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.

各位下午好，歡迎參加 Snap Inc. 2021 年第四季財報電話會議。（接線員指示）本次電話會議將被錄音。非常感謝投資人關係資深總監 Betsy Frank。您可以開始了。

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，各位下午好。歡迎參加 Snap 2021 年第四季財報電話會議。今天與會者包括共同創辦人兼執行長 Evan Spiegel；首席商務長 Jeremi Gorman；以及財務長 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.

請參考我們的投資人關係網站 investor.snap.com，以取得今日的新聞稿、簡報、事先準備的講稿以及更新後的投資人簡報。本次電話會議包含前瞻性陳述，係基於我們截至今日的假設。實際結果可能與這些前瞻性陳述所表達者有重大差異，我們亦無義務更新相關揭露。

For more information about factors that may cause actual results to differ materially from 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.

如需了解可能導致實際結果與前瞻性陳述有重大差異的因素，請參閱我們今日發布的新聞稿，以及我們最近一期 Form 10-Q 中所描述的風險，特別是「風險因素」一節。

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.

今日電話會議將同時包含 GAAP 與非 GAAP 指標。兩者之間的調節表可見於今日新聞稿。請注意，當我們討論所有費用數字時，將排除以股份為基礎之酬勞及相關薪資稅，以及折舊與攤銷與一次性費用。

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.

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

感謝各位參加本次電話會議。第四季為 Snap 令人振奮且富有成效的一年畫下句點。我們擴大了社群規模、拓展了產品供給，並展現了我們擴增實境平台在 Snapchat 應用程式內外的強大能力。

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.

2021 年我們面臨一些新的挑戰，但仍繳出強勁成果，反映我們在邁向可持續成長與正向現金流的旅程上取得重大進展。2021 年我們營收年增 64%，其中第四季營收年增 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.

我們連續第二年達成調整後 EBITDA 獲利。我們首次在全年錄得正向自由現金流，而第四季則是我們首次出現單季淨利為正。

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.

全年達成正向自由現金流是一個重要里程碑，因為我們日益能以自有資金支持未來投資，這使我們能更好地加速推進以擴增實境將運算疊加於世界之上的願景。第四季，我們的社群規模年增 20%，達到 3.19 億日活躍用戶。我們在三大區域皆呈現季增。

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.

雖然北美與歐洲在短期與中期代表我們最大的變現機會，但世界其他地區則代表我們最大的社群成長機會。過去一年，我們有計畫地重整團隊並投資產品，以把握這些變現與社群成長機會。

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持續證明是成功的，我們也運用這些學習來指引我們在新地理區域推動社群成長的方式。我們希望透過相機打造更好的視覺溝通方式，這個願景已演進為領先的擴增實境平台。

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.

我們的 AR 產品與服務如今已在大規模下產生重大影響，Snapchat 用戶使用我們的服務來購物、遊玩、學習、探索與娛樂。每天有超過 2 億人於 Snapchat 上與擴增實境互動，而我們的社群現在平均每天使用 AR 濾鏡（Lenses）超過 60 億次。這股動能以及 Snapchat 社群的創意能量，讓我們對擴增實境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 月舉行的 Lens Fest AR 開發者活動中，我們更新了 AR 開發者社群的實力與多元性，該社群仍在持續成長。

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.

目前已有來自 200 多個國家與地區、超過 25 萬名 Lens 創作者使用 Lens Studio 建立 AR 體驗。他們已製作超過 250 萬個 Lenses，至今已被 Snapchat 用戶觀看超過 3.5 兆次，且已有超過 300 位創作者的單一人作品觀看次數各自突破 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 Snapchat 用戶探索新的 AR 體驗，以強化他們在日常生活中所見所做，我們將持續開發工具，賦能 Lens 創作者透過 Snapchat 相機推進可能性的邊界。

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 上，我們也分享了我們支持創作者並持續演進其在平台上建置所使用工具的方式。我們推出了 Lens 行動呼籲（Call to Action）功能，讓創作者可在 Lens 內加入連結，便於在 AR 體驗中直接引導 Snapchat 用戶前往新的目的地，例如商店。

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.

我們提供一個已授權音樂與音訊片段的目錄，可整合至 Lenses 中，讓創作者打造更具沉浸感的體驗。我們推出了「贈禮（Gifting）」功能，讓 Snapchat 用戶可透過限時動態回覆直接支持 Lens 創作者；並宣布成立 Ghost（我們的 AR 創新實驗室），為創意 AR 專案提供最高 15 萬美元的補助金與 Snap 團隊支援。

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 上擴增實境的動能之外，我們也對企業端日益成長的需求感到非常興奮；企業希望將 Snap 的 AR 能力帶入其自有的 App 與網站。我們透過 Camera Kit 來滿足這項成長中的需求，該工具可讓合作夥伴輕鬆整合我們的 AR 技術與創作者生態系，並以符合其商業目標的方式加以運用。

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.

透過 Camera Kit 的整合，DressX 邀請用戶即時試穿並穿戴數位時尚，支持結合實體與數位領域的獨特體驗。DressX 取得了驚人的成功與互動表現，因其 App 全體用戶中有 75% 會與 AR Lenses 互動，且用戶平均每天試穿 AR 造型 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.

藉由將其 AR 濾鏡延伸至 Snapchat 內的 DressX 公開個人檔案，DressX 推動其公開個人檔案訂閱數成長 120%。本季，我們在 Spectacles AR 眼鏡方面取得重大進展；這是該產品線的第四代，我們在 5 年多前首次推出時，將其定位為一款有趣的免持相機，旨在幫助你在保持當下投入的同時捕捉你的視角。

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.

目前已有來自 30 個國家的數百位創作者為 Spectacles 開發 AR Lenses，以沉浸式且互動的方式將運算疊加於世界之上。我們持續進行軟體改進並為開發者提供新能力，包括 Connected Lenses（連結多位 Spectacles 使用者共同參與同一 AR 體驗），以及位置觸發（location triggers），讓創作者可自訂 Lenses，使其在造訪特定地點時能動態調整。

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.

我們的內容業務包含應用程式五個主要畫面中的兩個：Stories 與 Spotlight。儘管多年來面臨顯著的競爭壓力，Stories 仍是我們最大的營收驅動因素。這是一個 Snapchat 用戶透過好友限時動態（Friend Stories）以敘事形式與朋友分享 snaps，並在 Discover 中觀看專業出版商與網紅內容的平台。

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，呈現社群中最具娛樂性的 snaps。我們對觀眾、以及日益增加的創作者所給予的正面回饋感到非常振奮。

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，內容合作夥伴持續取得成功。2021 年第四季，全球共有 25 家不同的 Discover 合作夥伴各自觸及超過 5,000 萬名不重複 Snapchat 用戶。內容涵蓋多元類型，從 Universal Music 的 Rebel Labs，到社群出版商 Jungle Creations 的生活風格內容、Team Whistle 的體育內容，以及 Jellysmack 的創作者主導節目。

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.

我們也在全球引入更多在地相關的合作夥伴。本季我們新增超過 160 個來自美國以外 Discover 合作夥伴的新頻道，並導入新合作夥伴，包括德國的 Seven.One Entertainment Group，以及法國的 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.

我們也透過於第四季推出的 523 內容加速器計畫（523 Content Accelerator Program）投資於代表性不足的聲音所創作的內容，以支持並推廣相較於大型競爭者更缺乏資源與管道的小型、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 也是我們內容策略中另一個成功要素，透過內容反映我們社群的多元性。2021 年，超過 50% 的 Snap Originals 以多元背景的主角或主持人為特色。我們推出了成功的新節目，包括《The Me and You Show》，由 Snapchat 用戶及其朋友使用我們的 Cameos 功能擔綱演出，並在第四季觸及超過 5,000 萬名觀眾。

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，Snapchat 上的內容觀看者人數持續以顯著快於整體內容觀看時間的年增率成長；由於朋友建立的限時動態觀看時間下滑，被 Discover 中的優質內容以及 Spotlight 內容觀看時間的成長所抵銷。

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.

這延續了我們在整個疫情期間觀察到的趨勢，而以每日活躍用戶計，朋友限時動態的發佈與觀看尚未回到疫情前水準。

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.

雖然我們希望社群最終能回到疫情前我們所觀察到的朋友限時動態行為，但我們目前專注於在內容供給上持續創新，以更好地服務當下的社群需求。

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、創作者與媒體公司的多種內容類型，我們希望讓 Snapchatters 更容易在想看的時候找到想看的內容。我們對早期實驗所看到的成果感到樂觀，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.

我們也持續在 Spotlight 的建置上取得進展。我們從創作者社群學到許多，將推動整體 Snapchat 內容體驗的演進，包括 Spotlight 與 Discover 之間的關係。目前已有超過 20 位 Spotlight 創作者在 Discover 上聯播節目。

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.

這支持我們將 Spotlight 視為平台的願景：讓受眾能發掘新的創作者、主題與社群，並在 Discover 上與其進行更深度的互動。我們也能有效運用創作者激勵來擴大並多元化 Spotlight 內容。在第一年中，我們透過各式計畫獎勵了超過 12,000 位創作者。

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.

近期，我們已將激勵機制轉向獎勵跨類別與跨地區更廣泛的內容。我們專注於支持多元的平台原生內容創作，以建立強健且可持續的內容供給。

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.

在第四季，我們優先協助創作者觸及新受眾，並看到訂閱創作者的 Spotlight 觀看者人數較前一季增加逾一倍。這些努力也改善了觀看者體驗，偏好（favor）Spotlight snaps 的 Snapchatters 人數環比增加 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，我們看到創作者社群在規模上大幅成長。我們也特別受到鼓舞的是，創作者正在加大對平台的投入。如今，我們看到創作者每月發佈量是 Spotlight 於一年前推出時的 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.

我們打造 Spotlight 是為了放大 Snapchat 最精彩的內容，而目前超過 65% 的 Spotlight 投稿使用了 Snapchat 的 AR 鏡頭（Lenses）或創作工具。我們也在 Snapchat 的其他領域增加實用性。我們推出首兩個地圖圖層 Memories 與 Explore，讓使用者可依地點查看已儲存的 snaps，並探索世界各地新提交的 snaps，使地圖更具個人化。

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.

這些圖層自推出以來已被使用超過 1 億次。我們也持續透過讓地點更容易被發現、加入最愛並與朋友分享來提升互動。

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.

在我們的通訊平台中，我們持續新增遊戲與 Minis，以進一步促進與朋友的共享體驗，並為社群增加更多實用性。開發者在 Snapchat 上的遊戲看到了機會並取得成功。例如，在 2021 年推出 5 款新遊戲之後，我們與合作夥伴 Voodoo Games 簽署協議，將於 2022 年為 Snapchat 至少打造 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.

另一個合作夥伴 Mojiworks 在其熱門遊戲 Ready Chef Go 之後，推出了第二款爆款遊戲 Trivia Party。Mojiworks 目前在這兩款遊戲中已觸及近 1 億名玩家。

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.

我們已為 Minis 推出新的使用情境，從新創到成熟品牌的合作夥伴都在我們的平台上取得成功。例如，在一款問候卡 MINI 成功之後，Givingli 近期推出了禮品卡電商 MINI，讓 Snapchatters 能購買 Sephora、DoorDash 或 Taco Bell 等品牌禮品卡，並可在 Snapchat 上輕鬆贈送給朋友。

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.

鑑於我們面前龐大的機會，無論是 Snapchat 應用程式本身，或是我們的擴增實境平台，2022 年對我們而言將是重要的投資年度；我們將加速產品路線圖，並推進我們「將運算疊加於世界之上」的長期願景。

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.

我們將持續專注於採取正確作為以促進社群的安全與福祉，投資於新技術與團隊以保護 Snapchatters，並確保他們對我們產品有正向體驗。

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.

社群對我們的信任至關重要，我們不會視為理所當然。我們每天都在努力改進，也持續學習如何更好地支持社群。接下來我把時間交給 Jeremi，請他進一步談談我們的業務。

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.

謝謝你，Evan。2021 年，在產業面臨多項挑戰之際，我們仍交出強勁成果，並在投資平台未來的同時，展現了團隊與業務的韌性。我們全年營收達 41 億美元，年增 64%，相較 2020 年加速了 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.

第四季，我們總營收達 13 億美元，年增 42%，儘管我們的直接回應（Direct Response）與品牌（Brand）業務皆面臨逆風。在直接回應方面，我們持續應對 Apple 與 ATT 相關變更帶來的挑戰，並取得穩健進展。

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.

如同預期，在品牌端，與供應鏈中斷與勞動力中斷相關的總體逆風已經顯現，且在新的一年仍未解決。儘管如此，我們仍持續導入新廣告主，推動活躍廣告主數再創歷史新高。

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.

我們仍聚焦於支持社群與廣告合作夥伴的多項機會，我們相信將由三項關鍵優先事項驅動：第一，透過最佳化與衡量提升 ROI；第二，持續訓練、招募並打造可規模化的能力，以投資我們的銷售與行銷職能；第三，圍繞影音與擴增實境打造創新的廣告體驗。我們對這三項優先事項的堅定承諾，加上我們獨特的觸及能力與持續成長的全球受眾，使我們能為全球企業提供可規模化的成效。我們的銷售團隊正努力協助廣告主適應因 Apple iOS 隱私相關變更所帶來的新衡量典範。

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.

偏好採用漏斗底部目標（例如 App 內購買）的廣告合作夥伴受到這些變更影響最大。我們看到這些廣告主轉向漏斗中段目標，在那裡他們有更高的可見度，例如安裝或點擊。透過以網頁為基礎的目標導向出價（goal-based bids，GBBs）進行最佳化的廣告主受影響較小，因為其中許多人已採用 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.

我們許多廣告主同時啟用了 Apple 的 SKAdNetwork（SKAN）以及我們自有的第一方衡量解決方案，我們統稱為 Advanced Conversion（AC）。SKAN 的優勢在於能跨多平台回報去重後的結果，而 AC 則為成效型廣告主提供更高的彈性與更進階的功能。我們持續透過如「Estimated Conversions」等功能改進 Advanced Conversions，該功能以即時資料補強已觀測到的轉換資料，以協助做出更佳決策。

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.

歸根結底，第一方整合讓我們能依據廣告主意見打造衡量解決方案，並直接連結到我們的廣告格式與定向運作方式，使企業能最精準地掌握 ROI。

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.

這些作法讓我們在協助廣告主因應平台變更所帶來的干擾之同時，也能維護社群的隱私。我們相信，要在廣告主基礎中廣泛啟用、使用並對這些衡量解決方案建立充分信心，仍需要時間。

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.

不過，我們對目前與許多廣告主所取得的早期進展感到滿意，因為這些新解決方案現已為代表我們超過 75% 直接回應營收的廣告主啟用。

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，我們專注於協助廣告主建立對這些新解決方案的信心。其中包括協助他們進行名單研究（list studies），依廣告主活動規模不同，可能需要數週或更久。

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.

隨著行動廣告衡量走向更整體、跨平台的視角，我們在多種解決方案上看到正面成果，包括由廣告主內部或透過我們已整合的多元衡量合作夥伴所執行的媒體組合模型（media mix modeling）與多點觸及歸因（multi-touch attribution）。

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.

我們的直接回應（Direct Response）業務仍占我們營收的大部分。這使我們在長期發展上具備良好定位，因為我們相信，推動可衡量的成效與投資報酬率（ROI），能讓 Snapchat 成為全球企業成長策略中不可或缺的一環。

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.

隨著時間推移，我們看到當廣告主與我們進行測試時往往能取得強勁成果；在對我們展示具意義的廣告支出報酬（ROAS）的能力建立信心後，便會將我們納入其常態性預算（always-on budget），並隨時間擴大我們在其預算中的占比。

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，協助其運用我們多種廣告格式，例如 Snap Ads、Lenses 與 Commercials，這些格式皆已證明能有效帶動強勁的商業成果。本季，Hollister 更進一步，開始在假期期間測試動態廣告以推動轉換。

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.

他們起初就看到強勁的廣告支出報酬（ROAS）。而隨著我們全新的多格式投放解決方案推出，我們得以將 Hollister 的廣告支出報酬加倍，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.

尋求推動以網站為基礎之轉換的廣告主，在 ATT 期間相對更具韌性，因為許多廣告主早已導入我們的 Snap Pixel，並對我們的第一方衡量解決方案建立信心。

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，本季電商時尚公司 PANGAIA 透過 Snap Ads、Story Ads 與 Dynamic Ads 運用我們的 Pixel 購買最佳化，帶來 5 倍的廣告支出報酬（ROAS），高於其 2 倍目標。我們持續投資於銷售與銷售支援團隊，以在全球更好地服務我們的廣告合作夥伴。

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，我們從區域型銷售架構轉向依產業垂直化（verticalized）的銷售團隊，讓我們能更聚焦於不同行業廣告主所需的特定支援。

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.

由於北美以外地區團隊規模較小，我們在全球推動相同轉型的過程中，垂直化速度較慢；國際團隊也未能獲得我們在北美提供給銷售團隊那樣程度的周邊支援。2021 年，我們在北美以外超過 10 個市場進行了大幅投資，這些市場合計的數位廣告市場規模超過 2,700 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.

其核心包含三項投資原則：第一，我們投資於 Snapchat 觸及超過 70% 的 13 至 34 歲族群、且為大型且成熟的數位廣告市場之地區。這些市場是我們認為可在國際上隨時間提升預算占比的機會所在。

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.

第二，新增資源將提升在地與區域的決策授權。決策速度越快，我們就越能服務廣告客戶，也越能更快推動業務成長。

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，我們看到當某個地區具備完整的跨職能資源配置（full stack），包含商務行銷、衡量與產品行銷等職能時，我們在當地市場的相關性更高，並能更快帶動營收成長。

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.

今年我們在建置這些資源方面已取得許多進展，並對其帶來實質影響的潛力感到振奮。我們也持續大力投資於影片廣告產品。

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 dentsu 團隊合作進行其注意力經濟研究，結果顯示 Snapchat Commercials 的被觀看可能性超過兩倍，且每 1,000 次曝光的專注秒數為數位廣告平台平均值的 6 倍。Commercials 一直是大型品牌與成效型廣告主都很受歡迎的廣告格式。

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 進行了一項多組別（multi-cell）的無品牌（brand-less）研究，除 Snap Ads 外，也探討 Commercials 的多產品效應。接觸到 Snap Ads 與 Commercial 的使用者，品牌認知提升 12 個百分點、廣告認知提升 13 個百分點、行動意圖提升 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.

擴增實境（AR）代表我們最令人振奮的長期營收機會之一。AR 的獨特之處在於，它是一種完全沉浸式且可互動的體驗，能為廣告主帶來可衡量且可重複的投資報酬。

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，我們看到許多廣告主透過我們用於 AR 的 GBB Pixel 購買最佳化，加大對 AR 廣告的投資，為 Snapchatters 帶來跨越彩妝、零售、串流、外送、科技與電商等垂直領域的獨特體驗。

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.

我們已大力投資打造工具與能力，讓廣告主更容易建立、管理並部署其 AR 體驗。例如，彩妝公司 MAC 使用我們的自助式 Lens Web Builder 工具（現已廣泛提供給所有美妝品牌），建立了多款 AR 試妝 Lenses。

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.

該活動最終帶動 130 萬次試用，品牌認知提升幅度高出 2.4 倍、意圖提升幅度高出 9 倍；在女性 Snapchatters 中，購買提升幅度高出 17 倍。這類成果反映了我們所觀察到的更大轉變：AR 正在改變電商。

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.

我們相信，AR 代表一種以消費者為中心的轉變，改變我們社群透過虛擬試用與視覺化來購物與體驗新品的方式，讓消費者能從「看起來不錯」跨越到「我用起來也不錯」。這個跨越可協助零售商降低退貨並提高轉換率。

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.

我們的重點是降低在 Snapchat 內外建立與分發 AR 體驗的摩擦。在成功的 Beta 計畫之後，上週我們全面推出全新的、由商品目錄驅動（catalog-powered）的 Shopping Lenses——這是一種全新格式，旨在透過擴增實境實現購物。

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 Lens 都包含一張產品卡片，讓 Snapchatters 能即時查看產品名稱、價格與描述等資訊。同時也提供特定 SKU 的產品層級成效洞察，讓廣告主獲得更豐富的回饋。

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.

這也支持我們為廣告合作夥伴推動 ROI 的優先事項，因為它為投放與最佳化提供更豐富的訊號。例如，Ulta Beauty 一直以常態化（always-on）的 AR 策略啟用 catalog-powered Shopping Lenses 的 Beta 測試。該活動在 Snapchat 上帶來 600 萬美元的購買金額，以及超過 3,000 萬次產品試用。更多早期採用者也看到這種新格式的 Lenses 能顯著提升廣告支出報酬（ROAS）與轉換，我們也很期待在 2022 年持續投資。

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.

面對持續的總體環境挑戰與數位廣告產業的變化，我們在 2021 年展現了業務、團隊與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.

這些挑戰尚未結束，但我們對自身應對能力愈發有信心。我們擁有龐大且高度參與的受眾，並持續專注於透過最佳化與衡量來推動 ROI 以支持廣告合作夥伴，投資於銷售與行銷職能，並圍繞影片與擴增實境打造創新的廣告體驗。

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.

我們對長期發展軌跡充滿信心，也很期待在 2022 年落實我們的優先事項。接下來，我想把電話會議交給 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.

謝謝你，Jeremi。我們第四季的財務結果反映了我們的優先事項：擴大社群規模、對業務未來進行聚焦投資，並高效率地擴大營運規模，以推進獲利能力與正向自由現金流。

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.

如 Evan 先前提到，我們的社群在第四季成長至 3.19 億日活躍用戶（DAU），年增 5,400 萬或 20%。在北美，DAU 年增 500 萬或 6%，達到 9,700 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 年增 800 萬或 11%，達到 8,200 萬。在世界其他地區，DAU 年增 4,000 萬或 41%，達到 1.40 億；我們持續執行一年前在投資人日所提出的國際成長策略，包括投資在地語言支援、在地內容、在地行銷合作夥伴關係，以及對在地創作者社群的支援。

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.

第四季總營收為 12.98 億美元，年增 42%，較前一季的 57% 放緩，但仍高於我們在進入本季時的預期。

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.

整體而言，我們在進入本季時預期的總體逆風大致如預期般出現，但我們的直接回應廣告業務自 iOS 平台變更的影響中復甦的速度，比我們預期更快。

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.

總體逆風包括供應鏈中斷與勞動相關因素，這些因素對我們的品牌廣告業務影響最為直接，其中又以品牌業務中的消費性包裝商品（CPG）與餐飲產業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.

這些逆風及其對上層漏斗目標（常作為品牌行銷活動的一部分，例如曝光與觀看）的成長率所造成的影響，是第四季年增率成長較前一季下滑的最大貢獻因素。

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.

若排除餐飲與民生消費品（CPG）產業，我們品牌廣告業務的營收年增約 49%，顯示我們認為在先前提及未受供應鏈與勞動力問題影響的領域，仍持續具備強勁的基本動能。

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，我們來自直接回應（Direct Response）廣告合作夥伴的需求優於預期。而我們的直接回應廣告業務再度成為成長的最大驅動力。我們觀察到，廣告主開始從 iOS 平台變更所造成的初期干擾中復原，以及該變更對我們廣告合作夥伴衡量其廣告投資成效能力所帶來的影響。

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.

進入第四季時，SKAdNetwork 或 SKAN 等第三方解決方案已被我們的廣告合作夥伴廣泛啟用。至第四季末，我們第一方的 Advance Conversions 成效衡量解決方案已為代表超過 75% 直接回應廣告營收的廣告主啟用。

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.

我們在多種中層與下層漏斗的目標導向出價（GBB）目標上實現強勁成長，例如 App 安裝、Pixel 購買、Pixel 註冊與滑動（swipes），且第四季各項營收年增皆達 50% 或以上。

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 App 安裝目標在前一季曾是受 GBB 影響最為負面的項目之一。而其回升至年增 50%，是本季業績超出我們在進入該季時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.

較小一部分的下層漏斗、以 App 為基礎的 GBB（例如 App 內購買），過去在直接回應業務中占比較小，仍持續最受 SKAN 限制影響，例如需達到相對較高的量級門檻，活動才會回傳任何結果。

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.

隨著我們第一方衡量解決方案快速啟用，我們審慎樂觀地認為，使用這些下層漏斗 GBB 的合作夥伴將開始受益於這些解決方案所提供更完整且更即時的成效衡量。

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.

儘管我們對第四季在直接回應業務方面取得的進展感到滿意，但我們預期至少還需要再過幾個季度，廣告主才會廣泛運用這些工具來優化與衡量其行銷活動，並將結果與其業務所觀察到的增量效益（lift）進行校準，最終因此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.

第四季平均 eCPM 年增 46%，主要由整體需求增加所帶動。我們在上一季分享過，第三季在因應 iOS 平台變更影響時，行動成本（cost per action，CPA）上升。我們在第四季於此方面取得顯著進展，使 CPA 趨勢改善。

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.

例如在北美地區，我們觀察到 Pixel 購買與 App 安裝的平均 CPA 皆較前一季下降，儘管兩者的需求與成長在季比上快速上升。持續改善我們的優化與衡量解決方案是首要任務，因為我們致力於為廣告合作夥伴提供具吸引力的廣告支出報酬（ROAS）。

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.

第四季毛利率為 66%，年增約 7 個百分點，季增 6 個百分點。第四季每 DAU 的基礎設施成本為 0.66 美元，低於前一年同期的 0.69 美元，且與前一季一致。

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.

在全球 ARPU 年增 18%，且同期間每 DAU 的基礎設施成本下降 4% 的情況下，我們雲端基礎設施的高效率擴展是毛利率擴張的最大驅動因素。內容成本占營收比重年減約 4 個百分點，為毛利率改善的次大驅動因素。

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.

在第四季期間，我們與其中一家雲端基礎設施合作夥伴完成一項新的多年期協議；並預期今年將與另一家大型雲端合作夥伴完成新的協議，我們預期這將有助於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.

第四季營業費用為 5.30 億美元，年增 44%。如我們所預期，第四季的招募速度加快。員工相關總成本年增 42%，主要由全職員工人數增加 47% 所帶動。

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.

這反映了我們對團隊的持續投資，以及過去一年完成之併購的整合；併購整合約貢獻全職員工人數年增的 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.

行銷是營業費用年增的次大驅動因素，因為我們持續投資行銷計畫，以延續我們在擴大 Snapchatters 社群與廣告合作夥伴方面所建立的動能。第四季調整後 EBITDA 為 3.27 億美元，較去年同期改善 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.

第四季我們實現 42% 的調整後 EBITDA 槓桿（leverage），在持續投資業務未來的同時，也朝向可持續獲利與正向自由現金流邁進。第四季淨利為 2,300 萬美元，較去年同期改善 1.36 億美元，代表淨利槓桿為 35%，並標誌著我們首個 GAAP 獲利季度。

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 億美元的傳導效應，以及投資收益增加 3,200 萬美元（主要由目前已公開交易之投資的未實現收益所帶動），並且利息費用減少 2,500 萬美元，反映可轉換公司債會計準則變更的影響。

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.

上述因素部分被股票基礎給付（stock-based compensation）增加 7,700 萬美元所抵銷。雖然人力規模成長是該費用的最大驅動因素，但與併購相關的長期留任影響，以及因股價較去年同期上升而導致薪資相關稅負增加，也共同推升了該項增幅。

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.

儘管我們持續擴大團隊，並策略性運用股票基礎給付以培養所有權文化並推動長期留任，我們仍專注於以負責任的方式管理這些計畫。

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.

完全稀釋後流通股數年增 4.4%，其中絕大部分成長來自 2021 年完成的 11 億美元未償可轉換公司債提前轉換。若排除可轉換公司債相關稀釋，第四季成長率為 1.2%，相較前一季為 1.3%，去年同期為 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.

雖然我們對此指標的進展感到滿意，但需注意的是，稀釋率（特別是與股票基礎給付相關者）在其他條件相同下，往往與股價呈反向變動，因此隨時間可能受到市場力量影響。

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.

第四季自由現金流為正 1.61 億美元，較去年同期改善 2.30 億美元，主要由前述調整後 EBITDA 的改善所帶動，以及淨營運資金的改善。

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.

本季末我們持有現金與有價證券 37 億美元，高於去年同期的 25 億美元；過去一年發行可轉換公司債的募集資金，已超過我們在同期間為推動業務成長所進行的投資。

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.

在我們討論下一季之前，我想先更新我們的全年表現。2021 年我們社群成長加速，全年平均 DAU 年增 22%，相較 2020 年為 19%。2021 年營收達 41 億美元，年增 64%，為我們成為上市公司以來所觀察到的最高年度成長率。

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，我們的營收已超過倍增，兩年營收複合年成長率（CAGR）為 55%。雖然我們在 2021 年積極投資於業務未來，但我們將毛利率擴大 5 個百分點，並在過去一年將增量營收的 35% 轉化至調整後 EBITDA。至今我們已連續兩年達成調整後 EBITDA 獲利，並在第四季實現首個淨利獲利季度。

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.

在 2021 年，我們實現了首個完整年度的正向自由現金流，達 2.23 億美元。這標誌著一個關鍵轉折點，因為我們如今具備為未來業務投資自籌資金的能力，這使我們比以往任何時候都更有條件提前推進我們的產品路線圖，為我們的社群與合作夥伴交付成果。

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 年也進一步強化了資產負債表，年底持有 37 億美元的現金及有價證券、23 億美元的未償還可轉換公司債，且在 2025 年之前沒有到期的債務。

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，各平台動能強勁，且業務已為未來做好良好布局。展望第一季（Q1），營運環境仍具挑戰。我們的廣告合作夥伴在第四季（Q4）面臨的許多供應鏈與勞動力相關逆風，在進入 Q1 時仍然是挑戰。此外，儘管我們在 Q4 因應 iOS 平台變更方面取得顯著進展，但我們認為，廣告合作夥伴至少還需要再花幾個季度，才能對我們新的衡量解決方案建立充分信心。

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，進入 2022 年後，與前一年的比較基期也逐步變得更具挑戰，因為 2021 年第一季（Q1）的營收成長率曾加速提升 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，以及我們看到大量可在業務中進行高效率投資的機會，我們預期 2022 年將是重要的投資年度。

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 年新增投資的影響，與 2021 年投資的全年影響相加後，我們預期在未來一年，增量營收流入調整後 EBITDA 與淨利的比例將會較小。

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.

即便如此，我們仍致力於持續產生正向自由現金流，並持續以負責任的方式管理我們的完全稀釋後流通股數。就 Q1 而言，我們的財務指引假設 Q1 的 DAU 約為 3.28 億至 3.30 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.

在變現方面，我們目前估計 Q1 營收將介於 10.3 億至 10.8 億美元，意味著 Q1 年增率約為 34% 至 38%。基於我們的營收指引與計畫中的投資水準，我們預期 Q1 的調整後 EBITDA 約為損益兩平。感謝各位今天參與我們的電話會議，接下來我們將開始回答各位的提問。

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

（接線員指示）。我們的第一個問題來自 Morgan Stanley 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.

我是代替 Brian Nowak 的 Brenda Duverce。我們有兩個問題。第一個問題是，你們在 IDFA 方面已取得很大進展，但看起來仍至少需要再花幾個季度才能重建充分信心。

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?

你能否談談——你能否和我們談談，為了進一步縮小 IDFA 衡量與歸因方面的挑戰、並努力讓廣告成長回到更接近去年 Analyst Day 目標，你們需要在關鍵技術或上市（go-to-market）領域執行到位的事項有哪些？

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

第二個問題是，第四季（4Q）新廣告主成長貢獻有沒有任何更新？以及你們如何看待第一季（1Q）廣告主成長的貢獻？

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.

謝謝你的提問。我是 Jeremi。你說得對，我們預期廣告合作夥伴可能至少還需要再花幾個季度，才能將這些新的衡量解決方案與他們在自身業務中看到的結果進行校準。他們目前正在運用一長串不同的三角驗證策略，包括提升（lift）研究、AV 研究以及這類方法。

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，我們確實預期他們需要一些時間，才能對這些新工具建立充分信心。不過即便如此，我們對於在 Q4 與廣告合作夥伴取得的進展感到相當滿意。

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.

目前，代表我們超過 75% 直接回應（DR）營收的廣告主，已啟用我們的第一方衡量解決方案，並可將這些工具與我剛提到的第三方衡量解決方案搭配使用，以最佳化並衡量他們的行銷活動。我認為，把它視為一段大致分為三步的旅程很重要。

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.

首先，廣告主需要先啟用，這樣才有可能使用這些工具；接著他們需要主動使用；然後在全面採用之前，他們需要對這些工具建立信任與信心。

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.

儘管我們預期這些變更將持續影響我們的業務，且我們也預期未來可能還會有額外的平台變更，但我們仍對直接回應廣告業務的長期成長前景（如各位所聽到的）以及我們在隱私安全的環境中為廣告合作夥伴交付成果的能力保持信心，而這一點正變得愈來愈重要。

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.

我們的團隊非常——我們的團隊確實非常專注於協助廣告主採用我們的第一方解決方案。我們已稍微談到過，也就是 Advanced Conversions（進階轉換）。

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.

再重申一次它是什麼：Advanced Conversions 會運用密碼學技術來衡量彙總的轉換資料。它不會將應用程式安裝或造訪網站等站外活動，直接回連到特定的 Snapchat 使用者。

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.

我們正在運用資料——隱私安全的資料處理管線與技術（例如分群 cohorting），以比對由廣告主提供的曝光資料。我們也持續透過 Estimated Conversions（預估轉換）等功能來改進 Advanced Conversions；該功能會以即時資料補強已觀測到的轉換資料，協助——我們的廣告主更妥善地運用其廣告預算做出決策。因此我們確實非常專注於協助廣告主採用這些解決方案。

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.

至於你第二個關於新廣告主成長貢獻以及我們如何看待的問題，如同我們事先準備的發言所提到，Q4 的活躍廣告主數再度創下歷史新高。我們不會就活躍廣告主數量提供指引。作為廣告需求飛輪的一部分，我們的目標當然是持續增加平台上的活躍廣告主數量。

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.

我們可供每一次曝光選擇的廣告越多，那次曝光對 Snapchatter 就越可能更相關；而我們對最佳化與衡量的投入，也持續確保 Snapchatter 看到最符合他們的廣告，進而帶來更好的轉換率。

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，我們以 Beta 方式測試了多項產品，以吸引更多廣告主加入，並在 Snapchat 上以自然方式成長其業務，其中包括企業公開檔案（public profile for businesses），我們正更廣泛地推出。此外，當然還有我們提到過的 AR Shopping Lenses（AR 購物鏡頭），企業可以在不投放廣告的情況下建立並試驗這些功能。我們對 2022 年及未來的這些項目都感到非常興奮。謝謝你的提問。

Your next question comes from Eric Sheridan with Goldman Sachs.

下一個問題來自 Goldman Sachs 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?

想請教一個簡短問題，延續電話會議前半段的內容。你們正在推進的長期計畫，涵蓋產品、內容與合作夥伴關係。我們能否更深入了解這對 2022 年與 2023 年可能意味著什麼，以及它如何回流到投資週期中？

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.

好的，當然。謝謝你的提問。我們對長期發展非常興奮，尤其是我們目前在 Snapchat 上看到擴增實境（AR）有很強的動能。每天有超過 2 億人與 AR 互動。

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.

我想，人們每天使用我們的相機，在 Snapchat 上玩 Lenses 的次數超過 60 億次。我們現在所做的，是把這些技術不僅持續為開發者改進，也讓企業更容易使用，並特別在電商與零售領域協助他們，讓消費者能透過我們的相機試用產品並更容易完成轉換。

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，我們在短期與中期的許多投資，主要聚焦在智慧型手機的擴增實境，因為我們看到那裡有極其龐大的機會。再把視野拉得更長遠一些，我們也對 Lens Studio 開發者工具的演進感到非常興奮，以及它未來將如何支援我們的 Spectacles 眼鏡上的擴增實境。

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.

我們在去年發布了第一代獨立式 AR 眼鏡，並持續在此基礎上建構與演進該平台。因此，短期與中期在智慧型手機 AR 上仍有大量工作要做；當然，我們也在為更長期的未來打造——將運算能力疊加於真實世界之上的未來。

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（Bank of America）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?

兩個問題。過去兩年你們在 ARPU 上取得了很大進展，但仍有一些服務尚未變現。所以能否先幫我們回顧一下你們目前在 ARPU 旅程中的位置？另外，當然今天的重點問題是，看起來你們與 IDFA 相關的逆風可能比同業小。你們能否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.

Justin，我是 Derek。我來回答這兩個問題。我認為第一個關於 ARPU 的問題，我們在這段旅程中其實仍非常早期，我相信我們在 ARPU 方面仍有很大的成長空間。目前我們的大部分營收來自內容（Content）業務。隨著持續優化、eCPM 成長，以及透過 Spotlight 擴展內容業務，我們仍看到這裡有很大的成長空間。

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.

我認為很重要的是，正如你提到的，我們在一些目前變現程度相對較低或尚未變現的畫面上，已經有很高的互動度，特別是相機（Camera）和地圖（Map）。而我們並不是——我們今天確實有在相機上變現，但鑑於我們的 App 打開就是相機，而且絕大多數 Snapchat 用戶每天都會使用 AR，我們在這個畫面上已經擁有巨大的廣告庫存潛力，我們也正在大力投資，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.

在地圖方面，我們目前尚未變現，但我們正在打造約 3,000 萬個地點所構成之地圖的實用性基礎模組（building blocks of utility），並且對於地圖未來有潛力成為一個新類別廣告主的入口（on-ramp），感到非常興奮。

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.

所以還有很多事情要做，我們也正在大力投資，執行我們認為組織良好的一套計畫，以便隨著時間推進，掌握我們所看到的 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.

第二個問題是關於與 IDFA 相關的逆風。我認為我們在打造業務時，就把「隱私設計」（privacy by design）作為產品核心，包括我們的廣告平台。

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 平台上看到的這些變更所帶來的影響，對我們的業務而言，可能會與其他公司有所不同。

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.

ATT——App Tracking Transparency（ATT）大幅擾亂了我們的廣告合作夥伴過去習慣用來鎖定受眾與衡量其廣告投資成效的方式。當這些變更實施時，這對他們的業務造成了顯著的干擾，也因此對我們的廣告需求帶來了重大的擾動影響。

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.

而我們看到這些影響主要以兩種方式呈現。第一是我們如何為合作夥伴優化廣告，包括如何以符合隱私安全的方式，在正確的時刻把正確的廣告呈現給正確的 Snapchatter。我們在一年多前就開始著手解決這部分問題。因此，在 iOS 平台變更擾亂市場之前，我們已經取得了很多進展。在許多情況下，我們相信我們能在縮小這些差距方面取得顯著進展，一部分原因是我們專注且反應敏捷，另一部分原因則是我們的業務從一開始就建立在一套隱私安全的原則之上。即便如此，我們在優化這段旅程上仍非常早期，未來仍有很大的空間能持續為廣告主創造更多價值。

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.

第二個影響主要在衡量（measurement）。我們在上個季度提到，隨著 iOS 平台變更的實施，我們認為這是對我們業務最迫切的議題。我們當時這麼認為，現在也仍然這麼認為：我們的廣告平台仍能為廣告合作夥伴帶來成果，但廣告主需要採用新的工具來衡量並看見這些成果。

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.

進入本季度時，SKAN 或 SKAdNetwork 已經在我們的廣告主中廣泛啟用。但在第四季期間，我們看到第一方（first-party）解決方案的啟用有所進展。到季度末，代表我們超過 75% 直接回應（DR）營收的廣告主，已啟用我們的第一方衡量解決方案。

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，我們仍有更多工作要做，以推動這些新解決方案的廣泛使用，並在合作夥伴之間建立對它們的信心，但我們對目前取得的進展感到滿意。希望這能讓你對我們在這個領域看到的情況，以及我們一路以來的應對方式，有更多一些脈絡理解。

Our next question comes from Rich Greenfield with LightShed Partners.

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

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?

兩個問題。第一，DAU 顯然看起來不錯。我想，用「穩健」來形容可能最貼切。但我認為，如果你能幫我們更了解一些表面之下的情況，尤其是在美國。當你們思考使用時長、互動度，或你想用的任何方式來看，無論是環比或同比，過去 24 小時投資人顯然非常擔心 TikTok 對 Meta 這類公司的影響。實際上在 Snapchat 平台上，尤其是在你們變現占比非常高的美國市場，使用時長與互動度到底發生了什麼變化？

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?

第二，我看到——顯然在事先準備的發言中，我想 Jeremi 提到了品牌投放（brand spend），就你們在第四季看到的逆風而言。我也記得你們談到 CPG 和餐廳是關鍵領域。我想問的是——我知道你們仍看到供應鏈問題，但在第一季的前——基本上第一個月，相較於第四季在品牌投放方面，有沒有任何改善？

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.

謝謝你，Rich，這個問題。我可以談談互動度。我認為多年來我們非常努力，將產品供給從僅僅與親友溝通，擴展到 Stories，當然也包括我們的地圖（Map），以及現在的 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.

而我認為，隨著我們整體用戶基礎的成長，我們看到人們因各式各樣不同的原因來到 Snap，然後在我們不同的產品之間流動與遷移。

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.

所以，雖然我們確實在影音娛樂方面與 TikTok、Instagram 和 YouTube 競爭，但我們也有服務中的不同領域，例如地圖或 AR 平台，在那裡我們看到非常強的互動。

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."

而我認為，特別就 Stories 以及影音成長而言，我在先前幾次財報電話會議中也稍微談過——延續我們在疫情期間看到的趨勢：我們看到人們為朋友發布的 Stories 變少、觀看朋友 Stories 的次數也變少。但同時，我們看到大家觀看更多高品質內容（premium content），也在 Spotlight 觀看更多內容。因此那裡確實出現了一些組合轉移（mix shift）。例如，我們的一些用戶研究中，當我們與社群交流時，他們會說：「天啊，在疫情期間，我沒辦法和朋友出去做那麼多很酷的事情，所以我發的 Stories 變少了」或「Stories 變得沒那麼有趣，因為我的朋友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.

所以我們還得觀察這會如何發展。顯然，Omicron 對我們來說在這方面有點挫折。但整體而言，Snapchat 的核心仍然是親友。我認為我們提供的是一個非常差異化的產品，不僅在 Stories 和部分娛樂產品上如此，也體現在我們整個服務、所有不同平台之中。

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.

Rich，我也來回答第二部分。非常感謝你的提問。你提到了餐廳以及 CPG，而現實是我們在這些特定領域並沒有看到太多變化；供應鏈中斷與勞動力中斷如預期般發生，而且在新的一年仍未解決、仍然沒有緩解。

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，當你看營收並把它拆開來看時，若排除餐廳與 CPG 產業，我們品牌廣告（Brand Advertising）業務的營收同比成長約 49%（大致如此），這顯示在先前提到未受供應鏈與勞動力問題影響的領域，我們認為仍存在持續且強勁的基本動能。

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.

我們預期這種情況會持續——這些宏觀環境仍在影響廣告需求，因為在許多情況下，從實務角度來看，他們的業務並沒有足夠的庫存或營運產能，來支撐由行銷所帶來——所引發的額外需求。

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，我們也有很多類別，特別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許多這些垂直領域，而它們的表現仍然良好。例子包括旅遊、串流媒體、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.

而且很棒的是，我們能夠建立這些靈活、敏捷的團隊，並支援他們、訓練他們熟悉可能並非其核心專長的類別，以確保我們能把握順風類別的機會，並將部分資源從逆風類別轉移出去。

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.

但對我們而言，持續支援那些可能面臨一些逆風的類別也非常重要，因為從長期來看，他們絕對是我們的合作夥伴。我們也會持續投入，與他們一起學習、一起成長，並相應調整我們的資源配置，以確保能把握有順風的領域。不過謝謝你的提問。

Our next question comes from Ross Sandler with Barclays.

下一個問題來自 Barclays 的 Ross Sandler。

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，我想延續上一個問題。如果我們要估算仍處於 iOS 負面影響區間的營收桶（revenue bucket），也就是你先前提到的這些較低漏斗的 GBB 活動，大概是 25% 嗎？是 Snap 業務的 30% 嗎？而該區域的營收成長受到多大程度的影響？

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?

另外，如果我們看 Snap 其餘 70%、75% 不在影響區間的營收，是否可以說那部分的成長，大致上與你們目前以及可預見未來的 50% 長期目標一致？

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?

第二個問題——抱歉有點冗長——當你們說 DR 的復甦比預期更快時，是指 DR 廣告主的每月支出，因為採用新工具並對 Pixel 等做出這些變更，而正在增加嗎？還是他們只是有了更好的可視性，而支出會在幾個季度後、當營收實際復甦時才會增加？

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.

Ross，我是 Derek。我會盡我所能回答這些問題（希望我都記得）。我想第一個問題是關於我們業務的組成，以及其中有多少部分真正受到各種逆風的影響。

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.

我認為可以說，在第四季，我們面臨的逆風主要集中在我們業務中相對有限的一部分。而整體營收表現也顯然反映了這一點。從高層次來看，我們原本就預期第四季可能會面臨一些與供應鏈因素與勞動力因素相關的宏觀逆風，而我們確實看到了。

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.

正如我在事先準備的發言中提到的，這些影響主要集中在我們品牌廣告業務中的幾個產業，特別是餐廳與民生消費品（CPG）類別，分別受到勞動力、供應鏈以及投入成本因素的影響。

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，除了這兩個產業之外，我們品牌廣告業務的營收年增接近 50%，顯示我們認為該業務仍具有相當強勁且持續的內在動能。

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.

而在 DR 方面，同樣地，我們在多項中漏斗與低漏斗的目標導向出價（goal-based bidding）目標上，看到了非常強勁的成長回升，例如 App 安裝、Pixel 購買等，其中相當多在第四季的年增率達到 50% 或更高，在某些情況下甚至更高。

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.

但我們也同樣看到 DR 業務中的一些區塊，特別是最底部漏斗、以 App 為基礎的目標（例如 App 內購買），仍然最直接地受到 iOS 平台變更的影響，包括 SKAN 的限制——在那裡，要讓一個活動回傳任何結果，門檻相對較高。

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，正如我在事先準備的發言中提到的，我們正在推進相關工作，包括啟用我們的第一方衡量解決方案，以協助補足其中一些衡量缺口，包含該門檻限制所帶來的影響。

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.

所以當我整體來看我們的結果時，你可以看到 DR 業務中有很大一部分以這些較高的成長率在成長，而品牌業務中也有很大一部分以較高的成長率在成長。

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，我們也在這些業務中面對幾項逆風，包括宏觀因素與平台變更。因此，你會看到業務中有一些區塊——而且是雙方中相對少數的部分——正在對整體造成影響。

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.

希望這能讓你清楚了解目前發生了什麼，以及影響主要侷限在哪些業務區塊。非常感謝，也希望這能提供你所需要的背景脈絡。

Our next question comes from Doug Anmuth with JPMorgan.

下一個問題來自 JPMorgan 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.

我是 Katy，代 Doug 提問。首先，我想深入了解用戶。你們的年度 DAU 淨新增在 2020 年改善，並在 2021 年再次改善。所以我很好奇，你們如何看待 2022 年的淨新增，相較於你們在 2019 年、疫情前所看到的水準。

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?

第二，我想了解你們對競爭的最新看法。感覺許多社群同業都提到整個產業的競爭正在普遍加劇。相較於同領域的其他產品，你們在視覺化溝通方面的努力，如何讓產品與體驗形成差異化？

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.

就問題的第一部分，我理解你所說的淨新增，特別是指 DAU 以及我們在那方面的成長。第一，我想我們在一年多前的投資人日中，已經稍微說明了我們的國際化作戰手冊（international playbook）以及我們為了推動全球社群成長而計畫進行的投資。

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.

過去一年我們持續依照該計畫執行，包括在在地內容、在地行銷合作夥伴關係，以及建立在地創作者社群方面的大量投資；我們也持續執行並因此看到強勁成果。特別值得一提的是，這是我們連續第五個季度達成 20% 或更高的年增率，且 DAU 總新增達 5,400 萬。

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.

因此在社群基礎方面有不錯的動能。我們將持續依照該作戰手冊執行，並投資於我們的平台與產品，以支持社群隨時間成長。希望這能對我們目前看到的情況提供一些觀點。

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.

我也可以談談競爭以及我們如何看待它。這是一個高度競爭的產業，而且一直都是。當我們創立 Snap 時，Facebook、Instagram、YouTube、WhatsApp 等產品都已經存在，而且都非常非常大。因此 Snap 一直以來都能成長，主要是透過持續的產品創新以及專注於我們的社群。

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，人們想透過我們的相機以視覺方式表達自我。接著我們把這點延伸並打造成 Stories 產品，讓人們能以敘事的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.

我們也了解到人們想看看世界各地正在發生什麼，所以我們打造了 Map。而更近期，當然，我們打造了 Spotlight 來呈現 Snapchat 最精彩的內容。

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.

因此我們持續創新並演進我們的產品。我們相信，這是長期在科技產業中競爭的唯一方式；而我們也對擴增實境的未來感到非常興奮，並在其中投入大量時間。

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.

而這也正是我們長期成長在創新層面不受限制的地方，因為我們正在打造像 Spectacles 這樣的新產品，並持續演進我們的 AR 平台。所以我們對於能持續推進這股產品動能感到非常興奮。最終，我們長期能否在這裡勝出，將取決於創新——一如既往。

Our next question comes from Lloyd Walmsley with UBS.

下一個問題來自 UBS 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?

很好。我有兩個關於 AR 廣告面的問題。我想，第一個是，就廣告主採用情況而言，你們看到什麼趨勢？你們是否看到在 DR（直接回應）廣告主以及透過自助式平台的採用正在加速？還是目前仍主要以品牌認知為目的來購買？

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?

第二個問題，從客戶的角度來看，就例如營收留存而言，你們觀察到什麼？廣告主是否會回來、在 Lenses 上持續投放並擴大規模？另外，目錄購物（catalog shopping）如何改變你們與廣告主的對話？

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.

非常感謝你的提問。我很高興你問到這個。我們確實相信，相機與擴增實境代表我們最令人振奮的長期營收機會。而我們也看到品牌方開始為其業務建立「常態開啟」（always-on）的 AR 策略，而我們正在針對這些策略交付成果。

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，擴增實境最棒的一點在於，它是一種完全沉浸式的體驗，Snapchat 使用者是主動選擇參與，而不是被動接收或被投放的內容；而且它現在正在為企業帶來可衡量且可重複的投資報酬。就你提到的重點而言，這對直接回應廣告主極其重要，也正鼓勵越來越多企業投資擴增實境。

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.

你說得對，當我們最初為廣告主推出 AR 時，它有點被視為下一個閃亮的新事物、一個大型品牌時刻，偏向更有趣、更不拘一格。但隨著時間推移，我們一直在演進企業看待它的方式：不只是廣告格式，而是一種品牌可以打造、用來推動業務成長的體驗。

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.

我們投入了非常多資源來打造工具與能力，讓創建擴增實境更容易，進而讓它能成為人們「常態開啟」生態系的一部分，並可管理與部署其 AR 體驗。你也在事先準備的發言中聽到我們提到像 MAC 與 Ulta 的成果，他們開始看到極其驚人的成效；例如，MAC Lens 使用我們的 Lens Web Builder 工具就達成了 130 萬次試妝（try-ons），我認為這是最好的例子。

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.

當廣告主開始看到那樣的成果時，你可以想像其留存度會非常高，而相似（look-alike）的廣告主也會想開始做很多相同的工作，以便利用擴增實境把每次試用成本（cost per try-on）降下來。

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類成果，正反映出我們所觀察到的一個更大轉變：AR 正在改造電子商務。

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.

而電子商務顯然是一個我們預期會持續成長的長期趨勢；隨著這些以消費者為中心的變革持續發生，我們也將透過 AR 與其一同成長。我們對擴增實境作為產品的未來感到非常興奮，特別是它能為優秀的廣告主帶來成果，並搭配出色的衡量解決方案。

Our next question comes from Brent Thill with Jefferies.

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.

Derek，我有幾個簡短問題。第一個是關於價格與曝光量成長的組合（mix）。如果你能分享一下你們的看法以及目前看到的情況。

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?

第二個，大家都明白你們在投資人日提出的目標，在短期內很可能暫時擱置，也就是 50% 以上的營收成長。但你和團隊對長期而言，仍如何看待並維持對該目標的承諾？

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.

Brian，我是 Derek。謝謝你的提問。就曝光量與定價成長而言，我想先說，顯然我們在第四季觀察到 CPM 上升。我們年增 46%，主要由需求在季比與年比的大幅上升所帶動。

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.

從較高層次來看，在我們目前的成長階段，我們仍將 eCPM 在某種程度上視為一個輸出指標。我們仍相信在許多廣告單元上，eCPM 仍有成長空間；但也有數個相互競爭的力量會影響 eCPM，其中許多是我們能施加影響的，而它們也可能對 eCPM 造成下行壓力。其中一個因素是我們社群的成長，而我們的社群已連續 5 個季度以 20% 或更高的速度成長。

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.

第二個因素，是透過擴大應用程式中高度互動區域的變現，來擴大我們的庫存機會，包括相機、Spotlight 和地圖（Map），以及我們今天稍早談到的其他部分。

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.

而在這些不同的畫面上——它們在變現方面各自處於不同的程度與階段。我們今天已在相機上變現，並在那裡為長期大力投資 AR 廣告能力。但我們尚未開始變現 Spotlight 或地圖；我們在非常短期內也不覺得有迫切性要這麼做。不過，我們正在投資以成長這些平台，並對這些畫面在時間推移下擴大我們的庫存與 ARPU 的潛力感到興奮。

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.

在這個等式的另一端，是我們直接回應業務在優化與衡量方面的改善，這能幫助我們更有效率地利用庫存，而這通常會對 eCPM 形成上行壓力。

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，在我們最近一季的北美市場，我們觀察到 Pixel 購買與 App 安裝 GBB 的平均 CPA 出現季比下降，儘管這兩者的需求都快速季比成長。

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，隨時間持續演進並調整我們的優化與學習解決方案，對於幫助我們為廣告主帶來具吸引力的回報非常重要，同時也會影響 eCPM。希望這能讓你稍微理解我們如何看待定價在內部運作下的動態，以及其隨時間的變化。

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.

至於更長期的潛力，我想我首先要說的是，我們仍相信支撐我們長期機會的基礎要素，仍如同我們在投資人日所描述的那樣保持完好。因此，我們對於未來幾年業務可達到的方向與高度，仍維持不變。

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.

例如，就這些基礎要素而言，我們的社群正以我們超過 4 年來所報告過的最快增速之一在成長。我們在全球一些最具吸引力的廣告市場中，對難以觸及的受眾仍有很深的滲透率。我們也仍有顯著機會在各個畫面上擴大變現，正如我們剛才所談到的。

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.

但如同我上季與你們見面時所說，通往那個長期 ARPU 機會與平台長期變現潛力的路徑，從來不被預期、也確實不是一條直線。我們現在已交出過去兩年的營收年複合成長率（CAGR）為 55%。但在那兩年期間，我們也曾有季度的年增率低至 17%、高至 116%，因為我們在宏觀逆風、平台變動與疫情之間持續調整前行。

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.

在這一切過程中，我們一直、也將持續專注於執行我們認為組織良好的一套計畫，以實現我們所看到的長期潛力。希望這能提供一些脈絡，說明我們如何思考這件事以及我們對未來的看法。

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.

以上為我們的問答環節，以及 Snap Inc. 2021 年第四季財報電話會議的全部內容。感謝各位參與今天的會議。您現在可以掛線。