亞馬遜 (AMZN) 2024 Q3 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com third-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, Mr. Dave Fildes. Thank you, sir. Please go ahead.

謝謝你的支持。大家好，歡迎參加 Amazon.com 2024 年第三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) 先生。謝謝您，先生。請繼續。

Hello, and welcome to our Q3 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 年第三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, October 31, 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. During this call, we may discuss certain non-GAAP financial measures.

我們對您問題的評論和答案僅反映截至今天（2024 年 10 月 31 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。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。

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

在我們的新聞稿、本次網路廣播附帶的幻燈片以及我們向SEC 提交的文件（每份文件均發佈在我們的IR 網站上）中，您將找到有關這些非GAAP 衡量標準的其他披露信息，包括這些衡量標準與可比較GAAP 衡量標準的調節表。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. And now I'll turn the call over to Andy.

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。現在我將把電話轉給安迪。

Thanks, Dave. Today, we're reporting $158.9 billion in revenue, up 11% year-over-year excluding the impact from foreign exchange rates. Operating income was $17.4 billion, up 56% year-over-year, and trailing 12-month free cash flow adjusted for equipment finance leases was $46.1 billion, up 128% or $25.9 billion year-over-year. As always, we're focused on making our customers' lives better and easier and thinking long term with respect to how we can keep helping customers and build a successful business to outlast all of us. In our Stores business, we saw sales growth of 9% year-over-year in the North America segment and 12% year-over-year in the international segment.

謝謝，戴夫。今天，我們報告的收入為 1,589 億美元，年增 11%，排除匯率的影響。營業收入為 174 億美元，年增 56%，設備融資租賃調整後的過去 12 個月自由現金流為 461 億美元，年增 128%，即 259 億美元。一如既往，我們專注於讓客戶的生活變得更好、更輕鬆，並從長遠角度思考如何繼續幫助客戶並建立一個成功的企業，從而比我們所有人的壽命更長。在我們的門市業務中，北美部門的銷售額年增 9%，國際部門的銷售額年增 12%。

Our team continues to focus on the inputs that matter most to customers: really broad selection, low prices, fast and free delivery, and a range of compelling Prime member benefits, including our recent additions of unlimited grocery delivery from Whole Foods Market, Amazon Fresh, and local third-party grocery partners for $9.99 a month and fuel savings of $0.10 a gallon at BP, Amico, and AMPM stations in the US. At a time when consumers are being careful about how much they spend, we're continuing to lower prices and ship even more quickly, and we can see this resonating with customers as our unit growth continues to be strong and outpace even our revenue growth. In the last few months, we've hosted our largest and most successful Prime Day and Prime Big Deal Days ever and helped customers save over $5 billion across more than 50 million deals. And for the second year in a row, we are on track to deliver our fastest speeds ever for Prime members globally.

我們的團隊繼續專注於對客戶最重要的投入：真正廣泛的選擇、低廉的價格、快速和免費的送貨，以及一系列引人注目的Prime 會員福利，包括我們最近增加的全食超市、亞馬遜生新鮮的無限雜貨送貨服務和當地第三方雜貨合作夥伴每月 9.99 美元，在美國 BP、Amico 和 AMPM 加油站每加侖可節省 0.10 美元的燃油。當消費者對自己的支出非常謹慎時，我們將繼續降低價格並加快出貨速度，隨著我們的單位成長持續強勁，甚至超過我們的收入成長，我們可以看到這引起了客戶的共鳴。在過去的幾個月裡，我們舉辦了有史以來規模最大、最成功的 Prime Day 和 Prime Big Deal Days，並幫助客戶在超過 5,000 萬筆交易中節省了超過 50 億美元。我們預計將連續第二年為全球 Prime 會員提供有史以來最快的速度。

We also continue to focus on lowering our cost to serve and are pursuing several initiatives that we believe will have meaningful long-term impact in this area. First, we continue to believe there are more gains on top of what we've captured thus far in outbound regionalization and getting more items closer to end consumers. As such, we're in the process of significantly changing the way we inbound items into our fulfillment network and subsequently spread them to our regional fulfillment nodes. In the last few months, we've made hundreds of changes to our US inbound network and opened more than 15 inbound buildings.

我們也繼續致力於降低服務成本，並正在採取多項舉措，我們相信這些舉措將在該領域產生有意義的長期影響。首先，我們仍然相信，除了我們迄今為止在出境區域化和讓更多商品更接近最終消費者方面所取得的成果之外，還有更多收益。因此，我們正在顯著改變將物品入庫至我們的履行網絡並隨後將其傳播到我們的區域履行節點的方式。在過去幾個月中，我們對美國入境網路進行了數百項更改，並開設了超過 15 個入境大樓。

While still relatively early in this rearchitecture, we've already improved our ability to spread inventory across our fulfillment centers by 25% year-over-year, allowing us to have more of the requisite items in fulfillment centers closest to the customer so we can compile shipments and ship to customers even more quickly. As we scale and optimize this new design, we expect these changes will further improve inventory placement, offer faster delivery time, save transportation costs, and enable us to increase units shipped per box. Second, we continue to roll out same-day delivery facilities, which is not only the fastest way to get products to customers but also one of our lowest cost ways to deliver. Over 40 million customers this past quarter have had their orders delivered for free with same-day delivery, an increase of more than 25% year-over-year. And third, we continue to innovate in robotics to speed delivery, lower cost to serve, and further improve safety in our fulfillment network.

雖然在此次重組中仍相對較早，但我們已經將在各個營運中心分散庫存的能力提高了 25%，使我們能夠在距離客戶最近的營運中心擁有更多必需品，以便我們能夠更快地整理發貨並運送給客戶。隨著我們擴展和優化這項新設計，我們預計這些變更將進一步改善庫存佈局，提供更快的交貨時間，節省運輸成本，並使我們能夠增加每箱的運輸數量。其次，我們繼續推出當日送貨服務，這不僅是向客戶提供產品的最快方式，也是我們成本最低的送貨方式之一。上一季超過 4,000 萬名客戶享有了免費當日送達服務，較去年同期成長超過 25%。第三，我們繼續在機器人技術方面進行創新，以加快交付速度，降低服務成本，並進一步提高履行網路的安全性。

We recently launched our 12th-generation fulfillment center design with the first building launching in Shreveport, Louisiana. This is the first facility that incorporates our newest robotics inventions to simplify stowing, picking, packing, and shipping processes. Thus far, this new design reduces fulfillment processing time by up to 25%, increases the number of items we can offer for same-day or next-day delivery and is expected to drive a 25% improvement in our cost to serve during peak within this next generation facility. Though we believe we have more expansive automation and robotics than other retail peers, it's still early days in how much automation we expect in our fulfillment network.

我們最近推出了第 12 代配送中心設計，第一棟建築在路易斯安那州什里夫波特落成。這是第一個採用我們最新機器人發明來簡化裝載、揀選、包裝和運輸流程的設施。到目前為止，這項新設計將履行處理時間縮短了 25%，增加了我們可以提供當日或隔日送達的商品數量，預計將在高峰時段將我們的服務成本降低 25%。 。儘管我們相信我們比其他零售同行擁有更廣泛的自動化和機器人技術，但我們對履行網路的自動化程度的期望還處於早期階段。

In advertising, we remain pleased with our progress, generating $14.3 billion of revenue in the quarter, 18.8% year-over-year growth. Our expansive reach, ability to service relevant offers to our customers, opportunity to engage customers from the top of the funnel to point of purchase, and leading capabilities around measuring outcomes at every touch point provide all types of brands with full funnel advertising at scale. In Sponsored Products, we're seeing meaningful growth on a very large base, and we see further opportunity in driving even better performance for advertisers by further improving the relevancy of the ads we show and by providing additional optimization controls. At the same time, some of our newer offerings are in their very early days.

在廣告領域，我們對自己的進展仍然感到滿意，本季營收達到 143 億美元，年增 18.8%。我們廣泛的覆蓋範圍、為客戶提供相關服務的能力、從管道頂部到購買點吸引客戶的機會，以及衡量每個接觸點結果的領先能力，為所有類型的品牌提供了大規模的全通路廣告。在贊助產品中，我們看到了在非常大的基礎上的有意義的增長，並且我們看到了通過進一步提高我們展示的廣告的相關性和提供額外的優化控制來為廣告商帶來更好的效果的進一步機會。同時，我們的一些新產品還處於早期階段。

We're just entering our first broadcast season for Prime Video advertising, following a very strong showing at upfronts. And we're continuing to support brands of all sizes with our generative AI-powered creative tools across display, video and audio, including our video generator that uses a single product image to curate custom AI-generated videos. While we're generating a lot of advertising revenue today, there remains considerable upside. AWS grew 19.1% year-over-year and now stands at a $110 billion annualized run rate.

在前期表現強勁之後，我們剛剛進入 Prime Video 廣告的第一個廣播季。我們將繼續透過人工智慧驅動的顯示、視訊和音訊創意工具為各種規模的品牌提供支持，包括我們的視訊生成器，它使用單一產品圖像來策劃定制的人工智慧生成視訊。雖然我們今天產生了大量廣告收入，但仍有相當大的上升空間。 AWS 年成長 19.1%，目前年運行率達 1100 億美元。

We've seen significant reacceleration of AWS growth for the last 4 quarters. With the broadest functionality, the strongest security and operational performance and the deepest partner community, AWS continues to be a customer's partner of choice. There are signs of this in every part of AWS's business. We see more enterprises growing their footprint in the cloud, evidenced in part by recent customer deals with the ANZ Banking Group, Booking.com, Capital One, Fast Retailing, Itaú Unibanco, National Australia Bank, Sony, T-Mobile, and Toyota.

我們看到過去 4 個季度 AWS 成長顯著加速。憑藉最廣泛的功能、最強的安全性和營運績效以及最深入的合作夥伴社區，AWS 繼續成為客戶的首選合作夥伴。 AWS業務的各個方面都有這樣的跡象。我們看到越來越多的企業在雲端中佔有一席之地，最近與ANZ Banking Group、Booking.com、Capital One、Fast Retailing、Itañ Unibanco、National Australia Bank、Sony、T-Mobile 和Toyota 的客戶交易就證明了這一點。

You can look at our partnership with NVIDIA called Project Ceiba, where NVIDIA has chosen AWS's infrastructure for its R&D supercomputer due in part to AWS's leading operational performance and security. And you can see how AWS continues to innovate in its infrastructure capabilities. With deliveries like Aurora database, which extends AWS's very successful relational database to support millions of database rights per second and manage petabytes of data whilst maintaining the simplicity of operating a single database or with our custom Graviton4 CPU instances, which provide up to nearly 40% better price performance versus other leading x86 processors. Companies are focused on new efforts again, spending energy on modernizing their infrastructure from on-premises to the cloud.

您可以查看我們與 NVIDIA 的名為 Project Ceiba 的合作夥伴關係，其中 NVIDIA 選擇 AWS 的基礎設施用於其研發超級計算機，部分原因是 AWS 領先的操作性能和安全性。您還可以看到AWS如何在其基礎設施能力上不斷創新。透過Aurora 資料庫等交付，它擴展了AWS 非常成功的關係資料庫，支援每秒數百萬個資料庫權限並管理PB 級數據，同時保持操作單一資料庫的簡單性；或使用我們的自訂Graviton4 CPU 實例，可提供高達近40% 的效能與其他領先的 x86 處理器相比，性價比更高。公司再次專注於新的努力，投入精力實現從本地到雲端的基礎設施現代化。

This modernization enables companies to save money, innovate more quickly, and get more productivity from their scarce engineering resources. However, it also allows them to organize their data in the right architecture and environment to do generative AI at scale. It's much harder to be successful and competitive in generative AI if your data is not in the cloud. The AWS team continues to make rapid progress in delivering AI capabilities for customers in building a substantial AI business.

這種現代化使公司能夠節省資金、更快地創新並從稀缺的工程資源中獲得更高的生產力。然而，它還允許他們在正確的架構和環境中組織數據，以大規模地進行生成式人工智慧。如果您的資料不在雲端，那麼在生成人工智慧領域取得成功和具有競爭力就會困難得多。 AWS 團隊在為客戶提供 AI 功能以建立實質的 AI 業務方面不斷取得快速進展。

In the last 18 months, AWS has released nearly twice as many machine learning and gen AI features as the other leading cloud providers combined. AWS's AI business is a multibillion-dollar revenue run rate business that continues to grow at a triple-digit year-over-year percentage and is growing more than three times faster at this stage of its evolution as AWS itself grew, and we felt like AWS grew pretty quickly. We talk about our AI offering as three macro layers of the stack, with each layer being a giant opportunity and each is progressing rapidly. At the bottom layer, which is for model builders, we were the first major cloud provider to offer NVIDIA's H200 GPUs through our EC2 P5 e-instances.

在過去 18 個月中，AWS 發布的機器學習和人工智慧功能數量幾乎是其他領先雲端供應商總和的兩倍。 AWS 的人工智慧業務是一項營收達數十億美元的業務，持續以三位數的年比百分比成長，隨著 AWS 本身的發展，其發展速度在現階段成長速度超過三倍，我們覺得AWS增長得相當快。我們將我們的人工智慧產品視為堆疊的三個宏觀層，每一層都是一個巨大的機會，並且每一層都在快速發展。在模式建構者的底層，我們是第一家透過 EC2 P5 電子執行個體提供 NVIDIA H200 GPU 的主要雲端供應商。

And thanks to our networking innovations like Elastic Fabric adapter and Nitro, we continue to offer advantaged networking performance. And while we have a deep partnership with NVIDIA, we've also heard from customers that they want better price performance on their AI workloads. As customers approach higher scale in their implementations, they realize quickly that AI can get costly. It's why we've invested in our own custom silicon in Trainium for training and Inferentia for inference.

由於 Elastic Fabric 適配器和 Nitro 等網路創新，我們將繼續提供優勢的網路效能。雖然我們與 NVIDIA 有著深厚的合作關係，但我們也從客戶那裡聽說，他們希望在人工智慧工作負載上獲得更好的性價比。隨著客戶的實施規模越來越大，他們很快就意識到人工智慧的成本可能會很高。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。

The second version of Trainium, Trainium2 is starting to ramp up in the next few weeks and will be very compelling for customers on price performance. We're seeing significant interest in these chips, and we've gone back to our manufacturing partners multiple times to produce much more than we'd originally planned. We also continue to see increasingly more model builders standardize an Amazon SageMaker, our service that makes it much easier to manage your AI data, build models, experiment, and deploy to production. This team continues to add features at a rapid clip punctuated by SageMaker's unique hyperpod capability, which automatically splits training workloads across more than 1,000 AI accelerators, prevents interruptions by periodically saving checkpoints, and automatically repairing faulty instances from their last saved checkpoint and saving training time by up to 40%.

Trainium 的第二個版本 Trainium2 將在未來幾週內開始推出，並且在性價比方面對客戶來說非常有吸引力。我們看到人們對這些晶片表現出濃厚的興趣，並且我們已多次聯繫我們的製造合作夥伴，以生產比我們最初計劃更多的產品。我們也繼續看到越來越多的模型建構者對 Amazon SageMaker 進行標準化，我們的服務使管理 AI 資料、建置模型、實驗和部署到生產變得更加容易。團隊繼續快速添加功能，並以SageMaker 獨特的hyperpod 功能為特色，可自動將訓練工作負載分配到1,000 多個AI 加速器上，透過定期保存檢查點來防止中斷，並從上次保存的檢查點自動修復故障實例並節省訓練時間高達 40%。

At the middle layer where teams want to leverage an existing foundation model customized with their data and then have features to deploy high-quality generative AI applications, Amazon Bedrock has the broadest selection of leading foundation models and most compelling modules for key capabilities like model valuation, guardrails, rag and agents. Recently, we've added Anthropic's Claude 3.5 Sonnet model, Meta's Llama 3.2 models, Mistral's Large 2 models and multiple stability AI models. We also continue to see teams use multiple model types from different model providers and multiple model sizes in the same application. There's mucking orchestration required to make this happen.

在中間層，團隊希望利用根據其數據定制的現有基礎模型，然後具有部署高品質生成式AI 應用程式的功能，Amazon Bedrock 擁有最廣泛的領先基礎模型選擇和最引人注目的模組，可實現模型評估等關鍵功能、護欄、抹布及代理。最近，我們加入了 Anthropic 的 Claude 3.5 Sonnet 模型、Meta 的 Llama 3.2 模型、Mistral 的 Large 2 模型和多種穩定性 AI 模型。我們也繼續看到團隊在同一應用程式中使用來自不同模型提供者的多種模型類型和多種模型大小。要實現這一目標，需要進行大量的編排。

And part of what makes Bedrock so appealing to customers and why it has so much traction is that Bedrock makes this much easier. Customers have many other requests, access to even more models, making prompt management easier, further optimizing inference costs, and our Bedrock team is hard at work making this happen. 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 reported code acceptance rates in the industry for multiline code suggestions.

Bedrock 對客戶如此有吸引力並具有如此大的吸引力的部分原因是 Bedrock 讓這一切變得更加容易。客戶有許多其他請求，可以存取更多模型，使即時管理更容易，進一步優化推理成本，我們的 Bedrock 團隊正在努力實現這一目標。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 擁有業界最高的多行程式碼建議報告程式碼接受率。

The team has added all sorts of capabilities in the last few months, but the very practical use case recently shared where Q Transform saved Amazon's teams $260 million and 4,500 developer years in migrating over 30,000 applications to new versions of the Java JDK as excited developers and prompted them to ask how else we could help them with tedious and painful transformations. Spend a few minutes reading developer forums about what they wish they could move away from, and you'll get an idea of what they want. Expect more practical AI game changers from Q. We're also using generative AI pervasively across Amazon's other businesses with hundreds of apps in development or launched.

該團隊在過去幾個月中添加了各種功能，但最近分享了一個非常實用的用例，其中Q Transform 為Amazon 團隊節省了2.6 億美元，並節省了4,500 個開發人員年，將30,000 多個應用程式遷移到新版本的Java JDK，興奮的開發人員和促使他們詢問我們還能如何幫助他們度過乏味而痛苦的轉變。花幾分鐘閱讀開發者論壇，了解他們希望擺脫的內容，您就會了解他們想要什麼。期待 Q 帶來更多實用的人工智慧遊戲規則改變者。

For consumers, we've expanded Rufus, our generative AI-powered expert shopping assistant to the UK, India, Germany, France, Italy, Spain, and Canada. And in the US, we've added more personalization, the ability to better narrow customer intent and real-time pricing and deal information. We've recently debuted AI Shopping Guides for consumers, which simplifies product research by using generative AI to pair key factors to consider in a product category with Amazon's wide selection, making it easier for customers to find the right product for their needs. For sellers, we've recently launched Project Amelia, an AI system that offers tailored business insights to boost productivity and drive seller growth.

對於消費者，我們已將由人工智慧驅動的生成式購物助手 Rufus 擴展到英國、印度、德國、法國、義大利、西班牙和加拿大。在美國，我們增加了更多的個人化、更好地縮小客戶意圖的能力以及即時定價和交易資訊。我們最近推出了面向消費者的人工智慧購物指南，它透過使用生成人工智慧將產品類別中需要考慮的關鍵因素與亞馬遜的廣泛選擇相結合，簡化了產品研究，使客戶更容易找到滿足其需求的正確產品。對於賣家，我們最近推出了 Project Amelia，這是一個人工智慧系統，可以提供量身定制的業務見解，以提高生產力並推動賣家成長。

We continue to rearchitect the brain of Alexa with a new set of foundation models that we'll share with customers in the near future, and we're increasingly adding more AI into all of our devices. Take the new Kindle Scribe we just announced. The note-taking experience is much more powerful with the new built-in AI-powered notebook, which enables you to quickly summarize pages of notes into concise bullets in a script that can easily be shared. Speaking of Kindle products, we just launched a completely new Kindle lineup, the first time we've done a portfolio refresh of this size.

我們繼續使用一組新的基礎模型重新建構 Alexa 的大腦，我們將在不久的將來與客戶分享這些模型，並且我們越來越多地將更多的人工智慧添加到我們的所有設備中。以我們剛發布的新款 Kindle Scribe 為例。全新的內建人工智慧筆記本讓筆記體驗變得更加強大，它使您能夠將頁面筆記快速總結為腳本中簡潔的項目符號，以便輕鬆分享。說到 Kindle 產品，我們剛剛推出了全新的 Kindle 系列，這是我們第一次進行如此規模的產品組合更新。

Apart from the Scribe, it includes the first-ever color Kindle, the fastest Kindle Paperwhite ever and a new pocket-sized Kindle. The early sales for these devices have significantly outperformed our expectations, and Kindle is having an excellent year with customers reading more than ever. We now have over 20 billion average monthly pages read on Kindle devices worldwide. There are so many things we're energized by right now, but we'll quickly mention one more, the progress we're making in improving customers' pharmacy experience.

除了 Scribe 之外，它還包括有史以來第一款彩色 Kindle、有史以來最快的 Kindle Paperwhite 和新袖珍 Kindle。這些設備的早期銷售量明顯超出了我們的預期，Kindle 的這一年表現出色，客戶的閱讀量比以往任何時候都多。現在，全球平均每月在 Kindle 裝置上閱讀的頁面數量超過 200 億頁。現在有很多事情讓我們充滿活力，但我們很快就會再提一件事，那就是我們在改善客戶藥局體驗方面所取得的進展。

Brick-and-mortar pharmacies account for just over 90% of prescriptions dispensed in the US that require customers to make trips to forlorn physical venues with much of the selection behind locked shelves, waiting lines for meds and only finding out about pricing at the point of purchase. The largest mail order pharmacies offer delivery in 5 to 10 business days. We think customers deserve better. Today, we can deliver to 95% of first-time Amazon Pharmacy customers in the US within two business days and to 20% of US Prime members within 24 hours.

在美國，90%以上的處方藥是在實體藥房發放的，這些處方藥要求顧客前往廢棄的實體場所，大部分選擇都放在上鎖的貨架上，排隊等待藥品，而且只能在現場了解定價。購買。最大的郵購藥局可在 5 至 10 個工作天內送貨。我們認為客戶應該得到更好的服務。如今，我們可以在兩個工作天內向美國 95% 的首次亞馬遜藥房客戶發貨，並在 24 小時內向 20% 的美國 Prime 會員發貨。

Next year, we plan to launch operations in 20 new cities, so nearly half the US will have the ability to have their medications delivered to their door within hours. We believe making it easier for customers to get their medications will improve medication adherence, which we know can directly improve health outcomes. Across Amazon, we have a lot coming in the next few months. We eagerly look forward to sharing these with customers, and a big thank you to my Amazon teammates around the world for all their hard work. And with that, I'll turn it over to Brian for a financial update.

明年，我們計劃在 20 個新城市開展業務，這樣近一半的美國人將能夠在數小時內將藥物送到家門口。我們相信，讓顧客更容易取得藥物將提高用藥依從性，我們知道這可以直接改善健康結果。在亞馬遜，我們將在接下來的幾個月推出許多產品。我們熱切期待與客戶分享這些內容，並非常感謝我在世界各地的亞馬遜團隊成員的辛勤工作。有了這個，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 $158.9 billion, an 11% increase year-over-year, excluding a 20 basis point unfavorable impact of foreign exchange. As a reminder, our Q3 guidance had anticipated a larger unfavorable impact of approximately 90 basis points. Worldwide operating income increased 56% year-over-year to $17.4 billion, our highest quarterly operating income ever and was $2.4 billion above the high end of our guidance range.

謝謝，安迪。讓我們從最重要的財務表現開始。全球營收為 1,589 億美元，年增 11%，剔除 20 個基點的外匯不利影響。提醒一下，我們的第三季指引預計會產生約 90 個基點的較大不利影響。全球營業收入年增 56%，達到 174 億美元，這是我們有史以來最高的季度營業收入，比我們指導範圍的上限高出 24 億美元。

We remain focused on streamlining and managing costs in a way that allows us to continue inventing for customers in a cost-effective way. In the third quarter, North America segment revenue was $95.5 billion, an increase of 9% year-over-year. International segment revenue was $35.9 billion, an increase of 12% year-over-year. Worldwide paid units accelerated to 12% growth year-over-year as our customers continue to come to Amazon for low prices, broad selection and convenient fast delivery.

我們仍然專注於精簡和管理成本，使我們能夠繼續以具成本效益的方式為客戶進行發明。第三季度，北美業務營收為955億美元，年增9%。國際部門營收為359億美元，年增12%。隨著我們的客戶繼續來到亞馬遜尋求低廉的價格、廣泛的選擇和方便快速的送貨，全球付費單位較去年同期成長加速至 12%。

Prime remains a core contributor to this growth. Year-over-year paid membership growth accelerated in Q3 from both the US and globally, helped by our tenth annual Prime Day event in mid-July. Customers are enjoying even faster delivery speeds, which also helps drive strong growth in items like everyday essentials. This includes items like health, beauty, and personal care as well as nonperishable grocery.

Prime 仍然是這一成長的核心貢獻者。在 7 月中旬舉行的第十屆年度 Prime Day 活動的推動下，美國和全球付費會員數量在第三季度的同比增長加速。客戶享受更快的配送速度，這也有助於推動日常必需品等商品的強勁成長。這包括健康、美容、個人護理以及不易腐爛的雜貨等物品。

Though all these items often have a lower average selling price, the strength in everyday essential's revenue is a positive indicator that customers are turning to us for more of their daily needs. We see that when customers purchase these types of items from us, they build bigger baskets, shop more frequently and spend more on Amazon. We remain focused on keeping prices sharp and offering broad selection that gives customers options when making purchase decisions. Shifting to profitability, our North America and international segments each delivered their seventh consecutive quarter of year-over-year operating margin improvement.

儘管所有這些商品的平均售價通常較低，但日常必需品收入的強勁是一個積極的指標，表明客戶正在向我們尋求更多的日常需求。我們發現，當顧客向我們購買這些類型的商品時，他們會購買更大的購物籃、更頻繁地購物並在亞馬遜上花費更多。我們仍然專注於保持價格低廉並提供廣泛的選擇，為客戶在做出購買決定時提供選擇。轉向獲利，我們的北美和國際部門均連續第七個季度實現營業利潤率同比改善。

North America segment operating income was $5.7 billion, an increase of $1.4 billion year-over-year. North America operating margin was 5.9%, up 100 basis points year-over-year. In the third quarter, we continue to make progress in improving our fulfillment network cost structure, driven in part by improved inventory placement. This helped us drive better productivity in our transportation network and shipping efficiency from higher units per box.

北美分部營業收入為57億美元，較去年增加14億美元。北美營運利潤率為 5.9%，較去年同期成長 100 個基點。第三季度，我們在改善履行網路成本結構方面持續取得進展，部分原因是庫存佈局的改善。這幫助我們提高了運輸網路的生產力，並透過提高每箱單位的運輸效率來提高運輸效率。

In the international segment, operating income was $1.3 billion, an improvement of $1.4 billion year-over-year. International operating margin was 3.6%, up 390 basis points year-over-year. So far this year, we've generated operating profit in each of the three quarters for the international segment and totals $2.5 billion year-to-date. We're seeing strength in our established countries like the UK and Germany as we continue to drive efficiencies to improve on-road productivity in our transportation network and better execution in our fulfillment centers. Our emerging countries are growing revenue at a healthy rate also, and they are leveraging their cost structures on investing strategically in Prime benefits.

國際部門營業收入為 13 億美元，較去年同期增加 14 億美元。國際營運利潤率為 3.6%，較去年同期成長 390 個基點。今年到目前為止，我們的國際業務三個季度均實現營業利潤，年初至今總計 25 億美元。隨著我們繼續提高運輸網路的效率，提高運輸網路的道路生產力，並提高履行中心的執行力，我們看到了英國和德國等成熟國家的實力。我們的新興國家的收入也在以健康的速度成長，他們正在利用其成本結構對 Prime 福利進行策略性投資。

We have confidence that our focus on the inputs, coupled with the strength of our global teams, will continue to drive improvement over time. Advertising remains an important contributor to profitability in the North America and international segments. This quarter, we saw strong growth on an increasing large base of advertising revenue. We see many opportunities to further expand our ads offering in areas that are driving growth today like Sponsored Products as well as more recent growth areas like Prime Video ads.

我們相信，隨著時間的推移，我們對投入的關注以及我們全球團隊的實力將繼續推動改進。廣告仍然是北美和國際市場獲利能力的重要貢獻者。本季度，我們在廣告收入基數不斷擴大的基礎上實現了強勁成長。我們看到了許多機會，可以在當今推動成長的領域（如贊助產品）以及最近的成長領域（如 Prime 影片廣告）進一步擴大我們的廣告產品。

Moving next to our AWS segment, revenue was $27.5 billion, an increase of 19.1% year-over-year, excluding the impact of foreign exchange. AWS now has an annualized revenue run rate of $110 billion. The business continues to grow, mostly opportunity to expand our core cloud offering and our AI services. Customers increasingly recognize that to get the true benefit of generative AI, they also need to move to the cloud.

接下來是 AWS 部門，剔除外匯影響，營收為 275 億美元，年增 19.1%。 AWS 目前的年收入運行率為 1100 億美元。業務持續成長，主要是擴展我們的核心雲端產品和人工智慧服務的機會。客戶越來越意識到，要獲得生成式人工智慧的真正好處，他們還需要遷移到雲端。

AWS operating income was $10.4 billion, an increase of $3.5 billion year-over-year as a result of our continued focus on cost control, including a measured pace of hiring, a focus on driving efficiencies in our infrastructure, and reducing costs across the business. Additionally, we increased the estimated useful life of our servers starting in 2024, which contributed approximately 200 basis points to the AWS margin increase year-over-year in Q3. As we said in the past, we expect the AWS operating margins to fluctuate, driven in part by the level of investments we're making at any point in time. Now, turning to our capital investments, as a reminder, we define these as a combination of cash CapEx plus equipment finance leases.

AWS 營業收入為 104 億美元，年增 35 億美元，這得益於我們持續專注於成本控制，包括審慎的招募速度、注重提高基礎設施效率以及降低整個業務的成本。此外，我們從 2024 年開始提高了伺服器的預計使用壽命，這為第三季 AWS 利潤率年增率貢獻了約 200 個基點。正如我們過去所說，我們預計 AWS 的營運利潤率會出現波動，部分原因是我們在任何時間點進行的投資水準。現在，轉向我們的資本投資，作為提醒，我們將其定義為現金資本支出加上設備融資租賃的組合。

Year-to-date capital investments were $51.9 billion. We expect to spend approximately $75 billion in CapEx in 2024. The majority of the spend is to support the growing need for technology infrastructure. This primarily relates to AWS as we invest to support demand for our AI services while also including technology infrastructure to support our North America and international segments.

年初至今的資本投資為 519 億美元。我們預計 2024 年的資本支出約為 750 億美元。這主要與 AWS 相關，因為我們投資是為了支援人工智慧服務的需求，同時也包括支援我們的北美和國際市場的技術基礎設施。

Additionally, we're continuing to invest in our fulfillment and transportation network to support the growth of the business, improve delivery speeds and lower our cost to serve. This includes investments in same-day delivery facilities, in our inbound network and as well in robotics and automation. We're encouraged by the start of the holiday season, which kicked off in October with a strong Prime Big Deal Days. We are ready to serve customers throughout the season, and I want to thank our teams across Amazon for delivering two very large Prime member events in the past four months and for getting us ready to delight customers during this holiday season. With that, let's move on to your questions.

此外，我們將繼續投資於我們的履行和運輸網絡，以支持業務成長、提高交付速度並降低服務成本。這包括對當日送達設施、入站網路以及機器人和自動化的投資。我們對假期季節的開始感到鼓舞，十月的 Prime Big Deal Days 活動拉開了序幕。我們已準備好在整個季節為客戶提供服務，我要感謝我們整個亞馬遜的團隊在過去四個月內舉辦了兩次大型 Prime 會員活動，並讓我們準備好在這個假期期間取悅客戶。接下來，讓我們繼續回答您的問題。

(Operator Instructions) Doug Anmuth, JPMorgan.

（操作員指令）Doug Anmuth，摩根大通。

Brian, I was hoping you could talk a little bit more about the drivers of the 38% AWS margins. I know you mentioned the 200 basis points related to the useful lives pushout, but just how to think about sustainability kind of in the 30s there going forward? And then perhaps related, the step-up in CapEx that you saw in 3Q, you gave the full year number which was helpful. Any kind of early read or thoughts on how we should think about 2025?

Brian，我希望您能多談談 AWS 38% 利潤率的驅動因素。我知道您提到了與使用壽命推出相關的 200 個基點，但如何考慮未來 30 年代的可持續性？然後也許相關的是，您在第三季度看到的資本支出的增加，您提供了全年數字，這很有幫助。關於我們應該如何思考 2025 年的任何早期讀物或想法？

Okay. Thanks, Doug. Let me start with AWS. Yes, the primary drivers of the year-over-year margin increase are threefold. So first is accelerating top line demand. That helps with all of our efficiencies, our cost control efforts. And of course, what you just mentioned, I believe the change in made the useful life of our servers this year. Let me remind you on that one.

好的。謝謝，道格。讓我從 AWS 開始。是的，利潤率年增的主要驅動因素有三重。首先是加速營收需求。這有助於提高我們的效率和成本控制工作。當然，您剛才提到的，我相信這項變更延長了我們伺服器今年的使用壽命。讓我提醒你這一點。

We made the change in 2024 to extend the useful life of our servers. This added about 200 basis points of margin year-over-year. On cost control, there's been a number of areas. First is hiring and staffing. We're being very measured in our hiring, as you can tell, as a company where our office staff is down slightly year-over-year and it's flat to the end of last year.

我們在 2024 年進行了更改，以延長伺服器的使用壽命。這使得利潤率年增了約 200 個基點。在成本控制方面，有很多方面。首先是招募和人員配置。如您所見，我們在招聘方面非常謹慎，作為一家公司，我們的辦公室員工數量同比略有下降，並且在去年年底持平。

So we're really working hard to maintain our efficiencies not only in the sales force and other areas and production teams but also in our infrastructure areas. Infrastructure is a big part of our cost structure in AWS, and we're probably the best at matching up supply and demand and driving cost efficiencies and driving those operations very strongly. I think you saw that this quarter, especially on the higher volume. Over time, this margin will fluctuate in segment.

因此，我們確實在努力維持我們的效率，不僅在銷售團隊、其他領域和生產團隊，而且在我們的基礎設施領域。基礎設施是我們 AWS 成本結構的重要組成部分，我們可能是最擅長匹配供需、提高成本效率並非常有力地推動這些營運的。我想您在本季度就看到了這一點，尤其是在銷量增加方面。隨著時間的推移，該利潤率將在細分市場中波動。

There's a number of factors to keep in mind, including our level of investment and the amount of innovation and product development we're doing for new products and services, changes in our staffing for sales and support organizations and, of course, capital to support customer growth and to build cost performance chips for our customers' applications. And as I mentioned, we do have a really good job in matching supply and demand, and we do that in this business. It can result in quarters that we just saw.

有很多因素需要牢記，包括我們的投資水平以及我們為新產品和服務所做的創新和產品開發的數量，我們銷售和支持組織的人員配置的變化，當然還有支持的資本客戶增長並為客戶的應用建構性價比晶片。正如我所提到的，我們在匹配供需方面確實做得很好，而且我們在這個業務中做到了這一點。它可能會導致我們剛剛看到的季度。

Yes, I'll take the CapEx part of that. As Brian said in his opening comments, we expect to spend about $75 billion in 2024. I suspect we'll spend more on that in 2025. And the majority of it is for AWS and specifically, the increased bumps here are really driven by generative AI.

是的，我將承擔其中的資本支出部分。 As Brian said in his opening comments, we expect to spend about $75 billion in 2024. I suspect we'll spend more on that in 2025. And the majority of it is for AWS and specifically, the increased bumps here are really driven by generative人工智慧.

As I was mentioning in my opening comments, our AI business is a multibillion-dollar business that's growing triple-digit percentages year-over-year and is growing three times faster at its stage of evolution than AWS did itself. We thought AWS grew pretty fast. And so the thing to remember about the AWS business is the cash life cycle is such that the faster we grow demand, the faster we have to invest capital in data centers and networking gear and hardware. And of course, in the hardware of AI, the accelerators or the chips are more expensive than the CPU hardware.

正如我在開場白中提到的，我們的人工智慧業務是一項價值數十億美元的業務，每年以三位數的百分比成長，在其發展階段的成長速度是 AWS 本身的三倍。我們認為 AWS 成長得相當快。因此，關於 AWS 業務需要記住的一點是，現金生命週期是這樣的：我們需求成長得越快，我們就必須更快地在資料中心、網路設備和硬體上投資資本。當然，在人工智慧的硬體中，加速器或晶片比CPU硬體更昂貴。

And so we invest in all of that upfront in advance of when we can monetize it with customers using the resources. But of course, a lot of these assets are many-year useful life assets. Data centers, for instance, are useful assets for 20 to 30 years. And so I think we've proven over time that we can drive enough operating income and free cash flow to make this very successful return on invested capital business.

因此，我們會在客戶使用這些資源將其貨幣化之前進行預先投資。當然，這些資產中有很多是具有多年使用壽命的資產。例如，資料中心是可用 20 到 30 年的資產。因此，我認為，隨著時間的推移，我們已經證明，我們可以帶來足夠的營業收入和自由現金流，從而使這項投資資本業務獲得非常成功的回報。

And we expect the same thing will happen here with generative AI. It is a really unusually large, maybe once-in-a-lifetime type of opportunity. And I think our customers, the business, and our shareholders will feel good about this long term that we're aggressively pursuing it.

我們預計生成式人工智慧也會發生同樣的事情。這是一個非常大的機會，也許是一生一次的機會。我認為我們的客戶、企業和股東會對我們積極追求的長期目標感到滿意。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Andy, if I could push on that last answer, you talked about how AI is about the same size but growing way faster than early AWS. And if we look back at the market in like the early 2010s is hypercompetitive on pricing. Your margins were below 15%, I believe, back then. And it seems like a lot of that is what's going on right now in AI with these new AI data centers where you've got competitive pricing and suboptimal utilization just in the whole industry.

Andy，如果我可以繼續回答最後一個答案，您談到了 AI 的規模與早期的 AWS 大致相同，但成長速度卻更快。如果我們回顧 2010 年代初期的市場，價格競爭非常激烈。我相信，當時你們的利潤率低於 15%。看起來，人工智慧領域目前正在發生的事情有很多，這些新的人工智慧資料中心在整個行業中都具有有競爭力的價格和次優利用率。

So as that revenue line grows from where it is today to tens of billions of dollars in coming years, how does that margin come on from the AI data centers versus your existing kind of 30-plus percent margin at AWS? Any thoughts on how quickly you can close the gap and how that looks on the new AI workloads versus maybe this mid-30s that the core business is running at?

因此，隨著營收線在未來幾年從目前的水準成長到數百億美元，與 AWS 現有 30% 以上的利潤相比，AI 資料中心的利潤是如何實現的呢？對於如何快速縮小差距以及新的人工智慧工作負載與核心業務運行的 30 多歲左右的差距有何想法？

Yes. So some quick context, Ross. I think one of the least understood parts about AWS, over time, is that it is a massive logistics challenge. If you think about, we have 35 or so regions around the world, which is an area of the world where we have multiple data centers, and then probably about 130 availability zone through data centers, and then we have thousands of SKUs we have to land in all those facilities. And if you land too little of them, you end up with shortages, which end up in outages for customers.

是的。羅斯，簡單介紹一下背景。我認為，隨著時間的推移，人們對 AWS 最不了解的部分之一是，它是一個巨大的物流挑戰。如果你想一想，我們在全球有35個左右的區域，這是我們在全球有多個資料中心的區域，然後透過資料中心可能有大約130個可用區，然後我們有數千個SKU登陸所有這些設施。如果你的貨量太少，最終就會出現短缺，導致客戶停電。

So most don't end up with too little, they end up with too much. And if you end up with too much, the economics are woefully inefficient. And I think you can see from our economics that we've done a pretty good job over time at managing those types of logistics and capacity. And it's meant that we've had to develop very sophisticated models in anticipating how much capacity we need, where, in which SKUs and units.

所以大多數人最後得到的不是太少，而是太多。如果你最終得到太多，經濟效率就會低得可憐。我認為你可以從我們的經濟學中看到，隨著時間的推移，我們在管理這些類型的物流和產能方面做得非常好。這意味著我們必須開發非常複雜的模型來預測我們需要多少容量、在哪裡、在哪些 SKU 和單元中。

And so I think that the AI space is, for sure, earlier stage, more fluid and dynamic than our non-AI part of AWS. But it's also true that people aren't showing up for 30,000 chips in a day. They're planning in advance. So we have very significant demand signals giving us an idea about how much we need. And I think that one of the differences if you were able to get inside of the economics of the different types of providers here is how well they manage that utilization and that capacity.

因此，我認為人工智慧領域肯定處於早期階段，比 AWS 的非人工智慧部分更具流動性和動態性。但人們也確實不會在一天內獲得 30,000 個籌碼。他們正在提前計劃。因此，我們有非常重要的需求訊號，讓我們了解我們需要多少。我認為，如果您能夠了解不同類型提供者的經濟情況，差異之一就是他們管理利用率和容量的程度。

It has a very direct impact on what kind of margins you have over time and what kind of capital efficiency you also have over time. And so I think you're right, Ross, that there are some similarities in the early days here of AI, where the offerings are new and people are very excited about it. It's moving very quickly and the margins are lower than what I think they will be over time. The same was true with AWS.

它對您隨著時間的推移所擁有的利潤以及您隨著時間的推移所擁有的資本效率有著非常直接的影響。所以我認為你是對的，羅斯，人工智慧的早期階段有一些相似之處，其中的產品都是新的，人們對此感到非常興奮。它的發展速度非常快，而且利潤率低於我認為隨著時間的推移會達到的水平。 AWS 也是如此。

If you looked at our margins around the time you were citing, in 2010, they were pretty different than they are now. I think as the market matures over time, there are going to be very healthy margins here in the generative AI space.

如果你看看你引用的時間前後我們的利潤率，2010 年，它們與現在有很大不同。我認為，隨著市場隨著時間的推移而成熟，生成人工智慧領域將會有非常可觀的利潤。

Brian Nowak, Morgan Stanley.

布萊恩·諾瓦克，摩根士丹利。

I have two. The first one, I feel like we talk a lot about your targets and sort of north stars for domestic profitability. Can you talk to us a little bit about how you think about the drivers of international retail profitability from here and sort of how you just conceptually where the margins could go and what drives them there? And then the second one, I wanted to sort of ask you more about the robotics that you mentioned. I know you've been investing in robotics now for quite a few years. Where are you now in that journey?

我有兩個。第一個，我覺得我們談了很多關於你們的目標和國內獲利能力的北極星。您能否與我們談談您如何看待國際零售獲利的驅動因素，以及您如何從概念上理解利潤的走向以及驅動它們的因素？然後第二個問題，我想問你更多關於你提到的機器人技術的問題。我知道您投資機器人技術已經好幾年了。在那段旅程中你現在在哪裡？

And how do we think about the next largest areas of investment in robotics in the warehouse network?

我們如何看待倉庫網路中機器人技術的下一個最大投資領域？

This is Brian. Let me take the first part of that question on international segment profitability. So if you've looked at the trends, we see quarter-to-quarter fluctuations certainly in operating profit in the international segment. But we're starting to see clear trend lines that are moving positive and above zero. And for each of the last 7 quarters, as I mentioned, we've had year-over-year improvement in op margin.

這是布萊恩.讓我來回答這個問題的第一部分，即國際業務的獲利能力。因此，如果您觀察了趨勢，我們會發現國際部門的營業利潤肯定存在季度波動。但我們開始看到明顯的趨勢線正在向正值移動且高於零。正如我所提到的，在過去 7 個季度中，我們的營運利潤率逐年有所改善。

And in the last quarter, operating income was up $1.4 billion versus the prior year. So really, it is a lot of the same factors you're seeing in North America, lower cost to serve, greater contribution from advertising, improved selection, faster delivery speeds, which help drive consumer demand. And if you step back further, international is really a mix of our established countries where we've been operating for a long time, the UK, Europe, and Germany excuse me, Europe and Japan, and a number of emerging countries, including 10 new countries that we launched in the last seven years. So there's a lot under the hood there and there's different stories in each country.

上一季度，營業收入比前一年增加了 14 億美元。事實上，這與您在北美看到的許多相同因素相同：更低的服務成本、更大的廣告貢獻、更好的選擇、更快的交付速度，這些都有助於推動消費者需求。如果你再退一步，國際實際上是我們長期運作的成熟國家的混合體，英國、歐洲和德國（對不起，歐洲和日本）以及一些新興國家，包括 10 個國家我們在過去七年中推出的新國家。所以這裡面有很多東西，每個國家都有不同的故事。

Each of them is on a different point in the path from launching to customer adoption, just scaling towards profitability to then making consistent operating profit. So I think our expectations in each of those countries mirror those in North America. And we intend, over the fullness of time, that we're going to aim for North America margins, which are not static themselves. So we're happy with the performance.

他們每個人都處於從推出到客戶採用的道路上的不同階段，只是擴大盈利能力，然後獲得穩定的營業利潤。所以我認為我們對這些國家的期望反映了北美的期望。我們打算，隨著時間的推移，我們的目標是北美利潤率，而北美利潤率本身並不是靜態的。所以我們對錶現很滿意。

Glad to see a number above zero in many of the last few quarters, but really to the story on a country-by-country basis that we're working hard. On the robotics piece, what I would say is even though we believe we have more expansive and advanced automation, robotics capabilities in our fulfillment network than other peers, it's so early with respect to what we're going to do automation, robotics-wise in our fulfillment network. We're just at the stage right now where we're starting to roll out. We had about a five or six very significant new robotics capabilities in the areas of stowing, picking, packing, and shipping that we are finally put into one facility to get the entire workflow.

很高興看到過去幾個季度的許多數字都高於零，但實際上我們正在努力工作，每個國家的情況都是如此。在機器人方面，我想說的是，儘管我們相信我們的履行網絡中比其他同行擁有更廣泛和更先進的自動化、機器人能力，但就我們要做的自動化、機器人技術而言，現在還為時過早在我們的履行網絡中。我們現在正處於開始推出的階段。我們在裝載、揀選、包裝和運輸領域擁有大約五到六個非常重要的新機器人功能，我們最終將它們放入一個設施中以實現整個工作流程。

It's a facility in Shreveport, Louisiana that was just launched a few weeks ago. And as I mentioned in my opening comments, we're seeing very encouraging results there. And of course, the reason why we're trying to have more robotics and automation in our fulfillment network is it allows us to fast to ship more quickly, to ship more cost effectively, and to make conditions even safer for our fulfillment teammates than what they already have today.

這是位於路易斯安那州什里夫波特的一家工廠，幾週前剛啟動。正如我在開場白中提到的，我們看到了非常令人鼓舞的結果。當然，我們嘗試在履行網路中採用更多機器人和自動化的原因是，它使我們能夠更快地發貨、更具成本效益地發貨，並為我們的履行團隊成員創造比其他公司更安全的條件。

And I think something that the team has done in a very disciplined way, and I talked about this a little bit in my annual letter, my shareholder letter is just they have been very thoughtful about defining what are the primitive foundational building blocks that you need, that you can then use in lots of different combinations to build additional automation/robotics capabilities down the road that we can move even more quickly with the next generation of robotics capabilities? And that team has invested in those and they're already working on the next generation. And the last piece I would add to that is we really do believe that AI is going to be a big piece of what we do in our robotics network.

我認為團隊以非常有紀律的方式做了一些事情，我在年度信中談到了這一點，我的股東信只是他們非常深思熟慮地定義了您需要的原始基礎構建模組，然後您可以使用許多不同的組合來建立額外的自動化/機器人功能，以便我們可以更快地利用下一代機器人功能？該團隊已經在這些方面進行了投資，並且他們已經在開發下一代產品。我要補充的最後一點是，我們確實相信人工智慧將成為我們機器人網路中所做工作的重要組成部分。

We had a number of efforts going on there. We just hired a number of people from an incredibly strong robotics AI organization. And I think that will be a very central part of what we do moving forward, too.

我們在那裡做了很多努力。我們剛從一個非常強大的機器人人工智慧組織聘請了一些人員。我認為這也將是我們前進的一個非常核心的部分。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Maybe a two-part, if I can. Looking at the results in the commerce business, there's a clear sort of pattern emerging with respect to ASPs versus unit growth. Can you talk a little bit about what you're seeing in terms of consumer behavior and the propensity to be receptive to either lower ASP items or discounts among consumer behavior? And then the second part would be, can you talk a little bit about some of the strategic initiatives you're building for the long term around capitalizing on lower ASP items and the potential shift to more consumables and the base of consumption habits on the platform?

如果可以的話，也許可以分成兩個部分。看看商業業務的結果，在平均售價與單位成長方面出現了明顯的模式。您能否談談您所看到的消費者行為以及消費者行為中接受較低平均售價商品或折扣的傾向？然後第二部分是，您能否談談您正在圍繞利用較低的平均售價商品以及向更多消耗品的潛在轉變以及平台上的消費習慣基礎而製定的長期戰略計劃？

Eric, thank you for your question. Yes, you're right. Q3 unit volume was strong, 12% worldwide. It's pretty similar in North America versus international. And the consumer factors, we've seen a continuation of many of the things we've discussed over the last few quarters.

艾瑞克，謝謝你的問題。是的，你說得對。第三季銷售強勁，佔全球銷售量的 12%。北美與國際的情況非常相似。至於消費者因素，我們看到過去幾季討論的許多事情仍在繼續。

Customers looking for deals and are price conscious. This matches up well with our Prime events wherewhich were well received and saved billions of dollars for our Prime members. It also led to paid Prime member growth accelerating in the quarter, which is hugely impactful for us. A lot of our best offers and deliveries are tuned to Prime membership, and it's the best deal in retail.

尋找優惠且對價格敏感的客戶。這與我們的 Prime 活動非常吻合，這些活動受到了好評，並為我們的 Prime 會員節省了數十億美元。它還導致本季度付費 Prime 會員成長加速，這對我們影響巨大。我們的許多最佳優惠和送貨服務均針對 Prime 會員，這是零售業的最佳優惠。

So with all the benefits you get for the subscription price, so those are all positive signs. When you look at the split between revenue growth and unit growth, you do see some impact of the lower ASP products that we're selling as well as some of the trade down that consumers are doing. But we take that as a real positive, seeing the growth in everyday essential categories, which are really predicated on speed. You have to have fast delivery to be able to sell the those products to customers.

因此，考慮到您透過訂閱價格獲得的所有好處，這些都是積極的跡象。當您查看收入成長和銷售成長之間的差距時，您確實會看到我們銷售的平均售價較低的產品以及消費者正在進行的一些交易的一些影響。但我們認為這是一個真正的積極因素，因為我們看到日常必需品類別的成長，而這些類別實際上取決於速度。您必須快速交貨才能將這些產品出售給客戶。

And when you do, it results in a stickier consumer relationship, higher orders, building larger baskets, which help our ship economics, and repeat orders are stronger. So those are all positive signs, and we'll take any short-term degradation in ASP because what we're focused on primarily is free cash flow here. And we see the ability to unlock all new elements of the consumer spend.

當你這樣做時，就會產生更黏的消費者關係、更高的訂單、更大的購物籃，這有助於我們的船舶經濟，並且重複訂單也更強。因此，這些都是積極的跡象，我們將接受平均售價的任何短期下降，因為我們主要關注的是這裡的自由現金流。我們看到了解鎖消費者支出的所有新元素的能力。

And I'll just add, Eric, on the lower ASP strategy. There's an expression that we've used a lot of times over the years that it's easy to lower prices but it's much harder to be able to afford to lower prices. And the same thing is probably true about lower ASP items. It's pretty easy to choose to supply them but it's much harder to be able to afford to economically supply them.

Eric，我只想補充一下降低 ASP 的策略。多年來我們多次使用過這樣的說法：降低價格很容易，但要負擔得起更低的價格卻很難。對於平均售價較低的產品來說，情況可能也是如此。選擇供應它們很容易，但能夠經濟地供應它們則困難得多。

And so one of the reasons that we have been so maniacal about cost to serve over the last few years is that as we're able to take our cost to serve down, it just opens up the aperture for more items, particularly lower ASP items that we're able to supply in an economic way. And when you layer on top of that the broader selection, you layer on top of that faster speed and what we're able to do in getting items and fulfillment nodes local and close to our end customers, what we're able to do in expanding our same-day network, which allows us to ship same-day but also is one of our lowest-cost way to ship is it just lets us serve so many more of customers' shopping missions. And that's what we're seeing in our business right now. But again, I think there's a lot of opportunity to continue to expand that.

因此，過去幾年我們對服務成本如此狂熱的原因之一是，隨著我們能夠降低服務成本，它只會為更多產品，特別是較低平均售價的產品打開大門。方式提供。當你在更廣泛的選擇之上分層時，你在更快的速度之上分層，以及我們能夠在本地並靠近我們的最終客戶獲得專案和履行節點方面所做的事情，我們能夠做的事情擴大我們的當日網絡，這使我們能夠當日發貨，同時也是我們成本最低的發貨方式之一，因為它可以讓我們為更多客戶的購物任務提供服務。這就是我們現在在我們的業務中看到的情況。但我再次認為有很多機會繼續擴大這個範圍。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

A question on online stores. The third-party unit mix declined a little bit in Q3, which is unusual. So just wondering if there are any specific drivers of that shift. And then secondly, you made a lot of progress with the AI agents on AWS and for sellers and Rufus for buyers. I wonder with all the underlying data that you have and leveraging those agent capabilities if you could provide any perspective on what a next-generation Alexa might look like and your opportunities there to perhaps drive incremental revenues.

關於網上商店的問題。第三季第三方單位組合略有下降，這是不尋常的。所以只是想知道這種轉變是否有任何特定的驅動因素。其次，您在 AWS 上的人工智慧代理（針對賣家）和 Rufus（針對買家）方面取得了很大進展。我想知道，透過您擁有的所有基礎資料並利用這些代理功能，您是否可以就下一代 Alexa 的外觀以及您可能帶來增量收入的機會提供任何觀點。

Sure, Colin. Thanks for your question. On the first one, third-party sellers, yes, the percent of paid units was 60% in Q3. And if you look over the last 2 years, it's -- essentially, it was at 59%, stepping up to 60%, stepping up to 61% pretty much every second quarter. So what we're seeing is still in a tight band between 59% and 61%. But what we're seeing is the impact of the everyday essentials. There's -- 3P demand is still strong and unit volumes are strong. It's just the everyday essentials tend to skew more to 1P than 3P.

當然，科林。謝謝你的提問。第一個是第三方賣家，是的，第三季付費單位的百分比為 60%。如果你看看過去兩年，基本上是從 59% 上升到 60%，幾乎每個第二季都會上升到 61%。所以我們看到的仍然是在 59% 到 61% 之間的狹窄區間內。但我們看到的是日常必需品的影響。 3P 需求依然強勁，單位銷售也強勁。只是日常必需品更傾向於 1P，而不是 3P。

And on your second question, Colin, around Alexa, I think we have a really broad number of Alexa devices all over people's homes and offices and automobiles and hospitality suites. We've about 0.5 billion devices out there with a couple of hundred million active endpoints. And when we first were pursuing Alexa, we had this vision of it being the world's best personal assistant and people thought that was kind of a crazy idea. And I think if you look at what's happened in generative AI over the last couple of years, I think you're kind of missing the boat if you don't believe that's going to happen.

關於你的第二個問題，科林，關於 Alexa，我認為我們在人們的家庭、辦公室、汽車和酒店套房中擁有大量的 Alexa 設備。我們擁有大約 5 億台設備和數億個活動端點。當我們第一次追求 Alexa 時，我們的願景是讓它成為世界上最好的個人助理，人們認為這是一個瘋狂的想法。我認為，如果你看看過去幾年生成人工智慧領域發生的事情，如果你不相信這會發生，我想你就錯過了機會。

It absolutely is going to happen. So we have a really broad footprint where we believe if we rearchitect the brains of Alexa with next-generation foundational models, which we're in the process of doing, we have an opportunity to be the leader in that space. And I think if you look at a lot of the applications today that use generative AI, there's a large number of them that are having success in cost avoidance and productivity. And then you're increasingly seeing more applications have success in really impacting the customer experience and being really good at taking large corpuses of data and being able to summarize and aggregate and answer questions, but not that many yet that are really good on top of that in taking actions for customers.

這絕對會發生。因此，我們的足跡非常廣泛，我們相信，如果我們用下一代基礎模型重新建構 Alexa 的大腦（我們正在這樣做），我們就有機會成為該領域的領導者。我認為，如果你看看當今許多使用生成式人工智慧的應用程序，你會發現其中有許多在避免成本和提高生產力方面取得了成功。然後，您將越來越多地看到越來越多的應用程式在真正影響客戶體驗方面取得了成功，並且真正擅長獲取大量數據並能夠總結、聚合和回答問題，但真正擅長的應用程式還沒有那麼多。

And I think that the next generation of these assistants and the generative AI applications will be better at not just answering questions and summarizing the indexing and aggregating data, but also taking actions. And you can imagine us being pretty good at that with Alexa.

我認為下一代助理和生成式人工智慧應用不僅會更好地回答問題、總結索引和聚合數據，還會採取行動。你可以想像我們在 Alexa 方面非常擅長。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

Maybe a couple of questions. Just on the cloud, are you at all capacity constrained, and will the new Trainium or NVIDIA chips maybe even drive sales growth faster? And then secondly and I know there's been some competition from some of the more traditional retailers growing quickly online. Maybe talk about maybe the advantages that Amazon has with a fulfillment center distribution versus store distribution? Any thoughts on that?

也許有幾個問題。就雲端而言，您的容量是否受到限制？其次，我知道一些在網路上快速發展的傳統零售商面臨一些競爭。或許可以談談亞馬遜的配送中心配送與商店配送相比的優勢？對此有什麼想法嗎？

Well, on cloud, Justin, what I would tell you is that I believe we have more demand that we could fulfill if we had even more capacity today. I think pretty much everyone today has less capacity than they have demand for, and it's really primarily chips that are the area where companies could use more supply. And so we're growing at a very rapid rate and have grown a pretty big business here in the AI space. And it's early days, but I actually believe that the rate of growth there has a chance to improve over time as we have bigger and bigger capacity.

好吧，在雲端方面，賈斯汀，我要告訴你的是，我相信，如果我們今天擁有更多的容量，我們可以滿足更多的需求。我認為現在幾乎每個人的產能都低於他們的需求，而且公司可以使用更多供應的領域實際上主要是晶片。因此，我們正在以非常快的速度成長，並在人工智慧領域發展了相當大的業務。現在還處於早期階段，但我實際上相信，隨著我們擁有越來越大的產能，那裡的成長率有機會隨著時間的推移而提高。

And I think that one of the reasons I mentioned in my opening comments that we have a very deep partnership with NVIDIA. We tend to be their lead partner on most of their new chips. We were the first to offer H200s in EC2 instances. And I expect us to have a partnership for a very long time that matters.

我認為這就是我在開場白中提到的原因之一，即我們與 NVIDIA 有著非常深厚的合作關係。我們往往是他們大多數新晶片的主要合作夥伴。我們是第一家在 EC2 執行個體中提供 H200 的公司。我希望我們能建立長期的合作關係，這一點很重要。

It's also true that for customers that start to scale out their implementations on the inference side, particularly, they realize pretty quickly that it can get costly. And it's really why we have pursued building Trainium and Inferentia, which is our custom silicon. And the second version of Trainium, Trainium2 will start to ramp up in the next few weeks. And I think it's going to be very compelling for customers on a price performance basis.

確實，對於開始在推理方面擴展其實施的客戶來說，尤其是他們很快意識到這可能會變得昂貴。這就是我們一直致力於建造 Trainium 和 Inferentia（我們的客製化晶片）的真正原因。 Trainium 的第二個版本 Trainium2 將在未來幾週內開始推出。我認為，從性價比的角度來看，這對顧客來說非常有吸引力。

And we have a lot of customer interest. We have gone back to our manufacturing partners a couple of times now to produce a lot more Trainium than we anticipated. Some of that, for sure, is due to the fact that we have very large demand, and we want more capacity and supply to be able to provide them. But a lot of it is that customers are excited about the price performance that they believe they're going to get in Trainium.

我們有很多客戶的興趣。我們已經多次聯繫我們的製造合作夥伴，生產的 Trainium 數量比我們預期的要多得多。當然，其中部分原因是我們的需求非常大，我們需要更多的產能和供應來滿足這些需求。但很大程度是顧客對 Trainium 獲得的性價比感到興奮。

So I think it's a very significant opportunity for us in the AWS space, and it's going to be a very significant opportunity for customers. I think on the retail side, I'd start by just saying that we've always believed that competition is very positive and very healthy. It's good for consumers, good for businesses. It's actually great for innovation. And if you look at the retail space, it's a very, very large market segment.

因此，我認為這對我們在 AWS 領域來說是一個非常重要的機會，對客戶來說也將是一個非常重要的機會。我認為在零售方面，我首先要說的是，我們一直相信競爭是非常積極和健康的。這對消費者有利，對企業有利。這其實對創新很有好處。如果你看看零售領域，你會發現這是一個非常非常大的細分市場。

I mean, we have a pretty big retail business, and yet we're only about 1% of the market segment share of the worldwide global retail market segment. And still about 80% to 85% of that market segment share lives in physical stores. And so if you believe that equation is going to flip in the next 10 to 20 years, which we do, there's just a lot of opportunity not just for us but for several players. There won't be only 1 successful player.

我的意思是，我們擁有相當大的零售業務，但我們只佔全球零售市場份額的 1% 左右。而且該細分市場的大約 80% 到 85% 的份額仍然存在於實體店中。因此，如果你相信這個等式將在未來 10 到 20 年內發生翻轉（我們也這樣做），那麼不僅對我們而且對一些參與者來說都有很多機會。成功的玩家不會只有一位。

I do think that we have some elements of our customer experience that are really unusual and unlike others. I think we have meaningfully broader selection than almost all the players that you probably have seen and heard of. We have low prices with very significant deals that we go work with our third-party selling partners around key holiday shopping occasions. And then we have very significant advantages and speed of delivery to customers.

我確實認為我們的客戶體驗中有一些元素確實不尋常且與其他元素不同。我認為我們比您可能見過和聽說過的幾乎所有球員都有更廣泛的選擇。我們提供低廉的價格和非常重要的優惠，我們會在重要的假期購物場合與第三方銷售合作夥伴合作。然後我們有非常顯著的優勢和向客戶交付的速度。

And we just continue to see in every bit of testing and analysis that we do, that the faster that we're able to promise customers that we can get them their items, the more frequently they buy and the more they actually use Amazon for their shopping needs. And so those are things that are pretty different. I also think we have a way of prioritizing customers that I think is unusual. Our orientation, our DNA and our core at Amazon starts with the customer, and everything moves backwards from that.

我們在所做的每一項測試和分析中繼續看到，我們向客戶承諾我們可以為他們提供商品的速度越快，他們購買的頻率就越高，他們實際使用亞馬遜購買商品的次數就越多。所以這些都是非常不同的事情。我還認為我們有一種不同尋常的優先考慮客戶的方式。亞馬遜的定位、DNA 和核心都是從顧客開始的，一切都以此為基礎。

Any meeting you go to inside of Amazon, we're always asking ourselves what do customers want? What do customers say? What do they not like about the experience? What could be better?

你參加亞馬遜內部的任何會議，我們總是問自己客戶想要什麼？客戶怎麼說？他們不喜歡這種體驗的哪些面向？還有什麼更好的呢？

And that customer orientation is very important not just in how you take care of customers, but the world changes quickly all the time. And the technology is changing really quickly. And so if you have the combination of strong technical aptitude, propensity and a passion for inventing and then also a customer orientation where it drives everything you do, I think you have an opportunity to continue to build great trust in a business over a long period of time.

以客戶為導向非常重要，不僅涉及如何照顧客戶，而且世界一直在快速變化。而且技術變化非常快。因此，如果你兼具強大的技術能力、傾向和發明熱情，並且以客戶為導向，推動你所做的一切，我認為你有機會在很長一段時間內繼續在企業中建立巨大的信任的時間。

Thanks for joining us on the call today 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。

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。