Snap Inc (SNAP) 2025 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to Snap Inc.'s second-quarter 2025 earnings conference call. (Operator Instructions)

大家下午好，歡迎參加 Snap Inc. 2025 年第二季財報電話會議。（操作員指示）

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 David Ometer。

Thank you, and good afternoon, everyone. Welcome to Snap's second-quarter 2025 earnings conference call. With us today are Evan Spiegel, Chief Executive Officer and Co-Founder; and Derek Andersen, Chief Financial Officer. 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.

謝謝大家，下午好。歡迎參加 Snap 2025 年第二季財報電話會議。今天與我們一起的有執行長兼聯合創始人 Evan Spiegel 和財務長 Derek Andersen。請造訪我們的投資者關係網站 investor.snap.com，查看今天的新聞稿、收益幻燈片和投資者信函。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。

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

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。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 表或 10-Q 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. 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.

今天的電話會議將包括 GAAP 和非 GAAP 指標。今天的新聞稿中可以找到兩人之間的和解。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.

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。

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

說完這些，我想把電話轉給埃文 (Evan)。

Hi, everybody, and welcome to our call. In Q2, we made exciting progress on our long-term strategy to grow our community, enhance value for advertisers and invest in the future of augmented reality. Enriching relationships between friends and family is central to our mission, and we continue to build products that bring people together and spark conversations among Snapchatters from messaging and maps to personalized content and AR experiences.

大家好，歡迎參加我們的電話會議。在第二季度，我們在發展社群、提升廣告商價值和投資擴增實境未來的長期策略方面取得了令人興奮的進展。豐富朋友和家人之間的關係是我們使命的核心，我們將繼續打造將人們聯繫在一起的產品，並從訊息和地圖到個人化內容和 AR 體驗，激發 Snapchat 用戶之間的對話。

Our team's continuous innovation was evident as we reached 932 million monthly active users in Q2, an increase of 64 million or 7% year over year, moving us closer to our goal of serving 1 billion Snapchatters around the world. Our large and hard-to-reach audience, brand-safe environment and performance advertising platform continues to make us a valuable partner for businesses looking to grow with Gen Z and millennials.

我們團隊的持續創新顯而易見，第二季我們的月活躍用戶數達到 9.32 億，比去年同期增加了 6,400 萬，增幅為 7%，讓我們更接近為全球 10 億 Snapchat 用戶提供服務的目標。我們龐大且難以接觸的受眾、品牌安全的環境和高效的廣告平台使我們繼續成為希望與 Z 世代和千禧世代共同成長的企業的寶貴合作夥伴。

One of the many things that sets Snapchat apart is the unique space to provide Snapchatters to feel free to express their creativity and maintain close relationships without the pressures of public performance. This authentic communication and self-expression is a key differentiator in the crowded digital landscape because it empowers brands to build strong relationships with their audience.

Snapchat 的眾多獨特優勢之一在於它為 Snapchat 用戶提供了獨特的空間，讓他們可以自由地表達自己的創造力，並保持親密的關係，而不受公開表現的壓力。這種真實的溝通和自我表達是擁擠的數位領域中的關鍵區別因素，因為它使品牌能夠與受眾建立牢固的關係。

Revenue increased 9% year over year to reach $1.34 billion in Q2, driven primarily by the continued growth of our small and medium customers and delivery against lower funnel objectives. Snapchat+ approached 16 million subscribers in Q2 and was the primary driver of other revenue, growing 64% year over year to reach an annualized run rate of nearly $700 million.

第二季營收年增 9%，達到 13.4 億美元，主要得益於中小型客戶的持續成長以及低漏斗目標的交付。Snapchat+ 在第二季的用戶數量接近 1,600 萬，成為其他收入的主要推動力，年增 64%，年化營運率達到近 7 億美元。

To build on this momentum, we introduced Lens+, a new Snapchat+ subscription tier that offers access to exclusive new AI video lenses, emoji game lenses as well as early access to new features.

為了保持這一勢頭，我們推出了 Lens+，這是一個新的 Snapchat+ 訂閱層，可使用獨家新 AI 視訊鏡頭、表情符號遊戲鏡頭以及新功能的早期使用權。

We continue to focus on aligning our investments with our core strategic priorities while improving financial performance. In Q2, we delivered $41 million of adjusted EBITDA and generated $24 million of free cash flow as we continue to make progress towards profitability while generating consistent and meaningful free cash flow.

我們將繼續致力於使我們的投資與我們的核心策略重點保持一致，同時提高財務績效。在第二季度，我們實現了 4,100 萬美元的調整後 EBITDA，並產生了 2,400 萬美元的自由現金流，我們繼續朝著盈利的方向前進，同時產生持續且有意義的自由現金流。

We ended the quarter with $2.9 billion in cash and marketable securities, providing financial flexibility to invest in our future. We have made a long-term and consistent investment in augmented reality, committing more than $3 billion over the past 11 years to develop the world's only full stack vertically integrated, augmented reality platform.

本季末，我們擁有 29 億美元現金和有價證券，為投資未來提供了財務靈活性。我們對擴增實境進行了長期持續的投資，在過去的 11 年裡投入了超過 30 億美元來開發世界上唯一的全端垂直整合擴增實境平台。

With one of the world's largest AR developer communities, purpose-built developer tools, proprietary rendering engine, our own highly optimized operating system, our own optical engine, as well as the design of the hardware itself, our tight control over each aspect of the hardware and software allows us to deliver a product experience that is unmatched.

我們擁有世界上最大的 AR 開發者社群之一、專用開發者工具、專有渲染引擎、我們自己高度優化的作業系統、我們自己的光學引擎以及硬體本身的設計，我們對硬體和軟體各個方面的嚴格控制使我們能夠提供無與倫比的產品體驗。

We're excited about our progress as we work to make specs available to the public in 2026. While we are moving quickly to realize the full potential of our business, we believe there is an opportunity to better align Snap's engineering and technology investments with our business priorities.

我們對我們的進展感到非常興奮，因為我們致力於在 2026 年向公眾提供規格。雖然我們正在迅速採取行動以充分發揮我們業務的潛力，但我們相信有機會更好地將 Snap 的工程和技術投資與我們的業務重點結合起來。

We will be distributing our engineering teams to directly support our business assumptions with our core applications team reporting to Bobby Murphy, Co-Founder and Chief Technology Officer; and our monetization engineering team reporting to Ajit Mohan, our Chief Business Officer.

我們將分配我們的工程團隊來直接支持我們的業務假設，我們的核心應用程式團隊向聯合創始人兼首席技術官 Bobby Murphy 匯報；我們的貨幣化工程團隊向我們的首席商務官 Ajit Mohan 匯報。

Our Chief Information Officer and Chief Information Security Officer will report to me and lead enterprise-wide foundational infrastructure and platform integrity. This new distributed structure will empower our teams to take greater ownership and drive continued innovation for our community and advertising partners.

我們的資訊長和資訊安全長將向我報告並領導整個企業的基礎架構和平台完整性。這種新的分散式結構將使我們的團隊能夠承擔更大的責任，並推動我們的社群和廣告合作夥伴的持續創新。

We are grateful to Eric Young, SVP of Engineering for his contributions and wish him all the best as he departs to pursue a new opportunity. Snapping with friends and families at the core of our service, driving daily engagement and long-term retention.

我們感謝工程高級副總裁 Eric Young 所做的貢獻，並祝福他在離開公司尋求新機會時一切順利。與朋友和家人一起拍照是我們服務的核心，推動日常參與和長期保留。

In Q2, we introduced several features to make communication faster, easier and more fun. We launched the Snapchat app on Apple Watch, allowing Snapchatters to preview incoming messages and respond using the keyboard, scribble, dictation or emojis. Leveraging our investments in AI and machine learning, we enhanced group suggestions to help people connect more easily with their closest friends.

在第二季度，我們推出了多項功能，讓溝通變得更快、更輕鬆、更有趣。我們在 Apple Watch 上推出了 Snapchat 應用程序，讓 Snapchat 用戶可以預覽收到的訊息並使用鍵盤、塗鴉、聽寫或表情符號回應。利用我們在人工智慧和機器學習方面的投資，我們增強了群組建議功能，以幫助人們更輕鬆地與最親密的朋友聯繫。

Our video chat feature continues to strengthen real connections with Snapchatters spending 30% more time video chatting year over year in Q2. These updates highlight our ongoing commitment to enriching the Snapchat experience through visual communication and fostering deeper connections amongst our community.

我們的視訊聊天功能持續加強真實的聯繫，Snapchat 用戶在第二季度花在視訊聊天上的時間同比增長了 30%。這些更新凸顯了我們持續致力於透過視覺交流豐富 Snapchat 體驗並促進社群之間更深層的連結。

Global Time spent watching content and the number of content viewers increased year over year in Q2, reflecting the multiyear investment in our machine learning infrastructure and the continued growth in Spotlight. In Q2, we began testing our largest mixed feed model to date, which reduced training time by half and led to an increase in content view time growth. These strategic investments and improvements have been fundamental in Spotlight reaching an average of more than 550 million monthly active users.

第二季度，全球觀看內容的時間和內容觀眾數量同比增長，反映了我們對機器學習基礎設施的多年投資以及 Spotlight 的持續增長。在第二季度，我們開始測試迄今為止最大的混合 feed 模型，這將訓練時間減少了一半，並導致內容觀看時間的成長。這些策略性投資和改進對於 Spotlight 平均每月活躍用戶超過 5.5 億至關重要。

Time spent on Spotlight grew 23% year over year in Q2 and now contributes more than 48% of total time spent watching content. In Q2, we introduced a suite of new tools and features that make it easier for Snap Stars to create and share content.

第二季度，用戶在 Spotlight 上花費的時間年增了 23%，目前佔觀看內容總時間的 48% 以上。在第二季度，我們推出了一套新工具和功能，使 Snap Stars 更容易創建和分享內容。

Creators can now generate videos from their save memories using templates and they have access to new insights like returning viewers, top content and total view time, which will enable creators to optimize their content to deepen their relationship with their audience and receive rewards for posting.

創作者現在可以使用模板從他們保存的記憶中生成視頻，並且他們可以獲得新的見解，例如回訪觀眾、熱門內容和總觀看時間，這將使創作者能夠優化他們的內容以加深與觀眾的關係並獲得發布獎勵。

Over the past year, we onboarded thousands of creators to our Snap Star program, driving strong momentum with the number of Spotlight post by Snap Stars was growing more than 145% year over year in North America in Q2. As part of our efforts to strengthen real-world connections among close friends, we acquired Saturn, a social calendar app that helps high school and college students manage and share their class schedules.

在過去的一年裡，我們吸收了數千名創作者加入我們的 Snap Star 計劃，推動了強勁的發展勢頭，第二季度北美地區 Snap Stars 的 Spotlight 帖子數量同比增長超過 145%。為了加強親密朋友之間現實世界聯繫的努力，我們收購了 Saturn，這是一款社交日曆應用程序，可幫助高中和大學生管理和分享他們的課程表。

Saturn transforms calendaring by orienting it around friends to make time management feel intuitive and fun. Students from over 80% of US high schools use Saturn with their friends to organize their day. We are excited to support Saturn's growth and explore ways to integrate its calendaring expertise into Snapchat in new and innovative ways. Augmented reality continues to empower creativity and drive engagement on Snapchat.

土星透過以朋友為導向來改變日曆，使時間管理變得直觀而有趣。超過 80% 的美國高中學生與朋友一起使用 Saturn 來安排他們的一天。我們很高興支持 Saturn 的發展，並探索以新穎和創新的方式將其日曆專業知識融入 Snapchat 的方法。擴增實境繼續激發創造力並推動 Snapchat 的參與度。

Snapchatters use AR lenses in our camera more than 8 billion times each day and over 400,000 creators from nearly every country have built more than 4 million lenses using our industry-leading AR tools. In Q2, more than 350 million Snapchatters engaged with AR every day on average.

Snapchat 用戶每天使用我們相機中的 AR 鏡頭超過 80 億次，來自幾乎所有國家的 40 多萬名創作者使用我們業界領先的 AR 工具製作了超過 400 萬個鏡頭。第二季度，平均每天有超過 3.5 億 Snapchat 用戶使用 AR。

Our 90s school photos AI lens, Different Eras AI lens and Cartoon World AI lens were collectively viewed over 1 billion times in Q2, highlighting strong engagement with our latest AR experiences powered by generative AI. Much of this momentum is driven by our growing AR creator and developer ecosystem. Lens Studio, our desktop authoring tool has helped foster a global community of professional developers by giving them powerful tools to create innovative AR experiences.

我們的 90 年代校園照片 AI 鏡頭、不同時代 AI 鏡頭和卡通世界 AI 鏡頭在第二季度的總觀看次數超過 10 億次，突顯了我們由生成式 AI 驅動的最新 AR 體驗的強烈參與度。這一勢頭很大程度上是由我們不斷成長的 AR 創作者和開發者生態系統所推動的。我們的桌面創作工具 Lens Studio 透過為專業開發者提供強大的工具來創造創新的 AR 體驗，幫助培育了一個全球專業開發者社群。

We have made AR creation increasingly more accessible with Easy Lens, an AI tool that empowers Lens creators to build a Lens in just minutes by typing out a prompt for the Lens that they want to create. In Q2, we expanded access with the introduction of the Lens Studio iOS app and a new web-based Lens studio creation tool at lenstudio.snapchat.com.

我們透過 Easy Lens 讓 AR 創作變得越來越容易，Easy Lens 是一種 AI 工具，它使鏡頭創作者只需輸入他們想要創建的鏡頭的提示，即可在幾分鐘內構建一個鏡頭。在第二季度，我們透過推出 Lens Studio iOS 應用程式和 lenstudio.snapchat.com 上的基於網路的全新 Lens Studio 創建工具擴大了存取權限。

While the desktop version of Lens Studio remains the primary tool for professional developers creating advanced and more sophisticated AR experiences across Snapchat, partner apps and spectacles, these new tools are designed to help more people at all skill levels get started with AR. To support creators building Lens games, our latest Lens studio update includes new features that simplify development.

雖然 Lens Studio 的桌面版本仍然是專業開發人員在 Snapchat、合作夥伴應用程式和眼鏡上創建高級和更複雜的 AR 體驗的主要工具，但這些新工具旨在幫助更多不同技能水平的人開始使用 AR。為了支援創作者建構 Lens 遊戲，我們最新的 Lens Studio 更新包含簡化開發的新功能。

These include the new Bitmoji suite for enhanced personalization and animation that makes it easier to bring 3D Bitmoji avatars to any game environment, along with new game assets, including leaderboards and multiplayer features built specifically for Snapchat.

其中包括用於增強個人化和動畫的新 Bitmoji 套件，可以更輕鬆地將 3D Bitmoji 頭像帶入任何遊戲環境，以及新的遊戲資產，包括專為 Snapchat 構建的排行榜和多人遊戲功能。

As a result, games engagement on Snapchat has continued to grow, now reaching more than 175 million monthly active users, up over 40% year over year. We believe games represent a compelling long-term opportunity for driving engagement on Snapchat and eventually new monetization opportunities for creators and our business.

因此，Snapchat 上的遊戲參與度持續成長，目前每月活躍用戶已超過 1.75 億，較去年同期成長超過 40%。我們相信，遊戲代表著推動 Snapchat 參與度的極具吸引力的長期機會，並最終為創作者和我們的業務帶來新的獲利機會。

In Q2, we announced plans to publicly launch our first fully stand-alone lightweight Specs AR glasses in 2026, marking an exciting milestone for our company and a critical step toward realizing our long-term vision for augmented reality. Snap is uniquely positioned as the only company in the world with a fully integrated AR computing stack. Our upcoming Specs represent a leap forward in human-centered computing.

在第二季度，我們宣布計劃在 2026 年公開推出我們的首款完全獨立的輕量級 Specs AR 眼鏡，這標誌著我們公司激動人心的里程碑，也是實現增強現實長期願景的關鍵一步。Snap 擁有獨特的優勢，是全球唯一擁有完全整合 AR 運算堆疊的公司。我們即將推出的規格代表著以人為本的運算領域的飛躍。

It will be significantly smaller, lighter and more capable than our fifth-generation spectacles released to developers in 2024. By combining advanced machine learning and AI with spatial intelligence, Specs enable users to interact with computing in fundamentally new ways, delivering digital experiences embedded directly into the world around us.

與我們 2024 年向開發人員發布的第五代眼鏡相比，它將更小、更輕、更強大。透過將先進的機器學習和人工智慧與空間智慧相結合，Specs 使用戶能夠以全新的方式與運算進行交互，將數位體驗直接嵌入到我們周圍的世界中。

Our developer community continues to build new and compelling use cases and creative lenses for Specs. Recently launched Lenses for Specs include Gowaaa's Super Travel for real-time translation and currency conversion, Paradiddle's Drumkit for interactive music learning overlaid on a physical drum set, and ANRK's pool assist to help players make better shots while playing pool.

我們的開發者社群繼續為 Specs 建立新的、引人注目的用例和創意鏡頭。最近推出的 Specs 鏡頭包括 Gowaaa 的 Super Travel（用於即時翻譯和貨幣轉換）、Paradiddle 的 Drumkit（用於在實體鼓組上疊加互動音樂學習）以及 ANRK 的台球輔助（幫助玩家在打台球時打出更好的球）。

These examples demonstrate how specs seamlessly integrate computing experiences into 3-dimensional space, enabling practical utilities, enriching educational experiences and fostering imaginative new forms of entertainment.

這些範例展示了規範如何將計算體驗無縫整合到三維空間中，從而實現實用功能、豐富教育體驗並培育富有想像的新娛樂形式。

To build on this momentum, we introduced updates to Snap OS and new tools to unlock deeper AR capabilities. AI-powered experiences with OpenAI and Gemini on Google Cloud in addition to hosted open source models, now enable the creation of sophisticated multimodal AI-powered lenses.

為了保持這一勢頭，我們推出了 Snap OS 更新和新工具來解鎖更深層的 AR 功能。除了託管的開源模型之外，Google Cloud 上的 OpenAI 和 Gemini 的 AI 驅動體驗現在還可以創建複雜的多模式 AI 驅動鏡頭。

Additionally, our new automated speech recognition API supports real-time transcription across dozens of languages and the Snap 3D API empowers developers to generate 3D objects on the fly from any prompt. Future enhancements, including a new partnership with Niantic Spatial to develop a shared AI-powered map of the world and our recently announced WebXR support will further expand the utility and accessibility of our AR platform and help our developer community build more unique industry-leading experiences in advance of the public launch of specs next year.

此外，我們新的自動語音辨識 API 支援數十種語言的即時轉錄，Snap 3D API 使開發人員能夠根據任何提示動態產生 3D 物件。未來的增強功能包括與 Niantic Spatial 建立新的合作夥伴關係以開發共享的 AI 驅動的世界地圖，以及我們最近宣布的 WebXR 支持，這將進一步擴展我們的 AR 平台的實用性和可訪問性，並幫助我們的開發者社區在明年公開發布規格之前構建更多獨特的行業領先體驗。

We have made significant progress across our advertising platform by focusing on three core priorities: advancing our AI and ML capabilities with privacy safe signals, optimizing ad formats and tools for performance and improving our go-to-market strategy with a strong focus on SMBs.

我們透過專注於三個核心優先事項，在整個廣告平台上取得了重大進展：透過隱私安全訊號來提升我們的人工智慧和機器學習能力，優化廣告格式和工具以提高效能，並改善我們的市場進入策略，重點關注中小企業。

In Q2, we further enhanced our AI and ML capabilities, leading to meaningful improvements in ad platform performance, particularly in conversion attribution, real-time personalization and product relevance. This contributed to 70 purchase volume increasing 39% year over year for commerce advertisers and total purchase-related ad revenue growing more than 25% year over year in Q2.

在第二季度，我們進一步增強了我們的人工智慧和機器學習能力，從而顯著提高了廣告平台的效能，特別是在轉換歸因、即時個人化和產品相關性方面。這導致商業廣告商的購買量在第二季度同比增長 39%，並且與購買相關的廣告總收入同比增長超過 25%。

We continue to innovate on our ad offerings. And in June, we expanded Sponsored Snaps in the US and several other regions globally, activating all Pixel and app DR objectives.

我們不斷創新我們的廣告產品。6 月份，我們在美國和全球其他幾個地區擴展了 Sponsored Snaps，啟動了所有 Pixel 和應用程式 DR 目標。

We also introduced First Snap, a single-day takeover format that delivers the first Sponsored Snap in a chat inbox. Sponsored Snaps enable advertisers to show up like a Snapchatter helping them build authentic relationships with our community.

我們還推出了 First Snap，這是一種單日接管格式，可在聊天收件匣中提供第一個贊助 Snap。贊助 Snaps 使廣告商能夠像 Snapchatter 一樣出現，幫助他們與我們的社群建立真實的關係。

Sponsored Snaps are proving highly effective in driving incremental conversions, delivering up to a 22% increase when included in an advertiser's broader Snap campaign mix. Sponsored Snaps represent a significant new pool of inventory for our advertising business and an opportunity to reach our unique audience directly and natively within our highest engagement surface, the chat and box.

事實證明，贊助 Snap 在推動增量轉換方面非常有效，當納入廣告主更廣泛的 Snap 廣告活動組合時，可帶來高達 22% 的成長。贊助 Snap 為我們的廣告業務帶來了重要的新庫存，並讓我們有機會透過我們參與度最高的介面（聊天和框）直接、原生地接觸我們的獨特受眾。

In the near term, this is delivering ROI for advertisers in the form of incremental reach and additional conversions that we believe will translate into incremental top line growth over time as we build demand and continue to enhance the performance of this new product.

在短期內，這將以增量覆蓋範圍和額外轉化的形式為廣告商帶來投資回報，我們相信，隨著我們建立需求並繼續提高這款新產品的性能，這些投資回報將隨著時間的推移轉化為增量收入成長。

We continue to make meaningful progress in app direct response performance. Notably, Sponsored Snaps are now driving an 18% lift in unique converters across app installs and app purchases. We recently began testing app [N cards] that reinforce advertiser messaging and guide users to a conversion at the end of the Snap app and are delivering a 19% average boost in scan installs.

我們在應用程式直接回應效能方面繼續取得有意義的進展。值得注意的是，贊助快照現在推動應用程式安裝和應用程式購買的獨立轉換者數量提升了 18%。我們最近開始測試應用程式 [N cards]，它可以強化廣告商資訊並引導用戶在 Snap 應用程式結束時進行轉換，並使掃描安裝量平均提升 19%。

In addition, we have delivered core ML improvements and introduce smarter tools like target cost bidding to deliver performance and scale while remaining within an advertiser's cost constraints. Our investment in automation continued the launch of Snapchat Smart campaign solutions, an AI-powered suite designed to enhance campaign performance and simplify advertiser workflows.

此外，我們還提供了核心 ML 改進，並引入了目標成本競價等更聰明的工具，以在廣告商的成本限制內提供效能和規模。我們對自動化的投資延續了 Snapchat Smart 廣告活動解決方案的推出，這是一款由人工智慧驅動的套件，旨在提高廣告活動效果並簡化廣告商工作流程。

It includes smart bidding, which dynamically adjusted bids to achieve a desired cost per action. For example, I CAN I WILL, a leading European sportswear brand saw their ROAs double and conversion volume increased by 80% while reducing their cost per action by 50% after implementing smart bidding. We are also encouraged by initial testing of smart budget, which automatically adjusts campaign budgets across assets and the alpha testing of auto targeting, which leverages AI to identify and reach high-value users.

它包括智慧競價，可以動態調整出價以實現所需的每次行動成本。例如，歐洲領先的運動服飾品牌 I CAN I WILL 在實施智慧競價後，其 ROA 翻了一番，轉換量增加了 80%，同時每次行動成本降低了 50%。我們也對智慧預算的初步測試感到鼓舞，智慧預算可以自動調整跨資產的廣告系列預算，並且自動定位的 alpha 測試利用人工智慧來識別和接觸高價值用戶。

We continue to enhance our go-to-market operations in Q2 with particular focus on better serving our growing community of SMB advertising partners. SMBs were the largest contributor to ad revenue growth in Q2, driven by a combination of more performant DR products, improved go-to-market operations and a simplified ad buying experience.

我們在第二季度持續加強行銷業務，特別注重更好地服務於不斷成長的中小企業廣告合作夥伴群體。中小企業是第二季廣告收入成長的最大貢獻者，這得益於更高效能的 DR 產品、改進的上市營運和簡化的廣告購買體驗。

For example, Wizbii Money, an online financial services tool in France, leverage smart bidding on Snapchat to significantly lower their cost per acquisition, resulting in a 77% improvement in eCPM and a 69% improvement in cost per click, making Snapchat one of their top-performing acquisition channels.

例如，法國線上金融服務工具 Wizbii Money 利用 Snapchat 上的智慧競價大幅降低了每次獲取成本，使 eCPM 提高了 77%，每次點擊成本提高了 69%，使 Snapchat 成為其表現最佳的獲取管道之一。

Looking ahead, we see significant opportunities to further enhance return on advertising spend by deepening our investments in AI and machine learning, delivering innovative ad formats across the entire funnel, and enhancing the tools and insights that help our advertising partners optimize their campaigns. These ongoing efforts are aimed at ensuring Snapchat remains a high-performing and increasingly automated platform for all of our advertising partners.

展望未來，我們看到了進一步提高廣告支出回報率的巨大機遇，透過深化對人工智慧和機器學習的投資，在整個管道中提供創新的廣告格式，以及增強幫助我們的廣告合作夥伴優化其廣告活動的工具和洞察力。這些持續的努力旨在確保 Snapchat 繼續成為我們所有廣告合作夥伴的高效能且日益自動化的平台。

With that, I'd like to turn it over to Derek to share more about our financial progress.

說到這裡，我想讓德瑞克來分享更多關於我們財務進展的情況。

Thanks, Evan. We continue to drive robust growth in our global community in Q2, with DAU reaching $469 million an increase of $37 million or 9% year over year, including $98 million DAU in North America, $100 million in Europe and $271 million in Rest of World. North America MAU was $159 million in Q2 and flat on a year-over-year basis, while North America unique Snap senders grew 2% year over year, which is an important input to long-term retention.

謝謝，埃文。我們在第二季度繼續推動全球社區的強勁成長，DAU 達到 4.69 億美元，年增 3,700 萬美元，即 9%，其中北美 DAU 為 9,800 萬美元，歐洲為 1 億美元，世界其他地區為 2.71 億美元。第二季北美月活躍用戶為 1.59 億美元，與去年同期持平，而北美獨立 Snap 發送者數量較去年同期成長 2%，這對於長期留存至關重要。

As our global community continues to grow, we have continued to scale our top line with total revenue reaching $1.345 billion in Q2 and up 9% year over year. Our rate of top-line growth was impacted by a number of factors in Q2, including an issue related to our ad platform, the timing of Ramadan and the effects of the de minimis changes.

隨著我們的全球社區不斷壯大，我們的營業收入也不斷擴大，第二季總收入達到 13.45 億美元，年增 9%。我們第二季的營收成長率受到多種因素的影響，包括與我們的廣告平台相關的問題、齋戒月的時間以及最低限度變化的影響。

Unfortunately, in our efforts to improve advertiser performance, we shipped a change that caused some campaigns to clear the auction at substantially reduced prices. We have since reverted this change and advertising revenue growth has improved as advertisers adjust their bid strategies to achieve their objectives.

不幸的是，為了提高廣告商的業績，我們做出了一個改變，導致一些廣告活動以大幅降低的價格完成拍賣。此後，我們恢復了這一變化，隨著廣告商調整出價策略以實現其目標，廣告收入成長有所提高。

Despite these headwinds, advertising revenue reached $1.174 billion in Q2, up 4% year over year, driven primarily by growth from DR advertising revenue, which increased 5% year over year. The growth in DR revenue was driven by strong demand for our Pixel purchase and app purchase optimizations as well as continued strength from the SMB client segment. We continue to benefit from strong Spotlight and creator stories engagement in Q2 as well as early contributions from Sponsored Snaps.

儘管面臨這些不利因素，第二季廣告收入仍達到 11.74 億美元，年增 4%，主要得益於 DR 廣告收入的成長，該收入年增 5%。DR 營收的成長得益於我們對 Pixel 購買和應用程式購買最佳化的強勁需求以及 SMB 客戶群的持續強勁成長。我們繼續受益於第二季強大的 Spotlight 和創作者故事參與度以及贊助 Snaps 的早期貢獻。

And these factors contributed to total impressions growth of 15% year over year and our average eCPM declining 10% year over year. As we continue to build demand across these new drivers of impression growth, we anticipate that they will be increasingly accretive to top line growth over time.

這些因素導致總展示次數較去年同期成長 15%，而平均 eCPM 較去年同期下降 10%。隨著我們繼續在這些新的印象增長驅動力上建立需求，我們預計隨著時間的推移，它們將越來越多地促進收入成長。

Sponsored Snaps remain a large incremental revenue opportunity as they appear on the most frequently used surface in Snapchat. While we have implemented strict frequency caps to responsibly manage the rollout for our community, Sponsored Snaps are contributing to meaningful impression growth and incremental reach in our most highly monetized markets thus far in Q3. This increased supply has initially reduced auction contestation and lowered platform-wide eCPMs.

由於贊助 Snapchat 出現在 Snapchat 最常用的介面上，因此仍然是一個巨大的增量收入機會。雖然我們實施了嚴格的頻率上限，以負責任地管理我們社區的推廣，但贊助快照在第三季度迄今為止在我們貨幣化程度最高的市場中促進了有意義的印象增長和增量覆蓋範圍。供應量的增加最初減少了拍賣競爭並降低了整個平台的有效每千次展示費用 (eCPM)。

We expect that these impressions will lead to improved performance for advertisers that will help to build incremental demand and make Sponsored Snaps increasingly accretive to top line growth over time. Other revenue increased 64% year over year to reach $171 million in Q2 with the largest driver being Snapchat+ subscribers approaching 16 million in Q2, an increase of 42% year over year.

我們預計，這些印象將為廣告主帶來業績提升，有助於創造增量需求，並使贊助快照隨著時間的推移逐漸增加收入成長。其他營收年增 64%，達到 1.71 億美元，其中最大的推動力是 Snapchat+ 用戶數量在第二季度接近 1,600 萬，年增 42%。

To build on the momentum we are seeing in our subscription products, we introduced Lens+ in Q2, which is a new Snapchat subscription tier, offering access to new and exclusive lenses. Adjusted cost of revenue was $650 million in Q2, up 11% year over year. Infrastructure costs were the largest driver of the year-over-year increase due in large part to our investments in ML and AI models to drive improved advertiser performance and content personalization as well as the continued strong growth in our global community.

為了延續我們訂閱產品的發展勢頭，我們在第二季度推出了 Lens+，這是一個新的 Snapchat 訂閱層，提供對全新獨家鏡頭的存取權。第二季調整後的營收成本為 6.5 億美元，年增 11%。基礎設施成本是年成長的最大驅動力，這在很大程度上歸功於我們對機器學習和人工智慧模型的投資，以推動廣告商績效和內容個人化的提升，以及全球社群的持續強勁成長。

Infrastructure costs per DAU was $0.84 in Q2 and within our full year guidance range of $0.82 to $0.87. The remaining components of adjusted cost of revenue were $257 million in Q2 or 19% of revenue, which is in line with the prior quarter and within our full year cost structure guidance range of 19% to 20%. Adjusted operating expenses were $654 million in Q2, up 10% year over year.

第二季每日活躍用戶基礎設施成本為0.84美元，符合我們全年0.82美元至0.87美元的指引範圍。第二季調整後營收成本的其餘部分為2.57億美元，佔營收的19%，與上一季持平，也符合我們全年19%至20%的成本結構指引範圍。第二季調整後的營運費用為 6.54 億美元，年增 10%。

Personnel costs increased 10% year over year, driven by a 10% year-over-year increase in full-time headcount, with hiring focused on our core strategic priorities, including improvements to our ad platform and advertising performance, our efforts to drive more personalized and fresh content and the drive to expand our leadership in AR. Higher legal costs, including litigation and regulatory compliance-related costs were an additional driver of cost growth in Q2.

人力成本年增 10%，主要由於全職員工數量同比增長 10%，招聘主要集中在我們的核心戰略重點上，包括改進我們的廣告平台和廣告效果、努力推動更加個性化和新鮮的內容以及擴大我們在 AR 領域的領導地位。更高的法律成本（包括訴訟和監管合規相關成本）是第二季成本成長的另一個驅動因素。

Adjusted EBITDA was $41 million in Q2 compared to $55 million in Q2 of the prior year. Net loss was $263 million in Q2 compared to a net loss of $249 million in Q2 of the prior year. The $14 million higher net loss year over year largely reflects the flow-through of a $14 million decline in adjusted EBITDA, a $22 million increase in interest expense offset by a $16 million improvement associated with the early retirement of convertible notes in Q2 of last year.

第二季調整後 EBITDA 為 4,100 萬美元，而去年同期為 5,500 萬美元。第二季淨虧損為 2.63 億美元，去年同期淨虧損為 2.49 億美元。淨虧損年增 1,400 萬美元，主要反映了調整後 EBITDA 下降 1,400 萬美元，利息支出增加 2,200 萬美元，但被去年第二季提前贖回可轉換票據帶來的 1,600 萬美元改善所抵消。

Free cash flow was $24 million in Q2, while operating cash flow was $88 million. Over the trailing 12 months, free cash flow was $392 million, and operating cash flow was $587 million as we continue to balance investments with top line growth to deliver sustained positive cash flow.

第二季自由現金流為 2,400 萬美元，而經營現金流為 8,800 萬美元。在過去的 12 個月中，自由現金流為 3.92 億美元，營運現金流為 5.87 億美元，因為我們繼續平衡投資和營收成長，以實現持續的正現金流。

Dilution or the year-over-year growth in our share count was 1.6% in Q2. As part of our efforts to responsibly manage the impact of SBC on our share count, we repurchased 30 million shares at a cost of $243 million in Q2. We ended Q2 with $2.9 billion in cash and marketable securities on hand.

我們第二季的股票稀釋度或年成長率為 1.6%。作為我們負責任地管理 SBC 對我們股票數量的影響的努力的一部分，我們在第二季度以 2.43 億美元的成本回購了 3000 萬股。我們在第二季結束時持有 29 億美元現金和有價證券。

We believe that our robust free cash flow generation and the strength of our balance sheet, ensure that our business has the capital and financial flexibility to invest in our core strategic priorities to drive long-term growth. As we enter Q3, we anticipate continued growth of our global community.

我們相信，強勁的自由現金流產生和強勁的資產負債表確保我們的業務擁有資本和財務靈活性，可以投資於我們的核心策略重點，從而推動長期成長。進入第三季度，我們預計全球社區將繼續成長。

And as a result, our Q3 guidance is built on the assumption that DAU will be approximately $476 million in Q3. Our Q3 guidance range for revenue is $1.475 billion to $1.505 billion. We believe it is prudent to continue to balance our level of investment with realized revenue growth and are updating our full year cost structure guidance to reflect our current investment plans.

因此，我們對第三季的預測是基於第三個季度 DAU 約為 4.76 億美元的假設。我們對第三季營收的預期範圍是 14.75 億美元至 15.05 億美元。我們認為，繼續平衡我們的投資水準和實現的收入成長是明智之舉，並且正在更新我們的全年成本結構指導以反映我們當前的投資計劃。

For infrastructure cost per DAU, we maintain our full year guidance range of $0.82 to $0.87 per quarter, and anticipate we will be in the top half of this range in Q3 as we continue to prioritize investments in ML and AI infrastructure to drive improvements in our ad platform and depth of content engagement. For all other cost of revenue, we maintain our full year cost guidance at 19% to 20% of revenue and anticipate we will be within this range in Q3.

對於每 DAU 基礎設施成本，我們維持全年指引範圍為每季 0.82 美元至 0.87 美元，並預計第三季將處於該範圍的上半部分，因為我們將繼續優先投資 ML 和 AI 基礎設施，以推動廣告平台的改進和內容參與的深度。對於所有其他收入成本，我們將全年成本預期維持在收入的 19% 至 20%，並預計第三季將處於此範圍內。

For adjusted operating expenses, we are maintaining our range of $2.65 billion to $2.7 billion. For stock-based compensation, we are lowering our full year cost guidance from the prior range of $1.13 billion to $1.16 billion to a new range of $1.1 billion to $1.13 billion, which implies a $30 million reduction at the midpoint. Given our updated full year cost guidance and our investment plans for Q3, we estimate that adjusted EBITDA will be between $110 million and $135 million in Q3.

對於調整後的營運費用，我們維持在 26.5 億美元至 27 億美元的範圍內。對於股票薪酬，我們將全年成本預期從先前的 11.3 億美元至 11.6 億美元下調至新的 11 億美元至 11.3 億美元，這意味著中間值減少 3,000 萬美元。根據我們更新的全年成本指引和第三季的投資計劃，我們估計第三季調整後的 EBITDA 將在 1.1 億美元至 1.35 億美元之間。

Moving forward, we will remain focused on executing against our strategic priorities of growing our community and improving depth of engagement, driving top-line revenue growth and diversifying our revenue sources and building towards our long-term vision for augmented reality.

展望未來，我們將繼續專注於執行我們的策略重點，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，並朝著擴增實境的長期願景邁進。

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) Ross Sandler, Barclays.

（操作員指示）巴克萊銀行的羅斯·桑德勒。

All right, guys. Just one question and one housekeeping question. I guess that's two total. So you sound pretty optimistic about what you're seeing early on with Sponsored Snaps. We know that's a big opportunity given how much traffic that surface sees within the app. So could you talk about what you saw in 2Q and the longer-term vision for this new ad unit?

好吧，夥計們。只有一個問題和一個常規問題。我想總共是兩個。因此，您對早期在 Sponsored Snaps 上看到的情況相當樂觀。考慮到應用程式內部的流量，我們知道這是一個巨大的機會。那麼，您能談談您在第二季度看到的情況以及對這個新廣告部門的長期願景嗎？

And then the housekeeping question is on the auction pricing issue in the quarter, could you just elaborate on what happened there? And what would ad revenue grown had that not happened? Thanks a lot.

然後，關於本季拍賣定價問題的內部問題，您能詳細說明一下發生了什麼嗎？如果沒有發生這種情況，廣告收入會成長多少？多謝。

Hey, Ross. Thanks so much for the question. The rollout of Sponsored Snaps is definitely a very meaningful and profound evolution of our ad business because Sponsored Snaps really bring a native and highly performant ad placement to the most frequently used surface in Snapchat.

嘿，羅斯。非常感謝您的提問。贊助快照的推出無疑是我們廣告業務的一次非常有意義且深刻的演變，因為贊助快照確實為 Snapchat 中最常用的介面帶來了原生且高效能的廣告展示位置。

So far, Sponsored Snaps have driven meaningful growth in both incremental reach and conversion for advertisers who utilize the placement. And we've been seeing some really great engagement from users as well.

到目前為止，贊助快照已為利用該展示位置的廣告商帶來了增量覆蓋率和轉換率的顯著增長。我們也看到了用戶們的積極參與。

So after opening a Sponsored Snap from the chat feed, users exhibit significantly higher engagement per full screen ad view, driving a 2 times increase in conversion, a 5x increase in click to convert ratios and a 2x increase in website dwell times compared to other inventories.

因此，在從聊天訊息流中開啟贊助快照後，用戶在每次全螢幕廣告觀看時表現出更高的參與度，與其他廣告資源相比，轉換率提高了 2 倍，點擊轉換率提高了 5 倍，網站停留時間提高了 2 倍。

So I think the early signs are very positive. Of course, this is a profound shift in terms of available inventory on the service. So we tried to be really thoughtful about managing the supply growth with things like frequency caps and relevancy filters as we work to build more demand against this new inventory. I'll let Derek speak to the revenue pacing throughout the quarter.

所以我認為早期跡象非常積極。當然，這對於服務可用庫存而言是一個深刻的轉變。因此，我們嘗試認真考慮如何透過頻率上限和相關性過濾器等方法來管理供應成長，以便針對這項新庫存創造更多需求。我會讓德里克談談整個季度的營收成長情況。

Hey there, Ross, it's Derek speaking. So I think digging in on the impact in the quarter on the revenue, there are really multiple factors that we looked at in the quarter. One of them certainly is the one you mentioned around the ad platform. We also had a factor around the timing of Ramadan, which was less of a benefit in Q2 than in the prior year. And as well, there was the impact of the de minimis changes in the quarter.

嘿，羅斯，我是德瑞克。因此，我認為深入研究本季對收入的影響時，我們確實考慮了多個因素。其中之一肯定就是您提到的有關廣告平台的問題。我們也考慮了齋戒月時間因素，這對第二季度的利好作用不如去年同期。此外，本季的最低限度變化也產生了影響。

So each of those were a factor. I think maybe one of the things that could help a little bit in terms of understanding the relative impact of things would be to talk about the topography of ad revenue growth specifically over the last number of months as some of these shifts have come into the business.

所以這些都是一個因素。我認為，在理解事物的相對影響方面，也許有一件事會有所幫助，那就是談論廣告收入成長的格局，特別是過去幾個月，因為一些變化已經出現在業務中。

So if you recall, we grew ad revenue at a rate of approximately 9% in Q1. And what we saw in April is that ad revenue growth declined to approximately 1% before largely recovering as we move through May and what you saw in May is, number one, we've gone to the work of reverting the ad platform change, but also the factor around Ramadan obviously being diminished during that period of time. So we saw the recoveries we went through May.

如果你還記得的話，我們第一季的廣告收入成長率約為 9%。我們在 4 月看到的是，廣告收入成長率下降到 1% 左右，然後在 5 月大幅回升，你在 5 月看到的是，首先，我們已經開始恢復廣告平台的變更，但齋戒月期間的因素顯然有所減弱。因此，我們在五月看到了復甦。

That really gave us the confidence to be able to roll out Sponsored Snaps more broadly, both from a regional and bidding objective perspective as we moved into June. And so that's where we've seen a little bit of the impact of all of this inventory that Evan just spoke about and how that's translated into lower platform-wide eCPMs and some of obviously improved pricing for our advertisers where a lot of that benefit is occurring at the moment.

這確實給了我們信心，讓我們能夠在進入六月時從區域和競價客觀角度更廣泛地推出贊助快照。這就是我們看到的 Evan 剛才提到的所有這些庫存的影響，以及這些影響如何轉化為整個平台的更低 eCPM，以及一些對我們的廣告商來說明顯更好的定價，目前很多好處正在顯現。

So the big focus at this point is building demand we have seen post the rollback of the ad change as we moved through June and into July. We've seen ad revenue specifically growing at a rate between 3% to 4% so give you a sense of how the topography moved from 9% in Q1 to approximately 1% ad revenue in April than to a rate of recovering largely in May and then we're looking at 3% to 4% plus the roll back to that change. So hopefully, that gives you a better sense of how things have evolved as we've moved through these different factors.

因此，目前的重點是建立需求，我們已經看到在六月和七月期間廣告變化回滾後的需求。我們看到廣告收入的成長速度在 3% 到 4% 之間，因此您可以了解一下，廣告收入的成長情況是如何從第一季的 9% 下降到 4 月的約 1%，然後在 5 月大幅回升，然後我們預計成長率將達到 3% 到 4%，並回落到這一變化水平。所以希望這能讓您更了解我們在處理這些不同因素時事態是如何發展的。

And we're excited now about ramping the demand into these new ad units and the performance that we're delivering for ad partners with this new inventory. Hopefully, that's helpful.

我們現在對這些新廣告單元的需求以及我們利用這些新庫存為廣告合作夥伴提供的表現感到非常興奮。希望這會有所幫助。

Thank you.

謝謝。

Rich Greenfield, LightShed Partners.

Rich Greenfield，LightShed Partners。

I guess just to play off on -- let me just do a housekeeping first. You obviously just -- we're talking about a lot of the factors that hit DR, Derek, in that last answer. Could you give us a sense of what brand looks like? Obviously, I assume most of the impact that we saw on the bidding related to DR and that dropped from mid-teens to like 5% this quarter. If you could just give us a sense of like what's happening with brand advertising because I don't think you disclosed it this quarter versus the past.

我想只是為了開個玩笑——讓我先做點家事。顯然，你只是——我們在最後一個答案中討論了很多影響 DR 的因素，德里克。可以為我們介紹一下這個品牌是什麼樣子的嗎？顯然，我認為我們看到的競標影響主要與 DR 有關，而本季這一影響從 15% 左右下降到了 5% 左右。如果您能讓我們了解品牌廣告的現狀，因為我認為您本季沒有揭露與過去相比的情況。

And then maybe just a big picture question for Evan. I think watching you have -- you've spoken on a bunch of podcasts. You've been -- done a bunch of interviews in the last several months. you clearly have a true passion for what you're building in AR and Specs, which you're going to roll out next year. If you could just maybe spend a minute, we've obviously heard both Meta and Google talked about their plans for AR and glasses in the last several weeks.

然後也許這只是對 Evan 的一個宏觀問題。我認為你已經在很多播客上發表過演講。在過去的幾個月裡，您接受過很多次採訪。您顯然對自己在 AR 和 Specs 領域所做的事情充滿熱情，而這些產品您將在明年推出。如果您能花一點時間，我們顯然已經聽說 Meta 和 Google 在過去幾週談論了他們對 AR 和眼鏡的計劃。

How does Snap's approach fundamentally differ? And then the piece of that is do you have the capital to pursue the vision on your own? Or do you need partners to bring this to fruition as you move forward? Thank you so much for taking the questions.

Snap 的方法有何根本不同？那麼問題來了，你是否有足夠的資本去獨自追求這個願景？或者您需要合作夥伴來幫助您在前進的過程中實現這一目標？非常感謝您回答這些問題。

Hey, Rich. Thanks for the questions. I'll take the first one. So yeah, correct. The majority of the deceleration quarter-over-quarter showed up in the DR advertising revenue. So we saw total ad revenue in Q2 was at 4% year over year we saw the DR ad revenue up 5% year over year, as you had mentioned. And brand advertising revenue was flat in Q2.

嘿，里奇。感謝您的提問。我要第一個。是的，正確。季度環比下降主要體現在 DR 廣告收入。因此，我們看到第二季的總廣告收入比去年同期成長了 4%，而 DR 廣告收入則年增了 5%，正如您所說。第二季度品牌廣告收入持平。

So that slight improvement over the growth rate in the prior quarter. So Hopefully, that gives you a little bit of the sense of the topography of the revenue between the different splits there of DR brand. And obviously, in terms of the auction impact issue, yes, that accrued largely to the DR advertising line. So hopefully, that provides a little more context.

因此與上一季的成長率相比略有提高。所以希望這能讓您稍微了解一下 DR 品牌不同部分之間的收入分佈。顯然，就拍賣影響問題而言，是的，這主要歸咎於 DR 廣告線。希望這能提供更多的背景資訊。

Thanks, Rich, for the question. Yes. We're incredibly passionate about the opportunity to reinvent the computer. People are spending more than seven hours a day now, on average, staring down screens. And I think even just moving a couple of hours of that to looking out at the world through see-through lenses and a pair of glasses can make a meaningful difference for people's well-being, but also the way they interact with computing and in AI in general.

謝謝 Rich 提出這個問題。是的。我們對重新發明計算機的機會充滿熱情。現在人們平均每天花七個多小時盯著螢幕。我認為，即使只是花幾個小時透過透明鏡片和眼鏡看世界，也能對人們的幸福感產生重大影響，同時也能改變人們與運算和人工智慧互動的方式。

So the opportunity is enormous. Obviously, this is a space we've been committed to. Actually, since before Snapchat had chat, so more than, I guess, 11 years now. And I think really fortunately, that's given us the time to compound our technical advantage and to build out our fully vertically integrated stack.

所以機會是巨大的。顯然，這是我們一直致力於的領域。實際上，自從 Snapchat 有聊天功能以來，我猜已經有 11 年多了。我認為真正幸運的是，這給了我們時間來鞏固我們的技術優勢並建立我們完全垂直整合的堆疊。

Obviously, to be able to achieve the performance in such a small form factor, really controlling every aspect of the stack from the developer tools to the rendering engine to the operating system to the optical engine really helps us deliver, I think, a really compelling product experience.

顯然，為了能夠在如此小的尺寸下實現這樣的性能，真正控制從開發人員工具到渲染引擎到操作系統到光學引擎的堆疊的每個方面確實有助於我們提供真正引人注目的產品體驗。

And of course, we benefit from the huge developer ecosystem we have today. People use Lenses and Snapchat more than 8 billion times every day. There's hundreds of thousands of developers who have built millions of Lenses.

當然，我們也受益於當今龐大的開發者生態系統。人們每天使用 Lenses 和 Snapchat 超過 80 億次。有數十萬的開發人員已經開發了數百萬個鏡頭。

And so I think to already have such a strong driving developer community, I think, is a real advantage for us as we prepare for this launch next year. I think as it pertains to the capital requirements, I guess what, over the last trailing 12 months, we've generated close to $400 million in free cash flow while investing in our long-term vision for Specs and really reinventing computing.

因此，我認為，擁有如此強大的開發者社區，對於我們為明年的發布做準備來說是一個真正的優勢。我認為就資本需求而言，我想，在過去的 12 個月裡，我們在投資 Specs 的長期願景和真正重塑計算的同時，創造了近 4 億美元的自由現金流。

So I think from a capital perspective, our own cash flow generation, obviously, the core Snapchat business generates a lot of cash. we've been able to reinvest that. And I think that's probably the lowest cost of capital we have. But from a partnership perspective, I think there's a real opportunity to work with partners to bring specs to market. And so that will be a big focus for us, obviously, in the lead up to the launch.

因此我認為從資本角度來看，我們自己的現金流產生，顯然，核心的 Snapchat 業務產生了大量現金。我們已經能夠對其進行再投資。我認為這可能是我們所擁有的最低的資本成本。但從合作的角度來看，我認為與合作夥伴共同將規格推向市場是一個真正的機會。因此，顯然這將是我們在發布前關注的重點。

Mark Shmulik, Bernstein.

馬克‧施穆里克，伯恩斯坦。

Yes. Thanks for taking the questions. I appreciate the color around how time spent with content is growing. Any color you can share on how time spent with like snapping with friends and family has been tracking perhaps particularly in the US where I think users declined by about 1 million? And then secondly, Snapchat+ growth continues to track real well.

是的。感謝您回答這些問題。我很欣賞花在內容上的時間不斷增長的色彩。您能否分享一下與朋友和家人一起拍照的時間是如何追蹤的，特別是在美國，我認為用戶減少了約 100 萬？其次，Snapchat+ 的成長動能持續良好。

I think it's mid-teens revenue contribution here. So I think we're now like three years into this product. I'm just wondering how your thinking has evolved around how meaningful this business can be going forward. Thank you.

我認為這裡的收入貢獻是十五六成。所以我認為我們已經推出這個產品三年了。我只是想知道，您對於這項業務未來發展的意義有何看法。謝謝。

Yeah. Thanks, Mark. Certainly, we're excited about the growth. For example, on things like calling, we talked a bit about that earlier in the call, I think we've seen calling growth with friends and family grow something like 30% year over year, which has been really encouraging. In North America, in particular, Snap Send unique users grew by 10 -- sorry, 2% year over year.

是的。謝謝，馬克。當然，我們對這種成長感到非常興奮。例如，關於通話等事宜，我們在早些時候的通話中談到了這一點，我認為我們已經看到與朋友和家人的通話量同比增長了 30% 左右，這確實令人鼓舞。特別是在北美，Snap Send 的獨立用戶數量年增了 10%——抱歉，是 2%。

And North America MAU was flat year over year at $159 million. So we did see a slight decline in active days. Our focus on driving daily engagement is really around supporting communication between friends and family and, of course, continuing to improve the content experience as well. We've got some new products landing later this year. So we're excited about that.

北美月活躍用戶金額與去年同期持平，為 1.59 億美元。因此我們確實看到活躍天數略有下降。我們推動日常參與的重點其實是支持朋友和家人之間的交流，當然，也持續改善內容體驗。今年稍後我們將推出一些新產品。所以我們對此感到很興奮。

The team is heads down focusing on getting that out the door. In terms of other revenue or direct revenue business, the growth has really continued nicely. I mean we've achieved a $700 million annual run rate, growing 64% year over year. So that revenue is becoming much more meaningful to the business. And we see a lot of opportunity to continue to develop the Snapchat+ product, but also new products like Lens+ and potentially some new offerings around creators on Snapchat as well.

團隊正全力以赴地完成這項工作。就其他收入或直接收入業務而言，成長確實持續良好。我的意思是，我們實現了 7 億美元的年運行率，年增 64%。因此，收入對企業來說變得更有意義。我們看到了許多繼續開發 Snapchat+ 產品的機會，同時也看到了開發 Lens+ 等新產品以及可能為 Snapchat 上的創作者提供一些新產品的機會。

So I think it's just a testament to the deep engagement people have with Snapchat and certainly our ability to continue to deliver new value that folks are willing to pay for. So it's been a really exciting area of growth in the business and looking forward to investing more there.

所以我認為這只是證明了人們對 Snapchat 的深度參與，當然也證明了我們有能力繼續提供人們願意付費的新價值。因此，這是一個真正令人興奮的業務成長領域，我期待在那裡進行更多投資。

Mark Mahaney, Evercore.

馬克‧馬哈尼 (Mark Mahaney)，Evercore。

Okay. Two questions, please. You talked about that there at the end, stock-based compensation coming down. Just any color on the why? Is it just a new approach to how you're thinking about stock-based compensation as an expense item?

好的。請問兩個問題。您最後談到了股票薪酬下降的問題。為什麼只是任何顏色？這只是您看待股票薪酬作為費用項目的一種新方法嗎？

And then secondly, going back to -- I know you've got a lot of interesting new monetization in Sponsored Snaps, but going back to just the core Spotlight -- not the core, but the Spotlight monetization, where are you on that? How do you feel about the progression of that, maybe not just in the quarter, but for the next year or two, your level of confidence and where you are in terms of load level of targeting, monetization, advertiser interest? Thank you very much.

其次，回到——我知道你們在 Sponsored Snaps 中有很多有趣的新貨幣化方式，但回到核心的 Spotlight——不是核心，而是 Spotlight 貨幣化，你們在這方面做得怎麼樣？您對於這項進展有何感想？可能不只是在本季度，而是在接下來的一兩年內，您的信心程度如何？您在目標負載水準、貨幣化、廣告商興趣方面的狀況如何？非常感謝。

Hey, there, Mark. Derek speaking. On the SBC side, yeah, the note there is we took down the full year cost structure guidance for SBC at the midpoint of that range for the full year, about $30 million lower than we've been in the prior quarter. That's the second reduction we've made to that estimate for the full year this year.

嘿，馬克。我是德里克。在 SBC 方面，是的，需要注意的是，我們將 SBC 的全年成本結構指導下調到了全年範圍的中點，比上一季低了約 3000 萬美元。這是我們第二次下調今年全年的估計值。

So we're trying to be very careful and focused on our hiring, trying to make sure that our hiring is laser-focused on our core strategic priorities. And so as we've been able to manage that ramp and balance out the level of investment in the business relative to our observed growth in top line, to make sure that we're doing well on profitability and progress towards profitability over time.

因此，我們在招聘時非常謹慎，並專注於招聘，以確保我們的招聘完全圍繞我們的核心策略重點。因此，我們能夠管理這種成長，並平衡業務投資水準與我們觀察到的營收成長之間的相對關係，以確保我們在獲利能力方面表現良好，並隨著時間的推移逐步實現獲利。

That balance is really showing out there. So thanks for noticing that, and we'll keep updating folks each quarter as we make progress there.

這種平衡確實顯現出來了。感謝您注意到這一點，隨著我們取得的進展，我們將在每季向大家通報最新情況。

Thanks, Mark. On the Spotlight monetization front, certainly, Spotlight revenue has become an increasing share of revenue overall, and that's been really exciting to see. We're doing some experiments around more contextual placements, which we're excited about and going to continue to explore further.

謝謝，馬克。在 Spotlight 貨幣化方面，Spotlight 營收在整體營收中所佔的份額無疑在不斷增加，這確實令人興奮。我們正在圍繞更多情境展示位置進行一些實驗，我們對此感到興奮並將繼續進一步探索。

But overall, that inventory tends to perform quite well. I think the dwell times and high consideration of that inventory is helpful for direct response advertisers. So we're also iterating on formats, but generally excited to see the progress on Spotlight monetization. And now that Spotlight total time spend is about 40% of time spent overall just becoming a more meaningful part of the business.

但總體而言，該庫存的表現往往相當良好。我認為該庫存的停留時間和高度考慮因素對於直接回應廣告商有幫助。因此，我們也在對格式進行迭代，但總體上很高興看到 Spotlight 貨幣化的進展。現在，Spotlight 總時間花費約佔整體時間花費的 40%，成為業務中更有意義的一部分。

Justin Post, Bank of America.

美國銀行的賈斯汀·波斯特 (Justin Post)。

Great. Thanks. Just wondering if maybe you could outline some initiatives that you're really excited about to maybe reaccelerate US DAUs? And then second, on the guidance, it implies similar growth despite the challenges in Q2. How are you thinking about the ad revenues embedded in there? And do you see opportunity for acceleration as especially Sponsored Snaps gets more implemented? Thank you.

偉大的。謝謝。我只是想知道你是否可以概述一些你真正感興趣的舉措，以重振美國每日活躍用戶數？其次，就指引而言，儘管第二季面臨挑戰，但仍有望實現類似的成長。您如何看待其中蘊含的廣告收入？隨著贊助快照 (Sponsored Snaps) 的進一步實施，您是否看到了加速的機會？謝謝。

In terms of North America user engagement, I think one of the biggest shifts has really been from hosting stories for friends to sharing content that you find in Spotlight or stories and sending that to your friends to start a conversation. So historically, people would start conversations by replying to a friend story, that obviously still happens quite frequently today, but we've also seen the rise in content sharing as really a conversation starter and catalyst.

就北美用戶參與度而言，我認為最大的轉變之一是從為朋友託管故事到分享您在 Spotlight 或故事中發現的內容並將其發送給您的朋友以開始對話。因此，從歷史上看，人們會透過回覆朋友的故事來開始對話，這顯然在今天仍然很常見，但我們也看到內容共享的興起，實際上成為了一種對話的啟動器和催化劑。

So on the innovation front, we've been thinking a lot about new parts of the service that can help inspire or kick start conversations. And as we think about innovation and landing some new products later in the year, that will really be a focus area.

因此，在創新方面，我們一直在思考服務中可以幫助激發或啟動對話的新部分。當我們考慮創新並在今年稍後推出一些新產品時，這將真正成為一個重點領域。

Hey. And just in terms of what we're seeing in terms of opportunity for growth in Q3, you've likely heard me say earlier that since we've rolled back the ad platform issue, we're seeing ad revenue growth in the 3% to 4% range. So that correlates pretty closely to the guidance range that we're seeing for Q3 on total revenue, maybe it went for a point of improvement as we move through the quarter.

嘿。就我們所看到的第三季度的成長機會而言，您可能之前聽我說過，自從我們解決了廣告平台問題後，我們看到廣告收入成長率在 3% 到 4% 之間。因此，這與我們對第三季總收入的指導範圍非常接近，也許隨著本季的推進，它會有所改善。

The big thing we see there, obviously, is number one, continuing the momentum we're seeing in direct monetization and other revenue, but also the work that we're going to be doing to build demand into Sponsored Snaps. The one thing I'll note there is to it's just comps as we moved through the quarter. There are obviously some big items last year with Olympics and so on.

顯然，我們看到的最重要的事情是，首先，繼續保持直接貨幣化和其他收入方面的勢頭，同時，我們也將開展工作來激發對 Sponsored Snaps 的需求。我要指出的一件事是，隨著我們進入本季度，這只是比較情況。去年顯然有一些重大事件，例如奧運等等。

So we're going to be working to overcome that, too. And so the teams will be working hard to build demand into this new inventory and make sure that we power through those things as we go through the quarter. So largely reflective of the rate of growth that we're seeing today, maybe a little bit of improvement as we move to the quarter and execute. Hopefully, that gives better context.

因此我們也將努力克服這個問題。因此，團隊將努力為新庫存創造需求，並確保我們在整個季度中完成這些工作。因此，這在很大程度上反映了我們今天看到的成長率，隨著我們進入本季度並執行，可能會有一點改善。希望這能提供更好的背景資訊。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thanks so much for taking the question. Maybe building on Rich's question earlier that was anchored around spectacles and AR and where you're going longer term. Evan, I'd love to broaden out the question and talk a little bit more about the wider ecosystem when you think about how user interfaces might evolve from the current format in to where you want to take them over the medium to long term?

非常感謝您回答這個問題。也許可以基於 Rich 先前提出的問題，該問題主要圍繞著眼鏡和 AR，以及您的長期發展方向。埃文，我很樂意擴大問題的範圍，並更多地談論更廣泛的生態系統，當您思考用戶介面如何從當前格式發展到您希望在中長期內實現的格式時？

And how do you think about the role of content and AI at the center of some of those experience as they move more towards spectacles and how much of those dynamics around content for AI, you feel you need to own, operate and build yourself rather than possibly build in partners and other ways to possibly scale those initiatives. Thanks so much.

隨著這些體驗越來越趨向於視覺盛宴，您如何看待內容和人工智慧在這些體驗的核心中所扮演的角色？您認為在多大程度上圍繞著人工智慧內容的動態方面，您需要自己擁有、經營和構建，而不是可能透過合作夥伴或其他方式來擴大這些計劃的規模。非常感謝。

Yeah. Thanks so much for the question. Obviously, it's been so exciting to see the developments in AI, and I think they're really helping accelerate our vision around making computing more human. Our AI investments are really focused on areas where we think we can differentiate.

是的。非常感謝您的提問。顯然，看到人工智慧的發展真是令人興奮，我認為它們確實有助於加速我們讓運算更加人性化的願景。我們的人工智慧投資確實集中在我們認為可以實現差異化的領域。

So we've done a lot around image and video generation, especially with on device models, which are really helpful in terms of scaling that capability to our entire community without any incremental cost for them, for example, in things like 3D generation as well.

因此，我們在圖像和視訊生成方面做了很多工作，特別是在設備模型方面，這對於將該功能擴展到我們的整個社區而無需增加任何成本非常有幫助，例如在 3D 生成等方面。

If you think about the future of user interfaces or the future of lenses in general, I think it's quite likely that a lot of those experiences will be generative as well. So if you have a chance to try out our new Easy Lens tool, there's a Lens Studio web tool that's available now where you can create an augmented reality Lens with just a prompt.

如果你考慮使用者介面的未來或鏡頭的未來，我認為很多這樣的體驗很可能也會是產生的。因此，如果您有機會嘗試我們新的 Easy Lens 工具，現在有一個可用的 Lens Studio 網路工具，您只需提示即可建立擴增實境鏡頭。

And I think as we look forward to the types of experiences people will be able to have with AR glasses, I think we're quickly moving to a world where those sorts of experiences can be generated on the fly. And again, that's an opportunity where we think we can really differentiate especially because we have developed the developer tools ourselves in support of this developer ecosystem. Developers can actually plug into these various Lens Studio tools as well and design their own plug-ins.

我認為，當我們期待人們能夠透過 AR 眼鏡獲得各種體驗時，我們很快就會進入一個可以即時生成這些體驗的世界。再次強調，我們認為這是一個真正能夠脫穎而出的機會，特別是因為我們自己開發了開發人員工具來支援這個開發人員生態系統。開發人員實際上也可以插入這些不同的 Lens Studio 工具並設計自己的插件。

So I think just looking towards the future here, we're going to invest where we can differentiate. Of course, having the glasses form factor allows you to provide much more contextually relevant computing experiences to understand not only what's on the screen or the Lens per se, but also the world around you, and we think that we can really build a competitive advantage there over time.

因此，我認為，展望未來，我們將在能夠實現差異化的領域進行投資。當然，眼鏡的外形尺寸可以讓你提供更多與情境相關的計算體驗，不僅可以了解螢幕上的內容或鏡頭本身，還可以了解你周圍的世界，我們認為，隨著時間的推移，我們可以真正在那裡建立競爭優勢。

Dan Salmon, New Street Research.

丹·薩蒙，新街研究。

Great. Good afternoon, everyone. Evan, could you take us a little deeper on your small and medium customer base? Maybe any color on the growth of the SMC count or broader total advertiser growth you can add? And it sounds like smart bidding has been a boost for SMCs. What other ad products are you seeing just the most traction with that group? And any insights on your road map for them from here would be great. Thanks.

偉大的。大家下午好。埃文，您能否向我們詳細介紹您的中小型客戶群？您能否補充一些有關 SMC 數量增長或更廣泛的廣告客戶總數增長的信息？聽起來智能競標對 SMC 來說是一個推動力。您認為還有哪些廣告產品對該族群最具吸引力？如果您能從這裡為他們提供任何關於路線圖的見解，那將會非常有用。謝謝。

Yeah. We're really excited about the progress with the SMC segment. It's the largest contributor to ad revenue growth in Q2. And I think our improved go-to-market operations and the simplification of some of our ad products and ad manager have been really helpful there. When it comes to the smart solutions for advertisers, obviously, budget optimization has been in testing and has driven some really strong results.

是的。我們對 SMC 部門的進展感到非常興奮。這是第二季廣告收入成長的最大貢獻者。我認為我們改進的行銷營運以及部分廣告產品和廣告管理器的簡化確實很有幫助。當談到針對廣告商的智慧解決方案時，顯然預算優化已經過測試，並且已經取得了一些非常強勁的成果。

And then auto targeting as well. We're finding that AI can really assist advertisers with finding the right audience to convert on their products and lower funnel goals. So certainly excited about a lot of the automation improvements there, and that's especially important for smaller advertisers who may not necessarily have the resources to manage campaigns in such a fine brand way. So I think automation will provide a big lift for SMCs, but advertisers more broadly as well.

然後自動瞄準。我們發現人工智慧確實可以幫助廣告主找到合適的受眾來轉換他們的產品並降低漏斗目標。因此，我們對那裡的許多自動化改進感到非常興奮，這對於較小的廣告商來說尤其重要，因為他們可能不一定擁有資源以如此精細的品牌方式管理廣告活動。因此我認為自動化將為 SMC 帶來巨大的推動力，但對更廣泛的廣告商也是如此。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Great. Thanks for taking my question. I just have one on Lens+ really, it would be great, Evan, if you could talk a little bit about the reception maybe give us any idea as to how conversion metrics or engagement trends are being -- or panning out in the early innings? How big of an opportunity do you think this could ultimately be? And perhaps more broadly, how do you think about the interplay between pricing and subscription to drive growth within Snapchat+? Thank you.

偉大的。感謝您回答我的問題。我真的只有一個關於 Lens+ 的信息，那就太好了，埃文，如果你可以稍微談談接受度，也許可以讓我們了解一下轉化指標或參與度趨勢是如何的 - 或者在早期階段是如何發展的？您認為這最終會是一個多大的機會？或許更廣泛地說，您如何看待定價和訂閱之間的相互作用以推動 Snapchat+ 的成長？謝謝。

Yeah. Thanks so much for the question. It's really early with Lens+, but we're super excited about it. Obviously, Lenses are really heavily engaged with on Snapchat with people using Lenses more than 8 billion times every day. So I do think the opportunity to offer exclusive lenses and of course, our AI lenses, which have proven incredibly popular, will be a strong driver of growth with Lens+.

是的。非常感謝您的提問。Lens+ 的推出還處於早期階段，但我們對此感到非常興奮。顯然，Lenses 在 Snapchat 上的使用率非常高，人們每天使用 Lenses 的次數超過 80 億次。因此，我確實認為，提供獨家鏡頭的機會，當然還有我們非常受歡迎的 AI 鏡頭，將成為 Lens+ 成長的強大動力。

So I think there's a nice top of funnel there for sure. Looking more broadly at pricing, we think there's room to experiment on pricing. I think our primary focus so far has just been on continuing to build the value proposition for customers, and we see, obviously, new features being a major driver for new subscriber acquisition and retention as well.

所以我認為那裡肯定有一個很好的漏斗頂部。從更廣泛的角度來看定價，我們認為還有定價實驗的空間。我認為到目前為止我們的主要關注點只是繼續為客戶建立價值主張，而且我們顯然看到新功能是吸引和保留新用戶的主要驅動力。

So it's a small but mighty team and I think, over time, especially given the size of the revenue opportunity in front of us. We'll be investing more in pricing experiments. But I'd say the primary focus for us is just continuing to build value for our subscribers in our community.

所以這是一個規模雖小但很強大的團隊，而且我認為，隨著時間的推移，特別是考慮到我們面前的收入機會的規模。我們將在定價實驗上投入更多資金。但我想說，我們的主要重點是繼續為我們社群的訂閱者創造價值。

This concludes our question-and-answer session, as well as Snap Inc.'s second-quarter 2025 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. 2025 年第二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。