亞馬遜 (AMZN) 2023 Q1 法說會逐字稿

Good day, everyone, and welcome to the Amazon.com First Quarter 2023 Financial Results Teleconference. (Operator Instructions) Today's call is being recorded. 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.

大家好，歡迎參加 Amazon.com 2023 年第一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。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 Q1 2023 financial results conference call. Joining us today to answer your questions is Andrew 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.

您好，歡迎來到我們的 2023 年第一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 Andrew 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。

Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2022. Our comments and responses to your questions reflect management's views as of today, April 27, 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.

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在 2022 年可比期間的結果進行比較。我們對您問題的評論和答复僅反映管理層截至 2023 年 4 月 27 日的觀點，並將包括前瞻性聲明。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. Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions.

在這次電話會議中，我們可能會討論某些非 GAAP 財務指標。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。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。

Our results are inherently unpredictable and may be materially affected by many factors, including 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 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、區域勞動力市場限制的影響、世界大事、互聯網的增長率、在線商務和雲服務以及我們向美國證券交易委員會提交的文件中詳述的各種因素。

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

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。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'll make some comments regarding our Q1 results. Let's begin with revenue. For the first quarter, our worldwide net sales were $127.4 billion, up 9% year-over-year, or 11% excluding approximately 210 basis points of unfavorable impact from changes in foreign exchange rates. This was above the top end of our guidance range.

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，我將對我們第一季度的結果發表一些評論。讓我們從收入開始。第一季度，我們的全球淨銷售額為 1274 億美元，同比增長 9%，或 11%，不包括匯率變動帶來的約 210 個基點的不利影響。這高於我們指導範圍的上限。

Overall, we are pleased with the growth that we're seeing in worldwide stores businesses, including quarter-over-quarter revenue acceleration in the International segment, which is helped by easing macroeconomic pressures in Europe. Across the geographies we serve, customers appreciate our focus on staying sharp on pricing, having strong selection and easier convenience, including delivery speeds, which continued to improve throughout the first quarter. That said, the uncertain economic environment and ongoing inflationary pressures continue to be a factor, and we believe it's continuing to drive cautious spending across consumers. This means our customers are looking to stretch their budgets further and are focused on value.

總體而言，我們對全球商店業務的增長感到滿意，包括國際部門收入環比加速增長，這得益於歐洲宏觀經濟壓力的緩解。在我們服務的各個地區，客戶讚賞我們專注於保持敏銳的定價、豐富的選擇和更方便的便利，包括交付速度，這在整個第一季度持續提高。儘管如此，不確定的經濟環境和持續的通脹壓力仍然是一個因素，我們相信它會繼續推動消費者謹慎消費。這意味著我們的客戶希望進一步擴大預算並關注價值。

We saw moderated spending on discretionary categories as well as shifts to lower-priced items and healthy demand in everyday essentials, such as consumables and beauty. Third-party sellers, including businesses who elect to utilize Fulfillment by Amazon for their storage and shipping services are a key contributor to the selection offered to customers. We also continued to invest meaningfully in brand protection efforts, including industry-leading technology so that sellers can trust we will provide a great selling experience free from bad actors. Sellers comprise 59% of overall unit sales in Q1, up from 55% 1 year ago.

我們看到可自由支配類別的支出有所減少，轉向低價商品以及對日常必需品（如消耗品和美容）的健康需求。第三方賣家，包括選擇使用亞馬遜物流進行存儲和運輸服務的企業，是向客戶提供選擇的關鍵因素。我們還繼續對品牌保護工作進行有意義的投資，包括行業領先的技術，以便賣家可以相信我們將提供沒有不良行為者的良好銷售體驗。賣家佔第一季度整體單位銷售額的 59%，高於一年前的 55%。

We also saw strong engagement in our advertising services with revenue up 23% year-over-year, excluding the impact from changes in foreign exchange rates. In particular, our sponsored product and brand offerings remain a key driver of growth as we work with advertisers to help customers make more informed purchase decisions.

我們還看到我們的廣告服務參與度很高，收入同比增長 23%，不包括匯率變化的影響。特別是，我們的讚助產品和品牌產品仍然是增長的關鍵驅動力，因為我們與廣告商合作，幫助客戶做出更明智的購買決定。

Our teams remain focused on delivering performance through our comprehensive and flexible measurement capabilities along with insights that allow advertisers the ability to measure the return on their advertising spend and help them grow their business.

我們的團隊仍然專注於通過我們全面而靈活的衡量能力以及洞察力來提供績效，這些洞察力使廣告商能夠衡量他們的廣告支出回報並幫助他們發展業務。

In AWS, net sales were $21.4 billion in the first quarter, up 16% year-over-year and representing an annualized sales run rate of more than $85 billion. Given the ongoing economic uncertainty, customers of all sizes in all industries continue to look for cost savings across their businesses, similar to what you've seen us doing at Amazon. As expected, customers continue to evaluate ways to optimize their cloud spending in response to these tough economic conditions in the first quarter. And we are seeing these optimizations continue into the second quarter with April revenue growth rates about 500 basis points lower than what we saw in Q1.

在 AWS，第一季度淨銷售額為 214 億美元，同比增長 16%，年化銷售額超過 850 億美元。鑑於持續的經濟不確定性，各行各業、各種規模的客戶都在繼續尋求在他們的企業中節省成本，這與您在亞馬遜看到的我們所做的類似。正如預期的那樣，客戶繼續評估優化其云支出的方法，以應對第一季度這些艱難的經濟狀況。我們看到這些優化持續到第二季度，4 月份的收入增長率比我們在第一季度看到的低約 500 個基點。

As a reminder, we're not trying to optimize for any one quarter or year. We're working to build customer relationships and a business that will outlast all of us. Therefore, our AWS sales and support teams continue to spend much of their time helping customers optimize their AWS spend so that they can better weather this uncertain economy. This customer orientation is built into our DNA and how we think about our customer relationships and business over the long term.

提醒一下，我們並不是要針對任何一個季度或一年進行優化。我們正在努力建立客戶關係和一個比我們所有人都更長久的業務。因此，我們的 AWS 銷售和支持團隊繼續花費大量時間幫助客戶優化他們的 AWS 支出，以便他們能夠更好地度過這個不確定的經濟。這種以客戶為導向的理念根植於我們的 DNA 以及我們長期思考客戶關係和業務的方式。

Now let's shift to worldwide operating income. For the first quarter, we reported $4.8 billion in operating income, above the top end of our guidance range. This operating income was negatively impacted by an estimated employee severance charge of approximately $470 million in Q1, including $270 million related to AWS. As we finalized our annual planning process and considered the ongoing economic environment, we made the difficult decision to eliminate 9,000 roles, impacting our AWS business as well as Twitch, devices, advertising and our human resources teams.

現在讓我們轉向全球營業收入。第一季度，我們報告的營業收入為 48 億美元，高於我們指導範圍的上限。這一營業收入受到第一季度估計約 4.7 億美元的員工遣散費的負面影響，其中包括與 AWS 相關的 2.7 億美元。在我們完成年度規劃流程並考慮持續的經濟環境時，我們做出了裁員 9,000 個職位的艱難決定，這影響了我們的 AWS 業務以及 Twitch、設備、廣告和我們的人力資源團隊。

In Q1, our year-over-year growth in stores revenue and unit sales outpaced growth in both our fulfillment expense and our outbound shipping costs. Inflationary pressures continued to ease quarter-over-quarter, primarily driven by reductions in linehaul shipping rates as well as lower diesel fuel and electricity costs. We also built on the progress we made throughout 2022 in improving productivity in our fulfillment network through continued process and tech improvements. We exited Q4 with a good balance of labor throughout the network and leveraged that throughout Q1 with customer demand patterns remaining more stable compared to Q1 of last year.

在第一季度，我們商店收入和單位銷售額的同比增長超過了我們的履行費用和出境運輸成本的增長。通脹壓力環比繼續緩解，這主要是由於長途運輸費率下降以及柴油和電力成本下降所致。我們還以我們在整個 2022 年取得的進展為基礎，通過持續的流程和技術改進來提高我們的履行網絡的生產力。我們在整個網絡中以良好的勞動力平衡退出了第四季度，並在整個第一季度利用了這一點，與去年第一季度相比，客戶需求模式保持更加穩定。

As labor availability has stabilized and inventory supply chain challenges have moderated, we're able to implement some significant structural changes to transition our U.S. fulfillment network to a regionalized model. We believe these improvements put us in a good position to improve both delivery speed and our cost to serve customers over time.

隨著勞動力供應的穩定和庫存供應鏈挑戰的緩和，我們能夠實施一些重大的結構變革，將我們的美國履行網絡轉變為區域化模式。我們相信這些改進使我們處於有利地位，可以隨著時間的推移提高交付速度和我們為客戶服務的成本。

We reported overall net income of $3.2 billion in the first quarter. While we primarily focus our comments on operating income, I'd point out that this net income includes a pretax valuation loss of $467 million included in nonoperating expense 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 to quarter-to-quarter fluctuations in Rivian's stock price.

我們報告第一季度的整體淨收入為 32 億美元。雖然我們主要關注營業收入，但我要指出的是，這一淨收入包括我們對 Rivian Automotive 普通股投資的非營業費用中的 4.67 億美元稅前估值損失。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。

Turning to cash flows. We remain focused on building long-term sustainable growth in free cash flow, including our efforts towards a strong cash flow accretive working capital cycle. Our operating cash flow for the trailing 12 months ended March 31 increased to $54.3 billion, up 38% versus the comparable period year-over-year.

轉向現金流。我們仍然專注於建立自由現金流的長期可持續增長，包括我們努力實現強勁的現金流增值營運資本週期。截至 3 月 31 日止的過去 12 個月，我們的運營現金流增至 543 億美元，同比增長 38%。

Besides the cash benefit of improved profitability year-over-year, we've also seen supply chains easing up and made progress to improve our inventory purchasing and payment cycles, which in turn has a positive impact on working capital.

除了盈利能力同比提高帶來的現金收益外，我們還看到供應鏈正在放鬆，並在改善我們的庫存採購和付款週期方面取得了進展，這反過來對營運資金產生了積極影響。

Now let's turn to our capital investments. We define our capital investments as the combination of CapEx plus equipment finance leases. For the full year 2023, we expect capital investments to be lower than our $59 billion investment level in 2022, primarily driven by an expected year-over-year decrease in fulfillment network investments. We're continuing to invest in infrastructure to support AWS customer needs, including investments to support large language models and generative AI.

現在讓我們轉向我們的資本投資。我們將我們的資本投資定義為資本支出加上設備融資租賃的組合。對於 2023 年全年，我們預計資本投資將低於我們 2022 年的 590 億美元投資水平，這主要是由於履行網絡投資的預期同比下降。我們將繼續投資於基礎設施以支持 AWS 客戶的需求，包括投資以支持大型語言模型和生成 AI。

Before we open the call up for your questions, I'll hand it over to Andy to share some high-level perspectives on the first quarter.

在我們開始徵集您的問題之前，我會把它交給 Andy 來分享一些關於第一季度的高層觀點。

Thanks, Brian. I'll share a few thoughts before opening up for questions. From my perspective, I think there's a fair bit to like about how our teams are delivering for customers and the results we're starting to see.

謝謝，布萊恩。在開始提問之前，我將分享一些想法。從我的角度來看，我認為我們的團隊如何為客戶提供服務以及我們開始看到的結果有一點值得喜歡。

In our storage business, we've been very focused on reducing our cost to serve in our fulfillment network. As we shared in the past, given the unexpected surge in demand during the pandemic, we doubled the size of our fulfillment center footprint and largely built a transportation network the size of UPS in a couple of years. This ended up substantially changing the number of nodes and connections in our fulfillment network. And as a result, we spent the last several months not only redesigning dozens of processes to drive better productivity but also re-architecting our placement approach and larger fulfillment center footprint to move from a national fulfillment network in the U.S. to a regional one.

在我們的存儲業務中，我們一直非常專注於降低在我們的履行網絡中提供服務的成本。正如我們過去分享的那樣，鑑於大流行期間需求意外激增，我們將運營中心的佔地面積擴大了一倍，並在幾年內建立了一個與 UPS 規模相當的運輸網絡。這最終大大改變了我們履行網絡中的節點和連接數量。因此，在過去的幾個月裡，我們不僅重新設計了數十個流程以提高生產力，還重新設計了我們的放置方法和更大的履行中心足跡，以從美國的國家履行網絡轉變為區域性履行網絡。

It means we've created 8 interconnected regions in geographic areas with each of these regions having broad relevant selection to operate in a largely self-sufficient way while still being able to ship nationally when necessary. We just recently completed this rollout and are quite bullish on the early results. Not surprisingly, shorter travel distances means lower cost to serve and customers getting their orders faster. And while on the topic of delivery speed, we're really excited about our progress in providing customers more 1-day and same-day deliveries and are on track to have our fastest Prime delivery speeds ever in 2023.

這意味著我們在地理區域中創建了 8 個相互關聯的區域，每個區域都有廣泛的相關選擇，以基本上自給自足的方式運營，同時在必要時仍然能夠在全國范圍內發貨。我們最近剛剛完成了這次推出，並且非常看好早期結果。毫不奇怪，更短的旅行距離意味著更低的服務成本和更快的客戶訂單。在談到交付速度這一主題時，我們對我們在為客戶提供更多 1 天和當天交付方面取得的進展感到非常興奮，並且有望在 2023 年實現有史以來最快的 Prime 交付速度。

On the advertising side, we're continuing to buck wider advertising trends and deliver robust growth. I think there are a few reasons for it. First, even in difficult economies, most people still shop. And with the largest e-commerce shopping venue, we have a lot of customers that companies seek to reach. That, coupled with our very substantial investment in machine learning to make sure customers see relevant ads when they're looking for various items, have meant that these advertisements have performed unusually well for brands, which makes them want to advertise in Amazon.

在廣告方面，我們將繼續與更廣泛的廣告趨勢抗衡並實現強勁增長。我認為有幾個原因。首先，即使在經濟困難時期，大多數人仍然會購物。憑藉最大的電子商務購物場所，我們擁有許多公司尋求接觸的客戶。再加上我們在機器學習方面投入了大量資金，以確保客戶在尋找各種商品時看到相關廣告，這意味著這些廣告對品牌來說表現異常出色，這讓他們想在亞馬遜上做廣告。

It's also worth noting that we're still very early in our efforts to find a way to thoughtfully place ads in our broader video, live sports, audio and grocery properties. We have a lot of upside still in advertising.

還值得注意的是，我們仍在早期努力尋找一種方法，以便在我們更廣泛的視頻、體育直播、音頻和雜貨資產中精心投放廣告。我們在廣告方面還有很多優勢。

In AWS, what we're seeing is enterprises continuing to be cautious in their spending in this uncertain time. Customers are looking for ways to save money however they can right now. They tell us that most of it is cost optimizing versus cost cutting, which is an interesting distinction because they say they're cost optimizing to reallocate those resources on new customer experiences. One of the great attributes of the cloud is that you can scale seamlessly up or down as demand dictates, which is not the case with on-premises infrastructure.

在 AWS 中，我們看到的是企業在這個不確定的時期繼續對支出持謹慎態度。客戶正在尋找省錢的方法，但他們現在可以。他們告訴我們，其中大部分是成本優化與成本削減，這是一個有趣的區別，因為他們說他們正在成本優化以將這些資源重新分配給新的客戶體驗。雲的一大優點是您可以根據需要無縫地向上或向下擴展，而本地基礎設施則不然。

Customers want help finding ways to spend less during this challenging time, and given that it's best for customers long term, we've been actively helping customers make these adjustments. We've spent a fair bit of time analyzing what we're seeing, and I've spent a good chunk of time myself looking as well, and we like the fundamentals of what we're seeing in AWS.

在這個充滿挑戰的時期，客戶希望獲得幫助以找到減少支出的方法，並且考慮到這對客戶的長期利益是最好的，我們一直在積極幫助客戶進行這些調整。我們花了相當多的時間來分析我們所看到的，我自己也花了很多時間來查看，我們喜歡我們在 AWS 中看到的基礎知識。

The new customer pipeline looks strong. The set of ongoing migrations of workloads to AWS is strong. The product innovation and delivery is rapid and compelling, and people sometimes forget that 90-plus percent of global IT spend is still on-premises. If you believe that equation is going to flip, which we do, it's going to move to the cloud and having the cloud infrastructure offering with the broadest functionality by a fair bit, the best security and operational performance and the largest partner ecosystem bodes well for us moving forward.

新的客戶渠道看起來很強大。不斷將工作負載遷移到 AWS 的過程很強大。產品創新和交付迅速而引人注目，人們有時會忘記全球 90% 以上的 IT 支出仍在本地。如果您認為方程式會發生逆轉，我們就是這樣做的，那麼它將轉移到雲中，並且云基礎設施提供最廣泛的功能，最好的安全性和運營性能以及最大的合作夥伴生態系統預示著我們前進。

But we're not close to being done inventing in AWS. Our recent announcement on large language models and generative AI and the chips and managed services associated with them is another recent example. And in my opinion, few folks appreciate how much new cloud business will happen over the next several years from the pending deluge of machine learning that's coming.

但我們離完成 AWS 的發明還很遠。我們最近發布的關於大型語言模型和生成式 AI 以及與之相關的芯片和託管服務的公告是最近的另一個例子。在我看來，很少有人意識到在未來幾年內，由於即將到來的機器學習洪流，將會出現多少新的雲業務。

This past year has seen us do a fair bit of cost streamlining. As I mentioned in my recent shareholder letter, we took a deep look across the company and asked ourselves whether we had conviction about each initiative's long-term potential to drive enough revenue, operating income, free cash flow and return on invested capital.

在過去的一年裡，我們做了相當多的成本精簡工作。正如我在最近的股東信中提到的那樣，我們深入了解了整個公司，並自問我們是否對每項舉措的長期潛力充滿信心，以推動足夠的收入、營業收入、自由現金流和投資資本回報。

In some cases, it led us to shuttering certain businesses like our physical bookstores, 4-star stores, Amazon Fabric, Amazon Care and certain devices where we didn't see a path to meaningful returns. In other cases, we've looked at some programs that weren't producing the returns we'd hoped, example, free shipping for all online grocery orders over $35 and changed them. We also made the very difficult decision to eliminate about 27,000 corporate roles. Like most leadership teams, we'll continue to evaluate what we're seeing in our business and proceed adaptively.

在某些情況下，它導致我們關閉了某些業務，例如我們的實體書店、四星級商店、Amazon Fabric、Amazon Care 和某些我們看不到有意義回報途徑的設備。在其他情況下，我們研究了一些沒有產生我們希望的回報的計劃，例如，所有超過 35 美元的在線雜貨訂單免費送貨，並改變了它們。我們還做出了裁員約 27,000 個公司職位的艱難決定。與大多數領導團隊一樣，我們將繼續評估我們在業務中看到的情況並採取適應性行動。

But while we've taken several actions to streamline our costs, we've been able to do so while still pursuing the key strategic long-term investments that we believe can meaningfully make customers' lives better and potentially change what Amazon is. These are investments both in our larger businesses mentioned earlier as well as in areas like international expansion in our stores business, large retail market segments in which we're still nascent, like grocery and business-to-business, allowing consumers to use Prime off of Amazon in our Buy with Prime program, entertainment, devices, health care and our low Earth orbit satellite for the hundreds of millions of households, companies and government entities that have limited to no connectivity.

但是，儘管我們已採取多項措施來精簡成本，但我們能夠做到這一點，同時仍在追求關鍵的戰略長期投資，我們認為這些投資可以有意義地改善客戶的生活並有可能改變亞馬遜的面貌。這些投資既包括我們前面提到的更大的業務，也包括我們商店業務的國際擴張、我們仍處於起步階段的大型零售市場領域，如雜貨店和企業對企業，允許消費者使用 Prime off亞馬遜在我們的 Buy with Prime 計劃、娛樂、設備、醫療保健和我們的近地軌道衛星中為數億家庭、公司和政府實體提供服務，這些家庭、公司和政府實體僅限於沒有連接。

It's hard to predict that all of these will be successful but only 1 or 2 working would change our business over the long term. We have a lot of work in front of us, but I like the direction we're headed and strongly believe our best days are in front of us.

很難預測所有這些都會成功，但從長遠來看，只有一兩個工作會改變我們的業務。我們面前有很多工作要做，但我喜歡我們前進的方向，並且堅信我們最好的日子就在我們面前。

And with that, I'll open it up for questions.

有了這個，我會打開它來提問。

(Operator Instructions) Our first question comes from the line of Doug Anmuth with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Doug Anmuth。

Andy, you talked about the continued optimization. Just curious, can you talk about the degree to which optimization has been done in AWS versus what you think could still lie ahead? And when do you start to lap some of those efforts?

Andy，你談到了持續優化。只是好奇，您能談談 AWS 中優化的程度以及您認為未來可能實現的優化程度嗎？您什麼時候開始進行其中的一些努力？

And then also on the CapEx side, I think you said overall CapEx would be down in '23. Can you just help us understand that a little bit better between retail and AWS? And then what's required on CapEx from a generative AI and large language model perspective?

然後在資本支出方面，我想你說過 23 年整體資本支出會下降。您能否幫助我們了解零售和 AWS 之間的關係更好一點？那麼從生成式 AI 和大型語言模型的角度來看，CapEx 需要什麼？

This is Brian. I'll take the first -- or the second part of that question first. On CapEx, we spent $59 million -- $59 billion, excuse me, last year. And we -- on our core fulfillment and transportation areas, we actually are spending less year-over-year, and those estimates are going down, the gap or the increases in AWS and infrastructure and we are adding more dollars to the -- for large language models and generative AI. So we're creating some space in our fulfillment and transportation number that has been repurposed over to AWS. We still think the combined CapEx will be lower year-over-year.

這是布萊恩。我將首先回答該問題的第一部分或第二部分。在資本支出方面，我們去年花費了 5900 萬美元——對不起，590 億美元。而且我們 - 在我們的核心履行和運輸領域，我們實際上比去年同期花費更少，而且這些估計正在下降，AWS 和基礎設施的差距或增加，我們正在增加更多的美元 - 對於大型語言模型和生成人工智能。因此，我們正在我們的履行和運輸編號中創建一些空間，這些空間已重新用於 AWS。我們仍然認為綜合資本支出將同比下降。

Just on your first question, Doug. It's hard to say exactly where we are in the process. I think that what we continue to see when we talk with customers is that they're appropriately cautious about what they're seeing in the economy. They're trying to find ways to save money, as most companies are, including our own. And -- we have a long track record, which we continue to pursue, which I think makes sense for customers and for our business long term that we're not trying to optimize for a quarter or for a year.

關於你的第一個問題，道格。很難說我們在這個過程中的確切位置。我認為，當我們與客戶交談時，我們繼續看到的是，他們對他們在經濟中看到的情況持適當的謹慎態度。他們正在努力尋找省錢的方法，就像大多數公司一樣，包括我們自己的公司。而且 - 我們有一個長期的記錄，我們將繼續追求，我認為這對客戶和我們的業務長期來說是有意義的，我們不會嘗試優化一個季度或一年。

We're going to do whatever it takes to help customers be successful over a long period of time because we're trying to build relationships in a business that outlasts all of us. And so we're spending a lot of time with customers, trying to help them think of smart ways, not short-term ways, but smart ways to optimize their costs and to be able to scale up and down.

我們將盡一切努力幫助客戶在很長一段時間內取得成功，因為我們正在努力在一個比我們所有人都更持久的業務中建立關係。所以我們花了很多時間與客戶在一起，試圖幫助他們想出聰明的方法，而不是短期的方法，而是優化成本並能夠擴大和縮小規模的聰明方法。

And again, one of the big advantages of the cloud is that if you grow quickly, you can seamlessly scale up. But when you don't have the demand, you can give it back to us and stop paying for it, and that is not true with what you see on premises. And so we're trying to work hard to help customers with that.

同樣，雲的一大優勢是，如果您快速增長，就可以無縫擴展。但是當你沒有需求時，你可以把它還給我們並停止支付，而你在現場看到的情況並非如此。因此，我們正在努力幫助客戶解決這個問題。

I think it's important to remember that customers are pretty explicitly telling us that this is not a cost-cutting effort where we intend on spending less money on technology or on the cloud. This is our reprioritizing what matters most to our business at this time and trying to reallocate resource so we can build new customer experience of the change what's possible.

我認為重要的是要記住，客戶非常明確地告訴我們，這不是我們打算在技術或云上花費更少資金的削減成本的努力。這是我們重新確定此時對我們的業務最重要的事情的優先級，並嘗試重新分配資源，以便我們可以為可能的變化建立新的客戶體驗。

And so I think if you think about -- those projects, by the way, take time to build. When you're reallocating, you're reprioritizing, you're redefining what you're going to build, you got to actually go build it before you can implement it. And we're working pretty carefully and closely with customers on those initiatives. I think it's important to remember that there's still so much growth ahead of the cloud, 90-plus percent of the global IT spend is on premises. And so if you believe that equation is going to flip, it's mostly moving to the cloud.

所以我想，如果你考慮一下——順便說一句，這些項目需要時間來構建。當你重新分配時，你在重新確定優先級，你在重新定義你要構建的東西，你必須在實施它之前實際去構建它。我們正在與客戶就這些計劃進行非常仔細和密切的合作。我認為重要的是要記住，在雲計算之前仍有如此多的增長，全球 90% 以上的 IT 支出都在本地。因此，如果您認為等式會發生逆轉，那麼它主要會轉移到雲端。

And I also think that there are a lot of folks that don't realize the amount of nonconsumption right now that's going to happen and be spent in the cloud with the advent of large language models and generative AI. I think so many customer experiences are going to be reinvented and invented that haven't existed before. And that's all going to be spent, in my opinion, on the cloud.

而且我還認為，隨著大型語言模型和生成 AI 的出現，現在有很多人沒有意識到將要發生並在雲中花費的非消費量。我認為許多以前不存在的客戶體驗將被重塑和發明。在我看來，這一切都將花在雲端。

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。

Andy, you've talked a lot in the letter -- the shareholder letter on the last earnings call about driving greater levels of efficiencies in the company and also possibly returning to some of the margin structures we saw pre pandemic and absorbing overcapacity that built up during the pandemic. Can you give us an update on where you think you are in those broad efforts to match margins versus pre-pandemic levels and strike the right balance between profitability and driving your growth initiatives over the next couple of years?

安迪，你在信中談了很多——上次財報電話會議上的股東信，內容涉及提高公司效率，並可能恢復我們在大流行前看到的一些利潤率結構，並吸收積累的過剩產能在大流行期間。您能否向我們介紹一下您認為您在這些廣泛的努力中所處的最新狀態，以使利潤率與大流行前的水平相匹配，並在未來幾年內在盈利能力和推動增長計劃之間取得適當的平衡？

Eric, this is Brian. Let me start on the financial part of that question. So I think we would describe ourselves as like along on the journey and making solid progress on recovering our cost structure and getting it back to pre-pandemic levels. Andy's talked about the efforts in operations and the regionalization of our operations. We've obviously taken a hard look at all of our businesses that we're in over the last 6 to 9 months and have made adjustments there.

埃里克，這是布萊恩。讓我從這個問題的財務部分開始。因此，我認為我們會形容自己就像在旅途中一樣，在恢復我們的成本結構並將其恢復到大流行前水平方面取得了堅實的進展。 Andy 談到了運營方面的努力和我們運營的區域化。顯然，我們已經仔細審視了過去 6 到 9 個月我們所從事的所有業務，並在那裡進行了調整。

But there's still a lot ahead of us, especially on the operational side that if you look at our operating margin in North America, for example, in North America segment, it was 1.2% this quarter. Pre-pandemic, that number was in the 4% to 6% range broadly. So it's a bit of a marker on how much upside. But there's a lot of moving parts in that number. Obviously, there's the advertising. There's investments going on for future growth and there's the core profitability and cost structure that our operations are achieving. So making progress, working hard at it, but it's a -- it's a longer road than bouncing back in 1 or 2 quarters.

但我們還有很多路要走，尤其是在運營方面，如果你看看我們在北美的運營利潤率，例如，在北美地區，本季度為 1.2%。大流行前，這個數字大致在 4% 到 6% 之間。所以它有點標誌了多少上行空間。但是這個數字中有很多移動部件。顯然，有廣告。為未來增長而進行的投資以及我們的業務正在實現的核心盈利能力和成本結構。所以要取得進步，努力工作，但這是一條比在 1 或 2 個季度內反彈更長的路。

Yes. I would just add to that, that we have looked pretty hard at every single one of our businesses. And I think that while it's probably most visible, given the size of it, what's the improvement in the operating margin, the efficiency in our stores business, I think every business is working really hard on finding ways to be more efficient. And as Brian said, I think we're making really good progress in the fulfillment costs in our operations network and our stores business. But one of the things that's been interesting and frankly pretty encouraging to all of us is that as we -- over the last 6 to 9 months, as the network fundamentally changed -- remember, when you go through as much growth as we went through and you add -- you double your fulfillment center footprint and you also build a last-mile transportation network the size of UPS in a couple of years, there's a lot that you have to work on to get that as productive as you want. And we've spent a lot of time working on that the last 6 to 9 months.

是的。我只想補充一點，我們已經非常認真地研究了我們的每一項業務。而且我認為，雖然它可能是最明顯的，但考慮到它的規模，營業利潤率的提高是什麼，我們商店業務的效率，我認為每個企業都在非常努力地尋找提高效率的方法。正如布賴恩所說，我認為我們在運營網絡和商店業務的履行成本方面取得了非常好的進展。但其中一件有趣的事情，坦率地說，對我們所有人來說非常鼓舞人心的是，在過去的 6 到 9 個月裡，隨著網絡發生根本性的變化，請記住，當你們經歷了與我們一樣多的增長時並且您添加 - 您將履行中心的佔地面積增加了一倍，並且還在幾年內建立了一個與 UPS 規模相當的最後一英里運輸網絡，您需要做很多工作才能獲得您想要的生產力。在過去的 6 到 9 個月裡，我們花了很多時間來解決這個問題。

But some of the ways that you operated before, which worked through several elbows of the curve and scale, when they become inefficient, because the network fundamentally changes, they become inefficient in a significant way. And so it's part of what led to the regionalization effort that I talked about.

但是你之前的一些操作方式，通過曲線和比例尺的幾個彎頭工作，當它們變得低效時，因為網絡從根本上發生了變化，它們在很大程度上變得低效。因此，這是導致我談到的區域化努力的一部分。

But it also caused us to really reevaluate virtually everything we do in operations over the last 6 to 9 months. And we have found a lot more opportunities than we even thought were there before. So I'm pretty optimistic that we have a chance not just to recover to where we were pre pandemic in terms of operating margin, but I think there's additional upside with some of the opportunities we've identified.

但這也讓我們真正重新評估了過去 6 到 9 個月我們在運營中所做的幾乎所有事情。我們發現的機會比我們以前想像的要多得多。因此，我非常樂觀地認為，我們不僅有機會在營業利潤率方面恢復到大流行前的水平，而且我認為我們已經確定的一些機會還有額外的好處。

And the next question comes from the line of Brian Nowak with Morgan Stanley.

下一個問題來自 Brian Nowak 與摩根士丹利的對話。

I have 2, Andy. The first one, you talked a lot about the long-term AI and large language model potential out of AWS. I think there's a lot of discussion about AWS' competitive positioning when it comes to these tools. Could you just sort of walk us through 2 or 3 of the key points of differentiation that you think AWS offers in AI tools versus some of the competitors?

我有 2 個，安迪。第一個，您談到了 AWS 的長期人工智能和大型語言模型潛力。我認為在涉及這些工具時，有很多關於 AWS 競爭定位的討論。您能否向我們介紹一下您認為 AWS 在 AI 工具方面與某些競爭對手相比提供的 2 或 3 個關鍵差異點？

And then the second 1 around Echo and Alexa. The neural networks may not be a leading edge of technology now with the rapid emergence of some of these new large language models. How do you think about the key investment priorities for Echo and Alexa going forward? And what's your view on ROIC around that division?

然後是圍繞 Echo 和 Alexa 的第二個 1。隨著一些新的大型語言模型的迅速出現，神經網絡現在可能不是技術的前沿。您如何看待 Echo 和 Alexa 未來的關鍵投資重點？您對該部門的 ROIC 有何看法？

Yes. I'll try and answer those together because they're somewhat related. I think when you think about machine learning, it's useful to remember that we have had a pretty substantial investment in machine learning for 25-plus years in Amazon. It's deeply ingrained in virtually everything we do. It fuels our personalized e-commerce recommendations. It drives the pick pass in our fulfillment centers. We have it in our Go stores. We have it in our Prime Air, our drones. It's obviously in Alexa.

是的。我會嘗試一起回答這些問題，因為它們有些相關。我認為當你想到機器學習時，記住我們在亞馬遜 25 多年的機器學習方面進行了大量投資是很有用的。它幾乎在我們所做的每一件事中都根深蒂固。它推動了我們的個性化電子商務推薦。它推動了我們運營中心的揀選過程。我們的 Go 商店中有它。我們在我們的 Prime Air 無人機中擁有它。它顯然在 Alexa 中。

And then AWS, we have 25-plus machine learning services where we have the broadest machine learning functionality and customer base by a fair bit. And so it is deeply ingrained in our heritage.

然後是 AWS，我們擁有 25 多種機器學習服務，我們擁有最廣泛的機器學習功能和相當多的客戶群。因此，它在我們的傳統中根深蒂固。

I think if you look at what's happened over the last 9 months or so is that these large language models and generative AI capabilities, they've been around for a while, but frankly, the models were not that compelling before about 6, 9 months ago. And they have gotten so much bigger and so much better much more quickly that it really presents a remarkable opportunity to transform virtually every customer experience that exists and many that don't exist that weren't really that easily made possible before.

我想如果你看看過去 9 個月左右發生的事情，這些大型語言模型和生成 AI 功能已經存在了一段時間，但坦率地說，這些模型在大約 6、9 個月之前並沒有那麼引人注目前。而且它們變得越來越大，越來越好，越來越快，這確實提供了一個絕佳的機會，可以改變幾乎所有現有的客戶體驗，以及許多以前不太容易實現的不存在的客戶體驗。

And so it's very early days in that space, but probably not surprisingly. We've been investing in building in our own large language models for several years, and we have a very large investment across the company. And the way I would break it out, Brian, is I would say that there's 3 macro areas in this space. If you think about maybe the bottom layer here, is that all of the large language models are going to run on compute. And the key to that compute is going to be the chips that's in that compute. And to date, I think a lot of the chips there, particularly GPUs, which are optimized for this type of workload, they're expensive and they're scarce. It's hard to find enough capacity.

所以在那個領域還處於早期階段，但可能並不奇怪。多年來，我們一直在投資構建我們自己的大型語言模型，並且我們在整個公司進行了大量投資。布萊恩，我要打破它的方式是，我會說這個空間中有 3 個宏觀區域。如果您考慮這裡的底層，所有大型語言模型都將在計算上運行。該計算的關鍵將是該計算中的芯片。到目前為止，我認為那裡的很多芯片，尤其是針對此類工作負載進行了優化的 GPU，它們既昂貴又稀缺。很難找到足夠的容量。

And so in AWS, we've been working for several years on building customized machine learning chips, and we built a chip that's specialized for training, machine learning training, which we call Trainium, and a chip that's specialized for inference or the predictions that come from the model called Inferentia.

因此，在 AWS 中，我們多年來一直致力於構建定制的機器學習芯片，我們構建了一個專門用於訓練、機器學習訓練的芯片，我們稱之為 Trainium，以及一個專門用於推理或預測的芯片來自稱為 Inferentia 的模型。

The reality, by the way, is that most people are spending most of their time and money on the training. But as these models graduate to production, where they're in the apps, all the spend is going to be in inference. So they both matter a lot.

順便說一下，現實情況是大多數人將大部分時間和金錢都花在了培訓上。但隨著這些模型逐漸投入生產，它們在應用程序中的位置，所有的支出都將用於推理。所以他們都很重要。

And if you look at -- we just released our second versions of both Trainium and Inferentia. And the combination of price and performance that you can get from those chips is pretty differentiated and very significant. So we think that a lot of that machine learning training and inference will run on AWS.

如果你看看——我們剛剛發布了 Trainium 和 Inferentia 的第二個版本。你可以從這些芯片中獲得的價格和性能的組合是非常有區別的，而且非常重要。所以我們認為很多機器學習訓練和推理將在 AWS 上運行。

Then if you think about -- so you have to train the models, you have to run the inference, then you got to -- but you have to build the models. And if you look at the really significant leading large language models, they take many years to build and many billions of dollars to build. And there will be a small number of companies that want to invest that time and money, and we'll be one of them in Amazon. But most companies don't.

然後，如果你考慮 - 所以你必須訓練模型，你必須運行推理，然後你必須 - 但你必須構建模型。如果你看看真正重要的領先大型語言模型，你會發現它們需要很多年的時間和數十億美元的資金來構建。並且會有少數公司想要投入時間和金錢，而我們將成為亞馬遜中的一員。但大多數公司沒有。

And so what most companies really want and what they tell AWS is that they'd like to use one of those foundational models and then have the ability to customize it for their own proprietary data and their own needs and customer experience. And they want to do it in a way where they don't leak their unique IP to the broader generalized model.

因此，大多數公司真正想要的以及他們告訴 AWS 的是，他們希望使用其中一種基礎模型，然後能夠根據自己的專有數據、自己的需求和客戶體驗對其進行定制。他們希望以一種不會將其獨特的 IP 洩露給更廣泛的通用模型的方式來做到這一點。

And that's what Bedrock is, which we just announced a week ago or so. It's a managed foundational model service where people can run foundational models from Amazon, which we're exposing ourselves, which we call Titan. Or they can run it from leading large language model providers like AI 21 and Anthropic and Stability AI. And they can run those models, take the baseline, customize them for their own purposes and then be able to run it with the same security and privacy and all the features they use for the rest of their applications in AWS. That's very compelling for customers.

這就是我們大約一周前剛剛宣布的 Bedrock。這是一種託管的基礎模型服務，人們可以在其中運行來自亞馬遜的基礎模型，我們將自己公開，我們稱之為 Titan。或者他們可以從 AI 21 和 Anthropic and Stability AI 等領先的大型語言模型提供商那裡運行它。他們可以運行這些模型，獲取基線，根據自己的目的對其進行自定義，然後能夠以相同的安全性和隱私性以及他們在 AWS 中用於其餘應用程序的所有功能來運行模型。這對客戶來說非常有吸引力。

And then that third layer are really the applications that are going to be built on top of those large language models. So Chat GPT is a good example of an application that's being built. We'll build some of those applications ourselves. So for instance, we think one of the most compelling applications that are going to be built in generative AI have to do with making developers much more effective with coding assistance.

然後第三層實際上是將要構建在那些大型語言模型之上的應用程序。所以 Chat GPT 是正在構建的應用程序的一個很好的例子。我們將自己構建其中一些應用程序。因此，例如，我們認為將在生成式 AI 中構建的最引人注目的應用程序之一必須與通過編碼幫助提高開發人員效率有關。

And so we built something called CodeWhisperer, which we just announced the general availability for, where developers can plug in a natural language, something like build -- I want to build a video hosting website. And CodeWhisperer will bring up the code you need and the developer needs to employ and put that in production, which is really compelling. If you think about how much more productive developers are going to be and what they're going to spend their time on instead of rewriting code that is nitty and it takes time, I think it's a big deal.

所以我們構建了一個叫做 CodeWhisperer 的東西，我們剛剛宣布了它的普遍可用性，開發人員可以在其中插入一種自然語言，比如構建——我想構建一個視頻託管網站。 CodeWhisperer 將提供您需要的代碼，開發人員需要使用並將其投入生產，這非常引人注目。如果你想一想開發人員的工作效率會提高多少，他們會把時間花在什麼上，而不是重寫零碎的代碼，這需要時間，我認為這是一件大事。

Now to your second question and it's related to this top layer I was just talking about, we're going to build a very -- every single one of our businesses inside Amazon are building on top of large language models to reinvent our customer experiences, and you'll see it in every single one of our businesses, stores, advertising, devices, entertainment and devices, which was your specific question, is a good example of that.

現在回答你的第二個問題，它與我剛剛談到的這個頂層有關，我們將建立一個非常——我們在亞馬遜內部的每一項業務都建立在大型語言模型之上，以重塑我們的客戶體驗，你會在我們的每一個業務、商店、廣告、設備、娛樂和設備中看到它，這是你的具體問題，就是一個很好的例子。

I think when people often ask us about Alexa, what we often share is that if we were just building a smart speaker, it would be a much smaller investment. But we have a vision, which we have conviction about that we want to build the world's best personal assistant. And to do that, it's difficult. It's across a lot of domains and it's a very broad surface area.

我認為當人們經常問起我們關於 Alexa 的問題時，我們經常分享的是，如果我們只是構建一個智能揚聲器，那將是一個小得多的投資。但我們有一個願景，我們堅信我們要打造世界上最好的個人助理。要做到這一點，這很困難。它跨越了很多領域，而且是一個非常廣泛的表面積。

However, if you think about the advent of large language models and generative AI, it makes the underlying models that much more effective such that I think it really accelerates the possibility of building that world's best personal assistant.

然而，如果你考慮大型語言模型和生成式人工智能的出現，它會使底層模型更加有效，以至於我認為它確實加速了構建世界上最好的個人助理的可能性。

And I think we start from a pretty good spot with Alexa because we have a couple of hundred million endpoints being used across entertainment and shopping and smart home and information and a lot of involvement from third-party ecosystem partners. And we've had a large language model underneath it, but we're building one that's much larger and much more generalized and capable. And I think that's going to really rapidly accelerate our vision of becoming the world's best personal assistant. I think there's a significant business model underneath it.

我認為我們從 Alexa 的一個很好的起點開始，因為我們有幾億個端點被用於娛樂、購物、智能家居和信息，以及第三方生態系統合作夥伴的大量參與。我們在它下面有一個大型語言模型，但我們正在構建一個更大、更通用和更強大的模型。我認為這將真正迅速加速我們成為世界上最好的私人助理的願景。我認為它背後有一個重要的商業模式。

And the next question comes from the line of Colin Sebastian with Baird.

下一個問題來自 Colin Sebastian 和 Baird 的對話。

I guess first off, on the international segment, I mean, not only an acceleration in our top line, but also on the margin side. If you could maybe add a little more color on some of the initiatives and improvements there.

我想首先，在國際市場上，我的意思是，不僅是我們的收入在加速，而且在利潤方面也是如此。如果您可以為那裡的一些舉措和改進添加更多色彩。

And then secondly, on the physical stores, including the grocery strategy, maybe any will be worth kind of going through any updated thoughts you have there around the strategy of optimizing stores across categories. And if there are any changes to the footprint plans for those businesses?

其次，在實體店上，包括雜貨店策略，也許任何值得考慮的關於優化跨類別商店策略的任何更新想法。這些企業的足跡計劃是否有任何變化？

I'll start with the international question. So yes, we saw an acceleration of growth on an FX-neutral basis, 9% versus 5% in Q4. I think the economy there is starting to stabilize. And especially in the established countries of Europe, we're seeing consumer confidence has increased and inflation is ticking down. So some of those are similar to North America. But that is what we probably had some upside that we weren't counting on in international in the first quarter, and that was a good strength.

我將從國際問題開始。所以是的，我們看到在外匯中性基礎上的增長加速，從第四季度的 5% 到 9%。我認為那裡的經濟開始趨於穩定。尤其是在成熟的歐洲國家，我們看到消費者信心增強，通貨膨脹正在下降。所以其中一些與北美相似。但這可能是我們在第一季度在國際比賽中沒有指望的一些優勢，這是一個很好的優勢。

On the margin, the margin has -- the negative margin has come down. Top line is helping there but it's also a function of some of the reductions that we're making across some of our investments. Most of those are in North America, but you'll see kind of the improvement in operational efficiency and on the edge of some of the global programs are going to be reducing cost in international.

在保證金方面，保證金 - 負保證金已經下降。收入在這方面有所幫助，但這也是我們在某些投資中進行的一些削減的結果。其中大部分在北美，但您會看到運營效率有所提高，並且在某些全球計劃的邊緣將降低國際成本。

I will remind you that, again, that international is an aggregation of established countries which are already profitable and who look a bit like North America, perhaps at an earlier stage of development and are working their way to parity on profitability. We have forward-loaded Prime benefits in a lot of these countries that are ahead of the curve that we saw in North America, so happy there.

我要再次提醒您，國際是已經盈利且看起來有點像北美的成熟國家的集合，這些國家可能處於較早的發展階段，並且正在努力實現盈利能力的平衡。我們在許多領先於我們在北美看到的曲線的國家/地區擁有 Prime 福利，在那裡很高興。

We have a large emerging business. In the last 5 years, we've added more than 10 new countries. What we're seeing is if you looked back to North America long ago, it took 9 years for us to reach breakeven profitability in the United States. We see a similar curve in a lot of countries overseas. There's, in fact, additional challenges that we usually have to deal with, things like lack of payment methods, lack of the established infrastructure for -- especially for transportation and infrastructure for the Internet and everything else.

我們有一個龐大的新興業務。在過去 5 年中，我們新增了 10 多個國家/地區。我們看到的是，如果您很久以前回顧北美，我們花了 9 年時間才在美國實現盈虧平衡。我們在海外很多國家看到了類似的曲線。事實上，我們通常需要應對額外的挑戰，比如缺乏支付方式、缺乏既定的基礎設施——尤其是交通和互聯網基礎設施以及其他一切。

So the adoption can be slower but we feel good about the businesses we're building. They carry a lot of the same traits that we have in North America. Price selection and convenience are at the core of that, very happy with the adoption and traffic and new customer acquisition that we're seeing from Prime Video in a lot of their emerging countries as well. So good quarter. We'll continue to work again on cost structure and growing those businesses country by country.

因此採用速度可能會更慢，但我們對正在建立的業務感覺良好。它們具有許多與我們在北美相同的特徵。價格選擇和便利性是其中的核心，我們對 Prime Video 在許多新興國家/地區的採用率、流量和新客戶獲取感到非常滿意。這麼好的季度。我們將繼續在成本結構方面再次努力，並逐個國家發展這些業務。

On the grocery part, what I would say is we continue to progress there. We have an interesting grocery business where we -- we've been in it for a while and we have actually quite a large grocery business. It's just an unusual selection grocery business, very much like how the mass merchandisers got into grocery 25, 30 years ago, where the selection are items that are not temperature-controlled, so it's canned goods and packaged food and paper products and pet supplies and personal care and health and beauty and all sorts of consumables.

在食品雜貨方面，我想說的是我們繼續在那裡取得進展。我們有一個有趣的雜貨業務——我們已經從事了一段時間，而且我們實際上擁有相當大的雜貨業務。這只是一個不尋常的精選雜貨店業務，非常像 25、30 年前大規模採購商進入雜貨店的方式，在那裡挑選的是不受溫度控制的物品，所以它是罐頭食品、包裝食品、紙製品、寵物用品和個人護理、健康和美容以及各種消耗品。

And interestingly, in this current environment where consumers are being cautious about what they spend and finding ways to trade down in different product variations, consumables have stayed very, very strong. And so we continue to be very pleased with that part of our grocery business. To serve a much broader number of the grocery shopping journeys, which we seek to try to help customers with, we have to have a bigger physical presence since most of the shopping visits are still physical stores.

有趣的是，在當前的環境下，消費者對自己的消費持謹慎態度，並想方設法在不同的產品變體中進行折價交易，但消費品仍然非常非常強勁。因此，我們繼續對雜貨業務的這一部分感到非常滿意。為了服務更廣泛的雜貨店購物之旅，我們試圖幫助客戶，我們必須有更大的實體存在，因為大多數購物訪問仍然是實體店。

We've got two efforts there. We've got Whole Foods, which really pioneered the organic grocery space. And that continues to grow nicely, and we've made a number of changes in the last year of the business that have changed the profitability trajectory there and feel very good about that. And at the same time, it is still a portion of the overall market segment.

我們在那裡做了兩項努力。我們有 Whole Foods，它真正開創了有機食品雜貨領域。而且這種情況繼續良好增長，我們在過去一年的業務中做出了一些改變，改變了那裡的盈利軌跡，並且對此感覺非常好。同時，它仍然是整個細分市場的一部分。

And if you really want to serve as much of grocery as we'd like to, you have to have a mass physical offering. And that's what we've been working on for a few years with a brand we've called Amazon Fresh. We wish we were further along at this point. We've tried lots of ideas. We haven't yet found conviction around the format that we want to go expand much more broadly. We have a set of experiments and ideas and concepts that we're working on across our dozens of stores there. And we're pretty optimistic that we have something that may very well work. And we're hopeful over this next year, we find that.

如果你真的想像我們一樣提供盡可能多的雜貨，你必須有大量的實物產品。這就是我們多年來一直致力於打造一個我們稱為 Amazon Fresh 的品牌。我們希望我們在這一點上走得更遠。我們嘗試了很多想法。我們還沒有找到關於我們想要更廣泛擴展的格式的信念。我們有一系列的實驗、想法和概念，我們正在那裡的數十家商店中開展工作。我們非常樂觀，我們有一些可能非常有效的東西。我們對明年充滿希望，我們發現了這一點。

But we continue to believe it's a big business for us today. It's continuing to get bigger, but we believe we have the opportunity for it to be much larger for Amazon and where we can help customers more broadly. And I think having that physical presence, we will also have the ability both to be able to serve the grocery products they come for as well as store some other pieces and help customers across some other product lines as well.

但我們仍然相信這對我們今天來說是一項大生意。它正在繼續變得更大，但我們相信我們有機會讓它為亞馬遜變得更大，我們可以在其中更廣泛地幫助客戶。而且我認為擁有這種實體存在，我們也將有能力能夠為他們提供的雜貨產品提供服務以及存儲其他一些產品並幫助其他產品線的客戶。

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。

I guess, AWS, can you call out any unusual items in April or 2Q for the comp? I know you had a very good 2Q last year. And just thinking about linearity in the quarter.

我想，AWS，你能在 4 月或 2 季度為補償調出任何不尋常的項目嗎？我知道你去年的第二季度非常好。只考慮本季度的線性度。

And then second, Andy, really appreciate the shareholder letter. It looks like you've picked medical and Kuiper as big investment areas. Do you think those -- I mean, why those areas? And does the company ever think about breaking out all the big investments so we had more clarity on the retail margin structure?

其次，安迪，非常感謝股東的來信。看來您已將醫療和 Kuiper 列為重要的投資領域。你認為那些 - 我的意思是，為什麼是那些領域？公司是否考慮過拆分所有大筆投資，以便我們更清楚地了解零售利潤率結構？

Justin, on AWS, I think Andy did a good job of laying out the dynamics we're seeing in the -- among customers right now and where they're cutting workloads and continued strength that we see in customers hitting their contractual limits and extending them and planning for the future. So we feel really strongly about the outlook for the business and understand the short-term work that we're doing to help customers save money.

賈斯汀，在 AWS 上，我認為 Andy 很好地展示了我們在客戶中看到的動態，以及他們正在削減工作量和我們在客戶達到合同限制和擴展時看到的持續實力他們和未來的計劃。因此，我們對業務前景感到非常強烈，並理解我們為幫助客戶省錢所做的短期工作。

So I would say Q2 versus Q1, there's not an obvious year-over-year comp differential. It's just, again, understanding which customers are cutting in some areas and growing in others and helping them get on hopefully to the new initiatives that they are planning as well.

所以我會說第二季度與第一季度相比，沒有明顯的同比差異。這只是再次了解哪些客戶在某些領域正在削減並在其他領域有所增長，並幫助他們滿懷希望地繼續他們正在計劃的新計劃。

Yes. In terms of the calling out health care and Kuiper in my annual letter, I think what I was trying to do in the letter was explain how we think about investing and how we think about our big new investments that we make. I talked about in the letter that we look at a few things. We look at if -- if it's successful, could it be big and move the needle for Amazon with the right ROICs. Is that experience being well served today elsewhere? Do we have some kind of differentiation? And do we have some confidence of the company in that area? If not, can we acquire it quickly?

是的。就在我的年度信函中提到醫療保健和柯伊伯而言，我認為我在信中試圖做的是解釋我們如何看待投資以及我們如何看待我們所做的新的重大投資。我在信中談到我們要看一些事情。我們看看它是否——如果它成功了，它會不會變大，並以正確的 ROIC 為亞馬遜帶來機遇。這種體驗今天在其他地方是否得到了很好的服務？我們有某種差異化嗎？我們在這方面對公司有信心嗎？如果沒有，我們能否快速獲得它？

And we like the answers to those questions, we will invest. Some of those investments lead to what seem like relatively straightforward investments. And I talked a little bit about category expansion and international expansion in our stores business and some of the nascent retail market segments that are large for us that we think we can have big businesses in, in business to business, our Amazon business entity, and grocery and things like Buy with Prime, which allow our consumers to use their Prime benefit in other third-party websites beyond Amazon and also let merchants convert at a higher rate because Prime members are able to pay quickly and they get that fast, reliable shipping they get from Prime.

我們喜歡這些問題的答案，我們將投資。其中一些投資導致了看似相對簡單的投資。我談到了我們商店業務的品類擴張和國際擴張，以及一些對我們來說很大的新興零售細分市場，我們認為我們可以在企業對企業中擁有大企業，我們的亞馬遜業務實體，以及雜貨店和 Buy with Prime 之類的東西，這讓我們的消費者可以在亞馬遜以外的其他第三方網站上使用他們的 Prime 優惠，還可以讓商家以更高的速度轉化，因為 Prime 會員能夠快速付款，並且他們可以獲得快速、可靠的運輸他們來自 Prime。

But then there are other investments I was pointing out that sometimes don't lead to categories that people might initially guess. And AWS was a good example of that where that seemed really different for us when we started to pursue that in 2003. And we're a pretty different company because we did so even though there were a lot of people externally and internally that thought it was a little bit crazy. And so I just chose 2 of them there. I could have chosen a lot more. The letter was long enough as it was, so I just chose 2 but I chose 2 that we have conviction about.

但我指出，還有其他投資有時不會導致人們最初可能猜到的類別。 AWS 就是一個很好的例子，當我們在 2003 年開始追求它時，這對我們來說似乎真的不同。我們是一家非常不同的公司，因為我們這樣做了，儘管內部和外部有很多人認為它有點瘋狂。所以我只在那裡選擇了其中的兩個。我可以選擇更多。這封信已經足夠長了，所以我只選擇了 2，但我選擇了我們有信心的 2。

On the health care side, when you think about that set of questions that we ask ourselves when we consider whether we should make big investments, health care is a multitrillion dollar business that's very segmented, and it's really broken in the U.S. particularly, I think in other parts of the world, too, but particularly in the U.S. And we had what we thought were some differentiated ways that we could be successful at it.

在醫療保健方面，當你思考我們在考慮是否應該進行大筆投資時問自己的一系列問題時，醫療保健是一個價值數万億美元的行業，它非常分散，而且它在美國真的很破。特別是，我認為在世界其他地方也一樣，但特別是在美國。我們有一些我們認為可以成功的差異化方式。

And I think when -- our customers have been asking us for years to provide a pharmacy. If you think about that, it's not -- that's a pretty natural extension from what we do in retail, and we've launched Amazon Pharmacy in 2020 and I think it's off to a good start. It's continuing to grow. We have a lot to do there.

我想什麼時候——我們的客戶多年來一直要求我們提供藥房。如果你考慮一下，它不是——這是我們在零售業所做的一個非常自然的延伸，我們在 2020 年推出了亞馬遜藥房，我認為這是一個良好的開端。它在繼續增長。我們在那裡有很多事情要做。

But a lot of our customers who like that experience said, "Gosh, I wish you guys would help us in the broader health care experience." And if you think about trying to meaningfully change that experience, primary care is right at the center of it.

但是很多喜歡這種體驗的客戶說，“天哪，我希望你們能幫助我們獲得更廣泛的醫療保健體驗。”而且，如果您考慮嘗試有意義地改變這種體驗，那麼初級保健就是其中的核心。

And if you look at the experience that's been the case for the last several decades, we're going to have a hard time convincing our grandkids that it used to be the case to get a primary care appointment, you had to call ahead of time, a month ahead to schedule an appointment and drive 20 minutes to the doctor and park and get into the facility and wait 20 minutes in reception. And you get into an exam room, you wait 10 minutes for the doctor to come in. The doctor talks to you for 5 minutes and then prescribes you medicine where you drive 20 minutes to go get the medicine. And that experience just doesn't make sense and won't be the case.

如果你看看過去幾十年的情況，我們將很難說服我們的孫子孫女，過去是這樣看初級保健的，你必須提前打電話，提前一個月安排約會，開車 20 分鐘去看醫生，停車，進入設施，在接待處等 20 分鐘。然後你進入檢查室，等待 10 分鐘讓醫生進來。醫生與你交談 5 分鐘，然後給你開藥，你開車 20 分鐘去拿藥。而這種體驗是沒有意義的，也不會是這樣的。

And so we looked at -- we had some experience when we started experimenting with Amazon Care, and we couldn't believe how much people like the streamlined experience. And we ultimately decided we didn't have the right business model there. But we came across One Medical where the digital app is very compelling and you can talk to a medical practitioner by chat or by video conference, or if you have to come into a physical facility, they have clinics around the country and you can get that appointment same day or next day. In all those cities, they have relationships with health specialists where you're plugged into.

所以我們看了 - 當我們開始嘗試使用 Amazon Care 時，我們有一些經驗，我們無法相信有多少人喜歡這種簡化的體驗。我們最終決定我們在那裡沒有正確的商業模式。但我們遇到了 One Medical，它的數字應用程序非常引人注目，你可以通過聊天或視頻會議與醫生交談，或者如果你必須去實體機構，他們在全國各地都有診所，你可以得到預約當天或次日。在所有這些城市中，他們都與您所接觸的健康專家建立了聯繫。

Their ability to get reservations where you can get reservations in a day or 2 there. And then when you need medicine, you can have it automatically shipped to you by Amazon Pharmacy or other third-party pharmacies. It's a very, very different experience. And we think we have an opportunity to be successful in helping change that experience. And if we're successful with primary care and with health -- and with pharmacy, there are a lot of other things we can help customers with as well. So we think that's a big opportunity.

他們獲得預訂的能力，您可以在一天或兩天內在那裡獲得預訂。然後，當您需要藥品時，您可以讓亞馬遜藥房或其他第三方藥店自動將其運送給您。這是一種非常非常不同的體驗。我們認為我們有機會成功地幫助改變這種體驗。如果我們在初級保健和健康方面取得成功——以及在藥房方面取得成功，那麼我們還可以在很多其他方面為客戶提供幫助。所以我們認為這是一個很大的機會。

And then I'll just briefly say on Kuiper that it's a very large number. It's hundreds of millions of households and businesses and government entities that today have limited to no connectivity to the Internet. And if you just think about what you can't do if you don't have connectivity, we all take it for granted. But having that connectivity means you can take online education courses and get an education, or you can start or run a business or you can enjoy entertainment or you can shop for anything you can imagine.

然後我會在 Kuiper 上簡單說一下，這是一個非常大的數字。如今，數以億計的家庭、企業和政府實體無法連接到互聯網。如果你只是想想如果你沒有連接你不能做什麼，我們都認為這是理所當然的。但是擁有這種連接意味著您可以參加在線教育課程並接受教育，或者您可以開始或經營一家企業，或者您可以享受娛樂，或者您可以購買您能想像到的任何東西。

And for businesses and governments, to be able to have that coverage, to be able to operate much more seamlessly in the various environments in which you have to have a presence, it's a total game changer. And so we think it has the chance to be a very large business.

對於企業和政府而言，為了能夠覆蓋，能夠在您必須存在的各種環境中更加無縫地運作，這將徹底改變遊戲規則。所以我們認為它有機會成為一個非常大的企業。

We haven't -- we've released some information about it in some of our designs. And it's pretty exciting to us how many customers in all those different segments are excited about it. And so I just chose those 2 as exemplary of some of the inventions that come out of that investment process that you might not guess but that we think can be very significant for the company.

我們還沒有——我們已經在我們的一些設計中發布了一些關於它的信息。讓我們感到非常興奮的是，所有這些不同細分市場中有多少客戶對此感到興奮。因此，我只是選擇了這兩個作為投資過程中產生的一些發明的典範，你可能猜不到，但我們認為它們對公司來說非常重要。

Thanks 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 look forward to talking to 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。我們感謝您對亞馬遜的關注，並期待下個季度再次與您交談。