Snap Inc (SNAP) 2026 Q1 法說會逐字稿

Good everyone, and welcome to Snap Inc.'s first-quarter 2026 earnings conference call. At this time, participants are in a listen-only mode.

各位好，歡迎參加 Snap Inc. 2026 年第一季財報電話會議。目前，與會者將以僅收聽模式參與。

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

現在我想把電話會議交給投資人關係主管 David Ometer。

Thank you, and good afternoon, everyone. Welcome to Snap's first-quarter 2026 earnings conference call. With me 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，各位下午好。歡迎參加 Snap 2026 年第一季財報電話會議。今天與我一同出席的有共同創辦人兼執行長 Evan Spiegel，以及財務長 Derek Andersen。請造訪我們的投資人關係網站 investor.snap.com，取得今日新聞稿、財報簡報與投資人信函。

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.

本次電話會議包含前瞻性陳述，係基於我們截至今日的假設。實際結果可能與這些前瞻性陳述所表達者有重大差異，我們亦無義務更新相關揭露。

For more information about factors that may cause actual results to differ materially from these forward-looking statements. Please refer to the press release we issued today as well as risks described in our most recent Form 10-K or Form 10-Q, particularly in the section titled Risk Factors. Today's call will include both GAAP and non 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.

如需了解可能導致實際結果與這些前瞻性陳述有重大差異的因素之更多資訊，請參閱我們今日發布的新聞稿，以及我們最近一期 Form 10-K 或 Form 10-Q 所述風險，特別是「風險因素」章節。今日電話會議將同時包含 GAAP 與非 GAAP 衡量指標。兩者之間的調節表可見於今日新聞稿。另請注意，當我們討論所有費用數字時，將排除以股份為基礎之酬勞及相關薪資稅，以及折舊與攤銷與某些其他項目。

Please refer to our filings with the SEC to understand how we calculate any of the metrics discussed on today's call. With that, I'd like to turn the call over to Evan.

請參閱我們向 SEC 提交的文件，以了解我們如何計算今日電話會議中討論的任何指標。接下來，我想把電話會議交給 Evan。

Hi, everyone, and welcome to our call. Last fall, we described a crucible moment for Snap and the imperative to grow our community and engagement, reaccelerate revenue growth improved gross margins and establish a clearer path to net income profitability.

各位好，歡迎參加我們的電話會議。去年秋天，我們描述了 Snap 的關鍵時刻，以及必須擴大社群與互動、重新加速營收成長、改善毛利率，並建立更清晰的淨利獲利路徑。

We made meaningful progress on each of these priorities in Q1. Q1 marked a return to growth in daily active users reaching 483 million, while monthly active users grew to 956 million.

我們在第一季於上述各項優先事項上都取得了實質進展。第一季每日活躍用戶回到成長軌道，達到 4.83 億；同時月活躍用戶成長至 9.56 億。

Revenue increased 12% year over year to $1.53 billion, including a 3% year-over-year increase in advertising revenue to $1.24 billion and an 87% year-over-year increase in other revenue to $285 million.

營收年增 12% 至 15.3 億美元，其中廣告營收年增 3% 至 12.4 億美元，其他營收年增 87% 至 2.85 億美元。

Net loss improved to $89 million. Operating cash flow was $327 million. Free cash flow was $286 million, and adjusted EBITDA was $233 million. These results indicate that we are closing the gap between engagement and monetization while converting revenue growth into a more durable path towards GAAP profitability.

淨損改善至 8,900 萬美元。營運現金流為 3.27 億美元。自由現金流為 2.86 億美元，調整後 EBITDA 為 2.33 億美元。這些結果顯示，我們正在縮小互動與變現之間的差距，同時把營收成長轉化為更具持續性的 GAAP 獲利路徑。

As we look ahead, our priorities are clear: first, grow our community and deepen engagement across Snapchat with a focus on highly monetizable geographies; second, accelerate and diversify revenue growth; and third, build a more profitable and cash generative core business, while investing with discipline and specs and our long-term opportunity in intelligent eyewear.

展望未來，我們的優先事項很明確：第一，擴大社群並深化 Snapchat 全平台互動，聚焦於高度可變現的地區；第二，加速並多元化營收成長；第三，打造更具獲利能力且能產生現金的核心業務，同時以紀律與明確規格投入資源，掌握智慧眼鏡的長期機會。

Our first priority is growing our community and deepening engagement by making Snapchat the best place to communicate with close friends and family. Engagement on our platform is built around relationships. People use Snapchat to talk to their friends, to express themselves visually to share with their team, and to stay connected to what is happening around them. That is why we continue to believe that our communication service is our strongest long-term advantage.

我們的第一項優先事項，是透過讓 Snapchat 成為與親密朋友與家人溝通的最佳場所，來擴大社群並深化互動。我們平台上的互動建立在人際關係之上。人們使用 Snapchat 與朋友聊天、以視覺方式表達自我、與團隊分享，並隨時掌握周遭正在發生的事。因此，我們持續相信，我們的通訊服務是我們最強的長期優勢。

In Q1, we continue to invest in new conversation starters to make communicating with friends easier and more fun. Topic Chats, which allows Snapchatters to participate in public conversations around trending topics and events gained momentum as we broaden the rollout in Q1. For example, the March Madness Topic Chat was one of the most active real-time group jets with more than 90,000 messages sent and peak concurrent participation exceeding 40,000 people.

在第一季，我們持續投資新的「對話開場」功能，讓與朋友溝通更容易、更有趣。Topic Chats 讓 Snapchat 用戶能圍繞熱門話題與事件參與公開對話；隨著我們在第一季擴大推出，該功能動能提升。例如，「March Madness」的 Topic Chat 是最活躍的即時群組聊天之一，發送訊息超過 9 萬則，尖峰同時參與人數超過 4 萬人。

Games are also emerging as a popular conversation starter with new two-player term-based experiences, creating low friction ways for friends and family to connect. We also added new entry points for games in Q1 to improve discovery contributing to gains reaching 255 million monthly active users. In addition, we enhanced our messaging infrastructure by improving notification, timeliness, and relevance and by making it easier for Snapchatters to seamlessly share content into conversations.

遊戲也正成為受歡迎的對話開場方式；新的雙人回合制體驗，提供低摩擦的方式讓親友連結。我們也在第一季新增遊戲入口以改善探索，帶動月活躍用戶增長至 2.55 億。此外，我們透過改善通知、即時性與相關性來強化訊息基礎設施，並讓 Snapchat 用戶更容易將內容無縫分享至對話中。

Our community is increasingly using content sharing as a conversation starter and spotlight is playing an important role in recommending more shareable content. In Q1 2026, Spotlight shares and reposts grew 62% year-over-year globally and 124% year over year in the US. Our focus on prioritizing authentic content created using the Snapchat camera and our investments in the creator experience are driving spotlight posts contributing to nearly 74% year-over-year growth in Spotlight posters in the US and over 61% globally. These efforts, combined with continued investment in resulted in higher engagement with total time spent watching Spotlight increasing 11% year over year.

我們的社群愈來愈常以分享內容作為對話開場，而 Spotlight 在推薦更適合分享的內容方面扮演重要角色。2026 年第一季，Spotlight 的分享與轉發在全球年增 62%，在美國年增 124%。我們聚焦優先排序使用 Snapchat 相機創作的真實內容，並投資創作者體驗，推動 Spotlight 貼文成長，使美國的 Spotlight 發文者年增近 74%，全球年增超過 61%。這些努力，加上持續投資，帶動更高互動，Spotlight 觀看總時長年增 11%。

Our augmented reality and Lens ecosystem continues to play an important role in enhancing communication and self-expression on Snapchat. More than 75% of Snapchatters are engaging with augmented reality every day on average, and our community uses Lenses in our camera per day on average. AI-powered lens creation is transforming our AR ecosystem with more than 400,000 lenses submitted in Q1, increasing more than 150% year over year. The significant growth this quarter was driven primarily by the adoption of new lens creation tools such as Easy Lens, our free tool designed to make lens creation simpler, more fun, and more personal.

我們的擴增實境與 Lens 生態系，持續在提升 Snapchat 的溝通與自我表達方面扮演重要角色。超過 75% 的 Snapchat 用戶平均每天都會使用擴增實境，而我們的社群平均每天在相機中使用 Lenses。AI 驅動的 Lens 創作正在改變我們的 AR 生態系；第一季提交的 Lens 超過 40 萬個，年增超過 150%。本季的顯著成長主要來自新 Lens 創作工具的採用，例如 Easy Lens——我們的免費工具，旨在讓 Lens 創作更簡單、更有趣、更個人化。

The Map continues to play a growing role as a way to stay up-to-date with friends and discover new places. With more than 450 million global monthly active users in Q1, we believe that the Snap Map is the world's most personal map continually adapting to highlight the friends, places, and real-world experiences that matter most to Snapchatters. As we layer in richer content and local signals, we see Snap Map developing into a powerful platform for connecting our community with places and services in the fiscal world, creating a durable foundation for local commerce and advertising over time.

地圖（Map）持續扮演愈來愈重要的角色，作為掌握朋友近況並探索新地點的方式。第一季全球月活躍用戶超過 4.5 億；我們相信 Snap Map 是全球最個人化的地圖，會持續調整以突顯對 Snapchat 用戶最重要的朋友、地點與真實世界體驗。隨著我們疊加更豐富的內容與在地訊號，我們看到 Snap Map 正發展為強大的平台，將社群與實體世界中的地點與服務連結起來，並隨時間建立在地商務與廣告的長期基礎。

The innovation we delivered across new conversation starters, content sharing, Lenses and Snap Map all contributed to the growth in our global community in Q1 with global daily active users and monthly active users, both growing 5% year over year in Q1.

我們在新對話開場、內容分享、Lenses 與 Snap Map 的創新，皆促成第一季全球社群成長；第一季全球每日活躍用戶與月活躍用戶均年增 5%。

Advertising execution improved in Q1, led by continued strength with SMBs and better performance across our lower funnel products. Large advertisers in North America remained a headwind, and but we are beginning to see early signs of improvement as performance gains are more fully reflected in third-party measurement systems and as newer inventory in Chat is more widely adopted.

第一季廣告執行表現改善，主要受惠於中小企業（SMB）持續強勁，以及我們較低漏斗產品的表現提升。北美大型廣告主仍是逆風；但隨著績效提升更完整地反映在第三方衡量系統中，以及 Chat 的新廣告版位被更廣泛採用，我們開始看到初步改善跡象。

Our focus is on three priorities: improving performance and measurement across the core platform expanding new inventory and translating those gains into broader advertiser adoption and larger commitments.

我們聚焦三項優先事項：提升核心平台的成效與衡量、擴大新的廣告版位，並將這些成果轉化為更廣泛的廣告主採用與更大的投放承諾。

First, we continue to make meaningful progress improving performance across our core direct response products, growth in Q1 was led by lower funnel solutions and by performance-oriented advertisers responding to stronger ROI. Dynamic Product Ads revenue grew more than 30% year over year, while adoption among small- and medium-sized customers more than doubled. We also saw strong momentum in app advertising, where gold-based bidding revenue grew 27% year over year, and app purchases revenue grew 87% year over year.

第一，我們持續在提升核心直接反應產品的成效方面取得實質進展；第一季的成長由較低漏斗解決方案帶動，並由因 ROI 更強而回流的績效導向廣告主所推動。Dynamic Product Ads 營收年增超過 30%，而中小型客戶的採用率增加逾一倍。我們也在 App 廣告方面看到強勁動能，其中以目標為基礎的出價（goal-based bidding）營收年增 27%，而 App 購買（app purchases）營收年增 87%。

Across Pixel Purchase campaigns, 70 purchases generated per dollar of revenue grew more than 23% year over year, which we view as a sign that conversion efficiency is improving. These gains are being driven by continued progress in AI ranking retrieval and automation across the ad platform. Nearly 70% of advertising spend now use at least one of our AI-powered automation solutions including Smart Audience, Smart Budget or Smart Placement, which gives us confidence that these improvements are benefiting a broad share of the business.

在 Pixel Purchase（像素購買）廣告活動中，每 1 美元營收所帶來的 70 筆購買量年增超過 23%，我們將此視為轉換效率正在提升的跡象。這些成長主要來自我們在廣告平台上，於 AI 排名檢索與自動化方面持續取得進展。目前近 70% 的廣告投放支出已使用至少一項由 AI 驅動的自動化解決方案（包括 Smart Audience、Smart Budget 或 Smart Placement），這讓我們有信心這些改善正惠及業務中相當廣泛的部分。

In Q1, we launched LLM-based user intent understanding for dynamic product ads retrieval, which improved Pixel Purchase conversions by more than 2% and multimodal similar product retrieval using a vision language model fine-tuned on Snap data, which delivered an additional high single-digit lift in DPA purchase conversions. We also upgraded our app reengagement model with stronger foundational user beddings and a new multi-task architecture, increasing purchase conversions by approximately 2%, while improving CPA by nearly 9%. Together, these changes are making the platform more effective at matching the right advertiser product and creative with the right Snapchatter at the right moment.

在第一季，我們推出以 LLM 為基礎的使用者意圖理解，用於動態產品廣告（DPA）檢索，使 Pixel Purchase 轉換提升超過 2%；同時也導入使用以 Snap 資料微調的視覺語言模型所進行的多模態相似商品檢索，為 DPA 購買轉換帶來額外的高個位數提升。我們也以更強的基礎使用者嵌入（embeddings）與新的多任務架構升級了 App 再互動模型，使購買轉換約提升 2%，同時將 CPA 改善近 9%。綜合而言，這些變更讓平台更有效地在正確的時刻，將合適的廣告主商品與創意內容配對給合適的 Snapchatter。

Measurement remains a critical priority, particularly for large advertisers and agencies. It is not enough for our internal systems to show better performance. Those games need to be reflected in the third-party measurement tools that advertisers use to evaluate spend and allocate budgets. Over the past year, we have made progress closing long-standing measurement gaps so that external systems more accurately reflect the performance we are delivering.

衡量（Measurement）仍是關鍵優先事項，尤其對大型廣告主與代理商而言更是如此。僅僅讓我們的內部系統顯示更好的表現並不足夠。這些增益需要反映在廣告主用來評估投放與分配預算的第三方衡量工具中。過去一年，我們在縮小長期存在的衡量落差方面取得進展，使外部系統能更準確反映我們所交付的成效。

According to Measured, median iROAS on Snapchat grew 104% from the April through September 2025 test period to the October 2025 through March 2026 test period. This matters because larger advertisers typically move budgets only after platform improvements are validated externally.

根據 Measured 的資料，Snapchat 的 iROAS 中位數從 2025 年 4 月至 9 月的測試期間，成長 104% 至 2025 年 10 月至 2026 年 3 月的測試期間。這點很重要，因為大型廣告主通常只有在平台改善獲得外部驗證後，才會調整預算配置。

Second, we are expanding inventory in places where Snapchatters are already taking action. Sponsored Snaps continues to demonstrate the potential of bringing brands into the chat experience in a way that feels native to Snapchat, while also creating a meaningful new surface for performance advertising. We are scaling the surface carefully with a focus on preserving the quality and frequency of close friend communication.

第二，我們正在擴大 Snapchatters 已經採取行動之場景中的廣告庫存（inventory）。Sponsored Snaps 持續展現其潛力：以貼近 Snapchat 原生體驗的方式，將品牌帶入聊天（Chat）體驗，同時也為成效型廣告創造一個具意義的新版位。我們正謹慎擴大此版位，並以維持密友溝通的品質與頻率為重點。

In Q1, nearly 75% of US that daily active users viewed ads and chat and roughly one-third of sponsored Snap's reach was unique to Chat clearly demonstrating that chat is driving meaningful incremental reach.

在第一季，近 75% 的美國每日活躍用戶在聊天中觀看了廣告，而 Sponsored Snap 的觸及中約三分之一是 Chat 獨有，清楚顯示聊天正在帶來具意義的增量觸及。

We are seeing encouraging performance from sponsored snaps. In Q1, per impression click-through rate improved 226% and even-day conversion volume increased 59%. While this remains an early opportunity, those results suggest that, that can support both scale and measurable performance over time. Building on this momentum, we introduced AI sponsored Snaps, a new format that enables brands to engage Snapchatters through interactive AI-powered conversations in Chat and extends our strategy of delivering more personalized, high-intent advertising experiences.

我們看到 Sponsored Snaps 的成效令人鼓舞。在第一季，每次曝光點擊率提升 226%，偶數日（even-day）的轉換量增加 59%。雖然這仍是早期機會，但這些結果顯示其隨時間推進可同時支援規模化與可衡量的成效。在此動能之上，我們推出 AI Sponsored Snaps，這是一種新格式，讓品牌能在 Chat 中透過互動式、AI 驅動的對話與 Snapchatters 互動，並延伸我們提供更個人化、高意圖廣告體驗的策略。

We are also encouraged by the progress we are seeing with Promoted Places, which helps connect digital discovery on Snapchat with real-world action. Early campaigns generated more than 20 million incremental visits and double-digit growth in foot traffic. For example, Carl's Jr. achieved an 18% lift in incremental visits alongside games and ad awareness and brand favorability. We believe products like sponsored Snaps and Promoted Places can expand our lower funnel footprint over time by adding more differentiated inventory while creating more measurable outcomes for advertisers.

我們也對 Promoted Places 的進展感到振奮，該產品有助於將 Snapchat 上的數位探索與現實世界的行動連結起來。早期活動帶來超過 2,000 萬次增量到訪（incremental visits）以及實體客流量的雙位數成長。例如，Carl's Jr. 在提升廣告認知與品牌好感度的同時，增量到訪提升 18%。我們相信 Sponsored Snaps 與 Promoted Places 等產品，能透過增加更具差異化的庫存，隨時間擴大我們在下漏斗（lower funnel）的布局，同時為廣告主創造更可衡量的成果。

Third, we are continuing to grow and diversify our advertiser base. Over the past three years, the number of current SMB advertisers on our platform has nearly tripled. And in Q1, SMBs grew spend by more than 30% year-over-year in North America. SMB has accounted for more than 30% of global ad revenue and remained our largest ad growth driver for the seventh consecutive quarter. This continues to reflect strong product market fit in the segment as well as the improvements we are making in onboarding, automation, and advertiser support.

第三，我們持續擴大並多元化廣告主基礎。過去三年，我們平台上現有的中小企業（SMB）廣告主數量幾乎成長至三倍。而在第一季，北美 SMB 的投放支出年增超過 30%。SMB 已占全球廣告營收超過 30%，並連續第七個季度成為我們最大的廣告成長動能來源。這持續反映該細分市場強勁的產品市場契合度，以及我們在導入（onboarding）、自動化與廣告主支援方面所做的改善。

At the same time, large advertisers in North America remained a headwind to advertising growth in Q1. We are not satisfied with that outcome, but we are beginning to see encouraging signs that this part of the business is improving. As measurement systems have time to reflect the performance gains we have delivered and as newer inventory becomes available at greater scale, we are seeing better traction with large customers.

同時，北美大型廣告主在第一季仍對廣告成長形成逆風。我們對這樣的結果並不滿意，但我們開始看到令人鼓舞的跡象，顯示這部分業務正在改善。隨著衡量系統有時間反映我們已交付的成效增益，以及較新的庫存以更大規模供應，我們正看到大型客戶的進展更為順利。

North America upfront commitments for 2026 grew approximately 10% year over year, which we view as an important sign that agencies and advertisers are increasingly willing to invest as performance and measurement improve. At the same time, we want to be clear that recovery among larger North American advertisers remains early and uneven. These customers typically make planning and investment decisions on quarterly or semiannual cycles, which means revenue often lags underlying improvements in performance.

北美 2026 年 upfront 預先承諾金額年增約 10%，我們將此視為一項重要訊號，顯示隨著成效與衡量改善，代理商與廣告主愈來愈願意投入。同時，我們也想明確指出：北美大型廣告主的復甦仍處於早期且不均衡。這些客戶通常以季度或半年為週期進行規劃與投資決策，這意味著營收往往會落後於成效改善的基本面。

Overall, Q1 marked important progress in strengthening the foundation of our advertising business. We improved performance across key direct response products, made meaningful progress in measurement, and continue to scale new inventory that expands both reach and conversion opportunity. These gains are already driving stronger results with SMBs and performance advertisers, and we are beginning to see early signs that larger advertisers in North America are responding as well. While there is still work to do, we believe the progress we made in Q1 positions us well to drive broader adoption and more durable revenue growth over time.

整體而言，第一季在強化我們廣告業務基礎方面取得重要進展。我們在關鍵的直接回應（direct response）產品上改善了成效，在衡量方面取得實質進展，並持續擴大可同時提升觸及與轉換機會的新庫存。這些增益已推動 SMB 與成效型廣告主取得更強勁的結果，而我們也開始看到北美大型廣告主同樣出現早期回應跡象。雖然仍有工作要做，但我們相信第一季的進展讓我們具備良好條件，能在時間推進下推動更廣泛的採用與更具韌性的營收成長。

In Q1, we continued to diversify our top line with other revenue reaching $285 million, up 87% year over year and representing a 25 percentage point acceleration over the prior quarter growth rate. Memory storage was an important driver of this acceleration. And we are encouraged to see that a larger than anticipated share of new subscribers acquired through memories are choosing higher ARPU subscription offerings, including Santos. This performance reflects the increasing value of our subscription products as we continue to introduce features that enhance the user experience and create differentiated value for our community.

在第一季，我們持續多元化營收結構，其他營收達 2.85 億美元，年增 87%，較前一季的成長率加速 25 個百分點。記憶（Memories）儲存是推動此加速的重要動能。我們也很高興看到，透過 Memories 取得的新訂閱者中，高於預期的比例選擇了更高 ARPU 的訂閱方案，包括 Santos。這樣的表現反映出，隨著我們持續推出可提升使用者體驗並為社群創造差異化價值的功能，我們的訂閱產品價值正在提升。

We view subscriptions as strategically important for three reasons. First, they deepen our direct relationship with Snapchatters. Second, they help diversify revenue by adding a business line that is less exposed to the advertising cycle. Third, they can be attractive from a margin and cash generation perspective as we scale.

我們認為訂閱在策略上重要，原因有三。第一，它能加深我們與 Snapchatters 的直接關係。第二，它透過增加一條較不受廣告景氣循環影響的業務線，協助分散營收來源。第三，隨著規模擴大，從毛利率與現金創造的角度來看，訂閱也可能具吸引力。

We are strengthening the long-term foundation of our subscription strategy by creating new subscription tiers and offerings, including Lens+, AI-powered Lens interactions or deepening user engagement and increasingly serving as a natural discovery layer for premium AI-powered experiences. Lens+ is emerging as a key extension of this strategy, offering subscribers access to exclusive lenses and AI-powered features. Early traction has been encouraging with Lens+ contributing to higher subscription ARPU and gross margin expansion.

我們正透過建立新的訂閱等級與方案來強化訂閱策略的長期基礎，其中包括 Lens+、AI 驅動的 Lens 互動，以加深使用者參與，並日益成為高階 AI 體驗的自然探索入口。Lens+ 正逐步成為此策略的關鍵延伸，為訂閱者提供獨家鏡頭（lenses）與 AI 驅動功能的使用權。早期動能令人鼓舞，Lens+ 正帶動更高的訂閱 ARPU 與毛利率擴張。

We continue to innovate on additional direct value propositions for our community, including the launch of greater subscriptions in Q1. We believe this offering can deepen creator engagement on Snapchat, strengthen relationships between creators and their audiences and further diversify our revenue streams over time.

我們持續為社群創新更多直接價值主張，包括在第一季推出更高階的訂閱方案。我們相信此方案能加深創作者在 Snapchat 上的投入，強化創作者與其受眾之間的關係，並在時間推進下進一步多元化我們的營收來源。

We are excited about the upcoming launch of specs and our mission to make computing more human. For more than a decade, we believe that smart glasses will be the most important computing platform transition since the smartphone. Snap is uniquely positioned to shape that future because we bring together a scaled augmented reality platform a large developer ecosystem and a vertically integrated software and hardware stack through Lens Studio, Snap OS, and Specs.

我們對即將推出的 Specs 感到振奮，並致力於讓運算更具人性化。十多年來，我們一直相信智慧眼鏡將成為自智慧型手機以來最重要的一次運算平台轉移。Snap 具備獨特優勢得以塑造那個未來，因為我們透過 Lens Studio、Snap OS 與 Specs，整合了具規模的擴增實境平台、龐大的開發者生態系，以及軟硬體垂直整合的技術堆疊。

Over the past year, we continued to improve our platform with major Snap OS updates, new tools, and APIs for developers and new experiences that expand what is possible on Specs across learning, gaming, utility, and AI-powered assistance. We are also seeing encouraging momentum in our developer ecosystem with a number of lenses submitted for specs, increasing 28% year over year. We are inspired by the range of Lens experiences developers are building for Specs.

在過去一年中，我們透過 Snap OS 的重大更新、為開發者推出的新工具與 API，以及涵蓋學習、遊戲、實用功能與 AI 驅動助理等領域的新體驗，持續提升我們的平台，擴展 Specs 的可能性。我們也在開發者生態系看到令人鼓舞的動能，提交至 Specs 的 Lens 數量年增 28%。我們深受啟發，看到開發者為 Specs 打造的各式 Lens 體驗。

Early examples include Fossils from XR company, VyuXR Immersive Studios, an interactive AR learning experience that uses spatial puzzle mechanics to let users uncover and assemble prehistoric Fossils while bringing extinct animals to life.

早期案例包括 XR 公司 VyuXR Immersive Studios 推出的 Fossils，這是一個互動式 AR 學習體驗，運用空間解謎機制，讓使用者在探索並組裝史前化石的同時，讓已滅絕的動物栩栩如生。

Artel from Yegor Ryabstsov, an AR drawing app that lets users create in 3D space with a wide range of brushes, colors and effects and now includes physics-based interactions that allow drawings to respond to gravity in motion; and the Heist by GrowPile, a co-located AR puzzle game in which players solve changing modules and challenges to disarm an antitheft system, either solo or with others on specs or mobile. We look forward to sharing more as we get closer to launch, and we hope you will join us at Augmented World Expo on June 16, as we continue our work to make computing more human.

還有 Yegor Ryabstsov 推出的 Artel，一款 AR 繪圖應用程式，讓使用者可在 3D 空間中使用多樣筆刷、顏色與效果進行創作，並新增基於物理的互動，使繪圖在移動時能對重力產生反應；以及 GrowPile 的 Heist，一款同地共玩（co-located）的 AR 解謎遊戲，玩家需解開不斷變化的模組與挑戰以解除防盜系統，可單人遊玩，或與其他使用 Specs 或行動裝置的玩家一同遊玩。隨著我們更接近上市，我們期待分享更多內容，也希望您能於 6 月 16 日加入我們在 Augmented World Expo 的活動，與我們一同持續推動讓運算更具人性化。

I'd now like to turn over the call to Derek to discuss our financial results. This will be Derek's last earnings call at Snap, and I want to thank him for his leadership and contributions to our team over the past eight years.

接下來我想把電話會議交給 Derek，請他說明我們的財務結果。這將是 Derek 在 Snap 的最後一次財報電話會議，我要感謝他在過去八年對團隊的領導與貢獻。

Thank you, Evan. I really appreciate the kind words, and thank you, everybody, for joining our call today.

謝謝你，Evan。我非常感謝你的美言，也謝謝各位今天加入我們的電話會議。

In Q1, we demonstrated substantial financial progress with revenue at the top end of our guidance range, gross margins expanding year over year and adjusted EBITDA materially favorable to our prior guidance. More broadly, we believe Q1 provides early evidence that the strategic framework we laid out last fall is beginning to translate into more durable revenue growth, a more efficient cost structure and a clear path to net income profitability. .

在第一季，我們展現了顯著的財務進展：營收達到我們指引區間的上緣，毛利率年增擴張，調整後 EBITDA 也明顯優於先前指引。更廣泛而言，我們認為第一季提供了初步證據，顯示我們去年秋季提出的策略框架正開始轉化為更具持久性的營收成長、更有效率的成本結構，以及通往淨利（net income）獲利的清晰路徑。.

Total revenue was $1.53 billion in Q1, up 12% year over year. Other revenue increased 87% year over year to $285 million in Q1, driven primarily by continued momentum in Snapchat+ subscriptions, strong adoption of our newer offerings such as Memory Storage and early traction from Lens+. Advertising revenue reached $1.24 billion in Q1 up 3% year over year, driven primarily by growth in direct response advertising revenue, partially offset by continued headwinds in the North America large client advertising business and an approximately $20 million to $25 million impact from the geopolitical headwinds in the Middle East experienced during March.

第一季總營收為 15.3 億美元，年增 12%。其他營收在第一季年增 87% 至 2.85 億美元，主要受 Snapchat+ 訂閱持續成長動能帶動，並受惠於 Memory Storage 等較新產品的強勁採用，以及 Lens+ 的早期進展。第一季廣告營收達 12.4 億美元，年增 3%，主要由直接回應（direct response）廣告營收成長帶動，但部分被北美大型客戶廣告業務持續逆風，以及 3 月中東地緣政治逆風帶來約 2,000 萬至 2,500 萬美元的影響所抵銷。

Global impression volume increased approximately 17% year over year, while total eCPMs has declined approximately 12% year-over-year. These dynamics are driven by the rapid growth in Sponsored Snaps as well as a mix shift in impression delivery towards Spotlight. These factors are driving strong impression growth and improved advertiser performance but have created a near-term headwind as we work to build demand for these newer surfaces and ad units. We believe these dynamics are positive for the longer health of the platform as improved pricing and performance are key inputs to building demand over time.

全球曝光量（impression volume）約年增 17%，而整體 eCPM 約年減 12%。這些動態主要由 Sponsored Snaps 的快速成長，以及曝光投放組合轉向 Spotlight 所驅動。這些因素帶來強勁的曝光成長並提升廣告主成效，但在我們努力為這些較新的版位與廣告單元建立需求的過程中，短期內形成逆風。我們相信，從平台長期健康角度來看，這些動態是正向的，因為更佳的定價與成效是隨時間建立需求的關鍵投入要素。

Adjusted cost of revenue was $662 million in Q1, up 4% year over year. Total infrastructure costs were $401 million in Q1, up 7% year over year, driven primarily by community growth, strategic investments in AI model training and monetization serving costs. The remaining components of adjusted cost of revenue were $261 million in Q1 or 17% of revenue, which is in line with our full year cost structure guidance range, an improvement of 2 percentage points year over year. These operational efficiencies contributed to adjusted gross margin, improving 3 percentage points year over year to reach 57% in Q1 and which we believe puts us on track for achieving our goal of 60% or better for fiscal 2026.

第一季調整後營收成本為 6.62 億美元，年增 4%。第一季總基礎設施成本為 4.01 億美元，年增 7%，主要由社群成長、AI 模型訓練的策略性投資，以及變現服務成本所帶動。調整後營收成本的其餘組成在第一季為 2.61 億美元，約占營收 17%，符合我們全年成本結構指引區間，且較去年改善 2 個百分點。這些營運效率促使調整後毛利率年增 3 個百分點至第一季的 57%，我們相信這使我們有望在 2026 會計年度達成 60% 或更高的目標。

Adjusted operating expenses were $633 million in Q1, up 2% year over year. The growth was driven primarily by a 7% increase in personnel costs, which was partially offset by reductions in community growth marketing as we continue to calibrate investments in community growth with the long-term monetization potential of each geography.

第一季調整後營業費用為 6.33 億美元，年增 2%。成長主要由人事成本增加 7% 所帶動，但部分被社群成長行銷費用的下降所抵銷，因為我們持續依各地區的長期變現潛力，校準對社群成長的投資。

Adjusted EBITDA was $233 million in Q1, an improvement of $125 million compared to the prior year. Adjusted EBITDA flow-through for the percentage of year-over-year revenue growth that flowed through to adjusted EBITDA was 75% in Q1. We view this elevated flow-through as a clear demonstration of our pivot to profitability becoming evident in our financial results.

第一季調整後 EBITDA 為 2.33 億美元，較去年改善 1.25 億美元。第一季調整後 EBITDA 的流入率（flow-through；指年增營收中流入調整後 EBITDA 的比例）為 75%。我們認為這個偏高的流入率清楚展現我們轉向獲利的策略已在財務結果中逐步顯現。

Net loss was $89 million in Q1 compared to $140 million in the prior year. The $51 million year-over-year improvement largely reflects the flow-through of the $125 million improvement in adjusted EBITDA, partially offset by a $49 million gain on debt extinguishment recognized in the prior year, and a $24 million increase in net interest expense due to the high-yield notes issued in the prior year.

第一季淨損為 8,900 萬美元，去年同期為 1.40 億美元。年增改善 5,100 萬美元，主要反映調整後 EBITDA 改善 1.25 億美元的流入效應，但部分被去年認列的 4,900 萬美元債務清償收益（gain on debt extinguishment）以及因去年發行高收益票據（high-yield notes）導致淨利息費用增加 2,400 萬美元所抵銷。

Stock-based compensation and related payroll expenses were $263 million in Q1, and which represents a modest decline year over year. We are focused on reducing SBC as a percentage of revenue and limiting dilution through disciplined equity compensation and opportunistic repurchases.

第一季以股份為基礎之薪酬（SBC）及相關薪資稅費用為 2.63 億美元，年比呈現小幅下降。我們專注於降低 SBC 占營收的比例，並透過嚴謹的股權薪酬管理與機會性回購來限制稀釋。

We continue to manage our share count carefully with $350 million in share repurchases completed in Q1, which helped limit share count growth to 3.5%. We ended Q1 with approximately $2.8 billion in cash and marketable securities and had $400 million remaining in our previously authorized share repurchase program as of the end of Q1.

我們持續謹慎管理流通股數，第一季完成 3.50 億美元的股票回購，協助將股數成長限制在 3.5%。第一季結束時，我們持有約 28 億美元的現金與有價證券，且截至第一季末，在先前核准的股票回購計畫中仍有 4.00 億美元額度可用。

Free cash flow was $286 million in Q1, while operating cash flow was $327 million. Over the trailing 12 months, free cash flow was $609 million, and operating cash flow was $831 million, as we continue to execute on translating top line growth into sustained growth in cash flow.

第一季自由現金流為 2.86 億美元，而營運現金流為 3.27 億美元。在過去 12 個月，自由現金流為 6.09 億美元，營運現金流為 8.31 億美元；我們持續推動將營收成長轉化為現金流的持續成長。

Taken together, we believe our Q1 financial results provide early proof points, the continued revenue diversification and improved cost discipline will support a more durable and profitable business over time. We also recognize that investor expectations are increasingly centered on the pace at which this progress translates into meaningful GAAP rates. In April, we took the difficult but necessary action to make Snap a faster, more focused and more efficient company.

綜合而言，我們認為第一季財務結果提供了初步的驗證點；持續的營收多元化與更佳的成本紀律，將隨時間推動更具持久性且更獲利的業務。我們也認知到，投資人期待正日益聚焦於這些進展轉化為具意義 GAAP 比率的速度。在 4 月，我們採取了艱難但必要的行動，使 Snap 成為一家更快速、更聚焦且更有效率的公司。

As a result, we expect to reduce our annualized cost structure by more than $500 million in the second half of 2026. We believe these actions establish a clearer path to net income profitability while prioritizing investment in the highest conviction opportunities across Snap.

因此，我們預期在 2026 年下半年將年度化成本結構降低超過 5 億美元。我們相信，這些行動在優先投資 Snap 最具信心的機會之同時，也建立了更清晰的淨利獲利路徑。

As we move into Q2, we remain focused on accelerating our top line growing our community, deepening engagement, improving financial efficiency and advancing to our commercial launch of Specs later this year. Our guidance range for revenue in Q2 is $1.52 billion to $1.55 billion. Our revenue guidance range assumes no contribution from Perplexity as we amicably ended the relationship in Q1. Our guidance range also assumes that the operating environment in the Middle East region remains consistent relative to the magnitude of the headwinds we have experienced in March and April, but caution that the trajectory of the geopolitical situation in the region is uncertain.

隨著我們進入第二季，我們仍專注於加速營收成長、擴大我們的社群、深化互動、提升財務效率，並推進我們預計於今年稍晚進行的 Specs 商業化上市。我們對第二季營收的指引區間為 15.2 億美元至 15.5 億美元。我們的營收指引區間假設 Perplexity 不會帶來任何貢獻，因為我們已於第一季友好地結束合作關係。我們的指引區間亦假設中東地區的營運環境，相較於我們在三月與四月所經歷的逆風幅度，將維持一致；但我們也提醒，該地區地緣政治情勢的走向仍不確定。

On the cost side, we anticipate that infrastructure costs will grow modestly year over year in Q2, while remaining on track toward our full year cost structure guidance. All other cost of revenue is expected to remain in line with our full year cost structure guidance at 16% to 17% of revenue in Q2.

在成本方面，我們預期第二季的基礎設施成本將較去年同期小幅成長，同時仍按計畫朝向我們全年成本結構指引前進。其他所有營收成本預期將與我們全年成本結構指引一致，第二季約為營收的 16% 至 17%。

From a personnel cost perspective, our recently announced restructuring will have a partial period benefit in Q2. While the reduction in our adjusted operating expenses and SBC will be more fully reflected in Q3 and beyond.

就人員成本而言，我們近期宣布的重組將在第二季帶來部分期間的效益。至於調整後營運費用與以股份為基礎的薪酬（SBC）的下降，將在第三季及之後更完整地反映。

As a result, we estimate that adjusted EBITDA will be between $175 million and $200 million in Q2. We also anticipate that we will incur pretax restructuring charges of between $95 million and $130 million related to our recent restructuring and that the majority of these costs will be incurred in Q2, which will be a headwind to net income in this period.

因此，我們估計第二季調整後 EBITDA 將介於 1.75 億美元至 2.00 億美元之間。我們亦預期，與近期重組相關的稅前重組費用將介於 9,500 萬美元至 1.30 億美元之間，且其中大部分成本將在第二季發生，這將在本期間對淨利造成逆風。

Lastly, we continue to monitor the evolving legal and regulatory landscape in the United States and internationally. Areas of focus include age assurance, data use, privacy, advertising practices and online safety. While outcomes remain uncertain, these developments may result in changes to our products and business practices, which could increase compliance and legal costs over time and may also impact user growth and engagement.

最後，我們持續關注美國及國際間不斷演變的法律與監管環境。重點領域包括年齡驗證、資料使用、隱私、廣告實務以及線上安全。雖然結果仍不確定，這些發展可能導致我們的產品與商業實務出現變更，進而隨時間推升合規與法律成本，並且也可能影響用戶成長與互動。

Thank you, and we will now take your questions.

謝謝，接下來我們將開始回答各位的提問。

(Operator Instructions) Ross Sandler, Barclays.

(接線員指示) Ross Sandler，Barclays。

Hey, guys. The 2Q revenue guidance has a couple of point acceleration baked in at the high end. Just curious like given what you said about the Middle East, what's driving that potential improving growth rate? Is it the Ad business? Is it Snap+? Any additional color there?

嗨，各位。第二季營收指引在高端隱含了幾個百分點的加速。想請教一下，考量你們提到的中東情況，是什麼在推動這個可能改善的成長率？是廣告業務嗎？是 Snap+ 嗎？能否再多補充一些細節？

And then, Evan, so I'm sure you guys saw the 70-page activist deck that was released. I'm just curious to get your take on some of the suggestions that were in that around cost improvement, monetization and governance. Just curious your take on that.

另外，Evan，我相信你們也看到了那份釋出的 70 頁行動派投資人簡報。我想聽聽你對其中一些建議的看法，包含成本改善、變現以及公司治理。想請教你對此的看法。

Thank, Ross, it's Derek speaking. I'll take the first one there on a guide. Probably worthwhile just to take a minute to contextualize the growth rates in Q1 and then what we're expecting in Q2. So in Q1, a couple of different factors there on the growth rate. One is we had about a 2-point FX tailwind and but we also had the impact of the conflict in the Middle East that really impacted the business in March.

謝謝，Ross，我是 Derek。我先回答第一個關於指引的問題。我想先花一點時間把第一季的成長率背景，以及我們對第二季的預期做個脈絡說明，可能會比較有幫助。第一季的成長率有幾個不同因素。其中之一是我們大約有 2 個百分點的匯率順風，但同時也受到中東衝突的影響，該事件在三月對業務造成了明顯衝擊。

And those two are actually largely washed with the headwind on the Middle East side being similar. So that left us with a 12% growth rate, which was a 2 percentage point acceleration over Q4 and at the very high end of our guidance range, with the strength there driven largely by the subscription business and the momentum we saw there in Q1.

而這兩項因素在很大程度上其實互相抵銷，因為中東方面的逆風幅度大致相近。因此我們的成長率為 12%，較第四季加速 2 個百分點，且落在我們指引區間的高端；其中的強勁表現主要由訂閱業務帶動，以及我們在第一季看到的動能。

As we move into Q2, there are, again, a few different factors. There are, one, the comps on the growth rate in the prior year are a tailwind into Q2 of approximately 5 points from the prior year, but that's essentially fully offset by, one, what we expect will be a diminished FX tailwind going from about 2% to about 1 points approximately. And then also, we expect that the headwinds that we're seeing from the conflict in the Middle East will be a full quarter impact in Q2 relative to a single month impact in Q1.

進入第二季後，同樣有幾個不同因素。第一，去年同期的比較基期（comps）對第二季成長率帶來約 5 個百分點的順風，但這幾乎被兩項因素完全抵銷：其一，我們預期匯率順風將減弱，從約 2% 降至約 1% 左右；其二，我們預期中東衝突帶來的逆風在第二季將反映為整季影響，相較於第一季僅影響一個月。

And so those two factors combined offset the comps. So with those factors set aside, you're really left with a 2-point acceleration at the midpoint of the guide relative to Q1. And that I would attribute to the strength that we are seeing in the North America ads business. So we've been talking for some time about the improvements in pricing and yields that advertisers are enjoying there and the progress we've made with the ad platform and the improving ROEs that folks are seeing there.

因此，這兩項因素合併後抵銷了比較基期的順風。把這些因素先放一邊，你會看到在指引中位數下，相較第一季實際上約有 2 個百分點的加速。我會把這歸因於我們在北美廣告業務看到的強勁表現。我們已談了一段時間，廣告主在那裡享有的定價與收益率改善、我們在廣告平台上的進展，以及大家所看到的廣告投資報酬（ROE）提升。

And we saw that translate into really improved upfront commitments in Q1, and we talked about that in the letter being up about 10% year over year, which is encouraging, and that's starting to show up in the top line, and that gave us the confidence to put that into the guide for Q2 with an acceleration there driven largely by the North America ads business and the guidance there. So hopefully, that gives you good context on what we're seeing there from quarter to quarter and what's driving the acceleration.

我們看到這在第一季轉化為顯著改善的預先承諾（upfront commitments），我們也在股東信中提到，年增約 10%，這令人鼓舞；而這也開始反映在營收上，並讓我們有信心把這個趨勢納入第二季指引，當中的加速主要由北美廣告業務所帶動並反映在指引中。希望這能讓你更清楚了解我們在季度之間看到的變化，以及加速的驅動因素。

Ross, it's Evan. Thanks for the question. We're really grateful obviously from input from our shareholders. And I think we've taken some strong actions already to operate with better discipline to improve profitability and sharpen capital allocation. But fundamentally, we think our job is to operate the business in the long-term interest of our shareholders, and we're going to continue to invest against our core long-term opportunity.

Ross，我是 Evan。謝謝你的提問。我們非常感謝股東提供的意見。我認為我們已經採取了一些有力行動，以更嚴謹的紀律來營運、提升獲利能力，並強化資本配置。但從根本上說，我們的工作是以股東的長期利益來經營公司，我們也將持續投資於我們核心的長期機會。

Michael Nathanson, MoffettNathanson.

Michael Nathanson，MoffettNathanson。

Thanks. I have two for either of you guys. One is, we cover Roku and CTV. And what you've seen happen is, as Roku has added third-party DSPs you've been able to really accelerate ad growth because the walled gardens are hard to compete against. And I wondered, have you thought about it, contemplating the idea of perhaps opening your inventory up for more sellers on the DSP side to encourage more dense auctions? Why or why not?

謝謝。我有兩個問題想請教你們任何一位。第一個是，我們有追蹤 Roku 與 CTV。我們看到的情況是，隨著 Roku 增加第三方 DSP，你們能夠大幅加速廣告成長，因為封閉式生態（walled gardens）很難競爭。我想問，你們是否有想過、或正在考慮，或許把你們的庫存（inventory）開放給更多 DSP 端的賣方，以促進更密集的競價？為什麼或為什麼不？

And then on SnapChat+, it's impressive what you guys are doing. Is there any color you could give us on who these users are where they're coming from and kind of just the pricing dynamics that you've seen in terms of ability to think on frailties to raise price here. So anything you could give us some color on the sustainability of Snapchat be great.

第二個是關於 Snapchat+，你們做得很令人印象深刻。你們能否分享一些用戶輪廓：這些用戶是誰、從哪裡來，以及就定價動態而言，你們看到的情況如何——例如在考量是否能夠在此提高價格時的限制因素。所以任何你們能提供的資訊，讓我們更了解 Snapchat 的可持續性，都會很有幫助。

Yeah. Thanks so much for the question. I think on the DSP side, we just always believe that the advertiser relationship is very important strategically, especially as we've diversified with small and medium customers and focus more on lower funnel objectives. I do think, to your point, there may be some opportunity around upper funnel video demand that we've been considering, but we have to really carefully think through the channel conflict and how to grow that demand while continuing to build strong direct advertiser relationships. So I do think scaling through partners is important.

好的。非常感謝你的提問。我想在 DSP 方面，我們一直認為與廣告主的關係在策略上非常重要，特別是當我們在中小型客戶上更加多元化，並更聚焦於漏斗底部（lower funnel）的目標時。我確實認為，如你所說，在我們一直在思考的漏斗上層（upper funnel）影片需求方面，可能存在一些機會，但我們必須非常謹慎地評估通路衝突，以及如何在持續建立強健的直接廣告主關係的同時擴大這部分需求。因此我確實認為透過合作夥伴來擴大規模很重要。

And as Derek mentioned, we do see some opportunity with agency and by working more closely with them. And so we are pleased to see the growth in those upfront commitments.

正如 Derek 提到的，我們確實看到與代理商合作、並與他們更緊密協作所帶來的一些機會。因此，我們很高興看到這些前期承諾的成長。

On Snapchat+, obviously, the growth is really exciting. I think there are a couple of different ways to look at the long-term opportunity. One is increased tiers of Snapchat+. So we've seen some strong momentum with Lens+, which is really anchored around our AI creative and editing tools in the camera. And that, I think, could be a big opportunity for us long term. It's obviously a higher price offering. And I think there's some real customer value there, obviously, with our strength in the camera and our Lens ecosystem.

至於 Snapchat+，顯然其成長非常令人振奮。我認為可以用幾種不同方式來看待長期機會。其一是提高 Snapchat+ 的分級層級。因此，我們在 Lens+ 上看到相當強勁的動能，而它的核心是我們在相機中的 AI 創作與編輯工具。我認為，長期來看這可能會是我們的一個重大機會。這顯然是更高價格的方案。而且我認為這裡確實有很實在的客戶價值，尤其是憑藉我們在相機與 Lens 生態系的優勢。

So tiering, I think it is certainly one approach. And then we just continue to see growth as we roll out new features. We've got a community that really loves our product that's constantly asking for new and differentiated ways to use Snapchat. And so as we respond to those requests and continue to build out new features, that tends to drive a subscriber growth. And then with the introduction of memories, we have seen overall retention for Snapchat+ improved as well.

因此我認為分級當然是一種做法。接著，隨著我們推出新功能，我們也持續看到成長。我們有一個非常喜愛我們產品的社群，他們不斷要求以新的、差異化的方式使用 Snapchat。因此，當我們回應這些需求並持續打造新功能時，往往會帶動訂閱者成長。另外，隨著 Memories 的導入，我們也看到 Snapchat+ 的整體留存有所提升。

And so that is helping as we look at just the long-term growth and durability of the subscription products.

因此，這也有助於我們在評估訂閱產品的長期成長與持續性（耐久性）時更有信心。

Doug Andrus, JPMorgan.

JPMorgan 的 Doug Andrus。

Hi. This is Maggie on for Doug. Thanks for taking the question. I was wondering if you can just talk a bit more about the broader opportunity you see with AI sponsored Snaps and sort of what you're hearing from advertisers in terms of overall interest and something like this? Thank you.

嗨。我是 Maggie，代 Doug 提問。謝謝讓我提問。我想請你們再多談一些，你們在 AI 贊助 Snaps 方面看到的更廣泛機會，以及你們從廣告主那裡聽到的整體興趣如何，對這類產品的看法是什麼？謝謝。

Thanks, Maggie. Advertiser feedback has been really positive. I think mostly because sponsored Snaps are showing that chat can be monetized in a way that's really native to Snapchat. And rents are loving this combination of very high reach and high attention especially at such a high frequency behavior on Snapchat throughout the day.

謝謝你，Maggie。廣告主的回饋非常正面。我認為主要是因為贊助 Snaps 顯示出，聊天可以用一種非常貼近 Snapchat 原生體驗的方式來變現。而品牌方很喜歡這種「極高觸及」與「高度注意力」的組合，尤其是在 Snapchat 上一天之中如此高頻的使用行為之下。

So I think what's important for us strategically is that that's not just another inventory pool. It really gives us a differentiated environment where brands can engage users in more direct and more personal way. And AI sponsored Snaps are really an extension of that because they can make those interactions and those conversations more useful and more relevant over time.

因此，我認為從策略面來看，重要的是這不只是另一個庫存池。它真正為我們提供了一個差異化的環境，讓品牌能以更直接、更個人化的方式與用戶互動。而 AI 贊助 Snaps 正是這一點的延伸，因為它們能讓這些互動與對話隨時間推移變得更有用、更相關。

So I think just looking forward, the road map is really about just careful expansion of capability improving demand in yield, obviously, it sponsored Snaps, adding more direct response features and then continuing to work with new partners like Experian to evolve the AI sponsored Snap product.

因此，展望未來，我認為路線圖主要是審慎擴展能力、提升需求與收益率（yield）；當然也包括贊助 Snaps；加入更多直接回應（direct response）功能；並持續與 Experian 等新夥伴合作，推動 AI 贊助 Snap 產品的演進。

Rich Greenfield, LightShed Partners.

LightShed Partners 的 Rich Greenfield。

Hey, thanks for taking the questions. Evan, it looks like your North American ad business was down, call it, about 7% with the growth really -- the overall growth driven by subscription. I'm wondering how much of that downdraft in ad bone is being caused by the drop in North American DAUs versus the transition that you and Derek talked about towards performance advertising?

嘿，謝謝讓我提問。Evan，看起來你們北美的廣告業務下滑了，大概約 7%，而整體成長主要是由訂閱帶動。我想知道，北美廣告業務的這股下行壓力，有多少是由北美 DAU 下滑造成的，還是更多來自你和 Derek 提到的、向成效型廣告（performance advertising）轉型？

And fundamentally, can you grow North American ad revenue without reversing the trend in users? And I guess related to that, just given the growth that everyone is excited about on the subscription side of the business, how are you balancing your line and focus on the subscription business versus the ad business overall?

從根本上說，如果不扭轉用戶趨勢，你們能讓北美廣告營收成長嗎？另外相關地，考量到大家對訂閱端的成長都很興奮，你們如何在訂閱業務與整體廣告業務之間平衡資源與重點？

Yeah. Thanks, Rich. So I think at a high level, just looking at the North America DAU trend, it has been improving over the past two quarters after we pulled back on broad-based user acquisition spend. And I think we currently forecast something like a decline of 1 million daily active users in North America in Q2, but we also see a path to flat quarter over quarter if we can continue to land product improvement.

是的。謝謝你，Rich。我想從較高層次來看，北美 DAU 的趨勢在我們縮減廣泛型用戶獲取（user acquisition）支出後，過去兩個季度一直在改善。我認為我們目前預估第二季北美日活躍用戶大約會下降 100 萬，但如果我們能持續落地產品改進，我們也看到季度環比持平的路徑。

So I think more interestingly, though, under the hood, monetizable daily active users, meaning users who see an ad or make an in-app purchase or have a subscription, they've actually grown in North America and the US over the past two years with a meaningful increase, obviously, with the launch of sponsored Snaps, which really extended ad reach into the messaging surface.

不過更有意思的是，在更細部的層面，可變現日活躍用戶（monetizable DAUs）——也就是會看到廣告、或進行應用內購買、或有訂閱的用戶——在過去兩年於北美與美國其實是成長的，而且增幅相當明顯；這當然也得益於贊助 Snaps 的推出，它把廣告觸及延伸到了訊息傳遞介面。

So overall, the monetizable user trends have been improving, while the North America large customer business has struggled and put some downward pressure on the overall ad business. So what has been encouraging to see is that the North America SMB business grew approximately 30% year over year in Q1.

因此整體而言，可變現用戶的趨勢在改善；但北美的大客戶業務表現吃力，對整體廣告業務造成了一些下行壓力。令人鼓舞的是，我們看到北美的 SMB（中小企業）業務在第一季年增約 30%。

So there's some nice momentum in the North America SMC business. And we have seen some modest improvement, as Derek said, in the large customer segment. So we're very focused on that large customer segment, especially around upper funnel brand advertising and with new leaders in place with the team working more effectively together we'd really like to see some more progress there as we work through the year.

因此，北美 SMB 業務有不錯的動能。而且如 Derek 所說，我們也在大客戶（large customer）區隔看到一些小幅改善。因此我們非常專注於大客戶區隔，特別是在上層漏斗（upper funnel）的品牌廣告方面；隨著新領導到位、團隊協作更有效率，我們希望在今年推進過程中能看到更多進展。

And then the direct revenue opportunity is a very large opportunity for us just given the frequency of use and the passion that our community really has for Snapchat. So we're continuing to develop the product offering, it's something we love to do. And as I mentioned, creating new tiers as well, which we think can contribute to increasing overall subscription ARPU.

另外，直接營收（direct revenue）的機會對我們而言非常巨大，考量到使用頻率以及我們社群對 Snapchat 的熱情。因此我們會持續開發產品供給，這也是我們很喜歡做的事。並且如我提到的，也會建立新的分級層級，我們認為這能有助於提升整體訂閱 ARPU。

Nitin Bansal, Bank of America.

美國銀行（Bank of America）的 Nitin Bansal。

Thank you for taking my questions. So Snapchat+ subscriber growth and revenue growth has remained quite strong. You mentioned memory and lenses are like the key drivers behind the recent strength. Can you talk about like how sustainable do you believe the current growth trajectory is over the medium term? And whether you see any additional opportunities to deepen monetization and retention as the feature set continues to expand?

謝謝讓我提問。Snapchat+ 的訂閱者成長與營收成長一直相當強勁。你們提到 Memories 和 Lenses 是近期強勢表現的關鍵驅動因素。你們能談談，在中期來看，你們認為目前的成長軌跡有多可持續嗎？以及隨著功能組合持續擴張，你們是否看到更多機會來加深變現與留存？

Yeah. We're really excited about the growth in direct revenue, and we do think the subscription business Internet purchases as well can continue to contribute to our overall revenue growth. I think the importance for us is really just focusing on the user experience, making sure we're really delivering things that folks view as valuable to their overall product experience.

是的。我們對直接營收的成長感到非常興奮，也確實認為訂閱業務以及應用內購買（in-app purchases）都能持續為我們的整體營收成長做出貢獻。我認為對我們而言最重要的是專注於用戶體驗，確保我們提供的內容，確實能讓大家覺得對其整體產品體驗有價值。

I think recent additions like Creator Subscriptions, for example, both strengthen the content ecosystem by building deeper relationships between users and creators, creating new ways for creators to monetize and obviously contributing to the overall direct revenue business. Lens+, I already mentioned, but I think it's a really meaningful opportunity just given the excitement and momentum we see around AI creative tools and AI editing for images and videos. So we certainly think that, that could help drive ARPU higher over time.

我認為近期新增的功能，例如創作者訂閱（Creator Subscriptions），一方面透過建立用戶與創作者之間更深的關係來強化內容生態系，另一方面也為創作者創造新的變現方式，並且當然也會貢獻於整體直接營收業務。至於 Lens+，我剛剛已提到，但我認為這是一個非常有意義的機會，因為我們看到市場對 AI 創作工具，以及影像與影片的 AI 編輯有很高的興奮度與動能。因此我們確實認為，這能在時間推移下推動 ARPU 提升。

And then the core Snapchat+ offering is really important to us. And I think we've been excited to see that folks who have entered through that memory storage entry point, selecting into Snapchat to get those additional features, and that's also been a tailwind as well.

另外，核心的 Snapchat+ 方案對我們而言非常重要。而且我們也很高興看到，許多用戶是從 Memories 儲存空間這個入口進來，選擇使用 Snapchat 以取得那些額外功能；這同樣也帶來了正向助力。

Mark Shmulik, Bernstein.

Mark Shmulik，Bernstein。

Yeah, thanks for taking the questions. Evan, sorry, just another one on direct revenue. But I've kind of always come back to that kind of quote. It may not be the business you set out the cooler, but might be the one you're best or to deliver. When you look at kind of the torque and acceleration in that and the imminent kind of launch of Specs, is there a different way to think about what Snapchat looks like 12, 24 months from now that may be quite different than what you were thinking of 6, 12 months ago?

是的，謝謝讓我提問。Evan，不好意思，再問一個關於直接營收的問題。但我一直會回到那句話。它可能不是你一開始想做的業務，但可能是你最擅長、也最能交付的那一個。當你看這項業務的槓桿效應與加速動能，以及 Specs 即將推出，你是否會用不同的方式來思考 12、24 個月後的 Snapchat 會是什麼樣子——可能會和你在 6、12 個月前所想的很不一樣？

Mark, yes, I think that's a really inspiring question, something we've thought a lot about. Obviously, we worked on Specs for, I think, something like 12 years now. So we really have believed that we can innovate and build awesome products for our community that they want to buy.

Mark，是的，我覺得這是一個非常有啟發性的问题，也是我們思考很多的事情。顯然，我們在 Specs 上投入了，我想大概已經 12 年左右。所以我們一直相信，我們能為社群創新並打造很棒、他們願意購買的產品。

And I think seeing that reflected in the direct revenue business and then Snapchat+ has really built a lot more confidence in the team because we love to innovate for our community and I think being able to demonstrate that our community is willing to pay for that innovation I think really bodes well for the future of the platform and the future of Specs.

而我認為，看到這點在直接營收業務以及 Snapchat+ 上得到反映，確實讓團隊更有信心，因為我們熱愛為社群創新；而能夠證明社群願意為這些創新付費，我認為這對平台的未來以及 Specs 的未來都是非常正面的訊號。

So certainly, a lot of opportunity there. We're really excited to have more diversified revenue. Obviously, the growth has been fantastic. And it should just help us create a much more resilient business over time.

所以那裡確實有很多機會。我們也非常期待營收來源能更加多元化。顯然，成長表現非常出色。而這應該能幫助我們隨著時間推移打造一個更具韌性的業務。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Thanks so much for taking the question. Maybe building on that answer, Evan, can you talk a little bit about some of the execution pieces that still have to be put in place as you look towards the remainder of this year with respect to the Specs rollout? Can you also talk to the Qualcomm collaboration and how to think about what that means where you want to go as a platform and an ecosystem going forward? And then lastly, just how should we be thinking about agentic AI as sort of an interface for Specs over the maybe in for long term as well?

非常感謝讓我提問。也許延續剛才的回答，Evan，你能否談談在今年剩餘時間、就 Specs 推出而言，還有哪些執行面需要到位？也請談談與 Qualcomm 的合作，以及該如何理解這對你們作為平台與生態系未來發展方向的意義？最後，對於 agentic AI 作為 Specs 的一種介面，我們應該如何看待——可能在中期以及更長期？

A lot of great questions in there, and probably I could talk for hours about that. I think just looking ahead to the launch of Specs later this year, it's just all hands on deck to execute, deliver an amazing product experience. We hope folks will join us at AWE on June 16. We'll have more to share on our progress on Specs. Certainly, we are spending a lot of time on the long-term road map there as well.

裡面有很多很棒的問題，我大概可以講上好幾個小時。我想就今年稍晚 Specs 的上市來看，現在就是全員投入、把執行做到位，交付一個令人驚豔的產品體驗。我們也希望大家能在 6 月 16 日到 AWE 與我們相聚。我們會分享更多關於 Specs 進展的內容。當然，我們也花了很多時間在那條長期路線圖上。

And as you mentioned, the way that people are using their computers is changing really dramatically, and I think that, that's going to be evident in the adoption of wearables and the adoption of Specs over time because people are going to spend less time hunched over their computers or their phones, typing away on keyboards and spend more time supervising agents who are doing that work. on their behalf.

如你所提到的，人們使用電腦的方式正在非常劇烈地改變；我認為，這會隨著時間推移反映在穿戴式裝置的採用，以及 Specs 的採用上，因為人們會花更少時間駝著背盯著電腦或手機、在鍵盤上敲打，而會花更多時間去監督替他們完成工作的代理（agents）。

So we actually had a team member who with AI built out a pretty cool lens called Agent Center, where you can oversee and manage our agents through Specs with the current developer version of the glasses, which is a pretty cool way to stay on top of what your agents are getting done for you without caring your laptop around. So I think a lot of opportunity there and the way that people are using computing is changing so fundamentally in so many ways at this moment. And we're just so excited to get this product out into the world soon.

所以我們其實有一位團隊成員用 AI 做出了一個很酷的鏡頭（lens），叫做 Agent Center；你可以透過 Specs、用目前的開發者版本眼鏡來監看並管理我們的代理，這是一個很酷的方式，讓你不用帶著筆電到處跑，也能掌握你的代理替你完成了哪些事情。所以我認為這裡有很多機會，而此刻人們使用運算的方式正在以非常根本的方式、在很多層面發生改變。我們也非常期待能很快把這個產品帶到全世界。

Dan Salmon, New Street Research.

Dan Salmon，New Street Research。

Good afternoon, everyone. Evan, can we hear maybe a little update on how you and the company are addressing various pieces of legislation and litigation around the world regarding potential restrictions on teen social media and oftentimes mobile phone use as well. Just love to hear a little bit more about age verification work, including with the app stores, how your legal and policy teams are approaching the issue as it evolves in different jurisdictions? And how you and the team are planning for different ranges of potential outcomes? Thanks.

各位下午好。Evan，我們是否能聽到一些更新，關於你和公司如何因應全球各地針對青少年社群媒體、以及往往也包括手機使用的潛在限制之各項立法與訴訟？也很想多了解一些你們在年齡驗證方面的工作，包括與應用程式商店的合作；你們的法務與政策團隊如何因應不同司法管轄區中持續演變的議題？以及你和團隊如何針對各種可能結果的不同範圍進行規劃？謝謝。

Thanks so much for the question. It's certainly something we tear a lot about, and we invest deeply in keeping on Snapchat. And thinking a lot about how we continue to evolve the platform. I think one of the biggest challenges we face is that we often get lumped in with social media, even though Snapchat is really different. It's focused on communication, especially between friends and family, and we see that validated in third-party research that continues to show that Snapchat can have a positive impact on well-being and on relationships.

非常感謝你的提問。這確實是我們非常關切的事情，我們也在讓 Snapchat 保持安全方面投入很多資源。並且持續思考我們要如何演進這個平台。我認為我們面臨的最大挑戰之一，是我們常常被歸類為社群媒體，儘管 Snapchat 其實非常不同。它聚焦在溝通，特別是朋友與家人之間的溝通；而第三方研究也持續驗證，Snapchat 對福祉與人際關係可能帶來正面影響。

And so we really are proud of the positive impact that we can play in people's lives, and we have to do a lot of work to continue differentiating ourselves for more traditional social media platforms. I think age assurance is certainly an important issue for us. It's something that we're continuing to improve on the platform. We did integrate a new offering.

因此，我們對於自己能在人們生活中發揮的正面影響感到非常自豪；同時，我們也必須做很多工作，持續把自己與更傳統的社群媒體平台區隔開來。我認為年齡保證（age assurance）對我們而言確實是重要議題。這也是我們持續在平台上改進的方向。我們確實整合了一項新的方案。

Unfortunately, that offering requires users to essentially agreed to share their age with Snapchat rather than being something that's on by default. And so that does, in some ways, limit its usefulness. So we are exploring other additional age assurance practices. We've implemented things like facial scanning or ID verification in Australia, and that's something we may roll out more broadly as things progress through the year.

不過很可惜的是，那項方案要求使用者基本上必須同意把自己的年齡分享給 Snapchat，而不是預設開啟的功能。因此在某些方面，這也限制了它的實用性。所以我們正在探索其他額外的年齡保證作法。我們已在澳洲實施了像是臉部掃描或身分證件驗證等措施；隨著今年進展，我們也可能更廣泛地推行。

This concludes our question-and-answer session as well as Snap Inc.'s first-quarter 2026 earnings conference call. Thank you for attending today's session. You may now disconnect.

以上為我們的問答環節，以及 Snap Inc. 2026 年第一季財報電話會議。感謝各位參與今天的會議。您現在可以掛線。