Snap Inc (SNAP) 2021 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to Snap Inc.'s Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) This call will be recorded. Thank you very much, Betsy Frank, Senior Director of Investor Relations. You may begin.

大家下午好，歡迎參加 Snap Inc. 的 2021 年第四季度收益電話會議。 （操作員說明）此通話將被錄音。非常感謝投資者關係高級總監 Betsy Frank。你可以開始了。

Thank you, and good afternoon, everyone. Welcome to Snap's Fourth Quarter 2021 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 2021 年第四季度收益電話會議。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.

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。

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.

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 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 nonrecurring charges.

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。

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 for joining our call. The fourth quarter marked the end of an exciting and productive year for Snap. We grew our community, expanded our product offerings and demonstrated the power of our augmented reality platform, both inside and outside of the Snapchat application.

感謝您加入我們的電話。第四季度標誌著 Snap 令人興奮且富有成效的一年的結束。我們發展了我們的社區，擴大了我們的產品供應，並在 Snapchat 應用程序內部和外部展示了我們增強現實平台的強大功能。

We faced some fresh challenges in 2021, but posted strong results, reflecting substantial progress on our journey to sustainable growth and positive cash flow generation. We grew revenue 64% year-over-year in 2021, including 42% year-over-year growth in the fourth quarter.

我們在 2021 年面臨一些新的挑戰，但取得了強勁的業績，反映出我們在實現可持續增長和產生正現金流的道路上取得了重大進展。 2021 年，我們的收入同比增長 64%，其中第四季度同比增長 42%。

We achieved adjusted EBITDA profitability for the second consecutive year. We recorded our first full year of positive free cash flow, and Q4 marked our first quarter of positive net income.

我們連續第二年實現了調整後的 EBITDA 盈利能力。我們記錄了我們第一個全年的正自由現金流，第四季度標誌著我們第一季度的正淨收入。

Achieving positive free cash flow for the full year is an important milestone, as we are increasingly able to self-fund our investments in the future. which positions us well to accelerate our vision for computing overlaid on the world through augmented reality. In Q4, our community grew by 20% year-over-year to 319 million daily active users. We grew sequentially in each of our 3 regions.

全年實現正的自由現金流是一個重要的里程碑，因為我們越來越能夠為未來的投資自籌資金。這使我們能夠很好地加速我們通過增強現實覆蓋世界的計算願景。在第四季度，我們的社區同比增長 20%，達到 3.19 億日活躍用戶。我們在 3 個地區的每一個地區都按順序增長。

While North America and Europe represent our largest monetization opportunities in the near and medium term, rest of world represents our largest community growth opportunity. We've made a concerted effort over the past year to organize our team and make investments in our products to realize these monetization and community growth opportunities.

雖然北美和歐洲代表了我們近期和中期最大的貨幣化機會，但世界其他地區代表了我們最大的社區增長機會。在過去的一年裡，我們齊心協力組織我們的團隊並投資於我們的產品，以實現這些貨幣化和社區發展機會。

Our expansion efforts in India continue to prove successful, and we are using our learnings to inform how we approach community growth in new geographies. Our desire to build a better way of communicating visually through our camera, has evolved into a leading platform for augmented reality.

我們在印度的擴張努力繼續證明是成功的，我們正在利用我們的經驗來告知我們如何在新的地區實現社區增長。我們希望通過我們的相機建立一種更好的視覺交流方式，這已經發展成為增強現實的領先平台。

Our AR products and services are driving major impact at scale today, as Snapchatters use our services to shop, play, learn, explore and entertain themselves. Over 200 million people engage with augmented reality on Snapchat every day, and our community now plays with AR Lenses an average of more than 6 billion times per day. This momentum and the creative energy of the Snapchat community makes us incredibly excited about the future of augmented reality.

今天，我們的 AR 產品和服務正在大規模產生重大影響，因為 Snapchatter 使用我們的服務來購物、玩耍、學習、探索和娛樂自己。每天有超過 2 億人在 Snapchat 上使用增強現實技術，我們的社區現在使用 AR Lenses 的次數平均每天超過 60 億次。 Snapchat 社區的這種勢頭和創造力讓我們對增強現實的未來感到無比興奮。

At our Lens Fest AR developer event in December, we gave an update on the strength and diversity of our AR developer community, which continues to grow.

在 12 月的 Lens Fest AR 開發者活動中，我們更新了我們不斷發展的 AR 開發者社區的實力和多樣性。

There are now over 250,000 Lens creators from more than 200 countries and territories, who use Lens Studio to build AR experiences. They have made more than 2.5 million Lenses that have been viewed by Snapchatters now more than 3.5 trillion times, and over 300 creators have each reached more than 1 billion views of their Lenses.

現在有來自 200 多個國家和地區的超過 250,000 名 Lens 創作者使用 Lens Studio 構建 AR 體驗。他們製作了超過 250 萬個 Lenses，現在 Snapchatter 瀏覽量超過 3.5 萬億次，超過 300 位創作者的 Lenses 瀏覽量均超過 10 億次。

As Snapchatters explore new AR experiences to enhance what they see and do in their daily life, we will continue to develop tools to empower Lens creators to push the boundaries of what is possible through the Snapchat Camera.

隨著 Snapchatter 探索新的 AR 體驗以增強他們在日常生活中的所見所聞，我們將繼續開發工具，使鏡頭創作者能夠通過 Snapchat 相機突破可能的界限。

At Lens Fest, we also shared the ways that we are supporting creators and evolving the tools they use to build for our platform. We introduced a Lens Call to Action feature that lets creators include a link within a Lens, making it easy to drive Snapchatters to a new destination, like a shop, from within the AR experience.

在 Lens Fest，我們還分享了我們支持創作者和改進他們用於為我們的平台構建的工具的方式。我們引入了 Lens Call to Action 功能，讓創作者可以在 Lens 中包含一個鏈接，從而可以輕鬆地將 Snapchatter 從 AR 體驗中帶到一個新的目的地，比如商店。

We've made a catalog of licensed music and audio clips available to integrate into Lenses, so that creators can build more immersive experiences. We rolled out our Gifting feature, which lets Snapchatters directly support Lens creators through story replies and announced Ghost, our AR innovation lab, providing grants of up to $150,000 and Snap team support for creative AR projects.

我們製作了一個許可音樂和音頻剪輯目錄，可用於集成到 Lenses 中，以便創作者可以構建更加身臨其境的體驗。我們推出了贈送功能，讓 Snapchatters 通過故事回复直接支持鏡頭創作者，並宣布我們的 AR 創新實驗室 Ghost 提供高達 150,000 美元的贈款，並為創意 AR 項目提供 Snap 團隊支持。

In addition to the momentum with augmented reality on Snapchat, we are very excited by the growing demand from businesses, who want to bring Snap's AR capabilities into their own apps and websites. We are meeting this growing demand through Camera Kit, which enables partners to easily integrate our AR technology and creator ecosystem in ways that meet their business objectives.

除了 Snapchat 上增強現實的勢頭外，我們對企業不斷增長的需求感到非常興奮，他們希望將 Snap 的 AR 功能引入自己的應用程序和網站。我們正在通過 Camera Kit 滿足這一不斷增長的需求，它使合作夥伴能夠以實現其業務目標的方式輕鬆集成我們的 AR 技術和創作者生態系統。

With their Camera Kit integration, DressX invites users to try on and wear digital fashion in real time, supporting unique experiences that combine the physical and digital realms. DressX has seen incredible success and engagement, as 75% of their total app users engage with AR Lenses and, users try on AR looks 22 times per day, on average.

憑藉其相機套件集成，DressX 邀請用戶實時試穿和穿戴數字時尚，支持結合物理和數字領域的獨特體驗。 DressX 取得了令人難以置信的成功和參與度，其應用總用戶中有 75% 使用 AR Lenses，用戶平均每天嘗試 AR 外觀 22 次。

By extending the reach of their AR lenses onto the DressX public profile within Snapchat, DressX drove a 120% increase in their public profile subscriptions. This quarter, we made significant progress with our Spectacles AR glasses, the fourth generation of a product line that we first introduced more than 5 years ago as a fun hands-free camera, designed to help capture your perspective while staying in the moment.

通過將 AR 鏡頭的覆蓋範圍擴展到 Snapchat 內的 DressX 公開資料，DressX 的公開資料訂閱量增加了 120%。本季度，我們的 Spectacles AR 眼鏡取得了重大進展，這是我們在 5 多年前首次推出的第四代產品線，它是一款有趣的免提相機，旨在幫助您在停留的同時捕捉您的視角。

Hundreds of creators from 30 countries have now developed AR Lenses for Spectacles, overlaying computing on the world in an immersive and interactive way. We have continued to make software improvements and offer new capabilities for developers including Connected Lenses, which link multiple Spectacles users to participate in the same AR experience together, and location triggers, which lets creators customize Lenses to adapt as they visit specific locations.

現在，來自 30 個國家/地區的數百名創作者開發了用於眼鏡的 AR 鏡頭，以身臨其境和互動的方式將計算覆蓋在世界上。我們不斷改進軟件並為開發人員提供新功能，包括 Connected Lenses，將多個 Spectacles 用戶連接在一起，共同參與相同的 AR 體驗，以及位置觸發器，讓創作者自定義 Lenses 以適應他們訪問特定位置。

Our Content business comprises 2 of the 5 main screens of our application, Stories and Spotlight. Despite substantial competitive pressure over the years, Stories remain our largest driver of revenue. It's a platform where Snapchatters share snaps with their friends in narrative form via Friend Stories and watch content from professional publishers and influencers in Discover.

我們的內容業務包括我們應用程序的 5 個主屏幕中的 2 個，即 Stories 和 Spotlight。儘管多年來存在巨大的競爭壓力，Stories 仍然是我們最大的收入驅動力。這是一個平台，Snapchatter 通過 Friend Stories 以敘述形式與朋友分享快照，並在 Discover 中觀看專業出版商和影響者的內容。

Spotlight, our newest platform, surfaces the most entertaining snaps from our community. And we've been overwhelmed by the positive response from viewers and increasingly, creators.

Spotlight 是我們最新的平台，展示了來自我們社區的最有趣的快照。觀眾和越來越多的創作者的積極反應讓我們不知所措。

On our Discover platform, our content partners continue to find success. In Q4 2021, 25 different Discover partners each reached over 50 million unique Snapchatters, globally. This captures a wide range of genres, from Universal Music's Rebel Labs to social publisher Jungle Creations' lifestyle content, Team Whistle's sports content and creator-driven shows from Jellysmack.

在我們的 Discover 平台上，我們的內容合作夥伴繼續取得成功。 2021 年第四季度，25 個不同的 Discover 合作夥伴在全球範圍內的獨立 Snapchatter 均超過 5000 萬。這涵蓋了廣泛的流派，從環球音樂的 Rebel Labs 到社交出版商 Jungle Creations 的生活方式內容、Team Whistle 的體育內容和來自 Jellysmack 的創作者驅動的節目。

We are also introducing more locally-relevant partners, worldwide. We added more than 160 new channels in the quarter from Discover partners outside of the U.S. and onboarded new partners, including Seven.One Entertainment Group in Germany, and Canal+ in France.

我們還在全球範圍內引入更多與當地相關的合作夥伴。我們在本季度從美國以外的 Discover 合作夥伴那裡增加了 160 多個新頻道，並加入了新的合作夥伴，包括德國的 Seven.One Entertainment Group 和法國的 Canal+。

We are also investing in content from underrepresented voices through the 523 Content Accelerator Program we launched in Q4, to support and promote small, minority-owned content companies that lack access and resources relative to their larger competitors.

我們還通過我們在第四季度推出的 523 內容加速器計劃投資於來自代表性不足的聲音的內容，以支持和促進相對於較大的競爭對手缺乏訪問權限和資源的小型、少數族裔擁有的內容公司。

Snap Originals are another successful element of our strategy to reflect the diversity of our community through our content. In 2021, over 50% of Snap Originals featured diverse leads or hosts. We rolled out successful new shows, including The Me and You Show, which stars Snapchatters and their friends using our Cameos feature, and reached over 50 million viewers in Q4.

Snap Originals 是我們通過內容反映社區多樣性的戰略的另一個成功元素。 2021 年，超過 50% 的 Snap Originals 擁有不同的潛在客戶或主持人。我們推出了成功的新節目，包括 The Me and You Show，它使用我們的 Cameos 功能為 Snapchatter 及其朋友提供明星服務，並在第四季度吸引了超過 5000 萬觀眾。

In Q4 2021, the number of content viewers on Snapchat continued to grow at a significantly faster rate year-over-year than overall time spent watching content, as the decline in time spent watching stories created by friends was offset by growth in time spent watching premium content in Discover as well as content in Spotlight.

在 2021 年第四季度，Snapchat 上的內容觀看者數量繼續以明顯快於觀看內容的總時間的速度增長，因為觀看朋友創建的故事所花費的時間減少被觀看時間的增長所抵消Discover 中的優質內容以及 Spotlight 中的內容。

This is a continuation of the trend we have observed throughout the pandemic, and friend story posting and viewing for daily active user have not returned to pre-pandemic levels.

這是我們在整個大流行期間觀察到的趨勢的延續，每日活躍用戶的朋友故事發布和觀看尚未恢復到大流行前的水平。

While we are hopeful our community will, in time, return to the friend story behaviors that we observed prior to the pandemic, we are focused on innovating on our content offerings to better serve our community today.

雖然我們希望我們的社區能夠及時恢復我們在大流行之前觀察到的朋友故事行為，但我們專注於創新我們的內容產品，以更好地為今天的社區服務。

With so many different types of content on Snapchat from friends, creators and media companies, we want to make it easier for Snapchatters to find what they want to watch, when they want to watch it. We're optimistic about the results we're seeing from early experiments and look forward to rolling out more product changes this year.

Snapchat 上有來自朋友、創作者和媒體公司的眾多不同類型的內容，我們希望讓 Snapchatter 在想看的時候更容易找到他們想看的內容。我們對從早期實驗中看到的結果持樂觀態度，並期待今年推出更多產品變更。

We also continue to make progress building out Spotlight. We have learned a lot from our creator community that will drive the evolution of the overall Snapchat content experience, including the relationship between Spotlight and Discover. Already more than 20 Spotlight creators are syndicating shows on Discover.

我們還繼續在構建 Spotlight 方面取得進展。我們從創作者社區中學到了很多東西，這將推動整個 Snapchat 內容體驗的發展，包括 Spotlight 和 Discover 之間的關係。已經有 20 多位 Spotlight 創作者在 Discover 上聯合演出。

This supports our vision of Spotlight as a platform, where audiences can discover new creators, topics and communities and then engage with them more deeply on Discover. We have also been able to effectively utilize creator incentives to grow and diversify Spotlight content. In its first year, we rewarded more than 12,000 creators through a variety of programs.

這支持了我們將 Spotlight 作為一個平台的願景，觀眾可以在其中發現新的創作者、主題和社區，然後在 Discover 上更深入地與他們互動。我們還能夠有效地利用創作者激勵來發展和多樣化 Spotlight 內容。在第一年，我們通過各種計劃獎勵了 12,000 多名創作者。

More recently, we have shifted our incentives to reward a broader range of content across categories and geographies. We are focused on supporting a diversity of platform-native content creation, in order to build robust, sustainable content supply.

最近，我們改變了激勵措施，以獎勵跨類別和地域的更廣泛的內容。我們專注於支持平台原生內容創作的多樣性，以建立強大、可持續的內容供應。

In Q4, we prioritized helping creators reach new audiences, and we saw the number of Spotlight viewers subscribing to creators more than double versus the prior quarter. These efforts have also improved the viewer experience, with the number of Snapchatters favoring Spotlight snaps increasing by 20%, sequentially.

在第 4 季度，我們優先考慮幫助創作者吸引新的受眾，我們看到訂閱創作者的 Spotlight 觀眾數量比上一季度增加了一倍以上。這些努力也改善了觀眾體驗，喜歡 Spotlight 快照的 Snapchatter 數量環比增加了 20%。

Since launch, we have seen our creator community grow dramatically in scale. And we have been particularly encouraged by how creators are investing in the platform. Today, we see 3x as many monthly posts for Creator than we did when Spotlight launched a year ago.

自推出以來，我們已經看到我們的創作者社區規模急劇擴大。我們對創作者如何投資該平台感到特別鼓舞。今天，我們看到 Creator 的月度帖子數量是一年前 Spotlight 推出時的 3 倍。

We created Spotlight to amplify the best of Snapchat and today over 65% of Spotlight submissions use one of Snapchat's AR Lenses or creative tools. We are adding utility in other areas of Snapchat as well. We've made our map even more personal by launching our first 2 layers, Memories and Explore, which allow users to view their saved snaps by location and explore new snaps submitted around the world.

我們創建了 Spotlight 來放大 Snapchat 的精華，如今超過 65% 的 Spotlight 提交使用 Snapchat 的 AR 鏡頭或創意工具之一。我們也在 Snapchat 的其他領域添加實用程序。我們通過推出我們的前 2 個圖層“記憶”和“探索”使我們的地圖更加個性化，允許用戶按位置查看他們保存的快照並探索世界各地提交的新快照。

These layers have been used over 100 million times since launch. We also continue to build engagement by making places easy to discover, favorite and share with friends.

自推出以來，這些層已被使用超過 1 億次。我們還通過使地點易於發現、收藏和與朋友分享來繼續建立參與度。

Within our communications platform, we continue to add new games and Minis to further promote shared experiences with friends and add additional utility for our community. Developers are finding opportunity and success with games on Snapchat. For example, we signed a deal with partner Voodoo Games to build at least 20 games for Snapchat in 2022, on the heels of 5 new games built in 2021.

在我們的交流平台中，我們繼續添加新遊戲和迷你游戲，以進一步促進與朋友的共享體驗，並為我們的社區增加額外的實用性。開發人員正在通過 Snapchat 上的遊戲尋找機會和成功。例如，我們與合作夥伴 Voodoo Games 簽署了一項協議，在 2021 年推出 5 款新遊戲之後，在 2022 年為 Snapchat 打造至少 20 款遊戲。

Another partner, Mojiworks, released their second hit game, Trivia Party, following their hit Ready Chef Go. Mojiworks has now reached nearly 100 million players across the two games.

另一位合作夥伴 Mojiworks 在他們的熱門遊戲 Ready Chef Go 之後發布了他們的第二款熱門遊戲 Trivia Party。 Mojiworks 現在已經在這兩款遊戲中達到了近 1 億玩家。

We've rolled out new use cases for Minis, with partners ranging from startups to established brands finding success on our platform. For example, after a successful greetings card MINI, Givingli recently launched a gift card e-commerce MINI that enables Snapchatters to buy branded gift cards such as Sephora, DoorDash or Taco Bell and easily gift them to their friends on Snapchat.

我們為 Minis 推出了新的用例，從初創公司到知名品牌的合作夥伴都在我們的平台上取得了成功。例如，在成功推出賀卡 MINI 之後，Givingli 最近推出了禮品卡電子商務 MINI，讓 Snapchatter 可以購買絲芙蘭、DoorDash 或 Taco Bell 等品牌禮品卡，並輕鬆將其贈送給 Snapchat 上的朋友。

Given the enormity of the opportunity in front of us, both in terms of the Snapchat application as well as our augmented reality platform, 2022 will be a significant investment year for us, as we work to accelerate our road map and deliver against our long-term vision of computing overlaid on the world.

鑑於擺在我們面前的機會巨大，無論是在 Snapchat 應用程序還是我們的增強現實平台方面，2022 年對我們來說都將是重要的投資年，因為我們將努力加快我們的路線圖並根據我們的長期-計算覆蓋世界的術語願景。

We will continue to remain focused on doing the right things to promote the safety and well-being of our community, investing in new technologies and teams to protect Snapchatters and ensure they have a positive experience with our products.

我們將繼續專注於做正確的事情來促進我們社區的安全和福祉，投資新技術和團隊來保護 Snapchatter 並確保他們對我們的產品有積極的體驗。

The trust of our community is essential to us, and we don't take it for granted. We work every day to improve, and we are always learning how we can better support our community. I'll now turn it over to Jeremi to discuss more about our business.

社區的信任對我們至關重要，我們不會認為這是理所當然的。我們每天都在努力改進，我們一直在學習如何更好地支持我們的社區。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. In 2021, we delivered strong results amidst several challenges to our industry and demonstrated the resilience of our team and our business while investing in the future of our platform. We generated $4.1 billion in full-year revenue, an increase of 64% year-over-year, which is an acceleration of 18 percentage points over 2020.

謝謝，埃文。 2021 年，我們在行業面臨的多項挑戰中取得了強勁的業績，並展示了我們團隊和業務的韌性，同時投資於我們平台的未來。我們全年創造了 41 億美元的收入，同比增長 64%，比 2020 年加快了 18 個百分點。

In Q4, we generated total revenue of $1.3 billion, an increase of 42%, year-over-year, amidst headwinds to both our Direct Response and Brand businesses. On the Direct Response side, we continue to work through challenges presented by Apple's ATT-related changes, and we are making solid progress.

在第四季度，我們的直接響應和品牌業務都面臨逆風，我們的總收入為 13 億美元，同比增長 42%。在直接響應方面，我們繼續努力應對 Apple 與 ATT 相關的變化帶來的挑戰，並且我們正在取得紮實的進展。

As anticipated, on the Brand side, macro headwinds related to supply chain disruptions and labor disruptions, materialized and remain unresolved in the New Year. Despite all of this, we continue to onboard new advertisers, which drove our active advertiser count to another all-time high.

正如預期的那樣，在品牌方面，與供應鏈中斷和勞動力中斷相關的宏觀逆風在新的一年實現並仍未得到解決。儘管如此，我們仍在繼續招募新的廣告客戶，這將我們的活躍廣告客戶數量推向了歷史新高。

We remain focused on our many opportunities to support our community and advertising partners, which we believe will be driven by 3 key priorities: first, driving ROI through optimization and measurement; second, investing in our sales and marketing functions by continuing to train, hire and build for scale; third, building innovative ad experiences around video and augmented reality. Our unwavering commitment to these 3 priorities, along with our unique reach and growing global audience, allows us to drive performance at scale for businesses around the world. Our sales team is working hard to help advertisers adapt to the new measurement paradigms, brought about by Apple's iOS privacy-related changes.

我們仍然專注於支持我們的社區和廣告合作夥伴的許多機會，我們認為這將受到三個關鍵優先事項的驅動：首先，通過優化和衡量來提高投資回報率；其次，通過繼續培訓、招聘和擴大規模來投資我們的銷售和營銷職能；第三，圍繞視頻和增強現實打造創新的廣告體驗。我們對這三個優先事項的堅定承諾，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。我們的銷售團隊正在努力幫助廣告商適應新的衡量範式，這些範式是由 Apple 與 iOS 隱私相關的變化帶來的。

Our advertising partners, who prefer to leverage lower-funnel goals, such as in-app purchases, have been most impacted by these changes. We are seeing these advertisers migrate to mid-funnel goals, where they have greater visibility such as install or click. Advertisers, who optimize via web-based, goal-based bids or GBBs, have been less impacted, given that many of them have adopted the Snap Pixel.

我們的廣告合作夥伴更喜歡利用低漏斗目標（例如應用內購買），他們受這些變化的影響最大。我們看到這些廣告客戶遷移到渠道中部目標，在這些目標中他們擁有更高的可見度，例如安裝或點擊。通過基於網絡、基於目標的出價或 GBB 進行優化的廣告商受到的影響較小，因為他們中的許多人都採用了 Snap Pixel。

Many of our advertisers have enabled both Apple's SKAdNetwork or SKAN as well as our own first-party measurement solutions, which we broadly refer to as Advanced Conversion, or AC. While SKAN has benefits in its ability to report deduped results across multiple platforms, AC offers our performance advertisers much more flexibility and more advanced features. We continue to improve Advanced Conversions with features such as Estimated Conversions, which augments observed conversion data with real-time data to help in better decision-making.

我們的許多廣告客戶都啟用了 Apple 的 SKAdNetwork 或 SKAN 以及我們自己的第一方測量解決方案，我們將其廣泛稱為高級轉換或 AC。雖然 SKAN 具有跨多個平台報告重複數據結果的能力，但 AC 為我們的績效廣告客戶提供了更大的靈活性和更高級的功能。我們繼續通過估算轉化等功能改進高級轉化，該功能使用實時數據增強觀察到的轉化數據，以幫助做出更好的決策。

Ultimately, first-party integrations allow us to build out measurement solutions, based on advertiser input and directly connect to how our formats and targeting work, so that businesses have the most accurate view of ROI.

最終，第一方集成使我們能夠根據廣告商的輸入構建衡量解決方案，並直接連接到我們的格式和定位的工作方式，從而使企業能夠最準確地了解投資回報率。

These allow us to preserve the privacy of our community while helping advertisers weather the disruption from platform changes. We believe, it will take time to achieve broad enablement, utilization and full confidence in these measurement solutions among our advertiser base.

這些使我們能夠保護我們社區的隱私，同時幫助廣告商經受住平台變化帶來的破壞。我們相信，在我們的廣告客戶群中實現對這些衡量解決方案的廣泛支持、利用和充分信任需要時間。

However, we are pleased with the early progress we've made with many advertisers thus far, as these new solutions are now enabled for advertisers that represent more than 75% of our Direct Response revenue.

但是，我們對迄今為止與許多廣告商取得的早期進展感到高興，因為這些新解決方案現在已為占我們直接響應收入 75% 以上的廣告商啟用。

Right now, we are focused on helping advertisers gain confidence in these new solutions. This includes helping them perform list studies, which can take multiple weeks or more, depending on the scale of an advertiser's campaign.

目前，我們專注於幫助廣告商獲得對這些新解決方案的信心。這包括幫助他們進行列表研究，這可能需要數週或更長時間，具體取決於廣告客戶的活動規模。

As mobile ad measurement moves to more holistic, cross-platform views, we are seeing positive results with solutions, including media mix modeling and multi-touch attribution performed by advertisers in-house or through the wide range of measurement partners, with which we are integrated.

隨著移動廣告測量轉向更全面、跨平台的視圖，我們看到了解決方案的積極成果，包括由廣告商內部或通過廣泛的測量合作夥伴執行的媒體組合建模和多點觸控歸因，我們是融合的。

Our Direct Response business continues to account for the majority of our revenue. This positions us well for the long term, as we believe that driving measurable performance and ROI makes Snapchat an essential part of the growth strategies of businesses, worldwide.

我們的直接反應業務繼續占我們收入的大部分。從長遠來看，這使我們處於有利地位，因為我們相信推動可衡量的績效和投資回報率使 Snapchat 成為全球企業增長戰略的重要組成部分。

Over time, we've seen strong results, when advertisers test with us, gain confidence in our ability to demonstrate meaningful return on ad spend, move us into their always-on-budget and expand our share over time.

隨著時間的推移，我們看到了強大的結果，當廣告商與我們一起測試時，對我們展示有意義的廣告支出回報的能力充滿信心，使我們進入他們的預算並隨著時間的推移擴大我們的份額。

Over the years, we've partnered with Hollister to help them leverage many of our ad formats, such as Snap Ads, Lenses and Commercials, which have all proven to be effective at driving strong business results. This quarter, Hollister went a step further and began testing dynamic ads to drive conversions during the holiday period.

多年來，我們與 Hollister 合作，幫助他們利用我們的許多廣告格式，例如 Snap Ads、Lenses 和 Commercials，這些都被證明能有效推動強勁的業務成果。本季度，Hollister 更進一步，開始測試動態廣告以在假期期間推動轉化。

They initially saw strong return on ad spend. And with the introduction of our new multi-format delivery solution, we were able to double Hollister's return on ad spend, while simultaneously bringing down overall CPMs.

他們最初看到了廣告支出的強勁回報。隨著我們新的多格式交付解決方案的推出，我們能夠將 Hollister 的廣告支出回報率提高一倍，同時降低整體 CPM。

Advertisers seeking to drive web-based conversions, have remained relatively resilient through ATT, as many had already implemented our Snap Pixel and built confidence in our first-party measurement solutions.

尋求推動基於網絡的轉化的廣告商通過 ATT 保持相對彈性，因為許多人已經實施了我們的 Snap Pixel 並對我們的第一方測量解決方案建立了信心。

As an example, this quarter, e-commerce fashion company, PANGAIA, leveraged our Pixel purchase optimization via Snap Ads, Story Ads and Dynamic Ads, which resulted in a 5x return on ad spend and was above their 2x target. We continue to invest in our sales and sales support teams to better service our advertising partners, globally.

例如，本季度，電子商務時尚公司 PANGAIA 通過 Snap Ads、Story Ads 和 Dynamic Ads 利用了我們的 Pixel 購買優化，實現了 5 倍的廣告支出回報，超過了 2 倍的目標。我們將繼續投資於我們的銷售和銷售支持團隊，以更好地為我們的全球廣告合作夥伴提供服務。

Three years ago, in North America, we moved away from a regional sales structure and verticalized our sales team, which allowed us to become hyper focused on the specific support advertisers needed in different industries.

三年前，在北美，我們擺脫了區域銷售結構並垂直化了我們的銷售團隊，這使我們能夠高度關注不同行業所需的特定支持廣告商。

While we have been undergoing the same transformation globally due to smaller team sizes outside of North America, we've been slower to verticalize, and international teams have worked without the levels of surrounding support we provided our sales team in North America. In 2021, we made substantial investments in over 10 markets outside of North America that represent a combined digital ad market of over $270 billion.

雖然由於北美以外的團隊規模較小，我們在全球範圍內經歷了同樣的轉型，但我們的垂直化速度較慢，而且國際團隊在沒有我們為北美銷售團隊提供的周邊支持的情況下工作。 2021 年，我們在北美以外的 10 多個市場進行了大量投資，這些市場的數字廣告市場總規模超過 2700 億美元。

At its core are 3 investment principles: first, we are investing in markets, where Snapchat reaches more than 70% of 13- to 34-year-olds, and are a large and established digital ad markets. These are the markets where we see an opportunity to grow our share of budgets, internationally, over time.

其核心是 3 條投資原則：首先，我們投資的市場是 Snapchat 覆蓋超過 70% 的 13 至 34 歲人群，並且是一個龐大且成熟的數字廣告市場。在這些市場中，我們看到了隨著時間的推移在國際上增加我們的預算份額的機會。

Second, the incremental resources will improve local and regional decision-making authority. The faster we are able to make decisions, the better we can service our advertising customers and the faster we can grow our business.

其次，增量資源將提高地方和區域的決策權。我們做出決策的速度越快，我們就可以更好地為廣告客戶提供服務，也可以更快地發展我們的業務。

Lastly, we have seen that when a region has a full stack of cross-functional resourcing, including functions like business marketing, measurement and product marketing, we are more relevant in market and can drive revenue growth more quickly.

最後，我們看到，當一個地區擁有完整的跨職能資源堆棧時，包括業務營銷、測量和產品營銷等功能，我們在市場上的相關性更高，可以更快地推動收入增長。

We've made a lot of progress in getting these resources in place this year and are excited about their potential to make a meaningful impact. We continue to invest heavily in our video advertising products.

今年我們在獲得這些資源方面取得了很大進展，並對它們產生有意義影響的潛力感到興奮。我們繼續大力投資於我們的視頻廣告產品。

We partnered with the global dentsu team on their attention economy study, where Snapchat commercials were shown to be more than twice likely to be viewed and had 6x the attentive seconds per 1,000 impressions versus the digital ad platform average. Commercials have been a popular ad format with both large brands as well as performance advertisers.

我們與全球電通團隊合作進行了注意力經濟研究，該研究顯示 Snapchat 廣告被觀看的可能性是數字廣告平台平均值的兩倍多，每 1,000 次展示的專注秒數是數字廣告平台平均值的 6 倍。廣告一直是大品牌和績效廣告商的流行廣告形式。

For example, Cash App ran a multi-cell brand-less study, exploring the multiproduct effect of commercials, in addition to Snap Ads. Users exposed to Snap Ads and Commercial, saw a 12-point increase in brand awareness, a 13-point increase in ad awareness and a 5-point increase in action intent.

例如，Cash App 進行了一項多單元無品牌研究，探索了廣告的多產品效應，以及 Snap Ads。接觸 Snap 廣告和商業廣告的用戶的品牌認知度提高了 12 個百分點，廣告認知度提高了 13 個百分點，行動意圖提高了 5 個百分點。

Augmented reality represents one of our most exciting long-term revenue opportunities. AR is unique, in that it is a fully-immersive and interactive experience that delivers a measurable and repeatable return on investment for advertisers.

增強現實是我們最令人興奮的長期收入機會之一。 AR 是獨一無二的，因為它是一種完全沉浸式的互動體驗，可為廣告商帶來可衡量且可重複的投資回報。

In Q4, we saw many advertisers increase their investments into AR advertising by leveraging our GBB Pixel purchase optimization for AR to bring unique experiences to Snapchatters, spanning verticals like makeup, retail, streaming, food delivery, technology and e-commerce.

在第四季度，我們看到許多廣告商通過利用我們針對 AR 的 GBB Pixel 購買優化來增加對 AR 廣告的投資，為 Snapchatter 帶來獨特的體驗，涵蓋化妝、零售、流媒體、食品配送、技術和電子商務等垂直領域。

We've invested heavily into building tools and capabilities to make it easier for advertisers to create, manage and deploy their AR experiences. For example, cosmetics company MAC utilized our self-service Lens Web Builder tool, which is now broadly available to all beauty brands to build several AR try-on makeup Lenses.

我們投入巨資打造工具和功能，讓廣告商更輕鬆地創建、管理和部署他們的 AR 體驗。例如，化妝品公司 MAC 使用我們的自助 Lens Web Builder 工具，該工具現已廣泛用於所有美容品牌，以構建多個 AR 試戴化妝鏡片。

The campaign ultimately drove 1.3 million try-ons, a 2.4x higher lift in brand awareness, a 9x higher lift in intent and among female Snapchatters a 17x higher lift in purchases. These type of results are emblematic of a larger shift we are seeing, with AR transforming e-commerce.

該活動最終推動了 130 萬次試穿，品牌知名度提高了 2.4 倍，意向提高了 9 倍，女性 Snapchatter 的購買量提高了 17 倍。這些類型的結果象徵著我們正在看到的更大轉變，AR 正在改變電子商務。

We believe that AR represents a consumer-centric shift in how our community shops and experiences new products with virtual try-on and visualization, allowing consumers to make the leap from "This looks good" to "This looks good on me." This leap could help lower returns and increase conversion rates for retailers.

我們認為，AR 代表了以消費者為中心的轉變，我們的社區通過虛擬試穿和可視化體驗新產品的購物和體驗方式，使消費者能夠從“這看起來不錯”飛躍到“這看起來不錯”。這一飛躍有助於降低零售商的回報並提高轉化率。

Our focus is to reduce the friction in creating and distributing AR experiences on and off Snapchat. After a successful beta program, last week, we fully rolled out our new catalog-powered Shopping Lenses, a completely new format, built to enable shopping through the use of augmented reality.

我們的重點是減少在 Snapchat 內外創建和分發 AR 體驗的摩擦。在上周成功的測試計劃之後，我們全面推出了新的目錄驅動購物鏡頭，這是一種全新的格式，旨在通過使用增強現實實現購物。

Each Lens features a product card, where Snapchatters are able to see real-time information about a product name, price and description. It also gives product-level insights into the performance of specific SKUs, allowing much richer feedback for the advertiser.

每個鏡頭都有一張產品卡，Snapchatter 可以在其中查看有關產品名稱、價格和描述的實時信息。它還提供對特定 SKU 性能的產品級洞察，從而為廣告商提供更豐富的反饋。

This supports our priority of driving ROI for advertising partners, as it gives them much richer signals for delivery and optimization. For example, Ulta Beauty has been activating an always-on AR approach to beta testing catalog-powered Shopping Lenses. This campaign generated $6 million in purchases on Snapchat and over 30 million product try-ons. More early adopters are seeing Lenses drive significant increases in return on ad spend and conversion with this new format, and we're excited to invest in this for 2022.

這支持了我們為廣告合作夥伴提高投資回報率的優先事項，因為它為他們提供了更豐富的投放和優化信號。例如，Ulta Beauty 一直在激活一種始終在線的 AR 方法來測試目錄驅動的購物鏡頭。該活動在 Snapchat 上產生了 600 萬美元的購買量和超過 3000 萬次產品試用。越來越多的早期採用者看到 Lenses 通過這種新格式顯著提高了廣告支出和轉化率，我們很高興在 2022 年對此進行投資。

We demonstrated the resilience of our business, our team and our advertising solutions in 2021 in the face of ongoing macro challenges and changes in the digital advertising industry.

面對數字廣告行業持續的宏觀挑戰和變化，我們在 2021 年展示了我們的業務、團隊和廣告解決方案的韌性。

These challenges are not behind us, but we are increasingly confident in our ability to navigate them. We have a large and engaged audience, and we remain focused on supporting our advertising partners by driving ROI through optimization and measurement, investing in our sales and marketing functions and building innovative ad experiences around video and augmented reality.

這些挑戰並沒有落後於我們，但我們對自己駕馭它們的能力越來越有信心。我們擁有大量參與的受眾，我們仍然專注於支持我們的廣告合作夥伴，通過優化和衡量來提高投資回報率，投資於我們的銷售和營銷職能，並圍繞視頻和增強現實構建創新的廣告體驗。

We are confident in our long-term trajectory and excited to execute against our priorities in 2022. And with that, I'd like to turn the call over to Derek.

我們對我們的長期發展軌跡充滿信心，並且很高興能夠在 2022 年執行我們的優先事項。因此，我想將電話轉給 Derek。

Thanks, Jeremi. Our Q4 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.

謝謝，傑雷米。我們的第四季度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。並有效地擴展我們的業務，以實現盈利和正的自由現金流。

As Evan mentioned earlier, our community grew to 319 million daily active users in Q4, an increase of 54 million or 20% year-over-year. In North America, DAU grew by 5 million or 6% year-over-year to reach 97 million.

正如 Evan 之前提到的，我們的社區在第四季度增長到 3.19 億日活躍用戶，同比增長 5400 萬或 20%。在北美，DAU 同比增長 500 萬或 6%，達到 9700 萬。

In Europe, DAU grew by 8 million or 11% year-over-year to reach 82 million. In rest of world, DAU grew by 40 million or 41% year-over-year to reach 140 million, as we continue to execute against the international growth playbook we laid out at our Investor Day, one year ago, including investments in local language support, local content, local marketing partnerships and support for local creator communities.

在歐洲，DAU 同比增長 800 萬或 11%，達到 8200 萬。在世界其他地區，DAU 同比增長 4000 萬或 41%，達到 1.4 億，因為我們繼續執行一年前在投資者日制定的國際增長手冊，包括對當地語言的投資支持、本地內容、本地營銷合作夥伴關係以及對本地創作者社區的支持。

Total revenue for Q4 was $1.298 billion, an increase of 42% year-over-year, down from 57% in the prior quarter, but exceeding our expectations, entering the quarter.

第四季度總收入為 12.98 億美元，同比增長 42%，低於上一季度的 57%，但在進入該季度時超出了我們的預期。

At a high level, the macro headwinds we anticipated, entering the quarter, materialized largely as we expected, but our Direct Response advertising business began to recover from the impact of the iOS platform changes, quicker than we anticipated.

在較高的層面上，我們預期進入本季度的宏觀逆風在很大程度上如我們預期的那樣實現，但我們的直接響應廣告業務開始從 iOS 平台變化的影響中恢復，比我們預期的要快。

The macro headwinds included supply chain disruptions and labor-related factors, which impacted our Brand advertising business most directly, with the consumer-packaged goods and restaurant sectors of the Brand business being impacted most significantly.

宏觀不利因素包括供應鏈中斷和勞動力相關因素，這些因素對我們的品牌廣告業務影響最為直接，其中品牌業務的消費品和餐飲部門受到的影響最為顯著。

These headwinds and their impact on growth rates for upper-funnel objectives, commonly utilized as part of Brand campaigns such as impressions and views were the largest contributors to the sequential decline in year-over-year growth in Q4.

這些不利因素及其對高漏斗目標增長率的影響，通常用作品牌活動的一部分，如印象和視圖，是第四季度同比增長連續下降的最大原因。

Excluding the restaurant and CPG sectors, revenue from our Brand advertising business grew at approximately 49% year-over-year, indicating what we believe to be continued strong underlying momentum in areas not impacted by the supply chain and labor issues, noted earlier.

不包括餐廳和 CPG 行業，我們品牌廣告業務的收入同比增長約 49%，這表明我們認為在不受供應鍊和勞動力問題影響的領域保持強勁的潛在勢頭，如前所述。

In Q4, we experienced better-than-anticipated demand from Direct Response advertising partners. And our Direct Response advertising business was, once again, the largest driver of our growth. We observed that advertisers began to recover from the initial disruption caused by the iOS platform changes and the resulting impact on the ability of our advertising partners to measure the results of their advertising investments.

在第四季度，我們體驗到來自直接響應廣告合作夥伴的好於預期的需求。我們的直接反應廣告業務再次成為我們增長的最大推動力。我們觀察到，廣告商開始從 iOS 平台變化造成的最初中斷以及由此對我們的廣告合作夥伴衡量其廣告投資結果的能力造成的影響中恢復過來。

Entering Q4, third-party solutions such as SKAdNetwork or SKAN, were already widely enabled by our advertising partners. By the end of Q4, our first-party Advance Conversions measurement solution was enabled for advertisers representing more than 75% of Direct Response advertising revenue.

進入第四季度，我們的廣告合作夥伴已經廣泛啟用了第三方解決方案，例如 SKAdNetwork 或 SKAN。到第四季度末，我們的第一方提前轉化衡量解決方案已為佔直接響應廣告收入 75% 以上的廣告商啟用。

We experienced strong growth across a variety of mid- and lower funnel goal-based bidding objectives, such as app install, Pixel purchase, Pixel sign-up and swipes, with revenue from each growing at 50% or better year-over-year in Q4.

我們在各種基於漏斗目標的中低端競價目標（例如應用安裝、Pixel 購買、Pixel 註冊和滑動）方面實現了強勁增長，每個目標的收入在Q4。

Our app install objective had been among the most negatively impacted GBBs in the prior quarter. And its return to 50% year-over-year growth, was a key driver of our results exceeding our expectations, entering the quarter.

我們的應用安裝目標是上一季度受到負面影響最大的 GBB 之一。進入本季度，它恢復到 50% 的同比增長，是我們業績超出預期的關鍵驅動因素。

A smaller subset of lower funnel app-based GBBs, such as in-app purchase, which have historically comprised a smaller portion of the Direct Response business, continued to be the most impacted by the limitations of SKAN, such as relatively high-volume thresholds to return any result for a campaign.

一小部分基於漏斗應用的 GBB，例如應用內購買，在歷史上只佔直接響應業務的一小部分，繼續受到 SKAN 限制的影響最大，例如相對較高的容量閾值返回活動的任何結果。

With the rapid enablement of our first-party measurement solutions, we are cautiously optimistic that the partners who utilize these lower funnel GBBs will begin to benefit from the more complete and timely measurement of results that these solutions afford.

隨著我們第一方測量解決方案的快速啟用，我們謹慎樂觀地認為，使用這些低漏斗 GBB 的合作夥伴將開始受益於這些解決方案提供的更完整、更及時的結果測量。

While we are pleased with the progress we have made with our Direct Response business in Q4, we expect that it will be at least a couple more quarters before advertisers have broadly utilized these tools for optimization and measurement of their campaigns, calibrated the results against the lift they see in their business. and ultimately build confidence in these solutions as a result.

雖然我們對第四季度直接響應業務取得的進展感到滿意，但我們預計至少還要再過幾個季度，廣告商才能廣泛使用這些工具來優化和衡量他們的活動，並根據他們在業務中看到的電梯。並最終建立對這些解決方案的信心。

Average eCPM increased 46% year-over-year in Q4, driven in large part by the increase in aggregate demand. We shared last quarter that we had experienced rising cost per action, or CPA, in Q3, as we navigated the impact of the iOS platform changes. We made significant progress on this front in Q4, resulting in improved CPA trends.

第四季度平均 eCPM 同比增長 46%，這在很大程度上是由總需求的增長推動的。我們在上個季度分享了我們在第三季度經歷了每次操作成本或 CPA 的上升，因為我們正在應對 iOS 平台變化的影響。我們在第四季度在這方面取得了重大進展，從而改善了 CPA 趨勢。

For example, in North America, we observed a sequential decline in the average CPA for both Pixel purchase and app install, despite rapid sequential growth and demand for each. Continuing to improve our optimization and measurement solutions, is a top priority, as we seek to deliver attractive returns on advertising spend for our advertising partners.

例如，在北美，我們觀察到 Pixel 購買和應用安裝的平均 CPA 連續下降，儘管兩者的連續增長和需求都在快速增長。繼續改進我們的優化和衡量解決方案是當務之急，因為我們力求為我們的廣告合作夥伴提供有吸引力的廣告支出回報。

Gross margins were 66% in Q4, an increase of approximately 7 percentage points, year-over-year, and 6 percentage points, sequentially. Infrastructure costs per DAU, was $0.66 in Q4, down from $0.69 in the prior year and consistent with the prior quarter.

第四季度毛利率為 66%，同比增長約 7 個百分點，環比增長 6 個百分點。第四季度每 DAU 的基礎設施成本為 0.66 美元，低於去年的 0.69 美元，與上一季度一致。

With global ARPU growing at 18% year-over-year and infrastructure per DAU declining by 4% over the same period, efficient scaling of our cloud infrastructure was the largest driver of expanding gross margins. Content costs as a percentage of revenue, declined by approximately 4 percentage points year-over-year and was the next largest driver of the gross margin improvement.

同期全球 ARPU 同比增長 18%，每 DAU 基礎設施下降 4%，有效擴展我們的雲基礎設施是擴大毛利率的最大驅動力。內容成本佔收入的百分比同比下降約 4 個百分點，是毛利率提高的第二大驅動因素。

During Q4, we completed a new multiyear agreement with one of our cloud infrastructure partners, and we anticipate concluding a new agreement with our other large cloud partner this year, which we expect will help contribute to further unit cost reductions in the future.

在第四季度，我們與我們的一個雲基礎設施合作夥伴完成了一項新的多年期協議，我們預計今年將與我們的另一個大型雲合作夥伴達成一項新協議，我們預計這將有助於在未來進一步降低單位成本。

Operating expenses were $530 million in Q4, up 44% year-over-year. As we expected, our rate of hiring stepped up in Q4. Total employee-related costs were up 42% year-over-year, driven by a 47% increase in full-time head count.

第四季度的運營費用為 5.3 億美元，同比增長 44%。正如我們預期的那樣，我們的招聘率在第四季度有所上升。在全職員工人數增加 47% 的推動下，與員工相關的總成本同比增長 42%。

This reflects ongoing investments in our team as well as the integration of acquisitions made over the past year, which contributed approximately 11 percentage points of the year-over-year growth in full-time head count.

這反映了對我們團隊的持續投資以及過去一年進行的收購整合，這為全職員工人數的同比增長貢獻了大約 11 個百分點。

Marketing was the next largest driver of year-over-year operating expense growth, as we continue to invest in marketing programs to build on the momentum we have established in growing our community of Snapchatters and advertising partners. Adjusted EBITDA was $327 million in Q4, an improvement of $161 million year-over-year.

營銷是運營費用同比增長的第二大驅動力，因為我們繼續投資營銷計劃，以鞏固我們在發展我們的 Snapchatter 和廣告合作夥伴社區方面所建立的勢頭。第四季度調整後的 EBITDA 為 3.27 億美元，同比增長 1.61 億美元。

We delivered adjusted EBITDA leverage of 42% in Q4, 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 $23 million in Q4, an improvement of $136 million over the prior year, representing net income leverage of 35% and marking our first quarter of GAAP profitability.

我們在第四季度實現了 42% 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。第四季度淨收入為 2300 萬美元，比上年增加 1.36 億美元，淨收入槓桿率為 35%，標誌著我們第一季度的 GAAP 盈利能力。

This reflects the flow-through of the $161 million improvement in adjusted EBITDA as well as $32 million higher gains on investments, driven largely by unrealized gains on now publicly-traded investments and $25 million lower interest expense, reflecting the impact of the change in accounting standards for convertible notes.

這反映了調整後 EBITDA 改善 1.61 億美元以及投資收益增加 3200 萬美元的流動，主要是由於現在公開交易的投資的未實現收益和 2500 萬美元的利息支出減少，反映了會計變化的影響可轉換票據的標準。

These factors were partially offset by $77 million higher stock-based compensation. While headcount growth is the largest driver of this expense, the impact of long-term retention associated with acquisitions and the impact of higher payroll-related taxes due to our higher stock price relative to the prior year, also contributed to the increase.

這些因素被 7700 萬美元的股票薪酬增加所部分抵消。雖然員工人數增長是這一費用的最大驅動因素，但與收購相關的長期保留的影響以及由於我們的股價相對於上一年較高而導致的工資相關稅增加的影響，也促成了這一增長。

While we have continued to grow our team and leverage stock-based compensation strategically to foster an ownership culture and drive long-term retention, we have remained focused on managing these programs responsibly.

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。

Total fully-diluted shares grew 4.4% year-over-year, 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 1.2% in Q4, compared with 1.3% in the prior quarter and 3.4% in the prior year.

完全稀釋後的總股本同比增長 4.4%，其中絕大多數增長是由 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 1.2第四季度的百分比，而上一季度為 1.3%，上一年為 3.4%。

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, all else being equal, and thus can be subject to market forces, over time.

雖然我們對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，在其他條件相同的情況下，因此可以隨著時間的推移，受市場力量的影響。

Free cash flow for Q4 was positive $161 million or a $230 million improvement versus the prior year, driven primarily by the improvement in adjusted EBITDA, noted earlier, as well as improvements in net working capital.

第四季度的自由現金流為正 1.61 億美元，與上年相比增加了 2.3 億美元，這主要是由於前面提到的調整後 EBITDA 的改善以及淨營運資本的改善。

We ended the quarter with $3.7 billion in cash and marketable securities, up from $2.5 billion in the prior year, as the proceeds of convertible notes issued over the past year more than offset the investments we have made to grow the business over the same period.

我們在本季度結束時擁有 37 億美元的現金和有價證券，高於去年的 25 億美元，因為過去一年發行的可轉換票據的收益超過了我們在同一時期為發展業務所做的投資。

Before we discuss the quarter ahead, I'd like to provide an update on our full-year results. Growth in our community accelerated in 2021, with full year average DAU up 22% year-over-year, compared to 19% in 2020. Revenue reached $4.1 billion in 2021, an increase of 64% year-over-year, which is the highest rate of annual growth we have observed as a public company.

在我們討論未來季度之前，我想提供有關我們全年業績的最新信息。我們社區的增長在 2021 年加速，全年平均 DAU 同比增長 22%，而 2020 年為 19%。2021 年收入達到 41 億美元，同比增長 64%，這是作為一家上市公司，我們觀察到的最高年增長率。

Our revenue has more than doubled since 2019, with a 2-year top-line CAGR of 55%. While we have invested aggressively in the future of our business in 2021, we expanded our gross margins by 5 percentage points and delivered 35% of our incremental revenue to the adjusted EBITDA line over the past year. We have now been adjusted EBITDA profitable for two consecutive years and produced our first quarter of net income profitability in Q4.

自 2019 年以來，我們的收入增長了一倍多，兩年的收入複合年增長率為 55%。儘管我們在 2021 年對業務的未來進行了積極投資，但在過去一年中，我們將毛利率擴大了 5 個百分點，並將 35% 的增量收入交付給了調整後的 EBITDA 線。我們現在已經連續兩年調整 EBITDA 盈利，並在第四季度實現了第一季度的淨利潤盈利。

In 2021, we achieved our first full year of positive free cash flow at $223 million. This marks a critical turning point, as we now have the ability to self-fund the investments in the future of our business, which positions us better than ever before to pull forward our roadmaps to deliver for our community and our partners.

2021 年，我們第一個全年實現了 2.23 億美元的正自由現金流。這標誌著一個關鍵的轉折點，因為我們現在有能力為我們未來的業務投資自籌資金，這使我們比以往任何時候都更好地推進我們的路線圖，為我們的社區和我們的合作夥伴提供服務。

Lastly, we made further progress in strengthening our balance sheet in 2021, ending the year with $3.7 billion in cash and marketable securities, $2.3 billion in outstanding convertible notes and with no debt maturing prior to 2025.

最後，我們在 2021 年在加強資產負債表方面取得了進一步進展，年底現金和有價證券為 37 億美元，未償可轉換票據為 23 億美元，並且在 2025 年之前沒有到期債務。

We closed out 2021 with strong momentum across our platforms and a business that is well positioned for the future. As we look forward to Q1, the operating environment remains challenging. Many of the supply chain and labor-related headwinds our advertising partners faced in Q4 remain challenges, as we enter Q1. In addition, while we made significant progress in navigating the iOS platform changes in Q4, we believe that it will take at least a couple more quarters for our advertising partners to build full confidence in our new measurement solutions.

我們在 2021 年結束時在我們的平台上表現強勁，業務也為未來做好了準備。在我們期待第一季度的同時，經營環境仍然充滿挑戰。隨著我們進入第一季度，我們的廣告合作夥伴在第四季度面臨的許多供應鍊和勞動力相關逆風仍然是挑戰。此外，雖然我們在第四季度在應對 iOS 平台變化方面取得了重大進展，但我們相信，我們的廣告合作夥伴至少還需要幾個季度才能對我們的新衡量解決方案充滿信心。

Lastly, the prior-year comparisons are incrementally tougher as we enter 2022, with revenue growth having accelerated by 4 percentage points in Q1 of 2021. Given the progress we have made towards sustainable free cash flow generation and the abundance of opportunities we see to invest productively in our business, we expect 2022 to be a significant investment year.

最後，隨著我們進入 2022 年，與上一年的比較變得更加艱難，2021 年第一季度的收入增長加速了 4 個百分點。鑑於我們在可持續自由現金流產生方面取得的進展以及我們看到的大量投資機會在我們的業務中，我們預計 2022 年將是重要的投資年。

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 the year ahead.

當 2022 年新投資的影響與 2021 年投資的全年影響相結合時，我們預計未來一年將有一小部分增量收入流向調整後的 EBITDA 和淨收入。

That said, we remain committed to sustained positive free cash flow generation and continued responsible management of our fully-diluted share count. For Q1, our financial guidance assumes that DAU will be approximately 328 million to 330 million in Q1.

也就是說，我們仍然致力於持續產生正的自由現金流，並繼續負責任地管理我們完全稀釋的股票數量。對於第一季度，我們的財務指導假設第一季度的 DAU 約為 3.28 億至 3.3 億。

On the monetization side, we currently estimate that Q1 revenue will be between $1.03 billion and $1.08 billion, implying year-over-year growth of between 34% and 38% in Q1. Given our revenue guidance and our planned level of investment, we expect to be approximately breakeven on adjusted EBITDA in Q1. Thank you for joining our call today, and we will now take your questions.

在貨幣化方面，我們目前估計第一季度的收入將在 10.3 億美元至 10.8 億美元之間，這意味著第一季度的同比增長在 34% 至 38% 之間。鑑於我們的收入指導和我們計劃的投資水平，我們預計第一季度調整後的 EBITDA 將大致達到收支平衡。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。

(Operator Instructions). Our first question comes from Brian Nowak with Morgan Stanley.

（操作員說明）。我們的第一個問題來自摩根士丹利的 Brian Nowak。

It's Brenda Duverce on for Brian Nowak. We have two. The first question we have is, you have made a lot of progress around IDFA, and it seems like it will still take at least a couple of quarters to rebuild full confidence.

布倫達·杜弗斯替補布賴恩·諾瓦克。我們有兩個。我們遇到的第一個問題是，你們在 IDFA 方面取得了很大進展，而且似乎至少還需要幾個季度才能完全重建信心。

Can you talk us -- can you talk to us about the key technological or go-to-market areas you need to execute on, in order to further close the IDFA measurement and attribution challenges and work to return ad growth closer to the Analyst Day targets of last year?

您能否與我們談談 - 您能否與我們談談您需要執行的關鍵技術或上市領域，以進一步解決 IDFA 衡量和歸因挑戰，並努力在分析師日之前恢復廣告增長去年的目標？

And our second question is, any update on new advertiser growth contribution in 4Q? And how you think about advertiser growth contribution to 1Q?

我們的第二個問題是，關於 4Q 新廣告客戶增長貢獻的任何更新？您如何看待廣告客戶對第一季度的增長貢獻？

Thank you for the question. This is Jeremi. You're right, that we expect that it could take at least a couple more quarters for our advertising partners to calibrate to these new measurement solutions against the results that they see in their businesses. They're utilizing litany of different triangulation tactics, right now, including lift studies, AV studies and these kinds of things.

感謝你的提問。這是傑雷米。您是對的，我們預計我們的廣告合作夥伴至少需要幾個季度才能根據他們在業務中看到的結果來校準這些新的衡量解決方案。他們現在正在使用一連串不同的三角測量策略，包括電梯研究、AV研究和這類事情。

And so we do expect it to take some time for them to build full confidence in these new tools. But with that being said, we are certainly pleased with the progress that we've made with our advertising partners in Q4.

因此，我們確實希望他們需要一些時間來建立對這些新工具的充分信心。但話雖如此，我們當然對第四季度與廣告合作夥伴取得的進展感到高興。

Advertisers that represent more than 75% of our DR revenue, have now enabled our first-party measurement solutions and can use these tools alongside the third-party measurement solutions, I just mentioned, to optimize and measure their campaigns. I think, it's important to think of it as, sort of, a 3-step journey.

占我們 DR 收入 75% 以上的廣告商現在已經啟用了我們的第一方衡量解決方案，並且可以將這些工具與我剛才提到的第三方衡量解決方案一起使用，以優化和衡量他們的活動。我認為，將其視為一個 3 步的旅程很重要。

So first, advertisers need to enable, which makes it possible to use the tools, then they need to actively use them and then they need to build the trust and the confidence in these tools before there's broad adoption across the board.

因此，首先，廣告商需要啟用，這使得使用這些工具成為可能，然後他們需要積極使用它們，然後他們需要在這些工具被廣泛採用之前建立信任和信心。

While we expect the changes to continue to impact our business, and we anticipate there could be additional platform changes ahead, we remain confident in the long-term growth prospects from our Direct Response advertising business, as you've heard, and our ability to deliver results for our advertising partners in a privacy-safe environment, which is increasingly important.

雖然我們預計這些變化將繼續影響我們的業務，並且我們預計未來可能會有更多的平台變化，但我們仍然對我們的直接響應廣告業務的長期增長前景充滿信心，正如您所聽到的，我們有能力在隱私安全的環境中為我們的廣告合作夥伴提供結果，這一點越來越重要。

We're very -- our teams are really focused on helping advertisers adopt our first-party solution. We've talked about that a bit, which is Advanced Conversions.

我們非常——我們的團隊真正專注於幫助廣告商採用我們的第一方解決方案。我們已經討論了一點，即高級轉換。

And just to reiterate what that is, Advanced Conversions utilizes cryptographic techniques to measure aggregate conversion data. And it doesn't directly connect off-platform activities such as app install or visiting a website back to specific Snapchatters.

重申一下，Advanced Conversions 使用加密技術來測量聚合轉換數據。而且它不會將應用安裝或訪問網站等平台外活動直接連接回特定的 Snapchatter。

We're leveraging data -- privacy-safe data processing pipelines and techniques [such] as cohorting to match impression data provided by the advertiser. And we continue to improve that Advanced Conversions with features such as Estimated Conversions, which augments observed conversion data with real-time data to help in -- our advertisers make better decisions with their advertising dollars. And so we're really focused on helping advertisers adopt those solutions.

我們正在利用數據——隱私安全的數據處理管道和技術[例如]，以匹配廣告商提供的印像數據。我們繼續通過估計轉換等功能改進高級轉換，它使用實時數據來增強觀察到的轉換數據，以幫助我們的廣告客戶利用他們的廣告資金做出更好的決策。因此，我們真正專注於幫助廣告商採用這些解決方案。

And then to answer your second question regarding new advertiser growth contribution and how we think about that, as mentioned in our prepared remarks, Q4 saw active advertisers reach another all-time high. And we don't give guidance on the number of active advertisers. It is certainly our goal, as part of the advertising demand flywheel, to continue to grow the number of active advertisers on our platform.

然後回答你關於新廣告客戶增長貢獻的第二個問題以及我們如何看待這一點，正如我們準備好的評論中所述，第四季度活躍廣告客戶達到了另一個歷史新高。而且我們不提供關於活躍廣告客戶數量的指導。作為廣告需求飛輪的一部分，我們的目標當然是繼續增加我們平台上活躍廣告商的數量。

The more selection that we have of ads from which to choose for every impression, the more relevant that impression can be to the Snapchatter, and the focus on optimization and measurement continues to ensure that the Snapchatters are seeing the most relevant ads for them and then subsequently, better conversion rates.

我們為每次展示選擇的廣告選擇越多，該展示與 Snapchatter 的相關性就越高，對優化和衡量的關注繼續確保 Snapchatter 看到與他們最相關的廣告，然後隨後，更好的轉化率。

And so over the course of 2021, we've beta-tested several products to bring even more advertisers onboard and grow their business on Snapchat organically, which include public profile for businesses, and we're rolling that out more broadly. And then, of course, AR Shopping Lenses, which we talked about it, and businesses can create and experiment those outside of advertising. And we're really excited about all of these in 2022 and beyond. Thanks for the question.

因此，在 2021 年期間，我們對幾種產品進行了 Beta 測試，以吸引更多的廣告商加入並在 Snapchat 上有機地發展他們的業務，其中包括企業的公開資料，我們正在更廣泛地推廣。然後，當然還有我們談到的 AR 購物鏡頭，企業可以在廣告之外創建和試驗這些鏡頭。我們對 2022 年及以後的所有這些感到非常興奮。謝謝你的問題。

Your next question comes from Eric Sheridan with Goldman Sachs.

您的下一個問題來自高盛的 Eric Sheridan。

Want to know if we could ask a quick question following up on the front part of the call. The long-term initiatives you're looking at, on product and content and partnerships. Can we get a little deeper on what that might mean for '22 and '23 and how it flows back into the investment cycle?

想知道我們是否可以在電話的前面部分提出一個快速的問題。您正在關注的關於產品、內容和合作夥伴關係的長期計劃。我們能否更深入地了解這對 22 年和 23 年可能意味著什麼，以及它如何流回投資週期？

Yes, sure. Thanks for the question. We're really excited about the long term here and in particular to what we're seeing is a lot of momentum around augmented reality today on Snapchat. So there are over 200 million people engaging with AR every day.

是的，當然。謝謝你的問題。我們對這裡的長期發展感到非常興奮，特別是我們看到的是今天在 Snapchat 上圍繞增強現實的大量動力。因此，每天有超過 2 億人使用 AR。

I think, people are playing with Lenses and Snapchat over 6 billion times, using our Camera every day. And what we're doing now, is taking all this technology and not only continuing to improve it for developers but also to make it much more accessible for businesses and to help them, specifically in e-commerce and retail, help consumers try on their products and convert easily through our Camera.

我認為，人們每天使用我們的相機玩 Lenses 和 Snapchat 的次數超過 60 億次。而我們現在正在做的是採用所有這些技術，不僅繼續為開發人員改進它，而且讓企業更容易使用它，並幫助他們，特別是在電子商務和零售領域，幫助消費者嘗試他們的產品並通過我們的相機輕鬆轉換。

So a lot of our investments in the near and medium term, are really around smartphone augmented reality because we just see such a massive opportunity there. And then looking a little bit further out, we're definitely excited about the evolution of our Lens Studio developer tools and how that will support augmented reality on our Spectacles glasses in the future.

因此，我們在近期和中期的許多投資實際上都是圍繞智能手機增強現實進行的，因為我們在那裡看到瞭如此巨大的機會。再往前看一點，我們對 Lens Studio 開發者工具的發展以及未來將如何支持 Spectacles 眼鏡上的增強現實感到非常興奮。

We released our first version of stand-alone AR glasses, last year, and we are continuing to build on that and evolve that platform. So a lot to do on smartphone AR today in the near and medium term and then, of course, building to the long-term future of computing overlaid on the world.

去年，我們發布了第一個版本的獨立 AR 眼鏡，我們將繼續在此基礎上構建並發展該平台。因此，在近期和中期，今天在智能手機 AR 上還有很多工作要做，當然，還有構建覆蓋世界的長期計算未來。

Our next question comes from Justin Post with Bank of America.

我們的下一個問題來自美國銀行的 Justin Post。

A couple. You made a lot of ARPU progress over the last two years, but still some services aren't monetized yet. So maybe give us a refresher on where you are in the ARPU journey? And then, of course, the question of the day is, it looks like your IDFA-related headwinds could be less than peers. Maybe you could talk a little bit more about why that could be?

一對夫婦。在過去的兩年裡，你們的 ARPU 取得了很大進步，但仍有一些服務尚未貨幣化。那麼也許可以讓我們複習一下您在 ARPU 旅程中的位置？然後，當然，今天的問題是，看起來您與 IDFA 相關的逆風可能比同行少。也許你可以多談談為什麼會這樣？

Justin, it's Derek speaking. I'll take these two. I think the first question related to ARPU, we're still really early in our journey here, and I believe we continue to have a lot of room to grow on the ARPU side. Today, we generate most of our revenue from our Content business. And with continued optimization, eCPM growth and the expansion of the Content business by Spotlight, we continue to see lots of room to grow here.

賈斯汀，是德里克在說話。我要這兩個。我認為第一個問題與 ARPU 相關，我們還處於起步階段，我相信我們在 ARPU 方面仍有很大的增長空間。今天，我們的大部分收入來自內容業務。隨著持續優化、eCPM 增長和 Spotlight 對內容業務的擴展，我們繼續看到這裡有很大的增長空間。

I think, importantly, as you mentioned, we already have a lot of engagement on screens that are currently either monetized relatively little or not at all, including the Camera and the Map, in particular. And we do not -- we do monetize the Camera today, but given that our app opens to the Camera and the vast majority of Snapchatters engaged with AR every day, we already have immense inventory potential on the screen, and we're investing heavily to build out our AR advertising products there.

我認為，重要的是，正如您所提到的，我們已經在目前相對較少或根本沒有貨幣化的屏幕上進行了大量參與，特別是包括相機和地圖。而且我們沒有——我們今天確實通過相機獲利，但鑑於我們的應用程序對相機開放，並且絕大多數 Snapchatter 每天都在使用 AR，我們已經在屏幕上擁有巨大的庫存潛力，我們正在大力投資在那裡建立我們的 AR 廣告產品。

On the Map, we're not monetizing today, but we are working on the building blocks of utility for the approximately 30 million places that populate our Map, and we're excited about the potential for the Map to be an on-ramp to a new category of advertisers, over time.

在地圖上，我們今天沒有貨幣化，但我們正在為我們地圖上大約 3000 萬個地方開發實用程序的構建塊，我們對地圖成為入口匝道的潛力感到興奮隨著時間的推移，一種新的廣告客戶類別。

So there's a lot to do and we're investing heavily in executing against what we believe is a well-organized plan, in order to capture that ARPU opportunity over time, which we see ahead of us.

因此，還有很多工作要做，我們正在大力投資執行我們認為組織良好的計劃，以便隨著時間的推移抓住我們看到的 ARPU 機會。

So the second question on the IDFA-related headwinds. I think that we've built our business with privacy by design at the core of our products, including our advertising platform.

所以關於 IDFA 相關逆風的第二個問題。我認為我們在產品的核心（包括我們的廣告平台）的設計中以隱私為基礎建立了我們的業務。

And as a result, the impacts of the changes that we've seen on the iOS platform, are likely to be experienced differently for our business than perhaps for others.

因此，我們在 iOS 平台上看到的變化對我們的業務產生的影響可能與其他業務不同。

AT&T -- ATT significantly disrupted the way in which our advertising partners have been accustomed to targeting and measuring the results of their advertising investments. This had significant disruptive impacts on their businesses and advertising demand for us as a result, when those changes were implemented.

AT&T -- ATT 極大地破壞了我們的廣告合作夥伴習慣於定位和衡量其廣告投資結果的方式。因此，當實施這些更改時，這對他們的業務和對我們的廣告需求產生了重大的破壞性影響。

And we see those impacts manifesting themselves in two real primary ways. The first is in how we're able to optimize advertising for our partners, including how we get the right ad in front of the right Snapchatter, at the right moment, in a privacy-safe way, we began working on that part of the problem, more than a year ago. And as a result, we were able to make a lot of progress before those iOS platform changes disrupted the market. In many cases, we believe that we were able to make significant progress in closing those gaps, in part because we've been focused and nimble, but in part also because our business starts from a privacy-safe set of principles. That said, we are still very early in the journey on optimization and have significant headroom to deliver more advertiser value over time.

我們看到這些影響以兩種真正的主要方式表現出來。首先是我們如何能夠為我們的合作夥伴優化廣告，包括我們如何在正確的 Snapchatter 面前獲得正確的廣告，在正確的時刻，以一種隱私安全的方式，我們開始研究這部分內容問題，一年多以前。因此，我們能夠在這些 iOS 平台變化擾亂市場之前取得很大進展。在許多情況下，我們相信我們能夠在縮小這些差距方面取得重大進展，部分原因是我們一直專注且靈活，但部分原因還在於我們的業務始於一套隱私安全的原則。也就是說，我們仍處於優化之旅的早期階段，並且有很大的空間可以隨著時間的推移提供更多的廣告客戶價值。

The second impact is really around measurement. And we spoke last quarter about how we saw this as the most pressing issue for our business, as the iOS platform changes were implemented. We believe then and we believe now that our ad platform continues to deliver results for our advertising partners, but that our advertisers would need to adopt new tools to measure and see those results.

第二個影響實際上是圍繞測量。我們在上個季度談到了我們如何將其視為我們業務中最緊迫的問題，因為 iOS 平台的變化已經實施。我們當時和現在都相信，我們的廣告平台會繼續為我們的廣告合作夥伴帶來成果，但我們的廣告商需要採用新工具來衡量和查看這些結果。

Entering the quarter, SKAN or SKAdnetwork was already broadly enabled for our advertisers. But over Q4, we saw progress on enablement of our first-party solutions. And by the end of the quarter, advertisers that represent more than 75% of our DR revenue, were enabled for our first-party measurement solutions.

進入本季度，SKAN 或 SKAdnetwork 已經為我們的廣告商廣泛啟用。但在第四季度，我們看到了在啟用我們的第一方解決方案方面取得的進展。到本季度末，占我們 DR 收入 75% 以上的廣告商啟用了我們的第一方測量解決方案。

So we still have more work to do to drive wide utilization of these new solutions and build for confidence in them amongst our partner, but we're pleased with the progress we've made so far. So I hope that gives you a little bit of context than what we're seeing in this area and how we've approached it over time.

因此，我們還有更多工作要做，以推動這些新解決方案的廣泛使用，並在我們的合作夥伴中建立對它們的信心，但我們對迄今為止取得的進展感到高興。所以我希望這能給你一些背景，而不是我們在這個領域看到的，以及隨著時間的推移我們是如何處理它的。

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。

A couple of questions. One, DAUs obviously look good. I mean, I guess, solid is the best word to say it. But I think, if you could maybe just help us a little bit understand what's going on under the surface, especially in the U.S, As you think about sort of time spent, engagement, however you want to think about it, sequentially and year-over-year, obviously, investors have been very concerned over the last 24 hours about what TikTok is doing to companies like Meta. What's actually happening, in terms of time spent and engagement on the Snapchat platform, especially in the U.S., where your monetization is so outsized?

幾個問題。一，DAU 顯然看起來不錯。我的意思是，我想，堅實是最好的說法。但我認為，如果你能幫助我們稍微了解一下表面下發生的事情，尤其是在美國，當你考慮花費的時間、參與度，無論你想怎麼想，順序和年份-顯然，投資者在過去 24 小時內一直非常關注 TikTok 對 Meta 這樣的公司所做的事情。實際發生了什麼，就在 Snapchat 平台上花費的時間和參與度而言，尤其是在美國，你的貨幣化如此之大？

And then 2, I see -- obviously, in the prepared remarks, I think Jeremi called out brand spend, in terms of the headwinds that you saw in Q4. And I think, you had talked about CPG and restaurants being key areas. I was wondering -- I know, you're still seeing supply chain issues, but has there been any improvement in Q1 through the first -- essentially month of Q1 versus what you saw in Q4 on the brand spend side?

然後是 2，我明白了——顯然，在準備好的評論中，我認為 Jeremi 提到了品牌支出，就你在第四季度看到的不利因素而言。我認為，您曾談到 CPG 和餐館是關鍵領域。我想知道——我知道，你仍然看到供應鏈問題，但是第一季度到第一季度有任何改善——基本上是第一季度的一個月，與你在第四季度看到的品牌支出方面相比有什麼改善嗎？

Thanks, Rich, for the question. I can talk a little bit about engagement. I think, we've worked really hard over the years to diversify our product offering beyond just communicating with friends and family, into Stories, of course and our Map and now with Spotlight.

謝謝，里奇的問題。我可以談談訂婚。我認為，多年來，我們一直在努力使我們的產品多樣化，而不僅僅是與朋友和家人交流，進入故事，當然還有我們的地圖，現在還有 Spotlight。

And I think, what we're seeing with the growth of our user base, overall, is that people are coming to Snap for all sorts of different reasons and then migrating across our different products.

而且我認為，總體而言，隨著用戶群的增長，我們看到的是人們出於各種不同的原因來到 Snap，然後遷移到我們不同的產品中。

So while we certainly compete with TikTok and Instagram and YouTube for video entertainment, we also have different areas of our service like our Map or our AR platform where we see really strong engagement.

因此，雖然我們肯定會在視頻娛樂方面與 TikTok、Instagram 和 YouTube 競爭，但我們也有不同的服務領域，比如我們的地圖或 AR 平台，我們看到這些領域的參與度非常高。

And I think, as it pertains to Stories in particular and growth in video, I talked a little bit -- following on some of our prior earnings calls about the trends we're seeing throughout the pandemic, where we are seeing people post fewer stories for their friends, view fewer stories from their friends. But at the same time, we've seen folks watching more premium content, watching more content in Spotlight. So there is a bit of a mix shift there. Some of our user studies, for example, when we talk to our community, they say, "Gosh, during the pandemic, I haven't been able to do as many cool things out with my friends. So I'm posting less stories" or "Stories are less interesting because my friends aren't doing as many cool things."

而且我認為，由於它特別與故事和視頻的增長有關，我談了一點——在我們之前的一些財報電話會議上討論了我們在整個大流行期間看到的趨勢，我們看到人們發布的故事越來越少對於他們的朋友，查看他們朋友的故事更少。但與此同時，我們看到人們觀看更多優質內容，在 Spotlight 中觀看更多內容。所以那裡有一點混合變化。我們的一些用戶研究，例如，當我們與社區交談時，他們會說，“天哪，在大流行期間，我沒能和朋友們一起做這麼多很酷的事情。所以我發布的故事更少了”或“故事沒那麼有趣，因為我的朋友們沒有做那麼多很酷的事情。”

So we'll have to see how that progresses. Obviously, the Omicron thing was a little bit of a setback there for us. But overall, the core of Snapchat is really about friends and family. And I think, we offer a really differentiated product, not only with stories and some of our entertainment products, but across our entire service in all of our different platforms.

所以我們必須看看它是如何進展的。顯然，Omicron 的事情對我們來說有點挫折。但總的來說，Snapchat 的核心實際上是關於朋友和家人的。而且我認為，我們提供了一個真正差異化的產品，不僅包括故事和我們的一些娛樂產品，而且在我們所有不同平台的整個服務中。

And I can take the second part, Rich. Thank you very much for the question. You talked about restaurants as well as CPG, and the reality is that we haven't seen a lot of change in those particular areas, the supply chain disruptions and labor disruptions did materialize, as expected, and they still remain unsolved in the New Year unresolved in the New Year.

我可以參加第二部分，Rich。非常感謝您的提問。您談到了餐館和 CPG，而現實情況是，我們在這些特定領域沒有看到很多變化，供應鏈中斷和勞動力中斷確實如預期的那樣成為現實，但在新的一年裡仍然沒有解決新年未解決。

But I think that when you look at the revenue and you kind of break it down, excluding the restaurant and CPG sectors, revenue from our Brand Advertising business grew at, give or take, 49% year-over-year, and that indicates what we believe to be continued, strong underlying momentum in our areas not impacted by supply chain and labor issues noted earlier.

但我認為，當您查看收入並對其進行細分時，不包括餐廳和 CPG 行業，我們品牌廣告業務的收入同比增長 49%，這表明我們相信，在我們不受供應鍊和勞工問題影響的領域，我們的潛在勢頭將持續強勁。

We expect this to continue -- these macro conditions that continue to impact advertising demand as, in many cases, just practically speaking, their businesses don't have the inventory or operational capacity to support incremental demand brought along -- brought on by marketing.

我們預計這種情況會持續下去——這些宏觀條件會繼續影響廣告需求，因為在許多情況下，實際上，他們的業務沒有庫存或運營能力來支持營銷帶來的增量需求。

But in addition, we have plenty of categories, particularly with brands that aren't as reliant on supply chain. We've redeployed resources to many of those verticals, and they continue to perform well. Examples of that are travel, streaming, financial services, amongst others.

但除此之外，我們還有很多品類，尤其是那些不那麼依賴供應鏈的品牌。我們已將資源重新部署到其中許多垂直領域，並且它們繼續表現良好。例如旅遊、流媒體、金融服務等。

And it's really great that we've been able to develop these nimble and agile teams and support them and train them on categories that may not be their core competency to ensure that we can take advantage of the tailwind categories and shift some things away from the headwind categories.

我們能夠發展這些靈活敏捷的團隊並支持他們並在可能不是他們核心能力的類別上對他們進行培訓，以確保我們能夠利用順風類別並將一些事情從逆風類別。

But it's really important for us to continue to support the categories that may be facing some headwinds, as they are, long term, absolutely, our partners. And we continue to invest in them, learn with them, grow with them and pivot our resources accordingly to make sure we can take advantage of areas, where there are tailwinds. But thank you for the question.

但對我們來說，繼續支持可能面臨一些不利因素的類別非常重要，因為從長遠來看，它們絕對是我們的合作夥伴。我們繼續投資於他們，與他們一起學習，與他們一起成長，並相應地調整我們的資源，以確保我們能夠利用有順風的領域。但謝謝你的問題。

Our next question comes from Ross Sandler with Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

Jeremi, I guess, just following up on that last question. So if we had to size the revenue bucket that's, kind of, still in the iOS negative impact zone, I guess, these lower-funnel GBB campaigns you mentioned earlier, is that like 25%? Is it 30% of Snap's business? And how much is the revenue growth that impacted in that area?

Jeremi，我猜，只是跟進最後一個問題。因此，如果我們必須調整仍然處於 iOS 負面影響區域的收入桶，我猜，你之前提到的這些漏斗較低的 GBB 活動，是 25% 嗎？它是 Snap 業務的 30% 嗎？影響該領域的收入增長有多大？

And then alternatively, if we look at the other 70%, 75% of revenue at Snap that's not in the impact zone, is it fair to say that that's growing, kind of, consistent with your, kind of, 50% long-term goal now and in the foreseeable future?

或者，如果我們看看 Snap 的其他 70%、75% 的收入不在影響區，可以說這是在增長，有點，符合你的，有點，50% 的長期現在和可預見的未來的目標？

And then the second question is -- I'm sorry, this is a little long-winded, but when you guys say that DR recovered faster than expected, is it that the monthly spend from the DR advertisers, is actually increasing, right now, as they adopt new tools and make these changes with Pixel, et cetera? Or do they just have better visibility, and the spend is going to increase in a couple of quarters, when the recovery in revenue actually happens?

然後第二個問題是——對不起，這有點囉嗦，但是當你們說 DR 恢復得比預期快時，是不是 DR 廣告商的每月支出實際上正在增加，現在，當他們採用新工具並使用 Pixel 等進行這些更改時？或者他們只是有更好的可見性，並且支出會在幾個季度內增加，而此時收入的恢復確實發生了？

Ross, it's Derek speaking. I'll take those questions as best I can remember all of them. So I think, the first question was just around the components of our business and how many of them are really impacted by the various headwinds.

羅斯，是德里克在說話。我會盡我所能記住所有這些問題。所以我認為，第一個問題只是圍繞我們業務的組成部分，以及其中有多少真正受到各種不利因素的影響。

I think, it's fair to say that in Q4, the headwinds we faced were contained to a limited portion of our business. And the top-line results reflect that, obviously. At a high level, we anticipated that we would likely face some macro headwinds related to supply chain factors and labor factors in Q4. And we did see that.

我認為，公平地說，在第四季度，我們面臨的不利因素僅限於我們業務的有限部分。很明顯，最重要的結果反映了這一點。在較高的層面上，我們預計我們可能會在第四季度面臨與供應鏈因素和勞動力因素相關的一些宏觀逆風。我們確實看到了。

And as I mentioned in prepared remarks, that was largely contained to a couple of sectors within our Brand advertising business, in particular, the restaurants and CPG categories that are impacted by labor and supply chain and input cost factors, respectively.

正如我在準備好的評論中提到的，這主要包含在我們品牌廣告業務中的幾個領域，特別是分別受勞動力和供應鏈以及投入成本因素影響的餐廳和 CPG 類別。

Importantly, though, outside of those two sectors, revenue from our Brand advertising business grew at nearly 50% year-over-year, indicating what we believe to be pretty strong, continued underlying momentum in that business.

不過，重要的是，在這兩個領域之外，我們品牌廣告業務的收入同比增長近 50%，這表明我們認為該業務相當強勁、持續的潛在勢頭。

And then on the DR side, similarly, we saw a really strong return in growth across a number of our mid- and lower funnel goal-based bidding objectives, things like app install and Pixel purchase and so on, with a large number of those growing at rates of 50% or better in some cases, year-over-year in Q4.

然後在 DR 方面，類似地，我們在一些基於中低漏斗目標的競價目標中看到了非常強勁的增長回報，例如應用安裝和像素購買等，其中很多在某些情況下，第四季度同比增長 50% 或更高。

But we did similarly see pockets of the DR business and in particular, the lowest down-funnel app-based objectives such as in-app purchase were ones that were continuing to be impacted most directly by some of the iOS platform changes, including the limitations of SKAN, where there are relatively high thresholds to return any results for a campaign.

但我們也確實看到了 DR 業務的一些部分，尤其是基於應用程序的最低漏斗目標，例如應用內購買，這些目標繼續受到一些 iOS 平台變化的最直接影響，包括限制SKAN，其中有相對較高的閾值來返回活動的任何結果。

And so there's obviously work that we're doing there, as I mentioned in prepared remarks, around the enablement of our first-party measurement solutions, which help to fill in some of those measurement gaps, including the limitations of that threshold.

因此，正如我在準備好的評論中提到的那樣，顯然我們正在那裡開展工作，圍繞啟用我們的第一方測量解決方案，這有助於填補其中一些測量空白，包括該閾值的限制。

So when I think about our results overall, you can see that big parts of the DR business growing at those elevated rates and big parts of the Brand business growing at elevated rates.

因此，當我考慮我們的整體結果時，您會看到 DR 業務的大部分以較高的速度增長，而品牌業務的大部分以較高的速度增長。

But we're dealing with a couple of headwinds, at the same time, across those businesses and the macro factors and the platform changes. And so you've got pockets of the business and the minority of each side that are impacting things.

但同時，我們正在應對這些業務、宏觀因素和平台變化的一些不利因素。因此，您擁有業務的口袋和影響事物的每一方的少數。

So hopefully, that gives you a good sense of what's happening and what pockets of the business it's limited to. Thank you very much. And hopefully, that gives you the context you need there.

因此，希望這能讓您很好地了解正在發生的事情以及它僅限於哪些業務領域。非常感謝你。希望這能為您提供所需的上下文。

Our next question comes from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

This is Katy on for Doug. First, I just want to dig into users. Your annual DAU net adds improved in both 2020 and again in 2021. So I'm curious, how you're thinking about net adds into 2022 relative to pre-pandemic levels you saw in 2019.

這是道格的凱蒂。首先，我只想深入挖掘用戶。您的年度 DAU 淨增加量在 2020 年和 2021 年均有所改善。所以我很好奇，相對於您在 2019 年看到的大流行前水平，您如何看待 2022 年的淨增加量。

Then second, I'm curious, just your updated views regarding competition. It feels like many social peers have called out competition intensifying broadly in the industry. How are your efforts in visual communication differentiating the product and experience, relative to others in the space?

其次，我很好奇，只是您對競爭的最新看法。感覺就像許多社交同行都在呼籲行業內廣泛的競爭加劇。相對於空間中的其他人，您在視覺傳達方面的努力如何區分產品和體驗？

On the first part of the question, I believe, in terms of net adds you're thinking about, specifically DAU in that area and our growth in that sector. So one, I think we laid out at our Investor Day a little over a year ago, our international playbook and investments that we plan to make, in order to grow the community globally.

關於問題的第一部分，我相信，就您正在考慮的淨增加量而言，特別是該領域的 DAU 以及我們在該領域的增長。因此，我想我們在一年前的投資者日上製定了我們的國際劇本和我們計劃進行的投資，以便在全球範圍內發展社區。

We've continued to execute against that plan over the last year, including significant investments in local content, local marketing partnerships and building our local creator community, and we continue to execute against that plan and have seen strong results as a result of that. In particular, I would note that this was our fifth consecutive quarter of 20% or better year-over-year growth, including 54 million total DAU adds.

去年，我們繼續執行該計劃，包括對本地內容、本地營銷合作夥伴關係和建立我們的本地創作者社區進行大量投資，我們繼續執行該計劃並因此取得了可觀的成果。特別是，我要指出，這是我們連續第五個季度實現 20% 或更好的同比增長，其中包括 5400 萬總 DAU 增加。

So good momentum on the community base there. We're going to continue to execute against that playbook and invest in our platform and our products, in order to support the growth of our community over time. So hopefully, that gives a little perspective about what we're seeing there.

那裡的社區基礎如此良好的勢頭。我們將繼續執行該劇本並投資於我們的平台和產品，以便隨著時間的推移支持我們社區的發展。因此，希望這可以讓我們對我們在那裡看到的情況有所了解。

I can speak a little bit to just competition, how we think about it. It's a highly-competitive industry. It always has been. When we created Snap, Facebook and Instagram and YouTube and WhatsApp, all those products already existed and were already really, really big. And so Snap has always been able to grow really through our continuous product innovation and focusing on our community.

我可以談談只是競爭，我們如何看待它。這是一個競爭激烈的行業。一直都是。當我們創建 Snap、Facebook 和 Instagram 以及 YouTube 和 WhatsApp 時，所有這些產品都已經存在並且已經非常非常大了。因此，通過我們持續的產品創新和專注於我們的社區，Snap 一直能夠真正實現增長。

And we identified really early on that people want to express themselves visually through our Camera. We then took that and built that into our Stories product, where people can share about their day in a narrative fashion.

我們很早就發現人們希望通過我們的相機在視覺上表達自己。然後，我們將其納入我們的 Stories 產品中，人們可以在其中以敘事方式分享他們的一天。

We learned that people want to see what is happening all around the world, so we built our Map. And more recently, of course, we've built Spotlight to highlight the best of Snapchat.

我們了解到人們希望看到世界各地正在發生的事情，因此我們構建了我們的地圖。當然，最近，我們構建了 Spotlight 來突出 Snapchat 的精華。

And so we're continually innovating and evolving our products. We believe, that's the only way to compete, long term, in the tech industry, and we're very excited about the future of augmented reality, where we're investing a lot of our time.

因此，我們不斷創新和改進我們的產品。我們相信，這是在科技行業長期競爭的唯一途徑，我們對增強現實的未來感到非常興奮，我們正在投入大量時間。

And that's really where a lot of our growth over the longer term is unconstrained, in terms of our innovation, as we're building out new products like Spectacles and continuing to evolve our AR platform. So we're really excited about our ability to continue this product momentum. And ultimately, our ability to win here in the long term, is going to come down to innovation, as it always has.

就我們的創新而言，這確實是我們長期增長不受限制的地方，因為我們正在構建像眼鏡這樣的新產品並繼續發展我們的 AR 平台。因此，我們對繼續保持這種產品勢頭的能力感到非常興奮。最終，我們在這方面取得長期勝利的能力將歸結為創新，一如既往。

Our next question comes from Lloyd Walmsley with UBS.

我們的下一個問題來自瑞銀的 Lloyd Walmsley。

Great. Two questions on the AR advertising side. I guess, first, what are you guys seeing, in terms of advertiser adoption? Are you seeing it pick up amongst DR advertisers and through the self-serve platform? Or is it still mostly bought on an awareness basis?

偉大的。關於 AR 廣告方面的兩個問題。我想，首先，就廣告客戶的採用而言，你們看到了什麼？您是否看到它在 DR 廣告商中以及通過自助服務平台出現？或者它仍然主要是在意識的基礎上購買的？

And then second one, from, kind of, the client perspective, what are you seeing, in terms of maybe revenue retention, do advertisers come, spend on Lenses and keep growing that? And how is, kind of, catalog shopping change conversations with advertisers?

然後第二個，從客戶的角度來看，你看到了什麼，就收入保留而言，廣告商會來，在 Lenses 上花費並繼續增長嗎？目錄購物如何改變與廣告商的對話？

Thank you so much for the question. I'm very happy that you asked it. We certainly believe that the Camera and augmented reality represent our most exciting long-term revenue opportunity. And we are seeing that with brands, they're starting to build always-on AR strategies for their businesses, and we are delivering results against that.

非常感謝你的問題。我很高興你這麼問。我們當然相信相機和增強現實代表了我們最令人興奮的長期收入機會。我們看到，對於品牌，他們開始為他們的業務建立永遠在線的 AR 策略，我們正在為此提供結果。

I think, the great thing about augmented reality is that it's a fully-immersive experience that Snapchatters choose to engage with versus something that's passive or served to them, and it's now delivering a return on investments businesses that's both measurable and repeatable. So to your point, that's something that's incredibly important for Direct Response advertisers. And that is encouraging more and more businesses to invest in augmented reality.

我認為，增強現實的偉大之處在於，它是 Snapchatter 選擇參與的完全沉浸式體驗，而不是被動或服務於他們的東西，而且它現在正在為投資業務帶來可衡量和可重複的回報。因此，就您而言，這對於直接響應廣告商來說非常重要。這正在鼓勵越來越多的企業投資增強現實。

You're right that when we initially launched AR for advertisers, it was kind of seen as this next shiny thing, a big brand moment, something that was a little bit more fun and irreverent. But over time, we've been evolving the way that businesses think about it as more than just an ad format, but an experience that brands can build to grow their businesses.

沒錯，當我們最初為廣告商推出 AR 時，它被視為下一個閃亮的東西，一個大品牌時刻，更有趣和不敬的東西。但隨著時間的推移，我們一直在改變企業認為它不僅僅是一種廣告格式，而是品牌可以建立以發展業務的體驗的方式。

We've invested really heavily into building the tools and capabilities to make it easier to create augmented reality, which then allows it to be a part of people's always-on ecosystems, to manage those, deploy their AR experiences. And you heard in the prepared remarks, us talk about results from the likes of MAC and Ulta, who are starting to see just incredible results with it; 1.3 million try-ons, for example, on the MAC Lens that was using our Lens Web Builder tool, I think, is the best example of that.

我們在構建工具和功能方面投入了大量資金，以便更輕鬆地創建增強現實，然後讓它成為人們永遠在線的生態系統的一部分，管理這些，部署他們的 AR 體驗。您在準備好的評論中聽到了，我們談論了 MAC 和 Ulta 等公司的結果，他們開始看到令人難以置信的結果；例如，在使用我們的 Lens Web Builder 工具的 MAC Lens 上進行了 130 萬次試戴，我認為就是最好的例子。

And when advertisers start to see results like that, you can imagine it is highly retentive and look-alike advertisers want to start doing a lot of the same work, so that they can get cost per try-on down, utilizing augmented reality.

當廣告商開始看到這樣的結果時，你可以想像它是高度保留的，並且看起來相似的廣告商希望開始做很多相同的工作，這樣他們就可以利用增強現實降低每次試戴的成本。

These types of results that we're seeing from those two particular companies, are emblematic of a larger shift that we're seeing, with AR transforming e-commerce.

我們從這兩家特定公司看到的這些類型的結果象徵著我們正在看到的更大轉變，AR 正在改變電子商務。

And e-commerce is, obviously, a secular trend that we expect to continue to grow, and we will grow right alongside it with AR, as these consumer-centric chips continue to happen. And we're really excited about the future of augmented reality as a product, particularly as it delivers results for incredible advertisers with great measurement solutions.

顯然，電子商務是一種長期趨勢，我們預計它將繼續增長，隨著這些以消費者為中心的芯片繼續發生，我們將與 AR 一起成長。我們對增強現實作為一種產品的未來感到非常興奮，特別是因為它通過出色的測量解決方案為令人難以置信的廣告商提供了結果。

Our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Derek, a couple of quick ones for you. One on the mix of price versus impression growth. If you could just give us your thoughts and what you're seeing there.

德里克，給你幾個快速的。一個關於價格與印象增長的組合。如果你能告訴我們你的想法和你在那裡看到的東西。

And secondarily, everyone realizes that the goal you gave at Investor Day, is most likely on ice, in the short term, for 50% plus revenue growth. But how are you and the team thinking about the long term, still, on that commitment to that goal?

其次，每個人都意識到你在投資者日給出的目標很可能在短期內達到 50% 以上的收入增長。但是，您和團隊如何看待長期的、仍然致力於實現這一目標的承諾？

Brian, it's Derek speaking. Thanks for the question. In terms of the impression and pricing growth, I think, first, obviously, we did observe rising CPMs in Q4. We were up 46% year-over-year, driven by the really significant sequential and year-over-year rise in demand.

布賴恩，是德里克在說話。謝謝你的問題。就印象和定價增長而言，我認為首先，很明顯，我們確實觀察到了第四季度的每千次展示費用上升。我們同比增長了 46%，這得益於需求的顯著連續和同比增長。

At a high level, we continue to think of eCPM, at least in part, as an output metric at this stage in our growth. We still believe we have room to grow eCPM across many of our ad units, but there are several competing forces that influence eCPM, many of which we have influence over, and they can put downward pressure on eCPM. So one such factor is growth in our community, and our community has grown at rates of 20% or better for 5 consecutive quarters now.

在較高的層面上，我們繼續將 eCPM 至少部分視為我們增長階段的產出指標。我們仍然相信，我們的許多廣告單元都有提高 eCPM 的空間，但是影響 eCPM 的競爭力量有很多，我們可以影響其中的許多力量，它們可能會給 eCPM 帶來下行壓力。所以一個這樣的因素是我們社區的增長，我們的社區現在連續 5 個季度以 20% 或更高的速度增長。

The second is the potential to expand our inventory opportunity by expanding monetization of highly-engaged areas of our application, including the Camera, Spotlight and Map, among others that we talked about, earlier today.

第二個是通過擴大我們應用程序的高度參與領域的貨幣化來擴大我們的庫存機會的潛力，包括我們今天早些時候談到的相機、聚光燈和地圖等。

And then each of these screens -- there are different levels and stages of their evolution around monetization. We are monetizing the Camera today, and we're heavily investing in AR advertising capabilities for the long term there. But we've not yet begun to monetize Spotlight or the Map, and we don't feel urgency to do so in the very near term, but we are investing to grow these platforms today and are excited about the potential for those screens to expand our inventory and ARPU over time.

然後是這些屏幕中的每一個——它們圍繞貨幣化的演變有不同的層次和階段。我們今天正在通過相機獲利，並且我們在 AR 廣告功能方面長期投入巨資。但是我們還沒有開始通過 Spotlight 或 Map 獲利，而且我們不覺得在短期內這樣做的緊迫性，但我們今天正在投資發展這些平台，並對這些屏幕的擴展潛力感到興奮隨著時間的推移，我們的庫存和 ARPU。

On the other side of this equation, there's improvements in optimization and measurement of our Direct Response business, which can help us to utilize our inventory more efficiently, and that tends to put upward pressure on eCPMs.

在這個等式的另一邊，我們的直接響應業務的優化和衡量有所改進，這可以幫助我們更有效地利用我們的庫存，這往往會給 eCPM 帶來上行壓力。

So for example, in our most recent quarter in North America, we observed a sequential decline in the average CPA for both Pixel purchase and app install GBBs, despite the rapid sequential growth in demand for each of those.

例如，在我們在北美的最近一個季度，我們觀察到像素購買和應用安裝 GBB 的平均 CPA 連續下降，儘管這兩個 GBB 的需求連續快速增長。

So continuing to evolve and adapt or optimization and learning solutions, over time, is important to helping us deliver attractive return for advertisers and also has impacts on eCPM. So hopefully, that gives you a little bit of an understanding of how we see the dynamics under the hood there, on pricing, over time.

因此，隨著時間的推移，繼續發展和調整或優化和學習解決方案對於幫助我們為廣告商提供有吸引力的回報非常重要，並且還會對 eCPM 產生影響。因此，希望這能讓您對我們如何看待隨著時間的推移，定價的內在動力有所了解。

So in terms of the longer-term potential, I think, the first thing I would say here is, we continue to believe that the building blocks supporting our longer-term opportunity, remain intact, as we described them at our Investor Day. And as a result, we're -- where we believe we can go with the business over the next few years, remains unchanged.

因此，就長期潛力而言，我認為，我在這裡要說的第一件事是，我們仍然相信支持我們長期機會的基石保持完好，正如我們在投資者日所描述的那樣。因此，我們 - 我們相信我們可以在未來幾年內開展業務，保持不變。

So for example, on the building blocks, our community is growing at some of the fastest rates we have reported more than 4 years. We continue to have deep penetration of hard-to-reach audiences in some of the most attractive advertising markets in the world. And we continue to have significant opportunities to expand the monetization across our screens, as we just talked about.

因此，例如，在構建模塊上，我們的社區正在以我們報告的 4 年多來最快的速度增長。我們繼續在世界上一些最具吸引力的廣告市場深入滲透難以觸及的受眾。正如我們剛剛談到的那樣，我們繼續有重要的機會在我們的屏幕上擴展貨幣化。

But as I said, when we met last quarter, the path to getting to that longer-term ARPU opportunity in the longer-term monetization potential of the platform, was never expected to be and isn't a straight line. We've now delivered a 2-year CAGR on topline revenue of 55%. But over that 2-year period, we've had quarters, where year-over-year revenue growth was as low as 17% and as high as 116%, as we navigated our way through macro headwinds, platform changes and a pandemic.

但正如我所說，當我們在上個季度見面時，從平台的長期貨幣化潛力中獲得長期 ARPU 機會的途徑是從未預料到的，也不是一條直線。我們現在實現了 55% 的頂線收入的 2 年復合年增長率。但在這 2 年期間，我們有幾個季度的收入同比增長低至 17% 和高達 116%，因為我們在宏觀逆風、平台變化和大流行中導航。

So throughout all of this, we've been and we're going to continue to be focused on executing against what we believe is a really well-organized plan, in order to deliver on that long-term potential that we see ahead. So hopefully, that gives you some context on how we think about this and what we see ahead.

因此，在所有這一切中，我們一直並將繼續專注於執行我們認為組織良好的計劃，以發揮我們預見的長期潛力。因此，希望這能讓您了解我們如何看待這一點以及我們對未來的展望。

This concludes our question-and-answer session as well as Snap Inc.'s Fourth Quarter 2021 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 2021 年第四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。