亞馬遜 (AMZN) 2017 Q4 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 Q4 2017 Financial Results Teleconference.

大家好，歡迎來到 Amazon.com 2017 年第四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 Q4 2017 financial results conference call.

您好，歡迎參加我們的 2017 年第四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, February 1, 2018, only and will include forward-looking statements.

我們對您的問題的評論和回复僅反映管理層截至 2018 年 2 月 1 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 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。

I'd also like to update you on the impact of the recent U.S. tax reform legislation.

我還想向您介紹最近美國稅改立法的影響。

In our fourth quarter results, we recorded a provisional tax benefit for the impact of the new tax legislation of approximately $789 million, which is primarily driven by the remeasurement of federal net deferred tax liabilities, resulting from the permanent reduction in the U.S. statutory corporate tax rate to 21% from 35%.

在我們的第四季度業績中，我們記錄了大約 7.89 億美元的新稅法影響的臨時稅收優惠，這主要是由於美國法定公司稅永久減少導致聯邦淨遞延稅負債的重新計量稅率從 35% 提高到 21%。

As we complete our analysis of this new legislation, we may make adjustments to the provisional amounts.

隨著我們完成對這項新立法的分析，我們可能會對臨時金額進行調整。

Those adjustments may materially impact our provision for income taxes in the period in which the adjustments are made.

這些調整可能會對我們在調整期間的所得稅撥備產生重大影響。

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 Mark Mahaney with RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC Capital Markets 的 Mark Mahaney。

I'd like to focus on the North American retail operating margins.

我想關注北美零售營業利潤率。

That 4.5% was the highest, I think, we've seen in a couple of years, maybe the highest since you've actually broken that segment out.

我認為，這 4.5% 是我們幾年來看到的最高值，也許是自從你真正打破該細分市場以來的最高值。

So could you just go through the drivers behind that?

那麼你能不能看看背後的驅動程序？

I know you called out Alexa as being better than expected.

我知道您稱 Alexa 比預期的要好。

Was that one of the factors?

這是因素之一嗎？

Was it the full quarter of the Whole Foods impact?

這是全食超市影響的全部四分之一嗎？

Was it advertising revenue?

是廣告收入嗎？

Just what drove that result and how sustainable is it?

究竟是什麼推動了這一結果，它的可持續性如何？

Sure, Mark.

當然，馬克。

Let me address your question by answering the entire company.

讓我通過回答整個公司來解決您的問題。

I'll note where the North America elements are strongest.

我會注意北美元素最強的地方。

So for the quarter, we came in at the highest end of our revenue range, $60.5 billion, 26 -- 36% FX-neutral growth and 25% FX-neutral growth, excluding the Whole Foods acquisition.

因此，在本季度，我們進入了收入範圍的最高端，605 億美元，26 - 36% 的外匯中性增長和 25% 的外匯中性增長，不包括收購 Whole Foods。

So the fact that we came in at the high end of the range, volume was high, especially in North America, and a lot of times in Q4 and other quarters actually, we see better efficiencies when the warehouses are busy.

因此，事實上我們進入了該範圍的高端，銷量很高，尤其是在北美，實際上在第四季度和其他季度的很多時候，當倉庫繁忙時，我們看到效率更高。

So it was very clean operational quarter, I would say.

所以我會說，這是一個非常乾淨的運營季度。

The ops team did a great job handling record volumes in Q4 and also incorporating all the new capacity we had opened in 2017.

運營團隊在第 4 季度處理創紀錄的交易量方面做得非常出色，並且還整合了我們在 2017 年開設的所有新產能。

If you remember, we have added over 30% to our fulfillment square footage in 2017, coming off a similar increase in 2016.

如果您還記得，我們在 2017 年的履行面積增加了 30% 以上，與 2016 年類似的增長相比。

So amid all these opening of new buildings, many of them late in the year, the ops team did a fantastic job.

因此，在所有這些新建築的開放中，其中許多是在今年晚些時候，運營團隊做得非常出色。

Advertising was also a key contributor as we're continuing to make more value -- the offerings more valuable, both to customers and advertisers alike, and that was particularly strong in North America.

廣告也是一個關鍵貢獻者，因為我們正在繼續創造更多價值——這些產品對客戶和廣告商都更有價值，這在北美尤為突出。

Although not in the North America segment, I would also point out, AWS had a strong quarter, accelerating growth versus Q3 and also expanding operating margins by 100 basis points.

儘管不在北美市場，但我還要指出，AWS 的季度表現強勁，與第三季度相比增長加速，營業利潤率也擴大了 100 個基點。

So particularly in North America, I would say it was the -- the strong volume -- top line volume, combined with increased advertising revenues and also a very clean operational performance.

因此，特別是在北美，我會說這是 - 強勁的銷量 - 頂線銷量，加上廣告收入的增加以及非常乾淨的運營業績。

Obviously, there's a lot of things that can happen in Q4 from weather to demand patterns changing.

顯然，從天氣到需求模式的變化，第四季度可能會發生很多事情。

We've seen additional costs creep in, in the name of customer experience in prior years.

我們已經看到前幾年以客戶體驗的名義出現了額外的成本。

And this was, in hindsight, probably one of the cleaner Q4s recently.

事後看來，這可能是最近更清潔的 Q4 之一。

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 talk about how you're thinking about your primary investment areas in 2018 and perhaps if you could put it in context of '17.

布賴恩，我希望你能談談你對 2018 年主要投資領域的看法，也許你能把它放在 17 年的背景下。

Are there things that are notably different this year relative to last year and also how you would think about the margin trajectory relative to what we saw last year?

與去年相比，今年是否有明顯不同的地方，以及相對於我們去年看到的情況，您如何看待利潤率軌跡？

Sure.

當然。

I -- we'll be giving you guidance quarter by quarter, but I can talk to the general trends in the large investment areas.

我——我們將按季度為您提供指導，但我可以談談大型投資領域的總體趨勢。

Let me start with AWS infrastructure and growth in technical and sales teams.

讓我從 AWS 基礎設施以及技術和銷售團隊的增長開始。

That will continue.

這將繼續。

We're in a $20 billion run rate in top line revenues for AWS, up from 18% -- excuse me, $18 billion last quarter.

我們在 AWS 的收入中處於 200 億美元的運行速度，高於 18%——對不起，上個季度為 180 億美元。

So we're very happy with the -- both the progression in new services and features that we've been able to bring to customers and also their response.

因此，我們對我們能夠為客戶帶來的新服務和功能的進展以及他們的反應感到非常滿意。

We'll continue geographic expansion and continuing to, again, build on our tech teams and our sales teams.

我們將繼續進行地域擴張，並繼續以我們的技術團隊和銷售團隊為基礎。

So that would -- that expense is going to continue and likely increase.

所以這將 - 費用將繼續並可能增加。

Prime benefits will continue to increase as well.

主要福利也將繼續增加。

Prime Now -- excuse me, Prime Video, Prime Now, AmazonFresh, all of our major Prime benefits we continue to expand globally.

Prime Now - 對不起，Prime Video、Prime Now、AmazonFresh，我們所有主要的 Prime 福利，我們將繼續在全球範圍內擴展。

Devices, as Jeff said in the press release, we are very happy with the results of Alexa.

設備，正如 Jeff 在新聞稿中所說，我們對 Alexa 的結果非常滿意。

It's a very positive surprise for us, both on a -- adding a little bit more to that, we had record device sales, we had very high levels of customer engagement, including increased levels of voice shopping, growth in functionality, growth in our partner -- partners we work with.

這對我們來說是一個非常積極的驚喜，再加上一點，我們有創紀錄的設備銷售，我們有非常高的客戶參與度，包括語音購物水平的提高，功能的增長，我們的增長合作夥伴——與我們合作的合作夥伴。

Skills there, we've increased rapidly.

技能在那裡，我們增長很快。

We're over 30,000 skills for Alexa.

我們為 Alexa 提供了超過 30,000 項技能。

We've got 4,000-plus smart home devices from 1,200 unique brands.

我們擁有來自 1,200 個獨特品牌的 4,000 多種智能家居設備。

So the -- the relationships we're having with external companies is actually helping to accelerate the adoption of Alexa with customers.

因此，我們與外部公司的關係實際上有助於加快 Alexa 在客戶中的採用。

So really strong usage of -- excuse me, Alexa with our devices.

非常強烈地使用 - 對不起，Alexa 與我們的設備。

Obviously, Echo, Echo Show and the Echo family all directly tied to Alexa, but also Fire TV and tablets.

顯然，Echo、Echo Show 和 Echo 系列都與 Alexa 直接相關，但也與 Fire TV 和平板電腦相關。

And we're seeing more and more engagement.

我們看到越來越多的參與。

Alexa usage on Fire TV is up 9x year-over-year.

Fire TV 上的 Alexa 使用量同比增長 9 倍。

Music listening time on Alexa was 3x higher this holiday season.

這個假期在 Alexa 上聽音樂的時間增加了 3 倍。

So that's what we mean when we said far exceeding our expectations.

所以這就是我們所說的遠遠超出我們的預期的意思。

Those are the things I would point to.

這些是我要指出的。

And that is an area, again, where we'll continue to invest heavily and as we say, double down on that.

這也是一個領域，我們將繼續大力投資，正如我們所說，加倍投入。

Fulfillment, again, is -- fulfillment capacity, especially to fuel the strong top line growth and growth in Amazon fulfilled units, which, again, is growing much quicker than our unit growth rate, we expect that and hope that to continue as well into 2018.

履行再次是 - 履行能力，特別是推動強勁的收入增長和亞馬遜履行單位的增長，這再次比我們的單位增長率快得多，我們預計並希望繼續2018 年。

Video content, we spoke about on the last call, we do like the results we're seeing with engagement on customers, their buying habits, their engagement with the video content, their use of it on devices.

視頻內容，我們在上次電話會議上談到，我們確實喜歡我們看到的客戶參與度、他們的購買習慣、他們對視頻內容的參與度以及他們在設備上的使用情況。

And we will continue to increase our budget in that area.

我們將繼續增加該領域的預算。

But I'll be release -- yes, I'll incorporate that into the guidance each quarter as we move through the year.

但我會被釋放 - 是的，隨著我們一年的到來，我會在每個季度將其納入指導。

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。

Hey guys, just 2 questions.

大家好，只有2個問題。

AWS reaccelerated again this quarter.

AWS 本季度再次加速。

Can you just give us some color on what were the key drivers there?

你能給我們一些關於那裡的關鍵驅動因素的顏色嗎？

Was it lapping some of the price activity from a year ago?

它是否覆蓋了一年前的一些價格活動？

Was it higher utilization, moving up the stack?

是更高的利用率，向上移動堆棧嗎？

Any color there would be helpful.

那裡的任何顏色都會有幫助。

And then a question on shipping costs.

然後是關於運費的問題。

So it looks like it grew about 31% up on shipping costs in the quarter, and that's been kind of moving in tandem with the Amazon fulfilled unit growth.

因此，該季度的運輸成本似乎增長了約 31%，這與亞馬遜實現的單位增長同步。

Is that the right way to think about it?

這是正確的思考方式嗎？

It looks like it might be getting a little bit of leverage in the model right now as -- is that -- what's driving that, the shipping cost leverage?

看起來它現在可能會在模型中獲得一點槓桿作用，因為——那是——是什麼推動了這一點，運輸成本槓桿？

Sure.

當然。

Let me start with that last one.

讓我從最後一個開始。

Yes, shipping costs are going to be very tied to AFN unit growth and also the impact of greater Prime adoption and faster shipping methods.

是的，運輸成本將與 AFN 單位增長以及更多 Prime 採用率和更快運輸方式的影響密切相關。

So yes, we consider that a very strong quarter, down sequentially in the growth that we've seen recently.

所以是的，我們認為這是一個非常強勁的季度，在我們最近看到的增長中連續下降。

That will fluctuate quarter to quarter.

這將每季度波動。

Again, it was a very strong operational quarter in Q4, and we've expanded the number of items that shipped free.

同樣，這是第四季度的一個非常強勁的運營季度，我們擴大了免費發貨的商品數量。

We're now over 100 million items in the U.S. So yes, shipping cost is always going to be a strong part of our offering, and we're -- it's going to be increasing due to our business model.

我們現在在美國擁有超過 1 億件商品。所以，是的，運輸成本始終是我們產品的重要組成部分，而且由於我們的商業模式，它將會增加。

And we, at the same time, look to minimize the cost by getting more and more efficient in that area.

與此同時，我們希望通過在該領域變得越來越高效來最大限度地降低成本。

AWS, yes, if you remember last year, we did have price increases in December of last year towards the end.

AWS，是的，如果您還記得去年，我們確實在去年 12 月接近尾聲時漲價了。

So it had a partial impact on the quarter.

因此，它對本季度產生了部分影響。

But generally, just strong usage growth.

但總的來說，只是強勁的使用增長。

Usage growth continues to be strong, growing at a higher rate than our revenue growth rate and customers continue to add workloads and expand.

使用量增長繼續強勁，增長速度高於我們的收入增長率，客戶繼續增加工作量並擴大規模。

And as I said, we're adding new services and features all the time, over 1,400 in 2017 alone.

正如我所說，我們一直在添加新的服務和功能，僅在 2017 年就有超過 1,400 項。

So it's a number of factors, I would say.

所以我會說，這是很多因素。

It's not as simple as lapping a cost there -- excuse me, a price decrease last year, but very happy with the performance in -- of the AWS business.

這並不像在那裡計算成本那麼簡單——對不起，去年降價了，但對 AWS 業務的表現非常滿意。

Now over a $20 billion run rate.

現在超過 200 億美元的運行速度。

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。

Brian, if you look back historically, your Q1 operating income guidance is typically about $300 million, $400 million lower than your Q4.

布賴恩，如果你回顧歷史，你的第一季度營業收入指導通常約為 3 億美元，比第四季度低 4 億美元。

Obviously, it's significantly greater than that this quarter.

顯然，它比本季度要大得多。

Maybe if you could shed a little light on why that is so and what are some of the key drivers there.

也許你能解釋一下為什麼會這樣，以及那裡的一些關鍵驅動因素是什麼。

And AWS and cloud pricing appears to have been more subtle in recent quarters.

最近幾個季度，AWS 和雲定價似乎更加微妙。

Maybe if you could talk a little bit about the pricing environment and why that has been the case at least compared to trends from back in '14, '15 and previously.

也許如果你能談談定價環境，以及為什麼至少與 14 年、15 年和以前的趨勢相比會出現這種情況。

Sure.

當然。

Let me start with guidance.

讓我從指導開始。

So yes, the operating income guidance is $300 million to $1 billion.

所以，是的，營業收入指導為 3 億至 10 億美元。

Operating income last year was $1 billion.

去年的營業收入為 10 億美元。

Q1 is generally when we see the volume drop off from Q4, obviously, but a lot of the costs remain from the year-over-year buildup in costs, particularly in the fulfillment network.

顯然，第一季度通常是我們看到銷量比第四季度下降的時候，但很多成本仍然來自成本的同比增長，特別是在履行網絡中。

So it's generally a headwind every Q1.

所以它通常是每個第一季度的逆風。

It's -- given the 30%-plus growth in square footage last year that we've built, that's one major headwind from Q4 to Q1.

這是 - 鑑於我們去年建造的平方英尺增長了 30% 以上，這是從第四季度到第一季度的一個主要不利因素。

But we also continue to invest, particularly in Alexa and our device area.

但我們也繼續投資，特別是在 Alexa 和我們的設備領域。

As I mentioned in a number of comments earlier, we're very happy with the results, the customer adoption, the device sales that we're seeing and the general customer acceptance there.

正如我之前在許多評論中提到的那樣，我們對結果、客戶採用率、我們看到的設備銷售以及那裡的普遍客戶接受度感到非常滿意。

So we will continue to invest there.

所以我們會繼續在那裡投資。

Those are probably the 2 largest factors in Q1, I would say.

我想說，這可能是第一季度的兩個最大因素。

Yes.

是的。

This is Dave.

這是戴夫。

Just on the second piece on just pricing.

就在剛剛定價的第二塊上。

I think in the pricing environment, I mean, nothing really to call out there.

我認為在定價環境中，我的意思是，沒有什麼可說的。

I guess, just a reminder on our pricing philosophy for AWS.

我想，只是提醒一下我們對 AWS 的定價理念。

Periodic price reductions are a normal part of our business.

定期降價是我們業務的正常組成部分。

We reduced prices more than 60 times with AWS since launching.

自推出以來，我們通過 AWS 降低了 60 多倍的價格。

So really, our kind of goal and philosophy here is to drive efficiencies in our ops and pass those savings on to customers.

所以真的，我們的目標和理念是提高我們的運營效率，並將這些節省轉嫁給客戶。

And some of that's through, again, with the more than 60 price reductions, but also finding through new service and feature launches better options for a customer that present -- customers to present more efficient features for them to be able to run their businesses.

其中一些是通過 60 多次降價實現的，而且還通過新服務和功能推出為客戶提供更好的選擇——客戶為他們提供更有效的功能，以便他們能夠開展業務。

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

我們的下一個問題來自 BMO 資本市場的 Dan Salmon。

First, Brian, any comments on the impact of ASC 606 accounting changes on your first quarter guidance here?

首先，Brian，您對 ASC 606 會計變更對您的第一季度指導的影響有何評論？

And then just second on the advertising business, in particular, the ads that we see in the search results on the site, the headline search ad, sponsored product ads, do you aim for a certain particular ad load across the entire platform?

然後是廣告業務，特別是我們在網站搜索結果中看到的廣告、標題搜索廣告、贊助產品廣告，您是否針對整個平台的特定廣告負載？

Do you look at sort of tailoring it based on user's activity, maybe a combination of both?

您是否考慮根據用戶的活動對其進行剪裁，或者兩者兼而有之？

Would just be interested in your thoughts on that.

只是對您對此的想法感興趣。

Yes.

是的。

This is Dave.

這是戴夫。

I'll take the first part of that question just around the new revenue recognition standard.

我將圍繞新的收入確認標準來回答這個問題的第一部分。

We did adopt the new standard on January 1 of this year, 2018.

我們確實在今年 2018 年 1 月 1 日採用了新標準。

And you'll see that reflected in our financials for the first quarter coming up.

你會看到這反映在我們即將到來的第一季度的財務狀況中。

There -- it touches on a number of different parts of our business in terms of how we recognize revenue.

那裡——就我們如何確認收入而言，它涉及我們業務的許多不同部分。

In terms of in the aggregate and the impact to our expectations for the revenue guidance for the first quarter, it's not material.

就總體而言以及對我們對第一季度收入指導預期的影響而言，這並不重要。

There's a number of different areas, at least, that we've called out in our filings with the 10-Q in the past and the 10-K that will be on file shortly that talk about the different areas that are impacted with this.

至少，我們在過去提交給 10-Q 的文件中提到了許多不同的領域，而不久將歸檔的 10-K 將討論受此影響的不同領域。

But again, not material in the aggregate.

但同樣，總體而言並不重要。

And on advertising, I would say our strategy is to make the customer experience additive by the ad process.

在廣告方面，我想說我們的策略是通過廣告流程增加客戶體驗。

We want customers to be able to see new brands and have easier time discovering products that they're looking for.

我們希望客戶能夠看到新品牌並更輕鬆地發現他們正在尋找的產品。

For brands, we think the value proposition is that we can find ways for them, especially emerging brands, to reach new customers.

對於品牌，我們認為價值主張是我們可以為他們，尤其是新興品牌找到接觸新客戶的方法。

So we're working with advertisers of all types and sizes to help them reach our customer base and the goal of driving brand awareness, discovery and better purchase decisions by the customer.

因此，我們正在與各種類型和規模的廣告商合作，以幫助他們接觸我們的客戶群，並實現提高品牌知名度、發現和客戶做出更好購買決策的目標。

Our next question comes from Justin Post with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的賈斯汀·波斯特。

I think I have 2 questions.

我想我有2個問題。

First, Whole Foods, you've got over a quarter under your belt.

首先，Whole Foods，你有超過四分之一的收入。

How's it going versus your expectations?

與您的期望相比，情況如何？

And what can Amazon really bring now that you've been there for a while, how you're thinking about that?

既然你已經在那里呆了一段時間，亞馬遜真正能帶來什麼，你是怎麼想的？

And then secondly, international decelerated a little bit this quarter, just wondering if there was any country to call out or anything going on there.

其次，國際本季度略有減速，只是想知道是否有任何國家需要呼籲或那裡發生什麼事情。

And we know that you spent about $3 billion international investment, I guess, last year.

我們知道您去年花費了大約 30 億美元的國際投資。

Where do you think the high-water mark is on that?

你認為高水位線在哪裡？

So just maybe a little bit more color on your international business.

因此，您的國際業務可能會多一點色彩。

Sure.

當然。

Let me start with the Whole Foods question.

讓我從 Whole Foods 的問題開始。

We're continuing to be very excited about the opportunities we have to innovate with the Whole Foods and Amazon teams together in our physical stores.

對於我們必須與 Whole Foods 和 Amazon 團隊在我們的實體店中共同創新的機會，我們仍然感到非常興奮。

It states in our supplemental disclosure that physical stores revenue was $4.5 billion in Q4, which is primarily comprised of Whole Foods and was slightly better than what was built into our guidance that I gave you last call.

它在我們的補充披露中指出，第四季度實體店收入為 45 億美元，主要由 Whole Foods 組成，略好於我上次給你的指導意見。

So -- so far, our focus has been on continuing to lower prices even beyond the initial ones that we discussed at the close of the deal in late August.

所以 - 到目前為止，我們的重點一直是繼續降低價格，甚至超出我們在 8 月底交易結束時討論的最初價格。

We've launched Whole Foods products on our Amazon website.

我們在亞馬遜網站上推出了 Whole Foods 產品。

And the technical work continues to make Prime the Whole Foods customer rewards program.

並且技術工作繼續使 Prime 成為 Whole Foods 客戶獎勵計劃。

And we expect to have more on that later in the year.

我們預計在今年晚些時候會有更多關於這方面的信息。

We've also added Lockers and much more to come.

我們還添加了儲物櫃以及更多內容。

So we're very happy with the initial results out of the team in Whole Foods down in Austin.

因此，我們對奧斯汀 Whole Foods 團隊的初步成果感到非常滿意。

Also, I will mention that we did see a small operating income/loss for the quarter from Whole Foods.

另外，我要提到的是，我們確實看到全食超市本季度的營業收入/虧損很小。

At the time of the acquisition, we had stepped up the fair market value of certain assets on the balance sheet.

在收購時，我們已經提高了資產負債表上某些資產的公允市場價值。

This is going to increase the amortization.

這將增加攤銷。

It's a noncash charge, but it will increase the amortization over the useful life.

這是一項非現金費用，但會增加使用壽命內的攤銷。

And a lot of that is forward front-loaded, so we'll see higher amortization in the first few years and then it reverses later.

而且其中很多都是前置式的，所以我們會在頭幾年看到更高的攤銷，然後再逆轉。

So excluding these noncash expense items, Whole Foods had a positive operating income in Q4, but you'll see in the 10-K that the operating income, including the charges, was slightly negative in Q4.

因此，不包括這些非現金支出項目，Whole Foods 在第四季度的營業收入為正，但您會在 10-K 中看到，包括費用在內的營業收入在第四季度略有下降。

International growth, your comment about slowing down, I think there's a slowdown versus Q4 -- 3, if that was your point.

國際增長，您對放緩的評論，如果這是您的觀點，我認為與第四季度相比，第三季度有所放緩。

28% growth in Q3, FX neutral, was helped quite a bit by Prime Day and kind of the strengthening of Prime Day in a number of locales.

外匯中性的第三季度增長 28%，這在很大程度上得益於 Prime Day 以及一些地區 Prime Day 的加強。

Although we've had Prime Day in most of those countries, it's really starting to gain more and more traction there.

儘管我們在大多數這些國家/地區都舉辦了 Prime Day，但它確實開始在那裡獲得越來越多的關注。

So that is probably more of a help to Q3 than a discussion of any weakness in Q4.

因此，這可能比討論第四季度的任何弱點對第三季度的幫助更大。

So we're -- continue to be pursuing the same strategy as we have in North America, adding Prime benefits, adding devices, adding video content, adding AmazonFresh, Prime Now, giving a lot of value to the Prime customers in international countries as well.

所以我們 - 繼續追求與我們在北美相同的戰略，增加 Prime 福利，增加設備，增加視頻內容，增加 AmazonFresh，Prime Now，為國際國家的 Prime 客戶帶來很多價值出色地。

And also in that number is India.

印度也在這個數字中。

And India continues to be a good story for us.

印度對我們來說仍然是一個好故事。

We feel that it's had a lot of growth in the past year.

我們覺得它在過去的一年裡有了很大的增長。

In fact, more Prime members joined India's Prime program in the first year than we've seen in any other country in the history of the world, our world.

事實上，第一年加入印度 Prime 計劃的 Prime 會員人數超過了我們在世界歷史上任何其他國家看到的，我們的世界。

So the selection is also increasing Prime eligible selection is up over 25 million items, launching video there and also continuing to add other Prime benefits such as Prime Music will be coming soon.

因此，選擇也在增加 Prime 合格選擇超過 2500 萬個項目，在那裡推出視頻並繼續添加其他 Prime 福利，如 Prime Music 即將推出。

Amazon Family is there.

亞馬遜家庭就在那裡。

As I said, Prime Video, and we had our first Prime Day in India.

正如我所說，Prime Video，我們在印度舉行了第一個 Prime Day。

So that's a little bit on international growth.

所以這有點關於國際增長。

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, in the press release, you talk about the strength of the Prime member growth in 2017.

我有 2 個。第一個，在新聞稿中，您談到了 2017 年 Prime 會員增長的力度。

Could you talk a little bit about to the -- what you're seeing in growth in Prime subscribers in the United States at this point?

您能否談談您目前看到的美國 Prime 訂戶增長情況？

And are you still seeing a similar tick up in consumer spending as they come into Prime as you have in the past?

當消費者進入 Prime 會員時，您是否仍然看到與過去類似的消費支出增長？

And the second one, Brian, to go back to an earlier question on areas of investment this year, you didn't talk a whole lot about kind of new categories to expand into beyond the old retail business.

第二個，布賴恩，回到早些時候關於今年投資領域的問題，你沒有談論太多關於擴展到舊零售業務之外的新類別。

Curious to hear about the investment needed to go into logistics, health care and kind of new areas you haven't really cracked into as hard yet.

很想知道物流、醫療保健和您尚未真正涉足的新領域所需的投資。

Yes.

是的。

This is Dave.

這是戴夫。

Thanks for the question, Brian.

謝謝你的問題，布賴恩。

Just on the first piece, in terms of just Prime membership and Prime behavior, we continue to see that we're seeing sign-ups for memberships at a strong clip.

就第一部分而言，僅就 Prime 會員資格和 Prime 行為而言，我們繼續看到我們正在以強勁的速度看到會員資格的註冊。

When we look at the year-over-year growth in paid Prime members on a global basis, it's been consistent in Q4 year-over-year, similar growth rates year-over-year to what we've seen in some of the earlier quarters of this year.

當我們查看全球付費 Prime 會員的同比增長時，它在第四季度與去年同期保持一致，與我們在早些時候看到的同比增長率相似今年的幾個季度。

So that's, of course, a mix of strength in the U.S. and also strength in some of the newer markets that we've launched or introduced the Prime program in.

當然，這既是美國實力的結合，也是我們推出或引入 Prime 計劃的一些新市場的實力。

We continue to see that as Prime members sign up and engage into the program, their purchasing patterns change and they do spend more as they move into the program.

我們繼續看到，隨著 Prime 會員註冊並參與該計劃，他們的購買模式會發生變化，並且隨著他們進入該計劃，他們確實會花費更多。

And of course, our focus is -- continues to be on adding some of the features around Prime that Brian's been talking about, but also importantly, making sure we're adding more selection to the offering through our own efforts, first party, but also programs like Fulfillment by Amazon, which is -- continues to be a fast grower for us.

當然，我們的重點是——繼續增加 Brian 一直在談論的圍繞 Prime 的一些功能，但同樣重要的是，確保我們通過自己的努力為產品增加更多選擇，第一方，但還有像亞馬遜物流這樣的項目，它仍然是我們的快速增長者。

Yes.

是的。

And on new businesses or expansion of categories, as you discussed, I would not talk to anything that's not been publicly announced, but on some of the ones you mentioned, they are underway and are continuing.

正如你所討論的，關於新業務或類別的擴展，我不會談論任何未公開宣布的事情，但關於你提到的一些，它們正在進行中並且正在繼續。

I would say on logistics, we will continue to build our logistics capability both -- and that will be all the way, too.

我想說的是，在物流方面，我們將繼續建立我們的物流能力——這也將一直如此。

And delivery, we've been able to increase service levels in many cases by delivering it ourselves.

在交付方面，我們在很多情況下都能夠通過自己交付來提高服務水平。

And although we have a strong partner network here, we will always be able to leverage our strength and our knowledge about where shipments are going, both within our network and to final customers that will create opportunities for us there as we increase or better the customer experience as well.

儘管我們在這裡擁有強大的合作夥伴網絡，但我們將始終能夠利用我們的實力和我們對貨物去向的了解，無論是在我們的網絡內還是對最終客戶，這將為我們在那裡創造機會，因為我們增加或改善客戶經驗也一樣。

We continue -- I would say on the category side, the biggest effort will continue to be on groceries and consumables with the Whole Foods acquisition.

我們繼續——我想說的是，在品類方面，最大的努力將繼續是收購 Whole Foods 的雜貨和消耗品。

And again, we continue to look at our whole offering of AmazonFresh, Prime Now, Whole Foods, how can they work together to create better and better offerings for our customer base.

再一次，我們繼續關注我們的 AmazonFresh、Prime Now、Whole Foods 的全部產品，它們如何協同工作，為我們的客戶群創造越來越好的產品。

And to a lesser extent, versus grocery, I would say, we continue to build our business, B2B businesses, and very happy with the initial performance there with a number of the companies and universities that we've been working with and their initial results.

在較小程度上，與雜貨店相比，我想說，我們繼續建立我們的業務，B2B 業務，並且對與我們一直合作的許多公司和大學的初步表現及其初步成果感到非常滿意.

Our next question comes from the line of Scott Mushkin with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Scott Mushkin。

So I want to go back to -- and I think you said one of the big focuses of the year is going to be on the consumables, Now, Fresh, Whole Foods.

所以我想回到 - 我想你說過今年的一大重點是消耗品，現在，新鮮，全食。

There's been a lot of press on the Whole Foods front, the out-of-stock issue and then clearly in the Now as we've been testing it and Fresh has the same issue.

在 Whole Foods 方面有很多新聞，缺貨問題，然後在我們一直在測試的 Now 中很明顯，Fresh 也有同樣的問題。

So I was wondering if you guys could talk about what the company plans to do.

所以我想知道你們是否可以談談公司計劃做什麼。

I mean, there is obviously the reputational risk that could come from that to kind of correct some of these issues and kind of what the view of the company is on the out-of-stock issues, not just at Whole Foods, but just generally across the consumables business in Fresh and Now.

我的意思是，這顯然會帶來聲譽風險，以糾正其中一些問題以及公司對缺貨問題的看法，不僅僅是在全食超市，而是在一般情況下Fresh 和 Now 的耗材業務。

Yes.

是的。

I'm not -- let me just back it to a more general statement.

我不是——讓我回到更籠統的說法。

I'd say, Whole Foods is not less in their commitment to providing the best selection of high-quality products and having them in stock for customers.

我想說的是，Whole Foods 的承諾並沒有減少提供優質產品的最佳選擇並為客戶提供庫存。

We made no changes post the acquisition that would have impacted anything related to in-stock, except perhaps the fact that price decreases have brought up demand and there's an amount of rebalancing related to that.

我們在收購後沒有做出任何會影響與庫存相關的任何更改，除了價格下跌帶來了需求以及與此相關的大量重新平衡這一事實。

So I think the out-of-stock issues that may be getting press are tied more to the increased demand that we're seeing and also selective weather-related restocking issues.

因此，我認為可能引起媒體關注的缺貨問題更多地與我們看到的需求增加以及與天氣相關的選擇性補貨問題有關。

But stepping beyond any short-term issues, the commitment is -- remains to have healthy, high-quality selection in stock for products.

但是，除了任何短期問題之外，我們的承諾是——仍然為產品提供健康、高質量的庫存選擇。

That's what the Whole Foods team has committed to.

這就是 Whole Foods 團隊所承諾的。

That's what the Amazon team, with them, is committed to.

這就是亞馬遜團隊和他們一起致力於的事情。

And also across any delivery channel that we have, AmazonFresh, Prime Now or Whole Foods.

還可以通過我們擁有的任何交付渠道，AmazonFresh、Prime Now 或 Whole Foods。

So where there's issues, they'll be corrected.

所以哪裡有問題，就會改正。

Where there's areas we can improve our selection and delivery for customers, we'll do so.

凡是我們可以改進為客戶選擇和交付的領域，我們都會這樣做。

But it'll be something that we're working on.

但這將是我們正在努力的事情。

So the immediacy, the perishability are all challenges everyone has in this area, but we're confident that we will have a good service and continue to delight customers.

因此，即時性、易腐性都是每個人在該領域都面臨的挑戰，但我們相信我們將提供良好的服務並繼續讓客戶滿意。

Our next question comes from the line of Youssef Squali with SunTrust Robinson Humphrey.

我們的下一個問題來自 SunTrust Robinson Humphrey 的 Youssef Squali。

We've seen that the number of private-label products on the site has increased pretty dramatically over the last 12, 18 months.

我們已經看到，在過去的 12 到 18 個月裡，該網站上的自有品牌產品數量急劇增加。

Can you speak to your private-label strategy in general?

你能談談你的自有品牌戰略嗎？

How big is that segment today?

今天這個細分市場有多大？

How big can it become?

能變多大？

And just broadly speaking, how are the margins in that segment versus comparable third-party products?

從廣義上講，與可比的第三方產品相比，該細分市場的利潤率如何？

Yes.

是的。

Thanks for the question.

謝謝你的問題。

This is Dave.

這是戴夫。

I think broadly, when I look at our strategy, it's focused on, number one, providing a broad selection for customers across a number of categories so that they can find and buy exactly what they're looking for.

我認為從廣義上講，當我查看我們的策略時，它的重點是第一，為多個類別的客戶提供廣泛的選擇，以便他們能夠準確地找到併購買他們正在尋找的東西。

When you look at private brands, it's very much meant to supplement that great selection.

當您查看自有品牌時，它在很大程度上是為了補充這一絕佳選擇。

And we look for ways to be able to find private-label items that have a high caliber of quality, but also can bring that selection and that convenience for customers and really supplement what vendors and sellers are already providing to customers in many cases.

我們尋找能夠找到具有高品質的自有品牌商品的方法，同時也可以為客戶帶來選擇和便利，並在許多情況下真正補充供應商和賣家已經為客戶提供的產品。

We've not broken out kind of how significant or how large that is.

我們還沒有說明它有多大或有多大。

I think for a lot of these initiatives, when you look across categories that we offer, many of them are still earlier stage and have been around even from kind of infancy for shorter period of time, a year, a couple of years in some cases.

我認為對於這些舉措中的很多，當您查看我們提供的類別時，其中許多仍處於早期階段，甚至從嬰儿期就已經存在了更短的時間，一年，在某些情況下是幾年.

Amazon Fashion is one area where you're seeing us offer a number of private apparel brands.

亞馬遜時尚是您看到我們提供許多私人服裝品牌的一個領域。

Some of the more sort of popular lines with customers have been things like Goodthreads, Amazon Essentials, which is men's and women's basics.

一些更受客戶歡迎的產品線是 Goodthreads、Amazon Essentials，這是男士和女士的基本款。

Consumables is, of course, another big area where we have the benefit of working with some of the Whole Foods private label, but also doing some of our other Amazon brands, things like Happy Belly and Wickedly Prime and others so.

當然，消耗品是我們受益於與一些 Whole Foods 自有品牌合作的另一個大領域，同時也與我們的其他一些亞馬遜品牌合作，比如 Happy Belly 和 Wickedly Prime 等。

I think we'll continue to iterate on those and try to find different areas.

我認為我們將繼續迭代這些並嘗試找到不同的領域。

And certainly, there's other verticals that I didn't mention there that we're interested in continuing to kind of learn from customers what they want and what they're looking for there.

當然，還有其他我沒有提到的垂直領域，我們有興趣繼續從客戶那裡了解他們想要什麼以及他們在那裡尋找什麼。

And so we'll keep adding selection.

所以我們將繼續添加選擇。

Our next question comes from the line of Ken Sena with Wells Fargo.

我們的下一個問題來自富國銀行的 Ken Sena。

Maybe if you could just remind us of the thinking that -- behind keeping AWS and retail under one corporate structure.

也許如果你能提醒我們這樣的想法——在將 AWS 和零售業保持在一個公司結構之下的背後。

And does it make sense given the scale of where AWS is right now?

考慮到 AWS 目前的規模，這是否有意義？

And then -- and I'm sorry I have a little bit of an echo, I don't know why, but -- and we're hearing from marketers just how important Amazon is to their media strategy.

然後——我很抱歉我有一點迴聲，我不知道為什麼，但是——我們從營銷人員那裡聽到亞馬遜對他們的媒體戰略有多麼重要。

So I don't know if you could just maybe talk about that a little bit more broadly in terms of the approach and your philosophy to that business.

因此，我不知道您是否可以就該業務的方法和理念更廣泛地談論這一點。

Sure.

當然。

We see a lot of value in all of our businesses.

我們在所有業務中都看到了很多價值。

And AWS is a key component as is the physical consumer business.

AWS 是一個關鍵組成部分，實體消費者業務也是如此。

The -- what I'll point out is the management team is a common management team.

我要指出的是，管理團隊是一個普通的管理團隊。

The consumer business, if you will, is, if not the biggest, one of the largest customers of AWS.

如果您願意的話，消費者業務即使不是最大的，也是 AWS 的最大客戶之一。

So we see a lot of commonality there where we as -- depending on position in the company.

因此，我們在那裡看到了很多共同點——取決於公司的職位。

On the consumer side, the use of AWS has driven great infrastructure efficiencies, just like other companies see when they use AWS, turning fixed cost into variable cost and pooling resources and not having a lot of trapped capacity throughout the company and taking advantage of all the new services and features.

在消費者方面，AWS 的使用推動了巨大的基礎設施效率，就像其他公司在使用 AWS 時看到的那樣，將固定成本轉化為可變成本並集中資源，並且在整個公司中沒有大量受限容量並利用所有資源新的服務和功能。

So as a internal customer, the consumer business is very happy with AWS.

所以作為內部客戶，消費者業務對 AWS 非常滿意。

And I think AWS is also very benefited by the fact that they have a large internal beta customer that tries out and uses a lot of their products and services.

而且我認為 AWS 也受益於他們擁有大量內部測試版客戶的事實，他們試用並使用了他們的許多產品和服務。

So it's a good combination for a lot of reasons, and we see no reason to change the structure that we have.

因此，出於很多原因，這是一個很好的組合，我們認為沒有理由改變我們現有的結構。

Yes.

是的。

And sorry, Ken, your second question was?

抱歉，肯，你的第二個問題是？

Yes.

是的。

The second question was just on the advertising side.

第二個問題只是在廣告方面。

And just -- we're just hearing so much more how important Amazon is to broader media budgets.

而且——我們剛剛聽到更多亞馬遜對更廣泛的媒體預算的重要性。

And so just hoping to get maybe a little bit more color just on your approach to the business right now, some of the drivers behind the recent success and just maybe just more of a sort of, as you look out over the next few years, kind of how important do you see this business becoming in the grand scheme of things?

所以只是希望在你現在的業務方式上獲得更多的色彩，最近成功背後的一些驅動因素，也許只是更多，正如你在接下來的幾年裡看到的那樣，您認為這項業務在宏偉計劃中的重要性如何？

Yes.

是的。

I mean, I think right now, we're really just focused on finding ways to work with those companies, whether it's vendors or sellers that are coming to us and offer them a great experience on the website and an ability to be able to reach customers.

我的意思是，我認為現在，我們真的只是專注於尋找與這些公司合作的方法，無論是供應商還是賣家來找我們，並在網站上為他們提供出色的體驗和能夠接觸到的能力顧客。

So I think there's more to come on that side.

所以我認為這方面還有更多的事情要做。

As we said, we're definitely seeing some strong growth in our advertising revenue as part of the other revenue line item.

正如我們所說，作為其他收入項目的一部分，我們的廣告收入肯定會出現強勁增長。

And I think we're going to keep building more new tools based on what we're learning from our customers there to better serve in the future.

而且我認為我們將根據我們從那裡的客戶那裡學到的東西繼續構建更多新工具，以便在未來更好地服務。

I think we're also part of the key lean in from a lot of brands and agencies into the e-commerce marketing space.

我認為我們也是許多品牌和代理商進入電子商務營銷領域的關鍵部分。

So whether it's our site alongside search or social marketing, it's really helping them engage customers on a high, efficient -- highly efficient manner.

因此，無論是我們的網站與搜索還是社交營銷，它確實在幫助他們以高效、高效的方式吸引客戶。

Thanks for joining us on the call today and for your questions.

感謝您今天加入我們的電話會議並提出您的問題。

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

至少在本季度末，我們的 IR 網站上將提供重播。

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

感謝您對 Amazon.com 的關注，並期待下個季度再次與您交談。