亞馬遜 (AMZN) 2022 Q3 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q3 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 年第三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 Vice President of Investor Relations, Dave Fildes. Thank you, sir. Please go ahead.

對於開場白，我將把電話轉給投資者關係副總裁 Dave Fildes。謝謝你，先生。請繼續。

Hello, and welcome to our Q3 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 年第三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 view as of today, October 27, 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答复僅反映了管理層截至今天（2022 年 10 月 27 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.

在本次電話會議中，我們可能會在我們的新聞稿、本網絡廣播隨附的幻燈片以及我們向美國證券交易委員會提交的文件中討論某些非公認會計原則財務措施，每一項都發佈在我們的投資者關係網站上。您會發現有關這些非公認會計原則措施的額外披露，包括這些措施與可比較的公認會計原則措施的對賬。

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 and geopolitical conditions; and customer demand and spending, including the impact of recessionary fears, inflation, interest rates, 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.

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，並且可能受到許多因素的重大影響，包括關於 COVID-19 大流行影響的不確定性；外匯匯率波動；全球經濟和地緣政治狀況的變化；以及客戶需求和支出，包括對經濟衰退的擔憂、通貨膨脹、利率、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詳述的各種因素的影響向美國證券交易委員會提交的文件。

This guidance also reflects our estimates to date regarding the impact 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.

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 move to questions, I will make some comments about our Q3 performance and the outlook for Q4.

感謝您加入今天的電話會議。在我們提出問題之前，我將對我們第三季度的表現和第四季度的前景發表一些評論。

For the third quarter, worldwide net sales were $127.1 billion, representing an increase of 19% year-over-year, excluding approximately 460 basis points of unfavorable impact from changes in foreign exchange rates. As the dollar continued to strengthen during the quarter, the foreign exchange impact was higher than the 390 basis point impact we had incorporated into our Q3 guidance. This represents a headwind of approximately $900 million, more than we initially guided to.

第三季度，全球淨銷售額為 1271 億美元，同比增長 19%，不包括匯率變化帶來的約 460 個基點的不利影響。隨著美元在本季度繼續走強，外匯影響高於我們在第三季度指導中納入的 390 個基點的影響。這代表了大約 9 億美元的逆風，比我們最初的指導要多。

Throughout the quarter, our worldwide stores business continued to stay highly focused on our customers and driving the inputs that matter most, which helped to accelerate sales growth in the quarter. We now offer our widest selection ever. We've taken actions that have driven strong recovery of in-stock rates, and we continue to work on improving delivery speeds, all while ensuring our pricing remains sharp for our customers.

在整個季度，我們的全球門店業務繼續高度關注我們的客戶並推動最重要的投入，這有助於加速本季度的銷售增長。我們現在提供有史以來最廣泛的選擇。我們已採取措施推動庫存率強勁回升，我們將繼續努力提高交貨速度，同時確保我們的價格對我們的客戶來說仍然是敏銳的。

Third-party sellers and the products they offer remain an important strength of our offering for consumers, representing 58% of total paid units sold in Q3, the highest percentage ever. It's up from 56% in Q3 of last year. And we're working with these partners, most of whom are small- and medium-sized businesses, to build an even stronger offering. We recently hosted Amazon Accelerate, our U.S. conference for selling partners, where we introduced new tools, including new e-mail marketing capabilities, free-to-use shipping software that offers discounted shipping rates and new features and analytics to help sellers better understand and act on conversion-driving content.

第三方賣家及其提供的產品仍然是我們為消費者提供的重要優勢，佔第三季度銷售的總付費單位的 58%，這是有史以來的最高百分比。這一比例高於去年第三季度的 56%。我們正在與這些合作夥伴（其中大多數是中小型企業）合作，以打造更強大的產品。我們最近舉辦了 Amazon Accelerate，這是我們面向銷售合作夥伴的美國會議，我們在會上推出了新工具，包括新的電子郵件營銷功能、提供折扣運費的免費運輸軟件以及新功能和分析，以幫助賣家更好地了解和對推動轉化的內容採取行動。

This was a big quarter for Prime members. We celebrated our eighth Prime Day in July, which contributed approximately 400 basis points to our Q3 year-over-year sales growth rate. Prime members purchased more than 300 million items worldwide, making it the biggest Prime Day net sales event in Amazon's history. As a reminder, Prime Day occurred in the second quarter of 2021.

對於 Prime 會員來說，這是一個很大的季度。我們在 7 月慶祝了第八個 Prime Day，這為我們第三季度的同比銷售增長率貢獻了大約 400 個基點。 Prime 會員在全球購買了超過 3 億件商品，使其成為亞馬遜歷史上最大的 Prime 會員日淨銷售額活動。提醒一下，Prime Day 發生在 2021 年第二季度。

We also debuted the 2 largest Prime Video releases ever. The Lord of the Rings: The Rings of Power attracted more than 25 million global viewers on its first day. And in the first 2 months since its launch, Rings of Power has driven more Prime sign-ups globally than any other Amazon Original. NFL Thursday Night Football also premiered in September, averaging more than 15 million viewers during its first broadcast, and driving the 3 biggest hours of U.S. Prime sign-ups in the history of Amazon. Our next broadcast, the seventh of the 15-game schedule, kicks off in a few hours, with the Ravens visiting the Buccaneers.

我們還推出了有史以來最大的 2 個 Prime Video 版本。 《魔戒：力量之戒》首日就吸引了超過 2500 萬的全球觀眾。自推出以來的前 2 個月，Rings of Power 在全球推動的 Prime 註冊人數超過了任何其他亞馬遜原創。 NFL 週四晚間足球賽也在 9 月首播，首播期間平均有超過 1500 萬觀眾觀看，並推動了亞馬遜歷史上美國 Prime 註冊人數最多的 3 個小時。我們的下一次廣播，即 15 場比賽日程中的第七場，將在幾個小時後開始，烏鴉隊將訪問海盜隊。

We also saw good growth in our advertising offerings where sales grew 30% year-over-year, excluding the impact of foreign exchange as vendors and sellers have embraced our portfolio of products, which allow advertisers to build general awareness and/or drive sales of a specific product.

我們還看到我們的廣告產品增長良好，銷售額同比增長 30%，不包括外彙的影響，因為供應商和賣家已經接受了我們的產品組合，這使廣告商能夠建立一般意識和/或推動銷售一個特定的產品。

In AWS, net sales increased to $20.5 billion in Q3, up 28% year-over-year, excluding the impact of foreign exchange, and now representing an annualized sales run rate of $82 billion. With the ongoing macroeconomic uncertainties, we've seen an uptick in AWS customers focused on controlling costs. And we're proactively working to help customers cost optimize, just as we've done throughout AWS' history, especially in periods of economic uncertainty. The breadth and depth of our service offerings enable us to help them do things like move storage to lower-priced tiers options and shift workloads to our Graviton chips.

在 AWS，第三季度淨銷售額增長至 205 億美元，同比增長 28%，不包括外匯影響，目前年化銷售額為 820 億美元。由於宏觀經濟的不確定性持續存在，我們看到專注於控製成本的 AWS 客戶有所增加。我們正在積極努力幫助客戶優化成本，就像我們在 AWS 的整個歷史中所做的那樣，尤其是在經濟不確定的時期。我們服務產品的廣度和深度使我們能夠幫助他們做一些事情，例如將存儲轉移到價格較低的層選項，並將工作負載轉移到我們的 Graviton 芯片。

Graviton3 processors delivered 40% better price performance than comparable x86-based instances. And our teams across AWS continue to work relentlessly to expand that breadth and depth, including recent launches of new EC2 machine learning training instances in AWS IoT fleet-wise. And we continue to expand the AWS infrastructure footprint to support customers with the launch of the AWS Middle East region in August and the recent announcement to launch AWS Asia Pacific region in Thailand.

Graviton3 處理器的性價比比基於 x86 的同類實例高 40%。我們整個 AWS 的團隊繼續不懈地努力擴大這種廣度和深度，包括最近在 AWS IoT 隊列中推出了新的 EC2 機器學習培訓實例。我們將繼續擴大 AWS 基礎設施的覆蓋範圍，以支持客戶在 8 月推出 AWS 中東地區以及最近宣佈在泰國推出 AWS 亞太地區。

Now let's shift to operating income. During the quarter, we reported $2.5 billion in operating income. Turning first to our North America and international segments, during the quarter, we generated over $1 billion in operations cost improvements driven by higher leverage of our fixed cost base and continued productivity improvements in our fulfillment and transportation networks. This represents a solid improvement in productivity quarter-over-quarter, though not quite as much as we had planned. We are encouraged by the progress made during the quarter, but we recognize there's still a lot of opportunity to continue to improve productivity and drive cost efficiencies throughout our networks. We have identified initiatives that the teams continue to work hard on, and we expect to see further improvement in the quarters ahead.

現在讓我們轉向營業收入。在本季度，我們報告了 25 億美元的營業收入。首先轉向我們的北美和國際部門，在本季度，由於我們的固定成本基礎的更高槓桿率以及我們履行和運輸網絡的持續生產力提高，我們產生了超過 10 億美元的運營成本改進。這代表了生產力季度環比的堅實提高，儘管沒有我們計劃的那麼多。我們對本季度取得的進展感到鼓舞，但我們認識到仍有很多機會可以繼續提高整個網絡的生產力並提高成本效率。我們已經確定了團隊繼續努力的舉措，我們希望在未來幾個季度看到進一步的改進。

Another impact to operating income was the step-up in Prime Video content and marketing costs in Q3, primarily driven by the global premiere of the Rings of Power and the launch of the NFL Thursday Night Football package in the United States. Our results were also negatively impacted by nonrecurring charges related to the closure of certain businesses and products such as Amazon Care, Fabric.com and Amazon Explore.

對營業收入的另一個影響是第三季度 Prime Video 內容和營銷成本的增加，這主要是由於《權力之環》的全球首映和美國橄欖球聯盟星期四晚上足球套餐的推出。我們的業績還受到與關閉某些業務和產品（如 Amazon Care、Fabric.com 和 Amazon Explore）相關的非經常性費用的負面影響。

We continue to ramp up our investments in AWS, adding product builders and sales and professional services headcount to help customers save money, invent more quickly in their businesses and transition to the cloud. We're also continuing to invest in new infrastructure to meet capacity needs, expanding to new geographic regions, developing new services and iterating quickly to enhance existing services.

我們將繼續加大對 AWS 的投資，增加產品構建者以及銷售和專業服務人員，以幫助客戶節省資金、更快地在業務中進行發明並過渡到雲。我們還將繼續投資於新的基礎設施以滿足容量需求、擴展到新的地理區域、開發新服務并快速迭代以增強現有服務。

Overall stock-based compensation expense was $5.6 billion in Q3, up from $5.2 billion in the second quarter. This increase was primarily driven by a reduction in the estimated forfeiture rate on certain unvested stock awards.

第三季度的股票薪酬總支出為 56 億美元，高於第二季度的 52 億美元。這一增長主要是由於某些未歸屬股票獎勵的估計沒收率降低所致。

We reported overall net income of $2.9 billion in the third quarter. While we primarily focus our comments on operating income, I'd point out that this net income includes a pretax valuation gain of $1.1 billion included in nonoperating income from the common stock investment in Rivian Automotive. As we've noted in recent quarters, the impact of this investment to our income statement is driven by quarter-to-quarter fluctuations in Rivian's stock price.

我們報告第三季度的整體淨收入為 29 億美元。雖然我們主要將評論集中在營業收入上，但我要指出，這一淨收入包括 11 億美元的稅前估值收益，其中包括對 Rivian Automotive 普通股投資的非營業收入。正如我們在最近幾個季度所指出的那樣，這項投資對我們損益表的影響是由 Rivian 股價的季度波動驅動的。

Now let's discuss capital investments, which is the combination of CapEx plus equipment finance leases. For the full year 2022, we expect to incur approximately $60 billion in capital investments, which is broadly in line with what we spent in 2021. This represents an estimated reduction in fulfillment and transportation capital investments of approximately $10 billion compared to last year as we've continued to moderate our build expectations to better align with demand. And this is offset by an approximately $10 billion year-over-year increase in technology infrastructure, primarily to support the rapid growth, innovation and continued expansion of our AWS footprint.

現在讓我們討論資本投資，它是資本支出加上設備融資租賃的組合。對於 2022 年全年，我們預計將產生約 600 億美元的資本投資，這與我們在 2021 年的支出大致相符。這意味著與去年相比，履行和運輸資本投資估計減少約 100 億美元，因為我們'一直在緩和我們的建築期望，以更好地滿足需求。這被技術基礎設施同比增長約 100 億美元所抵消，主要是為了支持我們 AWS 足蹟的快速增長、創新和持續擴展。

We also provided our fourth quarter financial guidance as part of our earnings release. While we are encouraged by our progress across the business, macroeconomic environment remains challenging worldwide. The continuing impacts of broad-scale inflation, heightened fuel prices and rising energy costs have impacted our sales growth as consumers assess their purchasing power and organizations of all sizes evaluate their technology and advertising spend.

作為收益發布的一部分，我們還提供了第四季度的財務指導。儘管我們對整個業務的進步感到鼓舞，但全球宏觀經濟環境仍然充滿挑戰。隨著消費者評估他們的購買力以及各種規模的組織評估他們的技術和廣告支出，大範圍通貨膨脹、燃料價格上漲和能源成本上漲的持續影響影響了我們的銷售增長。

As the third quarter progressed, we saw moderating sales growth across many of our businesses as well as the increased foreign currency headwinds I mentioned earlier, and we expect these impacts to persist throughout the fourth quarter. As we've done at similar times in our history, we're also taking actions to tighten our belt, including pausing hiring in certain businesses and winding down products and services where we believe our resources are better spent elsewhere. We aim to strike the right balance between investing for our customers for the long term while driving operational efficiency improvements and accomplishing more with less.

隨著第三季度的進展，我們看到我們許多業務的銷售增長放緩，以及我之前提到的外匯逆風增加，我們預計這些影響將持續到整個第四季度。正如我們在歷史上的類似時期所做的那樣，我們也在採取行動勒緊褲腰帶，包括暫停在某些業務中的招聘，以及在我們認為我們的資源更好地用於其他地方的產品和服務中減少。我們的目標是在為我們的客戶進行長期投資、推動運營效率提高和事半功倍之間取得適當的平衡。

When faced with an uncertain economy or some kind of discontinuous event, customers tend to double-down on companies that they believe have the best customer experience and that take care of them the best. And that is where our efforts remain focused. As we head into the fourth quarter, we are ready to make this a great holiday season for our customers. We kicked off the season a few weeks ago with our first-ever Prime Early Access sales event where tens of millions of Prime members shopped and ordered more than 100 million items from Amazon's selling partners. We remain heads-down focused on driving a fantastic customer experience, and we believe putting customers first is the only reliable way to create lasting value for shareholders.

當面對不確定的經濟或某種不連續的事件時，客戶往往會加倍選擇他們認為擁有最佳客戶體驗並為他們提供最好服務的公司。這就是我們的努力仍然集中的地方。隨著我們進入第四季度，我們已準備好讓我們的客戶度過一個美好的假期。幾週前，我們以有史以來的首次 Prime 搶先體驗銷售活動拉開了本季的序幕，數以千萬計的 Prime 會員從亞馬遜的銷售合作夥伴那裡購物並訂購了超過 1 億件商品。我們始終專注於推動出色的客戶體驗，我們相信將客戶放在首位是為股東創造持久價值的唯一可靠方式。

Thanks. And with that, let's move on to your questions.

謝謝。有了這個，讓我們繼續你的問題。

(Operator Instructions) Our first question comes from the line of Eric Sheridan with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Eric Sheridan。

Brian, maybe I'll just ask a 2-parter with respect to the revenue guide for Q4. Can you help us better understand some of the comments you made around the exit velocity, specifically with respect to the U.S. e-commerce business or the AWS business and how that might inform some of the lower-than-seasonal trends that seem to be implied in the Q4 guide, specifically with respect to either optimizations on the AWS side or changes in consumption behavior on the U.S. e-commerce side?

布賴恩，也許我會就第四季度的收入指南詢問 2 方。您能否幫助我們更好地理解您圍繞退出速度發表的一些評論，特別是關於美國電子商務業務或 AWS 業務的評論，以及這可能如何影響一些似乎隱含的低於季節性的趨勢在第四季度指南中，特別是關於 AWS 方面的優化或美國電子商務方面的消費行為變化？

Sure thing, Eric. Thanks for your question. As I look ahead to guidance for Q4, I think the biggest individual factor is still going to be foreign exchange. This guidance includes 460 basis points of unfavorable impact year-over-year. FX is a bigger issue for us on our revenue growth in dollars than it is on our income. It actually has a slight favorability due to the investments we're making internationally. But put that aside for a moment.

當然，埃里克。謝謝你的問題。當我展望第四季度的指引時，我認為最大的個人因素仍然是外匯。該指引包括 460 個基點的不利影響。對我們而言，外匯對我們的收入增長而言是一個更大的問題，而不是我們的收入。由於我們在國際上進行的投資，它實際上有點受歡迎。但是暫時把它放在一邊。

What we saw in Q3 was a really strong July with a great reaction to Prime Day globally. And the resumption of things like in-stock rates are starting to come back, and delivery speed was coming back. And that continued through the quarter, but growth rates started to slow a bit. And primarily in the consumer stores business, it was in international. North America, obviously, it was strong, but it started to slow a bit. But it was mostly in international where we saw the biggest impact, and we think that is tied to a tougher recessionary environment there. Compared to the U.S., it's worse in Europe right now. The Ukraine war and the energy crisis issues have really compounded in that geography.

我們在第三季度看到的是一個非常強勁的 7 月，全球對 Prime Day 的反應非常好。庫存率等東西的恢復開始恢復，交貨速度也在恢復。這種情況持續到整個季度，但增長率開始有所放緩。主要在消費品商店業務中，它是在國際上。北美，顯然，它很強大，但它開始放緩了一點。但主要是在國際上，我們看到了最大的影響，我們認為這與那裡更嚴峻的衰退環境有關。與美國相比，現在歐洲的情況更糟。烏克蘭戰爭和能源危機問題在那個地區確實複雜化了。

But when I talk about enterprise customers in AWS, yes, we've been working with customers to lower their bills. Just like all companies, they want to lower their spend when they're faced with uncertainty in the market. I would say one that's real valuable points about cloud computing is that it's turning fixed cost into variable for many of our customers, and we help them save money either through alternative services or Graviton3 chips. There's many ways that we have to help them lower their spending and still get great cost performance ratios.

但是當我談到 AWS 中的企業客戶時，是的，我們一直在與客戶合作以降低他們的賬單。就像所有公司一樣，當他們面臨市場的不確定性時，他們希望降低支出。我想說的是，雲計算真正有價值的一點是，它為我們的許多客戶將固定成本變成了可變成本，我們通過替代服務或 Graviton3 芯片幫助他們節省資金。我們有很多方法可以幫助他們降低支出，同時仍然獲得出色的性價比。

So what we're really excited about the business, both in the long term and even in the short run, you noticed we've added $4.5 billion to the $16 billion base we had of revenue last Q3, so the business is growing in absolute dollars at a really good clip. We do see some of the consumers are cutting their budgets and trying to save money in the short run. I would say that although we had a 28% growth rate for the quarter for AWS, the back end of the quarter, we were more in the mid-20% growth rate. So we've carried that forecast through to the fourth quarter. We're not sure how it's going to play out, but that's generally our assumption.

所以我們對這項業務真正感到興奮的是，無論是長期還是短期，你注意到我們在去年第三季度的 160 億美元收入基礎上增加了 45 億美元，因此業務絕對增長美元在一個非常好的剪輯。我們確實看到一些消費者正在削減預算並試圖在短期內省錢。我想說的是，儘管 AWS 本季度的增長率為 28%，但在本季度末，我們更多地處於 20% 的中間增長率。因此，我們將這一預測延續到了第四季度。我們不確定它會如何發展，但這通常是我們的假設。

We're excited about the re:Invent conference that's coming up in late November. We expect to have over 40,000 people in Las Vegas and many more tuning in virtually. So continue to drive value for customers with new products, new services and, lately also, additional ways for them to manage their budgets and optimize in what is shaping up as a tough economy.

我們對即將在 11 月下旬舉行的 re:Invent 大會感到興奮。我們預計拉斯維加斯將有超過 40,000 人參與，而且還會有更多人參與其中。因此，繼續通過新產品、新服務以及最近為他們管理預算和優化正在形成的艱難經濟的其他方式為客戶創造價值。

Our next question is from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

Brian, free cash flow generation has always been Amazon's focus in the past, but that went negative last year and likely this year as well. Can you just talk about the path to restoring meaningful free cash flow? And do you think that CapEx tied to data centers and the AWS ramp can ultimately step back, similar to what we've seen recently with fulfillment and transport?

布賴恩，自由現金流的產生一直是亞馬遜過去的重點，但去年和今年都可能出現負數。你能談談恢復有意義的自由現金流的途徑嗎？您是否認為與數據中心和 AWS 斜坡相關的資本支出最終會後退，類似於我們最近在履行和運輸方面看到的情況？

Yes. I think if you look at our free cash flow, there's multiple factors here. One is the drop-off in income for the trailing 12 months versus the 12 months before it, and a lot of that is driven to things that we've talked about on these calls. Ops cost, our network doubled over the last 2.5 years. While we're making strides in productivity and network optimization, we still have work to do there. So we have to get our cost structure back to pre-pandemic levels in a lot of areas of the company and mostly in operations.

是的。我認為，如果您查看我們的自由現金流，這裡有多個因素。一是過去 12 個月的收入與之前的 12 個月相比有所下降，這在很大程度上是由於我們在這些電話會議上談到的事情。運營成本，我們的網絡在過去 2.5 年翻了一番。雖然我們在生產力和網絡優化方面取得了長足的進步，但我們仍有工作要做。因此，我們必須在公司的許多領域，主要是在運營中，將成本結構恢復到大流行前的水平。

There's a unique thing going on with inventory right now because we have a lot of weeks of cover mainly due to supply chain issues coming out of Asia primarily and we're seeing with our sellers, too. We just have additional weeks of cover. We think our model reacts quickly to customer demand. This is more about the other side of the equation, the supply chain and having more in stock. So what the issue there is that we generally have a favorable working capital impact from accounts payable that is more days than our inventory. That's been flipping the last year, and we expect that to normalize as we move into 2023.

現在庫存發生了一件獨特的事情，因為我們有很多周的保障，主要是由於主要來自亞洲的供應鏈問題，而且我們也看到了我們的賣家。我們只有額外的幾周保障。我們認為我們的模型可以快速響應客戶需求。這更多的是關於等式的另一端，供應鍊和更多的庫存。那麼問題是我們通常從應付賬款中獲得有利的營運資金影響，這比我們的庫存天數更多。這種情況在去年發生了翻天覆地的變化，我們預計隨著我們進入 2023 年，這種情況會正常化。

And then CapEx is a big driver. We had, again, a doubling of the network, had very high CapEx the last 2 years. You'll see that we've lowered CapEx year-over-year. We probably cut about 1/3 of our budget from what we originally thought for 2022 while still focusing our capital dollars really on the AWS business and increasing customer demand or capacity for increasing customer demand in our stores business.

然後資本支出是一個很大的驅動力。在過去的兩年中，我們的網絡再次翻了一番，資本支出非常高。您會看到我們逐年降低了資本支出。我們可能將 2022 年的預算削減了大約 1/3，同時仍將我們的資金真正集中在 AWS 業務上，並增加客戶需求或增加商店業務客戶需求的能力。

So we're working hard on all those dimensions. And we expect, as we see a recovery in income generation, normalization of the inventory versus accounts payable cycle and efficiency in our CapEx spend, we intend to flip those numbers around.

所以我們在所有這些方面都在努力。我們預計，隨著我們看到創收的複蘇、庫存與應付賬款週期的正常化以及資本支出支出的效率，我們打算扭轉這些數字。

And our next question comes from the line of Mark Mahaney with Evercore.

我們的下一個問題來自 Mark Mahaney 和 Evercore。

Let me ask 2 profit questions. AWS margins were a little lower than we would have thought. Is that just a reflection of the full quarter impact of that kind of stock-based compensation granted to those employees earlier in the year? Is that the new normal for AWS margins? And then international losses also were a little bit heavier than we thought, just talk about what drove those losses. And is that also the new normal for that segment?

讓我問兩個利潤問題。 AWS 的利潤率比我們想像的要低一些。這是否只是反映了今年早些時候授予這些員工的那種基於股票的薪酬對整個季度的影響？這是 AWS 利潤率的新常態嗎？然後國際損失也比我們想像的要重一些，只是談談造成這些損失的原因。這也是該細分市場的新常態嗎？

Sure. Let me start with AWS. So we did see a deceleration or a drop in op margin sequentially quarter-over-quarter. The broad disclaimer on AWS margins is that they will fluctuate over time as we balance investments versus renegotiating pricing with the long-term customer commitments, all as headwinds to the business, offset by increasing productivity and efficiencies in our data centers, which drive profitability. So there's moving parts there.

當然。讓我從 AWS 開始。因此，我們確實看到運營利潤率環比下降或下降。 AWS 利潤率的廣泛免責聲明是，隨著我們平衡投資與重新談判定價與長期客戶承諾，它們將隨著時間的推移而波動，所有這些都是業務的逆風，被我們數據中心的生產力和效率提高所抵消，從而推動盈利能力。所以那裡有移動部件。

I'd say what's happening lately is, yes, the stock-based comp. We have seen inflation in our wages this year and particularly on our [Czech] employees is heavily concentrated in AWS. So that's one element of it. We're also seeing energy costs that are materially higher than they had in pre-pandemic, electricity and the impact of natural gas pricing. So those prices have up more than 2x over the last couple of years and contribute to about 200 basis point degradation versus 2 years ago. So we're fighting through some of that as well, which is a new thing for the AWS business. But we'll continue to look for ways to optimize our operations to use less energy. And as we scale, we'll outrun that growth trajectory.

我想說最近發生的事情是，是的，基於股票的補償。今年我們的工資出現了通貨膨脹，特別是我們的 [捷克] 員工高度集中在 AWS。所以這是其中的一個要素。我們還看到能源成本大大高於大流行前、電力和天然氣定價的影響。因此，這些價格在過去幾年中上漲了 2 倍以上，並導致與 2 年前相比下降了約 200 個基點。所以我們也在努力解決其中的一些問題，這對 AWS 業務來說是一件新鮮事。但我們將繼續尋找優化運營以減少能源消耗的方法。隨著我們的擴展，我們將超越這一增長軌跡。

On international, international is always a mix of profitability in more established countries of Europe and Japan, offset by emerging countries and investments in Prime benefits. I think the biggest issue quarter-over-quarter, the increase in losses versus Q2 was tied to some additional operating costs in Europe. We've seen higher fuel costs there, even more certainly in the United States. And Prime Day always has lesser profitability because there's just a lot of deals. And it's a bit of margin from Prime Day in both North America and international. A big part of that is device sales. And again, we sell a lot of devices during our Prime Day events. We don't make money on the device. We make money on the use of the device. So that always can end up hurting profitability in the quarter. So there are some contributing things.

在國際上，國際始終是歐洲和日本等較成熟國家的盈利能力的組合，被新興國家和對 Prime 福利的投資所抵消。我認為季度環比最大的問題是，與第二季度相比，虧損的增加與歐洲的一些額外運營成本有關。我們已經看到那裡的燃料成本更高，在美國更是如此。而且 Prime Day 的盈利能力總是較低，因為只有很多交易。與北美和國際的 Prime Day 相比，這有一點優勢。其中很大一部分是設備銷售。同樣，我們在 Prime 會員日活動期間銷售了很多設備。我們不在設備上賺錢。我們通過使用設備賺錢。因此，這總是會損害本季度的盈利能力。所以有一些貢獻的東西。

As far as new normal, we're working very hard to make sure that current profitability is not the new normal, and we'll see how quickly we can make improvements. A lot of the improvements that I talked about on a macro level, capital efficiency, operations improvements are as important internationally as they are in North America.

就新常態而言，我們正在努力確保當前的盈利能力不是新常態，我們將看看我們能多快做出改進。我在宏觀層面上談到的許多改進、資本效率、運營改進在國際上與在北美一樣重要。

And our next question comes from the line of Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Brian, on AWS, I'm just curious when you talk about optimizing and efficiency, can you talk to what you're seeing from your customers why perhaps you're seeing such a big pullback in terms of near-term demand? How would you characterize those conversations? And I think the other question is related to backlog. Backlog has been running 60-plus percent, so the divergence between revenue and backlog is pretty large. Everyone's asking, how do you describe that divergence?

Brian，在 AWS 上，當您談到優化和效率時，我很好奇，您能否談談您從客戶那裡看到的情況，為什麼您會看到近期需求出現如此大的回落？你會如何描述這些對話？我認為另一個問題與積壓有關。積壓已超過 60%，因此收入和積壓之間的差異非常大。每個人都在問，你如何描述這種分歧？

Let me have David answer the backlog question first.

讓我先讓大衛回答積壓的問題。

Yes. It's Dave here. So I think our current backlog balance for Q3 is $104 billion. So it's about a little less than 60%, I think about 57% up year-over-year. And the new customer pipeline is healthy. I think with a lot of enterprises and customers, they're continuing to put plans in place. I think Brian will talk a little bit about some of the cost optimization in a second. Backlog growth, this figure, it can fluctuate quarter-to-quarter because it is, dependent on the commitments that you sign in the period and how those adjust but, yes, $104.3 billion for the end of Q3.

是的。這裡是戴夫。所以我認為我們目前第三季度的積壓餘額為 1040 億美元。所以大約略低於 60%，我認為同比增長了 57%。新的客戶渠道是健康的。我認為很多企業和客戶都在繼續制定計劃。我想布賴恩稍後會談談一些成本優化。積壓增長，這個數字，它可能會隨季度波動，因為它取決於您在該期間簽署的承諾以及這些承諾如何調整，但是，是的，第三季度末為 1043 億美元。

Yes. And your first question about cost optimization, first, there are some industries that have lower demand that's showing up in our volumes as probably like other companies as well, things like financial services, the mortgage business being down, cryptocurrencies being down. We're very strong in some of those industries, and that's part of it. But basically, what we see is customers are looking to save money versus their committed spend. We have options for them to do that. They can manage workloads better. They can switch to lower-cost products that have different performance profiles. They can switch to Graviton chips that have higher cost performance ratios. So all really good things for the customer and for Amazon long term.

是的。關於成本優化的第一個問題，首先，有些行業的需求較低，這可能與其他公司一樣，在我們的交易量中也出現了，比如金融服務、抵押貸款業務下滑、加密貨幣下滑。我們在其中一些行業非常強大，這就是其中的一部分。但基本上，我們看到的是客戶希望省錢而不是他們承諾的支出。我們可以選擇讓他們這樣做。他們可以更好地管理工作負載。他們可以切換到具有不同性能配置文件的低成本產品。他們可以改用性價比更高的 Graviton 芯片。因此，從長遠來看，所有對客戶和亞馬遜來說都是好事。

Again, we think the benefit of cloud computing is really showing up right now because we allow customers to turn what can normally be a fixed expense into a variable expense, and they can let us manage the highs and lows of inflation and other cost of electricity and everything else. And they can get about to do their business using our services in a very highly secure way.

同樣，我們認為雲計算的好處現在真正顯現出來，因為我們允許客戶將通常是固定費用的費用轉變為可變費用，他們可以讓我們管理通貨膨脹和其他電力成本的高低和其他一切。他們可以以非常安全的方式使用我們的服務開展業務。

So I think just like in 2020, these time periods are good for long-term adoption on cloud computing. But the offset in the short run is that some companies have demand that drops. I think what was different in 2020 was there were companies that went down and there's companies that went up quite a bit that were servicing high volumes during the pandemic. So that dynamic is not in place right now, and I think everyone is just cautious and they want to, again, watch their spend. And as CFO, I appreciate that, and we're doing the same thing here at Amazon.

所以我認為就像 2020 年一樣，這些時間段有利於長期採用雲計算。但短期的抵消是一些公司的需求下降。我認為 2020 年的不同之處在於，有些公司倒閉了，有些公司在大流行期間提供了大量服務。所以這種動態現在還沒有到位，我認為每個人都只是謹慎，他們想再次觀察他們的支出。作為首席財務官，我很欣賞這一點，我們在亞馬遜也在做同樣的事情。

And our next question comes from the line of John Blackledge with Cowen.

我們的下一個問題來自 John Blackledge 和 Cowen 的對話。

Two questions. First, could you provide some more details on the cost structure initiatives and when we could see those initiatives hitting the P&L? And then second, on the holiday season. It's a bit implicit in your guide and remarks thus far, but just curious of your expectations for consumer demand this holiday season versus last year.

兩個問題。首先，您能否提供有關成本結構計劃的更多詳細信息，以及我們何時可以看到這些計劃影響損益？其次，在假期期間。到目前為止，您的指南和評論中有點含蓄，但只是好奇您對這個假日季節與去年的消費者需求的期望。

Sure. Let me start with the holiday. So we're ready to roll. We've got the best selection we've ever had. In-stock levels are really high. Delivery speeds are getting very close to where we want them to be. And we're ready to have a really good holiday season with our consumers this year. And the Prime Early Access sale, I think, created great value for consumers. It allowed them to get a jump on some of their purchases for the holiday and also just find some great deals. So we're happy with that effort. And the teams that put that together worked very hard this year to hold 2 large Prime events within 4 months.

當然。讓我從假期開始。所以我們準備好了。我們有有史以來最好的選擇。庫存水平真的很高。交付速度非常接近我們想要的速度。今年我們已經準備好與我們的消費者一起度過一個非常愉快的假期。我認為，Prime Early Access 銷售為消費者創造了巨大的價值。這讓他們可以在假期購買一些商品，並找到一些超值優惠。所以我們對這種努力感到滿意。將這些放在一起的團隊今年非常努力，在 4 個月內舉辦了 2 場大型 Prime 賽事。

So we're very optimistic about the holiday. But we're realistic that there's various factors weighing on people's wallets, and we're not quite sure how strong holiday spending will be versus last year. And we're ready for a variety of outcomes. But we know the consumers when they're looking for good deals, and that positions us well. Advertisers are looking for effective advertising. And our advertising is at the point where consumers are ready to spend. So we have a lot of advantages that we feel that will help both consumers and also our partners like sellers and advertisers. So the seller in-stock is very high. We've had great in stocks from our FBA sellers. And so we're ready to go. And we're very optimistic about the fourth quarter, just realistic about whether we may have a range of outcomes that we just have to be ready for when we are.

所以我們對假期非常樂觀。但我們很現實的是，人們的錢包受到各種因素的影響，我們不太確定假期支出與去年相比會有多強勁。我們已經為各種結果做好了準備。但是，當消費者在尋找優惠時，我們了解他們，這使我們處於有利地位。廣告商正在尋找有效的廣告。我們的廣告是在消費者準備消費的時候。因此，我們有很多優勢，我們認為這將有助於消費者以及我們的合作夥伴，如賣家和廣告商。所以賣家的庫存非常高。我們從 FBA 賣家那裡獲得了大量庫存。所以我們準備好了。而且我們對第四季度非常樂觀，對於我們是否可能會有一系列結果，我們只需要為我們做好準備就可以了。

On the cost structure initiatives, I think you're primarily talking about the operations world. There's 3 large buckets there, as I've said in the past, productivity, fixed cost leverage and inflation. On productivity, made good strides, but there's still a lot of work to do there and we know the job ahead of us. It's hard to improve productivity much in the fourth quarter because it's just a period of like maximum stress on the operations, and we're trying to fulfill every order in a very quick way. But our goal is to leave ourselves in a really good, strong condition for a fast start on a lot of initiatives in Q1 of next year.

關於成本結構計劃，我認為您主要是在談論運營領域。正如我過去所說，那裡有 3 個大桶，生產力、固定成本槓桿和通貨膨脹。在生產力方面，取得了長足的進步，但仍有很多工作要做，我們知道擺在我們面前的工作。第四季度很難大幅提高生產力，因為這只是運營壓力最大的時期，我們正試圖以非常快速的方式完成每一個訂單。但我們的目標是讓自己處於一個非常好的、強大的狀態，以便在明年第一季度的許多舉措中快速啟動。

On fixed cost leverage, we've taken steps to alter our forward plan and take CapEx out. A lot of the CapEx we spend in any given year is feeding future years' capability. And we've tightened that up. We feel good about the arc of demand versus supply that we have in our fulfillment and transportation area. Inflation is a wildcard. We do as much as we can to save money in an inflationary environment. We've looked to make sure that our trucks are fully utilized as best we can, preventing long-zone shipments, things that like use a lot of fuel or use a lot of trucking or use a lot of shipments from other parts of the world.

在固定成本槓桿方面，我們已採取措施改變我們的前瞻性計劃並取消資本支出。我們在任何一年花費的很多資本支出都在為未來幾年的能力提供支持。我們已經收緊了。我們對履行和運輸領域的供需關係感到滿意。通貨膨脹是通配符。在通貨膨脹的環境中，我們盡我們所能來省錢。我們已盡力確保我們的卡車得到充分利用，以防止長途運輸，例如使用大量燃料或使用大量卡車運輸或使用來自世界其他地區的大量貨物.

So we're working under the umbrella of not having it impact the customer. We're working very hard to save that. Those challenges will be there through the end of the year, and we'll be working on them definitely in the first half of next year as well. So we'll keep you posted as we have these quarterly calls on our progress and where we see opportunities.

所以我們在不影響客戶的情況下工作。我們正在努力挽救它。這些挑戰將持續到今年年底，我們也肯定會在明年上半年解決這些問題。因此，我們會在季度電話會議上向您通報我們的進展以及我們看到的機會。

And our final question will come from the line of Ross Sandler with Barclays.

我們的最後一個問題將來自巴克萊銀行的羅斯桑德勒。

Just 2 clarifications on what you just said. So first, on retail, you did see some good efficiency gains in 3Q, and you talked about $1.5 billion. As we look forward, if those 3 areas you just mentioned do turn favorable, how quickly do you think you could get back to kind of historical North America retail operating margins? Is that 1 year, 2 years? Any time frame on that? And then on AWS, you said the back half of 3Q was a mid-20s run rate. One of your prominent peers was talking about incremental macro weakness in 4Q. So could you just talk about, are you expecting the same thing in 4Q? Or are some of the price concessions you already made in 3Q kind of getting in front of that?

只是對你剛才所說的2個澄清。首先，在零售方面，你確實在第三季度看到了一些不錯的效率提升，你談到了 15 億美元。正如我們所期待的那樣，如果您剛才提到的這三個領域確實變得有利，您認為您能多快恢復到北美零售營業利潤率的歷史水平？是1年還是2年？有什麼時間框架嗎？然後在 AWS 上，你說第三季度的後半段是 20 年代中期的運行速度。您的一位傑出同行正在談論第四季度的宏觀經濟疲軟。那麼您能否談談，您是否期望在第四季度出現同樣的情況？或者您在 3Q 中已經做出的一些價格讓步是不是在這之前？

Was that second question on AWS, Ross?

羅斯，第二個問題是關於 AWS 的嗎？

Yes, AWS trajectory. Exactly.

是的，AWS 軌跡。確切地。

Okay. Let me start with the efficiency. I just outlined a lot of it in the prior answer. But just to clarify, we were aiming for about $1.5 billion improvements sequentially versus Q2 and Q3. We feel like we came up about $0.5 billion short on that. Mostly in our productivity, with the Prime Day and the preparations for the Prime Early Access event, we have been running with very high inventory levels in our warehouses. But our inventory and our sellers, as we get ready for those events, paid off in the events themselves. In-stocks have been at really high levels.

好的。讓我從效率開始。我剛剛在之前的答案中概述了很多內容。但為了澄清一下，我們的目標是與第二季度和第三季度相比，連續增加約 15 億美元。我們覺得我們為此少了大約 5 億美元。主要是在我們的生產力方面，隨著 Prime 會員日和 Prime 搶先體驗活動的準備工作，我們的倉庫中的庫存水平一直很高。但是，當我們為這些活動做好準備時，我們的庫存和我們的賣家在活動本身中得到了回報。庫存一直處於非常高的水平。

But in that environment, it's a little harder to work on. There's blockages to making improvement in productivity. There's a lot of extra work when you have space constraints. But we will continue that fight. And while I can't forecast into 2023 yet, and I'm not really only talking about Q4, my message is that we have work to do in 2023 that we are aware of and working on today.

但在那種環境下，工作起來有點困難。提高生產力存在障礙。當您有空間限制時，會有很多額外的工作。但我們將繼續這場鬥爭。雖然我還不能預測到 2023 年，而且我說的不僅僅是第四季度，但我要傳達的信息是，我們在 2023 年還有工作要做，我們今天已經意識到並正在努力。

Dave, do you want to take that question on AWS?

戴夫，你想在 AWS 上回答這個問題嗎？

Yes, this is Dave. Ross, you were just asking around AWS. There's nothing really I'd add to what Brian had already said other than he's spoken about. We've seen the year-over-year growth rate come down as the third quarter progressed and exited in sort of the mid-20s growth rate. And so that's informed how we're thinking about the guidance ranges heading into the fourth quarter, but nothing else to add on that.

是的，這是戴夫。羅斯，你只是在 AWS 周圍打聽。除了他所說的之外，我真的沒有什麼可以補充Brian已經說過的了。隨著第三季度的進展，我們已經看到同比增長率下降，並以 20 年代中期的增長率退出。這就是我們如何考慮進入第四季度的指導範圍的信息，但沒有其他補充。

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。

Thank you, everyone. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝大家。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。