Snap Inc (SNAP) 2020 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to Snap Inc.'s Second Quarter 2020 Earnings Conference Call.

大家下午好，歡迎參加 Snap Inc. 的 2020 年第二季度收益電話會議。

(Operator Instructions) This call will be recorded.

（操作員說明）此通話將被錄音。

Mr. David Ometer of Investor Relations, you may begin.

投資者關係部的 David Ometer 先生，您可以開始了。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Welcome to Snap's Second Quarter 2020 Earnings Conference Call.

歡迎參加 Snap 的 2020 年第二季度收益電話會議。

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 second quarter 2020, which can be found on our Investor Relations website at investor.snap.com.

今天早些時候，我們提供了一份幻燈片演示文稿，概述了我們 2020 年第二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.

現在我將覆蓋安全港。

Today's call is to provide you with information regarding our second quarter 2020 performance in addition to our financial outlook.

今天的電話是為您提供有關我們 2020 年第二季度業績以及我們的財務展望的信息。

This conference call includes forward-looking statements.

本次電話會議包括前瞻性陳述。

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.

任何涉及對未來事件的預期、預測、指導或其他特徵的陳述，包括財務預測、未來市場狀況或 COVID-19 對我們的業務和整體經濟的影響，都是基於以下因素的前瞻性陳述今天的假設。

Actual results may differ materially from those expressed in these forward-looking statements, and we make no obligation to update our disclosures.

實際結果可能與這些前瞻性陳述中表達的結果大不相同，我們沒有義務更新我們的披露。

For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as risks described in our quarterly report on Form 10-Q for the year ended March 31, 2020, particularly in the section titled Risk Factors.

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截至 2020 年 3 月 31 日止年度的 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。

This information can be found in our other filings with the SEC when available.

這些信息可以在我們向美國證券交易委員會提交的其他文件中找到。

Our commentary today will also include non-GAAP financial measures, and we believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends.

我們今天的評論還將包括非 GAAP 財務指標，我們相信這些非 GAAP 財務指標的使用為投資者提供了一種額外的工具，可用於評估持續的經營業績和趨勢。

These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

這些措施不應與根據公認會計原則編制的財務信息隔離或替代。

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.

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。

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.

有時在我們準備好的評論或回答問題時，我們可能會提供額外的指標，以更深入地了解我們的業務或我們的季度和年度業績。

This additional detail may be onetime in nature, and we may or may not provide an update in the future on these metrics.

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。

Please refer to our filings with the SEC to understand how we calculate our metrics.

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。

Thanks, everyone, for joining our call.

謝謝大家加入我們的電話。

This has been an extremely challenging time, and our team has done an outstanding job continuing to support the growth of our community, which increased 17% year-over-year to 238 million daily active users as well as building our business with revenue growing 17% year-over-year to $454 million.

這是一個極具挑戰性的時期，我們的團隊在繼續支持我們社區的發展方面做得非常出色，社區的日活躍用戶同比增長 17%，達到 2.38 億，同時我們的業務收入增長了 17同比增長 % 至 4.54 億美元。

While our revenue growth rate continues to be impacted by ongoing market disruptions, the fundamentals of our business are strong, and the high levels of engagement on our service are backed by years of investment in our self-serve advertising platform, which is helping our partners achieve success and grow their businesses in this uncertain environment.

雖然我們的收入增長率繼續受到持續的市場動蕩的影響，但我們業務的基本面強勁，我們服務的高參與度得到了我們對自助廣告平台的多年投資的支持，該平台正在幫助我們的合作夥伴在這種不確定的環境中取得成功並發展業務。

I am most proud of our team for the work they did to create our Snap Partner Summit this quarter, which was delivered virtually in an augmented world.

我為我們的團隊在本季度創建 Snap 合作夥伴峰會所做的工作感到最自豪，該峰會實際上是在一個增強的世界中交付的。

We announced several new products like Minis, Voice Scan, Camera Kit, Places on the Snap Map, Bitmoji for third-party games as well as several new partnerships and a fresh slate of content.

我們宣布了一些新產品，如 Minis、語音掃描、相機套件、快照地圖上的位置、第三方遊戲的 Bitmoji，以及一些新的合作夥伴關係和新的內容。

We also made Snapchat easier to navigate with our new Action Bar which provides top level navigation to more easily access the Snap Map, Chat, Camera and Discover, resulting in more surface area and accessibility for each of these platforms.

我們還通過我們的新操作欄使 Snapchat 更易於導航，該操作欄提供頂級導航，以便更輕鬆地訪問快照地圖、聊天、相機和發現，從而為這些平台中的每一個提供更多的表面積和可訪問性。

We are working hard to overlay new computing experiences on the world through augmented reality, and the Snap Partner Summit showcased some of our latest AR products, including Local Lenses that allow people to share augmented reality experiences together overlaid on their neighborhood cityscape and SnapML, which empowers members of our community to bring their machine learning models directly into Lenses on Snapchat.

我們正在努力通過增強現實在世界上疊加新的計算體驗，Snap 合作夥伴峰會展示了我們最新的一些 AR 產品，包括允許人們一起分享增強現實體驗的 Local Lenses，覆蓋在他們附近的城市景觀和 SnapML使我們社區的成員能夠將他們的機器學習模型直接引入 Snapchat 上的 Lenses。

This enabled Gucci to leverage Wannaby's foot-tracking technology to help people try on their latest sneakers on Snapchat and even buy them directly within the Lens.

這使 Gucci 能夠利用 Wannaby 的足部追踪技術幫助人們在 Snapchat 上試穿他們最新的運動鞋，甚至直接在 Lens 中購買。

These sorts of augmented reality experiences are especially powerful in the post-COVID retail environment, where brands are investing more in virtual try-on.

這些增強現實體驗在後 COVID 零售環境中尤其強大，品牌在虛擬試穿方面投入更多。

In addition to our new augmented reality products, we also released Minis to enable developers to build interactive and social experiences for our community.

除了我們新的增強現實產品之外，我們還發布了 Minis，讓開發人員能夠為我們的社區構建互動和社交體驗。

For example, when movie theaters reopen, friends will be able to browse and purchase tickets together in the upcoming Atom Tickets Mini.

例如，當電影院重新開放時，朋友們將能夠在即將推出的 Atom Tickets Mini 中一起瀏覽和購買門票。

We're excited to help our partners understand how they will benefit from our long-term vision for Snap and the many ways that they can use our products and platform to connect with our community and build their businesses.

我們很高興能幫助我們的合作夥伴了解他們將如何從我們對 Snap 的長期願景中受益，以及他們可以使用我們的產品和平台與我們的社區建立聯繫並建立他們的業務的多種方式。

Our community grew by 17% year-over-year, with 238 million people using Snapchat every day on average in the quarter.

我們的社區同比增長 17%，本季度平均每天有 2.38 億人使用 Snapchat。

This continues our recent momentum in daily active user growth, with the last 3 quarters seeing our highest year-over-year growth rates since 2017.

這延續了我們近期每日活躍用戶增長的勢頭，過去三個季度實現了自 2017 年以來的最高同比增長率。

We now reach more than 100 million people in the U.S. alone and are also seeing strong growth in our core markets in North America, Europe and Australia.

我們現在僅在美國就有超過 1 億人口，並且我們在北美、歐洲和澳大利亞的核心市場也看到了強勁的增長。

We are also continuing to invest in app performance and localization to make our service more accessible to people all over the world, with Snapchat now available to over 2 billion people in their native language.

我們還繼續投資於應用程序性能和本地化，以使世界各地的人們更容易使用我們的服務，現在超過 20 億人可以使用他們的母語使用 Snapchat。

These efforts have helped us grow even faster in emerging markets like India, where we've seen over 100% growth in daily active users over the past year.

這些努力幫助我們在印度等新興市場實現了更快的增長，在過去一年中，我們看到印度的日活躍用戶增長了 100% 以上。

As the changing public health landscape accelerates the adoption of digital products, we believe there is a large opportunity for us to further empower new behaviors with AR, entertainment and commerce.

隨著不斷變化的公共衛生環境加速了數字產品的採用，我們相信我們有很大的機會通過 AR、娛樂和商業進一步賦予新的行為能力。

For example, we continue to see increasing engagement with our camera.

例如，我們繼續看到越來越多的人使用我們的相機。

And the number of Snaps created every day grew at double the pace of our daily active user growth over the past year, making Snapchat one of the world's most used cameras.

每天創建的 Snap 數量以我們過去一年每日活躍用戶增長速度的兩倍增長，使 Snapchat 成為世界上最常用的相機之一。

We're especially excited to see that the adoption of our AR platform is also accelerating, with the number of people playing with Lenses everyday, growing by 37% year-over-year.

我們特別高興地看到我們的 AR 平台的採用也在加速，每天玩 Lenses 的人數同比增長 37%。

This growth has been driven in part by the community of talented Lens creators and partners that are creating and distributing Lenses on Snapchat.

這種增長部分是由在 Snapchat 上創建和分發 Lens 的才華橫溢的 Lens 創作者和合作夥伴社區推動的。

Creators are quickly adopting new Lens Studio capabilities to create Lenses that put a lightsaber in your hand turn the entire world into spaghetti and let you to try on clothes and makeup.

創作者正在迅速採用新的 Lens Studio 功能來創建將光劍放在手中的鏡頭，將整個世界變成意大利麵條，讓您試穿衣服和化妝。

Today, Snapchatters play with Lenses created by our community 6x as often as they did just last year.

今天，Snapchatter 使用我們社區創建的 Lenses 的頻率是去年的 6 倍。

And these Lenses now drive more than 1/4 of all Lens engagement on Snapchat.

這些鏡頭現在推動了 Snapchat 上超過 1/4 的鏡頭參與度。

We are excited to see that our product innovation in AR is empowering the creativity of our Lens Creator community, which in turn has driven growth in user engagement.

我們很高興看到我們在 AR 方面的產品創新正在增強我們 Lens Creator 社區的創造力，這反過來又推動了用戶參與度的增長。

With so much happening around the world today, our Discover platform is more important than ever in helping our communities stay educated and informed about current events.

當今世界各地發生瞭如此多的事情，我們的發現平台在幫助我們的社區保持教育和了解時事方面比以往任何時候都更加重要。

Snapchat has become a go-to destination for credible and accurate news content during the pandemic, with more than half of the entire U.S. Gen Z population watching COVID-related news created by our partners.

在大流行期間，Snapchat 已成為可靠且準確的新聞內容的首選目的地，超過一半的美國 Z 世代人口都在觀看我們的合作夥伴創建的與 COVID 相關的新聞。

Additionally, following the murders of George Floyd, Ahmaud Arbery and Breonna Taylor, we published curated community stories, featuring powerful Snaps from our community, which range from breaking news about peaceful protest to a dialogue about what it means to be living while black in America.

此外，在喬治·弗洛伊德 (George Floyd)、艾哈邁德·阿伯里 (Ahmaud Arbery) 和布倫娜·泰勒 (Breonna Taylor) 被謀殺之後，我們發布了精選的社區故事，其中包括來自我們社區的強大快照，範圍從關於和平抗議的突發新聞到關於在美國生活的黑人意味著什麼的對話.

We are also rolling out Happening Now, a dedicated section of Discover that provides breaking news from media partners such as NBC News and ESPN summarized in a single snap.

我們還推出了“現在發生”，這是 Discover 的一個專門部分，提供來自 NBC 新聞和 ESPN 等媒體合作夥伴的突發新聞，並在一個快照中進行匯總。

In addition to news, Discover has also provided a premium mobile entertainment experience for our community as they are sheltering in their homes.

除了新聞之外，Discover 還為我們的社區提供了優質的移動娛樂體驗，因為他們在家中避難。

For example, Will From Home, which culminated in a Fresh Prince of Bel-Air cast reunion, was watched by more than 35 million people.

例如，以貝萊爾新鮮王子演員重聚而告終的 Will From Home 有超過 3500 萬人觀看。

Snap Originals continue to attract audiences that rival those of top TV series, and have reached more than 75% of the U.S. Gen Z population so far this year.

Snap Originals 繼續吸引與頂級電視劇相媲美的觀眾，今年迄今已覆蓋超過 75% 的美國 Z 世代人口。

In addition, many of our media partners are finding success adapting their television properties for our platform in order to reach an incremental audience that is not watching TV.

此外，我們的許多媒體合作夥伴正在成功地為我們的平台調整他們的電視資產，以吸引更多不看電視的觀眾。

According to eMarketer, the average U.S. adult spends 29 more minutes with mobile content compared to TV, which is up from 6 fewer minutes on mobile in 2018.

根據 eMarketer 的數據，美國成年人在移動內容上的平均花費比電視多 29 分鐘，高於 2018 年的 6 分鐘。

We believe this trend is driven primarily by the younger generation, whose time spent washing TV is a fraction of their older counterparts.

我們認為這一趨勢主要是由年輕一代推動的，他們洗電視的時間只是年長一代的一小部分。

This creates an opportunity for our media partners, several of whom spent significant resources to create high-quality content for TV, to expand their total audience to include these younger viewers.

這為我們的媒體合作夥伴創造了機會，其中一些合作夥伴花費了大量資源為電視製作高質量的內容，以擴大他們的總觀眾群以包括這些年輕觀眾。

Several shows that are finding success on Discover were originally shot for linear TV, and these shows have reached an audience of over 100 million people on Snapchat so far this year.

在 Discover 上取得成功的幾個節目最初是為線性電視拍攝的，今年到目前為止，這些節目已經在 Snapchat 上吸引了超過 1 億人的觀眾。

We added more than 180 new Discover channels this quarter and recently announced newly expanded partnerships with Disney, ESPN, NBC, ViacomCBS, the NBA and the NFL as we continue to expand our curated content business.

我們在本季度新增了 180 多個 Discover 頻道，最近還宣布與迪士尼、ESPN、NBC、ViacomCBS、NBA 和 NFL 建立新的合作夥伴關係，以繼續擴大我們的策劃內容業務。

This strong engagement with our platform and products is driving results in our advertising business, despite the many macro headwinds currently experienced by our partners.

儘管我們的合作夥伴目前遇到了許多宏觀逆風，但與我們的平台和產品的這種緊密合作正在推動我們的廣告業務取得成果。

Our advertising business grew 17% year-over-year to $454 million in revenue.

我們的廣告業務收入同比增長 17%，達到 4.54 億美元。

We are pleased to see the continuing growth in our revenue, especially in the face of extreme dislocations in the market.

我們很高興看到我們的收入持續增長，尤其是在市場極度混亂的情況下。

As heavily impacted companies, like travel and in-theater entertainment, pull back spend, we have transitioned to helping them plan for a future recovery, led in part by our audience.

隨著旅遊和影院娛樂等受到嚴重影響的公司縮減支出，我們已經過渡到幫助他們計劃未來的複蘇，部分由我們的觀眾領導。

We have also seen that certain industries like CPG, gaming, streaming services and e-commerce have benefited from some of the COVID-related changes in consumer behavior and have been leaning in as advertisers on our platform.

我們還看到，CPG、遊戲、流媒體服務和電子商務等某些行業已從與 COVID 相關的消費者行為變化中受益，並一直在我們平台上作為廣告商傾斜。

Our significant investments over the past few years in our team and our ad platform helped us provide substantial value to both Direct Response and brand advertisers as they navigate these rapid and unprecedented shifts in the market.

過去幾年，我們對團隊和廣告平台的重大投資幫助我們為 Direct Response 和品牌廣告商提供了巨大的價值，因為他們在市場中應對這些快速和前所未有的變化。

Our Direct Response business continues to drive meaningful return on investment at scale, especially during the current environment, where performance-oriented apps and e-commerce advertisers look to reach customers who are increasingly engaging and transacting on the internet rather than in person.

我們的直接響應業務繼續在規模上推動有意義的投資回報，尤其是在當前環境下，以性能為導向的應用程序和電子商務廣告商希望接觸越來越多地在互聯網上而不是親自參與和交易的客戶。

This has been accelerated by the major improvements we continue to make to our ad products and back-end optimization, which have helped us increase the scale at which we're able to deliver results for Direct Response advertisers.

我們繼續對廣告產品和後端優化進行重大改進，這加速了這一進程，這幫助我們擴大了能夠為直接響應廣告商提供結果的規模。

For example, we are rolling out Dynamic Ads globally so that retailers like Sephora and Adidas can run e-commerce campaigns on Snapchat that automatically optimize across their entire catalog.

例如，我們正在全球推出動態廣告，以便絲芙蘭和阿迪達斯等零售商可以在 Snapchat 上開展電子商務活動，自動優化整個目錄。

These product improvements also drive a virtuous cycle for our Direct Response business.

這些產品改進也推動了我們直接響應業務的良性循環。

As we onboard more advertisers, the increased quality and diversity of our advertising demand, means that we have more relevant ads to choose from when deciding which ad to show a particular person at a particular time.

隨著我們加入更多的廣告客戶，我們的廣告需求的質量和多樣性不斷提高，這意味著我們在決定在特定時間向特定人展示哪個廣告時可以選擇更多相關的廣告。

This, in turn, drives more value for advertisers with fewer wasted impressions while simultaneously reducing the perceived ad load for our community.

這反過來又為廣告商帶來了更多價值，減少了浪費的印象，同時減少了我們社區的感知廣告負載。

While these uncertain times have impacted many businesses in different ways, one consistent theme across all brands has been the focus on reaching customers in thoughtful and genuine ways.

雖然這些不確定的時期以不同的方式影響了許多企業，但所有品牌的一個一致主題是專注於以深思熟慮和真誠的方式接觸客戶。

Brands have collaborated on many of the new products we are building, including by investing heavily in our new AR capabilities to engage an audience that is not able to visit their stores or see their products in person.

品牌已經在我們正在打造的許多新產品上進行了合作，包括大力投資於我們的新 AR 功能，以吸引那些無法訪問他們的商店或親眼看到他們的產品的觀眾。

We recently launched Brand Profiles, an important first step towards building a native home for all of the organic experiences that brands are building.

我們最近推出了品牌簡介，這是為品牌正在打造的所有有機體驗打造原生家園的重要第一步。

Snapchatters can now visit the profiles of brands like Dior, Target and Tim Hortons to watch their stories, play with their AR experiences and even buy their products through our native commerce integrations.

Snapchatter 現在可以訪問 Dior、Target 和 Tim Hortons 等品牌的資料，觀看他們的故事，體驗他們的 AR 體驗，甚至通過我們的本地商務集成購買他們的產品。

We are excited to evolve our relationships with brands of all sizes as we continue to build rules for brands to organically engage with our audience.

我們很高興與各種規模的品牌發展我們的關係，因為我們將繼續為品牌制定規則以與我們的受眾進行有機互動。

Finally, the growing focus on brand safety and privacy across the entire industry places us in a unique position of strength as we have invested in these areas from the beginning of our business.

最後，整個行業對品牌安全和隱私的日益關注使我們處於獨特的優勢地位，因為我們從業務開始就在這些領域進行了投資。

The very foundation of both our consumer product and our advertising business has been built around our commitment to protecting the privacy of our community and to delivering a safe environment for brands.

我們的消費品和廣告業務的基礎都是圍繞我們保護社區隱私和為品牌提供安全環境的承諾而建立的。

We believe that building trust with our community and providing a safe environment on Snapchat is critical to our long-term success and helps us live up to the high expectations of both our community and our advertising partners.

我們相信，與我們的社區建立信任並在 Snapchat 上提供安全的環境對於我們的長期成功至關重要，並有助於我們不辜負社區和廣告合作夥伴的高期望。

This reflects our broader commitment to making a positive impact with our company and our products.

這反映了我們更廣泛的承諾，即對我們的公司和產品產生積極影響。

Our strategy is simple: we try to do the right thing even when it's hard, and we work to acknowledge and fix our mistakes quickly.

我們的策略很簡單：即使困難重重，我們也會努力做正確的事，我們努力承認並迅速糾正我們的錯誤。

Looking forward, we expect that the current operating environment will become more complex.

展望未來，我們預計當前的經營環境將變得更加複雜。

This year alone, we have seen sweeping changes to our global economy, the privacy and regulatory landscape, public health and social behaviors and the direct confrontation of a legacy of injustice and extreme inequality in America.

僅今年一年，我們就見證了全球經濟、隱私和監管環境、公共衛生和社會行為以及美國遺留的不公正和極端不平等的直接對抗發生了翻天覆地的變化。

This means that our strategy of trying to do the right thing isn't just a moral imperative.

這意味著我們嘗試做正確事情的策略不僅僅是道德上的要求。

We believe that it is the only way to achieve the long-term vision for our business.

我們相信這是實現我們業務長期願景的唯一途徑。

We have a lot to learn as we grow our global audience and expand our advertising and content partnerships, and it gives me great hope to see our team, community and partners actively engaged in building a better future.

隨著我們擴大全球受眾並擴大我們的廣告和內容合作夥伴關係，我們還有很多東西要學習，這讓我非常希望看到我們的團隊、社區和合作夥伴積極參與建設更美好的未來。

Thank you, again, for joining us today.

再次感謝您今天加入我們。

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

我現在將把電話轉給 Jeremi，以分享更多關於我們業務的信息。

Thank you, Evan.

謝謝你，埃文。

We're pleased with our results for this quarter amidst a challenging and evolving global environment, and we continue to see significant upside and opportunity for our business as we support our community and advertising partners.

在充滿挑戰和不斷變化的全球環境中，我們對本季度的業績感到滿意，並且在我們支持社區和廣告合作夥伴的同時，我們繼續看到我們業務的重大上行和機遇。

In Q2, we generated total revenue of $454 million, an increase of 17% year-over-year.

第二季度，我們的總收入為 4.54 億美元，同比增長 17%。

We are confident that our business is well positioned for the long term, evidenced by the resilience we are seeing with Direct Response advertisers as well as our continued success helping brands craft valuable messages and effectively reach our community.

我們相信，我們的業務長期處於有利地位，我們在直接響應廣告商中看到的彈性以及我們在幫助品牌製作有價值的信息並有效地到達我們的社區方面的持續成功證明了這一點。

We've had a lot of conversations within Snap about how our team, our products and our business can be forces for positive change in the world.

我們在 Snap 內部就我們的團隊、我們的產品和我們的業務如何成為推動世界積極變革的力量進行了很多對話。

In the U.S., our platform reaches 90% of 13 to 24 year olds and 75% of 13 to 34 year olds.

在美國，我們的平台覆蓋了 90% 的 13 至 24 歲人群和 75% 的 13 至 34 歲人群。

This audience is critical for advertisers as the Snapchat Generation develops lifelong habits, but also because young people are focused on driving change in the world and building a better future.

隨著 Snapchat 一代養成終生習慣，這些受眾對廣告商至關重要，同時也因為年輕人專注於推動世界變革和建設更美好的未來。

We take our responsibility to educate, inform and support this incredible generation very seriously, and we've committed to using our business as a force for good.

我們非常認真地承擔教育、告知和支持這一令人難以置信的一代的責任，並且我們致力於將我們的業務用作向善的力量。

Given the relationships we have built with the Snapchat community worldwide, we've been able to help brands deliver timely messages that resonate with 13 to 34 year olds who see the world differently than their parents' generation.

鑑於我們與全球 Snapchat 社區建立的關係，我們能夠幫助品牌及時傳遞信息，讓 13 至 34 歲的人產生共鳴，他們對世界的看法與其父輩不同。

This is particularly important against the backdrop of current events as advertisers look to appropriately align their messages with what our communities seeks: positivity, goodwill and most importantly, authenticity.

在當前事件的背景下，這一點尤其重要，因為廣告商希望將他們的信息與我們的社區所尋求的內容適當地結合起來：積極性、善意，最重要的是，真實性。

We have partnered with many brands and verticals that are well positioned in the current environment such as consumer packaged goods, gaming, streaming and e-commerce, while also helping our partners with recovery road maps for industries that have experienced an outsized impact from COVID-19.

我們與許多在當前環境中處於有利地位的品牌和垂直行業（例如消費品、遊戲、流媒體和電子商務）建立了合作夥伴關係，同時還幫助我們的合作夥伴為遭受 COVID-1 巨大影響的行業製定復甦路線圖- 19.

We had the opportunity to work closely with Monster Energy to adapt a new campaign for Snapchat in response to stay-at-home orders with their #CrushQuarantine campaign across Snap Ads, Commercials, Story Ads and Lenses.

我們有機會與 Monster Energy 密切合作，通過他們在 Snap 廣告、商業廣告、故事廣告和鏡頭中的#CrushQuarantine 活動，為 Snapchat 調整一項新活動，以響應居家訂單。

Monster's multi-ad product exposure ultimately generated a 12-point lift in ad awareness and a 5-point lift in message association.

Monster 的多廣告產品曝光最終使廣告認知度提高了 12 點，消息關聯提高了 5 點。

Our large audience, creative formats, and advanced measurement tools provided a significant opportunity for brands such as Monster Energy to reach Snapchatters during the global pandemic.

我們龐大的受眾、創意格式和先進的測量工具為 Monster Energy 等品牌在全球大流行期間接觸 Snapchatter 提供了重要機會。

Our team has also been working hard to provide useful products and resources for businesses as they manage the current economic landscape.

我們的團隊也一直在努力為企業管理當前的經濟形勢提供有用的產品和資源。

We added multi-country targeting capabilities, allowing advertisers to optimize for the best-performing customers regardless of location, catering to location agnostic products and services like commerce, fintech and games.

我們增加了多國定位功能，使廣告商能夠針對錶現最佳的客戶進行優化，而不受地理位置限制，從而迎合與位置無關的產品和服務，例如商業、金融科技和遊戲。

In addition, we launched Places on our Snap Map, which highlights businesses that are popular with our community and offers information like hours, reviews and delivery options via third-party partners.

此外，我們在 Snap Map 上推出了 Places，突出顯示在我們社區中受歡迎的業務，並通過第三方合作夥伴提供時間、評論和交付選項等信息。

While we are just getting started with this opportunity, as parts of the world begin to reopen safely, we will be there to help the Snapchat Generation support their favorite local businesses and discover new ones.

雖然我們剛剛開始利用這個機會，但隨著世界部分地區開始安全重新開放，我們將在那裡幫助 Snapchat Generation 支持他們最喜歡的本地企業並發現新的企業。

We remain focused on making progress against our ARPU opportunity through our 3 key priorities: first, investing in our ad platform in order to drive improved relevance and deliver measurable ROI; second, efficiently scaling our sales and marketing functions to support our advertising partners globally; and third, building innovative ad experiences through video and augmented reality that deliver real business value.

我們仍然專注於通過我們的 3 個關鍵優先事項在 ARPU 機會上取得進展：首先，投資於我們的廣告平台，以提高相關性並提供可衡量的投資回報率；其次，有效擴展我們的銷售和營銷職能，以支持我們的全球廣告合作夥伴；第三，通過視頻和增強現實打造創新的廣告體驗，帶來真正的商業價值。

Our 3 priorities, along with our unique reach and growing global audience, allow us to drive performance at scale.

我們的三大優先事項，加上我們獨特的影響力和不斷增長的全球受眾，使我們能夠大規模推動業績。

Since completing the transition to our self-serve ad platform, we've been able to reliably translate improvements in relevance optimization and measurement into revenue growth by delivering increased ROI.

自從完成向我們的自助廣告平台的過渡以來，我們已經能夠通過提高投資回報率，可靠地將相關性優化和衡量方面的改進轉化為收入增長。

During a time of disruption, marketers must make difficult decisions.

在混亂時期，營銷人員必須做出艱難的決定。

They need flexibility, creativity and strong relationships.

他們需要靈活性、創造力和牢固的關係。

But most importantly, they need performant media.

但最重要的是，他們需要高性能媒體。

Advertisers are becoming more performance-oriented, and the economic conditions only accelerated that trend this quarter.

廣告商正變得更加註重業績，而本季度的經濟狀況只會加速這一趨勢。

Our flexible and advanced self-serve platform, our strong suite of performance ad products and our relentless focus on measurement and ROI, continue to help our advertising partners deliver positive results.

我們靈活先進的自助服務平台、強大的效果廣告產品套件以及對衡量和投資回報率的不懈關注，繼續幫助我們的廣告合作夥伴取得積極成果。

The global health crisis has also accelerated the shift to a more digital economy.

全球健康危機也加速了向數字化經濟的轉變。

Our advertising partners are exploring more ways to offer services digitally, including at-home fitness apps, online education programs, retail stores and restaurants offering online ordering and delivery services and mobile-first banking and trading.

我們的廣告合作夥伴正在探索以數字方式提供服務的更多方式，包括在家健身應用程序、在線教育計劃、提供在線訂購和送貨服務以及移動優先銀行和交易的零售店和餐廳。

This crisis is encouraging all business owners to adopt digital marketing methods to engage with their customers globally, and we are well positioned to take advantage of this shift.

這場危機正在鼓勵所有企業主採用數字營銷方法與全球客戶互動，我們已做好充分準備利用這一轉變。

Our early investments in building the fundamentals of our global business have paid off and have resulted in our highest number of active advertisers to date this quarter.

我們在建立全球業務基礎方面的早期投資已經獲得回報，並導致本季度迄今為止我們的活躍廣告客戶數量最多。

We've built a whole suite of ad products designed to meet advertiser's needs in this new world, particularly for e-commerce such as Swipe to Call, Pixel-verified purchase, app reengagement and Dynamic Ads.

我們已經構建了一整套廣告產品，旨在滿足廣告客戶在這個新世界中的需求，特別是針對電子商務，例如刷卡通話、像素驗證購買、應用再互動和動態廣告。

We recently launched Dynamic Ads globally, and we are finding that advertisers are already seeing early success with this new ad format.

我們最近在全球推出了動態廣告，我們發現廣告商已經看到這種新廣告格式的早期成功。

Rob Seidu, Senior Director of Media Activation at Adidas, said "In the wake of the COVID-19 epidemic, Adidas has further accelerated its digital business.

阿迪達斯媒體激活高級總監 Rob Seidu 表示：“在 COVID-19 流行之後，阿迪達斯進一步加速了其數字業務。

With e-commerce, a key focus for us in 2020 and beyond, we were excited to beta test Snapchat's Dynamic Ads in the U.K., Germany, France and the Netherlands.

電子商務是我們 2020 年及以後的重點，我們很高興能在英國、德國、法國和荷蘭對 Snapchat 的動態廣告進行 Beta 測試。

Within weeks, we saw 52% growth in return on advertising spend, and we subsequently have grown our investment."

幾週之內，我們的廣告支出回報率增長了 52%，我們隨後也增加了投資。”

More and more e-commerce businesses are adopting our Snap Pixel to optimize for down funnel purchase objectives, demonstrating the increased demand we are seeing from businesses, measuring campaigns via first-party attribution.

越來越多的電子商務企業正在採用我們的 Snap Pixel 來優化下漏斗購買目標，這表明我們看到企業的需求增加，通過第一方歸因來衡量活動。

For example, in Q2 2020, Chipotle launched a new free delivery campaign on Snapchat to drive purchases both on chipotle.com and within their apps.

例如，在 2020 年第二季度，Chipotle 在 Snapchat 上發起了一項新的免費送貨活動，以推動在 chipotle.com 及其應用程序中的購買。

Their campaign drove over 3x the number of attributed purchases as compared to their Q1 2020 campaign and a 171% increase in return on ad spend compared to the prior quarter.

與 2020 年第一季度的活動相比，他們的活動推動了歸因購買數量的 3 倍以上，與上一季度相比，廣告支出回報增加了 171%。

We remain focused on helping businesses such as Chipotle translate measurement and optimization into meaningful conversions and strong ROI.

我們仍然專注於幫助 Chipotle 等企業將衡量和優化轉化為有意義的轉化和強大的投資回報率。

Our second priority is to grow demand through better service of our advertising partners.

我們的第二個優先事項是通過為我們的廣告合作夥伴提供更好的服務來增加需求。

We continue to hire talented sales professionals to build out and improve our verticalized coverage that serves many advertisers across the globe.

我們將繼續聘請有才華的銷售專業人員來建立和改進我們為全球許多廣告商提供服務的垂直覆蓋範圍。

While we are not able to host in-person meetings with our advertising partners, our teams have quickly pivoted efforts to virtual industry education, and our team has led thought leadership webinars during quarantine and partnered with many industry leaders like Shopify and Smartly to further educate advertisers about our robust ad tools and capabilities.

雖然我們無法與我們的廣告合作夥伴舉行面對面的會議，但我們的團隊已迅速將精力轉向虛擬行業教育，我們的團隊在隔離期間領導了思想領導力網絡研討會，並與 Shopify 和 Smartly 等許多行業領導者合作以進一步教育廣告客戶了解我們強大的廣告工具和功能。

We are also supporting advertisers by building out more on-demand learning tools such as Snap Focus, which includes 6 learning courses that walk through everything advertisers need to know to create their first ad campaign.

我們還通過構建更多按需學習工具（例如 Snap Focus）來支持廣告商，其中包括 6 門學習課程，介紹了廣告商創建第一個廣告活動所需了解的所有內容。

Our third priority is to lead the way with innovative advertising.

我們的第三個優先事項是通過創新廣告引領潮流。

Over the past 5 years, we've been building a powerful video business with the goal of connecting brands and advertisers to the Snapchat Generation.

在過去的 5 年中，我們一直在建立強大的視頻業務，目標是將品牌和廣告商與 Snapchat 一代聯繫起來。

For example, COVERGIRL Clean Fresh came to Snapchat to get in front of the hard-to-reach Gen Z and Millennial female audience.

例如，COVERGIRL Clean Fresh 來到 Snapchat 是為了吸引難以觸及的 Z 世代和千禧一代女性觀眾。

Their campaign leaned heavily into Premium Video, featuring Snap Select Commercials, Snap Ads and Filters.

他們的廣告系列主要採用優質視頻，包括 Snap Select Commercials、Snap Ads 和 Filters。

Of the total audience reached, 62% was unique to Snap.

在達到的總受眾中，62% 是 Snap 獨有的。

The campaign drove a 9-point lift in ad awareness.

該活動將廣告認知度提高了 9 個百分點。

And a lift in purchase intent that was 4.5x the Snap U.S. CPG norm.

購買意向的提升是 Snap 美國 CPG 標準的 4.5 倍。

This is just one example of many that signals a broader shift in how Gen Z and Millennials consume content.

這只是標誌著 Z 世代和千禧一代消費內容方式發生更廣泛轉變的眾多例子之一。

It's getting harder and harder to reach this audience on linear TV or commercial supported streaming, and it's not just the younger generation.

在線性電視或商業支持的流媒體上接觸到這些觀眾變得越來越難，而且不僅僅是年輕一代。

Average daily discover content viewership by people over 35 has increased by over 40% year-over-year.

35 歲以上人群的平均每日發現內容收視率同比增長超過 40%。

Based on this growth and in response to the evolving needs of our advertising partners, we introduced First Commercial, giving advertisers a way to reserve the First Commercial of Snapchatters feeds during the first show they watch, allowing brands to make that all-important first impression.

基於這種增長並響應我們的廣告合作夥伴不斷變化的需求，我們推出了 First Commercial，讓廣告商可以在他們觀看的第一場節目中保留 Snapchatters 的 First Commercial .

Our commercials are designed for both social video and online video buyers with the goal of attracting incremental online video and TV budgets into our hand-curated, brand-safe content environment.

我們的廣告是為社交視頻和在線視頻購買者設計的，旨在將增量在線視頻和電視預算吸引到我們手工策劃、品牌安全的內容環境中。

In fact, the content on our Discover platform is brand-safe by design.

事實上，我們發現平台上的內容在設計上是品牌安全的。

In order to provide advertisers with fixed price reserves, inventory next to this content, we introduced Snap Select, where ads only appear in our hand-created selection of shows and content from media brands like ESPN, NBC and People.

為了向廣告商提供固定的價格儲備和該內容旁邊的庫存，我們引入了 Snap Select，其中廣告僅出現在我們手工製作的精選節目和來自 ESPN、NBC 和 People 等媒體品牌的內容中。

In Q2, we expanded our Snap Select curated ad placement options to 5 topics: sports, entertainment, beauty, lifestyle and news, enabling advertisers to reach viewers within each vertical.

在第二季度，我們將 Snap Select 精選廣告投放選項擴展到 5 個主題：體育、娛樂、美容、生活方式和新聞，使廣告商能夠接觸到每個垂直領域的觀眾。

We believe that the future of customer interactions is immersive.

我們相信客戶互動的未來是身臨其境的。

The most engaging and creative ads on our platform are powered by our augmented reality lenses.

我們平台上最具吸引力和創意的廣告由我們的增強現實鏡頭提供支持。

Brands from every vertical have worked with us to provide Snapchatters with fun ads that they play with and share with friends.

各個垂直領域的品牌都與我們合作，為 Snapchatter 提供有趣的廣告，他們可以與他們一起玩並與朋友分享。

Ultimately, we want to enable advertisers with the tools to build the digital layer around their products.

最終，我們希望讓廣告商能夠使用工具來圍繞他們的產品構建數字層。

For example, we recently launched our augmented reality lens try on campaign with luxury brand Gucci, which allows Snapchatters to virtually try on and purchase some of Gucci's most iconic shoes via Snapchat.

例如，我們最近與奢侈品牌 Gucci 推出了增強現實鏡頭試穿活動，讓 Snapchatter 可以通過 Snapchat 虛擬試穿和購買 Gucci 的一些最具標誌性的鞋子。

The Lens was played with by our community for 22 seconds on average, and in some markets generated a 5x return on ad spend.

我們的社區平均使用 Lens 播放了 22 秒，在某些市場上產生了 5 倍的廣告支出回報。

Snapchatters are actively looking for more and more ways to engage with brands on our platform, and we're excited to help partners like Gucci connect with them during this time.

Snapchatter 正在積極尋找越來越多的方式與我們平台上的品牌互動，我們很高興能在此期間幫助 Gucci 等合作夥伴與他們建立聯繫。

We believe that AR try-on is going to be incredibly important to the future of commerce.

我們相信，AR 試穿對於未來的商業將非常重要。

And we're excited to work with more partners to build out incredible experiences for our community.

我們很高興能與更多合作夥伴合作，為我們的社區打造令人難以置信的體驗。

Longer term, we see a significant opportunity for brands to provide utility for Snapchatters while generating real business value across our service, not just via ads and content.

從長遠來看，我們看到了品牌為 Snapchatter 提供實用程序的重要機會，同時在我們的服務中產生真正的商業價值，而不僅僅是通過廣告和內容。

Brands are starting to invest in Snapchat beyond advertising by building fun, engaging and useful experiences for Snapchatters.

通過為 Snapchatter 打造有趣、引人入勝且有用的體驗，品牌開始在廣告之外對 Snapchat 進行投資。

The launch of brand profiles this month, which Evan highlighted earlier, is a key pillar of this future.

埃文早些時候強調的本月推出的品牌簡介是這一未來的關鍵支柱。

Today, our focus is on giving brands the home for all of the innovative AR experiences that they create alongside their stories.

今天，我們的重點是為品牌提供他們在故事中創造的所有創新 AR 體驗的家。

In the future, we believe that Snapchatters will engage naturally with businesses of all sizes across our service.

未來，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。

For a brand like Target, this could mean they visit the Target store on the map to check local store hours, use a Mini to find best offers with friends, try on the latest looks via an AR lens and more.

對於像 Target 這樣的品牌，這可能意味著他們訪問地圖上的 Target 商店以查看當地商店營業時間，使用 Mini 與朋友一起尋找最佳優惠，通過 AR 鏡頭試穿最新造型等等。

In the 5 years since we launched ads on Sanpchat, we've created the industry's first ever vertical video format, brought branded AR experiences to the mainstream and pioneered privacy-face, mobile-first advertising in order to help advertisers everywhere reach our community.

自從我們在 Sanpchat 上推出廣告以來的 5 年裡，我們創造了業界首個垂直視頻格式，將品牌 AR 體驗帶入主流，並開創了面向隱私、移動優先的廣告，以幫助世界各地的廣告商進入我們的社區。

We will continue to invest for the long-term by demonstrating measurable ROI for our advertising partners, empowering our teams to speak strategically to the value of our ads and leading the way with innovative advertising products and services to help advertisers scale.

我們將繼續進行長期投資，為我們的廣告合作夥伴展示可衡量的投資回報率，使我們的團隊能夠戰略性地宣傳我們的廣告價值，並通過創新的廣告產品和服務引領廣告商的規模，以幫助廣告商擴大規模。

We've built a robust advertising platform to reach the Snapchat Generation who are digitally native and uniquely positioned to help jump-start the recovery.

我們建立了一個強大的廣告平台，以接觸數字原生且獨特定位的 Snapchat 一代，以幫助快速啟動復甦。

Given our young and influential community, their depth of engagement on our platform and our overall opportunity to take share of the growing digital advertising market, we believe we are well positioned to drive business results for advertisers over the long term.

鑑於我們年輕且有影響力的社區、他們在我們平台上的深度參與以及我們在不斷增長的數字廣告市場中佔有一席之地的整體機會，我們相信我們有能力為廣告商帶來長期的業務成果。

With that, I'll turn the call over to Derek.

有了這個，我會把電話轉給 Derek。

Thanks, Jeremi.

謝謝，傑雷米。

Our Q2 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.

我們的第二季度財務業績反映了我們發展社區的優先事項，重點投資於我們業務的未來，並有效地擴大我們的運營規模，以推動盈利和積極的自由現金流。

As Evan mentioned earlier, our community grew to 238 million daily active users in Q2, reflecting year-over-year growth of 17% or 35 million.

正如 Evan 之前提到的，我們的社區在第二季度增長到 2.38 億日活躍用戶，同比增長 17% 或 3500 萬。

Growth in our community was robust.

我們社區的增長強勁。

However, the final result fell below our earlier estimate of 239 million.

然而，最終結果低於我們之前估計的 2.39 億。

At the onset of widespread shelter in place orders, as people sought to stay connected and entertained from home, we observed an increase in daily active users that informed our initial estimate.

在廣泛的就地避難令開始時，隨著人們尋求在家中保持聯繫和娛樂，我們觀察到每日活躍用戶的增加，這為我們的初步估計提供了依據。

This initial lift dissipated faster than we anticipated as shelter-in-place conditions persisted.

由於就地庇護條件持續存在，這種初始升力的消散速度比我們預期的要快。

Despite the unusual circumstances influencing user growth in the quarter, we were pleased with the overall level of growth and the growth continued month-over-month from April to May and May to June.

儘管影響本季度用戶增長的不尋常情況，我們對整體增長水平感到滿意，並且從 4 月到 5 月和 5 月到 6 月持續環比增長。

The growth in our community continued to be broad-based in Q2.

我們社區的增長在第二季度繼續廣泛。

In North America, DAU grew by 9% year-over-year to reach 90 million.

在北美，DAU 同比增長 9%，達到 9000 萬。

In Europe, DAU grew by 12% to reach 71 million.

在歐洲，DAU 增長了 12%，達到 7100 萬。

In rest of world, DAU grew by 37% to reach 77 million.

在世界其他地區，DAU 增長了 37%，達到 7700 萬。

The outsized growth in rest of world follows the rebuild of our Android application in 2019 and our subsequent efforts to further localize the product.

在 2019 年我們的 Android 應用程序的重建以及我們隨後進一步本地化產品的努力之後，世界其他地區出現了巨大的增長。

A good example of this momentum can be seen in India where daily active users more than doubled year-over-year in Q2.

在印度可以看到這種勢頭的一個很好的例子，第二季度每日活躍用戶同比增長了一倍以上。

We see a significant opportunity to continue to grow our community as we further invest in localization of our product through language support, local content and marketing partnerships across a variety of geographies.

隨著我們通過語言支持、本地內容和跨多個地區的營銷合作夥伴關係進一步投資於產品本地化，我們看到了繼續發展我們社區的重要機會。

Q2 revenue was $454 million, an increase of 17% year-over-year.

第二季度收入為 4.54 億美元，同比增長 17%。

While our growth rate for the full quarter exceeded the early quarter-to-date results we shared in our prior call, the path to this outcome was not a straight line.

雖然我們整個季度的增長率超過了我們在之前的電話會議中分享的季度初至今的業績，但實現這一結果的道路並不是一條直線。

The operating environment has remained challenging as COVID-19 continues to impact macroeconomic conditions and the businesses of our advertising clients.

由於 COVID-19 繼續影響宏觀經濟狀況和我們廣告客戶的業務，運營環境仍然充滿挑戰。

Many of our advertisers have seen interruptions in their businesses, especially those that rely on in-person interaction with their customers such as restaurants, entertainment venues, transportation services, physical retailers and hospitality providers, among others.

我們的許多廣告商都遇到了業務中斷，尤其是那些依賴與客戶面對面互動的廣告商，例如餐廳、娛樂場所、交通服務、實體零售商和酒店供應商等。

In addition, many advertisers paused spending for periods of time during the quarter in order to swap out their ad created for messaging, that was more appropriate for the given moment.

此外，許多廣告商在本季度暫停了一段時間的支出，以便更換他們為消息傳遞而製作的廣告，這更適合特定時刻。

These challenging circumstances interrupted otherwise robust momentum in our self-serve platform.

這些具有挑戰性的情況打斷了我們自助服務平台原本強勁的勢頭。

We continue to see strong adoption of our goal-based bidding products driven by demand for down funnel bidding objectives, including Pixel-verified purchases, Pixel-verified subscriptions, app purchases and other objectives that are tied to directly measurable returns on ad spending.

我們繼續看到我們基於目標的競價產品受到對漏斗競價目標需求的強烈採用，包括像素驗證購買、像素驗證訂閱、應用程序購買和其他與可直接衡量的廣告支出回報相關的目標。

For example, revenue from Pixel-verified purchases increased more than 4x year-over-year in Q2, and it's now among our most important goal-based bidding products.

例如，像素驗證購買的收入在第二季度同比增長超過 4 倍，現在它是我們最重要的基於目標的競價產品之一。

From a regional perspective, our North America revenue grew 18% year-over-year in Q2, or roughly in line with the business overall.

從區域角度來看，我們的北美收入在第二季度同比增長 18%，或與整體業務大致一致。

In Europe, revenue grew 30% year-over-year as the end of stay-at-home orders in Europe has contributed to an improving operating environment in this region.

在歐洲，收入同比增長 30%，因為歐洲居家訂單的結束有助於改善該地區的經營環境。

In addition, Europe was relatively less impacted by advertisers pausing spend to swap out creative messaging in Q2.

此外，歐洲受廣告商在第二季度暫停支出以更換創意信息的影響相對較小。

In rest of world, revenue grew 2% year-over-year in Q2, with the relatively lower growth rate reflecting COVID-19 related operating headwinds that were more pronounced for our advertising partners in this region, including limitations on cash transactions in some countries where cash transactions remain important to Direct Response advertisers and supply chain issues that impacted certain e-commerce categories more significantly in this region, among other factors.

在世界其他地區，第二季度收入同比增長 2%，相對較低的增長率反映了與 COVID-19 相關的運營逆風，這對於我們在該地區的廣告合作夥伴而言更為明顯，包括一些國家對現金交易的限制現金交易對直接響應廣告商仍然很重要，供應鏈問題對該地區某些電子商務類別的影響更為顯著，以及其他因素。

ARPU was stable in Q2 as year-over-year growth in daily active users was approximately equal to year-over-year growth in revenue.

由於每日活躍用戶的同比增長與收入的同比增長大致相等，因此 ARPU 在第二季度保持穩定。

Higher sell-through of impressions and strong growth in content engagement have contributed to total served impressions nearly doubling year-over-year in Q2.

更高的印象銷售率和內容參與度的強勁增長導致第二季度的總服務印像數同比幾乎翻了一番。

As a result, eCPM declined 24% year-over-year in Q2, which is roughly in line with the decline observed in the prior quarter.

因此，eCPM 在第二季度同比下降了 24%，這與上一季度觀察到的下降趨勢基本一致。

While we aspire to achieve a market level eCPM for our audiences and ad units over time, relatively lower eCPMs in the near-term position us well to attract and retain new advertisers by helping to deliver an attractive return on ad spend.

雖然我們渴望隨著時間的推移為我們的受眾和廣告單元實現市場水平的有效每千次展示費用，但在短期內相對較低的有效每千次展示費用使我們能夠通過幫助提供有吸引力的廣告支出回報來吸引和留住新的廣告商。

Gross margins were 47% in Q2, up 1 percentage point versus the prior year.

第二季度毛利率為 47%，比上年增長 1 個百分點。

Infrastructure costs per DAU were $0.69 in Q2, which is the lowest cost per DAU we have reported since Q1 of 2017 and comes on the heels of our annual infrastructure cost cap where our engineers dedicate time to infrastructure efficiency projects that go above and beyond our ongoing cost management programs.

第二季度每個 DAU 的基礎設施成本為 0.69 美元，這是我們自 2017 年第一季度以來報告的每個 DAU 的最低成本，緊隨我們的年度基礎設施成本上限之後，我們的工程師將時間投入到超出我們正在進行的基礎設施效率項目成本管理計劃。

On the content side, we have been doubling down on our investments in premium content, and we are seeing productive returns on these investments with the daily average number of Snapchatters watching shows, growing more than 45% year-over-year in Q2.

在內容方面，我們一直在對優質內容的投資加倍，我們看到這些投資帶來了可觀的回報，Snapchatter 每天觀看節目的平均人數在第二季度同比增長超過 45%。

In addition, we continue to see our overall Discover audience mature, with the daily average number of Snapchatters in the 35-and-over age group engaging with Discover content growing at a rate of more than 40% in Q2.

此外，我們繼續看到我們的整體 Discover 受眾變得成熟，在第二季度，35 歲及以上年齡段的 Snapchatter 日均參與 Discover 內容的增長率超過 40%。

We are particularly pleased that we have been able to grow our community at a robust rate and make investments in premium content while continuing to expand our gross margins.

我們特別高興的是，我們能夠以強勁的速度發展我們的社區並投資優質內容，同時繼續擴大我們的毛利率。

Operating expenses were $307 million in Q2, up 19% year-over-year.

第二季度的運營費用為 3.07 億美元，同比增長 19%。

This increase reflects continued investment in our talent base driven primarily by growth in our engineering and monetization teams.

這一增長反映了對我們人才基礎的持續投資，主要是由於我們的工程和貨幣化團隊的增長。

We've observed a steady and significant improvement in employee retention over the past year.

在過去的一年中，我們觀察到員工保留率穩步顯著提高。

And this has helped ensure that the investments in our talent base are highly productive, which is evidenced by the product innovation showcased during our recent Partner Summit.

這有助於確保對我們人才庫的投資具有很高的生產力，這在我們最近的合作夥伴峰會上展示的產品創新中得到了證明。

We have also made investments in marketing to grow our advertiser base and Snapchatter community, which have contributed in part to robust growth in these areas.

我們還在營銷方面進行了投資，以擴大我們的廣告客戶群和 Snapchatter 社區，這在一定程度上促進了這些領域的強勁增長。

These investments have been partially offset by savings related to lower travel and event-related spending, while our teams largely continue to work from home.

這些投資已被與旅行和活動相關支出減少相關的節省部分抵消，而我們的團隊在很大程度上繼續在家工作。

Adjusted EBITDA was negative $96 million in Q2 or $17 million unfavorable versus the prior year.

第二季度調整後的 EBITDA 為負 9600 萬美元，或與去年相比不利 1700 萬美元。

While we have carefully prioritized our investments given the uncertain operating environment, we have remained focused on investing in the long-term growth of our business in order to build on the momentum we have established with our community and our advertising partners.

雖然鑑於不確定的運營環境，我們謹慎地優先考慮我們的投資，但我們仍然專注於投資於我們業務的長期增長，以鞏固我們與社區和廣告合作夥伴建立的勢頭。

While this has put downward pressure on adjusted EBITDA in the near term, we believe it is the right decision for the long-term health of our business, given the strength of our balance sheet.

雖然這在短期內給調整後的 EBITDA 帶來了下行壓力，但鑑於我們的資產負債表的實力，我們認為這是對我們業務長期健康的正確決定。

Operating income in Q2 was negative $311 million or $6 million unfavorable versus the prior year as lower stock-based compensation partially offset the year-over-year decline in adjusted EBITDA.

由於基於股票的薪酬下降部分抵消了調整後 EBITDA 的同比下降，第二季度的營業收入為負 3.11 億美元或 600 萬美元，與去年相比不利。

While we have continued to grow our team, we have seen stock-based compensation decline year-over-year by approximately 5% in total.

在我們繼續壯大團隊的同時，我們看到基於股票的薪酬同比下降了約 5%。

This decline comes as our team continues to migrate towards sustainable and competitive compensation structures that we have put in place in the years following our IPO.

這種下降是因為我們的團隊繼續轉向我們在首次公開募股後幾年建立的可持續和有競爭力的薪酬結構。

We view careful management of our stock-based compensation programs as a key input to efficiently managing our fully diluted shares outstanding as we seek to build shareholder value over the long term.

我們將謹慎管理基於股票的薪酬計劃視為有效管理我們完全稀釋的流通股的關鍵投入，因為我們尋求長期建立股東價值。

Net income in Q2 was negative $326 million or $71 million unfavorable versus the prior year, which reflects the flow-through from operating income noted above, higher interest expense related to the convertible notes issued over the course of the past year and the impact of onetime gains in the prior year related to disposal of certain assets.

第二季度的淨收入為負 3.26 億美元或 7100 萬美元，與去年相比不利，這反映了上述營業收入的流動、與過去一年發行的可轉換票據相關的更高利息支出以及一次性的影響與處置某些資產有關的上一年收益。

Free cash flow was negative $82 million in Q2, an improvement of $21 million year-over-year as lower adjusted EBITDA, higher interest payments and higher capital spending were more than offset by improvements in net working capital as we continue to scale our business efficiently.

第二季度自由現金流為負 8200 萬美元，同比增長 2100 萬美元，因為隨著我們繼續有效地擴展業務，較低的調整後 EBITDA、較高的利息支付和較高的資本支出被淨營運資本的改善所抵消.

We ended Q2 with $2.8 billion in cash and marketable securities, up from $2.1 billion at the end of Q1, which reflects the proceeds of the convertible notes issued in Q2.

我們在第二季度末擁有 28 億美元的現金和有價證券，高於第一季度末的 21 億美元，這反映了第二季度發行的可轉換票據的收益。

When combined with our undrawn credit facility, we currently have access to approximately $4 billion in total capital, which ensures we have the working capital necessary to stay focused on the long term, regardless of the operating environment.

結合我們未動用的信貸額度，我們目前可以獲得大約 40 億美元的總資本，這確保我們有必要的營運資金來保持長期專注，無論經營環境如何。

Similar to last quarter, we do not intend to provide financial guidance for Q3.

與上一季度類似，我們不打算為第三季度提供財務指導。

But we do want to provide a sense for where we are today, and how we plan to invest in our business.

但我們確實希望了解我們今天所處的位置，以及我們計劃如何投資於我們的業務。

Thus far, in Q3, we estimate year-over-year revenue growth to be 32% through July 19.

到目前為止，在第三季度，我們估計到 7 月 19 日的收入同比增長為 32%。

While we are cautiously optimistic that these trends could sustain over time, we are also conscious that operating conditions may remain volatile and that economic conditions could further deteriorate.

雖然我們對這些趨勢可能會隨著時間的推移保持謹慎樂觀，但我們也意識到經營狀況可能仍然不穩定，經濟狀況可能會進一步惡化。

For example, advertising demand in Q3 has historically been bolstered by factors that appear unlikely to materialize in the same way they have in prior years, including the back-to-school season, film release schedules and the operations of various sports leagues.

例如，從歷史上看，第三季度的廣告需求一直受到一些似乎不太可能像往年一樣實現的因素的支撐，包括返校季、電影上映時間表和各種體育聯盟的運營。

At this point in time, it is difficult to predict how these factors may impact advertising demand in the remainder of Q3.

目前，很難預測這些因素將如何影響第三季度剩餘時間的廣告需求。

Our best estimate at this point is that our full quarter revenue growth rate is likely to be below our quarter-to-date estimated actual growth rate.

我們目前的最佳估計是，我們整個季度的收入增長率可能低於我們本季度迄今估計的實際增長率。

And as a result, we have built our internal investment plan based on revenue growth of approximately 20%.

因此，我們根據大約 20% 的收入增長制定了內部投資計劃。

We intend to continue to invest in our business in Q3 and our estimates for our cost structure assume that daily active users will be between 242 million and 244 million in Q3.

我們打算在第三季度繼續投資於我們的業務，我們對成本結構的估計假設第三季度每日活躍用戶將在 2.42 億至 2.44 億之間。

This implies year-over-year growth of approximately 15% to 16% or 32 million to 34 million daily active users.

這意味著同比增長約 15% 至 16% 或 3200 萬至 3400 萬日活躍用戶。

On the expense side, we currently expect that our combined cost of revenue and operating costs, which are included in the calculation of adjusted EBITDA, will grow year-over-year in Q3 at percentage rates in the low to mid-20s as we continue to invest in the long-term growth of our business.

在費用方面，我們目前預計我們的綜合收入成本和運營成本（包括在調整後 EBITDA 的計算中）將在第三季度以 20 年代低至 20 年代中期的百分比同比增長，因為我們繼續投資於我們業務的長期增長。

Given that a small minority of our cost structure varies directly with revenue in the short term, we do not currently expect substantial variance in the cost growth estimate, regardless of the revenue outcome in Q3.

鑑於我們的一小部分成本結構在短期內直接隨收入變化，我們目前預計成本增長估計不會出現重大差異，無論第三季度的收入結果如何。

While there is continued uncertainty about the near-term revenue growth rates, given the challenging operating environment, we are pleased with the strength of the underlying momentum in our Snapchatter and advertiser communities, and we remain highly optimistic about the long-term prospects for our business.

儘管近期收入增長率仍存在不確定性，但鑑於經營環境充滿挑戰，我們對 Snapchatter 和廣告商社區的潛在勢頭感到滿意，我們對我們的長期前景保持高度樂觀商業。

Thank you for joining our call today.

感謝您今天加入我們的電話會議。

And we will now take your questions.

我們現在將回答您的問題。

(Operator Instructions)

（操作員說明）

And our first question comes from Ross Sandler of Barclays.

我們的第一個問題來自巴克萊銀行的羅斯桑德勒。

Just -- I think what everybody on the call wants to know is, are things improving or not really?

只是 - 我認為通話中的每個人都想知道的是，情況是否有所改善？

So can you talk about what might have caused the growth rates to pick up from mid-teens in 2Q to the low 30s in July?

那麼您能談談是什麼導致增長率從第二季度的十幾歲中期回升到七月份的 30 多歲的低點嗎？

And then maybe, beyond the reasons provided a minute ago, why you expect that to drop-off in the future?

然後也許，除了一分鐘前提供的原因之外，您為什麼希望將來會下降？

Or is that just some conservatism baked in to the plan?

或者這只是計劃中的一些保守主義？

And then any color, just over the last couple of months since the last update on growth rates for brand advertising revenue versus Direct Response advertising revenue?

然後是任何顏色，自上次更新品牌廣告收入與直接響應廣告收入的增長率以來的最後幾個月？

Any color there would be helpful.

那裡的任何顏色都會有幫助。

Sure.

當然。

Thanks for the question Ross.

感謝羅斯的提問。

I'll give a little bit more color here, is that we're really proud of the work that our team did to deliver results for our business while working from home in their challenging operating environment this past quarter and continue to do today.

我將在這裡多說一點，我們真的為我們的團隊在上個季度在充滿挑戰的運營環境中在家工作並繼續今天所做的工作為我們的業務取得成果感到自豪。

We mentioned this on our private call, but we experienced a growth rate of 15% through the first few weeks of Q2.

我們在私人電話會議上提到了這一點，但在第二季度的前幾週，我們經歷了 15% 的增長率。

So our final results of 17% was just above this, but the result wasn't in a straight line.

因此，我們 17% 的最終結果略高於此，但結果並非直線。

There were periods of time where advertisers had to pause to reshift creative, these kinds of things and so was not straight line.

有一段時間，廣告商不得不停下來重新調整創意，這類事情並不是直線。

They faced the challenges in their business due to COVID-19 and other interruptions.

由於 COVID-19 和其他中斷，他們面臨著業務挑戰。

We also saw a number of advertisers pause spending at times just to adjust to better suit the moment.

我們還看到一些廣告商有時會暫停支出，只是為了更好地適應當下。

But to be specific, our Direct Response business has proven just was resilient, and we've continued to benefit from the growth in adoption of our goal-based bidding product and that is driving the continued growth in the top line overall that you're seeing now.

但具體而言，我們的直接響應業務已被證明具有彈性，並且我們繼續受益於我們基於目標的競價產品的採用率增長，這推動了您所獲得的整體收入的持續增長現在看到。

As far as some of the other parts, the brand side of the business has begun to recover as revenue growth in the rest of world has recovered.

至於其他一些部分，隨著世界其他地區的收入增長恢復，該業務的品牌方面已經開始復蘇。

And this is contributing in part to the improved results we've seen this quarter.

這部分有助於我們在本季度看到的改進結果。

In addition, we see continued strength in categories like CPG, streaming, at-home fitness and tech.

此外，我們看到 CPG、流媒體、家庭健身和科技等類別的持續增長。

And of course, we're continuing to see declines in things like tourism, dine-in restaurants, while they continue to be challenged in this environment.

當然，我們繼續看到旅遊業、就餐餐廳等方面的下滑，而它們在這種環境中繼續受到挑戰。

We're hopeful that the trends that we've observed recently will persist, but we're also conscious that the operating environment does remain challenging.

我們希望我們最近觀察到的趨勢能夠持續下去，但我們也意識到運營環境確實仍然充滿挑戰。

And many of the factors that have historically contributed to the growth of Q3 are unlikely to materialize in the same way this year that they have in prior years.

歷史上促進第三季度增長的許多因素今年不太可能以與往年相同的方式實現。

Examples of that would be the start of the NFL season, tentpole movies being moved out of summer movie season, back to school, et cetera.

例如 NFL 賽季的開始，主打電影從夏季電影季移出，回到學校等等。

All of these things will happen, but just in ways that we're a little bit less familiar.

所有這些事情都會發生，但只是以我們不太熟悉的方式發生。

So that gives some color, hopefully, on the cautiousness there.

因此，希望能夠為那裡的謹慎提供一些色彩。

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。

A couple of questions.

幾個問題。

I mean, I guess, first off, Evan, you've talked a lot about the investments you've made in content, obviously, Discover looks dramatically different.

我的意思是，我想，首先，埃文，你已經談了很多關於你在內容方面的投資，顯然，發現看起來截然不同。

You're putting a lot of effort into Minis and other things that -- basically, a lot of spend to make the product better.

你在 Minis 和其他東西上投入了很多精力——基本上，為了讓產品變得更好，投入了大量資金。

Curious, then why are we seeing sort of a deceleration in user growth?

很好奇，那麼為什麼我們會看到用戶增長出現減速呢？

It seems like Snap is so much better than it was 6 and 12 months ago.

看起來 Snap 比 6 個月和 12 個月前好多了。

And then maybe even specifically calling out Europe, like why is European growth -- kind of post the Android, why are we not continuing to see a continued acceleration as content flows in over there as well?

然後甚至可能特別提到歐洲，比如為什麼歐洲在增長——有點像在 Android 之後，為什麼隨著內容流入那裡，我們沒有繼續看到持續加速？

And then just on kind of the elephant in the room, there's been a boycott, as I'm sure you and everyone are aware of some of your peers, but most notably Facebook.

然後就在房間裡的那種大像上，有人抵制，因為我相信你和每個人都知道你的一些同行，但最值得注意的是 Facebook。

When you think about the commentary that Jeremi and Derek were just talking about for Q3 and even Q4, what is the -- what is factored in for shift of spends from other platforms?

當您考慮 Jeremi 和 Derek 剛剛談論的第三季度甚至第四季度的評論時，從其他平台轉移支出的因素是什麼？

How are you taking advantage of major advertisers literally stopping their spend on Facebook and even some of the other platforms?

您如何利用主要廣告商從字面上停止他們在 Facebook 甚至其他一些平台上的支出？

Rich, it's Derek speaking.

里奇，是德里克在說話。

I'll take the first part of your question there around the growth.

我將圍繞增長提出您問題的第一部分。

I think the first thing that I'd share is, we've been pleased with the growth trajectory of our community over the past year.

我想我要分享的第一件事是，我們對過去一年社區的增長軌跡感到滿意。

The 35 million DAU that we added in Q2 was among our highest quarters of absolute year-over-year growth that we've seen since 2017.

我們在第二季度增加的 3500 萬 DAU 是我們自 2017 年以來絕對同比增長的最高季度之一。

And following the rebuild of our Android application in early 2019 and our subsequent efforts to localize our product, we've seen elevated growth rates in the Rest of World region.

在 2019 年初重建我們的 Android 應用程序以及我們隨後努力本地化我們的產品之後，我們看到世界其他地區的增長率有所提高。

And I noted, specifically, some of the gains we've made in India, in my prepared remarks.

在我準備好的發言中，我特別指出了我們在印度取得的一些成果。

We've also seen fairly healthy growth rates in our more established markets in regions of North America and Europe.

我們還在北美和歐洲地區更成熟的市場中看到了相當健康的增長率。

Our estimates for DAU in Q3 are for 15% to 16% year-over-year growth, which, as you noted, is 1% to 2% below the year-over-year growth rate we observed in Q2.

我們對第三季度 DAU 的估計是同比增長 15% 至 16%，正如您所指出的，這比我們在第二季度觀察到的同比增長率低 1% 至 2%。

And I can share some further context on that.

我可以分享一些進一步的背景信息。

First, I would note that Q3 of the prior year reflects the full quarter benefit of AR products we launched in the middle of Q2 of 2019.

首先，我要指出的是，上一年的第三季度反映了我們在 2019 年第二季度中期推出的 AR 產品的整個季度收益。

So this contributes to a tougher year-over-year comp this coming quarter.

因此，這有助於在下一季度實現更艱難的同比競爭。

In addition, the sequential growth in Q3 is typically seasonally lower than Q2, and our estimates for the sequential growth in Q3 take this into account.

此外，第三季度的環比增長通常低於第二季度，我們對第三季度的環比增長的估計也考慮到了這一點。

So after taking these factors into consideration, we believe our estimates for Q3 reflect a continuation of the healthy underlying growth trends that we've observed in the business over the past year.

因此，在考慮了這些因素之後，我們認為我們對第三季度的估計反映了我們在過去一年中觀察到的健康潛在增長趨勢的延續。

So we continue to see a lot of opportunities to grow our community over the long term, and we are focused on investing in our product to realize this opportunity as a result.

因此，我們繼續看到許多長期發展社區的機會，因此我們專注於投資我們的產品以實現這一機會。

This is why we've shared our plans to continue to invest in our talent base, our premium content and marketing in addition to our efforts to further localize our product over time.

這就是為什麼我們分享了我們計劃繼續投資於我們的人才基礎、我們的優質內容和營銷，以及我們隨著時間的推移進一步本地化我們的產品的努力。

I hope you find this additional context helpful.

我希望你覺得這個額外的上下文很有幫助。

I'll turn it over to Jeremi to handle the second part there.

我會把它交給 Jeremi 來處理那裡的第二部分。

Great.

偉大的。

Thank you, Rich, for the question.

謝謝你，Rich，你的問題。

I want to speak specifically about the Facebook boycott.

我想具體談談 Facebook 抵制。

To your question, it is difficult to ascertain exactly what the impact of the Facebook boycott is on revenue at this time.

對於您的問題，目前很難確定 Facebook 抵制對收入的影響。

Some of the Facebook boycott could also be related to overall test and marketing budgets, just given the environment.

考慮到環境，一些 Facebook 抵制也可能與整體測試和營銷預算有關。

What we do know is that it's always positive to engage at the highest levels of an organization, and this conversation has opened the door for us to do that extremely frequently at the CEO and CMO level.

我們所知道的是，與組織的最高層接觸總是積極的，而這種對話為我們在 CEO 和 CMO 層面上非常頻繁地做這件事打開了大門。

And in particular, we've been designed in a brand-safe, hand-curated way since the beginning.

特別是，我們從一開始就以品牌安全、手工策劃的方式設計。

There is no town hall or ability for an unvetted user to post to our whole community.

未經審查的用戶沒有市政廳或能力向我們的整個社區發帖。

And as advertisers evaluate platforms, which align with their values, these deliberate decisions made years ago are of paramount importance.

當廣告商評估與其價值觀相符的平台時，這些多年前做出的深思熟慮的決定至關重要。

With that being said, the majority of our revenue is DR, which is a segment not broadly participating in the boycott.

話雖如此，我們的大部分收入是 DR，這是一個沒有廣泛參與抵制的部分。

And with the advent of Dynamic Ads, the addition of worldwide targeting and more, we're continuing to deliver results for those advertisers, which put us in a strong position to gain and retain those advertisers over time, independent of the boycott.

隨著動態廣告的出現、全球定位的增加等，我們將繼續為這些廣告商提供成果，這使我們能夠隨著時間的推移贏得和留住這些廣告商，而不受抵制的影響。

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 think about things from just maybe a little bit of a higher level perspective, I was wondering if you could give us a sense of sort of the evolution of the advertising base over the course of the crisis, just in terms of the vertical, the goals that you're seeing then and seek out in sort of the tech and sales channel that they're using to engage with you with -- and particularly to the extent that you're seeing advertisers new to the platform, any sense where their spend is coming from?

當我們從更高層次的角度思考問題時，我想知道你能否讓我們了解一下危機期間廣告基礎的演變，就垂直而言，你當時看到的目標，並在他們用來與你互動的技術和銷售渠道中尋找目標——尤其是在你看到平台上的新廣告商的情況下，任何意義上的他們的消費是從哪裡來的？

And I guess, at the same level, that question about your users, how are the users that are new to the platform sort of different in their behavior, maybe to quantify it in terms of time spent on the platform and the way that, that's evolving?

而且我想，在同一級別上，關於你的用戶的問題，平台的新用戶在他們的行為上有何不同，也許可以根據在平台上花費的時間和方式來量化它，那就是進化？

Sure.

當然。

Thanks for the question, Heath.

謝謝你的問題，希思。

Our early investments to build the fundamentals of our global business have really paid off, and they've resulted in our highest number of active advertisers in quarter-to-date this quarter.

我們為建立全球業務基礎而進行的早期投資確實得到了回報，並且在本季度迄今為止，我們的活躍廣告客戶數量達到了最高水平。

As I mentioned earlier, we do continue to see strength in categories like CPG, streaming, at-home fitness and tech.

正如我之前提到的，我們確實繼續看到 CPG、流媒體、家庭健身和科技等類別的實力。

And we talked about tourism and dine-in restaurants earlier, which do continue to be challenged.

我們之前談到了旅遊業和就餐餐廳，它們確實繼續受到挑戰。

The sales team does continue to support advertisers of all types currently, whether they are economically challenged or not, so that we can face on the long term of the business.

銷售團隊目前確實繼續支持所有類型的廣告商，無論他們是否面臨經濟挑戰，以便我們能夠長期面對業務。

But have pivoted our resources towards the advertisers that are continuing to spend in the Direct Response space.

但已將我們的資源轉向繼續在直接響應空間中花費的廣告商。

We are continuing to see that strong demand from Direct Response advertisers looking for lower funnel bid optimization and delivering ROI.

我們繼續看到尋求更低渠道出價優化和提供投資回報率的直接響應廣告客戶的強勁需求。

I think, generally, the way to look at it is that the global health crisis has accelerated the shift to a more digital economy.

我認為，一般來說，看待它的方式是全球健康危機加速了向更加數字化的經濟的轉變。

So anything in that category is -- are areas where we're seeing new advertisers, retained advertisers and growing advertisers.

因此，該類別中的任何內容都是我們看到新廣告商、留存廣告商和不斷增長的廣告商的領域。

So those, again, would be kind of the at-home fitness, online education, retail stores as they pivot to omni-channel as well as restaurants offering online ordering and delivery services, mobile banking.

因此，這些將再次成為家庭健身、在線教育、零售店，因為它們轉向全渠道，以及提供在線訂購和送貨服務的餐廳、手機銀行。

I could go on, but the call is short.

我可以繼續，但通話時間很短。

So just wanted to kind of give that overall take look, and then I can turn it over for the second part of your question.

所以只是想整體看一下，然後我可以把它翻過來回答你問題的第二部分。

Heath, it's Evan.

希思，是埃文。

Thanks for the question on engagement.

感謝您提出關於訂婚的問題。

We're really excited about what we're seeing, obviously, on the content platform, as we mentioned, where content consumption has grown more than 40% year-over-year.

正如我們所提到的，我們顯然對我們在內容平台上看到的內容感到非常興奮，其中內容消費量同比增長超過 40%。

And also in terms of growth and unique, same thing that we're seeing in the camera, huge increase in Snap Creation, which has outpaced DAU growth.

在增長和獨特性方面，與我們在相機中看到的相同，Snap Creation 的巨大增長已經超過了 DAU 的增長。

And what we're really excited about is this new action bar we rolled out at SPS, which actually elevates all of these different platforms and creates more surface area for people to engage with all of our products across Snapchat.

我們真正感到興奮的是我們在 SPS 推出的這個新的操作欄，它實際上提升了所有這些不同的平台，並為人們在 Snapchat 上與我們所有的產品互動創造了更多的表面積。

And so we actually think that's going to be a great way for people to get to know Snapchat when they first sign up.

因此，我們實際上認為這將是人們在首次註冊時了解 Snapchat 的好方法。

As you're -- as you mentioned, when people sign up, they do evolve their behavior over time as they get to know the service.

正如你所提到的，當人們註冊時，隨著時間的推移，他們會隨著了解服務而改變他們的行為。

And so by removing friction from that process and helping people transition across all of our different platforms, it can really unlock more value from Snapchat.

因此，通過消除該過程中的摩擦並幫助人們在我們所有不同的平台上進行轉換，它可以真正從 Snapchat 中釋放更多價值。

So we're really excited about what we're seeing across the platform, lots of great momentum and engagement, which is driving the business overall.

因此，我們對我們在整個平台上看到的東西感到非常興奮，巨大的動力和參與度正在推動整體業務發展。

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。

Both Evan and Jeremi, you guys had referenced dynamic product ads.

Evan 和 Jeremi，你們都引用了動態產品廣告。

I'd love to hear a little bit more about that.

我很想多聽一點。

Specifically, I mean, do you have a sense of what percentage of adoption you think you could see out of commerce advertisers?

具體來說，我的意思是，您是否知道您認為可以從商業廣告商中看到多少百分比的採用？

And I guess just around adoption in general, like are advertisers ready for this at this point in time?

而且我想一般來說只是在採用，就像廣告商此時準備好了嗎？

Or what do they need to do to get their ducks in a row to be able to go ahead and start giving you guys the product catalog?

或者他們需要做些什麼才能讓他們的鴨子排成一排才能繼續並開始給你們提供產品目錄？

Sure.

當然。

Thank you for the question, Michael.

謝謝你的問題，邁克爾。

Yes, we are really excited about how Dynamic Ads are going.

是的，我們對動態廣告的發展方式感到非常興奮。

We're seeing strong growth globally, and we're excited to build on the success and learnings of our initial U.S. rollout.

我們在全球範圍內看到了強勁的增長，我們很高興能夠在我們最初在美國推出的成功和經驗的基礎上再接再厲。

We now have solid early success stories in MENA, Europe and in Canada, and it's an area in which we will continue to invest.

我們現在在中東和北非、歐洲和加拿大擁有可靠的早期成功案例，這是我們將繼續投資的領域。

We are really, really excited about the progress ahead of the holidays and seeing the adoption across a number of verticals.

我們對假期前的進展感到非常非常興奮，並看到許多垂直領域的採用。

Advertisers are absolutely ready for this.

廣告商已經為此做好了充分的準備。

It's designed similar to other products in the market.

它的設計與市場上的其他產品相似。

And Dynamic Ads is now processing over 100 million products per day from catalog, which provide a rich set of items that Snapchatters are interested in engaging with and are the most relevant to them.

動態廣告現在每天處理超過 1 億個目錄產品，這些產品提供了 Snapchatter 感興趣且與他們最相關的豐富項目。

It's a huge milestone in our pursuit of always-on budget as it pertains to e-commerce in particular, but could also be utilized more broadly as we continue to grow.

這是我們追求永遠在線預算的一個巨大里程碑，因為它尤其涉及電子商務，但隨著我們的不斷發展，也可以更廣泛地利用。

And as the name suggests, it dynamically updates based on the catalogs, and we will always be relevant as advertisers continue to adopt this technology.

顧名思義，它會根據目錄動態更新，隨著廣告商繼續採用這項技術，我們將始終保持相關性。

Our next question comes from Lloyd Walmsley of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Lloyd Walmsley。

A couple if I can.

如果可以的話，一對夫婦。

First, last quarter, you said the upfront commitments doubled this year.

首先，上個季度，你說今年的前期承諾翻了一番。

Wondering if most of that spend is kind of planned for the second half or if it's already been flowing through first half results.

想知道大部分支出是否計劃在下半年進行，或者是否已經通過上半年的結果。

And do you feel like it's a reliable commitment given everything going on this year?

考慮到今年發生的一切，你覺得這是一個可靠的承諾嗎？

And then, I guess, just secondly, going back to the DAU growth.

然後，我想，其次，回到 DAU 的增長。

You said it did improve each quarter, but was a little below your expectations.

你說它確實每個季度都有所改善，但略低於你的預期。

Anything in particular you'd point to as to what came in below expectations?

對於低於預期的情況，您有什麼特別要指出的嗎？

Like, was any of it related to kind of maybe this new navigation bar?

就像，它是否與這種新的導航欄有關？

Is that performing in line with expectations?

表現是否符合預期？

Or anything you could share would be helpful.

或者您可以分享的任何內容都會有所幫助。

Sure.

當然。

I can take the part about the upfronts.

我可以參與前期工作。

We're really happy with the progress that we've seen about up -- with upfront bookings, and we're excited that brands and agencies have confidence in our platform and advertisers are committed to working with us in an always-on way, given the return on ad spend that they're experiencing.

我們對我們所看到的進展感到非常滿意 - 提前預訂，我們很高興品牌和代理商對我們的平台充滿信心，廣告商致力於以始終在線的方式與我們合作，考慮到他們正在經歷的廣告支出回報。

In this particular time, marketers are extremely focused on ROI, even though they always are.

在這個特殊的時期，營銷人員非常關注投資回報率，儘管他們總是如此。

Right now is even more critical.

現在更加關鍵。

Every dollar spent is a dollar that matters, and we continue to deliver that.

花費的每一美元都是重要的美元，我們將繼續提供這一點。

Our upfront commitments are a tangible sign that for many advertisers, we've graduated from the experimental budget into a core part of their strategy.

我們的前期承諾是一個切實的跡象，表明對於許多廣告商來說，我們已經從實驗預算中畢業，成為他們戰略的核心部分。

And the doubling of commitments in 2020 is just further evidence that we're becoming increasingly important for our partners.

2020 年的承諾翻倍進一步證明了我們對合作夥伴的重要性日益增加。

As it pertains to what we're seeing thus far, we are working with our partners to be flexible with upfronts in case they need to shift spending from 1 quarter to another.

由於它與我們迄今為止所看到的情況有關，我們正在與我們的合作夥伴合作，以靈活地進行前期準備，以防他們需要將支出從一個季度轉移到另一個季度。

So examples of that would be something that I used earlier, but as a tentpole movie for instance, moves from Q2 to Q3, we are being very flexible about the timing of the spend, but we haven't seen a significant inbound reflect to make material changes.

所以這方面的例子是我之前使用的東西，但是作為一個觸角電影，例如，從第二季度到第三季度，我們對支出的時間安排非常靈活，但我們還沒有看到重要的入境反映物質變化。

It's Derek speaking.

是德里克在說話。

I can take the second part of your question there.

我可以在那裡回答你問題的第二部分。

Just in terms of the texture of the DAU growth in the quarter.

僅就本季度 DAU 增長的結構而言。

I think early in the quarter, we were really pleased with what we saw in terms of a lift of engagement as widespread shelter-in-place orders were in place and sustained.

我認為在本季度初，我們對我們看到的參與度提升感到非常滿意，因為廣泛的就地避難令已經到位並持續下去。

We saw an initial lift in the frequency of engagement there that contributed to a lift in DAU, and we're pleased with that.

我們看到那裡參與頻率的初步提升有助於 DAU 的提升，我們對此感到高興。

It did, as I mentioned in our prepared remarks, diminish faster than we had anticipated in our estimate, which is why we came in at approximately 1 million below our estimate that we've given on the prior call.

正如我在準備好的評論中提到的那樣，它的減少速度確實比我們在估計中的預期要快，這就是為什麼我們的收入比我們在之前的電話會議上給出的估計低了大約 100 萬。

But I also shared there that we saw sequential growth in DAU from April to May and then again from May to June.

但我也在那里分享了我們看到 DAU 從 4 月到 5 月連續增長，然後從 5 月到 6 月再次增長。

So continued growth there.

所以那裡繼續增長。

In terms of your question about the new nav bar, not a big factor in the quarter, but I would note that we're pleased with the early results there.

關於您關於新導航欄的問題，這在本季度並不是一個重要因素，但我會注意到我們對那裡的早期結果感到滿意。

As with all new products that we launched, we have gone through rigorous testing to make sure that it would be additive to the community, and we're pleased with what we're seeing in terms of early results there.

與我們推出的所有新產品一樣，我們已經過嚴格的測試，以確保它對社區有所幫助，我們對我們在那裡看到的早期結果感到滿意。

So thanks for the question and hopefully, that additional context is helpful.

所以感謝這個問題，希望額外的上下文是有幫助的。

Our next question comes from Mark Mahaney of RBC.

我們的下一個問題來自 RBC 的 Mark Mahaney。

Is there anything that you're doing actively to try to resuscitate growth in ROW?

您是否正在積極採取任何措施來恢復 ROW 的增長？

You did call it out as an area of weakness.

你確實把它稱為一個薄弱環節。

But is there anything that -- are those mostly macro factors?

但是有什麼——那些主要是宏觀因素嗎？

Is there anything you can do to accelerate that growth?

你能做些什麼來加速這種增長嗎？

And then secondly, we have a lot of political ads coming out online, I don't know, it's 3 billion or 4 billion, but it's a big chunky number.

其次，我們有很多政治廣告在網上發布，我不知道，是 30 億還是 40 億，但這是一個很大的數字。

And I know you are making it a point to show as much transparency around the ads as possible.

而且我知道您在強調盡可能多地展示廣告的透明度。

But what are you doing to tap into those ad dollars?

但是你在做什麼來利用這些廣告收入呢？

I would think that part of that demo you have will be key to both parties, I would think, in these elections coming up, and I would think it'd be a good -- placed a message to them.

我認為你所擁有的演示的一部分將是雙方的關鍵，我認為，在這些即將到來的選舉中，我認為這將是一個很好的 - 向他們傳達信息。

But are you trying to tap into those dollars, that political ad spend?

但是你是否試圖利用這些錢，政治廣告支出？

Mark, thanks for the question.

馬克，謝謝你的問題。

This is Derek speaking.

這是德里克說話。

I'll take the first part of your question, just with respect to the growth rate that we saw in Rest of World.

我將回答你問題的第一部分，就我們在世界其他地區看到的增長率而言。

In recent quarters, as you've likely noted, Rest of World has often been our fastest-growing region for revenue.

正如您可能已經註意到的那樣，最近幾個季度，世界其他地區通常是我們收入增長最快的地區。

So we were definitely disappointed with the 2% year-over-year growth in Q2.

因此，我們對第二季度 2% 的同比增長絕對感到失望。

Unfortunately, the Rest of World region for revenue was more significantly impacted by several COVID-related factors than our other regions, including some of the items I mentioned in our prepared remarks, such as restrictions on cash transactions and interruptions to supply chains that impacted both physical and e-commerce retail.

不幸的是，與我們其他地區相比，世界其他地區的收入受到幾個與 COVID 相關的因素的影響更大，包括我在準備好的評論中提到的一些項目，例如對現金交易的限制和對供應鏈的中斷影響兩者實體零售和電子商務零售。

What I would add, though, is that, fortunately, we've seen, since then, the revenue growth rates in the Rest of World region begin to rebound.

不過，我要補充的是，幸運的是，從那時起，我們已經看到世界其他地區的收入增長率開始反彈。

And this is contributing in part to the better results that we're seeing thus far in Q3.

這部分有助於我們在第三季度迄今為止看到的更好的結果。

So happy with the trends that we're seeing there now, although the interruptions and disruptions that we experienced in Q2 are disappointing.

儘管我們在第二季度經歷的中斷和中斷令人失望，但我們對現在在那裡看到的趨勢感到非常滿意。

Things are looking much better now.

現在情況看起來好多了。

I'll turn it over to Jeremi to handle the second part of your question.

我會把它交給 Jeremi 來處理你問題的第二部分。

Sure.

當然。

So as it pertains to political ads, yes, it's a segment that we are actively going after.

因此，就政治廣告而言，是的，這是我們正在積極追求的一個細分市場。

We serve 90% of 13 to 24 year olds in the U.S and 75% of 13 to 34 year olds in the U.S. So educating them, allowing them to learn more about the issues in a factual-based manner, it's super critical.

我們為美國 90% 的 13 至 24 歲人群和 75% 的 13 至 34 歲人群提供服務。因此，教育他們，讓他們以基於事實的方式更多地了解這些問題，這是非常關鍵的。

And we are -- that is a segment that in which we're working.

我們是——這是我們正在工作的一個細分市場。

To ensure transparency in political advertising on Snapchat, all political issue and advocacy ads are publicly available, along with relevant information on impressions, spend and paying entities and our Snap Political and Advocacy Ads library.

為確保 Snapchat 上政治廣告的透明度，所有政治問題和宣傳廣告以及有關印象、支出和支付實體的相關信息以及我們的 Snap 政治和宣傳廣告庫都是公開的。

We have very specific guidelines for political advertising that apply to ads related to elections and advocacy issues.

我們有非常具體的政治廣告指南，適用於與選舉和宣傳問題相關的廣告。

But most broadly, we do believe that Snapchat can play an important role in getting first-time voters engaged with our democracy, and we look forward to providing a responsible path for our community to engage with their elected officials, candidates and campaigns.

但更廣泛地說，我們確實相信 Snapchat 可以在讓首次選民參與我們的民主制度方面發揮重要作用，我們期待為我們的社區提供一條負責任的途徑，讓他們與民選官員、候選人和競選活動進行互動。

Our next question comes from Brent Thill of Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

This is James on for Brent.

這是布倫特的詹姆斯。

At your Partner Summit, you announced the update to the Snap Map with Places.

在您的合作夥伴峰會上，您宣布了 Snap Map with Places 的更新。

Could you go a little deeper into your strategy for building out this particular product?

您能否更深入地了解構建此特定產品的策略？

And then curious whether you can comment on how you plan to eventually monetize Map and what that time frame might look like?

然後好奇您是否可以評論您計劃如何最終通過 Map 獲利以及該時間框架可能是什麼樣的？

James, thanks for the question.

詹姆斯，謝謝你的問題。

Really excited about what we're seeing with the Map, and we think it represents a huge opportunity because we are personalizing the Map to reflect your view of the world today.

對我們在地圖上看到的內容感到非常興奮，我們認為這是一個巨大的機會，因為我們正在個性化地圖以反映您對當今世界的看法。

Most people use maps for wayfinding and directions rather than understanding the world around them in a personalized way.

大多數人使用地圖進行尋路和方向，而不是以個性化的方式了解他們周圍的世界。

And so as we think about adding your friends to the Map and also adding places that are important to you, we feel that the Snap Map better reflects your view of the world around you.

因此，當我們考慮將您的朋友添加到地圖並添加對您來說很重要的地點時，我們認為 Snap 地圖可以更好地反映您對周圍世界的看法。

And so over time, we believe that will create a monetization opportunity because people are using the Map to browse to see what their friends are up to, to see what's happening at different locations and that sort of map consumption is different than the A to B wayfinding that typically happens on maps today.

因此，隨著時間的推移，我們相信這將創造一個貨幣化機會，因為人們正在使用地圖瀏覽以查看他們的朋友在做什麼，查看不同位置發生的事情，並且這種地圖消費不同於 A 到 B今天通常在地圖上進行的尋路。

So we've taken some intermediate steps in terms of monetization while helping local businesses reopen following the COVID lockdowns, providing free ad credits and letting them easily create Snap Ads.

因此，我們在貨幣化方面採取了一些中間步驟，同時幫助當地企業在 COVID 封鎖後重新開業，提供免費廣告積分並讓他們輕鬆創建 Snap 廣告。

But we'll continue to work on those products, especially as we build products around categorizing places and list helping recommend places to different friends.

但我們將繼續致力於這些產品，尤其是當我們圍繞對地點進行分類和列出幫助向不同朋友推薦地點的產品時。

We see that as a really big opportunity over time.

隨著時間的推移，我們認為這是一個非常大的機會。

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。

One for Evan, one for Derek.

一份給埃文，一份給德里克。

Evan, just wanted to ask about some of the key initiatives to grow the international user base, especially in Rest of World.

Evan，只是想詢問一些擴大國際用戶群的關鍵舉措，尤其是在世界其他地區。

Clearly, the Android app rebuild a while back was significant.

顯然，不久前的 Android 應用程序重建意義重大。

But what are you most focused on now as you look to make Snap a more global product that has both local and cultural relevancy?

但是，當您希望將 Snap 打造成具有本地和文化相關性的更加全球化的產品時，您現在最關注的是什麼？

And then Derek, you're on, obviously, a good path in terms of EBITDA profitability and hitting that last 4Q.

然後 Derek，顯然，就 EBITDA 盈利能力而言，你走在了一條良好的道路上，並達到了最後一個第四季度。

Can you talk about kind of how that could resume here going forward?

你能談談如何在這裡繼續前進嗎？

And then also, how do you get SBC under control, you commented on that in your prepared remarks as well.

然後，您如何控制 SBC，您在準備好的評論中也對此發表了評論。

Thanks for your question.

謝謝你的問題。

We're definitely excited about the momentum we're seeing in Rest of World and the investments we made in Android are definitely paying off.

我們對我們在世界其他地區看到的勢頭感到非常興奮，我們在 Android 上的投資肯定會得到回報。

There's still work to do, improving formats of the service, minimizing data consumption, working on partnerships to help make that data more affordable around the world.

仍有工作要做，改進服務格式，盡量減少數據消耗，建立合作夥伴關係以幫助使數據在世界範圍內更實惠。

Of course, we're continuing to localize the product and onboard local content, local creators and building local AR experiences, which we've seen increase engagement.

當然，我們將繼續對產品進行本地化，並加入本地內容、本地創作者和構建本地 AR 體驗，我們已經看到這增加了參與度。

So definitely lots of investment there.

所以那里肯定有很多投資。

But really excited that the fundamentals are in place, and they're showing up in the growth.

但真的很興奮，基本面已經到位，而且它們正在增長中顯現出來。

Doug, it's Derek.

道格，我是德里克。

I'll take your next 2 questions there.

我會在那裡回答你接下來的兩個問題。

In terms of the path to profitability, we've not historically provided full year guidance.

就盈利路徑而言，我們歷來沒有提供全年指導。

However, we did share near the beginning of this year that we had set a goal to achieve adjusted EBITDA profitability for the full year in 2020.

然而，我們確實在今年年初分享了我們設定的目標，即在 2020 年全年實現調整後的 EBITDA 盈利能力。

Obviously, a lot has changed in the operating environment since we set that internal goal.

顯然，自從我們設定了內部目標以來，運營環境發生了很大變化。

And our revenue growth rates are currently below our expectations entering the year.

我們的收入增長率目前低於我們進入今年的預期。

Much of our cost structure doesn't vary directly with revenue.

我們的大部分成本結構不會直接隨收入而變化。

So lower revenue growth rates have a fairly direct impact on this path to profitability in the near term.

因此，較低的收入增長率在短期內對這條盈利之路產生了相當直接的影響。

We've carefully prioritized our investments though, given these changes in the operating environment, but we remain focused on investing in the long-term growth of our business in order to emerge stronger and better positioned to deliver sustained profitability over the longer term.

儘管考慮到運營環境的這些變化，我們已經仔細確定了投資的優先順序，但我們仍然專注於投資於我們業務的長期增長，以便變得更強大、更有能力在長期內實現持續盈利。

We've given fairly clear guidance on our intended level of investment heading into Q3, and that level of investment won't vary much with revenue in the quarter.

我們已經對進入第三季度的預期投資水平給出了相當明確的指導，並且該投資水平不會隨著本季度的收入而變化很大。

So absent significant improvement in the operating environment and a resulting sustained improvement in revenue growth rates, we don't expect to achieve that internal goal for fiscal 2020.

因此，如果經營環境沒有顯著改善以及收入增長率持續改善，我們預計不會實現 2020 財年的內部目標。

We will continue to prioritize building towards sustained profitability and positive free cash flow over the long term, though.

不過，我們將繼續優先考慮建立長期的持續盈利能力和正的自由現金流。

So that we can emerge stronger.

這樣我們才能變得更強大。

And then to further expand on your question about SBC and managing that, we think stock-based conversation is amongst our largest expense buckets and has also been a contributor, obviously, to the growth in fully diluted shares over time.

然後，為了進一步擴展您關於 SBC 和管理該問題的問題，我們認為基於股票的對話是我們最大的支出之一，並且顯然也是隨著時間的推移完全稀釋的股票增長的一個貢獻者。

So we view careful management of our stock-based compensation programs is a really key input to efficiently managing our fully diluted shares over time.

因此，我們認為謹慎管理基於股票的薪酬計劃是隨著時間的推移有效管理我們完全稀釋的股票的關鍵投入。

So while we have continued to grow our team, we've seen stock-based compensation decline year-over-year by approximately 5% in total in the most recent quarter and by just over 20% on a per capita basis.

因此，儘管我們繼續壯大我們的團隊，但我們看到最近一個季度基於股票的薪酬同比下降了約 5%，人均下降了 20% 以上。

This decline comes as our team continues to migrate towards sustainable and competitive compensation structures that we've put in place in the years following our IPO, including additional investments in cash compensation programs.

這種下降是因為我們的團隊繼續轉向我們在首次公開募股後幾年建立的可持續和有競爭力的薪酬結構，包括對現金薪酬計劃的額外投資。

And we'll continue to optimize these programs over time to ensure our programs are both sustainable and competitive.

隨著時間的推移，我們將繼續優化這些計劃，以確保我們的計劃既可持續又具有競爭力。

Due in part to this careful management of these programs, we've begun to see the rate of growth in fully diluted shares diminish in addition to the stock-based compensation coming down.

部分由於對這些計劃的謹慎管理，我們已經開始看到完全稀釋股票的增長率下降，除了基於股票的薪酬下降。

So we've actually seen the rate of growth in fully diluted shares declined to between 3% and 4% in the last couple of quarters versus 5% to 6% in the prior year.

因此，我們實際上已經看到，在過去幾個季度中，完全稀釋的股票增長率下降到 3% 到 4% 之間，而去年為 5% 到 6%。

So we're paying very close attention to this.

所以我們非常關注這一點。

We understand it's a key input to building shareholder value over the long term, and we're carefully focused on managing it.

我們知道這是建立長期股東價值的關鍵投入，我們非常專注於管理它。

We also believe that if we can continue to scale the top line and manage our investments carefully that we'll be able to make additional investment and progress towards positive free cash flow over time.

我們還相信，如果我們能夠繼續擴大收入並謹慎管理我們的投資，我們將能夠進行額外投資並隨著時間的推移朝著正自由現金流的方向發展。

And of course, this will also open up additional avenues in the long term to manage these factors over time.

當然，從長遠來看，這也將為管理這些因素開闢更多途徑。

So hopefully, that gives you a little bit more context on both the path of the profitability as well as how we're managing a really key portion of our cost base.

因此，希望這能讓您對盈利路徑以及我們如何管理成本基礎的真正關鍵部分有更多的了解。

Our next question will come from Justin Post of Bank of America.

我們的下一個問題將來自美國銀行的 Justin Post。

Great.

偉大的。

A couple of questions.

幾個問題。

Obviously, a lot of interest in the acceleration in July.

顯然，很多人對7月份的加速感興趣。

Just wondering, we know first half of June was rough for the industry.

只是想知道，我們知道 6 月上半月對該行業來說是艱難的。

Did you see a big improvement from the second half of June into July?

從 6 月下旬到 7 月，您是否看到了很大的改善？

I wonder if you could help us at all with that.

我想知道你是否可以幫助我們。

And then secondly, just wondering about how you see the Discover content and gaming content pipeline in the second half?

其次，只是想知道您如何看待下半年的探索內容和遊戲內容管道？

A lot of interesting stuff going on there.

那裡發生了很多有趣的事情。

Just do you expect more shows and more content in the second half than what you were able to put out in the first half?

只是你期望下半場的節目和內容比上半場更多嗎？

Justin, it's Derek speaking.

賈斯汀，是德里克在說話。

I can take the first part just in terms of what we saw on revenue growth rate.

我可以根據我們在收入增長率方面看到的情況來回答第一部分。

Obviously, we saw the full year -- the full quarter growth rate at 17% was above where we started.

顯然，我們看到了全年——整個季度的增長率為 17%，高於我們開始時的水平。

But as we mentioned, there were some interruptions within the quarter as we saw some pauses to swap out creative and so on.

但正如我們所提到的，本季度出現了一些中斷，因為我們看到一些暫停以交換創意等等。

So we've obviously seen some improvement more recently.

因此，我們顯然最近看到了一些改進。

And as we noted, the quarter-to-date results is obviously much better early in July here.

正如我們所指出的，7 月初的季度業績顯然要好得多。

So it's been on even in terms of the trajectory to get to this point.

因此，即使就達到這一點的軌跡而言，它也一直在進行。

But obviously, things have improved more recently for all of the reasons that we've noted earlier, and I'll turn it over to take the second part of your question there.

但顯然，由於我們之前提到的所有原因，最近情況有所改善，我將把它轉過來，在那裡回答你問題的第二部分。

Thanks for the question.

謝謝你的問題。

Yes, we're super excited about the content and gaming pipeline, also our new Minis product, which is just released more widely.

是的，我們對內容和遊戲管道以及我們剛剛更廣泛發布的新 Minis 產品感到非常興奮。

We're really excited about all the experiences that developers are creating to bring friends together to do stuff in Snapchat.

我們對開發人員為將朋友聚在一起在 Snapchat 中做事而創造的所有體驗感到非常興奮。

So that is super exciting and will make for a fun back half of the year.

所以這非常令人興奮，並且會在下半年帶來樂趣。

Our last question will come from Eric Sheridan of UBS.

我們的最後一個問題將來自瑞銀的 Eric Sheridan。

Maybe 2 quick ones, if I can.

如果可以的話，也許是 2 個快速的。

Evan, there's been some talk out of the U.S. government about exploring the role of TikTok in the U.S. market.

埃文，美國政府一直在談論探索 TikTok 在美國市場中的作用。

You've long commented on of the social media landscape and some of the regulatory landscape.

您長期以來一直在評論社交媒體環境和一些監管環境。

I wanted to know if you had a take on that potential

我想知道你是否有這種潛力

action by the U.S. government, what it might mean broadly for the landscape, not only just in the U.S., but globally, when you think out over the next couple of years?

美國政府採取的行動，當您考慮未來幾年的情況時，這可能對整個景觀意味著什麼，不僅在美國，而且在全球範圍內？

That would be question number one.

那將是第一個問題。

Question number two, maybe as you look out into Q3 and Q4 and the recovery takes maybe a firmer footing, is there a dynamic out there that there should be this wide a divergence and performance in the business on a region-by-region basis?

第二個問題，也許當您查看第三季度和第四季度並且複蘇可能需要更穩固的基礎時，是否存在動態，即各個地區的業務應該存在如此廣泛的差異和表現？

Or ex-tough comps, do you guys see a reason why the business should much more become aligned over time in terms of overall growth rates?

或者前強硬的組合，你們看到為什麼業務應該隨著時間的推移在整體增長率方面更加一致的原因嗎？

Just wanted to get a bigger picture question in there.

只是想在那裡得到一個更大的問題。

Sure.

當然。

Thanks for the question.

謝謝你的問題。

Yes.

是的。

I think it's been really interesting to watch the United States government grapple with the huge success of a consumer technology company that is headquartered in China.

我認為看到美國政府努力應對一家總部位於中國的消費技術公司的巨大成功，這真的很有趣。

I think that really brings us to more of like a free markets question as these businesses are able to leverage the massive 1 billion-plus consumer base and, obviously, in the second largest economy in the world in China and leverage their success there to enter the United States market, which is a smaller market in terms of people.

我認為這確實讓我們想到了一個更像自由市場的問題，因為這些企業能夠利用超過 10 億的龐大消費群，而且顯然是在世界第二大經濟體中國，並利用他們在中國的成功進入美國市場，就人口而言是一個較小的市場。

So it's been really fascinating to see the government grapple with this.

所以看到政府努力解決這個問題真的很有趣。

Obviously, the national security concerns notwithstanding.

顯然，儘管存在國家安全問題。

So I'm not totally sure what the path looks like from here, but you're right to note that the -- I think the ecosystem has shifted a little bit with the success of consumer technology from China.

所以我不完全確定從這裡開始的路徑是什麼樣的，但你說得對，我認為隨著中國消費技術的成功，生態系統已經發生了一些變化。

I think the really fascinating question that a lot of people are asking about, people really assume that the next big consumer tech hit would be a start-up.

我認為很多人都在問的一個非常有趣的問題是，人們真的認為下一個大型消費科技產品將是一家初創公司。

And in this case, actually, the next consumer tech hit here in the United States seems to be a very large Chinese conglomerate that offers many services around the world.

實際上，在這種情況下，下一個在美國受到衝擊的消費技術似乎是一家在全球範圍內提供許多服務的大型中國企業集團。

So I think that has maybe reformulated people's conceptions of the tech landscape here in the United States.

因此，我認為這可能重新塑造了人們對美國科技領域的概念。

And we're definitely interested in seeing how this all develops.

我們絕對有興趣了解這一切是如何發展的。

Eric, it's Derek speaking.

埃里克，是德里克在說話。

I can take the second part of that question there.

我可以在那裡回答這個問題的第二部分。

I think in terms of forward-looking on growth rate by region, what I would say there is, obviously, the conditions that we're operating here in terms of the operating environment are really uncertain.

我認為，就按地區劃分的增長率的前瞻性而言，我想說的是，顯然，我們在經營環境方面在這裡經營的條件確實不確定。

I think for the -- at least the coming quarter, and that's why we've not chosen to provide formal guidance this quarter.

我認為至少在下一季度，這就是為什麼我們沒有選擇在本季度提供正式指導的原因。

So I don't think we're really in a position, until we better understand how the operating environment is going to recover, to really give specific commentary on what we can expect on a growth rate basis by quarter.

因此，在我們更好地了解運營環境將如何恢復之前，我認為我們無法真正對我們在每個季度的增長率基礎上的預期做出具體評論。

Obviously, we're hopeful that we'll see the trends that we've seen more recently persist and, therefore, see demand build.

顯然，我們希望看到我們最近看到的趨勢持續存在，因此看到需求增加。

But we also understand that the operating environment has been particularly uncertain recently, and there's always the possibility that the macro environment could deteriorate.

但我們也明白，近期經營環境特別不明朗，宏觀環境惡化的可能性始終存在。

So we want to be prepared for a shifting environment as we go forward.

因此，我們希望在前進的過程中為不斷變化的環境做好準備。

And obviously, hopeful that things would continue to improve, but it will depend on the operating environment in large parts.

顯然，希望事情會繼續改善，但這在很大程度上取決於運營環境。

So hopefully, that gives you a little better sense of how we're thinking about it, at least in the coming quarter.

所以希望這能讓你更好地了解我們是如何考慮它的，至少在下個季度是這樣。

This concludes our question-and-answer session as well as Snap Inc.'s Second Quarter 2020 Earnings Conference Call.

我們的問答環節以及 Snap Inc. 的 2020 年第二季度收益電話會議到此結束。

Thank you for attending today's session and you may now disconnect.

感謝您參加今天的會議，您現在可以斷開連接。