亞馬遜 (AMZN) 2022 Q4 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Quarter 4 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 年第四季度財務業績電話會議。 （接線員說明）今天的電話正在錄音中。

And 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 Q4 2022 financial results conference call. Joining us today to answer your questions is Andy Jassy, our CEO; and 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，歡迎來到我們的 2022 年第四季度財務業績電話會議。今天與我們一起回答您問題的是我們的首席執行官 Andy Jassy；和我們的首席財務官 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該季度的指標和評論。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針對我們 2021 年同期的結果。

Our comments and responses to your questions reflect management's views as of today, February 2, 2023 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截至今天，即 2023 年 2 月 2 日的管理層觀點，並將包括前瞻性陳述。實際結果可能存在重大差異。有關可能影響我們財務業績的因素的更多信息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 GAAP 財務措施。在我們的新聞稿、本次網絡廣播隨附的幻燈片和我們提交給美國證券交易委員會的文件中（每一份都發佈在我們的 IR 網站上），您會發現有關這些非 GAAP 措施的額外披露，包括這些措施與可比的 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 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.

我們的指南結合了我們迄今為止所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；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，包括經濟衰退恐懼、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 SEC 提交的文件。

Our guidance 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.

我們的指南假設，除其他外，我們沒有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意見存在重大差異。

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

現在我會把電話轉給布賴恩。

Thank you for joining today's call. As Dave mentioned earlier, I'm joined today by Andy Jassy, our CEO. Before we move on to take your questions, I will make some comments about our Q4 results. Let's start with revenue.

感謝您參加今天的電話會議。正如 Dave 之前提到的，今天我們的首席執行官 Andy Jassy 也加入了我的行列。在我們繼續回答您的問題之前，我將對我們的第四季度結果發表一些評論。讓我們從收入開始。

For the fourth quarter, worldwide net sales were $149.2 billion, representing an increase of 12% year-over-year, excluding approximately 360 basis points of unfavorable impact from changes in foreign exchange rates and above the top end of our Q4 guidance range. We've seen that during periods of economic uncertainty, consumers are very careful about how they allocate their resources and where they choose to spend their money.

第四季度，全球淨銷售額為 1492 億美元，同比增長 12%，不包括匯率變動帶來的約 360 個基點的不利影響，高於我們第四季度指導範圍的上限。我們已經看到，在經濟不確定時期，消費者對如何分配資源以及選擇花錢的地方非常謹慎。

Throughout Amazon's history, we have found that our focus on the customer helps to set us apart in times like these. This past holiday season, customers came to Amazon for great deals, fast delivery and our widest-ever selection, bolstered by nearly 2 million third-party seller partners who sell on Amazon. Enterprise customers continued their multi-decade shift to the cloud while working closely with our AWS teams to thoughtfully identify opportunities to reduce costs and optimize their work.

縱觀亞馬遜的歷史，我們發現我們對客戶的關注有助於我們在這樣的時代脫穎而出。在剛剛過去的這個假日季，顧客來到亞馬遜是為了享受超值優惠、快速配送和我們有史以來最廣泛的選擇，這得益於在亞馬遜上銷售商品的近 200 萬第三方賣家合作夥伴。企業客戶在與我們的 AWS 團隊密切合作的同時，繼續他們數十年來向雲的轉變，以深思熟慮地發現降低成本和優化工作的機會。

In our worldwide stores business, with the ongoing economic uncertainty, coupled with the continuation of inflationary pressures, customers remain cautious about their spending behavior. We saw them spend less on discretionary categories and shift to lower-priced items and value brands in categories like electronics. We also saw them continue to spend on everyday essentials, such as consumables, beauty and softlines. Our teams worked hard to offer low prices and secure millions of deals for customers in Q4, including our first-ever Prime Early Access Sale in October and the more traditional Thanksgiving to Cyber Monday holiday weekend. These global sales events outperformed our expectations as customers responded to millions of deals across our growing selection. Third-party sellers remain a key contributor to that expanding selection.

在我們的全球商店業務中，由於持續的經濟不確定性以及持續的通脹壓力，客戶對其消費行為保持謹慎。我們看到他們減少了在可自由支配類別上的支出，並轉向電子產品等類別中的低價商品和價值品牌。我們還看到他們繼續在日常必需品上花錢，例如消耗品、美容品和柔順品。我們的團隊努力工作，在第 4 季度為客戶提供低價並確保達成數百萬筆交易，包括我們在 10 月首次推出的 Prime 搶先體驗特賣以及更為傳統的感恩節至網絡星期一假期週末。這些全球銷售活動超出了我們的預期，因為客戶對我們不斷增加的選擇中的數百萬筆交易做出了回應。第三方賣家仍然是擴大選擇範圍的主要貢獻者。

In Q4, sellers comprised a record 59% of overall unit sales. Sellers, vendors and brands continue to look to Amazon's advertising capabilities to reach customers in the always competitive holiday season, even as the macro environment required them to scrutinize their own marketing budgets.

在第四季度，賣家佔整體單位銷售額的比例達到創紀錄的 59%。賣家、供應商和品牌繼續關注亞馬遜的廣告能力，以在競爭始終激烈的假日季節吸引客戶，即使宏觀環境要求他們仔細審查自己的營銷預算。

We saw good growth in advertising revenues in Q4, up 23% year-over-year, excluding the impact of foreign exchange. Prime membership continues to be a great value for our customers, and improving our Prime benefits is a continuous part of our investment strategy. Along with competitive pricing, broad selection and faster delivery speed, we've seen Prime members respond to our expanding entertainment offerings.

我們看到第四季度廣告收入增長良好，同比增長 23%，不包括外彙的影響。 Prime 會員資格對我們的客戶來說仍然是一項巨大的價值，而改善我們的 Prime 福利是我們投資戰略的一個持續組成部分。除了具有競爭力的價格、廣泛的選擇和更快的交付速度，我們還看到 Prime 會員對我們不斷擴展的娛樂產品做出了反應。

During the quarter, we completed our first season of The Lord of the Rings: The Rings of Power, the most watched Amazon original series in every region of the world, reaching over 100 million viewers and driving more Prime sign-ups worldwide during its launch window than any previous Prime Video content. We also finished our inaugural season as the exclusive home of Thursday Night Football, reaching the youngest median age audience of any NFL broadcast package since 2013 and increasing viewership by 11% from last year among hard-to-reach 18- to 34-year-olds.

在本季度，我們完成了《指環王：權力之戒》的第一季，這是全球每個地區收視率最高的亞馬遜原創劇集，在發布期間吸引了超過 1 億觀眾，並在全球推動了更多 Prime 註冊窗口比以前的任何 Prime Video 內容都要多。我們還完成了首個賽季，成為周四橄欖球之夜的獨家主場，覆蓋了自 2013 年以來所有 NFL 廣播套餐中最年輕的中位年齡觀眾，並且在難以覆蓋的 18 至 34 歲人群中，收視率比去年增加了 11%老人。

In aggregate, we invested approximately $7 billion in 2022 across Amazon Originals, live sports and licensed third-party video content included with Prime. That's up from about $5 billion in 2021. As a reminder, these digital video content costs are included in cost of sales on our income statement. We regularly evaluate the return on the spend and continue to be encouraged by what we see, as video has proven to be a strong driver of Prime member engagement and new Prime member acquisition.

總的來說，我們在 2022 年投資了約 70 億美元，涉及 Amazon Originals、體育直播和 Prime 附帶的許可第三方視頻內容。這比 2021 年的約 50 億美元有所增加。提醒一下，這些數字視頻內容成本包含在我們損益表的銷售成本中。我們定期評估支出回報，並繼續為我們所看到的感到鼓舞，因為視頻已被證明是 Prime 會員參與度和新 Prime 會員獲取的強大推動力。

Moving on to AWS. Net sales increased $21.4 billion in Q4, up 20% year-over-year and now representing an annualized sales run rate of more than $85 billion. Starting back in the middle of the third quarter of 2022, we saw our year-over-year growth rates slow as enterprises of all sizes evaluated ways to optimize their cloud spending in response to the tough macroeconomic conditions. As expected, these optimization efforts continued into the fourth quarter.

轉向 AWS。第四季度淨銷售額增長 214 億美元，同比增長 20%，目前年化銷售額超過 850 億美元。從 2022 年第三季度中期開始，我們看到我們的同比增長率放緩，因為各種規模的企業都在評估優化雲支出的方法，以應對嚴峻的宏觀經濟形勢。正如預期的那樣，這些優化工作一直持續到第四季度。

Some of the key benefits of being in the cloud compared to managing your own data center are the ability to handle large demand swings and to optimize costs relatively quickly, especially during times of economic uncertainty. Our customers are looking for ways to save money, and we spend a lot of our time trying to help them do so. This customer focus is in our DNA and informs how we think about our customer relationships and how we will partner with them for the long term.

與管理自己的數據中心相比，在雲中的一些主要優勢是能夠處理較大的需求波動並相對快速地優化成本，尤其是在經濟不確定時期。我們的客戶正在尋找省錢的方法，我們花了很多時間來幫助他們這樣做。以客戶為中心是我們的 DNA，它告訴我們如何看待我們的客戶關係以及我們將如何與他們長期合作。

As we look ahead, we expect these optimization efforts will continue to be a headwind to AWS growth in at least the next couple of quarters. So far in the first month of the year, AWS year-over-year revenue growth is in the mid-teens. That said, stepping back, our new customer pipeline remains healthy and robust, and there are many customers continuing to put plans in place to migrate to the cloud and commit to AWS over the long term.

展望未來，我們預計這些優化工作將至少在未來幾個季度繼續成為 AWS 增長的阻力。今年第一個月到目前為止，AWS 的收入同比增長處於十幾歲左右。也就是說，退一步說，我們的新客戶管道保持健康和穩健，並且有許多客戶繼續制定計劃遷移到雲並長期致力於 AWS。

Now let's shift to worldwide operating income. For the quarter, we reported $2.7 billion in operating income. The operating income was negatively impacted by 3 large items, which added approximately $2.7 billion of costs in the quarter. This was related to employee severance, impairments of property and equipment and operating leases and changes in estimates related to self-insurance liabilities. This cost primarily impacted our North America segment. If we had not incurred these charges in Q4, our operating income would have been approximately $5.4 billion. We are encouraged with the progress we continue to make in streamlining the costs in our Amazon stores business. We entered the quarter with labor more appropriately matched to demand across our operations network compared to Q4 of last year, allowing us to have the right labor in the right place at the right time and drive productivity gains.

現在讓我們轉向全球營業收入。本季度，我們報告的營業收入為 27 億美元。營業收入受到 3 個大項目的負面影響，在本季度增加了約 27 億美元的成本。這與員工遣散費、財產和設備減值以及經營租賃以及與自我保險負債相關的估計變化有關。該成本主要影響了我們的北美分部。如果我們在第四季度沒有發生這些費用，我們的營業收入將約為 54 億美元。我們在精簡亞馬遜商店業務的成本方面繼續取得進展，這讓我們感到鼓舞。與去年第四季度相比，我們進入本季度的勞動力與我們整個運營網絡的需求更加匹配，使我們能夠在正確的時間在正確的地點擁有正確的勞動力並推動生產力的提高。

We also saw continued efficiencies across our transportation network, where process and tech improvements resulted in higher Amazon Logistics productivity and improved line haul fill rates. While transportation overperformed expectations in the quarter, we also saw productivity improvements across our fulfillment centers, in line with our plan.

我們還看到整個運輸網絡的效率持續提高，其中流程和技術改進導致亞馬遜物流生產力更高，並提高了長途運輸填充率。雖然本季度的運輸表現超出預期，但我們也看到我們的運營中心的生產力有所提高，這符合我們的計劃。

We also saw good leverage driven by strong holiday volumes. Overall, it was a strong effort by the operations team, and we look forward to making further headway as we head into 2023. We remain focused on driving cost efficiencies throughout the network and reducing our cost to serve our customers, while ensuring we maintain an outstanding customer experience.

我們還看到強勁的假期銷量推動了良好的槓桿作用。總的來說，這是運營團隊付出的巨大努力，我們期待在進入 2023 年時取得進一步進展。我們仍然專注於提高整個網絡的成本效率並降低我們為客戶提供服務的成本，同時確保我們保持出色的客戶體驗。

Circling back to the 3 large charges during the quarter. Let me share some additional color, starting with the job eliminations we initiated during the fourth quarter. As we consider the ongoing uncertainties of the macroeconomic environment, this led us to the difficult decision to eliminate just over 18,000 roles, primarily impacting our stores and device businesses as well as our human resources teams. As a result, we recorded estimated severance cost of $640 million. These charges were recorded primarily in technology and content, fulfillment and general administration on our income statement.

回到本季度的 3 項大額費用。讓我分享一些額外的顏色，從我們在第四季度開始的裁員開始。當我們考慮到宏觀經濟環境的持續不確定性時，這導致我們做出了裁員 18,000 多個職位的艱難決定，這主要影響了我們的商店和設備業務以及我們的人力資源團隊。因此，我們記錄的估計遣散費為 6.4 億美元。這些費用主要記錄在我們損益表的技術和內容、履行和一般管理中。

Next, we recorded impairments of property and equipment and operating leases, primarily related to our Amazon Fresh and Amazon Go physical stores. We're continuously refining our store formats to find the ones that will resonate with customers, will build our grocery brand and will allow us to scale meaningfully over time. As such, we periodically access our portfolio of stores and decided to exit certain stores with low growth potential. We'll also take an impairment on capitalized costs and associated values of our leased buildings. The impairment charge in Q4 was $720 million and is included in other operating expense on our income statement.

接下來，我們記錄了財產和設備的減值以及經營租賃，主要與我們的 Amazon Fresh 和 Amazon Go 實體店有關。我們正在不斷改進我們的商店形式，以找到能夠引起顧客共鳴、建立我們的雜貨品牌並使我們能夠隨著時間的推移有意義地擴大規模的商店形式。因此，我們定期訪問我們的商店組合，並決定退出某些增長潛力低的商店。我們還將對租賃建築物的資本化成本和相關價值進行減值。第四季度的減值費用為 7.2 億美元，包含在我們損益表的其他運營費用中。

We continue to believe grocery is a significant opportunity, and we're focused on serving customers through multiple channels, whether that's online delivery, pickup or in-store shopping. Lastly, during the quarter, we increased our reserves for general product and automobile self-insurance liabilities, driven by changes in our estimates about the cost of asserted and unasserted claims, resulting in additional expense of $1.3 billion. This impact is primarily recorded in cost of sales on our income statement.

我們仍然相信雜貨店是一個重要的機會，我們專注於通過多種渠道為客戶提供服務，無論是在線送貨、取貨還是店內購物。最後，在本季度，我們增加了一般產品和汽車自保負債的準備金，這是由於我們對已聲明和未聲明索賠成本的估計發生變化，導致額外支出 13 億美元。這種影響主要記錄在我們損益表的銷售成本中。

As our business has grown quickly over the last several years, particularly as we've built out our fulfillment and transportation network and claim amounts have seen industry-wide inflation, we've continued to evaluate and adjust this reserve for both asserted claims as well as our estimate for unasserted claims.

由於我們的業務在過去幾年快速增長，特別是當我們建立了我們的履行和運輸網絡並且索賠金額出現了整個行業的通貨膨脹時，我們繼續評估和調整這兩項索賠的儲備金作為我們對未確認索賠的估計。

We reported overall net income of $278 million in the fourth quarter. While we primarily focus our comments on operating income, I'd point out that this net income includes a pretax valuation loss of $2.3 billion included in nonoperating income from our common stock investment in Rivian Automotive. As we've noted in recent quarters, this activity is not related to Amazon's ongoing operations but rather the quarter-to-quarter fluctuations in Rivian's stock price.

我們報告第四季度的整體淨收入為 2.78 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，這一淨收入包括 23 億美元的稅前估值損失，該損失包含在我們對 Rivian Automotive 普通股投資的非營業收入中。正如我們在最近幾個季度所指出的那樣，這項活動與亞馬遜的持續運營無關，而是與 Rivian 股價的季度波動有關。

As we head into the new year, we remain heads-down focused on driving a better customer experience. We believe putting customers first is the only reliable way to create lasting value for our shareholders.

在我們進入新的一年之際，我們仍然專注於推動更好的客戶體驗。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途徑。

Everybody, this is Andy. Just before we start with the questions, I just wanted to say it's good to be with you all on the call today. I thought I might jump on the calls from time to time moving forward. And given that this last quarter was the end of my first full year in this role, and given some of the unusual parts in the economy and our business, I thought this might be a good one to join. So thanks for having me.

大家好，這是安迪。就在我們開始提問之前，我只想說今天很高興和大家一起參加電話會議。我想我可能會不時地接聽電話繼續前進。考慮到最後一個季度是我擔任這個職位的第一個完整年度的結束，並且考慮到經濟和我們業務中的一些不尋常部分，我認為這可能是一個很好的加入。所以謝謝你邀請我。

(Operator Instructions) And our first question comes from the line of Brian Nowak with Morgan Stanley.

（操作員說明）我們的第一個問題來自 Brian Nowak 與摩根士丹利的合作。

I have two. Andy, I want to ask you, just the first one, you've been in the seat for a while. As you sit there, what are your key focal points, product categories or investment priorities that you're most focused on to drive durable multiyear growth in that North America retail segment as we recover?

我有兩個。安迪，我想問你，就第一個，你已經坐了一段時間了。當你坐在那裡時，你最關注的重點、產品類別或投資重點是什麼，以在我們復甦時推動北美零售業的持久多年增長？

And then the second one, just sort of staying on the North America retail side, how do you think about the potential margin potential of that business over the next few years as you sort of grow into the warehouse? And what are the warehouse network? And what are the efficiency factors to get you to those goals?

然後是第二個，只是停留在北美零售方面，你如何看待未來幾年隨著你進入倉庫而發展的該業務的潛在利潤潛力？什麼是倉庫網絡？使您實現這些目標的效率因素是什麼？

Brian, this is Brian. First, let me just start with your second question. On the -- sorry, can you hear me? On the expectation for retail margins, especially in North America, what we've said is when we look back to our cost structure pre-pandemic, we were just in the end of 2019, early part of 2020. We're just starting to roll out one-day shipping in North America, and we had an expectation of what our cost structure would look like. That has changed quite a bit in the last 3 years now due to a doubling of our network expansion. I think you've heard me tell this story on different calls.

布賴恩，這是布賴恩。首先，讓我從你的第二個問題開始。關於——抱歉，你能聽到我說話嗎？關於對零售利潤率的預期，尤其是在北美，我們所說的是當我們回顧大流行前的成本結構時，我們只是在 2019 年底，2020 年初。我們才剛剛開始在北美推出一日達服務，我們對我們的成本結構有一個預期。由於我們的網絡擴展了一倍，在過去 3 年中，這種情況發生了很大變化。我想你已經聽我在不同的電話中講過這個故事。

But essentially, we're now trying to, again, regain our cost structure that we've had in the past, balance the -- and get more efficient on the assets we've added in the last 2, 3 years now and also look at all the investment areas that we are working on to drive growth, continuing to look at them where we need to make course corrections, where we need to change things up. And we expect that, again, a lot of the improvement will be in North America operations costs. We made good headway in 2022. We always want to make more, and we're going to be working on this definitely through 2023 and beyond. But we have to make and expect to make big improvements in 2023.

但從本質上講，我們現在正再次嘗試恢復我們過去的成本結構，平衡 - 並提高我們在過去 2、3 年和現在增加的資產的效率審視我們正在努力推動增長的所有投資領域，繼續審視我們需要進行路線修正的地方，需要改變的地方。我們再次預計，北美運營成本將有很大改善。我們在 2022 年取得了良好的進展。我們一直想做得更多，我們將在 2023 年及以後一直致力於此。但我們必須做出並期望在 2023 年做出重大改進。

Yes. And I'll start just at a broad level, priority-wise. The connective tissue for everything we do across the company, including in stores in North America, is we realize that we exist to make customers' lives better and easier every day and relentlessly went to do so. And being maniacally focused on the customer experiences, always going to be a top priority for us. At the same time, and this is true in North America as well as across the entire business, we're working really hard to streamline our costs and trying to do so at the same time that we don't give up on the long-term strategic investments that we believe can meaningfully change broad customer experiences and change Amazon over the long term.

是的。我將從一個廣泛的層面開始，優先考慮。我們在整個公司所做的一切，包括在北美的商店，結締組織是我們意識到我們的存在是為了讓顧客每天的生活更美好、更輕鬆，並且不懈地去做。並且瘋狂地關注客戶體驗，這始終是我們的首要任務。與此同時，這在北美以及整個業務中都是如此，我們正在非常努力地精簡我們的成本，並努力在這樣做的同時我們不會放棄長期 -我們認為長期戰略投資可以顯著改變廣泛的客戶體驗並從長遠來看改變亞馬遜。

As I addressed directly the North American stores questions, I think our -- probably the #1 priority that I spent time with the team on is reducing our cost to serve in our operations network. And as Brian touched on, it's important to remember that over the last few years, we've -- we took a fulfillment center footprint that we've built over 25 years and doubled it in just a couple of years. And then we, at the same time, built out a transportation network for last mile roughly the size of UPS in a couple of years. And so when you do both of those things to meet the huge surge in demand, you're going to -- just to get those functional, it took everything we had. And so there's a lot to figure out how to optimize and how to make more efficient and more productive.

當我直接回答北美商店的問題時，我認為我們的 - 可能是我花時間與團隊在一起的第一要務是降低我們在運營網絡中的服務成本。正如 Brian 談到的那樣，重要的是要記住，在過去的幾年裡，我們已經——我們建立了一個我們已經建立了 25 多年的履行中心足跡，並在短短幾年內翻了一番。然後我們同時在幾年內建立了一個最後一英里的運輸網絡，其規模與 UPS 大致相當。因此，當你做這兩件事來滿足激增的需求時，你將 - 只是為了讓這些功能發揮作用，它需要我們擁有的一切。因此，有很多事情需要弄清楚如何優化以及如何提高效率和生產力。

And then I think at the same time, if you think about doubling the number of fulfillment centers you have and then adding a very large transportation network and you realize that all of those facilities have to link together to get products to customers, that's a pretty big expansion in the number of nodes in the network. It becomes a little bit different network. And so to figure out how to be really efficient across all those links and have them be highly utilized and to get the flows in those facilities working the right way, it takes time. So we're working very hard on it. I'm pleased with the progress we made in Q4, and you can see that in some of the results. But that work will extend into '23. So that's first.

然後我同時想到，如果你考慮將你擁有的履行中心的數量增加一倍，然後添加一個非常大的運輸網絡，你會意識到所有這些設施都必須連接在一起才能將產品送到客戶手中，那真是太棒了網絡中節點數量的大幅增加。它變得有點不同的網絡。因此，要弄清楚如何真正有效地跨所有這些鏈接並使它們得到高度利用，並使這些設施中的流量以正確的方式運行，需要時間。所以我們正在努力工作。我對我們在第四季度取得的進展感到滿意，你可以在一些結果中看到這一點。但這項工作將延伸到 23 年。所以這是第一位的。

I think the second thing, priority-wise, I would talk about is just speed. We believe they're continuing to get products to customers faster, makes customers happier, and they also converted a higher rate when they can see promises of deliveries that are faster. I think selection will always be a very high area of focus for us. We work with hundreds of thousands in the U.S. and millions overall in the world of selling partners. In this past quarter, 59% of the units sold were from our third-party selling partners, and we work very hard to provide unmatched selection. And that matters a lot to customers.

我認為第二件事，優先考慮，我要談論的只是速度。我們相信他們會繼續更快地向客戶提供產品，讓客戶更快樂，並且當他們看到更快交付的承諾時，他們也會提高轉化率。我認為選擇永遠是我們非常關注的領域。我們在美國與數十萬人合作，在全球範圍內與數以百萬計的銷售合作夥伴合作。在上個季度，59% 的售出單位來自我們的第三方銷售合作夥伴，我們非常努力地提供無與倫比的選擇。這對客戶來說很重要。

I think pricing being sharp is always important. But particularly in this type of uncertain economy, where customers are very conscious about how much they're spending, having the millions of deals that we put together with our selling partners in the fourth quarter was an important part of the demand that you saw, and we'll continue to work really hard on being sharp on pricing.

我認為定價敏銳始終很重要。但特別是在這種不確定的經濟中，客戶非常清楚他們花了多少錢，我們在第四季度與我們的銷售合作夥伴達成的數百萬筆交易是您看到的需求的重要組成部分，我們將繼續努力提高定價。

And then just the customer experience improvements that we're working all the time, whether it's adding Buy with Prime that allows Prime users to use their Prime benefits on other websites than just Amazon; or adding RxPass in the health care space, where our Prime customers for $5 a month can get all the medicines they're using in unlimited fashion; or whether it's just even in our apparel business, where when you're looking clothing you might buy, being able to see virtually your shoes with that outfit to see how it looks and it changes your customer experience, your buying experience, we will continue to work very hard on those customer experiences, and we have a lot more planned.

然後就是我們一直在努力的客戶體驗改進，無論是添加 Buy with Prime 允許 Prime 用戶在其他網站上使用他們的 Prime 權益，而不僅僅是亞馬遜；或者在醫療保健領域添加 RxPass，我們的 Prime 客戶每月只需支付 5 美元，就可以無限制地獲得他們正在使用的所有藥物；或者它是否只是在我們的服裝業務中，當你在尋找你可能會購買的衣服時，能夠虛擬地看到你的鞋子搭配那件衣服，看看它看起來如何，它會改變你的客戶體驗，你的購買體驗，我們將繼續非常努力地改善這些客戶體驗，我們還有更多的計劃。

And the next question comes from the line of Doug Anmuth with JPMorgan.

下一個問題來自摩根大通的 Doug Anmuth。

Also for Andy, I have two. Just first, how would you evaluate your efforts in grocery thus far? I know you're -- it's a big, huge market. You're attacking it different ways. What are the key steps here that you're focused on to drive greater market share?

還有安迪，我有兩個。首先，您如何評價您迄今為止在食品雜貨方面所做的努力？我知道你 - 這是一個巨大的市場。你正在以不同的方式攻擊它。您關注的關鍵步驟是什麼以推動更大的市場份額？

And then secondly, how should we think about the strategic importance of some of these emerging bets type of areas like health care and Kuiper and autonomous vehicles, among others?

其次，我們應該如何考慮一些新興領域的戰略重要性，如醫療保健、Kuiper 和自動駕駛汽車等？

On the first one on grocery, I'd just start by saying that we think grocery is a really important and strategic area for us. It's a very large market segment, and there's a lot of frequency in how consumers shop for grocery. And we also believe that over time, grocery is going to be omnichannel. There are going to be a lot of people that order their grocery items online and have it delivered to them, and there are going to be a lot of people who continue to buy in physical stores. But you're going to also see a hybrid of those, where people pick out what they want online and pick it up in stores, or people are in stores and there's something that's not in inventory in the stores, so they go to their app or to a kiosk and order it to be delivered from online. And so I think having omnichannel is going to really matter.

關於雜貨店的第一個，我首先要說的是，我們認為雜貨店對我們來說是一個非常重要的戰略領域。這是一個非常大的細分市場，消費者購買雜貨的頻率很高。我們也相信，隨著時間的推移，雜貨店將成為全渠道的。將會有很多人在網上訂購他們的食品雜貨，然後送貨上門，而且還會有很多人繼續在實體店購買。但你也會看到這些的混合體，人們在網上挑選他們想要的東西，然後在商店裡取貨，或者人們在商店裡，發現商店裡沒有庫存，所以他們去他們的應用程序或到售貨亭並訂購從網上交付。所以我認為擁有全渠道真的很重要。

And I think that we have a pretty significant-sized grocery business. I think people sometimes don't realize that and that we've been building for a long time. It's continuing to accelerate, and I kind of see it broken into a few pieces. If you think about the online grocery offering, we have a very large business there. It looks different from the typical mega physical grocery store. But if you think about the aisles in a grocery store, from packaged food to paper products to canned goods to pet supplies to health and personal care items to consumables, we have a very large business there that continues to grow at a rapid clip and then we think will continue to grow.

而且我認為我們有相當大的雜貨業務。我認為人們有時沒有意識到這一點，而且我們已經構建了很長時間。它在繼續加速，我好像看到它碎成了幾塊。如果您考慮在線雜貨服務，我們在那裡有非常大的業務。它看起來與典型的大型實體雜貨店不同。但是如果你想想雜貨店的過道，從包裝食品到紙製品再到罐頭食品再到寵物用品再到健康和個人護理用品再到消耗品，我們在那裡有一個非常大的業務，並且繼續快速增長，然後我們認為會繼續增長。

But it doesn't have a big market segment share in perishables. And if you really want to have significant market segment share in perishables, you typically need physical stores. And we have kind of 2 different offerings there. For what I think is the very best organic physical store experience and selection, we have Whole Foods, which is a very significant-sized business that's continuing to grow. I really like the progress that, that business has made on profitability in the last year. And I like what I see in front of it, and I think that's a very -- it's a premium product, but it's a significant business. It's a good business for us in the grocery space.

但它在易腐食品中的市場份額並不大。如果你真的想在易腐爛的市場中佔有重要份額，你通常需要實體店。我們在那裡有兩種不同的產品。對於我認為最好的有機實體店體驗和選擇，我們有 Whole Foods，這是一家規模非常大的企業，而且還在持續增長。我真的很喜歡該企業去年在盈利方面取得的進步。我喜歡我在它面前看到的東西，我認為這是一個非常 - 它是一種優質產品，但它是一項重要的業務。在雜貨領域，這對我們來說是一筆好生意。

I think if you want to have a mass physical store offering, you need a different offering. And that's what we've been working on with Amazon Fresh, and we have a few dozen stores so far. We're doing a fair bit of experimentation today in those stores to try to find a format that we think resonates with customers. It's differentiated in some meaningful fashion and where we like the economics. And we've been -- we've decided over the last year or so that we're not going to expand the physical Fresh doors until we have that equation with differentiation and economic value that we like, but we're optimistic that we're going to find that in 2023. We're working hard at it. We see some encouraging signs. And when we do find that equation, we will expand it more expansively. But I think that we have a very significant opportunity in the grocery segment. I think we're building a pretty broad grocery network across online and physical, and you're going to see us continue to work on it.

我認為，如果您想提供大量實體店產品，則需要提供不同的產品。這就是我們一直在與 Amazon Fresh 合作的目標，到目前為止，我們有幾十家商店。我們今天在這些商店裡做了一些實驗，試圖找到一種我們認為能引起顧客共鳴的形式。它以一些有意義的方式和我們喜歡經濟學的地方有所不同。我們一直 - 我們在過去一年左右決定在我們擁有我們喜歡的具有差異化和經濟價值的方程式之前，我們不會擴大實體新鮮門，但我們樂觀地認為我們將在 2023 年找到它。我們正在為此努力。我們看到了一些令人鼓舞的跡象。當我們確實找到那個等式時，我們會更廣泛地擴展它。但我認為我們在雜貨領域有一個非常重要的機會。我認為我們正在建立一個相當廣泛的在線和實體食品雜貨網絡，你會看到我們繼續努力。

And our next question comes from the line of Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe I'll ask one big picture of Andy and then just a housekeeping matter to Brian, if I can. Andy, keeping on this theme of sort of big picture and strategy and your perspective, I'd love to get your view on the international e-commerce businesses. Obviously, you're in a range of geographies with a wide variance of maturity and different investment cycles. Can you give us your perspective on how you see Amazon's global e-commerce footprint today? And how investors should be thinking about the mix of growth and margin evolution in those international businesses in the years ahead?

如果可以的話，也許我會問一張 Andy 的大照片，然後只問 Brian 一個家務問題。安迪，繼續這個關於大局和戰略的主題以及你的觀點，我很想听聽你對國際電子商務業務的看法。顯然，您身處不同的地區，成熟度和投資週期差異很大。您能否談談您對亞馬遜當今全球電子商務足蹟的看法？投資者應該如何考慮未來幾年這些國際業務的增長和利潤變化的組合？

And maybe, Brian, if I can just ask a quick follow-up. In the Q1 operating income guidance that you gave, I think there's some confusion among investors as to where you might be capturing some of the restructuring charges from the announcements that the company has made on employee count between Q4 and Q1. Can you just clarify what was captured in Q4 versus what might be included in the way you frame the Q1 operating income guidance?

也許，布賴恩，如果我能問一個快速跟進的問題。在你給出的第一季度營業收入指導中，我認為投資者對你可能從公司在第四季度和第一季度之間發布的關於員工人數的公告中獲取一些重組費用感到困惑。您能否澄清一下 Q4 中捕獲的內容與您制定 Q1 營業收入指南的方式中可能包含的內容？

Sure, let me start. This is Brian. Let me start with that second part. So as I said earlier, we took a $640 million charge tied to the position elimination that we announced in Q4. A lot of that fell into Q1 into mid to late January. So the way to think about it is for the terminations in January, the salaries for the first 3 weeks are covered in operating results for Q1. But the period after that, where there's weeks or months of severance coverage, job placement, a lot of those costs are what the $640 million charge was in Q4. So I hope that helps.

當然，讓我開始吧。這是布萊恩。讓我從第二部分開始。因此，正如我之前所說，我們收取了與我們在第四季度宣布的頭寸消除相關的 6.4 億美元費用。其中很多都落入了 1 月中下旬的第一季度。所以考慮它的方式是在 1 月份解僱，前 3 週的工資包含在第一季度的經營業績中。但在那之後的一段時間裡，有數週或數月的遣散費、工作安置費用，其中很多費用就是第四季度的 6.4 億美元費用。所以我希望能有所幫助。

And on the question about international e-commerce, we're very enthusiastic about the business we're building there. I think just perspective, if you look at the compounded annual growth rate from 2019 to '21, in the U.K., it was over 30%; in Germany, it was 26%; in Japan, it was 21%. And the fact that we haven't given back that growth, and these are all net of FX, but if you look at even the last couple of quarters where we're continuing to grow and we haven't given back some of that growth, a meaningful amount of market segment share has shifted to our global established e-commerce territories, and we're excited about that.

關於國際電子商務的問題，我們對在那裡開展的業務非常熱情。我認為，從 2019 年到 21 年的複合年增長率來看，英國超過 30%；在德國，這一比例為 26%；在日本，這一比例為 21%。事實上，我們還沒有回饋這種增長，而且這些都是扣除外彙的淨值，但如果你看看我們持續增長的最後幾個季度，我們還沒有回饋部分增長，相當一部分市場份額已經轉移到我們在全球建立的電子商務領域，我們對此感到興奮。

Now we're -- at this stage, we're big enough in our developed international territories that when there's something significant happening in the macro, we're going to be impacted as well. And if you just look in Europe as an example, the inflation is higher than most places, and the impact on Europeans for the war in Ukraine is more significant, and also the energy prices and hikes there are more significant. So you can see that in some of our growth numbers.

現在我們 - 在這個階段，我們在發達的國際領土上足夠大，當宏觀上發生重大事件時，我們也會受到影響。而如果單以歐洲為例，通貨膨脹率高於大多數地方，烏克蘭戰爭對歐洲人的影響更大，能源價格和漲價也更顯著。所以你可以在我們的一些增長數字中看到這一點。

And then you look at our emerging countries, and these are -- they're all a little bit different in all -- in a little bit different stage as you recognize in the question. But if you look at countries like India and Brazil and the Middle East and Africa and Turkey, Mexico and Australia and a number of those types of countries, we like what we're seeing. They take a certain amount of time. There's a certain amount of fixed investment you have to make when you enter a new geography, and then you have to drive a certain amount of revenue to be able to cover that fixed investment. But they're all on the right trajectory and following trajectories that roughly look like what we saw in North America and our established international geographies, and we think it's the right investment and believe we're going to have a large profitable international e-commerce business.

然後你看看我們的新興國家，正如你在問題中所認識到的，這些國家——它們總體上都有點不同——處於不同的階段。但如果你看看印度、巴西、中東、非洲、土耳其、墨西哥和澳大利亞等國家，以及許多此類國家，我們就會喜歡我們所看到的。他們需要一定的時間。當你進入一個新的地域時，你必須進行一定數量的固定投資，然後你必須推動一定數量的收入才能覆蓋該固定投資。但它們都在正確的軌道上，並且遵循的軌道大致類似於我們在北美和我們已建立的國際地區所看到的，我們認為這是正確的投資，並相信我們將擁有一個利潤豐厚的國際電子商務商業。

And the next question comes from the line of Justin Post with Bank of America.

下一個問題來自美國銀行的 Justin Post。

Great. Maybe one for Andy and then one for Brian. AWS, if you look at the revenue growth of mid-teens, it implies it could be flattish and even down this quarter. So maybe talk about what's driving that. Is it workload changes? Are there some clients that are shifting? Anything on the market share you could comment on?

偉大的。也許一份給 Andy，一份給 Brian。 AWS，如果你看一下十幾歲中期的收入增長，這意味著本季度它可能持平甚至下降。所以也許談談是什麼推動了這一點。是工作量變化嗎？是否有一些客戶正在轉移？您對市場份額有何評論？

And then second, when do you think this could recover? Like what's the time frame? And would you expect margins to come back when revenues reaccelerate? I'll leave it at that.

其次，您認為這什麼時候可以恢復？比如什麼時間範圍？當收入重新加速時，您是否期望利潤率會回升？我會留在那裡。

Thanks, Justin, for your question. This is Brian. Let me start with the -- what we're seeing at the customer level. So as I've mentioned, continuing -- it's across all industries. There are some points of weakness, things like financial services, like mortgage companies that do. As mortgage volumes down, some of their compute challenges or compute volumes are down. Crypto is -- lower trading in crypto. And things tied to advertising, as there's lower advertising spend, there's less analytics and compute on advertising spend as well.

賈斯汀，謝謝你的問題。這是布萊恩。讓我從——我們在客戶層面看到的開始。因此，正如我所提到的，繼續 - 它遍及所有行業。有一些弱點，比如金融服務，比如抵押貸款公司。隨著抵押貸款量的下降，他們的一些計算挑戰或計算量也下降了。加密是——加密交易較低。與廣告相關的事情，由於廣告支出較低，因此對廣告支出的分析和計算也較少。

But -- so there's [select of things]. But by and large, what we're seeing is just an interest and a priority by our customers to get their spend down as they enter an economic downturn. We're doing the same thing at Amazon, questioning our infrastructure expenses as well as everything else. And we -- there's things you can do. You can defer -- you can switch to lower-cost products. You can run calculations less frequently. There's just -- you can do different types of storage on your data. So there's ways to alter your cost and your bill in a short period of time. I think that's what we're seeing. And as I said, we're working with our customers to help them do that. And again, we're seeing ourselves at Amazon. So I'll let Andy add some color on kind of the general trends in AWS, but that's more what we're seeing at the customer level right now.

但是 - 所以有[選擇的東西]。但總的來說，我們所看到的只是我們的客戶在進入經濟衰退時減少支出的興趣和優先事項。我們在亞馬遜做同樣的事情，質疑我們的基礎設施開支以及其他一切。而我們——您可以做一些事情。你可以推遲——你可以轉向成本更低的產品。您可以降低計算的頻率。只是 - 您可以對數據進行不同類型的存儲。因此，有多種方法可以在短時間內改變您的成本和賬單。我認為這就是我們所看到的。正如我所說，我們正在與我們的客戶合作，幫助他們做到這一點。再一次，我們在亞馬遜看到了自己。因此，我將讓 Andy 為 AWS 的總體趨勢添加一些顏色，但這更多是我們現在在客戶層面看到的。

So I would just add -- I mean, I think Brian covered a bunch of it. I think most enterprises right now are acting cautiously. You see it with virtually every enterprise, and we're being very thoughtful about streamlining our costs as well. And when you are being cautious, you look for ways that you can find -- you can spend less money. And where companies can cost optimize or, in some cases, they may be used to doing analysis over 90 days of information and they say, "Well, can I get away with it for 2 weeks, doing 2 weeks' worth," it's not necessarily the best thing long term. But a lot of companies will do that when they're in uncertain economic situation.

所以我只想補充 - 我的意思是，我認為 Brian 涵蓋了很多內容。我認為現在大多數企業都在謹慎行事。您幾乎可以在每個企業中看到它，而且我們也非常考慮精簡我們的成本。當你保持謹慎時，你會尋找你能找到的方法——你可以花更少的錢。公司可以優化成本，或者在某些情況下，他們可能習慣於對超過 90 天的信息進行分析，他們會說，“好吧，我可以用 2 週的時間，做 2 週的價值嗎？”這不是一定是長期最好的事情。但是很多公司在不確定的經濟形勢下都會這樣做。

And the reality is that the way that we've built all our businesses, but AWS in this particular instance, is that we're going to help our customers find a way to spend less money. We are not focused on trying to optimize in any one quarter or any one year, we're trying to build a set of relationships in business that outlast all of us. And so if it's good for our customers to find a way to be more cost effective in an uncertain economy, our team is going to spend a lot of cycles doing that.

事實上，我們建立所有業務的方式，但在這個特定實例中的 AWS，是我們將幫助我們的客戶找到一種減少開支的方法。我們並不專注於在任何一個季度或任何一年進行優化，我們正在努力建立一套比我們所有人都更持久的業務關係。因此，如果在不確定的經濟中找到一種更具成本效益的方法對我們的客戶有好處，我們的團隊將花費很多周期來做這件事。

And it's one of the advantages that we've talked about since we launched AWS in 2006 of the cloud, which is that when it turns out you have a lot more demand than you anticipated, you can seamlessly scale up. But if it turns out that you don't need as much demand as you had, you can give it back to us and stop paying for it. And that elasticity is very unusual. It's something you can't do on-premises, which is one of the many reasons why the cloud is and AWS are very effective for customers.

自從我們在 2006 年推出雲計算 AWS 以來，這是我們一直在談論的優勢之一，那就是當事實證明您的需求比您預期的要多得多時，您可以無縫擴展。但是，如果事實證明您不需要那麼多需求，您可以將其退還給我們並停止付款。而且這種彈性非常不尋常。這是您無法在本地執行的操作，這是雲和 AWS 對客戶非常有效的眾多原因之一。

I think -- and I've spent a fair bit of time with the AWS team on this, and we look closely at what we see. We have a very robust, healthy customer pipeline, new customers, migrations that are set to happen. A lot of companies during times of discontinuity like this will step back and think about what they want to change strategically to be in a position to reinvent their businesses and change their customer experiences more quickly as uncertain economies emerge, and that often means moving to the cloud. We see a number of those pieces as well.

我認為——我已經在 AWS 團隊中花了相當多的時間來解決這個問題，我們仔細研究了我們所看到的。我們有一個非常強大、健康的客戶渠道、新客戶和即將發生的遷移。許多公司在像這樣的不連續時期會退後一步，思考他們希望在戰略上改變什麼，以便在不確定的經濟出現時能夠重塑他們的業務並更快地改變他們的客戶體驗，這通常意味著轉向雲。我們也看到了很多這樣的作品。

And we're the only ones that really break out our cloud numbers in a more specific way. So it's always a little bit hard to answer your question about what we see. But we, to our best estimations, when we look at the absolute dollar growth year-over-year, we still have significantly more absolute dollar growth than anybody else we see in this space. And I think some of that's a function of the fact that we just have a lot more capability by a large amount, with stronger security and operational performance and a larger partner ecosystem.

我們是唯一真正以更具體的方式打破我們的雲數字的人。所以回答你關於我們所看到的問題總是有點困難。但是，根據我們的最佳估計，當我們查看絕對美元同比增長時，我們的絕對美元增長仍然比我們在這個領域看到的任何其他人都多得多。我認為其中一部分是因為我們擁有更多的能力，具有更強的安全性和運營性能以及更大的合作夥伴生態系統。

So I think it's also useful to remember that 90% to 95% of the global IT spend remains on-premises. And if you believe that, that equation is going to shift and flip, I don't think on-premises will ever go away, but I really do believe in the next 10 to 15 years that most of it will be in the cloud if we continue to have the best customer experience, which we have to work really hard at an event which we're working to do. It means we have a lot of growth in front of us in the AWS business.

因此，我認為記住全球 90% 到 95% 的 IT 支出仍在本地也很有用。如果你相信，這個等式將會改變和翻轉，我不認為內部部署會永遠消失，但我真的相信在未來 10 到 15 年內，如果我們繼續擁有最好的客戶體驗，我們必須在我們正在努力做的活動中非常努力地工作。這意味著我們在 AWS 業務方面有很大的增長空間。

And our next question comes from the line of Ron Josey with Citi.

我們的下一個問題來自花旗銀行的 Ron Josey。

Maybe a bigger high-level question here just around Prime member engagement and just seeing third-party seller services growth accelerating in the quarter. And I believe it was mentioned that customer is spending more on everyday essentials, which may be a relatively new use case. Talk just a little bit more, maybe Andy and Brian, just around how engagement is evolving here for Prime members and really how this has grown wallet share over time and where this is going.

也許這裡有一個更大的高級問題，就是 Prime 會員參與度，以及看到第三方賣家服務在本季度加速增長。我相信有人提到客戶在日常必需品上花費更多，這可能是一個相對較新的用例。多談一點，也許是安迪和布賴恩，關於 Prime 會員的參與度如何演變，以及隨著時間的推移錢包份額的增長以及它的發展方向。

Yes. Thanks, Ron, for your question. I would say that the Prime membership is -- remains strong and so has the dollars purchased per Prime member. It varies a bit by geography. But in general, if you step back, we had some very large video properties that we had launched last year, Thursday Night Football and Lord of the Rings: Rings of Power. Both of them had record sign-ups for Prime membership. And we know that, again, investments like that will help with not only a new member or new Prime member acquisition, but also retention. And we see a direct link between that type of engagement and higher purchases of everyday products on our Amazon website.

是的。謝謝羅恩提出你的問題。我會說 Prime 會員資格 - 仍然很強大，每個 Prime 會員購買的美元也是如此。它因地理位置而異。但總的來說，如果你退後一步，我們有一些我們去年推出的非常大的視頻資產，週四晚上足球和指環王：力量之戒。他們兩人都創下了 Prime 會員註冊記錄。而且我們知道，這樣的投資不僅有助於新會員或新 Prime 會員的獲取，而且有助於留住會員。我們發現這種參與與亞馬遜網站上日常產品的更高購買量之間存在直接聯繫。

So the health of Prime is very strong. As Andy mentioned earlier, we are continuing to work to get our speed of delivery up to get more one-day shipments. And we think that will also be well received by Prime members. But it's a combination of price selection and convenience. I think we've made inroads on all of them, especially with the third-party selection that's been added over the last few years. So I think testament to that is the sales that we had in the fourth quarter. In a very competitive and deal-driven environment, people came, Prime members and others came to Amazon to do their shopping. So we're encouraged by it.

因此 Prime 的健康狀況非常好。正如安迪之前提到的，我們正在繼續努力提高我們的交貨速度，以獲得更多的一日發貨。我們認為這也會受到 Prime 會員的歡迎。但它是價格選擇和便利性的結合。我認為我們已經在所有這些方面取得了進展，尤其是在過去幾年中添加的第三方選擇。所以我認為證明這一點的是我們在第四季度的銷售額。在競爭激烈、交易驅動的環境中，人們、Prime 會員和其他人來到亞馬遜購物。所以我們對此感到鼓舞。

Just to add really one piece here, which is just, if you step back and think about a lot of subscription programs, there are a number of them that are $14, $15 a month really for entertainment content, which is more than what Prime is today. If you think about the value of Prime, which is less than what I just mentioned, where you get the entertainment content on the Prime Video side and you get the shipping benefit, the fast shipping benefit you can't find elsewhere and you get the music benefit, you get the Prime Gaming benefit and you get the photos benefit and you get the Buy with Prime capability, use your Prime subscription on websites beyond just Amazon and some of the grocery benefits that we provide, and RxPass like we just launched to get a number of medications people take regularly for $5 a month unlimited, that is remarkable value that you just don't find elsewhere. And we will continue to add things to Prime and continue to experiment with lots of different features and benefits. But it's still early days. And as we continue to make the service better and better and fully featured, we see people continuing to spend more at Amazon across our various businesses. So we're optimistic about it.

只是在這裡添加一點，如果你退一步想想很多訂閱程序，其中有很多是每月 14 美元，15 美元的娛樂內容，這比 Prime 還多今天。如果你考慮一下 Prime 的價值，它比我剛才提到的要低，你可以在 Prime Video 端獲得娛樂內容，並獲得運輸優勢，你在其他地方找不到的快速運輸優勢，你可以獲得音樂優惠，您獲得 Prime 遊戲優惠，您獲得照片優惠，您獲得 Buy with Prime 功能，在亞馬遜以外的網站上使用您的 Prime 訂閱和我們提供的一些雜貨優惠，以及我們剛剛推出的 RxPass以每月 5 美元的價格無限制地獲得人們定期服用的多種藥物，這是您在其他地方找不到的非凡價值。我們將繼續為 Prime 添加內容，並繼續試驗許多不同的功能和優勢。但現在還為時尚早。隨著我們繼續使服務變得越來越好和功能齊全，我們看到人們繼續在我們的各種業務中在亞馬遜上花費更多。所以我們對此持樂觀態度。

And our final question comes from Mark Mahaney with Evercore ISI.

我們的最後一個問題來自 Evercore ISI 的 Mark Mahaney。

Two questions. Brian, just any color on why mid-teens is kind of a holdable growth rate for AWS over the next couple of quarters, given what looks like pretty clearly, continuing deterioration in enterprise demand?

兩個問題。布賴恩，鑑於看起來很明顯，企業需求持續惡化，為什麼在接下來的幾個季度中 15 歲左右的 AWS 增長率是可控的？

And then, Andy, I wonder at a high level if you could just talk about how your priorities may have changed or the company's priorities may have changed over the last year or so as you've been the CEO. And it looks like there's a bit of a peel back on devices, a peel back on physical stores, except for groceries and then maybe a little bit more of a lean in on health. And I'm not quite sure what you're doing with entertainment content spend like that. Maybe it's the same, maybe it's a little bit more. But just at a high level, how would you say your priorities have changed or are different than the prior CEOs?

然後，安迪，我在高層想知道你是否可以談談你的優先事項可能發生了怎樣的變化，或者公司的優先事項在過去一年左右的時間裡可能發生了變化，因為你一直是首席執行官。看起來設備上有一些剝離，實體店剝離，除了雜貨，然後可能更多地傾向於健康。而且我不太確定您在娛樂內容方面做了什麼。也許一樣，也許多一點。但在較高的層面上，您如何看待您的優先事項發生了變化或與之前的 CEO 不同？

So on the AWS growth rate, I'm not sure I can forecast for you with any level of certainty what is going to happen beyond this quarter. You kind of -- this is a bit uncharted territories economically. And as we mentioned, there's some unique things going on with the customer base that I think many in this industry are all seeing the same thing.

因此，關於 AWS 增長率，我不確定我能否準確地為您預測本季度之後會發生什麼。你有點——這在經濟上有點未知。正如我們提到的，客戶群正在發生一些獨特的事情，我認為這個行業的許多人都看到了同樣的事情。

So I don't have a crystal ball on that one, but we are going to continue to work for to be there for our customers. And as I said in the earlier comments, we do have new deals. We have new workloads coming to the cloud. The value was there. And whether there's short term, perhaps short-term belt tightening in the infrastructure expense by a lot of companies, I think the long-term trends are still there. And I think the quickest way to save money is to get to the cloud, quite frankly.

所以我沒有那個水晶球，但我們將繼續努力為我們的客戶服務。正如我在之前的評論中所說，我們確實有新的交易。我們有新的工作負載進入雲端。價值就在那裡。而且無論是否存在短期，也許許多公司在基礎設施支出方面的短期緊縮，我認為長期趨勢仍然存在。坦率地說，我認為最快的省錢方法是使用雲。

So there's a lot of long-term positive in tough economic times. Saw that in 2020 when volumes for customers shifted very quickly. It led to a resurgence after that and probably acceleration of people's journeys to the cloud, and we'll just have to see if that happens again with what we're seeing today.

因此，在艱難的經濟時期有很多長期的積極因素。看到 2020 年客戶數量變化非常快。在那之後它導致了復興，並且可能加速了人們向雲計算的旅程，我們只需要看看我們今天看到的情況是否會再次發生。

Yes. I would say I think for any leadership team, each era is different, and it's often meaningfully impacted by what's happening around you. And I think that if you look at the last couple of years with things like the pandemic and the labor shortage in 2021 and the war in Ukraine and inflation and uncertain economy, good leadership teams look around and try to figure out what that means and how they should adjust their businesses.

是的。我想說的是，我認為對於任何領導團隊來說，每個時代都是不同的，並且它通常會受到您周圍發生的事情的重大影響。而且我認為，如果你回顧過去幾年的流行病、2021 年的勞動力短缺、烏克蘭戰爭、通貨膨脹和不確定的經濟，優秀的領導團隊會環顧四周，並試圖弄清楚這意味著什麼以及如何他們應該調整他們的業務。

And so if you look at -- in the early part of 2022, I think we realized that as we tried to make sure we met the surge in demand for consumers and sellers and having to make decisions in 2020 for what fulfillment network investments we're going to make in 2022, we just had more capacity than we needed. And you saw us in the early part of 2022 delay some of our builds and mothballed some of our facilities to try and be more economic.

因此，如果你看看——在 2022 年初，我認為我們意識到，當我們努力確保滿足消費者和賣家激增的需求時，我們必須在 2020 年就我們的履行網絡投資做出決定。我們將在 2022 年製造，我們的產能超出了我們的需要。你看到我們在 2022 年初推遲了一些建設，並封存了一些設施，以試圖更經濟。

And I think when we look at some of our physical business investments, physical store investments, I think there were just some areas where we didn't have conviction that they were going to be big needle movers for Amazon. And so that's why we closed down our 4-Star bookstores. And as we got into the early part of the summer, where we start our operating planning process, we -- and there was a lot of things happening in the macro economy, we started that process with the high-level tenet of we want to find a way to meaningfully streamline our costs in all of our businesses, not just their existing large businesses, but also in some of the investments we're making. We want to actually do a pretty good, thorough look about what we're investing and how much we think we need to, but doing so without having to give up our ability to invest in the key long-term strategic investments that we think could change broad customer experiences and change Amazon over time.

而且我認為，當我們審視我們的一些實體業務投資、實體店投資時，我認為只有一些領域我們不相信它們會成為亞馬遜的大推動者。這就是我們關閉四星級書店的原因。當我們進入夏初時，我們開始了我們的運營規劃過程，我們——宏觀經濟中發生了很多事情，我們以我們想要的高層宗旨開始了這個過程找到一種方法來有意義地簡化我們所有業務的成本，不僅是他們現有的大型業務，還有我們正在進行的一些投資。我們實際上想對我們正在投資的內容以及我們認為需要投資的金額做一個非常好的、徹底的審視，但這樣做不會放棄我們投資於我們認為可以的關鍵長期戰略投資的能力隨著時間的推移改變廣泛的客戶體驗並改變亞馬遜。

And you saw that process led to us choosing to pause on incremental headcount as we tried to assess what was happening in the economy, and we eliminated some programs in fabric.com and Amazon Care and Amazon Glo and Amazon Explore. We decided to go slower on some -- on the physical store expansion in the grocery space until we had a format that we really believed in rolling out and we went a little bit slower on some devices, and until we made the very hard decision that Brian talked about earlier, which was the hardest decision I think we've all been a part of, which was to reduce or eliminate 18,000 roles. And so those were all done with an eye towards trying to streamline our cost but still be able to invest in the things that we think really matter over the long term.

你看到這個過程導致我們選擇暫停增加員工人數，因為我們試圖評估經濟中發生的事情，我們取消了 fabric.com 和 Amazon Care 以及 Amazon Glo 和 Amazon Explore 中的一些程序。我們決定在某些方面放慢速度——在雜貨店領域的實體店擴張，直到我們有了一種我們真正相信推出的格式，我們在某些設備上放慢一點，直到我們做出非常艱難的決定布賴恩早些時候談到，這是我認為我們都參與過的最艱難的決定，即減少或取消 18,000 個職位。因此，所有這些都是為了精簡我們的成本，但仍然能夠投資於我們認為從長遠來看真正重要的事情。

Now we have a way of looking at investments that is different maybe from some other companies. I'm not saying it's right or wrong. It's just the way we look at it, which is when we think about big areas to invest in, we ask ourselves a few questions. We ask, if we were successful, could it really be big and move the needle at Amazon, which is a high bar at a place like Amazon? Do we think it's being well served today? Do we have a differentiated approach? And do we have some competence in those areas? And if we don't, can we acquire them quickly? And if we like the answers to those questions, we will invest.

現在我們有一種看待投資的方式可能不同於其他一些公司。我不是說這是對還是錯。這只是我們看待它的方式，即當我們考慮要投資的大領域時，我們會問自己幾個問題。我們問，如果我們成功了，它真的能做大並在亞馬遜這樣的地方發揮高標準嗎？我們認為它今天得到很好的服務嗎？我們有差異化的方法嗎？我們在這些領域有能力嗎？如果我們不這樣做，我們能否快速獲得它們？如果我們喜歡這些問題的答案，我們就會投資。

Sometimes, that leads to very logical extensions for people. When I got to Amazon 25 years ago, we were a books-only retailer. And when we expanded into music and video and electronics, that seemed pretty natural to people. Amazingly, people were very surprised we were expanding into tools. That seemed far field for people, but it turned out not to be.

有時，這會導致人們進行非常合乎邏輯的擴展。 25 年前我剛到亞馬遜時，我們還是一家圖書零售商。當我們擴展到音樂、視頻和電子產品時，這對人們來說似乎很自然。令人驚訝的是，人們對我們擴展到工具領域感到非常驚訝。這對人們來說似乎很遙遠，但事實證明並非如此。

When we launch something like Buy with Prime, I think people see that as more predictable. That process has also led us to less predictable investments. And I remember, I had a front-row seat in the AWS experience, having worked with the team and led the team from the very start. And I remember both externally and internally, there were a number of people who wondered why we were doing that. It was so different from retail only. But think about how different a company Amazon would be today if we hadn't invested in AWS.

當我們推出像 Buy with Prime 這樣的服務時，我認為人們認為這更容易預測。這一過程也導致我們進行了更不可預測的投資。我記得，我在 AWS 體驗中處於前排位置，與團隊合作並從一開始就領導團隊。我記得在外部和內部，有很多人想知道我們為什麼要這樣做。它與僅零售有很大不同。但是想一想，如果我們沒有投資 AWS，今天的亞馬遜公司會有多麼不同。

And so that informs some of the other meaningful investments we're making beyond our stores, in retail and advertising and AWS businesses. I think that while we've gone slower in some devices and things, we still -- when we look at the answers to those 4 questions, we are very enthusiastic about our investments in streaming entertainment devices, our low Earth orbit satellite and Kuiper, health care and a few other things. And I think that do I think every one of our new investments will be successful? History would say that, that would be a long shot. However, it only takes one or two of them becoming the fourth pillar for Amazon for us to be a very different company over time.

因此，這為我們在商店之外、零售和廣告以及 AWS 業務中進行的一些其他有意義的投資提供了信息。我認為，雖然我們在某些設備和事情上進展緩慢，但我們仍然——當我們查看這 4 個問題的答案時，我們對我們在流媒體娛樂設備、我們的低地球軌道衛星和 Kuiper 上的投資非常熱情，醫療保健和其他一些事情。我認為我認為我們的每一項新投資都會成功嗎？歷史會說，那將是一個遠景。然而，隨著時間的推移，只要其中一兩個成為亞馬遜的第四大支柱，我們就會成為一家截然不同的公司。

So I think it's very worthwhile. We're going to continue to invest. We're going to be very thoughtful about how we streamline our costs, and I think you see a lot of that, but we're also going to continue to invest for the long term.

所以我覺得非常值得。我們將繼續投資。我們將對如何精簡成本進行深思熟慮，我想你看到了很多，但我們也將繼續進行長期投資。

Thank you for joining us today on the call 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。我們的投資者關係網站上將提供至少 3 個月的重播。感謝您對亞馬遜的關注，我們期待下個季度再次與您交談。