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.

感謝您的支持。大家好，歡迎參加亞馬遜 2016 年第二季財務業績電話會議。此時所有參與者都處於僅聆聽模式。演示結束後，我們將進行問答環節。今天的通話正在錄音。在開幕致詞時，我將把電話轉給投資者關係總監達林·曼尼 (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 2016 年第二季財務業績電話會議。今天與我們一起參加的是我們的財務長 Brian Olsavsky。在我們準備好發言後，我們將回答您的提問。

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.

以下討論和對您的問題的答案僅反映截至 2016 年 7 月 28 日管理層的觀點，並將包含前瞻性陳述。實際結果可能存在重大差異。有關可能影響我們財務表現的因素的更多資​​訊包含在今天的新聞稿和我們向美國證券交易委員會提交的文件中，包括我們最近的 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.

當您收聽今天的電話會議時，我們鼓勵您閱讀我們的新聞稿，其中包括我們的財務表現以及本季度的指標和評論。在本次電話會議中，我們將討論某些非公認會計準則財務指標。在我們的新聞稿、本次網路廣播附帶的幻燈片以及我們向美國證券交易委員會提交的文件中（每一份都發佈在我們的投資者關係網站上），您將找到有關這些非公認會計準則指標的更多披露，包括這些指標與可比公認會計準則指標的對帳。

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 2015 年同期的業績進行比較。現在我將把電話交給 Brian。

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

謝謝，達林。我首先要評論一下我們的第二季財務表現。

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 個月的營運現金流成長 42%，達到 127 億美元。過去 12 個月的自由現金流從 44 億美元增至 73 億美元。過去 12 個月的自由現金流（減去租賃本金償還額）從 24 億美元增加到 39 億美元。過去 12 個月的自由現金流減去融資租賃本金償還額和資本租賃下獲得的資產，從 4.92 億美元的流出量增加至 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.

全球營收成長 31%，達到 304 億美元，若不計入年比外匯變化帶來的 1.66 億美元有利影響，則成長 30%。全球付費單位成長率為 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分部業績。北美營收成長28%，達到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。其中包括外匯帶來的 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.

國際營收成長 30%，達到 98 億美元。不計入 1.84 億美元的年利潤外匯影響，營收成長 28%。國際營運虧損為 1.35 億美元，而去年同期的虧損為 1.89 億美元。其中包括外匯帶來的 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.

亞馬遜網路服務營收成長 58%，達到 29 億美元。亞馬遜網路服務營運收入為 7.18 億美元，營運利潤率為 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，佔營收的 4.2%，較去年同期成長約 220 個基點。其中包括外匯帶來的 4500 萬美元的有利影響。淨收入為 8.57 億美元，即每股攤薄收益 1.78 美元，而去年同期淨收入為 9,200 萬美元，即每股攤薄收益 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.

我將以指導性的內容結束今天的電話會議。對於 2016 年第三季度，我們預計淨銷售額將在 310 億美元至 335 億美元之間，成長率在 22% 至 32% 之間。該指南預計外匯匯率將帶來約 30 個基點的有利影響。營業收入預計在 5,000 萬美元至 6.5 億美元之間，而 2015 年第三季為 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，並將繼續全力以赴致力於提供更好的客戶體驗。我們相信，客戶至上是為股東創造持久價值的唯一可靠方法。謝謝，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，布萊恩。在我們開始提問之前，我需要提醒您，我們的指導包含了迄今為止我們看到的訂單趨勢以及我們認為適當的假設。

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、線上商務和雲端服務的增長率以及我們向美國證券交易委員會提交的文件中詳述的各種因素。

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不會達成任何額外的業務收購、投資、重組或法律和解，並且外匯匯率將保持在最近的水平。我們無法準確預測對我們的商品和服務的需求，因此，我們的實際結果可能與我們的指導有重大差異。

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

接下來讓我們進入通話的問答部分。接線員，請提醒我們的聽眾如何提出問題。

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.

現在，我們將開始回答問題。為了節省時間，我們要求您只問一個問題。

(Operation Instructions)

（操作說明）

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

謝謝。我們的第一個問題來自花旗銀行的馬克梅 (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.

感謝您回答我的問題。我們注意到一些數據點顯示你們正在加速建立北美和印度的配送能力。您能否讓我們了解一下這會對您的近期至中期資本支出、折舊以及最終的 CSOI 產生什麼樣的影響？特別是與您的第三季指導相關？然後只是一個維護問題，外匯對您的第三季指導有多大影響？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，讓我談一點指導，我會把履行問題的答案納入其中。因此，您會注意到，營收預期為 310 億美元至 335 億美元，即 22% 至 32% 的增長包含了 Prime Day 的結果，我稍後可以詳細討論這一點。但對我們來說，Prime Day 非常成功。與前一年相比，全球範圍內增長了 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.

最重要的是，您需要記住，在我們為假期高峰期第四季做準備時，第三季通常是營業收入較低的季度。今年的情況稍微誇張一些，我們本季將開設 18 個履行中心。為了更好地理解這一點，我們在去年第三季推出了六款產品。到第三季末，我們的全年淨履行中心數量將達到 21 個，而去年前三個季度的淨履行中心數量為 10 個。那麼，我們為什麼要擴張這麼多呢？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，這主要是由於 FBA 成長非常強勁，我們在第四季度電話會議上討論了許多有關第四季度營運成本的問題。雖然客戶得到了很好的照顧，但由於產能緊張，我們產生了額外的履行成本。

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，並且知道我們的成長率實際上是在單位基礎上加速的，第二季付費單位成長率為 28%，但由亞馬遜配送的單位成長率遠高於這一水平，這得益於 Prime 和 FBA 的成長。相比之下，去年第二季我們的銷量成長了 22%。因此，今年第二季的成長率比去年高出 600 個基點，而去年的 22% 在第四季上升到了 26%。因此，它在年底開始增加。

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，第二季的履行能力有了很大的提升——對不起，是第三季相對於第二季而言的。我還想指出一些其他因素以供參考。與 2015 年下半年相比，我們今年下半年的內容支出幾乎增加了一倍。今年晚些時候，我們將在美國和國際上推出一系列精彩的亞馬遜原創作品，與去年下半年相比，我們的新亞馬遜原創節目（電視節目和電影）數量幾乎增加了兩倍。當然，還有其他投資也持續增加。我想指出的是印度和 AWS，但我認為第三季指引中最大的兩個問題是營運成長和數位內容支出的增加。

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.

馬克，為了跟進另一個問題，我們的淨銷售額指引預計外匯匯率將帶來約 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?

布萊恩，如果我們按年率計算的話，下半年您的視訊內容支出將翻一番，這將帶來什麼影響？

We're not disclosing that at this time.

目前我們不會透露該消息。

Thanks.

謝謝。

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

下一個問題來自摩根大通的道格拉斯·安穆斯。請陳述您的問題。

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.

感謝您回答這些問題。我只是想暫時回顧一下 Prime Day。我沒有聽到有關新 Prime 會員的任何評論。顯然，您給出了許多其他指標，但希望您能對此提供更多說明。

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.

另外，在假期前，您在營運和系統方面還有什麼特別突出的學習內容嗎？然後回到第三季指南，我們如何正確看待第三季的股票型薪酬？如果我們看一下您的第二季數據，這對於您所考慮的情況來說是一個合理的假設嗎？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。讓我回顧一下 Prime Day。所以，這再次成為亞馬遜有史以來全球銷售額最高的一天，與 2015 年 Prime Day 相比，訂單產品銷售額成長了 60%。這是亞馬遜設備創紀錄的一天。對於小型企業和賣家來說，這是一個偉大的日子，他們的銷售額比去年同期大幅增長。更重要的是，對顧客來說，這是美好的一天。在全球範圍內，他們節省的金額是 2015 年 Prime Day 節省金額的兩倍以上。

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 的結果非常滿意，並且 Prime Day 的影響已計入本指引中。至於新客戶和新 Prime 會員，我們不會透露，但可以說，對於現有 Prime 會員和首次嘗試我們服務的新客戶來說，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，您會記得，從今年第一季開始，我們開始將股票薪酬和其他營運費用分配給北美、國際和 AWS 部門。因此，我們將其納入我們的營業收入指導中，並且本季度沒有單獨指導股票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.

大家好，下午好。首先，我喜歡這裡的電話會議形式。馬上行動。就客戶數量問題而言，您能給我們一些指導嗎？然後也討論了自動化消費的主題，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.

你好，吉恩。這是達林。我將從客戶帳戶開始。正如我們在第一季財報中再次指出的那樣，我們的活躍客戶帳戶數量超過了 3 億。不過，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.

關於您關於 Prime Now 的問題，我要指出的是 Prime Now 目前已覆蓋全球 40 多個大都市地區。在過去的一個季度，我們進一步將業務拓展到德國、西班牙和法國，因此這是一個全球性的計劃，我們再次為數萬件商品提供兩小時免費送貨。我們也有同樣的情況，我認為你所說的自動化消費，同一天已經擴大。現在我們又增加了 11 個大都會地區，使符合當日資格的大都會地區總數達到 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。我們知道顧客喜歡它。我們對他們在 Prime Now 上的訂單模式非常滿意，並且非常滿意。當然，我們確實總是談論——我們總是被問到獲利能力，而提供服務並賺錢是非常困難的。但我們知道客戶喜歡它，而且由於我們採取了長期方針，追求更高的效率，並且憑藉我們龐大的全球 FC 網路與客戶保持著密切聯繫，因此我們處於非常有利的地位。

Our next question comes from Heath Terry from Goldman Sachs.

我們的下一個問題來自高盛的希思·特里。

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.

太好了，謝謝。我想知道，由於它與第三季指引有關，您能否讓我們了解我們應該如何看待 AWS 業務的利潤率，尤其是在接下來的八個可用區推出的情況下？推測這種產能增加可能會對利潤率產生影響，但如果您能分享一下對此的看法，我將非常感激。

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。但對於您關於 AWS 的問題，我們實際上看到明年四個地區的九個可用區域將會出現。短期影響與我們在現有地區擴大基礎客戶群所看到的成長幾乎沒有區別，因此，相對於業務本身的大幅快速成長，我們並不認為增加新地區會帶來很大的提升。

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，擴張確實為我們自己和我們的客戶帶來了好處，我們很高興在過去的一個季度增加了孟買地區。我們認為，當我們在地理上擴張時，現有客戶將在 AWS 上運行更多的工作負載。有時他們會擔心當地的延遲或安全問題，需要他們在自己的國家運行，所以這會有所幫助。當我們新增這些區域時，我們也會向新客戶開放。因此，對第三季指引的影響不大，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伯恩斯坦的卡洛斯‧柯爾納 (Carlos Kirjner)。

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。我可以問兩個問題。當我查看你們的技術和內容費用佔收入的百分比時，我們發現過去兩個季度的同比下降是自 2010 年中期以來從未見過的，當然這也反映在 AWS 利潤率上。您能否幫助我們理解是什麼導致了技術和內容費用相對軌跡的重大變化？第二個問題是，為什麼你們部署 Prime Now 的速度比部署 Fresh 的速度快得多或快得多？它們之間有什麼不同？為什麼你們在新市場部署 Fresh 的速度不如 Prime Now 快？是什麼導致了這種差異？謝謝。

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，這將是我們網站許多領域相關的人力成本以及運行它的基礎設施成本的組合，包括亞馬遜網路服務和亞馬遜網站。我們已經看到我們的基礎設施效率顯著提高，無論是亞馬遜內部還是 AWS 的一部分。我們擁有優秀的人才，不僅致力於提高效率，也致力於降低收購成本。所以，那裡正在進行許多偉大的工作，我認為這就是您在技術和內容線上看到的體現。同樣，這可能會逐季度波動，但我們對當前趨勢感到滿意，您可以在 AWS 利潤率中看到這一點。

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.

Prime Now 與 Fresh 是分開的 - 抱歉。我們將在第二季指出，我們為 AmazonFresh 在倫敦增加了倫敦和波士頓兩個新站點，這是第一個國際站點。但我們已經經營 AmazonFresh 七年了，或者不好意思，從 2007 年起就在西雅圖運作了。正如您所看到的，我們在測試該模型時，一直在北美擴張，更重要的是，我們在所在的城市也一直在擴張，增加郵政編碼，增加更多客戶。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，而且對於 Prime 服務而言，這是一項很棒的客戶功能。

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 從頭開始建造起來會更容易。儘管有些產品有重疊，但它有不同的用途。再次強調，這更多的是關於在短時間內一小時或兩小時內交付人們需要的重要產品精選清單的即時性。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，我們認為客戶也喜歡它們。

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.

感謝您回答我的問題。我有兩個。第一個是在 Echo 上。能分享一些最常用的搜尋嗎？到目前為止，消費者最常如何使用 Echo？ Echo 家庭的購買行為有何提升？第二個問題是關於 Prime 和 AWS 利潤率的，您能否向我們介紹今年上半年推動 AWS 利潤率擴張的一些因素？是利用率，還是產品組合？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，我們再次繼續擴充設備列表，並在去年推出了 Dot、Tap 和 Fire TV 技能。現在我們為 Alexa 提供了 1,900 種第三方技能，包括來自 Kayak、Lyft、NBC、Honeywell 等的新技能。我們看到 Echo 有很多用途。很多都與我們的 Prime Music 產品相關。這只是訪問 Prime Music 和越來越多的亞馬遜網站的絕佳方式。關於實體訂單，我們沒有任何資訊需要披露——抱歉，是透過 Echo 下達的訂單。

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.

就亞馬遜網路服務利潤率而言，這主要歸功於我們基礎設施效率的提高、更好的利用率和更好的成本支出。肯定存在產品和服務的混合。我無法告訴你這是否有利或有害，但是 - AWS 的利潤率每個季度都會波動，這就是你所看到的。但我們對同比的進步感到非常高興。

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馬克‧馬哈尼 (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。布萊恩，您能否向我們解釋一下您所看到的收入成長加速的原因，並更詳細地介紹一下北美零售和國際零售的收入成長加速？我記得上個季度你說過，我們真的開始看到臨界質量、引爆點，不管流行語是什麼，來自國際市場的 Prime 和 FBA。我認為，這是否是推動任何地理國家再次加速發展的持續因素？多謝。

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，我對你也有同樣的流行語，馬克。確實如此——Prime 的飛輪確實在運轉。就這麼簡單。低廉的價格、豐富的選擇和便利性繼續引起顧客的共鳴。 Prime 會員數量增加，透過 FBA 進行選擇使得 Prime 更有價值。因此，在北美和國際的消費者業務中，情況就簡單多了，我們看到 Prime 的接受度和 Prime 福利的使用率都很高。我們不斷擴大 Prime 為客戶提供的福利清單，使其更有價值，而沒有什麼比 FBA 更有價值，我們已經多次討論過 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 為 Prime 帶來了更多符合 Prime 資格的選擇，而 Prime 的成長以及使用 Prime 的客戶類型和他們的購買行為對其他 FBA 賣家具有很大的吸引力。這就是我們所看到的，我們對全球客戶對這些優惠的反應感到非常滿意。

Our next question comes from Youssef Squali from Cantor Fitzgerald.

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。請問兩個問題。布萊恩，您的營業收入高於預期，但更重要的是，高於您自己的預期，至少在過去幾個季度是如此。我只是想知道，當您回顧相對於實際情況的指導時，您認為增量最明顯的地方在哪裡？為什麼我們不假設，至少在邊際上，業務的投資強度可能已經減緩？

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，關於 Prime Video，我只是想知道，考慮到主要競爭對手的做法，即在全球範圍內積極擴張，而你們一直在以更有節制的方式發展，這仍然是計劃嗎？或者你們有興趣，而不是進入幾個國家，而是一舉實現全球擴張？就是這樣。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。我先從第二個問題開始。因此，對於 Prime Video，我們再次對客戶採用 Prime Video 感到非常高興，我們知道客戶喜歡它。我們喜歡看到的結果，特別是免費試用轉換和訂閱續訂率。所以它顯然是有效的。我之前提到過，與去年下半年相比，我們今年下半年的投資率增加了一倍，亞馬遜原創內容的數量增加了兩倍。

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.

電視和電影的原創內容可以在全球範圍內使用。我們談了一些有關我們在印度推出 Prime 服務的情況，並暗示我們很快就會在印度推出視頻，但會推出本地內容和 Amazon Originals。因此，請繼續關注。今天我沒有更多消息可以宣布。關於與指導方針的差異，我想說的是，我們的收入處於指導方針的最高水平。我想說的是，我們的商業模式通常對高銷售量反應良好，因為我們在固定支出方面獲得了很好的槓桿作用。這就是我們所看到的，非常強勁的營運效率，因為我們基本上達到了收入預期的最高端。

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.

但亞馬遜確實擁有多種多樣的利潤來源，並且在任何時候都有大量投資在進行。我想我聽過一個關於投資水準的問題。我們繼續大力投資。事實上，我剛剛提到了第三季投資水準將會上升的幾個方面，主要是營運和數位內容。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現有業務。因此，我們非常重視這兩個角色，在正確的事情上進行正確的投資，為客戶看到成果，同時提高效率。並且可能會有時間差異，每個季度，營業利潤率和投資水準可能會波動，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公司的 Jason Helfstein。赫爾夫斯坦先生，您的線路已通電。

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。很抱歉。我是 Ray McDonough，為 Jason Helfstein 主持節目。僅在 AWS 方面，我們聽到了很多討論，特別是許多媒體報導，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的看法，以及您在生態系統中的長期地位。

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，我們相信客戶選擇 AWS 主要基於三個因素：我們提供的功能和創新速度、我們的合作夥伴和客戶生態系統以及我們的經驗。我們從事這個行業的時間比任何人都長。話雖如此，這個行業仍然有足夠的空間容納多個贏家。我們專注於為客戶進行創新並擴大地理覆蓋範圍，以使我們的服務更加廣泛地普及。

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服務、更高層次的堆疊和其他技術，這些技術將使那些擁有混合 IT 環境的公司能夠與 AWS 無縫集成，然後繼續添加資料分析、行動、物聯網、機器學習產品等功能，這將為 AWS 客戶創造越來越大的價值。我想說，快速的創新步伐將繼續擴大我們在這一領域的領先地位。今年上半年我們新增了422項重要服務與功能。這比去年我們增加 722 項服務和功能的速度還要快。因此，我們對我們的業務地位以及我們在客戶中的地位感到滿意。

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

下一個問題來自羅伯特·貝爾德公司的科林·塞巴斯蒂安。

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。謝謝大家。作為對利潤率的另一個後續關注，我希望您能評論一下投資和建立增強的運輸能力（包括航空貨運租賃）所產生的任何影響。其次，您是否希望能夠確定 EGM 中哪些類別正在成為更有意義的成長動力，或至少在零售方面越來越受到關注？謝謝。

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，關於 EGM，我只想說成長涉及許多不同的產品，這裡沒有確切的說法，我們認為其中很大一部分當然是由 Prime 本身的成長所推動的。北美地區的EGM成長了32%，高於營收成長率，國際地區的EGM也成長了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，這一數字也將持續增長。

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.

關於交通運輸，我認為您的問題是這是否會影響我們的短期表現。不，答案是否定的。我們確實在擴大我們在運輸方面的服務範圍，而且我們已經這樣做了很多年，例如分類中心和配送方式。我們談論的飛機交易本質上是我們從其他公司租賃的飛機，隨著我們的進展，你會聽到更多關於這方面的消息，但這本質上是為了滿足我們運輸產品時對內部航班的需求。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，關於 FC 建設，考慮到使用 Kiva、其他技術或一般經驗，建造中心的成本是否會隨著時間的推移而擴大，還是這些成本仍然相對穩定？此外，我們還注意到，在 Prime Day 之後的四到五週內，一些設備已經售罄。這是針對某些設備的計畫庫存減少嗎？還是庫存量讓您感到驚訝？

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.

我先問第二個問題。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，也得到了客戶的廣泛採用。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，包括電子閱讀器、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配送中心的成本。不透露我們確實在繼續改變我們的履行中心。我們多次改變了自動化程度、規模和範圍，並且不斷學習和成長。因此，我無法指出每個履行中心啟動成本的總體趨勢，但由於它們的規模和任務各不相同，有些已經完全配備了亞馬遜機器人，而有些則由於經濟原因沒有配備。也許音量對於機器人音量來說並不完美。但是，是的，所以我無法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賈斯汀波斯特 (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。首先關於客戶，我猜——我想知道為什麼你不給這個數字，很多人都用它來做他們的模型。第二件事，當您查看美國 Prime 會員滲透率與美國客戶總數時，您對此有何感想？您認為美國 Prime 會員還有很大成長空間嗎？謝謝。

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.

你好，賈斯汀。這是達林。我會再次對客戶帳戶進行評論。我們可能會考慮在未來更新這一點，但實際上我們鼓勵您和我們的投資者關注我們的自由現金流指標、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.

關於 Prime 滲透率，當然，我們還沒有公佈 Prime 訂閱水準。我們討論過全球和北美的成長。我可以告訴你的是，我們仍然認為 Prime 有很大的發展空間。我們為學生量身定制了計劃，我們定制了視頻計劃，我們推出了月度計劃，我們有雜貨配送計劃。

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.

Prime 有許多不同的版本，我們正在積極尋找適合每個人的完美 Prime。我們知道，當顧客再次嘗試 Prime 時，他們會喜歡它。因此，這實際上只是讓他們嘗試 Prime，並繼續提供優質的 Prime 優惠以及超低的價格和選擇。

Our next question comes from Ross Sandler from Deutsche Bank.

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?

謝謝大家。我剛吃了兩個。首先，跟進物流主題。因此，除了您剛才提到的用於網絡內運輸產品的貨機之外，你們還註冊並獲得了美國海事許可證，可以作為貨運代理運營，並且最近宣布與英國建立無人機送貨合作夥伴關係，你們已經合作了幾年。從更高的層面來說，您能否談談整體物流策略如何從卡車和配送中心演變為融入一些新方法，以及這將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.

第二個問題是關於 AWS 的。因此，你們繼續取得了非常強勁的業績，而且你們顯然與許多不同垂直行業的客戶進行了交談。從高層次來看，您認為現階段有多少百分比的企業工作負載已經轉移到公有雲？是低個位數到中個位數嗎？就空間滲透而言，任何顏色都與我們所在的位置有關。謝謝。

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。讓我來回答第一個問題。在英國的 Prime Air 上，我們一直與 Prime Air 合作並開發 Prime Air 一段時間，以開發安全、環保的快速運送系統，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，推動無人機在小包裹遞送中的安全使用。這為我們提供了在太空中試驗新方法的權限，包括超視距操作、感知與規避技術以及一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，我們非常讚賞英國在這個問題上採取的務實和前瞻性態度，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，我們對此感到非常興奮。至於遠洋航行許可證問題，我們今天不予評論。

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，您問的基本上是滲透問題。我們認為還為時過早。再次強調，我們喜歡我們的地位，我們在雲端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端轉換。我們提供更低的價格和服務，正如我所說，我們將努力使客戶能夠更輕鬆地與我們合作使用他們的混合資料中心或將他們的資料量轉移給我們。

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.

感謝您回答這些問題。也許是一個澄清和一個大主題。關於澄清，我很欣賞有關內容的披露，以及下半年將如何實現同比翻倍。為了確保我們能夠理解這一發展軌跡，有沒有辦法將其框定在今年下半年和上半年之間，以便我們能夠嘗試根據內容支出在毛利率基礎上進行三角測量？更大的話題是中國，但這次電話會議尚未提及。我想了解您對競爭格局、中國相對定位的最新看法，以及您對在中國投資的看法。謝謝。

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.

嗨，艾瑞克。這是達林。我來回答第二個有關中國的問題。因此我們在中國繼續運作良好。我們將中國視為——也是我們進入中國市場的方式——一條讓中國客戶可以信賴的途徑，讓他們可以接觸到真正的國際品牌，我們將專注於這些全球品牌，並將它們帶給中國客戶。我們專注於提供亞馬遜全球商店等服務，讓中國客戶可以在中國網站上購買國際品牌，並直接送到家中。所以，是的，現在還處於早期階段，我們正在進行一些實驗，但我們看到這些事情取得了良好的進展，我們對此感到高興。

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，我認為我現在能給你的唯一其他數據點可能已經過時了，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，而且我們還在繼續增加內容。目前我能給出的最好預測是，這筆支出將是 2015 年下半年支出的兩倍，幾乎是兩倍。

Our final question will come from Victor Anthony from Axiom.

我們的最後一個問題來自 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?

謝謝你讓我上場。也許我只想問一個關於印度的問題。您稱印度為——您擁有訪問量最大的電子商務網站以及下載量最大的行動應用程序，並且還推出了 Prime。所以也許您可以談談您在該市場看到的機會和挑戰。第二，有媒體報告說您在義大利投資了約 5 億美元的增量資本。我想知道，您在那個市場看到了什麼，可以證明這種程度的投資是合理的？

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。所以在印度，我們對目前在印度看到的情況感到非常鼓舞，無論是客戶還是賣家；那是一個第三方賣方市場。您聽說了我們本週推出的 Prime 計劃，這將為印度客戶帶來全新的體驗。在數百個城市，我們現在將提供無限的免費一日送達和兩天送達服務，我們也提到 Prime Video 即將登陸這些城市，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的線上銷售合作關係。最近，我們與摩托羅拉、三星、聯想在部分手機上建立了合作關係。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看到的初步結果。我們真的很喜歡那裡的團隊。我們擁有一支優秀的亞馬遜團隊，他們在印度富有創造力。

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.

每當遇到障礙或與美國或其他主要企業不同的東西時，他們就會發明新的解決方法，無論是運輸方式、付款方式或其他什麼。因此，非常有創意，而且客戶反應也非常強烈。因此我們對 Prime 計劃感到非常興奮。我們認為它將在印度開啟新的篇章，而且我們在世界上推出 Prime 的每個國家都取得了巨大的成功，我們認為印度也不會例外。因此，我們期待看到我們能為印度客戶做些什麼。

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.

你好，維克多，我是達林。在義大利，是的，我們將繼續在義大利和整個歐洲投資，以滿足我們看到的強勁客戶需求。自 2010 年在義大利開業以來，我們已在義大利投資超過 4.5 億歐元並創造了 1,700 個就業機會，這筆增加的投資將用於在羅馬附近增加未來的足球俱樂部和其他基礎設施資產。所以，是的，這確實是為了支持我們在義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.

感謝您今天參加電話會議並提出問題。重播將至少在本季末之前在我們的投資者網站上提供。感謝您對 Amazon.com 的關注，並期待下個季度再次與您交談。謝謝。