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，歡迎參加亞馬遜 2016 年第四季財務業績電話會議。

(Operator Instructions)

（操作員指示）

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.

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 Q4 2016 financial results conference call. Joining us today to answer your questions is Brian Olsavsky, our CFO.

您好，歡迎參加我們 2016 年第四季財務業績電話會議。今天，我們的財務長 Brian Olsavsky 將與我們一起回答您的問題。

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

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。請注意，除非另有說明，本次電話會議中的所有比較都將針對我們 2015 年同期的結果。

Our comments and responses to your questions reflect management's views as of today, February 2, 2017 only, and will include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.

我們對您的問題的評論和回應僅反映截至今天（2017 年 2 月 2 日）的管理層觀點，並將包括前瞻性陳述。實際結果可能存在重大差異。有關可能影響我們財務表現的因素的更多資​​訊包含在今天的新聞稿和我們向美國證券交易委員會提交的文件中，包括我們最近的 10-K 表年度報告和後續文件。

During this call, we may 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.

在本次電話會議中，我們可能會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，每份都發佈在我們的 IR 網站上。您將找到有關這些非 GAAP 指標的更多揭露，包括這些指標與可比較 GAAP 指標的對帳。

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

我們的指導包含了我們迄今為止所看到的訂單趨勢，以及我們今天認為合適的假設。我們的結果本質上是不可預測的，並且可能受到許多因素的重大影響。包括外匯匯率波動、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, among other things, that we don't conclude additional business acquisitions, investments, restructurings or legal settlements. 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，除其他事項外，我們不會完成額外的業務收購、投資、重組或法律和解。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。

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. 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.

在我們進入提問環節之前，我想先簡單談談我們將向美國證券交易委員會提交的 10-K 表格。我們收到了美國證券交易委員會公司財務部關於我們 2015 年 10-K 表格的評論信，隨後我們與美國證券交易委員會工作人員就我們的披露事宜進行了溝通。

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

我們將修改 10-K 表中的淨銷售額、產品和服務銷售額的揭露。因此，我們預計提交 2016 年 10-K 表格的時間將比往常晚，但會早於美國證券交易委員會 (SEC) 規定的截止日期 3 月 1 日。這些變化與我們整個實體的揭露有關，不會影響我們報告的公司或部門的財務結果。

With that, we will move to Q&A. Operator, please remind our listeners how to initiate a question.

接下來，我們將進入問答環節。接線員，請提醒我們的聽眾如何提出問題。

(Operator Instructions)

（操作員指示）

John Blackledge, Cowen.

約翰·布萊克利奇，考恩。

Great, thanks for the question. So the first quarter GAAP operating income guide essentially implies negative incremental margins at the low, mid and high end of guidance. 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? Thank you.

太好了，謝謝你的提問。因此，第一季 GAAP 營業收入指南本質上意味著指南低端、中端和高端的增量利潤率為負。所以我想知道您是否可以按可能導致負增量利潤率的投資領域進行排序，然後我們通常應該如何看待 2017 年的利潤率狀況？謝謝。

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

謝謝你，約翰。首先，讓我先談談收入，讓大家了解這一點。

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

我們預計，在不考慮匯率影響的情況下，成長率將達到 17% 至 25%。其中包括大約——在此基礎上還有大約 250 個基點或 7.3 億美元的外匯負面影響，這使得非外匯調整範圍下降至 14% 至 23%。

I will also point out we that had the Leap Year comp from last year. Last year, the extra day of Leap Year was worth 150 basis points to us in our Q1 revenue. This year that reverses, so we have 150 basis point headwind to growth and it's been factored into our guidance range.

我還要指出的是，我們從去年開始就有閏年了。去年，閏年的額外一天為我們第一季的收入帶來了 150 個基點的收益。今年情況發生了逆轉，因此我們的成長面臨 150 個基點的阻力，這已納入我們的指導範圍。

But your question was on bottom line. 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. I talked about in prior calls about the fulfillment center step up.

但你的問題是關於底線的。是的，約翰，你所看到的是我們去年下半年看到的加大投資的延續。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. Digital content, digital video content, end marketing stepped up quite a bit in the second half of the year.

我們去年新增了 26 個倉庫，其中 23 個是在下半年新增的。下半年，數位內容、數位影片內容、終端行銷都有了顯著的提升。

We continue to invest heavily in those two areas. 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. And finally I'd point out India which continues to be a rather large investment for us.

我們將繼續在這兩個領域投入大量資金。我們也對 Prime Now 和 Amazon Fresh 等其他 Prime 福利進行了投資，當然，我們也將繼續在 Echo 裝置中投資 Alexa。最後我想指出的是，印度對我們來說仍然是一筆相當大的投資。

Scott Devitt, Stifel.

斯科特·德維特（Scott Devitt），Stifel。

Hello, thank you. The question is on video. 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?

你好，謝謝。問題在影片中。我想知道您是否可以對 2017 年的視訊支出規模以及從費用角度來看的季度波動性進行量化？

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

然後分別討論與視訊服務相關的內容。從市場定位的角度來看，您如何看待亞馬遜產品相對於市場上其他產品的獨特之處，即現在提供的聚合工具，其中一些價值是可以長期感知的？

Is it the uniqueness of the content or is it other things? If you could provide a little bit of color on that, that would be helpful. Thank you.

是內容的獨特性還是其他原因？如果您能對此提供一些說明，那將會很有幫助。謝謝。

Well ultimately, I will step back and say one of the main things we look at on Prime Video is customer usage patterns. And in 2016, we had a doubling of Prime hours for video, music and reading. So we are happy with the engagement that customers have.

好吧，最終，我要退後一步說，我們在 Prime Video 上關注的主要內容之一是客戶使用模式。2016 年，我們的 Prime 影片、音樂和閱讀時間增加了一倍。因此，我們對客戶的參與度感到滿意。

We're also happy with the -- especially on the studio side, the people we have been able to work with. Some of the most talented people in the entertainment industry. And our customers have responded really well to the shows that we have created. We have garnered awards of course, but mainly what we were focused on is good content that is attractive to customers.

我們也很高興——特別是在工作室方面，我們能夠與這些同事合作。娛樂界一些最有才華的人。我們的客戶對我們製作的節目反應非常好。當然，我們也獲得了獎項，但我們主要關注的是吸引客戶的優質內容。

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

我還要指出的是，我們在去年下半年（第四季）推出了全球 Prime Video 服務，我們再次看到原創內容是一項固定成本支出。我們越能在一個較大的基數上攤銷它，我們的狀況就會越好。但更重要的是，我們擁有豐富的內容，希望與主要零售國家以外的人分享，這將使我們的業務覆蓋 200 多個國家。

So we are very happy with the results in video. Yes, the investment did step up in the second half of last year, including marketing and that will continue in 2017 and likely beyond.

所以我們對影片的效果非常滿意。是的，去年下半年的投資確實增加了，包括行銷，這種投資將持續到 2017 年甚至更久。

Ben Schachter, Macquarie.

麥格理銀行的本·沙赫特。

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? Thanks.

您能否談談您正在採取哪些措施幫助中國商家直接向美國和其他已開發經濟體的消費者銷售和運送產品，以及這項業務是如何發展的？謝謝。

Hello, Ben. This is Darin. We are very pleased with our FBA offering, and that's really helpful to sellers around the world. Certainly, our international sellers have access to more and more customers through that offering, and that doesn't exclude sellers in China as well.

你好，本。這是達林。我們對 FBA 服務非常滿意，它對全球賣家來說非常有幫助。當然，我們的國際賣家可以透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. 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. 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.

我們在中國為消費者提供的服務也是值得信賴的客戶參與。我們為中國客戶提供了非常強大和值得信賴的平台來接觸國際品牌，我們將繼續專注於透過亞馬遜全球商店提供優質產品，該商店向客戶提供來自中國以外的優秀品牌。因此，中國正在發生一系列的事情，我們對所看到的情況感到滿意。

Justin Post, Bank of America/Merrill Lynch.

賈斯汀·波斯特 (Justin Post)，美國銀行/美林證券。

Thank you. A follow up on India and China. I know you are investing a lot, I'd love to hear how much but you probably won't tell us.

謝謝。對印度和中國的後續關注。我知道您投資了很多，我很想知道具體金額，但您可能不會告訴我們。

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? 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? Thank you

但您能告訴我們為什麼您認為這個市場值得投資嗎？從長遠來看，什麼真正吸引您進入這個市場？然後是中國，您能否向我們介紹那裡的財務表現的最新情況，以及貴方是否改變了戰略，以及今年是否有所改善？謝謝

Let me start with India. So it's still very early. 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.

我先從印度說起。所以現在還很早。我們繼續這麼說，但我們對過去幾年來我們在印度與客戶和賣家共同創造的成果感到非常鼓舞。

We continue to develop new functionality for that country, whether it's delivery, whether it's seller features. We rolled out Prime last summer, if you'll remember, and we recently launched Prime Video there.

我們將繼續為該國開發新的功能，無論是交付還是賣家功能。如果你還記得的話，我們去年夏天推出了 Prime，最近我們也在那裡推出了 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. We will continue to build our business there, and continue to do a great job for both customers and sellers. 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.

因此，我們在每個國家透過 Prime 計劃都取得了成功，我們預計印度不會例外。我們將繼續在那裡發展我們的業務，並繼續為客戶和賣家提供出色的服務。我們對印度的長期前景持樂觀態度，雖然現在還為時過早，但我們喜歡看到的初步參與度以及來自客戶和賣家的再次反應。

And this is Darin. On China, like I said, we are very pleased with our offering in China. Our strategy there has been one of bringing a trusted and authentic product to customers in China, both domestically and from international offers.

這是達林。關於中國，正如我所說，我們對我們在中國提供的產品非常滿意。我們的策略是為中國國內和國際客戶提供值得信賴的正宗產品。

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

因此我們將繼續關注那裡的全球商店。您可能知道，我們已經啟動了 Prime 計劃，該計劃專注於在中國提供國際商品，我們對所看到的結果感到滿意。

Heath Terry, Goldman Sachs.

高盛的希思·特里。

Great. Two primary questions. Can you give us a sense of what the best way to think about the impact that the shift to third-party? And within that the growth in FBA is having on these sequential growth rates?

偉大的。兩個主要問題。您能否讓我們了解一下思考轉向第三方的影響的最佳方法是什麼？其中 FBA 的成長對這些連續成長率有何影響？

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? 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?

鑑於閏年對年比產生了 150 個基點的影響，有沒有辦法量化轉向第三方對第一季或第四季成長率的影響？那麼在 AWS 業務方面，11 月的價格下調，您能否告訴我們，與推動平台增量量的影響相比，價格下調對成長減速產生了什麼影響？

Let me start with that second question first. So more basically on AWS, very happy with the response from customers. 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.

我先從第二個問題開始。因此基本上在 AWS 上，對客戶的回應感到非常高興。我們認為我們擁有非常廣泛的客戶群，從新創公司到中小型企業，從大型企業到公共部門，而且我們在所有這些領域都繼續看到強勁的成長。

The business is now a $14 billion annualized -- running at a $14 billion run rate. 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. But that's going to be constant in this business.

目前，該業務的年營業額為 140 億美元，運作率為 140 億美元。您說得對，我們在第四季度進行了七次降價，基本上都是在 12 月 1 日，因此大約三分之一的影響是在第四季度顯現的。但在這個行業中，這種情況將會持續下去。

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

我們已經非常清楚，這項業務的全部內容就是為客戶創造新功能、降低價格，然後提高營運效率。我對第四季和業務進展非常滿意。

The new services and features last year were over 1,000 versus 700 or so in 2015. So we continue to innovate on behalf of customers. We are working with some very large customers in each industry.

去年的新服務和功能超過 1,000 項，而 2015 年只有 700 項左右。因此，我們將繼續為客戶進行創新。我們正在與各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. So again, widespread usage and new customer adoption which is great.

您可能已經看過 Capital One、Workday、salesforce 等公司的新聞稿。因此，再次強調，廣泛的使用和新客戶的採用是件好事。

Your second question on FBA, I can't break out the year-over-year difference there. 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. Because again, FBA reinforces Prime, Prime reinforces FBA. It's a good flywheel.

您關於 FBA 的第二個問題，我無法列出同比差異。我想說的是 FBA 對我們業務的影響，首先我們要關注的事情之一是我們如何有效地吸引新的 FBA 賣家。因為再次強調，FBA 強化了 Prime，Prime 強化了 FBA。這是一個很好的飛輪。

We added active sellers in FBA grew 70% year over year in 2016. So we are very happy with the continued adoption of FBA and what that does to Prime eligible selection for Prime members.

我們新增的FBA活躍賣家數量在2016年年增了70%。因此，我們對 FBA 的持續採用以及它對 Prime 會員的 Prime 合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. That compares to our paid unit growth of 24% in Q4. I'm giving you Q4 and a full-year number, but they are similar in relative proportion.

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配送單位，即零售加 FBA 的組合，去年增長了近 40%。相比之下，我們第四季的付費單位成長率為 24%。我給你的是第四季和全年的數字，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. 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. But I think that's the most I can give you on FBA at this point.

配送中心的費用和我們的許多運輸成本都與 FBA 百分比的增加以及亞馬遜配送單位的成長有關。因此，從客戶的角度來看，這無疑是一個正面的因素，而從成本的角度來看，這也是我們每天繼續努力的因素。但我認為這是目前我在 FBA 上能給你的最多資訊了。

Colin Sebastian, Robert W. Baird.

科林·塞巴斯蒂安、羅伯特·W·貝爾德。

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

非常感謝。也許作為本季度的快速跟進，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。所以我想知道您是否有意識地決定放棄一些較激進的折扣？

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? 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? Thank you very much.

然後我的另一個問題是，您是否可以進一步解釋一下在辛辛那提建設航空貨運樞紐的動機，是否理解支持核心零售業務成長的必要性？但是，這是否也為您提供了更多機會與供應商建立直接聯繫，或長期提供過剩產能或物流服務？非常感謝。

Sure, Colin. 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. We are always looking to not be beat on price. We want to offer the best options to customers, and we saw a lot of great response from customers this holiday season. I think we'd be a very trusted holiday partner, particularly as you get closer to the holiday.

當然，科林。關於您的第一個問題，假期總是一個促銷期，所以我們看不到——我無法評論促銷活動與去年同期的差異。我們始終致力於在價格上不被擊敗。我們希望為客戶提供最好的選擇，並且我們看到這個假期客戶給了我們很多正面的回饋。我認為我們會成為非常值得信賴的假期夥伴，特別是在假期臨近的時候。

So on the promotion side, we don't consider it a huge factor either way. It's pretty much a cost of doing business 12 months a year for us.

因此，從推廣方面來看，我們並不認為這是一個重要因素。對我們來說，這幾乎就是一年 12 個月的營運成本。

Sorry, the second question was on the hub in Cincinnati or Kentucky. 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. We think it will create thousands of jobs over time.

抱歉，第二個問題是關於辛辛那提或肯塔基州的樞紐。是的，我看到了有關公告，這是我們在肯塔基州希伯倫機場建立設施的合作項目。我們認為隨著時間的推移它將創造數千個就業機會。

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

它為我們未來的發展奠定了基礎。這一切都是為了補充我們現有的產能，包括我們的合作夥伴和我們自己的產能，本質上是建設能夠處理這一營收成長以及 AFN 或亞馬遜配送網路單位成長的產能，正如我剛才提到的，這甚至高於我們的付費單位成長。

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. 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.

因此，與您去年看到的一些飛機投資或與從事空運的公司建立的合作夥伴關係一樣，這是為了滿足我們的客戶和賣家的需求。我們也重視與外部供應商的合作，我認為我們都在處理逐年增加大量增量的問題。

Mark May, Citi.

花旗銀行的馬克‧梅。

Thank you. Just a question on paid unit growth. 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. Just curious what had been driving the acceleration over the past few quarters, and what may be changed this quarter?

謝謝。我只是想問一下付費單位的成長情況。過去幾個季度，這一成長速度逐年加快，我認為本季的 24% 低於 2015 年第四季報告的 26%。只是好奇過去幾季推動加速發展的因素是什麼，以及本季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? Thanks.

然後就第一季營收指引而言，您是否可以稍微說明一下最近的 AWS 價格調整對您的第一季指引的影響？謝謝。

Let me start with the second one. 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.

我先從第二個開始。我們將其考慮在內，顯然，在我透過指導給出的數字中，它的時間再次接近 12 月 1 日。因此，第一季的降價幅度將出現增量差異，但這是我們經常遇到的情況，我認為它在第一季不會造成太大影響。

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

我想說，較大的那個比閏日版更機械化。如果你以非外匯調整為基礎來看，我提到的外匯風險敞口預計為 7.3 億美元或 250 個基點。

Hello, Mark. This is Darin. On that unit growth, we're very happy with the 24% unit growth that we saw in Q4, like you mentioned. Our unit growth has been strong, it's primarily attributable to our Prime program and the customers and members that enjoy that program.

你好，馬克。這是達林。關於單位成長，正如您所說，我們對第四季 24% 的單位成長感到非常滿意。我們的單位成長強勁，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. 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. So we are very pleased with those results, and happy with the fundamentals of the business from that perspective.

正如 Brian 所提到的，28% 只是故事的一部分。我們的亞馬遜配送單位（透過我們的配送中心處理的數量，主要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%。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. Such as same day, next day, and in some cases with Prime Now the 1 to 2 hour delivery. Prime membership and selection continues to drive growth, and you'll see that in our unit growth numbers.

客戶對低廉的價格、FBA 賣家提供的廣泛選擇以及我們透過免費兩天送貨和眾多其他更快的送貨方式提供的極大便利反應良好。例如當天、隔天，在某些情況下，Prime Now 也提供 1 到 2 小時送達服務。Prime 會員資格和選擇繼續推動成長，您將在我們的單位成長數字中看到這一點。

Douglas Anmuth, JPMorgan.

摩根大通的道格拉斯·安穆斯。

Thanks for taking the question. A lot of talk obviously about border tax. 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.

感謝您回答這個問題。顯然有很多關於邊境稅的討論。我希望您能給我們一些初步想法，以及您對潛在邊境稅的一些關鍵考慮因素的看法。

And then secondly, can you talk a little bit about fulfillment centers? You mentioned the 26 fulfillment center build out in 2016. Any color that you can give us in terms of how you're thinking about that for 2017? Thanks.

其次，您能談談履行中心嗎？您提到了 2016 年新建的 26 個配送中心。您能告訴我們您對 2017 年有何看法嗎？謝謝。

On the first one, we have a long-standing practice of not commenting on regulatory or tax matters. So I am not going to comment on any proposed issues out there. We certainly keep an eye on external issues and weigh in when we think it's going to impact our business.

關於第一個問題，我們長期以來一直不對監管或稅務問題發表評論。所以我不會對任何提出的問題發表評論。我們當然會關注外部問題，並在我們認為其會影響我們業務時進行權衡。

But the -- sorry, your second question was on FCs. We will continue to invest in FCs. 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.

但是——抱歉，您的第二個問題是關於 FC 的。我們將繼續對FC進行投資。我要給你的可比情況是，我不會預測 2017 年的情況，但我們在 2015 年看到的面積增長了 20%，隨後 2016 年面積增加了 30%，這通常用於服務 AFN 單位 40% 的增長。

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

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。但我想說，只要我們的 AFN 成長率保持在較高水平，我們就會繼續投資於配送中心，而且我們當然希望保持這一高水平和成長勢頭。

Mark Mahaney, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的馬克‧馬哈尼 (Mark Mahaney)。

Thanks, two questions please. First, any comment on customer growth qualitatively how that trended throughout the year, accelerated, consistent, decelerated? 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?

謝謝，請問兩個問題。首先，您能否從品質角度評估全年的顧客成長趨勢，是加速、穩定還是減速？那麼，您是否願意對所有這些進入家庭的 Echo 設備對參與度的影響發表任何評論？

Are you seeing people shop more? Are they engaging more with other parts of Amazon? Just any impact on what people with these Echo devices do that's different than Amazon customers that don't have them? Thank you.

您是否發現人們購物得更多了？他們是否與亞馬遜的其他部門有更多合作？這會對擁有這些 Echo 設備的人的行為產生什麼影響，與沒有這些設備的亞馬遜客戶有何不同？謝謝。

Let me start with the Echo. I don't think I'm going to answer your exact question there on quantifying the retail sales through Echo devices. It's still very early days on that, so that's not material.

讓我先從 Echo 開始。我認為我無法回答您關於透過 Echo 裝置量化零售額的確切問題。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. We do look at engagement, and we like the engagement of customers who have Echos. But let me step back and give some highlights on that, Alexa and Echo together.

但這種參與就像我們擁有的任何其他 Prime 福利或投資一樣。我們確實關注參與度，我們喜歡擁有 Echos 的客戶的參與度。但讓我退一步來看看 Alexa 和 Echo 的結合之處。

As we mentioned in our press release, the unit sales of Echos grew nine times 9x year over year during the holiday period. So great customer adoption. We are really glad to see that, and that creates a great base of Echo and Alexa fans out there.

正如我們在新聞稿中提到的，在假期期間，Echos 的銷量比去年同期增長了 9 倍。客戶採用率非常高。我們真的很高興看到這一點，這為 Echo 和 Alexa 粉絲創造了一個龐大的基礎。

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

自從我去年 10 月與您交談以來，我們已經為 Alexa 添加了 4,000 種技能，我們正在與許多大公司合作，為他們增加使用 Alexa 或 Echo 與他們聯繫的能力。成千上萬的開發人員正在為 Alexa 開發新技能，因此技能的增加應該會繼續。同樣重要的是，成千上萬的開發人員也在使用 Alexa 語音服務，幫助將 Alexa 整合到他們的產品中，從而產生巨大的網路效應。

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

我們自己也在做這件事。如果您在本季度看到過，我們為平板電腦和 Fire TV 裝置添加了 Alexa 功能，使它們變得更好。因此，這是飛輪的重要組成部分，因為 Echo 和 Alexa 使設備變得更好，並且它不僅與 Echo 和 Alexa 建立了聯繫，還與亞馬遜建立了聯繫。

Hello, Mark. This is Darin. On the customer account, no absolute number to give this quarter. As you know, back in Q1 we gave an active customer account that exceeded $300 million. I can see it's still growing, and we're pleased with the number there.

你好，馬克。這是達林。關於客戶帳戶，本季沒有絕對的數字可以提供。如您所知，在第一季度，我們提供了超過 3 億美元的活躍客戶帳戶。我看到它仍在增長，我們對它的數字感到滿意。

What we do like is the engagement with Prime. 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. So we are very pleased with our customer engagement this year.

我們確實喜歡與 Prime 的合作。我們繼續增加 Prime 會員，與 Brian 剛才提到的飛輪類似，FBA 選擇有助於我們吸引客戶，特別是 Prime 計畫。因此，我們對今年的客戶參與度感到非常滿意。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

Thanks for taking my questions, I have two. The first one is on the last mile on the Logistics build. 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? Is there anything you're seeing about Prime behavior?

感謝您回答我的問題，我有兩個問題。第一個是物流建設的最後一哩路。您能否幫助我們了解您在一些市場中看到的情況，例如英國，在那裡您更多地自行完成了最後一英里的建設？您是否發現了有關 Prime 行為的任何資訊？

What are the advantages and even the challenges you are facing as you're building out a last mile? And secondly, on the brick-and-mortar stores, any learnings and strategically just talk to the strategic advantage of having a bigger Amazon storefront? Thanks.

在建造最後一哩路時，您面臨哪些優勢和挑戰？其次，關於實體店，您有什麼經驗教訓，以及從策略上談談擁有更大的亞馬遜店面的戰略優勢嗎？謝謝。

Let me start with your first question. 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. 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.

讓我先回答你的第一個問題。正如您所指出的，我們在英國使用亞馬遜物流配送的時間比在其他一些國家更長，我們發現它讓我們能夠更長時間地控制貨運。我們可以將訂單截止時間推遲，時間對我們來說很寶貴，因為我們可以避免分批裝運，還可以避免加速的其他成本。

So having control later in the process is very valuable to us, especially as we're working across multiple nodes in a network. But I have driven with drivers in downtown London, and it's a very interesting experience. I think it's a great value to our customers.

因此，在流程後期擁有控制權對我們來說非常有價值，特別是當我們在網路中跨多個節點工作時。但我曾經和司機一起在倫敦市中心開車，這是一次非常有趣的經驗。我認為這對我們的客戶來說非常有價值。

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. 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. 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. So that's essentially my overview of Amazon Logistics.

有趣的是，我們看到高城市或部分城市的路線密度，以及其中的挑戰和優勢。但我想說，簡而言之，我們的物流配送使我們能夠更好地控制我們使用它的市場的最終配送。挑戰始終是成本，隨著我們在這方面做得越來越好並獲得規模經濟，我們會逐漸降低這些成本。這就是我對亞馬遜物流的概述。

Sorry, your second question was on the stores. You probably noticed we opened the Amazon Go store in Seattle in the fourth quarter. We think that is very interesting.

抱歉，您的第二個問題是關於商店的。您可能注意到我們在第四季度在西雅圖開設了 Amazon Go 商店。我們認為這非常有趣。

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. So it's a great accomplishment by that team. It's in beta right now and we like the promise of that.

目前它只有一家商店，但它使用了一些與自動駕駛汽車、電腦視覺、感測器、融合、深度學習相同的技術。所以這對該團隊來說是一項偉大的成就。目前它處於測試階段，我們喜歡它的前景。

Probably more advanced and further along are the Amazon Bookstores. We have three physical stores Seattle, San Diego and Portland right now. We see adding five more this year. So we are still in that phase where we are testing and learning and getting better, even on the bookstore.

可能更先進、更進一步的是亞馬遜書店。我們目前在西雅圖、聖地牙哥和波特蘭有三家實體店。預計今年將增加五個。因此，我們仍處於測試、學習和改進的階段，即使在書店方面也是如此。

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

我想說還有其他本質上是實體的東西，例如快閃店和大學取貨點，我們也從中學習到了一些東西，並且認為它們創造了巨大的價值，特別是在大學取貨點。因此，除了我們將增加更多書店之外，我們對目前的情況沒有太多預測。

But we test, we innovate. 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. So we see a lot of value in that as well.

但我們不斷測試，不斷創新。例如，我們認為書店是讓顧客與我們的設備互動、看到、觸摸、玩弄並成為粉絲的絕佳方式。因此我們也看到了其中的巨大價值。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

Thanks, two questions. As we think about investment in the first quarter in 2017, any color how to think about domestic versus international? You did give some comments about India, but any other color or how to think about it.

謝謝，有兩個問題。當我們思考2017年第一季的投資時，我們該如何看待國內和國際的投資？您確實對印度發表了一些評論，但還有其他顏色或如何看待它嗎？

And then on AWS, you announced both new products at re:Invent at the low end and at the high end. Any commentary on if that impacted the types of customers who you have been adding on AWS with those new products? Thank you.

然後在 AWS 上，您在 re:Invent 上發布了低端和高端的兩款新產品。您能否評論一下這是否會影響到您透過這些新產品在 AWS 上增加的客戶類型？謝謝。

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

我無法根據地域對投資進行準確劃分，但我想說，去年大部分的履行擴張都在北美，也就是我們談到的 26 個倉庫中的大部分。我們看到，隨著時間的推移，它會變得更加平衡，並且隨著我們不斷前進，它會變得更加全球化。

Video content is with the new global program. 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. So that is going more global, and will be more balanced as you see devices rollout to other countries same thing.

影片內容與新的全球計畫一致。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，我們已在一些現有國家推出了 Prime Video。因此，這將更加全球化，隨著您看到設備推廣到其他國家，情況也會更加平衡。

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. 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.

所以我想說，隨著時間的推移，它會變得更加平衡，而且可能你在短期內看到的趨勢是更加以北美為中心。但我無法給你一個很好的區分——無論如何我都不會給你絕對的答案，所以我無法給你一個很好的區分兩者的答案。

And I will also say that not all of our investments are on the consumer side. AWS continues to expand their global footprint. 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. And India again, we've mentioned, but that is obviously an international investment.

我還要說的是，我們的投資並非全部都在消費者方面。AWS 持續擴大其全球影響力。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。我們再次提到了印度，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. The multitude of launches that we had in re:Invent was great for all sizes of customers really, both large and small.

在客戶細分方面，我們在 AWS 上為數百萬活躍客戶提供服務，這些客戶既包括大型企業，也包括小型新創公司和上市公司或公共環境。我們在 re:Invent 上推出的眾多產品確實對各種規模的客戶（無論大小）都很有幫助。

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

既有剛開始使用 AWS 的公司，也有已經使用 AWS 多年的公司。因此，我們對 re:Invent 的參與和參加該會議感到非常高興，以及我們在第四季度和全年 2016 年推出的新服務的參與。

Eric Sheridan, UBS.

瑞銀的艾瑞克·謝裡丹。

Thanks for taking the question, maybe two if I can ask. 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. Can you talk holistically short, medium, long term about how you think you are approaching an advertising business across your broad properties?

感謝您提出這個問題，如果可以的話，我大概問兩個問題。一方面，我們認為北美的另一條收入線包含大量廣告收入，而且該線繼續顯示出強勁的成長勢頭，優於預期。您能否從短期、中期和長期角度全面談談您認為如何在廣泛的領域開展廣告業務？

What that might become longer term, and how that might impact the P&L? And then one housekeeping item, anything to call out as an impact from demonetization efforts India in either Q4 or Q1? Thanks so much.

從長遠來看，這可能會產生什麼影響？這會對損益產生什麼影響？然後還有一個內部事項，印度在第四季或第一季的貨幣廢除措施是否產生了影響？非常感謝。

Yes, I will take the advertising question. 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. Mostly with targeted recommendations. We think that is a good strategy rather than invasive things that take away from the shopping experience.

是的，我將回答廣告問題。是的，廣告領域還處於早期階段，但我們的目標是幫助客戶並增強他們的購物和觀看體驗。大多帶有針對性的建議。我們認為這是一個很好的策略，而不是那些會破壞購物體驗的侵入性的東西。

I would sponsored products is off to a great start. They're finding a very effective way for advertisers to reach interested customers.

我認為贊助產品有一個很好的開始。他們正在尋找一種非常有效的方式讓廣告商接觸有興趣的客戶。

We also on Video have not added much in the way of advertising yet. There is some pre-roll as we call it, but for the most part we like to the progression. We are balancing customer experience with advertising at all times, and we like the team that's working on it.

我們在影片方面還沒有添加太多廣告。有一些我們稱之為預卷的內容，但大多數情況下我們喜歡這種進展。我們始終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. There's a number of things going into that particular line. These things include revenue from our co-branded credit card arrangements and certain advertising, particularly display advertising.

關於其他收入，我只想提一下。這條特定線路涉及很多東西。這些包括我們聯名信用卡協議的收入和某些廣告，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. I would say other revenue incorporates a number of things, not just advertising. And on India demonetization, nothing particular to call out today on that.

我們還有其他類型的廣告分佈在整個損益表中，無論是來自我們供應商的共享行銷投資（用於抵消 COGS 並降低銷售成本）還是與其他賣家廣告相關（通常屬於 EGM 和媒體類別）。我想說其他收入包括很多方面，不只是廣告。關於印度的貨幣廢止，今天沒有特別值得強調的。

Anthony DiClemente, Nomura Instinet.

野村極訊的安東尼‧迪克萊門特 (Anthony DiClemente)。

Thanks for taking my questions. It's about Prime Video, you said you were pleased with the hours of engagement. 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?

感謝您回答我的問題。關於 Prime Video，您說您對參與時間感到滿意。我的問題是，您是否認為從現在起需要加快視訊串流的播放時間才能獲得足夠的視訊投資回報，或者您是否對當前參與度下的回報感到滿意？

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? 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? Thanks.

然後與 Prime Video 相關，您能否談談您的野心，即是否可能將視訊服務從點播擴展到虛擬有線電視捆綁？最後，問題是您是否需要積極與經銷商合作，無論他們是有線電視經銷商還是硬體設備公司，以便更好地向您的客戶分發 Amazon Prime Instant Video 應用程式和內容？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. We're certainly spending ahead of the value of the engagement right now. 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.

最後兩個問題，我不能補充太多，也不會補充太多，但我會說——你談論的是我們現在看到的參與度與長期模式的比較。我們現在的支出肯定超過了參與的價值。但這是一個好兆頭，表明它正在建設中，重要的一步是我們在秋季（對不起，在第四季度）推出的全球 Prime 計劃。

As I said, it's very much a fixed expense game, especially with original content. The fixed amount can go up or down, but the ability to amortize it over large population is what we are looking for. 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.

正如我所說，這是一款固定費用遊戲，尤其是原創內容。固定金額可以上升或下降，但我們尋求的是將其攤銷給廣大民眾的能力。因此，我們看到了全球 Prime Video 計畫的雙重好處，既可以攤提原創內容的投資，又可以向越來越多的人展示原創內容。

Because we think it's done really well. We think it's won a lot of awards, and we have worked with some great talented people. It's our ability to scale that and to amortize it over a much larger customer base, which will help us in the future.

因為我們認為它做得很好。我們認為它贏得了許多獎項，並且我們與一些非常有才華的人合作過。我們有能力擴大規模，並在更大的客戶群中攤銷，這將對我們未來有所幫助。

Thank you for joining us on the call today and for your questions. A replay will be available on our Investor Relations website at least through the end of the quarter. We appreciate your interest in Amazon.com, and look forward to talking to you again next quarter.

感謝您今天參加我們的電話會議並提出您的問題。重播將至少在本季末在我們的投資者關係網站上提供。感謝您對 Amazon.com 的關注，並期待下個季度再次與您交談。