亞馬遜 (AMZN) 2016 Q1 法說會逐字稿

Good day, everyone, and welcome to the Amazon.com Q1 2016 financial results teleconference. At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question-and-answer session. Today's call is being recorded. For opening remarks, I will be turning the call over to the Director of Investor Relations, Phil Hardin. Please go ahead.

大家好，歡迎參加亞馬遜 2016 年第一季財務業績電話會議。此時，所有參與者都處於只聽模式。演講結束後，我們將進行問答環節。今天的通話正在錄音。在開幕致詞時，我將把電話轉給投資者關係總監菲爾哈丁 (Phil Hardin)。請繼續。

Hello and welcome to our Q1 2016 financial results conference call. Joining us today is Brian Olsavsky, our CFO. We will be available for questions after our prepared remarks. The following discussion and responses to your questions reflect management's view as of today, April 28, 2016 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.

您好，歡迎參加我們 2016 年第一季財務業績電話會議。今天與我們一起參加的是我們的財務長 Brian Olsavsky。在我們準備好發言後，我們將回答您的提問。以下討論和對您的問題的回答僅反映管理層截至今天（2016 年 4 月 28 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。

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. During this call, we will 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. Finally, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2015. Now, I'll turn the call over to Brian.

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。在本次電話會議中，我們將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。最後，除非另有說明，本次電話會議中的所有比較都將以我們 2015 年同期的業績為準。現在，我將把電話轉給布萊恩。

Thanks, Phil. I'll begin with comments on our first-quarter financial results. Trailing 12-month operating cash flow increased 44% to $11.3 billion. Trailing 12-month free cash flow increased to $6.4 billion, up from $3.2 billion. Trailing 12-month free cash flow less lease principal repayments increased to $3.5 billion up from $1.5 billion. Trailing 12-month free cash flow less financed lease principal repayments and assets required under capital leases increased to $1.6 billion, up from an outflow of $1.2 billion.

謝謝，菲爾。我首先要對我們的第一季財務表現發表評論。過去 12 個月的經營現金流成長 44%，達到 113 億美元。過去 12 個月的自由現金流從 32 億美元增至 64 億美元。過去 12 個月的自由現金流減去租賃本金償還額從 15 億美元增加到 35 億美元。過去 12 個月的自由現金流減去融資租賃本金償還額和資本租賃所需資產後，從流出額 12 億美元增加到 16 億美元。

Trailing 12-month capital expenditures were $4.9 billion. Capital expenditures do not include the impact of property and equipment acquired under capital and finance and lease obligations. These capital expenditures and capital leases reflect additional investments in support of continued business growth due to investments in technology infrastructure, the majority of which is to support AWS and additional capacity to support our fulfillment operations.

過去 12 個月的資本支出為 49 億美元。資本支出不包括根據資本和融資以及租賃義務獲得的財產和設備的影響。這些資本支出和資本租賃反映了由於對技術基礎設施的投資而支持業務持續增長的額外投資，其中大部分用於支援 AWS 和支援我們履行營運的額外能力。

The combination of common stock and stock-based awards outstanding was 490 million shares compared with 483 million one year ago. Worldwide revenue increased 28% to $29.1 billion, or 29% excluding the $210 million unfavorable impact from year-over-year changes in foreign exchange. Worldwide active customer accounts, excluding customers who only had pre-orders in the preceding 12-month period, exceeded 285 million. Worldwide paid unit growth was 27%. Worldwide seller units represented 48% of paid units.

已發行普通股和股票獎勵合計為 4.9 億股，而一年前為 4.83 億股。全球營收成長 28%，達到 291 億美元，若不計入同比外匯變動造成的 2.1 億美元不利影響，則成長 29%。全球活躍客戶帳戶（不包括前 12 個月內僅預訂的客戶）超過 2.85 億。全球付費單位成長率為 27%。全球賣家單位佔付費單位的 48%。

Now, I'll talk about our segment results. In the first quarter of 2016, we began to allocate stock-based compensation and other operating expense net to our segment results. These amounts are combined and titled stock-based compensation and other in our segment results and reflect the way we now evaluate our business performance and manage our operations. For reference this quarter, I'll also mention segment operating income excluding stock-based compensation and other.

現在，我將談談我們的分部業績。2016年第一季度，我們開始將股票薪酬及其他營業費用淨額分配至分部業績。這些金額在我們的分部業績中合併並命名為股票薪酬及其他，反映了我們現在評估業務績效和管理營運的方式。作為本季的參考，我也會提及不包括股票薪酬和其他費用的部門營業收入。

In the North America segment, revenue grew 27% to $17 billion. Media revenue grew 8% to $3.2 billion. EGM revenue grew 32% to $13.5 billion. North America segment operating income including stock-based compensation and other was $588 million, a 3.5% operating margin compared with $254 million in the prior year. This includes $5 million of favorable impact from foreign exchange. North America's segment operating income before stock-based compensation and other was $924 million, a 5.4% operating margin compared with $517 million in the prior year.

北美地區營收成長 27%，達到 170 億美元。媒體營收成長 8%，達到 32 億美元。EGM營收成長32%，達到135億美元。北美分部營業收入（包括股票薪酬和其他收入）為 5.88 億美元，營業利潤率為 3.5%，而去年同期為 2.54 億美元。其中包括外匯帶來的 500 萬美元的有利影響。北美分部扣除股票薪酬及其他費用前的營業收入為 9.24 億美元，營業利潤率為 5.4%，而去年同期為 5.17 億美元。

In the international segment, revenue grew 24% to $9.6 billion. Excluding the $177 million year-over-year unfavorable foreign exchange impact, revenue growth was 26%. Media revenue increased 7% to $2.5 billion, or 9% excluding foreign exchange. EGM revenue grew 31% to $7 billion, or 33% excluding foreign exchange. International segment operating loss including stock-based compensation and other was $121 million compared with a loss of $194 million in the prior year. This includes $21 million of favorable impact from foreign exchange. International segment operating income before stock-based compensation and other was $20 million compared with a loss of $76 million in the prior year.

在國際領域，營收成長 24%，達到 96 億美元。不計入年比 1.77 億美元的不利外匯影響，營收成長 26%。媒體營收成長 7%，達到 25 億美元，不包括外匯則成長 9%。EGM 營收成長 31%，達到 70 億美元，扣除外匯收入則成長 33%。國際部門營業虧損（包括股票薪酬及其他）為 1.21 億美元，而去年同期的虧損為 1.94 億美元。其中包括外匯帶來的 2,100 萬美元的有利影響。扣除股票薪酬及其他費用前的國際部門營業利潤為 2,000 萬美元，而去年同期的虧損為 7,600 萬美元。

In the Amazon Web Services segment, revenue grew 64% to $2.6 billion. Amazon Web Services segment operating income including stock-based compensation and other was $604 million, a 23.5% operating margin compared with $195 million in the prior year. This includes $24 million of favorable impact from foreign exchange. Amazon Web Services segment operating income before stock-based compensation and other was $716 million, a 27.9% operating margin compared with $265 million in the prior year.

亞馬遜網路服務部門的營收成長了 64%，達到 26 億美元。亞馬遜網路服務部門的營業收入（包括股票薪酬和其他收入）為 6.04 億美元，營業利潤率為 23.5%，而去年同期為 1.95 億美元。其中包括外匯帶來的 2400 萬美元的有利影響。亞馬遜網路服務部門扣除股票薪酬和其他費用前的營業收入為 7.16 億美元，營業利潤率為 27.9%，而去年同期為 2.65 億美元。

Our operating income includes stock-based compensation expense and other operating expense. Operating income was $1.1 billion, or 3.7% of revenue, up approximately 260 basis points year-over-year. This includes $50 million of favorable impact from foreign exchange. Consolidated segment operating income before stock-based compensation and other was $1.7 billion, or 5.7% of revenue compared to $706 million in the prior year. Our income tax expense was $475 million. Net income was $513 million, or $1.07 per diluted share compared with a net loss of $57 million, or loss of $0.12 per diluted share.

我們的營業收入包括股票薪酬費用和其他營業費用。營業收入為 11 億美元，佔營收的 3.7%，較去年同期成長約 260 個基點。其中包括外匯帶來的 5000 萬美元的有利影響。扣除股票薪酬及其他費用前的綜合部門營業收入為 17 億美元，佔營收的 5.7%，而去年同期為 7.06 億美元。我們的所得稅支出為4.75億美元。淨收入為 5.13 億美元，即每股攤薄收益 1.07 美元，而淨虧損為 5,700 萬美元，即每股攤薄虧損 0.12 美元。

Turning to the balance sheet, cash and marketable securities increased $2.1 billion year-over-year to $15.9 billion. Inventory increased 30% to $9.6 billion, and inventory turns were 8.6 down from 8.8 turns a year ago as we expand selection, improved in-stock levels, and introduced new product categories. Accounts payable increased 26% to $15 billion, and accounts payable days increased to 72 from 70 in the prior year.

從資產負債表來看，現金和有價證券年增 21 億美元，達到 159 億美元。由於我們擴大了選擇範圍、提高了庫存水準並推出了新的產品類別，庫存增加了 30%，達到 96 億美元，庫存週轉率從一年前的 8.8 次下降到 8.6 次。應付帳款增加 26% 至 150 億美元，應付帳款天數從上年的 70 天增加至 72 天。

I'll conclude my portion of today's call with guidance. Incorporated into our guidance are the order trends that we've seen to date and what we believe today to be appropriately conservative assumptions. Our results are inherently unpredictable, and may be materially affected by many factors, including a high level of uncertainty surrounding exchange rate fluctuations, as well as 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. It is not possible to accurately predict demand, and therefore, our actual results could differ materially from our guidance.

我將以指導性的內容結束今天的電話會議。我們的指導包含了迄今為止我們所看到的訂單趨勢以及我們今天認為適當保守的假設。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，包括圍繞匯率波動的高度不確定性，以及全球經濟狀況和客戶支出的變化，世界事件，互聯網、在線商務和雲端服務的增長率，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。我們無法準確預測需求，因此我們的實際結果可能與我們的指導有重大差異。

As we describe in more detail on our public filings, issues such as settling inter-Company balances in foreign currencies among our subsidiaries, unfavorable resolution of legal matters, and changes to our effective tax rate can all have a material effect on our results. Our guidance further assumes that we don't conclude any additional business acquisitions, investments, restructurings, or legal settlements, record any further revisions to stock-based compensation estimates, and that foreign exchange rates remain approximately where they've been recently.

正如我們在公開文件中更詳細地描述的那樣，諸如在我們的子公司之間以外幣結算公司間餘額、不利的法律問題解決以及有效稅率的變化等問題都可能對我們的業績產生重大影響。我們的指導進一步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，不會記錄對股票薪酬估計的任何進一步修訂，並且外匯匯率將保持在最近的水平。

For Q2 2016, we expect net sales of between $28 billion and $30.5 billion, or growth of between 21% and 32%. This guidance anticipates approximately 70 basis points of favorable impact from foreign exchange rates. Operating income to be between $375 million and $975 million compared with $464 million in second-quarter 2015. This includes approximately $825 million for stock-based compensation and other operating expense net.

對於 2016 年第二季度，我們預計淨銷售額將在 280 億美元至 305 億美元之間，成長率在 21% 至 32% 之間。該指南預計外匯匯率將帶來約 70 個基點的有利影響。營業收入預計在 3.75 億美元至 9.75 億美元之間，而 2015 年第二季的營業收入為 4.64 億美元。其中包括約 8.25 億美元的股票薪酬和其他營運費用淨額。

We are grateful to our customers and remain heads-down focused on driving a better customer experience. We believe putting customers first is the only reliable way to create lasting value for shareholders. Thanks. And, with that, Phil, let's move on to questions.

我們感謝我們的客戶，並將繼續全力以赴致力於提供更好的客戶體驗。我們相信，客戶至上是為股東創造持久價值的唯一可靠方法。謝謝。菲爾，接下來讓我們開始提問。

Great. Thanks, Brian. Let's move on to the Q&A portion of the call. Operator, will you please remind our listeners how to initiate a question?

偉大的。謝謝，布萊恩。讓我們繼續進行通話的問答部分。接線生，您能提醒我們的聽眾如何提出問題嗎？

(Operator Instructions)

（操作員指示）

Our first question is from Mark May of Citi.

我們的第一個問題來自花旗銀行的馬克梅 (Mark May)。

Thanks a lot. Lots here, but international retail revenue -- the international retail segment really stood out. Revenue accelerated. Seemed like a bit of a milestone also that the CSOI turned positive in a non-Q4 quarter. Can you shed any more light in what the key driver there was? And, how sustainable it is? And, AWS just mathematically, the comps get tougher starting in Q2, just given what happened in 2014. Is that something that we should be taking into account in terms of thinking about how the rest of the year may progress? Thanks.

多謝。這裡有很多，但國際零售收入——國際零售部分確實很突出。收入加速成長。CSOI 在非第四季轉為正值似乎也算是里程碑。您能否進一步解釋一下其中的關鍵驅動因素是什麼？而且，它的可持續性如何？而且，從數學上講，考慮到 2014 年發生的情況，AWS 從第二季開始的競爭將變得更加激烈。在思考今年剩餘時間的進展時，我們是否應該考慮到這一點？謝謝。

Sure. Your first question on international. Yes, all three segments had very strong growth in the quarter. International's 26% for FX-neutral growth rate was actually the strongest we've seen in 3.5 years. I would attribute it to the Prime Fly Wheel. As we may have mentioned in the past -- feel that Europe and the large countries in Europe and Japan are a few years behind the US on a lot of the key Prime metrics, but we also said last year that Prime subscriptions were up 51% year-over-year in 2015. 47% of that was in the US and a higher rate than that internationally.

當然。您的第一個問題是關於國際的。是的，本季所有三個部門都實現了非常強勁的成長。國際上 26% 的外匯中性成長率實際上是我們 3.5 年來見過的最強勁的成長率。我認為這要歸功於 Prime Fly Wheel。正如我們過去可能提到的那樣——感覺歐洲以及歐洲和日本的大國在許多關鍵的 Prime 指標上都落後於美國幾年，但我們去年也表示，2015 年 Prime 訂閱量同比增長了 51%。其中 47% 發生在美國，這一比例高於國際水準。

So, certainly a lot going on in the international. A lot that's really good adding Prime subscribers at a high clip. Continuing to add selection at FBA sellers. So, you'll see devices, you see video content. It's the whole array of Prime offering. Prime Now, Same-day, everything is in Europe. Maybe getting there a little slower than starting point at the US. We see it really showing up in customer engagement and customer purchases.

所以，國際上肯定發生了很多事情。很多事情確實很好，可以快速增加 Prime 訂戶。繼續增加FBA賣家的選擇。所以，你會看到設備，看到影片內容。這是 Prime 提供的全部產品。Prime Now、當日送達，所有商品均在歐洲。到達那裡可能比從美國出發慢一點。我們看到它確實體現在客戶參與度和客戶購買量上。

On the AWS side, I think the 2016 to 2015 comparison probably stands on its own and 2014 falls by the wayside so I would encourage you to look at recent trends. We don't forecast, obviously, by segment.

在 AWS 方面，我認為 2016 年與 2015 年的比較可能很有意義，而 2014 年則被拋在一邊，因此我鼓勵您查看最近的趨勢。顯然，我們不會按細分市場進行預測。

Our next question comes from Douglas Anmuth, JPMorgan.

下一個問題來自摩根大通的道格拉斯·安穆斯。

Thanks for taking the question. Just wanted to ask you about unit growth overall and if we look back over the last three quarters, you've accelerated it now to a materially higher level than what we saw in 2014 and the first half of 2015, and I realize in 3Q last year you had Prime Day. I was hoping you could comment on the overall acceleration we've seen here and key drivers behind that? And, if there's something different perhaps than what you talked about on international?

感謝您回答這個問題。我只是想問一下整體單位成長情況，如果我們回顧過去三個季度，您會發現現在的成長速度已經大大高於 2014 年和 2015 年上半年的水平，而且我意識到去年第三季度您還舉辦了 Prime Day。我希望您能評論一下我們在這裡看到的整體加速以及背後的關鍵驅動因素？那麼，是否與您在國際上談論的有些不同？

Also, on AWS, can you talk about the underlying drivers here of margins and thinking about that a little bit going forward primary sources of leverage? As you open up six new regions in coming months, should we expect this to be constant build-out? Or, something that's more lumpy over time and more in waves? Thanks.

此外，在 AWS 上，您能否談談利潤率的根本驅動因素，並思考未來的主要槓桿來源？隨著你們在未來幾個月開放六個新地區，我們是否應該期待這將持續不斷的建設？或者，隨著時間的推移，某些東西變得更加崎嶇不平，並且更加波動？謝謝。

This is Phil Hardin. I'll take the units question. Really the units are driven by very similar trends to what Brian described. When we look at the bridges for revenue, and obviously, units is our key driver of revenue. Things like Prime are key in that bridge. I would also call out selection growth. That has been a big area of focus for us.

這是菲爾哈丁。我將回答單位問題。事實上，這些單位的驅動趨勢與 Brian 所描述的非常相似。當我們查看收入橋樑時，顯然，單位是我們收入的主要驅動力。像 Prime 這樣的東西是這座橋樑的關鍵。我還要呼籲選擇成長。這一直是我們關注的重點領域。

One important way we drive selection is through FBA. We continue to be very pleased with the progress we're making in FBA. What that means for our Prime customers is there's more for them to choose from. Obviously, that gives them more they can purchase. It makes Prime more valuable. For sellers, it means they sell more. I would say that FBA is helping drive some of the selection growth we're seeing here. Selection growth and Prime though are two very key drivers of our growth. On the second part, I think Brian -- .

我們推動選擇的一個重要方式是透過FBA。我們對 FBA 所取得的進展感到非常滿意。對我們的 Prime 客戶來說，這意味著他們有更多的選擇。顯然，這讓他們可以購買更多的東西。它使 Prime 更有價值。對賣家來說，這意味著他們能賣出更多產品。我想說的是，FBA 正在幫助推動我們在這裡看到的一些選擇成長。精選成長和 Prime 是我們成長的兩個關鍵驅動力。關於第二部分，我認為 Brian ——。

One other comment I didn't say earlier, I do want to point out that because of the leap year there was an extra day in Q1. Every Company would have seen this obviously. But, we estimate it was worth about 150 basis points to our growth rate in revenue. That would be consistent North America and international.

還有一點我之前沒有說，我想指出的是，由於閏年，第一季多了一天。每家公司都會明顯地看到這一點。但是，我們估計它對我們的收入成長率來說價值約 150 個基點。這與北美和國際一致。

Your other comment -- question was on AWS and a bit about margins and margin outlook. We're very pleased with the quarter. We came in at 23.5% operating margin on the new basis including stock-based compensation and other. We're very pleased. But, stepping back with the 64% growth in AWS which is now a $10 billion business. On the margin side, I would caution you that we're pleased, but it is very early to start drawing too many conclusions on the long-term margins in this business. They'll be bumpy over time. At any point in time, they are going to reflect the balance of investing including global expansion that he's talked about. Price reductions we may offer and also driving cost efficiency which for us is a very important driver in not only this business but also the North American and international segments.

您的另一個評論——問題是關於 AWS 以及利潤率和利潤率前景。我們對本季的表現非常滿意。根據包括股票薪酬和其他在內的新基礎，我們的營業利潤率為 23.5%。我們非常高興。但是，AWS 的成長速度達到 64%，目前已成為價值 100 億美元的產業。在利潤方面，我要提醒大家，我們很高興，但現在就對該行業的長期利潤得出太多結論還為時過早。隨著時間的流逝，它們會變得坎坷。在任何時候，它們都會反映出投資的平衡，包括他所談論的全球擴張。我們可以提供降價並提高成本效率，這對我們來說不僅在這個業務中是一個非常重要的驅動力，而且在北美和國際領域也是如此。

Our next question is from Heath Terry with Goldman Sachs.

我們的下一個問題來自高盛的希思·特里。

Great. Thanks. Looking at the active customer account number, it looks like growth slowed pretty significantly, about 10 percentage points. Just curious if you can give us a sense of anything that might be throwing that number off, assuming we're reading it the right way? And then, as you roll out on AWS -- as you roll out the fixed new availability zones over the course of the year, is there a way to quantify what kind of an impact that's going to have on the capacity at AWS?

偉大的。謝謝。從活躍客戶帳戶數量來看，成長似乎放緩了相當多，大約 10 個百分點。我只是好奇，如果我們以正確的方式閱讀它，您是否可以告訴我們可能導致該數字偏離的因素是什麼？然後，當您在 AWS 上推出時 - 當您在一年內推出固定的新可用區域時，有沒有辦法量化這將對 AWS 的容量產生什麼樣的影響？

I'll take the first part of your question about active customers. As we look at our metrics and what information we provide each year, we often make some changes. So, this quarter we only gave the active customers with a paid purchase in the trailing 12 months. So, that number was more than 285 million. I think that's pretty similar to the trend that we've seen in that metric.

我將回答您關於活躍客戶的問題的第一部分。當我們審視我們的指標以及每年提供的資訊時，我們經常會做出一些改變。因此，本季我們僅向過去 12 個月內有付費購買的活躍客戶提供服務。所以，這個數字超過了2.85億。我認為這與我們在該指標中看到的趨勢非常相似。

In the past, sometimes we had also given a total active customers count. That number for this quarter was over 310 million so that may be where you're making the statement about the slowdown in growth. The trajectory was very similar from prior quarters for both of those numbers. But, we opted just to give the other one, but you now have the number for the total number of customers as well.

過去，有時我們也會提供活躍客戶總數。本季的數字超過 3.1 億，因此這可能是您所說的成長放緩的原因。這兩個數字的走勢與前幾季非常相似。但是，我們選擇只提供另一個，但現在您也有了客戶總數的數字。

And, on your AWS footprint question so we ended the quarter with 33 availability zones and 12 geographic regions, and we have 11 more availability zones opening in the next year. The impact on capital, yes, there will be additional capital investment as we build out those zones. Some of it has already taken place. But, I'll also say that by and large, the largest increases in capital leases is to support the growth of incremental usage of customers we have now and agreements we have now. You should expect to see us continue to invest to support this business. We have a leadership position. We intend to maintain it, and we're very excited about where we are.

關於您的 AWS 足跡問題，我們在本季結束時擁有 33 個可用區和 12 個地理區域，明年我們將開放 11 個可用區。對資本的影響是的，隨著我們建造這些區域，將會有額外的資本投資。其中一些已經發生。但是，我還要說，總的來說，資本租賃的最大成長是為了支持我們現有客戶和現有協議的增量使用量的成長。您應該會看到我們繼續投資以支持這項業務。我們擁有領導地位。我們打算保持這種狀態，並且對目前的狀況感到非常興奮。

Our next question is from Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

The first one is on Prime. You've had two straight years of around 50% Prime subscriber growth. Curious about how you think about keys to driving Prime sub-growth going forward? And, the thought process behind the reported monthly Prime subscription? And, the second one on the logistics investments, there's been a lot about truck investments and logistics investments. Any comments at all about learnings, and what you're seeing from some of the investments in your truck fleet and your own delivery network? Thanks.

第一個是在 Prime 上。你們的 Prime 會員數已連續兩年增長約 50%。好奇您認為推動 Prime 子業務未來成長的關鍵是什麼？那麼，據報道，每月 Prime 訂閱背後的想法是怎麼樣的呢？第二點是關於物流投資，關於卡車投資和物流投資已經有很多討論。您對於所學到的知識以及您對卡車車隊和自己的配送網絡的一些投資有何看法？謝謝。

Let me start with the Prime. Yes, we have had very strong growth the last two years and earlier obviously on Prime growth of members. I would say it's a culmination of a lot of separate investments that we're making. If you look at the success of our devices, we are seeing tablets sell twice the volume in Q1 year-over-year. Fire TV stick, you may have read in our press release that it has greater than 100,000 customer reviews, the most reviewed product ever. Over 62,000 of those reviews are 5-star reviews. We've not only had the Echo, but we have the Echo Dot and Tap. We're branching off that product line and having trouble keeping those in stock. And, of course, we launched the new Kindle Oasis, our e-reader.

讓我先從 Prime 開始。是的，過去兩年我們實現了非常強勁的成長，尤其是 Prime 會員的成長。我想說這是我們進行的大量獨立投資的結果。如果你看一下我們設備的成功，我們會發現第一季平板電腦的銷售量是去年同期的兩倍。Fire TV 棒，您可能已經在我們的新聞稿中讀到過，它有超過 100,000 條客戶評論，是有史以來評論最多的產品。其中超過 62,000 則評論為五星評論。我們不僅有 Echo，還有 Echo Dot 和 Tap。我們正在拆分該產品線，但難以保證庫存充足。當然，我們也推出了新款電子閱讀器 Kindle Oasis。

That is an important part of the series as is the digital content. You may have seen the recent announcements that we're working on a great amount of new content for Prime members. Customers love the content, and we like the results we see particularly around Prime free trial conversion and renewal rates for subscribers who use and take advantage of Prime. So, beyond the awards that the content is winning and the success we're having with Amazon particularly Amazon Originals, we feel that program is working. We're going to significantly increase our spend in that area. Some of that is in Q2. You'll see that more in the next few quarters. But, we think that's working and look forward to bringing a lot of new content to our Prime subscriber base. Both to our normal Prime subscription and also the monthly plan that you alluded to.

這與數位內容一樣，都是該系列的重要組成部分。您可能已經看到最近的公告，我們正在為 Prime 會員開發大量新內容。客戶喜歡這些內容，我們也對所看到的結果感到滿意，尤其是 Prime 免費試用轉換率以及使用和利用 Prime 的訂閱者的續訂率。因此，除了內容贏得的獎項以及我們在亞馬遜（尤其是亞馬遜原創）上的成功之外，我們認為該計劃正在發揮作用。我們將大幅增加該領域的支出。其中一些是在第二季。在接下來的幾個季度中，你會看到更多這樣的情況。但是，我們認為這是有效的，並期待為我們的 Prime 訂閱用戶群帶來大量新內容。這既適用於我們的常規 Prime 訂閱，也適用於您提到的月度計劃。

This is Phil Hardin. I'll jump in on the second part of your question. For the trucks, really it's trailers. The typical use case is running a lag between a fulfillment center and a sort center. So, we're running enough volume there that we were using trucks already. We thought it made sense to go ahead and buy some trailers. We're actually still contracting out for the truck part, and it gives us flexibility. We think the economics will make sense over time. Similarly, we've announced an agreement to lease some airplanes with air transport services group, agreement to lease up to 20 Boeing 767s there. And, similar use case, it's products that are already boxed, and we think again this is activities we've been doing already which means we grow at a very rapid rate. This gives us extra capacity, and we think it's good to be able to deliver to customers. We think it makes sense over the long-term.

這是菲爾哈丁。我將直接回答你問題的第二部分。對於卡車來說，實際上是拖車。典型的用例是履行中心和分類中心之間存在滯後。因此，我們在那裡的運輸量已經足夠大，所以我們已經開始使用卡車了。我們認為繼續購買一些拖車是有意義的。實際上，我們仍在將卡車部分外包，這給了我們靈活性。我們認為隨著時間的推移，其經濟學將會變得合理。同樣，我們宣布與航空運輸服務集團簽訂了租賃部分飛機的協議，協議將向該集團租賃最多 20 架波音 767 飛機。而且，類似的用例是，產品已經裝箱，我們再次認為這是我們已經在做的活動，這意味著我們以非常快的速度成長。這為我們提供了額外的產能，我們認為能夠向客戶交付產品是件好事。我們認為從長遠來看這是有意義的。

Your next question comes from Mark Mahaney of RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場的馬克‧馬哈尼 (Mark Mahaney)。

Great. Two questions related to Prime overseas. Could you talk about the status of Prime in international markets? How far rolled out it is in most of your major markets? Then, you talk about Prime Fly Wheels, and you did last year. But, it seems likes those Fly Wheels spun faster than you expected in the fourth quarter of last year that caused some near-term expense issues for you? Can you talk about how you're thinking about planning against that as the Prime Fly Wheels are getting broader for you, how do you try to get ahead of that into the peak season later this year? Thank you.

偉大的。兩個與 Prime 海外相關的問題。能談談 Prime 在國際市場上的地位嗎？該產品在你們的主要市場推廣到了什麼程度？然後，您談到了 Prime Fly Wheels，去年您也談到了。但是，似乎去年第四季的飛輪旋轉速度比您預期的要快，這給您帶來了一些近期的費用問題？您能否談談隨著 Prime Fly Wheels 變得越來越廣泛，您如何考慮制定計劃，您如何嘗試在今年晚些時候的旺季之前做到這一點？謝謝。

Sure. This is Brian. Let me start with the second question first. It wasn't necessarily the Prime Fly Wheel that was the issue. It was more the FBA demand that we had from FBA sellers for space in our warehouses. We were very full. It was a high-class problem to have.

當然。這是布萊恩。我先從第二個問題開始。問題不一定是 Prime Fly Wheel。這更多的是來自 FBA 賣家對我們倉庫空間的 FBA 需求。我們吃得很飽。這是一個高級問題。

But, as I mentioned last quarter, it did result in higher fulfillment costs in the fourth quarter as a result. I think you'll see some of that dissipated now in Q1. You can tell it was a Q4 issue.

但是，正如我上個季度提到的那樣，這確實導致了第四季度履行成本的增加。我認為，您會在第一季看到其中一些影響已經消散。您可以說這是第四季的問題。

We learn from every Q4. This one was no exception. We are already making plans for a smoother Q4 next year. We will continue to add fulfillment capacity. We'll work with FBA sellers on inventory stocking and timing, and we think that there's things that we can do better as we do every year, come out of the fourth quarter with immense learnings.

我們從每個第四季中學習。這次也不例外。我們已經在製定計劃，以確保明年第四季能夠更加順利。我們將繼續增加履行能力。我們將與 FBA 賣家就庫存備貨和時間安排進行合作，我們認為我們可以做得更好，就像我們每年所做的那樣，在第四季度我們獲得了大量的經驗教訓。

This is Phil. On the Prime question, we launched Prime in the US in 2005. Followed that in 2007 with UK, Germany, and Japan. And then, other countries after. We have Prime in all the countries where we have marketplaces with the exception of Mexico, China, and India.

這是菲爾。關於 Prime 的問題，我們在 2005 年在美國推出了 Prime。隨後在 2007 年與英國、德國和日本進行了合作。然後，其他國家也緊跟其後。除墨西哥、中國和印度外，我們在所有擁有市場的國家都有 Prime 會員。

And, Prime is really in varying stages in those countries. We have some kind of an expedited shipping offer in all of them. Here in the US, we've been talking quite a bit about Prime Now. That's also in Italy and Japan and the UK at this point and not others. Also, varying levels of digital benefits as well.

而且，Prime 在這些國家確實處於不同的階段。我們對所有這些貨物都提供某種形式的加急運輸服務。在美國，我們已經多次談論 Prime Now。目前，義大利、日本和英國也存在這種情況，但其他國家還沒有。此外，數位化效益也各有不同。

Generally, the international countries are not as far along with selection or the fullness of the digital offers. We've got Prime Video in the UK, in Germany, and Japan. Music is not fully rolled out yet all together. That's where we are with Prime.

整體而言，國際上在數位產品的選擇和完整性方面還不夠完善。我們在英國、德國和日本都有 Prime Video。音樂尚未完全推出。這就是我們 Prime 的現況。

Our next question comes from Carlos Kirjner with Bernstein.

我們的下一個問題來自伯恩斯坦的卡洛斯‧柯爾納 (Carlos Kirjner)。

Thank you. I have two. I think it's the first time 1Q 2011 that we see tech and content counted as a percentage of revenue declining or flat. Is it just a sign of your inability to increase investment in line with revenue growth? Or, is there something going on, if yes, what?

謝謝。我有兩個。我認為這是我們在 2011 年第一季第一次看到技術和內容佔收入的百分比下降或持平。這是否只是表明您無法根據收入成長增加投資？或者，發生了什麼事？如果是，是什麼事？

Secondly, Brian, you said that the growth of Prime has been driven by investments you have made or are making. You gave the examples of devices that you are selling. I think it's a mathematical certainty that Prime subscribers would accelerate in North America at some point from 50% growth. As penetration increases and growth slows, will we see a deceleration in the investment levels? In other words, how do we think about the effect of deceleration in Prime on the North American margin structure in the future? Thank you.

其次，布萊恩，您說過 Prime 的成長是由您已經做出或正在進行的投資所推動的。您給出了您正在銷售的設備的例子。我認為從數學上來說，北美 Prime 用戶的成長速度肯定會從 50% 加速。隨著滲透率的提高和成長的放緩，我們是否會看到投資水準的減速？換句話說，我們如何看待Prime會員成長放緩對未來北美利潤結構的影響？謝謝。

Sure. Let me start with that second one. We think there's a lot of room to grow not only in our international countries but also in the US. We plan on continuing to build the benefits of the Prime program from music to video to two-day shipping to same-day shipping to Prime Now. I don't see that dissipating, and it remains the best deal in retail so hopefully everyone signs up for that.

當然。讓我從第二個開始。我們認為，不僅在我們國際國家，在美國也有很大的成長空間。我們計劃繼續擴大 Prime 計劃的優勢，從音樂到視頻、從兩天送達到當天送達再到 Prime Now。我認為這種趨勢不會消失，而且它仍然是零售業中最好的交易，所以希望每個人都能簽約。

On the tech and content question, I don't have a lot to call out in the quarter. I would say there's no letup in the pace of invention here particularly on the AWS side. We used quote the number of new features and services to you each quarter. We had 214 in Q1 up from the 170 this first quarter of last year. Over 26% growth in this quarter alone coming off a year where I believe the number was 722 significant new features and services delivered for AWS customers last year.

關於技術和內容問題，本季我沒有太多要說的。我想說的是，這裡的發明步伐沒有減緩，特別是在 AWS 方面。我們每季都會向您提供新功能和服務的數量。第一季我們有 214 家企業，比去年第一季的 170 家有所成長。光是本季就實現了超過 26% 的成長，我相信去年為 AWS 客戶提供的重要新功能和服務數量為 722 項。

Our next question comes from Brian Pitz of Jefferies.

我們的下一個問題來自 Jefferies 的 Brian Pitz。

Thanks for the question. Any comments on your business in India? How is that market ramping up? On the competitive front there, any sense of where the local incumbents may actually have some advantage in the region? Thanks.

謝謝你的提問。您對在印度的業務有何評價？這個市場發展得怎麼樣？在競爭方面，您是否認為當地企業在該地區實際上可能具有優勢？謝謝。

Thanks. I actually just returned from India where I spent a week with our teams in Bangalore and Hyderabad. We're breaking ground on a new 10-acre campus there. So, we are solidifying and increasing our investment in India on all fronts.

謝謝。實際上，我剛從印度回來，在那裡我與我們的團隊在班加羅爾和海得拉巴度過了一周。我們正在那裡動工興建一個佔地 10 英畝的新校園。因此，我們正在各方面鞏固和增加對印度的投資。

I had a chance to see firsthand the level of invention going on with both customers and sellers making deliveries to customers, seeing the I have space program we have with merchants. It's a very exciting time in India, and again, the invention is off the charts. We're inventing things in India that do not exist in other parts of the world. And, the team there is one of our best. You can see it in some of the external commentary as well. For the second year in a row, customers selected Amazon India as Amazon's most trusted online shopping brand.

我有機會親眼目睹客戶和賣家向客戶交付貨物時的創新水平，並看到我們與商家合作的「我有空間」計劃。這是印度非常令人興奮的時刻，而且發明再次超越預期。我們在印度發明了世界其他地方不存在的東西。而且那裡的團隊是我們最好的團隊之一。您也可以在一些外部評論中看到它。連續第二年，客戶選擇亞馬遜印度作為亞馬遜最值得信賴的線上購物品牌。

During the quarter we rolled out a feature called Tatkal which is a studio on wheels that we go to the sellers to help them sign up. We let them do registration, imaging, catalog, uploads, and basic seller training. We're taking it to the sellers -- taking the business to the sellers. We've already reached sellers in 25 cities, and we're really helping them expand their business. Not only within their home region, throughout the whole country.

在本季度，我們推出了一項名為「Tatkal」的功能，這是一個行動工作室，我們會去找賣家來幫助他們註冊。我們讓他們進行註冊、成像、目錄、上傳和基本的賣家培訓。我們將其帶給賣家—將業務帶給賣家。我們已經接觸到 25 個城市的賣家，我們正在實際幫助他們拓展業務。不僅在他們的家鄉，而且在全國範圍內。

Our next question comes from Justin Post of Merrill Lynch.

我們的下一個問題來自美林證券的賈斯汀波斯特 (Justin Post)。

Thanks. My question is on the international margins. They're quite a bit below where they were many years ago and trailing the US. Maybe talk about the dynamics there and what is it going to take to catch up over time? Thanks.

謝謝。我的問題是關於國際邊緣的。與多年前相比，他們的水平已經大幅下降，並且落後於美國。也許可以討論那裡的動態以及隨著時間的推移需要做些什麼才能趕上？謝謝。

Sure. On the op margin side, although there was improvement year-over-year, you're right, it is still on an FX-neutral basis negative. We have, as I said earlier, fulfillment network and digital content. We continue to build the underpinnings of the Prime program in our international countries. You also have to keep in mind that we're making large investments in India. We're very excited about what we see. And, we will continue to invest heavily in India.

當然。在營業利潤率方面，儘管同比有所改善，但您說得對，從外匯中性角度來看，它仍然是負面的。正如我之前所說，我們擁有履行網路和數位內容。我們將繼續在國際國家建立 Prime 計劃的基礎。您還必須記住，我們正在印度進行大量投資。我們對所見所聞感到非常興奮。而且，我們將繼續在印度大力投資。

Our next question comes from Ross Sandler with Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·桑德勒。

Great. I just had two questions on AWS. First, last fall at re:Invent, you disclosed that data management revenue was at a $1 billion run rate. Can you provide an update on that figure? And, maybe talk about how much of AWS revenue today is outside of the storage and compute layers.

偉大的。我剛剛對 AWS 有兩個疑問。首先，去年秋天在 re:Invent 大會上，您透露資料管理收入的運作率為 10 億美元。您能否提供該數字的更新資訊？也許，可以談談目前 AWS 的收入有多少來自儲存和運算層之外。

And then, the second question is on the AWS margin. I think everybody is trying to learn more about the structural long-term margin, and it was down a tad quarter-on-quarter. Is that solely from FX impact? Or, was there some seasonality of expenses? Any color on what's driving the AWS margin, and how we should think about that over the longer term? Thank you.

然後，第二個問題是關於 AWS 利潤。我認為每個人都在試圖更多地了解結構性長期利潤率，而且該利潤率環比略有下降。這僅僅是由於 FX 的影響嗎？或者，支出是否存在季節性？您能解釋一下 AWS 利潤率的驅動因素嗎？從長遠來看我們應該如何看待這個問題？謝謝。

I'll take your second question first. So, again, we had margin expansion year-over-year that was quite significant from 12.4% to 23.5%. But, again, it's very early in this business. We're very pleased with the results we're seeing on the top and bottom line. But, margins are going to be bumpy and affected by levels of investing, price reductions, and also cost efficiency that we're driving. So, quarter to quarter, it will very. We are concerned at this point about capital efficiency, returning price to customers periodically with price reductions, and adding feature sets for them to make the business more valuable.

我先回答你的第二個問題。因此，我們的利潤率同比大幅增長，從 12.4% 增至 23.5%。但是，這個行業現在還處於早期階段。我們對所看到的營收和利潤結果非常滿意。但是，利潤率將會不穩定，並受到投資水準、降價以及我們正在推動的成本效率的影響。因此，每季的情況都會非常不同。我們現在關注的是資本效率、定期透過降價返還給客戶以及為他們增加功能集以使業務更有價值。

This is Phil. For your other part of the question, we're not providing an update on the $1 billion stat. What I would say is that the AWS team has strong revenue growth across their suite of products. The fastest growing product in their history is actually Aurora, the new database. We're very excited by what we're seeing in that space, but we're not breaking out the revenue for those various components today.

這是菲爾。對於您問題的另一部分，我們不會提供 10 億美元統計數據的更新。我想說的是，AWS 團隊的整個產品套件的收入都實現了強勁成長。他們歷史上成長最快的產品實際上是新資料庫 Aurora。我們對這個領域所看到的情況感到非常興奮，但今天我們不會公佈各個組件的收入。

Our next question comes from Eric Sheridan of UBS Investment Research.

我們的下一個問題來自瑞銀投資研究部的 Eric Sheridan。

Thanks for taking the question. Looking at the gross margin, impressive performance in Q1. There were a few headwinds it looked like in gross margin in Q4. Wanted to understand how we should think about the puts and takes in gross margin. It has evolved to be a much higher number in the last few years. What some of the puts and takes are going forward especially with respect to content costs? Thanks.

感謝您回答這個問題。從毛利率來看，第一季的表現令人印象深刻。第四季的毛利率似乎遇到了一些阻力。想了解我們應該如何看待毛利率的投入和收益。在過去的幾年中，這個數字已經大幅增加。未來會有哪些進展，特別是在內容成本上？謝謝。

Sure. I don't have a forecast for you on content cost in isolation or really forward looks on anything besides the guidance I've given you. Yes, it hits in the gross margin. Content costs do show up there. I think the bigger issues that you should look at in gross margin, and again, starting with the comment that we expanded by 300 basis points year-over-year. That is really driven by, first of all, the AWS growth. And again, $10 billion business growing 64%. We're very pleased with that, and that affects gross margin as well.

當然。除了我給您的指導之外，我無法對您單獨進行內容成本的預測，也無法對任何內容進行真正的前瞻性展望。是的，它影響了毛利率。內容成本確實會出現在那裡。我認為您應該關注的更大問題是毛利率，再次強調，首先要說的是，我們的毛利率比去年同期增長了 300 個基點。這首先是由 AWS 的成長所推動的。100 億美元的業務再次成長了 64%。我們對此非常滿意，這也影響了毛利率。

The other bigger element though is the third-party contribution. Third-party units are now up to 48% of paid units, and that's up 400 basis points year-over-year. That continues to be a factor in gross margin. We book that on a net basis. The third-party revenue. It's a positive factor in gross margin. It can be a negative factor in fulfillment costs and some of the other metrics.

然而，另一個更大的因素是第三方的貢獻。第三方單位目前佔付費單位的 48%，比去年同期成長了 400 個基點。這仍然是影響毛利率的因素。我們以淨額為基礎進行預訂。第三方收入。這對毛利率來說是一個積極因素。它可能成為履行成本和其他一些指標的負面因素。

This is Phil. Also, just to jump in, gross margin is not the primary metric we use to measure the business. We're much more focused on free cash flow dollars and operating profit dollars. So, there are a whole lot of moving parts in gross margin, and Brian mentioned a lot of them. But, it's not a primary metric for us.

這是菲爾。另外，順便說一下，毛利率不是我們衡量業務的主要指標。我們更關注自由現金流和營業利潤。因此，毛利率中有很多變動因素，布萊恩提到了很多。但這不是我們的主要指標。

Our next question comes from Aaron Kessler of Raymond James.

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

Thanks. Couple of questions. First, if you can update us on your new advertising initiatives in terms of how the sponsored links are performing? Additionally, if you can give us an update on Prime Now. Seems like you've rolled out a number of cities for that. How that's involving and the traction with Prime Now? Thank you.

謝謝。幾個問題。首先，您能否向我們介紹一下您的新廣告計劃中贊助商連結的執行情況？此外，如果您能向我們提供有關 Prime Now 的最新資訊。看起來您已經為此推出了多個城市。這與 Prime Now 有何關聯？有何吸引力？謝謝。

We're very excited about the advertising business, and we think it's still very early days for this opportunity. So, it's an offering we've been working on. We're trying to take a very customer-centric approach. You've probably noticed some changes in the treatment on the website, and we did move away from text ads and product ads in favor of some of the other, newer products. We're really excited about the opportunity there is for third-party sellers and for other vendors on the site. But, we're not breaking out numbers today.

我們對廣告業務感到非常興奮，我們認為這個機會還處於早期階段。所以，這是我們一直致力於提供的產品。我們正嘗試採取以客戶為中心的方法。您可能已經注意到網站處理方式的一些變化，我們確實放棄了文字廣告和產品廣告，轉而採用一些其他較新的產品。我們對第三方賣家和網站上的其他供應商所擁有的機會感到非常興奮。但是，我們今天不會公佈具體數字。

On Prime Now, we're now in 30 metro areas. Really from a standing start 16 months ago when we opened our first Prime Now location, and it's now a worldwide business in the US, UK, Italy, and Japan. The five cities we added in the first quarter were Raleigh, North Carolina, Cincinnati, Tampa, Liverpool, England, and Osaka, Japan.

透過 Prime Now，我們目前已涵蓋 30 個大都市地區。16 個月前，我們開設了第一家 Prime Now 門市，從那時開始，現在我們的業務已遍布美國、英國、義大利和日本。我們在第一季新增的五個城市分別是北卡羅來納州羅利、辛辛那提、坦帕、英國利物浦和日本大阪。

How do we feel about that business? Again, it offers tens of thousands of daily essential products. We think it's a service that customers like. Certainly is hard for companies to do. We think the natural evolution of our operations network and our scale gives us a chance to do this, and we are happy to invest in it as a service for our customers. We're taking a long-term approach on this one though.

我們對那件事有何感想？再次，它提供數以萬計的日常必需品。我們認為這是客戶喜歡的服務。對企業來說這當然很難做到。我們認為，我們的營運網絡和規模的自然發展為我們提供了這樣做的機會，我們很樂意投資它作為為客戶提供的服務。不過，我們對此採取的是長期策略。

Our next question comes from Stephen Ju of Credit Suisse.

下一個問題來自瑞士信貸的 Stephen Ju。

Thanks. Your capital lease-driven property and equipment acquisitions is down again year-over-year. So, will you help tie this to perhaps the overall usage growth at AWS? Or, maybe the changing nature of how your enterprise customers may be using the platform to be more compute versus storage or database-heavy? I think historically on the e-commerce side, you have been price followers as opposed to price leaders. AWS, you have been price leaders for the most part for actively taking down price. Now, given your leadership position, do you think you'll continue to be price leaders? Or, do you think it's now time for you to follow instead? Thanks.

謝謝。您的資本租賃驅動的財產和設備收購同比再次下降。那麼，您能否協助將其與 AWS 的整體使用量成長連結起來？或者，您的企業客戶使用該平台的方式可能會發生變化，變得更加重視運算而不是儲存或資料庫？我認為從歷史上看，在電子商務方面，你們一直是價格追隨者，而不是價格領導者。AWS，你們一直以來都是價格領導者，積極壓低價格。現在，鑑於您的領導地位，您認為您會繼續成為價格領導者嗎？或者，您認為現在是時候跟隨你了？謝謝。

Let me start with your CapEx question. We like to look at both capital expenditures and capital leases because they're both essentially our level of investment. Those totaled $9.5 billion in the trailing 12 months, and it was up 7% from the 12-month period ending this quarter last year. I will point out that the prior year was $6.1 billion. We have stepped up investment. Although it did not go up as much year-over-year this quarter, we are still spending almost $10 billion on what essentially is fulfillment capacity in support of really strong growth -- unit growth in FBA and global expansion and then also on AWS. Additional capacity for existing customers as they grow their business and also in new regions. We've been working and continue to work very hard on capital productivity. It's very important to us and I attribute a good piece of the ability to keep that at a modest growth rate year-over-year to our capital efficiency and better purchasing across all capital and capital leases quite frankly. But, again, we are spending almost $10 billion.

讓我先從您的資本支出問題開始。我們喜歡同時關注資本支出和資本租賃，因為它們本質上都是我們的投資水準。過去 12 個月的總額達到 95 億美元，比去年本季結束的 12 個月期間增加了 7%。我要指出的是，去年這數字是 61 億美元。我們加大了投資力度。儘管本季的同比增長幅度不大，但我們仍本質上花費近 100 億美元用於履行能力，以支持真正強勁的增長——FBA 的單位增長和全球擴張，以及 AWS。隨著現有客戶的業務成長以及在新地區的業務拓展，為他們提供額外的容量。我們一直在努力提高資本生產力，並將繼續為此而努力。這對我們來說非常重要，坦白說，我將保持同比適度成長率的很大一部分原因歸功於我們的資本效率以及所有資本和資本租賃的更好的採購。但是，我們又花了將近100億美元。

Stephen, this is Phil. Just to jump on the usage growth comment, we continue to see really strong usage growth. We're not in the business of raising prices. We lower prices for AWS. There can be mix for products, but by and large, if you see our revenue growth, we're also lowering prices which means that by math we're typically going to be growing usage at a very strong rate. Just wanted to jump on that.

史蒂芬，這是菲爾。就使用量成長評論而言，我們繼續看到非常強勁的使用量成長。我們的業務不是提高價格。我們降低 AWS 的價格。產品可以混合，但總的來說，如果你看到我們的收入成長，我們也在降低價格，這意味著從數學上講，我們的使用量通常會以非常強勁的速度成長。我只是想跳到那一步。

Our next question comes from John Blackledge of Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 John Blackledge。

Great. Thanks. The North American EGM segment outperformed our expectations of growth accelerating on a year-over-year basis. Given you don't break out GMV by vertical within the EGM segment and given the strong growth at massive scale, can you cite any key verticals that were particularly strong?

偉大的。謝謝。北美 EGM 部門的表現超出了我們的預期，年成長加速。鑑於您沒有在 EGM 細分市場中按垂直行業細分 GMV，並且考慮到大規模的強勁增長，您能否列舉出特別強勁的關鍵垂直行業？

Second question is just an update on Fresh. Rollout has obviously been much slower than Prime Now. How should we think about the Fresh rollout and the impact over the long-term? Thank you.

第二個問題只是有關 Fresh 的更新。推出的速度顯然比 Prime Now 慢得多。我們該如何看待 Fresh 的推出及其長期影響？謝謝。

This is Phil. I'll take the EGM question first. So, just to put numbers on that, the year-over-year in the US, or North in America, was 32% growth which was up from 28% in Q4. There's not any single categories we're calling out there. To grow on a base that big, that kind of rate, you need pretty strong performance across the board. A lot of categories are selling a lot. It's a lot of the drivers we talked about. As Brian mentioned on the revenue growth side -- Prime, selection growth. We also benefited from the extra day in quarter due to the leap year. Strong performance from many of the categories.

這是菲爾。我先回答 EGM 問題。因此，僅從數字上看，美國或北美的年成長率為 32%，高於第四季的 28%。我們並沒有呼籲任何單一的類別。要在如此大的基礎上實現如此高的成長速度，就需要各方面都表現得相當強勁。很多品類的銷售量都很好。我們討論過很多驅動因素。正如布萊恩在收入成長方面所提到的——Prime、選擇成長。由於閏年，我們也受惠於每季額外的一天。許多類別均表現強勁。

On Amazon Fresh, we continue to have a strong Fresh business in a number of cities in the US. We know customers love it. We're making good progress on the economics. You'll also notice we have other ways for people to buy consumable products. We have Prime Pantry. We have Prime Now. We're playing with a lot of different models to see what resonates with consumers, and it will guide our investment decisions going forward.

在亞馬遜生鮮方面，我們在美國多個城市持續保持強勁的生鮮業務。我們知道顧客喜歡它。我們在經濟方面取得了良好進展。您也會注意到，我們還有其他方式供人們購買消費品。我們有 Prime Pantry。我們有 Prime Now。我們正在嘗試許多不同的模型，以了解哪些模型能夠引起消費者的共鳴，這將指導我們未來的投資決策。

Our next question comes from Ben Schachter of Macquarie Equities Research.

我們的下一個問題來自麥格理股票研究公司的 Ben Schachter。

First, congratulations on the great quarter. Couple on Prime and one on China. First, a point of clarification. You answered a previous question by saying that you will significantly increase investment in Prime. Was that specifically in reference to video? Or, should we expect new types of offerings beyond video and music?

首先，恭喜本季取得的優異成績。一對在 Prime 上，一對在中國。首先，需要澄清一點。您在回答先前的問題時說過，您將大幅增加對 Prime 的投資。這是專門針對影片而言的嗎？或者，我們是否應該期待超越視訊和音樂的新型產品？

And, secondly on Prime, membership is likely hitting some saturation levels for certain demographics in the US? Do you intend to focus on more lower income households for growth there? Then finally, on China, anything notable to call out there that's been different over the recent past driving results? The free trade zone, et cetera?

其次，對於美國某些特定族群來說，Prime 的會員數量可能會達到飽和程度？您是否打算將重點放在低收入家庭上以促進那裡的成長？最後，關於中國，最近有什麼值得注意的變化，對推動業績有影響嗎？自由貿易區等等？

I'll take the first question on content. Yes, my comment on Prime benefits was essentially one about video content and our investment there. Not saying other investments may not go up as well, but that is the one we're focusing on that I called out.

我將回答有關內容的第一個問題。是的，我對 Prime 優勢的評論本質上是關於視頻內容和我們在那裡的投資。並不是說其他投資可能不會上漲，但這正是我所關注的。

On the comment about Prime -- I guess what I'll call availability or saturation. I think that's one of the thoughts behind our monthly plan. We want to create flexibility for consumers to try Prime in a low cost way if that's how they choose. We've always had our free trial program, but it is a hurdle for many people, or there's a hesitancy to put up a full year's payment for a year of Prime. Annual is still going to be a better deal. But, we know customers may try it more frequently if it's a monthly plan. And, that's what we're looking for. We know that once customers try it, generally they'll really like it. So, we think that will purge some other demographic groups as well.

關於 Prime 的評論——我想我會稱之為可用性或飽和度。我認為這是我們月度計劃背後的想法之一。如果消費者願意，我們希望為他們提供彈性，讓他們能夠以低成本的方式試用 Prime。我們一直都有免費試用計劃，但對許多人來說這是一個障礙，或者他們不願意為一年的 Prime 服務支付全年費用。按年支付仍然是更好的選擇。但是，我們知道，如果是按月付費的計劃，客戶可能會更頻繁地嘗試。而這正是我們所尋找的。我們知道，一旦顧客嘗試了，他們通常就會非常喜歡它。因此，我們認為這也將清除一些其他人口群體。

This is Phil. Another comment on the Prime. Your saturation question. Keep in mind, even in the US, which is our most mature by years of launch, we still grew last year at 47% year-over-year membership growth, and we continue to make the program better and better. I think the monthly offers are great for flexibility. Give people a chance to try new ways, and we continue to add content. We continue to add selection. Prime Now is a huge benefit that didn't even exist two years ago. We're still out trying to meet as many customers as possible. We're very committed to driving Prime and it's part of the Company.

這是菲爾。關於 Prime 的另一則評論。您的飽和度問題。請記住，即使在我們推出該計劃最成熟的美國，去年我們的會員數量仍然同比增長 47%，而且我們將繼續使該計劃變得越來越好。我認為按月提供的優惠非常靈活。給人們一個嘗試新方法的機會，我們會繼續添加內容。我們繼續增加選擇。Prime Now 是一項巨大的福利，兩年前甚至還不存在。我們仍在努力滿足盡可能多的客戶。我們非常致力於推動 Prime 的發展，它是公司的一部分。

Your question on China, probably the biggest thing to point to is more progress and selection on the Amazon global store. This is our website -- this is the offer that allows Chinese customers to shop from the US website, Amazon.com with prices in RMB and with Chinese language pages. It's focused on items that may be hard to get. And, Amazon is really trying to become the trusted source for many of these goods. So, really that's a big part of the focus. If you've been tracking that number over time, we're now up over $10 million which is good progress on that front.

您關於中國的問題，可能最值得關注的一點是亞馬遜全球商店的更多進步和選擇。這是我們的網站——這是為中國顧客提供的從美國網站 Amazon.com 購物的服務，價格以人民幣計算，頁面為中文。它專注於那些可能難以獲得的物品。而且，亞馬遜確實正在努力成為這些商品的可靠來源。所以，這確實是重點。如果您一直在追蹤這個數字，您會發現我們現在已經增加了 1000 多萬美元，這在這方面取得了良好的進展。

Our next question comes from Ron Josey of JMP Securities.

我們的下一個問題來自 JMP Securities 的 Ron Josey。

Thanks for taking the question. I want to go back to North America but focus on margins. 5.5%, 5.4% margins, I think that's the highest level since maybe Q2 2010 and resumes the margin expansion we saw for most of last year. Just hoping we can understand -- help us understand a little more what's driving that? I'm sure the more mature Prime Fly Wheel you mentioned that's happening in Europe. Is there anything else that's going on besides Prime Fly Wheel, maybe more efficient shipping or things along those lines? Thanks.

感謝您回答這個問題。我想回到北美，但重點是利潤。5.5%、5.4%的利潤率，我認為這可能是自2010年第二季度以來的最高水平，並恢復了去年大部分時間我們看到的利潤率擴張。只是希望我們能夠理解——幫助我們更多地了解是什麼推動了這一進程？我確信您提到的更成熟的 Prime Fly Wheel 正在歐洲出現。除了 Prime Fly Wheel 之外，還有其他事情正在進行嗎？例如更有效率的運輸或類似的事情？謝謝。

I'll start. You see the growth rate of the segment at 27%. It's showing the success we're having with customers. When we grow at that clip, we can do a lot of good things with it. We can on the cost side run our facilities more efficiently. We can buy better. We can look to in-source some things that we may have paid externally for. There's a number of things that we can do that I think will show up on the bottom line. But, principally, what we're trying to do now is make the Prime experience as strong as possible for consumers.

我先開始。您會看到該細分市場的成長率為 27%。它展示了我們在客戶方面的成功。當我們以這樣的速度成長時，我們可以做很多好事。從成本方面來說，我們可以更有效率地運作我們的設施。我們可以買到更好的。我們可以考慮將一些我們可能已經從外部付費購買的東西轉而由內部採購。我認為我們可以做很多事情，這些事情最終都會反映出來。但我們現在主要想做的是讓消費者獲得盡可能強大的 Prime 體驗。

This is Phil. The other thing I would add to that is that the margin you see in any quarter is the output of our rate of investment in some places and drive for efficiencies in others. We're not really trying to optimize for any particular number in a given quarter. We're just trying to make the best decisions we can to grow long-term free cash flow per share. We're juggling the investment in the places where we feel like we have long-term opportunities where we need to invest with making sure we're getting continuously better in all our other processes at the same time.

這是菲爾。我想補充的另一點是，任何季度的利潤率都是我們在某些​​地方的投資率和在其他地方的效率提升的產出。我們實際上並不是試圖針對特定季度的任何特定數字進行最佳化。我們只是盡力做出最佳決策，以增加每股長期自由現金流。我們正在對那些我們認為具有長期投資機會的地方進行投資，同時確保我們在所有其他流程中不斷取得進步。

Our final question will come from Bob Peck of SunTrust.

我們的最後一個問題來自 SunTrust 的 Bob Peck。

Thank you. Two quick ones. Back to India for a second, I was wondering if you could talk about the regulatory environment there, particularly how it pertains to Amazon cloud tail? Two, on logistics, could you talk about excess capacity in logistics as you build out air, freight, sea, et cetera. Would you ever entertain delivering other Companies' items, i.e., like a FedEx or UPS?

謝謝。兩個簡單的。回到印度，我想知道您是否可以談談那裡的監管環境，特別是它與亞馬遜雲尾的關係？第二，關於物流，您能否談談隨著空運、貨運、海運等的發展，物流產能過剩的問題？您是否考慮過運送其他公司的物品，例如聯邦快遞或 UPS？

This is Phil. I'll take the India question. We're happy to see the recent clarifications. Then, we're happy to operate in any regime. Frankly, the more clarity the better.

這是菲爾。我來回答印度問題。我們很高興看到最近的澄清。那麼，我們很樂意在任何政權下運作。坦白說，越清晰越好。

Then, on the logistics question. Stepping back, the reason we add logistics capability and transportation capability is so we can serve our customers faster and faster delivery speeds, and we've needed to add more of our own capacity to supplement our carriers and partners. They're still, again, great partners, have been, and will continue to be for the future. But, we see opportunities where we need to add additional capacity, and we're filling those voids.

然後，關於物流問題。退一步來說，我們增加物流能力和運輸能力的原因是為了能夠以越來越快的交付速度為我們的客戶提供服務，並且我們需要增加自己的能力來補充我們的承運商和合作夥伴。他們仍然是我們優秀的合作夥伴，過去是，未來仍將是。但是，我們看到了需要增加額外容量的機會，我們正在填補這些空白。

Thank you for joining us on the call today 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.com and look forward to talking with you again next quarter.

感謝您今天參加我們的電話會議並提出您的問題。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 Amazon.com 的關注，並期待下個季度再次與您交談。

This concludes today's teleconference. Thank you for your participation. You may disconnect your lines at this time.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。