亞馬遜 (AMZN) 2017 Q1 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

Good day, everyone, and welcome to the Amazon.com Q1 2017 Financial Results Teleconference.

大家好，歡迎來到 Amazon.com 2017 年第一季度財務業績電話會議。

(Operator Instructions) Today's call is being recorded.

（操作員說明）今天的電話正在錄音。

For opening remarks, I'll 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 Q1 2017 financial results conference call.

您好，歡迎參加我們的 2017 年第一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 2016.

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 2016 年可比期間的結果相反。

Our comments and responses to your questions reflect management's views as of today, April 27, 2017, only and will include forward-looking statements.

我們對您問題的評論和回复僅反映管理層截至 2017 年 4 月 27 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 in 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中。

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

在我們的新聞稿、本網絡廣播隨附的幻燈片以及我們向 SEC 提交的文件中，每一個都發佈在我們的 IR 網站上，您會發現有關這些非 GAAP 措施的更多披露，包括這些措施與可比較的 GAAP 措施的對賬。

Our guidance incorporates the order trends that we've 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, 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.

我們的結果本質上是不可預測的，可能會受到許多因素的重大影響，包括外匯匯率的波動；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 any 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任何額外的業務收購、投資、重組或法律和解。

It's 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。

Before moving to Q&A, I would like to draw attention to a new accounting rule that we implemented in Q1.

在進行問答之前，我想提請注意我們在第一季度實施的新會計規則。

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.

新規則要求股票薪酬帶來的超額稅收優惠在合併現金流量表中作為經營活動列報。

We retrospectively adjusted our consolidated statements of cash flows to reclassify excess tax benefits from financing activities to operating activities.

我們追溯調整了合併現金流量表，將融資活動的超額稅收優惠重新分類為經營活動。

And as a result, you will see an increase in our free cash flow measures for prior periods.

因此，您將看到我們前期的自由現金流量指標有所增加。

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.

此外，從 2017 年 1 月 1 日開始，基於股票的薪酬的超額稅收優惠或不足被確認為稅收費用而非權益的組成部分。

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.

這一變化導致我們本季度的稅收支出減少，我們的淨收入和每股收益相應增加。

Specific changes are presented in the footnotes to the consolidated statement of cash flows and related metrics provided in our press release.

具體變化見我們新聞稿中提供的綜合現金流量表和相關指標的腳註。

Further disclosure of the impact of the adoption of this accounting change can be found in our Form 10-Q.

有關採用此會計變更的影響的進一步披露，請參見我們的 10-Q 表。

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

（操作員說明）我們的第一個問題來自美林公司的 Justin Post。

Got it.

知道了。

Saw on the front pages of release you're really focused on India.

在發布的頭版看到你真的專注於印度。

Can you give us a progress update on how you're doing?

你能告訴我們你的進展情況嗎？

Any thoughts on how far you're willing to take the investment levels there?

關於您願意將投資水平帶到多遠的任何想法？

And what are your thoughts on maybe when international margins can start to make progress?

您對國際利潤率何時開始取得進展有何看法？

Sure, Justin.

當然，賈斯汀。

Thank you.

謝謝你。

Yes, I think Jeff's comments were pretty dead on.

是的，我認為 Jeff 的評論已經死了。

The launch of Prime last year was a big turning point.

去年 Prime 的推出是一個重大轉折點。

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.

自 9 個月前在印度推出以來，我們已將 Prime 選擇增加了 75%，今年賣家的履行能力也增加了 26%。

On the content side, we've announced 18 Indian Original TV series, and we're customizing the content.

在內容方面，我們宣布了 18 部印度原創電視劇，我們正在定制內容。

So it's a really vast selection of local and global movies and TV shows that are available to the Indian public.

因此，這是可供印度公眾觀看的大量本地和全球電影和電視節目。

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.

您還會注意到 Fire TV Stick 是 - 它的新版本是在印度推出的，具有一些重要功能，例如能夠以印地語和英語進行搜索、3 個月的免費數據使用以及數據監控，這在那裡很重要。

So we're -- again, we continue to be encouraged by both the response from customers and sellers.

所以我們 - 再次，我們繼續受到客戶和賣家的回應的鼓舞。

As far as level of investment is concerned, it is certainly one of our important investment areas.

就投資水平而言，無疑是我們重要的投資領域之一。

We see a lot of potential for the country and our business there.

我們看到了這個國家和我們在那裡的業務的巨大潛力。

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

關於這對您的國際盈利能力有多大影響的想法？

Sure.

當然。

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.

我無法量化它，但是 - 或具體爆發，但我會說這是一個很大的因素，以及國際領域的其他幾件事。

So keep in mind that we launched Prime Video in the fourth quarter, and now we have that in over 200 countries and territories.

所以請記住，我們在第四季度推出了 Prime Video，現在我們已經在 200 多個國家和地區推出。

We're spreading a lot of the Prime benefits that we've seen in North America to other countries.

我們正在將我們在北美看到的許多 Prime 福利傳播到其他國家/地區。

We just opened up AmazonFresh in Tokyo last weekend, but also Prime Now.

上週末我們剛剛在東京開設了 AmazonFresh，還有 Prime Now。

You saw other things like our business -- B2B business just opened up in the U.K. We have Amazon devices.

你還看到了我們的業務——B2B 業務剛剛在英國開業。我們有亞馬遜設備。

So there's a lot of moving parts here.

所以這裡有很多活動的部分。

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.

另一個重大影響是，在 FBA 增長方面，國際上也出現了同樣的趨勢，而且我們的亞馬遜物流網絡或我們發貨的單位的增長速度比我們的付費單位增長快得多。

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.

去年，我們說全球增長了 40% - 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問題。

So there's a lot going on in international.

所以在國際上發生了很多事情。

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.

我們對 Prime 計劃的發展感到非常鼓舞，我們對秋季推出的 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 RBC Capital Markets 的 Mark Mahaney。

Okay.

好的。

2 questions.

2個問題。

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.

北美的營業利潤率似乎同比下降了 70 個基點，我知道這不是你關注的重點，利潤率。

I get that, but it's sort of a change.

我明白了，但這是一種改變。

You've had margins be flat or up year-over-year for quite some time and now they dip down.

很長一段時間以來，您的利潤率一直持平或同比增長，現在它們下降了。

Just could you explain that?

你能解釋一下嗎？

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?

其次，關於這些——在即將推出的 Echo 設備、Echo 系列、Alexa 設備上，你能否評論一下你在增加錢包或家庭每股份額方面看到的什麼樣的影響？

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?

您是否看到這對亞馬遜客戶產生了影響，在他們的廚房裡，在他們的客廳裡？

Sure, Mark.

當然，馬克。

Let me start with the Echo question first.

讓我先從 Echo 問題開始。

So yes, we're very encouraged by the customer response to the Echo products.

所以是的，我們對客戶對 Echo 產品的反應感到非常鼓舞。

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.

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，因為我們已經將 Alexa 技術傳播到許多這些設備上。

And we're also happy with the success we've had with developers.

我們也對我們與開發人員取得的成功感到高興。

There's over now over 12,000 Alexa skills.

現在有超過 12,000 種 Alexa 技能。

So we think that's all foundational.

所以我們認為這都是基礎。

The monetization, as you might call it, is -- the theme of your questions, that's not our primary issue right now.

正如您所說，貨幣化是您問題的主題，這不是我們目前的主要問題。

It's about building great products and delighting customers.

這是關於打造出色的產品和取悅客戶。

We think as engagement -- as we pick up engagement with the devices, it helps the engagement with Amazon as a whole.

我們認為參與度——當我們與設備接觸時，它有助於與整個亞馬遜的接觸。

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.

因此，無論是有人訂購他們的 Alexa 設備，還是去他們的手機或去他們的電腦，這對我們都有相同的影響。

So very, very pleased with the initial progress.

對最初的進展非常非常滿意。

We see a lot of momentum there, and we continue to invest.

我們在那裡看到了很多動力，我們繼續投資。

And that's one of the answers to your second question on North America operating margin.

這是您關於北美營業利潤率的第二個問題的答案之一。

So if I step back, let me just talk generally about investment.

因此，如果我退後一步，讓我簡單談談投資。

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.

所以現在我們只是看到了很多巨大的機會擺在我們面前，我們正在繼續加大投資以尋求這些機會。

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.

再一次，正如我們所說，客戶——我們想要客戶喜愛的東西，可以變得更大，將獲得豐厚的財務回報，並且它們經久耐用並且可以持續數十年。

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.

因此，正如您所說，在該類別中，我們投資最多的一些東西是 Echo 和 Alexa 設備。

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.

隨著我們在秋季推出 Prime Video，我們不僅在美國而且在全球範圍內都加大了投資、視頻內容和營銷的力度。

So we're building global scale in that business in both content and marketing.

因此，我們正在該業務的內容和營銷方面建立全球規模。

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.

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 等都在全球範圍內擴大。

And we've launched Prime in India, China and Mexico.

我們已經在印度、中國和墨西哥推出了 Prime。

I know I'm drifting a bit from North America, but it's all part of the same theme.

我知道我有點偏離北美，但這都是同一個主題的一部分。

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.

我們的履行網絡也有這種趨勢，強勁的 FBA 增長和亞馬遜履行單位的高增長導致履行能力大幅增加。

We're also investing in new technologies, such as artificial intelligence, machine learning.

我們還在投資新技術，例如人工智能、機器學習。

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.

您開始看到其中一些出現在 Amazon Go 之類的東西上，這是我們在西雅圖開發的測試版商店；無人機。

We use those technologies a lot in our internal businesses, and we're also developing services for AWS customers.

我們在內部業務中大量使用這些技術，我們也在為 AWS 客戶開發服務。

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.

所以 - 這就是 - 當然，隨著 AWS 繼續增長並添加服務和功能並且以加速的速度這樣做，這是另一個領域。

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.

所以有一個很長的清單，我可以繼續，但我認為總的主題是我們 - 擺在我們面前的很多投資是我們樂觀的，我們會繼續增加這些投資。

In North America, that manifests itself mostly in the device area, the content area and also the expansion of the fulfillment networks.

在北美，這主要體現在設備領域、內容領域以及履行網絡的擴展上。

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.

我有 2 個。只是第一個，亞馬遜一直非常注重效率。

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.

所以我很想談談——如果你能談談你能夠解決履行過程中效率低下的例子或領域。

And there's -- any still existing examples where you see low-hanging fruit to really improve fulfillment efficiency?

還有 - 任何仍然存在的例子，你認為低垂的果實可以真正提高履行效率？

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.

然後回到投資這一點，你根本沒有提到實體店，但媒體上卻有很多關於亞馬遜實體店的提及。

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戰略。

Sure thing.

肯定的事。

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.

因此，特別是與我們的履行中心網絡有關的情況下，我認為目前最大的效率領域是我們的亞馬遜機器人領域。

That technology continues to improve, and we've -- we're now multiple generations down.

該技術不斷改進，我們已經 - 我們現在已經下降了幾代人。

We just launched a Amazon robotics fulfillment center in the Tokyo area recently.

我們最近剛剛在東京地區推出了亞馬遜機器人履行中心。

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.

因此，上個月，看到亞馬遜機器人所取得的進步以及我們在倉庫中獲得的效率真是令人驚訝。

The other efficiencies we're seeing are network efficiencies, especially as we had things like sort centers.

我們看到的其他效率是網絡效率，尤其是當我們有分類中心之類的東西時。

It's a collaboration and a movement between warehouses and sort centers and then to the end customer.

這是倉庫和分揀中心之間的協作和移動，然後是最終客戶。

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.

通過我們的分揀中心進行控制的能力使我們在過去幾年中可以切斷我們的 - 在大多數情況下將我們的切斷時間從下午 3 點延長到午夜。

So greater control of our processes.

因此可以更好地控制我們的流程。

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.

如果我們以具有成本效益的方式進行，它也可以為我們的倉庫流程以及我們的客戶及其訂購模式帶來有利的好處。

So there's a lot of efficiencies that are going on day-to-day around here.

因此，這裡每天都在提高效率。

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.

快速增長的好處之一是能夠為購買和我們運行的許多流程創造槓桿作用。

So your second question was on stores.

所以你的第二個問題是關於商店的。

Yes, yes, I think you're seeing the expansion of our bookstores.

是的，是的，我認為您正在看到我們書店的擴張。

We have 6 bookstores right now, and we've announced another 6. The Amazon Go is in beta in Seattle.

我們現在有 6 家書店，我們還宣布了另外 6 家。Amazon Go 在西雅圖處於測試階段。

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.

雖然這並不大，而且只有一個站點，但我們對那裡的潛力以及計算機視覺、傳感器融合和深度學習技術的使用感到興奮。

We think that has a lot of potential.

我們認為這有很大的潛力。

Again, it's only one location.

同樣，它只是一個位置。

That's still in beta.

那仍處於測試階段。

But along with the bookstores, we also have -- you'll see us in pop-up stores and college pickup points.

但除了書店，我們還有——你會在快閃店和大學接送點看到我們。

So for us, it's another way to reach the customer and test what resonates with them, and we're pleased with the results.

所以對我們來說，這是接觸客戶並測試引起他們共鳴的另一種方式，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.

Brian，我認為您提到了 AWS 內新產品的加速增長，去年您增加了大約 1,000 個。

Can you just talk about maybe the plans for AWS and product growth going forward here in 2017 and the focus on innovation?

您能否談談 2017 年 AWS 和產品增長的計劃以及對創新的關注？

Sure.

當然。

Yes, we haven't updated that number, but suffice to say, the innovation pace continues to accelerate.

是的，我們還沒有更新這個數字，但可以說，創新步伐繼續加快。

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.

我們對第四季度的發布感到非常自豪：Amazon Connect，我們認為它將為客戶提供類似客戶服務的能力；和 Amazon Chime，我們也相信它會引起客戶的共鳴。

We've had a lot of adoption of our new services.

我們已經大量採用了我們的新服務。

We've got customers migrated more than 23,000 databases using the AWS data -- database migration service since that launched last year.

自去年推出以來，我們已經讓客戶使用 AWS 數據遷移了超過 23,000 個數據庫——數據庫遷移服務。

And just generally, we continue to expand geographically.

總的來說，我們繼續在地域上擴張。

We've announced additional Availability Zones and regions worldwide.

我們在全球範圍內宣布了更多可用區和區域。

So again, we signed a number of big customers.

所以，我們又簽了一些大客戶。

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.

我想我會在本季度指出 Liberty Mutual、Snap 和 Live Nation，它們都開始與我們建立關係或擴大他們目前的關係。

We're now over $14 billion run rate, but we're happy with the business and the team.

我們現在的運行速度超過 140 億美元，但我們對業務和團隊感到滿意。

And again, for us innovation is going to be key as we move forward.

再一次，對我們來說，創新將是我們前進的關鍵。

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.

布賴恩，關於您不斷增長的廣告業務的幾個問題。

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.

我們看到越來越多的它出現在網站上，我很想听聽更多關於您希望該業務如何在國際上推出的信息。

I think it's largely U.S.-based today, but be curious to hear about that.

我認為它今天主要以美國為基地，但很想知道這一點。

And then second, I think it's fairly obvious what someone selling within the Amazon ecosystem would be interested in promoting on the platform.

其次，我認為在亞馬遜生態系統內銷售的人有興趣在平台上推廣是相當明顯的。

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.

但也許可以告訴我們一點，也許從長遠來看，您的平台內有一些非地方性廣告商的機會。

Sure.

當然。

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.

是的，我們 - 廣告還處於早期階段，但我們對我們擁有的團隊和結果感到非常滿意。

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.

我們的目標是提供幫助——通過有針對性的推薦來幫助消費者並增強他們的購物或觀看體驗，我們認為我們擁有的很多信息以及客戶的偏好和推薦可以幫助我們為客戶做到這一點。

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.

我們有 -- 商品推廣有了一個良好的開端，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。

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.

當您談到廣告時，我想我要指出的是，在其他收入中——廣告在其他收入中，聯合品牌信用卡協議和其他一些廣告服務也是如此。

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.

這從第四季度的 99% 下降到第一季度的 58%，但波動和波動主要存在於聯合品牌信用卡協議和其他服務中，這些服務可能會根據合同條款和這就是發生的事情。

Advertising was -- remains strong and was consistent growth with Q4.

廣告一直保持強勁，並且與第四季度保持一致增長。

Our next question comes from Stephen Ju with Credit Suisse.

我們的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.

因此，您定期披露 AWS 的使用增長情況，但我們已經有一段時間沒有看到了。

So we're wondering if you can update us in terms of where you are now.

因此，我們想知道您是否可以就您現在的位置向我們提供最新信息。

If not, I mean, should we think about the growth in your cash deployment as an indicator of the ongoing growth?

如果不是，我的意思是，我們是否應該將您的現金部署的增長視為持續增長的指標？

Yes, sorry, I don't have a usage number to share with you today.

是的，抱歉，我今天沒有使用編號與您分享。

If it'll help, I will tell you that, again, we're now over $14 billion run rate.

如果有幫助，我會再次告訴你，我們現在的運行速度超過 140 億美元。

You clearly see our -- we break out very clearly our AWS segment revenue and operating income.

您清楚地看到我們的 - 我們非常清楚地劃分了我們的 AWS 部門收入和營業收入。

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.

你還要記住，降價是業務的一部分，當我們這樣做時，我們是相當公開的。

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.

如果你還記得上次電話會議，我提到我們有 7 次價格上漲——或者對不起，價格下跌的時間是 12 月 1 日。所以大約 1/3 的影響出現在第四季度，然後，再次，那是連續營業利潤率的要素之一。

But in general, we're very happy with that team and the progress they're making.

但總的來說，我們對這支球隊和他們取得的進步感到非常滿意。

And we're deploying more capital, as you can see, to support the usage growth.

如您所見，我們正在部署更多資金來支持使用量增長。

Our next question comes from Douglas Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Douglas Anmuth。

I just want to ask you about CapEx.

我只是想問你關於資本支出的問題。

It looks like CapEx, including leases, more than doubled year-over-year.

看起來資本支出（包括租賃）同比增長了一倍多。

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?

所以我知道你在這裡列出了一長串許多投資機會，但你能否指出其他任何特別推動那里相當可觀的增長的東西？

Sure.

當然。

Yes, CapEx, which is principally the fulfillment centers, was -- grew 51% year-over-year.

是的，主要是履行中心的資本支出同比增長了 51%。

As you'll remember, we added 26 warehouses last -- fulfillment centers last year, 23 in the second half of the year.

你會記得，我們最後增加了 26 個倉庫——去年，履行中心增加了 23 個，下半年增加了 23 個。

Some of that cost of startup is before the startup.

一些啟動成本是在啟動之前。

Some comes in a quarter afterwards.

一些在四分之一之後出現。

So there was some carryover from that.

所以有一些結轉。

But generally, the biggest trend here is that the difference -- differential between Amazon fulfilled network unit growth and paid unit growth.

但總的來說，這裡最大的趨勢是差異——亞馬遜實現網絡單位增長和付費單位增長之間的差異。

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.

因此，亞馬遜去年配送單位數量增長近 40%，以及我們在 2017 年看到的高於付費單位增長的強勁增長持續，導致配送中心的容量很大。

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.

我還要說，使用機器人技術的履行中心往往比以前版本的倉庫更加資本密集，然後它們 - 通常在啟動後具有更好的運營效率和可變成本。

On the capital leases, as grew 45%.

在資本租賃方面，增長了 45%。

A good deal of that is tied to the AWS business.

其中很大一部分與 AWS 業務相關。

As I just mentioned, a lot of that's tied to unit -- excuse me -- usage growth.

正如我剛才提到的，其中很多都與單位——對不起——使用增長有關。

But I'll caution, CapEx can fluctuate quarter-to-quarter.

但我會警告，資本支出可能會按季度波動。

And if you look back to last year, the trailing 12 months was only 7% growth from the quarters through Q1 of last year.

如果你回顧去年，過去的 12 個月僅比去年第一季度的季度增長 7%。

So certainly, there was a bigger step up in 2016, now carrying into 2017.

所以當然，2016 年有了更大的進步，現在進入 2017 年。

Our next question comes from Mark May with Citi.

我們的下一個問題來自 Mark May 和 Citi。

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.

我知道我們在過去幾個季度談到了資本支出增加的一部分是為了趕上 15 年的投資不足。

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?

只是好奇您是否會說——在滿足您在去年年初認為業務中必要的一些履行需求方面，您是否取得了很大進展？

And then I know you just said that you're -- it still is early days in terms of advertising.

然後我知道你剛剛說過你是——就廣告而言，現在還處於早期階段。

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.

但有一種看法是，在過去一年左右的時間裡，該公司已經開始真正開始更多地關注這個商機。

Has something really changed at the business in the last year?

去年的業務真的發生了變化嗎？

And do you see advertising becoming a more meaningful part of the business over the near to midterm, I guess?

我猜你是否認為廣告在近期到中期成為業務中更有意義的一部分？

Sure.

當然。

Let me start with advertising.

讓我從廣告開始。

So yes, I think scale is helping.

所以是的，我認為規模有幫助。

We have great teams working on advertising for a while now.

我們有一段時間從事廣告工作的優秀團隊。

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.

我們在客戶數量、點擊次數、眼球數量和新內容方面的規模——或者對不起，視頻內容和其他廣告機會確實有助於在該業務中創造一定規模。

So we're very happy.

所以我們非常高興。

I can't project it forward, but we're happy with the growth there.

我無法預測它，但我們對那裡的增長感到滿意。

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.

我認為商品推廣對我們來說是一個非常有創意的舉措，而且我認為這對廣告增長產生了一些非常好的影響。

On your second point about fulfillment capacity, here's how I'd generally -- I'd generalize it.

關於履行能力的第二點，這是我通常的看法 - 我會概括它。

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.

我們 - 在 2015 年第四季度，我們非常直言不諱，或者說非常透明，我們在第四季度用完了空間，特別是由於對 FBA 空間和服務的一些非常強勁的需求。

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.

去年，我們改變了一些激勵措施，並與 FBA 商家合作，嘗試將他們的吞吐量提高到我們的 FC，尤其是在第四季度。

That, combined with the step up in fulfillment centers that I mentioned, the 26 new ones, left us in a really good position.

再加上我提到的 26 個新的履行中心的升級，讓我們處於一個非常好的位置。

We had a very clean holiday, and we think it worked well for both customers, Amazon and also for sellers, especially for FBA sellers.

我們度過了一個非常乾淨的假期，我們認為這對客戶、亞馬遜和賣家都很有效，尤其是對 FBA 賣家。

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.

所以是的，這讓我們現在繼續在國際上發展，因為我們繼續看到強大的 FBA 採用，這是我們業務的重要組成部分，而且它是我們價值的重要組成部分，因為 FBA 提供了額外的 Prime 合格 ASIN。

So again, it's -- they're self-reinforcing, the FBA program and also our Prime program.

再說一遍，它們是自我強化的，FBA 計劃和我們的 Prime 計劃。

Prime program attracts more people to Amazon, and they buy more, including FBA products.

Prime 計劃吸引了更多人加入亞馬遜，他們購買的產品也更多，包括 FBA 產品。

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.

相反，我們倉庫中的更多 FBA 產品有助於我們庫存人們想要購買的物品，符合 Prime 條件的庫存，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 Heath Terry。

Wondering if you could give us a sense of how we should think about the increase in unearned revenue.

想知道您是否可以讓我們了解我們應該如何看待未賺取收入的增加。

Obviously this quarter, the biggest increase that you've seen from at least from a dollar perspective.

顯然，本季度，至少從美元的角度來看，這是您看到的最大增幅。

What does that say about the way customers are changing in the behavior in the AWS business?

這說明客戶在 AWS 業務中的行為方式發生了怎樣的變化？

How should we think about the way that, that might be impacting pricing mix, near-term growth?

我們應該如何考慮可能會影響定價組合和近期增長的方式？

Heath, this is Darin.

希思，這是達林。

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.

是的，就遞延收入餘額而言，正如我們過去所說，增長的主要驅動因素是我們在 AWS 客戶中看到的活動以及為他們的賬戶購買預留實例和預付積分作為 Prime 會員購買。

We're not breaking out the specific growth rates for Prime.

我們沒有透露 Prime 的具體增長率。

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.

但可以肯定的是，我們喜歡我們在增長方面看到的情況，這與我們在上個季度左右看到的情況一致。

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.

當然，延遲餘額的增加部分與預留實例有關，因為客戶變得更加舒適並開始將更多持續的工作負載放入 AWS 服務中。

Through buying RIs, they're able to get fairly significant discounts on their usage.

通過購買 RI，他們可以獲得相當大的使用折扣。

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.

所以我們喜歡這種模式，客戶當然喜歡這種模式，通過遞延收入收集，然後讓客戶隨著時間的推移使用它是非常有幫助的。

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

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

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.

關於運輸和物流計劃的問題，特別是您是否可以與航空貨運分享迄今為止的任何事實或知識。

In particular, what kind of performance or cost efficiencies that you may be realizing or expect to realize from this effort.

特別是，您可能從這項工作中實現或期望實現什麼樣的性能或成本效益。

Sure, Colin.

當然，科林。

As you pointed out, we're -- we've expanded our own fleet.

正如你所指出的，我們——我們已經擴大了自己的機隊。

We now have 18 planes in service for Amazon, and we've announced rights to lease up to 40 planes.

我們現在有 18 架飛機在為亞馬遜服務，並且我們已經宣布了租賃多達 40 架飛機的權利。

So it's gone very well.

所以進展非常順利。

The ability to control shipments within our network has gone up, and we think the cost is very good.

在我們的網絡內控制發貨的能力已經提高，我們認為成本非常好。

So on that front, it's better control -- better capacity control and especially search capacity and also good costs.

所以在這方面，它是更好的控制——更好的容量控制，尤其是搜索容量和良好的成本。

So we have great relationships with third-party carriers.

因此，我們與第三方運營商有著良好的關係。

We will continue to, and we value all of our partner relationships as we develop our own capability, particularly in intra-network.

我們將繼續並重視我們所有的合作夥伴關係，因為我們發展自己的能力，特別是在網絡內。

We're putting it to good use, as I mentioned before, with the sortation center example.

正如我之前提到的，我們在分類中心示例中充分利用了它。

Our next question comes from Scott Devitt with Stifel.

我們的下一個問題來自 Scott Devitt 和 Stifel。

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.

我想知道您是否可以談談您目前在印度的投資和能力方面的情況，以及您如何看待該市場的長期發展。

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.

其次，如果您可以評論一下限制和您在整個拉美進行更多投資的意願，就像您最近在中國和印度等市場的方式一樣。

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.

最後，如果我可以的話，您之前已經討論了對視頻產品在消費者參與度和對 Prime 的影響方面的成功衡量標準的滿意度。

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.

我只是想知道您是否可以評論這些指標是否會隨著視頻支出的持續增長以及消費者意識似乎也在增長而繼續改善。

Let me start with your middle question.

讓我從你的中間問題開始。

I think it was about Latin America growth.

我認為這與拉丁美洲的增長有關。

Let me step back and talk about international growth in general.

讓我退後一步，談談總體上的國際增長。

So it -- our approach varies by country.

所以它 - 我們的方法因國家/地區而異。

If you look historically, we've taken multiple approaches.

如果你回顧歷史，我們已經採取了多種方法。

So in China, we bought an existing business, Joyo.com, and built off that base.

所以在中國，我們收購了現有的企業卓越網，並以此為基礎建立起來。

In India, we started from scratch and have built a lot of things ourselves.

在印度，我們白手起家，自己建造了很多東西。

And it's always going to depend on the country, the dynamics in that country both for retail, for online and for foreign investment.

它總是取決於國家，該國零售、在線和外國投資的動態。

But a real key factor in all of this generally is management bandwidth as well.

但是，所有這一切的真正關鍵因素通常也是管理帶寬。

So we pick our spots carefully.

所以我們仔細挑選我們的位置。

You'll see -- you heard in the quarter that we've announced the intention to buy Souq in the Middle East.

你會看到——你在本季度聽說我們已經宣布打算在中東收購 Souq。

Where does that fit into the strategy?

這在哪裡適合戰略？

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.

好吧，Souq 是中東開創性的電子商務，他們正在為客戶及其多個國家/地區創造出色的運輸體驗，並且做得很好。

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.

因此，我們將此視為一個示例，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支持他們的努力。

So we -- we are in Mexico, but we're not in other parts of Latin America.

所以我們——我們在墨西哥，但我們不在拉丁美洲的其他地區。

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.

我們 - 我們在巴西有業務，但其他國家/地區將根據具體情況，再次受到我們的管理帶寬可以支持的內容以及與其他事物的優先級的限制。

You obviously heard my long list of investments.

你顯然聽到了我一長串的投資清單。

All of those are pretty much gated by the need for people and software engineers and strong teams to approach them.

所有這些都受到人員和軟件工程師以及強大的團隊接近他們的需求的限制。

So international expansion gets played off in the same prioritization that other efforts do.

因此，國際擴張的優先級與其他努力相同。

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.

那麼是否存在 - 只是一種會計管理，一種考慮基於股票的薪酬的方式。

You guys aren't providing that by segment anymore, but the rates of growth kind of differed by the businesses.

你們不再按細分市場提供，但增長率因業務而異。

And so is there just a way to think about, a, will that be in the Q, or are you not disclosing anymore?

那麼有沒有一種方法可以考慮，a，它會出現在 Q 中，還是你不再透露？

And is there a way to think about would, I guess, the patterns be consistent with historical patterns by segment?

有沒有辦法考慮，我猜，這些模式是否與歷史模式保持一致？

Jason, this is Darin.

傑森，這是達林。

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.

幾個季度前，我們開始按部門劃分基於股票的薪酬，現在我們已經按部門劃分了我們的運營收入。

So it's definitely in there.

所以它肯定在裡面。

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.

我們確實在合併的基礎上按損益項目提供了一些披露，以幫助您確定基於股票的薪酬總費用，您將在新聞稿後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.

也許我可以從新聞稿中刪除 2 來了解一點季度的季度節奏。

The retail subscription services, that's a pretty big jump up in the growth rate year-on-year in Q1 versus Q4.

零售訂閱服務在第一季度與第四季度的同比增長率上實現了相當大的增長。

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.

我認為這可能是 Prime 會員資格從試用期開始支付，但只是想了解該季度環比增長率方面的一些驅動因素是什麼。

And net shipping costs actually grew at the slowest rate by our count in a couple years.

根據我們的統計，淨運輸成本實際上以幾年來最慢的速度增長。

It looks like you're starting to get some improvements there in terms of revenue over costs on the shipping line.

看起來你開始在航運公司的收入方面得到一些改進。

I just wanted to know what that was in terms of what's driving that, and can we expect that to possibly continue.

我只是想知道是什麼推動了這一點，我們能否期望這種情況可能繼續下去。

Sure.

當然。

Let me start with the retail subscription services revenue.

讓我從零售訂閱服務收入開始。

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.

所以這個類別有很多東西，最大的是 Prime 會員費，還有其他訂閱服務，如有聲讀物、電子書、數字視頻、數字音樂和其他訂閱服務。

So you're right, there was an acceleration.

所以你是對的，有加速。

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.

就像我對廣告和其他收入類別的評論一樣，去年第一季度和第四季度的 Prime 會員增長率相對一致。

So the volatility is in those other items.

因此，波動性存在於其他項目中。

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.

所以我沒有量化 Prime 會員或評論增長率，只是說它非常強勁，第四季度的強勁勢頭一直持續到第一季度。

Your comment on shipping costs, yes, that is going to -- that was a lower unit volume as well.

您對運輸成本的評論，是的，這將是 - 這也是較低的單位體積。

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.

但總的來說，成本將是順風的組合——逆風顯然將是 FBA 增長和我們自己運送更多產品，以及我們 Prime 計劃的擴展以及我們的 Prime 客戶對產品的需求。

And demand's been great.

而且需求量很大。

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.

同樣，有超過 5000 萬件物品可以在 2 天內，在某些情況下，可以在第二天或同一天送到他們家門口。

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.

因此，它將成為我們成本結構的重要組成部分，但這是一項我們努力降低費率的投資，我們很高興將其用於支持我們的 Prime 計劃。

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

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

I have a follow-up and then a new question.

我有一個跟進，然後是一個新問題。

The follow-up is would love an update.

後續會喜歡更新。

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?

您談到了履行中心，但您能否向我們介紹一下我們在推出 Prime Now 設施和分揀中心方面的最新情況——只是個數？

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.

如果你覺得這是今年真正增加投資的一個領域，或者你去年得到的正是你所需要的。

Sure.

當然。

I'm sorry, you said Prime Now.

對不起，你說的是 Prime Now。

And what was the other thing?

另一件事是什麼？

And the sorting centers.

還有分揀中心。

Sort centers, right.

排序中心，對。

Well, I don't have updated numbers for you, but the Prime Now is available in more than 45 cities across 8 countries.

好吧，我沒有為您提供更新的數字，但 Prime Now 可在 8 個國家/地區的 45 多個城市使用。

The same day is available in 30 cities in the U.S. So that's a bit on the quantification of those.

同一天在美國的 30 個城市可用。所以這有點關於這些的量化。

I can't tell you much more on sort centers.

我不能告訴你更多關於分類中心的信息。

But when you think about building out the capacity, it sounds like last year you had that big surge in fulfillment centers.

但是，當您考慮擴大產能時，聽起來就像去年您的履行中心大幅增加。

There isn't a similar surge about to happen this year on some of those other areas?

今年在其他一些領域不會發生類似的激增嗎？

Yes, I can't project that.

是的，我無法預測。

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.

我們仍在不斷發展，我們對 Prime Now 的進步和服務——它為 Prime 客戶創造的價值感到滿意。

And as I said, we've expanded internationally, which is a big goal of ours as well.

正如我所說，我們已經向國際擴張，這也是我們的一個重要目標。

So we will continue to grow that.

因此，我們將繼續增長。

I can't quantify it for you right now.

我現在無法為你量化它。

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.

您可能想要的另一個類似設施指標是 AmazonFresh 現在在美國的 21 個都會區以及倫敦和東京。

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

感謝您今天加入我們的電話會議並提出您的問題。

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 with 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。