亞馬遜 (AMZN) 2021 Q4 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q4 2021 Financial Results Teleconference. (Operator Instructions) Today's call is being recorded. For opening remarks, I will be turning the call over to the Director of Investor Relations, Dave Fildes. Please go ahead.

謝謝你的支持。大家好，歡迎來到 Amazon.com 2021 年第四季度財務業績電話會議。 （操作員說明）今天的電話正在錄音。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 Q4 2021 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 2021 年第四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 2020. Our comments and responses to your questions reflect management's views as of today, February 3, 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 2020 年可比期間的結果相反。我們對您的問題的評論和回答僅反映管理層截至 2022 年 2 月 3 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. 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.

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

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。現在我將把電話轉給布賴恩。

Thank you for joining us today. Let me start by once again acknowledging and thanking our employees around the world for their efforts. This was the second holiday season during this pandemic, and it required exceptional collaboration and coordination among our employees and business partners to prioritize both safety and customer experience. The team did a great job of delivering for customers this holiday.

感謝您今天加入我們。首先讓我再次感謝並感謝我們在世界各地的員工所做的努力。這是大流行期間的第二個假期，需要我們的員工和業務合作夥伴之間進行出色的協作和協調，以優先考慮安全和客戶體驗。該團隊在這個假期為客戶提供了出色的服務。

Now let's discuss our fourth quarter financial results. For the fourth quarter, net sales were $137.4 billion, an increase of 10% year-over-year, excluding the impact of foreign exchange. We continue to focus on offering the best experience for our customers across our businesses. On the consumer side, we welcomed millions of new Prime members in both the United States and international during the quarter, while continuing to see consistently high member renewal rates across geographies. Our third-party sellers, in particular, benefited from strong customer demand this holiday season. 3P sellers provided 56% of all unit sales in the quarter, the highest fourth quarter mix ever. And AWS saw a continuation of the strong usage and revenue growth we've seen throughout 2021. AWS added more revenue year-over-year than any quarter in its history, and it's now a $71 billion annualized run rate business, up from $51 billion run rate 1 year ago.

現在讓我們討論一下我們第四季度的財務業績。第四季度淨銷售額為 1374 億美元，不計外匯影響，同比增長 10%。我們將繼續專注於為我們的業務中的客戶提供最佳體驗。在消費者方面，我們在本季度在美國和國際迎來了數百萬新的 Prime 會員，同時繼續看到各個地區的會員續訂率一直很高。我們的第三方賣家尤其受益於這個假期旺季的強勁客戶需求。 3P 賣家提供了本季度所有單位銷售額的 56%，這是有史以來最高的第四季度組合。 AWS 見證了我們在 2021 年全年看到的強勁使用和收入增長的延續。AWS 的年收入同比增長超過其歷史上任何一個季度，現在它的年化運行率業務為 710 億美元，高於 510 億美元一年前的運行速度。

Even on a large base, revenue increased 40% year-over-year. As I've mentioned in prior calls, we also encourage you to look at the multiyear compounded annual revenue growth rate since the onset of the pandemic to better put this revenue growth in perspective. Despite lapping 2020's extraordinary sales growth, we continue to see an increase in customer demand and sales during the remainder of 2021, even as the economy opened back up. For Q4, Amazon's 2-year annual compounded growth rate was 25%, excluding impacts from foreign exchange, consistent with our rate in the third quarter. We've invested significantly to keep pace with this demand, including nearly doubling our operations capacity in the past 2 years, expanding our fulfillment center footprint while adding significant transportation assets to ensure fast on-time delivery. There are now 1.6 million Amazon employees worldwide, also doubling in the 2-year period. Our fourth quarter operating income was $3.5 billion.

即使在很大的基礎上，收入也同比增長了 40%。正如我在之前的電話會議中提到的那樣，我們還鼓勵您查看自大流行開始以來的多年復合年收入增長率，以更好地看待這種收入增長。儘管在 2020 年實現了非凡的銷售增長，但在 2021 年剩餘時間內，即使經濟重新開放，我們仍將繼續看到客戶需求和銷售額的增長。對於第四季度，亞馬遜的 2 年年復合增長率為 25%，不包括外匯影響，與我們在第三季度的增長率一致。為了滿足這一需求，我們進行了大量投資，包括在過去 2 年將我們的運營能力幾乎翻了一番，擴大了我們的履行中心足跡，同時增加了重要的運輸資產，以確保快速準時交貨。現在全球有 160 萬亞馬遜員工，在 2 年內也翻了一番。我們第四季度的營業收入為 35 億美元。

As we mentioned in the last earnings call, we did see more than $4 billion in costs from inflationary pressures and loss productivity and disruption in our operations. The inflation primarily relates to wage increases and incentives in our operations as well as higher pricing from third-party carriers supporting our fulfillment network. Loss productivity and network disruptions were driven primarily by labor capacity constraints due to challenges in staffing up our facilities for peak. This is driven by the very tight labor market in the second half of 2021 and more recently by the emergence of the Omicron variant. We do expect these cost challenges to persist into Q1, albeit adjusted for lower seasonal volumes relative to the fourth quarter.

正如我們在上次財報電話會議中提到的那樣，我們確實看到了超過 40 億美元的成本，原因是通脹壓力、生產力損失和我們的運營中斷。通貨膨脹主要與我們運營中的工資增長和激勵措施以及支持我們履行網絡的第三方運營商的更高定價有關。生產力損失和網絡中斷主要是由勞動力限製造成的，因為我們的設施在高峰期配備人員面臨挑戰。這是由 2021 年下半年非常緊張的勞動力市場以及最近出現的 Omicron 變體推動的。我們確實預計這些成本挑戰將持續到第一季度，儘管相對於第四季度較低的季節性銷量進行了調整。

Our results also include approximately $1 billion year-over-year negative impact from lower fixed cost leverage in our fulfillment network. Recall that we saw very high unit volumes for most of 2020 and the first half of 2021 and that fulfillment network was running at close to 100% capacity during this time. Now with more normal fulfillment capacity, our operating leverage decreases versus the comparable prior year periods. We expect to continue to see some negative year-over-year impact from this in Q1 of 2022. While we navigate these near-term headwinds, the fundamentals of our retail business are strong and we are optimistic about a number of growth businesses and a strong innovation pipeline. AWS delivered another strong quarter of growth as enterprises and developers continue to look to AWS for critical innovative cloud solutions.

我們的結果還包括我們履行網絡中較低的固定成本槓桿帶來的同比約 10 億美元的負面影響。回想一下，我們在 2020 年的大部分時間和 2021 年上半年看到了非常高的單位數量，並且在此期間，履行網絡以接近 100% 的容量運行。現在有了更正常的履行能力，我們的運營槓桿與去年同期相比有所下降。我們預計 2022 年第一季度將繼續看到一些負面的同比影響。雖然我們克服了這些近期的不利因素，但我們零售業務的基本面強勁，我們對一些增長業務和強大的創新管道。隨著企業和開發人員繼續向 AWS 尋求關鍵的創新雲解決方案，AWS 實現了又一個強勁的季度增長。

Now to $71 billion annualized revenue run rate, AWS revenue grew 40% year-over-year in Q4, our fourth consecutive quarter of revenue growth rate acceleration. We hosted our Tenth re:Invent conference in the quarter, welcoming 26,000 in-person attendees and hundreds of thousands who attended virtually. Re:Invent remains a highlight of the year for us because it's a great opportunity to introduce new services while engaging with customers and partners to better inform where we should be focusing next. We announced more than 115 new services and features during the event as businesses spanning all major industries continue to choose AWS as their technology provider to speed up innovation in their organizations.

現在，AWS 的年收入運行率為 710 億美元，第四季度的收入同比增長 40%，這是我們連續第四個季度的收入增長率加速。我們在本季度舉辦了第十屆 re:Invent 大會，歡迎 26,000 名親臨現場的與會者和數十萬虛擬參加者。 Re:Invent 對我們來說仍然是今年的一大亮點，因為這是一個引入新服務的絕佳機會，同時與客戶和合作夥伴互動，以更好地了解我們接下來應該關注的地方。我們在活動期間宣布了超過 115 項新服務和功能，因為所有主要行業的企業都繼續選擇 AWS 作為其技術提供商，以加速其組織的創新。

In the past quarter alone, NASDAQ announced a multiyear partnership to migrate North America markets to AWS, including their matching engine. Best Buy selected AWS as its preferred cloud provider for cloud infrastructure services. Meta, the parent company of Facebook, Instagram and WhatsApp selected AWS as its long-term strategic cloud provider to accelerate artificial intelligence research and development. Stellantis, the parent company of Chrysler Dodge, Fiat, Jeep and Ram selected AWS as its preferred global cloud provider for vehicle platforms to accelerate new digital products and upskill global workforce. You can find more examples in our earnings release of how the world's largest companies such as Adidas, Goldman Sachs, Pfizer, Rivian and more are using AWS to transform their businesses.

僅在過去一個季度，納斯達克就宣布了一項將北美市場遷移到 AWS 的多年合作夥伴關係，包括其匹配引擎。 Best Buy 選擇 AWS 作為其首選的雲基礎設施服務雲提供商。 Facebook、Instagram 和 WhatsApp 的母公司 Meta 選擇 AWS 作為其長期戰略云提供商，以加速人工智能研發。克萊斯勒道奇、菲亞特、Jeep 和 Ram 的母公司 Stellantis 選擇 AWS 作為其首選的全球汽車平台雲提供商，以加速新的數字產品和提高全球勞動力的技能。您可以在我們的財報中找到更多示例，了解阿迪達斯、高盛、輝瑞、Rivian 等世界上最大的公司如何使用 AWS 實現業務轉型。

Overall net income was $14.4 billion in the fourth quarter. While we normally focus our comments on operating income, I'd point out that this net income includes a pretax valuation gain of $11.8 billion related to our common stock investment in Rivian Automotive, which completed its initial public offering in November.

第四季度的總體淨收入為 144 億美元。雖然我們通常將評論重點放在營業收入上，但我要指出，這一淨收入包括與我們對 Rivian Automotive 的普通股投資相關的 118 億美元的稅前估值收益，該公司於 11 月完成了首次公開募股。

Before we move to Q&A, there are 3 additional items I'll mention related to our disclosures. First, we are now separating advertising services revenue from other revenues as part of our revenue disclosures by groups of similar products and services. This updated presentation is provided in the supplemental financial information included in our earnings release. We're excited to continue innovating in areas like sponsored ads, streaming video and measurement. Of course, advertising only works to be making -- useful for Amazon customers. When we create great customer experiences, we deliver better outcomes for brands. Second, we're prospectively updating the useful life of our servers and networking equipment, beginning in January. As a practice, we monitor and review the useful lives of our depreciable assets on a regular basis to make sure that our financial statements reflect our best estimate of how long the assets are going to be used in operations.

在我們進入問答環節之前，我將提到與我們的披露相關的另外 3 個項目。首先，我們現在將廣告服務收入與其他收入分開，作為我們按類似產品和服務組披露收入的一部分。此更新的演示文稿在我們的收益發布中包含的補充財務信息中提供。我們很高興能在讚助廣告、流媒體視頻和測量等領域繼續創新。當然，廣告只適用於製作——對亞馬遜客戶有用。當我們創造出色的客戶體驗時，我們會為品牌帶來更好的成果。其次，我們將從 1 月份開始前瞻性地更新我們的服務器和網絡設備的使用壽命。作為一種慣例，我們會定期監控和審查我們可折舊資產的使用壽命，以確保我們的財務報表反映我們對資產將在運營中使用多長時間的最佳估計。

We are increasing the useful life for servers from 4 years to 5 years and network equipment from 5 years to 6 years. As a result, our first quarter guidance includes an approximate $1 billion of lower depreciation expense. We expect the quarterly impact of this change to decrease throughout the year. Although we're calling out an accounting change here, this really reflects a tremendous team effort by AWS to make our server and network equipment last longer. We've been operating at scale for over 15 years, and we continue to refine our software to run more efficiently on the hardware. This then lowers stress on the hardware and extends the useful life, both for the assets that we use to support AWS' external customers as well as those used to support our own internal Amazon businesses.

我們將服務器的使用壽命從 4 年提高到 5 年，網絡設備的使用壽命從 5 年提高到 6 年。因此，我們的第一季度指引包括約 10 億美元的較低折舊費用。我們預計這一變化的季度影響將在全年減少。儘管我們在這裡呼籲進行會計變更，但這確實反映了 AWS 為使我們的服務器和網絡設備使用壽命更長而付出的巨大團隊努力。我們已經大規模運營超過 15 年，並且我們繼續改進我們的軟件，以便在硬件上更高效地運行。然後，這降低了硬件壓力並延長了使用壽命，無論是我們用於支持 AWS 外部客戶的資產還是用於支持我們自己的內部亞馬遜業務的資產。

And finally, we will increase the price of Prime in the United States in Q1. We continue to make Prime better. In recent years, we've added more product selection available with fast free unlimited shipping, more exclusive deals and discounts and more high-quality entertainment, including TV, movies, music and books.

最後，我們將在第一季度提高美國 Prime 的價格。我們繼續讓 Prime 變得更好。近年來，我們增加了更多產品選擇，包括快速免費無限送貨、更多獨家優惠和折扣以及更多優質娛樂，包括電視、電影、音樂和書籍。

Since 2018, Prime Video has tripled the number of Amazon Originals. In this September, Prime Video will also release the highly anticipated The Lord of The Rings, The Rings of Power and become the exclusive home of Thursday Night Football as part of an historic 11-year agreement with the National Football League. Since 2018 in the U.S., availability of same-day delivery has expanded from 48 metropolitan areas to more than 90. Items available for Prime free shipping have increased over 50%. And members have saved billions of dollars shopping on Prime days.

自 2018 年以來，Prime Video 的 Amazon Originals 數量增加了兩倍。今年 9 月，Prime Video 還將發布備受期待的《指環王》和《權力的魔戒》，並成為周四晚上足球的獨家主場，作為與美國國家橄欖球聯盟 11 年曆史性協議的一部分。自 2018 年以來，美國的當日送達服務範圍已從 48 個大都市擴大到 90 多個。Prime 免費送貨的商品增加了 50% 以上。會員在 Prime 會員日節省了數十億美元的購物費用。

This is all on top of new program benefits like prescription savings and fast free delivery from Amazon Pharmacy and the continually growing Amazon music catalog for Prime members as well as Prime Reading and Prime Gaming. With the continued expansion of Prime member benefits, and the increased member usage that we've seen as well as the rise in wages and transportation costs, Amazon will increase the price of a Prime membership in the United States with the monthly price going from $12.99 to $14.99 and the annual membership going from $119 to $139. This is our first price increase since 2018.

這一切都在新計劃的好處之上，例如節省處方藥和從亞馬遜藥房快速免費送貨，以及為 Prime 會員以及 Prime 閱讀和 Prime 遊戲不斷增長的亞馬遜音樂目錄。隨著 Prime 會員福利的持續擴大，以及我們看到的會員使用率的增加以及工資和運輸成本的上漲，亞馬遜將提高美國 Prime 會員的價格，每月價格從 12.99 美元起到 14.99 美元，年度會員從 119 美元到 139 美元。這是我們自 2018 年以來的首次漲價。

For new Prime members, the price change will go into effect on February 18. For current Prime members, the new price will apply after March 25 on the date of their next renewal. With that, let's move on to Q&A.

對於新的 Prime 會員，價格變更將於 2 月 18 日生效。對於現有的 Prime 會員，新價格將在 3 月 25 日之後的下一次續訂之日適用。有了這個，讓我們繼續進行問答。

(Operator Instructions) Our first question is coming from Eric Sheridan with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Eric Sheridan。

I want to come back to the comments in the release by Andy on same-day delivery. Can you talk a little bit about how many of those investments might be behind you versus ahead of you with respect to same-day delivery and how that sets the company up with respect to either consumption behavior by consumers versus the competitive dynamic you're seeing against elements of like omnichannel and last mile delivery competitors.

我想回到安迪發布的當天交貨的評論。您能否談談在當天交付方面，有多少投資可能落後於您和領先於您，以及在消費者的消費行為與您所看到的競爭動態方面，這對公司有何影響？反對諸如全渠道和最後一英里交付競爭對手的元素。

Eric, sure thing. So on same-day, again, there's multiple levels of fast shipping here from ultrafast, which is essentially our grocery business in 1 to 2 hours to same day and less and then 1 day and 2-day Prime. We feel good about where we are. We're continuing to build capacity that enables us to hit those cutoffs. I think his comments were more around getting us back to our pre-pandemic levels for 1-day delivery and improving upon that and then getting same-day to more and more metropolitan areas. We're doing that globally as well, but we really think that, that combination of speed for different product levels or product line, excuse me, really resonates with customers.

埃里克，當然。因此，同樣在同一天，從 Ultrafast 到這裡有多個級別的快速運輸，這基本上是我們的雜貨業務在 1 到 2 小時內到同一天，更少，然後是 1 天和 2 天 Prime。我們對自己所處的位置感覺良好。我們正在繼續建設使我們能夠達到這些臨界點的能力。我認為他的評論更多的是讓我們回到大流行前的 1 天交付水平，並在此基礎上進行改進，然後在越來越多的大都市地區實現當日交付。我們也在全球範圍內這樣做，但我們真的認為，不同產品級別或產品線的速度組合，對不起，真的能引起客戶的共鳴。

And there's a lot of new offers for free -- or excuse me, generally free shipping on a fast basis. But we know how hard this is. And our goal is to do it and do it at a price that we can make money on as well and our cost structure commensurate with that. So that's where the difficult work comes in, but we like the progress we've made developing our Amazon Logistics capability over the last few years. And what we've been adding, as we've mentioned, we've doubled the capacity in the network over the last 2 years. That is not all just to handle today's volume. It's also to handle getting closer to the customer and being able to ship faster. So we like where we stand. We know there's work to do on improving our customer service. We like the progress we've been making lately, but we think the future is bright in that dimension.

而且有很多免費的新優惠——或者對不起，通常是快速免費送貨。但我們知道這有多難。我們的目標是做到這一點，並以我們可以賺錢的價格做到這一點，我們的成本結構與之相稱。這就是困難的工作所在，但我們喜歡過去幾年在開發亞馬遜物流能力方面取得的進展。正如我們所提到的，我們一直在添加的內容是，在過去 2 年中，我們將網絡容量翻了一番。這不僅僅是為了處理今天的交易量。這也是為了更接近客戶並能夠更快地發貨。所以我們喜歡我們的立場。我們知道在改善我們的客戶服務方面還有很多工作要做。我們喜歡我們最近取得的進步，但我們認為在這個方面的未來是光明的。

Our next question is 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. Brian, the first one, there's a lot that's changed within the retail business, sort of pre-pandemic, post-pandemic more same-day, more grocery, more last mile investments in an ad business. Curious to hear, as you sort of you think about the long-term profitability of the retail segment, has your view about how you think about long-term profitability or cash flow retail fallen at all post pandemic because of the higher required investments is the first one.

我有 2 個。布賴恩，第一個，零售業務發生了很多變化，大流行前、大流行後的當天，更多的雜貨店，對廣告業務的更多最後一英里投資。好奇地聽到，當您考慮零售部門的長期盈利能力時，您對長期盈利能力或現金流零售的看法是否因需要更高的投資而在大流行後完全下降是第一。

Then the second one, like the new disclosure, I'd be curious for any other disclosure about the number of engineers or the size of the teams you are working on a lot of the innovation that you talked about that are sort of more around early-stage nonrevenue-generating projects, we can better understand that investment in Amazon.

然後是第二個，就像新的披露一樣，我很好奇有關工程師數量或您正在從事的團隊規模的任何其他披露，您談到的很多創新都在早期階段性的無收益項目，我們可以更好地理解對亞馬遜的投資。

Sure. On the second one, we have a history of making long-term bets for customers, and some of those fall into very small short-term revenue businesses. They'll generally roll up into other revenue, which you see as very small after we've separated out advertising. So I think that you do see it in our revenue disclosure generally. But a lot of our profitability is shown at the segment level, and we'll continue to do that with the revenue disclosure.

當然。在第二個方面，我們有為客戶進行長期賭注的歷史，其中一些屬於非常小的短期收入業務。它們通常會累積到其他收入中，在我們將廣告分開後，您會看到這些收入非常少。所以我認為你確實在我們的收入披露中看到了這一點。但我們的很多盈利能力都顯示在細分市場層面，我們將繼續通過收入披露來做到這一點。

You asked about the business model. I think it's a good question. And we are -- as we reflect over the last 2 years, we are encouraged by a lot of things. You ticked them off there, the adoption of digital benefits, the use of grocery and how valuable that's become to customers, not to mention the acceleration of companies going to the cloud. The ability to double our fulfillment capacity over that time period, including making major strides in our Amazon Logistics sets us up well for the future. And -- but we've been also dealing with a lot of disruption during this time period.

你問的是商業模式。我認為這是一個很好的問題。而且我們 - 正如我們在過去兩年中所反映的那樣，我們受到很多事情的鼓舞。您在那裡勾選了它們，採用數字化優勢，使用雜貨店以及這對客戶的價值，更不用說公司加速上云了。在此期間將我們的履行能力翻倍的能力，包括在我們的亞馬遜物流方面取得重大進展，為我們的未來奠定了良好的基礎。而且 - 但在這段時間裡，我們也一直在處理很多中斷。

So the early wave disruption was handling volume without the capacity to handle it. And then quickly playing catch-up. And as that was starting to improve, labor took a turn in the United States, especially labor availability, and we've really had to scramble to add workers. We've been successful at it. We added over 273,000 employees in the last half of last year. But I think if you look at the prior year, it was over 400,000. So there's a lot of expansion that's been going on in the network. And we feel good about the basic contributors of profitability.

因此，早期的波浪中斷是處理量而沒有能力處理它。然後迅速追趕。隨著情況開始好轉，美國的勞動力發生了轉變，尤其是勞動力供應，我們真的不得不爭先恐後地增加工人。我們已經成功了。去年下半年，我們增加了超過 273,000 名員工。但我認為如果你看前一年，它超過了 400,000。因此，網絡中正在進行大量擴展。我們對盈利能力的基本貢獻者感覺良好。

There's -- if you step back, there's procurement margin and working with vendors and sellers as well. There's fees in some cases, for 3P services and Prime, as we just mentioned is going up. Advertising has certainly added a layer of contribution over the last few years. But again, that only works and is only successful if we make it a good customer experience. So we're really working hard to do that. And that becomes a part of our ability to offer lower prices, better selection and more convenience.

有 - 如果你退後一步，還有採購利潤以及與供應商和賣家的合作。正如我們剛才提到的，在某些情況下，3P 服務和 Prime 的費用正在上漲。在過去的幾年裡，廣告無疑增加了一層貢獻。但同樣，只有當我們讓它成為良好的客戶體驗時，這才有效並且成功。所以我們真的在努力做到這一點。這成為我們提供更低價格、更好選擇和更多便利的能力的一部分。

So if you take those, those are all stable and strengthening areas. It's really the ones -- our onus is to get our operational efficiency back in all of our areas of cost. We have, again, built a lot of capacity. We've hired a lot of people. Some of those people are still -- our teams are all battling Omicron right now. But we do see the sun coming out and getting better here over the next number of quarters, and that's going to be where we're going to put a lot of our effort.

因此，如果您採用這些，那麼這些都是穩定和加強的領域。確實是這樣——我們的責任是讓我們在所有成本領域恢復運營效率。我們再次建立了很多容量。我們僱傭了很多人。其中一些人仍然——我們的團隊現在都在與 Omicron 作戰。但我們確實看到太陽出來了，在接下來的幾個季度裡變得更好，這將是我們要付出很多努力的地方。

Our next question is from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

Brian, you doubled your fulfillment network and also your headcount over the past 2 years. I believe you're about 2.5 years into this investment cycle. Where is Amazon in terms of emerging from this investment cycle, can you see a slowdown in that big investment spending this year?

布賴恩，在過去的 2 年裡，您的履約網絡和員工人數翻了一番。我相信你已經進入這個投資週期大約 2.5 年。從這個投資週期中脫穎而出的亞馬遜在哪裡，你能看到今年大筆投資支出的放緩嗎？

Yes. Let's talk a little bit about capital expenditures. And I'm going to do this with the inclusion of equipment finance leases, which is the residual that we sometimes lease on our infrastructure assets. We're doing less of it now, but we still do some and have done it historically.

是的。讓我們談談資本支出。我將通過包括設備融資租賃來做到這一點，這是我們有時在基礎設施資產上租賃的剩餘部分。我們現在做的少了，但我們仍然做了一些，並且在歷史上已經做到了。

So when you look at those numbers and how they've grown over the last few years, I'll give you the proportions, which I'm not sure we've initially shown before is about 40% -- just under 40% of that CapEx is going into infrastructure, most of it's feeding AWS, but also certainly, Amazon is a large customer of that as well as we build infrastructure for ourselves directly or through AWS. About just under 30% is fulfillment capacity building warehouses -- warehouse only, not transportation. And then just under 25% is transportation capacity and building out our AMZL network, principally globally. The remaining 5% or so is small things like offices and stores and other capital areas. But those are the 3 main areas.

因此，當您查看這些數字以及它們在過去幾年中的增長情況時，我會給您比例，我不確定我們之前最初顯示的比例約為 40%——略低於 40%資本支出正在進入基礎設施，其中大部分都在為 AWS 提供服務，但當然，亞馬遜是這方面的大客戶，我們直接或通過 AWS 為自己構建基礎設施。大約不到 30% 是履行能力建設倉庫——僅倉庫，而不是運輸。然後不到 25% 是運輸能力和建立我們的 AMZL 網絡，主要是在全球範圍內。剩下的 5% 左右是辦公室、商店和其他資本區域之類的小東西。但這是三個主要領域。

If I look to the future, we're still working through some of our plans for 2022, but it's coming into focus a bit. We see the CapEx for infrastructure going up. We still have a very fast-growing business this growing globally, and we're adding regions and capacity to handle usage that still exceeds revenue growth in that business. So we feel good about making those investments.

如果我展望未來，我們仍在製定 2022 年的一些計劃，但它正在成為焦點。我們看到基礎設施的資本支出上升。我們仍然擁有一項在全球範圍內增長的快速增長的業務，我們正在增加區域和容量來處理仍然超過該業務收入增長的使用量。因此，我們對進行這些投資感到滿意。

On the fulfillment center side, that's about 30% of the spend in the last 2 years. We see that moderating and that will probably now match growth of our underlying businesses. I think there's always things that can tick up that growth rate, things like expansion of our FBA business, expansion of cube that maybe not be different than the square footage. So there's -- we want to have capacity to have a healthy retail and FBA business because that fuels prime in 1-day delivery and 2-day delivery and same-day delivery. So that's very important. But we see the FC piece likely moderating this year.

在履行中心方面，這大約是過去 2 年支出的 30%。我們看到這種放緩，現在可能會與我們基礎業務的增長相匹配。我認為總有一些事情可以提高這種增長率，比如我們的 FBA 業務的擴展，立方體的擴展可能與平方英尺沒有什麼不同。所以有 - 我們希望有能力擁有健康的零售和 FBA 業務，因為這推動了 1 天交貨、2 天交貨和當日交貨的黃金。所以這非常重要。但我們看到今年 FC 部分可能會放緩。

And then the third piece is transportation. We still see additional levels of investment in that in 2022. So if you wrap that up, we expect CapEx including equipment finance leases to increase year-over-year. I can't give you the exact percentage, but hopefully, it gives you a little more dynamic on what -- how we approach it.

第三部分是運輸。到 2022 年，我們仍會看到額外的投資水平。因此，如果總結一下，我們預計包括設備融資租賃在內的資本支出將同比增加。我不能給你確切的百分比，但希望它能讓你更加了解我們如何處理它。

Our next question is from Mark Mahaney with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Mark Mahaney。

You had laid out all of these costs that you were expecting to see in the December quarter. Just talk to whether there are any real surprises to you. So it looks like you had a little bit greater leverage than you may have thought. And then use that to help us think about what the -- I think you said the sun is coming out. Financially, does that mean that we're going to have a kind of nice improvement in operating margins as we go through the year as some of those temporary costs get temporized and you get to absorb some of the more fixed costs? So just talk about where the surprise was in terms of those costs that you laid out for the December quarter, the $6 billion? And how should -- we should think about those playing out as we go forward?

您已經列出了您預計在 12 月季度會看到的所有這些成本。只是談談是否有任何真正的驚喜給你。所以看起來你的槓桿比你想像的要大一些。然後用它來幫助我們思考 - 我想你說太陽出來了。從財務上講，這是否意味著隨著一些臨時成本被臨時化，您可以吸收一些更固定的成本，我們將在這一年中對營業利潤率有很好的改善？那麼，就您為 12 月季度製定的成本（即 60 億美元）而言，您是否感到意外？在我們前進的過程中，我們應該如何考慮那些正在發揮作用的人？

Okay, Mark. Just remember that I'm sitting in Seattle. So my view of the sun coming out is a little different than perhaps where you are. But we do see things improving. We do -- let's step back to Q4. We had said that we would have about $4 billion of additional costs due to labor shortages and the inefficiencies of that cause as well as increased labor rates and shift differentials of premiums and external transportation costs. We came in just slightly over that $4 billion. I think things went as expected. I would say that the hiring was strong, but we could have done better. We could have had more people, so we had to cover a lot of -- there was additional overtime. There are some higher cost on third-party transportation.

好的，馬克。請記住，我坐在西雅圖。所以我對太陽出來的看法可能與你所在的地方有點不同。但我們確實看到情況有所改善。我們這樣做 - 讓我們回到第四季度。我們曾說過，由於勞動力短缺和效率低下，以及勞動力成本增加、保費和外部運輸成本的轉移差異，我們將增加約 40 億美元的成本。我們的收入略高於 40 億美元。我認為事情按預期進行。我會說招聘很強大，但我們本可以做得更好。我們本來可以有更多的人，所以我們必須承擔很多——還有額外的加班。第三方運輸費用較高。

But all in all, the challenge in Q4 was to staff raise or excuse me, increase the staffing and we said we wanted to add 150,000 people or more. We added net-net of about 140,000 in the quarter, 273,000 in the second half of the year.

但總而言之，第四季度的挑戰是員工加薪或請原諒，增加員工人數，我們說我們想增加 150,000 人或更多。本季度淨增約14萬，下半年增27.3萬。

So as you turn the page into 2022, we feel good -- better about labor except Omicron has kicked up, and now you have a different type of labor issue where there's a lot of people who are on leave of absences and short term as they work to have a positive test on COVID and can get back into the workforce and protect their fellow workers. So there's instances where you're paying twice or 3 times for the same labor hour if someone is on leave you're paying them and you're also paying potentially for someone who's covering the shift on over time.

因此，當您將這一頁翻到 2022 年時，我們感覺很好——除了 Omicron 已經啟動之外，勞工狀況更好，現在您遇到了不同類型的勞工問題，有很多人在休假和短期休假，因為他們努力對 COVID 進行積極的測試，並可以重返工作崗位並保護他們的同事。因此，在某些情況下，如果有人請假，您會為相同的工時支付兩倍或三倍的費用，而您正在為他們支付費用，並且您還可能為隨著時間的推移負責輪班的人支付費用。

So there's cost pressure in Q1. I think the good news is that the labor challenge is not as great in Q1 as it is in Q4 -- Q3 and Q4. So we're hopeful on that. We have to work to now make our operations more efficient as we get staffing levels up. And we're going to plow a lot of our effort into increasing our transportation speeds and beating our pre-pandemic levels. So there's a lot of different challenges going on right now. The team has been working heads down for over 2 years now. So they need -- we've got a great team, and we have confidence that we will -- things will improve as we get through the year. So hopefully, that answers your question.

因此，第一季度存在成本壓力。我認為好消息是第一季度的勞動力挑戰不像第四季度那樣大——第三季度和第四季度。所以我們對此充滿希望。隨著人員配備水平的提高，我們現在必須努力提高運營效率。我們將投入大量精力來提高我們的運輸速度並超越大流行前的水平。所以現在有很多不同的挑戰正在發生。該團隊已經埋頭苦乾了 2 年多。所以他們需要——我們有一支偉大的團隊，我們有信心——隨著我們度過這一年，情況會有所改善。所以希望這能回答你的問題。

Our next question is from Colin Sebastian with Baird.

我們的下一個問題來自 Colin Sebastian 和 Baird。

I wanted to ask about AWS and nice acceleration in revenues there. Wondering if you could talk about maybe more specifically the drivers, that acceleration. Is the application layer maybe now large enough where you're seeing that contribute incrementally to growth. And I think in the release, you also highlighted infrastructure expansion globally. I think it might be interesting to add some context around the scale or distribution of the AWS business internationally outside of North America, if you could put some context around that.

我想問一下 AWS 以及那裡收入的快速增長。想知道您是否可以更具體地談論驅動因素，即加速。應用程序層現在是否足夠大，您可以看到它對增長的貢獻越來越大。我認為在發布中，您還強調了全球基礎設施擴展。如果您可以圍繞這一點添加一些背景信息，我認為添加一些關於北美以外 AWS 業務在國際上的規模或分佈的背景可能會很有趣。

Sure, Colin. Thanks for your questions. On the growth rate, I think it's a combination of things. We've been adding resources in sales and marketing over the last few years, and that is starting to pay off. There was some cutback in spending in the early parts of 2020 that we're lapping as people -- different companies have different COVID experience, some their volumes went through the roof, some their volumes went through the floor.

當然，科林。感謝您的提問。關於增長率，我認為這是綜合因素。在過去的幾年裡，我們一直在增加銷售和營銷方面的資源，這開始得到回報。在 2020 年初，我們正在經歷一些支出削減——不同的公司有不同的 COVID 體驗，有些公司的銷量達到頂峰，有些公司的銷量跌至最低點。

So as things have stabilized, I think the lasting thing is that a lot of people made the commitment to go to the cloud, better understood the benefits of that and probably accelerated their internal time lines for that. And we're there to help, and we're working very hard to make that journey a successful one and we have a strong team of sales and marketing professionals to help as well as technical advisers.

因此，隨著事情趨於穩定，我認為持久的事情是很多人做出了使用雲的承諾，更好地理解了雲的好處，並可能加快了他們的內部時間線。我們隨時為您提供幫助，我們正在努力使這一旅程取得成功，我們擁有一支強大的銷售和營銷專業團隊以及技術顧問來提供幫助。

So that is what we're seeing, and we're pleased with the acceleration in the business the last 4 quarters. We will see -- we're also pleased with the efficiency of the infrastructure investment, as I mentioned, the expansion of useful life is not done on an accounting basis unless you have proof that it's actually -- we're seeing it in real life. So very positive indicators in AWS.

這就是我們所看到的，我們對過去四個季度的業務加速感到滿意。我們將看到——我們也對基礎設施投資的效率感到滿意，正如我所提到的，使用壽命的延長不是在會計基礎上完成的，除非你有證據證明它實際上是——我們正在真實地看到它生活。 AWS 的指標非常積極。

Colin, it's Dave here. Just following up on the international point, what we're seeing outside of the U.S. I mean we are -- as part of that overall strong growth, we are continuing to see considerable momentum really around the world. It's customers moving their workloads over to AWS at different phases. And so as you look at the release, some of the other announcements, there's a good diverse list of companies, Adidas in Germany migrated its SAP environments to AWS, in the Netherlands, Stellantis selected AWS as its preferred cloud provider. There's a number of really great companies examples doing different big things at different stages of that migration.

科林，這裡是戴夫。只是跟進國際觀點，我們在美國以外看到的情況。我的意思是，作為整體強勁增長的一部分，我們在世界各地繼續看到相當大的勢頭。客戶在不同階段將他們的工作負載轉移到 AWS。因此，當您查看該版本以及其他一些公告時，有很多不同的公司，德國的阿迪達斯將其 SAP 環境遷移到荷蘭的 AWS，Stellantis 選擇 AWS 作為其首選的雲提供商。有許多真正偉大的公司在遷移的不同階段做了不同的大事。

What's been important to us, amongst many things is continuing to expand our global infrastructure footprint really to support this momentum we're seeing. So just this last quarter in the fourth quarter, we opened the Asia Pacific region over in Jakarta. And we've got announcements for plans to launch in Canada in the Calgary region next year or perhaps I think it's 2023 or 2024. So a lot of work and a lot of momentum. Those are just a few examples. But where we sit now, it's AWS has 84 availability zones in 26 regions around the world right now. And just in terms of the forward-looking road map, we have announced to launch 24 more zones in 8 more regions, and those will be here in the next couple of years.

對我們來說重要的是繼續擴大我們的全球基礎設施足跡，以真正支持我們所看到的這種勢頭。因此，就在第四季度的最後一個季度，我們在雅加達開設了亞太地區。我們已經宣布計劃明年在加拿大卡爾加里地區推出，或者我認為可能是 2023 年或 2024 年。所以很多工作和很多動力。這些只是幾個例子。但我們現在所處的位置是 AWS，目前在全球 26 個地區擁有 84 個可用區。就前瞻性路線圖而言，我們已經宣佈在另外 8 個地區推出 24 個區域，這些區域將在未來幾年內推出。

Our next question is from Jason Helfstein with Oppenheimer.

我們的下一個問題來自 Jason Helfstein 和 Oppenheimer。

So I just want to dig a little bit into third-party seller services. The growth slowed there even on a 2-year stack. So maybe if you could talk about some of the factors that you think could be weighing on that? And then just on AWS, you kind of laid out some color there. Is there any bottlenecks to growth that you're still seeing? I mean you talked about why this was a very good quarter and having to do with some of the comps, but any bottlenecks to grow, either supply chain or employee related?

所以我只想深入挖掘一下第三方賣家服務。即使在 2 年的堆棧中，增長也放緩了。所以，也許你能談談你認為可能會影響到這一點的一些因素？然後就在 AWS 上，你在那里布置了一些顏色。您是否仍然看到任何增長瓶頸？我的意思是你談到了為什麼這是一個非常好的季度並且與一些補償有關，但是任何增長的瓶頸，無論是供應鏈還是員工相關？

Sorry, Jason, is your second question on AWS?

抱歉，Jason，您的第二個問題是關於 AWS 的嗎？

Yes, on AWS...

是的，在 AWS 上...

Yes, sorry, let me start with that. No, we don't see bottlenecks on the capacity side or -- probably the limiter in that business is our ability to work with customers to accelerate their time lines. So we're investing and working hard to do that. So -- but operationally, we continue to add capacity, as I mentioned, on the capital section -- capital discussion, and we expect that to increase year-over-year in 2022.

是的，對不起，讓我開始吧。不，我們沒有看到容量方面的瓶頸，或者 - 可能該業務的限制因素是我們與客戶合作以加快他們的時間線的能力。所以我們正在投資並努力做到這一點。所以——但在運營上，正如我所提到的，我們在資本部分繼續增加產能——資本討論，我們預計到 2022 年將同比增加。

On 3P, the -- I think what you're seeing is a decreasing growth rate, much like the rest of the business, as I mentioned earlier, we're dealing with the very high growth period from Q3 of 2020 through Q1 of 2021. So -- but on a 2-year basis, you're still seeing 31% compounded annual growth in the 3P sellar services revenue. Granted that was in the -- it was 34% last quarter, but it's maintaining. I think the bigger point is that sellers were definitely big winners in Q4. The percentage of units up to 56% was a record for 3P. We continue to invest a lot to make sellers -- help sellers be successful on our site. They're a big consumer of advertising as well because they use it to build their brands and add -- enable customers to see their selection and make purchases. So we're very happy with the third-party seller services businesses and again, looking for ways to help sellers to be successful.

在 3P 上，我認為你看到的是增長率下降，就像我之前提到的其他業務一樣，我們正在處理從 2020 年第三季度到 2021 年第一季度的非常高的增長期. 所以——但在 2 年的基礎上，你仍然看到 3P 銷售服務收入的複合年增長率為 31%。誠然，這是上個季度的 34%，但它仍在維持。我認為更重要的一點是賣家絕對是第四季度的大贏家。高達 56% 的單位百分比是 3P 的記錄。我們繼續投入大量資金來培養賣家——幫助賣家在我們的網站上取得成功。他們也是廣告的大消費者，因為他們用它來建立自己的品牌並添加 - 使客戶能夠看到他們的選擇並進行購買。因此，我們對第三方賣家服務業務感到非常滿意，並再次尋找幫助賣家成功的方法。

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

我們的下一個問題來自美國銀行的 Justin Post。

Great. Maybe I'll talk about advertising services. What -- maybe tell us why you decided to break it out, if you haven't already? And then how much Prime Day might have been a factor in the deceleration. But bigger picture, how much room does that line have to grow bigger than GMV growth? How do we think about where you are on penetration on that?

偉大的。也許我會談談廣告服務。什麼——也許告訴我們你為什麼決定打破它，如果你還沒有？然後有多少黃金日可能是減速的一個因素。但從更大的角度來看，這條線的增長空間要大於 GMV 增長多少？我們如何看待你在這方面的滲透？

Yes. Let me start with why we broke it out. We've looked at the proportion of other revenue that is advertising services. And we got to a point where I had been pretty much mentioning every quarter that for the majority of that line item was advertising revenue. And we feel to a certain size that we should break it out and split the other half of that. So that was really the impetus for the change and we look at those things every year and end of year was a good time to do it as we start 2022.

是的。讓我先談談我們為什麼要分手。我們研究了廣告服務在其他收入中所佔的比例。我們到了一個地步，我幾乎每個季度都提到，該行項目的大部分是廣告收入。我們覺得到了一定的規模，我們應該把它分開並分割另一半。所以這確實是改變的動力，我們每年都會審視這些事情，而年終正是我們開始 2022 年的好時機。

So hopefully, that's helpful for you to understand the growth rate without having to impute it from the other revenue. The growth rate in the quarter is 33%. It was down from 66% in Q4 of last year. Q4 last year obviously had Prime Day in it for first time. And Prime Day carries a lot. I can't scale it for you, but there's a lot of advertising tied to Prime Day, obviously.

因此，希望這有助於您了解增長率，而不必從其他收入中估算。本季度的增長率為 33%。與去年第四季度的 66% 相比有所下降。去年第四季度顯然是第一次參加 Prime Day。黃金日有很多東西。我無法為您擴展它，但顯然有很多與 Prime Day 相關的廣告。

So when that moves quarters, it generally has an impact on the run rates. We saw that a bit in Q2 of this year when we did have Prime Day, it was lapping -- Q2 2021 was lapping, the 2020 period that didn't have a Prime Day in it. So that will move around a bit. But I think the bigger story here is the success we're having with sellers and vendors and making that a useful product for customers.

因此，當它移動季度時，它通常會對運行率產生影響。我們在今年第二季度確實有 Prime Day 時看到了一點，它正在重疊 - 2021 年第二季度正在重疊，即 2020 年沒有 Prime Day 的時期。所以這會移動一點。但我認為這裡更大的故事是我們與賣家和供應商取得的成功，並使其成為對客戶有用的產品。

And Justin, just to add to that, I mean the priorities with advertising are -- at a high level, it's improved the tool usability. We think there's great feedback loops with customers, as Brian mentioned, they keep building and making that better. That results in building more relevancy and better engaging experiences. And again, the more we can interact with the advertisers, the customers and learn and have more opportunities to hear from them and understand that we can build better analytic tools, provide better measurement, give them better insight to performance. So really focused on serving brands.

賈斯汀，補充一點，我的意思是廣告的優先級是——在高水平上，它提高了工具的可用性。正如布賴恩所提到的，我們認為與客戶之間存在很好的反饋循環，他們不斷地構建並使其變得更好。這導致建立更多的相關性和更好的參與體驗。再說一次，我們與廣告商、客戶互動越多，學習並有更多機會聽取他們的意見，並了解我們可以構建更好的分析工具，提供更好的衡量標準，讓他們更好地了解績效。所以真正專注於服務品牌。

And it's in the sponsored ad space, but we've talked about video advertising is certainly a great opportunity. And as we've got properties like Fire TV, IMDB TV, Twitch, live sports, a lot of exciting things that have been going on in the live sports and certainly to come this year as well, both in the NFL here in the U.S., but overseas in a number of properties, really excited to kind of work with folks. And again, this is about delivering good recommendations to customers and helpful when they're making their purchase decisions and giving them information around that.

它在讚助廣告領域，但我們已經談到視頻廣告肯定是一個很好的機會。由於我們擁有 Fire TV、IMDB TV、Twitch、體育直播等資產，許多令人興奮的事情在體育直播中正在發生，而且今年肯定也會出現，無論是在美國的 NFL ，但在海外的一些物業，真的很高興能與鄉親們一起工作。同樣，這是關於向客戶提供好的建議，並在他們做出購買決定並為他們提供相關信息時提供幫助。

And that, in turn, of course, helps the advertisers as well and have a great result. So I think that's one area that we're excited about. Longer term, demand-side platform opportunities with Amazon's DSP is something that we're continuing to work on and refine and again focus on the customer as we always do.

當然，這反過來也對廣告商有幫助並取得了很好的效果。所以我認為這是我們感到興奮的一個領域。亞馬遜 DSP 帶來的長期需求方平台機會是我們繼續努力和完善並再次像往常一樣關注客戶的事情。

Our next question is from John Blackledge with Cowen.

我們的下一個問題來自 John Blackledge 和 Cowen。

Two questions. First, could you discuss how supply -- the supply chain affected the business in 4Q and how we should think about perhaps impacts from supply chain issues in 1Q '22 and for the year? And then the second question would be, do you expect to increase Prime pricing in non-U.S. markets?

兩個問題。首先，您能否討論一下供應——供應鏈如何影響第四季度的業務，以及我們應該如何思考 22 年第一季度和全年供應鏈問題可能帶來的影響？然後第二個問題是，您是否希望提高非美國市場的 Prime 定價？

John, thank you for your question. First on the Prime question. We evaluate each country differently. We look at the relative price to the customer versus our cost to supply of that and the usage and the value that we're creating for customers. We felt, especially after not raising the price in the United States since 2018 that the time was right to raise it. And we think it's a much more valuable program today than it was in 2020, let alone 2018. So other countries, we'll continue to evaluate every year and nothing else to announce right now.

約翰，謝謝你的問題。首先關於 Prime 問題。我們以不同的方式評估每個國家。我們著眼於客戶的相對價格與我們的供應成本以及我們為客戶創造的使用和價值。我們覺得，特別是在美國自 2018 年以來沒有提高價格之後，現在是提高價格的時候了。而且我們認為今天的計劃比 2020 年更有價值，更不用說 2018 年了。所以其他國家，我們將繼續每年評估，目前沒有其他要宣布的內容。

On supply chain, there's specific things that I think we all see in the supply chain where we're waiting for products. But as far as Amazon is concerned, we did a lot to combat the supply chain issues we saw in Q4 or anticipated in Q4. We bottled product ahead. We work with vendors to secure inventory early, some cases paid earlier, which had a working capital impact. We also worked very hard to open up channels of -- existing channels of input into the country, whether it was port capacity or vessel capacity. So we did everything. We knew how to as far as trying to get more capacity in a constrained market. And we think it worked for our customers in Q4 as challenges remain in '20, I wouldn't say we've totally passed that, but we don't expect it to be a big issue in Q1.

在供應鏈方面，我認為我們都在等待產品的供應鏈中看到了一些具體的事情。但就亞馬遜而言，我們為解決我們在第四季度看到或預期在第四季度出現的供應鏈問題做了很多工作。我們提前將產品裝瓶。我們與供應商合作以儘早確保庫存，有些情況下提前付款，這對營運資金產生了影響。我們還非常努力地打通現有輸入國家的渠道，無論是港口運力還是船舶運力。所以我們做了一切。我們知道如何在有限的市場中獲得更多容量。我們認為它在第四季度對我們的客戶有用，因為挑戰在 20 年仍然存在，我不會說我們已經完全通過了這一點，但我們預計這在第一季度不會成為一個大問題。

Our final question is from Dan Salmon with BMO Capital Markets.

我們的最後一個問題來自 BMO 資本市場的 Dan Salmon。

First, I just wanted to follow up a little bit and see on the advertising numbers, if there's any qualitative color that you could add, say, rough balance of performance advertising versus brand advertising, maybe U.S. versus rest of the world. Anything you add could be great. And then just second, Brian, you mentioned the exclusive broadcast of Thursday Night Football and is one of the reasons supporting a higher price increase for Prime.

首先，我只是想跟進一點，看看廣告數字，如果有任何可以添加的定性顏色，比如說，效果廣告與品牌廣告的粗略平衡，也許是美國與世界其他地區。您添加的任何內容都可能很棒。然後第二個，Brian，你提到了周四晚上足球的獨家轉播，這是支持 Prime 價格上漲的原因之一。

Dave, you mentioned it as an element that is a dynamic new one for the advertising business. Maybe could we just return to that point as the sort of importance of live sports in the video space is incredibly important. It is that one that you see kind of taking the business to a new level at this stage?

戴夫，你提到它是廣告業務的一個充滿活力的新元素。也許我們可以回到這一點，因為視頻空間中直播體育的重要性非常重要。您認為在這個階段將業務提升到一個新水平的那個？

Sure. Let me start with that second question. So I didn't want to leave you with the impression that we raised prices because of Thursday Night Football. I just use that as an example of great new content that we've been investing in for Prime members to make the Prime membership more valuable as well as international sports, we had one of the highest rated games in the Q4 with, I believe, is Manchester United and -- I'm going to mix up the team, sorry.

當然。讓我從第二個問題開始。所以我不想給你留下我們因為周四晚上足球賽而提高價格的印象。我只是將其用作我們一直在為 Prime 會員投資以使 Prime 會員資格以及國際體育運動更有價值的新內容的示例，我相信，我們在第四季度擁有評分最高的遊戲之一，是曼聯而且——我要搞混球隊，對不起。

Arsenal, I don't know.

阿森納，我不知道。

Yes, I won't embarrass myself. But the -- so again, we've been working on getting sports properties that will be beneficial and valuable to Prime offering. We're still probably early on in that. We've had obviously success with Premier League Soccer, other soccer leagues around the world, Tennis properties and also probably the marquee is the work with the NFL on Thursday Night football.

是的，我不會讓自己難堪。但是——同樣，我們一直在努力獲得對 Prime 產品有益和有價值的體育資產。我們可能還處於早期階段。我們在英超足球聯賽、世界各地的其他足球聯賽、網球產業方面取得了明顯的成功，而且可能還有與 NFL 在星期四晚上足球比賽中的合作。

And in terms of just break out, I think as we've said before, on the advertising side, the sponsored products and brands, they make up the majority of ad the revenue today. We haven't given a split on a geographic basis. But suffice to say, a lot of these efforts, Brian talked about, whether it's on the video, advertising opportunities for -- in those sponsored products and sponsored brand efforts, we've replicated a lot of the tools and features and services around the world and are kind of constantly learning and building out the brand and the presence with that so we can make better inroads with customers over the long term.

就剛剛爆發而言，我認為正如我們之前所說，在廣告方面，贊助產品和品牌構成了當今廣告收入的大部分。我們沒有在地理基礎上進行拆分。但我只想說，很多這些努力，Brian 談到，無論是在視頻上，廣告機會 - 在那些贊助產品和讚助品牌的努力中，我們已經復制了很多工具、功能和服務世界，並且是一種不斷學習和建立品牌和存在的方式，因此我們可以在長期內更好地與客戶打交道。

And because I don't want to leave you hanging, Dan, the Manchester United Arsenal soccer game in December was the most watched Premier League match ever on our service with an estimated viewership of 4 million. So I think that is actually pretty interesting because we've had a lot of increasingly good relationship with the Premier League. We've had Boxing Day games, and we continue to be a valuable partner for each other.

而且因為我不想讓你懸而未決，丹，12 月的曼聯阿森納足球賽是我們服務有史以來觀看人數最多的英超聯賽，估計有 400 萬觀眾。所以我認為這實際上很有趣，因為我們與英超聯賽的關係越來越好。我們有過節禮日比賽，我們繼續成為彼此有價值的合作夥伴。

With that, thanks for joining us on the call today and for your questions. A replay will be available on our IR website for at least 3 months. We appreciate your interest in Amazon and look forward to speaking with you again next quarter.

有了這個，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 IR 網站上提供至少 3 個月。我們感謝您對亞馬遜的興趣，並期待在下個季度再次與您交談。