Snap Inc (SNAP) 2025 Q4 法說會逐字稿

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

各位下午好，歡迎參加Snap公司2025年第四季財報電話會議。（操作說明）

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

現在我將把電話交給投資者關係主管大衛·奧米特。

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

謝謝大家，大家下午好。歡迎參加 Snap 2025 年第四季財報電話會議。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。

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

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。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. Last fall, we embarked on a new chapter for our company with the (technical difficulty) by our business. At that time, we laid out our plans to accelerate and diversify our revenue growth, pivot our business towards more profitable growth and deliver on the commercial launch of Specs in 2026. The impacts of the strategic direction began to manifest in the operating results of our business in Q4, and we are excited to build on this momentum in the year ahead.

大家好，歡迎參加我們的電話會議。去年秋天，由於業務上的（技術難題），我們公司開啟了新的篇章。當時，我們制定了加速和多元化收入成長的計劃，將業務轉向更盈利的成長，並於 2026 年實現 Specs 的商業化發布。策略方向的影響從第四季度開始體現在我們業務的經營業績中，我們很高興能在未來一年繼續保持這一勢頭。

Over the last 3 years, we have grown monthly active users by more than 150 million, reaching 946 million in the most recent quarter and bringing us within striking distance of our goal to reach 1 billion global monthly active users. We have already achieved immense reach and depth of engagement in many of the world's most attractive advertising geographies, and we believe this affords us a significant opportunity to grow our top line and expand average revenue per user over time. Growing our community in these prosperous geographies remains a priority, and we remain committed to our long-term goal of reaching 1 billion monthly active users, but going forward, we will seek to strike a better balance between the pace of community growth and the rate of top line growth in order to pivot our business to more profitable growth.

過去 3 年，我們的每月活躍用戶增加了 1.5 億多，最近一個季度達到 9.46 億，使我們離實現 10 億全球月活躍用戶的目標越來越近。我們已在世界許多最具吸引力的廣告地區實現了巨大的覆蓋面和深度互動，我們相信這將為我們帶來巨大的機會，隨著時間的推移，提高我們的營收並擴大每位用戶平均收入。在這些繁榮的地區發展我們的社區仍然是我們的首要任務，我們仍然致力於實現每月活躍用戶達到 10 億的長期目標，但展望未來，我們將尋求在社區增長速度和收入增長速度之間取得更好的平衡，以便將我們的業務轉向更盈利的增長。

For the advertising business, our focus will be on three core initiatives. The first is fostering direct connections between brands and Snapchatters by leveraging our core product capabilities across Snapchat. The second will be making it easier and more performant for advertisers to connect with Snapchatters by leveraging AI tooling and capabilities end-to-end through our ad platform, including creative development, campaign setup and performance optimization. Finally, we plan to grow our advertiser base by scaling and optimizing our go-to-market operations that support the success of small- and medium-sized businesses. Ultimately, we will grade the performance of our advertising business based on the rate of growth in advertising revenue with a focus on gaining share over time.

對於廣告業務，我們將重點放在三個核心舉措上。首先，我們將利用 Snapchat 的核心產品功能，促進品牌與 Snapchat 使用者之間的直接連結。第二點是，透過我們的廣告平台，利用人工智慧工具和功能，使廣告主能夠更輕鬆、更有效率地與 Snapchat 用戶建立聯繫，包括創意開發、廣告活動設定和效果優化。最後，我們計劃透過擴大和優化市場推廣業務來擴大廣告客戶群，從而支持中小企業的成功。最終，我們將根據廣告收入的成長率來評估我們廣告業務的業績，重點是隨著時間的推移獲得市場份額。

The other revenue portion of our business has become an outside source of growth and is playing a critical role in diversifying our top line. In the year ahead, we will focus on growing existing subscription offers, including Snapchat+ and Memory Storage Plans, while innovating to bring compelling new offers to our platform. This momentum is already materializing with subscribers growing 71% year-over-year to reach 24 million in Q4. In the year ahead, growth in subscribers will be a critical input metric to track our progress, and we will ultimately grade our performance based on the growth of the annualized run rate for other revenue.

我們業務的另一部分收入已成為外部成長來源，並在實現收入多元化方面發揮著至關重要的作用。在未來一年，我們將專注於發展現有的訂閱服務，包括 Snapchat+ 和記憶體儲存計劃，同時不斷創新，為我們的平台帶來引人注目的新服務。這一勢頭已經開始顯現，第四季用戶數量年增 71%，達到 2,400 萬。在未來一年，用戶成長將是衡量我們進展的關鍵指標，我們將最終根據其他收入的年化運行率的成長來評估我們的業績。

We are focusing on three significant catalysts for gross margin expansion to drive profitable growth. First, with community growth focused on monetizable markets, and with our cost to serve increasingly calibrated to the monetization potential of each market, we expect that our infrastructure costs will pivot from being a source of gross margin pressure to become a margin accretive investment. Second, as more of our ad revenue is derived from higher-margin placements such as Sponsored Snaps and Promoted Places, we expect advertising margins to improve. Third, we expect that the growing scale of our subscription business, which is built on a foundation of existing engagement and infrastructure investment will become increasingly accretive to overall gross margins.

我們正著重於三個能夠顯著提升毛利率、推動獲利成長的重要催化劑。首先，隨著社區發展專注於可獲利的市場，而我們的服務成本越來越與每個市場的獲利潛力相匹配，我們預計我們的基礎設施成本將從毛利率壓力來源轉變為利潤成長投資。其次，隨著我們越來越多的廣告收入來自利潤較高的廣告位，例如贊助快照和推廣地點，我們預期廣告利潤率將會提高。第三，我們預計，建立在現有用戶參與度和基礎設施投資基礎上的訂閱業務規模不斷擴大，將越來越有利於整體毛利率的成長。

In the Crucible Moment letter shared last fall, we set a near-term goal to achieve 60% gross margins. We have already made meaningful progress toward that goal by achieving a 59% gross margin in Q4, and we believe there is a clear path to exceed this goal in 2026.

在去年秋季發布的《熔爐時刻》信函中，我們設定了一個近期目標，即實現 60% 的毛利率。我們在實現這一目標方面已經取得了實質進展，第四季度毛利率達到了 59%，我們相信到 2026 年完全有可能超越這一目標。

We are excited about our plans to accelerate top line growth, diversify our revenue streams and build a more financially efficient business in the year ahead. Ultimately, we will grade our performance on our progress toward achieving meaningful net income profitability over the medium term. Importantly, we believe we can deliver on this profitable growth path as we continue to invest in the future of augmented reality and support the consumer launch of specs later this year.

我們對未來一年加速營收成長、實現收入來源多元化以及打造更具財務效率的業務的計畫感到興奮。最終，我們將根據我們在中期內實現有意義的淨利潤盈利能力的進展來評價我們的業績。重要的是，我們相信，隨著我們繼續投資擴增實境的未來，並支持今年稍後向消費者推出相關產品，我們能夠實現這一獲利成長目標。

For our community, we are focused on strengthening engagement in the world's most developed advertising geographies by building experiences across Snapchat that spark conversations and deepen relationships between Snapchatters. The connections between friends and family are what unify our camera, messaging, Snap Map and content experiences and enable our platform to enrich the lives of Snapchatters around the world. By prioritizing features that encourage creativity, discovery and interaction across these surfaces, we aim to increase the relevance and durability of engagement in ways that support long-term community growth and monetization.

對於我們的社區，我們致力於透過在 Snapchat 上打造能夠激發對話並加深 Snapchat 用戶之間關係的體驗，來加強與全球最發達廣告地區的互動。朋友和家人之間的聯繫將我們的相機、訊息、Snap 地圖和內容體驗統一起來，並使我們的平台能夠豐富世界各地 Snapchat 用戶的生活。透過優先考慮鼓勵創造力、發現和互動的功能，我們旨在提高參與度的相關性和持久性，從而支持社區的長期發展和盈利。

Our camera remains central to have Snapchatters communicate and express themselves and it is often the starting point for conversations on Snapchat. We're enhancing our camera with AI-powered capabilities that make creation more intuitive, dynamic and social. Recent breakthroughs in our proprietary models allow us to deliver high-quality generative AI camera experiences efficiently at scale by running our models on device. AI-driven lenses represent a meaningful evolution from traditional lenses, shifting the experience from applying a fixed set of visual overlays to creating images and scenes dynamically through generative AI.

Snapchat 的攝影機仍然是用戶交流和表達自我的核心工具，它通常是 Snapchat 上對話的起點。我們正在利用人工智慧技術增強相機功能，使創作更加直覺、動態和社交化。我們專有模型的最新突破使我們能夠透過在設備上運行模型來高效、大規模地提供高品質的生成式 AI 相機體驗。AI 驅動的鏡頭代表著傳統鏡頭的重大變革，它將體驗從應用一組固定的視覺疊加層轉變為透過生成式 AI 動態地創建影像和場景。

Snapchatters can now prompt, explore and co-create personalized content in real time, and this shift is already resonating with our community. More than 700 million Snapchatters have engaged with generative AI Lenses more than 17 billion times, often discovering and sharing these lenses through conversations with friends and family. Our Imagine Lens launched in September has already been engaged with nearly 2 billion times, highlighting strong early traction and repeat usage. This momentum is supported by a global creator and developer ecosystem that is unmatched in scale. More than 450,000 creators from nearly every country have built over 5 million Lenses using our industry-leading AR and AI tools, helping ensure that camera experiences remain fresh, relevant and closely aligned with how our community builds relationships.

Snapchat 用戶現在可以即時發起、探索和共同創作個人化內容，這種轉變已經引起了我們社群的共鳴。超過 7 億 Snapchat 用戶使用 AI 產生濾鏡超過 170 億次，他們經常透過與朋友和家人的對話發現和分享這些濾鏡。我們在 9 月推出的 Imagine Lens 已經獲得了近 20 億次的互動，這凸顯了其早期強勁的成長動能和重複使用率。這一發展勢頭得益於規模空前的全球創作者和開發者生態系統。來自幾乎所有國家的超過 45 萬名創作者使用我們領先業界的 AR 和 AI 工具創建了超過 500 萬個鏡頭，這有助於確保相機體驗保持新鮮感、相關性，並與我們的社群建立關係的方式緊密相關。

Sharing Snaps with friends and family remains the foundation of Snapchat and a core driver of engagement, retention and long-term value creation. Our platform is designed around visual communication that enables frequent interactions and helps our community maintain close relationships over time. We continue to see strong momentum in direct communication between friends and family with messaging behaviors reflecting the durability of Snapchat's core value proposition. For example, average daily messages sent increased 5% year-over-year, and the number of bidirectional communicators increased 5% year-over-year in Q4.

與親朋好友分享 Snapchat 內容仍是 Snapchat 的基礎，也是用戶參與、留存率和長期價值創造的核心驅動力。我們的平台以視覺交流為核心設計概念，旨在實現頻繁互動，幫助社區成員長期保持緊密聯繫。我們持續看到朋友和家人之間直接溝通的強勁勢頭，訊息傳遞行為反映了 Snapchat 核心價值主張的持久性。例如，第四季平均每日發送的訊息數量較去年同期增加 5%，雙向通訊者的數量較去年同期增加 5%。

We are investing in product experiences that make it easier to start conversations, sustain them over time and introduce new ways for friends and family to interact. For example, in Q4, we began testing Topic Chats, a new feature that allows Snapchatters to participate in public conversations around trending topics and events, discover shared interest and explore what's happening visually across our community.

我們正在投資產品體驗，讓人們更容易開始對話、維持對話，並引入新的方式讓朋友和家人互動。例如，在第四季度，我們開始測試「話題聊天」功能，這是一項新功能，允許 Snapchat 用戶參與圍繞熱門話題和事件的公開對話，發現共同的興趣，並以可視化的方式探索我們社區正在發生的事情。

We also began rolling out new 2-player term-based games designed to create playful, low friction ways for friends and family to connect such as 2 Player Mini Golf and Magic Jump. In Q4, these experiences contributed to more than 200 million Snapchatters playing games every month on average, representing an increase of 90% year-over-year.

我們也開始推出新的雙人回合製遊戲，旨在為朋友和家人創造輕鬆愉快的互動方式，例如雙人迷你高爾夫和魔法跳躍。第四季度，這些體驗促使 Snapchat 用戶平均每月玩遊戲超過 2 億，較去年同期成長 90%。

The Snap Map has become an increasingly important driver of engagement by helping Snapchatters stay connected to friends, local communities and places in the real world. Snapchatters use the Snap Map to see where friends are spending time, discover what is happening nearby and engage with local businesses and events. Monthly active Snap Map users reached $435 million in Q4, up 6% year-over-year, creating natural opportunities for both organic engagement and monetization through ad placements such as promoted places.

Snap 地圖已成為提升用戶參與的重要驅動因素，它幫助 Snapchat 用戶與朋友、當地社區和現實世界中的地點保持聯繫。Snapchat 用戶使用 Snap 地圖查看朋友在哪裡消磨時間，發現附近正在發生的事情，並與當地商家和活動互動。Snap Map 在第四季月活躍用戶達到 4.35 億美元，年增 6%，為自然用戶參與和透過推廣地點等廣告位實現盈利創造了自然機會。

We have built a differentiated content platform powered by authentic content that is native to Snapchat and that reinforces human connection through content sharing as a conversation starter. Our systems increasingly surface timely, relevant content by identifying emerging trends and original formats across Spotlight and Stories and matching them to the right audiences.

我們打造了一個差異化的內容平台，以 Snapchat 原生真實內容為驅動，並透過內容分享來開啟對話，從而加強人與人之間的連結。我們的系統透過識別 Spotlight 和 Stories 中的新興趨勢和原創形式，並將其與合適的受眾進行匹配，從而不斷呈現及時、相關的內容。

In Q4, enhancements to our ranking and trend detection models contributed to improved content freshness and engagement. For example, the number of Spotlight reposts and shares increased 69% year-over-year in the US reflecting our ability to surface timely content at scale. In addition, Snapchat continues to be a platform where both established and emerging creators can grow an audience and build a sustainable business. For example, Randa Adami, a nail designer and travel creator, grew her follower base by more than 20 times over the last 6 months by consistently posting the Spotlight and leveraging engagement tools such as Q&A and Spotlight comments to strengthen connections with our viewers.

第四季度，我們對排名和趨勢檢測模型的改進，提高了內容的新鮮度和互動性。例如，在美國，Spotlight 的轉發和分享數量同比增長了 69%，這反映出我們能夠大規模地發布及時的內容。此外，Snapchat 仍然是成熟創作者和新興創作者拓展受眾群體、建立永續發展業務的平台。例如，美甲設計師兼旅遊部落客 Randa Adami 在過去 6 個月裡，透過持續發布 Spotlight 內容並利用問答和 Spotlight 評論等互動工具來加強與觀眾的聯繫，她的粉絲數量增長了 20 多倍。

As we continue to innovate across these services, we are seeing the impact of better calibrating our investments in community growth and cost to serve with the long-term monetization potential of each market. In Q4, global monthly active users increased by 3 million quarter-over-quarter to 946 million, while global daily active users declined by 3 million quarter-over-quarter to 474 million. The decline in global DAU in Q4 reflects in part our decision to substantially reduce our community growth marketing investments in order to focus on more profitable growth. improving average revenue per user through more direct monetization of our core product remains a key priority, including continued growth in Snapchat+, the expansion of Sponsored Snaps in Promoted Places, the launch of Lens+, and Memories Storage Plans.

隨著我們在這些服務領域不斷創新，我們看到，更好地調整我們在社區發展和服務成本方面的投資，與每個市場的長期獲利潛力相結合，產生了積極的影響。第四季度，全球月活躍用戶數季增 300 萬，達 9.46 億；而全球每日活躍用戶數則是環比減少 300 萬，降至 4.74 億。第四季全球日活躍用戶數的下降部分反映了我們大幅削減社群成長行銷投入，以便專注於更具獲利性的成長。透過更直接地實現核心產品變現來提高每位用戶平均收入仍然是我們的首要任務，包括繼續發展 Snapchat+、擴大推廣地點中的贊助快照、推出 Lens+ 和 Memories 儲存計劃。

While these initiatives involve trade-offs with engagement, they are strengthening top line performance, supporting more stable and retentive subscription-based revenue streams and improving the gross margin profile of our business. The regulatory environment also presents near-term risk to engagement metrics.

雖然這些舉措與用戶參與度之間存在權衡，但它們正在增強營收業績，支持更穩定、更具用戶留存率的訂閱收入來源，並改善我們業務的毛利率狀況。監理環境也對參與度指標構成短期風險。

In Q4, we implemented platform-level age verification in Australia in accordance with the new law requiring users to be at least 16 years old resulting in the removal of approximately 400,000 accounts. We have since begun testing new signals from Apple's declared age range API, and we plan to test Google solution once it becomes available. While these actions may adversely affect engagement metrics as implementation progresses, we believe it is the right thing to do to maintain the long-term trust of our community and partners, and we remain committed to our long-term goal of serving more than 1 billion global monthly active users.

第四季度，我們根據澳洲新法實施了平台級年齡驗證，要求用戶必須年滿 16 歲，結果刪除了約 40 萬個帳戶。我們已開始測試來自蘋果公司公佈的年齡範圍 API 的新訊號，並計劃在谷歌解決方案可用後對其進行測試。雖然這些措施在實施過程中可能會對參與度指標產生不利影響，但我們相信，為了維護我們社群和合作夥伴的長期信任，這是正確的做法，我們將繼續致力於服務超過 10 億全球月活躍用戶的長期目標。

Our long-term vision for augmented reality extends beyond the smartphone to a future when computing is more natural, contextual and seamlessly integrated into the real world. For more than a decade, we have invested in building a platform that brings digital experiences closer to how people see, move through and interact with their everyday environments. Specs are central to this vision. After 5 generations of development and refinement, we plan to launch Specs publicly in 2026, which we believe represents a significant step forward in human-centered computing and the evolution of our AR platform.

我們對擴增實境的長期願景超越了智慧型手機，展望著一個運算更加自然、更具情境性並與現實世界無縫融合的未來。十多年來，我們一直致力於打造一個平台，讓數位體驗更貼近人們看待、穿梭和互動於日常環境的方式。技術規格是實現這一願景的核心。經過 5 代的開發和改進，我們計劃於 2026 年正式推出 Specs，我們相信這將代表以人為中心的計算以及我們 AR 平台發展的重大進步。

As we prepare for launch, we have continued to strengthen both the platform and the ecosystem that is designed to support adoption at scale. We began testing Snap Cloud powered by Supabase to make advanced back-end capabilities more accessible within Lens Studio enabling developers to build richer, more dynamic AR experiences. We also announced that all lenses built today for Spectacles will be compatible with Specs at launch, providing continuity and scale for developers from day one.

在準備發布之際，我們不斷加強平台和生態系統，以支援大規模應用。我們開始測試由 Supabase 提供支援的 Snap Cloud，以便在 Lens Studio 中更容易存取進階後端功能，使開發人員能夠建立更豐富、更動態的 AR 體驗。我們還宣布，今天為 Spectacles 製造的所有鏡片都將在 Specs 發佈時與之兼容，從一開始就為開發者提供連續性和可擴展性。

Partners and developers are already building compelling AR experiences that demonstrate the breadth of what is possible on specs. Star Wars: Holocron Histories from ILM is now live on Spectacles highlighting the power of smart glasses for immersive storytelling with one of the world's most beloved franchises.

合作夥伴和開發者已經開始建立引人入勝的 AR 體驗，展示了規格參數所能實現的各種可能性。ILM 出品的《星際大戰：全像史》現已在 Spectacles 上線，展現了智慧眼鏡在沉浸式故事敘述方面的強大功能，該系列作品深受全球觀眾喜愛。

This experience showcases the studio's continued innovation and technology and platforms through an extension of the Star Wars Galaxy. In addition, developer Harry Banda created Card Master, a multiplayer AR card game that lets players face AI opponents in classic card games with tutorials and achievements evolving into a broader suite of AR card experiences for Specs.

這次體驗透過擴展《星際大戰》宇宙，展現了工作室在創新、技術和平台方面的持續實力。此外，開發者 Harry Banda 還創建了 Card Master，這是一款多人 AR 卡牌遊戲，玩家可以在經典的卡牌遊戲中與 AI 對手對戰，遊戲包含教程和成就，並逐漸發展成為適用於 Specs 的更廣泛的 AR 卡牌體驗套件。

We believe Snap is uniquely positioned to lead the next wave of spatial computing. With Snap OS 2.0, Lens Studio, Snap Cloud and a global developer ecosystem, we have built an end-to-end AR platform spanning software, tools and hardware. Together, these capabilities position us to deliver fully stand-alone human-centered eyewear that expands creative expression and unlocks new ways for people to engage with the world around them.

我們相信 Snap 擁有獨特的優勢，能夠引領下一波空間運算浪潮。透過 Snap OS 2.0、Lens Studio、Snap Cloud 和全球開發者生態系統，我們建構了一個涵蓋軟體、工具和硬體的端到端 AR 平台。這些能力結合起來，使我們能夠提供完全獨立的以人為本的眼鏡，從而拓展創意表達，並為人們與周圍世界互動開闢新的方式。

In Q4, we made meaningful progress executing against the three priorities guiding the evolution of our advertising business, fostering more direct connections between brands and Snapchatters, making advertising on Snapchat easier and more performance through our AI-driven ad platform and expanding our advertiser base by scaling and optimizing our go-to-market operations for small- and medium-sized businesses. Together, these efforts delivered measurable improvements in advertiser performance, positioning us for more durable growth as we enter 2026.

第四季度，我們在執行指導廣告業務發展的三大優先事項方面取得了實質進展：促進品牌與 Snapchat 用戶之間更直接的聯繫；透過我們的人工智慧驅動的廣告平台，使在 Snapchat 上投放廣告更加便捷高效；以及透過擴大和優化面向中小企業的市場推廣業務，擴大我們的廣告客戶群。這些努力共同帶來了廣告商業表現的顯著提升，為我們進入 2026 年實現更持久的成長奠定了基礎。

We are focused on fostering more direct connections between brands and Snapchatters by enabling advertisers to participate natively in the experiences our community use every day on Snapchat, including messaging, the Snap Map, our AI-powered camera and creator led content. These services allow brands to show up in ways that feel timely, relevant and aligned with how our community communicates and discovers the world around them.

我們致力於透過讓廣告主能夠原生參與到我們社群每天在 Snapchat 上使用的體驗中，從而促進品牌與 Snapchat 用戶之間更直接的聯繫，這些體驗包括訊息傳遞、Snap 地圖、我們的 AI 相機和創作者主導的內容。這些服務使品牌能夠以及時、相關且符合我們社區溝通和發現周圍世界的方式的方式出現。

High-impact conversation driven placements are playing an increasingly important role across both upper and lower funnel objectives. Sponsored Snaps continue to gain traction in Q4 as one of our most differentiated ad placements, allowing brands to engage directly with Snapchatters. Sponsored Snaps revenue grew meaningfully quarter-over-quarter, supported by in-app optimizations and early testing of dynamic product ad integrations. Advertisers are seeing strong results from this placement.

高影響力對話式廣告位在行銷漏斗的上層和下層目標中都扮演著越來越重要的角色。贊助 Snap 在第四季度繼續獲得關注，成為我們最具差異化的廣告投放方式之一，使品牌能夠直接與 Snapchat 用戶互動。贊助快照收入環比顯著增長，這得益於應用程式內優化和動態產品廣告整合的早期測試。廣告商們從這種廣告投放方式中獲得了顯著的效果。

In Q4, Sponsored Snaps click-through rates grew 7% and click-through purchases grew 17% from Q3 to Q4, during which numerous format and ranking improvements were introduced. For example, global travel company Contiki, used Sponsored Snaps to drive lower funnel bookings, achieving a 283% increase in ROAS and a 72% reduction in cost per purchase highlighting the format's ability to connect creativity with measurable outcomes.

第四季度，贊助快照的點擊率比第三季度增長了 7%，點擊購買量比第四季度增長了 17%，在此期間，我們引入了許多格式和排名方面的改進。例如，全球旅遊公司 Contiki 使用贊助快照來推動漏斗底部的預訂，實現了 ROAS 提高 283%，每次購買成本降低 72%，這突顯了該形式將創意與可衡量的結果聯繫起來的能力。

In addition, SHEIN used Sponsored Snaps as part of the total takeover campaign to amplify the launch of its (technical difficulty) incremental visit and an average double-digit visitation lift according to third-party foot traffic measurement by InMarket.

此外，SHEIN 還利用贊助快照作為全面接管活動的一部分，以擴大其（技術困難）增量訪問量，並根據 InMarket 的第三方客流量測量，平均訪問量提升了兩位數。

We continue to leverage AI to make it easier for advertisers to connect with Snapchatters while delivering stronger performance and more consistent returns. By embedding AI across our advertising platform from creative development and campaign setup to delivery and optimization, we are reducing friction for advertisers and improving ROAS at scale, particularly across direct response use cases.

我們將持續利用人工智慧，讓廣告主更容易與 Snapchat 用戶建立聯繫，同時帶來更強勁的廣告效果和更穩定的回報。透過將人工智慧嵌入我們廣告平台的各個環節，從創意開發和廣告活動設定到投放和優​​化，我們正在減少廣告主的摩擦，並大規模提高廣告支出回報率，尤其是在直接回應用例方面。

A central focus of our AI strategy is simplifying how advertisers plan, launch and manage campaigns on Snapchat. Our Smart Campaign Solution suite, including smart targeting and smart budget uses AI to identify incremental high-value audiences and dynamically allocate spend across objectives, reducing the need for manual setup and ongoing optimization. We also began early testing of smart ads, which automatically assemble and iterate creative elements to identify the highest performing combinations. These tools are designed to reduce creative friction, accelerate learning cycles and shorten time to spend.

我們的人工智慧策略的核心重點是簡化廣告主在 Snapchat 上規劃、啟動和管理廣告活動的方式。我們的智慧行銷活動解決方案套件，包括智慧定位和智慧預算，利用人工智慧來識別新增的高價值受眾，並動態地將支出分配到各個目標上，從而減少手動設定和持續優化的需求。我們也開始對智慧廣告進行早期測試，智慧廣告會自動組合和迭代創意元素，以確定效果最佳的組合。這些工具旨在減少創作阻力，加快學習週期，縮短投入時間。

Improving direct response performance remains a core priority within this effort. In Q4, we delivered meaningful progress across both DPA and App advertising. For DPA, targeted ranking, format and delivery improvements delivered a 55% reduction in cost per action for 7-0 conversions and 45% reduction in cost per action for 1-0 conversions amongst all Pixel Purchase GBBs, based on cumulative internal testing over the past year. CPA revenue grew 19% year-over-year, supported by expanded adoption among large advertisers and continued migration to higher performing dynamic solutions. For example, WOLFpak, a North America retail fashion and apparel brand, leverage dynamic product ads to drive lower funnel performance, delivering 90% higher return on ad spend compared to non-DPA campaigns.

提高直接行銷效果仍然是這項工作的核心重點。第四季度，我們在數據處理廣告和應用程式廣告方面都取得了顯著進展。對於 DPA，根據過去一年的累積內部測試，有針對性的排名、格式和交付改進使 7-0 轉換的每次操作成本降低了 55%，1-0 轉換的每次操作成本降低了 45%（所有像素購買 GBB）。CPA 收入年增 19%，這得益於大型廣告商的廣泛採用以及向性能更高的動態解決方案的持續遷移。例如，北美零售時尚服裝品牌 WOLFpak 利用動態產品廣告來提升銷售漏斗底部的業績，與非 DPA 廣告系列相比，廣告支出回報率提高了 90%。

Our App advertising business also accelerated meaningfully in Q4. Revenue from in-app optimizations grew 89% year-over-year supported by advances in foundational app models, broader adoption of the App Power Pack and new immersive formats such as playables. For example, our partnership with Triumph Arcade delivered 2.6 times more app installs at 37% lower CPI and 94% more purchases at a 15% lower cost per purchase demonstrating how native formats can drive strong lower funnel outcomes.

我們的App廣告業務在第四季度也實現了顯著成長。由於基礎應用模型的進步、App Power Pack 的更廣泛應用以及可玩內容等新的沉浸式格式，應用程式內優化帶來的收入同比增長了 89%。例如，我們與 Triumph Arcade 的合作使應用安裝量增加了 2.6 倍，每次購買成本降低了 37%；購買量增加了 94%，每次購買成本降低了 15%。這表明原生格式如何能夠推動強大的漏斗底部效果。

We are growing our advertiser base by scaling and optimizing go-to-market operations that support the success of small- and medium-sized businesses. SMBs contributed the majority of advertising revenue growth for the sixth consecutive quarter, underscoring sustained product market fit and the impact of our investments. In Q4, total active advertisers increased 28% year-over-year driven in part by simplified onboarding, improved campaign workflows and increased performance. We reduced setup friction by enhancing Ads Manager workflows and expanding integrations across the commerce and measurement ecosystem, enabling advertisers to launch campaigns directly from partner platforms.

我們正在透過擴大和優化市場推廣營運來擴大廣告客戶群，從而支持中小企業的成功。中小企業連續第六個季度貢獻了大部分廣告收入成長，凸顯了產品與市場的持續契合度以及我們投資的影響。第四季度，活躍廣告客戶總數年增 28%，部分原因是簡化了註冊流程、改善了廣告活動工作流程以及提高了廣告效果。我們透過增強廣告管理工作流程和擴展與電商和衡量生態系統的集成，減少了設定摩擦，使廣告商能夠直接從合作夥伴平台發起廣告活動。

We also strengthened our SMB offerings through new partnerships, including a global integration with Wix, which allows e-commerce businesses to more easily create campaigns, manage catalogs and improve measurement. In addition, we are investing in AI agents designed to accelerate SMB activation through automated recommendations and onboarding optimizations that reduce decision friction and improved performance.

我們也透過新的合作夥伴關係加強了對中小企業的服務，包括與 Wix 的全球整合，這使得電子商務企業能夠更輕鬆地創建行銷活動、管理產品目錄和改進衡量標準。此外，我們正在投資人工智慧代理，旨在透過自動化推薦和入駐優化來加速中小企業的激活，從而減少決策摩擦並提高績效。

Our Q4 results reinforce our confidence in the strategic direction outlined in our 2026 plan. By fostering deeper connections between brands with Snapchatters, improving advertiser performance through AI and expanding our advertiser base with greater discipline, we are building a more resilient and competitive advertising business. As we move into 2026, we will continue to grade our progress based on growth in conversions, improvements in ROAS, expansion of our active advertiser base and ultimately the rate of growth in advertising revenue and share over time.

我們的第四季業績增強了我們對 2026 年計畫中概述的策略方向的信心。透過加強品牌與 Snapchat 用戶之間的聯繫，利用人工智慧提升廣告商績效，並以更嚴謹的態度擴大廣告商群體，我們正在建立一個更具韌性和競爭力的廣告業務。展望 2026 年，我們將繼續根據轉換率成長、ROAS 改善、活躍廣告客戶群擴大以及最終廣告收入和份額隨時間的成長率來評估我們的進展。

I'll now turn the call over to Derek to discuss our financials.

現在我將把電話交給德瑞克，讓他來討論我們的財務狀況。

Thanks, Evan. Q4 was a pivotal quarter for our business as we began to see the impact of our strategic focus on profitable growth translate into further revenue diversification, meaningful gross margin expansion, elevated flow-through of top line growth to adjusted EBITDA, the achievement of net income profitability and substantially improved free cash flow generation.

謝謝你，埃文。第四季度是我們業務的關鍵季度，我們開始看到我們對盈利增長的戰略重點所帶來的影響轉化為收入的進一步多元化、毛利率的顯著擴張、收入增長對調整後 EBITDA 的更高轉化率、淨利潤盈利能力的實現以及自由現金流的大幅改善。

Total revenue was $1.72 billion in Q4, up 10% year-over-year. Advertising revenue reached $1.48 billion in Q4, up 5% year-over-year, driven primarily by growth in DR advertising revenue. The growth in DR advertising revenue was driven by strong demand for our Pixel Purchase and App Purchase optimization as well as continued strength from the SMB client segment. Other revenue increased 62% year-over-year to reach $232 million in Q4 with subscribers growing 71% year-over-year to reach 24 million in Q4.

第四季總營收為 17.2 億美元，年增 10%。第四季廣告收入達到 14.8 億美元，年增 5%，主要得益於直接行銷廣告收入的成長。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。第四季其他營收年增 62%，達 2.32 億美元；第四季訂閱用戶年增 71%，達 2,400 萬。

Global impression volume increased approximately 14% year-over-year driven in large part by expanded advertising delivery across Sponsored Snaps and Spotlight. Total eCPMs declined approximately 8% year-over-year, with the rate of decline moderating by 5 percentage points quarter-over-quarter driven by growing demand for sponsored snaps that helped boost yields for this new placement. We are encouraged to see our advertising partners experience strong advertising performance alongside the supply growth and that the improvements in pricing and performance are bringing increased demand to the platform.

全球曝光量年增約 14%，這主要得益於 Sponsored Snaps 和 Spotlight 廣告投放範圍的擴大。eCPM 總量年減約 8%，環比下降幅度放緩 5 個百分點，主要得益於贊助快照需求的成長，從而提高了這種新廣告位的收益。我們很高興看到，隨著供應量的成長，我們的廣告合作夥伴也獲得了強勁的廣告業績，而且價格和效能的改善正在為平台帶來更大的需求。

Adjusted cost of revenue was $699 million in Q4, up 4% year-over-year but growing at less than half the rate of our top line. Infrastructure costs per DAU was $0.86 in Q4 and below the top end of our full year cost structure guidance range as we began to experience the initial benefits of better calibrating our cost to serve relative to the long-term monetization potential of the geographies in which we operate.

第四季調整後的營收成本為 6.99 億美元，年增 4%，但成長速度不到營收成長速度的一半。第四季每日活躍用戶基礎設施成本為 0.86 美元，低於我們全年成本結構指導範圍的上限，因為我們開始體驗到更好地調整服務成本，使其與我們營運所在地區的長期獲利潛力相匹配所帶來的初步效益。

The remaining components of adjusted cost of revenue were $289 million in Q4 or 17% of revenue, which is below the low end of our full year cost structure guidance range. due in large part to the outsized growth of higher-margin ad placements, including Sponsored Snaps and Spotlight. With the combination of revenue growth outpacing infrastructure cost growth and a favorable shift in impression delivery mix adjusted gross margin reached 59% in Q4, up from 55% in Q3 and 57% in Q4 of the prior year.

第四季調整後收入成本的其餘部分為 2.89 億美元，佔營收的 17%，低於我們全年成本結構指導範圍的下限。這主要是由於高利潤率廣告位（包括贊助快拍和焦點廣告）的超額成長所致。由於營收成長超過基礎設施成本成長，以及印跡交付組合的有利轉變，第四季調整後的毛利率達到 59%，高於第三季的 55% 和去年同期的 57%。

Adjusted operating expenses were $660 million in Q4, up 8% year-over-year, but growing 2 percentage points slower than revenue. Personnel costs increased 8% year-over-year, driven primarily by a 7% increase in head count with hiring tightly focused on our core strategic priorities. Higher legal costs, including litigation and regulatory compliance-related costs were an additional driver of operating expense growth in Q4. These factors were partially offset by reductions in community growth marketing spending as we began to execute on our strategic initiatives to better calibrate our investments in community growth with the long-term monetization potential of each geography.

第四季調整後的營運支出為 6.6 億美元，較去年同期成長 8%，但成長速度比營收成長慢 2 個百分點。人員成本年增 8%，主要原因是員工人數增加了 7%，招募工作嚴格圍繞我們的核心策略重點。第四季度，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。這些因素被社群成長行銷支出的減少部分抵消了，因為我們開始執行我們的策略性舉措，以便更好地將我們對社區成長的投資與每個地區的長期貨幣化潛力進行調整。

Adjusted EBITDA was $358 million in Q4, an improvement of $82 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 51% in Q4 and contributed to adjusted EBITDA margins expanding 9 percentage points to reach 21% in Q4. Importantly, we delivered positive net income of $45 million in Q4, up from $9 million in prior year. The $36 million year-over-year improvement largely reflects the flow-through in adjusted EBITDA. Offset by a $31 million increase in interest expense reflecting the high-yield notes issued earlier in the year.

第四季調整後 EBITDA 為 3.58 億美元，比上年同期成長 8,200 萬美元。第四季調整後 EBITDA 的轉換率（即年收入成長轉化為調整後 EBITDA 的百分比）為 51%，推動調整後 EBITDA 利潤率在第四季成長 9 個百分點，達到 21%。重要的是，我們在第四季度實現了 4,500 萬美元的淨利潤，高於去年同期的 900 萬美元。3600萬美元的年成長主要反映了調整後EBITDA的提升。但由於年初發行的高收益債券，利息支出增加了 3,100 萬美元，抵消了上述成長。

Stock-based compensation and related payroll expenses or $265 million in Q4 or approximately flat year-over-year as progress towards a flatter and leaner leadership structure helped power the business to net income profitability in Q4. Free cash flow was $206 million in Q4, while operating cash flow was $270 million. Over the trailing 12 months, free cash flow was $437 million and operating cash flow was $656 million as we continue to execute on translating top line growth into sustained growth in cash flow.

第四季股票選擇權費用及相關工資支出為 2.65 億美元，與上年同期基本持平，這得益於公司在第四季度實現了淨利潤盈利，並朝著更加扁平化和精簡的領導結構邁進。第四季自由現金流為 2.06 億美元，而經營現金流為 2.7 億美元。過去 12 個月，自由現金流為 4.37 億美元，營運現金流為 6.56 億美元，我們繼續努力將營收成長轉化為現金流的持續成長。

We continue to manage our share count carefully with share repurchases completed throughout 2025, helping limit share count growth to 3% in Q4. We ended Q4 with approximately $2.9 billion in cash and marketable securities and just $47 million in convertible notes set to mature in fiscal 2026. Given the strength of our balance sheet, our progress towards sustained free cash flow generation and our desire to opportunistically manage our share count for the benefit of our long-term shareholders. We have authorized a new share repurchase program in the amount of $500 million.

我們將繼續謹慎管理我們的股份數量，並在 2025 年全年完成股份回購，以幫助將第四季度的股份數量增長限制在 3%。第四季末，我們持有約 29 億美元的現金和有價證券，僅有 4,700 萬美元的可轉換債券將於 2026 財年到期。鑑於我們穩健的資產負債表、我們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。

For the full year, we generated $5.93 billion in revenue, reflecting 11% year-over-year growth, driven by a combination of ongoing strength in our SMB advertising segment as well as the rapid growth in our subscription business. We delivered $689 million in adjusted EBITDA, representing adjusted EBITDA flow-through of 32% in 2025. Importantly, we came within or below our full year cost structure guidance across all key metrics as we managed our investment levels in balance with the rate of revenue growth realized by our business throughout the year.

全年來看，我們創造了 59.3 億美元的收入，年增 11%，這主要得益於中小企業廣告業務的持續強勁成長以及訂閱業務的快速發展。我們實現了 6.89 億美元的調整後 EBITDA，預計到 2025 年調整後 EBITDA 將達到 32%。重要的是，我們在全年所有關鍵指標上都達到了或低於全年成本結構指導目標，因為我們在全年保持投資水準與業務收入成長率之間的平衡。

As we begin 2026, we are focused on accelerating top line growth further diversifying our revenue streams, expanding gross margins and making meaningful progress towards net income profitability. Our investment plans for 2026 reflect these priorities, and our intention is to calibrate our investments to revenue growth as we move through the year. Our infrastructure investment levels for 2026 will be driven by our strategic initiative to better align our cost to serve with the long-term monetization potential of each geography in which we operate.

2026 年伊始，我們將專注於加速營收成長，進一步實現收入來源多元化，擴大毛利率，並在實現淨利潤盈利方面取得實質進展。我們 2026 年的投資計畫體現了這些優先事項，我們的目標是在這一年中根據收入成長調整投資。2026 年，我們的基礎設施投資水準將由我們的策略性舉措驅動，該舉措旨在更好地使我們的服務成本與我們營運的每個地區的長期獲利潛力相匹配。

As a result, our full year cost structure guidance range for infrastructure costs is $1.6 billion to $1.65 billion. which would represent flat year-over-year infrastructure costs at the low end. We estimate that the remaining components of adjusted cost of revenue will be a combined 16% to 17% of revenue in each quarter of 2026 and which would represent a 1 to 2 percentage point improvement over 2025, driven by the benefit of outsized growth and higher-margin ad placements.

因此，我們全年基礎設施成本結構指引範圍為 16 億美元至 16.5 億美元，這意味著基礎設施成本將與去年持平。我們估計，到 2026 年，調整後的收入成本的其餘組成部分合計將佔每個季度收入的 16% 至 17%，這將比 2025 年提高 1 至 2 個百分點，這主要得益於超額增長和高利潤率的廣告投放。

Personnel costs are the largest component of adjusted operating expenses, and we expect head count growth in 2026 to be roughly in line with the 7% head count growth we experienced in Q4 of 2025. With hiring tightly focused on our core strategic priorities, we anticipate continued elevated legal and regulatory-related costs, and we plan to make meaningful proactive investments in community safety that will contribute to adjusted operating expense growth.

人員成本是調整後營運費用中最大的組成部分，我們預計 2026 年的員工人數成長將與 2025 年第四季 7% 的員工人數成長大致持平。由於招募工作將重點放在我們的核心策略重點上，我們預計法律和監管相關成本將持續上升，因此我們計劃對社區安全進行有意義的積極投資，這將有助於調整後的營運費用成長。

In addition, our adjusted operating expense range for 2026 includes incremental investments in product development and go-to-market support for the consumer launch of Specs later this year. These factors will be partially offset by reduced spending on community growth marketing as we adjust these investments to better reflect the long-term monetization potential of each geography. As a result, we estimate that full year adjusted operating expenses will be approximately $3 billion. For SBC and related expenses, we estimate approximately $1.2 billion in 2026.

此外，我們 2026 年的調整後營運費用範圍包括對產品開發和市場推廣支援的增量投資，以支援 Specs 於今年稍後面向消費者推出。這些因素將部分被社區成長行銷支出的減少所抵消，因為我們將調整這些投資，以更好地反映每個地區的長期獲利潛力。因此，我們預計全年調整後的營運費用約為 30 億美元。對於 SBC 及相關費用，我們預計到 2026 年約為 12 億美元。

For Q1 specifically, our guidance range for revenue is $1.5 billion to $1.53 billion. Our Q1 revenue guidance range excludes any potential revenue from the perplexity integration as we have yet to mutually agree on a path to a broader rollout. Given this revenue range and our investment plans for the year ahead, we estimate that adjusted EBITDA will be between $170 million and $190 million in Q1.

具體到第一季度，我們的營收預期範圍為 15 億美元至 15.3 億美元。我們第一季的收入預期範圍不包括 Perplexity 整合帶來的任何潛在收入，因為我們尚未就更廣泛推廣的路徑達成一致。鑑於這一收入範圍和我們未來一年的投資計劃，我們估計第一季調整後的 EBITDA 將在 1.7 億美元至 1.9 億美元之間。

As we begin 2026, we are excited to execute on our pivot towards profitable growth and to make incremental progress towards our medium-term goal of delivering meaningful net income profitability. The impacts of this strategic direction are already evident in our Q4 results and we are incredibly proud of the work our team is doing to build on this momentum in Q1.

2026 年伊始，我們很高興能夠執行向獲利成長的轉型計劃，並朝著實現有意義的淨利潤盈利的中期目標取得逐步進展。這一策略方向的影響已在我們的第四季業績中顯現出來，我們為團隊在第一季鞏固這一勢頭所做的工作感到無比自豪。

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）

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

I want to talk about one of the forward initiatives, Evan, with Snap Specs as one of the key priorities in the next 1 to 2 years. Can you just go a little bit deeper into what you've built on the platform and the application and use case side? And how you think it feeds into where you want to take the hardware side of the business, when we think about the next 12 to 18 months and how this fits into your broader strategic priorities for the company and more particularly for spatial computing longer term?

艾文，我想談談其中一項前瞻性舉措，Snap Specs 是未來 1 到 2 年的關鍵優先事項之一。能否更深入地介紹一下您在平台、應用程式和用例方面所做的開發工作？那麼，您認為這將如何影響公司硬體業務的未來發展方向？展望未來 12 到 18 個月，這將如何融入公司更廣泛的策略重點，尤其是在長期空間運算方面？

Eric, thanks so much for the question. We're super excited about what's ahead this year with the launch of Specs and obviously, graduating from the R&D phase of Specs to broader consumer adoption. In preparation of that, we've been working on several prior versions of Specs, including most recently, the version released in 2024 to developers who can subscribe to Specs and start building Lens experiences.

艾瑞克，非常感謝你的提問。今年我們將推出 Specs，並逐步從研發階段過渡到更廣泛的消費者接受階段，我們對此感到非常興奮。為此，我們一直在開發 Specs 的幾個先前版本，包括最近於 2024 年發布的版本，開發者可以訂閱 Specs 並開始建立 Lens 體驗。

We've seen some people build really spectacular things, whether it's utilities or new educational tools, for example, like at-home chemistry lab, you can have an augmented reality to even some of the more interesting work we've been doing with the browser and the ability to stream video on a virtual screen grounded in the real world through your glasses.

我們看到一些人創造了非常了不起的東西，無論是實用工具還是新的教育工具，例如家庭化學實驗室，你可以擁有擴增實境技術，甚至還有一些更有趣的工作，例如使用瀏覽器和眼鏡在現實​​世界中的虛擬螢幕上播放影片。

So it's been really exciting to see all the new use cases that developers are building for Specs with the current version released back in 2024. And those will be able to run on the upcoming or the forthcoming version of specs released later this year. So I think we'll be able to launch with a really wide variety of compelling experiences, which I think is so important for the early success of a product like this. And we're just really focused on getting the hands of early adopters.

因此，看到開發者利用 2024 年發布的當前版本 Specs 構建的所有新用例，這真的很令人興奮。這些程式將能夠運行在今年稍後發布的新版本規格上。所以我認為我們能夠推出各種引人入勝的體驗，我認為這對於這類產品的早期成功至關重要。我們目前最關注的是如何讓早期用戶拿到產品。

We're so fortunate to have this passionate base of developers, hundreds of thousands of developers who've used Lens Studio to build lenses, and I think they're really excited about this forthcoming product. So really trying to engage them and early adopters with specs later this year is super exciting. And I think as we look out to future generations of the product through the end of this decade, we've got a really clear path here to lightweight, affordable and incredibly powerful glasses that can deliver immersive experiences in the real world.

我們非常幸運地擁有如此充滿熱情的開發者群體，成千上萬的開發者使用 Lens Studio 建造鏡頭，我認為他們對即將推出的這款產品感到非常興奮。所以，今年稍後能透過產品規格來吸引他們和早期用戶，真的非常令人興奮。我認為，展望未來十年末的產品發展，我們已經找到了一條非常清晰的道路，那就是製造出輕便、價格實惠且功能強大的眼鏡，從而在現實世界中提供沉浸式體驗。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

High end of the range. And also -- can you hear me?

高端產品。還有──你聽得到我說話嗎？

We can now. Go ahead.

現在我們可以了。前進。

Okay. Sorry. Okay. The 1Q guide assumes a pickup in growth at the high end, and you guys mentioned that there's no perplexity in there. Could you just talk about what's driving that between DR and brand and how you're kind of expecting trends in 2026 in the ad business to play out?

好的。對不起。好的。第一季的預測指南假設高端市場成長加速，而你們也提到其中沒有任何令人困惑之處。您能否談談直接行銷和品牌之間的驅動因素，以及您對 2026 年廣告業趨勢的預期？

Thanks for the question. On the ad side, the biggest focus is continuing to generate additional demand by demonstrating the strong performance of the Ad Platform. So at the top of that, we're seeing really strong growth in active advertisers. They were up 28% year-over-year in Q4 as we continue to invest and scale our SMB go-to-market operations. And that's something you're going to see us build on into 2026. That's part of the investment plan for the year ahead is to continue to scale that out so that we can build on the momentum we have there.

謝謝你的提問。在廣告方面，最大的重點是透過展示廣告平台的強勁表現來持續創造更多需求。首先，我們看到活躍廣告商數量出現了非常強勁的成長。第四季年增 28%，因為我們持續投資並擴大中小企業的市場營運。而這正是我們將在 2026 年繼續努力的方向。這是我們未來一年投資計畫的一部分，目的是繼續擴大規模，以便我們能夠鞏固目前的發展勢頭。

We've seen especially strong growth in the medium customer segment globally with medium customers in North America, in particular, being the largest contributor to absolute dollar growth there, which is good to -- that's the kind of momentum we want to build on in '26.

我們看到全球中型客戶群成長尤為強勁，尤其是在北美，中型客戶群是當地絕對美元成長的最大貢獻者，這很好——這正是我們希望在 2026 年繼續保持的勢頭。

We do continue to face some headwinds in the North America large customer business, but there are some bright spots there, including the US LCS financial services vertical as well as autos. We have new leadership in place over the North America LCS segment. We've got new products to connect brands with Snapchatters, including Sponsored Snaps and Promoted Places to build with their and smart campaign solutions to make it easier for advertisers to leverage the full set of Snapchat placements to make those connections easy and performing. So those will be big themes that we'll be building on in '26 as well.

我們在北美大客戶業務方面仍面臨一些不利因素，但也有一些亮點，包括美國 LCS 金融服務垂直領域以及汽車產業。北美LCS業務部門已任命新的領導階層。我們推出了新產品，旨在將品牌與 Snapchat 用戶聯繫起來，包括贊助快照和推廣地點，以及智慧廣告系列解決方案，使廣告商能夠更輕鬆地利用 Snapchat 的全部廣告位，從而輕鬆有效地建立聯繫。所以這些也將是我們2026年將繼續深入探討的重要主題。

In terms of the guide for Q1, the macro operating environment has thus far remained relatively stable compared to what we saw in Q4. There's a lot of quarter left to go in Q1, of course, but our guidance range is built on the assumption that the macro environment continues to be stable. I hope that extra color helps a little bit.

就第一季的業績指引而言，宏觀經營環境迄今仍保持相對穩定，與第四季的情況相比有所改善。當然，第一季還有很長一段時間，但我們的業績指引範圍是基於宏觀環境持續保持穩定的假設。我希望這些額外的顏色能起到一點作用。

Rich Greenfield, LightShed Partners.

Rich Greenfield，LightShed Partners。

A couple of questions. First, the subscription side, which I know, Evan, if I go back to your letter a while ago, you sort of marked the importance of subscription. It seemed like it really accelerated this quarter. And I'm curious, are you marketing it differently? Are there new features that you added? I know you've talked about sort of charging for memories and other things that will add to this. But just in terms of what happened in Q4, it would be great to better understand what's happening inside of that Snap?

幾個問題。首先是訂閱方面，我知道，埃文，如果我回顧一下你之前的來信，你當時已經強調了訂閱的重要性。這季度似乎增速加快了。我很好奇，你們的行銷方式是否有所不同？你們增加了哪些新功能？我知道你們討論過對儲存設備和其他一些東西收費，這些都會增加費用。但就第四季發生的事情而言，如果能更好地了解Snap內部發生了什麼，那就太好了？

And then -- the other thing, I think, 2 years ago, Evan, you got on this earnings call and you talked about the fact that you were sort of refocusing user growth efforts from Android developing markets to the bigger markets like the US where the meat of your monetization was. And if I look at sort of where US users -- or sorry, North American users have fallen to a $94 million. Do you need to put even more effort into those efforts to sort of drive US users or North American users? Just what's happening in the North American user market would be great to just better understand, given your focus there.

還有一件事，我想，兩年前，埃文，你在一次財報電話會議上談到，你正在將用戶增長的重點從安卓發展中市場轉移到美國等更大的市場，因為這些市場才是你盈利的主要來源。如果我看一下美國用戶——或者抱歉，北美用戶——的消費額已經下降到 9,400 萬美元。您是否需要投入更多精力來吸引美國用戶或北美用戶？鑑於您專注於北美用戶市場，我們很想更了解北美用戶市場的具體情況。

Yes. Definitely excited about what we're seeing on the subscriber side of the business. Certainly, memory storage plans were a big driver of the subscriber growth that we've seen recently and also have helped improve retention rates overall. So that definitely has been really helpful to the subscription business.

是的。我們對目前在用戶成長方面取得的進展感到非常興奮。當然，儲存套餐是近期用戶成長的主要驅動力，也有助於提高整體用戶留存率。所以這對訂閱業務來說絕對是一個非常有幫助的舉措。

And we've got some other great features on debt coming up this year for the direct pay segment of our business. So really excited about that overall, and I think really helps support our efforts to diversify our revenue in addition to the small and medium customer growth that Derek mentioned. So overall, really excited about the progress on subscriptions and the diversification of our revenue.

今年，我們針對直接支付業務板塊，也將推出一些關於債務的其他精彩功能。所以整體來說我真的非常興奮，我認為這確實有助於我們實現收入多元化，就像 Derek 提到的那樣，也有助於中小客戶的成長。總的來說，我對訂閱業務的進展和收入多元化感到非常興奮。

As it pertains to user growth, I think if you take a step back and look at the growth overall of the platform, monthly active users, now 946 million. So we're pretty close to our goal of 1 billion monthly active users. And I think, as you know, over the past 3 years, our community growth has really outpaced our revenue growth and ARPU has actually declined, while we simultaneously increased the cost to serve by which has put downward pressure on our margin.

就用戶成長而言，我認為如果你退後一步，看看平台的整體成長情況，每月活躍用戶數目前已達 9.46 億。因此，我們距離每月活躍用戶達到10億的目標已經非常接近了。而且我認為，正如您所知，在過去的 3 年裡，我們的社區成長速度遠遠超過了我們的收入成長速度，ARPU 實際上有所下降，與此同時，我們的服務成本卻增加了，這給我們的利潤率帶來了下行壓力。

So as we look at this crucial moment and the pivot to profitability, we have immense daily reach and engagement in many of the most valuable advertising markets, including in North America. And we think we can strike a much better balance between pursuing community growth and also growing average revenue per user.

因此，當我們審視這一關鍵時刻以及向獲利轉型時，我們在包括北美在內的許多最有價值的廣告市場擁有巨大的每日覆蓋率和互動量。我們認為，我們可以在追求社群發展和提高每用戶平均收入之間取得更好的平衡。

So in addition to that, obviously, we're working through some of the regulatory landscape and some of the shifting user engagement patterns as we focus on organic growth. But I think taking that all in totality, we've made some choices to reduce community growth marketing spend to adjust the cost to serve and to roll out additional paid features like the Memory Storage Plans that we just discussed. And all of those can cause headwinds to user engagement. So those changes actually free up more resources to focus on our most valuable geographies so that we can continue innovating and delivering great customer experiences, which really believe is the most important driver of long-term growth.

因此，除此之外，顯然，我們還在努力應對一些監管環境和一些不斷變化的用戶參與模式，同時專注於自然成長。但我認為，綜合所有因素來看，我們已經做出了一些選擇，減少社群成長行銷支出，以調整服務成本，並推出我們剛才討論過的額外付費功能，例如記憶體儲存計畫。所有這些都可能對用戶參與度造成不利影響。因此，這些變化實際上釋放了更多資源，讓我們專注於最有價值的地區，從而繼續創新並提供卓越的客戶體驗，而這才是我們真正相信的長期成長的最重要驅動力。

Dan Salmon, New Street Research.

丹·薩蒙，新街研究。

Evan, I wanted to just talk a little bit more about, as you called it, the sort of litigation or regulatory risk caused by changes in age verification policies, sort of broader teen smartphone and social media restrictions. You obviously commented on the actions that you took in Australia following the ban going into place there.

埃文，我想再多談談你所說的，年齡驗證政策的變化，以及更廣泛的青少年智慧型手機和社交媒體限制所引起的訴訟或監管風險。顯然，你對澳大利亞禁令生效後你在那裡採取的行動發表了評論。

But what I'm particularly interested to hear a little bit more about is the potential for those types of actions to impact North America. Obviously, a $4 million step down in the DAU this quarter. I'm curious just maybe to unpack a little bit of what drove that more and what the outlook could be there during the year based on some of those litigation risks or regulatory risks you mentioned.

但我特別想多了解的是，這類行動可能會對北美產生哪些影響。顯然，本季每日活躍用戶數下降了 400 萬美元。我很好奇，或許可以更深入地了解是什麼因素導致了這種情況，以及根據您提到的一些訴訟風險或監管風險，今年的前景會如何。

We're certainly aware of some pending legislation. Obviously, there's quite a bit working its way to the court system right now that would further restrict the use of Snapchat for our community. I think as we look at, for example, global ad revenue from impressions served to users under the age of 18, that revenue is not material. So I think looking at sort of the revenue generating potential of the business looking forward, we're not overly concerned about the changing regulatory environment.

我們當然知道有一些正在審議的法案。顯然，目前有許多案件正在提交法院審理，這些案件將進一步限制我們社區使用 Snapchat。例如，如果我們看一下 18 歲以下用戶的全球廣告收入，就會發現這部分收入並不重要。所以，從公司未來的獲利潛力來看，我們並不太擔心監管環境的變化。

I will say one of the things that's very interesting is that if you look at the research studies that look at Snapchat specifically as separate from some of the studies that look at social media in totality. I think what we continue to see, which makes us proud of the service we've developed is that Snapchat actually has a positive impact on people's well-being and people's friendships. And that's actually in contrast to other services that don't necessarily have that positive impact.

我想說，非常有趣的一點是，如果你把專門研究 Snapchat 的研究與一些研究整個社群媒體的研究區分開來，你會發現一些有趣的現象。我認為我們不斷看到的，也是讓我們為我們開發的這項服務感到自豪的是，Snapchat 實際上對人們的幸福感和友誼產生了積極的影響。而這其實與其他一些未必能產生這種正面影響的服務形成了鮮明對比。

But I think we have had quite a bit of trouble as we look at the regulators, explaining how different Snapchat is because there is really this moment where people are expressing concern about use of social media. So we have to continue making the case that Snapchat and its orientation around your close friends and your family can have a really positive impact. I think that's backed up by the research. But certainly, it's going to take time to prove that out, and especially as these regulations sort of work their way through the court system.

但我認為，我們在與監管機構溝通時遇到了不少麻煩，需要解釋 Snapchat 與其他社群媒體的不同之處，因為目前人們確實對社群媒體的使用表示擔憂。因此，我們必須繼續論證 Snapchat 及其圍繞你的親朋好友而設計的模式可以產生非常積極的影響。我認為研究結果也支持這一點。但要證明這一點肯定需要時間，尤其是在這些法規需要經過法院系統逐步實施的情況下。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

Maybe first, I'll touch on Specs. Could you talk about maybe, Evan, could you talk about the kind of synergy between Specs and Snap services more broadly and the audience and kind of the developer base. And then talk about the right way to capitalize that entity? I mean, if there's -- if you have confidence in the end product -- how do you think about appropriately capitalize on that? Can it -- does it -- should it happen all within Snap, should there be outside partners? And how do you accelerate kind of the development and the deployment of specs throughout the ecosystem. I'll stop there.

或許首先，我會簡單介紹一下規格。Evan，您能否談談Specs和Snap服務之間更廣泛的協同效應，以及它們與用戶群和開發者群體之間的關係？然後討論如何正確地為該實體注資？我的意思是，如果你對最終產品有信心，你會如何考慮適當地利用這種信心呢？這一切能否──是否應該──完全在 Snap 內部完成，還是應該有外部合作夥伴？那麼，如何加速整個生態系中規範的開發與部署呢？我就說到這裡吧。

Yes. Well, I think to just maybe take a step back on why we started working on specs in the first place. When we invented Snap and we worked on things like a femoral messaging or stories that put content in chronological order or even things like opening to the camera. Our vision, our work was really designed to make computing or smartphone feel more human. And we think that's quite a really important role in connecting people with their friends and their family.

是的。嗯，我想或許應該回顧一下我們當初為什麼要開始製定規範。當我們發明 Snap 時，我們致力於開發諸如動態消息傳遞、按時間順序排列內容的 Stories，甚至是打開應用程式時自動顯示相機等功能。我們的願景和工作，真正是為了讓電腦或智慧型手機的使用體驗更加人性化。我們認為這在連結人們與朋友和家人方面發揮著非常重要的作用。

But we also saw a lot of limitations of the smartphone and of computers. And I think today, people are spending something like 7 hours a day in front of a screen. And so I think there is, at this moment, a real opportunity to change what the computer is instead of something that you're constantly operating using a keyboard and a mouse something that now powered by AI can actually get work done for you.

但我們也看到了智慧型手機和電腦的許多限制。我認為現在人們每天花在螢幕前的時間大約有7個小時。所以我認為，目前確實存在一個改變電腦本質的機會，它不再是你不斷使用鍵盤和滑鼠操作的工具，而是由人工智慧驅動，可以真正為你完成工作的工具。

And so in that way, it's really a continuation of this vision to try to work to make computing more human for folks. And so I think now that we are exiting the R&D phase of spec development, there's a couple of important things. One is developing a strong stand-alone brand I think Specs the product itself, in many ways, appeals to a different audience segment than the core Snapchat audience, and it's going to be really important for us to develop a stand-alone brand identity for Specs.

因此，從這個意義上講，這實際上是對這一願景的延續，即努力使電腦對人們來說更加人性化。所以我認為，既然我們已經退出了規格開發的研發階段，那麼有幾件重要的事情要注意。我認為，Specs 本身在許多方面吸引的受眾群體與 Snapchat 的核心受眾群體不同，因此，為 Specs 建立一個獨立的品牌形象對我們來說非常重要。

And then I think longer term, as we look at the rollout and broader deployment of Specs, there may be opportunities to raise additional capital to accelerate, balancing that, obviously, with our own sort of ownership interest and any potential dilution. So I think right now, given that we're so close to launch, the key here is really just nailing the launch and making sure that we deliver an extraordinary product. And then I think we have a lot of flexibility to think about how we want to capitalize it moving forward.

然後我認為從長遠來看，隨著 Specs 的推廣和更廣泛部署，可能有機會籌集更多資金來加速發展，當然，這需要與我們自己的股權利益以及任何潛在的稀釋風險相平衡。所以我覺得，鑑於我們距離產品發佈如此之近，現在的關鍵在於確保發布成功，並交付一款卓越的產品。我認為，我們有很多彈性來思考如何利用它來推動未來的發展。

Justin Patterson, KeyBanc.

Justin Patterson，KeyBanc。

I wanted to talk about agentive coding. We've seen more companies see meaningful improvements in engineering productivity from these tools. How is this thing deployed at Snap today? And how should we think about potential benefits, whether it's product velocity more engagement on the platform, more monetization opportunities or expense efficiency.

我想談談智能體編碼。我們看到越來越多的公司透過這些工具顯著提高了工程生產力。目前Snap是如何部署這項技術的？我們應該如何看待潛在的好處，無論是產品發布速度、平台互動性、更多獲利機會或成本效率。

Yes. There's just so much opportunity here. Obviously, I think now, something like 40% of new code at Snap is AI generated. We made a ton of headway with trust and safety and customer service in terms of automating those workflows. I think there's a lot of opportunity for the sales workflow as well to empower our sales team but also to automate quite a bit of that.

是的。這裡蘊藏著太多機會。顯然，我認為現在 Snap 公司大約 40% 的新程式碼都是人工智慧生成的。我們在信任、安全和客戶服務方面取得了巨大進展，實現了這些工作流程的自動化。我認為銷售工作流程也有很多改進空間，不僅可以增強銷售團隊的能力，還可以實現許多流程的自動化。

So certainly, we're seeing gains across the board and how we're operating our business today. I also think this can be a real accelerant for our own creativity. I mean one of the things we love to do is invent new services. And we've got a bunch of ideas for new apps, for example that we could build using these AI tools and deploy very, very quickly, leveraging, of course, the distribution we have, our friend graph, some of the unique assets we have like folks memories, for example.

所以，我們確實在各方面都取得了進步，而且我們目前的業務運作方式也得到了改善。我認為這也能真正激發我們的創造力。我的意思是，我們最喜歡做的事情之一就是發明新服務。我們有很多關於新應用的想法，例如，我們可以利用這些人工智慧工具來建立並快速部署這些應用，當然，還要利用我們現有的分發管道、好友關係圖譜以及一些獨特的資產，例如人們的記憶等等。

So I think there's a lot of opportunity here for us to think about how we accelerate the growth of our business and actually develop new services quickly using these tools. And I think in addition to that, we're just running as fast as we can to roll out new agents across the enterprise new tools. And it's -- especially for a small team, like the one we've got at Snap, this is just a massive force multiplier. And I think really will help accelerate a lot of the creative vision we have in terms of turning it into reality.

所以我認為這裡有很多機會讓我們思考如何利用這些工具加速業務成長並快速開發新服務。而且我認為除此之外，我們正在盡最大努力加快速度，在整個企業範圍內推出新的代理商和新工具。而且——尤其對於像我們 Snap 這樣的小團隊來說，這簡直就是一個巨大的力量倍增器。我認為這確實有助於加速我們許多創意願景的實現，使之成為現實。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Great. Can you talk about the decision to moderate infrastructure spending at a time when others are ramping spend to drive ad performance? Was there sort of slack in the system? Maybe just talk through that decision.

偉大的。在其他公司都在加大投入以提升廣告效果之際，貴公司卻決定放緩基礎設施支出，您能否談談這個決定？系統中是否存在某種鬆弛現象？或許可以和別人好好商量這個決定。

It's a great question. Thanks for asking it. I think the first thing I would say just for context, the big driver in the ramp of infrastructure investment over the last couple of years has been a really significant growth in our ML and AI investment, and that was to both support the rebuild of the Ad Platform and the DR advertising business and also to support the content business and banking and personalization and all of the work that we've done there. And I think I would say, first and foremost, we intend to continue to invest pretty heavily there. And so that's not an area of focus for pulling back.

這是一個很好的問題。謝謝你的提問。首先，為了說明背景，我想說的是，過去幾年基礎設施投資大幅增長的主要驅動力是我們在機器學習和人工智慧領域的投資顯著增長，這既是為了支持廣告平台和直接響應廣告業務的重建，也是為了支持內容業務、銀行業務、個性化以及我們在這方面所做的所有工作。而且我認為，首先也是最重要的一點，我們打算繼續在那裡進行大量投資。因此，這並非撤退的重點領域。

As it pertains to infrastructure, specifically, there are really two big catalysts where we see a lot of opportunity and are already making progress in terms of driving margin efficiency for the business and margin expansion. The first there is just our investments in how we handle cost to serve. And getting that in a place where we're calibrating that better relative to the monetization potential of each of the markets in which we're operating. And there's a lot we can do to optimize that.

就基礎設施而言，具體來說，我們看到了兩個很大的催化劑，從中蘊藏著許多機會，並且在提高業務利潤率和擴大利潤率方面已經取得了進展。首先，我們需要投資我們如何控制服務成本。並且要讓它處於一個我們可以更好地根據我們所經營的每個市場的獲利潛力進行調整的位置。我們可以做很多事情來優化這一點。

And that's really about the theme that we've been talking about in terms of getting to profitable growth. And so translating that into the growth in infrastructure really being keyed in against the growth in monetization. The other real opportunity we see here is to take some of the infrastructure things that are cost right now and turn them into revenue-generating investments. And so I think the recent launch of the memory storage plants is a great example of that, where we can take cost and not only find ways to make it more efficient, but then also turn it into a revenue-generating source of top line growth, which is going to help with even further margin expansion.

這就是我們一直在討論的關於如何實現獲利成長的主題。因此，基礎設施的成長實際上與貨幣化的成長密切相關。我們看到的另一個真正的機會是，將目前成本高昂的一些基礎設施項目轉化為能夠產生收入的投資。因此，我認為最近推出的儲存設備工廠就是一個很好的例子，我們不僅可以降低成本，找到提高效率的方法，還可以將其轉化為創收的成長來源，這將有助於進一步擴大利潤率。

So a lot of this is about efficiency. A lot of it is about being really sensible about our cost to serve relative to monetization potential markets and then scaling efficiently. But those investments in AI and ML will continue to be really important to the performance of the business in both the ads and the content side. So hopefully, that gives a little bit more context there. Thanks for asking.

所以，很多時候這都跟效率有關。很多時候，關鍵在於要非常理性地考慮服務成本與潛在獲利市場的匹配度，然後再有效率地擴大規模。但這些對人工智慧和機器學習的投資對於公司在廣告和內容方面的業務表現仍然至關重要。希望這能提供一些背景資訊。謝謝你的提問。

This concludes our question-and-answer session as well as Snap Inc.'s fourth-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 年第四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。