亞馬遜 (AMZN) 2022 Q1 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q1 2022 Financial Results Teleconference. (Operator Instructions) Today's call is being recorded.

謝謝你的支持。大家好，歡迎來到 Amazon.com 2022 年第一季度財務業績電話會議。 （操作員說明）今天的電話正在錄音。

For opening remarks, I will be turning the call over to the Director of Investor Relations, Dave Fildes. Please go ahead.

對於開場白，我將把電話轉給投資者關係總監 Dave Fildes。請繼續。

Hello, and welcome to our Q1 2022 financial results conference call. Joining us today to answer your questions is Brian Olsavsky, our CFO. As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter.

您好，歡迎參加我們的 2022 年第一季度財務業績電話會議。今天加入我們回答您的問題的是我們的首席財務官 Brian Olsavsky。在您收聽今天的電話會議時，我們鼓勵您將我們的新聞稿放在您面前，其中包括我們的財務業績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 2021. Our comments and responses to your questions reflect management's views as of today, April 28, 2022, only and will include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.

請注意，除非另有說明，否則本次電話會議中的所有比較都將與我們在 2021 年可比期間的結果相反。我們對您問題的評論和回答僅反映管理層截至今天（2022 年 4 月 28 日）的觀點，並將包括前瞻性陳述。實際結果可能大不相同。有關可能影響我們財務業績的因素的其他信息包含在今天的新聞稿和我們向 SEC 提交的文件中，包括我們最近的 10-K 表格年度報告和後續文件。

During this call, we may discuss certain non-GAAP financial measures, in our press release, slides accompanying this webcast and our filings with the SEC, each of which is posted on our IR website. You will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures.

在本次電話會議中，我們可能會在我們的新聞稿、本次網絡廣播隨附的幻燈片以及我們向美國證券交易委員會提交的文件中討論某些非公認會計原則財務措施，每一項都發佈在我們的投資者關係網站上。您會發現有關這些非公認會計原則措施的額外披露，包括這些措施與可比較的公認會計原則措施的對賬。

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 uncertainty regarding the impacts of the COVID-19 pandemic, fluctuations in foreign exchange rates, changes in global economic conditions and customer demand and spending, inflation, labor market and global supply chain constraints, world events, the rate of growth of the Internet, online commerce and cloud services 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看到的訂單趨勢以及我們今天認為是適當的假設。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，包括關於 COVID-19 大流行影響的不確定性、外匯匯率波動、全球經濟狀況和客戶需求和支出的變化、通貨膨脹、勞動力市場和全球供應鏈約束、世界事件、互聯網、在線商務和雲服務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。

This guidance also reflects our estimates to date regarding the impacts of the COVID-19 pandemic on our operations, including those discussed in our filings with the SEC. Our guidance also assumes, among other things, that we don't conclude any additional business acquisitions, restructurings or legal settlements. It's not possible to accurately predict demand for our goods and services, and therefore, our actual results could differ materially from our guidance.

該指南還反映了我們迄今為止對 COVID-19 大流行對我們運營的影響的估計，包括我們在提交給 SEC 的文件中討論的那些。除其他外，我們的指導還假設我們不會完成任何額外的業務收購、重組或法律和解。無法準確預測對我們商品和服務的需求，因此，我們的實際結果可能與我們的指導存在重大差異。

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

現在我將把電話轉給布賴恩。

Thank you for joining today's call. I'd like to start with a few comments on what we're seeing as we're coming out of the pandemic, both on the customer experience side and on the operating cost side in this current inflationary environment.

感謝您加入今天的電話會議。我想先談談我們在擺脫大流行病後所看到的情況，無論是在客戶體驗方面還是在當前通脹環境下的運營成本方面。

Let's start with demand and customer experience. Worldwide net sales in Q1 were $116.4 billion, an increase of 9% year-over-year, excluding the impact of foreign exchange. This is the top end of our guidance range of $112 billion to $117 billion. Our compound annual growth since before the pandemic stands at 25%, a growth rate higher than what we were seeing before the pandemic.

讓我們從需求和客戶體驗開始。第一季度全球淨銷售額為 1164 億美元，不計外匯影響，同比增長 9%。這是我們 1120 億美元至 1170 億美元指導範圍的上限。自大流行之前以來，我們的複合年增長率為 25%，高於大流行之前的增長率。

Our Prime members continue to be a key driver of growth. Prime members have meaningfully increased their spend since the start of the pandemic, and we continue to see consistently high member renewal rates. We also added millions more new Prime members during the quarter.

我們的 Prime 會員仍然是增長的關鍵驅動力。自大流行開始以來，Prime 會員的支出顯著增加，我們繼續看到會員續訂率一直很高。我們還在本季度增加了數百萬新的 Prime 會員。

Throughout the past 2 years, we've seen stronger usage of Prime benefits by Prime members and a greater reliance on Amazon for their shopping and entertainment. In the first quarter, we made encouraging progress on key customer metrics. Delivery speed performance is now approaching levels not seen since the month immediately preceding the pandemic in early 2020. And we now have the widest selection ever available for Prime's fast delivery.

在過去的 2 年中，我們看到 Prime 會員更多地使用 Prime 福利，並且在購物和娛樂方面更加依賴亞馬遜。第一季度，我們在關鍵客戶指標上取得了令人鼓舞的進展。交付速度性能現在正接近自 2020 年初大流行前一個月以來的最高水平。我們現在擁有有史以來最廣泛的 Prime 快速交付選擇。

We have worked to protect and enhance the customer experience despite a sharp increase in costs, particularly over the past 3 quarters. We've seen a large cost to keep up with demand these past 2 years. During this period, we doubled the size of our operations and nearly doubled our workforce to 1.6 million employees. Labor and physical space are no longer the bottlenecks they were throughout much of 2020 and 2021. However, we continue to face a variety of cost pressures in our Consumer business.

儘管成本急劇增加，尤其是在過去 3 個季度，我們仍努力保護和提升客戶體驗。在過去的 2 年裡，我們已經看到了滿足需求的巨大成本。在此期間，我們的運營規模翻了一番，員工人數幾乎翻了一番，達到 160 萬。勞動力和物理空間不再是 2020 年和 2021 年大部分時間的瓶頸。但是，我們的消費者業務繼續面臨各種成本壓力。

We'll break these into 2 buckets: externally driven costs, primarily inflation; and internally controllable costs, primarily productivity and fixed cost deleverage. The externally driven costs are a result of intensifying inflationary pressures throughout Q1. Line haul air and ocean shipping rates continue to be at or above the rates in the second half of last year, which were already much higher than pre-COVID levels. Some of this is due to the impact of the Omicron variant in China and labor shortages at point of origin, and the start of the war in the Ukraine has contributed to high fuel prices.

我們將把它們分成兩個部分：外部驅動的成本，主要是通貨膨脹；內部可控成本，主要是生產力和固定成本去槓桿。外部驅動的成本是整個第一季度通脹壓力加劇的結果。航線運輸空運和海運費率繼續保持或高於去年下半年的水平，這已經遠高於新冠疫情之前的水平。部分原因是由於中國 Omicron 變體的影響和原產地勞動力短缺，以及烏克蘭戰爭的開始導致燃料價格高企。

For example, the cost to ship in overseas containers more than doubled compared to pre-pandemic rates. And the cost of fuel is approximately 1.5x higher than it was even a year ago. Combined with the year-over-year increases in wage inflation, these inflationary pressures have added approximately $2 billion of incremental costs when compared to last year. While we will continue to look for ways to mitigate these costs, we expect they will be around for some time.

例如，與大流行前的費率相比，用海外集裝箱運輸的成本增加了一倍以上。燃料成本比一年前高出約 1.5 倍。加上工資通脹的同比增長，與去年相比，這些通脹壓力增加了大約 20 億美元的增量成本。雖然我們將繼續尋找降低這些成本的方法，但我們預計它們將持續一段時間。

The next bucket of costs related to productivity and fixed cost leverage, which we consider to be more within our control and are working to reduce. These additional costs correspond to the state of the labor force and fulfillment network following 2 years of disruption and large demand variability. We now look forward to more predictability in our consumer order patterns and greater stability in our operations.

下一個成本桶與生產力和固定成本槓桿有關，我們認為這些成本在我們的控制範圍內，並正在努力降低。這些額外成本對應於勞動力和履行網絡在 2 年中斷和巨大需求變化後的狀態。我們現在期待我們的消費者訂單模式更加可預測，我們的運營更加穩定。

Let's start with labor. As a reminder, in the second half of 2021, we were operating in a labor-constrained environment. With the emergence of the Omicron variant in late 2021, we saw a substantial increase in fulfillment network employees out on leave, and we continue to hire new employees to cover these absences. As the variant subsided in the second half of the quarter and employees returned from leave, we quickly transitioned from being understaffed to being overstaffed, resulting in lower productivity. This lower productivity added approximately $2 billion in costs compared to last year. In the last few weeks of the quarter and into April, we've seen productivity improvements across the network, and we expect to reduce these cost headwinds in Q2.

讓我們從勞動力開始。提醒一下，在 2021 年下半年，我們在勞動力受限的環境中運營。隨著 2021 年底 Omicron 變體的出現，我們看到履行網絡的休假員工大幅增加，我們繼續僱用新員工來彌補這些缺勤。隨著該季度後半段變數消退，員工休假返回，我們迅速從人手不足轉變為人手過剩，導致生產力下降。與去年相比，這種較低的生產力增加了大約 20 億美元的成本。在本季度的最後幾周和四月份，我們看到整個網絡的生產力有所提高，我們預計在第二季度會減少這些成本逆風。

The last issue relates to our fixed cost leverage. Despite still seeing strong customer demand and expansion of our FBA business, we currently have excess capacity in our fulfillment and transportation network. Capacity decisions are made years in advance, and we made conscious decisions in 2020 and early 2021 to not let space be a constraint on our business.

最後一個問題與我們的固定成本槓桿有關。儘管仍然看到強勁的客戶需求和我們的 FBA 業務擴張，但我們目前的履行和運輸網絡產能過剩。容量決策是提前幾年做出的，我們在 2020 年和 2021 年初做出了有意識的決定，不讓空間成為我們業務的限制因素。

During the pandemic, we were facing not only unprecedented demand but also extended lead times on new capacity. And we built towards the high end of a very volatile demand outlook. Now that demand patterns have stabilized, we see an opportunity to better match our capacity to demand. We have lowered our operation's capital expenditures for 2022 and are evaluating other ways to increase our fixed cost leverage. We estimate that this overcapacity, coupled with the extraordinary leverage we saw in Q1 of last year, resulted in $2 billion of additional costs year-over-year in Q1. We do expect the effects of the fixed cost leverage to persist for the next several quarters as we grow into this capacity.

在大流行期間，我們不僅面臨前所未有的需求，而且新產能的交貨時間也延長了。我們建立了一個非常不穩定的需求前景的高端。現在需求模式已經穩定，我們看到了一個更好地匹配我們的需求能力的機會。我們已經降低了 2022 年的運營資本支出，並正在評估其他增加固定成本槓桿的方法。我們估計，這種產能過剩，加上我們在去年第一季度看到的非凡槓桿，導致第一季度同比增加了 20 億美元的成本。我們確實預計，隨著我們發展到這種能力，固定成本槓桿的影響將在未來幾個季度持續存在。

When you combine the impacts of the externally driven costs and the internally controllable costs, you get approximately $6 billion in incremental costs for the quarter. Approximately 2/3 of these costs are within our control, and with demand normalizing, we remain focused on rightsizing our cost structure and driving out any cost inefficiencies.

當您將外部驅動成本和內部可控成本的影響結合起來時，您將在本季度獲得大約 60 億美元的增量成本。這些成本中大約有 2/3 在我們的控制範圍內，隨著需求的正常化，我們仍然專注於調整成本結構並消除任何成本效率低下的問題。

Our guidance includes an expectation that we will incur approximately $4 billion of these incremental costs in Q2. We saw another strong quarter of innovation and customer engagement in the AWS segment, where net sales were $18.4 billion in Q1, up 37% year-over-year and now represent an annualized sales run rate of nearly $74 billion.

我們的指導包括預計我們將在第二季度產生大約 40 億美元的這些增量成本。我們看到 AWS 部門又一個強勁的季度創新和客戶參與度，第一季度淨銷售額為 184 億美元，同比增長 37%，目前年化銷售額接近 740 億美元。

Developers at organizations of all sizes, from governments and not-for-profits to start-ups and enterprises, continue to choose Amazon Web Services. Companies like Telefonica, Verizon, Boeing, MongoDB, Amdocs, Bundesliga, Maple Leaf Sports and Entertainment, the NHL and Thread announced new agreements and service launches supported by AWS.

從政府和非營利組織到初創企業和企業，各種規模的組織的開發人員都繼續選擇亞馬遜網絡服務。 Telefonica、Verizon、波音、MongoDB、Amdocs、德甲、楓葉體育和娛樂、NHL 和 Thread 等公司宣布了 AWS 支持的新協議和服務發布。

We also continue to build support infrastructure to best serve AWS' millions of customers. We recently completed the launch of our first 16 local zones in the United States with 32 more to come across 26 countries. Local Zones extend AWS Regions to place our services at the edge of the cloud near large population, industry and IT centers, expanding our infrastructure footprint and enabling customers to build with single-digit millisecond latency performance.

我們還繼續構建支持基礎設施，以最好地服務於 AWS 的數百萬客戶。我們最近在美國完成了首批 16 個本地區域的啟動，另外 32 個區域將覆蓋 26 個國家/地區。本地區域擴展了 AWS 區域，將我們的服務放置在靠近大量人口、行業和 IT 中心的雲邊緣，擴大了我們的基礎設施覆蓋範圍，並使客戶能夠以個位數毫秒的延遲性能進行構建。

Last quarter, I provided some detail on our overall capital investments. So let me add to that with our current thinking. First, as a reminder, we look at the combination of CapEx plus finance leases. Capital investments were $61 billion on the trailing 12-month period ended March 31. About 40% of that went to infrastructure, primarily supporting AWS but also supporting our sizable Consumer business. About 30% is fulfillment capacity, primarily fulfillment center warehouses. A little less than 25% is for transportation. So think of that as the middle and the last-mile capacity related to customer shipments. The remaining 5% or so is comprised of things like corporate space and physical stores.

上個季度，我提供了一些關於我們整體資本投資的細節。所以讓我用我們目前的想法來補充一下。首先，提醒一下，我們看看資本支出加上融資租賃的組合。在截至 3 月 31 日的過去 12 個月期間，資本投資為 610 億美元。其中約 40% 用於基礎設施，主要支持 AWS，但也支持我們龐大的消費者業務。大約 30% 是履行能力，主要是履行中心倉庫。略低於 25% 用於運輸。因此，可以將其視為與客戶發貨相關的中間和最後一英里容量。剩下的 5% 左右由企業空間和實體店等組成。

For full year 2022, we do expect infrastructure spend to grow year-over-year, in large part to support the rapid growth and innovation we're seeing within AWS. We expect infrastructure should represent about half of our total capital investments in 2022.

對於 2022 年全年，我們確實預計基礎設施支出將同比增長，這在很大程度上是為了支持我們在 AWS 中看到的快速增長和創新。我們預計到 2022 年，基礎設施應占我們總資本投資的一半左右。

For the Consumer business, as I said earlier, we currently have some excess capacity in the network that we need to grow into. So we've brought down our build expectations. I'd note again that many of the build decisions were made 18 to 24 months ago, so there are limitations on what we can adjust midyear.

對於消費者業務，正如我之前所說，我們目前在網絡中有一些我們需要發展的過剩容量。所以我們降低了我們的構建期望。我要再次指出，許多構建決策是在 18 到 24 個月前做出的，因此我們可以在年中調整的內容存在限制。

That said, we expect fulfillment dollars spent on capital projects to be lower in 2022 versus the prior year. We also expect transportation dollars spent on capital projects to be flat to slightly down.

也就是說，我們預計 2022 年用於資本項目的履行美元將低於上一年。我們還預計用於資本項目的運輸費用將持平或略有下降。

Finally, I'll highlight a few additional items. We reported an overall net loss of $3.8 billion in the first quarter. While we primarily focus our comments on operating income, I'd point out that this net loss includes a pretax valuation loss of $7.6 billion included in nonoperating expense from our common stock investment in Rivian Automotive. You may remember that we had a $12 billion gain on Rivian in Q4.

最後，我將強調一些額外的項目。我們報告第一季度的整體淨虧損為 38 億美元。雖然我們的評論主要集中在營業收入上，但我要指出，這一淨虧損包括 76 億美元的稅前估值損失，包括在我們對 Rivian Automotive 的普通股投資的非營業費用中。您可能還記得，我們在第四季度從 Rivian 獲得了 120 億美元的收益。

We also provided our second quarter financial guidance as part of our earnings release. As a reminder, our comparable period of Q2 2021 included the continuation of extraordinary net sales growth through roughly the first half of that quarter. That began to moderate in the second half as vaccines became more readily available in many countries and people started getting out of their homes.

作為收益發布的一部分，我們還提供了第二季度的財務指導。提醒一下，我們在 2021 年第二季度的可比期間包括在該季度大約上半年持續的超常淨銷售額增長。隨著疫苗在許多國家變得更容易獲得併且人們開始走出家門，這種情況在下半年開始放緩。

In addition, note that this year's Prime Day sales event will occur in the third quarter, in July to be specific. Last year, in 2021, Prime Day occurred in the second quarter. Prime Day contributed about 400 basis points to our Q2 2021 year-over-year revenue growth rate.

此外，請注意，今年的 Prime Day 銷售活動將發生在第三季度，具體來說是在 7 月。去年，也就是 2021 年，Prime Day 發生在第二季度。 Prime Day 為我們 2021 年第二季度的收入同比增長率貢獻了約 400 個基點。

Lastly, as you look at our Q2 operating income guidance, a reminder that we will see our seasonal step-up in stock-based compensation expense as our employees receive annual restricted stock unit grants in the second quarter. This year, we expect to see stock-based compensation expense of approximately $6 billion, up from $3.3 billion in Q1, largely reflecting wage inflation as we continue to hire and retain employees in high-demand areas, including engineers and other tech workers.

最後，當您查看我們的第二季度營業收入指導時，提醒我們，隨著我們的員工在第二季度獲得年度限制性股票單位贈款，我們將看到基於股票的薪酬支出的季節性增加。今年，我們預計基於股票的薪酬支出將從第一季度的 33 億美元增加至約 60 億美元，這主要反映了工資上漲，因為我們繼續在高需求領域僱用和留住員工，包括工程師和其他技術工人。

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

有了這個，讓我們繼續你的問題。

(Operator Instructions) Our first question comes from Mark Mahaney with Evercore ISI.

（操作員說明）我們的第一個問題來自 Evercore ISI 的 Mark Mahaney。

I'm going to ask 2 questions, please. In terms of the revenue guide for the June quarter, I think it sort of implies about 3%. And if you look sequentially, if you look back at the last couple of years, the non-COVID years, the growth has been between 4% and 6%. Are you seeing signs of consumer softness or weakening? Is there any particular factor that would be -- cause your sequential growth to be lower than typical?

我要問2個問題，拜託。就 6 月季度的收入指南而言，我認為這意味著大約 3%。如果你按順序看，如果你回顧過去幾年，即非 COVID 年，增長率在 4% 到 6% 之間。您是否看到消費者疲軟或疲軟的跡象？是否有任何特定因素會導致您的連續增長低於典型值？

And then briefly on the margins for Q2. So you got $4 billion in kind of these incremental costs versus $6 billion in the March quarter, but yet your guidance year-over-year implies kind of the same sort of year-over-year margin decline, about 500 bps. Could you just explain that a little bit?

然後簡要介紹第二季度的利潤。因此，您獲得了 40 億美元的這些增量成本，而 3 月季度為 60 億美元，但您的同比指導意味著同種類型的同比利潤率下降，約 500 個基點。你能解釋一下嗎？

Mark, on revenue, yes, the revenue guidance we've given is kind of our best view of what we're seeing right now. Customer demand does remain strong. We're seeing, again, continued strength in Prime purchases, Prime commitment levels of usage -- benefits being used, et cetera. And the big part of the year-over-year comp is that we're comping the last part of the very elevated year-over-year step-up that lasted about half of last year's second quarter, and then we move Prime Day to Q3.

馬克，關於收入，是的，我們給出的收入指導是我們目前所見的最好的看法。客戶需求確實保持強勁。我們再次看到 Prime 購買量持續增長、Prime 承諾使用水平——正在使用的福利等等。同比增長的很大一部分是我們正在計算去年第二季度大約一半的同比增長的最後一部分，然後我們將 Prime Day 移動到Q3。

So we're not seeing softness. We're cognizant of the current inflationary environment and the impact it has on consumer -- or excuse me, the household budgets. A lot of times that is the time when people come to Amazon because they know we have great prices and selection and convenience. So it can go 1 of 2 ways. But we don't see any macroeconomic factors generally in this forecast on the demand side. We definitely see it on the cost side though.

所以我們沒有看到柔軟度。我們認識到當前的通貨膨脹環境及其對消費者的影響——或者對不起，家庭預算。很多時候這是人們來到亞馬遜的時候，因為他們知道我們有很好的價格、選擇和便利。所以它可以採用兩種方式中的一種。但我們在需求方面的預測中普遍沒有看到任何宏觀經濟因素。不過，我們肯定會在成本方面看到它。

And Mark, I think your second question was related to the operating income guidance and some of the detail there. So as Brian said, it's the first time we've given the guidance for the second quarter, but he detailed a number of pieces. But like you said, expect to see, in aggregate, about $4 billion of pressure for the 3 buckets that Brian talked about: higher inflationary pressures, lower productivity and some fixed cost deleverage persisting into Q2. So that will be at some lower levels as we aim to and kind of expect to see some improvement in productivity, some of those other areas. We're also committed to just generally reducing variable cost per unit and working to delever our fixed costs, specifically where we have those controllable cost buckets Brian spoke about.

馬克，我認為你的第二個問題與營業收入指導和那裡的一些細節有關。正如布賴恩所說，這是我們第一次給出第二季度的指導，但他詳細說明了一些內容。但就像你說的那樣，預計布賴恩談到的三個方面總共將面臨約 40 億美元的壓力：更高的通脹壓力、更低的生產力和一些持續到第二季度的固定成本去槓桿化。因此，這將處於較低的水平，因為我們的目標是並且期望看到生產力有所提高，其中一些其他領域。我們還致力於總體上降低單位可變成本並努力降低我們的固定成本，特別是在我們擁有布萊恩所說的那些可控成本桶的地方。

The other thing -- again, Brian mentioned it towards the end there of his opening

另一件事——再一次，布賴恩在開幕式結束時提到了它

(technical difficulty)

（技術難度）

to see that seasonal step-up in stock-based compensation expense. So recall that our employees received those RSU grants in the second quarter. This year, we expect to see the expense of approximately $6 billion. And so that's up from about $3.3 billion in the first quarter.

看到基於股票的補償費用的季節性增加。所以回想一下，我們的員工在第二季度收到了這些 RSU 贈款。今年，我們預計將花費大約 60 億美元。因此，這比第一季度的約 33 億美元有所增加。

Our next question comes from Justin Post with Bank of America.

我們的下一個問題來自美國銀行的 Justin Post。

Big picture. Amazon hasn't really been around during a period of high inflation. How do you think about passing through the higher input costs through pricing? When you look at your units, they're flat and you're just not seeing any price increases in there. I know FX is a headwind, but how do you think about passing that through? And when can we start to see that?

大圖。在高通脹時期，亞馬遜並沒有真正存在。您如何看待通過定價轉嫁更高的投入成本？當您查看您的單位時，它們是平坦的，您只是沒有看到那裡的價格上漲。我知道 FX 是一個逆風，但你如何看待通過它？我們什麼時候可以開始看到這一點？

And then second question. It looks like your shipping costs are up 14% versus units flat. Probably makes sense with the input costs. But we would expect some savings as you bring a lot of that transportation in-house, a lot of the delivery in-house. Is -- are you seeing savings there? And how do you think about shipping costs versus units?

然後是第二個問題。看起來您的運費比單位價格上漲了 14%。可能與投入成本有關。但我們預計會節省一些費用，因為您將大量的運輸、大量的內部交付帶到內部。是 - 你看到那裡有儲蓄嗎？您如何看待運輸成本與單位？

Sure. Let me make a comment on units first. If we step back, the first year of the pandemic from -- essentially from our world, from the middle of May 2020 to May 2021, we saw high growth. We went from a 20% growth rate in revenue to a 40% growth rate almost overnight and held it for a year. And then we started to lap that for the last year that will essentially end in the middle of this next month. And we -- so noted step-downs in the run rate as soon as the middle of May hit last year.

當然。讓我先對單位發表評論。如果我們退後一步，即從 2020 年 5 月中旬到 2021 年 5 月，大流行的第一年——基本上來自我們的世界，我們看到了高增長。我們幾乎在一夜之間從 20% 的收入增長率提高到 40% 的增長率，並保持了一年。然後我們開始在去年結束這一年，這基本上將在下個月中旬結束。而且我們 - 去年五月中旬就已經註意到運行率的下降。

So on the units though, units grew during that -- instead of jumping from -- to 40%, they jumped to the mid-40% to 50% range, mainly because of the product mix. People were buying a lot more gloves and cleaning agents and all the things tied to the pandemic. So there's a lot of -- you have to look at the unit data with -- keeping that in mind because there's a mix -- heavy mix issue.

因此，儘管如此，在單位方面，單位在此期間增長 - 而不是從 - 躍升至 40%，而是躍升至 40% 至 50% 的中間範圍，主要是因為產品組合。人們購買了更多的手套和清潔劑以及與大流行有關的所有東西。所以有很多 - 你必須查看單位數據 - 牢記這一點，因為存在混合 - 重混合問題。

But putting all that aside, you asked the question about transportation, shipping rates. Our shipping rates are very competitive, and we are seeing savings versus what we would get from external carriers. And it's beyond that. We would not even necessarily have had the capacity to -- from external third-party providers to handle the transportation loads that we've seen in the last couple of years.

但拋開所有這些，你問了關於運輸、運費的問題。我們的運費非常有競爭力，而且我們看到與從外部承運商那裡獲得的相比節省了很多。而且還不止於此。我們甚至不一定有能力 - 從外部第三方供應商處處理我們在過去幾年中看到的運輸負載。

So we're really glad that we have our -- we built our AMZL network. We would not be able to have a 1-day program, same-day, 1-day shipments if we try to deliver it with third-party shippers. It just would not be cost effective. So what you're seeing there in the growth in shipping costs versus the unit growth, a little bit on the unit side, but essentially a factor of inflation and productivity that I've mentioned to you on the component that hits in the transportation area.

所以我們真的很高興我們擁有我們的 - 我們建立了我們的 AMZL 網絡。如果我們嘗試通過第三方托運人交付，我們將無法提供 1 天計劃、當天、1 天發貨。它只是不具有成本效益。因此，您所看到的運輸成本增長與單位增長之間的關係，有點在單位方面，但本質上是通貨膨脹和生產力的一個因素，我已經向您提到了運輸領域受到影響的組件.

Justin, on your second point regarding inflation, of course, we've talked about we're not immune to inflationary pressures on the cost side. And with the ongoing supply chain disruptions and the start of the war in the Ukraine since our last quarter, we see larger impacts of inflation, some line haul shipping rates, fuel, shipping supplies and wages, which we talked about in some recent quarters as well. And we also see some volatility in utility pricing for some of the energy costs in operating the AWS data centers.

賈斯汀，關於你關於通脹的第二點，當然，我們已經談到我們不能免受成本方面的通脹壓力。自上個季度以來，隨著供應鏈的持續中斷和烏克蘭戰爭的開始，我們看到了通貨膨脹、一些長途運輸費率、燃料、航運供應和工資的更大影響，我們在最近幾個季度談到了這一點好。我們還看到運營 AWS 數據中心的一些能源成本的公用事業定價存在一些波動。

Now when you look at cost for customers and sellers in terms of product pricing, I'd just reinforce our pricing philosophy hasn't changed. We aim to offer low competitive pricing and try to stay on top of that pricing environment and make sure we're delivering a great price for customers. For our 1P business, that means continuing to be really competitive in that space with low prices relative to the reputable competitors out there and staying really close to that on the data.

現在，當您從產品定價的角度來看待客戶和賣家的成本時，我只想強調我們的定價理念沒有改變。我們的目標是提供具有競爭力的低價格，並努力在定價環境中保持領先，並確保我們為客戶提供優惠的價格。對於我們的 1P 業務而言，這意味著在該領域繼續保持真正的競爭力，相對於有聲望的競爭對手而言價格低廉，並在數據上保持非常接近的水平。

For third party, we don't control that price that's set by third-party sellers. So they're running their own businesses, and we'll adjust the pricing to account for inflationary costs in their environment as well. And of course, on pricing and another -- other many other services with sellers, we offer services to help them not only handle with logistics but also get better pricing information to make sure that they're staying on top of that as well. So wherever we can help them, we do that.

對於第三方，我們不控制第三方賣家設定的價格。因此，他們正在經營自己的業務，我們將調整定價以考慮他們環境中的通貨膨脹成本。當然，在定價和其他許多與賣家合作的其他服務方面，我們提供的服務不僅可以幫助他們處理物流，還可以幫助他們獲得更好的定價信息，以確保他們也能掌握這些信息。因此，只要我們能幫助他們，我們就會這樣做。

We did increase some fees effective, I believe, today related to the FBA sellers and some surcharge there. We're focused on, of course, addressing permanent costs and ensuring our fees are competitive versus those charged out there by their sellers. But it's still unclear if the inflationary costs will go up or down and for how long they'll persist. So rather than a permanent fee change, we implemented that fuel and inflation surcharge for the first time. And it's, of course, a mechanism that's broadly used across the supply chain providers that are out there already, but it's the first time that we've done something like this.

我們確實增加了一些有效的費用，我相信，今天與 FBA 賣家和那裡的一些附加費有關。當然，我們專注於解決永久性成本並確保我們的費用與賣家收取的費用相比具有競爭力。但目前還不清楚通脹成本是上升還是下降，以及它們會持續多久。因此，我們首次實施了燃油和通貨膨脹附加費，而不是永久性的費用變化。當然，這是一種在已經存在的供應鏈提供商中廣泛使用的機制，但這是我們第一次做這樣的事情。

Our next question comes from Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. First one, Brian, I want to ask you about 1-day, same-day. Now that you're getting inventory selection, SKU selection in some cases, back to where it was pre-pandemic, what are you seeing from a demand or an elasticity perspective as you get more inventory available for 1-day, same-day? Is it really leading to incremental sales based on your data?

我有 2 個。第一個，布賴恩，我想問你關於 1 天，同一天的事。現在您正在選擇庫存，在某些情況下選擇 SKU，回到大流行前的狀態，當您獲得更多 1 天、同一天可用的庫存時，您從需求或彈性的角度看到了什麼？根據您的數據，它真的會帶來增量銷售嗎？

And the second one, I want to ask about tech and content. It came in a little higher despite AWS costs coming in lower. Is there anything else we should sort of be thinking about in our modeling in tech and content, whether it's Kuiper or other items that are moving through that line item for the year?

第二個，我想問一下技術和內容。儘管 AWS 成本降低了，但它還是有點高。在我們的技術和內容建模中，我們還應該考慮其他什麼，無論是 Kuiper 還是其他項目在這一年中通過該行項目？

Let me start with your first question on 1-day and same-day. Yes, we're approaching the service levels that we had pre-pandemic, and that's a positive sign. But this doesn't -- it doesn't turn on a dime. I think as a consumer, I noticed it myself, I see more things in stock. And I -- it opens up the consideration set for things that I may have had to run to the store to get in a short period of time. And that trust -- and you see more and more that you trust it, and you continue to order. And you then go to Amazon first and say, okay, well, it's maybe my first stop before I even think about going to the store.

讓我從您在 1 天和當天的第一個問題開始。是的，我們正在接近大流行前的服務水平，這是一個積極的信號。但這不會——它不會打開一角錢。我認為作為消費者，我自己也注意到了，我看到更多的東西有庫存。而我 - 它為我可能不得不在短時間內跑到商店購買的東西打開了考慮範圍。還有這種信任——你會看到越來越多的人相信它，你會繼續訂購。然後你先去亞馬遜說，好吧，好吧，這可能是我在考慮去商店之前的第一站。

So it's a -- it has to be built over time. It doesn't take years. It takes, hopefully, weeks and months. But we're hopeful and expecting that, that will add to good elasticity, the same elasticity is that we start to see pre-pandemic.

所以它是一個 - 它必須隨著時間的推移而建立。不需要幾年。希望這需要數周和數月。但我們充滿希望並期待這將增加良好的彈性，與我們開始看到大流行前一樣的彈性。

On the second point, the technology and content. Just as a reminder, the components in there is you got the Amazon tech and the AWS infrastructure, so everything from servers, network equipment, data center-related depreciation, rent utilities, those types of things, the AWS tech employee costs and costs to support the dot-com website and a number of other technology initiatives that we're working on.

第二點，技術和內容。提醒一下，裡面的組件是你擁有亞馬遜技術和 AWS 基礎設施，所以從服務器、網絡設備、與數據中心相關的折舊、租金公用事業、這些類型的東西、AWS 技術員工的成本和成本到支持 dot-com 網站和我們正在開展的許多其他技術計劃。

For Q1, it was up about 19% year-over-year, which was down a little bit less than what you see for year-over-year growth throughout 2021. That growth rate, though, does, of course, include an offset Q1 2022 related to -- a partial offset, I should say, related to the change in estimated useful lives for servers, which was a little under $1 billion of impact in the first quarter.

對於第一季度，它同比增長了約 19%，這比你看到的整個 2021 年的同比增長要低一點。不過，這個增長率當然包括一個抵消2022 年第一季度與 - 我應該說部分抵消與服務器估計使用壽命的變化有關，第一季度的影響略低於 10 億美元。

In terms of just the investment areas, I'd just reinforce it's continued investment in the tech infrastructure. One of the bigger pieces remains AWS, of course, there. And then just broadly speaking, inclusive of AWS, the headcount to support the build-out and support that the AWS team is doing as well as some consumer tech teams, Alexa and Echo devices and certain other areas there.

就投資領域而言，我只想強調它對技術基礎設施的持續投資。當然，其中一個更大的部分仍然是 AWS。然後從廣義上講，包括 AWS，支持 AWS 團隊正在做的擴展和支持以及一些消費者技術團隊、Alexa 和 Echo 設備以及那裡的某些其他領域的人數。

Our next question comes from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

You talked about how you're no longer chasing physical or staffing capacity and, in fact, you're actually running at an excess at the moment. So hoping you could talk a little bit about how long you think it could take to regain some of the productivity and cost efficiencies in the fulfillment network.

你談到你如何不再追求體力或人員配備能力，事實上，你現在實際上是在超負荷運轉。因此，希望您能談談您認為在履行網絡中恢復部分生產力和成本效率需要多長時間。

Sure thing. Well, let me start with productivity. We began and ended the quarter with essentially 1 billion -- excuse me, 1.6 million employees, 1.6 million employees. Most of them, of course, are in operations. During the quarter, we had a peak of 1.7 million, and we were able to work that down by the end of the quarter. So we have certain ability with contractors and all to adjust headcount. But for the most part, our employees are what we call blue badges or permanent Amazon employees.

肯定的事。好吧，讓我從生產力開始。我們在本季度開始和結束時基本上有 10 億人——對不起，160 萬員工，160 萬員工。當然，他們中的大多數都在運營。在本季度，我們達到了 170 萬的峰值，並且我們能夠在本季度末將其降低。所以我們對承包商和所有人都有一定的能力來調整員工人數。但在大多數情況下，我們的員工是我們所說的藍色徽章或永久亞馬遜員工。

And now we work on getting productivity up. It's a combination of productivity at the employee level, but it's also a matter of productivity of the -- and harmonization of the network, having the right demand in the right -- excuse me, the right capacity and the right demand matched at the warehouse level and the transportation node level.

現在我們致力於提高生產力。這是員工層面生產力的結合，但它也是生產力的問題 - 以及網絡的協調，在正確的地方有正確的需求 - 對不起，正確的容量和倉庫匹配的正確需求層和交通節點層。

So that's what we're working on. And we've made good strides in the last month, and we're -- we see a line of sight to getting back, not all the way to pre-pandemic rates in the next quarter or 2, but a good bit of the way. And that's what we're firmly focused on and working on, and that's in the warehouses and also in transportation. Is there a second half to that question?

這就是我們正在努力的方向。而且我們在上個月取得了長足的進步，而且我們 - 我們看到了回歸的視線，不是在下一季度或第二季度一直回到大流行前的水平，而是在一定程度上方式。這就是我們堅定地關注和努力的方向，在倉庫和運輸中也是如此。這個問題有後半部分嗎？

Our next question comes from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

I hope you're both well. Maybe if I could just stick on the capacity issues for a minute. In terms of the $4 billion number you're calling out, maybe the first part of the question would be, is that entirely the additional issues that are now front and center versus the issues we talked about from Q4 into first half of '22 from a logistics and supply chain standpoint, where we had talked about permanent versus transient cost nature of that $4 billion as you move through the first half of the year? So is this above and beyond that and above and beyond some of the lingering COVID costs that you had called out in prior periods? Just wanted to unpack some of the stack build of the $4 billion versus thing we already knew before.

我希望你們倆都很好。也許如果我能堅持一分鐘的容量問題。就您提出的 40 億美元的數字而言，問題的第一部分可能是，與我們從第四季度到 22 年上半年討論的問題相比，現在完全是前沿和中心的其他問題從物流和供應鏈的角度來看，在您度過上半年時，我們曾討論過這 40 億美元的永久性與暫時性成本性質？那麼，這是否超出了您在之前的時期中提出的一些揮之不去的 COVID 成本？只是想解開一些 40 億美元的堆棧構建與我們之前已經知道的東西。

And then maybe following up on Doug's question and asking it a little bit differently. When you look out to the back part of the year, not asking for how you might guide, but there's a typical cadence to fulfillment expense build and employee build and headcount build into the back part of the year as you build the capacity towards the holidays. Will that have a very different cadence to it this year because you find yourself with this much excess capacity at Q1, Q2 versus prior years? Just so we can keep that front of mind.

然後可能會跟進 Doug 的問題並提出一些不同的問題。當您展望今年下半年時，不是詢問您將如何指導，而是在您為假期建立能力時，履行費用增加和員工增加以及員工人數增加的典型節奏到今年下半年.今年會不會有一個非常不同的節奏，因為你發現自己在第一季度、第二季度與往年相比有如此多的產能過剩？只是為了讓我們能把這個放在首位。

Sure thing. Good questions, Eric. Let me start with the cost penalties. In Q4, we did mention $4 billion of cost penalties and drag on that quarter. And $1 billion of that was fixed cost deleverage, principally a combination of having enough space and having super high leverage in the prior year when we were chasing volume and had less space. And we indicated that, that would be carrying over into 2022, and it has.

肯定的事。好問題，埃里克。讓我從成本處罰開始。在第四季度，我們確實提到了 40 億美元的成本罰款並拖累了該季度。其中 10 億美元是固定成本去槓桿，主要是在前一年我們追求交易量而空間較小時，擁有足夠的空間和超高的槓桿率。我們表示，這將延續到 2022 年，而且確實如此。

From a productivity standpoint, our issues in the second half of last year were different. They were -- we didn't have as much labor, even though we added, I believe, 200 -- I have it right here, 270,000 workers in the second half of last year. We were chasing labor, and it was creating much disruption within our network. Long zone shipments, half full trucks, all kinds of negative consequences of not having labor. But we made it through Q4 with the anticipation that we'll be able to hold our labor for Q1 and labor certainty would be a lot better and certain in our network.

從生產力的角度來看，我們去年下半年的問題有所不同。他們是——我們沒有那麼多的勞動力，儘管我們增加了，我相信，200——我就在這裡，去年下半年有270,000名工人。我們在追逐勞動力，這在我們的網絡中造成了很大的破壞。長區出貨，半滿車，各種不勞而獲的負面後果。但是我們通過第四季度的預期是我們將能夠在第一季度保留我們的勞動力，並且勞動力確定性在我們的網絡中會更好和確定。

That is still the plan, and we're probably a couple of months late on that because of some of the issues with Omicron in January. And our reaction to it was that in an uncertain labor environment where a lot of people were out on leave, we hired more people and then found ourselves overstaffed when the Omicron variant subsided rather quickly, at least from our standpoint in warehouses. So the issue is switched from disruption to productivity losses to overcapacity on labor, and we believe that, that will dissipate. It will take time in Q2, but it's -- so that's not the full -- we don't get the full $2 billion back in Q2, but we will make great strides on that.

這仍然是計劃，由於 1 月份 Omicron 的一些問題，我們可能晚了幾個月。我們對此的反應是，在一個不確定的勞動力環境中，很多人都在休假，我們僱傭了更多的人，然後當 Omicron 變體很快消退時，我們發現自己人手過剩，至少從我們在倉庫的角度來看是這樣。因此，問題從中斷轉變為生產力損失，再到勞動力產能過剩，我們相信，這種情況將會消散。第二季度需要時間，但它 - 所以這不是全部 - 我們沒有在第二季度獲得全部 20 億美元，但我們將在這方面取得長足進步。

Inflation has been in both periods. Inflation was in the transportation costs, especially in wage inflation last year. It remains there. It's been amplified a bit by the fuel costs following the Ukraine conflict, which has happened since we last spoke. So it's more a factor of -- those costs will now -- we believe, will persist a little longer than we were hoping at the beginning of the year. And I mentioned some of the per unit rates for transportation, cargo shipments and also fuel costs. Those are real, and we have to find ways to offset those or use less of high-cost things like transportation and fuel.

這兩個時期都有通貨膨脹。通貨膨脹體現在運輸成本中，尤其是去年的工資上漲。它仍然存在。自從我們上次發言以來就發生了烏克蘭衝突後的燃料成本，這一點被放大了一點。所以這更多是一個因素 - 這些成本現在 - 我們相信，將比我們在年初希望的持續時間長一點。我還提到了運輸、貨物運輸和燃料成本的一些單位費率。這些都是真實的，我們必須想辦法抵消這些，或者減少使用交通和燃料等高成本的東西。

So we're working on that. As we progress -- there's only guidance for Q2. But what we see is that the fixed cost deleverage will narrow as we go through the year, and we'll be really glad we have this capacity in Q3 when Prime Day hits because that's always a big surge of both inventory and orders and then definitely in the holiday season. So we will -- the way we see it is we've come out of a very tumultuous 2 years. We are glad we made the decisions we made over the past 2 years. And now we have a chance to more rightsize our capacity to a more normalized demand pattern.

所以我們正在努力。隨著我們的進步——只有第二季度的指導。但我們看到的是，隨著一年的過去，固定成本去槓桿化將會收窄，我們會很高興在第三季度 Prime 會員日到來時擁有這種能力，因為這總是庫存和訂單的大幅增長，然後肯定在假期。所以我們會 - 我們看到它的方式是我們已經走出了非常動蕩的 2 年。我們很高興我們做出了過去 2 年做出的決定。現在我們有機會根據更正常的需求模式來調整我們的產能。

So what's left there is really inflation, and that's what we're working on and evaluating and finding ways to mitigate and, in some cases, having to pass some of the costs through to third-party sellers as well so that we're not subsidizing sales there. And then we will see. So we expect the year-over-year revenue comps to improve in the second half of the year because, again, we're passing this year of super high growth that I mentioned before from May of 2020 to May of 2021.

所以剩下的就是真正的通貨膨脹，這就是我們正在努力評估和尋找緩解方法的方法，在某些情況下，還必須將一些成本轉嫁給第三方賣家，這樣我們就不會補貼那裡的銷售。然後我們會看到。因此，我們預計下半年的收入同比增長將有所改善，因為我們再次超越了我之前提到的從 2020 年 5 月到 2021 年 5 月的超高速增長。

But it's not like the volume has receded. Like in Q1 literally, revenue was 61% higher over 2 years from 2020. So the way to think about it is it went up and stayed up, and now it's -- it will resume a more normal growth pattern. But I wouldn't be fooled by the revenue growth rates in this difficult comp period.

但這並不是說成交量已經減少了。就像第一季度的字面意思一樣，從 2020 年開始，收入在兩年內增長了 61%。所以考慮它的方式是它上升並保持不變，現在它——它將恢復一個更正常的增長模式。但我不會被這個困難時期的收入增長率所迷惑。

Our next question comes from Ross Sandler with Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

So the letter mentioned some impacts post the Ukraine invasion. I'm guessing it's mostly on the inflation and the fuel costs you just mentioned. But any comment about how revenue trajectory compared in March after the conflict started versus before across your geographies? And is there any noticeable difference between Prime member volume and non-Prime?

所以這封信提到了烏克蘭入侵後的一些影響。我猜這主要是你剛才提到的通貨膨脹和燃料成本。但是，對於衝突開始後 3 月份與之前在您所在地區的收入軌蹟的比較有何評論？ Prime 會員數量和非 Prime 會員數量有什麼明顯區別嗎？

Ross, no, I would say there's not a lot of Prime versus non-Prime differential. We had what we consider to be a very strong March. It's very hard to compare year-over-year because March last year was the height of some stimulus payments in the United States. But from kind of a sequential period, we thought March was strong. So there's no indicators that we're seeing of weakness in consumer demand, but we're wary of it as probably all companies are because household budgets are tightened when fuel costs are doubling and a big part of your -- it ripples through food. It ripples through everything else.

羅斯，不，我想說 Prime 與非 Prime 的差異並不多。我們經歷了我們認為非常強勁的三月。很難與去年同期相比，因為去年 3 月是美國一些刺激支付的高峰期。但從某種連續時期來看，我們認為 3 月表現強勁。因此，我們沒有看到消費者需求疲軟的跡象，但我們對此持謹慎態度，因為可能所有公司都如此，因為當燃料成本翻倍時家庭預算收緊，而且很大一部分——它會影響食物。它波及其他一切。

So we're cognizant of that. But what we'll focus on is the customer experience, continue to get our delivery times to be better and increasing selection, which is better than pre-pandemic time period, and you're making the customer experience great on a lot of dimensions.

所以我們意識到這一點。但我們將關注的是客戶體驗，繼續讓我們的交貨時間更好，並增加選擇，這比大流行前的時間段要好，而且您在很多方面都讓客戶體驗變得更好。

Our final question comes from Jason Helfstein with Oppenheimer.

我們的最後一個問題來自 Jason Helfstein 和 Oppenheimer。

Two questions. Just can you talk about advertising a bit? Are you seeing supply chain disruption having any impact on advertising? Just any comments there? And then second, I don't think AWS backlog was asked, if there's any numbers you can share on AWs backlog growth this quarter versus last quarter.

兩個問題。你能談談廣告嗎？您是否看到供應鏈中斷對廣告有任何影響？那裡有任何評論嗎？其次，我認為沒有人問過 AWS 積壓工作，您是否可以分享本季度與上一季度 AWS 積壓工作增長的任何數字。

Yes, Jason, I'll take the second one first, just on the backlog. So yes, I mean, we're continuing to see what the backlog is, right? It's the increase of AWS customers making long-term commitments for AWS. At the March period ended, we had $88.9 billion balance for that. So that's up about 68% year-over-year. And the weighted average remaining kind of life term for those is 3.8 years.

是的，傑森，我會先拿第二個，只是在積壓。所以是的，我的意思是，我們將繼續查看積壓工作，對嗎？這是對 AWS 做出長期承諾的 AWS 客戶的增加。在 3 月份結束時，我們有 889 億美元的餘額。因此，同比增長約 68%。而這些的加權平均剩餘壽命期限為 3.8 年。

And on revenue -- excuse me, advertising revenue was up 25% year-over-year, and that's a strong run rate compared to the revenue growth rate. So we're still very happy and pleased with the way the advertising team is performing and how advertising has been valued by both sellers and vendors and others who use it to reach our customer base at the point where they're considering purchases. So a strong quarter and continue to roll out new and new products for sellers to manage their advertising and increase the ability to analyze and calculate the payback on marketing investments with us.

在收入方面——對不起，廣告收入同比增長 25%，與收入增長率相比，這是一個強勁的運行速度。因此，我們仍然對廣告團隊的表現方式以及賣家和供應商以及其他在考慮購買時使用它來接觸我們的客戶群的人如何重視廣告感到非常高興和滿意。因此，這是一個強勁的季度，並繼續為賣家推出新產品和新產品，以管理他們的廣告，並提高分析和計算與我們一起營銷投資回報的能力。

Thanks for joining us today on the call and for your questions. A replay will be available on our Investor Relations website for at least 3 months. We appreciate your interest, and we look forward to speaking with you again next quarter.

感謝您今天加入我們的電話會議並提出您的問題。重播將在我們的投資者關係網站上提供至少 3 個月。感謝您的關注，我們期待下個季度再次與您交談。