亞馬遜 (AMZN) 2016 Q2 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q2 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, Darin Manney. Please go ahead.

謝謝你的支持。大家好，歡迎來到 Amazon.com 2016 年第二季度財務業績電話會議。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。今天的電話正在錄音。對於開場白，我將把電話轉給投資者關係總監 Darin Manney。請繼續。

Hello and welcome to our Q2 2016 financial results conference call. Joining us today is Brian Olsavsky, our CFO. We will be available for questions after our prepared remarks.

您好，歡迎參加我們的 2016 年第二季度財務業績電話會議。今天加入我們的是我們的首席財務官 Brian Olsavsky。在我們準備好的評論之後，我們將接受提問。

The following discussion and the responses to your questions reflect management's views as of today July 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 10K and subsequent filings.

以下討論和對您問題的回答僅反映管理層截至 2016 年 7 月 28 日的觀點，並將包括前瞻性陳述。實際結果可能大不相同。有關可能影響我們財務業績的因素的其他信息包含在今天的新聞稿和我們向 SEC 提交的文件中，包括我們最近的 10K 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. 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.

在您收聽今天的電話會議時，我們鼓勵您將我們的新聞稿放在您面前，其中包括我們的財務業績以及本季度的指標和評論。在本次電話會議中，我們將討論某些非公認會計原則的財務措施。在我們的新聞稿、本網絡廣播隨附的幻燈片以及我們向美國證券交易委員會提交的文件中，每一個都發佈在我們的投資者關係網站上，您會發現有關這些非公認會計原則措施的更多披露，包括這些措施與可比公認會計原則措施的對賬。

Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2015. Now I will turn the call over to Brian.

請注意，除非另有說明，本次電話會議中的所有比較都將與我們在 2015 年可比期間的結果相反。現在我將把電話轉給布賴恩。

Thanks, Darin. I'll begin with comments on our second-quarter financial results.

謝謝，達林。我將從對我們第二季度財務業績的評論開始。

Trailing 12-month operating cash flow increased 42% to $12.7 billion. Trailing 12-month free cash flow increased to $7.3 billion, up from $4.4 billion. Trailing 12-month free cash flow, less lease principal repayments, increased to $3.9 billion, up from $2.4 billion. Trailing 12-month free cash flow, less financed lease principal repayments and assets acquired under capital leases, increased to $2.5 billion, up from an outflow of $492 million.

過去 12 個月的經營現金流增長 42% 至 127 億美元。過去 12 個月的自由現金流從 44 億美元增加到 73 億美元。過去 12 個月的自由現金流（減去租賃本金償還）從 24 億美元增加到 39 億美元。過去 12 個月的自由現金流、較少的融資租賃本金償還和根據資本租賃獲得的資產從流出的 4.92 億美元增加到 25 億美元。

Worldwide revenue increased 31% to $30.4 billion or 30% excluding the $166 million favorable impact from year-over-year changes in foreign exchange. Worldwide paid unit growth was 28%. Worldwide seller units represented 49% of paid units.

全球收入增長 31% 至 304 億美元或 30%，不包括外匯同比變化帶來的 1.66 億美元的有利影響。全球付費單位增長率為 28%。全球賣家單位佔付費單位的 49%。

Now I will talk about our segment results. North America revenue grew 28% to $17.7 billion. North America operating income was $702 million, a 4% operating margin, compared with $348 million in the prior year. This includes $5 million of favorable impact from foreign exchange.

現在我將談談我們的細分結果。北美收入增長 28% 至 177 億美元。北美營業收入為 7.02 億美元，營業利潤率為 4%，而去年同期為 3.48 億美元。這包括來自外彙的 500 萬美元的有利影響。

International revenue grew 30% to $9.8 billion. Excluding the $184 million year-over-year favorable foreign exchange impact, revenue growth was 28%. International operating loss was $135 million, compared with a loss of $189 million in the prior year. This includes $40 million of favorable impact from foreign exchange.

國際收入增長 30% 至 98 億美元。剔除 1.84 億美元的同比有利外匯影響，收入增長 28%。國際經營虧損為 1.35 億美元，而上一年虧損 1.89 億美元。這包括來自外彙的 4000 萬美元的有利影響。

Amazon Web Services revenue grew 58% to $2.9 billion. Amazon Web Services operating income was $718 million, a 24.9% operating margin, compared with $305 million in the prior year. Our operating income was $1.3 billion, or 4.2% of revenue, up approximately 220 basis points year over year. This includes $45 million of favorable impact from foreign exchange. Net income was $857 million, or $1.78 per diluted share, compared with the net income of $92 million, or $0.19 per diluted share.

亞馬遜網絡服務收入增長 58% 至 29 億美元。亞馬遜網絡服務營業收入為 7.18 億美元，營業利潤率為 24.9%，而去年同期為 3.05 億美元。我們的營業收入為 13 億美元，佔收入的 4.2%，同比增長約 220 個基點。這包括來自外彙的 4500 萬美元的有利影響。淨收入為 8.57 億美元，或稀釋後每股 1.78 美元，而淨收入為 9200 萬美元，或稀釋後每股 0.19 美元。

I'll conclude my portion of today's call with guidance. For Q3 2016, we expect net sales of between $31 billion and $33.5 billion, or growth of between 22% and 32%. This guidance anticipates approximately 30 basis points of favorable impact from foreign exchange rates. Operating income to be between $50 million and $650 million, compared with $406 million in third quarter 2015.

我將在指導下結束今天的電話會議。對於 2016 年第三季度，我們預計淨銷售額在 310 億美元至 335 億美元之間，或增長 22% 至 32%。該指引預計外匯匯率將產生大約 30 個基點的有利影響。營業收入將在 5000 萬美元至 6.5 億美元之間，而 2015 年第三季度為 4.06 億美元。

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 I will hand it back to Darin.

我們感謝我們的客戶，並始終專注於推動更好的客戶體驗。我們相信客戶至上是為股東創造持久價值的唯一可靠途徑。謝謝，我會把它交還給達林。

Thank you, Brian. Before we move to questions I need to remind you that our guidance incorporates the order trend that we've seen to date, and what we believe to be appropriate assumptions.

謝謝你，布賴恩。在我們提出問題之前，我需要提醒您，我們的指導包含了我們迄今為止看到的訂單趨勢，以及我們認為是適當的假設。

Our results are inherently unpredictable and may be materially affected by many factors including fluctuations in foreign exchange rates, changes in global economic conditions and customer spending, world events, the rate of growth of the Internet, online commerce and cloud services and the various factors detailed in our filings with the SEC.

我們的結果本質上是不可預測的，並且可能受到許多因素的重大影響，包括外匯匯率波動、全球經濟狀況和客戶支出的變化、世界事件、互聯網、在線商務和雲服務的增長率以及詳細說明的各種因素在我們提交給美國證券交易委員會的文件中。

Our guidance also assumes that we do not conclude any additional business acquisitions, investments, restructurings or legal settlements and that foreign exchange rates remain approximately where they have been recently. It is not possible to accurately predict demand for our goods and services, and therefore, our actual results could differ materially from our guidance.

我們的指導還假設我們沒有完成任何額外的業務收購、投資、重組或法律和解，並且外匯匯率大致保持在最近的水平。無法準確預測對我們商品和服務的需求，因此，我們的實際結果可能與我們的指導存在重大差異。

With that let's move to the Q&A portion of the call. Operator, please remind our listeners how to initiate a question.

有了這個，讓我們轉到電話的問答部分。接線員，請提醒我們的聽眾如何發起提問。

At this time, we will now open the call up for questions. In the interest of time, we ask that you limit yourself to one question.

在這個時候，我們現在將打開問題的電話。考慮到時間，我們要求您將自己限制在一個問題上。

(Operation Instructions)

（操作說明）

Thank you. Our first question is from Mark May of Citi. Please proceed.

謝謝你。我們的第一個問題來自花旗銀行的 Mark May。請繼續。

Thanks for taking my question. We've noticed some data points out there that suggest that you're accelerating your build-out of fulfillment capacity in North America and obviously also in India. Can you give us a sense of what sort of impact that, that might have in the near to mid-term on your CapEx, depreciation and ultimately CSOI? Especially as it relates to your Q3 guidance? And then just a maintenance question, how much is FX impacting your Q3 guidance? Thanks.

感謝您提出我的問題。我們注意到那裡的一些數據表明您正在加快在北美以及顯然在印度的履行能力的建設。您能否告訴我們這可能在近期和中期對您的資本支出、折舊以及最終的 CSOI 產生什麼樣的影響？特別是因為它與您的第三季度指導有關？然後只是一個維護問題，外匯對您的第三季度指導有多大影響？謝謝。

Okay. Thanks, Mark. Yes, let me talk a little bit about guidance, and I'll incorporate the answer to the fulfillment question. So, you'll notice on the top line guidance of $31 billion to $33.5 billion or 22% to 32% growth incorporates the Prime Day results and I can talk more about that later. But Prime Day was very successful for us. It was up 60% on a worldwide basis over the prior year, and it was also a record day for our Amazon devices, as well as sellers and customers alike.

好的。謝謝，馬克。是的，讓我談談指導，我將結合履行問題的答案。因此，您會注意到 310 億美元至 335 億美元或 22% 至 32% 的增長包含了 Prime 會員日的結果，我可以稍後再談。但是 Prime Day 對我們來說非常成功。它在全球範圍內比去年增長了 60%，對於我們的亞馬遜設備以及賣家和客戶來說，這也是創紀錄的一天。

In the bottom line, you'll need to remember that Q3 is a typically a lower operating income quarter as we prepare for Q4, the holiday peak. It's a little bit more exaggerated this year in that we're opening 18 fulfillment centers this quarter. To put that in perspective, we launched six in Q3 of last year. This will bring us up to 21 net FCs for the year by the end of Q3, and that compares with 10 fulfillment centers for the first three quarters of last year on a net basis. So, why are we expanding so much? If you remember back to Q4 and the capacity constraints we had in Q4, primarily due to really strong FBA growth, we talked a lot in the Q4 call about the operational cost of that in Q4. Customers are well taken care of, but we had additional fulfillment costs from being so tight on capacity.

歸根結底，您需要記住，在我們為第四季度（假期高峰期）做準備時，第三季度通常是營業收入較低的季度。今年有點誇張，因為我們本季度將開設 18 個履行中心。從這個角度來看，我們在去年第三季度推出了六個。到第三季度末，這將使我們今年的淨運營中心達到 21 個，而去年前三個季度的淨運營中心為 10 個。那麼，我們為什麼要擴張這麼多？如果您還記得第四季度以及我們在第四季度遇到的產能限制，主要是由於 FBA 增長非常強勁，我們在第四季度電話會議中就第四季度的運營成本進行了很多討論。客戶得到了很好的照顧，但由於產能如此緊張，我們有額外的履行成本。

This year, with that in mind and then knowing that our growth rate is actually accelerating on a unit basis, we are - Q2 was 28% unit growth for paid units, but fulfilled by - units fulfilled by Amazon is much higher than that due to the growth of Prime and FBA. That compares with last year in Q2 when we saw 22% unit growth. So we're 600 basis points faster growth in Q2 this year than last year and that 22% last year turned into 26% in Q4. So it ramped up in the back end of the year.

今年，考慮到這一點，然後知道我們的增長率實際上在單位基礎上加速，我們 - 第二季度付費單位的單位增長率為 28%，但通過 - 亞馬遜履行的單位遠高於由於Prime和FBA的增長。相比之下，去年第二季度我們看到了 22% 的單位增長。因此，我們今年第二季度的增長比去年快了 600 個基點，去年的 22% 變成了第四季度的 26%。所以它在今年年底增加了。

So a lot of data points there, but the bottom line is that there's a large step up in the amount of fulfillment capacity in Q2 - excuse me, Q3 versus Q2. There's a couple of other factors while I'm at it for guidance. We are also nearly doubling our content spend in the second half of this year versus the second half of 2015. We have a great slate of new Amazon Originals coming out later this year, both in the US and internationally, and we're nearly tripling our number of new Amazon Original shows - TV shows and movies compared with the second half of last year. There are other investments, certainly, that are increasing sequentially. I'd point to India and AWS, but primarily the two biggest issues in Q3 guidance I would say are the operational ramp and also the increase in digital content spend.

所以那裡有很多數據點，但最重要的是，第二季度的履行能力有了很大的提高——對不起，第三季度與第二季度相比。在我尋求指導時，還有其他幾個因素。今年下半年，與 2015 年下半年相比，我們的內容支出也幾乎翻了一番。今年晚些時候，我們將在美國和國際上推出大量新的 Amazon Originals，我們幾乎翻了三倍與去年下半年相比，我們新的亞馬遜原創節目 - 電視節目和電影的數量。當然，還有其他投資也在依次增加。我會指出印度和 AWS，但我想說的主要是第三季度指導中的兩個最大問題是運營增長以及數字內容支出的增加。

And, Mark, to follow up on the other question, our net sales guidance anticipates approximately 30 basis points of favorable impact from foreign exchange rates.

而且，馬克，為了跟進另一個問題，我們的淨銷售指導預計外匯匯率將產生大約 30 個基點的有利影響。

And, Brian, where does that bring your video content spend to with the doubling in the second half if we look at it on an annualized basis?

而且，布賴恩，如果我們按年計算的話，下半年你的視頻內容支出會翻倍嗎？

We're not disclosing that at this time.

我們目前沒有透露這一點。

Thanks.

謝謝。

Our next question comes from Douglas Anmuth from JPMorgan. Please state your question.

我們的下一個問題來自摩根大通的 Douglas Anmuth。請陳述你的問題。

Thanks for taking the questions. I just want to go back to Prime Day for a minute. I didn't hear any commentary around new Prime members in particular. Obviously a lot of other metrics that you gave but hoping you could provide a little bit more color around that.

感謝您提出問題。我只想回到 Prime 會員日一分鐘。我沒有聽到任何關於新 Prime 會員的評論。顯然，您提供了許多其他指標，但希望您可以圍繞它提供更多顏色。

And then also, is there anything else that stood out in terms of what you learned around operations and systems ahead of the holiday season? And then just going back to the 3Q guide, what's the right way for us to think about stock-based comp in the third quarter and if we looked at your 2Q numbers, is that a fair assumption for what you're thinking about? Thanks.

此外，在假期之前，您在運營和系統方面學到的知識還有什麼特別突出的嗎？然後回到第三季度指南，我們在第三季度考慮基於股票的薪酬的正確方法是什麼，如果我們查看您的第二季度數據，您的想法是否是一個公平的假設？謝謝。

Sure. Let me circle back on Prime Day. So again, it was the biggest global day ever for Amazon and was up 60% on a order product sales basis versus Prime Day 2015. It was a record day for Amazon devices. It was a great day for small businesses and sellers who saw great year-over improvement in their sales. And more importantly, it was a great day for customers. Globally they saved over double what they had saved in Prime Day 2015.

當然。讓我回到 Prime 會員日。因此，這又是亞馬遜有史以來最大的全球日，與 2015 年的 Prime Day 相比，訂單產品銷售額增長了 60%。這是亞馬遜設備創紀錄的一天。對於小企業和賣家來說，這是一個美好的一天，他們的銷售額一年來有了很大的改善。更重要的是，這對客戶來說是美好的一天。在全球範圍內，他們節省了 2015 年 Prime 會員日所節省的兩倍多。

So we're very pleased with the results of Prime Day, and the impact of Prime Day is factored into this guidance. As far as new customers and new Prime members, we're not disclosing that, but suffice to say that it was a great day for both existing Prime members and also new customers who were trying us out for the first time.

因此，我們對 Prime Day 的結果感到非常滿意，並且 Prime Day 的影響已納入本指南。至於新客戶和新 Prime 會員，我們沒有透露這一點，但可以說，對於現有 Prime 會員和第一次嘗試我們的新客戶來說，這都是美好的一天。

And on the stock-based compensation, you'll recall beginning in Q1 this year, we began allocating stock-based compensation and other operating expense to our North America, international and AWS segments. So we're including that in our guidance on operating income and have not separately guided to stock-based comp and other income expense this quarter.

關於股票薪酬，你會記得從今年第一季度開始，我們開始將股票薪酬和其他運營費用分配給我們的北美、國際和 AWS 部門。因此，我們將其包含在我們對營業收入的指導中，並且沒有單獨指導本季度基於股票的薪酬和其他收入支出。

Our next question comes from Gene Munster from Piper Jaffray.

我們的下一個問題來自 Piper Jaffray 的 Gene Munster。

Hello, good afternoon. First, love the conference call format here. Get right to it. In terms of questions, the customer count, can you give us a little bit of guidance on that? And then also talk about the theme of automated consumption and separately, the importance of Prime Now and how you can grow those SKUs. Thanks.

你好，下午好。首先，喜歡這裡的電話會議形式。開始吧。在問題方面，客戶數量，您能給我們一些指導嗎？然後還分別討論了自動消費的主題，以及 Prime Now 的重要性以及如何增加這些 SKU。謝謝。

Hi, Gene. This is Darin. I'll start with the customer accounts. As we noted again in our Q1 release, our active customer accounts exceeded 300 million. However, today we're not going to update that number.

嗨，吉恩。這是達林。我將從客戶帳戶開始。正如我們在第一季度發布中再次指出的那樣，我們的活躍客戶賬戶超過 3 億。但是，今天我們不會更新這個數字。

To your question on Prime Now, so I will point out Prime Now is now in more than 40 metro areas worldwide. In the past quarter we expanded further internationally to Germany, Spain and France, so it's a global program, again, offering free two-hour delivery on tens of thousands of items. We also have in the same vein of, I think what you called maybe automated consumption, the same day has expanded. Now we've added 11 metro areas, bringing the total to 27 metro areas that are qualified for same day.

對於您關於 Prime Now 的問題，我將指出 Prime Now 現在遍布全球 40 多個都會區。在上個季度，我們在國際上進一步擴展到德國、西班牙和法國，因此它再次成為一項全球計劃，為數万件商品提供兩小時免費送貨服務。我們也有同樣的情況，我認為你所說的可能是自動化消費，當天已經擴大。現在，我們添加了 11 個都市區，使當天符合條件的都市區總數達到 27 個。

So, yes, we think this is an important part of our Prime offering. We know customers love it. We're very happy with their order patterns from Prime Now, and very happy with it. Of course, we do always talk about - we always usually get asked about profitability, and it is a very hard service to deliver and make money on. But we know customers love it and we're in a great position to do this because of our long-term approach, our drive of greater efficiencies and our proximity to the customer with our vast global FC network.

所以，是的，我們認為這是我們 Prime 產品的重要組成部分。我們知道客戶喜歡它。我們對 Prime Now 的訂單模式非常滿意，也非常滿意。當然，我們總是談論——我們經常被問到盈利能力，這是一項很難交付和賺錢的服務。但我們知道客戶喜歡它，並且由於我們的長期方法、我們對更高效率的推動以及我們通過龐大的全球 FC 網絡接近客戶，我們處於有利位置。

Our next question comes from Heath Terry from Goldman Sachs.

我們的下一個問題來自高盛的 Heath Terry。

Great, thanks. I was wondering as it relates to the Q3 guidance, can you give us a bit of a sense of just how we should think about margins in the AWS business, especially as the next eight availability zones roll out? Presumably that kind of increase in capacity likely has an impact on margins, but would appreciate any direction you can share on how to think about that.

太謝謝了。我想知道，因為它與第三季度的指導有關，您能否讓我們了解一下我們應該如何考慮 AWS 業務的利潤率，尤其是在接下來的八個可用區推出時？據推測，這種容量的增加可能會對利潤率產生影響，但如果你能分享任何關於如何考慮這一點的方向，我將不勝感激。

Sure. We don't give - obviously we don't give segment-based guidance. But to your question about AWS, we actually see nine availability zones in four regions coming out in the next - in the coming year. The impact on short-term is pretty much indistinguishable from the growth that we're seeing in our expansion of our base customers in our existing regions, so we don't see a large step-up from the addition of new regions relative to the large and rapid growth in the business itself.

當然。我們不提供——顯然我們不提供基於細分的指導。但是對於您關於 AWS 的問題，我們實際上看到了四個區域的九個可用區將在接下來的一年中出現。對短期的影響與我們在現有地區擴大基礎客戶所看到的增長幾乎沒有區別，因此相對於現有地區，我們認為新地區的增加不會有很大的提升業務本身的大而快的增長。

We do think that it does pay benefits both for ourselves and for our customers because of the expansion, and we're happy to have added the region in Mumbai this past quarter. We think when we expand geographically, existing customers will run more of their workloads on AWS. Sometimes they have local latency concerns or security issues that require them to run things in their country, so that helps. And we also open up to new customers when we add these regions. So not a large impact on Q3 guidance, but certainly an exciting investment for our customer base.

我們確實認為，由於擴張，它確實為我們自己和我們的客戶帶來了好處，我們很高興在上個季度在孟買增加了該地區。我們認為，當我們進行地域擴張時，現有客戶將在 AWS 上運行更多工作負載。有時他們有本地延遲問題或安全問題，需要他們在自己的國家/地區運行，所以這會有所幫助。當我們添加這些區域時，我們也會向新客戶開放。因此，對第三季度的指導影響不大，但對我們的客戶群來說無疑是一項令人興奮的投資。

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. Two questions if I may. As I look at your tech and content expense as a percentage of revenues, we see year-on-year decline for the last two quarters, which is something we hadn't seen since mid-2010, and of course it's reflected in the AWS margins. Can you help us understand what has driven this significant change in relative trajectory in tech and content expenses? And the second question is, why is it that the rate at which you are deploying Prime Now is so much greater or faster than the rate at which you are deploying Fresh? What's different between them and how is it that you are deploying Fresh in new markets but not as fast as Prime Now, and what drives the difference? Thank you.

謝謝你。如果可以的話，有兩個問題。當我查看您的技術和內容費用佔收入的百分比時，我們看到過去兩個季度同比下降，這是自 2010 年中期以來我們從未見過的情況，當然它反映在 AWS邊距。您能否幫助我們了解是什麼推動了技術和內容費用的相對軌跡發生了重大變化？第二個問題是，為什麼您部署 Prime Now 的速度比您部署 Fresh 的速度快得多或快得多？它們之間有什麼不同，您在新市場部署 Fresh 的速度如何，但速度不如 Prime Now，是什麼驅動了這種差異？謝謝你。

Sure. On tech and content, that's going to be a combination of our people cost related to many areas of the website and also the infrastructure cost to run it, at both the Amazon Web Services and also the Amazon site. We've been seeing some great efficiencies in our infrastructure, both internally as Amazon and also as part of AWS. We have great people working on not only better efficiency, but also driving cost out of our acquisition prices. So, there's a lot of great work going on there and I think that's what you're seeing reflected in the tech and content line. Again, this can fluctuate quarter-to-quarter, but we're happy with the current trend and you see it in the AWS margins.

當然。在技術和內容方面，這將是我們與網站許多領域相關的人員成本以及在亞馬遜網絡服務和亞馬遜網站上運行它的基礎設施成本的組合。我們已經在我們的基礎設施中看到了一些巨大的效率，無論是作為亞馬遜內部還是作為 AWS 的一部分。我們有優秀的人才，他們不僅致力於提高效率，而且還降低了收購價格的成本。所以，那裡有很多很棒的工作，我認為這就是你在技術和內容線上看到的反映。同樣，這可能會隨季度波動，但我們對當前趨勢感到滿意，您可以在 AWS 利潤中看到它。

On Prime Now versus Fresh, they are separate - sorry. The - we'll point out in Q2 that we added London and Boston as two new sites in London for AmazonFresh, and that was the first international location. But we've been running AmazonFresh for seven years, or excuse me, since 2007 in Seattle. And what you've seen as we've been testing the model, we've been expanding in North America and more so we've been expanding within the cities that we're in, adding zip codes, adding additional customers. So, the move into Boston and also now into London give us some really good data points and as - it's a great customer feature for the Prime offering.

在 Prime Now 和 Fresh 上，它們是分開的——抱歉。 - 我們將在第二季度指出，我們將倫敦和波士頓作為 AmazonFresh 在倫敦的兩個新站點，這是第一個國際站點。但自 2007 年在西雅圖以來，我們已經運營 AmazonFresh 七年了，或者對不起。你在我們測試模型時所看到的，我們一直在北美等地擴張，所以我們一直在我們所在的城市內擴張，增加郵政編碼，增加更多的客戶。因此，進軍波士頓以及現在進軍倫敦為我們提供了一些非常好的數據點，而且 - 這是 Prime 產品的一個很好的客戶功能。

Prime Now is a little bit easier to build up from scratch, I would say. The - it has a different purpose, although some of the products overlap. Again, this is more about immediacy of one-hour and two-hour delivery of a curated list of important products that people need in a short period of time. So, they have different roles. Some of the products overlap, of course, but we're happy with both, and we think that customers like both of them.

我想說，Prime Now 從頭開始構建起來更容易一些。 - 它有不同的目的，儘管有些產品重疊。同樣，這更多是關於在短時間內交付人們需要的重要產品的精選清單的一小時和兩小時的即時性。所以，他們有不同的角色。當然，有些產品是重疊的，但我們對兩者都很滿意，我們認為客戶都喜歡它們。

Our next question is from Brian Nowak from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

Thanks for taking my questions. I have two. The first one is on the Echo. Anything you could share at all on some of the most commonly used searches? How are consumers using the Echo as of now most commonly, and then anything on uplift in purchase behavior from Echo households? And the second one on Prime, on AWS margins, can you just walk us through some of the puts and takes that have been driving the AWS margin expansion we've seen in the first half of this year? Is it utilization, product mixes? What's been driving the margin expansion? Thanks.

感謝您提出我的問題。我有兩個。第一個是在 Echo 上。您可以在一些最常用的搜索中分享任何內容嗎？到目前為止，消費者如何最常使用 Echo，以及 Echo 家庭的購買行為有何提升？第二個是關於 Prime 的 AWS 利潤率，您能否向我們介紹一些推動我們在今年上半年看到的 AWS 利潤率增長的看跌期權？是利用率，產品組合嗎？是什麼推動了利潤率的擴大？謝謝。

Sure. Well, in Echo, again, we continue to build out the list of devices, launching the Dot and Tap and Fire TV skills this past year. And now we have 1,900 third-party skills for the Alexa, including new skills from Kayak, Lyft, NBC, Honeywell and more. So there's a lot of uses that we're seeing for Echo. A lot ties into our Prime Music offering. It's just a great way to access Prime Music and more and more the Amazon site. We don't have anything to disclose on physical orders from - through - excuse me, orders through Echo.

當然。好吧，在 Echo 中，我們再次繼續構建設備列表，在過去一年推出了 Dot and Tap 和 Fire TV 技能。現在我們為 Alexa 提供了 1,900 項第三方技能，包括來自 Kayak、Lyft、NBC、霍尼韋爾等的新技能。因此，我們看到 Echo 有很多用途。與我們的 Prime Music 產品有很多聯繫。這只是訪問 Prime Music 和越來越多的亞馬遜網站的好方法。對於通過 Echo 訂購的實體訂單，我們沒有任何可透露的信息。

On Amazon Web Services margin, again, this is primarily due to efficiencies gained on our infrastructure, better utilization, better cost out. There is a - certainly a mix of products and services. I don't have a bridge for you on whether that's helpful or hurtful, but the - these margins in AWS will fluctuate from quarter to quarter, and that's what you're seeing. But we're very happy with the year-over-year improvement.

同樣，在亞馬遜網絡服務的利潤率上，這主要是由於我們的基礎設施效率提高、利用率更高、成本更低。有 - 當然是產品和服務的組合。我沒有關於這是否有益或有害的橋樑，但是 - AWS 的這些利潤會隨著季度的變化而波動，這就是您所看到的。但我們對逐年改進感到非常滿意。

Next question is from Mark Mahaney from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Mark Mahaney。

Okay. Brian, could you give us some whys as to the revenue growth acceleration that you're seeing, a little more color about the revenue growth acceleration in North American retail and in international retail? I remember last quarter you called out really starting to see, I don't know, critical mass, tipping point, whatever the buzzword is, from Prime and from FBA in international markets. Is that what's continuing, I assume, to drive that re-acceleration in any geographic country comments behind that? Thanks a lot.

好的。布賴恩，您能否就您所看到的收入增長加速給我們一些原因，對北美零售業和國際零售業的收入增長加速多一點色彩？我記得上個季度你真的開始看到，我不知道，臨界質量，臨界點，無論流行語是什麼，來自 Prime 和國際市場的 FBA。我認為，在這背後的任何地理國家評論中，這是否會繼續推動這種重新加速？非常感謝。

Sure. Yes, I have the same buzzwords for you, Mark. It's really -- the flywheel of Prime is definitely working. It's as simple as that. The low prices, vast selection and convenience continue to resonate with customers. Prime membership increases and selection through FBA makes Prime more valuable. So it's a bit as simple as that in the consumer business in North America and international, we are seeing great acceptance of Prime and usage of Prime benefits. We continue to expand the list of Prime benefits for customers to make it more valuable, and none is more valuable than FBA, which we've talked a lot about the value of Prime to FBA and vice-versa.

當然。是的，馬克，我對你有同樣的流行語。真的——Prime 的飛輪確實在工作。就這麼簡單。低廉的價格、廣泛的選擇和便利性繼續引起客戶的共鳴。 Prime 會員的增加和通過 FBA 進行的選擇使 Prime 更有價值。所以它有點像北美和國際的消費者業務一樣簡單，我們看到對 Prime 的廣泛接受和對 Prime 福利的使用。我們繼續為客戶擴展 Prime 福利列表，使其更有價值，沒有比 FBA 更有價值的了，我們已經談了很多關於 Prime 對 FBA 的價值，反之亦然。

FBA is bringing more Prime-eligible selection to Prime and then the growth of Prime and the type of customers that utilize Prime and their buying behavior is a great traction for other FBA sellers. So that is essentially what we're seeing, and we're certainly pleased with the customer response to those offers globally.

FBA 正在為 Prime 帶來更多符合 Prime 條件的選擇，然後 Prime 的增長以及使用 Prime 的客戶類型及其購買行為對其他 FBA 賣家具有很大的吸引力。所以這基本上就是我們所看到的，我們當然對全球客戶對這些優惠的反應感到滿意。

Our next question comes from Youssef Squali from Cantor Fitzgerald.

我們的下一個問題來自 Cantor Fitzgerald 的 Youssef Squali。

Thank you. Two questions, please. Brian, your operating income has been come in stronger than expectations, but more importantly, stronger than your own guidance, at least in the last couple of quarters. I was just wondering as you look back at where you guided relative to actual, where do you think that delta was most pronounced? Why wouldn't we assume that maybe, at least on the margin, the investment intensity in the business has maybe decelerated a bit?

謝謝你。請教兩個問題。布萊恩，你的營業收入比預期要強，但更重要的是，至少在過去幾個季度中，比你自己的指導要強。我只是想知道，當您回顧相對於實際引導的位置時，您認為增量在哪裡最明顯？為什麼我們不能假設，至少在邊際上，該業務的投資強度可能有所放緩？

And second, on Prime Video, just was wondering, considering what the main competitor there is doing, i.e., expanding aggressively around the world, you guys have been growing in a more measured manner, is that still the plan or are you guys interested in maybe instead of moving into a few countries, expand globally in one fell swoop? That's it. Thanks.

其次，在 Prime Video 上，我只是想知道，考慮到主要競爭對手正在做什麼，即在全球範圍內大舉擴張，你們一直在以一種更加謹慎的方式增長，這仍然是計劃還是你們感興趣也許不是進入幾個國家，而是一舉向全球擴張？而已。謝謝。

Sure. Let me start with the second question first. So on Prime Video, again, we're very happy with the customer adoption of Prime Video, and we know the customers love it. We like the results that we see, particularly with the free trial conversion, the renewal rates for subscriptions. So it's clearly working. I mentioned earlier how we're doubling the investment rate in the second half of the year versus last year's second half, and we're tripling the Amazon Originals content.

當然。讓我先從第二個問題開始。因此，在 Prime Video 上，我們再次對客戶採用 Prime Video 感到非常滿意，我們知道客戶喜歡它。我們喜歡我們看到的結果，尤其是免費試用轉換、訂閱續訂率。所以它顯然有效。我之前提到過我們如何將今年下半年的投資率與去年下半年相比翻了一番，我們將 Amazon Originals 的內容增加了三倍。

That Originals content for TV and movies, that content can be used globally. We've talked a bit about our Prime launch in India, and alluded to the fact that we'll be having video soon in India, but local content and also Amazon Originals. So, stay tuned for that. I don't have any more to announce on that today. On the variance to guidance, what I'll say is, we came in the very high end of our revenue guidance. I would say that our business model usually reacts well to high volume as we get a really good leverage on our fixed expenses. So that's part of what we saw, very strong operating efficiencies as we hit essentially the highest end of our revenue guidance.

該原創內容用於電視和電影，該內容可以在全球範圍內使用。我們已經談到了我們在印度推出的 Prime 服務，並暗示我們將很快在印度推出視頻，但也包括本地內容和 Amazon Originals。所以，請繼續關注。我今天沒有更多要宣布的了。關於與指導的差異，我要說的是，我們的收入指導處於非常高的水平。我想說的是，我們的商業模式通常對高產量反應良好，因為我們對固定費用有很好的槓桿作用。這就是我們看到的一部分，非常強勁的運營效率，因為我們基本上達到了收入指導的最高端。

But we do have a lot of diverse profit streams here at Amazon and a lot of investments going on at any point in time. I think I heard a question there about level of investment. We continue to invest heavily. In fact, I just called out a few things that are going to be stepping up in investment levels in Q3, mostly ops and digital content. So we continue to invest on behalf of customers. But we also work very hard at efficiencies and scaling the businesses that we have. So we take both roles very seriously around here, investing on the right - in the right things, seeing results on behalf of customers, and also driving efficiencies. And there can be timing, quarter-to-quarter, the operating margin and levels of investment can fluctuate, but certainly continue to expand.

但我們在亞馬遜確實有很多不同的利潤來源，並且隨時都有大量投資在進行。我想我在那裡聽到了一個關於投資水平的問題。我們繼續大力投資。事實上，我剛剛提到了一些將在第三季度提高投資水平的事情，主要是運營和數字內容。因此，我們繼續代表客戶進行投資。但我們也非常努力地提高效率並擴大我們擁有的業務。因此，我們在這裡非常重視這兩個角色，投資於正確的事情——正確的事情，代表客戶看到結果，並提高效率。並且可能存在時間，季度，營業利潤率和投資水平可能會波動，但肯定會繼續擴大。

Our next question comes from Jason Helfstein from Oppenheimer. Mr. Helfstein, your line is live.

我們的下一個問題來自奧本海默的 Jason Helfstein。赫爾夫斯坦先生，您的台詞已上線。

Hi. Sorry about that. This is Ray McDonough on for Jason Helfstein. Just on the AWS side, we've been hearing a lot of talk and especially a lot of media reports that larger customers tend to use AWS, they might use Google and Microsoft Azure in tandem in a multi-cloud kind of architecture. Just wondering your thoughts on how you see AWS fitting in the overall ecosystem and kind of your place longer term in the ecosystem.

你好。對於那個很抱歉。這是傑森赫爾夫斯坦的雷麥克多諾。在 AWS 方面，我們聽到了很多討論，尤其是很多媒體報導，大客戶傾向於使用 AWS，他們可能會在多雲架構中同時使用 Google 和 Microsoft Azure。只是想知道您對 AWS 如何融入整個生態系統以及您在生態系統中的長期位置的看法。

Sure. Well, first of all, we believe customers will choose AWS primarily for three factors, the functionality and pace of innovation that we bring to the table, our partner and customer ecosystem and our experience. We've been in this business longer than anyone. Having said that, there's plenty of room for multiple winners in this business. What we focus on is innovating on behalf of customers and expanding the geographic footprint to make our services more widely available.

當然。首先，我們認為客戶選擇 AWS 主要是因為三個因素：我們帶來的功能和創新速度、我們的合作夥伴和客戶生態系統以及我們的經驗。我們從事這項業務的時間比任何人都長。話雖如此，這項業務的多個贏家仍有足夠的空間。我們專注於代表客戶進行創新並擴大地理足跡，以使我們的服務更廣泛地可用。

You can see us continue to invest in things like new application services, higher up the stack, additional technologies that will make integrating with AWS seamless for those companies that have a hybrid IT environment and then continuing to add functionality for data analytics, mobile, Internet of things, machine learning offerings, things like that, that will add greater and greater value for AWS customers. And I would say the rapid pace of innovation continues to stretch our lead in that dimension. We have had 422 new significant services and features added in the first half of this year. That's a faster pace than last year when we added 722 services and features. So we feel good about the business position we're in and our position with customers.

您可以看到我們繼續投資於新的應用程序服務、更高的堆棧、其他技術，這些技術將使那些擁有混合 IT 環境的公司與 AWS 無縫集成，然後繼續為數據分析、移動、互聯網添加功能諸如機器學習產品之類的東西，它們將為 AWS 客戶增加越來越大的價值。我想說的是，快速的創新步伐繼續擴大我們在這方面的領先地位。今年上半年，我們新增了 422 項重要的服務和功能。這比去年我們添加 722 項服務和功能時的速度更快。因此，我們對我們所處的業務位置以及我們在客戶中的位置感覺良好。

Our next question comes from Colin Sebastian from Robert W. Baird.

我們的下一個問題來自 Robert W. Baird 的 Colin Sebastian。

Okay. Thanks, guys. As another follow up on the margins, I was hoping you could comment on any impact from the investments and build out of enhanced transportation capabilities including the air cargo leases. And then secondly, was hoping you could identify any categories within EGM that are becoming more meaningful drivers of growth or at least are an increasing focus on the retail side? Thank you.

好的。多謝你們。作為對利潤的另一次跟進，我希望你能評論投資的任何影響，並建立包括航空貨運租賃在內的增強運輸能力。其次，您是否希望您能在臨時股東大會中識別出哪些類別正在成為更有意義的增長驅動力，或者至少越來越關注零售方面？謝謝你。

Yes, sure. First, on EGM, I'll just say the growth is across a lot of different products, none to exactly call out here, and we think that a lot of it is, of course, driven by the growth of Prime itself. EGM in North America grew 32%, which was higher than the revenue growth rate, and also grew 36% internationally. So when people join Prime, they are certainly buying EGM in strong quantity. So that continues to grow with the growth of the Prime program.

是的，當然。首先，在 EGM 上，我只想說增長涉及很多不同的產品，這裡沒有一個確切地指出，我們認為其中很大一部分當然是由 Prime 本身的增長驅動的。北美 EGM 增長 32%，高於收入增長率，國際也增長 36%。因此，當人們加入 Prime 時，他們肯定會大量購買 EGM。因此，隨著 Prime 計劃的發展，它會繼續增長。

On transportation, I think your question was about whether that's impacting our short-term results. No, the answer is no. We are certainly expanding our service offerings in the transportation side and we have been for many years, things like sortation centers and delivery methods. The plane deal that we were talking about is essentially planes that we're going to be leasing from other companies, and you'll hear more about that as we go forward, but that is to essentially take on the demand for internal flights as we move product around. It certainly will be well utilized.

關於運輸，我認為您的問題是關於這是否會影響我們的短期業績。不，答案是否定的。我們肯定會在運輸方面擴大我們的服務範圍，而且我們已經有很多年了，比如分揀中心和交付方式。我們談論的飛機交易本質上是我們將從其他公司租賃的飛機，隨著我們的發展，你會聽到更多關於這一點的信息，但這基本上是為了滿足我們對內部航班的需求移動產品。它肯定會得到很好的利用。

Our next question comes from Brian Pitz from Jefferies.

我們的下一個問題來自 Jefferies 的 Brian Pitz。

Thanks for the questions. First, on FC build out, is the cost of building centers scaling over time given the use of Kiva, other technologies or general learnings, or are those costs still relatively consistent? And also, we noticed some device sellout in the next four to five weeks, post-Prime Day. Was this a bit of a planned inventory reduction for some of the devices or did volumes take you by surprise here?

感謝您的提問。首先，在 FC 建設方面，考慮到使用 Kiva、其他技術或一般學習，建設中心的成本是否會隨著時間的推移而擴大，或者這些成本是否仍然相對一致？此外，我們注意到在 Prime 會員日之後的接下來的四到五週內，一些設備會售罄。這是否是一些設備的計劃庫存減少，或者這裡的數量讓您感到意外？

I will start with the second question. So I would just say Prime Day had enormous impact on the device business and devices were well featured and also well adopted by customers. So it was the largest device sales day that we've ever had and essentially pretty much across all of our device types, E-readers, tablets, Fire TV and Echo.

我將從第二個問題開始。所以我只想說，Prime Day 對設備業務產生了巨大的影響，設備功能齊全，也被客戶廣泛採用。因此，這是我們有史以來最大的設備銷售日，基本上涵蓋了我們所有的設備類型、電子閱讀器、平板電腦、Fire TV 和 Echo。

And I'm sorry, your first question was around - the cost of fulfillment centers. Not disclosing that we do continue to change our fulfillment centers. We've changed, again, the automation, the size, the scale many times and we continue to learn and grow there. So no general trends I can point to on cost per fulfillment center to start up, but because they do vary in size and mission and some have fully outfitted in using Amazon Robotics, others - some don't for economic reasons. Maybe the volume is not perfect for robot volume. But, yes, so I can't give you any real distinct trends there.

很抱歉，您的第一個問題是關於履行中心的成本。沒有透露我們確實會繼續改變我們的履行中心。我們已經多次改變了自動化、規模和規模，我們繼續在那裡學習和成長。因此，我無法指出每個履行中心的啟動成本的一般趨勢，但因為它們的規模和任務確實不同，有些已經完全配備了使用亞馬遜機器人技術，而另一些則不是出於經濟原因。也許音量不適合機器人音量。但是，是的，所以我不能在那裡給你任何真正獨特的趨勢。

Our next question is from Justin Post from Merrill Lynch.

我們的下一個問題來自美林證券的 Justin Post。

Great. Thank you. First on the customers, I'm guessing - I'm wondering why you aren't giving the number, a lot of people use it for their models. And then second thing, when you look at the US Prime penetration versus total US customers, how do you feel about that and do you think there's still a lot of room for Prime growth in the US? Thank you.

偉大的。謝謝你。首先是客戶，我猜 - 我想知道你為什麼不給出數字，很多人將它用於他們的模型。然後第二件事，當您查看美國 Prime 的滲透率與美國客戶總數時，您對此有何看法？您認為 Prime 在美國仍有很大的增長空間嗎？謝謝你。

Hi, Justin. This is Darin. I'll comment on the customer accounts again. We may consider updating that in the future, but really we encourage you and our investors to look at our free cash flow measures, our revenue and our GAAP operating profit since our customer purchasing behavior can vary.

嗨，賈斯汀。這是達林。我將再次評論客戶帳戶。我們可能會考慮在未來更新它，但實際上我們鼓勵您和我們的投資者查看我們的自由現金流量指標、我們的收入和我們的 GAAP 營業利潤，因為我們的客戶購買行為可能會有所不同。

And on Prime penetration, of course, we haven't released Prime subscription levels. We have talked about growth certainly globally and in North America. What I can tell you there is we still think there's a lot of room in Prime. We've tailored programs to students, we've tailored video programs, we've rolled out monthly plans, we have plans with grocery delivery.

當然，關於 Prime 滲透率，我們還沒有發布 Prime 訂閱級別。我們當然已經談到了全球和北美的增長。我可以告訴你的是，我們仍然認為 Prime 有很大的空間。我們為學生量身定制了課程，我們量身定制了視頻節目，我們推出了月度計劃，我們制定了雜貨配送計劃。

So there's a lot of different flavors of Prime and we are aggressively looking for a perfect Prime for everybody. We know that, again, when customers try Prime, they like it. So it's really just about getting them to try Prime and continuing to deliver great Prime benefits and great low prices and selection.

所以有很多不同口味的 Prime，我們正在積極尋找適合每個人的完美 Prime。我們再次知道，當客戶嘗試 Prime 時，他們會喜歡它。因此，實際上只是讓他們嘗試 Prime 並繼續提供卓越的 Prime 福利以及超低的價格和選擇。

Our next question comes from Ross Sandler from Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯桑德勒。

Thanks, guys. I just had two. First as a follow up on the logistics topic. So, in addition to the cargo planes you just mentioned for in-network moving products around, you guys have registered and received a US maritime license to operate as a freight forwarder and you recently announced this partnership with the UK for drone delivery that you've been working for a couple years. At a high level, can you just talk about how the overall logistics strategy is evolving from trucks and fulfillment centers to incorporate some of these new methods and how that might impact your unit costs going forward?

多謝你們。我剛吃了兩個。首先作為物流主題的後續行動。所以，除了你剛才提到的用於網絡內移動產品的貨機外，你們已經註冊並獲得了美國海事許可證，可以作為貨運代理運營，而且你們最近宣布與英國建立無人機交付合作夥伴關係已經工作了幾年。在高層次上，您能否談談整體物流戰略是如何從卡車和履行中心演變為納入其中一些新方法的，以及這可能如何影響您未來的單位成本？

And then the second question's on AWS. So you continue to put up really strong results, and you guys obviously talk to a lot of customers across lots of different verticals. Just a high level, what percent of enterprise workloads do you think have shifted to the public cloud at this stage? Is it low-single digit to mid-single-digit? And any color there on where we are in terms of penetration in the space. Thank you.

然後第二個問題是關於 AWS 的。因此，你們繼續取得非常強勁的成果，而且你們顯然與許多不同垂直領域的客戶進行了交談。只是一個高水平，您認為現階段有多少百分比的企業工作負載已轉移到公共雲？是低個位數到中個位數嗎？就我們在空間中的滲透而言，那裡的任何顏色。謝謝你。

So thank you, Ross. This is Darin. Let me take that first question. On Prime Air in the UK, we've been working with and developing Prime Air for some time to develop a rapid delivery system that is safe, environmentally sound and it really enhances the services that we provide for millions of customers. And we're extremely happy to partner with the UK government to advance the safe use of drones for small parcel delivery. This is providing us with permission to trial new methods in the space, including beyond line-of-sight operation, sense-and-avoid technologies and flights where one person operates multiple drones.

所以謝謝你，羅斯。這是達林。讓我回答第一個問題。在英國的 Prime Air 上，我們與 Prime Air 合作並開發了一段時間，以開發一個安全、環保的快速交付系統，它確實增強了我們為數百萬客戶提供的服務。我們非常高興與英國政府合作，推動安全使用無人機進行小包裹遞送。這為我們提供了在太空中試驗新方法的許可，包括超視距操作、感知和避免技術以及一個人操作多架無人機的飛行。

So we definitely appreciate the pragmatic and forward-looking approach on this topic with the UK, and we're going to continue to work with regulators and policymakers in many countries, including the US, so we're excited about there. As for the ocean-going licenses, we have no comment on that today.

因此，我們非常欣賞與英國在這個話題上採取的務實和前瞻性的做法，我們將繼續與包括美國在內的許多國家的監管機構和政策制定者合作，因此我們對此感到興奮。至於遠洋許可證，我們今天不予置評。

As far as AWS, essentially penetration question you asked. We think still very early. Again, we like our position, our industry leading position in the cloud space, and we're working on things that would incent more and more customers to accelerate their cloud conversion. The lower prices and services that we offer, and as I said, we'll work on things that will make it easier and easier for customers to work with us with their hybrid data centers or transfer their volume to us.

就 AWS 而言，本質上是您提出的滲透問題。我們認為還很早。同樣，我們喜歡我們的地位，我們在雲領域的行業領先地位，我們正在努力激勵越來越多的客戶加速他們的雲轉換。我們提供的更低價格和服務，正如我所說，我們將致力於讓客戶更輕鬆、更輕鬆地與我們的混合數據中心合作或將他們的數據量轉移給我們。

Our next question comes from Eric Sheridan from UBS.

我們的下一個問題來自瑞銀的 Eric Sheridan。

Thanks for taking the questions. Maybe one clarification and one big picture topic. On the clarification, appreciate the disclosure on content and how that'll double year-on-year in the second half. For purposes of just making sure we can understand the trajectory, is there any way to frame it within second half of this year versus first half of this year, just so we can try to triangulate on a gross margin basis from the content spend? And the bigger picture topic would be China, hasn't come up yet on the call. I wanted to understand your latest thoughts there on either the competitive landscape, relative positioning in China and how you think about investments in China. Thank you.

感謝您提出問題。也許一個澄清和一個大主題。在澄清方面，感謝有關內容的披露以及下半年如何同比增長一倍。為了確保我們能夠理解這一軌跡，有沒有辦法在今年下半年與今年上半年之間建立框架，這樣我們就可以嘗試從內容支出的毛利率基礎上進行三角測量？更大的主題將是中國，尚未在電話會議上提出。我想了解您對中國競爭格局、相對定位以及您對中國投資的看法的最新想法。謝謝你。

So, hi, Eric. This is Darin. I'll take the second question on China. So we continue to operate well in China. We see China as a - and the way we're approaching China as a way to - a trusted avenue for our Chinese customers to access authentic international brands and we'll focus on those global brands and bringing those to Chinese customers. Offerings like the Amazon Global Store where Chinese customers can access those international brands on the China website and have them shipped directly to their houses is something we're focused on. So, yes, it's still early days and some of those experiments that we're doing, but we're seeing good traction on those things and we like that.

所以，嗨，埃里克。這是達林。我將回答第二個關於中國的問題。因此，我們繼續在中國運營良好。我們將中國視為——以及我們接近中國的方式——為中國客戶獲取正宗國際品牌的值得信賴的途徑，我們將專注於這些全球品牌並將其帶給中國客戶。像亞馬遜全球商店這樣的產品，中國客戶可以在中國網站上訪問這些國際品牌並將它們直接運送到他們家，這是我們關注的事情。所以，是的，現在還處於早期階段，我們正在進行一些實驗，但我們看到了這些事情的良好牽引力，我們喜歡這樣。

Yes, and on the content spend, I think the only other data point I can give you is probably a dated one at this point, but we spent $1.3 billion in 2014, that's the last number that we disclosed and we continue to add content. The best I can give you at this point is that it will be double, nearly double what we spent in the second half of 2015.

是的，關於內容支出，我認為我能給你的唯一其他數據點可能是一個過時的數據點，但我們在 2014 年花費了 13 億美元，這是我們披露的最後一個數字，我們會繼續添加內容。在這一點上，我能給你的最好的消息是，它將是我們在 2015 年下半年花費的兩倍，幾乎是我們的兩倍。

Our final question will come from Victor Anthony from Axiom.

我們的最後一個問題將來自 Axiom 的 Victor Anthony。

Thanks for putting me on. Maybe I'll just ask a question about India. You called out India was - you had the most visited e-commerce site as well as the most downloaded mobile app, and you also launched Prime. So maybe you could just talk about the opportunities and the challenges that you see in that market. And second, there was some press reports that you invested about $500 million of incremental capital in Italy. I was wondering, what are you seeing in that market that justifies that level of investment?

謝謝你讓我上。也許我會問一個關於印度的問題。你說印度是——你擁有訪問量最大的電子商務網站和下載次數最多的移動應用程序，而且你還推出了 Prime。因此，也許您可以談談您在該市場中看到的機遇和挑戰。其次，有一些媒體報導說你在意大利投資了大約 5 億美元的增量資本。我想知道，你在那個市場上看到了什麼證明這種投資水平是合理的？

Sure. So India, we're very encouraged by what we've seen so far in India, both with customers and also sellers; that's a third-party seller market. You heard that we launched the Prime program this week, which will be a whole new experience for Indian customers. In hundreds of cities we'll now have unlimited free one-day and two-day delivery, and we also mentioned that Prime Video is coming there, both Indian and global content.

當然。所以印度，我們對迄今為止在印度看到的情況感到非常鼓舞，無論是對客戶還是對賣家；那是第三方賣方市場。您聽說我們本週推出了 Prime 計劃，這將是印度客戶的全新體驗。在數百個城市，我們現在將無限次免費提供一日和兩日送貨服務，我們還提到 Prime Video 即將到來，包括印度和全球內容。

We're also starting to see exclusive online sales partnerships. Recently, we've had partnerships with Motorola, Samsung, Lenovo on select phones. But more importantly, again, we really like the opportunity in India. We like the initial results that we see from customers and also sellers. We really like our team there. We have a great team of Amazonians who've been very inventive in India.

我們也開始看到獨家在線銷售合作夥伴關係。最近，我們在部分手機上與摩托羅拉、三星、聯想建立了合作關係。但更重要的是，我們真的很喜歡印度的機會。我們喜歡從客戶和賣家那裡看到的初步結果。我們真的很喜歡我們在那裡的團隊。我們有一支優秀的亞馬遜人團隊，他們在印度很有創造力。

Every time there's an obstacle or something that's different from the US or another major business, they'll invent around it, whether it's a shipping method or a payment method or whatever. So, very creative and the customer response has been really strong. So we are very excited about the Prime program. We think it'll enter into a new chapter in India, and we've seen great success in every country in the world that we've launched Prime, and we feel India is going to be no different. So we're looking forward to seeing what we can do on behalf of the Indian customer.

每次遇到障礙或與美國或其他主要業務不同的東西時，他們都會圍繞它進行發明，無論是運輸方式還是付款方式等等。所以，非常有創意，客戶反應非常強烈。所以我們對 Prime 計劃感到非常興奮。我們認為它將在印度開啟新的篇章，我們已經在世界上每個國家看到了我們推出 Prime 的巨大成功，我們認為印度也不會有所不同。因此，我們期待看到我們可以代表印度客戶做些什麼。

And hi, Victor, this is Darin. On Italy, yes, we continue to invest in Italy and really throughout Europe to keep pace with the strong customer demand we see. Since opening Italy in 2010, we've invested over EUR450 million and created 1,700 jobs in Italy, and this increased investment will be to add future FC near Rome and other infrastructure assets. So, yes, this is really to support both the customers that we have there in Italy and throughout Europe, and we'll continue to invest in the coming years.

嗨，維克多，這是達林。在意大利，是的，我們繼續在意大利乃至整個歐洲投資，以跟上我們看到的強勁客戶需求。自 2010 年開放意大利以來，我們已投資超過 4.5 億歐元並在意大利創造了 1,700 個工作崗位，此次增加的投資將用於在羅馬附近增加未來的 FC 和其他基礎設施資產。所以，是的，這真的是為了支持我們在意大利和整個歐洲的客戶，我們將在未來幾年繼續投資。

So thank you for joining the call today and for your questions. A replay will be available on our investor 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. Thank you.

因此，感謝您今天加入電話會議並提出您的問題。至少在本季度末，我們的投資者網站上將提供重播。感謝您對 Amazon.com 的關注，並期待下個季度再次與您交談。謝謝你。