Snap Inc (SNAP) 2020 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to Snap Inc.'s First Quarter 2020 Earnings Conference Call. (Operator Instructions)

大家下午好，歡迎參加 Snap Inc. 的 2020 年第一季度收益電話會議。 （操作員說明）

This call will be recorded. Thank you very much. Mr. David Ometer of Investor Relations. You may begin.

此通話將被錄音。非常感謝。投資者關係部的 David Ometer 先生。你可以開始了。

Thank you, and good afternoon, everyone. Welcome to Snap's First Quarter 2020 Earnings Conference Call. With us today are Evan Spiegel, Chief Executive Officer and Co-Founder; Jeremi Gorman, Chief Business Officer; and Derek Andersen, Chief Financial Officer.

謝謝大家，大家下午好。歡迎參加 Snap 2020 年第一季度收益電話會議。今天與我們在一起的是首席執行官兼聯合創始人 Evan Spiegel； Jeremi Gorman，首席商務官；和首席財務官 Derek Andersen。

Earlier today, we made a slide presentation available that provides an overview of our user and financial metrics for the first 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 年第一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 first 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.

現在我將覆蓋安全港。今天的電話是為您提供有關我們 2020 年第一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，都是基於假設的前瞻性陳述今天。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 annual report on Form 10-K for the year ended December 31, 2019, particularly in the section titled Risk Factors. This information can be found in our other filings with the SEC when available.

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 2019 年 12 月 31 日止年度的 10-K 表格年度報告中描述的風險，特別是在標題為“風險因素”的部分中。這些信息可以在我們向美國證券交易委員會提交的其他文件中找到。

Our commentary today will also include non-GAAP financial measures, and we believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

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。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。

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. 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.

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。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. 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.

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。

Lastly, in an effort to keep our team members safe, each member on the call is dialed in remotely. We hope everyone is staying safe and healthy during this time, and we appreciate your understanding as we work through the call.

最後，為了保證我們團隊成員的安全，通話中的每個成員都被遠程撥入。我們希望每個人在這段時間都保持安全和健康，感謝您在我們完成電話會議時的理解。

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 thanks for joining our call. It has been a very difficult few months for the world, but we remain hopeful and optimistic about the future. As a team, we have been focused on doing our part to help as we all navigate this unimaginable tragedy. We're inspired that people are working together and staying home to save lives, and it gives us added faith in humanity to see how deeply we all care about supporting one another during this time. This shared compassion we have all demonstrated towards one another during this crisis gives us confidence that we will all be able to find the right path forward towards a safe, healthy and positive future. At Snap, our first priority is the health and safety of our community, our partners and our team.

大家好，感謝您加入我們的電話。這幾個月對世界來說是非常艱難的幾個月，但我們對未來仍然充滿希望和樂觀。作為一個團隊，我們一直專注於儘自己的一份力量來幫助我們度過這場難以想像的悲劇。人們齊心協力，待在家裡拯救生命，這讓我們深受鼓舞，這讓我們更加相信人性，看看我們在這段時間裡對彼此支持的關心程度。在這場危機中，我們彼此表現出的這種共同的同情使我們相信，我們都能夠找到通往安全、健康和積極未來的正確道路。在 Snap，我們的首要任務是社區、合作夥伴和團隊的健康和安全。

We closed our first office in January and continued to close offices as COVID-19 spread around the globe. Our team has rallied around maintaining business continuity during this critical time. And I'm in awe of how quickly our team adapted to the circumstances and continued to execute against our ongoing opportunities. We are monitoring the current situation daily and are working towards a best-case scenario for a rapid recovery, while also preparing for a worst-case scenario. Our team remains inspired and motivated despite the challenging circumstances because our product has never been more important than people's lives, especially for helping close friends and families stay together emotionally while they are separated physically. We are seeing sustained communication volumes on our service that eclipse the peaks we see during major holidays. For example, communication with friends increased by over 30% in the last week of March compared to the last week of January, with more than a 50% increase in some of our larger markets.

我們在 1 月份關閉了第一個辦事處，並隨著 COVID-19 在全球蔓延而繼續關閉辦事處。在這個關鍵時刻，我們的團隊團結一致，保持業務連續性。我對我們的團隊適應環境的速度有多快感到敬畏，並繼續利用我們持續的機會執行任務。我們每天都在監控當前的情況，並正在努力實現快速恢復的最佳情況，同時也在為最壞的情況做準備。儘管環境充滿挑戰，我們的團隊仍然充滿靈感和動力，因為我們的產品從未像人們的生活那樣重要，特別是在幫助親密的朋友和家人在情感上保持聯繫時，他們的身體分離。我們看到我們服務上的持續通信量超過了我們在主要假期看到的高峰。例如，與 1 月的最後一周相比，3 月的最後一周與朋友的交流增加了 30% 以上，在我們的一些較大的市場中增加了 50% 以上。

Snapchat has always been focused on helping people build and maintain their friendships, which is especially critical as people practice physical distancing and shelter in their homes. We are working hard to provide our community with factual and up-to-date information as well as resources for their safety and mental health. In the early days of the crisis, we immediately launched multiple Filters and Lenses featuring safety tips and best practices, which quickly reached hundreds of millions of people around the world. We added a new feature called Here For You that provides proactive in-app support to Snapchatters who may be experiencing a mental health or emotional crisis or who may be curious to learn more about these issues and how they can help their friends.

Snapchat 一直專注於幫助人們建立和維持友誼，這對於人們在家中保持身體距離和避難所尤為重要。我們正在努力為我們的社區提供真實和最新的信息，以及他們的安全和心理健康資源。在危機初期，我們立即推出了多個具有安全提示和最佳實踐的濾鏡和鏡頭，並迅速惠及全球數億人。我們添加了一項名為 Here For You 的新功能，該功能為可能正在經歷心理健康或情緒危機的 Snapchatter 提供主動的應用內支持，或者他們可能想了解更多關於這些問題以及如何幫助他們的朋友。

We have also published over 700 Discover additions featuring up-to-the-minute coverage on COVID-19 from our content partners, our in-house news teams and agencies like the CDC and WHO. With more than half of the United States Gen Z population watching news content on Discover, we feel it is particularly important for us to educate our audience with curated and trustworthy information during these critical times.

我們還發布了 700 多個 Discover 補充內容，其中包括來自我們的內容合作夥伴、我們的內部新聞團隊以及 CDC 和 WHO 等機構的關於 COVID-19 的最新報導。由於超過一半的美國 Z 世代人口在 Discover 上觀看新聞內容，我們認為在這些關鍵時期向我們的觀眾提供精心策劃和值得信賴的信息尤為重要。

We are also trying to help maintain positivity and help our community have fun together during this stressful time. We adapted our annual Snap Map Egg Hunt to encourage playing from home with friends rather than going out into the world. We have seen a sharp increase in group-related activities across chat, calling and games. We launched 5 new games this quarter and saw average daily time spent in games more than double in the month of March. In addition to news and information, Discover now includes programming that celebrates the doctors, teachers, store employees and others in our community who are sharing their experiences from the front lines. This includes uplifting content like Will From Home, in which Will Smith shares his own shelter-in-place experience, along with his friends, which garnered over 15 million viewers in its first 3 episodes. Our community has been incredibly engaged on Snapchat during this period across all of these areas, and average time spent is up over 20% in the last week of March compared to the last week of January, with some larger markets like France and the U.K., seeing more than a 30% increase.

我們也在努力幫助保持積極性，並幫助我們的社區在這個充滿壓力的時期一起玩得開心。我們調整了一年一度的 Snap Map Egg Hunt，以鼓勵在家與朋友一起玩，而不是出門在外。我們看到聊天、通話和遊戲中與群組相關的活動急劇增加。我們本季度推出了 5 款新遊戲，3 月份平均每天花在遊戲上的時間增加了一倍以上。除了新聞和信息之外，Discover 現在還包括節目，以慶祝我們社區中的醫生、教師、商店員工和其他分享他們在前線的經歷的人。這包括令人振奮的內容，例如 Will From Home，其中 Will Smith 和他的朋友分享了他自己的就地避難所體驗，在前 3 集中吸引了超過 1500 萬觀眾。在此期間，我們的社區在所有這些領域都非常熱衷於 Snapchat，與 1 月的最後一周相比，3 月的最後一周平均花費的時間增加了 20% 以上，在法國和英國等一些較大的市場，看到超過 30% 的增長。

Additionally, as people turn to video conferencing and live streaming to work and hang out together, we have seen a more than 30x increase in the daily downloads of Snap Camera, a desktop app which allows people to add our suite of Lenses to whichever video conferencing service they use.

此外，隨著人們轉向視頻會議和直播一起工作和閒逛，我們看到 Snap Camera 的每日下載量增加了 30 倍以上，這是一款桌面應用程序，允許人們將我們的 Lenses 套件添加到任何視頻會議中他們使用的服務。

While supporting our community and partners during the COVID-19 health crisis has been our top priority over the past few months, we remain focused on building on the momentum we've established in the growth of our community. Our community grew by 11 million daily active users to an average of 229 million daily active users during Q1, up 5% quarter-over-quarter and 20% year-over-year. Our community is using Snapchat to express themselves and communicate visually, creating over 4 billion Snaps with our camera every day on average.

雖然在 COVID-19 健康危機期間支持我們的社區和合作夥伴一直是我們過去幾個月的首要任務，但我們仍然專注於鞏固我們在社區發展中建立的勢頭。第一季度，我們的社區日活躍用戶增加了 1100 萬，日均活躍用戶達到 2.29 億，環比增長 5%，同比增長 20%。我們的社區正在使用 Snapchat 來表達自己和進行視覺交流，平均每天使用我們的相機創建超過 40 億張快照。

In addition to the increased usage of our camera, people are spending more and more time on Discover. Our editorial selectivity and curated approach has helped us bring best-in-class mobile content to our community that is accurate, timely and topical. We are continuing to use engagement insights and data to drive our investments in Discover by regularly adding new channels to serve the varied needs and tastes of our audience, including 91 new channels around the world this quarter. This has allowed us to take a targeted approach to growing time spent on Discover amongst various demographics and geographies. For example, total daily time spent by Snapchatters over the age of 35 watching discover content doubled year-over-year in Q1 2020. This ongoing investment in the expansion and diversification of our content offerings, including favorites like Comedy Central's The Daily Show with Trevor Noah and original content like Nikita Unfiltered, a new docuseries, has helped deepen engagement on our Discover platform.

除了增加我們相機的使用率之外，人們在 Discover 上花費的時間也越來越多。我們的編輯選擇性和精心策劃的方法幫助我們為我們的社區帶來了準確、及時和熱門的一流移動內容。我們將繼續使用參與度洞察和數據來推動我們對 Discover 的投資，定期添加新頻道以滿足觀眾的不同需求和品味，其中包括本季度全球 91 個新頻道。這使我們能夠採取有針對性的方法來增加在各種人口統計和地理區域中發現的時間。例如，在 2020 年第一季度，35 歲以上的 Snapchatter 每天觀看發現內容的總時間同比翻了一番。這項對我們內容產品的擴展和多樣化的持續投資，包括最受歡迎的喜劇中心的特雷弗每日秀Noah 和新系列紀錄片 Nikita Unfiltered 等原創內容幫助加深了我們發現平台的參與度。

Augmented reality is continuing to play an important role in the lives of Snapchatters, with people now playing with Lenses 85% more each day than they did last year. A lot of this behavior is driven by our growing community of Lens creators using Lens Studio, with Lenses created by our community reaching 40% of our daily active users every day on average. We've also built new, immersive Lenses powered by machine learning that transform the ground into lava or water. We believe that the recent acceleration in the adoption of communication technology and augmented reality during these travel restrictions will help support our longer-term trends in engagement growth.

增強現實在 Snapchatter 的生活中繼續發揮著重要作用，現在人們每天使用 Lenses 的人數比去年增加了 85%。很多這種行為是由我們使用 Lens Studio 不斷壯大的 Lens 創作者社區推動的，由我們社區創建的 Lenses 平均每天覆蓋 40% 的每日活躍用戶。我們還構建了由機器學習驅動的全新沉浸式鏡頭，可將地面轉化為熔岩或水。我們相信，最近在這些旅行限制期間加速採用通信技術和增強現實將有助於支持我們在參與度增長方面的長期趨勢。

We generated $462 million of revenue in Q1, representing a 44% year-over-year growth rate. While many advertising budgets declined due to COVID-19, we experienced high revenue growth rates in the first 2 months of the quarter, which offset our lower growth in March. These high growth rates in the beginning of the quarter reflect our investments in our audience, ad products and optimization and give us confidence in our ability to grow revenue over the long term.

我們在第一季度創造了 4.62 億美元的收入，同比增長 44%。儘管由於 COVID-19 導致許多廣告預算下降，但我們在本季度的前 2 個月經歷了高收入增長率，這抵消了我們 3 月份的較低增長。本季度初的這些高增長率反映了我們在受眾、廣告產品和優化方面的投資，讓我們對長期增加收入的能力充滿信心。

We are seeing some bright spots amongst direct response advertisers, especially those who provide activities or products that our community can enjoy at home. In the short term, we are shifting sales resources and pulling forward some investments in direct response to better serve the advertisers who are trying to reach our audience during this time. For example, we can help movie studios pivot to digital releases by supporting them with a suite of products designed to track titles over a dynamic and flexible release window. We've also seen many large brands doing a lot of important things to help their community and the broader world, and we are helping these brands communicate their efforts to our audience in a thoughtful and approachable way that inspires others to make a positive impact.

我們在直接響應廣告商中看到了一些亮點，尤其是那些提供我們社區可以在家享受的活動或產品的廣告商。在短期內，我們正在轉移銷售資源並推進一些直接響應的投資，以更好地服務於在此期間試圖接觸我們的受眾的廣告商。例如，我們可以幫助電影製片廠轉向數字發行，為其提供一套產品，旨在通過動態和靈活的發行窗口跟踪影片。我們還看到許多大品牌做了很多重要的事情來幫助他們的社區和更廣闊的世界，我們正在幫助這些品牌以一種深思熟慮和平易近人的方式向我們的受眾傳達他們的努力，從而激勵他人產生積極的影響。

In the medium term, we are helping our partners plan for the road to recovery, which we believe will be led in part by the younger generation. As people are sheltering in their homes, they're increasingly turning to digital behaviors across every aspect of their lives, including communication, commerce, entertainment, fitness and learning. We believe that this will accelerate the digital transformation across many businesses and that the heightened levels of activity we are seeing today will lead to a sustained uplift in the digital economy over time. The Snapchat generation is digitally native and adopts new technologies quickly, which will help them continue to drive this transformation. This makes our audience uniquely positioned to help businesses recover, and we want to do our part to help jump-start the recovery.

從中期來看，我們正在幫助我們的合作夥伴規劃復甦之路，我們相信這將在一定程度上由年輕一代領導。隨著人們在家中避難，他們越來越多地轉向生活各個方面的數字行為，包括通信、商業、娛樂、健身和學習。我們相信，這將加速許多企業的數字化轉型，我們今天看到的活動水平提高將導致數字經濟隨著時間的推移而持續提升。 Snapchat 一代是數字原生的，並迅速採用新技術，這將幫助他們繼續推動這一轉變。這使我們的觀眾在幫助企業復甦方面處於獨特的地位，我們希望儘自己的一份力量來幫助啟動復甦。

While it is difficult to predict the near-term impact of this unprecedented, complex and global pandemic on our business, we believe that all of the long-term indicators we see in terms of our audience, their engagement, our momentum on product innovation, our auction dynamics and advertiser ROI, position us very well for success. Our deep investments in direct response advertising over the past few years, including advanced bidding and campaign management tools, ad formats designed specifically for mobile apps and e-commerce and back-end performance optimization, have positioned us well in this uncertain environment. Our strong cash position allows us to continue to hire and make long-term investments in innovation during this time while simultaneously prioritizing the health and safety of our community, team and partners.

雖然很難預測這種史無前例、複雜的全球大流行病對我們業務的近期影響，但我們相信，我們在受眾、他們的參與度、我們在產品創新方面的勢頭方面看到的所有長期指標，我們的拍賣動態和廣告商投資回報率，為我們的成功奠定了良好的基礎。過去幾年，我們在直接響應廣告方面的深入投資，包括先進的競價和活動管理工具、專為移動應用和電子商務設計的廣告格式以及後端性能優化，使我們在這個不確定的環境中處於有利地位。我們強大的現金狀況使我們能夠在此期間繼續招聘創新並進行長期投資，同時優先考慮我們社區、團隊和合作夥伴的健康和安全。

We are beginning to see the light at the end of the tunnel in terms of the immediate health crisis, with the curve flattening in many cities and countries. The next chapter will be figuring out what the new normal will look like, both from a logistical perspective as well as in regard to the physical and mental well-being of our team.

就當前的健康危機而言，我們開始看到隧道盡頭的曙光，許多城市和國家的曲線趨於平緩。下一章將從後勤角度以及我們團隊的身心健康方面弄清楚新常態會是什麼樣子。

The third chapter will be the recovery, which we expect may be very fast for some businesses and much slower for others, and we are committed to helping our partners as we navigate this uncertain journey together. The many difficult transitions and changes we made as a business over the past few years have positioned us well for the challenges ahead. We have strong, resilient leadership, a growing community that deeply values the service we provide, an efficient advertising platform that delivers value for our advertising partners and a relentless pace of innovation driven by the creativity and operational excellence of our team. I am so proud of and inspired by our team and the way they have risen to this challenge, while putting the health and safety of our community first. Thanks, again, for joining the call.

第三章將是複蘇，我們預計某些企業的複蘇速度可能非常快，而其他企業的複蘇速度可能會慢得多，我們致力於幫助我們的合作夥伴共同度過這一不確定的旅程。在過去幾年中，我們作為一家企業所做的許多艱難的轉變和變革使我們能夠很好地應對未來的挑戰。我們擁有強大而堅韌的領導力、一個不斷發展壯大的社區，該社區對我們提供的服務有著深刻的評價，一個為我們的廣告合作夥伴創造價值的高效廣告平台，以及由我們團隊的創造力和卓越運營驅動的不懈創新步伐。我為我們的團隊以及他們應對這一挑戰的方式感到自豪和鼓舞，同時將我們社區的健康和安全放在首位。再次感謝您加入電話會議。

And with that, I'll turn it over to Jeremi to share more about our business.

有了這個，我會把它交給 Jeremi 來分享更多關於我們業務的信息。

Thank you, Evan. We're pleased with our results for this quarter amidst a challenging and rapidly evolving global health crisis, and we continue to see significant upside and opportunity for our business as we support our community and advertising partners through this difficult time.

謝謝你，埃文。在充滿挑戰且迅速演變的全球健康危機中，我們對本季度的業績感到滿意，並且我們繼續看到我們的業務有重大的上行空間和機遇，因為我們支持我們的社區和廣告合作夥伴度過這個困難時期。

In Q1, we generated total revenue of $462 million, an increase of 44% year-over-year and consistent with our year-over-year growth rate in Q4 of last year. We are confident that our business is well positioned for long-term success, evidenced by the high revenue growth rates we achieved in the first 2 months of the quarter as well as our continued growth in the final month of Q1. The global outbreak of COVID-19 has dramatically shifted the ways brands are thinking about reaching new audiences. While friends and families are physically separated from each other and their regular routines, Snapchatters are coming together virtually to maintain their friendships through visual communication, self-expression and storytelling.

第一季度，我們的總收入為 4.62 億美元，同比增長 44%，與去年第四季度的同比增長率一致。我們有信心，我們的業務已做好長期成功的準備，我們在本季度前兩個月實現的高收入增長率以及我們在第一季度最後一個月的持續增長證明了這一點。 COVID-19 的全球爆發極大地改變了品牌思考吸引新受眾的方式。雖然朋友和家人在身體上彼此分開並且他們的日常活動是分開的，但 Snapchatter 虛擬地聚在一起，通過視覺交流、自我表達和講故事來維持他們的友誼。

Our sales teams have been focused on helping our brand partners craft thoughtful messages and create valuable experiences for Snapchatters during these difficult times. We are partnering with brands on how to best speak with the Snapchat generation and help them discover new products and services as they spend more time at home and online. We have identified many opportunities, and we know that Snapchat is a destination where people will discover brands for the first time as the global health crisis changes their buying behaviors. With this understanding, our team has pivoted quickly to focusing our sales resources on categories that are best positioned in the current environment, such as gaming, home entertainment, e-commerce and consumer packaged goods while also helping industries that have experienced outsized impacts to build long-term road maps to recovery.

我們的銷售團隊一直致力於幫助我們的品牌合作夥伴在這些困難時期為 Snapchatter 製作深思熟慮的信息並創造寶貴的體驗。我們正在與品牌合作，探討如何最好地與 Snapchat 一代對話，並幫助他們在在家和在線花費更多時間時發現新產品和服務。我們發現了許多機會，並且我們知道，隨著全球健康危機改變了他們的購買行為，Snapchat 是人們首次發現品牌的目的地。有了這種認識，我們的團隊迅速將我們的銷售資源集中在當前環境中最適合的品類，例如游戲、家庭娛樂、電子商務和包裝消費品，同時也幫助經歷過巨大影響的行業建立恢復的長期路線圖。

We had the opportunity to work closely with Adidas to adapt a new campaign for Snapchat in response to the growing number of stay-at-home orders moving through Europe. With this in mind, Adidas booked a National Filter across the U.K. and Germany. They complemented this with Audience Filters and Commercials across other markets to encourage Snapchatters to stay home and to offer them creative, fit and fun ways to stay active during this period. Our team worked quickly with Adidas to help create their #HomeTeam campaign within 24 hours, with the Filter being viewed more than 14 million times across the U.K. and Germany. Our large audience, creative formats and advanced measurement tools provide a significant opportunity for brands such as Adidas to reach Snapchatters during these challenging and unprecedented times.

我們有機會與阿迪達斯密切合作，為 Snapchat 調整新的廣告系列，以應對歐洲不斷增長的居家訂單。考慮到這一點，阿迪達斯在英國和德國預訂了全國過濾器。他們通過其他市場的受眾過濾器和商業廣告對此進行了補充，以鼓勵 Snapchatter 呆在家裡，並為他們提供在此期間保持活躍的創意、健康和有趣的方式。我們的團隊與阿迪達斯迅速合作，幫助他們在 24 小時內創建了他們的#HomeTeam 活動，該過濾器在英國和德國的瀏覽量超過 1400 萬次。我們龐大的受眾、創意格式和先進的測量工具為阿迪達斯等品牌在這個充滿挑戰和前所未有的時期接觸 Snapchatter 提供了重要機會。

Our team has also been working to provide useful products and resources for businesses as they manage the current economic landscape. We've made our self-serve tools more accessible than ever, have lower minimum spends, and are experimenting with local ad formats, such as Swipe to Call, which we first launched in MENA, specifically for local businesses, and have now expanded to the U.S. this quarter. As evidenced by our strong performance in Q1, advertisers value our large, unduplicated and hard-to-reach audience.

我們的團隊還一直致力於為企業管理當前的經濟形勢提供有用的產品和資源。我們使我們的自助服務工具比以往任何時候都更容易獲得，最低支出更低，並且正在嘗試本地廣告格式，例如我們首先在中東和北非地區推出的 Swipe to Call，專門針對本地企業，現在已經擴展到美國本季度。正如我們在第一季度的強勁表現所證明的那樣，廣告商重視我們龐大、不重複且難以觸及的受眾。

In the U.S., we continue to reach more than 90% of 13 to 24 year olds and more than 75% of 13 to 34 year olds. In our more established international locales, such as the U.K., France, Canada and Australia, we reached more than 80% of 13 to 24 year olds and more than 60% of 13 to 34 year olds. We are also growing rapidly in other international markets, such as India, where we have recently been investing both time and resources to engage and grow our Snapchat community. Members of the Snapchat generation are the consumers of the future, have significant lifetime values for our advertising partners and are in the process of building brand loyalties, which makes our audience extremely attractive to advertisers.

在美國，我們繼續覆蓋 90% 以上的 13 至 24 歲人群和超過 75% 的 13 至 34 歲人群。在我們更成熟的國際地區，例如英國、法國、加拿大和澳大利亞，我們覆蓋了超過 80% 的 13 至 24 歲人群和超過 60% 的 13 至 34 歲人群。我們也在其他國際市場快速增長，例如印度，我們最近一直在印度投入時間和資源來參與和發展我們的 Snapchat 社區。 Snapchat 一代的成員是未來的消費者，對我們的廣告合作夥伴具有重要的終生價值，並且正在建立品牌忠誠度，這使得我們的受眾對廣告商極具吸引力。

While advertiser demand has been disrupted by the COVID-19 pandemic, we remain focused on making progress against our ARPU opportunity through our 3 key priorities: first, improving our ranking, optimization and measurement to drive relevance and deliver ROI; second, building out our sales and marketing functions to support the needs of our advertising partners around the world; and third, delivering innovative ad experiences through video and augmented reality that deliver real business value. Our 3 priorities, along with our unique reach and growing global audience, allow us to drive performance at scale for businesses around the world.

儘管 COVID-19 大流行擾亂了廣告客戶的需求，但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，提高我們的排名、優化和衡量，以提高相關性並提供投資回報率；其次，建立我們的銷售和營銷職能，以支持我們在世界各地的廣告合作夥伴的需求；第三，通過視頻和增強現實提供創新的廣告體驗，帶來真正的商業價值。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，使我們能夠為全球企業大規模提高績效。

We've been investing in our first priority of improving ranking, optimization and measurement, since 2016, when our team made a difficult and deliberate decision to transition our ad business to an auction-based, self-serve platform. In the subsequent years, we invested heavily in performance-oriented products and services. As a result, we have made remarkable progress with advertisers looking to drive consistent, measurable ROI, launching dozens of new features over the last 2 years, such as bid optimizations for conversion events like app installs as well as advanced targeting and measurement capabilities. This has helped scale our direct response revenue in particular, which has more than doubled as a share of our total ad revenue over the last 2 years. Consequently, this strategy has put us in a strong position for this immediate crisis as well as to continue to take share of the digital ad market on the road to recovery.

自 2016 年以來，我們一直在投資提高排名、優化和衡量的首要任務，當時我們的團隊做出了艱難而深思熟慮的決定，將我們的廣告業務轉變為基於拍賣的自助服務平台。在隨後的幾年裡，我們在以性能為導向的產品和服務上進行了大量投資。因此，我們在希望推動一致、可衡量的投資回報率的廣告商方面取得了顯著進展，在過去 2 年推出了數十項新功能，例如針對應用安裝等轉化事件的出價優化以及高級定位和衡量功能。這尤其有助於擴大我們的直接響應收入，在過去 2 年中，該收入占我們總廣告收入的份額增加了一倍以上。因此，這一戰略使我們在這場眼前的危機中處於有利地位，並在復甦之路上繼續佔據數字廣告市場的份額。

For example, advertisers such as Plarium, creators of the mobile game Vikings: War of Clans, are finding that Snapchat is a unique and powerful way for marketers to engage with millennials and Gen Z, which control over $1 trillion in direct spending power and have grown up using their mobile phones. Noam Sagie, Director of Marketing at Plarium said, "Plarium's work with Snapchat is aimed at growing our penetration with the Gen Z and millennial audiences measured on profitability. We integrated with Snapchat's API and developed a technology for accurately reaching potential players. We heavily invested in the creative customization of our ads focused on bidding with purchase optimization. Between Q2 2019 and Q1 2020, Plarium has grown its Snapchat quarterly investment by 310%. Players coming from Snapchat are 30% better than Plarium's average in terms of 7-day retention rates. Also, these players have significantly higher intent than the average player to convert from the free version of the app to paying users."

例如，移動遊戲 Vikings: War of Clans 的開發者 Plarium 等廣告商發現，Snapchat 是營銷人員與千禧一代和 Z 世代互動的一種獨特而強大的方式，他們控制著超過 1 萬億美元的直接消費能力並擁有用手機長大。 Plarium 營銷總監 Noam Sagie 表示：“Plarium 與 Snapchat 的合作旨在提高我們在 Z 世代和千禧一代受眾中的滲透率，以盈利能力衡量。我們與 Snapchat 的 API 集成，並開發了一種技術來準確接觸潛在玩家。我們投入了大量資金在我們的廣告創意定制方面，專注於競價和購買優化。在 2019 年第二季度至 2020 年第一季度期間，Plarium 的 Snapchat 季度投資增長了 310%。來自 Snapchat 的玩家在 7 天留存率方面比 Plarium 的平均水平高出 30%費率。此外，這些玩家從應用程序的免費版本轉換為付費用戶的意願明顯高於普通玩家。”

We are finding that more and more advertisers are adopting our down-funnel products, such as pixel and app purchase bidding, which is continuing to drive meaningful return on ad spend for performance-oriented advertisers. Revenue from pixel and app purchase objectives have doubled year-over-year, and we continue to see huge opportunity with direct response advertisers as we are able to translate measurement and optimization improvements into meaningful conversions for advertisers.

我們發現越來越多的廣告商正在採用我們的漏斗式產品，例如像素和應用購買競價，這將繼續為以績效為導向的廣告商帶來有意義的廣告支出回報。來自像素和應用購買目標的收入同比翻了一番，我們繼續看到直接響應廣告商的巨大機會，因為我們能夠將衡量和優化改進轉化為對廣告商有意義的轉化。

Our second priority is to grow demand through better service of our advertising partners. The structural improvements we have made to our sales team and sales operations over the past year have enabled us to better support our advertising partners and improve advertiser demand. This includes building teams to work with not only our largest global advertisers, but also performance-oriented advertisers who are scaling their games or e-commerce businesses. We are all excited to build on this momentum with Peter Naylor as our new VP of the Americas, who will join Snap in early May.

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。過去一年我們對銷售團隊和銷售業務進行的結構性改進使我們能夠更好地支持我們的廣告合作夥伴並改善廣告客戶的需求。這包括建立團隊，不僅與我們最大的全球廣告商合作，還與正在擴展其遊戲或電子商務業務的以性能為導向的廣告商合作。我們都很高興能在 Peter Naylor 擔任我們新的美洲副總裁的情況下再接再厲，他將於 5 月初加入 Snap。

Our teams are well aligned and have begun to go deep with verticals where we believe we can deliver strong performance and ROI due to the characteristics of our audience and how they use our service. One leading indicator of the success of our sales team reorganization is that we have doubled the amount of money committed via upfronts in 2020 versus 2019. This is an indication 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 advertising spend that they are experiencing.

我們的團隊非常一致，並且已經開始深入垂直領域，我們相信由於我們的受眾特徵以及他們如何使用我們的服務，我們可以提供強大的性能和投資回報率。我們的銷售團隊重組成功的一個領先指標是，與 2019 年相比，我們在 2020 年通過預付款投入的金額翻了一番。這表明品牌和代理商對我們的平台充滿信心，廣告商致力於與我們合作考慮到他們正在經歷的廣告支出回報，這是一種永遠在線的方式。

Our third priority is to lead the way with innovative advertising products and services. We continue to invest heavily in innovative solutions that leverage our content and augmented reality platforms in order to drive better outcomes for advertisers and delight our Snapchat community. As an example, e.l.f. Cosmetics CMO, Kory Marchisotto, said, "Our business is growing, and our message is clearly resonating with Snap's core Gen Z and millennial audience. In partnership with our media agency, Tinuiti, we utilized Snap Ads to efficiently help our consumers shop for new eye, lip, face and skin care products and implemented Dynamic Ads to further optimize and personalize our ads for our customers. We continue to innovate and optimize across Snap's ecosystem, which has led to significant drops in CPAs, one of our priority performance marketing objectives."

我們的第三個優先事項是通過創新的廣告產品和服務引領潮流。我們繼續大力投資於利用我們的內容和增強現實平台的創新解決方案，以便為廣告商帶來更好的結果並取悅我們的 Snapchat 社區。例如，e.l.f.化妝品首席營銷官 Kory Marchisotto 說：“我們的業務正在增長，我們的信息顯然引起了 Snap 的核心 Z 世代和千禧一代受眾的共鳴。與我們的媒體機構 Tinuiti 合作，我們利用 Snap Ads 有效地幫助我們的消費者購買新產品眼部、唇部、面部和皮膚護理產品，並實施了動態廣告，以進一步優化和個性化我們為客戶提供的廣告。我們繼續在 Snap 的生態系統中進行創新和優化，這導致 CPA 顯著下降，這是我們的優先績效營銷目標之一。”

The continued rise of mobile content consumption, especially on mobile-native premium formats, presents us with a growing opportunity. Our market position as a leading platform focused on premium mobile video, provides us better insights and data about what performs well on mobile devices. And over the last year, we have doubled down on our video advertising solutions with a robust rollout of products for video buyers. For example, we have been increasingly focused on our Snap Select offering for premium video ads. Snap Select allows brands to reserve our Commercials video product within select Discover shows at a predictable fixed price. It's designed for both social video and online video buyers and has the potential to attract incremental online video and TV budgets into our hand-curated, brand-safe environment.

移動內容消費的持續增長，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。作為專注於優質移動視頻的領先平台，我們的市場地位為我們提供了更好的洞察力和數據，讓我們了解在移動設備上表現如何。在過去的一年裡，我們在視頻廣告解決方案上加倍投入，為視頻買家推出了強大的產品。例如，我們越來越關注優質視頻廣告的 Snap Select 產品。 Snap Select 允許品牌以可預測的固定價格在精選的 Discover 節目中預訂我們的廣告視頻產品。它專為社交視頻和在線視頻購買者而設計，並有可能將增量在線視頻和電視預算吸引到我們手工策劃的品牌安全環境中。

As Evan mentioned, we are seeing continued success with our augmented reality platform. We believe that augmented reality is the future of computing and holds tremendous potential for experiential, immersive advertising. Our self-serve AR buying tools have been scaling quickly since their launch less than 2 years ago. And we believe that advertisers will grow their investment in our ad platform as we continue driving new AR ad products, market education and robust measurement. Self-serve is the dominant way our advertisers buy AR, which supports the investments we are making to improve Lens Studio and democratize the creation process.

正如 Evan 所說，我們看到我們的增強現實平台繼續取得成功。我們相信，增強現實是計算的未來，在體驗式、沉浸式廣告方面擁有巨大潛力。自不到 2 年前推出以來，我們的自助式 AR 購買工具一直在迅速擴展。我們相信，隨著我們繼續推動新的 AR 廣告產品、市場教育和強大的衡量，廣告商將增加對我們廣告平台的投資。自助服務是我們的廣告商購買 AR 的主要方式，它支持我們為改進 Lens Studio 和使創作過程民主化而進行的投資。

We are at the beginning of building out our AR ecosystem and providing additional value beyond paid media. For example, in response to the global health crisis, we launched our first ever fundraising AR Lens, which uses our Scan Camera search technology to drive donations from 33 countries to the World Health Organization's COVID-19 Solidarity Response Fund. We enabled the camera to recognize 23 currency notes to trigger different Lenses for each currency with each experience visually representing how your money is raised and transformed into the 3 pillars of the fund: a hospital to represent patient care, a mask to represent medical supplies and beakers to represent research and development. Turning physical items, such as dollar bills that are a part of Snapchatters everyday lives, into calls to action through immersive AR is a unique way to connect with our audience and an important milestone for this technology.

我們正處於構建 AR 生態系統並提供付費媒體之外的附加價值的開始。例如，為了應對全球健康危機，我們推出了首個籌款 AR 鏡頭，它使用我們的掃描相機搜索技術推動 33 個國家向世界衛生組織的 COVID-19 團結應對基金捐款。我們使相機能夠識別 23 種紙幣，從而為每種貨幣觸發不同的鏡頭，每次體驗都可以直觀地展示您的資金是如何籌集並轉化為基金的 3 個支柱的：代表患者護理的醫院、代表醫療用品的口罩和代表研究和開發的燒杯。通過身臨其境的 AR 將實體物品（例如 Snapchatter 日常生活中的美元鈔票）轉化為行動號召，是與我們的觀眾建立聯繫的一種獨特方式，也是這項技術的一個重要里程碑。

We entered 2020 with a full-featured ad platform and a sales team structured to support our business, and we pivoted quickly to support our community and partners as the COVID-19 pandemic disrupted the global economy. We will continue to invest for the long term in making product and marketplace improvements to help advertisers scale, building focused relationships with brands and agencies across verticals and improving our direct response products for performance-centric businesses. Based on the size of our audience, their levels of engagement across our service and our overall opportunity in the growing digital advertising market, we are well positioned to play an important role in driving the recovery of businesses across the world.

進入 2020 年，我們擁有一個功能齊全的廣告平台和一個支持我們業務的銷售團隊，隨著 COVID-19 大流行擾亂了全球經濟，我們迅速轉向支持我們的社區和合作夥伴。我們將繼續長期投資於改進產品和市場，以幫助廣告商擴大規模，與垂直領域的品牌和代理商建立重點關係，並為以績效為中心的業務改進我們的直接響應產品。基於我們的受眾規模、他們對我們服務的參與程度以及我們在不斷增長的數字廣告市場中的整體機會，我們完全有能力在推動全球業務復甦方面發揮重要作用。

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

有了這個，我會把電話轉給 Derek。

Thanks, Jeremi. Our Q1 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 229 million daily active users in Q1 with year-over-year growth accelerating to 20%, up from 17% in the prior quarter. While we observed higher engagement in the final weeks of the quarter, as many in our community sought to stay connected and entertained from home, this had little impact on our Q1 results as we calculate this metric using a daily average. As a result, we were already on pace to accelerate year-over-year growth in daily active users absent this impact. The accelerating growth in our community reflects the cumulative impact of improvements we have made to our application, which are contributing to higher levels of engagement and the sustained retention of new Snapchatters.

謝謝，傑雷米。我們第一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，我們的社區在第一季度增長到 2.29 億日活躍用戶，同比增長從上一季度的 17% 加速到 20%。雖然我們在本季度的最後幾週觀察到更高的參與度，因為我們社區中的許多人都試圖在家中保持聯繫和娛樂，但這對我們的第一季度業績影響不大，因為我們使用每日平均值計算該指標。因此，在沒有這種影響的情況下，我們已經在加快每日活躍用戶的同比增長。我們社區的加速增長反映了我們對應用程序所做改進的累積影響，這些改進有助於提高參與度和新 Snapchatter 的持續保留。

The growth in our community continues to be broad-based with year-over-year growth rates accelerating on both iOS and Android platforms as well as across each of our North America, Europe and Rest of World regions. In North America, DAU grew by 10% year-over-year compared to 9% in the prior quarter. In Europe, DAU grew by 14% year-over-year, up from 12% in the prior quarter. In Rest of World, DAU grew by 45% year-over-year compared to 36% in the prior quarter. We believe the accelerating growth of our community and an increasingly competitive market for attention on mobile clearly demonstrates the value of our differentiated platform.

我們社區的增長繼續廣泛，iOS 和 Android 平台以及我們每個北美、歐洲和世界其他地區的同比增長率都在加快。在北美，DAU 同比增長 10%，而上一季度為 9%。在歐洲，DAU 同比增長 14%，高於上一季度的 12%。在世界其他地區，DAU 同比增長 45%，而上一季度為 36%。我們相信，我們社區的加速發展和競爭日益激烈的移動關注市場清楚地展示了我們差異化平台的價值。

Q1 revenue was $462 million, an increase of 44% year-over-year, which is consistent with our growth rate in Q4 and just above the midpoint of our guidance range.

第一季度收入為 4.62 億美元，同比增長 44%，這與我們第四季度的增長率一致，略高於我們指導範圍的中點。

The economic environment has become challenging for many of our advertising partners, and this has had an impact on the rate of growth in our business. For example, year-over-year growth in January and February was approximately 58% before declining to approximately 25% in March. We believe that the elevated growth rates we observed at the beginning of the quarter are a strong indication of our ability to accelerate growth under normal market conditions and that our Q1 results in total provide additional evidence of our ability to continue to grow our share of the advertising ecosystem over the long term.

對於我們的許多廣告合作夥伴來說，經濟環境變得充滿挑戰，這對我們業務的增長率產生了影響。例如，1 月和 2 月的同比增長率約為 58%，然後在 3 月下降至約 25%。我們認為，我們在本季度初觀察到的較高增長率有力地表明了我們在正常市場條件下加速增長的能力，並且我們的第一季度業績總體上提供了我們有能力繼續增加我們的市場份額的額外證據。長期的廣告生態系統。

In North America, revenue grew 40% year-over-year in Q1 compared to 42% in the prior quarter. The modest deceleration in North America in revenue growth reflects the impact of the lower growth rates we observed in March. In Europe, revenue grew 61% year-over-year in Q1 compared to 47% in Q4. We were pleased to see that year-over-year revenue growth accelerated in Europe as this was just the second full quarter following our international sales team reorganization. In Rest of World, revenue grew 49% year-over-year in Q1, which was consistent with the prior quarter. All regions saw their growth rates decline in the month of March and by roughly equivalent magnitudes.

在北美，第一季度收入同比增長 40%，而上一季度為 42%。北美收入增長的適度減速反映了我們在 3 月份觀察到的較低增長率的影響。在歐洲，第一季度收入同比增長 61%，而第四季度為 47%。我們很高興看到歐洲的收入同比增長加速，因為這只是我們國際銷售團隊重組後的第二個完整季度。在世界其他地區，第一季度收入同比增長 49%，與上一季度一致。所有地區的增長率在 3 月份均出現下降，幅度大致相當。

We continue to see strong adoption of our ad products, including our goal-based bidding products, which are driving increased demand from direct response advertisers. Over the past 2 years, we've continued to add more objectives to our self-serve platform that advertisers can use to optimize their campaigns, including app installs, video views, and purchases tracked via our pixel. We have also made significant improvements to our measurement capabilities and optimization models. As a result of these enhancements, direct response advertising has nearly doubled as a share of our revenue over the past 2 years and represents more than half of our total revenue. Delivering a direct return on investment to our advertising partners ensures that we are well positioned to defend and grow our share of advertising budgets in any macro environment.

我們繼續看到我們的廣告產品（包括基於目標的競價產品）的廣泛採用，這些產品正在推動直接響應廣告商的需求增加。在過去的 2 年中，我們不斷為我們的自助平台添加更多目標，廣告商可以使用這些目標來優化他們的活動，包括通過我們的像素跟踪的應用安裝、視頻觀看和購買。我們還對我們的測量能力和優化模型進行了重大改進。由於這些改進，直接響應廣告在過去 2 年中占我們收入的份額幾乎翻了一番，占我們總收入的一半以上。為我們的廣告合作夥伴提供直接的投資回報，確保我們能夠在任何宏觀環境中捍衛和增加我們在廣告預算中的份額。

Total impressions nearly doubled year-over-year in Q1, while cost per impression continued to stabilize with a year-over-year decline in eCPM of 23% in Q1, which is a modest improvement over the 24% decline observed in the prior quarter. The ongoing growth and engagement, combined with optimizations to our self-serve platform to utilize our inventory more efficiently, are driving continued expansion of our available supply, which has placed downward pressure on eCPMs despite rapid growth in overall advertiser demand.

第一季度總展示次數同比幾乎翻了一番，而每次展示費用繼續穩定，第一季度 eCPM 同比下降 23%，與上一季度 24% 的下降相比略有改善.持續的增長和參與度，再加上優化我們的自助服務平台以更有效地利用我們的庫存，正在推動我們的可用供應持續擴大，儘管整體廣告客戶需求快速增長，這給 eCPM 帶來了下行壓力。

Gross margins were 47% in Q1, up 8 percentage points year-over-year. Infrastructure costs per DAU were $0.71 in Q1, down from $0.72 in the prior year as we continue to make progress against our goal of driving down our underlying unit costs over time, including the cost to deliver a Snap, the cost to deliver an impression and other key drivers of infrastructure costs.

第一季度毛利率為 47%，同比增長 8 個百分點。第一季度每個 DAU 的基礎設施成本為 0.71 美元，低於上一年的 0.72 美元，因為我們繼續朝著隨著時間推移降低基本單位成本的目標取得進展，包括交付 Snap 的成本、交付印象的成本和基礎設施成本的其他關鍵驅動因素。

On the content side, we have been doubling down on our investments in premium content, and we were pleased to see that total time spent with Discover content grew by more than 35% year-over-year. Time spent with Shows, which includes scripted and unscripted series as well as daily new shows, more than doubled year-over-year in Q1, with more than 60 of our Shows reaching monthly audiences of over 10 million viewers. We are particularly pleased that we have been able to make these investments in content while continuing to expand our gross margin, which reflects our overall approach of scaling our operations efficiently while making investments in the future of our business.

在內容方面，我們一直在對優質內容的投資加倍，我們很高興看到在 Discover 內容上花費的總時間同比增長了 35% 以上。花在節目上的時間，包括有劇本和無劇本的系列節目以及每日新節目，在第一季度同比增長了一倍多，我們的 60 多個節目每月吸引超過 1000 萬觀眾。我們特別高興的是，我們能夠在繼續擴大毛利率的同時對內容進行這些投資，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 $298 million in Q1, up 20% year-over-year. The increase in operating expenses reflects continued investment in our talent base, which has been focused on our monetization and engineering teams. 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. While there is typically a lag between these investments and improved output metrics, we are pleased with the results we are seeing thus far.

第一季度的運營費用為 2.98 億美元，同比增長 20%。運營費用的增加反映了對我們人才庫的持續投資，這些人一直專注於我們的貨幣化和工程團隊。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。雖然這些投資與改進的產出指標之間通常存在滯後，但我們對迄今為止所看到的結果感到滿意。

Adjusted EBITDA was negative $81 million in Q1, an improvement of $42 million over the prior year and in line with the midpoint of our guidance range. In Q1, we delivered adjusted EBITDA leverage of 30%, which is meaningfully positive, but down from 54% in the prior quarter. We have continued to invest 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, despite the near-term impacts of the COVID-19 crisis on revenue growth rates. While this has put downward pressure on adjusted EBITDA leverage in the near term, we believe it is the right decision for the long-term growth of our business given the strength of our balance sheet and improving cash flow.

第一季度調整後的 EBITDA 為負 8100 萬美元，比上年增加 4200 萬美元，符合我們指導範圍的中點。在第一季度，我們實現了 30% 的調整後 EBITDA 槓桿率，這是有意義的正數，但低於上一季度的 54%。儘管 COVID-19 危機對收入增長率有短期影響，但我們仍繼續投資於業務的長期增長，以鞏固我們與社區和廣告合作夥伴建立的勢頭。雖然這在短期內給調整後的 EBITDA 槓桿帶來了下行壓力，但鑑於我們的資產負債表實力和現金流改善，我們認為這是我們業務長期增長的正確決定。

Q1 marked our first quarter of positive operating cash flow at $6 million for the quarter, an improvement of $72 million year-over-year driven by the improvement in adjusted EBITDA and the collection of seasonally higher Q4 advertising revenue.

第一季度標誌著我們第一季度的正運營現金流為 600 萬美元，在調整後 EBITDA 的改善和第四季度廣告收入季節性增加的推動下，同比增長了 7200 萬美元。

Free cash flow was a negative $5 million for the quarter, an improvement of $73 million year-over-year. We ended the quarter with $2.1 billion in cash and marketable securities, which was roughly flat versus the prior quarter. We also have access to more than $1 billion in additional capital via our credit facility.

本季度自由現金流為負 500 萬美元，同比增長 7300 萬美元。我們在本季度末擁有 21 億美元的現金和有價證券，與上一季度基本持平。我們還可以通過我們的信貸工具獲得超過 10 億美元的額外資本。

Given the rapidly changing environment, we do not intend to share financial guidance for Q2 in the same manner that we have in recent prior quarters. But we do want to provide a sense for where we are today and how we plan to invest in our business. Thus far in Q2, we estimate year-over-year revenue growth to be 15% through April 19, and our estimated growth rate in the most recent week is 11%. Today, we have less visibility into Q2's results because so much depends on factors beyond our control, principally, how the world continues to manage the COVID-19 crisis and if or when the world economy begins to recover. Therefore, it is not clear at this point how growth rates may evolve as we move through the quarter. We are cautiously optimistic that trends could improve over time if conditions begin to normalize. But we are also conscious that economic conditions may not improve, and some of our advertising partners could continue to face headwinds caused by the crisis. Given this, we will not be sharing revenue or adjusted EBITDA guidance for Q2. We will, however, be sharing estimates on our cost structure, and these estimates assume that daily active users will be approximately 239 million in Q2 which implies year-over-year growth of approximately 18% against a tougher comparison period that included the benefit of engagement growth related to last year's launch of the new Lenses powered by deep neural networks.

鑑於環境瞬息萬變，我們不打算以與最近幾個季度相同的方式分享第二季度的財務指導。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。到目前為止，在第二季度，我們估計截至 4 月 19 日的收入同比增長為 15%，我們估計最近一周的增長率為 11%。今天，我們對第二季度業績的了解較少，因為在很大程度上取決於我們無法控制的因素，主要是世界如何繼續管理 COVID-19 危機，以及世界經濟是否或何時開始復蘇。因此，目前尚不清楚隨著我們整個季度的發展，增長率會如何變化。我們謹慎樂觀地認為，如果情況開始正常化，趨勢可能會隨著時間的推移而改善。但我們也意識到經濟狀況可能不會改善，我們的一些廣告合作夥伴可能會繼續面臨危機帶來的不利因素。鑑於此，我們不會分享第二季度的收入或調整後的 EBITDA 指導。然而，我們將分享我們對成本結構的估計，這些估計假設第二季度的每日活躍用戶將約為 2.39 億，這意味著與更艱難的比較期相比，同比增長約 18%，其中包括與去年推出由深度神經網絡驅動的新鏡頭相關的參與度增長。

On the expense side, we currently expect that our combined cost of revenue and operating costs will grow year-over-year in Q2 at rates roughly equivalent to what we observed in Q1. This implies the potential for modest sequential growth in the combined expense base, which we expect would be driven by the impact of higher engagement on the infrastructure costs and the impact of investments in our talent base on operating costs. 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 these cost estimates regardless of the ultimate revenue outcome in Q2. While there is uncertainty about near-term revenue growth rates, we remain highly optimistic about the long-term prospects for our business. We remain optimistic because we believe that there are numerous factors that position our business to perform relatively well in the current environment: One, our team has thus far managed the transition to remote working conditions seamlessly and with a high degree of productivity, such that we have been able to continue to deliver for our community and our partners; two, we are experiencing strong community and engagement growth, which provides more inventory and wider reach for our advertising partners; three, we have built a robust ad platform where our advertisers can optimize for a positive return on their advertising investments; four, our cloud-based infrastructure has allowed us to scale seamlessly and without incremental capital expenditure as user engagement has scaled across our platform; five, we have put significant effort into establishing an efficient cost structure and building a mechanism to ensure that the investments we put into our business are highly productive; six, we have made significant progress in reducing our operating cash burn, and as a result, have just produced our first quarter of positive operating cash flow; and seven, with $2.1 billion in cash and marketable securities and an available credit line of over $1 billion, we have the working capital necessary to stay focused on the long term and be opportunistic in this challenging environment.

在費用方面，我們目前預計第二季度我們的總收入成本和運營成本將同比增長，增長速度與我們在第一季度觀察到的大致相當。這意味著綜合費用基礎可能會出現適度的連續增長，我們預計這將受到更高參與度對基礎設施成本的影響以及對我們人才基礎的投資對運營成本的影響的推動。鑑於我們的一小部分成本結構在短期內直接隨收入變化，我們目前預計這些成本估計不會出現重大差異，無論第二季度的最終收入結果如何。儘管近期收入增長率存在不確定性，但我們仍對我們業務的長期前景保持高度樂觀。我們保持樂觀，因為我們相信有許多因素使我們的業務在當前環境中表現相對較好：第一，我們的團隊迄今已無縫過渡到遠程工作條件，並且具有很高的生產力，因此我們能夠繼續為我們的社區和合作夥伴提供服務；第二，我們正在經歷強大的社區和參與度增長，這為我們的廣告合作夥伴提供了更多的庫存和更廣泛的影響力；第三，我們已經建立了一個強大的廣告平台，我們的廣告商可以優化廣告投資以獲得積極的回報；第四，隨著用戶參與度在我們的平台上擴展，我們基於雲的基礎架構使我們能夠無縫擴展，而無需增加資本支出；五是大力建立高效的成本結構和機制，以確保我們對業務的投資具有高效率；六，我們在減少運營現金消耗方面取得了重大進展，因此，我們剛剛產生了第一季度的正運營現金流；七，我們擁有 21 億美元的現金和有價證券以及超過 10 億美元的可用信貸額度，我們擁有必要的營運資金，可以在這個充滿挑戰的環境中保持長期專注並投機取巧。

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 comes from Ross Sandler of Barclays.

（操作員說明）我們的第一個問題來自巴克萊的羅斯桑德勒。

Congrats, guys, and happy to hear everybody's safe and sound. A question on the revenue run rate that you flagged for April. It actually looks pretty solid in light of what's going on broadly in digital advertising. So can you talk about the overall 2Q pipeline? Do you think you can sustain this mid-teens growth rate? And what about your category mix or your DR mix gives you the kind of confidence that you can see these types of growth rates when a lot of your peers are seeing far worse and negative growth?

恭喜，伙計們，很高興聽到每個人都安然無恙。關於您標記為 4 月的收入運行率的問題。鑑於數字廣告中廣泛發生的事情，它實際上看起來相當可靠。那麼您能談談整個 2Q 管道嗎？你認為你能維持這個十幾歲的增長率嗎？當您的許多同行看到更糟糕的負增長時，您的類別組合或 DR 組合如何讓您有信心看到這些類型的增長率？

Ross, it's Derek speaking. I'll take the first part of that, and then I'll probably kick it over to Jeremi for the second part. I think one of the things that's important here is that we've got a challenging and rapidly evolving environment. So a lot depends on how the world and our governments manage this situation going forward and how the macro environment reacts to that. I think as you pointed out, we're really pleased that the business has continued to grow under these conditions. I think that's a very big positive for the business. We're also cautiously optimistic that as we return to some sense of normalcy, that we could see the business recover. And so we're cautiously optimistic about that.

羅斯，是德里克在說話。我會先講第一部分，然後我可能會把它交給 Jeremi 做第二部分。我認為這裡重要的一件事是我們擁有一個充滿挑戰且快速發展的環境。因此，很大程度上取決於世界和我們的政府如何管理這種情況，以及宏觀環境如何對此做出反應。我認為正如您所指出的，我們真的很高興業務在這些條件下繼續增長。我認為這對企業來說是一個非常大的積極因素。我們也謹慎樂觀地認為，隨著我們恢復某種常態，我們可以看到業務復甦。所以我們對此持謹慎樂觀的態度。

But I also want to point out there's a lot we don't know. And so because of that, I think it's difficult to predict with great confidence exactly what trends look like going forward. But in this situation, we really wanted to make sure that we were transparent and gave folks as much insight to how things are going today as possible. And now I'll turn it over to Jeremi to handle some of these mix issues.

但我也想指出，還有很多我們不知道的。正因為如此，我認為很難充滿信心地準確預測未來的趨勢。但在這種情況下，我們真的想確保我們是透明的，讓人們盡可能多地了解今天的情況。現在我將把它交給 Jeremi 來處理其中一些混音問題。

Thanks for the question, Ross. Why are we well positioned? Snap at its core is a communications platform meant for our community to visually connect with their closest friends and family, something that's critically important as physical distancing remains. And while it's extremely challenging for the world to stay at home, it does accelerate the move to a digital economy where people are buying and discovering new brands. Given the Snap's overall market share and share of digital wallet, we do have a unique opportunity to increase our market share as advertisers look for cost-effective ways to advertise in this environment. To take advantage of that, we've pivoted our sales teams and product teams to focus on categories that are best positioned in the current environment, such as gaming, home entertainment, e-commerce and CPG and continue to help industries that experience and have experienced outsized impact to build long-term road map to recovery with them as our partner.

謝謝你的問題，羅斯。為什麼我們處於有利位置？ Snap 的核心是一個通信平台，旨在讓我們的社區與他們最親密的朋友和家人進行視覺聯繫，這在保持物理距離的情況下至關重要。儘管讓全世界都呆在家裡極具挑戰性，但它確實加速了人們向數字經濟的轉變，人們在其中購買和發現新品牌。鑑於 Snap 的整體市場份額和數字錢包的份額，我們確實有一個獨特的機會來增加我們的市場份額，因為廣告商在這種環境中尋找具有成本效益的廣告方式。為了利用這一點，我們將銷售團隊和產品團隊的重點放在當前環境中最適合的類別，例如游戲、家庭娛樂、電子商務和 CPG，並繼續幫助有經驗和有經驗的行業經歷了巨大的影響，與他們作為我們的合作夥伴建立了長期的複蘇路線圖。

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 Discover, I guess there's no doubt that you've got a lot more users using it. You put a lot more content. The algorithm is clearly getting better in terms of the quality of the content you're showing. But with TV sort of running out of content with productions shut down, it seems like there's a pretty big opportunity for you to take TV ad dollars that may be difficult during the current pandemic and what's happening to ad spend. But curious, you brought on Pete Naylor, who -- his expertise is obviously stealing or taking TV ad dollars and bringing them over to Hulu. Curious like what's the plan with Pete Naylor. Like what are you actually trying to do? Or should we expect a meaningful increase in the amount of content on Discover as we head into 2021? And maybe just attached to that, I mean, I guess that's particularly kind of a -- from an advertising standpoint, a question for Jeremi. But I'm also curious from a content creation standpoint. Do you have partners that are actually struggling to create content for Discover? I mean, I saw Good Luck America the other day was shot from Peter's house. What does the kind of the content pipeline look like? Can you keep Discover robust during the pandemic?

當您想到 Discover 時，我想毫無疑問您有更多的用戶在使用它。你放了更多的內容。就您所展示的內容的質量而言，該算法顯然越來越好。但是，隨著電視內容的枯竭和製作的關閉，您似乎有一個很大的機會來獲得電視廣告收入，這在當前的大流行和廣告支出正在發生的情況下可能會很困難。但好奇的是，你請來了 Pete Naylor，他的專長顯然是竊取或拿走電視廣告收入並將其帶到 Hulu。很好奇Pete Naylor 的計劃是什麼。比如你到底想做什麼？或者我們是否應該期待隨著我們進入 2021 年，Discover 上的內容數量會顯著增加？也許只是依附於此，我的意思是，我想這是一個特別的問題——從廣告的角度來看，這是對 Jeremi 的一個問題。但從內容創作的角度來看，我也很好奇。您是否有合作夥伴實際上正在努力為 Discover 創建內容？我的意思是，前幾天我看到《Good Luck America》是在彼得家中被槍殺的。內容管道是什麼樣的？您能否在大流行期間保持 Discover 的穩健性？

Yes. Thanks for the question, Rich. Video is absolutely a top priority for us. As TV budgets migrate to digital, they typically move to places that carry some of the same advantages as traditional linear TV. And we've been investing in those things for a number of years. We are, to your point, investing in more curated premium Discover content, such as our lineup of Snap originals. As you know, we introduced Commercials, which are nonskippable for the first 6 seconds. And then importantly, we also have introduced new products that mirror the television format. So for instance, we now allow for longer video ads, including our standard 15 and 30 seconds, which is a complement to the 6 that we've had for a number of years. We bundled our (inaudible) Discover content and Commercials into Snap Select, which allows brands to reserve within select Discover shows at predictable fixed prices. And we continue to invest in the team. You noted Peter Naylor, and of course with over 20 years of TV and video experience, he is just the most recent investment in the strategy. And we're thrilled to have him on board. We've invested in both sales and product leaders from the video space for a number of years, and it remains critically important to us.

是的。謝謝你的問題，里奇。視頻絕對是我們的首要任務。隨著電視預算轉向數字化，它們通常會轉移到具有與傳統線性電視相同優勢的地方。多年來，我們一直在投資這些東西。就您而言，我們正在投資更多精選的優質 Discover 內容，例如我們的 Snap 原創產品陣容。如您所知，我們引入了商業廣告，前 6 秒不可跳過。然後重要的是，我們還推出了反映電視格式的新產品。例如，我們現在允許更長的視頻廣告，包括我們的標準 15 秒和 30 秒，這是對我們多年來的 6 秒的補充。我們將（聽不清）Discover 內容和商業廣告捆綁到 Snap Select 中，這允許品牌以可預測的固定價格在精選的 Discover 節目中進行預訂。我們繼續投資於團隊。您注意到了 Peter Naylor，當然，他擁有 20 多年的電視和視頻經驗，他只是該戰略的最新投資。我們很高興他能加入。多年來，我們一直在投資視頻領域的銷售和產品領導者，這對我們來說仍然至關重要。

Rich, thanks for the question. As it pertains to production. So far, we've been really impressed by the innovative approach that our partners have taken, including shows like Will From Home, which is a super cool quarantine-based show from Will Smith. And our daily originals have continued production, yes, as you noted, from home, but with really compelling content. There are some shows that are the non-daily originals and some of that production has been delayed. With our time line today, if principal photography can resume in July, those shows will still release before the end of 2020. I think the way to think about the timing is really normal release volume through June, maybe slightly lighter release volume in July and August and then more releases than usual in the fall. So that's really how we're thinking about production. But overall, our partners have really risen to the challenge in an incredibly impressive way, and that's driving a lot of the engagement that we're seeing.

豐富，謝謝你的提問。因為它與生產有關。到目前為止，我們的合作夥伴所採取的創新方法給我們留下了深刻的印象，包括像 Will From Home 這樣的節目，這是一個來自 Will Smith 的超級酷的基於隔離的節目。我們的每日原創作品還在繼續製作，是的，正如您所說，在家中製作，但內容非常引人入勝。有些節目是非每日原創節目，其中一些節目已被推遲。以我們今天的時間線來看，如果主攝能在7月恢復，那些節目還是會在2020年底前上映。我認為時間考慮的方式是到6月的發行量真的很正常，可能7月和7月的發行量會稍微輕一些。八月，然後在秋季發布比往常更多的版本。這就是我們真正考慮生產的方式。但總的來說，我們的合作夥伴確實以令人難以置信的方式迎接挑戰，這推動了我們所看到的大量參與。

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。

Great. Really appreciate the level of detail here. I was wondering if you could give us a sense of just how you've seen the profile of your advertisers evolve from mid-March through the first 2 weeks of April. I would imagine there's a lot more behind that shift from to -- 15% to 25% and then 15% that we've seen. Just in terms of the verticals that they represent, the mix of brand versus response and then particularly how you've seen pricing and participation density in the auction evolve. And then maybe more specifically, what you've seen in your app download business? I know you've referenced direct response several times. Curious how much of that direct response app download is representing? And then within that, you've referenced, a few times, the goal-based advertising, the return on advertising success platform that you've launched. What kind of adoption are you seeing there? And has it brought any new types of advertisers or profile of advertisers to Snap that you've seen before? Appreciate any level of detail that you can share there.

偉大的。非常感謝這裡的詳細程度。我想知道您能否讓我們了解一下從 3 月中旬到 4 月的前 2 週，您是如何看待您的廣告客戶的資料的。我想在從 15% 到 25% 再到 15% 的轉變背後還有很多我們已經看到的。就它們所代表的垂直領域而言，品牌與響應的組合，尤其是您在拍賣中看到的定價和參與密度如何演變。然後也許更具體地說，您在應用程序下載業務中看到了什麼？我知道你多次提到直接反應。好奇直接響應應用程序下載代表了多少？然後在其中，您多次提到基於目標的廣告，即您推出的廣告成功平台回報。你在那裡看到什麼樣的收養？它是否為 Snap 帶來了您以前見過的任何新類型的廣告商或廣告商資料？欣賞您可以在那里分享的任何細節。

Sure. Thanks for the question, Heath. Like everyone, we're hearing from advertisers that the global outbreak has dramatically shifted the way that they are thinking about marketing. Some have paused while they're rethinking their messaging, and others are cutting funding to save jobs. It is a tough time for the industry, but we are very fortunate to have a well-diversified business across both brand and DR, which is exactly what you mentioned. In fact, DR now accounts for over 50% of our overall revenue, and we've got always in our business has been incredibly -- incredible for us during this time. Right now, we're focused primarily on our partner needs and helping them crack thoughtful messages and create valuable experiences. We talked a little bit about the sales teams pivoting, and they've done that. And to your point, app is one of the areas in which we are seeing this level of success, and that includes apps that are about in-home entertainment, apps that are about gaming, apps that are about at-home fitness and really anything that you can do when you do not need to physically leave your home, we've seen extraordinary success there, e-commerce and down the line on the app install pieces.

當然。謝謝你的問題，希思。像所有人一樣，我們從廣告商那裡聽到，全球疫情已經極大地改變了他們對營銷的思考方式。有些人在重新考慮他們的信息傳遞時暫停了，而另一些人正在削減資金以挽救工作。對於行業來說，這是一段艱難的時期，但我們很幸運能夠在品牌和 DR 方面擁有多元化的業務，這正是您所提到的。事實上，DR 現在占我們總收入的 50% 以上，而且在這段時間裡，我們的業務一直令人難以置信 - 對我們來說令人難以置信。目前，我們主要關注合作夥伴的需求，幫助他們破解深思熟慮的信息並創造有價值的體驗。我們談到了一些關於銷售團隊的轉變，他們已經做到了。就您的觀點而言，應用程序是我們看到這種成功程度的領域之一，其中包括與家庭娛樂有關的應用程序、與遊戲有關的應用程序、與家庭健身有關的應用程序等等當您不需要離開家時，您可以做到這一點，我們在那裡看到了非凡的成功，電子商務和應用程序安裝方面的成功。

When we look at the launch of our return on ad spend opportunities and what we've built, we've consistently innovated towards lower-funnel goals like return on ad spend because it allows advertisers to see stable results and scale with confidence. Once advertisers join with us, they continue to retain and grow. And that, again, has also been incredibly helpful here. In addition, it's still early, but we're working with our sophisticated advertising partners to build out our return on ad spend offering, which is in beta, but it shows promising early results. And then lastly, when we look at our ROAS platform, it's really just one of a whole suite of features that we continue to develop for the most sophisticated performance-driven advertisers in the world. Even in just the past few weeks, we've been testing new products, such as worldwide targeting, advertising split testing and improvements to Dynamic Ads. And our sales team will continue to grow our capabilities to learn and help advertisers achieve the best ROI possible.

當我們審視我們推出的廣告支出回報機會和我們所構建的內容時，我們一直在朝著廣告支出回報等低漏斗目標進行創新，因為它讓廣告商能夠看到穩定的結果並充滿信心地擴大規模。一旦廣告商加入我們，他們就會繼續保留和發展。同樣，這在這裡也非常有幫助。此外，現在還為時過早，但我們正在與我們成熟的廣告合作夥伴合作，以建立我們的廣告支出回報，該產品處於測試階段，但它顯示出可喜的早期結果。最後，當我們查看我們的 ROAS 平台時，它實際上只是我們繼續為世界上最複雜的以績效為導向的廣告商開發的一整套功能中的一個。即使在過去幾週內，我們也一直在測試新產品，例如全球定位、廣告拆分測試和動態廣告的改進。我們的銷售團隊將繼續提高我們的學習能力，幫助廣告商實現最佳投資回報率。

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

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

Great results, guys. Jeremi, if you could talk a little bit more about why you feel the direct response product is doing as well as it is. I mean, is some of this just the fact that the platform is a bit more nascent than some of your competitors because the growth rates are fabulous? That and obviously, partners and a lot of advertisers are struggling right now. So I'd love to hear more about initiatives aside from just the categorization focus that your team is doing so that you can be better positioned to come out on the other side of the crisis in a stronger position.

偉大的結果，伙計們。 Jeremi，如果你能多談談為什麼你覺得直接響應產品做得很好的話。我的意思是，這是否只是因為該平台比您的一些競爭對手更新生，因為增長率驚人？顯然，合作夥伴和許多廣告商現在都在苦苦掙扎。因此，除了您的團隊正在做的分類重點之外，我很想听到更多有關計劃的信息，以便您可以更好地定位於危機的另一端，以更強大的位置出現。

Yes. Thanks for the question, Michael. Specifically, we have many strengths of which -- the most important of which is our large, growing and unduplicated audience. We've been focusing for years on improving measurement, ranking and optimization to drive the relevance and deliver ROI. We're changing and building out our sales and marketing structures to support the needs of our advertising partners and continue to create the innovative ad experiences around video and augmented reality that deliver the real business value. I think most importantly, we are really doubling down on that unique and unduplicated audience, which gives us an inherent advantage at scale. And as we look at our app advertisers, as we talked about at-home advertisers, all of this is really just an acceleration into an economy that the Snapchat generation has been -- has adopted for years, which is the digital economy. So we're feeling that as a very, very strong tailwind for us right now.

是的。謝謝你的問題，邁克爾。具體來說，我們有很多優勢——其中最重要的是我們龐大的、不斷增長的、不重複的受眾。多年來，我們一直專注於改進衡量、排名和優化，以提高相關性並提供投資回報率。我們正在改變和構建我們的銷售和營銷結構，以支持我們的廣告合作夥伴的需求，並繼續圍繞視頻和增強現實創造創新的廣告體驗，以提供真正的商業價值。我認為最重要的是，我們確實在加倍關注那些獨特且不重複的受眾，這給了我們在規模上的固有優勢。當我們審視我們的應用程序廣告商時，正如我們談到家庭廣告商時，所有這些實際上只是加速進入 Snapchat 一代已經採用多年的經濟，即數字經濟。所以我們現在覺得這對我們來說是一個非常非常強大的順風。

Our next question comes from Mark Mahaney of RBC.

我們的下一個問題來自 RBC 的 Mark Mahaney。

Two questions. I want to ask about any learnings you've had from gaming, games that are being played on the site that you threw out some metrics -- you disclose some metrics about seeing a surge in activity. You've had games kind of integrated into the platform for about a year, but I'm sure there's been a -- clearly, it's been a recent surge. Any learnings from that about whether that makes you more constructive on the games outlook on Snap or things you need to do differently? And then just briefly, could you talk about India? I know you called it out as one of the international markets that you seem to be getting some good traction. And just talk a little bit more about learnings from that market. That's an unusual one, I think, for Snap, given its history. So just what you've learned from there and whether you think that kind of success that you may be seeing there, how replicable that is in other markets?

兩個問題。我想問一下你從遊戲中學到的任何東西，在網站上玩的遊戲，你拋出了一些指標——你披露了一些關於看到活動激增的指標。你已經將游戲集成到平台中大約一年了，但我敢肯定，有一個 - 很明顯，這是最近的一次激增。從中學到了什麼，這是否會讓你對 Snap 的遊戲前景更具建設性，或者你需要做一些不同的事情？然後簡單地說，你能談談印度嗎？我知道你把它稱為國際市場之一，你似乎得到了一些很好的牽引力。再多談談從那個市場學到的東西。鑑於 Snap 的歷史，我認為這是一個不尋常的事件。那麼你從那裡學到了什麼，你是否認為你可能在那裡看到的那種成功，在其他市場有多大的可複制性？

Thanks, Mark. Yes. Different -- the games, yes, really excited to see accelerated adoption there. I think this also validates our strategy to build games around playing with friends. Because I think that's especially relevant during this period of time. People want activities to do together. And so our games platform allows people to play at the same time as they're talking and chatting and hanging out together. So we released 5 new titles. We're learning a lot title by title and rolling that back into updates and new releases. So lots of learnings going on. And of course, it's very early, but we have seen acceleration given this period of time, including from folks who are discovering games for the first time and playing with their friends. So that's certainly exciting in terms of the development of our games platform.

謝謝，馬克。是的。不同——遊戲，是的，很高興看到那裡加速採用。我認為這也驗證了我們圍繞與朋友一起玩來構建遊戲的策略。因為我認為這在這段時間內特別重要。人們希望活動一起進行。因此，我們的遊戲平台允許人們在聊天、聊天和閒逛的同時進行遊戲。因此，我們發布了 5 個新遊戲。我們正在逐個標題地學習很多內容，並將其回滾到更新和新版本中。所以很多學習正在進行。當然，現在還為時過早，但我們已經看到了這段時間的加速，包括第一次發現遊戲並與朋友一起玩的人。因此，就我們遊戲平台的開發而言，這無疑是令人興奮的。

As it pertains to India, it's definitely a market we're really excited about and investing a lot into. One of the things that we've seen really worked well there has been releasing custom and culturally relevant augmented reality experiences and increasingly more content. So we're definitely investing in evolving the product for India specifically. And one of the things we've been happy to see is that people there have really embraced talking visually. There's this fluency with visual communication that's really exciting, and that bodes well for our future growth in India.

就印度而言，這絕對是一個我們非常興奮並投入大量資金的市場。我們看到的其中一件事確實運作良好，那就是發布定制和文化相關的增強現實體驗以及越來越多的內容。因此，我們肯定會投資專門為印度開發產品。我們很高興看到的一件事是那裡的人們真的很喜歡用視覺說話。這種流暢的視覺交流真的很令人興奮，這對我們在印度的未來發展來說是個好兆頭。

Our next question comes from Stephen Ju of Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

So Evan, I think you shared some specific commentary about what your users are doing on the app right now. And maybe this is a bit early, but consumer habits are changing as we speak. So what do you think you can do to ensure that the lift that you're seeing in terms of users and engagement will continue to work in your favor? And Jeremi, I think in the past, the Olympics have been a positive catalyst for you guys, but the business has since grown pretty significantly around that type of spend. So with the Tokyo Olympics being postponed into next year, I mean, we have to think about what that budget that was earmarked is going to do. So any thoughts or feedback from your partners in terms of where that budget is going to go?

所以埃文，我想你分享了一些關於你的用戶現在在應用程序上做什麼的具體評論。也許這還為時過早，但正如我們所說，消費者的習慣正在發生變化。那麼，您認為您可以做些什麼來確保您在用戶和參與度方面看到的提升將繼續對您有利？ Jeremi，我認為在過去，奧運會對你們來說是一個積極的催化劑，但從那以後，圍繞這種類型的支出，業務有了相當大的增長。因此，隨著東京奧運會被推遲到明年，我的意思是，我們必須考慮指定的預算將做什麼。那麼，您的合作夥伴對預算的去向有何想法或反饋？

Steve, it is early to -- I think that's where the long-term engagement patterns will land. But what we're really paying attention to are the structural changes that you alluded to. So one of the examples here, I think, is around augmented reality. One of the things we've been really investing a lot in is this transition from augmented reality being something entertainment-based to something that provides increasing utility. And we believe that, that transition has been accelerated by this crisis. And I can give one example, beauty companies spend a huge amount of time and money with trialing and testing their products. And we really believe that due to concerns about transmission, it's become a business imperative to evolve the testing paradigm and move that to technological platforms like augmented reality. And so I think that's one example of the structural changes we're seeing in terms of behavior. So we're really excited about what that means for augmented reality. And in general, across our platform, people are adopting more of our products using that forum. And so we believe that will provide a tailwind. It's just too early to say what that will look like.

史蒂夫，現在還為時過早——我認為這就是長期參與模式的落地點。但我們真正關注的是你提到的結構性變化。所以我認為這裡的一個例子是關於增強現實的。我們真正投入大量資金的其中一件事是，從增強現實以娛樂為基礎的東西向提供越來越實用的東西的轉變。我們相信，這場危機加速了這種轉變。我可以舉一個例子，美容公司花費大量時間和金錢來試用和測試他們的產品。我們真的相信，由於對傳輸的擔憂，發展測試範式並將其轉移到增強現實等技術平台已成為企業的當務之急。所以我認為這是我們在行為方面看到的結構性變化的一個例子。所以我們對這對增強現實意味著什麼感到非常興奮。總的來說，在我們的平台上，人們正在使用該論壇採用更多我們的產品。因此，我們相信這將提供順風。現在說那會是什麼樣子還為時過早。

Thanks. I'll take the second part of the question as it pertains to events. With the majority of our revenue being DR, we are less impacted by single events than we were a couple of years ago. Of course, we benefit from big branding moments like the Super Bowl or Olympics or March Madness. But these events now have become more of a bonus on top of our steady, self-service business, into which we've invested heavily by focusing on the ROI measurement and optimization that we talked about earlier. That puts us in a strong position to continue to win always on budget. Whereas experimental and event budgets are always a way to test and learn any platform. We've moved largely out of that bucket. Once advertisers try our platform, they discover meaningful ROI and strong results. This is evidenced by the doubling of our upfronts from 2019 to 2020. And we simply become a core part of the core -- part of the fabric of the media strategies for brands and agencies worldwide, independent of events or experiments.

謝謝。我將討論問題的第二部分，因為它與事件有關。由於我們的大部分收入是 DR，與幾年前相比，我們受單一事件的影響較小。當然，我們受益於超級碗、奧運會或瘋狂三月這樣的大品牌時刻。但是這些事件現在已經成為我們穩定的自助服務業務之上的額外獎勵，我們通過專注於我們之前談到的 ROI 測量和優化，在這方面進行了大量投資。這使我們處於有利地位，可以繼續在預算範圍內獲勝。而實驗和活動預算始終是測試和學習任何平台的一種方式。我們已經基本擺脫了那個桶。一旦廣告商試用我們的平台，他們就會發現有意義的投資回報率和強勁的結果。從 2019 年到 2020 年，我們的預付款翻了一番就證明了這一點。我們只是成為核心的核心部分——全球品牌和機構媒體戰略結構的一部分，獨立於事件或實驗。

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. Just the first one, maybe help us out a little bit on the type of growth you're seeing in April. How do we think about the growth in the direct response business, which seems to be really strong compared to the non-DR business that quarter -- in the month? So what are you seeing sort of DR, non-DR in April? And then I guess the strength of DR really, I think, it's surprising to a lot of people on this call. Maybe talk to us a little bit about how big app installs have been within that as a big driver of it? And other examples of e-commerce, where you're really seeing strength within DR?

我有兩個。只是第一個，也許可以幫助我們了解您在 4 月份看到的增長類型。我們如何看待本月直接響應業務的增長，與該季度的非災難恢復業務相比，這似乎非常強勁？那麼，您在 4 月看到了哪些 DR，非 DR？然後我猜 DR 的實力真的，我想，這讓很多人在這個電話會議上感到驚訝。也許可以和我們談談，作為它的主要驅動因素，應用程序安裝量有多大？以及其他電子商務示例，您在哪些方面真正看到了 DR 的優勢？

I can have Jeremi fill in some of the details about some aspects of this that are working really well. But what I would say is, obviously, we've built this very big DR business, and that's really an important driver of the growth in this moment. And if you go back a couple of quarters to what we talked about last year with our growth being driven by the build of this always-on business. And I think what you're seeing is that starting to pay off for the business today in terms of us having built this big DR business and become more of a core part of people's buying. And as Jeremi just mentioned, the doubling of the upfronts year-over-year really tells you that in addition to a very solid DR business, we're becoming more of a core part of folks' always-on business. So Jeremi, I'll let you take over in terms of talking about the specific aspects of that, that are working.

我可以讓 Jeremi 填寫一些關於這方面工作非常好的方面的一些細節。但我想說的是，顯然，我們已經建立了這個非常大的 DR 業務，這確實是當前增長的重要驅動力。如果你回到幾個季度，回到我們去年談到的內容，我們的增長是由建立這種永遠在線的業務推動的。而且我認為您所看到的是，就我們已經建立了龐大的 DR 業務並成為人們購買的核心部分而言，今天開始為業務帶來回報。正如 Jeremi 剛剛提到的那樣，預付款同比翻倍確實告訴您，除了非常穩固的 DR 業務之外，我們正在成為人們永遠在線業務的核心部分。所以 Jeremi，我會讓你接手談論具體的工作方面。

Yes, absolutely. Thanks for the question. As mentioned before, app install is absolutely an important part of the growth that we're seeing with the steady always-on businesses because they are getting the ROI that they seek by focusing on and being able to bid on down-funnel activities, such as goal-based bidding or app installs or bidding for people who are completing videos and so on and so forth. That benefits all app install advertisers as well as all of our DR advertisers. And to be honest, in this time, advertisers are really looking for ways to make a dollar go further, and we have efficient pricing, and we are a great place for advertisers to come to get the return on ad spend that they're looking for and the same amount of impressions that they would get for that same dollar elsewhere, which is really exciting. And then in addition to that, the trends that we see in the overall space have been really helpful for us. As we talked about with mobile outpacing desktop, video outpacing non-video and direct buying outpacing RTB. All of those advertisers are seeing success on the platform, very much including app install.

是的，一點沒錯。謝謝你的問題。如前所述，應用程序安裝絕對是我們看到的穩定的永遠在線業務增長的重要組成部分，因為他們通過專注於並能夠競標漏斗活動獲得了他們尋求的投資回報率，例如作為基於目標的出價或應用安裝或對正在完成視頻的人的出價等等。這有利於所有應用安裝廣告商以及我們所有的 DR 廣告商。老實說，在這個時候，廣告商真的在尋找讓一美元走得更遠的方法，我們有有效的定價，我們是廣告商來獲得他們正在尋找的廣告支出回報的好地方和他們在其他地方用同樣的美元獲得的相同數量的印象，這真的很令人興奮。除此之外，我們在整個空間中看到的趨勢對我們真的很有幫助。正如我們談到的移動超過桌面，視頻超過非視頻和直接購買超過 RTB。所有這些廣告商都在該平台上看到了成功，其中包括應用安裝。

Our next question will come from Eric Sheridan of UBS.

我們的下一個問題將來自瑞銀的 Eric Sheridan。

Maybe two questions, if I can. Both follow-ups. Jeremi, is it possible to get a better understanding as price per impression has dropped in March and April as a function of sort of budget decisions by advertisers, are you seeing new advertisers come in or new categories wanting to engage with Snapchat as a result of sort of the return on ad spend dynamic you laid out, both in your script and in some of the interest tonight? Wanted to understand that dynamic a little bit better. And then Derek, how should we think about some of the investments that are being made over the short term against your long-term profitability goals? Are these sort of pull forward of investments to take advantage of the opportunity you find yourself in, and there'll be a smoothing out of the investments in longer duration periods? Or is this sort of a new level of investment you want to call out for investors? Just wanted some clarity around both.

如果可以的話，也許有兩個問題。兩者都有後續。 Jeremi，由於廣告商的預算決策在 3 月和 4 月，每次展示的價格有所下降，是否有可能獲得更好的理解，您是否看到新的廣告商進入或希望與 Snapchat 互動的新類別？您在腳本和今晚的一些興趣中列出的廣告支出回報動態？想更好地理解這種動態。然後是 Derek，我們應該如何考慮在短期內針對您的長期盈利目標進行的一些投資？這些投資是為了利用您發現自己所處的機會而進行的投資，並且會在更長的期限內平穩地進行投資嗎？還是您想為投資者呼籲這種新的投資水平？只是想弄清楚兩者。

Sure. Thanks for the question. I'll take the first part here. As I mentioned just in my previous answer, the price per impression has dropped. But -- and that is allowing both our existing advertisers as well as new advertisers to see highly performing advertising and really strong ROI. So while we are seeing new advertisers come in, we are actually really focused on growing the categories on which we've doubled down during this period, such as gaming, home entertainment, e-commerce and CPG, but helping our industries that have outsized impact build long-term road map to recovery. I think the important thing is that with so much opportunity to earn market share in any vertical or any client type, including small businesses, app install, e-commerce, CPG, and the list continues, the upside for us remains despite market conditions facing our partners, and we'll be here for them.

當然。謝謝你的問題。我將在這裡介紹第一部分。正如我在之前的回答中提到的，每次展示的價格已經下降。但是——這讓我們現有的廣告商和新的廣告商都能看到高效的廣告和真正強大的投資回報率。因此，當我們看到新的廣告商進入時，我們實際上真正專注於發展我們在此期間翻了一番的類別，例如游戲、家庭娛樂、電子商務和 CPG，但幫助我們已經超大型的行業影響建立長期的恢復路線圖。我認為重要的是，在任何垂直或任何客戶類型（包括小型企業、應用程序安裝、電子商務、CPG）中獲得市場份額的機會如此之多，而且名單還在繼續，儘管面臨市場狀況，我們的優勢仍然存在我們的合作夥伴，我們會在這里為他們服務。

Eric, Derek speaking. Just to go further on the investment side. I think part of the backdrop here is that we've done a tremendous amount of work over the last 2 years to really make the cost structure here lean. We've done a lot of work to make our infrastructure extremely efficient. As our user engagement has improved, we've been able to hold the line on our cost per DAU by driving down our unit costs. And we've had relatively modest growth in the headcount. And so you've seen us really get smart about how to deploy the capital that we have invested in the business as efficiently and productively as possible. We put a lot of mechanisms in place to make sure that we can really ensure that we're getting a big return on the investment for the cost that we are investing into the business. I think we see a lot of opportunity at the moment. And so you can see that we're continuing to hire and invest in our talent base. We've been investing in marketing to grow our advertising community as well as our Snapchatter community. And so I think you can expect us to continue to do that to make sure that we're investing in the long-term health of the business. We are going to be prudent though. I mean I think that you'll see us continue to look at growth rates and how the business goes, and we'll be appropriately cautious. But we do want to make sure that given the strength of our balance sheet, given all the progress we've made on the cost structure and managing our operating cash flow higher, we want to make sure that we're cautious but that we continue to invest for the long term so that we can continue to build on and sustain the momentum that we've built with our advertisers and our communities. So I think you see that in what you've observed this quarter and as well and what we've indicated for Q2. Hope that helps.

埃里克，德里克發言。只是為了在投資方面走得更遠。我認為這裡的部分背景是，我們在過去 2 年中做了大量工作，以真正使這裡的成本結構變得精簡。我們已經做了很多工作來使我們的基礎設施非常高效。隨著用戶參與度的提高，我們能夠通過降低單位成本來控制每 DAU 的成本。而且我們的員工人數增長相對溫和。因此，您已經看到我們非常聰明地了解如何盡可能高效和高效地部署我們投資於業務的資本。我們建立了很多機制，以確保我們能夠真正確保我們在投資業務的成本上獲得巨大的投資回報。我認為我們目前看到了很多機會。所以你可以看到我們正在繼續招聘和投資我們的人才庫。我們一直在投資營銷以發展我們的廣告社區以及我們的 Snapchatter 社區。因此，我認為您可以期望我們繼續這樣做，以確保我們投資於業務的長期健康。不過，我們會謹慎行事。我的意思是，我認為您會看到我們繼續關注增長率和業務發展方式，我們將保持適當的謹慎。但我們確實希望確保鑑於我們的資產負債表的實力，鑑於我們在成本結構和管理我們的運營現金流方面取得的所有進展，我們希望確保我們保持謹慎，但我們會繼續進行長期投資，以便我們能夠繼續鞏固和維持我們與廣告商和社區建立的勢頭。因此，我認為您可以在本季度以及我們對第二季度的觀察中看到這一點。希望有幫助。

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

我們的下一個問題來自美國銀行的賈斯汀波斯特。

A couple on usage. You definitely see a surge in users in March and April in the Internet space. How does that translate to DAUs in 2Q? I know you're thinking about average for the quarter in that 239 million. But should that help in 2Q? How are you thinking about that? And then second, maybe for Evan, no secret, TikTok downloads are up a lot, but your metrics look like they're really strong. Can you talk about what metrics you look at in that category? Is it Discover time spent? Is it overall users? Or time spent on Snap Ad? How do you think about that on the metric side?

一對夫婦的用法。您肯定會在 3 月和 4 月看到互聯網領域的用戶激增。這如何轉化為第二季度的 DAU？我知道您正在考慮該季度的平均值，即 2.39 億。但這對第二季度有幫助嗎？你是怎麼想的？其次，也許對 Evan 來說，這不是秘密，TikTok 的下載量增加了很多，但你的指標看起來真的很強大。您能談談您在該類別中查看的指標嗎？是否花費了發現時間？是整體用戶嗎？還是花在 Snap 廣告上的時間？您如何看待度量方面的問題？

It's Derek speaking. Thanks for the question. Talking about users in Q2, I think one of the really important things here is all of the work that we've done to improve the app and the performance of the app in order to drive retention over time. And so as we see these moments where we're able to have growth in DAU, the ability to build on that and sustain that over time is really important. And so a lot of work by the teams to really drive that out and make that possible over the last few years. And so yes, I think we've put together our estimate for Q2 that our costs are based on, and I think that, that demonstrates that. In addition, we've shared some metrics just around how user engagement on a per day basis has improved, including some of the aspects of the app that have done particularly well. We saw really good growth on content engagement and so on. And so it's having the content and the investments we've made in the app that are driving that through. And I think you can see that come through in our estimate there for Q2. I'll turn it over to Evan for the second part of that.

是德里克在說話。謝謝你的問題。談到第二季度的用戶，我認為這裡真正重要的事情之一是我們為改進應用程序和應用程序的性能所做的所有工作，以便隨著時間的推移提高留存率。因此，當我們看到我們能夠在 DAU 中實現增長的這些時刻時，建立在此基礎上並隨著時間的推移保持這一點的能力非常重要。在過去的幾年裡，團隊做了很多工作來真正推動這一點並使之成為可能。所以是的，我認為我們已經匯總了我們對第二季度的估計，我們的成本是基於這個估計的，我認為這證明了這一點。此外，我們還分享了一些關於用戶每天參與度如何提高的指標，包括應用程序中表現特別好的一些方面。我們看到內容參與度等方面的增長非常好。因此，我們在應用程序中所做的內容和投資推動了這一進程。我認為你可以在我們對第二季度的估計中看到這一點。我會把它交給埃文的第二部分。

Justin, yes, as we look at the business, one of the things that has made our business and our community so resilient over time are the really close relationships people have with their friends on our service and the use of our service to communicate in a differentiated way. And so we look a lot at the input metric, making sure people our finding their friends that they can start a conversation. And you see that show up and things like daily active users and Snap creation, which reached 4 billion Snaps created on average during this quarter. So that hopefully gives you some context. But of course, we pay attention to all sorts of metrics across the business, and we're very focused on continuing to innovate and provide a great service to our community.

賈斯汀，是的，當我們審視業務時，隨著時間的推移，使我們的業務和社區變得如此有彈性的原因之一是人們與他們的朋友在我們的服務中建立的真正密切的關係，以及使用我們的服務在差異化的方式。因此，我們非常關注輸入指標，確保人們找到他們的朋友，他們可以開始對話。你會看到這種情況出現了，比如每日活躍用戶和 Snap 創建，本季度平均創建了 40 億個 Snap。因此，希望能為您提供一些背景信息。但是，當然，我們關注整個業務的各種指標，我們非常專注於繼續創新並為我們的社區提供優質服務。

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。

Just wanted to follow up on DR. DR comes, obviously, across bigger brands and then also SMBs. So I was just hoping you could help us overlay your SMB exposure on top of that. Is it reasonable to think that SMBs are also majority of revenue at this point? Or would that not be accurate?

只是想跟進DR。顯然，DR 出現在更大的品牌中，然後也出現在 SMB 中。所以我只是希望你能幫助我們在此之上覆蓋你的 SMB 曝光。是否可以合理地認為中小企業在這一點上也是收入的主要部分？還是說不准確？

Thanks for the question. You're right. We actually look at all of our advertisers like DR advertisers. We believe that is absolutely our responsibility to provide the best return on ad spend no matter what their goals are, be it video consumption, app install, big brands, list, these kinds of things. As it pertains to small and medium businesses, specifically, that is not the majority of our DR business, but it is a really hard time for those advertisers. Businesses are getting hit hard across the whole industry, and we can and will continue to help small businesses in any way we can. Right now, that looks like helping them understand how to talk to this generation. So that when the door is opened and this generation comes back into stores and is able to support them, then they have the right messages and have built the brand equity during this period of time. But as it pertains to our exposure, with so much opportunity to earn market share and our diversification across verticals as well as segments, including big brands to SMB to direct response advertisers that are more online focused, then we really have an opportunity to continue to grow despite these market conditions. We're going to execute for the best and plan for the worst, but the most important thing that we can do for small businesses during this time is just to support them. And we're really pleased with our diversification so that it doesn't impact us at this time. Thank you for the question.

謝謝你的問題。你是對的。實際上，我們將所有廣告商都視為 DR 廣告商。我們相信，無論他們的目標是什麼，無論他們的目標是什麼，無論是視頻消費、應用安裝、大品牌、列表，這些都是我們的責任。因為它與中小型企業有關，特別是，這不是我們 DR 業務的主要部分，但對於那些廣告商來說，這是一個非常艱難的時期。整個行業的企業都受到重創，我們可以並且將繼續以任何方式幫助小企業。現在，這看起來像是幫助他們了解如何與這一代人交談。因此，當門打開並且這一代人回到商店並能夠支持他們時，他們就會得到正確的信息並在這段時間內建立了品牌資產。但由於它與我們的曝光度有關，我們有如此多的機會來贏得市場份額以及我們在垂直領域和細分市場的多元化，包括從大品牌到 SMB 以直接響應更專注於在線的廣告商，那麼我們真的有機會繼續儘管有這些市場條件，但仍會增長。我們將做最好的事情，做最壞的打算，但在此期間我們能為小企業做的最重要的事情就是支持他們。我們對我們的多元化感到非常滿意，因此目前它不會影響我們。感謝你的提問。

This concludes our question-and-answer session as well as Snap Inc.'s First 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 年第一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。