亞馬遜 (AMZN) 2020 Q3 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q3 2020 Financial Results Teleconference. (Operator Instructions) Today's call is being recorded.

謝謝你的支持。大家好，歡迎來到 Amazon.com 2020 年第三季度財務業績電話會議。 （操作員說明）今天的電話正在錄音。

For opening remarks, I will be turning the call over to the Head of Investor Relations, Dave Fildes. Please go ahead.

對於開場白，我將把電話轉給投資者關係主管 Dave Fildes。請繼續。

Hello, and welcome to our Q3 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 年第三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, October 29, 2020, 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今天（2020 年 10 月 29 日）的觀點，並將包括前瞻性陳述。實際結果可能大不相同。有關可能影響我們財務業績的因素的其他信息包含在今天的新聞稿和我們向 SEC 提交的文件中，包括我們最近的 10-K 表格年度報告和後續文件。

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

在這次電話會議中，我們可能會討論某些非公認會計原則的財務措施。在我們的新聞稿、本網絡廣播隨附的幻燈片以及我們向 SEC 提交的文件中，每一個都發佈在我們的 IR 網站上，您會發現有關這些非 GAAP 措施的更多披露，包括這些措施與可比較的 GAAP 措施的對賬。

Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions. Our results are inherently unpredictable and may be materially affected by many factors, including fluctuations in foreign exchange rates, changes in global economic conditions and customer spending, world events, the rate of growth of the Internet, online commerce and cloud services and the various factors detailed in our filings with the SEC.

我們的指導包含了我們迄今為止看到的訂單趨勢以及我們今天認為是適當的假設。我們的結果本質上是不可預測的，並可能受到許多因素的重大影響，包括外匯匯率波動、全球經濟狀況和客戶支出的變化、世界事件、互聯網、在線商務和雲服務的增長率以及各種因素在我們提交給美國證券交易委員會的文件中有詳細說明。

This guidance also reflects our estimates to date regarding the impact of the COVID-19 pandemic on our operations, including those discussed in our filings with the SEC, and is highly dependent on numerous factors that we may not be able to predict or control, including the duration and scope of the pandemic, including any recurrence; actions taken by governments, businesses and individuals in response to the pandemic; the impact of the pandemic on global and regional economies and economic activity, workforce staffing and productivity; and our significant and continued spending on employee safety measures; our ability to continue operations in affected areas and consumer demand and spending patterns as well as the effects on suppliers, creditors and third party sellers, all of which are uncertain.

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

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'd like to start by extending a big thank you to all the folks who worked hard to make this year's Prime Day a great success, not only for our more than 150 million Prime members around the world, but also for the hundreds of thousands of small and medium-sized businesses who sell on our Amazon store, many of whom are facing their own challenges during this pandemic. These businesses thrived on Prime Day, with third-party sellers recognizing more than $3.5 billion in sales over the 2-day global event. That's a 60% increase compared to Prime Day last year.

感謝您今天加入我們。首先，我要向所有為今年的 Prime 會員日取得巨大成功而努力的人們表示衷心的感謝，不僅感謝我們在全球超過 1.5 億的 Prime 會員，也感謝成千上萬的會員在我們的亞馬遜商店銷售的中小型企業中，許多人在這場大流行中面臨著自己的挑戰。這些業務在 Prime 會員日蓬勃發展，第三方賣家在為期 2 天的全球活動中確認了超過 35 億美元的銷售額。與去年的 Prime 會員日相比，這一數字增加了 60%。

I also want to thank and recognize the contributions of the more than 1 million Amazon employees and delivery partners who are continuing to work hard to serve our customers all around the world. We will continue to spend what it takes to help ensure the safety and well-being of our employees and partners.

我還要感謝和認可超過 100 萬亞馬遜員工和送貨合作夥伴的貢獻，他們繼續努力為全球客戶提供服務。我們將繼續竭盡全力幫助確保我們的員工和合作夥伴的安全和福祉。

Now let me share some highlights from the quarter. Our Q3 results largely reflect the continuation of demand trends we saw when we exited the second quarter, with strong demand and sales growth across our major product categories globally, including hardlines, consumables, softlines and media.

現在讓我分享本季度的一些亮點。我們的第三季度業績在很大程度上反映了我們在第二季度結束時看到的需求趨勢的延續，全球主要產品類別的需求和銷售增長強勁，包括硬線、消耗品、軟線和媒體。

We also continue to see strong Prime member engagement. Prime members continue to shop with greater frequency and across more categories than before the pandemic began. They continue to expand their usage of Prime's digital benefits, including Prime Video. Internationally, the number of Prime members who stream Prime Video grew by more than 80% year-over-year in the third quarter, and international customers more than doubled the hours of content they watched on Prime Video compared to last year.

我們還繼續看到強大的 Prime 會員參與度。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。他們繼續擴大對 Prime 數字優勢的使用，包括 Prime Video。在國際上，觀看 Prime Video 的 Prime 會員數量在第三季度同比增長超過 80%，與去年相比，國際客戶在 Prime Video 上觀看內容的時間增加了一倍以上。

We're also reaching more customers with our grocery offerings. In Q3, our year-over-year growth rate of online grocery sales continued to accelerate, and we've continued to offer more convenient options for customers, including grocery pickup, which is now available from all Whole Foods market stores. And just as we saw in Q2, Prime member renewal rates improved in Q3 year-over-year.

我們還通過我們的雜貨產品吸引更多客戶。在第三季度，我們在線雜貨銷售的同比增長率繼續加快，我們繼續為客戶提供更方便的選擇，包括雜貨提貨，現在所有 Whole Foods 市場的商店都可以買到。正如我們在第二季度看到的那樣，Prime 會員續訂率在第三季度同比有所提高。

3P sellers, who, as I mentioned, are largely comprised of small and medium-sized businesses continue to be an important part of our offering to customers. Our 3P seller services revenue continued to grow faster than online stores revenue, with particularly strong growth this quarter in FBA as we return to a similar mix of FBA as a percentage of total 3P units as we've seen prior to COVID. 3P units continue to represent over half of overall unit volume, increasing to 54% of the total unit mix in Q3. We're investing heavily to support sellers and are pleased to report that over 0.5 million sellers are seeing record sales in our stores this year.

正如我所提到的，3P 賣家主要由中小型企業組成，他們仍然是我們向客戶提供的產品的重要組成部分。我們的 3P 賣家服務收入的增長繼續快於在線商店的收入，本季度 FBA 的增長尤其強勁，因為我們恢復到與 COVID 之前相似的 FBA 佔 3P 單位總數的百分比。 3P 單位繼續佔總單位數量的一半以上，在第三季度增加到總單位組合的 54%。我們正在大力投資以支持賣家，並很高興地報告說，今年有超過 50 万賣家在我們的商店看到了創紀錄的銷售額。

We continue to focus on stepped-up employee safety, particularly in our fulfillment and logistics operations to help ensure the safety and well-being of our employees and partners as well as the employees and customers shopping in our Whole Foods market and other stores. This, of course, has added incremental cost to our P&L. The largest portion of these costs relate to continued productivity headwinds in our facilities, including process revisions to allow for social distancing and incremental costs to ramp up new facilities and the large influx of new employees hired to support strong customer demand. This also includes investments in PPE for employees and enhanced cleaning of our facilities. In total, we have incurred more than $7.5 billion in incremental COVID-related costs in the first 3 quarters of 2020, and we expect to incur approximately $4 billion in Q4.

我們將繼續關注加強員工安全，特別是在我們的履行和物流運營中，以幫助確保我們的員工和合作夥伴以及在全食超市和其他商店購物的員工和客戶的安全和福祉。當然，這增加了我們損益表的增量成本。這些成本的最大部分與我們設施中持續的生產力逆風有關，包括流程修訂以允許保持社交距離和增加新設施的成本，以及為支持強勁的客戶需求而僱用的大量新員工。這還包括為員工投資 PPE 和加強對我們設施的清潔。總體而言，我們在 2020 年前三個季度與 COVID 相關的增量成本超過 75 億美元，我們預計第四季度將產生約 40 億美元。

Our consolidated revenue and operating income exceeded the top end of our guidance range. As demand remained strong in the quarter, the extra volume and operating leverage helped us to achieve higher-than-expected profitability. And we saw another strong quarter of revenue growth and operating income performance in AWS and advertising. We had good leverage with our fulfillment centers as well as in Amazon Logistics, our transportation network, despite the higher COVID-related costs that I mentioned.

我們的綜合收入和營業收入超過了我們指導範圍的上限。由於本季度需求依然強勁，額外的銷量和經營槓桿幫助我們實現了高於預期的盈利能力。我們看到 AWS 和廣告的收入增長和營業收入表現又一個強勁的季度。儘管我提到與 COVID 相關的成本較高，但我們在履行中心以及我們的運輸網絡亞馬遜物流方面擁有良好的影響力。

Although we had strong growth in our network in Q3, some of our fulfillment network expansion shifted out a few weeks and will happen in Q4 rather than Q3. Once new buildings open, they are short-term headwind to profitability as they ramp up and we prepare for Q4 peak. More of this headwind will be felt in Q4 rather than in Q3, and this is reflected in our Q4 guidance.

儘管我們的網絡在第三季度實現了強勁增長，但我們的一些履行網絡擴張推遲了幾週，並將發生在第四季度而不是第三季度。一旦新建築開放，它們會在短期內對盈利能力產生不利影響，因為它們會加速增長，我們為第四季度的高峰做準備。第四季度而不是第三季度將感受到更多這種不利因素，這反映在我們的第四季度指導中。

We're able to meet the heightened demand in Q3 because we opened up more network capacity, particularly in our transportation network. I point to 2 important drivers of this. First, we hired a lot more people to support the strong customer demand. We welcomed 250,000 permanent full-time and part-time employees just in Q3 and have already added about 100,000 more in the first month of Q4. I will note that these are permanent jobs with industry-leading pay, including Amazon's $15 minimum wage and great benefits such as health insurance, 401(k) plan and parental leave.

我們能夠滿足第三季度更高的需求，因為我們開放了更多的網絡容量，特別是在我們的運輸網絡中。我指出了這兩個重要的驅動因素。首先，我們僱傭了更多的人來支持強勁的客戶需求。僅在第三季度，我們就迎來了 250,000 名全職和兼職員工，並且在第四季度的第一個月已經增加了大約 100,000 名。我會注意到，這些都是具有行業領先薪酬的永久性工作，包括亞馬遜 15 美元的最低工資和巨大的福利，如健康保險、401(k) 計劃和育兒假。

Secondly, this has been a big year for capital investments. We've invested nearly $30 billion in CapEx and finance leases through the first 9 months of 2020, including over $12 billion in Q3. As I mentioned last quarter, we expect to grow our fulfillment and logistics network square footage by approximately 50% this year, which includes significant additions to our fulfillment centers as well as our transportation facilities. Majority of these buildings opened in late Q3 and into Q4. About half of this square footage growth will be on the transportation side to the opening of more sorting centers and delivery stations.

其次，今年是資本投資的大年。到 2020 年前 9 個月，我們已在資本支出和融資租賃方面投資近 300 億美元，其中第三季度超過 120 億美元。正如我上個季度提到的，我們預計今年我們的履行和物流網絡面積將增長約 50%，其中包括我們的履行中心和運輸設施的重大增加。這些建築中的大多數在第三季度末到第四季度開放。大約一半的平方英尺增長將用於運輸方面，以開設更多的分揀中心和配送站。

And finally, in AWS, customer usage remains strong. We continue to see companies meaningfully growing their plans to move to AWS. And we are busy gearing up for our annual re:Invent conference. This year, re:Invent will be a free 3-week virtual conference running from November 30 through December 18.

最後，在 AWS 中，客戶使用率仍然很高。我們繼續看到公司在有意義地制定遷移到 AWS 的計劃。我們正忙著為一年一度的 re:Invent 大會做準備。今年，re:Invent 將是一個為期 3 週的免費虛擬會議，從 11 月 30 日到 12 月 18 日舉行。

We are extremely grateful to our employees across Amazon, who have delivered an unprecedented demand for several months now as well as a strong Prime Day in October. We are ready to go and looking forward to meeting the needs of our customers this holiday season.

我們非常感謝亞馬遜的員工，他們幾個月來提供了前所未有的需求，並在 10 月份迎來了強勁的 Prime 會員日。我們已準備好出發，並期待在這個假期滿足客戶的需求。

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 comes from Brian Nowak with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Brian Nowak。

I have 2, Brian. Just the first one, you mentioned the fulfillment center saw good leverage in the quarter. Can you just talk to us about some of the qualitative drivers of this improvement you're seeing in fulfillment cost per fulfilled unit in the quarter and sort of year-to-date? And how to think about the durability of that over time?

我有 2 個，布賴恩。就第一個而言，您提到履行中心在本季度看到了良好的影響力。您能否與我們談談您在本季度和年初至今的每個已履行單位的履行成本方面看到的這種改進的一些定性驅動因素？以及如何考慮隨著時間的推移的持久性？

And then secondly, I think throughout the summer, Amazon Logistics launched the third-party delivery service in the U.K. Curious just to hear about sort of early learnings from that product and how you think about scaling that to other countries and maybe globally.

其次，我認為整個夏天，亞馬遜物流在英國推出了第三方送貨服務。好奇只是想听聽從該產品中獲得的早期經驗，以及您如何考慮將其擴展到其他國家甚至全球。

Sure, Brian. Thanks for your question. So yes, the fulfillment center cost is going to be a blend of the COVID-related -- part of the COVID-related costs that I've mentioned and itemized, offset by some really strong leverage. I would say that we've been running very consistently high levels really since all of our employees were -- came back in the first or second week of May. And it's a -- some of them had been on unpaid leave.

當然，布賴恩。謝謝你的問題。所以，是的，履行中心的成本將是與 COVID 相關的成本的混合——我已經提到並逐項列出的與 COVID 相關的成本的一部分，被一些非常強大的槓桿所抵消。我想說的是，自從我們所有的員工在 5 月的第一周或第二週回來後，我們就一直保持著非常高的水平。這是一個 - 他們中的一些人一直在休無薪假。

The -- so that demand is very consistent and strong and has created a lot of favorable leverage because, again, the order pattern being high and consistent is leveraging our fixed cost assets. Things like our delivery routes are more dense at high volumes so we see even transportation, some increased efficiencies.

- 因此需求非常一致且強勁，並創造了許多有利的槓桿作用，因為再次，高且一致的訂單模式正在利用我們的固定成本資產。像我們的交付路線這樣的東西在大批量時更加密集，因此我們看到運輸更加均勻，效率有所提高。

Offsetting that, again, is productivity elements that we've articulated, things like social distancing, extended breaks, other steps we're taking to keep people safe and distanced in our facilities in our delivery network.

再次抵消這一點的是我們已經闡明的生產力要素，例如社交距離、延長休息時間，以及我們正在採取的其他措施，以確保人們在我們的交付網絡中的設施中保持安全和距離。

And, this is Dave. I don't have much to share, I think, on what we've got going on any of those AMZL efforts other than I'd just say we're always working to develop new and innovative ways to support the companies we work with, including small and medium-sized businesses who sell on Amazon. And that includes testing and shipping programs that can help any of these businesses get packages to customers quickly and reliably.

而且，這是戴夫。除了我只想說我們一直在努力開發新的和創新的方式來支持我們合作的公司之外，我認為我沒有太多要分享的內容，包括在亞馬遜上銷售的中小型企業。這包括可以幫助任何這些企業快速可靠地向客戶提供包裹的測試和運輸計劃。

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, just wanted to go back to the 4Q operating income guide. Appreciate your thoughts there. Just trying to dig a little bit deeper in terms of how you're thinking about it kind of beyond the $4 billion in COVID costs. It still feels like maybe there's some more in there that we're not thinking about, perhaps beyond the square footage increases and the incremental head count. So if you have any comments there.

布賴恩，只是想回到第四季度的營業收入指南。欣賞你的想法。只是想更深入地挖掘一下你對它的看法，這超出了 40 億美元的 COVID 成本。仍然感覺可能還有一些我們沒有考慮的東西，也許超出了平方英尺的增加和人數的增加。因此，如果您對此有任何意見。

And just curious, I know it's early on 2021, but you've obviously done a ton of investment this year and with the 50% square footage increase, and you tend to cycle at times in terms of CapEx investment. Just how do you think about digesting that kind of build-out as you go forward?

只是好奇，我知道現在是 2021 年初，但你今年顯然做了大量投資，並且增加了 50% 的平方英尺，而且你往往在資本支出投資方面有時會循環。在前進的過程中，您如何考慮消化這種構建？

Sure, Doug. One last comment I forgot to mention to Brian on his last question is the fact that a lot of that heightened demand so far come in Q2 and Q3 when we tend to have excess capacity before Q4. So that's another source of leverage, especially in non-peak quarters.

當然，道格。關於布賴恩的最後一個問題，我忘記提到的最後一條評論是，到目前為止，很多需求增加都出現在第二季度和第三季度，而我們往往在第四季度之前產能過剩。所以這是另一個槓桿來源，尤其是在非高峰季度。

As far as guidance is concerned, again, I think the -- there's a lot of uncertainty certainly in Q4. We generally have a lot of uncertainty around the holiday, things from holiday spending to what our cost to fulfilled normal orders would be, weather issues that can come up. This year is an election year, we saw some disruption in 2016. So there's a whole host of issues that generally come to bear in Q4. I think the fact that COVID is dwarfing all of those is causing us a lot of uncertainty on our top line range.

就指導而言，我認為第四季度肯定存在很多不確定性。我們通常在假期期間有很多不確定性，從假期支出到我們履行正常訂單的成本，以及可能出現的天氣問題。今年是選舉年，我們在 2016 年看到了一些混亂。因此，第四季度通常會出現很多問題。我認為 COVID 使所有這些都相形見絀的事實使我們對我們的頂線範圍產生了很大的不確定性。

We do see continuation -- we saw a continuation in Q3 of some really good trends from Q2, and we projected those into Q4. Some of the negative factors that you mentioned as far in profitability is, again, the -- we'll see more of the capital investment and the people investment. We had added a lot of people in the last quarter, and then we added another 100,000 people in October so far. So there's that.

我們確實看到了延續——我們在第三季度看到了第二季度一些非常好的趨勢的延續，我們將這些趨勢預測到了第四季度。就盈利能力而言，您提到的一些負面因素是——我們將看到更多的資本投資和人員投資。我們在上個季度增加了很多人，然後到 10 月份我們又增加了 100,000 人。所以就是這樣。

There's -- generally, the dynamics of Prime Day, because it's a deal-oriented time period, that's usually not the highest margin period, and that is shifted into Q4. But generally, we have -- really, because of the calendar this year, we have really built our capacity both in facilities and people and are carrying it through the entire quarter. We carried it through Prime Day, and now we're carrying it through into the rest of the quarter. I think in other quarters, you might have seen a more gradual buildup that would have occurred through October and been probably maximized in November and December.

一般來說，Prime Day 的動態，因為它是一個以交易為導向的時間段，通常不是最高利潤期，並且轉移到第四季度。但總的來說，我們 - 真的，因為今年的日曆，我們真的在設施和人員方面建立了我們的能力，並且在整個季度都在進行。我們通過 Prime Day 進行，現在我們將在本季度的剩餘時間進行。我認為在其他季度，你可能會看到一個更漸進的增長，這種增長會一直持續到 10 月，並且可能會在 11 月和 12 月達到最大。

So that is the -- that's what I would tell you on holiday. Again, we have a normal caveat, so there's a lot of uncertainty and things that could go right and wrong. So that's why we put a range around it. And I'm sorry, could you repeat your second question?

這就是——這就是我在假期要告訴你的。再一次，我們有一個正常的警告，所以有很多不確定性和可能對錯的事情。所以這就是為什麼我們在它周圍設置一個範圍。對不起，你能重複你的第二個問題嗎？

Just on how you think about 2021 perhaps and just CapEx build out going forward, given that you've really stepped up the investment in 2020?

鑑於您確實在 2020 年加大了投資力度，就您對 2021 年的看法以及未來的資本支出如何構建？

Sure. I think some of the investment, things like grocery delivery and that capacity, are things that we would have invested in over time, and they're being matched by higher order volumes. So our intent is to continue to deliver a great grocery delivery experience for our customers. So that is a little bit of a pull forward.

當然。我認為一些投資，比如雜貨配送和產能，是我們隨著時間的推移會投資的東西，並且它們與更高的訂單量相匹配。因此，我們的目的是繼續為我們的客戶提供出色的雜貨配送體驗。所以這有點向前推進。

Yes, on -- we did expect to build out our logistics capacity a lot this year, especially as we had been -- excuse me, as we had been rolling out 1-day delivery the middle of last year. That was setting us up for a big build this year.

是的，我們確實預計今年會大大增加我們的物流能力，尤其是像我們過去那樣 - 對不起，因為我們在去年年中推出了 1 天交貨。這讓我們為今年的大規模建設做好了準備。

So we pulled forward a bit from 2021 into this year to satisfy the demand. I think we have a -- the logistics team is really good at one way locking up long-term commitments on space and buildings, but on the other hand, being able to adjust the time line in or out to match capacity and demand. I think at this point, we are not trying to cut it close, and we are erring on the side of having too much demand -- or excuse me, too much capacity. And we think that's the right call. It has been this year. And we'll adjust as we get through the holiday, we'll learn a lot more. Hopefully, the pandemic -- we'll be in better shape as a country and globe in Q1 of next year, but it's very reactionary at this point. We've got to play the hand that we're dealt, and we're trying to anticipate and keep the customer insulated from any variability. But it's challenging, certainly.

所以我們從 2021 年提前到今年來滿足需求。我認為我們有一個 - 物流團隊非常擅長鎖定空間和建築物的長期承諾，但另一方面，能夠調整進出時間線以匹配容量和需求。我認為在這一點上，我們並沒有試圖將其關閉，而且我們在需求過多方面犯了錯誤 - 或者對不起，產能過多。我們認為這是正確的選擇。今年已經過去了。隨著假期的到來，我們會進行調整，我們會學到更多。希望大流行——我們將在明年第一季度成為一個更好的國家和全球，但在這一點上它是非常反動的。我們必須玩我們被處理的那手牌，我們試圖預測並讓客戶免受任何變化的影響。但這當然具有挑戰性。

Our next question comes from Justin Post with Merrill Lynch.

我們的下一個問題來自美林公司的賈斯汀·波斯特。

Great. When you look at 3Q of the environment, can you help us kind of understand the best you can quantify how much of the incremental unit sales do you think are being aided by COVID? Or how much is it just a natural recurring shift online that could recur and continue to grow next year? Any thoughts on that?

偉大的。當您查看環境的第三季度時，您能否幫助我們更好地了解您認為 COVID 幫助了多少增量單位銷售？或者，這只是一種自然的、反復出現的在線轉變，明年可能會再次出現並繼續增長？對此有什麼想法嗎？

And then same type of question for the cloud. With -- I'm guessing there's some headwinds of lower transaction volumes for some of your customers, and then maybe there's more demand from the work-at-home environment. So if you could give us any thoughts on both retail and cloud and how COVID is impacting it. And could there be -- how that will impact next year?

然後是針對雲的相同類型的問題。隨著--我猜你的一些客戶的交易量較低，可能會有更多的需求來自在家工作的環境。因此，如果您可以就零售和雲計算以及 COVID 如何影響它給我們任何想法。可能會有 - 這將如何影響明年？

Sure. It's hard to predict. I would say that there's been phases of this year last -- or excuse me, early on, there were a lot of stock ups of groceries and other household supplies followed by a wave of people buying gloves and disinfectant wipes and masks, and that may be a bit of a bubble that people are not going to buy as much next year. Hopefully, that would be a good problem to have if those demand -- that demand went down.

當然。很難預測。我想說的是，去年有幾個階段——或者對不起，早些時候，有很多雜貨和其他家庭用品的庫存，隨後是一波購買手套、消毒濕巾和口罩的人，這可能有點像明年人們不會買那麼多的泡沫。希望如果這些需求 - 需求下降，那將是一個很好的問題。

But otherwise, we're seeing Prime member engagement. So it's strengthening our Prime program. We're adding -- the renewal rates are going up, and the engagement is going up. And so people are buying more frequently and across more categories, they're using more of our digital benefits. So we like the trends on kind of connectiveness to our Prime program, and we think that will have lasting value.

但除此之外，我們看到了 Prime 會員的參與度。因此，它正在加強我們的 Prime 計劃。我們正在補充——續訂率正在上升，參與度也在上升。因此，人們購買的頻率更高，類別也更多，他們正在使用我們更多的數字優勢。所以我們喜歡與我們的 Prime 計劃建立聯繫的趨勢，我們認為這將具有持久的價值。

When things open up a bit more and there's more store options for people to buy from, there will be leveling of volume back to the stores, I would imagine. But so we think the trends are good. They've been pulled forward probably a bit from our -- the adoption curves have been pulled forward from our pre-COVID thinking, especially on things like grocery delivery.

當事情開放一點並且有更多的商店可供人們購買時，我想商店的銷量將會保持平衡。但因此我們認為趨勢是好的。它們可能已經從我們的角度向前推進了一點——採用曲線已經從我們在 COVID 之前的想法中向前推進，尤其是在雜貨配送等方面。

So your second question on the cloud. Cloud is a mixed bag right now because, I mean we're very happy with the cloud performance, and we're seeing a lot of customers who are now moving to cloud at a faster pace. They've accelerated their plans. There's anomalies in different industries going on this year. Things like travel and hospitality are down. A lot of companies are in a holding pattern in middle, and some are doing really well, things like video conferencing and gaming and remote learning and things tied to entertainment.

所以你關於雲的第二個問題。雲現在好壞參半，因為我的意思是我們對雲性能非常滿意，而且我們看到很多客戶現在正在以更快的速度遷移到雲。他們加快了他們的計劃。今年不同行業都出現了異常情況。旅行和招待等事情都在下降。許多公司處於中間狀態，有些公司做得非常好，比如視頻會議、遊戲、遠程學習以及與娛樂相關的事情。

So I would say the majority of the companies, though, are looking for ways to cut down on expenses. Going to the cloud is a good way to cut down on expenses long term. They're trying to cut down on their short-term costs in the cloud by tuning their workloads, and we're helping them do that and doing the best we can to help them save short-term dollars, and again, tune their usage against some of our benchmarks. So we think that is good for the customer, and that's -- therefore, it would be good for us long term.

所以我想說的是，大多數公司都在尋找削減開支的方法。從長遠來看，上雲是減少開支的好方法。他們正試圖通過調整他們的工作負載來降低他們在雲中的短期成本，我們正在幫助他們做到這一點，並儘我們所能幫助他們節省短期資金，並再次調整他們的使用反對我們的一些基準。所以我們認為這對客戶有好處，而且這對我們來說是長期的。

But even despite those actions, we had strong growth. The year-over-year growth in absolute dollars this quarter were the largest we've ever seen, and we feel good about the state of the business and the state of our sales force and their ability to drive value during this period. We've seen a lot of companies extending their contracts with us. The backlog of multiyear deals has gone up quite a bit. So it's good from a customer connectiveness standpoint. Certainly, each industry is going through different dynamics right now.

但即使採取了這些行動，我們還是取得了強勁的增長。本季度絕對美元的同比增長是我們所見過的最大的，我們對業務狀況和我們的銷售人員的狀況以及他們在此期間推動價值的能力感到滿意。我們已經看到很多公司與我們延長合同。多年交易的積壓已經增加了很多。因此，從客戶連接的角度來看，這很好。當然，每個行業現在都在經歷不同的動態。

And you can see -- this is Dave. I just want to add to that. You can see a number of those significant new commitments of customers called out in the release of carrier, global payments, a number of others. They're also seeing some good engagement with governments. They're recognizing the need to transform tech -- get their technology more nimble and innovative. Schools and universities are planning for online learning. So a lot of help we can work with customers to provide there.

你可以看到——這是戴夫。我只是想補充一點。您可以看到在運營商、全球支付等許多其他方面的發布中呼籲的客戶的許多重要新承諾。他們還看到與政府的一些良好接觸。他們認識到需要改造技術——讓他們的技術更加靈活和創新。學校和大學正在規劃在線學習。因此，我們可以與客戶一起提供很多幫助。

And on the -- kind of from a product perspective, we're seeing significant momentum with our AWS design Graviton2 processors. So you've got customers like SmugMug and Netflix and there's many others, but they're realizing up to 40% better price performance from the newer Amazon EC2s, the MRCT instance families, so when you compare that to the x86-based instances. So those Amazon EC2 instance families are all powered by our -- the newer AWS design Graviton2 processors. So really pleased with what we're seeing there in that engagement as well.

從產品的角度來看，我們看到 AWS 設計的 Graviton2 處理器的發展勢頭強勁。因此，您擁有 SmugMug 和 Netflix 等客戶，還有許多其他客戶，但他們發現新的 Amazon EC2、MRCT 實例係列的性價比最高可提高 40%，因此當您將其與基於 x86 的實例進行比較時。因此，這些 Amazon EC2 實例係列均由我們更新的 AWS 設計 Graviton2 處理器提供支持。非常高興我們在那次參與中看到的東西。

Our next question is from Heath Terry from Goldman Sachs.

我們的下一個問題來自高盛的 Heath Terry。

Great. Just a couple of things I want to -- kind of related. How should we think about where capacity utilization of the fulfillment infrastructure is at this point with the wave of growth that we've seen and the wave of new warehouse announcement? What kind of CapEx is going to be necessary to sort of bring you back to what you would consider normal levels that you're -- that you'd be growing from?

偉大的。我只想做幾件事——有點相關。隨著我們看到的增長浪潮和新倉庫的發布浪潮，我們應該如何考慮目前履行基礎設施的產能利用率在哪裡？需要什麼樣的資本支出才能讓你恢復到你認為的正常水平——你會從中成長？

And then there's obviously been a lot of discussion around the capacity limitations that third-party shipping networks are going to see this holiday season, given demand. How much of an issue do you see that as being -- and given your investments in your own delivery capacity, does that become a competitive advantage for you during the holiday?

鑑於需求，顯然有很多關於第三方航運網絡將在這個假期看到的運力限制的討論。您認為這是一個多大的問題 - 並且考慮到您對自己的交付能力的投資，這是否會成為您在假期期間的競爭優勢？

Yes. Thanks, Heath. I'll start with that last one. Yes, I know they're all intertwined here. So the third-party shipping, we rely on third-party shippers. We have great partnerships around the globe with third-party shippers, and we know that their capacity will be tight, as well ours. We do feel good that we've invested quite a bit in our own capacity. And you just mentioned that about half of our Ops CapEx is going to expand in transportation. A lot of the people that we're hiring are also focused on transportation. So we feel good that we've been able to develop that capability a lot this year because we've needed it, and we're going to need it in Q4.

是的。謝謝，希思。我將從最後一個開始。是的，我知道它們都在這裡交織在一起。所以第三方發貨，我們依賴第三方發貨。我們在全球範圍內與第三方托運人建立了良好的合作夥伴關係，我們知道他們的運力將很緊張，我們的運力也是如此。我們確實感覺很好，我們在自己的能力上投入了很多。您剛才提到，我們大約一半的運營資本支出將用於運輸領域。我們招聘的很多人也專注於交通。所以我們感覺很好，我們今年能夠開發很多這種能力，因為我們需要它，我們將在第四季度需要它。

Having said that, it's going to be tight for everyone. And I think it's -- we'll all be stretched, and it's advantageous to the customer and probably to the companies for people to order early this year. But regardless of the order pattern, we're going to do our best to get the usual excellent service to our customers.

話雖如此，對每個人來說都會很緊張。而且我認為這是 - 我們都會感到緊張，這對客戶有利，可能對公司有利，讓人們在今年早些時候訂購。但無論訂單模式如何，我們都會盡最大努力為我們的客戶提供一如既往的優質服務。

On CapEx levels, again, we've grown our infrastructure -- excuse me, our fulfillment and logistics infrastructure 50% this year. We'll see again what that implies for next year. We do see continued expansion and CapEx specifically in our transportation area. So that will be the start of probably a multiyear period where we're higher on CapEx for that. But we'll see. We're -- right now, we're just focused on Q4 and giving the guidance for Q4.

在資本支出水平上，我們再次擴大了基礎設施——對不起，今年我們的履行和物流基礎設施增長了 50%。我們將再次看到這對明年意味著什麼。我們確實看到了我們的運輸領域的持續擴張和資本支出。因此，這可能是我們在資本支出上更高的多年期的開始。但我們會看到的。我們 - 現在，我們只關注第四季度並為第四季度提供指導。

Your question on capacity utilization, it's been very tight this year. Certainly, we were able to fill up a lot of our -- any excess capacity in Q2 and Q3 that might have seasonally been excess. As we get into Q4 and everything stepping up, we're adding it and using it simultaneously. We had a really good test for Prime Day, and we feel good about the performance of the network, and we continue to add on top of that. So lots of excitement around the holiday, and -- but we feel we're in good shape and ready to go.

你關於產能利用率的問題，今年非常緊張。當然，我們能夠填補我們的很多 - 第二季度和第三季度可能季節性過剩的任何過剩產能。隨著我們進入第四季度，一切都在加快發展，我們正在添加它並同時使用它。我們對 Prime Day 進行了非常好的測試，我們對網絡的性能感覺良好，並且我們繼續在此基礎上進行添加。假期裡有很多興奮，而且——但我們覺得我們的狀態很好，準備好了。

Our next question is from Mark Mahaney with RBC.

我們的下一個問題來自 RBC 的 Mark Mahaney。

Two questions, please. How should we think about these $4 billion expenses in the fourth quarter, the $7 billion year-to-date? Like, do you view them more as onetime-ish or just overall increases as you build out the network? Are they structured or onetime-ish? I really want to get at that.

請教兩個問題。我們應該如何看待第四季度的這 40 億美元支出，即年初至今的 70 億美元？就像，當你建立網絡時，你更多地將它們視為一次性的還是只是整體增加？它們是結構化的還是一次性的？我真的很想做到這一點。

Secondly, international segment has been nicely profitable or reasonably profitable for 2 quarters in a row. Is there some reason to think that, that's sustainable?

其次，國際業務連續兩個季度實現了可觀的盈利或合理盈利。有什麼理由認為這是可持續的嗎？

And then, I'm sorry, a third question. The other revenue growth accelerated to 49%. Can you give any color behind that?

然後，對不起，第三個問題。其他收入增長加速至49%。你能在這背後給出任何顏色嗎？

Mark, thank you. Let me start with the COVID question. So we have -- again, our expenses in Q3 were estimated to be 2.5 -- around $2.5 billion, and we're seeing closer to $4 billion in Q4. The majority of that is due to the expansion of our operations. So things like productivity that -- there's productivity drags for things like new hire ramps, social distancing, extending break periods. Things that we can quantify that say, look, this is a change in our process that has hurt productivity. We also have costs related to -- there's more -- so those are calculated a bit. There's more direct costs around cleaning and supplies, testing. And those are the main things, I would say.

馬克，謝謝。讓我從 COVID 問題開始。所以我們 - 再次，我們在第三季度的費用估計為 2.5 - 大約 25 億美元，我們看到第四季度接近 40 億美元。其中大部分是由於我們業務的擴展。因此，諸如生產力之類的事情-諸如新員工坡道，社會疏遠，延長休息時間之類的事情都會拖累生產力。我們可以量化的事情就是說，看，這是我們流程中的一個改變，它損害了生產力。我們也有相關的成本——還有更多——所以這些都是計算出來的。清潔和用品、測試方面的直接成本更高。我想說，這些是主要的事情。

So what we're trying to do by capturing these costs is to show what is, we believe, is incremental. And the intent is that these -- for our own knowledge as well that these will -- once the pandemic is over, hopefully that soon, that these should be costs that don't recur, okay?

因此，我們試圖通過捕獲這些成本來展示我們認為是增量的。其目的是，這些——據我們自己所知，這些將——一旦大流行結束，希望很快，這些應該是不再發生的成本，好嗎？

We know, though, simultaneously, there are some benefits going on right now. There's things like in Q2, we had lower marketing expense. You see that in our trends. It's starting to come back in Q3 and Q4 to more normalized levels. But certainly, everyone -- there was not a lot of requirements or need to do marketing this year, for parts of the year. We've saved nearly $1 billion in travel this year because travels ground to a halt, internal travel, travel and expenses. So there's things like that, that will resume at a later date and maybe not get to the same levels as the past, but they will be -- they won't be as artificially low as this year.

不過，我們知道，與此同時，現在也有一些好處。在第二季度，我們的營銷費用較低。您可以在我們的趨勢中看到這一點。它開始在第三季度和第四季度恢復到更加正常化的水平。但可以肯定的是，每個人——在今年的部分時間裡，今年沒有太多的要求或需要做營銷。今年我們節省了近 10 億美元的差旅費，因為差旅、內部差旅、差旅和開支都停止了。所以有些事情會在以後恢復，可能不會達到與過去相同的水平，但它們會——不會像今年那樣人為地低。

So we're trying to be transparent as best we can on the cost we're seeing. We're always netting against some of the favorabilities from demand and some of those other costs that might be offsetting all, but they're not offsetting to the extent that COVID costs are sitting there.

因此，我們正在盡我們所能對我們所看到的成本保持透明。我們一直在抵消需求帶來的一些好處以及可能抵消所有這些成本的其他一些成本，但它們並沒有抵消到 COVID 成本坐在那裡的程度。

And then I will point to the fact that we are -- because we're running at such a high level and a consistently high level really in off-peak periods, we have been able to run these warehouses very efficiency -- efficiently. You have to split the discussion kind of between the cost penalty on the COVID-related issues, but then there's certainly been some favorability from running assets at more full-out condition, okay? So hopefully, that gives you some color on it.

然後我會指出這樣一個事實，因為我們在非高峰期以如此高的水平和持續的高水平運行，我們能夠非常高效地運行這些倉庫。您必須在與 COVID 相關問題的成本懲罰之間進行討論，但是在更全面的條件下運行資產肯定會有一些好處，好嗎？所以希望這能給你一些顏色。

International segment profitability, yes, I would say -- and I think we discussed this a bit last quarter. We're seeing an advancement of volume and very strong volume, if you will, in -- especially in our countries in Europe and Japan, that so we may be putting away future volume onto this year's cost structure. So that is probably why you're starting to see -- that is why you're seeing profitability in international.

國際部門的盈利能力，是的，我會說 - 我認為我們在上個季度討論了這個問題。如果你願意的話，我們看到銷量的增長和非常強勁的銷量，尤其是在我們的歐洲和日本國家，所以我們可能會將未來的銷量放在今年的成本結構中。所以這可能就是你開始看到的原因——這就是你看到國際盈利能力的原因。

I would say generally, we are still investing ahead of the U.S. in a lot of dimensions internationally, things like Prime benefits, things like the devices, things like international expansion. You might have seen that we just launched in Sweden yesterday. So there's a lot of competing factors going on right now internationally. But I think right -- because of the high volumes and the leverage we're seeing, particularly in places like the U.K. and Germany, that it's creating profitability ahead of schedule, if you will.

我會說一般來說，我們在國際上的很多方面仍然領先於美國，比如 Prime 福利、設備等、國際擴張等。您可能已經看到我們昨天剛剛在瑞典推出。因此，目前國際上存在許多競爭因素。但我認為是對的——因為我們看到的高產量和槓桿作用，特別是在英國和德國等地，如果你願意的話，它正在提前創造盈利能力。

But we feel good about the level of investment. That's continued, and we see that we're committed to continuing that even after the pandemic. And included in the international segment, of course, is India where we've had -- we had a very strong Prime Day, and Diwali is off to a good start.

但我們對投資水平感覺良好。這種情況仍在繼續，我們看到即使在大流行之後，我們也致力於繼續這樣做。當然，國際部分包括印度——我們有一個非常強大的黃金日，排燈節有一個良好的開端。

And so anyway, the third comment was on other revenue. Yes, that is essentially going to be mostly advertising, and we had a very strong advertising performance in Q3, so a continuation of the trends that we saw in Q2. We start to see advertising budgets increase from some of the contraction that has occurred earlier in Q2. And we just had a lot more traffic, and we do a good job of turning that traffic into valuable real estate for our advertisers and for our customers to get -- to find out more about selection and brand discovery. So most of that is -- it was a strong quarter in advertising, and that's what you're seeing in the other revenue line.

所以無論如何，第三條評論是關於其他收入的。是的，這基本上將主要是廣告，我們在第三季度的廣告表現非常強勁，因此延續了我們在第二季度看到的趨勢。我們開始看到廣告預算從第二季度早些時候發生的一些收縮中增加。而且我們剛剛獲得了更多的流量，並且我們很好地將流量轉化為有價值的房地產，供我們的廣告商和我們的客戶獲得 - 以了解有關選擇和品牌發現的更多信息。所以其中大部分是 - 這是一個強勁的廣告季度，這就是你在其他收入線上看到的。

Our final question will come from Eric Sheridan with UBS.

我們的最後一個問題將來自瑞銀的 Eric Sheridan。

Maybe 2, if I can. One following up on Mark's question on the advertising side. We continue to see you guys innovate a lot on the product side, especially with programmatic advertising, video advertising. Can you just give us a little bit of a sense of how you see the advertising offering both on Amazon and off Amazon sort of evolving years ahead?

也許2，如果可以的話。一個跟進馬克在廣告方面的問題。我們繼續看到你們在產品方面進行了很多創新，尤其是在程序化廣告、視頻廣告方面。您能否讓我們稍微了解一下您如何看待亞馬遜上和亞馬遜之外的廣告產品在未來幾年的發展？

And the second question would be coming back, Brian, to your comments in the opening remarks around Prime Video and all the consumption you've seen globally in the recent past. How does help inform what you think about in terms of the opportunity to invest against original content to continue to drive that sort of media consumption loop within the Prime membership?

布賴恩，第二個問題是關於您在關於 Prime Video 的開場白中的評論以及您最近在全球範圍內看到的所有消費情況。如何幫助您了解您對原創內容投資機會的想法，以繼續推動 Prime 會員內的這種媒體消費循環？

Yes, great. Eric, I'll start off with the questions on advertising. So I just agree on you, I think our main priorities here with this space, and some of these probably aren't too surprising, is we're focused on making our tools easier to use. So both on the sponsored ads, sponsored brand side, updating sponsored product targeting, working on just simplifying registration for agencies and marketers, getting them set up.

對，很好。埃里克，我將從關於廣告的問題開始。所以我同意你的看法，我認為我們在這個領域的主要優先事項，其中一些可能並不太令人驚訝，是我們專注於使我們的工具更易於使用。因此，無論是在讚助廣告、贊助品牌方面、更新贊助產品定位、致力於簡化代理機構和營銷人員的註冊、進行設置。

But we're also very focused on being smarter about servicing more relevant ads to customers, making display ads easier and then increasing usability of the Amazon demand-type platform. So we've been working on a number of those areas. And then developing new products. And a lot of that is focused around how are we serving brands from various areas, Twitch, sponsor brands, the stores, of course. So other interesting areas. So it's -- we're certainly in a unique position to be able to provide measurement services that help all these brands sort of understand the impact of other advertising in ways that are going to help them grow their business.

但我們也非常專注於更智能地為客戶提供更相關的廣告，使展示廣告更容易，然後提高亞馬遜需求型平台的可用性。所以我們一直在研究其中的一些領域。然後開發新產品。其中很多都集中在我們如何為各個領域的品牌提供服務，當然，Twitch、贊助商品牌、商店。所以其他有趣的領域。因此，我們當然處於獨特的地位，能夠提供衡量服務，幫助所有這些品牌了解其他廣告的影響，從而幫助他們發展業務。

Video, you mentioned, I think video is one that we're working hard on with some of the OTT video advertising opportunities there. I'm seeing some good momentum with that. We offer inventory in the IMDb TV ad-supported space and on some 3P apps, both on and off the Fire TV. So a lot of, I think, good momentum there and a lot of good learnings on some of those initiatives there. I probably won't say too much about what will look like next year in the future, but that gives you kind of a sense of priorities where we're spending our time and focus on.

視頻，你提到過，我認為視頻是我們正在努力開發的一種，其中有一些 OTT 視頻廣告機會。我看到了一些良好的勢頭。我們在 IMDb TV 廣告支持的空間和一些 3P 應用上提供庫存，無論是在 Fire TV 上還是在 Fire TV 上。因此，我認為那裡有很多良好的勢頭，並且在那裡的一些舉措中有很多很好的學習。我可能不會過多地談論明年的未來會是什麼樣子，但這會讓你對我們花費時間和關注的優先事項有一種感覺。

And on your question on video. So step back, our goal is to deliver high quality and fresh content to our global Prime base member base. We're doing that by producing top-tier U.S. content that we show globally and then we augment that with local originals in each region. If we do that job well, we've seen it as a very significant acquisition channel for new Prime members, especially in many smaller countries around the world. You see higher free trial conversion rates, higher membership renewal rates and then higher overall engagement, as I mentioned, in Q3 specifically. And when they do that, the more engaged they are, we know that, that turns into more sales on Amazon. And that's -- it's a self-reinforcing loop.

關於你關於視頻的問題。所以退後一步，我們的目標是為我們的全球 Prime 會員群提供高質量和新鮮的內容。我們正在通過製作我們在全球展示的頂級美國內容來做到這一點，然後我們在每個地區使用本地原創內容進行擴充。如果我們做好這項工作，我們將其視為新 Prime 會員的一個非常重要的獲取渠道，尤其是在世界上許多較小的國家。正如我所提到的，特別是在第三季度，您會看到更高的免費試用轉化率、更高的會員續訂率以及更高的整體參與度。當他們這樣做時，他們的參與度越高，我們知道，這會在亞馬遜上帶來更多的銷售額。那就是——這是一個自我強化的循環。

So we're very happy with the video performance, particularly during this period. I think people have gotten a really good chance to test out the content. Maybe people hadn't used -- Prime members hadn't used that benefit as much in the past, given it another look and have really found value in it. We're in more than 240 countries and territories worldwide. And again, we're seeing some really interesting localized content developing in places like India, Brazil, Mexico, Australia, U.K. and Spain, which I think the customers in those countries really appreciate.

所以我們對視頻的表現非常滿意，尤其是在這段時間。我認為人們已經獲得了一個很好的機會來測試內容。也許人們沒有使用過——Prime 會員過去沒有使用過這種福利，換個角度來看，確實發現了它的價值。我們遍布全球 240 多個國家和地區。再一次，我們看到印度、巴西、墨西哥、澳大利亞、英國和西班牙等地正在開發一些非常有趣的本地化內容，我認為這些國家的客戶非常欣賞這些內容。

Great. Thanks for joining us today for the call and for your questions. A replay will be available on our Investor Relations website for at least 3 months. We appreciate your interest in Amazon, and we look forward to talking with you again next quarter.

偉大的。感謝您今天加入我們的電話和您的問題。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。