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.

感謝您的支持。大家好，歡迎參加亞馬遜 2020 年第四季財務業績電話會議。 （操作員指示）今天的通話正在錄音。在開幕致詞時，我將把電話轉給投資者關係總監戴夫·菲爾德斯 (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 2020 年第四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 2019.

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 2019 年同期的結果。

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回應僅反映管理層截至 2021 年 2 月 2 日的觀點，並將包含前瞻性陳述。實際結果可能存在重大差異。有關可能影響我們財務表現的因素的更多資​​訊包含在今天的新聞稿和我們向美國證券交易委員會提交的文件中，包括我們最近的 10-K 表年度報告和後續文件。

During this call, we may discuss certain non-GAAP financial measures. In our press release, slides accompanying this webcast and our filings with the SEC, each of which is posted on our IR website, you'll 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），您會發現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較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. 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。本指引也反映了我們迄今為止對 COVID-19疫情對我們營運的影響的估計，包括我們向美國證券交易委員會提交的文件中討論的估計，並且高度依賴於我們可能無法預測或控制的眾多因素，包括疫情的持續時間和範圍，包括任何復發；政府、企業和個人為應對疫情所採取的行動；疫情對全球和區域經濟及經濟活動、勞動力配置和生產力的影響；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. 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，但我想首先對第四季度業績發表一些評論，然後我們再回答您的問題。

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 萬名亞馬遜員工，他們在疫情期間勇敢面對挑戰，為全球客戶提供服務。我們很自豪，2020 年有超過 50 萬人選擇在亞馬遜接受新工作。我們致力於為所有員工提供優質的工作，包括在美國每小時 15 美元的起薪、健康保險、401(k) 匹配、領先的父母福利和技能提升機會。我們仍然關注員工和配送合作夥伴的安全，特別是在我們的履行和物流運營和商店以及在我們的全食超市和其他商店購物的顧客的安全。

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.

我們的第四季業績包括約 40 億美元的與 COVID 相關的營運成本，其中包括假期期間的額外員工薪資。我們繼續看到生產力受到阻力，這源於新員工的實體隔離和培訓，當然還有對員工個人防護裝備的投資和對我們設施的加強清潔。第四季的支出使我們全年與 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 年付出了艱苦的努力，提升了內部 COVID-19 檢測能力，使其在現有向公眾開放的檢測能力基礎上進一步提升。目前每小時有超過 700 名員工接受檢測，在全球範圍內，我們已經建立了數百個 COVID-19 檢測站和 2 個實驗室。我們鼓勵全國各地的亞馬遜配送中心、AWS 資料中心和全食超市門市的必要員工儘早接種 COVID-19 疫苗。我們也在聯邦和州兩級開展工作，支持第一線員工和在疫情期間提供基本服務的社區人員接種疫苗，包括在華盛頓州和佛羅裡達州設立臨時診所，並且正在籌備設立更多診所。

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.

現在對第四季業績進行一些評論。我們的第四季假期一直是我們一年中最忙碌的時候。今年，我們的團隊面臨額外的挑戰，因為我們要努力滿足強勁的客戶需求，同時擴大我們的業務範圍並迎接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 年第四季為 50,000 棟。我們也繼續在履行和物流網絡中增加建築，2020 年的建築面積年增約 50%。與往年不同，往年新建築大多在第三季末到位，而今年，相當一部分新建築在第四季度就已投入使用，我們的團隊竭盡全力為滿足客戶需求做好準備。事實證明，我們需要這種產能來滿足第四季強勁的客戶需求。本季營收為 1,256 億美元，而我們的預期範圍為 1,120 億美元至 1,210 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 月透過 Prime Day 提前為客戶開啟了假日季，而不是像往常一樣在第三季推出。隨後，我們看到第四季季節性假日需求強勁。我們的第四季業績也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，特別是當人們待在家裡時，包括家庭用品、主食和其他家居產品。在 Prime 會員的積極參與下，我們主要產品類別的銷售額均實現成長。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。 Prime 會員也持續擴大 Prime 數位福利的使用，包括 Prime Video 和 Prime Video 頻道。亞馬遜音樂於 9 月推出播客；第四季度，Prime 會員每月收聽播客的時間達數百萬小時。

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.

我們正在透過食品雜貨吸引更多的顧客。在第四季度，我們又取得了強勁的業績，這在很大程度上反映了第三季度需求趨勢的延續，並且我們看到了新 Prime 會員註冊數量的強勁增長。由於本季需求依然強勁，額外的銷售槓桿幫助實現了高於預期的利潤。整個假日季，我們的訂單量都很強勁，不僅在 Prime Day、黑色星期五和網絡星期一等銷售高峰日，而且在本季度剩餘時間內，銷售額都實現了良好的增長。即使我們增加了大量運力，我們的履行中心和運輸網路仍然保持著良好的營運表現。

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提供服務。 2020 年假期季節是我們商店中小型企業銷售業績最好的一個季度，第四季度其全球銷售額年增超過 50%。本季度，第三方單位佔總付費單位的 55%，這是我們 20 多年前邀請企業在亞馬遜上銷售以來最高的第三方單位組合。

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 的努力以我們的第九屆年度 re:Invent 大會為亮點。這是我們歷史上第一次以虛擬和免費的方式舉辦活動。在為期三週的活動期間，我們有超過 57 萬名註冊參加者。 AWS 持續快速創新，在 re:Invent 上宣布了 180 多項涉及運算、儲存、資料庫、機器學習等領域的新服務和功能。您可以在我們的收益報告中閱讀有關此內容的更多資訊。

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.

該團隊還宣布了顯著的客戶成長勢頭，其中包括摩根大通、湯森路透、ViacomCBS 和 Twitter 等公司的新承諾和遷移。我們不斷看到各公司大力推動遷移至 AWS 的計畫。

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.

第四季度，AWS 的使用量和收入持續保持強勁成長。 AWS 在其歷史上任何一個季度的收入都比上一季和上一年有所增長，現在已成為年化營運收入達 510 億美元的企業，為數百萬活躍的 AWS 客戶提供支援。正如全年一樣，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，對此，我們深表感謝。

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，我們的創辦人兼執行長傑夫貝佐斯 (Jeff Bezos) 將在今年第三季轉任執行主席，安迪賈西 (Andy Jassy) 屆時將擔任執行長。我們這些認識安迪的人都很高興看到他承擔起這更大的責任。他是一位有遠見的領導者、一位偉大的營運者，他知道是什麼讓亞馬遜成為一家如此特別、富有創新精神的公司。

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.

我們也很高興傑夫將繼續在他創立並領導了 25 年的公司中擔任非常重要的職位。他創造了一種發明和創新的文化，每天都在激勵我們，而我們對客戶的共同關注和執著也始終將我們聯繫在一起。

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

接下來，讓我們進入問答環節。

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

（操作員指示）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發展。顯然，除了疫情之外，我想知道您是否可以幫助我們分析推動這一趨勢的因素，具體地區，推動這一加速水平的具體舉措。

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，這更像是一個內部問題。您能否－您介意詳細講一下積壓的情況嗎？以及數學上任何變化的物質驅動因素在多大程度上已經存在。

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。我先從國際部分業績開始。是的，它的環比成長率從第三季的 33% 躍升至第四季的 50%。部分原因在於 Prime Day 的時機。但在美國，這種現象就沒那麼明顯。北美地區的環比成長率為 39% 至 40%，因此第四季國際市場也出現了其他變化。

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.

我認為這實際上歸因於我們所看到的政府行動和封鎖，尤其是在英國和歐洲。我認為本季這一數字有所增加，這對經濟來說是一個不幸的現象。但它確實推動了我們網站的銷售成長。我們也看到，將 Prime Day 從第三季移至第四季可能會對國際市場產生更大的影響，因為它在國際市場還處於起步階段。它仍在提升但性能非常強勁。

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。就積壓訂單數量而言，截至年底約 500 億美元，出現反彈，年增約 68%。這是 AWS 所做的所有偉大工作的一部分；當然，你會看到持續的強勁增長——使用量和收入的強勁增長，年化運行率業務達到 510 億美元。因此，它的絕對美元成長率將比其他國家顯著提高。我們對那裡所看到的成長感到非常高興。正如 Brian 在開幕式上提到的那樣，re:Invent 大會也湧現出許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，我只是在跟進您在發布會和開場白中所做的一些評論。我想知道您是否可以梳理出，展望 21 世紀，我們應該如何考慮在履行組合與客戶服務、物流和交付方面所需的投資水平？顯然，2021 年將與 2020 年截然不同，2020 年，我們看到需求激增，但隨著時間的推移，許多產能限制也隨之增加，進入 2021 年中期，競爭形勢將更加嚴峻，因為您需要應對 2021 年需求帶來的影響。我們如何看待您將進行的投資水平、這些投資將流向何處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，我們去年進行了大量的投資，包括運輸在內的集團履行能力年增了 50%。我想說的是——並且花費了——我相信資本支出為 440 億美元。是的。我們仍在製定 2021 年的計畫。我認為這裡增加的複雜性在於結果的範圍。 2020 年的情況確實如此，但即使在 2021 年，人們對於新冠疫情是否會延續與去年同期銷售額相比仍存在許多疑問。有時，其中有些東西肯定不會重複，可能是我們銷售的手套、濕紙巾等物品的數量，或是人們在家辦公室設置的電腦顯示器。但到 2020 年，也會有許多人更積極參與 Prime 福利活動，我們認為這將產生持久的影響，包括購買頻率、購買金額、數位福利的使用等等。因此我們可能需要針對多種場景進行建構。在 FC 世界中，很難快速地啟動這種容量，因此這通常意味著您可能必須過度建造以保護客戶體驗。

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。我們還有很多持續擴張的計劃。所以我們肯定會在 2021 年看到這一點。我現在無法量化它。我現在只提供第一季的指導，我們仍在製定一些計劃，就像我們每年這個時候所做的那樣。

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.

基礎設施仍將是我們投資中健康的一部分。我們支援的 AWS 業務在使用量和收入方面均快速成長。我們正在全球範圍內擴展區域，並在該地區擁有很大的優勢，並與客戶討論他們向雲端的過渡計畫。所以我們絕對不希望產能耗盡，而且我們會努力避免這種情況發生。因此，由於不確定性，2021 年可能存在遠期支出的風險，但隨著時間的流逝，我們將拭​​目以待。

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.

布萊恩，希望您能多談談 AMZL（亞馬遜物流）在假期季節的重要性，如果您能多談談包裹的百分比，也許從您的配送中心轉移，然後談談未來幾年的發展方向。然後也要對 COVID 成本進行簡要評論。您提到第一季為 20 億美元。我只是好奇您如何從全年角度考慮這個問題，其中可能存在哪些優點和缺點。

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。是的，就全年而言，我們 2020 年的總成本為 115 億美元，其中第四季為 40 億美元。我們看到第一季的銷售額將下降至接近 20 億美元。相較之下，去年第一季度，由於疫情才剛開始，我們支出了 6 億美元，並從 3 月開始採取應對措施。顯然，這些成本在第二季和第三季有所上升。

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，如果我們看一下其核心組成部分，就會發現生產力問題——僱用如此多的新員工以及物理隔離會降低生產力。情況一直在好轉。由於我們招募了大量新員工，第四季度的情況有點令人惱火，新員工人數超過 17 萬人。這應該會緩和。這就是我們看到第一季相對於第四季有所下降的原因之一。這與數量有關，也與員工組合有關。

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.

之後，我們再拭目以待。再次希望疫苗能夠發揮作用。每個人都接種疫苗，我們恢復正常。這對每個人來說在很多方面都會非常有幫助。如果不是這樣，部分成本仍將繼續存在。

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.

我想說的是，雖然我們非常透明地公開或盡量公開我們看到的成本，特別是在新冠疫情期間，但也有一些積極的因素抵消了部分影響，其中最重要的就是 2020 年的營收。剔除匯率因素，我們的成長了 37%，而 2019 年的成長率為 22%。事實上，我們從 4 月份開始就一直在滿載運轉，而且肯定會持續到 5 月份，這本身就創造了營運效率。平衡、物理隔離和新員工的培訓。所以這裡有很多活動部件。今年，我們節省了約 10 億美元的運輸成本——對不起，是在 2020 年，因為幾乎所有旅行都關閉了，我們的銷售團隊找到了接觸客戶的新方法。我們將觀察其隨著時間的推移如何發展。

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.

儘管行銷在第三季和第四季可能已經恢復到更健康的水平，但由於我們解決了一些產能問題，第二季的行銷水平肯定較低。當你無法滿足現有客戶需求時，投資行銷是沒有成效的。

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，在本季度中，我會嘗試盡可能透明地展示許多活動部件。再次強調，第一季度，我們看到 COVID 造成的絕對成本約為 20 億美元。戴夫可以回答 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。正如我們談論 AMZL、亞馬遜物流一樣，就設施而言，我們認為許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。所以您談論的是中間一英里配送站和最後一英里的分類中心。我們談到，以平方英尺計算，2020 年對我們來說是重要的建設年。我們的足跡成長了約50％。大約有一半的增量面積適合 AMZL 運輸方面的要求，這比一年內任何增量增加的比例都要高。與我們過去所見的相比，這一比例更高，為 50-50。

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，我們對此給予了極大的關注，因為我們希望在疫情爆發前提高 Prime 會員的 1 天送達能力。但是，隨著今年的發展，我們對將物品從 A 點運送到 B 點的信心也增強了一點——或者說是更加確定了。今年結束時，我們超過一半的包裹，包括美國和世界各地的包裹，都是透過 AMZL 處理的，我們為此付出了很多努力。

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，我們將尋求擴大並繼續在此基礎上發展我們的 AMZL 產品，但正如我們過去所說的那樣，我們的配送合作夥伴、現有的獨立配送合作夥伴、UPS、USPS，當然還有海外承運商，都是其中的重要組成部分，他們將繼續幫助我們擴大規模、構建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 Cowen 的 John Blackledge。

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，其他營收線在第四季出現了顯著的成長。我只是好奇您是否可以談談或進一步說明您在第四季度看到的廣告商需求。其次，食品雜貨是亞馬遜 2020 年發展的一大推手。只是對食品雜貨的一般看法。我記得您在新聞稿中提到過，7 個社區推出了 AmazonFresh 雜貨店。他們表現如何？我們是否應該期待更廣泛的推廣？

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。讓我先從另一個收入問題開始。是的，我們看到其他營收表現強勁，第四季成長了 64%，而第三季成長了 49%，第二季成長了 41%。這主要是廣告。這就是大部分內容。我想說的是，隨著時間的推移，廣告支出已經出現復甦。我們將 Prime Day 移至第四季度這一事實產生了影響，因為它在第四季度的那段時間帶來了大量點擊量和眼球。

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.

但我想強調的是廣告團隊所做的許多出色的工作。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，並為他們和我們的最終客戶增加價值，讓他們能夠看到、找到並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.

有些事情正在提高廣告的效率。我們現在正在使用深度學習模型來展示更多相關的贊助產品，並且取得了成功。我們一直在提高產品詳情頁面上顯示的廣告的相關性。我們看到贊助品牌迅速採用影片創意格式。所有這些都有助於提高廣告的轉換率和生產力，無論是對於相關的賣家或供應商還是對亞馬遜而言，同時也為客戶提供了更有效率的體驗。

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，我們有幾種不同的形式。我認為——Go 雜貨店已經開設了幾家門市，並且開局良好，人們對這些門市以及它們提供的技術以及 AmazonFresh 門市產生了濃厚的興趣。目前我們大約有 8 家門市開業，而且我認為附近大約有 6 家門市已確認開業。對此我們還會做更多探討。

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。目前大約有 25 家 Go 商店，其中很重要的一部分是食物。所以你看，我們——我們過去已經談過這個問題了，我們在網上雜貨店做了很多工作，並從 Whole Foods 和其他一些實體店拓展業務，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店產品，比如這些外帶和新鮮食品，其中一些產品具有一些非常酷的自助結賬功能，並實現了一些 Just Walk Out 技術的共鳴，這些領域確實是一些有趣的自助結帳功能，並實現了一些 Just Walk Out 技術的共鳴，這些領域確實是一些領域的自助結賬功能。我認為他們欣賞的不僅僅是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，他們還欣賞能夠在商店內移動並比在傳統零售環境中更高效地結帳的便利。我很高興能在這方面做更多的事情。

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.

我有兩個問題。第一個問題，我很想聽聽您從 2020 年國際業務的強勁表現中獲得了哪些經驗，以及您如何看待在 2021 年及以後對該業務進行正確的投資，以確保您保留在 2020 年獲得的盡可能多的用戶和錢包。

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，布萊恩，我理解你之前關於未來投資的評論。也許可以和我們簡單聊聊 1-day 的事情。您所做的這些投資能否讓您在今年稍後或 2022 年世界恢復正常時恢復 1 天產品？或者，當整體電子商務稍微放緩時，您現在投入的資產是否無法從 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，布萊恩。我先從您的國際問題開始。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，這將為我們創造良好的槓桿作用。這正是我們所看到的。與 2020 年同期相比，成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.

再一次，由於新冠疫情的限制以及我們與員工、保障員工安全以及其他所有方面的問題，這是一個非常困難的任務。但我認為，您看到的是該車型具有非常高的槓桿率，它克服了我們在 Prime 福利中看到的一些較固定的成本。因此，正如我們過去討論過的，我們對視訊、設備以及 Prime 服務的其他元素（現在您開始看到的是雜貨）進行了預先投資。我們添加的 Prime 福利可能比北美地區提前了很多。

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，這總是會對營業收入造成一些拖累，以及對新地區的投資，在印度的投資，以及我們在過去 2 或 3 年在中東、土耳其、巴西、澳大利亞等地進行的投資，最近一次是在 2020 年對瑞典和荷蘭的投資。因此，國際領域有許多活動部件。但您開始看到更高銷售量帶來的好處，隨之而來的還有更高的廣告收入，這超出了我們的預期，並且是我們預期的隨著時間的推移而增加的收入。我們將看到，成長率將面臨與北美相同的挑戰，我們將在 2020 年一次性的事情與加速 Prime 會員資格和 Prime 會員的購買、購買頻率和數位福利的採用之間展開競爭。

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.

所以我們將看看 2021 年的情況。我對 2020 年的表現非常滿意。真的，向世界各地許多國家的團隊致敬，他們都在處理與我們在北美遇到的相同的問題。

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成長。還有很多國際客戶，像是 MercadoLibre、Zalando 以及我們列出的其他客戶，他們都是我們的優質客戶。因此，我們正在努力實現這一目標，並真心希望在全球範圍內提供支援。

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，re:Invent 是一種很好的方式，可以將來自世界各地的人們虛擬地、免費地聚集在一起。通常，我們會記錄 re:Invent 的門票銷售和贊助收入。如果考慮到今年 COVID 的這種虛擬和免費異常現象，AWS 的同比收入成長實際上從第三季到第四季加速了調整。這次活動產生了許多有趣的創新和好的創新，我們很高興能與客戶進行更多討論。

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.

然後您關於 1 天的問題，我相信這是我們的投資是否會與建立越來越高的 1 天水平保持一致。是的，當然。我們全年都在這樣做，而且情況越來越好。事實上，我們在美國有很多直到 12 月 24 日最後一刻才送達節日禮物的例子。因此，1 天的交付情況一直在好轉，2020 年的問題主要在於容量和數量，以及如何將產品推出市場，並能夠在較短的時間內完成交付。

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，我們並沒有延遲或減緩貨物運輸本身。這是通過倉庫並處理積壓需求所需的時間。因此隨著時間的推移，我們確實看到情況越來越好。我們確實預測情況會好轉。我不會為你量化這一點。我意識到了這一點。但我認為，無論你身處何方，無論你身處何地，一些城市的單日新增病例數可能已經恢復到疫情前的水平，甚至比疫情前更好。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。但當一切塵埃落定，隨著我們開放越來越多的運力，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.

下一個問題來自美國銀行的賈斯汀·波斯特 (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。首先，顯然傑夫·貝佐斯的聲明非常重要。我認為傑夫威爾克也要退休了。您能否談談，如果您預計亞馬遜將會發生哪些變化，我們應該如何看待這些變化？然後也許戴夫克拉克 (Dave Clark) 會接管零售業。稍微談論一下這個。

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，顯然，AWS 的積壓訂單非常強勁，成長了 68%。利潤率確實較上季略有下降，至 28%。您能談談這些交易嗎？雲端運算領域的定價如何？它是否依然強勁？利潤率較上季略有下降的原因是什麼？

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。讓我先談談您對執行長過渡的評論，然後再談談消費者執行長過渡的評論。我認為它們都是亞馬遜高效繼任計畫流程的例子。董事會顯然對此非常重視。這是年度討論，可能更多時候討論繼任計畫、關鍵高階主管的發展、擴大關鍵高階主管的數量等。隨著我們擴大 S 團隊，您會看到其副產品，5 年前，我們建立了 2-CEO 結構，其中 Jeff Wilke 是消費者部門的首席執行官，Andy Jassy 是 AWS 的首席執行官。我們在設備、亞馬遜或影片（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後備力量；一般來說，隨著公司規模的擴大，我們確實會嘗試將決策權下放給組織內部，尤其是在國際範圍內，我們嘗試在全球範圍內採取一致的做法，但同時也承認我們模式中的本地差異。

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.

所以綜上所述，繼任計畫非常重要。以傑夫威爾克 (Jeff Wilke) 為例，傑夫在秋天宣布他將辭職，去追求亞馬遜以外的其他目標和興趣。他在這裡工作了 20 多年，在我們的消費者業務、企業文化以及層層領導者的發展中發揮了至關重要的作用。其中一位是戴夫·克拉克 (Dave Clark)，在過去 5 年多的時間裡，他一直負責為我們公司開發一些非常基礎的東西：擴展配送中心網絡、擴展和創建我們的運輸能力、雜貨配送和雜貨計劃，還有很多其他的東西。但戴夫本身就是一位偉大的領導者。因此，當戴夫——或者，不好意思，當傑夫威爾克決定在秋天退休時，自然而然地過渡到戴夫克拉克。這件事在一月份剛發生，他們將在下個月完成所有工作。

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.

這是繼任計畫和成功過渡的一個成功例子。傑夫貝佐斯的角色也是如此。我要重申的是，傑夫不會離開。他正在找一份新工作。他將擔任董事會執行主席，這是一個非常重要的角色。董事會在亞馬遜的成功故事中非常活躍且重要。

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.

安迪自 1997 年起就一直在這裡。他不僅是一位有遠見的領導者。正如我所說，他是一位強大的操作員。他在亞馬遜內部開發多項產品和業務方面有著出色的業績，其中最重要的就是 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.

這只是對其工作原理的一點了解。我們很高興看到 Jeff 和 A​​ndy 都獲得了新的視角。因此安迪有機會在亞馬遜留下自己的印記。他肯定會繼承和發揚亞馬遜的文化、願景和發明工廠的概念，並將其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，意味著更重要的決定，例如收購、策略、進入雜貨店等事情。所以傑夫一直都參與其中，我們會把他的時間集中在那裡——或者他會在新角色中把他的時間集中在那裡。

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.

大家都很高興看到在第三季向安迪順利過渡。我們將致力於填補 AWS 的角色，我們將在未來討論更多有關該主題的內容。

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

但現在，今天的主題是安迪和傑夫貝佐斯。

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，就您提到的 AWS 觀點而言，我的意思是，就像我之前提到的，AWS 的成長率很強勁。我們過去討論過的因素仍然在發揮作用。我們正在改進基礎設施規劃，以滿足我們所看到的成長所帶來的容量需求。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。利潤率將逐季度波動，具體取決於這些因素、我們對新地區和其他一些因素的投資程度。

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.

一些獨立的事情可能並不新鮮，但需要指出的是，這些事情是導致伺服器使用壽命變化的影響減少的驅動因素。您還記得，我們​​在年初將伺服器的使用壽命從 3 年修改為 4 年，因此我們看到 AWS 利潤率和整體利潤率有所提高。當我們看這一點時，其影響在今年確實會減弱。因此，當我們從一月開始增加這一數字時，第四季這項變化帶來的收益約為 5.38 億美元。這比第三季的 6.34 億美元有所下降。這讓你感覺到它正在下降。這是在各個部分之間分配的總金額，但我剛才給出的大部分數字確實與 AWS 有關，因為伺服器資產在該部分中佔有重要地位。而且，這種影響將隨著時間的推移而逐漸減弱，例如到 2021 年第一季。

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 FX 效果。這總是會在某種程度上對我們造成影響，但 AWS 客戶的帳單可能主要以美元計價。不過，如果你仔細想想，你會發現其中許多成本都是以當地貨幣來支付的，包括建造資料中心、在那裡工作的人員、電力等等，所以這裡面會存在一些外匯差異。而這次的規模恰好更大一些。我們發現，這次 FX 對 AWS 利潤率造成了約 9,600 萬美元的不利影響，因此需要再次強調這一點。

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.

您也提到了積壓問題。你看，我認為這只是 AWS 的眾多數據點之一，但我認為，我們真正受到鼓舞的是，大型企業業務採用繼續表現良好，因為他們選擇 AWS 作為技術提供者並加快創新。您看到了我們在過去 90 天內宣布與其達成協議的眾多公司的長長名單。所以真的很高興能夠繼續在此基礎上繼續努力。

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。回到運輸成本上漲的話題。這是少數幾種可變且成長速度比其他固定成本稍快的線路之一。戴夫，您提到現在全球超過一半的訂單都是透過亞馬遜物流進行的。透過這些努力，您預期每筆訂單的通貨膨脹率何時會稍微趨於平穩？如果您觀察一下英國或倫敦等地的成本曲線，那裡超過一半的貨物是自行完成最後一英里的配送的，您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。關於這一點——我是戴夫。我認為不是——我不會給出前瞻性的指導組合或什麼樣的穩定狀態。成本和差距的增加——或者說，與你所看到的單位成長率相比，差距更大，這有幾個因素。但我認為這是第四季。正如我所說，我們確實增加了許多新產能。它是在今年晚些時候進入第四季度時出現的。其中大部分屬於運輸部門，因此與之相關的成本將計入運輸成本部分。這是其中一個因素，此外，我們將繼續盡力改善 1 天服務。由於今年新冠疫情帶來的各種挑戰，各地區的情況有所不同。但這是我們的目標，就是回到我們 1 天單位組合的水平，並繼續在此基礎上發展。因此，當我們進入 2021 年時，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.

感謝您今天參加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。感謝您對亞馬遜的關注，我們期待下個季度再次與您交談。