亞馬遜 (AMZN) 2023 Q4 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Fourth Quarter 2023 Financial Results Teleconference. (Operator Instructions) Today's call is being recorded.

謝謝你的支持。大家好，歡迎參加 Amazon.com 2023 年第四季財務業績電話會議。 （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. Mr. Dave Fildes. Thank you. Sir, please go ahead.

作為開場白，我將把電話轉給投資人關係副總裁。戴夫·菲爾德斯先生。謝謝。先生，請繼續。

Hello, and welcome to our Q4 2023 financial results conference call. Joining us today to answer your questions is Andy Jassy, our CEO; and Brian Olsavsky, our CFO.

您好，歡迎參加我們的 2023 年第四季財務業績電話會議。今天我們的執行長安迪賈西 (Andy Jassy) 將與我們一起回答您的問題；和我們的財務長布萊恩·奧爾薩夫斯基 (Brian Olsavsky)。

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.

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與我們 2022 年可比較期間的結果進行比較。

Our comments and responses to your questions reflect management's views as of today, February 1, 2024, 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案僅反映截至今天（2024 年 2 月 1 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表現的因素的更多資​​訊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.

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、本網路廣播附帶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較GAAP 衡量標準的調節表。

Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions. Our results are inherently unpredictable and may be materially affected by many factors, including 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, cloud services and new and emerging technologies and the various factors detailed in our filings with the SEC. Our guidance assumes, among other things, that we don't conclude any additional business acquisitions, restructurings or legal settlements. It's not possible to accurately predict demand for our goods and services, and therefore, our actual results could differ materially from our guidance.

我們的指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。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、互聯網的成長率、線上商務、雲端服務和新興技術以及我們向 SEC 提交的文件中詳細說明的各種因素。除此之外，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有重大差異。

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

現在我將把電話轉給安迪。

Thanks, Dave. Today, we're reporting $170 billion in revenue, up 13% year-over-year, excluding the impact from foreign exchange rates; $13.2 billion in operating income, up 383% year-over-year or $10.5 billion; and $35.5 billion in trailing 12-month free cash flow adjusted for equipment finance leases, up $48.3 billion year-over-year.

謝謝，戴夫。今天，我們報告的收入為 1700 億美元，年增 13%，排除匯率的影響；營業收入 132 億美元，年增 383%，即 105 億美元；根據設備融資租賃調整後的過去 12 個月自由現金流為 355 億美元，比去年同期增加 483 億美元。

While we've made meaningful progress in our financial measures, what we're most pleased about is the continued customer experience improvements across our businesses. These results represent a lot of invention, collaboration, discipline, execution, adjusting and reimagining from teams across Amazon.

雖然我們在財務指標方面取得了有意義的進展，但最令我們高興的是我們各業務的客戶體驗持續改善。這些結果代表了亞馬遜團隊的大量發明、協作、紀律、執行、調整和重新構想。

Looking back at Q4, I'll start with our stores business, where customers responded to our continued focus on selection, price and convenience. We continue to have the broadest retail selection with hundreds of millions of products available and added tens of millions of new items last year alone, including fashion selection from Coach, Victoria's Secret Fashion, Pit Vipers and Beyoncé Renaissance Merch to cosmetics from Lancôme, Urban Decay cosmetics and KNOW Beauty by Vanessa Hudgens, to consumer technology and services from Boost, Infinite and Woop, to homewares from Martha Stewart.

回顧第四季度，我將從我們的商店業務開始，客戶對我們持續關注選擇、價格和便利性做出了回應。我們繼續擁有最廣泛的零售選擇，提供數億種產品，光是去年就增加了數千萬種新商品，包括 Coach、Victoria's Secret Fashion、Pit Vipers 和 Beyoncé Renaissance Merch 的時尚精選以及 Lancôme 的化妝品、Urban Decay 化妝品和Vanessa Hudgens 的KNOW Beauty，到Boost、Infinite 和Woop 的消費性科技和服務，再到Martha Stewart 的家用品。

Being sharp on price is always important but particularly in an uncertain economy where customers are careful about how much they're spending. We kicked off the holiday season with Prime Big Deal Days, an exclusive event for Prime members to provide an early start on holiday shopping. This was followed by our extended Black Friday and Cyber Monday holiday shopping event, which was open to all customers and ended up being our largest event ever. These events also helped attract new customers and Prime members. Throughout the quarter, customers saved nearly $10 billion across millions of deals and coupons, almost 70% more than last year.

對價格保持敏銳始終很重要，尤其是在經濟不確定的情況下，客戶對自己的支出非常謹慎。我們透過 Prime Big Deal Days 拉開了假期季節的序幕，這是一項專為 Prime 會員提供的獨家活動，旨在讓您儘早開始假日購物。隨後，我們延長了黑色星期五和網路星期一假日購物活動，該活動向所有顧客開放，最終成為我們有史以來規模最大的活動。這些活動也有助於吸引新客戶和 Prime 會員。整個季度，客戶透過數百萬筆交易和優惠券節省了近 100 億美元，比去年增加了近 70%。

In addition to offering great deals, we continue to improve delivery speeds. In 2023, Amazon delivered to Prime members at the fastest speeds ever, with more than 7 billion items arriving same or next day, including more than 4 billion in the U.S. and more than 2 billion in Europe. In the U.S., this result is the combination of two things. One is the benefit of regionalization where we rearchitected the network to store items closer to customers. The other is the expansion of same-day facilities where in the U.S. in the fourth quarter, we increased the number of items delivered the same day or overnight by more than 65% year-over-year. As we're able to get customers' items this fast, it increases the number of occasions that customers choose Amazon to fulfill their shopping needs. And we can see that in all sorts of areas, including how fast our Everyday Essentials business is growing.

除了提供超值優惠外，我們還持續提高交貨速度。 2023 年，亞馬遜以有史以來最快的速度向 Prime 會員配送，超過 70 億件商品當天或隔天送達，其中美國超過 40 億件，歐洲超過 20 億件。在美國，這個結果是兩件事的結合。一是區域化的好處，我們重新建構了網絡，以便將商品儲存在離客戶更近的地方。另一個是擴大當日送達設施，第四季度我們在美國的當日送達或隔夜送達的商品數量比去年同期增加了 65% 以上。由於我們能夠如此快速地獲得客戶的商品，因此增加了客戶選擇亞馬遜來滿足其購物需求的次數。我們可以在各個領域看到這一點，包括我們的日常必需品業務的成長速度。

Our regionalization efforts have also brought transportation distances down, which has helped lower our cost to serve. In 2023, for the first time since 2018, we reduced our cost to serve on a per unit basis globally. In the U.S. alone, cost to serve was down by more than $0.45 per unit compared to the prior year. Lowering cost to serve allows us not only to invest in speed improvements but also afford adding more selection at lower average selling prices, or ASPs, and profitably. We have a saying that it's not hard to lower prices, it's hard to be able to afford lowering prices. The same is true with adding selection. It's not hard to add lower ASP selection, it's hard to be able to afford offering lower ASP selection and still like the economics. Like improving speed, adding selection puts us in the consideration set for more purchases.

我們的區域化努力也縮短了運輸距離，這有助於降低我們的服務成本。 2023 年，我們自 2018 年以來首次降低了全球單位服務成本。光是在美國，每單位服務成本就比前一年下降了 0.45 美元以上。降低服務成本不僅使我們能夠投資於提高速度，而且能夠以較低的平均銷售價格 (ASP) 增加更多選擇，並實現盈利。我們有句話說，降價不難，難的是降價不起。添加選擇也是如此。添加較低的 ASP 選擇並不難，難的是能夠負擔得起提供較低的 ASP 選擇並且仍然喜歡經濟性。就像提高速度一樣，增加選擇可以讓我們考慮更多的購買。

As we look toward 2024 and beyond, we're not done lowering our cost to serve. We've challenged every closely held belief in our fulfillment network and reevaluated every part of it and found several areas where we believe we can lower costs while also delivering faster for customers. Our inbound fulfillment architecture and resulting inventory placement are areas of focus in 2024, and we have optimism there's more upside for us.

展望 2024 年及以後，我們並沒有停止降低服務成本。我們挑戰了我們履行網路中的每一個堅定信念，並重新評估了它的每個部分，並找到了我們相信可以降低成本同時更快地為客戶提供服務的幾個領域。我們的入庫履行架構和由此產生的庫存佈局是 2024 年的重點領域，我們樂觀地認為我們還有更多的上升空間。

Alongside our stores business, our advertising growth remained strong, up 26% year-over-year, which is primarily driven by our sponsored ads. We've recently added sponsored TV to this offering in the U.S., a self-service solution for brands to create streaming TV campaigns with no minimum spend, putting this advertising within reach of any business. While still early days, streaming TV advertising continues to grow quickly. Brands are using our capabilities to reach engaged viewers on Twitch, Freevee, Fire TV and Prime Video shows and movies, which just launched in the U.S., as well as Thursday Night Football.

除了我們的商店業務外，我們的廣告成長依然強勁，年成長 26%，這主要是由我們的搜尋廣告推動的。我們最近在美國的這項服務中添加了贊助電視，這是一種自助解決方案，可供品牌創建無最低支出的串流電視活動，使任何企業都可以接觸到這種廣告。儘管還處於早期階段，串流媒體電視廣告仍在快速成長。各品牌正在利用我們的能力吸引剛在美國推出的 Twitch、Freevee、Fire TV 和 Prime Video 節目和電影以及《週四橄欖球之夜》上的活躍觀眾。

Shifting to AWS. Revenue in the quarter grew 13% year-over-year in Q4 versus 12% year-over-year in Q3, and we're now approaching an annualized revenue run rate of $100 billion. We watch the incremental revenue added each quarter. And in Q4, AWS added more than $1.1 billion of incremental quarter-over-quarter revenue which, on an FX-neutral basis, is more than any other cloud provider as far as we can tell.

轉移到 AWS。第四季營收年增 13%，而第三季年增 12%，我們現在正接近 1,000 億美元的年化營收運行速度。我們觀察每季增加的收入增量。在第四季度，AWS 環比增加了超過 11 億美元的增量收入，據我們所知，在匯率中性的基礎上，這一數字比任何其他雲端供應商都要多。

While cost optimization continued to attenuate, larger new deals also accelerated evidenced by recently inked agreements with Salesforce, BMW, NVIDIA, LG, Hyundai, Merck, MUFG, Axiata, Cathay, BYD, Accor, Amgen and SAIC. Our customer pipeline remains strong as existing customers are renewing at larger commitments over longer periods, and migrations are growing.

雖然成本優化繼續減弱，但規模更大的新交易也在加速，最近與Salesforce、寶馬、NVIDIA、LG、現代、默克、三菱日聯、亞通、國泰、比亞迪、雅高、安進和上汽簽署的協議證明了這一點。我們的客戶管道依然強勁，因為現有客戶在較長時期內更新了更大的承諾，遷移也不斷成長。

2023 also was a very significant year of delivery and customer trial for generative AI or gen AI in AWS. You may remember that we've explained our vision of three distinct layers in the gen AI stack, each of which is gigantic and each of which we're deeply investing.

2023 年也是 AWS 中生成式 AI 或 gen AI 交付和客戶試用的非常重要的一年。您可能還記得，我們​​已經解釋了我們對一代人工智慧堆疊中三個不同層的願景，每個層都是巨大的，我們都在深入投資。

At the bottom layer where customers who are building their own models run training and inference on compute where the chip is the key component in that compute, we offer the most expansive collection of compute instances with NVIDIA chips. We also have customers who like us to push the price performance envelope on AI chips just as we have with Graviton for generalized CPU chips, which are 40% more price-performant than other x86 alternatives. And as a result, we've built custom AI training chips named Trainium and inference chips named Inferentia. In re:Invent, we announced Trainium2, which offers 4x faster training performance and 3x more memory capacity versus the first generation of Trainium, enabling advantageous price performance versus alternatives. We already have several customers using our AI chips, including Anthropic, AirBnB, Hugging Face, Qualtrics, Rico and Snap.

在底層，建立自己模型的客戶在計算上運行訓練和推理，其中晶片是該計算的關鍵組件，我們提供了最廣泛的帶有 NVIDIA 晶片的計算實例集合。我們也有客戶希望我們突破 AI 晶片的性價比極限，就像我們在通用 CPU 晶片上使用 Graviton 一樣，該晶片的性價比比其他 x86 替代品高 40%。因此，我們建造了名為 Trainium 的客製化人工智慧訓練晶片和名為 Inferentia 的推理晶片。在 re:Invent 中，我們發布了 Trainium2，與第一代 Trainium 相比，它的訓練性能提高了 4 倍，內存容量增加了 3 倍，與替代品相比具有優勢的性價比。我們已經有多家客戶在使用我們的 AI 晶片，包括 Anthropic、AirBnB、Hugging Face、Qualtrics、Rico 和 Snap。

In the middle layer where companies seek to leverage an existing large language model, customize it with their own data and leverage AWS' security and other features, all as a managed service, we've launched Bedrock, which is off to a very strong start with many thousands of customers using the service after just a few months. The team continues to rapidly iterate on Bedrock, recently delivering capabilities, including guardrails, to safeguard what questions applications will answer; knowledge bases to expand the model's knowledge base with retrieval augmented generation, or RAG, and real-time queries; agents to complete multistep tasks; and fine-tuning to keep teaching and refining models, all of which will help customers' applications be higher quality and have better customer experiences. We also added new models from Anthropic, Cohere, Meta with Llama 2, Stability AI and our own Amazon Titan family of LLMs.

在中間層，公司尋求利用現有的大型語言模型，使用自己的數據對其進行自定義，並利用AWS 的安全性和其他功能，所有這些都作為託管服務，我們推出了Bedrock，這是一個非常在強勁的開端短短幾個月後，就有數千名客戶使用該服務。團隊繼續快速迭代 Bedrock，最近提供了包括護欄在內的功能，以保護應用程式將回答哪些問題；知識庫，透過檢索增強生成（RAG）和即時查詢來擴展模型的知識庫；代理完成多步驟任務；並進行微調，不斷教學和細化模型，所有這些都將幫助客戶的應用程式獲得更高的品質和更好的客戶體驗。我們還添加了來自 Anthropic、Cohere、Meta with Llama 2、Stability AI 和我們自己的 Amazon Titan 法學碩士系列的新模型。

What customers have learned at this early stage of gen AI is that there's meaningful iteration required in building a production gen AI application with the requisite enterprise quality at the cost and latency needed. Customers don't want only one model. They want different models for different types of applications and different-sized models for different applications. Customers want a service that makes this experimenting and iterating simple. And this is what Bedrock does, which is why so many customers are excited about it.

客戶在一代人工智慧的早期階段了解到，在建立生產一代人工智慧應用程式時，需要進行有意義的迭代，並以所需的成本和延遲來實現所需的企業品質。客戶不只想要一種型號。他們希望針對不同類型的應用程式使用不同的模型，並針對不同的應用程式使用不同尺寸的模型。客戶想要一種使實驗和迭代變得簡單的服務。這就是 Bedrock 所做的事情，這也是為什麼這麼多客戶對此感到興奮的原因。

At the top layer of the stack is the application layer. One of the very best early gen AI applications is a coding companion. At re:Invent, we launched Amazon Q, which is an expert on AWS, writes code, debugs code, tests code, does translations like moving from an old version of Java to a new one and can also query customers various data repositories like Internet, Wikis or from over 40 different popular connectors to data in Salesforce, Amazon S3, ServiceNow, Slack, Atlassian or Zendesk, among others. And it answers questions, summarizes data, carries on a coherent conversation and takes action. It was designed with security and privacy in mind from the start, making it easier for organizations to use generative AI safely. Q is the most capable work assistant and another service that customers are very excited about.

堆疊的頂層是應用層。最好的早期人工智慧應用程式之一是編碼伴侶。在re:Invent，我們推出了Amazon Q，它是AWS 上的專家，可以編寫程式碼、偵錯程式碼、測試程式碼、進行翻譯（例如從舊版本的Java 遷移到新版本），還可以查詢客戶的各種資料儲存庫（例如Internet） 、Wiki 或來自 Salesforce、Amazon S3、ServiceNow、Slack、Atlassian 或 Zendesk 等中資料的 40 多個不同流行連接器。它回答問題、總結數據、進行連貫的對話並採取行動。它的設計從一開始就考慮到了安全性和隱私性，使組織能夠更輕鬆地安全地使用生成式人工智慧。 Q是最得力的工作助手，也是客戶非常興奮的另一項服務。

By the way, don't underestimate the point about Bedrock and Q inheriting the same security and access control as customers get with AWS. Security is a big deal, an important differentiator between cloud providers. The data in these models is some of the company's most sensitive and critical assets. With AWS' advantaged security capabilities and track record relative to other providers, we continue to see momentum around customers wanting to do their long-term gen AI work with AWS.

順便說一句，不要低估 Bedrock 和 Q 繼承與客戶使用 AWS 相同的安全性和存取控制的意義。安全性是一件大事，是雲端提供者之間的重要區別。這些模型中的資料是公司最敏感和最關鍵的資產。憑藉 AWS 相對於其他供應商的優勢安全功能和追蹤記錄，我們繼續看到希望使用 AWS 進行長期人工智慧工作的客戶的勢頭。

We're building dozens of gen AI apps across Amazon's businesses, several of which have launched and others of which are in development. This morning, we launched Rufus, an expert shopping assistant trained on our product and customer data that represents a significant customer experience improvement for discovery. Rufus lets customers ask shopping journey questions, like what is the best golf ball to use for better spin control or which are the best cold weather rain jackets, and get thoughtful explanations for what matters and recommendations on products. You can carry on a conversation with Rufus on other related or unrelated questions and retains context coherently. You can sift through our rich product pages by asking Rufus questions on any product features and it will return answers quickly. We're at the start of what Rufus will do with further personalization and expansion coming, but we're excited about how it will make discovery even easier on Amazon.

我們正在亞馬遜的業務中建立數十個新一代人工智慧應用程序，其中一些應用程式已經推出，其他應用程式正在開發中。今天早上，我們推出了 Rufus，一位接受過我們產品和客戶數據培訓的專家購物助理，這代表著發現方面的客戶體驗的重大改進。 Rufus 讓顧客提出購物過程中的問題，例如最好的高爾夫球用於更好地控制旋轉，或者哪種是最好的寒冷天氣雨衣，並獲得有關重要事項的深思熟慮的解釋和產品建議。您可以與 Rufus 就其他相關或不相關的問題進行對話，並連貫地保留上下文。您可以透過向 Rufus 詢問有關任何產品功能的問題來篩選我們豐富的產品頁面，它會快速返回答案。我們正處於 Rufus 將進一步個性化和擴展的階段，但我們對它將如何讓亞馬遜上的發現變得更加容易感到興奮。

Gen AI is and will continue to be an area of pervasive focus and investment across Amazon primarily because there are a few initiatives, if any, that give us the chance to reinvent so many of our customer experiences and processes, and we believe it will ultimately drive tens of billions of dollars of revenue for Amazon over the next several years.

Gen AI 現在並將繼續成為亞馬遜普遍關注和投資的領域，主要是因為有一些舉措（如果有的話）讓我們有機會重塑如此多的客戶體驗和流程，我們相信它最終將未來幾年將為亞馬遜帶來數百億美元的收入。

In addition to our stores and AWS businesses, we continue to make progress on newer business investments that have the potential to be important to customers and Amazon long term. Touching on two of them. In October, we had a major milestone in our journey to commercialize Project Kuiper, which is our low Earth orbit satellite initiative that aims to provide broadband connectivity to the 400 million to 500 million households who don't have it today. We launched 2 end-to-end prototype satellites into space and successfully validated all key systems and subsystems, made a two-way video call, streamed a Prime Video movie in Ultra HD 4K and made an Amazon purchase over our end-to-end communication network. It's rare to be able to exercise all these elements in an initial launch like this. We're on track to launch our first production satellite in the first half of 2024 and started beta testing in the second half of the year. We've still got a long way to go but are encouraged by our progress.

除了我們的商店和 AWS 業務之外，我們還在新業務投資方面繼續取得進展，這些投資可能對客戶和亞馬遜的長期發展具有重要意義。觸及其中兩個。 10 月份，我們在柯伊伯計畫商業化進程中實現了一個重要里程碑，這是我們的近地軌道衛星計劃，旨在為目前還沒有寬頻連線的 4 億至 5 億家庭提供寬頻連線。我們向太空發射了2 顆端到端原型衛星，並成功驗證了所有關鍵系統和子系統，進行了雙向視訊通話，以超高清4K 串流了Prime Video 電影，並透過我們的端到端進行了亞馬遜購買通訊網路。在像這樣的首次發布中能夠運用所有這些元素是很少見的。我們預計在 2024 年上半年發射第一顆生產衛星，並在下半年開始 beta 測試。我們還有很長的路要走，但我們的進步令人鼓舞。

During the quarter, we also completed our second season of Thursday Night Football, which was a rousing success, by all accounts. The customer experience continued to improve as our talent, production, streaming quality, analytics, unique AI features like Prime Vision and Defensive Alerts, all took big leaps forward on top of the very good start last year. We launched a new NFL tradition with the inaugural Black Friday football game and our continuous innovation resonated with viewers as the number of people watching increased 24% year-over-year and with advertisers as we made dramatic year-over-year gains in ad sales.

在本季度，我們也完成了《週四橄欖球之夜》的第二季，從各方面來看，這都取得了令人振奮的成功。隨著我們的人才、製作、串流媒體品質、分析、Prime Vision 和防禦警報等獨特的人工智慧功能在去年良好開局的基礎上取得了巨大飛躍，客戶體驗持續改善。我們透過首屆黑色星期五橄欖球賽開創了新的 NFL 傳統，我們的持續創新引起了觀眾的共鳴，因為觀看人數同比增加了 24%，也引起了廣告商的共鳴，因為我們的廣告銷售額同比大幅增長。

We have increasing conviction that Prime Video can be a large and profitable business on its own, and we'll continue to invest in compelling exclusive content for Prime members like Thursday Night Football, Lord of the Rings, Reacher, Mr. & Mrs. Smith, Citadel and more. And with the addition of ads in Prime Video, we'll be able to continue investing meaningfully in content over time.

我們越來越相信，Prime Video 本身可以成為一項龐大且盈利的業務，我們將繼續投資為Prime 會員提供引人入勝的獨家內容，例如《週四橄欖球之夜》、《指環王》、《熱探者》、《史密斯夫婦》 、城堡等等。隨著 Prime Video 中廣告的增加，我們將能夠隨著時間的推移繼續對內容進行有意義的投資。

I'll close by reiterating that 2023 was a really good year. I'm grateful to all of our teams who delivered on behalf of customers. Yet, I think every one of us at Amazon believes this is just the start of what's possible. We have a long way to go in every one of our businesses before we exhaust how we can make customers' lives better and easier, and there is considerable upside in each of the businesses in which we're investing.

最後，我要重申 2023 年確實是美好的一年。我感謝所有代表客戶交付的團隊。然而，我認為亞馬遜的每個人都相信這只是一切可能的開始。在我們竭盡全力如何讓客戶的生活變得更好、更輕鬆之前，我們的每項業務還有很長的路要走，而且我們投資的每一項業務都有相當大的上升空間。

With that, I'll turn it over to Brian.

有了這個，我會把它交給布萊恩。

Thanks, Andy. Overall, we saw strong performance in the fourth quarter. Worldwide revenue was $170 billion, representing an increase of 13% (sic) [14%] year-over-year, excluding the impact of foreign exchange, and approximately $3 billion above the top end of our guidance range. It's our highest quarterly worldwide operating income ever, which was $13.2 billion for the quarter, an increase of $10.5 billion year-over-year and $2.2 billion above the high end of our guidance range.

謝謝，安迪。總體而言，我們在第四季度看到了強勁的表現。全球營收為 1,700 億美元，年成長 13%（原文如此）[14%]（排除外匯影響），比我們指導範圍的上限高出約 30 億美元。這是我們有史以來最高的季度全球營業收入，該季度為 132 億美元，年增 105 億美元，比我們指導範圍的上限高出 22 億美元。

For the full year 2023, we had a meaningful improvement across our financial results. Revenue was $574.8 billion, an increase of 12% year-over-year, excluding the impact of foreign exchange. Operating income tripled year-over-year to $36.9 billion. Trailing 12-month free cash flow adjusted for equipment finance leases was $35.5 billion, up $48.3 billion versus last year. These financial outputs are a result of a lot of improvements in our key input metrics such as stores' cost to serve, which decreased year-over-year for the first time since 2018, and our ability to deliver to customers at our fastest speeds ever. I want to thank our customers, our partners and our teammates around the world for a very strong 2023 performance.

2023 年全年，我們的財務表現取得了顯著改善。營收為5,748億美元，較去年成長12%，剔除外匯影響。營業收入較去年同期成長兩倍，達到 369 億美元。設備融資租賃調整後的過去 12 個月自由現金流為 355 億美元，比去年增加 483 億美元。這些財務產出是我們關鍵輸入指標大量改善的結果，例如商店的服務成本自 2018 年以來首次同比下降，以及我們以有史以來最快的速度向客戶提供服務的能力。我要感謝我們世界各地的客戶、合作夥伴和隊友在 2023 年取得了非常強勁的業績。

Focusing on the fourth quarter, North America revenue was $105.5 billion, an increase of 13% year-over-year and an acceleration of 200 basis points compared to Q3. International revenue was $40.2 billion, an increase of 13% year-over-year, excluding the impact of foreign exchange, also an acceleration of 200 basis points compared to Q3.

重點關注第四季度，北美地區營收為1,055億美元，年增13%，較第三季加速200個基點。國際營收為 402 億美元，年增 13%，剔除外匯影響，也較第三季成長 200 個基點。

During the quarter, we remained focused on the inputs that matter most to our customers: price, selection and convenience. Our shopping events throughout the quarter included Prime Big Deal Days in October, and our extended Black Friday and Cyber Monday shopping event helped to attract new Prime members and deliver billions in savings for customers. We made meaningful progress on delivery speeds in the United States and globally, which helped strong sales throughout the quarter, including notable strength in the last-minute gifting where our ability to provide fast shipping helped our Prime members ensure that they got their gifts before the holidays.

在本季度，我們仍然專注於對客戶最重要的投入：價格、選擇和便利性。我們整個季度的購物活動包括 10 月的 Prime Big Deal Days，以及我們延長的黑色星期五和網路星期一購物活動，幫助吸引了新的 Prime 會員，並為客戶節省了數十億美元。我們在美國和全球範圍內的送貨速度方面取得了有意義的進步，這有助於整個季度的強勁銷售，包括在最後一刻送禮方面的顯著優勢，我們提供快速送貨的能力幫助我們的Prime 會員確保他們在假期。

These improvements in delivery speed have led to increased purchase frequency by our Prime members across all of our major geographies. It also strengthened demand for our Everyday Essentials in categories like beauty and health and personal care where speed is even more important to customers.

交付速度的這些改進導致我們所有主要地區的 Prime 會員的購買頻率增加。它還增強了對美容、健康和個人護理等類別的日常必需品的需求，這些類別的速度對客戶來說更為重要。

Third-party sellers were a big part of our success over the holidays, with worldwide third-party seller services revenue growing at 19% year-over-year, excluding the impact of foreign exchange. And worldwide third-party seller unit mix was 61%, its highest level ever.

第三方賣家是我們在假期成功的重要組成部分，排除外匯的影響，全球第三方賣家服務收入較去年同期成長 19%。全球第三方賣家單位組合為 61%，為歷史最高水準。

We also saw strong performance in worldwide advertising, which grew 26% year-over-year, excluding the impact of foreign exchange. The strength in advertising was primarily driven by sponsored products as our teams work hard to increase the relevancy of the ads we show customers by leveraging machine learning. Advertising only works if the ads are helpful to customers and there's a lot of value in tailoring sponsored products, so they are relevant to what a customer is actually searching for. We're also continually focused on improving our measurement capabilities, which allow brands to see the payback of their advertising spend.

我們也看到全球廣告表現強勁，剔除外匯影響，較去年同期成長 26%。廣告的優勢主要是由贊助產品推動的，因為我們的團隊努力利用機器學習來提高向客戶展示的廣告的相關性。只有當廣告對客戶有幫助且客製化贊助產品具有很大價值，因此廣告與客戶實際搜尋的內容相關時，廣告才有效。我們也不斷致力於提高我們的衡量能力，使品牌能夠看​​到其廣告支出的回報。

Shifting to profitability. North America segment operating income was $6.5 billion, an increase of $6.7 billion year-over-year, resulting in an operating margin of 6.1%, up 120 basis points quarter-over-quarter. Since North America operating margins were at their recent low levels in Q1 of 2022, we have now seen 7 consecutive quarters of improvement, resulting in a cumulative improvement of 800 basis points over these past 7 quarters.

轉向盈利。北美分部營業收入為65億美元，年增67億美元，營業利益率為6.1%，較上季成長120個基點。由於北美營運利潤率在 2022 年第一季處於近期最低水平，我們現在已經連續 7 個季度有所改善，過去 7 個季度累計改善了 800 個基點。

In addition to the strong top line growth which helped to drive improved leverage throughout our businesses, we continue to make progress on reducing our cost to serve. The fourth quarter is our busiest time of year supported by an increasingly large and integrated operations network.

除了營收的強勁成長有助於提高整個業務的槓桿率外，我們還在降低服務成本方面繼續取得進展。第四季是我們一年中最繁忙的時期，營運網絡日益龐大且一體化。

Overall, our teams executed extremely well, yielding strong efficiency gains with minimal disruptions. We were pleased with the performance of our regionalized network during the holiday period where we saw benefits from improved inventory placement, helping drive faster speeds and also lowering costs. We also continue to see benefits from lower transportation rates which include line haul, ocean and rail and from a more stable labor market, resulting in improved staffing levels.

總體而言，我們的團隊執行得非常好，以最小的干擾實現了顯著的效率提升。我們對假期期間區域化網路的表現感到滿意，我們看到了改善庫存佈局的好處，有助於提高速度並降低成本。我們也繼續看到較低的運輸費（包括幹線運輸、海運和鐵路）以及更穩定的勞動力市場帶來的好處，從而改善了人員配備水準。

In our International segment, we had an operating loss of $419 million, an improvement of $1.8 billion year-over-year. This improvement was primarily driven by lowering our cost to serve through increased units per box, lower transportation rates and leverage across our fixed costs as we continue to focus on customer inputs and improve efficiencies within our operations. The International segment represents more than 20 countries of varying degrees of growth. In our largest established countries like the U.K., Germany and Japan, relatively strong revenue growth contributed to the year-over-year improvement in profitability. Additionally, we saw good progress in our emerging countries as they continue to expand their customer offerings while seeking to invest wisely.

在我們的國際部門，我們的營運虧損為 4.19 億美元，年減 18 億美元。這項改進主要是由於我們繼續專注於客戶投入並提高營運效率，從而透過增加每箱數量、降低運輸費率以及利用固定成本來降低服務成本。國際部門代表了 20 多個不同程度成長的國家。在英國、德國和日本等最大的成熟國家，相對強勁的收入成長推動了獲利能力的年比改善。此外，我們看到新興國家取得了良好的進展，他們在尋求明智投資的同時繼續擴大客戶服務範圍。

Moving to AWS. Revenues were $24.2 billion, an increase of 13% year-over-year. On a quarter-over-quarter basis, we added more than $1.1 billion of revenue in AWS as customers are continuing to shift their focus towards driving innovation and bringing new workloads to the cloud.

遷移到 AWS。營收為242億美元，年增13%。隨著客戶繼續將注意力轉向推動創新並將新工作負載引入雲端中，我們在 AWS 上的收入環比增加了超過 11 億美元。

Similar to what we shared last quarter, we continue to see the diminishing impact of cost optimizations. And as these optimizations slow down, we're seeing more companies turning their attention to newer initiatives and reaccelerating existing migrations.

與我們上季分​​享的情況類似，我們繼續看到成本優化的影響正在減弱。隨著這些優化的放緩，我們看到越來越多的公司將注意力轉向新的計劃並重新加速現有的遷移。

Customers are also excited about our approach to generative AI. Still relatively early days, but the revenues are accelerating rapidly across all three layers, and our approach to democratizing AI is resonating well with our customers. We have seen significant interest from our customers wanting to run generative AI applications and build large language models and foundation models, all with the privacy, reliability and security they have grown accustomed to with AWS.

客戶也對我們的生成人工智慧方法感到興奮。雖然還處於相對早期的階段，但所有三個層面的收入都在迅速增長，我們實現人工智慧民主化的方法與我們的客戶產生了良好的共鳴。我們看到客戶對運行生成式 AI 應用程式以及建立大型語言模型和基礎模型表現出濃厚的興趣，所有這些都具有他們已經習慣於 AWS 的隱私性、可靠性和安全性。

AWS operating income was $7.2 billion, an increase of $2 billion year-over-year. Our operating margin for the quarter was 29.6%, up more than 500 basis points year-over-year and effectively flat on a quarter-over-quarter basis. This margin improvement reflects our head count reductions from earlier in the year and a slowdown in the pace of hiring.

AWS營運收入為72億美元，年增20億美元。本季我們的營業利潤率為 29.6%，年成長超過 500 個基點，較上季基本持平。這一利潤率的提高反映了我們與今年早些時候相比人員數量的減少以及招聘速度的放緩。

Shifting to free cash flow. On a trailing 12-month basis, free cash flow adjusted for finance leases was $35.5 billion, an improvement of $48.3 billion year-over-year. The largest driver of the improvement in free cash flow is our increased operating income, which we are seeing across all three of our segments. We're also seeing improvements in working capital, notably in inventory efficiency driven by our regionalization efforts.

轉向自由現金流。在過去 12 個月的基礎上，融資租賃調整後的自由現金流為 355 億美元，比去年同期增加 483 億美元。自由現金流改善的最大推動力是我們的營業收入增加，我們在所有三個部門都看到了這一點。我們也看到營運資本有所改善，特別是在區域化努力的推動下庫存效率得到改善。

Next, let's turn to capital investments. We define our capital investments as a combination of CapEx plus equipment finance leases. In 2023, full year CapEx was $48.4 billion, which was down $10.2 billion year-over-year, primarily driven by lower spend on fulfillment and transportation. As we look forward to 2024, we anticipate CapEx to increase year-over-year primarily driven by increased infrastructure CapEx to support growth of our AWS business, including additional investments in generative AI and large language models.

接下來，讓我們轉向資本投資。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。 2023 年，全年資本支出為 484 億美元，年減 102 億美元，主要是因為履約和運輸支出減少。展望 2024 年，我們預計資本支出將同比增長，主要是由於基礎設施資本支出增加，以支持我們的 AWS 業務成長，包括對產生人工智慧和大型語言模型的額外投資。

One thing I'd like to highlight in our first quarter guidance is that we recently completed a useful life study for our servers and we are increasing the useful life from 5 years to 6 years beginning in January 2024. We will have this anticipated benefit to our operating income of approximately $900 million in Q1, which is included in our operating income guidance.

我想在第一季指導中強調的一件事是，我們最近完成了伺服器的使用壽命研究，我們將從2024 年1 月開始將使用壽命從5 年增加到6 年。我們將獲得這一預期效益我們第一季的營業收入約為 9 億美元，已包含在我們的營業收入指引中。

As we turn the calendar to 2024, we are excited to continue upon the great work the teams have been able to deliver in 2023. We remain focused on streamlining and prioritizing projects in an effective way that reduces costs and also allows us to continue innovating and inventing for customers.

當我們將日曆翻到2024 年時，我們很高興能夠繼續團隊在2023 年交付的出色工作。我們仍然專注於以有效的方式簡化和確定專案的優先級，從而降低成本，同時使我們能夠繼續創新和為客戶發明。

With that, let's move on to questions.

接下來，讓我們繼續提問。

(Operator Instructions) Our first question comes from the line of Eric Sheridan with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的埃里克·謝裡丹（Eric Sheridan）。

I'm just going to do a two-parter on AWS. If we take a step back, can you talk a little bit about the contribution from backlog conversion, AI workloads and some elements that allowed you to reaccelerate revenue at AWS in Q4 and how we should think about those components from an exit velocity standpoint into 2024? And then against your broader comments on CapEx, any color on how we should be thinking about AI-driven CapEx within the AWS initiatives against the broader CapEx commentary?

我打算在 AWS 上做一個兩人合作的專案。如果我們退後一步，您能否談談積壓轉換、人工智慧工作負載和一些使您在第四季度重新加速AWS 收入的因素的貢獻，以及我們應該如何從2024 年退出速度的角度來考慮這些組成部分？然後，針對您對資本支出的更廣泛的評論，我們應該如何根據更廣泛的資本支出評論來思考 AWS 計劃中人工智慧驅動的資本支出？

Yes, that's right. This is Dave. Just to give you that figure. The balance was $155.7 billion as of 12/31. So that's up more than $45 billion year-over-year and $20 billion quarter-over-quarter.

恩，那就對了。這是戴夫。只是為了給你這個數字。截至 12 月 31 日餘額為 1,557 億美元。因此，年成長超過 450 億美元，季增超過 200 億美元。

And then if you look back at the revenue growth, it accelerated to 13.2% in Q4, as we just mentioned. That was an acceleration. We expect accelerating trends to continue into 2024. We're excited about the resumption, I guess, of migrations that companies may have put on hold during 2023 in some cases and interest in our generative AI products, like Bedrock and Q, as Andy was describing.

然後，如果你回顧一下營收成長，正如我們剛才提到的，第四季營收成長加速至 13.2%。那是一種加速。我們預計加速趨勢將持續到2024 年。我想，我們對公司在某些情況下可能在2023 年期間暫停的遷移的恢復感到興奮，並對我們的生成式AI 產品（如Bedrock 和Q）產生興趣，正如Andy 所說描述。

On the CapEx side, let me talk in total for the company. We had $48 billion in 2023. It was down $10 billion year-over-year. We talked about during the year quite a bit, a lot of the mix of investment in 2023 was tied to infrastructure. Infrastructure, mostly supporting AWS but also supporting our core Amazon businesses, was about 60% of our spend. So it reached a very high percentage. We anticipate those trends continuing into 2024. CapEx will go up in 2024. I'm not giving a number today, we're still working through plans for the year, but we do expect CapEx to rise as we add capacity in AWS for region expansions, but primarily the work we're doing with generative AI projects.

在資本支出方面，讓我談談公司的整體狀況。 2023 年我們的營收為 480 億美元。年減了 100 億美元。我們在這一年裡談了很多，2023 年的許多投資組合都與基礎建設有關。基礎設施主要支援 AWS，但也支援我們的亞馬遜核心業務，約占我們支出的 60%。所以達到了非常高的比例。我們預計這些趨勢將持續到2024 年。資本支出將在2024 年上升。今天我不會給出具體數字，我們仍在製定今年的計劃，但我們確實預計，隨著我們增加該地區AWS 的容量，資本支出將會上升和擴展，但主要是我們在產生人工智慧專案上所做的工作。

In the fulfillment center and logistics area, I would say it's more incremental capacity at this point based on additional demand, although we are seeing some additional investments for same-day delivery sites and automation and robotics. But the trend that a large percentage of the spend will be in infrastructure is going to continue into 2024.

在履行中心和物流領域，我想說的是，基於額外的需求，目前的產能增量更大，儘管我們看到了對當日送貨站點以及自動化和機器人技術的一些額外投資。但很大一部分支出將用於基礎設施的趨勢將持續到 2024 年。

To add a few things to what Brian said, I think just as it relates to the first part of the question, just the way to think about backlog conversion is just these are deals that we've signed that are long-term deals typically with customers, and then there's some amount of time it takes where we work with those customers to migrate those workloads.

要在布萊恩所說的基礎上補充一些內容，我認為就像它與問題的第一部分相關一樣，思考積壓訂單轉換的方法就是這些是我們簽署的協議，通常是長期協議客戶，然後我們需要一些時間與這些客戶合作來遷移這些工作負載。

And so some of the trends that we have seen over the last quarter, first of all, I think that the lion's share of cost optimization has happened. It's not that there won't be any more or that we don't see it anymore, but it's just attenuated very significantly. And at the same time, what we've seen is that migrations, and this speaks to some of the backlog, migrations that were proceeding but maybe not at the pace that we saw before have started to pick up again. We've also seen that a number of the deals that typically signed more quickly were signing more slowly in more uncertain environments. A lot of those got done in the last quarter. And you heard in my opening remarks some of the examples, but that was a sum of several, and we're continuing to see that trend.

因此，我們在上個季度看到的一些趨勢，首先，我認為成本最佳化的大部分已經發生。並不是說不會再有，或我們再也看不到它，而是它已經非常顯著地減弱了。同時，我們看到的是遷移，這說明了一些積壓的情況，遷移正在進行，但可能沒有達到我們之前看到的速度，已經開始再次加速。我們還發現，許多通常簽署速度較快的交易在更不確定的環境中簽署速度較慢。其中很多都是在上個季度完成的。你們在我的開場白中聽到了一些例子，但那是幾個例子的總和，我們將繼續看到這種趨勢。

And then on the gen AI side, if you look at the gen AI revenue we have, in absolute numbers, it's a pretty big number. But in the scheme of a $100 billion annual revenue run rate business, it's still relatively small, much smaller than what it will be in the future, where we really believe we're going to drive tens of billions of dollars of revenue over the next several years. But it's encouraging how fast it's growing and our offering is really resonating with customers.

然後在人工智慧方面，如果你看看我們的人工智慧收入，從絕對數字來看，這是一個相當大的數字。但在年收入1000億美元的業務計劃中，它仍然相對較小，比未來小得多，我們確實相信我們將在未來推動數百億美元的收入幾年。但令人鼓舞的是，它的成長速度如此之快，而且我們的產品確實引起了客戶的共鳴。

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

下一個問題來自摩根士丹利的布萊恩諾瓦克 (Brian Nowak)。

I have two. Andy, the first one is sort of on the cost to serve comments coming down for the first time since 2018. As you sort of look into '24 and '25, can you just sort of walk us through some of the key operational blocking-and-tackling that is to happen to continue to drive down that cost to serve back to 2018 levels or however you're thinking about your north star from that perspective?

我有兩個。安迪，第一個是關於提供評論的成本自 2018 年以來首次下降。當您研究 '24 和 '25 時，您能否向我們介紹一些關鍵的運營障礙——解決這個問題將會繼續降低服務成本，使其回到2018 年的水平，或者您是從這個角度考慮您的北極星嗎？

And then the second one is sort of philosophically about capital returns. It looks like the cash balance could start building pretty nicely here. How do you think about the idea of buybacks, share repurchases or some type of capital return programs to sort of help shareholders out?

第二個是關於資本回報的哲學。看來這裡的現金餘額可以開始很好地累積。您如何看待透過回購、股票回購或某種類型的資本回報計劃來幫助股東擺脫困境的想法？

Thank you, Brian, I appreciate it. I'll take the first, and I'll let Brian take the second. On the cost to serve coming down, as I mentioned in my opening remarks, I don't think that we feel like where we're going to ultimately be. I think we feel like we have meaningful upside there. I think one thing, it's easy to make as large a change as we made in regionalization in the U.S. and saying, "Check, we got that done." But the reality is we still have several improvements and a bunch of ways that we can hone the regionalization improvements that we made in 2023 in 2024. And so when the team speaks about the areas where they believe they have opportunities, there's still opportunities just in regionalization as we continue to hone that.

謝謝你，布萊恩，我很感激。我會拿第一個，我會讓布萊恩拿第二個。關於服務成本的下降，正如我在開場白中提到的那樣，我認為我們感覺不到我們最終會達到的目標。我認為我們覺得我們在那裡有有意義的上升空間。我認為有一件事，很容易做出像我們在美國區域化方面所做的那樣大的改變，然後說：“檢查，我們已經完成了。”但現實是，我們仍然有一些改進和很多方法可以磨練我們在 2023 年和 2024 年所做的區域化改進。因此，當團隊談到他們認為有機會的領域時，仍然有機會我們將繼續完善區域化。

But I also think, in many ways, it was very useful for us to go through what was a pretty significant change we went through during the pandemic where we doubled the size of our fulfillment center network in 18 months and built out a last-mile transportation network the size of UPS in 18 months. It was disruptive to get that optimized. But one of the things that was very useful was it really caused us to relook at everything we were doing with fulfillment network. And we looked at it with really a beginner's eye, and we have found so many areas that we believe that we can evolve that I think will both help our cost to serve and, even more importantly, deliver faster delivery speeds for customers.

但我也認為，從很多方面來說，經歷大流行期間我們經歷的相當重大的變化對我們非常有用，我們在 18 個月內將履行中心網絡的規模擴大了一倍，並建立了最後一英里18個月內形成UPS規模的運輸網絡。對其進行最佳化是具有破壞性的。但非常有用的一件事是它確實讓我們重新審視我們在履行網路上所做的一切。我們以初學者的眼光看待它，我們發現了很多我們相信可以發展的領域，我認為這既有助於我們的服務成本，更重要的是，為客戶提供更快的交付速度。

And I mentioned one area, in particular, which you'll see us focus on over the next year or two is just we think there are real opportunities in our inbound network and our inbound processes and then where we locate inventory in association with that, which will accomplish both of those tasks. But for us, I don't believe that we believe that 2018 is the north star in cost to serve. I think we believe we can keep evolving it and being better than that.

我特別提到了一個領域，您將看到我們在未來一兩年內重點關注的領域是，我們認為我們的入庫網絡和入庫流程以及我們定位與之相關的庫存的地方存在真正的機會，這將完成這兩項任務。但對我們來說，我不認為 2018 年是服務成本的北極星。我認為我們相信我們可以不斷發展它並變得更好。

Yes, I'd just add a couple of other items there. We've gotten a lot better at fixed cost controls as we scale. And I think you're seeing that as part of our ability to lower cost per serve. It's not only in operations, it's actually throughout the company. And we're seeing a reduction in some of the inflationary factors that hit us especially hard in 2021 and 2022, things like transportation services, fuel and others. So not totally out of the woods there but coming down, and we still see some more upside.

是的，我只是在那裡添加一些其他項目。隨著規模的擴大，我們在固定成本控制方面取得了巨大的進展。我認為您認為這是我們降低每次服務成本的能力的一部分。這不僅存在於營運中，而且實際上存在於整個公司。我們看到一些在 2021 年和 2022 年對我們造成特別嚴重的通膨因素有所減少，例如運輸服務、燃料等。因此，雖然還沒有完全脫離困境，但正在下降，我們仍然看到更多的上行空間。

On your share repurchase question, first of all, just really excited to actually have that question. No one's asked me that in 3 years and appreciate it. But we have come through tumultuous periods where, as Andy just said, we doubled the size of our logistics footprint and invested heavily. And you saw that in negative free cash flow, at least on our calculation for the period 2021 to 2022. So we're glad to see the improvement and the bounce-back in free cash flow. And we do debate and discuss capital structure policies annually or more often. And I have nothing to announce today, but again, we primarily think we have a lot of strong investments in front of us. We're glad to have better liquidity at the end of 2023, and we're going to try to continue to build that.

關於你的股票回購問題，首先，我真的很高興能真正提出這個問題。三年內沒有人問過我這個問題，對此我很感激。但我們經歷了動盪的時期，正如安迪剛才所說，我們將物流足跡擴大了一倍，並進行了大量投資。您可以在自由現金流為負的情況下看到這一點，至少在我們對 2021 年至 2022 年期間的計算中是如此。因此，我們很高興看到自由現金流的改善和反彈。我們每年或更頻繁地辯論和討論資本結構政策。今天我沒有什麼可宣布的，但我們首先認為我們面前有很多強大的投資。我們很高興在 2023 年底擁有更好的流動性，我們將努力繼續建立這一點。

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

我們的下一個問題來自 Doug Anmuth 與摩根大通 (JPMorgan) 的對話。

Brian, you've seen very good improvement in International profitability over the last several quarters. Can you just talk about some of the levers here that you're thinking about just as you look to move into positive operating income and then how International could potentially approach North America levels over time? And then just a follow-up there, are you seeing any shipping disruptions currently related to the Red Sea? And does that factor into your outlook at all for 1Q?

布萊恩，您已經看到過去幾季國際獲利能力有了很大的改善。您能否談談您在尋求實現正營業收入時正在考慮的一些槓桿，以及隨著時間的推移，國際公司如何可能接近北美水平？接下來，您是否看到目前與紅海相關的任何運輸中斷？這會影響您對第一季的展望嗎？

Yes. Let me start with the second one first. So we are mindful of the geopolitical issues around the world, especially, as you say, in the supply chain and how that might impact shipments both to the U.S. and to Europe. We're just working very hard to make that not back up on customers, and we'll continue to work that. It's not a material impact estimated in our guidance in Q1. But again, as I said, we're vigilant on that, and we'll work to take steps where we need to, to make sure that customer experience is not impacted.

是的。讓我先從第二個開始。因此，我們關注世界各地的地緣政治問題，特別是，正如您所說，在供應鏈中，以及這可能如何影響對美國和歐洲的運輸。我們只是非常努力地工作，不讓客戶得到支持，我們將繼續努力。這不是我們在第一季的指導中估計的重大影響。但正如我所說，我們對此保持警惕，我們將努力採取必要的措施，以確保客戶體驗不受影響。

On the International segment operating income, yes, we're very pleased with the results, especially over the last few quarters. We improved operating income by $1.8 billion year-over-year. And I would attribute it to the steady progress that Andy was saying about the U.S. as, again, cost to serve down, advertising is stronger, a lot of attention to cost, a lot of attention to investments and where we're going to invest and other fixed cost controls. So a lot of that is what we're seeing in the established countries of Europe and Japan.

在國際部門的營業收入方面，是的，我們對結果非常滿意，特別是在過去幾個季度。我們的營業收入比去年同期增加了 18 億美元。我將其歸因於安迪所說的美國的穩步進步，服務成本下降，廣告力度加大，對成本的高度關注，對投資以及我們將要投資的地方的關注以及其他固定成本控制。我們在歐洲和日本等已開發國家看到了很多這樣的情況。

I would divide the segment a bit into a couple of buckets. First, there's that European established countries segment. And it behaves a lot like you would see in North America. If you look at the emerging countries, and again, we've launched 10 countries in the last 7 years, they're all on their own trajectory of journey to profitability and significance with customers, and we're pleased with that. I think they're all growing nicely and again, leveraging their cost structure, investing wisely in Prime benefits, but all on a curve to breakeven and then be a contributor to income and free cash flow.

我會把這個部分分成幾個部分。首先是歐洲成熟國家部分。它的表現很像你在北美看到的。如果你看看新興國家，我們在過去 7 年裡已經推出了 10 個國家，它們都在各自的軌道上實現盈利和對客戶的重要性，我們對此感到高興。我認為他們都在一次又一次地成長，利用其成本結構，明智地投資於主要福利，但都在實現盈虧平衡的曲線上，然後成為收入和自由現金流的貢獻者。

The other thing I'd point out is that we have advanced loaded, I would say, Prime benefits in our International markets. We think it's a very good source of customer acquisition and customer retention. The investment in those areas can fluctuate quarter-to-quarter. We had a bit of a higher spend in digital content in Q4 as we had a number of marketing and content, especially around live sports, English Premier League and Champions League in Germany and Italy, for example. But we like those benefits and those investments, they're a proven vehicle for customer acquisition, as I said, and it gets people shopping at our sites. And engaging with benefits is always positive for the relationship with Amazon.

我要指出的另一件事是，我想說的是，我們在國際市場上享有高級優惠。我們認為這是獲取客戶和保留客戶的非常好的來源。這些領域的投資可能會出現季度波動。第四季度，我們在數位內容上的支出增加，因為我們有大量的行銷和內容，特別是圍繞著體育直播、英超聯賽以及德國和義大利的冠軍聯賽等。但我們喜歡這些好處和投資，正如我所說，它們是獲得客戶的有效工具，它讓人們在我們的網站上購物。參與福利對於與亞馬遜的關係始終是正面的。

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

下一個問題來自 Evercore ISI 的 Mark Mahaney。

Two questions, please. I think you mentioned, Brian, that the North American margins have improved for 7 quarters in a row or something like that, a significant number. I would assume that most of the factors like rising capacity utilization given your CapEx commentary about retail, the regional center efficiencies and then overall, moderation in shipping and logistics costs, labor costs, I mean all these factors probably mean that we'll continue to get an improvement in North American margins, but if you would comment on that.

請教兩個問題。布萊恩，我想你提到北美的利潤率連續 7 個季度有所改善，或者類似的數字，這是一個很大的數字。我認為，考慮到您對零售的資本支出評論、區域中心效率以及總體而言，運輸和物流成本、勞動力成本的適度增長，大多數因素（例如產能利用率上升），我的意思是所有這些因素可能意味著我們將繼續北美利潤率有所提高，但如果你對此發表評論的話。

And then secondly, on the Amazon Prime Video. I know we just launched, but could you provide any color or context on expectations around that? You've got a massive number of Prime users who are coming in with a reasonable CPM with a low ad load, but it seems like there should be a substantial opportunity for you. And if you want to try to size that for us or how you think about the upside, that would be really appreciated.

其次，在亞馬遜 Prime Video 上。我知道我們剛剛推出，但您能否提供有關對此的期望的任何顏色或背景？您擁有大量 Prime 用戶，他們以合理的每千次展示費用和較低的廣告負載進入，但看來您應該有很大的機會。如果您想嘗試為我們確定其規模或您如何看待其好處，我們將非常感激。

Sure, Mark. Thank you. I think Andy laid it out pretty well a few minutes ago on the cost structure, the regionalization, growing into the assets that we added during the pandemic, great efficiency and work with productivity across really all of our operations network, attention to fixed cost and lowering costs where we can, maintaining costs where we can, the increase in advertising, success in advertising revenue growth that's outpaced our traffic growth rates. So all of those trends we expect to continue, and we're going to work hard to make sure they continue. And as we said, one guidepost is maybe pre-pandemic profitability, but we're not putting a limit on our improvement. We're going to continue to look for ways to lower the cost to serve.

當然，馬克。謝謝。我認為安迪幾分鐘前就成本結構、區域化、發展我們在大流行期間添加的資產、我們所有運營網絡的高效率和生產力、對固定成本的關注以及盡可能降低成本，盡可能維持成本，增加廣告，廣告收入成長成功超過了我們的流量成長率。因此，我們預計所有這些趨勢都會持續下去，並且我們將努力確保它們持續下去。正如我們所說，一個指導方針可能是大流行前的獲利能力，但我們不會限制我們的改進。我們將繼續尋找降低服務成本的方法。

And I might add, at the same time, increase the customer experience because we had that cost improvement at the same time when we at first got back to our shipping speeds from pre-pandemic and then exceeded them. So we're happy with that, and we'll continue to do both: to improve the customer experience and also to lower our costs and leverage our cost structure.

我可能會補充說，同時增加客戶體驗，因為當我們首先恢復到大流行前的運輸速度然後超過它們時，我們同時實現了成本改善。因此，我們對此感到滿意，我們將繼續做到這兩點：改善客戶體驗，降低成本並利用我們的成本結構。

On your second question on ads. I can't scale it right now. I mean what I would say for ads in videos is that advertisers are excited to access our Prime customer base. We are looking for ways to increase our advertising in our streaming properties, including Fire TV and Prime Video, but also things like Freevee and Twitch. And it's an important part of the total business model, and we expect it will allow us to have a healthy business, to continue to invest in content and to continue to grow that. And we feel good about it, and the way we anticipate the ads progressing, we will not have heavy ad loads relative to what we may see other network TV and other things. And like all of our advertising, we're trying to be useful for customers.

關於你關於廣告的第二個問題。我現在無法擴展它。我的意思是，對於影片中的廣告，我想說的是，廣告商很高興能夠接觸到我們的 Prime 客戶群。我們正在尋找方法來增加我們的串流媒體資產中的廣告，包括 Fire TV 和 Prime Video，還有 Freevee 和 Twitch 等。它是整個商業模式的重要組成部分，我們希望它能讓我們擁有健康的業務，繼續投資內容並繼續發展。我們對此感覺良好，並且按照我們預期廣告進展的方式，相對於我們可能看到的其他網路電視和其他內容，我們不會有繁重的廣告負載。就像我們所有的廣告一樣，我們努力為客戶提供有用的信息。

And our next question comes from the line of Scott Devitt with Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Scott Devitt。

I have one on grocery and one on health care. First, on grocery, I was wondering if you could talk a bit about the progress that you're making in unifying the offering between dot com Fresh and Whole Foods and, as it relates to reverse logistics and using the grocery facilities, how that's lowering the cost in reverse logistics and whether there is a significant opportunity there in terms of driving traffic and revenue in the grocery business.

我有一本關於雜貨，一本關於醫療保健。首先，在雜貨方面，我想知道您是否可以談談您在統一新鮮食品和全食之間的產品方面所取得的進展，以及由於它涉及逆向物流和使用雜貨設施，因此這是如何降低的逆向物流的成本以及在推動雜貨業務的流量和收入方面是否存在重大機會。

Then secondly, on health care, in such a notoriously poor customer experience industry, you've made pretty significant efforts now with an acquisition and offering primary care. I'd just be curious if you could talk a little bit more about the longer-term vision in health care.

其次，在醫療保健方面，在這樣一個眾所周知的客戶體驗不佳的行業中，您現在透過收購和提供初級保健做出了相當大的努力。我只是好奇您能否多談談醫療保健的長期願景。

Yes. On grocery, we're pleased with the progress we're making there. When we think about our grocery business right now in kind of, I'll call it, three big macro segments. The first is nonperishables where these are things like consumables and canned goods and pet food and health and beauty products and pharmaceutical. And it's a big business and it's continuing to grow at a very healthy clip, and we're really pleased with that business. And it's really the way the most mass merchandisers got into the grocery business a few decades ago. So that continues to grow at a very healthy clip.

是的。在雜貨方面，我們對所取得的進展感到滿意。當我們現在考慮我們的雜貨業務時，我將其稱為三大宏觀部門。第一個是不易腐爛的物品，例如消耗品、罐頭食品、寵物食品、健康和美容產品以及藥品。這是一項大業務，並且正在以非常健康的速度持續成長，我們對此業務感到非常滿意。這確實是幾十年前大多數大宗商品進入雜貨業的方式。因此，這一數字繼續以非常健康的速度增長。

We have a physical presence along with online but in Whole Foods market, which is really the pioneer and the leader in organic grocery, and that's continuing to grow at a very good clip. We also made a number of changes in the business last year on the profitability side where we really like the profitability trajectory we see there. And so again, you'll see that keep growing and expanding and feel very good about that as well.

我們不僅在網路上也有實體店，但在全食超市市場，它確實是有機食品雜貨的先驅和領導者，並且正在繼續以非常好的速度成長。去年，我們還在盈利能力方面對業務進行了一些改變，我們非常喜歡我們在那裡看到的盈利軌跡。如此，您會看到它不斷增長和擴展，並且對此感覺非常好。

If you want to serve as many grocery needs as we do, you have to have a mass physical presence. And that's what we've been trying to do with Fresh over several years. We've been testing V2 of our Fresh format in a few locations near Chicago, in a few locations in Southern California. It's very early, it's just a few months in, but the results thus far are very promising and on almost every dimension. And so we need to see it for a little bit longer time, but the results appear like we have something that's resonating. And if we continue to see that then the issue becomes how fast and what's the best way to expand.

如果您想像我們一樣滿足盡可能多的雜貨需求，您就必須擁有大量的實體存在。這就是我們多年來一直在Fresh 上嘗試做的事情。我們一直在芝加哥附近的幾個地點和南加州的幾個地點測試 Fresh 格式的 V2。現在還為時過早，只有幾個月的時間，但迄今為止的結果幾乎在每個方面都非常有希望。因此，我們需要花更長的時間來觀察它，但結果似乎我們有一些引起共鳴的東西。如果我們繼續看到這種情況，那麼問題就變成了擴張速度有多快以及什麼是最好的擴張方式。

We have also been spending increasing amounts of time and effort here trying to make it easier for customers to be able to shop between the nonperishables and then our selection of Whole Foods as well as Fresh. I think you can expect to see that over time, both in the user experience on the app and on the website, as well as how we're able to better leverage between the different business segments and their logistics capabilities, being able to get better leverage there, better economics, and then allowing people to order in one conservative place and be able to pick up for multiple types of grocery products in one place. You're seeing us already do more of that, and I think you can expect that in the future.

我們也花了越來越多的時間和精力，試圖讓顧客更輕鬆地在不易腐爛的食品和我們精選的全食物以及新鮮食品之間進行購物。我認為隨著時間的推移，您可以期望在應用程式和網站上的用戶體驗中看到這一點，以及我們如何能夠更好地利用不同業務部門及其物流能力，從而能夠變得更好在那裡，更好的經濟效益，然後允許人們在一個保守的地方訂購，並能夠在一個地方購買多種類型的雜貨產品。您看到我們已經做了更多這樣的事情，我想您可以期待將來會這樣做。

In the health care space, if you think about what we do on the retail side, adding a pharmacy capability is a pretty natural extension. It's something that customers had asked us for, for many years, and it's got more complexity to it than the rest of our retail business. So we need to think carefully about whether we wanted to pursue it, but customers so badly wanted it. And the experience, we thought, could be better and we could be a meaningful part of changing that, that we pursued it. And I really like the momentum that we're seeing in our Amazon Pharmacy business. It's growing really quickly. But even more important with how fast it's growing, if you've used it and you've paid attention to the customer experience over the last 12 to 15 months, it's just substantially improved from where it already was pretty good. People really love the experience.

在醫療保健領域，如果你考慮我們在零售方面所做的事情，那麼增加藥房能力是一個非常自然的延伸。這是客戶多年來一直要求我們做的事情，而且它比我們其他零售業務更複雜。所以我們需要仔細考慮我們是否想要追求它，但客戶非常想要它。我們認為，這種體驗可以更好，我們可以成為改變我們所追求的這一點的有意義的一部分。我真的很喜歡我們在亞馬遜藥房業務中看到的勢頭。它增長得非常快。但更重要的是，它的成長速度有多快，如果您在過去12 到15 個月內使用過它並且關注過客戶體驗，您會發現它在已經相當不錯的基礎上有了很大的改進。人們真的很喜歡這種體驗。

And I think that the health care experience, particularly in the U.S., is a pretty frustrating one and not a very good one. And I think that when we tell our grandkids that the way we used to have to go get primary care was to make an appointment 3 weeks in advance and then drive 20 minutes to the doctor, park, wait in the reception for 15 minutes, get put into an exam room for 15 minutes. Doctor comes in, talks to you for 5 to 10 minutes, and then you got to drive 20 minutes to the pharmacy. Our grandkids will not believe that was the experience. And it's not going to be, and you already see that changing.

我認為醫療保健體驗，尤其是在美國，是相當令人沮喪的，而且不是很好。我認為，當我們告訴我們的孫子們，我們以前去獲得初級保健的方式是提前 3 週預約，然後開車 20 分鐘去看醫生，停車，在接待處等待 15 分鐘，然後就診。放入考試室15分鐘。醫生進來，與你交談 5 到 10 分鐘，然後你必須開車 20 分鐘去藥局。我們的孫子們不會相信那是經歷。但事實不會如此，而且你已經看到這種情況正在改變。

And it's part of what attracted us in such a significant way in medical. It's just their application, their app, is so easy to use. You have all your health care data in one spot. You can do chats with medical practitioners. You can do video calls. If you need to see someone, there's physical locations and lots of metropolitan cities where you can get in the same day. If you need to see a specialist, they're plugged into specialists in all the cities in which we operate where you can get in a day or two later. Like, it's a very different experience. And then if you actually need medication, you can get that sent to you in a day or two either through Amazon Pharmacy or other pharmacies that we work with. And that experience is so much better than what we've been accustomed to seeing.

這也是醫學領域如此重要地吸引我們的部分原因。只是他們的應用程序，他們的應用程序，非常易於使用。您的所有醫療保健數據都集中在一處。您可以與醫生聊天。您可以進行視訊通話。如果您需要見某人，您可以在同一天到達多個物理地點和許多大都市。如果您需要看專家，他們會聯繫我們開展業務的所有城市的專家，您可以在一兩天後到達。就像，這是一種非常不同的體驗。然後，如果您確實需要藥物，您可以在一兩天內透過亞馬遜藥房或我們合作的其他藥房將藥物發送給您。這種體驗比我們習慣看到的要好得多。

And so I think, again, it's still early days. We're excited. We launched for Prime members the ability to get one medical subscription for $9 a month or $99 a year, which is 50% off, the typical price. And that saw a very good take-up. So it's still early days, but we think we have an opportunity to be a meaningful part of changing that experience. And if we are helpful in changing what that primary care experience is and what it looks like to get pharmaceutical items, there's a lot of other things that we might be able to help customers with over time. Whether it's wellness or whether it's diet, there's a bunch of areas that I think we can help over time.

所以我再次認為現在還為時過早。我們很興奮。我們為 Prime 會員推出了以每月 9 美元或每年 99 美元的價格訂閱一次醫療的服務，這是典型價格 50% 的折扣。這得到了很好的接受。所以現在還處於早期階段，但我們認為我們有機會成為改變這種體驗的有意義的一部分。如果我們有助於改變初級保健體驗以及獲取藥物的情況，那麼隨著時間的推移，我們可能可以幫助客戶解決許多其他問題。無論是健康還是飲食，我認為隨著時間的推移，我們可以在許多領域提供幫助。

And our final question will come from the line of Colin Sebastian with Baird.

我們的最後一個問題將來自科林·塞巴斯蒂安和貝爾德。

I just wanted to follow up on AWS for a moment. You outlined the generative AI stack, which I think is very clear. So I'm just curious maybe how you're going to market within the application layer given sort of the competitive dynamics of that. And then maybe expand, if you could, Andy, a little bit on the strategy for gen AI on the consumer-facing side of the business. I know you launched Rufus today. Is that an area that you think could materially improve conversion rates and the overall consumer engagement on the retail apps? Or what's your vision there?

我只是想跟進一下 AWS 的情況。您概述了生成式人工智慧堆疊，我認為非常清楚。因此，我只是好奇，鑑於競爭動態，您將如何在應用程式層內進行行銷。然後，如果可以的話，安迪，也許可以擴展面向消費者的業務方面的人工智慧策略。我知道你今天推出了 Rufus。您認為這個領域可以顯著提高零售應用的轉換率和整體消費者參與度嗎？或者你的願景是什麼？

Yes. So Colin, I would say a few things first on generative AI. When we talk to customers, particularly at enterprises as they're thinking about generative AI, many are still thinking through at which layers of those three layers of the stack I laid out that they want to operate in. And we predict that most companies will operate in at least two of them. But I also think, even though it may not be the case early on, I think many of the technically capable companies will operate at all three. They will build their own models, they will leverage existing models from us, and then they're going to build the apps.

是的。 Colin，我首先要談一些關於產生人工智慧的事情。當我們與客戶交談時，尤其是在考慮生成式人工智慧的企業中，許多人仍在思考我所列出的堆疊的三層中的哪一層是他們想要操作的。我們預測大多數公司會在其中進行操作。至少在其中兩個進行操作。但我也認為，儘管早期情況可能並非如此，但我認為許多有技術能力的公司將在這三個方面開展業務。他們將建立自己的模型，他們將利用我們的現有模型，然後他們將建立應用程式。

I know one of the other interesting things that we see early on right now in generative AI is that it's a very iterative process and real work to go from plugging a question into a chatbot and getting an answer to turning that into a production quality application at the quality you need for your customer experience and your reputation and then also getting that application to work at the latency and cost characteristics that you need. And so what we see is that customers want choice. They don't want just one model to rule the world. They want different models for different applications. And they want to experiment with all different-sized models because they yield different cost structures and different latency characteristics.

我知道我們現在在生成人工智慧領域早期看到的其他有趣的事情之一是，從將問題插入聊天機器人並獲得答案到將其轉化為生產品質應用程序，這是一個非常迭代的過程和實際工作。您的客戶體驗和聲譽所需的質量，然後讓該應用程式以您需要的延遲和成本特徵運行。所以我們看到的是客戶想要選擇。他們不希望只有一種模式來統治世界。他們需要針對不同應用的不同模型。他們希望嘗試所有不同規模的模型，因為它們會產生不同的成本結構和不同的延遲特性。

And so Bedrock is really resonating with customers. They know they want to change all these variables and try and experiment, and they have something that manages all those different transitions and changes so they can figure out what works best for them. Especially in the first couple of years where they're learning how to build successful generative AI applications is incredibly important for them. So it's part of why we see Bedrock resonating so much.

因此，Bedrock 確實引起了客戶的共鳴。他們知道他們想要改變所有這些變數並嘗試和實驗，他們有一些東西可以管理所有這些不同的轉變和變化，這樣他們就可以找出最適合他們的方法。尤其是在最初幾年，他們學習如何建立成功的生成式人工智慧應用程序，這對他們來說非常重要。這就是為什麼我們看到基岩如此引起共鳴的部分原因。

In the same way, what's attractive to enterprises when they think about coding companions like Q is just if you can get 30%, 40% better productivity for your developers, which, in many cases, for companies is their most scarce resource, it's a game changer. And they won't roll out every bit of code that comes from a coding companion. But if it can assist them to get 80%-plus the way there quickly, that's a big deal.

同樣地，當企業考慮像Q 這樣的編碼夥伴時，對他們有吸引力的只是如果你能為你的開發人員提高30%、40% 的生產力，在很多情況下，對於公司來說，這是他們最稀缺的資源，它是一種遊戲規則的改變者。他們不會推出來自編碼夥伴的所有代碼。但如果它能幫助他們快速達到 80% 以上，那就很了不起了。

And one of the things that's unique about Q is it's not just a coding companion. It's an expert on AWS. It helps you write the code, but it also helps you debug the code and it helps you test the code. And it helps you do transformations, and it helps you figure out how to multistep implement features. It helps you troubleshoot. If there's something in your application that's awry, Q can find it and help you fix it. And then it also lets you look at all your data repositories, whether it's Internet or Wikis or the 40-plus data connectors like Salesforce, Atlassian, Zendesk and Slack. And it lets you have an intelligent conversation and get answers and take action. So it's a pretty differentiated capability there.

Q 的獨特之處之一是它不僅僅是一個編碼伴侶。它是 AWS 專家。它可以幫助您編寫程式碼，還可以幫助您調試程式碼並幫助您測試程式碼。它可以幫助您進行轉換，並幫助您弄清楚如何分步驟實現功能。它可以幫助您排除故障。如果您的應用程式中存在問題，Q 可以找到它並幫助您修復它。然後，它還可以讓您查看所有資料儲存庫，無論是 Internet、Wiki，還是 Salesforce、Atlassian、Zendesk 和 Slack 等 40 多個資料連接器。它可以讓您進行智慧對話並獲得答案並採取行動。所以這是一個非常差異化的能力。

When enterprises are looking at how they might best make their developers more productive, they're looking at what's the array of capabilities in these different coding companion options they have. And so we're spending a lot of time. Our enterprises are quite excited about it. It created a meaningful stir in re:Invent. And what you see typically is that these companies experiment with different options they have and they make decisions for their employee base, and we're seeing very good momentum there.

當企業考慮如何最好地提高開發人員的工作效率時，他們會考慮這些不同的編碼配對選項中的一系列功能。所以我們花了很多時間。我們的企業對此感到非常興奮。它在 re:Invent 中引起了有意義的轟動。你通常會看到這些公司嘗試不同的選擇，並為員工群體做出決策，我們看到了非常好的動力。

The question about how we're thinking about gen AI in our consumer businesses, we're building dozens of generative AI applications across the company. Every business that we have has multiple generative AI applications that they're building. And they're all in different stages. Many of which have launched and others of which are in development. So if you just look at some of our consumer businesses, on the retail side, we built a generative AI application that allowed customers to look at summary of customer review, so that they didn't have to read hundreds and sometimes thousands of reviews to get a sense for what people like or dislike about a product. We launched a generative AI application that allows customers to quickly be able to predict what kind of fit they'd have for different apparel items. We built a generative AI application in our fulfillment centers that forecasts how much inventory we need in each particular fulfillment center.

關於我們如何在消費業務中考慮產生人工智慧的問題，我們正在整個公司建立數十個生成人工智慧應用程式。我們擁有的每家企業都有多個正在建置的生成式人工智慧應用程式。而且他們都處於不同的階段。其中許多已經推出，另一些正在開發中。因此，如果你只看我們的一些消費業務，在零售方面，我們建立了一個生成式人工智慧應用程序，允許客戶查看客戶評論摘要，這樣他們就不必閱讀數百甚至數千條評論來獲取資訊。了解人們喜歡或不喜歡產品的哪些方面。我們推出了一款生成式人工智慧應用程序，讓客戶能夠快速預測他們對不同服裝的搭配。我們在履行中心建立了一個生成式人工智慧應用程序，可以預測每個特定履行中心需要多少庫存。

And so the start of the rollout of Rufus today is really just another step but we think one that's pretty meaningful in being a generative AI-powered shopping assistant. And it's trained on our very expansive product catalog as well as our community Q&A and customer reviews and the broader Web. But it lets customers discover items in a very different way than they have been able to on e-commerce websites. So if you want buying advice, like what should I look for in a pair of headphones; or if you are doing purpose buying, like what should I buy for cold weather golf; or comparisons, what's the difference in lip gloss or lip oil; or you want recommendations for the best Valentine's Day gifts; or you're on a detailed page with rich product info where you don't want to go through the whole page, you want to ask if this pickleball rack is good for beginners. All those questions you can plug in and get really good answers. And then it's seamlessly integrated in the Amazon experience that customers are used to and love to be able to take action. So I think that that's just the next iteration. I think it's going to meaningfully change what discovery looks like for our shopping experience and for our customers.

因此，今天開始推出 Rufus 實際上只是又邁出了一步，但我們認為這對於成為人工智慧驅動的生成式購物助手來說非常有意義。它接受了我們非常廣泛的產品目錄、社群問答、客戶評論以及更廣泛的網路的訓練。但它讓客戶以與在電子商務網站上截然不同的方式發現商品。因此，如果您需要購買建議，例如我應該在耳機中尋找什麼；或者，如果您正在進行有目的的購買，例如我應該為寒冷天氣的高爾夫購買什麼；或者比較一下，唇彩和唇油有什麼差別；或是您想要推薦最好的情人節禮物；或者您在一個包含豐富產品資訊的詳細頁面上，您不想瀏覽整個頁面，您想詢問這個泡菜球架是否適合初學者。所有這些問題你都可以插入並得到很好的答案。然後它會無縫整合到亞馬遜體驗中，客戶已經習慣並喜歡能夠採取行動。所以我認為這只是下一個迭代。我認為這將有意義地改變我們的購物體驗和客戶的發現方式。

And I could kind of step through every one of those consumer businesses. Our advertising business is building capabilities where people can submit a picture and an ad copy is written and the other way around. And you kind of think about Alexa where we're building a very expansive large language model is going to make Alexa even more productive and helpful for customer. Every one of our consumer businesses has a significant number of generative AI applications that they either have built and delivered or they're in the process of building. And I don't see that changing for many years. We have a lot of ideas.

我可以逐步瀏覽每一項消費業務。我們的廣告業務正在建立人們可以提交圖片並撰寫廣告文案的功能，反之亦然。你會想到 Alexa，我們正在建立一個非常廣泛的大型語言模型，這將使 Alexa 更加高效，對客戶更有幫助。我們的每一項消費業務都擁有大量的生成式人工智慧應用程序，這些應用程式要么已經建置並交付，要么正在建置過程中。我認為這種情況多年來都沒有改變。我們有很多想法。

Thanks for joining us today on the call and for your questions. A replay will be available on our Investor Relations website for at least 3 months. We appreciate your interest in Amazon, and we look forward to talking 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，我們期待下季再次與您交談。

And 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。