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.

感謝您的支持。大家好，歡迎參加亞馬遜 2021 年第四季財務業績電話會議。 （操作員指示）今天的通話正在錄音。在開幕致詞時，我將把電話轉給投資者關係總監戴夫·菲爾德斯 (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 2021 年第四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 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，本次電話會議中的所有比較都將針對我們 2020 年同期的業績。我們對您的問題的評論和回應僅反映截至今天（2022 年 2 月 3 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. 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。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. And now I'll turn the call over to Brian.

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。現在我將把電話轉給布萊恩。

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，我要再次感謝我們遍佈全球的員工所做的努力。這是這次疫情期間的第二個假期，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。這個假期，團隊為顧客提供了優質的服務。

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第四季的財務表現。第四季淨銷售額為 1,374 億美元，不包括外匯影響，較去年同期成長 10%。我們將繼續致力於為所有業務領域的客戶提供最佳體驗。在消費者方面，本季我們在美國和國際上迎來了數百萬新的 Prime 會員，同時繼續看到各個地區的會員續訂率保持穩定高位。我們的第三方賣家尤其受惠於這個假期季節強勁的客戶需求。第三方賣家佔本季所有單位銷售額的 56%，這是有史以​​來第四季度最高的銷售組合。 AWS 延續了我們在 2021 年全年看到的強勁使用量和營收成長動能。 AWS 的年成長收入超過了其歷史上任何一個季度，目前其年化運行率業務的規模為 710 億美元，高於一年前的 510 億美元。

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.

即使基數較大，營收也較去年同期成長了 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疫情爆發以來的多年複合年收入增長率，以便更好地理解這一收入增長。儘管 2020 年的銷售實現了非凡的成長，但即使經濟重新開放，我們在 2021 年剩餘時間內仍會看到客戶需求和銷售額的成長。第四季度，亞馬遜兩年年複合成長率為 25%，不包括外匯影響，與第三季的成長率一致。為了滿足這一需求，我們投入了大量資金，包括在過去兩年中將我們的營運能力幾乎翻了一番，擴大了我們的配送中心規模，同時增加了大量運輸資產，以確保快速準時交貨。目前，亞馬遜全球員工總數已達 160 萬，兩年內也翻了一番。我們第四季的營業收入為 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上提到的那樣，通膨壓力、生產力損失和營運中斷確實給我們造成了超過 40 億美元的成本。通貨膨脹主要與我們營運中的工資成長和激勵措施以及支持我們履行網路的第三方承運商的更高定價有關。生產力損失和網路中斷主要是由於勞動力能力限製造成的，因為在高峰期為我們的設施配備人員存在困難。這是由於 2021 年下半年勞動力市場非常緊張以及最近 Omicron 變體的出現。我們確實預計這些成本挑戰將持續到第一季度，儘管相對於第四季而言季節性銷售量有所下降。

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.

我們的結果還包括由於我們的履行網絡中較低的固定成本槓桿而產生的約 10 億美元的同比負面影響。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路的運作容量接近 100%。現在，隨著履行能力更加正常，我們的經營槓桿與去年同期相比有所下降。我們預計，2022 年第一季這一情況將繼續帶來一些同比負面影響。雖然我們正在應對這些短期不利因素，但我們零售業務的基本面依然強勁，我們對許多成長型業務和強大的創新管道持樂觀態度。隨著企業和開發人員繼續向 AWS 尋求關鍵的創新雲端解決方案，AWS 又實現了強勁成長。

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 的年化營收運作率為 710 億美元，第四季營收年增 40%，這是我們連續第四個季度實現營收成長率加速。我們在本季舉辦了第十屆 re:Invent 大會，迎來了 26,000 名現場與會者和數十萬名虛擬與會者。 Re:Invent 仍然是我們今年的一大亮點，因為它是一個推出新服務的絕佳機會，同時與客戶和合作夥伴互動，以便更好地了解我們下一步應該關注的地方。隨著各大產業的企業繼續選擇 AWS 作為其技術供應商以加快其組織的創新，我們在活動期間宣布了 115 多項新服務和功能。

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.

僅在上個季度，納斯達克就宣布了一項多年合作夥伴關係，將北美市場（包括其匹配引擎）遷移到 AWS。百思買選擇 AWS 作為其雲端基礎設施服務的首選雲端供應商。 Facebook、Instagram 和 WhatsApp 的母公司 Meta 選擇 AWS 作為其長期策略雲端供應商，以加速人工智慧研發。克萊斯勒道奇、菲亞特、吉普和 Ram 的母公司 Stellantis 選擇 AWS 作為其首選的全球車輛平台雲端供應商，以加速新數位產品的推出並提升全球勞動力的技能。您可以在我們的收益報告中找到更多範例，了解阿迪達斯、高盛、輝瑞、Rivian 等全球最大的公司如何使用 AWS 來轉變其業務。

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.

第四季整體淨收入為144億美元。雖然我們通常將評論重點放在營業收入上，但我要指出的是，這筆淨收入包括與我們對 Rivian Automotive 的普通股投資相關的 118 億美元稅前估值收益，Rivian Automotive 於 11 月完成首次公開發行。

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，我還要提及與我們的揭露相關的另外 3 件事。首先，我們現在將廣告服務收入與其他收入分開，作為類似產品和服務組進行收入揭露的一部分。此更新的簡報在我們的收益報告的補充財務資訊中提供。我們很高興能夠在贊助廣告、串流影片和測量等領域繼續創新。當然，廣告的作用只是讓亞馬遜客戶感到有用。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，我們將從一月開始更新我們的伺服器和網路設備的使用壽命。作為一種慣例，我們定期監控和審查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在營運中使用時間的最佳估計。

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.

我們正在將伺服器的使用壽命從 4 年延長至 5 年，將網路設備的使用壽命從 5 年延長至 6 年。因此，我們的第一季指引包括約 10 億美元的較低折舊費用。我們預計這項變更的季度影響將在全年內減少。雖然我們在這裡呼籲進行會計變革，但這確實反映了 AWS 團隊為延長我們的伺服器和網路設備的使用壽命所做的巨大努力。我們已經大規模運作了 15 年多，我們不斷改進我們的軟體以便在硬體上更有效率地運作。這樣就降低了硬體的壓力並延長了使用壽命，無論是用於支援 AWS 外部客戶的資產還是用於支援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，我們將在第一季提高美國 Prime 會員的價格。我們將繼續改進 Prime。近年來，我們增加了更多產品選擇，提供快速免費無限送貨、更多獨家優惠和折扣以及更多高品質娛樂，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 還將推出備受期待的《指環王》、《權力之戒》，並成為週四橄欖球之夜的獨家舉辦地，這是與美國國家橄欖球聯盟達成的歷史性 11 年協議的一部分。自 2018 年以來，美國當日送達服務範圍已從 48 個大都會區擴大到 90 多個。可享有 Prime 免運費的商品數量增加了 50% 以上。會員在 Prime 會員日購物時節省了數十億美元。

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.

除此之外，還有多項新計劃福利，例如亞馬遜藥房的處方藥節省和快速免費送貨，以及為 Prime 會員不斷擴展的亞馬遜音樂目錄以及 Prime Reading 和 Prime Gaming。隨著Prime會員權益的不斷擴大，以及會員使用量的不斷提升，以及工資和交通成本的上漲，亞馬遜將上調美國地區Prime會員價格，月費將從12.99美元漲至14.99美元，年費將從119美元漲至139美元。這是我們自 2018 年以來首次提價。

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，價格調整將於 2 月 18 日生效。對於現有 Prime 會員，新價格將於 3 月 25 日之後的下次續約日期生效。接下來，讓我們進入問答環節。

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

（操作員指示）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關於當日送達的評論。您能否談談，在當日送達方面，有多少投資可能已經落後於您，有多少投資可能處於領先地位，以及這如何使公司在消費者消費行為方面處於有利地位，以及您所看到的與全渠道和最後一英里送達競爭對手的競爭態勢如何。

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.

艾瑞克，當然可以。因此，對於當日送達服務，我們再次強調，這裡有多個級別的快速送達服務，從超快送達（這基本上是我們的雜貨業務在 1 到 2 小時內送達）到當日或更短時間送達，再到 1 天和 2 天的 Prime 送達服務。我們對目前的狀況感到滿意。我們正在繼續建立使我們能夠達到這些目標的能力。我認為他的評論更多的是關於讓我們恢復到疫情前的一日送達水平，並在此基礎上進行改進，然後將當日送達服務推廣到越來越多的大都市地區。我們也在全球範圍內這樣做，但我們確實認為，不同產品等級或產品線的速度組合確實引起了客戶的共鳴。

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.

而且還有很多新的免費優惠——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，而我們的成本結構與之相稱。這就是困難的工作所在，但我們對過去幾年在發展亞馬遜物流能力方面取得的進展感到滿意。正如我們所提到的，我們在過去兩年中將網路容量增加了一倍。這不僅僅是為了處理今天的數量。這也是為了更貼近客戶並且能夠更快地發貨。所以我們喜歡我們的現狀。我們知道還有很多工作要做，以改善我們的客戶服務。我們喜歡我們最近的進展，但我們認為在這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。布萊恩，第一個，零售業發生了很多變化，例如疫情前和疫情後，當日送達增多，雜貨增多，廣告業務的最後一英里投資增多。我很好奇，當您考慮零售業的長期盈利能力時，您對零售業長期盈利能力或現金流的看法是否因為疫情後所需的投資增加而有所下降？

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.

然後第二個問題，就像新的披露一樣，我很好奇是否有任何其他關於工程師數量或團隊規模的披露，您所談到的許多創新都更多地圍繞早期非創收項目，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。關於第二點，我們一直致力於為客戶做出長期投資，其中一些屬於規模很小的短期收入業務。它們通常會被計入其他收入，當我們將廣告收入分開後，你會發現這些收入非常小。所以我認為您確實在我們的收入揭露中看到了這一點。但我們的大部分獲利能力都是在分部層級體現的，我們將繼續在收入揭露中這樣做。

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.

您詢問的是商業模式。我認為這是個好問題。回顧過去兩年，我們受到許多事情的鼓舞。您已經把它們列舉出來了，數位化福利的採用、雜貨的使用以及它對客戶的價值，更不用說公司加速向雲端遷移了。在這段時間內，我們的履行能力將翻一番，包括在亞馬遜物流方面取得重大進展，這為我們的未來奠定了良好的基礎。而且——但我們在這段時間也處理了很多混亂的情況。

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，早期的波浪擾動處理量很大，但沒有能力處理。然後迅速追趕。隨著這種情況開始改善，美國的勞動力狀況發生了變化，尤其是勞動力供應，我們不得不努力增加工人。 我們在這方面取得了成功。去年下半年我們新增了超過 273,000 名員工。但我認為，如果你看看前一年，這個數字超過了40萬。因此，網路正在發生大量擴展。我們對獲利能力的基本貢獻者感到滿意。

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.

如果你退一步來看，你會發現還有採購利潤以及與供應商和賣家的合作。在某些情況下，第三方服務和 Prime 服務需要收取費用，正如我們剛才提到的，費用正在上漲。過去幾年裡，廣告確實做出了一定貢獻。但同樣，只有當我們提供良好的客戶體驗時，這種方法才有效且成功。所以我們確實在努力做到這一點。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，如果你接受這些，那麼這些都是穩定和加強的領域。我們的責任實際上是在所有成本領域恢復營運效率。我們再次建立了大量的產能。我們僱用了很多人。其中一些仍然——我們的團隊現在都在與 Omicron 作戰。但我們確實看到未來幾季裡這裡的陽光會出來並且會越來越好，這也是我們將要付出大量努力的地方。

Our next question is from Doug Anmuth with JPMorgan.

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?

布萊恩，在過去的兩年裡，你的履行網絡和員工人數都增加了一倍。我相信您已經進入這個投資週期大約 2.5 年了。亞馬遜在這項投資週期中表現如何？您是否認為今年其大規模投資支出會放緩？

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。讓我們來談談資本支出。我將透過納入設備融資租賃來實現這一點，這是我們有時租賃的基礎設施資產的剩餘部分。我們現在做的少了，但我們仍然會做一些，而且歷史上也一直這樣做。

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，我不確定我們之前是否最初顯示過大約 40% - 其中不到 40% 的資本支出用於基礎設施，其中大部分用於支持 AWS，但當然，亞馬遜是我們的大型客戶，我們也直接或透過 AWS 為自己建立基礎設施。大約 30% 以下為履行能力建設倉庫——僅倉庫，不包括運輸。然後，略低於 25% 的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、商店和其他首都區域等小地方。但這些是三個主要領域。

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.

展望未來，我們仍在製定 2022 年的一些計劃，但已經逐漸清晰起來。我們看到基礎設施的資本支出正在上升。我們的業務在全球範圍內仍然增長非常迅速，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很滿意。

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，這約佔過去兩年支出的 30%。我們看到這種趨勢正在減緩，並且可能與我們的基礎業務的成長相符。我認為總有一些事情可以提高成長率，例如擴大我們的 FBA 業務，擴大可能與平方英尺數相同的立方體。所以，我們希望有能力發展健康的零售和 FBA 業務，因為這可以推動 1 天送達、2 天送達和當日送達的發展。所以這非常重要。但我們認為今年 FC 的表現可能會有所緩和。

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.

第三部分是交通。我們仍認為 2022 年這方面的投資還會有增加。所以，如果把這些都考慮進去，我們預計包括設備融資租賃在內的資本支出將比去年同期成長。我無法給你確切的百分比，但希望它能讓你更清楚地了解我們如何處理這個問題。

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?

您已經列出了預計在 12 月季度會出現的所有成本。只談是否真的帶給你驚喜。因此看起來你的影響力比你想像的還要大。然後用它來幫助我們思考——我想你說過太陽出來了。從財務角度來看，這是否意味著，隨著一些臨時成本暫時化，而我們能夠吸收一些固定成本，我們的營業利潤率將會在全年中得到很好的提高？那麼，您能否談談，就您列出的 12 月季度成本（60 億美元）而言，有哪些意外之處？那麼，在前進的過程中，我們該如何思考這些問題呢？

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。請記住我正坐在西雅圖。因此，我對太陽升起的看法可能與你所在的地方略有不同。但我們確實看到情況正在改善。我們確實——讓我們回到第四季。我們曾說過，由於勞動力短缺和由此造成的效率低下，以及勞動力價格上漲、保費輪班差異和外部運輸成本增加，我們將產生約 40 億美元的額外成本。我們的收入略高於 40 億美元。我認為事情正如預期的那樣。我想說的是，招募工作做得很好，但我們本來可以做得更好。我們本來可以僱用更多的人，所以我們必須承擔很多工作——還需要加班。第三方運輸的費用較高。

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，第四季度的挑戰是增加員工，或者對不起，增加員工，我們說我們想增加 15 萬名或更多員工。我們在本季淨增加了約 14 萬名員工，下半年淨增加了 273,000 名員工。

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，當你翻開 2022 年的新篇章時，我們感覺很好——除了 Omicron 的罷工之外，勞動力情況有所好轉，現在你面臨著另一種類型的勞動力問題，許多人正在休假和短期休假，因為他們在工作中對 COVID 檢測呈陽性，可以重返工作崗位並保護他們的同事。因此，在某些情況下，如果有人休假，您需要為同一工時支付兩倍或三倍的工資，並且您可能還需要為加班的人員支付工資。

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.

因此第一季存在成本壓力。我認為好消息是，第一季的勞動力挑戰不像第四季、第三季和第四季那麼大。所以我們對此充滿希望。隨著人員配備水準的提高，我們必須努力提高營運效率。我們將付出巨大努力來提高運輸速度，使其超過疫情前的水平。所以現在面臨很多不同的挑戰。團隊已埋頭工作兩年多了。所以他們需要——我們擁有一支優秀的團隊，我們有信心——隨著時間的推移，情況會有所改善。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貝爾德的科林·塞巴斯蒂安。

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.

我想詢問有關 AWS 以及那裡的收入成長。想知道您是否可以更具體地談談驅動因素和加速度。應用層現在是否足夠大，您是否看到它對成長做出逐步貢獻。我認為在新聞稿中您還強調了全球基礎設施擴張。我認為，如果您能提供一些背景信息，那麼添加一些有關北美以外國際 AWS 業務的規模或分佈情況可能會很有趣。

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。就成長率而言，我認為這是多種因素綜合作用的結果。過去幾年來，我們一直在增加銷售和行銷資源，並且開始獲得回報。 2020 年初，我們正經歷一些支出削減——不同的公司對 COVID 的體驗不同，有些公司的支出激增，有些公司的支出則跌至谷底。

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，隨著情況穩定下來，我認為持久的事情是，許多人承諾採用雲端運算，更好地理解這樣做的好處，並可能加快他們的內部時間表。我們隨時準備好提供協助，並努力確保這趟旅程成功，我們擁有一支強大的銷售和行銷專業人員團隊以及技術顧問來提供協助。

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業務的加速感到滿意。 我們將看到——我們對基礎設施投資的效率也感到滿意，正如我所提到的，使用壽命的延長不是在會計基礎上進行的，除非你有證據證明它確實存在——我們在現實生活中看到了它。因此，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，我是戴夫。繼續談國際方面，我們在美國以外看到的情況是——作為整體強勁增長的一部分，我們繼續看到全球範圍內強勁的成長勢頭。客戶在不同階段將其工作負載轉移到 AWS。因此，當您查看發布和其他一些公告時，您會發現許多公司都參與其中，德國的阿迪達斯將其 SAP 環境遷移到了 AWS，而荷蘭的 Stellantis 選擇 AWS 作為其首選雲端供應商。有許多非常優秀的公司在遷移的不同階段做出了不同的大事。

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，最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。就在去年第四季度，我們在雅加達開設了亞太區。我們已經宣布計劃明年在加拿大卡加利地區推出這項服務，或者可能是 2023 年或 2024 年。因此，還有很多工作要做，而且勢頭強勁。這些只是幾個例子。但就我們目前的情況來看，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，我們宣布將在另外 8 個地區建立 24 個區域，這些區域將在未來幾年內建成。

Our next question is from Jason Helfstein with Oppenheimer.

我們的下一個問題來自奧本海默公司的 Jason Helfstein。

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?

所以我只想深入了解第三方賣家服務。即使是兩年的疊加，那裡的成長速度也放緩了。那麼，您能否談談您認為可能對此產生影響的一些因素？然後就在 AWS 上，你在那裡佈置了一些顏色。您是否仍然看到任何增長瓶頸？我的意思是，您談到了為什麼這是一個非常好的季度，並且與一些公司有關，但是是否存在任何成長瓶頸，無論是供應鏈還是員工相關的？

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，抱歉，讓我從那裡開始。不，我們沒有看到產能方面的瓶頸，或者—該業務的限制因素可能是我們與客戶合作以加快其時間表的能力。因此，我們正在投資並努力實現這一目標。所以 — — 但從營運角度來看，正如我在資本部分提到的那樣，我們將繼續增加產能 — — 資本討論，我們預計 2022 年的產能將同比增長。

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.

關於第三方服務，我認為你看到的是成長率正在下降，就像其他業務一樣，正如我之前提到的，我們正處於從 2020 年第三季到 2021 年第一季的非常高的成長期。所以，但從兩年來看，你還是會看到第三方銷售服務收入的年複合成長率達到 31%。當然，上個季度這一比例為 34%，但仍在維持。我認為更重要的是賣家絕對是第四季的大贏家。單位比例高達56%，創下3P的最高紀錄。我們將繼續投入大量資金來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，因為他們利用它來建立自己的品牌並讓顧客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.

下一個問題來自美國銀行的賈斯汀·波斯特 (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。也許我會談論廣告服務。什麼—如果您還沒有告訴我們，為什麼您決定打破這種局面？那麼 Prime Day 可能在多大程度上成為導致銷售放緩的因素呢？但從更大角度來看，這條線的成長空間比 GMV 的成長空間還大多少？我們如何看待您在這方面的滲透程度？

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。讓我先來談談我們為什麼要打破這個僵局。我們研究了廣告服務在其他收入中所佔的比例。我們已經到了這樣一個地步，我幾乎每季都提到，該專案的大部分收入是廣告收入。我們覺得，到了某個規模時，我們應該要把它拆分出來，分割另一半。所以這確實是改變的動力，我們每年都會關注這些事情，而年底是實施變革的好時機，因為我們即將迎來 2022 年。

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.

所以希望這有助於您了解成長率，而不必將其從其他收入中推斷出來。本季成長率為33%。與去年第四季的 66% 相比有所下降。去年第四季顯然首次舉辦了 Prime Day。 Prime Day 包含的內容非常豐富。我無法為您衡量，但顯然有很多廣告與 Prime Day 相關。

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，當季度發生變化時，它通常會對運行率產生影響。我們發現，今年第二季當我們舉辦 Prime Day 時，它與 2021 年第二季的 Prime Day 有所重疊，而 2020 年同期沒有 Prime Day。所以這會稍微移動一下。但我認為更大的故事是我們與賣家和供應商的成功，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，我的意思是廣告的重點是——從高層次來看，它提高了工具的可用性。我們認為與客戶之間存在著很好的反饋循環，正如 Brian 提到的那樣，他們會不斷建立並使其變得更好。這會建立更多的相關性和更好的參與體驗。 而且，我們與廣告商、客戶互動越多，學習的機會就越多，有更多機會聽取他們的意見和了解，我們就可以建立更好的分析工具，提供更好的衡量標準，讓他們更了解績效。因此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.

它位於贊助廣告領域，但我們已經討論過影片廣告無疑是一個很好的機會。 我們擁有 Fire TV、IMDB TV、Twitch、體育直播等資產，體育直播領域已經發生了很多令人興奮的事情，今年肯定也會發生，不僅在美國的 NFL，而且在海外的許多資產中，我真的很高興能與大家合作。 再次強調，這是為了向客戶提供好的建議，並在他們做出購買決定時提供幫助，並向他們提供相關資訊。

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，這反過來也會幫助廣告商，並帶來很好的效果。所以我認為這是我們感到興奮的一個領域。從長遠來看，我們將繼續致力於利用亞馬遜 DSP 來創造需求方平台機會，並一如既往地再次關注客戶。

Our next question is from John Blackledge with Cowen.

我們的下一個問題來自 Cowen 的 John Blackledge。

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，您能否討論供應鏈如何影響第四季度的業務，以及我們應該如何看待供應鏈問題對 2022 年第一季以及全年的影響？那麼第二個問題是，您是否預計會提高美國以外市場的 Prime 價格？

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，謝謝你的提問。首先討論總理問題。我們對每個國家的評價都不同。我們會考慮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價值。我們覺得，尤其是在 2018 年以來美國一直沒有提高價格之後，現在是提高價格的正確時機。我們認為，與 2020 年相比，這個計畫現在更有價值，更不用說 2018 年了。因此，對於其他國家，我們每年都會繼續評估，目前沒有其他消息可以宣布。

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.

在供應鏈中，我認為我們都會在等待產品的供應鏈中看到一些具體的東西。但就亞馬遜而言，我們做了很多工作來應對我們在第四季度看到或預計在第四季度出現的供應鏈問題。我們提前將產品裝瓶。我們與供應商合作，儘早確保庫存，有些情況會提前付款，這對營運資金產生了影響。我們也非常努力地開拓現有的輸入管道，無論是港口容量還是船舶容量。所以我們做了一切。我們知道如何在受限的市場中爭取更多的產能。我們認為它在第四季度對我們的客戶起了作用，因為2020年仍然存在挑戰，我不會說我們已經完全度過了這個難關，但我們預計它不會成為第一季的一個大問題。

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，我只是想稍微跟進一下，看看廣告數據，看看是否可以添加任何定性色彩，例如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的平衡。您添加的任何內容都可能很棒。其次，布萊恩，您提到了周四晚間足球賽的獨家轉播，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，您提到它是廣告業的一個充滿活力的新元素。也許我們可以回到這一點，因為體育直播在視訊領域的重要性極為重要。您認為這是否能將現階段的業務提升到一個新的水平？

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。所以我不想讓你們覺得我們因為週四晚上的足球比賽而提高了價格。我只是用這個作為一個例子，說明我們一直在為 Prime 會員投資的精彩新內容，以使 Prime 會員資格更有價值，以及國際體育賽事，我們在第四季度擁有收視率最高的比賽之一，我相信，是曼聯的比賽——我要把球隊弄混了，抱歉。

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，我不會讓自己丟臉。但是 — — 所以，我們一直在努力獲取對 Prime 服務有益且有價值的體育資產。我們可能還處於早期階段。我們顯然在英超足球聯賽、世界其他足球聯賽、網球賽事方面都取得了成功，最引人注目的可能是與 NFL 合作的周四晚間足球比賽。

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.

就突破而言，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。我們沒有按照地理區域進行劃分。但可以說，布萊恩談到的許多努力，無論是在影片上，還是在廣告機會上——在那些贊助產品和贊助品牌活動中，我們都在世界各地複製了很多工具、功能和服務，並且不斷地學習和打造品牌和影響力，以便我們能夠長期更好地與客戶建立聯繫。

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.

丹，因為我不想讓你失望，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比賽，估計觀眾人數為 400 萬。所以我認為這實際上非常有趣，因為我們與英超聯賽的關係越來越好。我們已經進行了節禮日比賽，我們將繼續成為彼此寶貴的合作夥伴。

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.

最後，感謝您今天參加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關注，並期待下個季度再次與您交談。