亞馬遜 (AMZN) 2020 Q2 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q2 2020 Financial Results Teleconference. (Operator Instructions) Today's call is being recorded.

感謝您的支持。大家好，歡迎參加亞馬遜 2020 年第二季財務業績電話會議。（操作員指示）今天的通話正在錄音。

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

在開幕致詞時，我將把電話轉給投資者關係總監戴維·菲爾德斯 (David Fildes)。請繼續。

Hello, and welcome to our Q2 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 年第二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, July 30, 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回應僅反映管理層截至 2020 年 7 月 30 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 the 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.

在通話期間，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），您將找到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.

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。

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.

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；疫情對全球和地區經濟及經濟活動、勞動力配備和生產力的影響，以及我們在員工安全措施方面的大量持續支出；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'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.

感謝您今天加入我們。首先，我要感謝並讚揚數十萬亞馬遜員工、配送合作夥伴以及數十萬中小企業的貢獻，他們在這個不確定的時期努力為世界各地的客戶提供服務。

Amazon's second quarter was another highly unusual quarter. 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. 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.

亞馬遜的第二季又是一個極不尋常的季度。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，並且在整個第二季度需求保持高位。食品雜貨和消費品的強勁早期需求持續到第二季​​度，而本季我們其他主要產品類別（如硬產品和軟產品）的需求也有所增加。

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

同時，我們繼續專注於加強員工安全，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的安全和福祉。在第二季度，我們花費了超過 40 億美元的與 COVID 相關的費用，用於將產品送到客戶手中並確保員工的安全。這些成本中最大的一部分與我們第一線員工的薪酬有關，包括截至五月底的更高小時工資和六月超過 5 億美元的感謝獎金。

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

我們的工廠也遭遇了生產力上的阻力。其中包括改變我們的 150 多個流程以適應社交距離，以及為滿足更高的客戶需求而僱用和培訓超過 175,000 名新員工的成本。這 40 億美元還包括對員工個人防護設備和設施加強清潔的投資。

Our consolidated revenue and operating income significantly exceeded the top end of our guidance range. Strong top line performance was driven by increased consumer demand, led by Prime members. We continue to see high Prime member engagement throughout the quarter. Prime members shop more often with larger basket sizes. Worldwide streaming video hours doubled year-over-year driven largely by Prime video. We're reaching more customers with our grocery offerings. Online grocery sales tripled year-over-year. Existing Prime member renewal rates improved, and the Prime member growth rate accelerated both in the U.S. and worldwide.

我們的綜合收入和營業收入大大超出了我們的預期範圍的最高值。強勁的營收表現得益於 Prime 會員帶動的消費者需求成長。整個季度我們繼續看到 Prime 會員參與度很高。Prime 會員購物更頻繁，購物量更大。全球串流影音播放時間較去年同期成長一倍，這主要得益於 Prime 影片的推動。我們正在透過食品雜貨吸引更多的顧客。網路食品雜貨銷售額較去年同期成長了兩倍。現有 Prime 會員續約率提高，美國和全球 Prime 會員成長率均有所加快。

Our 3P sellers, who are largely comprised of small and medium-sized businesses, also stepped up to help make more selection available for customers. And as a result, these small and medium-sized businesses have seen significant growth in their sales.

我們的第三方賣家主要由中小型企業組成，他們也加強幫助顧客提供更多選擇。結果，這些中小企業的銷售額顯著成長。

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

我們第二季的第三方賣家服務收入成長速度快於線上商店收入，亞馬遜配送和商家配送或 MFN 賣家銷售均實現強勁成長。由於活躍賣家數量環比增長，第三方單位繼續佔總單位銷售的一半以上。

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. 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.

我們比以往任何時候都更致力於支持數十萬中小企業在亞馬遜商店成功銷售其產品。我們之所以能夠滿足這種日益增長的需求，是因為隨著季度的進展，我們也能夠開放更多的履行網路容量，以更快的速度交付更多選擇。

I'd point to a few capacity improvements that have allowed us to enhance throughput. First, our regular headcount grew 34% year-over-year as of the end of Q2 and continues to grow. We welcomed more than 175,000 new employees in March and April, many of whom were displaced from other jobs in the economy. As we've seen demand remain high, we are in the process of bringing 125,000 of these employees into regular full-time positions.

我想指出一些使我們能夠提高吞吐量的容量改進。首先，截至第二季末，我們的常規員工人數年增 34%，並且還在持續成長。3月和4月，我們迎來了超過175,000名新員工，其中許多人是從經濟領域的其他職位流失的。由於我們看到需求仍然很高，我們正在將其中 125,000 名員工轉為常規全職職位。

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

我還要指出的是，亞馬遜在過去十年中創造的就業機會比任何其他公司都多，我們很自豪能夠在這個充滿挑戰的時期繼續創造具有行業領先工資和優厚福利的好工作。目前，我們的正式員工和季節性員工總數已超過 100 萬人。

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. Additionally, as a reminder, Q2 is typically our lightest volume quarter for the retail business. 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. This led to strong operating leverage in Q2. 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.

由於我們有時間實施、學習和迭代我們制定的新流程路徑，我們也能夠擴大現有設施的產量。此外，提醒一下，第二季通常是我們零售業務銷售最少的季度。今年的情況並非如此，但這意味著我們可以靈活地利用通常用於下半年高峰需求的空間。這導致第二季的經營槓桿率強勁。隨著我們進入下半年的高峰期，我們將進一步增加我們的空間需求，並且我們將在下半年增加大量的履行中心和運輸能力。

Turning to AWS. This is now a $43 billion annualized run rate business, up nearly $10 billion in run rate in the last 12 months. Customer usage remains strong, although growth varies across industries as a result of the COVID-19 crisis.

轉向 AWS。目前，這是一項年化運行率達 430 億美元的業務，在過去 12 個月中運行率增長了近 100 億美元。儘管受新冠疫情影響，各產業成長情況有所不同，但客戶使用率仍強勁。

Lastly, I'll touch upon our Q3 guidance, which we provided as part of our earnings release. A few additional data points on this guidance. 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. Costs are expected to be lower than in Q2 primarily due to better cost efficiency at the high demand levels we are seeing.

最後，我將談談我們在收益報告中提供的第三季指引。關於此指南的一些附加數據點。我們預計第三季將產生超過 20 億美元的 COVID 相關費用，以幫助保障員工安全，包括繼續投資於社交距離、PP&E 和測試。預計成本將低於第二季度，這主要是因為我們看到的高需求水準帶來了更好的成本效率。

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

此外，我要提醒大家，第三季通常是我們開放大部分新履行網路容量的時候，我們預期今年也是如此。我們繼續進行有意義的投資，僅在第二季度就投資了 94 億美元資本支出和融資租賃，年增 65%，主要得益於我們對履行和物流足跡的投資。一旦這些建築開放，它們就會對盈利能力產生不利影響，因為我們正在為第四季度的高峰做準備。

In 2019, we increased network square footage by approximately 15%. This year, we expect a meaningfully higher year-over-year square footage growth of approximately 50%. This includes strong growth in new fulfillment center space as well as sort centers and delivery stations. We expect the majority of this capacity to come online in late Q3 and into Q4.

2019 年，我們的網路面積增加了約 15%。今年，我們預計建築面積將年增約 50%。這包括新履行中心空間以及分類中心和配送站的強勁成長。我們預計大部分產能將在第三季末和第四季上線。

Lastly, we plan to host Prime Day in Q4 this year rather than Q3 as it has been in prior years. The one exception is Amazon India, which will host Prime Day on August 6 and August 7.

最後，我們計劃在今年第四季舉辦 Prime Day，而不是像往年那樣在第三季舉辦。唯一的例外是亞馬遜印度公司，該公司將於 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. We're extremely grateful to our employees across Amazon for continuously stepping up to meet the needs of customers.

總而言之，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依賴線上購物，我們正在努力增加服務客戶的能力。我們非常感謝亞馬遜全體員工不斷努力滿足顧客的需求。

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

接下來，讓我們進入問答環節。

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

（操作員指示）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. You made a push into essentials and deemphasized nonessentials, as we talked about in the last earnings call. Where are we in terms of the company getting the mix between essentials versus nonessentials right in terms of offering to customers? Where are you in terms of returning to normal on next-day and 2-day shipping initiatives to drive Prime? 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.

也許我可以深入了解您在六月底和七月初看到的正常化趨勢。正如我們在上次收益電話會議上討論的那樣，你們大力發展必需品，而減少非必需品的重視。就公司提供給客戶的產品而言，我們是否能正確地將必需品和非必需品進行結合？您在恢復隔日送達和兩日送達計劃以推動 Prime 服務方面進展如何？如果能透過地理位置或世界區域來描述其中任何一個事態，那就太好了。

Sure, Eric. Thanks for your question. So first, on the trend. So if you remember, we exited Q1 and spoke at the end of April. 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.

當然，埃里克。謝謝你的提問。首先，談談趨勢。所以如果你還記得的話，我們退出了第一季並在四月底進行了交談。我們在三月和四月採取了很多措施，首先，限制進入我們倉庫的非必需產品，然後我們在四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. 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. But to a large extent, MFN remained strong even as FBA picked up. So we had a very favorable mix, if you will, coming from March on. It started to normalize a little bit more to normal levels towards the end of the quarter, but MFN still remains high.

因此我們開始規範我們的通路組合。我想說的是，隨著我們進入 4 月底和 5 月初，我們預計，由於許多賣家可以在 MFN 或 FBA 銷售之間切換，我們會看到 MFN 下降而 FBA 上升。但從很大程度上來說，即使 FBA 增速回升，MFN 仍然保持強勁。因此，如果你願意的話，從三月開始，我們就有了一個非常有利的組合。到本季末，最惠國待遇開始稍微恢復正常水平，但仍保持高位。

On the product side, a lot of what we saw in March and early April was sales of consumables and groceries and safety items. 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. We've got better on our cost structure, and we also resumed a more normal mix in, I'd say, early part of May.

在產品方面，我們在三月和四月初看到的很多是消耗品、雜貨和安全用品的銷售。我們多次討論過這樣一個事實：這幾乎是零成本——或者不好意思，如果考慮到與 COVID 相關的成本，利潤幾乎為零。我們的成本結構已經改善，而且我們在五月初也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. Demand is still super high. What we're seeing on -- it's driven by Prime members and Prime member engagement. They're shopping more often. They have larger basket sizes. There's still a heavy component of grocery -- online grocery sales tripled year-over-year in the quarter as we added capacity there.

因此從那時起，我想說它越來越接近我們所說的更正常的組合。需求仍然非常高。我們看到的是——這是由 Prime 會員和 Prime 會員參與度所推動的。他們購物更頻繁。他們的籃子尺寸更大。雜貨業務仍然佔據很大份額——由於我們增加了線上雜貨的產能，本季線上雜貨銷售額比去年同期成長了兩倍。

So well, there's shifts in the mix based on what customers want. It's looking a little more normal, and it's staying at a very high level. 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. Once we've done that, we are working very hard to get faster shipments. 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. So we'll continue to work on that. But again, first priority is definitely keeping employees safe, and second is increasing our capacity.

所以，根據客戶的需求，產品組合會改變。它看起來更正常一些，並且保持在非常高的水平。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。一旦我們完成了這項工作，我們就會盡力加快出貨速度。我們已經看到 1 天和 2 天利率在本季度有所回升，但它可能仍遠遠落後於這一切發生之前的利率。因此我們會繼續努力。但同樣，首要任務肯定是確保員工安全，其次是提高我們的產能。

Yes. And this is just David. 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. 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.

是的。這只是大衛。我認為僅從地理角度來看，正如 Brian 的開場評論所述，從許多訂單趨勢和活動中，您可以看到北美和國際市場都在成長良好。因此，我們看到類別表現和第一方及第三方賣家成長中的許多此類趨勢，無論是商家配送還是 FBA 賣家，都出現了全面成長，當你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，就會看到類似的廣泛趨勢。

Our next question is from Mark Mahaney with RBC.

下一個問題來自 RBC 的 Mark Mahaney。

Okay. So 2, just a quick follow-up on Eric's question. Brian, when do you think you'll get back to par in terms of 1 day being 1 day? And then secondly, these profit levels are super high now. They're becoming super high at the company if you ex out the COVID costs. Is Jeff aware of how profitable the company is becoming? Is he happy about it? And I'm kind of being facetious, obviously, when I asked that.

好的。那麼 2，只是對 Eric 的問題進行快速跟進。布萊恩，你認為什麼時候才能恢復到 1 天就是 1 天的狀態？其次，這些利潤水準現在非常高。如果扣除 COVID 成本，公司的成本將變得非常高。傑夫是否知道公司的獲利能力有多強？他對此高興嗎？顯然，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. So just talk about that. 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. How can you deploy those? Or how do you want to deploy those into some of the newer investment areas?

但我真正想問的是，當您考慮新的投資領域時，首先要考慮的是一些新的國際市場，例如印度、巴西和墨西哥，或 B2B 業務，有很多新的投資領域。從歷史上看，亞馬遜似乎會利用這種收入激增，積極投資這些新領域，我相信現在也是。所以就談論這個吧。我知道您在 COVID 上花費了不少錢，但如果您考慮未來 3 到 5 年，您會發現利潤確實會激增。您如何部署它們？或者您想如何將它們部署到一些較新的投資領域？

Sure. Thanks for your questions, Mark. First, on when we get back to par, we don't know yet. 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. 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. And Q3 is now forecast to be also higher than Q4 of last year.

當然。謝謝你的提問，馬克。首先，我們何時才能恢復正常水平，我們還不知道。我們正在逐步改善，但我們也在平衡第三季和第四季大幅增加的需求和產能。因此，如果你查看我們的歷史運行率，你會發現第二季度的業績有多大，第二季的收入實際上高於去年第四季度，這是聞所未聞的。目前預測第三季的業績也將高於去年第四季。

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. Second priority is getting capacity online because we do not have -- in Q2, we generally have lower revenue. And in Q2, like I mentioned, we were able to use the excess capacity that did exist to serve the higher demand.

因此，我們在某種程度上將高峰期提前了，出於不同的原因，我們正在努力，主要是，就像我說的，首要任務是確保我們的員工安全，我們繼續保持社交距離，確保每個人的安全和健康。第二個優先事項是讓產能上線，因為我們沒有—在第二季度，我們的收入通常較低。正如我所提到的，在第二季度，我們能夠利用現有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. 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.

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的庫存，但我們已經沒有足夠的空間了。因此，我們全力應對這項挑戰，但我們有一個非常優秀的團隊，大概從二月底就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. Marketing, we cut marketing probably by about 1/3 in Q2 as -- mainly because we're trying to manage demand. 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. But certainly, marketing costs were lower. You probably saw it in a lot of companies. Travel expenses have almost drawn to a halt. 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. We think that will normalize over time.

當您談到盈利能力時，我們也會提到，在此期間一些費用有所下降。行銷，我們在第二季度可能削減了約 1/3 的行銷開支——主要是因為我們正在努力管理需求。在第二季末，它開始恢復正常並恢復到正常水平，因此，我們將在第三季看到更高的水平。但可以肯定的是，行銷成本較低。你可能在很多公司都看過它。旅行費用幾乎已經停止。在某些情況下，會議費用甚至醫療費用都被推遲了，因為人們不去看醫生或沒有那麼快去看醫生。我們認為隨著時間的推移這種情況將會正常化。

And as far as investments, we've got a lot of investments already in play. 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. But during this time, I would say we've actually accelerated our ops investment. We pulled in capacity that we probably didn't think would be needed until 2021, maybe later. On grocery, we've also greatly expanded our grocery delivery capacity, and that's probably ahead of schedule.

就投資而言，我們已經進行了大量投資。因此，我認為這不一定是加速投資的問題——我們一直在尋找對我們有意義的新投資。但在這段時間裡，我想說我們實際上加快了營運投資。我們增加了一些產能，而我們可能認為這些產能要到 2021 年甚至更晚才會需要。在食品雜貨方面，我們也大大擴展了食品雜貨配送能力，這可能比計劃提前了。

Yes. This is Dave. 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. We think there's still a lot more value we can add to that program. 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. And so we've got places like Australia, the Middle East. We've talked about India many times, but a lot of focus on building that out.

是的。這是戴夫。補充一點，我認為 Prime 是一個很大的焦點，Brian 在電話會議開始時談到的一些增長聲明，無論是 Prime 會員的實力和我們在美國或全球看到的加速，還是一些使用統計數據，如雜貨店的發展勢頭或視頻時間的翻倍，對我們來說，這只是另一個令人鼓舞的跡象。我們認為我們也可以為該計劃增添更多價值。而且我們不僅在美國提供比其他地區更廣泛的服務，而且我們真正專注於為其他一些地區提供支援。因此，我們有澳洲、中東等地。我們已經多次談論印度，但更多的關注點在於印度的建設。

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. A lot of micro, small and medium-sized businesses there. 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. They have some goals there around getting more sellers on board and hiring many more people as well. So a lot of focus there.

我認為印度這樣一個地方的偉大之處在於，我們真正專注於印度賣家的數位化。那裡有很多微型、小型和中型企業。我們在那裡推出了一些新功能來幫助支援其中一些品牌的數位化工作，而團隊做了大量工作，非常出色。他們的目標是吸引更多賣家加入並僱用更多員工。因此那裡備受關注。

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. 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? 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?

我有兩個問題。第一個問題，布萊恩，回到投資方面，您經常為客戶和客戶產品進行多年的投資，您是資本配置計劃背後的人。我想我很好奇，您能否給我們舉一些例子，說明今年由於居家隔離和您所看到的更高需求而可能被推遲的投資領域？那麼，您認為在年初哪些領域的支出會比目前 2020 年計畫中的實際支出更多呢？

And then the second one, the international strength, I appreciate the color on Europe and Japan. Nice to see the profitability. Maybe just talk to us sort of qualitatively about some puts and takes around your core international markets, Europe and Japan? And how to think about whether or not they could be more or less profitable than the U.S. long term?

第二個是國際實力，我欣賞歐洲和日本的色彩。很高興看到獲利能力。或許你可以跟我們定性地談談你們在核心國際市場（歐洲和日本）的一些利弊？以及如何看待他們的長期獲利能力是否會比美國更高或更低？

Sure. I think you'll -- starting with that second one. You'll notice that the International segment was profitable this quarter, and that's a great sign. It is heavily driven by the pickup in demand that we saw, as I mentioned, I believe, in multiple calls. What's going on internationally is we have some very healthy established countries that we've been in a long time. And we have probably accelerated their adoption of Prime benefits. 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.

當然。我想你會──從第二個開始。您會注意到本季度國際部門實現了盈利，這是一個好兆頭。正如我在多次電話會議中提到的那樣，這在很大程度上是由我們看到的需求回升所推動的。國際上的情況是，我們已經在一些非常健康的成熟國家開展業務很長時間了。我們可能加速了他們採用 Prime 福利的速度。我們向這些國家推廣影片、設備、音樂和其他產品的時間可能比美國更早。因此，在許多國家，我們對 Prime 福利進行了一些前瞻性投資。

But what you also see are investments in new countries. Obviously, India is the biggest one, but also, to a lesser extent, the Middle East, Brazil, Turkey and Australia are recent addition. So there's always an element of expansion going on there. Advertising is growing, so that's a good source of profitability. 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. So our fixed costs were leveraged to the hilt. 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. 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.

但你也會看到對新國家的投資。顯然，印度是最大的一個，但中東、巴西、土耳其和澳洲也是最近加入的，只是程度較輕。因此那裡總是存在著擴張的因素。廣告業務正在成長，因此這是一個很好的獲利來源。但如果你看看第二季發生的情況，你會發現它的交易量實際上比我們預期的或運行率要高得多。因此我們的固定成本被最大化了利用。顯然，我們將在運輸和配送中心增加一些容量和設施，但所有其他固定成本幾乎都依賴更高的需求。英國的表現尤其強勁，因為那裡可能有更多的居家令，而且英國的經濟發展方式也很好。我們在英國度過了一個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. 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. And a lot of the same trends in the U.S. were apparent internationally, higher Prime -- more frequent Prime purchases and higher basket sizes. So all good signs, and perhaps we got a glimpse of the future on the demand curve.

因此我想說，國際需求的激增也有助於推動獲利，可能比軌跡所顯示的要早一點。我不確定這種情況是否會在接下來的幾個季度持續下去，但這是一個好兆頭，表明我們可以利用這一點。美國的許多相同趨勢在國際上也很明顯，即 Prime 會員數量更多——Prime 購買頻率更高，購物金額更大。這些都是好的跡象，也許我們可以從需求曲線上一窺未來。

Your second question on slowing investments. The list is very short on what we've had to slow down. It's mostly -- it hasn't been done necessarily for cost reasons, it's been done for people reasons. The one I'd point to is studios. We've had to delay production. I think most studios have. And that's been augmented by some new things like our Amazon cinema where we're having first run movies. And so I think in this time, when people want entertainment, people are having trouble creating new content across the board. And that's a bit of a challenge, but it's not something we're doing intentionally. We're doing it to protect the actors and film crews, and we think that's the right decision.

您的第二個問題是關於投資放緩。我們必須放慢腳步的事情清單很短。主要是——這不一定是出於成本原因，而是出於人為原因。我要指出的是工作室。我們不得不推遲生產。我認為大多數工作室都有。一些新事物也增強了這一優勢，例如我們的亞馬遜影院，我們在那裡放映首映電影。所以我認為在這個時代，當人們想要娛樂時，人們很難全面創造新的內容。這確實是一個挑戰，但這不是我們故意為之。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. A number of whole food stores that you can pick up deliveries on tripled this quarter. So the list is short on things that we're slowing down on, I would say. 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.

正如我所說，許多投資正在湧入，特別是在食品雜貨配送和同店提貨方面。本季度，可供您提貨的全食商店數量增加了兩倍。所以我想說，我們正在放慢腳步的清單很短。我們只是在適應，可能在觀察一些事情是否發生了變化，並為新環境創造一些東西，特別是在娛樂領域。

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. And anything you can share around behavior for new and existing customers. 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? And due to those factors, is it possible that AWS can accelerate growth going forward?

我有 2 個問題。布萊恩，首先，我只是好奇您對未來幾年電子商務採用曲線如何變化的總體看法。您也可以分享有關新舊客戶行為的任何資訊。然後，就 AWS 而言，430 億美元的運行率在本季度明顯有所放緩，但希望您能評論一下這種環境下 IT 決策的速度，您是否仍然受到一些更容易受到挑戰的垂直行業影響的客戶的影響？那麼由於這些因素，AWS 未來是否有可能加速成長？

Yes. Let me start with that second one. Thanks, Doug. 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. We're helping them. We're actively, with our sales force, looking for ways that we can help them save money. This includes things like scaling down the usage where it makes sense or benchmarking their workloads against our architectural best practices. So that's not going to help our usage growth in the short run, but it will help those customers save money. 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.

是的。讓我從第二個開始。謝謝，道格。因此，在 AWS 部門收入中，我們看到各公司目前正在努力削減開支，尤其是在酒店和旅遊等面臨更大挑戰的行業，但幾乎所有行業都是如此。我們正在幫助他們。我們正在與銷售人員積極尋找可以幫助他們省錢的方法。這包括在合理的情況下縮減使用量或根據我們的架構最佳實務對其工作負載進行基準測試。因此，這在短期內不會有助於我們的使用量成長，但可以幫助那些客戶省錢。我們認為這是正確的做法，不僅有利於他們的成功，使他們能夠以更好的狀態擺脫困境，也有利於我們作為 AWS 提供者與他們建立長期健康的關係。

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. They realize their on-premise infrastructure is not really flexible to go up or down. And especially in the time of sinking demand, it's a big fixed cost for them. So we expect -- we're seeing migration plans accelerate. They're certainly not going to happen overnight, but we see companies moving more in that direction. We think that will be a good long-term trend. And there's certainly winners in this area right now, things like video conferencing, gaming, remote learning and entertainment. All are seeing usage growth. And it's a bifurcated world out there.

但我們也看到很多公司真的希望自己能在雲端運算方面取得更多進展，因為他們看到雲端運算公司的成本會發生變化，並根據具體情況擴大或縮小規模。他們意識到他們的內部基礎設施並不是真正靈活地上下移動。尤其是在需求下降的時候，這對他們來說是一筆很大的固定成本。因此我們預計—我們將看到遷移計劃加速進行。這些當然不會在一夜之間發生，但我們看到越來越多的公司正朝著這個方向發展。我們認為這將是一個很好的長期趨勢。目前該領域肯定有贏家，例如視訊會議、遊戲、遠距學習和娛樂。所有產品的使用量都在增加。外面的世界是分裂的。

So the -- on your e-commerce adoption, I think it's hard to tell. We're super encouraged by the fact that grocery delivery has picked up, and that's been accelerated versus what we would have thought. We certainly are glad to be there for our Prime members who are shopping more frequently and buying more. We do know that there's reasons that there are other options are limited. 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. 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，關於你們對電子商務的採用情況，我認為很難說。我們對食品雜貨配送業務的回升感到非常鼓舞，而且這一增長速度比我們想像的要快。我們非常高興能夠為我們的 Prime 會員提供服務，他們購物更頻繁，購買量更大。我們確實知道，其他選擇有限是有原因的。我的意思是，總是有零售選擇，特別是去商店取貨，但現在可能越來越少人想去商店。因此，我們必須觀察曲線上哪些部分可能上升，哪些部分可能更快達到某個點，而不是一些一次性銷售之類的東西——希望口罩、手套和清潔用品之類的東西最終能變成一次性購買，但我們拭目以待。

And sorry, your last point was on new customers versus existing customers. We're seeing similar trends. 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. But it's encouraging. And as you saw, Prime growth retention has increased. We've accelerated the number of -- the growth of Prime members, both in the U.S. and internationally. So that's a good sign that we're happy about. And we hope that, that has long-term ramifications.

抱歉，您最後提到的一點是關於新客戶與現有客戶的問題。我們看到了類似的趨勢。我們也看到 Prime 新會員的購物頻率和購物量都有了顯著提升，這與 Prime 多年的會員情況肯定有所不同。但這令人鼓舞。如您所見，Prime 的成長保留率有所提高。我們加速了美國和國際 Prime 會員數量的成長。這是一個令我們高興的好兆頭。我們希望這會產生長遠的影響。

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. Just a follow-up to that last comment. 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. 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.? Any comment there?

是的。這只是對最後一則評論的後續。因此，對於國際 Prime 會員的 Prime 行為，你們已經討論過，在 16、17 個國家/地區，整體服務水準有點落後，選擇有點落後。那麼，在過去幾個月的疫情中，國際 Prime 會員人均 GMV 與美國 Prime 會員人均 GMV 之間的差距是否顯著縮小了？有啥評論嗎？

And then on the 3Q guidance, you pushed Prime day for western markets into 4Q. So how much of the deceleration -- it's obviously a really strong number for 3Q, but the growth rate is decelerating a little bit. Is that mostly from Prime Day? Or can you just talk about what kind of behaviors you're seeing right now as you go into 3Q?

然後在第三季的指導中，您將西方市場的 Prime Day 推遲到了第四季度。那麼減速幅度有多大呢？對於第三季來說，這顯然是一個非常強勁的數字，但成長率正在略微減速。這主要來自 Prime Day 嗎？或者您能否談談進入第三季後您現在看到了什麼樣的行為？

Right. 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. A lot of those trends are continuing into Q3. You see our revenue range is $87 billion to $93 billion coming off of $89 billion quarter. 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. 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.

正確的。嗯，我們在第二季度取得了成長，最終實現了外匯中性年增 41%——以外匯中性為基礎。許多趨勢將持續到第三季。您會發現，我們的營收範圍是 870 億美元至 930 億美元，而本季我們的營收為 890 億美元。所以我想說的是——如果你看一下成長率，那就意味著第三季的成長率在 24% 到 33% 之間。因此我無法具體說明 Prime 的影響，因為 — — 但可以說，這是一個重要驅動因素，它導致第二季度的 41% 增長轉化為第三季度的 24% 至 33% 的增長，最終導致收入增加。

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. In international, aggregate does not matter that much. And what I would say is, generally, what we're seeing is similar trends in international in response to COVID purchasing patterns. I wouldn't say it closed the gap. I said -- I would say they both went up. And we'll see how it goes from there. I think there's definitely any differences in selection or differences in shipping. 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. So I don't want to make too many sweeping comments on that right now.

關於 Prime 的行為，我無法向您提供更多信息，因為它實際上是按國家劃分的一組非常本地化的員工。在國際上，總量並不那麼重要。我想說的是，總體而言，我們看到國際上對 COVID 購買模式的反應也呈現類似的趨勢。我不會說它縮小了差距。我說——我想說他們都上去了。我們將拭目以待事情將如何發展。我認為在選擇或運輸方面肯定存在差異。Prime 會員決定成為 Prime 會員的因素有很多，包括他們購買什麼、使用什麼以及我們為他們提供的福利。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. There was a little bit of a slowdown across the board and a number of the cloud numbers. I'm just curious if there's a common trend that you're seeing there. And perhaps just talk about the backlog. I know you've disclosed the backlog has been improving in the filings, but a little more color on AWS would be certainly helpful.

我很好奇您是否可以在 AWS 上進行擴充。總體而言，雲端運算數據和一些其他數據都出現了一定程度的放緩。我只是好奇您是否看到了一種共同的趨勢。或許只是談論積壓問題。我知道您已經在文件中揭露積壓情況有所改善，但如果能更詳細地介紹一下 AWS，肯定會有所幫助。

Yes, sure. I'll give you the backlog number. It grew 65% year-over-year and 21% quarter-over-quarter. So that's healthy, and we have the average contract length is over 3 years for our AWS contracts.

是的，當然。我會給你積壓數量。年增 65%，季增 21%。這是很健康的，我們的 AWS 合約的平均期限超過 3 年。

I would say contract volume and negotiations are strong and have maintained through this period. So it is -- that's a good sign. It really does boil down to short-term versus long-term incentives here for a lot of our customers. 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. 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.

我想說的是，合約量和談判都很強勁，並且在此期間一直保持著。確實如此——這是一個好兆頭。對於我們的許多客戶來說，這實際上可以歸結為短期激勵與長期激勵之間的差異。如果您所在的行業在經濟上受到 COVID 的嚴重影響，那麼您正在尋找省錢的方法，並嘗試點擊，而我們正試圖在這方面提供幫助。長期節省資金的最佳方法之一是使用雲，不僅將其轉化為變動成本，還可以轉化為固定成本，而且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 Raymond James 的 Aaron Kessler。

Great. A couple of questions. 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. Maybe just thoughts there. Are you seeing any changes in sort of the markets that are starting to open up? And just any commentary on the Zoox acquisition, how you kind of -- can use that technology longer term as well?

偉大的。有幾個問題。首先，也許只是您的某個競爭對手注意到，一些已經開放的市場的成長正在放緩，我猜，歐洲的情況可能更為嚴重。也許只是想法而已。您是否看到開始開放的市場發生了任何變化？關於 Zoox 收購的任何評論，您如何才能長期使用該技術？

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

我想您指的是消費者業務和國家開放。

Correct.

正確的。

Yes. Well, we still see strong demand. So I don't have any particular color on that regard by country. 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. So I don't want to go by country, but I think those trends will start to perhaps become evident. But the -- from our vantage point, the Prime members still continue to order more frequently and in larger basket sizes.

是的。嗯，我們仍然看到強勁的需求。因此，我對此沒有按國家劃分的特定色彩。我們確實認為英國第二季度的成長非常強勁，我相信，這種成長速度正在開始放緩，但仍然強於正常水平。所以我不想按國家來討論，但我認為這些趨勢可能會開始變得明顯。但從我們的角度來看，Prime 會員仍然會繼續更頻繁地訂購更大尺寸的商品。

Yes. And then, Aaron, just on your second question on Zoox, I mean, it's -- there's not too much to say at this point. It's still pretty early, but I think it probably goes without saying it's a tremendously forward-thinking team, which resonates with us. And they really do kind of pioneer in that space, the ride-hailing space.

是的。然後，Aaron，關於你關於 Zoox 的第二個問題，我的意思是——目前沒有太多可說的。現在還為時過早，但我認為不用說，這是一支極具前瞻性的團隊，這引起了我們的共鳴。他們確實是叫車服務領域的先驅。

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

他們正在做很多很酷的工作，設計自動駕駛汽車，並將重點放在乘客身上，對吧，這是他們首先考慮的。因此，我認為，正如我們思考創新要素和致力於為客戶解決問題和挑戰一樣，我們很高興能夠與他們合作並在未來幾年實現這一願景。

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賈斯汀·波斯特 (Justin Post)。

Great. A couple of questions. Obviously, a great cost quarter on the leverage side. Any changes in e-commerce gross margins to call out? Is scale and getting size, improving gross margins or anything on the mix shift there that's interesting?

偉大的。有幾個問題。顯然，這是一個槓桿成本很高的季度。電子商務毛利率有什麼值得關注的變化嗎？規模和規模的擴大、毛利率的提高或任何有趣的混合變化？

And then secondly, we talked about a lot about 1 day investment last year. Obviously, the shipping times were impacted by COVID, but are you back to kind of normal times? And where are you on the 1 day investment?

其次，去年我們討論了許多有關 1 天投資的問題。顯然，運輸時間受到了 COVID 的影響，但您是否恢復了正常時間？您在一天內的投資情況如何？

Sure. On 1 day, again, we're first prioritizing employee safety. We have a lot of effort in that regard. We've changed over 150 process paths. We've instituted social distancing, cleaning, temperature taking, both with our warehouse employees and also our transportation employees. So that's really still priority one.

當然。第一天，我們再次將員工安全放在第一位。我們在這方面做了很多努力。我們已經改變了 150 多條流程路徑。我們對倉庫員工和運輸員工都實施了保持社交距離、進行清潔和測量體溫的措施。所以這仍然是第一要務。

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. So we will -- we are improving the percentage of 1 day. We're not back to where we were pre-COVID. We don't think we're going to be back in the short run, but we will continue to improve it. And hopefully, it'll be less noticeable for our consumer base.

第二是產能擴張，特別是進入下半年，產量通常會比上半年增加。所以我們會—我們正在提高 1 天的百分比。我們還沒有恢復到新冠疫情前的狀態。我們認為我們不會在短期內恢復，但我們會繼續改進。希望我們的消費者群體不會太容易察覺這一點。

On the gross margin side, it's very much a mixed bag right now. There's -- before the COVID outbreak, the positives were generally AMZL costs -- delivery costs were becoming more efficient. Advertising was -- and AWS were certainly a strong component of gross margin increases. Product mix could go either way depending on the country. 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. But the -- we feel good about where we are. Gross margin for the quarter was 40.8% and was down 200 basis points from last year. It's probably more tied to the addition of 1-day shipping. 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. We've already reconfigured our network. We've already created the capacity to be able to ship. 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.

從毛利率方面來看，目前情況好壞參半。在 COVID 爆發之前，積極的一面通常是 AMZL 成本——運輸成本變得更有效率。廣告和 AWS 無疑是毛利率成長的一個重要組成部分。產品組合可能因國家不同而有所差異。但隨著疫情的蔓延，利潤率較低的消費品和雜貨開始對毛利率產生負面影響。但是——我們對目前的狀況感到滿意。本季毛利率為40.8%，較去年同期下降200個基點。這可能與增加 1 天送達服務更相關。即使我們沒有像新冠疫情之後那樣進行那麼多的一日送達服務，一日送達的成本也已經計入我們的結構中了。我們已經重新配置了我們的網路。我們已經具備了運輸能力。問題只是我們是否能在一天之內將其從倉庫送出並交給您。

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

感謝您今天參加電話會議並提出問題。重播將至少在本季末在我們的投資者關係網站上提供。感謝您對亞馬遜的關注，並期待下個季度再次與您交談。