Key quotes and summaries from key presentations today…Again, please pass along nuggets you hear in presos/meetings….
今天主要演讲中的关键引述和总结……再次提醒，请传递你在演讲/会议中听到的精华内容……
MSFT: Amy Hood, CFO
GOOGL: Anat Ashkenazi, CFO
Didn’t think much new here, but new CFO sounded solid in one of her first conference presentations..
这里没有太多新意，但新任 CFO 在她首次的会议演讲中听起来很扎实。
1. AI Leadership and Innovation
1. AI 领导力与创新
What got me intrigued is the opportunity to be part of what I view will be likely one of the major, most significant transformation in our lifetime with the prevalent use of AI, both today and where I think it’s heading... We have a really impressive and strong stack... robust infrastructure of data centers, TPUs, GPUs, incredible research teams... And then, obviously, everyone understands the global reach that we have to billions of users... If you’ve just looked at the announcements we’ve made over the past three months, nearly every month, sometimes every week in certain months, we’ve announced something... Whether it’s Gemini 2.0 or some of our video models or Agentic or, in other parts of the business, Waymo."
让我感兴趣的是有机会参与我认为可能成为我们一生中最重要的重大变革之一，那就是 AI 的广泛应用，无论是在今天还是我认为它未来的发展方向……我们拥有非常令人印象深刻且强大的技术栈……数据中心、TPU、GPU 的强大基础设施，以及令人难以置信的研究团队……显然，每个人都理解我们拥有覆盖全球数十亿用户的触达能力……如果你只是看看我们在过去三个月里发布的公告，几乎每个月，有时在某些月份每周，我们都会宣布一些新东西……无论是 Gemini 2.0，还是我们的一些视频模型，或是 Agentic，或者在其他业务领域，比如 Waymo。
2. Search Evolution 2. 搜索进化
"Sundar mentioned that 2025 is a big change for Search... We’re not going to wait. We’re going to bring it to consumers so that they can benefit from it... We’re now... monetizing Search with AI Overviews at the same rate as non-AI Overview Search, which is great from a monetization perspective... You’re not searching the same way today... Now you can search with Google Lens or Circle to Search. We have AI Overviews. And we’re seeing that when we bring that innovation to consumers, we see increased level of engagement... We shared yesterday that we have over 5 trillion, more than 5 trillion queries a year... What we’re seeing with AI Overviews is when someone is served with an AI Overview... they tend to then come back for more complex and longer queries... Gemini now has both a free tier for anyone who wants to use it as well as a paid tier for someone who wants something more advanced... It can look through your Calendar or Google Maps where you are... It literally is an assistant now for you."
Sundar 提到，2025 年对 Search 来说是一个重大变革……我们不会等待。我们会将其带给消费者，让他们从中受益……我们现在……通过 AI Overviews 在 Search 中的变现速度与非 AI Overview Search 相同，从变现角度来看这很棒……你今天搜索的方式已经不同了……现在你可以使用 Google Lens 或 Circle to Search 进行搜索。我们有 AI Overviews。而且我们看到，当我们把这种创新带给消费者时，参与度有所提高……我们昨天分享过，我们每年有超过 5 万亿，确切地说是超过 5 万亿的查询……我们通过 AI Overviews 观察到的是，当有人看到 AI Overview 时……他们往往会回来进行更复杂和更长的查询……Gemini 现在有一个免费层级，供任何想使用它的人使用，以及一个付费层级，供那些想要更高级功能的人使用……它可以查看你的日历或 Google Maps，了解你的位置……它现在真的成了你的助手。
3. Cloud Growth and Constraints
3. 云增长与限制
"We had a very strong demand from customers and we didn’t have the capacity to match that demand... We ended the year with more demand than supply... In 2025, we expect about half that compute -- AI compute to go towards the Cloud business... Cloud growth in the fourth quarter was 30%, which is lower than 35%, but 30% is really, really impressive growth... Two dynamics that impacted that growth rate... One is lacking a very strong AI deployment in the base period in Q4 of 2023.. We’re seeing... growth both within our existing customer base and by adding new customers... The partnership with Salesforce is a great example of that, where they’re now using Agentforce for their enterprise customers... We are investing appropriately, and we’re working hard to make sure we’re bringing more capacity online, and we’re increasing, obviously, this year, the CapEx."
我们收到了来自客户的非常强劲的需求，但我们没有足够的能力来满足这些需求……年底时，我们的需求超过了供应……我们预计到 2025 年，大约一半的计算资源——AI 计算将用于云业务……第四季度的云业务增长率为 30%，虽然低于 35%，但 30%的增长确实非常令人印象深刻……影响这一增长率的两个因素……一个是在 2023 年第四季度的基准期内缺乏非常强劲的 AI 部署……我们看到……在我们现有客户群中的增长以及通过增加新客户实现的增长……与 Salesforce 的合作就是一个很好的例子，他们现在正在为他们的企业客户使用 Agentforce……我们正在适当地投资，并且我们正在努力确保我们能够上线更多的计算能力，显然，今年我们也在增加资本支出。
4. YouTube Momentum 4. YouTube 势头
"YouTube is an excellent example actually of the use of AI within Alphabet... Creators now have new tools... Whether it’s music in the background that they can use for their creation production or via our new video models... It’s the number-one streamer in the U.S., has been such for in terms of watch time for two years now... People now are sitting in front in their living room and watching YouTube... Shorts monetization... We increased that 30% last year. I expect we’ll continue to progress in 2025 as we’re bringing more offerings to creators... GenAI-powered video campaigns had 17% higher return on ad spend than the manual campaigns... When viewers watch and creators create, advertisers come as well, and they have tools as well, whether it’s more dynamic ad creation or even getting more targeted."
YouTube 实际上是 Alphabet 内部使用 AI 的一个绝佳例子...创作者现在拥有了新工具...无论是他们可以在创作制作中使用的背景音乐，还是通过我们的新视频模型...它是美国排名第一的流媒体平台，在观看时间方面已经连续两年保持这一地位...现在人们坐在客厅里观看 YouTube...Shorts 的变现...我们去年将其提高了 30%。我预计到 2025 年我们将继续取得进展，因为我们为创作者带来了更多的产品...由 GenAI 驱动的视频广告活动的广告支出回报率比手动活动高出 17%...当观众观看和创作者创作时，广告商也会随之而来，他们同样拥有工具，无论是更动态的广告创作还是更精准的定位。
5. Cost Efficiency Commitment
5. 成本效益承诺
"The efforts are not stopping, and the efforts are continuing... I think of it more as a continuous. You never stop... We will be faced with headwinds associated with a depreciation that’s coming off the significant CapEx investments... Last year, we had $15 billion in depreciation... This year we’ll have more... Even for a company that feels that they’re incredibly efficient and super disciplined on investment and productivity, there’s always an opportunity to push a little further... You do something now, and then the next day you ask, okay, now we’re doing 20% better. Let’s get to 30% better... We will be increasing or investing in headcount in certain areas, primarily in AI and certain areas within Cloud... But it doesn’t mean that the cost of the rest of the business we’re not prioritizing... We’ve taken some actions in certain parts of the business with voluntary exit program."
“我们的努力不会停止，而且会持续下去……我认为这更像是一个持续的过程。你永远不会停止……我们将面临与资本支出投资大幅减少相关的逆风……去年，我们有 150 亿美元的折旧……今年我们会更多……即使对于一家认为自己在投资和生产力方面非常高效和超级自律的公司来说，也总是有机会再进一步……你现在做了一些事情，然后第二天你会问，好吧，现在我们做得好了 20%。让我们达到 30%……我们将在某些领域增加或投资人员，主要是在人工智能和云计算的某些领域……但这并不意味着我们不优先考虑其他业务的成本……我们已经在业务的某些部分采取了自愿离职计划的行动。”
6. CapEx and ROIC 6. 资本支出与投资回报率
"The $75 billion is not all of our technical infrastructure... Mostly, you can imagine, data centers, servers, networking equipment with servers being the largest component... I want to make sure that, one, they’re highly utilized and, two, that they’ll be utilized over a long period of time... Our strategy is to lean mostly on our own-built data centers, which means they’re more customized to our needs... We look at the demands or the needs across the business... We aggregate those needs and look at those needs over the long term because these investments are made in such a way that we want to make sure that they’re used for years... I do see a continuum of things that will have a return investment in a very, very near future... such as Cloud customers, versus things where you’re still building... the future of AI, and everything in between, such as Search and YouTube."
"750 亿美元并非我们所有的技术基础设施...大部分，你可以想象，是数据中心、服务器、网络设备，其中服务器是最大的组成部分...我想确保，第一，它们被高度利用，第二，它们将在很长一段时间内被利用...我们的策略是主要依赖我们自建的数据中心，这意味着它们更符合我们的需求...我们审视整个业务的需求或需要...我们汇总这些需求，并从长远角度看待这些需求，因为这些投资的方式是为了确保它们能被使用多年...我确实看到了一系列在不久的将来就会有投资回报的事物...比如云客户，相对于仍在建设中的事物...AI 的未来，以及介于两者之间的一切，如搜索和 YouTube。"
7. Other Bets Focus 7. 其他赌注聚焦
"We see an opportunity... Waymo was one of my areas of that’s where we need to invest. We have a tremendous opportunity here... Isomorphic is an interesting one... If it works, it can be really meaningful... If you look at the investments we’ve made at the Other Bets the last couple years... Below the waterline, what’s actually happening is increase in investments that goes towards Waymo... We’re pivoting from some other things. We’ve made an announcement about Verily... We have the Wing opportunity where we’re expanding as well... You want to make sure that with these investments, you have investor in milestones, and when you see the milestone, that you can advance further with investments."
“我们看到了一个机会……Waymo 是我关注的领域之一，这正是我们需要投资的地方。我们在这里有一个巨大的机会……Isomorphic 是一个有趣的项目……如果成功，它将具有重大意义……如果你看看我们过去几年在 Other Bets 上所做的投资……在表面之下，实际发生的是对 Waymo 的投资增加……我们正在从其他一些事情上转向。我们已经发布了关于 Verily 的公告……我们还有 Wing 的机会，我们也在扩展……你要确保通过这些投资，你能在里程碑上获得投资者的支持，当你看到里程碑时，你可以进一步推进投资。”
8. Capital Allocation 8. 资本配置
"That has to be the first place where we invest our cash and cash flow, because that is what’s going to create a resilient growth profile... Then the remaining would be returning cash to shareholders... We did $70 billion last year in return to shareholders. That’s a really impressive amount... I start with how do I make sure that we fund the business appropriately? Whether it’s the capital expenditures we’ve shared for technical infrastructure, or anything else across the business... And then couple that with M&A."
"这必须是我们投资现金和现金流的首要之地，因为这将创造一个有弹性的增长轮廓... 然后剩余的部分将返还给股东... 去年我们向股东返还了 700 亿美元。这是一个非常令人印象深刻的数字... 我首先考虑的是如何确保我们适当地为企业提供资金？无论是我们分享的技术基础设施的资本支出，还是业务中的其他任何方面... 然后再结合并购。"
RDDT: Jennifer Wong, COO RDDT：Jennifer Wong，首席运营官
Not much new given GOOGL answer and wouldn’t given any more color to saying they are seeing “Recovery” and “good momentum” in Q1
鉴于 GOOGL 的回答，没有太多新内容，也不会再提供更多细节，只是表示他们在第一季度看到了“复苏”和“良好势头”
1. Google Traffic Dynamics
1. Google 流量动态
"At the end of Q4, we saw some chop from changes... algorithm change, UI change, something that we change... in Q1, we saw recovery, and we saw good momentum... I don't really have anything other than that to add to that, except I can give you some more color.
在第四季度末，我们看到了一些由于变化带来的波动……算法变化、UI 变化、我们做出的某些改变……在第一季度，我们看到了复苏，并看到了良好的势头……除此之外，我没有什么要补充的，除了我可以给你提供更多细节。In this case, I think our teams did a good job of identifying changes that happened, and they worked through it. Sometimes there are things that we can do. In this case, we had some changes in the UI that changed how we were being crawled, and we adjusted that. In other cases, we don't know. There's a change, and we don't have control. So it's usually a combination of these things, but I think our teams are quite experienced in dealing with it. We don't, I guess, over-rotate on the chop in logged out users. It's going to happen. That's just the reality. There've been a lot of changes with AI overviews since July. And our traffic from Google is up since those changes. So certainly, since we've seen everything we've seen today, look, there'll be chop from time to time, but we manage through it... Reddit was the sixth most searched term in the U.S. in 2024, which means users are intentionally going to Google to get Reddit results. "
在这种情况下，我认为我们的团队在识别发生的变化方面做得很好，并且他们成功应对了这些变化。有时我们能够采取一些措施。这次，我们在用户界面上做了一些调整，改变了我们被爬取的方式，并且我们对此进行了调整。在其他情况下，我们并不知道发生了什么变化，并且我们无法控制。所以，这通常是这些因素的结合，但我认为我们的团队在处理这类问题上非常有经验。我们不会，我猜，过度关注未登录用户的波动。这种情况会发生，这就是现实。自 7 月以来，AI 概览发生了很多变化。自从这些变化以来，我们从谷歌获得的流量有所增加。所以，当然，根据我们今天看到的一切，时不时会有波动，但我们会应对过去……Reddit 是 2024 年美国搜索量第六大的词，这意味着用户会特意去谷歌获取 Reddit 的结果。
2. Logged-In User Growth 2. 登录用户增长
"The search and ML work is going well... that has resulted in really consistent and accelerated growth in our logged-in users... consistently grown over 27% year-over-year over the last four quarters... they’re the bedrock of our impressions... when you join and find 10, 20 communities, that’s how we’ve got you from a retention standpoint."
搜索和机器学习工作进展顺利...这导致了我们登录用户的持续加速增长...在过去四个季度中，年增长率持续超过 27%...他们是我们的印象基石...当你加入并发现 10、20 个社区时，这就是我们从留存角度吸引你的方式。
3. Advertising Performance
3. 广告表现
"We exited the year with 60 plus % in performance advertising... we probably got to that proportion faster than we expected... we delivered some incredible efficiency to our advertisers, which came back to us in terms of share of wallet... our goal is to be a multi-objective ad platform... driven by a lot of ML work."
“我们在年底以超过 60%的业绩广告占比收官……我们可能比预期更快地达到了这一比例……我们为广告主提供了令人难以置信的效率，这反过来也增加了我们的钱包份额……我们的目标是成为一个多目标的广告平台……由大量的机器学习工作驱动。”
4. Search Strategy (Reddit Answers)
4. 搜索策略（Reddit 回答）
"Reddit Answers is a prototype built in 90 days... it’s one component of the multi-step journey to get to the search experience... we’re doing a lot of work on the back end to improve the quality of search... retrieval, ranking, the algorithm... do we have a quality search and a quality visit? Is it increasing the engagement of our users?"
Reddit Answers 是一个在 90 天内构建的原型...它是实现搜索体验多步骤旅程中的一个组成部分...我们正在后端进行大量工作以提高搜索质量...检索、排名、算法...我们是否拥有高质量的搜索和高质量的访问？它是否增加了我们用户的参与度？
6. International Expansion
6. 国际扩展
"International is one of our top priorities... in France, and now eight countries, we’ve used machine translation to translate a billion posts... those countries are growing 30%, 40% more than countries that haven’t gotten that treatment... we have to re-educate the market to go through that experience."
“国际化是我们的首要任务之一……在法国，以及现在的八个国家，我们已经使用机器翻译翻译了十亿条帖子……这些国家的增长速度比未接受此处理的国家高出 30%、40%……我们必须重新教育市场，让他们经历这一体验。”
7. Advertiser Acquisition and Go-to-Market
7. 广告客户获取与市场推广策略
"Eight of the top ten ad verticals growing 50% year-on-year... we started investing in go-to-market teams in these verticals... we moved an acquisition-specific team into every mid-market pot... focusing on developing new business... investments in productivity tools grow the number of acquisitions per month."
“十大广告垂直领域中有八个同比增长 50%……我们开始在这些领域投资市场推广团队……我们将一个专门负责收购的团队调入每个中型市场部门……专注于发展新业务……对生产力工具的投资增加了每月的收购数量。”
8. Business Model and TAM
8. 商业模式与 TAM
"Reddit is much bigger and more vast than people think... over half a billion users, 100 million... the TAM is everyone in the world because we can cover every topic... our gross margin, 93%... we can self-fund ourselves because we can be profitable so early... an unlimited TAM of businesses and advertisers
"Reddit 比人们想象的要大得多……拥有超过 5 亿用户，1 亿……总可寻址市场（TAM）是全世界的人，因为我们可以覆盖所有话题……我们的毛利率，93%……我们可以自我融资，因为我们能够如此早地实现盈利……企业和广告商的总可寻址市场是无限的。"
WDAY: Carl Eschenbach, CEO
1. AI Strategy and Monetization
1. AI 战略与货币化
"We are now monetizing it... More than 30% of our sales back to our customer base included an AI SKU... The Recruiter Agent helps recruiters get an increase of 50% to 70% productivity gain... We announced something called the Agent System of Record... We think we’re uniquely positioned to be that platform for all workforce going forward, both human and digital employees... We’re going to monetize this new gateway as people come through and get access to our platform... We’re seeing a 1.5 uplift over the traditional recruiter."
"我们现在正在将其货币化...超过 30%的销售回馈给我们的客户群，其中包括一个 AI SKU...招聘助手帮助招聘人员提高了 50%到 70%的生产力...我们宣布了一个叫做代理系统记录的东西...我们认为我们独特地定位为未来所有劳动力的平台，无论是人类员工还是数字员工...随着人们通过并访问我们的平台，我们将货币化这个新的门户...我们看到了比传统招聘人员 1.5 倍的提升。"
2. Q4 and FY25 Performance
2. Q4 和 FY25 业绩
"I described FY25 as a really solid year with a strong finish in Q4... Q4 results were strong, both on subscription revenue, operating margin, and CRPO was probably above all of our guide... More than 30% of our sales back to our customer base included an AI SKU for the second consecutive quarter... The size and scope of the overall AI business doubled from Q3 to Q4... We did have a record quarter in financials... We were really pleased with our performance in Europe, specifically in the UK and Germany."
"我将 FY25 描述为一个非常稳健的年份，Q4 表现强劲……Q4 的业绩在订阅收入、营业利润率和 CRPO 方面都非常出色，可能超出了我们所有的预期……连续第二个季度，我们超过 30%的销售回款中包含了 AI SKU……整体 AI 业务的规模和范围从 Q3 到 Q4 翻了一番……我们在财务方面确实创下了季度记录……我们对在欧洲，特别是英国和德国的表现感到非常满意。"
3. Go-to-Market Transformation
3. 市场进入策略转型
"We have done a sizable transformation as we think about going to market... 15% of our new ACV in the quarter came through partners... We now have over 500 partners bringing us leads and opportunity and generating more than 10% of our new pipeline... We’ve built a direct sales force that only gets paid and is focused on driving financials into the market... We’ve gone down market more aggressively into the medium enterprise... We’ve aggressively now started to target the US federal government... We have a new US federal leader, a new leader in EMEA, a new leader in APAC, a new leader in Japan."
"我们在考虑进入市场时进行了大规模的转型...本季度我们 15%的新 ACV 是通过合作伙伴实现的...我们现在拥有超过 500 家合作伙伴，他们为我们带来潜在客户和机会，并创造了超过 10%的新业务管道...我们建立了一支直销团队，他们只有在推动财务业绩进入市场时才会获得报酬...我们更积极地进军中型企业市场...我们现在已经开始积极瞄准美国联邦政府...我们有一位新的美国联邦领导人、一位新的 EMEA 领导人、一位新的 APAC 领导人以及一位新的日本领导人。"
4. Market Environment and Uncertainty
4. 市场环境与不确定性
"There’s no doubt there’s uncertainty out there... We did have a really strong linearity quarter in Q4... We had a strong December, probably one of our best linearity quarters we’ve had in a while... Our strongest quarter of the year in Q4... Two big wins in Germany, at Bayer and Henkel, two of the largest HCM deals in Europe in the last year... I hope over time that DOGE can potentially become a tailwind for companies like us who are focusing on the federal government."
“毫无疑问，外界存在不确定性……我们在第四季度确实实现了非常强劲的线性增长……我们在 12 月表现强劲，可能是我们一段时间以来最好的线性增长季度……第四季度是我们全年最强劲的季度……在德国取得了两大胜利，分别是拜耳和汉高，这是去年欧洲最大的 HCM 交易中的两笔……我希望随着时间的推移，DOGE 能够成为像我们这样专注于联邦政府的公司的潜在顺风。”
5. Core Financials Opportunity
5. 核心财务机会
"We definitely are... 80% of our sales into healthcare include both HCM and financials... In state and local government and higher ed, it’s more than 50% of our sales include the full platform... We have 6,100 core customers today, and 2,000 of them are full suite... We have a rich opportunity not only to land net-new, which includes greater than 30% full suite, but also sell back into our customer base, our financial solution."
“我们确实... 我们 80%的医疗保健销售包括 HCM 和财务... 在州和地方政府以及高等教育领域，超过 50%的销售包括完整平台... 我们现在有 6,100 个核心客户，其中 2,000 个是完整套件... 我们不仅有机会获取全新客户，其中超过 30%是完整套件，还有机会向现有客户销售我们的财务解决方案。”
6. Growth Durability 6. 增长持续性
"We laid out a mid-teens or approximately 15% growth and a 30% operating margin through FY27... This year, with our current guide for FY26, you can see the durability and the diversity of our business coming through and the 14% guide we have... We have a very good sound strategy on growth drivers for the business... Today at scale, we have roughly 50% of our business net-new and roughly 50% back to customer base... Q4 was a bit bigger in the customer base, especially with some of our AI solutions."
"我们设定了到 2027 财年中期达到约 15%的增长和 30%的运营利润率的目标... 今年，根据我们对 2026 财年的当前指引，你可以看到我们业务的持久性和多样性，以及我们设定的 14%的指引... 我们在业务增长驱动力方面有一个非常稳健的策略... 如今，在规模上，我们大约有 50%的业务来自新客户，大约 50%来自现有客户群... 第四季度在客户群方面规模稍大，尤其是我们的一些 AI 解决方案。"
CART: Emily Reuter, CFO
1. Profitability and EBITDA Trajectory
1. 盈利能力和 EBITDA 轨迹
"There is some seasonality to our business... Q4 is a particularly strong quarter... In Q1, you have a little bit of a step down, and then you build throughout the year... I would actually expect what we’ve guided to... you do have a Q1 seasonal component, and then you build from there... That allows us to expand overall EBITDA from an absolute and a margin perspective."
“我们的业务存在一定的季节性...第四季度通常是一个特别强劲的季度...在第一季度，你会看到一些下滑，然后全年逐步增长...我实际上预期我们给出的指引...第一季度确实有季节性因素，然后从那里开始增长...这使我们能够从绝对值和利润率的角度扩大整体 EBITDA。”
2. Order Frequency Debate
2. 订单频率辩论
"Over the last couple of quarters has been improvement in overall order frequency... Order frequency has been an increasing contributor to overall order growth... We have MAU growth as well... Our expansion into restaurants... is reflected in order frequency... Reducing the minimum basket size... is something that we’re starting to see help improve overall order frequency... Instacart+ membership has continued to grow faster than MAU growth."
在过去的几个季度里，整体订单频率有所改善……订单频率对整体订单增长的贡献越来越大……我们的月活跃用户（MAU）也在增长……我们向餐厅领域的扩展……反映在订单频率上……减少最低购物篮规模……我们开始看到这有助于提高整体订单频率……Instacart+会员的增长速度继续快于 MAU 的增长。
3. Strategic Focus and Retailer Relationships
3. 战略重点与零售商关系
"The level and depth and breadth of our retailer relationships and integrations... allows us to continue to innovate with our retail partners, to get on their IT road maps... Those relationships and the scale of those partnerships is the thing that’s allowed us to build the scale we have today, which drives back into the business in terms of efficiencies... We’re able to continue to improve overall profitability, even as we’re reinvesting."
我们与零售商关系的层次、深度和广度……使我们能够继续与零售合作伙伴共同创新，融入他们的 IT 路线图……这些关系及其合作伙伴关系的规模，使我们能够构建今天所拥有的规模，这在效率方面反哺业务……即使我们正在重新投资，我们仍能持续提高整体盈利能力。
4. User Acquisition and Engagement
4. 用户获取与参与度
"Awareness of Instacart is pretty high, but we do think there is continued room to grow... Investments in linear TV, around football... We saw a lot of success with that, and therefore leaned in and decided to do something like the Super Bowl... Our paid marketing portfolio is incredibly important... Our 2024 cohort is bigger than our pre-pandemic cohort... Instacart+ membership... drives retention."
"Instacart 的知名度相当高，但我们确实认为还有持续增长的空间... 在线性电视上的投资，尤其是围绕足球... 我们在这方面取得了很大成功，因此决定加大投入，比如参与超级碗... 我们的付费营销组合极其重要... 我们的 2024 年用户群体比疫情前更大... Instacart+会员... 促进了用户留存。"
5. Uber Partnership and Restaurants
5. Uber 合作与餐厅
"We were able to add hundreds of thousands of restaurants to our platform, overnight... If we can provide restaurants to our users that will engage them, they’ll come back to the platform more regularly, and ultimately that means they’ll come back and utilize grocery more regularly... We’re actually seeing that flywheel effect improve over time."
“我们能够在一夜之间将数十万家餐厅添加到我们的平台……如果我们能为用户提供吸引他们的餐厅，他们会更频繁地回到平台，最终这意味着他们会更频繁地回来并使用杂货服务……我们实际上看到这个飞轮效应随着时间的推移在改善。”
6. Inventory and AI-Powered Experience
6. 库存与 AI 驱动的体验
"We have best-in-class found and fill rate... improving every quarter for over 10 quarters... Data that we have from over a billion orders, layering on the information that we’re getting from shoppers in the store... allows us to predict... what is the most likely situation actually in the store... AI to tag every single item in our catalog... make it much more seamless for you to be able to move through your shopping experience."
"我们拥有行业领先的发现和填充率...连续超过 10 个季度每季度都在提升...从超过 10 亿订单中获取的数据，结合我们从店内购物者那里获得的信息...使我们能够预测...店内最可能出现的实际情况...使用 AI 为我们目录中的每个商品打标签...让您的购物体验更加无缝流畅。"
7. Advertising Business Evolution
7. 广告业务演变
"Some large advertisers have been leaning in... We now have 7,000 brands advertising on the platform... When you do have these disruptions... it’ll be less disruptive to our overall business... Increases overall auction density, which is great for the business... AI to get you the most relevant ad... we can get ahead of your line of thinking and help you build that overall basket."
一些大型广告主已经开始加大投入...我们现在有 7,000 个品牌在平台上投放广告...当这些中断发生时...对我们整体业务的影响会更小...增加了整体拍卖密度，这对业务非常有利...人工智能为你提供最相关的广告...我们可以预判你的思路，帮助你构建整体购物篮。
9. Capital Allocation and Buyback
9. 资本配置与回购
"It really starts with what is the best return of every dollar that we have... We want to always make sure that we have dollars to reinvest in the business to drive growth... to be opportunistic from an M&A perspective... We bought back $1.4 billion of stock at just over $30 a share... We had four private transactions... We’ll continue to be opportunistic there."
"它真正开始于我们每一美元的最佳回报是什么...我们始终希望确保有资金可以重新投入业务以推动增长...从并购的角度来看要抓住机会...我们以略高于每股 30 美元的价格回购了 14 亿美元的股票...我们进行了四笔私人交易...我们将继续在那里抓住机会。"
HUBS: Yamini Rangan, CEO
1. Macro Demand Environment
1. 宏观需求环境
"Broadly the demand environment for us has been stable... Starting September, we’ve had more growth conversations with our customers than before... They still tend to be very focused on consolidating their tech stack... It is a volatile environment with tariffs and trade war starting, but so far has been stable."
"总的来说，我们的需求环境一直保持稳定...从九月开始，我们与客户进行了比以往更多的增长对话...他们仍然非常专注于整合他们的技术堆栈...虽然关税和贸易战的开始带来了一个不稳定的环境，但到目前为止一直保持稳定。"
2. AI Strategy and Breeze Platform Differentiation
2. AI 战略与 Breeze 平台差异化
"We see software-as-a-service moving into results-as-a-service... We want one single AI-first customer platform... Over the last two years, we have launched more than 100 features embedded within hubs... We launched a series of agents at INBOUND... We have nearly 1.8 million CRM users providing vast data... We’re building a context layer with Frame acquisition... Our platform-centric approach enables agents across the journey."
“我们看到软件即服务正在向结果即服务转变……我们想要一个以 AI 为核心的单一客户平台……在过去两年中，我们在 HUBS 中嵌入了 100 多个功能……我们在 INBOUND 上推出了一系列代理……我们有近 180 万 CRM 用户提供大量数据……我们正在通过 Frame 收购构建一个上下文层……我们以平台为中心的方法使代理能够贯穿整个旅程。”
3. AI Monetization Debate
3. AI 货币化辩论
"We have one AI-powered customer platform, which we are monetizing today... We’ve seen the attached rate of Content Hub grow threefold from 13% to 54%... Service Hub adoption increasing across our base... When agents add consistent value for a larger base, we’ll layer in usage or credit-based monetization... This year, we’re focused on making agents scale and drive predictable value... We see a future of hybrid pricing with seats and usage."
我们拥有一个由 AI 驱动的客户平台，目前正在实现盈利...我们已看到 Content Hub 的附加率从 13%增长到 54%，增长了三倍...Service Hub 在我们基础用户中的采用率正在上升...当代理为更大的用户群持续提供价值时，我们将引入基于使用量或信用的盈利模式...今年，我们的重点是让代理规模化并推动可预测的价值...我们预见到未来将采用座位与使用量相结合的混合定价模式。
4. Agent.AI Platform Growth
4. Agent.AI 平台增长
"Agent.AI has grown from 50,000 users at INBOUND to close to 900,000 users... We’ve launched best-in-class agents and want a vibrant ecosystem of agent builders... We have hundreds of agents built by builders... In the future, we think agents can call other agents... If you have a small-medium business, you should come to HubSpot for our agents or partners’ agents."
Agent.AI 的用户数量已从 INBOUND 大会时的 50,000 人增长至接近 900,000 人... 我们已经推出了顶尖的代理程序，并希望建立一个充满活力的代理开发者生态系统... 我们有数百个由开发者构建的代理程序... 未来，我们认为代理程序可以调用其他代理程序... 如果您是中小型企业，您应该来 HubSpot 使用我们的代理程序或合作伙伴的代理程序。
5. Breeze Intelligence and TAM Expansion
5. Breeze Intelligence 和 TAM 扩展
"Our vision is to provide the best data about customers... Breeze Intelligence helps marketers get better data about prospects... capture intent signals... and convert faster... It went into GA end of January, so very early days... We’re seeing adoption in marketing by campaign managers."
“我们的愿景是提供最佳的客户数据……Breeze Intelligence 帮助营销人员获取更好的潜在客户数据……捕捉意图信号……并更快地转化……它于一月底进入 GA（通用可用性），所以还处于非常早期的阶段……我们看到活动经理在营销中的采用。”
6. Pricing Model Changes 6. 定价模型变更
"We lowered the price per seat to acquire more customers... We lowered price minimums to remove friction for upgrades... We introduced a core seat for editing CRM... Last year, we had a bit of an ASP drop... This year, we’re benefiting from seat upgrades... We’ll have our install base migrate with up to a 5% increase, starting this year into next... Everything is to increase market share acceleration."
“我们降低了每席位的价格以获取更多客户... 我们降低了最低价格以减少升级的阻力... 我们引入了用于编辑 CRM 的核心席位... 去年，我们的 ASP 有所下降... 今年，我们正从席位升级中获益... 从今年开始到明年，我们的安装基础将迁移，最高增加 5%... 一切都是为了加速市场份额的增长。”
7. Operating Margin Targets
7. 营业利润率目标
"We did about 18% operating margin for fiscal ‘25, on path to 20% to 22% by fiscal ‘27... It would have been closer to 20% without FX and 401(k) match... AI is a really good lever to drive efficiency... 35% of support tickets resolved by AI, path to 50% this year... Last quarter, 10,000 meetings set up by AI... We’re committed to balancing growth and efficiency."
"我们在 2025 财年实现了约 18%的营业利润率，预计到 2027 财年将达到 20%至 22%...如果没有外汇和 401(k)匹配的影响，这个数字会更接近 20%...人工智能是提升效率的强大杠杆...35%的支持工单由 AI 解决，预计今年将达到 50%...上个季度，AI 安排了 10,000 次会议...我们致力于平衡增长与效率。"
INTU: Sandeep Aujla, CFO
1. Q2 Performance 1. 第二季度表现
"We had an amazing quarter... 21% online ecosystem revenue growth, 18% growth in the core small business, and 40% growth in the mid-market as we continue to have our offering resonate... Credit Karma delivered 36% growth, with over 60% of that from our team’s focus on delivering what matters most to partners and customers."
“我们度过了一个惊人的季度... 在线生态系统收入增长了 21%，核心小企业业务增长了 18%，中端市场增长了 40%，我们的产品持续引起共鸣... Credit Karma 实现了 36%的增长，其中超过 60%来自我们团队专注于提供对合作伙伴和客户最重要的内容。”
2. Small Business Trends 2. 小型企业趋势
"Across the board, we’re seeing higher revenues year-over-year for these businesses, 1% to 3%... profitability is up 9% across the segment, and in areas like IT services and real estate, it’s up in the high teens... cash reserves are up 3% year-over-year, and demand for labor is up around 7%... the data is pointing to continued momentum."
"总体来看，这些业务的收入同比都有所增长，涨幅在 1%到 3%之间... 该板块的盈利能力提升了 9%，而在 IT 服务和房地产等领域，涨幅则高达两位数... 现金储备同比增长了 3%，劳动力需求增长了约 7%... 数据显示出持续的增长势头。"
3. Mid-Market Expansion 3. 中端市场扩展
"The mid-market customers tend to be doing even better... their revenues, their profitability is up... we saw 40% growth in QBO Advanced and the Intuit IES Enterprise Suite... payroll and payment attach rates are 12 and 9 points higher vis-a-vis the small business customer... the productivity of those salespeople is up 60% over the last couple of months, with close rates 2x higher than circa November 2024."
中端市场客户的表现往往更好...他们的收入、盈利能力都在上升...我们在 QBO Advanced 和 Intuit IES Enterprise Suite 上看到了 40%的增长...与小企业客户相比，薪资和支付附加率分别高出 12 和 9 个百分点...在过去几个月中，这些销售人员的生产力提高了 60%，成交率比 2024 年 11 月左右高出两倍。
4. AI Monetization 4. AI 变现
"With Intuit Assist, we’re seeing better conversion rates when new customers come in... it’s driving higher adoption of our services, like payments and payroll... we’re earning pricing power... if we save these customers an hour a month and 10% use that offering, I’ve added $7.50 of value... taking up the price by $5 is us increasing the value and taking a slice of that."
"通过 Intuit Assist，我们看到了新客户进入时更好的转化率...它推动了我们的服务（如支付和薪资）的更高采用率...我们正在获得定价权...如果我们每月为这些客户节省一小时，并且 10%的客户使用该服务，我就增加了 7.50 美元的价值...将价格提高 5 美元是我们增加价值并从中分得一杯羹的方式。"
5. Competitive Positioning in Tax
5. 税务领域的竞争定位
"We lost 1.5 million simplifiers last year in DIY... this year, we’re being disruptive with a beat-your-price campaign and showing up in 80% of 6 million Google searches for tax preparer near me... 70% of Credit Karma’s 40 million monthly active users can now seamlessly come to TurboTax, up from 5%... we’ll be a massive net beneficiary of tax code simplification."
“去年我们在 DIY 领域失去了 150 万简化者……今年，我们通过‘比价活动’进行颠覆性创新，并在 600 万次‘附近报税员’Google 搜索中占据了 80%的展示量……Credit Karma 的 4000 万月活跃用户中，现在有 70%可以无缝转至 TurboTax，较之前的 5%大幅提升……我们将成为税法简化的一大净受益者。”
6. Tax Segment Strategy 6. 税务部门策略
"This year is about using AI to deliver a bespoke solution... we have 90% of the information for a tax return from over 200 partners, up from 68% last year... we offer a $29-$30 standard SKU for the right segment... the $0 mobile offer through February 28th saw healthier monetization than expected with attach rates for live experts and faster refunds."
今年我们的重点是利用 AI 提供定制化解决方案...我们从 200 多个合作伙伴处获得了 90%的税务申报信息，相比去年的 68%有所提升...我们为特定细分市场提供 29-30 美元的标准 SKU...截至 2 月 28 日的 0 美元移动优惠活动在实时专家附加率和更快退税方面的变现效果超出预期。
7. Credit Karma Recovery 7. Credit Karma 恢复
"Credit Karma, the smallest part of the company but most exposed to macro, delivered 36% growth... the majority of that, over 60%, came from our team’s relentless focus on delivering what matters most... using AI that’s getting our offers to have better takers and better monetization... that feels really good about the momentum we have."
"Credit Karma，作为公司最小但受宏观影响最大的部分，实现了 36%的增长...其中大部分，超过 60%，来自于我们团队对交付最重要事项的不懈关注...通过使用 AI，使我们的报价更具吸引力并实现更好的货币化...这让我们对当前的势头感到非常满意。"
8. Mailchimp Turnaround 8. Mailchimp 扭转局面
"The miss with Mailchimp was execution-based... mid-market customers are growing in the teens, but small customers’ first-time use went down too quickly... we just hired a new leader, previously CEO at WhatsApp... we’re giving him time to return the business to solid double-digit healthy growth rates... we think we’ll get there in coming quarters."
“Mailchimp 的失误是基于执行的……中端市场客户以两位数的速度增长，但小型客户的首次使用下降得太快……我们刚刚聘请了一位新领导，他之前是 WhatsApp 的 CEO……我们正在给他时间，让业务恢复到稳固的两位数健康增长率……我们认为在接下来的几个季度内会实现这一目标。”
9. Desktop Business Durability
9. 桌面业务的持久性
"Desktop is a phenomenal business with a sticky customer base and very high margins... this year, it’s a little noisy quarter to quarter, but for the full year, this business will grow in the low single digits... QuickBooks Enterprise Suite should be a grower, while broader desktop will be a declining customer number but a steady low single-digit grower."
"Desktop 是一项拥有忠实客户群和极高利润率的非凡业务...今年，季度之间有些波动，但全年来看，这项业务将实现低个位数增长... QuickBooks Enterprise Suite 应该会有所增长，而更广泛的桌面业务客户数量可能会下降，但仍将保持稳定的低个位数增长。"
COIN: Brian Armstrong, CEO; Alesia Haas, CFO
1. Revenue Growth and Diversification
1. 收入增长与多元化
"We now have three business lines that generated more than $700 million of revenue in 2024... trading, staking, and stablecoin... 24 revenue more than doubled, adjusted EBITDA margin of 50%, net income more than doubled, $2.6 billion... we’re going to continue to expand our lead in those areas by adding a whole bunch of features." (Haas)
“我们现在有三条业务线在 2024 年创造了超过 7 亿美元的收入...交易、质押和稳定币...24 年收入翻了一番，调整后 EBITDA 利润率为 50%，净收入翻了一番，达到 26 亿美元...我们将通过增加大量功能继续扩大我们在这些领域的领先优势。”（Haas）
2. Regulatory Clarity and SEC Victory
2. 监管明确性与 SEC 胜利
"We’ve just recently won our case against the SEC, a huge legal precedent for the industry... dismissed with prejudice, we did not pay a single dollar... we need to enshrine into law clear rules so even more industry can be built here... stablecoin regulation, market structure, and a strategic Bitcoin reserve would be a huge unlock." (Haas)
“我们最近刚刚赢得了对 SEC 的诉讼，这是行业的一个重大法律先例……案件被有偏见地驳回，我们一分钱都没付……我们需要将明确的规则写入法律，以便在这里建立更多的行业……稳定币监管、市场结构以及战略性的比特币储备将是一个巨大的解锁。”（Haas）
3. Stablecoin Strategy (USDC)
3. 稳定币策略（USDC）
"USDC reached a new all-time high of $56 billion a year-to-date... product integration, rewards, distribution partnerships, and being the most trusted are driving growth... largest compliant stablecoin in Europe now... we believe creating an ecosystem around USDC will create global liquidity, global adoption." (Haas)
"USDC 在今年迄今达到了 560 亿美元的历史新高...产品集成、奖励、分销合作伙伴关系以及作为最受信任的稳定币正在推动增长...现在是欧洲最大的合规稳定币...我们相信围绕 USDC 创建一个生态系统将带来全球流动性和全球采用。" (Haas)
4. Payments Utility 4. 支付工具
"There was $30 trillion of stablecoin volume for payments last year, grew 3x year-over-year... sending USDC on Base takes less than one second, costs less than $0.01... we’re adding payment features into all of our products... the majority of all payments are going to be happening on stablecoins eventually." (Armstrong)
“去年稳定币支付交易量达到 30 万亿美元，同比增长了 3 倍……在 Base 上发送 USDC 耗时不到一秒，成本低于 0.01 美元……我们正在将所有产品中加入支付功能……最终大多数支付都将通过稳定币进行。”（Armstrong）
5. Base (Layer 2 Solution)
5. Base（Layer 2 解决方案）
"Base is the far and away leading layer two solution on Ethereum... it’s attracting a lot of developer interest... we earn money on the sequencer fees, and with the volume increasing, it can be an enormous opportunity... it’s been growing really, really at a rapid clip." (Armstrong)
"Base 是目前遥遥领先的以太坊第二层解决方案...它吸引了大量开发者的兴趣...我们通过排序器费用赚钱，随着交易量的增加，这可能是一个巨大的机会...它的增长速度真的非常、非常快。" (Armstrong)
6. Coinbase One Subscription
6. Coinbase One 订阅
"Coinbase One is up to about 600,000 paying subscribers now... it’s been growing really well, including internationally... they do more trading volume with us, increases our network effect... we’re stacking more benefits into it, like increased rewards on USDC holdings or staking." (Armstrong)
Coinbase One 现在拥有大约 60 万付费订阅用户... 它的增长非常迅速，包括在国际市场上... 他们与我们的交易量增加，增强了我们的网络效应... 我们正在为其添加更多福利，比如增加 USDC 持有或质押的奖励。（Armstrong）
7. International Expansion
7. 国际扩张
"Every single one of those four markets we entered two years ago is now paying for its operating costs with revenue... we just got our virtual asset service provider license in Argentina and the UK, and we’re close on our MiCA license in Europe... we’re entering more markets this year with a repeatable playbook." (Armstrong)
"我们两年前进入的那四个市场，现在每一个都已经用收入支付了运营成本...我们刚刚在阿根廷和英国获得了虚拟资产服务提供商许可证，我们在欧洲的 MiCA 许可证也即将到手...我们今年将进入更多市场，采用可重复的剧本。" (Armstrong)
8. Trading Business Enhancements
8. 交易业务增强
"In Q4, we announced an all-time high in market share for spot trading in the US... we’re integrating decentralized exchange support to get from 200 to millions of tokens... adding best-in-class derivative trading support... Coinbase One offers unlimited trading with zero fees up to a cap." (Armstrong)
"在第四季度，我们宣布了美国现货交易市场份额的历史新高...我们正在整合去中心化交易所支持，以实现从 200 种代币到数百万种代币的扩展...增加一流的衍生品交易支持...Coinbase One 提供无上限的零费用无限交易。" (Armstrong)
9. Capital Allocation 9. 资本配置
"We have $9 billion of cash... we’re expanding our prime financing, actively looking at acquisitions around the world, growing the balance sheet through investments in crypto and venture... we’re authorized to repurchase our equity, but we didn’t in Q4... we’re being strategic to drive capital to the highest return opportunities." (Haas)
“我们拥有 90 亿美元的现金...我们正在扩大我们的主要融资，积极寻找全球的收购机会，通过加密货币和风险投资来增长资产负债表...我们被授权回购我们的股票，但在第四季度我们没有这样做...我们正在战略性地将资本引导到最高回报的机会上。”（Haas）
10. Operational Efficiency and Expenses
10. 运营效率和支出
"Most of the expense growth in Q4 and our guide for Q1 was variable expenses to meet elevated price and volumes... we’re investing in product and development for international expansion and payments utility... we’ve committed to be adjusted EBITDA positive no matter what environment we find ourselves in." (Haas)
"第四季度的大部分费用增长以及我们对第一季度的指导都是可变费用，以应对价格上涨和销量增加……我们正在投资产品和开发，以支持国际扩张和支付效用……无论我们处于何种环境，我们都承诺实现调整后的 EBITDA 为正。" (Haas)
