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.

感謝您的支持。大家好，歡迎參加亞馬遜 2022 年第二季財務業績電話會議。 （操作員指示）今天的通話正在錄音。

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

在開幕致詞時，我將把電話轉給投資者關係總監戴夫·菲爾德斯 (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 2022 年第二季財務業績電話會議。今天，我們的財務長 Brian Olsavsky 將與我們一起回答您的問題。當您收聽今天的電話會議時，我們鼓勵您閱讀我們的新聞稿，其中包括我們的財務表現以及本季度的指標和評論。請注意，除非另有說明，本次電話會議中的所有比較都將針對我們 2021 年可比較期間的結果。

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.

我們對您的問題的評論和回應僅反映管理層截至 2022 年 7 月 28 日的觀點，並將包含前瞻性陳述。實際結果可能存在重大差異。有關可能影響我們財務表現的因素的更多資​​訊包含在今天的新聞稿和我們向美國證券交易委員會提交的文件中，包括我們最近的 10-K 表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.

在本次電話會議中，我們可能會討論某些非公認會計準則財務指標。在我們的新聞稿、本次網路廣播附帶的幻燈片以及我們向美國證券交易委員會提交的文件中（每一份都發佈在我們的投資者關係網站上），您將找到有關這些非公認會計準則指標的更多披露，包括這些指標與可比公認會計準則指標的對帳。

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所看到的訂單趨勢以及我們今天認為合適的假設。我們的結果本質上是不可預測的，並且可能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及支出的變化、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、在線商務和雲端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。本指引也反映了我們迄今為止對 COVID-19 疫情對我們營運的影響的估計，包括我們向美國證券交易委員會提交的文件中討論的影響。我們的指導還假設，除其他事項外，我們不會完成任何額外的業務收購、重組或法律和解。我們不可能準確預測對我們的商品和服務的需求。因此，我們的實際結果可能與我們的指導有重大差異。

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

現在我將把電話轉給布萊恩。

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.

感謝您參加今天的電話會議。在我們提出問題之前，我將對我們的第二季業績和第三季的展望發表一些評論。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，我們看到許多關鍵營運指標有所改善，包括庫存水準和交付速度，消費者需求也隨之增加。本季度，全球淨銷售額為 1,212 億美元，超出了我們收入預期範圍的上限，年增 10%，不包括外匯匯率變動帶來的約 320 個基點的不利影響。這是一個比我們在第二季指引中納入的 200 個基點影響更大的外匯逆風。

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 月到 2021 年 5 月期間，我們的營收成長加速到 40% 以上。雖然需求仍然強勁，但這一高成長期的重疊抑制了我們接下來 12 個月（截至今年 5 月）的營收成長率。我們未來的成長率將不再需要這種歷史解釋。去年第二季度，疫苗也變得更加普及，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 年第二季度的年比營收成長率貢獻了約 400 個基點。今年的 Prime Day 促銷活動於 7 月 12 日和 13 日舉行，並已納入我們的第三季指引。

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.

隨著過去兩年的影響逐漸正常化，我們對為客戶提供的服務以及他們的反應感到滿意。自疫情爆發以來，我們的年複合成長率為 25%，這一成長率高於疫情之前的水平。自疫情爆發以來，Prime 會員的支出已大幅增加。在此期間，我們看到 Prime 會員對 Prime 福利的使用更加頻繁，並且對亞馬遜的購物和娛樂的依賴也更加強烈。

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.

我們在第二季度持續改善客戶體驗，包括配送速度和庫存水準的環比改善。我們也迅速調整了人員配備水平，提高了大幅擴展的營運網路的效率。我們已放慢 2022 年和 2023 年的營運擴張計劃，以更好地滿足預期的客戶需求。雖然仍有工作要做，但我們在第二季取得了良好的進展。

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 會員計畫仍然是我們全球商店業務的主要驅動力，我們將繼續創新，使會員資格更加實用和有價值。其中包括即將於 9 月 2 日首映的《指環王：權力之戒》以及從 9 月 15 日開始在 NFL 週四晚間橄欖球比賽的獨家觀看權。

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.

我們的賣家社群在第二季也表現強勁。第三方賣家佔亞馬遜第二季所有銷售量的 57%，創歷史新高。銷售合作夥伴有助於擴大我們可以為客戶提供的選擇，而亞馬遜物流則為賣家提供了提供快速送貨的能力。

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.

本季營業收入為 33 億美元，高於我們的預期範圍上限。上個季度，我討論了我們全球門市業務面臨的幾個成本壓力：通膨成本、履行網路生產力和固定成本去槓桿。回想一下，與 2021 年第一季相比，這些成本在第一季的增量約為 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 年第二季相比，第二季的增量成本符合我們的預期，約 40 億美元。第二季通膨壓力仍處於高位，與第一季的情況類似。這些壓力包括燃料、卡車運輸、空運和海運費率上漲，我們預計這種壓力將持續到第三季。

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.

我們在第二季大力提高履行網路生產力。人員配備水準更加符合第二季度不斷增長的需求，並且我們的履行網絡得到了更好的優化。在運輸方面，我們持續改善配送、增加路線密度並提高每小時的包裹配送量。我們對本季的進展感到鼓舞，並看到下半年進一步改善的機會。

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，固定成本槓桿的年比負面影響與第一季相對一致。當談到固定成本槓桿時，有兩個主要驅動因素。首先，與我們在 2021 年上半年看到的非常高的假期利用率相比，這是一個不利的比較；其次，我們在 2022 年上半年看到的第四季度高峰後，交易量正常下降。

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.

關於第一點，我們預計這項具有挑戰性的年比變化將在第二季結束。關於第二點，隨著我們產能的不斷增長，我們預計固定成本槓桿率將在下半年有所改善。我們也採取了措施減緩未來網路容量的增加。

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 又一個季度在創新和客戶參與方面表現強勁，第二季淨銷售額為 197 億美元，年增 33%，目前的年化銷售額運行率接近 790 億美元。 AWS 持續快速成長，我們相信我們仍處於企業和公有部門採用雲端運算的早期階段。我們看到了繼續為 AWS 客戶進行投資的巨大機會。我們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 擴展到新的區域，開發新服務並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新創公司和企業，各種規模組織的開發人員都繼續選擇亞馬遜網路服務。達美航空、Riot Games、英國電信和傑富瑞投資銀行等公司宣布了由 AWS 支援的新協議和新服務。

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第二季營運收入為57億美元。提醒一下，這包括我們第二季季節性增加的股票薪資費用的一部分。 AWS 的業績包含了更多此類成本，反映了高需求領域的薪資上漲，包括工程師和其他技術工人，以及增加技術基礎設施投資以支援長期成長。

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.

現在我們來談談資本投資。按照慣例，我們將討論資本支出加設備融資租賃的組合。 2021年，我們的資本投資約為600億美元。其中約 40% 由技術基礎設施組成，主要支援 AWS 以及我們的全球商店業務。 600 億美元中的另外 30% 用於履行能力，略低於 25% 用於運輸。剩餘的 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，我們預計資本投資支出將比去年略有增加，但資本支出的比例會在我們的業務之間發生變化。我們預計技術基礎設施支出將逐年成長，主要是為了支援 AWS 創新的快速成長。我們預計，到 2022 年，基礎設施投資將占到我們總資本投資的一半多一點。對於全球門市業務，我們將持續調整建置預期，以更好地滿足客戶需求。我們預計，2022 年資本項目的履行和運輸支出將比上一年下降。

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，我想強調幾點補充事項。我們報告第二季整體淨虧損20億美元。雖然我們的評論主要集中在營業收入上，但我要指出的是，這筆淨虧損包括 39 億美元的稅前估值損失，這筆損失包含在我們對 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 電動送貨車輛為客戶送貨。這次推出只是我們預期的開端，到今年年底，我們將在 100 多個城市推出數千輛 EDV，到 2030 年，全美將推出 10 萬輛 EDV。此外，請注意，我們財務資料中包含的所有股份和每股資訊均已進行追溯調整，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.

作為收益報告的一部分，我們還提供了第三季財務指導。再次提醒，今年我們的 Prime Day 促銷活動於 7 月 12 日和 13 日舉行，並已納入我們的第三季指引。 Prime Day 發生在 2021 年第二季。對於收入，請注意，我們的指導包括估計外匯匯率同比變化將帶來約 390 個基點的不利影響。預計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.

我們第三季的營業收入預期範圍為 0 至 35 億美元。相比之下，第二季的營業收入為 33 億美元。第三季指引假設我們的配送網路營運成本較上季改善約為 15 億美元，我們預期這項改善將在很大程度上被對 AWS 和 Prime 會員額外數位內容的投資所抵銷。

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 而言，這些季度環比成長主要是由於更高的基礎設施投資以支援持續強勁的客戶成長，包括不斷增長的固定資產基礎上的更大折舊。由於我們在營運 AWS 資料中心時持續看到全球公用事業價格的波動，我們也預期能源成本會增加。數位內容的環比成長主要與第三季的新 Prime 影片內容有關，包括《週四晚間足球》和《魔戒：權力之戒》。

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

謝謝。現在我們來回答您的問題。

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

（操作員指示）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，布萊恩，我想稍微談談從第二季到第三季 EBIT 指南的橋樑。聽起來你的收入將會大幅增加。您談到了季度環比 15 億美元的效率以及內容方面的一些增量投資等等。您在哪些其他領域會加大投資以實現成長？這些是否與商品利潤或折扣幅度增加有關？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?

第二個問題有點像回到你關於你的評論——你如何放慢 22 年和 23 年的營運擴張計劃。我們該如何看待明年第四季的履行和運輸資本支出？在過去的 9 個月裡，您為這個構建做了哪些努力？

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，布萊恩。讓我先回答你的第二個問題。因此，在我們投入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%）將用於支援將於 2023 年及以後開放並生效的倉庫或運輸能力。因此，總是需要預先支出來保持管道暢通。因此，當我們調整時間範圍時，其影響並不像你預期的那麼大，在 2022 年也是如此。但正如我們剛才提到的，我們已經將一些事情轉移出去，這些領域的資本正在下降。我們只需要在每個季度發布我們的預期結果後，及時通知您。

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.

在第二季到第三季的橋樑上，再次，您有 - 提到的 3 個項目，我們看到的營運改善為 15 億美元，並且隨著我們增加折舊，AWS 的成本增加可以抵消這一成本。我們也在該領域持續增加人員，包括產品工程師、銷售人員和客戶支援人員。更廣泛地說，我們知道 AWS 是一個巨大的機會。對於企業和政府來說，採用該技術尚處於早期階段，我們懷著這種信心進行投資。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.

至於您關於折扣的評論，我們目前沒有看到其他人所看到的一些壓力。我們的宏觀經濟問題主要是通貨膨脹，我們對此一直非常透明。我認為本季的新情況是，由於天然氣價格上漲，我們的資料中心的能源和電價面臨額外的壓力，如果你已經注意到這一點的話。這可能是新的資訊。至於其他通膨因素，其中一些正在略有下降。與去年同期相比，懲罰仍然明顯。

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.

其他成本壓力主要在於員工成本。如果將我們的股票薪酬作為收入的百分比來看，隨著我們從第一季到第二季的進步，它比上一季上漲了 150 個基點。我們每年都會看到這種模式，但我們沒有看到如此嚴重的後果。這就是我們的薪資上漲的原因，特別是我們的技術員工。

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，這其中總是存在著一定程度的保守主義，因為我們可能正處於非常困難的宏觀經濟狀態。再說一遍，我們沒有看到它直接影響我們的業務。事實上，我們看到第二季的銷售額強勁成長。但我們意識到事情可能會迅速改變。我們將觀察和監控，這就是我們設定前瞻性指引的方式。

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.

布萊恩，我想問一下有關 AWS 的問題。雲端運算領域的一些同行談到了預訂率的下降，因為客戶需要更長的時間來處理交易條款和期限。我希望您能評論一下 AWS 是否也看到了類似的動態。

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?

另外，當您考慮利潤率時，AWS 的利潤率從第一季的 35% 上升到第二季的 29%，考慮到伺服器壽命效益的減少和宏觀環境的嚴峻，我們應該考慮未來的一些利弊嗎？

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。我先問第二個問題。是的，正如您所說，AWS 的利潤率正在持續下降。該業務的利潤率將會波動。這將始終是新投資的一個因素，以及銷售隊伍、新地區和基礎設施容量等因素，被我們看到的基礎設施效率提高、合約延長時的定價問題所抵消。我們看到客戶群取得了非常好的進展，客戶的承諾越來越長，真正致力於雲端運算。其中一些附帶信用額度，以幫助他們實現向雲端的轉換。因此收入模式可能是這樣的——收入利潤率可能每個季度都有很大的波動。但現在我們看到該業務實力雄厚。我們對成長率感到非常滿意，對雲端運算的採用感到非常滿意。

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.

當你遇到經濟上的潛在困難時，我想我們上次看到這種情況是在 2008 年左右，我們開始從中學習。但我們確實注意到它確實對我們的雲端業務有所幫助，因為當您嘗試推出新產品或服務時，您必須 - 面臨建立自己的資料中心並為資料中心獲取資金並自行構建或遷移到雲端併購買增量基礎設施容量，雲端運算才真正顯示出它的價值。

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.

所以我們已經做好準備了。就像2020年經濟放緩時一樣，我們準備好幫助客戶優化成本。我們將幫助他們——任何正在縮減規模的人。但我們也會繼續與新產業的新客戶簽約，包括政府機構，我們對此感到滿意。如果你再看看過去幾年我們在銷售隊伍成長和銷售支援方面的投資，就會發現它已經開始顯現效益，我們預期這種勢頭將持續下去。

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

關於您的——抱歉，您的另一個問題是——是嗎？

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

僅介紹預訂率和利潤率方面的當前趨勢。

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

知道了。我將其混合成一個答案。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.

道格，只是為了 — — 我的意思是，只是為了補充這一點。我的意思是，我認為 Brian 在這裡談到的長期願景是，我們現在有 84 個可用區。所以總共有 26 個地理區域，我們計劃在 8 個地區再推出 24 個可用區域。這些國家包括澳洲、加拿大、印度、以色列、紐西蘭、西班牙、瑞士和阿聯酋。那裡有很多不同的地方。

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.

因此，我認為繼續專注於拓展客戶、努力建立管道並建立更長期的承諾、尋找做出更長期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的積壓數字，以及我們在每個季度的文件中披露的數字，同比增長了 65%，環比增長了約 13%。我們在此討論的那些長期承諾的加權平均剩餘壽命持續增長。因此，以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.

所以，再說一次，很好——還有很多好的工作，還有很多好的機會。正如布萊恩所說，我們正在努力工作、快速建造並進行投資，以確保我們能夠很好地為人們服務。

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?

也許您看到了廣告業務的持續強勁成長。您能否向我們介紹一下，目前廣告服務線中有多少是由北美電子商務和國際電子商務推動的，以及您如何看待未來北美和國際廣告的相對成長率？

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?

第二部分與電子商務驅動的廣告部分無關，您對連網電視和程式廣告等領域的定位和投資有何看法？從外部來看，您似乎正在繼續增加投資，以增加更廣泛的廣告產品曝光？

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。艾瑞克，謝謝你的提問。我想說的是，關於地理分佈，我們還沒有將其分開。大部分廣告收入來自北美。但話雖如此，我們在國際上也取得了長足的進步。正如您所說，我們也正在將我們的廣告產品範圍從消費者網站擴展到影片機會、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——埃里克，這是一個關於互動工作的問題。我的意思是，我們的首要任務之一是打造相關且引人入勝的廣告體驗。因此，我們去年針對串流影音內容（例如 Freevee）推出了互動廣告。我們還有亞馬遜音樂的廣告支援層以及音訊廣告。因此，尋找這樣的機會，讓客戶在串流內容時可以更輕鬆地與品牌互動。所以我認為這裡有很多好機會。但它很棒。正如您所說，影片廣告在這個領域還處於早期階段。它正日益成為主流，我認為觀看行為已經真正擺脫了一些更傳統的有線電視或傳統觀看方式。廣告商正在利用我們的廣告支援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.

因此，我們正在討論正在進行的事情，圍繞著 Freevee、Twitch，當然還有一些事情。我們顯然對週四晚間橄欖球賽和亞馬遜串流電視廣告感到興奮，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不斷拓展這些功能。

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.

艾瑞克，我只想補充一點關於廣告的內容，因為你可能再次對軟性——軟性的可能性或宏觀經濟因素感到疑惑。目前，我們仍然看到強勁的廣告成長。再次，這對客戶和品牌來說都是一件積極的事情。我認為我們的優勢是擁有高效率的廣告。當顧客拿出信用卡並準備購買時，人們就會投放廣告。它也非常易於衡量。當人們尋求簡化或優化其廣告支出時，我們認為我們的產品在這方面具有很強的競爭力，此外，還可以實現品牌建立和為客戶提供新的選擇等長期目標。

Our next question comes from Jason Helfstein with Oppenheimer.

我們的下一個問題來自奧本海默公司的 Jason Helfstein。

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，那麼您所說的 3P 組合就處於最高水準。也許可以談談您將重點增加到 3P 以及這如何適應提高效率的計劃。

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

其次，在國際方面，利潤率的連續下滑在多大程度上是由外匯因素造成的？

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.

讓我從你的第一個問題開始。因此，我想對有關激勵組合的前提提出一點質疑，或者我相信這就是我對你的問題的解釋。對於客戶是否向我們購買第三方或第一方產品，我們相對不太在意。顯然，我們所關注的是價格選擇和便利性。而 3P 對我們的選擇特別有幫助。當它成為 FBA 的一部分時，它還可以幫助提高 Prime 資格，並可以在 1、2 天內或 Prime 提供的任何時間內發貨。

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，我們對從第三方賣家添加的選擇感到滿意。我認為這可以從您所看到的百分比組合中看出。我們為打造允許賣家在我們的網站上取得成功的工具和產品所做的投資感到自豪，這是一次偉大的合作。而且效果確實很好。賣家和供應商也是我們一些較大的廣告客戶，廣告可以幫助他們為我們的客戶群提供新的選擇。所以這是一個非常強大的合作夥伴關係，並且正在變得越來越強大。我想您也會看到，他們在本月初的 Prime Day 活動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，關於你的第二個問題，涉及國際業務和報告的獲利能力，該部門的營業收入有外匯風險。其中包括該部門受到約 2.31 億美元的不利影響，這些影響已包含在本季 17 億美元的損失中。

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，看看這項業務的進展、我們看到的損失和投資，我認為重要的是要記住，在我們的許多國際國家，特別是在一些新興或較新推出的國家，如印度、巴西、中東，這項業務還處於早期階段。當然還有其他國家，但在許多情況下，我們的營運時間比在美國營運的時間要短得多。

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.

在我們已建立的國際業務，英國、德國、日本，隨著時間的推移，我們建立並鞏固了更強大的客戶關係，並致力於成本結構和服務方式，從而不斷提高該業務的盈利能力。當然，其中很大一部分是透過我們的關鍵支柱——價格選擇和便利性以及與供應商在商業條款上的合作來推動改進。

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.

在我們新興的地區，我們投入了大量資金來推動擴張，鑑於這些市場競爭激烈，我們預計將繼續這樣做。這就是對 Prime Video 的投資，不僅僅是對一些在美國本土製作的旗艦節目的投資，而且你還看到我們繼續推動在國內和當地語言的視頻內容的機會，以引起客戶的共鳴，並成為人們註冊、參與和續訂 Prime 計劃的有意義的原因。而且，我們也根據地區和當地結構、基礎設施（找不到更好的術語）進行投資，無論是建立支付方式、第三方運輸服務，甚至在某些情況下還包括網路和電信基礎設施。所以我們和其他人一起發揮作用。我們不僅僅投資於創建和實現該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，當您思考我們在美國與國際上所處的位置時，您會發現這些是一些機會和挑戰，當然還有網路複雜性、一些監管障礙和其他差異。但我們認為，重要的是繼續投資這些機會，並從我們的經驗中學習——不僅是我們在美國歷史上所做的事情，還包括在許多國家所做的事情，並保持飛輪旋轉，繼續以更有效的方式為客戶提供服務。

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?

我有兩個問題。首先，您能否討論一下您對 Prime、商家費用等採取的價格行動對本季保留率的影響？您是否認為這足以抵消我們迄今為止所看到的通膨壓力？

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?

然後關於 Prime 購物，我知道現在還為時過早，但您如何看待這項計劃的推出，從今天僅通過邀請向使用 FBA 的整個商家到亞馬遜以外的商家等等，以及這項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。首先——讓我們逐一討論。因此，對於今年早些時候 Prime 費用的提高，我們對 Prime 計劃的結果感到滿意。 Prime 會員和保留率仍然很高。我認為這種變化已經超出了我們的預期，而且我認為該計劃的效益會越來越好。正如我所提到的，庫存量從未如此之高。配送速度不斷加快。所以——更不用說秋季即將推出的大量新內容，尤其是影片方面的內容。因此，在經歷了幾年非常艱難的疫情動盪之後，我們對該計劃和 Prime 會員的狀況感到滿意，我們認為這是一個良好的發展基礎。

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，關於賣家費用，我們再次在五月勉強增加了該費用，以彌補我們看到的一些通膨壓力。我不想讓您認為這兩項費用的增加足以彌補我們的成本。從我們的經營績效可以看出，其中一些是內部相關的，但許多是外部因素——我們並沒有將其 100% 轉嫁給外部群體。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的進展，並希望在今年下半年繼續努力。但正如我們在百分比組合中提到的那樣，第二季賣家的業績表現強勁。所以我認為賣家——賣家業務依然強勁，並且是我們客戶服務不可或缺的一部分。

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。關於您關於使用 Prime 購買的問題，是的，我的意思是，現在，它允許美國的 Prime 會員直接從網上商店的商家處購物。這是他們對亞馬遜所期待的體驗。其中包括快速、免費送貨、無縫結帳以及符合條件的訂單免費退貨。是的——正如您所說，目前該計劃僅對已經使用 FBA 的商家開放，僅限邀請。今年，我們將邀請更多商家參與該計劃，其規模也將進一步擴大。

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——我們有興趣學習和與我們已經了解並信任的 FBA 賣家合作，同時也希望擴大這種合作。而且我認為，正如您所想，我們的商家顯然在產品銷售地點方面有很多選擇。我們在賦能和幫助商家方面有著悠久的歷史。我們在工具和能力方面投入了大量資金，當然，還有交付能力以及與之相關的所有事物。但這對我們來說是一個機會，我們可以為那些可能是或可能不是 FBA 賣家的商家提供工具和機會，讓他們可以在線上銷售產品、擴大業務並建立品牌。因此，我認為我真的很興奮能夠在過去的幾個月裡推出這個計劃，並隨著時間的推移為更多的賣家提供服務。

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。布萊恩，我認為你剛剛報告了員工人數環比下降，這是上個季度發生的事情之後的設計。但很快您就會開始為假期做準備。那麼您認為環境對您來說是否公平？您會增加員工人數嗎？

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?

此外，股票薪酬低於您對第二季的預期。那麼，這是因為沒有達到您所希望的招募目標嗎？或者您認為招募技術和工程人才的環境正在稍微放鬆？

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，史蒂芬。謝謝。關於員工人數，是的，我認為更多，正如我們上個季度提到的，去年——或者不好意思，在第一季度，我們增加了——為了讓大家了解一下，我們在第一季度增加了 14,000 名員工。去年，我們的淨員工人數減少了 27,000 人。因此，我們非常坦誠地表示，我們在第一季僱用了許多人來負責 Omicron 變體的報導。幸運的是，這種變化逐漸消退，我們的員工人數增加。我們透過調整招募水準和正常的人員流失率實現了這一目標。這個問題在四月底或五月初就基本解決了。因此，這是導致員工人數逐季減少的主要原因。我要指出的是，我們的員工人數仍比去年同期增加了 188,000 人，幾乎是 2020 年初疫情爆發時員工人數的兩倍。

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.

所以你說得對，隨著假期需求的增加，我們會對此進行調整。目前，我們看到勞動力狀況趨於穩定。我認為我們看到了良好的招募率。所以我認為——如果你還記得的話，去年下半年是一個非常困難的分娩期。但事實並非如此——它不是突然突然出現的。因此，我們一定會努力做到這一點，確保我們擁有良好的工作場所和能夠吸引員工的環境。

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.

史蒂芬，關於您關於股票薪酬的問題，正如您所提到的，我們確實利用限制性股票單位（RSU）作為我們的主要股權薪酬模式。正如我們一直提醒您的那樣，員工年度 RSU 授予確實在第二季度發生。因此，我們通常會看到 SBC 費用從第一季到第二季增加。當然，這次你看到了。生產線的成長總體上也受到員工人數持續增加的影響。過去幾年裡，我們的員工隊伍不斷壯大，正如布萊恩所說，我們在多個業務領域招募了員工，包括工程師和其他技術人員。由於我們希望繼續僱用和留住員工，因此薪資上漲也有一定的影響。

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.

就股票薪酬而言，略高於 50 億美元，主要驅動因素是，第二季歸屬的員工股票獎勵比我們預期的要少。

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.

感謝您今天參加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。感謝您對亞馬遜的關注，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。