亞馬遜 (AMZN) 2017 Q3 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 Q3 2017 Financial Results Teleconference.

大家好，歡迎來到 Amazon.com 2017 年第三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, Dave Fildes.

對於開場白，我將把電話轉給投資者關係總監 Dave Fildes。

Please go ahead.

請繼續。

Hello, and welcome to our Q3 2017 financial results conference call.

您好，歡迎參加我們的 2017 年第三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, October 26, 2017, only and will include forward-looking statements.

我們對您的問題的評論和答复僅反映了管理層截至 2017 年 10 月 26 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.

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 the 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 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賈斯汀·波斯特（Justin Post）。

Great.

偉大的。

I guess I'll just start with, can you give us your thoughts on the Whole Foods integration?

我想我只是開始，你能告訴我們你對 Whole Foods 整合的看法嗎？

How you see that contributing to the bottom line over time?

隨著時間的推移，您如何看待這對利潤的貢獻？

And then on a quick balance sheet note, we obviously saw the strong AWS results, but unearned revenue doesn't seem to be growing at the rate it was in the past.

然後在快速的資產負債表上，我們顯然看到了強勁的 AWS 業績，但未賺取的收入似乎並沒有以過去的速度增長。

Maybe comment a little bit on the unearned revenue growth on the balance sheet, why it might be slower than the past?

也許對資產負債表上未實現的收入增長稍作評論，為什麼它可能比過去慢？

Yes, thanks, Justin.

是的，謝謝，賈斯汀。

This is Dave.

這是戴夫。

I'd also point you to beyond the balance sheet.

我還要指出你超越資產負債表。

There's some disclosure around additions to unearned revenue as part of the cash flow statement.

作為現金流量表的一部分，有一些關於增加未賺取收入的披露。

So when you look at that, for the 3 months ended, you'll see that up around 34%, 35% versus the same time last year.

因此，當您查看該數據時，在結束的 3 個月內，您會看到與去年同期相比增長了 34% 和 35% 左右。

And historically, what we've seen with unearned revenue is big and leading contributor to that is Prime memberships.

從歷史上看，我們看到的未賺取收入是巨大的，主要貢獻者是 Prime 會員資格。

The example is a customer signing up, paying $99 upfront and having that amortize over the 12 month period.

該示例是客戶註冊，預付 99 美元並在 12 個月內攤銷。

That continues to be the biggest absolute contributor to what you see there.

這仍然是你在那裡看到的最大的絕對貢獻者。

The other one area that's been growing over the past few years is Amazon Web Services, features like reserved instances where those customers can pay for services upfront, in some cases and receive discounts over a multiyear period.

在過去幾年中增長的另一個領域是亞馬遜網絡服務，例如保留實例的功能，這些客戶可以預先支付服務費用，在某些情況下並在多年期內獲得折扣。

What we're seeing and more recently, I think, is on the Prime piece, we launched month-to-month Prime last year, and if you think about how that works, customers are paying $10.99 per month as they go.

我認為，我們所看到的以及最近的情況是在 Prime 上，我們去年推出了按月推出的 Prime，如果你想想它是如何運作的，客戶每月支付 10.99 美元。

So there's less that's deferred.

所以延遲的更少。

So, that's I think one of a number of factors.

所以，這是我認為的眾多因素之一。

There's obviously other mix factors going in there besides the pieces that I just mentioned.

除了我剛才提到的部分之外，顯然還有其他混合因素。

But we've seen monthly Prime has been a good driver of getting more members into the program.

但我們已經看到每月 Prime 一直是吸引更多會員加入該計劃的良好推動力。

So that's part of what you're seeing.

這就是你所看到的一部分。

And your question about Whole Foods, yes, we're really excited to have them as part of the team now after the acquisition in late August.

還有你關於 Whole Foods 的問題，是的，我們真的很高興在 8 月下旬被收購後讓他們成為團隊的一員。

What you see in the financial results for this quarter is a -- it's shown actually in the new physical stores, revenue component $1.3 billion of revenue, $21 million of operating income.

您在本季度的財務業績中看到的是 - 它實際上顯示在新的實體店中，收入構成 13 億美元的收入，2100 萬美元的營業收入。

And that's where you'll be seeing Whole Foods revenue showing up.

這就是你會看到 Whole Foods 收入出現的地方。

In addition, that is -- that class of revenue, physical store's revenue is going to be where we are going to book any sales that where a customer physically select an item in a store.

此外，即——那種收入，實體店的收入將是我們預訂任何銷售的地方，客戶在商店中實際選擇商品。

So it also -- it does include our Amazon Books.

所以它也 - 它確實包括我們的亞馬遜圖書。

If you step back on Whole Foods, again, I think we've had busy months since we've joined forces, offering lower prices on a range of key grocery items in the stores.

如果你再次回到全食超市，我認為自從我們聯手以來，我們已經度過了忙碌的幾個月，為商店中的一系列主要雜貨提供更低的價格。

Launching the private-label -- Whole Foods private-label products on Amazon, we've got technical work to make Prime the Whole Foods customer rewards program, and we'll have that coming out in the future.

在亞馬遜上推出自有品牌——Whole Foods 自有品牌產品，我們已經完成了 Prime the Whole Foods 客戶獎勵計劃的技術工作，我們將在未來推出該計劃。

We've added Amazon Lockers to select Whole Foods stores.

我們添加了 Amazon Lockers 以選擇 Whole Foods 商店。

So lots of activity, lots of energy and we're real excited to show customers what's possible when we join forces here.

如此多的活動，大量的精力，當我們在這里聯手時，我們很高興向客戶展示什麼是可能的。

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

我們的下一個問題來自 RBC Capital Markets 的 Mark Mahaney。

Guess I'll ask 2 as well.

我想我也會問2。

The first one is, that was a bit of a usual upside to your guidance, even stripping out Whole Foods.

第一個是，這對你的指導來說是一個通常的好處，甚至去掉了 Whole Foods。

Is there -- what would you -- what's most surprised you in the quarter?

有沒有 - 你會 - 本季度最讓你驚訝的是什麼？

You've been pretty consistent to how you reported versus your guide.

您與您的指南的報告方式非常一致。

So something unusual happened or somewhat unusual happen?

所以發生了一些不尋常的事情或發生了一些不尋常的事情？

What would you attribute that to?

你會把它歸因於什麼？

Sure.

當然。

In Q3, yes, I would say we had a very strong Prime Day.

在第三季度，是的，我會說我們有一個非常強大的 Prime 會員日。

As you know, we talked about that on the last call, but it really carried into the quarter.

如您所知，我們在最後一次電話會議上談到了這一點，但它確實延續到了本季度。

We had a record day for sign-ups for free trials for Prime and Prime Day globally.

我們在全球範圍內註冊免費試用 Prime 和 Prime Day 的人數創歷史新高。

Had a very strong Prime Day in particular internationally.

特別是在國際上，Prime Day 的表現非常強勁。

So it really got a lot more traction in this, the third year that we've had it.

因此，在我們擁有它的第三年，它確實獲得了更多的牽引力。

So I would point mostly to those factors.

所以我主要指出這些因素。

There's also very strong quarter for AWS, revenue growth was the same as Q2 and now we're at an $18 billion run rate.

AWS 的季度也非常強勁，收入增長與第二季度相同，現在我們的運行速度為 180 億美元。

Whereas last quarter, when I had this call, we were at $16 billion.

而上個季度，當我接到這個電話時，我們的資金是 160 億美元。

So very pleased with the customer response in the AWS business as well.

對 AWS 業務中的客戶反應也非常滿意。

And usage growth is actually growing a lot higher than revenue growth.

使用量的增長實際上遠高於收入的增長。

So particularly pleased with the new customers that we've added and the additional workloads that we've picked up from existing customers.

對我們添加的新客戶以及我們從現有客戶那裡獲得的額外工作負載感到特別滿意。

And then briefly on the international retail, that growth also by itself was intrinsically stronger than you've seen in a while.

然後簡要介紹一下國際零售業，這種增長本身也比你在一段時間內看到的要強。

Any particular markets geographic markets, you would call out there?

任何特定的市場地理市場，你會在那裡打電話嗎？

Yes, it was pretty strong across the board.

是的，它在所有方面都非常強大。

We had the impact of Souq, obviously this quarter internationally and the Diwali holiday in India was a few days earlier, which maybe pushed some sales into Q3 versus Q4.

我們受到了 Souq 的影響，顯然本季度在國際上和印度的排燈節假期提前了幾天，這可能推動了第三季度與第四季度的一些銷售。

But generally, it was the strength of Prime Day internationally and it carried through the quarter.

但總的來說，這是國際 Prime Day 的優勢，並且貫穿了整個季度。

So it's -- but generally, I would point to the increase selection, a lot of the building blocks we've been working on.

所以它是 - 但一般來說，我會指出增加選擇，我們一直在努力的許多構建塊。

All the Prime benefits, advancement and free shipping offers or faster shipping offers, the Prime benefits that drive engagement, of course, adding selection, adding Fulfilled by Amazon partners and the selection that they bring.

所有 Prime 優惠、升級和免費送貨優惠或更快的送貨優惠、推動參與的 Prime 優惠，當然還有增加選擇、增加亞馬遜合作夥伴配送以及他們帶來的選擇。

So again, I wouldn't point to anything other than the Prime Day pickup, but stronger than -- it was stronger than probably I anticipated.

所以再一次，我不會指出除了 Prime Day 皮卡以外的任何東西，但比 - 它比我預期的要強。

Our next question comes from the line of 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 on Whole Foods again, I was wondering, could you talk about 1 or 2 of the biggest surprises you've seen so far?

我有 2 個。我又在 Whole Foods 上，我想知道，你能談談迄今為止你見過的最大驚喜中的 1 個或 2 個嗎？

And then maybe just a strategic opportunity, as you see, of having a brick-and-mortar presence as you look to continue to grow your overall business?

然後也許只是一個戰略機會，如您所見，在您希望繼續發展整體業務時擁有實體店？

And the second one on the subscriptions revenue, you accelerated to 59%, could you just talk about which countries or which regions are driving that?

第二個是訂閱收入，你加速到 59%，你能談談哪些國家或地區正在推動這一增長嗎？

And maybe talk a little bit about the growth or the cadence of what's happening in the U.S., your oldest market?

也許談談你最古老的市場美國正在發生的事情的增長或節奏？

Sure.

當然。

On Whole Foods, I would say it is early.

在 Whole Foods 上，我會說現在還早。

August 28 was the close date and -- what I could tell you is, I've been in meetings with John Mackey and his team and they're very like-minded with us, customer-obsessed, ready to work together to continue their mission then expand on their offerings that we can offer customers.

8 月 28 日是截止日期，我可以告訴你的是，我一直在與 John Mackey 和他的團隊會面，他們與我們志趣相投，著迷於客戶，準備共同努力繼續他們的使命然後擴展他們的產品，我們可以為客戶提供。

The other things I mentioned, price reductions early on, selling products on -- their products on Amazon.com and also installing Amazon Lockers.

我提到的其他事情，早期降價，在 Amazon.com 上銷售產品以及安裝 Amazon Lockers。

I think over time, you'll see more cooperation and working together between AmazonFresh, Prime Now and Whole Foods, as we can explore different ways to serve the customer.

我認為隨著時間的推移，您會看到 AmazonFresh、Prime Now 和 Whole Foods 之間的更多合作和合作，因為我們可以探索不同的方式來服務客戶。

So that's kind of the earlier report on Whole Foods.

這就是之前關於 Whole Foods 的報導。

So far so good, and we're thrilled to finally be working together after the summer of closing the deal.

到目前為止一切都很好，我們很高興在夏天完成交易後終於可以一起工作。

On subscription revenue, let me just remember your question there.

關於訂閱收入，讓我記住你的問題。

We had essentially 59% growth, you said, 600 basis points higher than Q2.

你說，我們基本上增長了 59%，比第二季度高出 600 個基點。

In this line item is certainly the fees associated with Amazon Prime and also it's where a lot of our subscription services from digital music, digital video, audio books, eBooks.

在這個項目中肯定是與 Amazon Prime 相關的費用，也是我們從數字音樂、數字視頻、有聲讀物、電子書等許多訂閱服務的地方。

So there's some moving parts in there.

所以那裡有一些活動部件。

The growth in Prime has been fairly consistent over the last recent quarters in Prime memberships.

在過去幾個季度，Prime 會員的增長相當穩定。

And as I said, we had a great -- the largest new Prime -- new sign-ups on Prime Day for the Prime program.

正如我所說，在 Prime 會員日，我們有一個很棒的 - 最大的新 Prime 會員 - 新註冊會員。

The monthly program is gaining traction.

月度計劃越來越受歡迎。

It's an attractive option for a lot of people.

對於很多人來說，這是一個有吸引力的選擇。

And again, on this -- on the other subscription services, music especially, it works just so well with our Echo device that we're seeing a lot of growth in that area as we increase the number of Echo devices and customers using the Echo devices.

再說一次，在其他訂閱服務上，尤其是音樂，它與我們的 Echo 設備配合得非常好，隨著我們增加 Echo 設備和使用 Echo 的客戶的數量，我們看到該領域有很大的增長設備。

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。

In the comment in the release on seasonal workers, that looks roughly flat year-on-year.

在發布的關於季節性工人的評論中，與去年同期相比大致持平。

I wanted to know if you could understand a little bit more about the trajectory around the workers needed to fulfill seasonal holiday demand and what that might also mean for automation or efficiency benefits you're getting inside your fulfillment centers.

我想知道您是否可以更多地了解滿足季節性假期需求所需的工人軌跡，以及這對您在履行中心內獲得的自動化或效率收益可能意味著什麼。

Yes, Eric.

是的，埃里克。

This is Dave.

這是戴夫。

I think we put out a release saying earlier this quarter talking about 120,000 operations folks to bring into our fulfillment centers this year.

我認為我們在本季度早些時候發布了一份新聞稿，稱今年將有 120,000 名運營人員進入我們的履行中心。

So we're continuing to hire and hire across a number of locations.

因此，我們將繼續在多個地點進行招聘和招聘。

We talked earlier this year about expecting to see a greater than -- roughly greater than 30% square footage growth in an operations, so we're certainly hiring to support that.

今年早些時候，我們談到預計運營中的平方英尺增長將超過 - 大約超過 30%，因此我們肯定會招聘來支持這一點。

More of these facilities do have Amazon Robotics and certainly that helps with the efficiencies there, but it requires tremendous effort from a number of our folks as well.

更多這些設施確實有亞馬遜機器人，當然這有助於提高那裡的效率，但這也需要我們許多人的巨大努力。

And so we'll continue to hire there.

所以我們將繼續在那裡招聘。

While we're on this subject of headcount.

當我們討論人數這個主題時。

Headcount grew 77% year-over-year in the quarter.

本季度員工人數同比增長 77%。

That includes the impact of the Whole Foods and Souq acquisitions.

這包括收購 Whole Foods 和 Souq 的影響。

Without those -- without that headcount, the base Amazon grew 47%, which is still up from 42% in Q2.

沒有這些——沒有這個員工人數，亞馬遜的基礎增長了 47%，仍高於第二季度的 42%。

So a lot of the additional pickup in Q3 was tied to our ramp for the holidays.

因此，第三季度的許多額外提貨都與我們假期的坡道有關。

We continue to hire a lot of software engineers.

我們繼續僱傭大量的軟件工程師。

We continue to hire a lot of sales reps, and it's tied directly to our major investment areas of AWS, Prime Video and devices.

我們繼續聘請大量銷售代表，這與我們的主要投資領域 AWS、Prime Video 和設備直接相關。

Our next question comes from the line of Douglas Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Douglas Anmuth。

Brian, I was hoping you could help us understand how at this point you're prioritizing expansion into new product categories.

布賴恩，我希望你能幫助我們了解此時你是如何優先考慮擴展到新產品類別的。

In particular, there's a lot of talk now about potentially using Whole Foods stores for physical pharmacy presence and also that you've perhaps got an approvals across multiple states in that category.

特別是，現在有很多關於可能將 Whole Foods 商店用於實體藥店的討論，而且您可能已經在該類別的多個州獲得了批准。

Can you just help us understand the approach in general to new categories and pharmacy, in particular?

您能否幫助我們了解新品類和藥房的總體方法？

Yes, I can't confirm or deny any of the rumors related to pharmacy or anything else.

是的，我無法證實或否認任何與藥房或其他任何相關的謠言。

I will say we do see a lot of opportunity with Whole Foods.

我會說我們確實看到了全食超市的很多機會。

As I said, there will be a lot of work together between Prime Now, AmazonFresh, Whole Foods, Whole Foods products on the Amazon site, Lockers at the Amazon -- excuse me, Amazon Lockers at the Whole Foods stores.

正如我所說，Prime Now、AmazonFresh、Whole Foods、亞馬遜網站上的 Whole Foods 產品、亞馬遜的儲物櫃——對不起，Whole Foods 商店的亞馬遜儲物櫃之間會有很多合作。

So there'll be a lot of integration, a lot of touch points and a lot of working together as we go forward.

所以在我們前進的過程中，會有很多整合、很多接觸點和很多合作。

And we think we'll also be developing new store formats and everything else just as we've talked about in the past with before Whole Foods, amazon Bookstores, Amazon Go and the opportunity that technology presents.

而且我們認為我們還將開發新的商店形式和其他一切，就像我們過去在 Whole Foods、亞馬遜書店、Amazon Go 和技術帶來的機會之前談到的那樣。

We have campus -- on-campus bookstores.

我們有校園——校內書店。

So we're experimenting with a lot of formats.

所以我們正在嘗試很多格式。

I think that Whole Foods really gives us a vast head start on that and a great base and a great team to work with who has a lot of history, and a lot of -- they probably have 10 to 20 years of learnings that we don't have and wouldn't have.

我認為 Whole Foods 在這方面確實為我們提供了一個巨大的開端，並為我們提供了一個很好的基礎和一個偉大的團隊，他們有很多歷史，而且很多——他們可能有 10 到 20 年的學習經驗，而我們沒有沒有也不會。

So we're really excited about that.

所以我們對此感到非常興奮。

And I think working together will bring our different strengths to the table and really be able to build on behalf of customers.

而且我認為合作將把我們不同的優勢帶到桌面上，並真正能夠代表客戶進行建設。

Our next question comes from the line of Mark May with Citi.

我們的下一個問題來自 Mark May 與 Citi 的對話。

The other category which includes advertising accelerated 58% in the quarter.

包括廣告在內的其他類別在本季度增長了 58%。

I think the common view there is that's a fairly high-margin business, certainly higher than corporate average.

我認為人們普遍認為這是一個利潤率相當高的業務，當然高於企業平均水平。

Is there any reason why that isn't the right assumption to make?

有什麼理由不能做出正確的假設嗎？

Essentially what impact is the growth in the ad business having on the company's overall profitability?

從本質上講，廣告業務的增長對公司的整體盈利能力有何影響？

And in terms of the increased losses in the international retail segment of the business, can you provide some color around how much of that's being driven by Amazon launching into new markets, which I know you continue to do, versus investing more heavily in existing markets?

就該業務的國際零售部門的虧損增加而言，您能否提供一些顏色，說明亞馬遜推出新市場在多大程度上推動了這一點，我知道您將繼續這樣做，而不是在現有市場上加大投資力度?

Sure.

當然。

Let me start with the revenue.

讓我從收入開始。

So you're right.

所以你是對的。

Other revenue grew 58% in the quarter, and that includes advertising services and other things such as our cobranded credit card agreements.

本季度其他收入增長了 58%，其中包括廣告服務和其他東西，例如我們的聯合品牌信用卡協議。

Advertising revenue continues to grow very quickly, and its year-over-year growth rate is actually faster than the other revenue line item that you see there.

廣告收入繼續快速增長，其同比增長率實際上比您在那裡看到的其他收入項目更快。

But I would say generally, we're very pleased with the advertising business.

但總的來說，我們對廣告業務非常滿意。

Our goal here is to be helpful to consumers and help them make better shopping and selection choices.

我們的目標是幫助消費者，幫助他們做出更好的購物和選擇選擇。

We'll also provide in giving them targeted recommendations.

我們還將提供有針對性的建議。

So making it helpful for customers rather than intrusive.

因此，使其對客戶有幫助而不是侵入性。

And then we believe that by creating that (inaudible) and engaging advertising experience with the customers, it will also maximize success for our advertisers.

然後我們相信，通過創造這種（聽不清）並與客戶互動的廣告體驗，這也將為我們的廣告商帶來最大的成功。

So it's an important part of the flywheel and the -- so it's -- the traffic and the customers, especially the Prime customers that come to the site, are really the ones that we can use to help them select items and use advertising to help make their decisions more informed when they're picking products.

所以它是飛輪的重要組成部分，而且——所以它是——流量和客戶，尤其是來到該網站的 Prime 客戶，確實是我們可以用來幫助他們選擇商品並使用廣告來幫助他們的人讓他們在挑選產品時做出更明智的決定。

On the international, yes, I can't split it, the effects.

在國際上，是的，我不能分割它，效果。

But I'll tell you again, it is international expansion in -- primarily in India where we're continuing to add benefits, and we launched Prime there a year ago, if you remember, and we've had more Prime members joined in India than in any other country in the first 12 months.

但我會再次告訴你，這是國際擴張——主要是在印度，我們繼續增加福利，如果你記得的話，我們在一年前在那裡推出了 Prime，我們已經有更多的 Prime 會員加入了印度在前 12 個月內高於任何其他國家。

We have free shipping on 10 million items there, and we're continuing to add benefits: Prime Video, Amazon Family, we've had a first Prime Day there this year, Prime Music.

我們在那里為 1000 萬件商品提供免費送貨服務，並且我們將繼續增加福利：Prime Video、Amazon Family，我們今年在那裡舉辦了第一個 Prime Day，Prime Music。

Amazon business is also expanding in India.

亞馬遜的業務也在印度擴張。

So a lot of positive momentum and investment going on in India.

因此，印度有很多積極的勢頭和投資。

Very pleased with that.

對此非常滿意。

We also recently announced Echo and Alexa are available in India.

我們最近還宣佈在印度推出 Echo 和 Alexa。

So that -- that should be well received by the Indian consumer base.

所以 - 這應該會受到印度消費者群的歡迎。

But excluding India and Souq, the rest is the Prime benefits and the continued growth in the other countries that we've been in for a while, continue to roll out Prime Now and AmazonFresh.

但不包括印度和 Souq，剩下的就是 Prime 福利以及我們已經進入一段時間的其他國家的持續增長，繼續推出 Prime Now 和 AmazonFresh。

In Video, we launched -if you remember in Q4 of last year, we launched Prime Video in 200 -- over 200 countries globally, continue to build up not only the offerings but also the engagement that we see from those Prime customers.

在視頻方面，我們推出了——如果你記得去年第四季度，我們在 200 個國家推出了 Prime Video——全球 200 多個國家，不僅繼續建立產品，而且繼續建立我們從這些 Prime 客戶那裡看到的參與度。

So becoming more engaged, and we're also doing the basic blocking, tackling of adding selection, especially FBA selection, increasing free shipping offers and also speed of shipping offers.

所以變得更加投入，我們也在做基本的阻止，處理添加選擇，特別是 FBA 選擇，增加免費送貨優惠和送貨速度。

So there's a lot of -- a lot of different influences there.

所以那裡有很多——很多不同的影響。

You saw the growth rate.

你看到了增長率。

It's, we believe, it's resonating with customers.

我們相信，它會引起客戶的共鳴。

So we will continue to invest and think that we have a good path forward.

因此，我們將繼續投資，並認為我們有一條好的前進道路。

Our next question comes from the line of Ross Sandler with Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

Two questions.

兩個問題。

There's been some news flow recently about Brazil expansion.

最近有一些關於巴西擴張的消息。

Can you just talk about how Brazil compares to maybe some of the other international markets that you're investing in?

您能否談談巴西與您投資的其他一些國際市場的比較？

What level of investment should we expect in Brazil maybe relative to like in Australia or in India?

相對於澳大利亞或印度，我們應該期待巴西的投資水平如何？

And then the follow-up on the Whole Foods.

然後是對 Whole Foods 的跟進。

So do you feel like the store footprint at 460-odd stores is adequate?

那麼您覺得 460 多家商店的商店足跡是否足夠？

Or any color on plans to expand either the Whole Foods store footprint or the Amazon bookstores or those other ones you mentioned?

或者對擴大全食超市或亞馬遜書店或你提到的其他書店的計劃有什麼看法？

Yes, Ross.

是的，羅斯。

Thanks for the question.

謝謝你的問題。

This is Dave.

這是戴夫。

On Brazil, just briefly, yes, we did recently expand and add an electronics category there in Brazil.

在巴西，簡單地說，是的，我們最近確實在巴西擴展並添加了一個電子產品類別。

It's a third-party marketplace offering.

這是第三方市場產品。

You may recall we've been in Brazil for a number of years now, initially launched with really a Kindle and eBooks offering without the sort of physical categories and more recently added physical books again, a third-party marketplace offering.

您可能還記得我們已經在巴西多年了，最初推出的實際上是 Kindle 和電子書產品，沒有那種物理類別，最近又添加了實體書，這是第三方市場產品。

So I think we're excited about the electronics that are getting out there.

所以我認為我們對即將推出的電子產品感到興奮。

There's a wide variety of products included in that category: Smartphones, tablets, cameras, TVs, what have you.

該類別中包含各種各樣的產品：智能手機、平板電腦、相機、電視等等。

So I think, really excited to get that technology out there for Brazilians.

所以我認為，為巴西人提供這項技術真的很興奮。

And I think beyond that, really just focus on those categories and growing selection there, but I can't speculate on what we might do in the future there.

而且我認為除此之外，真的只關注那些類別和在那裡增加選擇，但我無法推測我們將來會在那裡做什麼。

And on Whole Foods, yes, I believe the total is 465 stores or thereabouts.

在 Whole Foods 上，是的，我相信總共有 465 家商店左右。

And we have 12 bookstores now.

我們現在有 12 家書店。

We are adding a few more in the near future in California, Washington D.C. and Austin.

我們將在不久的將來在加利福尼亞、華盛頓特區和奧斯汀增加一些。

So yes, you will see more expansion from us.

所以，是的，你會看到我們的更多擴展。

We're not ready to announce any, what that will look like, and we're working with the Whole Foods team on what maybe what they will -- how many more stores we might have in that area.

我們還沒有準備好宣布任何東西，它會是什麼樣子，我們正在與 Whole Foods 團隊合作他們可能會做什麼——我們可能在該地區擁有多少家商店。

But still early.

不過還早。

So, those plans will develop over time.

因此，這些計劃將隨著時間的推移而發展。

Our next question comes from the line of Heath Terry with Goldman Sachs.

我們的下一個問題來自高盛集團的希思特里。

I understand you can't comment on rumors one way or the other, but curious as you think about categories like health care and obviously you guys are already in health care to some degree through Amazon Business, can you give us a bit of a status update on what you do have out there now?

我知道您不能以某種方式對謠言發表評論，但是當您想到醫療保健等類別時感到好奇，顯然你們已經通過亞馬遜業務在某種程度上從事醫療保健，您能給我們一些狀態嗎更新你現在有什麼？

And particularly how the company and management thinks about entering more regulated businesses over time?

尤其是公司和管理層如何考慮隨著時間的推移進入更受監管的業務？

How you would approach that versus a standard category that you might go into?

與您可能進入的標準類別相比，您將如何處理？

Or maybe again, I know you can't comment on rumors, how you have approached to that in the past or in other market?

或者也許再一次，我知道你不能對謠言發表評論，你過去或其他市場是如何處理的？

And then to the extent that we are thinking about AWS growth in the fourth quarter, you guys are lapping the price cuts from last year and obviously have about an 800 basis point easier comp Q3 to Q4, taking those 2 things into consideration, how should we think about AWS growth through the end of the year?

然後就我們考慮 AWS 在第四季度的增長而言，你們正在考慮從去年開始的降價，顯然第三季度到第四季度的價格降低了大約 800 個基點，考慮到這兩件事，應該如何我們是否考慮到年底 AWS 的增長？

Yes, Heath, this is Dave.

是的，希思，這是戴夫。

I'll take that first question in relation to health care.

我將回答與醫療保健有關的第一個問題。

I think where you're seeing us do some work on that, I think is in the areas of Amazon Business, and that's really just from the standpoint of there are many different types of businesses that we can serve with that offering, and we're in our third year now.

我認為您看到我們在這方面做了一些工作，我認為是在亞馬遜業務領域，這實際上只是從我們可以通過該產品服務的許多不同類型的業務的角度來看，我們'現在在我們的第三年。

And so there's a lot of different sectors, whether they're hospitals, educational institutions, labs, government agencies.

所以有很多不同的部門，無論是醫院、教育機構、實驗室還是政府機構。

I mean there's a lot of different shapes and sizes across industries that we can serve with that.

我的意思是，我們可以為各個行業提供許多不同的形狀和大小。

And so I think what you're seeing us do is really focus on services that meet those businesses, multiuser accounts, improving approval workflow tools, and just more recently, we introduced Amazon Business for Business Prime shipping, which we think will be a great way for our businesses use multiuser -- Business customers that have multiuser accounts, and that's in the U.S. and in Germany.

因此，我認為您看到我們所做的是真正專注於滿足這些業務的服務、多用戶帳戶、改進審批工作流程工具，而且最近，我們推出了 Amazon Business for Business Prime 運輸，我們認為這將是一個很棒的我們的企業使用多用戶的方式——在美國和德國擁有多用戶帳戶的企業客戶。

So I think it's part of that offering, and we really have to see how that evolves.

所以我認為這是該產品的一部分，我們真的必須看看它是如何演變的。

And the other side, too, is certainly health care is one of many sectors as part of Amazon Web Services that are important customers that we're focusing on and building tools for.

另一方面，醫療保健當然也是亞馬遜網絡服務的眾多領域之一，這些領域是我們關注的重要客戶並為其構建工具。

So probably nothing specific to call out on that one, but that's a lot of what you're seeing from us today.

因此，可能沒有什麼特別需要提及的，但這就是您今天從我們那裡看到的很多內容。

Yes, on AWS, we don't provide segment level estimates, but we did consider in our guidance the impact of the price cuts last year.

是的，在 AWS 上，我們不提供細分級別的估計，但我們在指導中確實考慮了去年降價的影響。

You're right, we had a number of price cuts on (inaudible) time to -- about around December 1 of last year that certainly had an impact on Q4 of last year.

你是對的，我們在（聽不清）時間進行了多次降價 - 大約在去年 12 月 1 日左右，這肯定對去年第四季度產生了影響。

But again, price cuts and not only price cuts, but new products that have lower average costs and can cannibalize more expensive products is pretty much a part of our business all the time in AWS.

但同樣，降價不僅是降價，而且平均成本更低、可以蠶食更昂貴產品的新產品幾乎一直是我們在 AWS 業務的一部分。

So we're looking forward to a strong Q4 and re:Invent is in December, so that's -- the end of November, early December, so that is also an exciting time of year for the AWS business.

所以我們期待強勁的第四季度和 re:Invent 是在 12 月，所以那是 - 11 月底，12 月初，這也是 AWS 業務一年中激動人心的時刻。

Our next question comes from the line of Scott Devitt with Stifel.

我們的下一個問題來自 Scott Devitt 和 Stifel 的觀點。

I had 2, please.

我有2個，拜託。

The first, Prime Now, Fresh Prime Pantry and Whole Foods, they're all distinct offerings, but it does seem like there's natural overlap with the potential to be further connected.

第一個是 Prime Now、Fresh Prime Pantry 和 Whole Foods，它們都是不同的產品，但看起來確實存在自然重疊，並有進一步連接的潛力。

And I was just wondering if you could just speak to how we should think about those 4 as distinct product offerings in the future versus being more integrated and possibly even, in some cases, eliminated to remove overlap from a customer experience standpoint?

我只是想知道您是否可以談談我們應該如何將這 4 種產品視為未來的不同產品，而不是更加集成，甚至在某些情況下，甚至可能從客戶體驗的角度消除重疊？

And then secondly, given the recent management changes in video, Brian, I was just wondering if you could speak to any strategic shifts in Video or changes in the pace of content portfolio build in coming years?

其次，鑑於最近視頻管理方面的變化，Brian，我只是想知道您是否可以談談視頻的任何戰略轉變或未來幾年內容組合構建速度的變化？

Sure, let me start with Video, and I just want to be clear, we are going to continue to invest in video and increase that investment in 2018.

當然，讓我從視頻開始，我只想明確一點，我們將繼續投資視頻，並在 2018 年增加投資。

And why are we going to do that?

我們為什麼要這樣做？

It's because the Video business is having great results with our most important customer base, which is our Prime customers.

這是因為視頻業務在我們最重要的客戶群（即我們的 Prime 客戶）中取得了很好的成果。

They continue to -- it continues to drive better conversion of free trials, higher membership renewal rates for existing subscribers and higher overall engagement.

他們繼續——它繼續推動免費試用的更好轉換、現有訂戶的更高會員續訂率和更高的整體參與度。

We're seeing engagement go up year after year in video and also music and a lot of the other Prime benefits.

我們看到視頻和音樂以及許多其他 Prime 福利的參與度逐年上升。

We also know Prime members who watch video also spend more on Amazon.

我們還知道，觀看視頻的 Prime 會員也在亞馬遜上花費更多。

And we have a lot of data.

我們有很多數據。

We're -- that's the advantage we have is that we see the viewing patterns and we also see the sales patterns, so we can tie the 2 together and understand which video resonates with Prime members, which video doesn't, and make midcourse corrections.

我們是——我們的優勢在於我們看到了觀看模式，我們也看到了銷售模式，所以我們可以將兩者聯繫在一起，了解哪些視頻引起了 Prime 會員的共鳴，哪些視頻沒有，並進行中途更正。

So we always do that, the -- we're always changing the emphasis and looking for those more impactful shows, more shows that resonate better with our customer base and things they want to see.

所以我們總是這樣做，我們一直在改變重點，尋找那些更有影響力的節目，更多能與我們的客戶群和他們想看的東西產生更好共鳴的節目。

And -- so that will always be an important part of our Prime offer, and we'll continue to use the data that we have to make better and better decisions about where to invest our dollars in Prime Video.

而且——因此，這將始終是我們 Prime 優惠的重要組成部分，我們將繼續使用我們擁有的數據來做出越來越好的決定，將我們的資金投資於 Prime Video。

So we're very -- we remain very bullish on the Video business, and we're looking forward to a lot of interesting new projects back end of this year and also lined up into next year.

所以我們非常 - 我們仍然非常看好視頻業務，我們期待著今年年底會有很多有趣的新項目，也將排在明年。

On the -- sorry, the second comment was, the overlap.

關於-- 抱歉，第二條評論是重疊。

Yes, so Whole Foods, I think I mentioned this earlier, but we definitely see commonality and overlap with the Whole Foods business as well as Amazon in total, but specifically, Prime Now, and also, AmazonFresh.

是的，所以 Whole Foods，我想我之前提到過這一點，但我們肯定看到了 Whole Foods 業務以及亞馬遜的共性和重疊，特別是 Prime Now 和 AmazonFresh。

And we're going to work to see how we expand those offerings, and in some cases, combine them.

我們將努力看看我們如何擴展這些產品，並在某些情況下將它們結合起來。

We're not sure how it will play out, but we're going to cooperate across those different customer touch points and trying to make them better for customers.

我們不確定它會如何發展，但我們將在這些不同的客戶接觸點之間進行合作，並努力讓它們對客戶更好。

We know customers are going to buy just like in the physical world, sometimes you go to a convenience store, sometimes you go to a supermarket, sometimes you go to a superstore.

我們知道客戶會像在現實世界中一樣購買，有時你去便利店，有時你去超市，有時你去超市。

Sometimes you need things within an hour, sometimes you can wait days for shipment.

有時您在一小時內需要東西，有時您可以等待幾天才能發貨。

So there's no one paradigm for all customer engagement, and we're looking for the ones that resonate best with customers, and we're going to continue to work on those.

因此，所有客戶參與都沒有一個範式，我們正在尋找最能引起客戶共鳴的範式，我們將繼續努力。

Our next question comes from the line of Jason Helfstein with Oppenheimer.

我們的下一個問題來自 Jason Helfstein 和 Oppenheimer 的觀點。

I'll actually ask 2 if I can.

我實際上會問 2 是否可以。

Just any way you can comment on the increase in Whole Foods traffic after the close?

您可以通過任何方式評論收盤後全食超市流量的增加嗎？

And then second, talk about your desire to have an ad-supported business on Fire TV or through Prime Video?

其次，談談您希望在 Fire TV 或 Prime Video 上開展廣告支持業務的願望？

I think I'll start on traffic.

我想我會開始交通。

So we're not disclosing traffic figures.

所以我們沒有披露流量數據。

Whole Foods will be issuing a final 10-K at the end of the -- early next month, so you'll see a better perspective on the entire quarter.

Whole Foods 將在下個月初發布最終的 10-K，因此您將對整個季度有更好的看法。

The quarter -- the 4-week period that you see running through the Amazon P&L this quarter is pretty hard to draw conclusions on other than revenue at this point.

本季度——你看到本季度亞馬遜損益表的 4 週期間，除了收入之外，很難得出結論。

But Dave, do you have more on the...

但是戴夫，你有更多關於...

Yes, Jason, this is Dave.

是的，傑森，這是戴夫。

On the ad-supported question, I think what you've seen to date is really particularly as you're looking as a customer as a Prime Video member and watching content, we view that as you paid into that service and able to watch those shows ad-free.

關於廣告支持的問題，我認為您迄今為止所看到的尤其是當您將客戶視為 Prime Video 會員並觀看內容時，我們認為當您支付了該服務並能夠觀看這些內容時顯示無廣告。

There may be instances where you're viewing a first episode and there's an ad leading into that if it's the first free episode, but generally like to have that as customers have paid into that program and they'll be able to enjoy that without interruption.

在某些情況下，您正在觀看第一集，並且如果這是第一集免費劇集，則有一個廣告會導致該劇集，但通常喜歡擁有它，因為客戶已經為該計劃付費，他們將能夠不受干擾地享受它.

Our final question comes from the line of Ron Josey with JMP Securities.

我們的最後一個問題來自 JMP Securities 的 Ron Josey。

Just wanted to ask about delivery, in just over the last several months, we've seen a lot of announcements in products around delivery options between Lockers, testing the Kohl's partnership, Whole Foods, obviously, Amazon Key came out recently.

只是想問一下送貨，在過去的幾個月裡，我們看到很多關於儲物櫃之間送貨選項的產品公告，測試 Kohl 的合作夥伴 Whole Foods，顯然，Amazon Key 最近出現了。

I just wanted to better understand this investment.

我只是想更好地了解這項投資。

Is this a result of -- or the thesis that more options could drive, obviously, more sales on the flip side?

這是因為 - 或者更多的選擇顯然可以推動更多的銷售？

Do you think you're losing some sales by not having those options?

您是否認為沒有這些選擇會損失一些銷售額？

Probably a little of both.

可能兩者都有一點。

We think that, especially as we get into more and more Amazon Logistics deliveries, we're going to experiment with different ways to deliver things that make it easier on consumers, things that cut down on potential theft on doorsteps, but really it's mostly about increasing convenience for them.

我們認為，尤其是隨著我們越來越多地參與亞馬遜物流交付，我們將嘗試不同的方式來交付讓消費者更輕鬆的東西，減少門口潛在盜竊的東西，但實際上這主要是關於為他們增加便利。

Yes, I think that's right, in terms of overall investments there.

是的，我認為這是對的，就那裡的整體投資而言。

And the other investments, obviously, are maybe the bigger-ish things are like planes and transportation capacity in general.

顯然，其他投資可能是更大的東西，比如飛機和一般的運輸能力。

And there our philosophy is, again, we're going to watch out for our customers, we're going to build capacity that gives them great service 12 months a year but particularly at holidays, by investing in those transportation options, we do so at same costs or cost parity, I would say, at the very minimum, but it also allows us to do interesting things like extend cutoff times for customers, enable Sunday delivery, enable better weekend delivery.

我們的理念是，我們將再次關注我們的客戶，我們將建立能力，為他們提供每年 12 個月的優質服務，尤其是在假期，通過投資這些交通選擇，我們這樣做我想說，至少以相同的成本或成本平價，但它也允許我們做一些有趣的事情，比如延長客戶的截止時間，實現週日交付，實現更好的周末交付。

So we're seeing a lot of benefits, just the ability to stretch the order cut off from what once was 3 p.m.

所以我們看到了很多好處，只是能夠延長從下午 3 點開始的訂單。

in the afternoon to midnight, has huge benefits both for the customer and also for Amazon.

從下午到午夜，對客戶和亞馬遜都有巨大的好處。

It results in incremental sales, it also builds that trust that when you need something, Amazon's going to be there for you.

它帶來了增量銷售，它還建立了一種信任，即當您需要某些東西時，亞馬遜會為您服務。

And I need to remind you that the Thursday Night Football game will start in 2 hours and 20 minutes so.

我需要提醒你，星期四晚上的足球比賽將在 2 小時 20 分鐘後開始。

On that, thanks for joining us on the call today and for your questions.

在此，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 and look forward to talking with you again next quarter.

我們感謝您對亞馬遜的興趣，並期待在下個季度再次與您交談。