推特 (TWTR) 2021 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Twitter Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions)

女士們、先生們，美好的一天，歡迎參加 Twitter 2021 年第四季財報電話會議。 （操作員說明）

I would now like to turn the call over to your host, Krista Bessinger, VP, Investor Relations. Please go ahead.

現在我想將電話轉給主持人投資者關係副總裁 Krista Bessinger。請繼續。

Hi, everyone, and thanks for joining our Q4 earnings conference call. We have our CEO, Parag Agrawal; and CFO, Ned Segal, with us today. We published our shareholder letter on our Investor Relations website and with the SEC about an hour ago, and we hope that you've had a chance to read it. As usual, we'll keep our opening remarks brief so that we can get right to your questions. As a reminder, we will also take questions asked on Twitter, so please tweet us at @TwitterIR using the #TWTR.

大家好，感謝您參加我們的第四季財報電話會議。我們有我們的執行長 Parag Agrawal；財務長 Ned Segal 今天和我們在一起。大約一小時前，我們在投資者關係網站上以及向美國證券交易委員會發布了我們的股東信，我們希望您有機會閱讀它。像往常一樣，我們將保持簡短的開場白，以便我們可以正確回答您的問題。提醒一下，我們也會回答 Twitter 上提出的問題，因此請使用 #TWTR 在 @TwitterIR 上向我們發送推文。

During this call, we will make forward-looking statements, including statements about our business outlook, strategies and long-term goals. These comments are based on our plans, predictions and expectations as of today, which may change over time. Our actual results could differ materially due to a number of risks and uncertainties, including the risk factors in our most recent 10-Q and upcoming 10-K to be filed with the SEC.

在本次電話會議中，我們將做出前瞻性聲明，包括有關我們的業務前景、策略和長期目標的聲明。這些評論是基於我們今天的計劃、預測和期望，這些計劃、預測和期望可能會隨著時間的推移而改變。由於許多風險和不確定性，包括我們最近向 SEC 提交的 10-Q 報告和即將提交的 10-K 報告中的風險因素，我們的實際結果可能會存在重大差異。

Also during this call, we will discuss certain non-GAAP financial measures. We have reconciled those to the most directly comparable GAAP financial measures in our shareholder letter. These non-GAAP measures are not intended to be a substitute for our GAAP results. And finally, this call in its entirety is being webcast from our Investor Relations website, and an audio replay will be available on Twitter and on our website in a few hours.

此外，在本次電話會議中，我們還將討論某些非公認會計準則財務指標。我們已在股東信中將這些指標與最直接可比較的公認會計準則財務指標進行了調整。這些非公認會計準則衡量標準無意取代我們的公認會計準則結果。最後，本次電話會議將透過我們的投資者關係網站進行網路直播，幾個小時後將在 Twitter 和我們的網站上提供音訊重播。

And with that, I'd like to turn it over to Parag.

說到這裡，我想把它交給帕拉格。

Hello, everyone. Thanks for joining us today. Since this is my first earnings call, I will take a step back and talk about where we are as a company. I'll cover 3 things: our strategy, our execution and what this all means for shareholders.

大家好。感謝您今天加入我們。由於這是我的第一次財報電話會議，我將退後一步，談談我們作為一家公司的處境。 我將介紹三件事：我們的策略、我們的執行以及這一切對股東意味著什麼。

I'll start with our strategy. Our purpose is to serve the public conversation, and Twitter is the best place to find out what's happening. It is unique and it is differentiated. What makes Twitter great is, one, the selection of conversations available on our service, a broad set of people and content on a range of topics that are relevant to the moment; and secondly, how personalized Twitter is to your interest. You can instantly find relevant content across interest from sports to investing and engage with it. The strategy and plans we shared with you about a year ago is meant to continue strengthening these 2 differentiators, around personalization and selection. And we use these to inform and bring completion to our work across both our consumer and revenue focus teams.

我將從我們的策略開始。我們的目的是為公眾對話提供服務，而 Twitter 是了解正在發生的事情的最佳場所。它是獨一無二的，而且是與眾不同的。 Twitter 的偉大之處在於，第一，我們服務上提供的對話選擇、廣泛的人員和與當前相關的一系列主題的內容；其次，Twitter 的個人化程度是否符合您的興趣。您可以立即找到從體育到投資的各種興趣的相關內容並參與其中。我們大約一年前與您分享的策略和計劃旨在繼續加強圍繞個人化和選擇的這兩個差異化因素。我們利用這些資訊來通知並完成我們的消費者和收入焦點團隊的工作。

Let me discuss a couple of examples. First, our work to improve personalization includes us developing a better understanding of customer interests, sometimes through improved machine learning or through building products like followable topics. It also includes us getting better at matching creators and content to consumers. This enables us to create more relevant and personalized products that increase daily utility and also enables us to serve more relevant ads, and can be particularly helpful in improving return on ad spend for performance-oriented advertisers while also improving the ads experience for our customers.

讓我討論幾個例子。首先，我們改進個人化的工作包括更了解客戶的興趣，有時透過改進機器學習或透過建立可關注主題等產品。它還包括我們更好地將創作者和內容與消費者配對。這使我們能夠創造更相關和個人化的產品，提高日常效用，並使我們能夠提供更相關的廣告，並且特別有助於提高以效果為導向的廣告商的廣告支出回報，同時改善客戶的廣告體驗。

Next, let's talk about selection. I want to describe how several of our new products that we've been iterating on at a rapid cadence for them. I'm talking about Spaces, Communities, Newsletters, Professional Accounts, creator monetization efforts around Super Follows and Tipping and also a test with Shopping and Commerce. All of these come together to enable an ecosystem of products that enable content creators, publishers and businesses of all sizes to build and connect with their audience. Together, I believe these will enable more unique content and more content around the long tail of topics. Today, we do well when it comes to topics of broad interest: politics, sports, entertainment, music. But these new features will help expand the range of topics being discussed on Twitter. These will enable opportunities for us to better monetize through more relevant and contextual advertising, but more importantly, also enable our customers to monetize.

接下來，我們來談談選擇。我想描述一下我們是如何快速迭代的一些新產品。我談論的是空間、社群、時事通訊、專業帳戶、圍繞超級關注和小費的創作者貨幣化工作，以及購物和商務測試。所有這些結合在一起，形成了一個產品生態系統，使內容創作者、出版商和各種規模的企業能夠建立並與受眾建立聯繫。我相信這些將共同帶來更多獨特的內容以及更多圍繞主題長尾的內容。如今，我們在涉及廣泛感興趣的話題時表現出色：政治、體育、娛樂、音樂。但這些新功能將有助於擴大 Twitter 上討論的主題範圍。這些將使我們有機會透過更具相關性和上下文的廣告更好地貨幣化，但更重要的是，也使我們的客戶能夠貨幣化。

Next, I want to talk about execution. Because strategy isn't enough to deliver outcomes, we'll need to execute. In my first 10 weeks on the job, I have been focused on improving our execution using 3 key groups: increased accountability, faster decision-making and a focus on doing fewer things in pilots. Let me talk about 2 specific changes we've made. First, I've made strategic organizational changes focused on creating clarity and ownership in the organization. This enables faster decision-making and increased accountability. We're now operating under a GM model, general management model, where cross-functional resources for all product development and the budget to support operations are owned by GM across consumer, revenue and core technology who are responsible for delivering output. Second, we are increasing our attention on important data and metrics across the company starting at the top. This enables not just more accountability but also faster learning. It lets us see how people are using our products, what's working and what is it and why, and with that based on what we can learn.

接下來我想談談執行力。因為戰略不足以交付成果，所以我們需要執行。在上任的前 10 周里，我一直致力於透過 3 個關鍵組來提高我們的執行力：增強責任感、加快決策速度以及減少試點工作的數量。讓我談談我們所做的兩個具體改變。首先，我進行了策略性組織變革，重點是在組織中建立清晰度和所有權。這可以加快決策速度並增強責任感。我們現在在通用汽車模型、綜合管理模型下運營，其中所有產品開發的跨職能資源和支援營運的預算均由負責交付產出的消費者、收入和核心技術的通用汽車擁有。其次，我們從高層開始加大對整個公司重要數據和指標的關注。這不僅可以增強責任感，還可以加快學習速度。它讓我們了解人們如何使用我們的產品，什麼是有效的，它是什麼以及為什麼，並基於我們可以學到的東西。

Now let me turn to what this means for shareholders. First, our strategy and our goals for 2023 that we shared about a year ago are not changing. What is changing is an increased focus on execution designed to deliver the outcomes our customers and you all expect from us. Second, we are investing to deliver growth given the massive market opportunity we see. We've done reallocations to fund many incremental investments for 2022, and there is also efficiency work underway that will pay off even more over time. The goal is to create optionality for the future to either improve margins or invest in high-value opportunities, making Twitter an even larger and more profitable company over the long term.

現在讓我談談這對股東意味著什麼。首先，我們大約一年前分享的策略和 2023 年目標沒有改變。正在發生的變化是更加重視執行力，旨在實現我們的客戶和你們對我們的期望。其次，鑑於我們看到的巨大市場機會，我們正在投資以實現成長。我們已經進行了重新分配，為 2022 年的許多增量投資提供資金，並且正在進行的效率工作將隨著時間的推移獲得更多回報。目標是為未來創造選擇，要么提高利潤率，要么投資高價值機會，使 Twitter 從長遠來看成為一家規模更大、利潤更高的公司。

I will close by sharing that I see a strong urgency to improve our focus and execution but also a lot of confidence in our strategy and our team. Twitter serves a very important role in the world, and we take our responsibility to make it the best it can be very seriously.

最後我要分享的是，我認為提高我們的重點和執行力非常緊迫，但也對我們的策略和團隊充滿信心。 Twitter 在世界上發揮著非常重要的作用，我們非常認真地承擔起將其做到最好的責任。

With that, I want to hand it off to Ned.

說到這裡，我想把它交給內德。

Thanks, Parag, and hello, everyone. I'd like to cover our results, our outlook and our buyback before turning to your questions.

謝謝帕拉格，大家好。在回答你們的問題之前，我想先介紹一下我們的業績、前景和回購情況。

On the results. Q4 closed out a record year for Twitter. Total revenue for the quarter grew 22% year-over-year to $1.57 billion, and total revenue for the year grew 37% year-over-year to $5.08 billion. mDAU grew 13% year-over-year to 217 million and U.S. mDAU grew 1 million sequentially, both in line with our expectations. During the quarter, we continued to make progress across our portfolio of consumer and revenue products. We iterated on Spaces, Topics, communities and our onboarding flow, all in service of growing our audience. Performance ads grew faster than ad revenue in Q4 driven by MAP. Our work here is paying off. Over 2 million businesses identify themselves to us since the launch of Professional Accounts in Q3, giving us fertile ground to market ad products to a growing base of accounts that are eager to reach their customers on Twitter.

關於結果。 Twitter 的第四季度創下了創紀錄的業績。該季度總營收年增 22% 至 15.7 億美元，全年總營收年增 37% 至 50.8 億美元。 mDAU 年成長 13% 至 2.17 億，美國 mDAU 較上季成長 100 萬，皆符合我們的預期。本季度，我們的消費和收入產品組合持續取得進展。我們迭代了空間、主題、社群和我們的入職流程，所有這些都是為了增加我們的受眾。在 MAP 的推動下，效果廣告在第四季的成長速度快於廣告收入。我們在這裡的工作正在得到回報。自從第三季推出專業帳戶以來，已有超過 200 萬家企業向我們表明了自己的身份，這為我們向越來越多渴望在 Twitter 上接觸客戶的帳戶推銷廣告產品提供了肥沃的土壤。

On the outlook. Our strategy remains the same, invest to drive growth and deliver on our goals of 315 million mDAU and $7.5 billion or more in total revenue for 2023. In early January, we closed the sale of MoPub, generating proceeds of approximately $1 billion and enabling us to invest even more resources in performance ads, SMB and commerce. In 2022, we expect revenue to grow in the low to mid-20s range versus 2021, excluding MoPub and MoPub Acquire, with performance revenue growing faster than brand. We expect total cost and expenses to grow in the mid-20% range in 2022 versus 2021, excluding 2021's onetime items with the number of buys that we see the opportunity to drive faster growth in revenue or mDAU. Expenses in 2022 are expected to ramp in absolute dollars over the course of the year as we invest, with headcount growth of approximately 20% and a focus on R&D. We're pleased with the decisions we've made to reallocate resources and to make trade-off decisions to hold expense growth to these levels.

論展望。我們的策略保持不變，即投資推動成長，實現2023 年3.15 億mDAU 和總收入75 億美元或以上的目標。能夠在效果廣告、中小企業和商務方面投入更多資源。與 2021 年相比，我們預計 2022 年營收將在 20 左右成長，不包括 MoPub 和 MoPub Acquire，其中業績收入成長速度快於品牌營收成長速度。我們預計 2022 年總成本和支出將比 2021 年增長 20% 左右，不包括 2021 年的一次性商品，我們認為有機會推動收入或 mDAU 更快增長。隨著我們的投資，2022 年的支出預計將在這一年以絕對美元計算增加，員工人數將成長約 20%，並且專注於研發。我們對重新分配資源和做出權衡決策以將費用增長保持在這些水平的決定感到滿意。

In 2022, we expect mDAU growth to accelerate in the U.S. and international markets over the course of the year. These expectations are informed by the data that we see, which has been driven by our work to help people successfully create new accounts and reactivate existing accounts to get more value out of Twitter by finding what they're looking for faster. Our work is compounding to deliver results, and we're seeing it in some of the important lead indicators.

2022 年，我們預計美國和國際市場的 mDAU 成長將在這一年中加速。這些期望是根據我們看到的數據得出的，這些數據是由我們的工作推動的，幫助人們成功創建新帳戶並重新激活現有帳戶，透過更快地找到他們正在尋找的內容，從Twitter 中獲得更多價值。我們的工作是透過複合來取得成果，我們在一些重要的領先指標中看到了這一點。

In Q4, we saw more than 25% year-over-year increase in the number of people who come to Twitter every day to either create a new account or reactivate an existing account and a 35% year-over-year increase in daily sign-ups.

第四季度，我們發現每天造訪 Twitter 建立新帳戶或重新啟動現有帳戶的人數年增超過 25%，每日登入人數較去年同期成長 35% -UPS。

Lastly, let me turn to our new share repurchase plans. In Q4, we repurchased $266 million of stock via our share repurchase program that had been announced in 2020, bringing our total repurchase to $1.18 billion to date. I'm excited to share that our Board of Directors has just authorized a new $4 billion share repurchase program, which is effective immediately and replaces the balance of approximately $819 million from our prior $2 billion authorization. As part of the new program, we intend to enter into a $2 billion accelerated share repurchase program and plan to repurchase the remaining $2 billion over time. We'll continuously evaluate efficient alternative fees and cash on hand to fund the program, including accessing the capital markets subject to market conditions.

最後，讓我談談我們的新股票回購計畫。第四季度，我們透過 2020 年宣布的股票回購計畫回購了 2.66 億美元的股票，使迄今為止的回購總額達到 11.8 億美元。我很高興地告訴大家，我們的董事會剛剛批准了一項新的 40 億美元股票回購計劃，該計劃立即生效，並取代了我們之前 20 億美元授權中約 8.19 億美元的餘額。作為新計劃的一部分，我們打算啟動 20 億美元的加速股票回購計劃，並計劃隨著時間的推移回購剩餘的 20 億美元。我們將不斷評估有效的替代費用和手頭現金來資助該計劃，包括根據市場條件進入資本市場。

In summary, we're pleased with our results, our strategy and our structure, and we're working hard to deliver improved execution, which will lead to even better results in 2022 and beyond.

總而言之，我們對我們的結果、策略和結構感到滿意，我們正在努力提高執行力，這將在 2022 年及以後帶來更好的結果。

Let's turn to your questions.

讓我們來回答你的問題。

Thank you. Operator, we're ready for questions.

謝謝。接線員，我們準備好回答問題了。

(Operator Instructions) Our first question comes from Doug Anmuth from JPMorgan.

（操作員指令）我們的第一個問題來自摩根大通的 Doug Anmuth。

You mentioned the strong growth that you're seeing in important lead indicators for future mDAU growth. Just curious if you could talk about what that means for retention and how you can improve that going forward, and how you think about the drivers of mDAU growth and the acceleration through '22 just beyond the using comps?

您提到了未來 mDAU 成長的重要領先指標的強勁成長。只是好奇您能否談談這對保留率意味著什麼，以及如何改進這一點，以及您如何看待 mDAU 增長的驅動因素以及 22 年超越使用補償的加速？

Thanks for the question. As we've shared, we have line of sight to hitting our goal of 315 million mDAU at the end of 2023, and some of this is informed by the early lead indicators we're seeing. Just to talk about sort of the growth funnel of mDAU as we see it.

謝謝你的提問。正如我們所分享的，我們預計在 2023 年底實現 3.15 億 mDAU 的目標，其中一些是透過我們看到的早期領先指標得出的。只是談談我們所看到的 mDAU 成長漏斗。

It's important to think about the very top of the funnel where people show up to Twitter on a daily basis to either create a new account or reactivate an existing account after being away for 30 days. By encouraging people who use Twitter on a logged-out basis to log in, we created a mechanism where they're able to achieve more daily utility. In Q4, as a result of this work, we saw a 25% year-on-year increase in the very top of the funnel.

重要的是要考慮頻道的最頂端，人們每天都會出現在 Twitter 上建立新帳戶或在離開 30 天後重新啟動現有帳戶。透過鼓勵在登出的情況下使用 Twitter 的用戶登錄，我們創建了一種機制，使他們能夠獲得更多的日常實用性。在第四季度，由於這項工作，我們看到漏斗頂部的同比增長了 25%。

Further, we've done work to remove friction for people as they sign up through incorporating things like single sign-on. As we've done this work, this was part of what drove the 35% year-on-year increase in daily sign-ups. As you think about all of the users that are coming into Twitter to find value, as you think about the strategy we described earlier around using the great selection of content we have on our service and our ability to create increasingly personalized experiences through both investments in machine learning and also creating products like followable topics, what you see is us creating really personalized, relevant experiences for people so that they keep coming back to Twitter on a daily basis. And as you see all of this work sort of playing forward a couple of years, we see confidence in us getting to the 315 million mDAU.

此外，我們還努力透過整合單一登入等功能來消除人們註冊時的摩擦。當我們完成這項工作時，這是推動每日註冊量年增 35% 的部分原因。當你想到所有進入 Twitter 尋找價值的用戶時，當你想到我們之前描述的關於使用我們服務上精選內容的策略以及我們通過投資創造日益個性化的體驗的能力時，機器學習以及創建可關注主題等產品，您看到的是我們為人們創造真正個人化、相關的體驗，以便他們每天不斷回到Twitter。正如您所看到的，所有這些工作都在推進幾年，我們對達到 3.15 億 mDAU 充滿信心。

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

我們的下一個問題來自美國銀行的賈斯汀·波斯特。

Maybe one about the quarter and one about big-picture revenues. First on the quarter, can you just talk about how impressions were down and CPE is up, what you were doing within the ad stack to drive that? And then second, maybe just for Ned. It looks like guidance is maybe around $1 billion. I appreciate the full year outlook of revenue growth this year. But you need $1.5 billion next year to get to $7.5 billion. What are you thinking could help accelerate growth as we work through the next 2 years?

也許一個是關於季度的，另一個是關於整體收入的。首先，您能否談談本季的印象數下降和 CPE 上升情況，以及您在廣告堆疊中採取了哪些措施來推動這一趨勢？其次，也許只是為了內德。看起來指導價可能約 10 億美元。我對今年全年營收成長的前景表示讚賞。但明年需要 15 億美元才能達到 75 億美元。您認為什麼可以幫助我們在未來兩年的工作中加速成長？

Justin, thanks for the question. I'll jump in on both of them. First on the ad metrics. So total ad engagement decreased 12% year-over-year and cost per engagement increased 39%. And there are a variety of things that can cause these to move in one direction or another. But in this case, we saw a mix shift to performance ad products, which, as you know, typically have a higher threshold to be an engagement. At a brand ad, sometimes you just need to see it for it to be an engagement whereas when there's a call to action to click through to something, the threshold is higher. And so sometimes you can show great ads to people and they'll be more performance-oriented, but ad engagements will go down. And so that's what we saw and that was a driver of it.

賈斯汀，謝謝你的提問。我會加入他們兩個。首先是廣告指標。因此，廣告總參與度年減 12%，每次參與成本增加 39%。有多種因素可以導致它們朝一個方向或另一個方向移動。但在這種情況下，我們看到了向效果廣告產品的混合轉變，如您所知，這些產品通常有更高的參與門檻。在品牌廣告中，有時你只需要看到它就可以成為一種參與，而當有號召性用語點擊某物時，門檻就更高了。因此，有時你可以向人們展示很棒的廣告，他們會更加重視效果，但廣告參與度會下降。這就是我們所看到的，也是其驅動因素。

Similarly, cost per engagement increased 39%. Typically, those lower funnel ads have a higher cost per engagement because of that higher threshold, because it's closer to where the transaction happens, which is why it's such an important part of our road map. So those 2 really move, the relationship between them, it was important to think about this quarter in terms of the mix shift that drove each of them.

同樣，每次參與成本增加了 39%。通常，那些較低的漏斗廣告由於門檻較高，每次互動的成本較高，因為它更接近交易發生的地方，這就是為什麼它是我們路線圖如此重要的一部分。因此，這兩者之間的關係確實發生了變化，重要的是要從推動它們各自的混合轉變的角度來思考本季。

On the second part of your question, so no changes to that $7.5 billion or more goal for next year. And if you go back to Parag's comments on DAU, the acceleration that we expect to see over the course of this year in the U.S. and international is core to the revenue opportunity because it gives us a larger audience to show better ads, is number one. And then two, this road map that we talked about where we've done a lot of hard work around our performance ads, we've also delivered excellent growth in brand, which has been our strength historically, is paying off. And we expect to see performance ads grow faster than brand over the course of this year. Those 2 things together are what we think set us up to grow in the low to mid-20s in terms of revenue growth this year and to hit that $7.5 billion or more goal for next year.

關於你問題的第二部分，明年 75 億美元或更多的目標沒有改變。如果你回顧一下 Parag 對 DAU 的評論，我們預計今年美國和國際市場的加速成長是收入機會的核心，因為它為我們提供了更多的受眾來展示更好的廣告，這是第一大目標。第二，我們談到的路線圖，我們在效果廣告方面做了很多艱苦的工作，我們也實現了品牌的出色成長，這一直是我們歷史上的優勢，正在得到回報。我們預計今年效果廣告的成長速度將超過品牌廣告。我們認為，這兩件事共同推動我們今年的營收成長在 20 多歲左右，並在明年實現 75 億美元或更多的目標。

The next question comes from Brian Nowak from Morgan Stanley.

下一個問題來自摩根士丹利的布萊恩·諾瓦克。

I have two, both related to advertising. The first one, Parag, can you just sort of talk through on the DR side? Where do you think you've made the most progress really building out a DR product? And where do you still see the key areas you need to improve to realize the real 2022, 2023 opportunity? And the second one also on the advertising side. As you think about your 2023 revenue guide, roughly what percentage of the advertising business do you expect key performance within that in your base case?

我有兩個，都跟廣告有關。第一個，Parag，您能談談 DR 方面的情況嗎？您認為在建構災難復原產品方面，您在哪些方面取得了最大進展？您認為要實現 2022 年、2023 年真正的機遇，還需要改進哪些關鍵領域？第二個也是在廣告方面。當您考慮 2023 年收入指南時，您預計基本情況下的廣告業務關鍵績效將約佔多少百分比？

Thanks for the question. We've shared with you our long-term goal around mix shift between brand and DR is 50-50. That remains the same, but it's a goal that we have over the long term. As we sort of look at this year, we see the DR business growing faster than brand business. So you'll see us make progress towards that goal this year, and I expect that to continue going forward as we approach the 50-50 goal over the long term.

謝謝你的提問。我們已經與您分享了我們關於品牌和 DR 之間混合轉變的長期目標是 50-50。這仍然是一樣的，但這是我們的長期目標。回顧今年，我們發現災難復原業務的成長速度快於品牌業務。因此，您將看到我們今年在實現這一目標方面取得了進展，並且我預計，隨著我們實現 50-50 的長期目標，這一進展將繼續向前推進。

In terms of sort of your question around sort of where we've seen most progress and what we see looking across this year, last year really, as we shared, our strategy around performance was to initially focus on mobile app promotions, which is app installs and app reengagements. And I think we've made progress there with that business growing well. As we sort of look at where we are today, we are now increasing the investment we have to also be on web performance, starting at the top with like new products we shipped in the last few weeks with web traffic, which is a rebrand of the web clicks product we had, and increasingly moving more down funnel on the web performance opportunity.

就您提出的問題而言，我們在哪裡看到了最大的進展以及我們今年看到的情況，去年確實，正如我們所分享的那樣，我們圍繞性能的策略是最初專注於移動應用程序促銷，即應用程式安裝和應用程式重新參與。我認為我們已經取得了進展，業務發展良好。當我們審視今天的處境時，我們現在正在增加對網路效能的投資，從頂部開始，我們在過去幾週發布了帶有網路流量的新產品，這是對網路流量的重新命名。點擊產品，並且越來越多地向下移動網路績效機會。

We've also, through the sale of MoPub, reallocated a lot of resources towards our efforts across the performance road map but also into small business focus road maps, which will allow us to deliver more value to small businesses through the revamped Quick Promote product that we've now been testing. And as all of these come together, it creates opportunities for us to get into commerce. So I think that's what you should expect in terms of us making progress on the performance road map.

我們還透過出售 MoPub，重新分配了大量資源，用於我們在績效路線圖和小企業重點路線圖上的努力，這將使我們能夠透過改進的快速推廣產品為小企業提供更多價值我們現在已經在測試了。當所有這些結合在一起時，它為我們進入商業創造了機會。因此，我認為這就是您應該期待我們在效能路線圖上取得進展的情況。

The next question comes from Ross Sandler from Barclays.

下一個問題來自巴克萊銀行的羅斯桑德勒。

Parag, just to follow up on that last answer. The letter talked about a litany of new DR ad formats. And it sounds like e-commerce and the new website traffic product is going to be the needle mover in '22. Am I hearing that correctly that, that will kick in a lot more than MAP, which has been kind of carrying the day in DR thus far? So do you view that as the big opportunity over the next 2 years? And then, Ned, a housekeeping question. It looks like CrossInstall was doing about $10 million per quarter and MoPub was the other kind of $40 million and change. Is that right in terms of how much we should take out of our ad portion versus our licensing portion in terms of taking out those 2 businesses?

Parag，只是為了跟進最後一個答案。這封信談到了一系列新的 DR 廣告格式。聽起來電子商務和新的網站流量產品將成為 22 年的推動者。我沒聽錯吧，這將比 MAP 發揮更大的作用，而 MAP 迄今為止在 DR 中佔據了主導地位？那麼您認為這是未來兩年的巨大機會嗎？然後，內德，一個家政問題。看起來 CrossInstall 每季營收約 1000 萬美元，而 MoPub 則是另一種收入 4000 萬美元和變化。就我們應該從廣告部分中取出多少與從這兩項業務的許可部分中取出多少而言，這是正確的嗎？

Thanks, Ross. Yes, we have been [initiating] fast on several of our performance products, including mobile app promotions, but also now more so on the web performance side. Web traffic, as we think about it, is not something we consider to be a performance product in terms of how we account for brand versus DR revenue. That being said, it allows us to get increasingly down funnel so that we can deliver in outcomes and conversions to the customers who are starting to use this product. And our strategy for this year includes sort of improvement in mobile app promotion, again, increasing investments in more down-funnel efforts that are going well beyond app installs. And similarly, on the web performance side, to get more down-funnel conversions leading into small businesses and e-commerce solutions coming across.

謝謝，羅斯。是的，我們一直在快速[啟動]一些性能產品，包括行動應用程式促銷，但現在在網路效能方面也更加如此。正如我們所認為的，就我們如何計算品牌與 DR 收入而言，網路流量並不是一種效能產品。話雖這麼說，它使我們能夠越來越深入地了解管道，以便我們能夠向開始使用該產品的客戶提供結果和轉換。我們今年的策略包括對行動應用程式推廣進行某種程度的改進，再次增加對更多下漏斗工作的投資，而這些工作遠遠超出了應用程式安裝的範圍。同樣，在網路效能方面，為了獲得更多的下漏斗轉化，導緻小型企業和電子商務解決方案的出現。

And on the second part of your question, Ross, on the mix. So we haven't broken out MoPub versus MoPub Acquire, the old CrossInstall business. But just to walk you back to what we've shared in the past, it was about $188 million of 2020 revenue, about $218 million of 2021 revenue, $50 million going towards $60 million over the course of 2021. The details are in the letter. And we said in the past that 2022 would have been between $200 million and $250 million of revenue. And just to remind folks what we've talked about here in the past, we did this to reallocate our resources to higher priority work where we think there's a better payoff over time, ads on Twitter. And in doing that, we've already reallocated the people, but the revenue lags the work that the people do. And so we don't expect to make up all of that $200 million to $250 million this year. But we do expect to make up the effective run rate of MoPub plus MoPub Acquire in 2023, which is why there are no changes to those long-term goals that we've laid out.

羅斯，關於你問題的第二部分，關於混合。因此，我們還沒有對 MoPub 與 MoPub Acquire（舊的 CrossInstall 業務）進行區分。但讓您回顧一下我們過去分享的內容，2020 年收入約為 1.88 億美元，2021 年收入約為 2.18 億美元，2021 年收入 5,000 萬美元將達到 6,000 萬美元。我們過去說過，2022 年的營收將在 2 億至 2.5 億美元之間。只是為了提醒人們我們過去在這裡討論過的內容，我們這樣做是為了將我們的資源重新分配到更高優先級的工作上，我們認為隨著時間的推移，這些工作會帶來更好的回報，例如Twitter 上的廣告。在這樣做的過程中，我們已經重新分配了人員，但收入落後於人們所做的工作。因此，我們預計今年不會籌集到 2 億至 2.5 億美元的全部資金。但我們確實希望在 2023 年彌補 MoPub 和 MoPub Acquire 的有效運作率，這就是為什麼我們制定的長期目標沒有改變。

The next question comes from Rich Greenfield from LightShed Partners.

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

I guess maybe just first off, it'd be great to understand, Parag, why you were the right choice for the Board to appoint CEO. I think maybe helping people understand the key initiatives that you were behind and what drove the Board to make you CEO? Because I still think a lot of people probably listening to this call, they don't know a lot about you historically. And so just some historical context would be great. And then just a follow-up for Ned on mDAUs. I think there's a lot of investors that were sort of expecting you to reduce your 2023 guidance. When you think about sort of that reacceleration to 20% growth, which is where you ended sort of -- or where your Q1 was and where you were back in 2020, what's the single greatest reason why you have such confidence in 20-plus percent growth for the next 2 years?

我想也許首先，帕拉格，如果你能理解為什麼你是董事會任命執行長的正確選擇，那就太好了。我認為也許可以幫助人們了解您所支持的關鍵舉措以及是什麼促使董事會任命您為執行長？因為我仍然認為很多人可能在聽這個電話，但他們對你的歷史了解不多。所以只要有一些歷史背景就很好了。然後是 Ned 關於 mDAU 的後續行動。我認為很多投資者都在期待您降低 2023 年的指導。當你考慮重新加速到 20% 的成長時，這就是你結束的地方，或者你的第一季的情況以及 2020 年的情況，你對 20% 以上的成長充滿信心的最大原因是什麼未來2年的成長？

Hey, Rich, thanks for the question. Let me take the second question first and then I'll get to the first one. As I said, we have line of sight to our 315 million mDAU goal from where we stand today. What gives us this line of sight is the -- in response to the first question, the information I shared, around the top of the funnel, how we are making changes to both customers at the very top of the funnel, showing intent to create an account and to log in, and also how we are reducing friction for more and more people to end up creating an account and logging in. That is the information that gives us the confidence alongside the road map we have ahead of us in terms of improving personalization and selection to be able to get to the 315 million mDAU.

嘿，里奇，謝謝你的提問。我先回答第二個問題，然後再回答第一個問題。正如我所說，從今天的情況來看，我們已經實現了 3.15 億 mDAU 的目標。給我們這種視線的是——為了回答第一個問題，我在漏斗頂部分享的信息，我們如何對漏斗最頂部的兩個客戶做出改變，表現出創造的意圖一個帳戶並登錄，以及我們如何減少越來越多的人最終創建帳戶和登入的摩擦。

Now we've shared these numbers with you in part so that you can understand why we believe in our ability to hit this. And the impact we've seen from this work should be broad-based in the U.S. and internationally, which is why we said that our expectation around are seeing an acceleration growth through the course of this year.

現在我們與您分享了這些數字，以便您能夠理解為什麼我們相信我們有能力實現這一目標。我們從這項工作中看到的影響應該在美國和國際上具有廣泛的基礎，這就是為什麼我們說我們的預期在今年會看到加速成長。

To answer your first question, I have been in Twitter for over a decade now. I've worked -- I've had the privilege of working on all kinds of initiatives. I started my journey here working on the ads, on bidding ads products well before the IPO. And I think as a result at that time, I gained a lot of empathy for our advertising customers and a lot of respect for advertising as a business that enables a service like Twitter to be free for all of our customers all around the world.

回答你的第一個問題，我已經使用 Twitter 十多年了。我工作過——我有幸參與過各種倡議。早在首次公開募股之前，我就開始了我的廣告之旅，從事廣告產品競價工作。我認為當時的結果是，我對我們的廣告客戶產生了很多同理心，也對廣告作為一項業務產生了很大的尊重，因為它使像Twitter 這樣的服務能夠免費為我們世界各地的所有客戶提供。

I subsequently spent time working on our consumer initiatives, working on machine learning efforts to incrementally improve the Home timeline, deliver relevance in the Home timeline, which allowed for us to sort of start growing mDAUs and accelerate into the low double digits and then sustain that over time. I've since -- in the most recent phase of my time here, I've been the CTO. I've been on the leadership team involved in all strategic decisions, whether they be around technology, but also around product policy, how we do resource allocation, how we reorganize ourselves. And I think that's given me a lot of perspective around both sort of our customers outside the company, but also the internal for the company and how to drive constant improvement within the company so that we can deliver great products for our customers.

隨後，我花時間研究我們的消費者計劃，致力於機器學習工作，以逐步改進主頁時間線，提供主頁時間線的相關性，這使我們能夠開始增加mDAU 並加速到低兩位數，然後維持這一趨勢隨著時間的推移。從那時起，在我任職的最近階段，我一直擔任技術長。我參與了所有策略決策的領導團隊，無論這些決策是圍繞著技術還是圍繞產品政策、我們如何進行資源分配、我們如何重組自己。我認為這讓我對公司外部的客戶以及公司內部的客戶以及如何推動公司內部的持續改進有了很多看法，以便我們能夠為客戶提供優質的產品。

Thank you. And we'll take the next question from Twitter. Thanks, Rich. We're going to take the next question from Twitter. This is from the account of [@damianeurox]. And [Damian] asks, will you touch on Web3 incorporation and also the amount of new Twitter Blue subscribers?

謝謝。我們將回答 Twitter 的下一個問題。謝謝，里奇。我們將接受 Twitter 的下一個問題。這是來自 [@damianeurox] 的帳戶。 [Damian] 問，您能談談 Web3 的合併以及 Twitter Blue 新訂閱者的數量嗎？

Thanks, [Damian], for asking your questions on Twitter. On Web3, I think it's very interesting what you've seen. I think it's important as we sort of look at the opportunity ahead of us to think about the secular trends all around us. If you think about the broader crypto ecosystem, which includes cryptocurrencies, the work in several DeFi projects, or even broader, all of the decentralized technologies and applications being built on top of the various blockchains, what you notice is this incredible amount of developer energy, developer energy, which is interested in solving problems.

感謝 [Damian] 在 Twitter 上提問。在 Web3 上，我認為您所看到的非常有趣。我認為這很重要，因為我們在尋找擺在我們面前的機會來思考周圍的長期趨勢。如果你考慮更廣泛的加密生態系統，其中包括加密貨幣、幾個DeFi 項目的工作，或者更廣泛的，所有構建在各種區塊鏈之上的去中心化技術和應用程序，你會注意到這種令人難以置信的開發人員精力，開發者精力，對解決問題感興趣。

And what that does, it creates opportunities for a service like ours, which is operating at scale with a lot of customers and which happens to be the place where this entire ecosystem goes to find out what's happening across the ecosystem to really be connected to sort of how this secular trend is evolving over time. We have a small internal team which is looking at opportunities in terms of how we might harness this change towards benefiting creators on our service, towards benefiting all consumers on Twitter. And we're excited about all the opportunities that creates.

它的作用是，它為像我們這樣的服務創造了機會，該服務正在與大量客戶一起大規模運營，並且恰好是整個生態系統去了解整個生態系統中發生的事情的地方，以便真正連接到排序這種長期趨勢如何隨著時間的推移而演變。 我們有一個小型內部團隊，正在尋找機會，研究如何利用這項變化，使我們服務的創作者受益，使 Twitter 上的所有消費者受益。我們對所創造的所有機會感到興奮。

On your second question around Twitter Blue. It's been a strong journey for us as we've sort of added more features to Twitter Blue to give them more value over time as we've expanded the number of markets. This product is available in -- now in Q4, getting into both U.S. and New Zealand, in addition to the Canada and Australia markets that we started in the earlier part of the year. What we've seen is people use the product. What we've seen is our sort of most heavy users of the product is where this is targeting. And we've seen a strong response from them. That being said, it's a very small part of our revenue today. We're really excited about the future road map. It's not critical to how we deliver the $7.5 billion of revenue in 2023 but creates massive opportunities for us as we look beyond that.

關於你關於 Twitter Blue 的第二個問題。這對我們來說是一段艱難的旅程，因為我們為 Twitter Blue 增加了更多功能，隨著我們擴大市場數量，隨著時間的推移，它們將獲得更多價值。該產品現已在第四季度上市，除了我們今年稍早啟動的加拿大和澳洲市場外，還進入了美國和紐西蘭。我們所看到的是人們使用該產品。我們所看到的是我們產品的最重度使用者是我們的目標族群。我們看到了他們的強烈回應。話雖這麼說，但這只占我們今天收入的一小部分。我們對未來的路線圖感到非常興奮。這對我們如何在 2023 年實現 75 億美元的收入並不重要，但當我們放眼未來時，它會為我們創造巨大的機會。

So we have a question from Eric Sheridan from Goldman Sachs.

高盛的艾瑞克·謝裡丹向我們提出了一個問題。

First, congrats on the new role, Parag. Maybe following up on Richard's question first. Parag, when you look back over the last 2 to 5 years, what do you think Twitter might have done differently? Or what should we think in terms of your strategic vision for where you might want to do things differently, looking forward from where the strategy was in the last few years? And then maybe on the investment and the margin cadence, with the strong level of investments that you're calling out, Ned, in 2022, how should investors think about whether we're in the middle innings of an investment cycle versus a later innings of an investment cycle for Twitter against your goals to position for the long term?

首先，恭喜新角色 Parag。也許先跟進理查德的問題。 Parag，當您回顧過去 2 到 5 年時，您認為 Twitter 可能做了哪些不同的事情？或者，從您的策略願景來看，您可能希望以不同的方式做事，從過去幾年的策略來看，我們應該怎麼想？然後，也許在投資和保證金節奏方面，內德，隨著 2022 年你所呼籲的強勁投資水平，投資者應該如何考慮我們是處於投資週期的中期還是後期Twitter 的投資週期與您的長期定位目標有何不同？

Thanks for the question, Eric. I've been at Twitter for 10 years, as I mentioned, and I've been on the leadership team over the last 4 years. One of the things we've constantly been focused on is how we go faster, how we can ship more products to our customers in order to give them more value. As I've taken on this role, my focus has been on improving our execution. I bring a strong amount of urgency to this growth, be very focused on metrics, in observing them and reacting to them and being able to understand what's working for our customers, what's not working for our customers and to use that understanding to constantly improve our products.

謝謝你的提問，艾瑞克。正如我所提到的，我在 Twitter 工作了 10 年，並且在過去 4 年裡我一直是領導團隊的一員。我們一直在關注的事情之一是如何加快步伐，如何向客戶提供更多產品，從而為他們提供更多價值。當我擔任這個角色時，我的重點是提高我們的執行力。我對這種成長充滿了緊迫感，非常關注指標，觀察它們並對它們做出反應，並能夠了解什麼對我們的客戶有用，什麼對我們的客戶不起作用，並利用這種理解來不斷改進我們的產品。

I also bring an increased focus on accountability across the company. It's evidenced by the changes we've made around the GM structure that we're now operating under and how we are driving more accountability at the leadership level but also as it cascades below that. So what you should expect from us is constantly improving execution, constant focus on delivering outcomes for our customers and for our shareholders and for you all to hold me accountable for delivering these results.

我還更加關注整個公司的問責制。我們圍繞目前運營的通用汽車結構所做的改變以及我們如何在領導層以及其下級推動更多問責制就證明了這一點。因此，您對我們的期望應該是不斷提高執行力，不斷專注於為我們的客戶和股東交付成果，並讓你們所有人讓我對交付這些成果負責。

Eric, on the second part of your question, I'll step back from the baseball analogy around investment but share that we still feel like it's really early for us, both in terms of the audience opportunity and that those lead indicators that we shared. When 35% growth in sign-ups is something you're able to see in a quarter, that demonstrates what's possible to us and that we're just getting more add-backs in terms of helping people find what they're looking for on Twitter. That's a big part of what gives us the optimism that we're early there. And then when you look on the other side, it said $150 billion and growing market for digital ads outside of search, outside of China has -- with a business that's 3% of that addressable market, we still feel like it's really early there, too.

艾瑞克，關於你問題的第二部分，我將從圍繞投資的棒球類比中退一步，但我們仍然覺得這對我們來說還為時過早，無論是在觀眾機會還是我們分享的那些領先指標方面。當您在一個季度內看到註冊量增加 35% 時，這證明了我們的潛力，並且我們在幫助人們找到他們想要的內容方面獲得了更多的回饋嘰嘰喳喳。這是讓我們對早日實現這一目標感到樂觀的一個重要原因。然後當你看另一邊時，它說中國以外的搜尋之外的數位廣告市場價值 1500 億美元並且不斷增長 - 業務佔該潛在市場的 3％，我們仍然覺得它還處於早期階段，也。

I'd go back to Parag's opening comments where he talked about creating optionality by reallocating resources, by selling MoPub, by being thoughtful about where we put our dollars to work and putting [as much work] behind us, few errors as possible. That's all designed to make sure that we have choice over time so that when we do see opportunities to invest against those 2 big addressable markets, that we can do so while also creating opportunity to deliver margin over time as well. And with that in mind, of course, there's no change to the margin potential for the company that we've talked about in the past either.

我想回到Parag 的開場白，他談到了透過重新分配資源、出售MoPub、深思熟慮地考慮我們將資金投入到何處以及將[盡可能多的工作]放在我們身後來創造可選擇性，並儘可能減少錯誤。這一切都是為了確保我們隨著時間的推移有選擇權，這樣當我們確實看到針對這兩個大的潛在市場進行投資的機會時，我們就可以這樣做，同時也創造機會隨著時間的推移提供利潤。當然，考慮到這一點，我們過去討論過的公司的利潤潛力也沒有改變。

The next question comes from Mark Mahaney from Evercore.

下一個問題來自 Evercore 的 Mark Mahaney。

I just want to ask about that 35% growth in sign-ups in the quarter. Could you just provide some more context around that? I assume that's the fastest growth you've seen on that particular metric in quite some time. And then do you have any read into the, whatever, the character of that, of those people that are signing up? Are they people who were on Twitter before and have come back, people that are brand-new to the platform? Any color you have on how different that 35% is, those people are than the current users?

我只想問一下本季 35% 的註冊量成長情況。您能否提供更多相關背景資訊？我認為這是相當一段時間以來您在該特定指標上看到的最快增長。然後，您對那些註冊的人的個性有什麼了解嗎？他們是以前在推特上又回來的人，是這個平台的新手嗎？您對這 35% 的人與目前使用者有何不同有何看法？

Thanks, Mark. So a couple of thoughts there. First is these are sign-ups which it could be somebody who's creating a new account, a research analyst who wants to go through the sign-up flow perhaps. But typically, we think these are people who are new to Twitter, where this is a new opportunity for us to show somebody what Twitter is all about. That 25% number that we shared, which is sign-ups plus reactivation, is going to be a better way to look at people who are giving us a second chance and haven't been on Twitter enough in the past where they've made it part of their daily habit. When we think about some of the things that are driving this, single sign-on has been a big driver. So when people don't have to remember or create a new password, it's been a big help. So 40% of the accounts that were created in Q4 were created using single sign-on. It's just a great example of reducing friction.

謝謝，馬克。所以有一些想法。首先是註冊，可能是正在建立新帳戶的人，也可能是想要完成註冊流程的研究分析師。但通常情況下，我們認為這些人是 Twitter 的新手，這對我們來說是一個新的機會，可以向人們展示 Twitter 的全部內容。我們分享的 25% 的數字，即註冊人數加上重新激活人數，將是一個更好的方式來了解那些給我們第二次機會但過去在 Twitter 上的關注度不夠的人。的一部分。當我們思考推動這一趨勢的一些因素時，單一登入一直是重要的推動因素。因此，當人們不必記住或建立新密碼時，這是一個很大的幫助。因此，第四季度創建的帳戶中有 40% 是使用單一登入建立的。這只是減少摩擦的一個很好的例子。

Parag also talked about where we're encouraging people to log in when they keep coming back to Twitter because somebody sends them a tweet because they saw something on another platform that had come from Twitter. We're encouraging them to log in because we believe we can show them better tweets and better ads if they do so. These are compounding in terms of sign-ups and reactivations. As we think about the character, I hope these are all of outstanding character, these folks. But when we -- joking aside, when we look at them, they look a lot like the people who have come to Twitter in the past. There's just more of them. And although we haven't disclosed this number in the past, it just feel like it was a big enough move from what we've seen in the past. It was important to share when we think about what gives us confidence about the progress we can deliver over the course of this year.

Parag 也談到，我們鼓勵人們在不斷回到 Twitter 時登錄，因為有人向他們發送推文，因為他們在另一個平台上看到了來自 Twitter 的內容。我們鼓勵他們登錄，因為我們相信如果他們這樣做，我們可以向他們展示更好的推文和更好的廣告。這些在註冊和重新激活方面變得更加複雜。當我們思考這個角色時，我希望這些人都是具有傑出性格的人。但當我們——開玩笑的時候，當我們看著他們時，他們看起來很像過去訪問過 Twitter 的人。只是還有更多。儘管我們過去沒有透露過這個數字，但感覺這與我們過去看到的相比已經足夠大了。當我們思考什麼讓我們對今年可以取得的進展充滿信心時，分享是很重要的。

We have a question from Deepak Mathivanan from Wolfe Research.

我們有來自 Wolfe Research 的 Deepak Mathivanan 的問題。

This is Zach on for Deepak. First, another one on DR. Do you have the sufficient targeting signals from both users and other 3P sources get better in areas like commerce over the long term? Or is this an area that you plan to invest behind over the next couple of years? And then second, can you just provide any color on the brand spend trends in the fourth quarter? Were there any kind of verticals or categories to call out that saw softness either due to Omicron or supply chain or labor? And any kind of trends you're seeing so far in the first quarter?

這是迪帕克的紮克。首先是關於 DR 的另一個。從長遠來看，您是否從用戶和其他 3P 來源獲得了足夠的定位訊號，以便在商業等領域變得更好？或者這是您未來幾年計劃投資的領域？其次，您能否提供有關第四季度品牌支出趨勢的任何資訊？是否有任何類型的垂直行業或類別因 Omicron、供應鏈或勞動力而疲軟？到目前為止，您在第一季看到了哪些趨勢？

Thanks for the question. I'll take the first part and let Ned take the second part. In terms of DR, I think that in my opening comments, I spoke about our strategy around personalization. I spoke about how we are investing in machine learning capabilities that allow us to understand customer interest, but we are also building products which allow people to tell us what they're interested in, for example, by following topics. As you think about understanding sort of this customer intent, it not only helps us improve our consumer product, but it also allows us to channel and use that understanding of customer intent or interest into creating more relevant advertising and more relevant experiences, including getting down for another performance, advertising and e-commerce. So that's actually going to be a part of our strategy to be able to really push performance when it comes to DR and be able to get into more commerce-oriented business.

謝謝你的提問。我將負責第一部分，讓內德負責第二部分。就災難復原而言，我認為在我的開場白中，我談到了我們圍繞著個人化的策略。我談到了我們如何投資機器學習功能，使我們能夠了解客戶的興趣，但我們也在建立產品，讓人們可以透過以下主題告訴我們他們感興趣的內容。當您考慮理解這種客戶意圖時，它不僅有助於我們改進我們的消費產品，而且還使我們能夠引導和利用對客戶意圖或興趣的理解來創建更相關的廣告和更相關的體驗，包括下來另一個表現，廣告和電子商務。因此，這實際上將成為我們策略的一部分，以便能夠真正提高災難復原方面的效能，並能夠進入更多以商業為導向的業務。

On the second part of your question, Zach, around Q4 trends in Q1. So Q4 got off to a strong start with a big event calendar all around the year -- all around the world and COVID's impact being less if you think about the October, November time frame. As the quarter went on, we saw the companies who want to show up around the holiday season ramp up quickly. And Twitter was there to help deliver for them when that happened. If you think about where we came in from a revenue perspective relative to the range that we provided, I guess I'd point out a couple of things. The first is FX impacted us by about 1 point. And the second is that if we look at that strength that we saw at the beginning of the holiday season in the U.S., it just didn't maintain the same pace in the last couple of weeks of the quarter to hit the high end of the guidance range. But we're pleased with where we came out.

扎克，關於你問題的第二部分，關於第一季第四季的趨勢。因此，第四季度有了一個良好的開端，全年都有大型活動日曆——在世界各地，如果考慮到 10 月和 11 月的時間範圍，新冠疫情的影響就會較小。隨著本季的繼續，我們看到想要在假期期間出現的公司迅速增加。當這種情況發生時，Twitter 就在那裡幫助他們實現目標。如果您從收入角度考慮我們相對於我們提供的範圍的情況，我想我會指出一些事情。首先是外匯對我們的影響約為 1 個百分點。第二個是，如果我們看看美國假期季節開始時看到的強勁勢頭，就會發現在本季度的最後幾週內，它並沒有保持同樣的速度來達到季度的高端。但我們對我們的結果感到滿意。

And if we look at the first part of this quarter, which, of course, informs the guidance that we provided today for the quarter and the outlook that we shared for the year, anecdotally, it did feel like advertisers got off to an earlier start than what we've seen in the recent past, whether it's in planning and thinking about where and how they want to show up around product launches and big events happening all around the world, from the Olympics to the Super Bowl to award shows and other things and also in executing on those campaigns early in the quarter, which sometimes hasn't been the case for one reason or another. So we feel like we're off to a good start.

如果我們看一下本季的第一部分，當然，這反映了我們今天提供的本季度指導以及我們分享的今年前景，有趣的是，廣告商確實感覺廣告商起步較早與我們最近所看到的相比，無論是在計劃和思考他們希望在世界各地發生的產品發布會和大型活動（從奧運會到超級碗到頒獎典禮和其他活動）中以何種方式出現時，事情以及在本季度初執行這些在活動的過程中，有時由於某些原因並非如此。所以我們覺得我們有了一個好的開始。

We have a question from Dan Salmon from BMO Capital Markets.

BMO 資本市場的 Dan Salmon 向我們提出了一個問題。

I've got a few more about your new ad products, Parag. First, just maybe just jump back, you mentioned all of the new ones announced in January. We'll maybe come back and get a little bit more feedback on those later. But earlier in the year, you launched Carousel Ads, Click ID. Would just love to hear any feedback from that. And then second, you mentioned SMB being sort of the important next frontier for ad product development. I think that was one of the themes there. Parag, can you just spend a little bit more time on Quick Promote products as well as Professional Accounts and in particular, what they solve and how you see them working together more? That would be great.

我還有一些關於您的新廣告產品的信息，Parag。首先，也許只是回顧一下，您提到了 1 月宣布的所有新產品。我們稍後可能會回來並獲得更多反饋。但今年早些時候，你們推出了輪播廣告 Click ID。希望聽到任何反饋。其次，您提到 SMB 是廣告產品開發的下一個重要前沿領域。我認為這是那裡的主題之一。 Parag，您能否在快速推廣產品和專業帳戶上多花一點時間，特別是它們解決的問題以及您如何看待它們更多地協同工作？那太好了。

Thanks for the question. We are really excited about the SMB opportunity ahead of us. We relaunched that Quick Promote product and we're sort of able to make it easy for people to use this product to drive up revenue from that line. Separately, to talk about sort of how Twitter for Professionals or sort of these professional accounts that we've shipped, sort of connect into that strategy, we've always had a lot of businesses on Twitter with commercial intent and the desire to value organically, except that we've never identified them to be able to tailor amazing experiences for them to drive them into the ad funnel. As we've sort of started shipping these products which provide them value for creating and driving value in their organic experiences, we're also now able to channel them and funnel them into sort of products which are oriented for businesses, including our advertising products.

謝謝你的提問。我們對擺在我們面前的中小企業機會感到非常興奮。我們重新推出了快速促銷產品，我們能夠讓人們輕鬆使用該產品來增加該產品線的收入。另外，要談談 Twitter for Professionals 或我們發布的這些專業帳戶如何與該策略聯繫起來，我們在 Twitter 上一直有很多具有商業意圖和有機價值的企業，只是我們從未發現他們能夠為他們量身定制令人驚嘆的體驗，以推動他們進入廣告管道。由於我們已經開始交付這些產品，這些產品為他們提供了在有機體驗中創造和驅動價值的價值，因此我們現在也能夠將它們引導並將其匯集到面向企業的各種產品中，包括我們的廣告產品。

So if you think about sort of that strategy coming together with our performance-oriented advertising strategy, inclusive of mobile app promotions, getting into web performance and if you see sort of how that alongside a product offering for Quick Promote comes together, we have this incredible top of funnel for these products coming from our Professional Accounts-oriented experiences that we're creating.

因此，如果您考慮將這種策略與我們以效果為導向的廣告策略結合起來，包括行動應用程式促銷、進入網路效能，並且如果您看到如何將其與快速促銷的產品組合在一起，我們有這個這些產品令人難以置信的漏斗頂部來自我們正在創建的以專業客戶為導向的體驗。

And then just any color on Click ID, Carousel Ads traction?

然後點擊 ID、輪播廣告牽引力上的任何顏色？

Sure, Dan. It's early for those products, which we talked about last year, Twitter Click ID and the Carousel product and some of the other formats that you described. I think if you just step back from any one of them individually and you thought about them collectively, we're clearly moving faster in rolling out products to help advertisers of all sizes. We're clearly working hard to adapt to the ever-evolving ad ecosystem and changes, whether they're from regulators or operating system makers or from advertisers and how they want to show up. So the ones you mentioned are just great examples, but you're going to see a playable ad format. You're going to see us continue to make improvements to the website traffic ad format, which we just rolled out earlier in January and some other things over the course of this year that we're excited about. So I hope you'll continue to see more new products from us over the course of this year.

當然，丹。對於我們去年討論過的這些產品、Twitter Click ID 和 Carousel 產品以及您所描述的其他一些格式來說，現在還為時過早。我認為，如果你只是從其中任何一個單獨退一步，然後集體考慮它們，我們顯然會更快地推出產品來幫助各種規模的廣告商。顯然，我們正在努力適應不斷發展的廣告生態系統和變化，無論它們來自監管機構、作業系統製造商，還是來自廣告商以及他們想要的展示方式。因此，您提到的只是很好的範例，但您將看到可播放的廣告格式。您將看到我們繼續改進網站流量廣告格式，我們剛剛在一月份早些時候推出了該格式，以及今年我們感到興奮的其他一些事情。因此，我希望您在今年能夠繼續看到我們更多的新產品。

We have a question from Lloyd Walmsley from UBS.

我們有來自瑞銀 (UBS) 的勞埃德·沃姆斯利 (Lloyd Walmsley) 的問題。

Two, if I can. First, just following up on, I guess, Mark's question on mDAU. Can you just unpack the funnel a little bit more? I mean clearly, it sounds positive. You're seeing more top-of-funnel traffic, and it sounds like conversion to sign-ups is higher. But how does that then that -- maybe that cohort behavior changed? Do the new sign-ups generally see usage peak when they sign up and then fall? Does it build over time? Like how should that flow into reported mDAUs?

兩個，如果可以的話。首先，我想，只是跟進 Mark 關於 mDAU 的問題。能把漏斗的包裝再打開一點嗎？我的意思很明顯，這聽起來很積極。您會看到更多的管道頂部流量，而且聽起來註冊轉換率更高。但是，那群人的行為是如何改變的呢？新註冊用戶通常會在註冊時看到使用高峰然後下降嗎？它會隨著時間的推移而建立嗎？就像它應該如何流入報告的 mDAU 中一樣？

And then I guess the second one on OpEx. Ned, last quarter, I think you said even if you didn't add headcount, just annualizing last year's headcount would grow in the kind of mid-20s. And you said your plan this year is to grow 20%, but you're still kind of in that mid-20% cost growth range. So were the comments last quarter just conservative? Or are there new areas of efficiency? And I guess at a high level, how do you get margins to your long-term targets from these levels given the level of investment you guys are making?

然後我猜第二個是關於營運支出的。 Ned，上個季度，我想您說過，即使不增加員工人數，僅按年計算去年的員工人數也會增加 20 多歲左右。您說今年的計劃是成長 20%，但您的成本成長仍處於 20% 左右的範圍內。那麼上個季度的評論只是保守的嗎？或是有新的效率領域嗎？我想在較高的層面上，考慮到你們正在進行的投資水平，你們如何從這些水平上獲得長期目標的利潤？

Well, I'll take the first part on mDAU and then turn to Parag. On the audience numbers. So this is a level of disclosure that we haven't provided in the past, and we shared it because we thought it was an important lead indicator as we enter a big year for us in terms of mDAU growth relative to those goals. If you look at the makeup of the people who are creating accounts, the people who are coming back to Twitter to give us another shot, they look a lot like the other couple of hundred million people who have been using Twitter every day. And rather than break down the funnel and think about where we're -- we've got the most opportunity to just -- there are opportunities for us throughout the funnel to continue to do better, to show people what Twitter is all about.

好吧，我將討論 mDAU 的第一部分，然後轉向 Parag。關於觀眾數量。因此，這是我們過去沒有提供的披露水平，我們分享它是因為我們認為這是一個重要的領先指標，因為我們進入了相對於這些目標的 mDAU 增長的重要一年。如果你看看那些創建帳戶的人的組成，那些回到 Twitter 給我們再次機會的人，他們看起來很像其他每天使用 Twitter 的幾億人。與其分解管道並思考我們在哪裡——我們有最多的機會——在整個管道中我們有機會繼續做得更好，向人們展示 Twitter 的全部內容。

We've made a lot of progress in reducing friction at sign-up and in the onboarding flow, asking people for specific interest so we can recommend accounts and topics to them. We now have over 280 million accounts that follow a topic. But we also are getting better and better at showing people notifications that are relevant to them to bring them back to Twitter and encouraging them to log in when they hadn't been logged in but have been benefiting from Twitter so we can show them better tweets and better ads. All this stuff is paying off, and so I wouldn't want you to focus too much on one area or another around the funnel because we see opportunity throughout.

我們在減少註冊和入職流程中的摩擦方面取得了很大進展，詢問人們的具體興趣，以便我們可以向他們推薦帳戶和主題。我們現在擁有超過 2.8 億個追蹤某個主題的帳號。但我們也越來越擅長向人們顯示與他們相關的通知，讓他們回到 Twitter，並鼓勵他們在尚未登錄但已從 Twitter 中受益時登錄，這樣我們就可以向他們展示更好的推文和更好的廣告。所有這些事情都得到了回報，所以我不希望你過度專注於漏斗周圍的一個或另一個領域，因為我們在整個過程中都看到了機會。

Let me take the margin question. As we've said, our thinking around long-term margin has not changed. But this year, we're not optimizing for margin expansion. Right now, we want to make sure that we're investing appropriately for growth given the massive market opportunity we see. But we want to do so efficiently. We've shown how we are reallocating resources by having sold MoPub into sort of higher value opportunities around performance ads and small businesses. We've also been looking for other efficiencies across the business, including sort of our infrastructure, where as we sort of make, we do the work to drive optimization, some of it pays off this year but even more so in the coming years.

讓我來回答一下邊際問題。正如我們所說，我們對長期利潤率的看法並沒有改變。但今年，我們並沒有針對利潤率擴張進行最佳化。目前，鑑於我們看到的巨大市場機會，我們希望確保為成長進行適當的投資。但我們希望有效率地做到這一點。我們已經展示瞭如何透過將 MoPub 出售給效果廣告和小型企業的更高價值機會來重新分配資源。我們也一直在整個業務中尋找其他效率，包括我們的基礎設施，當我們進行建設時，我們會努力推動優化，其中一些在今年得到了回報，但在未來幾年更是如此。

As we've looked for these efficiencies and done the work, we've been able to make incremental investments that we wanted to make for this year in 2022 by staying within the same range that we told you 3 months ago in terms of how we'd grow. And I think that's evidence around sort of how we're trying to be more efficient. And all of this work is in pursuit of increased optionality in the future, where we can use this optionality for delivering margin expansion or we can identify other high-value growth opportunities to invest in.

當我們尋求這些效率並完成工作時，我們已經能夠在 2022 年進行增量投資，方法是保持在我們 3 個月前告訴您的相同範圍內會成長。我認為這是我們如何努力提高效率的證據。所有這些工作都是為了追求未來增加的選擇性，我們可以利用這種選擇性來實現利潤擴張，或者我們可以找到其他高價值的成長機會進行投資。

I'll now hand the call back...

我現在將回電...

Thank you very much. I'm sorry. Please go ahead, Katie.

非常感謝。對不起。請繼續，凱蒂。

Thank you. I'll now hand the call back to the management team for any closing remarks.

謝謝。現在我將把電話轉回管理團隊以供結束語。

All right. Thank you. We appreciate your interest in Twitter. We look forward to speaking with you next quarter when we report our Q1 earnings on April 28 before the market opens. Until then, we'll see you on Twitter.

好的。謝謝。我們感謝您對 Twitter 的興趣。我們期待在下個季度在 4 月 28 日開盤前報告第一季收益時與您進行交流。在那之前，我們會在 Twitter 上見到你。

Ladies and gentlemen, thank you for participating in today's program. This concludes the program. You may all disconnect. Have a good day, everyone.

女士們、先生們，感謝你們參加今天的節目。程式到此結束。你們都可以斷開連線。祝大家有美好的一天。