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.

感謝您的支持。大家好，歡迎參加亞馬遜 2020 年第一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, Shelly Kay Pfeiffer. Please go ahead.

在開幕致詞時，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 2020 年第一季財務業績電話會議。今天與我們一起回答您的問題的是我們的財務長 Brian Olsavsky；以及投資者關係總監 Dave Fildes。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, 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回應僅反映管理層截至 2020 年 4 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 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.

在本次電話會議中，我們可能會討論某些非公認會計準則財務指標。在我們的新聞稿、本次網路廣播附帶的幻燈片以及我們向美國證券交易委員會提交的文件中（每一份都發佈在我們的投資者關係網站上），您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. 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；世界大事；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細說明的各種因素。該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蔓延；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。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。

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.

在我們進入問答環節之前，我想先發表幾點評論。過去兩個月我們所看到的事情是令人痛心且前所未有的。但這也是醫護人員、政府官員、警察、緊急人員以及我們社區所有必要工作人員英勇行動的時刻。其中包括一線亞馬遜員工，包括我們的全食超市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.

我想讓大家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必需品的需求，涵蓋健康和個人護理、雜貨甚至家庭辦公用品等類別。同時，我們發現服裝、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為我們的營運網路、賣家社群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和 Prime Day 等已知事件的需求高峰做好準備的經驗，但我們通常也會花費數月時間為這些時期做好準備。新冠疫情危機使得我們無法做出這樣的準備。我們迅速採取行動回應上級命令，同時持續保障員工的安全。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、數千萬副手套和濕紙巾以及其他清潔用品。我們開始要求在整個營運網路中進行溫度檢查。

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.

在我們的全食超市，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。我們暫時提高了薪資和加班費，資助了新的亞馬遜救濟基金，並允許員工自行決定休無薪假。為了因應前所未有的需求，我們額外僱用了 175,000 名新員工，其中許多人是從經濟中的其他職位上流失的。我們採取了措施來抑制非必需產品的需求，包括減少行銷支出。

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.

我們的網路轉向在 1 至 4 天內優先運送產品，並對非優先物品提供承諾。我們的獨立第三方賣家，其中大多數是中小型企業，他們竭盡全力為我們的客戶提供服務，我們感謝他們的努力。第三方賣家在我們的商店中持續保持強勁成長，因為我們銷售的商品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.

我們將食品雜貨配送能力提高了 60% 以上，並將 Whole Food 商店的店內取貨服務從 80 多家擴展到 150 多家。亞馬遜的其他團隊也將重點轉移到直接幫助客戶，共同對抗 COVID 病毒。

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 創建了資料湖來協助致力於了解和對抗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 產品正在幫助政府應對危機，並為那些自身需求激增的客戶（例如支援視訊會議、遠距學習和線上醫療服務的公司）提供服務。

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 透過捐贈食品雜貨配送服務來支持食物銀行，為洛杉磯、邁阿密、納許維爾、奧蘭多、舊金山、西雅圖和華盛頓特區提供 600 萬份餐食，並計劃將這項服務擴展到美國 25 個城市。 Alexa 正在幫助客戶取得重要的 CDC 指南，並協助他們評估自己的 COVID-19 風險等級。

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？儘管客戶需求仍然很高，但我們看到許多較低平均售價必需產品的增量收入基本上是以成本為代價的。我們在第一季已為應對新冠疫情投入了超過 6 億美元，預計第二季這些成本可能會成長到 40 億美元甚至更多。這些因素包括：由於我們實施社交距離規定並允許新員工加入，導致工廠生產力面臨阻力；投資員工個人防護設備；加強工廠清潔；提高計時工的工資；以及投入數億美元開發新冠病毒檢測能力。在第一季度，我們也產生了與增加壞帳準備金相關的 4 億美元成本。另一方面，我們確實看到旅行、娛樂和會議成本下降，行銷費用減少，從而抑制了對非必需品的需求。

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.

雖然我們無法完全確定未來幾個季度的情況，但我對亞馬遜同胞為如此多的人提供必需品和服務所做的努力感到謙卑。我們認真對待這項責任，並為我們的團隊幫助客戶度過這段困難時期所做的工作感到自豪。

With that, let's open up for questions.

好了，讓我們開始提問吧。

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

（操作員指示）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，您談到在自己的檢測能力上花費了數億美元。您能否談談其中的戰略思想，即嘗試內部構建還是從其他地方採購？隨著時間的推移，這是否有可能為您帶來新的商業道路？那麼，您如何看待第二季的支出？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，我們估計，如果測試成功，第二季的測試成本將達到約 3 億美元。我們已派出一些最優秀的人才來負責此事。我認為每個人都在嘗試進行測試。它無法滿足我們測試員工規模的需要。因此，我們正在努力自己做這件事，並建立協議，而且—我們將再次看看我們如何以不同的方式做到這一點。而且，我不知道未來的商業機會。我們主要關心的是讓員工接受測試。而且由於我們擁有過剩產能，也許我們可以在其他領域提供協助。在支出方面，我們看到的許多成本都與這次 COVID 應對措施有關。其中大部分都影響到了人力成本，包括生產力、薪資、救濟金等等。所以我們無法確切知道這種情況會持續多久。我目前只提供針對第二季的指導，這可能是件好事。我們可能會在接下來的幾週、幾個月內了解更多信息，並且我們會繼續更新。但就目前而言，我們看到的大部分都是暫時性成本，但肯定是非常昂貴的暫時性成本，我們也不確定這些成本會持續多久。

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，布萊恩。首先，我認為，目前的情況在許多方面都展示了您的網路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，有鑑於此，您能否與我們談談當前情況對 Prime 客戶帳戶的影響？您能否介紹如何藉此擴大 Prime 的覆蓋範圍，吸引新的客戶或人群？然後第二個，我知道物流和其他方面正在發生很多變化，但亞馬遜始終是一家學習型公司。那麼，到目前為止，您在物流方面有什麼經驗教訓嗎？從我們目前經歷的這場火災中，您實際上可以學到一些新的最佳實踐，以便在疫情後更有效地運作？

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.

嗯，我認為我們已經認識到，為假期或 Prime Day 做準備比為諸如此類的事情做準備更容易，因為在這種情況下，一切都會同時發生，需求量很大，還需要自動補貨，而不是為此做準備。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必需品。關於 Prime —— 對不起，是 Prime 計劃，我們再次看到 Prime 購物福利大幅提升。我們發現我們的 Prime 會員購物頻率更高，而且購物量更大。我們也看到我們的視訊優勢和數位優勢的使用越來越廣泛。因此，3 月首次觀看的人數幾乎翻了一番，我認為這對人們來說是個好時機——因為他們中的許多人都待在家裡娛樂並觀看我們的影片收藏。

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.

它也超越了 Prime Video，它也是我們的頻道，錄影帶租賃量也有所上升，我相信娛樂業的其他人也看到了這一點。我認為人們在家時會從 Alexa 中獲得更多好處。他們聽更多的音樂，提出更多的問題，特別是與 COVID 及其周邊問題相關的問題。他們用它來教育自己的孩子。我認為我們在通訊方面看到越來越多人使用它——人們使用 Alexa Calling 和 Drop In。所以我認為 Prime 的故事是，購物對現在的人來說真的很重要，尤其是當他們——那些人無法離開家的時候。我認為數位化效益正在顯著擴大。我認為他們正在處理額外的需求，這讓人們有時間和理由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.

請給我兩份。首先，您能否談談您的履行效率以及追蹤方式？在新冠疫情之前，亞馬遜能夠在一定時期內達到一定程度的滿足需求的標準，但考慮到需求激增以及復甦情況，這一標準有多低。換句話說，亞馬遜需要多長時間才能恢復到疫情前零售方面的服務效率水準？你距離這個目標還有多遠？第二個問題是，您能談談 AWS 業務嗎？我想我已經預料到了——也許成長率真的很強勁，但也許成長率甚至會有所提高——你在那裡看到了什麼——我認為現在 AWS 的使用率要高得多。這是否會延遲顯示在損益表中？只討論在這場危機中該業務方面發生的情況。

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。嗯，我們對第一季在如此大基數上實現的成長感到滿意。再說一次，我們現在的運作率為 410 億美元，年成長 33%。但我們看到的是，後疫情時代的情況因行業而異。我認為——我們認為——我們的優勢可能在於我們擁有如此廣泛的客戶群。有數百萬活躍客戶，從新創公司到企業再到公共部門。因此存在很大的差異，而且，就目前各行業的情況來看，諸如視訊會議、遊戲、遠距學習、娛樂等，都經歷了更高的成長和使用率。旅館業和旅遊業等確實出現了非常嚴重、非常迅速的萎縮。所以我認為各行業的情況將會好壞參半。當然，坦白說，這與國家和世界的總體經濟狀況息息相關。所以現在，我們——我們希望為客戶提供服務。我們希望能夠在他們需要我們時擴大規模。我們希望在世界各地為他們提供支援。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，我認為您談論的 1 天可能是您問題的核心，我們什麼時候才能回到 1 天的水平。就此而言。所以，正如我在開場白中提到的那樣，我們必須吸收這種頂線需求的衝擊，同時也要穩定我們的營運。我們必須採取措施，專注於必需品，將運輸時間從 1 天延長至 4 天，然後再延長非必需品的運輸時間。必須限制進入倉庫的物品並專注於必需品。因此我們認為這仍然是正確的行動方針。隨著運力的增加，我們正努力恢復非必需品運輸和一日送達速度等更正常的營運。

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.

我將對 1 天運輸成本進行一些解釋，因為它與此一致。因此，我們最初預計第一季我們將在一日送達服務上花費約 10 億美元。我們看到的是，我們花費的金額幾乎相同，因為——在過去，我們或許可以選擇將運輸時間改為 2 天、3 天、4 天，實際運輸費用會有所折扣。但我們的大部分 1 日成本實際上都是我們對物流網絡所做的改進，以實現 1 日發貨，例如將庫存放在更靠近客戶的地方，例如建立我們的 AMZL 網絡和配送網絡，以及在一天內設置多個拉取時間和發貨窗口。所以這些其實都在發揮作用。所有這些東西對我們來說都非常方便，有助於從我們現有的資源中獲得更多的能力，我們很高興我們做出了這項投資。但我們實際上並沒有看到節省，因為我們仍然會在產品到貨後很快就將其發貨給客戶。

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，這實際上是挑選、包裝和運輸庫存所需時間的綜合結果。出貨還挺快的，速度也還行。只是將物品運送到我們的倉庫和從倉庫運出需要更長的時間。因此，現在真正的挑戰是加快這一速度，當我們做到這一點時，我們將看到更多 1 日送達服務的恢復。但目前，事情仍然懸而未決，我無法真正預測這一天何時到來，也無法預測是在第二季、第三季或之後的哪個時間點到來。

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

您的下一個問題來自高盛的希思·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。昨天微軟在電話會議上提到，他們在兩個月內看到了雲端兩年來的數位轉型。我很好奇，您如何描述我們進入 8 月或 4 月時看到的雲端採用情況，這對 AWS 以及該業務的採用率或加速率意味著什麼，或者更廣泛地說？然後，當我們查看指引時，如果我們對第二季度 40 億美元的支出進行調整，則意味著盈利能力將比上一季大幅增長。能和我們分享一下獲利能力背後的驅動因素嗎？其中有多少是按 1 天投資年化，以及您所看到的效率，以及您要特別指出的其他事項？

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。首先在 AWS 上。我的意思是我沒有評論——你可能也聽說過數位轉型。我想說的是，我們不僅在美國，而且在全球範圍內，都看到了我們業務的健康採用和健康使用。我們未來合約的積壓量還在增加。我仍然認為，我們一直強調的 AWS 的基本價值主張，例如擁有最大的功能、在充滿活力的客戶和合作夥伴社區中擁有最大的功能、擁有真正經過驗證的運營和安全經驗以及在機器學習、人工智能和其他真正關鍵領域構建客戶所需的東西，這些都沒有受到此次 COVID 危機的阻礙。是的，我們看到不同行業的表現有所不同，但我們的銷售團隊仍然在那裡，不僅幫助提高當前的產能，而且還幫助人們過渡到新的產能——隨著人們轉向雲端，然後擴大對雲端的使用。

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——或者抱歉，關於第二季度指引，我認為問題是，也許——如果我們的成本為 40 億美元，我們如何才能獲得高於 0 的範圍，這幾乎就是您問題的本質嗎？我認為，我們可以利用一些效率，在更高的產量下獲得固定成本，即使它們在貢獻利潤基礎上有些收支平衡。當我們的產量很大時，我們的成本結構會有所改善。賣家數量也有所恢復，特別是像公司一樣使用直接發貨給客戶的第三方——無論是在這個國家還是在其他國家，你都能獲得更強的能力。我們將繼續在這段時間內調整我們的行銷策略——我們試圖滿足的需求基本上都存在，而且有些產品仍然缺貨。因此，總是進行行銷，尤其是在這種情況下進行變數行銷是沒有意義的。而且我們繼續——我們相信，我們將在本季度節省差旅和娛樂費用。我想說，其成本規模在幾億美元左右。所以這裡有很多活動部件。但可以肯定的是，我們在應對 COVID 方面的投資是相當可觀的。

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.

關於 1 日，我想提醒大家，1 日是從去年第二季開始認真開展的。因此我們開始進行這項投資。與去年同期相比，增幅不如過去 4 個季度那麼大。然後我想指出的另一件事是——記住我們伺服器使用壽命的變化對 AWS 業務的影響最為顯著。與去年同期相比，第一季的收益為 8 億美元，而這一趨勢將持續到今年剩餘時間。這又是我們能夠長期使用伺服器和基礎設施資產所帶來的好處。我們一直在努力提高它們運行時間的能力，這既是硬體挑戰，也是軟體挑戰。由於我們在那裡大規模營運已成功超過 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資產的使用壽命。這是我們在第一季看到的好處，並且從現在開始我們會看到它繼續保持下去。

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。除此之外，我認為第一季的收益約為 8 億美元或接近 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.

如果可以的話，也許是 2。從需求和收入方面來看，在整個三月份，您是否看到世界各地的不同「居家隔離」地區在消費者行為或某些產品類別的採用方面存在任何差異，無論是歐洲與美國，還是亞洲與美國或印度？我很好奇您在全球範圍內看到了哪些差異，包括在應對 COVID-19 方面 Prime 的採用情況。關於成本方面，我們再簡單談談一個問題。能源和石油的成本大幅下降。我想知道，隨著您隨著時間的推移更多地進行自己的物流工作，您是否有辦法將其或其中的某個要素納入您的整體成本結構中。

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，我沒有太多可以告訴你的。當然，我們希望看到更低的運輸成本，儘管我——很多——我的意思是我們肯定會做一些長途運輸。我們利用飛機重新定位一些東西。我們在長途貨運方面所做的工作，其中燃料成分可能會更大。我們已經——但我們還沒有量化——這在我們的指導中，但我現在無法為您詳細說明。關於這種情況在不同地區可能呈現不同的表現，我想說，我們實際上看到人們購買的產品類型和居家限制等方面存在很大一致性，所以情況相當一致。顯然，各國之間存在著時間差異，即疫情何時襲擊某些國家，何時——也許是何時——在各自的曲線上，何時使曲線變得平等等。

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，國際上受到最大影響的是印度，當然，我們與印度的所有公司一樣，現在只生產食品雜貨等必需品。因此，我們的產品供應量大大減少。當印度政府宣布允許我們恢復營運時，我們將進一步擴大規模。因此，除了印度的食品雜貨業務外，我們處於一種等待狀態。在法國，法國法院對我們施加了一些限制。它們並沒有影響第一季的業務，因為這實際上導致我們法國的履行中心在 4 月中旬關閉。法國客戶仍然可以從我們的銷售合作夥伴處訂購數百萬種產品，這些合作夥伴可以直接將產品運送給客戶，也可以透過我們的全球配送中心運送產品。我們正在繼續對這項法院判決提出上訴，但這與國際上其他國家的經驗也不同。

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賈斯汀·波斯特 (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。只是想知道您是否看到消費者習慣發生任何可持續的變化，例如人們以更快的速度轉向 Prime，在「訂閱和保存」中添加更多消耗品類別的產品。您所看到的任何東西都可能真正預示著消費者習慣的長期變化以及某些類別的更快採用？第二件事，對於第二季的營收指引，是否假設 5 月和 6 月的成長會因危機而放緩？

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，我是戴夫。是的。我認為，就某些消費者行為而言，我肯定會提到食品雜貨。如果你看一下——提醒一下，網路雜貨的網路銷售額有所上升。因此它並不像實體店那樣孤立。但我們發現網上購物的需求增加，我們為客戶提供了多種購物方式，包括 Prime Now、Fresh，當然還有 Whole Foods 網上送貨或取貨。從三月開始一直持續到四月份，需求一直在增加，所以這種情況一直持續下去。我們的重點是全天候工作並盡可能提供交付服務。我們的送貨訂單容量增加了 60% 以上，我們的門市也增加了——提供自取服務的 Whole Food 商店數量從事件前的約 80 家增加到 150 多家。因此，我們正在做很多工作。

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.

在實體店方面，您可以看到那裡的成長，年增約 8%。這主要是 Whole Foods，但這是 Whole Foods 店內購物體驗，而不是在線上訂購。因此，這比最近幾季的運行率高出不少。同樣，當居家隔離措施尚未實施時，你會看到很多人大量購物並在我們的商店囤貨。從那時起，最近，我們看到店內購物的成長率有所放緩。我們仍有許多工作要做，無論是送貨的工人還是商店裡的工人，我們都十分注重確保他們的安全和健康，能夠滿足顧客的需求，確保顧客無論選擇何種購物方式都感到舒適。

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.

我想補充一點，賈斯汀。我認為，我們在數位產品中看到的變化將使人們習慣於這些好處，並可能透過音樂、視訊、Alexa 以及我們設備上的通訊功能提高他們對可用功能的了解。我們在美國、英國和德國推出了 Prime Video Cinema，由於缺乏影院，這些地區的電影都直接以按次付費的方式播放。這是球隊的明智之舉，並且受到了熱烈歡迎。我們也在 Prime Video 上免費提供大量兒童和家庭內容。所以我認為人們會更了解 Prime 會員可以享受哪些服務。

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。那麼在本季的後半段，您是否認為隨著季度的進展我們會恢復正常並有所減速？

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.

嗯，我們受到很大的限制——再說一次，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、他們會訂購什麼以及他們會訂購多少。需求一直很強。我們在第二季面臨的最大問題更多的是關於滿足這種需求的能力，以及人們全面訂購的產品，而不是阻止或難以找到非必需品，增加行銷和其他一切。所以我認為挑戰實際上在於除了營收之外的所有方面。頂線當然不是理所當然的。向顧客提供有吸引力的庫存產品始終非常重要。但通常情況下，您可以依賴的成本結構、獲取產品的能力、運輸和交付的能力，這些通常都是您可以想當然的事情，但在本季度，您不能。這就是不確定性的真正來源。

Your next question comes from Stephen Ju with Crédit Suisse.

您的下一個問題來自瑞士信貸的 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。所以布萊恩，我認為本季第三方單位組合佔總數的百分比略有下降。我知道這個數字有點波動。但這主要是因為交付資源受限以及需求增加所造成的嗎？從第一方角度或第三方賣家的角度來看，是否有任何讓您擔心的持續的供應鏈問題？

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。我認為許多個人防護裝備的供應鏈仍然存在問題，不僅是我們使用的個人防護裝備，還有我們銷售給客戶的個人防護裝備，例如口罩。雖然已經普遍供應，但清潔濕巾、口罩等物品仍然供應不足——我已經談到了測試，但這些不是我們轉售的東西。但是 — — 目前這些地區主要存在許多供應鏈問題。抱歉，我忘了你問題的另一部分。你能提醒我一下你剛剛問的──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?

本季度第三方單位組合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？或者您只是優先考慮第一方交付，以應對日益增長的需求導致的交付資源有限？

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，史蒂芬。我想說，是的，這段時間情況有點不對，因為我們並不是在限制和偏愛 1P 或其他東西，而是在優先考慮必需品。其中很多，特別是在消耗品領域，往往是由供應商零售供應的物品。所以我想說，這就是 FDA 的評級沒有像正常情況下那麼高的原因。不過，自出貨 (MFN) 正在抓住很多機會——賣家正在利用這個機會直接發貨，因為這樣一來，貨物顯然就不必進入我們的倉庫了。所以現在的 3P 組合有點不同。我們在開放倉庫的同時，也試圖將對 FBA 賣家的影響降到最低。他們中的許多人也是我們客戶的最惠國或直接發貨人。因此，滿足我們賣家社群客戶的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 Cowen 公司的 John Blackledge。

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。關於廣告，另一條營收成長線加速，您能否討論一下第一季廣告業務的表現如何？如果可能的話，您能透露一下第二季的趨勢嗎？然後在新聞稿中，您表示可能會在新增 175,000 名員工的基礎上再招募更多員工。有什麼辦法可以量化嗎？這種招募是否會取代你們通常在第三季末進行的季節性招募？

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。關於這一點，我沒有更多資訊可以提供給你。我想我們會宣布——當我們改變任何招聘門檻時，我們會及時宣布。目前，我們已經完全實現了先前討論的175,000名員工的招募目標。截至本季末，已有 8 萬個項目到位。因此，另外 95,000 名員工已於 4 月被聘用。在廣告方面，我們看到本季的廣告收入非常強勁。您關於其他收入加速的評論是，其他收入帳戶中還發生了一些其他事情。大部分是收入，但還有其他東西。我可以告訴你的是，廣告成長率與上一季保持一致。我們對該產品的進展感到非常高興，它不僅對賣家、作者、供應商產生了影響，而且對客戶選擇產生了積極的影響。

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.

但我們確實在三月開始看到了一些影響，廣告商有所減少，價格也面臨一些下行壓力。但廣告商仍在繼續高頻率地投放廣告。它並不像我們看到的其他一些問題那樣明顯，而且它可能被我們網站持續強勁的流量所抵消。所以它有點混亂。正如我所說，我們再次面臨定價方面的下行壓力。但我認為，我們的廣告很大一部分與亞馬遜的銷售有關，而不是旅遊和汽車等場外業務，這些業務可能受到了不成比例的影響，至少在新冠疫情危機初期是如此。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，即使人們可能正在削減廣告或成本，我認為這個領域仍將像過去一樣證明其價值。

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。我們感謝您對亞馬遜的關注，並期待下個季度再次與您交談。