亞馬遜 (AMZN) 2024 Q4 法說會逐字稿

Thank you for standing by.

感謝您的支持。

Good day, everyone, and welcome to the Amazon.com fourth-quarter 2024 financial results teleconference.

大家好，歡迎參加亞馬遜 2024 年第四季財務業績電話會議。

(Operator Instructions) Today's call is being recorded.

（操作員指示）今天的通話正在錄音。

And for opening remarks, I will be turning the call over to the Vice President of Investor Relations, Dave Fildes.

在開幕致詞時，我將把電話轉給投資者關係副總裁戴夫·菲爾德斯 (Dave Fildes)。

Thank you, sir.

謝謝您，先生。

Please go ahead.

請繼續。

Hello, and welcome to our Q4 2024 financial results conference call.

您好，歡迎參加我們 2024 年第四季財務業績電話會議。

Joining us today to answer your questions is Andy Jassy, our CEO; and Brian Olsavsky, our CFO.

今天與我們一起回答您的問題的是我們的執行長 Andy Jassy；以及我們的財務長 Brian Olsavsky。

As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter.

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.

請注意，除非另有說明，本次電話會議中的所有比較都將針對我們 2023 年可比較期間的結果進行。

Our comments and responses to your questions reflect management's views as of today, February 6, 2025, only and will include forward-looking statements.

我們對您的問題的評論和回應僅反映管理層截至今天（2025 年 2 月 6 日）的觀點，並包含前瞻性陳述。

Actual results may differ materially.

實際結果可能存在重大差異。

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.

有關可能影響我們財務表現的因素的其他資訊包含在今天的新聞稿和我們向美國證券交易委員會提交的文件中，包括我們最近的 10-K 表年度報告和後續文件。

During this call, we may discuss certain non-GAAP financial measures.

在本次電話會議中，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 are filed with the SEC, each of which is posted on our IR web website.

在我們的新聞稿中，與本次網路廣播一起提供的幻燈片已提交給美國證券交易委員會 (SEC)，每個投影片都發佈在我們的 IR 網站上。

You will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures.

您將發現這些非 GAAP 指標的更多揭露，包括這些指標與可比較 GAAP 指標的對帳。

Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions.

我們的指導考慮到了我們迄今為止看到的訂單趨勢以及我們今天認為合適的假設。

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

我們的結果本質上是不可預測的，並且可能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以及客戶需求和支出的變化，包括經濟衰退的擔憂、通貨膨脹、利率、區域勞動力、市場限制、世界事件、互聯網、在線商務、雲端服務和新興技術的增長率以及我們向美國證券交易委員會提交的文件中詳述的各種因素。

Our guidance assumes among other things that we don't conclude any additional business, acquisitions, restructurings or legal settlements.

我們的指導假設之一是我們不會達成任何額外業務、收購、重組或法律和解。

It's not possible to accurately predict demand for our goods and services, and therefore, our actual results could differ materially from our guidance.

我們無法準確預測對我們的商品和服務的需求，因此，我們的實際結果可能與我們的指導有重大差異。

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

現在我將電話轉給安迪。

Thanks, Dave.

謝謝，戴夫。

Today, we're reporting $187.8 billion in revenue, up 10% year-over-year.

今天，我們報告的收入為 1878 億美元，年增 10%。

Given the way the dollar strengthened throughout the quarter, we saw $700 million more of foreign exchange headwind than we anticipated in guidance.

鑑於美元在整個季度的走強勢勢，我們預計外匯逆風將比預期多出 7 億美元。

Without that headwind, revenue would have been 11% year-over-year and exceeded the top end of our guidance.

如果沒有這一不利因素，營收將比去年同期成長 11%，並超過我們預期的最高水準。

Operating income was $21.2 billion, up 61% year-over-year.

營業收入為212億美元，年增61%。

And trailing 12-month free cash flow adjusted for equipment finance leases was $36.2 billion, up $700 million year-over-year.

經設備融資租賃調整後的過去 12 個月自由現金流為 362 億美元，較去年同期成長 7 億美元。

We're pleased with the invention, customer experience improvements, and results delivered in 2024 and have a lot more planned in 2025.

我們對這項發明、客戶體驗的改進以及 2024 年實現的成果感到滿意，並計劃在 2025 年推出更多措施。

I'll start by talking about our Stores business.

我首先要談談我們的商店業務。

We saw a 10% year-over-year revenue growth in our North America segment and 9% year-over-year in our international segment, excluding the impact from foreign exchange rates.

除去外匯匯率的影響，我們的北美分部營收年增 10%，國際分部營收年增 9%。

Our continued focus on expanding selection, lowering prices, and improving convenience drove strong unit growth that even outpaced our revenue growth.

我們持續致力於擴大選擇範圍、降低價格和提高便利性，推動了單位數量的強勁成長，甚至超過了收入的成長。

We continue to add to our broad range of selection, giving customers choice across a variety of price points.

我們將繼續擴大我們的選擇範圍，為客戶提供各種價位的選擇。

We welcomed notable brands to our stores throughout 2024, including Clinique, Estee Lauder, Oura Rings, and Armani Beauty.

2024 年，我們將歡迎知名品牌進駐我們的門市，包括倩碧、雅詩蘭黛、Oura Rings 和阿瑪尼美妝。

We continue to add to the hundreds of millions of products offered from our selling partners who made up 61% of items that we sold in 2024, our highest annual mix of third-party seller units ever.

我們繼續增加由我們的銷售合作夥伴提供的數億種產品，這些產品占我們 2024 年銷售產品的 61%，這是我們有史以來最高的第三方賣家單位年度組合。

We also launched Amazon Haul for US customers in Q4, which offers customers an engaging shopping experience that brings ultra low-priced products into one convenient destination.

我們也在第四季度為美國客戶推出了 Amazon Haul，為客戶提供引人入勝的購物體驗，將超低價產品集中到一個便利的目的地。

It's off to a very strong start.

開局非常強勁。

Customers continue to want Amazon to be the place they rely on for sharp pricing.

顧客們仍然希望亞馬遜成為他們可信賴的、提供合理價格的地方。

In the fourth quarter, consumers saved more than $15 billion with our low everyday prices and record-setting events during the Prime Big Deal Days in October and Black Friday and Cyber Monday around Thanksgiving.

第四季度，消費者透過我們在 10 月的 Prime 大促銷日以及感恩節前後的黑色星期五和網路星期一等期間推出的低廉日常價格和創紀錄的活動節省了超過 150 億美元。

Additionally, Profitero's annual pricing study found that entering the holiday season, Amazon had the lowest online prices for the eighth year in a row, averaging 14% lower prices on average than other leading retailers in the US.

此外，Profitero 的年度價格研究發現，進入假期季節，亞馬遜連續第八年擁有最低的線上價格，平均比美國其他領先零售商低 14%。

Our speed of delivery continues to accelerate, and 2024 was another record-setting year for Prime members.

我們的配送速度不斷加快，2024 年對 Prime 會員來說又是創紀錄的一年。

We expanded the number of same-day delivery sites by more than 60% in 2024, which now serve more than 140 metro areas.

2024 年，我們將當日送達站點的數量擴大 60% 以上，目前服務範圍已涵蓋 140 多個大都會地區。

And overall, we delivered over 9 billion units the same or next day around the world.

整體而言，我們當天或隔天向世界各地交付了超過 90 億件產品。

Our relentless pursuit of better selection, price and delivery speed is driving accelerated growth in Prime membership.

我們不懈追求更好的選擇、價格和配送速度，推動了 Prime 會員數量的加速成長。

For just $14.99 a month, Prime members get unlimited free shipping on 300 million items off of the same day or one-day delivery, exclusive shopping events like Prime Day, access to a vast collection of premium programming and live sports on Prime Video, ad-free listening of 100 million songs and podcasts with Amazon Music, access to unlimited generic prescription for only $5 a month, unlimited grocery delivery and orders over $35 from Whole Foods Market and Amazon Fresh for $9.99 a month, a free Grubhub+ membership with free unlimited delivery, and our latest benefit of a $0.10 per gallon fuel discount at BP Amoco and AMPM stations.

每月只需​​ 14.99 美元，Prime 會員即可享受當日或一日送達的 3 億件商品無限次免費配送、Prime Day 等專屬購物活動、觀看 Prime Video 上的大量優質節目和體育賽事直播、使用 Amazon Music 無廣告收聽 1 億首歌曲和播客、每月只需 5 美元的食品雜貨Grubhub+ 會員資格和免費無限次配送，以及我們最新的福利，即在 BP Amoco 和 AMPM 加油站加油時每加侖可享受 0.10 美元的折扣。

When you think about this as a whole and also compared to many other membership services that are comparably and more expensively priced that offer just one benefit like video, Prime is a screaming deal, and we have more coming for our Prime members in 2025.

如果你從整體上考慮這一點，並且與許多其他價格相當且更昂貴但只提供視訊一項福利的會員服務相比，Prime 是一個驚人的交易，而且我們將在 2025 年為我們的 Prime 會員提供更多福利。

We also remain squarely focused on cost to serve in our fulfillment network, which has been a meaningful driver of our increased operating income.

我們也將繼續專注於履行網路的服務成本，這對我們增加營業收入具有重要意義。

We've talked about the regionalization of our US network.

我們已經討論了美國網路的區域化。

We've also recently rolled out our redesigned US inbound network.

我們最近也推出了重新設計的美國入境網路。

While still in its early stages, our inbound efforts have improved our placement of inventory so that even more items are closer to end customers.

雖然仍處於早期階段，但我們的入站努力已經改善了庫存佈局，以便更多的商品更接近最終客戶。

Ahead of Black Friday in November, we'd improved the percentage of order units available in the ideal building by over 40% year-over-year.

在 11 月黑色星期五到來之前，我們已將理想大樓內可用訂單單位的百分比比去年同期提高了 40% 以上。

We've also spent considerable time optimizing the number of items we send customers in the same package, which reduces packaging, is more convenient for customers, and less expensive for us to fulfill.

我們也花了大量時間來優化在同一包裹中發送給客戶的物品數量，這可以減少包裝數量，為客戶帶來更多便利，並降低我們的配送成本。

And our per unit transportation costs continued to decline as we build out and optimize our last mile network.

隨著我們建造和優化最後一哩網絡，我們的單位運輸成本持續下降。

Overall, we've reduced our global cost to serve on a per unit basis for the second year in a row while at the same time increasing speed, improving safety, and adding selection.

總體而言，我們連續第二年降低了全球單位服務成本，同時提高了速度、改善了安全性並增加了選擇。

As we look to 2025 and beyond, we see opportunity to reduce costs again as we further refine inventory placement, grow our same-day delivery network, and accelerate robotics and automation throughout the network.

展望 2025 年及以後，隨著我們進一步優化庫存佈局、擴大當日送達網路以及加速整個網路的機器人和自動化，我們再次看到了降低成本的機會。

In advertising, we remain pleased with the strong growth on a very large base, generating $17.3 billion of revenue in the quarter and growing 18% year-over-year.

在廣告方面，我們對非常大基礎上的強勁成長感到滿意，本季創造了 173 億美元的收入，年增 18%。

That's a $69 billion annual revenue run rate, more than double what it was just four years ago at $29 billion.

這意味著年收入運行率為 690 億美元，比四年前的 290 億美元增長了一倍多。

Sponsored Products, the largest portion of ad revenue, are doing well and we see runway for even more growth.

贊助產品是廣告收入中最大的一部分，目前表現良好，我們預計還有進一步成長的空間。

We also have a number of newer streaming offerings that are starting to become significant new revenue sources.

我們還提供了許多較新的串流媒體產品，它們開始成為重要的新收入來源。

On the streaming video side, we wrapped up our first year of Prime Video ads, and we're quite pleased with the early progress and headed into this year with momentum.

在串流媒體影片方面，我們結束了 Prime Video 廣告的第一年，我們對早期的進展感到非常滿意，並以強勁的勢頭進入今年。

We've made it easier to do full funnel advertising with us.

我們讓開展全通路廣告變得更加容易。

Full funnel is from the top of the funnel with broad reach advertising that drives brand awareness to mid-funnel responsive brands that companies specify certain keywords and audiences to attract people to their detailed pages or brand store on Amazon, to bottom of the funnel, where Sponsored Products help advertisers service relevant product ads to customers at the point of purchase.

完整漏斗是從漏斗頂部開始的，使用廣泛覆蓋的廣告來提升品牌知名度，到漏斗中部的響應式品牌，公司指定特定的關鍵字和受眾來吸引人們訪問他們在亞馬遜上的詳細頁面或品牌商店，到漏斗底部，贊助產品可幫助廣告商在購買點向客戶提供相關產品廣告。

We make this easy for brands to sign up for and deploy across our growing advertising.

我們讓品牌能夠輕鬆地註冊並部署我們不斷成長的廣告服務。

We also have differentiated audience features that leverage billions of customer signals across our stores and media destinations.

我們還擁有差異化的受眾功能，可以利用我們商店和媒體目的地中的數十億客戶訊號。

From Amazon Marketing Cloud secure clean rooms providing advertisers the ability to analyze data, produce core marketing metrics and understand how their marketing performs across various channels to our new multi-touch attribution model that helps advertisers understand how their marketing is working.

從亞馬遜行銷雲端安全潔淨室，為廣告主提供分析數據、產生核心行銷指標和了解他們的行銷在各個管道的表現的能力，到我們新的多點觸控歸因模型，幫助廣告商了解他們的行銷運作情況。

If an advertiser uses streaming TV, display, Sponsored Products and other ad types in their campaign, multi-touch attribution will show the relative contribution of each to their sales.

如果廣告主在廣告活動中使用串流電視、展示、贊助產品和其他廣告類型，則多點觸控歸因將顯示每種廣告類型對其銷售的相對貢獻。

Moving on to AWS.

轉向 AWS。

In Q4, AWS grew 19% year-over-year and now has a $115 billion annualized revenue run rate.

第四季度，AWS 年增 19%，目前年化營收運作率為 1,150 億美元。

AWS is a reasonably large business by most standards.

以大多數標準來看，AWS 都算是相當大的企業。

And though we expect growth will be lumpy over the next few years as enterprise adoption cycles, capacity considerations and technology advancements impact timing, it's hard to overstate how optimistic we are about what lies ahead for AWS' customers and business.

儘管我們預計未來幾年的成長將會不穩定，因為企業採用週期、容量考量和技術進步都會影響時間，但我們對 AWS 客戶和業務的前景非常樂觀。

I spent a fair bit of time thinking several years out.

我花了相當多的時間思考未來幾年的事。

And while it may be hard for some to fathom a world where virtually every app has generative AI infused in it, with inference being a core building block just like compute, storage and database, and most companies having their own agents that accomplish various tasks and interact with one another.

雖然有些人可能很難想像幾乎每個應用程式都注入了生成性人工智慧，但推理就像計算、儲存和資料庫一樣成為核心構建塊，並且大多數公司都有自己的代理來完成各種任務並相互互動。

This is the world we're thinking about all the time.

這就是我們一直在思考的世界。

And we continue to believe that this world will mostly be built on top of the cloud with the largest portion of it on AWS.

我們始終相信，這個世界大部分將建立在雲端之上，其中最大部分將建立在 AWS 上。

To best help customers realize this future, you need powerful capabilities in all three layers of the stack.

為了最好地幫助客戶實現這一未來，您需要在堆疊的所有三個層中都擁有強大的功能。

At the bottom layer for those building models, you need compelling chips.

在這些建構模型的底層，你需要引人注目的晶片。

Chips are a key ingredient in the compute that drives training and inference.

晶片是推動訓練和推理的計算的關鍵因素。

Most AI compute has been driven by NVIDIA chips, and we obviously have a deep partnership with NVIDIA and will for as long as we can see into the future.

大多數 AI 運算都是由 NVIDIA 晶片驅動的，我們顯然與 NVIDIA 建立了深厚的合作夥伴關係，並且在未來很長一段時間內，這種合作關係都將持續下去。

However, there aren't that many generative AI applications of large scale yet.

然而，目前大規模的生成式人工智慧應用還不多。

And when you get there, as we have with apps like Alexa and Rufus, cost can get steep quickly.

當你到達那裡時，就像我們使用 Alexa 和 Rufus 等應用程式一樣，成本會迅速變得高昂。

Customers want better price performance and it's why we built our own custom AI silicon.

顧客希望獲得更好的性價比，這就是我們打造自己的客製化 AI 矽片的原因。

Trainium2 just launched at our AWS re:Invent Conference in December.

Trainium2 剛於 12 月在我們 AWS re:Invent 大會上推出。

And EC2 instances with these chips are typically 30% to 40% more price performant than other current GPU-powered instances available.

配備這些晶片的 EC2 執行個體的價格效能通常比目前其他基於 GPU 的執行個體高出 30% 到 40%。

That's very compelling at scale.

從規模上看，這是非常引人注目的。

Several technically capable companies like Adobe, Databricks, poolside and Qualcomm have seen impressive results in early testing of Trainium2.

Adobe、Databricks、poolside 和 Qualcomm 等幾家技術實力雄厚的公司在 Trainium2 的早期測試中取得了令人矚目的成績。

It's also why you're seeing Anthropic build their future frontier models on Trainium2.

這也是為什麼你會看到 Anthropic 在 Trainium2 上建立其未來前沿模型。

We're collaborating with Anthropic to build Project Rainier, a cluster of Trainium2 Ultra servers containing hundreds of thousands of Trainium2 chips.

我們正在與 Anthropic 合作建造 Rainier 項目，這是一個包含數十萬個 Trainium2 晶片的 Trainium2 Ultra 伺服器叢集。

This cluster is going to be 5x the number of exaflops as the cluster that Anthropic used to train their current leading set of cloud models.

該集群的百億億次浮點運算數量將是 Anthropic 用於訓練其目前領先的雲端模型集的集群的 5 倍。

We're already hard at work on Trainium3, which we expect to preview late in '25 and defining Trainium4 thereafter.

我們已經在努力開發 Trainium3，預計在 25 年末預覽，然後定義 Trainium4。

Building outstanding performant chips that deliver leading price performance has become a core strength of AWS's, starting with our Nitro and Graviton chips in our core business and now extending to Trainium and AI and something unique to AWS relative to other competing cloud providers.

打造效能卓越、價格領先的晶片已成為 AWS 的核心優勢，從我們核心業務中的 Nitro 和 Graviton 晶片開始，現在擴展到 Trainium 和 AI，以及 AWS 相對於其他競爭雲端供應商所獨有的東西。

The other key component for model builders is services that make it easier to construct their models.

模型建構者的另一個關鍵元件是使建構模型變得更容易的服務。

I won't spend a lot of time in these comments on Amazon SageMaker AI, which has become the go-to service for AI model builders to manage their AI data, build models, experiment and deploy these models, except to say that SageMaker's Hyperpod capability, which automatically splits trading workloads across many 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%.

我不會花太多時間評論 Amazon SageMaker AI，它已成為 AI 模型構建者管理 AI 數據、構建模型、試驗和部署這些模型的首選服務，但我只想說，SageMaker 的 Hyperpod 功能可以自動在許多 AI 加速器之間分配交易工作負載，通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 40%。

It continues to be a differentiator.

它仍然是一個差異化因素。

We see several new compelling capabilities at re:Invent, including the ability to manage costs at a cluster level and prioritize which workloads should receive capacity when budgets are reached and is increasingly being adopted by model builders.

我們在 re:Invent 上看到了幾項引人注目的新功能，包括在叢集層級管理成本的能力以及在達到預算時確定哪些工作負載應該獲得容量的優先級，這些功能正越來越多地被模型建構者採用。

At the middle layer, for those wanting to leverage frontier models to build gen AI apps, Amazon Bedrock is our fully managed service that offers the broadest choice of high-performing foundation models with the most compelling set of features and make it easy to build a high-quality generative AI application.

在中間層，對於想要利用前沿模型建立生成 AI 應用程式的人來說，Amazon Bedrock 是我們完全託管的服務，它提供了最廣泛的高效能基礎模型選擇和最引人注目的功能集，並可以輕鬆建立高品質的生成 AI 應用程式。

We continue to iterate quickly on Bedrock, announcing Luma AI poolside and over 100 other popular emerging models to Bedrock at re:Invent.

我們繼續在 Bedrock 上快速迭代，並在 re:Invent 上向 Bedrock 宣布了 Luma AI poolside 和 100 多種其他流行的新興模型。

In short order, we also just added DeepSeek's R1 models to Bedrock and SageMaker.

很快，我們也將 DeepSeek 的 R1 模型加入 Bedrock 和 SageMaker 中。

And additionally, we delivered several compelling new Bedrock features at re:Invent, including prompt caching, intelligent prompt routing and model distillation, all of which help customers achieve lower cost and latency in their inference.

此外，我們在 re:Invent 上提供了幾個引人注目的新 Bedrock 功能，包括提示快取、智慧提示路由和模型提煉，所有這些功能都可幫助客戶降低推理成本和延遲。

Like SageMaker AI, Bedrock is growing quickly and resonating strongly with customers.

與 SageMaker AI 一樣，Bedrock 也在快速發展並引起客戶的強烈共鳴。

Related, we also just launched Amazon's own family of frontier models in Bedrock called Nova.

與此相關的是，我們也剛推出了亞馬遜自己的 Bedrock 前沿模型系列，稱為 Nova。

These models compare favorably in intelligence against the leading models in the world but offer lower latency, lower price, about 75% lower than other models in Bedrock, and are integrated with key Bedrock features like fine-tuning, model distillation, knowledge bases of RAG and agentic capabilities.

這些模型在智慧方面與世界領先模型相比具有優勢，但延遲更低、價格更低，比 Bedrock 中的其他模型低約 75%，並且整合了微調、模型提煉、RAG 知識庫和代理功能等 Bedrock 關鍵功能。

Thousands of AWS customers are already taking advantage of the capabilities and price performance of Amazon Nova models, including Palantir, Deloitte, SAP, Dentsu, Fortinet, Trelix, and Robinhood, and we've just gotten started.

成千上萬的 AWS 客戶已經在利用 Amazon Nova 模型的功能和價格性能，其中包括 Palantir、Deloitte、SAP、Dentsu、Fortinet、Trelix 和 Robinhood，而我們才剛起步。

At the top layer of the stack, Amazon Q is the most capable generative AI-powered assistant for software development and to leverage your own data.

在堆疊的頂層，Amazon Q 是用於軟體開發和利用您自己的資料的功能最強大的生成式 AI 助手。

You may remember that on the last call, I shared the very practical use case where Q Transform helped save Amazon's teams $260 million and 4,500 developer years and migrating over 30,000 applications to new versions of the Java JDK.

您可能還記得，在上次電話會議上，我分享了一個非常實際的用例，其中 Q Transform 幫助亞馬遜團隊節省了 2.6 億美元和 4,500 名開發人員的時間，並將超過 30,000 個應用程式遷移到新版本的 Java JDK。

This is real value and companies asked for more, which we obliged with our recent deliveries of Q transformations that enable moves from Windows.NET applications to Linux, VMware to EC2, and accelerates mainframe migrations.

這是真正的價值，公司要求更多，我們透過最近交付的 Q 轉換滿足了這一要求，這些轉換實現了從 Windows.NET 應用程式到 Linux、從 VMware 到 EC2 的遷移，並加速了大型主機遷移。

Early customer testing indicates that Q was going to be a multiyear effort to do a mainframe migration into a multi-quarter effort, cutting by more than 50% the time to migrate mainframes.

早期客戶測試表明，Q 將把一項為期多年的大型主機遷移工作縮短為多季度的工作，將大型主機遷移時間縮短 50% 以上。

This is a big deal, and these transformations are good examples of practical AI.

這是一件大事，這些轉變就是實用人工智慧的很好例子。

While AI continues to be a compelling new driver in the business, we haven't lost our focus on core modernization of company's technology infrastructure from on-premises to the cloud.

雖然人工智慧繼續成為業務中引人注目的新驅動力，但我們並沒有忽視公司技術基礎設施從本地到雲端的核心現代化。

We signed new AWS agreements with companies, including Intuit, PayPal, Norwegian Cruise Line Holdings, Northrop Grumman, the Guardian Life Insurance Company of America, Reddit, Japan Airlines, Baker Hughes, the Hertz Corporation, Redfin, Chime Financial, Asana, and many others.

我們與 Intuit、PayPal、挪威郵輪控股、諾斯羅普·格魯曼、美國守護人壽保險公司、Reddit、日本航空、貝克休斯、赫茲公司、Redfin、Chime Financial、Asana 等公司簽署了新的 AWS 協議。

Consistent customer feedback from our recent AWS re:Invent gathering was appreciation that we're still inventing rapidly in non-AI key infrastructure areas like storage, compute, database and analytics.

我們最近的 AWS re:Invent 聚會得到的一致客戶回饋讚賞我們仍在儲存、運算、資料庫和分析等非 AI 關鍵基礎設施領域快速創新。

Our functionality leadership continues to expand, and there were several key launches customers were abuzz about, including Amazon Aurora, our new serverless distributed SQL database that enables applications with the highest availability, strong consistency, PostgreS compatibility and 4x faster reads and writes compared to other popular distributed SQL databases, Amazon S3 tables, which make S3 the first cloud object store with fully managed support for Apache Iceberg for faster analytics.

我們在功能方面的領先地位持續擴大，並且有幾項關鍵功能的發布受到客戶熱議，其中包括 Amazon Aurora，這是我們的新型無伺服器分散式 SQL 資料庫，與其他流行的分散式 SQL 資料庫相比，它使應用程式具有最高的可用性、強一致性、PostgreS 相容性以及 4 倍的讀取和寫入速度；Amazon S33 程式碼支援的第一個空間，這使 Sache Sache Sache Sache Sachepzon S3003 的組合速度為第一個功能。

Amazon S3 metadata, which automatically generates queryable metadata, simplifying data discovery, business analytics and real-time inference to help customers unlock the value of their data in S3.

Amazon S3 元數據，可自動產生可查詢的元數據，簡化數據發現、業務分析和即時推理，幫助客戶釋放其在 S3 中數據的價值。

And the next generation of Amazon SageMaker, which brings together all of the data analytics services and AI services into one interface to do analytics and AI more easily at scale.

新一代 Amazon SageMaker 將所有資料分析服務和 AI 服務整合到一個介面，以便更輕鬆地大規模進行分析和 AI。

As 2024 comes to an end, I want to thank our teammates and partners for their meaningful impact throughout the year.

隨著 2024 年即將結束，我要感謝我們的隊友和合作夥伴在這一年中所做的有意義的貢獻。

It was a very successful year across almost any dimension you pick.

無論從哪個角度來看，這都是非常成功的一年。

We're far from done and look forward to delivering for customers in 2025.

我們還遠未完成，並期待在 2025 年為客戶提供服務。

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

說完這些，我會把話題轉交給 Brian 來報告財務最新情況。

Thanks, Andy.

謝謝，安迪。

Starting with our top line financial results.

從我們的頂線財務表現開始。

Worldwide revenue was $187.8 billion, an 11% increase year-over-year excluding the impact of foreign exchange.

全球營收為 1,878 億美元，除去外匯影響，較去年同期成長 11%。

This equates to an approximate $900 million headwind from FX in the quarter, which is about $700 million higher than what we had anticipated in our Q4 guidance range.

這相當於本季外匯的逆風約為 9 億美元，比我們預期的第四季指引高出約 7 億美元。

Excluding that additional FX headwind, we would have exceeded the top end of our revenue guidance range.

除去額外的外匯不利因素，我們的收入將會超過預期範圍的最高限度。

Worldwide operating income was $21.2 billion, our largest operating income quarter ever and was $1.2 billion above the high end of our guidance range.

全球營業收入為 212 億美元，這是我們有史以來最高的營業收入季度，比我們預期範圍的高點高出 12 億美元。

Across all segments, we continued to innovate for customers while operating more efficiently at the same time.

在所有部門中，我們都不斷為客戶進行創新，同時提高營運效率。

In the North America segment, fourth quarter revenue was $115.6 billion, an increase of 10% year-over-year.

北美地區第四季營收為1,156億美元，較去年同期成長10%。

International segment revenue was $43.4 billion, an increase of 9% year-over-year excluding the impact of foreign exchange.

國際部門營收為 434 億美元，除去外匯影響年增 9%。

Worldwide paid units grew 11% year-over-year as our focus on low prices, broad selection, and fast shipping continues to resonate with customers.

由於我們對低價、廣泛選擇和快速運輸的關注繼續引起客戶的共鳴，全球付費單位同比增長了 11%。

Shifting to profitability.

轉向盈利。

North America segment operating income was $9.3 billion, an increase of $2.8 billion year-over-year.

北美地區營業收入為 93 億美元，年增 28 億美元。

Operating margin was 8%, up 190 basis points year-over-year.

營業利益率為8%，較上年同期上升190個基點。

In the International segment, operating income was $1.3 billion, an improvement of $1.7 billion year-over-year.

在國際部門，營業收入為 13 億美元，比去年同期增加 17 億美元。

Operating margin was 3%, up 400 basis points year-over-year.

營業利益率為3%，較上年同期上升400個基點。

This marks the eighth consecutive quarter where we've seen year-over-year margin improvement in both the North America and International segments. 2024 also marks the second year in a row where we've lowered our global cost to serve on a per unit basis.

這是我們連續第八個季度看到北美和國際地區的利潤率年增。 2024 年也是我們連續第二年降低全球單位服務成本。

In the fourth quarter, we saw strong productivity in our transportation network from improved inventory placement, higher units per package, and reduced travel distances.

在第四季度，由於庫存改善、每件包裹的單位數量增加以及運輸距離減少，我們的運輸網路的生產效率顯著提高。

We also saw improved productivity in our fulfillment centers.

我們的履行中心的生產效率也提高了。

Overall, our teams executed extremely well throughout the quarter and particularly during our peak seasons.

總體而言，我們的團隊在整個季度，特別是在旺季的表現非常出色。

I want to thank them for all they do to deliver for our customers.

我要感謝他們為了我們的客戶所做的一切。

Looking ahead, we have several opportunities to keep lowering our costs through even better inventory placement, which also allows us to deliver items to customers faster.

展望未來，我們有機會透過更好的庫存配置來持續降低成本，這也使我們能夠更快地將產品交付給客戶。

In the US, we're tuning our inbound network and continuing to expand our same-day delivery network.

在美國，我們正在調整我們的入站網路並繼續擴大我們的當日送達網路。

Globally, we're adding automation and robotics throughout our network.

在全球範圍內，我們正在整個網路中添加自動化和機器人技術。

While these efforts will take time to implement and progress may not be linear, we have a good plan to continue to drive improvements in our cost structure.

雖然這些努力需要時間來實施，而且進展也可能不是直線性的，但我們有一個很好的計劃來繼續推動成本結構的改善。

Advertising remains an important contributor to profitability in the North America and International segments.

廣告仍然是北美和國際市場獲利的重要貢獻者。

This quarter, we saw strong advertising revenue growth on an increasingly large base.

本季度，我們看到廣告收入在不斷擴大的基礎上實現強勁成長。

We will also continue to invest in experiences that have potential to be important to customers in Amazon long term in areas like Alexa, health care and grocery, as well as Kuiper, including the planned launches of our production satellites in the coming months.

我們也將繼續投資於對亞馬遜長期客戶可能重要的體驗，例如 Alexa、醫療保健和雜貨以及 Kuiper，包括我們計劃在未來幾個月發射的生產衛星。

As a reminder, we currently expense the majority of the costs associated with the development of our satellite network.

提醒一下，我們目前支出了與衛星網路開發相關的大部分成本。

We will capitalize certain costs once the service achieves commercial viability, including sales to customers.

一旦該服務實現商業可行性，我們就會將某些成本資本化，包括向客戶銷售。

Moving next to our AWS segment.

接下來前往我們的 AWS 部分。

Revenue was $28.8 billion, an increase of 19% year-over-year.

營收為288億美元，年增19%。

AWS now has an annualized revenue run rate of $115 billion.

AWS 目前的年化收入運行率為 1150 億美元。

During the fourth quarter, we continued to see growth in both generative AI and non-generative AI offerings as companies turn their attention to newer initiatives, bring more workloads to the cloud, restart or accelerate existing migrations from on-premise to the cloud, and tap into the power of generative AI.

在第四季度，隨著企業將注意力轉向新的舉措、將更多的工作負載轉移到雲端、重新啟動或加速從本地到雲端的現有遷移以及利用生成式人工智慧的力量，我們繼續看到生成式人工智慧和非生成式人工智慧產品的成長。

Customers recognize to get the full benefit of generative AI; they have to move to the cloud.

客戶認識到要充分利用生成式人工智慧；他們必須轉向雲端。

AWS reported operating income of $10.6 billion, an increase of $3.5 billion year-over-year.

AWS 報告稱，其營業收入為 106 億美元，年增 35 億美元。

This is a result of strong growth, innovation in our software and infrastructure to drive efficiencies, and continued focus on cost control across the business.

這是強勁成長、軟體和基礎設施創新以提高效率以及持續專注於整個業務的成本控制的結果。

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

正如我們過去所說，我們預期 AWS 的營業利潤率會隨著時間的推移而波動，部分原因在於我們的投資水準。

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 Q4.

此外，我們從 2024 年開始延長了伺服器的預計使用壽命，這為 AWS 第四季利潤率同比增長貢獻了約 200 個基點。

Now turning to our capital investments.

現在來談談我們的資本投資。

As a reminder, we define these as a combination of cash CapEx plus equipment finance leases.

提醒一下，我們將其定義為現金資本支出加上設備融資租賃的組合。

Capital investments were $26.3 billion in the fourth quarter.

第四季的資本投資為263億美元。

And we think that run rate will be reasonably representative of our 2025 capital investment rate.

我們認為運行率將合理地代表我們 2025 年的資本投資率。

Similar to 2024, the majority of the spend will be to support the growing need for technology infrastructure.

與 2024 年類似，大部分支出將用於支援日益增長的技術基礎設施需求。

This primarily relates to AWS, including to support demand for our AI services as well as tech infrastructure to support our North America and international segments.

這主要與 AWS 有關，包括支援對我們的 AI 服務的需求以及支援我們北美和國際部門的技術基礎設施。

Additionally, we're continuing to invest and capacity for our fulfillment and transportation network to support future growth.

此外，我們將繼續投資並擴大我們的履行和運輸網路的產能，以支持未來的成長。

We're also investing in same-day delivery facilities and our inbound network as well as robotics and automation to improve delivery speeds and to lower our cost to serve.

我們也投資當日送達設施和入站網路以及機器人和自動化技術，以提高送達速度並降低服務成本。

These capital investments will support growth for many years to come.

這些資本投資將支持未來多年的成長。

Turning to our revenue guidance for Q1.

談談我們第一季的營收預期。

Net sales are expected to be between $151 billion and $155.5 billion.

預計淨銷售額在 1,510 億美元至 1,555 億美元之間。

I'd like to highlight two items impacting our Q1 revenue guidance.

我想強調一下影響我們第一季營收預期的兩件事。

First, we estimate the year-over-year impact of changes in foreign exchange rates based on current rates, which we expect to be a headwind of approximately $2.1 billion in Q1 year-over-year or 150 basis points.

首先，我們根據當前匯率估算外匯匯率變動的年比影響，我們預計第一季的年比影響將約為 21 億美元，或 150 個基點。

As a reminder, global currencies can fluctuate during the quarter and just as we saw in Q4 with the strengthening of the dollar versus most other currencies.

提醒一下，全球貨幣在本季可能會出現波動，正如我們在第四季看到的那樣，美元兌大多數其他貨幣走強。

Second, a reminder that we are comping the impact of last year's leap year.

其次，提醒一下，我們正在考慮去年閏年的影響。

The extra day contributed approximately $1.5 billion of additional net sales across our businesses in Q1 2024 or about 120 basis points to the year-over-year growth rate, which impacted all segments.

額外的一天為我們 2024 年第一季的所有業務貢獻了約 15 億美元的額外淨銷售額，或同比增長率約 120 個基點，這影響了所有部門。

Q1 operating income is expected to be between $14 billion and $18 billion.

預計第一季營業收入將在140億美元至180億美元之間。

This guidance includes the estimated impact of certain updates to the useful life of our fixed assets.

該指引包括對我們固定資產使用壽命的某些更新的預期影響。

I'll provide a bit more detail in a moment, but on an aggregate basis, we estimate this will decrease full year 2025 operating income by approximately $400 million for the assets on our balance sheet as of December 31, 2024.

稍後我會提供更多細節，但從總體來看，我們估計，這將導致 2025 年全年營業收入減少約 4 億美元，具體金額以 2024 年 12 月 31 日資產負債表上的資產計算。

First, in Q4, we completed a useful life study for our servers and network equipment and observed an increased pace of technology development, particularly in the area of artificial intelligence and machine learning.

首先，在第四季度，我們完成了伺服器和網路設備的使用壽命研究，並觀察到技術發展速度加快，特別是在人工智慧和機器學習領域。

As a result, we're decreasing the useful life for a subset of our servers and networking equipment from six years to five years, beginning in January 2025.

因此，從 2025 年 1 月開始，我們將把部分伺服器和網路設備的使用壽命從 6 年縮短至 5 年。

We anticipate this will decrease full year 2025 operating income by approximately $700 million.

我們預計這將導致 2025 年全年營業收入減少約 7 億美元。

In addition, we also early retired a subset of our servers and network equipment.

此外，我們也提前淘汰了部分伺服器和網路設備。

We recorded a Q4 2024 expense of approximately $920 million from accelerated depreciation and related charges and expect this will also decrease full year 2025 operating income by approximately $600 million.

我們記錄了 2024 年第四季約 9.2 億美元的加速折舊和相關費用，預計這也將導致 2025 年全年營業收入減少約 6 億美元。

Both of these server and network equipment useful life changes primarily impact our AWS segment.

這些伺服器和網路設備使用壽命的變化主要影響我們的 AWS 部門。

Lastly, we also completed a useful life study for certain types of heavy equipment used in our fulfillment centers and are increasing the useful life from 10 years to 13 years beginning in January 2025.

最後，我們也完成了配送中心使用的某些類型重型設備的使用壽命研究，並從 2025 年 1 月開始將使用壽命從 10 年延長至 13 年。

We anticipate this will increase full year 2025 operating income by approximately $900 million.

我們預計這將使 2025 年全年營業收入增加約 9 億美元。

As we turn the page to 2025, we're energized by the great work our teams have delivered.

當我們翻開 2025 年的新篇章時，我們為團隊所做的出色工作而感到振奮。

We'll remain focused on driving even better customer experience, and we believe putting customers first is the only reliable way to create lasting value for our shareholders.

我們將繼續致力於推動更好的客戶體驗，我們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.

下面，我們來回答您的問題。

(Operator Instructions) Mark Mahaney, Evercore ISI.

（操作員指示）Mark Mahaney，Evercore ISI。

Two quick questions.

兩個簡單的問題。

So Brian, that's $100 billion CapEx we should think about in '25.

所以布萊恩，我們應該考慮在 25 年實現 1000 億美元的資本支出。

And then Andy, were there any -- so would you describe that AWS growth as being currently moderated down by supply constraints?

然後安迪，有沒有——那麼你是否認為 AWS 的成長目前受到供應限制的抑制？

Do you see those across the industry, or do you see those materially impacting AWS today?

您是否認為這些影響遍及整個產業，或者您是否認為這些影響對當今的 AWS 產生了重大影響？

So I'll take both of those, this is Andy.

所以我會選擇這兩個，這是安迪。

On the CapEx side, as Brian mentioned earlier, we spent $26.3 billion in CapEx in Q4.

在資本支出方面，正如 Brian 之前提到的，我們在第四季度的資本支出為 263 億美元。

And I think that is reasonably representative of what you could expect in annualized CapEx rate in 2025.

我認為這合理地代表了您對 2025 年年度資本支出率的預期。

The vast majority of that CapEx spend is on AI for AWS.

大部分資本支出都用於 AWS 的 AI。

It's the way that AWS business works and the way the cash cycle works is that the faster we grow, the more CapEx we end up spending because we have to procure data center and hardware and chips and networking gear ahead of when we're able to monetize it.

AWS 業務的運作方式和現金週期的運作方式是，我們發展得越快，最終花費的資本支出就越多，因為我們必須在能夠將其貨幣化之前採購資料中心、硬體、晶片和網路設備。

We don't procure it unless we see significant signals of demand.

除非我們看到明顯的需求訊號，否則我們不會購買它。

And so when AWS is expanding its CapEx, particularly in what we think is one of these once-in-a-lifetime type of business opportunities like AI represents, I think it's actually quite a good sign, medium to long term, for the AWS business.

因此，當 AWS 擴大其資本支出時，特別是在我們認為的 AI 所代表的千載難逢的商業機會中，我認為從中長期來看，這對 AWS 業務來說實際上是一個非常好的兆頭。

And I actually think that spending this capital to pursue this opportunity, which from our perspective, we think virtually every application that we know of today is going to be reinvented with AI inside of it and with inference being a core building block, just like compute and storage and database.

我實際上認為花費這些資金來追求這個機會，從我們的角度來看，我們認為幾乎我們今天所知道的每一個應用程式都將被重新發明，其中包含人工智慧，並且推理是核心構建塊，就像計算、存儲和數據庫一樣。

If you believe that plus altogether new experiences that we've only dreamed about are going to actually be available to us with AI, AI represents, for sure, the biggest opportunity since cloud and probably the biggest technology shift and opportunity in business since the Internet.

如果你相信這一點，再加上我們夢想的全新體驗將會透過人工智慧真正實現，那麼人工智慧無疑代表著自雲端運算以來的最大機遇，也可能是自網路以來最大的技術轉變和商業機會。

And so I think that both our business, our customers and shareholders will be happy medium to long term that we're pursuing the capital opportunity and the business opportunity in AI.

因此我認為，從中長期來看，我們的企業、客戶和股東都會對我們在人工智慧領域尋求資本機會和商業機會感到高興。

We also have CapEx that we're spending this year in our Stores business, really with an aim towards trying to continue to improve the delivery speed and our cost to serve.

我們今年還在商店業務上投入了資本支出，真正目的是試圖繼續提高配送速度和服務成本。

And so you'll see us expanding the number of same-day facilities from where we are right now.

因此，您將看到我們正在擴大當日服務設施的數量。

You'll also see us expand the number of delivery stations that we have in rural areas.

您還會看到我們擴大了農村地區的配送站數量。

We can get items to people who live in rural areas much more quickly, and then a pretty significant investment as well on robotics and automation so we can take our cost to serve down and continue to improve our productivity.

我們可以更快地將物品送到居住在農村地區的人們手中，然後在機器人和自動化方面進行相當大的投資，這樣我們就可以降低服務成本並繼續提高生產力。

So that's the CapEx piece.

這就是資本支出部分。

I think the second question you asked, Mark, is really around AWS growth and whether this is being moderated down at all by supply chain constraints.

馬克，我認為你問的第二個問題實際上是關於 AWS 的成長，以及它是否因為供應鏈限製而受到抑制。

It is hard to complain when you have a multibillion-dollar annualized revenue run rate business in AI, like we do, and it's growing triple-digit percentage year-over-year.

當你像我們一樣，在人工智慧領域擁有數十億美元的年收入運行率業務，並且其成長率達到三位數時，你很難抱怨。

It's hard to complain.

很難抱怨。

However, it is true that we could be growing faster, if not for some of the constraints on capacity.

然而，如果沒有一些產能限制，我們的成長速度確實可以更快。

And they come in the form of, I would say, chips from our third-party partners, come a little bit slower than before with a lot of midstream changes that take a little bit of time to get the hardware actually yielding the percentage healthy and high-quality servers we expect.

我想說，它們以來自我們第三方合作夥伴的晶片的形式出現，速度比以前慢一點，有很多中游變化，需要一點時間才能使硬體真正產生我們期望的百分比健康和高品質的伺服器。

It comes with our own big new launch of our own hardware and our own chips and Trainium2, which we just went to general availability at re:Invent, but the majority of the volume is coming in really over the next couple of quarters, the next few months.

它伴隨著我們自己新推出的硬體、晶片和 Trainium2 的大規模發布，我們剛剛在 re:Invent 上進行了全面上市，但大部分銷量將在接下來的幾個季度或幾個月內真正到來。

It comes in the form of power constraints where I think the world is still constrained on power from where I think we all believe we could serve customers if we were unconstrained.

它以電力限制的形式出現，我認為世界仍然受到電力限制，但我認為我們都相信，如果我們不受限制，我們就可以為客戶提供服務。

There are some components in the supply chain, like motherboards too, that are a little bit short in supply for various types of servers.

供應鏈中的某些元件（例如主機板）對於各種類型的伺服器來說都存在供應不足的情況。

So I think the team has done a really good job scrapping and providing capacity for our customers they can grow.

因此，我認為團隊在廢棄和為我們的客戶提供可成長產能方面做得非常好。

We're still growing at a pretty reasonable clip, as I mentioned earlier, but I do think we could be growing faster if we were unconstrained.

正如我之前提到的，我們仍然以相當合理的速度成長，但我認為，如果我們不受限制的話，我們的成長速度可能會更快。

I predict those constraints really start to relax in the second half of '25.

我預測這些限制將在2025年下半年真正開始放鬆。

And as I said, I think we can be growing faster even though we're growing at a pretty good clip today.

正如我所說，儘管我們目前的成長速度已經相當快，但我認為我們可以成長得更快。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克‧謝裡丹 (Eric Sheridan)。

Thanks so much for taking the question.

非常感謝您回答這個問題。

I'll just ask one that's building on Mark's questions there.

我只想問一個與馬克的問題相關的問題。

Andy, when you think about the news that came out of China over the last couple of weeks and think longer term about bending the cost curve lower with AI, I understood the commentary around CapEx for 2025.

安迪，當你想到過去幾週來自中國的新聞，並考慮長期利用人工智慧降低成本曲線時，我了解 2025 年資本支出的評論。

But when you look at where you sit in the industry, the move towards open source, elements of custom silicon, how do you think about bending the cost curve and either speeding up or amplifying time deployment to market or possibly higher returns on capital for AI?

但是，當您審視自己在行業中所處的位置，轉向開源、客製化矽片的元素時，您如何看待彎曲成本曲線，以及加快或擴大市場部署時間或可能提高人工智慧的資本回報率？

Well, I'd say a few things because there are a few questions built into that.

好吧，我想說幾點，因為這裡面牽涉到一些問題。

First of all, I think like many others, we were impressed with what DeepSeek has done.

首先，我想我們和許多人一樣，對 DeepSeek 所做的事情印象深刻。

I think in part impressed with some of the training techniques, primarily in flipping the sequencing of reinforcement training -- reinforcement learning being earlier and without the human-in-the-loop.

我認為部分訓練技術令人印象深刻，主要是顛覆了強化訓練的順序——強化學習更早，不需要人類參與。

We thought that was interesting ahead of the supervised fine-tuning.

我們認為這在監督微調之前很有趣。

We also thought some of the inference optimizations they did were also quite interesting.

我們也認為他們所做的一些推理優化也非常有趣。

For those of us who are building frontier models, we're all working on the same types of things and we're all learning from one another.

對於我們這些正在建立前沿模型的人來說，我們都在研究同一類型的事情，並且都在相互學習。

I think you have seen and will continue to see a lot of leapfrogging between us.

我想你已經看到並將繼續看到我們之間大量的跨越式發展。

There is a lot of innovation to come.

未來還將出現許多創新。

And I think if you run a business like AWS and you have a core belief like we do, that virtually all the big generative AI apps are going to use multiple model types, and different customers are going to use different models for different types of workloads.

我認為，如果你經營像 AWS 這樣的企業，並且像我們一樣有一個核心信念，那麼幾乎所有大型生成式 AI 應用都將使用多種模型類型，不同的客戶將針對不同類型的工作負載使用不同的模型。

You're going to provide as many leading frontier models as possible for customers to choose from.

您將提供盡可能多的領先前沿模型供客戶選擇。

That's what we've done with services like Amazon Bedrock.

這就是我們透過 Amazon Bedrock 等服務所做的事情。

And it's why we moved so quickly to make sure that DeepSeek was available both in Bedrock and in SageMaker faster than you saw from others.

這就是為什麼我們如此迅速地採取行動，以確保 DeepSeek 在 Bedrock 和 SageMaker 中的可用速度比其他人更快。

And we already have customers starting to experiment with that.

我們已經有客戶開始嘗試這一點。

I think what's -- one of the interesting things over the last couple of weeks is sometimes people make the assumptions that if you're able to decrease the cost of any type of technology component, in this case, we're really talking about inference, that somehow it's going to lead to less total spend in technology.

我認為——過去幾週發生的一件有趣的事情是，有時人們會做出這樣的假設：如果你能夠降低任何類型的技術組件的成本，在這種情況下，我們實際上談論的是推論，即它將以某種方式導致技術總支出的減少。

And we just -- we have never seen that to be the case.

而我們只是──我們從未見過這種情況。

We did the same thing in the cloud where we launched AWS in 2006, where we offered S3 object storage for $0.15 a gigabyte and compute for $0.10 an hour, which, of course, is much lower now many years later.

我們在雲端運算領域也做了同樣的事情，2006 年我們推出了 AWS，當時我們以每 GB 0.15 美元的價格提供 S3 物件存儲，以每小時 0.10 美元的價格提供計算服務，當然，多年後的今天，這個價格已經低了很多。

People thought that people would spend a lot less money on infrastructure technology.

人們原以為人們在基礎建設技術上的花費會少很多。

And what happens is companies will spend a lot less per unit of infrastructure, and that is very, very useful for their businesses.

最終的結果是，企業在單位基礎設施上的花費會大大減少，這對他們的業務來說非常非常有用。

But then they get excited about what else they could build that they always thought was cost prohibitive before, and they usually end up spending a lot more in total on technology once you make the per unit cost less.

但隨後他們對自己可以建造的其他東西感到興奮，而之前他們一直認為這些東西成本過高，而且一旦單位成本降低，他們通常最終會在技術上花費更多。

And I think that is very much what's going to happen here in AI, which is the cost of inference will substantially come down.

我認為這正是人工智慧領域將要發生的事情，即推理成本將大幅下降。

What you heard in the last couple of weeks that DeepSeek is a piece of it.

過去幾週大家聽說 DeepSeek 是其中的一部分。

But everybody is working on this.

但每個人都在為此努力。

I believe the cost of inference will meaningfully come down.

我相信推理的成本將會大幅下降。

I think it will make it much easier for companies to be able to infuse other applications with inference and with generative AI.

我認為這將使公司能夠更輕鬆地將推理和生成人工智慧注入其他應用程式。

And I think it's going to -- if you run a business like we do, where we want to make it as easy as possible for customers to be successful building customer experiences on top of our various infrastructure services, the cost of inference coming down is going to be very positive for customers and for our business.

我認為，如果你像我們一樣經營企業，我們希望讓客戶盡可能輕鬆地在我們的各種基礎設施服務之上成功建立客戶體驗，那麼推理成本的下降對於客戶和我們的業務來說都將是非常有利的。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Thanks for taking the questions.

感謝您回答這些問題。

I'll stick with AWS to start.

我將堅持使用 AWS。

Just Brian, maybe you can talk a little bit more about margins there, just given that they've kind of moved between the mid-20s to high 30s over the past two years.

布萊恩，也許你可以多談那裡的利潤率，因為在過去的兩年裡，他們的利潤率已經從 25% 左右上升到了 30% 左右。

How should we think about that more normalized especially as you're investing that much more in generative AI?

尤其是當您在生成式人工智慧方面投入如此多資金時，我們應該如何看待這一點，使其更加規範化？

And then just on the Stores side, can you talk about the impact of less volume going through your shipping partner, UPS, going forward?

然後就商店方面而言，您能談談未來透過您的運輸合作夥伴 UPS 進行的運輸量減少會帶來的影響嗎？

And are you able to manage that incremental shipping that's required?

您能管理所需的增量運輸嗎？

Yes.

是的。

Sure, Doug.

當然，道格。

Thanks for your question.

感謝您的提問。

First on AWS, yes, we have seen a lot of fluctuation in operating margin in AWS.

首先是 AWS，是的，我們看到 AWS 的營業利潤率波動很大。

And we've said historically that they will be lumpy, as you say, over time.

而且我們從歷史上就說過，正如您所說，隨著時間的推移，它們會變得越來越不平衡。

And at the stage we're in right now, AI is still early stage.

就我們目前所處的階段而言，人工智慧仍處於早期階段。

It does come originally with lower margins and a heavy investment load as we've talked about.

正如我們之前所說，它的利潤率較低，投資負擔較重。

And in the short term, over time, that should have -- be a headwind on margins.

從短期來看，隨著時間的推移，這應該會對利潤率造成不利影響。

But over the long term, we feel the margins will be comparable in non-AI business as well.

但從長遠來看，我們認為非人工智慧業務的利潤率也將相當。

So we're very pleased with the strong growth, focused on driving efficiencies in all of our data centers, saving power.

因此，我們對強勁的成長感到非常高興，專注於提高所有資料中心的效率並節省電力。

We're using power in new generative AI applications and just generally reducing costs.

我們正在新的生成式人工智慧應用中使用電力，並且總體上降低成本。

So very pleased with the performance of the AWS team, and I look forward to a strong 2025.

我對 AWS 團隊的表現非常滿意，並期待 2025 年能取得更好的成績。

I'll take the UPS one, which is really, UPS has been a partner of ours for many years, and we expect that we'll continue to be partners with UPS for many years.

我來談談 UPS，事實上，UPS 多年來一直是我們的合作夥伴，並且我們預計將繼續與 UPS 保持多年的合作夥伴關係。

As you know, increasingly, over the last several years, particularly accelerated by the pandemic, we have shipped a much larger percentage of our shipments through our own logistics network, our own last mile transportation network.

如您所知，在過去幾年中，特別是在疫情的推動下，我們透過自己的物流網絡、自己的最後一哩運輸網絡運送的貨物比例越來越大。

And yes, I think that's in part because we needed to scale up so fast in the pandemic with everything being shut down and needing to serve more of the total market segment share of retail units during that time, and needing to do it at a low cost structure because, of course, our customers expect low prices and that's the nature of the business.

是的，我認為部分原因是我們需要在疫情期間迅速擴大規模，一切都被關閉，我們需要在這段時間內服務於更多的零售單位總市場份額，並且需要以低成本結構來實現這一點，因為當然，我們的客戶期望低價，這是業務的本質。

I think UPS has decided that serving Amazon is lower margin for them.

我認為 UPS 已經決定為亞馬遜提供服務會降低他們的利潤。

And so I think they've walked away from some of the volume that they otherwise could have had in the partnership.

因此，我認為他們放棄了原本可以透過合作獲得的部分業務量。

We're able to handle it with our own logistics capability, and we'll see how it continues to evolve.

我們能夠利用自己的物流能力來處理這個問題，我們將觀察它如何繼續發展。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩諾瓦克 (Brian Nowak)。

Thanks for taking my questions.

感謝您回答我的問題。

Andy, maybe to drill a little bit into the robotics acceleration that you talked about, any new data points than you can share on learnings from Shreveport?

安迪，也許可以深入探討您談論的機器人加速問題，您可以分享一些關於什里夫波特的經驗數據嗎？

And how do we think about sort of the scalability of savings or the timing that we could see a real impact on profitability from robotics?

我們如何看待儲蓄的可擴展性或機器人技術對獲利能力產生真正影響的時機？

And then maybe just a bigger picture, gen AI, GPU-enabled changes.

然後可能只是更大的圖景，新一代人工智慧 (AI)，支援 GPU 的改變。

Do you have other examples of how you see the Amazon retail shopping experience changing throughout 2025 as you're better using gen AI or GPU on machine learning and things?

您是否還有其他例子可以說明，隨著您在機器學習等方面更好地使用人工智慧或 GPU，您如何看待亞馬遜零售購物體驗在 2025 年發生變化？

Yes.

是的。

Okay.

好的。

Well, on the robotics piece, what I would tell you is since we've been pretty substantially integrating robotics into our fulfillment network over the last many years, we have seen cost savings and we've seen productivity improvements and we've seen safety improvements.

嗯，關於機器人技術，我想告訴你的是，自從我們在過去的許多年裡將機器人技術相當大規模地整合到我們的履行網絡中以來，我們已經看到了成本的節約，看到了生產率的提高，看到了安全性的改善。

And so we have already gotten a significant amount of value out of our robotics innovations.

因此，我們已經從機器人創新中獲得了相當大的價值。

What we've seen recently, and I think maybe part of what you're referencing in Shreveport, is that the next tranche of robotics initiatives have started hitting production.

我們最近看到的情況（我想這也許是您在什里夫波特提到的部分情況）是下一批機器人計劃已開始投入生產。

And we've put them all together for the first time as part of an experience in our Shreveport facility.

這是我們首次將它們整合在一起，作為我們什里夫波特工廠體驗的一部分。

And we are very, very encouraged by what we're seeing there, by both the speed improvements that we're seeing, the productivity improvements, the cost to serve improvements.

我們對所看到的情況感到非常鼓舞，包括速度的提高、生產力的提高、服務成本的降低。

It's still relatively early days, and these all being put together only in Shreveport at this point, but we have plans now to start to expand that and roll that out to a number of other facilities in the network, some of which will be our new facilities and others of which we'll retrofit existing facilities to be able to use those same robotics innovations.

現在還處於相對早期的階段，目前這些都只在什里夫波特進行組裝，但我們現在計劃開始擴大規模，並將其推廣到網路中的許多其他設施，其中一些將是我們的新設施，其他一些我們將改造現有設施，以便能夠使用相同的機器人創新。

I'll also tell you that this group of, call it, a half a dozen or so new initiatives is not close to the end of what we think is possible with respect to being able to use robotics to improve the productivity cost to serve and safety in our fulfillment network.

我還要告訴你們，這組大約六個新措施遠遠沒有達到我們認為利用機器人技術來提高我們的履行網路的生產成本和服務安全性的可能性。

And we have kind of the next wave that we're starting to work on now.

我們現在正開始著手應對下一波浪潮。

But I think this will be a many-year effort as we continue to tune different parts of our fulfillment network where we can use robotics.

但我認為這將是一個多年的努力，因為我們將繼續調整我們履行網路中可以使用機器人的不同部分。

And we actually don't think there are that many things that we can't improve the experience with robotics.

我們實際上並不認為我們無法透過機器人技術改善很多事情。

On your other question, which is, I think, really about how we might use AI in other areas of the business, in AWS, maybe more, I think you asked about our retail business.

關於您的另一個問題，我認為，實際上是關於我們如何在業務的其他領域（在 AWS 中，甚至更多）使用 AI，我想您問的是我們的零售業務。

The way I would think about it is that there's kind of two macro buckets of how we see people, both ourselves inside Amazon as well as other companies using AWS, how we see them getting value out of AI today.

我的想法是，我們從兩個宏觀角度看待人們，包括亞馬遜內部的人以及其他使用 AWS 的公司，我們如何看待他們今天從 AI 中獲得價值。

The first macro bucket, I would say, is really around productivity and cost savings.

我想說，第一個宏觀層面其實是圍繞著生產力和成本節約。

And in many ways, this is the lowest-hanging fruit in AI, and you see that all over the place in our retail business.

從很多方面來看，這是人工智慧中最容易實現的成果，在我們的零售業務中隨處可見。

For instance, if you look at customer service and you look at the chatbot that we've built, we completely rearchitected it with generative AI.

例如，如果你看看客戶服務，看看我們建造的聊天機器人，我們會用生成式人工智慧徹底重新設計它。

It's delivering.

它正在交付。

It already had pretty high satisfaction.

已經獲得相當高的滿意度了。

It's delivering 500 basis points better satisfaction from customers with the new generative AI-infused chatbot.

該公司利用新型生成式人工智慧聊天機器人，讓客戶滿意度提高了 500 個基點。

If you look at our millions of third-party selling partners, one of their biggest pain points is because we put a high premium on really organizing our marketplace so it's easy to find things, there's a bunch of different fields you have to fill out when you're creating a new product detail page, but we've built a generative AI application for them where they can either fill in just a couple of lines of text or take a picture of an image or point to a URL, and the generative AI app will fill in most of the rest of the information they have to fill out, which speeds are getting selection on the website easier for sellers.

如果你看看我們數以百萬計的第三方銷售合作夥伴，你會發現他們最大的痛點之一是因為我們非常重視真正組織我們的市場，以便於找到東西，當你創建一個新的產品詳細信息頁面時，你必須填寫很多不同的字段，但我們已經為他們構建了一個生成人工智能應用程序，他們只需填寫一個信息行或其餘信息，指向一個更容易拍攝圖像或一個位置。

If you look at how we do inventory management and trying to understand what inventory we need and what facility at what time, the generative AI applications we've built there have led to 10% better forecasting on our part and 20% better regional predictions.

如果你看看我們如何進行庫存管理，並試圖了解我們在什麼時候需要什麼庫存和什麼設施，我們在那裡構建的生成式人工智慧應用程式使我們的預測能力提高了 10%，區域預測能力提高了 20%。

In our robotics, we were just talking about the brains in a lot of those robotics, or generative AI infused to do things like tell the robotic claw, what's in a bin, what it should pick up, how it should move in, where it should place it in the other bin that it's sitting next to.

在我們的機器人技術中，我們只是在談論許多機器人的大腦，或者註入生成式人工智慧來做一些事情，例如告訴機器人爪，箱子裡有什麼，它應該撿起什麼，它應該如何移動，它應該把它放在旁邊的另一個箱子的什麼位置。

So it's really in the brains of most of our robotics.

所以它確實存在於我們大多數機器人的大腦中。

So we have a number of very significant, I'll call it, productivity and cost savings efforts in our retail business.

因此，我們在零售業務中採取了許多非常重要的措施，我稱之為提高生產力和節省成本的舉措。

They're using generative AI.

他們正在使用生成式人工智慧。

And again, it's just a fraction of what we have going.

再說一遍，這只是我們目前工作的一小部分。

I'd say the other big macro bucket are really altogether new experiences.

我想說的是，另一個宏觀層面的東西其實是全新的體驗。

And again, you see lots of those in our retail business, ranging from Rufus, which is our AI-infused shopping assistant, which continues to grow very significantly, to things like Amazon Lens, where you can take a picture of a product that's in front of you, check it out in the app, you can find it in the little box at the top.

再說一次，你可以在我們的零售業務中看到很多這樣的產品，從 Rufus（我們的人工智慧購物助手，它正在持續顯著增長）到 Amazon Lens 之類的產品，你可以用它拍攝你面前的一件商品，然後在應用程式中查看，你可以在頂部的小框中找到它。

You take a picture of an item in front of you, and it uses computer vision and generative AI to pull up the exact item in search result; to things like sizing, where we basically have taken the catalogs of all these different clothing manufacturers and then compare them against one another, so we know which brands tend to run big or small relative to each other.

你拍攝眼前的一件物品的照片，它會使用電腦視覺和生成式人工智慧在搜尋結果中提取出精確的物品；對於尺寸等方面，我們基本上收集了所有不同服裝製造商的目錄，然後將它們相互比較，這樣我們就知道哪些品牌的尺寸相對於其他品牌來說偏大或偏小。

So when you come to buy a pair of shoes, for instance, it can recommend what size you need.

例如，當你來買一雙鞋時，它可以推薦你需要的尺寸。

To even what we're doing in Thursday Night Football, where we're using generative AI for really inventive features like it sends alerts where we predict which players are going to put quarterback or defensive vulnerabilities where we were able to show viewers what area of the field is vulnerable.

甚至我們在周四晚間橄欖球賽中所做的事情，我們都在使用生成式人工智慧來實現真正具有創造性的功能，例如它會發送警報，我們可以預測哪些球員會擔任四分衛，或者防守會出現哪些漏洞，我們能夠向觀眾展示球場上哪個區域是脆弱的。

So we're using it really all over our retail business and all the businesses in which we're in.

因此，我們確實在整個零售業務以及我們所從事的所有業務中使用它。

We've got about 1,000 different generative AI applications we've either built or in the process of building right now.

我們已經建立或正在建立大約 1,000 種不同的生成式 AI 應用程式。

John Blackledge, TD Cowen.

約翰·布萊克利奇（John Blackledge），TD Cowen 公司。

Great.

偉大的。

Thanks.

謝謝。

Could you talk about the current speed of delivery?

能談談目前的出貨速度嗎？

Maybe how much more room to go there and how is it driving the everyday essentials business?

也許還有多少發展空間以及它將如何推動日常必需品業務？

And then somewhat relatedly, any further color on inbound network efficiencies you would expect to see this year as you guys try to continue to lower the cost to serve?

然後有點相關的是，當你們試圖繼續降低服務成本時，你們預計今年入站網路效率會進一步提高嗎？

Yes.

是的。

I would say on speed of delivery that we measure this very carefully.

我想說，我們對交付速度的衡量非常仔細。

And we measure both, what the conversion rate is of somebody who views a product detail page with a faster delivery promise versus those that are slower, as well as what we see downstream from customers once they bought with a fast promise and what they end up buying throughout the year.

我們同時測量了兩個指標：一是查看承諾更快送貨的產品詳情頁面的顧客的轉換率；二是查看承諾較慢送貨的產品詳情頁面的顧客的轉換率；三是客戶在購買了承諾快速送貨的產品後，後續購買情況如何；四是全年最終購買了哪些產品。

And we have not yet seen diminishing returns and being able to continue to improve the speed of delivery.

而且我們尚未看到收益遞減，並且能夠繼續提高交付速度。

It doesn't mean that there won't be instances in which people are happy to take products later.

這並不意味著人們以後不會樂意接受產品的情況。

We have a program where people want to pick a day during the week where they want to combine a bunch of their shipments and have it delivered then to be more sustainable and more environmentally friendly they can.

我們有一個項目，人們可以在一周內挑選一天來集中運送一批貨物，然後以更可持續、更環保的方式進行運送。

And we have plenty of customers who choose that, but we time in and time out, see that people choose to buy from us more frequently, and we're able to deliver to their homes or wherever they are much more quickly.

我們有許多客戶選擇這樣做，但我們時常發現，人們更頻繁地選擇從我們這裡購買，而且我們能夠更快地將產品送到他們家中或任何地方。

And it leads to actually using us for more of their everyday purchases when we can deliver more quickly.

當我們能夠更快地送貨時，實際上他們會在日常採購中更多地使用我們的產品。

And I think that if you look at what we're doing with Prime Air, the promise there is for a number of items that we'll be able to deliver items to customers inside an hour.

我認為，如果您看看我們在 Prime Air 上所做的事情，您會發現我們承諾能夠在一小時內將許多商品送到客戶手中。

And I think when you're ordering everyday essentials where you need something more quickly, it's a big deal.

我認為，當你訂購日常必需品時，如果你需要更快地得到它們，那麼這是一件大事。

And you see it, it's had a big impact on our everyday essentials.

你看，它對我們的日常必需品產生了很大的影響。

It's had a big impact on our pharmacy business, where people are able to get items same day now in lots of cities throughout the US.

它對我們的藥局業務產生了很大的影響，現在美國許多城市的人們都可以在當天收到藥品。

And they're just using us much more frequently than they had before.

而且他們比以前更頻繁地使用我們。

On the inbound network efficiencies, what I would tell you is we've made a pretty significant architectural change in our inbound network, that we've been working on for the better part of the year that we rolled out just a few months ago.

關於入站網路效率，我想告訴你的是，我們對入站網路進行了相當重大的架構變革，幾個月前我們剛推出這項變革，今年我們大部分時間都在致力於此。

Again, what we find when we make big architectural changes like this is that you tend to get some low-hanging fruit efficiencies early, but then there's all sorts of tuning and refinement you have to do once you actually see it working live across the really vast network.

再次，我們發現，當我們進行像這樣的重大架構變革時，您往往會在早期獲得一些唾手可得的效率，但是一旦您真正看到它在非常龐大的網絡中實時運行，您就必須進行各種調整和改進。

And we have all sorts of ways here that, where I think it's early, and I think we're going to get additional efficiencies throughout the year.

我們有各種各樣的方法，我認為現在還為時過早，而且我認為我們將在全年獲得額外的效率。

But I expect that we'll have opportunities to keep taking our cost to serve down this year and that will be a big part of it.

但我預計今年我們將有機會繼續降低服務成本，這將是其中重要的一環。

Michael Morton, MoffettNathanson.

麥可莫頓，莫菲特納桑森。

Thank you so much for the question.

非常感謝您的提問。

I wanted to follow up on Andy's remarks about how you're using AI within the Amazon e-commerce experience.

我想跟進安迪關於如何在亞馬遜電子商務體驗中使用人工智慧的評論。

But I wanted to talk about the other side of the coin, and that's really the e-commerce discovery process that leads people to Amazon.

但我想談談事情的另一面，那就是真正引導人們走向亞馬遜的電子商務發現過程。

There's a lot of companies rolling out agents and assistants, and I would love to hear how Amazon is planning for potential disruption in this funnel and what the plans are.

許多公司都在推出代理商和助理，我很想聽聽亞馬遜如何應對這一管道可能出現的顛覆，以及有哪些計畫。

You spoke about Rufus, maybe make that more prominent.

您談到了魯弗斯，也許可以讓它更加突出一些。

But what do you think the changes coming to the e-commerce funnel over the next several years would be great?

但是您認為未來幾年電子商務管道將會發生哪些重大變化？

Well, I would say that I think retailers ourselves and probably lots of other retailers are all going to have their own say on how they want to interact with agents.

嗯，我想說，我認為零售商自己以及可能許多其他零售商都會對如何與代理商互動有自己的發言權。

I think that it's an emerging space.

我認為這是一個新興領域。

And if you think about the investments that we've made in our fulfillment network, in our website, in all the selection that we've built, how we organize it, most retailers are going to have kind of terms in which they're going to interact with agents, and we'll be no different that way.

如果你考慮我們在履行網路、網站、我們建立的所有選擇以及我們如何組織它方面所做的投資，大多數零售商都會有與代理商互動的條款，我們也不會例外。

And I think that -- I do think that Rufus, if you look at what -- how it impacts the customer experience and if you actually use it month-to-month, it continues to get better and better.

我認為——我確實認為，如果你看看 Rufus 如何影響客戶體驗，如果你實際上逐月使用它，它會變得越來越好。

It's already -- if you're buying something and you're on a product detail page, our product detail pages provide so much information that sometimes it's hard if you're trying to find something quickly to scroll through and figure -- and find that little piece of information.

如果您正在購買某件商品，並且您正在瀏覽商品詳情頁面，那麼我們的商品詳情頁面會提供太多的信息，有時候，如果您想快速滾動瀏覽並找到某件商品，會非常困難，而且很難找到那一點點信息。

And so we have so many customers now who just use Rufus to help them find a quick fact about a product.

所以現在我們有很多客戶只是使用 Rufus 來幫助他們快速找到有關產品的資訊。

They also use Rufus to figure out how to summarize customer reviews so they don't have to read 100 customer reviews to get a sense of what people think about that product.

他們還使用 Rufus 來研究如何總結客戶評論，這樣他們就不必閱讀 100 條客戶評論來了解人們對該產品的看法。

If you look at the personalization, really, most prominently today, your ability to go into Rufus and ask what's happened to an order or what did I just order, or can you pull up for me this item that I ordered two months ago?

如果你看一下個性化，那麼今天最突出的是，你可以進入 Rufus 並詢問訂單發生了什麼，或者我剛剛訂購了什麼，或者你能否為我找到我兩個月前訂購的這個商品？

The personalization keeps getting much better.

個性化變得越來越好。

And so we expect throughout 2025, that the number of occasions where you're not sure what you want to buy, and you want help from Rufus are going to continue to increase and be more and more helpful to customers.

因此，我們預計，到 2025 年，當您不確定要購買什麼而需要 Rufus 幫助的情況將會持續增加，並且 Rufus 為客戶提供的幫助也會越來越多。

Thank you for joining us on the call today and for your questions.

感謝您今天的電話會議並提出您的問題。

A replay will be available on the Investor Relations website for at least three months.

重播將在投資者關係網站上提供至少三個月。

We appreciate your interest in Amazon and look forward to talking with you again next quarter.

我們感謝您對亞馬遜的關注，並期待下個季度再次與您交談。

And ladies and gentlemen, that does conclude today's teleconference.

女士們、先生們，今天的電話會議到此結束。

You may disconnect your lines at this time.

現在您可以斷開您的線路。

Thank you for your participation.

感謝您的參與。