亞馬遜 (AMZN) 2023 Q2 法說會逐字稿

Good day, everyone, and welcome to the Amazon.com Quarter 2 2023 Financial Results Teleconference. (Operator Instructions) Today's call is being recorded.

大家好，歡迎參加亞馬遜 2023 年第二季財務業績電話會議。 （操作員指示）今天的通話正在錄音。

For opening remarks, I will be turning the call over to the Vice President of Investor Relations, Dave Fildes. Thank you, sir. Please go ahead.

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 Q2 2023 financial results conference call. Joining us today to answer your questions is Andy Jassy, our CEO; and Brian Olsavsky, our CFO. As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter. Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2022.

您好，歡迎參加我們 2023 年第二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 Andy 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。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 年可比較期間的結果。

Our comments and responses to your questions reflect management's views as of today, August 3, 2023 only and will include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.

我們對您的問題的評論和回應僅反映管理層截至今天（2023 年 8 月 3 日）的觀點，並將包含前瞻性陳述。實際結果可能存在重大差異。有關可能影響我們財務表現的因素的更多資​​訊包含在今天的新聞稿和我們向美國證券交易委員會提交的文件中，包括我們最近的 10-K 表年度報告和後續文件。

During this call, we may discuss certain non-GAAP financial measures. In our press release, slides accompanying this webcast and our filings with the SEC, each of which is posted on our IR website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures. 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（每一份都發佈在我們的投資者關係網站上），您將找到有關這些非公認會計準則指標的更多披露，包括這些指標與可比公認會計準則指標的對帳。我們的指導包含了我們迄今為止所看到的訂單趨勢以及我們今天認為合適的假設。

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的變化以及客戶需求和支出的變化，包括經濟衰退擔憂、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。

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 Andy.

我們的指導假設，除其他事項外，我們不會完成任何額外的業務收購、重組或法律和解。我們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。現在我將把電話轉給安迪。

Thank you, Dave. Good afternoon, everyone, and thanks for joining us. Today, we are reporting $134.4 billion in revenue and $7.7 billion in operating income, both of which exceeded the top end of our guidance ranges. We're encouraged by the progress we're making on several key priorities, namely: lowering our cost to serve in our stores' business; continuing to innovate on and improve our various customer experiences; and building new customer experiences that can meaningfully change what's possible for customers in our business long term.

謝謝你，戴夫。大家下午好，感謝大家的參與。今天，我們報告的收入為 1,344 億美元，營業收入為 77 億美元，均超出了我們預期的最高水準。我們在幾個關鍵優先事項上取得的進展令我們感到鼓舞，即：降低我們門市業務的服務成本；繼續創新並改善我們的各種客戶體驗；並建立新的客戶體驗，從而能夠長期有效地改變我們業務中客戶的可能性。

I'll start with our ongoing effort to lower our cost to serve in our stores' fulfillment network. Q2 saw another meaningful improvement in this area as we have steadily made progress the last several quarters. Central to our efforts has been the decision to transition our stores' fulfillment and transportation network from 1 national network in the United States to a series of 8 separate regions serving smaller geographic areas. We keep a broad selection of inventory in each region, making it faster and less expensive to get those products to customers.

我首先要說的是，我們正在不斷努力降低我們商店履行網路的服務成本。由於我們在過去幾季中穩步取得進展，因此第二季度在這一領域又取得了一次有意義的改善。我們努力的核心是決定將我們商店的履行和運輸網絡從美國的 1 個全國網絡轉變為服務於較小地理區域的 8 個獨立區域。我們在每個地區都保留了廣泛的庫存，以便更快、更便宜地將這些產品送到客戶手中。

Regionalization is working and has delivered a 20% reduction in number of touches for a delivered package, a 19% reduction in miles traveled to deliver packages to customers and more than 1,000 basis point increase in deliveries fulfilled within region, which is now at 76%. This is a lot of progress. Sometimes I hear people make the argument that Amazon is chasing faster speed while driving its costs higher and where it doesn't matter much to customers. This argument is incorrect. There are 2 things to note. First, customers care a lot about faster delivery. We have a lot of data that shows when we make faster delivery promises on a detail page, customers purchase more often, not just a little higher, meaningfully higher. It's also true that when customers know they can get their items really quickly, it changes their consideration of using us for future purchases, too.

區域化正在發揮作用，使包裹遞送的接觸次數減少了 20%，將包裹遞送給客戶所需的里程減少了 19%，區域內遞送完成率增加了 1,000 個基點以上，目前為 76%。這是一個很大的進步。有時我聽到人們說，亞馬遜在追求更快的速度的同時，卻推高了成本，而這對顧客來說並不重要。這種說法是不正確的。有兩件事需要注意。首先，客戶非常關心更快的送貨速度。我們有大量數據表明，當我們在詳情頁面上做出更快送貨的承諾時，客戶的購買頻率會更高，不只是高一點點，而是顯著更高。事實上，當顧客知道他們可以很快地拿到他們的物品時，他們也會改變將來購買時選擇我們的想法。

Second, when shipments come from fulfillment centers that are closer to customers, they travel shorter distances, which cost less in transportation, gets there faster and is better for the environment. There's a lot of goodness in that equation. This ability to have shipments closer to customers is the result of a lot of work and invention on the regionalization side, placement logic and local in-stock algorithms. It's also driven by our development and expansion of same-day fulfillment facilities, which is our fastest fulfillment mechanism and one of our least expensive, too.

其次，當貨物來自距離客戶較近的配送中心時，運輸距離較短，運輸成本較低，到達速度較快，對環境也較有利。這個等式中有很多優點。這種將貨物運送到更靠近客戶的能力是區域化、放置邏輯和本地庫存演算法方面大量工作和發明的結果。這也得益於我們當日履行設施的開發和擴張，這是我們最快的履行機制，也是最便宜的機制之一。

Our same-day facilities are located in the largest metro areas around the U.S., so our top-moving 100,000 SKUs, but also cover millions of other SKUs from nearby fulfillment centers that inject selection into these same-day facilities and have a design that streamlines getting items from order to being ready for delivery in as little as 11 minutes. The experience has been so positive for customers in our business that we're planning to double the number of these facilities. We believe that we are far from the law of diminishing returns and improving speed for customers.

我們的當日送達設施位於美國最大的都會區，因此我們的當日送達設施不僅涵蓋最常流通的 10 萬個 SKU，還涵蓋來自附近配送中心的數百萬個其他 SKU，這些配送中心為這些當日送達設施提供了選擇，並且其設計簡化了從下訂單到準備交付物品的整個過程，最快只需 11 分鐘。我們業務的客戶獲得了非常積極的體驗，因此我們計劃將這些設施的數量增加一倍。我們相信我們離收益遞減法則和為客戶提高速度還很遠。

While we're seeing strong early results from this regionalization effort, we still see several ways in which we can be more efficient in this structure and we believe will improve productivity further. We've also reevaluated virtually every part of our fulfillment network this past year and see additional structural changes we can make that provide future upside. We're excited about this cost to serve improvement, but also remain maniacally focused on making customers' lives easier and better every day and relentlessly inventing to make it so. This means constantly trying to improve experiences that we can deliver to customers short and long term. This customer experience work is at the heart of what we do every day across every one of our businesses.

雖然我們看到了區域化努力的早期顯著成果，但我們仍然看到有幾種方法可以提高這種結構的效率，我們相信這將進一步提高生產力。去年，我們也重新評估了我們履行網路的幾乎每個部分，並看到了我們可以做出的額外結構性改變，從而為未來帶來優勢。我們對這種服務成本的改進感到非常興奮，但同時也始終專注於讓客戶的日常生活變得更輕鬆、更美好，並為此不斷創新。這意味著我們必須不斷努力改善能夠為客戶提供的短期和長期體驗。客戶體驗工作是我們每項業務日常工作的核心。

And I can spend an hour on this call detailing various examples across the teams. For today, I'll just focus a bit on our stores and AWS businesses. For stores, our priorities continue to be providing customers with great selection, low prices and convenience. And as we've discussed, we've been especially focused on providing even faster delivery speeds. Our speed of delivery has never been faster. In this last quarter, across the top 60 largest U.S. metro areas, more than half of Prime members' orders arrived at the same day or next day. So far this year, we've delivered more than 1.8 billion units to U.S. Prime members the same or next day, nearly 4x what we delivered at those speeds by this point in 2019.

我可以花一個小時的時間在電話會議上詳細介紹各個團隊的各種範例。今天，我只會關注我們的商店和 AWS 業務。對於商店，我們的首要任務仍然是向顧客提供豐富的選擇、低廉的價格和便利。正如我們所討論的，我們特別注重提供更快的交付速度。我們的送貨速度從未如此之快。上個季度，在美國最大的 60 個都會區，超過一半的 Prime 會員的訂單在當天或隔天送達。今年到目前為止，我們已在當天或隔天向美國 Prime 會員交付了超過 18 億件商品，幾乎是 2019 年同期交付量的 4 倍。

Lowering our cost to serve allows us not only to invest in these speed improvements but also add more selection at lower price points. In particular, we're growing our selection in everyday essentials, enabling customers to avoid going out to get these items and both increasing our basket sizes and the frequency with which customers choose to shop with us. We now have more than 300 million items available with U.S. Prime free shipping, including tens of millions of items with free same-day and 1-day delivery.

降低服務成本使我們不僅能夠投資這些速度改進，而且還能以更低的價格提供更多的選擇。特別是，我們正在增加日常必需品的選擇，使顧客無需外出購買這些物品，同時也增加了我們的購物籃規模和顧客選擇在我們這裡購物的頻率。現在，我們有超過 3 億件商品可享有美國 Prime 免費送貨服務，其中包括數千萬件可享當日和 1 日免費送貨服務的商品。

We're continuing to focus on providing great value with tens of millions of deals that help customers stretch their dollar or more. For instance, in Q2 of '23, we offered customers 144% more deals and coupons than we did in Q2 of 2022. Prime Day was similar. Amazon offered more deals than any past Prime Day event with a wide selection across millions of products. Prime members purchased more than 375 million items worldwide and saved more than $2.5 billion across the Amazon store, helping make it the biggest Prime Day ever.

我們將繼續致力於透過數千萬筆交易提供巨大的價值，幫助客戶節省開支甚至更多。例如，在 2023 年第二季度，我們為顧客提供的優惠和優惠券比 2022 年第二季增加了 144%。 Prime Day 的情況也類似。亞馬遜提供的優惠比以往任何一次 Prime Day 活動都要多，並且有數百萬種產品可供選擇。 Prime 會員在全球購買了超過 3.75 億件商品，並在亞馬遜商店節省了超過 25 億美元，使其成為有史以來最大的 Prime Day。

Next, a few words about AWS. AWS remains the clear cloud infrastructure leader with a significant leadership position with respect to number of customers, size of partner ecosystem, breadth of functionality and the strongest operational performance. These are important factors for why AWS has grown the way it has over the last several years and for why AWS has almost doubled the revenue of any other provider. I've talked to many AWS customers over the years and continue to do so. And while all these factors I mentioned have been big drivers of the business' success, AWS customers tell us that as importantly, they care about the very different customer focus and orientation in AWS than they see elsewhere.

接下來，簡單介紹一下 AWS。 AWS 仍然是雲端基礎設施領域的明顯領導者，在客戶數量、合作夥伴生態系統規模、功能廣度和最強大的營運績效方面佔據著重要的領導地位。這些是 AWS 在過去幾年中如此快速成長以及 AWS 的收入幾乎是其他任何供應商收入兩倍的重要因素。多年來，我與許多 AWS 客戶進行了交談，並且還在繼續這樣做。雖然我提到的所有這些因素都是企業成功的主要驅動力，但 AWS 客戶告訴我們，同樣重要的是，他們關心的是 AWS 與其他地方截然不同的客戶關注點和定位。

As the economy has been uncertain over the last year, AWS customers have needed assistance cost optimizing to withstand this challenging time and reallocate spend to newer initiatives that better drive growth. We've proactively helped customers do this. And while customers have continued to optimize during the second quarter, we've started seeing more customers shift their focus towards driving innovation and bringing new workloads to the cloud. As a result, we've seen AWS' revenue growth rate stabilize during Q2 where we've reported 12% year-over-year growth.

由於過去一年經濟狀況不確定，AWS 客戶需要幫助優化成本以度過這段充滿挑戰的時期，並將支出重新分配到能夠更好地推動成長的新計畫。我們積極幫助客戶做到這一點。雖然客戶在第二季度繼續進行最佳化，但我們開始看到更多客戶將重點轉向推動創新和為雲端帶來新的工作負載。因此，我們看到 AWS 的營收成長率在第二季趨於穩定，我們報告稱其同比增長了 12%。

The AWS team continues to innovate and change what's possible for customers at a rapid click. You can see across the array of AWS product categories where AWS leads in compute, networking, storage, database, data solutions and machine learning, among other areas, and the continued invention and delivery in these areas is pretty unusual. For instance, a few years ago, we heard consistently from customers that they wanted to find more price [performant] ways to do generalized compute. And to enable that, we realized that we needed to rethink things all the way down to the silicon and set out to design our own general purpose CPU chips.

AWS 團隊不斷創新，透過快速點擊為客戶帶來各種可能。您可以在 AWS 產品類別中看到 AWS 在運算、網路、儲存、資料庫、資料解決方案和機器學習等領域處於領先地位，並且在這些領域的持續發明和交付非常不尋常。例如，幾年前，我們不斷聽到客戶說，他們希望找到更具價格[性能]的方法來進行通用計算。為了實現這一點，我們意識到我們需要重新思考矽片的各個方面，並著手設計我們自己的通用 CPU 晶片。

Today, more than 50,000 customers use AWS' Graviton chips and AWS Compute instances, including 98 of our top 100 Amazon EC2 customers, and these chips have about 40% better price performance than other leading x86 processors. The same sort of reimagining is happening in generative AI right now. Generative AI has captured people's imagination, but most people are talking about the application layer, specifically what OpenAI has done with ChatGPT. It's important to remember that we're in the very early days of the adoption and success of generative AI, and that consumer applications is only one layer of the opportunity.

如今，超過 50,000 個客戶使用 AWS 的 Graviton 晶片和 AWS Compute 實例，其中包括我們前 100 個 Amazon EC2 客戶中的 98 個，這些晶片的性價比比其他領先的 x86 處理器高出約 40%。同樣的重新構想目前正在生成人工智慧中發生。生成式人工智慧已經吸引了人們的想像力，但大多數人都在談論應用層，特別是 OpenAI 對 ChatGPT 所做的事情。重要的是要記住，我們正處於生成人工智慧的採用和成功的早期階段，而消費者應用只是機會的一個層面。

We think of large language models in generative AI as having 3 key layers, all of which are very large in our opinion and all of which AWS is investing heavily in. At the lowest layer is the compute required to train foundational models and do inference or make predictions. Customers are excited by Amazon EC2 P5 instances powered by NVIDIA H100 GPUs to train large models and develop generative AI applications. However, to date, there's only been one viable option in the market for everybody and supply has been scarce.

我們認為生成式人工智慧中的大型語言模型有 3 個關鍵層，我們認為所有這些層都非常大，而且 AWS 正在對所有這些層進行大量投資。最底層是訓練基礎模型和進行推理或預測所需的計算。客戶對由 NVIDIA H100 GPU 驅動的 Amazon EC2 P5 執行個體感到興奮，它們可以訓練大型模型並開發生成式 AI 應用程式。然而，到目前為止，市場上只有一種可行的選擇，而且供應量稀缺。

That, along with the chip expertise we've built over the last several years, prompted us to start working several years ago on our own custom AI chips for training called Trainium and inference called Inferentia that are on their second versions already and are a very appealing price performance option for customers building and running large language models. We're optimistic that a lot of large language model training and inference will be run on AWS' Trainium and Inferentia chips in the future.

這一點，加上我們在過去幾年中累積的晶片專業知識，促使我們在幾年前開始研發自己的客製化 AI 訓練晶片 Trainium 和推理晶片 Inferentia，這兩款晶片目前已經是第二版，對於構建和運行大型語言模型的客戶來說，是一個非常有吸引力的性價比選擇。我們樂觀地認為，未來大量大型語言模型訓練和推理將在 AWS 的 Trainium 和 Inferentia 晶片上運行。

We think of the middle layer as being large language models as a service. Stepping back for a second, to develop these large language models, it takes billions of dollars and multiple years to develop. Most companies tell us that they don't want to consume that resource building themselves. Rather, they want access to those large language models, want to customize them with their own data without leaking their proprietary data into the general model, have all the security, privacy and platform features in AWS, work with this new enhanced model and then have it all wrapped in a managed service.

我們認為中間層是大型語言模式即服務。退一步來說，開發這些大型語言模型需要花費數十億美元和數年的時間。大多數公司告訴我們，他們不想自己消耗資源來建造。相反，他們希望訪問那些大型語言模型，希望用自己的數據對其進行定制，而不會將專有數據洩露到通用模型中，擁有 AWS 中的所有安全、隱私和平台功能，使用這個新的增強模型，然後將其全部包裝在託管服務中。

This is what our service Bedrock does and offers customers all of these aforementioned capabilities with not just one large language model but with access to models from multiple leading large language model companies like Anthropic, Stability AI, AI21 Labs, Cohere and Amazon's own developed large language models called Titan. Customers, including Bridgewater Associates, Coda, Lonely Planet, Omnicom, 3M, Ryanair, Showpad and Travelers are using Amazon Bedrock to create generative AI application. And we just recently announced new capabilities from Bedrock, including new models from Cohere, Anthropic's Claude 2 and Stability AI's Stable Diffusion XL 1.0 as well as agents for Amazon Bedrock that allow customers to create conversational agents to deliver personalized up-to-date answers based on their proprietary data and to execute actions.

這就是我們的服務 Bedrock 所做的，它為客戶提供上述所有功能，不僅包括一個大型語言模型，還可以訪問來自多個領先的大型語言模型公司的模型，如 Anthropic、Stability AI、AI21 Labs、Cohere 和亞馬遜自己開發的大型語言模型 Titan。包括 Bridgewater Associates、Coda、Lonely Planet、Omnicom、3M、Ryanair、Showpad 和 Travelers 在內的客戶正在使用 Amazon Bedrock 建立生成式 AI 應用程式。我們最近剛宣布了 Bedrock 的新功能，包括 Cohere 的新模型、Anthropic 的 Claude 2 和 Stability AI 的 Stable Diffusion XL 1.0，以及適用於 Amazon Bedrock 的代理，這些代理允許客戶創建對話代理，根據其專有數據提供個性化的最新答案並執行操作。

If you think about these first 2 layers I've talked about, what we're doing is democratizing access to generative AI, lowering the cost of training and running models, enabling access to large language model of choice instead of there only being one option, making it simpler for companies of all sizes and technical acumen to customize their own large language model and build generative AI applications in a secure and enterprise-grade fashion. These are all part of making generative AI accessible to everybody and very much what AWS has been doing for technology infrastructure over the last 17 years.

如果你考慮我談到的前兩層，你會發現我們正在做的是使生成式人工智慧的訪問民主化，降低訓練和運行模型的成本，允許訪問選擇的大型語言模型而不是只有一種選擇，使各種規模和技術敏銳度的公司可以更輕鬆地定制自己的大型語言模型，並以安全和企業級的方式生成式人工智能應用程序。這些都是為了讓每個人都能使用生成式人工智慧的一部分，也是 AWS 在過去 17 年為技術基礎設施所做的努力。

Then that top layer is where a lot of the publicity and attention have focused, and these are the actual applications that run on top of these large language models. As I mentioned, ChatGPT is an example. We believe one of the early compelling generative AI applications is a coding companion. And it's why we built Amazon CodeWhisperer, an AI-powered coding companion, which recommends code snippets directly in the code editor, accelerating developer productivity as they code. It's off to a very strong start and changes the game with respect to developer productivity.

那麼頂層就是大量宣傳和關注的焦點，這些是運行在這些大型語言模型之上的實際應用程式。正如我所提到的，ChatGPT 就是一個例子。我們相信，早期引人注目的生成式人工智慧應用之一是編碼伴侶。這就是我們建立 Amazon CodeWhisperer 的原因，它是一款由人工智慧驅動的編碼伴侶，可直接在程式碼編輯器中推薦程式碼片段，從而提高開發人員編寫程式碼時的工作效率。它的開局非常強勁，並改變了開發人員生產力方面的遊戲規則。

Inside Amazon, every one of our teams is working on building generative AI applications that reinvent and enhance their customers' experience. But while we will build a number of these applications ourselves, most will be built by other companies, and we're optimistic that the largest number of these will be built on AWS. Remember, the core of AI is data. People want to bring generative AI models to the data, not the other way around.

在亞馬遜內部，我們的每個團隊都在致力於建立生成式人工智慧應用程序，以重塑和增強客戶體驗。不過，雖然我們自己會建立許多這樣的應用程序，但大多數應用程式將由其他公司構建，並且我們樂觀地認為其中大部分將在 AWS 上構建。記住，人工智慧的核心是數據。人們希望將生成式人工智慧模型應用於數據，而不是相反。

AWS not only has the broadest array of storage, database, analytics and data management services for customers, it also has more customers and data store than anybody else. Coupled with providing customers with unmatched choices at these 3 layers of the generative AI stack as well as Bedrock's enterprise-grade security that's required for enterprises to feel comfortable putting generative AI applications into production, we think AWS is poised to be customers' long-term partner of choice in generative AI.

AWS 不僅為客戶提供最廣泛的儲存、資料庫、分析和資料管理服務，而且擁有比其他公司更多的客戶和資料儲存。我們認為，除了為客戶提供生成式 AI 堆疊這 3 個層面的無與倫比的選擇，以及企業放心將生成式 AI 應用程式投入生產所需的 Bedrock 企業級安全性之外，AWS 有望成為客戶在生成式 AI 領域的長期首選合作夥伴。

We're also continuing to make meaningful progress in building new customer experiences that can meaningfully change what's possible for customers in our business long term. Amazon Business is one of our fastest-growing offerings with a $35 billion annual gross sales run rate. And the team is working hard to further build out the selection, value, convenience and features that business customers need. Buy with Prime is continuing to show a lot of progress. Merchants in early trials who use Buy with Prime saw their shopper conversion increase by 25% on average, which makes a real difference to their business. Also, merchants who participate in Prime Day activities, in aggregate, experienced a 10x increase in daily Buy with Prime orders during the sales event period versus the month before we announced Prime Day.

我們也在建立新的客戶體驗方面繼續取得有意義的進展，這將極大地改變我們業務中客戶的長期可能性。 Amazon Business 是我們成長最快的產品之一，年總銷售額達 350 億美元。該團隊正在努力進一步拓展商業客戶所需的選擇、價值、便利性和功能。 Prime 購買服務繼續顯示出巨大的進步。在早期試驗中使用 Prime 購買服務的商家發現其購物者轉換率平均提高了 25%，這對他們的業務產生了真正的影響。此外，與我們宣布 Prime Day 之前的一個月相比，參與 Prime Day 活動的商家在銷售活動期間的每日 Prime 購買訂單量總體增加了 10 倍。

It's frankly only been a short amount of time that we've decided to invest significantly in the health care market segment. A lot of what we tried before were smaller experiments. But we're pleased with Amazon Pharmacy doubling its active customers in the past year, and we're pleased with the response to RxPass, which enables Prime members to receive all of their eligible generic medications for just $5 a month and have them delivered free to their door. One Medical has been part of Amazon for just a few months now and we're encouraged by what we're seeing there, too.

坦白說，我們決定在醫療保健市場領域進行大量投資才不久。我們之前嘗試的很多都是規模較小的實驗。但我們很高興看到亞馬遜藥局在過去一年中活躍客戶數量翻了一番，我們也對 RxPass 的反響感到滿意，它使 Prime 會員每月只需支付 5 美元即可獲得所有符合條件的仿製藥，並免費送貨上門。 One Medical 成為亞馬遜旗下公司僅有幾個月的時間，我們對亞馬遜的所見所聞也感到鼓舞。

Our grocery business continues to grow. We already have a very large business in nontemperature-controlled areas like consumables, pet food, beauty and canned goods that continues to grow as we keep increasing speed and lowering our cost to serve, which allows us to sell more items more cost effectively. Whole Foods continues to lead the organic grocery space, is growing at a healthy clip and has meaningfully improved its profitability in the last year. We're pleased with what we're seeing with Whole Foods. And as I've shared before, we're working on new formats in our mass physical store offering, Amazon Fresh, having significantly improved the number of the key business inputs and just rolled out new concepts in stores.

我們的雜貨業務持續成長。我們在非溫控領域（如消費品、寵物食品、美容品和罐頭食品）的業務規模已經非常大，隨著我們不斷提高速度並降低服務成本，我們的業務還在繼續增長，這使我們能夠以更具成本效益的方式銷售更多商品。全食超市繼續引領有機食品雜貨領域，以健康的速度成長，並在去年顯著提高了獲利能力。我們對 Whole Foods 的現狀感到滿意。正如我之前分享過的，我們正在為我們的大規模實體店產品 Amazon Fresh 開發新的形式，顯著提高了關鍵業務投入的數量，並且剛剛在商店中推出了新的概念。

We also see substantial innovation and progress in other areas like Kuiper, Zoox and Alexa. We're still relatively early in many of our investments with technology inventions that are changing what's possible to deliver for customers in these areas, but they're big long-term opportunities that we remain optimistic about.

我們也看到 Kuiper、Zoox 和 Alexa 等其他領域的重大創新和進步。我們在許多技術發明方面的投資仍處於相對早期階段，這些技術發明正在改變這些領域為客戶提供服務的可能性，但它們是巨大的長期機遇，我們對此仍持樂觀態度。

Finally, I want to recognize our teams on being named #1 in LinkedIn's Top Companies to Grow your Career in the United States. It's a testament to our work to be a great employer with leading compensation benefits and upskilling opportunities. With that, I'll turn it over to Brian.

最後，我要表揚我們的團隊在 LinkedIn 的「美國最適合職涯發展的頂尖公司」名單中名列第一。這證明了我們是一家擁有領先薪資福利和技能提升機會的優秀雇主。說完這些，我就把麥克風交給 Brian。

Thank you, Andy. As Andy mentioned, we saw worldwide revenue of $134.4 billion, an increase of 11% year-over-year and above the top end of our guidance range. We are encouraged by the strength in our reported revenue, which is another proof point that our focus on price, selection and convenience continues to resonate with customers. We continue to see healthy demand across everyday essentials and in categories like beauty and health and personal care and have seen a positive customer response to improvements in personalization enhancements to our website and mobile app.

謝謝你，安迪。正如安迪所提到的，我們的全球收入達到 1,344 億美元，年增 11%，高於我們預期範圍的最高值。我們對報告收入的強勁成長感到鼓舞，這也再次證明我們對價格、選擇和便利性的關注持續引起客戶的共鳴。我們持續看到日常必需品以及美容、健康和個人護理等類別的健康需求，並看到客戶對我們網站和行動應用程式個人化增強功能的改進做出了積極的反應。

During the quarter, we also saw improvements in macroeconomic indicators across our North America and international segments, but continue to see customers trading down and seeking value in their purchases. Delivery speed has been a key area of focus over the last several quarters, and we reached record levels during Q2. Prime members love the faster ship speeds and are shopping more often. Advertising revenue remained strong, up 22% year-over-year. Our performance-based advertising offerings continue to be the largest contributor to our growth.

在本季度，我們也看到北美和國際市場的宏觀經濟指標有所改善，但客戶繼續降低消費水平並尋求購買價值。在過去的幾個季度中，交付速度一直是我們關注的重點領域，我們在第二季度達到了創紀錄的水平。 Prime 會員喜歡更快的運送速度且購物更頻繁。廣告收入維持強勁，較去年同期成長22%。我們基於績效的廣告產品繼續成為我們成長的最大貢獻者。

Our teams worked to increase the relevancy of the ads we show to our customers by leveraging machine learning and improve our ability to measure the return on advertising spend for brands. Third-party unit mix increased to 60% during the quarter, the highest level we've ever seen, and we're continuing to see good growth in the number of sellers and the unit sold per seller. We're making steady progress on improving our worldwide stores' profitability.

我們的團隊致力於利用機器學習來提高我們向客戶展示的廣告的相關性，並提高我們衡量品牌廣告支出回報的能力。本季度，第三方單位組合增加到 60%，這是我們見過的最高水平，我們繼續看到賣家數量和每個賣家銷售的單位數量保持良好增長。我們正穩步提高全球門市的獲利能力。

Since North America segment operating margins bottomed out in Q1 of 2022, we have seen 5 consecutive quarters of improvement, with second quarter operating margin of 3.9%. This is an improvement of 620 basis points over these past 5 quarters. One of the largest drivers of this operating income improvement in the stores business has been reducing our cost to serve, with shipping costs and fulfillment costs continuing to grow at a slower pace than our unit growth.

自 2022 年第一季北美分部營業利潤率觸底以來，我們已經連續 5 個季度實現改善，第二季營業利潤率為 3.9%。與過去 5 個季度相比，這一數字提高了 620 個基點。推動門市業務營業收入成長的最大因素之一是降低服務成本，運輸成本和配送成本的成長速度持續低於單位成長速度。

Most recently, regionalization is an important contributor. Faster delivery speed from better network connectivity and better inventory placement means less miles traveled and fewer touches, resulting in less cost. And while we are pleased with the progress we have made, we see more opportunity to drive improved cost efficiencies going forward.

最近，區域化是一個重要因素。更好的網路連線和更好的庫存佈局帶來更快的交付速度，意味著行駛里程更少、接觸次數更少，從而降低成本。雖然我們對所取得的進展感到滿意，但我們也看到未來有更多機會提高成本效率。

Moving to the international segment. Since our operating margin loss bottomed out in Q3 of last year, we have seen 3 consecutive quarters of improvement, with a second quarter margin loss of negative 3%. This is an improvement of 590 basis points over the last 3 quarters. This segment also includes our emerging countries. It is important to remember how early we are in some of these marketplaces. We've launched more than 10 countries in the past 6 years and are always evaluating our customer experience as well as our path to profitability, and we like the path we're on. As a reminder, it took us 9 years to reach profitability in the United States. In addition, across our North America and international results, inflation headwinds also continue to ease, most notably in fuel prices, line-haul rates, ocean and rail rates.

轉向國際領域。自去年第三季我們的營業利潤率損失觸底以來，我們已經連續三個季度出現改善，第二季的利潤率損失為負 3%。與過去三個季度相比，這一數字提高了 590 個基點。這個部分也包括我們的新興國家。重要的是要記住我們在其中一些市場中處於什麼早期階段。在過去的 6 年裡，我們已經在 10 多個國家開展業務，並且一直在評估我們的客戶體驗以及我們的獲利之路，我們喜歡我們所走的道路。提醒一下，我們花了 9 年才在美國獲利。此外，從我們的北美和國際業績來看，通膨逆風也持續緩解，最明顯的是燃料價格、幹線運輸費率、海運和鐵路費率。

Moving to AWS. Year-over-year revenue growth was 12%, with growth rates stabilizing during Q2. We are encouraged by the strength of our customer pipeline and believe having a large, diverse customer base that is mostly cost optimized sets us up well for future growth. On a trailing 12-month basis, free cash flow was positive and improved for the fourth sequential quarter. Our financial focus remains on driving long-term sustainable free cash flows. The largest driver of the recent improvement in free cash flow is our increased operating income, most notably in the North America and international segments where, as I said, we've made meaningful improvement in our fulfillment network productivity and operating leverage and benefited from moderating inflationary pressures.

遷移到 AWS。年比營收成長 12%，第二季成長率趨於穩定。我們受到客戶通路實力的鼓舞，並相信擁有龐大、多樣化且成本優化的客戶群將為我們未來的成長奠定良好的基礎。在過去 12 個月中，自由現金流為正，並且連續第四個季度有所改善。我們的財務重點仍然是推動長期可持續的自由現金流。近期自由現金流改善的最大驅動力是我們營業收入的增加，最明顯的是在北美和國際地區，正如我所說，我們在履行網路生產力和營運槓桿方面取得了有意義的進步，並受益於通膨壓力的緩和。

We've also seen improvements in our working capital contributions to free cash flow. Over the past couple of years, working capital hasn't been as efficient as we've held higher weeks of cover of inventory in the face of supply chain disruptions. Most recently, as these disruptions continue to ease, we are improving our inventory efficiency, resulting in improvements in our working capital. We will remain focused on continued free cash flow improvement moving forward.

我們也看到營運資本對自由現金流的貢獻有所改善。過去幾年，面對供應鏈中斷，我們維持了較長時間的庫存覆蓋，因此營運資金的效率並不高。最近，隨著這些中斷持續緩解，我們正在提高庫存效率，從而改善我們的營運資金。我們將繼續致力於持續改善自由現金流。

Next, let's turn to our capital investments. We define our capital investments as a combination of capital expenditures plus equipment finance leases. These investments were $54 billion for the trailing 12-month period ended June 30, down from $61 billion in the comparable prior year period. Looking ahead to the full year 2023, we expect capital investments to be slightly more than $50 billion compared to $59 billion in 2022. We expect fulfillment and transportation CapEx to be down year-over-year, partially offset by increased infrastructure CapEx to support growth of our AWS business, including additional investments related to generative AI and large language model efforts.

接下來，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上設備融資租賃的組合。截至 6 月 30 日的 12 個月期間，這些投資為 540 億美元，低於去年同期的 610 億美元。展望 2023 年全年，我們預期資本投資將略高於 500 億美元，而 2022 年為 590 億美元。我們預計履行和運輸資本支出將同比下降，但部分被增加的基礎設施資本支出所抵消，以支持我們的 AWS 業務的成長，包括與生成式 AI 和大型語言模型工作相關的額外投資。

With that, let's move on to your questions.

好了，讓我們繼續回答您的問題。

(Operator Instructions) And our first question comes from the line of Colin Sebastian with Baird.

（操作員指示）我們的第一個問題來自貝爾德的科林·塞巴斯蒂安。

I guess first on the fulfillment efficiency. Would be curious if you could give us a sense for how much of that optimization in the network with unit economics may have already been achieved in these numbers versus how much more you think is left to go? And related to that, I'm curious if you can leverage this reformulated network to help out with the grocery expansion. Or will that be limited to the stores and the specialized automated facilities you're building out?

我想首先是履行效率。我很好奇，您能否告訴我們，從這些數字來看，網路中單位經濟學的最佳化已經實現了多少，以及您認為還有多少需要實現？與此相關，我很好奇您是否可以利用這個重新制定的網絡來幫助擴大雜貨店業務。或者這是否僅限於您正在建造的商店和專業自動化設施？

I'll take that first one. So on fulfillment efficiency, we're encouraged again by what we're seeing with regionalization and also the efforts to control our cost structure and the -- some of the inflationary pressures coming down. We're still in that journey, though, to reclaim the cost structure that we had previously and we consider this as a point along the road. So encouraged by some of the margin improvements we're seeing, particularly over the last 3 to 5 quarters but we're still underway. There's still a lot to be regained in our fulfillment area, and the teams are working very hard on it.

我會選擇第一個。因此，就履行效率而言，我們再次受到區域化、控製成本結構和通膨壓力下降的努力的鼓舞。然而，我們仍在努力恢復先前的成本結構，並將此視為前進道路上的一個節點。因此，我們看到利潤率有所提高，這讓我們感到鼓舞，特別是在過去 3 到 5 個季度，但我們仍在前進。我們的履行領域還有很多工作要做，團隊正在為此努力。

On the question of grocery, as Andy explained at different points, our grocery business has a lot of dimensions to it. Obviously, there's consumables, there's fresh goods, there's Whole Foods. The same -- sub-same-day is probably mostly impacting the first -- that bucket of the consumables and everyday essentials. And as Andy mentioned, we're able to expand our selection in those areas because our cost structure can, quite frankly, afford it when the distances of customers are shorter and the transportation costs are more fixed.

關於雜貨的問題，正如安迪在不同場合所解釋的那樣，我們的雜貨業務涉及很多方面。顯然，有消耗品，有新鮮商品，有全食超市。同一天以下的銷售可能主要影響第一類—消耗品和日常必需品。正如安迪所提到的，我們能夠在這些地區擴大選擇範圍，因為坦白說，當客戶的距離較短且運輸成本更固定時，我們的成本結構可以承受。

I'll just add to that, this is Andy, that I do think there's some optimization and some leverage we get from our fulfillment network. And particularly in the case of being able to inject a number of items into our same-day facilities, to increase the number of items that people can add at the last minute, even grocery items that they can get same day. And I think that you see some of that already and you'll see more of that moving forward.

我只想補充一點，我是安迪，我確實認為我們的履行網絡可以獲得一些優化和一些槓桿作用。特別是在能夠將大量物品注入我們的當天送達設施的情況下，可以增加人們可以在最後一刻添加的物品數量，甚至是他們可以在當天獲得的雜貨。我認為您已經看到了其中的一些，並且未來將看到更多這樣的情況。

And I also think that you'll see over time that we're going to be able to leverage being able to have -- people be able to pick up different items from different grocery-like options that are different grocery formats. But it's also true that we have infrastructure build-out in our grocery business that's different and optimized for the grocery business, too.

而且我還認為，隨著時間的推移，你會發現我們將能夠利用這種能力——人們能夠從不同的雜貨店中選擇不同的商品，這些雜貨店是不同的雜貨店形式。但事實上，我們在食品雜貨業務中也建立了不同的、針對食品雜貨業務進行最佳化的基礎設施。

Our next question comes from the line of Mark Mahaney with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Mark Mahaney。

I'll limit myself to one question for each of you. Amazon Business, it's been a couple of years since you've talked about that. It would seem like there'd be a lot more opportunities, frankly, a lot higher level of sales, bookings, whatever, that you get out of that. So Andy, just talk about like how big of a priority is that for you? And what's the growth strategy? Like how do you take that to $100 billion?

我將只向你們每個人問一個問題。亞馬遜商業，您已經有幾年沒有談論過這個問題了。坦白說，這似乎意味著您將獲得更多機會，獲得更高水準的銷售額、預訂量等等。那麼安迪，請您談談這對您來說有多重要？成長策略是什麼？例如你怎麼才能提高到 1000 億美元？

And then on the -- Brian, on AWS, in the last 2 quarters, you provided a little bit of a look ahead into the quarter in terms of the AWS growth, given some of the commentary about moving beyond optimization and into new workloads without -- if you don't give a specific number, at least talk about the trends that you're seeing versus what you had in the second quarter.

然後，關於——Brian，關於 AWS，在過去兩個季度中，您對 AWS 的成長做了一些展望，考慮到一些關於超越優化並進入新工作負載的評論——如果您沒有給出具體的數字，至少談談您所看到的趨勢與第二季度的趨勢相比如何。

Yes, sure. Thanks, Mark. Let me start with that second question. So again, if we rewind to our last conference call, we had seen 16% AWS revenue growth in Q1, and the growth rates have been dropping during the quarter. And what I mentioned was that April was running about 500 basis points lower than Q1. What we've seen in the quarter is stabilization and you see the final 12% growth.

是的，當然。謝謝，馬克。讓我從第二個問題開始。因此，如果我們回顧上次電話會議，我們會發現 AWS 營收在第一季成長了 16%，而本季的成長率一直在下降。我提到的是，四月的利率比第一季低了約 500 個基點。我們在本季看到的是穩定，最終看到了 12% 的成長。

I will stop for a moment and just put that in perspective. So again, last Q2 last year, we had close to $20 billion of revenue and we grew that $2.4 billion. So that's -- while that is 12%, there's a lot of cost optimization dollars that came out and a lot of new workloads and new customers that went in. So there was -- on our base, it's very large numbers. And when customers start to -- that cost optimization work, they can take some of their spend down for a while as they do that, and we help them do that and has been part of our DNA ever since we started AWS. So that's all good.

我將暫停一會兒，並客觀地看待這個問題。去年第二季度，我們的營收接近 200 億美元，今年成長了 24 億美元。所以，雖然這是 12%，但我們已經投入了大量成本優化資金，並且投入了大量新的工作量和新客戶。所以，從我們的角度來看，這是一個非常大的數字。當客戶開始進行成本優化工作時，他們可以在一段時間內減少部分支出，我們會幫助他們做到這一點，自從我們啟動 AWS 以來，這一直是我們 DNA 的一部分。一切都很好。

What we're seeing in the quarter is that those cost optimizations, while still going on, are moderating and many may be behind us in some of our large customers. And now we're seeing more progression into new workloads, new business. So those balanced out in Q2. We're not going to give segment guidance for Q3. But what I would add is that we saw Q2 trends continue into July. So generally feel the business has stabilized, and we're looking forward to the back end of the year in the future because, as Andy said, there's a lot of new functionality coming out with -- and there's a lot of spend that will be in this area for all the great solutions that are out there for generative AI and large language models as well as machine learning solutions that we've always had for customers. So optimistic and starting to see some good traction with our customers' new volumes.

我們在本季看到的情況是，這些成本優化雖然仍在進行中，但正在放緩，而且對於我們的一些大客戶來說，許多成本優化可能已經落後了。現在我們看到了新工作量、新業務的更多進展。因此這些在第二季度得到了平衡。我們不會提供第三季的分部指引。但我想補充的是，我們看到第二季的趨勢持續到了 7 月。因此總體感覺業務已經穩定下來，我們期待今年年底的到來，因為正如安迪所說，將會有很多新功能推出——而且我們會在這個領域投入大量資金，用於生成人工智能和大型語言模型以及我們一直為客戶提供的機器學習解決方案的所有優秀解決方案。我們非常樂觀，並開始看到客戶的新產品銷售出現一些良好的成長勢頭。

Yes. I'll just underline one point Brian made and then quickly get to the Amazon Business point. Just if you think about the AWS business being an $88 billion revenue run rate business, to grow double digits on a business that size with the amount of cost optimizing that's been happening, to grow double digits, you have to be adding a lot of new customers and a lot of new workloads just to grow double digits.

是的。我只想強調布萊恩提出的一點，然後快速轉到亞馬遜業務的觀點。如果您認為 AWS 業務是一項年收入 880 億美元的業務，那麼在進行成本優化的情況下，要實現如此規模的業務的兩位數增長，就必須增加大量新客戶和大量新工作負載才能實現兩位數的增長。

So when I talked about last quarter how I liked a lot of the fundamentals that we were seeing in the business with respect to the customer pipeline, the new workloads, the migrations happening, what the team is rolling out functionality-wise, that's kind of what I'm talking about. And as we start to see cost optimization attenuate and more of the workloads, new workloads that people took those cost optimizations and actually started to plan come to fruition, even -- not to mention what's coming with generative AI, there's a lot of growth in front of us on AWS.

因此，當我談到上個季度時，我很喜歡我們在業務中看到的許多基本要素，包括客戶管道、新的工作負載、正在發生的遷移、團隊正在推出的功能，這就是我所談論的內容。隨著我們開始看到成本優化逐漸減弱，越來越多的工作負載、人們採用這些成本優化並實際開始計劃的新工作負載取得成果，甚至——更不用說生成式人工智慧即將帶來的變化，AWS 上還有很大的增長空間。

Just on your Amazon Business question, Mark, $35 billion annual run rate for gross sales is pretty strong growth. And if you look at it year-over-year, it continues to be very strong. But I like the way you're thinking, Mark, and it's almost like you're in some of the meetings that we're in where I asked the very same question. The team is working hard to build $100 billion-plus business over time.

馬克，就您對亞馬遜業務的問題而言，350 億美元的年銷售總額成長相當強勁。如果你逐年觀察，你會發現它仍然非常強大。但是我喜歡你的思維方式，馬克，這幾乎就像你在我們參加的一些會議中我問過同樣的問題一樣。該團隊正在努力打造價值超過 1000 億美元的業務。

And I think that the business has grown to be pretty large already, and I still think we only have a fraction of the features that we need to address more of the enterprise at this point. There's all sorts of companies ordering obviously from Amazon Business. But the bigger procurement workloads, there are certain features that you need to make them much easier in the way that companies are used to buying in those big procurements.

我認為業務已經發展得相當大了，但我仍然認為我們目前只擁有解決更多企業需求所需的一小部分功能。顯然，各種各樣的公司都從亞馬遜商業訂購。但是，隨著採購工作量的增加，您需要採用某些功能，以便使採購工作變得更加簡單，就像公司在大型採購中習慣的那樣。

And so we have a lot of features that we're adding. We have a number of service pieces that we need to add really around helping on big buys, do some of the service substantiations. And so we have a lot of functionality that we're very quickly adding to the mix here. But I don't think we're close to being done growing there, and that is a very strong area of focus for our stores team and for our senior leadership team as well.

因此我們添加了很多功能。我們需要加入一些服務內容，真正幫助大宗採購，做一些服務確認。因此，我們有很多功能可以快速添加到這裡。但我認為我們在那裡的成長還遠遠沒有結束，這也是我們商店團隊和高階領導團隊關注的重點領域。

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

我們的下一個問題來自 Jefferies 的 Brent Thill。

Andy, just on AI monetization. Can you just talk to when you think you'll start to see that flow into the AWS business? Is that 2024? Do you feel like the back half, you'll start to see that as a bigger impact for the business?

安迪，我們來談談人工智慧貨幣化。您能否談談您認為什麼時候會開始看到這種流入 AWS 業務？那是 2024 年嗎？您是否覺得後半部分會開始對業務產生更大的影響？

Yes. Good question, Brent. What I would say is that we have had a very significant amount of business in AWS driven by machine learning and AI for several years. And you've seen that largely in the form of compute as customers have been doing a lot of machine learning training and then running their models and production on top of AWS and our compute instances. But you've also seen it in the form of the 20-plus machine learning services that we've had out there for a few years.

是的。問得好，布倫特。我想說的是，幾年來，我們在 AWS 上開展了大量由機器學習和人工智慧推動的業務。您已經看到這主要以計算的形式出現，因為客戶一直在進行大量的機器學習訓練，然後在 AWS 和我們的計算實例上運行他們的模型和生產。但您也已經看到了我們幾年來推出的 20 多種機器學習服務。

I think when you're talking about the big potential explosion in generative AI, which everybody is excited about including us, I think we're in the very early stages there. We're a few steps into a marathon in my opinion. I think it's going to be transformative, and I think it's going to transform virtually every customer experience that we know. But I think it's really early. I think most companies are still figuring out how they want to approach it. They're figuring how to train models. They want to -- they don't want to build their own very large language models. They want to take other models and customize it, and services like Bedrock enable them to do so. But it's very early. And so I expect that will be very large, but it will be in the future.

我認為，當你談論生成人工智慧的巨大潛在爆發時，包括我們在內的每個人都對此感到興奮，我認為我們正處於非常早期的階段。我認為我們已經距離馬拉松只有幾步之遙了。我認為它將具有變革性，而且我認為它將改變我們所知的幾乎所有客戶體驗。但我認為現在還為時過早。我認為大多數公司仍在思考如何解決這個問題。他們正在研究如何訓練模型。他們不想建立自己的非常大的語言模式。他們希望採用其他模型並對其進行定制，而 Bedrock 等服務可以讓他們做到這一點。但現在還為時過早。因此我預計這個數字將會非常大，但這將是未來的事。

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

下一個問題來自高盛的 Eric Sheridan。

Thanks for all the detail in the prepared remarks around framing some of those key issues. Andy, maybe coming back to grocery. There's been a lot of coverage in the press around your grocery initiative in the last couple of days. When you take a step back, how much do you think about solving the grocery dynamic in the business, to capitalize on it the way you want? Is it an element of things you need to build and the application of capital versus elements of executing on what's already in place and sort of aligning the assets in place against the Amazon -- the scale of the Amazon Prime household in your customer base?

感謝您在準備好的發言中對一些關鍵問題進行詳細的闡述。安迪，也許會回來做雜貨店。過去幾天，媒體對您的食品雜貨計劃進行了大量報導。當您退一步思考時，您會考慮多少來解決雜貨業務中的動態問題，以按照您想要的方式利用它？這是您需要建立的要素和資本的應用，還是執行現有資源的要素，以及將現有資產與亞馬遜（您的客戶群中的亞馬遜 Prime 家庭規模）進行調整？

Yes, it's a good question. It's a little bit of both. I mean if I just step back and think about how we think about grocery, we continue to have this very big business in nonperishables, which is where a lot of the mass merchandisers started in grocery several years ago. So these are areas like consumables and canned goods and pet food and beauty and health. And as I said, it's a big business that's continuing to grow. But if you want to be able to serve more customers, which we do, and there are a whole number of reasons for that and customers want it, you have to have a strong physical presence.

是的，這是個好問題。兩者都有一點。我的意思是，如果我退一步思考一下我們如何看待食品雜貨，我們仍然在非易腐食品領域擁有非常大的業務，幾年前許多大眾零售商就是從這裡開始涉足食品雜貨業務的。這些領域包括消費品、罐頭食品、寵物食品、美容和健康。正如我所說，這是一項正在持續成長的大生意。但是，如果你想要服務更多的客戶，就像我們所做的那樣，並且有很多理由這樣做，而且客戶也希望如此，那麼你就必須擁有強大的實體存在。

We started with Whole Foods, which is the pioneer in organic grocery, it continues to be, and we really like the way Whole Foods is growing. We've made a number of really important adjustments in the business that's changed its profitability trajectory over the last year. And we really like where that's headed and we're expanding that meaningfully. But if you want to be really broad, you have to have a mass physical format. We have been working on that for several years with Amazon Fresh. And I would say that we weren't pleased with the inputs, the progress on the inputs there. And the team has worked very hard over the last year to first start on the quality of the input, and that goes towards the quality of what we already had in place.

我們從 Whole Foods 開始，它是有機食品領域的先驅，現在仍然是，我們真的很喜歡 Whole Foods 的發展方式。我們對業務做了一些非常重要的調整，改變了去年的獲利軌跡。我們真的很喜歡這個方向，我們正在大力拓展它。但如果你想要真正普及，你就必須擁有大規模的實體格式。我們與 Amazon Fresh 已合作多年，致力於實現這一目標。我想說的是，我們對這些投入以及投入的進展並不滿意。在過去的一年裡，團隊非常努力地首先提高輸入的質量，這有助於提高我們已經擁有的品質。

And these are things like the right in-stock levels, the right cost structure, the right figures on things like obsolescence, just a number of the core inputs there, we just felt like we could be sharper and better. And I think that team has made up a lot of improvements. We have spent a lot of time thinking and rethinking how we want the formats to look. And we've just started rolling out some of those new formats, starting in our Chicago stores and then moving to our Southern California stores shortly thereafter. And you see added selection. You see added private brands. You see added well-known third-party brands like Krispy Kreme and coffee in the stores.

這些包括正確的庫存水準、正確的成本結構、正確的過時數據等，只是一些核心投入，我們只是覺得我們可以更敏銳、更好。我認為該團隊已經取得了巨大的進步。我們花了很多時間思考和重新思考我們想要的格式。我們剛開始推出一些新模式，首先從芝加哥的商店開始，然後不久後轉移到南加州的商店。您會看到增加了選擇。您會看到添加了自有品牌。您會看到商店中增加了 Krispy Kreme 和咖啡等知名第三方品牌。

You've seen a refined decor in the stores. You see refined dash cards that keep a running tally for people, so they understand where they are at the moment wherever they're shopping as well as refined self-service checkouts. And all those things, to me, are part of an effort we're trying to pursue to have a format in our mass Amazon Fresh stores that resonate more with customers. And we're hopeful that we will find that format and that it gives us the type of results that give us confidence to want to expand more broadly.

您已經看到商店裡精緻的裝飾。您會看到精緻的儀表卡，它可以為人們持續記錄，這樣他們就可以知道自己目前在哪裡購物，以及精緻的自助結帳服務。對我來說，所有這些都是我們努力追求的目標之一，即在我們的大型 Amazon Fresh 商店中建立一種更能引起顧客共鳴的形式。我們希望找到這種格式，並希望它能帶給我們讓我們有信心更廣泛地擴展的結果。

But we won't expand unless we see that type of resonance. We're not just going to be undisciplined. We're going to be thoughtful and disciplined about it. I do think also, you're starting to see across the team pulling some of the efforts together. So we have a number of different grocery offerings that I just talked about, just having a converged shopping cart for customers, which they have obviously wanted that, I think will help them quite a bit.

但除非我們看到這種共鳴，否則我們不會擴張。我們不會只是變得沒有紀律。我們將對此進行深思熟慮並嚴格遵守紀律。我也確實認為，你開始看到整個團隊齊心協力。正如我剛才所說，我們提供多種不同的雜貨，為顧客提供融合購物車，這顯然是他們想要的，我認為這對他們來說有很大幫助。

We're continuing to extend delivery to non-Prime customers as well. And so I think there are a number of opportunities for us over time to grow the business. We're optimistic that we'll be able to do so, but we're also being disciplined about not expanding the physical fresh stores until we have a format that we think is more resonant with customers.

我們也將繼續向非 Prime 客戶提供送貨服務。因此我認為隨著時間的推移，我們有很多機會來發展業務。我們樂觀地認為我們能夠做到這一點，但我們也嚴格遵守紀律，不會擴大實體生鮮店，直到我們找到一種我們認為更能引起顧客共鳴的形式。

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

我們的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one, Andy, on the last call last quarter, you talked about how -- you sort of talked about North America retail margins potentially getting to at or above pre-COVID levels. I think you said a margin around 4% and you're sort of talking now about investing more in grocery and expanding same-day and expanding that footprint. How should we think about sort of the forward slope of North America retail margins and sort of invest in some of these new initiatives in the retail business?

我有 2 個問題。第一個問題，安迪，在上個季度的最後一次電話會議上，您談到了北美零售利潤率有可能達到或超過 COVID 之前的水平。我認為您說的利潤率大約是 4%，而您現在談論的是增加對食品雜貨的投資、擴大當日送達服務以及擴大業務範圍。我們該如何看待北美零售利潤率的向前傾斜，以及如何投資零售業的一些新措施？

Then the second one on AI. How high of an investment priority is it for you to improve your own retail and device network through more AI investments, potentially through logistics or AI-based agents, et cetera? How large is that in the overall investment priority list?

第二個是關於人工智慧的。透過更多的人工智慧投資（可能透過物流或基於人工智慧的代理等）來改善您自己的零售和設備網絡，您的投資優先順序有多高？在整體投資優先清單中，它佔多大比例？

Well, I'll start on the North America retail piece, which is again, I'll just remind that we're not going to expand the number of Fresh stores in a very significant way until we believe we have something that is resonant with customers and that we're going to like the return on invested capital. So that to me, I'm hopeful we're going to find that but we won't until we do.

好吧，我將從北美零售部分開始，再次提醒一下，我們不會大幅擴大 Fresh 商店的數量，直到我們相信我們擁有能夠引起客戶共鳴的產品並且我們會喜歡投資資本的回報。所以對我來說，我希望我們能夠找到它，但我們永遠無法找到它。

I think as it relates to same-day facilities, we actually think that's going to be very positive for the business. It is -- as I mentioned in my opening remarks, it is one of our most cost-effective mechanisms and fulfillment vehicles with respect not just to getting it there to customers quickly, but being fast, in part because those facilities, they're smaller facilities. They're big enough obviously to hold, in steady state, 100,000 SKUs and then also to have all of our nearby fulfillment centers be able to inject lots of different selection in there, so we can cover several million SKUs in that same-day or 1-day fashion.

我認為，就當日服務而言，我們實際上認為這對業務來說將非常有利。正如我在開場白中提到的那樣，它是我們最具成本效益的機制和履行工具之一，不僅可以快速地將產品送達客戶，而且速度很快，部分原因是這些設施規模較小。它們顯然足夠大，在穩定狀態下可以容納 100,000 個 SKU，並且還能夠讓我們附近的所有履行中心都能夠在其中註入大量不同的選擇，因此我們可以在當天或 1 天的方式覆蓋數百萬個 SKU。

But they're smaller -- in general, they're smaller facilities with less conveyance and with more streamlined pick directly to pack and to get out to the dock to ship. And so they're just much more efficient as well. So we actually think that the expansion of those is going to not just help with speed and with demand, but we're going to also like the cost structure associated with that. And I continue to believe what I said last quarter, Brian, which is I do believe that we'll get back to margins like what we had pre-COVID. And I don't think that's the end of what's possible for us there.

但它們的規模較小——一般來說，它們的設施規模較小，運輸工具較少，直接揀選、包裝和運送到碼頭裝運的流程更加簡化。因此它們的效率也更高。因此，我們實際上認為，這些擴張不僅有助於提高速度和滿足需求，而且我們也會喜歡與此相關的成本結構。布萊恩，我仍然相信我上個季度所說的話，那就是我確實相信我們的利潤率會恢復到疫情之前的水平。我不認為這是我們所能實現的目標的終點。

On the AI question, what I would tell you, every single one of our businesses inside of Amazon, every single one has multiple generative AI initiatives going right now. And they range from things that help us be more cost effective and streamlined in how we run operations in various businesses, to the absolute heart of every customer experience in which we offer. And so it's true in our stores business. It's true in our AWS business. It's true in our advertising business. It's true in all our devices, and you can just imagine what we're working on with respect to Alexa there. It's true in our entertainment businesses, every single one. It is going to be at the heart of what we do. It's a significant investment and focus for us.

關於人工智慧問題，我想告訴你，亞馬遜內部的每一項業務，現在都有多項生成人工智慧計畫在進行。這些措施包括幫助我們提高成本效益、簡化各種業務的運作方式，以及我們為客戶提供的每一次體驗的核心。我們的商店業務也是如此。在我們的 AWS 業務中確實如此。在我們的廣告業務中確實如此。我們所有的設備都是如此，你可以想像我們正在針對 Alexa 進行哪些工作。在我們的娛樂產業中，每一個產業都是如此。這將成為我們工作的核心。這對我們來說是一項重大的投資和重點。

Our final question comes from the line of Doug Anmuth with JPMorgan.

我們的最後一個問題來自摩根大通的 Doug Anmuth。

Just on AWS, as you lap optimizations and the macro-driven slowdown and you start to get the new workload deployment, how do you think about what normalized growth could look like for AWS in a better macro environment? And then secondly, helpful to get the just over $50 billion CapEx number for this year. Just curious how generative AI changes or could change your CapEx trajectory going forward.

只有在 AWS 上，當您進行最佳化和宏觀驅動的放緩並開始獲得新的工作負載部署時，您如何看待在更好的宏觀環境下 AWS 的正常化成長會是什麼樣子？其次，這有助於今年的資本支出達到 500 多億美元。只是好奇生成性人工智慧如何改變或可能改變你未來的資本支出軌跡。

Well, it's a good question. And I would say that while I expect there will continue to be cost optimization, I think that the balance of cost optimizations to actually new workloads and new migrations as we saw a shift in that in Q2, I expect that we'll continue to see that shift over time. And as I said, I mean, everybody has to make their own conclusions on what percentage revenue growth they believe it means.

嗯，這是個好問題。我想說的是，雖然我預計成本優化將會繼續，但我認為成本優化與實際新工作負載和新遷移之間的平衡，正如我們在第二季度看到的那樣，我預計我們會隨著時間的推移繼續看到這種轉變。正如我所說，每個人都必須對他們認為這意味著多少百分比的收入成長做出自己的結論。

But to grow double digits on an $88 billion revenue run rate business, when you're seeing that amount of cost optimization that every company in the world is trying to save as much money as they can in the last year, to still grow double digits on a base that size means that we're acquiring a lot of new customers and a lot of new workloads. And so I'm very bullish on the growth of AWS over the next several years. And any one quarter, it's hard for me to predict, but I am bullish about it in the medium to long term for sure.

但是，在 880 億美元收入運行率業務上實現兩位數增長的情況下，當你看到世界上每家公司都在去年盡可能地節省成本時，在如此規模的基礎上仍然實現兩位數增長意味著我們正在獲得大量新客戶和大量新工作量。因此，我非常看好 AWS 未來幾年的發展。任何一個季度，我都很難預測，但我對中長期前景肯定是看好的。

I think that on the -- how much generative AI may impact the capital expense spend, included in that number is a pretty significant amount of capital expense in the AWS business for large language models and for generative AI. And we have quite a bit of demand right now. And so it's -- like in AWS, in general, one of the interesting things in AWS, and this has been true from the very earliest days, which is the more demand that you have, the more capital you need to spend because you invest in data centers and hardware upfront and then you monetize that over a long period of time.

我認為，生成式人工智慧可能會對資本支出產生多大影響，其中包括 AWS 業務中用於大型語言模型和生成式人工智慧的相當可觀的資本支出。我們現在有相當多的需求。所以，就像 AWS 一樣，總的來說，AWS 中一個有趣的事情，從一開始就是如此，那就是你的需求越多，你需要花費的資金就越多，因為你要先投資數據中心和硬件，然後你需要在很長一段時間內將其貨幣化。

So I would like to have the challenge of having to spend a lot more in capital in generative AI because it will mean that customers are having success and they're having success on top of our services and -- but I think that, that's our best estimate right now on that capital expense, and we'll update it if we find it's different.

因此，我願意接受在生成人工智慧上投入更多資金的挑戰，因為這意味著客戶正在獲得成功，他們在我們的服務之上也取得了成功——但我認為，這是我們目前對資本支出的最佳估計，如果我們發現它有所不同，我們會進行更新。

Thank you for joining us on the call today and for your questions. A replay will be available on our Investor Relations website for at least 3 months. We appreciate your interest in Amazon, and look forward to speaking with 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提供至少 3 個月。感謝您對亞馬遜的關注，並期待下個季度再次與您交談。

Ladies and gentlemen, that does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。