亞馬遜 (AMZN) 2020 Q1 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q1 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 年第一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 Director of Investor Relations, Shelly Kay Pfeiffer. Please go ahead.

對於開場白，我將把電話轉給投資者關係總監 Shelly Kay Pfeiffer。請繼續。

Hello, and welcome to our Q1 2020 financial results conference call. Joining us today to answer your questions are Brian Olsavsky, our CFO; and Dave Fildes, Director of Investor Relations. 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.

您好，歡迎參加我們的 2020 年第一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；和投資者關係總監 Dave Fildes。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, April 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答复僅反映了管理層截至今天（2020 年 4 月 30 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. 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 spread of the pandemic; 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 consumer spending patterns as well as the effects on suppliers, creditors and third-party sellers, all of which are uncertain. 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，可能會受到許多因素的重大影響，包括外匯匯率的波動；全球經濟狀況和客戶支出的變化；世界大事；互聯網、在線商務和雲服務的增長率；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。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傳播範圍；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；消費者需求和消費者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。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。

Before we move on to the Q&A, I'd like to lead off with a few comments. What we've all seen transpire in the past 2 months has been gut-wrenching and unprecedented. But it's also been a time of heroic action by health care workers, government officials, police and emergency personnel and all essential workers in our communities. This includes frontline Amazonians, including our Whole Foods team and our partners around the world. They've provided a lifeline of groceries and other critical supplies to the doorsteps of all of us at this critical time.

在我們繼續進行問答之前，我想先發表一些評論。在過去的兩個月裡，我們所看到的一切都是令人痛心和前所未有的。但這也是衛生保健工作者、政府官員、警察和應急人員以及我們社區所有重要工作人員採取英勇行動的時刻。這包括一線亞馬遜人，包括我們的 Whole Foods 團隊和我們在世界各地的合作夥伴。在這個關鍵時刻，他們為我們所有人的家門口提供了食品雜貨和其他重要物資的生命線。

I'd like to give you some insight into what we have seen in Amazon and how we are responding to this crisis. Beginning in early March, we experienced a major surge in customer demand, particularly for household staples and other essential products across categories such as health and personal care, groceries and even home office supplies. At the same time, we saw lower demand for discretionary items such as apparel, shoes and wireless products. This large demand spike created major challenges in our operations network and with our seller community and our suppliers.

我想讓您深入了解我們在亞馬遜看到的情況以及我們如何應對這場危機。從 3 月初開始，我們經歷了客戶需求的大幅增長，尤其是對家庭必需品和其他基本產品的需求，例如健康和個人護理、雜貨甚至家庭辦公用品。與此同時，我們看到對服裝、鞋子和無線產品等非必需品的需求下降。這種巨大的需求激增給我們的運營網絡以及我們的賣家社區和供應商帶來了重大挑戰。

While we generally have experience in getting ready for spikes in demand for known events like the holiday season and Prime Day, we also generally spend months ramping up for these periods. The COVID crisis allowed for no such preparation. We took quick action to react to the higher order levels while continuing to provide for the safety of our workforce. We established rigorous safety and cleaning protocols, including maintaining 6-foot social distancing, procuring 100 million masks, tens of millions of gloves and wipes and other cleaning supplies. We began requiring temperature checks across our operations network.

雖然我們通常有為假日季節和 Prime 會員日等已知活動的需求高峰做好準備的經驗，但我們通常也會花幾個月的時間來應對這些時期的需求。新冠危機不允許這樣的準備。我們迅速採取行動對更高的訂單水平做出反應，同時繼續保障我們員工的安全。我們制定了嚴格的安全和清潔規程，包括保持 6 英尺的社交距離、採購 1 億個口罩、數千萬個手套和濕巾以及其他清潔用品。我們開始要求對整個運營網絡進行溫度檢查。

In our Whole Food stores, we added plexiglass barriers between cashiers and customers and reserved special hours for senior customers to shop. We temporarily raised wages and overtime premiums, we funded a new Amazon relief fund and we allowed employees to take unpaid time off at their discretion. To deal with the unprecedented demand, we hired an additional 175,000 new employees, many of whom were displaced from other jobs in the economy. We took steps to dampen demand for nonessential products, including reducing our marketing spend.

在我們的 Whole Food 商店，我們在收銀員和顧客之間增加了有機玻璃屏障，並為老年顧客預留了特殊的購物時間。我們暫時提高了工資和加班費，我們資助了一個新的亞馬遜救濟基金，我們允許員工自行決定休無薪假。為了應對空前的需求，我們額外僱傭了 175,000 名新員工，其中許多人從經濟中的其他工作崗位上被取代。我們採取措施抑制對非必需品的需求，包括減少營銷支出。

Our network pivoted to shipping priority of products within 1 to 4 days and extending promises on nonpriority items. Our independent third-party sellers, most of whom are small and medium-sized businesses, worked tremendously hard to serve our customers, and we are grateful for their efforts. Third-party sellers continue to see strong growth in our stores as more than half of our units sold are from third-party sellers.

我們的網絡轉向在 1 到 4 天內優先運送產品，並擴大對非優先物品的承諾。我們的獨立第三方賣家大多是中小企業，為服務客戶付出了巨大的努力，我們感謝他們的努力。第三方賣家繼續看到我們商店的強勁增長，因為我們售出的單位中有一半以上來自第三方賣家。

We increased grocery delivery capacity by more than 60% and expanded in-store pickup at Whole Food stores from over -- from 80 stores to more than 150 stores. And other Amazon teams shifted their focus to directly helping customers in the overall effort to fight the COVID virus.

我們將雜貨配送能力提高了 60% 以上，並將 Whole Food 商店的店內取貨從超過 80 家擴大到 150 多家。亞馬遜的其他團隊將重點轉移到直接幫助客戶對抗 COVID 病毒的整體努力。

AWS has created data lake to assist health care workers, researchers, scientists and public health officials who are working to understand and fight the coronavirus. Many of our AWS products are helping in the government response to the crisis and are there for customers who are seeing their own demand spikes, companies enabling videoconferencing, remote learning and online health services, for example.

AWS 創建了數據湖，以幫助正在努力了解和抗擊冠狀病毒的醫護人員、研究人員、科學家和公共衛生官員。我們的許多 AWS 產品都在幫助政府應對危機，並為那些看到自己需求激增的客戶提供服務，例如支持視頻會議、遠程學習和在線健康服務的公司。

Amazon Flex is supporting food banks by donating delivery services of groceries to serve 6 million meals in Los Angeles, Miami, Nashville, Orlando, San Francisco, Seattle and Washington, D.C. with plans to ramp this up to 25 cities across the U.S. And Alexa is helping customers access important CDC guidance and help them evaluate their own COVID-19 risk levels.

Amazon Flex 通過捐贈雜貨配送服務來支持食品銀行，為洛杉磯、邁阿密、納什維爾、奧蘭多、舊金山、西雅圖和華盛頓特區的 600 萬份餐點提供服務，併計劃將其推廣到美國 25 個城市，而 Alexa 正在幫助客戶獲取重要的 CDC 指南並幫助他們評估自己的 COVID-19 風險級別。

How is all this impacting our business? While customer demand remains high, the incremental revenue we are seeing on many of the lower ASP essential products is basically coming at a cost. We've invested more than $600 million in COVID-related costs in Q1 and expect these costs could grow to $4 billion or more in Q2. These include productivity headwinds in our facilities as we provide for social distancing and allow for the ramp-up of new employees, investments in personal protective equipment for employees, enhanced cleaning of our facilities, higher wages for our hourly teams and hundreds of millions of dollars to develop COVID-19 testing capabilities. In Q1, we also had another $400 million of costs related to increased reserves for doubtful accounts. On the flip side, we did see a drop in travel, entertainment and meeting costs as well as lower marketing as a way to dampen our demand for nonessential items.

這一切對我們的業務有何影響？雖然客戶需求仍然很高，但我們在許多較低 ASP 基本產品上看到的增量收入基本上是有代價的。我們在第一季度在與 COVID 相關的成本上投入了超過 6 億美元，預計這些成本在第二季度可能會增長到 40 億美元或更多。其中包括我們設施的生產力逆風，因為我們提供社會距離並允許增加新員工，為員工投資個人防護設備，加強對設施的清潔，提高我們的小時工團隊的工資和數億美元開發 COVID-19 測試能力。在第一季度，我們還有另外 4 億美元的成本與增加呆賬準備金有關。另一方面，我們確實看到了旅行、娛樂和會議成本的下降以及營銷的減少，以此來抑制我們對非必需品的需求。

While we can't have great certainty about what the next few quarters will look like, I'm humbled by the efforts of my fellow Amazonians in delivering essential goods and services to so many people. We take this responsibility seriously, and we're proud of the work our teams are doing to help customers through this difficult time.

雖然我們無法確定接下來幾個季度會是什麼樣子，但我對亞馬遜同胞為這麼多人提供基本商品和服務所做的努力感到謙卑。我們認真對待這一責任，我們為我們的團隊為幫助客戶度過這一困難時期所做的工作感到自豪。

With that, let's open up for questions.

有了這個，讓我們打開問題。

(Operator Instructions) Your first question comes from the line of Doug Anmuth with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Doug Anmuth。

Great. First, I just wanted to ask, within the $4 billion of COVID-related incremental costs in 2Q, you talked about spending hundreds of millions on your own testing capabilities. Can you just talk about the strategic thinking there underlying, trying to build this in-house versus sourcing from elsewhere? And does this potentially take you into a new business path over time? And then how do you think about the spending here in 2Q and whether over time, does that change your margin structure for an extended period of time beyond just the next quarter?

偉大的。首先，我只是想問一下，在第二季度與 COVID 相關的 40 億美元增量成本中，您談到在自己的測試能力上花費數億美元。你能談談潛在的戰略思維，試圖建立這個內部而不是從其他地方採購嗎？隨著時間的推移，這是否可能將您帶入一條新的業務道路？然後您如何看待第二季度的支出以及隨著時間的推移，這是否會在下個季度之後的較長時間內改變您的利潤率結構？

Yes. Sure, Doug. First, on testing. So we estimate the testing will be about $300 million in Q2 if we're successful. We've put some of our best people on it. I think everyone is trying to get testing. It's not readily available on the scale that we need it for -- to test our scale of employees. So we are working to do that ourselves and to build protocols and to -- and again, we'll see how we do that differently. And I don't know, again, about future business opportunities. Our main concern is getting testing in the hands of our employees. And then potentially as we have excess capacity, perhaps we can help in other areas. On the spending, the -- a lot of the costs that we're seeing are tied to this COVID response. Most of it is hitting in people costs, both in productivity and also in wages and relief funds and all. So we can't really tell how long that will last. It's probably good that I'm only giving -- we're only giving guidance for Q2 at this point. We're going to probably learn a lot more in the next few weeks, next few months, and we'll continue to update this. But for now, most of what we see are temporary costs in the scheme of things but certainly very expensive temporary costs and also ones that we're not sure how long that will last.

是的。當然，道格。首先，關於測試。因此，如果我們成功，我們估計第二季度的測試將達到約 3 億美元。我們已經派了一些最優秀的人參與其中。我想每個人都在嘗試進行測試。它在我們需要的規模上並不容易獲得 - 以測試我們的員工規模。因此，我們正在努力自己做到這一點，並建立協議，然後——我們將再次看到我們如何以不同的方式做到這一點。我也不知道未來的商業機會。我們主要關心的是讓我們的員工進行測試。然後，由於我們產能過剩，也許我們可以在其他領域提供幫助。在支出方面，我們看到的很多成本都與這種 COVID 反應有關。其中大部分都在影響人力成本，包括生產力、工資和救濟基金等等。所以我們真的不能說這會持續多久。我只給出可能很好——我們現在只給出第二季度的指導。在接下來的幾週，接下來的幾個月中，我們可能會學到更多，我們將繼續更新。但就目前而言，我們看到的大部分是項目計劃中的臨時成本，但肯定是非常昂貴的臨時成本，還有一些我們不確定會持續多久的成本。

Your next question comes from the line of Brian Nowak with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2, Brian. The first one is the current situation is sort of, I think, in many ways, sort of showcased the ability of your network to provide goods for people and the value of Prime and Amazon to customers. So I guess in light of that, can you talk to us at all about the impact you've seen on the Prime customer account from the current situation? Any color on how you've been able to expand Prime's reach into new customers or demographics from this? Then the second one, I know there's a lot of changes going on in logistics and things, but Amazon is always a learning company. So any learnings you've had so far on the logistics side about how you actually may be able to learn some new best practices to run more efficiently post-COVID from the current fire that we've been going through?

我有 2 個，布賴恩。第一個是，我認為，目前的情況在很多方面都展示了您的網絡為人們提供商品的能力以及 Prime 和亞馬遜對客戶的價值。因此，我想鑑於此，您能否與我們談談您在當前情況下對 Prime 客戶帳戶的影響？關於您如何將 Prime 的影響力擴展到新客戶或人口統計數據的任何顏色？然後是第二個，我知道物流和其他方面發生了很多變化，但亞馬遜始終是一家學習型公司。因此，到目前為止，您在物流方面學到的任何東西，關於您實際上如何能夠學習一些新的最佳實踐，以便在我們正在經歷的當前火災中更有效地在 COVID 後運行？

Well, I think we have learned that it's easier to get ready for a holiday or for a Prime Day than it is to get ready for something like this when everything hits at once, high demand and then also a need to restock automatically and not prepare for it. So that's not something we want to keep learning, but we're doing our best to maintain and provide key services for -- and essential items for our Prime customers and all our Amazon customers. On the Prime -- excuse me, Prime program, what we're seeing is, again, we're seeing a lot of pickup in Prime shopping benefits. We see our Prime customers are shopping more often and they have larger basket sizes. We're also seeing a lot more use of our video benefits and our digital benefits. So in March, the first-time viewers nearly doubled, which is, I think, a good time for people to -- when they're -- a lot of them are staying at home to stay entertained and see our video collection.

好吧，我認為我們已經了解到，為假期或 Prime 會員日做準備比在一切都同時發生、高需求、然後還需要自動補貨而不是準備的情況下為這樣的事情做好準備要容易為了它。所以這不是我們想要繼續學習的東西，但我們正在盡最大努力為我們的 Prime 客戶和所有亞馬遜客戶維護和提供關鍵服務和基本物品。在 Prime 上——對不起，Prime 計劃，我們再次看到，我們看到 Prime 購物福利有很多回升。我們看到我們的 Prime 客戶購物頻率更高，而且他們的購物籃尺寸更大。我們還看到更多地使用我們的視頻優勢和數字優勢。因此，在 3 月份，首次觀看的觀眾幾乎翻了一番，我認為，這對人們來說是個好時機——當他們還在的時候——他們中的很多人都待在家裡娛樂並觀看我們的視頻集。

It's also beyond kind of Prime Video, it's also our channels and video rentals also went up as I'm sure others in the entertainment business saw it as well. I think people are finding more benefit from Alexa when they're at home. They're listening to more music, asking questions, particularly questions related to COVID and issues around it. They're using it in education with their children. And I think we're seeing a lot more on the communication side using it -- people using Alexa Calling and Drop In. So I think the Prime story is that shopping is really important for people now, especially when they -- those people can't leave their houses. I think the digital benefits are scaling well. I think they're handling the additional demand, and it gives people a good time and reason to use all of their Prime benefits that maybe they hadn't used as much in the past.

它也超出了 Prime Video 的範疇，我們的頻道和視頻租金也上漲了，因為我相信娛樂業的其他人也看到了它。我認為人們在家時會從 Alexa 中獲得更多好處。他們正在聽更多的音樂，提出問題，尤其是與 COVID 相關的問題及其周圍的問題。他們用它來教育他們的孩子。而且我認為我們在使用它的通信方面看到了更多——人們使用 Alexa Calling 和 Drop In。所以我認為 Prime 的故事是購物對現在的人們來說真的很重要，尤其是當他們——那些人不能離開他們的房子的時候。我認為數字化的好處正在擴大。我認為他們正在處理額外的需求，它為人們提供了一個很好的時間和理由來使用他們過去可能沒有使用過的所有 Prime 福利。

Your next question comes from the line of Mark Mahaney with RBC.

您的下一個問題來自 RBC 的 Mark Mahaney。

Two, please. First, could you just talk about where you are in terms of fulfillment efficiencies, the way you track it? Pre-COVID, Amazon was able to had some sort of level of standard of meeting demand within a certain period of time, how low that got given the surge in demand and where you are in terms of the recovery. In other words, when are you going to be -- how long will it take for Amazon to get back to a point where you'd have the same sort of service efficiency levels on the retail side that you had pre-COVID? How far are you away from that? And then the second one is can you talk about the AWS business? And I guess I would have expected -- maybe the growth rate is really robust, but maybe even a kick up in the growth rate is -- what are you seeing there in terms of -- I assume there's much greater usage of AWS now. Is that something that would show up in the P&L maybe on a delayed basis? Just talk about what's happening to that side of the business in this crisis.

兩個，請。首先，您能否談談您在履行效率方面的情況，以及您跟踪它的方式？在 COVID 之前，亞馬遜能夠在一定時間內達到某種程度的滿足需求的標準，考慮到需求的激增以及你在復蘇方面的水平，這有多低。換句話說，你打算什麼時候——亞馬遜需要多長時間才能恢復到你在零售方面擁有與 COVID 之前相同的服務效率水平？你離那個有多遠？然後第二個是你能談談 AWS 業務嗎？而且我想我已經預料到了——也許增長率真的很強勁，但甚至可能增長率的提高是——你在那裡看到的——我認為現在 AWS 的使用率要高得多。這是否會延遲出現在損益表中？只是談談在這場危機中業務的那一方發生了什麼。

Sure. Well, we're happy with the growth in Q1 on such a large base. Again, we're -- now it's a $41 billion run rate, and that's grown 33% year-over-year. But what we're seeing kind of post-COVID is it varies by industry. I think -- we think what is -- probably where we're a bit well positioned is that we have such a breadth of customers. There's millions of active customers from start-ups to enterprises to public sector. So there's a lot of variance and, again, in what individual industries are seeing right now, things like video conferencing, gaming, remote learning, entertainment, all are seeing much higher growth and usage. And things like hospitality and travel certainly have contracted very severely, very quickly. So I think there's going to be a mixed bag on industries. And of course, this would be tied to general economic conditions for the country and the world, quite frankly. So right now, we're -- we want to be there for our customers. We want to be able to scale up when they need us. We want to be there and support them regionally around the world. And we've been doing a good job with that, I believe.

當然。好吧，我們對第一季度在如此大的基礎上的增長感到滿意。同樣，我們 - 現在是 410 億美元的運行速度，同比增長 33%。但我們所看到的後疫情時代是因行業而異。我認為 - 我們認為是什麼 - 我們可能處於有利地位的地方是我們擁有如此廣泛的客戶。從初創企業到企業再到公共部門，都有數百萬活躍的客戶。因此存在很多差異，而且，在各個行業現在看到的情況中，視頻會議、遊戲、遠程學習、娛樂等事物的增長和使用率都高得多。招待和旅行之類的事情肯定已經非常嚴重、非常迅速地收縮。因此，我認為各行業將喜憂參半。當然，坦率地說，這將與國家和世界的總體經濟狀況有關。所以現在，我們 - 我們想為我們的客戶服務。我們希望能夠在他們需要我們時擴大規模。我們希望在那裡並在世界各地為他們提供支持。我相信，我們在這方面做得很好。

On the fulfillment efficiency, I think you're talking about 1-day probably is the heart of your question, when will we get back to what we have seen in levels of 1-day. So a little bit on that. So again, as I mentioned in my introductory comments, we had to kind of absorb this shock of top line demand and also ability to stabilize our operations. And we had to take the step to focus on essential items, extend the shipping period from 1 to 4 days and then further on nonessential items. Had to restrict things that were coming into the warehouses and focus on essential products. So we think that is still the -- was the right course of action. And as we add capacity, we're trying to resume more normal operations as far as the shipping of nonessential items and the speeding up of 1-day shipments.

關於履行效率，我認為您所說的 1 天可能是您問題的核心，我們什麼時候才能回到我們在 1 天的水平上看到的水平。所以一點點。因此，正如我在介紹性評論中提到的那樣，我們必須再次吸收這一頂線需求的衝擊，並有能力穩定我們的運營。我們不得不採取措施將重點放在必需品上，將運輸期限從 1 天延長到 4 天，然後進一步處理非必需品。不得不限制進入倉庫的物品並專注於基本產品。所以我們認為這仍然是正確的做法。隨著我們增加產能，我們正努力恢復更多正常運營，例如非必需品的運輸和加快 1 天發貨。

I will explain a bit on the 1-day shipping cost because it's aligned with this. So we had originally thought we would spend $1 billion roughly on 1-day shipping in Q1. And what we're seeing is we pretty much spent about that same amount because it's -- in the old days, we would have perhaps had the option to shift things 2-day, 3-day, 4-day and seen a break on rates for the actual shipment. But most of our 1-day costs are really what we've done to our logistics networks to allow for 1-day shipping, things like putting inventory closer to the customer, things like building up our AMZL network and delivery network and also having multiple pull times and shipping windows during the day. So those are actually coming in. All those things are coming in very handy to us to help get more capacity out of what we currently have, and we're glad we've made that investment. But we don't actually see a savings because we're still shipping things once they're available very quickly to customers.

我將解釋一下 1 天的運費，因為它與此一致。所以我們最初認為我們會在第一季度花費大約 10 億美元用於 1 天發貨。我們看到的是，我們幾乎花費了相同的金額，因為在過去，我們可能可以選擇將事情轉移 2 天、3 天、4 天，然後看到休息時間實際裝運費率。但是我們的大部分 1 天成本實際上是我們對物流網絡所做的，以實現 1 天發貨，例如將庫存放在更靠近客戶的位置，例如建立我們的 AMZL 網絡和交付網絡以及擁有多個白天的拉時間和運輸窗口。所以那些實際上正在進來。所有這些東西對我們來說都非常方便，可以幫助我們從目前擁有的容量中獲得更多容量，我們很高興我們已經進行了這項投資。但我們實際上並沒有看到節省的成本，因為一旦產品很快可供客戶使用，我們仍在運送它們。

So it's really a combination of how long it takes to get things in stock picked, packed and shipped. The shipping is still pretty fast and is still coming quickly. It's just it's taking longer to get things into our warehouse and out of our warehouse. So that's really the challenge right now is to speed that up, and that will -- when we do that, we'll see a resumption of more 1-day service. But right now, things are still so up in the air that I can't really project when that day will be or at what point in Q2 or Q3 or beyond.

因此，這實際上是從庫存中挑選、包裝和發貨所需的時間的組合。運輸仍然很快，並且仍然很快。只是將東西放入我們的倉庫和從我們的倉庫中取出需要更長的時間。所以現在真正的挑戰是加快速度，這將 - 當我們這樣做時，我們將看到恢復更多的 1 天服務。但是現在，事情仍然懸而未決，我無法真正預測那一天會是什麼時候，或者在第二季度或第三季度或以後的什麼時候。

Your next question comes from the line of Heath Terry with Goldman Sachs.

你的下一個問題來自高盛集團的希思特里。

Great. I did want to dig just a little bit deeper into your comments on AWS. Yesterday, during Microsoft's call, they mentioned that they had seen 2 years' worth of digital transformation in the cloud in 2 months. I'm curious if you -- how you would characterize sort of what you have seen as we've gone into August or into April in terms of cloud adoption and what this is, what this has meant for AWS and the adoption of the -- rate of adoption or acceleration in that business, maybe more broadly? And then as we look at the guidance, the $4 billion for the expenses in the second quarter, if we adjust for that, that implies a pretty material increase in profitability quarter-over-quarter. Any sense of -- or any sense that you can sort of share with us of just what the drivers behind that profitability is? How much of that is annualizing the 1-day investments and the efficiencies that you're seeing there versus anything else in particular that you would call out?

偉大的。我確實想更深入地了解您對 AWS 的評論。昨天，在微軟的電話會議中，他們提到他們在 2 個月內看到了 2 年的雲數字化轉型。我很好奇您是否-您將如何描述我們進入 8 月或 4 月在雲採用方面所看到的那種情況，這是什麼，這對 AWS 意味著什麼以及採用- - 該業務的採用率或加速率，也許更廣泛？然後，當我們查看指引時，如果我們對此進行調整，第二季度 40 億美元的費用，這意味著盈利能力環比大幅增長。任何感覺 - 或者您可以與我們分享的任何感覺，即盈利能力背後的驅動因素是什麼？其中有多少是年化 1 天投資和您在那裡看到的效率與您會特別指出的其他任何事情？

Yes. So first on AWS. I mean I don't have comments that -- you may have heard also about digital transformation. I think what I would say is we've continued to see a healthy adoption of our business and healthy usage, not only in the United States but globally. Our backlog of future contracts continues to build. And I still think the basic value proposition of AWS that we've always pointed to, things like having the largest -- most functionality, the largest in those vibrant community of customers and partners, having really proven operational and security experience and building what customers need in the areas of machine learning, artificial intelligence and other really key areas is -- has not been impeded by this COVID crisis yet. And yes, we're seeing different performance in different industries, but our sales force is still there to help not only with current capacity but also to transition to new and -- as people make that journey on to the cloud and then expand their use of the cloud.

是的。所以首先在 AWS 上。我的意思是我沒有評論——你可能也聽說過數字化轉型。我想我想說的是，我們繼續看到我們的業務得到健康采用和健康使用，不僅在美國，而且在全球範圍內。我們積壓的未來合同繼續增加。而且我仍然認為我們一直指出的 AWS 的基本價值主張，比如在充滿活力的客戶和合作夥伴社區中擁有最大的功能、最大的功能、真正經過驗證的運營和安全經驗以及構建客戶機器學習、人工智能和其他真正關鍵領域的需求尚未受到這場 COVID 危機的阻礙。是的，我們在不同的行業看到了不同的表現，但我們的銷售人員仍然在那裡，不僅可以幫助解決當前的容量問題，還可以幫助他們過渡到新的 - 隨著人們踏上雲端之旅，然後擴大他們的使用範圍雲的。

On the $4 billion -- or sorry, on the Q2 guidance, I think the question is, perhaps if -- how do we have a range that's above 0 if we have $4 billion of cost, is that pretty much the essence of your question? I think there's -- there are some efficiencies that we'd leverage, that we get on fixed cost on higher volumes, even if they are somewhat breakeven on a contribution profit basis. There's some improvement in our cost structure when we have high volumes. There's also been a resumption of seller volume, especially from third parties using direct shipments to customers as companies are -- you get more capability, both in this country and other countries. We will continue to moderate our marketing in the time period when we have -- again, pretty much the demand we are trying to fulfill is there, and there are some products that are still out of stock. So it doesn't make sense to always do marketing, especially variable marketing in those situations. And we continue to -- we believe, we'll be saving travel and entertainment costs through the quarter. That's in the, I would say, in a couple of hundred million dollar size ranges on the cost. So there's a lot of moving parts here. But certainly, the investment we're making in the COVID response is pretty significant.

關於 40 億美元 - 或者對不起，關於第二季度的指導，我認為問題是，如果 - 如果我們有 40 億美元的成本，我們如何有一個高於 0 的範圍，這幾乎就是你問題的本質?我認為有 - 我們可以利用一些效率，我們可以在更高的產量上獲得固定成本，即使它們在貢獻利潤的基礎上有些收支平衡。當我們有大批量時，我們的成本結構會有所改善。賣家數量也有所恢復，尤其是第三方使用直接發貨給客戶的公司——無論是在這個國家還是其他國家，你都會獲得更多的能力。我們將在我們擁有的時間段內繼續調整我們的營銷 - 同樣，我們試圖滿足的需求幾乎就在那裡，並且有些產品仍然缺貨。因此，總是做營銷是沒有意義的，尤其是在這種情況下進行可變營銷。我們將繼續 - 我們相信，我們將在本季度節省旅行和娛樂費用。我會說，這在成本的幾億美元範圍內。所以這裡有很多活動的部分。但可以肯定的是，我們在 COVID 響應方面的投資非常可觀。

On the 1-day, I would remind you that the 1-day started in earnest Q2 of last year. So we're starting to lap that investment. It's not as large on a year-over-year basis as it's been in the past 4 quarters. And then the other thing that I would just point out is the -- remember the impact of our change in the useful life of our servers mostly hitting in the AWS business. That was an $800 million benefit year-over-year in Q1, and that will continue into the rest of the year. And that, again, is the benefit we're seeing from being able to use our server and infrastructure assets for a longer time period. We've been working on the ability to run them longer, and it's both a hardware and a software challenge. And as we have had success there operating at scale for over 13 years now, we've been able to extend our useful life for assets or recognize that we have been extending the life. So that's a benefit that we've seen in Q1, and we'll see it remaining from here on out.

在 1 天，我要提醒你，1 天是從去年第二季度開始的。因此，我們開始進行這項投資。與過去 4 個季度相比，同比下降幅度不大。然後我要指出的另一件事是 - 請記住我們更改服務器使用壽命的影響，主要影響 AWS 業務。這在第一季度同比獲得了 8 億美元的收益，並將持續到今年剩餘時間。這也是我們從能夠更長時間地使用我們的服務器和基礎設施資產中看到的好處。我們一直在努力讓它們運行更長時間，這既是硬件挑戰，也是軟件挑戰。由於我們已經成功地大規模運營超過 13 年，我們已經能夠延長資產的使用壽命或認識到我們一直在延長使用壽命。所以這是我們在第一季度看到的一個好處，我們會看到它從現在開始一直存在。

Yes. And just to add to that, too, I think it's about $800 million or nearly $800 million benefit in the first quarter. We do expect the change to decrease as the year progresses, keep that in mind.

是的。此外，我認為第一季度的收益約為 8 億美元或近 8 億美元。我們確實預計隨著時間的推移變化會減少，請記住這一點。

Our next question comes from the line of Eric Sheridan with UBS.

我們的下一個問題來自瑞銀的 Eric Sheridan。

Maybe 2, if I can. One on demand and the revenue side, any difference in behavior you saw in various shelter-in-place geographies across the world, whether it be Europe versus the U.S. or Asia and the U.S. or India in terms of consumer behavior or certain elements of adoption of certain product categories as we went through the month of March? I'm curious what differences you saw on a global scale, including on Prime adoption in response to COVID-19. And one quick one on the cost side of the equation. The cost of energy and oil have come down dramatically. I wanted to know if there was any way you would be able to call that out or an element of that in your overall cost structure as you do more of your own logistics over time.

也許2，如果可以的話。在需求和收入方面，您在世界各地的各種就地庇護所地區看到的任何行為差異，無論是歐洲與美國還是亞洲和美國或印度在消費者行為或某些採用要素方面我們經歷了 3 月份的某些產品類別？我很好奇您在全球範圍內看到了哪些差異，包括針對 COVID-19 的 Prime 採用率。在等式的成本方面還有一個快速的。能源和石油的成本大幅下降。我想知道隨著時間的推移，隨著時間的推移，您自己的後勤工作越來越多，您是否可以通過任何方式來調用它或將其作為整體成本結構中的一個元素。

Sure. Sorry, Eric. I don't have much for you on the second point. Certainly, we would look to see lower shipping costs, although I would -- a lot of -- I mean there's certainly things that we do long haul. There's things that we reposition with the airplanes. There's things that we do on long-haul trucking and that's where probably the fuel component would be larger. And we've -- but we haven't quantified that or not for -- it's in our guidance, but I can't break it out for you right now. On the -- how this may have played out differently in different geographies, we're actually seeing a lot of consistency, I would say, in the types of products that people are buying and the stay-at-home restrictions and the -- so it's been pretty consistent. There's obviously timing differences between countries on when it's hitting certain countries and when it's -- maybe when it's -- where they are in their curve and flattening their curve and all that.

當然。對不起，埃里克。關於第二點，我沒有太多要告訴你的。當然，我們希望看到更低的運輸成本，儘管我會 - 很多 - 我的意思是我們肯定會做一些長期的事情。有些東西我們用飛機重新定位。我們在長途卡車運輸中會做一些事情，而這可能是燃料成分更大的地方。我們已經 - 但我們沒有量化或不量化 - 它在我們的指導中，但我現在不能為你打破它。關於 - 這在不同地區的表現可能會有所不同，我們實際上看到了很多一致性，我想說的是，人們購買的產品類型和居家限制以及 -所以一直很一致。各國之間顯然存在時間差異，什麼時候它會影響某些國家，什麼時候——也許是什麼時候——它們處於曲線中的哪個位置，以及它們的曲線變平等等。

I think the biggest impact internationally has been in India where, of course, we -- similar to all companies in India, we were -- we're now only fulfilling our essential goods such as grocery. So that's cut back a lot on our offering. And we will further expand when the Indian government announces that we're allow to resume operations. So we're in a bit of a holding pattern, except for grocery in India. And in France, there's been restrictions placed on us by the French courts. They did not impact Q1 business because it essentially led to the closure of our French fulfillment centers in the middle of April. French customers are still able to order many millions of products from the selling partners we have who can ship directly to customers and through our global fulfillment. And we're continuing to appeal this court decision, but that's also a different experience than the other countries internationally.

我認為國際上最大的影響是在印度，當然，我們——與印度的所有公司一樣——我們現在只提供我們的必需品，比如雜貨。所以這大大減少了我們的產品。當印度政府宣布允許我們恢復運營時，我們將進一步擴大規模。因此，除了印度的雜貨店外，我們處於一種持有模式。在法國，法國法院對我們施加了限制。它們並未影響第一季度的業務，因為這實際上導致我們的法國履行中心在 4 月中旬關閉。法國客戶仍然可以從我們的銷售合作夥伴那裡訂購數百萬種產品，這些合作夥伴可以直接通過我們的全球配送向客戶發貨。我們將繼續對這一法院判決提出上訴，但這也是與國際上其他國家不同的經歷。

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

我們的下一個問題來自美國銀行的 Justin Post。

Great. A couple. Just wondering if you're seeing any sustainable changes in consumer habits you could call out, such as people converting to Prime at a more rapid rate, adding more products in the consumable categories to their Subscribe & Save. Anything you see that could really signal a longer-term change in consumer habits, faster adoption of certain categories? And the second thing, for the revenue guidance for 2Q, does that assume a slowdown in growth in May and June related to the crisis?

偉大的。一對夫婦。只是想知道您是否看到了您可以呼籲的消費者習慣的任何可持續變化，例如人們以更快的速度轉換為 Prime，將更多消費品類別中的產品添加到他們的“訂閱省”中。你看到的任何東西都可以真正預示消費者習慣的長期變化，某些類別的更快採用？第二件事，對於第二季度的收入指引，是否假設 5 月和 6 月的增長放緩與危機有關？

Justin, it's Dave. Yes. I think on some of the consumer behavior, I'd certainly point to grocery. If you look at the -- as a reminder, the online grocery is up on our online sales. So it's not isolated like you can see for physical stores. But we have seen an increased demand in online grocery shopping, and we have a number of ways for customers to do that, Prime Now, Fresh and then, of course, Whole Foods online for delivery or pickup. And really beginning in March and continuing now through April, seeing that increased demand, so that's continued. And a lot of our focus is on working around the clock and offering as much delivery as possible. We've increased delivery order capacity more than 60%, and our stores have gone up -- Whole Food stores that offer pickup capability has gone from roughly 80 stores before the events to more than 150. So a lot of work being done there.

賈斯汀，是戴夫。是的。我認為關於一些消費者行為，我肯定會指向雜貨店。如果您看一下 - 作為提醒，在線雜貨店正在增加我們的在線銷售。因此，它不像您在實體店中看到的那樣孤立。但是我們已經看到在線雜貨購物的需求增加了，我們有多種方式讓客戶做到這一點，Prime Now、Fresh，當然還有 Whole Foods 在線送貨或取貨。真正從 3 月開始，一直持續到 4 月，看到需求增加，所以一直在繼續。我們的很多重點是全天候工作並提供盡可能多的交付。我們將送貨訂單容量提高了 60% 以上，而且我們的商店也增加了——提供提貨能力的 Whole Food 商店從活動前的大約 80 家商店增加到 150 多家。所以那裡做了很多工作。

On the physical stores, which you can see the growth there, it increased year-over-year about 8%. That is predominantly Whole Foods, but it's the Whole Foods in-store shopping experience rather than the online order. So that's up quite a bit from the run rate you've seen in some recent quarters. It's, again, similar that you saw a lot of folks that were, when stay-at-home measures were not yet in place, were shopping in large volumes and stocking up at our stores. Since that time, more recently, we have seen some of those growth rates for the in-store shopping moderate some. Still a lot of work being done there, both in -- for the workers that are doing the delivery and the workers that are in the stores, a lot of focus on our part to make sure that they're safe and healthy and able to accommodate customers and make sure customers are comfortable however they choose to shop.

在實體店中，您可以看到那裡的增長，同比增長約 8%。這主要是 Whole Foods，但它是 Whole Foods 的店內購物體驗，而不是在線訂單。因此，這比您在最近幾個季度看到的運行速度要高很多。同樣，你看到很多人在居家措施尚未到位時，大量購物並在我們的商店囤貨，這與你看到的情況類似。從那時起，最近，我們看到店內購物的一些增長率有所放緩。那裡還有很多工作要做，無論是在做送貨的工人還是在商店裡的工人，我們都非常關注我們，以確保他們安全、健康並且能夠適應客戶並確保客戶無論選擇購物都感到舒適。

And I'd add to that, Justin. I think the changes we've seen in the digital offerings will make people accustomed to those benefits and maybe advance their knowledge of what's available through music, video, Alexa, certainly, communication features on our devices. We launched Prime Video Cinema in U.S., U.K. and Germany where movies are going direct to pay-per-view because of lack of theaters. And that was a good move by the team, and that's been very well received. We've also made a lot of kids and family content available free to watch on Prime Video. So I think people are getting a better look at what's available with their Prime memberships.

我還要補充一點，賈斯汀。我認為我們在數字產品中看到的變化將使人們習慣於這些好處，並可能提高他們對音樂、視頻、Alexa，當然還有我們設備上的通信功能的了解。我們在美國、英國和德國推出了 Prime Video Cinema，由於缺乏影院，電影將直接按次付費。這是團隊的一個很好的舉動，而且很受歡迎。我們還在 Prime Video 上免費提供了許多兒童和家庭內容。所以我認為人們正在更好地了解他們的 Prime 會員資格。

Great. And then second half of the quarter, are you assuming kind of we go back to normal as the quarter progresses and some deceleration?

偉大的。然後是本季度的下半年，您是否假設隨著季度的進展和一些減速，我們會恢復正常？

Well, we are heavily constrained -- again, it's an odd quarter because generally, the biggest uncertainty we have is customer demand and what they'll order and how much of it they'll order. Demand has been strong. And the biggest questions we have in Q2 are more about ability to service that demand and that -- the products that people are ordering in a full way, not blocking or making it hard to find nonessential items, increasing marketing and everything else. So I think the challenge is really on everything besides the top line. Top line is certainly not to be taken for granted. There's always the importance of having attractive offerings in stock for customers. But usually, things that you can count on, the cost structure, the ability to get products, your capacity for shipping and delivering, those are usually things that you can take for granted and in this quarter, you can't. And that's really where the uncertainty is driven.

好吧，我們受到了很大的限制——再一次，這是一個奇怪的季度，因為一般來說，我們最大的不確定性是客戶需求以及他們將訂購什麼以及他們將訂購多少。需求一直很強勁。我們在第二季度遇到的最大問題更多是關於滿足這種需求的能力——人們正在以完整方式訂購的產品，而不是阻止或難以找到非必需品，增加營銷和其他一切。所以我認為挑戰實際上是在除頂線之外的所有方面。頂線當然不能被視為理所當然。為客戶提供有吸引力的庫存產品始終很重要。但通常情況下，您可以指望的事情、成本結構、獲得產品的能力、您的運輸和交付能力，這些通常是您可以認為理所當然的事情，而在本季度，您不能。這確實是驅動不確定性的地方。

Your next question comes from Stephen Ju with Crédit Suisse.

您的下一個問題來自瑞士信貸銀行的 Stephen Ju。

Okay. So Brian, I think the third-party unit mix de-indexed a little bit as a percentage of the total this quarter. I know that number kind of jumps around a little bit. But is this primarily a matter of the constrained delivery resources and, I guess, the heightened demand? And any sort of ongoing supply chain concerns that remain worrisome for you from either a first-party perspective or from what the third-party sellers may be calling out?

好的。所以布賴恩，我認為第三方單位組合在本季度佔總數的百分比有所下降。我知道這個數字有點跳躍。但這主要是因為交付資源有限，而且我猜是需求增加嗎？無論是從第一方的角度還是從第三方賣家的呼聲來看，任何持續的供應鏈問題都讓您感到擔憂？

Sure. I think there's still supply chain concerns on a lot of PPE, not only that we use but also that we sell to customers, things like masks. There's general availability, but still outages of things like cleaning wipes, masks -- I've talked about testing, but that's not something that we resell. But -- so there's -- there are a lot of supply chain concerns mostly in those areas right now. I'm sorry, I forgot the other part of your question. Can you remind me what you just -- the first question...

當然。我認為很多個人防護裝備仍然存在供應鏈問題，不僅是我們使用的，還有我們賣給客戶的，比如口罩。有普遍可用性，但仍然會中斷清潔濕巾、口罩之類的東西——我已經談到了測試，但這不是我們轉售的東西。但是 - 所以有 - 現在有很多供應鏈問題，主要是在這些領域。對不起，我忘記了你問題的另一部分。你能提醒我你剛才是什麼——第一個問題......

The third-party unit mix de-indexing a little bit as a percentage of the total this quarter. I'm just wondering if that's just normal fluctuations? Or are you just prioritizing the first-party delivery against what's probably a limited delivery resources on the heightened demand?

第三方單位組合在本季度佔總數的百分比略有下降。我只是想知道這是否只是正常的波動？還是您只是優先考慮第一方交付而不是由於需求增加而可能有限的交付資源？

Yes. Thanks, Stephen. I would say that, yes, it's a little off during this period because it's not so much we're restricting and favoring 1P or anything, it's we're prioritizing essential items. And a lot of those tend to be, especially in the consumable area, tend to be retail supplied items from vendors. So I would say that, that is the reason that FDA would have not been as high as it normally would be. MFN is picking up a lot of the opportunity, though, to -- and sellers are taking that opportunity to ship direct because then it doesn't have to come into our warehouse, obviously. So it's a bit of a different type of 3P mix right now. We're trying to minimize the impact on FBA sellers as we open up our warehouses as well. Many of them are also MFN or direct shippers to our customers. So it's -- the ability to satisfy demand of our customers from our seller community has never been more important. And we're very grateful to our third-party sellers because they've been through a lot as well.

是的。謝謝，斯蒂芬。我會說，是的，在這段時間裡它有點過時，因為我們不是限制和支持 1P 或其他任何東西，而是我們優先考慮基本項目。其中很多，尤其是在消費品領域，往往是供應商提供的零售商品。所以我會說，這就是 FDA 不會像通常那樣高的原因。不過，MFN 抓住了很多機會，賣家正在利用這個機會直接發貨，因為顯然它不必進入我們的倉庫。所以它現在有點不同類型的 3P 混合。我們也在努力減少對 FBA 賣家的影響，因為我們也開放了我們的倉庫。他們中的許多人也是我們客戶的最惠國或直接托運人。因此，從我們的賣家社區滿足客戶需求的能力從未如此重要。我們非常感謝我們的第三方賣家，因為他們也經歷了很多。

Our final question comes from the line of John Blackledge with Cowen.

我們的最後一個問題來自 John Blackledge 和 Cowen 的台詞。

Great. On advertising, the other revenue growth line accelerated, could you just discuss how the advertising business performed in the first quarter? And any color on how it's trending in the second quarter, if possible? And then in the release, you indicated more -- potentially more hiring above the 175,000 head count additions. Any way to quantify? And does this hiring replace kind of the seasonal hiring that you typically do at the end of the third quarter?

偉大的。在廣告方面，另一條收入增長線加速，您能否談談第一季度廣告業務的表現？如果可能的話，第二季度的趨勢如何？然後在發布中，你指出了更多——可能會增加超過 175,000 人的招聘人數。有什麼量化的方法嗎？這種招聘是否會取代您通常在第三季度末進行的季節性招聘？

Yes. Sure. Let me start with that second one. I don't have more for you on that. I think we'll announce -- as we change any thresholds on hiring, we'll announce that at the time. Right now, we've fully hired the 175,000 people that we had discussed prior. 80,000 of them were in place at the end of the quarter. So the other 95,000 have been hired in April. On advertising, what we've seen is it's been a very strong quarter in ad revenue. And your comment about other revenue accelerating, there's some other things going on in that other revenue account. The majority is revenue, but there's other -- some other things. What I can tell you underneath it is that advertising growth rate has stayed consistent with last quarter. And we're very happy with the progression of that offering for not only sellers, authors, vendors and impact it's -- positive impact it's had on customer selection.

是的。當然。讓我從第二個開始。我沒有更多的東西給你。我想我們會宣布——當我們改變招聘門檻時，我們會在當時宣布。現在，我們已經完全僱用了我們之前討論過的 175,000 人。其中 80,000 個在本季度末到位。因此，其他 95,000 人已在 4 月份被聘用。在廣告方面，我們看到這是一個非常強勁的季度廣告收入。您對其他收入加速的評論，其他收入帳戶中還有其他一些事情發生。大部分是收入，但還有其他——一些其他的東西。我可以告訴你的是，廣告增長率與上一季度保持一致。我們對該產品的進展感到非常滿意，不僅對賣家、作者、供應商及其影響——它對客戶選擇產生了積極影響。

But we did start to see some impact in March, some pullback from advertisers and some downward pressure on price. But advertisers continue to advertise at a high clip. It wasn't as noticeable as maybe with some others we're seeing, and it's probably offset a bit by the continued strong traffic we have to the site. So it's a bit of a mixed bag. We have, again, as I said, downward pressure a bit on pricing. But I think we have -- a large portion of our advertising relates to Amazon sales, not things like travel and auto which -- off-site which may have been disproportionately impacted, at least early on here in the COVID crisis. And I think our advertising will prove to be very efficient as well, and it can be directly measured. So even as people are cutting back perhaps on advertising or their costs, I think this will be one area that will prove its value as it has in the past.

但我們確實在 3 月份開始看到一些影響，廣告商的一些回調以及價格的一些下行壓力。但廣告商繼續以高價投放廣告。它不像我們看到的其他一些人那樣明顯，並且可能被我們對該網站的持續強勁流量所抵消。所以這是一個混合包。正如我所說，我們再次面臨定價的下行壓力。但我認為我們有 - 我們的大部分廣告與亞馬遜銷售有關，而不是像旅行和汽車這樣的東西 - 場外可能受到了不成比例的影響，至少在 COVID 危機的早期是這樣。而且我認為我們的廣告也將被證明是非常有效的，並且可以直接衡量。因此，即使人們正在削減廣告或成本，我認為這將是一個證明其價值的領域，就像它過去一樣。

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.

感謝您今天加入我們的電話會議並提出您的問題。至少在本季度末，我們的投資者關係網站上將提供重播。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。