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.

大家好，歡迎來到 Amazon.com 2021 年第二季度財務業績電話會議。

(Operator Instructions) Today's call is being recorded.

（操作員說明）今天的電話正在錄音。

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

對於開場白，我將把電話轉給投資者關係總監 Dave Fildes 先生。

Please go ahead.

請繼續。

Hello, and welcome to our Q2 2021 financial results conference call.

您好，歡迎參加我們的 2021 年第二季度財務業績電話會議。

Joining us today to answer your questions is Brian Olsavsky, our CFO.

今天加入我們回答您的問題的是我們的首席財務官 Brian Olsavsky。

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.

在您收聽今天的電話會議時，我們鼓勵您將我們的新聞稿放在您面前，其中包括我們的財務業績以及本季度的指標和評論。

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

請注意，除非另有說明，否則本次電話會議中的所有比較都將與我們 2020 年可比期間的結果相反。

Our comments and responses to your questions reflect management's views as of today, July 29, 2021, only and will include forward-looking statements.

我們對您的問題的評論和回复僅反映管理層截至 2021 年 7 月 29 日的觀點，並將包括前瞻性陳述。

Actual results may differ materially.

實際結果可能大不相同。

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.

有關可能影響我們財務業績的因素的其他信息包含在今天的新聞稿和我們向 SEC 提交的文件中，包括我們最近的 10-K 表格年度報告和後續文件。

During this call, we may discuss certain non-GAAP financial measures in our press release, slides accompanying this webcast and our filings with the SEC, each of which is posted on our IR website.

在本次電話會議中，我們可能會在我們的新聞稿、本網絡廣播隨附的幻燈片以及我們向美國證券交易委員會提交的文件中討論某些非公認會計原則財務措施，每一項都發佈在我們的投資者關係網站上。

You will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures.

您會發現有關這些非公認會計原則措施的額外披露，包括這些措施與可比較的公認會計原則措施的對賬。

Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions.

我們的指導包含了我們迄今為止看到的訂單趨勢以及我們今天認為是適當的假設。

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.

我們的結果本質上是不可預測的，並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、在線商務和雲服務的增長率以及各種因素在我們提交給美國證券交易委員會的文件中有詳細說明。

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.

該指南還反映了我們迄今為止對 COVID-19 大流行對我們運營的影響的估計，包括我們在提交給 SEC 的文件中討論的那些，並且高度依賴於我們可能無法預測或控制的眾多因素，包括大流行的持續時間和範圍，包括任何復發；政府、企業和個人為應對這一流行病而採取的行動；大流行對全球和區域經濟和經濟活動、勞動力配備和生產力的影響，以及我們在員工安全措施上的大量持續支出；我們在受影響地區繼續運營的能力；消費者需求和消費模式以及對供應商、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.

除其他外，我們的指導還假設我們不會完成任何額外的業務收購、投資、重組或法律和解。

It's not possible to accurately predict demand for our goods and services, and therefore, our actual results could differ materially from our guidance.

無法準確預測對我們商品和服務的需求，因此，我們的實際結果可能與我們的指導存在重大差異。

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

現在我將把電話轉給布賴恩。

Thank you for joining us today.

感謝您今天加入我們。

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.

在進入問答環節之前，我首先要感謝我們所有的 Prime 會員、我們的供應商、我們的 3P 賣家和我的亞馬遜同事，特別是全球運營團隊，感謝他們在 6 月打破了創紀錄的 Prime 會員日。

Third-party sellers who are mostly comprised of small and medium-sized businesses were a big contributor to Prime Day's success.

主要由中小型企業組成的第三方賣家是 Prime Day 成功的重要因素。

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.

Prime Day 活動是我們商店中這些 SMB 有史以來最大的 2 天活動，我們的 3P 收入繼續增長明顯快於我們在線商店的收入。

Third-party units represented 56% of our total paid units in Q2, up from a 53% mix 1 year ago.

第二季度，第三方單位占我們總付費單位的 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.

我們第二季度的淨銷售額為 1130 億美元，大約是我們指導範圍的中點。

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.

同比增長 27%，即不包括外匯影響的 24%，其中包括今年第二季度 Prime Day 的轉變，這使同比增長率增加了約 400 個基點。

Q2 of this year was a transition period for many of our customers.

今年第二季度是我們許多客戶的過渡期。

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.

隨著本季度的進展，隨著我們一些最大的地區（包括美國和歐洲大部分地區）的限制和封鎖有所放鬆，人們在家的時間減少了。

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.

因此，儘管 Prime 會員繼續在我們這里花費更多，但與大流行高峰期的支出相比，Prime 會員的支出增長放緩。

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.

當您查看我們最近的收入增長率時，我想讓您了解我們所看到的情況，因為我們的收入運行率出現了一些明顯的季度內變化。

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.

在過去的 3 年中，Prime Day 也出現在 3 個不同的季度，因此我會將這種對我的增長率評論的影響正常化。

Also since FX rates have bounced around, all of my comments exclude foreign exchange.

此外，由於外匯匯率已經反彈，我所有的評論都不包括外匯。

Here's a quick recap of our growth rates in 2020 and 2021.

以下是我們在 2020 年和 2021 年的增長率的快速回顧。

First, before COVID-19, we've been growing at a revenue growth rate close to 20%.

首先，在 COVID-19 之前，我們一直以接近 20% 的收入增長率增長。

2019 full year growth was 22%, and revenue growth for the first 2 months of 2020 was 21%.

2019年全年增長22%，2020年前2個月收入增長21%。

Once the pandemic hit and lockdowns began in March 2020, the initial growth rate jumped into the mid-30% range.

一旦大流行在 2020 年 3 月開始實施封鎖，最初的增長率就躍升至 30% 左右。

Q1 of last year ended with a revenue growth rate of 27%.

去年第一季度以 27% 的收入增長率結束。

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.

但是，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快速增加招聘，我們的運營網絡需要時間來滿足這種需求增長。

By mid-May of last year, we have made good progress to open up more capacity by adding hundreds of thousands of employees.

到去年 5 月中旬，我們在擴大產能方面取得了良好進展，增加了數十萬員工。

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.

這使我們的收入增長率躍升至 35% 至 45% 的範圍，並在今年第一季度保持在該水平，當時我們實現了 41% 的增長。

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.

今年第二季度，我們開始彌補去年的銷售高峰期，收入同比增速有所收窄。

It has also narrowed as vaccines become more readily available in many countries and people are getting out of their homes.

隨著疫苗在許多國家變得更容易獲得併且人們越來越多地離開家園，這一範圍也有所縮小。

Since May 15, again, excluding Prime Day, our year-over-year growth rate has dropped into the mid-teens.

自 5 月 15 日以來，不包括 Prime 會員日，我們的同比增長率再次下降到十幾歲左右。

Our Q3 revenue guidance range of 10% to 16% growth reflects an expected continuation of this trend.

我們的第三季度收入指導範圍為 10% 至 16% 的增長反映了這一趨勢的預期延續。

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.

鑑於所有這些波動性，考慮 2 年復合年增長率很有用，該增長率在 25% 至 30% 的範圍內保持強勁。

Recall this compares to our pre-pandemic growth rate of 21%.

回想一下，這與我們大流行前 21% 的增長率相比。

This reflects the acceleration of Prime membership and Prime member purchase levels over the past 18 months.

這反映了過去 18 個月 Prime 會員和 Prime 會員購買水平的加速。

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.

雖然我沒有在今年第三季度之後給出前瞻性指導，但我們確實預計這種艱難的同比收入模式將在接下來的幾個季度繼續存在。

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.

隨著我們向前邁進並開始計算 COVID 對我們收入增長的影響，我們鼓勵您也查看自大流行開始以來的多年復合年增長率，以更好地看待這種增長。

Now back to the Q2 highlights.

現在回到第二季度的亮點。

We continue to be very pleased with the Prime member growth and engagement we're seeing.

我們繼續對我們看到的 Prime 會員增長和參與度感到非常滿意。

We've been fortunate to welcome more than 50 million new members in the past 18 months, and Prime member benefits usage remains high.

在過去的 18 個月中，我們有幸迎來了超過 5000 萬新會員，而且 Prime 會員福利的使用率仍然很高。

That includes continued strong engagement in Prime's family of digital offerings, like Prime Video's original movies.

這包括繼續大力參與 Prime 的數字產品系列，如 Prime Video 的原創電影。

For example, Prime members helped make The Tomorrow War and Tom Clancy's Without Remorse the #1 streaming movies on their respective opening weekends.

例如，Prime 會員幫助《明日戰爭》和《湯姆克蘭西的無悔》在各自的首映週末成為排名第一的流媒體電影。

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.

亞馬遜廣告正在快速創新，在本季度推出了 40 多項新功能和自助服務功能，通過幫助客戶發現他們的品牌和產品，使賣家、公司和作者更容易發展業務。

Other revenue increased 83% year-over-year in Q2, excluding the impact of foreign exchange, driven largely by continued acceleration in our ads business.

第二季度其他收入同比增長 83%，不包括外彙的影響，這主要是由於我們的廣告業務持續加速。

Moving on to AWS.

繼續使用 AWS。

Revenue growth accelerated across a broad range of customers.

廣泛客戶的收入增長加速。

We see strong growth in enterprises, governments, educational and research institutions and our start-up and digital-native customers.

我們看到企業、政府、教育和研究機構以及我們的初創企業和數字原生客戶的強勁增長。

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.

我們最近宣布了來自不同主要行業的客戶的新承諾和遷移，包括電信領域的瑞士電信和加拿大貝爾、金融服務領域的 BMO 金融集團和 Bancolombia 以及汽車領域的法拉利。

AWS customers recognize that the move to the cloud is very positive for their businesses in the medium and long term.

AWS 客戶認識到，從中長期來看，遷移到雲對其業務非常有利。

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.

像新冠病毒這樣的破壞性經濟事件導致許多人退後一步，思考他們希望如何進行戰略變革，許多人得出的結論是，他們不想擁有和運營自己的數據中心。

They see that they can save money and gain agility and innovation by moving to AWS.

他們發現遷移到 AWS 可以節省資金並獲得敏捷性和創新性。

I'll finish up with some comments on our ongoing investments in operations.

最後，我將對我們在運營方面的持續投資發表一些評論。

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.

當我們考慮過去 18 個月以來我們看到的需求增長時，它需要並將繼續需要對我們的履行網絡進行大量投資。

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.

我們的團隊在為客戶服務和支持我們的供應商和賣家方面做得非常出色，我們一直在努力快速增加產能。

For the trailing 12 months ended Q2, CapEx and equipment finance leases increased 74% versus the prior trailing 12-month period.

在截至第二季度的過去 12 個月中，資本支出和設備融資租賃與之前的過去 12 個月期間相比增長了 74%。

And as usual, most of our 2021 spend in building openings are planned in the second half of this year.

和往常一樣，我們 2021 年在建築開口方面的大部分支出都計劃在今年下半年進行。

This is all part of a multiyear investment cycle for us.

對我們來說，這都是多年投資週期的一部分。

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.

單位數量雖然明顯以低於去年的大比例增長，但繼續保持高位，我們看到對 FBA 和第三方賣家的強勁需求。

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.

因此，還有更多工作要做，包括額外擴建我們的 FC 以及我們的中間一英里和最後一英里能力，以支持我們為客戶提供快速改進的交付服務。

I encourage you to read the business highlights in our press release.

我鼓勵您閱讀我們新聞稿中的業務亮點。

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.

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，再到 AWS 計劃增加 7 個新區域、從明年開始的 NFL 星期四晚上足球到 Black Business Accelerator 計劃，與 Alexa 與福特汽車公司的合作。

We remain heads-down focused on driving a better customer experience.

我們仍然低調專注於推動更好的客戶體驗。

We believe putting customers first is the only reliable way to create lasting value for our shareholders.

我們相信客戶至上是為股東創造持久價值的唯一可靠方式。

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

有了這個，讓我們繼續進行問答。

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

（操作員說明）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.

布賴恩，我只想問 2。回到第二季度的收入。

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?

除了 Prime 支出放緩和重新開放之外，您還有什麼要特別指出的，這可能使您保持在該範圍的中間，而顯然，您在過去一年中的表現與預期相比？

And I guess, in particular, if you talk about Prime Day relative to your expectations?

我想，特別是，如果您談論與您的期望相關的 Prime 會員日？

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.

其次，幾週前的大型商業合作夥伴關係，您似乎更願意與亞馬遜以外的商家合作。

Just hoping you could talk more about the multichannel fulfillment opportunity.

只是希望您能更多地談論多渠道履行機會。

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?

您是否認為您現在擁有物流能力，並且一切都恢復到可以向第三方提供更多這些服務的程度？

Sure.

當然。

Thanks, Doug.

謝謝，道格。

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.

現在，就第二季度的運行率而言，如果你回顧過去幾個季度，我們在確定 COVID 的影響方面做得併不好。

It has -- we've generally overperformed our guidance range.

它已經 - 我們通常超出了我們的指導範圍。

I think last quarter, we had kept the same process, coming off some very high volumes for the last prior 4 quarters.

我認為上個季度，我們保持了相同的流程，在過去 4 個季度的交易量非常高。

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.

實際上，我在第二季度與第一季度及之前看到的唯一區別是我們已經考慮到的同比比較，以及流動性的增加。

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.

我認為人們在世界上接種疫苗和外出的影響，不僅是線下購物，還有生活和外出，它會佔用購物時間。

It's a good phenomenon and it's great.

這是一個很好的現象，而且很棒。

And we just have to appropriately gauge our run rate going forward.

我們只需要適當地衡量我們未來的運行速度。

So Prime Day was very successful.

所以 Prime Day 非常成功。

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.

我們打破了去年秋天的 Prime 會員日創下的紀錄，那是一年中一個非常不同的時間舉行 Prime 會員日，並開始反對提前假日購物。

So we're really pleased.

所以我們真的很高興。

And again, I think it was a great day for -- then for third-party sellers, as I pointed out.

再說一次，我認為這對第三方賣家來說是美好的一天，正如我所指出的那樣。

Doug, on your second question, it's Dave here.

道格，關於第二個問題，我是戴夫。

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.

我只想說，我們的重點是增加容量以滿足布賴恩在開場白中談到的當前高客戶需求。

Now we're always working to develop new and innovative ways to support partners, SMBs, in particular, who sell on Amazon.

現在，我們一直在努力開發新的創新方式來支持合作夥伴，尤其是在亞馬遜上銷售的中小型企業。

And that includes testing shipping programs and newer initiatives that can help those businesses get packages to customers quickly and reliably.

這包括測試運輸計劃和更新的計劃，可以幫助這些企業快速可靠地向客戶提供包裹。

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.

因此，請繼續看到我們尋找能夠在相對於我們已經在我們的網絡中看到的客戶需求合適的地方進行創新的方法。

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

您的下一個問題來自 Colin Sebastian 和 Baird。

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.

我想標題結果中的某種掩蓋實際上是該業務利潤率較高的領域的表現相當穩健，包括第三方服務、訂閱、AWS 和廣告。

And I think that was evident in gross margin as well.

我認為這在毛利率上也很明顯。

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?

所以我想我的問題是，是否有任何刻意轉向這些服務，或者這只是你在 5 月中旬之後看到的稍弱趨勢的結果？

And then secondly, is Prime Day still a once-per-year phenomenon?

其次，Prime Day 仍然是一年一次的現象嗎？

Or would you consider separate events spread out during the same year to capitalize on different seasonal trends?

還是您會考慮在同一年分散舉辦不同的活動以利用不同的季節性趨勢？

Sure.

當然。

On the second question, I don't have anything to announce today.

關於第二個問題，我今天沒有什麼要宣布的。

Our trend has been once a year.

我們的趨勢是一年一次。

Of course, it's moved between quarters the last 3 years.

當然，它在過去 3 年的季度之間移動。

So that's all I have on that one.

這就是我所擁有的。

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.

至於利潤率較高的領域以及這是否是一個有目的的策略，我想說的是，但如果你看看它們是什麼，第三方尤其是我們 FBA 計劃中實力的延續。

I think the sellers are doing a great job of adding additional selection.

我認為賣家在增加額外選擇方面做得很好。

That's very valuable and reinforces our flywheel.

這是非常有價值的，並加強了我們的飛輪。

And we like to see that, and you see that third-party percent of units went up from 53% last year to 56%.

我們希望看到這一點，您會看到第三方單位的百分比從去年的 53% 上升到 56%。

And that's a steady mark.

這是一個穩定的標記。

We've seen that.

我們已經看到了。

As we said, the third-party sellers are doing a great job, and we like to see that.

正如我們所說，第三方賣家做得很好，我們希望看到這一點。

On advertising, advertising is, again, another part of our flywheel.

在廣告方面，廣告又是我們飛輪的另一部分。

We have traffic coming in for the consumer business.

我們有流量進入消費者業務。

And if we do a good job with advertising, we'll make it an additive experience for our customers and our sellers and vendors.

如果我們在廣告方面做得很好，我們將為我們的客戶以及我們的賣家和供應商提供一種附加體驗。

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.

因此，我們的工作就是確保它是一種相關的體驗，並增加您的購物體驗，並幫助您找到您可能無法找到或者更難找到的選擇。

And then on AWS, AWS is, again, its own separate part of the business.

然後在 AWS 上，AWS 再次成為業務的獨立部分。

It has been 15 years in the development, and we think our scale and experience really pays dividends.

發展至今已有 15 年，我們認為我們的規模和經驗確實帶來了回報。

If you look at the last quarter, AWS added more revenue quarter-over-quarter and year-over-year than any quarter in our history.

如果您查看上一季度，AWS 的收入環比和同比增長超過了我們歷史上任何一個季度。

We're now a $59 billion annualized run rate business, and that's up from $43 billion at this time last year.

我們現在的年化運行率業務為 590 億美元，高於去年這個時候的 430 億美元。

So those are output measures, as we like to say.

因此，正如我們喜歡說的那樣，這些是產出措施。

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.

投入措施在產品上做得很好，增加了新的能力，並能夠與我們的客戶一起解決他們的問題。

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.

我認為這就是你所看到的，它與許多公司重新強調進入雲計算相吻合。

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.

當他們尋求實現這種轉變時，就是放棄控制權並讓自己選擇長期合作夥伴，我們為公司選擇我們進行這一旅程而感到自豪。

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.

我有2個，1個有點挑剔，1個大圖。

The nitpicky one, Brian, fulfillment costs, I guess, on a per unit basis was pretty high in the second quarter relative to normal seasonality.

挑剔的布萊恩，我猜，相對於正常的季節性，第二季度的單位履行成本相當高。

Can you talk to us about what's driving that?

你能和我們談談是什麼推動了這一點嗎？

Is that new build, new square feet or is there sort of inefficiencies that went on in the quarter in fulfillment?

是新建築、新平方英尺還是本季度在履行過程中出現了某種低效率？

And the second one, sort of a bigger picture.

第二個，有點像更大的圖景。

I think last quarter, you talked a little bit about same-day in Europe.

我想上個季度，你談到了歐洲的同一天。

There's been some headlines about same-day.

有一些關於同一天的頭條新聞。

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?

我們如何看待——或者我們應該如何考慮將更大的當日產品作為投資過程的一部分，只是為了維持和增加你在雜貨和消耗品中的份額？

Sure.

當然。

Thanks.

謝謝。

Yes, I would say on the fulfillment side, there are a number of things.

是的，我會說在履行方面，有很多事情。

First, we're adding a lot of capacity.

首先，我們增加了很多容量。

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.

如果您退後一步，亞馬遜配送的商品數量，即來自我們的配送中心（零售和 FBA）的商品數量在過去 2 年翻了一番。

And the AMZL, the delivery arm of our business, has more than doubled in that time period.

而我們業務的交付部門 AMZL 在此期間增長了一倍以上。

So you can see there's been very strong multiyear demand here that we are still catching up with from last year.

因此，您可以看到這裡的多年需求非常強勁，我們仍在追趕去年。

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.

所以大部分——我之前提到過，我們在第二年的資本支出和設備租賃的同比增長是 74%——在 6 月底，與去年同期的 38% 相比。

So we're continuing to add, and most of that development is really ahead of us, in the second half of the year.

所以我們會繼續增加，大部分的發展真的在我們面前，在今年下半年。

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.

因此，如果您與我們一起工作了很長時間，您就會知道節奏是，隨著我們增加需求——或者對不起，隨著我們增加容量，從招聘到啟動，再到培訓，都會產生很多額外的成本，使該建築物或分類中心或交付站啟動並運行。

It usually takes a multiyear period to tame those assets.

馴服這些資產通常需要多年時間。

And we've literally nearly doubled our network here in the last 18 months from a size standpoint.

從規模的角度來看，在過去的 18 個月裡，我們的網絡幾乎翻了一番。

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，我們的履行和運營團隊付出了很多努力，以幫助降低成本。

The other thing is wage pressure has become evident.

另一件事是工資壓力已經變得明顯。

We've talked about this a bit.

我們已經談了一點。

The wage increase for -- that we normally would do in October, we pulled forward into May.

我們通常會在 10 月加薪，但我們提前到了 5 月。

We're spending a lot of money on signing and incentives.

我們在簽約和獎勵上花了很多錢。

And while we have very good staffing levels, it's not without a cost.

雖然我們的人員配備水平非常好，但這並非沒有成本。

It's a very competitive labor market out there.

這是一個競爭非常激烈的勞動力市場。

And certainly, the biggest contributor to inflationary pressures that we're seeing in the business.

當然，這是我們在業務中看到的通脹壓力的最大貢獻者。

Brian, on the second point just around speed, as we've talked about many times, customers respond well to the fast, high-quality delivery.

布賴恩，關於速度的第二點，正如我們多次談到的那樣，客戶對快速、高質量的交付反應良好。

And of course, back in 2019, we were talking at that time about expanding the 1-day delivery in the U.S. -- in Europe.

當然，早在 2019 年，我們當時就在談論擴大在美國 - 在歐洲的 1 天交貨。

One-day delivery, as part of Prime, in most of those sizable European countries where we operate, has been standard for many years.

作為 Prime 的一部分，在我們開展業務的大多數大型歐洲國家/地區，一日送達多年來一直是標準。

We're investing in the transportation network to support the demand.

我們正在投資交通網絡以支持需求。

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.

過去幾年我們一直在談論的資本投資的很大一部分，當然，自大流行開始以來，一直在支持中端和最後一英里容量方面的努力，以跟上和支持這種需求。

So as we've been saying here, that work is not done yet.

因此，正如我們在這裡所說，這項工作還沒有完成。

We're continuing to expand.

我們正在繼續擴展。

You'll see that investment throughout 2021.

您將在整個 2021 年看到這項投資。

And that growing transportation network will support faster delivery times for customers.

不斷增長的運輸網絡將為客戶提供更快的交貨時間。

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.

在美國，當日送達以及當日送達在有意義且網絡正在增長的地方正在改善。

So we'll have to continue to see how we go, but we're focused on those data points.

所以我們將不得不繼續觀察我們的進展，但我們專注於這些數據點。

And we're also focused on improving delivery precision as a way of improving the quality of the overall offering.

我們還專注於提高交付精度，以此作為提高整體產品質量的一種方式。

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.

我有 2 個問題。

One, within online stores, was there any particular area of softness during the quarter?

第一，在網上商店中，本季度是否有任何特定的疲軟區域？

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.

我只是在考慮一些產品類別可能已經回歸，或者實際上相反，隨著重新開放，您可能會強調這些產品類別的需求可能會下降。

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?

然後，當您超越第三季度和第四季度時，你們在接下來的幾年中總體上對電子商務有什麼樣的增長假設來製定預算並針對機會進行投資？

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?

我只是在想，你們是在假設電子商務的增長仍然存在——還是回到 COVID 之前的水平，或者保持在較高的水平？

Sure.

當然。

Let me start with the online store's revenue.

讓我從在線商店的收入開始。

You're probably looking at the growth rate of 13% in Q2 versus the revenue growth -- FX-neutral revenue growth rate of 24%.

您可能正在查看第二季度 13% 的增長率與收入增長——外匯中性收入增長率為 24%。

I would point you back to last year in Q2 that online stores grew 49%.

我會讓你回到去年第二季度，在線商店增長了 49%。

There were restrictions on what we stocked in our warehouses.

我們在倉庫中的庫存受到限制。

And remember, we had to constrain space for a lot of third-party sellers as well as our retail offering.

請記住，我們必須為許多第三方賣家以及我們的零售產品限制空間。

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.

但去年第二季度早期的組合轉變為更多的是零售組合和最惠國組合，然後它又轉回更像你過去看到的平衡組合。

On forward investment, here's how I'd explain it.

關於遠期投資，我是這樣解釋的。

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.

我們 - 再次，我們坐在這裡，需求量在亞馬遜實現的網絡基礎上有所增加，它們在 2 年內翻了一番。

So we are not back to where we want to be on a number of dimensions.

因此，我們沒有回到我們想要在多個維度上達到的位置。

We handled Q4 last year.

我們去年處理了第四季度。

We've been playing catch-up pretty much since the pandemic started.

自大流行開始以來，我們一直在追趕。

But what suffered is space and space constraints and that's -- it's gotten better but it was a factor last year.

但遭受的是空間和空間限制，這是 - 它變得更好，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.

而且我們的 1 天交貨百分比已經下降，並且沒有恢復到美國大流行前的水平。

It's on par and getting better than pre-pandemic in Europe.

它與歐洲大流行前的情況相當並且正在變得更好。

But in the United States, while it's improving, it still hasn't reached the pre-pandemic level.

但在美國，雖然情況有所好轉，但仍未達到大流行前的水平。

So we have a lot of growth to do there.

所以我們在那裡有很多增長要做。

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.

至於購買的粘性，我認為去年購買的東西肯定有很多零售商沒有重複，比如早期的消耗品、手套、清潔用品、電腦顯示器，你用來裝扮你的房子。

You probably go through your own checklist of purchases and say, "Okay, I probably will not do this every year."

您可能會查看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.

但是，在線商務出現了健康的運動。

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.

我們增加了 Prime 會員，我們擁有的 Prime 會員已經增加了他們與我們的購買，這一直是計劃的一部分，也是一個好兆頭。

It means we're offering them more things that they can buy and satisfying more their demand needs.

這意味著我們正在為他們提供更多他們可以購買的東西，並滿足他們更多的需求。

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.

因此，即使在第二季度，正如我所說，費率開始放緩時，在本季度，這些 Prime 會員的購買量仍然同比增長。

They just didn't grow at the same clip that they had in the prior 3 or 4 quarters.

他們只是沒有以與前 3 或 4 個季度相同的速度增長。

So that's a good sign.

所以這是一個好兆頭。

And we like the engagement levels and the retention levels that we see with Prime members.

我們喜歡 Prime 會員的參與度和保留度。

So all in all, a very positive story on that front has accelerated the model quite a bit.

所以總而言之，在這方面的一個非常積極的故事已經大大加速了這個模型。

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.

再一次，我們只需要意識到一些比較問題，也許可以看看一段時間內的 2 年復合年增長率來判斷我們在該進展方面的進展，因為有很多來龍去脈，尤其是在 Prime 會員日四處走動的情況下。

So hopefully, that answers your question.

所以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.

所以布賴恩，似乎大流行已經引發了中小型企業加快在線業務的緊迫性。

So I was wondering if your third-party marketplaces platform is seeing perhaps a faster influx of more sellers or emerging brands.

所以我想知道您的第三方市場平台是否會看到更多賣家或新興品牌更快湧入。

And following up on the labor market commentary there.

並跟進那裡的勞動力市場評論。

Do you think you will see any incremental headwinds, hiring the necessary people for fulfillment centers this year?

你認為你會看到任何增加的逆風，今年為履行中心招聘必要的人員嗎？

Stephen, it's Dave.

斯蒂芬，是戴夫。

I'll take that first question just around SMBs and behavior.

我將圍繞 SMB 和行為提出第一個問題。

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.

我認為，看，我們在構建我們認為的服務方面已經看到了 20 年的進步 - 在我們的業務中引起了我們的共鳴，但也很早就尋求將這些服務和產品外部化給賣家特別是隨著時間的推移，中小型企業。

Obviously noteworthy was FBA and many other features.

顯然值得注意的是 FBA 和許多其他功能。

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.

所以我認為——你所看到的實際上只是團隊圍繞物流、品牌代表所做的努力的延續。

More recently, in recent years with some of the advertising features, we've been able to develop surface for all our selling partners.

最近幾年，通過一些廣告功能，我們能夠為所有銷售合作夥伴開發表面。

And so I think that's a big area and a big part of commitment.

所以我認為這是一個很大的領域，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.

所以我不知道我會在短期內特別指出任何事情，只是說我們繼續看到強勁的勢頭。

On a units basis, as we give that metric every quarter, about 56% of our overall total paid units are third party.

在單位的基礎上，正如我們每季度給出的指標一樣，我們的總付費單位中約有 56% 是第三方的。

That's up about 300 basis points year-over-year.

同比增長約 300 個基點。

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，期待我們繼續為賣家和其他一些 SMB 功能在世界各地的 FBA 中做出努力，繼續在那裡獲得動力。

And on the labor comment, we can't predict too far in the future.

而關於勞工評論，我們無法預測未來太遠。

We've got a labor estimate in our Q3 guidance.

我們在第三季度的指導中對勞動力進行了估計。

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.

我想說這是經濟增長和行業開放的複雜組合，政府在某些領域的支付可能會影響人們的工作，以及孩子們是否在秋季完全重返學校。

So there's a lot of dynamics.

所以有很多動態。

We do count on having more employees in Q3 and Q4, as you know, from our ramp-up to the holidays.

如您所知，從我們的增產到假期，我們確實希望在第三季度和第四季度擁有更多員工。

So I would probably count on wage pressure remaining for the immediate future.

所以我可能會指望在不久的將來仍然存在工資壓力。

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.

我只想問國際營業收入。

It's -- if you look at the results, it's now producing consistently positive results here.

它是——如果你看一下結果，它現在在這裡產生了持續的積極結果。

And so can you talk to us a little bit more -- just talk to us a little bit more about what's driving that.

所以你能和我們多談談 - 多談談是什麼推動了這一點。

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?

這是大多數主要構建現在完成的結果，並且您正在看到履行中心的效率，因此我們應該看到這種趨勢繼續下去嗎？

Or is there something else that's driving international operating income just remaining positive here?

還是有其他因素推動國際營業收入保持正增長？

Sure.

當然。

Ron, thanks for your question.

羅恩，謝謝你的問題。

Yes, we have had strong international results in the last 5 quarters or so.

是的，我們在過去 5 個季度左右取得了強勁的國際業績。

Noticeably, there have been positive operating income, which had not been the trend prior to Q2 of last year.

值得注意的是，營業收入出現了正增長，這在去年第二季度之前並非如此。

I would say the major factors here are the acceleration of growth.

我想說這裡的主要因素是增長的加速。

So we've, in some ways, put the 2 years out-growth on top of today's assets.

因此，在某些方面，我們將 2 年的超額增長置於今天的資產之上。

That's a lot of stress but it's a lot of leverage of the assets that we have.

這是很大的壓力，但它對我們擁有的資產有很大的影響。

And as we've talked about before, our fulfillment centers and operations have been running pretty much at peak since May of last year.

正如我們之前談到的，自去年 5 月以來，我們的履行中心和運營一直處於高峰期。

It's starting to mitigate a bit but it's a strong undercurrent.

它開始有所緩解，但這是一股強大的暗流。

But having said that, we continue to invest in international expansion.

但話雖如此，我們繼續投資於國際擴張。

You may have noticed that we added Portugal as a Prime country last quarter.

您可能已經註意到我們在上個季度將葡萄牙添加為主要國家/地區。

We have investments in Brazil, in India, in the Middle East, in a number of countries.

我們在巴西、印度、中東和許多國家都有投資。

So we continue to add new countries.

所以我們繼續添加新的國家。

We have a strong performance in our more established countries like Europe and Japan.

我們在歐洲和日本等更成熟的國家表現出色。

And so it's a bit of a mixed bag.

所以這有點好壞參半。

But right now, again, the performance is very strong.

但現在，再次，表現非常強勁。

The foreign exchange rate has been favorable as well the last few quarters, so that has helped.

過去幾個季度的外匯匯率也很有利，所以這有所幫助。

But really pleased with the performance of our international teams.

但對我們國際團隊的表現感到非常滿意。

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.

我們將再次看到它——我們的投資計劃——我們的計劃顯然是從長遠來看是為了賺錢，但我們在這些國家中的許多國家已經提前推出了 Prime 福利，而他們本來可以看看他們是否與我們在美國的發展軌跡相同。因此對 Prime 福利有一些前瞻性投資，尤其是像視頻這樣的東西，我們知道這些東西會引起客戶的共鳴，對 Prime 計劃有好處，最終會變成真的強大的企業。

Our next question comes from Jason Helfstein with Oppenheimer.

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

So maybe 1 on Amazon, then a follow-up.

所以可能是亞馬遜上的 1 個，然後是後續的。

So Amazon -- sorry, AWS.

所以亞馬遜——對不起，AWS。

So you saw a 10% sequential growth in the quarter.

因此，您在本季度看到了 10% 的連續增長。

You saw that also in the fourth quarter.

你在第四季度也看到了這一點。

Was there anything around reopening that made second quarter AWS exceptionally strong and that we should kind of keep in mind going forward?

重新開放期間是否有任何事情讓 AWS 第二季度異常強勁，我們應該牢記未來？

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?

還是我們覺得這對於 AWS 來說是一個正常的季度，這對業務來說是一個很好的節奏？

And then just a follow-up.

然後只是跟進。

Just your -- maybe your point about the ability to kind of keep up.

只是你的 - 也許你關於跟上能力的觀點。

Is there any kind of throttling of FBA that's going on just because you don't have the capacity?

是否會因為您沒有能力而對 FBA 進行任何形式的限制？

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?

或者你是想說你可能正在失去其他賣家的份額，這些賣家可以承諾更快地將商品送到客戶手中，但物流和最後一英里等方面仍然存在一些挑戰？

Let me start with that second question.

讓我從第二個問題開始。

No.

不。

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.

我的評論實際上是關於去年的空間限制，這確實影響了我們的供應商和我們的零售業務以及我們的第三方業務。

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.

這可能在去年第二季度更為明顯，尤其是 4 月和 5 月初，因為我們正在努力以一種有益和安全的方式充分配備人員，並建立更多的能力。

In Q4, again, we were handling volumes that were somewhat unheard of year-over-year.

在第四季度，我們再次處理了同比聞所未聞的交易量。

Our Q4 growth rate was 42%.

我們的第四季度增長率為 42%。

That's usually not the case.

通常情況並非如此。

And it's magnified at peak when we're already handling the highest volumes of the year.

當我們已經處理了今年的最高交易量時，它會在高峰期被放大。

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.

所以我想說的是，我們的空間規劃，如果你願意的話，為我們的第三方賣家節流空間不是我們喜歡做的事情。

We don't think we're the only ones who had that issue, and that's why we're building out our network.

我們不認為我們是唯一遇到這個問題的人，這就是我們建立網絡的原因。

So quickly -- in our minds, it's hard to do quickly but we're moving as quickly as possible.

這麼快——在我們看來，這很難做到快，但我們正在盡可能快地行動。

And again, we have a lot of new capacity being added in the second half of the year.

同樣，我們在下半年增加了很多新產能。

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.

關於 AWS 的增長，如果你看一下去年的運行率，我們在第一季度的增長率為 33%，在過去的三個季度下降到 29%，從 29% 到 28%。

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.

總有很多年復一年的事情，但是 - 繼續，但我們確實注意到，去年，公司做了很多努力來限制他們的支出並更有效地運營，因為我們都陷入了一種需求曲線未知，一些行業受到的傷害比其他行業更嚴重。

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.

如果您還記得的話，我們工作過——實際上，我們與客戶非常努力地幫助他們盡可能降低對 AWS 服務的需求，以匹配任何新的需求模式。

We also helped people scale very quickly.

我們還幫助人們快速擴展。

Companies like Disney+, Netflix and others were very glad that AWS was there to help them scale to meet volumes very quickly.

像 Disney+、Netflix 和其他公司這樣的公司非常高興 AWS 能夠幫助他們快速擴展以滿足數量需求。

So there's a lot of mixed bag there.

所以那裡有很多混合包。

We think that it was a strong performance this quarter.

我們認為本季度表現強勁。

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.

我們確實看到了新合同和新客戶的良好趨勢，他們要么與 AWS 簽約並踏上雲之旅，要么加速他們的雲之旅，或與我們簽訂新的長期合同。

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

我們的最後一個問題將來自美國銀行的 Justin Post。

A couple.

一對夫婦。

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?

沒有人真正提到 CEO 的變化，所以我想知道他是否不在電話會議中，但方向、投資理念或 AWS 的任何更多集成或任何我們應該注意的與該變化相關的任何變化？

And then second, AWS margins, really strong revenues.

其次，AWS 的利潤率，非常強勁的收入。

The margins came down quarter-over-quarter.

利潤率環比下降。

Can you just remind us of what drives some of that margin fluctuation?

您能否提醒我們一些導致保證金波動的原因？

Sure.

當然。

Let me start with the second one.

讓我從第二個開始。

So again, at any point in time, there's a lot of cost pressures in the operating margins of AWS.

因此，在任何時候，AWS 的運營利潤率都面臨著很大的成本壓力。

There's growth, which helps us leverage our assets.

有增長，這有助於我們利用我們的資產。

There's increasing the efficiency of our servers and the efficiency of our sales force.

我們的服務器效率和銷售人員的效率都在提高。

Those are all positives.

這些都是積極的。

On the flip side, there's price decreases, there's new contracts signed with large players for multiple years.

另一方面，價格下降，與大型企業簽訂了多年的新合同。

So there's pricing pressure.

所以有定價壓力。

There's also the expansion of the sales force and building infrastructure to add new regions globally.

還有銷售隊伍的擴大和基礎設施的建設，以在全球範圍內增加新的地區。

So as we said, these margins are going to bounce around.

因此，正如我們所說，這些利潤率將會反彈。

We're happy with the Q2 margins.

我們對第二季度的利潤率感到滿意。

I would note that there was a negative impact from foreign exchange that was about 150 basis points.

我會注意到外彙的負面影響約為 150 個基點。

But even at 28.3%, it's a strong margin for this business.

但即使是 28.3%，這對這項業務來說也是一個強勁的利潤率。

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.

我們知道它會隨著我們的投資而反彈，但也會非常努力地擴大我們的業務規模並有效地運營我們的資產。

On the leadership change, as you expect, Andy has hit the ground running.

正如你所料，在領導層變動上，安迪已經開始行動了。

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.

他繼續對客戶體驗、高標準的卓越運營、創造力、失敗的意願以及亞馬遜在內部和外部眾所周知的所有其他方面保持著非常高的標準。

I think we've had a good handoff.

我認為我們已經進行了很好的交接。

Jeff, of course, is moving into an Executive Chairman role, and he will not be leaving.

當然，傑夫正在擔任執行主席一職，他不會離開。

He's obviously continuing to be very involved in, as we say, the one-way door decisions.

正如我們所說，他顯然繼續非常參與單向門的決定。

We've also had a good leadership change at AWS with Adam Selipsky coming in.

隨著 Adam Selipsky 的加入，我們在 AWS 的領導層也發生了很好的變化。

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.

亞當本人擁有豐富的亞馬遜歷史和知識以及外部 CEO 經驗，這使他在回歸後變得更加強大。

So we feel really good about the transition.

所以我們對過渡感覺非常好。

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.

當然，不要指望任何下降，並期望安迪添加他獨特的積極態度、樂觀和前瞻性的品牌，以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.

感謝您今天加入我們的電話會議並提出您的問題。

A replay will be available on our IR website for at least 3 months.

重播將在我們的 IR 網站上提供至少 3 個月。

We appreciate your interest in Amazon, and we look forward to talking with you again next quarter.

感謝您對亞馬遜的興趣，我們期待下個季度再次與您交談。