2024-01-30 Alphabet Inc. (GOOG) Q4 2023 Earnings Call Transcript

Alphabet Inc. (NASDAQ:GOOG) Q4 2023 Results Conference Call January 30, 2024 4:30 PM ET

Alphabet Inc.（纳斯达克股票代码：GOOG）2023 年第四季度业绩电话会议 2024 年 1 月 30 日下午 4:30 ET

Company Participants 公司参与者

Jim Friedland - Director of Investor Relations

吉姆·弗里德兰 - 投资者关系总监

Sundar Pichai - Chief Executive Officer

桑达尔·皮查伊 - 首席执行官

Philipp Schindler - Senior Vice President & Chief Business Officer

菲利普·辛德勒 - 高级副总裁兼首席商务官

Ruth Porat - President, Chief Investment Officer, Senior VP & CFO

Ruth Porat - 总裁，首席投资官，高级副总裁兼首席财务官

Conference Call Participants

电话会议参与者

Brian Nowak - Morgan Stanley

布莱恩·诺瓦克 - 摩根士丹利

Doug Anmuth - JPMorgan

道格·安穆斯 - 摩根大通

Eric Sheridan - Goldman Sachs

埃里克·谢里丹 - 高盛

Michael Nathanson - MoffettNathanson

迈克尔·纳桑森 - 莫菲特纳桑森

Stephen Ju - UBS

斯蒂芬·朱 - 瑞银 UBS

Justin Post - Bank of America

贾斯汀·波斯特 - 美国银行

Ross Sandler - Barclays

罗斯·桑德勒 - 巴克莱

Mark Mahaney - Evercore

马克·马哈尼 - 美银证券

Operator 操作员

Welcome, everyone. Thank you for standing by for the Alphabet Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]

欢迎大家。感谢您参加字母公司 2023 年第四季度收益电话会议。目前所有参与者都处于听取模式。演讲结束后将进行问答环节。【操作员指示】

I would now like to hand the conference over to your speaker today, Jim Friedland, Director of Investor Relations. Please go ahead.

我现在想把会议交给今天的发言人吉姆·弗里德兰，投资者关系总监。请开始。

Jim Friedland 吉姆·弗里德兰

Thank you. Good afternoon, everyone, and welcome to Alphabet's fourth quarter 2023 earnings conference call. With us today are Sundar Pichai, Philipp Schindler, and Ruth Porat.

谢谢。大家下午好，欢迎参加 Alphabet 2023 年第四季度收益电话会议。今天与我们在一起的有 Sundar Pichai、Philipp Schindler 和 Ruth Porat。

Now, I'll quickly cover the Safe Harbor. Some of the statements that we make today regarding our business, operations, and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our Forms 10-K and 10-Q, including the risk factors discussed in our upcoming Form 10-K filing for the year ended December 31, 2023. We undertake no obligation to update any forward-looking statement.

现在，我将快速介绍 Safe Harbor。我们今天就我们的业务、运营和财务表现所做的一些声明可能被视为前瞻性的。这些声明基于当前的期望和假设，受到许多风险和不确定性的影响。实际结果可能会有重大差异。请参阅我们的 10-K 和 10-Q 表格，包括我们即将提交的截至 2023 年 12 月 31 日的 10-K 表格中讨论的风险因素。我们不承担更新任何前瞻性声明的义务。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor. Our comments will be on year-over-year comparisons unless we state otherwise.

在本次通话中，我们将提供符合通用会计准则（GAAP）和非通用会计准则（non-GAAP）的财务指标。非 GAAP 与 GAAP 指标的调和表包含在今天的收益新闻稿中，可通过我们的投资者关系网站 abc.xyz/investor 向公众发布和获取。除非另有说明，我们的评论将基于同比数据。

And now, I'll turn the call over to Sundar.

现在，我将把电话交给桑达。

Sundar Pichai 桑达尔·皮查伊

Hello, everyone. Our results reflect strong momentum and product innovation continuing into 2024. Today, I'm going to talk about four main topics. One, our investments in AI, including how it's helping search. Two, subscriptions which reached $15 billion in annual revenue, up 5x since 2019. Subscriptions is growing strongly, powered by YouTube Premium and Music, YouTube TV and Google One. Three, Cloud which crossed $9 billion in revenues this quarter and saw accelerated growth driven by our Gen AI and product leadership. And four, our investments and focus to meet the growth opportunities ahead.

大家好。我们的业绩反映出强劲的势头和产品创新持续到 2024 年。今天，我将谈论四个主要话题。一，我们在人工智能方面的投资，包括它如何帮助搜索。二，订阅服务的年收入达到 150 亿美元，自 2019 年以来增长了 5 倍。订阅服务增长迅猛，得益于 YouTube Premium 和音乐、YouTube 电视和 Google One。三，云业务本季度收入突破 90 亿美元，并且由我们的 Gen AI 和产品领导力推动的增长加速。四，我们的投资和关注重点是满足未来增长机会。

First, AI and Search. As you know, we have long led the way in using AI to improve many of our products from search to ads, to most of our consumer and enterprise products, helping billions of people already. Last year brought new excitement around Gen AI and I'm proud of how we responded, responsibly with deep advances in foundation models and a number of great launches. We closed the year by launching the Gemini era, a new industry-leading series of models that will fuel the next generation of advances. Gemini is the first realization of the vision we had when we formed Google DeepMind, bringing together our two world-class research teams. It's engineered to understand and combine text, images, audio, video and code in a natively multimodal way and it can run on everything from mobile devices to data centers.

首先是人工智能和搜索。正如您所知，我们长期以来一直在引领利用人工智能来改进我们的许多产品，从搜索到广告，再到我们大多数的消费者和企业产品，已经帮助了数十亿人。去年围绕 Gen AI 带来了新的激动人心的氛围，我为我们如何负责任地做出深入的基础模型进展以及一系列重大发布感到自豪。我们通过推出 Gemini 时代来结束了这一年，这是一系列新的业界领先模型，将推动下一代进步。Gemini 是我们成立 Google DeepMind 时的愿景的首次实现，将我们两支世界一流的研究团队汇聚在一起。它被设计为以本地多模式方式理解和结合文本、图像、音频、视频和代码，并且可以在从移动设备到数据中心的各种设备上运行。

Gemini gives us a great foundation. It's already demonstrating state-of-the-art capabilities and it's only going to get better. Gemini Ultra is coming soon. The team is already working on the next versions and bringing it to our products. That starts with Search.

双子座为我们奠定了良好的基础。它已经展示了最先进的能力，而且它只会变得更好。双子座 Ultra 即将推出。团队已经在着手开发下一个版本，并将其应用到我们的产品中。这从搜索开始。

We're already experimenting with Gemini in search where it's making our Search Generative Experience or SGE faster for users. We have seen a 40% reduction in latency in English in the U.S. I'm happy with what we are seeing in the earliest days of SGE, it's available through search labs in seven languages. By applying generative AI to Search, we are able to serve a wider range of information needs and answer new types of questions, including those that benefit from multiple perspectives.

我们已经在搜索领域进行了 Gemini 的实验，这使得我们的搜索生成体验（SGE）对用户来说更快。我们已经看到在美国英语中延迟减少了 40%。我对 SGE 最初阶段的表现感到满意，它可以通过七种语言的搜索实验室获得。通过将生成式人工智能应用于搜索，我们能够满足更广泛的信息需求，并回答新类型的问题，包括那些受益于多种观点的问题。

People are finding it particularly useful for more complex questions like comparisons or longer queries. It's also helpful in areas where people are looking for deeper understanding such as education or even gift ideas. We are improving satisfaction including answers for more conversational and intricate queries.

人们发现它在比较或更长的查询等更复杂问题上特别有用。它还在人们寻求更深入理解的领域，比如教育甚至礼物想法方面很有帮助。我们正在提高满意度，包括回答更多对话和复杂查询。

As I mentioned earlier, we are surfacing more links with SGE and linking to a wider range of sources on the results page and will continue to prioritize approaches that add value for our users and send valuable traffic to publishers. Beyond SGE, we are continuing to use AI to make searching more accessible and intuitive. Circle to Search, lets you search what you see on Android phones with a simple gesture without switching apps. It's available starting this week on Pixel 8 and Pixel 8 Pro and the new Samsung Galaxy S24 Series.

正如我之前提到的，我们正在与 SGE 合作，将更多链接展示在结果页面上，并链接到更广泛的来源，我们将继续优先考虑为用户增加价值并向发布者发送有价值流量的方法。除了 SGE，我们还在继续使用人工智能使搜索更加便捷和直观。Circle to Search 功能让您在安卓手机上通过简单手势搜索所见内容，无需切换应用。这一功能从本周开始在 Pixel 8、Pixel 8 Pro 和新的三星 Galaxy S24 系列手机上提供。

本质上不如苹果的地方，需要借助优秀的合作方，苹果的价值观是不进入自己没有绝对优势的领域。

And Lens now offers generative AI overviews. You can add text to a visual search to ask questions about anything you see and get AI-powered insights in the moment. In addition to Search, we are also seeing a lot of interest in our AI-powered solutions for advertisers. That includes our new conversational experience that uses Gemini to accelerate the creation of search campaigns.

Lens 现在提供生成式 AI 概述。您可以向视觉搜索添加文本，询问您所看到的任何内容，并立即获得由 AI 驱动的见解。除了搜索之外，我们还看到广告客户对我们基于 AI 的解决方案表现出了极大的兴趣。这包括我们利用 Gemini 加速搜索广告系列创建的新对话体验。

Then there is Bard, our conversational AI tool that complements search. It's now powered by Gemini Pro and is much more capable at things like understanding, summarizing, reasoning, coding and planning. It's now in over 40 languages and over 230 countries around the world. Looking ahead, we'll be rolling out an even more advanced version for subscribers powered by Gemini Ultra.

然后是 Bard，我们的对话式人工智能工具，用于补充搜索。它现在由 Gemini Pro 提供支持，在理解、总结、推理、编码和规划等方面更加强大。它现在支持超过 40 种语言，在全球 230 多个国家和地区使用。展望未来，我们将推出更先进的 Gemini Ultra 版本，供订阅用户使用。

That's a good segue to subscriptions. As I said earlier, it's now a $15 billion business annually. YouTube is the key driver of our subscription revenues. Available in over 100 countries and regions, YouTube Music and Premium have real momentum. They're engaging passionate users and driving great returns for the music industry and creators.

这是一个很好的过渡到订阅服务。正如我之前所说，这是一个每年 150 亿美元的业务。YouTube 是我们订阅收入的关键推动力。YouTube 音乐和高级服务在 100 多个国家和地区提供，具有真正的动力。它们吸引了热情的用户，并为音乐行业和创作者带来了巨大的回报。

对比Netflix，销售收入349.40亿，净利润64.40亿，市值2976亿，PE47.92，Sales past 5Y 16.71%，Netflix的业务会不会被大型科技企业取代？Alphabet和Apple都在想办法进入这个领域。

YouTube TV is also doing well. We've had great consumer feedback on the viewing experience. People love the navigation, multi view and unlimited DVR. NFL Sunday Ticket has found it’s perfect home on YouTube and Philipp will talk about that more.

YouTube TV 也表现不错。我们收到了观众在观看体验方面的极好反馈。人们喜欢导航、多视角和无限制的 DVR。NFL Sunday Ticket 已经在 YouTube 找到了它的完美归宿，Philipp 将会更详细地谈论这一点。

Let me also talk about our subscription service, Google One. It's doing incredibly well with strong user growth. It provides expanded storage, unlocks exclusive features in Google products and allows us to build a strong relationship with our most engaged users. Google One is growing very well and we are just about to cross 100 million subscribers. From here, we are going to bring in more AI features and look forward to more strong growth to come.

让我也谈谈我们的订阅服务 Google One。它在用户增长方面表现出色。它提供扩展存储空间，在 Google 产品中解锁独家功能，并使我们能够与最积极参与的用户建立牢固的关系。Google One 发展非常顺利，我们即将突破 1 亿订阅用户。从这里开始，我们将引入更多人工智能功能，并期待未来更强劲的增长。

Next, Google Cloud. Throughout 2023, we introduced thousands of product advances, including broad Gen AI capabilities across our AI infrastructure, our Vertex AI platform and our new Duvet AI agents. In Q4, our product and Gen AI leadership enabled us to win and expand relationships with many leading brands including Hugging Face, McDonald's, Motorola Mobility and Verizon.

接下来是 Google Cloud。在 2023 年，我们推出了数千项产品进步，包括在我们的 AI 基础设施、Vertex AI 平台和新的 Duvet AI 代理商中推出了广泛的 Gen AI 功能。在第四季度，我们的产品和 Gen AI 领导能力使我们赢得并扩大了与许多领先品牌的关系，包括 Hugging Face、麦当劳、摩托罗拉移动和威瑞森。

Google Cloud offers our AI Hypercomputer, a groundbreaking supercomputing architecture that combines our powerful TPUs and GPUs, AI software and multi-slice and multi-host technology to provide performance and cost advantages for training and serving models. Customers like Anthropic, Character AI, Essential AI and Mistral AI are building and serving models on it.

Google Cloud 提供我们的 AI Hypercomputer，这是一种开创性的超级计算架构，结合了我们强大的 TPU 和 GPU、AI 软件以及多片和多主机技术，为训练和提供模型提供性能和成本优势。像 Anthropic、Character AI、Essential AI 和 Mistral AI 这样的客户正在其上构建和提供模型。

For developers building Gen AI applications, we offer Vertex AI, a comprehensive enterprise AI platform. It helps customers like Deutsche Telekom and Moody's discover, customize, augment and deploy over 130 Gen AI models, including PaLM, Med-PaLM, Sec-PaLM and Gemini, as well as popular open source and partner models.

对于构建 Gen AI 应用程序的开发人员，我们提供 Vertex AI，这是一个全面的企业人工智能平台。它帮助像德国电信和穆迪这样的客户发现、定制、增强和部署超过 130 个 Gen AI 模型，包括 PaLM、Med-PaLM、Sec-PaLM 和 Gemini，以及流行的开源和合作伙伴模型。

Vertex AI has seen strong adoption with the API request increasing nearly 6x from H1 to H2 last year. Using Vertex AI, Samsung recently announced its Galaxy S24 Series smartphone with Gemini and Imagen 2, our advanced text-to-image model. Shutterstock has added Imagen 2 to their AI image generator, enabling users to turn simple text prompts into unique visuals and Victoria's Secret & Company will look to personalize and improve the customer experience with Gemini, Vertex AI search and conversations.

Vertex AI 去年上半年至下半年的 API 请求量增长近 6 倍，受到了强劲的采用。三星最近利用 Vertex AI 宣布推出 Galaxy S24 系列智能手机，搭载我们先进的文本转图像模型 Gemini 和 Imagen 2。Shutterstock 已将 Imagen 2 添加到其 AI 图像生成器中，使用户能够将简单文本提示转换为独特的视觉效果，维多利亚的秘密公司将利用 Gemini、Vertex AI 搜索和对话功能来个性化和改善客户体验。

Customers are increasingly choosing Duvet AI, our packaged AI agents for Google Workspace and Google Cloud Platform to boost productivity and improve their operations. Since its launch, thousands of companies and more than a million trusted testers have used Duvet AI. It will incorporate Gemini soon. In Workspace, Duvet AI is helping employees benefit from improved productivity and creativity at thousands of paying customers around the world, including Singapore Post, Uber and Woolworths.

客户越来越倾向于选择 Duvet AI，我们为 Google Workspace 和 Google Cloud Platform 提供的打包 AI 代理，以提高生产力并改善运营。自推出以来，数千家公司和超过一百万名可信赖的测试人员已经使用了 Duvet AI。它将很快整合 Gemini。在 Workspace 中，Duvet AI 正在帮助员工从改善的生产力和创造力中受益，服务于全球数千家付费客户，包括新加坡邮政、优步和沃尔沃。

In Google Cloud Platform, Duvet AI assist software developers and cybersecurity analysis. Duvet AI for developers is the only Gen AI offering to support the company development and operations lifecycle, fine-tune with the customers’ own core corpus and policies. It's helping Wayfair, GE Appliances and Commerzbank write better software, faster with AI code completion, code generation and chat support. With Duvet AI and security operations, we are helping cybersecurity teams at Fiserv, Spotify and Pfizer.

在 Google Cloud 平台上，Duvet AI 协助软件开发人员和网络安全分析。Duvet AI 为开发人员提供了唯一的 Gen AI 解决方案，支持公司的开发和运营生命周期，与客户自己的核心语料库和政策进行微调。它正在帮助 Wayfair、GE Appliances 和 Commerzbank 使用 AI 代码完成、代码生成和聊天支持更快地编写更好的软件。通过 Duvet AI 和安全运营，我们正在帮助 Fiserv、Spotify 和 Pfizer 的网络安全团队。

Our robust growth has been driven by strong direct and indirect channels. With ISVs, we have nearly tripled the number of co-sell deals from 2022 to 2023. In our ecosystem, there are nearly 90,000 Google Cloud Gen AI-enabled consultants. And Accenture has teamed up with Google Cloud to create a joint generative AI center of excellence.

我们强劲的增长得益于强大的直接和间接渠道。与 ISV 合作伙伴一起，我们从 2022 年到 2023 年的共同销售交易数量几乎增加了三倍。在我们的生态系统中，有近 90,000 名启用 Google Cloud Gen AI 的顾问。而埃森哲已与 Google Cloud 合作创建了一个联合的生成式 AI 卓越中心。

Next, let me turn to our focus and discipline as we pursue the opportunities ahead. Search, YouTube and Cloud are supported by our state-of-the-art compute infrastructure. This infrastructure is also key to realizing our big AI ambitions. It's a major differentiator for us. We continue to invest responsibly in our data centers and compute to support this new wave of growth in AI-powered services for us and for our customers. Through this, we are being disciplined in how we run the company.

接下来，让我谈谈我们在追求未来机遇时的关注和纪律。搜索、YouTube 和云服务得到我们先进的计算基础设施的支持。这种基础设施也是实现我们雄心勃勃的人工智能目标的关键。这是我们的主要差异化因素。我们继续负责任地投资于我们的数据中心和计算资源，以支持我们和我们的客户在人工智能服务的新增长浪潮中。通过这一举措，我们在公司经营方面保持纪律性。

You've heard me talk about our efforts to durably reengineer our cost base and to improve our velocity and efficiency. That work continues. Teams are working to focus on key priorities and execute fast, removing layers and simplifying their organizational structures.

你已经听我谈论我们努力持久地重新设计成本基础和提高速度和效率的工作。这项工作正在继续。团队正在努力专注于关键优先事项，并快速执行，去除层级并简化组织结构。

As just one example, our devices team has brought together different teams from across Nest, Fitbit and other teams into a new functional structure. This will help us pull resources and drive progress across our Pixel portfolio. Across different teams, we have wound down some non-priority projects, which will help us invest and operate well in our growth areas.

作为一个例子，我们的设备团队已经将来自 Nest、Fitbit 和其他团队的不同团队整合到一个新的功能结构中。这将帮助我们整合资源，推动我们的 Pixel 系列产品的进展。在不同团队中，我们已经停止了一些非优先项目，这将帮助我们在增长领域进行投资和运营。

We are also improving our machine utilization, building on our years of experience in driving cost efficiencies in our computing infrastructure and operations. And through our supplier efficiency efforts and automation of certain processes, we have made major improvements in areas like procurement, achieving significant savings.

我们还在提高机器利用率，借助我们多年来在推动计算基础设施和运营成本效益方面的经验。通过我们的供应商效率努力和对某些流程的自动化，我们在采购等领域取得了重大进展，实现了显著的节省。

That's a snapshot of the quarter. Before I close, a couple of other highlights. Pixel 8, our AI-first phone, was awarded Phone of the Year by numerous outlets. It now uses Gemini Nano with features like Magic Compose for Google Messages and more to come.

这是本季度的简要概况。在我结束之前，还有一些其他亮点。Pixel 8，我们的以人工智能为先的手机，被多家媒体评为年度手机。它现在使用 Gemini Nano，具有诸如 Google 信息的 Magic Compose 等功能，更多功能即将推出。

In our Other Bets portfolio of companies, Waymo, which is deeply focused on safety, reached over 1 million fully autonomous ride-hailing trips. And Isomorphic Labs entered into strategic partnerships with Eli Lilly and Novartis to apply AI to treat diseases, which has great potential.

在我们的其他投注组合公司中，专注于安全的 Waymo 实现了超过 100 万次完全自主的乘车服务。而同构实验室与 Eli Lilly 和 Novartis 达成战略合作伙伴关系，将人工智能应用于治疗疾病，具有巨大潜力。

Eli Lilly这样的企业同样离不开大型科技企业的支持。

2023 was a year of profound innovation and product momentum. Thank you to our many partners. We succeed when our partners do, and we are grateful for the work we do together, from our partners across the Android ecosystem who are on display at CES to our deep relationships with retailers, small businesses and advertising partners, to the next generation of AI start-ups and developers and many more. I also want to thank all of our employees for their hard work throughout 2023 and the start of the new year. I'm excited for what's ahead in 2024. Philipp?

2023 年是一个充满深刻创新和产品动力的一年。感谢我们众多的合作伙伴。我们的合作伙伴成功，我们也成功，我们感激我们一起努力的工作，从在 CES 展示的 Android 生态系统的合作伙伴，到与零售商、小型企业和广告合作伙伴的深厚关系，再到下一代人工智能初创企业和开发者等等。我还要感谢所有员工在 2023 年和新年伊始的辛勤工作。我对 2024 年的前景感到兴奋。菲利普？

Philipp Schindler 菲利普·辛德勒

Thanks, Sundar, and hi, everyone. Google Services revenues of $76 billion were up 12% year-on-year. In Google advertising, Search and other revenues grew 13% year-on-year, led again by solid growth in the retail vertical. We had particular strength in retail in APAC, a trend that began in the second quarter of 2023 and continued through the end of the year.

谢谢，桑达尔，大家好。谷歌服务收入为 760 亿美元，同比增长 12%。在谷歌广告中，搜索和其他收入同比增长 13%，再次由零售垂直领域的强劲增长带动。我们在亚太地区的零售业务表现尤为强劲，这一趋势始于 2023 年第二季度，并持续至年底。

YouTube ads revenue were up 16% year-on-year, driven by growth in both direct response and brand. And network revenues declined 2% year-on-year. In Subscriptions, Platforms and Devices, which was previously named Google Other, year-on-year revenues increased 23% driven by strong growth in subscriptions.

YouTube 广告收入同比增长 16%，受到直接响应和品牌增长的推动。网络收入同比下降 2%。在订阅、平台和设备方面，之前被称为 Google 其他的年度收入增长了 23%，受到订阅增长的强劲推动。

Now for some color on the quarter and where we see continued upside for long-term advertising growth. Over the last few calls, I have consistently highlighted how we're putting Google AI to work for our customers to deliver profitability and help them achieve their goals in a do-more-with-less environment.

现在来谈谈本季度的情况以及我们看到的长期广告增长的持续上行空间。在过去几次通话中，我一直强调我们如何利用谷歌人工智能为客户提供盈利能力，并帮助他们在高效环境中实现目标。

From a product perspective, in Q4, Performance Max remained a bright spot. We're also excited about [demand gen] momentum. This is our big bet to help social advertisers find and convert consumers via immersive, relevant visual creatives across YouTube, including YouTube Shorts, Gmail and Discover. In a single campaign, you get access to over three billion users as they stream, scroll, connect and decide what to buy. Tens of thousands of advertisers are testing and on average seeing 6% more conversions per dollar versus image-only ads and discovery campaigns.

从产品角度来看，在第四季度，Performance Max 仍然是一个亮点。我们也对 [需求生成] 的势头感到兴奋。这是我们为帮助社交广告商通过沉浸式、相关的视觉创意在 YouTube 上找到并转化消费者而进行的重大赌注，包括 YouTube Shorts、Gmail 和 Discover。在单个广告活动中，您可以接触到超过 30 亿用户，因为他们在流媒体、滚动、连接和决定购买的过程中。成千上万的广告商正在进行测试，平均每美元的转化率比仅图像广告和发现广告活动高出 6%。

As we look ahead, we're also starting to put generative AI in the hands of more and more businesses to help them build better campaigns and even better performing ads. Automatically created assets help advertisers show more relevant search ads by creating tailored headlines and descriptions based on each ads’ context. Adoption was up with strong feedback in Q4. In addition to now being available in eight languages, more advanced Gen AI-powered capabilities are coming to ACA.

展望未来，我们还开始将生成式人工智能交给越来越多的企业，帮助它们打造更好的营销活动，甚至是表现更好的广告。自动生成的资产帮助广告商展示更相关的搜索广告，通过根据每个广告的上下文创建定制的标题和描述。在第四季度，采用率提高，获得了积极的反馈。除了现在已经支持八种语言外，更先进的 Gen AI 功能正在加入 ACA。

And then last week's big news was that Gemini will power a new conversational experience in Google Ads. This is open in beta to U.S. and UK advertisers. Early tests show advertisers are building higher-quality search campaigns with less effort, especially SMBs who are 42% more likely to publish a campaign with good or excellent ad strength. We can't wait to see how this continues to drive performance and level the playing field for advertisers of all sizes.

然后上周的重大消息是双子座将为 Google 广告提供新的对话体验。这项功能目前在美国和英国的广告客户中开放测试。初步测试显示，广告客户正在以更少的努力构建更高质量的搜索广告系列，尤其是中小型企业，他们有 42%的可能性发布具有良好或优秀广告效果的广告系列。我们迫不及待地想看到这将如何继续推动业绩，并为各种规模的广告客户创造公平竞争的机会。

As we shared last quarter, ads will continue to play an important role in the new search experience, and we'll continue to experiment with new formats native to SGE. SGE is creating new opportunities for us to improve commercial journeys for people by showing relevant ads alongside search results. We've also found that people are finding ads either above or below the AI-powered overview helpful as they provide useful options for people to take action and connect with businesses.

正如我们在上个季度所分享的，广告将继续在新的搜索体验中发挥重要作用，我们将继续尝试与 SGE 本地化的新格式。SGE 正在为我们创造新的机会，通过在搜索结果旁边显示相关广告来改善人们的商业旅程。我们还发现，人们发现广告位于 AI 动力概览的上方或下方都很有帮助，因为它们为人们提供了有用的选项，以便采取行动并与企业联系。

Looking at our strong Search performance for the fourth quarter. Retail was a highlight. We continue to see a stronger start to the season up to and including Cyber Five. In Q3, we indicated that we were seeing early trends of consumers being very price-conscious, and we saw this play out in Q4. With promotional demand at an all-time high, deal seekers using Google had access to 2x the deals in the U.S. versus last season as well as a better shopping experience. Launches included a one-stop shop deals destination, new filters like GetItFast and AI-generated gifting recommendations in SGE. These new features drove incremental query growth during key shopping moments like Cyber Five.

在查看我们第四季度强劲的搜索业绩时，零售业是一个亮点。我们继续看到本季度开始以及包括网络五大购物节的强劲表现。在第三季度，我们指出消费者非常注重价格的早期趋势，并且我们在第四季度看到这一点得到了验证。随着促销需求达到历史最高水平，寻找优惠的用户通过谷歌获得了美国市场上上一季度的两倍优惠，以及更好的购物体验。推出的功能包括一个一站式优惠购物目的地，新的筛选器如 GetItFast 以及 SGE 中的人工智能生成的礼品推荐。这些新功能在网络五大购物节等关键购物时刻推动了查询量的增长。

Our proven AI-powered ad solutions were also a win for retailers looking to accelerate omni growth and capture holiday demand. Quick examples include a large U.S. big-box retailer who drove a 60%-plus increase in omni ROAS and a 22%-plus increase in store traffic using Performance Max during Cyber-Five; and a well-known global fashion brand, who drove a 15%-plus higher omnichannel conversion rate versus regular shopping traffic by showcasing its store pickup offering across top markets through pickup later on shopping ads.

我们经过验证的 AI 驱动广告解决方案也为希望加速全渠道增长并抓住节假日需求的零售商赢得了胜利。快速示例包括一家美国大型连锁零售商在 Cyber-Five 期间使用 Performance Max 实现全渠道 ROAS 增长 60%以上和门店流量增长 22%以上；以及一家知名全球时尚品牌通过在顶级市场展示其门店自提服务，使全渠道转化率比常规购物流量提高 15%以上。

Moving on to YouTube. We're obviously pleased with YouTube's advertising revenue growth in Q4 and also significant growth in our subscription revenue. I'll reiterate what I have said before. YouTube success starts with creator success. We give millions of creators more ways to create content and connect with fans and more ways to make money and build their own businesses than any other platform. More creators means more content, which leads to more viewers. And via ads and subscriptions, these viewers fund our creators and drive the eyeballs and engagement our advertisers want.

转到 YouTube。显然，我们对 YouTube 在第四季度的广告收入增长以及订阅收入的显著增长感到满意。我要重申我之前说过的话。YouTube 的成功始于创作者的成功。我们为数百万创作者提供了更多创作内容和与粉丝互动的方式，以及比任何其他平台更多的赚钱和建立自己业务的方式。更多的创作者意味着更多的内容，这将带来更多的观众。通过广告和订阅，这些观众资助我们的创作者，并带来广告客户想要的眼球和参与度。

To keep this momentum going, we're focused on delivering value across four pillars: creation, viewers, monetization and responsibility. First, creation, which increasingly takes place on mobile devices. We've invested in a full suite of tools, including our new YouTube Create app for Shorts, to help people make everything from 15-second Shorts to 15-minute videos to 15-hour live streams with a production studio in the palm of their hands.

为了保持这种势头，我们专注于跨越四大支柱提供价值：创作、观众、变现和责任。首先是创作，这在移动设备上越来越普遍。我们投资了一整套工具，包括我们的新 YouTube Create 应用程序用于短视频，帮助人们在手掌中的制作工作室中制作从 15 秒短视频到 15 分钟视频再到 15 小时直播的一切。

Gen AI is supercharging these capabilities. Anyone with a phone can swap in a new backdrop, remove background extras, translate their video into dozens of languages, all without a big studio budget. We're excited about our first products in this area from Dream Screen for AI-generated backgrounds to allowed for AI-powered dubbing. There is more to come.

Gen AI 正在加速这些能力。任何人都可以通过手机更换新的背景，去除背景中的额外元素，将视频翻译成数十种语言，而无需庞大的工作室预算。我们对这一领域的首批产品感到兴奋，从 Dream Screen 的 AI 生成背景到 AI 动力配音。更多即将推出。

Number two, viewers. We continue to grow watch time across YouTube with strong growth in Shorts and Connected TV. Shorts remains a top priority. We have 2 billion-plus logged-in users every month, and we are averaging 70 billion in daily views. Connected TVs or what we refer to as the living room is where viewership is growing the fastest. We're investing to make this experience even better with interactive features tailored to TVs, plus the content people love: our creators, NFL Sunday Ticket and the range of live sports and studio content via YouTube TV and Primetime Channels. Put this all together, and YouTube is the must-have app on every Connected TV.

数字二，观众们。我们在 YouTube 上的观看时间持续增长，短视频和连接电视有着强劲增长。短视频仍然是首要任务。我们每个月有超过 20 亿的登录用户，平均每天有 700 亿的观看次数。连接电视，或者我们所说的客厅，是观众增长最快的地方。我们正在投资，使这一体验更加出色，提供适用于电视的互动功能，以及人们喜爱的内容：我们的创作者、NFL 周日球票以及通过 YouTube TV 和黄金时段频道提供的各类现场体育赛事和工作室内容。把这一切综合起来，YouTube 是每台连接电视上必备的应用。

Monetization is pillar number three and realized through a combination of ad-supported and subscription offerings. Advertising generates the bulk of our revenue, and we continue to invest heavily here. We've rolled out CTV-first formats like 30-second non-skippable ads and pause experiences as well as an industry-first send-to-phone experience that lets people use a second screen to engage with ads.

变现是第三支柱，通过广告支持和订阅服务的结合实现。广告产生了我们大部分的收入，我们在这方面继续大力投资。我们推出了首个 CTV 格式，如 30 秒不可跳过的广告和暂停体验，以及行业首创的发送至手机体验，让人们可以使用第二屏与广告互动。

For Shorts, we've developed new formats that are less interruptive to viewers. It's early. We're learning but excited by the opportunities for ads this can unlock. Shorts monetization continues to progress nicely.

对于短视频，我们开发了新的格式，减少了对观众的干扰。现在还处于早期阶段。我们正在学习，但对这种广告可能带来的机会感到兴奋。短视频的货币化进展顺利。

Our AI part video format from video reach and video view campaigns to demand gen and video action continue to make advertiser dollars go further and drive results across the funnel. We're also introducing new and existing advertisers to YouTube via sports content. 90-plus upfront and scatter advertisers, including Unilever, are partnering with YouTube in our first year across NFL Sunday Ticket in-game advertising opportunities.

我们的人工智能部分视频格式从视频触达和视频浏览广告活动延伸至需求生成和视频行动，持续让广告主的投资更有价值，并在整个销售漏斗中产生结果。我们还通过体育内容向新老广告主介绍 YouTube。包括联合利华在内的 90 多家提前和零散广告主在我们的第一年与 YouTube 合作，涵盖 NFL 周日球票比赛内的广告机会。

Our subscription offerings are also growing at a healthy clip. YouTube Music and Premium performed well. Premium users are delivering more value to our partners and YouTube than even ad-supported users do. On average, each additional Premium sign-up boost earnings for creators, music and media partners and YouTube itself. And we've made Premium even more attractive with new features, bundles and other enhancements.

我们的订阅服务也在健康的增长。YouTube 音乐和高级服务表现出色。高级用户为我们的合作伙伴和 YouTube 带来的价值甚至超过了广告支持用户。平均而言，每增加一个高级用户注册都会为创作者、音乐和媒体合作伙伴以及 YouTube 本身带来更多收益。我们通过新增功能、捆绑销售和其他增强措施使高级服务更具吸引力。

We're also pleased with our first season of NFL Sunday Ticket. It gave creators new opportunities to create content and feed user engagement across traditional user content and professional sports content. Feedback on the user experience, including MultiView, has been great. We're excited to continue to innovate here.

我们对 NFL Sunday Ticket 的第一个赛季也感到高兴。它为创作者提供了创作内容和促进用户参与的新机会，跨越了传统用户内容和专业体育内容。关于用户体验的反馈，包括 MultiView，都非常好。我们很高兴能够在这里继续创新。

Responsibility is our fourth pillar, and it underlines everything we do across YouTube. We continue to focus relentlessly on this. As always, deepening our relationships with key partners to bring them the best of Google is a key priority for us, and we continue to do this across industries in Q4.

责任是我们的第四支柱，贯穿于 YouTube 所有的工作。我们继续不懈地专注于这一点。与关键合作伙伴加深关系，为他们带来谷歌最好的东西一直是我们的首要任务，我们将在 Q4 继续跨行业开展这项工作。

We just talked about the NFL. Sundar mentioned Samsung, among others earlier. Another highlight was our expanded partnership with Porsche to enhance customers' digital experiences with a deeper in-vehicle integration of Google built-in services, including Google Maps and Play.

我们刚刚谈到了 NFL。Sundar 之前提到了三星等公司。另一个亮点是我们与保时捷的扩展合作伙伴关系，通过更深入的 Google 内置服务在车载系统中集成 Google 地图和 Play，以增强客户的数字体验。

Whether it's continued collaboration with our partners and key ecosystems, we're putting Google AI to work for more customers. I'm excited about the opportunities for continued impact in 2024.

无论是与我们的合作伙伴和关键生态系统继续合作，我们都在让谷歌人工智能为更多客户提供服务。我对在 2024 年继续产生影响的机会感到兴奋。

I'll wrap with a huge note of gratitude to our customers and partners. Our success is only possible because of their success and then to our Googlers for their outstanding work and focus this year.

我要以对我们的客户和合作伙伴致以衷心的感谢来结束。我们的成功仅仅是因为他们的成功，然后再感谢我们的谷歌员工们在今年的出色工作和专注。

Ruth, over to you.

露丝，轮到你了。

Ruth Porat 鲁思·波拉特

Thank you, Philipp. We are very pleased with our full year results with 2023 Alphabet revenues of $307 billion, up 9% versus 2022, which added $25 billion to revenues for the year. We ended with a strong fourth quarter with consolidated revenues of $86.3 billion, up 13% versus last year in both reported and constant currency. Search remained the largest contributor to revenue growth. My comments will be on year-over-year comparisons for the fourth quarter, unless I state otherwise.

谢谢，菲利普。我们对 2023 年度谷歌母公司的全年业绩感到非常满意，收入达到 3070 亿美元，比 2022 年增长 9%，为当年增加了 250 亿美元的收入。我们以强劲的第四季度收官，综合收入达 863 亿美元，同比增长 13%，无论是按报告货币还是恒定货币计算。搜索仍然是收入增长的最大贡献者。我的评论将主要集中在第四季度的同比比较，除非我另有说明。

Total cost of revenues was $37.6 billion, up 6%. Other cost of revenues was $23.6 billion, up 5%, with the increase driven primarily by content acquisition costs associated with YouTube subscription offerings. The growth rate also reflects the offsetting benefit of lapping $1.2 billion in inventory-related charges that we called out in the fourth quarter last year as well as a reduction in depreciation expense due to changes in estimated useful lives we made starting in the first quarter of 2023.

营收总成本为 376 亿美元，增长 6%。其他营收成本为 236 亿美元，增长 5%，主要受 YouTube 订阅服务相关内容采购成本的推动而增加。增长率还反映了我们在去年第四季度指出的 12 亿美元库存相关费用的抵消益处，以及由于我们从 2023 年第一季度开始对预计使用寿命进行的更改而导致折旧费用的减少。

In terms of total expenses, the year-on-year comparisons reflect an additional $1.2 billion in exit charges that we took in the fourth quarter of 2023 in connection with actions to optimize our global office space. As you can see in our earnings release, these charges were allocated across the expense lines in other cost of revenues and OpEx based on associated headcount.

就总费用而言，同比对比反映出我们在 2023 年第四季度采取的与优化全球办公空间相关的 1.2 亿美元的退出费用。正如您在我们的收益发布中所看到的，这些费用根据相关人数分配到其他收入成本和运营支出的费用线上。

Operating expenses were $25 billion, up 11%, primarily reflecting an increase in R&D expenses, which were driven by the real estate charges, followed by compensation. Operating income was $23.7 billion, up 30%, and our operating margin was 27%. Net income was $20.7 billion, and EPS was $1.64. We delivered free cash flow of $7.9 billion, which was affected by the timing of the $10.5 billion tax payment we made on October 16 that we called out previously related to the deferral of certain tax payments to the fourth quarter.

运营费用为 250 亿美元，增长 11%，主要反映了研发费用的增加，这主要是由房地产费用推动的，其次是薪酬。运营收入为 237 亿美元，增长 30%，我们的运营利润率为 27%。净收入为 207 亿美元，每股收益为 1.64 美元。我们提供了 79 亿美元的自由现金流，受到我们于 10 月 16 日支付的 105 亿美元税款的时间影响，这是我们之前提到的与推迟某些税款支付到第四季度有关的。

For the full-year 2023, free cash flow was $69 billion. We repurchased a total of $62 billion of our Class A and Class C shares in 2023 and ended the year with $111 billion in cash and marketable securities.

截至 2023 年全年，自由现金流为 690 亿美元。我们在 2023 年回购了总计 620 亿美元的 A 类和 C 类股票，并以 1110 亿美元的现金和可变现证券结束了当年。

Turning to segment results. Within Google Services, revenues were $76.3 billion, up 12%. Google Search and other advertising revenues of $48 billion in the quarter were up 13%, led again by growth in retail. YouTube advertising revenues of $9.2 billion were up 16% driven by both direct response and brand advertising. Network advertising revenues of $8.3 billion were down 2%.

转向细分业绩。在 Google 服务中，收入为 763 亿美元，增长 12%。本季度 Google 搜索和其他广告收入为 480 亿美元，增长 13%，再次由零售增长带动。YouTube 广告收入为 92 亿美元，增长 16%，受直接响应和品牌广告推动。网络广告收入 83 亿美元，下降 2%。

Subscriptions, Platforms and Devices revenues, which we previously referred to as other revenues, were $10.8 billion, up 23%, primarily reflecting growth in YouTube subscription revenues. TAC was $14 billion, up 8%. Google Services operating income was $26.7 billion, up 32%, and the operating margin was 35%.

订阅、平台和设备收入，我们之前称之为其他收入，为 108 亿美元，增长 23%，主要反映了 YouTube 订阅收入的增长。TAC 为 140 亿美元，增长 8%。Google 服务的营业收入为 267 亿美元，增长 32%，营业利润率为 35%。

Turning to the Google Cloud segment. Revenues were $9.2 billion for the quarter, up 26%. We're very pleased with the momentum of GCP with an increasing contribution from AI. Google Workspace also delivered strong revenue growth, primarily driven by increases in average revenue per seat. Google Cloud delivered operating income of $864 million and an operating margin of 9%. As to our Other Bets, for the full-year 2023, revenues were $1.5 billion, and the operating loss was $4.1 billion. Results in the fourth quarter benefited from a milestone payment in one of the Other Bets.

转向谷歌云业务板块。本季度收入为 92 亿美元，增长 26%。我们对 GCP 的势头感到非常满意，AI 的贡献不断增加。Google Workspace 也实现了强劲的收入增长，主要受益于每个用户的平均收入增加。谷歌云业务的营业利润为 8.64 亿美元，营业利润率为 9%。至于我们的其他投资，2023 财年全年收入为 15 亿美元，营业亏损为 41 亿美元。第四季度的业绩受益于其他投资中的一个里程碑性付款。

Turning to our outlook for the business. With respect to Google Services, first, within advertising. We were pleased with the sequential revenue growth of Search and YouTube advertising throughout 2023, which reflects the extraordinary work across our teams to drive improved experiences for users and attractive ROI for advertisers. As we enter 2024 with advertising revenues of more than $100 billion higher than 2019, we remain focused on sustaining healthy growth on this larger base.

转向我们对业务的展望。关于 Google 服务，首先是广告。我们对 2023 年整体搜索和 YouTube 广告收入的顺序增长感到满意，这反映了我们团队在改善用户体验和为广告客户提供有吸引力的投资回报方面所做的非凡工作。随着我们进入 2024 年，广告收入比 2019 年增加了超过 1000 亿美元，我们将继续专注于在这个更大基础上保持健康增长。

Second, within Subscriptions, Platforms and Devices, our total revenues from subscription products reached $15 billion for the full-year 2023, driven primarily by substantial growth in subscribers for our YouTube subscription offerings. The substantial increase in our subscription revenues over the past few years demonstrates the ability of our teams to deliver high value-add offerings and provides a strong base on which to build, including through YouTube and newer services like Google One.

其次，在订阅、平台和设备方面，我们全年 2023 年的订阅产品总收入达到 150 亿美元，主要受到 YouTube 订阅产品订阅者大幅增长的推动。过去几年订阅收入大幅增加，显示出我们团队提供高附加值产品的能力，并为构建强大基础提供了支持，包括通过 YouTube 和 Google One 等新服务。

Play had solid growth again in the fourth quarter, driven primarily by an increase in the number of buyers. In Devices, we continue to make sizable investments with increased emphasis on our Pixel family, particularly with AI-powered innovation while driving further efficiencies across the portfolio.

在第四季度，Play 再次实现了稳健增长，主要受到购买者数量增加的推动。在设备方面，我们继续进行大量投资，更加强调我们的 Pixel 家族，特别是在 AI 动力创新方面，同时在整个产品组合中进一步提高效率。

Turning to Google Cloud. We are pleased with operating performance in the year. Full year revenues of $33 billion were up 26% versus prior year, ending with strong Q4 performance. The Cloud team is intensely focused on bringing the benefits of Gemini, our industry-leading AI technology, to enterprises and governments globally, and we are gratified with the level of engagement. The strong demand we are seeing for our vertically integrated AI portfolio is creating new opportunities for Google Cloud across every product area.

转向 Google Cloud。我们对今年的运营表现感到满意。全年收入达到 330 亿美元，比去年同期增长 26%，并以强劲的第四季度表现收官。云团队正专注于将我们领先行业的 AI 技术 Gemini 的优势带给全球企业和政府，我们对参与程度感到满意。我们在各个产品领域看到的强劲需求为 Google Cloud 创造了新机遇。

In terms of profitability, the improvement in 2023 reflects sustained focus across the team with the intent to maintain healthy profitability while we continue to invest to support long-term growth.

就盈利能力而言，2023 年的改善反映出团队持续关注的意图，即在继续投资支持长期增长的同时保持健康的盈利能力。

Turning to margins and expenses. As we have repeatedly stressed, we remain committed to our framework to durably reengineer our cost base as we invest to support our growth priorities. Key contributors to moderating our expense growth include: first, product and process prioritization to ensure we have the right resources behind our most important opportunities and to reallocate resources where we can; second, organizational efficiency and structure. We're focused on removing layers to simplify execution and drive velocity.

转向利润和费用。正如我们一再强调的那样，我们仍然致力于在投资支持增长优先事项的同时，持久地重塑我们的成本基础的框架。降低费用增长的关键因素包括：首先，产品和流程优先级确定，以确保我们在最重要的机会背后拥有正确的资源，并在可能的情况下重新分配资源；其次，组织效率和结构。我们专注于简化执行和推动速度，消除层级。

Both product prioritization and the organization design efforts result in a slower pace of hiring, as you can see with our headcount down year-on-year, reflecting the reductions we announced in the first quarter of 2023 and a much slower pace of hiring. We will continue to invest in top technical and engineering talent.

产品优先级和组织设计工作都导致招聘速度放缓，正如您可以看到我们的员工人数同比下降，反映了我们在 2023 年第一季度宣布的裁员以及招聘速度明显放缓。我们将继续投资顶尖的技术和工程人才。

Finally, we continue to execute the other work streams to slow expense growth, including improving efficiency in our technical infrastructure, streamlining operations across Alphabet through the use of AI, increasing efficiency of our spend with suppliers and vendors through our central procurement organization, and optimizing our real estate portfolio.

最后，我们继续执行其他工作流程，以减缓费用增长，包括提高技术基础设施的效率，通过使用人工智能简化 Alphabet 的运营，通过我们的中央采购组织提高与供应商和供应商的支出效率，并优化我们的房地产投资组合。

With respect to CapEx, our reported CapEx in the fourth quarter was $11 billion, driven overwhelmingly by investment in our technical infrastructure with the largest component for servers followed by data centers. The step-up in CapEx in Q4 reflects our outlook for the extraordinary applications of AI to deliver for users, advertisers, developers, cloud enterprise customers and governments globally and the long-term growth opportunities that offers. In 2024, we expect investment in CapEx will be notably larger than in 2023.

就资本支出而言，我们第四季度报告的资本支出为 110 亿美元，主要是由对技术基础设施的投资推动，其中最大的组成部分是服务器，其次是数据中心。第四季度资本支出的增加反映了我们对人工智能的非凡应用前景的展望，以满足全球用户、广告客户、开发人员、云企业客户和政府的需求，以及长期增长机会。到 2024 年，我们预计资本支出的投资将明显高于 2023 年。

With regard to Other Bets, we've been working to sharpen our investment focus while capturing the upside given compelling technology breakthroughs across the portfolio. For example, last week, Alphabet's X announced that it would be moving to spin out more projects as independent companies through external capital, giving X the opportunity to bring more focus to the breakthrough technologies it is working on to address some of the world's most pressing challenges.

关于其他投注，我们一直在努力提高投资重点，同时抓住组合中引人注目的技术突破所带来的上行空间。例如，上周，Alphabet 的 X 宣布将通过外部资本将更多项目拆分为独立公司，为 X 提供机会将更多关注点放在正在解决全球一些最紧迫挑战的突破性技术上。

Thank you. Sundar, Philipp and I will now take your questions.

谢谢。Sundar、Philipp 和我现在会回答你们的问题。

Question-and-Answer Session

问答环节

Operator 操作员

[Operator Instructions] And our first question comes from Brian Nowak with Morgan Stanley.

【操作员指示】我们的第一个问题来自摩根士丹利的 Brian Nowak。

Brian Nowak 布莱恩·诺瓦克

I have two for Philipp. Philipp, the first one is about sort of a lot of the new generative AI advertising tools. You obviously have a lot of irons in the fire here. You've been talking about some of the early momentum with tens of thousands of advertisers.

我有两个给菲利普。菲利普，第一个是关于很多新的生成式人工智能广告工具。显然你在这里有很多事情要忙。你已经谈到了数以万计的广告商的一些早期动力。

The question is, can you sort of walk us through some of the hurdles and gating factors that we should be thinking through that dictate the pace at which these tools can really be rolled out broadly just so we and advertisers can kind of get an understanding for when they could have a bigger impact on the whole business? And then secondly, how do you think about the long-term sales force intensity of the advertising business as you roll more AI-based tools like PMax impacting the overall ad allocation?

问题是，您能否带领我们走过一些障碍和门控因素，让我们思考一下，这些因素决定了这些工具可以广泛推广的速度，以便我们和广告客户能够了解它们何时可能对整个业务产生更大影响？其次，当您推出更多像 PMax 这样基于人工智能的工具时，您如何看待广告业务的长期销售力量强度，对整体广告分配产生影响？

Philipp Schindler 菲利普·辛德勒

Yes. Thank you so much. So I've covered this a little bit on previous quarters. AI has been at the core of our advertising products for a very, very long time. And the recent advances are really allowing us to drive more value for advertisers across a large range of different areas: bidding, targeting, creative as well as our core advertiser and publisher experiences.

是的。非常感谢。我之前在过去几个季度已经稍微涉及了这个问题。人工智能在我们的广告产品中已经有很长一段时间的核心地位。最近的进展确实让我们能够在许多不同领域为广告客户创造更多价值：竞价、定位、创意以及我们核心的广告客户和发布者体验。

We are seeing in core search ads, for example, the bidding side, the value-based bidding as a very significant one on the targeting side, the broad match on creative, responsive search ads automatically created ads assets. And we are very happy with the progress we're seeing in those areas.

在核心搜索广告中，例如，在出价方面，基于价值的出价在定位方面非常重要，在创意方面使用广泛匹配，响应式搜索广告自动生成广告资产。我们对这些领域的进展感到非常满意。

I think I mentioned in one of the previous calls that one. You asked about hurdles and gating factors. The AI essentials play neutral in this trying to get everybody ready to really take full advantage of those tools. We talked about the progress on PMax as well that we're very happy with in Q4. So overall, I think we are on track with what we're expecting here.

我记得在之前的一个电话中提到过。你问了关于障碍和门槛因素的问题。AI 基础在这方面起到了中立作用，试图让每个人都准备好充分利用这些工具。我们还谈到了 PMax 在第四季度的进展，我们对此非常满意。总的来说，我认为我们在这里的期望方面是符合预期的。

On the sales force intensity side, we have done a few reallocations or let me call it portfolio adjustments. As you know, we have two large different teams. One is our LCS, Large Customer Solutions team that's really focused on transformational growth for our largest and most sophisticated customers. And we have our -- we call them GCS, Global Customer Solutions, team, which is the channel where really every customer starts from some of our largest customers now to also the millions of smaller ones and SMBs.

在销售力度方面，我们进行了一些重新分配，或者让我称之为组合调整。正如您所知，我们有两个不同的大团队。一个是我们的 LCS，即大客户解决方案团队，专注于为我们最大和最复杂的客户实现转型增长。另一个是我们的 GCS，即全球客户解决方案团队，这是一个渠道，从我们的一些最大客户开始，现在也包括数百万较小的客户和中小企业。

The GCS is really then scaling growth by dynamically delivering really the right treatment for every customer. And important to note, it’s also our fastest-growing channel, and it delivered particularly strong growth in Q4. So we have done adjustments here to focus more resources on the GCS side.

GCS 真的通过动态地为每位客户提供合适的治疗方案来实现规模增长。值得注意的是，这也是我们增长最快的渠道，它在第四季度实现了特别强劲的增长。因此，我们在这里做出了调整，以更多地专注于 GCS 方面的资源。

But I also want to be clear, when we restructure, there’s always an opportunity to be more efficient and smarter in how we service and grow our customers. We’re not restructuring because AI is taking away roles that’s important here. But we see significant opportunities here with our AI-powered solution to actually deliver incredible ROI at scale, and that’s why we’re doing some of those adjustments. So I look at sales force intensity as a stronger focus going forward on the channels I mentioned here.

但我也想明确一点，当我们进行重组时，总是有机会在服务和发展客户方面变得更高效、更智能。我们进行重组并不是因为人工智能正在夺走重要的角色。但我们看到在我们基于人工智能的解决方案中存在着巨大的机会，可以实现规模化的令人难以置信的投资回报率，这就是为什么我们正在进行一些调整。因此，我认为销售团队的强度将更加关注我在这里提到的渠道。

Operator 操作员

Our next question comes from Doug Anmuth with JPMorgan.

我们下一个问题来自摩根大通的道格·安穆斯。

Doug Anmuth 道格·安姆斯特

One for Ruth and one for Philipp. Ruth, you're now into year two of durably reengineering your cost structure. Can you just help us assess your progress so far? And are there any guideposts that we should be thinking about going forward?

一个给露丝，一个给菲利普。露丝，你现在已经进入了耐久性地重塑成本结构的第二年。你能帮助我们评估一下你迄今为止的进展吗？未来我们应该考虑哪些里程碑？

And then, Philipp, can you talk more about NFL Sunday Ticket and just what your key learnings were in year one? How are you thinking about the returns on the investment on both from an advertising perspective and then also subscribers to both Sunday Ticket and YouTube TV?

然后，菲利普，你能谈谈 NFL Sunday Ticket 吗？你在第一年的关键收获是什么？你是如何考虑广告投资回报以及周日球票和 YouTube TV 的订阅者回报的？

Ruth Porat 鲁思·波拉特

Thanks for the question. So we are very pleased with the progress we're continuing to make, and we are very committed to the framework to durably reengineer our cost base really as we're investing to support the growth priorities. I tried to call out a number of them in opening comments, but really, as you're looking at the work being done across Google, across Alphabet, it does start with product and process prioritization to make sure we've got the right resources behind the most important opportunities, and then that creates the opportunity for reallocating resources where we can.

谢谢提问。我们对我们持续取得的进展感到非常满意，我们非常致力于稳固地重塑我们的成本基础，因为我们正在投资以支持增长优先事项。我在开场发言中尝试提到了其中一些，但实际上，当您看到谷歌和全母公司字母表所做的工作时，它始于产品和流程优先级的确定，以确保我们为最重要的机会提供了正确的资源支持，然后这就创造了重新分配资源的机会。

Then we talked a lot about this quarter about organizational efficiency and structure, and we're focused on removing layers to simplify execution and drive velocity. The combination of those two, product prioritization and organizational design work, has resulted in the slower pace of hiring. You can see that in our headcount numbers down year-on-year. You can see it in some of the -- in the results that we delivered in the fourth quarter.

然后我们在本季度谈了很多关于组织效率和结构的问题，我们专注于减少层级以简化执行并推动速度。这两者的结合，产品优先级和组织设计工作，导致了招聘速度放缓。您可以看到我们的员工人数同比下降。您可以从我们在第四季度取得的一些结果中看到这一点。

Google在人力上应该有巨大的成本优势，砍掉80%都有可能正常经营，比如，Twitter。

You can -- and it also goes to the announcements around first quarter and much lower pace of hiring. At this point in the quarter, we do estimate that severance-related expense will be roughly $700 million in the first quarter as we've continued these efforts. But as I said in opening comments, we will continue to invest in top engineering.

您可以这样做，这也适用于第一季度周围的公告和较低的招聘速度。在本季度的这一时刻，我们估计与解雇相关的费用将在第一季度大约为 7 亿美元，因为我们继续这些努力。但正如我在开场白中所说，我们将继续投资于顶尖工程。

So that's sort of the big one, if you start with product prioritization and organizational design, which is why also the note about the severance-related expense, which helps pave the way as we're continuing to do the work that we're doing. But then we have a host of other work streams, which I talked about, everything with improving efficiency in our technical infrastructure, which is a very large ongoing effort; streamlining operations across Alphabet through use of AI; all the work we're doing with our suppliers and vendors; the work we're doing optimizing our real estate portfolio. So when we've described durably reengineering, it's about continuing to build on work that started, and that is ongoing.

所以这是一个重要的问题，如果你从产品优先级和组织设计开始，这也是为什么有关解雇相关费用的说明，这有助于我们在继续进行的工作中铺平道路。但是我们还有一系列其他工作流，我谈到了一切都在改善我们的技术基础设施效率，这是一个非常庞大的持续努力；通过使用人工智能简化 Alphabet 各个部门的运营；我们与供应商和供应商合作的所有工作；我们正在优化我们的房地产投资组合的工作。所以当我们描述持久性重塑时，这是关于继续建立已经开始并正在进行中的工作。

Philipp Schindler 菲利普·辛德勒

So on the NFL Sunday Ticket side, look, as I said earlier, NFL Sunday Ticket supports our long-term strategy and really help solidify YouTube's position as a must-have app on everyone's TV set.

所以在 NFL Sunday Ticket 方面，就像我之前说的，NFL Sunday Ticket 支持我们的长期战略，真的有助于巩固 YouTube 在每个人的电视上都必不可少的应用程序的地位。

You asked about some of the learnings. Maybe I start with a viewing experience. We've received great feedback so far. People like the navigation, MultiView, the chat, the lack of latency, a really, really positive feedback on this one. You asked about the ads and the subs. Maybe I start with the subscribers.

您询问了一些学习经验。也许我可以从观看体验开始。到目前为止，我们收到了很好的反馈。人们喜欢导航、MultiView、聊天、没有延迟，对这一点的反馈非常积极。您问到广告和订阅者。也许我可以从订阅者开始。

We're pleased with the NFL Sunday Ticket sign-ups and all for a season both as part of the YouTube TV bundle and as a stand-alone offering on YouTube Primetime Channels. Remember, you can access them via both. Nothing more to share on the sub side today on this one.

我们对 NFL Sunday Ticket 的注册以及作为 YouTube TV 捆绑包和 YouTube Prime 时间频道独立提供的整个赛季感到高兴。请记住，您可以通过两者访问它们。今天在这个问题上没有更多要分享的内容。

On the ad side, as you know, advertisers can buy from an NFL lineup as part of our YouTube Select portfolio. And this actually allows advertisers to reach football fans across YouTube's pretty unique breadth of NFL content independently of whether you're doing live game on YouTube TV or Primetime Channels or watching NFL highlights, post game commentary on YouTube channels.

在广告方面，正如您所知，广告商可以作为我们 YouTube Select 投资组合的一部分从 NFL 阵容购买。实际上，这使广告商能够独立于您是否在 YouTube TV 上观看直播比赛或在黄金时段频道上观看 NFL 亮点，后赛评论等，触及 YouTube 独特广泛的 NFL 内容，从而触及足球粉丝。

And we saw solid demand across the ad market around our YouTube Sunday Ticket offering here. We're excited about the partnership ahead or the partnerships ahead. This is our first season. And I mentioned over 90 upfront and scatter advertisers partnered with YouTube in our first year across NFL Sunday Ticket in-game opportunities, which we really appreciate.

我们看到 YouTube 周日球票在广告市场上受到了坚实的需求。我们对未来的合作感到兴奋。这是我们的第一个赛季。我提到在我们的第一个赛季中，超过 90 家提前和散播广告商与 YouTube 合作，共同参与 NFL 周日球票比赛中的机会，我们对此表示非常感激。

Operator 操作员

Our next question comes from Eric Sheridan with Goldman Sachs.

我们下一个问题来自高盛的 Eric Sheridan。

Eric Sheridan 埃里克·谢里登

Two, if I could. Sundar, a bigger-picture question, coming back to your comments earlier in the call on Search Generative Experience. When you think about the evolution of product over the next couple of years, how do you envision more traditional search and things like the Google Assistant continuing to evolve in a world of Search Generative Experience and Bard and what that might mean for elements of commercial and non-commercial search and how use cases might change in the years ahead?

如果可以的话，我有两个问题。桑达尔，一个更宏观的问题，回到你之前在通话中对搜索生成体验的评论。当你考虑未来几年产品的发展时，你如何设想更传统的搜索以及像 Google 助手这样的东西在搜索生成体验和 Bard 的世界中继续演变，以及这对商业和非商业搜索元素以及用例可能在未来几年内发生变化会意味着什么？

And then, Ruth, I just want to make sure we understood some of the messaging from the release and the public comments around one-timers in the quarter itself. It seems as if they were not allocated to the segments but are more elements of Other Bets and Alphabet-level activities. I just want to confirm whether elements of those one-timers were captured in the P&L statement and whether there were also any elements of legal one-timers that would be called out this quarter as well?

然后，露丝，我只是想确保我们理解了发布中的一次性信息以及关于本季度的公开评论。看起来它们似乎没有分配给各个部门，而是更多地属于其他投注和字母级别的活动。我只想确认这些一次性项目的要素是否已在损益表中体现，并且本季度是否还有任何法律一次性项目的要素也会被披露出来？

Sundar Pichai 桑达尔·皮查伊

Thanks, Eric. Great question. Look, it is an exciting time. Clearly, as I said, as we are incorporating SGE in the product, the early feedback is positive. And we've been iterating on it, and it clearly works for certain type of queries very well. We are expanding the set of queries where it works very well. It definitely is answering a certain category of queries for the first time in a better way. So that gives us direction to proceed as well.

谢谢，Eric。很棒的问题。看，现在是令人兴奋的时刻。显然，正如我所说的，随着我们将 SGE 纳入产品中，初步反馈是积极的。我们一直在不断改进它，它显然非常适用于某些类型的查询。我们正在扩大它非常适用的查询范围。它确实是第一次以更好的方式回答某一类查询。这为我们提供了继续前进的方向。

Overall, one of the things I think people underestimate about Search is the breadth of Search, the amount of queries we see constantly on a new day, which we haven't seen before. And so the trick here is to deliver that high-quality experience across the breadth of what we see in Search.

总的来说，我认为人们低估了搜索的广度，每天我们看到的查询量是巨大的，而且我们以前从未见过。因此，关键在于在搜索中提供高质量的体验。

搜索在很大程度上是一个答案的排名，谁排前面谁排后面很重要，AI即使能做看着也不是AI真正擅长的地方。

And over time, we think Assistant will be very complementary. And we will again use generative AI there, particularly with our most advanced models and Bard, and allows us to act more like an agent over time, if I were to think about the future and maybe go beyond answers and follow through for users even more. So that is the -- directionally, what the opportunity set is. Obviously, a lot of execution ahead. But it's an area where I think we have a deep sense of what to do. And all the work we have taken so far, the feedback has been super positive.

随着时间的推移，我们认为助手将会是非常互补的。我们将再次在那里使用生成式人工智能，特别是在我们最先进的模型和巴德上，这将使我们随着时间的推移更像一个代理人，如果我要考虑未来，也许会超越答案，为用户提供更多跟进。所以这就是机会集的方向性。显然，还有很多工作要做。但这是一个我们认为知道该怎么做的领域。到目前为止，我们所做的所有工作，反馈都非常积极。

Ruth Porat 鲁思·波拉特

And then in terms of your other question, so on the real estate charge of $1.2 billion in exit charges related to real estate, that is in Alphabet-level activities. But the other comment I was making in opening comments is when you go through the various line items, R&D, et cetera, you see it spread there. And we have a table and IR can walk anybody through the technicals on that just to understand how it then gets arrayed across the various lines in the P&L.

至于您提出的另一个问题，关于 12 亿美元的房地产费用，这与房地产有关的退出费用，这是在 Alphabet 级别的活动中。但我在开场白中提到的另一点是，当您浏览各种明细项目，如研发等时，您会看到它分布在那里。我们有一张表格，IR 可以帮助任何人了解其中的技术细节，以便了解它是如何分布在损益表的各行中的。

Operator 操作员

Our next question comes from Michael Nathanson with MoffettNathanson.

我们下一个问题来自 MoffettNathanson 的 Michael Nathanson。

Michael Nathanson 迈克尔·纳桑森

I have two for Philipp, I think. Given the importance of Connected TV engagement in YouTube, can you talk about the opportunity outside the U.S. for Connected TV? And what the company is doing at large to drive more adoption of YouTube or Connected TVs given the Google operating system? Anything you talk about outside the U.S.?

我认为我有两个问题是为菲利普准备的。鉴于 Connected TV 在 YouTube 中的重要性，您能谈谈 Connected TV 在美国以外的机会吗？公司在推动更多 YouTube 或 Connected TV 采用方面正在做些什么，考虑到谷歌操作系统？您能谈谈在美国以外的任何事情吗？

And then you've been consistent about the strength of Shorts over the past year. Can you talk a bit about the modernization challenges? Do you still see the headwinds that you saw at the beginning? Anything you could share about the density of the auction or advertising interest on Shorts to help us with whether or not that's still a headwind to growth?

然后在过去一年中，您一直坚持认为短视频的实力。您能谈谈现代化面临的挑战吗？您是否仍然看到最初遇到的阻力？您能否分享一些关于拍卖或广告兴趣密度的信息，以帮助我们了解这是否仍然是增长的阻力？

Philipp Schindler 菲利普·辛德勒

Yes. Thank you so much for your question. On the Connected TV side, I mentioned it actually continues to perform really well. I said before, YouTube is the leader in U.S. streaming watch time and it’s not just one audience group diving deep. It's really all audiences. On the international side, it's something we are closely looking at. There's nothing specific I have at this moment in time on this one.

是的。非常感谢您的提问。在连接电视方面，我提到它实际上表现得非常出色。我之前说过，YouTube 在美国的流媒体观看时间方面是领先者，而且不仅仅是一个受众群体在深入了解。实际上是所有受众。在国际方面，这是我们正在密切关注的事情。目前我没有具体的信息。

On the Shorts monetization side, look, we built Shorts to respond to the huge demand from both creators and viewers for short-form video. And we're very pleased with the growth we've seen. I mentioned 2 billion-plus logged-in users every month, 70 billion in daily views. Specifically to the monetization question, Shorts monetization continues to progress nicely. In fact, actually, since we introduced revenue sharing for Shorts, the total creator earnings generated from Shorts have increased every month, and we expect this to continue. And similar, obviously, to our long-form videos, we're really committed here to a long-term partnership. And you heard me say this before, right, when creators succeed, we succeed.

在短视频变现方面，我们构建了短视频以响应创作者和观众对短视频的巨大需求。我们对我们所见到的增长非常满意。我提到每月有 20 亿以上的登录用户，每天有 700 亿的观看次数。具体到变现问题，短视频的变现情况持续良好。事实上，自从我们为短视频引入了收入分享以来，从短视频中产生的创作者收入每个月都在增加，我们预计这种增长将继续。显然，与我们的长视频类似，我们在这里真正致力于长期合作伙伴关系。你听我之前说过，对吧，当创作者成功时，我们也成功。

Operator 操作员

Our next question comes from Stephen Ju with UBS.

我们下一个问题来自瑞银的 Stephen Ju。

Stephen Ju 史蒂芬·朱

So Philipp, this is not a new question, but it's also been about two years since PMax was launched. But it seems like there's been this long lineage of product development and rollout of things like smart bidding in your history, which I believe at the time was designed to help smaller advertisers more easily run search advertising.

所以菲利普，这不是一个新问题，但自 PMax 推出以来已经有大约两年的时间了。但似乎在您的历史中有这样一长串的产品开发和推出，比如智能竞价等，我相信当时的设计目的是帮助较小的广告主更轻松地运行搜索广告。

And today, you're helping me generate creators as well as manage my spend and maximize ROI across multiple Google Services. So how are you feeling about enabling SMBs who otherwise could not advertise with you before? And what kind of TAM expansion tailwind does that create for your revenue growth over the longer term?

今天，您正在帮助我生成创作者，管理支出，并在多个谷歌服务中最大化投资回报率。那么，您对于帮助那些之前无法与您进行广告宣传的中小企业感觉如何？这将为您的长期收入增长创造怎样的 TAM 扩张助力？

Philipp Schindler 菲利普·辛德勒

Look, as you know, SMBs are a huge focus for us. We mentioned this several times before. They're part of our GCS channel, not only there's more in this. But they've been under a ton of change over the last few years. And our focus has always been here on investing in solutions that really help level the playing field, and you mentioned several of those. So actually, SMBs can compete with bigger brands and more sophisticated advertisers.

看，正如你所知，中小型企业对我们来说是一个重点关注领域。我们之前提到过这一点多次。它们是我们的 GCS 渠道的一部分，不仅仅是这样。但是在过去几年里，它们经历了大量变化。我们一直致力于投资于真正有助于实现公平竞争的解决方案，你提到了其中几个。因此，实际上，中小型企业可以与更大的品牌和更复杂的广告客户竞争。

And so the feedback we’re always getting is they need easy solutions that could drive value quickly, and several of the AI part solutions that you’re mentioning are actually making the workflow and the whole on-ramp and the bidded targeting creative and so on you mentioned that is so much easier for SMBs. So we’re very satisfied with what we’re seeing here. We will continue to invest. And I feel AI is really a helpful, very interesting future path to make life not only easier but also much more productive and better arise over time, more level playing field for SMBs.

因此，我们一直收到的反馈是他们需要能够快速创造价值的简单解决方案，您提到的几种人工智能部分解决方案实际上正在使工作流程、整个入口以及竞标定向创意等方面变得更加容易，这对中小企业来说是非常有帮助的。因此，我们对目前看到的情况感到非常满意。我们将继续投资。我认为人工智能确实是一个有帮助的、非常有趣的未来发展路径，可以使生活不仅更加轻松，而且更加高效，随着时间的推移，为中小企业提供更加公平的竞争环境。

Operator 操作员

Our next question comes from Justin Post with BAML.

我们下一个问题来自 BAML 的 Justin Post。

Justin Post 贾斯汀·波斯特

Maybe one for Sundar and one for Ruth. Just on Search growth, I think there are some concerns on use of competitive AI tools as an alternative to Search. Just wondering if you see any changes in query volumes, positive or negative, since you've seen the year evolve and more Search innovative experiences. And what can really make Google stand out versus other AI tools?

也许一个给桑达，一个给鲁思。就搜索增长而言，我认为对于使用竞争性人工智能工具作为搜索替代方案存在一些担忧。只是想知道自去年以来，您是否看到查询量有任何变化，无论是积极的还是消极的，并且在看到更多搜索创新体验后。谷歌究竟如何能够脱颖而出，与其他人工智能工具有所区别？

And then Ruth, CapEx was $11 billion. A step-up, obviously. Any one-time items in there? Or is that how we should think about the new run rate into '24?

然后，卢思，资本支出为 110 亿美元。显然是一个增加。里面有任何一次性项目吗？或者我们应该将这作为'24 年的新运行速率来考虑？

Sundar Pichai 桑达尔·皮查伊

Thanks, Justin. First of all, look, we think about effects on Search, obviously, more broadly. People have a lot of information choices. So -- and user expectations are constantly evolving. And so we've been doing this for a long time. And I think what ends up mattering is a strong continuous track record of innovation.

谢谢，贾斯汀。首先，看，我们考虑到搜索的影响，显然，更广泛地。人们有很多信息选择。因此 - 用户期望不断发展。我们已经做了很长时间了。我认为最重要的是持续强大的创新记录。

这个问题是对的，但显得信心不足，这是Google整体上不如Apple的地方。

Obviously, generative AI is a new tool in the arsenal. But there's a lot more that goes into Search: the breadth, the depth the diversity across verticals, stability to follow through getting actually access to rich, diverse sources of content on the web and putting it all together in a compelling way.

显然，生成式人工智能是武器库中的一种新工具。但搜索涉及的远不止这些：广度、深度、跨垂直领域的多样性、稳定性以及实际获取网络丰富多样内容的能力，并以引人入胜的方式将所有内容整合在一起。

And I think, through the year two, when we test, we test Search Generative Experience, particularly against everything that's out there. And we can see the progress we are making and how much users are liking the experience better. And so I think I feel very good about the progress. And our road map for '24 is strong both on the Search and the underlying AI progress, including the model. So I'm pretty excited about what's ahead of us in '24.

我认为，在第二年，当我们测试时，我们会测试搜索生成体验，特别是与所有现有的东西进行比较。我们可以看到我们正在取得的进展以及用户对体验的喜爱程度。所以我认为我对进展感到非常满意。我们在'24 年的路线图在搜索和基础 AI 进展方面都很强大，包括模型。所以我对'24 年即将到来的事情感到非常兴奋。

Ruth Porat 鲁思·波拉特

And with respect to CapEx, the CapEx of $11 billion in the fourth quarter, as I indicated, was overwhelmingly investment in our technical infrastructure. To your question, there was no one-time item in there. What it really reflects is our outlook for everything Sundar and Philipp and I have been talking about, the extraordinary applications of AI within Google DeepMind, Google Services, Google Cloud, it’s across the board for users, for advertisers, developers, cloud enterprise customers, governments. And it’s really the long-term opportunity that offer.

就资本支出而言，第四季度的 110 亿美元资本支出，正如我所指出的，主要是用于我们的技术基础设施投资。对于您的问题，其中没有任何一次性项目。它真正反映的是我们对 Sundar、Philipp 和我一直在谈论的一切的展望，即 AI 在 Google DeepMind、Google 服务、Google Cloud 中的非凡应用，这涵盖了用户、广告商、开发人员、云企业客户、政府。这确实是长期机会的提供。

So last quarter, we did note that CapEx would continue to grow in 2024. We do expect 2024 full year CapEx to be notably larger than 2023. As a note, I think you all know this, but timing of cash payments can affect the quarterly CapEx number. But the main point is we’re continuing to invest.

因此，上个季度，我们确实指出资本支出将在 2024 年继续增长。我们预计 2024 年全年的资本支出将明显高于 2023 年。顺便提一下，我认为你们都知道，但现金支付的时间可能会影响季度资本支出数字。但主要观点是我们将继续投资。

Operator 操作员

Our next question comes from Ross Sandler with Barclays.

我们下一个问题来自巴克莱的罗斯·桑德勒。

Ross Sandler 罗斯·桑德勒

So I guess a question for, I don't know if Sundar or Philipp. But if we go back to the DOJ trial that happened in the fall, there was a document that was disclosed from Google that said something along the lines of why being on ad quality team to deliver 20% RPM growth in Search is a fragile strategy. Digging back to 2019, your business has, I think, more than doubled since then.

所以我猜一个问题，我不知道是 Sundar 还是 Philipp。但是如果我们回顾发生在秋天的司法部审判，有一份来自谷歌披露的文件，其中提到为什么在广告质量团队上工作，以实现搜索中 20%的 RPM 增长是一种脆弱的策略。回顾到 2019 年，我认为你们的业务自那时以来增长了一倍多。

So I guess, as we sit here today in early 2024, how do you feel about Google's ability to drive Search RPM going forward? And I guess in the context of what Ruth said tonight about the large revenue base, just how do you feel about the monetization?

所以我猜，在我们今天坐在这里的 2024 年初，你如何看待谷歌推动搜索 RPM 的能力？我猜在露丝今晚提到的大收入基础的背景下，你对货币化感觉如何？

Sundar Pichai 桑达尔·皮查伊

Look, I think I have tremendous confidence in the quality driven both our work, be it search quality, ads quality, our improvements on search, our improvements on ads RPM, all -- 2 foundational pillars are extraordinary focus on ads quality so that we deliver the actual ROI to advertisers and improve the experience for users and all underpinned by rigor and technical excellence and go-to-market excellence, right?

看，我认为我对我们的工作质量有极大的信心，无论是搜索质量、广告质量，我们在搜索方面的改进，我们在广告 RPM 方面的改进，所有这些——两个基本支柱都是对广告质量的极致关注，以便我们向广告客户提供实际的投资回报，并改善用户体验，所有这些都以严谨和技术卓越以及市场推广卓越为支撑，对吧？

So the fundamental attributes don't change. I think AI gives us opportunity both on the organic side as well as on the monetization side. And I think we are in the early days of it. I think we'll be able to, taking a long-term view, serve information needs in a deeper way. And so I think about it in that -- with that long-term context, and I'm pretty excited about what's ahead.

因此，基本属性不会改变。我认为人工智能为我们提供了机会，无论是在有机方面还是在货币化方面。我认为我们还处于早期阶段。我认为我们将能够从长远的角度来满足更深层次的信息需求。因此，我会以这种长期的背景来思考，对未来感到非常兴奋。

Operator 操作员

And our last question will be from Mark Mahaney with Evercore.

我们最后一个问题来自 Evercore 的 Mark Mahaney。

Mark Mahaney 马克·马哈尼

One question on YouTube AI and one on Cloud. On Cloud first, there's just this volatility, this material deceleration last quarter and the nice reacceleration this quarter. Is that explained by where we are in the optimization cycle, and it may be generative AI workloads starting to trickle in now and cause that growth curve to bend back up? Any commentary just on the sort of the volatility, the deceleration and the reacceleration that we've seen?

YouTube AI 和云端各有一个问题。先谈云端，上个季度只是有这种波动，这种材料减速，而这个季度则有很好的重新加速。这是否可以解释为我们在优化周期中的位置，以及可能是生成式 AI 工作负载开始逐渐涌入，导致增长曲线重新上升？对于我们看到的波动、减速和重新加速，是否有任何评论？

And then, Philipp, I wanted to ask on the creative side, and particularly on YouTube and ads and the creative, using AI to improve the creative and really to offer SMBs who have been with Google forever but offer them now performance-based video ad campaigns created by AI. Is that kind of a new growth area? How far along are you in terms of offering this out into the market? And do you think that this opens up a new area of spend that wasn't there before?

然后，菲利普，我想问一下关于创意方面，特别是关于 YouTube 和广告以及创意，是否可以利用人工智能来改进创意，真正为一直与谷歌合作的中小企业提供基于性能的视频广告活动，这是否是一种新的增长领域？在向市场推出这项服务方面，您的进展如何？您认为这是否开辟了一个以前不存在的新支出领域？

Sundar Pichai 桑达尔·皮查伊

Thanks, Mark. On Cloud, let me take that. First of all, a combination of factors. I think definitely excitement around the AI solutions on top of our foundational pillar with data and analytics, infrastructure, security, et cetera. But AI is definitely something which is driving interest and early adoption. And as you saw, that greater than 70% of Gen AI unions are using Google Cloud. And so I think it's an area where our strengths will continue to play out as we go through '24, especially when I look at innovation ahead from us on the AI front. And second, I think there are regional variations, but the cost optimizations in many parts are something we have mostly worked through. And I think that was a contributing factor as well.

谢谢，马克。关于云端，让我来谈谈。首先，是多种因素的结合。我认为绝对是围绕着 AI 解决方案的兴奋，建立在我们的数据和分析、基础设施、安全等基石之上。但 AI 绝对是驱动兴趣和早期采用的因素。正如您所看到的，超过 70%的 Gen AI 联盟正在使用 Google Cloud。因此，我认为这是我们的优势将在未来继续发挥作用的领域，特别是当我看到我们在 AI 领域的创新前景时。其次，我认为存在区域差异，但在许多地方进行成本优化是我们大多数已经解决的问题。我认为这也是一个促进因素。

Philipp Schindler 菲利普·辛德勒

So on your YouTube question, maybe let me start with a general view. YouTube submission, you know, has enabled millions of creators around the world to share their voice and connect with audiences and obviously build thriving businesses here. And AI has been a very critical piece of this already.

关于您的 YouTube 问题，也许让我从一个总体视角开始。YouTube 的提交，您知道，已经让全球数百万创作者能够分享他们的声音，与观众联系，并显然在这里建立蓬勃发展的业务。AI 已经是其中非常关键的一部分。

You are obviously aware of the made YouTube announcement where we introduced a whole lot of new complementary creativity features on YouTube, including Dream Screen, for example, and a lot of other really interesting tools and thoughts. You can obviously imagine that we can take this more actively to the advertising world already. As you know, it continues already to power AI, a lot of our video ad solutions and measurement capabilities. It's part of video rich campaigns. Multi-format ads are -- actually, there is a generative creator music that actually makes it easier for creators to design the perfect soundtrack already.

您显然已经了解了我们在 YouTube 上发布的公告，介绍了许多新的 YouTube 创意功能，包括 Dream Screen 等等，以及许多其他非常有趣的工具和想法。您显然可以想象，我们可以更积极地将这些功能引入广告世界。正如您所知，它已经在推动 AI、我们的许多视频广告解决方案和测量能力。这是视频丰富广告活动的一部分。多格式广告实际上有一个生成式创作者音乐，实际上使创作者更容易设计完美的配乐。

And as I said earlier, AI will unlock a new world of creativity. And you can see how this will -- if you just look at where models are heading, where multimodal models are heading, where the generation capabilities of those models are heading, you can absolutely see how this will impact and -- positively impact and simplify the flow for creators, similar to what you see already emerging in some of our core products like ACA on the Search side.

正如我之前所说，人工智能将开启一个新的创造世界。您可以看到这将如何——只要看看模型的发展方向，多模型的发展方向，以及这些模型的生成能力的发展方向，您绝对可以看到这将如何影响并——积极影响并简化创作者的流程，类似于您已经在我们一些核心产品中看到的正在崛起的情况，比如搜索方面的 ACA。

Operator 操作员

And that concludes our question-and-answer session for today. I'd like to turn the conference back over to Jim Friedland for any further remarks.

这就结束了今天的问答环节。我想把会议交回给吉姆·弗里德兰，看看他是否有进一步的发言。

Jim Friedland 吉姆·弗里德兰

Thanks, everyone, for joining us today. We look forward to speaking with you again on our first quarter 2024 call. Thank you and have a good evening.

谢谢大家今天的参与。我们期待在 2024 年第一季度电话会议上再次与大家交流。谢谢，晚安。

Operator 操作员

Thank you, everyone. This concludes today's conference call. Thank you for participating. You may now disconnect

谢谢大家。今天的电话会议到此结束。感谢您的参与。您可以现在挂断。

2024-01-30 Alphabet Inc. (GOOG) Q4 2023 Earnings Call Transcript

2024-01-30 Alphabet Inc. (GOOG) Q4 2023 Earnings Call Transcript

Article Comments Update

热门标签

Related Articles

2024-04-25 Alphabet Inc. (GOOG) Q1 2024 Earnings Call Transcript

2024-07-23 Alphabet Inc. (GOOG) Q2 2024 Earnings Call Transcript

2024-10-29 Alphabet Inc. (GOOG) Q3 2024 Earnings Call Transcript

2023-09-07 Alphabet Inc. (GOOG) Presents at Goldman Sachs Communacopia & Technology Conference (Transcript)

2024-04-24 Meta Platforms, Inc. (META) Q1 2024 Earnings Call Transcript