泛努力的一部分，我們將繼續投資於各種各樣的貨幣化機會的創作工具。

For example, we announced our new unified monetization program for creators that allows eligible creators to monetize Spotlight videos, building on our storage revenue share program that helps creators monetize their stories.

例如，我們宣布了針對創作者的全新統一盈利計劃，允許符合條件的創作者透過 Spotlight 影片獲利，並以此為基礎推出儲存收入分成計劃，幫助創作者透過他們的故事獲利。

These initiatives are yielding results.

這些措施正在取得成效。

Over the past year, we onboarded thousands of creators to our Snap Star program and the number of creators posting content grew more than 40% year over year in Q4.

在過去的一年裡，我們吸引了數千名創作者加入 Snap Star 計劃，第四季度發佈內容的創作者數量比去年同期增加了 40% 以上。

While we have onboarded many established creators and celebrities, we've also seen significant growth in creators that achieved Snap Star status by growing their following and business organically on Snapchat.

雖然我們已經吸收了許多知名創作者和名人，但我們也看到透過在 Snapchat 上有機地增加追蹤者和業務而獲得 Snap Star 地位的創作者數量顯著增長。

For example, Ella Moncrief, a 20-year-old health and adventure enthusiast, increased her Snapchat followers sixfold in just six months and has now established herself as one of our top view creators.

例如，20 歲的健康和冒險愛好者 Ella Moncrief，在短短六個月內她的 Snapchat 粉絲增加了六倍，現在她已經成為我們頂級觀點創造者之一。

These efforts underscore our dedication to empowering creators, strengthening the health of our content ecosystem, and delivering fresh engaging content for our community.

這些努力凸顯了我們致力於賦能創作者、增強內容生態系統的健康以及為社區提供新鮮有趣的內容。

Augmented reality continues to inspire creation and drive engagement on Snapchat.

擴增實境繼續激發創造力並推動 Snapchat 的參與度。

A key driver of this is the growth of the vibrant AR developer and creator ecosystem we have supported over the last several years.

其中一個關鍵驅動因素是過去幾年來我們支持的充滿活力的 AR 開發者和創作者生態系統的成長。

More than 375,000 AR operators, developers, and teams from nearly every country in the world have over 4 million lenses using Lens Studio.

來自全球幾乎所有國家的超過 375,000 名 AR 營運商、開發人員和團隊擁有超過 400 萬個使用 Lens Studio 的鏡頭。

In Q4, we introduced the first two person generative AI lens, which uses generative AI to create a personalized selfie together with a friend.

在第四季度，我們推出了第一款雙人生成式 AI 鏡頭，利用生成式 AI 與朋友一起創建個人化的自拍照。

In Q4, our new Me in the '60s AI lens, which enables Snapchatters to transform into a '60s version of themselves, was viewed over 900 million times.

第四季度，我們新推出的「60 年代的我」 AI 鏡頭的觀看次數超過 9 億次，它可以讓 Snapchat 用戶變身為 60 年代版本的自己。

To build on this momentum and to continue to support our AR creator ecosystem, we expanded our Lens Creator rewards program, designed to reward the top lens is built by our community and introduced new lens challenges to help AR creators monetize their AR lenses.

為了保持這一勢頭並繼續支持我們的 AR 創作者生態系統，我們擴展了鏡頭創作者獎勵計劃，旨在獎勵由我們的社區打造的頂級鏡頭，並推出了新的鏡頭挑戰，以幫助 AR 創作者通過他們的 AR 鏡頭獲利。

In Q4, we had significant strides in AI research and innovation.

第四季度，我們在人工智慧研究和創新方面取得了重大進展。

Our team developed a groundbreaking AI model capable of generating high resolution images on mobile devices in just seconds.

我們的團隊開發了一種突破性的人工智慧模型，能夠在幾秒鐘內在行動裝置上產生高解析度影像。

This on-device model with only 379 million parameters is compact yet highly efficient, producing images in just 1.4 seconds on iPhone 16 Pro Max.

該裝置上模型僅有 3.79 億個參數，結構緊湊但效率極高，在 iPhone 16 Pro Max 上僅需 1.4 秒即可產生影像。

We are excited to bring this technology into production in the coming quarters.

我們很高興能在未來幾季將這項技術投入生產。

In addition, we launched Easy Lens in Lens Studio 5.4, an AI-powered tool that simplifies AR creation by enabling users to create and customized lenses through text prompts.

此外，我們在 Lens Studio 5.4 中推出了 Easy Lens，這是一款人工智慧工具，可讓用戶透過文字提示建立和自訂鏡頭，從而簡化 AR 創作。

The response has been remarkable.

反響十分熱烈。

Within a month of launch, over 3,000 lenses have been published using Easy Lens, with Snapchatters engaging with the lenses nearly 300 million times.

在推出後的一個月內，使用 Easy Lens 發布了超過 3,000 個鏡頭，Snapchat 用戶使用這些鏡頭的次數接近 3 億次。

This is a testament to the potential of AI to unlock creativity and drive engagement across our platform.

這證明了人工智慧具有釋放創造力和推動整個平台參與度的潛力。

Looking ahead, we are focused on innovating and enhancing our core product experience while continuing to invest in the future of augmented reality.

展望未來，我們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。

We believe continued progress on these initiatives is a critical input to serving our community and expanding our long-term monetization opportunity.

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。

Over the past year, we've made significant progress on three foundational advertising platform initiatives, including better and larger ML models, improved utilization of privacy safe signals, and more performant ad formats to drive improved results for our advertising partners.

在過去的一年裡，我們在三個基礎廣告平台計劃上取得了重大進展，包括更好、更大的機器學習模型、更好的隱私安全訊號的使用率、以及更有效率的廣告格式，從而為我們的廣告合作夥伴帶來更好的效果。

We continue to see strong demand for our pixel purchase and app purchase optimizations, which are becoming a more meaningful contributor to top line growth.

我們繼續看到對像素購買和應用程式購買優化的強勁需求，這正在成為收入成長更有意義的貢獻者。

For example, revenue from app-based purchase optimizations grew more than 70% year over year.

例如，基於應用程式的購買優化收入年增超過 70%。

Our recent expansion of 7/0 optimization to app install and in our purchase is driving better performance for advertisers.

我們最近將 7/0 優化擴展到應用程式安裝和購買，從而為廣告主帶來更好的效果。

For example, GoWish, a global digital wish list platform, leverage 7/0 app install and in-app purchase which resulted in a 70% decrease in cost per install and an increase of over 3,000% in app installs in just 12 weeks, outperforming other large digital platforms.

例如，全球數位願望清單平台 GoWish 利用 7/0 應用程式安裝和應用程式內購買，在短短 12 週內將每次安裝成本降低了 70%，應用程式安裝量增加了 3,000% 以上，表現優於其他大型數位平台。

Over the past year, we made significant enhancements to our lead generation product, including ad ranking model improvements, new creative customization, and integrations with preferred CRM partners.

在過去的一年裡，我們對我們的潛在客戶生成產品進行了重大改進，包括廣告排名模型的改進、新的創意客製化以及與首選 CRM 合作夥伴的整合。

As a result, in Q4, we saw a 6 times increase year over year in the number of leads that were generated for advertisers while decreasing cost per lead by over 40% on average.

結果，在第四季度，我們看到為廣告主產生的潛在客戶數量年增了 6 倍，同時每個潛在客戶的成本平均降低了 40% 以上。

For example, the University of Idaho leveraged our lead generation objective to help drive applications for its undergraduate programs and saw Snap emerge as the most effective platform, delivering 69% of all undergraduate conversions at a 22% lower cost per conversion compared to other social media platforms.

例如，愛達荷大學利用我們的潛在客戶開發目標來幫助推動其本科課程的申請，並看到 Snap 成為最有效的平台，與其他社交媒體平台相比，其本科生轉換率為 69%，而每次轉換成本降低了 22%。

The combination of more performance ER products improved go-to-market operations optimized for small and medium-sized business customers and a simplified ad buying experience made SMB as the largest contributor to ad revenue growth in 2024.

更高效能的 ER 產品結合針對中小型企業客戶優化的上市營運和簡化的廣告購買體驗，使 SMB 成為 2024 年廣告收入成長的最大貢獻者。

Snap Promote has enabled SMBs and creators to promote their services content or products, reach new audiences, and measure out performance, all within Snapchat on their mobile devices.

Snap Promote 使中小企業和創作者能夠在行動裝置上的 Snapchat 中推廣他們的服務內容或產品、吸引新的受眾並衡量績效。

Recently, we launched automated in-flight campaign recommendations, adaptive templates for campaign setup, and scaled creative editing to further improve our go-to-market strategy for SMBs.

最近，我們推出了自動化的飛行中廣告活動推薦、自適應廣告活動設定範本以及可擴展的創意編輯，以進一步改善我們針對中小企業的行銷策略。

We also continue to invest in our partnership ecosystem globally by building and deepening partnerships with leading marketing tech partners.

我們還透過與領先的行銷技術合作夥伴建立和深化合作夥伴關係，繼續在全球範圍內投資我們的合作夥伴生態系統。

For example, betPARX, is an online gaming platform partnered with Snapchat and Aygo-Tech, a performance-driven marketing agency to drive lower funnel DR performance.

例如，betPARX 是一個線上遊戲平台，它與 Snapchat 和 Aygo-Tech（以績效為導向的行銷機構）合作，以推動下層漏斗 DR 績效。

By leveraging advanced optimization features, including granular targeting of high-value engaged audiences, they achieved a 32% increase in ROAS and a 5 times increase in purchases compared to their previous Snapchat campaign.

透過利用先進的優化功能（包括對高價值參與受眾的細微定位），與先前的 Snapchat 活動相比，他們的 ROAS 提高了 32%，購買量提高了 5 倍。

We believe automation is a key driver of advertiser performance, and we remain focused on empowering advertisers to enhance their campaign outcomes through automation.

我們相信自動化是廣告商績效的關鍵驅動因素，我們將持續致力於幫助廣告商透過自動化來增強他們的廣告活動成效。

For instance, in Q1, we will be testing our new smart budget optimization feature, which automatically adjusts campaign budgets across assets to deliver the best results.

例如，在第一季度，我們將測試新的智慧預算優化功能，該功能會自動調整各項資產的廣告系列預算以獲得最佳效果。

We are focused on reaccelerating demand for upper funnel brand revenue by continuing to deliver innovative and performing advertising products.

我們致力於透過持續提供創新且高效的廣告產品來重新加速對上層品牌收入的需求。

We are prioritizing enhanced support for large brands and agencies by offering increased collaboration, platform integrations, and advanced measurement tools.

我們優先透過提供加強協作、平台整合和先進的測量工具來增強對大型品牌和機構的支援。

For example, last year, we launched a first-to-market partnership with media measurement and optimization company, VideoAmp, to provide our agency partners with reach, planning, and measurement tools.

例如，去年，我們與媒體測量和優化公司 VideoAmp 建立了首個市場合作夥伴關係，為我們的代理商合作夥伴提供覆蓋、規劃和測量工具。

This initiative has since onboarded some of our largest agency partners, including Omnicom Media Group, IPG Mediabrands, and dentsu, enabling them to build cross-screen media plans with Snapchat in mind and assess key metrics like incremental reach.

該計劃已經吸引了我們一些最大的代理商合作夥伴，包括宏盟媒體集團 (Omnicom Media Group)、IPG Mediabrands 和 dentsu，使他們能夠以 Snapchat 為中心製定跨螢幕媒體計劃，並評估增量覆蓋率等關鍵指標。

Looking ahead, we remain committed to leveraging the unique ways our audience engages with Snapchat and delivering actionable differentiated insights to empower our advertising partners and agencies.

展望未來，我們將繼續致力於利用受眾與 Snapchat 互動的獨特方式，並提供可操作的差異化見解，以增強我們的廣告合作夥伴和代理商的能力。

In Q4, we began testing two new ad placements, Sponsored Snaps and Promoted Places, designed to help advertisers engage with the Snapchat community in unique and impactful ways.

在第四季度，我們開始測試兩種新的廣告位，即“贊助快照”和“推廣地點”，旨在幫助廣告商以獨特而有影響力的方式與 Snapchat 社區互動。

Sponsored Snaps enable advertisers to connect visually with Snapchatters delivering incremental reach and helping brands leave a lasting impression.

贊助 Snap 使廣告主能夠與 Snapchat 用戶進行視覺交流，從而擴大影響力並幫助品牌留下持久的印象。

The initial results have been promising, with Sponsored Snaps delivering more than 50 million impressions on average in the US to Snapchatters 18 or older, making it our largest single day reach product.

初步結果令人鼓舞，Sponsored Snaps 在美國平均為 18 歲以上的 Snapchat 用戶帶來了超過 5,000 萬次展示，成為我們單日覆蓋率最高的產品。

Promoted Places enable businesses to use the Snap Map to highlight sponsored locations, encouraging Snapchatters to discover new places, engage with place profiles and visit those locations in real life.

推廣地點使企業能夠使用 Snap 地圖突出顯示贊助地點，鼓勵 Snapchat 用戶發現新地點、參與地點資料並在現實生活中訪問這些地點。

For example, Taco Bell leveraged Promoted Places in Q4 and saw the number of place profile views on the Snap Map increased by 5 times when compared to Snapchatters who are not exposed to the campaign.

例如，Taco Bell 在第四季度利用了「推廣地點」功能，與未接觸該活動的 Snapchat 用戶相比，Snap Map 上地點資料的瀏覽量增加了 5 倍。

In Q4, Sponsored Snaps and Promoted Places grew the number of unique Snapchatters reached by advertising partners, delivering a 30% increase in reach on average in the US.

在第四季度，贊助 Snap 和推廣地點增加了廣告合作夥伴覆蓋的獨立 Snapchat 用戶數量，在美國平均覆蓋率增加了 30%。

In Q1, we plan to roll out Sponsored Snaps and Promoted Places to additional markets while also beginning limited testing of pixel purchase optimization for Sponsored Snaps as we begin to make this new placement available for lower funnel bidding objectives.

在第一季度，我們計劃將「贊助快照」和「推廣地點」推廣到更多市場，同時開始對「贊助快照」的像素購買優化進行有限測試，因為我們開始將這個新的展示位置用於較低的漏斗競價目標。

We are excited to see these placements drive meaningful results for our partners and deepen engagement with our community.

我們很高興看到這些安排為我們的合作夥伴帶來了有意義的成果並加深了我們與社區的互動。

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。

In Q4, total revenue was $1.56 billion, up 14% year over year.

第四季度，總營收為15.6億美元，年增14%。

Advertising revenue was $1.41 billion, up 10% year over year driven primarily by growth from DR advertising revenue, which increased 14% year over year.

廣告收入為 14.1 億美元，年增 10%，主要得益於 DR 廣告收入的成長，該收入年增 14%。

Brand-oriented advertising revenue was down 1% year over year, driven by continued weakness that is concentrated among a relatively small group of large clients, focused largely in North America.

品牌廣告收入較去年同期下降 1%，原因在於持續的疲軟表現集中在少數幾家大型客戶身上，這些客戶主要集中在北美。

We drove robust growth from our SMB client segment globally as we continue to build towards a more diversified and performance-based advertising business.

隨著我們繼續朝著更加多元化和基於績效的廣告業務邁進，我們在全球範圍內的中小企業客戶群實現了強勁增長。

Other revenue, which is driven primarily by Snapchat Plus subscription revenue, more than doubled year over year to reach $143 million in Q4, with Snapchat Plus subscribers reaching 14 million in Q4.

其他收入主要來自 Snapchat Plus 的訂閱收入，較去年同期成長一倍以上，在第四季達到 1.43 億美元，Snapchat Plus 訂閱用戶數量在第四季達到 1,400 萬。

In Q4, North America revenue grew 8% year over year, and Europe revenue grew 20% year over year, with a relatively lower rate of growth in North America, due to the impact of weaker large client upper funnel demand being relatively concentrated in this region.

第四季，北美地區營收年增8%，歐洲地區營收年增20%，其中北美地區成長相對較低，原因是受大客戶上層需求較弱且相對集中的影響。

Rest of World revenue grew 35% year over year, driven by the continued progress with our DR ad platform and investments in go-to-market operations.

全球其他地區的營收年增 35%，這得益於我們的 DR 廣告平台的持續進步以及對市場營運的投資。

Adjusted cost of revenue was $669 million in Q4, up 9% year over year.

第四季調整後營收成本為 6.69 億美元，年增 9%。

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.

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。

Infrastructure costs per DAU was $0.84 in Q4, which is in line with the prior quarter and within our expected range of $0.83 to $0.85. The remaining components of adjusted cost of revenue were $289 million in Q4 or 19% of revenue, which is in line with the prior quarter and within our full-year cost structure guidance range of 19% to 21%.

第四季每 DAU 基礎設施成本為 0.84 美元，與上一季持平，且在我們預期的 0.83 美元至 0.85 美元範圍內。第四季調整後營收成本的其餘部分為 2.89 億美元，佔營收的 19%，與上一季持平，且在我們全年成本結構指引範圍 19% 至 21% 之內。

Adjusted gross margin was 57% in Q4, up from 54% in the prior quarter and 55% in the prior year.

第四季調整後毛利率為 57%，高於上一季的 54% 和去年同期的 55%。

Adjusted operating expenses were $612 million in Q4, up 4% year over year.

第四季調整後營業費用為 6.12 億美元，較去年同期成長 4%。

Personnel costs decreased 1% year over year, driven by a 7% year-over-year decline in full-time headcount, partially offset by inflationary impacts on wage rates and lower payroll tax credits compared to the prior year.

人事成本年減 1%，主要原因是全職員工數量年減 7%，但部分被通膨對工資率的影響以及與上年相比較低的工資稅抵免所抵銷。

Lower personnel costs were partially offset by increases in legal costs, including litigation and regulatory compliance-related costs, as well as higher product-related research and development costs.

較低的人員成本部分被法律成本的增加所抵消，包括訴訟和監管合規相關成本，以及更高的產品相關研發成本。

Adjusted EBITDA was $276 million in Q4, up from $159 million in Q4 of the prior year reflecting higher revenue and operating expense discipline.

第四季調整後 EBITDA 為 2.76 億美元，高於去年同期的 1.59 億美元，反映出營收增加和營運費用受到嚴格控制。

Adjusted EBITDA flow-through or the share of incremental year-over-year revenue that flowed through to adjusted EBITDA was 60% in Q4, reflecting seasonally higher revenue in Q4 and our continued prioritization of our investments to drive top line growth and deliver improved financial performance.

調整後 EBITDA 流轉或流入調整後 EBITDA 的增量同比收入份額在第四季度為 60%，反映了第四季度季節性收入增加以及我們繼續優先考慮投資以推動營收成長和實現更好的財務業績。

We achieved net income of $9 million in Q4 compared to a net loss of $248 million in Q4 of the prior year.

我們第四季的淨收入為 900 萬美元，而去年同期的淨虧損為 2.48 億美元。

The $257 million year-over-year improvement reflects the flow-through of a $117 million improvement in adjusted EBITDA, a $78 million or 23% reduction in stock-based compensation and related expenses, favorable net investment impacts of $27 million due primarily to losses incurred in the prior year, and an improvement of $22 million in nonrecurring items due to business restructuring costs incurred in the prior year.

2.57 億美元的同比增長反映了調整後 EBITDA 增加 1.17 億美元、股票薪酬和相關費用減少 7,800 萬美元（即 23%）、主要由於上年發生的損失而產生的 2,700 萬美元的有利淨投資影響，以及由於上年發生的業務重組成本導致的非經常性減少 2,20 萬美元項目。

Free cash flow was $182 million in Q4, while operating cash flow was $231 million.

第四季自由現金流為 1.82 億美元，營運現金流為 2.31 億美元。

Over the trailing 12 months, free cash flow was $219 million and operating cash flow was $413 million, as we continue to balance investments with top-line growth to deliver sustained positive cash flow.

在過去的 12 個月中，自由現金流為 2.19 億美元，營運現金流為 4.13 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 just 1.2% in Q4.

第四季度，我們的股票數量的稀釋度或年成長率僅為 1.2%。

We ended Q4 with $3.4 billion in cash and marketable securities on hand and just $36 million of debt maturing in 2025.

截至第四季末，我們手頭上有 34 億美元現金和有價證券，僅有 3,600 萬美元的債務將於 2025 年到期。

For the full year, we generated $5.36 billion in revenue, reflecting 16% year-over-year growth, driven primarily by continued progress and lower funnel direct response revenue.

全年，我們創造了 53.6 億美元的收入，年增 16%，這主要得益於持續的進步和較低的通路直接回應收入。

We delivered $509 million in adjusted EBITDA, representing adjusted EBITDA flow-through of 46%.

我們實現了 5.09 億美元的調整後 EBITDA，佔調整後 EBITDA 流轉率的 46%。

Importantly, we came within or below our full year cost structure guidance across all key metrics announced at the beginning of 2024 as we managed our investment levels in balance with the rate of revenue growth realized by our business.

重要的是，由於我們管理的投資水準與業務實現的收入成長率保持平衡，我們在 2024 年初宣布的所有關鍵指標中都達到或低於全年成本結構指引值。

As we look ahead to 2025, we see additional opportunities to invest productively in scaling our business given the foundational improvements we have made to our ad platform and the momentum we have established in our go-to-market initiatives, particularly the SMB segment.

展望 2025 年，鑑於我們對廣告平台所做的基礎性改進以及我們在市場進入計劃（尤其是中小企業領域）中建立的勢頭，我們看到了更多機會來進行有效投資以擴大我們的業務。

Our investment plans for 2025 reflect this optimism alongside a strong commitment to make further financial progress towards profitability as we scale.

我們對 2025 年的投資計畫反映了這種樂觀態度，同時也堅定致力於在擴大規模的同時進一步實現財務進步並實現盈利。

Just as we did in 2024, our intention is to calibrate our investments to revenue growth as we move through the year.

正如我們在 2024 年所做的那樣，我們的目標是隨著時間的推移調整我們的投資以適應收入成長。

As a result, we estimate that infrastructure cost per DAU will be within a range of $0.82 to $0.87 per quarter in 2025.

因此，我們估計到 2025 年，每 DAU 的基礎設施成本將在每季 0.82 美元至 0.87 美元之間。

We anticipate starting out at the low end of this range in Q1 as we benefit from recent pricing improvements and progressing to the higher end of this range as we move through the year, driven by planned investments to move toward even larger models and near real-time model refreshes.

由於受益於近期的價格改善，我們預計第一季的價格將以該範圍的低端為起點，而隨著全年的發展，價格將逐漸上升到該範圍的高端，這得益於計劃投資轉向更大的模型和近乎實時的模型更新。

We estimate that the remaining components of adjusted cost of revenue will be a combined 19% to 20% of revenue in each quarter of 2025.

我們估計，調整後收入成本的其餘部分將佔 2025 年每季營收的 19% 至 20%。

We expect to grow full-time headcount by 8% to 10% over the course of 2025 with the related costs growing slightly faster due to moderate wage inflation.

我們預計到 2025 年全職員工數量將增加 8% 至 10%，由於薪資適度上漲，相關成本的成長速度將略快。

We also anticipate that higher legal costs associated with litigation and compliance will contribute to adjusted operating expense growth.

我們也預計，與訴訟和合規相關的更高的法律成本將導致調整後的營業費用成長。

As a result, we estimate that full-year adjusted operating expenses will be between $2.7 billion and $2.75 billion.

因此，我們預計全年調整後的營業費用將在 27 億美元至 27.5 億美元之間。

For SBC and related expenses, we anticipate growth to be approximately in line with the employee population growth, resulting in an estimated full year SBC expense of $1.15 billion to $1.2 billion.

對於 SBC 和相關費用，我們預計成長將與員工人數成長大致一致，因此預計全年 SBC 費用為 11.5 億美元至 12 億美元。

For Q1 specifically, we anticipate continued growth of our global community and our Q1 guidance is built on the assumption that DAU will be approximately $459 million in Q1.

具體來說，對於第一季度，我們預計全球社區將繼續成長，我們的第一季指引是基於第一季 DAU 約為 4.59 億美元的假設。

Our Q1 guidance range for revenue is $1.325 billion to $1.36 billion.

我們對第一季營收的預期範圍是 13.25 億美元至 13.6 億美元。

We estimate infrastructure cost per DAU in Q1 will be at the low end of the full-year guidance range while all other cost of revenue as a percentage of revenue will be within our full-year cost structure range of 19% to 20%.

我們預計第一季每 DAU 基礎設施成本將處於全年指導範圍的低端，而所有其他收入成本佔收入的百分比將在我們的全年成本結構範圍內 19% 至 20%。

For adjusted operating expense, we estimate year-over-year growth of 11% to 12% in Q1, driven by growth in headcount, higher legal-related costs and a seasonal shift of marketing expenses into Q1 relative to the prior year.

對於調整後的營業費用，我們預計第一季將年增 11% 至 12%，這主要是由於員工人數增加、法律相關成本增加以及行銷費用相對於去年同期的季節性轉移。

In addition, we have committed approximately $5 million to support communities and team members impacted by the recent wildfires to date in Q1 and anticipate we may make further commitments over time.

此外，截至第一季度，我們已承諾投入約 500 萬美元來支持受最近山火影響的社區和團隊成員，並預計我們可能會隨著時間的推移做出進一步的承諾。

Given the revenue range above and our investment plans for the quarter ahead, we estimate that adjusted EBITDA will be between $40 million and $75 million in Q1.

鑑於上述收入範圍和我們未來季度的投資計劃，我們預計第一季調整後的 EBITDA 將在 4,000 萬美元至 7,500 萬美元之間。

As we continue to execute in the quarters ahead, we remain focused on growing and serving our community through innovative and responsible products that foster meaningful connections among Snapchatters, strengthening our DR business to deliver measurable ROAS for our advertising partners, diversifying our revenue streams to drive sustainable top-line growth and scaling our investments strategically to deliver meaningful and sustained profitability and positive free cash flow.

在未來幾季中，我們將繼續專注於透過創新和負責任的產品來發展和服務我們的社區，這些產品可以促進 Snapchat 用戶之間的有意義的聯繫，加強我們的 DR 業務，為我們的廣告合作夥伴提供可衡量的 ROAS，實現收入來源多元化，推動可持續的收入增長，並推動可持續的現金流性地擴大我們的投資，以實現有意義且持續的盈利能力和正的自由現金流。

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

感謝您今天參加我們的電話會議，我們現在將回答您的問題。

(Operator Instructions)

（操作員指令）

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Thanks so much for taking the question.

非常感謝您回答這個問題。

Can you talk about the early results around Simple Snap now that it's rolled out?

能談談 Simple Snap 推出後的早期成果嗎？

It's more than 25 million users.

其用戶數超過2500萬。

Are you seeing any differences across user geos?

您是否發現不同使用者地理位置有任何差異？

And how are you managing any user or advertiser budget disruption or impact associated with the rollout?

您如何應對與此相關的使用者或廣告商預算中斷或影響？

Hi, Doug.

你好，道格。

Thanks so much for the question.

非常感謝您提問。

We're definitely continuing to see encouraging testing results, especially with engagement metrics like increased content active days.

我們確實繼續看到令人鼓舞的測試結果，特別是參與度指標（如內容活躍天數的增加）。

So we are seeing more casual users enjoy our content experiences more frequently.

因此，我們看到越來越多的普通用戶更頻繁地享受我們的內容體驗。

I think there are sort of two big puzzle pieces that we're still working on as it pertains to rollout.

我認為，在推出相關產品的過程中，我們仍在努力解決兩個大難題。

The first is migrating story ad demand, which was typically filled in those tiles on the stories page, migrating that to the in-feed or to our sponsored Snap unit.

首先是遷移故事廣告需求，這些需求通常填寫在故事頁面上的那些圖塊中，將其遷移到資訊流或我們贊助的 Snap 單元。

And so that's going to be a priority on the advertising side.

因此這將成為廣告方面的優先事項。

And then in terms of engagement, there's still a cohort of users who really come to Snapchat for our stories page for the current tile-based layout to the creators and publishers that they love.

從參與度來看，仍然有一群用戶真正來到 Snapchat 是為了我們的故事頁面，因為我們採用基於圖塊的佈局來展示他們喜愛的創作者和發布者。

And we still haven't been able to claw back some of the engagement losses we're seeing with that cohort.

但我們仍未能挽回該群體參與度方面的部分損失。

So we're very focused on continuing to iterate there.

因此，我們非常專注於繼續進行迭代。

We've got a number of ideas on how we can solve both of those pieces, and we're going to work on rolling those out in the coming weeks and months.

我們對如何解決這兩個問題有很多想法，我們將在未來幾週和幾個月內努力實施這些想法。

Rich Greenfield, LightShed Partners.

LightShed Partners 的 Rich Greenfield。

I've got two kind of high-level questions.

我有兩種高級問題。

You're the only mobile ad platform that's built a robust subscription business in Snap Plus.

你們是唯一在 Snap Plus 中建立了強大訂閱業務的行動廣告平台。

I think it's now like almost 10% of total revenues, and it's by far your fastest driver of growth.

我認為它現在幾乎佔總收入的 10%，而且它是迄今為止最快的成長動力。

I guess, Evan, how should we think about the growth potential in terms of not just subscribers and ARPU, but what are the features that you can add that would make this an even more meaningful product going forward?

我想，艾文，我們應該如何看待成長潛力，不僅是從使用者和 ARPU 的角度，還可以增加哪些功能，讓這款產品在未來變得更有意義？

And then given everything that's happened with DeepSeek and sort of China-based AI in terms of innovations over the course of the past couple of weeks, just curious how you think the cost curve may be changing for AI and how that impacts the Snap cost structure over the coming year.

然後考慮到過去幾週 DeepSeek 和中國人工智慧在創新方面所發生的一切，我很好奇您認為人工智慧的成本曲線將如何變化，以及這將如何影響未來一年的 Snap 成本結構。

Hey, thanks, Rich, for the question.

嘿，Rich，謝謝你提出這個問題。

Yes.

是的。

On Snapchat Plus, we're really excited about the progress there.

對於 Snapchat Plus，我們對其取得的進展感到非常興奮。

And there's definitely been a lot of adoption, especially of our personalization features.

而且確實已經被廣泛採用，特別是我們的個人化功能。

People really like feeling like the app is made for them and changing its appearance or the icon, those sorts of things.

人們真的喜歡應用程式是為他們製作的，並且喜歡改變它的外觀或圖標等等。

I think as we look at the road map for future development, one of the areas we're focused on is just the core engagement loop of snapping and how we can make that more differentiated with Snapchat+ features.

我認為，當我們審視未來發展的路線圖時，我們重點關注的領域之一就是拍照的核心參與循環，以及如何利用 Snapchat+ 功能使其更具差異化。

So that will be a priority this year.

所以這將是今年的首要任務。

And I also think there will be room for some price increases.

而且我還認為價格還有上漲的空間。

I think the annual plan here in the US is about $2.50 a month.

我認為美國的年度計劃每月約為 2.50 美元。

And I think folks have indicated but they're getting a lot of value from Snapchat Plus.

我認為人們已經表明了這一點，他們從 Snapchat Plus 獲得了很多價值。

So that may be another avenue in terms of growing ARPU over the longer term.

因此，這可能是長期增加 ARPU 的另一種方式。

As it pertains to DeepSeek, I mean, first, I would just say it's been really inspiring to see the innovation there.

就 DeepSeek 而言，首先，我想說看到其中的創新真的很鼓舞人心。

I love -- I think the Founder made a comment along the lines of how capital is just not a long-term moat in the technology business and the way that constraints really can drive innovation and creativity.

我喜歡——我認為創辦人發表過這樣的評論：資本並不是科技業的長期護城河，而約束確實可以推動創新和創造力。

And so that was definitely an exciting development for the industry.

這對該行業來說無疑是一個令人興奮的發展。

But I think it just further validates our view that a lot of these models are going to continue to become commoditized over time and obviously, are going to become more and more efficient to run.

但我認為這進一步驗證了我們的觀點，即隨著時間的推移，許多這些模型將繼續商品化，並且顯然運作效率會越來越高。

So hopefully, that will have some impact for us over the longer term.

所以希望這會對​​我們產生長期影響。

I think right now, we're just sort of in the early experimentation phase with some of their open source work.

我認為現在我們只是處於對他們的一些開源工作的早期實驗階段。

Mark Shmulik, Bernstein.

馬克‧施穆里克，伯恩斯坦。

Hey, this is Luiza dialing in from Mark Shmulik.

嘿，我是 Luiza，接的是 Mark Shmulik 的電話。

Can you provide any color on what you've seen around engagement and advertiser behavior since TikTok went dark in the app stores?

自從 TikTok 在應用程式商店下架以來，您能否介紹一下用戶參與度和廣告商行為方面的情況？

And hopefully, we'll get an answer one way or another on TikTok resolution soon.

希望我們能很快以某種方式得到有關 TikTok 解決方案的答案。

But how does it affect the way you think about priorities for the year?

但它如何影響您對年度優先事項的看法？

And where do you expect to be most nimble?

您認為哪裡最有彈性？

Will it on simple Snapchat?

它會在簡單的 Snapchat 上使用嗎？

Hi, Luiza, thanks so much for the question.

你好，Luiza，非常感謝你提出這個問題。

I think some of the changes were picked up.

我認為一些變化已經被採納。

They've sort of been -- I guess, an imperfect experiment.

我想，它們可以說是一個不完美的實驗。

So we're not trying to draw too many conclusions from some of the engagement lift we saw when the app went dark for that brief period of time.

因此，我們不會試圖從應用程式短暫關閉時看到的參與度提升中得出太多結論。

I would say that the overall environment of uncertainty is benefiting our business.

我想說，不確定的整體環境對我們的業務有利。

I mean, certainly, advertisers are very focused on contingency planning and diversifying their spend.

我的意思是，廣告商當然非常注重應急計劃和分散支出。

And I think the same goes for creators who are really thinking hard about how they can build the most diversified engagement with their fan base across various platforms including Snapchat.

我認為，對於那些認真思考如何在 Snapchat 等各個平台上與粉絲群建立最多樣化互動的創作者來說，情況也是如此。

So a big priority for us is really just helping make sure we support advertisers and creators during this period of uncertainty.

因此，我們的首要任務實際上是確保我們在這個不確定的時期為廣告商和創作者提供支援。

And for creators in particular, we've been spending a lot of time working on just improving that overall creation flywheel.

特別是對於創作者來說，我們花了大量時間致力於改善整體創作飛輪。

I mean that's why we're seeing a 40% increase in the number of creators posting to Snapchat.

這就是為什麼我們看到在 Snapchat 上發文的創作者數量增加了 40%。

And I think in Q4, we actually reached 1 billion public post a month on Snapchat.

我認為在第四季度，Snapchat 上的每月公開貼文數量實際上已經達到了 10 億則。

So the public content ecosystem is growing in a really nice and healthy way.

因此，公共內容生態系統正在以非常良好和健康的方式發展。

And so we're just going to continue our focus there when it comes to our strategy and participation.

因此，在策略和參與方面，我們將繼續關注那裡。

Dan Salmon, New Street Research.

丹·薩蒙（Dan Salmon），New Street Research。

Great, good afternoon.

太好了，下午好。

Thanks for taking the question.

感謝您回答這個問題。

Evan, I'd love to just dig into small- and medium-sized advertisers growth more.

埃文，我很樂意進一步深入了解中小型廣告商的成長。

You noted it was the biggest contributor to ad revenue in 2024 in the letter and Snap Promote remains a big part of that.

您在信中指出，它是 2024 年廣告收入的最大貢獻者，而 Snap Promote 仍然佔其中很大一部分。

Could you just talk a little bit more about what the team is doing to leverage that growth, helping them expand beyond Snap Promote, to be built full ad manager accounts and start to get a little bit more sophisticated on the platform.

您能否再多談談團隊正在採取哪些措施來利用這種增長，幫助他們在 Snap Promote 之外進行擴展，建立完整的廣告經理帳戶，並開始在平台上變得更加成熟。

And then you talked a little bit last quarter about how that Snap Promote list goes sort of straight into the go-to-market team to help facilitate that.

然後您在上個季度談到了 Snap Promote 清單如何直接進入市場團隊以幫助實現這一點。

Any other initiatives that you'd highlight to help accelerate that growth or other ad products in general that you see that group really ticking up with picking up strongly?

您認為還有什麼其他舉措可以幫助加速這一增長，或者您認為其他廣告產品總體上能夠使該群體真正實現強勁增長？

Dan, it's Derek speaking.

丹，我是德瑞克。

I'll take that one.

我要那個。

First, we are really pleased with what we're seeing with the SMB segment.

首先，我們對 SMB 領域的表現感到非常滿意。

It's been a big focus area over the last year.

這是去年我們關注的一個重點領域。

There's sort of a combination here of more performant DR ad products, the improvements we made to our go-to-market operations that are specifically optimizing them for the SMB segment.

這裡有一種組合，即性能更高的 DR 廣告產品和我們對行銷營運所做的改進，專門針對 SMB 領域進行了最佳化。

And then we've done a lot of work to simplify the ad buying experience, including elements that are automated, make it a lot easier for our SMB advertisers to get started.

然後，我們做了很多工作來簡化廣告購買體驗，包括自動化元素，使我們的 SMB 廣告商更容易開始使用。

Advertisers in the SMB segment, in particular, have benefited from our growing number of CAPI integration partners including, for example, Snowflake, Datahash, Tealium, and LiveRamp and make it really fast and easy to integrate and benefit from the improved performance that CAPI deliver.

特別是 SMB 領域的廣告商，受益於我們不斷增長的 CAPI 集成合作夥伴數量，例如 Snowflake、Datahash、Tealium 和 LiveRamp，使他們能夠快速輕鬆地進行集成，並從 CAPI 提供的改進性能中受益。

Snap Promote, as you noted, is also a key driver of the SMB advertiser growth.

正如您所提到的，Snap Promote 也是 SMB 廣告商成長的關鍵驅動力。

It makes it really easy for folks to get started right within the app and this contributed in part to the active advertisers from the segment more than doubling year over year in Q4.

它讓人們能夠輕鬆地在應用程式內開始使用，這在一定程度上促使該領域的活躍廣告商數量在第四季度同比增長了一倍以上。

To build on this momentum, we've got a pretty robust road map of enhancements on the way for SMB clients.

為了保持這一勢頭，我們為中小企業客戶制定了相當完善的增強路線圖。

Just as an example there, we'll be testing in Q1 our new smart budget optimization feature, which will automatically adjust campaign budgets across ad sets to deliver the best results for the advertiser.

舉個例子，我們將在第一季測試我們的新智慧預算優化功能，該功能將自動調整整個廣告群組的廣告活動預算，以便為廣告客戶提供最佳效果。

And so that's a big part of it.

這是其中很重要的一部分。

You also note in some of our investments that we're looking at in the year ahead, not just the investments in product and to deliver the advertising road map, but also more resources specifically to help scale the SMB segment.

您還注意到，我們正在考慮未來一年的一些投資，不僅是對產品和廣告路線圖的投資，還包括更多資源，專門用於幫助擴大中小企業部門的規模。

So hopefully, that gives you a little bit of color about what's been driving the success there and how we'll be investing going forward.

所以希望，這能讓您稍微了解一下推動我們成功的因素以及我們未來的投資方式。

James Heaney, Jeffries.

詹姆斯希尼、傑弗里斯。

Great guys.

很棒的傢伙。

Thanks for the question.

謝謝你的提問。

What, if anything, is factored into your Q1 revenue and user growth guide as it relates to the rollout of Simple Snapchat?

在製定第一季營收和用戶成長指南時，哪些因素與簡易 Snapchat 的推出有關？

Is it fair to say we're just too early for that to be meaningfully impacting results right now and -- or that maybe it could kind of occur later in the quarter?

是否可以說，現在還為時過早，無法對結果產生重大影響 - 或者也許可能會在本季度晚些時候發生？

Thank you.

謝謝。

Hey, there.

嘿。

Thanks for the question.

謝謝你的提問。

As it pertains to the guide, both for revenue and user growth and simple Snapchat, there's really nothing material factored into either of those around civil space.

就收入和用戶成長指南以及簡單的 Snapchat 而言，在民用領域，這兩者都沒有考慮到任何實質因素。

We're being really thoughtful, as Evan mentioned earlier, around the testing and learning and some of the things that we're rolling out to sort of optimize that experience.

正如埃文之前提到的，我們在測試和學習方面非常謹慎，我們正在推出一些旨在優化體驗的事情。

And so that's not really a big factor in how we're thinking about either the engagement growth or the revenue growth in the coming quarter.

所以，這並不是我們考慮下一季參與度成長或營收成長的重要因素。

It's really about the momentum that we're seeing in the business both in terms of the momentum on the DR side overall, some of the SMB strength that I just mentioned earlier, and the growth that we're seeing in the global community more recently.

這實際上與我們在業務中看到的勢頭有關，包括整體 DR 方面的勢頭、我剛才提到的一些 SMB 實力以及我們最近在全球社區看到的增長。

So hopefully, that helps a little bit, and we'll continue to test them learn going forward.

所以希望這能有所幫助，我們會繼續測試他們，以便在未來學到更多。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Okay.

好的。

Thank you for taking my questions.

感謝您回答我的問題。

Let me try two, please.

請讓我試兩次。

The first one is just generally on verticals.

第一個通常只是垂直的。

Could you please comment on the overall demand environment as you see it for both across brand and DR?

您能否評論一下您所看到的跨品牌和 DR 的整體需求環境？

And then anything that jumped out to you that was in terms of demand trends, that was specifically muted trends that you saw or strength?

那麼，就需求趨勢而言，您注意到了什麼？

And then my second question is on compute cost.

我的第二個問題是關於計算成本。

And I think this was asked a bit earlier, but let me try it one more time.

我覺得這個問題之前已經問過了，不過讓我再試一次。

When you think about efficiency gains in your compute costs over the next year or two years or three years, how are you thinking about where you'd realize them the most?

當您考慮未來一年、兩年或三年內計算成本的效率提升時，您認為在哪些方面可以最有效地實現這些效率提升？

And how are you positioned to realize those gains?

您如何實現這些收益？

Thanks a lot.

多謝。

Thanks for the question.

謝謝你的提問。

This is Derek speaking.

我是德里克。

On verticals, specifically, what we're really seeing there is that we get the best results in verticals where we've really built out a great product market fit.

具體來說，在垂直領域，我們真正看到的是，我們在真正打造出適合市場的良好產品的情況下獲得了最佳效果。

So if you think, for example, it's been about 1.5 years since we rolled out the new 7/0 Pixel purchase optimization, and that's been a very big driver of the DR business over the last year.

例如，如果你想想，自從我們推出新的 7/0 Pixel 購買優化以來已經過去了大約 1.5 年，而這在過去一年中一直是 DR 業務的一個非常重要的推動力。

And we're seeing really good results in retail, CPG, and health and wellness with that particular optimization and of course, broadening out from there.

透過這種特定的優化，我們在零售、快速消費品以及健康和保健領域看到了非常好的成果，當然，這種優化還在不斷拓展。

As we've been able to make progress on rolling out through testing and then general availability, some of the improvements to other optimizations, we see the product market fit expand.

隨著我們在測試和普遍可用性方面取得進展，對其他優化進行了一些改進，我們看到產品市場契合度不斷擴大。

So for example, we added a number of enhanced app-based optimizations around midyear of '24 based on our new sort of ML architecture and product stack.

例如，我們基於新類型的 ML 架構和產品堆疊在 24 年中期左右添加了許多基於應用程式的增強最佳化。

And we're seeing that work really well for more verticals.

我們發現它在更多垂直領域確實運作良好。

So for example, we saw more than 70% year-over-year growth with app purchase optimizations in Q4.

例如，我們看到第四季度應用程式購買優化年增了 70% 以上。

And we're seeing that work for our gaming, our retail e-com and financial services verticals.

我們發現這對我們的遊戲、零售電子商務和金融服務垂直領域都有效。

And so as we're able to make more progress in rolling out our improved ad stack against different optimizations that really helps us expand the applicability of those to more verticals and make more progress.

因此，我們能夠在推出針對不同優化的改進廣告堆疊方面取得更多進展，這確實有助於我們將其適用性擴展到更多垂直領域並取得更多進展。

On compute costs, I think what we've seen over the long term is a couple of things really go our way there.

關於計算成本，我認為從長期來看，有幾件事確實對我們有利。

Number one, our teams have been very good about innovating very quickly, getting products out to our community really quickly.

首先，我們的團隊非常善於快速創新，能夠快速地將產品推向我們的社群。

And then based on what we see in utilization being able to migrate between SKUs with cloud partners and to optimize our own code base in order to use the infrastructure as efficiently as possible.

然後根據我們看到的利用率，能夠在與雲端合作夥伴的 SKU 之間遷移，並優化我們自己的程式碼庫，以便盡可能有效地使用基礎設施。

And I think what you're seeing is us being able to get better and better at that over time.

我想，您所看到的是，隨著時間的推移，我們能夠做得越來越好。

And it allows us to move really quickly and then come behind ourselves and be more efficient.

它使我們能夠快速行動，然後超越自我，提高效率。

And it's one of the wonderful things about having a cloud force model is that you're not making these fixed commitments to infrastructure that are hard to then roll off from.

雲端運算模式的一大優點是，你不必對基礎架構做出難以實現的固定承諾。

I think the other thing is that our own scale is helping us, and we've seen that through our own pricing improvements most recently and as we're able to take advantage of really advanced SKUs early in the going.

我認為另一件事是我們自己的規模在幫助我們，我們最近透過自己的定價改進看到了這一點，並且我們能夠在早期利用真正先進的 SKU。

And then as we grow the scale on those and they become more commoditized, we're able to bring our rates down.

隨著我們規模的擴大和它們變得更加商品化，我們能夠降低費率。

And you're seeing that both in the Q4 results for (inaudible) Dow, and of course, and what we indicated our estimate would be for Q1 as well.

您會在陶氏化學（聽不清楚）第四季的業績中看到這一點，當然，我們對第一季的預測也是如此。

So the key here is just a key vigilant on that to constantly be pushing for the best pricing in market and to work with our teams to really optimize our code structure and the SKUs that we're using over time in order to have the most efficient possible infrastructure stack.

因此，這裡的關鍵只是保持警惕，不斷爭取市場上的最佳價格，並與我們的團隊合作，真正優化我們的程式碼結構和我們長期使用的 SKU，以便擁有最高效的基礎設施堆疊。

Kenneth Gawrelski, Wells Fargo.

富國銀行的肯尼斯‧加夫雷爾斯基 (Kenneth Gawrelski)。

Thank you very much.

非常感謝。

Two questions, please, on the ad side.

請問關於廣告方面有兩個問題。

First, kind of on the upper funnel brand side, continued weakness there.

首先，在漏斗上部的品牌方面，持續存在疲軟。

Could you talk a little bit about from a category perspective?

能從類別的角度稍微談談嗎？

Are you continuing to see pressure in the same categories?

您是否繼續看到同一類別的壓力？

You talked about food and beverage in the past.

您過去談到過食品和飲料。

But has that broadened out?

但其範圍已擴大了嗎？

Or does that roughly similar?

或者說大致類似？

And where do you see the opportunities?

您認為機會在哪裡？

Are there new categories that are potential opportunities there on the upper funnel brand side?

在漏斗上層品牌方面是否存在具有潛在機會的新類別？

And then the second one, on the lower funnel side, nice progress on doubling the number of advertisers.

然後第二個，在漏斗下部方面，廣告商數量翻倍取得了良好進展。

Could you talk about just the typical ramp period for those advertisers in terms of getting to kind of what may be a full run rate?

您能否談談這些廣告主達到最大投放率的典型成長期？

Because the volume increase is great.

因為體積增加很大。

The question is, should we see continued momentum there on the direct response side and on the lower funnel side from that volume increase?

問題是，我們是否應該看到直接響應方面和下部漏斗方面的銷售成長持續保持勢頭？

Thank you.

謝謝。

Hey there, Ken.

嘿，肯。

Ken, thanks for the question.

肯，謝謝你的提問。

As it pertains to the sort of upper funnel business and the source of the weakness there specifically, it continues to be concentrated in a relatively small number of larger upper funnel oriented advertisers.

就上層漏斗業務的類型及其弱點而言，它仍然集中在相對較少的較大的上層漏斗導向廣告商身上。

I think our real focus there in terms of being able to reignite growth in this category and make progress is, number one, we're focused on accelerating our product innovation, and specifically, we're encouraged by the incremental reach that advertisers have realized in the early rollout of Sponsored Snaps and the positive feedback we're hearing from clients and agencies and most products.

我認為，為了重新激發這一類別的成長並取得進展，我們真正的重點是，首先，我們專注於加速我們的產品創新，具體而言，我們對廣告商在 Sponsored Snaps 推出初期所實現的增量覆蓋範圍以及我們從客戶、代理商和大多數產品那裡聽到的積極反饋感到鼓舞。

So looking forward to making that solution available to more partners over the course of the year ahead.

因此，我們期待在未來一年內向更多合作夥伴提供該解決方案。

We're also prioritizing support for large brands and agencies by offering enhanced client support, easier platform integrations and advanced measurement tools.

我們還透過提供增強的客戶支援、更簡單的平台整合和先進的測量工具，優先為大型品牌和機構提供支援。

So for example, last year, we launched a partnership with [Video AM] to provide agencies with reach, planning and measurement tools that enable agencies to build multichannel media plans and then have the visibility to key metrics such as incremental reach.

例如，去年，我們與 [Video AM] 建立了合作夥伴關係，為代理商提供覆蓋、規劃和測量工具，使代理商能夠制定多渠道媒體計劃，然後了解增量覆蓋率等關鍵指標。

And so we're going to keep leaning into those innovations in order to be able to deliver improved performance for those advertisers.

因此，我們將繼續依靠這些創新，以便能夠為這些廣告商提供更好的效果。

I also think it's just important to maintain our real focus and priority around diversifying the business and leaning into the places that are the focus of our road map.

我還認為，保持我們真正的焦點和優先事項圍繞業務多元化以及傾向於我們路線圖的重點領域非常重要。

So as much as we'd like to see this category grow a lot faster, I think it's important that we have our resources focused on doubling down on the momentum that we're seeing with our direct response business, doubling down on the momentum that we're seeing with the SMB category and of course, continuing to invest in Snapchat Plus.

因此，儘管我們希望看到這一類別成長得更快，但我認為重要的是我們要集中資源加倍努力，保持直接響應業務的勢頭，加倍努力，保持 SMB 類別的勢頭，當然，還要繼續投資 Snapchat Plus。

So that over time, we continue to build a business that is more resilient, more performance-based and more diversified.

因此，隨著時間的推移，我們將繼續打造更具彈性、更注重績效、更加多樣化的業務。

And that sort of gets into your second question around the drivers of growth and what we're seeing around customer ramps on the lower funnel.

這涉及到您提出的第二個問題，即成長動力以及我們看到的下層客戶成長情況。

And I think it's important to think about the dichotomy between the growth and the active advertisers.

我認為思考成長與活躍廣告商之間的二分法很重要。

We're really excited to see once again that we were able to more than double the active advertisers.

我們非常高興地再次看到活躍廣告商數量增加了一倍以上。

And you are seeing that being driven from an account perspective by smaller customers, which is really exciting, and Snap Promote is a very helpful tool in that regard.

而且您會發現，從帳戶角度來看，這是由小客戶推動的，這真的令人興奮，而 Snap Promote 在這方面是一個非常有用的工具。

But then the overall growth in revenue, of course, is going to come even more from folks as they either grow into the medium advertiser segment or that start out there.

但整體收入的成長當然將更多來自於那些成長為中型廣告客戶群或剛起步的廣告客戶。

And the key there is really about ease of getting started.

而其中的關鍵確實在於易於上手。

So automated campaign set up, helping advertisers choose the right optimization right out of the gate, helping them choose the right measurement solution with automated tooling and then, of course, the ability to realize really good results, and that's where the improved DR ad stack really makes a difference because that's going to be the key in order for us to continue growing the active advertisers and growing the top line.

因此，自動化的廣告活動設定可以幫助廣告主一開始就選擇正確的最佳化方式，幫助他們使用自動化工具選擇正確的測量解決方案，然後當然還能實現真正良好的結果，而這正是改進的 DR 廣告堆疊真正發揮作用的地方，因為這是我們繼續增加活躍廣告商和增加營收的關鍵。

We need to be delivering the returns on advertising expense that folks see that in their ROI, and that's going to have them retain and grow their spend over time.

我們需要提供廣告費用的回報，讓人們看到他們的投資回報率，這將使他們隨著時間的推移保留並增加他們的支出。

So hopefully, that gives you a little context around what we're seeing there on both the upper and the lower funnel.

所以希望，這能讓您對我們在漏斗上部和下部看到的情況有一點了解。

Thank you.

謝謝。

Deepak Mathivanan, Cancer Fitzgerald.

馬蒂瓦南 (Deepak Mathivanan)，《癌症菲茨傑拉德》。

Great.

偉大的。

Thanks for taking the questions.

感謝您回答這些問題。

Two ad product questions.

兩個廣告產品問題。

First on Sponsored Snaps.

首先是贊助快照。

The reach some of the advertisers are seeing on the early campaigns looks very strong.

一些廣告商在早期的廣告活動中看到的覆蓋範圍看起來非常強大。

Can you talk about the go-to-market strategy this year for Sponsor Snap?

您能談談 Sponsor Snap 今年的行銷策略嗎？

How fast can you ramp the adoption of this in 2025?

到 2025 年你能多快推進這項技術的採用？

And then second one on DR ads.

第二個是關於 DR 廣告。

We're seeing companies like Meta and others deploy kind of GPUs to improve relevance beyond areas like creative iterations for their ad products?

我們看到 Meta 等公司正在部署 GPU，以提高其廣告產品創意迭代等領域的相關性？

How do you think about that opportunity to kind of deploy additional compute and drive performance for our Snap DR ad products?

您如何看待為我們的 Snap DR 廣告產品部署額外運算並提升效能的機會？

Thank you very much.

非常感謝。

Yes.

是的。

Thanks so much for the question.

非常感謝您提問。

In terms of Sponsored Snaps, we're really excited about what we're seeing there.

就贊助快照而言，我們對在那裡看到的內容感到非常興奮。

And one of the reasons why is, I think the creative execution by advertisers has been really thoughtful, which is made for a really sort of native and organic feeling experience for folks who have received Sponsored Snaps.

其中一個原因是，我認為廣告商的創意執行非常周到，為收到贊助快照的人提供了一種真正本土化和有機的感覺體驗。

So I think for us, as we look at scaling out demand for Sponsored Snaps, we want to do that in a way that's thoughtful and that really maintains a high bar for relevance.

因此我認為，對於我們來說，當我們考慮擴大對 Sponsored Snaps 的需求時，我們希望以一種深思熟慮的方式來做到這一點，並且真正保持較高的相關性標準。

So we'll be starting with our pixel purchase GBB, where we've got quite a significant diversity of advertisers and wide range of creatives and really holding a high bar for relevance as we bring that product to our auction.

因此，我們將從像素購買 GBB 開始，我們擁有相當多樣化的廣告商和廣泛的創意，並且在我們將該產品帶入拍賣時對相關性有著很高的標準。

So that will be the first step, and we'll learn from that.

這將是第一步，我們將從中學習。

We've already been doing some preliminary testing there. and then, of course, expand to other GBBs over time.

我們已經在那裡做了一些初步測試。然後，當然，隨著時間的推移，擴展到其他 GBB。

As it pertains to our investments in machine learning for our advertising business.

因為這與我們在廣告業務的機器學習方面的投資有關。

This is certainly a huge focus area for the company.

這無疑是該公司關注的重點領域。

Our ad business benefits a lot from the broader ML platform investments we've been making across the company.

我們的廣告業務受益於我們在整個公司範圍內進行的更廣泛的機器學習平台投資。

We're definitely experimenting with things like sequence models and other techniques to drive improved relevance.

我們確實在嘗試序列模型和其他技術來提高相關性。

But some of these other themes like much larger models and fresher models really benefit our advertising business as well in addition to our content business, even though, of course, the corpus of ads is much smaller than the corpus of content that we need to recommend to our community.

但是，除了內容業務之外，其他一些主題，例如更大的模型和更新的模型，也確實使我們的廣告業務受益，儘管廣告語料庫比我們需要向社區推薦的內容語料庫要小得多。

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

我們的問答環節以及 Snap Inc. 2024 年第四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。