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.

感謝您的支持。大家好，歡迎參加亞馬遜 2022 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。

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

在開幕致詞時，我將把電話轉給投資者關係總監戴夫·菲爾德斯 (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 2022 年第一季財務業績電話會議。今天，我們的財務長 Brian Olsavsky 將與我們一起回答您的問題。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 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，本次電話會議中的所有比較都將與我們 2021 年同期的業績進行比較。我們對您的問題的評論和回應僅反映截至今天（2022 年 4 月 28 日）的管理層觀點，並將包括前瞻性陳述。實際結果可能存在重大差異。有關可能影響我們財務表現的因素的更多資​​訊包含在今天的新聞稿和我們向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，我們可能會在新聞稿、本次網路廣播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準則財務指標，這些指標均發佈在我們的投資者關係網站上。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 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，並且可能受到許多因素的重大影響，包括 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及支出的變化、通貨膨脹、勞動力市場和全球供應鏈限制、世界事件、互聯網、在線商務和雲端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.

本指引也反映了我們迄今為止對 COVID-19 疫情對我們營運的影響的估計，包括我們向美國證券交易委員會提交的文件中討論的影響。我們的指導還假設，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，我們的實際結果可能與我們的指導有重大差異。

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

現在我將把電話轉給布萊恩。

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.

感謝您參加今天的電話會議。首先，我想就我們走出疫情後所看到的情況發表一些評論，包括當前通膨環境下的客戶體驗方面和營運成本方面的情況。

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。第一季全球淨銷售額為 1,164 億美元，不包括外匯影響，較去年同期成長 9%。這是我們 1,120 億美元至 1,170 億美元的指導範圍的最高值。自疫情爆發以來，我們的年複合成長率為 25%，這一成長率高於疫情之前的水平。

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 會員繼續成為成長的主要推動力。自疫情爆發以來，Prime 會員的支出已大幅增加，我們繼續看到會員續訂率持續保持高位。本季我們也增加了數百萬新的 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.

在過去的兩年裡，我們看到 Prime 會員對 Prime 福利的使用越來越頻繁，並且對亞馬遜的購物和娛樂的依賴也越來越大。第一季度，我們在關鍵客戶指標方面取得了令人鼓舞的進展。配送速度表現目前已接近 2020 年初疫情爆發前一個月以來的最高水準。現在，我們擁有 Prime 快速配送有史以來最廣泛的選擇。

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，尤其是過去三個季度，我們仍致力於保護和提升客戶體驗。過去兩年來，為了滿足需求，我們付出了龐大的成本。在此期間，我們的業務規模擴大了一倍，員工人數也幾乎增加了一倍，達到 160 萬名員工。勞動力和實體空間不再是 2020 年和 2021 年大部分時間的瓶頸。然而，我們的消費者業務仍面臨各種成本壓力。

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.

我們將這些分為兩類：外部驅動的成本，主要是通貨膨脹；以及內部可控成本，主要是生產力和固定成本去槓桿。外部驅動的成本是第一季通膨壓力加劇的結果。幹線空運和海運運價繼續保持在或高於去年下半年的水平，而去年下半年的運價已經遠高於新冠疫情之前的水平。部分原因是由於中國奧密克龍變種病毒的影響以及原產地勞動力短缺，而烏克蘭戰爭的爆發也導致燃料價格上漲。

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，與疫情前相比，海外貨櫃運輸成本增加了一倍以上。燃料成本比一年前高出約 1.5 倍。加上薪資通膨的逐年增加，這些通膨壓力與去年相比增加了約 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，但我們預計這些成本將存在一段時間。

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.

下一組成本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，並且正在努力降低。這些額外成本與兩年的混亂和需求大幅波動之後勞動力和履行網絡的狀況相對應。我們現在期待我們的消費者訂單模式更加可預測，我們的營運更加穩定。

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.

讓我們從勞動開始。提醒一下，2021 年下半年，我們的營運環境勞動力緊張。隨著 2021 年底 Omicron 變種的出現，我們發現休假的履行網路員工數量大幅增加，並且我們繼續招募新員工來彌補這些缺勤。隨著本季下半段病毒變異逐漸消退，員工休假歸隊，我們很快從人手不足轉變為人手過剩，導致生產力下降。與去年相比，生產力下降導致成本增加約 20 億美元。在本季的最後幾週以及進入四月份，我們看到整個網路的生產效率有所提高，我們預計在第二季將減少這些成本阻力。

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。儘管客戶需求仍然強勁且我們的 FBA 業務不斷擴張，但我們目前的履行和運輸網絡產能過剩。容量決策是提前數年做出的，我們在 2020 年和 2021 年初做出了明智的決定，不讓空間成為我們業務的限制。

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.

在疫情期間，我們不僅面臨前所未有的需求，新產能的交付週期也延長了。我們朝著非常不穩定的需求前景的高端邁進。現在需求模式已經穩定，我們看到了更好地匹配產能和需求的機會。我們已降低 2022 年營運的資本支出，並正在評估其他提高固定成本槓桿的方法。我們估計，產能過剩加上去年第一季的高槓桿率，導致第一季的成本年增 20 億美元。我們確實預計，隨著產能的成長，固定成本槓桿的影響將在未來幾季持續存在。

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.

當你將外部驅動成本和內部可控成本的影響結合起來時，你會發現本季的增量成本約為 60 億美元。其中約 2/3 的成本在我們的控制範圍內，隨著需求正常化，我們將繼續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.

我們的預期是，我們將在第二季產生約 40 億美元的增量成本。我們看到 AWS 部門又一個季度的創新和客戶參與度表現強勁，第一季淨銷售額為 184 億美元，年增 37%，目前的年化銷售額運行率接近 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新創公司和企業，各種規模組織的開發人員都繼續選擇亞馬遜網路服務。 西班牙電信、Verizon、波音、MongoDB、Amdocs、德國足球甲級聯賽、楓葉體育娛樂、NHL 和 Thread 等公司宣布了由 AWS 支援的新協議和新服務。

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.

我們也將繼續建立支援基礎設施，以便為 AWS 的數百萬客戶提供最佳服務。我們最近在美國完成了首批 16 個本地區域的啟動，另外 32 個本地區域將涵蓋 26 個國家。本地區域擴展了 AWS 區域，將我們的服務置於人口密集、行業和 IT 中心附近的雲端邊緣，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效能進行建置。

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，我提供了一些有關我們整體資本投資的細節。因此，讓我補充一下我們目前的想法。首先，提醒一下，我們來看看資本支出加上融資租賃的組合。截至 3 月 31 日的 12 個月期間，資本投資為 610 億美元。其中約 40% 用於基礎建設，主要用於支援 AWS，同時也支援我們龐大的消費者業務。約 30% 是履行能力，主要是履行中心倉庫。略低於25%用於交通運輸。因此，可以將其視為與客戶發貨相關的中間和最後一英里的容量。剩下的 5% 左右包括公司空間和實體店等。

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 內部看到的快速成長和創新。我們預計，到 2022 年，基礎設施投資將占到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，我們目前的網路容量過剩，需要進一步發展。因此我們降低了我們的建設期望。我想再次指出，許多建設決策都是在 18 到 24 個月前做出的，因此我們在年中能夠調整的內容是有限的。

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，我們預期 2022 年資本項目的履行支出將低於前一年。我們也預計用於資本項目的交通運輸支出將持平或略有下降。

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，我將強調另外幾點。我們報告第一季整體淨虧損38億美元。雖然我們的評論主要集中在營業收入上，但我要指出的是，這一淨虧損包括 76 億美元的稅前估值損失，該損失包含在我們對 Rivian Automotive 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.

作為收益報告的一部分，我們還提供了第二季的財務指導。提醒一下，我們 2021 年第二季的可比較時期包括該季度上半場繼續保持非凡的淨銷售額成長。隨著疫苗在許多國家變得更容易取得，人們開始外出，這種情況在下半年開始緩和。

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.

另外要注意的是，今年的Prime Day促銷活動將在第三季舉行，具體時間是7月。去年，也就是2021年，Prime Day發生在第二季。 Prime Day 為我們 2021 年第二季的年比營收成長率貢獻了約 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營業收入指引時，請注意，由於我們的員工在第二季度獲得年度限制性股票單位授予，我們將看到股票薪酬費用的季節性增加。今年，我們預計股票薪資支出約為 60 億美元，高於第一季的 33 億美元，這主要反映了薪資上漲，因為我們繼續在高需求領域招募和留住員工，包括工程師和其他技術工人。

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

好了，讓我們繼續回答您的問題。

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

（操作員指示）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?

請問我想問兩個問題。就 6 月季度的收入指南而言，我認為它暗示著 3% 左右。如果你按順序回顧過去幾年，即非疫情年份，成長率一直在 4% 到 6% 之間。您是否看到消費者疲軟或減弱的跡象？是否存在某些特定因素導致您的連續成長低於正常水準？

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?

然後簡單介紹一下第二季的利潤。因此，您的增量成本為 40 億美元，而 3 月份季度為 60 億美元，但您的同比指引意味著利潤率同比下降，約為 500 個基點。你能稍微解釋一下嗎？

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，我們給出的收入預測是我們目前所看到的最佳情況。客戶需求確實依然強勁。我們再次看到 Prime 購買量、Prime 承諾使用水準（正在使用的福利等）持續強勁成長。而同比的最大部分是，我們正在對去年第二季度約一半時間的同比大幅增長的最後一部分進行比較，然後我們將 Prime Day 移至第三季度。

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.

因此，我們沒有看到疲軟。我們意識到當前的通膨環境及其對消費者（或對不起，是家庭預算）的影響。很多時候，人們會來到亞馬遜，因為他們知道我們價格優惠，選擇多樣，而且很方便。因此它可以採取兩種方式中的一種。但我們總體上沒有看到這一需求方面的預測涉及任何宏觀經濟因素。但我們確實在成本方面看到了這一點。

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引及其中的一些細節有關。正如布萊恩所說，這是我們第一次給出第二季度的指導，但他詳細說明了許多部分。但就像你說的，預計布萊恩談到的三個方面將總共帶來約 40 億美元的壓力：通膨壓力上升、生產力下降以及一些固定成本去槓桿將持續到第二季​​。因此，這將處於一些較低的水平，正如我們所期望的那樣，並期望看到生產力和其他一些領域的進步。我們也致力於整體降低單位變動成本，並努力降低固定成本，特別是 Brian 提到的可控成本。

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

另一件事——布萊恩在開場白的最後提到了這一點

(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.

看到股票薪資費用的季節性增加。回想一下，我們的員工在第二季度收到了這些 RSU 授予。今年，我們預計支出約 60 億美元。這比第一季的約 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賈斯汀·波斯特 (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?

大局。在高通膨時期，亞馬遜其實並沒有存在過。您如何考慮透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，並且您沒有看到任何價格上漲。我知道外匯是一個阻力，但您認為該如何克服它？我們什麼時候才能開始看到這一點？

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。看起來您的運輸成本相對於單位持平上漲了 14%。這對於投入成本來說可能是合理的。但我們預計會節省一些成本，因為你們將大量的運輸和交付工作轉移到了內部。您看到那裡有省嗎？您如何看待運輸成本與單位數的關係？

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。我先對單位做一下評論。如果我們回顧一下，從疫情爆發的第一年——基本上從我們的世界來看，從 2020 年 5 月中旬到 2021 年 5 月，我們看到了高成長。我們的收入成長率幾乎在一夜之間從 20% 上升到 40%，並且維持了一年。然後我們開始為最後一年做準備，這項工作基本上將在下個月中旬結束。我們注意到，去年五月中旬，運行率就開始下降。

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，就單位數量而言，在此期間單位數量有所增長 - 而不是從 40% 躍升至 40% 到 50% 的中間範圍，這主要是因為產品組合。人們購買了更多的手套、清潔劑以及所有與疫情相關的東西。因此，有很多——你必須查看單位數據——記住這一點，因為存在混合——嚴重混合的問題。

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.

但撇開這些不談，您問的是有關運輸、運費的問題。我們的運費非常有競爭力，與外部承運商相比，我們節省了成本。而這還不止於此。我們甚至不一定有能力從外部第三方供應商那裡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.

因此，我們非常高興我們建立了 AMZL 網路。如果我們嘗試透過第三方托運人運送，我們將無法實現 1 天計劃、當天、1 天發貨。這顯然不具成本效益。因此，您看到的是運輸成本的增長與單位增長的關係，這有點偏向於單位方面，但本質上是通貨膨脹和生產率的一個因素，我已經向您提到過，它是影響運輸領域的組成部分。

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，關於你提到的第二點通貨膨脹，當然，我們已經討論過，我們無法免受成本方面的通貨膨脹壓力的影響。自上個季度以來，隨著供應鏈持續中斷和烏克蘭戰爭的爆發，我們看到通貨膨脹、一些幹線運費、燃料、航運供應和工資的影響越來越大，我們在最近幾季也討論過這些問題。我們還發現，營運 AWS 資料中心的部分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考慮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。我們的目標是提供低競爭價格，並努力保持領先的定價環境，確保為客戶提供優惠的價格。對於我們的 1P 業務，這意味著在該領域繼續保持真正的競爭力，相對於信譽良好的競爭對手，價格要低，並且在數據上保持接近這一水平。

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，他們經營自己的業務，我們也會根據他們環境中的通貨膨脹成本調整定價。當然，在定價和其他許多與賣家合作的服務方面，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，以確保他們也能保持領先地位。因此，只要我們能夠幫助他們，我們就會盡力幫助他們。

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.

我相信，我們今天確實提高了一些與 FBA 賣家相關的費用和一些附加費。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。但目前還不清楚通膨成本是上升還是下降，以及會持續多久。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更。當然，這是一種已被現有的供應鏈供應商廣泛採用的機制，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 個問題。第一個，布萊恩，我想問你關於 1 天、同一天的問題。現在，您可以將庫存選擇、SKU 選擇（在某些情況下）恢復到疫情之前的狀態，當您獲得更多可供 1 天或同日送達的庫存時，從需求或彈性的角度來看，您看到了什麼？根據您的數據，它真的能帶來增量銷售嗎？

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?

第二個問題，我想問技術和內容。儘管 AWS 成本較低，但其成本還是略高一些。我們在技術和內容建模中還應該考慮其他什麼嗎，無論是 Kuiper 還是今年通過該專案的其他專案？

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.

讓我先回答您關於 1 天和同日的第一個問題。是的，我們正在接近疫情前的服務水平，這是一個積極的信號。但這並不——它不會發生任何變化。我想身為消費者，我自己也注意到了，我看到庫存中的東西更多了。而我——它打開了我對那些我可能不得不在短時間內跑到商店才能買到的東西的考慮範圍。而這種信任——你會發現你越來越信任它，並且你會繼續訂購。然後你先去亞馬遜，然後說，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，它必須隨著時間的推移而建立起來。這並不需要花費數年的時間。希望這需要數週甚至數月的時間。但我們充滿希望並期待，這將增加良好的彈性，與疫情前開始看到的彈性相同。

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，其中的組件包括亞馬遜技術和 AWS 基礎設施，包括伺服器、網路設備、資料中心相關折舊、租金、公用事業等所有東西，AWS 技術員工成本以及支援網站的成本和我們正在進行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.

第一季年增約 19%，降幅略低於 2021 年全年的年成長率。不過，這一成長率當然包括了 2022 年第一季的抵消——應該說，部分抵消與伺服器預計使用壽命的變化有關，這在第一季的影響略低於 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，我只想強調對技術基礎設施的持續投資。當然，其中較大的一塊仍然是 AWS。然後從廣義上講，包括 AWS、支援 AWS 團隊正在進行的建設和支援的員工人數以及一些消費者技術團隊、Alexa 和 Echo 設備和其他某些領域。

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.

您談到您不再追求物理或人員能力，事實上，您目前的產能已經過剩。所以希望您能稍微談談您認為需要多長時間才能恢復履行網路的部分生產力和成本效率。

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.

當然可以。好吧，讓我從生產力開始。本季開始和結束時，我們的員工總數基本上是 10 億——不好意思，是 160 萬名員工，160 萬名員工。當然，其中大多數都已投入營運。在本季度，我們的峰值為 170 萬，並且我們在本季末成功將這一數字降至最低。因此，我們與承包商均有一定的能力來調整員工人數。但大多數情況下，我們的員工都是所謂的藍徽章員工或亞馬遜永久員工。

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，但也是網路生產力和協調的問題，在倉庫層面和運輸節點層面有正確的容量和正確的需求。

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?

這就是我們正在做的事情。我們在上個月取得了長足的進步，我們看到了恢復的跡象，雖然不是在下個季度或兩個季度完全恢復到疫情前的水平，但也已經走了相當長的一段路了。這正是我們堅定關注和努力的方向，涉及倉庫和運輸領域。這個問題還有後半部嗎？

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.

我希望你們都很好。也許我可以花一分鐘時間討論容量問題。就您提到的 40 億美元數字而言，問題的第一部分可能是，這是否完全是現在最核心的額外問題，而不是我們從第四季度到 2022 年上半年從物流和供應鏈角度討論過的問題，我們曾討論過這 40 億美元在上半年的永久性成本與暫時性成本？那麼，這是否超出了上述範圍，並且超出了您在前幾個時期所指出的一些揮之不去的 COVID 成本？只是想解開 40 億美元堆疊構建與我們之前已經知道的事情之間的一些關係。

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.

然後也許可以繼續 Doug 的問題，並以稍微不同的方式提問。當你展望下半年時，並不是問你會如何指導，而是當你為假期建立產能時，在下半年履行費用建設、員工建設和員工人數建設有一個典型的節奏。今年的節奏是否會有很大不同，因為與前幾年相比，您發現第一季、第二季的產能過剩如此嚴重？這樣我們就可以牢記這一點。

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.

當然可以。好問題，埃里克。我先從成本懲罰開始說。在第四季度，我們確實提到了 40 億美元的成本損失和對該季度的拖累。其中 10 億美元是固定成本去槓桿，主要是因為前一年我們追求交易量，而空間較小，所以槓桿率過高。我們表示，這將延續到 2022 年，事實也確實如此。

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。儘管我們去年下半年增加了 200 名工人，但我們的勞動力卻沒有那麼多，據我了解，去年下半年我們增加了 27 萬名工人。我們正在追逐勞動力，這給我們的網路帶來了很大的混亂。長途運輸、半滿的卡車，沒有勞力所帶來的各種負面後果。但我們在第四季度取得了成功，預計我們將能夠在第一季保留勞動力，並且我們網路中的勞動力確定性將會更好、更確定。

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，但由於一月份 Omicron 出現的一些問題，我們可能已經晚了幾個月。我們對此的反應是，在許多人休假、勞動力環境不確定的情況下，我們僱用了更多人，然後當 Omicron 變種很快消退時，我們發現自己人手過剩，至少從我們倉庫的角度來看是這樣。因此，問題已從生產中斷、生產力損失轉變為勞動力產能過剩，我們相信，這個問題將會消失。第二季度需要一些時間，但這不是全部——我們無法在第二季度收回全部 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.

兩個時期都存在通貨膨脹。通貨膨脹表現在運輸成本上，尤其是去年的薪資通膨。它仍然在那裡。自從我們上次談話以來，烏克蘭衝突引發了燃料成本上漲，這進一步加劇了這個問題。因此，更重要的是，我們相信這些成本將比我們年初所希望的持續時間更長一些。我提到了一些運輸、貨物運輸和燃料成本的單位費率。這些都是真實存在的，我們必須找到方法來抵消這些影響，或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。隨著我們的進展——只有針對第二季的指導。但我們看到，隨著時間的推移，固定成本去槓桿率將會縮小，我們很高興在第三季 Prime Day 到來時擁有這樣的產能，因為那時庫存和訂單都會大幅增加，而且在假日季肯定也會如此。所以我們會——我們認為我們已經走出了非常動蕩的兩年。我們很高興在過去兩年中做出了這些決定。現在我們有機會進一步調整我們的產能，以適應更規範的需求模式。

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.

所以剩下的就是通貨膨脹，這就是我們正在努力評估的問題，並尋找緩解的方法，在某些情況下，還必須將部分成本轉嫁給第三方賣家，這樣我們就不會補貼那裡的銷售。然後我們就會看到。因此，我們預計下半年的年比收入將會改善，因為我們即將度過我之前提到的超高成長年，即 2020 年 5 月至 2021 年 5 月。

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.

但這並不意味著交易量已經下降。就像第一季一樣，從 2020 年開始的兩年間，營收成長了 61%。因此，我們可以這樣想：收入一直在上升，並且一直保持上升趨勢，現在它將恢復更正常的成長模式。但在這個困難的競爭時期，我不會被營收成長率迷惑。

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?

因此，信中提到了烏克蘭入侵後的一些影響。我猜這主要是由於您剛才提到的通貨膨脹和燃料成本。但是，您能否評論一下衝突開始後與衝突之前相比，您所在地區的 3 月份收入走勢如何？ Prime 會員數和非 Prime 會員數之間有明顯差異嗎？

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 和非 Prime 之間的差異並不大。我們認為，三月的業績非常強勁。由於去年 3 月是美國一些刺激計劃支付的高峰期，因此很難進行同比比較。但從連續時期來看，我們認為三月表現強勁。因此，沒有跡象表明我們看到消費者需求疲軟，但我們對此保持警惕，所有公司可能都是如此，因為當燃料成本翻倍時，家庭預算就會收緊，而很大一部分——這會波及到食品上。它波及到其他一切事物。

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.

所以我們意識到了這一點。但我們將專注於客戶體驗，繼續縮短交貨時間並增加選擇，這比疫情大流行之前的情況要好，並且在許多方面都使客戶體驗變得更好。

Our final question comes from Jason Helfstein with Oppenheimer.

我們的最後一個問題來自奧本海默公司的 Jason Helfstein。

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。能簡單談談廣告嗎？您是否認為供應鏈中斷會對廣告產生影響？有什麼評論嗎？其次，我認為沒有人詢問過 AWS 積壓訂單，您是否可以分享本季與上一季相比 AWS 積壓訂單成長的數據。

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，我先處理第二個，只是積壓的問題。是的，我的意思是，我們正在繼續查看積壓的情況，對嗎？這是因為 AWS 客戶對 AWS 做出的長期承諾有所增加。截至三月份，我們的餘額為 889 億美元。因此，與去年同期相比，成長了約 68%。這些人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.

至於收入——抱歉，廣告收入同比增長了 25%，與收入增長率相比，這是一個強勁的運行率。因此，我們仍然對廣告團隊的表現感到非常高興和滿意，也對賣家、供應商和其他使用廣告在客戶考慮購買時接觸客戶群的人如何評價廣告感到非常高興和滿意。因此，本季我們表現強勁，並將繼續推出新產品，以便賣家管理他們的廣告，並提高與我們一起分析和計算行銷投資回報的能力。

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.

感謝您今天參加電話會議並提出問題。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。