Snap Inc (SNAP) 2022 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to Snap Inc.'s First Quarter 2022 Earnings Conference Call. (Operator Instructions) This call will be recorded. Thank you very much. David Ometer, Head of Investor Relations, you may begin.

大家下午好，歡迎參加 Snap Inc. 的 2022 年第一季度收益電話會議。 （操作員說明）此通話將被錄音。非常感謝你。投資者關係主管 David Ometer，您可以開始了。

Thank you, and good afternoon, everyone. Welcome to Snap's First Quarter 2022 Earnings Conference Call. With us today are Evan Spiegel, Chief Executive Officer and Co-Founder; Jeremi Gorman, Chief Business Officer; and Derek Andersen, Chief Financial Officer.

謝謝大家，大家下午好。歡迎參加 Snap 2022 年第一季度收益電話會議。今天與我們在一起的是首席執行官兼聯合創始人 Evan Spiegel； Jeremi Gorman，首席商務官；和首席財務官 Derek Andersen。

Please refer to our Investor Relations website at investor.snap.com to find today's press release, slides, prepared remarks and our updated investor presentation. 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 forward-looking statements, please refer to the press release we issued today as well as risks described in our most recent Form 10-Q, particularly in the section titled Risk Factors.

請訪問我們的投資者關係網站investor.snap.com 以查找今天的新聞稿、幻燈片、準備好的評論和我們更新的投資者演示文稿。本次電話會議包括前瞻性陳述，這些陳述基於我們今天的假設。實際結果可能與這些前瞻性陳述中表達的結果大不相同，我們沒有義務更新我們的披露。有關可能導致實際結果與前瞻性陳述大不相同的因素的更多信息，請參閱我們今天發布的新聞稿以及我們最近的 10-Q 表格中描述的風險，特別是在標題為風險因素的部分。

Today's call will include both GAAP and non-GAAP measures. Reconciliations between the 2 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 nonrecurring charges. 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.

今天的電話會議將包括 GAAP 和非 GAAP 措施。兩者之間的和解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，它們將不包括基於股票的薪酬和相關的工資稅以及折舊和攤銷以及非經常性費用。請參閱我們提交給 SEC 的文件，以了解我們如何計算今天電話會議中討論的任何指標。有了這個，我想把電話轉給 Evan。

Thank you all so much for joining us. The first quarter of 2022 proved more challenging than we had expected, and our team was able to make significant progress against our goals, despite the increased volatility in the operating environment. Our community grew 18% year-over-year to 332 million daily active users and revenue grew 38% year-over-year to $1.06 billion. This resulted in adjusted EBITDA of $64 million and free cash flow of $106 million, marking our third quarter of positive free cash flow.

非常感謝大家加入我們。事實證明，2022 年第一季度比我們預期的更具挑戰性，儘管運營環境的波動性增加，我們的團隊仍能夠在實現目標方面取得重大進展。我們的社區同比增長 18% 至 3.32 億日活躍用戶，收入同比增長 38% 至 10.6 億美元。這導致調整後的 EBITDA 為 6400 萬美元，自由現金流為 1.06 億美元，標誌著我們第三季度的自由現金流為正。

While we are pleased with our progress, given the macroeconomic environment, we also recognize that we have a significant amount of work to do to realize our long-term opportunity, and we believe we are well positioned to invest through the turbulence. A great deal of our focus has been supporting our team members located in Ukraine and helping our Ukrainian colleagues. The war in Ukraine is heartbreaking for all of us especially because Ukraine is the birthplace of Looksery, a company that laid the foundation for Snap's augmented reality platform.

雖然我們對我們的進展感到滿意，但鑑於宏觀經濟環境，我們也認識到我們還有大量工作要做，以實現我們的長期機會，我們相信我們已經做好了在動盪中進行投資的準備。我們的大部分重點一直是支持我們位於烏克蘭的團隊成員並幫助我們的烏克蘭同事。烏克蘭的戰爭讓我們所有人都心碎，尤其是因為烏克蘭是 Looksery 的誕生地，這家公司為 Snap 的增強現實平台奠定了基礎。

As we look forward to our Snap Partner Summit on April 28, where we will celebrate our partners and launch new products, our thoughts and prayers are with our Ukrainian team members and their families, not only because of these horrible circumstances, but because they have made so many of our innovations possible.

當我們期待 4 月 28 日的 Snap 合作夥伴峰會時，我們將在那裡慶祝我們的合作夥伴並推出新產品，我們的想法和祈禱與我們的烏克蘭團隊成員及其家人同在，不僅因為這些可怕的情況，而且因為他們已經使我們的許多創新成為可能。

We have remained focused on expanding our product offering and deepening engagement with our global community, which grew by 13 million daily active users in the quarter. The future of our business depends on the engagement of our community, and we are pleased to see elevated growth rates in the Rest of World region, where we added 10 million daily active users in the quarter. This Rest of World growth follows our investments in building out the team and operations necessary to accelerate our growth in geographies where our community has demonstrated a clear product market fit with Snapchat, as well as our efforts to localize our product offering and improve application performance across a wide range of devices.

我們一直專注於擴大我們的產品供應並加深與我們的全球社區的互動，本季度每日活躍用戶增加了 1300 萬。我們業務的未來取決於我們社區的參與，我們很高興看到世界其他地區的增長率提高，我們在該季度增加了 1000 萬每日活躍用戶。世界其他地區的增長是在我們投資於建立必要的團隊和運營以加速我們在我們的社區已經證明與 Snapchat 具有明顯產品市場契合度的地區的增長，以及我們努力本地化我們的產品供應和提高應用程序性能之後廣泛的設備。

Our community in North America and Europe continued to grow and these geographies represent our largest monetization opportunities in the near and medium term. We believe that reinventing the camera represents our greatest opportunity to improve the way people live and communicate. What began as an application for visual communication has evolved into a leading augmented reality platform, where Creators are building unique and innovative AR experiences in Lens Studio and distributing them on Snapchat and in their own applications using Camera Kit.

我們在北美和歐洲的社區繼續增長，這些地區代表了我們近期和中期最大的貨幣化機會。我們相信，重新發明相機是我們改善人們生活和交流方式的最大機會。最初作為視覺通信應用程序已經發展成為領先的增強現實平台，創作者在 Lens Studio 中構建獨特和創新的 AR 體驗，並使用 Camera Kit 在 Snapchat 和他們自己的應用程序中分發它們。

Over 250 million Snapchatters engage with augmented reality every day on average across a variety of use cases, including entertainment, fashion and education. Over 250,000 creators have built more than 2.5 million Lenses and Snapchatters played with Lenses created by our community more than twice as much this quarter when compared to Q1 2021. We recently launched our ASL Alphabet Lens, a first-of-its-kind AR experience that inspires Snapchatters to learn American Sign language through the Snapchat Camera. The ASL Alphabet Lens uses advanced hand tracking to recognize hand poses and gestures, providing feedback as people practice communicating with sign language.

平均每天有超過 2.5 億 Snapchatter 在各種用例中使用增強現實，包括娛樂、時尚和教育。與 2021 年第一季度相比，本季度超過 250,000 名創作者構建了超過 250 萬個 Lenses 和使用我們社區創建的 Lenses 的 Snapchatter。我們最近推出了 ASL Alphabet Lens，這是一種首創的 AR 體驗這激發了 Snapchatter 通過 Snapchat 相機學習美國手語。 ASL Alphabet Lens 使用先進的手部追踪技術來識別手部姿勢和手勢，並在人們練習手語交流時提供反饋。

We also launched custom Landmarkers and Lens Studio, helping creators to build location-based Lenses for local places they care about, from statues to storefronts, to tell richer stories about their communities through AR. In partnership with Tukwini Mandela and Black Cultural Archives, we released our Hidden black Stories Local Lens, transforming London's Trafalgar Square into an AR experience that showcases key moments, figures and stories from Black British history.

我們還推出了定制的 Landmarkers 和 Lens Studio，幫助創作者為他們關心的當地地方（從雕像到店面）構建基於位置的 Lenses，通過 AR 講述關於他們社區的更豐富的故事。我們與 Tukwini Mandela 和黑人文化檔案館合作，發布了 Hidden black Stories Local Lens，將倫敦的特拉法加廣場變成了一種 AR 體驗，展示了英國黑人歷史中的關鍵時刻、人物和故事。

In an effort to educate our community on the power of AR, we announced a new augmented reality Creator program in India powered by Lens Studio. The program will include an online developer course and a series of challenges that aim to empower developers and local creators across the country. In celebration of International Women's Day, we launched an AR Lensathon consisting of 3 workshops across Southeast Asia to encourage the participation of young women in new digital fields like augmented reality. We believe that augmented reality belongs everywhere, not just on Snapchat. We built Camera Kit to enable our partners to leverage our augmented reality platform in their own websites and applications.

為了讓我們的社區了解 AR 的力量，我們在印度宣布了一項由 Lens Studio 提供支持的新增強現實創作者計劃。該計劃將包括一個在線開發者課程和一系列旨在增強全國開發者和本地創作者能力的挑戰。為慶祝國際婦女節，我們在東南亞舉辦了一場由 3 個研討會組成的 AR Lensathon，以鼓勵年輕女性參與增強現實等新的數字領域。我們相信增強現實無處不在，而不僅僅是 Snapchat。我們構建了相機套件，以使我們的合作夥伴能夠在他們自己的網站和應用程序中利用我們的增強現實平台。

Through Camera Kit, we can help grow the ecosystem of AR developers and help businesses understand the immense potential of AR. We are excited by the growing demand from businesses, who want to bring Snap's AR capabilities into their own apps and websites. For example, Zoog, a storytelling app for families, integrated Camera Kit to help people bond by sharing stories while using Lenses to resemble storybook characters. We continue to make meaningful progress overlaying computing on the world through Spectacles, our augmented reality glasses. Hundreds of Creators are developing AR Lenses for Spectacles, building new immersive and interactive experiences like reimagining a restaurant menu in 3 dimensions or enhancing a workout routine.

通過 Camera Kit，我們可以幫助發展 AR 開發者的生態系統，並幫助企業了解 AR 的巨大潛力。我們對企業不斷增長的需求感到興奮，他們希望將 Snap 的 AR 功能引入自己的應用程序和網站。例如，家庭講故事應用程序 Zoog 集成了 Camera Kit，通過分享故事來幫助人們建立聯繫，同時使用 Lenses 來模仿故事書中的人物。通過我們的增強現實眼鏡 Spectacles，我們繼續在將計算覆蓋到世界上取得有意義的進展。數百名創作者正在開髮用於眼鏡的 AR 鏡頭，構建新的沉浸式和交互式體驗，例如重新構想 3 個維度的餐廳菜單或增強鍛煉程序。

We have continued to make software improvements and offer new capabilities for developers, including a new voice ML template in Lens Studio, which enables creators to build voice-enabled experiences without scripting. And Lens Studio streaming mode, which helps creators develop Lenses with hand tracking from a first person perspective. With our powerful developer tools and Lens Studio and distribution through Snapchat, Camera Kit and Spectacles, we've created a compelling platform for creators to build and share augmented reality experiences, reaching hundreds of millions of people and exploring the next generation of computing.

我們不斷改進軟件並為開發人員提供新功能，包括 Lens Studio 中的新語音 ML 模板，使創作者無需編寫腳本即可構建支持語音的體驗。以及 Lens Studio 流媒體模式，可幫助創作者從第一人稱視角開發具有手部追踪功能的 Lenses。憑藉我們強大的開發者工具和 Lens Studio 以及通過 Snapchat、Camera Kit 和 Spectacles 進行的分發，我們為創作者創建了一個引人注目的平台，以構建和分享增強現實體驗，覆蓋數億人並探索下一代計算。

We continue to provide value for our growing community through our diverse content offerings, which include our 2 content platforms, Stories and Spotlight. Our Stories platform enables Snapchatters to share snaps with their friends in narrative form via friend stories and watch content from professional publishers and influencers in Discover. Spotlight is our newest content platform for showcasing the most entertaining snaps created by our community. In Q1, overall time spent watching content globally grew on a year-over-year basis, driven primarily by growth in time spent with content in Discover and Spotlight.

我們通過多樣化的內容產品（包括我們的兩個內容平台，Stories 和 Spotlight）繼續為不斷發展的社區提供價值。我們的 Stories 平台使 Snapchatter 能夠通過朋友故事以敘事形式與他們的朋友分享快照，並在 Discover 中觀看來自專業出版商和影響者的內容。 Spotlight 是我們最新的內容平台，用於展示我們社區創建的最有趣的快照。在第一季度，全球觀看內容的總時間同比增長，主要是由於在 Discover 和 Spotlight 中花費的時間增長。

We continue to see growth in viewership of content on Discover, which has become a destination for credible and entertaining content for our community. For example, total daily time spent by Snapchatters 25 and older, engaging with shows and publisher content on Discover, increased by more than 25% year-over-year. We expanded our international content offerings by partnering with News U.K., TF1 and Le Monde in France; and MBC and Al Arabiya in the Middle East.

我們繼續看到 Discover 上的內容收視率增長，這已成為我們社區可信和娛樂內容的目的地。例如，25 歲及以上的 Snapchatter 在 Discover 上參與節目和發布者內容的每日總時間同比增長超過 25%。我們通過與 News U.K.、TF1 和法國的 Le Monde 合作，擴展了我們的國際內容產品；以及中東的 MBC 和 Al Arabiya。

Snap Originals represent another important element of our strategy to improve the diversity of available content on Discover. Over 10 million viewers have watched Breakwater, our new Snap Original about the dystopian future caused by climate change that featured episodic AR lenses in partnership with Verizon, helping Snapchatters to immerse themselves in the show. Our content partners continue to find success on our platform with 6 Discover partners reaching over 100 million global viewers in Q1.

Snap Originals 是我們改進 Discover 上可用內容多樣性戰略的另一個重要元素。超過 1000 萬觀眾觀看了 Breakwater，這是我們關於氣候變化引起的反烏托邦未來的新 Snap Original，它以與 Verizon 合作的情景 AR 鏡頭為特色，幫助 Snapchatter 沉浸在節目中。我們的內容合作夥伴繼續在我們的平台上取得成功，其中 6 個 Discover 合作夥伴在第一季度吸引了超過 1 億的全球觀眾。

We are also investing in new tools and capabilities to better serve our content partners and to help them reach new audiences on Snapchat. We recently announced Dynamic stories and new Discover format that allows publishers to automatically create stories based on news they publish online to help Snapchatters learn about the world as it happens. Early partners include GQ, Vogue, CNN, ESPN and The Wall Street Journal.

我們還在投資新工具和新功能，以更好地服務於我們的內容合作夥伴，並幫助他們在 Snapchat 上吸引新的受眾。我們最近宣布了動態故事和新的發現格式，允許發布者根據他們在線發布的新聞自動創建故事，以幫助 Snapchatter 了解世界的發生。早期合作夥伴包括 GQ、Vogue、CNN、ESPN 和華爾街日報。

We are very excited about the long-term potential of Spotlight. While still early in its growth and evolution, we're pleased with the engagement we're seeing with total time spent growing 230% year-over-year. Over the last several months, we have focused on building the tools and infrastructure to help creators of all kinds thrive on Spotlight, and we observed a 3.5x increase in the number of Spotlight submissions using our AR Lenses or Creative Tools compared with Q1 2021. Spotlight offers opportunities for Creators to improve discoverability and get more reach with their snaps.

我們對 Spotlight 的長期潛力感到非常興奮。雖然仍處於增長和發展的早期階段，但我們對所看到的參與度感到滿意，總時間同比增長 230%。在過去的幾個月裡，我們一直專注於構建工具和基礎設施，以幫助各類創作者在 Spotlight 上茁壯成長，與 2021 年第一季度相比，我們觀察到使用我們的 AR 鏡頭或創意工具提交的 Spotlight 數量增加了 3.5 倍。 Spotlight 為創作者提供了提高可發現性並通過快照獲得更多影響的機會。

We continue to focus on the relationship between Stories and Spotlight where Creators can use Spotlight to start building an audience and deepen their relationship with that audience through their stories. Today, there are many different ways for Creators to grow an audience and build a business on Snapchat. Creators can open shops to sell merchandise, join our Creator Marketplace, receive virtual gifts from fans and monetize their content via our recently announced mid-roll ads in Stories.

我們繼續關注故事和 Spotlight 之間的關係，創作者可以使用 Spotlight 開始建立觀眾並通過他們的故事加深他們與觀眾的關係。今天，創作者有許多不同的方式來增加受眾並在 Snapchat 上建立業務。創作者可以開設商店來銷售商品、加入我們的創作者市場、從粉絲那裡接收虛擬禮物，並通過我們最近宣布的故事中的插播廣告從他們的內容中獲利。

We continue to innovate on our map to bring utility and value to our community and partners. As Snapchatters are able to move about the world again, we are seeing upticks in engagement on the Map. While still very early, we are encouraged to see that Snapchatters open places from the Map more than twice as often this quarter when compared to Q1 2021. We also added a new way to help Snapchatters discover live events with the launch of our Ticketmaster layer. Snapchatters can now browse Ticketmaster's upcoming events on the Map based on what is happening nearby. We see incredible potential for innovation across our communications platform, which brings enormous value to our community by connecting people with their close friends and family.

我們繼續在我們的地圖上進行創新，為我們的社區和合作夥伴帶來實用性和價值。隨著 Snapchatter 能夠再次在世界各地移動，我們看到地圖上的參與度有所上升。雖然還很早，但我們很高興看到 Snapchatter 在本季度從地圖中打開位置的頻率是 2021 年第一季度的兩倍多。我們還通過推出 Ticketmaster 層添加了一種新方法來幫助 Snapchatter 發現現場活動。 Snapchatters 現在可以根據附近發生的事情在地圖上瀏覽 Ticketmaster 即將發生的事件。我們在我們的通信平台上看到了令人難以置信的創新潛力，通過將人們與他們的親密朋友和家人聯繫起來，為我們的社區帶來了巨大的價值。

In addition to adding several new chat features, including Chat Replies, Bitmoji reactions and poll stickers, it's also where our community can launch Games and Minis, 2 platforms built to reimagine shared experiences with friends. We were pleased to see returning Gaming Partners, Funday Factory and Voodoo launch new game titles in Q1. Our gaming partners are finding success growing their businesses with more than 1/3 of our current gaming partners having made over $1 million in revenue.

除了添加一些新的聊天功能（包括聊天回复、Bitmoji 反應和投票貼紙）外，我們的社區還可以在這裡推出遊戲和迷你游戲，這兩個平台旨在重新構想與朋友的共享體驗。我們很高興看到回歸的 Gaming Partners、Funday Factory 和 Voodoo 在第一季度推出了新遊戲。我們的遊戲合作夥伴正在成功地發展他們的業務，我們現有的遊戲合作夥伴中有超過 1/3 的收入超過了 100 萬美元。

Minis represent a new platform for social experiences. We've seen recent momentum with Givingli's second Mini Send Gifts where Snapchatters can send gift cards to friends. Discover partner, Wave Sports and Entertainment, launched the Gym Heroes Mini, a social fitness experience on Snapchat that offers original daily fitness challenges and full workouts curated by fitness experts. The Mini is designed for Snapchatters to challenge their friends and collaborating groups toward their workout goals. We're so excited about the growth of our community and the evolution of our service, and we can't wait to share more at our Snap Partner Summit next week on April 28.

Minis 代表了社交體驗的新平台。 Givingli 的第二個 Mini Send Gifts 最近勢頭強勁，Snapchatter 可以在其中向朋友發送禮品卡。 Discover 合作夥伴 Wave Sports and Entertainment 推出了 Gym Heroes Mini，這是 Snapchat 上的一種社交健身體驗，提供原創的日常健身挑戰和由健身專家策劃的全面鍛煉。 Mini 專為 Snapchatter 設計，可以挑戰他們的朋友和協作團隊以實現他們的鍛煉目標。我們對社區的發展和服務的發展感到非常興奮，我們迫不及待地想在下週 4 月 28 日的 Snap 合作夥伴峰會上分享更多信息。

We will meet the challenges of the current operating environment by prioritizing the needs of our community and partners, who are essential to our success, and we will continue to invest against our enormous opportunity in augmented reality as we work to accelerate our road map and deliver against our long-term plans for computing overlaid on the world.

我們將通過優先考慮對我們的成功至關重要的社區和合作夥伴的需求來應對當前運營環境的挑戰，我們將繼續投資於增強現實領域的巨大機遇，同時努力加快我們的路線圖並交付反對我們覆蓋世界的長期計算計劃。

I'll now turn it over to Jeremi to discuss more about our business.

我現在將把它交給 Jeremi 來討論更多關於我們業務的信息。

Thanks, Evan. We continue to make progress against the many opportunities we have to support our community and advertising partners globally. In Q1, we generated total revenue of $1.06 billion, an increase of 38% year-over-year. We continue to work through platform policy changes, which are primarily impacting direct response advertising partners, and we believe that we are building effective measurement solutions for advertisers to prove the efficacy of their campaigns.

謝謝，埃文。我們將繼續利用我們必須在全球支持我們的社區和廣告合作夥伴的許多機會取得進展。第一季度，我們的總收入為 10.6 億美元，同比增長 38%。我們繼續努力通過平台政策變化，這主要影響直接響應廣告合作夥伴，我們相信我們正在為廣告商構建有效的衡量解決方案，以證明他們的活動的有效性。

In addition to these ongoing platform-related headwinds, supply chain shortages and labor disruptions, rising inflation and geopolitical unrest, are presenting challenges for a wider array of industry verticals than in the prior quarter. Nonetheless, we saw strong growth in verticals like financial services and streaming, which each grew well over 50% year-over-year. We believe that the impact from the ongoing platform policy changes was compounded by macroeconomic challenges, which are now the primary headwinds to client demand.

除了這些持續存在的與平台相關的不利因素外，供應鏈短缺和勞動力中斷、通脹上升和地緣政治動盪，都對比上一季度更廣泛的垂直行業構成了挑戰。儘管如此，我們看到金融服務和流媒體等垂直領域的強勁增長，每個領域的年增長率都超過 50%。我們認為，正在進行的平台政策變化的影響因宏觀經濟挑戰而加劇，這些挑戰現在是客戶需求的主要不利因素。

We remain focused on supporting our community and advertising partners. We will do so by continuing to focus on our 3 key priorities: first, driving measurable ROI. Second, deepening our vertical expertise and growing our sales capacity. Third, creating innovative ad formats focused on video and augmented reality. Our commitment to these priorities, along with our unique reach and global growing audience allows us to drive performance at scale for businesses around the world. Our team continues to help advertisers navigate the platform policy changes through the enablement and utilization of privacy-preserving measurement solutions. We've made a significant push to improve our first-party solutions as we seek to help advertisers adapt to the platform policy changes.

我們仍然專注於支持我們的社區和廣告合作夥伴。為此，我們將繼續專注於我們的 3 個關鍵優先事項：首先，推動可衡量的投資回報率。第二，深化我們的垂直專業知識，增加我們的銷售能力。第三，創建專注於視頻和增強現實的創新廣告格式。我們對這些優先事項的承諾，加上我們獨特的影響力和不斷增長的全球受眾，使我們能夠為全球企業大規模提高績效。我們的團隊通過啟用和利用隱私保護測量解決方案，繼續幫助廣告商應對平台政策的變化。我們大力推動改進我們的第一方解決方案，以幫助廣告商適應平台政策的變化。

The first step was to drive broad availability of these solutions, which we've largely achieved. Now we are working towards achieving broad utilization of and full confidence in these measurement solutions. While it can take time for advertisers to tune their campaigns using our new measurement solutions, some advertisers, who have invested early in our first-party solutions, are seeing signs of success. Beauty brands, NICE One, implemented our conversions API, or CAPI on both web and app to deepen its partnership with Snap and leverage the full integration across its platform. After integrating CAPI for web and app, the multiproduct integration resulted in a 6x increase in return on ad spend above its non-integrated results.

第一步是推動這些解決方案的廣泛可用性，我們已經在很大程度上實現了這一點。現在，我們正在努力實現對這些測量解決方案的廣泛利用和充分信任。雖然廣告商使用我們的新衡量解決方案調整他們的活動可能需要一些時間，但一些早期投資於我們的第一方解決方案的廣告商已經看到了成功的跡象。美容品牌 NICE One 在網絡和應用程序上實施了我們的轉換 API 或 CAPI，以加深與 Snap 的合作夥伴關係並利用其平台的全面集成。在為 Web 和應用程序集成 CAPI 後，多產品集成導致廣告支出回報比其非集成結果增加了 6 倍。

We also continue to innovate by improving our first-party measurement solutions with features like estimated conversions, which helps provide more granular and timely results in a privacy safe manner and improvements to CAPI, which strengthens Snap's direct advertiser data integration, allowing advertisers to measure conversions from multiple sources. Launched in 2018, CAPI also provides advertisers with more sophisticated incremental measurement solutions such as conversion lift. For example, Sports betting company, DraftKings, ran a conversion lift study in the 2 weeks leading up to the Super Bowl across several established sportsbook states and observed a 10.8% lift in app installs and a 188% lift in first-time deposits for males 21 plus, outpacing their install and deposit goals.

我們還通過改進我們的第一方衡量解決方案來繼續創新，其功能包括估計轉化次數，這有助於以隱私安全的方式提供更精細和及時的結果，並改進 CAPI，加強 Snap 的直接廣告客戶數據集成，允許廣告客戶衡量轉化來自多個來源。 CAPI 於 2018 年推出，還為廣告商提供更複雜的增量測量解決方案，例如轉化提升。例如，體育博彩公司 DraftKings 在超級碗之前的 2 週內對幾個成熟的體育博彩州進行了一項轉化率提升研究，觀察到應用安裝量提升了 10.8%，男性首次存款提升了 188% 21 plus，超過了他們的安裝和存款目標。

As we continue working to drive measurable ROI for advertisers of all sizes, improving the efficiency of our offering and lowering the effort it takes to utilize our platform is a major focus. By lowering the cost and decreasing the time to create personalized ads, we can improve ROI by reducing the investment it takes to achieve a given return. One notable example is our progress with Dynamic Ads. By dynamically building ads for product catalogs, we're able to greatly expand the set of ads that are created.

隨著我們繼續努力為各種規模的廣告商推動可衡量的投資回報率，提高我們產品的效率並減少使用我們平台所需的工作量是我們的主要關注點。通過降低成本並減少創建個性化廣告的時間，我們可以通過減少實現給定回報所需的投資來提高投資回報率。一個值得注意的例子是我們在動態廣告方面取得的進展。通過為產品目錄動態構建廣告，我們能夠極大地擴展所創建的廣告集。

Dynamic Ads can update automatically as new products are entered into the catalog remaining up-to-date and driving ROI. As a result, revenue from Dynamic Ads more than tripled year-over-year. In addition to Dynamic Ads, we're also increasing the automation of our Ad Suite through multi-format ad delivery, which allows our systems to optimize across formats to achieve the best ROI for our advertisers in the most relevant ads for our community. These features reduce setup time, increase delivery efficiency and expand advertiser's addressable audience. We are seeing strong adoption of our automated offerings, and we'll prioritize these efforts in the year ahead.

動態廣告可以在新產品進入目錄時自動更新，保持最新並提高投資回報率。因此，來自動態廣告的收入同比增長了兩倍多。除了動態廣告之外，我們還通過多格式廣告投放提高了 Ad Suite 的自動化程度，這使我們的系統能夠跨格式進行優化，從而在與我們社區最相關的廣告中為我們的廣告客戶實現最佳投資回報率。這些功能減少了設置時間，提高了交付效率並擴大了廣告商的目標受眾。我們看到我們的自動化產品得到廣泛採用，我們將在未來一年優先考慮這些努力。

We continue to add deep domain expertise with our verticalized sales strategy, allowing us to effectively serve advertisers of all types and sizes. Our work with agency and advertising partners over the past year has resulted in upfront commitments for 2022 that are more than 60% higher than the total upfront commitments made in 2021. We view upfront commitments as a signal of strong confidence from agency and advertising partners as we become a part of their always-on performance-oriented advertising strategy. While the majority of our revenue today is generated from video ads, we believe we are still early in terms of realizing the full monetization potential of our content platform.

我們繼續通過我們的垂直銷售策略增加深厚的領域專業知識，使我們能夠有效地服務於各種類型和規模的廣告商。過去一年，我們與代理機構和廣告合作夥伴的合作導致 2022 年的前期承諾比 2021 年的前期承諾總額高出 60% 以上。我們將前期承諾視為代理機構和廣告合作夥伴對以下方面充滿信心的信號我們成為他們始終以績效為導向的廣告策略的一部分。雖然我們今天的大部分收入來自視頻廣告，但我們相信我們在實現內容平台的全部貨幣化潛力方面仍處於早期階段。

Today, we comprise less than 2% of the USD 210 billion digital ad market and less than 1% of the $520 billion global digital ad market, while reaching nearly half of U.S. smartphone users and more than 75% of 13 to 34 year olds in over 20 countries. In addition, mobile advertising is growing faster than desktop advertising. Video advertising is growing faster than nonvideo advertising and self-serve advertising is expected to make up 90% of all digital display ad spend in 2022. These trends are favorable for our strategy, and we believe our video advertising business has the potential to deliver robust top line growth.

今天，我們在 2100 億美元的數字廣告市場中的份額不到 2%，在全球 5200 億美元的數字廣告市場中的份額不到 1%，同時覆蓋了美國近一半的智能手機用戶和超過 75% 的 13 至 34 歲人群20多個國家。此外，移動廣告的增長速度快於桌面廣告。視頻廣告的增長速度快於非視頻廣告，預計 2022 年自助式廣告將佔所有數字展示廣告支出的 90%。這些趨勢有利於我們的戰略，我們相信我們的視頻廣告業務有潛力實現強勁增長頂線增長。

Our unique and innovative AR Lenses give our team a huge opportunity to attract advertisers across multiple verticals. In the past, larger brands use augmented reality for brand moments to drive awareness and reach through expensive 1-day takeover lenses. Today, both brand and performance-oriented advertisers are utilizing augmented reality to drive significant and measurable business results. We are also adding more tools to help our advertising partners find customers and build their businesses on Snapchat. We launched our first SNAP AR certification on Snap Focus called Augmented Reality Strategies for Advertisers. This 5-part learning pathway offers hands-on education and real-life examples to help advertisers gain a deeper understanding of how AR is an essential tool for business and marketing objectives.

我們獨特而創新的 AR 鏡頭為我們的團隊提供了一個巨大的機會來吸引多個垂直領域的廣告商。過去，較大的品牌使用增強現實來打造品牌時刻，以通過昂貴的 1 天收購鏡頭來提高知名度和影響力。如今，以品牌和績效為導向的廣告商都在利用增強現實來推動顯著且可衡量的業務成果。我們還添加了更多工具來幫助我們的廣告合作夥伴在 Snapchat 上找到客戶並建立他們的業務。我們在 Snap Focus 上推出了我們的第一個 SNAP AR 認證，稱為廣告商增強現實策略。這個由 5 部分組成的學習途徑提供了實踐教育和現實生活中的示例，以幫助廣告商更深入地了解 AR 如何成為實現業務和營銷目標的重要工具。

We continue to invest in Arcadia, our global creative studio for branded augmented reality experiences. The team has been hard at work creating, managing and launching several experiences. Most recently, a Verizon 5G connected Snapchat Lens for the big game in our hometown of L.A., letting Snapchatters team up and battle with other groups to take control of a giant virtual airship hovering above the field. Arcadia also created a 5G AR Lens in partnership with Verizon and Cirque du Soleil that transports the renowned O performance in Las Vegas to the palm of a Snapchatters hand. We've seen a notable acceleration in the number of advertisers leveraging our self-service tools for AR with over 70% of AR revenue now delivered via our self-serve ad platform. We recently brought our GBB pixel purchase optimization to AR, and we are also investing in additional features for ad manager to make it easier for advertisers to create, manage and deploy their AR experiences.

我們將繼續投資 Arcadia，這是我們提供品牌增強現實體驗的全球創意工作室。該團隊一直在努力創造、管理和推出多種體驗。最近，Verizon 5G 連接 Snapchat Lens 參加我們家鄉洛杉磯的大型比賽，讓 Snapchatters 組隊並與其他團體作戰，以控制一艘盤旋在場地上空的巨型虛擬飛艇。 Arcadia 還與 Verizon 和 Cirque du Soleil 合作創建了 5G AR 鏡頭，將拉斯維加斯著名的 O 表演傳送到 Snapchatter 的手掌中。我們已經看到利用我們的 AR 自助服務工具的廣告客戶數量顯著增加，現在超過 70% 的 AR 收入是通過我們的自助廣告平台交付的。我們最近將 GBB 像素購買優化引入了 AR，並且我們還在為廣告管理器投資額外的功能，以使廣告商更容易創建、管理和部署他們的 AR 體驗。

Following the launch of First Commercial in October 2020, we recently launched First Lens, which enables advertisers to reserve the first sponsored lens impression of Snapchatter [seasonal] lens carousel. First Lens offers more operational ease because bookings are made through ads manager and it simultaneously improves the Snapchatter experience by surfacing the First Lens based on relevance. A top priority for AR is reducing the barrier to creation and helping brands understand the importance of AR experiences and the value they can drive. While we are still in the early stages of AR advertiser adoption, we are already making solid progress and investing to build the AR ecosystem.

繼 2020 年 10 月推出 First Commercial 之後，我們最近推出了 First Lens，它使廣告商能夠保留 Snapchatter [季節性] 鏡頭輪播的第一個贊助鏡頭印象。 First Lens 提供了更多的操作便利，因為預訂是通過廣告管理器進行的，並且它同時通過基於相關性顯示 First Lens 來改善 Snapchatter 體驗。 AR 的首要任務是減少創造的障礙，並幫助品牌了解 AR 體驗的重要性以及它們可以驅動的價值。雖然我們仍處於 AR 廣告商採用的早期階段，但我們已經取得了紮實的進展並投資於構建 AR 生態系統。

For example, Nike recently launched its Nike By You Sneaker customization Lens in order to drive increased engagement with its Nike app and generate membership sign-ups. The multi-cell campaign resulted in an increase in sign-ups, especially among 13 to 17 year olds, a key demographic for Nike's program. After the success of the AR campaign in the U.S., Nike has scaled its Lens campaign to additional regions internationally. These results are emblematic of a larger shift we're seeing with AR transforming e-commerce by increasing conversion rates. We believe that Virtual Trion represents a massive opportunity to improve the way our community shops and experiences new products.

例如，耐克最近推出了 Nike By You Sneaker 定製鏡頭，以推動其耐克應用程序的參與度增加並產生會員註冊。多細胞運動導致註冊人數增加，特別是在 13 至 17 歲的人群中，這是耐克計劃的關鍵人群。在美國 AR 活動取得成功後，耐克已將其 Lens 活動擴大到國際其他地區。這些結果象徵著我們看到 AR 通過提高轉化率改變電子商務的更大轉變。我們相信，Virtual Trion 代表了一個巨大的機會，可以改善我們社區購物和體驗新產品的方式。

Businesses are benefiting from creating their own public profile, which offers a free permanent home on Snapchat, where they can showcase compelling AR experiences and share shoppable products directly within the app. Online Retail platform GOAT recently created a profile and uploaded 2 AR shoe try-on lenses. In the first week alone, they sought over 1 million plays, encouraging GOAT to further invest in their Snapchat presence.

企業從創建自己的公共檔案中受益，該檔案在 Snapchat 上提供了一個免費的永久住所，在那裡他們可以展示引人入勝的 AR 體驗並直接在應用程序內分享可購買的產品。在線零售平台GOAT最近創建了個人資料並上傳了2個AR試鞋鏡片。僅在第一周，他們就尋求超過 100 萬次播放，鼓勵 GOAT 進一步投資他們在 Snapchat 上的存在。

We are seeing higher retention for advertisers who have activated their public profile, a promising early indication than an organic presence on Snapchat is meaningful for advertiser return on ad spend. Lastly, when brands use a portfolio approach of combining sponsored AR Lenses with Snap Ads, they are able to drive higher ROI and lower cost per outcome. For example, Electronic Arts ran a campaign for its Madden NFL 22 video game franchise, which included Commercial, Snap Ads, Lenses, Filters and Story Ads, where each of these products saw a significant lift in higher and lower funnel metrics. For Snapchatters that we're exposed to all 3 ad products, we saw even higher lift. This is why we are so excited about multi-format delivery, which enables these types of campaigns with greater ease. While the macro operating environment remains challenging and difficult to predict, we continue to invest in product innovation to help advertising partners scale, build strong relationships with advertisers across verticals and improve our targeting and measurement capabilities for businesses.

我們看到，已激活其公開資料的廣告客戶留存率更高，這是一個有希望的早期跡象，而不是在 Snapchat 上的有機存在對廣告客戶的廣告支出回報有意義。最後，當品牌使用將贊助的 AR Lenses 與 Snap Ads 相結合的組合方法時，他們能夠推動更高的投資回報率和更低的成本。例如，Electronic Arts 為其 Madden NFL 22 視頻遊戲特許經營活動開展了一項活動，其中包括商業廣告、快照廣告、鏡頭、過濾器和故事廣告，這些產品中的每一個都在更高和更低的漏斗指標上顯著提升。對於我們接觸所有 3 種廣告產品的 Snapchatter，我們看到了更高的提升。這就是為什麼我們對多格式交付如此興奮的原因，它可以更輕鬆地實現這些類型的活動。儘管宏觀運營環境仍然充滿挑戰且難以預測，但我們將繼續投資於產品創新，以幫助廣告合作夥伴擴大規模，與垂直領域的廣告商建立牢固的關係，並提高我們對企業的定位和衡量能力。

Based on the size of our audience, there are high levels of engagement across our service and our overall opportunity in the growing digital advertising market, we believe we are well positioned to drive business results for advertisers over the long term.

根據我們的受眾規模，我們的服務和我們在不斷增長的數字廣告市場中的整體機會有很高的參與度，我們相信我們有能力為廣告商帶來長期的業務成果。

And with that, I'd like to turn the call over to Derek.

有了這個，我想把電話轉給 Derek。

Thanks, Jeremi. Our Q1 financial results reflect our priorities of growing our community, making focused investments in the future of our business and scaling our operations efficiently in order to drive towards profitability and positive free cash flow. As Evan mentioned earlier, our community grew to 332 million daily active users in Q1, an increase of 52 million or 18% year-over-year. In North America, DAU grew by 5% year-over-year to reach 98 million. In Europe, DAU grew by 10% to reach 84 million. In rest of world, DAU grew by 36% to reach 150 million as we continue to invest in local language support, local content, local marketing partnerships and support from local creator communities.

謝謝，傑雷米。我們第一季度的財務業績反映了我們發展社區的優先事項，重點投資於我們業務的未來，並有效地擴大我們的運營規模，以推動盈利和積極的自由現金流。正如 Evan 之前提到的，我們的社區在第一季度增長到 3.32 億日活躍用戶，同比增長 5200 萬或 18%。在北美，DAU 同比增長 5%，達到 9800 萬。在歐洲，DAU 增長了 10%，達到 8400 萬。在世界其他地區，隨著我們繼續投資於本地語言支持、本地內容、本地營銷合作夥伴關係以及本地創作者社區的支持，DAU 增長了 36% 達到 1.5 億。

Total revenue for Q1 was $1.63 billion, an increase of 38% year-over-year. Revenue growth in Q1 initially exceeded our expectations entering the quarter, with year-over-year growth of approximately 44% through February 23. In the days immediately following Russia's invasion of Ukraine on February 24, we observed that a large number of advertisers initially paused their campaigns. The vast majority of clients resumed their campaigns within 10 days following the invasion. And daily average revenue in March exceeded pre-invasion levels, but the rate of year-over-year growth remained below pre-invasion levels at approximately 32% from February 24 through the end of Q1.

第一季度總收入為 16.3 億美元，同比增長 38%。第一季度的收入增長最初超出了我們進入該季度的預期，截至 2 月 23 日同比增長約 44%。在 2 月 24 日俄羅斯入侵烏克蘭後的幾天裡，我們觀察到大量廣告商最初暫停他們的競選活動。絕大多數客戶在入侵後 10 天內恢復了他們的活動。 3 月份的日均收入超過了入侵前的水平，但從 2 月 24 日到第一季度末，同比增長率仍低於入侵前的水平，約為 32%。

The slowdown in the rate of year-over-year growth observed post the invasion of Ukraine was broad-based, with the deceleration evident in both our direct response and brand advertising businesses, and to many industry verticals. In the latter portion of Q1, advertisers in a wider variety of industry groups reported concerns related to the macro operating environment, including continued supply chain disruptions rising input costs, economic concerns due to rising interest rates and concerns related to geopolitical risks stemming from the war in Ukraine. While the impact of these headwinds was felt broadly, our brand advertising business grew at a relatively slower rate of 26% year-over-year in Q1, as new headwinds built on top of supply chain and labor supply headwinds already impacting a subset of industry sectors coming into this quarter.

入侵烏克蘭後觀察到的同比增長率放緩是廣泛的，我們的直接反應和品牌廣告業務以及許多垂直行業的減速都很明顯。在第一季度後期，更多行業群體的廣告商報告了與宏觀運營環境相關的擔憂，包括持續的供應鏈中斷、投入成本上升、利率上升導致的經濟擔憂以及與戰爭引發的地緣政治風險相關的擔憂在烏克蘭。雖然廣泛感受到這些不利因素的影響，但我們的品牌廣告業務在第一季度同比增長 26% 的速度相對較慢，因為建立在供應鏈之上的新不利因素和勞動力供應不利因素已經影響了部分行業進入本季度的行業。

Despite the challenging operating environment, we were encouraged by the progress in our direct response advertising business with a year-over-year growth rate of 43% for the full quarter and nearly 50% prior to the invasion of Ukraine. A small subset of lower funnel app-based GBBs such as in-app purchase continued to be the most impacted by the platform policy changes. The rollout of our privacy-preserving first-party measurement solutions continues to progress with these solutions now enabled for advertisers representing more than 90% of direct response advertising revenue.

儘管經營環境充滿挑戰，但我們對直接響應廣告業務的進展感到鼓舞，整個季度的同比增長率為 43%，在入侵烏克蘭之前接近 50%。一小部分基於應用程序的低漏斗 GBB（例如應用內購買）繼續受到平台政策變化的最大影響。我們保護隱私的第一方衡量解決方案的推出繼續取得進展，這些解決方案現已為代表直接響應廣告收入 90% 以上的廣告商啟用。

We are cautiously optimistic that the partners who utilize these lower funnel GBBs will benefit from the more holistic and timely measurement of results that our first-party measurement solutions afford as they build confidence in them over time. We believe that our continued focus on driving measurable returns on advertising for our partners will be critical to the long-term success of our advertising partners, the best we have ever reported for this metric as a public company, down from $0.62 in the prior year and $0.66 in the prior quarter. With global ARPU growing at 17% year-over-year and infrastructure cost per DAU declining by 6% over the same period, efficient scaling of our cloud infrastructure was the largest driver of expanding gross margins.

我們謹慎樂觀地認為，使用這些低漏斗 GBB 的合作夥伴將受益於我們的第一方測量解決方案提供的更全面、更及時的結果測量，因為他們會隨著時間的推移建立信心。我們相信，我們繼續專注於為我們的合作夥伴帶來可衡量的廣告回報，這對於我們的廣告合作夥伴的長期成功至關重要，這是我們作為一家上市公司在這一指標上所報告的最好成績，低於上一年的 0.62 美元上一季度為 0.66 美元。隨著全球 ARPU 同比增長 17%，而每個 DAU 的基礎設施成本同期下降 6%，我們的雲基礎設施的有效擴展是擴大毛利率的最大驅動力。

We have now completed new multiyear agreements with both of our large infrastructure partners, and the lower pricing from these agreements drove the majority of the sequential improvement in cost per DAU. We believe that the progress we have made in driving down our unit costs over time, especially in an inflationary environment, provides powerful validation for our asset-light infrastructure model, which has, in turn, allowed us to hold CapEx investment at less than 2% of revenue over the trailing 12 months. The growing scale of our cloud partners and their resulting efficiency are flowing through to our pricing. At the same time, our multi-cloud approach and the growing scale of our community and our improving operational excellence in managing our unit costs have worked together to expand our adjusted gross margin by 22 percentage points over the last 3 years.

我們現在已經與我們的兩個大型基礎設施合作夥伴完成了新的多年期協議，這些協議的較低定價推動了每個 DAU 成本的大部分連續改善。我們相信，隨著時間的推移，我們在降低單位成本方面取得的進展，特別是在通貨膨脹環境下，為我們的輕資產基礎設施模型提供了有力的驗證，這反過來又使我們能夠將資本支出投資保持在不到 2過去 12 個月收入的百分比。我們的雲合作夥伴不斷擴大的規模及其帶來的效率正在影響我們的定價。與此同時，我們的多雲方法和不斷擴大的社區規模以及我們在管理單位成本方面不斷提高的卓越運營能力，共同使我們調整後的毛利率在過去 3 年中提高了 22 個百分點。

The operating leverage we have realized from scaling our infrastructure costs efficiently, is a key input towards our ability to invest in the long-term growth of our business, while making continued progress towards sustaining positive free cash flow generation.

我們從有效擴展基礎設施成本中實現的運營槓桿是我們投資於業務長期增長的能力的關鍵投入，同時在維持積極的自由現金流產生方面取得持續進展。

Adjusted operating expenses were $586 million in Q1, up 60% year-over-year, reflecting a combination of our ongoing rate of investment in the business as well as several factors that are further elevating our adjusted operating expense growth rate in the near term. As expected, our rate of hiring stepped up in Q1, while our rate of attrition remains low. Total personnel costs were up 52% year-over-year, driven by a 52% increase in full-time head count. This reflects ongoing investments in our team as well as the integration of acquisitions completed over the last year, which contributed approximately 9 percentage points of the year-over-year growth in full-time headcount in Q1.

第一季度調整後的運營費用為 5.86 億美元，同比增長 60%，這反映了我們對業務的持續投資率以及在短期內進一步提高調整後的運營費用增長率的幾個因素。正如預期的那樣，我們的招聘率在第一季度有所上升，而我們的流失率仍然很低。在全職員工人數增加 52% 的推動下，總人員成本同比增長 52%。這反映了對我們團隊的持續投資以及去年完成的收購整合，這為第一季度全職員工人數的同比增長貢獻了大約 9 個百分點。

Marketing was the next largest driver of year-over-year adjusted operating expense growth. with total marketing spending more than doubling year-over-year in Q1, due in part to the timing of marketing campaigns and events relative to the prior year. We estimate the timing of marketing expenses elevated our overall adjusted operating expense growth rate by approximately 4 percentage points in Q1. In addition, we continue to see costs return to our cost structure that were otherwise diminished during the pandemic period, including travel, events and certain operations costs, which collectively contributed approximately 3 percentage points to the year-over-year growth rate in Q1.

營銷是調整後運營費用同比增長的第二大驅動力。第一季度的總營銷支出同比增長了一倍以上，部分原因是營銷活動和活動的時間與上一年相比。我們估計營銷費用的時間安排使我們的整體調整後運營費用增長率在第一季度提高了約 4 個百分點。此外，我們繼續看到我們的成本結構恢復到在大流行期間原本減少的成本結構，包括旅行、活動和某些運營成本，這些成本共同為第一季度的同比增長率貢獻了約 3 個百分點。

Finally, we incurred approximately $5 million in cost to support our team members impacted by the war in Ukraine during Q1, which further contributed to the elevated year-over-year growth in adjusted operating expenses.

最後，我們在第一季度為支持受烏克蘭戰爭影響的團隊成員產生了大約 500 萬美元的成本，這進一步推動了調整後運營費用的同比增長。

Adjusted EBITDA was $64 million in Q1, an improvement of $66 million year-over-year. We delivered adjusted EBITDA leverage of 23% in Q1 as we continue to invest in the future of our business while making progress towards sustained profitability and positive free cash flow. Net income was negative $360 million in Q1 compared to a loss of $287 million in Q1 of the prior year. The current quarter results include a $100 million year-over-year decline in other income, driven primarily by a $92 million unrealized loss on investment that became public in the second half of 2021.

第一季度調整後的 EBITDA 為 6400 萬美元，同比增長 6600 萬美元。我們在第一季度實現了 23% 的調整後 EBITDA 槓桿，因為我們繼續投資於我們業務的未來，同時在持續盈利和正自由現金流方面取得進展。第一季度淨收入為負 3.6 億美元，而去年第一季度則虧損 2.87 億美元。本季度業績包括其他收入同比下降 1 億美元，這主要是由於 2021 年下半年公開的 9200 萬美元未實現投資損失所致。

Excluding the impact of mark-to-market losses on this investment, net income would have improved by $19 million or 7% year-over-year to reach negative $267 million, which is due primarily to the flow-through of the $66 million improvement in adjusted EBITDA, partially offset by $19 million in higher stock-based compensation, $15 million higher depreciation and amortization, $7 million in higher taxes, and $6 million in other net expenses.

排除按市值計價損失對此項投資的影響，淨收入將同比增長 1900 萬美元或 7%，達到負 2.67 億美元，這主要是由於 6600 萬美元改進的流動在調整後的 EBITDA 中，部分抵消了 1900 萬美元的股票薪酬增加、1500 萬美元的折舊和攤銷增加、700 萬美元的稅收增加以及 600 萬美元的其他淨支出。

While we have continued to grow our team and leverage stock-based compensation strategically to fostering ownership culture and drive long-term retention, we have remained focused on managing these programs responsibly. Total fully diluted shares grew 4.8% year-over-year in Q1, with the vast majority of this growth driven by $1.1 billion of early conversions of our outstanding convertible notes completed in 2021. Excluding dilution related to convertible notes, the rate of growth was 1.3% in Q1 compared with 1.2% in the prior quarter and 2.6% in the prior year. While we are pleased with the progress we have made on this metric, it is important to note that the dilution rate, in particular as it relates to SBC, tends to move inversely with our stock price. And thus can be subject to market forces over time.

雖然我們繼續發展我們的團隊並戰略性地利用基於股票的薪酬來培養所有權文化並推動長期保留，但我們仍然專注於負責任地管理這些計劃。第一季度完全稀釋後的總股本同比增長 4.8%，其中絕大部分增長是由 2021 年完成的 11 億美元的未償可轉換票據早期轉換推動的。不包括與可轉換票據相關的稀釋，增長率為第一季度為 1.3%，上一季度為 1.2%，去年為 2.6%。雖然我們對我們在這一指標上取得的進展感到滿意，但重要的是要注意稀釋率，特別是與 SBC 相關的稀釋率，往往與我們的股價成反比。因此隨著時間的推移可能會受到市場力量的影響。

Free cash flow for Q1 was positive $106 million, and we ended the quarter with $5 billion in cash and marketable securities, up from $2.6 billion in the prior year, with the increase reflecting the proceeds of convertible notes and cash we have generated from operations. As we look forward to Q2, we are pleased with the momentum we have observed in our community, and our guidance for the quarter assumes DAU will be approximately 343 million to 345 million in Q2.

第一季度的自由現金流為正 1.06 億美元，本季度末我們擁有 50 億美元的現金和有價證券，高於去年的 26 億美元，增長反映了可轉換票據的收益和我們從運營中產生的現金。在我們期待第二季度的同時，我們對我們在社區中觀察到的勢頭感到高興，我們對該季度的指導假設第二季度的 DAU 將約為 3.43 億至 3.45 億。

On the revenue side, forward-looking visibility is as difficult today or perhaps more difficult than at any point in recent memory. While the 116% revenue growth we experienced in Q2 of the prior year makes the comparisons more difficult this quarter, we believe the bigger challenge to forward-looking visibility is the uncertain operating environment. The macro headwinds we observed in Q1, including supply chain disruptions, labor shortages, inflationary pressures, and the impact of rising interest rates on the overall economic environment, remains challenged as we enter Q2. We believe the impact of the war in Ukraine on input cost, marketing budgets and overall economic confidence has been significant and that it is difficult to predict its impact on a forward-looking basis.

在收入方面，前瞻性的可見性在今天同樣困難，或者可能比最近記憶中的任何時候都更加困難。雖然我們在上一年第二季度經歷的 116% 的收入增長使本季度的比較變得更加困難，但我們認為，前瞻性可見性面臨的更大挑戰是不確定的經營環境。我們在第一季度觀察到的宏觀逆風，包括供應鏈中斷、勞動力短缺、通脹壓力以及利率上升對整體經濟環境的影響，在我們進入第二季度時仍然面臨挑戰。我們認為，烏克蘭戰爭對投入成本、營銷預算和整體經濟信心的影響是巨大的，而且很難在前瞻性的基礎上預測其影響。

Given the uncertainty caused by these challenging circumstances, we have opted to share that our growth rate thus far in Q2 is approximately 30% year-over-year or just below the approximately 32% growth rate we observed following the invasion of Ukraine in Q1. That said, we are concerned that the operating environment ahead could be even more challenging, leading to further campaign pauses or advertiser budget reductions. As I noted earlier, our prior year comparisons are more difficult in Q2 than in Q1.

鑑於這些具有挑戰性的情況造成的不確定性，我們選擇分享，到目前為止，我們在第二季度的增長率約為 30%，或略低於我們在第一季度入侵烏克蘭後觀察到的約 32% 的增長率。儘管如此，我們擔心未來的運營環境可能更具挑戰性，導致廣告活動進一步暫停或廣告商預算減少。正如我之前提到的，我們上一年的比較在第二季度比在第一季度更加困難。

Given this, we believe that revenue guidance of 20% to 25% year-over-year revenue growth in Q2 is reasonable. Given the abundance of opportunities we see to invest productively in our business, we continue to expect that 2022 will be a significant investment year. When the impact of new investments in 2022 are combined with the full year impact of investments made in 2021, we expect that a smaller share of incremental revenue will flow through to adjusted EBITDA and net income in 2022.

鑑於此，我們認為第二季度收入同比增長 20% 至 25% 的收入指引是合理的。鑑於我們看到對我們的業務進行有效投資的大量機會，我們繼續預計 2022 年將是重要的投資年。當 2022 年新投資的影響與 2021 年投資的全年影響相結合時，我們預計 2022 年調整後的 EBITDA 和淨收入將佔增量收入的較小份額。

While the operating environment is currently challenging, we believe that the progress we have made to deliver positive free cash flow over the trailing 12 months and the strength of our balance sheet with $5 billion in cash and marketable securities on hand have positioned us well to invest through the current environment. Continuing to invest through the current headwinds will allow us to build on the momentum we have established in our business in order to ensure we capture the immense long-term upside we see in the future of augmented reality. And we believe we can do so responsibly as we continue to thoughtfully prioritize our investments.

儘管目前的經營環境充滿挑戰，但我們相信，我們在過去 12 個月內為實現正的自由現金流所取得的進展以及擁有 50 億美元現金和有價證券的資產負債表的實力使我們能夠很好地進行投資通過現在的環境。在當前的逆風中繼續投資將使我們能夠鞏固我們在業務中建立的勢頭，以確保我們在增強現實的未來看到巨大的長期優勢。我們相信，隨著我們繼續深思熟慮地優先考慮我們的投資，我們可以負責任地這樣做。

Given our revenue guidance and our planned level of investment, we expect adjusted EBITDA to be between breakeven and $50 million in Q2.

鑑於我們的收入指導和我們計劃的投資水平，我們預計第二季度調整後的 EBITDA 將在盈虧平衡和 5000 萬美元之間。

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

感謝您今天加入我們的電話會議，我們現在將回答您的問題。

That concludes the prepared remarks for today's earnings call, and we will now begin the question-and-answer session. (Operator Instructions) The first question comes from Ross Sandler with Barclays.

今天財報電話會議的準備發言到此結束，我們現在將開始問答環節。 （操作員說明）第一個問題來自巴克萊銀行的羅斯桑德勒。

Just 1 question on the 2Q outlook and then 1 question on fingerprinting. So the first one, it sounds like your run rate is 30%, but you're expecting it to drop off as we progress through the quarter. So can you maybe just unpack a little more on what you're seeing or hearing out there in the industry that kind of explains that further reduction as we move through the quarter? I know it's kind of tough with the macro right now, but any additional color there would be helpful.

只有 1 個關於 2Q 前景的問題，然後是 1 個關於指紋識別的問題。所以第一個，聽起來你的運行率為 30%，但你預計它會隨著我們整個季度的進展而下降。那麼，您能否進一步了解您在行業中看到或聽到的內容，這可以解釋隨著我們整個季度的進一步減少？我知道現在使用宏有點困難，但任何額外的顏色都會有幫助。

And then the second one is, I think some folks on this call are just worried about another potential revenue hit from fingerprinting later this year. So can you maybe help us better understand how you've reworked the measurement and targeting on your platform in a privacy-centric manner, as Jeremi mentioned, and whether or not you see that as a risk?

然後第二個是，我認為本次電話會議中的一些人只是擔心今年晚些時候指紋識別會帶來另一項潛在的收入損失。那麼，正如 Jeremi 所提到的，您能否幫助我們更好地了解您如何以隱私為中心的方式在您的平台上重新設計測量和定位，以及您是否認為這是一種風險？

Ross, it's Derek speaking. I'll take the first part of your question, and then I'll hand it over to Jeremi to help with the second part. So at a high level on what we're seeing as we look forward to Q2, the operating environment remains challenging and forward-looking visibility, as I noted earlier, is more difficult than probably at any point in recent memory. We have shared that our business has grown at a rate of approximately 30% quarter-over-quarter to date, but we're concerned that the operating environment could be even more challenging going forward. More specifically, the headwinds that impacted our business in Q1 have persisted into Q2, and we believe the impact of the war on Ukraine has been significant, and this impact is particularly difficult to predict going forward.

羅斯，是德里克在說話。我會回答你問題的第一部分，然後我會把它交給 Jeremi 來幫助解決第二部分。因此，在我們期待第二季度的高水平上，運營環境仍然充滿挑戰，而且正如我之前指出的那樣，前瞻性的可見性比近期記憶中的任何時候都更加困難。我們分享說，迄今為止，我們的業務環比增長了約 30%，但我們擔心未來的運營環境可能更具挑戰性。更具體地說，第一季度影響我們業務的不利因素一直持續到第二季度，我們認為戰爭對烏克蘭的影響是巨大的，而且這種影響在未來尤其難以預測。

As a result, we're concerned we could see additional campaign positives or advertiser budget reductions in the future. The comparisons, as I noted are also getting tougher. As a reminder, our top line growth accelerated by 50 percentage points in Q2 of last year to reach 115%. So all of these factors together have informed our guide of 20% to 25% year-over-year in Q2. Importantly, though, I'd say the fundamentals of our business remain intact. We're pleased with what we're seeing and the strong growth in DAU. We continue to have deep penetration of hard-to-reach demos in the most important advertising markets. And of course, we've got a sophisticated ad platform that delivers measurable returns and results.

因此，我們擔心未來可能會看到更多的廣告活動積極因素或廣告客戶預算減少。正如我所指出的，這些比較也變得越來越難。提醒一下，我們的收入增長在去年第二季度加快了 50 個百分點，達到 115%。因此，所有這些因素共同為我們的指南提供了第二季度 20% 至 25% 的同比增長。不過，重要的是，我想說我們業務的基本面保持不變。我們對我們所看到的以及 DAU 的強勁增長感到滿意。我們繼續在最重要的廣告市場深入滲透難以觸及的演示。當然，我們有一個成熟的廣告平台，可以提供可衡量的回報和結果。

So we're focused on investing in our teams and our products and delivering measurable return on advertising investment to our advertising partners. So hopefully, that gives you some background and context on how we're seeing the outlook going forward and what uncertainty -- what's uncertain about that. I'll turn it over to Jeremi to take the second part there.

因此，我們專注於投資我們的團隊和產品，並為我們的廣告合作夥伴提供可衡量的廣告投資回報。因此，希望這可以為您提供一些背景和背景信息，說明我們如何看待未來的前景以及存在哪些不確定性——對此有哪些不確定性。我會把它交給 Jeremi 來完成第二部分。

Ross, thank you for the question. So just to be specific around finger printing, for opt-out users, we do not meaningfully identify any user, who's opted out of tracking, and we do not fingerprint. There is no personally identifiable information that is directly linked to the customer. But given the platform changes, we have experienced signal loss, including IDSA and some IP addresses, and we expect that trend to continue. But if we take a step back, there are 2 different types of users. There's the opt-in ones and the opt-out users as well. For the opt-out users, we have deterministic measurement solutions that allow us to definitively match the conversion that's taken place, and that forms the basis of our measurement.

羅斯，謝謝你的問題。因此，僅針對指紋進行具體說明，對於選擇退出的用戶，我們不會有意義地識別任何選擇退出跟踪的用戶，並且我們不會指紋。沒有與客戶直接相關的個人身份信息。但考慮到平台的變化，我們經歷了信號丟失，包括 IDSA 和一些 IP 地址，我們預計這種趨勢會持續下去。但如果我們退後一步，有兩種不同類型的用戶。有選擇加入的用戶和選擇退出的用戶。對於選擇退出的用戶，我們有確定性的測量解決方案，使我們能夠明確地匹配發生的轉換，這構成了我們測量的基礎。

Our privacy preserving measurement solutions, though, are built to adapt to signal loss like this which is a combination of opt-in user data and models estimated conversions to provide advertisers with a fidelity that they need to make decisions to grow their business. These changes, though, are -- they're long. They take time. They put a serious onus on advertisers to adapt and reset their advertising campaigns across not just Snap, but all platforms. We empathize with them. We are working with them through these changes, and we expect to continue to do that with relentless focus on delivering ROI.

不過，我們的隱私保護測量解決方案旨在適應這樣的信號丟失，它結合了選擇加入的用戶數據和估計轉換的模型，為廣告商提供他們做出決策以發展業務所需的保真度。不過，這些變化是——它們很長。他們需要時間。他們讓廣告商承擔了重大責任，以適應和重置他們的廣告活動，而不僅僅是 Snap，而是所有平台。我們同情他們。我們正在與他們合作通過這些變化，我們希望繼續這樣做，並堅持不懈地專注於實現投資回報率。

Our next question comes from Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. Maybe Derek, I appreciate the quarter-to-date color on the business. Could you help us understand a little more how fast is the North America ad business growing quarter-to-date? And as part of the guide, are you assuming that the North America business gets worse? And are you hearing that from advertisers yet? That's part one.

我有 2 個。也許 Derek，我很欣賞這個季度至今的業務色彩。您能否幫助我們進一步了解北美廣告業務季度至今的增長速度？作為指南的一部分，您是否認為北美業務會變得更糟？你從廣告商那裡聽到了嗎？這是第一部分。

And then part 2, I may have missed it, but what was the impression versus pricing growth in the quarter just so we can sort of put together those 2 factors?

然後是第 2 部分，我可能錯過了，但是當我們可以將這兩個因素放在一起時，本季度的印象與定價增長是什麼？

Brian, it's Derek speaking. So on the first question, when we looked at the pre and post period in Q1, where we saw the decel in the revenue growth rate post the invasion in Ukraine, we look at that across a number of different cuts. And as I said in my prepared remarks, we saw that deceleration of the DR and the brand side of our business regions as well as across or different advertising partner verticals. So it's relatively broad-based. So I'm not -- I don't have any additional color to break down what we've seen quarter-to-date, but as I said earlier, what we saw was pretty broad-based when we saw the initial slowdown there. So it probably gives you a little bit of context.

布賴恩，是德里克在說話。因此，在第一個問題上，當我們查看第一季度的前後時期時，我們看到烏克蘭入侵後收入增長率下降，我們通過許多不同的削減來看待這一點。正如我在準備好的評論中所說，我們看到 DR 和我們業務區域的品牌方面以及跨或不同的廣告合作夥伴垂直領域的減速。所以它的基礎相對廣泛。所以我不是——我沒有任何額外的顏色來分解我們本季度迄今所看到的，但正如我之前所說，當我們看到那裡最初的放緩時，我們所看到的基礎相當廣泛.所以它可能會給你一些背景信息。

So then in terms of breaking down pricing and impression growth, we did see CPMs rise in the current quarter of Q1. We're up around 40%, 41%. I believe, quarter-over-quarter. So we have seen most of the revenue growth translated through on the pricing side as we continue to focus on the experience for the community. So hopefully, that gives you a little bit of perspective of both of those factors.

因此，在細分定價和印象增長方面，我們確實看到第一季度當前季度的每千次展示費用有所上升。我們上漲了大約 40%、41%。我相信，季度環比。因此，隨著我們繼續專注於社區的體驗，我們已經看到大部分收入增長通過定價方面轉化。因此，希望這能讓您對這兩個因素有所了解。

Our next question comes from Rich Greenfield with LightShed Partners.

我們的下一個問題來自 Rich Greenfield 和 LightShed Partners。

First question for Evan. The use of 3D Bitmoji avatars in the prepared remarks, the commentary that I think you've all made on Maps today, it just feels quite clear that Maps plays a central role in the future of Snapchat. I was just hoping you could take a minute and get out of the minutia of the quarter and kind of step up to 50,000 feet and give us sort of the Evan or Snapchat vision for 5 years from now, in success, what does Maps look like? And then maybe just a follow-on for Jeremi to tie to this, assuming Evan and team can execute broadly on this Map's vision, where do brands and advertisers fit in? And what are they asking you for vis-a-vis the Map right now?

埃文的第一個問題。在準備好的評論中使用 3D Bitmoji 頭像，我想你們今天都在地圖上發表的評論，很明顯地圖在 Snapchat 的未來中扮演著核心角色。我只是希望你能花一點時間，走出本季度的細節，爬上 50,000 英尺，給我們提供 5 年後 Evan 或 Snapchat 的願景，成功地，地圖看起來像什麼?然後可能只是 Jeremi 與此相關的後續行動，假設 Evan 和團隊可以廣泛執行此 Map 的願景，品牌和廣告商在哪裡適合？他們現在對地圖要求你做什麼？

Rich, thanks so much for the question. And I always love to talk about the long term. So we're really excited about the Map opportunity, especially because our Map represents a totally different way to explore the world. Maps historically have been built for transportation to help people get from A to B. And our Map is really designed to see what your friends are up to. To answer the question, where is somebody, when are they going to be home, what are my friends doing and of course, to help people explore the world through near real-time content on our Map around the world and now with places to learn more about all sorts of interesting popular and trending places around them.

豐富，非常感謝這個問題。我總是喜歡談論長期。所以我們對 Map 的機會感到非常興奮，特別是因為我們的 Map 代表了一種完全不同的探索世界的方式。從歷史上看，地圖是為幫助人們從 A 到 B 的交通而構建的。我們的地圖真正旨在了解您的朋友在做什麼。回答這個問題，有人在哪裡，他們什麼時候回家，我的朋友們在做什麼，當然，通過我們在世界各地的地圖上的近乎實時的內容來幫助人們探索世界，現在還有學習的地方更多關於他們周圍各種有趣的流行和趨勢的地方。

We're so excited that we just recently rolled out a new Ticketmaster layer that also helps people see upcoming events at venues nearby and even share those with friends and buy tickets. So the way that our Map is transforming the way that our community is understanding the world around them and connecting with friends is super exciting and a huge opportunity over the long term. And of course, we love the role that Bitmoji plays in all this and our action mojis on the Map that show when people are flying or driving. So you can see where your friend is in transit. So definitely a big and exciting opportunity for us long term.

我們非常興奮，以至於我們最近推出了一個新的 Ticketmaster 層，該層還可以幫助人們查看附近場館即將舉行的活動，甚至與朋友分享這些活動併購買門票。因此，我們的地圖正在改變我們社區了解周圍世界並與朋友聯繫的方式，這是非常令人興奮的，也是長期的巨大機會。當然，我們喜歡 Bitmoji 在這一切中扮演的角色，以及我們在地圖上顯示人們飛行或駕駛時的動作 moji。所以你可以看到你的朋友在哪裡。所以從長遠來看，這對我們來說絕對是一個巨大而令人興奮的機會。

I think as it pertains to the way that businesses participate on the Map, a lot of our recent focus has been around places. So bringing businesses onto the Map, allowing chains, for example, to claim their businesses. And actually, now we're testing just at the very, very early stages of testing folks running advertising against those places to drive people to locations nearby. So that will be an interesting experiment. And then of course, our Layers are also a way that businesses can interact with the Snap Map, and that will be an exciting place for us to invest going forward.

我認為這與企業參與地圖的方式有關，因此我們最近的很多關注點都圍繞著地方。因此，將企業引入地圖，例如，允許連鎖店聲明其業務。實際上，現在我們只是在測試人們在這些地方投放廣告以將人們帶到附近地點的非常非常早期的階段進行測試。所以這將是一個有趣的實驗。當然，我們的圖層也是企業可以與 Snap Map 交互的一種方式，這將是我們未來投資的一個令人興奮的地方。

Our next question comes from Mark Shmulik, with [Bernstein].

我們的下一個問題來自 [Bernstein] 的 Mark Shmulik。

A couple of questions. The first for Evan. The user guide is strong, and I think you mentioned the magic words like product market fit in markets internationally. We know India is one of those markets, but are there any other stories or markets you could share where you've historically been underpenetrated that you're excited about the progress that you're seeing?

幾個問題。埃文的第一個。用戶指南很強大，我想你提到了像產品市場適合國際市場這樣的神奇詞彙。我們知道印度是這些市場之一，但是您是否可以分享其他歷史上未被充分滲透的故事或市場，讓您對所看到的進展感到興奮？

And then second question for Jeremi. You talked last quarter about some of the reorg taking place and the push to expand kind of to more verticals, both here and abroad. I know you shared it kind at the top of the call, you're seeing some success in financials and streaming. But are there any other -- is there any other traction you're seeing in perhaps nontraditional verticals either kind of here or abroad, would be great?

然後是 Jeremi 的第二個問題。你在上個季度談到了一些正在發生的重組，以及推動向更多垂直領域擴張的努力，無論是在國內還是國外。我知道您在電話會議的頂部分享了它，您在財務和流媒體方面看到了一些成功。但是還有其他的嗎？您是否在國內或國外的非傳統垂直領域看到了其他牽引力，會很棒嗎？

Yes. So on the user growth side, certainly a ton of opportunity around the world, especially in the Rest of World region and in Europe. And what we're really excited about is this value that Snapchat has in connecting close friends and family through visual communication just continues to be really strong. People love sharing what they're up to visually. It's much more expressive. It's obviously much faster than text messaging. And so as we've done a lot of this work to localize our application to improve its performance, we're really unlocking that core product value for our community around the world. So lots of great progress there. Hard to call out one country, in particular. Certainly, India has been a great success story for us. But that's been a big focus of ours, and we've now really organized our teams in our processes around scaling that growth around the world.

是的。所以在用戶增長方面，世界各地肯定有很多機會，特別是在世界其他地區和歐洲。我們真正感到興奮的是，Snapchat 在通過視覺交流聯繫親密朋友和家人方面的價值仍然非常強大。人們喜歡在視覺上分享他們所做的事情。它更具表現力。它顯然比短信要快得多。因此，當我們做了大量工作來本地化我們的應用程序以提高其性能時，我們確實為我們在世界各地的社區釋放了核心產品價值。那裡取得了很大的進步。很難說出一個國家，尤其是。當然，印度對我們來說是一個偉大的成功故事。但這一直是我們的重點，現在我們已經真正組織了我們的團隊，圍繞在全球範圍內擴大增長進行了流程。

I can take the second part of the question. So you mentioned that we've talked about financial services and streaming being particularly strong categories. We believe that, that is true largely because their success isn't predicated on external factors, like supply chain as much or labor shortages or labor disruptions and these kinds of things. So let me unpack that a little bit more for you. Globally when we take a look at just entertainment more broadly, you're starting to look at an ecosystem where things are being released in the theater and then also on streaming, creating 2 separate and distinct marketing budgets, from each of the studios that used to have on either theatrical only or during the pandemic, streaming only. And so that opens up a wide variety of budgets for it globally, as a lot of these movies like we saw with the Batman and the Spider-Man films, are coming back to theaters and drove the snapshot generation certainly is interested in them.

我可以回答問題的第二部分。所以你提到我們已經談到金融服務和流媒體是特別強大的類別。我們認為，這在很大程度上是正確的，因為他們的成功並不取決於外部因素，例如供應鍊或勞動力短缺或勞動力中斷等等。所以讓我再為你解開一點。在全球範圍內，當我們更廣泛地看待娛樂時，您會開始看到一個生態系統，在該生態系統中，事物在影院中發布，然後在流媒體上發布，創建兩個獨立且不同的營銷預算，來自每個使用的工作室僅在劇院或在大流行期間僅在流媒體上播放。因此，這為它在全球範圍內開闢了廣泛的預算，因為我們在蝙蝠俠和蜘蛛俠電影中看到的許多此類電影正在重返影院，並推動快照一代肯定對它們感興趣。

And then when it comes to the financial services, you mentioned traditional category, that is true with financial services that even more broadly, when you come -- when it comes to things like apps for financial services and these kinds of things. Despite the overall conditions regarding app downloads, when it comes to platform changes in general, those are picking up steam as well. So we're seeing all of those trends globally, and we think we're going to continue to see those trends globally and are continuing to invest in those categories, and we're really excited about it.

然後當談到金融服務時，你提到了傳統類別，金融服務也是如此，更廣泛地說，當你來到金融服務應用程序之類的東西時。儘管有關應用程序下載的總體情況，但在平台變化方面，這些情況也正在升溫。因此，我們在全球範圍內看到了所有這些趨勢，我們認為我們將繼續在全球範圍內看到這些趨勢，並繼續投資於這些類別，我們對此感到非常興奮。

Our next question comes from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Evan, not to front run the Partner Summit next week, but can you give us a little sense of what you're most excited about on the product initiative side with respect to commerce and how you think broadly and philosophically about commerce rather than media consumption as being the future of Snap and how that might even insulate you from future policy changes on some of the mobile platforms that we've talked about already?

埃文，下週不參加合作夥伴峰會，但您能否讓我們了解一下您在產品創新方面最興奮的商業方面，以及您如何從廣義上和哲學上看待商業而不是媒體消費作為 Snap 的未來，它如何使您免受我們已經討論過的某些移動平台的未來政策變化的影響？

Yes, I think what we're most excited about, and of course, I'll have to wait for our Partners Summit next week for specifics, but what we're most excited about is really this intersection between augmented reality and commerce. So what we found as we've been growing our AR business over the years, that people use all sorts of accessories and fashion items to express themselves through augmented reality. And we found that by partnering with retailers and fashion brands, that if we can actually use their real products in augmented reality, it dramatically improves conversion for those businesses, and so it can lead to higher sales. And we've also done some work on fit and size to try and help people find the right size, which we found can really improve the rate of returns for merchants as well.

是的，我認為我們最興奮的是，當然，我必須等待下週的合作夥伴峰會才能了解具體信息，但我們最興奮的是增強現實和商業之間的這種交叉點。因此，隨著多年來我們一直在發展我們的 AR 業務，我們發現人們使用各種配飾和時尚物品通過增強現實來表達自己。我們發現，通過與零售商和時尚品牌合作，如果我們能夠在增強現實中真正使用他們的真實產品，就可以顯著提高這些企業的轉化率，從而帶來更高的銷售額。我們還在合身和尺碼方面做了一些工作，試圖幫助人們找到合適的尺碼，我們發現這也可以真正提高商家的退貨率。

And so we have the strategy really to use augmented reality to both improve the top and bottom line for retailers and, of course, radically improve the customer experience. I mean, the idea that you can try on all these different looks and styles without ever changing your clothes is really transformational. I'm really hoping it will make an impact in our household for sure. So that, I think, has been a really exciting place for us to invest, and you have to wait until next week for the specifics.

因此，我們制定了真正使用增強現實來提高零售商的收入和利潤的戰略，當然，還可以從根本上改善客戶體驗。我的意思是，你可以在不換衣服的情況下嘗試所有這些不同的外觀和風格，這個想法真的是變革性的。我真的希望它肯定會對我們的家庭產生影響。因此，我認為，這對我們來說是一個非常令人興奮的投資場所，您必須等到下週才能了解具體情況。

Our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

This is James on for Brent. Last quarter, you called out lower story posting as a headwind to your growth. Did you see a noticeable uptick in posting activity coming out of Omicron? Curious if this had any meaningful impact on your advertising revenue this quarter and just what you're assuming for Q2?

這是布倫特的詹姆斯。上個季度，您稱發布較低的故事是您增長的逆風。您是否看到 Omicron 的發布活動明顯增加？好奇這是否對您本季度的廣告收入產生了任何有意義的影響，以及您對第二季度的假設？

And then the second part of my question is just around your headcount growth, it's been accelerating every quarter. Could you just talk about where you're allocating most of those new employees? Any particular geographies or products that are gaining the bulk of those new heads?

然後我的問題的第二部分是關於您的員工人數增長，它每個季度都在加速。您能談談您將大部分新員工分配到哪裡嗎？有哪些特定的地區或產品吸引了大部分新人？

Derek speaking. I can take those. I'll start with the headcount growth one. We've seen the rate of hiring accelerate, as you noted, and I mentioned in the prepared remarks, while our attrition rate has remained very low, and this has driven the growth in personnel costs that you saw in Q1. Total personnel costs curve about 52% in Q1 driven by a 52% increase in headcount sort of in lock set there. I would note that the growth in personnel costs and head count includes the impact of acquisitions integrated over the past year, many of which were completed in the second half of last year, which contributed approximately 9% points on the year-over-year growth rate in the current quarter.

德里克說話。我可以拿走那些。我將從人數增長一開始。正如您所指出的，我們已經看到招聘速度加快，我在準備好的評論中提到，而我們的流失率仍然很低，這推動了您在第一季度看到的人員成本的增長。第一季度的總人員成本曲線約為 52%，這主要是由於員工人數增加了 52%。我要注意的是，人員成本和人數的增長包括過去一年整合的收購的影響，其中許多收購是在去年下半年完成的，對同比增長貢獻了大約 9%本季度的利率。

So we've been hiring against a number of priorities. We've mentioned in previous quarters that we've accelerated our investment in our sales and sales support in our priority monetization markets where we already have deep penetration of hard-to-reach demographic. In addition, we have been investing heavily in our engineering and product teams to build on the momentum we've established our community and our business, which have helped to drive a rapid pace of innovation on our platform and we look forward to sharing more of that at our Partner Summit, which was just mentioned, which is coming out soon.

因此，我們一直在針對一些優先事項進行招聘。我們在前幾個季度已經提到，我們已經在我們已經深入滲透難以觸及的人群的優先貨幣化市場中加快了對銷售和銷售支持的投資。此外，我們一直在大力投資於我們的工程和產品團隊，以鞏固我們建立社區和業務的勢頭，這有助於推動我們平台上的快速創新，我們期待分享更多在我們剛剛提到的合作夥伴峰會上，即將推出。

And then last, but definitely not least, we've been investing aggressively in building the future of augmented reality in order to capture, we believe to the immense long-term upside there in the future of this new computing platform. As you'll note from our investor deck, many of the acquisitions we have integrated in recent years have been in service of pulling forward our AR road maps among other road maps for the benefit of our community, and our advertising partners. So anyway, hopefully, that mixture of factors gives you a little better sense of what's happening with the growth there in as well as the cost base.

最後，但同樣重要的是，我們一直在積極投資於構建增強現實的未來，以捕捉我們相信這個新計算平台未來的巨大長期優勢。正如您會從我們的投資者資料中看到的那樣，我們近年來整合的許多收購都是為了推動我們的 AR 路線圖以及其他路線圖，以造福我們的社區和我們的廣告合作夥伴。因此，無論如何，希望這些因素的混合能讓您更好地了解那裡的增長情況以及成本基礎。

And then in terms of your second question, on the story posting question specifically, the number of story posters grew year-over-year in Q1. But as it relates to the revenue outlook looking forward, the primary factor here by far is what we're seeing on the demand side and the challenges we're seeing in the operating environment and how those factors may impact demand going forward in Q2. So that's the primary influence on the guide. I talked about that in some detail earlier, so I won't repeat that there, but hopefully, that gives you a better sense of the mix of what's impacting the forward-looking revenue into Q2.

然後關於你的第二個問題，特別是關於故事發布問題，故事海報的數量在第一季度同比增長。但由於它與未來的收入前景有關，到目前為止，這裡的主要因素是我們在需求方面看到的情況以及我們在運營環境中看到的挑戰，以及這些因素如何影響第二季度的需求。所以這是對指南的主要影響。我之前已經詳細討論過這一點，所以我不會在那裡重複，但希望這能讓你更好地了解影響第二季度前瞻性收入的因素。

Our next question comes from Lloyd Walmsley with UBS.

我們的下一個問題來自瑞銀的 Lloyd Walmsley。

A couple of questions, if I can. First, just following up on Ross's question on the outlook for 2Q. If we look specifically, April sounds like it was, at least to date, is pretty solid. If we look to May and June, do comps actually get harder relative to April from here?

有幾個問題，如果可以的話。首先，只是跟進羅斯關於第二季度前景的問題。如果我們仔細觀察，至少到目前為止，April 聽起來是相當穩定的。如果我們看看 5 月和 6 月，從這裡開始，相對於 4 月，比賽真的會變得更難嗎？

And then second one, you mentioned, I think, 70% of AR revenue is now delivered via the self-serve platform with a growing mix of DR advertisers. Can you kind of help us contextualize the magnitude? Is AR advertising, is it 5% of revenue? Is it 15%? Like ballpark, how meaningful is it? And ultimately, are we at a place where it's resonating enough on the DR side that it can really scale up and move the overall needle this year or next year? Anything you can share there would be helpful.

然後第二個，你提到的，我認為，現在 70% 的 AR 收入是通過自助平台提供的，DR 廣告商的組合越來越多。你能幫我們把這個幅度背景化嗎？是AR廣告，是收入的5%嗎？是15%嗎？就像棒球場一樣，它有多大意義？最終，我們是否處於一個在 DR 方面引起足夠共鳴的地方，它可以在今年或明年真正擴大規模並推動整體發展？您可以在那里分享的任何內容都會有所幫助。

I'll take the first part, and then I'll turn it over to Jeremi to talk about the second part. Just in terms of the guide, yes, look, the quarter-to-date number being approximately 30% year-over-year is a reasonably good start to the quarter, relatively consistent with what we've seen in the back half of Q1. In terms of the comps, obviously, the 50-percentage-point acceleration in the prior year means the comps throughout this quarter are very difficult. And of course, we continue growing our business the way we have. The comps get tougher in general. Over time, we have to be able to grow the business sequentially throughout the year.

我會拿第一部分，然後我會把它交給 Jeremi 來談談第二部分。就指南而言，是的，看，本季度迄今的數字同比增長約 30% 是本季度的一個相當好的開端，與我們在第一季度後半段看到的情況相對一致.就比賽而言，顯然，去年 50 個百分點的加速意味著整個季度的比賽非常困難。當然，我們會繼續以我們的方式發展我們的業務。一般來說，比賽變得更加艱難。隨著時間的推移，我們必須能夠全年按順序發展業務。

So it is tough throughout the quarter. Obviously, our guide reflects our concerns about the operating environment and some of the factors that I mentioned earlier that caused us to be concerned that the operating environment could become even more difficult as we move through the quarter going forward. So hopefully, that gives you a sense of how we thought about that and some of the texture in the quarter.

所以整個季度都很艱難。顯然，我們的指南反映了我們對運營環境的擔憂以及我之前提到的一些因素，這些因素使我們擔心隨著我們在本季度的推進，運營環境可能會變得更加困難。因此，希望這能讓您了解我們是如何考慮這一點的以及本季度的一些紋理。

I'll turn it over to Jeremi for the second part of your question.

我將把它交給 Jeremi 來回答你問題的第二部分。

Yes. As you heard from Evan earlier in that call, we are extremely excited about the long-term opportunity that AR and AR advertising have for our business. We see AR as a consumer-centric shift to our community in shopping and experiencing new products. When you look at things like virtual trial that are being utilized by our community, people are really wanting to visualize how things look on them, not just on a website or on a model or something like that, and AR provides them that opportunity. In general, we have 250 million people engaging with AR every single day. And when you start to see consumer trends lead like that, it's really just a matter of time until advertising dollars follow, although that will continue to take time and work and effort. So we believe it's our biggest opportunity for the long term. We're really excited about it.

是的。正如您在那次電話會議中早些時候從 Evan 那裡聽到的那樣，我們對 AR 和 AR 廣告為我們的業務帶來的長期機會感到非常興奮。我們將 AR 視為一種以消費者為中心的向我們社區的購物和體驗新產品的轉變。當您查看我們社區正在使用的虛擬試驗之類的東西時，人們真的很想看到事物在他們身上的樣子，而不僅僅是在網站或模型或類似的東西上，而 AR 為他們提供了這個機會。總的來說，我們每天有 2.5 億人使用 AR。當你開始看到這樣的消費趨勢時，廣告收入緊隨其後只是時間問題，儘管這將繼續需要時間、工作和努力。所以我們相信這是我們最大的長期機會。我們對此感到非常興奮。

And as brands are starting to build their always on AR strategies, it's even more important. We continue to invest heavily in building the tools to make that easier for them. Making it easier to create AR, to manage AR, and deploy the AR experiences, and then give them places like Public Profiles for those AR experiences to live evergreen. You start to see businesses, we mentioned last quarter like MAC and Ulta, makeup brands that are already finding incredible success by leveraging our Lens web builder tool. And we know that, that AR as a utility is going to be something that's incredibly important for businesses going forward. We talked about Nike in the prepared remarks as well.

隨著品牌開始始終建立在 AR 戰略上，這一點變得更加重要。我們將繼續大力投資構建工具，以使他們更容易做到這一點。讓創建 AR、管理 AR 和部署 AR 體驗變得更容易，然後為他們提供公共配置文件等地方，讓這些 AR 體驗常青。您開始看到企業，我們在上個季度提到了 MAC 和 Ulta，這些化妝品品牌已經通過利用我們的 Lens 網絡構建器工具取得了令人難以置信的成功。我們知道，AR 作為一種實用工具，對於未來的企業來說將變得非常重要。我們在準備好的評論中也談到了耐克。

We believe that AR represents this shift, as I mentioned, which I think is really important. And then it will help increase conversion for retailers, which is really important as well. We're getting the products into the proverbial hands of the customers and then converting that into a sale, hopefully reducing returns, impacting a lot of really great metrics from the retailer side. And we believe that this shift towards e-commerce is a long-term secular shift. So the way that -- any way that we can help improve conversions and/or the shopping experience for the Snapchat community, we are all in and couldn't be more excited about the AR advertising opportunity ahead of us.

正如我所提到的，我們認為 AR 代表了這種轉變，我認為這非常重要。然後它將有助於提高零售商的轉化率，這也非常重要。眾所周知，我們將產品交到客戶手中，然後將其轉化為銷售，希望能減少退貨，從而影響零售商方面的許多非常好的指標。我們認為，這種向電子商務的轉變是一個長期的轉變。因此，我們可以幫助改善 Snapchat 社區的轉化率和/或購物體驗的任何方式，我們都對我們面前的 AR 廣告機會感到非常興奮。

Our next question comes from Mark Mahaney with ISI.

我們的下一個問題來自 ISI 的 Mark Mahaney。

I'll just ask 1 question about Spotlight monetization, and it sounded like you've recently started to introduce mid-roll ads in there. Just talk about the traction you're seeing. The path to, I don't know, what is full monetization? Are there particular -- are those kind of ads bringing in a new type of advertiser to the platform? So just talk about what the traction you've seen so far? And any expectations for how long it will take to fully monetize?

我只會問 1 個關於 Spotlight 獲利的問題，聽起來您最近開始在其中引入插播廣告。談談你看到的牽引力。我不知道，什麼是完全貨幣化？有沒有特別的——這些廣告是否為平台帶來了一種新型的廣告商？那麼，談談你到目前為止所看到的牽引力是什麼？以及對完全貨幣化需要多長時間的期望？

Mark, thanks so much for the question. Yes, we've definitely begun testing advertising and Spotlight, although that testing is still quite limited. We've rolled out mid-roll ads in Stories for Creators. And we've actually seen something, a really exciting sort of phenomenon take off on Snapchat, where Creators are using Spotlight and posting videos to Spotlight to try to get more distribution and attract more subscribers to their story, and then they posted their story to build a deeper relationship with their subscribers and share revenue with us on mid-roll advertising inserted within that story.

馬克，非常感謝這個問題。是的，我們確實已經開始測試廣告和 Spotlight，儘管該測試仍然非常有限。我們在 Stories for Creators 中推出了插播廣告。我們實際上已經看到了一些東西，一種非常令人興奮的現像在 Snapchat 上起飛，創作者使用 Spotlight 並將視頻發佈到 Spotlight 以試圖獲得更多的分發並吸引更多訂閱者到他們的故事，然後他們將他們的故事發佈到與他們的訂閱者建立更深層次的關係，並通過插入該故事的插播廣告與我們分享收入。

So I think this is going to be another great way that we can really serve creators and continue to deepen the content experience on Snapchat. And as we mentioned, we're really excited about the momentum and growth of Spotlight and all the incredible original content that's being created by our community. So we'll continue to be investing there and of course, testing advertising on Spotlight, because we think it's going to be a great place for advertisers. Unfortunately, the Spotlight format is full-screen vertical video, which is a format that we pioneered and that advertisers all over the world have adopted. So it does make it quite seamless to transfer those advertisements over to the Spotlight platform.

所以我認為這將是另一種很好的方式，我們可以真正為創作者服務並繼續深化 Snapchat 上的內容體驗。正如我們所提到的，我們對 Spotlight 的勢頭和增長以及我們社區創造的所有令人難以置信的原創內容感到非常興奮。所以我們將繼續在那裡投資，當然，在 Spotlight 上測試廣告，因為我們認為這將是廣告商的好地方。不幸的是，Spotlight 格式是全屏垂直視頻，這是我們開創的一種格式，全世界的廣告商都採用了這種格式。因此，將這些廣告轉移到 Spotlight 平台確實非常無縫。

And our last question comes from Maria Ripps with Canaccord.

我們的最後一個問題來自 Canaccord 的 Maria Ripps。

I just wanted to ask about your privacy changes. Can you maybe just talk about improving -- well you talked about improving first-party solutions and working towards broader utilization. Can you just talk about where you are in the adoption curve among your advertiser base? And from a technical standpoint, what does it take to implement those solutions?

我只是想問一下您的隱私更改。你能不能只談談改進 - 你談到改進第一方解決方案並努力實現更廣泛的利用。你能談談你在廣告客戶群中的採用曲線嗎？從技術角度來看，實施這些解決方案需要什麼？

Yes. Maria, I can take that one. This is Jeremi. Thank you for the question. So I want to take a step back here and talk about measurement and optimization, which is an ongoing process. As you've probably heard me say in each of the last calls, this has been our relentless focus and our priorities since we launched our performance-driven self-serve ad platform. We've been constantly working to improve ROI for advertisers with new products, new solutions, better targeting, better optimization, and better measurement. And this is something that will continue. The reality is that our work here is truly never done. We are again, relentlessly focused on ensuring that this measurement and optimization continues to deliver the best ROI for advertisers.

是的。瑪麗亞，我可以拿那個。這是傑雷米。感謝你的提問。所以我想退後一步，談談測量和優化，這是一個持續的過程。正如您可能在上次電話會議中聽到我所說的那樣，自從我們推出以績效為導向的自助廣告平台以來，這一直是我們不懈的關注和優先事項。我們一直致力於通過新產品、新解決方案、更好的定位、更好的優化和更好的衡量來提高廣告商的投資回報率。這將繼續下去。現實情況是，我們在這裡的工作確實從未完成。我們再次堅持不懈地專注於確保這種衡量和優化繼續為廣告商提供最佳投資回報率。

We know that when we do deliver that ROI, it's the most retentive that we -- behavior that we can do to make sure that we get more advertisers on the platform that we develop a reputation for being a performance platform and, therefore, attract more advertisers. We have more than not only quality, but quantity of advertisements to show to our community. So they get more relevant ads. It performs better, and so the flywheel continues. We're pleased with the progress that we're making. Prior to the invasion of Ukraine, our direct response business was growing at nearly 50% year-over-year and the full quarter was 43% year-over-year. But when you talk about progress, it's a 3-step journey.

我們知道，當我們確實實現了投資回報率時，這是我們最能堅持的行為——我們可以採取的行為確保我們在平台上吸引更多的廣告商，從而建立作為績效平台的聲譽，從而吸引更多廣告商。我們不僅有質量，還有數量的廣告要展示給我們的社區。所以他們會得到更多相關的廣告。它的性能更好，因此飛輪繼續運行。我們對我們正在取得的進展感到高興。在入侵烏克蘭之前，我們的直接響應業務同比增長近 50%，整個季度同比增長 43%。但是當你談論進步時，這是一個三步走的旅程。

So first, we need to enable the solution, which makes it possible to use these tools. Then we have to -- then advertisers have to actively utilize them. And then the third step in that journey is to build trust and confidence in those solutions. The first-party solutions have been enabled for advertisers that represent 90% of our VR revenue. And then lastly, I just realized that in an earlier answer, I flipped the opt-in and opt-out information. So I just wanted to clarify 1 of my earlier answers, which is that we have deterministic solutions for opt out users. I meant to say opt in, but hopefully that helps clarify my earlier remarks, and thank you for the question.

因此，首先，我們需要啟用解決方案，這使得使用這些工具成為可能。然後我們必須 - 然後廣告商必須積極利用它們。然後，該旅程的第三步是建立對這些解決方案的信任和信心。為占我們 VR 收入 90% 的廣告商啟用了第一方解決方案。最後，我剛剛意識到，在較早的答案中，我翻轉了選擇加入和選擇退出信息。因此，我只想澄清我之前的一個答案，即我們為退出用戶提供確定性解決方案。我的意思是選擇加入，但希望這有助於澄清我之前的言論，並感謝您的提問。

This concludes our question-and-answer session as well as Snap Inc.'s First Quarter 2022 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. 的 2022 年第一季度收益電話會議到此結束。感謝您參加今天的會議。您現在可以斷開連接。