Snap Inc (SNAP) 2020 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to Snap Inc.'s Fourth Quarter 2020 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 2020 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。 Betsy Frank，投資者關係高級總監。你可以開始了。

Thank you, and good afternoon, everyone. Welcome to Snap's Fourth Quarter 2020 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. Earlier today, we made a slide presentation available that provides an overview of our user and financial metrics for the fourth quarter 2020, which can be found on our Investor Relations website at investor.snap.com.

謝謝大家，大家下午好。歡迎參加 Snap 2020 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。今天早些時候，我們提供了一份幻燈片演示文稿，概述了我們 2020 年第四季度的用戶和財務指標，可在我們的投資者關係網站investor.snap.com 上找到。

Now I will cover the safe harbor. Today's call is to provide you with information regarding our fourth quarter 2020 performance in addition to our financial outlook. This conference call includes forward-looking statements. Any statement that refers to expectations, projections, guidance or other characterizations of future events, including financial projections, future market conditions, or the impact of COVID-19 on our business and on the economy as a whole is a forward-looking statement based on assumptions today.

現在我將覆蓋安全港。今天的電話是為您提供有關我們 2020 年第四季度業績以及我們的財務展望的信息。本次電話會議包括前瞻性陳述。任何涉及對未來事件的預期、預測、指導或其他特徵的陳述，包括財務預測、未來市場狀況或 COVID-19 對我們的業務和整體經濟的影響，都是基於以下因素的前瞻性陳述今天的假設。

Actual results may differ materially from those expressed in these forward-looking statements and we make no obligation to update our disclosures. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as risks described in our quarterly report on Form 10-Q for the quarter ended September 30, 2020, particularly in the section titled Risk Factors. This information can be found in our other filings with the SEC when available.

實際結果可能與這些前瞻性陳述中表達的結果大不相同，我們沒有義務更新我們的披露。有關可能導致實際結果與前瞻性陳述產生重大差異的因素的更多信息，請參閱我們今天發布的新聞稿以及我們在截至 2020 年 9 月 30 日的季度的 10-Q 表格季度報告中描述的風險，特別是在標題為“風險因素”的部分中。這些信息可以在我們向美國證券交易委員會提交的其他文件中找到。

Our commentary today will also include non-GAAP financial measures, and we believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our press release issued today, a copy of which can be found on our Investor Relations website.

我們今天的評論還將包括非 GAAP 財務指標，我們相信這些非 GAAP 財務指標的使用為投資者提供了一種額外的工具，可用於評估持續的經營業績和趨勢。這些措施不應與根據公認會計原則編制的財務信息隔離或替代。我們報告的結果的 GAAP 和非 GAAP 指標之間的調節可以在我們今天發布的新聞稿中找到，其副本可以在我們的投資者關係網站上找到。

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. At times in our prepared remarks or in response to questions, we may offer additional metrics to provide greater insight into our business or our quarterly and annual results. This additional detail may be onetime in nature, and we may or may not provide an update in the future on these metrics. Please refer to our filings with the SEC to understand how we calculate our metrics.

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。有時在我們準備好的評論或回答問題時，我們可能會提供額外的指標，以更深入地了解我們的業務或我們的季度和年度業績。這個額外的細節可能是一次性的，我們將來可能會也可能不會提供這些指標的更新。請參閱我們提交給 SEC 的文件，以了解我們如何計算我們的指標。

With that, I'd like to turn the call over to Evan.

有了這個，我想把電話轉給 Evan。

Hi, everyone, and thank you for joining us. Our mission is to contribute to human progress by empowering people to express themselves, live in the moment, learn about the world and have fun together. From start to finish, 2020 reinforced the importance of that mission. During one of the most challenging years in recent history for our global community and their loved ones, our team worked hard to find ways to bring people closer together. We've enabled relationships to deepen and flourish even as we're physically apart. We added 16 million daily active users this quarter for a total of $265 million, up 22% year-over-year. This growth validates the broad appeal of our service and the role we play in the life of each member of the Snapchat community.

大家好，感謝您加入我們。我們的使命是通過賦予人們表達自我、活在當下、了解世界和一起玩樂的能力，為人類進步做出貢獻。從頭到尾，2020 年都強化了這一使命的重要性。對於我們的全球社區和他們所愛的人來說，在最近歷史上最具挑戰性的年份之一，我們的團隊努力尋找讓人們更緊密地聯繫在一起的方法。即使我們在身體上分開，我們也使關係得以加深和蓬勃發展。本季度我們增加了 1600 萬每日活躍用戶，總收入為 2.65 億美元，同比增長 22%。這種增長驗證了我們服務的廣泛吸引力以及我們在 Snapchat 社區每個成員的生活中所扮演的角色。

Our quarterly revenue increased 62% year-over-year to $911 million, showing the trust advertisers have placed in us and our community's receptiveness to brands with shared values. We expect our relationships with community members and business partners to become even stronger as our platform continues to evolve. We set an internal goal for full year adjusted EBITDA profitability in 2020, and I'm excited to share that we achieved this with positive adjusted EBITDA of $45 million.

我們的季度收入同比增長 62% 至 9.11 億美元，這表明廣告商對我們的信任以及我們社區對具有共同價值觀的品牌的接受度。我們希望隨著我們平台的不斷發展，我們與社區成員和業務合作夥伴的關係會變得更加牢固。我們設定了 2020 年全年調整後 EBITDA 盈利能力的內部目標，我很高興地分享我們以 4500 萬美元的正調整 EBITDA 實現了這一目標。

As a result of exceptional efforts from our team members around the world and their disciplined execution, our fourth quarter adjusted EBITDA was $166 million. Achieving full year profitability in the midst of such a difficult and destabilizing year proves the resilience of our business and represents an important milestone as we work towards being able to self-fund our investments in the future.

由於我們在世界各地的團隊成員的非凡努力和他們嚴格的執行，我們第四季度調整後的 EBITDA 為 1.66 億美元。在如此艱難和不穩定的一年中實現全年盈利證明了我們業務的彈性，並且代表了我們努力實現未來投資自籌資金的一個重要里程碑。

Snapchat is embraced by a generation that is driving the future. The Snapchat generation, primarily Gen Z and millennials, are 150% more likely to communicate with pictures than words, and 82% of them believe they have a personal responsibility to change the world. Our opportunities to serve and uplift this community in the coming decades will continue to grow, and we are inspired by the world that the Snapchat generation is working to create.

Snapchat 被推動未來的一代人所接受。 Snapchat 一代，主要是 Z 世代和千禧一代，與圖片交流的可能性比文字高 150%，其中 82% 的人認為他們有改變世界的個人責任。我們在未來幾十年服務和提升這個社區的機會將繼續增長，我們受到 Snapchat 一代正在努力創造的世界的啟發。

At the core of this opportunity is the power of our camera. It is one of the world's most used cameras with an average of over 5 billion Snaps created every single day. Cameras are no longer only a means to capture a moment in time or a memory. They now enable a whole world of self-expression and visual communication, and we have worked to drive this fundamental transformation since our founding.

這個機會的核心是我們相機的力量。它是世界上使用最多的相機之一，平均每天創建超過 50 億張快照。相機不再只是捕捉瞬間或記憶的手段。它們現在實現了自我表達和視覺交流的整個世界，我們自成立以來一直致力於推動這一根本性轉變。

We've done this by putting the camera at the center of our application and the center of our strategy and by building businesses around it. Empowering people to communicate visually drives high-frequency engagement with our application with daily active users opening Snapchat 30 times per day on average. This means that improving speed, ease and quality of visual communication are important for growing engagement. We finished rolling out new messaging infrastructure this quarter, making it easy to innovate and add new features within chat while simultaneously improving performance and enabling regionalization of our chat infrastructure.

我們通過將相機置於我們應用程序的中心和我們戰略的中心並圍繞它建立業務來做到這一點。賦予人們以視覺方式交流的能力，推動了我們應用程序的高頻參與，每日活躍用戶平均每天打開 Snapchat 30 次。這意味著提高視覺交流的速度、易用性和質量對於提高參與度很重要。我們在本季度完成了新的消息傳遞基礎架構的推出，從而可以輕鬆地在聊天中進行創新和添加新功能，同時提高性能並實現聊天基礎架構的區域化。

We also made significant improvements to the video quality for Snaps while still ensuring Snapchat is the fastest way to communicate and share a moment. The first platform we built to extend the utility of the Snapchat camera beyond visual messaging was Stories, which allows Snapchatters, publishers, businesses and influencers to express themselves in creative and compelling ways without the pressures associated with traditional social media.

我們還對 Snaps 的視頻質量進行了重大改進，同時仍確保 Snapchat 是交流和分享瞬間的最快方式。我們構建的第一個將 Snapchat 相機的實用性擴展到視覺消息傳遞之外的第一個平台是 Stories，它允許 Snapchatter、出版商、企業和影響者以創造性和引人注目的方式表達自己，而無需承受與傳統社交媒體相關的壓力。

Stories are ephemeral, display content in chronological order and don't have public likes or comments. We have evolved Stories over time to embrace new formats like shows, with total time spent watching shows increasing nearly 70% year-over-year in 2020.

故事是短暫的，按時間順序顯示內容，沒有公眾喜歡或評論。隨著時間的推移，我們不斷改進 Stories 以採用新的格式，例如節目，到 2020 年，觀看節目的總時間同比增長近 70%。

Our commitment to both the quality and integrity of content on our service has driven a lot of this product evolution. Initiatives like our 2018 redesign to separate social content for media content, our content guidelines that we enforce equally across publishers and all community members, and our early decision to create a hand curated platform with Discover, proved valuable as we have been able to provide trusted and reliable content to our community.

我們對服務內容質量和完整性的承諾推動了這種產品的發展。諸如 2018 年重新設計以將社交內容與媒體內容分開、我們在出版商和所有社區成員之間平等執行的內容指南以及我們早期決定使用 Discover 創建一個手工策劃平台等舉措證明是有價值的，因為我們能夠提供值得信賴的和可靠的內容給我們的社區。

For example, during the week of the U.S. presidential election, nearly 30 million Snapchatters watched election-related coverage on Discover from our trusted media partners. We're also excited to see the success that both new and traditional media companies are finding on our content platform. Partners ranging from digital natives like WAVE.tv, Barcroft, Team Whistle and Group Nine to more established media companies like NBC Universal, ESPN and Viacom CBS have each reached over 25 million viewers across their Discover channels in Q4.

例如，在美國總統大選的那一周，近 3000 萬 Snapchatter 觀看了我們值得信賴的媒體合作夥伴在 Discover 上與選舉相關的報導。我們也很高興看到新媒體和傳統媒體公司都在我們的內容平台上取得成功。從 WAVE.tv、Barcroft、Team Whistle 和 Group Nine 等數字原生代公司到 NBC Universal、ESPN 和 Viacom CBS 等更成熟的媒體公司，合作夥伴在第四季度的 Discover 頻道中均擁有超過 2500 萬觀眾。

We launched 10 new Snap originals, including the second season of Will Smith's "Will From Home" a show which has reached 43 million total viewers in its 2 seasons. Offering relevant content to our diverse and growing user base is an important part of our strategy and we launched a record 97 new international Discover channels this quarter. Furthermore, we continue to add shows and publisher content offerings that appeal to older audiences with a 25% year-over-year increase in viewership among our 35-plus audience.

我們推出了 10 部新的 Snap 原創作品，其中包括 Will Smith 的“Will From Home”第二季，該節目在兩季的總觀眾人數達到 4300 萬。為我們多樣化且不斷增長的用戶群提供相關內容是我們戰略的重要組成部分，我們在本季度推出了創紀錄的 97 個新的國際發現頻道。此外，我們繼續添加吸引年長觀眾的節目和出版商內容產品，我們 35 多位觀眾的收視率同比增長 25%。

The camera also drives engagement on our map. Our goal is to build the world's most personalized map, and we made investments years ago that are now paying dividends. Each month, over 250 million Snapchatters open our map, where they can find the people and places that mean the most to them.

相機還可以推動我們在地圖上的參與度。我們的目標是建立世界上最個性化的地圖，我們多年前進行的投資現在正在產生回報。每個月，超過 2.5 億 Snapchatter 打開我們的地圖，他們可以在其中找到對他們最重要的人和地點。

Our community can engage with shared Stories from around the globe and explore new places by tapping on the map. There are now more than 35 million businesses on the map for our community to Discover and connecting local businesses with prospective customers represents a substantial future revenue opportunity for our business.

我們的社區可以與來自世界各地的共享故事互動，並通過點擊地圖探索新的地方。現在地圖上有超過 3500 萬家企業可供我們的社區發現，並將本地企業與潛在客戶聯繫起來，這對我們的業務來說是一個巨大的未來收入機會。

More recently, the power and frequency of use of our camera allowed us to launch Spotlight. We're really excited about the opportunity that this new platform creates for our community to reach a large audience with their most compelling Snaps and to be rewarded for their creativity.

最近，我們相機的功率和使用頻率使我們能夠啟動 Spotlight。我們對這個新平台為我們的社區創造的機會感到非常興奮，他們可以通過他們最引人注目的 Snap 吸引大量觀眾，並因他們的創造力而獲得回報。

We've long watched as some of the best Snaps go viral on other platforms and wish to provide a way for Snaps to reach a large audience on Snapchat, but we struggle to accomplish that in a way that aligns with our values. Spotlight combines a simple submission flow that allows people to submit their best Snaps in just 1 tap with a rigorous review and ranking process that allows us to filter out content that is inconsistent with our guidelines.

長期以來，我們一直看到一些最好的 Snap 在其他平台上傳播開來，並希望為 Snap 提供一種在 Snapchat 上接觸大量受眾的方式，但我們很難以符合我們價值觀的方式實現這一目標。 Spotlight 結合了一個簡單的提交流程，讓人們只需輕輕一按即可提交他們最好的 Snap，還有一個嚴格的審查和排名流程，讓我們能夠過濾掉與我們的準則不一致的內容。

The result is a fun and safe product experience that services the best of Snapchat all in 1 place. Our primary goal in launching Spotlight was to build critical mass, both in terms of video submissions, and audience in a select set of countries so that we could begin to rapidly iterate on content ranking and the overall product experience. We are seeing over 175,000 video submissions per day on average in part due to our incentive program for creators, where we distribute over $1 million per day to the top-performing videos.

結果是一種有趣且安全的產品體驗，將 Snapchat 的最佳功能集中在一個地方。我們推出 Spotlight 的主要目標是在視頻提交和選定國家/地區的觀眾方面建立臨界質量，以便我們可以開始快速迭代內容排名和整體產品體驗。我們平均每天看到超過 175,000 個視頻提交，部分原因是我們針對創作者的激勵計劃，我們每天向表現最佳的視頻分配超過 100 萬美元。

Getting early momentum with creators is vital for attracting new viewers to the Spotlight experience. And these investments have helped Spotlight grow to over 100 million monthly active users in January. Our product and ranking teams have been able to quickly improve our ability to match Spotlight viewers with the right content and we are now working on a broader rollout of Spotlight to our entire community.

獲得創作者的早期動力對於吸引新觀眾到 Spotlight 體驗至關重要。這些投資幫助 Spotlight 在 1 月份增長到超過 1 億月活躍用戶。我們的產品和排名團隊已經能夠快速提高我們將 Spotlight 觀眾與正確內容匹配的能力，我們現在正在努力將 Spotlight 更廣泛地推廣到我們的整個社區。

Our commitment to reinventing the camera is most evident through our advances in augmented reality. Today, more than 200 million people engage with AR on Snapchat every day on average. We have co-developed our vision for augmented reality, together with our growing community. And have created cutting-edge tools and capabilities that allow creators to build increasingly advanced Lenses and distribute them to the entire Snapchat community. We are inspired every day by the creativity of our creator community who have made over 1.5 million Lenses using Lens Studio across a growing variety of use cases.

通過我們在增強現實方面的進步，我們對重新發明相機的承諾最為明顯。如今，平均每天有超過 2 億人在 Snapchat 上使用 AR。我們與不斷發展的社區共同製定了增強現實的願景。並創建了尖端工具和功能，使創作者能夠構建越來越先進的鏡頭並將其分發到整個 Snapchat 社區。我們每天都受到創作者社區的創造力的啟發，他們使用 Lens Studio 在越來越多的用例中製作了超過 150 萬個鏡頭。

For example, during the year when physical gatherings were difficult for many, AR remains integral to empowering Snapchatters self-expression, creativity and connectivity with loved ones during the holidays. For Diwali this year, many Lenses leveraged new body tracking and segmentation capabilities, so people could try on festive Stories in AR. Our community played with Diwali-themed Lenses more than 500 million times, more than 8x the engagement of our Diwali Lenses last year. We are particularly excited about the ways that AR is evolving beyond self-expression, communication and entertainment.

例如，在許多人難以進行實體聚會的那一年，AR 仍然是增強 Snapchatter 自我表達、創造力以及在假期與親人聯繫的不可或缺的一部分。對於今年的排燈節，許多 Lenses 利用了新的身體跟踪和分割功能，因此人們可以在 AR 中嘗試節日故事。我們的社區使用排燈節主題鏡頭的次數超過 5 億次，是去年排燈節鏡頭參與度的 8 倍多。我們對 AR 超越自我表達、交流和娛樂的方式發展感到特別興奮。

For example, our beauty partners have been accelerating their investments in virtual discovery and trial and experiences in response to the COVID pandemic. The Estée Lauder companies brand, Too Face Cosmetics, launched an eye makeup tutorial Lens through Lens studio. The Lens overlays each step of makeup application in augmented reality and can be activated anytime by scanning the products packaging. The brand's Lens organically grew to become one of our top-performing Lenses with millions of people using it to learn about the product.

例如，我們的美容合作夥伴一直在加快對虛擬發現、試用和體驗的投資，以應對 COVID 大流行。雅詩蘭黛旗下品牌 Too Face Cosmetics 通過 Lens studio 推出了一款眼妝教程 Lens。鏡頭覆蓋增強現實中化妝應用的每個步驟，並且可以通過掃描產品包裝隨時激活。該品牌的 Lens 有機地成長為我們表現最好的 Lens 之一，數百萬人使用它來了解該產品。

Other examples include NYX Professional Makeup's virtual store they created in Lens studio, where people can walk around and explore their products in AR. In addition to promoting this experience on their Snapchat Brand Profile, they are also leveraging Camera Kit to distribute their Lens to partners like Triller. We are doubling down on our solutions for beauty with our partnership with Perfect Corp, which will enable hundreds of makeup brands to seamlessly create high-quality makeup AR experiences.

其他示例包括他們在 Lens 工作室創建的 NYX Professional Makeup 虛擬商店，人們可以在其中四處走動並在 AR 中探索他們的產品。除了在他們的 Snapchat Brand Profile 上推廣這種體驗外，他們還利用 Camera Kit 將他們的 Lens 分發給 Triller 等合作夥伴。通過與 Perfect Corp 的合作，我們正在加倍開發我們的美容解決方案，這將使數百個化妝品牌能夠無縫地創造高質量的化妝 AR 體驗。

Beauty is just one of the many areas where we see opportunities to provide valuable utility through augmented reality. We are excited to continue investing in experiences like trying on clothes, visualizing products in your home, learning about the items and locations around you and so much more.

美只是我們看到通過增強現實提供有價值實用程序的機會的眾多領域之一。我們很高興能繼續投資於試穿衣服、在家中可視化產品、了解您周圍的物品和位置等體驗。

We're excited about the progress we're making in collaboration with our partners on Games, Minis, and Snap Kit. For example, Voodoo revamped one of its most popular games Aquapark, so Snapchatters can play in real-time with their friends on Snapchat, complete with in-game Bitmojis. TurboVote supported our Gen Z and Millennial audience during the 2020 election with its voter registration Mini, which helped register more than 1.2 million US Snapchatters.

我們對與我們的合作夥伴在 Games、Minis 和 Snap Kit 方面合作取得的進展感到興奮。例如，Voodoo 改造了其最受歡迎的遊戲之一 Aquapark，因此 Snapchatter 可以在 Snapchat 上與他們的朋友實時玩遊戲，並配備遊戲中的 Bitmojis。 TurboVote 在 2020 年大選期間通過其選民登記 Mini 為我們的 Z 世代和千禧一代觀眾提供支持，幫助登記了超過 120 萬美國 Snapchatter。

We recently launched an integration with Twitter using Creative Kit where Twitter users can share Tweets directly through Snaps and Stories on Snapchat. Bitmoji Kit helps personalize user experiences through peoples beloved avatars, whether on the Samsung default keyboard or when you're sending money on Venmo. We are now powering AR experiences on other apps through Camera Kit, further expanding the opportunity of Lens Studio. In just the past two years since our first partner summit, we have launched several new capabilities and thousands of successful partner integrations, and we look forward to continuing this momentum as we expand our platform.

我們最近使用 Creative Kit 啟動了與 Twitter 的集成，Twitter 用戶可以直接通過 Snapchat 上的快照和故事分享推文。 Bitmoji Kit 通過人們喜愛的頭像幫助個性化用戶體驗，無論是在三星默認鍵盤上還是在您在 Venmo 上匯款時。我們現在通過 Camera Kit 為其他應用程序提供增強現實體驗，進一步擴大 Lens Studio 的機會。自首次合作夥伴峰會以來的短短兩年內，我們推出了多項新功能和數以千計的成功合作夥伴集成，我們期待在擴展平台時繼續保持這一勢頭。

Looking forward, we are focused on continuing our disciplined execution on both our short- and long-term goals for growing our business. We plan to make additional progress on profitability and free cash flow, accelerate our full year revenue growth beyond the 46% year-over-year growth achieved in 2020 and grow our community around the world by improving and localizing the Snapchat product experience. We are also reorganizing our product team around the five core platforms on Snapchat: Map, Communication, Camera, Stories, and Spotlight, which we believe will drive increased focus and operational excellence as we transition each platform into a monetizable business. We've successfully made that transition with Stories, which we monetize with full screen vertical videos ads, and with our Camera, where businesses can pay to promote their Lenses. All of our platforms share the same powerful monetization infrastructure which drives strong ROI for our advertising partners. In time, we look forward to creating new ways for businesses to reach customers on our Map, engage with their customers using Minis and Games in Chat, and extend the reach of their video campaigns on Spotlight.

展望未來，我們將專注於繼續嚴格執行我們的短期和長期目標，以發展我們的業務。我們計劃在盈利能力和自由現金流方面取得更多進展，將我們的全年收入增長加速至超過 2020 年實現的 46% 的同比增長，並通過改進和本地化 Snapchat 產品體驗來發展我們在全球的社區。我們還將圍繞 Snapchat 的五個核心平台重組我們的產品團隊：地圖、通信、相機、故事和 Spotlight，我們相信隨著我們將每個平台轉變為可盈利的業務，這將推動更多的關注和卓越的運營。我們通過 Stories 成功實現了這一轉變，我們通過全屏垂直視頻廣告獲利，以及我們的相機，企業可以付費推廣他們的 Lenses。我們所有的平台都共享同樣強大的貨幣化基礎設施，從而為我們的廣告合作夥伴帶來強勁的投資回報率。隨著時間的推移，我們期待為企業創造新的方式來接觸我們的地圖上的客戶，在聊天中使用迷你和遊戲與他們的客戶互動，並擴大他們在 Spotlight 上的視頻活動的覆蓋面。

Lastly, we see a tremendous opportunity to innovate in e-commerce, which to date has been largely driven by utilitarian benefits such as price, selection and convenience. As we have learned from our progress in providing new ways for people to try on and interact with products using augmented reality, improvements in the shopping experience to make it more entertaining and immersive can lead to powerful downstream results in terms of conversion. We plan to experiment rapidly and plant many seeds because we see this opportunity as very large and still very early in terms of maturity despite the massive step change in adoption due to the global pandemic.

最後，我們看到了電子商務創新的巨大機會，迄今為止，這主要是由價格、選擇和便利等實用利益驅動的。正如我們在為人們提供使用增強現實技術試穿產品和與產品互動的新方式方面所取得的進展一樣，購物體驗的改進使其更具娛樂性和身臨其境，可以在轉化方面帶來強大的下游結果。我們計劃快速進行試驗並播下許多種子，因為我們認為這個機會非常大，而且在成熟方面仍然很早，儘管由於全球大流行而在採用方面發生了巨大的變化。

This year has shown us that there is nothing more important than the people we share our lives with. As the global health crisis is addressed and the world begins to reopen, we see opportunities to help strengthen the bonds of the Snapchat community all over the world and are committed to making sure Snap continues to play a positive and constructive role in people's lives. I look forward to speaking with many of you in a few weeks at our first ever Investor Day when you'll have the chance to meet more of our extraordinary team. Until then, take care and stay safe.

今年向我們表明，沒有什麼比與我們分享生活的人更重要的了。隨著全球健康危機得到解決，世界開始重新開放，我們看到了幫助加強世界各地 Snapchat 社區聯繫的機會，並致力於確保 Snap 繼續在人們的生活中發揮積極和建設性的作用。我期待在幾週後的第一個投資者日與你們中的許多人交談，屆時你們將有機會見到更多我們非凡的團隊。在此之前，請注意並保持安全。

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

我現在將把它交給 Jeremi 來分享更多關於我們業務的信息。

Thanks, Evan. 2020 was an important year for us. We are in the early stages of an inflection point as we work towards becoming a cornerstone of advertisers' media plans and growing our always-on budgets, which positions Snap for a long runway of growth. Not only have we invested for the future, but we also delivered strong results amidst unforeseen challenges throughout the year and demonstrated the resilience of our team, our business, and our ability to deliver strong ROI through one of the most extranormal times in our industry's existence.

謝謝，埃文。 2020年對我們來說是重要的一年。我們正處於拐點的早期階段，因為我們正努力成為廣告商媒體計劃的基石並增加我們始終可用的預算，這使 Snap 能夠實現長期增長。我們不僅為未來投資，而且在全年不可預見的挑戰中取得了強勁的業績，並展示了我們團隊、業務的彈性，以及我們在行業存在的最異常時期之一提供強大投資回報的能力.

In 2020, our full-year revenue was $2.5 billion, growing 46% year-over-year, an acceleration of one percent from 2019. In Q4 2020, we generated revenue of $911 million, a significant acceleration of 18 percentage points to 62% year-over-year growth. These results are a by-product of the hard work being done across all teams at Snap, and validate the decisions we've made around our business structure, our go-to-market strategy, and the products we have built for our community and advertisers.

2020 年，我們的全年收入為 25 億美元，同比增長 46%，比 2019 年增長 1%。2020 年第四季度，我們的收入為 9.11 億美元，大幅增長 18 個百分點至 62%同比增長。這些結果是 Snap 所有團隊辛勤工作的副產品，並驗證了我們圍繞業務結構、進入市場戰略以及我們為社區打造的產品所做的決策，以及廣告商。

While brand advertisers encountered some disruption during the year, direct response advertisers remained steady, as we continued to demonstrate that we are an efficient platform for driving results across down-funnel metrics. In Q1 of 2020, our business grew 58% year-over-year during January and February, but slowed in March and throughout Q2 as the realities of COVID-19 and subsequent economic impacts took hold. However, in Q3 and Q4 we saw many existing advertisers return to Snap and saw many new ones leverage our innovative ad formats and bidding capabilities to drive real business value on our platform. This drove active advertisers to an all time high.

雖然品牌廣告商在這一年遇到了一些干擾，但直接響應廣告商保持穩定，因為我們繼續證明我們是一個有效的平台，可以推動跨漏斗指標的結果。在 2020 年第一季度，我們的業務在 1 月和 2 月期間同比增長 58%，但在 3 月和整個第二季度，隨著 COVID-19 的現實和隨後的經濟影響開始出現，我們的業務增長放緩。然而，在第三季度和第四季度，我們看到許多現有廣告商返回 Snap，並看到許多新廣告商利用我們創新的廣告格式和競價功能在我們的平台上推動真正的商業價值。這將活躍的廣告商推向了歷史新高。

In addition, our brand-safe environment and privacy-first approach has differentiated us from our peers. These emerged as important themes in 2020, we don't believe they are going away and they have led to improved advertiser retention and increased demand. The recent audits of digital platforms and advertising spend by many brands has given us an opportunity to educate the highest levels of our industry on our points of differentiation and safety-by-design principles. We have been able to tell our story to an attentive, elevated audience that is re-evaluating marketing dollar allocations. While there is still more to do, we are excited to continue building on our recent results and investing to capitalize on our momentum.

此外，我們的品牌安全環境和隱私至上的方法使我們在同行中脫穎而出。這些成為 2020 年的重要主題，我們認為它們不會消失，它們導致廣告客戶保留率提高和需求增加。許多品牌最近對數字平台和廣告支出的審計使我們有機會向我們行業的最高水平人士宣傳我們的差異化點和安全設計原則。我們已經能夠將我們的故事講述給正在重新評估營銷資金分配的細心、高尚的觀眾。雖然還有更多工作要做，但我們很高興繼續鞏固我們最近的業績並投資以利用我們的勢頭。

We are fully focused on making progress against our revenue and ARPU opportunities, which we believe will be driven by our three key priorities. First, investing in our sales and marketing functions by continuing to train, hire, and build for scale; second, driving ROI through measurement, relevance, and optimization; and third, building innovative ad experiences around video and augmented reality. Our unwavering commitment to these three priorities, along with our unique reach and growing, global audience, allows us to drive performance at scale for businesses around the world.

我們完全專注於在收入和 ARPU 機會方面取得進展，我們相信這將由我們的三個關鍵優先事項驅動。首先，通過繼續培訓、僱用和擴大規模來投資我們的銷售和營銷職能；其次，通過衡量、相關性和優化來提高投資回報率；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，以及我們獨特的影響力和不斷增長的全球受眾，使我們能夠大規模地推動全球企業的業績。

The pandemic and stay-at-home orders accelerated a digital transformation, creating a new normal where brands are trying to determine the technology and trends that are here to stay. For instance, with a more limited ability to get physical products in the hands of consumers in-store, more brands are turning to augmented reality for virtual try-on, including combining AR and video tutorials for a best-in-class try-on experience. This trend is only accelerating with the Snapchat Generation. Our reach amongst 13-34 year-olds in many of our established markets continues to grow, which gives our business incredible insights on what these generations are looking for, and our priority is helping brands connect with the Snapchat generation in new and unique ways. Our sales model allows us to build deep domain expertise, and to prioritize and pivot resources when certain verticals accelerate or decelerate with macro trends. This approach proved its value in 2020, and we were able to focus our investments on top-performing verticals, which included ecommerce, CPG, tech, telco, gaming, streaming, financial services and restaurants. For example, even while films were largely out of theaters, because we have highly performant ad products, we saw impressive growth in streaming and we're pleased to see our entertainment advertising partners increase spend as they pivoted to direct response. In addition, we also saw QSR brands such as Chipotle leverage our location-based technology to encourage customers to order and pick up meals from their restaurants at scale.

大流行和居家訂單加速了數字化轉型，創造了一種新常態，品牌正試圖確定將繼續存在的技術和趨勢。例如，由於實體產品在店內送到消費者手中的能力更加有限，越來越多的品牌正在轉向增強現實技術進行虛擬試穿，包括將 AR 和視頻教程結合起來進行一流的試穿經驗。這種趨勢只會隨著 Snapchat 一代的出現而加速。我們在許多成熟市場中的 13-34 歲人群中的影響力持續增長，這讓我們的業務對這些世代的需求有了難以置信的洞察力，我們的首要任務是幫助品牌以新的和獨特的方式與 Snapchat 一代建立聯繫。我們的銷售模式使我們能夠建立深厚的領域專業知識，並在某些垂直行業隨著宏觀趨勢加速或減速時優先考慮和調整資源。這種方法在 2020 年證明了它的價值，我們能夠將投資重點放在表現最好的垂直領域，包括電子商務、CPG、科技、電信、遊戲、流媒體、金融服務和餐館。例如，即使電影大部分都在影院上映，因為我們擁有高性能的廣告產品，我們看到了流媒體的顯著增長，我們很高興看到我們的娛樂廣告合作夥伴在轉向直接響應時增加了支出。此外，我們還看到 Chipotle 等 QSR 品牌利用我們的基於位置的技術來鼓勵客戶大規模地從他們的餐廳訂購和取餐。

Our ad platform is maturing to a place where, as advertisers move their dollars, they see strong ROI, giving us increased confidence that budgets will build over time. We are also offering more down-funnel bidding capabilities that allow advertisers to optimize for the objectives they are trying to achieve and we continued to scale these products in 2020. For example, revenue from our pixel verified sign-up goal based bidding product increased more than 4x year-over-year in Q4, one of four down funnel optimizations that saw year-over-year revenue growth in excess of 4x, as we have continued to see strong advertiser adoption of our goal-based bidding optimizations. We believe this is one of the clearest ways for us to scale revenue and close the ARPU gap relative to our peers.

我們的廣告平台正在走向成熟，當廣告商轉移資金時，他們會看到強勁的投資回報率，這讓我們更加相信預算會隨著時間的推移而增加。我們還提供更多的漏斗下游競價功能，允許廣告商針對他們試圖實現的目標進行優化，我們在 2020 年繼續擴展這些產品。例如，我們基於像素驗證註冊目標的競價產品的收入增加了更多第四季度同比增長超過 4 倍，這是四個下漏斗優化之一，收入同比增長超過 4 倍，因為我們繼續看到強大的廣告客戶採用我們基於目標的出價優化。我們認為，這是我們擴大收入並縮小與同行相比 ARPU 差距的最明確方法之一。

The COVID-19 pandemic has brought rapid change in shopping patterns as people have moved their consumption online. Direct to consumer businesses are flourishing and consumers are looking for new ways to discover products at home. We are committed to finding new ways to support businesses via our ad products and tooling capabilities, while providing our community with new ways of experiencing the products and brands that they love. Many advertisers were able to leverage our ad formats that naturally support the ecommerce opportunity. For example, UGG, a part of Deckers brands, started testing Dynamic Ads in October 2019. After initial testing proved to be extremely successful, they increased investment by over 10x in Q4 of 2020, during one of the most competitive times of the year for shoppers. This solution not only helped them drive relevance during the holiday period, but they've shared this will be a key performance driver throughout the year.

隨著人們將消費轉移到網上，COVID-19 大流行帶來了購物模式的迅速變化。直接面向消費者的企業正在蓬勃發展，消費者正在尋找在家中發現產品的新方法。我們致力於通過我們的廣告產品和工具功能尋找新的方式來支持企業，同時為我們的社區提供體驗他們喜愛的產品和品牌的新方式。許多廣告商能夠利用我們自然支持電子商務機會的廣告格式。例如，Deckers 品牌旗下的 UGG 於 2019 年 10 月開始測試動態廣告。在初步測試證明非常成功後，他們在 2020 年第四季度將投資增加了 10 倍以上，這是一年中競爭最激烈的時期之一。購物者。該解決方案不僅幫助他們在假期期間提高相關性，而且他們還表示這將成為全年的關鍵績效驅動因素。

Brands are also exploring new ways to drive social commerce. In Q4, Ralph Lauren leveraged multiple components of our platform to drive both awareness and business results. First, they invested in creating a collection of Bitmoji outfits as an inspired effort to engage a younger audience, which proved to be extremely successful. Over 20 million users dressed their Bitmoji in Ralph Lauren and tried on the collection over 550 million times in the first five months of the partnership. Next, they utilized our scan camera technology to enable an AR shopping experience after Snapchatters scanned their ubiquitous pony logo; and finally, they built a new Brand Profile, which offers a permanent home for their brand, content, and AR experiences on Snapchat.

品牌也在探索推動社交商務的新方法。在第四季度，Ralph Lauren 利用我們平台的多個組件來提高知名度和業務成果。首先，他們投資創建了一系列 Bitmoji 服裝，以吸引年輕觀眾，這被證明是非常成功的。在合作的前五個月，超過 2000 萬用戶將他們的 Bitmoji 打扮成 Ralph Lauren，並嘗試使用該系列超過 5.5 億次。接下來，他們利用我們的掃描攝像頭技術在 Snapchatters 掃描了他們無處不在的小馬標誌後實現了 AR 購物體驗；最後，他們建立了一個新的品牌檔案，為他們在 Snapchat 上的品牌、內容和 AR 體驗提供了一個永久的家。

We continue to invest heavily to grow our video advertising business, the primary way we monetize Snapchat. We see more opportunity over time to grow video inventory, particularly via the growth in viewership of Spotlight and Stories, where using multiple products shows incremental results. For instance, Marc Jacobs leveraged Snap Ads and Commercials to drive sales of their new fragrance line. Their Commercials campaign resulted in a 43 point lift in ad awareness and a 6 point lift in purchase intent. Beyond video ads, we are focused on using Augmented Reality to solve real business problems for brands, allowing advertisers to engage with our audience directly via our camera. Adoption of our AR Lenses has benefited from virtual try-on: consumers are in need of new ways to experience products and brands need to reach consumers where they are, at home. With both consumers and brands open to these new experiences, our platform is perfect for this moment.

我們繼續大力投資以發展我們的視頻廣告業務，這是我們通過 Snapchat 獲利的主要方式。隨著時間的推移，我們看到了更多增加視頻庫存的機會，特別是通過 Spotlight 和 Stories 的收視率增長，使用多種產品顯示出增量結果。例如，Marc Jacobs 利用 Snap 廣告和商業廣告來推動其新香水系列的銷售。他們的商業廣告活動使廣告認知度提高了 43 點，購買意向提高了 6 點。除了視頻廣告，我們還專注於使用增強現實解決品牌的實際業務問題，讓廣告商可以通過我們的攝像頭直接與我們的受眾互動。我們的 AR 鏡片的採用得益於虛擬試戴：消費者需要新的方式來體驗產品，而品牌需要在家中接觸消費者。隨著消費者和品牌都對這些新體驗持開放態度，我們的平台非常適合這一刻。

For example, Dior recently launched an AR try-on Lens featuring 6 different products for their new B27 sneaker launch. Internationally, OnePlus India created Lenses for Diwali as a means to bring people together safely during a pandemic. Their Lenses garnered over 80 million impressions and reached over 14 million Snapchatters in India. Overall the campaign was highly successful and drove a 9 point lift in both Ad Awareness and a 7 point lift in Message Awareness.

例如，Dior 最近推出了一款 AR 試戴鏡頭，其中包含 6 種不同的產品，用於其新的 B27 運動鞋發布會。在國際上，OnePlus India 為排燈節創造了 Lenses，作為在大流行期間將人們安全聚集在一起的一種手段。他們的 Lenses 獲得了超過 8000 萬的印象，並在印度吸引了超過 1400 萬的 Snapchatter。總體而言，該活動非常成功，廣告認知度提高了 9 分，消息認知度提高了 7 分。

We've also been investing in optimization algorithms that dynamically serve AR experiences to Snapchatters who are most likely to meet a brand's goal. We've seen Shoppable Lens Campaigns drive a 2.4x higher Intent lift than the average across all Snapchat campaigns measured in Q3.

我們還一直在投資優化算法，為最有可能實現品牌目標的 Snapchatter 動態提供 AR 體驗。我們已經看到，Shoppable Lens 廣告系列的意圖提升比第三季度測量的所有 Snapchat 廣告系列的平均值高出 2.4 倍。

Lastly, businesses leveraging AR as one component of a larger, multi-product campaign on Snapchat tend to achieve stronger results. For example, Activision's Call of Duty: Black Ops ran one of the most successful campaigns we have seen in Console Gaming. They leveraged Snap Ads, Commercials, and a Reach and Frequency Lens, and saw an 11 point lift in favorability and 5 point lift in purchase intent. Moreover, Snapchatters exposed to multiple ad products saw a 10 point lift in intent, and the Lens drove a 17 point lift in intent.

最後，利用 AR 作為 Snapchat 上更大的多產品活動的一個組成部分的企業往往會取得更好的結果。例如，Activision 的使命召喚：黑色行動是我們在主機遊戲中看到的最成功的活動之一。他們利用了 Snap 廣告、商業廣告以及覆蓋率和頻率鏡頭，並看到好感度提升了 11 點，購買意向提升了 5 點。此外，接觸多種廣告產品的 Snapchatter 的意向提升了 10 點，而 Lens 的意向提升了 17 點。

There is a lot more work to do in helping businesses achieve their goals via AR, but we are thrilled with the results that our partners are seeing and were going to continue investing in this opportunity.

在幫助企業通過 AR 實現目標方面還有很多工作要做，但我們對我們的合作夥伴所看到的成果感到興奮，並將繼續投資於這個機會。

In conclusion, we started 2020 on a high note, and we ended it with accelerating momentum which we plan to carry forward in 2021, continuing to drive ROI and performance for our advertising partners, investing in innovative ad units, and providing support through our sales and marketing functions. I am confident in our long-term trajectory and I look forward to sharing even more at our investor day in a few weeks. With that, Id like to turn the call over to Derek.

總而言之，我們在 2020 年開始時表現出色，並以加速勢頭結束，我們計劃在 2021 年繼續推進，繼續為我們的廣告合作夥伴提高投資回報率和業績，投資於創新的廣告單元，並通過我們的銷售提供支持和營銷功能。我對我們的長期發展軌跡充滿信心，我期待在幾週後的投資者日分享更多信息。有了這個，我想把電話轉給 Derek。

Thanks, Jeremy. 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. As Evan mentioned earlier, our community grew to 265 million daily active users in Q4. An increase of $47 million or 22% year-over-year, which represents an acceleration over the prior quarter growth rate of 18%.

謝謝，傑里米。我們第四季度的財務業績反映了我們發展社區的優先事項，重點投資於我們業務的未來，並有效地擴大我們的運營規模，以推動盈利和積極的自由現金流。正如 Evan 之前提到的，我們的社區在第四季度增長到 2.65 億日活躍用戶。同比增長 4700 萬美元或 22%，比上一季度 18% 的增長率有所加快。

The growth in our community continues to be broad-based, with year-over-year and sequential growth on both iOS and Android platforms, and in each of North America, Europe and rest of world. In North America, DAU grew by $5 million or 6% year-over-year to reach $92 million. In Europe, DAU grew by $7 million or 10% to reach $74 million.

我們社區的增長繼續廣泛，iOS 和 Android 平台以及北美、歐洲和世界其他地區的年同比和連續增長。在北美，DAU 同比增長 500 萬美元或 6%，達到 9200 萬美元。在歐洲，DAU 增長了 700 萬美元或 10%，達到 7400 萬美元。

In rest of world, DAU grew by $35 million or 55% to reach $99 million. The acceleration of growth in rest of world reflects the benefit of improved application performance in local markets. The popularity of augmented reality Lenses created by our community and investments to better serve our community, including local content, local marketing partnerships and broader language support. Total revenue for Q4 was $911 million, an increase of 62% year-over-year, representing a 10 percentage point acceleration over the prior quarter, while global ARPU grew 33% over the same period.

在世界其他地區，DAU 增長了 3500 萬美元或 55%，達到 9900 萬美元。世界其他地區的增長加速反映了本地市場應用性能提高的好處。由我們的社區創建的增強現實鏡頭的普及以及為更好地為我們的社區服務而進行的投資，包括本地內容、本地營銷合作夥伴關係和更廣泛的語言支持。第四季度總收入為 9.11 億美元，同比增長 62%，比上一季度增長 10 個百分點，而全球 ARPU 同期增長 33%。

We continued to see strong adoption of our advertising products in Q4. Revenue from our commercials ad product more than doubled year-over-year in Q4 as we continue to see building demand from advertisers seeking to reach Gen Z and millennial audiences at scale and with a full-screen video advertising product that is delivered adjacent to brand-safe content.

我們在第四季度繼續看到我們的廣告產品得到大力採用。我們的商業廣告產品的收入在第四季度同比增長了一倍以上，因為我們繼續看到尋求大規模覆蓋 Z 世代和千禧一代受眾的廣告商的需求不斷增加，並提供與品牌相鄰的全屏視頻廣告產品- 安全的內容。

In addition, revenue from our pixel verified purchase goal-based bidding products more than tripled year-over-year in Q4 as we have continued to benefit from strong adoption of our pixel by our advertising partners over the past year. Overall, ECPM in Q4 increased 46% year-over-year, driven by a combination of mix shift towards the higher ECPM products such as commercials, mix shift towards higher ECPM regions with the relatively higher growth in North America as well as a rapid rise in overall demand sequentially. Despite this growth in ECPM, we believe our ECPMs remain well below market rates for our audiences and ad units.

此外，我們的像素驗證基於購買目標的競價產品的收入在第四季度同比增長了兩倍多，因為我們繼續受益於我們的廣告合作夥伴在過去一年中大力採用我們的像素。總體而言，第四季度的 ECPM 同比增長 46%，這主要得益於組合向更高 ECPM 產品（例如商業廣告）的轉變、向更高 ECPM 地區的組合轉變以及北美相對較高的增長以及快速增長整體需求依次遞減。儘管 ECPM 有所增長，但我們相信我們的 ECPM 仍遠低於我們的受眾和廣告單元的市場價格。

The ongoing growth of our community, combined with deep engagement within our app, including deep engagement across platforms we have not yet begun to monetize, gives us ample opportunity to expand inventory and our ARPU opportunity over time. We continue to make improvements to our targeting and optimization capabilities that allow us to utilize our inventory more efficiently.

我們社區的持續增長，加上我們應用程序的深度參與，包括我們尚未開始貨幣化的跨平台的深度參與，為我們提供了充足的機會來擴大庫存和隨著時間的推移我們的 ARPU 機會。我們繼續改進我們的定位和優化功能，使我們能夠更有效地利用我們的庫存。

In addition, we more than doubled the number of active advertisers year-over-year in Q4, which further contributed to our ability to optimize our targeting by providing a greater diversity of advertising offers for our models to select from. For example, while ECPMs for inventory monetized by our pixel verified purchases rose by 41% sequentially in Q4. The cost per purchase for our advertising partners declined by 11% over the same period. Consequently, we believe that we will be able to deliver attractive returns on ad spend to our advertising partners as ECPM grows over the long term. Gross margins were 59% in Q4, up 3 percentage points year-over-year. We continue to make significant progress against our goal of driving down our underlying infrastructure unit costs over time.

此外，我們在第四季度的活躍廣告客戶數量同比增長了一倍以上，這進一步有助於我們通過為我們的模型提供更多樣化的廣告優惠來優化我們的目標定位。例如，雖然通過我們的像素驗證購買貨幣化的庫存的 ECPM 在第四季度環比增長了 41%。同期，我們的廣告合作夥伴的每次購買成本下降了 11%。因此，我們相信隨著 ECPM 的長期增長，我們將能夠為我們的廣告合作夥伴帶來可觀的廣告支出回報。第四季度毛利率為 59%，同比增長 3 個百分點。隨著時間的推移，我們繼續朝著降低底層基礎設施單位成本的目標取得重大進展。

In Q4, these efforts resulted in infrastructure costs per DAU of $0.69, down from $0.72 in the prior year. On the content side, we invested to support the launch of Spotlight in Q4, and this contributed approximately $40 million to our cost of revenue in Q4. Representing a 5 percentage point headwind to gross margin expansion in the quarter. While it's still very early in the development of this new content platform, we are highly encouraged by the initial results and excited about the potential for Spotlight to further expand our monetization opportunity in the future.

在第四季度，這些努力導致每個 DAU 的基礎設施成本為 0.69 美元，低於去年的 0.72 美元。在內容方面，我們投資支持在第四季度推出 Spotlight，這為我們在第四季度的收入成本貢獻了大約 4000 萬美元。代表本季度毛利率增長 5 個百分點的逆風。雖然這個新內容平台的開發仍處於早期階段，但我們對初步結果感到非常鼓舞，並對 Spotlight 未來進一步擴大我們的貨幣化機會的潛力感到興奮。

We are particularly pleased that we have been able to support the launch of Spotlight while continuing to expand our gross margins, which reflects our overall approach of scaling our operations efficiently while making investments in the future of our business.

我們特別高興的是，我們能夠支持 Spotlight 的推出，同時繼續擴大我們的毛利率，這反映了我們在對業務的未來進行投資的同時有效擴展業務的整體方法。

Operating expenses were $369 million in Q4, up 36% year-over-year. People and related costs grew 33% year-over-year in Q4, driven by a 24% increase in average full-time headcount and higher cash compensation cost per team member. Growth in our average full-time headcount was driven primarily by continued focused investments in our monetization and engineering teams to scale our top line growth and accelerate the pace of our product innovation.

第四季度的運營費用為 3.69 億美元，同比增長 36%。人力和相關成本在第四季度同比增長 33%，這主要得益於平均全職員工人數增加 24% 以及每位團隊成員的現金補償成本增加。我們平均全職員工人數的增長主要是由於對我們的貨幣化和工程團隊的持續集中投資，以擴大我們的收入增長並加快我們的產品創新步伐。

As we noted earlier this year, we have invested incrementally in our cash-based compensation programs in 2020. However, this investment is offset by a lower rate of dilution. In addition, we have continued to grow our investments in marketing in order to build on the momentum we have established with our advertising and Snapchatter communities. While it typically takes time for the benefit of these investments to become evident in our output metrics, we are encouraged with the progress we have observed thus far.

正如我們今年早些時候指出的那樣，我們在 2020 年對基於現金的薪酬計劃進行了增量投資。但是，這項投資被較低的稀釋率所抵消。此外，我們繼續增加對營銷的投資，以鞏固我們與廣告和 Snapchatter 社區建立的勢頭。雖然這些投資的好處通常需要時間才能在我們的產出指標中顯現出來，但我們對迄今為止所觀察到的進展感到鼓舞。

Q4 marked our second consecutive quarter of adjusted EBITDA profitability at $166 million for the quarter, an improvement of $123 million year-over-year. We noted on our prior call that our cost structure would grow at a faster rate in Q4 than in any recent quarter. And this was the case as we invested in content to support the launch of Spotlight, in hiring to grow our talent base and in marketing, as I noted earlier.

第四季度是我們連續第二個季度調整後的 EBITDA 盈利能力達到 1.66 億美元，同比增長 1.23 億美元。我們在之前的電話會議中指出，我們的成本結構在第四季度的增長速度將超過最近任何一個季度。正如我之前提到的，當我們投資內容以支持 Spotlight 的推出、招聘以擴大我們的人才基礎和營銷時，情況就是如此。

That said, we were particularly pleased that we were able to make these investments while still delivering adjusted EBITDA leverage of 35% in Q4 as we continue to make progress towards profitability and sustained positive free cash flow.

也就是說，我們特別高興的是，我們能夠在進行這些投資的同時，在第四季度仍實現 35% 的調整後 EBITDA 槓桿，因為我們繼續在盈利能力和持續的正自由現金流方面取得進展。

Net income was negative $113 million in Q4, an improvement of $128 million over the prior year and $87 million over the prior quarter. The year-over-year improvement in net income reflects the flow-through of improved adjusted EBITDA and a favorable comparison against the onetime legal expense that was accrued in the prior year. These factors were partially offset by the impact of interest expense related to the convertible notes issued over the past year, and higher stock-based compensation, driven by higher headcount and higher payroll taxes that vary with the stock price.

第四季度淨收入為負 1.13 億美元，比上年增加 1.28 億美元，比上一季度增加 8700 萬美元。淨收入的同比增長反映了調整後 EBITDA 的改善以及與上一年應計的一次性法律費用的有利比較。這些因素被與過去一年發行的可轉換票據相關的利息費用的影響以及更高的基於股票的薪酬的影響部分抵消，這是由於員工人數增加和隨股價變化的工資稅增加所致。

Total fully diluted shares outstanding grew just 3% year-over-year in Q4. Down from 5% in the same quarter of last year. We consider careful management of our fully diluted shares outstanding to be a key input to building shareholder value over the long term. And we are pleased to see our output metrics reflect the progress we have made in this area.

第四季度已完全攤薄的流通股總額同比僅增長 3%。低於去年同期的 5%。我們認為，謹慎管理完全稀釋的流通股是長期建立股東價值的關鍵投入。我們很高興看到我們的產出指標反映了我們在這一領域取得的進展。

Free cash flow for Q4 was negative $69 million, an improvement of $7 million year-over-year, driven by the improvements in adjusted EBITDA that were largely offset by the timing of a $98 million legal settlement payment made in Q4 and the net increase in working capital that resulted from accelerating revenue growth.

第四季度的自由現金流為負 6900 萬美元，同比增長 700 萬美元，這主要是由於調整後 EBITDA 的改善被第四季度支付的 9800 萬美元法律和解付款的時間和淨增長所抵消。收入增長加速產生的營運資金。

Notably, absent the onetime legal settlement payment in Q4, we would have generated approximately $29 million in free cash flow in Q4, which we view as a positive demonstration of our progress towards sustained free cash flow generation. We ended the quarter with $2.5 billion in cash and marketable securities, up from $2.1 billion in the prior year, as the proceeds of convertible notes issued in Q2 of 2020 more than offset the investments we have made to grow the business over the past year.

值得注意的是，如果沒有第 4 季度的一次性法律和解付款，我們將在第 4 季度產生約 2900 萬美元的自由現金流，我們認為這是我們在持續產生自由現金流方面取得進展的積極證明。我們在本季度末擁有 25 億美元的現金和有價證券，高於去年的 21 億美元，因為 2020 年第二季度發行的可轉換票據的收益超過了我們在過去一年中為發展業務所做的投資。

Before we discuss the quarter ahead, I'd like to take a moment to reflect on the remarkable progress we have made as a business. Growth in our community is accelerating, and we have now delivered 5 consecutive quarters of year-over-year DAU growth in excess of 15%. Full year revenue for 2020 was $2.5 billion, an increase of 46% year-over-year, and we exited 2020 with the highest year-over-year revenue growth rate we have reported since 2017. Our revenue has more than doubled since 2018. And while we have invested aggressively in the future of our business, we have expanded our gross margins by 19 percentage points and delivered 47% of our incremental revenue to the adjusted EBITDA line over the same 2-year period.

在我們討論未來季度之前，我想花點時間回顧一下我們作為一家企業所取得的顯著進步。我們社區的增長正在加速，我們現在已經連續 5 個季度實現了超過 15% 的 DAU 同比增長。 2020 年全年收入為 25 億美元，同比增長 46%，我們以自 2017 年以來的最高同比收入增長率退出 2020 年。自 2018 年以來，我們的收入增長了一倍以上。雖然我們對業務的未來進行了積極投資，但我們在同一兩年期間將毛利率擴大了 19 個百分點，並將 47% 的增量收入交付給調整後的 EBITDA 線。

We set a goal to achieve full year adjusted EBITDA profitability at the outset of 2020. And while the past year presented many unexpected challenges and opportunities, we are tremendously proud of the way our teams executed this year in order to reach this milestone by delivering $45 million in adjusted EBITDA profit in 2020.

我們設定了在 2020 年初實現全年調整後 EBITDA 盈利能力的目標。雖然過去一年帶來了許多意想不到的挑戰和機遇，但我們為我們的團隊今年的執行方式感到非常自豪，以便通過交付 45 美元達到這一里程碑2020 年調整後的 EBITDA 利潤為 100 萬。

We are closer than ever to achieving our goal of delivering sustained positive free cash flow and being able to self-fund our investments in the future as a result. We have also strengthened our balance sheet materially over the past 2 years, and ended 2020 with more than $3.5 billion in available working capital, inclusive of cash, marketable securities and our existing credit facilities. We closed out 2020 with strong momentum across our platform and well positioned for the future.

我們比以往任何時候都更接近實現我們的目標，即提供持續的正自由現金流，並因此能夠為我們的未來投資自籌資金。在過去 2 年中，我們還大幅加強了資產負債表，截至 2020 年底，可用營運資金超過 35 億美元，包括現金、有價證券和我們現有的信貸額度。我們在 2020 年結束時在整個平台上表現強勁，並為未來做好了準備。

We look forward to speaking with you more about the future of our business and our long-term financial opportunity during our first ever Investor Day on February 23. Until then, I would like to share a little bit about how we expect Q1 may unfold. While we have benefited from an improving operating environment in the second half of 2020 and remain optimistic about the momentum we have established in our business. We are conscious that external factors may emerge that could impact our momentum. For example, we experienced a period of interruption to advertising demand in the first 2 weeks of January, as many brand advertisers paused campaigns during this period amid events at the U.S. capital. And thus, we started the quarter slower than we would have otherwise expected. We anticipate that the iOS platform policy changes to be implemented later this quarter will present another risk of interruption to demand in the period immediately after they are implemented. It is not clear yet what the longer-term impact of those changes may be for the top line momentum of our business. And this may not be clear until several months or more after the changes are implemented. As we look forward to Q1, we estimate that daily active users will grow year-over-year in Q1 at a rate of approximately 20% to reach $275 million.

我們期待在 2 月 23 日的第一個投資者日期間與您更多地討論我們業務的未來和我們的長期財務機會。在那之前，我想分享一下我們對第一季度可能會如何展開的一些看法。雖然我們受益於 2020 年下半年改善的經營環境，並對我們在業務中建立的勢頭保持樂觀。我們意識到可能會出現可能影響我們發展勢頭的外部因素。例如，我們在 1 月的前 2 周經歷了一段時間的廣告需求中斷，因為許多品牌廣告商在此期間因美國首都發生事件而暫停了廣告活動。因此，我們本季度開始的速度比我們預期的要慢。我們預計將於本季度晚些時候實施的 iOS 平台政策變更將在實施後立即帶來另一個需求中斷風險。目前尚不清楚這些變化對我們業務的頂線勢頭可能產生什麼長期影響。這可能要等到更改實施幾個月或更長時間後才能明確。展望第一季度，我們估計第一季度每日活躍用戶將以約 20% 的速度同比增長，達到 2.75 億美元。

On the revenue side, if we are able to sustain the momentum we have observed in recent weeks, we believe that a revenue growth rate approximately equal to what we reported in Q4, could be attainable in Q1. That said, our guidance range is for year-over-year revenue growth of 56% to 60%, and this range reflects our best estimate of the potential impact of interruptions to demand associated with the iOS platform changes that we anticipate will be implemented in the final month of the quarter. This would result in revenue of approximately $720 million to $740 million in Q1. On the expense side, we intend to continue to invest in the long-term growth of our business, and we will continue to support the launch of Spotlight with our $1 million per day creator fund in order to build on the momentum we are seeing with this exciting new platform.

在收入方面，如果我們能夠維持最近幾週觀察到的勢頭，我們相信收入增長率大約等於我們在第四季度報告的水平，可以在第一季度實現。也就是說，我們的指導範圍是收入同比增長 56% 到 60%，這個範圍反映了我們對與 iOS 平台變化相關的需求中斷的潛在影響的最佳估計，我們預計將在本季度的最後一個月。這將導致第一季度的收入約為 7.2 億至 7.4 億美元。在費用方面，我們打算繼續投資於我們業務的長期增長，我們將繼續以每天 100 萬美元的創作者基金支持 Spotlight 的推出，以鞏固我們所看到的勢頭這個令人興奮的新平台。

As a result, we estimate that adjusted EBITDA will be approximately negative $70 million to negative $50 million in Q1. Thank you for joining our call today, and we will now take your questions.

因此，我們估計第一季度調整後的 EBITDA 將約為負 7000 萬美元至負 5000 萬美元。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)

（操作員說明）

And the first question comes from Ross Sandler of Barclays.

第一個問題來自巴克萊銀行的羅斯桑德勒。

2 questions. Maybe start off with the overall demand environment for Snapchat advertising in 2021 question. So Google and Facebook, which are these behemoths in the industry are both talking about accelerating growth in 1Q and 2Q. And I know there's a lot of moving pieces with your tough comp in Gen Z and then the easy comp in March and then this IDFA stuff. So I guess what's baked in -- is the 60% growth you're seeing like kind of what's happening right now? How material of an impact do you see from the ILS changes? Any additional color there would be helpful just on the overall macro. And then Evan, the second question is, you guys have launched a lot of cool new products over the years. You've invented a lot of things in this industry. How would you rank Spotlight in terms of your new products that you've launched in terms of potential to drive significant increase in either user growth or engagement compared to maybe Maps or Games or some of the cool others that you've put out?

2個問題。也許從 2021 年 Snapchat 廣告的整體需求環境問題開始。所以穀歌和Facebook這兩個行業巨頭都在談論第一季度和第二季度的加速增長。我知道你在 Z 世代的強硬組合，然後是三月份的簡單組合，然後是這個 IDFA 的東西，有很多動人的部分。所以我猜是什麼 - 你看到的60％的增長就像現在正在發生的那樣？您認為 ILS 變化的影響有多大？任何其他顏色都會對整體宏有所幫助。然後埃文，第二個問題是，你們這些年來推出了很多很酷的新產品。你在這個行業發明了很多東西。與地圖或遊戲或您推出的其他一些很酷的產品相比，您推出的新產品在推動用戶增長或參與度方面顯著增加的潛力方面，您將如何對 Spotlight 進行排名？

Ross, it's Derek speaking. I'll take the first part of your question, and then I'll kick the second part about Spotlight over to Evan. Just to give you a little more color on the forward look and the guide on revenue. I guess what I'd say is for starters, we're really encouraged by the momentum we've established with our advertising partners in general, at a high level. We saw the active advertisers double year-over-year in Q4 and we think that's a pretty strong indicator that we're delivering value to our partners, and we have good momentum with them.

羅斯，是德里克在說話。我將回答你問題的第一部分，然後將關於 Spotlight 的第二部分交給 Evan。只是為了讓您對前瞻性和收入指南有更多的了解。我想我想說的是對於初學者來說，我們與我們的廣告合作夥伴在高水平上建立的整體勢頭真的讓我們感到鼓舞。我們看到第四季度活躍的廣告商同比翻了一番，我們認為這是一個非常有力的指標，表明我們正在為我們的合作夥伴提供價值，我們與他們有良好的發展勢頭。

We're also pleased with the growth we've been able to put up in total on the revenue line at 62% in Q4, which is a 10-point acceleration over the prior quarter of 52%. So the range we're looking at in the quarter is between 56% and 60% is what we gave on the guide, which would be amongst the highest year-over-year growth rates we've reported as a public company, but potentially just below the prior quarter. And I can share a little more context there. One, as you noted, at the beginning of the quarter, we did see some pauses from advertisers at the beginning of the quarter and made some of the events that we saw at the capital. We have worked with our partners and reestablished the momentum and got campaigns back going since then, and we've resumed the momentum after this period.

我們也很高興我們能夠在第四季度實現 62% 的總收入增長，這比上一季度的 52% 增長了 10 個百分點。因此，我們在本季度看到的範圍在 56% 到 60% 之間，這是我們在指南中給出的，這將是我們作為上市公司報告的最高同比增長率之一，但可能略低於上一季度。我可以在那里分享更多的背景信息。一個，正如您所指出的，在本季度初，我們確實在本季度初看到了廣告商的一些停頓，並進行了一些我們在首都看到的事件。從那時起，我們與我們的合作夥伴合作並重新建立了勢頭並讓活動重新開始，並且在這段時間之後我們恢復了這種勢頭。

I noted a little bit in prepared remarks that if we were able to sustain the momentum we're seeing right now in recent weeks, through the remainder of the quarter, we actually think that we could achieve growth rates in Q1 that are approximately in line with what we observed in Q4. That said, we do anticipate that there could be another interruption to demand later in the quarter as we see some of the iOS changes implemented and as we work with our advertising partners to navigate those changes as they're implemented. So given that risk of interruption and demand that lies ahead, we wanted to make sure that we called that out and also to ensure that any guide we provided reflect our best estimate of those risks to interruption in the back half of the Q. So as I said earlier, it isn't clear what the longer-term impact will be to our top line momentum of that. This may not be clear for some time after the changes are implemented. So the risk we're calling out here is more specific to the interruptions we expect during the period of implementation of those changes to the platform as we work through those with our partners.

我在準備好的評論中提到了一點，如果我們能夠維持最近幾週看到的勢頭，到本季度的剩餘時間，我們實際上認為我們可以在第一季度實現大致符合預期的增長率與我們在第四季度觀察到的一樣。也就是說，我們確實預計本季度晚些時候的需求可能會再次中斷，因為我們看到一些 iOS 更改已實施，並且我們與廣告合作夥伴合作在實施這些更改時進行導航。因此，鑑於未來存在中斷風險和需求，我們希望確保我們已經提出了這一點，並確保我們提供的任何指南都反映了我們對 Q 後半部分中斷風險的最佳估計。我之前說過，目前尚不清楚這將對我們的頂線動力產生什麼長期影響。在實施更改後的一段時間內，這可能不清楚。因此，我們在這裡提出的風險更具體地是我們在與合作夥伴一起工作時在平台實施這些更改期間預期的中斷。

So again, really pleased with the momentum that we saw in the second half of 2020, really pleased with the acceleration that we saw on Q4 top line is 62%. And I'm pleased with the momentum that we're seeing in the business right now and working to keep that momentum going. So hopefully, that gives you a little bit more color. I'll turn it over to Evan to touch on Spotlight.

再說一次，對我們在 2020 年下半年看到的勢頭感到非常滿意，對我們在第四季度看到的加速增長 62% 感到非常滿意。我對我們現在在業務中看到的勢頭感到高興，並努力保持這種勢頭。所以希望這能給你更多的色彩。我會把它交給 Evan 來談談 Spotlight。

Thanks, Ross, for the question on Spotlight. We're very pleasantly surprised with the momentum on Spotlight. But admittedly, I think we started with some great raw ingredients, meaning we have such a widely used camera with over 5 billion Snaps made every day, an incredibly creative community, and of course, a really large audience that loves watching mobile content. So maybe we should have expected it, but so far, it's really off to the races with over 175,000 video submissions every day and an audience of over 100 million people in January.

謝謝羅斯，關於 Spotlight 的問題。我們對 Spotlight 的發展勢頭感到非常驚喜。但不可否認，我認為我們從一些很棒的原材料開始，這意味著我們擁有如此廣泛使用的相機，每天拍攝超過 50 億張快照，一個令人難以置信的創意社區，當然還有一個非常喜歡觀看移動內容的大量觀眾。所以也許我們應該預料到這一點，但到目前為止，比賽真的很順利，每天提交的視頻超過 175,000 條，1 月份的觀眾人數超過 1 億。

So really excited with the early momentum. And we -- now that we have both sides of the marketplace, meaning the content submissions and the audience, we can do a lot of work to optimize our ranking and make sure we're doing a good job with content understanding, serving the right content to the right people based on their interest. So lots of opportunity ahead, and the team is making great progress really quickly growing engagement on that product. So we're really excited about where we're at with that.

對早期的勢頭感到非常興奮。而且我們 - 現在我們擁有市場的雙方，即內容提交和觀眾，我們可以做很多工作來優化我們的排名，並確保我們在內容理解方面做得很好，為正確的服務根據他們的興趣向合適的人提供內容。前面有很多機會，團隊正在取得很大進展，很快就增加了對該產品的參與度。所以我們對我們在這方面的進展感到非常興奮。

Next question comes from Michael Levine of Pivotal Research Group.

下一個問題來自 Pivotal Research Group 的 Michael Levine。

Thanks for the question, guys. I'd love to ask both Jeremi and Evan on the AR and VR front, I guess I'm curious, do you think that this could be the year that we really see an inflection with respect to advertisers willing to invest in this from a content perspective? And what do you feel like advertisers basically still need to see in place to go ahead and feel comfortable with that?

謝謝你的問題，伙計們。我很想在 AR 和 VR 方面問 Jeremi 和 Evan，我想我很好奇，你認為這可能是我們真正看到願意從內容視角？你覺得廣告商基本上仍然需要看到什麼才能繼續前進並對此感到滿意？

Michael, thanks for the question. Yes, I think it's been a really interesting period for us. We've seen a lot of acceleration in demand for AR advertising, in particular, as more and more people are at home, and the living room becomes the new showroom. And it's a trend we really don't see going backwards.

邁克爾，謝謝你的問題。是的，我認為這對我們來說是一個非常有趣的時期。我們已經看到對 AR 廣告的需求急劇增加，特別是隨著越來越多的人在家，客廳變成了新的陳列室。這是一個我們真的看不到倒退的趨勢。

In terms of it becoming more mainstream and showing up more regularly in advertiser buys, I think there's kind of 3 focuses there. The first is on delivering ROI with AR, and we started to develop a lot of those tools, which I'll talk about in a second here. And then reducing the cost of creating AR is really important, largely by commoditizing the -- democratizing the ability to do it. And then lastly, again, you just kind of ease of creation. So most importantly, we've reached -- we have the reach and engagement with augmented reality to build a large business and to help the businesses grow their goals using Lenses.

就它變得更加主流和在廣告客戶購買中更頻繁地出現而言，我認為那裡有 3 個重點。第一個是通過 AR 實現投資回報率，我們開始開發很多這樣的工具，我稍後會在這裡討論。然後降低創建 AR 的成本真的很重要，主要是通過商品化 - 民主化做這件事的能力。最後，再一次，你只是一種輕鬆的創作。因此，最重要的是，我們已經達到了——我們擁有增強現實的影響力和參與度，以建立大型企業並幫助企業使用 Lenses 實現目標。

So as Evan just mentioned, over 5 billion videos and pictures taken every day in the camera, so really, really great base to build on there and foundation. And then we've been really focused on demonstrating the ROI of investing in Lenses, and I think that's really important. What used to be this kind of take over products for these big branding moments has now turned into a highly performant ad format where you can buy directly from the Lenses themselves, where you can do goal-based bidding, down funnel activities on Lenses.

正如埃文剛剛提到的，每天有超過 50 億個視頻和圖片在相機中拍攝，非常非常好的基礎，可以在此基礎上建立。然後我們一直專注於展示投資 Lenses 的投資回報率，我認為這非常重要。過去這種為這些大品牌時刻而接管的產品現在已經變成了一種高性能的廣告格式，您可以直接從 Lenses 本身購買，您可以在其中進行基於目標的競價，在 Lenses 上進行漏斗活動。

For AR, the creative can take a bit longer to develop. And therefore, it's really important that the results speak for themselves. It has to be worth it when the advertisers put this in. But some of our recent efforts with try-on have definitely led some meaningful improvements in purchase intent and conversion.

對於 AR，創意可能需要更長的時間來開發。因此，結果不言自明非常重要。當廣告商把它放進去時，它必須是值得的。但我們最近在試穿方面的一些努力無疑在購買意圖和轉化方面帶來了一些有意義的改進。

As I mentioned, it does take a little bit of time to build. So we're also heavily investing in improving tooling for Lenses and making them easier to build in Lens Studio, including creating Lens web builder to make it anyone easy for anyone to build their own AR experience online. But honestly, going forward, we just see a huge opportunity to innovate in augmented reality, and we have been blown away by our community and how they've leveraged tools like net machine learning, which allows people to upload ML models and run them in real-time and open Lenses to power new experiences.

正如我所提到的，構建確實需要一些時間。因此，我們還大力投資改進 Lenses 工具，讓它們更容易在 Lens Studio 中構建，包括創建 Lens 網絡構建器，讓任何人都可以輕鬆地在線構建自己的 AR 體驗。但老實說，展望未來，我們只是看到了增強現實創新的巨大機會，我們被我們的社區以及他們如何利用網絡機器學習等工具所震撼，這些工具允許人們上傳機器學習模型並在其中運行它們實時和開放式鏡頭，為新體驗提供動力。

We believe that engagement with augmented reality is at a meaningful scale. And to answer your question directly, yes, it definitely justifies advertising intent. And we've been able to validate those investments with clear ROI. So we're going to continue to make Lenses easier to create and more powerful, which will help grow the AR opportunity for years to come.

我們相信，與增強現實的互動是有意義的。並且直接回答您的問題，是的，這絕對證明了廣告意圖的合理性。我們已經能夠以明確的投資回報率驗證這些投資。因此，我們將繼續讓 Lenses 更易於創建和更強大，這將有助於在未來幾年增加 AR 機會。

Next question comes from Heath Terry of Goldman Sachs.

下一個問題來自高盛的希思特里。

I was wondering if you could update us a bit on the strategy for Snap Audience Network, particularly with Unity coming on board, what kind of impact do you expect that, that's going to have to its contribution, the audience networks contribution to growth? And then maybe from a higher level, for partners that are at the scale that something like Unity is, how do they make the decision to work with Snap versus what are the other networks that's available to them?

我想知道您是否可以向我們介紹一下 Snap Audience Network 的戰略，尤其是在 Unity 加入的情況下，您認為這會產生什麼樣的影響，這將對它的貢獻、受眾網絡對增長的貢獻產生什麼影響？然後也許從更高的層面來看，對於像 Unity 這樣規模的合作夥伴，他們如何決定與 Snap 合作，而不是他們可用的其他網絡是什麼？

Hey, there, it's Derek speaking. I think the first thing I would say is we're very early with the Snap Audience Network. It's not currently significant or material part of the business at this point in time. And so it's not also factored in is a major factor on a go forward. So we're very early in the process of growing and experimenting with that business and bringing on partners that can help the business. So very early to be talking about the direction that's going to drive in terms of revenue and top line growth and what have you. I think what I would say at a very high level, though, is that partners value our unique ad formats, and that's one of the things that makes our platform attractive. And of course, vertical video being a part of that, augmented reality, and of course, bringing the audience into that.

嘿，那裡，是德里克在說話。我想我要說的第一件事是我們很早就開始使用 Snap Audience Network。在這個時間點，它目前不是業務的重要或重要部分。因此，它也沒有被考慮到是前進的主要因素。因此，我們處於發展和試驗該業務並引入可以幫助該業務的合作夥伴的過程中非常早期。談論收入和頂線增長以及您擁有什麼方面的驅動方向還為時過早。不過，我想我會在一個非常高的層次上說，合作夥伴重視我們獨特的廣告格式，這是使我們的平台具有吸引力的原因之一。當然，垂直視頻是其中的一部分，增強現實，當然，也將觀眾帶入其中。

So very early, we'll update you as that becomes more significant, but we're just getting started in that area today.

所以很早，我們會在這變得更加重要時更新您，但我們今天才剛剛開始在該領域。

Next question comes from Rich Greenfield of LightShed Partners.

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

A couple of questions. First, we see the word metaverse sort of used everywhere it seems these days. But the avatars are generally tied to each platform. And now Evan, you bought Bitmoji a while ago, we're starting to obviously see it in more and more places. I'm wondering, does this have the potential to sort of be a global or universal avatar? Like how should we think about monetization opportunities for Bitmoji not just within gaming, but beyond gaming. So just sort of any recent examples? Or just what are you thinking about Bitmoji over the next couple of years?

幾個問題。首先，我們看到如今似乎到處都在使用 Metaverse 這個詞。但化身通常與每個平台相關聯。現在 Evan，你剛剛購買了 Bitmoji，我們顯然開始在越來越多的地方看到它。我想知道，這是否有可能成為全球或通用的化身？比如我們應該如何考慮 Bitmoji 的貨幣化機會，不僅僅是在遊戲中，而是在遊戲之外。那麼只是最近的例子嗎？或者只是你在接下來的幾年裡對 Bitmoji 有什麼看法？

And then two, I think over the last couple of calls, you've talked about sort of how Map is going to start to see more and more businesses and I think in the prepared remarks, you made comments about personalized Map or the most personalized Map. When do we start to see small and medium businesses really start to populate on the Map. Is that a 2021 event? Or do we have to wait longer?

然後兩個，我認為在過去的幾次電話會議中，您談到了 Map 將如何開始看到越來越多的企業，我認為在準備好的評論中，您對個性化 Map 或最個性化的地圖。我們什麼時候開始看到中小型企業真正開始出現在地圖上。這是2021年的活動嗎？還是我們必須等待更長的時間？

Thanks, Rich. We're so excited about what's happening with Bitmoji and the team has been doing such an incredible job driving towards their vision of being the world's Avatar we've got a couple of focus areas for Bitmoji. One of them is just evolving the avatars themselves, the avatar style. We've been investing a lot in 3D, which enables use in much more sophisticated games. So that's been a big focus of ours. And of course, making it a lot easier for people to express themselves with their avatar. That means improving the Bitmoji editor, adding new fashion brands and partners like Ralph Lauren that Jeremi mentioned earlier. And of course, trying to improve and strengthen the avatar bond, the bond that people have with their Bitmoji, which we do through partnerships. So for example, the integration of Bitmoji with the Samsung Keyboard. So we're going to continue pushing forward on those fronts. We certainly see opportunity for monetization longer term. But frankly, the opportunity is just still so large and so early that we're going to invest in improving avatar themselves and really increasing their utility.

謝謝，里奇。我們對 Bitmoji 正在發生的事情感到非常興奮，團隊一直在努力實現他們成為世界阿凡達的願景，我們為 Bitmoji 提供了幾個重點領域。其中之一隻是不斷發展化身本身，即化身風格。我們一直在 3D 上投入大量資金，這可以用於更複雜的遊戲。所以這一直是我們的一個重點。當然，讓人們更容易用他們的頭像表達自己。這意味著改進 Bitmoji 編輯器，添加新的時尚品牌和合作夥伴，比如 Jeremi 之前提到的 Ralph Lauren。當然，努力改善和加強頭像紐帶，人們與他們的 Bitmoji 的紐帶，我們通過合作夥伴關係做到這一點。例如，Bitmoji 與三星鍵盤的集成。因此，我們將繼續在這些方面向前推進。我們當然看到了長期貨幣化的機會。但坦率地說，機會仍然如此之大而且如此之早，以至於我們將投資於改進頭像本身並真正增加它們的效用。

Interestingly, 1 example that we saw recently was a game developer that integrated Bitmoji into their games, so radically reduce conversion costs on customer acquisition, which then allowed them to monetize their game at a higher rate. And so that's a really cool example where we're extending Bitmoji into partner games and services, adding a lot of value to the partner and, of course, adding value for our community because they feel so strongly about their relationship with their Bitmoji, they're excited to play a game really as themselves. So that's definitely a great opportunity for us looking forward.

有趣的是，我們最近看到的一個例子是遊戲開發商將 Bitmoji 集成到他們的遊戲中，從而從根本上降低了客戶獲取的轉換成本，從而使他們能夠以更高的速度通過遊戲獲利。所以這是一個非常酷的例子，我們將 Bitmoji 擴展到合作夥伴的遊戲和服務中，為合作夥伴增加了很多價值，當然，也為我們的社區增加了價值，因為他們對自己與 Bitmoji 的關係有強烈的感覺，他們'很高興能真正像自己一樣玩遊戲。所以這對我們來說絕對是一個很好的機會。

And then when it comes to the Map, I think it is probably important just to maybe break out the SMB opportunity into 2 sort of different maybe categories. One are digital native smaller businesses, and they're really trying to grow with things like our dynamic product ads or goal-based bidding, which we have our pixel integration for but if we look at local businesses, there definitely is an opportunity longer-term on the map. We started just by making sure that businesses can be easily discovered on the map today. And we're really focused on adding actions around those businesses. So right now, you can place an order or find directions, make a reservation, you can share it with your friends. And we're going to continue to build engagement around businesses on the Map. And over time, we'll be able, I think, to convert that into another monetizable surface for Snap.

然後當談到地圖時，我認為將 SMB 機會分解為 2 種不同的可能類別可能很重要。一個是數字原生的小型企業，他們真的在嘗試通過我們的動態產品廣告或基於目標的競價等東西來發展，我們有我們的像素集成，但如果我們看看本地企業，肯定會有更長的機會 -地圖上的術語。我們首先確保今天可以在地圖上輕鬆發現企業。我們真的專注於圍繞這些業務添加行動。所以現在，您可以下訂單或查找路線、進行預訂，還可以與朋友分享。我們將繼續圍繞地圖上的業務建立參與度。我認為，隨著時間的推移，我們將能夠將其轉換為 Snap 的另一個可獲利的表面。

So as with all of our platforms, we really just try to create value for our community, build that engagement and then over time, think about converting that into a business.

因此，與我們所有的平台一樣，我們真的只是試圖為我們的社區創造價值，建立這種參與，然後隨著時間的推移，考慮將其轉化為業務。

The next question comes from Justin Post of Bank of America.

下一個問題來自美國銀行的賈斯汀波斯特。

It's been really interesting, Evan, to watch the evolution of the app over time. And big change in November went considerably smoother than 1 of the prior changes. Just what are your learnings from that? And are you really seeing an increase in engagement from that change? Has that happened? And what can you tell us about that?

埃文，隨著時間的推移觀察應用程序的演變真的很有趣。 11 月的重大變化比之前的其中一項變化要順利得多。你從中學到了什麼？你真的看到這種變化增加了參與度嗎？有沒有發生過？你能告訴我們什麼？

And secondly, obviously, Spotlight is off to a great start. Do you see that usage as incremental? Or is it taking maybe away a little bit from other areas?

其次，很明顯，Spotlight 開了個好頭。你認為這種使用是增量的嗎？或者它是否可能會從其他領域帶走一點？

Those are great questions. So I think, first and foremost, huge credit to our engineering and product teams. And of course, all the folks working on our data platform and whatnot, who have gotten so good at really understanding what's happening on our platform, being able to test and iterate on big changes that we're making. And they've just done an outstanding job allowing us to continue to move really quickly and try really big ideas without being disruptive to the platform overall. So really, all the credit goes to the team on that one. And what we're excited about is now that we've built that muscle, and we've demonstrated that we can move really quickly on these big changes that it frees us up to try new things. And that combined with these platform investments in IOS, for example, more recently, where we have improved the architecture on the client itself similar to how we approach some of the challenges we faced on Android, those changes also allow us to move faster. So we've got this combination now really deep understanding of what's happening on our platform, the ability to test really, really quickly and a new architecture that allows us to move faster both on the front end and the back end.

這些都是很好的問題。所以我認為，首先是我們的工程和產品團隊的巨大功勞。當然，所有在我們的數據平台上工作的人等等，他們非常擅長真正了解我們平台上正在發生的事情，能夠測試和迭代我們正在做出的重大改變。他們剛剛完成了出色的工作，使我們能夠繼續快速行動並嘗試真正的大創意，而不會破壞整個平台。所以真的，所有的功勞都歸功於那個團隊。我們感到興奮的是，現在我們已經建立了這種肌肉，並且我們已經證明我們可以在這些重大變化上非常迅速地採取行動，這讓我們可以自由地嘗試新事物。再加上對 IOS 的這些平台投資，例如，最近，我們改進了客戶端本身的架構，類似於我們在 Android 上面臨的一些挑戰，這些變化也使我們能夠更快地行動。因此，我們現在已經對這種組合非常深入地了解了我們平台上正在發生的事情，能夠非常非常快速地進行測試，並且新架構允許我們在前端和後端更快地移動。

So overall, just really can't thank the team enough for all their hard work there. And it shows that we're going to be able to move a lot faster to innovate in the future. And then separately, when we look at Spotlight, we're super excited. So far, it looks like a lot of that engagement is incremental, and that really speaks to the new layout of the service around the action bar, which allows people to easily access different parts of the platform. And that doesn't totally surprise me because Spotlight fills a really different need than Stories, for example, that allow you to catch up with your closest friends and really see the world from their perspective. So as we look at Spotlight, that content is really the best of Snapchat and people submitting the Snaps that are the funniest or most engaging or most interesting.

所以總的來說，真的不能感謝團隊在那裡的所有辛勤工作。它表明我們將能夠在未來更快地進行創新。然後，當我們看到 Spotlight 時，我們非常興奮。到目前為止，看起來很多參與都是增量的，這確實說明了圍繞操作欄的服務的新佈局，它允許人們輕鬆訪問平台的不同部分。這並不完全讓我感到驚訝，因為 Spotlight 滿足了與 Stories 完全不同的需求，例如，它可以讓你趕上你最親密的朋友，並真正從他們的角度看世界。因此，當我們查看 Spotlight 時，該內容確實是 Snapchat 中最好的，人們提交的 Snap 是最有趣、最吸引人或最有趣的。

So I definitely think that content fills a really different need for our community, and we're excited about the engagement we're seeing so far.

所以我絕對認為內容滿足了我們社區真正不同的需求，我們對迄今為止看到的參與感到興奮。

Next question comes from Lloyd Walmsley of Deutsche Bank.

下一個問題來自德意志銀行的 Lloyd Walmsley。

Two questions, if I can. First, just the 4x growth in ad dollars around 4 down funnel metrics is spectacular. How do you guys get comfortable that the momentum in these ad units is sustainable through these upcoming iOS changes that are going to effectively blind ad platforms to down funnel measurement? Is Apple going to back down in some of these restrictions? Or do you think opt-in rates are high? Or are your CPMs just so low, and services like Spotlight, just so meaningful that it doesn't matter? But curious to get your take on that.

兩個問題，如果可以的話。首先，僅 4 倍下降漏斗指標的廣告收入就增長了 4 倍，這是驚人的。這些即將到來的 iOS 變化將有效地使廣告平台無法進行漏斗測量，你們如何確信這些廣告單元的勢頭是可持續的？蘋果會在其中一些限制中退縮嗎？還是您認為選擇加入率很高？還是您的 CPM 如此之低，而 Spotlight 之類的服務如此有意義以至於無關緊要？但很想知道你對此的看法。

And then secondly, you now have ad units to help advertisers across the funnel. So when you look at your customer base and what they're doing, are they using all of these tools on Snap? How are you going to market to make them aware of all that? How much of an opportunity is it to get them buying across all these units and leveraging the full value of the platform?

其次，您現在擁有廣告單元來幫助廣告客戶跨渠道。因此，當您查看您的客戶群以及他們在做什麼時，他們是否在 Snap 上使用所有這些工具？您將如何進行營銷以使他們意識到這一切？讓他們購買所有這些單位並利用平台的全部價值的機會有多大？

Thanks, Lloyd. Really appreciate the question. I'll take the IDFA one first and the ForEx growth as you're seeing in our down funnel metrics, we're also thrilled to see that. But it becomes -- as it comes to IDFA and the changes, whether or not they will impact us. The reality is we admire Apple, and we believe that they are trying to do the right thing for their customers. They're focus on protecting privacy is aligned with our values and the way that we've built our business from the very beginning. So the change here that we're really focused on has less to do with IDFA for which Apple has long offered an opt-out. And instead on a much more broad policy change that requires Snapchatters to opt into tracking with other personal identifiers such as their e-mail address, which would make it harder for us than the overall digital ad ecosystem to match advertising outcomes.

謝謝，勞埃德。真的很感激這個問題。正如您在我們的下降漏斗指標中看到的那樣，我將首先採用 IDFA 和 ForEx 增長，我們也很高興看到這一點。但它變成了——當涉及到 IDFA 和變化時，無論它們是否會影響我們。現實是我們欽佩蘋果，我們相信他們正在努力為他們的客戶做正確的事情。他們對保護隱私的關注與我們的價值觀以及我們從一開始就建立業務的方式相一致。因此，我們真正關注的變化與 Apple 長期以來一直提供退出的 IDFA 關係不大。取而代之的是一項更廣泛的政策變更，要求 Snapchatter 選擇使用其他個人標識符（例如他們的電子郵件地址）進行跟踪，這將使我們比整個數字廣告生態系統更難匹配廣告結果。

But we've been working really closely with Apple to implement SKAdNetwork, which is their privacy protective solution as well as building our own solutions that use aggregated data to protect privacy. We've been communicating very well with advertisers, we're educating them, talking about them deeply about these coming changes and encouraging them to implement our Conversion, API and Measurement Kit to mitigate any of this. And then longer term, we're investing in using first-party data from our platform and providing more opportunities for on platform conversion, which will really help. Overall, we feel really well prepared for these changes. But changes to this ecosystem are usually disruptive and the outcome is uncertain.

但我們一直在與 Apple 密切合作以實施 SKAdNetwork，這是他們的隱私保護解決方案，並構建了我們自己的解決方案，使用聚合數據來保護隱私。我們一直在與廣告商進行良好的溝通，我們正在對他們進行教育，深入談論這些即將發生的變化，並鼓勵他們實施我們的轉換、API 和測量工具包來緩解這些變化。從長遠來看，我們正在投資使用來自我們平台的第一方數據，並為平台轉換提供更多機會，這將非常有幫助。總的來說，我們為這些變化做好了充分的準備。但是這個生態系統的變化通常是破壞性的，結果是不確定的。

To talk to your second question regarding the ad units and how it's helping advertisers across the funnel. You're right, the advertisers who are most successful on Snap are using broad -- our broad portfolio of targeting optimization and our format choices across AR, commercial, Snap ads, Story ads going in with each of the goal-based bidding products and really optimizing their overall campaigns.

談談您關於廣告單元的第二個問題，以及它如何幫助廣告商跨渠道。沒錯，在 Snap 上最成功的廣告商正在使用廣泛的產品——我們廣泛的定位優化組合以及我們在 AR、商業、Snap 廣告、故事廣告中的格式選擇與每個基於目標的競價產品和真正優化他們的整體活動。

We do see a significant opportunity to get more advertisers using all the features and functionality that we offer. We do have multiple case studies that show the value of utilizing multiple formats, the ones I just mentioned before. But we don't make it as easy as we could. So it's very much still day 1 here in terms of ensuring that all of our advertisers use as many of our products as possible to get the best outcomes for their dollar. But we are specifically focused on driving adoption of retention driving products and features, and we know that ROI is the best retention feature we could possibly have. So we continue to focus on measurement, optimization and delivering that ROI for our advertising partners.

我們確實看到了一個重要的機會，可以讓更多的廣告商使用我們提供的所有特性和功能。我們確實有多個案例研究顯示了使用多種格式的價值，我剛才提到的那些。但我們並沒有盡可能簡單。因此，就確保我們所有的廣告商盡可能多地使用我們的產品來獲得最佳結果而言，這仍然是第一天。但我們特別專注於推動留存驅動產品和功能的採用，並且我們知道 ROI 是我們可能擁有的最佳留存功能。因此，我們將繼續專注於衡量、優化並為我們的廣告合作夥伴提供投資回報率。

The next question comes from Mark Shmulik of Bernstein.

下一個問題來自 Bernstein 的 Mark Shmulik。

I guess, when we think about advertisers kind of growing 2x this year. As we look ahead to kind of 2021 and sales objectives, any color you could share on how you think about that strategically between continuing to grow the advertiser base versus, I think, what we just talked about around kind of growing share of wallet and cross-selling more products and services within it? And then my second question, while I'm generally not one to kind of compare across, I think this quarter, you guys really only want to grow domestic users sequentially. So any color you can share on what you've been doing to drive that reacceleration? And whether you expect those trends to continue?

我想，當我們考慮到今年廣告商增長了 2 倍時。當我們展望 2021 年和銷售目標時，您可以分享任何顏色來說明您在戰略上如何看待這一點，即繼續擴大廣告客戶群與我認為我們剛剛談到的錢包和交叉市場份額的增長- 銷售更多的產品和服務嗎？然後我的第二個問題，雖然我一般不會比較，但我認為本季度，你們真的只想按順序增長國內用戶。因此，您可以分享您為推動重新加速所做的任何事情嗎？您是否預計這些趨勢會持續下去？

Sure. This is Jeremi. As mentioned before regarding advertiser growth, we exited 2020 with both the best momentum we've ever had in our advertising business, more than doubling advertiser count year-over-year in Q4, and again, putting up highest number of advertisers of all time. I think the important part about that is really the diversity of advertisers and the diversity of demand in our ecosystem and how that makes our entire marketplace stronger. We set up our team in 3 different categories, the first of which focuses on our enterprise or large-scale clients that have complex buying structures, then there's a tier called Emerging, which is focused on advertisers that really focus on VR and ensuring that those app installed, e-comm, et cetera, get there. And then lastly, we have a scaled function that goes out to get the small and medium businesses, small e-commerce advertisers, people who utilize Shopify as their back-end for instance, to have a diversity of advertiser sets in the ecosystem so that everybody can succeed. So we're really focused on growing that demand, and we'll continue to do so for years to come.

當然。這是傑雷米。如前所述，關於廣告客戶的增長，我們在 2020 年以我們廣告業務有史以來最好的勢頭退出，第四季度的廣告客戶數量同比增長了一倍以上，並且廣告客戶數量再次創下歷史新高.我認為重要的是廣告商的多樣性和我們生態系統中需求的多樣性，以及這如何使我們的整個市場變得更強大。我們將我們的團隊分為 3 個不同的類別，第一個專注於我們的企業或具有復雜購買結構的大型客戶，然後有一個名為 Emerging 的層級，專注於真正專注於 VR 並確保那些安裝應用程序、電子商務等，到達那裡。最後，我們有一個擴展功能，可以讓中小型企業、小型電子商務廣告商、使用 Shopify 作為後端的人在生態系統中擁有多樣化的廣告商集，以便每個人都可以成功。所以我們真的專注於增加這種需求，我們將在未來幾年繼續這樣做。

On the DAU question, we're really excited about the momentum we're continuing to see in the United States. I think a lot of this has to do with the large investments we've made in the underlying technology platform form over the last several years in addition to a lot of the fantastic innovation around things like augmented reality and, of course, Spotlight. So we're going to continue to differentiate our products, do our best to really serve the needs of our community. And I think we're still at the early stages of our growth, given how powerful visual communication is. Young people, in particular, prefer to communicate visually, and increasingly, we're seeing people embrace visual communication as their preferred method. So a lot of opportunity in front of us there. And thankfully, a lot of these investments we've made over the last few years are paying off.

關於 DAU 問題，我們對我們在美國繼續看到的勢頭感到非常興奮。我認為這在很大程度上與我們在過去幾年中對底層技術平台形式的大量投資有關，此外還有圍繞增強現實和 Spotlight 等事物的許多奇妙創新。因此，我們將繼續使我們的產品與眾不同，盡最大努力真正滿足我們社區的需求。而且我認為我們仍處於發展的早期階段，因為視覺傳達的強大。尤其是年輕人，他們更喜歡視覺交流，我們越來越多地看到人們將視覺交流作為他們的首選方式。所以很多機會擺在我們面前。值得慶幸的是，我們在過去幾年中所做的很多投資都得到了回報。

The next question comes from Brian Nowak of Morgan Stanley.

下一個問題來自摩根士丹利的布賴恩諾瓦克。

I have 2. Just the first 1 on Spotlight monetization. Curious to just hear about what sort of mechanics or technologies are already in place for you to start to test on Spotlight monetization? And what are some of the investments you still need to make to sort of eventually start to beta test and roll out Spotlight monetization as we think about 2021? And then the second 1 on content investment. Maybe, Evan, just talk about, as you look at the Explore tab, what do you think are sort of some of the key content investment areas that will be important for that tab to continue to evolve throughout 2021?

我有 2 個。只是 Spotlight 貨幣化的前 1 個。想知道您已經準備好什麼樣的機製或技術來開始測試 Spotlight 貨幣化？在我們考慮 2021 年時，您還需要進行哪些投資才能最終開始 Beta 測試並推出 Spotlight 貨幣化？然後是內容投資的第二個 1。也許，埃文，當您查看“探索”選項卡時，您認為哪些關鍵內容投資領域對於該選項卡在整個 2021 年繼續發展很重要？

Yes. So I think as it pertains to monetization timing on Spotlight. It's still really early. We're going to focus on growing engagement. But fortunately, we've got a lot of demand for vertical video, which is format we will use to monetize Spotlight and, of course, all the underlying advertising infrastructure. So I think Spotlight will be a great way for folks to extend their video campaigns. But again, we're focused on the product experience today and we'll think about testing a little bit further down the road. And then as it pertains to Discover, we've been doing a lot here, especially on content supply. So really trying to understand what sort of contents' resonating with our community, where the gaps are in terms of different demographics and interest, making sure that we can meet that demand with the requisite supply, and then taking a couple of big bets around compelling new shows for our community because we see that there's really a lack of investment in premium mobile video, and that's an area where we can really grow.

是的。所以我認為這與 Spotlight 上的貨幣化時間有關。現在還真的很早。我們將專注於提高參與度。但幸運的是，我們對垂直視頻有很多需求，這是我們將用來通過 Spotlight 獲利的格式，當然還有所有底層廣告基礎設施。因此，我認為 Spotlight 將是人們擴展視頻廣告系列的好方法。但同樣，我們今天專注於產品體驗，我們會考慮進一步測試。然後，就發現而言，我們在這裡做了很多工作，尤其是在內容供應方面。所以真的想了解什麼樣的內容與我們的社區產生共鳴，在不同的人口統計和興趣方面存在差距，確保我們能夠以必要的供應滿足這種需求，然後圍繞引人注目的幾個大賭注為我們的社區推出新節目，因為我們發現優質移動視頻確實缺乏投資，而這是我們真正可以發展的領域。

So I think, overall, we're just able to use a lot of our understanding of our audience to think about where to make content investments and improve supply either with original content or through syndication and, of course, with our partners.

所以我認為，總的來說，我們只能利用我們對觀眾的大量了解來思考在哪裡進行內容投資和改善供應，無論是通過原創內容還是通過聯合，當然還有我們的合作夥伴。

Our last question will come from Doug Anmuth of JPMorgan.

我們的最後一個問題將來自摩根大通的 Doug Anmuth。

Evan, just wanted to ask, the early 1Q ad disruption stands in contrast, I think, to your positioning as a curated and more brand-safe platform. So just curious if you can talk about your efforts here and just how much the differentiation is resonating with marketers and agencies?

埃文，只是想問一下，我認為早期的 1Q 廣告中斷與您將其定位為一個精心策劃且更品牌安全的平台形成了鮮明對比。所以只是好奇您是否可以在這裡談論您的努力以及差異化與營銷人員和代理商的共鳴有多大？

Well, Jeremi might be better positioned to talk about how our position is resonating with advertisers. I know she's having a lot of conversations with our partners. But I think just broadly speaking, when it comes to some of the policy changes that Apple is making, we really think of them as high integrity folks, and we're happy to see them making the right decision for their customers. So of course, this is in line with how we've been thinking about building our business since the beginning. We really innovated and I think we'll continue to innovate. So this is really an opportunity to work together with our partners, work together with Apple and really move forward in a way that benefits everyone, in particular, consumers who deserve to be protected.

好吧，Jeremi 可能更適合談論我們的立場如何引起廣告商的共鳴。我知道她與我們的合作夥伴進行了很多對話。但我認為，從廣義上講，當談到蘋果正在做出的一些政策改變時，我們真的認為他們是高度誠信的人，我們很高興看到他們為客戶做出正確的決定。因此，當然，這與我們從一開始就考慮建立業務的方式是一致的。我們確實進行了創新，我認為我們將繼續創新。因此，這確實是一個與我們的合作夥伴合作、與 Apple 合作並真正以造福所有人的方式前進的機會，尤其是值得保護的消費者。

So I can take it from there regarding what advertisers and agencies are saying to us. I think when we look at the overall industry, the growth of -- the growing focus on brand safety and privacy across the entire industry actually places us in a really unique and beneficial position given what Evan just said, which is from the beginning of our business, we made design decisions that helped us avoid many of the issues seen on other platforms. So a lot of the conversations we're having with advertisers and agencies are around things like the fact that we don't have any comments, for instance, the fact that it is -- that our groups can only be 64 people is another good example of that, that friendships to be bidirectional. And when we get into that with advertisers and agencies, they truly understand how our design was different from the beginning.

因此，我可以從那裡了解廣告商和代理商對我們所說的內容。我認為，當我們審視整個行業時，整個行業對品牌安全和隱私的日益關注實際上使我們處於一個非常獨特和有益的位置，因為埃文剛剛說過，這是從我們的開始業務，我們做出的設計決策幫助我們避免了在其他平台上看到的許多問題。因此，我們與廣告商和代理商進行的很多對話都圍繞著這樣一個事實，例如我們沒有任何評論，例如，我們的團隊只能是 64 人這一事實是另一個好處例如，友誼是雙向的。當我們與廣告商和代理機構接觸時，他們真正了解我們的設計從一開始就有什麼不同。

In addition, we have very clear policies and we adhere to those policies consistently. But it really is the very foundation of both our consumer products and our advertising business that's been built around commitment to brand safety and privacy. So the pauses that we mentioned for earlier in the year aren't related to Snap specifically, just a minor disruption as it pertains to the overall market as being we're shifting and changing. But we believe that building trust with our community in providing a safe environment on Snapchat is actually the most critical thing to our long-term success because our customers come here and they have fun and they feel safe and they feel private and they enjoy their experience on Snapchat, which means that they will continue to stay with us for years to come. And those growing audiences are what advertisers want to see.

此外，我們有非常明確的政策，並且我們始終如一地遵守這些政策。但這確實是我們的消費品和廣告業務的基礎，它是圍繞對品牌安全和隱私的承諾而建立的。因此，我們在今年早些時候提到的暫停與 Snap 無關，只是與整個市場有關的輕微破壞，因為我們正在轉變和改變。但我們相信，與我們的社區建立信任，在 Snapchat 上提供安全的環境實際上是我們長期成功的最關鍵的事情，因為我們的客戶來到這裡，他們很開心，他們感到安全，他們感到私密，他們享受他們的體驗在 Snapchat 上，這意味著他們將在未來幾年繼續與我們在一起。而這些不斷增長的受眾正是廣告商希望看到的。

And we really take this all very seriously, including with Spotlight, where all content is manually reviewed by our team before its surfaced to a large number of Snapchatters, meaning it can't go viral without a manual review, and we will continue to adhere to those practices that is core to our foundation. And frankly, from my point of view, it has been an extreme tailwind as advertisers look to align their values with other businesses that share those same values and our safety by design and privacy by design principles and commitment to our community, really align up with what they're looking to spend their money.

我們真的非常重視這一切，包括使用 Spotlight，所有內容都由我們的團隊手動審查，然後才會出現在大量 Snapchatter 中，這意味著如果沒有人工審查，它就無法傳播開來，我們將繼續堅持那些對我們的基金會來說是核心的實踐。坦率地說，從我的角度來看，這是一個極端的順風，因為廣告商希望將他們的價值觀與其他具有相同價值觀的企業保持一致，我們的安全設計和隱私設計原則和對我們社區的承諾，真正符合他們想花什麼錢。

This concludes our question-and-answer session as well as Snap Inc.'s Fourth Quarter 2020 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 2020 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。