亞馬遜 (AMZN) 2018 Q1 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 Q1 2018 Financial Results Teleconference.

大家好，歡迎來到 Amazon.com 2018 年第一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 Q1 2018 financial results conference call.

您好，歡迎參加我們的 2018 年第一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 2017.

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 2017 年可比期間的結果相悖。

Our comments and responses to your questions reflect management's views as of today, April 26, 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 4 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、在線商務和雲服務的增長率，以及各種我們向美國證券交易委員會提交的文件中詳述了這些因素。

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'll 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 Eric Sheridan with UBS.

（操作員說明）我們的第一個問題來自瑞銀的 Eric Sheridan。

I wanted to ask if you had any update on the state of the advertising business?

我想問一下您是否對廣告業務的狀況有任何更新？

Sort of the state of conversations with advertisers, what product uptake you're seeing out in the marketplace?

與廣告商的對話狀態，你在市場上看到了什麼產品？

And sort of how that's looking now as we move out of '17 and into 2018, broadly, for the platform?

隨著我們從 17 年跨入 2018 年，從廣義上講，該平台的情況如何？

Yes.

是的。

Sure, Eric.

當然，埃里克。

I would say, advertising continues to be a bright spot, both from a product standpoint, and also, financially.

我想說，無論是從產品角度還是從財務角度來看，廣告仍然是一個亮點。

It was -- continued to be a strong contributor to profitability in Q1.

它是 - 繼續成為第一季度盈利能力的重要貢獻者。

It's now a multibillion-dollar program.

它現在是一個價值數十億美元的項目。

You can see the -- in our supplemental revenue disclosure, it's in other revenue, and it's the majority of the other revenue in that line item.

您可以在我們的補充收入披露中看到 - 在其他收入中，它是該項目中其他收入的大部分。

So we -- our philosophy there, again, is we're continuing to focus on finding valuable ways to make our advertising opportunities better for customers, showing them new products that they may not have seen otherwise, and also for emerging and established brands, helping them to reach customers.

因此，我們的理念是，我們將繼續專注於尋找有價值的方法，為客戶提供更好的廣告機會，向他們展示他們可能從未見過的新產品，以及新興和成熟品牌，幫助他們接觸客戶。

I think the advertisers, generally, are all shapes and sizes, and their common theme is they want to reach our customers, generally, to drive brand awareness, discovery, and eventually, purchase.

我認為廣告商一般都是各種形狀和大小，他們的共同主題是他們希望接觸我們的客戶，一般來說，推動品牌知名度、發現和最終購買。

Before I go on to the second question, I want to make a comment about the Prime program.

在我繼續第二個問題之前，我想對 Prime 計劃發表評論。

Prime program continues to drive great strength in our top line, as you've seen over the last few years, actually.

正如您在過去幾年中所看到的那樣，Prime 計劃繼續在我們的收入中發揮強大的作用，實際上。

We continue to increase the value of Prime, including speed selection and digital entertainment options.

我們繼續提升 Prime 的價值，包括速度選擇和數字娛樂選項。

We've been expanding FREE Same-Day Shipping and 1-day options.

我們一直在擴大免費當日送貨和 1 天選擇。

And our 2-day shipping, it's now available on over 100 million items, up from 20 million as recently as 2014.

我們的 2 天發貨，現在可用於超過 1 億件商品，而 2014 年為 2000 萬件。

And we continue to add digital benefits, like Prime Video.

我們繼續增加數字優勢，例如 Prime Video。

The value of Prime to customers has never been greater.

Prime 對客戶的價值從未像現在這樣大。

And the cost is also high.

而且成本也很高。

As we pointed out especially with shipping options and digital benefits, we continue to see rises in costs.

正如我們特別指出的運輸選項和數字優勢，我們繼續看到成本上升。

So effective May 11, we're going to increase the price of our U.S. annual plan from $99 to $119, for new members.

因此，從 5 月 11 日起，我們將針對新會員將美國年度計劃的價格從 99 美元提高到 119 美元。

The new price will apply to renewals starting on June 16.

新價格將適用於從 6 月 16 日開始的續訂。

Prime provides a unique combination of benefits, and we continue to invest in making this Prime program even more valuable for our members.

Prime 提供獨特的福利組合，我們將繼續投資以使該 Prime 計劃對我們的會員更有價值。

As a reminder, we haven't increased the U.S. annual price Prime since our single increase, which was in March of 2014.

提醒一下，自 2014 年 3 月單次上調以來，我們沒有上調美國年度 Prime 價格。

Yes.

是的。

And Eric, sorry to just go back to your initial question too, just to hop back on that, I just want to remind folks that we've mentioned this last quarter on the call, but on January 1, we adopted an accounting standard update that amended our revenue recognition policies.

埃里克，很抱歉也回到你最初的問題，我只是想提醒大家，我們在上個季度的電話會議中提到了這一點，但是在 1 月 1 日，我們採用了會計準則更新這修改了我們的收入確認政策。

So the net impact to revenue in the first quarter was not material, but I do want to highlight a few areas.

因此，第一季度對收入的淨影響並不重大，但我確實想強調幾個領域。

As part of the adoption beginning in Q1, certain advertising services are classified as revenue, rather than a reduction of costs to sales.

作為從第一季度開始採用的一部分，某些廣告服務被歸類為收入，而不是銷售成本的降低。

So the impact of this change was an increase of $560 million to other revenue in Q1, which is the other revenue was, of course, part of our supplemental sales disclosure.

因此，這一變化的影響是第一季度其他收入增加了 5.6 億美元，這當然是我們補充銷售披露的一部分。

So you'll see that other revenue, in total, increased 132% ex FX year-over-year to about $2 billion in the first quarter, again, $560 million is included in there, and the majority of that is -- would be included in the North America segment.

所以你會看到第一季度其他收入總計同比增長 132%，達到約 20 億美元，其中包括 5.6 億美元，其中大部分是 - 將是包括在北美部分。

As you look at the other supplemental line items, just a few items of note.

當您查看其他補充訂單項時，只需注意幾項。

The line item online stores revenue increased about 13%, ex FX.

線項目在線商店收入增長約 13%，不含外匯。

Beginning in the first quarter, sales of apps, in-app content, certain digital media content, are now presented on a net revenue basis and included in third-party seller services revenue, rather than net online stores revenue.

從第一季度開始，應用程序、應用程序內內容和某些數字媒體內容的銷售額現在以淨收入為基礎，併計入第三方賣家服務收入，而不是網店淨收入。

So in the first quarter, online stores revenue would have been higher, but for this new standard.

所以在第一季度，如果沒有這個新標準，在線商店的收入會更高。

And then, the line item, subscription services revenue, that increased about 56% ex FX year-over-year.

然後，訂閱服務收入這一項目，除外匯外同比增長約 56%。

Prime members are -- Prime memberships are included in that line.

Prime 會員是 -- Prime 會員包含在該行中。

Again, beginning in the first quarter, we now recognize annual Prime membership revenue straight line over the 12-month period.

同樣，從第一季度開始，我們現在將 12 個月期間的年度 Prime 會員收入直線確認。

Prior to 2018, we recognize this revenue over the 12-month period with more revenue allocated to the fourth quarter each year.

在 2018 年之前，我們在 12 個月期間確認這一收入，每年第四季度分配的收入更多。

So in Q1 of this year's subscription services revenue would have been lower, but for this new standard.

所以今年第一季度的訂閱服務收入本來會更低，但要不是這個新標準。

Our next question comes from Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

So the first one, on Prime, let me ask you this.

所以第一個，在 Prime 上，讓我問你這個。

As you think about your U.S. Prime penetration, there's some data that shows you're doing a very good job at capturing a lot of the middle to higher income households and now you're raising price.

當您考慮您的美國 Prime 滲透率時，有一些數據表明您在吸引許多中高收入家庭方面做得非常好，現在您正在提高價格。

Talk about the tension point you need to solve to sort of reach some of the lower income households and even households that are not yet Prime.

談談你需要解決的緊張點，以觸及一些低收入家庭，甚至還不是 Prime 的家庭。

What are the main reasons why people in the U.S. are not signing on for Prime at this point?

美國人目前沒有註冊 Prime 會員的主要原因是什麼？

And the second one, on early learnings from the integration of Prime Now and Whole Foods, recognizing it's only in a few cities.

第二個，關於 Prime Now 和 Whole Foods 整合的早期經驗，認識到它只在少數幾個城市。

What can you share about what you're seeing about purchase behavior, early learnings?

關於購買行為、早期學習，你能分享什麼？

And what are the main signposts you're watching as you determine how quickly to roll that out to more cities in the U.S., and hopefully, New York soon?

當您決定以多快的速度將其推廣到美國的更多城市時，您正在關注的主要路標是什麼，希望很快能推廣到紐約？

Sure.

當然。

On your first question about Prime penetration, without getting into any statistics on penetration and by country, I would say we do have other options for, if you'll notice, there's the monthly option, obviously provides more flexibility for people who want to try out Prime before committing to the annual plan.

關於您關於 Prime 滲透率的第一個問題，沒有進入任何有關滲透率和國家/地區的統計數據，我想說我們確實有其他選擇，如果您注意到的話，有每月選項，顯然為想要嘗試的人提供了更大的靈活性在承諾年度計劃之前退出 Prime。

There's discounted student plans.

有打折的學生計劃。

There's also discounts for other groups.

其他團體也有折扣。

So we do feel it's still the best deal in retail, and we just work to make it better and better each day.

因此，我們確實認為這仍然是零售業最划算的交易，我們每天都在努力讓它變得越來越好。

The second thing you mentioned is a good example.

你提到的第二件事就是一個很好的例子。

So the ability in 10 cities to get Prime Now deliveries of Whole Foods groceries is an added benefit for people in that market using Prime -- those markets using Prime Now.

因此，能夠在 10 個城市通過 Prime Now 交付 Whole Foods 雜貨，對於使用 Prime 的市場中的人們來說是一個額外的好處——那些使用 Prime Now 的市場。

So as far as the Whole Foods, specifically on the question of what'll -- what we'll look at as far as expanding that grocery delivery, we're going to use the 10 cities as a test and see how customers respond, just like we always do, and make sure that our deliveries are great for those people, and then we'll announce expansion plans once we digest that, the feedback we get from customers.

因此，就全食超市而言，特別是關於擴大雜貨配送範圍的問題，我們將使用 10 個城市作為測試，看看客戶的反應如何，就像我們一直做的那樣，並確保我們的交付對這些人來說是好的，然後我們將在我們消化了這一點以及我們從客戶那裡得到的反饋後宣布擴張計劃。

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 was just wondering if you could give us a sense.

我只是想知道你是否能給我們一個感覺。

The accelerating growth that we saw in the U.S. business in Q1, how much of that or how would you sort of segment that in terms of specific categories?

我們在第一季度看到美國業務的加速增長，其中有多少，或者您將如何根據特定類別對其進行細分？

Are there any specific categories that you would call out in terms of driving that?

在駕駛方面，您是否會提出任何特定的類別？

And then, as we look at the like acceleration in the AWS business, any sense that you can give us in terms of what volumes or customer you specifically call out sort of customer additions in some of your comments, what customer additions have looked like in terms of driving that business, particularly against sort of the comp against last year's price cuts?

然後，當我們看到 AWS 業務的類似加速時，您可以就您在某些評論中特別提到的客戶添加類型、客戶添加看起來像什麼數量或客戶方面給我們任何感覺推動該業務的條款，特別是與去年的降價相比？

Sure.

當然。

So first, with the -- you've mentioned North America revenue growth, and you can calculate that with and without the impact of Whole Foods, I'm sure, but the general drivers continues to be Prime and the Prime Flywheel, so we see strong customer demand, not only for the benefits that we associate with Prime, we're seeing better engagement with Prime Benefits, especially Digital and Benefits, and that is always good news for eventual sales of other things.

首先，你提到了北美的收入增長，我敢肯定，無論有無全食超市的影響，你都可以計算出來，但一般驅動因素仍然是 Prime 和 Prime 飛輪，所以我們看到強勁的客戶需求，不僅是因為我們與 Prime 相關聯的福利，而且我們看到與 Prime 福利的更好互動，尤其是數字和福利，這對於其他產品的最終銷售總是好消息。

We're also selling more subscriptions, Amazon Music Unlimited, multiple -- Kindle Unlimited, there's a number of services.

我們還銷售更多訂閱，Amazon Music Unlimited，多種——Kindle Unlimited，還有很多服務。

So there's different revenue streams that we see.

所以我們看到了不同的收入來源。

So not much more I can add by product line to North America.

因此，我無法通過產品線向北美添加更多內容。

Now I talk about AWS revenue, again, we're -- we are accelerating.

現在我再次談到 AWS 的收入，我們正在加速。

We've accelerated for the last 2 quarters.

在過去的兩個季度中，我們加快了步伐。

The FX-neutral growth was 48% in Q1, up from 44% on the same basis in Q4 and 42% in Q3.

第一季度的外匯中性增長率為 48%，高於第四季度的 44% 和第三季度的 42%。

And now nearly a $22 billion run rate.

現在接近 220 億美元的運行率。

So what we're seeing is just continued strong usage, both by existing customers and signing new customers for -- see an increased pace of enterprise migrations as customers are having success with AWS and increasingly trying new services.

因此，我們所看到的只是現有客戶和簽約新客戶的持續強勁使用——隨著客戶在 AWS 上取得成功並越來越多地嘗試新服務，企業遷移的步伐加快。

We are seeing people move more and more of their workloads to AWS and at a faster pace.

我們看到人們以更快的速度將越來越多的工作負載轉移到 AWS。

And customers are moving databases to AWS as their work continues to grow at a very rapid clip.

隨著他們的工作繼續快速增長，客戶正在將數據庫遷移到 AWS。

So stepping back, I would say, what is driving the growth, we believe, again, it's the value that we create for AWS customers.

所以退一步說，是什麼推動了增長，我們再次相信，這是我們為 AWS 客戶創造的價值。

We have the functionality and pace of innovation that others don't.

我們擁有其他人沒有的功能和創新步伐。

We have partner and ecosystem that others don't, and we have proven operational capability and security expertise that's highly valued to AWS customer base.

我們擁有其他人沒有的合作夥伴和生態系統，並且我們擁有久經考驗的運營能力和安全專業知識，這對 AWS 客戶群來說非常有價值。

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。

Some of the data that we've seen suggests that this year, your -- the rate of growth in the build out of fulfillment centers and other parts of the retail logistics network as well as data centers, but more on the former, that rate of growth is slowing this year relative to last year and even the year before.

我們看到的一些數據表明，今年，履行中心和零售物流網絡的其他部分以及數據中心的建設增長率，但更多的是前者，該增長率與去年甚至前一年相比，今年的增長正在放緩。

I know that you guys go through periods of kind of heavy investment then you grow into that capacity.

我知道你們經歷過大量投資的時期，然後你就成長為那種能力。

But I just wonder if you could comment a little bit about where we are kind of in that ebb and flow of that cycle right now.

但我只是想知道你是否可以評論一下我們現在在那個週期的潮起潮落中的位置。

And in terms of the accounting change that Dave referenced earlier, with regard to revenue going from cost of revenue to the other line, can you comment if that particular type of advertising, that trade dollars type of marketing, is that growing at a meaningfully different rate than the ad revenue that's already booked as revenue?

就戴夫之前提到的會計變化而言，關於從收入成本到另一條線的收入，您能否評論一下這種特定類型的廣告，即交易美元類型的營銷，是否以有意義的不同增長費率高於已記為收入的廣告收入？

Yes, Mark, this is Dave.

是的，馬克，這是戴夫。

On that second question, we've not commented on the growth rate or given the prior year period, so not much we can say there.

關於第二個問題，我們沒有評論增長率或上一年的時間，所以我們不能說太多。

As I said, the $560 million, if you were to back that out and look at the sort of pre-existing advertised or other revenue, rather, that was included in that line item, we'd be growing about 72%, but again, that's not in relation to the COGS portion.

正如我所說的，5.6 億美元，如果你要支持它並查看預先存在的廣告或其他收入，而是包含在該訂單項中，我們將增長約 72%，但又一次，這與 COGS 部分無關。

And on the question on capacity, excuse me, cap -- I'll address this CapEx and capital leases, we're still seeing strong investment there.

關於容量的問題，對不起，上限 - 我將解決資本支出和資本租賃問題，我們仍然看到那裡的強勁投資。

If I look at the quarterly trends, you're right that this quarter was up 33% in isolation versus last year.

如果我看一下季度趨勢，你是對的，本季度與去年相比單獨增長了 33%。

I look back to last year's first quarter and we grew 82% year-over-year.

我回顧去年的第一季度，我們同比增長了 82%。

So it was a particularly heavy quarter, particularly for investment and warehouses.

因此，這是一個特別沉重的季度，尤其是對於投資和倉庫而言。

So if I step back on the trailing 12 months though, CapEx, which is predominantly tied to our fulfillment center network, is up 47%.

因此，如果我回顧過去的 12 個月，主要與我們的履行中心網絡相關的資本支出增長了 47%。

That is above the Amazon fulfilled unit growth rate, but we've combined the strength of the FBA program and the space requirements as we -- get into bigger and bigger products.

這高於亞馬遜實現的單位增長率，但我們結合了 FBA 計劃的優勢和空間要求，因為我們 - 進入越來越大的產品。

That -- it's a representative number for that period.

那 - 這是那個時期的代表數字。

On the capital leases, which is a good proxy for the spend to support the AWS business, that's up 49% year-over-year on the trailing 12 months.

在資本租賃方面，這是支持 AWS 業務的支出的一個很好的代表，在過去的 12 個月中同比增長了 49%。

So again, usage rates continue to exceed the revenue growth rates.

因此，使用率繼續超過收入增長率。

Usage rates are strong, but we also have a number of projects underway that seek to increase our efficiency of our data centers.

使用率很高，但我們也有許多項目正在進行中，旨在提高我們數據中心的效率。

So there's a couple of things at play there that, hopefully, keep that number closer to the revenue growth rate.

因此，有幾件事在起作用，希望能保持這個數字更接近收入增長率。

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

我們的下一個問題來自摩根大通的 Doug Anmuth。

Brian, you had significant operating income upside in 1Q and I think a better outlook for the second quarter than many expected.

布賴恩，您在第一季度的營業收入有顯著增長，我認為第二季度的前景比許多人預期的要好。

Can you just talk about the biggest factors that drove the delta relative to your 1Q guide?

您能否談談相對於您的 1Q 指南而言推動增量的最大因素？

And is there any reason to think that you couldn't see similar leverage in the back half of the year?

有沒有理由認為你在下半年看不到類似的槓桿？

Sure.

當然。

Yes, we came in well above our range that we had given of $300 million to $1 billion.

是的，我們的收入遠高於我們提供的 3 億至 10 億美元的範圍。

I would attribute it primarily to a few things.

我主要將其歸因於幾件事。

First, the top line growth was -- continued to be strong coming out of Q4.

首先，從第四季度開始，營收增長持續強勁。

We had great consumer business strength.

我們擁有強大的消費業務實力。

We also had strong AWS revenue strength, where I already mentioned that we accelerated into the quarter, which is a different trend than we've seen recently.

我們還擁有強大的 AWS 收入實力，我已經提到我們加速進入本季度，這與我們最近看到的趨勢不同。

So customer adoption and AWS remained strong.

因此，客戶採用率和 AWS 保持強勁。

And when we hit the higher end of our range or just above our range on -- with FX included, we generally see really good drop through on the incremental sales, given our -- the fixed costs we have in fulfillment centers and data centers, and quite frankly, people.

當我們達到我們範圍的高端或略高於我們的範圍時——包括外彙在內，考慮到我們在履行中心和數據中心的固定成本，我們通常會看到增量銷售的下降非常好，坦率地說，人們。

So we saw great efficiencies at the higher level of revenue, and we're able to handle it.

因此，我們在更高的收入水平上看到了巨大的效率，我們能夠處理它。

So that was generally very good financially.

所以這通常在財務上非常好。

We -- at the time of guidance, we were concerned a bit about the high -- relatively high inventory we had at year-end in space utilizations.

我們 - 在指導時，我們有點擔心我們在年底空間利用率方面的高 - 相對較高的庫存。

We were still very full in our fulfillment centers.

我們的履行中心仍然很滿。

But we were able to correct that due to the high sales without handling -- without having additional handling and transportation cost that you would normally see to reconfigure inventory locations.

但是我們能夠糾正這個問題，因為沒有處理的銷售額很高——沒有額外的處理和運輸成本，你通常會看到重新配置庫存位置。

So that also helped and probably was a differential versus the guidance estimate.

所以這也有幫助，並且可能是與指導估計的差異。

And then, lastly, I would say, advertising continues to be a strong contributor to profitability and had strong results this quarter.

最後，我想說的是，廣告仍然是盈利能力的重要貢獻者，並且在本季度取得了強勁的業績。

As far as what that portends for future quarters, for now, I want to focus on Q2 and it's incorporated into our Q2 guidance.

至於這預示著未來幾個季度的情況，目前，我想專注於第二季度，並將其納入我們的第二季度指導。

So we expect a lot of the strength areas to continue, consumer demand, AWS and advertising.

因此，我們預計很多優勢領域將繼續存在，消費者需求、AWS 和廣告。

We will definitely see higher investments as we move through the year.

隨著這一年的發展，我們肯定會看到更高的投資。

For example, video content spend will increase year-over-year, and we'll continue to hire, in particular, software engineers.

例如，視頻內容支出將逐年增加，我們將繼續招聘，尤其是軟件工程師。

We'll have some cost in Q2 ahead of what's anticipated to be a Prime Day in early Q3.

在第三季度初的 Prime Day 之前，我們將在第二季度支付一些費用。

So -- and then as you know, Q3 is generally a lower quarter due to all the work to get ready for holiday and the hiring of people and building teams.

所以 - 然後如你所知，第三季度通常是一個較低的季度，因為為假期做準備的所有工作以及招聘人員和建設團隊。

So I won't go beyond Q2 at this point, but again, we're very happy with customer reception we had in Q1, and then, the income that that drove.

因此，此時我不會超過第二季度，但同樣，我們對第一季度的客戶接待非常滿意，然後是推動的收入。

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

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

Two questions.

兩個問題。

That $239 million in other income, what was that?

那2.39億美元的其他收入，那是什麼？

And then, could you just wax a little bit, eloquently, hopefully, on advertising revenue?

然後，你能不能雄辯地，希望地，在廣告收入上增加一點？

And like how do you balance what our -- what should be a monstrous amount of ad revenue opportunities, especially high-profit, high-margin ad revenue opportunities against an ideal or optimal consumer experience?

就像你如何平衡我們的——應該是巨大的廣告收入機會，尤其是高利潤、高利潤的廣告收入機會與理想或最佳的消費者體驗？

These sponsored units I see in every search I do on Amazon seems great from an advertising perspective, but I sometimes wonder if it doesn't dilute to consumer experience.

從廣告的角度來看，我在亞馬遜上的每次搜索中看到的這些贊助單位似乎都很棒，但我有時想知道它是否不會削弱消費者體驗。

So just talk about how you balance that.

所以只談談你如何平衡它。

And then, finally, as part of advertising, you've got, also, a heck of a lot inventory around all of that video, that Prime Video that you have that you don't allow -- that you don't directly charge for.

最後，作為廣告的一部分，您還擁有圍繞所有視頻的大量庫存，您擁有但不允許的 Prime 視頻——您不直接收費為了。

How do you think about that as an advertising revenue opportunity?

您如何看待這是一個廣告收入機會？

Sure.

當然。

Let me wax eloquently, try to anyway.

讓我雄辯地打蠟，無論如何都要嘗試。

So let's start with the $239 million, that is essentially where attributable to warrants that we have in companies that we've partnered with.

因此，讓我們從 2.39 億美元開始，這主要歸功於我們在與我們合作的公司中擁有的認股權證。

We have transportation companies that we've partnered with and other technology companies.

我們有與我們合作的運輸公司和其他技術公司。

As the stock market increased in Q1, a lot of those companies also went up.

隨著第一季度股市的上漲，其中很多公司也上漲了。

So that's where we book the gain on warrants that we have with -- on investments.

因此，這就是我們在投資中獲得認股權證收益的地方。

It's also -- there was a good bit of FX gain due to the shift in currency and the weakening of the dollar.

這也是 - 由於貨幣的轉變和美元的疲軟，外匯收益很大。

That showed up on a lot of lines on the P&L, but that one was positive.

這齣現在損益表的很多行上，但那是積極的。

On advertising, so let's step back a bit.

關於廣告，讓我們退後一步。

It's now a multibillion-dollar program and growing very quickly.

它現在是一個價值數十億美元的項目，並且發展非常迅速。

Our main goal here is to help customers discover new brands and products.

我們的主要目標是幫助客戶發現新的品牌和產品。

So when we show sponsored products, we're trying to show people things that they had -- maybe wouldn't have seen otherwise in their normal search results.

因此，當我們展示贊助產品時，我們試圖向人們展示他們擁有的東西——也許他們不會在正常的搜索結果中看到其他東西。

So we're looking for a good balance here, as we said.

因此，正如我們所說，我們在這裡尋求良好的平衡。

We want customers to get the benefit of the new brand and product discovery, and then, we want to let sellers, for both emerging and established brands, reach those customers.

我們希望客戶從新品牌和產品發現中受益，然後，我們希望讓新興品牌和成熟品牌的賣家接觸到這些客戶。

Those advertisers are all shapes and sizes with the main goal of, again, trying to reach our customers whether it's to drive brand awareness, discovery or hopefully, purchase.

這些廣告商的形狀和規模各不相同，其主要目標是再次嘗試接觸我們的客戶，無論是提高品牌知名度、發現還是希望購買。

So we take the responsibility for that very seriously and are always balancing the helpfulness of the advertising and try not to make it disruptive.

因此，我們非常認真地承擔責任，並始終平衡廣告的幫助性，並儘量不使其具有破壞性。

But you're right, there are always pressures in that we will come down on the side of the customer.

但你是對的，總是有壓力，我們會站在客戶一邊。

On your question on video advertising, yes, there may be opportunities over time to have more advertising in our Video, but we choose to not do that right now.

關於您關於視頻廣告的問題，是的，隨著時間的推移，我們的視頻中可能會出現更多廣告，但我們現在選擇不這樣做。

Yes.

是的。

The only thing I'd add too on that, just related to Prime Video.

我唯一要補充的是，與 Prime Video 有關。

As you may have seen the announcement earlier today, about the renewed agreement for the streaming partnership with Thursday Night Football.

正如您可能已經看到今天早些時候的公告，關於與週四晚上足球的流媒體合作夥伴關係的續簽協議。

So we'll have 11 games in 2018 and 2019, be able to deliver that to over 100 million Prime members globally, which is a great continuation of the partnership we've had with the NFL.

因此，我們在 2018 年和 2019 年將有 11 場比賽，能夠將其交付給全球超過 1 億的 Prime 會員，這是我們與 NFL 合作夥伴關係的偉大延續。

We've done some things like the Prime Original Series, All or Nothing, the third season's coming up soon, focused on the Dallas Cowboys.

我們已經完成了一些事情，比如 Prime 原創系列，All or Nothing，第三季即將推出，專注於達拉斯牛仔隊。

So that was one of our first forays in the live format that -- one of the first forays in the live format where we had live ads and kind of not only learning the technology, but learning to -- learning that business.

所以這是我們第一次嘗試直播形式，這是我們第一次嘗試直播形式，我們有直播廣告，不僅學習技術，而且學習 - 學習業務。

And I think we've been pleased with what we've seen so far, obviously, and look forward to the next few seasons with the NFL.

而且我認為我們對到目前為止所看到的很滿意，很明顯，並期待在接下來的幾個賽季與 NFL 合作。

Our next question comes from Stephen Ju with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

So I think, Brian, I had a question on your international shopping rollout.

所以我想，布賴恩，我有一個關於你的國際購物推廣的問題。

So I think this was recently announced.

所以我認為這是最近宣布的。

Where do you think you measure up versus some of the more local players where you might not have a direct presence in the country?

您認為您在哪些方面與您可能在該國沒有直接存在的一些更本地的玩家相比？

And where do you think your value proposition lies?

你認為你的價值主張在哪裡？

And presumably this is informed by users coming in from those regions where you don't really have an official site, but people come in to buy stuff from you anyway.

大概這是由來自那些你沒有真正擁有官方網站的地區的用戶通知的，但無論如何人們都會從你那裡購買東西。

So which regions or countries are accounting for most of the demand that you are seeing?

那麼，您看到的大部分需求是哪些地區或國家？

Stephen, if you're still on, can you elaborate on the countries you're talking about, specifically?

斯蒂芬，如果你還在繼續，你能詳細說明你正在談論的國家嗎？

No, I'm just wondering, you already have a direct presence in some of the countries like China, Japan, et cetera, and the international shopping rollout presumably expands, so that's selection to most of the globe.

不，我只是想知道，您已經在中國、日本等一些國家/地區直接開展業務，而且國際購物推廣可能會擴大，因此這是全球大部分地區的選擇。

So just wondering if you are seeing incremental demand, and where you might be seeing demand coming in from countries where you might not have a direct presence?

所以只是想知道您是否看到了增量需求，以及您可能會看到來自您可能沒有直接業務的國家/地區的需求？

Oh, on the global store?

哦，在全球商店？

Okay.

好的。

Yes.

是的。

Yes.

是的。

Sorry, I thought you meant to some of our expansion countries.

抱歉，我以為你是指我們的一些擴張國家。

So yes, I don't have a lot to share on that today, but I think you hit on the main point, is selection and opportunities for sellers in -- who are with us in different countries to reach buyers outside of their home country.

所以是的，我今天沒有太多要分享的內容，但我認為你談到了重點，是賣家的選擇和機會——他們與我們在不同的國家/地區接觸到本國以外的買家.

So it's a great benefit for sellers, and it only works if it's a great benefit for customers on the other side.

所以這對賣家來說是一個很大的好處，它只有在對另一方的客戶有很大好處的情況下才有效。

Our next question comes from Justin Post with Merrill Lynch.

我們的下一個問題來自美林公司的賈斯汀·波斯特。

I'd like to maybe dive into a couple of the local recent overhangs.

我可能想深入了解當地最近的幾個突出部分。

First, on shipping partners, just wondering how dependent are you on any shipping partner?

首先，關於運輸合作夥伴，只是想知道您對任何運輸合作夥伴的依賴程度如何？

And can you talk about any initiatives you've had to build out your own shipping network?

你能談談你為建立自己的航運網絡而採取的任何舉措嗎？

I know in some countries, you might be over 50% of the stuff you're delivering.

我知道在某些國家/地區，您交付的東西可能超過 50%。

Could you talk a little bit about dependency there?

你能談談那裡的依賴嗎？

And then, secondly, on taxes, can you remind us what happened when Amazon started collecting taxes on your own items in various states, and just kind of overview of your view on collecting third-party sales -- taxes from third parties in other states if that were to pass?

其次，關於稅收，您能否提醒我們當亞馬遜開始在各個州對您自己的商品徵稅時發生了什麼，以及您對收集第三方銷售的看法——從其他州的第三方徵稅如果那會通過？

Sure.

當然。

Let me start with transportation.

讓我從交通開始。

We have a great group of carriers that we use globally and you know who they are, but we're also growing our teams and capabilities to ensure that we can keep up with increased volume on our own, particularly around the holiday season.

我們擁有眾多在全球範圍內使用的運營商，您知道他們是誰，但我們也在發展我們的團隊和能力，以確保我們能夠自行跟上不斷增加的運輸量，尤其是在假期期間。

So that's driven a lot of our expansion of Amazon Logistics, it's driven the creation of sort centers, it's driven the purchase of airplanes to move product between points within our delivery network.

因此，這推動了我們對亞馬遜物流的大量擴張，推動了分類中心的創建，推動了購買飛機以在我們的交付網絡中的各個點之間移動產品。

So we will continue to operate with this combination of external partners and internal capability.

因此，我們將繼續利用這種外部合作夥伴和內部能力的結合來運作。

We like what we see so far with our Amazon Logistics capability.

我們喜歡我們目前看到的亞馬遜物流能力。

It's well over 50% in some countries, particularly the U.K. It helps with, again, Prime Now and AmazonFresh and a lot of initiatives that we'll see, which again, we've mentioned that Prime Now is tied in with Whole Foods, now in 10 cities.

在一些國家，尤其是英國，這一比例遠遠超過 50%。它再次幫助 Prime Now 和 AmazonFresh 以及我們將看到的許多舉措，我們再次提到 Prime Now 與 Whole Foods 聯繫在一起，現在在10個城市。

So we think it's a core competency that we have and we need to have, and we'll continue to invest in that.

因此，我們認為這是我們擁有並且需要擁有的核心競爭力，我們將繼續對此進行投資。

Yes, and Justin, this is Dave, just on the sales tax piece.

是的，賈斯汀，這是戴夫，只是在銷售稅上。

Today, on the first-party sales, we collect on our own products in all 45 states that have a state-imposed sales tax.

今天，在第一方銷售中，我們在所有 45 個州徵收銷售稅的州對我們自己的產品進行徵收。

On the 3P piece, we do collect on behalf of our sellers in 2 states, Washington State as of the first of this year and then, Pennsylvania turned on here on April 1. So in terms of your question of sort of impact from the first-party pieces coming online, many of those states came on over a period of time to get to that 45 total, going back over many years.

在 3P 件上，我們確實代表我們在 2 個州的賣家收貨，華盛頓州從今年年初開始，然後賓夕法尼亞州於 4 月 1 日在這裡開啟。所以就你的第一個影響的問題而言- 派對作品上線，其中許多州在一段時間內出現了 45 個總數，可以追溯到很多年前。

So nothing really more to add on that.

所以沒有什麼可以補充的了。

I think I would say we do continue to believe that the sales tax issue needs to be resolved at the federal level, and we're actively working with the states, with retailers and Congress to get federal legislation passed.

我想我會說我們仍然認為銷售稅問題需要在聯邦層面解決，我們正在積極與各州、零售商和國會合作，以通過聯邦立法。

We're not opposed to collecting sales tax within a constitutionally-permissible system that is both simple and applied evenhandedly.

我們不反對在憲法允許的既簡單又公平適用的系統內徵收銷售稅。

Our next question comes from Greg Melich with MoffettNathanson.

我們的下一個問題來自 Greg Melich 和 MoffettNathanson。

I want to follow up on Prime little bit.

我想稍微跟進一下 Prime。

The fee increase, why now?

費用增加，為什麼現在？

I mean, we've been adding value for a long time, obviously, shipping costs are going up.

我的意思是，我們長期以來一直在增加價值，顯然，運輸成本正在上升。

Why is now the right time to have that fee hike, especially since membership looks like the growth number's starting to slow?

為什麼現在是提高費用的合適時機，尤其是在會員人數看起來增長開始放緩的情況下？

And tied into that, there's a lot of Alexa mentioned in the release.

與此相關的是，發布中提到了很多 Alexa。

Could you give us some uptake on the importance of Alexa and basically voice commerce, and so the metrics you get in terms of usage there and the flywheel?

您能否向我們介紹一下 Alexa 和語音商務的重要性，以及您在使用情況和飛輪方面獲得的指標？

Sure.

當然。

We always evaluate the price of Prime in all the countries we're in, and we're looking for creative ways to reach the customer, as I mentioned earlier, create -- or excuse me, monthly plans, student plans, et cetera.

我們總是在我們所在的所有國家/地區評估 Prime 的價格，並且我們正在尋找創造性的方式來接觸客戶，正如我之前提到的，創建——或者對不起，月度計劃、學生計劃等等。

So it's really nothing more than looking at the state of the program, the high benefit it's delivering.

因此，實際上無非是查看程序的狀態，以及它提供的高收益。

I mentioned that 4 years ago, when we last increased the price of Prime, if you get 20 million products within 2 days, today you can get over 100 million products within 2 days, and many, many, many, products within 1 day, same day, or 2 hours.

我提到4年前我們上次提價的時候，如果你在2天內獲得2000萬件產品，今天你可以在2天內獲得超過1億件產品，並且在1天內獲得很多很多很多的產品，同一天，或 2 小時。

So there's all kinds of new features that we've continually added to the Prime program.

因此，我們不斷將各種新功能添加到 Prime 計劃中。

It's much different than it was in 2014.

這與 2014 年的情況大不相同。

This is a reflection of that, that's a better reflection of the cost value of the program.

這反映了這一點，更好地反映了程序的成本價值。

Our next question comes from John Blackledge with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 John Blackledge。

So the U.S. international revenue mix, ex Whole Foods and ex AWS, looks about 64%, 36%.

因此，美國國際收入組合（前 Whole Foods 和前 AWS）看起來約為 64% 和 36%。

Given investments in international markets, would you envision international kind of closing the gap in the coming years?

鑑於對國際市場的投資，您是否設想在未來幾年內通過國際方式縮小差距？

And what would be the key drivers of the mix shift getting closer to 50-50?

什麼是混合轉變接近 50-50 的關鍵驅動因素？

Sure.

當然。

Yes, I don't want to project relative proportions of the different segments, but what I can say is, that international continues to see the same level of investment as we're seeing in North America or have seen in North America.

是的，我不想預測不同細分市場的相對比例，但我可以說的是，國際市場繼續看到與我們在北美看到的或在北美看到的相同水平的投資。

So when we add Benefits, Prime Benefits, we're probably adding them at an earlier stage of life in the Prime program internationally than we did in the U.S. So they have different dynamics.

因此，當我們添加福利、Prime 福利時，我們可能會在國際上的 Prime 計劃中添加它們，而不是在美國添加它們。因此它們具有不同的動態。

We think, at the end of the day, customers behave the same globally, and that they value low prices, selection and great customer experience.

我們認為，歸根結底，全球客戶的行為都是一樣的，他們重視低價、選擇和出色的客戶體驗。

So we'll continue to make these investments in Prime.

因此，我們將繼續對 Prime 進行這些投資。

We'll continue to expand selection, continue to build FBA programs so that it increases selection even more and build great partnerships with sellers.

我們將繼續擴大選擇範圍，繼續構建 FBA 計劃，以進一步增加選擇範圍並與賣家建立良好的合作夥伴關係。

We'll continue to accelerate shipping.

我們將繼續加快發貨速度。

We'll continue to lower prices.

我們將繼續降低價格。

And sorry, I cut out -- the last person got cut off a bit.

對不起，我切斷了——最後一個人被切斷了一點。

We'll continue to build device business globally including Alexa, which we think has great stickiness with -- in the home and I think creates a lot of value in the home and also allows you to access, over time, Amazon products better.

我們將繼續在全球範圍內建立包括 Alexa 在內的設備業務，我們認為它在家庭中具有很強的粘性，我認為在家中創造了很多價值，並且隨著時間的推移，您還可以更好地訪問亞馬遜產品。

We'll continue to invest in India where we're seeing great progress with both sellers, and also, customers.

我們將繼續在印度投資，在那裡我們看到賣家和客戶都取得了很大進展。

And we like the momentum we've seen there.

我們喜歡我們在那裡看到的勢頭。

The Prime program started in the first year in India, grew faster than any Prime -- excuse me, any Prime program we had seen in other countries.

Prime 計劃於第一年在印度開始，增長速度比任何 Prime 都要快——對不起，我們在其他國家看到的任何 Prime 計劃。

We're adding local content in India -- video content, excuse me.

我們正在印度添加本地內容——視頻內容，對不起。

We're also adding other benefits, Prime Benefits.

我們還增加了其他福利，即 Prime 福利。

We are rolling out devices there, and we're seeing Indian developers developing skills for Alexa, and Alexa's up -- as you saw the press release, to 40,000 skills

我們正在那裡推出設備，我們看到印度開發人員正在為 Alexa 開發技能，而 Alexa 的技能正在上升——正如你看到的新聞稿，達到 40,000 項技能

(technical difficulty)

（技術難度）

But it's -- it is important to us that they all are still delighting customers and growing to the best of their ability.

但對我們來說重要的是，他們都仍然在取悅客戶並儘其所能地成長。

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

謝謝，Brian，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.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。