亞馬遜 (AMZN) 2020 Q2 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

Good day, everyone, and welcome to the Amazon.com Q2 2020 Financial Results Teleconference.

大家好，歡迎來到 Amazon.com 2020 年第二季度財務業績電話會議。

(Operator Instructions) Today's call is being recorded.

（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 Director of Investor Relations, David Fildes.

對於開場白，我將把電話轉給投資者關係總監 David Fildes。

Please go ahead.

請繼續。

Hello, and welcome to our Q2 2020 financial results conference call.

您好，歡迎參加我們的 2020 年第二季度財務業績電話會議。

Joining us today to answer your questions is Brian Olsavsky, our CFO.

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.

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。

Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2019.

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, July 30, 2020, only and will include forward-looking statements.

我們對您的問題的評論和回复僅反映管理層截至 2020 年 7 月 30 日的觀點，並將包括前瞻性陳述。

Actual results may differ materially.

實際結果可能大不相同。

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.

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 the call, we may discuss certain non-GAAP financial measures.

在電話會議期間，我們可能會討論某些非公認會計原則的財務措施。

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.

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。

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 continuing spending on employee safety measures; our ability to continue operations in affected areas; and consumer demand and spending patterns as well as the effects on suppliers, creditors and third-party sellers, all of which are uncertain.

該指南還反映了我們迄今為止對 COVID-19 大流行對我們運營的影響的估計，包括我們在提交給 SEC 的文件中討論的那些，並且高度依賴於我們可能無法預測或控制的眾多因素，包括：大流行的持續時間和範圍，包括任何復發；政府、企業和個人為應對這一流行病而採取的行動；大流行對全球和區域經濟和經濟活動、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.

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。

It's not possible to accurately predict demand for our goods and services, and therefore, our actual results could differ materially from our guidance.

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.

感謝您今天加入我們。

I'd like to start by thanking and recognizing the contributions of hundreds of thousands of Amazon employees and delivery partners and hundreds of thousands of small and medium-sized businesses who are working hard to serve our customers all around the world in these uncertain times.

首先，我要感謝和認可數十萬亞馬遜員工和送貨合作夥伴以及數十萬中小型企業的貢獻，他們在這個不確定的時期努力為全球客戶提供服務。

Amazon's second quarter was another highly unusual quarter.

亞馬遜的第二季度是另一個非常不尋常的季度。

As I mentioned on our last earnings call, we began to see a significant increase in customer demand beginning in early March, and demand remained elevated throughout Q2.

正如我在上次財報電話會議上提到的那樣，從 3 月初開始，我們開始看到客戶需求顯著增加，並且整個第二季度的需求都保持在高位。

Strong early demand in groceries and consumable products continued into Q2, while demand increased during the quarter in our other major product categories like hardlines and softlines.

雜貨和消費品的強勁早期需求持續到第二季度，而本季度我們其他主要產品類別（如硬線和軟線）的需求增加。

At the same time, 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.

與此同時，我們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，以幫助確保我們員工和合作夥伴的安全和福祉。

In Q2, we incurred more than $4 billion of COVID-related expenses, getting products to customers and keeping employees safe.

在第二季度，我們發生了超過 40 億美元的 COVID 相關費用，用於向客戶提供產品並確保員工安全。

The largest portion of these costs related to compensation for our frontline employees, including higher hourly wages through the end of May and a more than $500 million Thank You bonus in June.

這些成本的最大部分與我們一線員工的薪酬有關，包括截至 5 月底的更高時薪和 6 月份超過 5 億美元的感謝獎金。

We also experienced productivity headwinds in our facilities.

我們的設施也遇到了生產力逆風。

This included changes to over 150 of our processes to provide for social distancing as well as costs to onboard and train over 175,000 new employees who are hired to meet the higher customer demand.

這包括對我們的 150 多個流程進行更改以提供社交距離，以及為滿足更高的客戶需求而僱用的 175,000 多名新員工的入職和培訓成本。

This $4 billion also included investments in personal protective equipment for employees and enhanced cleaning for our facilities.

這 40 億美元還包括對員工個人防護設備的投資以及對我們設施的加強清潔。

Our consolidated revenue and operating income significantly exceeded the top end of our guidance range.

我們的綜合收入和營業收入大大超過了我們指導範圍的上限。

Strong top line performance was driven by increased consumer demand, led by Prime members.

強勁的營收表現是由 Prime 會員引領的消費者需求增加推動的。

We continue to see high Prime member engagement throughout the quarter.

我們繼續看到整個季度的 Prime 會員參與度很高。

Prime members shop more often with larger basket sizes.

Prime 會員更常購買較大的購物籃。

Worldwide streaming video hours doubled year-over-year driven largely by Prime video.

主要受 Prime 視頻的推動，全球流媒體視頻時長同比翻了一番。

We're reaching more customers with our grocery offerings.

我們正在通過我們的雜貨產品吸引更多客戶。

Online grocery sales tripled year-over-year.

在線雜貨店銷售額同比增長兩倍。

Existing Prime member renewal rates improved, and the Prime member growth rate accelerated both in the U.S. and worldwide.

現有的 Prime 會員續訂率有所提高，美國和全球的 Prime 會員增長率均有所加快。

Our 3P sellers, who are largely comprised of small and medium-sized businesses, also stepped up to help make more selection available for customers.

我們的 3P 賣家主要由中小型企業組成，他們也加緊行動，為客戶提供更多選擇。

And as a result, these small and medium-sized businesses have seen significant growth in their sales.

結果，這些中小型企業的銷售額出現了顯著增長。

Our third-party seller services revenue grew faster than online stores revenue in Q2, with strong growth in both fulfillment by Amazon and merchant fulfilled or MFN seller sales.

我們的第三方賣家服務收入在第二季度的增長速度快於在線商店的收入，亞馬遜的履行和商家履行或 MFN 賣家銷售均實現了強勁增長。

Third-party units continue to represent more than half of overall unit volume, helped by improved quarter-over-quarter growth in active sellers.

由於活躍賣家的季度環比增長有所改善，第三方單位繼續佔總單位銷量的一半以上。

We are more committed than ever to supporting the success of the hundreds of thousands of small and medium-sized businesses to sell their products in Amazon stores.

我們比以往任何時候都更加致力於支持成千上萬的中小型企業在亞馬遜商店中成功銷售他們的產品。

We were able to meet this heightened demand because we were also able to open up more fulfillment network capacity as the quarter progressed with faster delivery across more selection.

我們能夠滿足這種高漲的需求，因為隨著季度的推進，我們還能夠打開更多的履行網絡容量，並在更多選擇中更快地交付。

I'd point to a few capacity improvements that have allowed us to enhance throughput.

我會指出一些容量改進，這些改進使我們能夠提高吞吐量。

First, our regular headcount grew 34% year-over-year as of the end of Q2 and continues to grow.

首先，截至第二季度末，我們的常規員工人數同比增長 34%，並且還在繼續增長。

We welcomed more than 175,000 new employees in March and April, many of whom were displaced from other jobs in the economy.

我們在 3 月和 4 月迎來了 175,000 多名新員工，其中許多人從經濟中的其他工作崗位上流離失所。

As we've seen demand remain high, we are in the process of bringing 125,000 of these employees into regular full-time positions.

正如我們看到的需求仍然很高，我們正在將這些員工中的 125,000 名納入正規的全職職位。

I would also note that Amazon has created more jobs over the last decade than any other company, and we are proud that we're continuing to create good jobs with industry-leading wages and great benefits during this challenging time.

我還要指出，在過去十年中，亞馬遜創造的就業機會比任何其他公司都多，我們為在這個充滿挑戰的時期繼續創造具有行業領先工資和巨大福利的好工作而感到自豪。

Our combined number of regular and seasonal employees is currently over 1 million.

目前，我們的正式員工和季節性員工的總人數超過 100 萬。

We've also been able to expand the output in our existing facilities as we've had time to implement, learn and iterate on the new process paths we put in place.

我們還能夠擴展現有設施的輸出，因為我們有時間實施、學習和迭代我們已實施的新流程路徑。

Additionally, as a reminder, Q2 is typically our lightest volume quarter for the retail business.

此外，提醒一下，第二季度通常是我們零售業務量最小的季度。

That's not the case this year, but what that's meant is that we can flex into space normally used for second half peak demand.

今年情況並非如此，但這意味著我們可以進入通常用於下半年高峰需求的空間。

This led to strong operating leverage in Q2.

這導致第二季度的經營槓桿率很高。

As we move towards peak in the second half of the year, we will ramp up our space needs even further, and we'll be adding significant fulfillment center and transportation capacity in the second half of the year.

隨著我們在下半年邁向高峰，我們將進一步增加我們的空間需求，我們將在下半年增加重要的履行中心和運輸能力。

Turning to AWS.

轉向 AWS。

This is now a $43 billion annualized run rate business, up nearly $10 billion in run rate in the last 12 months.

現在，這是一項 430 億美元的年化運營業務，在過去 12 個月中增長了近 100 億美元。

Customer usage remains strong, although growth varies across industries as a result of the COVID-19 crisis.

儘管 COVID-19 危機導致各行業的增長有所不同，但客戶的使用仍然強勁。

Lastly, I'll touch upon our Q3 guidance, which we provided as part of our earnings release.

最後，我將談談我們在收益發布中提供的第三季度指引。

A few additional data points on this guidance.

關於本指南的一些額外數據點。

We expect to incur more than $2 billion in COVID-related expenses in Q3 to help keep employees safe, including continued investment in social distancing, PP&E and testing.

我們預計在第三季度將產生超過 20 億美元的與 COVID 相關的費用，以幫助確保員工的安全，包括繼續投資於社交距離、PP&E 和測試。

Costs are expected to be lower than in Q2 primarily due to better cost efficiency at the high demand levels we are seeing.

預計成本將低於第二季度，主要是因為我們看到的高需求水平下成本效率更高。

In addition, I'll remind you that the third quarter is typically when we open the majority of our new fulfillment network capacity, and we expect the same this year.

此外，我會提醒您，第三季度通常是我們開放大部分新的履行網絡容量的時候，我們預計今年也是如此。

We continue to invest meaningfully, including $9.4 billion in CapEx and finance leases in Q2 alone, an increase of 65% year-over-year, primarily driven by investments in our fulfillment and logistics footprint.

我們繼續進行有意義的投資，包括僅在第二季度就 94 億美元的資本支出和融資租賃，同比增長 65%，主要是由於對我們的履約和物流足蹟的投資。

Once these buildings open, they are a headwind to profitability as they ramp up and we prepare for Q4 peak.

一旦這些建築物開放，它們就會成為盈利的逆風，因為它們會加速增長，我們為第四季度的高峰做準備。

In 2019, we increased network square footage by approximately 15%.

2019 年，我們將網絡面積增加了約 15%。

This year, we expect a meaningfully higher year-over-year square footage growth of approximately 50%.

今年，我們預計平方英尺的同比增長將顯著提高，約為 50%。

This includes strong growth in new fulfillment center space as well as sort centers and delivery stations.

這包括新的履行中心空間以及分揀中心和交付站的強勁增長。

We expect the majority of this capacity to come online in late Q3 and into Q4.

我們預計大部分容量將在第三季度末和第四季度上線。

Lastly, we plan to host Prime Day in Q4 this year rather than Q3 as it has been in prior years.

最後，我們計劃在今年第四季度舉辦 Prime Day，而不是像往年那樣在第三季度舉辦。

The one exception is Amazon India, which will host Prime Day on August 6 and August 7.

一個例外是亞馬遜印度，它將在 8 月 6 日和 8 月 7 日舉辦 Prime Day。

In summary, we know that people are relying on online shopping more than ever during this unprecedented time, and we are working hard to add capacity to serve customers.

總之，我們知道在這個前所未有的時期，人們比以往任何時候都更加依賴在線購物，我們正在努力增加服務客戶的能力。

We're extremely grateful to our employees across Amazon for continuously stepping up to meet the needs of customers.

我們非常感謝亞馬遜的員工不斷加緊滿足客戶的需求。

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

有了這個，讓我們繼續進行問答。

(Operator Instructions) Your first question comes from the line of Eric Sheridan with UBS.

（操作員說明）您的第一個問題來自瑞銀的 Eric Sheridan。

Maybe I could just dive in on the normalized trends you're seeing as you exit June and get into July.

也許我可以深入了解您在退出 6 月並進入 7 月時看到的正常化趨勢。

You made a push into essentials and deemphasized nonessentials, as we talked about in the last earnings call.

正如我們在上次財報電話會議中談到的那樣，你推動了必需品的發展並不再強調非必需品。

Where are we in terms of the company getting the mix between essentials versus nonessentials right in terms of offering to customers?

就公司而言，在向客戶提供必需品和非必需品方面，我們在哪裡得到正確的組合？

Where are you in terms of returning to normal on next-day and 2-day shipping initiatives to drive Prime?

您在第二天和 2 天的運輸計劃中恢復正常以推動 Prime 的情況如何？

If there was any color on the state of affairs with either of those by geo or region of the world, that would be great.

如果世界上任何一個地區或地區的事態有任何顏色，那就太好了。

Sure, Eric.

當然，埃里克。

Thanks for your question.

謝謝你的問題。

So first, on the trend.

所以首先，關於趨勢。

So if you remember, we exited Q1 and spoke at the end of April.

因此，如果您還記得的話，我們退出了第一季度，並在 4 月底發表了講話。

We had taken a lot of steps in March and April to, first, limit the incoming nonessential products into our warehouses, and then we reversed that or eliminated that decision in mid-April.

我們在 3 月和 4 月採取了很多措施，首先限制非必需品進入我們的倉庫，然後我們在 4 月中旬扭轉了這一決定或取消了這一決定。

So we started to normalize on our channel mix.

所以我們開始規範我們的渠道組合。

And I would say, as we moved into late April and early May, we expected that because a lot of the sellers can toggle between MFN or FBA sales that we would see MFN drop as FBA picked up.

我想說的是，當我們進入 4 月底和 5 月初時，我們預計由於很多賣家可以在 MFN 或 FBA 銷售之間切換，我們會看到 MFN 隨著 FBA 的回升而下降。

But to a large extent, MFN remained strong even as FBA picked up.

但在很大程度上，即使 FBA 回升，MFN 依然強勁。

So we had a very favorable mix, if you will, coming from March on.

所以我們有一個非常有利的組合，如果你願意的話，從三月開始。

It started to normalize a little bit more to normal levels towards the end of the quarter, but MFN still remains high.

到本季度末，它開始稍微恢復到正常水平，但最惠國待遇仍然很高。

On the product side, a lot of what we saw in March and early April was sales of consumables and groceries and safety items.

在產品方面，我們在 3 月和 4 月初看到的很多是消耗品、雜貨和安全物品的銷售。

And we talked a lot about the fact that, that was coming at pretty much 0 cost -- or excuse me, 0 profit when you factored in the COVID-related costs.

我們談了很多這樣一個事實，那就是，當你考慮到與 COVID 相關的成本時，這幾乎是 0 成本——或者對不起，0 利潤。

We've got better on our cost structure, and we also resumed a more normal mix in, I'd say, early part of May.

我們的成本結構得到了改善，而且我們還在 5 月初恢復了更正常的組合。

So since then, I would say it's getting closer to what we call a more normal mix.

所以從那時起，我會說它越來越接近我們所說的更正常的組合。

Demand is still super high.

需求仍然非常高。

What we're seeing on -- it's driven by Prime members and Prime member engagement.

我們所看到的——它是由 Prime 會員和 Prime 會員參與度驅動的。

They're shopping more often.

他們購物的頻率更高。

They have larger basket sizes.

他們有更大的籃子尺寸。

There's still a heavy component of grocery -- online grocery sales tripled year-over-year in the quarter as we added capacity there.

雜貨店仍然佔很大比重——隨著我們在那裡增加產能，本季度在線雜貨店銷售額同比增長了兩倍。

So well, there's shifts in the mix based on what customers want.

好吧，根據客戶的需求，組合會發生變化。

It's looking a little more normal, and it's staying at a very high level.

它看起來更正常一些，並且保持在非常高的水平。

On 1 day, we realize that our first priority is to keep our employees safe, and the second is focus on getting our capacity increased.

第一天，我們意識到我們的首要任務是確保員工的安全，其次是專注於提高我們的產能。

Once we've done that, we are working very hard to get faster shipments.

一旦我們做到了這一點，我們就會非常努力地加快發貨速度。

And we've seen the 1-day and 2-day recover through the quarter, but it's still probably considerably behind the going in rate before any of this happen.

我們已經看到整個季度的 1 天和 2 天恢復，但在任何這種情況發生之前，它仍然可能大大落後於進入率。

So we'll continue to work on that.

所以我們會繼續努力。

But again, first priority is definitely keeping employees safe, and second is increasing our capacity.

但同樣，首要任務絕對是確保員工安全，其次是提高我們的產能。

Yes.

是的。

And this is just David.

這只是大衛。

I think just from a geographic perspective, Brian's opening comments there, a lot of these order trends and activity, you can see that both the North America and the International segment are growing well.

我認為從地理角度來看，Brian 在那裡的開場評論，很多這些訂單趨勢和活動，你可以看到北美和國際部分都在增長。

So a lot of those kind of trends in category performances and first-party and third-party seller growth, whether it be merchant fulfilled or FBA sellers, we're seeing a lot of growth across the board, kind of similar-type broad trends when you think about the U.S. and North America as well as our international regions, in particular, our more established international regions.

因此，在品類表現以及第一方和第三方賣家增長方面的很多趨勢，無論是商家自付還是 FBA 賣家，我們都看到了很多全面的增長，類似的廣泛趨勢當您考慮美國和北美以及我們的國際地區，特別是我們更成熟的國際地區時。

Our next question is from Mark Mahaney with RBC.

我們的下一個問題來自 RBC 的 Mark Mahaney。

Okay.

好的。

So 2, just a quick follow-up on Eric's question.

所以 2，只是對 Eric 問題的快速跟進。

Brian, when do you think you'll get back to par in terms of 1 day being 1 day?

布賴恩，你認為你什麼時候能恢復到 1 天等於 1 天的標準？

And then secondly, these profit levels are super high now.

其次，現在這些利潤水平非常高。

They're becoming super high at the company if you ex out the COVID costs.

如果你排除 COVID 成本，他們在公司裡就會變得超級高。

Is Jeff aware of how profitable the company is becoming?

Jeff 是否知道公司的盈利能力如何？

Is he happy about it?

他對此感到高興嗎？

And I'm kind of being facetious, obviously, when I asked that.

很明顯，當我問這個問題時，我有點開玩笑。

But what I also want to ask really is when you think about new investment areas, and at the top of the list, maybe some new international launches are really building out some of the markets that you've -- like India, Brazil and Mexico or the business-to-business operations, like there's a ton of new investment areas, and it seems like the Amazon historically, and I'm sure it's the same now, would be using this kind of revenue surge and really investing aggressively in these new areas.

但我還真正想問的是，當您考慮新的投資領域時，在列表的頂部，也許一些新的國際發布確實在建立您已經擁有的一些市場——比如印度、巴西和墨西哥或者企業對企業的運營，比如有很多新的投資領域，從歷史上看，亞馬遜，我相信現在也是一樣，會利用這種收入激增，真正積極投資於這些領域新領域。

So just talk about that.

所以只談這個。

I know you've got spend on COVID, but as you think about the next 3 to 5 years, you've got these really profit surges.

我知道您已經在 COVID 上投入了資金，但是當您考慮未來 3 到 5 年時，您已經獲得了這些真正的利潤激增。

How can you deploy those?

你如何部署這些？

Or how do you want to deploy those into some of the newer investment areas?

或者您希望如何將這些部署到一些較新的投資領域？

Sure.

當然。

Thanks for your questions, Mark.

謝謝你的問題，馬克。

First, on when we get back to par, we don't know yet.

首先，當我們回到標準時，我們還不知道。

We're getting progressively better, but we're also balancing what is going to be very stepped up demand and capacity in Q3 and Q4.

我們正在逐漸變得更好，但我們也在平衡第三季度和第四季度將非常增加的需求和產能。

So if you look at our historic run rates and can see how big a quarter Q2 was, Q2 was actually higher revenue than Q4 of last year, which is unheard of.

因此，如果您查看我們的歷史運行率並且可以看到第二季度的季度有多大，那麼第二季度的收入實際上高於去年第四季度的收入，這是聞所未聞的。

And Q3 is now forecast to be also higher than Q4 of last year.

現在預計第三季度也將高於去年第四季度。

So we've kind of moved the peak forward, and for different reasons, we're trying to, mainly, like as I said, first priority is getting -- is making sure our employees are safe and that we continue to do social distancing and keep everybody safe and healthy.

因此，我們已經將高峰向前推進了，出於不同的原因，我們正在努力，主要是，就像我說的那樣，首要任務是確保我們的員工安全，並繼續保持社交距離並確保每個人的安全和健康。

Second priority is getting capacity online because we do not have -- in Q2, we generally have lower revenue.

第二個優先事項是讓容量在線，因為我們沒有——在第二季度，我們的收入通常較低。

And in Q2, like I mentioned, we were able to use the excess capacity that did exist to serve the higher demand.

就像我提到的，在第二季度，我們能夠利用確實存在的過剩產能來滿足更高的需求。

Now as we move into Q3, we're starting to -- we need to build the inventory more for Q4, and we've run out of space.

現在，隨著我們進入第三季度，我們開始——我們需要為第四季度建立更多庫存，而且我們已經用完了空間。

So we've got our hands full on that challenge, but we've got a really good team that's been working very hard probably since late February on this issue.

所以我們已經全力以赴應對這一挑戰，但我們有一個非常優秀的團隊，可能自 2 月下旬以來一直在努力解決這個問題。

And when you talk about profitability, we'll also mention that there are a couple of expenses that have gone down in the interim.

當您談論盈利能力時，我們還會提到在此期間有幾項費用有所下降。

Marketing, we cut marketing probably by about 1/3 in Q2 as -- mainly because we're trying to manage demand.

營銷，我們在第二季度可能將營銷削減了約 1/3，主要是因為我們正在努力管理需求。

It started to normalize and get back to somewhat normal levels in -- at the end of Q2, but -- and therefore, we'll see a higher level in Q3.

它開始正常化並在第二季度末恢復到正常水平，但是——因此，我們將在第三季度看到更高的水平。

But certainly, marketing costs were lower.

但可以肯定的是，營銷成本較低。

You probably saw it in a lot of companies.

你可能在很多公司都看到過。

Travel expenses have almost drawn to a halt.

旅行費用幾乎停止了。

Meeting costs, even medical costs in some examples or in some cases have been delayed as people don't go to the doctor or don't go there as quickly.

由於人們不去看醫生或不盡快去那裡，會議費用，甚至在某些例子中或在某些情況下的醫療費用都被推遲了。

We think that will normalize over time.

我們認為這將隨著時間的推移而正常化。

And as far as investments, we've got a lot of investments already in play.

就投資而言，我們已經進行了大量投資。

So I don't think it's a matter of necessarily accelerating investment or -- we're always looking for new investments that make sense to us.

所以我認為這不一定是加速投資的問題，或者——我們一直在尋找對我們有意義的新投資。

But during this time, I would say we've actually accelerated our ops investment.

但在這段時間裡，我想說我們實際上加速了我們的運營投資。

We pulled in capacity that we probably didn't think would be needed until 2021, maybe later.

我們引入了我們可能認為在 2021 年之前可能不需要的容量，也許更晚。

On grocery, we've also greatly expanded our grocery delivery capacity, and that's probably ahead of schedule.

在雜貨方面，我們還大大擴展了雜貨配送能力，這可能提前了。

Yes.

是的。

This is Dave.

這是戴夫。

Just to add to that, I think Prime is such a big focus, and some of the growth statements that Brian talked about at the opening of the call, whether it was strength in Prime membership and the acceleration we saw in the U.S. or worldwide or some of the usage stats like the grocery momentum or the doubling of video hours, for us, it's just another encouraging sign.

除此之外，我認為 Prime 是一個非常重要的焦點，以及 Brian 在電話會議開始時談到的一些增長聲明，無論是 Prime 會員的實力以及我們在美國或全球看到的加速增長，還是一些使用統計數據，例如雜貨店勢頭或視頻時間翻倍，對我們來說，這只是另一個令人鼓舞的跡象。

We think there's still a lot more value we can add to that program.

我們認為我們仍然可以為該計劃增加更多價值。

And that's not just in the United States where we've got sort of a broader set of services than some of the other regions, but really focusing on supporting in some of those other regions.

這不僅僅是在美國，我們擁有比其他一些地區更廣泛的服務，而是真正專注於在其他一些地區提供支持。

And so we've got places like Australia, the Middle East.

所以我們有像澳大利亞、中東這樣的地方。

We've talked about India many times, but a lot of focus on building that out.

我們已經多次談到印度，但很多重點都放在了建立它上。

I think what's great about a place -- all geographies with a place like India is we're really focused on digitizing the Indian sellers.

我認為一個地方的好處——在所有像印度這樣的地方，我們都非常專注於印度賣家的數字化。

A lot of micro, small and medium-sized businesses there.

那裡有很多微型、中小型企業。

We launched some new features there to help support the digitization efforts with some of those brands and just a lot of work, great work being done by that team.

我們在那裡推出了一些新功能，以幫助支持其中一些品牌的數字化工作，以及大量的工作，該團隊正在做的很棒的工作。

They have some goals there around getting more sellers on board and hiring many more people as well.

他們有一些目標，就是讓更多的賣家加入進來，並僱傭更多的人。

So a lot of focus there.

所以那裡有很多焦點。

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, Brian, is going back to the investments, and you're often making multiyear investments for customers and customer offerings, and you're the man behind the capital allocation plan.

我有 2 個。第一個，布賴恩，正在回歸投資，你經常為客戶和客戶產品進行多年投資，你是資本分配計劃的幕後推手。

I guess I'd be curious to hear about can you give us some examples of areas of investment that may have been pushed out this year because of shelter in place and the higher demand that you've been seeing?

我想我很想知道你能給我們舉一些今年可能因為避難所和你看到的更高需求而被推遲的投資領域的例子嗎？

So what were areas where you thought you were going to spend more at the start of the year than you actually have now in the current 2020 plan?

那麼，在當前的 2020 年計劃中，您認為在哪些領域會在年初花費比您現在實際擁有的更多？

And then the second one, the international strength, I appreciate the color on Europe and Japan.

然後是第二個，國際實力，我很欣賞歐洲和日本的顏色。

Nice to see the profitability.

很高興看到盈利能力。

Maybe just talk to us sort of qualitatively about some puts and takes around your core international markets, Europe and Japan?

也許只是定性地與我們討論一些圍繞您的核心國際市場（歐洲和日本）的看跌期權？

And how to think about whether or not they could be more or less profitable than the U.S. long term?

以及如何考慮它們是否會比美國長期盈利更多或更少？

Sure.

當然。

I think you'll -- starting with that second one.

我想你會 - 從第二個開始。

You'll notice that the International segment was profitable this quarter, and that's a great sign.

您會注意到本季度國際業務部門實現了盈利，這是一個好兆頭。

It is heavily driven by the pickup in demand that we saw, as I mentioned, I believe, in multiple calls.

正如我所提到的，我相信，在多次電話會議中，我們看到了需求的回升，這在很大程度上推動了它。

What's going on internationally is we have some very healthy established countries that we've been in a long time.

國際上正在發生的事情是，我們有一些非常健康的成熟國家，我們已經有很長時間了。

And we have probably accelerated their adoption of Prime benefits.

我們可能加快了他們對 Prime 福利的採用。

We've pushed video and devices and music and other things to those countries probably earlier in the life cycle than you would have seen in the U.S. So there's a bit of a forward investment on Prime benefits in many of those countries.

我們已經將視頻、設備、音樂和其他東西推到了這些國家，可能比你在美國看到的更早。因此，在許多這些國家，對 Prime 福利進行了一些前瞻性投資。

But what you also see are investments in new countries.

但你也看到了對新國家的投資。

Obviously, India is the biggest one, but also, to a lesser extent, the Middle East, Brazil, Turkey and Australia are recent addition.

顯然，印度是最大的國家，但在較小程度上，中東、巴西、土耳其和澳大利亞是最近加入的國家。

So there's always an element of expansion going on there.

所以那裡總是有一個擴張的元素。

Advertising is growing, so that's a good source of profitability.

廣告正在增長，因此這是一個很好的盈利來源。

But if you look at what happened in Q2, it was essentially just the much higher volumes than we had anticipated or had on a run rate.

但如果你看看第二季度發生的事情，它基本上只是比我們預期或運行速度要高得多。

So our fixed costs were leveraged to the hilt.

因此，我們的固定成本被充分利用。

Obviously, we will add some capacity and things in transportation and fulfillment centers, but all other fixed costs were pretty much leveraged on that higher demand.

顯然，我們將在運輸和履行中心增加一些容量和東西，但所有其他固定成本幾乎都被更高的需求所利用。

The U.K. in particular, was very strong because there's probably more stay-at-home orders and the way the economy was developing in the U.K. We had a very, very strong quarter there.

尤其是英國，表現非常強勁，因為可能有更多的居家訂單以及英國經濟的發展方式。我們在那裡度過了非常非常強勁的季度。

So I would say that the surge in demand internationally also helped drive that profitable, maybe a little earlier than the trajectory would have shown.

所以我想說，國際需求的激增也有助於推動盈利，可能比軌跡顯示的要早一點。

And I'm not sure that, that is going to continue for the next couple of quarters, but it's a good sign that we could leverage that.

而且我不確定這種情況是否會在接下來的幾個季度中持續下去，但這是一個很好的跡象，表明我們可以利用這一點。

And a lot of the same trends in the U.S. were apparent internationally, higher Prime -- more frequent Prime purchases and higher basket sizes.

在美國，許多相同的趨勢在國際上也很明顯，即更高的 Prime——更頻繁的 Prime 購買和更大的購物籃尺寸。

So all good signs, and perhaps we got a glimpse of the future on the demand curve.

所以所有的好跡象，也許我們在需求曲線上看到了未來。

Your second question on slowing investments.

關於放緩投資的第二個問題。

The list is very short on what we've had to slow down.

該列表非常短，我們不得不放慢速度。

It's mostly -- it hasn't been done necessarily for cost reasons, it's been done for people reasons.

主要是——不一定是出於成本原因，而是出於人的原因。

The one I'd point to is studios.

我要指出的是工作室。

We've had to delay production.

我們不得不推遲生產。

I think most studios have.

我想大多數工作室都有。

And that's been augmented by some new things like our Amazon cinema where we're having first run movies.

一些新事物增強了這一點，例如我們的亞馬遜電影院，我們在那裡有首映電影。

And so I think in this time, when people want entertainment, people are having trouble creating new content across the board.

所以我認為在這個時代，當人們想要娛樂時，人們很難全面地創造新的內容。

And that's a bit of a challenge, but it's not something we're doing intentionally.

這有點挑戰，但這不是我們有意做的事情。

We're doing it to protect the actors and film crews, and we think that's the right decision.

我們這樣做是為了保護演員和攝製組，我們認為這是正確的決定。

As I said, a lot of the investments are being pulled in, especially on the upside and grocery delivery, same-store pickup.

正如我所說，很多投資都被吸引了，特別是在上行和雜貨配送、同店提貨方面。

A number of whole food stores that you can pick up deliveries on tripled this quarter.

本季度，您可以提貨的一些全食品商店增加了兩倍。

So the list is short on things that we're slowing down on, I would say.

因此，我想說，我們正在放慢速度的事情的清單很短。

It's just we're adapting and probably looking at whether some things have changed and creating some things for the new environment, especially in the entertainment area.

只是我們正在適應，可能會考慮一些事情是否發生了變化，並為新環境創造一些東西，尤其是在娛樂領域。

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。

I have 2. Brian, first, just curious about your overall thoughts on how the e-commerce adoption curve has been shifted here over the next few years.

我有 2 個。首先，Brian 很好奇您對未來幾年電子商務採用曲線如何在這裡轉變的總體想法。

And anything you can share around behavior for new and existing customers.

以及您可以分享的有關新客戶和現有客戶行為的任何內容。

And then separately, on AWS, the $43 billion run rate obviously slowed some in the quarter, but hoping you could comment just on the pace of IT decision-making in this environment, whether you're still impacted by some clients more highly exposed to challenged verticals?

然後，在 AWS 上，本季度 430 億美元的運行速度明顯放緩了一些，但希望您能就這種環境下的 IT 決策速度發表評論，您是否仍然受到一些風險更高的客戶的影響挑戰垂直行業？

And due to those factors, is it possible that AWS can accelerate growth going forward?

由於這些因素，AWS 是否有可能加速未來的增長？

Yes.

是的。

Let me start with that second one.

讓我從第二個開始。

Thanks, Doug.

謝謝，道格。

So in the AWS segment revenue, what we see are companies are working really hard right now to cut expenses, especially in the more challenged businesses like hospitality and travel but pretty much across the board.

因此，在 AWS 部門的收入中，我們看到公司現在正在努力削減開支，特別是在酒店和旅遊等更具挑戰性的業務中，但幾乎是全面的。

We're helping them.

我們正在幫助他們。

We're actively, with our sales force, looking for ways that we can help them save money.

我們正在積極地與我們的銷售人員一起尋找可以幫助他們省錢的方法。

This includes things like scaling down the usage where it makes sense or benchmarking their workloads against our architectural best practices.

這包括在有意義的地方縮減使用量或根據我們的架構最佳實踐對他們的工作負載進行基準測試。

So that's not going to help our usage growth in the short run, but it will help those customers save money.

因此，這不會在短期內幫助我們的使用量增長，但會幫助這些客戶省錢。

And we think that's the right thing to do, not only for their success and so they can come out of this at a better shape but also for the long-term health of our relationship with them as an AWS provider.

我們認為這是正確的做法，不僅是為了他們的成功，因此他們可以以更好的狀態走出困境，而且對於我們與他們作為 AWS 提供商的關係的長期健康也有好處。

But we're also seeing a lot of companies that are really wishing that they had made more progress on the cloud because they're seeing how companies that are on the cloud can turn into a variable cost and either scale up or scale down depending on their particular situation.

但我們也看到很多公司真的希望他們在雲上取得更多進展，因為他們看到雲上的公司如何變成可變成本，並根據具體情況擴大或縮小規模他們的特殊情況。

They realize their on-premise infrastructure is not really flexible to go up or down.

他們意識到他們的本地基礎設施在上升或下降時並不是很靈活。

And especially in the time of sinking demand, it's a big fixed cost for them.

尤其是在需求下降的時候，這對他們來說是一個很大的固定成本。

So we expect -- we're seeing migration plans accelerate.

所以我們預計 - 我們看到遷移計劃正在加速。

They're certainly not going to happen overnight, but we see companies moving more in that direction.

它們當然不會在一夜之間發生，但我們看到公司更多地朝這個方向發展。

We think that will be a good long-term trend.

我們認為這將是一個良好的長期趨勢。

And there's certainly winners in this area right now, things like video conferencing, gaming, remote learning and entertainment.

現在這個領域肯定有贏家，比如視頻會議、遊戲、遠程學習和娛樂。

All are seeing usage growth.

所有人都看到了使用量的增長。

And it's a bifurcated world out there.

這是一個分叉的世界。

So the -- on your e-commerce adoption, I think it's hard to tell.

所以 - 關於你的電子商務採用，我認為很難說。

We're super encouraged by the fact that grocery delivery has picked up, and that's been accelerated versus what we would have thought.

我們對雜貨店送貨已經回升這一事實感到非常鼓舞，而且速度比我們想像的要快。

We certainly are glad to be there for our Prime members who are shopping more frequently and buying more.

我們當然很高興為我們的 Prime 會員提供更頻繁的購物和購買更多的服務。

We do know that there's reasons that there are other options are limited.

我們確實知道，其他選擇有限是有原因的。

I mean there are always retail options out there, especially to go pick up in store, but less people want to go into stores perhaps now.

我的意思是那裡總是有零售選擇，尤其是去商店取貨，但現在可能想去商店的人減少了。

So we're going to have to see what is maybe a step-up in the curve and getting to a point quicker versus what are some onetime sales and things like -- hopefully, things like masks and gloves and cleaning supplies in the fullness of time become onetime purchases, but we'll see.

因此，我們將不得不看看曲線上的什麼可能是一個台階，並更快地達到一個點，而不是一些一次性銷售之類的東西——希望，像口罩、手套和清潔用品之類的東西。時間成為一次性購買，但我們拭目以待。

And sorry, your last point was on new customers versus existing customers.

抱歉，您的最後一點是關於新客戶與現有客戶的對比。

We're seeing similar trends.

我們看到了類似的趨勢。

We're seeing good pickup in frequency and basket size for new members in Prime as well, certainly not the same as people have been Prime members for a number of years.

我們看到 Prime 新會員的頻率和購物籃大小也有很好的提升，當然與多年來一直是 Prime 會員的人們不同。

But it's encouraging.

但這是令人鼓舞的。

And as you saw, Prime growth retention has increased.

如您所見，Prime 增長留存率有所提高。

We've accelerated the number of -- the growth of Prime members, both in the U.S. and internationally.

我們加快了美國和國際 Prime 會員數量的增長。

So that's a good sign that we're happy about.

所以這是一個好兆頭，我們對此感到高興。

And we hope that, that has long-term ramifications.

我們希望，這會產生長期影響。

Our next question comes from Ross Sandler with Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

Yes.

是的。

Just a follow-up to that last comment.

只是對最後一條評論的跟進。

So the Prime behavior for international Prime members, you guys have talked about how like in the 16, 17 countries, the overall service levels are a little bit behind, selection is a little bit behind.

所以國際Prime會員的Prime行為，你們講過，在16、17個國家，整體服務水平有點落後，選擇有點落後。

So has the last few months in the pandemic closed that gap meaningfully in terms of GMV per Prime member for international versus what you see in the U.S.?

那麼，就國際 Prime 會員的 GMV 而言，與您在美國看到的相比，大流行的最後幾個月是否有意義地縮小了這一差距？

Any comment there?

有什麼意見嗎？

And then on the 3Q guidance, you pushed Prime day for western markets into 4Q.

然後在第三季度的指引中，您將西方市場的 Prime 會員日推到了第四季度。

So how much of the deceleration -- it's obviously a really strong number for 3Q, but the growth rate is decelerating a little bit.

那麼減速多少 - 這顯然是第三季度的一個非常強勁的數字，但增長率正在減速一點。

Is that mostly from Prime Day?

這主要來自 Prime Day 嗎？

Or can you just talk about what kind of behaviors you're seeing right now as you go into 3Q?

或者你能談談你現在在進入 3Q 時看到的是什麼樣的行為嗎？

Right.

正確的。

Well, we ramped up through the quarter in Q2 and ended up with 41% year-over-year growth in FX-neutral -- on an FX-neutral basis.

好吧，我們在第二季度整個季度都在增加，最終在外匯中性的基礎上實現了 41% 的同比增長——在外匯中性的基礎上。

A lot of those trends are continuing into Q3.

許多這些趨勢將持續到第三季度。

You see our revenue range is $87 billion to $93 billion coming off of $89 billion quarter.

您會看到我們的收入範圍為 870 億美元至 930 億美元，季度收入為 890 億美元。

So I would say that the -- if you look at the growth rate, that translates into somewhere in the 24% to 33% growth rate in Q3.

所以我想說的是——如果你看一下增長率，這意味著第三季度的增長率在 24% 到 33% 之間。

So I can't break out exactly the Prime impact because there's -- but suffice to say, it's a big driver on why 41% growth in Q2 turns into 24% to 33% growth in Q3 on what turns out to be higher revenue volume.

因此，我無法準確說明 Prime 的影響，因為有——但我只想說，這是為什麼第二季度 41% 的增長變成第三季度 24% 到 33% 的增長的一個重要驅動因素，結果證明是更高的收入.

And then on Prime behavior, it's -- I can't really give you more on that because it is actually a very localized set of staff by country.

然後關於 Prime 的行為，我真的不能給你更多的信息，因為它實際上是按國家/地區劃分的一組非常本地化的員工。

In international, aggregate does not matter that much.

在國際上，總量並不重要。

And what I would say is, generally, what we're seeing is similar trends in international in response to COVID purchasing patterns.

我想說的是，總的來說，我們看到的是國際上類似的趨勢，以應對 COVID 購買模式。

I wouldn't say it closed the gap.

我不會說它縮小了差距。

I said -- I would say they both went up.

我說——我會說他們都上去了。

And we'll see how it goes from there.

我們將看看它是如何從那裡開始的。

I think there's definitely any differences in selection or differences in shipping.

我認為在選擇或運輸方面肯定存在任何差異。

There's a myriad of factors that go into a Prime member's decision to be a Prime member and to what they buy and what they use as far as our benefits that we give them.

有無數因素會影響 Prime 會員成為 Prime 會員的決定，以及他們購買的商品和使用的商品，以及我們為他們提供的福利。

So I don't want to make too many sweeping comments on that right now.

所以我現在不想對此發表太多籠統的評論。

Our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

I was curious if you could just expand on AWS.

我很好奇您是否可以在 AWS 上進行擴展。

There was a little bit of a slowdown across the board and a number of the cloud numbers.

全面放緩和一些雲數字。

I'm just curious if there's a common trend that you're seeing there.

我只是好奇你是否看到了一個共同的趨勢。

And perhaps just talk about the backlog.

也許只是談論積壓。

I know you've disclosed the backlog has been improving in the filings, but a little more color on AWS would be certainly helpful.

我知道您已經在文件中披露了積壓工作已經在改善，但在 AWS 上增加一點顏色肯定會有所幫助。

Yes, sure.

是的，當然。

I'll give you the backlog number.

我會給你積壓的編號。

It grew 65% year-over-year and 21% quarter-over-quarter.

同比增長 65%，環比增長 21%。

So that's healthy, and we have the average contract length is over 3 years for our AWS contracts.

所以這是健康的，我們的 AWS 合同的平均合同期限超過 3 年。

I would say contract volume and negotiations are strong and have maintained through this period.

我會說合同量和談判很強勁，並且在此期間一直保持不變。

So it is -- that's a good sign.

所以它是 - 這是一個好兆頭。

It really does boil down to short-term versus long-term incentives here for a lot of our customers.

對於我們的許多客戶來說，這確實歸結為短期與長期激勵。

They're -- if you're in an industry that's been heavily impacted by COVID in the economy, you're looking for ways to save money and you're trying to do a click and we're trying to help in that regard.

他們是——如果您所在的行業在經濟中受到 COVID 的嚴重影響，您正在尋找省錢的方法並且您正在嘗試點擊，我們正在嘗試在這方面提供幫助.

And one of the best ways to save money long term is to use the cloud, not only to turn it into a variable cost, it could be a fixed cost, but also to be able to take advantage of the partner network that we have, the security that we have and also the constant evolution of products and services that we bring to market.

長期省錢的最佳方法之一是使用雲，不僅可以將其轉化為可變成本，也可以是固定成本，還可以利用我們擁有的合作夥伴網絡，我們擁有的安全性以及我們推向市場的產品和服務的不斷發展。

Our next question comes from Aaron Kessler with Raymond James.

我們的下一個問題來自 Aaron Kessler 和 Raymond James。

Great.

偉大的。

A couple of questions.

幾個問題。

First, maybe just one of your competitors noted that growth was slowing in some markets that have opened up, I guess, probably more in Europe.

首先，也許只有你的一個競爭對手指出，一些已經開放的市場的增長正在放緩，我猜，可能更多的是在歐洲。

Maybe just thoughts there.

也許只是那裡的想法。

Are you seeing any changes in sort of the markets that are starting to open up?

您是否看到開始開放的市場有任何變化？

And just any commentary on the Zoox acquisition, how you kind of -- can use that technology longer term as well?

以及對 Zoox 收購的任何評論，您如何 - 也可以長期使用該技術？

I imagine you mean on consumer business, countries opening up.

我想你是指消費者業務，國家開放。

Correct.

正確的。

Yes.

是的。

Well, we still see strong demand.

好吧，我們仍然看到強勁的需求。

So I don't have any particular color on that regard by country.

因此，我對各個國家/地區在這方面沒有任何特別的看法。

We do think probably the U.K. was very -- grew very strongly in Q2, and that, I believe, is starting to moderate a bit but still stronger than normal.

我們確實認為英國可能在第二季度非常 - 非常強勁地增長，而且我相信它開始有所放緩，但仍比正常情況強勁。

So I don't want to go by country, but I think those trends will start to perhaps become evident.

所以我不想按國家分類，但我認為這些趨勢可能會開始變得明顯。

But the -- from our vantage point, the Prime members still continue to order more frequently and in larger basket sizes.

但是——從我們的角度來看，Prime 會員仍然繼續更頻繁地訂購更大的籃子。

Yes.

是的。

And then, Aaron, just on your second question on Zoox, I mean, it's -- there's not too much to say at this point.

然後，亞倫，關於你關於 Zoox 的第二個問題，我的意思是，現在沒有太多話要說。

It's still pretty early, but I think it probably goes without saying it's a tremendously forward-thinking team, which resonates with us.

現在還為時尚早，但我認為這可能是不言而喻的，這是一支極具前瞻性的團隊，這與我們產生了共鳴。

And they really do kind of pioneer in that space, the ride-hailing space.

他們確實是那個領域的先驅，叫車領域。

So a lot of cool work they're doing, designing autonomous vehicles and focused on the passenger, right, in front of mind in that.

所以他們正在做很多很酷的工作，設計自動駕駛汽車，並專注於乘客，對，在這方面。

So I think, again, just as we think about kind of the innovation components and commitments to solving kind of problems and challenges for customers, it's pretty exciting for us to be able to work with them and bring that vision to fruition in the years ahead.

因此，我再次認為，正如我們考慮創新組件和致力於為客戶解決問題和挑戰的承諾一樣，能夠與他們合作並在未來幾年實現這一願景對我們來說非常令人興奮.

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

我們的最後一個問題來自美國銀行的 Justin Post。

Great.

偉大的。

A couple of questions.

幾個問題。

Obviously, a great cost quarter on the leverage side.

顯然，在槓桿方面是一個很好的成本季度。

Any changes in e-commerce gross margins to call out?

電商毛利率有什麼變化需要注意嗎？

Is scale and getting size, improving gross margins or anything on the mix shift there that's interesting?

規模和擴大規模，提高毛利率或任何有趣的混合變化嗎？

And then secondly, we talked about a lot about 1 day investment last year.

其次，去年我們談了很多關於一日投資的事情。

Obviously, the shipping times were impacted by COVID, but are you back to kind of normal times?

顯然，運輸時間受到了 COVID 的影響，但是您恢復到正常時間了嗎？

And where are you on the 1 day investment?

你在哪裡進行 1 天的投資？

Sure.

當然。

On 1 day, again, we're first prioritizing employee safety.

在 1 天，我們再次將員工安全放在首位。

We have a lot of effort in that regard.

我們在這方面做了很多努力。

We've changed over 150 process paths.

我們更改了 150 多個流程路徑。

We've instituted social distancing, cleaning, temperature taking, both with our warehouse employees and also our transportation employees.

我們已經與我們的倉庫員工和我們的運輸員工建立了社交距離、清潔、體溫測量。

So that's really still priority one.

所以這仍然是首要任務。

And second is capacity expansion, especially as we head into the second half of the year, which generally sees a step-up in volume even over the first half of the year.

其次是產能擴張，尤其是在進入下半年的時候，即使在上半年，產量也會有所增加。

So we will -- we are improving the percentage of 1 day.

所以我們將——我們正在提高 1 天的百分比。

We're not back to where we were pre-COVID.

我們沒有回到 COVID 之前的狀態。

We don't think we're going to be back in the short run, but we will continue to improve it.

我們不認為我們會在短期內回來，但我們會繼續改進它。

And hopefully, it'll be less noticeable for our consumer base.

希望它對我們的消費者群來說不那麼引人注目。

On the gross margin side, it's very much a mixed bag right now.

在毛利率方面，現在情況好壞參半。

There's -- before the COVID outbreak, the positives were generally AMZL costs -- delivery costs were becoming more efficient.

在 COVID 爆發之前，積極因素通常是 AMZL 成本——交付成本變得更有效率。

Advertising was -- and AWS were certainly a strong component of gross margin increases.

廣告是——AWS 無疑是毛利率增長的重要組成部分。

Product mix could go either way depending on the country.

產品組合可能會因國家而異。

But as this COVID has played out, consumables and grocery, which are lower margin, have started to -- have been a negative impact on gross margin.

但隨著新冠疫情的爆發，利潤率較低的消耗品和雜貨已經開始對毛利率產生負面影響。

But the -- we feel good about where we are.

但是 - 我們對自己所處的位置感覺良好。

Gross margin for the quarter was 40.8% and was down 200 basis points from last year.

本季度毛利率為 40.8%，比去年下降 200 個基點。

It's probably more tied to the addition of 1-day shipping.

它可能與增加 1 天運輸更相關。

And even if we didn't do as much 1-day shipping as we've been doing post-COVID, the costs of 1-day shipping are already built into our structure.

即使我們沒有像 COVID 後那樣進行 1 天運送，但 1 天運送的成本已經計入我們的結構中。

We've already reconfigured our network.

我們已經重新配置了我們的網絡。

We've already created the capacity to be able to ship.

我們已經創造了能夠發貨的能力。

It's just a matter of whether or not we can get it out through the warehouse and to you in 1 day or not.

這只是我們能否在 1 天內通過倉庫將其取出並交給您的問題。

Thanks for joining us today on the call and for your questions.

感謝您今天加入我們的電話會議並提出您的問題。

A replay will be available on our Investor Relations website at least through the end of the quarter.

至少在本季度末，我們的投資者關係網站上將提供重播。

We appreciate your interest in Amazon, and look forward to talking with you again next quarter.

我們感謝您對亞馬遜的興趣，並期待在下個季度再次與您交談。