亞馬遜 (AMZN) 2017 Q2 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 Q2 2017 Financial Results Teleconference.

大家好，歡迎來到 Amazon.com 2017 年第二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 Q2 2017 financial results conference call.

您好，歡迎參加我們的 2017 年第二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, July 27, 2017, only and will include forward-looking statements.

我們對您問題的評論和答复僅反映了管理層截至 2017 年 7 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 our most recent annual report on Form 10-K and subsequent filings.

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

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

在這次電話會議中，我們可能會討論某些非公認會計原則的財務措施。

In our press release, slides accompanying this webcast and our filings with the SEC, each of which is posted on our IR website, 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 events, the rate of growth of the Internet, online commerce and cloud services and the various factors detailed in our filings with the SEC.

我們的結果本質上是不可預測的，並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、在線商務和雲服務的增長率以及各種因素在我們提交給美國證券交易委員會的文件中有詳細說明。

Our guidance also assumes, among other things, that we don't conclude any additional business acquisitions, investments, restructurings or legal settlements and excludes the impact of our proposed acquisition of Whole Foods Market.

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，並排除我們提議的收購 Whole Foods Market 的影響。

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

無法準確預測對我們商品和服務的需求，因此我們的實際結果可能與我們的指導存在重大差異。

With that, we will move to Q&A.

有了這個，我們將進入問答環節。

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

接線員，請提醒我們的聽眾如何發起提問。

(Operator Instructions) Our first question comes from the line of Heath Terry with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛集團的 Heath Terry。

I was just wondering if you could give us a sense on the investments that are planned in Q3.

我只是想知道您是否可以讓我們了解第三季度計劃的投資。

Previously, you've been willing to provide sort of some qualitative guidance around how you're rank ordering those in terms of the ones that are -- the largest areas of investment in the quarter.

以前，您一直願意提供一些定性指導，說明您如何根據本季度最大的投資領域對這些領域進行排序。

Just wondering if you could update us on that just given the guidance for Q3 and what we saw in investment in Q2.

只是想知道您是否可以在剛剛給出第三季度的指導以及我們在第二季度的投資中看到的情況下更新我們。

Sure.

當然。

Let me see what I can tell you on that.

讓我看看我能告訴你什麼。

First of all, I want to remind you that Q3 is typically a lower operating income quarter as we're preparing for the Q4 holiday peak.

首先，我想提醒您，第三季度通常是營業收入較低的季度，因為我們正在為第四季度的假期高峰做準備。

The other dynamic is that similar to last year, a large percentage of our new fulfillment centers are coming online in the second half of the year, a lot of them in Q3.

另一個動態是，與去年類似，我們很大一部分新的履行中心將在下半年上線，其中很多是在第三季度。

So to give that some perspective, the Amazon-Fulfilled Network or the combination of retail and FBA shipments coming out of our warehouses has been nearly 40%.

因此，從某種角度來看，亞馬遜物流網絡或從我們倉庫發出的零售和 FBA 貨物的組合已經接近 40%。

It was that last year and it's continued through this year.

去年就是這樣，今年一直如此。

Last year, we added 30% additional square footage to handle that additional shipping volume, and about 80% of that went in to service in the back end of last year.

去年，我們增加了 30% 的額外面積來處理額外的運輸量，其中大約 80% 的面積在去年年底投入使用。

That's what I mentioned about this time last year.

這就是我去年這個時候提到的。

The -- similar dynamic this year.

今年 - 類似的動態。

We're going to have about 80% of our increase in square footage for fulfillment and shipping coming online in the back end of the year.

在今年年底，我們將有大約 80% 的增加的平方英尺用於履行和運輸上線。

So that's a major increase.

所以這是一個很大的增長。

The other comment I would make is on the content -- video content.

我要發表的另一條評論是關於內容——視頻內容。

Video content, last year I highlighted the fact that it was going to be a significant step up between first half -- second half of 2016 and the second half of 2015.

視頻內容，去年我強調了這樣一個事實，即從 2016 年上半年到 2015 年下半年，這將是一個重要的進步。

We are still -- we lapped that most of the first half of this year, and we'll also be increasing video spend on a sequential and year-over-year basis in Q3 and that's included in this guidance.

我們仍然 - 我們在今年上半年的大部分時間裡都完成了這一點，我們還將在第三季度連續和同比增加視頻支出，這包含在本指南中。

Other than that, I can't give much more specifics except to say that the large investment areas remain increasing fulfillment capacity to service the strong growth of the FBA business.

除此之外，我無法提供更多細節，只能說大型投資領域仍在增加履行能力，以服務於 FBA 業務的強勁增長。

I'll also point out that the strong usage growth at AWS has led us to a step up in infrastructure in the form of capital leases.

我還要指出，AWS 的強勁使用增長使我們以資本租賃的形式在基礎設施方面取得了進步。

We've built capital leases in the trailing 12 months.

我們在過去的 12 個月內建立了資本租賃。

They've increased 71% through the end of Q2 versus last year.

到第二季度末，它們與去年相比增長了 71%。

That is servicing -- accelerating usage in our largest AWS services as well as geographic expansion.

這就是服務——加速我們最大的 AWS 服務的使用以及地理擴張。

So that's additional factor sequentially in the quarter year-over-year.

因此，這是該季度同比增長的額外因素。

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。

A question on the grocery category and the announcement that we have -- that we heard recently.

關於雜貨類別的問題以及我們最近聽到的公告。

Specifically, does that imply that the strategy has changed around Fresh, which was presumably replacing the trip to the grocery store?

具體來說，這是否意味著圍繞 Fresh 的策略發生了變化，這可能取代了去雜貨店的旅行？

Or should we think about adding different modes, such as pickup points and bricks-and-mortar, as serving a distinct customer base or geared to reduce the cost bottleneck around home delivery?

或者我們是否應該考慮添加不同的模式，例如取貨點和實體店，以服務於不同的客戶群或旨在減少送貨上門的成本瓶頸？

Any comments would be helpful.

任何評論都會有所幫助。

Sure, Colin.

當然，科林。

First, as far as Whole Foods is concerned, as Darin mentioned, it's not included in this guidance since it hasn't closed yet, but we are excited about that acquisition and looking forward to working with the team at Whole Foods.

首先，就 Whole Foods 而言，正如 Darin 所提到的，它尚未包含在本指南中，因為它尚未關閉，但我們對此次收購感到興奮，並期待與 Whole Foods 的團隊合作。

We think they're very customer-centric just like us.

我們認為他們和我們一樣以客戶為中心。

They've built a great business focused around quality and customers.

他們建立了一個專注於質量和客戶的偉大業務。

So we're really glad to join up with them.

所以我們很高興與他們合作。

On your larger question about with the place of AmazonFresh, that include Prime Now and some of our other efforts, I would say we believe there will be no one solution.

關於您關於 AmazonFresh 位置的更大問題，包括 Prime Now 和我們的其他一些努力，我想說我們相信不會有一個解決方案。

So we're experimenting with a number of the formats, from physical pickup points in Amazon Go to online ordering and delivery to your door through Prime Now and AmazonFresh.

因此，我們正在嘗試多種格式，從 Amazon Go 的實體取貨點到通過 Prime Now 和 AmazonFresh 在線訂購和送貨上門。

And we'll see how customers respond.

我們將看看客戶的反應。

We like the response that we've seen so far.

我們喜歡我們迄今為止看到的反應。

We think they're valuable.

我們認為它們很有價值。

All those are valuable services.

所有這些都是有價值的服務。

Amazon Go is not out of beta, but the other ones are.

Amazon Go 還沒有結束測試，但其他的是。

On top of that, we're looking forward to adding the Whole Foods team and their great reputation for quality and customer service to this offering.

最重要的是，我們期待將 Whole Foods 團隊及其在質量和客戶服務方面的良好聲譽添加到此產品中。

Our next question comes from Justin Post with Merrill Lynch.

我們的下一個問題來自美林公司的賈斯汀·波斯特。

A couple of questions.

幾個問題。

It definitely seems relative to your guidance, you may have stepped up spending in the second quarter.

相對於您的指導，這似乎絕對是，您可能在第二季度增加了支出。

Anything in particular to call out, India or anything like that?

有什麼特別要說的嗎，印度之類的？

And then just thinking bigger picture, I'm wondering why physical locations might make sense for Amazon.

然後只是考慮更大的圖景，我想知道為什麼物理位置可能對亞馬遜有意義。

Why is that a positive use of capital going forward?

為什麼這是對未來資本的積極利用？

Sure.

當然。

As far as Q2 is concerned, we were very encouraged by the revenue and unit growth acceleration, particularly in North America.

就第二季度而言，我們對收入和單位增長加速感到非常鼓舞，尤其是在北美。

We see that as tied to the Prime growth and the adoption of Prime and success of that program.

我們認為這與 Prime 的增長以及 Prime 的採用和該計劃的成功有關。

Also point out that AWS stepped up its run rate from a $14 billion run rate last quarter to $16 billion.

還指出 AWS 將其運行率從上一季度的 140 億美元提高到 160 億美元。

So we saw the largest quarter-over-quarter and year-over-year increase in revenue in that businesses as well, and gross margin expanded 130 basis points.

因此，我們看到該業務的收入環比和同比增幅最大，毛利率擴大了 130 個基點。

So as you point out, the year-over-year difference is primarily driven by investments.

因此，正如您所指出的，同比差異主要是由投資驅動的。

The -- we're within the guidance range, and we continue to invest in, as I said, fulfillment capacity and logistic services, digital video, our Echo and Alexa -- Echo devices and Alexa platform, India, the buildup at AWS infrastructure, all the things I mentioned, not to mention Prime Now and AmazonFresh and Prime benefits.

我們在指導範圍內，正如我所說，我們將繼續投資於履行能力和物流服務、數字視頻、我們的 Echo 和 Alexa——Echo 設備和 Alexa 平台、印度、AWS 基礎設施的建設，我提到的所有事情，更不用說 Prime Now 和 AmazonFresh 以及 Prime 的好處。

We did see a big jump in headcount in year-over-year.

我們確實看到員工人數同比大幅增長。

You'll see it's 42%, and in the past I've said most of that is driven by operations hiring.

你會看到它是 42%，在過去我說過大部分是由運營招聘驅動的。

And I've even said that headquarters office hiring many times in the past was below the level of revenue growth.

我什至說過，過去多次總部辦公室招聘低於收入增長水平。

Right now what we're seeing is an accelerated growth rate in software engineers and also sales teams to support primarily AWS and advertising.

目前，我們看到的是軟件工程師和銷售團隊的增長速度加快，主要支持 AWS 和廣告。

So yes, those -- the growth rate of those 2 job categories actually exceeded the company growth rates.

所以是的，那些——這兩個工作類別的增長率實際上超過了公司的增長率。

So we are adding -- having success hiring a lot of people and pointing them at some very important programs and customer-facing efforts.

所以我們正在添加 - 成功僱傭了很多人，並將他們指向一些非常重要的項目和麵向客戶的工作。

On the place of physical, again, as I mentioned in the earlier question, we are experimenting with a number of formats.

同樣，正如我在前面的問題中提到的那樣，在物理的位置上，我們正在嘗試多種格式。

You've seen the physical bookstores, and I would say that the benefit there is -- again, we have a curated selection of titles and it's also a great opportunity for people to touch and feel our devices and see them, especially the new Echo devices.

你已經看過實體書店，我想說的是那裡的好處——再一次，我們有精選的書名，這也是人們觸摸和感受我們的設備並看到它們的好機會，尤其是新的 Echo設備。

I went into the store in Seattle last week and I saw about 1/3 of the people were standing around the device table, learning how they work, how they interact with the devices.

上週我走進西雅圖的商店，我看到大約 1/3 的人站在設備桌旁，學習他們如何工作，如何與設備交互。

So I saw firsthand the customer experience.

所以我親眼目睹了客戶體驗。

I think that's where we're seeing the benefit to the physical stores right now.

我認為這就是我們現在看到實體店受益的地方。

Our next question comes from Mark May with Citi.

我們的下一個問題來自 Mark May 和 Citi。

Question on the comments around the fulfillment investments.

關於履行投資的評論的問題。

Could you characterize or maybe even quantify how much of the fulfillment infrastructure investment that you're making is going to incrementally gear towards handling growth in sort of the existing business and infrastructure versus expanding your capabilities in fulfillment, like adding more inbound or last mile and/or from entering new international markets where you need to invest ahead of growth versus just sort of keeping up and maintaining growth within sort of your existing footprint?

您能否描述甚至量化您正在進行的履行基礎設施投資中有多少將逐漸用於處理現有業務和基礎設施的增長，而不是擴展您的履行能力，例如增加更多的入站或最後一英里和/ 或進入新的國際市場，您需要在增長之前進行投資，而不是在您現有的足跡範圍內保持增長？

And then AWS, you had some price adjustments in May, yet the Q2 growth was quite good.

然後是 AWS，你在 5 月份進行了一些價格調整，但第二季度的增長相當不錯。

Can you just comment about the impact that those cuts may have had in Q2?

您能否評論一下這些削減可能在第二季度產生的影響？

And if you're modeling those also in your Q3 guidance, maybe the impact there.

如果您也在 Q3 指導中對這些進行建模，那麼可能會產生影響。

Yes, let me start with the second one.

是的，讓我從第二個開始。

So yes, we've had numerous price increase -- or decrease, excuse me, and we continue to have that in the AWS business, both absolute decreases in service costs and also rolling out new services that may be cannibalizing more expensive, other services that we provide.

所以是的，我們已經多次漲價——或者降價，對不起，我們繼續在 AWS 業務中保持這種情況，服務成本絕對降低，並且推出可能會蠶食更昂貴的其他服務的新服務我們提供的。

So nothing really to note on Q2 or Q3 from that standpoint.

因此，從這個角度來看，Q2 或 Q3 沒有什麼值得注意的。

The fulfillment investments, I can't split it out for you between Amazon Logistics support sort centers and fulfillment centers.

履行投資，我無法在亞馬遜物流支持分揀中心和履行中心之間為您拆分。

What I can say, the biggest dynamic going on, again, is that Amazon-Fulfilled unit growth of nearly 40%, which was last year and carrying it to this year.

我可以說，最大的動態再次是亞馬遜配送的單位增長近 40%，這是去年和今年的增長。

It's a global number, and we are very glad of the success of the FBA program.

這是一個全球性的數字，我們對 FBA 計劃的成功感到非常高興。

We're matching that with just over 30% increase in square footage.

我們將其與平方英尺增加超過 30% 相匹配。

And yes, you're right, that does include some shipping sort centers and things that are incremental and new functions for us, if you will.

是的，你是對的，這確實包括一些運輸分揀中心和對我們來說是增量和新功能的東西，如果你願意的話。

But that's about all I can say on that right now.

但這就是我現在所能說的。

I think we're very happy -- we're very happy with the FBA program, its impact on Prime and we think Prime and FBA are self-reinforcing.

我認為我們非常高興——我們對 FBA 計劃及其對 Prime 的影響感到非常高興，我們認為 Prime 和 FBA 是自我強化的。

We know customers really like it, the additional selection that FBA provides.

我們知道客戶真的很喜歡亞馬遜物流提供的額外選擇。

So we like those combined, and we are working very hard to match that with capacity in an efficient manner.

所以我們喜歡這些組合，我們正在努力以有效的方式將其與容量相匹配。

Our next question is from Douglas Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Douglas Anmuth。

I just wanted to follow up on AWS and just on the back of the price cut, obviously 1Q being the first full quarter, but it looks like 2Q, as Mark said, things did stabilize some.

我只是想跟進 AWS 並且只是在降價的背景下，顯然 1Q 是第一個完整的季度，但看起來像 2Q，正如 Mark 所說，事情確實穩定了一些。

Can you just talk about whether you're seeing more of a volume pickup response here and companies kind of more actively moving volume into the cloud at these lower prices?

您能否談談您是否在這裡看到了更多的交易量回升反應，以及公司是否以這些較低的價格更積極地將交易量轉移到雲中？

And then just secondly on Prime, the value of the Prime subscription for the consumer seems to continue to increase as you add more features in there.

其次，在 Prime 上，隨著您在其中添加更多功能，Prime 訂閱對消費者的價值似乎繼續增加。

Can you just talk about your view around the flexibility of the price of an annual Prime subscription?

您能否談談您對年度 Prime 訂閱價格靈活性的看法？

Sure.

當然。

On the price of Prime, I have nothing to add at this time.

關於 Prime 的價格，我目前沒有什麼要補充的。

We think that the -- we're increasing the value of the Prime program every day.

我們認為——我們每天都在增加 Prime 計劃的價值。

So it becomes more and more valuable and again, as we've said, it's the best deal in retail.

因此，它變得越來越有價值，而且正如我們所說，這是零售業的最佳交易。

On AWS, yes, the -- we are seeing great customer adoption.

在 AWS 上，是的，我們看到客戶採用率很高。

The -- again, as I've said earlier, the run rate's gone up from $14 billion to $16 billion in Q2.

再次，正如我之前所說，第二季度的運行率從 140 億美元上升到 160 億美元。

And also, we had the largest sequential and year-over-year dollar rise in revenues.

此外，我們的收入環比和同比增幅最大。

Our usage in all of our large services are actually accelerating, so -- and they're growing at a rate higher than our revenue growth.

我們在所有大型服務中的使用實際上都在加速，因此——它們的增長速度高於我們的收入增長速度。

So we're seeing great adoption.

所以我們看到了很大的採用。

We are seeing AWS customers migrate more than 30,000 databases over the last 1.5 years.

我們看到 AWS 客戶在過去 1.5 年遷移了 30,000 多個數據庫。

We've signed some very big customer wins like Ancestry, Hightail, California Polytechnic State University and others that we're very proud to have.

我們已經簽署了一些非常大的客戶勝利，例如 Ancestry、Hightail、加州理工州立大學和其他我們非常自豪的客戶。

So yes, the momentum in the businesses is very strong.

所以，是的，業務的勢頭非常強勁。

We continue to open new regions.

我們繼續開闢新的區域。

We'll be opening 5 regions in the near future in France, China, Sweden, Hong Kong and a second government cloud region in the east.

我們將在不久的將來在法國、中國、瑞典、香港開設 5 個區域，並在東部開設第二個政府雲區域。

So yes, we like the momentum in that business.

所以，是的，我們喜歡這項業務的發展勢頭。

Stepping back, I would say that where pricing is important, again, we're generally being selected because of our functionality and pace of innovation.

退一步說，在定價很重要的地方，我們通常會因為我們的功能和創新速度而被選中。

The innovation keeps accelerating.

創新不斷加速。

It did in the first half of this year, the pace of new services and features.

它確實在今年上半年推出新服務和新功能的步伐。

We also know that customers value our partner and customer ecosystem, and really the experience we've had.

我們也知道客戶重視我們的合作夥伴和客戶生態系統，以及我們所擁有的經驗。

We've been at this longer than anybody else.

我們在這方面的時間比其他任何人都長。

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。

I want to stick with AWS, please.

我想堅持使用 AWS，請。

So the AWS revenue growth showed almost no change, but the AWS operating margin was lower, I guess, than we've seen in, I don't know, 6 quarters or something like that.

因此，AWS 的收入增長幾乎沒有變化，但我猜，AWS 的營業利潤率低於我們在 6 個季度或類似情況下看到的情況。

I find that a little surprising, but then I also saw that the tech and content came in materially heavy, I think, versus our and, I assume, other expectations.

我覺得這有點令人驚訝，但隨後我也看到技術和內容的重要性，我認為，與我們以及我認為其他的期望相比。

So could you just talk about that a little bit, the profitability, if there's anything that's changed in the profitability of AWS?

那麼，如果 AWS 的盈利能力發生任何變化，您能否談談盈利能力？

Sure.

當然。

Those margins, as we say frequently, are going to fluctuate quarter-to-quarter and always going to be a net of investments, price reductions and cost efficiencies that we drive.

正如我們經常說的那樣，這些利潤率將逐季波動，並且始終是我們推動的投資、降價和成本效率的淨值。

So I would say the biggest impact in the margin that you're seeing in Q2 is really around the 71% increase in assets acquired under capital leases.

所以我想說，你在第二季度看到的對利潤率的最大影響實際上是在資本租賃下獲得的資產增加了 71% 左右。

Most of that is for the AWS business.

其中大部分用於 AWS 業務。

So we've really stepped up the infrastructure to match the large usage growth and also the geographic expansion, and that is showing up in tech and content.

因此，我們確實加強了基礎設施，以配合巨大的使用增長和地理擴張，這在技術和內容方面有所體現。

On the marketing, if you look under the marketing expenses, they are also up and that is driven by the increases we're seeing in the sales team, both in AWS and advertising.

在營銷方面，如果您查看營銷費用，它們也在上升，這是由我們在 AWS 和廣告方面看到的銷售團隊的增長所推動的。

So I would point to those 2 as probably larger-than-normal impacts on Q2 operating margin.

所以我會指出這兩個對第二季度營業利潤率的影響可能大於正常水平。

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. The first one, as you continue to add more Prime Now markets with 1- to 2-hour shipping, can you just talk to some of the logistical challenges you've already encountered and worked through?

我有 2 個。第一個，隨著您繼續添加更多 Prime Now 市場，運送時間為 1 到 2 小時，您能否談談您已經遇到並解決的一些物流挑戰？

And talk to kind of -- if you really do see 1- to 2-hour shipping become a larger piece of the business over the next year, what's the biggest challenge to make sure that you manage?

談談——如果你真的看到 1 到 2 小時的運輸在明年成為更大的業務，那麼確保你管理的最大挑戰是什麼？

And the second one on the subscription revenue.

第二個是訂閱收入。

Looks like subscription revenue growth was strong again, over 50%.

看起來訂閱收入增長再次強勁，超過 50%。

Can you just talk to what drove that acceleration?

你能談談是什麼推動了這種加速嗎？

Was it Prime, or was there something else in there?

是 Prime 還是裡面有別的東西？

Sure.

當然。

Let me start with your second question.

讓我從你的第二個問題開始。

On the subscription revenue, grew 53% year-over-year versus 52% in Q1.

訂閱收入同比增長 53%，而第一季度為 52%。

So yes, we continue to see strong Prime membership growth.

所以是的，我們繼續看到強勁的 Prime 會員增長。

That is the main thing.

這是主要的事情。

There's also, in that line item, are also other monthly fees associated with some of our other subscription services like audiobooks, eBooks, digital video and digital music.

在該項目中，還有與我們的一些其他訂閱服務相關的其他月費，例如有聲讀物、電子書、數字視頻和數字音樂。

But again, I would say that we're very happy with the Prime membership growth, and it remained pretty consistent both in Q4 and then through Q1 and Q2 of this year.

但是，我要再說一次，我們對 Prime 會員的增長非常滿意，並且在第四季度以及今年第一季度和第二季度都保持一致。

On your second question on Prime Now, so Prime Now is now available in 50 cities across 8 countries.

關於 Prime Now 的第二個問題，Prime Now 現在可以在 8 個國家的 50 個城市使用。

We do learn something new in every city and have different -- slightly different shapes and sizes of those buildings and different density profiles.

我們確實在每個城市都學到了一些新東西，並且有不同的東西——這些建築物的形狀和大小略有不同，密度分佈也不同。

And so we are learning as we go.

所以我們邊走邊學。

We learn as we grow internationally as well.

隨著我們在國際上的成長，我們也在學習。

That is a service that customers love.

這是客戶喜歡的服務。

That's not an inexpensive service though, and we also have -- so we're constantly working on our cost of delivery and our route densities.

不過，這並不是一項廉價的服務，而且我們也有——所以我們一直在努力研究我們的交付成本和我們的路線密度。

And again, we like what we see, and we'll continue to expand that and we'll be working very hard on making that not only a valuable Prime offering, Prime benefit, but also lower-cost operation as well.

再說一次，我們喜歡我們所看到的，我們將繼續擴展它，我們將努力使它不僅成為有價值的 Prime 產品、Prime 福利，而且還提供低成本運營。

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

我們的下一個問題來自 BMO Capital Markets 的 Dan Salmon。

Brian, I think I heard you earlier say that your headcount for advertising salespeople is growing faster than the company as a whole -- or company's headcount growth rate as a whole.

布賴恩，我想我早些時候聽到你說，你的廣告銷售人員人數增長速度超過了整個公司——或者公司的員工人數增長率。

I'd just like to use that maybe as a springboard to talk a little bit about what you think the right mix is for how you sell in terms of the self-service versus salespeople.

我只是想用它作為跳板來談談你認為正確的組合是你如何在自助服務與銷售人員方面進行銷售。

And then a second one would just be a quick one.

然後第二個將是一個快速的。

I know it's early, but I'd be curious to see what you're seeing with users of the Echo Show with the screen on it and if you're seeing any particularly different type of user behavior there versus the original devices without one.

我知道現在還為時過早，但我很想看看你在 Echo Show 用戶身上看到了什麼，以及你是否看到與沒有屏幕的原始設備相比有任何特別不同類型的用戶行為。

Sure.

當然。

Yes, it's early on the Echo Show.

是的，現在是 Echo Show 的早期階段。

As you know, we just started shipping those in late June, but we're very excited about the potential and the additional -- the addition of the video screen and the messaging capability and video capability.

如您所知，我們剛剛在 6 月下旬開始發貨，但我們對潛力和附加功能感到非常興奮——增加了視頻屏幕、消息傳遞功能和視頻功能。

So it's -- I've used mine and it's awesome.

所以它 - 我用過我的，它很棒。

It's a big step up, in my mind, but we'll get more customer feedback as we go along.

在我看來，這是一個很大的進步，但隨著我們的發展，我們會得到更多的客戶反饋。

On advertising, technically, what I said is the sales force has grown higher than the rate of growth in the business itself, which was 42% regular headcount, and that sales force is primarily AWS and advertising.

在廣告方面，從技術上講，我所說的是銷售人員的增長速度高於業務本身的增長率，即 42% 的常規員工人數，而銷售人員主要是 AWS 和廣告。

So we build self-service tools and obviously that we want to make those as efficient as possible for customers and advertisers, but we realize it will need actual sales contact with accounts as well.

因此，我們構建了自助服務工具，顯然我們希望為客戶和廣告商提供盡可能高效的服務，但我們意識到這也需要與客戶進行實際的銷售聯繫。

So it's a mix.

所以這是一個混合體。

I can't get into the split really, but I would see both growing.

我不能真正進入分裂，但我會看到兩者都在成長。

Our next question comes from the line of Eric Sheridan with UBS.

我們的下一個問題來自瑞銀的 Eric Sheridan。

Maybe 2. One, with respect to international margins, is there anything there you can give us in terms of rank order or color, whether it'd be geographies or category expansion that we should be thinking about that are driving some of the cost curve in the international side of the business?

可能 2. 第一，關於國際利潤率，您可以在排名順序或顏色方面給我們提供什麼，無論是我們應該考慮的地理或類別擴展，這些都在推動一些成本曲線在國際業務方面？

That would be number one.

那將是第一名。

Number two, stock-based comp stepped up a lot both quarter-over-quarter and year-on-year.

第二，基於股票的薪酬環比和同比都有很大提高。

Wanted to know if there was anything either organic or inorganic that was driving that step up in stock-based compensation.

想知道是否有任何有機或無機因素推動股票薪酬的提高。

Sure.

當然。

I'll start with the second one.

我將從第二個開始。

Yes, as you noted in the press release or the 8-K, we had an absolute step up from Q1 of $792 million to Q2 of $1.2 billion.

是的，正如您在新聞稿或 8-K 中指出的那樣，我們從第一季度的 7.92 億美元增加到第二季度的 12 億美元。

So it increased 51% year-over-year in Q2 versus a headcount increase of 42%.

因此，它在第二季度同比增長了 51%，而員工人數增長了 42%。

I'll also say that we generally see a step up from Q1 to Q2 because we do our employee RSU grants in Q2 of each year.

我還要說，我們通常會看到從第一季度到第二季度的進步，因為我們在每年的第二季度進行員工 RSU 贈款。

So that's a normal trend.

所以這是一個正常的趨勢。

But the 51% year-over-year is also -- is a combination of the hiring we've done, but also an adjustment we've made to our estimated forfeiture rate.

但同比增長 51% 也是 - 是我們已經完成的招聘的組合，也是我們對估計沒收率所做的調整。

We're seeing less forfeitures, which is a great sign for our employee retention, but you have to make adjustments to your reserves as you see that.

我們看到沒收的資產減少了，這對我們的員工保留是一個很好的跡象，但是您必須在看到這一點時對您的儲備金進行調整。

So that was another influence in Q2.

所以這是第二季度的另一個影響。

On operating margins internationally, I'd step back and say, we -- a lot of the investments we're making in North America, we're also making in international: Prime benefits, including Prime Video and remember, we launched global video in Q4 of last year to 200 countries; Prime Now; AmazonFresh; the general rise of FBA and added selection, both retail and FBA, to make Prime more attractive and the fulfillment and logistics costs that go with that, any additional constant effort to reduce prices and accelerate shipping.

關於國際運營利潤率，我會退後一步說，我們 - 我們在北美進行的很多投資，我們也在國際上進行：Prime 福利，包括 Prime Video，記住，我們推出了全球視頻去年第四季度到 200 個國家；現在總理;亞馬遜生鮮； FBA 的普遍興起並增加了零售和 FBA 的選擇，以使 Prime 更具吸引力以及隨之而來的履行和物流成本，任何額外的持續努力降低價格和加快運輸。

So that all impacts both North America segment and international.

因此，所有這些都會影響北美市場和國際市場。

The North America segment is a little further along in the Prime -- or excuse me, yes, the Prime membership growth curve.

北美細分市場在 Prime 會員中更進一步——或者對不起，是的，Prime 會員增長曲線。

And so in some respects, we are giving benefits earlier in the life cycle to international Prime customers than we did in North America just because it launched later.

因此，在某些方面，我們在生命週期中為國際 Prime 客戶提供了比我們在北美更早的福利，只是因為它推出時間較晚。

And then there's also India.

然後還有印度。

As I mentioned, we continue to invest in India.

正如我所提到的，我們繼續在印度投資。

We're very hopeful with the progress we've made with sellers and customers alike in India, and we see great momentum and success there.

我們對在印度與賣家和客戶等方面取得的進展充滿希望，我們在那裡看到了巨大的勢頭和成功。

So we'll continue to invest, and we have some of our best people in that business.

因此，我們將繼續投資，並且我們在該業務中擁有一些最優秀的人才。

Our next question comes from the line of Brian Fitzgerald with Jefferies.

我們的下一個問題來自 Brian Fitzgerald 和 Jefferies 的觀點。

You mentioned before as you stand up new fulfillment centers, it takes a bit of time for them to ramp up optimization.

您之前提到，當您建立新的履行中心時，他們需要一些時間來加速優化。

How should we think about that path optimization over a year or so as you continue to scale operations and you bring data to bear in robotics, in Kivas and AI machine learning?

當您繼續擴展運營並將數據用於機器人、Kivas 和 AI 機器學習時，我們應該如何考慮一年左右的路徑優化？

Are you finding that kind of new fulfillment center optimization curve is accelerating?

您是否發現這種新的履行中心優化曲線正在加速？

Brian, this is Darin.

布萊恩，這是達林。

Yes, we're getting more efficient every time we put new capacity into the network, whether that's through automation or just through the experience that we've gained over the years.

是的，每次我們將新容量放入網絡時，我們都會變得更加高效，無論是通過自動化還是僅僅通過我們多年來獲得的經驗。

We still say it takes up to 3 years or 3 peaks to get to kind of network efficiency for a new particular facility.

我們仍然說，要達到新的特定設施的網絡效率需要長達 3 年或 3 個峰值。

And that's about staying the same, although the whole network gets efficient over time.

這就是保持不變，儘管隨著時間的推移整個網絡變得高效。

So there's a big mix going on, and we like the new innovation that we're bringing to the capabilities, but that ramp stills stays about consistent as it was.

所以有一個很大的組合，我們喜歡我們為功能帶來的新創新，但這個斜坡仍然保持不變。

And our final question comes from the line of Jason Helfstein with Oppenheimer & Co.

我們的最後一個問題來自 Jason Helfstein 與 Oppenheimer & Co. 的對話。

Just one.

只有一個。

Other slowed from 58% in the first quarter to 53% year-over-year.

其他同比增長從第一季度的 58% 放緩至 53%。

Anything to call out?

有什麼要叫的嗎？

And then you made a comment about the physical stores in reaction to one of the other questions that was really about showcasing new devices.

然後你對實體店發表了評論，以回應其他一個關於展示新設備的問題。

Is it fair to say that probably means locations would have small footprints versus the large footprints if you were thinking about that?

公平地說，如果您考慮這一點，這可能意味著位置的足跡較小而不是較大的足跡？

I'm sorry, what was the first part of your question?

對不起，你問題的第一部分是什麼？

Other revenue slowed from 58% in the first quarter to 53%.

其他收入從第一季度的 58% 放緩至 53%。

Is there anything to call out around that?

有什麼要說的嗎？

No, nothing.

沒什麼。

In that other line item is advertising and also other things like co-branded credit card agreements.

在那個其他項目中是廣告以及其他諸如聯合品牌信用卡協議之類的東西。

I would say that the main -- excuse me, advertising revenue growth has been strong and fairly consistent over the past 3 quarters.

我想說的是，在過去的三個季度中，廣告收入增長強勁且相當穩定。

So that number will move around, but there's other things that more the variance in the volatility as in the other line items.

所以這個數字會移動，但還有其他事情比其他項目的波動性差異更大。

Your question on stores.

您對商店的問題。

We are -- again, I personally think that new devices -- the ability to see new devices is a great asset, but I don't want to shortchange our -- the rest of the bookstore and the ability to have curated selection and the creativity we've had in taking a new look at the bookstore.

我們 - 再次，我個人認為新設備 - 看到新設備的能力是一項偉大的資產，但我不想縮短我們的 - 書店的其餘部分以及有策劃選擇的能力和我們在重新審視書店方面的創造力。

So we are experimenting with different formats, and we look at different sizes and we look at revenue and cost per square foot just like any other physical retailer.

所以我們正在嘗試不同的形式，我們關注不同的規模，我們關注每平方英尺的收入和成本，就像任何其他實體零售商一樣。

So we haven't essentially nailed the model yet, and we continue to experiment and see what works and how it differs by city or more suburban locations.

所以我們基本上還沒有確定模型，我們繼續試驗，看看什麼是有效的，以及它在城市或更多郊區位置的不同之處。

So thank you, Brian, and thank you all for joining us on the call today and for your questions.

所以謝謝你，Brian，感謝大家今天加入我們的電話會議並提出問題。

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

至少在本季度末，我們的投資者關係網站上將提供重播。

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

感謝您對 Amazon.com 的關注，並期待在下個季度再次與您交談。