亞馬遜 (AMZN) 2022 Q2 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q2 2022 Financial Results Teleconference. (Operator Instructions) Today's call is being recorded.

謝謝你的支持。大家好，歡迎來到 Amazon.com 2022 年第二季度財務業績電話會議。 （操作員說明）今天的電話正在錄音。

For opening remarks, I will be turning the call over to the Director of Investor Relations, Dave Fildes. Please go ahead.

對於開場白，我將把電話轉給投資者關係總監 Dave Fildes。請繼續。

Hello, and welcome to our Q2 2022 financial results conference call. Joining us today to answer your questions is Brian Olsavsky, our CFO. As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter. Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2021.

您好，歡迎參加我們的 2022 年第二季度財務業績電話會議。今天加入我們回答您的問題的是我們的首席財務官 Brian Olsavsky。在您收聽今天的電話會議時，我們鼓勵您將我們的新聞稿放在您面前，其中包括我們的財務業績以及本季度的指標和評論。請注意，除非另有說明，否則本次電話會議中的所有比較都將與我們 2021 年可比期間的結果相反。

Our comments and responses to your questions reflect management's views as of today, July 28, 2022, only and will include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.

我們對您問題的評論和答复僅反映了管理層截至今天（2022 年 7 月 28 日）的觀點，並將包括前瞻性陳述。實際結果可能大不相同。有關可能影響我們財務業績的因素的其他信息包含在今天的新聞稿和我們向 SEC 提交的文件中，包括我們最近的 10-K 表格年度報告和後續文件。

During this call, we may discuss certain non-GAAP financial measures. In our press release, slides accompanying this webcast and our filings with the SEC, each of which is posted on our IR website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures.

在這次電話會議中，我們可能會討論某些非公認會計原則的財務措施。在我們的新聞稿、本網絡廣播隨附的幻燈片以及我們向 SEC 提交的文件中，每一個都發佈在我們的 IR 網站上，您會發現有關這些非 GAAP 措施的更多披露，包括這些措施與可比較的 GAAP 措施的對賬。

Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions. Our results are inherently unpredictable and may be materially affected by many factors, including uncertainty regarding the impacts of the COVID-19 pandemic, fluctuations in foreign exchange rates, changes in global economic conditions and customer demand and spending, inflation, regional labor market and global supply chain constraints, world events, the rate of growth of the Internet, online commerce and cloud services and the various factors detailed in our filings with the SEC. This guidance also reflects our estimates to date regarding the impacts of the COVID-19 pandemic on our operations, including those discussed in our filings with the SEC. Our guidance also assumes, among other things, that we don't conclude any additional business acquisitions, restructurings or legal settlements. It's not possible to accurately predict demand for our goods and services. And therefore, our actual results could differ materially from our guidance.

我們的指導包含了我們迄今為止看到的訂單趨勢以及我們今天認為是適當的假設。我們的結果本質上是不可預測的，可能會受到許多因素的重大影響，包括 COVID-19 大流行影響的不確定性、外匯匯率波動、全球經濟狀況和客戶需求和支出的變化、通貨膨脹、區域勞動力市場和全球供應鏈限制、世界事件、互聯網、在線商務和雲服務的增長率以及我們向美國證券交易委員會提交的文件中詳述的各種因素。該指南還反映了我們迄今為止對 COVID-19 大流行對我們運營的影響的估計，包括我們在提交給 SEC 的文件中討論的那些。除其他外，我們的指導還假設我們不會完成任何額外的業務收購、重組或法律和解。無法準確預測對我們商品和服務的需求。因此，我們的實際結果可能與我們的指導存在重大差異。

And now I'll turn the call over to Brian.

現在我將把電話轉給布賴恩。

Thank you for joining today's call. Before we get to questions, I'll make some comments about our Q2 performance and the outlook for Q3. Let's start with Q2.

感謝您加入今天的電話會議。在我們提出問題之前，我將對我們第二季度的表現和第三季度的前景發表一些評論。讓我們從 Q2 開始。

During the quarter, we saw improvement in many of our key operational metrics, including in-stock levels and delivery speed, and saw a subsequent step-up in consumer demand. For the quarter, worldwide net sales of $121.2 billion exceeded the top end of our revenue guidance range and represented an increase of 10% year-over-year, excluding approximately 320 basis points of unfavorable impact from changes in foreign exchange rates. This was a larger foreign exchange headwind than the 200 basis point impact we had incorporated into our Q2 guidance.

在本季度，我們的許多關鍵運營指標都有所改善，包括庫存水平和交付速度，並且隨後消費者需求也有所增加。本季度，全球淨銷售額為 1212 億美元，超出了我們收入指導範圍的上限，同比增長 10%，不包括匯率變化帶來的約 320 個基點的不利影響。這比我們在第二季度指導中納入的 200 個基點的影響更大。

As a reminder, our revenue growth accelerated to over 40% growth from the period between May 2020 and May 2021. While demand has remained strong, the lapping of this high-growth period depressed our revenue growth rate for the following 12 months, ending in May of this year. Our growth rates going forward will no longer require this historical explanation. Q2 of last year was also when vaccines have become more available, particularly in the United States, and we began to see more normal shopping patterns. Prime Day also occurred in Q2 last year and contributed about 400 basis points to our Q2 2021 year-over-year revenue growth rate. This year's Prime Day sales event occurred on July 12 and 13 and is incorporated into our third quarter guidance.

提醒一下，從 2020 年 5 月至 2021 年 5 月期間，我們的收入增長加速至 40% 以上。雖然需求保持強勁，但這一高增長期的結束抑制了我們接下來 12 個月的收入增長率，結束於今年五月。我們未來的增長率將不再需要這種歷史解釋。去年第二季度也是疫苗變得更加可用的時候，尤其是在美國，我們開始看到更正常的購物模式。 Prime Day 也發生在去年第二季度，為我們 2021 年第二季度的收入同比增長率貢獻了約 400 個基點。今年的 Prime Day 銷售活動發生在 7 月 12 日至 13 日，並被納入我們的第三季度指導。

As the impacts of the last 2 years are normalizing, we're happy with how we've served customers and how they have responded. Our compound annual growth since the start of the pandemic stands at 25%, a growth rate higher than what we were seeing prior to the pandemic. Prime members have meaningfully increased their spend since the start of the pandemic. Over that period, we've seen stronger usage of Prime benefits by Prime members and a greater reliance on Amazon for their shopping and entertainment.

隨著過去 2 年的影響逐漸正常化，我們對我們為客戶提供服務的方式以及他們的反應方式感到滿意。自大流行開始以來，我們的複合年增長率為 25%，高於大流行之前的增長率。自大流行開始以來，Prime 會員的支出顯著增加。在此期間，我們看到 Prime 會員更多地使用 Prime 福利，並且在購物和娛樂方面更加依賴亞馬遜。

We continued to improve the customer experience in Q2, including quarter-over-quarter improvements in delivery speed and inventory in-stock levels. We have also moved quickly to adjust our staffing levels and improved the efficiency of our significantly expanded operations network. We have slowed our 2022 and 2023 operations expansion plans to better align with expected customer demand. While there's still work to be done, we made good progress in Q2.

我們在第二季度繼續改善客戶體驗，包括交付速度和庫存水平的環比改善。我們也迅速採取行動，調整我們的人員配備水平，並提高我們顯著擴大的運營網絡的效率。我們已經放慢了 2022 年和 2023 年的運營擴張計劃，以更好地滿足預期的客戶需求。雖然仍有工作要做，但我們在第二季度取得了良好進展。

Our Prime membership program remains a key driver of our worldwide stores business, and we continue innovating to make the membership even more useful and valuable. That includes the upcoming premier of The Lord of the Rings: The Rings of Power on September 2 and exclusive access to NFL Thursday Night Football games starting September 15.

我們的 Prime 會員計劃仍然是我們全球商店業務的主要推動力，我們將繼續創新以使會員資格更加有用和有價值。其中包括即將於 9 月 2 日上映的《指環王：權力之戒》的首映，以及從 9 月 15 日開始的 NFL 星期四晚上足球比賽的獨家訪問權。

Our seller community also had a strong Q2. Third-party sellers represented 57% of all units sold on Amazon in Q2, the highest percentage ever. Selling partners help to expand the selection we can offer customers, while Fulfillment by Amazon provides sellers the ability to offer fast delivery.

我們的賣家社區也有強勁的第二季度。第三方賣家在第二季度亞馬遜上銷售的所有商品中佔 57%，這是有史以來的最高比例。銷售合作夥伴有助於擴大我們可以為客戶提供的選擇範圍，而亞馬遜物流為賣家提供快速交貨的能力。

Operating income was $3.3 billion in the quarter, above the top end of our guidance range. Last quarter, I discussed several cost pressures facing our worldwide stores business: inflationary costs, fulfillment network productivity and fixed cost deleverage. Recall that these amounted to approximately $6 billion of incremental costs in Q1 when compared to Q1 2021. We've made solid progress in reducing these costs. For the second quarter, incremental costs were in line with our expectations at approximately $4 billion when compared to Q2 2021. Inflationary pressures remained at elevated levels in Q2, similar to what we saw in Q1. These include pressures from higher fuel, trucking, air and ocean shipping rates, which we expect will continue into Q3.

本季度營業收入為 33 億美元，高於我們指導範圍的上限。上個季度，我討論了我們全球門店業務面臨的幾個成本壓力：通脹成本、履行網絡生產力和固定成本去槓桿化。回想一下，與 2021 年第一季度相比，第一季度的增量成本約為 60 億美元。我們在降低這些成本方面取得了堅實的進展。與 2021 年第二季度相比，第二季度的增量成本約為 40 億美元，符合我們的預期。第二季度的通脹壓力仍處於較高水平，與我們在第一季度看到的情況相似。其中包括來自更高燃料、卡車運輸、空運和海運費率的壓力，我們預計這些壓力將持續到第三季度。

We made strides to improve fulfillment network productivity in Q2. Staffing levels were more in line with rising Q2 demand, and we saw better optimization of our fulfillment network. On the transportation side, we continued to improve delivery, route density and improved package deliveries per hour. We are encouraged by the progress during the quarter and see opportunity to further improve in the second half of the year.

我們在第二季度取得了長足進步，以提高履行網絡的生產力。人員配備水平更符合第二季度不斷增長的需求，我們看到我們的履行網絡得到了更好的優化。在運輸方面，我們繼續改善配送、路線密度和每小時包裹配送量。我們對本季度的進展感到鼓舞，並看到下半年有進一步改善的機會。

Lastly, the year-over-year negative impact of fixed cost leverage was relatively consistent with Q1. There are 2 main drivers when talking about fixed cost leverage. First is the unfavorable comparison to very high holiday-level utilization rates that we saw in the first half of 2021, and second is the normal step-down in volumes off of our Q4 peak that we saw in the first half of 2022.

最後，固定成本槓桿的同比負面影響與第一季度相對一致。談到固定成本槓桿時，有兩個主要驅動因素。首先是與我們在 2021 年上半年看到的非常高的假期水平利用率的不利比較，其次是我們在 2022 年上半年看到的第四季度峰值的正常下降。

On the first point, we expect this challenging year-over-year comp will have ended in Q2. On the second point, we expect fixed cost leverage to improve in the second half of the year as we continue to grow into our capacity. We have also taken steps to slow future network capacity additions.

首先，我們預計這一具有挑戰性的同比競爭將在第二季度結束。第二點，隨著我們繼續擴大產能，我們預計固定成本槓桿將在下半年得到改善。我們還採取措施減緩未來網絡容量的增加。

Let's turn to AWS. We saw another strong quarter of innovation and customer engagement in AWS, where net sales were $19.7 billion in Q2, up 33% year-over-year, and now represent an annualized sales run rate of nearly $79 billion. AWS continues to grow at a fast pace, and we believe we're still in the early stages of enterprise and public sector adoption of the cloud. We see great opportunity to continue to make investments on behalf of AWS customers. We continue to invest thoughtfully in new infrastructure to meet capacity needs while expanding AWS to new regions, developing new services and iterating quickly to enhance existing services.

讓我們轉向 AWS。我們看到 AWS 的創新和客戶參與又一個強勁的季度，第二季度的淨銷售額為 197 億美元，同比增長 33%，目前年化銷售額接近 790 億美元。 AWS 繼續快速增長，我們相信我們仍處於企業和公共部門採用雲的早期階段。我們看到了繼續代表 AWS 客戶進行投資的絕佳機會。我們將繼續對新基礎設施進行深思熟慮的投資以滿足容量需求，同時將 AWS 擴展到新區域、開發新服務并快速迭代以增強現有服務。

Developers at organizations of all sizes, from governments and not-for-profits to start-ups and enterprises, continue to choose Amazon Web Services. Companies like Delta Air Lines, Riot Games, British Telecom and Jefferies Investment Bank, to name a few, announced new agreements and service launches supported by AWS.

從政府和非營利組織到初創企業和企業，各種規模的組織的開發人員都繼續選擇亞馬遜網絡服務。 Delta Air Lines、Riot Games、British Telecom 和 Jefferies Investment Bank 等公司宣布推出由 AWS 支持的新協議和服務。

AWS operating income was $5.7 billion in Q2. As a reminder, this includes a portion of our seasonal Q2 step-up in stock-based compensation expense. AWS results include a greater mix of these costs, reflecting wage inflation in high-demand areas, including engineers and other tech workers, as well as increasing technology infrastructure investment to support long-term growth.

AWS 第二季度的營業收入為 57 億美元。提醒一下，這包括我們在第二季度增加的基於股票的補償費用的一部分。 AWS 結果包括這些成本的更大組合，反映了高需求領域的工資上漲，包括工程師和其他技術工作者，以及增加技術基礎設施投資以支持長期增長。

Now let's talk about capital investments. As usual, we will discuss the combination of CapEx plus equipment finance leases. In 2021, we incurred approximately $60 billion in capital investments. About 40% of that is comprised of technology infrastructure, primarily supporting AWS as well as our worldwide stores business. Another 30% of the $60 billion was fulfillment capacity, and a little less than 25% was for transportation. The remaining 5% was comprised of things like corporate space and physical stores.

現在讓我們談談資本投資。像往常一樣，我們將討論資本支出與設備融資租賃的結合。 2021 年，我們進行了大約 600 億美元的資本投資。其中約 40% 由技術基礎設施組成，主要支持 AWS 以及我們的全球商店業務。在 600 億美元中，另外 30% 用於履行能力，略低於 25% 用於運輸。剩下的 5% 由企業空間和實體店等組成。

For full year 2022, we do expect to spend slightly more on capital investments than last year, but the proportion of capital spending shifts among our businesses. We expect technology infrastructure spend to grow year-over-year, primarily to support the rapid growth in innovation we're seeing with AWS. We expect infrastructure to represent a bit more than half of our total capital investments in 2022. For the worldwide stores business, we've continued to moderate our build expectations to better align with customer demand. We expect the fulfillment and transportation dollars spent on capital projects to be lower in 2022 versus the prior year.

對於 2022 年全年，我們確實預計在資本投資上的支出將略高於去年，但資本支出的比例在我們的業務中發生了變化。我們預計技術基礎設施支出將逐年增長，主要是為了支持我們在 AWS 中看到的創新快速增長。我們預計，到 2022 年，基礎設施將占我們總資本投資的一半以上。對於全球門店業務，我們繼續降低我們的建設預期，以更好地滿足客戶需求。我們預計 2022 年用於資本項目的履行和運輸費用將低於上一年。

Finally, I'd highlight a few additional items. We reported an overall net loss of $2 billion in the second quarter. While we primarily focus our comments on operating income, I'd point out that this net loss includes a pretax valuation loss of $3.9 billion, which is included in nonoperating expense from our common stock investment in Rivian Automotive. In the U.S., we have started making customer deliveries using the Rivian electric delivery vehicles. This rollout is the start of what we expect to be thousands of EDVs in more than 100 cities by the end of the year and 100,000 vehicles across the U.S. by the year 2030. Additionally, note that all of our share and per share information included in our financial materials has been retroactively adjusted to reflect the 20-for-1 stock split, which was effective on May 27.

最後，我要強調一些額外的項目。我們報告第二季度的總體淨虧損為 20 億美元。雖然我們的評論主要集中在營業收入上，但我要指出，這一淨虧損包括 39 億美元的稅前估值損失，這包括在我們對 Rivian Automotive 普通股投資的非營業費用中。在美國，我們已經開始使用 Rivian 電動送貨車為客戶送貨。此次推出是我們預計到今年年底在 100 多個城市擁有數千輛 EDV，到 2030 年在美國擁有 100,000 輛汽車的開始。此外，請注意，我們所有的份額和每股信息都包含在我們的財務資料已追溯調整，以反映 5 月 27 日生效的 20 比 1 的股票分割。

We also provided our third quarter financial guidance as part of our earnings release. Again, a reminder that this year, our Prime Day sales event occurred on July 12 and 13 and is incorporated into our third quarter guidance. Prime Day occurred in Q2 in 2021. For revenue, note that our guidance includes an estimated approximately 390 basis points of unfavorable impact from year-over-year change in foreign exchange rates. The estimated FX impact to operating income is not significant.

作為收益發布的一部分，我們還提供了第三季度的財務指導。再次提醒您，今年我們的 Prime Day 銷售活動發生在 7 月 12 日至 13 日，並已納入我們的第三季度指導。 Prime Day 發生在 2021 年第二季度。對於收入，請注意，我們的指導包括估計約 390 個基點的不利影響，即外匯匯率的同比變化。估計的外匯對營業收入的影響並不顯著。

Our third quarter operating income guidance range is $0 to $3.5 billion. This compares to Q2 operating income of $3.3 billion. This third quarter guidance assumes we see approximately $1.5 billion in quarter-over-quarter sequential cost improvement in our fulfillment network operations, which we expect will be largely offset by investments in AWS and additional digital content for Prime members.

我們第三季度的營業收入指導範圍為 0 至 35 億美元。相比之下，第二季度的營業收入為 33 億美元。該第三季度指導假設我們看到我們的履行網絡運營的環比環比成本提高了大約 15 億美元，我們預計這將在很大程度上被 AWS 的投資和 Prime 會員的額外數字內容所抵消。

For AWS, these quarter-over-quarter increases are primarily driven by higher infrastructure investments to support continued strong customer growth, including larger depreciation on a growing fixed asset base. We also expect increased energy costs as we continue to see volatility in utility prices around the world in operating our AWS data centers. Quarter-over-quarter increase in digital content primarily relates to new Prime video content in Q3, including Thursday Night Football and The Lord of the Rings: The Rings of Power.

對於 AWS，這些環比增長主要是由更高的基礎設施投資推動的，以支持持續強勁的客戶增長，包括不斷增長的固定資產基礎的更大折舊。我們還預計能源成本會增加，因為我們繼續看到世界各地運營 AWS 數據中心的公用事業價格波動。數字內容的季度環比增長主要與第三季度的新 Prime 視頻內容有關，包括《週四足球之夜》和《指環王：權力之戒》。

Thank you. And now let's move on to your questions.

謝謝你。現在讓我們繼續您的問題。

(Operator Instructions) Our first question comes from Brian Nowak with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one, Brian, I wanted to talk a little bit about the bridge from 2Q to 3Q EBIT guide a little bit. It sounds like you're going to have revenue up nicely. You talked about the efficiencies of the $1.5 billion quarter-over-quarter and some of the incremental investments in content, et cetera. Where are the other areas where you're sort of investing more to grow? And is any of that associated with merchandise margin or step-ups in discounting? That would be the first one.

我有 2 個。第一個，布賴恩，我想談談從 2Q 到 3Q EBIT 指南的橋樑。聽起來你的收入會很好。您談到了 15 億美元的季度環比的效率以及對內容的一些增量投資等。您在哪些領域進行更多投資以實現增長？這些是否與商品利潤或折扣增加有關？那將是第一個。

And the second one is kind of going back to your comment about you -- how you slowed '22 and '23 operations expansion plans. How should we think about the fulfillment and transportation CapEx sort of looking into the fourth quarter into next year? How far ahead of this build have you gone through for the last, call it, 9 months?

第二個是回到你對你的評論——你如何減緩 22 年和 23 年的運營擴張計劃。我們應該如何考慮到明年第四季度的履行和運輸資本支出？你在最後一次構建之前完成了多遠，稱之為 9 個月？

Sure. Thanks, Brian. Let me start with your second question. So in any particular year when we're spending capital, a good portion of it, we estimate about 40% this year is being spent in support of warehouses or transportation capacity that will be opening up and effective in 2023 and beyond. So there's always a pre-spend to keep the -- again, the pipeline moving. So when we make adjustments to the time horizon, the impact is not as great as you might expect in the year 2022. But again, we have moved things out, and capital is coming down in those areas, as we just mentioned. We just have to keep you posted as we go quarter-to-quarter on what our expectations are.

當然。謝謝，布賴恩。讓我從你的第二個問題開始。因此，在我們支出資本的任何特定年份，其中很大一部分，我們估計今年約有 40% 用於支持將在 2023 年及以後開放並生效的倉庫或運輸能力。所以總是有一個預支出來保持 - 再次，管道移動。因此，當我們對時間範圍進行調整時，2022 年的影響並不像您預期的那麼大。但是，正如我們剛才提到的，我們再次將事情轉移出去，這些領域的資本正在下降。我們只需要讓您隨時了解我們的期望。

On the bridge to Q2 to Q3, so again, you have the -- mentioned 3 items, the ops improvement that we see of $1.5 billion, and offsetting that is increased costs in AWS as we build out depreciation. We also are adding -- continuing to add people in that space, product engineers, sales people, customer support. Speaking more broadly, we know AWS is a huge opportunity. It's early days in the adoption curve for companies and governments, and we invest with that confidence in mind. And customers have responded, and we're going to keep investing there.

在從第二季度到第三季度的橋樑上，再次，你有 - 提到的 3 項，我們看到的 15 億美元的運營改進，以及隨著我們建立折舊而增加的 AWS 成本抵消。我們還在增加——繼續在該領域增加人員、產品工程師、銷售人員、客戶支持。更廣泛地說，我們知道 AWS 是一個巨大的機會。對於公司和政府來說，現在還處於採用曲線的早期階段，我們在投資時就牢記這種信心。客戶已經做出了回應，我們將繼續在那裡投資。

And your comment on discounting, we're not seeing some of the pressures that other people are seeing right now. Our macroeconomic issues are principally on inflation, and we've been pretty transparent on that. I think the new thing this quarter is additional pressure on the energy, electricity rates in our data centers because of the ramp-up in natural gas prices, if you've seen that. So that's probably the new information. And then the other inflationary factors, well, some of them are coming down slightly. There's still significantly a penalty year-over-year.

您對折扣的評論，我們沒有看到其他人現在看到的一些壓力。我們的宏觀經濟問題主要是關於通貨膨脹，我們對此非常透明。我認為本季度的新事物是對我們數據中心的能源和電價的額外壓力，因為天然氣價格上漲，如果你已經看到的話。所以這可能是新的信息。然後是其他通脹因素，嗯，其中一些正在小幅下降。年復一年的罰款仍然很大。

Other cost pressures are principally on our costs in employees. If you look at our stock-based comp as a percent of revenue, it's gone up 150 basis points quarter-over-quarter as we stepped up from Q1 to Q2. We see that pattern every year, but we don't see that magnitude. And that's where a lot of our wage inflation is for, particularly our technical employees.

其他成本壓力主要來自我們的員工成本。如果您將我們的基於股票的組合視為收入的百分比，隨著我們從第一季度到第二季度的增長，它環比增長了 150 個基點。我們每年都會看到這種模式，但我們看不到這種規模。這就是我們很多工資膨脹的原因，尤其是我們的技術員工。

So there's a certain amount of conservatism always built into this because we are in a very difficult macroeconomic state potentially. Again, it's not -- we're not seeing it hit our businesses directly. In fact, we're seeing strong growth in sales through the quarter in Q2. But we're cognizant that things could change quickly. And we'll see and monitor, and that's how we set our forward guidance.

因此，由於我們潛在地處於一個非常困難的宏觀經濟狀態，因此始終存在一定程度的保守主義。同樣，它不是——我們沒有看到它直接影響我們的業務。事實上，我們看到第二季度整個季度的銷售額都在強勁增長。但我們意識到事情可能會迅速改變。我們會觀察和監控，這就是我們設定前瞻性指導的方式。

Our next question comes from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

Brian, I wanted to ask about AWS. Some of your peers in the cloud space have talked about some slowdown in booking rates just as customers take longer to work through deal terms and duration. I was hoping you could comment on whether AWS is seeing similar dynamics.

Brian，我想問一下 AWS。您在雲領域的一些同行已經談到預訂率有所放緩，因為客戶需要更長的時間來處理交易條款和持續時間。我希望你能評論一下 AWS 是否看到了類似的動態。

And then also, when you think about margins, the 35% for AWS in 1Q going to 29% in 2Q, what are some of the puts and takes that we should think about going forward just given decreasing server life benefits and tougher macro environment?

然後，當您考慮利潤率時，AWS 在第一季度的 35% 到第二季度的 29%，考慮到服務器壽命的減少和更嚴峻的宏觀環境，我們應該考慮哪些看跌期權？

Sure, Doug. I'll start with the second question. So on margins in AWS, yes, as you mentioned, it is dropping sequentially. The margin rate is going to fluctuate in this business. It's going to be always a factor of new investment and things like the sales force and new regions and infrastructure capacity, offset by infrastructure efficiency gains that we see, pricing issues as we extend contracts. We've seen really good progress with our customer base, longer and longer commitments, really committing to the cloud. Some of that comes with credits to help them make their conversion to the cloud. And so the revenue pattern can be -- and the margin on that revenue can fluctuate quite a bit quarter-to-quarter. But see a lot of strength in the business right now. We're very happy with the growth rate, happy with the adoption of the cloud.

當然，道格。我將從第二個問題開始。因此，就 AWS 的利潤率而言，是的，正如您所提到的，它正在依次下降。該業務的保證金率將波動。這將始終是新投資以及銷售隊伍、新地區和基礎設施容量等因素的一個因素，被我們看到的基礎設施效率提高以及我們延長合同時的定價問題所抵消。我們已經看到我們的客戶群取得了非常好的進展，越來越長的承諾，真正致力於雲計算。其中一些附帶積分，以幫助他們轉換到雲。因此，收入模式可能是——而且該收入的利潤率可能會隨著季度的變化而波動。但是現在看到這個行業有很大的實力。我們對增長率非常滿意，對雲的採用感到滿意。

As you hit a potential rough patch in the economy, I think the last time we saw this was back in 2008-ish and started to draw lessons from that. But we did notice that it did help our cloud business at the time because, again, when you're trying to launch a new product or service and you have to -- faced with building your own data center and getting capital for a data center and building it yourself or moving to the cloud and essentially buying incremental infrastructure capacity, cloud computing really shows its value.

當您在經濟中遇到潛在的困難時，我認為我們上一次看到這種情況是在 2008 年左右，並開始從中吸取教訓。但我們確實注意到它在當時確實對我們的雲業務有所幫助，因為當您嘗試推出新產品或服務時，您必須——面臨建立自己的數據中心並為數據中心籌集資金自行構建或遷移到雲並從本質上購買增量基礎設施容量，雲計算真正顯示了它的價值。

So we're prepared. Just like when the slowdown in 2020, we are prepared to help customers optimize their costs. And we'll help them -- any who are scaling down. But we'll also, again, continue to sign new customers in new industries, including government agencies and happy with that. And if you looked, again, where our investment has been over the last few years in the growth of our sales force and our sales support, it is starting to -- it is showing benefits, and we expect that to continue.

所以我們準備好了。就像 2020 年經濟放緩一樣，我們準備幫助客戶優化成本。我們會幫助他們——任何縮小規模的人。但我們也將再次繼續在新行業簽下新客戶，包括政府機構，並對此感到滿意。如果您再次查看過去幾年我們在銷售隊伍增長和銷售支持方面的投資，它開始顯示出效益，我們預計這種情況會繼續下去。

On your -- sorry, your other question was -- is that it?

關於你的——抱歉，你的另一個問題是——是這樣嗎？

Just about current trends in terms of booking rates and margins.

就預訂率和利潤方面的當前趨勢而言。

Got it. I blended it into one answer. Yes. Hopefully, that covered what you were asking about.

知道了。我把它混合成一個答案。是的。希望這涵蓋了您所詢問的內容。

And Doug, just to -- I mean, just to pile on to that, too. I mean, I think just the longer-term vision that Brian talked about here, we're, right now, with 84 availability zones. So that's 26 geographic regions, and we've got plans for -- to launch 24 more of those availability zones across 8 regions. And this is Australia, Canada, India, Israel, New Zealand, Spain, Switzerland, U.A.E. That's a lot of different spots.

還有道格，我的意思是，也只是為了強調這一點。我的意思是，我認為只是 Brian 在這裡談到的長期願景，我們現在擁有 84 個可用區。這是 26 個地理區域，我們計劃在 8 個區域中再推出 24 個可用區域。這是澳大利亞、加拿大、印度、以色列、新西蘭、西班牙、瑞士、阿聯酋。那是很多不同的地方。

And so I think continuing to focus on building out, building out the customers, working on that pipeline and building longer commitments, finding customers that are making longer commitments is really important to that. And just to that point, I know the backlog figure that we've discussed in the past and disclosed on a quarterly basis in our filings, it's up 65% year-over-year or about 13% quarter-over-quarter. And the weighted average remaining life of those long-term commitments that we're talking about here continues to grow. So it's about 3.9 years on a weighted average remaining life basis.

所以我認為繼續專注於建立，建立客戶，在管道上工作並建立更長的承諾，找到做出更長承諾的客戶對此非常重要。就這一點而言，我知道我們過去討論過並在我們的文件中按季度披露的積壓數字，同比增長 65% 或環比增長約 13%。我們在這裡討論的那些長期承諾的加權平均剩餘壽命繼續增長。因此，按加權平均剩餘壽命計算，約為 3.9 年。

So again, good -- a lot of good work, a lot of still good opportunity out there to come. And as Brian talked about, we're working hard and building fast and investing in that to make sure we're in a good position to serve folks.

再說一次，很好——很多很好的工作，還有很多很好的機會。正如布賴恩所說，我們正在努力工作，快速建設，並在這方面進行投資，以確保我們能夠為人們服務。

Our next question comes from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe 2 parter on the advertising business where you saw continued strength. Is there any way to give us an update of how much of the advertising services line at this point is driven by North America e-commerce versus international e-commerce and how you think about the relative growth rates in advertising going forward between North America and international?

也許你看到了持續增長的廣告業務的 2 合作夥伴。有什麼方法可以讓我們了解目前有多少廣告服務線是由北美電子商務與國際電子商務驅動的，以及您如何看待北美和國際電子商務之間的廣告相對增長率國際的？

And the second part would be away from the e-commerce-driven parts of advertising, how are you feeling about the positioning and the investments you need to make around things like connected TV and programmatic advertising where, from the outside in, it looks like you're continuing to make greater levels of investment in increasing your exposure to a wider array of advertising products?

第二部分將遠離電子商務驅動的廣告部分，您如何看待定位和您需要圍繞聯網電視和程序化廣告進行的投資，從外到內，它看起來像您是否繼續加大投資以增加對更廣泛的廣告產品的曝光率？

Great. Eric, thanks for your questions. I would say on the geographic split, we haven't broken that out. The majority of advertising revenue is in North America. But having said that, we are making great strides in international as well. And we're also, as you mentioned, expanding our array of advertising products from our consumer websites to video opportunities, Twitch and others.

偉大的。埃里克，謝謝你的提問。我想說的是地理上的劃分，我們還沒有打破它。大部分廣告收入在北美。但是話雖如此，我們在國際上也取得了長足的進步。正如您所提到的，我們還將我們的廣告產品系列從我們的消費者網站擴展到視頻機會、Twitch 等。

Dave, did you want to take the second part of that?

戴夫，你想參加第二部分嗎？

Yes. I think it was -- Eric, it was a question around kind of the interactive work. I mean, we've got -- one of our main priorities is building relevant and engaging ad experiences. And so we, of course, introduced interactive ads last year for streaming video content, things like Freevee. We've got Amazon Music's ad-supported tier as well for audio ads. So looking for opportunities like that where customers can more easily engage with brands while streaming content. So I think there's a lot of good opportunity for that. But it's great. Video advertising, as you mentioned, it's still early in that space. It's increasingly becoming mainstream, and I think viewing behaviors have really shifted away from some of the more traditional cable or kind of traditional viewing. And advertisers are using our ad-supported content to reach those viewers.

是的。我認為是——Eric，這是一個關於互動工作的問題。我的意思是，我們有 - 我們的主要優先事項之一是建立相關且引人入勝的廣告體驗。當然，我們去年為流媒體視頻內容引入了互動廣告，比如 Freevee。我們還為音頻廣告提供了 Amazon Music 的廣告支持層。因此，要尋找這樣的機會，讓客戶在流式傳輸內容的同時更輕鬆地與品牌互動。所以我認為有很多很好的機會。但這很棒。正如你所提到的，視頻廣告在那個領域還處於早期階段。它越來越成為主流，我認為觀看行為已經從一些更傳統的有線電視或傳統觀看方式轉移。廣告商正在使用我們的廣告支持內容來吸引這些觀眾。

So things that are ongoing, we've talked about around Freevee, around Twitch and then, of course, some things. We're obviously excited about Thursday Night Football and Amazon streaming TV ads, capabilities that we're going to continue to work with these partners and work with our own kind of technology capabilities to keep building out.

所以正在進行的事情，我們已經談到了 Freevee、Twitch，當然還有一些事情。我們顯然對周四晚上足球和亞馬遜流媒體電視廣告感到興奮，我們將繼續與這些合作夥伴合作，並利用我們自己的技術能力繼續建設。

Eric, I'll just add a little more on advertising because you're probably wondering again about softness -- potential for softness in that or macroeconomic factors. Right now, we still see strong advertising growth. Again, it's got to be a positive both for the customer and for the brand. I think our advantage is that we have highly efficient advertising. People are advertising at the point where customers have their credit cards out and are ready to make a purchase. It's also very measurable. And when people are looking -- if companies are looking to potentially streamline or optimize their advertising spend, we think our products compete very well in that regard, in addition to maybe longer-term things like brand building and bringing new selection to bear in front of customers.

埃里克，我將在廣告方面再補充一點，因為您可能再次想知道柔軟度 - 柔軟度的潛力或宏觀經濟因素。目前，我們仍然看到強勁的廣告增長。同樣，這對客戶和品牌都必須是積極的。我認為我們的優勢是我們有高效的廣告。人們在客戶拿出信用卡並準備購買的地方做廣告。這也是非常可衡量的。當人們正在尋找時——如果公司正在尋求潛在的簡化或優化他們的廣告支出，我們認為我們的產品在這方面的競爭非常好，此外可能還有一些長期的事情，比如品牌建設和帶來新的選擇。的客戶。

Our next question comes from Jason Helfstein with Oppenheimer.

我們的下一個問題來自 Jason Helfstein 和 Oppenheimer。

If I can ask 2. So you called out just the 3P mix being at kind of the highest level. Maybe talk about your focus to increase the mix to 3P and how that fits into plans for an improved efficiency.

如果我可以問 2。所以你只是說 3P 混合處於最高水平。或許可以談談您將重點提高到 3P 以及如何將其融入提高效率的計劃中。

And then secondly, on international, how much of the weakness in the margin sequentially was FX driven?

其次，在國際上，利潤率的連續疲軟有多少是由外匯驅動的？

Let me start on your first one. So I'd challenge the premise a little bit there about incenting mix or I believe that is how I interpreted your question. We are relatively indifferent as to whether some customer buys a third-party or a first-party product from us. What we're all about, obviously, is price selection and convenience. And 3P, it particularly helps us with selection. And when it's part of FBA, it can also help as being more Prime eligible and available to ship in 1, 2 days or whatever the Prime offer happens to be.

讓我從你的第一個開始。所以我會挑戰關於激勵組合的前提，或者我相信這就是我解釋你的問題的方式。對於某些客戶是從我們這裡購買第三方產品還是第一方產品，我們相對漠不關心。顯然，我們所關心的是價格選擇和便利性。而3P，它特別幫助我們進行選擇。當它是 FBA 的一部分時，它還可以提供更多的 Prime 資格，並且可以在 1 天、2 天或任何 Prime 優惠發生時發貨。

So we're happy with the selection that we've added from third-party sellers. And I think that shows in the percentage mix that you see. We're proud of the investment we've made to build tools and products that allow sellers to be successful on our site, and it's a great partnership. And it's worked really well. Sellers and vendors are also some of our larger advertising customers as well and helps -- that advertising helps them surface new selection to our customer base. So it's a very strong partnership, and it's been getting stronger. And I think you'll see also that they had a very big part in our Prime Day earlier this month.

因此，我們對我們從第三方賣家添加的選擇感到滿意。我認為這顯示在你看到的百分比組合中。我們為我們在構建工具和產品方面所做的投資感到自豪，這些工具和產品可以讓賣家在我們的網站上取得成功，這是一個很好的合作夥伴關係。而且效果非常好。賣家和供應商也是我們的一些較大的廣告客戶，並提供幫助——廣告幫助他們向我們的客戶群展示新的選擇。所以這是一個非常強大的合作夥伴關係，而且越來越強大。而且我認為您還會看到，他們在本月早些時候的 Prime 會員日中發揮了非常重要的作用。

And Jason, on your second question related to the international and the profitability there reported, there's a foreign exchange exposure there on that segment with the operating income. There's included in there about $231 million of unfavorable impact to that segment included in that $1.7 billion loss for the quarter.

傑森，關於你關於國際和報告的盈利能力的第二個問題，該部門的營業收入存在外匯風險。本季度 17 億美元的虧損中包括對該細分市場的約 2.31 億美元的不利影響。

Just looking, broadly speaking, on what's going on with that business and the losses that we're seeing there and the investments, I think it's important to remember, it's early in many of our international countries, particularly in some of our emerging or more recent launch countries, places like India, Brazil, the Middle East. There are others as well, of course, but where we've been operating, in many of those cases, considerably shorter than the tenure we've had in the U.S.

從廣義上講，只是看看該業務的情況以及我們在那裡看到的損失和投資，我認為重要的是要記住，在我們的許多國際國家，特別是在我們的一些新興國家或更多國家，這很重要最近推出的國家，如印度、巴西、中東等地。當然，還有其他一些，但我們一直在運營的地方，在許多情況下，比我們在美國的任期要短得多。

In our established international locations, U.K., Germany, Japan, over time, we've continued to improve the profitability of that business as we build out and establish stronger customer relationships and work on the cost structure and how we serve folks. A lot of that, of course, is driving improvements through our key pillars with price selection and convenience and working with vendors on commercial terms.

隨著時間的推移，在我們已建立的國際地點，英國、德國、日本，我們不斷提高該業務的盈利能力，因為我們建立並建立了更強大的客戶關係，並致力於成本結構和我們如何為人們服務。當然，其中很多是通過我們的關鍵支柱推動改進，包括價格選擇和便利，以及與供應商在商業條款上的合作。

In our emerging locations, there's a healthy amount of investment we've done to drive expansion, and we expect to continue to do that given the strong competition across many of these markets. And that's investments in Prime Video, not just in some of the flagship shows that are kind of sourced here in the U.S., but also you've seen us continue to push for opportunities for in-country and local language video content that resonates with customers and can be a meaningful reason people sign up for the Prime program, engage and renew. And we're also investing, depending on the regions and kind of the local structure, infrastructure, for lack of a better term, whether that's building out payment methods, third-party transportation services, even in some cases the Internet and the telecom infrastructure. So we're playing a role along with others. It's not just us investing in ways to create and enable that infrastructure to be successful.

在我們的新興地區，我們為推動擴張進行了大量投資，鑑於許多這些市場的激烈競爭，我們預計將繼續這樣做。這就是對 Prime Video 的投資，不僅是在美國本土採購的一些旗艦節目，而且您已經看到我們繼續推動與客戶產生共鳴的國內和當地語言視頻內容的機會並且可能是人們註冊 Prime 計劃、參與和續訂的一個有意義的原因。我們還在投資，取決於地區和當地結構、基礎設施的種類，因為沒有更好的條件，無論是建立支付方式、第三方交通服務，甚至在某些情況下是互聯網和電信基礎設施.因此，我們正在與其他人一起發揮作用。不僅僅是我們投資於創建和使基礎設施成功的方法。

So those are some of the opportunities and challenges that as you think about kind of where we are in the U.S. versus international that are out there, the network complexities, of course, there are some regulatory hurdles and other differences out there. But we think it's important to continue to invest in those opportunities and learn from what we're -- not just in what we've done in the history with the U.S., but also in many of these countries and keep that flywheel spinning and continue to serve customers in more efficient ways.

因此，這些是一些機遇和挑戰，當您考慮我們在美國的位置與國際上的位置時，網絡的複雜性，當然，還有一些監管障礙和其他差異。但我們認為繼續投資於這些機會並從我們的經驗中學習是很重要的——不僅是我們在美國歷史上所做的事情，而且是在這些國家中的許多國家，並保持飛輪旋轉並繼續以更有效的方式為客戶服務。

Our next question comes from Youssef Squali with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Youssef Squali。

I have 2 questions. One, can you discuss the impact the price action you took on Prime, on merchant fees, et cetera, ahead on retention during the quarter? And do you feel that, that's enough to offset the inflationary pressures we're seeing to date?

我有 2 個問題。一，您能否討論一下您在本季度對 Prime、商家費用等採取的價格行動對留存率的影響？你覺得這足以抵消我們迄今為止看到的通脹壓力嗎？

And then on Buy with Prime, I know it's early, but how do you see the rollout of this initiative from it being by invitation only today to whole merchants using FBA to off-Amazon merchants, et cetera, and just kind of the implications on -- broader implications on the business from that initiative?

然後在“使用 Prime 購買”上，我知道現在還為時過早，但是您如何看待這項計劃的推出，從今天才通過邀請到使用 FBA 的整個商家到亞馬遜以外的商家等等，以及對- 該計劃對業務的更廣泛影響？

Sure. Thank you, Youssef. So first on the -- let's take them one at a time. So on the Prime fee increase earlier in the year, we're happy with the results we're seeing in the Prime program. Prime membership and retention is still strong. I think that change has been above our expectations positively, and I think the benefit of the program continues to get better and better. And as I mentioned, in-stock has never been higher. Delivery speed is increasing. So -- not to mention a lot of the new content, especially on the video side, that will be coming in the fall. So we feel good about the program and the state of the Prime members after a very rough couple of years of pandemic turmoil, and we think it's a good base to build upon.

當然。謝謝你，優素福。所以首先——讓我們一次拿一個。因此，對於今年早些時候的 Prime 費用上漲，我們對在 Prime 計劃中看到的結果感到滿意。 Prime會員資格和保留率仍然很高。我認為這種變化已經超出了我們的積極預期，而且我認為該計劃的好處繼續變得越來越好。正如我所提到的，庫存從未如此之高。交貨速度正在提高。所以 - 更不用說很多新內容，尤其是在視頻方面，它們將在秋季推出。因此，在經歷了幾年的大流行動蕩之後，我們對該計劃和 Prime 會員的狀態感覺良好，我們認為這是一個很好的基礎。

So on the seller fee, again, we added that fee grudgingly in May to compensate for some of the inflationary pressures we're seeing. I don't want to give you the idea that either of those fee increases came close to covering our costs. You can see from our operating results, some of it's internally related, but a lot of it's external factors that they're -- we are not passing through that at 100% to external groups. And it's -- we've got to work our way out of the condition we're in. And we're making good progress in Q2 and expect to keep pressing on that in the second half of the year. But saw strength in the seller results in Q2, as we mentioned on the percentage mix. So I think sellers are -- sellers business remains strong and an integral part of our customer offering.

因此，在賣家費用方面，我們在 5 月份勉強增加了該費用，以補償我們看到的一些通脹壓力。我不想讓您認為這些費用增加中的任何一個都接近於支付我們的成本。你可以從我們的運營結果中看到，其中一些是內部相關的，但很多是外部因素——我們沒有將其 100% 傳遞給外部團體。這是 - 我們必須努力擺脫目前的狀況。我們在第二季度取得了良好進展，並希望在下半年繼續努力。但正如我們在百分比組合中提到的那樣，第二季度賣家業績表現強勁。所以我認為賣家是 - 賣家業務仍然強勁，並且是我們客戶產品的一個組成部分。

Youssef, this is Dave. On your Buy with Prime question, yes, I mean, it's -- right now, it's allowing U.S.-based Prime members to shop directly from merchants on the online stores. And it's with the experience they expect and kind of come to expect with Amazon. And that's the fast, free delivery, the seamless checkout and free returns on orders that are eligible. It is -- right now, the program is available, as you mentioned, invitation-only for merchants that are already using FBA. And it will expand throughout this year as we'll extend more merchants to invite and participate in the program.

優素福，這是戴夫。關於“使用 Prime 購買”的問題，是的，我的意思是，現在，它允許美國的 Prime 會員直接從在線商店的商家那裡購物。這是他們對亞馬遜的期望和期望的體驗。這就是快速、免費送貨、無縫結賬和符合條件的訂單的免費退貨。正如您所提到的，現在，該程序僅適用於已經使用 FBA 的商家。隨著我們將擴大更多商家邀請和參與該計劃，它將在今年全年擴大。

I think it's -- we're interested in learning and working with FBA sellers that we've known and had good trust with but also expanding it. And I think as you think about it, our merchants, they obviously have a lot of choices on where they're going to sell products. And we have a long history of empowering and helping merchants. We've invested a lot in tools and capabilities and, of course, the delivery capabilities and all the things that go along with that. But that's an opportunity for us to support merchants who may or may not be FBA sellers with the tools and the opportunity just to sell their products online and scale their business and build their brand. And so I think really excited about, of course, getting to be able to launch this program over the last few months and dialing it up for more sellers as the year progresses.

我認為這是 - 我們有興趣學習並與我們認識並信任的 FBA 賣家合作，但同時也在擴展它。而且我認為，當您考慮到這一點時，我們的商家，他們顯然有很多選擇要在哪裡銷售產品。我們在授權和幫助商家方面有著悠久的歷史。我們在工具和功能上投入了大量資金，當然還有交付能力和與之相伴的所有事情。但這對我們來說是一個機會，可以通過工具支持可能是也可能不是 FBA 賣家的商家，並有機會在線銷售他們的產品、擴大業務並建立自己的品牌。因此，我認為真的很興奮，當然，能夠在過去幾個月啟動這個程序，並隨著時間的推移為更多的賣家撥打電話。

Our final question comes from Stephen Ju with Credit Suisse.

我們的最後一個問題來自瑞士信貸的 Stephen Ju。

Okay. So Brian, I think you just reported a quarter-on-quarter decline in head count, which was by design after what happened last quarter. But it won't be too long before you are gearing up for the holidays. So how do you think the environment is going to fair for you? Will you be adding head count?

好的。所以布萊恩，我認為你剛剛報告了員工人數的季度環比下降，這是在上個季度發生的事情之後設計的。但是用不了多久你就可以為假期做準備了。那麼，您認為環境對您來說將如何公平？你會增加人數嗎？

And also, the stock-based compensation came in below where you had guided for the second quarter. So is this a matter of not hitting the hiring goals you were hoping for? Or do you think the environment for the hiring of technical and engineering talent is loosening up a little bit?

而且，基於股票的薪酬低於你對第二季度的指導。那麼這是沒有達到您希望的招聘目標的問題嗎？還是您認為聘用技術和工程人才的環境有所鬆動？

Sure, Stephen. Thank you. On the head count, yes, I think it was more, as we mentioned last quarter, last year in -- or excuse me, in Q1, we added -- to give you a flavor for it, we added 14,000 workers in Q1. Prior year, we had reduced our net head count by 27,000. So we're pretty transparent about the fact that we had hired a lot of people in Q1 for the coverage of the Omicron variant. Luckily, that variant subsided, and we were left with a higher head count position. We've -- that has come down through adjusting our hiring levels and normal attrition. And it's pretty -- was pretty much resolved by the end of April or early part of May. So that is dominating the quarter-over-quarter reduction in head count. I would note that we're still up 188,000 year-over-year and nearly double the head count of what we had heading into the pandemic in early 2020.

當然，斯蒂芬。謝謝你。在人數方面，是的，我認為更多，正如我們上個季度提到的那樣，去年 - 或者對不起，在第一季度，我們添加了 - 為了讓您了解它，我們在第一季度增加了 14,000 名工人。去年，我們將淨員工人數減少了 27,000 人。因此，我們在第一季度僱傭了很多人來報導 Omicron 變體這一事實非常透明。幸運的是，這種變體消退了，我們的人數增加了。我們已經 - 通過調整我們的招聘水平和正常的減員來降低這一點。它很漂亮 - 到 4 月底或 5 月初基本解決了。因此，這在員工人數的季度環比減少中占主導地位。我要指出的是，我們仍然比去年同期增加了 188,000 人，幾乎是 2020 年初進入大流行的人數的兩倍。

So you're right, there will be adjustments to that as we move forward into more holiday-level demand. Right now, we see a stabilization in the workforce. I think we see good hiring rates. And so I think -- if you remember, it was a very difficult labor period in the second half of last year. And it didn't -- it arrived kind of quickly out of nowhere. So we're certainly diligent on that and making sure we have a good workplace and an environment that will attract employees.

所以你是對的，隨著我們向更多的假期需求邁進，將會對此進行調整。目前，我們看到勞動力趨於穩定。我認為我們看到了良好的招聘率。所以我想——如果你還記得的話，去年下半年那是一個非常艱難的勞動時期。但它沒有——它突然間就來了。因此，我們當然會努力做到這一點，並確保我們有一個良好的工作場所和一個能吸引員工的環境。

And Stephen, on your -- just your question on stock-based comp, as you mentioned, we do utilize restricted stock units, or RSUs, as our primary mode of equity compensation. And as we always remind you, employee annual RSU grants do occur in the second quarter. And as a result, we typically see a step-up in the SBC expense from Q1 to Q2. And of course, you saw it this time around. The growth in the line is impacted overall also on the step-up by continued head count. We've grown our workforce over the last few years and as Brian talked about, hiring in a number of areas of the business, including engineers, other tech workers. And there's some component of the wage inflation as we look to continue to hire and retain employees there.

斯蒂芬，關於您關於股票補償的問題，正如您所提到的，我們確實使用限制性股票單位或 RSU 作為我們的主要股權補償模式。正如我們經常提醒您的那樣，員工年度 RSU 贈款確實發生在第二季度。因此，我們通常會看到 SBC 費用從第一季度到第二季度有所增加。當然，這次你也看到了。該生產線的增長總體上也受到持續人數增加的影響。在過去的幾年裡，我們的員工隊伍不斷壯大，正如 Brian 所說，我們在多個業務領域招聘，包括工程師和其他技術人員。當我們希望繼續在那裡僱用和留住員工時，工資上漲有一定的組成部分。

In terms of the -- coming in at the 5 -- a little over $5 billion for stock-based comp, the main driver was -- there was primarily driven by fewer employees stock awards vested -- fewer employee stock awards we're vesting in Q2 than we expected.

就以股票為基礎的薪酬而言——進入第 5 位——略高於 50 億美元，主要驅動因素是——主要是由於授予的員工股票獎勵減少——我們授予的員工股票獎勵減少第二季度超出我們的預期。

Thanks for joining us on the call today and for your questions. A replay will be available on our Investor Relations website for at least 3 months. We appreciate your interest in Amazon, and we look forward to talking with you again next quarter.

感謝您今天加入我們的電話會議並提出您的問題。重播將在我們的投資者關係網站上提供至少 3 個月。感謝您對亞馬遜的興趣，我們期待下個季度再次與您交談。

This concludes today's conference call. Thank you all for your participation.

今天的電話會議到此結束。謝謝大家的參與。