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，歡迎參加亞馬遜 2023 年第一季財務業績電話會議。 （操作員指示）今天的通話正在錄音。在開幕致詞時，我將把電話轉給投資者關係副總裁戴夫·菲爾德斯 (Dave Fildes)。謝謝您，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，歡迎參加我們的 2023 年第一季財務業績電話會議。今天與我們一起回答您的問題的是我們的執行長 Andrew Jassy；以及我們的財務長 Brian Olsavsky。當您收聽今天的電話會議時，我們鼓勵您閱讀我們的新聞稿，其中包括我們的財務表現以及本季度的指標和評論。

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，本次電話會議中的所有比較都將針對我們 2022 年同期的結果。實際結果可能存在重大差異。有關可能影響我們財務表現的因素的其他資訊包含在今天的新聞稿和我們向美國證券交易委員會提交的文件中，包括我們最近的 10-K 表年度報告和後續文件。

During this call, we may discuss certain non-GAAP financial measures. In our press release, slides accompanying this webcast and our filings with the SEC, each of which is posted on our IR website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures. Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions.

在本次電話會議中，我們可能會討論某些非公認會計準則財務指標。在我們的新聞稿、本次網路廣播附帶的幻燈片以及我們向美國證券交易委員會提交的文件中（均發佈在我們的 IR 網站上），您可以找到有關這些非 GAAP 指標的更多披露，包括這些指標與可比較 GAAP 指標的對帳。我們的指導考慮到了我們迄今為止看到的訂單趨勢以及我們今天認為合適的假設。

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，並且可能受到許多因素的重大影響，包括外匯匯率波動、全球經濟和地緣政治條件以及客戶需求和支出的變化，包括經濟衰退的擔憂、通貨膨脹、利率、區域勞動力市場制約、世界事件、互聯網、在線商務和雲端服務的增長率以及我們向美國證券交易委員會提交的文件中詳述的各種因素的影響。

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.

我們的指導假設之一是，我們不會達成任何額外的業務收購、重組或法律和解。我們無法準確預測對我們的商品和服務的需求，因此，我們的實際結果可能與我們的指導有重大差異。現在我將電話轉給布萊恩。

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。正如戴夫之前提到的，今天和我一起參加的是我們的執行長安迪賈西 (Andy Jassy)。在我們繼續回答您的問題之前，我將對我們的第一季業績發表一些評論。讓我們從收入開始。第一季度，我們全球淨銷售額為 1,274 億美元，比去年同期成長 9%，若剔除約 210 個基點的不利匯率變動影響，則成長 11%。這超出了我們指導範圍的最高限。

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.

整體而言，我們對全球門市業務的成長感到滿意，包括國際部門收入環比加速成長，這得益於歐洲宏觀經濟壓力的緩解。在我們服務的地區，客戶欣賞我們專注於保持定價優勢、提供強大的選擇和更便利的服務，包括送貨速度，而送貨速度在整個第一季持續提升。儘管如此，不確定的經濟環境和持續的通膨壓力仍然是一個因素，我們認為它將繼續推動消費者謹慎支出。這意味著我們的客戶正在尋求進一步擴大預算並專注於價值。

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.

我們發現，消費者對非必需品類別的支出有所放緩，轉向低價商品，對消耗品和美容品等日常必需品的需求也呈現健康成長。第三方賣家，包括選擇使用亞馬遜物流進行儲存和運輸服務的企業，是向客戶提供選擇的關鍵因素。我們也持續對品牌保護工作進行大量投資，包括業界領先的技術，以便賣家可以相信我們將提供不受不良行為者影響的良好銷售體驗。賣家佔第一季整體單位銷售額的 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.

我們的廣告服務參與度也十分強勁，除去匯率變動的影響，廣告收入較去年同期成長 23%。特別是，我們與廣告商合作幫助客戶做出更明智的購買決策，我們的贊助產品和品牌產品仍然是成長的主要驅動力。

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.

我們的團隊始終專注於透過全面而靈活的測量能力和洞察力來提供績效，使廣告主能夠衡量其廣告支出的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.

AWS 第一季淨銷售額為 214 億美元，年增 16%，年化銷售額運行率超過 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整個業務中節省成本，類似於您在亞馬遜看到的我們所做的。正如預期的那樣，為了應對第一季嚴峻的經濟形勢，客戶繼續評估優化雲端運算支出的方法。我們看到這些優化持續到了第二季度，四月的營收成長率比第一季低了約 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，我們不會針對任何一個季度或一年進行最佳化。我們正在努力建立客戶關係和持久的業務。因此，我們的 AWS 銷售和支援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時期。這種客戶導向已深植於我們的 DNA 中，也是我們對長期客戶關係和業務的看法。

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，高於我們預期範圍的最高值。該營業收入受到第一季預計約 4.7 億美元員工遣散費（其中 2.7 億美元與 AWS 相關）的負面影響。當我們完成年度規劃流程並考慮到當前的經濟環境時，我們做出了一個艱難的決定，即裁減 9,000 個職位，這將影響我們的 AWS 業務以及 Twitch、設備、廣告和人力資源團隊。

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，我們門市收入和單位銷售額的年增率超過了我們的履行費用和出站運輸成本的成長。通膨壓力持續較上月緩解，主要由於幹線運輸費率下降以及柴油和電力成本下降。我們也基於 2022 年的進展，透過持續的流程和技術改進，提高了我們的履行網路的生產力。我們在第四季度結束時實現了整個網路的勞動力平衡，並在整個第一季充分利用了這一平衡，與去年第一季相比，客戶需求模式更加穩定。

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.

隨著勞動力供應穩定以及庫存供應鏈挑戰減輕，我們能夠實施一些重大的結構性變革，將我們的美國履行網絡轉變為區域化模式。我們相信，這些改進將使我們處於有利地位，能夠隨著時間的推移提高交付速度並降低為客戶提供服務的成本。

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.

我們報告第一季的整體淨收入為 32 億美元。雖然我們的評論主要關注營業收入，但我要指出的是，該淨收入包括 4.67 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費用中。正如我們最近幾季所指出的那樣，這項活動與亞馬遜的持續營運無關，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。我們仍專注於實現自由現金流的長期永續成長，包括努力實現強勁的現金流增值營運資本週期。截至 3 月 31 日的過去 12 個月，我們的營運現金流增至 543 億美元，較去年同期成長 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，我們還看到供應鏈有所放鬆，並在改善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.

現在讓我們來談談資本投資。我們將資本投資定義為資本支出加設備融資租賃的組合。就 2023 年全年而言，我們預計資本投資將低於 2022 年的 590 億美元投資水平，這主要是由於預期履行網路投資同比下降。我們將繼續投資基礎設施以支援 AWS 客戶的需求，包括支援大型語言模型和生成式 AI 的投資。

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.

在我們開始回答大家的問題之前，我會把時間交給安迪，讓他分享一些關於第一季的高層觀點。

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。在回答問題之前我想先分享一些想法。從我的角度來看，我認為我們的團隊為客戶提供的服務以及我們開始看到的成果是相當令人欣喜的。

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.

在我們的儲存業務中，我們一直非常注重降低我們的履行網路的服務成本。正如我們過去所分享的那樣，鑑於疫情期間需求意外激增，我們在幾年內將配送中心的規模擴大了一倍，並基本上建成了與 UPS 規模相當的運輸網絡。這最終大大改變了我們的履行網路中的節點和連接的數量。因此，在過去的幾個月裡，我們不僅重新設計了幾十個流程來提高生產力，而且還重新設計了我們的佈局方式和更大的履行中心足跡，從美國的國家履行網路轉移到區域履行網路。

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上創建了 8 個相互關聯的區域，每個區域都有廣泛的相關選擇，可以基本自給自足地運營，同時在必要時仍能夠在全國範圍內運送。我們最近剛完成這次推廣，對早期結果非常樂觀。毫不奇怪，更短的旅行距離意味著更低的服務成本並且客戶可以更快收到訂單。說到配送速度，我們對在為客戶提供更多 1 天和當日配送服務方面取得的進展感到非常興奮，並且預計在 2023 年實現有史以來最快的 Prime 配送速度。

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，我們持續逆更廣泛的廣告趨勢而行，實現強勁成長。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。作為最大的電子商務購物場所，我們擁有大量公司希望接觸的客戶。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，這使得他們想要在亞馬遜上做廣告。

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.

另外值得注意的是，我們仍處於早期階段，致力於尋找一種在更廣泛的視訊、體育直播、音訊和雜貨領域精心投放廣告的方法。我們在廣告領域仍有很大的優勢。

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 方面，我們看到企業在這個不確定的時期繼續對支出保持謹慎。顧客們正在尋找盡可能省錢的方法。他們告訴我們，大部分都是成本優化而不是成本削減，這是一個有趣的區別，因為他們說他們正在進行成本優化，以便將這些資源重新分配到新的客戶體驗上。雲端運算的一大優點是，您可以根據需求無縫地擴大或縮小規模，而內部部署基礎架構則不具備此功能。

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.

客戶希望得到幫助，找到在這個困難時期減少開支的方法，並且考慮到這對客戶的長期利益最有利，我們一直在積極幫助客戶做出這些調整。我們花了相當多的時間來分析我們所看到的內容，我自己也花了大量時間來觀察，我們喜歡在 AWS 中看到的基本面。

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.

新客戶管道看起來很強大。正在進行的向 AWS 的工作負載遷移的集合非常強大。產品創新和交付迅速且引人注目，人們有時會忘記全球 90% 以上的 IT 支出仍然在本地。如果你相信這個等式將會發生轉變，我們也是這樣認為的，它將轉向雲端，並且擁有具有最廣泛功能、最佳安全性和運營性能以及最大的合作夥伴生態系統的雲端基礎設施，這對我們未來的發展來說是一個好兆頭。

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.

但我們在 AWS 方面的發明還遠遠沒有完成。我們最近發布的有關大型語言模型和生成式人工智慧以及與之相關的晶片和託管服務的消息是另一個最近的例子。在我看來，很少人意識到未來幾年即將到來的機器學習浪潮將帶來多少新的雲端業務。

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.

過去的一年我們進行了相當多的成本精簡。正如我在最近的致股東信中提到的那樣，我們深入審視了整個公司，並問自己是否相信每項計劃的長期潛力能夠帶來足夠的收入、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，它導致我們關閉某些業務，例如實體書店、四星級商店、Amazon Fabric、Amazon Care 和某些設備，因為我們認為這些業務無法帶來有意義的回報。在其他情況下，我們研究了一些沒有產生我們所希望的回報的計劃，例如，所有超過 35 美元的線上雜貨訂單都免運費，並對其進行了更改。我們也做出了非常艱難的決定，裁減約27,000個公司職位。與大多數領導團隊一樣，我們將繼續評估業務中看到的情況並採取靈活措施。

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.

不過，雖然我們已經採取了多項措施來精簡成本，但我們在這樣做的同時，仍在進行關鍵的策略性長期投資，我們相信這些投資可以切實改善客戶的生活，並有可能改變亞馬遜的現狀。這些投資既包括我們前面提到的大型業務，也包括我們門店業務的國際擴張等領域的投資，我們仍在探索的大型零售市場，如雜貨和 B2B，允許消費者在我們的 Prime Buy 計劃中使用亞馬遜以外的 Prime 會員服務、娛樂、設備、醫療保健和我們的低地球軌道衛星，這些衛星可為數億家庭、公司和政府實體提供有限或沒有連接的服務。

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.

很難預測所有這些措施都會成功，但只有一兩個措施能夠長期改變我們的業務。我們面前還有很多工作要做，但我喜歡我們前進的方向，並堅信我們最好的日子就在眼前。

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

現在我開始回答大家的提問。

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

（操作員指示）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?

安迪，您談到了持續的優化。只是好奇，您能談談 AWS 的最佳化程度以及您認為未來還可能進行的最佳化嗎？那您什麼時候開始做出這些努力呢？

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?

然後從資本支出來看，我認為您說過 23 年整體資本支出將會下降。您能否幫助我們更了解零售和 AWS 之間的關係？那麼從生成式人工智慧和大型語言模式的角度來看，資本支出需要什麼？

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，我們去年花了 5,900 萬美元——對不起，是 590 億美元。我們在核心履行和運輸領域的支出實際上逐年減少，這些估計值正在下降，差距或 AWS 和基礎設施的成長，我們正在為大型語言模型和生成式人工智慧投入更多資金。因此，我們在履行和運輸號碼中留出了一些空間，這些空間已重新用於 AWS。我們仍然認為合併後的資本支出將比去年同期下降。

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.

就你的第一個問題，道格。很難說我們究竟處於這個過程的哪個階段。我認為，當我們與客戶交談時，我們不斷發現他們對所見的經濟狀況持適當謹慎的態度。他們正在想辦法節省資金，大多數公司也是如此，包括我們自己的公司。而且，我們擁有長期的業績記錄，我們會繼續追求這項記錄，我認為這對客戶和我們的長期業務來說都是有意義的，我們不會試圖針對一個季度或一年進行最佳化。

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.

我們將竭盡全力幫助客戶取得長期成功，因為我們正在努力建立比我們所有人更持久的業務關係。因此，我們花大量時間與客戶在一起，試圖幫助他們思考明智的方法，不是短期方法，而是優化成本並能夠擴大或縮小規模的明智方法。

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.

再次強調，雲端的一大優勢是，如果您快速發展，您可以無縫地擴展。但是當你沒有需求時，你可以把它退還給我們並停止付款，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，客戶明確地告訴我們，這不是一項削減成本的努力，我們無意在技術或雲端運算上花費更少的錢。這是我們重新確定目前對我們的業務最重要的事項的優先順序，並嘗試重新分配資源，以便我們能夠透過改變現有模式來建立新的客戶體驗。

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.

所以我認為，如果你想想——順便說一下，這些項目的建設需要時間。當你重新分配、重新確定優先順序、重新定義要建立的內容時，你必須先實際去建構它，然後才能實現它。我們在這些措施上與客戶非常謹慎且密切地合作。我認為需要記住的是，雲端運算還有很大的發展空間，全球 90% 以上的 IT 支出都在本地。因此，如果你相信這個等式將會發生翻轉，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式人工智慧的出現，很多人現在還沒有意識到將會發生和在雲端消耗的非消費量。我認為許多以前不存在的客戶體驗將會被重新發明和創造。在我看來，所有這些都將花在雲端。

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艾瑞克·謝裡丹。

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，您在上次財報電話會議上致股東的信中談了很多，談到了提高公司效率，並可能恢復到疫情前的一些利潤結構，以及吸收疫情期間積累的產能過剩。您能否向我們介紹一下，在未來幾年裡，您在保持利潤率與疫情前水平一致以及在盈利能力和推動增長計劃之間取得適當平衡方面所做的努力進展如何？

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.

艾瑞克，這是布萊恩。讓我先從該問題的財務部分開始。因此，我認為，我們可以把自己描述為正在前行，並在恢復成本結構和使其恢復到疫情前的水平方面取得了堅實的進展。安迪談到了我們在營運方面的努力以及營運的區域化。顯然，我們認真審視了過去 6 到 9 個月內我們從事的所有業務，並做出了調整。

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.

但我們面前還有很長的路要走，特別是在營運方面，如果你看看我們在北美的營業利潤率，例如，在北美地區，本季的營業利潤率為 1.2%。在疫情之前，這一數字大致在 4% 到 6% 之間。所以它可以作為上漲空間的一個標誌。但這個數字中有很多變動因素。顯然，有廣告。我們正在進行未來成長的投資，並且我們的營運正在實現核心獲利能力和成本結構。因此，要取得進步，就要努力工作，但這是一條比在 1 或 2 個季度內恢復更長的路。

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。我想補充一點，我們非常認真地審視我們的每項業務。我認為，儘管它可能是最明顯的，考慮到它的規模、營業利潤率的提高、我們門市業務的效率，我認為每個企業都在努力尋找提高效率的方法。正如布萊恩所說，我認為我們在經營網路和商店業務的履行成本方面取得了非常好的進展。但對我們所有人來說，最有趣、坦率地說最令人鼓舞的一件事是，在過去的 6 到 9 個月裡，隨著網絡發生根本性變化，請記住，當你經歷與我們一樣大的增長，並且你增加——你將你的配送中心佔地面積翻倍，並在幾年內建立起與 UPS 規模相當的最後一英里運輸網絡時，你想要做的工作才能達到你達到很多工作。在過去的 6 到 9 個月裡，我們花了很多時間致力於此。

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，以前採用的一些操作方式，透過曲線和規模的幾個拐點來實現，當它們變得效率低下時，由於網路從根本上發生了變化，它們會變得效率低下。這就是我剛才談到的區域化努力的部分原因。

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.

但這也促使我們重新評估過去 6 到 9 個月我們在營運中所做的幾乎所有事情。我們發現的機會比之前想像的要多得多。因此，我非常樂觀地認為，我們不僅有機會將營業利潤率恢復到疫情之前的水平，而且我認為我們發現的一些機會還有額外的上升空間。

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

下一個問題來自摩根士丹利的布萊恩諾瓦克 (Brian Nowak)。

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。第一個問題，您談了很多關於 AWS 的長期 AI 和大型語言模型潛力。我認為，當談到這些工具時，關於 AWS 的競爭定位有很多討論。您能否向我們介紹一下您認為 AWS 與某些競爭對手相比在 AI 工具方面具有的 2 到 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?

第二個是關於 Echo 和 Alexa。隨著一些新型大型語言模型的快速湧現，神經網路現在可能不再是技術的前沿。您如何看待 Echo 和 Alexa 未來的重點投資重點？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，當你考慮機器學習時，有必要記住，亞馬遜 25 多年來已經在機器學習方面進行了相當大的投資。它深深根植於我們所做的每一件事。它為我們的個人化電子商務推薦提供動力。它推動著我們履行中心的揀貨過程。我們的 Go 商店有它。我們的無人機 Prime Air 中就有它。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，我們擁有超過 25 種機器學習服務，其中我們擁有最廣泛的機器學習功能和客戶群。它深深植根於我們的傳統文化中。

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.

我認為，如果你看看過去 9 個月左右發生的事情，你會發現這些大型語言模型和生成式 AI 功能已經存在了一段時間，但坦白說，這些模型在大約 6 到 9 個月前還沒有那麼引人注目。而且它們發展得越來越大，越來越好，而且速度越來越快，這確實提供了一個難得的機會來改變幾乎所有現有的客戶體驗，以及許多以前並不存在、但並不容易實現的體驗。

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.

因此，該領域還處於早期階段，但這可能並不令人驚訝。多年來，我們一直在投資建立我們自己的大型語言模型，而且我們在整個公司都進行了非常大的投資。布萊恩，我的分解方式是，這個領域包含 3 個宏觀領域。如果你考慮這裡的底層，那麼所有大型語言模型都會在計算上運行。而計算的關鍵就在於計算中所使用的晶片。到目前為止，我認為許多針對此類工作負載進行最佳化的晶片，尤其是 GPU，都很昂貴且稀缺。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，我們已經致力於建立客製化的機器學習晶片好幾年了，我們建立了專門用於訓練的晶片，機器學習訓練，我們稱之為 Trainium，以及專門用於推理或來自模型的預測的晶片，稱為 Inferentia。

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.

順便說一句，現實情況是大多數人把大部分的時間和金錢花在訓練上。但是隨著這些模型逐漸投入生產並應用於應用程序，所有的支出都將用於推理。所以它們都很重要。

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.

如果你看一下——我們剛剛發布了 Trainium 和 Inferentia 的第二個版本。這些晶片的價格和性能組合非常有差異，而且意義重大。因此，我們認為許多機器學習訓練和推理將在 AWS 上運作。

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——但你必須建立模型。如果你看看真正重要的領先的大型語言模型，你會發現它們需要花很多年的時間來構建，並花費數十億美元。會有少數公司願意投入時間和金錢，我們亞馬遜就是其中之一。但大多數公司卻不這麼做。

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個基礎模型，然後能夠根據自己的專有數據、自己的需求和客戶體驗進行客製化。而且他們希望以一種不將其獨特 IP 洩露給更廣泛的通用模型的方式來實現這一點。

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 Bedrock，我們大約一週前剛宣布過。它是一種託管的基礎模型服務，人們可以運行來自亞馬遜的基礎模型，我們自己公開它，我們稱之為 Titan。或者他們可以從領先的大型語言模型提供者（如 AI 21、Anthropic 和 Stability AI）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定制，然後能夠以相同的安全性和隱私性以及他們在 AWS 中用於其餘應用程式的所有功能來運行它。這對於顧客來說非常有吸引力。

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.

第三層實際上是建立在大型語言模型之上的應用程式。 Chat GPT 是正在建構的應用程式的一個很好的例子。我們將自己建立一些應用程式。例如，我們認為生成式人工智慧中即將建立的最引人注目的應用程式之一是利用編碼輔助讓開發人員更有效率。

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.

因此我們開發了一款名為 CodeWhisperer 的產品，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自然語言，例如構建——我想建立一個影片託管網站。 CodeWhisperer 將會調出您需要的程式碼以及開發人員需要使用並投入生產的程式碼，這非常引人注目。如果你考慮一下開發人員的生產力將會提高多少，以及他們將把時間花在什麼地方，而不是重寫繁瑣且耗時的程式碼，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.

現在回答您的第二個問題，它與我剛才談到的頂層有關，我們將構建一個非常——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，您會在我們的每一項業務、商店、廣告、設備、娛樂和設備中看到它，這是您提出的具體問題，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.

我想，當人們經常問我們關於 Alexa 的問題時，我們經常會說，如果我們只是製造一款智慧揚聲器，那麼投資就會小得多。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。但要做到這一點，是很困難的。它涉及很多領域並且覆蓋範圍非常廣泛。

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，如果你考慮到大型語言模型和生成式人工智慧的出現，它會使底層模型變得更加有效，因此我認為它確實加速了打造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 Alexa 的起點非常好，因為我們在娛樂、購物、智慧家庭和資訊領域擁有數億個終端，並且有大量第三方生態系統合作夥伴的參與。我們已擁有一個大型語言模型，但我們正在建立一個更大、更通用、更強大的模型。我認為這將真正加速我們成為世界上最好的私人助理的願景。我認為這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.

下一個問題來自貝爾德的科林·塞巴斯蒂安。

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，就國際市場而言，我的意思是，不僅我們的營業收入在加速成長，利潤率也在加速成長。如果您能對那裡的一些舉措和改進再多介紹一下的話。

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，關於實體店，包括雜貨策略，也許任何關於跨類別商店優化策略的最新想法都值得我們去了解一下。這些企業的足跡計畫是否有變化？

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.

我先從國際問題開始。因此是的，我們看到以外匯中性為基礎的成長加速，今年第四季為 9%，去年同期為 5%。我認為那裡的經濟開始穩定。特別是在歐洲已開發國家，我們看到消費者信心增強，通貨膨脹正在下降。其中一些與北美相似。但這可能是我們在第一季國際業務中沒有預料到的，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.

從利潤率來看，負利潤率已經下降了。營業收入確實有所幫助，但這也是我們在某些​​投資方面削減的結果。其中大部分位於北美，但您會看到營運效率的提高，並且一些全球項目將會降低國際成本。

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.

我要再次提醒大家，國際上是由一些已經盈利的成熟國家組成的集合，這些國家有點像北美，可能處於發展的早期階段，正在努力實現盈利能力的平價。我們在許多國家都推出了預載 Prime 福利，這些福利領先於我們在北美看到的水平，所以我們對此感到很高興。

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。在過去的 5 年裡，我們增加了 10 多個新國家。我們看到，如果回顧很久以前的北美，我們花了九年時間才在美國達到收支平衡。我們在海外很多國家也看到了類似的曲線。事實上，我們通常還需要應對其他挑戰，例如缺乏支付方式、缺乏完善的基礎設施——尤其是交通、網路和其他一切基礎設施。

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，採用速度可能會比較慢，但我們對正在建立的業務感到滿意。他們與我們北美人有許多相同的特徵。價格選擇和便利性是核心，我們對 Prime Video 在許多新興國家的採用、流量和新客戶獲取情況感到非常高興。真是一個好的季度。我們將繼續致力於成本結構調整並推動各國的業務發展。

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.

關於雜貨方面，我想說的是我們會繼續取得進展。我們有一個有趣的雜貨生意，我們從事這個生意已經有一段時間了，而且我們的雜貨生意實際上相當大。這只是一種不同尋常的精選雜貨業務，非常像 25 到 30 年前大眾零售商進軍雜貨業的方式，當時選擇的都是不受溫度控制的商品，包括罐頭食品、包裝食品、紙製品、寵物用品、個人護理、保健美容和各種消耗品。

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，在當前環境下，消費者對支出非常謹慎，並想辦法減少不同產品的價格，因此消耗品的銷售一直保持著非常強勁的勢頭。因此，我們繼續對我們的雜貨業務的這一部分感到非常滿意。我們希望盡力幫助顧客滿足更廣泛的食品雜貨購物需求，因此我們必須擁有更大的實體店，因為大多數購物訪問仍然是在實體店進行。

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.

我們在那裡做出了兩項努力。我們有全食超市，它是有機食品雜貨領域的真正先驅。而這項業務持續保持良好的成長勢頭，去年我們對業務進行了一些變革，改變了獲利軌跡，我們對此感到非常滿意。同時，它仍然是整體市場的一部分。

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.

如果你真的想提供我們所希望的盡可能多的雜貨，你必須提供大量的實體供應。這就是我們幾年來一直致力於打造的品牌，我們稱之為 Amazon Fresh。我們希望我們能取得更大的進步。我們嘗試了很多想法。我們尚未確定我們想要更廣泛擴展的形式。我們在那裡的數十家商店進行了一系列實驗、想法和概念。我們非常樂觀地認為我們所擁有的東西很可能會產生很好的效果。我們希望明年我們能夠找到這一點。

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.

但我們至今依然相信，這對我們而言是一筆大生意。它的規模還在擴大，但我們相信，我們有機會讓亞馬遜變得更大，從而為客戶提供更廣泛的幫助。我認為，有了實體店，我們不僅能夠為客戶提供所需的雜貨產品，還能存放一些其他商品，並幫助客戶購買其他產品線。

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賈斯汀·波斯特 (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，您能指出公司 4 月份或第二季有哪些不尋常的項目嗎？我知道你們去年第二季的業績非常好。只考慮季度的線性。

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，非常感謝這封股東信。看起來您已選擇醫療和 Kuiper 作為主要投資領域。您認為那些——我的意思是，為什麼是那些區域？公司是否考慮將所有大筆投資分拆出來，以便我們更清楚地了解零售利潤結構？

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，我認為安迪很好地闡述了我們目前在客戶中看到的動態，以及他們削減工作量和持續增強的優勢，我們看到客戶達到了合約限制、延長了合約期限並為未來做好了規劃。因此，我們對業務前景有強烈的信心，並了解我們為幫助客戶省錢而進行的短期工作。

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.

因此，我想說第二季與第一季相比，年比差異並不明顯。再次強調，這只是了解哪些客戶在某些領域削減開支，而在其他領域成長，並幫助他們順利實施他們正在規劃的新措施。

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。關於我在年度信函中對醫療保健和柯伊珀的呼籲，我認為我在信中試圖解釋我們如何看待投資以及我們如何看待我們所做的重大新投資。我在信中談到了我們要關注的一些事情。我們會看看如果它成功了，它是否能產生巨大的影響，並透過正確的投資報酬率為亞馬遜帶來影響。如今在其他地方是否也能得到這樣的體驗？我們有某種區別嗎？我們對公司在該領域還有信心嗎？如果沒有的話，我們可以快速獲得嗎？

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，我們將進行投資。其中一些投資看起來是相對簡單的投資。我談了一下我們門市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這些市場做大生意，比如企業對企業、我們的亞馬遜業務實體、雜貨和 Prime 購物等，這些都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 福利，同時也讓商家以更高的速度獲得照明。

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.

但我要指出的是，其他投資有時並不會導致人們最初猜測的類別。 AWS 就是一個很好的例子，當我們在 2003 年開始追求這一目標時，這對我們來說似乎真的很不同。所以我只選了其中的 2 個。我本來可以選擇更多。這封信本身已經夠長了，所以我只選了 2 個，但我選擇了我們確信的 2 個。

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，當我們考慮是否應該進行大筆投資時，我們會問自己一系列問題，醫療保健是一個數萬億美元的產業，而且非常分散，在美國尤其如此，我認為在世界其他地方也是如此，但特別是在美國。

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.

我認為——我們的客戶多年來一直要求我們提供藥房。如果你仔細想想，你會發現這並不是——這是我們在零售業所做業務的自然延伸，而且我們在 2020 年推出了亞馬遜藥房，我認為這是一個好的開始。它還在繼續增長。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.

但許多喜歡這種體驗的客戶說：“天哪，我希望你們能夠在更廣泛的醫療保健體驗方面幫助我們。”如果你想嘗試真正改變這種體驗，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經驗，我們將很難說服我們的孫子，過去要想預約初級保健醫生，你必須提前一個月打電話預約，然後開車 20 分鐘去看醫生，停車後進入醫療機構，在接待處等候 20 分鐘。你進入檢查室，等 10 分鐘醫生才會進來。而這種經驗根本就沒有任何意義，也不會發生這樣的情況。

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.

因此，我們在開始嘗試 Amazon Care 時就累積了一些經驗，我們簡直不敢相信有這麼多人喜歡這種簡化的體驗。我們最終認定我們在那裡沒有正確的商業模式。但我們遇到了 One Medical，它的數位應用程式非常引人注目，您可以透過聊天或視訊會議與醫療從業者交談，或者如果您必須前往實體設施，他們在全國各地都有診所，您可以在當天或第二天預約。在所有這些城市，他們都與健康專家建立了關係，可以為您提供幫助。

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.

他們有預訂能力，您可以在一兩天內預訂。然後，當您需要藥物時，您可以透過亞馬遜藥局或其他第三方藥局自動將其發送給您。這是一次非常非常不同的體驗。我們認為我們有機會成功幫助改變這種體驗。如果我們在初級保健、健康和藥房方面取得成功，那麼我們還可以在許多其他方面為客戶提供幫助。因此我們認為這是一個巨大的機會。

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.

然後我會簡單地說一下柯伊伯，這是一個非常大的數字。如今，數億家庭、企業和政府實體都無法或只能有限地連接網路。如果您想想如果沒有連接您將無法做什麼，我們都認為這是理所當然的。但擁有這種連結意味著你可以參加線上教育課程並接受教育，或者你可以創業或經營企業，或者你可以享受娛樂，或者你可以購買任何你能想到的東西。

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.

對於企業和政府來說，能夠獲得這樣的覆蓋，能夠在需要存在的各種環境中更無縫地運營，這徹底改變了遊戲規則。因此我們認為它有機會成為一家非常大的企業。

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.

我們沒有——我們已經在一些設計中發布了有關它的資訊。令我們興奮的是，不同領域的眾多客戶都對此感到興奮。因此，我選擇這兩個例子作為該投資過程中產生的一些發明的代表，這些發明您可能無法猜到，但我們認為它們對公司而言意義重大。

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.

感謝您今天參加我們的電話會議並提出您的問題。重播將在我們的投資者關係網站上保留至少 3 個月。我們感謝您對亞馬遜的關注，並期待下個季度再次與您溝通。