亞馬遜 (AMZN) 2017 Q3 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q3 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, Dave Fildes. Please go ahead.

感謝您的支持。大家好，歡迎參加亞馬遜 2017 年第三季財務業績電話會議。（操作員指示）今天的通話正在錄音。在開場發言時，我將把電話轉給投資者關係總監戴夫·菲爾德斯 (Dave Fildes)。請繼續。

Hello, and welcome to our Q3 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 年第三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, October 26, 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 10 月 26 日的管理層觀點，並將包含前瞻性陳述。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.

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。

Our guidance also assumes, among other things, that we don't conclude any additional business acquisitions, investments, restructurings or legal settlements. It's not possible to accurately predict the demand for our goods and services, and therefore, our actual results could differ materially from our guidance.

我們的指導還假設，除其他事項外，我們不會完成任何額外的業務收購、投資、重組或法律和解。我們無法準確預測對我們的商品和服務的需求，因此，我們的實際結果可能與我們的指導有重大差異。

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 Justin Post with Merrill Lynch.

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

Great. I guess I'll just start with, can you give us your thoughts on the Whole Foods integration? How you see that contributing to the bottom line over time? 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. Maybe comment a little bit on the unearned revenue growth on the balance sheet, why it might be slower than the past?

偉大的。我想先問一下，您能告訴我們您對 Whole Foods 整合的看法嗎？您認為這會隨著時間的推移對底線產生什麼影響？然後在快速資產負債表上，我們顯然看到了強勁的 AWS 業績，但未賺取收入似乎並沒有以過去的速度成長。也許可以稍微評論一下資產負債表上的未實現收入成長，為什麼它可能比過去更慢？

Yes, thanks, Justin. This is Dave. I'd also point you to beyond the balance sheet. There's some disclosure around additions to unearned revenue as part of the cash flow statement. 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.

是的，謝謝，賈斯汀。這是戴夫。我還要向你指出資產負債表以外的內容。現金流量表中有一些關於未賺取收入增加的揭露。因此，當您查看截至 3 個月的數據時，您會發現與去年同期相比，這一數字增長了約 34% 至 35%。

And historically, what we've seen with unearned revenue is big and leading contributor to that is Prime memberships. The example is a customer signing up, paying $99 upfront and having that amortize over the 12 month period. That continues to be the biggest absolute contributor to what you see there. 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. 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. So there's less that's deferred. So, that's I think one of a number of factors. There's obviously other mix factors going in there besides the pieces that I just mentioned. But we've seen monthly Prime has been a good driver of getting more members into the program. So that's part of what you're seeing.

從歷史上看，我們看到未賺取收入佔比很大，而 Prime 會員資格是其中的主要貢獻者。例如，一位客戶註冊後，預付 99 美元，並在 12 個月內分期償還。這仍然是你所看到的情況的最大絕對貢獻者。過去幾年中一直在成長的另一個領域是亞馬遜網路服務 (Amazon Web Services)，其功能包括預留實例，客戶可以預付服務費用，在某些情況下還可以享受多年的折扣。我認為，我們最近看到的是 Prime 會員，我們去年推出了按月付費的 Prime 會員服務，如果你想想它是如何運作的，客戶每月只需支付 10.99 美元。因此延期的金額較少。所以，我認為這是眾多因素之一。除了我剛才提到的因素之外，顯然還有其他混合因素。但我們已經看到，每月的 Prime 會員服務已成為吸引更多會員加入該計劃的良好動力。這就是您所看到的部分內容。

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. 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. And that's where you'll be seeing Whole Foods revenue showing up. 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. So it also -- it does include our Amazon Books. 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. 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. We've added Amazon Lockers to select Whole Foods stores. So lots of activity, lots of energy and we're real excited to show customers what's possible when we join forces here.

至於您關於 Whole Foods 的問題，是的，在 8 月底收購之後，我們非常高興他們現在成為團隊的一部分。您在本季的財務結果中看到的是 - 它實際上顯示在新實體店的收入部分，13 億美元的收入，2100 萬美元的營業收入。你會看到 Whole Foods 的收入出現在這裡。此外，那種類型的收入，實體店的收入將來自於我們記錄顧客在商店中實際選擇商品的任何銷售額。所以它也包括我們的亞馬遜圖書。如果你再回顧全食超市，我想，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食品雜貨提供了較低的價格。在亞馬遜上推出自有品牌——全食超市自有品牌產品，我們進行了技術工作，使 Prime 成為全食超市客戶獎勵計劃，我們將在未來推出該計劃。我們已在部分 Whole Foods 商店增加了 Amazon Lockers。因此，我們進行了大量的活動，投入了大量的精力，我們非常高興能夠向客戶展示當我們在這裡聯手時所能實現的一切。

Our next question comes from the line of 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)。

Guess I'll ask 2 as well. The first one is, that was a bit of a usual upside to your guidance, even stripping out Whole Foods. Is there -- what would you -- what's most surprised you in the quarter? You've been pretty consistent to how you reported versus your guide. So something unusual happened or somewhat unusual happen? What would you attribute that to?

我想我也會問 2。首先，即使剔除全食超市，這也比你的預期略有上漲。本季最讓您感到驚訝的是什麼？您的報告與指南的一致性非常高。那麼發生了一些不尋常的事情或發生了一些不尋常的事情？您認為這是什麼原因造成的？

Sure. In Q3, yes, I would say we had a very strong Prime Day. As you know, we talked about that on the last call, but it really carried into the quarter. We had a record day for sign-ups for free trials for Prime and Prime Day globally. Had a very strong Prime Day in particular internationally. So it really got a lot more traction in this, the third year that we've had it. So I would point mostly to those factors. 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. Whereas last quarter, when I had this call, we were at $16 billion. So very pleased with the customer response in the AWS business as well. And usage growth is actually growing a lot higher than revenue growth. So particularly pleased with the new customers that we've added and the additional workloads that we've picked up from existing customers.

當然。是的，我想說，在第三季度，我們的 Prime Day 表現非常出色。如您所知，我們在上次電話會議上討論了這個問題，但它確實延續到了本季度。我們在全球創下了 Prime 和 Prime Day 免費試用註冊人數的最高紀錄。Prime Day 活動在國際上尤其火爆。因此，這已經是第三年了，它確實獲得了更大的關注。所以我主要想指出這些因素。AWS 本季表現也非常強勁，營收成長與第二季相同，目前的營運率為 180 億美元。而上個季度，當我接到這個電話時，我們的銷售額是 160 億美元。我對 AWS 業務的客戶反應也非常滿意。而且使用量的成長實際上遠高於收入的成長。因此，我們對新增的客戶以及從現有客戶獲得的額外工作量特別滿意。

And then briefly on the international retail, that growth also by itself was intrinsically stronger than you've seen in a while. Any particular markets geographic markets, you would call out there?

然後簡單談談國際零售業，這種成長本身也比你之前看到的還要強勁。您會提到哪些特定的地理市場？

Yes, it was pretty strong across the board. 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. But generally, it was the strength of Prime Day internationally and it carried through the quarter. So it's -- but generally, I would point to the increase selection, a lot of the building blocks we've been working on. 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. So again, I wouldn't point to anything other than the Prime Day pickup, but stronger than -- it was stronger than probably I anticipated.

是的，整體表現相當強勁。我們受到了 Souq 的影響，顯然本季在國際上，印度的排燈節假期提前了幾天，這可能將一些銷售額推到了第三季度而不是第四季度。但總體而言，這是 Prime Day 在國際上的優勢，並且貫穿了整個季度。所以 - 但總的來說，我想指出的是增加選擇，我們一直在努力建立許多基礎模組。所有 Prime 福利、進步和免費送貨優惠或更快的送貨優惠，這些 Prime 福利可以推動參與，當然，還可以增加選擇，增加亞馬遜合作夥伴實現的商品以及他們帶來的選擇。所以，我再說一次，除了 Prime Day 的回升，我不會指出任何其他事情，但它比我預期的要強勁。

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

我有 2 個。再次談到 Whole Foods，我想知道，您能談談迄今為止您看到的 1 或 2 個最大的驚喜嗎？那麼，正如您所見，這也許只是一個策略機遇，即在您尋求繼續發展整體業務的同時，擁有一家實體店？第二個關於訂閱收入的問題，你們的收入成長了 59%，你們能談談哪些國家或地區推動了這項成長嗎？您能否談談您最古老的市場美國的成長或節奏？

Sure. On Whole Foods, I would say it is early. 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. The other things I mentioned, price reductions early on, selling products on -- their products on Amazon.com and also installing 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. So that's kind of the earlier report on Whole Foods. So far so good, and we're thrilled to finally be working together after the summer of closing the deal. On subscription revenue, let me just remember your question there. We had essentially 59% growth, you said, 600 basis points higher than Q2. 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. So there's some moving parts in there. The growth in Prime has been fairly consistent over the last recent quarters in Prime memberships. And as I said, we had a great -- the largest new Prime -- new sign-ups on Prime Day for the Prime program. The monthly program is gaining traction. It's an attractive option for a lot of people. 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.

當然。對於 Whole Foods 來說，我認為現在還為時過早。8 月 28 日是截止日期——我可以告訴你的是，我曾與 John Mackey 和他的團隊開過會，他們與我們志同道合，以客戶為中心，準備共同努力繼續他們的使命，然後擴大我們可以為客戶提供的產品。我提到的其他事情包括早期降價、在 Amazon.com 上銷售產品以及安裝 Amazon Lockers。我認為隨著時間的推移，你會看到 AmazonFresh、Prime Now 和 Whole Foods 之間有更多的合作與協同，因為我們可以探索不同的方式為客戶提供服務。這就是有關 Whole Foods 的早期報告。到目前為止一切都很好，我們很高興在夏天達成交易後終於能夠合作。關於訂閱收入，讓我記住你的問題。您說，我們的成長率基本上達到了 59%，比第二季高出 600 個基點。這個項目中肯定包括與 Amazon Prime 相關的費用，而且它也包括我們的許多訂閱服務，包括數位音樂、數位影片、有聲書和電子書。因此這裡面有一些活動部件。最近幾個季度，Prime 會員數量一直保持著相當穩定的成長。正如我所說，在 Prime Day，我們迎來了 Prime 計劃的最大規模的新註冊用戶。這個月度計劃正在獲得越來越多的關注。對很多人來說，這是一個很有吸引力的選擇。再說一次，關於這一點——關於其他訂閱服務，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 設備的數量和使用 Echo 設備的客戶，我們看到該領域取得了很大的增長。

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。

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

在有關季節性工人的新聞稿的評論中，這一數字與去年同期相比大致持平。我想知道您是否可以進一步了解滿足季節性假期需求所需工人的軌跡，以及這對您在履行中心內部獲得的自動化或效率效益意味著什麼。

Yes, Eric. This is Dave. 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. So we're continuing to hire and hire across a number of locations. 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. 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. And so we'll continue to hire there.

是的，埃里克。這是戴夫。我記得我們在本季早些時候發布過一份新聞稿，談到今年將有 12 萬名營運人員加入我們的履行中心。因此，我們將繼續在多個地點招募員工。我們今年稍早談到，預計營運面積將成長約 30% 以上，因此我們肯定會招募人才來支持這一目標。這些設施中有許多都配備了亞馬遜機器人，這無疑有助於提高效率，但這也需要我們許多員工付出巨大的努力。因此我們會繼續在那裡招募。

While we're on this subject of headcount. Headcount grew 77% year-over-year in the quarter. That includes the impact of the Whole Foods and Souq acquisitions. Without those -- without that headcount, the base Amazon grew 47%, which is still up from 42% in Q2. So a lot of the additional pickup in Q3 was tied to our ramp for the holidays. We continue to hire a lot of software engineers. 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.

當我們討論員工人數這個話題時。本季員工人數較去年同期成長 77%。其中包括 Whole Foods 和 Souq 收購的影響。即使不計這些員工，亞馬遜的基礎營收也成長了 47%，仍高於第二季的 42%。因此，第三季的大量額外提貨都與假期期間的取貨有關。我們繼續招募大量軟體工程師。我們持續招募大量銷售代表，這與我們的 AWS、Prime Video 和設備主要投資領域直接相關。

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道格拉斯·安穆斯。

Brian, I was hoping you could help us understand how at this point you're prioritizing expansion into new product categories. 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. Can you just help us understand the approach in general to new categories and pharmacy, in particular?

布萊恩，我希望您能幫助我們了解您目前如何優先考慮擴展新的產品類別。具體來說，現在有很多關於使用 Whole Foods 商店作為實體藥房的討論，而且您可能已經獲得了多個州的該類別批准。您能否幫助我們了解新類別和藥房的整體方法？

Yes, I can't confirm or deny any of the rumors related to pharmacy or anything else. I will say we do see a lot of opportunity with Whole Foods. 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. So there'll be a lot of integration, a lot of touch points and a lot of working together as we go forward. 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. We have campus -- on-campus bookstores. So we're experimenting with a lot of formats. 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. So we're really excited about that. And I think working together will bring our different strengths to the table and really be able to build on behalf of customers.

是的，我無法證實或否認任何與藥房或其他有關的謠言。我想說我們確實看到 Whole Foods 有很多機會。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，是 Whole Foods 商店的亞馬遜儲物櫃）之間將有很多合作。因此，隨著我們不斷前進，將會有很多整合、很多接觸點和很多合作。我們認為我們還將開發新的商店形式和其他一切，就像我們過去談到的 Whole Foods、亞馬遜書店、Amazon Go 以及科技帶來的機會一樣。我們有校園書店。所以我們正在嘗試很多種格式。我認為 Whole Foods 確實為我們提供了巨大的先機，他們擁有良好的基礎和優秀的團隊，擁有豐富的歷史，他們可能擁有 10 到 20 年的經驗，而這些是我們所沒有的，也不會有的。所以我們對此感到非常興奮。我認為，共同努力將充分發揮我們不同的優勢，真正為客戶創造價值。

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

我們的下一個問題來自花旗銀行的馬克‧梅。

The other category which includes advertising accelerated 58% in the quarter. I think the common view there is that's a fairly high-margin business, certainly higher than corporate average. Is there any reason why that isn't the right assumption to make? Essentially what impact is the growth in the ad business having on the company's overall profitability? 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?

包括廣告在內的其他類別在本季成長了 58%。我認為普遍的看法是，這是一項利潤率相當高的業務，肯定高於企業平均。有什麼理由可以解釋為什麼這不是正確的假設嗎？本質上，廣告業務的成長對公司的整體獲利能力有何影響？關於國際零售業務虧損增加的問題，您能否說明一下，其中有多少是由於亞馬遜進軍新市場（我知道你們會繼續這樣做）而不是在現有市場上投入更多資金？

Sure. Let me start with the revenue. So you're right. Other revenue grew 58% in the quarter, and that includes advertising services and other things such as our cobranded credit card agreements. 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. But I would say generally, we're very pleased with the advertising business. Our goal here is to be helpful to consumers and help them make better shopping and selection choices. We'll also provide in giving them targeted recommendations. So making it helpful for customers rather than intrusive. And then we believe that by creating that (inaudible) and engaging advertising experience with the customers, it will also maximize success for our advertisers. 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.

當然。我先從收入說起。所以你是對的。本季其他收入成長了 58%，其中包括廣告服務和聯名信用卡協議等其他業務。廣告收入持續快速成長，其年成長率實際上比您看到的其他收入項目更快。但我想說，總的來說，我們對廣告業務非常滿意。我們的目標是幫助消費者並幫助他們做出更好的購物和選擇。我們還將為他們提供有針對性的建議。這使得它對客戶有幫助而不是打擾客戶。然後我們相信，透過與客戶一起創造這種（聽不清楚）引人入勝的廣告體驗，它也將最大限度地提高我們的廣告商的成功。所以它是飛輪的重要組成部分，流量和客戶，尤其是訪問網站的 Prime 客戶，是我們真正可以用來幫助他們選擇商品並使用廣告來幫助他們在挑選產品時做出更明智的決定的人。

On the international, yes, I can't split it, the effects. 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. 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. Amazon business is also expanding in India. So a lot of positive momentum and investment going on in India. Very pleased with that. We also recently announced Echo and Alexa are available in India. So that -- that should be well received by the Indian consumer base. 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. 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. 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. So there's a lot of -- a lot of different influences there. You saw the growth rate. It's, we believe, it's resonating with customers. So we will continue to invest and think that we have a good path forward.

在國際上，是的，我無法區分它的影響。但我要再告訴你一次，這是國際擴張——主要是在印度，我們在那裡繼續增加福利，如果你還記得的話，我們一年前在那裡推出了 Prime，在前 12 個月，我們在印度的 Prime 會員數量比其他任何國家都多。我們在那裡為 1000 萬件商品提供免費送貨服務，我們還在繼續增加優惠：Prime Video、Amazon Family，今年我們在那裡舉辦了第一個 Prime Day，還有 Prime Music。亞馬遜的業務也在印度不斷擴張。因此，印度出現了許多積極的勢頭和投資。對此我非常高興。我們最近也宣布 Echo 和 Alexa 將在印度上市。因此，這應該會受到印度消費者群體的歡迎。但除了印度和 Souq 之外，其餘都是 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。在影片方面，如果您還記得的話，我們在去年第四季在全球 200 多個國家推出了 Prime Video，我們不僅繼續擴大產品範圍，而且還在增加 Prime 客戶的參與度。因此，我們變得更加投入，我們也在進行基本的阻止，解決增加選擇的問題，特別是 FBA 選擇，增加免費送貨優惠以及送貨速度。所以那裡有很多——很多不同的影響。您看到了成長率。我們相信，它會引起顧客的共鳴。因此，我們將繼續投資，並認為我們有一條良好的前進道路。

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. There's been some news flow recently about Brazil expansion. Can you just talk about how Brazil compares to maybe some of the other international markets that you're investing in? What level of investment should we expect in Brazil maybe relative to like in Australia or in India? And then the follow-up on the Whole Foods. So do you feel like the store footprint at 460-odd stores is adequate? Or any color on plans to expand either the Whole Foods store footprint or the Amazon bookstores or those other ones you mentioned?

兩個問題。最近有一些關於巴西擴張的新聞。您能否談談巴西與您所投資的其他一些國際市場相比如何？與澳洲或印度相比，我們對巴西的投資預期應為何種水準？然後是有關 Whole Foods 的後續報導。那麼，您覺得 460 多家門市的規模足夠嗎？或者您有沒有透露擴大 Whole Foods 商店、亞馬遜書店或您提到的其他商店的計劃？

Yes, Ross. Thanks for the question. This is Dave. On Brazil, just briefly, yes, we did recently expand and add an electronics category there in Brazil. It's a third-party marketplace offering. 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. So I think we're excited about the electronics that are getting out there. There's a wide variety of products included in that category: Smartphones, tablets, cameras, TVs, what have you. So I think, really excited to get that technology out there for Brazilians. 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.

是的，羅斯。謝謝你的提問。這是戴夫。關於巴西，簡單說一下，是的，我們最近確實在巴西擴展並增加了電子產品類別。這是第三方市場產品。您可能還記得，我們​​已經進入巴西好幾年了，最初推出的是 Kindle 和電子書，沒有實體類別，最近又添加了實體書，即第三方市場產品。所以我認為我們對即將推出的電子產品感到興奮。此類別包含各種各樣的產品：智慧型手機、平板電腦、相機、電視等等。所以我認為，我真的很高興能將這項技術推廣給巴西人。我認為除此之外，我們真正關注的只是這些類別和不斷增長的選擇，但我無法推測我們將來會做什麼。

And on Whole Foods, yes, I believe the total is 465 stores or thereabouts. And we have 12 bookstores now. We are adding a few more in the near future in California, Washington D.C. and Austin. So yes, you will see more expansion from us. 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. But still early. So, those plans will develop over time.

至於 Whole Foods，是的，我相信總數大約是 465 家商店。我們現在有12家書店。我們將在不久的將來在加州、華盛頓特區和奧斯汀增加更多門市。所以是的，你會看到我們進一步擴張。我們還沒有準備好宣布任何具體細節，我們正在與 Whole Foods 團隊合作，看看他們可能會在該地區開設多少家門市。但還早。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? And particularly how the company and management thinks about entering more regulated businesses over time? How you would approach that versus a standard category that you might go into? Or maybe again, I know you can't comment on rumors, how you have approached to that in the past or in other market? 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?

我知道你不能對謠言發表評論，但我很好奇，當你想到醫療保健這樣的類別時，顯然你們已經透過亞馬遜商業在一定程度上涉足醫療保健領域，你能向我們介紹一下你們現在的情況嗎？特別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行業？與您可能進入的標準類別相比，您會如何處理這個問題？或者也許，我知道您不能對謠言發表評論，您過去或在其他市場上是如何處理謠言的？然後，就我們對第四季度 AWS 成長的考慮而言，你們正在彌補去年的降價，並且顯然第三季到第四季的同比漲幅要低 800 個基點，考慮到這兩點，我們應該如何看待到今年年底的 AWS 成長？

Yes, Heath, this is Dave. I'll take that first question in relation to health care. 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. And so there's a lot of different sectors, whether they're hospitals, educational institutions, labs, government agencies. I mean there's a lot of different shapes and sizes across industries that we can serve with that. 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. So I think it's part of that offering, and we really have to see how that evolves. 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. So probably nothing specific to call out on that one, but that's a lot of what you're seeing from us today.

是的，希斯，這是戴夫。我將回答有關醫療保健的第一個問題。我認為您看到我們在這方面做了一些工作，我認為是在亞馬遜商業領域，而這實際上只是從我們可以為許多不同類型的企業提供服務的角度來看的，而我們現在已經進入了第三年。因此有許多不同的部門，無論是醫院、教育機構、實驗室或政府機構。我的意思是，我們可以為不同產業、不同規模的企業提供服務。所以我認為你看到我們所做的是真正專注於滿足這些業務、多用戶帳戶、改進審批工作流程工具的服務，就在最近，我們推出了亞馬遜企業版 Prime 配送服務，我們認為這將是我們的企業使用多用戶——擁有多用戶帳戶的企業客戶（在美國和德國）的好方法。所以我認為這是該產品的一部分，我們真的必須看看它如何發展。另一方面，醫療保健當然也是亞馬遜網路服務眾多領域之一，也是我們關注並為其建立工具的重要客戶。因此，可能沒有什麼特別需要指出的，但這就是您今天從我們這裡看到的很多內容。

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. 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. 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. 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.

是的，對於 AWS，我們沒有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。你說得對，我們在（聽不清楚）大約在去年 12 月 1 日左右進行了多次降價，這肯定對去年第四季產生了影響。但是，降價，而且不僅僅是降價，還有平均成本更低、可以蠶食更昂貴產品的新產品，這幾乎一直是我們 AWS 業務的一部分。因此，我們期待強勁的第四季度，而 re:Invent 將於 12 月舉行，也就是 11 月底、12 月初，這也是 AWS 業務一年中令人興奮的時刻。

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

我們的下一個問題來自 Stifel 的 Scott Devitt。

I had 2, please. 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. 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? 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?

我有 2 個。首先，Prime Now、Fresh Prime Pantry 和 Whole Foods，它們都是不同的產品，但似乎存在自然重疊，並有進一步聯繫的潛力。我只是想知道您是否可以談談我們應該如何將這四種產品視為未來獨特的產品，而不是從客戶體驗的角度進行更加整合，甚至在某些情況下將其消除以消除重疊？其次，鑑於最近視頻領域的管理層變動，布萊恩，我想知道您是否可以談談未來幾年視頻領域的戰略轉變或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. And why are we going to do that? It's because the Video business is having great results with our most important customer base, which is our Prime customers. They continue to -- it continues to drive better conversion of free trials, higher membership renewal rates for existing subscribers and higher overall engagement. We're seeing engagement go up year after year in video and also music and a lot of the other Prime benefits. We also know Prime members who watch video also spend more on Amazon. And we have a lot of data. 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. 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. 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. 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. On the -- sorry, the second comment was, the overlap. 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. And we're going to work to see how we expand those offerings, and in some cases, combine them. 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. 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. Sometimes you need things within an hour, sometimes you can wait days for shipment. 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.

當然，讓我先從視頻開始，我只是想明確一點，我們將繼續投資視頻，並在 2018 年增加投資。我們為什麼要這麼做？這是因為視訊業務在我們最重要的客戶群（即我們的 Prime 客戶）中取得了巨大的成功。他們繼續——繼續推動免費試用的更好轉換、現有訂閱者的更高會員續訂率和更高的整體參與度。我們看到影片、音樂以及 Prime 的許多其他福利的參與度逐年上升。我們也知道，觀看影片的 Prime 會員在亞馬遜上的消費也會更多。我們擁有大量數據。我們的優勢在於，我們能夠了解觀看模式，也能夠了解銷售模式，因此我們可以將兩者結合起來，了解哪些影片能引起 Prime 會員的共鳴，哪些影片不能，並進行中途修正。所以我們總是這樣做——我們總是在改變重點，尋找那些更有影響力的節目，更多能引起我們的客戶群共鳴和他們想看的東西的節目。因此，這將永遠是我們 Prime 服務的重要組成部分，我們將繼續利用我們擁有的數據來做出越來越好的決策，決定在 Prime Video 上投資什麼。因此，我們非常——我們仍然非常看好視頻業務，並且我們期待今年年底以及明年的許多有趣的新項目。關於 — — 抱歉，第二則留言是重疊。是的，我想我之前提到過 Whole Foods，但我們確實看到了 Whole Foods 業務與亞馬遜整體的共同點和重疊之處，特別是 Prime Now 和 AmazonFresh。我們將努力研究如何擴展這些產品，並在某些情況下將它們結合起來。我們不確定最終結果會如何，但我們將在不同的客戶接觸點之間展開合作，努力為客戶提供更好的服務。我們知道顧客會像在現實世界中一樣購買，有時你會去便利商店，有時你會去超市，有時你會去大型超市。有時您需要在一小時內收到貨物，有時則可能需要等待幾天才能發貨。因此，沒有一個適用於所有客戶參與的範例，我們正在尋找最能引起客戶共鳴的範例，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奧本海默公司的 Jason Helfstein。

I'll actually ask 2 if I can. Just any way you can comment on the increase in Whole Foods traffic after the close? And then second, talk about your desire to have an ad-supported business on Fire TV or through Prime Video?

如果可以的話我實際上會問 2。您能否評論一下收盤後 Whole Foods 客流量的成長？其次，談談您希望在 Fire TV 或 Prime Video 上開展廣告支援業務嗎？

I think I'll start on traffic. So we're not disclosing traffic figures. 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. 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. But Dave, do you have more on the...

我想我會從交通問題開始。所以我們不會透露流量數據。Whole Foods 將在下個月初發布最終的 10-K 報表，以便您更好地了解整個季度的情況。本季—本季度亞馬遜損益表中的 4 週時間段除了收入之外很難得出其他結論。但是戴夫，你還有更多關於...的資訊嗎？

Yes, Jason, this is Dave. 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. 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.

是的，傑森，這是戴夫。關於廣告支援的問題，我認為您迄今為止所看到的情況是，特別是當您作為 Prime Video 會員觀看內容時，我們認為您為該服務付費並能夠無廣告觀看這些節目。在某些情況下，如果這是第一集免費節目，那麼在觀看第一集時可能會出現廣告，但一般來說，客戶已經為該節目付費，他們可以不受干擾地欣賞節目。

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. I just wanted to better understand this investment. Is this a result of -- or the thesis that more options could drive, obviously, more sales on the flip side? Do you think you're losing some sales by not having those options?

只是想問一下關於送貨的問題，在過去的幾個月裡，我們看到了很多關於 Lockers 送貨選項的產品公告，測試了與 Kohl's 的合作關係，Whole Foods，顯然，Amazon Key 是最近才推出的。我只是想更了解這項投資。這是因為——或者說，更多的選擇顯然可以帶來更多的銷售？您是否認為由於沒有這些選擇而導致銷售額下降？

Probably a little of both. 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.

可能兩者都有一點。我們認為，特別是隨著我們越來越多地參與亞馬遜物流配送，我們將嘗試不同的配送方式，讓消費者能夠更輕鬆地送貨，減少家門口的潛在盜竊，但實際上主要是為了增加他們的便利性。

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

是的，就整體投資而言，我認為是正確的。

And the other investments, obviously, are maybe the bigger-ish things are like planes and transportation capacity in general. 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. So we're seeing a lot of benefits, just the ability to stretch the order cut off from what once was 3 p.m. in the afternoon to midnight, has huge benefits both for the customer and also for Amazon. It results in incremental sales, it also builds that trust that when you need something, Amazon's going to be there for you. And I need to remind you that the Thursday Night Football game will start in 2 hours and 20 minutes so.

顯然，其他投資可能規模較大，例如飛機和一般的運輸能力。我們的理念是，我們會關注我們的客戶，我們會建立運力，為他們提供全年 12 個月的優質服務，特別是在節假日，透過投資這些運輸選擇，我們至少可以以相同的成本或成本平價做到這一點，但它也使我們能夠做一些有趣的事情，例如延長客戶的截止時間，實現週日送貨，實現更好的周末送貨。因此，我們看到了許多好處，例如能夠將訂單截止時間從原來的下午 3 點延長。從下午到午夜，對於客戶和亞馬遜來說都有巨大的好處。它會帶來銷售的成長，也會建立這樣的信任：當你需要什麼東西時，亞馬遜就會提供你。我需要提醒您，週四晚間的足球比賽將在 2 小時 20 分鐘後開始。

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

關於這一點，感謝您今天參加我們的電話會議並提出您的問題。重播將至少在本季末在我們的投資者關係網站上提供。我們感謝您對亞馬遜的關注，並期待下個季度再次與您交談。