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.

各位下午好，歡迎參加 Snap Inc. 2020 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。

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，各位下午好。歡迎參加 Snap 2020 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。今天稍早，我們已提供一份簡報，概述我們 2020 年第四季的用戶與財務指標，可於我們的投資人關係網站 investor.snap.com 查閱。

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.

接下來我將說明安全港聲明。今天的電話會議旨在向各位提供我們 2020 年第四季表現的相關資訊，並補充我們的財務展望。本次電話會議包含前瞻性陳述。任何提及對未來事件之預期、推估、指引或其他描述（包括財務預測、未來市場狀況，或 COVID-19 對我們業務及整體經濟之影響）的陳述，均屬基於今日假設的前瞻性陳述。

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所表達者有重大差異，我們亦無義務更新相關揭露。關於可能導致實際結果與前瞻性陳述有重大差異之因素，請參閱我們今日發布的新聞稿，以及我們截至 2020 年 9 月 30 日止季度的 Form 10-Q 季報中所述風險，特別是「風險因素」章節。相關資訊亦可於我們向 SEC 提交的其他文件（如可取得時）中查閱。

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.

我們今天的評論亦將包含非 GAAP 財務衡量指標；我們相信使用這些非 GAAP 財務衡量指標，能為投資人提供額外工具，以評估持續的營運結果與趨勢。這些衡量指標不應單獨考量，亦不應作為依 GAAP 編製之財務資訊的替代。就我們所報告結果之 GAAP 與非 GAAP 指標之調節表，可見於我們今日發布的新聞稿；其副本亦可於我們的投資人關係網站取得。

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字時，將排除以股份為基礎之薪酬及相關薪資稅，以及折舊與攤銷與非經常性費用。在我們的事先準備發言或回覆提問時，我們可能會提供額外指標，以更深入說明我們的業務或季度與年度結果。這些額外細節可能屬一次性，我們未來可能會或可能不會更新這些指標。請參閱我們向 SEC 提交的文件，以了解我們如何計算各項指標。

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

接下來，我想把電話會議交給 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.

各位好，感謝加入我們。我們的使命是透過賦能人們自我表達、活在當下、了解世界並一起享受樂趣，來促進人類進步。從年初到年末，2020 年更凸顯了這項使命的重要性。在近代史上對全球社群及其親友而言最具挑戰的一年之一，我們的團隊努力尋找讓人們更緊密連結的方法。即使我們在物理上分隔兩地，我們仍讓關係得以加深並蓬勃發展。本季我們新增 1,600 萬名每日活躍用戶，總數達 2.65 億，年增 22%。這樣的成長驗證了我們服務的廣泛吸引力，以及我們在 Snapchat 社群每位成員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.

我們的季度營收年增 62% 至 9.11 億美元，顯示廣告主對我們的信任，以及我們社群對具有共同價值觀品牌的接受度。隨著我們的平台持續演進，我們預期與社群成員及商業夥伴的關係將更加緊密。我們在內部為 2020 全年設定了調整後 EBITDA 獲利的目標，很高興與各位分享，我們已達成此目標，全年調整後 EBITDA 為正 4,500 萬美元。

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.

在全球各地團隊成員的卓越努力與嚴謹執行下，我們第四季調整後 EBITDA 為 1.66 億美元。在如此艱難且充滿不確定的一年中達成全年獲利，證明了我們業務的韌性，也代表我們朝向未來能以自有資金支持投資邁進的重要里程碑。

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 深受正在驅動未來的一代所擁抱。Snapchat 世代主要為 Z 世代與千禧世代，他們使用圖片而非文字溝通的可能性高出 150%，且其中 82% 相信自己有改變世界的個人責任。未來數十年，我們服務並支持這個社群的機會將持續成長，而我們也受到 Snapchat 世代正在努力打造的世界所啟發。

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.

這項機會的核心在於我們相機的力量。它是全球使用最頻繁的相機之一，每天平均創作超過 50 億個 Snap。相機不再只是用來捕捉某個瞬間或回憶的工具；它如今開啟了一個自我表達與視覺溝通的全新世界，而自我們創立以來便致力推動這項根本性的轉變。

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.

我們透過將相機置於應用程式的核心與策略的核心，並圍繞它建立業務來實現這一點。賦能人們以視覺方式溝通，帶動了應用程式的高頻互動；每日活躍用戶平均每天開啟 Snapchat 30 次。這意味著提升視覺溝通的速度、便利性與品質，對於提升互動至關重要。本季我們完成了新訊息基礎架構的全面推送，使我們能更容易在聊天中創新並加入新功能，同時提升效能，並支援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.

我們也在確保 Snapchat 仍是最快速的溝通與分享當下方式的同時，大幅提升了 Snap 的影片品質。我們打造的第一個平台，用以將 Snapchat 相機的效用延伸至視覺訊息之外的是 Stories；它讓 Snapchat 用戶、出版商、企業與創作者能以富有創意且引人入勝的方式自我表達，同時避免傳統社群媒體所伴隨的壓力。

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.

Stories 具有即時消逝特性、以時間順序呈現內容，且沒有公開的按讚或留言。我們隨時間演進 Stories，以擁抱如節目（shows）等新形式；2020 年觀看節目的總時長年增近 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.

我們對服務內容的品質與完整性（integrity）的承諾，推動了許多產品演進。像是我們在 2018 年進行的改版，將社交內容與媒體內容分離；我們對出版商與所有社群成員一視同仁執行的內容準則；以及我們早期決定透過 Discover 建立人工策展的平台——這些都證明非常有價值，因為我們得以向社群提供可信且可靠的內容。

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，在美國總統大選當週，近 3,000 萬名 Snapchat 用戶在 Discover 上觀看了來自我們可信媒體夥伴的選舉相關報導。我們也很高興看到新媒體與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、Group Nine 等數位原生夥伴，到 NBC Universal、ESPN、Viacom CBS 等較成熟的媒體公司，在第四季其 Discover 頻道各自觸及超過 2,500 萬名觀眾。

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 原創內容，包括 Will Smith 的《Will From Home》第二季；該節目在兩季中累計觸及 4,300 萬名觀眾。為我們多元且持續成長的用戶基礎提供相關內容，是我們策略的重要一環；本季我們推出創紀錄的 97 個新的國際 Discover 頻道。此外，我們持續增加吸引年長受眾的節目與出版商內容供給，使 35 歲以上受眾的收視人數年增 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.

相機也帶動了我們地圖上的互動。我們的目標是打造全球最個人化的地圖，而我們多年前所做的投資如今正帶來回報。每個月有超過 2.5 億名 Snapchat 用戶開啟我們的地圖，在那裡他們可以找到對自己最重要的人與地點。

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.

我們的社群可以透過來自全球各地的共享 Stories 互動，並透過點擊地圖探索新地點。地圖上目前已有超過 3,500 萬家商家供社群在 Discover 中探索，而將在地商家與潛在客戶連結，代表我們業務未來可觀的營收機會。

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，隨著我們相機的功能與使用頻率提升，我們得以推出 Spotlight。我們對這個新平台為社群帶來的機會感到非常興奮，讓大家能以最引人入勝的 Snap 觸及廣大受眾，並因其創意而獲得回饋。

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精彩的 Snap 在其他平台上爆紅，也希望能提供一種方式，讓 Snap 能在 Snapchat 上觸及廣大受眾，但我們一直難以用符合我們價值觀的方式達成。Spotlight 結合了簡單的投稿流程，讓人們只需 1 次點擊就能提交最佳 Snap，同時搭配嚴謹的審核與排名機制，使我們得以過濾不符合我們指引的內容。

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.

其成果是一種有趣且安全的產品體驗，將 Snapchat 最精彩的內容集中於同一處。推出 Spotlight 的主要目標，是在特定國家同時建立關鍵規模——包括影片投稿量與觀眾規模——以便我們能開始快速迭代內容排名與整體產品體驗。部分由於我們對創作者的激勵計畫（每天向表現最佳的影片發放超過 100 萬美元），我們目前平均每天收到超過 175,000 支影片投稿。

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.

在早期取得創作者動能，對於吸引新觀眾進入 Spotlight 體驗至關重要。而這些投入也幫助 Spotlight 在 1 月成長至每月活躍用戶超過 1 億。我們的產品與排名團隊已能迅速提升將 Spotlight 觀眾與合適內容配對的能力，並正著手將 Spotlight 更廣泛地推向整個社群。

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.

我們對重新發明相機的承諾，最明顯體現在我們於擴增實境（AR）的進展上。如今，平均每天有超過 2 億人於 Snapchat 上與 AR 互動。我們與不斷成長的社群共同發展對擴增實境的願景，並打造最先進的工具與能力，讓創作者能建立愈來愈進階的 Lenses，並將其發佈給整個 Snapchat 社群。我們每天都受到創作者社群的創意所啟發；他們已透過 Lens Studio 製作超過 150 萬個 Lenses，涵蓋日益多元的使用情境。

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一年裡，AR 仍是賦能 Snapchat 用戶在節日期間自我表達、發揮創意並與摯愛保持連結的重要方式。今年的排燈節（Diwali），許多 Lenses 運用了新的身體追蹤與分割能力，讓人們能在 AR 中試穿節慶造型。我們的社群使用排燈節主題 Lenses 的次數超過 5 億次，互動量較去年排燈節 Lenses 提升超過 8 倍。我們尤其對 AR 正在超越自我表達、溝通與娛樂的演進方式感到興奮。

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，因應 COVID 疫情，我們的美妝合作夥伴正加速投入虛擬探索、試用與體驗。雅詩蘭黛集團旗下品牌 Too Face Cosmetics 透過 Lens Studio 推出一款眼妝教學 Lens。該 Lens 會以擴增實境疊加每一步上妝流程，並可透過掃描產品包裝隨時啟用。該品牌的 Lens 以自然方式成長為我們表現最佳的 Lenses 之一，數百萬人使用它來了解產品。

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.

其他例子包括 NYX Professional Makeup 透過 Lens Studio 打造的虛擬商店，讓人們能在 AR 中走動並探索其產品。除了在其 Snapchat 品牌檔案（Brand Profile）上推廣此體驗外，他們也運用 Camera Kit 將其 Lens 分發給如 Triller 等合作夥伴。我們也透過與 Perfect Corp 的合作加碼投入美妝解決方案，這將使數百個彩妝品牌能無縫建立高品質的美妝 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.

美妝只是我們看到可透過擴增實境提供有價值實用功能的眾多領域之一。我們很期待持續投資於如試穿服飾、在家中視覺化產品、了解你周遭的物品與地點等體驗，以及更多可能性。

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.

我們對於與合作夥伴在 Games、Minis 與 Snap Kit 上的協作進展感到振奮。例如，Voodoo 重新改造其最受歡迎的遊戲之一 Aquapark，讓 Snapchat 用戶能在 Snapchat 上與朋友即時同玩，並完整整合遊戲內 Bitmoji。TurboVote 透過其選民登記 Mini 在 2020 年選舉期間支持我們的 Z 世代與千禧世代受眾，協助超過 120 萬名美國 Snapchat 用戶完成選民登記。

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.

我們最近透過 Creative Kit 推出與 Twitter 的整合，讓 Twitter 用戶能直接透過 Snapchat 的 Snaps 與 Stories 分享推文。Bitmoji Kit 則透過人們喜愛的虛擬分身協助個人化使用者體驗，無論是在 Samsung 預設鍵盤上，或是在 Venmo 轉帳時皆可使用。我們也正透過 Camera Kit 在其他應用程式上提供 AR 體驗，進一步擴大 Lens Studio 的機會。自我們首次合作夥伴高峰會以來的短短兩年內，我們已推出多項新能力與數千個成功的合作夥伴整合；隨著我們擴展平台，我們期待延續這股動能。

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，我們將專注於持續以嚴謹的執行力推進短期與長期的業務成長目標。我們計畫在獲利能力與自由現金流方面取得更多進展，將全年營收成長加速至超越 2020 年達成的 46% 年增率，並透過改善與在地化 Snapchat 的產品體驗來擴大全球社群。我們也正將產品團隊依 Snapchat 的五大核心平台重新組織：Map、Communication、Camera、Stories 與 Spotlight；我們相信，當我們將各平台轉型為可變現的業務時，這將帶來更高的專注度與營運卓越。我們已在 Stories 上成功完成此轉型，透過全螢幕直式影片廣告進行變現；也在 Camera 上完成轉型，企業可付費推廣其 Lenses。我們所有平台共享同一套強大的變現基礎設施，為我們的廣告合作夥伴帶來強勁的投資報酬率（ROI）。未來，我們期待創造新的方式，讓企業能在 Map 上觸及顧客、在 Chat 中透過 Minis 與 Games 與顧客互動，並在 Spotlight 上延伸其影片行銷活動的觸及。

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，我們看到電商領域存在巨大的創新機會；迄今為止，電商多由價格、選擇與便利性等實用性利益所驅動。從我們在運用擴增實境提供人們試用並與產品互動的新方式所取得的進展中，我們了解到：若能讓購物體驗更具娛樂性與沉浸感，將可在轉換率等方面帶來強大的後續成效。我們計畫快速實驗並廣泛播種，因為我們認為這個機會非常龐大，且儘管全球疫情帶來採用率的巨大躍升，整體成熟度仍處於非常早期的階段。

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.

今年讓我們明白，沒有什麼比與我們共享生活的人更重要。隨著全球健康危機逐步獲得控制、世界開始重新開放，我們看到機會能協助強化全球 Snapchat 社群的連結，並致力確保 Snap 持續在人們生活中扮演正向且具建設性的角色。我期待在幾週後於我們首次舉辦的 Investor Day 與各位交流，屆時你將有機會認識我們更多傑出的團隊成員。在那之前，請多保重並注意安全。

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

接下來我將交給 Jeremi，請他分享更多關於我們業務的內容。

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.

謝謝你，Evan。2020 年對我們而言是重要的一年。隨著我們致力於成為廣告主媒體計畫中的關鍵支柱並擴大其常態化（always-on）預算，我們正處於拐點的早期階段，這也讓 Snap 擁有長期的成長跑道。我們不僅為未來進行投資，也在全年面對未預期的挑戰之際交出強勁成果，並展現我們團隊、業務以及在本產業史上最不尋常時期之一仍能提供強勁 ROI 的韌性。

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，我們全年營收為 25 億美元，年增 46%，較 2019 年加速 1 個百分點。2020 年第四季（Q4 2020），我們創造 9.11 億美元營收，年增率達 62%，較前期顯著加速 18 個百分點。這些成果是 Snap 各團隊辛勤努力的產物，也驗證了我們在業務架構、市場進入策略（go-to-market strategy），以及為社群與廣告主打造之產品方面所做的決策。

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.

雖然品牌廣告主在年度期間遭遇了一些干擾，但直接回應（Direct Response）廣告主仍保持穩定，因為我們持續證明 Snap 是一個能在漏斗下層（down-funnel）指標上有效驅動成果的高效率平台。2020 年第一季，我們的業務在 1 月與 2 月年增 58%，但在 3 月以及整個第二季，隨著 COVID-19 的現實與後續經濟影響逐步顯現而放緩。然而，在第三季與第四季，我們看到許多既有廣告主回到 Snap，也看到許多新廣告主運用我們創新的廣告格式與出價能力，在平台上創造實質的商業價值。這使得活躍廣告主數量達到歷史新高。

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（brand-safe）環境與隱私優先（privacy-first）做法，使我們在同業中脫穎而出。這些在 2020 年成為重要主題，我們不認為它們會消失，並且已帶來更佳的廣告主留存與更高的需求。近期許多品牌對數位平台與廣告支出進行稽核，讓我們有機會向產業最高層級說明我們的差異化優勢與「以安全為設計核心」（safety-by-design）的原則。我們得以向一群專注且更高層級、正在重新評估行銷預算配置的受眾講述我們的故事。雖然仍有更多工作要做，但我們很期待在近期成果的基礎上持續推進，並加大投資以把握我們的動能。

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.

我們全力聚焦於推進營收與每用戶平均收入（ARPU）的機會，我們相信這將由三項關鍵優先事項所驅動。第一，投資於銷售與行銷職能，持續訓練、招募並打造可規模化的組織；第二，透過衡量（measurement）、相關性（relevance）與最佳化（optimization）來提升投資報酬率（ROI）；第三，圍繞影音與擴增實境（AR）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。

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.

疫情與居家令加速了數位轉型，形成一種新常態：品牌正試圖判斷哪些技術與趨勢將會長期存在。舉例來說，由於在實體店內將實體商品交到消費者手中的能力受限，更多品牌轉向使用擴增實境進行虛擬試穿，甚至結合 AR 與影片教學，打造同級最佳（best-in-class）的試穿體驗。隨著 Snapchat 世代的成長，這一趨勢只會加速。我們在許多既有市場中對 13–34 歲族群的觸及持續成長，這讓我們的業務能深入洞察這些世代在尋找什麼；而我們的優先事項，是協助品牌以全新且獨特的方式與 Snapchat 世代建立連結。我們的銷售模式讓我們能建立深厚的垂直領域專業，並在特定產業隨總體趨勢加速或放緩時，優先配置並快速調整資源。這種方法在 2020 年證明了其價值，我們得以將投資聚焦於表現最佳的垂直領域，包括電商、民生消費品（CPG）、科技、電信、遊戲、串流、金融服務與餐飲。例 如，即使電影多數時間未在戲院上映，由於我們擁有高效能的廣告產品，我們在串流領域仍看到亮眼成長，並很高興看到娛樂產業的廣告合作夥伴在轉向直接回應時增加了支出。此外，我們也看到 Chipotle 等速食餐廳（QSR）品牌運用我們的定位技術，鼓勵顧客以規模化方式下單並到店取餐。

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.

我們的廣告平台正逐步成熟到一個階段：當廣告主移轉預算時，他們能看到強勁的 ROI，這讓我們更有信心預算將隨時間逐步增加。我們也提供更多漏斗下層的出價能力，讓廣告主能針對其欲達成的目標進行最佳化，並在 2020 年持續擴大這些產品的規模。例 如，在第四季，我們以像素（pixel）驗證的註冊（sign-up）目標為基礎的出價產品，其營收年增超過 4 倍；而在四項漏斗下層最佳化中，有一項在年增營收上也超過 4 倍，顯示廣告主對我們以目標為基礎的出價最佳化持續高度採用。我們相信，這是我們擴大營收並縮小相較同業 ARPU 差距的最明確方式之一。

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.

COVID-19 疫情使購物型態快速改變，因為人們將消費轉移到線上。直面消費者（DTC）的企業蓬勃發展，而消費者也在尋找在家發掘商品的新方式。我們致力於透過廣告產品與工具能力，找到支持企業的新方法，同時為我們的社群提供體驗他們喜愛的商品與品牌的新方式。許多廣告主能運用我們自然支持電商機會的廣告格式。例 如，Deckers 旗下品牌 UGG 於 2019 年 10 月開始測試動態廣告（Dynamic Ads）。在初期測試證明極為成功後，他們在 2020 年第四季（這是一年中對購物者而言競爭最激烈的時期之一）將投資提高超過 10 倍。此解決方案不僅協助他們在假期期間提升相關性，他們也分享這將成為全年關鍵的成效驅動因素。

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群商務（social commerce）的新方式。在第四季，Ralph Lauren 運用我們平台的多個組件，同時推動品牌認知與商業成果。首先，他們投資打造一系列 Bitmoji 服裝，作為吸引年輕受眾的創意嘗試，並證明極為成功。在合作的前五個月內，超過 2,000 萬名用戶為其 Bitmoji 穿上 Ralph Lauren 服裝，並試穿該系列超過 5.5 億次。接著，他們利用我們的掃描相機技術，讓 Snapchat 用戶掃描其廣為人知的小馬標誌後即可啟用 AR 購物體驗；最後，他們建立了新的品牌檔案（Brand Profile），為其品牌、內容與 AR 體驗在 Snapchat 上提供一個永久的家。

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.

我們持續大力投資以成長我們的影音廣告業務，這也是我們將 Snapchat 變現的主要方式。隨著 Spotlight 與 Stories 的觀看量成長，我們看到未來仍有更多機會擴大影音庫存（video inventory），尤其是在同時使用多項產品時能展現增量成效。例 如，Marc Jacobs 運用 Snap Ads 與 Commercials 來推動其新香水系列的銷售。他們的 Commercials 活動使廣告認知提升 43 個點，購買意圖提升 6 個點。除了影音廣告之外，我們也聚焦於運用擴增實境為品牌解決真實的商業問題，讓廣告主能透過我們的相機直接與受眾互動。我們的 AR Lenses 採用度受益於虛擬試穿：消費者需要新的方式來體驗商品，而品牌也需要在消費者所在之處（在家中）觸及他們。當消費者與品牌都願意嘗試這些新體驗時，我們的平台正適逢其時。

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 近期為其全新 B27 運動鞋上市推出一款 AR 試穿 Lens，涵蓋 6 種不同產品。在國際市場方面，OnePlus India 為排燈節（Diwali）打造 Lenses，作為在疫情期間安全凝聚人們的方式。其 Lenses 獲得超過 8,000 萬次曝光（impressions），並觸及印度超過 1,400 萬名 Snapchat 用戶。整體而言，該活動非常成功，使廣告認知提升 9 個點，訊息認知（Message Awareness）提升 7 個點。

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.

我們也持續投資於最佳化演算法，將 AR 體驗動態投放給最有可能達成品牌目標的 Snapchat 用戶。我們看到可購買（Shoppable）Lens 活動在第三季所衡量的所有 Snapchat 活動平均值之上，帶來高出 2.4 倍的意圖提升（Intent lift）。

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，在 Snapchat 上將 AR 作為更大型、多產品活動的一個組成部分來運用的企業，往往能取得更強的成果。例 如，Activision 的《決勝時刻：黑色行動》（Call of Duty: Black Ops）在主機遊戲（Console Gaming）領域推出了我們所見過最成功的活動之一。他們運用 Snap Ads、Commercials，以及一個觸及與頻次（Reach and Frequency）Lens，並看到好感度提升 11 個點、購買意圖提升 5 個點。此外，接觸到多種廣告產品的 Snapchat 用戶，其意圖提升 10 個點，而該 Lens 帶來 17 個點的意圖提升。

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.

在協助企業透過 AR 達成其目標方面，仍有大量工作要做，但我們對合作夥伴所看到的成果感到非常振奮，並將持續投資於這項機會。

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.

總結而言，我們在 2020 年以強勁態勢開局，並在年底以加速的動能收官；我們計畫在 2021 年延續這股動能，持續為廣告合作夥伴帶來 ROI 與成效，投資於創新的廣告單元，並透過我們的銷售與行銷職能提供支援。我對我們的長期發展軌跡充滿信心，也期待在幾週後的投資人日分享更多。接下來，我想把電話會議交給 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%.

謝謝你，Jeremy。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，以推動邁向獲利與正向自由現金流。如 Evan 先前提到的，我們的社群在第四季成長至 2.65 億日活躍用戶。年增 4,700 萬或 22%，相較前一季 18% 的成長率有所加速。

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.

我們社群的成長仍然相當廣泛，iOS 與 Android 平台皆呈現年增與季增，且在北美、歐洲與世界其他地區皆有成長。在北美，DAU 年增 500 萬或 6%，達到 9,200 萬。在歐洲，DAU 增加 700 萬或 10%，達到 7,400 萬。

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 增加 3,500 萬或 55%，達到 9,900 萬。世界其他地區成長加速，反映出我們在當地市場改善應用程式效能所帶來的效益。我們社群所創作的擴增實境（AR）Lenses 的受歡迎程度，以及我們為更好地服務社群所做的投資（包括在地內容、在地行銷合作夥伴關係與更廣泛的語言支援）。第四季總營收為 9.11 億美元，年增 62%，較前一季加速 10 個百分點；同期間全球 ARPU 年增 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.

我們在第四季持續看到廣告產品的強勁採用。由於我們持續看到廣告主的需求增加，尋求以規模化方式觸及 Z 世代與千禧世代受眾，並透過全螢幕影音廣告產品、且該產品投放於品牌安全內容旁，因此第四季我們的 Commercials 廣告產品營收年增超過一倍。

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，第四季來自我們以 Pixel 驗證購買（pixel verified purchase）的目標導向出價（goal-based bidding）產品之營收，年增超過三倍，因為過去一年我們的廣告合作夥伴對 Pixel 的採用度強勁，讓我們持續受益。整體而言，第四季 ECPM 年增 46%，主要由多項因素共同推動：產品組合轉向較高 ECPM 的產品（如 Commercials）、地區組合轉向較高 ECPM 的地區（北美相對較高的成長），以及整體需求在季比上快速上升。儘管 ECPM 成長，我們仍認為就我們的受眾與廣告版位而言，我們的 ECPM 仍明顯低於市場水準。

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.

我們社群的持續成長，加上在 App 內的深度互動（包括在我們尚未開始變現的平台上的深度互動），使我們有充足機會隨時間擴大可售庫存並提升 ARPU 機會。我們也持續改善定向與最佳化能力，使我們能更有效率地運用庫存。

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，第四季活躍廣告主數量年增超過一倍，進一步提升我們最佳化定向的能力，因為這為模型提供了更多元的廣告出價可供選擇。舉例來說，第四季由我們的 Pixel 驗證購買所變現之庫存，其 ECPM 季增 41%；但同期間我們廣告合作夥伴的每次購買成本（cost per purchase）下降 11%。因此，我們相信隨著長期 ECPM 成長，我們將能為廣告合作夥伴提供具吸引力的廣告支出報酬（ROAS）。第四季毛利率為 59%，年增 3 個百分點。我們持續在達成目標方面取得顯著進展：隨時間降低底層基礎設施的單位成本。

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，這些努力使每位 DAU 的基礎設施成本為 0.69 美元，低於前一年同期的 0.72 美元。在內容方面，我們為支援第四季 Spotlight 的推出而進行投資，這使第四季營收成本約增加 4,000 萬美元，對該季毛利率擴張造成約 5 個百分點的逆風。雖然這個新內容平台仍處於非常早期的發展階段，但我們對初步成果深受鼓舞，並對 Spotlight 未來進一步擴大我們變現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.

我們尤其高興的是，在持續擴大毛利率的同時，我們也能支援 Spotlight 的推出；這反映了我們整體策略：在對業務未來進行投資的同時，高效率地擴大營運規模。

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.

第四季營業費用為 3.69 億美元，年增 36%。第四季人員及相關成本年增 33%，主要受平均全職人數增加 24% 以及每位團隊成員的現金薪酬成本上升所帶動。平均全職人數的成長，主要來自我們持續對變現與工程團隊進行聚焦投資，以擴大營收成長並加速產品創新步伐。

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.

如我們今年稍早所提到的，我們在 2020 年對以現金為基礎的薪酬方案進行了增量投資。然而，這項投資被較低的稀釋率所抵銷。此外，我們也持續增加行銷投資，以延續我們在廣告主與 Snapchatter 社群所建立的動能。雖然這些投資的效益通常需要時間才會在產出指標上顯現，但我們對目前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.

第四季是我們連續第二季達成調整後 EBITDA 獲利，該季為 1.66 億美元，年增改善 1.23 億美元。我們在上一通電話會議中提到，第四季的成本結構成長速度將快於近期任何一季；而確實如此，因為我們投入內容以支援 Spotlight 上線、投入招募以擴大人才基礎，以及投入行銷，如我先前所述。

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.

即便如此，我們仍特別高興能在進行這些投資的同時，於第四季交出 35% 的調整後 EBITDA 槓桿（leverage），並持續朝獲利與可持續的正向自由現金流邁進。

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.

第四季淨利為負 1.13 億美元，較前一年改善 1.28 億美元，較前一季改善 8,700 萬美元。淨利的年增改善反映了調整後 EBITDA 改善的傳導效應，以及相較前一年一次性法律費用提列的有利比較。上述因素部分被以下影響所抵銷：過去一年發行可轉換公司債（convertible notes）所產生的利息費用，以及較高的股份基礎給付（stock-based compensation），其由較高的人力規模與隨股價變動的較高薪資稅所驅動。

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.

第四季完全稀釋後流通股數僅年增 3%，低於去年同季的 5%。我們認為，審慎管理完全稀釋後流通股數，是長期建立股東價值的關鍵投入之一；我們也很高興看到我們的產出指標反映出我們在此方面所取得的進展。

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.

第四季自由現金流為負 6,900 萬美元，年增改善 700 萬美元，主要由調整後 EBITDA 的改善所帶動，但大致被以下因素抵銷：第四季支付 9,800 萬美元法律和解款的時點影響，以及因營收成長加速而導致的營運資金淨增加。

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，若排除第四季一次性的法律和解付款，我們第四季本可產生約 2,900 萬美元的自由現金流；我們將此視為朝可持續自由現金流產生邁進的正面證明。本季末我們持有 25 億美元的現金與有價證券，高於前一年同期的 21 億美元，因為我們在 2020 年第二季發行可轉換公司債的募集資金，已足以抵銷過去一年為成長業務所進行的投資。

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.

在我們討論下一季之前，我想花點時間回顧我們作為一家企業所取得的顯著進展。我們社群成長正在加速，且我們已連續 5 季交出年增超過 15% 的 DAU 成長。2020 全年營收為 25 億美元，年增 46%，且我們在 2020 年底的年增營收成長率為自 2017 年以來最高。我們的營收自 2018 年以來已超過翻倍。儘管我們積極投資於業務未來，我們在同一個兩年期間將毛利率擴大了 19 個百分點，並將 47% 的增量營收貢獻至調整後 EBITDA。

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.

我們在 2020 年初就設定了達成全年調整後 EBITDA 獲利的目標。儘管過去一年帶來許多意料之外的挑戰與機會，我們仍為團隊今年為達成此里程碑所展現的執行力感到無比自豪，並於 2020 年交出 4,500 萬美元的調整後 EBITDA 獲利。

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.

因此，我們比以往任何時候都更接近達成持續正向自由現金流、並在未來能以自有資金支應投資的目標。過去兩年我們也大幅強化資產負債表，並於 2020 年底擁有超過 35 億美元的可用營運資金，包括現金、有價證券以及既有的信貸額度。2020 年在平台各面向皆以強勁動能收官，並已為未來做好充分準備。

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 日首次舉辦的投資人日（Investor Day）上，與各位進一步分享我們業務的未來以及長期的財務機會。在此之前，我想先分享我們對第一季可能走勢的一些看法。雖然我們受惠於 2020 年下半年營運環境改善，並對已建立的業務動能保持樂觀，但我們也意識到可能出現影響動能的外部因素。舉例來說，1 月前兩週我們曾經歷廣告需求中斷期，因為在美國國會大廈事件期間，許多品牌廣告主暫停投放活動。因此，本季開局比我們原先預期更慢。我們預期本季稍晚將實施的 iOS 平台政策變更，可能在其剛實施後的期間帶來另一個需求中斷風險。目前尚不清楚這些變更對我們業務營收動能的長期影響為何，而這可能要在變更實施後數個月甚至更久才會明朗。展望第一季，我們估計第一季日活躍用戶（DAU）年增率約為 20%，達到 2.75 億。

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.

在營收方面，若我們能維持近幾週觀察到的動能，我們認為第一季有機會達到與第四季所報告相近的營收成長率。不過，我們的指引區間為年增 56% 至 60%，此區間反映我們對需求中斷之潛在影響的最佳估計，而該中斷與 iOS 平台變更相關，我們預期其將在本季最後一個月實施。這將使第一季營收約為 7.2 億至 7.4 億美元。在費用方面，我們打算持續投資於業務的長期成長，並將持續以每日 100 萬美元的創作者基金支持 Spotlight 的推出，以延續我們在這個令人振奮的新平台上所看到的動能。

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，我們估計第一季調整後 EBITDA 約為負 7,000 萬至負 5,000 萬美元。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)

（接線員指示）

And the first question comes from Ross Sandler of Barclays.

第一個問題來自 Barclays 的 Ross Sandler。

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?

兩個問題。先從 2021 年 Snapchat 廣告整體需求環境談起。Google 和 Facebook 這兩個產業巨頭都在談第一季與第二季成長加速。我知道你們這邊有很多變動因素，包括 Z 世代的高基期、3 月的低基期，以及 IDFA 相關議題。所以我想問，現在看到的 60% 成長大概就是目前正在發生的狀況嗎？你們認為 ILS 變更會帶來多大影響？若能就整體宏觀環境再補充一些說明會很有幫助。第二個問題給 Evan：你們多年來推出了很多很酷的新產品，也在這個產業發明了很多東西。就你們推出的新產品而言，你會如何評價 Spotlight 的排名——就其推動用戶成長或互動提升的潛力來看——相較於例如 Maps、Games 或其他你們推出的酷產品？

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.

Ross，我是 Derek。我先回答你問題的第一部分，然後把關於 Spotlight 的第二部分交給 Evan。先就前瞻展望與營收指引補充一些背景。我想先說的是，整體而言，我們對與廣告合作夥伴所建立的動能感到非常振奮。第四季活躍廣告主年增一倍，我們認為這是我們為合作夥伴創造價值、並與他們保持良好動能的一個相當強的指標。

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.

我們也對第四季營收總體成長 62% 感到滿意，這較前一季的 52% 加速了 10 個百分點。因此，我們本季給出的指引區間為 56% 至 60%，這將是我們作為上市公司以來所報告的最高年增率之一，但可能略低於前一季。我可以再補充一些脈絡。第一，如你所提到的，本季初我們確實看到部分廣告主暫停投放，與我們在國會大廈所看到的一些事件有關。我們已與合作夥伴合作，重新建立動能並讓活動恢復投放，自那段期間後我們已恢復成長動能。

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.

我在事先準備的發言中也提到，如果我們能在本季剩餘期間維持近幾週所看到的動能，我們其實認為第一季有機會達到與第四季大致相當的成長率。不過，我們也預期本季稍晚在 iOS 變更開始實施時，可能會出現另一波需求中斷，因為我們需要與廣告合作夥伴一起因應這些變更的落地。因此，鑑於前方存在的中斷與需求風險，我們希望明確指出這點，並確保我們提供的任何指引都能反映我們對本季後半段中斷風險的最佳估計。如我先前所說，這些變更對我們營收動能的長期影響目前仍不明朗，可能要在變更實施後一段時間才會清楚。因此，我們此處所提示的風險，更聚焦於平台變更實施期間、我們與合作夥伴共同處理時所預期的短期中斷。

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.

總之，我們對 2020 年下半年所看到的動能非常滿意，也對第四季營收年增 62% 的加速表現感到很高興。我也對目前業務所呈現的動能感到滿意，並正努力維持這股動能。希望這能提供你更多背景。接下來我把時間交給 Evan 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.

謝謝你，Ross，關於 Spotlight 的提問。我們對 Spotlight 的動能感到非常驚喜。不過坦白說，我們一開始就具備很好的原始條件：我們擁有被廣泛使用的相機，每天製作超過 50 億個 Snap；一個極具創意的社群；當然還有一個非常龐大的受眾，喜歡觀看行動內容。也許我們本來就該預期會如此，但截至目前，Spotlight 的成長確實非常迅速——每天超過 175,000 件影片投稿，且 1 月的受眾超過 1 億人。

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.

因此，我們對早期動能感到非常興奮。而且——現在我們同時具備市場的兩端，也就是內容投稿與受眾，我們可以投入大量工作來最佳化排序，並確保我們在內容理解上做得很好，能依據使用者興趣把正確的內容提供給正確的人。未來仍有許多機會，團隊也正以非常快的速度取得很大進展，持續提升該產品的互動。我們對目前的進展感到非常振奮。

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?

謝謝這個問題，各位。我想同時請教 Jeremi 和 Evan，關於 AR 與 VR 這一塊，我想知道的是，你們認為今年是否可能會是我們真正看到廣告主在內容層面願意投入出現拐點的一年？另外，你們覺得廣告主基本上還需要看到哪些條件到位，才會更放心地往前投入？

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.

Michael，謝謝你的提問。是的，我認為這段時間對我們來說非常有意思。我們看到 AR 廣告的需求出現了很大的加速，尤其是隨著越來越多人待在家裡，客廳成了新的展示間。而且這個趨勢我們真的看不到會往回走。

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.

至於它如何變得更主流、並更常出現在廣告主的採買中，我認為大概有三個重點。第一是用 AR 交付投資報酬率（ROI），我們已經開始開發許多相關工具，我稍後會談到。第二是降低製作 AR 的成本，主要是透過商品化——也就是讓更多人都能做、把能力民主化。最後則是創作的便利性。最重要的是，我們已經達到——我們在擴增實境上的觸及與互動足以建立一個大型業務，並透過 Lenses 協助企業達成其成長目標。

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 Evan 剛剛提到的，每天在相機中拍攝超過 50 億支影片與照片，所以這是一個非常、非常好的基礎與根基可供我們發展。接著，我們一直非常專注於證明投資 Lenses 的 ROI，我認為這點非常重要。過去那種在大型品牌時刻用來「接管」的產品，現在已經轉變成一種高效能的廣告格式：你可以直接從 Lenses 本身完成購買，你可以做以目標為導向的出價，也可以在 Lenses 上做漏斗下層的行為。

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 AR 而言，創意素材的開發可能需要更長時間。因此，成果能否自我證明就非常重要。當廣告主把它放進投放組合時，必須要值得。不過，我們近期在 try-on（試戴/試用）方面的一些努力，確實帶來了購買意願與轉換的顯著提升。

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.

如我所說，建置確實需要一些時間。因此，我們也在大幅投資改善 Lenses 的工具鏈，讓它們在 Lens Studio 中更容易製作，包括推出 Lens web builder，讓任何人都能更容易在線上打造自己的 AR 體驗。但坦白說，展望未來，我們看到在擴增實境上有巨大的創新機會；而且我們也對社群如何運用像是 net machine learning 這類工具感到非常驚艷，這讓人們可以上傳 ML 模型並即時運行，並開放 Lenses 以驅動新的體驗。

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.

我們相信擴增實境的互動已經達到相當可觀的規模。直接回答你的問題：是的，這絕對足以支撐廣告投放意圖。而且我們也能用清楚的 ROI 來驗證這些投入。因此，我們會持續讓 Lenses 更容易製作、也更強大，這將有助於在未來多年擴大 AR 的機會。

Next question comes from Heath Terry of Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的 Heath Terry。

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?

我想請你們更新一下 Snap Audience Network 的策略，特別是 Unity 加入之後，你們預期這會對其貢獻——也就是受眾網路對成長的貢獻——帶來什麼樣的影響？另外，從更高層次來看，對於規模像 Unity 這樣的合作夥伴，他們如何決定與 Snap 合作，而不是選擇其他可用的網路？

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.

嗨，我是 Derek。我想我首先要說的是，我們在 Snap Audience Network 方面仍處於非常早期的階段。就目前而言，它還不是業務中重要或具實質性的部分。因此，在往前看的規劃中，它也沒有被納入為主要因素。我們仍在非常早期的成長與試驗階段，並引入能協助這項業務的合作夥伴。所以現在談它將如何在營收、營收成長（top line growth）等方面帶來什麼方向性的推動，還為時過早。不過，若從非常高的層次來看，我會說合作夥伴重視我們獨特的廣告格式，這也是我們平台具吸引力的原因之一。當然，直式影片是其中一部分，擴增實境也是，並且也把受眾帶入其中。

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

所以目前仍非常早期；等它變得更重要時我們會再向各位更新，但我們今天在這個領域才剛起步。

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?

我有幾個問題。第一，我們看到「元宇宙」這個詞最近似乎到處都在用。但這些化身（avatar）通常都綁定在各自的平台上。Evan，你們之前收購了 Bitmoji，現在顯然開始在越來越多地方看到它。我想問，這是否有可能成為一種全球或通用的化身？我們應該如何看待 Bitmoji 的變現機會，不僅是在遊戲內，也包括遊戲之外？能否分享一些近期例子？或是你們對未來幾年 Bitmoji 的想法是什麼？

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?

第二，我想在過去幾次電話會議中，你們談到 Map 將開始看到越來越多商家；而且在準備好的發言中，你們也提到個人化 Map 或「最個人化的 Map」。我們何時會開始看到中小企業（SMB）真的開始在 Map 上大量出現？這會是 2021 年就會發生的事嗎？還是我們得等更久？

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.

謝謝你，Rich。我們對 Bitmoji 的進展感到非常興奮，團隊也在朝著成為「世界的 Avatar」這個願景前進，做得非常出色。我們對 Bitmoji 有幾個重點方向。其中之一是持續演進化身本身、也就是化身的風格。我們在 3D 上投入很多，這讓它能用在更複雜、更精緻的遊戲中，這一直是我們的重點之一。當然，也要讓大家更容易用自己的化身來表達自我，這意味著要改善 Bitmoji 編輯器、加入新的時尚品牌與合作夥伴，例如 Jeremi 先前提到的 Ralph Lauren。同時，我們也希望提升並強化「化身連結」——也就是人們與其 Bitmoji 之間的連結，而我們透過合作夥伴關係來做到這點。舉例來說，Bitmoji 與 Samsung Keyboard 的整合。因此，我們會持續在這些面向推進。我們確實看到長期的變現機會，但坦白說，機會仍然非常大、也仍在非常早期，所以我們會先投資於改善化身本身，並真正提升其實用性。

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，我們最近看到一個例子：某家遊戲開發商把 Bitmoji 整合進他們的遊戲中，因而大幅降低了獲客的轉換成本，進而讓他們能以更高的比率將遊戲變現。這是一個很酷的例子，說明我們把 Bitmoji 延伸到合作夥伴的遊戲與服務中，為合作夥伴帶來很大價值；當然也為我們的社群帶來價值，因為他們對自己與 Bitmoji 的關係非常有感，能「以自己」的身份去玩一款遊戲會讓他們很興奮。所以這絕對是我們未來很好的機會。

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.

至於 Map，我認為或許有必要把 SMB 的機會拆成兩個不同的類別來看。一類是數位原生的小型企業，他們正嘗試透過像是我們的動態產品廣告或以目標為導向的出價來成長，而這些我們都有像素（pixel）整合可支援。但如果我們看在地商家，Map 上確實存在更長期的機會。我們一開始先確保商家今天能在 Map 上被輕鬆發現。接著我們非常專注於在這些商家周邊加入可執行的動作。現在你可以下單、查找路線、訂位，也可以分享給朋友。我們會持續在 Map 上圍繞商家建立互動；隨著時間推進，我認為我們將能把這轉化為 Snap 另一個可變現的版位（surface）。

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，就像我們所有的平台一樣，我們真正做的就是努力為我們的社群創造價值、建立那種互動參與，然後隨著時間推移，再思考如何把它轉化為一門生意。

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

下一個問題來自美國銀行（Bank of America）的 Justin Post。

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?

Evan，觀察這個 App 隨時間的演進一直很有意思。而 11 月的重大變更，比之前某一次變更順利得多。你們從中學到了什麼？你們是否真的看到因這次變更而帶來的互動參與提升？有發生嗎？你能跟我們分享些什麼？

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?

第二個問題，顯然 Spotlight 開局非常好。你們認為這些使用量是增量的嗎？還是它可能在某種程度上分流了其他區域的使用？

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.

這些問題都很棒。我想首先，必須高度肯定我們的工程與產品團隊，當然也包括所有在資料平台等方面工作的同仁；他們非常擅長真正理解我們平台上正在發生什麼，並能對我們正在推動的重大變更進行測試與迭代。他們做得非常出色，讓我們能夠持續快速前進、嘗試非常大的想法，同時又不會對整體平台造成干擾。所以這一點的功勞完全歸於團隊。我們感到興奮的是，現在我們已經建立起這種能力，並且證明我們可以在這些重大變更上非常快速地推進，這也讓我們能更自由地嘗試新事物。再加上例如我們近期在 iOS 平台上的投資，我們改善了用戶端本身的架構，類似於我們在 Android 上處理部分挑戰的方式；這些改變也讓我們能更快行動。因此，我們現在結合了：對平台上發生事情的深度理解、能非常非常快速地測試，以及能讓我們在前端與後端都更快推進的新架構。

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.

總體而言，真的非常感謝團隊在這方面的辛勤付出。這也顯示我們未來將能以更快的速度進行創新。另外，談到 Spotlight，我們非常興奮。到目前為止，看起來很多互動參與是增量的，而這也反映了服務在動作列（action bar）周邊的新版面配置，讓人們可以輕鬆進入平台的不同部分。這並不讓我意外，因為例如 Spotlight 滿足的是與 Stories 非常不同的需求；Stories 讓你能追蹤你最親近的朋友，並真正從他們的視角看世界。至於 Spotlight，那些內容更像是 Snapchat 的精華，人們投稿最搞笑、最吸引人或最有趣的 Snaps。

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.

所以我確實認為這些內容滿足了我們社群非常不同的需求，而我們也對目前看到的互動參與感到振奮。

Next question comes from Lloyd Walmsley of Deutsche Bank.

下一個問題來自德意志銀行（Deutsche Bank）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.

如果可以的話兩個問題。第一，圍繞 4 個下漏斗（down funnel）指標的廣告金額成長 4 倍非常驚人。面對即將到來的 iOS 變更，這些變更將實質上讓廣告平台在下漏斗衡量上「失明」，你們如何確信這些廣告單元的動能是可持續的？Apple 會在某些限制上讓步嗎？或者你們認為用戶選擇加入（opt-in）比率會很高？又或者你們的 CPM 真的很低，而像 Spotlight 這樣的服務又非常有意義，所以其實無所謂？想聽聽你們的看法。

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?

第二，你們現在已經有能協助廣告主覆蓋整個漏斗的廣告單元。那麼當你們看你們的客戶基礎以及他們在做什麼時，他們是否在 Snap 上使用所有這些工具？你們要如何行銷，讓他們知道這些工具的存在？讓他們在所有這些單元上都進行採買、並充分運用平台完整價值的機會有多大？

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.

謝謝你，Lloyd。非常感謝這個問題。我先回答 IDFA 的部分。至於你在我們下漏斗指標中看到的 ForEx 成長，我們也非常高興。但談到 IDFA 以及這些變更是否會影響我們，現實是我們敬佩 Apple，也相信他們是在為客戶做正確的事。他們對隱私保護的重視，與我們的價值觀以及我們從一開始建立業務的方式是一致的。因此，我們真正關注的變更，與 Apple 長期以來提供可選擇退出（opt-out）的 IDFA 關聯較小；而是更廣泛的政策變更：要求 Snapchat 用戶必須選擇加入（opt into）追蹤，且使用其他個人識別資訊（例如電子郵件地址），這會讓我們以及整體數位廣告生態系更難去匹配廣告成效。

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.

但我們一直與 Apple 緊密合作導入 SKAdNetwork（他們的隱私保護解決方案），同時也在打造我們自己的解決方案，使用彙總資料（aggregated data）來保護隱私。我們也與廣告主保持非常良好的溝通，持續教育他們、深入討論即將到來的變更，並鼓勵他們導入我們的 Conversion API 與 Measurement Kit，以減輕這些影響。更長期來看，我們也在投資運用平台的第一方資料（first-party data），並提供更多在平台內完成轉換（on platform conversion）的機會，這將非常有幫助。整體而言，我們覺得自己對這些變更準備得很充分。但生態系的變動通常具有破壞性，而結果仍不確定。

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.

再談到你第二個問題：關於廣告單元如何協助廣告主覆蓋整個漏斗。你說得對，在 Snap 上最成功的廣告主，會使用我們廣泛的定向與最佳化產品組合，以及在 AR、Commercial、Snap Ads、Story Ads 等格式上的選擇，並搭配各種以目標為導向的出價產品，來真正最佳化他們整體的行銷活動。

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.

我們確實看到一個很大的機會，讓更多廣告主使用我們提供的所有功能與特性。我們也有多個案例研究顯示，採用多種格式（就是我剛提到的那些）的價值。但我們目前還沒有把它做得像我們可以做到的那麼容易。因此，就確保所有廣告主盡可能使用我們更多產品、以每一塊錢取得最佳成果而言，這仍然非常像是第 1 天（day 1）的階段。不過我們特別聚焦在推動能提升留存（retention）的產品與功能採用，而我們知道 ROI 是我們能提供的最佳留存功能。因此我們會持續專注於衡量、最佳化，並為我們的廣告合作夥伴交付 ROI。

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，當我們想到今年廣告主大概成長 2 倍。展望 2021 年與銷售目標，你能否分享一些你們在策略上如何權衡：一方面持續擴大廣告主基礎，另一方面則是我們剛談到的，提高錢包占比（share of wallet）並在其中交叉銷售更多產品與服務？第二個問題，雖然我通常不太喜歡做跨公司比較，但我想這一季你們似乎只希望美國本土用戶能逐季成長。你能否分享你們為了推動再加速（reacceleration）做了哪些事？以及你們是否預期這些趨勢會持續？

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。我是 Jeremi。如先前提到的廣告主成長，我們在 2020 年底結束時，廣告業務擁有我們有史以來最強的動能，在第四季廣告主數量年增超過一倍，並再次創下史上最高的廣告主數量。我認為其中重要的一點，是廣告主的多樣性、以及我們生態系需求的多樣性，如何讓整個市場更強。我們把團隊分成三個不同類別：第一類聚焦於企業級或大型客戶，他們有複雜的採購結構；接著有一個稱為 Emerging 的層級，聚焦於真正重視 VR（我想是指成效/回報）並確保 App 安裝、電商等能達成目標的廣告主；最後，我們有一個規模化（scaled）的職能，去拓展中小企業、小型電商廣告主，例如使用 Shopify 作為後端的商家，讓生態系中有多元的廣告主組合，使每個人都能成功。因此我們非常專注於擴大這些需求，並且未來多年都會持續這麼做。

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 的問題，我們對於在美國持續看到的動能感到非常振奮。我認為其中很大一部分原因在於，過去幾年我們在底層技術平台方面投入了大量資金，此外也在擴增實境等領域以及當然還有 Spotlight 上做了許多出色的創新。因此，我們將持續差異化我們的產品，盡最大努力真正滿足我們社群的需求。我也認為，鑑於視覺溝通的強大力量，我們仍處於成長的早期階段。尤其是年輕人更偏好以視覺方式溝通，而且我們也越來越看到人們將視覺溝通視為他們偏好的方法。因此，前方有很多機會。值得慶幸的是，我們在過去幾年所做的許多投資正在帶來回報。

The next question comes from Brian Nowak of Morgan Stanley.

下一個問題來自摩根士丹利（Morgan Stanley）的 Brian Nowak。

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?

我有兩個問題。第一個是關於 Spotlight 的變現。想請教目前你們已經具備哪些機制或技術，可以開始測試 Spotlight 變現？以及你們還需要做哪些投資，才能在我們展望 2021 年時，最終開始進行 Spotlight 變現的 Beta 測試並推出？第二個是關於內容投資。Evan，也許你可以談談，當你看 Explore 分頁時，你認為有哪些關鍵的內容投資領域，對於該分頁在 2021 年持續演進會很重要？

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。我認為就 Spotlight 的變現時程而言，現在仍然非常早期。我們會專注於提升互動參與。不過幸運的是，我們對直式影片有很大的需求，而這正是我們將用來變現 Spotlight 的格式，當然也包括所有底層的廣告基礎設施。因此我認為 Spotlight 會是讓大家延伸其影片行銷活動的一個很棒方式。但再次強調，我們目前專注在產品體驗，之後才會再考慮進一步測試。至於 Discover，我們在這方面做了很多，尤其是在內容供給上。也就是說，真正去理解哪些內容能引起我們社群共鳴、在不同族群與興趣面向上有哪些缺口，確保我們能以必要的供給來滿足需求；同時也會在一些能吸引我們社群的全新節目上做幾個重大押注，因為我們看到高品質的行動端影片內容投資確實不足，而這是我們可以大幅成長的領域。

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.

因此我認為，整體而言，我們能運用對受眾的深刻理解，來思考應該在哪些地方進行內容投資，並透過原創內容或內容聯播（syndication），以及當然與合作夥伴一起，來改善供給。

Our last question will come from Doug Anmuth of JPMorgan.

我們最後一個問題將來自摩根大通（JPMorgan）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?

Evan，我想問的是，第一季初期的廣告干擾似乎與你們作為一個經過策展、且更具品牌安全的平台之定位形成對比。因此想請你談談你們在這方面的努力，以及這種差異化在行銷人員與代理商之間的共鳴程度有多大？

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.

嗯，Jeremi 可能更適合談我們的定位如何引起廣告主的共鳴。我知道她與我們的合作夥伴有很多對話。但我想更廣泛地說，當談到 Apple 正在推動的一些政策變更時，我們確實把他們視為高度正直、誠信的人，我們也很高興看到他們為其客戶做出正確的決定。所以當然，這也符合我們自創立以來對於打造業務的思考方式。我們確實做了創新，而且我認為我們也會持續創新。因此，這其實是一個與合作夥伴一起合作、與 Apple 一起合作並以能讓所有人受益的方式向前推進的機會，尤其是應該受到保護的消費者。

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.

那我接著談談廣告主與代理商對我們的回饋。我認為，當我們觀察整體產業時，整個產業對品牌安全與隱私的關注日益提升，這其實讓我們處於一個非常獨特且有利的位置，正如 Evan 剛才所說，從我們業務一開始，我們就做了設計上的決策，幫助我們避免了其他平台上看到的許多問題。因此，我們與廣告主和代理商的許多對話，會圍繞一些事實，例如我們沒有留言評論功能；又例如我們的群組最多只能有 64 人；以及好友關係必須是雙向的。當我們與廣告主和代理商深入討論這些時，他們確實能理解我們從一開始在設計上就與眾不同。

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，並且一貫且持續地遵循這些政策。但真正的關鍵在於，我們的消費者產品與廣告業務的根基，都是建立在對品牌安全與隱私的承諾之上。因此，我們先前提到年初的暫停並非特別針對 Snap，而只是整體市場在轉變與調整過程中的一個小幅干擾。但我們相信，透過在 Snapchat 上提供安全的環境來與社群建立信任，實際上是我們長期成功最關鍵的因素，因為使用者來到這裡，他們玩得開心、感到安全、感到有隱私，並享受在 Snapchat 上的體驗，這意味著他們會在未來多年持續與我們在一起。而這些持續成長的受眾，正是廣告主想看到的。

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.

而且我們非常嚴肅地看待這一切，包括在 Spotlight 上也是如此；在內容被呈現給大量 Snapchat 使用者之前，所有內容都會先由我們的團隊進行人工審查，這意味著內容在未經人工審查前不可能爆紅（viral），而我們也會持續遵循這些作法，因為這是我們根基的核心。坦白說，從我的角度來看，當廣告主希望讓其價值觀與同樣共享這些價值觀的企業對齊時，這一直是非常強勁的順風；而我們「安全即設計（safety by design）」與「隱私即設計（privacy by design）」的原則，以及對社群的承諾，確實與他們想要投入預算的方向高度一致。

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.

以上為我們的問答環節，以及 Snap Inc. 2020 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。