亞馬遜 (AMZN) 2021 Q1 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q1 2021 Financial Results Teleconference. (Operator Instructions)

感謝您的支持。大家好，歡迎參加亞馬遜 2021 年第一季財務業績電話會議。 （操作員指示）

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.

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 Q1 2021 financial results conference call. Joining us today to answer your questions is Brian Olsavsky, our CFO.

您好，歡迎參加我們 2021 年第一季財務業績電話會議。今天，我們的財務長 Brian Olsavsky 將與我們一起回答您的問題。

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.

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, April 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今天（2021 年 4 月 29 日）的觀點，並將包括前瞻性陳述。實際結果可能存在重大差異。有關可能影響我們財務表現的因素的更多資​​訊包含在今天的新聞稿和我們向美國證券交易委員會提交的文件中，包括我們最近的 10-K 表年度報告和後續文件。

During this call, we may discuss certain non-GAAP financial measures. In our press release, slides accompanying this webcast and our filings with the SEC, each of which is posted on our IR website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures.

在本次電話會議中，我們可能會討論某些非公認會計準則財務指標。在我們的新聞稿、本次網路廣播附帶的幻燈片以及我們向美國證券交易委員會提交的文件中（每一份都發佈在我們的投資者關係網站上），您將找到有關這些非公認會計準則指標的更多披露，包括這些指標與可比公認會計準則指標的對帳。

Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions. Our results are inherently unpredictable and may be materially affected by many factors, including 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的影響；勞動力配備和生產力；以及我們在員工安全措施方面的大量且持續的支出；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 will touch upon a few highlights from the first quarter of the year. Let me start by highlighting the momentum we are seeing in AWS.

感謝您今天加入我們。在進入問答環節之前，我想先談談今年第一季的一些亮點。首先，我要強調一下我們在 AWS 中看到的發展動能。

In the first quarter, AWS revenue growth accelerated across a broad range of customers. During COVID, we've seen many enterprises decide that they no longer want to manage their own technology infrastructure. They see that partnering with AWS and moving to the cloud gives them better cost, better capability and better speed of innovation. We expect this trend to continue as we move into the post-pandemic recovery.

第一季度，AWS 在廣泛客戶群中營收成長加速。在 COVID 期間，我們看到許多企業決定不再管理自己的技術基礎設施。他們認為與 AWS 合作並遷移到雲端可以為他們帶來更優惠的成本、更強大的功能和更快的創新速度。我們預計，隨著我們進入疫情後的復甦階段，這一趨勢將會持續下去。

There's significant momentum around the world, including broad and deep engagement across major industries. For example, last quarter, we announced new commitments and migrations from some of the world's most renowned sports leagues, the National Hockey League, the PGA Tour, Formula 1 and the German Bundesliga.

全球範圍內呈現出強勁的發展勢頭，各主要行業之間展開了廣泛而深入的合作。例如，上個季度，我們宣布了來自一些世界最知名的體育聯盟的新承諾和遷移，包括國家冰球聯盟、美巡賽、一級方程式賽車和德國足球甲級聯賽。

We continue to expand our AWS infrastructure footprint to support the strong growth we're seeing. AWS offers 80 availability zones across 25 geographic regions around the world. And we've announced plans to launch 15 more availability zones in 5 more regions.

我們將繼續擴大我們的 AWS 基礎設施覆蓋範圍，以支援我們所看到的強勁成長。 AWS 在全球 25 個地理區域提供 80 個可用區。我們也宣布計劃在另外 5 個地區推出 15 個可用區。

Turning to the consumer business, we continue to see strong customer demand globally in the first quarter. Revenue growth in our international segment grew 50% on an FX-neutral basis year-over-year in Q1 as restrictive regional and national lockdowns were in place throughout the quarter, particularly in the U.K. and Europe. In North America, revenue growth of 39% largely reflects the continuation of demand trends that we have seen since the early months of the pandemic. Third-party sellers were largely comprised of small- and medium-sized businesses, continue to see strong sales and serve more customers. Our 3P seller services revenue increased 60% on an FX-neutral basis year-over-year in the first quarter, growing significantly faster than online stores revenue. Third-party units represented 55% of our total paid units in Q1, up from 52% in Q1 of last year.

談到消費者業務，我們在第一季持續看到全球客戶需求強勁。由於整個季度都實施了限制性的區域和國家封鎖，尤其是在英國和歐洲，我們國際部門的第一季收入按外匯中性計算同比增長了 50%。在北美，39% 的收入成長在很大程度上反映了自疫情爆發初期以來我們看到的需求趨勢的延續。第三方賣家主要由中小型企業組成，繼續保持強勁的銷售動能並服務更多的客戶。我們的 3P 賣家服務收入在第一季按外匯中性計算年增 60%，成長速度明顯快於線上商店收入。第三方單位占我們第一季總付費單位的 55%，高於去年第一季的 52%。

Prime members also continue to shop with greater frequency and across more categories than before the pandemic. These trends have also extended to Prime's digital benefits. Over the past 12 months, Prime Video streaming hours were up over 70% year-over-year. Amazon Studio had its best award season yet, and Prime members can look forward to a strong slate of upcoming original series and films featuring an impressive group of diverse talent and creators. We're also continuing to expand our roster of live sports content, and we're excited to partner with the NFL and be the exclusive home of NFL Thursday Night Football into the next decade.

與疫情爆發前相比，Prime 會員的購物頻率更高，購物類別也更多。這些趨勢也延伸到了 Prime 的數位優勢。在過去的 12 個月中，Prime Video 的串流媒體播放時間年增了 70% 以上。亞馬遜工作室迎來了迄今為止最好的頒獎季，Prime 會員可以期待即將上映的一系列強大的原創劇集和電影，這些劇集和電影由一群令人印象深刻的多元化人才和創作者出演。我們還在繼續擴大我們的現場體育內容陣容，我們很高興能與 NFL 合作，成為未來十年 NFL 週四橄欖球之夜的獨家主場。

Twitch is also seeing great momentum. Hours watched on Twitch nearly doubled year-over-year in the first quarter, and we now average more than 35 million daily visitors. Another popular benefit of Prime membership is Prime Day, and we are excited to announce that we will hold the 2-day savings event during the second quarter. Prime Day is also a great opportunity for our selling partners to reach more customers, and will make supporting small businesses a big focus again this year. We'll have more to share on Prime Day, including the event dates a bit later this quarter.

Twitch 也發展勢頭強勁。今年第一季度，Twitch 的觀看時間與去年同期相比幾乎翻了一番，目前平均每天的訪客人數超過 3,500 萬人。 Prime 會員的另一個受歡迎的福利是 Prime Day，我們很高興地宣布，我們將在第二季度舉辦為期 2 天的優惠活動。 Prime Day 也是我們的銷售夥伴接觸更多客戶的絕佳機會，今年我們將再次以支援小型企業為重點。我們將在 Prime Day 分享更多信息，包括本季度晚些時候的活動日期。

We continue to prioritize the safety and well-being of our employees. In the U.S., Amazon has held on-site vaccination events in 29 states, reaching more than 300,000 frontline employees and contractors. We are watching events closely in Europe and in particular, India, where we have put in place employee initiatives, from medical health lines, teleconsulting, hotel rooms for quarantining and financial support, as well as donating 100 ICU ventilator units to local hospitals. We'll continue to invest in the health and safety of our employees and delivery partners, particularly in our global fulfillment and logistics operations.

我們繼續優先考慮員工的安全和福祉。在美國，亞馬遜已在29州舉辦現場疫苗接種活動，涵蓋超過30萬名第一線員工和承包商。我們正密切關注歐洲，特別是印度的局勢，並在那裡實施了員工倡議，包括醫療健康熱線、遠端諮詢、隔離酒店房間和財政支持，以及向當地醫院捐贈 100 台 ICU 呼吸機。我們將繼續投資於員工和交付合作夥伴的健康和安全，特別是在我們的全球履行和物流業務中。

And finally, to summarize our financial results. Total revenue of $108.5 billion came in above the guidance range of $100 billion to $106 billion. In addition to our strong segment results, advertising revenue within the North America and international segments also accelerated during the quarter. The leverage we are seeing on this higher revenue, combined with strong operational performance led to higher operating income as well.

最後，總結一下我們的財務表現。總收入為 1,085 億美元，高於 1,000 億美元至 1,060 億美元的指導範圍。除了我們強勁的分部業績外，本季北美和國際分部的廣告收入也有所成長。我們看到，更高的收入加上強勁的營運表現也帶來了更高的營業收入。

Operating income of $8.9 billion in Q1 was above our guidance range of $3 billion to $6.5 billion. We incurred a little less than the $2 billion in COVID-19-related operating costs that we had projected in the first quarter. We continue to incur these costs across our global fulfillment network as we maintain social distancing measures, which impacts our productivity and as we make direct investments in employee safety. Looking ahead, we expect to incur approximately $1.5 billion in COVID-19-related operating costs in the second quarter.

第一季的營業收入為 89 億美元，高於我們預期的 30 億美元至 65 億美元範圍。我們第一季預計的與新冠疫情相關的營運成本略低於 20 億美元。由於我們保持社交距離措施，影響了我們的生產力，並且我們對員工安全進行了直接投資，因此我們在全球履行網絡中繼續承擔這些成本。展望未來，我們預計第二季與 COVID-19 相關的營運成本將約為 15 億美元。

Lastly, I'd like to congratulate and thank our employees for making Amazon #1 in the U.S. on LinkedIn's 2021 top companies ranking, an annual list identifying the most sought-after places to work. We appreciate the customer obsession and passion for innovation from teams across the company to make Amazon a great place to work. With that, let's move on to Q&A.

最後，我要祝賀並感謝我們的員工，讓亞馬遜在 LinkedIn 的 2021 年頂級公司排名中名列美國第一，該排名是一份年度榜單，列出了最受歡迎的工作場所。我們感謝公司各團隊對客戶的執著和對創新的熱情，使亞馬遜成為理想的工作場所。接下來，讓我們進入問答環節。

(Operator Instructions) Our first question is coming from Ross Sandler with Barclays.

（操作員指示）我們的第一個問題來自巴克萊銀行的羅斯桑德勒。

A question on last-mile delivery. So you guys are investing pretty aggressively to build out that Amazon control last-mile fulfillment. We see the blue vans driving around everywhere in the Bay Area so congrats on that. So I guess the question is, is how long until you feel like if that's in the right place as far as all your major metros where you want to set that up. And at what stage does the unit cost of shipping start to improve from these initiatives? And I guess, high level, is controlling the last mile allowing you to further penetrate or gain market share in certain categories where speedy delivery is of the essence. Can you talk about that, please?

關於最後一哩交付的問題。所以你們正在積極投資，以建立亞馬遜控制的最後一哩履行能力。我們看到藍色貨車在灣區隨處可見，對此我們表示祝賀。所以我想問題是，多久你才會覺得在所有你想建立它的大都市裡，它都是正確的。這些措施將在哪個階段開始改善運輸單位成本？我認為，高層次就是控制最後一英里，讓你能夠進一步滲透或獲得某些類別的市場份額，而快速交付是至關重要的。你能談談這個嗎？

Ross, thanks for your questions. Yes, let me start with last mile in general. So we're investing heavily. We talked about it last year, our fulfillment, including Amazon Logistics investment, we increased our capacity by 50%. And you can see from our CapEx numbers, the CapEx, including infrastructure, of course, increased to 80% in the trailing 12 months over the prior trailing 12 months. So certainly, a large area of investment, not only fulfillment centers, but also 2 elements of transportation, what we call the middle mile where we're putting sort centers, Amazon Air, line haul, trailers, think of all the intermediate movements between our warehouses and our final delivery stations. And then that last mile was just delivery stations, DSP and seeing our delivery service partners as well.

羅斯，謝謝你的提問。是的，讓我先從最後一英里開始。因此我們正在大力投資。我們去年就討論過這個問題，我們的履行，包括亞馬遜物流投資，我們的產能增加了 50%。從我們的資本支出數據中您可以看到，包括基礎設施在內的資本支出在過去 12 個月比前 12 個月增加了 80%。因此，當然，這是一個大範圍的投資，不僅是配送中心，還有運輸的兩個要素，我們稱之為中間一英里，我們在那裡設置分揀中心、亞馬遜航空、幹線運輸、拖車，想想我們倉庫和最終交貨站之間的所有中間移動。最後一哩路就是配送站、DSP 以及我們的配送服務合作夥伴。

So you talked about costs. We actually think our cost right now is very competitive with our external options, and we measure that very closely. It certainly gets better with demand and amortization and route density, et cetera. But we see, which is very helpful, is the ability to control the whole flow of products from the warehouse to the end customer. Its churn would -- normally was a batch process where we would hand off a large batch of orders to a third party once a day, let's say, to a continuous flow process, where we continually have orders leaving our warehouses 5, 6 times a, day going through middle mile and then to final delivery, either through our AMZL drivers or DSP partners.

所以你談到了成本。我們實際上認為，我們目前的成本與外部選擇相比非常具有競爭力，並且我們對此進行了非常嚴格的衡量。隨著需求、攤銷、路線密度等的增加，情況肯定會變得更好。但我們看到，非常有幫助的是能夠控制從倉庫到最終客戶的整個產品流程。它的客戶流失通常是一個批次處理過程，我們每天會將一大批訂單交給第三方一次，也就是說，這是一個連續流動的過程，我們每天會不斷地有訂單離開我們的倉庫 5、6 次，經過中間一英里，然後通過我們的 AMZL 司機或 DSP 合作夥伴進行最終交付。

So that gives us a lot of ability not only to control the flow of the product, but also flow of information. We're seeing a lot of progress in that area. And I think you'll see it, too, as a customer where you're starting to get more precise estimates of delivery. You'll get notes that say, hey, you're 8 stops away from your delivery, et cetera. Because everyone's busy. A big part of delivery is actually being there sometimes when you need to get -- be there for the delivery. Other times, Of course, you can just have it put on your doorstep and get to it later. But that's -- we see a lot of benefit from that. We also see that there's a lot of cutoff times that we can extend, again, because we pretty much have perfect information between the order placement allocation to warehouses where we're going to pick and box up the product and send it on its way. So lots of advantages. We are continuing to invest, and we'll see a large investment in this area through 2021 as well.

因此，這不僅使我們有能力控制產品流，還使我們有能力控制資訊流。我們在該領域看到了很大的進展。而且我認為，作為客戶，您也會看到這一點，您開始獲得更精確的交貨估算。您會收到通知，上面寫著，嘿，您距離送貨還有 8 個站點，等等。因為大家都很忙。送貨的很大一部分實際上是在你需要送貨的時候在場——在場等待送貨。當然，其他時候，您可以將其放在家門口，稍後再取用。但那是——我們從中看到了很多好處。我們還發現，我們可以延長很多截止時間，因為我們幾乎擁有從訂單分配到倉庫（我們將在倉庫中挑选和裝箱產品並將其發送出去）之間的完美訊息。有很多優點。我們將繼續投資，到 2021 年我們還將看到對該領域的大量投資。

We do think that it may also spill to 2022. That should set us up in really good stead with our capacity. And already, the majority of our units are going through AMZL today.

我們確實認為它也可能延續到 2022 年。這將為我們的產能帶來真正的好處。如今，我們的大多數單位都已開始透過 AMZL 進行審核。

This is David, Ross. Just to add to that, Ryan touched upon it, but there are, an important part of this last mile effort has been the program we've had, the -- Brian called this -- mentioned the delivery services partner program, or the DSP, it's an important part of the last mile network. And that -- just as a reminder, that employs more than 100,000 drivers, and it's been growing for the past few years. And it's really -- it's a program with an incentive for those folks to become small business owners and start their own package delivery business. So it's a great way for those folks to access the delivery technology and the package volumes we have and tapping on the network. And we've got a lot of really cool elements as part of that program, grant programs to support entrepreneurs and minority groups and really help them build out and helps us support a diverse business community as well.

這是大衛，羅斯。補充一下，Ryan 提到了這一點，但最後一英里努力的一個重要部分是我們已經實施的計劃，Brian 稱之為送貨服務合作夥伴計劃，或 DSP，它是最後一英里網絡的重要組成部分。需要提醒的是，該公司僱用了超過 10 萬名司機，而且過去幾年該數字還在不斷增長。這確實是一個激勵人們成為小企業主並開始自己的包裹遞送業務的計劃。因此，對於那些想要利用我們現有的配送技術和包裹量並利用網路的人來說，這是一種很好的方式。我們在該計劃中有很多非常酷的元素，包括資助計劃，以支持企業家和少數群體，真正幫助他們發展，並幫助我們支持多元化的商業社區。

Your next question comes from the line of Brent Thill with Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

On AWS, I'm curious if you could give us a backlog number. And there have been a lot of questions about the incredible backlog strength you've seen in the last several quarters, and it finally seems that you're seeing the conversions between that backlog growth and now revenue growth accelerating. If you could just comment a little more on that conversion and how you expect it to trend.

關於 AWS，我很好奇您是否可以給我們一個積壓數量。在過去幾個季度中，人們對您看到的令人難以置信的積壓訂單實力提出了很多疑問，現在看來，您終於看到了積壓訂單增長與現在的收入增長之間的轉換正在加速。如果您能就該轉換以及您預期的趨勢再多發表一些評論的話。

Yes, hey Brent, it's Dave. I think it's -- the backlog growth, just to give you the figures for March 31, it's $52.9 billion. The weighted average life is about where we've been for the past several quarters, so about -- a little over 3 years in terms of the weighted average remaining life. So that's up about 55% right now. So it really continues to be really strong and really pleased with that.

是的，嘿，布倫特，我是戴夫。我認為這是——積壓訂單的增長，僅給出 3 月 31 日的數據，即 529 億美元。加權平均壽命與過去幾季的情況大致相同，因此，就加權平均剩餘壽命而言，大約為 3 年多一點。目前這一數字已上漲約 55%。因此它確實繼續保持強勁，對此我真的很高興。

I think that's backlog figures, but also just the revenue growth and the momentum we're seeing in here is a lot of hard work and innovation on the teams and growing teams and reaching out and working with those. And so you can expect to continue to see customers making these long-term commitments. We think it's a representation you think of a lot of companies that have worked with us, been engaged with us, been with us. And as they get better comfort line of sight with what they want to do. And as we are able to add even more value and services, it's just a great partnership and a relationship that they want to build with us over those multiyear periods.

我認為這是積壓數據，但也只是收入成長，我們在這裡看到的勢頭是團隊的大量努力和創新以及團隊的成長以及與他們接觸和合作。因此，您可以期待繼續看到客戶做出這些長期承諾。我們認為，這代表著許多與我們合作過、與我們交往過、與我們合作過的公司。隨著他們對自己想要做的事情有了更清楚的認識。而且，隨著我們能夠增加更多的價值和服務，他們希望在多年的時間裡與我們建立良好的合作夥伴關係和關係。

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。

Maybe just a 2-part question. First, Brian, you touch upon this a little bit in your prepared remarks about the acceleration in international growth. Can you maybe just speak to the drivers there. And in, particularly in markets where COVID is no longer a major issue, have you seen any particular declines or maybe just slowdown in e-commerce demand or a decline in growth? It seems like they're going in different directions in Europe, for instance, it seems like the -- a lot of these markets are still very much under lockdown, yet your international business has grown pretty significantly. I don't know if there is positive or negative correlation.

也許只是一個由兩個部分組成的問題。首先，布萊恩，您在準備好的關於國際成長加速的發言中稍微談到了這一點。你能和那裡的司機談談嗎？特別是在 COVID 不再是主要問題的市場中，您是否看到任何特定的下降，或者只是電子商務需求的放緩或成長的下降？例如，在歐洲，他們似乎朝著不同的方向發展，其中許多市場似乎仍處於封鎖狀態，但你們的國際業務卻成長相當顯著。我不知道是否有正相關或負相關。

Yes. Thanks, Youssef. Yes, I would say we're seeing strength pretty much across the board in international. And it does vary by country. But if you just step back a minute, on an, even on an FX-neutral basis, we grew 50% in the quarter. We grew 50% last quarter, although that's aided by the fact that Prime Day was in Q4 this year. But if you look at the growth rate prior to COVID and post-COVID, in the international segment, on a -- even on an FX-neutral basis, has been tripling their prior growth rate in revenue anyway.

是的。謝謝，優素福。是的，我想說我們在國際上幾乎全面看到了實力。而且它確實因國家而異。但如果你稍退一步來看，即使不考慮外匯因素，我們本季也成長了 50%。上個季度我們的成長了 50%，儘管這得益於今年第四季的 Prime Day。但是，如果你看一下新冠疫情之前和疫情之後的增長率，在國際領域，即使不考慮外匯影響，其收入增長率也已經是之前增長率的三倍。

So very strong and probably advancement of the model in a lot of countries by a year or more. And we're really pleased that we've been able to show our value to those customers, not only with our shipments and our ability to deliver and get them what they need to survive in homes in place during the pandemic, but also the strength that we've seen in the digital offering and the adoption of video, music, our devices. So it's really -- and we're forward investing, as you know, in that, in international with a lot of those Prime benefits. So it's really -- it's good to see as the underlying consumer shipping business, part of it grows, that we're still seeing healthy engagement and growing engagement.

因此，該模式非常強勁，並且可能在許多國家/地區提前一年或更長時間。我們非常高興能夠向這些客戶展示我們的價值，不僅透過我們的發貨量和我們交付並獲取他們在疫情期間居家生存所需物品的能力，而且透過我們在數位產品和視頻、音樂、我們的設備的採用方面所看到的優勢。所以這確實是 — — 如你所知，我們正在國際上進行前瞻性投資，享受許多 Prime 福利。因此，隨著基礎消費者運輸業務的一部分成長，我們仍然看到健康的參與度和不斷增長的參與度，這真是令人欣慰。

So I don't have a downside case yet. In fact, surprised a bit by the growth. I don't think we normally would have forecasted 50% growth in Q1. And certainly stressing our operations. But I would -- my hat's off to the operations team, they handled the volumes in Q1 very efficiently. Costs were very much under control. We started to see strong leverage of our fixed assets, especially our fulfillment center and transportation assets.

所以我目前還沒有發現任何不利的情況。事實上，這種成長確實讓人有點驚訝。我認為我們通常不會預測第一季的成長率為 50%。這無疑為我們的行動帶來了壓力。但我會——我對營運團隊表示敬意，他們非常有效率地處理了第一季的業務量。成本得到了很好的控制。我們開始看到我們的固定資產，特別是我們的履行中心和運輸資產的強大槓桿作用。

And this is Dave. And just these aren't big contributors by any means to the growth numbers Brian was talking about. But I think along with those efforts in countries we've been in for some period of time. We're continuing to open up new regions. If you look back, Poland recently opened up in March, Sweden opened up in the fourth quarter of last year. And even in some regions that we've been in for a few years, places like Turkey, we launched Prime in the back half of last year. So there's a lot of good effort and thought going into -- by the teams to continue kind of taking what we're learning in each of these geographies and feeding it back into a local presence to take advantage of everything we've learned with Prime and the broader consumer-facing experience.

這是戴夫。但無論如何，這些對於 Brian 所說的成長數字來說都不是一個很大的貢獻者。但我認為，隨著這些國家的努力，我們已經在那裡待了一段時間了。我們正在繼續開拓新的地區。如果你回顧一下，波蘭最近在三月開放了，瑞典在去年第四季開放了。甚至在我們已經進入幾年的一些地區，例如土耳其，我們也在去年下半年推出了 Prime。因此，團隊付出了很多努力和思考，繼續將我們在每個地區學到的知識回饋到當地業務中，以充分利用我們在 Prime 和更廣泛的面向消費者的體驗中學到的一切。

Your next question comes from the line of Ed Yruma with KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Ed Yruma。

You guys clearly took some market share with delivery and grocery during the pandemic. Just wondering how -- what the consumer behavior has been post -- is it proving to be sticky? And just kind of zooming out, talking about grocery broadly, how the fresh store's performed?

在疫情期間，你們顯然在送貨和雜貨方面佔據了一些市場份額。我只是想知道——消費者的行為是怎樣的——它是否具有黏性？並且只是稍微擴大範圍，廣泛地談論雜貨，新鮮商店的表現如何？

Sure. Grocery has been a great revelation during the post-pandemic period here. I think people really value the ability to get home delivery. And we've seen that as numbers go up considerably pre and post-pandemic. So -- but we've also worked very hard to increase our capacity during that time period. In the United States, we're delivering out of our Whole Foods stores, and we've engaged -- we'll be allowed to pick up a greater expansion of pickup at Whole Foods stores. Amazon Fresh became a free Prime benefit, as you know, in the late part of 2019. And customers really adopted it and continue to see strong growth. So I think on the fresh stores, it's a little too early. The stores themselves, we're confident that the Just Walk Out technology that will be a boon, a benefit to customers. And we're very excited about what's in the works, but that's still really early in day 1.

當然。後疫情時代，食品雜貨業迎來了巨大的發展機會。我認為人們確實重視送貨上門服務。我們已經看到，疫情前後的數字大幅上升。所以——但我們在那段時間也非常努力地提高我們的產能。在美國，我們從全食超市 (Whole Foods) 送貨，並且我們已經承諾——我們將被允許在全食超市 (Whole Foods) 擴大取貨業務。如您所知，Amazon Fresh 在 2019 年底成為一項免費的 Prime 福利。客戶確實接受了它，並繼續看到強勁的成長。所以我認為對於生鮮店來說現在還為時過早。對於商店本身，我們相信「Just Walk Out」技術將為顧客帶來福音和利益。我們對正在進行的工作感到非常興奮，但這只是第一天的早期階段。

Yes. And it's -- we've got -- Ed, this is Dave. We've got about 12 fresh stores right now that are open, and we've confirmed. We've got some additional ones coming in, Southern California and Illinois, New Jersey and then here with us in the Seattle area. So as Brian said, really pleased with the start -- the technology and the feedback from the customers so far.

是的。而且──我們有──艾德，這是戴夫。我們目前有大約 12 家生鮮店開業，我們已經確認。我們還有一些其他客戶即將加入，包括南加州、伊利諾州、新澤西州，以及西雅圖地區。正如布萊恩所說，我對目前的技術和客戶回饋感到非常滿意。

Your next question comes from the line of John Blackledge with Cowen.

您的下一個問題來自 Cowen 公司的 John Blackledge。

Great. Two questions. The 2Q revenue guide range was strong, despite the initial pandemic comps. Could you just discuss demand levels you're seeing on the e-commerce side, and just other kind of key drivers of strong expected revenue growth in the second quarter. And then on the advertising business, if you can just talk about some of the key drivers of the acceleration. I think it, it feels like it's maybe the third quarter in a row of acceleration. So what's kind of driving that? And how should we think about the trajectory for the business as we round through the year?

偉大的。兩個問題。儘管最初受到疫情影響，但第二季的營收預期範圍仍然強勁。您能否討論您在電子商務方面看到的需要水平，以及第二季度預期強勁收入成長的其他關鍵驅動因素。然後關於廣告業務，您能否談談加速發展的一些關鍵驅動因素？我認為，感覺這可能是連續第三季加速。那麼，是什麼原因導致這現象的發生呢？我們該如何思考這一年的業務軌跡？

Sure, John. Let me start with your second question on advertising. So certainly, traffic has been a large driver of what we're seeing in the advertising space. But it discounts kind of the improvement that we're also seeing, relevancy and new products that the team is, has been rolling out, that the customers also enjoy.

當然，約翰。讓我先回答關於廣告的第二個問題。因此，流量無疑是廣告領域發展的重要驅動因素。但它忽略了我們也看到的改進，相關性和團隊正在推出的新產品，顧客也喜歡這些產品。

So I think the advertising team's done a great job of turning clicks into productive sales, and the advertising that results is valuable to us as well. We're using new deep learning models to show more relevant sponsored products. We continue to improve the relevancy of the ads being shown on the product detail pages. And we've seen rapid adoption of the video creative format for sponsored brands, among other things.

因此，我認為廣告團隊在將點擊轉換為有效銷售方面做得非常出色，而且由此產生的廣告對我們來說也很有價值。我們正在使用新的深度學習模型來展示更多相關的贊助產品。我們不斷提高產品詳情頁面上顯示的廣告的相關性。我們也看到贊助品牌等迅速採用影片創意格式。

So you're seeing a little bit more than just traffic. And again, very pleased with the performance of that team and of the receptiveness of our customers, our vendors, our authors and sellers to our advertising products. We think it's also very valuable for consumers as well, helping them find things more easily and discover new brands.

因此，您看到的不僅僅是流量。再次，我們對團隊的表現以及我們的客戶、供應商、作者和賣家對我們的廣告產品的接受度感到非常滿意。我們認為它對消費者來說也非常有價值，可以幫助他們更輕鬆地找到東西並發現新的品牌。

On Q2 guidance, yes, I would say, we are projecting, again, continued strength across all of our segments. We -- I will remind you that Prime Day has been scheduled for later in Q2, and we'll have more on that as the quarter unfolds. So that's a consideration as well.

關於第二季的指引，是的，我想說，我們再次預測我們所有部門將繼續保持強勁勢頭。我們—我要提醒您，Prime Day 已安排在第二季稍後舉行，隨著本季的展開，我們將公佈更多相關資訊。這也是需要考慮的因素。

Your next question comes from the line of Doug Anmuth with JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

Just wanted to follow up there on Prime Day, Brian. Can you tell us at all just in terms of quantifying or just how you're thinking about the contribution within that 2Q guidance? And then also just on the rationale for timing, given historically in 3Q, we moved to 4Q last year and then now in 2Q.

只是想跟進一下 Prime Day 的情況，Brian。您能否從量化的角度告訴我們，或者您如何看待第二季指引中的貢獻？然後，就時間安排的理由而言，歷史上是第三季度，去年我們轉到了第四季度，現在是第二季度。

And then hoping you could also just talk about the Thursday Night Football deal, the strategy there, how that drives engagement and strengthens the ecosystem and also what it needs for ad dollars for you.

然後希望您也可以談談週四晚間橄欖球賽的交易、其策略、如何推動參與和加強生態系統，以及它需要哪些廣告收入。

First on Prime Day, the -- we're not quantifying the size of it. I think there's some pretty good estimates out there that you probably can leverage. But other than to say it's contemplated in this guidance. On the timing, last year, we had intended to hold Prime Day earlier. We -- there are a number of factors, the Olympics, which are still out there this year. In fact, in some -- many areas, July is a big vacation month. So it might be better to have -- for customers, sellers and vendors to experiment with a different time period. We experimented the other way, obviously, in 2020 by moving it into October, but we believe that it might be a better timing later in Q2. So that's what we're testing this year.

首先，對於 Prime Day，我們不會量化它的規模。我認為有一些相當不錯的估計你可以利用。但除此之外，本指南中也考慮到了這一點。從時間上來說，去年我們本來打算提前舉辦Prime Day。我們——有很多因素，包括今年仍未舉辦的奧運。事實上，在很多地區，七月是一個重要的假期月份。因此，讓客戶、賣家和供應商嘗試不同的時間段可能會更好。顯然，我們在 2020 年嘗試了另一種方式，將其移至 10 月，但我們認為在第二季後期可能是更好的時機。這就是我們今年要測試的內容。

On Thursday Night Football, I would say just -- I'm not sure I could size the advertising opportunity right now. But we're very excited to have the exclusive content for Thursday Night Football. Of course, we've broadcast Thursday Night Football for a number of years now, shared that responsibility with a lot of other partners. We think we can do some really new and innovative things with that -- with those games, with the NFL, and we're looking forward to kicking that off in earnest.

關於週四晚間足球賽，我想說的是——我不確定我現在能否評估這個廣告機會。但我們非常高興能夠擁有《週四晚間足球賽》的獨家內容。當然，我們已經轉播週四晚間足球賽很多年了，並與許多其他合作夥伴共同承擔了這一責任。我們認為我們可以利用這些比賽、利用 NFL 做一些真正新穎和創新的事情，我們期待著認真地開始這項工作。

Your next question comes from the line of Justin Post with Bank of America.

您的下一個問題來自美國銀行的賈斯汀·波斯特 (Justin Post)。

Two questions. First on the AWS acceleration, was that at all related to transaction volumes coming back for maybe more cyclical sectors? And could 2Q see even more of that? And then secondly, I think in your release, you talked about 175 million Prime members watching video. It's about 7 of 8 users. So just wondering what you see is the effect on your retail business from that? Any updates you could provide on content spending. And how you think about Prime Video as a driver for overall Amazon.

兩個問題。首先，關於 AWS 的加速，這是否與更具週期性的行業的交易量回升有關？第二季還會出現更多這樣的情況嗎？其次，我認為您在新聞稿中談到了 1.75 億 Prime 會員觀看影片。大約有 8 個用戶中有 7 個是這樣的。所以我想知道這對您的零售業務有何影響？您能否提供有關內容支出的任何更新資訊。您如何看待 Prime Video 作為整個亞馬遜發展的推動力？

So let me start on the AWS acceleration. We wouldn't point to any particular customer group. We're seeing great usage and expansion across a number of industries and a number of types of customers from startups all the way to enterprises. To put it little bit in perspective for you, in Q1 of 2019, we were at $31 billion run rate. By last year, we had increased that to $41 billion revenue run rate, which is a 32% increase. This year, we're up to a $54 billion annualized run rate, which is, while also a 32% year-over-year growth, it added $13 billion of revenue in the last 12 months as opposed to $10 billion prior -- $10 billion in the prior 12 months before that. So the percentages can be a little deceiving. I would encourage you to look at the absolute dollar growth, although both were very strong in this quarter.

那麼讓我開始介紹 AWS 加速。我們不會針對任何特定的客戶群。我們看到，從新創公司到大型企業，多個行業和多種類型的客戶都對其有廣泛的使用和擴展。為了讓您更清楚地了解這一點，2019 年第一季度，我們的營業額達到了 310 億美元。到去年，我們的營收運行率已增至 410 億美元，增幅達 32%。今年，我們的年化營業額達到了 540 億美元，也就是說，年成長 32%，過去 12 個月的收入增加了 130 億美元，而之前 12 個月的收入為 100 億美元。因此百分比可能有點具有欺騙性。我鼓勵你看看絕對美元成長，儘管本季兩者都非常強勁。

So we are seeing, again, strength across the board. We have firm confidence that we offer a lot of advantages to AWS customers from functionality to a vibrant and robust partner ecosystem. And then really, we also have less downtime and better security, which I think is super important to all of our customers, especially security nowadays. So that's on AWS. On -- Dave, why don't you pick up the...

因此，我們再次看到了全面的力量。我們堅信，我們能為 AWS 客戶提供諸多優勢，從功能到充滿活力和強大的合作夥伴生態系統。實際上，我們的停機時間也更少，安全性也更好，我認為這對我們所有的客戶都非常重要，尤其是現在的安全性。這就是在 AWS 上。開啟——戴夫，你為什麼不接…

Yes. Just in terms of strategy, I think there's probably nothing new or surprising, but just to reiterate it, we look at Prime Video as a component of the broader Prime membership and making sure it's driving adoption and retention as it is. It's a significant acquisition channel in Prime countries. And that we look at it and see that members who watch video have higher free trial conversion rates, higher renewal rates, higher overall engagement. And there's great examples of places like Brazil, where you launch a video-only subscription, for example, that preceded the broader Prime membership with shipping components, and that was, as an example, a great way to expose people to Amazon. And as we launched the broader Prime in Brazil, it was a great mechanism to folks into that program.

是的。就策略而言，我認為可能沒有什麼新的或令人驚訝的，但我重申一下，我們將 Prime Video 視為更廣泛的 Prime 會員的一部分，並確保它能夠推動採用和保留。這是 Prime 國家的重要收購管道。我們發現，觀看影片的會員的免費試用轉換率、續約率和整體參與度更高。在巴西等地，有許多很好的例子，例如，在更廣泛的 Prime 會員制度推出之前，你可以推出純影片訂閱服務，並提供運輸服務，這是向人們展示亞馬遜的好方法。當我們在巴西推出更廣泛的 Prime 計劃時，這是一個很好的機制來吸引人們加入該計劃。

So a lot of, kind of different experiences there. But as the -- as Jeff's quote would indicate, a lot more people are continuing to enjoy it. And I think the studios team has done a great job, really striving to be the best home for talent, getting a lot of diverse artists and filmmakers and, I think folks are noticing that both critically, but of course, just in terms of viewership, a lot of good momentum there.

那裡有很多不同的經驗。但正如傑夫所說，越來越多的人繼續享受它。我認為工作室團隊做得非常出色，他們努力成為人才的最佳家園，吸引了眾多不同類型的藝術家和電影製作人，而且我認為大家已經註意到了這一點，當然，就收視率而言，那裡的勢頭很好。

Just in terms of spend, just to say we continue to expect to grow that on an absolute basis and invest in that beyond original content. Brian talked about live sports and a lot of the great opportunities that feed into that, too. So a lot of continued excitement there.

就支出而言，我們預計支出將在絕對基礎上繼續成長，並在原創內容之外進行投資。布萊恩談到了現場體育賽事以及由此帶來的許多絕佳機會。因此那裡仍然充滿著興奮的氣氛。

Our final question comes from Brian Nowak with Morgan Stanley.

我們的最後一個問題來自摩根士丹利的 Brian Nowak。

I have 2. Brian, I wanted to ask you one high level one. You guys have done such a great job building out your network and sort of providing consumers with access to so many categories of goods. Give us a couple of examples of areas where you see room for improvement? What areas are you most focused on when you look across all the categories, delivery experience, the countries to invest in and innovate, to really improve the consumer offering? That's one.

我有 2 個。布萊恩，我想問你一個高層次的問題。你們在建立人脈和為消費者提供如此多類別的商品方面做得非常出色。請舉幾個您認為還有改進空間的例子？當您縱觀所有類別、交付體驗、需要投資和創新的國家時，您最關注哪些領域，以真正改善消費者服務？那是一個。

And then secondly, can you just talk to us about sort of what you've learned about the Echo journey, areas where you've had success, and still existing opportunities for Echo to have a larger installed base and just more of an impact on the ecosystem.

其次，您能否與我們談談您對 Echo 歷程的了解、您取得的成功領域以及 Echo 仍然存在的擴大安裝基礎和對生態系統產生更大影響的機會。

Sure. Thanks, Brian, for your questions. There's always a lot of areas that we're working to improve upon. I think generally, the speed of innovation is very quick at Amazon, but we always want it to be quicker. And we always want it to be globally consistent, and we want to take the best practices from 1 country to make sure we're doing it the same way everywhere.

當然。布萊恩，謝謝你的提問。我們總是在努力改進很多領域。我認為總體而言，亞馬遜的創新速度非常快，但我們始終希望它更快。我們始終希望它在全球範圍內保持一致，我們希望採用一個國家的最佳實踐，以確保我們在所有地方都以同樣的方式進行。

I think currently on our list right now is that we are in the process of getting our 1-day shipment percentages back up to where they were pre-pandemic. We're there in Europe, and we're starting to see in Europe not only strong 1-day, but also more broad, same-day selection, so they tend to go hand-in-hand.

我認為我們目前的計劃是將我們的一日出貨率恢復到疫情前的水平。我們在歐洲，我們開始看到歐洲不僅有強大的 1 日達服務，而且還有更廣泛的當日達服務選擇，因此它們往往會齊頭並進。

In the U.S., we've made improvements or consistently getting better. I would say the end delivery is really a function of everything before it, and how well we can handle and process in a timely manner all the orders in North America. It's been challenged by the volumes, but it's also been challenged by the rapid expansion of space. But we're making progress nonetheless, and we hope to get that even higher in 2021.

在美國，我們已經取得了進步，並且正在不斷進步。我想說的是，最終交付實際上取決於之前的所有事項，以及我們如何及時處理和處理北美的所有訂單。它不僅面臨體積的挑戰，還面臨空間快速擴張的挑戰。但無論如何，我們正在取得進展，我們希望在 2021 年取得更大的進步。

We're very excited about the adoption of our Prime benefits pretty much across the board, especially with the digital benefits. We are looking forward to some new content, even though we're very happy with the performance, the studios business and the content and awards that they were nominated for and were able to garner this year. We have some big things on the horizon, including Lord of the Rings, and we're very excited about getting that type of content to our Prime members quicker.

我們非常高興我們的 Prime 福利能夠廣泛採用，尤其是數位福利。我們期待一些新的內容，儘管我們對今年的表現、工作室業務以及他們獲得提名和獲得的內容和獎項感到非常滿意。我們即將推出一些大片，包括《魔戒》，我們非常高興能夠更快地將這類內容提供給我們的 Prime 會員。

Yes, Brian. And then just on your question on kind of Echo and if I could take it up a level, really broadly, Alexa and devices. Our goal with that has just been -- continues to be to make customers' lives easier and really more convenient. And we want to continue to bring more hardware choices in that case, but also make Alexa smarter with new features. As we talked about before, advances in AI and machine learning, and really deliver tools that help developers and the makers of those devices build for and with Alexa, because in that community, it's not just our Echo devices, but also a variety of third-party device manufacturers. We've seen a lot of momentum with smart home capabilities and working with them.

是的，布萊恩。然後就您關於 Echo 的問題，如果我可以更廣泛地討論 Alexa 和設備。我們的目標一直是－持續讓客戶的生活更輕鬆、更方便。在這種情況下，我們希望繼續提供更多的硬體選擇，同時也透過新功能讓 Alexa 變得更聰明。正如我們之前談到的，人工智慧和機器學習的進步，以及真正提供的工具，可以幫助開發人員和這些設備的製造商為 Alexa 構建，因為在這個社區中，不僅僅是我們的 Echo 設備，還有各種第三方設備製造商。我們已經看到智慧家庭功能及其合作的巨大發展勢頭。

And so -- and I think with us, with so many other areas, it's about making sure we're maintaining a really high bar, and a lot of that with that type of technology is speech recognition capabilities, the intelligence behind it and getting smarter. And some of that becomes a responsibility that customers have higher and higher expectations for their capabilities, something like Alexa, and that's great.

所以——我認為對我們來說，對於其他許多領域來說，關鍵在於確保我們保持一個非常高的標準，而這類技術中的許多技術就是語音辨識功能，它背後的智慧以及越來越聰明化。其中一些成為一種責任，客戶對其功能有越來越高的期望，例如 Alexa，這很好。

And I think if we just look back over the last 12 months and what's been going on, the role that customer usage has played with Alexa and the behavior there, you've seen, as people have been isolated or unable to be as mobile, you see customers are using Alexa to help them stay connected with loved ones. We're seeing customers using Alexa to help stay healthy. So whether that's interacting with health-related tips or fitness apps or increased usage of the Fire TV, and they're looking to Alexa for information. And so using our devices and the services and the Alexa-enabled services for things like educational apps.

我認為，如果我們回顧過去 12 個月發生的事情，客戶使用 Alexa 所扮演的角色以及在那裡的行為，你會看到，當人們被隔離或無法移動時，你會看到客戶正在使用 Alexa 來幫助他們與親人保持聯繫。我們看到顧客使用 Alexa 來保持健康。因此，無論是與健康相關的提示或健身應用程式進行互動，還是增加 Fire TV 的使用，他們都在向 Alexa 尋求資訊。因此，使用我們的設備和服務以及支援 Alexa 的服務來實現教育應用等。

And then, of course, part of that, too, is making sure they stay entertained when they're trapped or cooped up and don't have other access. So I think you can just see in that example a lot of really good utility, and it just, I think, encourages our teams to strive even harder to serve customers, given when you see those types of examples and how they resonate with customers.

當然，其中一部分也是確保它們在被困或關起來而無法進行其他活動時能夠得到娛樂。因此，我認為您可以在該示例中看到很多非常好的實用性，並且，我認為，當您看到這些類型的示例以及它們如何引起客戶的共鳴時，它會鼓勵我們的團隊更加努力地為客戶服務。

Thanks for joining us today on the call and for your questions. A replay will be available on our Investor Relations website for at least 3 months. We appreciate your interest 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。重播將在我們的投資者關係網站上提供至少 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。