Snap Inc (SNAP) 2020 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to Snap Inc.'s Third 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 年第三季度收益電話會議。 （操作員說明）此通話將被錄音。非常感謝。投資者關係高級總監 Betsy Frank，您可以開始了。

Thank you, and good afternoon, everyone. Welcome to Snap's Third Quarter 2020 Earnings Conference Call.

謝謝大家，大家下午好。歡迎參加 Snap 的 2020 年第三季度收益電話會議。

With us today are Evan Spiegel, Chief Executive Officer and Co-Founder; Jeremi Gorman, Chief Business Officer; and Derek Andersen, Chief Financial Officer.

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。

Earlier today we made a slide presentation available that provides an overview of our user and financial metrics for the third quarter 2020, which can be found on our Investor Relations website at investor.snap.com.

今天早些時候，我們提供了一個幻燈片演示文稿，概述了我們 2020 年第三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 third 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. 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 June 30, 2020, particularly in the section titled Risk Factors. This information can be found in our other filings with the SEC, when available.

現在我將覆蓋安全港。今天的電話是為您提供有關我們 2020 年第三季度業績的信息以及我們的財務展望。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，均為前瞻性陳述基於今天的假設。實際結果可能與這些前瞻性陳述中表達的結果大不相同，我們沒有義務更新我們的披露。有關可能導致實際結果與前瞻性陳述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 6 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提交給 SEC 的其他文件中找到（如果有的話）。

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個額外的工具，用於評估持續的經營業績和趨勢。不應將這些措施與根據公認會計原則編制的財務信息分開考慮或替代它們。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中或在回答問題時，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 our call. We added 11 million daily active users this quarter for a total of 249 million, up 4% quarter-over-quarter and 18% year-over-year, demonstrating the benefits of years of investment in our product and partnerships across a wide range of geographies.

大家好，感謝您加入我們的電話。本季度我們增加了 1100 萬每日活躍用戶，總計 2.49 億，環比增長 4%，同比增長 18%，展示了多年來對我們的產品和廣泛的合作夥伴關係進行投資的好處地理。

We generated $679 million in revenue this quarter, up 52% year-over-year, outperforming our expectations and highlighting the substantial value we drive to both direct response and brand advertisers during this continued period of uncertainty. Our year-over-year growth rates for both daily active users and revenue were higher this quarter than they were in Q3 of the prior year. In fact, they represent our highest Q3 growth rates since 2017.

本季度我們創造了 6.79 億美元的收入，同比增長 52%，超出了我們的預期，凸顯了我們在這段持續的不確定時期為直接響應和品牌廣告商帶來的巨大價值。本季度我們的每日活躍用戶和收入的同比增長率高於去年第三季度。事實上，它們代表了我們自 2017 年以來第三季度的最高增長率。

Our success underscores the excitement that our community and our advertising partners have around our innovative products and services. The adoption of augmented reality has happened faster than we had previously imagined, and we feel well positioned to execute on the many opportunities that lie ahead.

我們的成功凸顯了我們的社區和我們的廣告合作夥伴對我們的創新產品和服務的興奮。增強現實的採用速度比我們以前想像的要快，我們感覺自己有能力把握未來的許多機會。

Two years ago, we transformed our business by relentlessly focusing our attention on delivering return on investment for advertisers and building new products and experiences to serve our community. The revenue and community growth we have generated as a result of these efforts has afforded us the opportunity to double down and innovate even more, especially around our camera and augmented reality platform. The creative and technical teams at Snap have worked hard to support Lens Studio creators, and evolve our camera's capacity to entertain our community and help our partners grow their businesses. For example, this quarter, we introduced more Lenses for try-on and commerce, with Sally Hansen creating AR trial and purchase for nail polish, and Champs doing the same for sneakers.

兩年前，我們通過不懈地將注意力集中在為廣告商提供投資回報以及開發新產品和體驗來服務我們的社區，從而改變了我們的業務。我們通過這些努力產生的收入和社區增長為我們提供了加倍努力和更多創新的機會，尤其是在我們的相機和增強現實平台方面。 Snap 的創意和技術團隊一直在努力支持 Lens Studio 的創作者，並提升我們相機的能力來娛樂我們的社區並幫助我們的合作夥伴發展他們的業務。例如，本季度，我們推出了更多用於試穿和商業的 Lenses，Sally Hansen 為指甲油創建了 AR 試用和購買，Champs 也在為運動鞋做同樣的事情。

Snapchat community engagement is strong, as we continue to grow in new markets, broaden our product offerings, and improve our underlying infrastructure. This was our fourth consecutive quarter of more than 15% year-over-year daily active user growth. We also saw strong retention in our vast community, and we continue to reach over 90% of the Gen-Z population and 75% of the Gen-Z and millennial population in countries like the U.S., the U.K. and France.

Snapchat 社區參與度很高，因為我們繼續在新市場發展，擴大我們的產品範圍，並改善我們的基礎設施。這是我們連續第四個季度同比增長超過 15% 的每日活躍用戶。我們還在我們龐大的社區中看到了強大的保留率，我們繼續覆蓋美國、英國和法國等國家 90% 以上的 Z 世代人口以及 75% 的 Z 世代和千禧一代人口。

One key driver of growth across all of our markets has been product innovation and infrastructure improvements. Following the successful rebuild of our Android application last year, we are rolling out a newly streamlined messaging infrastructure that we expect will make messaging faster and more efficient, which will help drive increased engagement, especially as we expand our community across different countries and devices.

我們所有市場增長的一個關鍵驅動力是產品創新和基礎設施改進。繼去年成功重建我們的 Android 應用程序之後，我們正在推出一個新的精簡消息傳遞基礎架構，我們預計這將使消息傳遞更快、更高效，這將有助於提高參與度，尤其是當我們在不同國家和設備上擴展我們的社區時。

These foundational investments in our core architecture have also enabled us to innovate faster and release new product features at a rapid pace. In the last year alone, we launched Brand Profiles, Minis, Places on the Map, Dynamic Ads, bidded AR Lenses, Dynamic Lenses, Camera Kit, SnapML Lenses and new creative tools, with lots more to come. We are currently rolling out a new 5-tab navigation bar for Snapchat, which allows us to deepen the product experience for our Map and Discover platforms.

這些對我們核心架構的基礎投資也使我們能夠更快地創新并快速發布新產品功能。僅在去年，我們就推出了 Brand Profiles、Minis、Places on the Maps、Dynamic Ads、bided AR Lenses、Dynamic Lenses、Camera Kit、SnapML Lenses 和新的創意工具，未來還會有更多。我們目前正在為 Snapchat 推出一個新的 5 選項卡導航欄，這使我們能夠加深我們的 Map 和 Discover 平台的產品體驗。

We're excited to make the Snap Map more visible to new Snapchatters and invest in a better content experience for Discover, especially as we broaden our content offerings across popular creators and professional studios. Our ability to launch a large-scale fundamental product transformation, like this quickly and without disruption to our business, is evidence of the progress we've made. In fact, it was the first major update where we prototyped and launched on Android first due to the structural improvements we made to our Android application last year.

我們很高興讓新的 Snapchatter 更容易看到 Snap Map，並為 Discover 投資更好的內容體驗，尤其是當我們將內容產品擴展到受歡迎的創作者和專業工作室時。我們能夠在不中斷業務的情況下快速啟動大規模基礎產品轉型，這證明了我們已經取得的進步。事實上，由於我們去年對 Android 應用程序進行了結構改進，這是我們首先在 Android 上進行原型設計和發布的第一次重大更新。

Our investments in Lens Studio continue to drive the growth of our augmented reality platform, and we are especially excited to see Lenses created by our community driving a majority of the year-over-year growth in daily Lens views. Our Lens Studio platform allows people all over the world to create rich AR experiences that highlight the broad range of cultures represented by our community. Some of these Lenses are used by Snapchatters across the world, while others are notable for their extraordinary regional engagement. For example, a university student in India created a Lens with a smoke flare effect which went viral in India and Southeast Asia, garnering billions of views on Snapchat and even more on other social platforms.

我們對 Lens Studio 的投資繼續推動我們增強現實平台的增長，我們特別高興地看到我們的社區創建的 Lenses 推動了 Lens 每日瀏覽量的大部分同比增長。我們的 Lens Studio 平台允許世界各地的人們創造豐富的 AR 體驗，突出我們社區所代表的廣泛文化。其中一些鏡頭被世界各地的 Snapchatter 使用，而另一些則因其非凡的區域參與度而聞名。例如，印度的一名大學生創造了一個具有煙霧彈效果的鏡頭，該鏡頭在印度和東南亞風靡一時，在 Snapchat 上獲得了數十億的瀏覽量，甚至在其他社交平台上獲得了更多瀏覽量。

This demonstrates the impact of the creativity of our community, which empowers self-expression with augmented reality at a volume and scale we could never achieve on our own.

這展示了我們社區創造力的影響，它通過增強現實以我們自己無法實現的數量和規模賦予自我表達能力。

We've also continued to invest in the technology that underlies our AR platform to empower new experiences for our community. We drew on several years of technical investment and creative experience to launch a number of extremely popular Lenses this quarter. For example, our recently launched anime Lens uses our SnapML technology to turn people into anime characters in real time and our community engaged with this Lens 3 billion times in its first week. As we push the envelope on what is possible in augmented reality with these new Lenses, we are even more excited to contribute these new learnings and capabilities to Lens Studio, so our community can leverage them in their own creations.

我們還繼續投資於作為我們 AR 平台基礎的技術，為我們的社區提供新的體驗。我們憑藉多年的技術投入和創意經驗，在本季度推出了多款極受歡迎的鏡頭。例如，我們最近推出的動漫 Lens 使用我們的 SnapML 技術將人實時變成動漫角色，並且我們的社區在第一周就與這個 Lens 互動了 30 億次。隨著我們通過這些新鏡頭在增強現實中的可能性不斷推陳出新，我們更加興奮地將這些新知識和能力貢獻給 Lens Studio，以便我們的社區可以在自己的創作中利用它們。

Our content platform continues to mature following our investments in regionalized content and the expansion of our partnerships with both traditional media partners and newer mobile-focused content studios. Our premium Shows format continues to grow rapidly around the world, with time spent watching Shows increasing more than 50% this quarter compared to Q3 of last year.

隨著我們對區域化內容的投資以及我們與傳統媒體合作夥伴和新的以移動為重點的內容工作室的合作夥伴關係的擴大，我們的內容平台繼續成熟。我們的優質節目格式在全球繼續快速增長，與去年第三季度相比，本季度觀看節目的時間增加了 50% 以上。

Our successful VS The World docuseries franchise launched its second season featuring Conor McGregor and has already reached 14 million viewers. Additionally, large media companies continue to find success bringing their top linear TV shows to Snapchat to reach our differentiated audience. Over 50 million Snapchatters watch content derived from TV on Snapchat each month on average, and this familiar programming has helped drive an 80% year-over-year increase in the average number of people watching Shows every day that are over the age of 35. Additionally, as various sports leagues are resuming their seasons, our community has turned to Snap to watch the action. Last month, more than 40% of the U.S. Gen-Z population watched premium sports content on Snap.

我們成功的 VS The World 紀錄片系列以 Conor McGregor 為主角推出了第二季，並已吸引 1400 萬觀眾。此外，大型媒體公司繼續成功地將他們的頂級線性電視節目帶到 Snapchat，以吸引我們的差異化受眾。平均每月有超過 5000 萬 Snapchatter 在 Snapchat 上觀看源自電視的內容，而這種熟悉的節目有助於推動 35 歲以上每天觀看節目的平均人數同比增長 80%。此外，隨著各種體育聯盟正在恢復他們的賽季，我們的社區已經轉向 Snap 觀看比賽。上個月，超過 40% 的美國 Z 世代人口在 Snap 上觀看了優質體育內容。

The NBA highlights channel saw over 20% more engagement so far this season than last year, and SportsCenter viewership on Snapchat increased by 80% from July to September. We are also seeing dramatic growth in content engagement in markets like India, where Discover viewership grew nearly 50% quarter-over-quarter. Furthermore, in markets like France and the U.K., young people turn to Discover as their destination for premium mobile content, with more than 2/3 of the Gen-Z and millennial population in both markets watching premium content on Discover.

NBA 集錦頻道本賽季到目前為止的參與度比去年增加了 20% 以上，SportsCenter 在 Snapchat 上的收視率從 7 月到 9 月增加了 80%。我們還看到印度等市場的內容參與度顯著增長，Discover 收視率環比增長近 50%。此外，在法國和英國等市場，年輕人將 Discover 作為優質移動內容的目的地，這兩個市場中超過 2/3 的 Z 世代和千禧一代都在 Discover 上觀看優質內容。

Finally, as our content business develops, we are also providing our partners with better monetization. This quarter, due to growth in Shows and improved monetization, we paid our partners 85% more than we did in Q3 of last year. In addition to AR and content, we are also building new ways to empower creators, developers, brands and others to improve the entire Snapchat experience for our community. For example, we have partnered with TurboVote to launch a Snap Mini to help our Gen-Z and millennial audience register for the upcoming U.S. election. Over 1 million U.S. users have signed up for the Mini, where they can get help registering to vote. According to DemocracyWorks, more than 50% are likely first-time voters.

最後，隨著我們內容業務的發展，我們也在為我們的合作夥伴提供更好的貨幣化。本季度，由於節目的增長和盈利能力的提高，我們支付給合作夥伴的費用比去年第三季度多 85%。除了增強現實和內容之外，我們還在構建新的方式來授權創作者、開發者、品牌和其他人來改善我們社區的整個 Snapchat 體驗。例如，我們與 TurboVote 合作推出了 Snap Mini，以幫助我們的 Z 世代和千禧一代觀眾註冊即將到來的美國大選。超過 100 萬美國用戶註冊了 Mini，他們可以在其中獲得幫助註冊投票。根據 DemocracyWorks 的數據，超過 50% 的人可能是首次選民。

Additionally, we are continuing to make early progress on our gaming platform by launching 3 new games this quarter. Many of our early developers are deepening their investment as they explore new genres, monetization models and game types. For example, Mojiworks, developer of the popular Ready Chef Go!, is doubling down on the Snap Games opportunity and exploring new genres like music and trivia.

此外，我們通過本季度推出 3 款新遊戲，繼續在我們的遊戲平台上取得早期進展。我們的許多早期開發者在探索新的類型、貨幣化模式和遊戲類型時都在深化他們的投資。例如，流行的 Ready Chef Go! 的開發商 Mojiworks 正在加倍把握 Snap Games 的機會，並探索音樂和瑣事等新類型。

We have also been working hard to help our developers find financial success on our platform, and have more than doubled the revenue our developers are generating this quarter compared to Q3 last year.

我們還一直在努力幫助我們的開發人員在我們的平台上獲得財務成功，與去年第三季度相比，我們的開發人員在本季度產生的收入增加了一倍以上。

As we look to the future, we believe that the fundamental changes we made to our products and business over the past two years have put us in a strong position to continue executing in a rapidly evolving world. Our improvements to both our core product infrastructure and our internal team and operations have enabled us to accelerate the velocity of our product innovation. Meanwhile, our deep investments in building a scalable advertising platform have allowed us to focus more of our attention on these big future opportunities.

展望未來，我們相信過去兩年我們對產品和業務所做的根本性改變使我們處於有利地位，可以在快速發展的世界中繼續執行。我們對核心產品基礎設施以及內部團隊和運營的改進使我們能夠加快產品創新的速度。同時，我們在構建可擴展廣告平台方面的深入投資使我們能夠將更多注意力集中在這些巨大的未來機遇上。

We are so excite about our progress in AR, content and our growing platform, especially as we look to build on our momentum in these areas going forward.

我們對我們在增強現實、內容和不斷發展的平台方面取得的進展感到非常興奮，特別是當我們希望在這些領域繼續發展時。

Thanks again for joining the call. I'll hand it over to Jeremi to talk about our business.

再次感謝您加入通話。我會把它交給 Jeremi 來談談我們的業務。

Thank you Evan. We delivered strong results this quarter and we're even more excited about the opportunities ahead of us. In Q3, we generated total revenue of $679 million, an increase of 52% year-over-year. The strength in our business reflects the deliberate and structurally sound investments we have made in our ad platform, ad products, and team.

謝謝埃文。我們本季度取得了強勁的業績，我們對擺在我們面前的機會更加興奮。第三季度，我們的總收入為 6.79 億美元，同比增長 52%。我們的業務實力反映了我們對廣告平台、廣告產品和團隊進行的深思熟慮和結構合理的投資。

We remained nimble and responded to the difficult and rapidly changing macro conditions by supporting our advertising partners in achieving their business goals. We saw the beginnings of a recovery from brand advertisers, and continued resilience from direct response advertisers, reinforcing our confidence in the long-term positioning of our business.

通過支持我們的廣告合作夥伴實現其業務目標，我們保持敏捷並應對困難且迅速變化的宏觀條件。我們看到品牌廣告商開始復蘇，直接響應廣告商持續恢復活力，增強了我們對業務長期定位的信心。

As brands and other organizations used this period of uncertainty as an opportunity to evaluate their advertising spend, we saw many brands look to align their marketing efforts with platforms who share their corporate values. This gave us an opportunity to engage with advertisers and agencies in real time to ensure that our existing partners as well as new prospects understood our offering in relation to our values. Our sales teams were able to hold many productive C-level conversations to discuss our brand safety positioning and privacy-by-design principles, which provided an opportunity for us to prove our efficacy and ability to scale.

由於品牌和其他組織利用這段不確定的時期作為評估其廣告支出的機會，我們看到許多品牌希望將其營銷工作與共享其企業價值觀的平台保持一致。這使我們有機會與廣告商和代理機構實時互動，以確保我們現有的合作夥伴以及新的潛在客戶了解我們的產品與我們的價值觀相關。我們的銷售團隊能夠舉行許多富有成效的 C 級對話，討論我們的品牌安全定位和隱私設計原則，這為我們提供了證明我們的有效性和擴展能力的機會。

We implemented a strategy to ensure advertisers investing in Snap found early and sustained success on our platform as they scaled with us, and we believe that the customer service our teams provided, the alignment on our brand safety principles, and the strong ROI that our advertising partners achieved, all contributed to our growth this quarter. As businesses adapted and began to look for opportunities to increase their marketing budgets in Q3, we were pleased to see existing advertisers resume and even increase their budgets as well as new advertisers allocate spend to drive real business value via our self-serve ad platform.

我們實施了一項策略，以確保投資 Snap 的廣告商在與我們一起擴展時在我們的平台上儘早獲得持續成功，我們相信我們的團隊提供的客戶服務、我們的品牌安全原則的一致性以及我們廣告的強大投資回報率合作夥伴取得的成就，都為我們本季度的增長做出了貢獻。隨著企業在第三季度適應並開始尋找增加營銷預算的機會，我們很高興看到現有廣告商恢復甚至增加預算，以及新的廣告商通過我們的自助廣告平台分配支出以推動真正的商業價值。

The success we saw in our business in Q3 is the result of many long-term investments we have made to improve our sales and marketing functions, drive ROI through measurement, relevance and optimization and build innovative ad experiences through video and AR. It was our continued focus on these 3 priorities, along with our unique reach and growing, global audience, which allowed us to accelerate our growth as more of the world opened up and brands returned to marketing.

我們在第三季度看到的業務成功是我們為改善銷售和營銷職能、通過衡量、相關性和優化提高投資回報率以及通過視頻和 AR 打造創新廣告體驗而進行的許多長期投資的結果。正是我們對這三個優先事項的持續關注，以及我們獨特的影響力和不斷增長的全球受眾，使我們能夠隨著世界更多地區的開放和品牌回歸營銷而加速增長。

Across all sectors and verticals, brands are leveraging our millennial and Gen-Z audience to reach new customers around the globe. In the U.S., U.K. and France, we reach over 75% of 13-34 year olds and we are making progress on growing our reach in other priority markets. To help advertisers better understand the Snapchat generation, in August, we launched our first-ever, global business-to-business marketing campaign showcasing the values and behaviors that characterize our community. Through our research, we have substantiated that the Snapchat generation is deeply purpose-driven. We found that over 80% of Snapchatters in the U.S. believe they have a personal responsibility to create positive change in the world, and they are more likely than non-Snapchatters to buy from brands which support local communities.

在所有行業和垂直領域，品牌都在利用我們的千禧一代和 Z 世代受眾來接觸全球的新客戶。在美國、英國和法國，我們覆蓋了超過 75% 的 13-34 歲人群，並且我們在擴大我們在其他優先市場的影響力方面取得了進展。為了幫助廣告商更好地了解 Snapchat 一代，我們在 8 月發起了有史以來第一個全球 B2B 營銷活動，展示了我們社區的價值觀和行為。通過我們的研究，我們證實了 Snapchat 一代是由目標驅動的。我們發現，美國超過 80% 的 Snapchatter 認為他們有責任為世界創造積極的變化，而且他們比非 Snapchatter 更有可能從支持當地社區的品牌購買產品。

Overall, the B2B campaign was received positively by our advertising partners and has allowed our teams to engage more productively with marketing executives at leading consumer brands as we help businesses learn how to communicate with the Snapchat generation. We continued to add deep domain expertise under our verticalized sales model, allowing us to effectively serve advertisers of all types and sizes. This structure provided us with the flexibility to pivot resources this quarter to some of our fastest-growing verticals including CPG, streaming, tech, telco, financial services and e-commerce. As an example, brands such as PepsiCo, MGM, HiSmile, Starling Bank, and Depop as well as agency partners, Publicis and 360i, participated in our B2B marketing campaign where they provided testimonials around the positive results they achieved while partnering with our team.

總體而言，我們的廣告合作夥伴對 B2B 活動給予了積極的評價，使我們的團隊能夠更有效地與領先消費品牌的營銷主管互動，因為我們幫助企業學習如何與 Snapchat 一代進行溝通。我們繼續在垂直化銷售模式下增加深厚的領域專業知識，使我們能夠有效地服務於各種類型和規模的廣告商。這種結構使我們能夠靈活地將本季度的資源轉向我們增長最快的一些垂直行業，包括 CPG、流媒體、科技、電信、金融服務和電子商務。例如，百事可樂、米高梅、HiSmile、Starling Bank 和 Depop 等品牌以及代理合作夥伴陽獅和 360i 參與了我們的 B2B 營銷活動，他們就與我們的團隊合作取得的積極成果提供了證明。

In addition, to support our partners through the pandemic and improve our marketing efforts, we launched Snap Focus, an online learning course for advertisers looking to create their first ad campaign on Snapchat, and Snap Connect, a new marketing program to educate global marketers about direct response advertising on Snapchat. Combined with our webinars and education sessions, our sales and marketing teams have continued to scale and serve our partners in this virtual environment.

此外，為了支持我們的合作夥伴度過大流行病並改善我們的營銷工作，我們推出了 Snap Focus，這是一個在線學習課程，面向希望在 Snapchat 上創建他們的第一個廣告活動的廣告商，以及 Snap Connect，一個新的營銷計劃，旨在教育全球營銷人員了解Snapchat 上的直接響應廣告。結合我們的網絡研討會和教育課程，我們的銷售和營銷團隊繼續在這個虛擬環境中擴展和服務我們的合作夥伴。

We continue to invest heavily in ranking, optimization and measurement in order to deliver measurable ROI for our advertising partners. It was our investments in our self-serve ad platform and our ability to service our customers during a challenging time that allowed us to onboard a record number of advertisers this quarter. Ultimately, all advertisers set their budgets based on performance, be it brand affinity, purchases or app downloads, and we continue to prove the efficacy of our ad platform by helping our advertising partners achieve their goals.

我們繼續在排名、優化和衡量方面投入巨資，以便為我們的廣告合作夥伴提供可衡量的投資回報率。正是我們對自助廣告平台的投資以及我們在充滿挑戰的時期為客戶提供服務的能力使我們在本季度獲得了創紀錄數量的廣告商。最終，所有廣告商都根據效果來設定預算，無論是品牌親和力、購買量還是應用下載量，我們通過幫助我們的廣告合作夥伴實現他們的目標來繼續證明我們的廣告平台的有效性。

E-commerce remains an exciting opportunity for us, and we are doubling down on our efforts in this area. We are taking a holistic approach to e-commerce across sales, native commerce products and ad tech, including our self-serve tools, lower-funnel optimization goals and video ad formats. For example, last quarter we launched Dynamic Ads globally, which combine product catalogs with our optimization capabilities to reward advertisers who invest in our platform with ROI at scale, and we are already seeing strong adoption rates from retail, CPG, restaurant and gaming verticals, among others.

電子商務對我們來說仍然是一個令人興奮的機會，我們正在加倍努力在這一領域。我們正在對銷售、本地商務產品和廣告技術採取全面的電子商務方法，包括我們的自助工具、低漏斗優化目標和視頻廣告格式。例如，上個季度，我們在全球推出了動態廣告，將產品目錄與我們的優化功能相結合，以大規模回報投資於我們平台的廣告商，我們已經看到零售、CPG、餐廳和遊戲垂直行業的採用率很高，其中。

More brands have pivoted in this direction, including Sephora investing in Dynamic Ads as a part of their long-term strategy, and Techstyle optimizing for their Fabletics women's marketing campaign with pixel purchase optimizations.

更多品牌已經轉向這個方向，包括絲芙蘭投資動態廣告作為其長期戰略的一部分，以及 Techstyle 通過像素購買優化對其 Fabletics 女性營銷活動進行優化。

The rise of mobile content consumption, especially on mobile-native premium formats, presents us with a growing opportunity. The first building block was Discover, our video content business which we launched in 2015. We continue to invest heavily in video advertising through Commercials, our nonskippable, full-screen video ad unit and Snap Select, which enables buying of Commercials in prepackaged, fixed-price premium inventory. First Commercial, which gives advertisers a way to reserve the first Commercial a Snapchatter sees during a Show, is now available to all advertisers in our Ads Manager following our beta launch last quarter, and we have already seen many advertisers from different verticals invest in this format. For example, we saw entertainment brands such as NBCUniversal's Peacock invest in our first Commercial format as the world shifted to direct-to-consumer viewership and theatrical releases were put on pause.

移動內容消費的興起，尤其是移動原生優質格式，為我們提供了一個不斷增長的機會。第一個組成部分是我們於 2015 年推出的視頻內容業務 Discover。我們繼續通過 Commercials（我們的不可跳過的全屏視頻廣告單元）和 Snap Select 大力投資於視頻廣告，後者可以購買預先打包、固定的商業廣告-價格溢價庫存。 First Commercial 為廣告商提供了一種保留 Snapchatter 在演出期間看到的第一個廣告的方式，在上個季度推出測試版後，我們的廣告管理器中的所有廣告商現在都可以使用它，我們已經看到來自不同垂直領域的許多廣告商對此進行了投資格式。例如，我們看到 NBCUniversal 的 Peacock 等娛樂品牌投資於我們的第一個商業格式，因為世界轉向直接面向消費者的收視率，並且影院上映暫停。

We believe augmented reality is the future of immersive customer experiences like try-on, catalog browsing and showrooming. We invested heavily in our self-serve AR tools to provide advertisers with what they need to create, manage, and optimize an augmented reality campaign that drives measurable ROI. While this form of advertising is still nascent, we are encouraged by the early adoption we are seeing from advertisers.

我們相信增強現實是沉浸式客戶體驗的未來，例如試穿、目錄瀏覽和陳列室。我們在自助式 AR 工具上投入巨資，為廣告商提供創建、管理和優化增強現實活動所需的東西，從而推動可衡量的投資回報率。雖然這種廣告形式仍處於初期階段，但我們看到廣告商的早期採用令我們感到鼓舞。

This quarter alone, we partnered with several leading consumer brands, such as Champs Sports, Clearly, Essie, Kohl's, Levi's, Jordan Brand, Sally Hansen and Hoka One One, to leverage our AR and machine-learning technologies to power virtual try-on experiences. While Dynamic Ads recommends items to Snapchatters based on their interests, AR try-on takes this a step further and allows Snapchatters to visualize the item in real life. For example, Clearly, an eyewear retailer, leveraged our sponsored AR Lenses to enable our community to try on different pairs of glasses, which resulted in 33 seconds of average playtime and a 5.3% share rate. Clearly was able to drive a full-funnel impact for their brand, achieving a 7-point lift in brand awareness and a 5-point lift in brand consideration, while also driving a 46% lift in unique page viewers on their site and a 3.3% lift in purchases.

僅在本季度，我們就與多個領先的消費品牌合作，例如 Champs Sports、Clearly、Essie、Kohl's、Levi's、Jordan Brand、Sally Hansen 和 Hoka One One，利用我們的 AR 和機器學習技術為虛擬試穿提供動力經驗。動態廣告會根據 Snapchatter 的興趣向他們推薦商品，而 AR 試穿則更進一步，讓 Snapchatter 在現實生活中可視化商品。例如，眼鏡零售商 Clearly 利用我們贊助的 AR Lenses 讓我們的社區能夠試戴不同的眼鏡，從而實現了 33 秒的平均播放時間和 5.3% 的分享率。顯然能夠為其品牌帶來全渠道影響，品牌知名度提升 7 點，品牌考慮度提升 5 點，同時還推動其網站上的唯一頁面查看者提升 46% 和 3.3 % 購買提升。

Longer term, we believe our Map represents an exciting opportunity to innovate and provide new experiences for our community and to grow revenue. We recently added Places to our Map, which helps people learn more about the businesses around them and view hours and store reviews. We also built a dedicated local ads objective to Ads Manager to ease the sign-up flow for local businesses. Since its launch in July, we have been encouraged by the number of local businesses experimenting with the product.

從長遠來看，我們相信我們的地圖代表了一個令人興奮的機會，可以為我們的社區進行創新和提供新體驗並增加收入。我們最近在我們的地圖中添加了地點，這可以幫助人們更多地了解他們周圍的企業並查看營業時間和商店評論。我們還為 Ads Manager 建立了一個專門的本地廣告目標，以簡化本地企業的註冊流程。自 7 月推出以來，我們一直對嘗試該產品的本地企業數量感到鼓舞。

Though it's still early, building connections between our community and the places they visit will be instrumental in supporting local advertising in the future. Our investments in our self-serve platform, verticalized sales teams and engaging ad experiences provide the tools necessary for advertisers to reach our valuable community. While the foundation is in place, we have a huge opportunity to scale our business as we continue to demonstrate measurable ROI for our partners, educate businesses on our unique reach, all while leading the way with innovative, digital-first ad products.

雖然現在還為時過早，但在我們的社區和他們所訪問的地方之間建立聯繫將有助於未來支持本地廣告。我們對自助平台、垂直銷售團隊和引人入勝的廣告體驗的投資為廣告商接觸我們寶貴的社區提供了必要的工具。雖然基礎已經到位，但我們有一個巨大的機會來擴展我們的業務，因為我們將繼續為我們的合作夥伴展示可衡量的投資回報率，教育企業了解我們的獨特影響力，同時以創新的、數字優先的廣告產品引領潮流。

In particular, e-commerce remains a focus area as we look to build upon the early momentum of our newer offerings. Longer term, we believe Snapchatters will engage naturally with businesses of all sizes across our service, whether that be engaging with a brand's profile, finding store hours on the Map, or interacting with products using an AR Lens.

特別是，電子商務仍然是我們關注的重點領域，因為我們希望利用我們新產品的早期勢頭。從長遠來看，我們相信 Snapchatters 將通過我們的服務自然地與各種規模的企業互動，無論是與品牌資料互動、在地圖上查找商店營業時間，還是使用 AR 鏡頭與產品互動。

Overall, this was a productive quarter for our business, and we look forward to building on our momentum as we progress toward our short-term and long-term opportunities. And with that, I'll turn the call over to Derek.

總體而言，這對我們的業務來說是一個富有成效的季度，我們期待在我們朝著短期和長期機會前進的過程中鞏固我們的勢頭。有了這個，我會把電話轉給 Derek。

Thanks, Jeremi. Our Q3 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 249 million daily active users in Q3, an increase of 39 million or 18% year-over-year, which exceeded our expectations entering the quarter and represents an acceleration over the prior quarter growth rate. The growth in our community continues to be broad based, with year-over-year and sequential growth on both iOS and Android platforms.

謝謝，傑雷米。我們第三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，我們的社區在第三季度增長到 2.49 億日活躍用戶，同比增長 3900 萬或 18%，這超出了我們進入本季度的預期，並且比上一季度的增長率有所加快。我們社區的增長繼續廣泛，在 iOS 和 Android 平台上實現了同比和連續增長。

In North America, DAU grew by 6 million or 7% year-over-year to reach 90 million. In Europe, DAU grew by 7 million or 10% to reach 72 million. In rest of world, DAU grew by 26 million or 43% to reach 87 million. We believe Snapchat is a complement to real friendships, and the easing of COVID-19 related restrictions in many communities was a modest tailwind to engagement as we moved through Q3. We observed that restrictions were lifted earlier in Europe and this contributed in part to the higher growth rate in this region relative to North America.

在北美，DAU 同比增長 600 萬或 7%，達到 9000 萬。在歐洲，DAU 增長了 700 萬或 10%，達到 7200 萬。在世界其他地區，DAU 增長了 2600 萬或 43%，達到 8700 萬。我們相信 Snapchat 是對真正友誼的補充，隨著我們進入第三季度，許多社區放鬆與 COVID-19 相關的限制是對參與度的適度順風。我們觀察到歐洲較早取消了限制，這在一定程度上促成了該地區相對於北美的較高增長率。

The acceleration of growth in rest of world reflects the benefit of our ongoing investments to better serve our community, including investments in local content, language support, marketing partnerships, the popularity of augmented reality Lenses created by our community and changing competitive dynamics.

世界其他地區的增長加速反映了我們為更好地為社區服務而進行的持續投資的好處，包括對本地內容、語言支持、營銷合作夥伴關係的投資、我們社區創建的增強現實鏡頭的普及以及不斷變化的競爭動態。

Total revenue for Q3 was $679 million, an increase of 52% year-over-year, representing a 35 percentage point acceleration over the prior quarter. We benefited from an operating environment that exceeded our expectations entering the quarter as many of the potential headwinds we noted on our last call did not fully materialize. In addition, the auditing of social media platforms by many advertisers and agencies, which occurred throughout the summer, was ultimately constructive towards building and expanding our relationships with many of these advertising partners.

第三季度總收入為 6.79 億美元，同比增長 52%，比上一季度增長 35 個百分點。我們受益於進入本季度超出預期的經營環境，因為我們在上次電話會議上註意到的許多潛在不利因素並未完全實現。此外，許多廣告商和代理機構在整個夏天對社交媒體平台進行了審核，最終有助於我們與許多廣告合作夥伴建立和擴大關係。

These favorable operating conditions led to rapid growth in demand from our brand advertising partners, that built on top of the already strong growth trajectory of our direct response business and together, contributed to record-high active advertisers and revenues in the quarter. While we were pleasantly surprised by the favorable operating environment in Q3, we were not surprised by the growth we delivered under these conditions. We demonstrated early in Q1 that our platform is capable of delivering growth over 50% under more normal operating conditions, and we were pleased to see operating conditions significantly improve in Q3.

這些有利的運營條件導致我們品牌廣告合作夥伴的需求快速增長，這建立在我們直接響應業務已經強勁的增長軌蹟之上，共同促成了本季度創紀錄的活躍廣告客戶和收入。雖然我們對第三季度有利的經營環境感到驚喜，但我們對在這些條件下實現的增長並不感到驚訝。我們在第一季度早些時候證明，我們的平台能夠在更正常的運營條件下實現超過 50% 的增長，我們很高興看到第三季度的運營條件顯著改善。

In North America, revenue grew 56% year-over-year in Q3, while ARPU grew 46% year-over-year. In Europe, revenue grew 49% year-over-year in Q3, while ARPU grew 36% year-over-year. The relatively higher rates of growth in North America and Europe in Q3 reflect the ramp in demand from brand advertisers beginning relatively earlier and stronger in these regions. In rest of world, revenue grew 35% year-over-year in Q3, while ARPU declined 6% year-over-year as accelerating growth in DAU modestly outpaced growth in absolute advertising demand.

在北美，第三季度收入同比增長 56%，而 ARPU 同比增長 46%。在歐洲，第三季度收入同比增長 49%，而 ARPU 同比增長 36%。第三季度北美和歐洲相對較高的增長率反映了品牌廣告商的需求在這些地區開始相對較早且更加強勁。在世界其他地區，第三季度收入同比增長 35%，而 ARPU 同比下降 6%，因為 DAU 的加速增長略高於絕對廣告需求的增長。

Rest of world revenue growth accelerated by 21 percentage points over the prior quarter, as demand has begun to recover from the relatively more severe impact of COVID-19-related disruptions to demand in this region. As we noted previously, ARPU in rest of world is best viewed as an output metric at this stage given the simultaneous rapid growth in our community and advertising demand.

世界其他地區的收入增長比上一季度加快了 21 個百分點，因為需求已開始從 COVID-19 相關中斷對該地區需求的相對更嚴重影響中恢復。正如我們之前提到的，鑑於我們的社區和廣告需求同時快速增長，世界其他地區的 ARPU 最好被視為現階段的產出指標。

We continue to see strong adoption of our ad products. Revenue from our Commercials ad product more than doubled year-over-year in Q3 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. In addition, our revenue from Camera products nearly doubled year-over-year in Q3, driven by strong adoption of our self-serve Reach & Frequency Lenses and Filters that offer brands an opportunity to interact with Snapchatters through engaging augmented reality experiences.

我們繼續看到我們的廣告產品得到廣泛採用。我們的商業廣告產品的收入在第三季度同比增長了一倍以上，因為我們繼續看到尋求大規模接觸 Z 世代和千禧一代受眾的廣告商的需求不斷增長，並且在附近交付的全屏視頻廣告產品品牌安全的內容。此外，我們的相機產品收入在第三季度同比幾乎翻了一番，這得益於我們自助服務範圍和頻率鏡頭和濾鏡的大力採用，這些鏡頭和濾鏡為品牌提供了通過引人入勝的增強現實體驗與 Snapchatter 互動的機會。

For the first time as a public company we observed a rise in overall eCPM in Q3, driven by a combination of mix shift towards higher eCPM products such as Commercials as well as a rapid rise in overall demand. Average eCPMs increased 20% year-over-year, however, we believe our eCPMs remain well below market rates for our audiences and ad units. The ongoing growth of our community as well as deepening engagement within our app, continues to add more inventory opportunity to our ecosystem over time.

作為一家上市公司，我們第一次觀察到第三季度整體 eCPM 有所上升，這是由於向商業廣告等更高 eCPM 產品的組合轉變以及整體需求的快速增長。平均有效每千次展示費用同比增長 20%，但是，我們認為我們的有效每千次展示費用仍遠低於我們的受眾和廣告單元的市場價格。隨著時間的推移，我們社區的持續增長以及我們應用程序中的參與度不斷加深，繼續為我們的生態系統增加更多庫存機會。

In addition, we continue to make improvements to our targeting and optimization capabilities that allow us to show more relevant ads to Snapchatters and utilize our inventory more efficiently. For example, while eCPMs for inventory monetized via Pixel-verified purchases rose by 71% sequentially in Q3, the cost per purchase for our advertising partners rose by just 1% 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.

此外，我們繼續改進我們的定位和優化功能，使我們能夠向 Snapchatter 展示更多相關的廣告並更有效地利用我們的庫存。例如，雖然通過像素驗證購買變現的廣告資源的有效每千次展示費用在第三季度環比增長了 71%，但我們的廣告合作夥伴的每次購買成本在同一時期僅增長了 1%。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。

Gross margins were 58% in Q3, up 7 percentage points year-over-year. We continue to make significant progress against our goal of driving down our underlying infrastructure unit costs over time. In Q3, our efficiency improvements fully offset the year-over-year increase in user activity, resulting in infrastructure costs per DAU of $0.70. On the content side we have been doubling down on our investments in premium content and we were pleased to see that these investments drove a more than 50% year-over-year increase in total daily time spent watching Shows in Q3, which contributed to our ability to grow revenue, ARPU and eCPMs at the rates we observed in Q3.

第三季度毛利率為 58%，同比增長 7 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。在第三季度，我們的效率提升完全抵消了用戶活動的同比增長，導致每 DAU 的基礎設施成本為 0.70 美元。在內容方面，我們一直在加倍投資優質內容，我們很高興看到這些投資推動第三季度每天觀看節目的總時間同比增長 50% 以上，這有助於我們以我們在第三季度觀察到的速度增長收入、ARPU 和 eCPM 的能力。

The focus on scaling our infrastructure costs efficiently has allowed us to make these investments in premium content, 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.

對有效擴展基礎設施成本的關注使我們能夠對優質內容進行這些投資，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 $338 million in Q3, up 24% year-over-year and in line with the estimates we shared on our prior call. Full time headcount grew at a rate roughly in line with the growth in operating expenses as we continued to make focused investments in our monetization and engineering teams. In addition, we continued to grow our investments in marketing in order to build on the momentum we have established with our advertising and Snapchatter communities. We continued to invest in the long term health of our business, even as the operating environment became more challenging earlier this year, and we believe that the growth we observed in our community and in our top line in Q3 have validated this approach.

第三季度的運營費用為 3.38 億美元，同比增長 24%，與我們在之前電話會議上分享的估計一致。隨著我們繼續對我們的貨幣化和工程團隊進行集中投資，全職員工人數的增長速度大致與運營費用的增長一致。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。儘管今年早些時候運營環境變得更具挑戰性，但我們繼續投資於我們業務的長期健康，我們相信我們在社區和第三季度的收入中觀察到的增長已經驗證了這種方法。

Q3 marked our second quarter of adjusted EBITDA profitability at $56 million for the quarter, an improvement of $99 million year-over-year, and $152 million over the prior quarter. In Q3, we delivered adjusted EBITDA leverage of 42% as we continue to invest in the future of our business, while making progress towards profitability and positive free cash flow.

第三季度我們第二季度調整後的 EBITDA 盈利為 5600 萬美元，同比增加 9900 萬美元，比上一季度增加 1.52 億美元。在第三季度，我們實現了 42% 的調整後 EBITDA 槓桿率，因為我們繼續投資於我們業務的未來，同時在盈利能力和正自由現金流方面取得進展。

Net income was negative $200 million in Q3, an improvement of $28 million over the prior year and $126 million over the prior quarter. The year-over-year improvement in net income reflects the flow through of improved adjusted EBITDA, offset by the impact of interest expense related to the convertible notes issued over the past year and higher stock-based compensation. While we have continued to grow our team, stock-based compensation declined on a per capita basis in Q3 as our team continues to migrate towards sustainable and competitive compensation structures that we have put in place in the years following our IPO.

第三季度淨收入為負 2 億美元，比上年增加 2800 萬美元，比上一季度增加 1.26 億美元。淨收入的同比增長反映了調整後 EBITDA 的改善，但被過去一年發行的可轉換票據相關的利息費用和更高的股票薪酬的影響所抵消。儘管我們的團隊不斷壯大，但由於我們的團隊繼續向 IPO 後幾年建立的可持續和有競爭力的薪酬結構過渡，第三季度的人均股票薪酬有所下降。

Total fully diluted shares outstanding grew 4% year-over-year in Q3, flat from the prior quarter and down from 6% in the same quarter of last year. We consider careful management of our stock-based compensation programs to be a key input to efficiently managing our fully diluted shares outstanding as we seek to build shareholder value over the long term.

第三季度已完全攤薄的流通股總數同比增長 4%，與上一季度持平，低於去年同期的 6%。我們認為，在我們尋求建立長期股東價值的過程中，對基於股票的薪酬計劃進行謹慎管理是有效管理我們完全稀釋的流通股的關鍵投入。

Free cash flow for Q3 was negative $70 million, an improvement of $15 million year-over-year, primarily driven by the improvements in adjusted EBITDA that were partially offset by changes in net working capital. We ended the quarter with $2.7 billion in cash and marketable securities, up from $2.3 billion in the prior year as the proceeds of convertible notes issued in Q2 more than offset the investments we have made to grow the business over the past year.

第三季度的自由現金流為負 7000 萬美元，同比增長 1500 萬美元，主要是由於調整後 EBITDA 的改善部分被淨營運資本的變化所抵消。我們在本季度末擁有 27 億美元的現金和有價證券，高於去年的 23 億美元，因為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。

Similar to last quarter, we do not intend to provide financial guidance for Q4, but we do want to share some perspective on how we believe the quarter might unfold. While we have benefited from an improving operating environment in recent months, we are conscious that external factors, similar to those that produced more volatile operating conditions earlier this year, could emerge and impact our momentum. In addition, advertising demand in Q4 has historically been bolstered by the holiday season in the latter portion of the quarter, and it is not clear at this time whether that key source of advertising demand will materialize in the same way this year as in prior years.

與上一季度類似，我們不打算為第四季度提供財務指導，但我們確實想分享一些關於我們認為該季度可能如何展開的觀點。雖然我們從最近幾個月改善的經營環境中受益，但我們意識到外部因素（類似於今年早些時候導致經營環境更加不穩定的因素）可能會出現並影響我們的發展勢頭。此外，從歷史上看，第四季度的廣告需求一直受到該季度後半段假期旺季的提振，目前尚不清楚這一關鍵的廣告需求來源是否會像往年一樣在今年實現.

Assuming that the current favorable operating conditions persist and that the holiday season materializes in line with what we have experienced in prior years, we believe that year-over-year revenue growth of 47% to 50% is attainable in Q4. On the expense side we intend to continue to invest in the long-term growth of our business and are currently contemplating incremental investments to double down on the momentum we have established. Consequently we expect that year-over-year expense growth is likely to be higher in Q4 than we have observed year-to-date.

假設當前有利的經營狀況持續存在，並且假期與我們往年的經歷一致，我們認為第四季度收入同比增長 47% 至 50% 是可以實現的。在費用方面，我們打算繼續投資於我們業務的長期增長，目前正在考慮增加投資以使我們已經建立的勢頭翻一番。因此，我們預計第四季度的支出同比增長可能高於我們今年迄今觀察到的水平。

While there is continued uncertainty about the macro operating environment, we are pleased with the strength of the underlying momentum we have established with our advertising partners, and we remain highly optimistic about the long-term prospects for our business. In addition, we are pleased with the growth trends we have observed in our Snapchatter community and believe that momentum will continue into Q4 with DAU of approximately 257 million, implying year-over-year growth of approximately 18%, which is consistent with the growth rate observed in Q3.

儘管宏觀經營環境仍存在不確定性，但我們對與廣告合作夥伴建立的潛在動力感到滿意，我們對業務的長期前景保持高度樂觀。此外，我們對我們在 Snapchatter 社區中觀察到的增長趨勢感到滿意，並相信這一勢頭將持續到第四季度，DAU 約為 2.57 億，這意味著同比增長約 18%，這與增長一致第三季度觀察到的比率。

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

感謝您今天加入我們的電話會議，我們現在將回答您的問題。

(Operator Instructions) And our first question will come from Ross Sandler of Barclays.

（操作員說明）我們的第一個問題將來自巴克萊的羅斯桑德勒。

Evan, you mentioned that you're starting to roll out features on Android first before iOS. That seems like a pretty big milestone for you guys in terms of where the Android stack is. So I guess, how is faster product development on the Android side impacting your thinking on retaining and growing the audience in international? Is that where some of the 10 million of RoW users came from?

Evan，您提到您將在 iOS 之前首先在 Android 上推出功能。就 Android 堆棧的位置而言，這對你們來說似乎是一個相當大的里程碑。所以我想，Android 方面更快的產品開發如何影響您在國際上留住和發展受眾的想法？這就是 1000 萬 RoW 用戶中的一些人的來源嗎？

And then, Derek, one on the guidance. So just on the math for July and then what you did in the quarter, it would imply that you're growing 60%-ish over the last couple of months. So is the comment about 47% to 50% growth in the fourth quarter reflective of the mix up of brand advertising? Or anything else you would call out in terms of why you're expecting that to drop out -- or drop off a little bit would be helpful.

然後，德里克，一位關於指導的。因此，僅根據 7 月份的數學計算以及您在本季度所做的事情，這意味著您在過去幾個月中增長了 60%。那麼關於第四季度增長 47% 到 50% 的評論是否反映了品牌廣告的混合？或者您會提出其他任何關於您為什麼期望它退出的內容 - 或者稍微下降一點會有所幫助。

Thanks, Ross. We're really pleased with the progress we've made on Android. We've certainly learned a lot from our prior mistakes, and the client is in a much better place and has allowed us to experiment and iterate a lot more quickly on the Android platform. We do still see some upside in the back-end improvements we're making. So we're working a lot on improving our messaging infrastructure, for example, and that's been rolling out and really helps just improve the speed of communication, which we think can have a positive impact on engagement. So overall, big changes to the clients on Android, more changes coming on the back-end. And we're trying to do the same thing on iOS now. iOS was in a better place to start with, but we really believe that we can continue to improve the iOS architecture. We've got a big initiative underway there across the entire company, which should allow us to move at a similar pace to Android because believe it or not, we can actually move faster on Android now than iOS. So huge change. Obviously, we're really excited about it. And certainly, it's vital when we're thinking about unlocking growth in markets that are dominated by Android.

謝謝，羅斯。我們對在 Android 上取得的進展感到非常滿意。我們當然從之前的錯誤中學到了很多，客戶端處於一個更好的位置，讓我們能夠在 Android 平台上更快地進行實驗和迭代。我們仍然看到我們正在進行的後端改進有一些好處。因此，例如，我們正在努力改進我們的消息傳遞基礎設施，並且已經推出並且確實有助於提高溝通速度，我們認為這可以對參與度產生積極影響。因此，總體而言，Android 上的客戶端發生了重大變化，後端發生了更多變化。我們現在正嘗試在 iOS 上做同樣的事情。 iOS 是一個更好的起點，但我們真的相信我們可以繼續改進 iOS 架構。我們在整個公司都在進行一項重大舉措，這應該讓我們能夠以與 Android 相似的速度前進，因為不管你信不信，我們現在實際上可以在 Android 上比 iOS 更快地移動。如此巨大的變化。顯然，我們對此感到非常興奮。當然，當我們考慮在以 Android 為主導的市場中實現增長時，這一點至關重要。

Ross, it's Derek speaking. I'll take the second part of the question. Thank you. Yes, as we look forward, we're really pleased with what we saw in terms of growth as we moved through Q3. We started a little slower at the beginning of that quarter, but we've enjoyed nicely elevated growth levels since August and through the quarter. Now as I look to Q4, one of the unique things about Q4 is that the revenue tends to be more back-ended than other quarters. And so you want to be a little bit more cautious about drawing too many inferences from the early days of Q4. It's a little bit different from other quarters in the year.

羅斯，是德里克在說話。我將回答問題的第二部分。謝謝你。是的，正如我們期待的那樣，我們對第三季度的增長感到非常滿意。我們在那個季度初開始有點慢，但自 8 月以來一直到整個季度，我們都享受到了良好的增長水平。現在，當我看第四季度時，第四季度的獨特之處之一是收入往往比其他季度更多。因此，您希望對從第四季度早期得出的過多推論更加謹慎。這與一年中的其他季度略有不同。

But as I mentioned, look, there's obviously the potential for uncertainty in the operating environment. But if we're able to maintain the positive conditions we've seen recently, and we see a strong holiday season that's roughly around what we've seen in previous periods, we do believe that 47% to 50% range is attainable and wanted to share that so we could provide at least a little bit of an indication of how we thought the quarter could transpire. So hopefully, that gives you a little bit more context about what we're thinking there.

但正如我所提到的，你看，運營環境顯然存在不確定性的可能性。但是，如果我們能夠保持我們最近看到的積極狀況，並且我們看到一個強勁的假期季節，大致與我們在前幾個時期看到的情況大致相同，我們確實相信 47% 到 50% 的範圍是可以實現和想要的分享這一點，這樣我們就可以至少提供一點關於我們認為本季度會如何發展的跡象。因此，希望這可以讓您對我們的想法有更多的了解。

Our next question comes from Doug Anmuth of JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

You talked about eCPMs increasing for the first time as a public company. I was just hoping you could talk about the drivers here. Curious how much that's a function of higher-value inventory like Commercials and Snap Select versus option density from a larger number of advertisers? And I'm curious if you have any thoughts on how far below you are versus market rates at this point?

您首次談到作為上市公司的有效每千次展示費用增加。我只是希望你能在這裡談談驅動程序。想知道商業廣告和 Snap Select 等高價值庫存與大量廣告商的選項密度之間的關係有多大？我很好奇您是否對目前與市場價格相比低於多少有任何想法？

Doug, it's Derek speaking. I'll take that question. Thank you. And yes, we did enjoy an increase in eCPM there. I think it's important to think of that very much as an output metric at this point in our business. One of the things that we look to there is that we've seen a really robust demand for some of our higher eCPM products. So there's mix effects there, as you noted in your question. So Commercials being a very good example, where we saw revenue from commercial more than double year-over-year in the most recent quarter, and that certainly contributes to the number there.

道格，是德里克在說話。我會回答這個問題。謝謝你。是的，我們確實享受到了 eCPM 的增長。我認為在我們業務的這一點上，將其視為一個輸出指標非常重要。我們期待的一件事是，我們已經看到對我們的一些更高 eCPM 產品的需求非常強勁。因此，正如您在問題中指出的那樣，那裡有混合效果。因此，商業廣告是一個很好的例子，我們在最近一個季度看到商業廣告收入同比增長一倍以上，這當然有助於增加這一數字。

And yes, we've seen an overall lift in absolute demand. But we continue to also invest very heavily as we have over the last year in our monetization optimization capabilities, making sure we're getting the right ad to the right Snapchatter at the right moment. And that contributes to our ability to deliver the actions that advertisers are seeking with fewer impressions, and that has the effect of why -- of raising the output metric of eCPM. But as long as we're able to continue to drive great optimization, we don't see a corresponding lift in the cost per action to the advertiser. And I shared in my prepared remarks, some metrics around, for example, what we saw with Pixel-verified purchases. So we're going to continue to invest there, but it's very early days in our monetization and realizing the potential monetization of the business.

是的，我們已經看到絕對需求的整體提升。但我們也繼續像去年一樣大力投資於我們的貨幣化優化功能，確保我們在正確的時間向正確的 Snapchatter 提供正確的廣告。這有助於我們以更少的印象交付廣告商正在尋求的行動，這就是為什麼——提高有效每千次展示費用的輸出指標。但是，只要我們能夠繼續推動出色的優化，我們就不會看到廣告客戶的每次操作成本有相應的提升。我在準備好的評論中分享了一些指標，例如，我們在 Pixel 驗證購買中看到的情況。所以我們將繼續在那裡投資，但現在我們的貨幣化和實現業務的潛在貨幣化還處於早期階段。

If you think about our content business first, very early stages there, but we're pleased with what we're seeing, and that's a big driver at the moment and optimization continues to help there. But also, we're seeing growth in engagement. And I mentioned the 50% year-over-year growth in terms of time spent with Shows, and we continue to invest there alongside the optimization. But a long way to go there to get close to market rates for our ad units and audiences.

如果您首先考慮我們的內容業務，那是非常早期的階段，但我們對我們所看到的感到滿意，這是目前的一個重要驅動力，優化繼續在那裡提供幫助。而且，我們看到參與度也在增長。我提到了在 Shows 上花費的時間同比增長 50%，我們在優化的同時繼續在那裡投資。但要接近我們的廣告單元和受眾的市場價格，還有很長的路要走。

And then, of course, earlier stage at the Camera side, we're really pleased with some of the early indications we're seeing there, as I mentioned in my prepared remarks, around the growth in region frequency self-serve Lens products. They nearly doubled year-over-year in the quarter. So we've got good early traction there. And then, of course, we shared recently some of the metrics around the Map and how deep the density is there. And of course, that part of our engagement, we haven't begun to tap on monetization. So I think all of that sort of gives you an indication of just how early we are in realizing the full potential on monetization. And hopefully, that gives you a little more context around some of the specific dynamics on the eCPM in the period.

然後，當然，在相機方面的早期階段，我們對在那裡看到的一些早期跡象感到非常滿意，正如我在準備好的評論中提到的，圍繞區域頻率自助鏡頭產品的增長。他們在本季度幾乎翻了一番。所以我們在那裡有很好的早期牽引力。然後，當然，我們最近分享了一些關於地圖的指標以及那裡的密度有多深。當然，在我們參與的那一部分，我們還沒有開始利用貨幣化。所以我認為所有這些都讓你知道我們在實現貨幣化的全部潛力方面有多早。希望這能讓您對這一時期 eCPM 的一些具體動態有更多的了解。

Our next question comes from Michael Levine of Pivotal Research Group.

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

A question for both Evan and for Jeremi. I mean, Evan, in your prepared remarks, you guys had talked about seeing good growth with respect to sports viewing. I know that, that had been an area that Derek had highlighted wasn't necessarily going to be a headwind, but you guys didn't maybe quite know what it looked like. But as I'm watching what's happening in the rest of the world of media, the traditional media companies are having just atrocious ratings. And I'm hearing that there's more dollars that are flowing in from guys who want to do advertise in the games and the inventory doesn't -- wasn't just there. So a couple of questions. One, I am curious, has that actually translated into an incremental tailwind for you guys?

Evan 和 Jeremi 都有一個問題。我的意思是，埃文，在你準備好的發言中，你們談到了在觀看體育節目方面看到了良好的增長。我知道，這是 Derek 強調的一個領域，不一定會成為逆風，但你們可能不太清楚它是什麼樣子。但當我觀察其他媒體世界正在發生的事情時，傳統媒體公司的收視率非常低。而且我聽說有更多的錢來自那些想要在遊戲中做廣告的人，而庫存卻沒有——不僅僅是在那裡。所以有幾個問題。一，我很好奇，這是否真的轉化為你們的增量順風？

And then probably more for Jeremi, like if we actually have this big unlock of dollars that was going to be allocated to live sports in '21, I mean, do you have to make any further investment in the vertical sales efforts? Or do you feel like you got those key categories lined up?

然後對於 Jeremi 來說可能更多，比如如果我們真的有大量的美元將在 21 年分配給現場體育賽事，我的意思是，你是否需要對垂直銷售工作進行進一步的投資？或者你覺得你把那些關鍵類別排成一列？

Thanks for the question. Yes, at a really high level, sports are just deeply interwoven into culture and they're really, really important to people, and therefore, they're very important to our community. So we worked really hard to think holistically about our sports partnerships across augmented reality, of course, content. Things like Bitmoji and all of that helps people talk about and express themselves in relation to the teams that they really care about. And driving that conversation is obviously really important for the leagues and also for our business. So we think we can continue to play a role there. It's obviously really important to our community. And Jeremi can speak to the implications that -- for advertisers who obviously also really want to associate themselves with sports.

謝謝你的問題。是的，在非常高的水平上，體育與文化深深交織在一起，它們對人們非常非常重要，因此，它們對我們的社區非常重要。因此，我們非常努力地從整體上考慮我們在增強現實領域的體育合作夥伴關係，當然還有內容。諸如 Bitmoji 之類的東西以及所有這些都可以幫助人們談論和表達自己與他們真正關心的團隊的關係。推動這種對話顯然對聯盟和我們的業務都非常重要。所以我們認為我們可以繼續在那裡發揮作用。這顯然對我們的社區非常重要。 Jeremi 可以說明這一點——對於那些顯然也很想將自己與體育聯繫起來的廣告商。

Yes. Thanks for the question, Michael. And certainly, I cannot let a good sports question go without mentioning how exciting it is for our teams here in Los Angeles, this season in particular. So we're all very excited about it over here. As Evan talked about, last month, more than 40% of the U.S. Gen Z population watched premium sports content on Snap specifically, and the NBA highlights channel saw over 20% more engagement so far this season than last year. So that helps speak to the trends.

是的。謝謝你的問題，邁克爾。當然，我不能不提一個好的體育問題，而這對於我們在洛杉磯的球隊來說是多麼令人興奮，尤其是本賽季。所以我們在這裡都對此感到非常興奮。正如埃文所說，上個月，超過 40% 的美國 Z 世代特別觀看了 Snap 上的優質體育內容，本賽季到目前為止，NBA 集錦頻道的參與度比去年增加了 20% 以上。因此，這有助於說明趨勢。

As you know, sports are absolutely highly visible to advertisers who are looking for both premium content, contextually relevant placements and then large package buys with ourselves and with our partners that are inclusive of things like augmented reality, Bitmoji and others, as Evan mentioned. Our Commercials ad unit is continuing to perform for us. It's allowed us to increase yield with some premium sports content, and we're really happy with both the audience and the revenue growth on that product. Of course, it's still early for us, and we're going to continue to experiment and work with our content partners to bring immersive sports experiences to Snapchatters. But in the meantime, go L.A.

如您所知，體育對於廣告商來說絕對是高度可見的，他們正在尋找優質內容、與上下文相關的展示位置，然後與我們自己和我們的合作夥伴一起購買大包裝，包括增強現實、Bitmoji 等，正如 Evan 提到的那樣。我們的商業廣告單元繼續為我們執行。它使我們能夠通過一些優質的體育內容來提高產量，我們對該產品的觀眾和收入增長都感到非常滿意。當然，這對我們來說還為時尚早，我們將繼續試驗並與我們的內容合作夥伴合作，為 Snapchatter 帶來身臨其境的運動體驗。但與此同時，去洛杉磯。

Our next question comes from Heath Terry of Goldman Sachs.

我們的下一個問題來自高盛的希思特里。

When we look at the acceleration in rest of world, is there a way that you could disaggregate for us what you feel like is driving that? How much of it is macro versus things that you've done with product or even just marketing that you feel like is driving that? And as we think kind of more specifically about what those users might look like longer term, how do you think about sort of the monetization of rest of world users? What's their long-term potential as you grow in those markets to monetize relative to, say, the U.S. or Europe?

當我們看到世界其他地方的加速時，有沒有一種方法可以讓你為我們分解你的感覺是什麼在推動它？有多少是宏觀的，而不是你對產品所做的事情，甚至只是你覺得推動它的營銷？當我們更具體地考慮這些用戶的長期外觀時，您如何看待世界其他用戶的貨幣化？相對於美國或歐洲而言，隨著您在這些市場中成長以實現貨幣化，它們的長期潛力是什麼？

Yes. Thanks for the question. We're really excited about the momentum we're seeing internationally. Obviously, a lot of that is following our major investments in things like the Android rewrite, but also our partnerships with telcos and OEMs that have been helpful in driving growth there and just removing friction from using our products.

是的。謝謝你的問題。我們對我們在國際上看到的勢頭感到非常興奮。顯然，其中很大一部分是在我們對 Android 重寫等方面的重大投資之後，以及我們與電信公司和 OEM 的合作夥伴關係，這有助於推動那裡的增長並消除使用我們產品的摩擦。

One of the big things that we're really excited about also is the way that things like augmented reality have really been localized for our community because creators in these different markets are building locally relevant Lenses and then sharing them with all their friends. And so there's this really sort of exciting and virtuous cycle that's happening here where local creators build really compelling AR experiences, share them with the broader community, people make Snaps with those and then share them with their friends or share them on other platforms, which helps support our growth overall. So I think as we look at localized content, augmented reality and the continued growth of our partners, we're just really excited about how that's all coming together. Obviously, it's been a long road to get here, but we're excited by what we're seeing.

我們真正興奮的一件大事是增強現實之類的東西已經真正為我們的社區本地化的方式，因為這些不同市場的創作者正在構建與當地相關的鏡頭，然後與他們所有的朋友分享。因此，這裡發生了一種真正令人興奮和良性的循環，本地創作者構建真正引人入勝的 AR 體驗，與更廣泛的社區分享，人們與他們製作 Snap，然後與他們的朋友分享或在其他平台上分享，這有助於支持我們的整體增長。所以我認為，當我們著眼於本地化內容、增強現實和合作夥伴的持續增長時，我們對這一切如何融合在一起感到非常興奮。顯然，到達這裡還有很長的路要走，但我們對所看到的感到興奮。

And I can take the part of rest of world monetization. So just to give you an example of what we're doing here is that we are deploying a strategic hybrid strategy. So we use resellers in a market, and we've done that for many years. We consider them to be extraordinary partners of ours and truly an extension of the Snap team. It's pretty remarkable to visit these markets and see how well they represent us. It's been a really exciting journey. But as engagement grows, certain criteria are met with DAU, we put Snap salespeople on the ground, including account executives, account managers, creative strategists and more. And then we work alongside our reseller partners to determine which point Snap is going to service directly and which they can -- which the resellers can best supplement. We're going to continue to deploy this hybrid strategy around the world. It's working, and we found it successful so far. So we look forward to continuing to do that as we grow globally.

我可以參與世界其他地區的貨幣化。舉個例子，我們在這裡所做的就是我們正在部署戰略混合戰略。所以我們在市場上使用經銷商，我們已經這樣做了很多年。我們認為他們是我們非凡的合作夥伴，是 Snap 團隊的真正延伸。參觀這些市場並看看它們如何代表我們是非常了不起的。這真是一段令人興奮的旅程。但隨著參與度的提高，DAU 滿足了某些標準，我們將 Snap 銷售人員置於實地，包括客戶主管、客戶經理、創意策略師等。然後我們與我們的經銷商合作夥伴一起確定 Snap 將直接為哪些點提供服務以及他們可以提供哪些服務——經銷商可以最好地補充這些點。我們將繼續在全球範圍內部署這種混合戰略。它正在工作，到目前為止我們發現它是成功的。因此，隨著我們在全球範圍內的發展，我們期待繼續這樣做。

Our next question comes from Rich Greenfield of LightShed Partners.

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

When you think about advertisers, it seems like you had a real sort of drop in sort of the quality of advertisers that you shifted to programmatic. And I think what Jeremi talked about was this audit that took place over the summer. And it does look like the brands that we're seeing, whether it's M&Ms or Verizon Fios or Legos or Peacock or Bud Light, like it's incredible how many big brands we're seeing now on the service. Maybe if you could just spend a minute, like what actually happened that this audit took place and all of these brands came back fast? Like what were they looking at? Are these dollars shifting actually from TV? Are you still in sort of a non-TV sort of advertiser bucket? Like what's actually happening there? And then I've got a couple of follow-ups and housekeeping points.

當您考慮廣告客戶時，您轉向程序化的廣告客戶的質量似乎確實有所下降。我認為 Jeremi 談到的是在夏天進行的審計。它看起來確實像我們所看到的品牌，無論是 M&Ms、Verizon Fios、Legos、Peacock 還是 Bud Light，就像我們現在在服務上看到的大品牌數量之多令人難以置信。也許如果你能花一分鐘時間，比如這次審計發生了什麼，所有這些品牌都很快回來了？比如他們在看什麼？這些美元實際上是從電視轉移的嗎？您是否仍處於非電視廣告客戶類別中？就像那裡實際發生的事情一樣？然後我有幾個跟進和管家要點。

Thanks for the question, Rich, and thank you for noticing the quality of the advertisers. You're right, our investments in optimization, measurement and ranking are paying off and big brands as well as our DR brands are finding success. And it's really exciting for our community who continues to see more and more relevant ads as we add to this demand across the board. Over the past 5 years, actually, we've been building a powerful video business with the goal of connecting advertisers to the Snapchat generation. And it's really getting increasingly difficult to reach this audience on linear television. They are watching TV, it's just in their pocket. We've made several key hires in the area, and our executives most responsible for video monetization have a lot of years of experience in this field. They know the strategy and they know the buyers.

感謝 Rich 的提問，感謝您注意到廣告商的質量。你是對的，我們在優化、衡量和排名方面的投資正在獲得回報，大品牌以及我們的 DR 品牌正在取得成功。隨著我們全面增加這一需求，我們的社區繼續看到越來越多的相關廣告，這真的很令人興奮。實際上，在過去的 5 年中，我們一直在建立一個強大的視頻業務，目標是將廣告商與 Snapchat 一代聯繫起來。在線性電視上接觸到這些觀眾確實變得越來越困難。他們在看電視，它就在他們的口袋裡。我們已經在該領域招聘了幾位關鍵員工，我們最負責視頻貨幣化的高管在該領域擁有多年的經驗。他們了解策略，也了解買家。

Based on the strength of what we're seeing in our video business, we're continuing to invest in new products. So to give you an example of how we're continuing to capture these budgets more and more incrementally, we recently launched First Commercials, which gives our advertisers the very first ad and the very first profit a Snapchatter sees. And every marketer knows how important it is to make that first impression. Our Commercials are designed for both social video and online video buyers. And the goal is truly to just attract incremental TV budgets into our hand-curated, brand-safe curated content on Discover. So all of those things coming together after 5 years of long hard work is what you're seeing right now, and we're really excited about the future.

基於我們在視頻業務中所看到的實力，我們將繼續投資於新產品。因此，為了給您舉個例子，說明我們如何繼續越來越多地獲取這些預算，我們最近推出了 First Commercials，它為我們的廣告商提供了第一個廣告和 Snapchatter 看到的第一個利潤。每個營銷人員都知道給人留下第一印象的重要性。我們的廣告專為社交視頻和在線視頻買家而設計。我們的目標是真正將更多的電視預算吸引到我們在 Discover 上手工策劃的、品牌安全的策劃內容中。因此，經過 5 年的長期努力，所有這些東西都匯集到了一起，這就是您現在所看到的，我們對未來感到非常興奮。

Our next question comes from Justin Post of Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的賈斯汀波斯特。

Congrats on a great revenue quarter. I wanted to maybe focus more on users. First, can you talk more about the COVID impact on North American usage and whether you might be seeing any leakage to entertainment apps, TikTok or YouTube? And second, you mentioned you're testing the 5-tab navigation bar, which is pretty interesting. Can you talk about -- is that increasing usage in your tests to other Snap applications? And what could that do to overall usage?

祝賀一個偉大的收入季度。我想也許更多地關注用戶。首先，您能否更多地談談 COVID 對北美使用的影響，以及您是否會看到娛樂應用程序、TikTok 或 YouTube 的任何洩漏？其次，您提到您正在測試 5-tab 導航欄，這非常有趣。你能談談 - 在你的測試中增加對其他 Snap 應用程序的使用嗎？這對整體使用有什麼影響？

Yes. Thanks, Justin. As we look at competition more broadly, obviously, entertainment services do compete with the content section of our business. But obviously, the core driver of engagement on Snapchat is communication, and that has been impacted by COVID. In the areas that are more open, like in Europe and whatnot, we see less of an impact. We think some of that is due to the fact that maybe people are making fewer friendships or things like that when they're stuck in their houses. And that's one we're paying attention to. But overall, our audience in the U.S. and in North America is growing. We are seeing some slight shifts in engagement. But we think that as the U.S. continues to open up following COVID that we'll return to more normal engagement patterns there.

是的。謝謝，賈斯汀。當我們更廣泛地看待競爭時，顯然，娛樂服務確實與我們業務的內容部分競爭。但顯然，參與 Snapchat 的核心驅動力是溝通，而這已經受到 COVID 的影響。在更開放的地區，如歐洲等，我們看到的影響較小。我們認為其中一部分原因是人們被困在家裡時可能會減少友誼或類似的事情。這就是我們正在關注的一個。但總的來說，我們在美國和北美的觀眾正在增長。我們看到參與度發生了一些細微的變化。但我們認為，隨著美國在 COVID 之後繼續開放，我們將在那裡恢復更正常的參與模式。

Looking at the 5-tab navigation bar, we've learned a lot from some of our prior redesigns. And so as we look at realizing this big opportunity of breaking out things like the Map and Discover, giving them more prominence in the service, our #1 goal is really to do no harm to core engagement. And so that's really what we focused on here. What we're excited about over the longer term, obviously, is that now we have 2 new areas to really play and experiment rapidly and servicing those areas to our entire community allows us to do that a lot faster.

查看 5 選項卡導航欄，我們從之前的一些重新設計中學到了很多東西。因此，當我們著眼於實現突破諸如 Map 和 Discover 之類的重大機會，讓它們在服務中更加突出時，我們的第一目標實際上是不損害核心參與度。這就是我們在這裡真正關注的內容。顯然，從長遠來看，我們感到興奮的是，現在我們有 2 個新領域可以真正快速地進行遊戲和試驗，並且為我們的整個社區提供這些領域的服務使我們能夠更快地做到這一點。

Previously, both Discover and the Map were relatively hidden inside of Snapchat. So we're excited about the long-term opportunity. The same way that separating social for media really made a big difference for our business. It took a little while to pay off obviously, but we've really seen the long-term impact. So this is another one of those changes that's designed to unlock longer-term opportunity. Of course, #1 priority is do no harm. But now we're really excited to iterate here and to continue to grow those platforms that are so important to us.

以前，Discover 和 Map 都相對隱藏在 Snapchat 內部。因此，我們對長期機會感到興奮。同樣，將社交媒體與媒體分開確實對我們的業務產生了重大影響。顯然需要一段時間才能得到回報，但我們確實看到了長期影響。因此，這是旨在釋放長期機會的另一項變化。當然，第一要務是不傷害。但現在我們真的很高興在這裡進行迭代並繼續發展對我們如此重要的平台。

Our next question comes from Eric Sheridan of UBS.

我們的下一個問題來自瑞銀的 Eric Sheridan。

Jeremi, maybe if I can direct one to you. You guys started the year with a lot of growth and a big step-up in January and February. And earlier in the year, we talked about sort of an unlock at the agency side and with bigger advertisers as you exit in '19 and went into '20, and you've had a lot of success with direct response this year. Can you just maybe put a finer point on the arc we've seen this year against the backdrop of COVID-19 in terms of how you feel you're positioned with respect to the dialogue with ad agencies, large advertisers? And how sustainable you think some of the depth and advertiser growth you've seen this quarter is as we turn the page from 2020 into '21?

Jeremi，也許我可以給你一個。你們在今年一月和二月有了很大的增長和很大的進步。今年早些時候，我們談到了代理方面的解鎖，以及隨著您在 19 年退出並進入 20 年時更大的廣告商，今年您在直接響應方面取得了很大成功。您能否就我們今年在 COVID-19 的背景下看到的弧線提出一個更好的觀點，就您在與廣告代理商、大型廣告商對話方面的定位而言，您是如何看待的？當我們將頁面從 2020 年轉到 21 年時，您認為本季度您所看到的一些深度和廣告客戶增長的可持續性如何？

Thanks for the question, Eric. Yes, we are incredibly excited to see that our growth is returning to the levels that we saw at the beginning of the year. So thank you for making mention of that. To give you more specifics around your question, some of our fastest-growing verticals include CPG, streaming, tech, telco, financial services and e-commerce. In particular, e-commerce remains a very exciting opportunity for us. When you start to think of things like AR try-ons, the utility of being able to put shoes on your feet or sunglasses on your face or hats on your head and utilize that for utility-based advertising in AR, we are absolutely doubling down on our efforts in that area.

謝謝你的問題，埃里克。是的，我們非常高興地看到我們的增長正在恢復到年初的水平。所以謝謝你提到這一點。為了讓您更詳細地了解您的問題，我們增長最快的一些垂直領域包括 CPG、流媒體、科技、電信、金融服務和電子商務。特別是，電子商務對我們來說仍然是一個非常令人興奮的機會。當您開始考慮諸如 AR 試穿之類的事情時，能夠將鞋子放在腳上或將太陽鏡放在臉上或頭上戴上帽子並將其用於 AR 中基於實用程序的廣告的實用性，我們絕對會加倍下注關於我們在該領域的努力。

As everybody knows, last quarter, we launched Dynamic Ads globally, and that continues to combine our product catalogs -- or the advertisers' product catalogs with optimization capabilities to reward advertisers who invest in our platform with ROI at scale. In that particular area, we're seeing strong adoption rates from retail, CPG and restaurants. And we have been working alongside travel partners, and we are ready for them when the world starts traveling again. But ultimately, we know that all of our advertisers set their budgets based on performance, whether that's brand affinity, purchases or app downloads. And we're going to continue to prove the efficacy of our platform and know that we can continue to grow and build budgets. It's important to note that it was these investments in our self-service ad platform and our ability to service our customers during this challenging time that allowed us to onboard a record number of advertisers this quarter.

眾所周知，上個季度，我們在全球範圍內推出了動態廣告，並且繼續將我們的產品目錄（或廣告客戶的產品目錄）與優化功能相結合，以大規模回報投資於我們平台的廣告客戶。在該特定領域，我們看到零售、CPG 和餐館的採用率很高。我們一直在與旅行合作夥伴合作，當世界再次開始旅行時，我們已經為他們做好了準備。但歸根結底，我們知道我們所有的廣告商都會根據效果來設置預算，無論是品牌親和力、購買量還是應用下載量。我們將繼續證明我們平台的有效性，並知道我們可以繼續增長和增加預算。重要的是要注意，正是這些對我們自助廣告平台的投資以及我們在這個充滿挑戰的時期為客戶提供服務的能力，使我們在本季度獲得了創紀錄數量的廣告商。

Our next question comes from Brian Nowak of Morgan Stanley.

我們的下一個問題來自摩根士丹利的布賴恩諾瓦克。

I have two, one for Jeremi, one for Evan. Jeremi, so going back to the discussion of the world looked like in January and February versus August, September. Talk to us about -- so if you look back in January and February, what did your advertiser vertical mix look like? And are there still large buckets of verticals of advertisers who were material spenders in January and February who are not yet back spending because of macro factors? Or is that not something we should be thinking about from a recovery standpoint heading into '21?

我有兩個，一個給 Jeremi，一個給 Evan。 Jeremi，所以回到世界的討論看起來像是在一月和二月與八月和九月相比。與我們討論一下——如果您回顧 1 月和 2 月，您的廣告客戶垂直組合是什麼樣的？是否仍有大量垂直廣告商在 1 月和 2 月是物質支出者，但由於宏觀因素尚未恢復支出？或者，從進入 21 年的複甦的角度來看，這不是我們應該考慮的事情嗎？

And then on games, Evan, I wanted to ask you, you guys are doing a good job of sort of starting to blur the lines between social and gaming. Maybe just talk to us about what your multiyear vision is for Snap Gaming and the investments you need to really build out the gaming metaverse.

然後在遊戲方面，埃文，我想問你，你們做得很好，開始模糊社交和遊戲之間的界限。也許只是與我們談談您對 Snap Gaming 的多年願景以及真正構建遊戲元世界所需的投資。

Sure. Thanks for the question, Brian. As I just mentioned, we are seeing a lot of success with CPG, streaming, tech, telco, financial services and e-commerce, in particular. In terms of large buckets that we had at the beginning of the year that we are no longer seeing a lot of momentum from, it's not something that we are concerned about. We obviously know that in the macro conditions, there are categories like travel and automotive that are suffering a little bit more given the macro conditions. But relative to how they fare at Snap, it's not something that we're concerned about because we continue to grow in these other incredible areas that are where people are finding success on the platform.

當然。謝謝你的問題，布賴恩。正如我剛才提到的，我們在 CPG、流媒體、科技、電信、金融服務和電子商務方面取得了很大的成功。就我們在年初的大桶而言，我們不再看到很多動力，這不是我們擔心的事情。我們顯然知道，在宏觀條件下，考慮到宏觀條件，旅遊和汽車等類別遭受的損失更大。但相對於他們在 Snap 的表現，這並不是我們關心的問題，因為我們繼續在其他令人難以置信的領域發展壯大，而這些領域正是人們在平台上取得成功的地方。

I just talked about e-commerce a little bit. I will continue to put a finer point on that. I can't say enough about how important that opportunity is for us as it pertains to not only the performance that we're able to deliver for those advertisers with our great products like Dynamic Ads. But in addition, our ability to really make sure that our goal-based bidding products are serving them with the right ROI. So we're going to continue to focus there. And when categories like travel and automotive come back, we will be welcoming them with open arms, and we're really excited to work with them.

我剛剛談到了電子商務。我將繼續對此提出更詳細的說明。我無法充分說明這個機會對我們來說有多麼重要，因為它不僅關係到我們能夠通過動態廣告等出色產品為那些廣告商提供的性能。但此外，我們有能力真正確保我們基於目標的競價產品為他們提供正確的投資回報率。所以我們將繼續關注那裡。當旅行和汽車等類別回歸時，我們將張開雙臂歡迎他們，我們很高興與他們合作。

Thanks for the question on games, something we're definitely very excited about. I think the best way to think about it is there's a lot of little experiments that we're running right now. Games are still hidden in chat, and so you got to really look for them to play. And so that allows us to really focus on iterating and building engagement, learning what sort of content works, learning what types of services our developers really need in order to grow games and monetize them and reengage their communities. So there's definitely a lot of work to do there. One of the experiments that we're trying right now that's pretty fun is around SNAP Token. So that helps our community engage with in-app purchases inside of games, which provides another revenue stream to gaming companies and our partners.

感謝您提出關於遊戲的問題，我們對此非常興奮。我認為最好的思考方式是我們現在正在進行很多小實驗。遊戲仍然隱藏在聊天中，因此您必須真正尋找它們來玩。因此，這使我們能夠真正專注於迭代和建立參與度，了解什麼樣的內容有效，了解我們的開發人員真正需要什麼樣的服務，以發展遊戲並將其貨幣化並重新吸引他們的社區。所以肯定有很多工作要做。我們現在正在嘗試的一個非常有趣的實驗是圍繞 SNAP 令牌。這有助於我們的社區參與遊戲內的應用內購買，從而為遊戲公司和我們的合作夥伴提供另一個收入來源。

And so really what we're doing is just listening to our community, listening to our partners and working hard to build the platform. And this is the approach we've taken with some of the other platforms we've built like content or AR, where we start with a select set of partners and just do our best to listen and learn and iterate until it really clicks. So lots of exciting things. Some games obviously are doing better than others, and we're learning from the ones that are working and the ones that aren't working and helping our partners pivot and continue to grow engagement around gaming.

因此，我們實際上正在做的只是傾聽我們的社區、傾聽我們的合作夥伴並努力構建平台。這就是我們在我們構建的其他一些平台（如內容或 AR）中採用的方法，我們從一組精選的合作夥伴開始，盡最大努力傾聽、學習和迭代，直到真正成功。這麼多令人興奮的事情。一些遊戲顯然比其他遊戲做得更好，我們正在從有效和無效的遊戲中學習，並幫助我們的合作夥伴調整併繼續提高對遊戲的參與度。

Our last question will come from Mark Shmulik of Bernstein.

我們的最後一個問題將來自 Bernstein 的 Mark Shmulik。

Evan, you called it at the top of the call that AR traction and adoption is kind of above of expectations. Obviously, we've seen some of the AR virtual try-on pick up some speed and the launch of local Lenses. But how are you now thinking about the road map of where AR goes over the next few years from both like a user and a monetization perspective?

埃文，你在電話的頂部稱它為 AR 牽引力和採用有點超出預期。顯然，我們已經看到一些 AR 虛擬試戴加快了速度，並推出了本地鏡頭。但是，您現在如何從用戶和貨幣化的角度考慮未來幾年 AR 的發展路線圖？

And then one for Jeremi, if I may. It's certainly a nice problem now for Snapchat to have with the rapidly growing portfolio of all these new ad products. How are you thinking about making sure that the right ad products get to the right advertiser in this verticalized sales model? Are these some of the changes that were that domain expertise roles that you mentioned earlier play a role?

如果可以的話，然後給 Jeremi 一個。對於 Snapchat 來說，所有這些新廣告產品的快速增長組合現在肯定是一個很好的問題。您如何考慮在這種垂直銷售模式中確保正確的廣告產品到達正確的廣告客戶？這些變化是您之前提到的領域專家角色所起的作用嗎？

Well, as you mentioned, the stars are really aligning on our augmented reality business at the moment, which is super exciting. So the last 5 years, we've obviously worked very hard to evolve the technology, and we've gotten to a place where we're capable some pretty sophisticated rendering. Things like SnapML, for example, like really represent a step change in augmented reality because you go from sort of overlaying 3D graphics on a scene to fundamentally re-rendering reality, and that's unlocked a lot of really compelling new use cases. Of course, our community, their engagement with augmented reality has just exploded over the past few years. So it's become really an everyday behavior for Snapchatters and that's something that's really important.

好吧，正如你所提到的，明星們現在真的在我們的增強現實業務上保持一致，這非常令人興奮。所以在過去的 5 年裡，我們顯然非常努力地改進了這項技術，並且我們已經達到了一個能夠進行一些非常複雜的渲染的地方。例如，像 SnapML 這樣的東西真的代表了增強現實的一步變化，因為你從在場景上疊加 3D 圖形到從根本上重新渲染現實，這解鎖了許多非常引人注目的新用例。當然，我們的社區，他們對增強現實的參與在過去幾年中剛剛爆發。因此，這已成為 Snapchatter 的日常行為，這非常重要。

But I think the big change really that's accelerated with COVID has been that businesses are coming to the table and really understanding how AR can drive their business. And frankly, I think businesses were just less open to these types of experiments when retail was open and widely accessible and things like that. And so we've just seen a lot of like openness and excitement from brands to try new things and help customers trial their products. Trial is a hugely important part of driving sales in retail. And so being able to power these trial and experiences, whether that's shoes or nail polish or beauty products or whatever, and then convert directly to a purchase, I think, achieves 2 goals for businesses. One, of course, it helps them build their brand and things like that, but also, it really drives ROI. And so I think businesses are open-minded to trying ROI and they're open-minded to trying AR and they're finding ROI when they do that.

但我認為 COVID 真正加速的巨大變化是，企業正在坐到談判桌前，真正了解 AR 如何推動他們的業務。坦率地說，我認為當零售業開放且可廣泛使用之類的東西時，企業對這類實驗的開放程度較低。因此，我們剛剛看到品牌對嘗試新事物並幫助客戶試用他們的產品的開放和興奮。試用是推動零售銷售的一個非常重要的部分。因此，能夠為這些試驗和體驗提供動力，無論是鞋子、指甲油、美容產品還是其他任何東西，然後直接轉化為購買，我認為，這為企業實現了兩個目標。一，當然，它可以幫助他們建立自己的品牌和類似的東西，而且，它確實可以提高投資回報率。所以我認為企業對嘗試 ROI 持開放態度，他們對嘗試 AR 持開放態度，當他們這樣做時他們正在尋找 ROI。

And so that's really exciting for us. As we look at the next couple of years, there's still just a massive, massive road map in terms of the overall platform improvements we're trying to make that should enable even more and deeply engaging AR experiences. So we'll be really focused on just building the platform, helping people learn how AR can help them achieve their business goals. But overall, we're just excited because this change happened faster than we expected. And it's just exciting to see so many brands playing around with this totally new category.

所以這對我們來說真的很令人興奮。展望未來幾年，就我們正在嘗試進行的整體平台改進而言，仍然只有一個巨大的、龐大的路線圖，這應該能夠實現更多、更深入的 AR 體驗。因此，我們將真正專注於構建平台，幫助人們了解 AR 如何幫助他們實現業務目標。但總的來說，我們只是很興奮，因為這種變化發生得比我們預期的要快。看到這麼多品牌都在玩這個全新的類別，真是令人興奮。

Yes. And to follow up on that. Yes, we definitely believe that our verticalized sales model has helped us get through this unique time with the macro conditions, in particular, because our teams deeply understand the needs of their advertisers at this time and there has been no more important time for that to be true. They are studying everything from tariffs to understand the impact on downstream profitability of a particular CPG company, all the way through how many people are passing through TSA every single day to know how travel is going to be recovering. And they're doing an extraordinary job, I couldn't be more proud of the team.

是的。並跟進。是的，我們堅信我們的垂直銷售模式幫助我們度過了這個獨特的宏觀條件，特別是因為我們的團隊在這個時候非常了解他們的廣告客戶的需求，沒有比這更重要的時間了是真的。他們正在研究從關稅到了解對特定 CPG 公司下游盈利能力的影響的所有方面，一直到每天有多少人通過 TSA 以了解旅行將如何恢復。他們做得非常出色，我為這支球隊感到無比自豪。

To make sure that the right products get to the right advertisers, we've launched a lot of B2B marketing efforts, including Snap Focus and Snap Connect, which serve different purposes, one of which is to get the first advertisement going and the second is to continue to grow it. But as it pertains to the product specifically, you listed a few of them, but you're right. We couldn't be more lucky to be in the position to be able to talk about things like Map, shoppable AR, Dynamic Ads, First, school-based bidding, globalization of our products and so on. And that team has done an incredible job of launching pro forma products.

為了確保正確的產品到達正確的廣告商，我們開展了很多 B2B 營銷工作，包括 Snap Focus 和 Snap Connect，它們有不同的用途，其中一個是讓第一個廣告投放，第二個是繼續成長它。但由於它與產品具體相關，您列出了其中的一些，但您是對的。我們非常幸運能夠談論地圖、可購物 AR、動態廣告、First、基於學校的競標、我們的產品全球化等等。該團隊在推出備考產品方面做得非常出色。

We know that our products work better together and they serve different purposes. Video ads, augmented reality, they both reach users, but they reach them in different contexts on the app. We're continuing to see case studies where combining AR with video ad yields better results for the advertisers and so there's lots of opportunity to make our service and products more approachable and easier to use and more performance over time. But for us, the most critical thing is that our video ads, their performance, they're engaging. And it's really exciting to see advertisers continuing to invest more and more in our core video ad products. We're still early in the journey for augmented reality advertising, as Evan said, but we think we can keep building on our lead here. Derek talked about the success of our self-service AR, and that is really going to lead us to connect all of the innovation happening with our Lens Studio products and our advertising technology set.

我們知道我們的產品可以更好地協同工作，並且它們服務於不同的目的。視頻廣告、增強現實，它們都可以接觸到用戶，但它們是在應用程序的不同上下文中接觸到的。我們將繼續看到將 AR 與視頻廣告相結合為廣告商帶來更好結果的案例研究，因此有很多機會可以使我們的服務和產品更易於使用、更易於使用以及隨著時間的推移提高性能。但對我們來說，最關鍵的是我們的視頻廣告，他們的表現，他們很有吸引力。看到廣告商繼續對我們的核心視頻廣告產品進行越來越多的投資，真是令人興奮。正如埃文所說，我們仍處於增強現實廣告之旅的早期階段，但我們認為我們可以繼續在這方面取得領先。 Derek 談到了我們自助式 AR 的成功，這真的將引導我們將所有的創新與我們的 Lens Studio 產品和我們的廣告技術集聯繫起來。

This concludes our question-and-answer session as well as Snap Inc.'s Third Quarter 2020 Earnings Conference Call. Thank you for attending today's session, and you may now disconnect.

我們的問答環節以及 Snap Inc. 的 2020 年第三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。