亞馬遜 (AMZN) 2024 Q1 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com First Quarter 2024 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 2024 年第一季財務業績電話會議。 （操作員說明）今天的通話正在錄音。

And for opening remarks, I will be turning the call over to the Vice President of Investor Relations, Mr. Dave Fildes. 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) 先生。請繼續。

Hello, and welcome to our Q1 2024 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 2023.

您好，歡迎參加我們的 2024 年第一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)。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 2023 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, April 30, 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 4 月 30 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 $143.3 billion in revenue, up 13% year-over-year, excluding the impact from foreign exchange rates; $15.3 billion in operating income, up 221% year-over-year or $10.5 billion; and $48.8 billion in trailing 12-month free cash flow adjusted for equipment finance leases, up $53.2 billion year-over-year. We remain focused on driving better experiences for our customers while also delivering efficiency improvements. Our financial results are an encouraging reminder of the progress we're making.

謝謝，戴夫。今天，我們報告的收入為 1,433 億美元，年增 13%，排除匯率的影響；營業收入 153 億美元，年增 221%，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 488 億美元，年增 532 億美元。我們仍然專注於為客戶提供更好的體驗，同時提高效率。我們的財務表現令人鼓舞地提醒我們正在取得的進展。

Starting with our stores business, despite having hundreds of millions of items and the broadest selection available, we remain intensely focused on adding even more selection. One way is to continue adding brands we know our customers want. For instance, in the U.S., we recently welcomed Clinique and 2 Gen Z fashion favorites, Parade and Cider, and announced a collaboration with Hardly Ever Worn It in Europe to offer customers pre-owned items from luxury brands.

從我們的商店業務開始，儘管擁有數億種商品和最廣泛的選擇，但我們仍然專注於增加更多選擇。一種方法是繼續添加我們知道客戶想要的品牌。例如，在美國，我們最近迎來了倩碧 (Clinique) 和第二代 Z 時尚寵兒 Parade 和 Cider，並宣布與歐洲的 Hardly Ever Worn It 合作，為顧客提供奢侈品牌的二手商品。

Another way to drive selection is to make it easier for our third-party sellers to add their products to our store. We've recently launched a new generative AI tool that enables sellers to simply provide a URL to their own website, and we automatically create high-quality product detail pages on Amazon. Already, over 100,000 of our selling partners have used one or more of our gen AI tools. We remain focused on making sure we're offering everyday low prices, which we know is even more important to our customers in this uncertain economic environment.

推動選擇的另一種方法是讓我們的第三方賣家更輕鬆地將他們的產品添加到我們的商店。我們最近推出了一種新的生成人工智慧工具，使賣家只需提供自己網站的 URL，我們就會自動在亞馬遜上建立高品質的產品詳細資訊頁面。目前，我們已有超過 10 萬名銷售合作夥伴使用了我們的一種或多種 gen AI 工具。我們仍然專注於確保每天提供低價，我們知道，在這個不確定的經濟環境中，這對我們的客戶來說更為重要。

As our results show, customers are shopping but remain cautious, trading down on price when they can and seeking out deals. In Q1, we helped customers save with shopping events worldwide, including our first big spring sale in Canada and the U.S. We also held spring deal days in Europe and our Ramadan event in Egypt, Saudi Arabia, and the UAE. Delivery speed really matters to customers, and we've continued to get faster while improving our safety performance. In this past Q1, we delivered to Prime members at our fastest speeds ever. In March, across our top 60 largest U.S. metro areas, nearly 60% of Prime members orders arrived the same or next day. And globally, in cities like Toronto, London, and Tokyo, about 3 out of 4 items were delivered the same or next day.

正如我們的結果所示，顧客在購物時仍保持謹慎態度，盡可能降價並尋求優惠。在第一季度，我們透過世界各地的購物活動幫助客戶節省開支，包括在加拿大和美國舉辦的首次大型春季促銷。活動。交付速度對客戶來說確實很重要，我們在提高安全性能的同時不斷提高交付速度。在剛剛過去的第一季度，我們以有史以來最快的速度向 Prime 會員發貨。 3 月份，在美國 60 個最大的都會區，近 60% 的 Prime 會員訂單在當天或第二天送達。在全球範圍內，在多倫多、倫敦和東京等城市，大約四分之三的物品在當天或第二天送達。

Faster delivery times have another important effect. As we get items to customers this fast, customers choose Amazon to fulfill their shopping needs more frequently, and we can see the results in various areas, including how fast our Everyday Essentials business is growing and the continued increase in Prime member purchase frequency and total spend with us. Over the past year, we've talked about how our regionalization efforts have helped lower our cost to serve. We've continued to inspect our fulfillment network for additional opportunities and are working on several areas where we believe we can lower costs even further while also improving customer experience.

更快的交貨時間還有另一個重要的影響。由於我們如此快速地向客戶提供商品，客戶更頻繁地選擇亞馬遜來滿足他們的購物需求，我們可以看到各個領域的成果，包括我們的日常必需品業務增長的速度以及Prime 會員購買頻率和總額的持續增加和我們一起度過。在過去的一年裡，我們討論了我們的區域化努力如何幫助降低我們的服務成本。我們繼續檢查我們的履行網絡以尋找更多機會，並正在多個領域開展工作，我們相信我們可以進一步降低成本，同時改善客戶體驗。

One example of this is our work to increase the consolidation of units into fewer boxes. As we further optimize our network, we've seen an increase in the number of units delivered per box, an important driver for reducing our cost. When we're able to consolidate more units into a box, it results in fewer boxes and deliveries, a better customer experience, reduces our cost to serve, and lowers our carbon impact.

這方面的一個例子是我們致力於將單元整合到更少的盒子中。隨著我們進一步優化網絡，我們發現每箱交付的單位數量增加，這是降低成本的重要驅動力。當我們能夠將更多的單元整合到一個盒子中時，就會減少盒子和交付量，提供更好的客戶體驗，降低我們的服務成本，並降低我們的碳影響。

Another prominent example is our efforts to revamp our U.S. inbound fulfillment architecture to allow for better inventory placement closer to our customers. This will be an iterative process throughout the year as we work with sellers and retail partners, and teams are making good progress on their plans.

另一個突出的例子是我們努力改進我們的美國入境履行架構，以便更好地將庫存放置在更靠近我們的客戶的地方。這將是一個全年的迭代過程，我們與賣家和零售合作夥伴合作，團隊在他們的計劃上取得了良好進展。

Advertising performance remained strong, with ad sales up 24% year-over-year, excluding the impact of foreign exchange. The strength in advertising was primarily driven by sponsored products, supported by continued improvements in relevancy and measurement capabilities for advertisers. We still see significant opportunity ahead in our sponsored products as well as areas where we're just getting started like Prime Video ads. Prime Video ads offers brands value as we can better link the impact of streaming TV advertising to business outcomes like product sales or subscription sign-ups, whether the brands sell on Amazon or not. It's very early for streaming TV ads but we're encouraged by the early response.

廣告表現依然強勁，排除外匯影響，廣告銷售額年增 24%。廣告的實力主要由贊助產品推動，並得到廣告商相關性和衡量能力持續改善的支持。我們在贊助產品以及 Prime 影片廣告等剛起步的領域仍然看到了巨大的機會。 Prime 影片廣告可以為品牌帶來價值，因為我們可以更好地將串流電視廣告的影響與產品銷售或訂閱註冊等業務成果聯繫起來，無論品牌是否在亞馬遜上銷售。對於串流電視廣告來說，現在還為時過早，但我們對早期的反應感到鼓舞。

Moving to AWS. Year-over-year revenue growth accelerated to 17.2% in Q1, up from 13.2% in Q4. It's useful to remember that year-over-year percentages are only relevant relative to the total base from which you start. And given our much larger infrastructure cloud computing base, at this growth rate, we see more absolute dollar growth again quarter-over-quarter in AWS than we can see elsewhere.

遷移到 AWS。第一季營收年增速從第四季的 13.2% 加速至 17.2%。請記住，同比百分比僅與您開始時的總基數相關。考慮到我們更大的基礎設施雲端運算基礎，按照這樣的成長率，我們看到 AWS 的絕對美元成長率再次高於其他地方。

We're seeing a few trends right now. First, companies have largely completed the lion's share of their cost optimization and turned their attention to newer initiatives. Before the pandemic, companies were marching to modernize their infrastructure, moving from on-premises infrastructure to the cloud to save money, innovated at a more rapid rate, and to drive more developer productivity. The pandemic and uncertain economy that followed distracted from that momentum, but it's picking up again. Companies are pursuing this relatively low-hanging fruit in modernizing their infrastructure.

我們現在看到了一些趨勢。首先，公司已基本完成了大部分成本優化，並將注意力轉向更新的舉措。在疫情大流行之前，公司正在努力實現基礎設施現代化，從本地基礎設施遷移到雲，以節省資金，以更快的速度進行創新，並提高開發人員的生產力。隨後的大流行和不確定的經濟分散了這一勢頭，但它正在再次回升。公司正在實現基礎設施現代化，以實現這一相對容易實現的目標。

And with the broadest functionality by a fair bit, deepest partner ecosystem and strong security and operational performance, AWS continues to be their strong partner of choice. Our AWS customers are also quite excited about leveraging gen AI to change the customer experiences and businesses. We see considerable momentum on the AI front where we've accumulated a multibillion-dollar revenue run rate already.

憑藉相當廣泛的功能、最深入的合作夥伴生態系統以及強大的安全性和營運性能，AWS 仍然是他們首選的強大合作夥伴。我們的 AWS 客戶也對利用 gen AI 改變客戶體驗和業務感到非常興奮。我們在人工智慧領域看到了巨大的發展勢頭，我們已經累積了數十億美元的收入運作率。

You heard me talk about our approach before, and we continue to add capabilities at all 3 layers of the gen AI stack. At the bottom layer, which is for developers and companies building models themselves, we see excitement about our offerings. We have the broadest selection of NVIDIA compute instances around, but demand for our custom silicon, Trainium and Inferentia, is quite high given its favorable price performance benefits relative to available alternatives. Larger quantities of our latest generation Trainium2 is coming in the second half of 2024 and early 2025.

您之前聽過我談論過我們的方法，我們繼續在 gen AI 堆疊的所有 3 層添加功能。在底層，供開發人員和公司自己建立模型，我們看到了對我們的產品的興奮。我們擁有最廣泛的 NVIDIA 計算實例選擇，但鑑於其相對於可用替代方案具有有利的性價比優勢，對我們的定制晶片 Trainium 和 Inferentia 的需求相當高。我們最新一代的 Trainium2 將於 2024 年下半年和 2025 年初大量上市。

Companies are also starting to talk about the eye-opening results they're getting using SageMaker. Our managed end-to-end service has been a game changer for developers in preparing their data for AI, managing experiments, training models faster, lowering inference latency, and improving developer productivity. Perplexity.ai trains models 40% faster than SageMaker. Workday reduces inference latency by 80% with SageMaker, and NatWest reduces its time to value for AI from 12 to 18 months to under 7 months using SageMaker. This change is how challenging it is to build your own models, and we see an increasing number of model builders standardizing on SageMaker.

公司也開始談論他們使用 SageMaker 獲得的令人大開眼界的結果。我們的託管端到端服務改變了開發人員的遊戲規則，幫助他們為 AI 準備資料、管理實驗、更快地訓練模型、降低推理延遲並提高開發人員的工作效率。 Perplexity.ai 訓練模式的速度比 SageMaker 快 40%。 Workday 使用 SageMaker 將推理延遲減少了 80%，NatWest 使用 SageMaker 將 AI 價值實現時間從 12 至 18 個月減少到 7 個月以下。這項變更體現了建立自己的模型的挑戰性，我們看到越來越多的模型建構者在 SageMaker 上進行標準化。

The middle layer of the stack is for developers and companies who prefer not to build models from scratch but rather seek to leverage an existing large language model, or LLM, customize it with their own data and have the easiest and best features available to deploy secure high-quality, low-latency, cost-effective production gen AI apps. This is why we built Amazon Bedrock, which not only has the broadest selection of LLMs available to customers but also unusually compelling model evaluation, retrieval augmented generation, or RAG, to expand model's knowledge base, guardrails to safeguard what questions applications will answer, agents to complete multistep tasks, and fine-tuning to keep teaching and refining models.

該堆疊的中間層適用於不喜歡從頭開始構建模型而是尋求利用現有大型語言模型（LLM）、使用自己的數據對其進行自定義並具有可用於安全部署的最簡單和最佳功能的開發人員和公司。這就是我們建立Amazon Bedrock 的原因，它不僅為客戶提供最廣泛的LLM 選擇，而且還提供異常引人注目的模型評估、檢索增強生成(RAG) 來擴展模型的知識庫、保護應用程式將回答哪些問題的護欄、代理完成多步驟任務，並微調以不斷教學和完善模型。

Bedrock already has tens of thousands of customers, including adidas, New York Stock Exchange, Pfizer, Ryanair and Toyota. In the last few months, Bedrock's added Anthropic's Claude 3 models, the best-performing models in the planet right now; Meta's Llama 3 models; Mistral's various models, Cohere's new models and new first-party Amazon Titan models. A week ago, Bedrock launched a series of other features, but perhaps most importantly, Custom Model Import. Custom Model Import is a sneaky big launch as it satisfies a customer request we've heard frequently and that nobody has yet met.

Bedrock 已經擁有數萬名客戶，包括阿迪達斯、紐約證券交易所、輝瑞、瑞安航空和豐田。在過去的幾個月裡，Bedrock 增加了 Anthropic 的 Claude 3 模型，這是目前地球上表現最好的模型； Meta 的 Llama 3 型號； Mistral 的各種型號、Cohere 的新型號以及新的第一方 Amazon Titan 型號。一週前，Bedrock 推出了一系列其他功能，但也許最重要的是自訂模型導入。自訂模型導入是一次偷偷摸摸的重大發布，因為它滿足了我們經常聽到但尚未有人滿足的客戶要求。

As increasingly more customers are using SageMaker to build their models, they're wanting to take advantage of all the Bedrock features I mentioned earlier that make it so much easier to build high-quality production-grade gen AI apps. Bedrock Custom Model Import makes it simple to import models from SageMaker or elsewhere into Bedrock before deploying their applications. Customers are excited about this, and as more companies find they're employing a mix of custom-built models along with leveraging existing LLMs, the prospect of these 2 linchpin services in SageMaker and Bedrock working well together is quite appealing.

隨著越來越多的客戶使用 SageMaker 建立模型，他們希望利用我之前提到的所有 Bedrock 功能，從而更輕鬆地建立高品質的生產級人工智慧應用程式。 Bedrock 自訂模型匯入讓您可以在部署應用程式之前輕鬆地將模型從 SageMaker 或其他地方匯入 Bedrock 中。客戶對此感到興奮，隨著越來越多的公司發現他們正在使用客製化模型的組合以及現有的法學碩士，SageMaker 和 Bedrock 中這兩項關鍵服務協同工作的前景非常有吸引力。

The top of the stack are the gen AI applications being built. And today, we announced the general availability of Amazon Q, the most capable generative AI-powered assistant for software development and leveraging company's internal data. On the software development side, Q doesn't just generate code. It also tests code, debugs coding conflicts, and transforms code from one form to another. Today, developers can save months using Q to move from older versions of Java to newer, more secure and capable ones. In the near future, Q will help developers transform their .NET code as well, helping them move from Windows to Linux.

堆疊的頂部是正在建構的新一代人工智慧應用。今天，我們宣布全面推出 Amazon Q，它是最強大的生成式人工智慧助手，用於軟體開發和利用公司內部數據。在軟體開發方面，Q 不僅僅產生程式碼。它還測試程式碼、調試編碼衝突以及將程式碼從一種形式轉換為另一種形式。如今，開發人員可以使用 Q 從舊版的 Java 遷移到更新、更安全、更強大的版本，節省數月時間。在不久的將來，Q 還將幫助開發人員轉換他們的 .NET 程式碼，幫助他們從 Windows 遷移到 Linux。

Q also has a unique capability called Agents, which can autonomously perform a range of tasks, everything from implementing features, documenting, and refactoring code to performing software upgrades. Developers can simply ask Amazon Q to implement an application feature such as asking it to create an add to favorites feature in a social sharing app, and the agent will analyze their existing application code and generate a step-by-step implementation plan, including code changes across multiple files and suggested new functions. Developers can collaborate with the agent to review and iterate on the plan, and then the agent implements it, connecting multiple steps together and applying updates across multiple files, code blocks and test suites. It's quite handy.

Q 還具有稱為代理的獨特功能，它可以自主執行一系列任務，從實現功能、記錄和重構程式碼到執行軟體升級。開發人員可以簡單地要求 Amazon Q 實現應用程式功能，例如要求其在社交共享應用程式中創建添加到收藏夾功能，代理將分析他們現有的應用程式程式碼並生成分步實施計劃，包括程式碼跨多個文件的更改和建議的新功能。開發人員可以與代理程式協作來審查和迭代計劃，然後代理程式實施該計劃，將多個步驟連接在一起並跨多個文件、程式碼區塊和測試套件應用更新。非常方便。

On the internal data side, most companies have large troves of internally relevant data that resides in wikis, Internet pages, Salesforce, storage repositories like Amazon S3 and a bevy of other data stores and SaaS apps that are hard to access. It makes answering straightforward questions about company policies, products, business results, code, people, and many other topics hard and frustrating. Q makes this much simpler. You can point Q at all of your enterprise data repositories and it will search all this data, summarize logically, analyze trends, engage in dialogue with customers about this data.

在內部數據方面，大多數公司都擁有大量內部相關數據，這些數據駐留在 wiki、互聯網頁面、Salesforce、Amazon S3 等存儲庫以及大量其他難以訪問的數據存儲和 SaaS 應用程式中。它使得回答有關公司政策、產品、業務成果、代碼、人員和許多其他主題的簡單問題變得困難和令人沮喪。 Q 讓這變得更簡單。您可以將 Q 指向您的所有企業資料儲存庫，它將搜尋所有這些數據，進行邏輯總結，分析趨勢，並就這些數據與客戶進行對話。

We also introduced today a powerful new capability called Q Apps, which lets employees describe a natural language what apps they want to build on top of this internal data and Q Apps will quickly generate that app. This is going to make it so much easier for internal teams to build useful apps from their own data.

今天我們還推出了一項名為 Q Apps 的強大新功能，員工可以用自然語言描述他們想要在此內部數據之上構建哪些應用程序，Q Apps 將快速生成該應用程序。這將使內部團隊更輕鬆地根據自己的數據建立有用的應用程式。

Q is not only the most functionally capable AI-powered assistant for software development and data but also setting the standard for performance. Q has the highest-known score and acceptance rate for code suggestions, outperforms all other publicly benchmarkable competitors and catching security vulnerabilities, and leads all software development assistants on connecting multiple steps together and applying automatic actions. Customers are gravitating to Q, and we already see companies like Brightcove, British Telecom, Datadog, GitLab, GoDaddy, National Australia Bank, NCS, Netsmart, Slam, Smartsheet, Sun Life, Tata Consultancy Services, Toyota, and Wiz using Q, and we've only been in beta until today.

Q 不僅是功能最強大的人工智慧軟體開發和資料助手，而且還設定了效能標準。 Q 在程式碼建議方面擁有最高的已知分數和接受率，優於所有其他公開基準競爭對手和捕獲安全漏洞，並在將多個步驟連接在一起並應用自動操作方面領先所有軟體開發助手。客戶被 Q 所吸引，我們已經看到 Brightcove、英國電信、Datadog、GitLab、GoDaddy、澳洲國民銀行、NCS、Netsmart、Slam、Smartsheet、Sun Life、Tata Consultancy Services、Toyota 和 Wiz 等公司使用 Q，並且直到今天我們才處於測試階段。

I'd also caution folks not to overlook the security and operational performance elements of these gen AI services. It's less sexy but critically important. Most companies care deeply about the privacy of the data in their AI applications and the reliability of their training and production apps. If you've been paying attention to what's been happening in the last year or so, you can see there are big differences between providers on these dimensions. AWS has a meaningful edge, which is adding to the number of companies moving their AI focus to AWS.

我還提醒人們不要忽視這些新一代人工智慧服務的安全性和操作性能要素。它不那麼性感，但至關重要。大多數公司都非常關心人工智慧應用程式中資料的隱私以及培訓和生產應用程式的可靠性。如果您一直關注過去一年左右發生的事情，您會發現提供者之間在這些方面存在很大差異。 AWS 具有顯著的優勢，這使得越來越多的公司將人工智慧重點轉向 AWS。

We expect the combination of AWS' reaccelerating growth and high demand for gen AI to meaningfully increase year-over-year capital expenditures in 2024, which given the way the AWS business model works is a positive sign of the future growth. The more demand AWS has, the more we have to procure new data centers, power and hardware. And as a reminder, we spend most of the capital upfront. But as you've seen over the last several years, we make that up in operating margin and free cash flow down the road as demand steadies out. And we don't spend the capital without very clear signals that we can monetize it this way.

我們預計，AWS 的重新加速成長和對新一代人工智慧的高需求相結合，將在 2024 年大幅增加資本支出，考慮到 AWS 業務模式的運作方式，這是未來成長的積極跡象。 AWS 的需求越多，我們就越需要採購新的資料中心、電力和硬體。提醒一下，我們預先花費了大部分資金。但正如您在過去幾年中看到的那樣，隨著需求的穩定，我們會透過營業利潤率和自由現金流來彌補這一點。如果沒有非常明確的訊號表明我們可以透過這種方式將資金貨幣化，我們就不會花費資金。

We remain very bullish on AWS. We're at $100 billion-plus annualized revenue run rate, yet 85% or more of the global IT spend remains on-premises. And this is before you even calculate gen AI, most of which will be created over the next 10 to 20 years from scratch and on the cloud. There is a very large opportunity in front of us. We also continue to make strong progress on our newer investments. Our emerging international stores are growing and moving towards profitability. Our third-party logistics business offering services like Buy with Prime, Amazon shipping and multichannel fulfillment continues to grow well.

我們仍然非常看好 AWS。我們的年化收入運行速度超過 1000 億美元，但全球 IT 支出的 85% 或更多仍在本地。這還是在你計算新一代人工智慧之前，其中大部分將在未來 10 到 20 年內從頭開始並在雲端創建。我們面前有一個非常大的機會。我們的新投資也持續取得強勁進展。我們新興的國際商店正在不斷發展並走向盈利。我們提供的第三方物流業務（例如 Buy with Prime、亞馬遜運輸和多通路履行等服務）持續良好成長。

We just launched a Prime delivery grocery benefit that lets customers receive free unlimited grocery delivery for just $9.99 a month, which is great value and customers are responding accordingly. Later this year in Manhattan, we're launching a new smaller Whole Foods market concept called Whole Foods Market Daily Shops. Prime Video continues to produce compelling content, with Fallout being our latest big hit on the heels of a very successful Road House movie, with strong customer engagement in our original and partner content.

我們剛剛推出了 Prime 雜貨配送福利，讓客戶每月僅需 9.99 美元即可獲得免費、無限制的雜貨配送服務，這是非常有價值的，客戶​​也做出了相應的反應。今年晚些時候，我們將在曼哈頓推出一個新的小型全食超市概念，稱為「全食超市每日商店」。 Prime Video 繼續製作引人入勝的內容，繼《Road House》電影大獲成功之後，《異塵餘生》成為我們最新的熱門作品，客戶對我們的原創內容和合作夥伴內容的參與度很高。

Our health services business is growing robustly as customers are loving our pharmacy customer experience, and we've launched same-day delivery of prescription medications to customers in 8 cities, including Los Angeles and New York City, with plans to expand to more than a dozen cities by the end of the year, with customers now getting first fill medications 75% faster year-over-year nationwide. And Kuiper is getting closer to having its production satellites in space and entering our commercial beta.

由於客戶喜愛我們的藥房客戶體驗，我們的健康服務業務正在強勁增長，我們已向包括洛杉磯和紐約市在內的 8 個城市的客戶推出處方藥當日送達服務，併計劃擴展到超過 10 個城市。到今年年底，該服務將覆蓋十幾個城市，全國範圍內客戶獲得首次填充藥物的速度比去年同期快了75%。柯伊伯距離將其生產衛星送入太空並進入我們的商業測試版越來越近了。

There's a lot of invention happening across our business, and I'm super grateful to all our employees for their hard work and ingenuity. I'll close by sharing that I'm enthusiastic about how we started this year. We have a lot of opportunity in front of us in every one of our businesses to make our customers' lives better and easier.

我們的企業發生了很多發明，我非常感謝所有員工的辛勤工作和聰明才智。最後我要分享的是，我對今年的開局充滿熱情。在我們的每一項業務中，我們都有很多機會讓客戶的生活變得更好、更輕鬆。

With that, I'll turn it over to Brian for a financial update.

這樣，我會將其轉交給布萊恩以獲取最新的財務資訊。

Thanks, Andy. Starting with our top line financial results. Worldwide revenue was $143.3 billion, representing a 13% increase year-over-year, excluding the impact of foreign exchange and near the top end of our guidance range. I'd like to highlight a couple of points to help you interpret our growth rates. First, we saw an impact from leap year in Q1, which added approximately 120 basis points to the year-over-year quarterly revenue growth rate.

謝謝，安迪。從我們的頂線財務表現開始。全球營收為 1,433 億美元，年增 13%（排除外匯影響），接近我們指引範圍的上限。我想強調幾點來幫助您解讀我們的成長率。首先，我們在第一季看到了閏年的影響，季度營收成長率年增了約 120 個基點。

Second, while I typically talk about growth rates, excluding the impact of year-over-year changes in foreign exchange, we did see an unfavorable impact from global currencies weakening against the U.S. dollar, more than we had planned in Q1. This led to a $700 million or 50 basis point headwind to revenue relative to what we guided. Excluding this FX headwind, we would have exceeded the top end of our guidance range. Worldwide operating income was $15.3 billion, which was our highest quarterly income ever, and it was $3.3 billion above the high end of our guidance range.

其次，雖然我通常談論成長率，不包括外匯同比變化的影響，但我們確實看到了全球貨幣兌美元貶值的不利影響，超出了我們在第一季的計劃。相對於我們的指導，這導致收入出現 7 億美元或 50 個基點的逆風。如果排除這種外匯逆風，我們的預測就會超出指導範圍的上限。全球營業收入為 153 億美元，這是我們有史以來最高的季度收入，比我們指導範圍的上限高出 33 億美元。

This was driven by strong operational performance across all 3 reportable segments and better-than-expected operating leverage, including lower cost to serve. The impact on operating income from our Q1 FX rate headwind was negligible. I'll speak more to our profitability trends in a moment. In the North America segment, first quarter revenue was $86.3 billion, an increase of 12% year-over-year. In the international segment, revenue was $31.9 billion, an increase of 11% year-over-year, excluding the impact of foreign exchange.

這是由於所有 3 個可報告部門的強勁營運業績以及好於預期的營運槓桿（包括較低的服務成本）所推動的。第一季匯率逆風對營業收入的影響可忽略不計。稍後我將詳細討論我們的獲利趨勢。北美業務第一季營收863億美元，年增12%。國際部分，剔除外匯影響，營收為319億美元，年增11%。

We remain focused on the inputs that matter most to our customers: selection, price, and convenience. During the quarter, around the world, we helped customers save with our shopping events. We added selection, including premium and luxury brands, and we delivered our fastest speeds ever for Prime members. Third-party sellers continue to be an important part of our offering. Third-party seller services revenue increased 16% year-over-year, excluding the impact of foreign exchange. We saw strong 3P unit growth, coupled with increased adoption of our optional services, such as fulfillment and global logistics. For the quarter, third-party seller unit mix was 61%, up 200 basis points year-over-year.

我們仍然專注於對客戶最重要的投入：選擇、價格和便利性。本季度，我們在世界各地透過購物活動幫助客戶節省開支。我們增加了選擇，包括高端和奢侈品牌，並為 Prime 會員提供了有史以來最快的速度。第三方賣家仍然是我們產品的重要組成部分。剔除外匯影響，第三方賣家服務營收年增16%。我們看到 3P 部門強勁成長，同時我們的可選服務（例如履行和全球物流）的採用也有所增加。本季度，第三方賣家單位組合為 61%，年增 200 個基點。

Shifting to profitability, North America segment operating income was $5 billion, an increase of $4.1 billion year-over-year. Operating margin was 5.8%, up 460 basis points year-over-year. We saw improvements in our cost to serve, including continued benefit from our work to regionalize our operations, savings from more consolidated customer shipments, and improved leverage driven by strong unit growth and lower transportation rates. In our international segment, operating income was $903 million, an improvement of $2.2 billion year-over-year. Operating margin was 2.8%, up 710 basis points year-over-year. This is primarily driven by our established countries as we improve cost efficiencies through network design enhancements and improved volume leverage. Additionally, we saw good progress in our emerging countries as they expand their customer offerings and make strides on their respective journeys to profitability.

轉向獲利，北美板塊營業收入為50億美元，較去年同期增加41億美元。營業利益率為 5.8%，較去年同期成長 460 個基點。我們的服務成本有所改善，包括業務區域化工作帶來的持續收益、更整合的客戶發貨帶來的節省，以及強勁的單位增長和較低的運輸費率推動的槓桿率的提高。在我們的國際部門，營業收入為 9.03 億美元，年增 22 億美元。營業利益率為 2.8%，較去年同期成長 710 個基點。這主要是由我們的成熟國家推動的，因為我們透過增強網路設計和提高銷售槓桿來提高成本效率。此外，我們看到新興國家取得了良好進展，他們擴大了客戶服務範圍，並在各自的獲利之路上取得了長足進步。

Looking ahead, we see several opportunities to further lower cost to serve and improved profitability in our worldwide stores business while still investing to improve the customer experience. Within our fulfillment network, we are focused on investing in our inbound network, streamlining and standardizing process paths, and adding robotics and automation. These improvement opportunities will take time. However, we have a solid plan in place and we like the path we're on. Advertising remains an important contributor to profitability in North America and international segments. We see many opportunities to grow our offerings, both in the areas that are driving growth today like sponsored products and in areas that are newer, like streaming TV ads.

展望未來，我們看到了一些進一步降低服務成本並提高全球商店業務獲利能力的機會，同時仍進行投資以改善客戶體驗。在我們的履行網絡中，我們專注於投資入站網路、簡化和標準化流程路徑，以及增加機器人和自動化。這些改進機會需要時間。然而，我們已經制定了可靠的計劃，我們喜歡我們所走的道路。廣告仍然是北美和國際市場獲利能力的重要貢獻者。我們看到了許多發展我們產品的機會，無論是在當今推動成長的領域（如贊助產品）還是在較新的領域（如串流電視廣告）。

Moving to AWS. Revenue was $25 billion, an increase of 17% year-over-year, and AWS is now a $100 billion annualized revenue run rate business. Excluding the impact from leap year, AWS revenue increased approximately 16% year-over-year. During the first quarter, we saw growth in both generative AI and non-generative AI workloads across a diverse group of customers and across industries as companies are shifting their focus towards driving innovation and bringing new workloads to the cloud.

遷移到 AWS。營收為 250 億美元，年增 17%，AWS 目前年營收運行率已達 1,000 億美元。剔除閏年影響，AWS營收年增約16%。在第一季度，隨著公司將重點轉向推動創新並將新的工作負載引入雲端，我們看到不同客戶群和跨行業的生成式人工智慧和非生成式人工智慧工作負載都出現了成長。

Additionally, we continue to see the impact of cost optimizations diminish. While there always be a level of ongoing optimization, we think the majority of the recent cycle is behind us, and we're likely closer to a steady state of these optimization efforts. AWS operating income was $9.4 billion, an increase of $4.3 billion year-over-year. As a reminder, these results include the impact from the change in the estimated useful life of our servers, which primarily benefits the AWS segment. We made progress in managing our infrastructure and fixed costs while still growing at a healthy rate, which has resulted in improved leverage.

此外，我們繼續看到成本優化的影響正在減弱。雖然始終存在一定程度的持續優化，但我們認為最近週期的大部分已經過去，我們可能更接近這些優化工作的穩定狀態。 AWS營運收入為94億美元，年增43億美元。提醒一下，這些結果包括我們伺服器預計使用壽命變化的影響，這主要有利於 AWS 部門。我們在管理基礎設施和固定成本方面取得了進展，同時仍以健康的速度成長，從而提高了槓桿率。

As we've said in the past, over time, we expect the AWS operating margins to fluctuate, driven in part by the level of investments we are making in the business. We remain focused on driving efficiencies across the business, which enables us to invest to support the strong growth we're seeing in AWS, including generative AI, which brings us to capital investments. As a reminder, we define these as the combination of CapEx plus equipment finance leases. In 2023, overall capital investments were $48.4 billion. As I mentioned, we're seeing strong AWS demand in both generative AI and our non-generative AI workloads, with customers signing up for longer deals and making bigger commitments. It's still relatively early days in generative AI and more broadly, the cloud space, and we see sizable opportunity for growth. We anticipate our overall capital expenditures to meaningfully increase year-over-year in 2024, primarily driven by higher infrastructure CapEx to support growth in AWS, including generative AI.

正如我們過去所說，隨著時間的推移，我們預期 AWS 的營運利潤率會出現波動，部分原因是我們對該業務的投資水準。我們仍然專注於提高整個業務的效率，這使我們能夠進行投資以支援 AWS 的強勁成長，包括生成式人工智慧，這為我們帶來了資本投資。提醒一下，我們將其定義為資本支出加上設備融資租賃的組合。 2023 年，總資本投資為 484 億美元。正如我所提到的，我們看到 AWS 在生成式 AI 和非生成式 AI 工作負載方面都有強勁的需求，客戶簽署了更長的協議並做出了更大的承諾。生成式人工智慧以及更廣泛的雲端領域仍處於相對早期的階段，我們看到了巨大的成長機會。我們預計 2024 年我們的整體資本支出將同比大幅增長，這主要是由於基礎設施資本支出增加，以支援 AWS 的成長，包括生成式 AI。

Turning to our revenue guidance for Q2. Net sales are expected to be between $144 billion and $149 billion or to grow between 7% and 11% compared with the second quarter of 2023. We saw an unfavorable impact from year-over-year changes in foreign exchange in our Q1 results, and we expect that headwind to grow in the second quarter. Our Q2 net sales guidance anticipates an unfavorable foreign exchange impact of approximately 60 basis points. As part of our guidance considerations, we also continue to keep an eye on consumer spending and macro level trends, specifically in Europe where it appears to be a bit weaker relative to the U.S. Operating income is expected to be between $10 billion and $14 billion in Q2. This estimate includes the impact of our seasonal step-up in stock-based compensation expense, driven by the timing of our annual compensation cycle.

轉向我們第二季的營收指引。淨銷售額預計將在 1,440 億美元至 1,490 億美元之間，或與 2023 年第二季度相比增長 7% 至 11%。預計第二季的阻力將會加大。我們的第二季淨銷售指引預計外匯匯率的不利影響約為 60 個基點。作為我們指導考慮的一部分，我們也繼續關註消費者支出和宏觀層面的趨勢，特別是在歐洲，相對於美國，該地區的消費支出和宏觀趨勢似乎略弱。億美元之間。這項估計包括我們的股票薪酬費用季節性增加的影響，這是由我們的年度薪酬週期的時間決定的。

I want to thank our customers, our partners, and our teammates around the world for a very strong start to the year, and we're excited to build on this momentum. We'll remain focused on streamlining and prioritizing projects in a way that allows us to continue inventing for customers in a cost-effective way. With that, let's move on to your questions.

我要感謝我們的客戶、合作夥伴和世界各地的隊友在今年取得了強勁的開局，我們很高興能夠在此勢頭的基礎上再接再厲。我們將繼續專注於簡化專案並確定專案的優先級，以便我們能夠以具有成本效益的方式繼續為客戶進行發明。接下來，讓我們繼續回答您的問題。

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

（操作員指令）我們的第一個問題來自摩根大通的 Doug Anmuth。

Probably for both Andy and Brian. Historically, Amazon has shifted between periods of heavy investment and then margin expansion back into heavier investment, but you now have a much bigger base of gross profit and overall operating income. As you think about gen AI and capital intensity or grocery or Kuiper or health care, is there anything from an investment perspective that could materially impact profitability going forward in your view?

可能對於安迪和布萊恩來說都是如此。從歷史上看，亞馬遜已經在大量投資和利潤率擴張之間轉變為更大規模的投資，但現在你擁有更大的毛利和整體營業收入基礎。當您考慮新一代人工智慧和資本密集度、雜貨、柯伊伯或醫療保健時，您認為從投資角度來看，有什麼可能對未來的獲利能力產生重大影響嗎？

Doug, yes, we have historically always mentioned that. You have seen like a pendulum shift sometimes between profitability and investment. I think we're at the stage now where we're doing both at the same time continually, so we are more apt to talk about the specific investments that we're making and how that might impact our short-term outlook. So if you look at the progress we've made on operating income and free cash flow over really the last 18 months, a lot of it's driven by improvements in our stores business, lower cost to serve. We've talked about regionalization efforts and how that's moving into inbound areas now.

道格，是的，我們歷史上總是提到這一點。有時你會看到獲利能力和投資之間的鐘擺轉變。我認為我們現在正處於不斷同時進行這兩項工作的階段，因此我們更傾向於談論我們正在進行的具體投資以及這可能如何影響我們的短期前景。因此，如果你看看我們過去 18 個月在營業收入和自由現金流方面取得的進展，就會發現其中很大一部分是由我們商店業務的改善和服務成本的降低所推動的。我們已經討論了區域化工作以及現在如何進入入境區域。

Advertising has been growing strong and AWS has been strong. And you saw AWS margins increased 800 basis points sequentially off Q4. A lot of that's driven by cost controls and expanding revenue on the top line and lower cost structure throughout the company. We do see, though, on the CapEx side that we will be meaningfully stepping up our CapEx and the majority of that will be in our -- to support AWS infrastructure and specifically generative AI efforts. So I would expect that, that will increase -- it will increase depreciation, definitely in that segment.

廣告業務一直在成長，AWS 也一直很強大。您可以看到 AWS 利潤率比第四季連續成長了 800 個基點。其中很大一部分是由成本控制和營收擴張以及整個公司的成本結構降低所推動的。不過，我們確實看到，在資本支出方面，我們將有意義地增加我們的資本支出，其中大部分將用於支援 AWS 基礎設施，特別是生成式人工智慧工作。所以我預計，這將會增加——這將增加折舊，肯定是在該領域。

On the -- well, we're talking about CapEx. Right now, in Q1, we had $14 billion of CapEx. We expect that to be the low quarter for the year. As Andy said earlier, we are seeing strong demand signals from our customers and longer deals and larger commitments, many with generative AI components. So those signals are giving us confidence in our expansion of capital in this area.

關於——嗯，我們談論的是資本支出。目前，在第一季度，我們的資本支出為 140 億美元。我們預計這將是今年的最低季度。正如安迪之前所說，我們看到了來自客戶的強烈需求訊號以及更長的交易和更大的承諾，其中許多都帶有生成式人工智慧元件。因此，這些訊號讓我們對在這一領域的資本擴張充滿信心。

And as he also mentioned, we've done this for 18 years. We invest capital and resources upfront. We create capacity very carefully for our customers. And then we see the revenue, operating income and free cash flow benefit for years to come after that, with strong returns on invested capital. So a little bit of a long-winded answer to your question. But yes, we have -- the main issue that we'll see in the near term is additional CapEx and we've talked about that.

正如他也提到的，我們已經這樣做了 18 年。我們預先投入資本和資源。我們非常仔細地為客戶創造產能。然後我們看到此後幾年的收入、營業收入和自由現金流都會受益，投資資本報酬率也很高。所以對你的問題有一點冗長的答案。但是，是的，我們在短期內看到的主要問題是額外的資本支出，我們已經討論過這個問題。

And we continue to see strong CapEx performance in our stores business. Most of that will be related to modest capital or capacity increases, in addition to our same-day fulfillment network and some Amazon Logistics upgrades to the fleet. But for the most part, what you'll see is really going to be on the AWS side.

我們的商店業務繼續看到強勁的資本支出表現。除了我們的當日配送網路和亞馬遜物流對車隊的一些升級之外，其中大部分與適度的資本或產能增加有關。但在大多數情況下，您將看到的實際上是 AWS 方面的內容。

Yes, I just would add briefly, just to summarize. I understand where the question is coming from, Doug. And I think we're in a position to do both is the short answer. I think there's actually an opportunity in our existing large businesses in the stores business along with advertising and AWS. There's a lot of growth in front of us. And I think we're investing in a meaningful way. But I think we also -- we've been pretty consistent about don't believe that we're at the end of what we can do in terms of improving our cost structure on the store side.

是的，我只是簡單地補充一下，只是為了總結一下。我明白這個問題是從哪裡來的，道格。簡而言之，我認為我們有能力做到這兩點。我認為我們現有的商店業務、廣告業務和 AWS 等大型業務實際上存在機會。我們面前還有很多成長空間。我認為我們正在以有意義的方式進行投資。但我認為我們也一直非常一致地認為，在改善商店方面的成本結構方面，我們並沒有走到盡頭。

Yes, I think there are really unbelievable growth opportunities in front of us. And I think what people sometimes forget on the AWS side, it's a $100 billion revenue run rate business, that we're still 85-plus percent of the global IT spend is on premises. And if you believe that equation is going to flip, which we do, it means we have a lot of growth in front of us, and that's before the generative AI opportunity, which I don't know if any of us have seen a possibility like this in technology in a really long time, for sure, since the cloud, perhaps since the Internet.

是的，我認為我們面前確實有令人難以置信的成長機會。我認為人們有時會忘記 AWS 方面的一點，這是一項收入運行率高達 1000 億美元的業務，我們仍然 85% 以上的全球 IT 支出都在本地。如果你相信這個等式將會翻轉（我們確實如此），這意味著我們面前有很大的成長，而且這是在生成人工智慧機會之前，我不知道我們中是否有人看到了這種可能性這樣的技術已經存在很長一段時間了，當然，自從雲端運算以來，也許自從網路以來。

And unlike in the cloud where so much -- there's a lot of work to be done to move from on-premises to the cloud, people do it and they get value out of it, which is why they modernize their infrastructure. But it's work. All of this generative AI set of workloads, which will transform every experience they're going to be built from scratch on the cloud largely. And so it's just tremendous opportunities there along with some of the other areas that we're investing that are really early stage. So I think it's both for us.

與雲端運算不同的是，從本地遷移到雲端需要做很多工作，人們這樣做並從中獲得價值，這就是他們對基礎設施進行現代化改造的原因。但這是工作。所有這些生成式人工智慧工作負載，將在很大程度上改變他們將在雲端從頭開始建立的每種體驗。因此，這就是巨大的機會，以及我們正在投資的一些其他領域，這些領域確實處於早期階段。所以我認為這對我們雙方都有好處。

And our next question comes from the line of Ross Sandler with Barclays.

我們的下一個問題來自羅斯桑德勒與巴克萊銀行的對話。

Somewhat related question on CapEx intensity in AWS. So I think the CEO of Anthropic has said that I think the next generation of models cost in the neighborhood of $1 billion to train. This would be like Claude 4, I guess, high end. And then the generation after that might be as much as $10 billion to train. So is this something that you feel like the industry will do on top of AWS? Do you feel like Olympus and some of the stuff you're doing in-house needs to kind of stay at the state-of-the-art, or can others do that? And then how much did all this training have an impact on the acceleration that you saw in 1Q for AWS revenue?

關於 AWS 資本支出強度的一些相關問題。因此，我認為 Anthropic 的執行長說過，我認為下一代模式的訓練成本約為 10 億美元。我猜這就像克勞德 4 一樣，高端。接下來的一代人的培訓費用可能高達 100 億美元。那麼您認為業界會在 AWS 之上做這件事嗎？您是否覺得奧林巴斯和您內部所做的一些事情需要保持最先進的水平，或者其他人可以做到這一點？那麼所有這些培訓對您在第一季看到的 AWS 收入加速產生了多大影響？

Well, Ross, I would tell you that we have seen kind of 3, I'll call it, macro trends that I think are contributing to AWS' performance, at least in the last quarter. I think first of all, I think the lion's share of cost optimization is behind us. So I think companies will be smart and have learned a lot over the last number of months in how they run their infrastructure in the cloud. But I think the lion's share of the cost optimization is behind us. And I think people have moved to newer initiatives that I would, at a macro level, describe as modernizing their infrastructure and then trying to drive value at a generative AI.

好吧，Ross，我會告訴你，我們已經看到了 3 個（我稱之為）宏觀趨勢，我認為這些趨勢對 AWS 的業績做出了貢獻，至少在上個季度是這樣。我認為首先，我認為成本優化的大部分已經過去了。因此，我認為公司會很聰明，並且在過去幾個月中在如何在雲端運行基礎設施方面學到了很多東西。但我認為成本優化的大部分工作已經過去了。我認為人們已經轉向更新的舉措，在宏觀層面上，我將其描述為實現基礎設施現代化，然後嘗試透過產生人工智慧來推動價值。

On the former, I think we were on this march before the pandemic, where most companies were trying to figure out how to move from on-premises to the cloud because it's more cost-effective and it's faster to innovate and they get real developer productivity. And then when the pandemic hit and people were in survival mode and the uncertain economy, you let people save costs wherever they could, and they got distracted on that. But they're back to pursuing and figuring it out because it's low-hanging fruit for them, and we see very significant growth in that space.

就前者而言，我認為我們正處於大流行之前，大多數公司都在試圖弄清楚如何從本地遷移到雲，因為它更具成本效益，創新速度更快，並且他們獲得了真正的開發人員生產力。然後，當疫情來襲、人們處於生存模式和經濟不確定時，你讓人們盡可能節省成本，但他們卻因此而分心。但他們又重新開始追求並解決這個問題，因為這對他們來說是唾手可得的成果，我們看到該領域的成長非常顯著。

And at the same time, we're seeing very significant momentum in people trying to figure out how to run their generative AI on top of AWS. I mentioned we have a multibillion-dollar revenue run rate that we see in AI already, and it's still relatively early days. And I think that there's -- at a high level, there's a few things that we're seeing that's driving that growth. I think first of all, there are so many companies that are still building their models. And these range from the largest foundational model builders like Anthropic, you mentioned, to every 12 to 18 months or building new models.

同時，我們看到人們試圖弄清楚如何在 AWS 上運行生成式人工智慧的勢頭非常強勁。我提到過，我們在人工智慧領域已經看到了數十億美元的收入運行率，而且現在還處於相對早期的階段。我認為，在高水準上，我們看到有一些因素正在推動這種成長。我認為首先，有許多公司仍在建立自己的模型。這些範圍從最大的基礎模型建構器（如您提到的 Anthropic）到每 12 到 18 個月建立一次新模型。

And those models consume an incredible amount of data with a lot of tokens, and they're significant to actually go train. And a lot of those are being built on top of AWS, and I expect an increasing amount of those to be built on AWS over time because our operational performance and security and as well as our chips, both what we offer from NVIDIA. But if you take Anthropic, as an example, they're training their future models on our custom silicon on Trainium. And so I think we'll have a real opportunity for a lot of those models to run on top of AWS.

這些模型消耗了大量帶有大量代幣的數據，它們對於實際訓練非常重要。其中許多都是在AWS 上構建的，而且我預計隨著時間的推移，在AWS 上構建的數量將會越來越多，因為我們的運營性能和安全性以及我們的晶片（兩者都是我們從NVIDIA 提供的）。但如果以 Anthropic 為例，他們正在我們的 Trainium 客製化晶片上訓練未來的模型。因此，我認為我們將有真正的機會讓許多模型在 AWS 上運行。

I think the thing that people sometimes don't realize is that while we're in the stage that so many companies are spending money training models, once you get those models into production, which not that many companies have, but when you think about how many generative AI applications will be out there over time, most will end up being in production when you see the significant run rates. You spend much more in inference than you do in training because you train only periodically, but you're spinning out predictions and inferences all the time.

我認為人們有時沒有意識到的是，雖然我們正處於這麼多公司花錢訓練模型的階段，但一旦你將這些模型投入生產，這並不是很多公司都擁有的，但當你考慮一下隨著時間的推移，將會有多少生成式人工智慧應用程式出現，當你看到顯著的運行率時，大多數最終都會投入生產。你在推理上花費的時間比在訓練上花費的時間要多得多，因為你只是定期訓練，但你一直在進行預測和推理。

And so we also see quite a few companies that are building their generative AI applications to do inference on top of AWS. And a lot of it has to do with the services. And the primary example we see there is how many companies, tens of thousands of companies, already are building on top of Amazon Bedrock, which has the largest selection of large language models around and a set of features that make it so much easier to build a high-quality, cost-effective low latency, production-grade generative AI applications.

因此，我們也看到不少公司正在建立生成式 AI 應用程序，以便在 AWS 上進行推理。其中很大一部分與服務有關。我們看到的主要例子是，有多少家公司（數以萬計的公司）已經在 Amazon Bedrock 之上進行構建，Amazon Bedrock 擁有最大的大型語言模型選擇以及一組使構建變得更加容易的功能高品質、經濟高效的低延遲、生產級生成人工智慧應用。

So we see both training and inference being really big drivers on top of AWS. And then you layer on top of that the fact that so many companies, their models and these generative AI applications are going to have their most sensitive assets and data. And it's going to matter a lot to them what kind of security they get around those applications. And yes, if you just pay attention to what's been happening over the last year or 2, not all the providers have the same track record. And we have a meaningful edge on the AWS side so that as companies are now getting into the phase of seriously experimenting and then actually deploying these applications to production, people want to run their generative AI on top of AWS.

因此，我們認為訓練和推理都是 AWS 的重要驅動力。除此之外，還有一個事實：如此多的公司、他們的模型和這些生成式人工智慧應用程式將擁有他們最敏感的資產和數據。對他們來說，圍繞這些應用程式獲得什麼樣的安全性非常重要。是的，如果您只關注過去一兩年發生的事情，您會發現並非所有提供者都有相同的記錄。我們在 AWS 方面擁有有意義的優勢，因此隨著公司現在進入認真試驗並實際將這些應用程式部署到生產的階段，人們希望在 AWS 上運行他們的生成式 AI。

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

下一個問題來自摩根士丹利的布萊恩諾瓦克 (Brian Nowak)。

I have 2. The first one is on cost to serve. I appreciate all the color in the shareholder letter and even tonight on cost to serve. Andy, maybe could you just help us quantify a little more how to think about some of your North Star cost to serve goals over the next couple of years? And what could that mean for potential accompanying reasonable ranges of outcomes for North America retail margins through all of that?

我有 2 個。我很欣賞股東信中的所有色彩，甚至今晚的服務成本。安迪，也許您可以幫助我們更多地量化如何考慮未來幾年實現目標的一些北極星成本嗎？這對於北美零售利潤率可能帶來的合理範圍的結果意味著什麼？

And then the second one, if cost to serve does improve, I think it should lead to significant incremental cash flow even with more CapEx. So just remind us again how you sort of think through the philosophy of returning capital to shareholders in addition to continuing to invest for the long run?

第二個，如果服務成本確實改善，我認為即使資本支出增加，也應該會帶來顯著的現金流增量。那麼請再次提醒我們，除了持續長期投資之外，您如何思考向股東返還資本的概念？

Brian, this is Brian. I will start with your second question. So as far as dividends or buybacks or any other capital structure moves, we don't have anything to share with you on that today. But I'll reacquaint you with our general philosophy. So our first priority is to invest in -- to support the growth opportunities and long-term investments within our businesses. And generally, we still have many opportunities to put that capital to use that would generate meaningful returns, especially as you heard in generative AI.

布萊恩，這是布萊恩。我將從你的第二個問題開始。至於股利或回購或任何其他資本結構變動，我們今天沒有任何資訊可以與您分享。但我會讓您重新熟悉我們的整體理念。因此，我們的首要任務是投資——支持我們業務內的成長機會和長期投資。一般來說，我們仍然有很多機會利用這些資本來產生有意義的回報，特別是正如你在生成人工智慧中聽到的那樣。

So we're very -- we have a great deal of passion on that and conviction on that as well. We are reaching a different stage of free cash flow. As you mentioned, we had negative free cash flow for 2 years, '21 and '22, immediately after the pandemic as we had doubled the size of our operations network and had a lot of other expenses. That was followed by 2023 when we had our largest -- our highest free cash flow ever. And those trends have carried into Q1. So we feel good about the free cash flow. We are, again, still anticipating higher CapEx this year.

因此，我們對此充滿熱情，也充滿信心。我們正在達到自由現金流的不同階段。正如您所提到的，在大流行之後的兩年（21 年和 22 年）中，我們的自由現金流為負，因為我們的營運網路規模擴大了一倍，並且有很多其他費用。接下來是 2023 年，我們擁有有史以來最大、最高的自由現金流。這些趨勢已經延續到第一季。所以我們對自由現金流感覺良好。我們再次預期今年的資本支出將會更高。

The other thing that we're doing with cash flow right now is we're repaying some of the debt that we had taken on during that negative free cash flow period. We have reached a high watermark at the end of Q1 last year. And since then and then through this year, we'll pay that down over $25 billion. So that's our first priority as well as 2024 capital expenditures. But otherwise, nothing to share on that front.

我們現在對現金流所做的另一件事是，我們正在償還在自由現金流為負期間所承擔的部分債務。去年第一季末，我們已經達到了高水位。從那時起一直到今年，我們將支付超過 250 億美元的首付。所以這是我們的首要任務以及 2024 年的資本支出。但除此之外，在這方面沒有什麼好分享的。

I'll tee up, Andy, on the stores profitability because I know there's always generally the comment about how high can operating margins go and how do they compare to historic trends. And I think the same still holds. We look back to before the pandemic, and we say, first, we can achieve those operating margins even without the impact of advertising. And we're not quite there yet. But we're not limiting ourselves to that. We're looking for ways to, again, turn over every rock, look at every process and everything that we do on the logistics side and see how can we get our cost structure down and how can we get speed up and selection up. So it is working on a lot of fronts there, but cost is certainly front and center as we meet and improve customer experience.

安迪，我會就商店的盈利能力做好準備，因為我知道人們總是在評論營業利潤率能達到多高以及與歷史趨勢相比如何。我認為同樣的情況仍然成立。在回顧大流行之前，我們說，首先，即使沒有廣告的影響，我們也可以實現這些營業利潤。但我們還沒有完全做到這一點。但我們並不局限於此。我們正在尋找方法，再次徹底改變一切，審視每個流程以及我們在物流方面所做的一切，看看我們如何降低成本結構，以及如何加快速度並增加選擇。因此，它正在許多方面開展工作，但當我們滿足並改善客戶體驗時，成本無疑是首要和中心。

And the next question comes from the line of Youssef Squali with Truist Securities.

下一個問題來自 Truist Securities 的 Youssef Squali。

Andy, on logistics, in September, you launched Amazon supply chain. Can you just help us understand the opportunity you see there? Where are you in that journey to build logistics as a service on a global basis? And does that require a step function increase in CapEx?

安迪，關於物流，九月份，您推出了亞馬遜供應鏈。您能幫助我們了解您在那裡看到的機會嗎？在全球範圍內建立物流即服務的旅程中，您處於什麼階段？這是否需要逐步增加資本支出？

Yes. Thanks for the question, Youssef. I think that it's interesting what's happening with our -- the business we're building in third-party logistics. And it really kind of, in some ways, mirrors some of the other businesses we've gotten involved in, AWS being an example of it, even though it's -- they're very different businesses in that we realized that we had our own internal need to build a bunch of these capabilities.

是的。謝謝你的提問，尤瑟夫。我認為我們正在建立的第三方物流業務所發生的事情很有趣。在某些方面，它確實反映了我們參與的其他一些業務，AWS 就是一個例子，儘管它們是非常不同的業務，因為我們意識到我們有自己的業務內部需要建立一堆這些功能。

And we figured that there were probably others who had those same needs and we decided to build services out of them. So as our business has grown, it turns out to be pretty hard work to actually import items from overseas, get them through customs and through the border and then ship them from that point to various facilities. And then it turns out that you don't want to store those facilities in fulfillment centers because that space is really scarce. So you'd like to have them in upstream storage facilities that are very inexpensive. And then you'd like to have a way to be able to know when your more scarce supply in the fulfillment centers needs replenishment and be able to do it automatically from those upstream storage facilities.

我們認為可能還有其他人有同樣的需求，因此我們決定為他們建立服務。因此，隨著我們業務的成長，事實證明，從海外實際進口物品，通過海關和邊境，然後將它們從那裡運送到各個設施是一項相當艱鉅的工作。事實證明，您不想將這些設施存放在履行中心，因為該空間非常稀缺。因此，您希望將它們存放在非常便宜的上游儲存設施中。然後，您希望有一種方法能夠知道履行中心中較稀缺的供應何時需要補貨，並能夠從上游儲存設施自動補貨。

And so all of those were capabilities that we had to build for ourselves to be able to operate our stores business in the way that we wanted to and that our sellers wanted to. And so we built that capability for ourselves first and then we opened up those services as individual services to our sellers. And so we help sellers, we have a service that allows them to get items through the border and through customs. We have a service that allows them to ship from customs to various facilities, whether they're our own or their separate ones.

因此，所有這些都是我們必須為自己建立的能力，以便能夠以我們想要的方式以及我們的賣家想要的方式經營我們的商店業務。因此，我們首先為自己建立了這種能力，然後我們將這些服務作為單獨的服務向我們的賣家開放。因此，我們幫助賣家，我們提供一項服務，允許他們透過邊境和海關獲取物品。我們提供的服務允許他們從海關運送到各種設施，無論它們是我們自己的還是他們獨立的。

We allow them to store items in our upstream low-cost warehouses that they can either automatically replenish into our fulfillment centers where we ship or they can move to other facilities that they have. We have a service that lets them -- where we'll ship either to our end customers if they're selling on Amazon or to their end customers. We obviously have Buy with Prime, where we enable our Prime customers to be able to buy from our third-party Buy with Prime sellers websites, which increases their conversion 25% versus what they would do on their own, and it's a great benefit for our Prime customers.

我們允許他們將物品存放在我們的上游低成本倉庫中，他們可以自動補充到我們發貨的履行中心，也可以移動到他們擁有的其他設施。我們有一項服務可以讓他們——如果他們在亞馬遜上銷售，我們可以運送給我們的最終客戶，或運送給他們的最終客戶。顯然，我們有 Buy with Prime，讓我們的 Prime 客戶能夠從我們的第三方 Buy with Prime 賣家網站購買商品，這比他們自己做的轉換率提高了 25%，這對我們的主要客戶。

And then I would say that supply chain with Amazon is really an abstraction on top of those individual building block services I just mentioned that makes it easier for customers to have the whole end-to-end supply chain integrated. That collective set of businesses is growing very significantly. It's already what I would consider a reasonable sized business. And I think it's just really early days. It is not something that we anticipate being a giant capital expense driver for us.

然後我想說，亞馬遜的供應鏈實際上是我剛才提到的那些單獨的構建塊服務之上的一個抽象，它使客戶更容易整合整個端到端供應鏈。這些企業的集體成長非常顯著。這已經是我認為規模合理的企業了。我認為現在還處於早期階段。我們預計這不會成為我們龐大的資本支出驅動因素。

We have to build a lot of those capabilities anyway to handle our stores business, and we think we can -- it will be a modest increase on top of that to accommodate third-party sellers. But are third-party sellers find high value in us being able to manage those components for them versus having to do it themselves and they save money in the process.

無論如何，我們必須建立很多這樣的能力來處理我們的商店業務，我們認為我們可以——除此之外，這將是一個適度的增長，以適應第三方賣家。但第三方賣家是否發現我們能夠為他們管理這些組件而不是自己管理這些組件具有很高的價值，並且他們在此過程中節省了資金。

And our next question comes from the line of Justin Post with Bank of America.

我們的下一個問題來自賈斯汀·波斯特與美國銀行的電話。

I thought I'd ask a couple of growth drivers that you mentioned. First, grocery, it seems like you're still changing the threshold for free delivery or the subscription prices. Just can you say at all how much that's contributing to your gross right now and do you think you're over the hump? Or are you optimistic this can be a really big category for you? And then maybe a little bit extra on Prime Video ramp, how that ramp went versus your expectations? And do you think that could be a meaningful contributor to ad revenues going forward?

我想我應該問你提到的幾個成長動力。首先，雜貨店，您似乎仍在更改免費送貨或訂閱價格的門檻。您能說一下這對您現在的總收入有多少貢獻嗎？或者您樂觀地認為這對您來說是一個非常大的類別？然後，也許在 Prime Video 的升級上還有一點額外的內容，這個升級與您的期望相比如何？您認為這會對未來的廣告收入做出有意義的貢獻嗎？

Yes. I'll take them in opposite order just on Prime Video ads. Very early days, just launched a few months ago. It's off to a really good start. I think advertisers are excited about being able to expand their ability to advertise with us in video beyond Twitch and Freevee to Prime Video shows and movies. I think they also find that the relevancy and the measurability of that type of advertising and Prime Video ads is unique for them. So it's off to a very good start, it's early days, but we're optimistic there.

是的。我將在 Prime Video 廣告中以相反的順序排列它們。非常早，幾個月前才推出。這是一個非常好的開始。我認為廣告商很高興能夠將他們的視訊廣告能力擴展到 Twitch 和 Freevee 以外的 Prime Video 節目和電影。我認為他們還發現此類廣告和 Prime Video 廣告的相關性和可衡量性對他們來說是獨一無二的。所以這是一個非常好的開始，雖然還處於早期階段，但我們對此感到樂觀。

On grocery, I would tell you that we continue to be optimistic about what we're doing in grocery. We have a very large grocery business. It's kind of got a few different components. And we have a very, very significant nonperishables grocery business much the same way that the mass merchandisers entered this business 30 or 40 years ago. These are consumables and canned goods and pet food and health care and beauty products. That continues to grow at a very rapid rate.

在雜貨方面，我想告訴你，我們仍然對我們在雜貨方面所做的事情感到樂觀。我們有一個非常大的雜貨業務。它有一些不同的組件。我們擁有非常非常重要的不易腐爛食品雜貨業務，與 30 或 40 年前大宗商品進入該行業的方式大致相同。這些是消耗品、罐頭食品、寵物食品以及保健和美容產品。這一數字繼續以非常快的速度增長。

And we have an organic grocery business in Whole Foods Market, which is the pioneer in that space. And that business continues to grow very nicely. We're introducing a new smaller format in the fall in Manhattan and the Whole Foods Market Daily Shops idea. We've worked very hard on the profitability trajectory over the last 18 months and like the way that, that has taken shape. And then if you want to have -- do you want to serve as many grocery missions as we aim to serve. You have to have a perishables business and a mass physical presence. And that's what we've been working on with Amazon Fresh.

我們在全食超市擁有有機雜貨業務，這是該領域的先驅。該業務繼續保持良好增長。我們將於秋季在曼哈頓推出新的小型店，以及全食超市每日商店的想法。在過去 18 個月裡，我們在獲利軌跡上付出了巨大的努力，正如我們所看到的那樣，獲利軌跡已經形成。然後，如果你想——你想像我們的目標一樣服務盡可能多的雜貨任務嗎？您必須擁有易腐爛品業務和大規模的實體存在。這就是我們一直在與亞馬遜生鮮合作的目標。

We've launched our V2 format in physical stores over the last few months, primarily in Chicago and Southern California. We like the early results a lot. They're really meaningfully better in almost every dimension. It's still early, and there's some things to work through, but we like what we're seeing there. And then we have to decide the best way to roll those out over time.

過去幾個月，我們在實體店推出了 V2 格式，主要是在芝加哥和南加州。我們非常喜歡早期的結果。他們幾乎在每個方面都做得更好。現在還為時過早，還有一些事情需要解決，但我們喜歡我們所看到的。然後我們必須決定隨著時間的推移推出這些內容的最佳方式。

And as you mentioned, Justin, we just launched a Prime benefit for grocery, which is all-you-can-eat delivery for $9.99 a month, which if you order once from Whole Foods a month, it pays for itself, or once from Amazon Fresh for orders under $40, it pays for itself. It's a very valuable offering for our Prime members, and it's off to a great start. So we have a lot -- in my opinion, we have lots of ways that we can continue to help customers satisfy their grocery needs. And we have some building blocks that I think might also change how people split up their grocery orders over time. But I continue to be optimistic that, that's going to continue to grow for us.

正如你所提到的，賈斯汀，我們剛剛推出了針對食品雜貨的Prime 福利，即每月9.99 美元的無限量送餐服務，如果您每月從Whole Foods 訂購一次，則可自行支付費用，或者從Whole Foods 訂購一次，即可收回成本。對於我們的 Prime 會員來說，這是一項非常有價值的服務，而且這是一個好的開始。所以我們有很多——在我看來，我們有很多方法可以繼續幫助顧客滿足他們的雜貨需求。我認為我們有一些構建模組，隨著時間的推移，它們也可能改變人們分配雜貨訂單的方式。但我仍然樂觀地認為，我們的業務將繼續成長。

And our final question will come from the line of Ron Josey with Citi.

我們的最後一個問題將來自花旗銀行的 Ron Josey。

Maybe, Andy, I wanted to ask on international profitability, just after 1Q's 2.8% margin. Talk just about where we are in terms of international getting or to consistent profitability. We're following a similar trajectory as North America in terms of benefiting from regionalization shift, and we saw what average distance of each package traveled actually came down by 25 kilometers and whatnot. And if you could provide any insights on maybe how inbound fulfillment architecture might add to just continued benefits on faster shipping, same-day, next day, et cetera.

也許，安迪，我想問第一季 2.8% 的利潤率之後的國際獲利能力。談談我們在國際收入或持續獲利方面的情況。在受益於區域化轉變方面，我們遵循與北美類似的軌跡，我們看到每個包裹的平均運輸距離實際上減少了​​ 25 公里等等。如果您能提供任何見解，說明入站履行架構如何增加更快的運輸、當日、隔天等方面的持續優勢。

Thank you, Ron. I'm going to start with this one on international profitability. So yes, in the quarter, our operating income was $902 million. And if you've watched that, we've seen a steady progression in operating income in our international segment, it's up $2.2 billion year-over-year. So we like the trend there. It breaks down into a few areas. I would say the established countries of Europe, Japan, as well as the U.K. are following a lot of the same trajectory as in the United States. They are profitable in their own right. They are adding selection, they're adding new features like grocery there, adding to their Prime benefits, and a lot of the work that we do in the United States carries over there.

謝謝你，羅恩。我將從國際盈利能力開始。是的，本季我們的營業收入為 9.02 億美元。如果您看過的話，我們會看到國際業務的營業收入穩定成長，年增 22 億美元。所以我們喜歡那裡的趨勢。它分為幾個區域。我想說，歐洲、日本和英國的成熟國家正在遵循與美國相同的軌跡。他們本身就是有利可圖的。他們正在增加選擇，他們正在增加雜貨店等新功能，增加他們的 Prime 福利，而且我們在美國所做的工作都轉移到了那裡。

The second group is the emerging countries. And of course, we've launched 10 new countries in the last 7 years. Each of those has its own particular trajectory on profitability. The first thing we see there is having a good customer experience, having people sign up for Prime. A lot of times, our Prime Video benefits help with that. Then work on our cost structure as we get scale, add advertising and other things. And eventually, what we see is a breakeven -- countries breakeven and then they make positive income and free cash flow and are more of a contribution to the -- positive contribution to the international segment. So we're seeing both the emerging and the established improving, and we like the trajectory. And I think you'll see more of as we move forward.

第二組是新興國家。當然，我們在過去 7 年裡推出了 10 個新國家。其中每一個都有其特定的獲利軌跡。我們首先看到的是良好的客戶體驗，讓人們註冊 Prime。很多時候，我們的 Prime Video 福利可以幫助解決這個問題。然後隨著規模的擴大，研究我們的成本結構，增加廣告和其他東西。最終，我們看到的是損益平衡——各國實現損益平衡，然後他們獲得正收入和自由現金流，並且更能為國際市場做出積極貢獻。因此，我們看到新興企業和成熟企業都在進步，我們喜歡這個軌跡。我想隨著我們的前進，你會看到更多。

Yes. I would add a few things. I mean, I'm again quite bullish on our international stores business. It's already a very large business. We've added a number of countries that are on the right trajectory, as Brian just indicated, and it's going to be a big, profitable business for us. And I really like the direction it's headed.

是的。我想補充一些東西。我的意思是，我再次非常看好我們的國際商店業務。這已經是一個非常大的生意了。正如布萊恩剛才指出的那樣，我們已經添加了一些走在正確軌道上的國家，這對我們來說將是一項巨大的、有利可圖的業務。我真的很喜歡它的發展方向。

I'll take also just the second part of your question just really around continuing to take -- to work on cost structure. I'd say, first of all, on the regionalization side, which we've talked a lot about the last year, it may sound a little boring to talk about because we talked about it a lot of times. But I'd just tell you that we're not done there. A lot of the work that we've done, we still have opportunities to refine, to get more value out of that. And a lot of what we learned on the regionalization side in the U.S. was in part inspired from what we saw in Europe, which, in many ways, is set up as a regional network because of the nature of how close those countries are to one another.

我還將討論您問題的第二部分，即繼續研究成本結構。我想說，首先，在區域化方面，去年我們已經談論了很多次，但聽起來可能有點無聊，因為我們已經談論了很多次。但我只想告訴你，我們的工作還沒結束。我們已經完成了很多工作，我們仍然有機會進行改進，從而從中獲得更多價值。我們在美國區域化方面學到的許多東西部分是受到我們在歐洲看到的啟發，歐洲在許多方面都是作為一個區域網絡而建立的，因為這些國家與一個國家之間的距離有多近。其他。

And I would say we have also learned lessons from what we've done in the U.S. that we're going to be able to apply to our international operations as well. I think we see additional opportunities in all sorts of places. A good example of which is just how and where we inbound items to. The architecture we've had set up has largely had people inbounding to a couple of places. And then we took -- we spent a lot of effort and time and expense in breaking those down and shipping them to lots of other places.

我想說，我們也從美國的做法中吸取了教訓，我們也將能夠將其應用到我們的國際業務中。我認為我們在各個地方都看到了更多的機會。一個很好的例子就是我們如何以及在何處將物品入庫。我們建立的架構主要讓人們進入幾個地方。然後我們花了很多精力、時間和費用來分解它們並將它們運送到許多其他地方。

And we believe we're going to be much more efficient in how we use the inbound network and how we partner with our sellers. Part of what we did with our change in seller fees, we lowered the outbound fees in a meaningful way, but then we added an incentive for our sellers to inbound into locations that allow us to be more cost following and allow both our sellers and us to enjoy in those cost savings when we're able to do so. And we're seeing very optimistic signs there, too.

我們相信，我們將在如何使用入站網路以及如何與賣家合作方面更有效率。我們對賣家費用所做的部分改變是，我們以有意義的方式降低了出站費用，但隨後我們增加了對賣家入境地點的激勵，這使我們能夠更多地追蹤成本，並允許我們的賣家和我們雙方當我們能夠這樣做時，享受這些成本節省。我們也在那裡看到了非常樂觀的跡象。

I think we're still early with respect to how we can continue to optimize the number of units per box, which has all sorts of good benefits. And then I'd just also say that it's been really interesting to watch the same-day facilities evolution in our fulfillment network. And I think a lot of people have made the assumption over the last few years that faster speeds are going to mean higher cost, and that is not the case if you build the infrastructure with the right building blocks the way we have over the last couple of years.

我認為我們在如何繼續優化每箱的單位數量方面還處於早期階段，這有很多好處。然後我還要說，觀察我們的履行網絡中當日設施的演變真的很有趣。我認為很多人在過去幾年中都做出了這樣的假設：更快的速度意味著更高的成本，但如果您像過去幾年那樣使用正確的構建塊構建基礎設施，情況就不是這樣了年。

And our same-day facilities are our least expensive facilities in the network. We still have a fraction of the number of those that we will have in the U.S. that we'll have in other parts of the world, which will, again, both change our cost structure while increasing speed. So I don't think we're at the limits of what we can do. It's not going to all happen in 1 year. We're going to be working hard at this and inventing at this for several years, but I think we have a lot of upside in front of us.

我們的當日服務設施是網路中最便宜的設施。我們在美國的數量仍只是世界其他地區的一小部分，這將再次改變我們的成本結構，同時提高速度。所以我認為我們並沒有達到我們能做的極限。這一切不會在一年內發生。我們將在這方面努力工作並進行發明幾年，但我認為我們面前有很多優勢。

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。