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 Amazon.com 2023 年第二季度財務業績電話會議。 （操作員說明）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.

作為開場白，我將把電話轉給投資者關係副總裁戴夫·菲爾德斯 (Dave Fildes)。謝謝你，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，歡迎參加我們的 2023 年第二季度財務業績電話會議。今天我們的首席執行官安迪·賈西 (Andy Jassy) 將與我們一起回答您的問題；和我們的首席財務官布萊恩·奧爾薩夫斯基 (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業績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與我們 2022 年可比期間的結果進行比較。

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.

我們對您問題的評論和答复僅反映截至今天（2023 年 8 月 3 日）管理層的觀點，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業績的因素的更多信息包含在今天的新聞稿和我們向 SEC 提交的文件中，包括我們最新的 10-K 表格年度報告和後續文件。

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

在這次電話會議中，我們可能會討論某些非公認會計準則財務指標。在我們的新聞稿、本次網絡廣播隨附的幻燈片以及我們向SEC 提交的文件（每份文件均發佈在我們的IR 網站上）中，您將找到有關這些非GAAP 衡量標準的其他披露信息，包括這些衡量標準與可比GAAP 衡量標準的調節表。我們的指導結合了迄今為止我們所看到的訂單趨勢以及我們今天認為適當的假設。

Our results are inherently unpredictable and may be materially affected by many factors, including fluctuations in foreign exchange rates, changes in global economic and geopolitical conditions and customer demand and spending, including the impact of recessionary fears, inflation, interest rates, regional labor market constraints, world events, the rate of growth of the Internet, online commerce and cloud services, and the various factors detailed in our filings with the SEC.

我們的結果本質上是不可預測的，可能會受到許多因素的重大影響，包括外匯匯率波動、全球經濟和地緣政治條件的變化以及客戶需求和支出，包括經濟衰退擔憂、通貨膨脹、利率、區域勞動力市場限制的影響、世界事件、互聯網、在線商務和雲服務的增長率，以及我們向 SEC 提交的文件中詳細說明的各種因素。

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.

除其他外，我們的指導假設我們不會達成任何額外的業務收購、重組或法律和解。無法準確預測對我們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存在重大差異。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，感謝您加入我們。今天，我們報告的收入為 1,344 億美元，營業收入為 77 億美元，兩者均超出了我們指導範圍的上限。我們對在幾個關鍵優先事項上取得的進展感到鼓舞，即： 降低商店業務的服務成本；繼續創新和改善我們的各種客戶體驗；打造新的客戶體驗，從長遠來看，可以有意義地改變客戶在我們業務中的可能性。

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.

我將從我們不斷努力降低商店履行網絡的服務成本開始。由於我們在過去幾個季度中穩步取得進展，第二季度在該領域出現了另一個有意義的改進。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一個全國性網絡轉變為服務較小地理區域的一系列 8 個獨立區域。我們在每個地區都擁有廣泛的庫存選擇，從而可以更快、更便宜地將這些產品交付給客戶。

Regionalization is working and has delivered a 20% reduction in number of touches for our 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，我們交付包裹的接觸次數減少了 20%，向客戶交付包裹的行駛里程減少了 19%，區域內交付量增加了 1,000 個基點以上，目前為 76% 。這是很大的進步。有時我聽到人們提出這樣的論點：亞馬遜追求更快的速度，同時推高了成本，而這對客戶來說並不重要。這個論點是不正確的。有兩點需要注意。首先，客戶非常關心更快的交貨速度。我們有大量數據顯示，當我們在詳細信息頁面上做出更快的交貨承諾時，客戶會更頻繁地購買，而不僅僅是稍微高一點，有意義地更高。確實，當客戶知道他們可以非常快速地獲得他們的商品時，這也會改變他們在未來購買時使用我們的考慮。

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履行中心時，它們的運輸距離較短，從而運輸成本較低，到達目的地速度更快，並且對環境也更好。這個等式有很多好處。這種讓發貨更接近客戶的能力是區域化方面、佈局邏輯和本地庫存算法方面大量工作和發明的結果。它還受到我們當日履行設施的開發和擴展的推動，這是我們最快的履行機制，也是我們最便宜的機制之一。

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市區，因此我們擁有銷量最高的100,000 個SKU，而且還覆蓋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注入了選擇，並採用了簡化的設計從收到商品到準備交付，僅需 11 分鐘。這種體驗對於我們業務中的客戶來說非常積極，因此我們計劃將這些設施的數量增加一倍。我們相信，我們遠離客戶收益遞減、速度提高的規律。

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.

雖然我們看到這種區域化努力取得了強勁的早期成果，但我們仍然看到了幾種可以提高這種結構效率的方法，我們相信這將進一步提高生產力。去年，我們還重新評估了履行網絡的幾乎每個部分，並看到了我們可以做出的其他結構性改變，以提供未來的優勢。我們對服務改進的成本感到興奮，但也仍然瘋狂地專注於讓客戶的生活每天變得更輕鬆、更美好，並不懈地發明以實現這一目標。這意味著不斷努力改善我們可以為客戶提供短期和長期的體驗。客戶體驗工作是我們每一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.

我可以在這次電話會議上花一個小時來詳細介紹團隊中的各種示例。今天，我將重點關注我們的商店和 AWS 業務。對於商店來說，我們的首要任務仍然是為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。我們的交貨速度從未如此之快。上個季度，在美國 60 個最大的都市區，超過一半的 Prime 會員訂單在當天或第二天送達。今年到目前為止，我們已在當天或次日向美國 Prime 會員交付了超過 18 億件產品，幾乎是 2019 年此時的交付速度的 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.

降低服務成本不僅使我們能夠投資於這些速度改進，而且還能以更低的價格增加更多選擇。特別是，我們正在增加日常必需品的選擇，使顧客能夠避免外出購買這些物品，同時增加我們的購物籃尺寸和顧客選擇在我們這裡購物的頻率。目前，我們有超過 3 億件商品可享受 U.S. Prime 免費送貨服務，其中包括數千萬件商品可享受免費當日送達和一日送達服務。

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.

我們將繼續專注於通過數千萬筆交易提供巨大價值，幫助客戶節省開支或更多。例如，在 2023 年第二季度，我們為客戶提供的優惠和優惠券比 2022 年第二季度多了 144%。Prime Day 也類似。亞馬遜提供的優惠比以往任何一次 Prime Day 活動都多，提供了數百萬種產品的廣泛選擇。 Prime 會員在全球範圍內購買了超過 3.75 億件商品，並在亞馬遜商店節省了超過 25 億美元，使這一天成為有史以來規模最大的 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 may see elsewhere.

接下來，簡單介紹一下 AWS。 AWS 仍然是雲基礎設施領域無可爭議的領導者，在客戶數量、合作夥伴生態系統規模、功能廣度和最強運營績效方面均處於顯著的領導地位。這些都是 AWS 在過去幾年中取得如此增長以及 AWS 的收入幾乎是任何其他提供商的兩倍的重要因素。多年來我與許多 AWS 客戶進行了交談，並將繼續這樣做。雖然我提到的所有這些因素都是業務成功的重要推動力，但 AWS 客戶告訴我們，同樣重要的是，他們關心 AWS 中可能在其他地方看到的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 reported 12% year-over-year growth.

由於去年經濟形勢不明朗，AWS 客戶需要成本優化方面的幫助，以應對這一充滿挑戰的時期，並將支出重新分配到更好地推動增長的新計劃上。我們已積極幫助客戶做到這一點。儘管客戶在第二季度繼續優化，但我們開始看到更多客戶將注意力轉向推動創新並將新的工作負載引入雲。因此，我們看到 AWS 第二季度的收入增長率穩定，同比增長 12%。

The AWS team continues to innovate and change what's possible for customers at a rapid clip. 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 performance 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 團隊不斷創新并快速改變客戶的可能性。您可以在一系列 AWS 產品類別中看到，AWS 在計算、網絡、存儲、數據庫、數據解決方案和機器學習等領域處於領先地位，並且這些領域的持續發明和交付非常不尋常。例如，幾年前，我們不斷從客戶那裡聽到他們希望找到更具性價比的方式來進行通用計算。為了實現這一目標，我們意識到我們需要重新思考一切，直至矽片，並開始設計我們自己的通用 CPU 芯片。

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 家客戶使用 AWS 的 Graviton 芯片和 AWS 計算實例，其中包括我們排名前 100 名的 Amazon EC2 客戶中的 98 家，這些芯片的性價比比其他領先的 x86 處理器高出約 40%。目前，生成式人工智能領域也正在發生同樣的重新構想。生成式人工智能已經激發了人們的想像力，但大多數人都在談論應用層，特別是 OpenAI 在 ChatGPT 上所做的事情。重要的是要記住，我們正處於生成式人工智能採用和成功的早期階段，消費者應用程序只是機會的一層。

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 AI 中的大型語言模型具有 3 個關鍵層，我們認為所有這些層都非常大，而且 AWS 正在大力投資。最底層是訓練基礎模型和進行推理或推理所需的計算。作出預測。客戶對由 NVIDIA H100 GPU 提供支持的 Amazon EC2 P5 實例感到興奮，可以訓練大型模型並開發生成式 AI 應用程序。然而，迄今為止，市場上只有一種適合所有人的可行選擇，而且供應一直稀缺。

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.

再加上我們在過去幾年中積累的芯片專業知識，促使我們幾年前開始開發自己的定制人工智能芯片，用於訓練（稱為Trainium）和推理（稱為Inferentia），它們已經是第二個版本，並且是一個非常好的解決方案。為構建和運行大型語言模型的客戶提供有吸引力的性價比選項。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 芯片上運行。

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.

我們將中間層視為大型語言模型即服務。退一步來說，開發這些大型語言模型需要數十億美元和多年的開發時間。大多數公司告訴我們，他們不想消耗這些資源來進行自己的建設。相反，他們希望訪問這些大型語言模型，希望使用自己的數據對其進行自定義，而不會將其專有數據洩露到通用模型中，讓AWS 中的所有安全、隱私和平台功能與這個新的增強模型一起使用，然後擁有它全部包含在託管服務中。

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，它為客戶提供所有上述功能，不僅僅是一種大型語言模型，還可以訪問來自多個領先的大型語言模型公司的模型，例如Anthropic、Stability AI、AI21 Labs 、Cohere 和Amazon 自己開發的大型語言模型稱為泰坦。 Bridgewater Associates、Coda、Lonely Planet、Omnicom、3M、Ryanair、Showpad 和 Travelers 等客戶正在使用 Amazon Bedrock 創建生成式 AI 應用程序。我們最近剛剛宣布了Bedrock 的新功能，包括Cohere、Anthropic 的Claude 2 和Stability AI 的Stable Diffusion XL 1.0 的新模型，以及Amazon Bedrock 的代理，這些代理允許客戶創建對話代理，以提供基於個性化的最新答案其專有數據並執行操作。

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.

如果你考慮一下我談到的前兩層，我們正在做的就是使生成式人工智能的訪問民主化，降低訓練和運行模型的成本，允許訪問大型語言模型而不是只有一種選擇，使各種規模和技術頭腦的公司能夠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構建生成式AI 應用程序，這些都是讓每個人都可以使用生成式AI 的一部分，而且AWS 擁有這些功能過去 17 年來一直致力於技術基礎設施建設。

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. 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.

然後，頂層是很多宣傳和注意力集中的地方，這些是在這些大型語言模型之上運行的實際應用程序。正如我提到的，ChatGPT 就是一個例子。我們相信早期引人注目的生成人工智能應用程序之一是編碼伴侶。這就是我們構建 Amazon CodeWhisperer 的原因，它是一個人工智能驅動的編碼伴侶，它可以直接在代碼編輯器中推薦代碼片段，從而提高開發人員編碼時的工作效率。這是一個非常強勁的開端，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，我們的每個團隊都致力於構建生成式人工智能應用程序，以重塑和增強客戶體驗。不過，雖然我們將自己構建許多此類應用程序，但大多數應用程序將由其他公司構建，而且我們樂觀地認為，其中最大數量將構建在 AWS 上。請記住，人工智能的核心是數據。人們希望將生成式人工智能模型引入數據，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存儲、數據庫、分析和數據管理服務，而且還擁有比其他任何公司都多的客戶和數據存儲。再加上在生成式 AI 堆棧的這 3 層為客戶提供無與倫比的選擇，以及企業放心將生成式 AI 應用程序投入生產所需的 Bedrock 企業級安全性，我們認為 AWS 有望成為客戶的長期選擇生成人工智能領域的首選合作夥伴。

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 increased 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.

我們還在構建新的客戶體驗方面繼續取得有意義的進展，這些體驗可以有意義地改變客戶在我們業務中的長期發展。 Amazon Business 是我們增長最快的產品之一，年銷售總額達 350 億美元。該團隊正在努力進一步構建企業客戶所需的選擇、價值、便利性和功能。通過 Prime 購買繼續取得很大進展。在早期試驗中，使用 Buy with Prime 的商家發現他們的購物者轉化率平均提高了 25%，這對他們的業務產生了真正的影響。此外，參與 Prime Day 活動的商家在銷售活動期間的每日“Prime 購買”訂單數量與我們宣布 Prime Day 之前的一個月相比總體增加了 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.

坦率地說，我們決定在醫療保健市場領域進行大量投資只是在很短的時間內。我們之前嘗試的很多都是較小的實驗。但我們很高興看到Amazon Pharmacy 的活躍客戶在過去一年翻了一番，而且我們很高興看到RxPass 的反響，RxPass 使Prime 會員每月僅需5 美元即可獲得所有符合條件的仿製藥，並且免費送貨到他們家門口。 One Medical 加入亞馬遜僅幾個月，我們也對在那裡看到的情況感到鼓舞。

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增長。我們在消費品、寵物食品、美容品和罐頭食品等非溫控領域已經擁有非常龐大的業務，隨著我們不斷提高速度和降低服務成本，這些業務不斷增長，這使我們能夠更有效地銷售更多商品。全食超市繼續引領有機雜貨領域，正在健康增長，並在去年顯著提高了盈利能力。我們對全食超市的情況感到滿意。正如我之前所分享的，我們正在為我們的大眾實體店產品亞馬遜生鮮開發新的格式，顯著增加了關鍵業務投入的數量，並剛剛在商店中推出了新概念。

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.

我們還看到 Kuiper、Zoox 和 Alexa 等其他領域的重大創新和進步。我們對許多技術發明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的服務，但它們是我們仍然樂觀的長期機遇。

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，我想對我們的團隊在 LinkedIn 的“美國職業發展最佳公司”中排名第一表示認可。這證明了我們致力於成為一家擁有領先薪酬福利和提陞技能機會的優秀雇主。有了這個，我會把它交給布萊恩。

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 and enhancements to our website and mobile app.

謝謝你，安迪。正如 Andy 提到的，我們的全球收入達到 1,344 億美元，同比增長 11%，高於我們指導範圍的上限。我們對報告的收入強勁感到鼓舞，這再次證明我們對價格、選擇和便利性的關注繼續引起客戶的共鳴。我們繼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，並且看到客戶對我們網站和移動應用程序的個性化改進和增強做出了積極的反應。

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，我們還看到北美和國際部門的宏觀經濟指標有所改善，但仍然看到客戶降價並尋求購買價值。交付速度一直是過去幾個季度的重點關注領域，我們在第二季度達到了創紀錄的水平。 Prime 會員喜歡更快的船速並且更頻繁地購物。廣告收入依然強勁，同比增長 22%。我們基於效果的廣告產品仍然是我們增長的最大貢獻者。

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至 60%，這是我們所見過的最高水平，而且我們繼續看到賣家數量和每個賣家銷售的單位的良好增長。我們在提高全球商店盈利能力方面正在穩步取得進展。

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.

自北美分部營業利潤率於 2022 年第一季度觸底以來，我們已連續 5 個季度實現改善，第二季度營業利潤率為 3.9%。這比過去 5 個季度提高了 620 個基點。商店業務營業收入改善的最大推動力之一是降低我們的服務成本，運輸成本和履行成本的增長速度持續低於我們的單位增長速度。

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，區域化是一個重要的貢獻者。更好的網絡連接和更好的庫存佈局帶來更快的交付速度，意味著更少的行駛里程和更少的接觸，從而降低成本。雖然我們對所取得的進展感到滿意，但我們看到了未來推動提高成本效率的更多機會。

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, linehaul rates, ocean and rail rates.

轉向國際市場。自去年第三季度我們的營業利潤率虧損觸底以來，我們已經連續三個季度有所改善，第二季度利潤率虧損為負3%。這比過去 3 個季度提高了 590 個基點。這個部分還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上的發展有多早。在過去 6 年裡，我們已在 10 多個國家/地區推出了產品，並且始終在評估我們的客戶體驗以及我們的盈利之路，我們喜歡我們所走的道路。提醒一下，我們花了 9 年時間才在美國實現盈利。此外，在我們的北美和國際業績中，通脹阻力也繼續緩解，尤其是在燃油價格、長途運輸費率、海運和鐵路費率方面。

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。收入同比增長 12%，第二季度增長率趨於穩定。我們對客戶渠道的實力感到鼓舞，並相信擁有一個大部分經過成本優化的龐大多元化客戶群將為我們未來的增長奠定良好的基礎。過去 12 個月的基礎上，自由現金流為正，並且在連續第四季度有所改善。我們的財務重點仍然是推動長期可持續的自由現金流。最近自由現金流改善的最大驅動力是我們營業收入的增加，尤其是在北美和國際市場，正如我所說，我們在履行網絡生產力和營業槓桿方面取得了有意義的進步，並受益於業務的放緩通脹壓力。

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.

我們還看到營運資本對自由現金流的貢獻有所改善。在過去的幾年裡，面對供應鏈中斷，我們的營運資金效率一直不及我們維持較高週數的庫存。最近，隨著這些干擾的持續緩解，我們正在提高庫存效率，從而改善我們的營運資金。我們將繼續關注未來自由現金流的持續改善。

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，讓我們轉向我們的資本投資。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 日的過去 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，我們預計資本投資將略高於 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，部分被支持增長的基礎設施資本支出增加所抵消我們的AWS 業務，包括與生成人工智能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.

接下來，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.

（操作員說明）我們的第一個問題來自 Colin Sebastian 和 Baird 的線路。

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。如果您能讓我們了解這些數字中已經實現了多少具有單位經濟效益的網絡優化，以及您認為還需要實現多少，我們會感到好奇。與此相關的是，我很好奇您是否可以利用這個重新制定的網絡來幫助雜貨店擴張。或者這僅限於商店和您正在建造的專門自動化設施？

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.

我會拿第一個。因此，在履行效率方面，我們在區域化方面所看到的情況以及控製成本結構的努力以及一些通脹壓力的下降再次受到鼓舞。不過，我們仍處於恢復之前成本結構的過程中，我們認為這是前進道路上的一個點。我們看到的一些利潤率改善令我們感到鼓舞，特別是在過去的 3 到 5 個季度中，但我們仍在進行中。我們的履行領域還有很多東西需要重新獲得，團隊正在努力工作。

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 pocket 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.

關於雜貨問題，正如安迪在不同方面所解釋的那樣，我們的雜貨業務有很多方面。顯然，有消耗品、有新鮮商品、有全食超市。同樣的——亞同一天可能主要影響第一個——消耗品和日常必需品的口袋。正如安迪提到的，我們能夠擴大在這些領域的選擇，因為坦率地說，當客戶的距離較短且運輸成本更加固定時，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.

我想補充一點，這是安迪，我確實認為我們從我們的履行網絡中獲得了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日設施的情況下，增加人們可以在最後一刻添加的物品數量，甚至是他們當天可以獲得的雜貨物品。我認為您已經看到了其中的一些，並且未來您還會看到更多。

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.

我還認為，隨著時間的推移，你會發現我們將能夠利用人們能夠從不同的雜貨店形式中挑選不同的物品。但我們的雜貨業務確實有基礎設施建設，這些基礎設施是不同的，並且也針對雜貨業務進行了優化。

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 has 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?

我將限制自己向你們每個人提出一個問題。自從你談論這個問題以來，亞馬遜商業已經有幾年了。坦率地說，你似乎會從中獲得更多的機會，更高水平的銷售、預訂等等。安迪，請談談這對您來說有多重要？增長策略是什麼？比如你如何將其提升到 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，Brian，在 AWS 上，在過去的兩個季度中，您對本季度 AWS 增長進行了一些展望，考慮到一些關於超越優化並進入新工作負載的評論，而無需- 如果您沒有給出具體數字，至少談談您所看到的趨勢與第二季度的情況相比。

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，如果我們回到上次電話會議，我們會發現第一季度 AWS 收入增長了 16%，並且該季度增長率一直在下降。我提到的是 4 月份比第一季度低約 500 個基點。我們在本季度看到的是穩定，您會看到最終 12% 的增長。

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 been part of our DNA ever since we started AWS. So that's all good.

我會停下來思考一下。同樣，去年第二季度，我們的收入接近 200 億美元，並且增長了 24 億美元。所以，雖然是 12%，但有大量成本優化資金投入，還有大量新工作負載和新客戶進入。所以，在我們的基礎上，這是非常大的數字。當客戶開始進行成本優化工作時，他們可以在這樣做的同時暫時減少一些支出，我們幫助他們做到這一點，並且自從我們啟動 AWS 以來，這已經成為我們 DNA 的一部分。所以這一切都很好。

What we're seeing in the quarter is that those cost optimizations, while still going on, are moderating and many maybe 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.

我們在本季度看到的是，這些成本優化雖然仍在進行，但正在放緩，而且在我們的一些大客戶中，許多成本優化可能已經落後於我們。現在我們看到新的工作負載、新業務取得了更多進展。因此，這些在第二季度達到了平衡。我們不會提供第三季度的細分指導。但我要補充的是，我們看到第二季度的趨勢持續到七月。因此，總體上感覺業務已經穩定下來，我們期待著未來的今年年底，因為正如安迪所說，將會出現很多新功能，並且將會有大量支出在這個領域，我們一直為客戶提供生成人工智能和大型語言模型以及機器學習解決方案的所有出色解決方案。如此樂觀，並開始看到我們客戶的新銷量產生了良好的吸引力。

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。我將只強調布萊恩提出的一點，然後快速討論亞馬遜業務要點。如果您認為AWS 業務是一項收入運行率高達880 億美元的業務，那麼要在如此規模的業務上實現兩位數增長，並且不斷進行成本優化，要實現兩位數增長，您必須添加大量新業務客戶和大量新的工作負載只是為了實現兩位數的增長。

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 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, 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，我非常喜歡我們在業務中看到的許多基本原理，包括客戶管道、新工作負載、正在發生的遷移、團隊在功能方面推出的內容，這就是什麼我說的是。當我們開始看到成本優化減弱以及更多的工作負載時，人們採用這些成本優化並實際開始計劃的新工作負載即將實現，更不用說生成式人工智能將帶來什麼，我們面前有很多增長在AWS 上。

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，就你的亞馬遜商業問題而言，350 億美元的年銷售額增長是相當強勁的增長。如果你逐年觀察，它仍然非常強勁。但我喜歡你的思考方式，馬克，這幾乎就像你在我們參加的一些會議上我問了同樣的問題。隨著時間的推移，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到相當大的規模，但我仍然認為我們目前只擁有解決更多企業問題所需的一小部分功能。顯然有各種各樣的公司從亞馬遜企業訂購。但是，隨著採購工作量的增加，您需要某些功能來使採購工作變得更加容易，就像公司習慣在這些大型採購中進行採購一樣。

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 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。我們有許多服務項目需要圍繞幫助大宗採購來添加，並進行一些服務驗證。因此，我們很快就添加了很多功能來混合。但我不認為我們已經接近完成在那裡的增長，這是我們的商店團隊和我們的高級領導團隊非常關注的領域。

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

我們的下一個問題來自布倫特·希爾和杰弗里斯的對話。

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，關於人工智能貨幣化。當您認為您將開始看到這種流入 AWS 業務時，您能談談嗎？那是2024年嗎？您是否覺得後半部分您會開始認為這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。好問題，布倫特。我想說的是，多年來我們在 AWS 上擁有大量由機器學習和人工智能驅動的業務。您已經看到，這主要以計算的形式出現，因為客戶進行了大量的機器學習培訓，然後在 AWS 和我們的計算實例之上運行他們的模型和生產。但您也已經在我們幾年來推出的 20 多項機器學習服務中看到了這一點。

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能的巨大潛在爆炸性時，每個人都對此感到興奮，包括我們，我認為我們正處於非常早期的階段。在我看來，我們距離馬拉松還差幾步。我認為這將是變革性的，我認為它將改變我們所知道的幾乎所有客戶體驗。但我認為現在確實還早。我認為大多數公司仍在考慮如何實現這一目標。他們正在研究如何訓練模型。他們想要——他們不想構建自己的非常大的語言模型。他們想要採用其他模型並對其進行定制，而 Bedrock 等服務使他們能夠做到這一點。但現在還很早。所以我預計這會非常大，但會是在未來。

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

下一個問題來自埃里克·謝里丹（Eric Sheridan）與高盛的對話。

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?

感謝您在準備好的評論中圍繞其中一些關鍵問題提供的所有細節。安迪，也許會回到雜貨店。過去幾天，媒體對您的食品雜貨計劃進行了大量報導。當您退後一步時，您對解決業務中的雜貨動態以您想要的方式利用它有多少考慮？它是你需要構建的東西、資本的應用還是在現有的基礎上執行的元素，以及根據亞馬遜（你的客戶群中亞馬遜 Prime 家庭的規模）調整現有資產的元素？

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，這是一個好問題。兩者都有一點。我的意思是，如果我退一步思考一下我們對雜貨的看法，我們將繼續在不易腐爛的商品方面擁有非常大的業務，這是許多大宗商品商幾年前開始涉足雜貨的地方。這些領域包括消費品、罐頭食品、寵物食品以及美容和健康。正如我所說，這是一項持續增長的大業務。但如果你希望能夠為更多的客戶提供服務（我們就是這麼做的），並且有很多原因並且客戶也希望如此，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, has 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.

我們從全食超市開始，它是有機雜貨領域的先驅，而且仍然如此，我們非常喜歡全食超市的發展方式。我們對業務進行了許多非常重要的調整，改變了去年的盈利軌跡。我們真的很喜歡它的發展方向，並且我們正在有意義地擴展它。但如果你想真正廣泛，你必須有一個大眾的物理格式。多年來，我們一直在與亞馬遜生鮮合作解決這個問題。我想說的是，我們對這些投入以及投入的進展並不滿意。去年，該團隊非常努力地工作，首先從輸入的質量入手，這將提高我們已有的質量。

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.

這些都是正確的庫存水平、正確的成本結構、過時等正確的數據，只是其中的一些核心投入，我們只是覺得我們可以變得更敏銳、更好。我認為該團隊已經做出了很多改進。我們花了很多時間思考並重新思考我們想要的格式的外觀。我們剛剛開始推出其中一些新形式，從我們的芝加哥商店開始，然後不久轉移到我們的南加州商店。您會看到添加的選擇。您會看到添加的自有品牌。你會在商店裡看到增加了 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.

您在商店裡看到過精緻的裝飾。您會看到精緻的儀表板，可以為人們進行實時記錄，以便他們了解自己目前在哪裡，無論他們在哪裡購物，以及精緻的自助結帳。對我來說，所有這些都是我們努力追求的努力的一部分，目的是在我們的大型亞馬遜生鮮商店中建立一種更能引起顧客共鳴的模式。我們希望我們能夠找到這種形式，並希望它能夠給我們帶來這樣的結果，讓我們有信心進行更廣泛的擴張。

But we won't expand unless we see that type of resonance. We're not just going to be on discipline. 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類型的共鳴，否則我們不會擴張。我們不僅僅要遵守紀律。我們將對此深思熟慮並遵守紀律。我也確實認為，您開始看到整個團隊共同努力。因此，我們提供了我剛才談到的許多不同的雜貨產品，只是為顧客提供了一個融合的購物車，他們顯然想要這，我認為這會對他們有很大幫助。

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.

我們還將繼續向非 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。我們對能夠做到這一點感到樂觀，但我們也受到約束，在我們認為更能引起顧客共鳴的模式之前，我們不會擴大實體生鮮店。

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布萊恩·諾瓦克 (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. 第一個，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可能達到或高於新冠疫情前的水平。我認為您所說的利潤率為 4% 左右，您現在有點在談論更多地投資雜貨、擴大當日送達以及擴大足跡。我們應該如何考慮北美零售利潤率的增長以及對零售業務中的一些新舉措進行投資？

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?

然後是關於人工智能的第二個。通過更多的人工智能投資（可能通過物流或基於人工智能的代理等）來改善自己的零售和設備網絡對您來說有多重要？在總體投資優先列表中佔多大比例？

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，我只是提醒一下，我們不會以非常顯著的方式擴大生鮮店的數量，直到我們相信我們有一些能引起共鳴的東西。客戶，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這一點，但直到我們找到為止。

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，由於它與當日設施相關，我們實際上認為這對業務來說非常積極。正如我在開場白中提到的，它是我們最具成本效益的機制和履行工具之一，不僅可以快速將其交付給客戶，而且速度很快，部分原因是這些設施，它們是較小的設施。它們顯然足夠大，可以在穩定狀態下容納 100,000 個 SKU，然後我們所有附近的履行中心都能夠在那裡註入大量不同的選擇，因此我們可以在同一天或一天​​內覆蓋數百萬個 SKU一日時尚。

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.

但它們規模較小——一般來說，它們的設施較小，運輸工具較少，並且可以更精簡地直接挑選包裝並運往碼頭裝運。因此它們的效率也更高。因此，我們實際上認為，這些業務的擴展不僅有助於提高速度和需求，而且我們也會喜歡與之相關的成本結構。布萊恩，我仍然相信我上個季度所說的話，我確實相信我們會恢復到像新冠疫情爆發前那樣的利潤率。我不認為這就是我們的可能的終結。

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.

關於人工智能問題，我要告訴你的是，我們亞馬遜內部的每一項業務，每一項現在都在進行多項生成式人工智能計劃。它們的範圍從幫助我們提高成本效益和簡化我們在各種業務中運營的方式到我們提供的每項客戶體驗的絕對核心。我們的商店業務也是如此。在我們的 AWS 業務中也是如此。在我們的廣告業務中也是如此。我們所有的設備都是如此，您可以想像我們在 Alexa 方面所做的工作。在我們的娛樂行業，每一個行業都是如此。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道格·安穆斯 (Doug Anmuth) 與摩根大通 (JPMorgan) 的對話。

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.

就 AWS 而言，當您進行優化和宏觀驅動的放緩並開始部署新的工作負載時，您如何看待在更好的宏觀環境中 AWS 的正常增長會是什麼樣子？其次，有助於今年獲得略高於 500 億美元的資本支出數字。只是好奇生成式人工智能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，這是一個好問題。我想說，雖然我預計成本優化將繼續進行，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轉變一樣，我預計我們將繼續看到隨著時間的推移而發生變化。正如我所說，我的意思是，每個人都必須就他們認為這意味著多少百分比的收入增長做出自己的結論。

But to grow double digits on an $88 billion revenue run rate business, when you're seeing that amount of cost optimization as 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，要在880 億美元的收入運行率業務上實現兩位數增長，當你看到大量的成本優化（因為世界上每家公司都在去年努力節省盡可能多的資金）時，仍能實現兩位數增長在此基礎上，規模意味著我們正在獲得大量新客戶和大量新工作負載。因此，我非常看好 AWS 在未來幾年的增長。對於任何一個季度，我都很難預測，但從中長期來看，我肯定看好它。

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，生成式人工智能可能會對資本支出產生多大影響，其中包括 AWS 業務中針對大型語言模型和生成式人工智能的大量資本支出。我們現在有相當多的需求。所以，就像在 AWS 中一樣，總的來說，AWS 中有趣的事情之一，從最早期開始就是如此，即您的需求越多，您需要花費的資本就越多，因為您進行了投資預先投入數據中心和硬件，然後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，我希望面臨的挑戰是必須在生成式人工智能上投入更多資金，因為這意味著客戶正在取得成功，他們在我們的服務之上也取得了成功——但我認為，這就是我們的目標目前對該資本支出的最佳估計，如果發現不同，我們將進行更新。

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問題。我們的投資者關係網站將提供至少 3 個月的重播。我們感謝您對亞馬遜的興趣，並期待下季度再次與您交談。

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。此時您可以斷開線路。感謝您的參與。