Snap Inc (SNAP) 2025 Q3 法說會逐字稿

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

各位下午好，歡迎參加Snap公司2025年第三季財報電話會議。（操作說明）

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

現在我將把電話交給投資者關係主管大衛·奧米特。您可以繼續。

Thank you, and good afternoon, everyone. Welcome to Snap's third-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.

謝謝大家，大家下午好。歡迎參加 Snap 2025 年第三季財報電話會議。今天與我們在一起的是首席執行官兼聯合創始人埃文·斯皮格爾；以及首席財務官德里克·安德森。請造訪我們的投資者關係網站 investor.snap.com 查看今天的新聞稿、收益報告投影片和投資者信函。

This conference call includes forward-looking statements, which are based on our assumptions as of today. Actual results may differ materially from those expressed in these forward-looking statements, and we make no obligation to update our disclosures. 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.

本次電話會議包含前瞻性陳述，這些陳述是基於我們截至今日的假設。實際結果可能與這些前瞻性聲明中表達的結果有重大差異，我們沒有義務更新我們的揭露資訊。有關可能導致實際結果與這些前瞻性聲明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 表格或 10-Q 表格中描述的風險，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. Please refer to our filings with the SEC to understand how we calculate any of the metrics discussed on today's call.

今天的電話會議將包括GAAP和非GAAP指標。雙方達成和解的消息可以在今天的新聞稿中找到。請注意，當我們討論所有費用數據時，將不包括股票選擇權費用及相關工資稅、折舊和攤提以及某些其他項目。請查閱我們向美國證券交易委員會提交的文件，以了解我們是如何計算今天電話會議上討論的任何指標的。

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

接下來，我想把電話交給艾文。

Hi, everyone, and welcome to our call. In Q3, we made meaningful progress on our long-term strategy to grow our global community, deliver stronger performance for advertisers, and invest in the future of augmented reality. At the core of Snapchat is a mission that has endured since our founding to reinvent the camera to strengthen human connection. Snapchat is built around real communication, helping people share moments, and build closer relationships every day.

大家好，歡迎參加我們的電話會議。第三季度，我們在長期策略方面取得了實質進展，包括發展我們的全球社群、為廣告主提供更強勁的業績以及投資擴增實境的未來。Snapchat 的核心使命自創立以來始終如一，那就是透過重新發明相機來加強人與人之間的聯繫。Snapchat 的核心在於真實的溝通，幫助人們分享精彩時刻，並建立更緊密的人際關係。

This clarity of purpose continues to drive durable growth. Our community reached 477 million daily active users, an increase of 34 million or 8% year over year, and 943 million monthly active users, an increase of 60 million or 7% year over year. With this momentum, we have made further progress toward our goal of reaching 1 billion monthly active users around the world.

這種清晰的目標持續推動著永續成長。我們的社群日活躍用戶達 4.77 億，比上年增加 3,400 萬，增幅為 8%；每月活躍用戶達 9.43 億，比上年增加 6,000 萬，增幅為 7%。憑藉著這一勢頭，我們朝著實現全球每月活躍用戶達到 10 億的目標又邁進了一步。

Revenue increased 10% year over year to $1.51 billion, driven by improved advertising demand and the rapid expansion of our direct revenue streams. On the advertising front, continued growth in our small- and medium-sized business customers and improvements in direct-response advertising performance drove an acceleration in direct response advertising revenue, which increased 8% year over year and 13% quarter over quarter.

受廣告需求改善和直接收入來源快速擴張的推動，營收年增 10% 至 15.1 億美元。在廣告方面，中小企業客戶的持續成長以及直接回應廣告效果的提升，推動了直接回應廣告收入的加速成長，年成長 8%，較上季成長 13%。

Other revenue, which includes Snapchat+ subscription revenue increased 54% year over year to $190 million in Q3, reaching an annualized run rate of more than $750 million. To build on this momentum, we expanded our premium offerings, introducing new storage plans for memories, and launched AI-powered experiences in Lens+ and Platinum bundles that we believe will deliver incremental value to our most engaged community members. We remain disciplined in aligning our investments with our core strategic priorities while driving operating leverage over time.

其他收入（包括 Snapchat+ 訂閱收入）在第三季年增 54% 至 1.9 億美元，年化運行率超過 7.5 億美元。為了鞏固這一勢頭，我們擴展了我們的高級產品，推出了新的儲存方案，用於儲存照片，並在 Lens+ 和 Platinum 套餐中推出了人工智慧驅動的體驗，我們相信這將為我們最活躍的社群成員帶來更多價值。我們始終堅持將投資與核心策略重點保持一致，同時不斷提高營運槓桿。

In Q3, we delivered $182 million of adjusted EBITDA and generated $93 million of free cash flow while reducing our net loss by more than 30% year over year to $104 million, underscoring our progress towards sustained profitability. With approximately $3 billion in cash and marketable securities on hand, we are well positioned to continue investing confidently in innovation and long-term growth.

第三季度，我們實現了 1.82 億美元的調整後 EBITDA，並產生了 9,300 萬美元的自由現金流，同時將淨虧損同比減少了 30% 以上，降至 1.04 億美元，凸顯了我們在實現持續盈利方面取得的進展。我們手頭上擁有約 30 億美元的現金和有價證券，完全有能力繼續對創新和長期成長進行充滿信心的投資。

We also continue to scale differentiated ad formats and offerings such as Sponsored Snaps, Promoted Places, and the App Power Pack supported by advances in AI for ranking, creative generation, and personalization. These investments are expected to compound performance over time, unlocking greater advertiser ROI and long-term revenue growth. At the same time, we are improving key components of our service to make Snapchat more reliable and as fast to launch as the native camera, an essential part of ensuring our service remains simple, accessible, and enduring.

我們也將繼續擴大差異化廣告形式和產品，例如贊助快照、推廣地點和應用程式功能包，這些都得益於人工智慧在排名、創意產生和個人化方面的進步。這些投資可望隨著時間的推移提升業績，從而提高廣告主的投資報酬率和長期收入成長。同時，我們正在改進服務的關鍵組件，使 Snapchat 更加可靠，啟動速度與原生相機一樣快，這是確保我們的服務保持簡單、易於使用和持久的重要組成部分。

Snapping between friends and family remains the foundation of Snapchat, driving both daily engagement and long-term retention. In Q3, we shared that Snapchatters created over 1 trillion selfie snaps in 2024 demonstrating how deeply our community uses our camera to communicate and feel closer together. Over the next year, we are prioritizing sharing and conversations through new conversation starters such as status updates, flashbacks, and topics, building new ways to play games with friends and making it effortless to share Spotlight videos through stories and chat.

Snapchat 的核心仍然是與親朋好友之間的即時通訊，這不僅推動了用戶的日常參與度，也提高了用戶的長期留存率。第三季度，我們分享了 Snapchat 用戶在 2024 年創建了超過 1 兆張自拍快照，這表明我們的社群如何深入地使用我們的相機進行溝通和感受彼此之間的距離。在接下來的一年裡，我們將優先發展分享和對話功能，例如推出狀態更新、回顧和主題等新的對話啟動方式，建立與朋友一起玩遊戲的新方法，並讓用戶能夠輕鬆地透過故事和聊天分享 Spotlight 影片。

Our goal is to spark conversations, strengthen friendships, and inspire creativity. This quarter, we rolled out several new features that made communication faster, easier, and more expressive. Infinite retention allows users to save chance indefinitely while Homesafe gives friends peace of mind with an automatic check-in after returning home.

我們的目標是激發對話、鞏固友誼、激發創造力。本季度，我們推出了幾項新功能，讓溝通更快、更方便、更具表現力。無限期保留功能可讓使用者無限期地保存機會，而 Homesafe 功能則讓朋友在回家後自動簽到，讓他們安心。

We also launched the Snapchat keyboard, extending our sticker library to other apps and introduced Custom Moji, enabling users to generate personalized Bitmoji stickers from text prompts. These updates underscore our commitment to enhancing the Snapchat experience through richer visual communication while fostering deeper community connections.

我們還推出了 Snapchat 鍵盤，將我們的貼紙庫擴展到其他應用程序，並推出了自訂 Moji，使用戶能夠根據文字提示生成個性化的 Bitmoji 貼紙。這些更新凸顯了我們致力於透過更豐富的視覺交流來提升 Snapchat 體驗，同時促進更深層的社群連結。

Global time spent watching content and the number of content viewers increased year over year in Q3, reflecting our multiyear investment in machine learning and the continued strength of Spotlight. Building on this momentum, we launched our largest content recommendation model to date, improving freshness and relevance across the platform.

第三季度，全球用戶觀看內容的長度和內容觀看人數均同比增長，這反映了我們多年來對機器學習的投資以及 Spotlight 的持續強勁表現。乘著這股勢頭，我們推出了迄今為止規模最大的內容推薦模型，提高了整個平台內容的新鮮度和相關性。

We also upgraded our infrastructure to get a step closer to delivering content in near real time, reducing latency and cutting model training cycles from days to just two hours. As a result, the share of total Spotlight views from content posted in the last 24 hours increased more than 300% year over year in the US as our models now service more topical and original content. In addition, we launched our first unified user model that combines signals from Spotlight, Discover, and the camera while advancing work on a trend detection model that identifies emerging creative trends and amplifies their reach.

我們還升級了基礎設施，以便更接近即時交付內容，減少延遲，並將模型訓練週期從幾天縮短到僅兩個小時。因此，在美國，過去 24 小時內發布的內容在 Spotlight 總瀏覽量中所佔的份額同比增長超過 300%，因為我們的模型現在能夠提供更多具有時效性和原創性的內容。此外，我們推出了首個統一使用者模型，該模型結合了來自 Spotlight、Discover 和相機的訊號，同時推進趨勢檢測模型的開發，該模型可以識別新興的創意趨勢並擴大其影響範圍。

Snapchat is a platform where any creator can express themselves authentically, grow an audience and build a business. Over the past year, we onboarded thousands of Snap Stars reaching a record level of active creators. We're also seeing established creators and homegrown talent thrives such as Kaylee Rosie, a nursing student and plant enthusiasts who has increased her followers by more than 50 times in the last six months by posting Stories and Spotlight content nearly every day.

Snapchat是一個平台，任何創作者都可以真實地表達自己，發展受眾群體並建立事業。過去一年，我們吸引了數千名 Snap Star 加入，活躍創作者數量創下歷史新高。我們也看到一些知名創作者和本土人才蓬勃發展，例如凱莉·羅西 (Kaylee Rosie)，她是一名護理專業的學生，也是植物愛好者，在過去的六個月裡，她通過幾乎每天都發布 Stories 和 Spotlight 內容，粉絲數量增加了 50 多倍。

To help creators succeed, we expanded monetization tools and new collaboration formats with brands such as Sponsored First Snaps. This growing ecosystem has made Snapchat more resilient and diverse driving a nearly 180% year-over-year increase in Snap Star Spotlight posts in North America. More creator activity enhances the relevance and quality of our content inventory, strengthening the overall engagement of flywheel for both users and advertisers.

為了幫助創作者取得成功，我們擴展了獲利工具，並與品牌推出了新的合作模式，例如 Sponsored First Snaps。這種不斷發展的生態系統使 Snapchat 更具韌性和多樣性，推動北美地區的 Snap Star Spotlight 貼文數量年增近 180%。創作者活躍度的提高增強了我們內容庫的相關性和質量，從而增強了用戶和廣告商的整體參與度。

While we continue to innovate on our core product experience for our community, including efforts to address ongoing engagement headwinds, we are also navigating a number of evolving factors that we expect will influence community growth and engagement in the near-term. Key focus of our current strategy is improving average revenue per user by more directly monetizing our core product. This includes the continued growth of Snapchat+, the introduction of Sponsored Snaps and Promoted Places, the launch of Lens+, and the testing of memory storage plans.

在我們不斷創新核心產品體驗，為社區帶來更多益處的同時，我們也在努力應對持續存在的參與度下降問題，同時，我們也正在應對一些不斷變化的因素，我們預計這些因素將在短期內影響社區的成長和參與度。我們目前策略的重點是透過更直接地實現核心產品獲利來提高每位用戶平均收入。這包括 Snapchat+ 的持續成長、贊助快照和推廣地點的推出、Lens+ 的發布以及記憶體儲存方案的測試。

These initiatives are designed to strengthen our top line performance, but they do involve trade-offs with engagement so we expect some adverse impact on engagement metrics as these experiences are rolled out globally. At the same time, we are recalibrating our investments in community growth and the cost to serve our community in order to improve financial efficiency. This includes testing changes to our infrastructure that will lower costs in regions with less long-term monetization potential, allowing us to better align our resources with the financial opportunity of each geography, but potentially coming at the cost of adverse trade-offs with engagement in these countries.

這些措施旨在提升我們的營收業績，但同時也涉及員工敬業度方面的權衡，因此我們預計隨著這些舉措在全球範圍內推廣，員工敬業度指標會受到一些不利影響。同時，我們正在重新調整對社區發展的投資以及服務社區的成本，以提高財務效率。這包括測試對我們基礎設施的改進，以降低長期盈利潛力較小的地區成本，使我們能夠更好地將資源與各個地區的財務機會相匹配，但這可能會以在這些國家的參與度方面產生不利的權衡為代價。

We are also preparing for the upcoming rollout of platform-level age verification, which will use new signals provided by Apple, and soon Google, to help us better determine the age of our users and remove those we learn are under 13 or under 16 in certain geographies such as Australia. These actions are an important step in maintaining a safe and compliant platform that we expect they will also adversely affect engagement metrics as implementation progresses.

我們也在為即將推出的平台級年齡驗證做準備，該驗證將使用蘋果公司（不久後谷歌公司也將提供）提供的新訊號，以幫助我們更好地確定用戶的年齡，並刪除我們發現的未滿 13 歲或在某些地區（例如澳洲）未滿 16 歲的用戶。這些措施是維護安全合規平台的重要一步，但我們預期隨著實施的進行，這些措施也會對使用者參與度指標產生不利影響。

In addition to these internal initiatives, we continue to experience the effects of regulation and government policy actions. Recent examples include Australia's Social Media Minimum Age Bill, which takes effect in December and government restrictions on access to Internet services in certain countries. We anticipate that similar regulations in other jurisdictions may take effect or be passed in the near future. These policy developments combined with potential platform level age verification are likely to have negative impacts on user engagement metrics that we cannot currently predict.

除了這些內部措施之外，我們也持續感受到監管和政府政策行動的影響。近期的例子包括澳洲將於 12 月生效的《社群媒體最低年齡法案》以及某些國家政府對網路服務存取的限制。我們預計其他司法管轄區的類似法規可能在不久的將來生效或通過。這些政策發展，再加上潛在的平台級年齡驗證，可能會對用戶參與度指標產生我們目前無法預測的負面影響。

While we remain committed to our goal of serving 1 billion global monthly active users, we expect overall DAU may decline in Q4 given these internal and external factors. And as noted above, we expect particularly negative impacts in certain jurisdictions. We believe these are the right actions to strengthen our business for the long-term by improving monetization efficiency, ensuring compliance with evolving regulations, and positioning Snap for sustainable growth.

儘管我們仍致力於實現服務全球每月 10 億活躍用戶的目標，但鑑於這些內部和外部因素，我們預計第四季度整體日活躍用戶數可能會下降。如上文所述，我們預期某些地區將受到特別不利的影響。我們相信，這些措施能夠透過提高貨幣化效率、確保遵守不斷變化的法規以及為 Snap 的可持續成長奠定基礎，從而從長遠角度加強我們的業務。

Snap continues to be a global leader in augmented reality, engagement and innovation. Every day, Snapchatters use AR lenses more than 8 billion times and more than 350 million Snapchatters engaged with AR experiences daily. Over 400,000 creators from nearly every country have built more than 4 million lenses using our AR tools, making Snapchat one of the most scaled AR platforms globally.

Snap 持續保持在擴增實境、互動和創新領域的全球領先地位。Snapchat 用戶每天使用 AR 濾鏡超過 80 億次，每天有超過 3.5 億 Snapchat 用戶參與 AR 體驗。來自幾乎所有國家的超過 40 萬名創作者使用我們的 AR 工具創建了超過 400 萬個濾鏡，使 Snapchat 成為全球規模最大的 AR 平台之一。

In Q3, we introduced the Imagine Lens, our first open prompt image generation lens, allowing Snapchatters to create or reimagine snaps by simply typing a prompt more than 500 million Snapchatters have engaged with Gen AI-powered lenses over 6 billion times, reflecting the growing appeal of AI-driven creativity on our platform. Snapchatters engaged with our AI Face Swap Lens over 1 billion times in Q3, illustrating how generative AI can turn self-expression into shared moments and open up new ways to spark conversations and connections.

第三季度，我們推出了 Imagine Lens，這是我們第一個開放式提示影像生成鏡頭，讓 Snapchat 用戶可以透過簡單地輸入提示來創建或重新構想快照。超過 5 億 Snapchat 用戶已經使用 Gen AI 驅動的鏡頭超過 60 億次，這反映出 AI 驅動的創造力在我們平台上的吸引力日益增長。第三季度，Snapchat 用戶使用我們的 AI 換臉濾鏡超過 10 億次，這表明生成式 AI 如何將自我表達轉化為共享時刻，並開闢激發對話和聯繫的新途徑。

Our investment in generative AI is designed to make communication more expressive, personal and human. Realistic style gen delivers lifelike fit, texture, lighting and perspective, unlocking cinematic quality transformations and generating nearly 100 million lens views in Q3. Enhanced face gen enables higher fidelity face effects, generating over 700 million lens views while selfie attachments use 3D asset generation to add realistic context-aware elements like hats and hair styles, generating over 145 million lens views.

我們對生成式人工智慧的投資旨在使溝通更具表現力、更個人化、更人性化。逼真的風格生成器可實現逼真的貼合度、紋理、光線和透視效果，解鎖電影級品質的變換，並在第三季度產生了近 1 億次鏡頭觀看量。增強型人臉生成技術可實現更高保真度的人臉效果，產生超過 7 億個鏡頭視圖；而自拍配件則使用 3D 資產生成技術來添加逼真的上下文感知元素，如帽子和髮型，產生超過 1.45 億個鏡頭視圖。

Coming soon, AI Clips will allow creators to generate short shareable videos from simple prompts, turning AI video creation into a social and collaborative experience. Together, these innovations demonstrate why our leadership in generative AI matters. They transform how people express themselves, create content and share moments that strengthen their connections on Snapchat every day.

即將推出的 AI Clips 將允許創作者根據簡單的提示生成可分享的短視頻，將 AI 視頻創作變成一種社交和協作體驗。這些創新共同證明了我們在生成式人工智慧領域的領先地位為何如此重要。它們改變了人們每天在 Snapchat 上表達自我、創作內容和分享時刻的方式，從而加強了彼此之間的連結。

We continue to see strong momentum with games. Over 180 million people now play games on Snapchat every month with sharing up more than 100% year over year. To make these experiences more social, we introduced the Games Chat Drawer, bringing games directly into chat so friends can play together seamlessly. Developers are using new tools in Lens Studio like the character controller, camera controller, input system, and Bitmoji suite which make it easier than ever to build personalized interactive experiences.

我們看到遊戲領域持續保持強勁的發展勢頭。現在每月有超過 1.8 億人在 Snapchat 上玩遊戲，分享量較去年同期成長超過 100%。為了讓這些體驗更具社交性，我們推出了遊戲聊天抽屜，將遊戲直接融入聊天中，讓朋友們可以無縫地一起玩遊戲。開發者正在使用 Lens Studio 中的新工具，例如角色控制器、相機控制器、輸入系統和 Bitmoji 套件，這些工具使得建立個人化的互動體驗比以往任何時候都更加容易。

New features like turn-based game play and enhanced leaderboards are driving innovation across popular titles such as two-player Mini-Golf and Bitmoji Tower Defense. To support creator monetization, we expanded the Lens Creator Rewards program with Lens+ payouts, enabling developers to earn based on engagement from Lens+ and Snapchat Platinum subscribers.

回合製遊戲玩法和增強的排行榜等新功能正在推動雙人迷你高爾夫和Bitmoji塔防等熱門遊戲的創新。為了支持創作者變現，我們擴展了 Lens Creator Rewards 計劃，增加了 Lens+ 付款，使開發者能夠根據 Lens+ 和 Snapchat Platinum 訂閱者的參與度獲得收益。

Outside of Snapchat, Camera Kit reached over 68 million monthly active users by the end of Q3 and no longer requires mandatory Snapchat branding, making it a flexible free SDK for brands and developers to deliver immersive AR experiences across apps, the web, and AR mirrors. Together, these updates reinforce our commitment to building the most expressive, scalable and monetizable AR ecosystem in the world.

除了 Snapchat 之外，Camera Kit 在第三季末的月活躍用戶數已超過 6800 萬，並且不再強制要求使用 Snapchat 品牌標識，使其成為一個靈活的免費 SDK，供品牌和開發者在應用程式、網路和 AR 鏡面上提供沉浸式 AR 體驗。這些更新共同鞏固了我們致力於建立世界上最具表現力、可擴展性和盈利能力的AR生態系統的承諾。

Our long-term vision for AR extends far beyond the smartphone. For over a decade, we have been building towards the future where computing feels more natural, contextual, and integrated seamlessly into the world around us. After five generations of product development, specs will launch publicly next year, representing a major leap forward in human-centric computing.

我們對AR的長期願景遠遠超出了智慧型手機的範疇。十多年來，我們一直在努力建立一個更自然、更具情境性、更能無縫融入周遭世界的未來運算環境。經過五代產品開發，規格將於明年公開發布，這標誌著以人為本的計算領域向前邁出了一大步。

In Q3, we introduced Snap OS 2.0, our largest system update yet. It delivers faster performance and a redesigned browser optimized for streaming and productivity, adds full WebXR support, and includes a new UI Kit and Mobile Kit to simplify interface and cross-device development. We also added features like travel mode, which keeps AR content stable while in transit and EyeConnect, which enables instant shared experiences simply by looking at another person to co-locate content.

第三季度，我們推出了 Snap OS 2.0，這是我們迄今為止最大的系統更新。它提供更快的性能和重新設計的瀏覽器，針對串流媒體和生產力進行了優化，增加了完整的 WebXR 支持，並包含一個新的 UI 工具包和移動工具包，以簡化介面和跨設備開發。我們還添加了旅行模式等功能，該模式可在運輸過程中保持 AR 內容的穩定性；以及 EyeConnect 功能，該功能只需看著另一個人即可實現即時共享體驗，從而共同定位內容。

Developers and brands are already building with spectacles, including Enklu and Artglass who are redefining live events with location-based lenses. These projects highlight the vast potential for creativity and commerce on specs. To help developers monetize these experiences, we introduced Commerce Kit, enabling developers to accept payments directly within lenses, unlocking digital goods and premium features in real time.

開發者和品牌已經開始利用眼鏡進行開發，包括 Enklu 和 Artglass，他們正在利用基於位置的鏡頭重新定義現場活動。這些項目凸顯了規格設計在創造力和商業應用方面的巨大潛力。為了幫助開發者實現這些體驗的盈利，我們推出了 Commerce Kit，使開發者能夠直接在鏡頭內接受付款，實時解鎖數位商品和高級功能。

Specs are purpose-built for the age of AR and AI designed to make computing more personal, intuitive and contextually aware. Unlike traditional devices centered around apps and files, specs understand the environment and adapt to user patterns over time. To support this next generation of computing, we introduced Snap Cloud powered by Supabase, a scalable back-end platform that enables richer and more dynamic AR and AI experiences on Snap OS. Snap Cloud is a key step in building the infrastructure that allows developers to create immersive real-time applications and reflects our long-term commitment to advancing the AR ecosystem through specs.

這些規格是專為 AR 和 AI 時代而設計的，旨在使計算更加個性化、直觀和情境化。與以應用程式和檔案為中心的傳統設備不同，規格設備能夠理解環境並隨著時間的推移適應使用者模式。為了支援下一代運算，我們推出了由 Supabase 提供支援的 Snap Cloud，這是一個可擴展的後端平台，可在 Snap OS 上實現更豐富、更動態的 AR 和 AI 體驗。Snap Cloud 是建立基礎設施的關鍵一步，它使開發人員能夠創建沉浸式即時應用程序，並體現了我們透過規範來推進 AR 生態系統的長期承諾。

We believe Snap is uniquely positioned to win the next wave of AR computing with Snap OS 2.0, Lens Studio, Snap Cloud, and our global developer ecosystem, we are at the forefront with an end-to-end AR stack spanning software developer tools and hardware. Together, these investments bring us closer to delivering the world's first fully stand-alone human-centered AR glasses.

我們相信，憑藉 Snap OS 2.0、Lens Studio、Snap Cloud 和我們的全球開發者生態系統，Snap 在贏得下一波 AR 運算浪潮方面擁有獨特的優勢。我們擁有涵蓋軟體開發工具和硬體的端對端 AR 技術棧，並處於業界領先地位。這些投資將使我們離推出世界上第一款完全獨立的以人為中心的AR眼鏡更近一步。

We made significant progress across our advertising platform by focusing on three priorities: advancing our AI-driven outperformance, optimizing high-impact ad formats, and strengthening our go-to-market execution across SMBs and mid-market customers. Our investments in AI and machine learning are delivering measurable gains for advertisers. We advanced dynamic product ads with large language models that better understand products, driving over 4 times higher conversion rates compared to baseline for certain campaigns.

我們專注於三個優先事項，從而在廣告平台方面取得了重大進展：提升人工智慧驅動的卓越表現、優化高影響力廣告格式以及加強面向中小企業和中端市場客戶的市場推廣執行。我們在人工智慧和機器學習方面的投資正在為廣告商帶來可衡量的收益。我們利用大型語言模型改進了動態產品廣告，使其能夠更好地理解產品，與某些廣告系列的基準相比，轉換率提高了 4 倍以上。

As a result of these and other improvements, purchase-related ad revenue grew 30% year over year, reflecting higher attribution accuracy and better campaign performance. For example, Comfrt, a lifestyle and apparel e-commerce brand leverage target cost and Max Bid in their Snap campaign to scale faster and reached an incremental audience that delivered an 85% lift in site visits, a 79% increase in new customers and a more than 3 times ROAS improvement as measured by WorkMagic since the start of their 2025 campaign.

由於這些以及其他方面的改進，與購買相關的廣告收入同比增長了 30%，反映出歸因準確性更高，廣告系列效果更好。例如，生活方式和服裝電商品牌 Comfrt 在其 Snap 廣告系列中利用目標成本和最高出價來更快地擴大規模，並觸達了更多受眾，自其 2025 年廣告系列開始以來，網站訪問量提升了 85%，新客戶增加了 79%，ROAS 提高了 3 倍以上（由 WorkMagic 衡量）。

Sponsored Snaps allow brands to join real-time conversations on Snapchat in a way that feels authentic and relevant to users. Early results showed strong performance with up to 22% higher conversions and up to 19% lower cost per action when including Sponsored Snaps in advertiser campaigns. Advertisers across industries are using Sponsored Snaps to reach audiences where they are most active and engaged.

贊助快照功能允許品牌以一種讓用戶感覺真實且相關的方式參與 Snapchat 上的即時對話。初步結果顯示，在廣告主的廣告活動中加入贊助快照，轉換率可提高高達 22%，每次操作成本可降低高達 19%，效果顯著。各行各業的廣告主都在使用贊助快照來觸及用戶最活躍、參與度最高的平台。

For example, to strengthen share voice and drive user preference, ASICS partnered with Zeno Group to promote its latest running shoe collection through Sponsored Snaps, reaching 2 million unique Snapchatters in the chat inbox and driving a 4-point lift in overall brand awareness and a 16-point lift among Snapchatters aged 35 and older along with stronger return on advertising spend compared to existing media.

例如，為了增強用戶聲音並提升用戶偏好，ASICS 與 Zeno Group 合作，透過贊助 Snap 推廣其最新的跑鞋系列，在聊天收件匣中觸達了 200 萬獨立的 Snapchat 用戶，使整體品牌知名度提升了 4 個百分點，在 35 歲及以上的 Snapchat 用戶中提升了 16 個百分點，並且與更高百分點，並且與現有媒體相比，廣告支出。

In addition, eBay Sponsored Snaps campaign to drive brand awareness was highly effective, achieving nearly 2 times incremental unique reach and positive lift in ad awareness and brand association. Sponsored Snaps are also becoming increasingly direct response focused delivering more personalized and contextually relevant experiences. According to a Kantar study, approximately 85% of US Snapchatters say Sponsored Snaps feel relevant and fit naturally within their habits on the platform.

此外，eBay 贊助的 Snaps 活動在提升品牌知名度方面非常有效，實現了近 2 倍的獨立用戶覆蓋率成長，並在廣告知名度和品牌聯想度方面實現了積極提升。贊助快照也越來越注重直接回應，提供更個人化和與情境相關的體驗。根據 Kantar 的一項研究，約 85% 的美國 Snapchat 用戶表示，贊助 Snap 內容與他們在該平台上的使用習慣相關且自然契合。

Promoted Places complements this offering by bridging digital engagement with real-world action. The format allows advertisers to highlight nearby store locations directly within the Snapchat map, unlocking new opportunities for performance-driven local marketing. Early testing shows double-digit lifts in visitation, demonstrating its ability to influence real-world outcomes. For example, the fast casual chain Panda Express ran a promoted places campaign that resulted in a 15% incremental lift in visits as measured by our third-party measurement partner in market.

推廣地點透過將數位互動與現實世界的行動聯繫起來，完善了這項服務。這種形式允許廣告商直接在 Snapchat 地圖中突出顯示附近的商店位置，從而為以效果為導向的本地行銷開闢新的機會。早期測試顯示，探視量出現了兩位數的成長，證明了其能夠影響現實世界的結果。例如，快餐連鎖店熊貓快餐開展了一項推廣活動，根據我們市場第三方測量合作夥伴的測量結果，該活動使訪問量增加了 15%。

In addition, they saw a 10-point increase in brand favorability and a 6-point increase in action as measured by a brand lift study. Together, Sponsored Snaps and Promoted Places demonstrate how Snap's ad platform can influence the full marketing funnel from discovery and engagement to measurable real-world results while creating new opportunities for revenue growth across our global advertiser base.

此外，品牌提升研究顯示，品牌好感度提高了 10 個百分點，行動率提高了 6 個百分點。贊助快照和推廣地點共同展示了 Snap 的廣告平台如何影響從發現和互動到可衡量的實際結果的整個行銷管道，同時為我們全球廣告客戶群創造新的收入成長機會。

For app-based advertisers, we introduced the App Power Pack, a unified suite designed to improve performance across both scan and non-scan campaigns. Key features include target cost bidding, new App End Cards that automatically incorporate app store images, and playables for interactive game previews. Early results show that the App Power Pack is driving over 25% lift in iOS app installs. Early adopters are seeing strong returns, reinforcing Snapchat's role as a scalable performance channel for mobile marketers.

對於基於應用程式的廣告商，我們推出了 App Power Pack，這是一個統一的套件，旨在提高掃描和非掃描廣告系列的效果。主要功能包括目標成本競價、可自動整合應用程式商店圖片的全新應用程式結束卡片，以及用於互動遊戲預覽的可玩內容。初步結果顯示，App Power Pack 讓 iOS 應用程式安裝量提升了 25% 以上。早期用戶獲得了豐厚的回報，這進一步鞏固了 Snapchat 作為行動行銷人員可擴展的績效管道的地位。

For example, mobile gaming app Yotta chose Snapchat to reach Gen Z through culturally relevant fast turnaround ads, leveraging target cost bidding, delivering 35 times more iOS installs at 84% lower cost per install 60 times more purchases at 90% lower cost per purchase and 6 times more first-time purchases at 13% lower cost per add to cart since implementing this new strategy.

例如，行動遊戲應用程式 Yotta 選擇透過 Snapchat 投放與 Z 世代文化相關的快速反應廣告，利用目標成本競價，自實施這項新策略以來，iOS 安裝量增加了 35 倍，每次安裝成本降低了 84%；購買量增加了 60 倍，每次購買成本降低了 90%；首次購買量增加了 6 倍的成本增加了 13%。

We continue to advance our automation capabilities to the Snap Smart Campaign Solutions suite, smart targeting, which treats targeting inputs of suggestions and uses machine learning to identify incremental high-performing audiences has launched delivering an average 8.8% increase in conversions for adopted ad sets. Smart budget or automated budgeting solution that optimizes the overall campaign performance has also rolled out across select advertiser objectives and bid strategies.

我們不斷推動 Snap Smart Campaign Solutions 套件的自動化功能，智慧定位功能可處理定位建議輸入，並利用機器學習來識別表現較好的受眾群體。該功能已推出，為採用的廣告群組帶來了平均 8.8% 的轉換率提升。針對特定廣告主目標和競價策略，我們已推出智慧預算或自動化預算解決方案，以優化整體廣告活動效果。

Early results are encouraging with a 5% improvement in median cost per action and a 17% increase in median spend, and we plan to broaden availability early next year. In addition, we have begun testing Smart Ad, which enables advertisers to upload raw creative ad sets and leverage Snap's ML systems to automatically drive performance.

初步結果令人鼓舞，每次行動的平均成本降低了 5%，平均支出增加了 17%，我們計劃在明年初擴大可用性。此外，我們已經開始測試智慧廣告，該功能允許廣告主上傳原始創意廣告集，並利用 Snap 的機器學習系統自動提升廣告效果。

SMBs remained our largest contributor to ad revenue growth in Q3, driven by new advertiser onboarding, improved DR tools, streamline go-to-market execution and simplified workflows. We deepened partnerships with commerce platforms such as WooCommerce, making it easier for small and medium-sized businesses to advertise on Snap and reach incremental audiences efficiently.

第三季度，中小企業仍然是我們廣告收入成長的最大貢獻者，這得益於新廣告商的加入、改進的直接回應工具、簡化的市場推廣執行和簡化的工作流程。我們深化了與 WooCommerce 等電商平台的合作關係，讓中小企業更容易在 Snap 上投放廣告，並有效率地接觸更多受眾。

Looking ahead, we see significant potential in the medium customer segment, where penetration remains low despite strong product market fit. We are realigning sales teams and agency partnerships to realize this opportunity, which we expect to become a meaningful growth lever through 2026.

展望未來，我們看到中端客戶群具有巨大的潛力，儘管產品與市場契合度很高，但市場滲透率仍然很低。我們正在調整銷售團隊和代理商合作夥伴關係，以抓住這一機遇，我們預計這將在 2026 年成為重要的成長槓桿。

Direct revenue remains one of our fastest-growing opportunities. In Q3, we expanded premium tiers such as Lens+ and Platinum bundles, introducing exclusive AR and AI experiences like the Imagine Lens. We are also planning to introduce live streaming and launch new tools to help creators build deeper relationships with their audience.

直接收入仍然是我們成長最快的業務機會之一。第三季度，我們擴展了 Lens+ 和 Platinum 套餐等高級套餐，推出了 Imagine Lens 等獨家 AR 和 AI 體驗。我們也計劃推出直播功能和新工具，幫助創作者與觀眾建立更深層的聯繫。

In addition, we announced memory storage plans in Q3 and began rolling out this new offering to our community with more than 1 trillion memories already saved. These changes are designed to both enhance the user experience and sustain the infrastructure that supports long-term growth.

此外，我們在第三季宣布了記憶體儲存計劃，並開始向我們的用戶群體推出這項新服務，目前已保存超過 1 兆條記憶體資訊。這些改變旨在提升用戶體驗，並維護支援長期發展的基礎設施。

We took an important step toward building out our AI platform by partnering with Perplexity AI to integrate its conversational search directly into Snapchat. Starting in early 2026, Perplexity will appear in our chat interface for Snapchatters around the world. Through this integration, Perplexity’s AI-powered answer Engine will let Snapchatters ask questions and get clear conversational answers drawn from verifiable sources, all within Snapchat.

我們與 Perplexity AI 合作，將其對話式搜尋功能直接整合到 Snapchat 中，這是建立我們 AI 平台的重要一步。從 2026 年初開始，Perplexity 將出現在我們面向全球 Snapchat 用戶的聊天介面中。透過此次整合，Perplexity 的 AI 驅動型答案引擎將讓 Snapchat 用戶提出問題，並在 Snapchat 內獲得可驗證來源的清晰對話式答案。

Under the agreement, Perplexity will pay Snap $400 million over one year through a combination of cash and equity as we achieve global rollout. Revenue from the partnership is expected to begin contributing in 2026. This collaboration makes AI-powered discovery native to Snapchat enhances personalization, and position Snap as a leading distribution channel for intelligent agents, laying the groundwork for a broader ecosystem of AI partners to reach our global community.

根據協議，隨著我們實現全球推廣，Perplexity 將在一年內透過現金和股權相結合的方式向 Snap 支付 4 億美元。預計該合作關係帶來的收入將於 2026 年開始產生。此次合作使 Snapchat 原生支援 AI 驅動的發現功能，增強了個人化體驗，並將 Snap 定位為智慧代理的領先分發管道，為更廣泛的 AI 合作夥伴生態系統觸達我們的全球社群奠定了基礎。

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

現在我想把麥克風交給德瑞克，讓他來分享我們的財務進度。

Thank you, Evan. In Q3, total revenue was $1.51 billion, up 10% year over year. Advertising revenue reached $1.32 billion in Q3, up 5% year over year, driven primarily by growth in DR advertising revenue, which increased 8% year over year. The growth in DR advertising revenue was driven by strong demand for our pixel purchase and app purchase optimizations as well as continued strength from the SMB client segment.

謝謝你，埃文。第三季總營收為15.1億美元，年增10%。第三季廣告收入達到 13.2 億美元，年增 5%，主要得益於直接行銷廣告收入的成長，較去年同期成長 8%。DR 廣告收入的成長得益於市場對我們像素購買和應用程式購買優化的強勁需求，以及中小企業客戶群的持續強勁表現。

Other revenue increased 54% year over year to $190 million in Q3, with the largest driver being Snapchat+ subscribers, which increased 35% year over year to approach 17 million in Q3. With the exception of our large customer business in North America, our advertising growth remains very strong. From a regional perspective, we saw a significant acceleration in advertising revenue growth in both Europe and Rest of World during Q3.

第三季其他營收年增 54% 至 1.9 億美元，其中最大的推動力是 Snapchat+ 訂閱用戶，其訂閱用戶年增 35% 至第三季接近 1,700 萬。除了我們在北美的大客戶業務外，我們的廣告業務成長依然非常強勁。從區域角度來看，第三季歐洲和世界其他地區的廣告收入成長均顯著加快。

In Europe, advertising revenue grew 12% year over year, an acceleration of 6 percentage points over the prior quarter. In Rest of World, advertising revenue grew 13% year over year, an acceleration of 10 percentage points compared to the prior quarter.

在歐洲，廣告收入年增 12%，比上一季加快了 6 個百分點。在世界其他地區，廣告收入年增 13%，比上一季加快了 10 個百分點。

In contrast, North America growth continued to lag the global business with advertising revenue growing 1% year over year in Q3. Within North America, our SMB advertising business grew at a rate of more than 25% in Q3, while our large client solutions business posted a modest decline in the quarter. The North America LCS business accounted for approximately 43% of total global revenue in Q3, decreasing is the share of total revenue by roughly 10 percentage points over the past two years, reflecting meaningful diversification of our revenue base as growth accelerates across other regions and customer segments.

相較之下，北美地區的成長持續落後於全球業務，第三季廣告收入較去年同期成長 1%。在北美，我們的中小企業廣告業務在第三季成長了超過 25%，而我們的大型客戶解決方案業務在該季度略有下降。第三季度，北美 LCS 業務約佔全球總收入的 43%，與過去兩年相比，其佔總收入的比例下降了約 10 個百分點，這反映出隨著其他地區和客戶群體的成長加速，我們的收入基礎實現了顯著多元化。

While this mix shift demonstrates healthy progress toward a more balanced business, the North America LCS segment remains the primary headwind to our overall revenue growth. Given the strong momentum we are seeing with our ad products and platform and the rapid growth in demand from SMB clients globally, we are redoubling our focus on what we believe is working. At the same time, we are making targeted adjustments to our go-to-market operations in North America to improve performance and reignite growth in our LCS business in this region.

雖然這種組合變化表明我們在朝著更平衡的業務方向取得了健康進展，但北美LCS業務仍然是我們整體營收成長的主要阻力。鑑於我們的廣告產品和平台發展勢頭強勁，以及全球中小企業客戶需求的快速成長，我們將加倍專注於我們認為行之有效的方法。同時，我們正在對北美市場的營運進行有針對性的調整，以提高業績並重振該地區LCS業務的成長。

Global impression volume grew approximately 22% year over year, driven in large part by expanded advertising delivery within Sponsored Snaps and Spotlight. Total eCPMs were down approximately 13% year over year due to the strong growth in impression delivery. While the increased inventory from Sponsored Snaps has initially put downward pressure on platform-wide eCPMs, we are encouraged to see our advertising partners experienced strong advertising performance which is bringing increased demand to the platform. This improved performance has contributed in part to a 3 percentage point acceleration in the rate of year over year growth in DR advertising revenue in Q3.

全球曝光量年增約 22%，這主要得益於 Sponsored Snaps 和 Spotlight 中廣告投放量的擴大。由於曝光量強勁成長，總 eCPM 年比下降約 13%。雖然贊助快照的增加最初給平台整體 eCPM 帶來了下行壓力，但我們很高興地看到我們的廣告合作夥伴取得了強勁的廣告效果，這為平台帶來了更大的需求。這項改進的業績在一定程度上促成了第三季直接回應廣告收入年增率加快 3 個百分點。

Adjusted cost of revenue was $671 million in Q3, up 5% year over year. Infrastructure costs are the largest component of adjusted cost of revenue and increased 8% year over year in Q3 driven by investments in ML and AI compute as well as an 8% year-over-year increase in global DAU to reach 477 million in Q3. Infrastructure costs per DAU was $0.85 in Q3 up from $0.84 in both the prior quarter and prior year.

第三季調整後的營收成本為 6.71 億美元，年增 5%。基礎設施成本是調整後收入成本中佔比最大的部分，第三季年增 8%，這主要得益於對機器學習和人工智慧運算的投資，以及全球每日活躍用戶數年增 8%，達到 4.77 億。第三季每位每日活躍用戶（DAU）的基礎設施成本為 0.85 美元，高於上一季及去年同期的 0.84 美元。

The remaining components of adjusted cost of revenue were $266 million in Q3 or 18% of revenue which is below the prior quarter and our full year cost structure guidance range of 19% to 20% due in part to the benefit of a shift in impression mix towards Sponsored Snaps and Spotlight. With the combination of accelerating top line growth and more efficient scaling of adjusted cost of revenue, adjusted gross margin reached 55% in Q3, up from 52% in Q2 and 54% in Q3 of the prior year.

經調整後的收入成本的其餘部分在第三季度為 2.66 億美元，佔收入的 18%，低於上一季和我們全年成本結構指導範圍 19% 至 20%，部分原因是展示組合轉向贊助快照和 Spotlight 帶來的益處。由於營收成長加速和調整後營收成本規模擴大效率提高，第三季調整後毛利率達到 55%，高於第二季的 52% 和去年同期的 54%。

Adjusted operating expenses were $654 million in Q3, up 8% year over year. Personnel costs increased 12% year over year, driven by an 8% increase in headcount. Our hiring in Q3 was tightly focused on our core strategic priorities of improving advertising performance, enhancing our SMB go-to-market efforts, driving more personalized and fresh content as well as expanding our leadership in AR.

第三季調整後營運支出為 6.54 億美元，年增 8%。人員成本年增 12%，主要原因是員工人數增加了 8%。我們在第三季的招募重點嚴格圍繞著我們的核心策略重點，即提高廣告效果、加強我們面向中小企業的市場推廣工作、推動更個人化和更​​新鮮的內容，以及擴大我們在擴增實境領域的領先地位。

Higher legal costs, including litigation and regulatory compliance-related costs were an additional driver of operating expense growth in Q3. The increases in personnel and legal costs were partially offset by lower marketing expenses compared to the prior year due to a combination of cost efficiency initiatives, and timing factors on marketing expenses in Q3.

第三季度，法律成本（包括訴訟和監管合規相關成本）的增加是營運費用成長的另一個驅動因素。由於成本效益措施和第三季度行銷費用的時間因素，與前一年相比，行銷費用有所下降，部分抵消了人員和法律成本的增加。

Adjusted EBITDA was $182 million in Q3, an improvement of $50 million compared to the prior year. Adjusted EBITDA flow-through or the percentage of year-over-year revenue growth that flowed through to adjusted EBITDA was 37% in Q3 and contributed to adjusted EBITDA margins expanding 2 percentage points to reach 12% in Q3. Net loss was $104 million in Q3 compared to a net loss of $153 million in Q3 of the prior year. The $50 million year-over-year improvement largely reflects the flow-through of a $50 million increase in adjusted EBITDA, a $32 million increase in other income due primarily to repurchasing convertible notes at below par prices, offset by a $29 million increase in interest expense, reflecting high-yield notes issued earlier this year.

第三季調整後 EBITDA 為 1.82 億美元，比上年同期成長 5,000 萬美元。第三季調整後 EBITDA 轉換率（即年收入成長轉化為調整後 EBITDA 的百分比）為 37%，推動調整後 EBITDA 利潤率在第三季成長 2 個百分點，達到 12%。第三季淨虧損為 1.04 億美元，而上年同期淨虧損為 1.53 億美元。5000萬美元的年比改善主要反映了調整後EBITDA增加5000萬美元，其他收入增加3200萬美元（主要是由於以低於面值的價格回購可轉換債券），但被利息支出增加2900萬美元所抵消，這反映了今年早些時候發行的高收益債券。

Stock-based compensation and related payroll expenses were $268 million in Q3 or approximately flat year over year as progress towards a flatter and leadership structure largely offset the impact of growth in full-time headcount in Q3. Free cash flow was $93 million in Q3, while operating cash flow was $146 million. Over the trailing 12 months, free cash flow was $414 million and operating cash flow was $617 million, as we continue to balance investments with top line growth to deliver sustained positive cash flow.

第三季股票選擇權費用及相關薪資支出為 2.68 億美元，與上年同期基本持平，這主要得益於扁平化領導結構的推進，從而在很大程度上抵消了第三季度全職員工人數增長的影響。第三季自由現金流為 9,300 萬美元，而營運現金流為 1.46 億美元。過去 12 個月，自由現金流為 4.14 億美元，營運現金流為 6.17 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 3.1% in Q3, as share repurchases completed earlier this year partially offset the impact of SBC on share count growth. We ended Q3 with $3 billion in cash and marketable securities and just $47 million in convertible notes set to mature between now and the end of fiscal 2026. We believe that our robust free cash flow generation and the strength of our balance sheet, ensure that our business has sufficient capital, and financial flexibility to invest confidently to drive long-term growth.

第三季度，由於今年稍早完成的股票回購部分抵銷了SBC對股票數量成長的影響，因此稀釋率（即我們股票數量的年增幅）為3.1%。第三季末，我們擁有 30 億美元的現金和有價證券，而從現在到 2026 財年末到期的可轉換債券僅有 4,700 萬美元。我們相信，我們強勁的自由現金流產生能力和穩健的資產負債表，確保了我們公司擁有充足的資金和財務靈活性，可以充滿信心地進行投資，從而推動長期成長。

Our Q4 revenue guidance range is $1.68 billion to $1.71 billion, implying year-over-year revenue growth of 8% to 10%. From a cost perspective, we are tracking well against our full year cost structure guidance. For infrastructure, our guidance was for quarterly costs of $0.82 to $0.87 per DAU, and we hit the midpoint of this range in Q3. In Q4, we anticipate that infrastructure cost will post a modest sequential rise to between $420 million and $435 million.

我們對第四季度營收的預期範圍為 16.8 億美元至 17.1 億美元，這意味著同比增長 8% 至 10%。從成本角度來看，我們目前的進度與全年成本結構預期基本一致。對於基礎設施，我們先前預計每季每日活躍用戶成本為 0.82 美元至 0.87 美元，而我們在第三季達到了該範圍的中點。我們預計第四季基礎設施成本將小幅環比成長，達到 4.2 億美元至 4.35 億美元之間。

For all other cost of revenue, our full-year guidance range was 19% to 21% of revenue. A mix shift in delivery of impressions towards Sponsored Snaps and Spotlight helped to reduce this to 18% in Q3, and we anticipate being in the 18% to 19% range in Q4. For adjusted operating expenses, we provided full-year guidance of $2.7 billion to $2.75 billion which we reduced to $2.65 billion to $2.7 billion earlier this year. And we currently estimate we will end the full year nearer the low end of this reduced range.

對於其他所有收入成本，我們全年的預期範圍為收入的 19% 至 21%。第三季度，廣告投放方式向贊助快拍和焦點展示方向轉變，使得這一比例降至 18%，我們預計第四季將達到 18% 至 19%。對於調整後的營運費用，我們先前給出的全年預期為 27 億美元至 27.5 億美元，而今年稍早我們已將預期下調至 26.5 億美元至 27 億美元。我們目前預計全年業績將更接近這個縮減後範圍的下限。

For SBC and related expenses, we guided for a range of $1.13 billion to $1.2 billion for the full year. We reduced this to $1.1 billion to $1.13 billion earlier this year, and now estimate we will come within a further reduced range of $1.08 billion to $1.1 billion. Given the revenue range above and the progress we have made to optimize our cost structure, we estimate that adjusted EBITDA will be between $280 million and $310 million in Q4.

對於 SBC 及相關費用，我們預計全年金額在 11.3 億美元至 12 億美元之間。今年早些時候，我們將這一數字下調至 11 億至 11.3 億美元，現在估計我們將進一步縮小範圍至 10.8 億至 11 億美元。鑑於上述收入範圍以及我們在優化成本結構方面取得的進展，我們預計第四季度調整後的 EBITDA 將在 2.8 億美元至 3.1 億美元之間。

Given the strength of our balance sheet, our progress towards sustained free cash flow generation, and our desire to opportunistically manage our count for the benefit of our long-term shareholders, we have authorized a new share repurchase program in the amount of $500 million. As we look to close out 2025, we are excited by the opportunities ahead of us to accelerate top-line growth, further diversify our revenue sources, and make meaningful progress towards profitability in the year ahead.

鑑於我們穩健的資產負債表、在持續產生自由現金流方面取得的進展，以及我們希望抓住機會管理我們的股份數量以造福我們的長期股東，我們已批准一項新的股票回購計劃，金額為 5 億美元。展望 2025 年即將結束，我們對未來一年加速營收成長、進一步實現收入來源多元化以及在獲利方面取得實質進展的機會感到興奮。

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，現在我們將回答您的問題。

(Operator Instructions)

（操作說明）

Rich Greenfield, LightShed Partners.

Rich Greenfield，LightShed Partners。

I've got a couple. On the Perplexity partnership, which is really interesting that you're going to add it on to Snap AI, is the cash stock split already determined, Evan? Or could it actually change based on factors that you can help us understand? And you talk about monetization for the partnership starting in 2026. The Snap ad sales, like will your ad sales team be selling ad units that appear in Perplexity or just help us understand what monetization could look like inside this Perplexity bot that's going to live inside a Snap.

我還有幾個。關於與 Perplexity 的合作，這真的很有意思，你們打算把它併入 Snap AI，Evan，現金股票分割方案已經確定了嗎？或者，它會根據一些您能幫助我們理解的因素而改變？你們談到了從 2026 年開始的合作關係的商業化。Snap 廣告銷售方面，你們的廣告銷售團隊是會銷售出現在 Perplexity 中的廣告單元，還是只是幫助我們了解 Perplexity 機器人（將存在於 Snap 中）的貨幣化模式會是什麼樣的？

And then just a question for Derek. On a two-year stack basis, it looks like cost of revenue really came down. You talked about a shift to Spotlight and Sponsored Snaps. Should we presume that the reason why we're seeing that leverage in cost of revenue is because you're not paying out to content owners the way you do in Discover for those ad units? Just would love to understand those two main things.

最後，我還有一個問題想問德瑞克。從兩年的時間跨度來看，收入成本似乎確實下降了。你談到了向 Spotlight 和 Sponsored Snaps 的轉變。我們是否可以推斷，之所以在收入成本方面看到這種槓桿作用，是因為你們沒有像在 Discover 中那樣向內容所有者支付廣告單元的費用？我只是想弄清楚這兩件事。

Rich, thanks so much for the question. We're really excited about the Perplexity partnership. And I think it sort of underscores Snapchat's role as a messaging service and how valuable that is in the age of AI, especially because Snapchat engagement is built around real relationships between friends and family, but also because conversational assistance is very quickly becoming the primary way that people are choosing to interact with information on the Internet.

Rich，非常感謝你的提問。我們對與 Perplexity 的合作感到非常興奮。我認為這在某種程度上凸顯了 Snapchat 作為即時通訊服務的角色，以及它在人工智慧時代的重要性，尤其因為 Snapchat 的互動是建立在朋友和家人之間的真實關係之上的，而且對話式輔助功能也正迅速成為人們在網路上與資訊互動的主要方式。

So I think we have a really unique opportunity ahead to help distribute AI agents through our chat interface and launching with Perplexity next year to bring their answer engine to Snapchat really in the default placement in our chat inbox is going to be really valuable to our community and hopefully, very valuable to Perplexity into Snap as well. And I think Perplexity's focus on trusted and verifiable sources really aligns with our values and makes them a good fit for our community.

所以我認為我們面前有一個非常獨特的機會，可以透過我們的聊天介面幫助分發人工智慧代理，明年與 Perplexity 合作，將他們的答案引擎引入 Snapchat，並將其作為聊天收件匣的預設位置，這對我們的社群來說將非常有價值，希望對 Perplexity 進入 Snap 平台也很有價值。我認為 Perplexity 對可信和可驗證來源的關注與我們的價值觀非常契合，使他們非常適合我們的社區。

I think to answer your question from a monetization perspective, we don't expect to recognize any of the 400 million until we begin to roll out the integration likely towards the beginning of next year. And Perplexity will control the responses from their chatbot inside a Snapchat. So we won't be selling advertising against the Perplexity responses. But I do believe that the placement will help Perplexity drive additional subscribers, which I think is something that will be valuable to their business.

我認為，從獲利的角度來看，我們預計要到明年年初開始逐步推出整合方案時，才能確認這 4 億美元中的任何款項。Perplexity 將控制其聊天機器人在 Snapchat 中的回應。因此，我們不會針對 Perplexity 的回答投放廣告。但我相信，這樣的排名將有助於 Perplexity 獲得更多訂閱用戶，我認為這對他們的業務來說是有價值的。

I think just looking ahead, one of the things that's really exciting is the opportunity to expand to more partnerships. And advertisers are very focused on leveraging Sponsored Snaps to distribute conversational commerce experiences with their brands. So that's something we'll be experimenting with as we kick off next year.

展望未來，我認為最令人興奮的事情之一就是有機會拓展更多合作關係。廣告商非常注重利用贊助快照來分發與其品牌相關的對話式商務體驗。所以，這是我們明年年初要嘗試的方向。

I start thinking I can take the cost element of that question. As Evan noted in his letter earlier this call, we see a lot of opportunity to expand our gross margins, and we're working across a number of different fronts to achieve this including by improving the top line growth as well as becoming more efficient on cost of sales.

我開始思考我可以從成本的角度來考慮這個問題。正如艾文在本次電話會議之前的信中所提到的，我們看到了許多擴大毛利率的機會，我們正在多個方面努力實現這一目標，包括提高營收成長以及提高銷售成本效率。

So on the revenue front, we're broadly taking steps to better monetize our core product value. So we see Sponsored Snaps and Promoted Places were first steps on that journey. The ongoing growth of Snapchat+, the introduction of Lens+, and now the recent announcement and testing of memory storage plans are all examples with the latter being a great example of an area where we can flip a cost structure into a revenue-generating business line. The Perplexity deal is yet another example of a new line of revenue generation that helps expand the margins also.

因此，在收入方面，我們正在採取廣泛的措施，以更好地實現我們核心產品價值的貨幣化。因此，我們看到贊助快照和推廣地點是這趟旅程的第一步。Snapchat+ 的持續成長、Lens+ 的推出，以及最近宣布和測試的記憶體儲存計劃，都是很好的例子，其中後者就是一個很好的例子，說明我們可以將成本結構轉變為產生收入的業務線。Perplexity 的這筆交易是另一個新的收入來源的例子，同時也有助於擴大利潤率。

On the cost side, we see several dimensions to this, including work to optimize our content programs, recalibrating our investments in community growth, and the cost to serve our community to better match the long-term financial potential of each market. In Q3 specifically, we're seeing the benefit of a mix shift in where impressions are being delivered, in particular to Sponsored Snaps and to a certain extent, Spotlight.

在成本方面，我們看到了幾個方面，包括優化我們的內容計劃、重新調整我們對社區發展的投資，以及為更好地匹配每個市場的長期財務潛力而服務社區的成本。具體到第三季度，我們看到了廣告投放管道組合轉變帶來的好處，特別是贊助快拍廣告，以及在某種程度上，焦點廣告。

And as you've noted, these surfaces have higher margins, and this contributed directly to gross margin improvement of 55% in Q3, up from 52% in the prior quarter and 54% in the prior year. So lots of work to do there, but we're excited about the progress and what we saw there in Q3.

正如您所指出的，這些表面具有更高的利潤率，這直接促成了第三季毛利率提高 55%，高於上一季的 52% 和上一年的 54%。所以還有很多工作要做，但我們對第三季的進展和成果感到興奮。

Mark Shmulik, AllianceBernstein.

Mark Shmulik，AllianceBernstein。

Evan, just a follow-up on that last answer kind of beyond Perplexity. How do you see Snaps are all evolving here as kind of this distribution channel? It sounds like there may be something about kind of brand messaging integrations, but could we potentially see the ad stack open up as well?

Evan，我只是想對上次那個答案做一些後續補充，這個問題有點超出了 Perplexity 的範疇。您認為Snap作為一種發行管道，將如何發展演變？聽起來好像涉及到品牌訊息整合之類的東西，但我們是否有可能看到廣告堆疊也開放？

And then Derek, kind of on the commentary around the Q4 engagement headwinds, if we try to compartmentalize that, is the bulk of that kind of like onetime in nature as we kind of think about some of these regulatory type headwinds and then we kind of rebuild the ramp from there. Is that the right way to think about it?

然後，Derek，關於第四季度業務成長面臨的阻力，如果我們嘗試將其細分，那麼大部分阻力本質上是一次性的，因為我們考慮到了一些監管方面的阻力，然後我們再從那裡重建成長勢頭。這種思考方式正確嗎？

Thanks so much for the question. I think as it pertains to opening up the platform further, what we're seeing is a lot of our advertising clients are investing a lot in these conversational experiences, whether they're educational or really designed to improve consideration or folks who are going and developing full-fledged commerce experiences inside their own chatbots. But despite all this investment in building out that customer experience, folks are struggling to find distribution channels for those experiences. And so while there's a lot of development of AI agents right now, I think we're very quickly seeing people shift their focus to try and to develop more distribution.

非常感謝你的提問。我認為，就進一步開放平台而言，我們看到許多廣告客戶都在這些對話體驗上投入大量資金，無論是教育性的、旨在提高考慮度的，還是那些正在自己的聊天機器人中開發成熟的商業體驗的人。儘管在打造客戶體驗方面投入了大量資金，但人們仍然難以找到這些體驗的分銷管道。因此，雖然目前人工智慧代理的發展勢頭強勁，但我認為我們很快就看到人們將注意力轉移到嘗試開發更多分散式應用上。

So I think given Snap's primary engagement around messaging, there's a real opportunity to open up our chat inbox and chat interface to more of these agents and to really to distribute them through our Sponsored Snaps products. So that's an area of investment for us.

所以我認為，鑑於 Snap 的主要互動方式是訊息傳遞，我們完全有機會向更多此類代理商開放我們的聊天收件匣和聊天介面，並透過我們的贊助 Snap 產品真正地推廣它們。所以這是我們的一個投資領域。

The work we're doing to support Perplexity and the development of our APIs there will also support other partners over time, and it's certainly something we're excited about. I think it's also a really compelling customer experience given what we're seeing in the way people are shifting their behavior patterns to engage with these chatbots. So definitely, as a chat service, we're very excited about the evolution in the customer expectation there.

我們為支援 Perplexity 和開發我們的 API 所做的工作，隨著時間的推移，也將支援其他合作夥伴，這當然讓我們感到非常興奮。我認為，鑑於人們正在改變他們的行為模式來與這些聊天機器人互動，這也會帶來非常引人注目的客戶體驗。所以，作為聊天服務提供者，我們對客戶期望的演變感到非常興奮。

I think as it pertains to the overall DAU growth and our efforts, we've been doing a lot to overcome ongoing engagement headwinds to DAU, primarily by introducing new conversation starters. So if you think historically on Snapchat, a lot of conversations have been started by folks replying to friends stories. As we've seen engagement shift from things like friend stories to content posted on Spotlight, for example, we have to migrate that friend story replied behavior to things like sharing Spotlight videos or reposting Spotlight videos or playing games with friends. And we've got some forthcoming product initiatives as well that are oriented around new ways to start conversations and spark conversations with friends.

我認為就整體日活躍用戶成長和我們的努力而言，我們做了很多工作來克服每日活躍用戶持續成長面臨的阻力，主要是透過引入新的對話開場白。所以，如果你回顧 Snapchat 的歷史，你會發現很多對話都是由使用者回覆朋友的故事而開始的。例如，我們看到用戶參與度已從好友動態等內容轉移到 Spotlight 上發布的內容，因此我們必須將回复好友動態的行為轉移到分享 Spotlight 影片、轉發 Spotlight 影片或與好友一起玩遊戲等行為。我們還有一些即將推出的產品計劃，旨在探索與朋友開始對話和激發對話的新方式。

I would say big picture though, in terms of our growth in daily active users, I outlined in my letter, I think that was released back in September, this crucible moment for Snap and really a pivot to more profitable growth during this period. And we tried to provide a few examples in the earnings release, but we're experimenting with things like changing the way we do prefetching and cashing in certain geographies for our content business, changing the candidate size, number of candidates essentially in our ranking and retrieval systems in certain geographies, and really trying to line up our infrastructure and marketing investments against the geographies where we see the largest long-term monetization potential.

但我想說的是，從大局來看，就我們每日活躍用戶的成長而言，我在9月份發布的那封信中概述了這一點，這對於Snap來說是一個關鍵時刻，也是Snap轉向更盈利的成長模式的關鍵時期。我們在收益報告中嘗試提供了一些例子，但我們正在嘗試一些事情，例如改變我們在某些​​地區的內容業務的預取和兌現方式，改變某些地區排名和檢索系統中的候選規模和候選數量，並真正努力使我們的基礎設施和營銷投資與我們認為具有最大長期變現潛力的地區保持一致。

So I do think there will be trade-offs there in terms of engagement. But ultimately, as we focus on more profitable growth, I think those are trade-offs that we're going to want to accept. And then we're also, of course, investing in things like memory storage plans or Lens+. I think those are things that reflect the real in terms of large-scale cloud storage or new AI tools in Lens+, but those also add some friction to the user experience.

所以我認為在參與度方面肯定會有一些取捨。但歸根結底，當我們專注於更盈利的成長時，我認為這些都是我們想要接受的權衡取捨。當然，我們也在投資諸如記憶體儲存方案或 Lens+ 之類的東西。我認為這些都反映了大規模雲端儲存或 Lens+ 中的新 AI 工具的真實情況，但這些也會為使用者體驗帶來一些摩擦。

And then I think perhaps most importantly, we're going to be proactive. We're going to get on the front foot when it comes to rolling out age assurance. There are new age assurance signals that Apple is providing us. This quarter, we're going to use those signals to detect underage users. I think Google is rolling out a solution as well, perhaps at the beginning of next year. And so as we roll out those age assurance signals that may have an impact on daily active users as well.

然後，我認為或許最重要的是，我們要採取積極主動的措施。在推廣老年保障方面，我們將採取積極主動的策略。蘋果公司正在向我們傳遞新時代的安全感訊號。本季度，我們將利用這些訊號來偵測未成年用戶。我認為谷歌也在推出解決方案，可能在明年年初。因此，當我們推出這些年齡保證訊號時，這些訊號也可能對每日活躍用戶產生影響。

But we think that's the right thing to do. It's important for maintaining trust with our community and, of course, as well with regulators, but that could be a headwind to growth as well.

但我們認為這樣做是正確的。這對於維護我們與社區以及監管機構之間的信任至關重要，但同時也可能成為成長的阻礙。

(Operator Instructions)

（操作說明）

Doug Anmuth, JPMorgan.

道格·安穆斯，摩根大通。

This is Maggie on for Doug. We can tell that midsized advertisers are clearly focused for Snap. Could you just expand a bit more on your go-to-market efforts and product road maps to unlock greater spend from this segment?

這裡是瑪姬替道格主持節目。我們可以看出，中型廣告商顯然非常關注 Snap。能否詳細介紹一下貴公司為吸引更多消費者購買該細分市場產品所採取的市場推廣策略和產品路線圖？

Yeah. We're so excited about the growth we've been seeing with our small and medium-sized customers. We've obviously got very strong product market fit with our app product, lead gen, of course, our web direct response product as well. A lot of what we've been focused on from a product perspective, are things like speeding up signals onboarding or simplifying account setup. We've also improved partner onboarding as well, which is helping us scale, and we've seen some improvements in the median log in to spend time for that advertiser cohort.

是的。我們對中小客戶的成長感到非常興奮。顯然，我們的應用程式產品（包括潛在客戶開發產品和網路直接回應產品）與市場契合度非常高。從產品角度來看，我們一直關注的重點是加快訊號存取速度或簡化帳戶設定等事情。我們也改進了合作夥伴的進駐流程，這有助於我們擴大規模，而且我們看到廣告商群體的平均登入時間也有所提高。

I also just want to recognize the business development team has been doing a great job onboarding more customers. So we'll definitely be investing there as well as we work to further accelerate the growth we're seeing with small and medium customers.

我還要表揚業務拓展團隊，他們在吸引更多客戶方面做得非常出色。因此，我們肯定會加大對該領域的投資，努力進一步加速我們在中小企業客戶中看到的成長。

Michael Morris, Guggenheim Securities.

邁克爾·莫里斯，古根漢證券。

Wanted to ask about direct response advertising. Can you share how much was the 8% growth in the quarter an acceleration from the core trend in the second quarter when we removed the impact of the execution error that you guys had. And then as you look forward, can you return to double-digit growth in direct response advertising? And if so, I know that you have a number of initiatives. I appreciate all the details.

想諮詢直接響應式廣告。能否分享一下，在剔除你們執行失誤的影響後，本季 8% 的成長相對於第二季核心趨勢的加速程度是多少？展望未來，您能否在直接回應廣告方面恢復兩位數的成長？如果是這樣的話，我知道你們有很多計劃。感謝您提供的所有細節。

But would you maybe give us the top two or three contributors that can really impact that growth rate over the next year and I've got just slip one more in. Following the error that you did experience last quarter, could you just provide an update on your comfort and confidence with the stability of the bidding and optimization tools now that -- to kind of ensure that you wouldn't have that happen again.

但您能否告訴我們未來一年內能真正影響成長率的兩到三位主要貢獻者？我還要再補充一點。鑑於您上個季度遇到的錯誤，能否請您更新一下您目前對競價和優化工具穩定性的滿意度和信心，以確保此類情況不會再次發生？

It's Derek speaking. Thanks for the question. Yes, direct response revenue was up 8% year over year in the most recent quarter. It was an acceleration of 3 percentage points over the prior quarter. So we're pleased with the progress there. What we saw was good strength in our pixel purchase demand as well as the app to optimizations and really broadly across the SMB segment, helping to drive that acceleration in the quarter.

我是德里克。謝謝你的提問。是的，最近一個季度直接行銷收入年增了 8%。與上一季相比，成長速度提高了3個百分點。所以我們對那方面的進展感到滿意。我們看到，像素購買需求以及應用程式最佳化方面都表現強勁，在中小企業領域也普遍如此，這有助於推動本季的成長。

When you're looking at ad revenue broadly with direct response being the vast majority of it, we saw really good strength across Europe and rest of world. Europe in particular, grew 12% year over year. That was an acceleration of 6 percentage points. Rest of World grew 13%, which is an acceleration of 10 percentage points in the quarter. So really strong results there, both across LCS and in particular, the SMC market there.

從整體廣告收入來看，直接響應廣告佔了絕大部分，我們看到歐洲和世界其他地區都表現得非常強勁。歐洲尤其如此，年增12%。這意味著增速提高了6個百分點。世界其他地區成長了 13%，比上一季加快了 10 個百分點。因此，無論是在LCS市場還是SMC市場，都取得了非常強勁的成績。

As we look at North America, that business still lagged a little bit and so dragged on the rate of acceleration on the overall business as well as in DR specifically. Within North America, though really pleased with what we're seeing on the SMB segment up to more than 25% year over year in Q3. So given the strong momentum that we're seeing in Europe and Rest of World and with the SMB business globally, we're pretty pleased with what we're seeing on both the ad platform and our ad units there in terms of driving improvement on revenue and the business generally.

從北美市場來看，該業務仍有些滯後，因此拖慢了整體業務以及DR業務的加速發展速度。不過，在北美地區，我們對中小企業市場的表現非常滿意，第三季年增超過 25%。鑑於我們在歐洲和世界其他地區以及全球中小企業業務中看到的強勁勢頭，我們對廣告平台和廣告單元在推動收入和整體業務成長方面所取得的進展感到非常滿意。

I think as it pertains to our large client segment in North America, we saw a small decline there. We've been really focused on doubling down on what's working in the business, but also making targeted adjustments or go-to-market operations there in order to drive growth. We don't have recovery in that North America large client segment really baked in Q4, obviously, with the guide, but we expect that the work that we're doing there will help us build momentum over time.

我認為就我們在北美的大客戶群而言，我們看到了小幅下滑。我們一直專注於加倍投入到業務中行之有效的方面，同時也針對這些方面進行有針對性的調整或市場推廣運營，以推動成長。顯然，根據我們的業績指引，我們在第四季度在北美大客戶領域的復甦還沒有完全體現出來，但我們預計，我們在那裡所做的工作將幫助我們隨著時間的推移建立起成長勢頭。

And if we can bring the growth in that portion of the business back up to what we're seeing elsewhere than that is the path to further improvement in the overall growth in ads business going forward. So hopefully, that gives you a sense of what's driving the growth and acceleration on DR. And of course, we're watching our ad platform extremely carefully and the road map there and working with our teams to execute well there, and I think it's showing up in the results that we're seeing on the ad platform across the business globally. Thanks very much.

如果我們能夠使這部分業務的成長恢復到其他業務的水平，那麼這將是未來廣告業務整體成長進一步改善的途徑。希望這能讓您了解推動 DR 成長和加速發展的因素。當然，我們也非常密切地關注我們的廣告平台及其發展路線圖，並與我們的團隊合作，確保其順利執行。我認為，這已經體現在我們在全球業務的廣告平台上所取得的成果。非常感謝。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

Okay. I just had a quick one on infrastructure costs for next year. I guess, could you please talk to your conviction level on keeping infrastructure costs basically flat next year? And what, in your view, could drive those costs higher? And when would you think you would step in?

好的。我剛才簡單了解了一下明年的基礎建設成本。我想請您談談您對明年基礎設施成本基本上保持不變的信心程度？您認為哪些因素會導致成本上升？那你覺得你會在什麼時候介入呢？

It's Derek speaking here. There's a number of different drivers here. Obviously, over the last several years, one of the really big drivers of our growth in infrastructure cost has been the rapid growth and investment of ML and AI infrastructure. And we do expect that we're going to be able to deploy capacity there, but we're getting a big focus on capacity utilization improvement.

我是德里克。這裡有很多不同的司機。顯然，在過去幾年裡，基礎設施成本成長的真正主要驅動因素之一是機器學習和人工智慧基礎設施的快速成長和投資。我們預計能夠在那裡部署產能，但我們目前非常注重提高產能利用率。

The other is we've scaled the business, obviously, a lot with the growth in our community and there's an opportunity for us to do work around the efficiency of that cost structure and our cost to serve. So both in terms of the services we're utilizing from our cloud partners, the pricing of those services, but then also just how we're engineering our product and the cost to serve, which Evan talked about a little bit earlier in terms of our ability to calibrate that cost to serve relative to each market and its long-term financial potential.

另一方面，隨著我們社區的成長，我們的業務規模顯然也擴大了很多，因此我們有機會提高成本結構的效率和服務成本。因此，無論是從雲端合作夥伴那裡獲得的服務、這些服務的定價，還是我們如何設計產品以及服務成本，Evan 之前稍微談過，我們有能力根據每個市場及其長期財務潛力來調整服務成本。

And so we think across each of these vectors that there's a lot of opportunity for us to make progress on the infrastructure costs and make progress towards that specific goal we had stated of working to make infrastructure flat into 2026. Hopefully, that gives you a little more color.

因此，我們認為在這些方面，我們有很多機會在降低基礎設施成本方面取得進展，並朝著我們提出的到 2026 年使基礎設施成本趨於平穩的具體目標取得進展。希望這能讓你對它有更豐富的了解。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Great. Evan, just a question on spectacles. So there have been recent press reports about potential financial partners. And I think some of your peers have done partnerships with these manufacturing or distribution entities. So what's your latest thinking here?

偉大的。埃文，我有個關於眼鏡的問題。最近有媒體通報了潛在的財務夥伴。我認為你們的一些同行已經與這些製造或分銷實體建立了合作關係。那你最新的想法是什麼？

And your AR software stack is fairly advanced versus the field for smart glasses. So how are you thinking about leveraging software versus the hardware side? Just any updated thinking there would be great.

比起智慧眼鏡領域，你們的AR軟體技術堆疊相當先進。那麼，您打算如何利用軟體而非硬體呢？任何新的思路都歡迎。

Thanks so much for the question, Ross. We've got a really exciting year ahead here as we prepare for the public release specs. And we've been thinking a lot about ways to accelerate our technical leadership in the space is a form factor, obviously, we've been focused on now for more than a decade. And I think we've been able to really leverage our advantages in terms of lens core huge ecosystem of lenses that have already been built, the amazing developer tools, and Lens Studio and obviously, now the Snap operating system that runs on the current developer version of specs.

羅斯，非常感謝你的提問。未來一年對我們來說非常令人興奮，因為我們正在為公開發布規範做準備。我們一直在思考如何加速我們在該領域的技術領先地位，而在這個領域，我們顯然已經關注了十多年。我認為我們已經能夠真正利用我們在鏡頭核心（Lens Core）方面的優勢，它擁有龐大的鏡頭生態系統，以及出色的開發者工具和 Lens Studio，當然還有現在運行在當前開發者版本規範上的 Snap 作業系統。

So one of the things that we have been doing to create more optionality in terms of our ability to accelerate is putting specs into their own stand-alone 100% owned subsidiary. That will give us some options as we think about potential partners to work with to accelerate our leadership here in the space as we prepare for the public rollout.

因此，為了在加速發展方面創造更多選擇，我們一直在做的一件事就是將規格設定在它們自己的獨立全資子公司中。這將為我們提供一些選擇，以便我們在考慮潛在的合作夥伴時，能夠加速我們在該領域的領導地位，並為公開推廣做好準備。

So definitely some great opportunities to partner. We really believe that the killer use case for specs is lenses, and we've seen some incredible lenses that have been created so far almost weekly. It seems like developers are rolling out new and unique experiences. So if you haven't gotten a chance to check out the latest, I'd highly recommend it. Thanks so much.

所以，這絕對是一個絕佳的合作機會。我們堅信，眼鏡的殺手級應用場景是鏡頭，我們幾乎每週都能看到一些令人驚嘆的鏡頭問世。看來開發者們正在推出全新獨特的體驗。所以，如果你還沒機會看看最新的內容，我強烈推薦你去看看。非常感謝。

This concludes our question-and-answer session as well as Snap Inc.'s third-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 年第三季財報電話會議到此結束。感謝各位參加今天的會議。您現在可以斷開連線了。