亞馬遜 (AMZN) 2017 Q1 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q1 2017 Financial Results Teleconference. (Operator Instructions) Today's call is being recorded. For opening remarks, I'll 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 2017 年第一季財務業績電話會議。（操作員指示）今天的通話正在錄音。在開場演講時，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 Q1 2017 financial results conference call. Joining us today to answer your questions is Brian Olsavsky, our CFO.

您好，歡迎參加我們 2017 年第一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 2016.

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 2016 年同期的業績。

Our comments and responses to your questions reflect management's views as of today, April 27, 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 in 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 2017 年 4 月 27 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中。

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。

Our guidance incorporates the order trends that we've 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 event; the rate of growth of the Internet, online commerce and cloud services; and the various factors detailed in our filings with the SEC. Our guidance also assumes, among other things, that we don't conclude any additional business acquisitions, investments, restructurings or legal settlements. It's 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；世界大事；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細說明的各種因素。我們的指導還假設，除其他事項外，我們不會完成任何額外的業務收購、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。

Before moving to Q&A, I would like to draw attention to a new accounting rule that we implemented in Q1. The new rule requires excess tax benefits from stock-based compensation to be presented as an operating activity in the consolidated statements of cash flows. We retrospectively adjusted our consolidated statements of cash flows to reclassify excess tax benefits from financing activities to operating activities. And as a result, you will see an increase in our free cash flow measures for prior periods.

在進入問答環節之前，我想提請大家注意我們在第一季實施的一項新會計規則。新規則要求將股票薪酬產生的超額稅收優惠作為經營活動列示在合併現金流量表中。我們追溯調整了合併現金流量表，將超額稅收優惠從融資活動重新分類為營業活動。因此，您會看到我們前期的自由現金流指標增加。

Additionally, beginning January 1, 2017, the excess tax benefit or deficiency for stock-based compensation is recognized as a component of tax expense rather than equity. This change resulted in a decrease to our tax expense for the quarter and a corresponding increase to our net income and earnings per share. Specific changes are presented in the footnotes to the consolidated statement of cash flows and related metrics provided in our press release. Further disclosure of the impact of the adoption of this accounting change can be found in our Form 10-Q.

此外，從 2017 年 1 月 1 日起，股票薪酬的超額稅收收益或不足將被確認為稅費的一部分，而不是權益。這項變更導致我們本季的稅費減少，並相應增加了我們的淨收入和每股盈餘。具體變更已在我們新聞稿中提供的合併現金流量表和相關指標的腳註中列出。有關採用此會計變更的影響的進一步揭露可參閱我們的 10-Q 表。

With that, we'll 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) Our first question comes from Justin Post with Merrill Lynch.

（操作員指示）我們的第一個問題來自美林證券的賈斯汀·波斯特 (Justin Post)。

Got it. Saw on the front pages of release you're really focused on India. Can you give us a progress update on how you're doing? Any thoughts on how far you're willing to take the investment levels there? And what are your thoughts on maybe when international margins can start to make progress?

知道了。從發布的頭版看到，您確實關注印度。可以向我們介紹一下您的進度嗎？您對於願意將投資水準提升到何種程度有何想法？您認為國際利潤何時才能開始進展？

Sure, Justin. Thank you. Yes, I think Jeff's comments were pretty dead on. The launch of Prime last year was a big turning point. We've increased Prime selection by 75% since launching that 9 months ago in India, also increased the fulfillment capacity for sellers by 26% this year. On the content side, we've announced 18 Indian Original TV series, and we're customizing the content. So it's a really vast selection of local and global movies and TV shows that are available to the Indian public. You'll also notice that the Fire TV Stick was -- the new version of it was launched in India with some important features there, such as the ability to search in Hindi and in English, free data usage for 3 months and also data monitoring, which is important there. So we're -- again, we continue to be encouraged by both the response from customers and sellers. As far as level of investment is concerned, it is certainly one of our important investment areas. We see a lot of potential for the country and our business there.

當然，賈斯汀。謝謝。是的，我認為傑夫的評論非常正確。去年 Prime 的推出是一個重大轉折點。自 9 個月前在印度推出 Prime 服務以來，我們已將 Prime 精選商品數量增加了 75%，同時今年也將賣家的配送能力提高了 26%。在內容方面，我們已經宣布了 18 部印度原創電視劇，我們正在客製化內容。因此，印度公眾可以觀看大量本地和全球的電影和電視節目。您還會注意到，Fire TV Stick 的新版本已在印度推出，並具有一些重要功能，例如能夠用印地語和英語搜尋、3 個月的免費數據使用以及數據監控，這些在印度非常重要。因此，我們—再次，我們繼續受到來自客戶和賣家的反應的鼓舞。從投資層面來說，這當然是我們重要的投資領域之一。我們看到這個國家和我們在那裡的業務具有巨大的潛力。

Any thoughts on how much this is impacting your international profitability?

您認為這對您的國際獲利能力有多大影響？

Sure. I can't quantify it, but -- or break out specifically, but I will say it's a large factor as well as a couple other things in the international segment. So keep in mind that we launched Prime Video in the fourth quarter, and now we have that in over 200 countries and territories. We're spreading a lot of the Prime benefits that we've seen in North America to other countries. We just opened up AmazonFresh in Tokyo last weekend, but also Prime Now. You saw other things like our business -- B2B business just opened up in the U.K. We have Amazon devices. So there's a lot of moving parts here. The other big influence is the same trends are happening in international with respect to FBA growth and the fact that our Amazon fulfilled network or the units we shipped are growing at much faster clip than our paid unit growth. Last year, we said that was a 40% -- nearly 40% growth worldwide, so we're making the investments in warehouses, fulfillment capacity and delivery capacity to handle that. So there's a lot going on in international. We are very encouraged with the growth of the Prime program, and we're hopeful for the Prime Video that we launched in the fall.

當然。我無法量化它，或者俱體地說，但我會說它是一個重要因素，以及國際領域的其他一些因素。請記住，我們在第四季度推出了 Prime Video，現在它已覆蓋 200 多個國家和地區。我們正在把北美的 Prime 優惠推廣到其他國家。我們上週末剛在東京開通了 AmazonFresh，同時也推出了 Prime Now。您還看到了其他一些事情，例如我們的業務——B2B 業務剛剛在英國開展。我們有亞馬遜設備。所以這裡有很多活動部件。另一個重大影響是，FBA 成長在國際上也呈現出同樣的趨勢，而且我們的亞馬遜配送網路或我們運送的單位的成長速度遠遠快於我們的付費單位的成長速度。去年，我們說全球成長了 40% - 接近 40%，因此我們正在對倉庫、履行能力和交付能力進行投資以應對這一增長。國際上發生了很多事情。Prime 計畫的發展讓我們深受鼓舞，我們也對秋季推出的 Prime Video 充滿希望。

Our next question comes from Mark Mahaney with RBC Capital Markets.

我們的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. 2 questions. The North American operating margins seem to come down like 70 bps year-over-year, and I know it's not a big focus of you, the margins. I get that, but it's sort of a change. You've had margins be flat or up year-over-year for quite some time and now they dip down. Just could you explain that? And then secondly, on these -- on the Echo devices, the Echo family, Alexa devices that are coming out, could you comment at all about what kind of impact you're seeing in terms of increased wallet or per share within household? Are you seeing that have an impact in terms of Amazon customers more likely to spend more once they have these devices in particular categories like groceries or household products, Pantry, products that they're more likely to spend because they have these devices in their houses, in their kitchens, in their living rooms?

好的。2 個問題。北美的營業利潤率似乎比去年同期下降了 70 個基點，我知道利潤率不是您關注的重點。我明白，但這是一種改變。您的利潤率在相當長的一段時間內都保持同比持平或上升，但現在卻下降了。你能解釋一下嗎？其次，關於這些——關於即將推出的 Echo 設備、Echo 系列和 Alexa 設備，您能否評論一下就錢包增加或家庭內部份額增加而言，您看到了什麼樣的影響？您是否發現這會產生影響，因為一旦亞馬遜客戶擁有這些設備，他們就更有可能在特定類別（如雜貨或家居用品、食品儲藏室等）上花費更多，因為他們在家中、廚房、客廳中都有這些設備，所以他們更有可能在這些產品上花錢？

Sure, Mark. Let me start with the Echo question first. So yes, we're very encouraged by the customer response to the Echo products. Not only the Echo products, but the ability to use tablets -- our tablets now as Echo devices since we've spread the Alexa technology to many of those devices. And we're also happy with the success we've had with developers. There's over now over 12,000 Alexa skills. So we think that's all foundational. The monetization, as you might call it, is -- the theme of your questions, that's not our primary issue right now. It's about building great products and delighting customers. We think as engagement -- as we pick up engagement with the devices, it helps the engagement with Amazon as a whole. So whether someone is ordering off their Alexa device or whether they're going to their phone or going to their computer, it all has the same effect for us. So very, very pleased with the initial progress. We see a lot of momentum there, and we continue to invest. And that's one of the answers to your second question on North America operating margin. So if I step back, let me just talk generally about investment. So right now we're just seeing a lot of great opportunities before us, and we're continuing to ramp up the investments in pursuit of those opportunities. And the big picture is, again, as we've said, customers -- we want the things that customers love, can grow to be large, will have strong financial returns and they're durable and can last for decades. So in that category and some of the things that we are investing the most in are, as you say, the Echo and Alexa devices. We're doubling down on that investment, video content and marketing, not only in the U.S. but globally with the launch of our Prime Video in the fall. So we're building global scale in that business in both content and marketing. As I said earlier, we're expanding Prime benefits in the U.S. and also globally, things like Prime Music, Prime Now, AmazonFresh, all expanding globally. And we've launched Prime in India, China and Mexico. I know I'm drifting a bit from North America, but it's all part of the same theme. We also have this trend going on in our fulfillment networks where strong FBA growth and high growth in Amazon fulfilled units is resulting in a large increase in fulfillment capacity. We're also investing in new technologies, such as artificial intelligence, machine learning. You're starting to see some of that show up in things like Amazon Go, our beta store that we've developed in Seattle; drones. We use those technologies a lot in our internal businesses, and we're also developing services for AWS customers. So -- and that's -- of course, another area as AWS continues to grow and add services and features and doing so at an accelerating rate. So there's a long list and I can keep going, but I think the general theme is we're -- there's a lot of investment in front of us that we're optimistic about and we continue to ramp those investments. In North America, that manifests itself mostly in the device area, the content area and also the expansion of the fulfillment networks.

當然，馬克。我先從 Echo 問題開始。是的，客戶對 Echo 產品的反應讓我們非常受鼓舞。不僅是 Echo 產品，還有使用平板電腦的能力——我們的平板電腦現在作為 Echo 設備，因為我們已將 Alexa 技術推廣到許多此類設備。我們也對我們與開發人員的成功感到高興。現在有超過 12,000 種 Alexa 技能。所以我們認為這都是基礎。您可能會這樣稱呼它，貨幣化是——您問題的主題，但這不是我們現在的主要問題。這是為了打造優質的產品並取悅客戶。我們認為，當我們與設備互動時，它有助於與亞馬遜整體的互動。因此，無論人們是透過 Alexa 裝置下單，還是透過手機或電腦下單，對我們來說都具有相同的效果。我對初步進展非常非常滿意。我們看到那裡有很大的發展勢頭，因此我們將繼續投資。這是關於北美營業利潤率的第二個問題的答案之一。所以，如果我退一步來說的話，讓我只是泛泛地談論一下投資。因此，現在我們看到眼前有很多絕佳的機會，我們正在繼續加大投資以尋求這些機會。正如我們所說，整體情況是客戶——我們想要客戶喜歡的東西，可以發展壯大，帶來豐厚的財務回報，而且耐用，可以使用幾十年。因此，在這個類別中，我們投資最多的一些東西是，正如您所說，Echo 和 Alexa 設備。我們將加倍投資影片內容和行銷，不僅在美國，而且在全球範圍內，我們將在秋季推出 Prime Video。因此，我們正在內容和行銷方面打造全球規模的業務。正如我之前所說，我們正在美國和全球範圍內擴大 Prime 福利，Prime Music、Prime Now、AmazonFresh 等都在全球擴展。我們已經在印度、中國和墨西哥推出了 Prime。我知道我有點偏離北美了，但這都是同一個主題的一部分。我們的配送網路也出現了這種趨勢，FBA 的強勁成長和亞馬遜配送單位的高成長導致配送能力大幅提升。我們也投資了人工智慧、機器學習等新技術。您開始看到其中一些產品出現在諸如 Amazon Go 之類的產品中，這是我們在西雅圖開發的測試版商店；無人機。我們在內部業務中大量使用這些技術，我們也正在為 AWS 客戶開發服務。所以 — — 這當然是另一個領域，因為 AWS 會持續發展並增加服務和功能，而且速度還在不斷加快。所以這是一個很長的清單，我可以繼續說下去，但我認為總的主題是——我們面前有很多投資，我們對此感到樂觀，並且我們會繼續加大這些投資。在北美，這主要體現在設備領域、內容領域以及履行網路的擴展。

Our next question comes from Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. Just the first one, Amazon always has a pretty big focus on efficiency. So I'd be curious to talk -- if you could talk about examples or areas where you've been able to iron out inefficiencies in the fulfillment process. And there's -- any still existing examples where you see low-hanging fruit to really improve fulfillment efficiency? And then just back to the point on investment, you didn't mention brick-and-mortar at all, yet there's been a lot of mention in the press about Amazon brick-and-mortar. I guess I'd be curious to hear how you think about the importance of an Amazon brick-and-mortar presence and how that fits into the long-term strategy.

我有 2 個。僅第一個，亞馬遜一直非常注重效率。所以我很想談談——如果您可以談談您能夠解決履行過程中的低效率問題的例子或領域。還有什麼現存的例子可以證明您認為可以透過唾手可得的方法真正提高履行效率嗎？然後回到投資問題上，您根本沒有提到實體店，但媒體卻大量提及亞馬遜實體店。我想我很想知道您如何看待亞馬遜實體店的重要性以及它如何融入長期策略。

Sure thing. So particularly as it pertains to our fulfillment center networks, I think the biggest areas of efficiency right now are in our Amazon robotics areas. That technology continues to improve, and we've -- we're now multiple generations down. We just launched a Amazon robotics fulfillment center in the Tokyo area recently. And so toward that last month, and it's just amazing to see the strides that the Amazon robotics has taken and the efficiency we're getting in our warehouse as a result. The other efficiencies we're seeing are network efficiencies, especially as we had things like sort centers. It's a collaboration and a movement between warehouses and sort centers and then to the end customer. The ability to have control through our sort centers has allowed us over the last few years to cut off our -- to extend our cut off times from 3 p.m., in most cases, till midnight. So greater control of our processes. If we do it cost-effectively, it can also have favorable benefits both for our warehouse flow and also for our customers and their ordering pattern. So there's a lot of efficiencies that are going on day-to-day around here. One of the benefits of rapid growth and -- is the ability to create leverage on purchases and a lot of the processes that we run. So your second question was on stores. Yes, yes, I think you're seeing the expansion of our bookstores. We have 6 bookstores right now, and we've announced another 6. The Amazon Go is in beta in Seattle. And while that's not large and it's only one site, we're excited about the potential there and the use of the technologies of computer vision, sensor fusion and deep learning. We think that has a lot of potential. Again, it's only one location. That's still in beta. But along with the bookstores, we also have -- you'll see us in pop-up stores and college pickup points. So for us, it's another way to reach the customer and test what resonates with them, and we're pleased with the results.

當然可以。因此，特別是就我們的配送中心網路而言，我認為目前效率最高的領域是我們的亞馬遜機器人領域。科技不斷進步，我們現在已經落後了好幾代。我們最近剛在東京地區啟動了一個亞馬遜機器人配送中心。上個月，我們非常高興地看到亞馬遜機器人技術的進步以及我們倉庫效率的提高。我們看到的其他效率是網路效率，特別是當我們擁有分類中心之類的設施時。這是倉庫和分類中心之間以及最終客戶之間的協作和移動。透過我們的分類中心進行控制的能力使我們能夠在過去幾年中將截止時間從下午 3 點（大多數情況下）延長至午夜。因此，我們可以更好地控制流程。如果我們以經濟的方式做到這一點，那麼對我們的倉庫流程以及我們的客戶及其訂購模式都會產生有利的影響。因此，這裡每天都在不斷提高效率。快速成長的好處之一是能夠在採購和我們運行的許多流程中創造槓桿作用。您的第二個問題是關於商店的。是的，是的，我認為您看到了我們書店的擴張。我們目前有 6 家書店，並且已經宣布將再開設 6 家。 Amazon Go 正在西雅圖進行測試。雖然它規模不大，而且只是一個站點，但我們對那裡的潛力以及電腦視覺、感測器融合和深度學習技術的使用感到興奮。我們認為它具有很大的潛力。再說一次，它只有一個位置。這仍處於測試階段。但除了書店，你還會在臨時商店和大學取貨點看到我們。因此對我們來說，這是接觸客戶並測試什麼能引起他們的共鳴的另一種方式，我們對結果感到滿意。

Our next question comes from Ron Josey with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Ron Josey。

Brian, I think you mentioned accelerating growth within AWS on new products, and last year you added about 1,000. Can you just talk about maybe the plans for AWS and product growth going forward here in 2017 and the focus on innovation?

布萊恩，我想您曾提到 AWS 內部新產品的加速成長，去年您的新產品數量增加了約 1,000 個。您能否談談 2017 年 AWS 和產品成長計畫以及創新重點？

Sure. Yes, we haven't updated that number, but suffice to say, the innovation pace continues to accelerate. We are very proud of the launches in Q4: the Amazon Connect, which we think will provide customer service-like capability to customers; and Amazon Chime, which we also believe will resonate with customers. We've had a lot of adoption of our new services. We've got customers migrated more than 23,000 databases using the AWS data -- database migration service since that launched last year. And just generally, we continue to expand geographically. We've announced additional Availability Zones and regions worldwide. So again, we signed a number of big customers. I guess I would point out in the quarter Liberty Mutual, Snap and Live Nation, all starting relationships with us or expanding their current relationship. We're now over $14 billion run rate, but we're happy with the business and the team. And again, for us innovation is going to be key as we move forward.

當然。是的，我們還沒有更新這個數字，但可以說，創新步伐不斷加快。我們對第四季度推出的產品感到非常自豪：Amazon Connect，我們認為它將為客戶提供類似客戶服務的功能；以及 Amazon Chime，我們也相信它會引起客戶的共鳴。我們的新服務已被廣泛採用。自去年推出 AWS 資料資料庫遷移服務以來，我們的客戶已使用該服務遷移了超過 23,000 個資料庫。總體而言，我們將繼續在地理上擴張。我們已宣佈在全球範圍內增加可用區域和地區。因此，我們再次簽約了許多大客戶。我想指出的是，本季度，Liberty Mutual、Snap 和 Live Nation 都與我們建立了合作關係或擴大了現有關係。我們現在的營業額已超過 140 億美元，但我們對業務和團隊感到滿意。再次強調，對我們來說，創新是我們前進的關鍵。

Our next question comes from Dan Salmon with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Dan Salmon。

Brian, a couple questions about your growing advertising business. We see more and more of it appearing on the site, and I was interested to hear a little bit more about how you expect that business to roll out internationally. I think it's largely U.S.-based today, but be curious to hear about that. And then second, I think it's fairly obvious what someone selling within the Amazon ecosystem would be interested in promoting on the platform. But maybe tell us a little bit about maybe over the long term, there are opportunities for sort of non-endemic advertisers within your platform.

布萊恩，我想問幾個有關您日益壯大的廣告業務的問題。我們看到網站上出現了越來越多的此類內容，我很想聽聽您對該業務如何在國際上開展的期望。我認為今天它主要以美國為基礎，但我很想聽聽這一點。其次，我認為在亞馬遜生態系統中銷售產品的人對在該平台上推廣什麼產品感興趣是相當明顯的。但也許您可以告訴我們一些關於從長遠來看您的平台是否有機會為非本地廣告商提供服務。

Sure. Yes, we're -- it's pretty early in the days with advertising, but we're very pleased with the team we have and the results. Our goal is to help -- is to be helpful to consumers and enhance their shopping or their viewing experience with targeted recommendations, and we think a lot of the information we have and preferences of customers and recommendations help us do that for customers. We have -- Sponsored Products is off to a great start, and it's a very effective way for advertisers to reach those especially interested customers. While you're on the topic of advertising, I thought I'd point out that in other revenue -- advertising is in other revenue, as is co-branded credit card agreements and also some other advertising services. That decelerated from 99% to -- in Q4 to 58% in Q1, but the fluctuation and the volatility was essentially in the co-branded credit card agreements and the other services, which can fluctuate quarter-to-quarter based on contract terms and that's what happened. Advertising was -- remains strong and was consistent growth with Q4.

當然。是的，我們－廣告業務才剛起步，但我們對現有的團隊和成果非常滿意。我們的目標是幫助消費者，透過有針對性的推薦來增強他們的購物或觀看體驗，我們認為我們掌握的大量資訊以及客戶的偏好和推薦可以幫助我們為客戶做到這一點。我們已經－贊助產品已經有了一個很好的開始，它是廣告商接觸那些特別感興趣的客戶的一種非常有效的方式。既然您談到了廣告這個話題，我想指出，在其他收入中——廣告屬於其他收入，聯合品牌信用卡協議和一些其他廣告服務也屬於其他收入。這一比例從第四季度的 99% 下降到第一季的 58%，但波動和波動性主要體現在聯名信用卡協議和其他服務上，這些服務會根據合約條款逐季度波動，事實就是如此。廣告業務依然強勁，與第四季維持持續成長。

Our next question comes from Stephen Ju with Credit Suisse.

下一個問題來自瑞士信貸的 Stephen Ju。

So you periodically disclosed usage growth for AWS, but it has been some time since we saw one. So we're wondering if you can update us in terms of where you are now. If not, I mean, should we think about the growth in your cash deployment as an indicator of the ongoing growth?

因此，您定期披露 AWS 的使用量成長情況，但我們已經有一段時間沒有看到這一增長了。所以我們想知道您是否可以告訴我們您現在的情況。如果不是，我的意思是，我們是否應該將現金部署的成長視為持續成長的指標？

Yes, sorry, I don't have a usage number to share with you today. If it'll help, I will tell you that, again, we're now over $14 billion run rate. You clearly see our -- we break out very clearly our AWS segment revenue and operating income. And you'll also keep in mind that there's price decreases that are part of the business, and we're pretty public when we do those. And if you remember last call, I mentioned that we had 7 price increase -- or excuse me, price decreases that were timed for December 1. So about 1/3 of the impact of those was seen in Q4 and then, again, that's one element of the sequential operating margin. But in general, we're very happy with that team and the progress they're making. And we're deploying more capital, as you can see, to support the usage growth.

是的，抱歉，我今天沒有使用號碼可以與您分享。如果有幫助的話，我會告訴你，我們現在的運行率已經超過 140 億美元。您可以清楚地看到我們的——我們非常清楚地列出了我們的 AWS 部門收入和營業收入。你也會記住，降價是我們業務的一部分，當我們這樣做時，我們會非常公開。如果您還記得上次通話，我提到我們有 7 次價格上漲——或者不好意思，是價格下降，時間定於 12 月 1 日。因此，這些價格上漲的影響約有 1/3 是在第四季顯現的，這也是連續營業利潤率的一個因素。但總的來說，我們對這支球隊以及他們所取得的進步感到非常滿意。如您所見，我們正在投入更多資金來支持使用量的成長。

Our next question comes from Douglas Anmuth with JPMorgan.

下一個問題來自摩根大通的道格拉斯·安穆斯。

I just want to ask you about CapEx. It looks like CapEx, including leases, more than doubled year-over-year. So I know you listed kind of a long list of the many investment opportunities here, but can you just point out anything else in particular that drove the pretty substantial increase there?

我只是想問你有關資本支出的問題。看起來包括租賃在內的資本支出比去年同期增加了一倍多。所以我知道您在這裡列出了許多投資機會的長長清單，但您能否指出其他推動該領域大幅成長的具體因素呢？

Sure. Yes, CapEx, which is principally the fulfillment centers, was -- grew 51% year-over-year. As you'll remember, we added 26 warehouses last -- fulfillment centers last year, 23 in the second half of the year. Some of that cost of startup is before the startup. Some comes in a quarter afterwards. So there was some carryover from that. But generally, the biggest trend here is that the difference -- differential between Amazon fulfilled network unit growth and paid unit growth. So that nearly 40% growth in Amazon fulfilled units last year and the continuation of the strong growth higher than the paid unit growth that we see in 2017 is resulting in a lot of fulfillment center capacity. And the fulfillment centers, I will also say, with the robotics technology tend to be more capital intensive than prior versions of warehouses and then they're -- generally have much better operating efficiencies and variable costs following their start up. On the capital leases, as grew 45%. A good deal of that is tied to the AWS business. As I just mentioned, a lot of that's tied to unit -- excuse me -- usage growth. But I'll caution, CapEx can fluctuate quarter-to-quarter. And if you look back to last year, the trailing 12 months was only 7% growth from the quarters through Q1 of last year. So certainly, there was a bigger step up in 2016, now carrying into 2017.

當然。是的，資本支出（主要是履行中心）年增了 51%。您可能還記得，我們​​去年增加了 26 個倉庫——配送中心，下半年增加了 23 個。部分啟動成本是在啟動之前產生的。一些在一個季度後出現。因此，這其中存在一些延續性的影響。但總的來說，這裡最大的趨勢是差異——亞馬遜配送網路單位成長和付費單位成長之間的差異。因此，去年亞馬遜的配送單位數量增長了近 40%，並且持續強勁增長，高於我們在 2017 年看到的付費單位數量增長，導致配送中心的容量大幅增加。我還要說的是，採用機器人技術的履行中心往往比以前的倉庫更加資本密集，而且它們在啟動後通常會具有更好的營運效率和變動成本。資本租賃方面，成長了45%。其中很大一部分與 AWS 業務有關。正如我剛才提到的，這在很大程度上與單位（對不起）使用量成長有關。但我要提醒的是，資本支出可能會逐季波動。如果回顧去年，從去年第一季到過去的 12 個月，成長率僅為 7%。因此，2016 年無疑取得了更大的進步，並將持續到 2017 年。

Our next question comes from Mark May with Citi.

我們的下一個問題來自花旗銀行的馬克‧梅。

I know that we talked about over the last couple quarters that part of the step up in CapEx was to catch up from the underinvestment in '15. Just curious if you'd say -- have you made a lot of progress in terms of catching up with some of the fulfillment needs that you saw necessary in the business at the beginning of last year? And then I know you just said that you're -- it still is early days in terms of advertising. But there's a perception out there that over the last year or so, that the company has sort of really begun to focus more on this business opportunity. Has something really changed at the business in the last year? And do you see advertising becoming a more meaningful part of the business over the near to midterm, I guess?

我知道我們在過去幾季中討論過，增加資本支出的部分原因是為了彌補 2015 年的投資不足。我只是好奇，您是否會說——在滿足去年年初業務中必要的一些履行需求方面，您是否取得了很大進展？然後我知道你剛才說過──就廣告而言，現在還處於早期階段。但人們認為，在過去一年左右的時間裡，該公司確實開始更加關注這個商業機會。去年業務上真的發生了一些變化嗎？您是否認為廣告在近期至中期內將成為業務中更有意義的一部分？

Sure. Let me start with advertising. So yes, I think scale is helping. We have great teams working on advertising for a while now. Our scale in number of customers, number of clicks, number of eyeballs and new content -- or excuse me, video content and other opportunities for advertising has really helped create some scale in that business. So we're very happy. I can't project it forward, but we're happy with the growth there. I think the Sponsored Products was a very inventive move for us, and I think that is having some really good impact on advertising growth. On your second point about fulfillment capacity, here's how I'd generally -- I'd generalize it. We -- in Q4 of 2015, we were pretty vocal, or pretty transparent anyway, that we ran out of space in Q4, especially due to some very strong demand for FBA space and services. Last year, we changed some of our incentives to -- and worked with FBA merchants to try and have their throughput to our FCs, particularly in Q4. That, combined with the step up in fulfillment centers that I mentioned, the 26 new ones, left us in a really good position. We had a very clean holiday, and we think it worked well for both customers, Amazon and also for sellers, especially for FBA sellers. So yes, that leaves us now continuing to grow internationally as well because we continue to see strong FBA adoption, and it's a big part of our business, and it's a big part of our value with the additional Prime eligible ASINs that FBA provides. So again, it's -- they're self-reinforcing, the FBA program and also our Prime program. Prime program attracts more people to Amazon, and they buy more, including FBA products. And conversely, more FBA products in our warehouses helps our in stock of things that people want to buy, Prime eligible in stock, and that helps reinforce the Prime program.

當然。我先從廣告說起。是的，我認為規模是有幫助的。我們擁有一支優秀的團隊，致力於廣告業務一段時間了。我們的客戶數量、點擊量、眼球數量和新內容（或對不起，影片內容和其他廣告機會）的規模確實有助於該業務實現一定規模。所以我們很高興。我無法預測未來，但我們對那裡的成長感到滿意。我認為贊助產品對我們來說是一個非常有創意的舉措，我認為這對廣告成長產生了非常好的影響。關於履行能力的第二點，我通常會這樣概括。我們在 2015 年第四季就曾明確表示，或者說非常透明地表示，我們在第四季度的空間已經用完了，特別是由於對 FBA 空間和服務的需求非常強勁。去年，我們改變了一些激勵措施，並與 FBA 商家合作，試圖將他們的吞吐量提升到我們的 FC，尤其是在第四季。再加上我提到的配送中心的增加（新增了 26 個配送中心），我們處於非常有利的地位。我們度過了一個非常乾淨的假期，我們認為這對客戶、亞馬遜以及賣家，特別是 FBA 賣家都很有幫助。所以是的，這使得我們現在也能繼續在國際上發展，因為我們繼續看到 FBA 的強勁採用，它是我們業務的重要組成部分，也是 FBA 提供的額外 Prime 合格 ASIN 價值的重要組成部分。所以，再說一次，它們是自我強化的，FBA 計劃和我們的 Prime 計劃都是如此。Prime 計畫吸引了更多人來到亞馬遜，他們購買更多產品，包括 FBA 產品。相反，我們倉庫中更多的 FBA 產品有助於我們儲備人們想要購買的商品，符合 Prime 資格的庫存，這有助於加強 Prime 計劃。

Our next question comes from Heath Terry with Goldman Sachs.

我們的下一個問題來自高盛的希思·特里。

Wondering if you could give us a sense of how we should think about the increase in unearned revenue. Obviously this quarter, the biggest increase that you've seen from at least from a dollar perspective. What does that say about the way customers are changing in the behavior in the AWS business? How should we think about the way that, that might be impacting pricing mix, near-term growth?

想知道您是否可以讓我們知道應該如何看待未賺取收入的增加。顯然，至少從美元角度來看，本季出現了最大的增幅。這說明客戶在 AWS 業務中的行為正在發生什麼變化？我們應該如何看待這可能會影響定價組合和近期成長的方式？

Heath, this is Darin. Yes, on the deferred revenue balances, as we've said in the past, the primary drivers of that increase are both the activity that we're seeing with our AWS customers and the purchase of Reserved Instances and prepaid credits for their account as well as Prime member purchases. We're not breaking out the specific growth rates for Prime. But certainly, we like what we see in terms of the growth, and it's been consistent with what we've seen over the last quarter or so. Certainly, part of that increase in deferred balances is related to Reserved Instances as customers get more comfortable and begin to put more sustained workloads into the AWS services. Through buying RIs, they're able to get fairly significant discounts on their usage. And so we like that model, customers certainly like that model and collecting that through deferred revenue and then letting customers use that over time is very helpful.

希思，這是達林。是的，關於遞延收入餘額，正如我們過去所說的那樣，這種成長的主要驅動力是我們看到 AWS 客戶的活動、購買預留實例和他們的帳戶預付積分以及 Prime 會員購買。我們不會公佈 Prime 的具體成長率。但毫無疑問，我們對所看到的成長感到滿意，而且這與我們上個季度左右看到的情況一致。當然，隨著客戶越來越習慣並開始將更多持續的工作負載投入到 AWS 服務中，延期餘額的增加部分與預留執行個體有關。透過購買 RI，他們能夠在使用時獲得相當大的折扣。因此，我們喜歡這種模式，客戶肯定也喜歡這種模式，透過遞延收入來收取這些收入，然後讓客戶隨著時間的推移使用這些收入，這是非常有幫助的。

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

下一個問題來自羅伯特·W·貝爾德 (Robert W. Baird) 的科林·塞巴斯蒂安 (Colin Sebastian)。

Question on the transportation and logistics initiatives and, in particular, if you could share any of the facts or learnings thus far with air cargo. In particular, what kind of performance or cost efficiencies that you may be realizing or expect to realize from this effort.

關於運輸和物流舉措的問題，特別是您是否可以分享迄今為止有關航空貨運的任何事實或經驗教訓。具體來說，透過這種努力，您可能實現或期望實現什麼樣的效能或成本效率。

Sure, Colin. As you pointed out, we're -- we've expanded our own fleet. We now have 18 planes in service for Amazon, and we've announced rights to lease up to 40 planes. So it's gone very well. The ability to control shipments within our network has gone up, and we think the cost is very good. So on that front, it's better control -- better capacity control and especially search capacity and also good costs. So we have great relationships with third-party carriers. We will continue to, and we value all of our partner relationships as we develop our own capability, particularly in intra-network. We're putting it to good use, as I mentioned before, with the sortation center example.

當然，科林。正如您所指出的，我們已經擴大了自己的船隊。我們目前為亞馬遜服務 18 架飛機，我們已宣布租賃最多 40 架飛機的權利。一切進展順利。我們網路內控制貨運的能力已經提高，而且我們認為成本非常好。因此，在這方面，它可以更好地控制——更好的容量控制，特別是搜尋容量，而且成本也很好。因此我們與第三方營運商保持著良好的關係。我們將繼續這樣做，並且在發展我們自己的能力時重視我們所有的合作夥伴關係，特別是在網路內部方面。正如我之前提到的，我們正在利用分類中心的例子來充分利用它。

Our next question comes from Scott Devitt with Stifel.

我們的下一個問題來自 Stifel 的 Scott Devitt。

I was wondering if you could talk a little bit about where you are in terms of investment and capabilities in India at this point and how you think about that market longer term. And then secondly, also if you could just comment on the limitations and your willingness to invest more throughout LatAm, the way you have more recently in markets like China and India. And if I could, just finally, you've previously discussed satisfaction with the measurements of success for the video product in terms of consumer engagement and the effects on Prime. I was just wondering if you could comment on whether these metrics are continuing to improve as spending continues to rise on video and consumer awareness is seemingly growing as well.

我想知道您是否可以談談您目前在印度的投資和能力狀況，以及您對該市場的長期看法。其次，您是否可以評論一下拉丁美洲的局限性以及您是否願意在拉丁美洲進行更多投資，就像您最近在中國和印度等市場進行投資一樣。最後，如果可以的話，您之前曾討論過對視訊產品成功衡量標準的滿意度，包括消費者參與度和對 Prime 的影響。我只是想知道，隨著影片支出的不斷增加以及消費者意識的不斷增強，您是否可以評論一下這些指標是否正在繼續改善。

Let me start with your middle question. I think it was about Latin America growth. Let me step back and talk about international growth in general. So it -- our approach varies by country. If you look historically, we've taken multiple approaches. So in China, we bought an existing business, Joyo.com, and built off that base. In India, we started from scratch and have built a lot of things ourselves. And it's always going to depend on the country, the dynamics in that country both for retail, for online and for foreign investment. But a real key factor in all of this generally is management bandwidth as well. So we pick our spots carefully. You'll see -- you heard in the quarter that we've announced the intention to buy Souq in the Middle East. Where does that fit into the strategy? Well, Souq is a pioneered e-commerce in the Middle East, and they're creating great shipping experience for the customers and their multiple countries and they're doing a great job. So we see this as an example where we can learn from them and also support their efforts with our Amazon technology and global resources. So we -- we are in Mexico, but we're not in other parts of Latin America. We're -- we have a business in Brazil, but other countries will take on a case-by-case basis, again, bounded by what our management bandwidth can support and prioritization versus other things. You obviously heard my long list of investments. All of those are pretty much gated by the need for people and software engineers and strong teams to approach them. So international expansion gets played off in the same prioritization that other efforts do.

讓我先從你的中間問題開始。我認為這與拉丁美洲的成長有關。讓我退一步來談談整體的國際成長問題。因此，我們的方法因國家而異。如果你回顧歷史，你會發現我們採取了多種方法。因此，在中國，我們收購了現有企業卓越網 (Joyo.com)，並在此基礎上進行拓展。在印度，我們白手起家，自己建造了很多東西。而且它總是取決於國家，取決於該國零售業、線上業和外國投資的動態。但這一切中的一個真正關鍵因素通常也是管理頻寬。因此，我們會謹慎地選擇地點。您會看到—您在本季聽說我們宣布了收購中東 Souq 的意向。這與戰略有何關係？Souq 是中東地區一家先驅電子商務公司，他們為多個國家的客戶創造了出色的運輸體驗，而且他們做得非常出色。因此，我們將此視為一個例子，我們可以向他們學習，並利用我們的亞馬遜技術和全球資源來支持他們的努力。所以我們——我們在墨西哥，但我們不在拉丁美洲的其他地方。我們在巴西有業務，但其他國家將根據具體情況處理，同樣，這也取決於我們的管理頻寬可以支援的範圍以及優先順序。您顯然已經聽說了我長長的投資清單。所有這些都需要人力、軟體工程師和強大的團隊來實現。因此，國際擴張與其他努力一樣具有優先地位。

Our next question comes from Jason Helfstein with Oppenheimer & Co.

我們的下一個問題來自 Oppenheimer & Co. 的 Jason Helfstein。

So is there -- just an accounting housekeeping, a way to think about stock-based comp. You guys aren't providing that by segment anymore, but the rates of growth kind of differed by the businesses. And so is there just a way to think about, a, will that be in the Q, or are you not disclosing anymore? And is there a way to think about would, I guess, the patterns be consistent with historical patterns by segment?

那麼，這只是一種會計核算，一種思考股票薪酬的方式。你們不再按細分市場提供這些信息，但不同業務的增長率有所不同。那麼，有沒有辦法考慮一下，這會在 Q 中出現嗎，或者您不再披露了？我猜想，有沒有辦法去思考這些模式是否與歷史模式一致？

Jason, this is Darin. We, a number of quarters back, started breaking out stock-based compensation by segment, and now we've collapsed that in our op income by segment. So it's definitely in there. We do provide some disclosure by P&L line item on a consolidated basis that helps you identify that stock-based compensation expense in total, and you'll see the trend analysis in the metrics at the back of the press release.

傑森，這是達林。我們在幾個季度前就開始按部門列出股票薪酬，現在我們已將其按部門合併到營業收入中。所以它肯定在那裡。我們確實按合併損益表項目提供了一些揭露，以幫助您確定整體股票薪酬費用，並且您會在新聞稿背面的指標中看到趨勢分析。

Our next question comes from Eric Sheridan with UBS.

我們的下一個問題來自瑞銀的 Eric Sheridan。

Maybe I could take 2 away from the press release just to understand a little bit of the quarter-over-quarter cadence. The retail subscription services, that's a pretty big jump up in the growth rate year-on-year in Q1 versus Q4. I think that might be Prime memberships had come on to paid from trial, but just want to understand what maybe what some of the driver was of that quarter-over-quarter in terms of the growth rate. And net shipping costs actually grew at the slowest rate by our count in a couple years. It looks like you're starting to get some improvements there in terms of revenue over costs on the shipping line. I just wanted to know what that was in terms of what's driving that, and can we expect that to possibly continue.

也許我可以從新聞稿中摘取 2 點內容，以便稍微了解季度環比節奏。零售訂閱服務第一季與第四季相比成長率年增率大幅提升。我認為這可能是因為 Prime 會員從試用期開始就需要付費，但我只是想了解一下，就成長率而言，季度環比成長的一些驅動因素可能是什麼。據我們統計，淨運輸成本的成長速度其實是幾年來最慢的。看起來，航運線路的收入與成本之間已經開始取得一些進展。我只是想知道是什麼推動了這個現象，以及我們是否可以預期這種情況會持續下去。

Sure. Let me start with the retail subscription services revenue. So there's multiple things in that category, the largest is Prime membership fees, but also other subscription services like audiobooks, e-books, digital video, digital music and other subscription services. So you're right, there was an acceleration. Much like the comment I had on advertising and the other revenue category, the Prime membership growth rates for Q1 and Q4 last year are relatively consistent. So the volatility is in those other items. So I'm not quantifying the Prime membership or commenting on the growth rates other than to say it's been very strong and Q4 strength has continued into Q1. Your comment on shipping costs, yes, that is going to -- that was a lower unit volume as well. But generally, costs are going to be a combination of the tailwind -- the headwinds obviously are going to be FBA growth and shipping more products ourselves and this expansion of our Prime program and the demand for products from our Prime customers. And demand's been great. Again, there's over 50 million items that people can get delivered to their doorstep within 2 days or, in some cases, next day or same day. So it's going to be a big part of our cost structure, but it's an investment we work hard to reduce as far as rates and we're glad to spend it to support our Prime program.

當然。讓我先從零售訂閱服務收入開始。因此，該類別包含多項內容，其中最大的是 Prime 會員費，但也有其他訂閱服務，如有聲讀物、電子書、數位影片、數位音樂和其他訂閱服務。所以你是對的，確實存在加速。與我對廣告和其他收入類別的評論非常相似，去年第一季和第四季的 Prime 會員成長率相對一致。因此波動性存在於其他項目中。因此，我不會量化 Prime 會員數量或評論成長率，只是說它非常強勁，並且第四季度的強勁勢頭一直延續到第一季。您對運輸成本的評論是的，那也將是 - 那也是一個較低的單位數量。但總的來說，成本將是順風的結合——逆風顯然將是FBA的成長和我們自己運送更多的產品以及我們的Prime計劃的擴展和來自Prime客戶對產品的需求。而且需求量很大。再次，人們可以在兩天內，或者在某些情況下，第二天或當天，將超過 5000 萬件物品送到家門口。因此，這將成為我們成本結構的重要組成部分，但就利率而言，我們努力降低這筆投資，並且我們很樂意用它來支持我們的 Prime 計劃。

And our final question will come from Greg Melich with Evercore ISI.

我們的最後一個問題來自 Evercore ISI 的 Greg Melich。

I have a follow-up and then a new question. The follow-up is would love an update. You talked about the fulfillment centers, but could you update us on where we are in terms of rolling out Prime Now facilities and sorting centers -- just a count? And if you feel that's an area to really ramp-up investment this year, or what you got last year is sort of what you need.

我有一個後續問題，然後有一個新問題。後續情況希望能得到更新。您談到了配送中心，但您能否向我們介紹一下我們在 Prime Now 設施和分類中心的推出情況——只是統計一下？如果您覺得這是今年需要真正加大投資的領域，或者您去年所獲得的投資正是您所需要的。

Sure. I'm sorry, you said Prime Now. And what was the other thing?

當然。抱歉，您說的是 Prime Now。還有什麼事？

And the sorting centers.

還有分類中心。

Sort centers, right. Well, I don't have updated numbers for you, but the Prime Now is available in more than 45 cities across 8 countries. The same day is available in 30 cities in the U.S. So that's a bit on the quantification of those. I can't tell you much more on sort centers.

排序中心，對吧。好吧，我沒有更新的數據給你，但 Prime Now 已在 8 個國家的 45 多個城市推出。同一天可在美國 30 個城市使用。因此，這是對這些內容進行量化的。我無法告訴你有關分類中心的更多資訊。

But when you think about building out the capacity, it sounds like last year you had that big surge in fulfillment centers. There isn't a similar surge about to happen this year on some of those other areas?

但當你考慮擴大產能時，聽起來去年你的配送中心數量就大幅增加了。今年其他一些地區不會出現類似的激增嗎？

Yes, I can't project that. We're still growing that, and we're happy with the progress in Prime Now and the service that -- the value it creates for Prime customers. And as I said, we've expanded internationally, which is a big goal of ours as well. So we will continue to grow that. I can't quantify it for you right now. The other similar-like facility metric you might want is AmazonFresh is now in 21 metro areas in the U.S. as well as London and Tokyo.

是的，我無法預測這一點。我們仍在不斷發展，我們對 Prime Now 的進展以及它為 Prime 客戶創造的價值感到滿意。正如我所說，我們已經在國際上擴張，這也是我們的一個重大目標。因此我們將繼續發展這項業務。我現在無法為你量化它。您可能想要的另一個類似設施指標是 AmazonFresh 目前已覆蓋美國 21 個大都市以及倫敦和東京。

Thank you for joining us on our 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 with 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。