亞馬遜 (AMZN) 2024 Q2 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com second quarter 2024 financial results teleconference. (Operator Instructions) Today's call is being recorded. And for opening remarks, I will be turning the call over to the Vice President of Investor Relations, Dave Fildes. Thank you, sir. Please go ahead.

謝謝你的支持。大家好，歡迎參加 Amazon.com 2024 年第二季財務業績電話會議。 （操作員說明）今天的通話正在錄音。作為開場白，我將把電話轉給投資者關係副總裁戴夫·菲爾德斯 (Dave Fildes)。謝謝你，先生。請繼續。

Hello, and welcome to our Q2 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.

您好，歡迎參加我們的 2024 年第二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。

Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2023. Our comments and responses to your questions reflect management's views as of today, August 1, 2024 only, and will include forward-looking statements.

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 年同期的結果進行比較。 ）的觀點，並將包括前瞻性內容聲明。

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.

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。在我們的新聞稿中，附有本網路廣播的幻燈片以及我們向 SEC 提交的文件，每份文件都發佈在我們的 IR 網站上。您會發現有關這些非公認會計原則衡量標準的其他揭露，包括這些衡量標準與可比較公認會計原則衡量標準的調節。

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.

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。

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.

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 $148 billion in revenue, up 11% year-over-year, excluding the impact from foreign exchange rates. Operating income was $14.7 billion, up 91% year-over-year and trailing 12-month free cash flow adjusted for equipment finance leases was $51.4 billion, up 664% or $44.7 billion year-over-year.

謝謝，戴夫。今天，我們報告的收入為 1,480 億美元，年增 11%，排除匯率的影響。營業收入為 147 億美元，年增 91%，根據設備融資租賃調整後的過去 12 個月自由現金流為 514 億美元，年增 664% 或 447 億美元。

As I think about what matters to customers long term and therefore to Amazon, there's a lot to like about what we're seeing. Starting with AWS, year-over-year revenue growth accelerated again from 17.2% in Q1 to 18.8% in Q2. We're continuing to see three macro trends drive AWS growth.

當我思考什麼對長期客戶以及亞馬遜來說最重要時，我們所看到的許多值得喜歡的地方。從AWS開始，營收年增率再次加速，從第一季的17.2%成長到第二季的18.8%。我們繼續看到三個宏觀趨勢推動 AWS 的成長。

First, companies have completed the significant majority of their cost optimization efforts and are focused again on new efforts. Second, companies are spending their energy again on modernizing their infrastructure and moving from on-premise infrastructure to the cloud.

首先，公司已經完成了大部分成本優化工作，並再次專注於新的工作。其次，公司再次將精力投入基礎設施現代化以及從本地基礎設施遷移到雲端。

This modernization enables builders to save money, innovate at a more rapid clip and drive productivity in most companies' scarcest resources developers. This is the flip I've talked about in the past where the vast majority of global IT spend today is on-premises, and we expect that to keep converting over time. With the broadest functionality, the strongest security in operational performance and deepest partner ecosystem, AWS continues to be customers' partner of choice and the biggest beneficiary of this flip from on-premises to the cloud.

這種現代化使建築商能夠節省資金，更快地進行創新，並提高大多數公司最稀缺資源開發商的生產力。這是我過去談到的翻轉，當今全球絕大多數 IT 支出都在本地，我們預計隨著時間的推移，這種情況會不斷轉變。憑藉最廣泛的功能、最強的營運效能安全性和最深入的合作夥伴生態系統，AWS 繼續成為客戶的首選合作夥伴，也是從本地到雲端的轉變的最大受益者。

And third, builders and companies of all sizes are excited about leveraging AI. Our AI business continues to grow dramatically with a multibillion-dollar revenue run rate despite it being such early days. But we can see in our results and conversations with customers that our unique approach and offerings are resonating with customers.

第三，各種規模的建築商和公司都對利用人工智慧感到興奮。儘管我們的人工智慧業務還處於早期階段，但我們的人工智慧業務仍在持續大幅成長，營收運行率達數十億美元。但我們可以從我們的結果以及與客戶的對話中看到，我們獨特的方法和產品正在引起客戶的共鳴。

At the heart of this strategy is a firmly held belief which we've had since the beginning of AWS that there is not one tool to mobile world. People don't want just one database option or one analytics choice or one container type. Developers and companies not only reject it but are suspicious of it. They want multiple options for flexibility and to use the best tool for each job to be done. The same is true in AI.

這項策略的核心是自 AWS 誕生以來我們一直堅信的一個信念：行動世界沒有單一的工具。人們不僅僅想要一種資料庫選項、一種分析選擇或一種容器類型。開發商和公司不僅拒絕它，而且還對此表示懷疑。他們希望有多種選擇來實現靈活性，並為每項工作使用最好的工具。在人工智慧領域也是如此。

You saw several years ago when some companies tried to argue that TensorFlow will be the only machine learning framework to matter and then Pytorch and others overtook it. The same one model or one chip approach dominated the earliest moment of the generative AI boom. But we have a lot of data to suggest thsi is not what customers want here either, and our AWS team is determined to deliver choice and options for customers.

幾年前，一些公司試圖爭辯說 TensorFlow 將是唯一重要的機器學習框架，然後 Pytorch 和其他公司超越了它。同樣的一種模型或一種晶片方法主導了生成式人工智慧熱潮的最早時刻。但我們有大量數據顯示這也不是客戶想要的，我們的 AWS 團隊決心為客戶提供選擇和選擇。

You can see this philosophy and the primitive building blocks we're building at all three layers of the gen AI stack. At the bottom layer, which is for those billing generative AI models themselves, the cost to compute for training and inference is critical, especially as models get to scale.

您可以看到這一理念以及我們在 gen AI 堆疊的所有三層構建的原始構建塊。在底層，對於那些對生成式人工智慧模型本身進行計費的人來說，訓練和推理的計算成本至關重要，尤其是當模型規模擴大時。

We have a deep partnership with NVIDIA and the broadest selection of NVDIA. This is available. But we've heard loud and clear from customers that they relish better price performance. It's why we've invested in our own custom silicon in Trainium for training and Inferentia for inference. And the second versions of those chips with Trainium coming later this year are very compelling on price performance. We are seeing significant demand for these chips.

我們與 NVIDIA 有著深厚的合作關係，並且擁有 NVDIA 最廣泛的選擇。這是可用的。但我們從客戶那裡清楚地聽到他們喜歡更好的性價比。這就是為什麼我們在用於訓練的 Trainium 和用於推理的 Inferentia 中投資了我們自己的客製化晶片。今年稍後推出的這些帶有 Trainium 的晶片的第二個版本在性價比方面非常引人注目。我們看到對這些晶片的巨大需求。

These model builders also desire services that make it much easier to manage the data, construct the models, experiment, deploy to production and achieve high-quality performance, all while saving considerable time and money. That's what Amazon SageMaker does so well, including its most recently launched feature called HyperPods that changes the game and networking performance for large models, and we're increasingly seeing model builders standardized on SageMaker.

這些模型建構者還希望獲得能夠更輕鬆地管理資料、建置模型、實驗、部署到生產並實現高品質效能的服務，同時節省大量時間和金錢。這就是Amazon SageMaker 做得很好的地方，包括其最近推出的名為HyperPods 的功能，該功能改變了大型模型的遊戲和網路性能，而且我們越來越多地看到模型構建器在SageMaker 上實現標準化。

While many teams will build their own models, lots of others will leverage somebody else's frontier model, customize it with their own data and seek a service that provides broad model selection and great generative AI capabilities. This is what we think of as the middle layer, what Amazon Bedrock does and why Bedrock has tens of thousands of companies using it already.

雖然許多團隊將建立自己的模型，但許多其他團隊將利用其他人的前沿模型，用自己的數據對其進行定制，並尋求提供廣泛的模型選擇和強大的生成人工智慧功能的服務。這就是我們所認為的中間層，Amazon Bedrock 的作用以及為什麼 Bedrock 已經有數以萬計的公司在使用它。

Bedrock has the largest selection of models, the best generative AI capabilities in critical areas like model valuation, guardrails, RAG and agenting and then makes it easy to switch between different model types and model sizes. Bedrock has recently added an Anthropic Claude 3.5 models, which are the best-performing models on the planet, Meta's new Llama 3.1 models and Mistral's new Large 2 models. And Llama's and Mistral's impressive performance benchmarks and open nature are quite compelling to our customers as well.

Bedrock 擁有最多的模型選擇，在模型評估、護欄、RAG 和代理等關鍵領域擁有最佳的生成 AI 功能，並且可以輕鬆在不同模型類型和模型大小之間切換。 Bedrock 最近增加了 Anthropic Claude 3.5 型號，這是地球上表現最好的型號，Meta 的新 Llama 3.1 型號和 Mistral 的新 Large 2 型號。 Llama 和 Mistral 令人印象深刻的效能基準和開放性對我們的客戶也非常有吸引力。

At the application or top layer, we're continuing to see strong adoption of Amazon Q, the most capable generative AI-powered assistant for software development and to leverage your own data. Q has the highest known score and acceptance rate for code suggestions, but it does a lot more than provide coach suggestions. It tests code, outperforms all other publicly benchmarkable competitors in catching security vulnerabilities and leads all software development assistance on connecting multiple steps together and applying automatic action. It also saves development team's time and money on the muck nobody likes to talk about.

在應用程式或頂層，我們繼續看到 Amazon Q 的廣泛採用，它是最強大的生成式 AI 支援軟體開發和利用您自己的數據的助手。 Q 擁有最高的已知分數和代碼建議接受率，但它的作用遠不止提供教練建議。它測試程式碼，在捕獲安全漏洞方面優於所有其他公開基準測試的競爭對手，並在將多個步驟連接在一起和應用自動操作方面領先於所有軟體開發協助。它還節省了開發團隊在沒人喜歡談論的垃圾上的時間和金錢。

For instance, when companies decide to upgrade from one version of a framework to another, it takes development teams many months, sometimes years burning valuable opportunity costs and turning developers who hate this tedious though important work. With Q's code transformation capabilities, Amazon has migrated over 30,000 Java JDK applications in a few months, saving the company $260 million and 4,500 developer years compared to what it would have otherwise caused. That's the game changer.

例如，當公司決定從一個版本的框架升級到另一個版本時，開發團隊需要花費數月甚至數年的時間來消耗寶貴的機會成本，並轉變那些討厭這項乏味但重要的工作的開發人員。借助 Q 的程式碼轉換功能，Amazon 在幾個月內遷移了 30,000 多個 Java JDK 應用程序，與其他方式相比，為該公司節省了 2.6 億美元和 4,500 個開發人員年。這就是遊戲規則的改變者。

And think about how this Q transformation capability might evolve to address other elusive but highly desired migrations. During the past 18 months, AWS has launched more than twice as many machine learning and generative AI features into general availability than all the other major cloud providers combined. This team is cooking, but we're not close to being done adding capabilities for our customers.

並思考這個 Q 轉換功能如何發展以解決其他難以捉摸但非常需要的遷移。在過去 18 個月中，AWS 推出的機器學習和生成式 AI 功能數量是所有其他主要雲端供應商總和的兩倍以上。這個團隊正在努力，但我們還沒有接近完成為客戶添加功能的工作。

(technical difficulty) For perspective, we've added over $2 billion in advertising revenue year-over-year and generated more than $50 billion in revenue in the trailing 12 months. Sponsored ads drive the majority of our advertising revenue today, and we see further opportunity there. Even with this growth, it's important to realize we're at the very beginning of what's possible in our video advertising.

（技術難度）從長遠來看，我們的廣告收入比去年同期增加了超過 20 億美元，並且在過去 12 個月內創造了超過 500 億美元的收入。如今，贊助廣告推動了我們大部分的廣告收入，我們在那裡看到了更多的機會。即使有了這樣的成長，重要的是要認識到我們正處於影片廣告潛力的最初階段。

In May, we made our first appearance at the upfronts, and we're encouraged by the agency and advertiser feedback on the differentiated value we offer across our content, reach, signals and ad tech. With ads and Prime Video, the exciting opportunity for brands is the ability to directly connect advertising that's traditionally been focused on driving awareness, as is the case for TV, to a business outcome like product sales or subscription sign-ups.

五月份，我們首次出現在前台，代理商和廣告商對我們在內容、覆蓋範圍、訊號和廣告技術方面提供的差異化價值的反饋令我們深受鼓舞。借助廣告和 Prime Video，品牌的令人興奮的機會是能夠將傳統上專注於提高認知度的廣告（如電視）與產品銷售或訂閱註冊等業務成果直接聯繫起來。

We're able to do that through our measurement and ad tech, so brands can continually improve the relevance and performance of their ads. While ads have become a norm of streaming video, we aim to have meaningfully fewer ads than linear TV and other streaming TV providers. And of course, for customers preferring an ad-free experience, we offer that option for an additional $2.99 a month.

我們能夠透過我們的衡量和廣告技術來做到這一點，因此品牌可以不斷提高其廣告的相關性和效果。雖然廣告已成為串流媒體影片的常態，但我們的目標是比線性電視和其他串流媒體電視提供商大幅減少廣告數量。當然，對於喜歡無廣告體驗的客戶，我們每月額外支付 2.99 美元即可提供該選項。

In our stores business, we saw growth of 9% year-over-year in the North America segment and 10% year-over-year in the International segment. A few notes on our North America revenue growth rate. First, last quarter's leap day added about 100 basis points of year-over-year growth.

在我們的門市業務中，北美業務年增 9%，國際業務年增 10%。關於我們北美收入成長率的一些說明。首先，上季度的閏日年增約 100 個基點。

Second, we're seeing lower average selling prices or ASPs right now because customers continue to trade down on price when they can, more discretionary higher ticket items like computers or electronics or TVs are growing faster for us than what we see elsewhere in the industry, but more slowly than we see in a more robust economy and our continued faster delivery speed is earning us more of our customers' everyday essentials business.

其次，我們現在看到平均銷售價格或平均售價較低，因為客戶在可能的情況下繼續降低價格，更多可自由支配的高價商品，如電腦、電子產品或電視，對我們來說成長速度比我們在行業其他地方看到的要快，但速度比我們在更強勁的經濟中看到的要慢，而且我們持續更快的交付速度為我們贏得了更多客戶的日常必需品業務。

Third, our seller fees are a little lower than expected given the behavior changes we've seen from our latest fee changes. While some of these issues compress short-term revenue, we generally like these trends. While consumers are being careful on price, our North American unit growth is meaningfully outpacing our sales growth, as our continued work on selection, low prices and delivery is resonating.

第三，鑑於我們從最新的費用變更中看到的行為變化，我們的賣家費用略低於預期。雖然其中一些問題壓縮了短期收入，但我們總體上喜歡這些趨勢。儘管消費者對價格持謹慎態度，但我們在北美的銷售成長明顯超過了銷售成長，因為我們在選擇、低價和交付方面的持續努力引起了共鳴。

So far this year, our speed of delivery for Prime customers has been faster than ever before with more than 5 billion units arriving the same day or next day. As more customers experience our fast delivery, they look to Amazon for more of their shopping needs and the continued acceleration of our everyday essentials business as an example of this phenomenon.

今年到目前為止，我們為 Prime 客戶提供的配送速度比以往任何時候都快，超過 50 億件當天或隔天送達。隨著越來越多的客戶體驗到我們的快速配送，他們會向亞馬遜尋求更多的購物需求，而我們日常必需品業務的持續加速就是這種現象的一個例子。

On seller fees, lowering apparel fees has spurred substantial year-over-year unit growth in apparel and the incentive we've given sellers to send their items to multiple Amazon inbound facilities so they can save money where they save us effort and money is getting more traction than we'd even hoped.

在賣家費用方面，服裝費用的降低刺激了服裝銷售的同比大幅增長，並且我們鼓勵賣家將他們的商品發送到多個亞馬遜入庫設施，這樣他們就可以省錢，這樣他們就可以節省我們的精力，而且錢越來越多比我們希望的還要多的牽引力。

These collective developments will benefit customers in the form of better selection, lower prices and faster delivery speed. There's no shortage of ideas aimed at improving the experience for stores customers. For instance, we're adding even more value to Prime, recently introducing free restaurant delivery in many of our geos, expanding Amazon's Pharmacy RxPass to Medicare members. This is a benefit that gives subscribers all you can consume access to the most common generic medications for just $5 a month and offering a grocery subscription to help save on grocery items when shopping our US and UK Fresh stores.

這些集體發展將以更好的選擇、更低的價格和更快的交貨速度的形式使客戶受益。旨在改善商店顧客體驗的想法並不缺乏。例如，我們正在為 Prime 增加更多價值，最近在我們的許多地區推出免費餐廳外送服務，將亞馬遜的 Pharmacy RxPass 擴展到 Medicare 會員。這項福利讓訂戶可以每月只需 5 美元即可獲得最常見的仿製藥，並提供雜貨訂閱，以幫助在我們的美國和英國 Fresh 商店購物時節省雜貨費用。

As we pursue these initiatives, we remain focused on lowering our cost to serve. We have a number of opportunities to further reduce costs, including expanding our use of automation and robotics, further building out our same-day facility network and regionalizing our inbound network. With more optimal inbound inventory placement, we expect to enable faster speeds, consolidate more orders in one box and produce inventory transfer as once items reach a fulfillment center.

在我們推行這些措施的同時，我們仍致力於降低服務成本。我們有很多機會進一步降低成本，包括擴大自動化和機器人技術的使用、進一步建造我們的當日設施網路以及對我們的入境網路進行區域化。透過更優化的入庫庫存放置，我們希望能夠實現更快的速度，將更多訂單整合到一個盒子中，並在物品到達履行中心後進行庫存轉移。

These cost improvements won't happen in one quarter or one fell swoop. They take technology and process innovation with a lot of outstanding execution, but we see a path to continuing to lower our cost to serve, which as we've discussed in the past, has very meaningful value for customers in our business. As we lower our cost to serve, we can add more low ASP selection that we can support economically which, coupled with our fast delivery, puts Amazon in the consideration set for increasingly more shopping needs for customers.

這些成本改善不會在一季或一舉之間實現。他們採用技術和流程創新以及大量出色的執行力，但我們看到了一條繼續降低服務成本的途徑，正如我們過去討論的那樣，這對我們業務中的客戶具有非常有意義的價值。隨著我們降低服務成本，我們可以添加更多低 ASP 選擇，我們可以經濟地支援這些選擇，再加上我們的快速交付，使亞馬遜能夠滿足客戶越來越多的購物需求。

A few other comments about areas in which we're investing. We remain very bullish on the medium to long-term impact of AI in every business we know and can imagine. The progress may not be one straight line for companies. Generative AI especially is quite iterative and companies have to build muscle around the best way to solve actual customer problems. But we see so much potential to change customer experiences.

關於我們投資領域的其他一些評論。我們仍然非常看好人工智慧對我們所知道和可以想像的每項業務的中長期影響。對公司來說，進展可能不是一條直線。生成式人工智慧尤其具有相當的迭代性，公司必須圍繞解決實際客戶問題的最佳方式來增強實力。但我們看到了改變客戶體驗的巨大潛力。

We see in how our generative AI powered shopping assistant, Rufus, is helping customers make better shopping decisions. We see it in how our AI features that allow customers to stimulate trying apparel items are changing the buying experience. We see it in how our generative AI listing tools enabling sellers to create new selection with the line or two of text versus the many forms previously required.

我們看到我們的生成式人工智慧購物助理 Rufus 如何幫助客戶做出更好的購物決策。我們看到，我們的人工智慧功能讓顧客能夠刺激嘗試服裝，從而改變了購買體驗。我們在生成式人工智慧清單工具中看到了這一點，它使賣家能夠使用一兩行文字創建新的選擇，而不是以前需要的許多表格。

We see it in our fulfillment centers across North America, where we're rolling out project Private Investigator, which uses a combination of generative AI and computer vision to uncover defects before products reach customers. We see it in how our generative AI is helping our customers discover new music and video. We see it in how it's making Alexa smart and we see it in how our custom silicon and services like SageMaker and Bedrock are helping both our internal teams, and many thousands of external companies reinvent their customer experiences and businesses. We are investing a lot across the board in AI, and we'll keep doing so as we like what we're seeing and what we see ahead of us.

我們在北美的履行中心看到了這一點，我們正在那裡推出「私家偵探」項目，該項目結合使用生成式人工智慧和電腦視覺，在產品到達客戶之前發現缺陷。我們從生成式人工智慧如何幫助客戶發現新音樂和影片中看到了這一點。我們看到它如何使 Alexa 變得智能，我們看到我們的客製化晶片和服務（如 SageMaker 和 Bedrock）如何幫助我們的內部團隊和成千上萬的外部公司重塑他們的客戶體驗和業務。我們在人工智慧方面進行了大量投資，我們將繼續這樣做，因為我們喜歡我們所看到的以及我們未來所看到的。

We also continue to like the progress in Prime Video. Our storytelling is resonating with our hundreds of millions of monthly viewers worldwide, and the 62 Emmy nominations Amazon MGM Studios recently received is another supporting data point.

我們也繼續喜歡 Prime Video 的進展。我們的故事敘述引起了全球數億月度觀眾的共鳴，亞馬遜米高梅工作室最近獲得的 62 項艾美獎提名是另一個支持性數據點。

We recently debuted titles like Fallout, the second most watched original title ever for Prime Video. The Idea of You, which attracted nearly 50 million viewers worldwide in the first two weeks on Prime Video and Season 4 of The Boys, which reached number one on Prime Video in 165 countries in its opening two weeks, and we continue to see momentum in live sports.

我們最近推出了《異塵餘生》等遊戲，這是 Prime Video 有史以來觀看次數第二多的原創遊戲。 《The Idea of​​ You》在Prime Video 上的前兩週就吸引了全球近5000 萬觀眾，而《The Boys》第4 季則在開播兩週內在165 個國家/地區的Prime Video 上排名第一，我們繼續看到了體育直播。

We recently announced 11-year landmark deals with the NBA and the WNBA. When combined with our original films and shows, partner streaming services, licensed content and rent or buy titles, Prime Video continues to evolve into the best destination for streaming video. And for Project Kuiper, our low earth orbit satellite constellation, we're accelerating satellite manufacturing in our facility in Kirkland, Washington.

我們最近宣布了與 NBA 和 WNBA 的 11 年里程碑式協議。當與我們的原創電影和節目、合作夥伴串流服務、授權內容以及租賃或購買影片相結合時，Prime Video 不斷發展成為串流媒體影片的最佳目的地。對於柯伊伯計畫（我們的近地軌道衛星星座），我們正在華盛頓柯克蘭的工廠加速衛星製造。

We've announced a distribution agreement with VRIO, who distributes DIRECTV Latin America and Sky Brazil to offer Project Kuiper satellite broadband network to residential customers across seven countries in South America, and we continue to field significant demand for the service from enterprise and government entities. We expect to start shipping production satellites late this year and continue to believe this could be a very large business for us.

我們宣布與 VRIO 簽訂分銷協議，VRIO 負責 DIRECTV Latin America 和 Sky Brazil 的分銷，為南美洲七個國家的住宅客戶提供 Project Kuiper 衛星寬頻網絡，我們將繼續滿足企業和政府實體對該服務的巨大需求。我們預計將在今年稍後開始運輸生產衛星，並繼續相信這對我們來說可能是一項非常大的業務。

I could go on, but we'll stop here. There's a lot to feel optimistic about over the next several years, and the team collectively remains focused on continuing to invent and deliver for our customers in the business.

我還可以繼續說下去，但我們就到此為止。未來幾年有很多值得樂觀的事情，團隊將繼續專注於繼續為我們的業務客戶進行發明和交付。

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. Let's start with our top line financial results. Worldwide revenue was $148 billion, an 11% increase year-over-year, excluding the impact of foreign exchange. This equates to a $1 billion headwind from foreign exchange in the quarter, which is about $300 million higher than we had anticipated in our Q2 guidance range.

謝謝，安迪。讓我們從我們的主要財務業績開始。全球營收為 1,480 億美元，年增 11%，剔除外匯影響。這相當於本季外匯帶來的 10 億美元逆風，比我們在第二季指引範圍的預期高出約 3 億美元。

Worldwide operating income nearly doubled year-over-year to $14.7 billion, which was $700 million above the high end of our guidance range. Across all of our segments, we remain focused on managing costs in a way that allows us to continue innovating and investing in areas that we think can move the needle for our customers.

全球營業收入年增近一倍，達到 147 億美元，比我們指導範圍的上限高出 7 億美元。在我們的所有細分市場中，我們仍然專注於管理成本，使我們能夠繼續創新並投資於我們認為可以為客戶帶來推動的領域。

Starting with the North America and international segments. Customers continue to respond positively to our focus on low prices, broad selection and fast shipping offers. We delivered at our fastest speeds ever so far this year, which helps drive strength in areas like our everyday essentials. These include items like nonperishable foods as well as health, beauty and personal care items and Prime members continue to increase their shopping frequency while growing their spend on Amazon.

從北美和國際市場開始。客戶繼續對我們注重低價格、廣泛選擇和快速運輸優惠做出積極回應。今年我們以迄今為止最快的速度交付，這有助於增強我們日常必需品等領域的實力。其中包括不易腐爛的食品以及健康、美容和個人護理用品等商品，Prime 會員在亞馬遜上的支出不斷增加的同時，也不斷增加購物頻率。

Overall unit sales grew 11% year-over-year, which is consistent with our growth rates in Q1 after you adjust for the approximately 100 basis point impact of leap year. North America segment revenue was $90 billion, an increase of 9% year-over-year and international segment revenue was $31.7 billion, an increase of 10% year-over-year, excluding the impact of foreign exchange. North America segment operating income was $5.1 billion, an increase of $1.9 billion year-over-year. Operating margin was 5.6%, up 170 basis points year-over-year and down 20 basis points quarter-over-quarter.

整體銷量年增 11%，這與我們在調整閏年約 100 個基點影響後第一季的成長率一致。北美分部營收為900億美元，年增9%，國際分部營收為317億美元，年增10%，剔除外匯影響。北美分部營業收入為51億美元，較去年增加19億美元。營業利益率為 5.6%，較去年同期成長 170 個基點，較上季下降 20 個基點。

If we look at profitability of the core North America stores business, we actually improved our margin again quarter-over-quarter in Q2. The overall North America segment operating margin decreased slightly due to increased Q2 spend in some of our investment areas, including Kuiper, where we're starting to manufacture satellites will launch into space in Q4.

如果我們看看北美核心商店業務的獲利能力，我們實際上在第二季度再次提高了利潤率。由於我們在一些投資領域的第二季度支出增加，北美部門的整體營運利潤率略有下降，其中包括柯伊伯，我們開始製造衛星，並將在第四季度發射到太空。

We saw improvements in our cost to serve driven by our efforts to place inventory more regionally, closer to where our customers are. This resulted in more consolidated shipments with higher units per box shipped. We also saw packages traveling shorter distances to customers, and this also led to better on-road productivity in our transportation network.

由於我們努力將庫存放置在更區域化、更靠近客戶的地方，因此我們的服務成本有所改善。這導致了更多的整合發貨，每箱發貨的數量更高。我們也看到包裹到達客戶的距離更短，這也提高了我們運輸網路的道路生產力。

Our international segment was profitable again in Q2 with operating income of $300 million, an improvement of $1.2 billion year-over-year. Operating margin was 0.9%, up 390 basis points year-over-year. This increase is primarily driven by our established countries as we improve our cost structure with a better inventory placement and more consolidated shipments.

我們的國際業務在第二季再次獲利，營業收入達到 3 億美元，較去年同期增加 12 億美元。營業利益率為 0.9%，較去年同期成長 390 個基點。這一成長主要是由我們的成熟國家推動的，因為我們透過更好的庫存佈局和更整合的發貨來改善我們的成本結構。

Additionally, our emerging countries continue to expand their customer offerings, leverage their cost structure and invest in expanding Prime benefits. We are pleased with the overall progress of these countries as they make strides on their respective path to profitability.

此外，我們的新興國家繼續擴大其客戶服務，利用其成本結構並投資擴大 Prime 福利。我們對這些國家的整體進步感到高興，因為它們在各自的獲利之路上取得了長足的進步。

Advertising remains an important contributor to profitability in the North America and international segments. And we saw strong growth on an increasing larger revenue base this quarter. We continue to see opportunities to further expand our offering in areas that are driving growth today like sponsored products as well as newer areas like Prime Video ads.

廣告仍然是北美和國際市場獲利能力的重要貢獻者。本季我們在不斷擴大的營收基礎上看到了強勁的成長。我們繼續看到在當今推動成長的領域（如贊助產品）以及 Prime 影片廣告等新領域進一步擴大我們的產品範圍的機會。

Moving next to our AWS segment. Revenue was $26.3 billion, an increase of 18.8% year-over-year, excluding the impact of foreign exchange. AWS now has an annualized revenue run rate of more than $105 billion.

接下來前往我們的 AWS 部分。營收為263億美元，年增18.8%，剔除外匯影響。 AWS 目前的年化收入運行率超過 1050 億美元。

During the second quarter, we saw continued growth across both generative AI and non-generative AI workloads. We saw companies turn their attention to newer initiatives, bring more workloads to the cloud, restart or accelerate existing migrations from on-premises to the cloud and tap into the power of generative AI.

在第二季度，我們看到生成人工智慧和非生成人工智慧工作負載持續成長。我們看到公司將注意力轉向更新的計劃，將更多工作負載轉移到雲端，重新啟動或加速現有的從本地到雲端的遷移，並利用生成式人工智慧的力量。

AWS operating income was $9.3 billion, an increase of $4 billion year-over-year. It's driven by our continued focus on cost control, including a measured pace of hiring. Additionally, AWS operating margin includes an approximately 200 basis point favorable impact from the change in the estimated useful life of our servers that we instituted in Q1.

AWS營運收入為93億美元，年增40億美元。這是由我們持續關注成本控制（包括謹慎的招募速度）所推動的。此外，AWS 營運利潤率還包括我們在第一季制定的伺服器預計使用壽命變化帶來的約 200 個基點的有利影響。

As we've long said, we expect AWS operating margins to fluctuate over time, driven in part by the level of investments we're making at any point in time. 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.

正如我們長期以來所說，我們預計 AWS 的營運利潤率會隨著時間的推移而波動，部分原因是我們在任何時間點進行的投資水準。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。

Now let's turn our attention to capital investments. As a reminder, we define these as a combination of CapEx plus equipment finance leases. For the first half of the year, CapEx was $30.5 billion. Looking ahead to the rest of 2024, we expect capital investments to be higher in the second half of the year. The majority of the spend will be to support the growing need for AWS infrastructure as we continue to see strong demand in both generative AI and our non-generative AI workloads.

現在讓我們把注意力轉向資本投資。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。今年上半年，資本支出為 305 億美元。展望 2024 年剩餘時間，我們預期下半年資本投資將會更高。大部分支出將用於支援對 AWS 基礎架構不斷增長的需求，因為我們持續看到生成式 AI 和非生成式 AI 工作負載的強勁需求。

For the third quarter, specifically, I'd highlight a few seasonal factors to keep in mind. First, we hosted another successful Prime Day in mid-July. It was our tenth Prime Day and was our largest ever. Prime members globally saved billions of dollars on deals across every product category. From a profitability perspective, we've historically seen a headwind to operating margin in Q3 and driven by Prime Day deals as well as the marketing spend surrounding the event.

具體來說，對於第三季度，我會強調一些需要牢記的季節性因素。首先，我們在 7 月中旬再次成功舉辦了 Prime Day。這是我們第十個 Prime Day，也是我們有史以來規模最大的一次。全球 Prime 會員在各個產品類別的交易中節省了數十億美元。從獲利能力的角度來看，我們在歷史上看到第三季營業利潤率面臨阻力，這主要是受到 Prime Day 交易以及圍繞該活動的營銷支出的推動。

Additionally, in Q3, we also began to ramp up our capacity to handle Q4 holiday volumes in our fulfillment network. And lastly, we expect an increase in digital content costs quarter-over-quarter from the return of our NFL Thursday Night Football. We remain heads-down focused on driving a better customer experience, who believe putting customers first is the only reliable way to create lasting value for our shareholders.

此外，在第三季度，我們也開始提高履行網路中處理第四季假期數量的能力。最後，我們預計隨著 NFL 週四橄欖球之夜的回歸，數字內容成本將環比增長。我們仍然專注於推動更好的客戶體驗，相信客戶至上是為股東創造持久價值的唯一可靠方法。

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

接下來，讓我們繼續回答您的問題。

At this time, we will now open the call up for questions. (Operator Instructions) Eric Sheridan, Goldman Sachs.

現在，我們將開放提問徵集。 （操作員指示）Eric Sheridan，高盛。

Maybe a two-parter on AWS. There's been a theme during the last couple of weeks of earnings of the potential to overinvest as opposed to underinvest in AI as a broad team. I'm curious, Andy, if you have a perspective on that in terms of thinking about elements of capitalizing on the theme longer term against the potential for basic cadence of investment on AWS as a segment?

也許是 AWS 上的兩方。在過去幾週的財報中，有一個主題是，作為一個廣泛的團隊，對人工智慧的投資可能會過度，而不是投資不足。我很好奇，Andy，在考慮長期利用該主題的要素以及 AWS 作為一個細分市場的基本投資節奏的潛力方面，您是否對此有什麼看法？

And the second part would be coming back to your comments on custom silicon. How do you feel about custom silicon both from a pace of investment? And then more broadly, how you think about it as a return profile on a pivot to more custom silicon in your portfolio over the medium to long term?

第二部分將回到您對客製化晶片的評論。從投資速度來看，您對客製化晶片有何看法？然後更廣泛地說，您如何將其視為中長期投資組合中轉向更多定制晶片的回報概況？

Thanks, Eric. I'll take them in order. I think on the question about investment in AWS and on the AI side, I think where I'd start is, I think one of the least understood parts about AWS over the last 18 years has been what a massive logistics challenge it is to run that business.

謝謝，埃里克。我會按順序處理它們。我認為關於 AWS 和人工智慧方面的投資問題，我認為我應該從哪裡開始，我認為過去 18 年中關於 AWS 最不被理解的部分之一就是運行它是一個巨大的物流挑戰那個生意。

If you think about the fact that we have about 35 regions and think of a region as multiple -- a cluster of multiple data centers and about 110 availability zones, which is roughly equivalent to a data center, sometimes it includes multiple. And then if you think about having to land thousands and thousands of SKUs across the 200 AWS services in each of those availability zones at the right quantities, it's quite difficult. And if you end up actually with too little capacity, then you have service disruptions, which really nobody does because it means companies can't scale their applications.

如果你考慮我們有大約 35 個區域的事實，並將一個區域視為多個——多個資料中心和大約 110 個可用區的集群，這大致相當於一個資料中心，有時它包括多個。然後，如果您考慮必須在每個可用區的 200 個 AWS 服務中以正確的數量投放成千上萬個 SKU，那就相當困難了。如果最終容量實際上太少，那麼服務就會中斷，而實際上沒有人這樣做，因為這意味著公司無法擴展其應用程式。

So most companies deliver more capacity than they need. However, if you actually deliver too much capacity, the economics are pretty woeful, and you don't like the returns of the operating income. And I think you can tell from having -- we disclosed both our revenue and our operating income in AWS that we've learned over time to manage this reasonably well. And we have built models over a long period of time that are algorithmic and sophisticated that land the right amount of capacity. And we've done the same thing on the AI side.

因此，大多數公司提供的容量超出了他們的需要。然而，如果你實際上提供了太多的產能，那麼經濟效益會非常糟糕，而且你也不喜歡營業收入的回報。我認為您可以從我們揭露的 AWS 收入和營業收入中看出，隨著時間的推移，我們已經學會瞭如何很好地管理這一點。我們在很長一段時間內建立了演算法複雜的模型，可以提供適當的容量。我們在人工智慧方面也做了同樣的事情。

Now, AI is newer and it's true that people take down clumps of capacity in AI that are different sometimes. I mean -- but it's also true that it's not like a company shows up to do a training cluster asking for a few hundred thousand chips the same day. Like, you have a very significant advanced signal when you have customers that want to take down a lot of capacity.

現在，人工智慧已經更新了，人們確實有時會刪除人工智慧中不同的容量塊。我的意思是——但同樣真實的是，這並不像一家公司在同一天出現要求幾十萬晶片的培訓集群。例如，當您的客戶想要減少大量容量時，您就會收到非常重要的進階訊號。

So while the models are more fluent, it's also true that we've built, I think, a lot of muscle and skill over time in building these capacity signals and models, and we also are getting a lot of signal from customers on what they need. I think that it's -- the reality right now is that while we're investing a significant amount in the AI space and in infrastructure, we would like to have more capacity than we already have today. I mean we have a lot of demand right now and I think it's going to be a very, very large business for us.

因此，雖然模型更加流暢，但我認為，隨著時間的推移，我們在構建這些容量信號和模型方面已經積累了很多力量和技能，而且我們也從客戶那裡得到了很多關於他們想要什麼的信號。我認為，目前的現實是，雖然我們在人工智慧領域和基礎設施方面投入了大量資金，但我們希望擁有比現在更多的能力。我的意思是，我們現在有很多需求，我認為這對我們來說將是一項非常非常大的業務。

On the custom silicon point, it's really interesting what's happened here. And it's also -- our strategy and approach here has been informed by running AWS for 18 years. When we started AWS, we had and still have a very deep partnership with Intel on the generalized CPU space. But what we found from customers is that they -- when you find a -- an offering that is really high value for you and high return, you don't actually spend less, even though you're spending less per unit, you spend less per unit, but it enables you and free you up to do so much more inventing and building for your customers. And then when you're spending more, you actually want better price performance than what you're getting.

在客製化矽點上，這裡發生的事情非常有趣。而且，我們的策略和方法是透過運行 AWS 18 年而製定的。當我們創辦 AWS 時，我們在通用 CPU 領域與英特爾保持著非常深厚的合作關係。但我們從客戶那裡發現的是，當你找到對你來說真正高價值和高回報的產品時，你實際上並沒有花更少的錢，即使你每單位的花銷更少，你也會花更多的錢。然後，當您花費更多時，您實際上想要比您所獲得的更好的性價比。

And a lot of times, it's hard to get that price performance from existing players unless you decide to optimize yourself for what you're learning from your customers and you push that envelope yourself. And so we built custom silicon in the generalized CPU space with Graviton, which we're on our fourth model right now. And that has been very successful for customers and for our AWS business is it saves customers about -- up to about 30% to 40% price performance versus the other leading x86 processors that they could use.

很多時候，很難從現有的參與者那裡獲得這樣的性價比，除非你決定根據從客戶那裡學到的東西來優化自己，並自己挑戰這個極限。因此，我們在通用 CPU 空間中使用 Graviton 建立了客製化晶片，目前我們正在開發第四個模型。這對客戶和我們的 AWS 業務來說非常成功，與他們可以使用的其他領先 x86 處理器相比，它為客戶節省了高達 30% 到 40% 的性價比。

And we saw the same trend happening about five years ago in the accelerator space, in the GPU space, where the products are good, but there was really primarily one provider and supply was more scarce than what people wanted. And people -- our customers really want improved price performance all the time.

大約五年前，我們在加速器領域、GPU 領域看到了同樣的趨勢，那裡的產品很好，但實際上主要只有一個供應商，而且供應比人們想要的更稀缺。我們的客戶始終希望提高性價比。

And so that's why we went about building Trainium, which is our training chip and Inferentia, which is our inference chip, which we're on second versions of both of those. They will have very compelling relative price performance. And in a world where it's hard to get GPUs today, the supply is scarce and all the schedules continue to move over time, customers are quite excited and demanding at a high clip our custom silicon, and we're producing it as fast as we can. I think that's going to have very good return profile just like Graviton has and I think it will be another differentiating feature around AWS relative to others.

這就是為什麼我們開始建造 Trainium（我們的訓練晶片）和 Inferentia（我們的推理晶片），我們正在開發這兩個晶片的第二個版本。它們將具有非常引人注目的相對性價比。在當今很難獲得 GPU、供應稀缺且所有時間表都隨著時間的推移而不斷變化的世界中，客戶對我們的定制晶片非常興奮和要求很高，而我們的生產速度與我們的速度一樣快能。我認為這將擁有非常好的回報率，就像 Graviton 一樣，我認為這將是 AWS 相對於其他產品的另一個差異化功能。

Brian Nowak, Morgan Stanley.

布萊恩·諾瓦克，摩根士丹利。

I have two. So the first one I wanted to ask about in the second quarter, the retail gross margins that we're trying to do, the monkey math, look a little weaker than expected. Was there any extra pressure on retail gross margins because of discounting? Or is that where Kuiper is? Or sort of how do we think about some of the drivers of retail gross margins in the quarter at shipping?

我有兩個。因此，我想在第二季度詢問的第一個問題是，我們正在嘗試計算的零售毛利率，即猴子數學，看起來比預期要弱一些。折扣是否會對零售毛利率造成額外壓力？或者說這裡就是柯伊伯所在的地方？或者我們如何看待本季航運零售毛利率的一些驅動因素？

And the second one, Andy, in the past, you talked about cost to serve improvement and sort of getting the North America margins back to pre-pandemic levels. Can you just remind us again sort of the internal philosophy about executing on that? Is there a time line to deliver on that? Sort of how are you sort of balancing showing that profitability improvement over the next couple of years versus pressing on new investments like Kuiper and perhaps reinvesting some of those profits over the next couple of years?

第二個，安迪，過去，您談到了改善服務的成本以及將北美利潤率恢復到疫情前的水平。您能否再次提醒我們執行此操作的內部理念？有時間表嗎？您如何平衡顯示未來幾年盈利能力的改善與推動像柯伊伯這樣的新投資，並可能在未來幾年將其中一些利潤進行再投資？

Brian, let me start with the first question on North America margins. So if you look at the segment operating margins, we did decrease 20 basis points sequentially from Q1 to Q2. I'll remind you that we have seen the annual step-up in stock-based compensation at the end of Q1 each year, and that added about $1.8 billion of stock-based comp expense in Q2 versus Q1. So that's impacting, to some extent, all three segments.

Brian，讓我從關於北美利潤的第一個問題開始。因此，如果你看一下分部營業利潤率，我們確實從第一季到第二季連續下降了 20 個基點。我要提醒您的是，每年第一季末，我們都會看到以股票為基礎的薪酬每年都在增加，這與第一季相比，第二季的股票薪酬支出增加了約 18 億美元。因此，這在某種程度上影響了所有三個細分市場。

But even with that stock-based comp step up, the stores part of the North America segment, increased the margin again last quarter. So we're continuing to see strong improvements in cost to serve as well as improvement in speed, added selection, better safety. So a lot of the key areas that we're hitting on are strong.

但即使基於股票的比較有所提高，北美部門的商店部分在上個季度再次增加了利潤率。因此，我們繼續看到服務成本的顯著改善以及速度的提高、更多的選擇和更好的安全性。因此，我們正在攻克的許多關鍵領域都很強大。

What you're seeing for the segment is that some of our investment areas had a tick up in expenses and investment in Q2 versus Q1. That's not unheard of. Q1 is usually the lightest investment quarter. Things like Prime Video and devices have less investment going on in those quarters. But the one thing I'd point out, I think we mentioned this, Kuiper stepping up a bit in Q2 versus Q1 as we start to build satellites that we'll launch in Q3 and Q4 this year.

您在該細分市場中看到的是，與第一季相比，我們的一些投資領域第二季的費用和投資有所增加。這並非聞所未聞。第一季通常是投資最輕的季度。 Prime Video 和設備等產品在這些季度的投資較少。但我要指出的一件事是，我想我們提到了這一點，柯伊伯在第二季度相對於第一季有所加強，因為我們開始建造將於今年第三季和第四季發射的衛星。

On your second question, Brian. I continue and the team continues to believe that we have the opportunity to expand the margin in our stores business. And as I've said on a number of the calls that we've done, it's not going to happen in one quarter. It's not going to happen in one fell swoop. It's going to take work over a long period of time.

關於你的第二個問題，布萊恩。我和團隊仍然相信我們有機會擴大商店業務的利潤。正如我在我們所做的多次電話會議中所說的那樣，這不會在一個季度內發生。這不會一下子發生。這將需要很長一段時間的工作。

But I think that -- one of the silver linings, if you will, about a year-and-a-half ago and the ricochet of the pandemic and all the growth that we had and the cost to serve challenges that we had was, it really forced us to reevaluate every anything in the network and really even our most closely felt beliefs over a long period of time.

但我認為——如果你願意的話，大約一年半前，疫情的反彈、我們所取得的所有增長以及應對我們所面臨的挑戰的成本是一線希望，它確實迫使我們重新評估網絡中的每件事，甚至是我們在很長一段時間內最密切感受到的信念。

And what it did was it unveiled a number of opportunities that we believe we have to keep driving cost to serve down. The first one that you've seen play out over the last year or so has been the regionalization of the US network.

它所做的是它揭示了許多機會，我們相信我們必須不斷降低服務成本。在過去一年左右的時間裡，您看到的第一個變化是美國網路的區域化。

And I think one thing to remember about that is that while it's had even bigger impact than maybe we theorize when we first architected it, we're still not done fully owning it. There's a lot of ways that we continue to optimize that US regionalization that we think will continue to bear a lower cost to serve.

我認為需要記住的一件事是，雖然它的影響比我們第一次建造它時理論上所想像的還要大，但我們仍然沒有完全擁有它。我們有許多方法可以繼續優化美國區域化，我們認為這些方法將繼續降低服務成本。

But at the same time, we found a number of other areas where we believe we can take our costs down while also improving the customer experience. One of the great things about regionalization was it not only took our cost served out, but it meaningfully change the speed with which we're able to get items to customers.

但同時，我們發現在許多其他領域我們相信我們可以降低成本，同時改善客戶體驗。區域化的一大好處是，它不僅節省了我們的成本，而且有意義地改變了我們向客戶提供商品的速度。

And so we have a number of those other opportunities. Another example of that is regionalizing our inbound network, which is also going to lower our cost to serve and get items more close to end users and diminish the amount of time it takes to get them to customers. We have a number of things that we're working on that allow us to combine more units per box, which lowers our costs as well and a lot of customers like that better because it's better for the environment, having more units per box.

因此，我們還有許多其他機會。另一個例子是我們的入境網路區域化，這也將降低我們的服務成本，讓物品更接近最終用戶，並減少將物品送到客戶手中所需的時間。我們正在做很多事情，讓我們能夠在每個盒子中組合更多的單元，這也降低了我們的成本，很多客戶更喜歡這樣，因為每個盒子有更多的單元對環境更好。

So I think we have a lot of opportunities to continue to take down our cost to serve. And strategically and philosophically, just two other things, as you were alluding to that question. I think that from our perspective, as we're able to take cost to serve down, it means that we're able to afford to have more selection that we're able to offer to customers. And there are a lot of lower ASP items there, average selling price items, that we don't stock because they're not economic to stock with our current cost to serve.

因此，我認為我們有很多機會繼續降低服務成本。從戰略和哲學角度來看，還有另外兩件事，正如您所提到的問題。我認為，從我們的角度來看，由於我們能夠降低服務成本，這意味著我們有能力為客戶提供更多選擇。那裡有很多平均售價較低的商品，我們沒有庫存，因為以我們當前的服務成本來庫存它們並不經濟。

But as we work hard to make progress like we are on lowering our cost to serve, that allows us to add more selection. And we see this time in and time out that we -- when we add more selection, customers actually consider us for more of their purchases and spend more with us down the line.

但隨著我們努力取得進展，就像我們降低服務成本一樣，這使我們能夠增加更多的選擇。我們一次又一次地看到，當我們增加更多選擇時，客戶實際上會更多地考慮我們的購買，並在我們這裡花費更多。

I think the other thing, too, I would tell you is that I don't see it as being binary in any way, nor have I really ever seen it this way in the history of the company. I've been here 27 years. But we don't think of it as we can either be investing or we can be working on trying to take our costs to serve down. We believe we can do both.

我想我還要告訴你的另一件事是，我不認為它以任何方式是二元的，在公司的歷史上我也從未真正以這種方式看待過它。我在這裡已經27年了。但我們並不認為我們可以進行投資，或者我們可以努力降低服務成本。我們相信我們可以做到這兩點。

If you think about the examples you gave, the stores business and the Kuiper business are -- they're just different people working on those businesses. So our stores team is going to continue to work really hard on expanding selection and keeping prices low and speeding up our delivery times and driving our cost to serve down while our Kuiper team is working on how to figure out how to help the 400 million to 500 million households around the world who don't have broadband connectivity get that connectivity and allow them to do a lot of the things we take for granted today with broadband connectivity. So they're not going to be binary. We're going to work on them both at the same time.

如果你想想你給的例子，商店業務和柯伊伯業務就是──他們只是從事這些業務的不同人。因此，我們的商店團隊將繼續努力擴大選擇範圍、保持低價、加快交貨時間並降低服務成本，同時我們的 Kuiper 團隊正在研究如何幫助這 4 億人全球有5 億沒有寬頻連線的家庭獲得了這種連接，並允許他們透過寬頻連接做很多我們今天認為理所當然的事情。所以它們不會是二進制的。我們將同時處理這兩個問題。

Mark Mahaney, Evercore.

馬克·馬哈尼，Evercore。

I'll ask two questions. AWS, those three factors that are causing that kind of acceleration in Q2 and recovery in growth rates from a year ago, those sound sustainable? Is there any reason that we shouldn't see sort of ongoing acceleration at some level through the back half of the year?

我會問兩個問題。 AWS，導致第二季加速和成長率較一年前恢復的這三個因素，聽起來可持續嗎？有沒有理由表明我們不應該在今年下半年看到某種程度的持續加速？

And secondly, I just want to ask about a small segment of pharmacy. It seems to me like at least anecdotally, I seem to lean more into marketing for that and survey work suggests to us that there's kind of greater consumer interest in that. Just talk about where that business is for you? And is it at a point where you feel like you move beyond early adoption and are leaning into kind of getting more mass Amazon customer adoption?

其次，我只想問一下藥局的一小部分。在我看來，至少從軼事來看，我似乎更傾向於行銷，而且調查工作向我們表明，消費者對此更感興趣。請談談該業務對您來說意味著什麼？您是否覺得自己已經超越了早期採用，並傾向於獲得更多亞馬遜客戶的採用？

On the AWS question, it's always hard to predict what the growth rates are going to be, and it's a relatively large business at $105 billion revenue run rate at this point. But I do think that we have seen the lion's share of the cost optimization happen.

在 AWS 議題上，總是很難預測成長率是多少，而且它是一個相對較大的業務，目前的營收運作率為 1,050 億美元。但我確實認為我們已經看到了大部分成本優化的發生。

And I also do believe that pre-pandemic, we were on this March where most companies are trying to figure out how to modernize their infrastructure, which really means moving from on-premises to the cloud because they can save money and invent that more quickly and get better developer productivity.

我也確實相信，在大流行之前，今年三月，大多數公司都在試圖弄清楚如何實現基礎設施現代化，這實際上意味著從本地遷移到雲，因為他們可以節省資金並更快地發明它並獲得更好的開發人員生產力。

And then the pandemic happened and people were in survival mode and then a difficult economy came and people are trying to save money. And we just see people going back to asking themselves, why aren't we taking this low hanging fruit here. I mean it makes -- I don't want to run my own data centers. I can actually be more cost-effective and invent more quickly from my customers if I'm using the cloud.

然後大流行發生了，人們處於生存模式，然後經濟困難了，人們試圖省錢。我們只是看到人們回過頭來問自己，為什麼我們不在這裡實現這個容易實現的目標。我的意思是，我不想運行自己的資料中心。如果我使用雲，我實際上可以更具成本效益並更快地從客戶那裡進行發明。

And AWS, with just a lot more functionality, stronger operational performance and security, which really matters to customers as well and a deeper partner ecosystem, continues to be the partner of choice as people are moving to the cloud. And I think the generative AI component is in its very early days. It's -- as I said, we kind of sometimes look at it and say that it's interesting that we have a multibillion-dollar revenue run rate already in AI, and it's so early.

AWS 擁有更多的功能、更強的營運效能和安全性（這對客戶來說也非常重要）以及更深層的合作夥伴生態系統，隨著人們向雲端遷移，AWS 仍然是首選的合作夥伴。我認為生成式人工智慧元件還處於早期階段。正如我所說，我們有時會審視它，並說有趣的是，我們在人工智慧領域已經擁有數十億美元的收入運行率，而且還為時過早。

But if we look at the amount of demand that we have from customers right now, it's very significant. So I think all three of those things have a chance and will likely continue over time. And we'll see where that growth rate nets out over the next number of years.

但如果我們看看客戶現在的需求量，就會發現這是非常重要的。所以我認為這三件事都有機會，並且可能會隨著時間的推移而持續下去。我們將看看未來幾年該成長率的表現。

I think that -- the one other thing I would say about that, too, Mark, is that -- the business today, as I mentioned, it's a $105 billion revenue run rate business, about 90% of the global IT spend is still on premises. And if you believe that equation is going to flip, which I do, there's a lot of growth ahead of us in AWS as the leader in all those dimensions I mentioned.

我認為，關於這一點，馬克，我還要說的另一件事是，正如我提到的，今天的業務是一項收入運行率高達1050 億美元的業務，全球IT 支出的約90% 仍然是在場所內。如果你相信這個等式將會翻轉（我也這麼認為），那麼作為我所提到的所有這些方面的領導者，AWS 的發展前景非常廣闊。

But I also think that generative AI itself and AI as a whole it's going to be really large. I mean it is not something that we originally factored when we were thinking about how large AWS could be. And unlike the non-AI space, where you're basically taking all of this infrastructure that's been built on premises over a long period of time and working with customers to help them migrate it to the cloud, which is a lot of work, by the way, in the generative AI space, it's going to get big fast. And it's largely all going to be built from the get-go in the cloud, which allows the opportunity for those businesses to continue to grow.

但我也認為生成式人工智慧本身和人工智慧作為一個整體將會非常龐大。我的意思是，當我們考慮 AWS 的規模時，我們最初並沒有考慮到這一點。與非人工智慧領域不同的是，在非人工智慧領域，你基本上需要使用長期在本地建構的所有基礎設施，並與客戶合作幫助他們將其遷移到雲端，這是一項艱鉅的工作，這樣一來，在生成人工智慧領域，它將迅速發展壯大。而且這一切基本上都是從一開始就在雲端中建構的，這為這些企業提供了持續成長的機會。

On the Pharmacy side, I think you're right that you're seeing that business continue to grow and to get more resonance with customers. And I think it was always a relatively natural extension for us to build a pharmacy offering from our retail business. But I think a lot of what you see in the business has grown really quickly, a lot of what you've seen is that the work that the team has done on the customer experience over the last 18 months has really paid off.

在藥房方面，我認為您是對的，您看到業務不斷增長並與客戶產生更多共鳴。我認為，從我們的零售業務中建立藥房產品始終是我們相對自然的延伸。但我認為你在業務中看到的很多東西都成長得非常快，你看到的很多東西是團隊過去 18 個月在客戶體驗方面所做的工作確實得到了回報。

Customers love the customer experience of Amazon Pharmacy. And we especially, by the way, when you think about the experience and the speed and ease with which you can order versus walking into a pharmacy in a physical store, if you walk into pharmacies and cities today, it's a pretty tough experience with how much is locked behind cabinets where you have to press a button to get somebody to come out and open the cabinets for you and a lot of shop lifting going on in the stores. So the combination of what's happening in the physical world and how much improved we've made our pharmacy experience is driving a lot of customer resonance and buying behavior.

客戶喜歡亞馬遜藥房的客戶體驗。順便說一句，尤其是當你考慮到訂購的體驗以及訂購的速度和便捷性與走進實體店的藥房相比，如果你今天走進藥房和城市，這是一個非常艱難的經歷很多東西都鎖在櫃子後面，你必須按一個按鈕才能讓人出來為你打開櫃子，而且商店裡正在進行很多商店起重工作。因此，現實世界中發生的事情以及我們對藥房體驗的極大改善相結合，正在推動大量客戶的共鳴和購買行為。

I think also you see us continuing to expand there. We expanded our RxPass package and program to Medicare members and that program allows customers and members to be -- Prime members to be able to get up to 60 common medications for just $5 a month. And we continue to launch same-day delivery of medications to cities. We have them in eight cities, including Los Angeles and New York today with plans to expand to more than a dozen cities by the end of the year. So we're seeing a lot of growth there, and we're very optimistic about it.

我想您也看到我們繼續在那裡擴張。我們將 RxPass 套餐和計劃擴展到 Medicare 會員，該計劃允許客戶和會員成為 Prime 會員，每月只需 5 美元即可獲得多達 60 種常見藥物。我們繼續向城市推出當日送藥服務。我們在八個城市擁有它們，包括今天的洛杉磯和紐約，並計劃在今年年底擴展到十多個城市。所以我們看到那裡有很大的成長，我們對此非常樂觀。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

On AWS, I'm curious if you had a backlog number you could share for the quarter. And I guess, Andy, when you think about getting the data state ready, I know AI today is early. But when you see most of these companies are having to move to public cloud, are you seeing a step-up in return to workloads moving to get ready for this data state even if they're not ready to adopt AI? What are you seeing in those sales motions?

在 AWS 上，我很好奇您是否有本季的積壓訂單數量可以分享。我想，安迪，當你考慮準備好數據狀態時，我知道今天的人工智慧還很早。但是，當您看到大多數這些公司必須遷移到公有雲時，您是否會看到工作負載正在為這種資料狀態做好準備，即使他們還沒有準備好採用人工智慧？您從這些銷售動議中看到了什麼？

This is Dave. I'll just start off just to give you the backlog figure. So at the end of the second quarter, it was $156.6 billion. So that's up about 19% year-over-year.

這是戴夫。我將首先向您提供積壓數據。所以到第二季末的時候，這個數字是1566億美元。年增約 19%。

On the second part of your question, Brent, what I would say is that it's true in analytics, but it's even maybe more so true in AI, which is that it's quite difficult to be able to do AI effectively if your data is not organized in such a way that you can access that data and run the models on top of them and then build the application.

關於你問題的第二部分，布倫特，我想說的是，這在分析中是正確的，但在人工智慧中可能更是如此，如果你的數據沒有組織，那麼很難有效地進行人工智慧透過這種方式，您可以存取該數據並在其上運行模型，然後建立應用程式。

So when we work with customers, and this is true both when we work directly with customers as well as when we work with systems integrator partners, everyone is in a hurry to get going on doing generative AI. And one of the first questions that we ask is show us where your data is, show us what your data lake looks like, show us how you're going to access that data.

因此，當我們與客戶合作時，無論是直接與客戶合作還是與系統整合商合作夥伴合作，每個人都急於開始進行生成式人工智慧。我們問的第一個問題是向我們展示您的資料在哪裡，向我們展示您的資料湖是什麼樣子，向我們展示您將如何存取這些資料。

And there's very often work associated with getting your data in the right shape and in the right spot to be able to do generative AI. The -- fortunately, because so many companies have done the work to move to the cloud, there's a number of companies who are ready to take advantage of AI, and that's where we've seen a lot of the growth.

通常需要進行一些工作，使資料處於正確的形狀並位於正確的位置，以便能夠進行生成式人工智慧。幸運的是，由於許多公司已經完成了遷移到雲端的工作，因此有許多公司已經準備好利用人工智慧，這就是我們看到大量成長的地方。

But also, it's worth remembering that again, remember the 90% of the global IT spend being on premises, there are a lot of companies who have yet to move to a cloud, who will, and the ability to use AI more effectively is going to be one of the many drivers in doing so for them.

但也值得再次記住的是，全球 90% 的 IT 支出都在本地，有很多公司尚未遷移到雲，誰會遷移，更有效地使用人工智慧的能力正在不斷提高。眾多推動者之一。

John Blackledge, Cowen.

約翰·布萊克利奇，考恩。

Great. Two questions. First, the AWS op income margins were strong, again, mid-30% area. Just kind of what were the key drivers and how should we think about AWS margins in the back half of the year? And then the international op income margin stepped down a bit Q-over-Q. Just curious about that.

偉大的。兩個問題。首先，AWS 營運收入利潤率再次強勁，達到 30% 左右。只是主要驅動因素是什麼以及我們應該如何看待下半年 AWS 的利潤率？然後，國際營運收入利潤率較上季略有下降。只是對此感到好奇。

Yeah. Thank you, John. Let me start with AWS profitability. So yeah, the margin is in the mid-30s percent range in Q2. It's up from the mid-20% range last year. So you're seeing the impact of a number of cost reductions that we've made and efficiencies we've driven in the business.

是的。謝謝你，約翰。讓我從 AWS 的獲利能力開始。所以，是的，第二季的利潤率在 30% 左右。較去年的 20% 左右上升。因此，您會看到我們在業務中降低成本和提高效率所產生的影響。

There's also an adjustment that we made to the useful life of servers that happened in Q1. Talked about last quarter, that contributed about 200 basis points of margin year-over-year. So we continue to work on the cost structure. But again, as we've said in the past, these operating margin will fluctuate and be lumpy quarter-to-quarter. We are -- continue to work to build new products that attract new customers and work on our efficiencies.

我們也對第一季伺服器的使用壽命進行了調整。談到上季度，該季度的利潤率同比貢獻了約 200 個基點。因此，我們將繼續研究成本結構。但正如我們過去所說，這些營業利潤率將會出現波動，每季都會出現波動。我們正在繼續努力開發新產品來吸引新客戶並提高我們的效率。

Second question was?

第二個問題是？

International segment margin.

國際分部利潤率。

Yeah, this is Dave. Just real quick on that. You mentioned we're about $300 million profit for the quarter. That is up about 390 basis points year-on-year from a margin perspective. And as we talked about in the past, there's a number of countries that different stages of existence and maturity there. And so I think you're seeing continued progress, certainly on a year-over-year basis with both our established countries. So the UK, Germany and Japan in particular being a sizable contributors to that business, continued improvement and build out there. Similar to the factors we talked about with the US, focused on operational efficiency while expanding the customer experience.

是的，這是戴夫。真的很快。您提到我們本季的利潤約為 3 億美元。從利潤率角度來看，年增約 390 個基點。正如我們過去談到的，有許多國家處於不同的存在和成熟階段。因此，我認為您會看到我們兩個老牌國家的持續進步，當然逐年進步。因此，英國、德國和日本尤其是該業務的重要貢獻者，不斷改進和發展。與我們與美國討論的因素類似，注重營運效率，同時擴大客戶體驗。

And then in the emerging countries, as we've said over the past several quarters, we launched about 10 countries over the last 7 years really focused on, again, expanding that customer experience, building out the Prime member benefits while building scalable solutions for customers. And so I think in both that established and emerging areas, seeing good progress year-over-year in working for further improvement there.

然後在新興國家，正如我們在過去幾季所說的那樣，我們在過去7 年裡推出了大約10 個國家，真正專注於擴大客戶體驗，建立Prime 會員福利，同時為客戶建立可擴展的解決方案。因此，我認為無論是在現有領域還是新興領域，在進一步改進方面都取得了逐年良好的進展。

Doug Anmuth, JPMorgan.

道格·安姆斯，摩根大通。

You factored in some macro indiscretionary pressures into your 2Q guide, especially in Europe, and I think you called out computers, electronics and maybe TVs in 2Q as well. Just curious, were the macro trends generally as you expected? Or did you see softening through the quarter? And kind of how does that influence your 3Q outlook? And then separately, Brian, can you help us quantify the incremental investment around Kuiper that you talked about?

您在第二季指南中考慮了一些宏觀的不慎重的壓力，特別是在歐洲，我認為您在第二季也提到了電腦、電子產品，也許還有電視。只是好奇，宏觀趨勢整體上符合您的預期嗎？或者您是否看到本季出現疲軟？這對您的第三季前景有何影響？另外，Brian，你能幫助我們量化你提到的圍繞 Kuiper 的增量投資嗎？

Yeah, sure. Thank you, Doug. The macro factors, if I step back, I think Andy discussed it earlier as well. We're seeing a lot of the same consumer trends that we have been talking about for the last year. Consumers being careful with their spend, trading down, looking for lower ASP products, looking for deals. That continued into Q2, and we expect it to continue into Q3. We're seeing signs of it continuing in Q3.

好，當然。謝謝你，道格。宏觀因素，如果退一步來說，我想安迪之前也討論過。我們看到了許多與去年我們一直在談論的相同的消費趨勢。消費者謹慎消費、降價購買、尋找較低平均售價的產品、尋找優惠。這種情況持續到第二季​​度，我們預計這種情況也將持續到第三季。我們看到這種情況在第三季繼續存在的跡象。

The difference in Q2 was that, again, we had very strong unit volume growth. We actually slightly accelerated when you adjust for leap year in North America unit growth in Q2. So the drop in revenue sequentially -- revenue growth sequentially was tied to ASP and both continuation of existing trends, but also as we talked about growth in our everyday essentials business and categories.

第二季的不同之處在於，我們的單位銷售成長再次非常強勁。當你對第二季北美銷售成長進行閏年調整時，我們實際上略有加速。因此，收入的連續下降——收入的連續增長與平均售價和現有趨勢的延續有關，而且與我們談論日常必需品業務和類別的成長有關。

So while we think we are selling a number of higher ticket items certainly, and holding up well in the market itself, certainly not as strong as it's been in a normalized economy. And -- so lower ASP products are more of the mix right now. And we like that because, again, our speed allows us to deliver, especially everyday essentials, quickly, and we'd like to be in the consideration set for consumers on those items.

因此，雖然我們認為我們確實正在銷售一些高價商品，並且在市場本身上表現良好，但肯定不如正常化經濟中那麼強勁。而且 - 因此，現在 ASP 較低的產品更多是混合在一起的。我們喜歡這一點，因為我們的速度使我們能夠快速交付，尤其是日常必需品，並且我們希望在這些物品上考慮到消費者。

I -- we're not going to quantify Kuiper today but thank you for your question.

我——我們今天不打算量化柯伊伯，但謝謝你的問題。

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 three months. We appreciate your interest in Amazon and 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三個月的重播。我們感謝您對亞馬遜的興趣，並期待下季再次與您交談。