亞馬遜 (AMZN) 2025 Q1 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com first-quarter 2025 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.

感謝您的支持。大家好，歡迎參加亞馬遜 2025 年第一季財務業績電話會議。（操作員指示）今天的通話正在錄音。在開幕致詞時，我將把電話轉給投資者關係副總裁戴夫·菲爾德斯先生。

Thank you, sir. Please go ahead.

謝謝您，先生。請繼續。

Hello, and welcome to our Q1 2025 financial results conference call. Joining us today to answer your questions is Andy Jassy, our CEO; and Brian Olsavsky, our CFO. As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter.

您好，歡迎參加我們 2025 年第一季財務業績電話會議。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。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 2024. Our comments and responses to your questions reflect management's views as of today, May 1, 2025, only and will include forward-looking statements.

請注意，除非另有說明，本次電話會議中的所有比較都將針對我們 2024 年可比較期間的結果。我們對您的問題的評論和回應僅反映管理層截至 2025 年 5 月 1 日的觀點，並將包含前瞻性陳述。

Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.

實際結果可能存在重大差異。有關可能影響我們財務表現的因素的更多資​​訊包含在今天的新聞稿和我們向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. In our press release, slides accompanying this webcast and our filings with the SEC, each of which is posted on our IR website. You will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures.

在本次電話會議中，我們可能會討論某些非公認會計準則財務指標。在我們的新聞稿、本次網路廣播附帶的幻燈片以及我們向美國證券交易委員會提交的文件中，每份都發佈在我們的 IR 網站上。您將找到有關這些非 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. 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, tariff and trade policies and customer demand and spending, including the impact of recessionary fears, inflation, interest rates, regional labor market constraints, world events, the rate of growth of the Internet, online commerce cloud services and new and emerging technologies and the various factors detailed in our filings with the SEC.

我們的指導包含了我們迄今為止所看到的訂單趨勢以及我們今天認為合適的假設。我們的結果本質上是不可預測的，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的變化、關稅和貿易政策以及客戶需求和支出，包括經濟衰退擔憂、通貨膨脹、利率、區域勞動力市場制約、世界事件、互聯網增長率、在線商務雲服務和新興技術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. It's not possible to accurately predict demand for our goods and services, and therefore, our actual results differ materially from our guidance.

我們的指導假設，除其他事項外，我們不會完成任何額外的業務收購、重組或法律和解。我們無法準確預測對我們的商品和服務的需求，因此，我們的實際結果與我們的指導有重大差異。

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

現在我將把電話轉給安迪。

Thanks, Dave. Today, we're reporting $155.7 million in revenue, up 10% year-over-year, excluding the impact from foreign exchange rates. Operating income was $18.4 billion, up 20% year-over-year and trailing 12-month free cash flow was $25.9 billion. We're pleased with our continued business progress but more importantly, with our pace of innovation and additional improvement in our customer experiences. In our stores business, we once again saw strong consumer resonance and our continued work on selection, value and shipping speed.

謝謝，戴夫。今天，我們報告的收入為 1.557 億美元，年增 10%，不包括外匯匯率的影響。營業收入為 184 億美元，年增 20%，過去 12 個月的自由現金流為 259 億美元。我們對業務的持續進步感到滿意，但更重要的是，我們創新的步伐和客戶體驗的進一步改善讓我們感到滿意。在我們的門市業務中，我們再次看到了消費者的強烈共鳴，並且我們在選擇、價值和運輸速度方面繼續努力。

Our broad selection offers customers choice across their shopping journeys. We welcome well-known brands such as [Ara Rings], [Michael Kors] and The Ordinary as well as a new shopping experience with Saks that offers a refined luxury assortment of fashion and beauty items from brands like Dolce & Gabbana, [Paul Maine ], [Erdem], [JumbaTista Vale] and Jason Blue collection. As always, we're working to keep prices low. And with this being an uncertain moment for consumers, it's even more important than it typically is.

我們廣泛的選擇為顧客的購物之旅提供了選擇。我們歡迎 [Ara Rings]、[Michael Kors] 和 The Ordinary 等知名品牌，以及 Saks 的全新購物體驗，該購物體驗提供來自 Dolce & Gabbana、[Pa​​​​ul Maine ]、[Erdem]、[JumbaTista Vale] 和 Jason Blue 系列等品牌的精緻奢華時尚和美容產品。像往常一樣，我們致力於保持低價。由於這對消費者來說是一個不確定的時刻，因此它比通常更重要。

In Q1, we held deal events worldwide to help customers save over $500 million across the Big Spring sale in the US and Canada, spring deal days in Europe, and Ramadan Eid sale events in Egypt, Saudi Arabia, Turkey and the UAE. Prime members will have more opportunities to save throughout the year, including at our 11 Prime Day event in July.

在第一季度，我們在全球舉辦了促銷活動，幫助客戶在美國和加拿大的春季大促銷、歐洲的春季促銷日以及埃及、沙烏地阿拉伯、土耳其和阿聯酋的齋戒月開齋節促銷活動中節省了超過 5 億美元。Prime 會員全年將有更多省錢機會，包括 7 月的第 11 屆 Prime Day 活動。

Over the past few years, we've made significant progress in making our fulfillment network more efficient and cost-effective. We've shared many times that an important turning point was regionalizing our national fulfillment network into regional hubs. By stocking items closer to where customers live, we're able to deliver more orders faster, often in fewer packages and at lower delivery costs.

在過去的幾年中，我們在使我們的履行網絡更加高效和具有成本效益方面取得了重大進展。我們多次分享過，一個重要的轉捩點是將我們的國家履行網路區域化為區域中心。透過將商品存放在距離客戶居住地更近的地方，我們能夠更快地遞送更多訂單，通常包裹數量更少，遞送成本更低。

The next challenge was getting as many items as possible into these regional notes. Our inbound network, which is how we get items to each fulfillment center hasn't been architected to leverage this new regionalization structure. So we redesigned it and just rolled out a new inbound architecture that expands the share of products that we can place in each fulfillment center improving delivery speeds and lowering our cost to serve.

下一個挑戰是將盡可能多的項目放入這些區域筆記中。我們的入站網路（即將物品運送到每個履行中心的方式）尚未設計為利用這種新的區域化結構。因此，我們對其進行了重新設計，並推出了新的入站架構，擴大了我們可以在每個履行中心放置的產品份額，從而提高了交付速度並降低了服務成本。

In the first quarter, we once again set new delivery speed records with our fastest delivery ever for Prime members around the world. And we delivered more items in the same day or next day in Q1 than any other quarter in our history.

第一季度，我們為全球Prime會員提供史上最快的配送速度，再次創下配送速度新紀錄。我們在第一季當天或隔天交付的貨物比我們歷史上任何一個季度都多。

Looking ahead, we'll continue to refine our newly redesigned inbound network build out our same-day delivery sites and add additional robotics and automation throughout our buildings. You'll also see us expand the number of delivery stations that we have in rural areas of the US, so we can get items to people who live in less densely populated areas much more quickly.

展望未來，我們將繼續完善我們新設計的入站網絡，建立我們的當日送達站點，並在我們的建築物中添加更多的機器人和自動化設備。您還會看到我們擴大了美國農村地區的配送站數量，這樣我們就可以更快地將物品送到人口密度較低的地區的人們手中。

I thought I'd share a few thoughts on the prospect of heightened tariffs on our stores business. Obviously, none of us know exactly where tariffs will settle or when. We haven't seen any attenuation of demand yet. To some extent, we've seen some heightened buying in certain categories that may indicate stocking up in advance of any potential tariff impact.

我想就我們商店業務提高關稅的前景分享一些想法。顯然，我們誰也不知道關稅究竟會在何時何地解決。我們尚未看到需求有任何減弱。在某種程度上，我們看到某些類別的購買量增加，這可能表明在受到任何潛在關稅影響之前人們已經囤貨。

We also have not seen the average selling price of retail items appreciably go up yet. Some of this reflects some forward buying we did in our first-party selling, and some of that reflects some advanced inbounding our third-party sellers have done, but a fair amount of this is that most sellers just haven't changed pricing yet. Again, this could change depending on where tariffs settle. Amazon is not uniquely susceptible to tariffs.

我們還沒看到零售商品的平均售價明顯上漲。其中一些反映了我們在第一方銷售中進行的一些前期購買，其中一些反映了我們的第三方賣家進行的一些提前入站購買，但相當一部分原因是大多數賣家尚未改變定價。同樣，這可能會根據關稅的結算地點而改變。亞馬遜並不是唯一一家受到關稅影響的公司。

As it relates to China, retailers who aren't buying directly from China are typically buying from companies who themselves are buying from China marking these items up, rebranding and selling to US consumers. These retailers are buying the product at a higher price than Chinese sellers selling directly to US consumers in our marketplace. So the total tariff will be higher for these retailers than for China direct sellers.

就中國而言，不直接從中國購買商品的零售商通常會從那些自己也從中國購買商品的公司購買，然後將這些商品標記、重新貼牌並出售給美國消費者。這些零售商購買產品的價格比在我們的市場上直接向美國消費者銷售的中國賣家要高。因此這些零售商的總關稅將高於中國直銷商。

It's also sometimes easy to forget what Amazon sells. We're not mostly selling high average selling price items that we certainly sell a bunch. In the first quarter, our everyday essentials grew more than twice as fast as the rest of our business and represented 1 out of every 3 units sold in the US on Amazon.

有時人們也很容易忘記亞馬遜在銷售什麼。我們主要銷售的並不是平均售價較高的商品，儘管我們確實賣了很多。在第一季度，我們的日常必需品成長速度是我們其他業務的兩倍多，佔亞馬遜美國站每售出3件商品中的1件。

Even if you exclude Whole Foods Market and Amazon Fresh, Amazon is one of the largest grocers in the US with over $100 billion in gross sales last year. People are buying a lot of their everyday essentials at Amazon. We also have extremely large selection, hundreds of millions of unique SKUs, which means we're often able to weather challenging conditions better than others. When there are periods of discontinuity, substantial unexpected product trends emerge. Think about the pandemic when items like masks, and hand sanitizer became big sellers.

即使不包括全食超市和亞馬遜生鮮，亞馬遜也是美國最大的食品雜貨商之一，去年的總銷售額超過 1,000 億美元。人們在亞馬遜購買很多日常必需品。我們還擁有極其廣泛的選擇，數億個獨特的 SKU，這意味著我們通常能夠比其他人更好地抵禦挑戰性條件。當出現不連續時期時，就會出現大量意想不到的產品趨勢。想想疫情期間，口罩、洗手液等物品變得暢銷。

When you have the broadest selection like we do and 2 million-plus global sellers like we do, you're better positioned to help customers find whatever items matter to them at lower price points than elsewhere.

當您擁有像我們一樣最廣泛的選擇和 200 多萬全球賣家時，您就能更好地幫助客戶以比其他地方更低的價格找到他們所需的任何商品。

Finally, when there are uncertain environments, customers tend to choose the provider they trust most. Given our really broad selection, low pricing and speedy delivery, we have emerged from these uncertain eras with more relative market segment share than we started and better set up for the future. I'm optimistic this could happen again.

最後，當環境不確定時，客戶傾向於選擇他們最信任的提供者。鑑於我們真正廣泛的選擇、低廉的價格和快速的交付，我們已經走出了這些不確定的時代，擁有比開始時更多的相對市場份額，並為未來做好了更好的準備。我樂觀地認為這種情況可能會再次發生。

Moving to a few words on Amazon ads. We're working hard to be the best place for brands of all sizes to grow their business. We are pleased with the strong growth on a very large base, generating $13.9 billion of revenue in the quarter and growing 19% year-over-year. We're seeing strength across our broad portfolio of full funnel advertising offerings that help advertisers reach an average ad-supported audience of more than $275 million in the US alone. This includes our top of funnel efforts to drive brand awareness, the bottom-of-funnel offerings where we measure outcomes at the point of conversion.

談談關於亞馬遜廣告的幾句話。我們正在努力成為各種規模的品牌發展業務的最佳場所。我們對在龐大基礎上實現的強勁成長感到滿意，本季營收達 139 億美元，年增 19%。我們廣泛的全通路廣告產品組合實力雄厚，光是在美國，這些產品就能幫助廣告主覆蓋平均超過 2.75 億美元的廣告支援受眾。這包括我們為提高品牌知名度所做的漏斗頂部努力，以及我們在轉換點衡量結果的漏斗底部產品。

Amazon Ad provides brands with tools to reach targeted audiences in our own entertainment properties such as Prime Video, Twitch and IMDB in live sports such as NFL, NBA and NASCAR, audio content such as Amazon Music and Wonder, of course, in our store, as well as many other external sites such as Pinterest and BuzzFeed.

Amazon Ad 為品牌提供了工具，讓我們能夠在自己的娛樂資產（如 Prime Video、Twitch 和 IMDB）、NFL、NBA 和 NASCAR 等現場體育賽事、Amazon Music 和 Wonder 等音訊內容（當然也包括我們的商店）以及 Pinterest 和 BuzzFeed 等許多其他外部網站中接觸目標受眾。

All of our audience and measurement capabilities work for the ads we deliver across premium third-party publishers through Amazon DSP and our secure clean rooms provide advertisers the ability to analyze data, produce core marketing metrics and understand how their marketing performs across various channels.

我們所有的受眾和測量功能都適用於我們透過 Amazon DSP 向優質第三方發布商投放的廣告，而我們安全的潔淨室使廣告商能夠分析數據、產生核心行銷指標並了解他們的行銷在各個管道的表現。

We continue to see a lot of opportunity to further expand our full funnel capabilities for brands. AWS grew 17% year-over-year in Q1 and now sits at a $117 billion annualized revenue run rate. We continue to help organizations of all sizes accelerate their move to the cloud, helping to modernize their infrastructure at lower cost and speed up innovation.

我們繼續看到很多機會來進一步擴展我們為品牌提供的全通路能力。AWS 第一季年增 17%，目前年化營收運行率為 1,170 億美元。我們將繼續幫助各種規模的組織加速向雲端遷移，幫助他們以更低的成本實現基礎設施現代化並加速創新。

We signed new AWS agreements with companies, including Adobe, Uber, Nasdaq, Ericsson, Fujitsu, Cargill, Mitsubishi Electric Corporation, General Dynamics Information Technology, GE Vernova, Booz Allen Hamilton, NextEra Energy; Publicis Sapient, Elastic, Netsmart and many others.

我們與 Adob​​e、Uber、納斯達克、愛立信、富士通、嘉吉、三菱電機、通用動力資訊技術公司、GE Vernova、博思艾倫漢密爾頓、NextEra Energy 等公司簽署了新的 AWS 協議；Publicis Sapient、Elastic、Netsmart 等等。

It's useful to remember that more than 85% of the global IT spend is still on premises, so not in the cloud yet. It seems pretty straightforward to me that this equation will flip in the next 10 to 20 years. Before this generation of AI, we thought AWS had the chance to ultimately be a multi-hundred billion dollar revenue run rate business. We now think it could be even larger.

值得記住的是，全球 85% 以上的 IT 支出仍在本地，因此尚未進入雲端。在我看來，這個等式在未來 10 到 20 年內將會逆轉，這顯而易見。在這一代人工智慧出現之前，我們認為 AWS 有機會最終成為一家營業額達數千億美元的企業。我們現在認為它可能會更大。

If you believe your mission is to make customers' lives easier and better every day, and you believe that every customer experience will be reinvented with AI. You're going to invest very aggressively in AI, and that's what we're doing. You can see that in the 1,000-plus AI applications we're building across Amazon. You can see that with our next generation of Alexa, named Alexa Plus. You can see that in how we're using AI in our fulfillment network, robotics, shopping, prime video and advertising experiences.

如果您相信您的使命是讓客戶的日常生活變得更輕鬆、更美好，並且您相信每一次客戶體驗都將透過人工智慧重塑。你將會大力投資人工智慧，而這正是我們正在做的事。您可以在我們在亞馬遜上建立的 1,000 多個 AI 應用程式中看到這一點。您可以在我們的下一代 Alexa（名為 Alexa Plus）中看到這一點。您可以從我們在履行網路、機器人、購物、主要影片和廣告體驗中使用人工智慧的方式中看到這一點。

And you can see that in the building blocks, AWS is constructing for external and internal builders to build their own AI solutions. We're not dabbling here. We're very intentionally giving builders the broadest possible capabilities at every level of the AI stack cost effectively to use AI expansively across their businesses.

您可以看到，在構建塊中，AWS 正在為外部和內部構建者構建自己的 AI 解決方案。我們不會涉足此地。我們有意為建造者提供 AI 堆疊各個層面最廣泛的功能，以經濟高效的方式在其業務中廣泛使用 AI。

At the bottom layer for those building models, our new custom AI chip trading two is starting to lay in capacity in larger quantities with significant appeal in demand. While we offer customers the ability to do AI in multiple chip providers and will for as long as I can foresee, customers doing AI at any significant scale realize that it can get expensive quickly. So the 30% to 40% better price performance that Trainium 2 offers versus other GPU-based instances is compelling.

在這些建構模型的底層，我們新的客製化AI晶片交易二開始大量投入生產，需求具有顯著的吸引力。雖然我們為客戶提供在多個晶片供應商處進行人工智慧的能力，並且據我所知，我們將繼續這樣做，但任何大規模進行人工智慧的客戶都會意識到，這樣做的成本很快就會變得昂貴。因此，與其他基於 GPU 的實例相比，Trainium 2 提供的 30% 到 40% 更好的性價比非常引人注目。

For AI to be as successful as we believe it can be, the price of inference needs to come down significantly. We consider this part of our mission and responsibility to help make it so. At the middle layer, for those wanting to leverage frontier models to build generative AI apps. Amazon Bedrock is our fully managed service that offers us choice of high-performing foundation models with the most compelling set of features that make it easy to build high-quality generative AI applications.

為了使人工智慧像我們所認為的那樣成功，推理的價格需要大幅下降。我們認為這是我們使命和責任的一部分，以幫助實現這一目標。中間層適用於想要利用前沿模型來建立生成式人工智慧應用程式的人。Amazon Bedrock 是我們完全託管的服務，它為我們提供高效能基礎模型的選擇，具有最引人注目的功能集，可以輕鬆建立高品質的生成式 AI 應用程式。

We continue to iterate quickly on Bedrock, adding Anthropic’s Claude 3.7 Sonnet on hybrid leasing model, their most intelligent model to date and Meta’s Llama 4 family of model. We were also the first cloud service provider to make DeepSeek’s R1, Mistral AI’s Pixtral Large generally available as a fully managed model.

我們繼續在 Bedrock 上快速迭代，添加了 Anthropic 的 Claude 3.7 Sonnet 混合租賃模型（迄今為止最聰明的模型）和 Meta 的 Llama 4 系列模型。我們也是第一家將 DeepSeek 的 R1、Mistral AI 的 Pixtral Large 作為完全託管模型普遍提供的雲端服務提供者。

And of course, we offer our own Amazon Nova state-of-the-art foundation models in Bedrock model with the latest premium model launching yesterday. They deliver frontier intelligence and industry-leading price performance and we have thousands of customers already using them, including Slack, Siemens, Sumo Logic, Coin-based, FanDuel, Glean and Blue Origin.

當然，我們也提供我們自己的 Amazon Nova 最先進的 Bedrock 模型基礎模型，以及昨天推出的最新高級模型。它們提供前沿智慧和業界領先的性價比，我們已有數千名客戶在使用它們，包括 Slack、西門子、Sumo Logic、Coin-based、FanDuel、Glean 和 Blue Origin。

A few weeks ago, we released Amazon Nova Sonic new speech-to-speech foundation model that enables developers to build voice-based AI applications that are highly accurate, expressive and human rights. Nova Sonic has lower word error rates and higher win rates over other comparable models for speed interactions.

幾週前，我們發布了 Amazon Nova Sonic 全新語音轉語音基礎模型，使開發人員能夠建立高度準確、富有表現力且人性化的基於語音的 AI 應用程式。與其他同類速度互動模型相比，Nova Sonic 的單字錯誤率更低，勝率更高。

The technology world is also above about the potential of agents. To date, virtually all of the agentic use cases have been of the question-answer variety. Our intention is for agents to perform wide-ranging complex multistep tasks by organizing a trip or setting the lighting, temperature of music ambience in your house for dinner guests for handling complex IT tasks to increase business productivity. There haven't been action-oriented agents like this until Alexa Plus.

科技世界也對代理商的潛力充滿信心。到目前為止，幾乎所有的代理用例都是問答形式的。我們的目的是讓代理商執行廣泛而複雜的多步驟任務，例如組織旅行或為晚宴客人設置家中的燈光、溫度和音樂氛圍，處理複雜的 IT 任務，從而提高業務生產力。在 Alexa Plus 出現之前，還沒有出現過像這樣的以行動為導向的代理。

With the technology to build these agents is still quite primitive and accurate and requires constant human supervision. We've just released a research preview of Amazon Nova Act, a new AI model trained to perform actions within a web browser. It enables developers to break down complex workflows into reliable atomic commands like search or checkout or answer questions about the screen. It also enables them to add more detailed instructions to these commands where needed, but don't accept the insurance upsell.

建構這些代理的技術仍然相當原始和準確，並且需要不斷的人工監督。我們剛剛發布了 Amazon Nova Act 的研究預覽，這是一種經過訓練可在 Web 瀏覽器中執行操作的新型 AI 模型。它使開發人員能夠將複雜的工作流程分解為可靠的原子命令，例如搜尋或結帳或回答有關螢幕的問題。它還使他們能夠在需要的地方向這些命令添加更詳細的說明，但不接受保險追加銷售。

Nova Act aims to move the current state-of-the-art accuracy of multistep agentic actions from 30% to 60% to 90%-plus with the right set of building blocks to build these action-oriented agents.

Nova Act 旨在利用正確的建置模組來建立這些行動導向的代理，將多步驟代理行動的當前最先進的準確率從 30% 提高到 60% 甚至 90% 以上。

At the very top of the stack are the applications. This past quarter, Amazon Q, the most capable generative AI-powered assistant for accelerating software development and leveraging your own data launched a lightning fast new agent coating experience within the command line interface that can execute complex workflows autonomously. Customers are loving this.

堆疊的最頂部是應用程式。上個季度，亞馬遜 Q，這款用於加速軟體開發和利用您自己的數據的最強大的生成式人工智慧助手，在命令列介面中推出了閃電般快速的全新代理塗層體驗，可以自主執行複雜的工作流程。顧客們都很喜歡這個。

We also made generally available GitLab Duo with Amazon Q enabling AI agents to assist multistep tasks such as new feature development, code-based upgrades for Java 8 and 11, while also offering code review and unit testing, all within the same familiar GitLab platform. Our AI business has a multibillion-dollar annual revenue run rate continues to grow triple-digit year-over-year percentages and is still in its very early days.

我們還推出了 GitLab Duo 和 Amazon Q，使 AI 代理能夠協助執行多步驟任務，例如新功能開發、Java 8 和 11 的基於程式碼的升級，同時還提供程式碼審查和單元測試，所有這些都在同一個熟悉的 GitLab 平台內完成。我們的人工智慧業務年收入達數十億美元，運作率持續以三位數的年成長率成長，並且仍處於起步階段。

While there is good reason for the high optimism about AI. I conclude my AWS comments with a reminder that there is still so much on-premises infrastructure yet to be moved to the cloud. Infrastructure modernization is much less sexy to talk about than AI. But fundamental to any company's technology and invention capabilities, developer productivity, speed and cost structure. If for companies to realize the full potential of AI, they're going to need their infrastructure and data in the cloud. I want to briefly mention a few other items.

儘管人們對人工智慧抱持高度樂觀的態度是有充分理由的。我在結束對 AWS 的評論時提醒大家，仍有許多內部部署基礎架構尚未遷移到雲端。與人工智慧相比，基礎設施現代化的討論並不那麼有吸引力。但對任何公司來說，技術和發明能力、開發人員的生產力、速度和成本結構都是至關重要的。如果公司要充分發揮人工智慧的潛力，他們就需要雲端的基礎設施和數據。我想簡單提一下其他幾點。

As I've referenced a couple of times in Q1, we introduced Alexa Plus, our next-generation Alexa personal assistant is meaningfully smarter and more capable than our prior self can both answer virtually any question and take actions is free with prime or available to nonprime customers for $19.99 a month.

正如我在第一季多次提到的那樣，我們推出了 Alexa Plus，這是我們的下一代 Alexa 個人助理，它比我們之前的更聰明、更強大，幾乎可以回答任何問題並採取行動，Prime 會員可以免費使用，非 Prime 會員則需支付每月 19.99 美元的費用。

We're just starting to roll this out in the US, and we'll be expanding to additional countries later this year. people are really liking Alexa Plus the part. We're excited and honored to be part of the joint venture that we'll be creating the next generation of the esteemed James Bond film franchise. We recently named the claim producer, Amy Pascal, and David Heyman to produce the next James Bond movie.

我們剛開始在美國推出這項服務，今年稍後我們將擴展到其他國家。人們真的很喜歡 Alexa Plus 這個部分。我們非常高興且榮幸能夠參與合資，共同打造下一代備受推崇的詹姆士龐德系列電影。我們最近任命了索賠製片人艾米·帕斯卡 (Amy Pascal) 和大衛·海曼 (David Heyman) 來製作下一部詹姆斯·邦德電影。

Additionally, just a couple of days ago, Project Kuiper reached a significant milestone by launching our first satellites into orbit with more being launched soon, and we expect to begin offering service to customers later this year.

此外，就在幾天前，柯伊伯計畫達到了一個重要的里程碑，將我們的第一顆衛星發射到軌道，更多衛星將很快被發射，我們預計今年稍後開始向客戶提供服務。

I'm proud of what our teams around the world have delivered. We're excited about what we're inventing and working on as we speak. And with that, I'll turn it over to Brian for a financial update.

我為我們世界各地的團隊所取得的成就感到自豪。我們對我們正在發明和從事的工作感到非常興奮。接下來，我將把時間交給 Brian 來報告財務最新情況。

Thanks, Andy. I will begin with our top line financial results. Worldwide revenue was $155.7 billion, a 10% increase year-over-year, excluding the impact of foreign exchange. This equates to a $1.4 billion headwind from foreign exchange year-over-year in the quarter. Worldwide operating income was $18.4 billion, approximately $400 million above the high end of our guidance range.

謝謝，安迪。我首先要介紹的是我們的營收財務表現。全球營收為 1,557 億美元，不包括外匯影響，較去年同期成長 10%。這相當於本季外匯承受了年比 14 億美元的逆風。全球營業收入為 184 億美元，比我們的預期最高值高出約 4 億美元。

These results include onetime charges that impacted North America and international operating income that I will discuss in a moment. First, let's start with the net sales results for these segments. In the North America segment, First quarter revenue was $92.9 billion, an increase of 8% year-over-year. Our International segment revenue was $33.5 billion. Also an increase of 8% year-over-year, excluding the impact of foreign exchange. Worldwide paid units grew 8% year-over-year.

這些結果包括影響北美和國際營業收入的一次性費用，我稍後將討論。首先，讓我們從這些部門的淨銷售額開始。北美地區第一季營收為929億美元，年增8%。我們的國際部門收入為 335 億美元。不計外匯影響，較去年同期成長8%。全球付費單位較去年同期成長8%。

Our priority is to provide value to our customers across our businesses. In the first quarter, we held multiple deal events around the world, which drove strong customer engagement. We saw broad-based strength across our key business inputs, including record delivery speeds for Prime members enabled by improved inventory placement. Our vast selection gives customers choice across various price points, particularly in categories like grocery, which includes everyday essentials.

我們的首要任務是為我們業務範圍內的客戶提供價值。第一季度，我們在全球舉辦了多場優惠活動，有力地促進了客戶的參與。我們看到了主要業務投入的廣泛優勢，包括透過改善庫存佈局為 Prime 會員實現創紀錄的送貨速度。我們豐富的選擇讓顧客可以在不同的價位上進行選擇，特別是雜貨等類別，其中包括日常必需品。

These are the items that people purchase most frequently. We partner with millions of independent sellers from around the world. These selling partners are important contributors to our broad selection. And worldwide third-party selling unit mix was 61% in Q1, consistent with Q1 of last year.

這些是人們最常購買的物品。我們與來自世界各地的數百萬獨立賣家合作。這些銷售合作夥伴是我們廣泛選擇的重要貢獻者。第一季全球第三方銷售單位佔比為 61%，與去年第一季持平。

Shifting to profitability. North America segment operating income was $5.8 billion, and International segment operating income was $1 billion, with operating margins of 6.3% in North America and 3% internationally. As I mentioned earlier, during the quarter, we recorded onetime charges related to some historical customer returns has not yet been resolved and some costs to receive inventory that was pulled forward into Q1 ahead of anticipated tariffs.

轉向盈利。北美分部營業收入為 58 億美元，國際分部營業收入為 10 億美元，北美分部營業利益率為 6.3%，國際分部營業利益率為 3%。正如我之前提到的，在本季度，我們記錄了與一些尚未解決的歷史客戶退貨相關的一次性費用，以及一些在預期關稅之前提前進入第一季的接收庫存的成本。

Without these charges, North America and International operating margins would have been approximately 90 basis points and 70 basis points higher or operating margins of 7.2% for North America and 3.7% for International. We are pleased with how our teams continue to execute and deliver for customers. In Q1, our newly rearchitected inbound network drove productivity in our fulfillment and transportation network, leading to better inventory placement and higher units per package and as a result, lower delivery costs.

若不計入這些費用，北美和國際的營業利潤率將分別高出約 90 個基點和 70 個基點，即北美的營業利潤率為 7.2%，國際的營業利潤率為 3.7%。我們對我們的團隊如何繼續為客戶執行和交付感到滿意。在第一季度，我們新近重新設計的入站網路提高了我們的履行和運輸網路的生產力，從而改善了庫存佈局並提高了每個包裹的單位數量，從而降低了運輸成本。

Beyond Q1, we have a number of initiatives underway to continue improving our cost structure, such as fine-tuning our inbound network, building out our same-day delivery sites expanding our rural delivery network and adding robotics and automation to our facilities.

除了第一季之外，我們還在實施一系列舉措來繼續改善我們的成本結構，例如微調我們的入站網路、建造我們的當日送達站點、擴大我們的農村送達網路以及在我們的設施中添加機器人和自動化技術。

Better inventory placement remains a top priority. Better placement drives more in-stock selection, reduces travel distances and speeds up delivery. And having inventory in the right place at the right time increases the likelihood that multiple items can be combined in a package, which helps reduce packaging and cost. Although progress won't always be linear, we have a good plan to continue to drive improvement over time.

更好的庫存佈局仍然是首要任務。更好的佈​​局可以促進更多的庫存選擇，減少運輸距離並加快交貨速度。在正確的時間將庫存放置在正確的位置可以增加將多個物品組合成一個包裝的可能性，有助於減少包裝和成本。儘管進展並不總是直線性的，但我們有一個很好的計劃來繼續推動進步。

Shifting to advertising. Advertising remains an important contributor to profitability in the North America and international segments. Advertising revenue grew 19% year-over-year. We're pleased with the accelerating growth on an increasingly large base. We're seeing strong adoption across our full funnel advertising offering as brands appreciate our ability to connect them with customers.

轉向廣告。廣告仍然是北美和國際市場獲利的重要貢獻者。廣告收入較去年同期成長19%。我們很高興看到在越來越大的基礎上實現加速成長。我們看到，我們的全通路廣告服務得到了廣泛的採用，因為品牌欣賞我們將他們與客戶聯繫起來的能力。

We'll also continue to invest in other long-term opportunities. These efforts have the potential to be important to customers and Amazon in the future, including Kuiper, where we had our first launch of our production design satellites earlier this week, and we'll be launching more satellites throughout the year.

我們也將繼續投資其他長期機會。這些努力對客戶和亞馬遜未來都具有重要意義，其中包括 Kuiper，我們本週早些時候首次發射了我們的生產設計衛星，我們將在全年發射更多衛星。

We're closely monitoring the macroeconomic environment, including the impact of tariffs. We're planning for various outcomes, and we've taken a number of actions to protect the customer experience. We're doing everything we can to keep our prices low for customers in a way that makes economic sense.

我們正在密切關注宏觀經濟環境，包括關稅的影響。我們正在為各種結果做計劃，並已採取多項措施來保護客戶體驗。我們正在盡一切努力以經濟合理的方式為客戶提供低價服務。

Moving next to our AWS segment. Revenue was $29.3 billion in Q1, an increase of 17% year-over-year. AWS now is an annualized revenue run rate of more than $117 billion. During the first quarter, we continued to see growth in both generative AI business and non-generative AI offerings. As companies turned their attention to newer initiatives, bring more workloads to the cloud, restart or accelerate existing migrations from on-premises to the cloud and tap into the power of Generative AI.

接下來前往我們的 AWS 部分。第一季營收為293億美元，年增17%。AWS 目前年化營收運行率超過 1,170 億美元。在第一季度，我們繼續看到生成性人工智慧業務和非生成性人工智慧產品的成長。隨著公司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，並利用生成式人工智慧的力量。

AWS operating income was $11.5 billion and reflects our continued growth coupled with our focus on driving efficiencies across the business. As we said before, we expect AWS operating margins to fluctuate over time, driven in part by the level of investments we're making at any point in time, plan to bring on an increasing amount of capacity in the back half of the year.

AWS 營運收入為 115 億美元，反映了我們的持續成長以及我們對提高整個業務效率的關注。正如我們之前所說，我們預計 AWS 的營運利潤率會隨著時間的推移而波動，部分原因是我們在任何時間點進行的投資水平，我們計劃在今年下半年增加產能。

Now turning to our cash CapEx, which was $24.3 billion in Q1. The majority of this spend is to support the growing need for technology infrastructure. It primarily relates to AWS as we invest to support demand for our AI services and increasingly in custom silicon like Trainium as well as tech infrastructure to support our North America and international segments.

現在談談我們的現金資本支出，第一季為 243 億美元。這些支出的大部分用於滿足日益增長的技術基礎設施需求。它主要與 AWS 相關，因為我們投資以支援對我們的 AI 服務的需求，並越來越多地投資於像 Trainium 這樣的客製化晶片以及支援我們北美和國際市場的技術基礎設施。

We're also investing in our fulfillment and transportation network to support future growth and improve delivery speeds and our cost structure. This investment will support growth for many years to come. We primarily focus our comments on operating income. I’d like to point out that our first quarter net income of $17.1 billion includes a pretax gain of $3.3 billion, included in non-operating income and it relates to our investment in Anthropic. This activity is not related to Amazon's ongoing operations, but rather the result of the conversion of a portion of our convertible notes to nonvoting preferred stock.

我們也投資於我們的履行和運輸網絡，以支持未來的成長並提高交付速度和成本結構。這項投資將支持未來多年的成長。我們的評論主要關注營業收入。我想指出的是，我們第一季的淨收入為 171 億美元，其中包括 33 億美元的稅前收益，這筆收益包含在非營業收入中，與我們對 Anthropic 的投資有關。此活動與亞馬遜的持續營運無關，而是將部分可轉換票據轉換為無投票權優先股的結果。

Turning to Q2 guidance. As a reminder, our guidance considers a range of possibilities and takes into account Q1 results, trends in quarter-to-date results and expectations around the macroeconomic environment.

轉向第二季度指引。提醒一下，我們的指導考慮了一系列可能性，並考慮了第一季的業績、本季迄今的業績趨勢以及宏觀經濟環境的預期。

Q2 net sales are expected to be between $159 billion and $164 billion. 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 10 basis points in the quarter. As a reminder, global currencies can fluctuate during the quarter. Q2 operating income is expected to be between $13 billion and $17.5 billion.

預計第二季淨銷售額將在 1,590 億美元至 1,640 億美元之間。我們根據當前匯率估算了外匯匯率變動的年比影響，預計本季將出現約 10 個基點的逆風。提醒一下，本季全球貨幣可能會出現波動。預計第二季營業收入將在130億美元至175億美元之間。

This estimate includes the impact of our seasonal step-up in stock-based compensation expense in Q2. driven by the timing of our annual compensation cycle. The external environment remains complex. And as we have done throughout our history, we are focused on the inputs that we can control to protect the customer experience. who will work hard to remain to place customers' trust for sharp prices, fraud selection and convenience.

該估計包括了我們第二季度股票薪酬費用季節性增加的影響。受我們年度薪酬週期時間的驅動。外部環境依然複雜。正如我們在整個歷史中所做的那樣，我們專注於我們可以控制的投入，以保護客戶體驗。他們將努力保持客戶對優惠價格、詐欺選擇和便利性的信任。

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

我們將繼續致力於提供更好的客戶體驗，我們仍然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.

好了，讓我們繼續回答您的問題。

(Operator Instructions) Ross Sandler, Barclays.

（操作員指示）巴克萊銀行的羅斯·桑德勒。

Great. I think I'm going to leave the China questions to others and focus on AWS and kind of AI. So Andy, it seems like you've been bringing on a lot more P5 GPU Instances since February from what it looks like to kind of support all these new AI workloads.

偉大的。我想我會把中國的問題留給其他人，而專注於 AWS 和 AI。所以安迪，看起來你自二月以來就引入了更多的 P5 GPU 實例，以支援所有這些新的 AI 工作負載。

So how would you characterize in the first quarter and maybe here in the second quarter, the kind of supply-demand of supply-demand imbalance that you talked about before around AI workloads? And when do you think that AWS will be in a position to kind of capture enough AI revenue to drive acceleration? Is that something that could happen this year? Or do you see that more like next year? -- given your capacity constraints?

那麼，您如何描述第一季以及第二季您之前談到的有關人工智慧工作負載的供需失衡現象？您認為 AWS 何時能夠獲得足夠的 AI 收入來推動加速發展？今年會發生這種事嗎？還是您認為這更像是明年的事情？ ——考慮到你的能力限制？

Thanks, Ross. I would say that we've been bringing on a lot of P5, which is a form of NVIDIA chip instances as well as landing more and more Trainium 2 instances as fast as we can. And I would tell you that our AI business right now is a multibillion-dollar annual run rate business that's growing triple-digit percentages year-over-year.

謝謝，羅斯。我想說的是，我們已經引入了許多 P5，它是 NVIDIA 晶片實例的一種，同時我們也盡快推出越來越多的 Trainium 2 實例。我想告訴你們，我們現在的人工智慧業務是一個年營業額達數十億美元的業務，每年的成長率都達到三位數。

And we -- as fast as we actually put the capacity in, it's being consumed. So I think we could be driving -- we could be helping more customers and driving more revenue for the business if we had more capacity. We have a lot more Trainium 2 instances and the next generation of NVIDIA's instances landing in the coming months.

而我們 — — 我們實際投入的容量很快，消耗的容量也很快。所以我認為，如果我們擁有更多的產能，我們可以幫助更多的客戶，並為企業帶來更多的收入。我們將在未來幾個月內推出更多的 Trainium 2 實例和下一代 NVIDIA 實例。

I expect that there are other parts of the supply chain that are a little bit jammed up as well, motherboards and some other componentry. But I do -- and some of that is just because there is so much demand right now. But I do believe that the supply chain issues and the capacity issues will continue to get better as the year proceeds.

我預計供應鏈的其他部分也會出現一些堵塞，例如主機板和其他一些組件。但我確實這麼做了——部分原因是因為現在需求太大了。但我相信，隨著時間的推移，供應鏈問題和產能問題將會持續改善。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Maybe I could ask a two-parter. First, in terms of strategy. How do you think about positioning the company for the medium term given all the levels of uncertainty out there about how the global trade environment might shift in the coming months.

也許我可以問兩個問題。第一，在戰略方面。鑑於未來幾個月全球貿易環境可能如何變化存在許多不確定性，您如何看待公司的中期定位？

What do you see as the key strategic priorities that will allow the company to sort of be able to capitalize one way or another depending on various elements of outcome? And how do you prioritize those investments in the months ahead?

您認為哪些關鍵的策略重點能夠使公司根據各種結果因素以某種方式實現資本化？未來幾個月您如何優先考慮這些投資？

And then with respect to the one quarter forward operating income guide, is there anything in there from a cost side that we should be thinking about as purely aligned with those types of investments against the trade landscape that might not repeat either later into this year or next year?

然後，關於一個季度的遠期營業收入指南，從成本方面來看，我們是否應該考慮將其與貿易格局下的投資類型純粹相一致，而這種投資可能不會在今年晚些時候或明年重複出現？

Thanks, Eric. It's hard to tell what's going to happen with tariffs right now. It's hard to tell where they're going to settle and when they're going to settle. And so a lot of what we're thinking about short and medium term, actually turns out to be what we think about long-term too, which is how do we actually have the broadest possible selection for customers at the lowest possible prices, and there's maybe never been a more important time in recent memory than trying to keep prices low, which we are heads down pretty maniacally focused on and then get things to people quickly and take care of customers.

謝謝，埃里克。現在很難判斷關稅將會發生什麼變化。很難說他們要在哪裡定居以及何時定居。因此，我們在短期和中期考慮的許多事情實際上也是我們在長期考慮的事情，即我們如何以盡可能低的價格為客戶提供盡可能廣泛的選擇，也許在最近的記憶中，從來沒有比試圖保持低價更重要的時刻了，我們全神貫注於此，然後迅速將產品送到人們手中並照顧好客戶。

And that is the heart of what we're doing. And you can see different initiatives that we've taken within those priorities. We've done some forward buys of inventory where we're the first-party seller. Are third-party sellers have pulled forward a number of items, so they have inventory here as well. And those are all we're encouraging that because we're trying to keep prices as low as possible for customers.

這就是我們所做工作的核心。您可以看到我們在這些優先事項中採取了不同的措施。我們已經進行了一些庫存的預購，我們是第一方賣家。第三方賣家是否已經提前推出了一些商品，因此他們在這裡也有庫存。這些都是我們所鼓勵的，因為我們試圖為客戶保持盡可能低的價格。

I think also -- when you have as broad selection as we have, and we have much broader selection than other retailers, it means that when you've got this continuity like we may potentially have you're better able to help customers find what they want, no matter what those trends are.

我還認為——當你擁有像我們一樣廣泛的選擇時，而且我們的選擇比其他零售商要廣泛得多，這意味著當你擁有像我們可能擁有的這種連續性時，你就能夠更好地幫助客戶找到他們想要的東西，無論這些趨勢是什麼。

And I mentioned in my opening comments about what happened in the pandemic. And you can bet there are going to be things that we don't anticipate the customers really value and want that are different. It could be a simple, by the way, is just favoring other brands that maybe people didn't know about before, but where they have a more favorable price equation for customers.

我在開場白中提到了疫情期間發生的情況。而且你可以肯定，有些東西是我們無法預料到的，而客戶真正重視和想要的卻有所不同。順便說一句，這可能很簡單，只是青睞那些人們以前可能不知道的其他品牌，但它們為客戶提供更優惠的價格。

And I think when you've also got -- another thing that people forget is that when you've got 2 million-plus sellers, they're not all going to take the same strategy if there ends up being higher tariffs. I mean there are going to be plenty of sellers that decide to pass on those higher costs to and consumers, but they're going to -- we have a lot of sellers in lots of different countries and not all of them are going to pursue the same tack.

而且我認為，人們忘記的另一件事是，當你有 200 多萬賣家時，如果最終關稅提高，他們不會都採取相同的策略。我的意思是，會有很多賣家決定將這些更高的成本轉嫁給消費者，但他們會——我們在許多不同的國家都有很多賣家，但並不是所有賣家都會採取同樣的策略。

And so I think when you've got larger diversity like we have, we have a better chance of some of those sellers deciding that they're going to capture share, and they're not going to pass on all or any of those tariffs to customers. And so I think customers are going to have a better chance of finding variety on selection and on lower prices when they come here.

因此，我認為，當你擁有像我們這樣的更大的多樣性時，我們就有更好的機會讓一些賣家決定他們將獲得市場份額，並且他們不會將所有或任何關稅轉嫁給客戶。因此我認為顧客來這裡會有更好的機會找到更多選擇並享受更低的價格。

And the last thing I would say is that. We have been in a number of our businesses, but just I'd say, over the last six years or so, we have been diversifying where we produce things over a long period of time, we had, I would say, a meaningfully higher concentration of where we produce components for AWS or devices in China than we have now where we've diversified meaningfully over that time. And we just thought that was wise to do so.

我最後要說的是。我們從事多項業務，但我想說的是，在過去六年左右的時間裡，我們一直在長期實現生產多元化，我想說，我們在中國為 AWS 或設備生產零部件的集中度比現在高得多，我們現在在那段時間裡已經實現了有意義的多元化。我們認為這樣做是明智之舉。

And so those are some of the ways that we're trying to make sure that we are protecting our customers over the short, medium and long term. But it turns out that most of those are the things that we focus most on, which is really broad selection for Ultimate Choice, really low prices and very fast delivery.

這些就是我們試圖確保在短期、中期和長期保護客戶的一些方法。但事實證明，這些大部分都是我們最關注的事情，即 Ultimate Choice 的選擇範圍非常廣泛、價格非常低廉且送貨速度非常快。

Eric, I'll take your question on the guidance and especially on operating income, I think that was your question, the cost that might be in Q2. The thing I'd point to, again, is what I mentioned earlier, the stock-based comp always steps up generally in Q2 versus Q1 and then reset the rate that carries through for the next four quarters.

艾瑞克，我會回答你關於指導的問題，特別是關於營業收入的問題，我想那是你的問題，第二季可能產生的成本。我想再次指出的是我之前提到的，股票型薪酬在第二季度相對於第一季總體上總是會上升，然後重新設定在接下來的四個季度中持續的利率。

You can look at historic trends to get an idea of that. Secondly, we do have some additional hyper launch costs in Q2, you saw a launch happened this week. And a reminder that we expense those launch costs until the point of commercialization, which the plan is to have that later in this year.

您可以查看歷史趨勢來了解這一點。其次，我們在第二季確實有一些額外的超級發射成本，您看到本週發生了一次發射。需要提醒的是，我們將這些發射成本計入商業化成本，並計劃在今年稍後實現商業化。

Justin Post, Bank of America.

美國銀行的賈斯汀·波斯特 (Justin Post)。

I'll go back to AWS. I know in the past, you said revenues can be lumpy. Can you explain why that might fluctuate up and down if it's beyond just capacity? And you see the competitors with some pretty good growth rates. How do you think about the difference there? Obviously, your dollar growth is very good. But how do you think about the difference there versus some of your competitors?

我將返​​回 AWS。我知道您過去曾說過收入可能會不穩定。您能解釋一下，如果超出容量範圍，為什麼會出現上下波動嗎？而且你會看到競爭對手的成長率相當不錯。您如何看待其中的差異？顯然，你們的美元成長非常好。但是您如何看待它與一些競爭對手之間的差異？

Well, the first thing I would say is when we've historically said that revenue could be lumpy, this was -- we've been saying this well before what's happened with AI over the last couple of years. And the reason for that is the sales cycle for -- particularly for enterprise. It's true for startups. What you really want is you want to have the type of capabilities where start-ups want to primarily choose to run on top of your platform. And that's true.

好吧，我想說的第一件事是，我們過去曾說過收入可能會不穩定，這是——在過去幾年人工智慧出現之前，我們就已經這麼說了。原因在於銷售週期——尤其是企業的銷售週期。對於新創企業來說確實如此。你真正想要的是擁有新創公司主要選擇在你的平台上運行的功能類型。事實確實如此。

If you look at the startup space, the vast majority of successful start-ups over the last 10 to 15 years have run on top of AWS. And it's unpredictable when those start-ups are going to find product market fit. And grow substantially. And it's hard for them to predict it even harder for us to predict.

如果你看一下新創公司領域，你會發現過去 10 到 15 年間絕大多數成功的新創公司都是在 AWS 上運作的。而這些新創企業何時能找到適合市場的產品是無法預測的。並大幅成長。他們很難預測，我們也更難預測。

And the same thing goes on the enterprise side, when you -- but in a different way, when the sales cycle on the enterprise side is that -- you spent time trying to convince people that they should move from on-premises to the cloud. And then that you have the right solution for them and then you pick a set of projects that you get experience on -- and sometimes they use systems integrators, sometimes they use our own professional services, sometimes they're doing it themselves.

同樣的事情也會發生在企業方面，當你——但方式不同，當企業方面的銷售週期是——你花時間試圖說服人們他們應該從本地轉移到雲端。然後，您為他們提供了正確的解決方案，然後選擇一組您有經驗的專案——有時他們使用系統整合商，有時他們使用我們自己的專業服務，有時他們自己做。

Then there's the next tranche migrations. And those migrations just take time. And some companies get through them really quickly and some companies take longer to get through them. And what happens a lot of times, too, is that they get excited and enthusiastic about the cost advantages and the speed of innovation advantages they get moving to the cloud.

然後是下一批遷移。而這些遷移需要時間。有些公司很快就完成了這些工作，而有些公司則需要更長的時間。很多時候，他們也會對遷移到雲端所帶來的成本優勢和創新速度優勢感到興奮和熱情。

And what was supposed to be a smaller next tranche turns into a much larger next tranche. And all of that has been true for a long time. It's very hard for us to predict because it really is contingent on what enterprises -- how they want to sequence it and resource it. Then you throw in AI which has its own very fast growth cycle, particularly in certain types of use cases and those change -- I mean I'll give you just some examples.

原本預計規模較小的下一筆款項卻變成了規模大得多的下一筆款項。所有這些情況長期以來都是如此。我們很難預測，因為這實際上取決於企業——他們希望如何對其進行排序和資源配置。然後你加入人工智慧，它有自己非常快速的成長週期，特別是在某些類型的用例和變化中 - 我的意思是我只會給你舉一些例子。

In the early days, on the earliest days, I should say, of AI. What you've seen the most amount of has been initiatives that get you productivity and cost avoidance. And we've seen that from so many of our AWS customers, and we're doing a lot of it ourselves inside of Amazon using. And then you've also seen, I would say, large-scale training with a lot of those are running on top as well. And as you know, anthropic is running -- building the next few training models on top of our training 2 chip on AWS.

我應該說，在人工智慧發展的早期，也就是人工智慧發展的最初階段。您最常看到的是那些可以提高生產力並避免成本的措施。我們從許多 AWS 客戶那裡看到了這一點，而且我們在亞馬遜內部也做了很多這樣的工作。然後我想說，你還會看到大規模的訓練，其中許多也在上面運行。如您所知，anthropic 正在運行 - 在 AWS 上的訓練 2 晶片上建立接下來的幾個訓練模型。

And then you've seen a couple of really big chatbots. And then what you've seen just in the last few months is really kind of the explosion of coding agents. And if you just look at the growth of these coding agents in the last few months, these are companies like Cursor or Versal, both of them run significantly on AWS.

然後你會看到幾個非常大的聊天機器人。而您在過去幾個月中看到的正是編碼代理的爆炸性增長。如果你看一下過去幾個月這些編碼代理的成長情況，你會發現這些公司就像 Cursor 或 Versal 一樣，它們都在 AWS 上運作。

But just look at the growth of that over the last few months, you just couldn't have predicted that sort of growth. And so that's why it's lumpy. Sometimes you'll have very significant increases that you didn't predict and you couldn't forecast.

但只要看看過去幾個月的成長情況，你就無法預測到這種成長。這就是為什麼它凹凸不平的原因。有時，您會看到非常顯著的成長，而這些成長是您沒有預料到的，也無法預測的。

And then they'll grow at a good rate, but maybe not the same rate before the next big kind of explosive growth. And I would tell you that everything I just mentioned with interesting in AI is that we still haven't gotten to all the other customer experiences that are going to be reinvented and all the other agents that are going to be built, they're going to take the role of a lot of different functions today.

然後它們會以良好的速度增長，但在下一次爆炸式增長之前，增長速度可能不會相同。我想告訴你們，我剛才提到的所有有關人工智慧的有趣之處是，我們還沒有涉及到所有其他將被重新發明的客戶體驗和所有其他將要被建構的代理，它們將承擔當今許多不同功能的角色。

And those are -- they're -- even though we have a lot of combined inference in those areas, I would say we're not even at the second strike of the first batter in the first inning. It is so early right now. And then I would just say on the -- how to think about relative growth rates, you always have to -- the year-over-year growth rate is really only a function of the percentage growth on the base with which you were operating.

儘管我們在這些領域有很多綜合推論，但我想說我們甚至還沒有達到第一局第一個擊球手的第二次好球。現在還太早。然後我只想說——如何考慮相對成長率，你總是必須——同比成長率實際上只是你營運基礎上的百分比成長的函數。

And we just have a very -- a meaningfully larger base on the technology infrastructure side than others. And so it's still -- if you think about 17% year-over-year growth on a $117 billion revenue run rate, still pretty significant growth. And as I said, I think we could be doing more if we had more capacity, and I expect that the capacity to ease in the coming months.

我們在技術基礎設施方面的基礎比其他國家大得多。因此，如果您考慮 1170 億美元的收入運行率，同比增長 17%，這仍然是相當顯著的增長。正如我所說，如果我們有更多的產能，我認為我們可以做更多的事情，而且我預計未來幾個月產能將會有所緩解。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

One for Brian, one for Andy. Brian, just maybe to follow up on AWS, but more on the margin side. We've seen a lot of fluctuation over the last couple of years and now hitting almost 40%. Maybe you can just talk about what's driving the outperformance and then how we should think about normalized margins going forward?

一個給 Brian，一個給 Andy。布萊恩，也許只是為了跟進 AWS，但更多的是在利潤方面。過去幾年我們看到了很多波動，現在已經達到了近 40%。也許您可以談談推動績效優異的因素以及我們應該如何看待未來的正常化利潤率？

And then, Andy, your comments on Alexa about moving to more complex tasks. Can you talk about that more? And just with Alexa, the products have been around for a long time and they've had different use cases. How do you get users to shift their behavior more with Alexa?

然後，安迪，您對 Alexa 轉向更複雜任務的評論。能進一步談談嗎？就 Alexa 而言，這些產品已經存在很長時間了，並且有不同的用例。如何讓使用者透過 Alexa 改變他們的行為？

I'll take your first question. We had a strong quarter in AWS, as you mentioned, the margin performance. attributed to the strong growth that we're seeing, coupled with the impact of some continued investment we're making in innovation and technology. I'll give you some examples. So we invest in software and process improvements and ends up optimizing our server capacity, which helps our infrastructure cost, been developing more efficient network using our low-cost custom networking gear.

我來回答你的第一個問題。正如您所提到的，AWS 本季表現強勁，利潤率也很高。這歸功於我們所看到的強勁成長，再加上我們在創新和技術方面持續投資的影響。我給你舉幾個例子。因此，我們投資於軟體和流程改進，最終優化了我們的伺服器容量，這有助於降低我們的基礎設施成本，並使用我們的低成本客製化網路設備開發更有效率的網路。

We're working to maximize the power usage in our existing data centers, which both lowers our costs and also reclaims power for other newer workloads. And we're also seeing the impact of advancing custom silicon like graviton. It provides lower cost only for us but also for our customers, the better price performance for them.

我們正在努力最大限度地提高現有資料中心的電力利用率，這不僅可以降低成本，還可以為其他較新的工作負載回收電力。我們也看到了像引力子這樣的先進定制矽的影響。它不僅為我們提供了更低的成本，也為我們的客戶提供了更好的性價比。

But you're right, margins are impacted by a lot of things, including our level of investment, competitive pricing the mix of generative AI services as they're ramping up will continue to evolve over the years to come. So we do have a lot of investment in infrastructure going on and planned for the second half of the year. So that will -- we'll start to see the impact of that. But we're happy with the performance of the team with generating cost savings. And it's a big focus as well as expanding the services and features for customers.

但您說得對，利潤率受到許多因素的影響，包括我們的投資水平、競爭性定價以及正在不斷增長的生成性人工智慧服務組合將在未來幾年繼續發展。因此，我們確實在基礎設施方面進行了大量投資，並計劃在今年下半年進行投資。因此，我們將開始看到其影響。但我們對團隊在節省成本方面的表現感到滿意。這是我們關注的重點，同時也擴大客戶的服務和功能。

On the Alexa question, we're really excited about Alexa Plus. And as I mentioned earlier, it is she's much more intelligent, much more capable and able to take real action. And to date, most of the agents that have been out there have really just been able to answer questions, which when it came out was very remarkable.

關於 Alexa 的問題，我們對 Alexa Plus 感到非常興奮。正如我之前提到的，她更加聰明，更有能力，並且能夠採取實際行動。到目前為止，大多數特工實際上都能夠回答問題，這一點非常了不起。

But it's -- I think the future of agents is not just being intelligent but also being able to take action. And that's actually -- it requires a great model, but it also requires the ability to sync that model and to align that model with being able to take the right action and execute and implement the right APIs or you can have very suboptimal results. And so we've worked hard on that in Alexa Plus. We've been -- we started rolling out over the last several weeks. It's with now over 100,000 users with more rolling out in the coming months.

但我認為，代理的未來不僅是智能，還要能夠採取行動。事實上，它需要一個偉大的模型，但它還需要同步該模型的能力，並使該模型與採取正確的行動、執行和實現正確的 API 的能力保持一致，否則您可能會得到非常不理想的結果。因此我們在 Alexa Plus 上付出了很大的努力。我們已經——在過去幾週開始推出。目前，它已擁有超過 10 萬名用戶，未來幾個月還將有更多用戶加入。

And so far, the response from our customers has been very, very positive. People are excited about it. I think that it does a lot more things than what Alexa did before. And we're very fortunate in that we have over 0.5 billion devices out there in people's homes and offices and cars. So we have a lot of distribution already.

到目前為止，我們的客戶的反應非常非常正面。人們對此感到興奮。我認為它比 Alexa 以前能做的事情多得多。我們非常幸運，人們的家庭、辦公室和汽車中已經安裝了超過 5 億台設備。因此，我們已經有很多分銷了。

But there will be, to some degree, there will be a little bit of rewiring for people on what they can do because you get used to patterns. I mean even the simple thing of not having to speak, Alexa speak anymore, we we're all used to saying, Alexa, before we want every action to happen.

但在某種程度上，人們對於自己能做的事情會有一些重新認識，因為你已經習慣了模式。我的意思是，即使像 Alexa 不再說話這樣簡單的事情，我們都習慣在想要執行每個操作之前先說「Alexa」。

And what you find is you really don't have to do it the first time, and then really the conversation is ongoing where you don't have to say Alexa anymore. And I've been lucky enough to have the alpha and the beta that I've been playing with for several months, and it took me a little bit of time to realize they didn't have to keep saying Alexa, it's very freeing when you don't have to do that.

你會發現你真的不必第一次就這麼做，然後對話就會繼續進行，你不必再說 Alexa。我很幸運，已經使用了幾個月的 alpha 版和 beta 版，我花了一點時間才意識到他們不必一直說 Alexa，當你不必這樣做時，感覺非常自由。

And then I think it's just experience in trying things. So you can do things like you have guests coming over on a Saturday night for dinner, and you can say, Alexa, please open the shades put the lights on in the driveway and on the ports, increase the temperature 5 degrees and pick music that would be great for dinner that's me.

然後我認為這只是嘗試事物的經驗。因此，你可以做一些事情，例如你週六晚上有客人來吃晚飯，你可以說，Alexa，請打開窗簾，打開車道和端口的燈，將溫度提高 5 度，並選擇適合晚餐的音樂，這就是我的意思。

And she just doesn't -- and like when you have those types of experiences, it makes you want to do more of it. When I was in New York, when we were announcing and I asked her what were the -- we did the event way downtown. I asked her what was great Italian restaurants or pizza restaurants, he gave me a list and she asked me if she wanted me to make a reservation, I said yes. And she made the reservation and confirm the time like that -- when you get into those types of routines and you have those types of experience, they're very, very useful.

而她卻沒有──當你擁有這些經驗時，你就會想要做更多。當我在紐約時，當我們宣布消息時，我問她我們在市中心舉辦了什麼活動。我問她有哪些很棒的義大利餐廳或披薩餐廳，他給了我一份清單，她問我是否需要預訂，我答應了。然後她就進行了預訂並確認了時間——當你養成這樣的習慣並擁有這樣的經驗時，它們會非常非常有用。

It is really like having a great personal system, which most people in the world don't have. And so I think that the more and more that people get used to it, they will realize what she can do -- and we're not going to be standing still. We have a lot more functionality that we plan to add in the coming months, too.

這真的就像擁有一個偉大的個人系統，而世界上大多數人沒有。所以我認為，人們越習慣它，他們就會意識到她能做什麼——我們不會停滯不前。我們還計劃在未來幾個月內添加更多功能。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

So I have one for each of you guys. So Andy, you have very complicated retail business with a lot of moving pieces to it. I imagine you have a lot of good data on what you expect demand to be over the course of the year and the holidays and things. As you kind of step back and analyze the business and the tariff uncertainty, can you just sort of walk us through the one or two key areas operationally that you're most focused on, just to ensure that Prime Day, Thanksgiving and the holidays goes smoothly as they possibly can.

所以我給你們每個人都準備了一個。安迪，你的零售業務非常複雜，涉及許多變動的部分。我想您已經掌握了大量有關全年、假日和其他時間需求的預測數據。當您退一步分析業務和關稅不確定性時，您能否向我們介紹您在營運方面最關注的一兩個關鍵領域，以確保 Prime Day、感恩節和假期盡可能順利進行。

And then secondly, Brian, just to kind of go back to Eric's earlier question, as we think about the 2Q EBIT guide, are there any onetime costs or sort of tariff-related costs in there similar to that $1 billion that you called out in the first quarter?

其次，布萊恩，回到埃里克之前的問題，當我們考慮第二季度息稅前利潤指南時，其中是否存在類似於您在第一季度提到的 10 億美元的一次性成本或關稅相關成本？

On the -- thanks, Brian. On the retail question, I would say that the areas that maybe we're most focused on to make sure we are not just a great Prime Day, but Prime Day is just one event as you know. And so its peak, we're trying to be great all year long for customers. The obvious ones are making sure that we help our sellers, however we can because there's uncertainty for our sellers as well. And so we're trying to make sure we provide a great experience.

在--謝謝，布萊恩。關於零售問題，我想說，我們最關注的領域可能是確保我們不只是一個偉大的 Prime Day，而且 Prime Day 只是一個活動，正如你所知。因此，在巔峰時期，我們致力於全年為客戶提供優質服務。顯而易見的是，我們要確保為賣家提供協助，因為我們的賣家也存在不確定性。因此，我們正在努力確保提供良好的體驗。

We're trying to make sure that we have the right diversity of sellers and low prices for our customers. I think all that -- you have to also be very thoughtful around how much inventory you bring into your fulfillment nodes at any one time because you can imagine scenarios where either on your own when you're the first-party seller or a lot of third parties want to get as much inventory as early as possible, trying to beat a deadline on what may happen.

我們正在努力確保我們擁有多元化的賣家，並為客戶提供低廉的價格。我認為所有這些——你還必須非常仔細地考慮在任何時候將多少庫存帶入你的履行節點，因為你可以想像這樣的場景：無論是你自己作為第一方賣家，還是許多第三方都希望儘早獲得盡可能多的庫存，試圖在最後期限前完成可能發生的事情。

And if you end up with too much inventory in your fulfillment network, it really slows down your productivity and your ability to get things out as quickly as you want for customers at the cost structure you want. So being able to manage that thoughtfully. We've learned that over the years, and I think the team is doing a really good job of balancing that right now.

如果您的履行網絡中庫存過多，這會降低您的生產力，並降低您以所需的成本結構盡快向客戶發貨的能力。因此能夠周到地處理這個問題。多年來我們已經學會了這一點，我認為團隊現在在平衡這一點上做得很好。

And Brian, on your question about Q2, I guess I'd just reiterate what I had said earlier. We had stock-based comp step up which I think you can see the normal pattern for that, if you look at our history, we have additional Kuiper expenses. Specifically, you asked about tariffs. We do have tariffs that we'll be paying on retail purchases based on current tariffs. It's not large in Q2, it's done a lot of prebuying of inventory in Q1, as I mentioned earlier.

布萊恩，關於你關於第二季的問題，我想我只是重申我之前說過的話。我們實現了以股票為基礎的薪酬提升，我想你可以看到這是正常的模式，如果你看看我們的歷史，我們還有額外的 Kuiper 費用。具體來說，您詢問的是關稅問題。我們確實有關稅，我們將根據當前關稅為零售採購支付關稅。正如我之前提到的，它在第二季的規模並不大，在第一季它已經預購了大量庫存。

But just generally, I think with the uncertainty we've added a bit to the range that we've given you. We generally have a wide range. But just the general uncertainty that we're seeing and uncertainty of consumer demand and all everything else is causing us to increase the range a bit. So we'll see. We feel it's an important view of Q2 right now.

但總的來說，我認為由於不確定性，我們在給您的範圍上增加了一些。我們的範圍一般很廣泛。但我們看到的普遍不確定性以及消費者需求和其他一切的不確定性導致我們稍微擴大了範圍。我們拭目以待。我們認為這是目前第二季的重要觀點。

As Andy mentioned earlier, we saw actually some strength in April based on what could end up being some prebuys of a number of things. But and advertising has been strong. So we think there's a lot of positive trends, but certainly, uncertainty right now for the quarter.

正如安迪之前提到的，我們實際上看到了 4 月份的一些強勁表現，這是基於一些商品的預購。但廣告業務一直表現強勁。因此，我們認為有很多積極的趨勢，但目前本季肯定存在不確定性。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

On AWS, I'm curious if you could give us the backlog number. And Andy, to your point about many of these core workloads still yet to come to cloud. Can you just update us on and what you're seeing? Are you seeing enterprise strength back? Are you seeing some confusion with AI clouding that transition and the timing of that? Just give us a perspective on what you're seeing on that migration.

在 AWS 上，我很好奇您是否可以提供給我們積壓數量。安迪，正如您所說，許多核心工作負載仍未遷移到雲端。您能否向我們更新您所看到的情況？您是否看到企業實力的恢復？您是否發現人工智慧對這種轉變及其時間安排造成了一些困擾？請向我們介紹一下您對這次遷移的看法。

This is Dave. I'll just jump in on the backlog and turn it over to Andy. The backlog is $189 billion for Q1 that's up about 20% year-over-year. And the weighted average remaining life on that is 4.1 years.

這是戴夫。我將直接處理積壓的工作並將其交給安迪。第一季的積壓訂單為 1,890 億美元，較去年同期成長約 20%。其加權平均剩餘壽命為4.1年。

On the AWS question, Brent, around what we're seeing on the workloads that haven't moved. What I would say -- the way I would characterize it is that we were on a very aggressive March that was methodical, but almost metronomic before the pandemic of enterprises deciding that they wanted to move off their on-premises infrastructure because of the speed of innovation, the developer productivity and the cost advantages of the cloud.

關於 AWS 的問題，布倫特，我們看到了哪些工作負載沒有移動。我想說的是——我對此的描述是，我們正處於一個非常積極的三月，這是有條不紊的，但在疫情爆發之前，企業決定放棄其本地基礎設施，因為創新速度、開發人員的生產力和雲端運算的成本優勢。

And then when you got into the pandemic and the economy looked uncertain in the second half of that few years, you had everybody trying to cost optimize and including us, by the way. And then as we started to emerge from that trend, you saw generative AI exclude and everybody wanted to try to find a way to have a workload or a set of workloads there because people saw the potential, and it was also something that was generating a lot of interest publicly.

然後，當疫情來襲，那幾年下半年經濟看起來不確定時，每個人都試圖優化成本，順便說一句，也包括我們。然後，當我們開始擺脫這種趨勢時，你會看到生成式人工智慧被排除在外，每個人都想嘗試找到一種方法來在那裡實現一個或一組工作負載，因為人們看到了它的潛力，而且它也引起了公眾的極大興趣。

And so what we've seen now over the last, call it 16 to 18 months or so, is that enterprises realize they need to do both. And they want to do AI. They have all sorts of pilots at this point on AI. Many of which will be successful, others of which will not be successful. The ones that are successful will scale.

因此，在過去的 16 到 18 個月左右的時間裡，我們看到企業意識到他們需要同時做到這兩點。他們想做人工智慧。目前他們在 AI 領域擁有各種各樣的飛行員。其中許多將會成功，但其他一些則不會成功。成功的企業將會擴大規模。

But they also have a lot more initiatives that they haven't -- that they still haven't gotten to on the AI side, either because they're building that skill set or they're picking the first set to get experience with or as they're waiting to see the cost of inference continue to go down, which it will. I mean you will not get the expansiveness that we all know is coming in AI until we keep getting the cost of inference down even though it's growing like crazy right now.

但他們還有很多尚未實施的計劃——他們在人工智慧方面仍未觸及，要么是因為他們正在建立這套技能，要么是因為他們正在選擇第一套技能來積累經驗，要么是因為他們正在等待推理成本繼續下降，而它將會下降。我的意思是，如果我們不不斷降低推理成本，那麼我們就不會獲得我們所知道的人工智慧的擴張性，儘管它現在正在瘋狂增長。

But at the same time, I would say that we see an increased resurgence and understanding for enterprises that they are dropping the low-hanging fruit if they don't move their infrastructure to the cloud. They just -- for all the reasons I mentioned earlier, so you're starting to see those plans pick up again.

但同時，我想說，我們看到企業復甦的勢頭越來越強勁，他們也意識到，如果他們不將基礎設施遷移到雲端，他們就等於放棄了唾手可得的成果。他們只是——出於我之前提到的所有原因，所以你開始看到這些計劃再次復甦。

As I mentioned earlier, to one of the questions. You don't decide that you're going to transform your infrastructure from on-premises to the cloud and see it happen in three months. That is typically a multiyear process that some companies do it fast. Some companies do it slower, but they do it in tranches and they do it thoughtfully because they can't afford for their application and not to work as they're making their transition -- and we're having meaningful success in those conversations and in companies choosing to transform their infrastructure on top of AWS. And I think you'll see that moving forward, too.

正如我之前提到的，針對其中一個問題。您不會決定將基礎設施從本地遷移到雲端，並看到它在三個月內完成。這通常是一個多年的過程，但有些公司可以快速完成。有些公司做得比較慢，但他們會分階段進行，而且會經過深思熟慮，因為他們無法承受應用程式的損失，也無法在轉型過程中不工作——我們在這些對話中以及在公司選擇在 AWS 上轉型其基礎設施的過程中取得了有意義的成功。我想你也會看到這進步。

Thank you for your time joining us 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 we look forward to talking with you again next quarter.

感謝您今天抽出時間參加我們的活動並提出您的問題。重播將在我們的投資者關係網站上提供至少三個月。感謝您對亞馬遜的關注，我們期待下個季度再次與您交談。

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。現在您可以斷開線路。感謝您的參與。