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)

謝謝你的支持。大家好，歡迎來到 Amazon.com 2021 年第一季度財務業績電話會議。 （操作員說明）

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.

今天的電話正在錄音。對於開場白，我將把電話轉給投資者關係總監 Dave Fildes 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，歡迎參加我們的 2021 年第一季度財務業績電話會議。今天加入我們回答您的問題的是我們的首席財務官 Brian Olsavsky。

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.

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。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, 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.

我們對您問題的評論和答复僅反映了管理層截至今天（2021 年 4 月 29 日）的觀點，並將包括前瞻性陳述。實際結果可能大不相同。有關可能影響我們財務業績的因素的其他信息包含在今天的新聞稿和我們向 SEC 提交的文件中，包括我們最近的 10-K 表格年度報告和後續文件。

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

在這次電話會議中，我們可能會討論某些非公認會計原則的財務措施。在我們的新聞稿、本網絡廣播隨附的幻燈片以及我們向 SEC 提交的文件中，每一個都發佈在我們的 IR 網站上，您會發現有關這些非 GAAP 措施的更多披露，包括這些措施與可比較的 GAAP 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. 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看到的訂單趨勢以及我們今天認為是適當的假設。我們的結果本質上是不可預測的，並且可能受到許多因素的重大影響，包括外匯匯率波動、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，以及各種我們向美國證券交易委員會提交的文件中詳述了這些因素。

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.

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的影響；勞動力配備和生產力；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. It's not possible to accurately predict demand for our goods and services, and therefore, our actual results could differ materially from our guidance.

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。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. 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。在進行問答之前，我將談談今年第一季度的一些亮點。首先讓我強調一下我們在 AWS 中看到的勢頭。

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.

在第一季度，AWS 的收入增長在廣泛的客戶中加速。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。他們看到與 AWS 合作並遷移到雲可以為他們帶來更好的成本、更好的能力和更快的創新速度。隨著我們進入大流行後的複蘇，我們預計這一趨勢將繼續下去。

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.

世界各地都有顯著的勢頭，包括主要行業的廣泛而深入的參與。例如，上個季度，我們宣布了一些世界上最著名的體育聯盟、國家冰球聯盟、美巡賽、一級方程式和德甲聯賽的新承諾和遷移。

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.

我們繼續擴大我們的 AWS 基礎設施足跡，以支持我們所看到的強勁增長。 AWS 在全球 25 個地理區域提供 80 個可用區。我們還宣布了在另外 5 個地區推出 15 個可用區的計劃。

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，我們繼續看到第一季度全球客戶需求強勁。由於整個季度都實施了限制性的區域和國家封鎖，特別是在英國和歐洲，我們國際部門的收入在第一季度的外匯中性基礎上同比增長了 50%。在北美，收入增長 39% 在很大程度上反映了自大流行初期以來我們所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，繼續看到強勁的銷售並為更多客戶提供服務。在外匯中性基礎上，我們的 3P 賣家服務收入在第一季度同比增長 60%，增長速度明顯快於在線商店收入。第三方單位在第一季度占我們總付費單位的 55%，高於去年第一季度的 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.

與大流行之前相比，Prime 會員的購物頻率和類別也繼續增加。這些趨勢也延伸到 Prime 的數字優勢。在過去的 12 個月中，Prime Video 流媒體播放時間同比增長了 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大量原創劇集和電影，其中包括一群令人印象深刻的多元化人才和創作者。我們還在繼續擴大直播體育內容的陣容，我們很高興與 NFL 合作，並在未來十年成為 NFL 週四晚上足球的獨家主場。

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 也看到了巨大的發展勢頭。第一季度在 Twitch 上的觀看時長幾乎翻了一番，現在我們平均每天有超過 3500 萬訪問者。 Prime 會員的另一個受歡迎的好處是 Prime Day，我們很高興地宣布，我們將在第二季度舉辦為期 2 天的儲蓄活動。 Prime Day 也是我們的銷售合作夥伴接觸更多客戶的絕佳機會，並將使支持小型企業成為今年的重中之重。我們將在 Prime 會員日分享更多內容，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.

我們將繼續優先考慮員工的安全和福祉。在美國，亞馬遜在 29 個州舉辦了現場疫苗接種活動，覆蓋了超過 30 萬名一線員工和承包商。我們正在密切關注歐洲，特別是印度的活動，我們在那裡實施了員工倡議，從醫療保健熱線、遠程諮詢、用於隔離的酒店客房和財務支持，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方面。

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業績。 1085 億美元的總收入高於 1000 億美元至 1060 億美元的指導範圍。除了我們強勁的分部業績外，本季度北美和國際分部的廣告收入也有所增長。我們看到的這種更高收入的槓桿作用，加上強勁的運營業績也導致了更高的運營收入。

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.

第一季度的營業收入為 89 億美元，高於我們 30 億至 65 億美元的指導範圍。我們產生的與 COVID-19 相關的運營成本略低於我們在第一季度預計的 20 億美元。我們繼續在全球履行網絡中承擔這些成本，因為我們維持社交距離措施，這會影響我們的生產力，並且我們對員工安全進行直接投資。展望未來，我們預計第二季度與 COVID-19 相關的運營成本約為 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在 LinkedIn 的 2021 年頂級公司排行榜上使亞馬遜在美國排名第一，該排行榜確定了最受歡迎的工作場所。我們感謝整個公司團隊對客戶的痴迷和對創新的熱情，使亞馬遜成為一個理想的工作場所。有了這個，讓我們繼續進行問答。

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

（操作員說明）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?

關於最後一英里交付的問題。所以你們正在大力投資以建立亞馬遜控制最後一英里的履行。我們看到藍色麵包車在灣區到處行駛，因此恭喜。所以我想問題是，直到你覺得它是否在你想要設置的所有主要地鐵的正確位置之前需要多長時間。運輸的單位成本在什麼階段開始從這些舉措中得到改善？而且我猜，高水平，是控制最後一英里，讓您在快速交付至關重要的某些類別中進一步滲透或獲得市場份額。請你談談這個好嗎？

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，讓我從一般的最後一英里開始。所以我們正在大力投資。去年我們談到了它，我們的履行，包括亞馬遜物流的投資，我們將我們的產能提高了 50%。您可以從我們的資本支出數據中看到，在過去的 12 個月中，包括基礎設施在內的資本支出當然比之前的 12 個月增加了 80%。所以當然，大面積的投資，不僅是履行中心，還有兩個運輸要素，我們稱之為中間英里的地方，我們放置分揀中心，亞馬遜航空，長途運輸，拖車，想想所有中間運動我們的倉庫和我們的最終交貨站。然後最後一英里只是送貨站、DSP，以及我們的送貨服務合作夥伴。

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。實際上，我們認為我們現在的成本與我們的外部選擇非常有競爭力，我們對此進行了非常仔細的衡量。隨著需求和攤銷以及路線密度等因素，它肯定會變得更好。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向。它的流失將——通常是一個批處理過程，我們每天一次將大量訂單交給第三方，比方說，到一個連續的流程，在這個過程中，我們不斷有訂單離開我們的倉庫 5、6 次，通過我們的 AMZL 司機或 DSP 合作夥伴，一天經過中間一英里，然後到最終交付。

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.

所以這給了我們很多能力，不僅可以控制產品的流動，還可以控制信息的流動。我們在該領域看到了很多進展。而且我認為您也會看到它，作為您開始獲得更精確的交付估計的客戶。您會收到說明，嘿，您距離送貨還有 8 站路程，等等。因為大家都很忙。交付的很大一部分實際上是有時當您需要時就在那兒——交付時就在那兒。其他時候，當然，你可以把它放在你家門口，然後再去拿。但那是 - 我們從中看到了很多好處。我們還看到，我們可以再次延長很多截止時間，因為我們在訂單分配到倉庫之間幾乎擁有完美的信息，我們將在倉庫中挑选和裝箱並發送產品。這麼多優點。我們將繼續投資，到 2021 年我們也將在該領域看到大量投資。

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會蔓延到 2022 年。這應該使我們的能力非常好。而且，今天我們的大多數單位都在通過 AMZL。

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。補充一點，Ryan 談到了它，但最後一英里努力的一個重要部分是我們已經擁有的計劃——Brian 稱之為——提到了交付服務合作夥伴計劃，或 DSP ，是最後一公里網絡的重要組成部分。而且——提醒一下，它僱傭了超過 100,000 名司機，並且在過去幾年中一直在增長。這真的是 - 這是一個激勵這些人成為小企業主並開始他們自己的包裹遞送業務的計劃。因此，對於這些人來說，這是訪問我們擁有的交付技術和包裹數量並利用網絡的好方法。作為該計劃的一部分，我們有很多非常酷的元素，資助計劃以支持企業家和少數群體，真正幫助他們建立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.

在 AWS 上，我很好奇您能否給我們一個積壓的編號。關於過去幾個季度您所看到的令人難以置信的積壓強度存在很多問題，最終您似乎看到積壓增長與現在收入增長之間的轉換正在加速。如果您可以就該轉換以及您期望它的趨勢發表更多評論。

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 - 積壓的增長，只是給你 3 月 31 日的數據，它是 529 億美元。加權平均壽命大約是我們過去幾個季度的水平，所以就加權平均剩餘壽命而言，大約是 3 年多一點。所以現在上漲了大約55%。所以它真的繼續非常強大並且對此非常滿意。

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.

我認為這是積壓的數字，但也只是收入增長和我們在這裡看到的勢頭是團隊和成長中的團隊的大量辛勤工作和創新，並與他們接觸和合作。因此，您可以期待繼續看到客戶做出這些長期承諾。我們認為這是您認為許多與我們合作，與我們合作，與我們合作的公司的代表。隨著他們對自己想做的事情的視線更加舒適。由於我們能夠增加更多的價值和服務，這只是他們希望在這些多年期間與我們建立的良好夥伴關係和關係。

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.

也許只是一個兩部分的問題。首先，布賴恩，你在準備好的關於國際增長加速的評論中稍微提到了這一點。你能不能和那裡的司機談談。而且，尤其是在 COVID 不再是主要問題的市場中，您是否看到任何特別的下降，或者只是電子商務需求放緩或增長下降？似乎它們在歐洲正朝著不同的方向發展，例如，這些市場中的許多市場仍然處於非常封閉的狀態，但您的國際業務已經顯著增長。不知道是正相關還是負相關。

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看到了全面的實力。而且它確實因國家而異。但是，如果您退後一分鐘，即使在外匯中性的基礎上，我們在本季度也增長了 50%。上個季度我們增長了 50%，儘管這得益於今年第四季度的 Prime Day。但是，如果您查看 COVID 之前和 COVID 之後的增長率，在國際領域，即使在外匯中性的基礎上，無論如何，他們的收入增長率已經是之前的三倍。

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.

非常強大，並且可能在許多國家/地區將模型推進了一年或更長時間。我們真的很高興我們能夠向這些客戶展示我們的價值，不僅是我們的出貨量，我們有能力為他們提供在大流行期間在家中生存所需的東西，還有我們的實力我們在數字產品和視頻、音樂、我們的設備的採用中看到了這一點。所以這真的是 - 正如你所知，我們正在國際上進行前瞻性投資，並獲得很多這些 Prime 福利。所以真的 - 很高興看到潛在的消費者航運業務，其中一部分增長，我們仍然看到健康的參與和不斷增長的參與。

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.

所以我還沒有不利的情況。事實上，增長有點驚訝。我認為我們通常不會預測第一季度增長 50%。當然也強調我們的運營。但我會 - 我要向運營團隊致敬，他們在第一季度非常有效地處理了交易量。成本得到了很好的控制。我們開始看到我們的固定資產的強大槓桿作用，特別是我們的履行中心和運輸資產。

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。只是這些都不是布萊恩所說的增長數字的主要貢獻者。但我認為，伴隨著我們在一段時間內所涉國家的這些努力。我們將繼續開闢新的區域。回顧過去，波蘭最近在 3 月開放，瑞典在去年第四季度開放。即使在我們已經進入幾年的一些地區，比如土耳其，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——繼續將我們在這些地區所學的知識反饋到當地，以利用我們從 Prime 中學到的一切以及更廣泛的面向消費者的體驗。

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?

在大流行期間，你們顯然通過送貨和雜貨佔據了一些市場份額。只是想知道 - 消費者行為已經發布 - 它是如何被證明是粘性的？只是有點縮小，廣泛談論雜貨店，生鮮店的表現如何？

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。在大流行後時期，雜貨店一直是這裡的一大啟示。我認為人們真的很重視送貨上門的能力。我們已經看到，隨著大流行前後的數字大幅上升。所以 - 但我們也非常努力地在這段時間內增加我們的容量。在美國，我們正在從 Whole Foods 商店送貨，並且我們已經參與 - 我們將被允許在 Whole Foods 商店進行更大範圍的取貨。如您所知，Amazon Fresh 在 2019 年下半年成為免費的 Prime 福利。客戶真正採用了它並繼續看到強勁的增長。所以我認為在生鮮商店，這有點太早了。商店本身，我們相信 Just Walk Out 技術將是一個福音，對客戶有利。我們對正在進行的工作感到非常興奮，但這在第一天還很早。

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。這是--我們有-- Ed，這是Dave。我們現在有大約 12 家新鮮的商店正在營業，我們已經確認。我們還有一些其他的進來，南加州和伊利諾伊州，新澤西州，然後和我們一起在西雅圖地區。正如布賴恩所說，對一開始真的很滿意——到目前為止，技術和客戶的反饋。

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

您的下一個問題來自 John Blackledge 與 Cowen 的對話。

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。儘管有最初的大流行補償，但第二季度的收入指導範圍很強勁。您能否僅討論您在電子商務方面看到的需求水平，以及第二季度預期收入強勁增長的其他關鍵驅動因素。然後關於廣告業務，如果你能談談加速的一些關鍵驅動因素的話。我想，感覺可能是連續第三個季度加速。那麼是什麼驅動的呢？我們應該如何考慮全年的業務發展軌跡？

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。讓我從你關於廣告的第二個問題開始。因此，可以肯定的是，流量一直是我們在廣告領域看到的重要推動力。但它打折了我們也看到的改進，團隊正在推出的相關性和新產品，客戶也喜歡。

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.

所以我認為廣告團隊在將點擊轉化為富有成效的銷售方面做得很好，產生的廣告對我們也很有價值。我們正在使用新的深度學習模型來展示更多相關的讚助產品。我們將繼續提高產品詳細信息頁面上顯示的廣告的相關性。我們已經看到贊助品牌迅速採用視頻創意格式等。

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.

所以你看到的不僅僅是流量。再一次，對該團隊的表現以及我們的客戶、供應商、作者和銷售商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也很有價值，可以幫助他們更輕鬆地找到東西並發現新品牌。

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.

關於第二季度的指導，是的，我會說，我們再次預測我們所有細分市場的持續實力。我們 - 我會提醒您，Prime Day 已安排在第二季度晚些時候，隨著季度的展開，我們將對此進行更多介紹。所以這也是一個考慮因素。

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.

只是想在 Prime 會員日跟進，Brian。您能否就量化或您如何看待第二季度指南中的貢獻來告訴我們？然後也只是關於時間的基本原理，從歷史上看是在第三季度，我們去年搬到了第四季度，然後在第二季度。

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.

然後希望你也可以談談週四晚上足球的交易，那裡的策略，如何推動參與和加強生態系統，以及它對你的廣告收入的需求。

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.

首先在 Prime 會員日，我們沒有量化它的規模。我認為您可能可以利用一些非常好的估計。但除了說它在本指南中有所考慮。在時間上，去年，我們原本打算提前舉行 Prime Day。我們 - 有許多因素，奧運會，今年仍然存在。事實上，在一些——許多地區，七月是一個大假期。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，但我們認為這可能是第二季度晚些時候的更好時機。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.

在周四晚上的足球比賽中，我會說——我不確定我現在能否確定廣告機會的大小。但我們很高興能獲得周四足球之夜的獨家內容。當然，我們已經播出《星期四晚上足球》多年了，與許多其他合作夥伴分擔了這一責任。我們認為我們可以用它做一些非常新穎和創新的事情——用那些遊戲，用 NFL，我們期待著認真地開始它。

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 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。首先是 AWS 的加速，這是否與交易量回升有關，可能是更具週期性的行業？ 2Q 還能看到更多嗎？其次，我認為在您的發布中，您談到了 1.75 億 Prime 會員觀看視頻。大約 8 個用戶中的 7 個。所以只是想知道你看到的是對你的零售業務的影響嗎？您可以提供的有關內容支出的任何更新。以及您如何看待 Prime Video 作為整個亞馬遜的驅動力。

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.

那麼讓我從 AWS 加速開始。我們不會指向任何特定的客戶群。從初創公司一直到企業，我們在許多行業和多種類型的客戶中看到了巨大的使用和擴展。為了讓您稍微了解一下，在 2019 年第一季度，我們的運行速度為 310 億美元。到去年，我們將其收入運行率提高到 410 億美元，增長了 32%。今年，我們的年化運行率高達 540 億美元，雖然同比增長 32%，但在過去 12 個月中增加了 130 億美元的收入，而之前的收入為 100 億美元——10 美元在此之前的 12 個月內達到 10 億美元。所以百分比可能有點欺騙性。我鼓勵你看看美元的絕對增長，儘管本季度兩者都非常強勁。

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實力。我們堅信，我們為 AWS 客戶提供了從功能到充滿活力且強大的合作夥伴生態系統的諸多優勢。然後真的，我們也有更少的停機時間和更好的安全性，我認為這對我們所有的客戶來說都非常重要，尤其是現在的安全性。這就是在 AWS 上。開——戴夫，你為什麼不拿起...

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。僅就戰略而言，我認為可能沒有什麼新鮮或令人驚訝的地方，但重申一下，我們將 Prime Video 視為更廣泛的 Prime 會員的一個組成部分，並確保它按原樣推動採用和保留。這是 Prime 國家/地區的重要收購渠道。我們觀察它，發現觀看視頻的會員擁有更高的免費試用轉化率、更高的續訂率和更高的整體參與度。還有像巴西這樣的地方的很好的例子，例如，在更廣泛的 Prime 會員資格之前推出僅限視頻的訂閱，這是一個讓人們接觸亞馬遜的好方法。當我們在巴西推出更廣泛的 Prime 時，這是一個讓人們參與該計劃的絕佳機制。

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.

那裡有很多不同的體驗。但正如傑夫的話所表明的那樣，更多的人繼續享受它。而且我認為工作室團隊做得很好，真的努力成為人才的最佳家園，吸引了許多不同的藝術家和電影製作人，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，只是說我們繼續期望在絕對基礎上增加支出，並在原創內容之外進行投資。布賴恩還談到了現場體育賽事以及許多與之相關的絕佳機會。所以那裡有很多持續的興奮。

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。Brian，我想問你一個高水平的問題。你們在建立自己的網絡並為消費者提供如此多類別的商品方面做得非常出色。舉幾個例子，說明您認為有改進空間的領域？當您查看所有類別、交付經驗、投資和創新的國家/地區以真正改善消費者產品時，您最關注哪些領域？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 之旅的了解、您取得成功的領域，以及 Echo 仍有機會擁有更大的安裝基礎並對生態系統。

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。謝謝，布賴恩，你的問題。總是有很多我們正在努力改進的領域。我認為一般來說，亞馬遜的創新速度非常快，但我們總是希望它更快。我們一直希望它在全球範圍內保持一致，我們希望從一個國家/地區汲取最佳實踐，以確保我們在所有地方都以相同的方式進行。

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.

我認為目前在我們的清單上的是，我們正在將我們的 1 天發貨百分比恢復到大流行前的水平。我們在歐洲，我們開始在歐洲看到不僅強大的 1 天，而且還有更廣泛的當日選擇，因此它們往往齊頭並進。

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或不斷變得更好。我想說最終交付實際上是它之前的一切的功能，以及我們如何及時處理和處理北美的所有訂單。它受到體積的挑戰，但也受到空間快速擴張的挑戰。但我們仍在取得進展，我們希望在 2021 年取得更高的進步。

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.

我們對全面採用我們的 Prime 福利感到非常興奮，尤其是數字福利。我們期待著一些新的內容，儘管我們對今年的表現、工作室業務以及他們被提名並能夠獲得的內容和獎項感到非常滿意。我們即將推出一些大事，包括《指環王》，我們很高興能更快地將此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，布賴恩。然後只是關於你關於 Echo 的問題，如果我能把它提升一個層次，非常廣泛，Alexa 和設備。我們的目標是——繼續讓客戶的生活更輕鬆、更方便。我們希望在這種情況下繼續帶來更多的硬件選擇，同時通過新功能讓 Alexa 變得更智能。正如我們之前談到的，人工智能和機器學習的進步，並真正提供了幫助開發人員和這些設備的製造商為 Alexa 構建和使用的工具，因為在那個社區中，不僅僅是我們的 Echo 設備，還有各種第三方- 方設備製造商。我們已經看到了智能家居功能的發展勢頭並與之合作。

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——我認為對於我們，在許多其他領域，這是為了確保我們保持一個非常高的標準，而這種技術的很多內容是語音識別能力，它背後的智能和獲得更聰明。其中一些成為客戶對他們的能力有越來越高的期望的責任，比如 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.

而且我認為，如果我們回顧過去 12 個月以及發生的事情，客戶使用 Alexa 所扮演的角色以及那裡的行為，你已經看到，因為人們被孤立或無法移動，您會看到客戶正在使用 Alexa 來幫助他們與親人保持聯繫。我們看到客戶使用 Alexa 來幫助保持健康。因此，無論是與健康相關的提示或健身應用程序交互，還是增加 Fire TV 的使用，他們都在向 Alexa 尋求信息。因此，將我們的設備和服務以及支持 Alexa 的服務用於教育應用程序等。

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.

然後，當然，其中一部分也是確保他們在被困或被關起來並且沒有其他訪問權限時保持娛樂。因此，我認為您可以在該示例中看到很多非常好的實用程序，而且我認為，當您看到這些類型的示例以及它們如何與客戶產生共鳴時，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.

感謝您今天加入我們的電話會議並提出您的問題。重播將在我們的投資者關係網站上提供至少 3 個月。感謝您對亞馬遜的興趣，我們期待下個季度再次與您交談。