亞馬遜 (AMZN) 2016 Q4 法說會逐字稿

Good day, everyone, and welcome to the Amazon.com Q4 2016 financial results teleconference.

大家好，歡迎來到 Amazon.com 2016 年第四季度財務業績電話會議。

(Operator Instructions)

（操作員說明）

Today's call is being recorded.

今天的電話正在錄音。

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

對於開場白，我將把電話轉給投資者關係總監 Darin Manney。

Please go ahead.

請繼續。

Hello and welcome to our Q4 2016 financial results conference call.

您好，歡迎參加我們的 2016 年第四季度財務業績電話會議。

Joining us today to answer your questions is Brian Olsavsky, our CFO.

今天加入我們回答您的問題的是我們的首席財務官 Brian Olsavsky。

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.

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。

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

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

Our comments and responses to your questions reflect management's views as of today, February 2, 2017 only, and will include forward-looking statements.

我們對您問題的評論和答复僅反映了管理層截至今天（2017 年 2 月 2 日）的觀點，並將包括前瞻性陳述。

Actual results may differ materially.

實際結果可能大不相同。

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

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

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

在這次電話會議中，我們可能會討論某些非公認會計原則的財務措施。

In our press release, slides accompanying this webcast and our filings with the SEC, each of which is posted on our IR website.

在我們的新聞稿中，本次網絡廣播隨附的幻燈片以及我們向 SEC 提交的文件均發佈在我們的 IR 網站上。

You will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures.

您會發現有關這些非公認會計原則措施的額外披露，包括這些措施與可比較的公認會計原則措施的對賬。

Our guidance incorporates the order trends that we have seen to date, and what we believe today to be appropriate assumptions.

我們的指導包含了我們迄今為止看到的訂單趨勢，以及我們今天認為是適當的假設。

Our results are inherently unpredictable, and may be materially affected by many factors.

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。

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.

包括外匯匯率波動、全球經濟狀況和客戶支出的變化、世界大事、互聯網、在線商務和雲服務的增長率，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, among other things, that we don't conclude additional business acquisitions, investments, restructurings or legal settlements.

除其他外，我們的指導還假設我們不會完成額外的業務收購、投資、重組或法律和解。

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

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。

And just briefly before we move to questions, I would like to address our Form 10-K that we will be filing with the SEC.

在我們提出問題之前，我想簡要介紹一下我們將向美國證券交易委員會提交的 10-K 表格。

We received a comment letter from the SEC's Division of Corporate Finance regarding our 2015 Form 10-K, and have subsequently been engaged with the SEC staff regarding our disclosures.

我們收到了 SEC 公司財務部門關於我們 2015 年 10-K 表格的評論信，隨後我們就我們的披露與 SEC 工作人員進行了接觸。

We will be revising the disclosures of net, product and service sales in our Form 10-K.

我們將修改 10-K 表格中的淨銷售額、產品和服務銷售額的披露。

As a result, we expect to file our 2016 Form 10-K later than we typically have, but before the SEC's due date of March 1. These changes relate to our entity-wide disclosures and do not impact the financial results that we report for the Company or our segments.

因此，我們預計 2016 年 10-K 表格的提交時間會比我們通常的提交時間晚，但要在美國證券交易委員會 3 月 1 日的截止日期之前。這些變化與我們在整個實體範圍內的披露有關，不會影響我們報告的財務業績公司或我們的分部。

With that, we will move to Q&A.

有了這個，我們將進入問答環節。

Operator, please remind our listeners how to initiate a question.

接線員，請提醒我們的聽眾如何發起提問。

(Operator Instructions)

（操作員說明）

John Blackledge, Cowen.

約翰布萊克利奇，考恩。

Great, thanks for the question.

太好了，謝謝你的提問。

So the first quarter GAAP operating income guide essentially implies negative incremental margins at the low, mid and high end of guidance.

因此，第一季度 GAAP 營業收入指南實質上意味著低、中、高端指南的負增量利潤率。

So just wondering if you can frame in order of possible the investment areas that are driving the negative incremental margins, and then just generally how should we think about the margin profile in 2017?

所以只是想知道您是否可以按可能導致負增量利潤率的投資領域的順序排列，然後我們應該如何看待 2017 年的利潤率概況？

Thank you.

謝謝你。

Thank you, John.

謝謝你，約翰。

First, let me talk about revenue just to get that out there as well.

首先，讓我談談收入，只是為了把它也拿出來。

We are guiding to 17% to 25% growth on an FX-neutral basis.

在外匯中性的基礎上，我們指導 17% 至 25% 的增長。

That includes approximately -- on top of that is approximately 250 basis points or $730 million of FX negative impact, which brings the non-FX adjusted range down to 14% to 23%.

這包括大約 - 最重要的是大約 250 個基點或 7.3 億美元的外匯負面影響，這使非外匯調整範圍下降到 14% 至 23%。

I will also point out we that had the Leap Year comp from last year.

我還要指出我們從去年開始有了閏年比賽。

Last year, the extra day of Leap Year was worth 150 basis points to us in our Q1 revenue.

去年，閏年的額外一天在我們的第一季度收入中價值 150 個基點。

This year that reverses, so we have 150 basis point headwind to growth and it's been factored into our guidance range.

今年情況發生逆轉，因此我們有 150 個基點的增長逆風，這已被納入我們的指導範圍。

But your question was on bottom line.

但你的問題是底線。

So yes, what you are seeing, John, is the continuation of the step-up investment that we saw in the second half of last year.

所以是的，約翰，你所看到的是我們在去年下半年看到的升級投資的延續。

I talked about in prior calls about the fulfillment center step up.

我在之前的電話會議中談到了履行中心的升級。

We had 26 warehouses we added last year, 23 of them were in the second half of the year.

我們去年增加了26個倉庫，其中23個是在下半年。

Digital content, digital video content, end marketing stepped up quite a bit in the second half of the year.

數字內容、數字視頻內容、終端營銷在下半年都有較大的提升。

We continue to invest heavily in those two areas.

我們將繼續在這兩個領域進行大量投資。

We also have investments in other Prime benefits from Prime Now to Amazon Fresh, and of course we're continuing to invest in Alexa in our Echo devices.

我們還投資了從 Prime Now 到 Amazon Fresh 的其他 Prime 福利，當然，我們將繼續在 Echo 設備中投資 Alexa。

And finally I'd point out India which continues to be a rather large investment for us.

最後我要指出印度，這對我們來說仍然是一項相當大的投資。

Scott Devitt, Stifel.

斯科特·德維特，斯蒂菲爾。

Hello, thank you.

你好，謝謝。

The question is on video.

問題在視頻中。

I was wondering if you could just give any quantification in terms of the magnitude of video spend in 2017, as well as the lumpiness from an expensing standpoint quarterly?

我想知道您是否可以就 2017 年的視頻支出規模以及從每季度支出的角度來看的波動性給出任何量化？

And then separately as it relates to just the video service.

然後分開，因為它僅與視頻服務有關。

From a positioning standpoint in the market, how do you think about the unique aspects of the product that Amazon has relative to others in the market in terms of is the aggregation tools that are being provided now where some of the value is being perceived longer term?

從市場定位的角度來看，您如何看待亞馬遜相對於市場上其他產品的獨特方面是現在提供的聚合工具，其中一些價值被認為是長期的?

Is it the uniqueness of the content or is it other things?

是內容的獨特性還是其他的東西？

If you could provide a little bit of color on that, that would be helpful.

如果你能提供一點顏色，那會很有幫助。

Thank you.

謝謝你。

Well ultimately, I will step back and say one of the main things we look at on Prime Video is customer usage patterns.

最終，我會退後一步，說我們在 Prime Video 上看到的主要內容之一是客戶使用模式。

And in 2016, we had a doubling of Prime hours for video, music and reading.

2016 年，我們在視頻、音樂和閱讀方面的 Prime 小時數翻了一番。

So we are happy with the engagement that customers have.

因此，我們對客戶的參與感到滿意。

We're also happy with the -- especially on the studio side, the people we have been able to work with.

我們也很高興 - 特別是在工作室方面，我們能夠與之合作的人。

Some of the most talented people in the entertainment industry.

娛樂圈中一些最有才華的人。

And our customers have responded really well to the shows that we have created.

我們的客戶對我們製作的節目反應非常好。

We have garnered awards of course, but mainly what we were focused on is good content that is attractive to customers.

我們當然獲得了獎項，但我們主要關注的是對客戶有吸引力的優質內容。

I will also point out that we rolled out the global Prime Video offer in the second half of last -- in Q4, and what we see there is again original content is a fixed cost expense.

我還要指出，我們在去年下半年推出了全球 Prime Video 服務——在第四季度，我們再次看到原創內容是固定成本費用。

The more we can amortize it over a large base, the better off we will be.

我們越能將它攤銷到一個大的基礎上，我們就會越好。

But more importantly, we have great content that we want to share with people outside of our primary retail countries and this takes us to over 200 more countries.

但更重要的是，我們希望與主要零售國家以外的人們分享精彩的內容，這將我們帶到了 200 多個國家。

So we are very happy with the results in video.

所以我們對視頻中的結果非常滿意。

Yes, the investment did step up in the second half of last year, including marketing and that will continue in 2017 and likely beyond.

是的，去年下半年的投資確實增加了，包括營銷，這將在 2017 年甚至更久繼續下去。

Ben Schachter, Macquarie.

本·沙赫特，麥格理。

Can you discuss what you're doing to help merchants in China sell and ship directly to consumers in the US and other developed economies, and how the business has been evolving over time?

您能否談談您正在做些什麼來幫助中國的商家直接向美國和其他發達經濟體的消費者銷售和發貨，以及隨著時間的推移，這項業務是如何發展的？

Thanks.

謝謝。

Hello, Ben.

你好，本。

This is Darin.

這是達林。

We are very pleased with our FBA offering, and that's really helpful to sellers around the world.

我們對我們的 FBA 產品非常滿意，這對世界各地的賣家非常有幫助。

Certainly, our international sellers have access to more and more customers through that offering, and that doesn't exclude sellers in China as well.

當然，我們的國際賣家可以通過該產品接觸到越來越多的客戶，這也不排除中國的賣家。

The offering in China that we have for consumers is also a great trusted customer engagement.

我們在中國為消費者提供的產品也是值得信賴的客戶參與度。

We have a very strong and trusted venue for Chinese customers to access international brands there, as we continue to focus on great offerings through the Amazon global store which offers great brands from outside of China to customers.

我們有一個非常強大和值得信賴的場所供中國客戶在那裡訪問國際品牌，因為我們將繼續通過亞馬遜全球商店專注於為客戶提供來自中國以外的優質品牌的優質產品。

And so there is a mix of things going on in China, and we're happy with what we are seeing in both of those.

所以在中國發生了各種各樣的事情，我們對我們在這兩方面看到的情況感到滿意。

Justin Post, Bank of America/Merrill Lynch.

賈斯汀·波斯特，美國銀行/美林證券。

Thank you.

謝謝你。

A follow up on India and China.

印度和中國的後續行動。

I know you are investing a lot, I'd love to hear how much but you probably won't tell us.

我知道你投資了很多，我很想知道多少錢，但你可能不會告訴我們。

But can you tell us why you think the market is worth investment, and what really attracts you to the market as you think out longer term?

但是你能告訴我們為什麼你認為這個市場值得投資，以及當你從長遠來看，是什麼真正吸引你進入這個市場？

And then China, can you give us any updates there on how financial performance is doing, and if you have changed your strategy and if anything has gotten better there this year?

然後是中國，您能否向我們提供有關財務表現的最新信息，以及您是否改變了策略以及今年那裡是否有任何改善？

Thank you

謝謝

Let me start with India.

讓我從印度開始。

So it's still very early.

所以現在還很早。

We continue to say that, but we're very encouraged with what we have created with customers and sellers alike in India over the last few years.

我們繼續這麼說，但我們對過去幾年在印度與客戶和賣家共同創造的東西感到非常鼓舞。

We continue to develop new functionality for that country, whether it's delivery, whether it's seller features.

我們將繼續為該國家/地區開發新功能，無論是交付功能，還是賣家功能。

We rolled out Prime last summer, if you'll remember, and we recently launched Prime Video there.

如果您還記得的話，我們去年夏天推出了 Prime，我們最近在那裡推出了 Prime Video。

So we've had success with Prime in every country we've been in, we don't expect India to be any different.

所以我們在我們去過的每個國家都取得了 Prime 的成功，我們不希望印度有任何不同。

We will continue to build our business there, and continue to do a great job for both customers and sellers.

我們將繼續在那裡建立我們的業務，並繼續為客戶和賣家做好工作。

We are bullish on India longer term, and it's early but we like the initial engagement we are seeing and the response again from both customers and sellers.

從長遠來看，我們看好印度，現在還為時過早，但我們喜歡我們看到的最初的參與以及客戶和賣家的再次回應。

And this is Darin.

這是達林。

On China, like I said, we are very pleased with our offering in China.

關於中國，就像我說的，我們對我們在中國的產品非常滿意。

Our strategy there has been one of bringing a trusted and authentic product to customers in China, both domestically and from international offers.

我們的戰略之一是為中國客戶提供值得信賴和正宗的產品，無論是國內還是國際產品。

So we will continue to focus on the global store there.

因此，我們將繼續專注於那裡的全球商店。

As you may know, we've launched the Prime program that's focused around the availability of international goods in China, and we are pleased with what we are seeing there.

如您所知，我們推出了專注於在中國提供國際商品的 Prime 計劃，我們對在那裡看到的情況感到滿意。

Heath Terry, Goldman Sachs.

希思特里，高盛。

Great.

偉大的。

Two primary questions.

兩個主要問題。

Can you give us a sense of what the best way to think about the impact that the shift to third-party?

您能否讓我們了解一下考慮轉向第三方的影響的最佳方式是什麼？

And within that the growth in FBA is having on these sequential growth rates?

在這其中，FBA 的增長對這些連續增長率有影響嗎？

To the extent that there is 150 basis point impact from Leap Year on a year-over-year basis, is there a way to quantify the impact that that shift to third party is having on the growth rate for the first quarter or for what you have reported in the fourth?

就閏年的同比影響而言，有 150 個基點的影響，有沒有辦法量化這種轉移到第三方對第一季度或你的增長率的影響有報導在第四嗎？

And then on the AWS side of the business, with the price cut in November can you give us some sense of what impact the price cut had on the deceleration in growth compared to the impact that presumably it had in driving incremental volume to the platform?

然後在 AWS 業務方面，隨著 11 月的降價，您能否讓我們了解一下降價對增長減速的影響與可能對平台增加量的影響相比有什麼影響？

Let me start with that second question first.

讓我先從第二個問題開始。

So more basically on AWS, very happy with the response from customers.

所以基本上是在 AWS 上，對客戶的反應非常滿意。

We feel we've got a very broad base of customers from startups, to small medium businesses, to large enterprises, to the public sector, and we are continuing to see strong growth across all those sectors.

我們覺得我們擁有非常廣泛的客戶群，從初創公司到中小型企業，再到大型企業，再到公共部門，我們將繼續看到所有這些領域的強勁增長。

The business is now a $14 billion annualized -- running at a $14 billion run rate.

該業務現在的年化收入為 140 億美元——以 140 億美元的運行速度運行。

You are right that we had seven price cuts in Q4 essentially timed for December 1, so about a third of the impact was seen in Q4.

你是對的，我們在第四季度進行了七次降價，基本上是在 12 月 1 日進行的，所以大約三分之一的影響發生在第四季度。

But that's going to be constant in this business.

但這將在這項業務中保持不變。

We have been pretty clear that this business is all about creating new functionality for customers, giving price cuts, and then working on the operating efficiency.

我們很清楚，這項業務就是為客戶創造新功能，降價，然後提高運營效率。

So very pleased with Q4 and the pace of the business.

對第四季度和業務發展速度非常滿意。

The new services and features last year were over 1,000 versus 700 or so in 2015.

去年的新服務和功能超過 1,000 個，而 2015 年為 700 個左右。

So we continue to innovate on behalf of customers.

因此，我們代表客戶不斷創新。

We are working with some very large customers in each industry.

我們正在與每個行業的一些非常大的客戶合作。

You have seen probably press releases on companies like Capital One, Workday, salesforce and others.

您可能已經看過關於 Capital One、Workday、salesforce 等公司的新聞稿。

So again, widespread usage and new customer adoption which is great.

同樣，廣泛的使用和新客戶的採用非常棒。

Your second question on FBA, I can't break out the year-over-year difference there.

您關於 FBA 的第二個問題，我無法計算出年同比差異。

What I will say the impact of FBA on our business is, and first that's -- one of the things that we look at is how well are we attracting new FBA sellers.

我要說的是 FBA 對我們業務的影響，首先是 - 我們關注的一件事是我們吸引新的 FBA 賣家的能力如何。

Because again, FBA reinforces Prime, Prime reinforces FBA.

因為同樣，FBA 強化了 Prime，Prime 強化了 FBA。

It's a good flywheel.

這是一個很好的飛輪。

We added active sellers in FBA grew 70% year over year in 2016.

我們在 FBA 中增加了活躍賣家，2016 年同比增長 70%。

So we are very happy with the continued adoption of FBA and what that does to Prime eligible selection for Prime members.

因此，我們對 FBA 的持續採用以及這對 Prime 會員的 Prime 資格選擇的影響感到非常高興。

The other data point I will give you that affects our cost structure is our Amazon fulfilled units, which is the combination of retail plus FBA, grew nearly 40% last year.

我要給你的另一個影響我們成本結構的數據點是我們的亞馬遜履行單位，這是零售和 FBA 的組合，去年增長了近 40%。

That compares to our paid unit growth of 24% in Q4.

相比之下，我們第四季度的付費單位增長率為 24%。

I'm giving you Q4 and a full-year number, but they are similar in relative proportion.

我給你的是第四季度和全年的數字，但它們的相對比例相似。

The fulfillment center expenses and a lot of our shipping costs are tied to the increase in that FBA percentage, and that growth of Amazon fulfilled units.

履行中心的費用和我們的許多運輸成本與 FBA 百分比的增加以及亞馬遜履行單位的增長有關。

So that is certainly a factor that we consider a positive from a customer standpoint, and it's one from a cost standpoint that we certainly continue to work on every day.

因此，從客戶的角度來看，這肯定是我們認為積極的一個因素，而且從成本的角度來看，我們肯定會每天繼續努力。

But I think that's the most I can give you on FBA at this point.

但我認為這是我目前在 FBA 上能給你的最多的東西。

Colin Sebastian, Robert W. Baird.

科林·塞巴斯蒂安、羅伯特·W·貝爾德。

Thanks very much.

非常感謝。

Maybe as a quick follow up on the quarter, we have heard from other e-commerce companies and retailers about a higher degree of promotional activity during Q4.

也許作為對本季度的快速跟進，我們從其他電子商務公司和零售商那裡聽說了第四季度更高程度的促銷活動。

So I wonder if there was any conscious decision on your part to pull back from some of the more aggressive discounting?

所以我想知道您是否有意識地決定退出一些更激進的折扣？

And then my other question is whether you can shed any more light on the motivation to build out the air cargo hub in Cincinnati, understanding the need to support the growth of the core retail business?

然後我的另一個問題是，您是否可以進一步闡明在辛辛那提建立航空貨運樞紐的動機，了解支持核心零售業務增長的必要性？

But also if this gives you more of an opportunity to build out direct connections to suppliers, for example, or longer-term offer excess capacity or logistics as a service?

但是，如果這讓您有更多機會與供應商建立直接聯繫，例如，或者長期提供過剩產能或物流即服務？

Thank you very much.

非常感謝。

Sure, Colin.

當然，科林。

On your first question, holidays are always a very promotional period, so we don't see -- I can't really comment on the year-over-year differential in promotional activity to us.

關於您的第一個問題，假期總是一個非常促銷的時期，所以我們看不到 - 我無法真正評論我們促銷活動的同比差異。

We are always looking to not be beat on price.

我們一直希望在價格上不被擊敗。

We want to offer the best options to customers, and we saw a lot of great response from customers this holiday season.

我們希望為客戶提供最好的選擇，我們在這個假期看到了很多客戶的好評。

I think we'd be a very trusted holiday partner, particularly as you get closer to the holiday.

我認為我們將成為一個非常值得信賴的假期合作夥伴，尤其是當您臨近假期時。

So on the promotion side, we don't consider it a huge factor either way.

所以在推廣方面，我們不認為這是一個很大的因素。

It's pretty much a cost of doing business 12 months a year for us.

對我們來說，這幾乎是一年 12 個月做生意的成本。

Sorry, the second question was on the hub in Cincinnati or Kentucky.

抱歉，第二個問題是關於辛辛那提或肯塔基州的樞紐。

Yes, that is -- I saw the announcement on that, that is a partnership we have to build out a facility at the Hebron, Kentucky airport.

是的，那是--我看到了關於那的公告，這是我們必須在肯塔基州希伯倫機場建立一個設施的合作夥伴關係。

We think it will create thousands of jobs over time.

我們認為，隨著時間的推移，它將創造數千個工作崗位。

What it does for us is it this gives us a base for future growth.

它對我們所做的是，它為我們未來的增長奠定了基礎。

It's all about supplementing our existing capacity, both our Partners and ourselves, and essentially building capacity that can handle this top line growth and also the growth in AFN, or Amazon fulfilled network units which as I just mentioned is even higher than our paid unit growth.

這一切都是為了補充我們現有的能力，包括我們的合作夥伴和我們自己，並從根本上建立能夠處理這一收入增長以及 AFN 或亞馬遜履行的網絡單位的增長的能力，正如我剛才提到的，這甚至高於我們的付費單位增長.

So same as some of the investments you saw in airplanes last year or partnerships with companies that do air cargo, this is about supplying our need for our customers and our sellers.

因此，就像您去年在飛機上看到的一些投資或與從事航空貨運的公司建立合作夥伴關係一樣，這是為了滿足我們對客戶和賣家的需求。

We value the partnership with the external providers as well, and I think we're all dealing with the problem of having lots of incremental volume year over year.

我們也重視與外部供應商的合作，我認為我們都在處理每年都有大量增量的問題。

Mark May, Citi.

馬克·梅，花旗銀行。

Thank you.

謝謝你。

Just a question on paid unit growth.

只是關於付費單位增長的問題。

For the last several quarters here it's been accelerating on a year-on-year basis, and I think this quarter 24% was below the 26% that you reported in Q4 of 2015.

在過去的幾個季度中，它一直在同比加速，我認為本季度的 24% 低於您在 2015 年第四季度報告的 26%。

Just curious what had been driving the acceleration over the past few quarters, and what may be changed this quarter?

只是好奇是什麼推動了過去幾個季度的加速，本季度可能會發生什麼變化？

And then in terms of the Q1 revenue guidance, wondering if you could provide a little bit of color in terms of the impact that maybe the recent AWS price adjustments are having on your Q1 guidance?

然後就第一季度的收入指導而言，想知道您是否可以就最近的 AWS 價格調整對您的第一季度指導的影響提供一些色彩？

Thanks.

謝謝。

Let me start with the second one.

讓我從第二個開始。

We factored it in, and obviously into the numbers I gave through guidance the timing of it was again closer to December 1. So there will be a incremental differential in Q1 on those price cuts, but this is something that we again have quite frequently and I don't think it's a large factor in Q1.

我們將其考慮在內，很明顯，我通過指導給出的數字再次接近 12 月 1 日。因此，在第一季度，降價將出現增量差異，但這是我們再次經常遇到的情況，並且我認為這不是第一季度的一個重要因素。

The bigger one is more mechanical that Leap Day comp I would say.

我會說的閏日比賽越大，越機械。

And if you are looking on a non-FX adjusted basis, the foreign exchange exposure which I mentioned was $730 million or 250 basis points expected in this guidance.

如果您正在查看非外匯調整的基礎，我提到的外匯風險敞口為 7.3 億美元，即本指南中預期的 250 個基點。

Hello, Mark.

你好，馬克。

This is Darin.

這是達林。

On that unit growth, we're very happy with the 24% unit growth that we saw in Q4, like you mentioned.

關於單位增長，我們對第四季度看到的 24% 的單位增長感到非常滿意，就像你提到的那樣。

Our unit growth has been strong, it's primarily attributable to our Prime program and the customers and members that enjoy that program.

我們的單位增長強勁，這主要歸功於我們的 Prime 計劃以及享受該計劃的客戶和會員。

As Brian mentioned, that 28% is only part of the story.

正如布賴恩所說，這 28% 只是故事的一部分。

Our Amazon fulfilled units, the amount going through our fulfillment centers which essentially includes our first-party retail and our FBA sales, grew nearly 40% over 2016.

我們的亞馬遜配送單位，通過我們的配送中心的數量，基本上包括我們的第一方零售和我們的 FBA 銷售，比 2016 年增長了近 40%。

So we are very pleased with those results, and happy with the fundamentals of the business from that perspective.

因此，我們對這些結果非常滿意，並且從這個角度對業務的基本面感到滿意。

Customers continue to respond very well to the low prices, the vast selection, which is helped by the FBA sellers, and the strong convenience that we can offer through free two-day shipping and the multitude of other faster shipping options.

客戶繼續對低廉的價格、FBA 賣家幫助的廣泛選擇以及我們可以通過免費兩天送貨和眾多其他更快的送貨選擇提供的強大便利做出很好的反應。

Such as same day, next day, and in some cases with Prime Now the 1 to 2 hour delivery.

例如當天、次日，在某些情況下使用 Prime Now 的 1 到 2 小時送達。

Prime membership and selection continues to drive growth, and you'll see that in our unit growth numbers.

Prime 會員資格和選擇繼續推動增長，您會在我們的單位增長數據中看到這一點。

Douglas Anmuth, JPMorgan.

道格拉斯·安穆斯，摩根大通。

Thanks for taking the question.

感謝您提出問題。

A lot of talk obviously about border tax.

很多談論顯然是關於邊境稅的。

I was hoping that you could give us some of your initial thoughts there and how you might think about some of the key considerations around a potential border tax.

我希望你能給我們一些最初的想法，以及你可能如何考慮圍繞潛在邊境稅的一些關鍵考慮因素。

And then secondly, can you talk a little bit about fulfillment centers?

其次，您能談談履行中心嗎？

You mentioned the 26 fulfillment center build out in 2016.

您提到了 2016 年建成的 26 個履行中心。

Any color that you can give us in terms of how you're thinking about that for 2017?

就你對 2017 年的看法而言，你能給我們什麼顏色？

Thanks.

謝謝。

On the first one, we have a long-standing practice of not commenting on regulatory or tax matters.

在第一個方面，我們長期以來一直不對監管或稅務問題發表評論。

So I am not going to comment on any proposed issues out there.

因此，我不會對任何提議的問題發表評論。

We certainly keep an eye on external issues and weigh in when we think it's going to impact our business.

我們當然會密切關注外部問題，並在我們認為它會影響我們的業務時進行權衡。

But the -- sorry, your second question was on FCs.

但是——抱歉，您的第二個問題是關於 FC 的。

We will continue to invest in FCs.

我們將繼續投資於 FC。

The comparable I will give you is that I won't forecast 2017, but the 20% growth in square footage that we saw in 2015 was followed by 30% square footage increase in 2016 that generally went to service that 40% growth in units in AFN units.

我要給你的比較是，我不會預測 2017 年，但我們在 2015 年看到的 20% 的平方英尺增長之後是 2016 年 30% 的平方英尺增長，這通常用於服務於 40% 的單位增長AFN 單位。

It also included some of the additional logistics delivery stations and all too, so it's not all FC capacity that's square footage.

它還包括一些額外的物流配送站等等，所以並不是所有的 FC 容量都是平方英尺。

But I would say that we're going to continue to invest in fulfillment centers as long as our AFN growth rate maintains high, and we certainly want to keep that high and growing.

但我會說，只要我們的 AFN 增長率保持高位，我們就會繼續投資履行中心，我們當然希望保持這種高水平並不斷增長。

Mark Mahaney, RBC Capital Markets.

馬克·馬哈尼，加拿大皇家銀行資本市場。

Thanks, two questions please.

謝謝，請教兩個問題。

First, any comment on customer growth qualitatively how that trended throughout the year, accelerated, consistent, decelerated?

首先，關於客戶增長的定性評論，全年趨勢如何，加速、一致、減速？

And then would you be willing to give any commentary on the engagement impact you're seeing from all of these Echo devices that are getting into households?

然後，您是否願意就您從所有這些進入家庭的 Echo 設備中看到的參與影響發表任何評論？

Are you seeing people shop more?

您是否看到人們購物更多？

Are they engaging more with other parts of Amazon?

他們是否更多地與亞馬遜的其他部分互動？

Just any impact on what people with these Echo devices do that's different than Amazon customers that don't have them?

與沒有這些 Echo 設備的亞馬遜客戶相比，這些 Echo 設備對人們所做的事情有何影響？

Thank you.

謝謝你。

Let me start with the Echo.

讓我從 Echo 開始。

I don't think I'm going to answer your exact question there on quantifying the retail sales through Echo devices.

我不認為我會回答你關於通過 Echo 設備量化零售額的確切問題。

It's still very early days on that, so that's not material.

現在還處於早期階段，所以這並不重要。

But the engagement is just like any other Prime benefit or investment that we have.

但參與就像我們擁有的任何其他 Prime 福利或投資一樣。

We do look at engagement, and we like the engagement of customers who have Echos.

我們確實關注參與度，我們喜歡擁有 Echos 的客戶的參與度。

But let me step back and give some highlights on that, Alexa and Echo together.

但讓我退後一步，在這方面給出一些亮點，Alexa 和 Echo。

As we mentioned in our press release, the unit sales of Echos grew nine times 9x year over year during the holiday period.

正如我們在新聞稿中提到的那樣，Echos 的單位銷售額在假期期間同比增長了 9 倍 9 倍。

So great customer adoption.

如此出色的客戶採用率。

We are really glad to see that, and that creates a great base of Echo and Alexa fans out there.

我們真的很高興看到這一點，這為 Echo 和 Alexa 的粉絲奠定了良好的基礎。

We've added 4,000 skills to Alexa since I last spoke to you in October, and we are working with a lot of major companies as they add abilities for our customer base to use the Alexa or the Echo to reach them.

自從我去年 10 月與您交談以來，我們已經為 Alexa 添加了 4,000 項技能，我們正在與許多大公司合作，因為他們為我們的客戶群增加了使用 Alexa 或 Echo 來接觸他們的能力。

Tens of thousands of developers are building new skills for Alexa, so the skills addition should continue.

數以萬計的開發人員正在為 Alexa 構建新技能，因此應該繼續添加技能。

And just as importantly, tens of thousands of developers are also using the Alexa voice service to help integrate Alexa into their products which then creates a great network effect.

同樣重要的是，成千上萬的開發人員也在使用 Alexa 語音服務來幫助將 Alexa 集成到他們的產品中，從而產生巨大的網絡效應。

We're doing that ourselves.

我們自己正在這樣做。

If you've seen in the quarter, we added Alexa capabilities to our tablets and Fire TV devices, making them better.

如果您在本季度看到過，我們將 Alexa 功能添加到我們的平板電腦和 Fire TV 設備中，使它們變得更好。

So it's a great part of the flywheel in that Echo and Alexa make the devices better, and it builds the engagement, not only with Echo and Alexa but also with Amazon.

因此，它是飛輪的重要組成部分，因為 Echo 和 Alexa 使設備變得更好，並且不僅與 Echo 和 Alexa，而且與亞馬遜建立了互動。

Hello, Mark.

你好，馬克。

This is Darin.

這是達林。

On the customer account, no absolute number to give this quarter.

在客戶帳戶上，本季度沒有絕對數字。

As you know, back in Q1 we gave an active customer account that exceeded $300 million.

如您所知，早在第一季度，我們就提供了一個超過 3 億美元的活躍客戶賬戶。

I can see it's still growing, and we're pleased with the number there.

我可以看到它仍在增長，我們對那裡的數字感到滿意。

What we do like is the engagement with Prime.

我們喜歡的是與 Prime 的互動。

We continue to add Prime members, and similar to the flywheel that Brian was just mentioning the FBA selection helps us with engaging customers, and in particular the Prime program.

我們繼續增加 Prime 會員，類似於 Brian 剛剛提到的 FBA 選擇幫助我們吸引客戶，特別是 Prime 計劃。

So we are very pleased with our customer engagement this year.

因此，我們對今年的客戶參與感到非常滿意。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

Thanks for taking my questions, I have two.

感謝您提出我的問題，我有兩個。

The first one is on the last mile on the Logistics build.

第一個是在物流建設的最後一英里。

Can you help us at all on what you are seeing in some of these markets, like the UK where you have more of the last mile build out done on your own?

您能否就您在其中一些市場看到的情況提供幫助，例如英國，您自己完成了更多最後一英里的建設？

Is there anything you're seeing about Prime behavior?

您對 Prime 行為有什麼看法嗎？

What are the advantages and even the challenges you are facing as you're building out a last mile?

在建設最後一英里時，您面臨哪些優勢甚至挑戰？

And secondly, on the brick-and-mortar stores, any learnings and strategically just talk to the strategic advantage of having a bigger Amazon storefront?

其次，在實體店中，任何學習和戰略上都只是談論擁有更大的亞馬遜店面的戰略優勢嗎？

Thanks.

謝謝。

Let me start with your first question.

讓我從你的第一個問題開始。

So as you point out, we have had Amazon Logistics deliveries in the UK for more years than some of our other countries, and what we see is it gives us control of the shipment for a lot longer.

因此，正如您所指出的，我們在英國的亞馬遜物流交付時間比我們其他一些國家/地區更長，我們看到的是它使我們能夠更長時間地控制貨物。

We can shift order cutoff times out, and time is valuable to us because again we can avoid split shipments, we can avoid other costs of acceleration.

我們可以將訂單截止時間推遲，時間對我們來說很寶貴，因為我們可以再次避免分批發貨，我們可以避免其他加速成本。

So having control later in the process is very valuable to us, especially as we're working across multiple nodes in a network.

因此，在流程後期進行控制對我們來說非常有價值，尤其是當我們在網絡中的多個節點上工作時。

But I have driven with drivers in downtown London, and it's a very interesting experience.

但我在倫敦市中心和司機一起開車，這是一次非常有趣的經歷。

I think it's a great value to our customers.

我認為這對我們的客戶來說很有價值。

It's interesting to see the route density that we see in high cities or in some cities, and the challenges and the upside of that.

有趣的是，我們在高城市或某些城市看到的路線密度，以及挑戰和好處。

But I would say essentially in a nutshell, our logistics deliveries allow us to have better control of the end delivery in markets where we use it.

但我想說，簡而言之，我們的物流交付使我們能夠更好地控制我們使用它的市場的最終交付。

The challenge is always going to be cost, and as we get better at this and get economies of scale we lower those costs over time.

挑戰始終是成本，隨著我們在這方面做得更好並獲得規模經濟，我們會隨著時間的推移降低這些成本。

So that's essentially my overview of Amazon Logistics.

所以這基本上是我對亞馬遜物流的概述。

Sorry, your second question was on the stores.

抱歉，您的第二個問題是關於商店的。

You probably noticed we opened the Amazon Go store in Seattle in the fourth quarter.

您可能注意到我們在第四季度在西雅圖開設了 Amazon Go 商店。

We think that is very interesting.

我們認為這很有趣。

It's only one store at this time, but it's using some of the same technologies you would see in self-driving cars, computer vision, sensor, fusion, deep learning.

目前它只有一家商店，但它使用的一些技術與你在自動駕駛汽車、計算機視覺、傳感器、融合、深度學習中看到的技術相同。

So it's a great accomplishment by that team.

所以這支球隊取得了巨大的成就。

It's in beta right now and we like the promise of that.

它現在處於測試階段，我們喜歡它的承諾。

Probably more advanced and further along are the Amazon Bookstores.

亞馬遜書店可能更先進、更遠。

We have three physical stores Seattle, San Diego and Portland right now.

我們現在有西雅圖、聖地亞哥和波特蘭三個實體店。

We see adding five more this year.

我們看到今年又增加了五個。

So we are still in that phase where we are testing and learning and getting better, even on the bookstore.

因此，即使在書店，我們仍處於測試和學習並變得更好的階段。

I would say there's other things that are physical in nature, the pop-up stores and college pickup points that we learn from as well, and think creates a great value particularly at the college pickup points.

我想說還有其他一些本質上是實體的東西，我們也可以從快閃店和大學接送點學習，並認為特別是在大學接送點創造了巨大的價值。

So not much projection beyond where we are today, except for the fact that we will be adding more bookstores.

因此，除了我們將增加更多書店這一事實之外，我們今天的情況並沒有太大的預測。

But we test, we innovate.

但我們測試，我們創新。

We think the bookstores, for instance, are a really great way for customers to engage with our devices and see them, touch them and play with them and become fans.

例如，我們認為書店是客戶與我們的設備互動並看到它們、觸摸它們並與它們玩耍並成為粉絲的絕佳方式。

So we see a lot of value in that as well.

所以我們也看到了很多價值。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

Thanks, two questions.

謝謝，兩個問題。

As we think about investment in the first quarter in 2017, any color how to think about domestic versus international?

回顧2017年一季度的投資，國內和國際有什麼不同？

You did give some comments about India, but any other color or how to think about it.

你確實給了一些關於印度的評論，但任何其他顏色或如何思考它。

And then on AWS, you announced both new products at re:Invent at the low end and at the high end.

然後在 AWS 上，您在 re:Invent 上宣布了低端和高端的新產品。

Any commentary on if that impacted the types of customers who you have been adding on AWS with those new products?

關於這是否會影響您通過這些新產品在 AWS 上添加的客戶類型有何評論？

Thank you.

謝謝你。

I can't give an exact split of the investments by geography, but I would say most of the fulfillment expansion was in North America last year, most of those 26 warehouses we talked about.

我無法按地理位置準確劃分投資，但我想說去年大部分履行擴張都在北美，我們談到的那 26 個倉庫中的大部分都在北美。

We see that being more balanced over time, and being more global as we move forward.

我們看到隨著時間的推移變得更加平衡，並且隨著我們的前進變得更加全球化。

Video content is with the new global program.

視頻內容是新的全球計劃。

Global Prime Video is becoming more global with the launch in India as well, and of course we had Prime Video in some of our existing countries prior to that.

隨著在印度的推出，Global Prime Video 也變得更加全球化，當然，在此之前，我們在一些現有的國家/地區都有 Prime Video。

So that is going more global, and will be more balanced as you see devices rollout to other countries same thing.

因此，這將更加全球化，並且隨著您看到設備向其他國家推出同樣的事情，將會更加平衡。

So I would say over time, it will become more balanced and probably what you have seen in the short run tended to be more North America focused.

所以我會說，隨著時間的推移，它會變得更加平衡，並且可能你在短期內看到的情況往往更側重於北美。

But I can't give you a great split of -- I'm not giving you absolutes anyway, so I can't give you a great split of the two.

但是我不能給你一個很好的分割——無論如何我不會給你絕對的，所以我不能給你一個很好的兩者的分割。

And I will also say that not all of our investments are on the consumer side.

我還要說，並非我們所有的投資都在消費者方面。

AWS continues to expand their global footprint.

AWS 繼續擴大其全球足跡。

Last year, we added regions in the UK and Canada, we now have 42 availability zones in 16 geographic regions and will continue to grow that business globally.

去年，我們在英國和加拿大增加了區域，現在我們在 16 個地理區域擁有 42 個可用區，並將繼續在全球範圍內發展該業務。

And India again, we've mentioned, but that is obviously an international investment.

還有印度，我們已經提到過，但這顯然是一項國際投資。

On the customer split, we serve, in AWS, we serve millions of active customers along the spectrum of large enterprise companies, as well as small startups and the public company or public environment as well.

在客戶細分方面，我們在 AWS 中為數百萬活躍客戶提供服務，這些客戶包括大型企業公司、小型初創公司以及上市公司或公共環境。

The multitude of launches that we had in re:Invent was great for all sizes of customers really, both large and small.

我們在 re:Invent 中的大量發布對於各種規模的客戶來說都非常有用，無論大小。

Both companies just getting there start with AWS, but also companies that have been engaged with AWS for many years.

兩家公司都是從 AWS 開始的，還有已經與 AWS 合作多年的公司。

So we're really happy about the engagement of re:Invent and the participation in that conference, as well as the engagement of the new services that we have launched in Q4 and all of 2016 really.

因此，我們對 re:Invent 的參與和參加那次會議以及我們在第四季度和 2016 年全年推出的新服務的參與感到非常高興。

Eric Sheridan, UBS.

埃里克·謝里丹，瑞銀。

Thanks for taking the question, maybe two if I can ask.

感謝您提出問題，如果我可以問的話，也許是兩個。

One, the other North America revenue line in our view has a lot of advertising revenue in it, and that line continues to show a lot of momentum, come in better than expected.

一，在我們看來，另一條北美收入線有很多廣告收入，而且這條線繼續顯示出很大的勢頭，比預期的要好。

Can you talk holistically short, medium, long term about how you think you are approaching an advertising business across your broad properties?

您能否從整體上談一談您認為如何在您的廣泛資產中開展廣告業務的短期、中期、長期？

What that might become longer term, and how that might impact the P&L?

這可能會成為長期的，以及這可能會如何影響損益表？

And then one housekeeping item, anything to call out as an impact from demonetization efforts India in either Q4 or Q1?

然後是一個家政項目，有什麼可以作為印度在第四季度或第一季度的廢鈔努力的影響？

Thanks so much.

非常感謝。

Yes, I will take the advertising question.

是的，我會回答廣告問題。

Yes, it's very early in the advertising space, but what our goals there are to be helpful to customers and enhance their shopping and viewing experiences.

是的，這在廣告領域還很早，但我們的目標是幫助客戶並增強他們的購物和觀看體驗。

Mostly with targeted recommendations.

主要是有針對性的建議。

We think that is a good strategy rather than invasive things that take away from the shopping experience.

我們認為這是一個很好的策略，而不是影響購物體驗的侵入性事物。

I would sponsored products is off to a great start.

我會贊助的產品是一個良好的開端。

They're finding a very effective way for advertisers to reach interested customers.

他們正在為廣告商尋找一種非常有效的方式來吸引感興趣的客戶。

We also on Video have not added much in the way of advertising yet.

我們還在視頻上還沒有添加太多的廣告方式。

There is some pre-roll as we call it, but for the most part we like to the progression.

我們稱之為前貼片，但在大多數情況下，我們喜歡進展。

We are balancing customer experience with advertising at all times, and we like the team that's working on it.

我們一直在平衡客戶體驗和廣告，我們喜歡致力於此的團隊。

And on other revenue, I just want to call out.

關於其他收入，我只想說。

There's a number of things going into that particular line.

有很多事情進入了那個特定的行。

These things include revenue from our co-branded credit card arrangements and certain advertising, particularly display advertising.

這些東西包括來自我們的聯合品牌信用卡安排和某些廣告，特別是展示廣告的收入。

We have other types of advertising that spread out throughout the P&L, whether that's a shared marketing investment from our vendors which goes into contra COGS and lowers the cost of sales or its related to other seller advertising which is generally within the EGM and media categories.

我們還有其他類型的廣告遍布損益表，無論是來自我們供應商的共享營銷投資，它與 COGS 相抵觸並降低了銷售成本，還是與通常在 EGM 和媒體類別中的其他賣家廣告相關。

I would say other revenue incorporates a number of things, not just advertising.

我想說其他收入包括很多東西，而不僅僅是廣告。

And on India demonetization, nothing particular to call out today on that.

關於印度的廢鈔令，今天沒有什麼特別值得一提的。

Anthony DiClemente, Nomura Instinet.

安東尼·迪克萊門特，野村 Instinet。

Thanks for taking my questions.

感謝您提出我的問題。

It's about Prime Video, you said you were pleased with the hours of engagement.

這是關於 Prime Video 的，你說你對參與時間很滿意。

My question is do you think that the hours of video stream need to accelerate from here to get to an adequate return on the invested capital in video, or are you happy with those returns with the current levels of engagement?

我的問題是，您是否認為視頻流的播放時間需要從這裡開始加速，以獲得足夠的視頻投資資本回報，或者您對當前參與度的回報感到滿意嗎？

And then relatedly on Prime Video, could you just talk about your ambitions to potentially extend the video offering beyond on demand and into possibly a virtual cable bundle?

然後與 Prime Video 相關，您能否談談您的雄心壯志，即可能將視頻產品擴展到點播之外，並可能成為虛擬有線電視捆綁包？

And then finally, just a question of do you need to aggressively partner with distributors, whether they be cable distributors or hardware device companies, in order to get better distribution of the Amazon Prime Instant Video app and content to your customers?

最後，只是一個問題，您是否需要與分銷商積極合作，無論他們是有線電視分銷商還是硬件設備公司，以便更好地將 Amazon Prime Instant Video 應用程序和內容分發給您的客戶？

Thanks.

謝謝。

I can't add too much or won't add too much on the last two questions, but I will say on -- you're talking about the levels of engagement now that we are seeing versus what would be the long-term model over time.

我不能在最後兩個問題上添加太多或不會添加太多，但我會說 - 你正在談論我們現在看到的參與程度與長期模型的關係隨著時間的推移。

We're certainly spending ahead of the value of the engagement right now.

我們現在的支出肯定超過了參與的價值。

But it's a good sign that it's building, an important step was that global Prime program that we launched in the fall, excuse me, in Q4.

但這是一個很好的跡象，它正在建設中，重要的一步是我們在秋季推出的全球 Prime 計劃，對不起，在第四季度。

As I said, it's very much a fixed expense game, especially with original content.

正如我所說，這是一個非常固定費用的遊戲，尤其是原創內容。

The fixed amount can go up or down, but the ability to amortize it over large population is what we are looking for.

固定金額可以上升或下降，但我們正在尋找將其攤銷給大量人口的能力。

So we see a double benefit of the global Prime Video program, again, both to amortize the investment in original content but also to show that original content to more and more people.

因此，我們再次看到全球 Prime Video 計劃的雙重好處，既可以攤銷對原創內容的投資，也可以向越來越多的人展示原創內容。

Because we think it's done really well.

因為我們認為它做得很好。

We think it's won a lot of awards, and we have worked with some great talented people.

我們認為它贏得了很多獎項，並且我們與一些非常有才華的人合作過。

It's our ability to scale that and to amortize it over a much larger customer base, which will help us in the future.

這是我們擴大規模並將其攤銷給更大的客戶群的能力，這將在未來幫助我們。

Thank you for joining us on the call today and for your questions.

感謝您今天加入我們的電話會議並提出問題。

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

至少在本季度末，我們的投資者關係網站上將提供重播。

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

感謝您對 Amazon.com 的關注，並期待下個季度再次與您交談。