亞馬遜 (AMZN) 2020 Q4 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q4 2020 Financial Results Teleconference. (Operator Instructions) Today's call is being recorded. For opening remarks, I will be turning the call over to Director of Investor Relations, Dave Fildes. Please go ahead.

謝謝你的支持。大家好，歡迎來到 Amazon.com 2020 年第四季度財務業績電話會議。 （操作員說明）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。請繼續。

Hello, and welcome to our Q4 2020 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 2020 年第四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 2019.

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 2019 年可比期間的結果相反。

Our comments and responses to your questions reflect management's views as of today, February 2, 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答复僅反映了管理層截至 2021 年 2 月 2 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'll 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美國證券交易委員會提交的文件中，每一個都發佈在我們的投資者關係網站上，您會發現有關這些非公認會計原則措施的更多披露，包括這些措施與可比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. 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. 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.

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。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. 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. I realize that you may have questions about the news, which we announced today in our press release, but I would like to begin with some comments on Q4 results, and then we can proceed to your questions.

感謝您今天加入我們。我知道您可能對我們今天在新聞稿中宣布的消息有疑問，但我想先對第四季度的業績發表一些評論，然後我們可以繼續回答您的問題。

First, I'd like to start by thanking the nearly 1.3 million Amazon employees who have risen to the challenge of serving customers around the world during this pandemic. We're proud that more than 500,000 people chose to take new jobs at Amazon in 2020. We're committed to providing all employees with great jobs, including $15 an hour starting pay in the U.S., health insurance, 401(k) matching, leading parental benefits and upskilling opportunities. We remain focused on the safety of our employees and delivery partners, particularly in our fulfillment and logistics operations and stores as well as the customers shopping in our Whole Foods Market and other stores.

首先，我要感謝近 130 萬亞馬遜員工，他們在這場大流行期間迎接挑戰，為全球客戶提供服務。我們很自豪 2020 年有超過 500,000 人選擇在亞馬遜接受新工作。我們致力於為所有員工提供出色的工作，包括在美國的時薪 15 美元、健康保險、401(k) 匹配、領先的父母福利和技能提昇機會。我們仍然專注於員工和送貨合作夥伴的安全，特別是在我們的履行和物流業務和商店以及在我們的 Whole Foods Market 和其他商店購物的客戶方面。

Our Q4 results include approximately $4 billion in COVID-related operating costs including additional employee pay during the holidays. We continue to see productivity headwinds from physical separation and training of new employees, and of course, investments in PPE for employees and enhanced cleaning for our facilities. This Q4 spend brings our total COVID-related costs for the year to more than $11.5 billion.

我們的第四季度業績包括約 40 億美元的與 COVID 相關的運營成本，包括假期期間的額外員工工資。我們繼續看到來自物理分離和新員工培訓的生產力逆風，當然還有對員工個人防護裝備的投資和加強我們設施的清潔。第四季度的支出使我們今年與 COVID 相關的總成本超過 115 億美元。

Our teams worked hard in 2020 to ramp up in-house COVID-19 testing capabilities that are incremental to those already available to the general public. More than 700 employees are now being tested every hour, and globally, we've built hundreds of COVID-19 testing sites and 2 labs. We are encouraging essential employees working at Amazon fulfillment centers, AWS data centers and Whole Food Market stores across the country to receive the COVID-19 vaccine at the earliest appropriate time. We are also working at the federal and state levels to support the vaccinations of frontline employees and those in the community who are providing essential services throughout the pandemic, including enabling pop-up clinics in Washington State and Florida with more on the way.

我們的團隊在 2020 年努力提高內部 COVID-19 測試能力，這些能力是對公眾已經可用的能力的補充。現在每小時有 700 多名員工接受檢測，我們在全球範圍內建立了數百個 COVID-19 檢測站點和 2 個實驗室。我們鼓勵在全國各地的亞馬遜物流中心、AWS 數據中心和 Whole Food Market 商店工作的重要員工儘早接種 COVID-19 疫苗。我們還在聯邦和州一級開展工作，以支持在整個大流行期間提供基本服務的一線員工和社區人員的疫苗接種工作，包括在華盛頓州和佛羅里達州開設更多臨時診所。

Now some comments on Q4 results. Our fourth quarter holiday season has always been the busiest time of our year. This year presented additional challenges for our teams as we work to meet strong customer demand while simultaneously growing our operation's footprint and welcoming far more new employees than any prior Q4. We welcomed nearly 175,000 new full- and part-time employees in Q4 alone. This compares with 50,000 in Q4 of 2019. We also continue to add buildings in our fulfillment and logistics network, with square footage growing about 50% year-over-year in 2020. And unlike in a typical year when new buildings are mostly in place by the end of Q3, this year, a significant number of them came online in Q4 as our teams pulled out all the stops to be ready for customer demand. And it turns out we needed that capacity in order to fulfill the strong customer demand in Q4. Revenue for the quarter was $125.6 billion versus our guidance range of $112 billion to $121 billion.

現在對第四季度的結果發表一些評論。我們的第四季度假期一直是我們一年中最繁忙的時間。今年，我們的團隊面臨著額外的挑戰，因為我們努力滿足強大的客戶需求，同時擴大我們的業務範圍，並歡迎比以往任何第四季度都多得多的新員工。僅在第四季度，我們就迎來了近 175,000 名新的全職和兼職員工。相比之下，2019 年第四季度為 50,000 個。我們還繼續在我們的履行和物流網絡中增加建築物，到 2020 年，建築面積同比增長約 50%。與通常新建築物大部分就位的典型年份不同到今年第三季度末，隨著我們的團隊全力以赴為客戶需求做好準備，其中相當一部分在第四季度上線。事實證明，我們需要這種能力來滿足第四季度強勁的客戶需求。本季度收入為 1256 億美元，而我們的指導範圍為 1120 億美元至 1210 億美元。

You'll remember that we kicked off the holiday season early for customers with Prime Day in October versus its usual timing in Q3. We then saw strong seasonal holiday demand through Q4. Our Q4 results also largely reflect the continuation of demand trends we have seen since the early months of the pandemic, particularly as people are staying at home, including for households, staples and other home products. We saw sales growth across our major product categories led by strong Prime member engagement. Prime members continue to shop with greater frequency and across more categories than before the pandemic began. Prime members also continued to expand their usage of Prime's digital benefits, including Prime Video and Prime Video channels. Amazon Music launched podcast in September; and in Q4, Prime members listened to millions of hours of podcasts each month.

您會記得，我們在 10 月的 Prime Day 中提前為客戶開啟了假日季，而通常的時間是在第三季度。然後，我們在第四季度看到了強勁的季節性假期需求。我們的第四季度業績還很大程度上反映了自大流行最初幾個月以來我們看到的需求趨勢的延續，尤其是當人們呆在家裡時，包括家庭、主食和其他家居產品。我們看到主要產品類別的銷售增長是由強大的 Prime 會員參與度帶動的。與大流行開始之前相比，Prime 會員繼續以更高的頻率和更多的類別購物。 Prime 會員還繼續擴大對 Prime 數字福利的使用，包括 Prime Video 和 Prime Video 頻道。亞馬遜音樂於 9 月推出播客；在第四季度，Prime 會員每月收聽數百萬小時的播客。

We're reaching more customers with our grocery offerings. In Q4, we had another strong quarter that largely reflects the continuation of demand trends from Q3, and we saw strong growth in new Prime member sign-ups. As demand remained strong in the quarter, the additional volume leverage helped to achieve higher-than-expected profits. We saw strong order volumes throughout the holiday season with good sales growth not only in our peak sales days, which include Prime Day, Black Friday and Cyber Monday, but also throughout the remainder of the quarter. We had good operational performance within our fulfillment centers and transportation network even as we added significant capacity.

我們正在通過我們的雜貨產品吸引更多客戶。在第四季度，我們又迎來了一個強勁的季度，這在很大程度上反映了第三季度需求趨勢的延續，我們看到新的 Prime 會員註冊人數強勁增長。由於本季度需求依然強勁，額外的銷量槓桿有助於實現高於預期的利潤。我們在整個假期期間看到了強勁的訂單量，銷售增長良好，不僅在我們的銷售高峰日，包括 Prime 會員日、黑色星期五和網絡星期一，而且在本季度的剩餘時間裡也是如此。即使我們增加了大量容量，我們在履行中心和運輸網絡中的運營表現也很好。

Third-party sellers also stepped up as never before to serve customers. The 2020 holiday season was the best ever for small- and medium-sized businesses selling in our store, with their worldwide sales growing over 50% year-over-year in Q4. Third-party units represented 55% of total paid units during the quarter, the highest 3P unit mix we've ever had since we invited businesses to sell on Amazon more than 20 years ago.

第三方賣家也前所未有地加強為客戶服務。對於在我們商店銷售的中小型企業而言，2020 年假期是有史以來最好的，其全球銷售額在第四季度同比增長超過 50%。本季度第三方單位佔總付費單位的 55%，這是自 20 多年前我們邀請企業在亞馬遜上銷售以來，我們擁有的最高 3P 單位組合。

Lastly, AWS' efforts were headlined by our ninth annual re:Invent conference. This is the first time in our history that the event was virtual and free. We had over 570,000 registered attendees during the 3-week-long event. AWS continues to innovate at a rapid clip announcing more than 180 new services and features at re:Invent across compute, storage, database, machine learning and more. You can read more about this in our earnings release.

最後，AWS 的努力在我們的第九屆年度 re:Invent 大會上成為了頭條新聞。這是我們歷史上第一次該活動是虛擬的和免費的。在為期 3 週的活動中，我們有超過 570,000 名註冊參加者。 AWS 繼續快速創新，在 re:Invent 上宣布了 180 多項新服務和功能，涉及計算、存儲、數據庫、機器學習等。您可以在我們的收益發布中了解更多相關信息。

The team also announced significant customer momentum with new commitments and migrations from JPMorgan Chase, Thomson Reuters, ViacomCBS and Twitter, just to name a few. We continue to see companies meaningfully growing their plans to move to AWS.

該團隊還宣布了來自摩根大通、湯森路透、維亞康姆哥倫比亞廣播公司和 Twitter 的新承諾和遷移的顯著客戶勢頭，僅舉幾例。我們繼續看到公司在有意義地制定遷移到 AWS 的計劃。

In Q4, AWS saw a continuation of strong usage and revenue growth. AWS added more revenue quarter-over-quarter and year-over-year in any quarter in its history and is now a $51 billion annualized run rate business supporting millions of active AWS customers. And just as they have all year, sellers, partners and employees across Amazon stepped up to deliver on unprecedented customer demand, and for this, we remain extremely grateful.

在第四季度，AWS 的使用量和收入繼續保持強勁增長。 AWS 在其歷史上的任何一個季度都比上一季度和上年同期增加了更多的收入，現在是一個 510 億美元的年化運營業務，為數百萬活躍的 AWS 客戶提供支持。就像他們全年所做的那樣，亞馬遜的賣家、合作夥伴和員工都加緊努力滿足前所未有的客戶需求，為此，我們仍然非常感激。

And today, we announced that our founder and CEO, Jeff Bezos, will transition to the role of Executive Chair in the third quarter this year and that Andy Jassy will become Chief Executive Officer at that time. Those of us who know Andy are excited to see him take on this greater responsibility. He is a visionary leader, a great operator, and he understands what makes Amazon such a special, innovative company.

今天，我們宣布我們的創始人兼首席執行官 Jeff Bezos 將於今年第三季度轉任執行主席，屆時 Andy Jassy 將成為首席執行官。我們這些認識安迪的人很高興看到他承擔這一更大的責任。他是一位有遠見的領導者，一位出色的運營商，他了解是什麼讓亞馬遜成為一家如此特別的創新公司。

We're also excited that Jeff will retain a very important role at the company that he founded and has guided for over 25 years. He has created a culture of invention and innovation that drives us every day, and we remain bound by our common focus and obsession on the customer.

我們也很高興 Jeff 將在他創立並指導了超過 25 年的公司中保留一個非常重要的角色。他創造了一種發明和創新的文化，每天都在驅動我們，我們仍然受到我們對客戶的共同關注和痴迷的約束。

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

有了這個，讓我們繼續進行問答。

(Operator Instructions) Our first question is coming from Heath Terry with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Heath Terry。

Just wanted to dig a bit deeper into the incredible acceleration that we saw in the international business. Obviously, pandemic aside, wondering if you could help us sort of break down the pieces of what drove that, specific regions, specific initiatives that drove that level of acceleration.

只是想更深入地了解我們在國際業務中看到的令人難以置信的加速。顯然，除了大流行之外，想知道您是否可以幫助我們分解推動這種加速的特定地區、特定舉措的部分因素。

And then just on the AWS business, a bit more of a housekeeping question. Could you -- would you mind going through just where the backlog stands? And any material drivers of change in the math to the extent there has been any.

然後就 AWS 業務而言，更多的是一個家務問題。你能 - 你介意看看積壓的地方嗎？以及任何在數學上發生變化的物質驅動因素。

Sure. Thank you, Heath. I would start on international segment results. So yes, it was sequential growth jumped from 33% in Q3 to 50% in Q4. Part of that is the timing of Prime Day. But in the U.S., it was less pronounced. Sequential growth was 39% to 40% in the North America segment, so there was something else going on in international in Q4.

當然。謝謝你，希思。我將從國際部門的結果開始。所以是的，連續增長從第三季度的 33% 躍升至第四季度的 50%。部分原因是 Prime 會員日的時間安排。但在美國，這種情況就不那麼明顯了。北美市場的連續增長為 39% 至 40%，因此第四季度國際市場還發生了其他事情。

I would attribute it really to the government actions and lockdowns that we saw, especially in the U.K. and Europe. I think that increased during the quarter unfortunately for the economy. But it did drive higher sales on our site. We also saw probably a larger impact of moving Prime Day from Q3 to Q4 in international just because it's a little more nascent there. It's still ramping up but very strong performance.

我將其真正歸因於我們看到的政府行動和封鎖，尤其是在英國和歐洲。我認為不幸的是，這對經濟來說在本季度有所增加。但它確實推動了我們網站上的更高銷售額。我們還看到了將 Prime 會員日從第三季度移至第四季度的國際影響可能更大，因為它在那裡還比較新生。它仍在上升，但表現非常強勁。

Yes. Heath, this is Dave. On the backlog number, it's at about $50 billion at the end of the year, the bounce, and that's up about 68% year-over-year. So that's one component of all the great work that AWS is doing; and of course, you're seeing some continued very strong growth -- strong usage and revenue growth there, $51 billion annualized run rate business. So it's continuing to grow at a meaningfully larger absolute dollar rate than others out there. And we're really pleased with the growth we're seeing there. It's -- as Brian touched on the opening, just a lot of good engagement and innovation coming out of the re:Invent conference as well.

是的。希思，這是戴夫。在積壓的數量上，年底的反彈約為 500 億美元，同比增長約 68%。這就是 AWS 所做的所有偉大工作的組成部分之一；當然，您會看到一些持續強勁的增長——強勁的使用量和收入增長，510 億美元的年化運行率業務。因此，它繼續以比其他人更大的絕對美元匯率增長。我們對在那裡看到的增長感到非常滿意。就像 Brian 在開幕式上談到的那樣，re:Invent 會議也帶來了很多良好的參與和創新。

Our next question comes from Eric Sheridan with UBS.

我們的下一個問題來自瑞銀的 Eric Sheridan。

Just following up on some of the comments you made between the release and in your opening comments, Brian. I wanted to know if you could tease out how we should be thinking about the level of investments that are needed between the mix of fulfillment versus where you want to go on the customer service side and the logistics and delivery side as you look out to '21. And obviously, it's going to be a very different year in '21 than what we saw in '20, where we saw a surge in demand and a lot of capacity constraints that have opened up as the year goes on and there'll be sort of tougher comp dynamic as you get into the middle of '21 as you're lapping against that demand impact in '21. How do we think about the levels of investment you'll make, where those investments are going to go and what that means for sort of confidence on the demand side over the medium to long term?

布萊恩，只是跟進您在發布期間和開場評論中發表的一些評論。我想知道您是否可以梳理出我們應該如何考慮在履行組合與您希望在客戶服務方面以及物流和交付方面進行的投資之間所需的投資水平，因為您期待' 21.顯然，21 年將是與 20 年截然不同的一年，我們看到需求激增，隨著時間的推移，許多產能限制已經出現當您進入 21 年中期時，因為您正在應對 21 年的需求影響，因此競爭更加激烈。我們如何考慮您將進行的投資水平，這些投資將去向，以及這對中長期需求方面的信心意味著什麼？

Sure, Eric. Obviously, we had a large investment last year, group fulfillment capacity including transportation, 50% year-over-year. I would say that -- and spent -- I believe it's $44 billion on CapEx. Yes. The -- we're still working through our plans for 2021. I think the added complexity here is the range of outcomes. Certainly was the case in 2020, but even for 2021, there's a lot of question as to continuation of COVID conditions comping against prior year sales. Sometimes, there are things in there that are -- definitely wouldn't repeat, probably the number of gloves we sold and hand wipes and things like that or computer monitors that people set up their home offices. But there's also a lot of people who engage more strongly with Prime benefits in 2020, and we think that'll have lasting impact, both from the purchase frequency, amount they purchase, use of digital benefits, et cetera. So we are going to have to build probably for multiple scenarios. And in an FC world, it's hard to turn that capacity on quickly, so it generally means you may have to overbuild to protect the customer experience.

當然，埃里克。顯然，去年我們進行了大筆投資，包括運輸在內的集團履約能力同比增長 50%。我會說 - 並花費 - 我相信資本支出為 440 億美元。是的。 - 我們仍在製定 2021 年的計劃。我認為這裡增加的複雜性是結果的範圍。 2020 年肯定是這種情況，但即使到 2021 年，COVID 條件的延續與上一年的銷售額相比也存在很多問題。有時，裡面有些東西——絕對不會重複，可能是我們售出的手套數量和擦手巾之類的東西，或者人們設置家庭辦公室的電腦顯示器。但也有很多人在 2020 年更強烈地參與 Prime 福利，我們認為這將從購買頻率、購買金額、數字福利的使用等方面產生持久影響。因此，我們將不得不為多種場景構建可能。而在 FC 世界中，很難快速打開這種容量，因此這通常意味著您可能必須過度建設以保護客戶體驗。

On transportation, we made large investments in our transportation network in 2020. That work is not done yet. We have a lot of continued expansion. So we see that over -- definitely through 2021. I can't quantify it right now. I'm only giving guidance through Q1 right now, and we are still working some -- through some of the plans as we do this time of the year.

在交通方面，我們在 2020 年對交通網絡進行了大量投資。這項工作尚未完成。我們有很多持續的擴張。所以我們看到了這一點——肯定會到 2021 年。我現在無法量化它。我現在只在第一季度提供指導，我們仍在進行一些工作——通過我們每年這個時候做的一些計劃。

And then infrastructure will remain a healthy part of our investment as well. We're supporting an AWS business that is growing at a rapid clip, both in usage and in revenue. We're expanding regions globally and have a lot of upside in that area, talking with customers on their transition plans to the cloud. So we definitely do not want to run out of capacity, and we work to not do that. So there could be a risk of forward spend in 2021 as -- due to the uncertainty, but we'll see as we move through the year.

然後基礎設施也將繼續成為我們投資的健康部分。我們正在支持一項在使用量和收入方面都在快速增長的 AWS 業務。我們正在全球範圍內擴展地區，並在該領域有很大的優勢，與客戶討論他們向雲的過渡計劃。因此，我們絕對不希望產能用完，並且我們努力不這樣做。因此，由於不確定性，2021 年可能存在遠期支出的風險，但我們將在這一年中看到。

Our next question comes from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

Brian, hoping you could talk more about the importance of AMZL, Amazon Logistics during the holiday season, if you could talk more about percentage of packages, perhaps shift from your fulfillment centers and then where this can go in coming years. And then also a quick comment on the COVID cost. You mentioned $2 billion in 1Q. Just curious how you think about it more on a full year basis, what some of the puts and takes can be there.

布賴恩，希望您能在假期期間更多地談論亞馬遜物流 AMZL 的重要性，如果您能更多地談論包裹的百分比，也許可以從您的履行中心轉移，然後在未來幾年裡會去哪裡。然後快速評論一下 COVID 成本。您提到第一季度的 20 億美元。只是好奇你如何在全年的基礎上更多地考慮它，一些看跌期權可能在那裡。

Yes. So yes, for the full year, we're -- again, $11.5 billion was our gross cost for 2020, $4 billion of that in Q4. We see a step down to closer to $2 billion in Q1. That compares with a $600 million spend last Q1 as the pandemic just started, and we started to react in March. And obviously, those costs escalated in Q2 and Q3.

是的。所以是的，全年，我們 2020 年的總成本為 115 億美元，其中第四季度的總成本為 40 億美元。我們看到第一季度下降到接近 20 億美元。相比之下，上一季度大流行剛剛開始時支出為 6 億美元，我們在 3 月開始做出反應。顯然，這些成本在第二季度和第三季度有所上升。

So if we look at the core components of that, right, there's productivity that -- productivity drags from hiring so many new employees and also having physical separation. That gets better all the time. It was exasperated a bit in Q4 because of all the new hires that we brought on, over 170,000 new people. That should moderate. That's why one of the reasons that we see a step down in Q1 versus Q4. It's volume-related and also mix of employees.

因此，如果我們看一下其中的核心組成部分，對，生產力就是——僱傭這麼多新員工和物理分離會拖累生產力。這一直在變得更好。由於我們帶來了所有新員工，超過 170,000 名新員工，第四季度有點惱火。那應該緩和。這就是為什麼我們看到第一季度與第四季度相比有所下降的原因之一。它與數量有關，也與員工的組合有關。

After that, we're going to have to see. Again, hopefully, the vaccine gets going. Everyone gets vaccinated, and we return to normalcy. That would be very helpful on a lot of fronts for everybody. And if not, there will be a continuation of some of these costs.

在那之後，我們將不得不看到。再次，希望疫苗能夠開始使用。每個人都接種了疫苗，我們恢復正常。這在很多方面對每個人都非常有幫助。如果沒有，其中一些成本將繼續存在。

I will say that while we are very transparent or try to be on the costs that we're seeing, specifically around COVID, there are some positive things happening that counteract a bit of that, not the least of which is the top line volume in 2020. We grew 37% on an FX-neutral basis versus growing 22% in 2019. And the fact that we've been running pretty full out since arguably April, but definitely into May, has created operating efficiencies of its own. The counterbalance, the physical separation and the training of new employees. So there's a lot of moving parts in here. We were able to save about $1 billion in transportation cost this year -- excuse me, in 2020 as virtually all travel was shut down and our sales teams found new ways to reach customers. We'll see how that develops over time.

我要說的是，雖然我們非常透明，或者試圖控制我們所看到的成本，特別是在 COVID 方面，但有一些積極的事情正在發生，抵消了一些影響，其中最重要的是2020 年。在外匯中性的基礎上，我們增長了 37%，而 2019 年增長了 22%。事實上，我們從可以說是 4 月（但肯定到 5 月）一直在用盡，這一事實已經創造了自己的運營效率。平衡，物理分離和新員工的培訓。所以這裡有很多活動部件。今年我們節省了大約 10 億美元的運輸成本——對不起，在 2020 年，幾乎所有的旅行都被關閉了，我們的銷售團隊找到了接觸客戶的新方法。隨著時間的推移，我們將看到它是如何發展的。

Marketing, although it got back to probably more healthy levels in Q3 and Q4, definitely was lower in Q2 as we worked through some capacity issues. And it wasn't fruitful to invest in marketing when you're having trouble hitting existing customer demand.

營銷雖然在第三季度和第四季度恢復到可能更健康的水平，但由於我們解決了一些產能問題，第二季度肯定會下降。當您在滿足現有客戶需求方面遇到困難時，投資營銷也不會取得成果。

So there are a lot of moving parts that I'll try and be as transparent on as I can be during the quarter. And this -- again, Q1 is -- we're seeing about $2 billion of absolute dollar COVID costs. And Dave can take the AMZL question.

因此，我將嘗試在本季度盡可能透明地展示很多活動部分。這 - 再次，第一季度 - 我們看到大約 20 億美元的 COVID 絕對成本。 Dave 可以回答 AMZL 的問題。

Yes. And just as we talk about AMZL, Amazon Logistics, right, that we think about that, in terms of the facilities, it's a lot of the middle-mile and the last-mile elements that are under our management and control. And so you're talking about sort centers at the middle-mile delivery stations and the last mile. We talked that on a square footage basis, 2020 was a big build year for us. Our footprint grew around 50%. About half of that incremental square footage fit into that sort of AMZL transportation side of the equation, which is a higher mix than what you've seen of any incremental add in a year. It's a higher mix being 50-50 than what you've seen from us in the past.

是的。就像我們談論 AMZL、亞馬遜物流一樣，我們認為，就設施而言，很多中間一英里和最後一英里的元素都在我們的管理和控制之下。所以你說的是中間一英里交付站和最後一英里的分揀中心。我們談到，在平方英尺的基礎上，2020 年對我們來說是一個重要的建設年。我們的足跡增長了約 50%。大約一半的增量平方英尺適合等式的那種 AMZL 運輸方面，這比你在一年中看到的任何增量增加的組合更高。 50-50 比您過去從我們這裡看到的要高。

So a lot of focus on that there, both because of the desire to pre-pandemic increase the 1-day delivery capabilities for Prime members. But also, as we've moved through this year, it gets us a little bit more -- or much more certainty on being able to get items from point A to point B. So we finished the year where now more than half our packages, both U.S. and worldwide, are handled through AMZL, and a lot of work going into that.

因此，很多人都在關注這一點，這都是因為希望在大流行前增加 Prime 會員的 1 天交付能力。而且，隨著我們今年的到來，它讓我們更多一點——或者更有把握將物品從 A 點運送到 B 點。所以我們完成了這一年，現在我們的包裹有一半以上，無論是美國還是全球，都是通過 AMZL 處理的，並且為此做了大量工作。

And so we'll look to expand and continue to build on that with our AMZL offerings, but as we've said in the past, our delivery partners, independent delivery partners that are out there, the UPSs, USPSs, certainly overseas carriers as well, are an important part of that, and they'll continue to help us scale that up and build up that offering and make it better.

因此，我們希望通過我們的 AMZL 產品擴展並繼續在此基礎上再接再厲，但正如我們過去所說，我們的配送合作夥伴、獨立配送合作夥伴、UPS、USPS，當然還有海外承運商作為好吧，這是其中的重要組成部分，他們將繼續幫助我們擴大規模並建立該產品並使其變得更好。

Our next question comes from John Blackledge with Cowen.

我們的下一個問題來自 John Blackledge 和 Cowen。

Two questions. First, the other revenue line saw a significant acceleration in 4Q. Just curious if you can talk about or provide some further color on the advertiser demand that you saw in the fourth quarter. And then second, on grocery was a big driver for Amazon in 2020. Just general thoughts on grocery. And I think you mentioned in the release, 7 communities rolled out AmazonFresh grocery stores. How are they performing? And should we expect a broader rollout?

兩個問題。首先，另一條收入線在第四季度顯著加速。只是好奇您是否可以談論或提供有關您在第四季度看到的廣告客戶需求的更多信息。其次，雜貨是 2020 年亞馬遜的一大推動力。只是對雜貨的一般看法。我想你在新聞稿中提到，7 個社區推出了 AmazonFresh 雜貨店。他們表現如何？我們應該期待更廣泛的推廣嗎？

Sure, John. Let me start with the other revenue question. Yes, we saw strength in other revenue, grew 64% in Q4 versus 49% in Q3 and 41% in Q2. That is primarily advertising. That's the majority of it. I would say that there has been a recovery in advertising spend as the year progressed. The fact that we moved Prime Day into Q4 has an impact there because, again, it carried a lot of clicks and eyeballs into Q4 for that time period.

當然，約翰。讓我從另一個收入問題開始。是的，我們看到了其他收入的增長，第四季度增長了 64%，第三季度增長了 49%，第二季度增長了 41%。那主要是廣告。這是大部分。我想說的是，隨著時間的推移，廣告支出有所回升。我們將 Prime 會員日移至第 4 季度這一事實對此產生了影響，因為在此期間，它再次為第 4 季度帶來了大量點擊和關注。

But I want to highlight a lot of great work being done by the advertising team. Their main principle is to help sellers, vendors, authors, publishers and partners use our tools, navigate them as fluidly as possible and add value both for them and for our end customers who get to see and find and discover new and different products.

但我想強調廣告團隊所做的許多出色工作。他們的主要原則是幫助賣家、供應商、作者、出版商和合作夥伴使用我們的工具，盡可能流暢地導航它們，並為他們和我們的最終客戶增加價值，讓他們看到、發現和發現新的和不同的產品。

There are some things that are adding to the efficiency of advertising. We're now using a deep learning model to show more relevant sponsored products and had success with that. We're improving the relevancy of ads shown on the product detail pages all the time. And we've seen rapid adoption of video creative format for sponsored brands. All these things help tick up the conversion and the productivity of the advertising, both for the seller or vendor involved and also for Amazon and makes it a more productive experience for the customer as well.

有一些事情可以提高廣告的效率。我們現在使用深度學習模型來展示更多相關的讚助產品，並取得了成功。我們一直在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。所有這些都有助於提高廣告的轉化率和生產力，無論是對於所涉及的賣家或供應商，還是對於亞馬遜，都有助於為客戶提供更高效的體驗。

John, on the grocery point, yes, we've got a couple of different formats. I think there's -- the Go grocery has a couple of locations open and off to a good start, a lot of interest in those and the technology that those offer as well as the AmazonFresh location. So we're at about 8 locations open, and I think in the neighborhood of about half a dozen locations are confirmed to open. So more to come on those.

約翰，在雜貨店，是的，我們有幾種不同的格式。我認為有——Go 雜貨店有幾個開放的地點，並且開端良好，對這些地點和這些地點提供的技術以及 AmazonFresh 地點很感興趣。所以我們在大約 8 個地點開放，我認為大約有 6 個地點已確認開放。所以更多的來這些。

There's other kind of tangents and footprints on that. The Go stores, there's around 25 of those that are out there that also important part of that is food. So you see us -- it's -- we've talked about this a bit in the past, is we're doing a lot with online grocery and branching out from Whole Foods and some of the other physical footprint locations and being able to offer that convenience, but we also think that being able to offer some innovative physical store grocery offerings like these go and fresh, some of which have some pretty cool self-checkout capabilities and implement some of the Just Walk Out technology qualities are really some interesting areas that are resonating with customers. I think they appreciate that not just in times of maybe not wanting to have physical contact with everyone in the store but just even beyond that, the general convenience of being able to move throughout the store and check out more efficiently than you otherwise would in a traditional retail environment. So excited to do more on that front.

還有其他類型的切線和足跡。 Go 商店，其中大約有 25 家商店，其中重要的部分是食物。所以你看我們 - 它是 - 我們過去已經討論過這個問題，我們在網上雜貨店做了很多事情，並從 Whole Foods 和其他一些實體足跡地點分支出來，並能夠提供這種便利，但我們也認為能夠提供一些創新的實體店雜貨產品，例如新鮮的，其中一些具有一些非常酷的自助結賬功能並實施一些 Just Walk Out 技術質量確實是一些有趣的領域與客戶產生共鳴。我認為他們很欣賞，不僅在可能不想與商店中的每個人進行身體接觸的時候，甚至在除此之外，能夠在整個商店中移動並比您在其他情況下更有效地結賬的一般便利傳統零售環境。很高興在這方面做得更多。

Our next question comes from Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one, I'd be curious to hear about any of the learnings you had from the strength of the international business in 2020 and how you think about the right types of investments to make in that business in '21 and beyond to ensure you retain as many of these users and wallets as you've gained throughout 2020.

我有 2 個。第一個，我很想知道您從 2020 年國際業務的實力中學到的任何東西，以及您如何看待在 21 年和以確保您在整個 2020 年保留盡可能多的這些用戶和錢包。

And the second one, understanding the comments, Brian, earlier about sort of investments going forward. Maybe just talk to us a little bit about 1-day. Are these investments you're making, could they get you back to a 1-day product in later part this year or in '22 when the world normalizes? Or are these assets you're putting in place now not able to be deployed from a 1-day perspective when overall e-commerce slows down a little bit?

第二個，理解評論，布賴恩，早些時候關於未來的投資。也許只是和我們談談 1 天。您是否正在進行這些投資，它們能否讓您在今年晚些時候或 22 年世界正常化時回到 1 天產品？或者當整體電子商務放緩時，您現在部署的這些資產是否無法從 1 天的角度進行部署？

Sure, Brian. Let me start with your international question. I think the biggest learning is that if we can move 2021 volume into 2020, it creates good leverage for us. And it's kind of what we saw. There was essentially a doubling of the growth rate versus probably the going in time -- rate for 2020.

當然，布賴恩。讓我從你的國際問題開始。我認為最大的收穫是，如果我們能夠將 2021 年的交易量轉移到 2020 年，它將為我們創造良好的槓桿作用。這就是我們所看到的。與 2020 年的增長率相比，增長率基本上翻了一番。

Now again, that was a very hard volume because of the COVID restrictions and issues with our workforce, keeping our workforce safe and everything else. But I think what you saw was some very high leverage on that model that overcame some of the more fixed costs that we're seeing in the Prime benefits. So we pre-invested, as we've discussed in the past, in things like video and devices and other elements of the Prime offering, now grocery, you're starting to see. And we've added those Prime benefits ahead of probably the curve that you would have seen in North America.

再說一次，由於 COVID 的限制和我們員工的問題，這是一個非常困難的捲，保證我們的員工安全和其他一切。但我認為你看到的是該模型的一些非常高的槓桿作用，它克服了我們在 Prime 福利中看到的一些更固定的成本。因此，正如我們過去所討論的，我們預先投資了視頻和設備以及 Prime 產品的其他元素，現在你開始看到雜貨。我們已經在您可能在北美看到的曲線之前添加了這些 Prime 福利。

So that has always created a bit of a drag on operating income, that as well as investments in new geographies, the investment in India, the investment that we've made over the last 2 or 3 years that are in places like the Middle East, Turkey, Brazil, Australia, most recently, Sweden and the Netherlands in 2020. So there's a lot of moving parts in the international segment. But you're starting to see the benefit of the higher volumes and with it, higher advertising as well that we expected and we expect over time. And we'll see the growth rate is going to have the same challenges year-over-year that perhaps we'll see in North America we're going to have a race between lapping things that may have been onetime in nature in 2020 versus accelerating Prime membership and Prime members' purchases, purchase frequency and adoption of digital benefits.

因此，這總是對營業收入、對新地區的投資、對印度的投資以及我們過去 2 或 3 年在中東等地的投資造成了一定的拖累、土耳其、巴西、澳大利亞，最近是 2020 年的瑞典和荷蘭。因此，在國際領域有很多活動的部分。但是您開始看到更高數量的好處，隨之而來的是更高的廣告以及我們預期的以及我們隨著時間的推移所期望的。而且我們將看到增長率將逐年面臨同樣的挑戰，也許我們會在北美看到我們將在 2020 年可能曾經在自然界中出現過的事物與加快 Prime 會員和 Prime 會員的購買、購買頻率和數字福利的採用。

So we'll see what that looks like in 2021. Very happy with the performance in 2020. And really, hats off to the teams in many countries around the world who are all dealing with the same issues that we were in North America.

因此，我們將看到 2021 年的情況。對 2020 年的表現非常滿意。真的，向世界上許多國家的團隊致敬，他們都在處理與我們在北美相同的問題。

And I know this is a bit of an offshoot, but I just think it's worth mentioning it fits in the AWS business, but we're continuing to see strong growth from AWS around the world as well. And there's a number of international located customers out there like MercadoLibre and Zalando and others that we've listed in there that are great customers for us. So we're working on that and really looking to support that just globally.

我知道這有點像一個分支，但我認為值得一提的是它適合 AWS 業務，但我們也繼續看到 AWS 在全球範圍內的強勁增長。那裡有許多國際客戶，例如 MercadoLibre 和 Zalando 以及我們在其中列出的其他客戶，這些客戶對我們來說都是很好的客戶。所以我們正在努力解決這個問題，並且真的希望在全球範圍內支持它。

And I mentioned this before, but re:Invent, it was a great way to bring a lot of those folks from around the world together virtually and free. And typically, we've recorded the revenue for re:Invent from ticket sales and sponsorships. If you account for this COVID anomaly this year of it being virtual and free, AWS' year-over-year revenue growth, if you look at it, actually accelerated adjusting for that from the third quarter to the fourth quarter. So a lot of fun innovation, good innovation coming out of that event that we're excited to talk more with customers about.

我之前提到過這一點，但是 re:Invent，它是一種將來自世界各地的許多人以虛擬方式和免費方式聚集在一起的好方法。通常，我們會記錄 re:Invent 的門票銷售和讚助收入。如果你考慮到今年的這種 COVID 異常，因為它是虛擬的和免費的，那麼從第三季度到第四季度，AWS 的同比收入增長實際上加速了調整。因此，我們很高興與客戶進行更多討論，從那次活動中產生了很多有趣的創新，好的創新。

And then your question on 1-day, I believe it was whether our investments will be consistent with establishing higher and higher levels of 1-day. Yes, definitely. And we've been doing that throughout the year, and it's been getting better. In fact, we had a lot of examples of deliveries right up to the last minute on December 24 in the United States for holiday gifts. So the 1-day has been getting better, and it's -- the issues in 2020 was essentially around capacity and volume and getting things out the door and being able to then hit a shortened time period.

然後你關於 1 天的問題，我相信我們的投資是否會與建立越來越高的 1 天水平保持一致。當然是。我們一整年都在這樣做，而且情況越來越好。事實上，我們有很多例子，直到 12 月 24 日美國的最後一分鐘才送來節日禮物。因此，1 天的情況越來越好，而且 2020 年的問題基本上是圍繞容量和數量，以及將事情排除在外，然後能夠縮短時間段。

So it wasn't that we were delaying or slowing down the shipment itself. It was the time taken to get through the warehouse and handle backlog of demand. So as the year progressed, we did see that get better and better. We do forecast that it will get better. I'm not quantifying this for you. I realize that. But I think you can generally notice wherever you're particularly are, whatever geography you are, some cities are back probably to 1-day levels that they saw or even better pre-pandemic. Other areas that may have other dynamic issues are still working their way out of backlog and volume issues. But when they -- the dust settles and as we open up more and more capacity, you'll see greater and greater 1-day percentages for our Prime shipments.

因此，我們並不是在延遲或放慢發貨速度。這是打通倉庫和處理積壓需求所需的時間。因此，隨著時間的推移，我們確實看到情況變得越來越好。我們確實預測它會變得更好。我不是為你量化這個。我意識到這一點。但是我認為您通常可以注意到，無論您身在何處，無論您身在何處，某些城市都可能恢復到大流行前的 1 天水平，甚至更好。其他可能存在其他動態問題的領域仍在努力解決積壓和數量問題。但是，當一切塵埃落定，並且隨著我們開放越來越多的運力時，您會看到我們的 Prime 發貨的 1 天百分比越來越高。

Our next question comes from Justin Post with Bank of America.

我們的下一個問題來自美國銀行的 Justin Post。

Great. A couple. First, obviously, the Jeff Bezos announcement is quite important. I think Jeff Wilke is also retiring. Can you talk a little bit if you expect any changes to Amazon, how we should think about that? And then maybe Dave Clark is taking over retail. Talk a little bit about that.

偉大的。一對夫婦。首先，顯然，傑夫貝索斯的聲明非常重要。我認為傑夫威爾克也即將退休。如果您預計亞馬遜會發生任何變化，您能談談嗎？我們應該如何考慮？然後也許戴夫克拉克正在接管零售業。稍微談一下。

And then secondly, obviously, the backlog is really strong in AWS, up 68%. The margins did come down a little bit quarter-over-quarter to 28%. Can you talk about the deals, how pricing is in the cloud segment? Is it remaining robust? And any reason the margins came down a little bit quarter-over-quarter?

其次，很明顯，AWS 的積壓工作非常強勁，增長了 68%。利潤率確實環比下降了一點點，降至 28%。你能談談交易嗎，雲領域的定價如何？是否保持穩健？利潤率環比下降的原因有什麼？

Sure, Justin. Let me start with your comments on the CEO transition and then the consumer CEO transition. I think they're both examples of what are highly effective succession planning processes at Amazon. The Board of Directors obviously takes that very seriously. It is an annual discussion and probably more often on succession plans, development of key executives, expanding the number of key executives, et cetera. And you see the byproduct of that as we expand the S team as we, 5 years ago, set up the 2-CEO structure where Jeff Wilke was CEO of Consumer and Andy Jassy was CEO of AWS. We have strong single-thread leaders on devices, Amazon or -- Video, including Amazon Studios, Advertising. So I think there's a lot of bench strength within Amazon; and generally, we do try and push the decisions down in the organization as we scale, especially internationally as we try and do things consistently globally but recognize local differences in our model.

當然，賈斯汀。讓我先談談你對 CEO 過渡和消費者 CEO 過渡的評論。我認為它們都是亞馬遜高效繼任計劃流程的例子。董事會顯然非常重視這一點。這是一次年度討論，可能更頻繁地討論繼任計劃、關鍵高管的發展、擴大關鍵高管的數量等。當我們擴大 S 團隊時，您會看到它的副產品，因為我們在 5 年前建立了 2 位 CEO 結構，其中 Jeff Wilke 是 Consumer 的 CEO，Andy Jassy 是 AWS 的 CEO。我們在設備、亞馬遜或視頻（包括亞馬遜工作室、廣告）方面擁有強大的單線程領導者。所以我認為亞馬遜內部有很多板凳力量。一般來說，隨著我們的規模擴大，我們確實會嘗試在組織中推動決策，尤其是在國際上，因為我們嘗試在全球範圍內始終如一地做事，但承認我們模型中的地方差異。

So having said all that, succession planning is super important. The example you saw with Jeff Wilke, Jeff announced in the fall that he was stepping down to pursue some other goals and interest that he has outside of Amazon. He had been here over 20 years, had been super pivotal in our development of our consumer business, our culture, the development of layers and layers of leaders. And one of them was Dave Clark, who has, over the last 5-plus years, really been charged with developing some very fundamental things for our company: the expansion of the fulfillment center network, the expansion and creation of our transportation capacity, grocery delivery and the grocery plan, a lot of other things. But Dave has -- had been great leader in his own right. So when Dave -- or, excuse me, when Jeff Wilke decided to retire in the fall, it was a natural transition to Dave Clark. And that just occurred in January, and they're wrapping things up in the next month.

說了這麼多，繼任計劃非常重要。你在傑夫威爾克看到的例子，傑夫在秋天宣布他將辭職以追求他在亞馬遜之外的一些其他目標和興趣。他已經在這里工作了 20 多年，在我們發展我們的消費者業務、我們的文化、培養層層領導者方面發揮了超級關鍵的作用。其中之一是 Dave Clark，在過去 5 年多的時間裡，他真正負責為我們公司開發一些非常基本的東西：履行中心網絡的擴展、我們運輸能力的擴展和創造、雜貨店送貨和雜貨店計劃，還有很多其他的事情。但戴夫已經——憑藉自己的能力成為了偉大的領導者。所以當戴夫——或者，對不起，當傑夫威爾克決定在秋天退休時，這是向戴夫克拉克的自然過渡。這只是在一月份發生的，他們將在下個月結束。

So that's a successful example of succession planning and a successful transition. Same thing for Jeff Bezos' role. And I will reiterate that Jeff is not leaving. He is getting a new job. He's going to be Executive Chair of the Board, super important role. The Board is super active and important in Amazon's success story.

這是繼任計劃和成功過渡的成功範例。傑夫貝索斯的角色也是如此。我將重申傑夫不會離開。他正在找一份新工作。他將成為董事會執行主席，非常重要的角色。董事會在亞馬遜的成功故事中非常活躍和重要。

And Andy has been here since 1997. He is not only a visionary leader. He's a strong operator as I said. And he's got a great track record of developing multiple things and businesses within Amazon, not the least of which is AWS, which is arguably the most profitable, important technology company in the world.

Andy 自 1997 年以來一直在這裡。他不僅是一位有遠見的領導者。正如我所說，他是一個強大的運營商。他在亞馬遜內部開發多種事物和業務方面有著良好的記錄，其中最重要的是 AWS，它可以說是世界上最賺錢、最重要的科技公司。

So that's just a flavor on the insight on how it works. We're very happy to see both Jeff and Andy get new perspectives. So Andy has a chance to put his imprint on Amazon. He is certainly going to carry through the culture and the vision and the invention factory that Amazon is and will take that to the next level.

所以這只是對它如何工作的見解的一種味道。我們很高興看到 Jeff 和 Andy 都獲得了新的視角。所以安迪有機會在亞馬遜上留下自己的印記。他肯定會繼承亞馬遜的文化、願景和發明工廠，並將把它提升到一個新的水平。

Jeff will be the Executive Chairman of the Board. He will be involved in many large one-way-door issues, as we say, one-way doors, meaning the more important decisions, things like acquisitions, things like strategies and going into grocery and other things. So Jeff's always been involved with that, and that's where we'll keep his time focused on -- or he'll keep his time focused on in his new role.

傑夫將擔任董事會執行主席。他將參與許多大型單向門問題，正如我們所說，單向門，意味著更重要的決策，比如收購，比如戰略和進入雜貨店等等。所以傑夫一直參與其中，這就是我們將他的時間專注於的地方——或者他將把時間專注於他的新角色。

So very excited all around to see the ability to have a strong transition to Andy in Q3. We'll be working on backfilling the AWS role, and we'll talk more about that in the future.

看到能夠在第三季度向安迪強有力的過渡，周圍的人都非常興奮。我們將努力填補 AWS 的角色，我們將在未來進一步討論這個問題。

But for now, today is about Andy and Jeff Bezos.

但就目前而言，今天是關於安迪和傑夫貝索斯的。

And Justin, just on your AWS point, I mean, like I've mentioned before, AWS growth rate is strong. The factors we've talked about in the past continue to be in play. We're improving infrastructure planning to meet the capacity needs given the growth we're seeing. More broadly, our results reflect that balance between the investing, the price reductions, driving cost efficiencies. And the margins are going to fluctuate quarter-to-quarter depending on those factors to the extent we are investing in new regions and some other elements.

賈斯汀，就你的 AWS 觀點而言，我的意思是，就像我之前提到的，AWS 的增長率很高。我們過去談到的因素仍在發揮作用。鑑於我們看到的增長，我們正在改進基礎設施規劃以滿足容量需求。更廣泛地說，我們的結果反映了投資、降價和提高成本效率之間的平衡。利潤率將逐季波動，具體取決於我們在新地區和其他一些要素上投資的程度。

A few discrete things that aren't probably new but just to call out, the driver of the reduced impact from the change in the useful life of the servers. As you recall, we amended the server useful life at the beginning of the year from 3 to 4 years, and so we saw some benefit to the AWS margins and the broader margins in total. When we look at that, the impact does diminish throughout this year. So when we increased it beginning in January, the benefit from this change in Q4 was about $538 million. That's down from $634 million in Q3. So that gives you some sense of it's coming down. That's the total amount that's allocated amongst the segments, but the majority of those figures I just gave do relate to AWS because significance of the server assets going to that segment. And again, that impact's going to continue to taper down over time, for example, into Q1 of 2021.

一些離散的東西可能不是新的，但只是為了指出，減少服務器使用壽命變化的影響的驅動因素。您還記得，我們在年初將服務器的使用壽命從 3 年修改為 4 年，因此我們看到了 AWS 利潤率和總體利潤率的一些好處。當我們看到這一點時，今年的影響確實會減弱。因此，當我們從 1 月份開始增加它時，第四季度的這種變化帶來的收益約為 5.38 億美元。這低於第三季度的 6.34 億美元。所以這讓你感覺到它正在下降。這是在各個細分市場中分配的總量，但我剛剛給出的這些數字中的大多數確實與 AWS 有關，因為服務器資產對於該細分市場的重要性。而且，隨著時間的推移，這種影響將繼續減弱，例如，到 2021 年第一季度。

One other element is just FX impact. That's always going to hit us to some degree, but AWS customer billings are probably primarily denominated in U.S. dollars. The cost, though, if you think about it, many of the costs are going to be for build-out in local currency for data centers and the people that work there and power and what have you, so there's a bit of a foreign exchange difference there. And that happens to be this time around a little bit bigger. We saw an unfavorable impact of about $96 million to the AWS margin this time around for FX, so just another point to call out there.

另一個因素就是外匯影響。這總是會在某種程度上打擊我們，但 AWS 客戶賬單可能主要以美元計價。但是，如果您考慮一下成本，許多成本將用於以當地貨幣為數據中心和在那里工作的人以及電力和您擁有的東西進行建設，所以會有一點外匯那裡的區別。而這一次恰好是更大的一點。這次我們看到 AWS 對 FX 的利潤率產生了約 9600 萬美元的不利影響，因此還有一點需要指出。

You mentioned the backlog, too. Look, I think that's one data point amongst many as you look at AWS, but I think we're really encouraged by just general large enterprise business adoption is continuing to do well as they're choosing AWS as a tech provider and speeding up innovations. You saw a long list of the many companies that we've announced arrangements with in the past 90 days. So really excited to continue to build onto that.

你也提到了積壓。看，我認為這是您查看 AWS 的眾多數據點之一，但我認為我們真的很受鼓舞，因為一般大型企業業務採用繼續表現良好，因為他們選擇 AWS 作為技術提供商並加快創新.您看到了我們在過去 90 天內宣布與之達成安排的眾多公司的長長名單。非常高興能繼續在此基礎上再接再厲。

Our final question comes from Ross Sandler with Barclays.

我們的最後一個問題來自巴克萊銀行的羅斯桑德勒。

Yes. Just going back to the topic of shipping cost inflation. This is one of the few lines that's kind of variable and kind of increasing a little bit faster than the other fixed costs. And Dave, you mentioned that over half the orders are now going through Amazon Logistics worldwide. When do you expect that rate of inflation per order to level out a little bit because of these efforts? And if you look at the cost curve in places like the U.K. where -- or in London, where you have well over half on your own last-mile delivery, are you starting to see leverage there? Any comments on that?

是的。回到航運成本通脹的話題。這是為數不多的幾行之一，它是可變的，並且比其他固定成本增長得快一點。戴夫，你提到現在超過一半的訂單通過亞馬遜物流在全球範圍內進行。由於這些努力，您預計每個訂單的通貨膨脹率何時會趨於平穩？如果你看看像英國這樣的地方的成本曲線 - 或者在倫敦，你自己的最後一英里交付有一半以上，你是否開始看到那裡的槓桿作用？對此有何評論？

Yes. On that -- this is Dave. I think it's not -- I won't give a forward kind of guidance mix or what that levels off like. Some of the step-up in costs and disparity -- or the bigger gap, I should say, versus the unit growth rates that you're seeing there, there's a few factors. But I think this is Q4. We did add on a lot of new capacity as I said. It came on later in the year into Q4. More of it was in kind of that transportation arm, and so the costs associated with that would be going to that trans cost piece. So that's one of the factors, along with the fact that we're continuing to try where we can to focus on improving 1-day. And that varies region to region with all the kind of challenges of COVID that have gone on this year. But that's a goal of ours, is to get back to where we were in terms of 1-day unit mix and continue to build onto that. So that'll be something to keep an eye on as we move into 2021.

是的。在那——這是戴夫。我認為不是——我不會給出前瞻的指導組合或趨於平穩的情況。成本和差異的一些增加——或者更大的差距，我應該說，與你在那裡看到的單位增長率相比，有幾個因素。但我認為這是第四季度。正如我所說，我們確實增加了很多新容量。它在今年晚些時候進入第四季度。更多的是那種運輸部門，因此與此相關的成本將轉移到那個跨成本部分。所以這是因素之一，以及我們將繼續嘗試我們可以專注於改進 1 天這一事實。這因地區而異，今年已經出現了 COVID 的各種挑戰。但這是我們的目標，就是回到我們在 1 天單元組合方面的狀態，並繼續在此基礎上進行建設。因此，隨著我們進入 2021 年，這將是值得關注的事情。

Thanks for joining us on the call today 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。