亞馬遜 (AMZN) 2021 Q2 法說會逐字稿

Good day, everyone, and welcome to the Amazon.com Q2 2021 Financial Results Teleconference. (Operator Instructions) Today's call is being recorded. For opening remarks, I will be turning the call over to Director of Investor Relations, Mr. Dave Fildes. Please go ahead.

大家好，歡迎參加亞馬遜 2021 年第二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·菲爾德斯先生。請繼續。

Hello, and welcome to our Q2 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. Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2020.

您好，歡迎參加我們 2021 年第二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。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 年同期的結果。

Our comments and responses to your questions reflect management's views as of today, July 29, 2021, 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.

我們對您的問題的評論和回應僅反映管理層截至 2021 年 7 月 29 日的觀點，並將包含前瞻性陳述。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 fluctuations in foreign exchange rates, changes in global economic conditions and customer spending, 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，包括外匯匯率波動、全球經濟狀況和客戶支出的變化、世界事件、互聯網、線上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 impact of the COVID-19 pandemic on our operations, including those discussed in our filings with the SEC, and is highly dependent on numerous factors that we may not be able to predict or control, including the duration and scope of the pandemic, including any recurrence; actions taken by governments, businesses and individuals in response to the pandemic; the impact of the pandemic on global and regional economies and economic activity, workforce staffing and productivity and our significant and continuing spending on employee safety measures; our ability to continue operations in affected areas; and consumer demand and spending patterns as well as the effects on suppliers, creditors and third-party sellers, all of which are uncertain.

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估計，並且高度依賴於我們可能無法預測或控制的眾多因素，包括疫情的持續時間和範圍，包括任何復發；政府、企業和個人為應對疫情所採取的行動；疫情對全球和區域經濟及經濟活動、勞動力配備和生產力的影響，以及我們在員工安全措施方面的大量持續支出；我們在受災地區繼續開展業務的能力；以及消費者需求和支出模式以及對供應商、債權人和第三方賣家的影響，所有這些都是不確定的。

Our guidance also assumes, among other things, that we don't conclude any additional business acquisitions, investments, 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.

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、投資、重組或法律和解。我們無法準確預測對我們的商品和服務的需求，因此，我們的實際結果可能與我們的指導有重大差異。

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

現在我將把電話轉給布萊恩。

Thank you for joining us today. Before we get to Q&A, I'd like to first thank all of our Prime members, our vendors, our 3P sellers and my Amazon colleagues, especially the worldwide ops team for a record-breaking Prime Day in June. Third-party sellers who are mostly comprised of small and medium-sized businesses were a big contributor to Prime Day's success. The Prime Day event was the biggest 2-day period ever for these SMBs in our stores, and our 3P revenue continues to grow significantly faster than our online store's revenue. Third-party units represented 56% of our total paid units in Q2, up from a 53% mix 1 year ago.

感謝您今天加入我們。在進入問答環節之前，我想先感謝我們所有的 Prime 會員、供應商、第三方賣家以及我的亞馬遜同事，特別是感謝全球營運團隊，感謝他們在 6 月創造了破紀錄的 Prime Day。主要由中小型企業組成的第三方賣家是 Prime Day 成功的重要貢獻者。Prime Day 活動是我們商店中這些中小企業有史以來規模最大的兩天活動，我們的第三方收入繼續以遠快於我們在線商店收入的速度增長。第三方單位占我們第二季總付費單位的 56%，高於一年前的 53%。

Our second quarter net sales were $113 billion or at about the midpoint of our guidance range. That's a year-over-year increase of 27%, or 24% excluding the impact of foreign exchange, and included the shift of Prime Day into Q2 this year, which added about 400 basis points to the year-over-year growth rate. Q2 of this year was a transition period for many of our customers. As the quarter progressed, people were at home less as restrictions and lockdowns eased in some of our largest geographies, including the U.S. and much of Europe. As a result, while Prime members continue to spend more with us, growth in Prime member spend moderated compared to spending seen during the peak of the pandemic.

我們第二季的淨銷售額為 1,130 億美元，約為我們預期範圍的中間值。這比去年同期增長了 27%，如果排除外匯影響則增長了 24%，並將 Prime Day 轉移到今年第二季度計算在內，這使得同比增長率增加了約 400 個基點。今年第二季對我們的許多客戶來說是一個過渡期。隨著本季的進展，包括美國和歐洲大部分地區在內的一些最大地區的限制和封鎖有所放鬆，人們待在家裡的時間也減少了。因此，儘管 Prime 會員繼續在我們這裡消費更多，但與疫情高峰期相比，Prime 會員的支出成長有所放緩。

As you look at our recent revenue growth rates, I want to give you some insight into what we are seeing as there have been some noticeable intra-quarter changes in our revenue run rate. Prime Day has also been in 3 different quarters the past 3 years so I will normalize for this impact on my growth rate comments. Also since FX rates have bounced around, all of my comments exclude foreign exchange.

當您查看我們最近的收入成長率時，我想讓您了解我們所看到的情況，因為我們的收入運行率在季度內發生了一些明顯的變化。在過去 3 年中，Prime Day 也經歷了 3 個不同的季度，因此我將根據其對我的成長率評論的影響進行標準化。此外，由於外匯匯率一直在波動，我的所有評論都不涉及外匯。

Here's a quick recap of our growth rates in 2020 and 2021. First, before COVID-19, we've been growing at a revenue growth rate close to 20%. 2019 full year growth was 22%, and revenue growth for the first 2 months of 2020 was 21%. Once the pandemic hit and lockdowns began in March 2020, the initial growth rate jumped into the mid-30% range. Q1 of last year ended with a revenue growth rate of 27%. However, our operations network took time to step up to serve this growth in demand due to space constraints and our need to ramp up hiring quickly while prioritizing employee health and safety.

以下是我們 2020 年和 2021 年成長率的簡要回顧。首先，在新冠疫情爆發之前，我們的收入成長率接近 20%。2019年全年成長22%，2020年前2個月營收成長21%。2020 年 3 月疫情爆發並開始封鎖後，初始成長率躍升至 30% 左右。去年第一季結束時營收成長率為27%。然而，由於空間限制以及我們需要在優先考慮員工健康和安全的同時迅速增加招聘，我們的營運網路需要時間來滿足這種需求的成長。

By mid-May of last year, we have made good progress to open up more capacity by adding hundreds of thousands of employees. This allowed our revenue growth rate to jump to the 35% to 45% range and remained at that level through Q1 of this year when we had 41% growth. In Q2 of this year, we began to comp this high sales period from last year, and the year-over-year revenue growth rate has narrowed. It has also narrowed as vaccines become more readily available in many countries and people are getting out of their homes.

截至去年五月中旬，我們在釋放更多產能方面取得了良好進展，新增了數十萬名員工。這使得我們的營收成長率躍升至 35% 至 45% 之間，並在今年第一季保持這一水平，成長率達到 41%。今年第二季度，我們開始與去年同期的銷售高點進行比較，年比收入成長率有所收窄。隨著疫苗在許多國家變得更容易取得，人們也開始走出家門，這一差距也縮小了。

Since May 15, again, excluding Prime Day, our year-over-year growth rate has dropped into the mid-teens. Our Q3 revenue guidance range of 10% to 16% growth reflects an expected continuation of this trend. Given all this volatility, it's useful to consider the 2-year compounded annual growth rate, which remains strong in the 25% to 30% range. Recall this compares to our pre-pandemic growth rate of 21%. This reflects the acceleration of Prime membership and Prime member purchase levels over the past 18 months.

自 5 月 15 日以來，除 Prime Day 之外，我們的同比增長率已降至十五六成。我們對第三季營收成長的預期範圍為 10% 至 16%，這反映了這一趨勢的預期延續。考慮到所有這些波動性，考慮兩年的複合年增長率是有用的，該增長率仍然保持在 25% 至 30% 的強勁範圍內。回想一下，這與疫情前的 21% 的成長率相比。這反映了過去 18 個月 Prime 會員資格和 Prime 會員購買水準的加速成長。

While I'm not giving forward guidance beyond Q3 of this year, we do expect this pattern of difficult year-on-year revenue comps to continue for the next few quarters. As we move forward and start to comp COVID's impact on our revenue growth, we encourage you to also look at the multiyear compounded annual growth rate since the onset of the pandemic to better put this growth in perspective.

雖然我不會對今年第三季之後的情況給出前瞻性指引，但我們預計這種同比收入成長困難的模式將在未來幾季持續下去。隨著我們繼續前進並開始比較 COVID 對我們收入成長的影響，我們鼓勵您也查看自疫情爆發以來的多年複合年增長率，以便更好地理解這種增長。

Now back to the Q2 highlights. We continue to be very pleased with the Prime member growth and engagement we're seeing. We've been fortunate to welcome more than 50 million new members in the past 18 months, and Prime member benefits usage remains high. That includes continued strong engagement in Prime's family of digital offerings, like Prime Video's original movies. For example, Prime members helped make The Tomorrow War and Tom Clancy's Without Remorse the #1 streaming movies on their respective opening weekends.

現在回到第二季的亮點。我們對 Prime 會員的成長和參與感到非常高興。在過去的 18 個月中，我們很榮幸地迎來了超過 5,000 萬名新會員，而 Prime 會員福利的使用率仍然很高。其中包括繼續大力參與 Prime 的數位產品系列，例如 Prime Video 的原創電影。例如，在 Prime 會員的幫助下，《明日戰爭》和《湯姆·克蘭西的冷血無情》分別成為首映週末排名第一的串流電影。

Amazon advertising is innovating at a fast clip, launching over 40 new features and self-service capabilities in the quarter, making it easier for sellers, companies and authors to grow their businesses by helping customers discover their brands and products. Other revenue increased 83% year-over-year in Q2, excluding the impact of foreign exchange, driven largely by continued acceleration in our ads business.

亞馬遜廣告正在快速創新，本季推出了 40 多項新功能和自助服務功能，使賣家、公司和作者能夠更輕鬆地幫助客戶發現他們的品牌和產品，從而發展業務。剔除外匯影響，第二季其他營收年增 83%，主要得益於廣告業務的持續加速成長。

Moving on to AWS. Revenue growth accelerated across a broad range of customers. We see strong growth in enterprises, governments, educational and research institutions and our start-up and digital-native customers. We recently announced new commitments and migrations from customers across a diverse set of major industries, including Swisscom and Bell Canada in Telecom, BMO Financial Group and Bancolombia in financial services and Ferrari in automotive.

轉向 AWS。廣大客戶的營收均加速成長。我們看到企業、政府、教育和研究機構以及新創公司和數位原生客戶都實現了強勁成長。我們最近宣布了來自各大主要產業客戶的新承諾和遷移，其中包括電信業的瑞士電信和加拿大貝爾、金融服務業的蒙特利爾銀行金融集團和哥倫比亞銀行以及汽車業的法拉利。

AWS customers recognize that the move to the cloud is very positive for their businesses in the medium and long term. Disruptive economic events like COVID have caused many people to step back and think about how they want to change strategically, and many have come to the conclusion that they do not want to own and run their own data centers. They see that they can save money and gain agility and innovation by moving to AWS.

AWS 客戶認識到遷移到雲端對於他們的中長期業務非常有利。像 COVID 這樣的顛覆性經濟事件讓許多人退後一步，思考他們想要如何進行策略變革，許多人得出的結論是，他們不想擁有和經營自己的資料中心。他們發現，透過遷移到 AWS，他們可以節省資金並獲得靈活性和創新能力。

I'll finish up with some comments on our ongoing investments in operations. As we think about the pull forward in demand we've seen these past 18 months, it has required and will continue to require a significant amount of investment in our fulfillment network. Our teams have done a remarkable job stepping up to serve customers and support our vendors and sellers, and we have worked hard to increase capacity at a rapid rate.

最後，我將就我們在營運方面的持續投資發表一些評論。當我們思考過去 18 個月中看到的需求提前時，我們發現這需要並將繼續需要對我們的履行網絡進行大量投資。我們的團隊在為客戶提供服務和支援我們的供應商和賣家方面做得非常出色，我們努力快速提高產能。

For the trailing 12 months ended Q2, CapEx and equipment finance leases increased 74% versus the prior trailing 12-month period. And as usual, most of our 2021 spend in building openings are planned in the second half of this year. This is all part of a multiyear investment cycle for us. Unit volumes, while obviously growing at lower rates off last year's large comp, continue to remain high, and we see strong demand for FBA and third-party sellers. So there's more work to do, including additional build-outs of our FCs as well as our middle mile and last mile capabilities to support our fast improving delivery offers for customers.

截至第二季的過去 12 個月，資本支出和設備融資租賃較前 12 個月增加了 74%。和往常一樣，我們 2021 年用於開業建設的大部分支出都計劃在今年下半年進行。這對我們來說都是多年投資週期的一部分。儘管單位銷售的成長率明顯低於去年同期的水平，但仍保持在高位，而且我們看到對 FBA 和第三方賣家的強勁需求。因此，我們還有很多工作要做，包括進一步擴大我們的配送中心以及中間一英里和最後一英里配送能力，以支援我們快速改善的客戶服務。

I encourage you to read the business highlights in our press release. It's a diverse collection of efforts supported by many thousands of customer-focused Amazon employees, from Amazon Pharmacy, to Business Prime, to AWS' plans to add 7 new regions, to NFL Thursday Night Football starting next year, to the Black Business Accelerator program, to Alexa's collaboration with Ford Motor Company. We remain heads-down focused on driving a better customer experience. We believe putting customers first is the only reliable way to create lasting value for our shareholders.

我鼓勵您閱讀我們新聞稿中的業務亮點。這是由數千名以客戶為中心的亞馬遜員工支持的多元化努力，從亞馬遜藥房到 Business Prime，從 AWS 增加 7 個新區域的計劃，到明年開始的 NFL 週四晚間橄欖球賽，到黑人商業加速器計劃，再到 Alexa 與福特汽車公司的合作。我們始終全心全意致力於提供更好的客戶體驗。我們相信，客戶至上是為股東創造持久價值的唯一可靠方法。

With that, let's move on to Q&A.

接下來，讓我們進入問答環節。

(Operator Instructions) Your first question comes from the line of Doug Anmuth with JPMorgan.

（操作員指示）您的第一個問題來自摩根大通的 Doug Anmuth。

Brian, I just want to ask 2. Just going back to the 2Q revenue. Beyond Prime spend moderating and the reopening, is there anything else you'd point to, in particular, that may have kept you in the middle of the range versus, obviously, where you've been over the last year versus expectations? And I guess, in particular, if you talk about Prime Day relative to your expectations?

布萊恩，我只想問 2。回到第二季的營收。除了 Prime 消費調節和重新開放之外，您還有什麼其他因素可能使您的業績保持中等水平，而與去年的預期相比顯然沒有變化嗎？我想，特別是如果您談論 Prime Day 與您的期望之間的關係？

And then secondly, the big commerce partnership a couple of weeks ago, you seem to open up more to working with merchants away from Amazon. Just hoping you could talk more about the multichannel fulfillment opportunity. And do you think you now have the logistics capabilities, and has everything recovered to the point where you can offer these services more to third parties?

其次，幾週前建立的大型商業夥伴關係似乎讓你們更願意與亞馬遜以外的商家合作。只是希望您能更多地談論多渠道履行機會。您認為現在是否具備物流能力？一切是否已經恢復到可以向第三方提供更多這些服務的程度？

Sure. Thanks, Doug. Now, as far as Q2 run rate is concerned, if you look back the last few quarters, we've not done a great job of nailing the impact of COVID. It has -- we've generally overperformed our guidance range. I think last quarter, we had kept the same process, coming off some very high volumes for the last prior 4 quarters.

當然。謝謝，道格。現在，就第二季度的運行率而言，如果回顧過去幾個季度，我們在確定 COVID 的影響方面做得併不好。總體而言，我們的表現超出了我們的預期範圍。我認為上個季度我們保持了相同的流程，並且在過去 4 個季度中實現了非常高的交易量。

And really, the only difference I see in Q2 versus Q1 and before is the year-over-year comp, which we had factored in, but also the increase in mobility. I think the impact of people getting vaccinated and getting out in the world, not only shopping off-line, but also living life and getting out, it takes away from shopping time. It's a good phenomenon and it's great. And we just have to appropriately gauge our run rate going forward.

實際上，我認為第二季度與第一季及之前相比的唯一區別是同比增長（我們已經將其考慮在內），但同時也增加了流動性。我認為人們接種疫苗和外出活動的影響不僅在於離線購物，還在於生活和外出，這會減少購物時間。這是一個好現象，非常棒。我們只需要適當地評估我們未來的運行率。

So Prime Day was very successful. We passed the record set in last fall's Prime Day, which was a very different time of year to have Prime Day and started to bump up against early holiday shopping. So we're really pleased. And again, I think it was a great day for -- then for third-party sellers, as I pointed out.

所以 Prime Day 非常成功。我們打破了去年秋季 Prime Day 創下的紀錄，那一年的 Prime Day 舉辦時間與往年截然不同，並且開始與早期假期購物產生衝突。所以我們真的很高興。正如我指出的那樣，我認為這對第三方賣家來說是一個很棒的日子。

Doug, on your second question, it's Dave here. I'd just say our focus is really squarely on adding capacity to meet the current high customer demand that Brian talked about in his opening remarks. Now we're always working to develop new and innovative ways to support partners, SMBs, in particular, who sell on Amazon. And that includes testing shipping programs and newer initiatives that can help those businesses get packages to customers quickly and reliably. So continue to see us look for ways to be able to innovate where it's appropriate relative to the customer demand we're already seeing in our network.

道格，關於你的第二個問題，我是戴夫。我只想說，我們的重點是增加產能以滿足 Brian 在開場白中提到的當前高客戶需求。現在，我們一直致力於開發新的創新方式來支持合作夥伴，特別是在亞馬遜上銷售的中小企業。其中包括測試運輸計劃和新舉措，以幫助這些企業快速可靠地將包裹送達客戶。因此，請繼續關注我們，尋找能夠根據我們網路中已經看到的客戶需求進行適當創新的方法。

Your next question comes from the line of Colin Sebastian with Baird.

您的下一個問題來自貝爾德公司的科林·塞巴斯蒂安。

I guess sort of masked in the headline results is actually pretty solid performance in the higher-margin segments of the business, including third-party services, subscriptions, AWS and advertising. And I think that was evident in gross margin as well. So I guess my question is whether there's any deliberate shift towards these services, or is that just more of an output of the somewhat weaker trends you saw after mid-May?

我想，整體業績掩蓋了業務中利潤率較高的部分實際上相當穩健的表現，包括第三方服務、訂閱、AWS 和廣告。我認為這在毛利率上也很明顯。所以我想我的問題是，是否有任何故意轉向這些服務的舉動，或者這只是您在 5 月中旬之後看到的趨勢有所減弱的結果？

And then secondly, is Prime Day still a once-per-year phenomenon? Or would you consider separate events spread out during the same year to capitalize on different seasonal trends?

其次，Prime Day 還是一年一次的盛事嗎？或者您會考慮在同一年內舉辦不同的活動以利用不同的季節性趨勢？

Sure. On the second question, I don't have anything to announce today. Our trend has been once a year. Of course, it's moved between quarters the last 3 years. So that's all I have on that one.

當然。關於第二個問題，今天我沒有可以發布的消息。我們的趨勢是每年一次。當然，過去 3 年裡它在各個季度之間有所變化。關於這一點，我的看法就這些。

As far as the higher-margin areas and whether that's a purposeful strategy, I'd like to say it is, but if you look at what they are, third party is kind of a continuation of strength in our FBA program, in particular. I think the sellers are doing a great job of adding additional selection. That's very valuable and reinforces our flywheel. And we like to see that, and you see that third-party percent of units went up from 53% last year to 56%. And that's a steady mark. We've seen that. As we said, the third-party sellers are doing a great job, and we like to see that.

至於利潤率較高的領域以及這是否是一個有目的的策略，我想說是的，但如果你看看它們是什麼，你會發現第三方是我們 FBA 計劃優勢的延續。我認為賣家在增加額外選擇方面做得很好。這非常有價值，並且增強了我們的飛輪。我們很高興看到這一點，第三方單位的百分比從去年的 53% 上升到了 56%。這是一個穩定的成績。我們已經看到了。正如我們所說，第三方賣家做得很好，我們很高興看到這一點。

On advertising, advertising is, again, another part of our flywheel. We have traffic coming in for the consumer business. And if we do a good job with advertising, we'll make it an additive experience for our customers and our sellers and vendors. So that's what we work on is to make sure that it's a relevant experience and adds to your shopping experience and helps you find selection that perhaps you wouldn't have found otherwise or it would have been harder to.

關於廣告，廣告也是我們飛輪的另一個部分。我們有來自消費者業務的流量。如果我們做好廣告工作，我們就會為我們的客戶、賣家和供應商帶來額外的體驗。因此，我們的工作就是確保它是一種相關的體驗，增加您的購物體驗，並幫助您找到您可能找不到或很難找到的選擇。

And then on AWS, AWS is, again, its own separate part of the business. It has been 15 years in the development, and we think our scale and experience really pays dividends. If you look at the last quarter, AWS added more revenue quarter-over-quarter and year-over-year than any quarter in our history. We're now a $59 billion annualized run rate business, and that's up from $43 billion at this time last year.

然後在 AWS 上，AWS 再次成為其業務的獨立部分。經過15年的發展，我們認為我們的規模和經驗確實帶來了回報。如果你看一下上個季度，你會發現 AWS 的季度環比和年比收入成長都超過了我們歷史上的任何一個季度。我們現在的年化營業額為 590 億美元，高於去年同期的 430 億美元。

So those are output measures, as we like to say. The input measures are doing a good job on products, adding new capabilities and being able to work with our customers to solve their problems. And I think that's what you're seeing, and it's matching up well with a renewed emphasis on getting to the cloud by a lot of companies out there. And when they are looking to make that transition, it's giving up control and putting yourself in choosing a partner for the long haul, and we're proud that companies choose us for that journey.

正如我們所說，這些是產出措施。投入措施是做好產品、增加新功能，並且能夠與我們的客戶合作解決他們的問題。我認為這就是您所看到的，並且它與許多公司重新強調雲端運算的趨勢相吻合。當他們尋求實現這一轉變時，就意味著放棄控制權，並親自選擇一個長期合作夥伴，我們很自豪公司選擇我們來陪伴他們走過這趟旅程。

Your next question comes from the line of Brian Nowak with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2, 1 a little nitpicky, 1 kind of big picture. The nitpicky one, Brian, fulfillment costs, I guess, on a per unit basis was pretty high in the second quarter relative to normal seasonality. Can you talk to us about what's driving that? Is that new build, new square feet or is there sort of inefficiencies that went on in the quarter in fulfillment?

我有 2 個，1 個有點挑剔，1 個有點大局觀。布萊恩，我猜，挑剔的人，第二季的每單位履行成本相對於正常季節而言相當高。您能跟我們講講推動這現象的原因嗎？這是新建的、新的平方英尺嗎？還是本季在履行過程中出現了某種效率低下的情況？

And the second one, sort of a bigger picture. I think last quarter, you talked a little bit about same-day in Europe. There's been some headlines about same-day. How do we think -- or how should we think about a larger same-day offering being part of the investment process right now just to sort of maintain and grow your share of grocery and consumables?

第二個是更大的圖景。我想上個季度您談到了一些有關歐洲當日達業務的情況。有一些關於當日的頭條新聞。我們如何看待—或者我們應該如何看待更大規模的當日送達服務成為目前投資過程的一部分，只是為了維持和增加您的食品雜貨和消費品份額？

Sure. Thanks. Yes, I would say on the fulfillment side, there are a number of things. First, we're adding a lot of capacity. If you step back, the Amazon-fulfilled unit volume, so that's the units coming out of our fulfillment centers, both retail and FBA, have doubled in the past 2 years. And the AMZL, the delivery arm of our business, has more than doubled in that time period. So you can see there's been very strong multiyear demand here that we are still catching up with from last year.

當然。謝謝。是的，我想說，在實現方面，有很多事情。首先，我們正在增加大量產能。如果你回顧一下，亞馬遜配送的單位數量，也就是從我們的配送中心（包括零售和 FBA）出來的單位數量，在過去 2 年裡翻了一番。而我們業務的交付部門 AMZL 在此期間成長了一倍以上。所以你可以看到，這裡的多年需求一直非常強勁，我們仍在追趕去年的需求。

So most of -- I mentioned earlier our year-over-year growth in CapEx and equipment leases is 74% in the second -- at the end of June compared to 38% the year before. So we're continuing to add, and most of that development is really ahead of us, in the second half of the year. So if you've been with us a long time, you know the cadence is that as we add demand -- or excuse me, as we add capacity, there's a lot of additional costs, from hiring, to starting up, to training, to getting that building or sort center or delivery station up and running. It usually takes a multiyear period to tame those assets. And we've literally nearly doubled our network here in the last 18 months from a size standpoint. So there's a lot of that going on, a lot of strong effort by our fulfillment and ops teams to help mitigate the cost.

因此，我之前提到過，我們的資本支出和設備租賃同比增長率在第二季度達到了 74%，即截至 6 月底，而去年同期為 38%。因此，我們將繼續增加，而且大部分開發工作都將在今年下半年完成。因此，如果您與我們合作了很長時間，您就會知道，隨著我們增加需求——或者對不起，隨著我們增加產能，會產生很多額外的成本，從招聘、啟動、培訓，到讓建築物或分揀中心或配送站投入運作。通常需要多年的時間來馴服這些資產。從規模角度來看，過去 18 個月我們的網路規模幾乎翻了一番。因此，我們的履行和營運團隊正在做很多事情，以盡力降低成本。

The other thing is wage pressure has become evident. We've talked about this a bit. The wage increase for -- that we normally would do in October, we pulled forward into May. We're spending a lot of money on signing and incentives. And while we have very good staffing levels, it's not without a cost. It's a very competitive labor market out there. And certainly, the biggest contributor to inflationary pressures that we're seeing in the business.

另一件事是薪資壓力已經顯現。我們已經討論過這個問題了。我們通常在十月增加工資，但現在提前到了五月。我們在簽約和獎勵方面投入了大量資金。儘管我們的人員配備水準很高，但這並非沒有代價。這是一個競爭非常激烈的勞動市場。毫無疑問，這是我們在業務中看到的通膨壓力的最大因素。

Brian, on the second point just around speed, as we've talked about many times, customers respond well to the fast, high-quality delivery. And of course, back in 2019, we were talking at that time about expanding the 1-day delivery in the U.S. -- in Europe. One-day delivery, as part of Prime, in most of those sizable European countries where we operate, has been standard for many years.

布萊恩，關於第二點，即速度，正如我們多次討論過的，客戶對快速、高品質的交付反應良好。當然，早在 2019 年，我們就在談論擴大美國和歐洲的一日送達服務。作為 Prime 服務的一部分，在我們開展業務的大多數歐洲國家，一日送達服務多年來一直是標準服務。

We're investing in the transportation network to support the demand. A significant part of the capital investments we've been talking about for the past few years and certainly, since the pandemic's start has been to support those efforts in middle and last-mile capacity to keep pace and support with that demand. So as we've been saying here, that work is not done yet. We're continuing to expand. You'll see that investment throughout 2021.

我們正在投資交通網絡以滿足需求。過去幾年，我們一直在談論的資本投資中，很大一部分（當然，自疫情開始以來）是為了支持中間和最後一英里的運輸能力建設，以跟上並滿足這一需求。正如我們在這裡所說的那樣，這項工作尚未完成。我們正在繼續擴張。您將在 2021 年全年看到這項投資。

And that growing transportation network will support faster delivery times for customers. One-day delivery is improving in the U.S., as well as same-day delivery where it makes sense and where the network is growing there. So we'll have to continue to see how we go, but we're focused on those data points. And we're also focused on improving delivery precision as a way of improving the quality of the overall offering.

不斷擴大的運輸網路將為客戶提供更快的送貨時間。在美國，一日送達服務正在不斷改進，在可行的地方和網路不斷擴展的地方，當日送達服務也不斷改進。因此我們必須繼續觀察進展情況，但我們關注的是這些數據點。我們也致力於提高交付精度，以提高整體產品品質。

Your next question comes from the line of Youssef Squali with Truist Securities.

您的下一個問題來自 Truist Securities 的 Youssef Squali。

I have 2 questions. One, within online stores, was there any particular area of softness during the quarter? I'm just thinking about maybe some product categories that may have come back or actually, the opposite, may have gone down the demand for with the reopening that you can maybe highlight.

我有兩個問題。首先，在網路商店中，本季是否存在特別疲軟的領域？我只是在想，也許一些產品類別可能會恢復，或者實際上相反，隨著重新開放，需求可能會下降，您可以強調。

And then as you look beyond Q3 and Q4, kind of what kind of growth assumptions for e-commerce just in general for the next couple of years are you guys working with to build your budget and invest against the opportunity? I'm just thinking, are you guys assuming that e-commerce growth remains -- or goes back to pre-COVID levels or stays kind of at an elevated level versus that?

然後，當您展望第三季和第四季之後時，你們對未來幾年電子商務的整體成長假設是什麼樣的，您將根據這些假設來製定預算並進行投資嗎？我只是在想，你們是否認為電子商務成長會保持不變——或者回到疫情之前的水平，或者保持在較高的水平？

Sure. Let me start with the online store's revenue. You're probably looking at the growth rate of 13% in Q2 versus the revenue growth -- FX-neutral revenue growth rate of 24%. I would point you back to last year in Q2 that online stores grew 49%. There were restrictions on what we stocked in our warehouses. And remember, we had to constrain space for a lot of third-party sellers as well as our retail offering. But the mix shifted for the early part of Q2 last year to be more of a retail mix and an MFN mix, and then it flipped back to be more of a balanced mix that you've seen in the past.

當然。我先從網路商店的收入開始說起。您可能正在關注第二季 13% 的成長率，而營收成長率（不計外匯影響）為 24%。我想指出的是，去年第二季網路商店成長了 49%。我們對倉庫庫存有限制。請記住，我們必須限制許多第三方賣家以及我們的零售產品的空間。但去年第二季初，產品組合發生了變化，更多是零售產品組合和最惠國產品組合，然後又恢復到過去所見的更均衡的產品組合。

On forward investment, here's how I'd explain it. We -- again, we are sitting here with demand volumes that have gone up on an Amazon-fulfilled network basis, they've doubled in a 2-year period. So we are not back to where we want to be on a number of dimensions. We handled Q4 last year. We've been playing catch-up pretty much since the pandemic started. But what suffered is space and space constraints and that's -- it's gotten better but it was a factor last year.

關於遠期投資，我是這樣解釋的。我們——再次，我們在這裡看到，基於亞馬遜配送網路的需求量已經上升，在兩年內翻了一番。因此，從很多方面來看，我們還沒有回到我們想要的狀態。我們去年處理了第四季。自從疫情爆發以來，我們一直在努力追趕。但受到影響的是空間和空間限制，情況已經好轉，但這是去年的一個因素。

And also our 1-day delivery percentage has dropped and has not returned to levels seen pre pandemic in the United States. It's on par and getting better than pre-pandemic in Europe. But in the United States, while it's improving, it still hasn't reached the pre-pandemic level. So we have a lot of growth to do there.

而且我們的一日送達率已經下降，並且尚未恢復到美國疫情前的水準。它與歐洲疫情前的情況相當，甚至有所改善。但在美國，雖然情況正在好轉，但仍未達到疫情前的水準。因此，我們在這方面還有很大的發展空間。

As far as the stickiness of purchases, I think there's certainly a number of things that were purchased last year that didn't repeat for a lot of retailers, things like consumables early on, gloves, cleaning supplies, computer monitors, things you use to outfit your house. You probably go through your own checklist of purchases and say, "Okay, I probably will not do this every year."

就購買黏性而言，我認為去年購買的很多東西今年都沒有再購買，例如早期的消耗品、手套、清潔用品、電腦顯示器以及用於裝飾房屋的物品。您可能會檢查自己的購買清單並說：“好吧，我可能不會每年都這樣做。”

But there has been a healthy movement to online commerce. We've added Prime members and the Prime members that we have, have ratcheted up their purchases with us, which was -- has always been a part of the plan and a good sign. It means we're offering them more things that they can buy and satisfying more their demand needs. So even in Q2, when, as I said, rates are starting to moderate, in the quarter, those Prime member purchases still grew year-over-year on the per Prime member basis. They just didn't grow at the same clip that they had in the prior 3 or 4 quarters.

但網上商務已呈現健康發展動能。我們增加了 Prime 會員，現有的 Prime 會員也增加了在我們這裡的購買量，這一直是計劃的一部分，也是一個好兆頭。這意味著我們為他們提供更多可購買的東西並滿足他們的更多需求。因此，即使在第二季度，正如我所說，利率開始放緩，但在本季度，Prime 會員的購買量按每位 Prime 會員計算仍然同比增長。它們只是沒有像前三、四個季度那樣保持相同的成長速度。

So that's a good sign. And we like the engagement levels and the retention levels that we see with Prime members. So all in all, a very positive story on that front has accelerated the model quite a bit. There's just, again, some comparison issues that we'll just have to realize and perhaps look at a 2-year compounded annual growth rate for a period of time to judge where we are on that progress because there's been a lot of ins and outs, especially with Prime Day moving around. So hopefully, that answers your question.

這是一個好兆頭。我們喜歡 Prime 會員的參與度和保留率。總而言之，這方面的積極進展大大加速了該模型的發展。再次強調，我們必須意識到一些比較問題，也許需要觀察一段時間內的兩年複合年增長率來判斷我們在這方面的進展，因為其中有很多細節，尤其是 Prime Day 的活動。希望這能回答你的問題。

Your next question comes from the line of Stephen Ju with Credit Suisse.

您的下一個問題來自瑞士信貸的 Stephen Ju。

So Brian, it seems like the pandemic has touched off what looks like a greater urgency among SMBs to accelerate their presence online. So I was wondering if your third-party marketplaces platform is seeing perhaps a faster influx of more sellers or emerging brands.

因此，布萊恩，看來這場疫情引發了中小企業加速線上業務的更大緊迫性。所以我想知道您的第三方市場平台是否正在看到更多賣家或新興品牌更快湧入。

And following up on the labor market commentary there. Do you think you will see any incremental headwinds, hiring the necessary people for fulfillment centers this year?

並跟進那裡的勞動力市場評論。您認為今年在招募履行中心所需人員方面會遇到一些漸進的阻力嗎？

Stephen, it's Dave. I'll take that first question just around SMBs and behavior. I think, look, it's -- we've seen a 20-year progression in terms of building out the services that we thought were -- resonated with us in our business but also sought very early on to externalize those services and offerings to sellers and particularly, small and medium-sized businesses over time.

史蒂芬，我是戴夫。我將回答有關 SMB 和行為的第一個問題。我認為，看，我們在建立我們認為與我們的業務產生共鳴的服務方面已經取得了 20 年的進步，但我們也很早就開始尋求將這些服務和產品外部化給賣家，特別是中小型企業。

Obviously noteworthy was FBA and many other features. And so I think this -- what you see is really just a continuation of that effort put out by the teams around whether it's logistics, brand representation. More recently, in recent years with some of the advertising features, we've been able to develop surface for all our selling partners. And so I think that's a big area and a big part of commitment.

顯然值得注意的是 FBA 和許多其他功能。所以我認為——你所看到的其實只是團隊在物流、品牌代表上所付出努力的延續。最近幾年，透過一些廣告功能，我們已經能夠為所有銷售合作夥伴開發表面。所以我認為這是一個重要的領域，也是承諾的重要組成部分。

So I don't know that I'd call out anything specifically in the near term other than to say that we continue to see great momentum. On a units basis, as we give that metric every quarter, about 56% of our overall total paid units are third party. That's up about 300 basis points year-over-year. So expect for us to continue to put forth that effort in FBA around the world for sellers and some of these other SMB features, continue to gain momentum there.

因此，除了說我們繼續看到強勁勢頭之外，我不知道短期內我會特別指出什麼。以單位為基礎，由於我們每季都會給出該指標，因此我們總體付費單位中約有 56% 來自第三方。與去年同期相比，這一數字上漲了約 300 個基點。因此，我們期望繼續為全球賣家在 FBA 方面付出努力，並繼續在這些方面獲得發展動力。

And on the labor comment, we can't predict too far in the future. We've got a labor estimate in our Q3 guidance. I would say it's a bit of a complicated mix of economic growth and industries opening up, government payments in some areas that may impact people's working and then whether or not children are back at school fully in the fall. So there's a lot of dynamics. We do count on having more employees in Q3 and Q4, as you know, from our ramp-up to the holidays. So I would probably count on wage pressure remaining for the immediate future.

關於勞動力的評論，我們無法預測太遠的未來。我們在第三季指引中給出了勞動力估算。我想說，這是一個複雜的因素，包括經濟成長和產業開放，某些地區的政府補貼可能會影響人們的工作，以及孩子們是否會在秋季完全返校。因此存在著許多動態。如您所知，從產能提升到假期期間，我們確實希望在第三季和第四季擁有更多員工。因此，我可能會認為薪資壓力在近期內依然存在。

Our next question comes from the line of Ron Josey with JMP.

我們的下一個問題來自 JMP 的 Ron Josey。

I want to ask on just international operating income. It's -- if you look at the results, it's now producing consistently positive results here. And so can you talk to us a little bit more -- just talk to us a little bit more about what's driving that. Is this the result of most major builds are now complete and you're seeing the efficiencies in fulfillment centers and so we should see this trend to continue? Or is there something else that's driving international operating income just remaining positive here?

我想問國際營業收入。如果你看一下結果，你會發現它現在正在產生持續的正面成果。那麼，您能否再多跟我們聊聊——再多跟我們聊聊推動這項進程的原因。這是因為大多數主要建設現已完成，並且您看到了履行中心的效率提高，所以我們應該看到這種趨勢繼續下去嗎？或者是否有其他因素導致國際營業收入維持正成長？

Sure. Ron, thanks for your question. Yes, we have had strong international results in the last 5 quarters or so. Noticeably, there have been positive operating income, which had not been the trend prior to Q2 of last year. I would say the major factors here are the acceleration of growth. So we've, in some ways, put the 2 years out-growth on top of today's assets. That's a lot of stress but it's a lot of leverage of the assets that we have.

當然。羅恩，謝謝你的提問。是的，我們在過去五個季度左右取得了強勁的國際業績。值得注意的是，營業收入出現了正值，而這在去年第二季之前並不是趨勢。我想說這裡的主要因素是成長的加速。因此，從某種程度上來說，我們將兩年的成長置於今天的資產之上。這給我們帶來了很大的壓力，但也對我們現有的資產產生了很大的影響。

And as we've talked about before, our fulfillment centers and operations have been running pretty much at peak since May of last year. It's starting to mitigate a bit but it's a strong undercurrent. But having said that, we continue to invest in international expansion. You may have noticed that we added Portugal as a Prime country last quarter. We have investments in Brazil, in India, in the Middle East, in a number of countries. So we continue to add new countries.

正如我們之前所討論的，自去年五月以來，我們的履行中心和營運一直處於高峰狀態。雖然現在情況開始有所緩和，但暗流仍然很強大。但話雖如此，我們仍繼續投資國際擴張。您可能已經注意到，我們上個季度已將葡萄牙添加為主要國家。我們在巴西、印度、中東等多個國家都有投資。因此我們繼續增加新的國家。

We have a strong performance in our more established countries like Europe and Japan. And so it's a bit of a mixed bag. But right now, again, the performance is very strong. The foreign exchange rate has been favorable as well the last few quarters, so that has helped. But really pleased with the performance of our international teams.

我們在歐洲和日本等較成熟的國家表現出色。所以它有點混亂。但現在，表現再次非常強勁。過去幾個季度，外匯匯率一直很有利，所以這很有幫助。但對我們的國際團隊的表現確實感到滿意。

And we'll see, again, it -- our investment plans -- our plans are to make money, obviously, in the long run, but we have forward advanced Prime benefits in a lot of these countries before they would have been able to see them if they have run the same trajectory as we did in the U.S. So there's a bit of forward investment on Prime benefits, especially things like Video that we know resonate with customers and are good for the Prime program and turn into, eventually, really strong businesses.

我們會再次看到，我們的投資計畫——我們的計畫顯然是從長遠來看賺錢，但如果這些國家按照我們在美國同樣的軌跡發展，我們就會在許多國家提前推出 Prime 福利，否則他們就無法看到這些福利。因此，我們對 Prime 福利進行了一些前瞻性投資，特別是像影片這樣的項目，我們知道這些項目會引起客戶的共鳴，對 Prime 計劃有利，並最終轉化為真正強大的業務。

Our next question comes 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 maybe 1 on Amazon, then a follow-up. So Amazon -- sorry, AWS. So you saw a 10% sequential growth in the quarter. You saw that also in the fourth quarter. Was there anything around reopening that made second quarter AWS exceptionally strong and that we should kind of keep in mind going forward? Or do we feel like this was kind of a normal quarter for kind of AWS and this is kind of a good cadence for the business?

因此也許在亞馬遜上先有 1 個，然後再跟進。所以亞馬遜——抱歉，是 AWS。因此，您看到本季環比增長 10%。你在第四季也看到了這一點。重新開放期間有什麼因素使得第二季 AWS 表現異常強勁，我們應該牢記這一點嗎？或者我們覺得這對 AWS 來說是一個正常的季度，並且對於業務來說是一個良好的節奏？

And then just a follow-up. Just your -- maybe your point about the ability to kind of keep up. Is there any kind of throttling of FBA that's going on just because you don't have the capacity? Or were you trying to say that you might be losing share to other sellers who can kind of promise to get an item to customers faster, given still some of the challenges with logistics and last mile and everything?

然後只是後續行動。只是你的——也許你的觀點是關於跟上的能力。是否因為沒有足夠的容量而對 FBA 進行某種限制？或者您是想說，考慮到物流、最後一英里等各方面仍然存在一些挑戰，您可能會將市場份額輸給其他可以承諾更快地將商品送到客戶手中的賣家？

Let me start with that second question. No. My comments were really about throttling of space last year, which did impact -- impacted our vendors and our retail business as well as our third-party business. It's probably more pronounced in Q2 of last year, especially April and into early May, as we are working to get fully staffed in a helpful and safe way and also build out more capacity.

讓我從第二個問題開始。不。我的評論實際上是關於去年空間的限制，這確實影響了我們的供應商、零售業務以及第三方業務。這種現像在去年第二季度，尤其是 4 月和 5 月初可能更為明顯，因為我們正在努力以有益且安全的方式配備充足的員工，並擴大產能。

In Q4, again, we were handling volumes that were somewhat unheard of year-over-year. Our Q4 growth rate was 42%. That's usually not the case. And it's magnified at peak when we're already handling the highest volumes of the year. So all I was trying to say was that our space planning and, if you will, throttling of space for our third-party sellers is not something we like to do. We don't think we're the only ones who had that issue, and that's why we're building out our network. So quickly -- in our minds, it's hard to do quickly but we're moving as quickly as possible. And again, we have a lot of new capacity being added in the second half of the year.

在第四季度，我們處理的業務量與去年同期相比再次達到了前所未有的水平。我們的第四季成長率為42%。但通常情況並非如此。當我們處理的量已經達到一年中的最高水準時，這種影響在高峰期被放大。所以我想說的是，我們的空間規劃，以及如果你願意的話，限制第三方賣家的空間，並不是我們喜歡做的事情。我們認為我們不是唯一遇到這個問題的人，這就是我們建立網路的原因。如此之快——在我們看來，這很難做到快速，但我們正在盡可能快地採取行動。而且，今年下半年我們還將增加大量新產能。

On AWS growth, if you look at the run rate last year, we had 33% growth rate in Q1, and it dropped to 29%, 29% to 28% the last 3 quarters. There's always a lot of year-over-year things but -- going on, but we do note that last year, there was a lot of effort by companies to limit their spend and operate more efficiently as we're all plunged into a kind of an unknown demand curve, and some industries were hurt worse than others.

關於 AWS 的成長，如果你看去年的運作率，我們在第一季的成長率為 33%，而過去三個季度則下降到 29%、29% 到 28%。總是會有很多同比的事情發生，但我們確實注意到，去年，由於我們都陷入了一種未知的需求曲線，各公司都付出了很多努力來限制支出並提高營運效率，有些行業受到的打擊比其他行業更嚴重。

If you'll remember, we worked -- we actually worked very hard with our customers to help them lower their demand for AWS services as best we could to match any new demand patterns. We also helped people scale very quickly. Companies like Disney+, Netflix and others were very glad that AWS was there to help them scale to meet volumes very quickly.

如果您還記得的話，我們實際上與客戶一起努力，盡力幫助他們降低對 AWS 服務的需求，以滿足任何新的需求模式。我們也幫助人們快速擴大規模。Disney+、Netflix 等公司非常高興 AWS 能夠協助他們快速擴展以滿足業務量。

So there's a lot of mixed bag there. We think that it was a strong performance this quarter. We do see good trends with new contracts and new clients that are either signing up with AWS and making the journey to the cloud or accelerating their journey to the cloud or setting up new longer-term contracts with us.

因此，那裡有很多混合的東西。我們認為本季表現強勁。我們確實看到了新合約和新客戶的良好趨勢，他們要么與 AWS 簽約並開始向雲端遷移，要么加速向雲端遷移，要么與我們建立新的長期合約。

Our final question will come from Justin Post with Bank of America.

我們的最後一個問題來自美國銀行的賈斯汀·波斯特 (Justin Post)。

A couple. No one's really mentioned the CEO change, so I was wondering if -- he's not in the call but any change in direction, investment philosophies or any more integration of AWS or anything that we should be aware of related to that change?

一對。沒有人真正提到執行長的變動，所以我想知道——他沒有參加電話會議，但方向、投資理念是否有任何變化，或者 AWS 的更多整合是否有任何變化，或者任何我們應該注意的與該變動有關的事情？

And then second, AWS margins, really strong revenues. The margins came down quarter-over-quarter. Can you just remind us of what drives some of that margin fluctuation?

其次，AWS 利潤率和收入確實很高。利潤率環比下降。您能否提醒我們一下導致利潤率波動的原因是什麼？

Sure. Let me start with the second one. So again, at any point in time, there's a lot of cost pressures in the operating margins of AWS. There's growth, which helps us leverage our assets. There's increasing the efficiency of our servers and the efficiency of our sales force. Those are all positives.

當然。我先從第二個開始。所以，無論何時，AWS 的營運利潤率都會面臨很大的成本壓力。有成長可以幫助我們利用我們的資產。我們的伺服器效率和銷售團隊效率都在提高。這些都是正面的。

On the flip side, there's price decreases, there's new contracts signed with large players for multiple years. So there's pricing pressure. There's also the expansion of the sales force and building infrastructure to add new regions globally. So as we said, these margins are going to bounce around. We're happy with the Q2 margins. I would note that there was a negative impact from foreign exchange that was about 150 basis points. But even at 28.3%, it's a strong margin for this business. We know it's going to bounce around as we invest, but also work very hard to scale our businesses and efficiently run our assets.

另一方面，價格下降，與大型球員簽訂了多年的新合約。因此存在定價壓力。此外，我們還在擴大銷售團隊並建立基礎設施以在全球範圍內增加新的地區。正如我們所說，這些利潤率將會波動。我們對第二季的利潤率感到滿意。我注意到外匯的負面影響約為 150 個基點。但即使只有 28.3%，對於該業務來說，這也是一個很高的利潤率。我們知道，隨著我們的投資，情況會有所波動，但我們也會努力擴大業務規模並有效地經營資產。

On the leadership change, as you expect, Andy has hit the ground running. He's continuing to have a very high bar for customer experience, high standards operational excellence, inventiveness, willingness to fail and everything else that Amazon is known for internally and externally. I think we've had a good handoff. Jeff, of course, is moving into an Executive Chairman role, and he will not be leaving. He's obviously continuing to be very involved in, as we say, the one-way door decisions.

關於領導層變動，正如你所預料的，安迪已經立即開始行動。他繼續對客戶體驗、高標準的卓越營運、創造力、願意失敗以及亞馬遜在內部和外部所著稱的一切保持極高的標準。我認為我們的交接很順利。當然，傑夫將擔任執行主席一職，他不會離開。正如我們所說，他顯然繼續積極參與單向門決策。

We've also had a good leadership change at AWS with Adam Selipsky coming in. Adam, himself, comes with a lot of Amazon history and knowledge and external CEO experience that has made him even stronger as he comes back. So we feel really good about the transition. And, of course, don't expect any drop and expect Andy to add his unique brand of positive attitude and optimism and forward-looking focus to help Amazon keep going and delighting customers.

隨著 Adam Selipsky 的加入，AWS 的領導階層也迎來了重大變革。亞當本人擁有豐富的亞馬遜歷史和知識以及外部執行長經驗，這使他回歸後變得更加強大。因此，我們對這一轉變感到非常滿意。當然，不要指望有任何下降，並期望安迪能以他獨特的積極態度、樂觀精神和前瞻性的關注點來幫助亞馬遜繼續前進並取悅客戶。

Thanks for joining us today on the call 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 we look forward to talking with you again next quarter.

感謝您今天參加電話會議並提出問題。重播將在我們的 IR 網站上提供至少 3 個月。感謝您對亞馬遜的關注，我們期待下個季度再次與您交談。