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.

大家好，歡迎參加 Amazon.com 2016 年第一季度財務業績電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

After the presentation, we will conduct a question-and-answer session.

演講結束後，我們將進行問答環節。

Today's call is being recorded.

今天的電話正在錄音。

For opening remarks, I will be turning the call over to the Director of Investor Relations, Phil Hardin.

對於開場白，我將把電話轉給投資者關係總監菲爾·哈丁。

Please go ahead.

請繼續。

Hello and welcome to our Q1 2016 financial results conference call.

您好，歡迎參加我們的 2016 年第一季度財務業績電話會議。

Joining us today is Brian Olsavsky, our CFO.

今天加入我們的是我們的首席財務官 Brian Olsavsky。

We will be available for questions after our prepared remarks.

在我們準備好的評論之後，我們將接受提問。

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.

以下討論和對您問題的回答僅反映了管理層截至今天（2016 年 4 月 28 日）的觀點，並將包括前瞻性陳述。

Actual results may differ materially.

實際結果可能大不相同。

Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.

有關可能影響我們財務業績的因素的其他信息包含在今天的新聞稿和我們向 SEC 提交的文件中，包括我們最近的 10-K 表格年度報告和後續文件。

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.

當您收聽今天的電話會議時，我們鼓勵您將我們的新聞稿放在您面前，其中包括我們的財務業績以及本季度的指標和評論。

During this call, we will discuss certain non-GAAP financial measures.

在本次電話會議中，我們將討論某些非公認會計準則財務措施。

In our press release, slides accompanying this webcast, and our filings with the SEC, each of which is posted on our IR website, you will find additional disclosures regarding these non-GAAP measures including reconciliations of these measures with comparable GAAP measures.

在我們的新聞稿、本網絡廣播隨附的幻燈片以及我們向美國證券交易委員會提交的文件（每一份都發佈在我們的 IR 網站上）中，您會發現有關這些非 GAAP 措施的更多披露，包括這些措施與可比較的 GAAP 措施的對賬。

Finally, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2015.

最後，除非另有說明，否則本次電話會議中的所有比較都將與我們 2015 年可比期間的結果相反。

Now, I'll turn the call over to Brian.

現在，我將把電話轉給布賴恩。

Thanks, Phil.

謝謝，菲爾。

I'll begin with comments on our first-quarter financial results.

我將從對我們第一季度財務業績的評論開始。

Trailing 12-month operating cash flow increased 44% to $11.3 billion.

過去 12 個月的經營現金流增長 44% 至 113 億美元。

Trailing 12-month free cash flow increased to $6.4 billion, up from $3.2 billion.

過去 12 個月的自由現金流從 32 億美元增加到 64 億美元。

Trailing 12-month free cash flow less lease principal repayments increased to $3.5 billion up from $1.5 billion.

過去 12 個月的自由現金流減去租賃本金還款額從 15 億美元增加到 35 億美元。

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.

過去 12 個月的自由現金流減去融資租賃本金償還和資本租賃所需的資產從流出的 12 億美元增加到 16 億美元。

Trailing 12-month capital expenditures were $4.9 billion.

過去 12 個月的資本支出為 49 億美元。

Capital expenditures do not include the impact of property and equipment acquired under capital and finance and lease obligations.

資本支出不包括根據資本和融資和租賃義務獲得的財產和設備的影響。

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.

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，支持持續業務增長的額外投資，其中大部分用於支持 AWS 和額外的容量以支持我們的履行運營。

The combination of common stock and stock-based awards outstanding was 490 million shares compared with 483 million one year ago.

普通股和已發行股票獎勵的總和為 4.9 億股，而一年前為 4.83 億股。

Worldwide revenue increased 28% to $29.1 billion, or 29% excluding the $210 million unfavorable impact from year-over-year changes in foreign exchange.

全球收入增長 28% 至 291 億美元，不包括外匯同比變化帶來的 2.1 億美元不利影響，增幅為 29%。

Worldwide active customer accounts, excluding customers who only had pre-orders in the preceding 12-month period, exceeded 285 million.

全球活躍客戶賬戶（不包括在前 12 個月內僅預訂過的客戶）超過 2.85 億。

Worldwide paid unit growth was 27%.

全球付費單位增長率為 27%。

Worldwide seller units represented 48% of paid units.

全球賣家單位佔付費單位的 48%。

Now, I'll talk about our segment results.

現在，我將談談我們的細分結果。

In the first quarter of 2016, we began to allocate stock-based compensation and other operating expense net to our segment results.

2016 年第一季度，我們開始將基於股票的薪酬和其他運營費用淨額分配給我們的分部業績。

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.

這些金額在我們的分部業績中合併並命名為基於股票的薪酬和其他，並反映了我們現在評估我們的業務績效和管理我們的運營的方式。

For reference this quarter, I'll also mention segment operating income excluding stock-based compensation and other.

作為本季度的參考，我還將提到不包括基於股票的薪酬和其他的部門營業收入。

In the North America segment, revenue grew 27% to $17 billion.

在北美市場，收入增長 27% 至 170 億美元。

Media revenue grew 8% to $3.2 billion.

媒體收入增長 8% 至 32 億美元。

EGM revenue grew 32% to $13.5 billion.

臨時股東大會收入增長 32% 至 135 億美元。

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.

包括股票薪酬和其他在內的北美分部營業收入為 5.88 億美元，營業利潤率為 3.5%，而去年同期為 2.54 億美元。

This includes $5 million of favorable impact from foreign exchange.

這包括來自外彙的 500 萬美元的有利影響。

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.

北美分部扣除股票薪酬和其他業務的營業收入為 9.24 億美元，營業利潤率為 5.4%，而上一年為 5.17 億美元。

In the international segment, revenue grew 24% to $9.6 billion.

在國際部門，收入增長 24% 至 96 億美元。

Excluding the $177 million year-over-year unfavorable foreign exchange impact, revenue growth was 26%.

剔除 1.77 億美元的同比不利外匯影響，收入增長 26%。

Media revenue increased 7% to $2.5 billion, or 9% excluding foreign exchange.

媒體收入增長 7% 至 25 億美元，不包括外匯收入增長 9%。

EGM revenue grew 31% to $7 billion, or 33% excluding foreign exchange.

臨時股東大會收入增長 31% 至 70 億美元，不包括外匯收入增長 33%。

International segment operating loss including stock-based compensation and other was $121 million compared with a loss of $194 million in the prior year.

包括基於股票的補償和其他在內的國際部門經營虧損為 1.21 億美元，而上一年為虧損 1.94 億美元。

This includes $21 million of favorable impact from foreign exchange.

這包括來自外彙的 2100 萬美元的有利影響。

International segment operating income before stock-based compensation and other was $20 million compared with a loss of $76 million in the prior year.

不計股票補償和其他因素的國際部門營業收入為 2000 萬美元，而上一年為虧損 7600 萬美元。

In the Amazon Web Services segment, revenue grew 64% to $2.6 billion.

在亞馬遜網絡服務部門，收入增長 64% 至 26 億美元。

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.

亞馬遜網絡服務部門的營業收入（包括基於股票的薪酬和其他）為 6.04 億美元，營業利潤率為 23.5%，而上一年為 1.95 億美元。

This includes $24 million of favorable impact from foreign exchange.

這包括來自外彙的 2400 萬美元的有利影響。

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.

亞馬遜網絡服務部門在股票薪酬和其他方面的營業收入為 7.16 億美元，營業利潤率為 27.9%，而上一年為 2.65 億美元。

Our operating income includes stock-based compensation expense and other operating expense.

我們的營業收入包括基於股票的補償費用和其他營業費用。

Operating income was $1.1 billion, or 3.7% of revenue, up approximately 260 basis points year-over-year.

營業收入為 11 億美元，佔收入的 3.7%，同比增長約 260 個基點。

This includes $50 million of favorable impact from foreign exchange.

這包括來自外彙的 5000 萬美元的有利影響。

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.

扣除基於股票的薪酬和其他因素後的合併部門營業收入為 17 億美元，佔收入的 5.7%，而上一年為 7.06 億美元。

Our income tax expense was $475 million.

我們的所得稅費用為 4.75 億美元。

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.

淨收入為 5.13 億美元，或稀釋後每股 1.07 美元，而淨虧損為 5700 萬美元，或稀釋後每股虧損 0.12 美元。

Turning to the balance sheet, cash and marketable securities increased $2.1 billion year-over-year to $15.9 billion.

轉向資產負債表，現金和有價證券同比增加 21 億美元至 159 億美元。

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.

庫存增加了 30% 至 96 億美元，庫存周轉率從一年前的 8.8 週減少了 8.6 倍，因為我們擴大了選擇範圍、提高了庫存水平並推出了新產品類別。

Accounts payable increased 26% to $15 billion, and accounts payable days increased to 72 from 70 in the prior year.

應付賬款增長 26% 至 150 億美元，應付賬款天數從去年的 70 天增加到 72 天。

I'll conclude my portion of today's call with guidance.

我將在指導下結束今天的電話會議。

Incorporated into our guidance are the order trends that we've seen to date and what we believe today to be appropriately conservative assumptions.

我們的指導中包含了我們迄今為止看到的訂單趨勢以及我們今天認為是適當保守的假設。

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.

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、互聯網的增長率、在線商業和雲服務，以及我們提交給美國證券交易委員會的文件中詳述的各種因素。

It is not possible to accurately predict demand, and therefore, our actual results could differ materially from our guidance.

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存在重大差異。

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.

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、法律問題的不利解決以及我們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。

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.

我們的指導進一步假設我們沒有完成任何額外的業務收購、投資、重組或法律和解，記錄對基於股票的薪酬估計的任何進一步修訂，並且外匯匯率保持在最近的水平附近。

For Q2 2016, we expect net sales of between $28 billion and $30.5 billion, or growth of between 21% and 32%.

對於 2016 年第二季度，我們預計淨銷售額在 280 億美元至 305 億美元之間，或增長 21% 至 32%。

This guidance anticipates approximately 70 basis points of favorable impact from foreign exchange rates.

該指引預計外匯匯率將產生大約 70 個基點的有利影響。

Operating income to be between $375 million and $975 million compared with $464 million in second-quarter 2015.

營業收入將在 3.75 億美元至 9.75 億美元之間，而 2015 年第二季度為 4.64 億美元。

This includes approximately $825 million for stock-based compensation and other operating expense net.

這包括大約 8.25 億美元的股票薪酬和其他運營費用淨額。

We are grateful to our customers and remain heads-down focused on driving a better customer experience.

我們感謝我們的客戶，並始終專注於推動更好的客戶體驗。

We believe putting customers first is the only reliable way to create lasting value for shareholders.

我們相信客戶至上是為股東創造持久價值的唯一可靠途徑。

Thanks.

謝謝。

And, with that, Phil, let's move on to questions.

然後，菲爾，讓我們繼續提問。

Great.

偉大的。

Thanks, Brian.

謝謝，布賴恩。

Let's move on to the Q&A portion of the call.

讓我們繼續電話的問答部分。

Operator, will you please remind our listeners how to initiate a question?

接線員，請您提醒我們的聽眾如何發起提問？

(Operator Instructions)

（操作員說明）

Our first question is from Mark May of Citi.

我們的第一個問題來自花旗銀行的 Mark May。

Thanks a lot.

非常感謝。

Lots here, but international retail revenue -- the international retail segment really stood out.

這裡有很多，但國際零售收入——國際零售領域確實很突出。

Revenue accelerated.

收入加速。

Seemed like a bit of a milestone also that the CSOI turned positive in a non-Q4 quarter.

CSOI 在非第四季度轉正似乎也是一個里程碑。

Can you shed any more light in what the key driver there was?

您能否進一步闡明關鍵驅動因素是什麼？

And, how sustainable it is?

而且，它的可持續性如何？

And, AWS just mathematically, the comps get tougher starting in Q2, just given what happened in 2014.

而且，AWS 從數學上講，從第二季度開始，競爭變得更加艱難，就像 2014 年發生的事情一樣。

Is that something that we should be taking into account in terms of thinking about how the rest of the year may progress?

在考慮今年餘下時間的進展情況時，我們應該考慮到這一點嗎？

Thanks.

謝謝。

Sure.

當然。

Your first question on international.

您關於國際的第一個問題。

Yes, all three segments had very strong growth in the quarter.

是的，這三個部門在本季度都有非常強勁的增長。

International's 26% for FX-neutral growth rate was actually the strongest we've seen in 3.5 years.

國際的 26% 的外匯中性增長率實際上是我們在 3.5 年中看到的最強勁的。

I would attribute it to the Prime Fly Wheel.

我將其歸因於 Prime 飛輪。

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.

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 Prime 指標上落後於美國幾年，但我們去年也說過 Prime 訂閱量增長了 51%與 2015 年相比。

47% of that was in the US and a higher rate than that internationally.

其中 47% 在美國，高於國際水平。

So, certainly a lot going on in the international.

所以，國際上肯定發生了很多事情。

A lot that's really good adding Prime subscribers at a high clip.

在高剪輯中增加 Prime 訂閱者真的很好。

Continuing to add selection at FBA sellers.

繼續在 FBA 賣家處添加選擇。

So, you'll see devices, you see video content.

所以，你會看到設備，你會看到視頻內容。

It's the whole array of Prime offering.

這是一系列 Prime 產品。

Prime Now, Same-day, everything is in Europe.

Prime Now，Same-day，一切都在歐洲。

Maybe getting there a little slower than starting point at the US.

也許到達那裡比在美國的起點慢一點。

We see it really showing up in customer engagement and customer purchases.

我們看到它真正體現在客戶參與和客戶購買中。

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.

在 AWS 方面，我認為 2016 年到 2015 年的比較可能是獨立的，而 2014 年則被擱置一旁，所以我鼓勵你看看最近的趨勢。

We don't forecast, obviously, by segment.

顯然，我們不會按細分市場進行預測。

Our next question comes from Douglas Anmuth, JPMorgan.

我們的下一個問題來自摩根大通的 Douglas Anmuth。

Thanks for taking the question.

感謝您提出問題。

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.

只是想問你整體的單位增長情況，如果我們回顧過去三個季度，你現在已經將它加速到比我們在 2014 年和 2015 年上半年看到的更高的水平，我在最後一個第三季度意識到你有黃金日的那一年。

I was hoping you could comment on the overall acceleration we've seen here and key drivers behind that?

我希望你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？

And, if there's something different perhaps than what you talked about on international?

而且，如果有什麼與你在國際上所說的不同的話？

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?

此外，在 AWS 上，您能否談談這裡的利潤率的潛在驅動因素，並考慮一下未來的主要槓桿來源？

As you open up six new regions in coming months, should we expect this to be constant build-out?

隨著您在未來幾個月開放六個新地區，我們是否應該期望這會不斷擴大？

Or, something that's more lumpy over time and more in waves?

或者，隨著時間的推移變得更加粗糙並且在波浪中更多的東西？

Thanks.

謝謝。

This is Phil Hardin.

這是菲爾·哈丁。

I'll take the units question.

我會回答單位問題。

Really the units are driven by very similar trends to what Brian described.

實際上，這些單位的驅動力與布賴恩所描述的趨勢非常相似。

When we look at the bridges for revenue, and obviously, units is our key driver of revenue.

當我們查看收入的橋樑時，顯然，單位是我們收入的主要驅動力。

Things like Prime are key in that bridge.

像 Prime 這樣的東西是這座橋的關鍵。

I would also call out selection growth.

我還會提到選擇增長。

That has been a big area of focus for us.

這一直是我們關注的一大領域。

One important way we drive selection is through FBA.

我們推動選擇的一種重要方式是通過 FBA。

We continue to be very pleased with the progress we're making in FBA.

我們繼續對我們在 FBA 方面取得的進展感到非常滿意。

What that means for our Prime customers is there's more for them to choose from.

對於我們的 Prime 客戶而言，這意味著他們有更多選擇。

Obviously, that gives them more they can purchase.

顯然，這給了他們更多可以購買的東西。

It makes Prime more valuable.

它使 Prime 更有價值。

For sellers, it means they sell more.

對於賣家來說，這意味著他們賣得更多。

I would say that FBA is helping drive some of the selection growth we're seeing here.

我想說，FBA 正在幫助推動我們在這裡看到的一些選擇增長。

Selection growth and Prime though are two very key drivers of our growth.

選擇增長和 Prime 是我們增長的兩個非常關鍵的驅動力。

On the second part, I think Brian -- .

在第二部分，我認為布賴恩——。

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.

我之前沒有說的另一條評論，我確實想指出，由於閏年，第一季度有額外的一天。

Every Company would have seen this obviously.

每個公司都會清楚地看到這一點。

But, we estimate it was worth about 150 basis points to our growth rate in revenue.

但是，我們估計我們的收入增長率約為 150 個基點。

That would be consistent North America and international.

那將是一致的北美和國際。

Your other comment -- question was on AWS and a bit about margins and margin outlook.

您的另一條評論——關於 AWS 的問題以及一些關於利潤率和利潤率前景的問題。

We're very pleased with the quarter.

我們對這個季度感到非常滿意。

We came in at 23.5% operating margin on the new basis including stock-based compensation and other.

在新的基礎上，我們的營業利潤率為 23.5%，包括基於股票的薪酬和其他。

We're very pleased.

我們非常高興。

But, stepping back with the 64% growth in AWS which is now a $10 billion business.

但是，隨著 AWS 的 64% 的增長而退後一步，現在是 100 億美元的業務。

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.

在利潤率方面，我會提醒你，我們很高興，但現在開始對這項業務的長期利潤率得出太多結論還為時過早。

They'll be bumpy over time.

隨著時間的推移，它們會變得崎嶇不平。

At any point in time, they are going to reflect the balance of investing including global expansion that he's talked about.

在任何時候，它們都將反映投資的平衡，包括他所說的全球擴張。

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.

我們可能會提供降價並提高成本效率，這對我們來說不僅是這項業務，而且是北美和國際市場的一個非常重要的推動力。

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.

偉大的。

Thanks.

謝謝。

Looking at the active customer account number, it looks like growth slowed pretty significantly, about 10 percentage points.

從活躍客戶賬戶數量來看，增長似乎非常顯著放緩，大約 10 個百分點。

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?

只是好奇，假設我們以正確的方式閱讀它，您是否可以讓我們了解可能會導致該數字下降的任何事情？

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?

然後，當你在 AWS 上推出時——當你在一年中推出固定的新可用區時，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.

我將回答您關於活躍客戶的問題的第一部分。

As we look at our metrics and what information we provide each year, we often make some changes.

當我們查看我們的指標以及我們每年提供的信息時，我們經常會做出一些改變。

So, this quarter we only gave the active customers with a paid purchase in the trailing 12 months.

因此，本季度我們僅在過去 12 個月內向活躍客戶提供了付費購買。

So, that number was more than 285 million.

因此，這個數字超過了 2.85 億。

I think that's pretty similar to the trend that we've seen in that metric.

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.

過去，有時我們也會給出活躍客戶總數。

That number for this quarter was over 310 million so that may be where you're making the statement about the slowdown in growth.

本季度的這個數字超過了 3.1 億，所以這可能是你對增長放緩發表聲明的地方。

The trajectory was very similar from prior quarters for both of those numbers.

這兩個數字的軌跡與前幾個季度非常相似。

But, we opted just to give the other one, but you now have the number for the total number of customers as well.

但是，我們選擇只提供另一個，但您現在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.

而且，關於您的 AWS 足跡問題，我們在本季度結束時有 33 個可用區和 12 個地理區域，明年我們還會開放 11 個可用區。

The impact on capital, yes, there will be additional capital investment as we build out those zones.

對資本的影響，是的，隨著我們建設這些區域，將會有額外的資本投資。

Some of it has already taken place.

其中一些已經發生。

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.

但是，我還要說，總的來說，資本租賃的最大增長是為了支持我們現在擁有的客戶的增量使用和我們現在擁有的協議的增長。

You should expect to see us continue to invest to support this business.

您應該期望看到我們繼續投資以支持這項業務。

We have a leadership position.

我們有領導地位。

We intend to maintain it, and we're very excited about where we are.

我們打算維護它，我們對我們所處的位置感到非常興奮。

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.

第一個是在 Prime 上。

You've had two straight years of around 50% Prime subscriber growth.

您已經連續兩年實現了大約 50% 的 Prime 用戶增長。

Curious about how you think about keys to driving Prime sub-growth going forward?

想知道您如何看待推動 Prime 次增長的關鍵嗎？

And, the thought process behind the reported monthly Prime subscription?

而且，報告的每月 Prime 訂閱背後的思考過程是什麼？

And, the second one on the logistics investments, there's been a lot about truck investments and logistics investments.

而且，關於物流投資的第二個方面，有很多關於卡車投資和物流投資的內容。

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?

關於學習的任何評論，以及您從對您的卡車車隊和您自己的交付網絡的一些投資中看到了什麼？

Thanks.

謝謝。

Let me start with the Prime.

讓我從 Prime 開始。

Yes, we have had very strong growth the last two years and earlier obviously on Prime growth of members.

是的，我們在過去兩年和更早的時候有非常強勁的增長，顯然是會員的 Prime 增長。

I would say it's a culmination of a lot of separate investments that we're making.

我想說這是我們正在進行的許多單獨投資的高潮。

If you look at the success of our devices, we are seeing tablets sell twice the volume in Q1 year-over-year.

如果您查看我們設備的成功，我們會看到平板電腦在第一季度的銷量同比增長了一倍。

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.

Fire TV 棒，您可能在我們的新聞稿中讀到它有超過 100,000 條客戶評論，這是有史以來評論最多的產品。

Over 62,000 of those reviews are 5-star reviews.

其中超過 62,000 條評論是 5 星評論。

We've not only had the Echo, but we have the Echo Dot and Tap.

我們不僅有 Echo，而且還有 Echo Dot 和 Tap。

We're branching off that product line and having trouble keeping those in stock.

我們正在擴展該產品線，並且無法保持庫存。

And, of course, we launched the new Kindle Oasis, our e-reader.

當然，我們還推出了新的 Kindle Oasis，我們的電子閱讀器。

That is an important part of the series as is the digital content.

這是該系列的重要組成部分，數字內容也是如此。

You may have seen the recent announcements that we're working on a great amount of new content for Prime members.

您可能已經看到最近的公告，我們正在為 Prime 會員製作大量新內容。

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.

客戶喜歡這些內容，我們特別喜歡我們看到的結果，特別是在使用和利用 Prime 的訂戶的 Prime 免費試用轉換和續訂率方面。

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.

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）方面取得的成功之外，我們認為該計劃正在發揮作用。

We're going to significantly increase our spend in that area.

我們將大幅增加在該領域的支出。

Some of that is in Q2.

其中一些是在第二季度。

You'll see that more in the next few quarters.

在接下來的幾個季度你會看到更多。

But, we think that's working and look forward to bringing a lot of new content to our Prime subscriber base.

但是，我們認為這是可行的，並期待為我們的 Prime 用戶群帶來大量新內容。

Both to our normal Prime subscription and also the monthly plan that you alluded to.

既適用於我們的正常 Prime 訂閱，也適用於您提到的月度計劃。

This is Phil Hardin.

這是菲爾·哈丁。

I'll jump in on the second part of your question.

我會跳到你問題的第二部分。

For the trucks, really it's trailers.

對於卡車，實際上是拖車。

The typical use case is running a lag between a fulfillment center and a sort center.

典型的用例是在履行中心和分類中心之間運行滯後。

So, we're running enough volume there that we were using trucks already.

因此，我們在那裡的運行量已經足夠我們使用卡車了。

We thought it made sense to go ahead and buy some trailers.

我們認為繼續購買一些拖車是有意義的。

We're actually still contracting out for the truck part, and it gives us flexibility.

實際上，我們仍在外包卡車部分，這給了我們靈活性。

We think the economics will make sense over time.

我們認為隨著時間的推移，經濟學會變得有意義。

Similarly, we've announced an agreement to lease some airplanes with air transport services group, agreement to lease up to 20 Boeing 767s there.

同樣，我們宣布了一項與航空運輸服務集團租賃一些飛機的協議，同意在那裡租賃多達 20 架波音 767。

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.

而且，類似的用例是已經裝箱的產品，我們再次認為這是我們已經在做的活動，這意味著我們的增長速度非常快。

This gives us extra capacity, and we think it's good to be able to deliver to customers.

這給了我們額外的容量，我們認為能夠交付給客戶是件好事。

We think it makes sense over the long-term.

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 RBC Capital Markets 的 Mark Mahaney。

Great.

偉大的。

Two questions related to Prime overseas.

關於海外 Prime 的兩個問題。

Could you talk about the status of Prime in international markets?

您能談談Prime在國際市場上的地位嗎？

How far rolled out it is in most of your major markets?

它在您的大多數主要市場中的推廣程度如何？

Then, you talk about Prime Fly Wheels, and you did last year.

然後，您談論 Prime 飛輪，您去年也這樣做了。

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?

但是，那些飛輪在去年第四季度的旋轉速度似乎比您預期的要快，這給您帶來了一些近期的費用問題？

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?

你能談談你是如何考慮計劃的，因為 Prime Fly Wheels 對你來說越來越廣泛，你如何嘗試在今年晚些時候的旺季之前提前做好準備？

Thank you.

謝謝你。

Sure.

當然。

This is Brian.

這是布萊恩。

Let me start with the second question first.

讓我先從第二個問題開始。

It wasn't necessarily the Prime Fly Wheel that was the issue.

問題不一定是 Prime 飛輪。

It was more the FBA demand that we had from FBA sellers for space in our warehouses.

更多的是 FBA 賣家對我們倉庫空間的 FBA 需求。

We were very full.

我們吃得很飽。

It was a high-class problem to have.

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.

但是，正如我上個季度提到的，它確實導致第四季度的履行成本更高。

I think you'll see some of that dissipated now in Q1.

我認為您會在第一季度看到其中的一些消散。

You can tell it was a Q4 issue.

你可以說這是第四季度的問題。

We learn from every Q4.

我們從每個 Q4 中學習。

This one was no exception.

這個也不例外。

We are already making plans for a smoother Q4 next year.

我們已經在為明年的第四季度製定更平穩的計劃。

We will continue to add fulfillment capacity.

我們將繼續增加履行能力。

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.

我們將與 FBA 賣家就庫存和時間安排進行合作，我們認為有些事情我們可以像每年一樣做得更好，從第四季度開始，我們可以學到很多東西。

This is Phil.

這是菲爾。

On the Prime question, we launched Prime in the US in 2005.

關於 Prime 問題，我們於 2005 年在美國推出了 Prime。

Followed that in 2007 with UK, Germany, and Japan.

2007 年緊隨其後的是英國、德國和日本。

And then, other countries after.

然後是其他國家。

We have Prime in all the countries where we have marketplaces with the exception of Mexico, China, and India.

除了墨西哥、中國和印度，我們在所有有市場的國家都有 Prime。

And, Prime is really in varying stages in those countries.

而且，Prime 在這些國家中確實處於不同的階段。

We have some kind of an expedited shipping offer in all of them.

我們在所有這些產品中都有某種加急運輸優惠。

Here in the US, we've been talking quite a bit about Prime Now.

在美國，我們一直在談論 Prime Now。

That's also in Italy and Japan and the UK at this point and not others.

在這一點上，意大利、日本和英國也是如此，而不是其他國家。

Also, varying levels of digital benefits as well.

此外，還有不同程度的數字優勢。

Generally, the international countries are not as far along with selection or the fullness of the digital offers.

一般來說，國際國家對數字優惠的選擇或豐富程度並不高。

We've got Prime Video in the UK, in Germany, and Japan.

我們在英國、德國和日本都有 Prime Video。

Music is not fully rolled out yet all together.

音樂還沒有完全推出。

That's where we are with Prime.

這就是我們與 Prime 合作的地方。

Our next question comes from Carlos Kirjner with Bernstein.

我們的下一個問題來自 Carlos Kirjner 和 Bernstein。

Thank you.

謝謝你。

I have two.

我有兩個。

I think it's the first time 1Q 2011 that we see tech and content counted as a percentage of revenue declining or flat.

我認為這是 2011 年第一季度我們第一次看到技術和內容佔收入的百分比下降或持平。

Is it just a sign of your inability to increase investment in line with revenue growth?

這是否只是表明您無法根據收入增長增加投資？

Or, is there something going on, if yes, what?

或者，是否發生了什麼事，如果是，是什麼？

Secondly, Brian, you said that the growth of Prime has been driven by investments you have made or are making.

其次，Brian，您說 Prime 的增長是由您已經或正在進行的投資推動的。

You gave the examples of devices that you are selling.

您提供了您正在銷售的設備的示例。

I think it's a mathematical certainty that Prime subscribers would accelerate in North America at some point from 50% growth.

我認為，北美的 Prime 訂戶會在某個時候從 50% 的增長中加速增長，這是一個數學上的確定性。

As penetration increases and growth slows, will we see a deceleration in the investment levels?

隨著滲透率增加和增長放緩，我們會看到投資水平減速嗎？

In other words, how do we think about the effect of deceleration in Prime on the North American margin structure in the future?

換句話說，我們如何看待Prime減速對未來北美利潤率結構的影響？

Thank you.

謝謝你。

Sure.

當然。

Let me start with that second one.

讓我從第二個開始。

We think there's a lot of room to grow not only in our international countries but also in the US.

我們認為不僅在我們的國際國家而且在美國都有很大的發展空間。

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.

我們計劃繼續打造 Prime 計劃的優勢，從音樂到視頻，再到兩日送達，再到當日送達，再到 Prime Now。

I don't see that dissipating, and it remains the best deal in retail so hopefully everyone signs up for that.

我沒有看到這種消散，它仍然是零售業的最佳交易，所以希望每個人都報名參加。

On the tech and content question, I don't have a lot to call out in the quarter.

在技術和內容問題上，我在本季度沒有太多話要說。

I would say there's no letup in the pace of invention here particularly on the AWS side.

我想說這裡的發明步伐沒有放緩，尤其是在 AWS 方面。

We used quote the number of new features and services to you each quarter.

我們使用了每個季度為您提供的新功能和服務的數量。

We had 214 in Q1 up from the 170 this first quarter of last year.

我們在第一季度有 214 家，而去年第一季度為 170 家。

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.

僅本季度就有超過 26% 的增長，而我認為這一數字是去年為 AWS 客戶提供的 722 項重要的新功能和服務。

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.

謝謝你的問題。

Any comments on your business in India?

對您在印度的業務有何評論？

How is that market ramping up?

這個市場是如何增長的？

On the competitive front there, any sense of where the local incumbents may actually have some advantage in the region?

在那裡的競爭方面，是否知道當地的老牌企業在該地區實際上可能具有一些優勢？

Thanks.

謝謝。

Thanks.

謝謝。

I actually just returned from India where I spent a week with our teams in Bangalore and Hyderabad.

實際上，我剛從印度回來，在班加羅爾和海得拉巴與我們的團隊呆了一周。

We're breaking ground on a new 10-acre campus there.

我們正在那裡破土動工，新建一個佔地 10 英畝的校園。

So, we are solidifying and increasing our investment in India on all fronts.

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.

我有機會親眼目睹客戶和賣家向客戶交付貨物的發明水平，看到了我們與商家合作的“我有空間”計劃。

It's a very exciting time in India, and again, the invention is off the charts.

在印度，這是一個非常激動人心的時刻，而且，這項發明再一次打破了記錄。

We're inventing things in India that do not exist in other parts of the world.

我們正在印度發明世界其他地方不存在的東西。

And, the team there is one of our best.

而且，那裡的團隊是我們最好的團隊之一。

You can see it in some of the external commentary as well.

您也可以在一些外部評論中看到它。

For the second year in a row, customers selected Amazon India as Amazon's most trusted online shopping brand.

客戶連續第二年選擇亞馬遜印度作為亞馬遜最值得信賴的在線購物品牌。

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.

在本季度，我們推出了一個名為 Tatkal 的功能，這是一個帶輪子的工作室，我們去找賣家幫助他們註冊。

We let them do registration, imaging, catalog, uploads, and basic seller training.

我們讓他們進行註冊、成像、目錄、上傳和基本的賣家培訓。

We're taking it to the sellers -- taking the business to the sellers.

我們把它交給賣家——把生意交給賣家。

We've already reached sellers in 25 cities, and we're really helping them expand their business.

我們已經接觸了 25 個城市的賣家，我們確實在幫助他們拓展業務。

Not only within their home region, throughout the whole country.

不僅在他們的家鄉地區，在整個國家。

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。

Thanks.

謝謝。

My question is on the international margins.

我的問題是在國際邊緣。

They're quite a bit below where they were many years ago and trailing the US.

它們遠低於多年前的水平，並且落後於美國。

Maybe talk about the dynamics there and what is it going to take to catch up over time?

也許談談那裡的動態以及隨著時間的推移要趕上什麼？

Thanks.

謝謝。

Sure.

當然。

On the op margin side, although there was improvement year-over-year, you're right, it is still on an FX-neutral basis negative.

在運營利潤率方面，儘管同比有所改善，但您是對的，在外匯中性基礎上仍然是負面的。

We have, as I said earlier, fulfillment network and digital content.

正如我之前所說，我們擁有履行網絡和數字內容。

We continue to build the underpinnings of the Prime program in our international countries.

我們繼續在我們的國際國家建立 Prime 計劃的基礎。

You also have to keep in mind that we're making large investments in India.

您還必須記住，我們正在印度進行大量投資。

We're very excited about what we see.

我們對我們所看到的感到非常興奮。

And, we will continue to invest heavily in India.

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.

偉大的。

I just had two questions on AWS.

我在 AWS 上有兩個問題。

First, last fall at re:Invent, you disclosed that data management revenue was at a $1 billion run rate.

首先，去年秋天在 re:Invent 大會上，您披露數據管理收入為 10 億美元。

Can you provide an update on that figure?

你能提供這個數字的更新嗎？

And, maybe talk about how much of AWS revenue today is outside of the storage and compute layers.

而且，也許可以談談今天 AWS 的收入有多少是在存儲和計算層之外的。

And then, the second question is on the AWS margin.

然後，第二個問題是關於 AWS 保證金的。

I think everybody is trying to learn more about the structural long-term margin, and it was down a tad quarter-on-quarter.

我認為每個人都在嘗試更多地了解結構性長期利潤率，而且環比下降了一點。

Is that solely from FX impact?

這僅來自外匯影響嗎？

Or, was there some seasonality of expenses?

或者，是否有一些季節性的開支？

Any color on what's driving the AWS margin, and how we should think about that over the longer term?

是什麼推動了 AWS 的利潤率，以及從長遠來看我們應該如何看待這一點？

Thank you.

謝謝你。

I'll take your second question first.

我先回答你的第二個問題。

So, again, we had margin expansion year-over-year that was quite significant from 12.4% to 23.5%.

因此，我們再次實現了利潤率同比增長，從 12.4% 到 23.5% 非常顯著。

But, again, it's very early in this business.

但是，再一次，現在這個行業還很早。

We're very pleased with the results we're seeing on the top and bottom line.

我們對我們在頂線和底線看到的結果感到非常滿意。

But, margins are going to be bumpy and affected by levels of investing, price reductions, and also cost efficiency that we're driving.

但是，利潤率將坎坷不平，並受到我們正在推動的投資水平、降價以及成本效率的影響。

So, quarter to quarter, it will very.

因此，每季度都會非常。

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.

在這一點上，我們關注的是資本效率、通過降價定期向客戶返還價格，並為他們添加功能集以使業務更有價值。

This is Phil.

這是菲爾。

For your other part of the question, we're not providing an update on the $1 billion stat.

對於您問題的另一部分，我們沒有提供 10 億美元統計數據的更新。

What I would say is that the AWS team has strong revenue growth across their suite of products.

我想說的是，AWS 團隊的產品套件收入增長強勁。

The fastest growing product in their history is actually Aurora, the new database.

他們歷史上增長最快的產品實際上是新數據庫 Aurora。

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.

我們對我們在該領域看到的情況感到非常興奮，但我們今天沒有公佈這些不同組件的收入。

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的 Eric Sheridan。

Thanks for taking the question.

感謝您提出問題。

Looking at the gross margin, impressive performance in Q1.

從毛利率來看，第一季度的表現令人印象深刻。

There were a few headwinds it looked like in gross margin in Q4.

第四季度的毛利率似乎存在一些不利因素。

Wanted to understand how we should think about the puts and takes in gross margin.

想了解我們應該如何看待看跌期權和毛利率。

It has evolved to be a much higher number in the last few years.

在過去的幾年裡，它已經發展成為一個更高的數字。

What some of the puts and takes are going forward especially with respect to content costs?

特別是在內容成本方面，有哪些投入和投入正在向前發展？

Thanks.

謝謝。

Sure.

當然。

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.

除了我給你的指導之外，我沒有對你單獨的內容成本或任何東西的真正前瞻性的預測。

Yes, it hits in the gross margin.

是的，它達到了毛利率。

Content costs do show up there.

內容成本確實出現在那裡。

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.

我認為您應該在毛利率方面考慮更大的問題，再次從我們同比增長 300 個基點的評論開始。

That is really driven by, first of all, the AWS growth.

這首先是由 AWS 的增長推動的。

And again, $10 billion business growing 64%.

再一次，100 億美元的業務增長了 64%。

We're very pleased with that, and that affects gross margin as well.

我們對此感到非常滿意，這也會影響毛利率。

The other bigger element though is the third-party contribution.

另一個更大的因素是第三方貢獻。

Third-party units are now up to 48% of paid units, and that's up 400 basis points year-over-year.

第三方單位現在佔付費單位的 48%，同比增長 400 個基點。

That continues to be a factor in gross margin.

這仍然是毛利率的一個因素。

We book that on a net basis.

我們以淨額形式預訂。

The third-party revenue.

第三方收入。

It's a positive factor in gross margin.

這是毛利率的一個積極因素。

It can be a negative factor in fulfillment costs and some of the other metrics.

它可能是履行成本和其他一些指標的負面因素。

This is Phil.

這是菲爾。

Also, just to jump in, gross margin is not the primary metric we use to measure the business.

此外，只是為了跳進去，毛利率不是我們用來衡量業務的主要指標。

We're much more focused on free cash flow dollars and operating profit dollars.

我們更關注自由現金流和營業利潤。

So, there are a whole lot of moving parts in gross margin, and Brian mentioned a lot of them.

所以，毛利率中有很多活動部分，布賴恩提到了很多。

But, it's not a primary metric for us.

但是，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.

謝謝。

Couple of questions.

幾個問題。

First, if you can update us on your new advertising initiatives in terms of how the sponsored links are performing?

首先，您能否就贊助鏈接的表現向我們介紹您的新廣告計劃？

Additionally, if you can give us an update on Prime Now.

此外，如果您可以向我們提供有關 Prime Now 的最新信息。

Seems like you've rolled out a number of cities for that.

似乎您為此推出了許多城市。

How that's involving and the traction with Prime Now?

Prime Now 的參與度和吸引力如何？

Thank you.

謝謝你。

We're very excited about the advertising business, and we think it's still very early days for this opportunity.

我們對廣告業務感到非常興奮，我們認為這個機會還為時過早。

So, it's an offering we've been working on.

所以，這是我們一直在努力的產品。

We're trying to take a very customer-centric approach.

我們正在嘗試採用非常以客戶為中心的方法。

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.

您可能已經註意到網站上的處理方式發生了一些變化，我們確實從文字廣告和產品廣告轉向了其他一些較新的產品。

We're really excited about the opportunity there is for third-party sellers and for other vendors on the site.

我們對第三方賣家和網站上其他供應商的機會感到非常興奮。

But, we're not breaking out numbers today.

但是，我們今天沒有公佈數字。

On Prime Now, we're now in 30 metro areas.

在 Prime Now 上，我們現在在 30 個都會區。

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.

真正從 16 個月前我們開設第一家 Prime Now 門店開始，現在它已在美國、英國、意大利和日本開展全球業務。

The five cities we added in the first quarter were Raleigh, North Carolina, Cincinnati, Tampa, Liverpool, England, and Osaka, Japan.

我們在第一季度添加的五個城市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?

我們如何看待這項業務？

Again, it offers tens of thousands of daily essential products.

同樣，它提供數以萬計的日常必需品。

We think it's a service that customers like.

我們認為這是客戶喜歡的服務。

Certainly is hard for companies to do.

企業確實很難做到。

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.

我們認為，我們的運營網絡和規模的自然演變為我們提供了這樣做的機會，我們很高興將其作為為客戶提供的服務進行投資。

We're taking a long-term approach on this one though.

不過，我們正在對此採取長期的方法。

Our next question comes from Stephen Ju of Credit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

Thanks.

謝謝。

Your capital lease-driven property and equipment acquisitions is down again year-over-year.

您的資本租賃驅動的財產和設備購置再次同比下降。

So, will you help tie this to perhaps the overall usage growth at AWS?

那麼，您會幫助將其與 AWS 的整體使用增長聯繫起來嗎？

Or, maybe the changing nature of how your enterprise customers may be using the platform to be more compute versus storage or database-heavy?

或者，也許您的企業客戶使用該平台的方式正在發生變化，以使其計算量更大，而不是存儲量或數據庫量大？

I think historically on the e-commerce side, you have been price followers as opposed to price leaders.

我認為從歷史上看，在電子商務方面，您一直是價格追隨者，而不是價格領導者。

AWS, you have been price leaders for the most part for actively taking down price.

AWS，您在很大程度上一直是價格領導者，因為您積極降低價格。

Now, given your leadership position, do you think you'll continue to be price leaders?

現在，鑑於你的領導地位，你認為你會繼續成為價格領導者嗎？

Or, do you think it's now time for you to follow instead?

或者，你認為現在是時候跟隨你了嗎？

Thanks.

謝謝。

Let me start with your CapEx question.

讓我從您的資本支出問題開始。

We like to look at both capital expenditures and capital leases because they're both essentially our level of investment.

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平。

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.

在過去的 12 個月中，這些總額為 95 億美元，比去年本季度結束的 12 個月期間增長了 7%。

I will point out that the prior year was $6.1 billion.

我要指出的是，上一年是 61 億美元。

We have stepped up investment.

我們加大了投資力度。

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.

儘管本季度的同比增幅沒有那麼大，但我們仍然花費近 100 億美元用於支持真正強勁增長的履行能力——FBA 的單位增長和全球擴張，然後是 AWS。

Additional capacity for existing customers as they grow their business and also in new regions.

隨著現有客戶的業務發展以及在新地區的發展，為他們提供額外的容量。

We've been working and continue to work very hard on capital productivity.

我們一直在努力並將繼續努力提高資本生產力。

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.

這對我們來說非常重要，坦率地說，我將能夠保持適度增長的能力歸功於我們的資本效率和更好地購買所有資本和資本租賃。

But, again, we are spending almost $10 billion.

但是，我們再次花費了近 100 億美元。

Stephen, this is Phil.

斯蒂芬，這是菲爾。

Just to jump on the usage growth comment, we continue to see really strong usage growth.

只是跳上使用增長的評論，我們繼續看到真正強勁的使用增長。

We're not in the business of raising prices.

我們不從事提高價格的業務。

We lower prices for AWS.

我們降低 AWS 的價格。

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.

產品可以有多種組合，但總的來說，如果你看到我們的收入增長，我們也會降低價格，這意味著從數學上講，我們通常會以非常強勁的速度增長使用量。

Just wanted to jump on that.

只是想跳上那個。

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.

偉大的。

Thanks.

謝謝。

The North American EGM segment outperformed our expectations of growth accelerating on a year-over-year basis.

北美臨時股東大會部門的表現超出了我們對同比增長加速的預期。

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?

鑑於您沒有在 EGM 細分市場中按垂直方向劃分 GMV，並且考慮到大規模的強勁增長，您能否列舉出任何特別強勁的關鍵垂直領域？

Second question is just an update on Fresh.

第二個問題只是關於 Fresh 的更新。

Rollout has obviously been much slower than Prime Now.

推出顯然比 Prime Now 慢得多。

How should we think about the Fresh rollout and the impact over the long-term?

我們應該如何看待 Fresh 的推出及其長期影響？

Thank you.

謝謝你。

This is Phil.

這是菲爾。

I'll take the EGM question first.

我先回答 EGM 的問題。

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.

因此，僅以數字為例，美國或北美的同比增長率為 32%，高於第四季度的 28%。

There's not any single categories we're calling out there.

我們沒有提到任何單一的類別。

To grow on a base that big, that kind of rate, you need pretty strong performance across the board.

要在如此大的基礎上增長，你需要全面的強勁表現。

A lot of categories are selling a lot.

很多類別都賣得很好。

It's a lot of the drivers we talked about.

我們談到了很多司機。

As Brian mentioned on the revenue growth side -- Prime, selection growth.

正如布賴恩在收入增長方面提到的——Prime，選擇增長。

We also benefited from the extra day in quarter due to the leap year.

由於閏年，我們還受益於季度額外的一天。

Strong performance from many of the categories.

許多類別的強勁表現。

On Amazon Fresh, we continue to have a strong Fresh business in a number of cities in the US.

在 Amazon Fresh 上，我們繼續在美國多個城市擁有強大的生鮮業務。

We know customers love it.

我們知道客戶喜歡它。

We're making good progress on the economics.

我們在經濟方面取得了良好進展。

You'll also notice we have other ways for people to buy consumable products.

您還會注意到我們還有其他方式供人們購買消耗品。

We have Prime Pantry.

我們有 Prime Pantry。

We have Prime Now.

我們現在有 Prime。

We're playing with a lot of different models to see what resonates with consumers, and it will guide our investment decisions going forward.

我們正在嘗試許多不同的模型，以了解什麼能引起消費者的共鳴，它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 Macquarie Equities Research 的 Ben Schachter。

First, congratulations on the great quarter.

首先，祝賀偉大的季度。

Couple on Prime and one on China.

一對在 Prime 上，一個在中國。

First, a point of clarification.

首先，澄清一點。

You answered a previous question by saying that you will significantly increase investment in Prime.

您回答了之前的問題，說您將顯著增加對 Prime 的投資。

Was that specifically in reference to video?

那是專門針對視頻的嗎？

Or, should we expect new types of offerings beyond video and music?

或者，我們是否應該期待視頻和音樂之外的新型產品？

And, secondly on Prime, membership is likely hitting some saturation levels for certain demographics in the US?

其次，在 Prime 上，會員資格可能會達到美國某些人口統計的飽和水平？

Do you intend to focus on more lower income households for growth there?

您是否打算將重點放在更多低收入家庭的增長上？

Then finally, on China, anything notable to call out there that's been different over the recent past driving results?

最後，在中國，有什麼值得注意的地方與最近過去的駕駛結果有所不同？

The free trade zone, et cetera?

自由貿易區等等？

I'll take the first question on content.

我將回答關於內容的第一個問題。

Yes, my comment on Prime benefits was essentially one about video content and our investment there.

是的，我對 Prime 福利的評論本質上是關於視頻內容和我們在那裡的投資。

Not saying other investments may not go up as well, but that is the one we're focusing on that I called out.

並不是說其他投資也可能不會增加，但這是我所關注的。

On the comment about Prime -- I guess what I'll call availability or saturation.

關於 Prime 的評論——我想我會稱之為可用性或飽和度。

I think that's one of the thoughts behind our monthly plan.

我認為這是我們每月計劃背後的想法之一。

We want to create flexibility for consumers to try Prime in a low cost way if that's how they choose.

我們希望為消費者創造靈活性，讓他們以低成本的方式嘗試 Prime，如果他們願意的話。

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.

我們一直都有免費試用計劃，但這對許多人來說是一個障礙，或者猶豫是否要為一年的 Prime 支付一整年的費用。

Annual is still going to be a better deal.

年度仍將是一個更好的交易。

But, we know customers may try it more frequently if it's a monthly plan.

但是，我們知道如果是月度計劃，客戶可能會更頻繁地嘗試它。

And, that's what we're looking for.

而且，這就是我們正在尋找的。

We know that once customers try it, generally they'll really like it.

我們知道，一旦客戶嘗試過，通常他們會非常喜歡它。

So, we think that will purge some other demographic groups as well.

因此，我們認為這也會清除其他一些人口群體。

This is Phil.

這是菲爾。

Another comment on the Prime.

另一個關於總理的評論。

Your saturation question.

你的飽和度問題。

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.

請記住，即使在我們推出多年以來最成熟的美國，我們去年仍然以 47% 的同比會員增長率增長，我們繼續使該計劃變得越來越好。

I think the monthly offers are great for flexibility.

我認為每月的優惠非常適合靈活性。

Give people a chance to try new ways, and we continue to add content.

給人們一個嘗試新方法的機會，我們會繼續添加內容。

We continue to add selection.

我們繼續添加選擇。

Prime Now is a huge benefit that didn't even exist two years ago.

Prime Now 是一項兩年前甚至不存在的巨大好處。

We're still out trying to meet as many customers as possible.

我們仍在努力結識盡可能多的客戶。

We're very committed to driving Prime and it's part of the Company.

我們非常致力於推動 Prime，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.

你關於中國的問題，可能最大的問題是亞馬遜全球商店的更多進步和選擇。

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.

這是我們的網站——這是允許中國客戶從美國網站 Amazon.com 以人民幣價格和中文頁面購物的優惠。

It's focused on items that may be hard to get.

它專注於可能難以獲得的物品。

And, Amazon is really trying to become the trusted source for many of these goods.

而且，亞馬遜確實在努力成為許多此類商品的可信賴來源。

So, really that's a big part of the focus.

所以，這真的是重點的很大一部分。

If you've been tracking that number over time, we're now up over $10 million which is good progress on that front.

如果你一直在跟踪這個數字，我們現在已經超過 1000 萬美元，這在這方面取得了很好的進展。

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.

感謝您提出問題。

I want to go back to North America but focus on margins.

我想回到北美，但專注於利潤。

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.

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，並恢復了我們去年大部分時間看到的利潤率擴張。

Just hoping we can understand -- help us understand a little more what's driving that?

只是希望我們能理解——幫助我們更多地理解是什麼驅動了它？

I'm sure the more mature Prime Fly Wheel you mentioned that's happening in Europe.

我相信你提到的更成熟的 Prime Fly Wheel 正在歐洲發生。

Is there anything else that's going on besides Prime Fly Wheel, maybe more efficient shipping or things along those lines?

除了 Prime Fly Wheel 之外，還有什麼其他的事情嗎？也許是更高效的運輸或類似的事情？

Thanks.

謝謝。

I'll start.

我會開始的。

You see the growth rate of the segment at 27%.

您會看到該細分市場的增長率為 27%。

It's showing the success we're having with customers.

它顯示了我們在客戶方面取得的成功。

When we grow at that clip, we can do a lot of good things with it.

當我們在那個剪輯上成長時，我們可以用它做很多好事。

We can on the cost side run our facilities more efficiently.

我們可以在成本方面更有效地運行我們的設施。

We can buy better.

我們可以買到更好的。

We can look to in-source some things that we may have paid externally for.

我們可以尋求內購一些我們可能已經在外部支付的東西。

There's a number of things that we can do that I think will show up on the bottom line.

我們可以做很多事情，我認為這些事情會顯示在底線上。

But, principally, what we're trying to do now is make the Prime experience as strong as possible for consumers.

但是，主要的是，我們現在要做的是讓消費者的 Prime 體驗盡可能強大。

This is Phil.

這是菲爾。

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.

我要補充的另一件事是，您在任何季度看到的利潤是我們在某些地方的投資率的輸出，並在其他地方提高效率。

We're not really trying to optimize for any particular number in a given quarter.

我們並沒有真正嘗試針對給定季度中的任何特定數字進行優化。

We're just trying to make the best decisions we can to grow long-term free cash flow per share.

我們只是在努力做出最好的決定，以增加每股的長期自由現金流。

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.

我們在我們認為有長期機會需要投資的地方進行投資，同時確保我們在所有其他流程中不斷改進。

Our final question will come from Bob Peck of SunTrust.

我們的最後一個問題將來自 SunTrust 的 Bob Peck。

Thank you.

謝謝你。

Two quick ones.

兩個快的。

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?

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巴的關係？

Two, on logistics, could you talk about excess capacity in logistics as you build out air, freight, sea, et cetera.

第二，關於物流，你能談談在建立空運、貨運、海運等方面的物流能力過剩嗎？

Would you ever entertain delivering other Companies' items, i.e., like a FedEx or UPS?

您是否願意交付其他公司的物品，例如 FedEx 或 UPS？

This is Phil.

這是菲爾。

I'll take the India question.

我會回答印度的問題。

We're happy to see the recent clarifications.

我們很高興看到最近的澄清。

Then, we're happy to operate in any regime.

然後，我們很樂意在任何制度下運作。

Frankly, the more clarity the better.

坦率地說，越清晰越好。

Then, on the logistics question.

然後，關於物流問題。

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.

退一步說，我們增加物流能力和運輸能力的原因是為了能夠更快地為客戶提供服務，我們需要增加更多的自身能力來補充我們的運營商和合作夥伴。

They're still, again, great partners, have been, and will continue to be for the future.

再次，他們仍然是偉大的合作夥伴，已經並將繼續成為未來的合作夥伴。

But, we see opportunities where we need to add additional capacity, and we're filling those voids.

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.

感謝您今天加入我們的電話會議並提出問題。

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

至少在本季度末，我們的投資者關係網站上將提供重播。

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

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.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may disconnect your lines at this time.

此時您可以斷開線路。