亞馬遜 (AMZN) 2017 Q2 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q2 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 年第二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 Q2 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 年第二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 年同期的結果。

Our comments and responses to your questions reflect management's views as of today, July 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 our most recent annual report on Form 10-K and subsequent filings. 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.

我們對您的問題的評論和回應僅反映截至 2017 年 7 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。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 events, 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 and excludes the impact of our proposed acquisition of Whole Foods Market. It is not possible to accurately predict demand for our goods and services, and therefore our actual results could differ materially from our guidance.

我們的指導包含了我們迄今為止所看到的訂單趨勢以及我們今天認為合適的假設。我們的結果本質上是不可預測的，並且可能受到許多因素的重大影響，包括外匯匯率波動、全球經濟狀況和客戶支出的變化、世界事件、互聯網、線上商務和雲端服務的增長率以及我們向美國證券交易委員會提交的文件中詳述的各種因素。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，並排除我們擬議收購全食超市的影響。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。

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

接下來，我們將進入問答環節。接線員，請提醒我們的聽眾如何提出問題。

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

（操作員指示）我們的第一個問題來自高盛的希思·特里。

I was just wondering if you could give us a sense on the investments that are planned in Q3. 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. Just wondering if you could update us on that just given the guidance for Q3 and what we saw in investment in Q2.

我只是想知道您是否可以向我們介紹第三季計劃的投資。在此之前，您一直願意提供一些定性指導，說明如何按照本季最大的投資領域對這些領域進行排序。只是想知道您是否可以向我們更新第三季的指導以及我們在第二季看到的投資情況。

Sure. Let me see what I can tell you on that. 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. 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. 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%. It was that last year and it's continued through this year. 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. That's what I mentioned about this time last year. The -- similar dynamic this year. 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. So that's a major increase. The other comment I would make is on the content -- video content. 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. 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. 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. 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. We've built capital leases in the trailing 12 months. They've increased 71% through the end of Q2 versus last year. That is servicing -- accelerating usage in our largest AWS services as well as geographic expansion. So that's additional factor sequentially in the quarter year-over-year.

當然。讓我看看我能告訴你什麼。首先，我想提醒您，由於我們正在為第四季度假期高峰做準備，因此第三季通常是營業收入較低的季度。另一個動態是，與去年類似，我們的大部分新履行中心將在下半年上線，其中許多將在第三季上線。因此，從某個角度來看，亞馬遜配送網路或從我們的倉庫發出的零售和 FBA 貨物總量已接近 40%。去年就是這樣，今年也依然如此。去年，我們增加了 30% 的面積來處理額外的運輸量，其中約 80% 在去年年底投入使用。這就是我去年這個時候提到的。今年的情況類似。我們將在今年底實現約 80% 的新增配送和運輸面積上線。所以這是一個很大的成長。我要提出的另一個評論是關於內容——影片內容。影片內容，去年我強調過，2016 年上半年至下半年與 2015 年下半年之間將有一個顯著的進步。我們仍然——我們已經完成了今年上半年的大部分工作，我們還將在第三季度按順序和同比增加視訊支出，這也包含在本指引中。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FBA業務的強勁成長。我還要指出的是，AWS 使用量的強勁成長促使我們以資本租賃的形式加強基礎建設。我們在過去的 12 個月中建立了資本租賃。與去年相比，截至第二季末，這一數字已增加了 71%。這就是服務——加速我們最大的 AWS 服務的使用以及地理擴展。因此，這是本季同比連續增加的額外因素。

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)。

A question on the grocery category and the announcement that we have -- that we heard recently. Specifically, does that imply that the strategy has changed around Fresh, which was presumably replacing the trip to the grocery store? 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? Any comments would be helpful.

關於食品雜貨類別以及我們最近聽到的公告的問題。具體來說，這是否意味著圍繞生鮮食品的策略已經發生了改變，而生鮮食品大概正在取代人們去雜貨店的旅程？或者我們應該考慮增加不同的模式，例如取貨點和實體店，以服務不同的客戶群或減少送貨上門的成本瓶頸？任何評論都會有幫助。

Sure, Colin. 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. We think they're very customer-centric just like us. They've built a great business focused around quality and customers. So we're really glad to join up with them. 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. 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. And we'll see how customers respond. We like the response that we've seen so far. We think they're valuable. All those are valuable services. Amazon Go is not out of beta, but the other ones are. 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.

當然，科林。首先，就 Whole Foods 而言，正如達林所提到的，由於尚未完成收購，因此它不包括在本指南中，但我們對此次收購感到興奮，並期待與 Whole Foods 團隊合作。我們認為他們和我們一樣非常以客戶為中心。他們建立了以品質和客戶為中心的偉大企業。因此，我們很高興能加入他們。關於您提出的關於 AmazonFresh 地位的更大問題，包括 Prime Now 和我們的一些其他努力，我想說，我們相信不會有一個單一的解決方案。因此，我們正在嘗試多種形式，從 Amazon Go 中的實體取貨點到透過 Prime Now 和 AmazonFresh 進行線上訂購和送貨上門。我們將觀察客戶的反應。我們對目前所看到的反應很滿意。我們認為它們很有價值。所有這些都是有價值的服務。Amazon Go 尚未脫離測試階段，但其他產品已脫離測試階段。除此之外，我們也期待將 Whole Foods 團隊及其在品質和客戶服務方面的卓越聲譽加入這項產品。

Our next question comes from Justin Post with Merrill Lynch.

我們的下一個問題來自美林證券的賈斯汀波斯特 (Justin Post)。

A couple of questions. It definitely seems relative to your guidance, you may have stepped up spending in the second quarter. Anything in particular to call out, India or anything like that? And then just thinking bigger picture, I'm wondering why physical locations might make sense for Amazon. Why is that a positive use of capital going forward?

有幾個問題。相對於您的指導，您似乎確實在第二季度加大了支出。有什麼特別值得關注的嗎？印度或類似的國家？然後從更大的角度來看，我想知道為什麼實體位置對亞馬遜來說是有意義的。為什麼這是未來資本的積極利用？

Sure. As far as Q2 is concerned, we were very encouraged by the revenue and unit growth acceleration, particularly in North America. We see that as tied to the Prime growth and the adoption of Prime and success of that program. Also point out that AWS stepped up its run rate from a $14 billion run rate last quarter to $16 billion. 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. So as you point out, the year-over-year difference is primarily driven by investments. 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. We did see a big jump in headcount in year-over-year. You'll see it's 42%, and in the past I've said most of that is driven by operations hiring. And I've even said that headquarters office hiring many times in the past was below the level of revenue growth. Right now what we're seeing is an accelerated growth rate in software engineers and also sales teams to support primarily AWS and advertising. So yes, those -- the growth rate of those 2 job categories actually exceeded the company growth rates. So we are adding -- having success hiring a lot of people and pointing them at some very important programs and customer-facing efforts. On the place of physical, again, as I mentioned in the earlier question, we are experimenting with a number of formats. 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. 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. So I saw firsthand the customer experience. I think that's where we're seeing the benefit to the physical stores right now.

當然。就第二季而言，我們對營收和單位成長加速感到非常鼓舞，特別是在北美。我們認為這與 Prime 的成長、Prime 的採用以及該計劃的成功息息相關。還指出，AWS 的運行率從上個季度的 140 億美元提高到了 160 億美元。因此，我們看到該業務的營收季比和年成長幅度最大，毛利率擴大了 130 個基點。正如您所指出的，同比差異主要是由投資造成的。我們處於指導範圍內，正如我所說，我們將繼續投資於履行能力和物流服務、數位視訊、我們的 Echo 和 Alexa - Echo 設備和 Alexa 平台、印度、AWS 基礎設施的建設，所有我提到的內容，更不用說 Prime Now 和 AmazonFresh 和 Prime 福利了。我們確實看到員工人數較去年同期大幅增加。你會看到它是 42%，過去我曾說過，其中大部分是由營運招聘推動的。我甚至說過，過去總部辦公室的招聘多次低於收入成長水準。目前，我們看到軟體工程師和銷售團隊的成長率正在加快，主要支援 AWS 和廣告。所以是的，這兩個工作類別的成長率實際上超過了公司成長率。因此，我們成功地僱用了大量人才，並讓他們負責一些非常重要的專案和客戶導向的工作。關於物理位置，正如我在之前的問題中提到的，我們正在嘗試多種格式。你已經看到了實體書店，我想說那裡的好處是——我們擁有精選的書籍，這也是讓人們觸摸、感受和看到我們的設備（尤其是新的 Echo 設備）的好機會。上週我去了西雅圖的商店，看到大約有三分之一的人站在設備桌旁，了解它們的工作原理以及如何與設備互動。所以我親眼目睹了客戶體驗。我認為這就是我們現在看到的實體店的好處。

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。

Question on the comments around the fulfillment investments. 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? And then AWS, you had some price adjustments in May, yet the Q2 growth was quite good. Can you just comment about the impact that those cuts may have had in Q2? And if you're modeling those also in your Q3 guidance, maybe the impact there.

關於履行投資的評論的問題。您能否描述或量化您所進行的履行基礎設施投資中有多少將逐步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，在這些市場中您需要在增長之前進行投資，而不是僅僅在現有業務範圍內保持和維持增長？然後是 AWS，你們在五月進行了一些價格調整，但第二季的成長相當不錯。您能否評論一下這些削減措施對第二季可能產生的影響？如果您也在第三季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. 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. So nothing really to note on Q2 or Q3 from that standpoint. The fulfillment investments, I can't split it out for you between Amazon Logistics support sort centers and fulfillment centers. 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. It's a global number, and we are very glad of the success of the FBA program. We're matching that with just over 30% increase in square footage. 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. But that's about all I can say on that right now. 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. We know customers really like it, the additional selection that FBA provides. So we like those combined, and we are working very hard to match that with capacity in an efficient manner.

是的，讓我從第二個開始。所以是的，我們的價格已經多次上漲或下降，對不起，而且我們在 AWS 業務中繼續保持這種趨勢，既有服務成本的絕對下降，也有新服務的推出，這些新服務可能會蠶食我們提供的更昂貴的其他服務。因此從這個角度來看，Q2 或 Q3 確實沒有什麼值得注意的。對於履行投資，我無法為您區分亞馬遜物流支援分類中心和履行中心。我可以說，最大的動態是亞馬遜配送單位成長了近 40%，這是去年的情況，今年也維持了這一成長。這是一個全球性的數字，我們對FBA計畫的成功感到非常高興。我們的建築面積也相應增加了 30% 多一點。是的，您說得對，這確實包括一些運輸分類中心以及對我們來說是增量和新功能的東西，如果您願意的話。但目前我只能說這麼多。我認為我們非常高興——我們對 FBA 計劃及其對 Prime 的影響感到非常滿意，我們認為 Prime 和 FBA 是自我強化的。我們知道客戶確實喜歡 FBA 提供的額外選擇。因此，我們喜歡將它們結合起來，並且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.

下一個問題來自摩根大通的道格拉斯·安穆斯 (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. 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? 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. Can you just talk about your view around the flexibility of the price of an annual Prime subscription?

我只是想跟進 AWS 的情況，在降價的背景下，顯然第一季是第一個完整季度，但看起來第二季度，正如馬克所說，情況確實有所穩定。您能否談談您是否看到了更多的銷售回升反應，以及公司是否以更低的價格更積極地將銷售轉移到雲端？其次，對 Prime 來說，隨著 Prime 訂閱功能不斷增加，其對消費者的價值似乎也不斷增加。您能談談您對 Prime 年度訂閱價格彈性的看法嗎？

Sure. On the price of Prime, I have nothing to add at this time. We think that the -- we're increasing the value of the Prime program every day. So it becomes more and more valuable and again, as we've said, it's the best deal in retail. On AWS, yes, the -- we are seeing great customer adoption. The -- again, as I've said earlier, the run rate's gone up from $14 billion to $16 billion in Q2. And also, we had the largest sequential and year-over-year dollar rise in revenues. Our usage in all of our large services are actually accelerating, so -- and they're growing at a rate higher than our revenue growth. So we're seeing great adoption. We are seeing AWS customers migrate more than 30,000 databases over the last 1.5 years. We've signed some very big customer wins like Ancestry, Hightail, California Polytechnic State University and others that we're very proud to have. So yes, the momentum in the businesses is very strong. We continue to open new regions. 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. So yes, we like the momentum in that business. Stepping back, I would say that where pricing is important, again, we're generally being selected because of our functionality and pace of innovation. The innovation keeps accelerating. It did in the first half of this year, the pace of new services and features. We also know that customers value our partner and customer ecosystem, and really the experience we've had. We've been at this longer than anybody else.

當然。關於 Prime 的價格，我目前沒有什麼可補充的。我們認為——我們每天都在增加 Prime 計劃的價值。因此它變得越來越有價值，正如我們所說，它是零售業中最好的交易。在 AWS 上，是的，我們看到了客戶的廣泛採用。再次，正如我之前所說，第二季的運行率從 140 億美元上升到 160 億美元。此外，我們的收入實現了連續和同比最大增幅。我們所有大型服務的使用量實際上都在加速，因此，它們的成長速度高於我們的收入成長速度。所以我們看到了巨大的應用潛力。我們看到 AWS 客戶在過去 1.5 年內遷移了超過 30,000 個資料庫。我們已與一些非常大的客戶簽約，例如 Ancestry、Hightail、加州州立理工大學等，我們對此感到非常自豪。所以是的，業務發展勢頭非常強勁。我們將繼續開拓新的地區。我們將在不久的將來開放法國、中國、瑞典、香港 5 個區域以及東部的第二個政府雲區域。是的，我們喜歡這個行業的發展勢頭。退一步來說，我想說，雖然定價很重要，但我們之所以被選中，通常是因為我們的功能和創新速度。創新不斷加速。它確實在今年上半年加快了新服務和新功能的推出步伐。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。我們從事這項工作的時間比任何人都長。

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

我們的下一個問題來自加拿大皇家銀行資本市場的馬克‧馬哈尼 (Mark Mahaney)。

I want to stick with AWS, please. 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. 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. So could you just talk about that a little bit, the profitability, if there's anything that's changed in the profitability of AWS?

我想繼續使用 AWS。因此，AWS 營收成長幾乎沒有變化，但 AWS 營業利潤率低於我們所見的（我不知道）6 個季度或類似的水平。我覺得這有點令人驚訝，但隨後我還發現技術和內容在物質上佔了很大比重，我認為這與我們的以及其他人的期望相反。那麼，您能否稍微談談獲利能力，AWS 的獲利能力是否發生了任何變化？

Sure. 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. 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. Most of that is for the AWS business. 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. 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. So I would point to those 2 as probably larger-than-normal impacts on Q2 operating margin.

當然。正如我們經常說的那樣，這些利潤率將會逐季度波動，並且始終是我們推動的投資、降價和成本效率的淨值。因此，我認為第二季利潤率的最大影響實際上是透過資本租賃獲得的資產增加了 71% 左右。其中大部分用於 AWS 業務。因此，我們確實加強了基礎設施建設，以適應使用量的大幅成長和地理擴張，這體現在技術和內容上。在行銷方面，如果你看一下行銷費用，你會發現它們也在增加，這是由於我們看到銷售團隊（包括 AWS 和廣告）費用的成長所致。因此，我認為這兩個因素對第二季營業利潤率的影響可能大於正常水準。

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? 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? And the second one on the subscription revenue. Looks like subscription revenue growth was strong again, over 50%. Can you just talk to what drove that acceleration? Was it Prime, or was there something else in there?

我有 2 個問題。第一個問題，隨著您繼續在更多 Prime Now 市場推出 1 到 2 小時送達服務，您能否談談您已經遇到並解決的一些物流挑戰？並且談談——如果您確實看到 1 到 2 小時的運輸在明年成為業務的更大組成部分，那麼您面臨的最大挑戰是什麼？第二個是關於訂閱收入。看起來訂閱營收成長再次強勁，超過 50%。您能談談是什麼推動了這種加速嗎？它是 Prime 嗎，還是裡面還有其他東西？

Sure. Let me start with your second question. On the subscription revenue, grew 53% year-over-year versus 52% in Q1. So yes, we continue to see strong Prime membership growth. That is the main thing. 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. 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. On your second question on Prime Now, so Prime Now is now available in 50 cities across 8 countries. We do learn something new in every city and have different -- slightly different shapes and sizes of those buildings and different density profiles. And so we are learning as we go. We learn as we grow internationally as well. That is a service that customers love. 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. 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.

當然。讓我先回答你的第二個問題。訂閱收入年增 53%，而第一季為 52%。所以是的，我們繼續看到 Prime 會員數量強勁增長。這才是最重要的。該項目中還包括與我們的其他一些訂閱服務（如有聲讀物、電子書、數位影片和數位音樂）相關的其他月費。但我再次強調，我們對 Prime 會員的成長感到非常滿意，並且在今年第四季以及第一季和第二季度，會員人數的成長都保持了相當穩定的狀態。關於您關於 Prime Now 的第二個問題，Prime Now 現已在 8 個國家的 50 個城市推出。我們確實在每個城市都學到了一些新的東西，而這些建築的形狀和大小略有不同，密度分佈也不同。因此我們邊走邊學。我們在國際化發展的同時，也不斷在學習。這是顧客喜愛的服務。但這並不是一項廉價的服務，而且我們也一直在努力降低運輸成本和路線密度。再次，我們對所看到的感到滿意，我們將繼續擴大這一範圍，我們將非常努力地使其成為不僅有價值的 Prime 產品、Prime 福利，而且還能降低營運成本。

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 資本市場的 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. 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. And then a second one would just be a quick one. 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.

布萊恩，我想我之前聽您說過，你們廣告銷售人員的數量增長速度比公司整體的增長速度要快——或者說比整個公司的員工數量增長率要快。我只是想以此為跳板，稍微談談您認為在自助服務和銷售人員方面正確的銷售組合是什麼。然後第二個就很快了。我知道現在還為時過早，但我很好奇，想看看使用帶螢幕的 Echo Show 的用戶有何感受，以及與沒有螢幕的原始設備相比，您是否看到了任何特別不同的用戶行為。

Sure. Yes, it's early on the Echo Show. 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. So it's -- I've used mine and it's awesome. It's a big step up, in my mind, but we'll get more customer feedback as we go along. 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. 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. So it's a mix. I can't get into the split really, but I would see both growing.

當然。是的，Echo Show 還處於早期階段。如您所知，我們剛剛在六月底開始發貨，但我們對其潛力和附加功能感到非常興奮——增加了視訊螢幕、訊息功能和視訊功能。所以——我已經用過了，它很棒。在我看來，這是一個很大的進步，但隨著我們的進步，我們會得到更多的客戶回饋。關於廣告，從技術上講，我所說的是銷售團隊的成長速度高於業務本身的成長率，後者是 42% 的常規員工人數，而銷售團隊主要是 AWS 和廣告。因此，我們建立了自助服務工具，顯然我們希望使這些工具對客戶和廣告商來說盡可能高效，但我們意識到它也需要與帳戶進行實際的銷售聯繫。所以這是一種混合。我真的無法進入分裂狀態，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? That would be number one. Number two, stock-based comp stepped up a lot both quarter-over-quarter and year-on-year. Wanted to know if there was anything either organic or inorganic that was driving that step up in stock-based compensation.

也許是 2。首先，關於國際利潤率，您能否在排名順序或顏色方面給我們提供一些信息，無論是地域還是類別擴展，我們都應該考慮這些因素，它們會推動業務國際方面的一些成本曲線？那將是第一位的。第二，股票薪酬與上一季及去年同期相比均大幅增加。想知道是否有任何有機或無機因素推動了股票薪酬的增加。

Sure. I'll start with the second one. 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. So it increased 51% year-over-year in Q2 versus a headcount increase of 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. So that's a normal trend. 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. 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. So that was another influence in Q2. 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. So that all impacts both North America segment and international. The North America segment is a little further along in the Prime -- or excuse me, yes, the Prime membership growth curve. 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. And then there's also India. As I mentioned, we continue to invest in India. 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. So we'll continue to invest, and we have some of our best people in that business.

當然。我先從第二個開始。是的，正如您在新聞稿或 8-K 中指出的那樣，我們的收入從第一季的 7.92 億美元大幅增長至第二季的 12 億美元。因此，第二季其銷售額年增 51%，而員工人數成長 42%。我還要說的是，我們通常會看到從第一季到第二季的成長，因為我們每年在第二季向員工授予 RSU。這是一個正常趨勢。但年增 51% 也是我們招募的結果，也是我們對預期的沒收率所做的調整。我們看到沒收的金額越來越少，這對我們保留員工來說是一個好兆頭，但是當你看到這種情況時，你必須對你的儲備做出調整。所以這是第二季的另一個影響因素。關於國際營業利潤率，我想退一步說，我們在北美進行的許多投資也在國際上進行：Prime 福利，包括 Prime Video，記住，我們在去年第四季度向 200 個國家推出了全球視頻； Prime Now；亞馬遜生鮮； FBA 的普遍興起和零售和 FBA 選擇的增加，使得 Prime 更具吸引力，隨之而來的額外價格和物流，以及任何價格來降低因此，這一切都會對北美市場和國際市場產生影響。北美地區在 Prime 會員成長曲線上稍微領先一些——或者對不起，是的。因此從某些方面來說，由於國際 Prime 計劃推出得較晚，因此我們在生命週期的早期就為國際 Prime 客戶提供了優惠，而北美地區則沒有。還有印度。正如我所提到的，我們繼續在印度投資。我們對在印度與賣家和客戶所取得的進展充滿希望，並且我們看到了那裡巨大的發展勢頭和成功。因此，我們將繼續投資，並且我們在該業務領域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 Jefferies 的 Brian Fitzgerald。

You mentioned before as you stand up new fulfillment centers, it takes a bit of time for them to ramp up optimization. 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? Are you finding that kind of new fulfillment center optimization curve is accelerating?

您之前提到過，當您建立新的履行中心時，它們需要一些時間來進行最佳化。隨著您繼續擴大營運規模並將數據應用於機器人技術、Kivas 和人工智慧機器學習，我們應該如何考慮一年左右的路徑優化？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. 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. We still say it takes up to 3 years or 3 peaks to get to kind of network efficiency for a new particular facility. And that's about staying the same, although the whole network gets efficient over time. 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.

布萊恩，這是達林。是的，每次我們為網路添加新容量時，我們的效率都會提高，無論是透過自動化還是透過我們多年來累積的經驗。我們仍然認為，一個新的特定設施需要長達 3 年或 3 個高峰才能達到某種網路效率。儘管整個網路隨著時間的推移變得越來越高效，但這一點保持不變。因此，這是一個很大的混合體，我們喜歡我們為這些功能帶來的新創新，但這種成長速度仍然與以前保持一致。

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 Oppenheimer & Co. 的 Jason Helfstein。

Just one. Other slowed from 58% in the first quarter to 53% year-over-year. Anything to call out? 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. Is it fair to say that probably means locations would have small footprints versus the large footprints if you were thinking about that?

只有一個。其他從第一季的58%年減至53%。有什麼要喊出來的嗎？然後，您在回答另一個關於展示新設備的問題時對實體店發表了評論。如果您考慮這一點的話，是否可以說這可能意味著位置的足跡較小而不是足跡較大？

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

抱歉，您問題的第一部分是什麼？

Other revenue slowed from 58% in the first quarter to 53%. Is there anything to call out around that?

其他收入從第一季的58%放緩至53%。對此有什麼需要指出的嗎？

No, nothing. In that other line item is advertising and also other things like co-branded credit card agreements. I would say that the main -- excuse me, advertising revenue growth has been strong and fairly consistent over the past 3 quarters. So that number will move around, but there's other things that more the variance in the volatility as in the other line items. Your question on stores. 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. 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. 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.

不，沒什麼。另一項是廣告以及聯名信用卡協議等其他內容。我想說的是，主要的——對不起，過去三個季度廣告收入成長強勁且相當穩定。因此，該數字將會變動，但還有其他因素會導致波動性的變化，就像其他項目一樣。您關於商店的問題。我們——再說一次，我個人認為新設備——能夠看到新設備是一項巨大的財富，但我不想虧待我們——書店的其他部分以及精心挑選的能力和我們在重新審視書店時所擁有的創造力。因此，我們正在嘗試不同的形式，我們考慮不同的規模，我們考慮每平方英尺的收入和成本，就像其他實體零售商一樣。因此，我們尚未從本質上確定模型，我們將繼續進行實驗，看看哪種方法有效，以及它在不同城市或郊區有何不同。

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

所以謝謝你，布萊恩，也謝謝大家今天參加我們的電話會議並提出你們的問題。至少在本季末之前，我們的投資者關係網站上都會提供重播。感謝您對 Amazon.com 的關注，並期待下個季度再次與您交談。