亞馬遜 (AMZN) 2018 Q1 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q1 2018 Financial Results Teleconference. (Operator Instructions) Today's call is being recorded.

感謝您的支持。大家好，歡迎參加亞馬遜 2018 年第一季財務業績電話會議。（操作員指示）今天的通話正在錄音。

For opening remarks, I'll be turning the call over to the Director of Investor Relations, Dave Fildes. Please go ahead.

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 Q1 2018 financial results conference call. Joining us today to answer your questions is Brian Olsavsky, our CFO.

您好，歡迎參加我們 2018 年第一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 2017.

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 2017 年同期的結果。

Our comments and responses to your questions reflect management's views as of today, April 26, 2018, 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.

我們對您的問題的評論和回應僅反映截至 2018 年 4 月 26 日管理層的觀點，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。

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.

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'll 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 Eric Sheridan with UBS.

（操作員指示）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? Sort of the state of conversations with advertisers, what product uptake you're seeing out in the marketplace? And sort of how that's looking now as we move out of '17 and into 2018, broadly, for the platform?

我想問一下您對廣告業務的現況有什麼最新了解嗎？與廣告商對話的狀態如何？您在市場上看到了哪些產品的受歡迎程度？那麼，當我們走出 2017 年、進入 2018 年時，該平台整體狀況如何？

Yes. Sure, Eric. I would say, advertising continues to be a bright spot, both from a product standpoint, and also, financially. It was -- continued to be a strong contributor to profitability in Q1. It's now a multibillion-dollar program. 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. 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. 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. Before I go on to the second question, I want to make a comment about the Prime program. Prime program continues to drive great strength in our top line, as you've seen over the last few years, actually. We continue to increase the value of Prime, including speed selection and digital entertainment options. We've been expanding FREE Same-Day Shipping and 1-day options. And our 2-day shipping, it's now available on over 100 million items, up from 20 million as recently as 2014. And we continue to add digital benefits, like Prime Video. The value of Prime to customers has never been greater. And the cost is also high. As we pointed out especially with shipping options and digital benefits, we continue to see rises in costs. So effective May 11, we're going to increase the price of our U.S. annual plan from $99 to $119, for new members. The new price will apply to renewals starting on June 16. Prime provides a unique combination of benefits, and we continue to invest in making this Prime program even more valuable for our members. As a reminder, we haven't increased the U.S. annual price Prime since our single increase, which was in March of 2014.

是的。當然，埃里克。我想說，無論從產品角度還是從財務角度來看，廣告仍然是一個亮點。它繼續成為第一季度盈利能力的重要貢獻者。現在它是一個價值數十億美元的項目。您可以看到 - 在我們的補充收入揭露中，它屬於其他收入，並且是該專案中其他收入的大部分。因此，我們的理念是，我們將繼續專注於尋找有價值的方式，為客戶創造更好的廣告機會，向他們展示他們可能從未見過的新產品，同時也幫助新興和成熟品牌接觸客戶。我認為，廣告商總體上是各種各樣的，他們的共同點是他們希望接觸我們的客戶，從而提高品牌知名度、發現力，並最終實現購買。在回答第二個問題之前，我想先對 Prime 計劃發表評論。事實上，正如您在過去幾年中所看到的，Prime 計劃繼續為我們的營收帶來巨大推動力。我們不斷提高 Prime 的價值，包括速度選擇和數位娛樂選項。我們一直在擴大免費當日送達和 1 日送達選項。我們的 2 天送達服務現已覆蓋超過 1 億件商品，而 2014 年這一數字僅為 2,000 萬件。我們將繼續增加數位福利，例如 Prime Video。Prime 對客戶的價值從未如此之大。而且成本也很高。正如我們特別指出的，在運輸選擇和數位優勢方面，成本持續上升。因此，從 5 月 11 日起，我們將把美國新會員年度計畫的價格從 99 美元提高到 119 美元。新價格將適用於 6 月 16 日開始的續約。Prime 提供了獨特的福利組合，我們將繼續投資，使 Prime 計劃對我們的會員更有價值。提醒一下，自 2014 年 3 月上調美國 Prime 年度價以來，我們還沒有提高過美國 Prime 年度價格。

Yes. 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. So the net impact to revenue in the first quarter was not material, but I do want to highlight a few areas. As part of the adoption beginning in Q1, certain advertising services are classified as revenue, rather than a reduction of costs to sales. 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. 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. As you look at the other supplemental line items, just a few items of note. The line item online stores revenue increased about 13%, ex FX. 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. So in the first quarter, online stores revenue would have been higher, but for this new standard. And then, the line item, subscription services revenue, that increased about 56% ex FX year-over-year. Prime members are -- Prime memberships are included in that line. Again, beginning in the first quarter, we now recognize annual Prime membership revenue straight line over the 12-month period. Prior to 2018, we recognize this revenue over the 12-month period with more revenue allocated to the fourth quarter each year. So in Q1 of this year's subscription services revenue would have been lower, but for this new standard.

是的。艾瑞克，很抱歉再次回到你最初的問題，我只是想提醒大家，我們在上個季度的電話會議上提到過這一點，但在 1 月 1 日，我們採用了會計準則更新，修改了我們的收入確認政策。因此，第一季對營收的淨影響並不重大，但我確實想強調幾個面向。作為從第一季開始實施的措施的一部分，某些廣告服務被歸類為收入，而不是銷售成本的減少。因此，這項變化的影響是第一季其他收入增加了 5.6 億美元，而這筆其他收入當然也是我們補充銷售揭露的一部分。因此，您會看到，第一季其他收入總額（扣除外匯）年增 132% 至約 20 億美元，其中 5.6 億美元也包含在內，而且其中大部分都包含在北美部分。當您查看其他補充項目時，只有幾項值得注意。扣除外匯因素，網上商店的收入增長了約 13%。從第一季開始，應用程式、應用程式內內容和某些數位媒體內容的銷售額現在以淨收入為基礎呈現，並包含在第三方賣家服務收入中，而不是淨線上商店收入。因此，如果沒有這個新標準，第一季網路商店的收入本來會更高。然後，訂閱服務收入項目年增約 56%（不含外匯）。Prime 會員是 - Prime 會員包含在該系列中。再次，從第一季開始，我們現在確認 12 個月期間的年度 Prime 會員收入直線成長。2018 年之前，我們會在 12 個月內確認這筆收入，並且每年將更多收入分配給第四季。因此，如果沒有這個新標準，今年第一季的訂閱服務收入可能會更低。

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. 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. 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. What are the main reasons why people in the U.S. are not signing on for Prime at this point? And the second one, on early learnings from the integration of Prime Now and Whole Foods, recognizing it's only in a few cities. What can you share about what you're seeing about purchase behavior, early learnings? 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?

那麼第一個問題，關於 Prime，我想問你這個問題。當您考慮美國 Prime 服務的滲透率時，一些數據顯示您在吸引大量中高收入家庭方面做得非常好，現在您正在提高價格。談談您需要解決的緊張點，以便涵蓋一些低收入家庭，甚至尚未達到優質家庭的標準。目前美國人還沒有註冊 Prime 的主要原因是什麼？第二個是關於 Prime Now 和 Whole Foods 整合的早期經驗，並意識到它只在少數幾個城市開展。能分享一下您所看到的購買行為和早期的經驗嗎？在確定如何快速將此技術推廣到美國更多城市（希望很快在紐約推廣）時，您所關注的主要指標是什麼？

Sure. 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. There's discounted student plans. There's also discounts for other groups. So we do feel it's still the best deal in retail, and we just work to make it better and better each day. The second thing you mentioned is a good example. 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. 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.

當然。關於您關於 Prime 滲透率的第一個問題，在不涉及任何滲透率和按國家/地區劃分的統計數據的情況下，我想說我們確實還有其他選擇，如果您注意到的話，還有月度選項，這顯然為想要在簽訂年度計劃之前試用 Prime 的人提供了更多靈活性。有學生折扣計劃。其他團體也可享折扣。所以我們確實認為這仍然是零售業中最好的交易，而且我們只是努力讓它每天都變得越來越好。您提到的第二件事就是一個很好的例子。因此，在 10 個城市獲得 Prime Now 配送的 Whole Foods 食品雜貨的能力對於該市場使用 Prime 的人來說是一個額外的好處——那些使用 Prime Now 的市場。因此，就全食超市而言，具體到我們將如何擴大食品雜貨配送服務的問題上，我們將使用這 10 個城市進行測試，看看顧客的反應，就像我們一直以來做的那樣，並確保我們的配送服務對這些人來說是很好的，然後，我們將在消化了從顧客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的希思·特里。

I was just wondering if you could give us a sense. 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? Are there any specific categories that you would call out in terms of driving that? 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?

我只是想知道您是否能給我們一個了解。我們在第一季看到美國業務加速成長，其中有多少成長，或者您如何按具體類別對其進行細分？在推動這項進程方面，您能列舉哪些具體類別嗎？然後，當我們觀察 AWS 業務的加速發展時，您能否就交易量或客戶數量方面向我們提供一些資訊？您在某些評論中特別提到了客戶增加，在推動該業務方面，客戶增加是什麼樣的，特別是與去年降價後的情況相比？

Sure. 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. We're also selling more subscriptions, Amazon Music Unlimited, multiple -- Kindle Unlimited, there's a number of services. So there's different revenue streams that we see. So not much more I can add by product line to North America. Now I talk about AWS revenue, again, we're -- we are accelerating. We've accelerated for the last 2 quarters. The FX-neutral growth was 48% in Q1, up from 44% on the same basis in Q4 and 42% in Q3. And now nearly a $22 billion run rate. 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. We are seeing people move more and more of their workloads to AWS and at a faster pace. And customers are moving databases to AWS as their work continues to grow at a very rapid clip. So stepping back, I would say, what is driving the growth, we believe, again, it's the value that we create for AWS customers. We have the functionality and pace of innovation that others don't. 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.

當然。首先，您提到了北美的收入成長，我相信您可以計算出有或沒有 Whole Foods 的影響，但總體驅動力仍然是 Prime 和 Prime Flywheel，因此我們看到強勁的客戶需求，不僅是因為我們與 Prime 相關的福利，我們還看到 Prime Benefits 的參與度有所提高，尤其是數字和福利，這對於其他產品的最終銷售來說始終是個好消息。我們也正在銷售更多訂閱服務，包括 Amazon Music Unlimited、多種 Kindle Unlimited 等多種服務。所以我們看到了不同的收入來源。因此，我無法為北美增加更多產品線。現在我再次談論 AWS 收入，我們正在加速成長。過去兩個季度，我們已經加速發展。第一季不計匯率影響的成長率為 48%，高於第四季的 44% 和第三季的 42%。現在的運行率已接近 220 億美元。因此，我們看到的是現有客戶和簽約新客戶的使用率持續強勁成長——隨著客戶成功使用 AWS 並越來越多地嘗試新服務，企業遷移的速度也在加快。我們看到人們將越來越多的工作負載轉移到 AWS，而且速度越來越快。隨著工作量快速成長，客戶正在將資料庫遷移到 AWS。所以退一步來說，我想說，推動成長的因素是我們為 AWS 客戶創造的價值。我們擁有別人所不具備的功能和創新速度。我們擁有其他人所沒有的合作夥伴和生態系統，我們擁有經過驗證的營運能力和安全專業知識，這些知識都受到 AWS 客戶群的高度重視。

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。

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

我們看到的一些數據表明，今年，配送中心和零售物流網路其他部分以及資料中心的建設成長率，但更多的是前者，今年的成長率相對於去年甚至前年有所放緩。我知道你們經歷了大量的投資時期，然後才具備了這種能力。但我只是想知道您是否可以稍微評論一下我們現在處於這個週期的起伏之中。關於戴夫之前提到的會計變更，關於收入從收入成本轉移到其他項目，您能否評論一下那種特定類型的廣告、那種貿易美元類型的營銷，其增長率是否與已經記為收入的廣告收入有顯著不同？

Yes, Mark, this is Dave. 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. 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.

是的，馬克，這是戴夫。關於第二個問題，我們沒有對成長率或去年同期的情況發表評論，所以我們不能說太多。正如我所說的，5.6 億美元，如果你回過頭來看看預先存在的廣告或其他收入，而是將其包含在該項目中，我們的增長將達到約 72%，但同樣，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. If I look at the quarterly trends, you're right that this quarter was up 33% in isolation versus last year. I look back to last year's first quarter and we grew 82% year-over-year. So it was a particularly heavy quarter, particularly for investment and warehouses. So if I step back on the trailing 12 months though, CapEx, which is predominantly tied to our fulfillment center network, is up 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. That -- it's a representative number for that period. 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. So again, usage rates continue to exceed the revenue growth rates. Usage rates are strong, but we also have a number of projects underway that seek to increase our efficiency of our data centers. So there's a couple of things at play there that, hopefully, keep that number closer to the revenue growth rate.

關於產能問題，對不起，上限——我將討論資本支出和資本租賃，我們仍然看到那裡的強勁投資。如果我看一下季度趨勢，您說得對，本季與去年相比成長了 33%。回顧去年第一季度，我們年增了 82%。因此這是一個特別繁忙的季度，特別是對於投資和倉庫而言。因此，如果回顧過去 12 個月，主要與我們的履行中心網絡相關的資本支出增加了 47%。這高於亞馬遜配送單位的成長率，但我們結合了 FBA 計劃的優勢和空間需求，以應對越來越大的產品。這是那個時期的代表性數字。資本租賃是支持 AWS 業務支出的一個很好的代表，在過去 12 個月中同比增長了 49%。因此，使用率再次超過收入成長率。使用率很高，但我們也正在進行一些項目，旨在提高資料中心的效率。因此，有幾項因素在起作用，希望能夠使這個數字更接近收入成長率。

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. Can you just talk about the biggest factors that drove the delta relative to your 1Q guide? And is there any reason to think that you couldn't see similar leverage in the back half of the year?

布萊恩，你們第一季的營業收入大幅成長，我認為第二季的前景比許多人預期的要好。您能否談談相對於第一季指南造成這一差異的最大因素？有什麼理由認為今年下半年不會有類似的槓桿作用嗎？

Sure. Yes, we came in well above our range that we had given of $300 million to $1 billion. I would attribute it primarily to a few things. First, the top line growth was -- continued to be strong coming out of Q4. We had great consumer business strength. 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. So customer adoption and AWS remained strong. 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. So we saw great efficiencies at the higher level of revenue, and we're able to handle it. So that was generally very good financially. 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. We were still very full in our fulfillment centers. 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. So that also helped and probably was a differential versus the guidance estimate. And then, lastly, I would say, advertising continues to be a strong contributor to profitability and had strong results this quarter. 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. So we expect a lot of the strength areas to continue, consumer demand, AWS and advertising. We will definitely see higher investments as we move through the year. For example, video content spend will increase year-over-year, and we'll continue to hire, in particular, software engineers. We'll have some cost in Q2 ahead of what's anticipated to be a Prime Day in early Q3. 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. 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.

當然。是的，我們的捐贈金額遠遠超出了我們之前給出的 3 億至 10 億美元的範圍。我認為主要有以下幾點原因。首先，第四季營收成長持續保持強勁。我們的消費者業務實力雄厚。我們的 AWS 營收實力也十分強勁，我之前提到過，本季我們的營收出現了加速成長，這與我們最近看到的趨勢不同。因此客戶採用率和 AWS 依然保持強勁。當我們達到範圍的高端或略高於範圍時（包括外匯），考慮到我們在履行中心和資料中心的固定成本，以及坦白說，還有人員，我們通常會看到增量銷售額的大幅下降。因此，我們在更高水準的收入上看到了巨大的效率，而且我們有能力處理它。所以從財務角度來說這整體來說非常好。在製定指導意見時，我們有點擔心年底空間利用率相對較高的庫存。我們的履行中心仍然非常繁忙。但由於銷售額高且無需處理，我們能夠糾正這一問題——無需重新配置庫存位置通常會產生的額外處理和運輸成本。所以這也有幫助，並且可能與指導估計值有所不同。最後，我想說，廣告繼續成為盈利能力的重要貢獻者，並且本季取得了強勁的業績。至於這對未來幾季意味著什麼，目前，我想專注於第二季度，並將其納入我們的第二季指引中。因此，我們預計許多優勢領域將持續下去，包括消費者需求、AWS 和廣告。隨著時間的流逝，我們肯定會看到更高的投資。例如，視訊內容支出將逐年增加，我們將繼續招募人才，尤其是軟體工程師。在預計於第三季初舉行的 Prime Day 之前，我們在第二季會產生一些成本。所以 — — 如你所知，由於假期準備工作、人員招募和團隊建設，第三季通常是一個較低的季度。因此，我現在不會超出第二季度的範圍，但是，我們對第一季的客戶接待情況以及由此帶來的收入感到非常滿意。

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

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

Two questions. That $239 million in other income, what was that? And then, could you just wax a little bit, eloquently, hopefully, on advertising revenue? 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? 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. So just talk about how you balance that. 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. How do you think about that as an advertising revenue opportunity?

兩個問題。那 2.39 億美元的其他收入是什麼？然後，您能否稍微雄辯地談談廣告收入？那麼您如何平衡我們大量的廣告收入機會（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？從廣告角度來看，我在亞馬遜上每次搜尋時都會看到的這些贊助單位似乎很棒，但有時我會想這是否會削弱消費者體驗。那麼就談談如何平衡這一點。最後，作為廣告的一部分，你還擁有大量有關所有影片的庫存，這些 Prime Video 是你不允許的——你不會直接收費的。您如何看待這是一個廣告收入機會？

Sure. Let me wax eloquently, try to anyway. 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. We have transportation companies that we've partnered with and other technology companies. As the stock market increased in Q1, a lot of those companies also went up. So that's where we book the gain on warrants that we have with -- on investments. It's also -- there was a good bit of FX gain due to the shift in currency and the weakening of the dollar. That showed up on a lot of lines on the P&L, but that one was positive. On advertising, so let's step back a bit. It's now a multibillion-dollar program and growing very quickly. Our main goal here is to help customers discover new brands and products. 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. So we're looking for a good balance here, as we said. 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. 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. 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. But you're right, there are always pressures in that we will come down on the side of the customer. 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.

當然。讓我雄辯地講一講，無論如何都要嘗試。那麼讓我們從 2.39 億美元開始吧，這筆錢基本上歸因於我們與合作公司所持有的認股權證。我們與運輸公司和其他科技公司都有合作。隨著第一季股市上漲，許多公司的股價也上漲。這就是我們記帳投資認股權證收益的地方。此外，由於貨幣的變化和美元的疲軟，外匯收益也相當可觀。這在損益表的許多行中都有體現，但那一行是正數。關於廣告，讓我們稍微回顧一下。現在它已成為一個價值數十億美元的項目，並且發展非常迅速。我們的主要目標是幫助客戶發現新品牌和新產品。因此，當我們展示贊助產品時，我們試圖向人們展示他們在正常搜尋結果中可能無法看到的東西。因此，正如我們所說，我們正在尋求一個良好的平衡。我們希望客戶能夠從新品牌和新產品的發現中獲益，然後，我們希望讓新興品牌和成熟品牌的賣家能夠接觸到這些客戶。這些廣告商的規模各不相同，但主要目標都是試圖接觸我們的客戶，無論是為了提高品牌知名度、發現度還是希望實現購買。因此，我們對此負有非常重大的責任，並且始終在平衡廣告的實用性並儘量不使其造成破壞。但您說得對，我們總是會面臨壓力，因為我們會站在客戶這邊。關於影片廣告的問題，是的，隨著時間的推移，我們可能有機會在我們的影片中投放更多廣告，但我們選擇現在不這樣做。

Yes. The only thing I'd add too on that, just related to Prime Video. As you may have seen the announcement earlier today, about the renewed agreement for the streaming partnership with Thursday Night Football. 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. 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. 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. 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.

是的。我唯一想補充的是，僅與 Prime Video 有關。您可能已經看到今天早些時候發布的關於與《週四晚間足球》續簽串流媒體合作協議的公告。因此，我們將在 2018 年和 2019 年舉辦 11 場比賽，並向全球超過 1 億 Prime 會員提供比賽，這是我們與 NFL 合作的良好延續。我們做了一些事情，例如 Prime Original Series、All or Nothing，第三季即將推出，重點是達拉斯牛仔隊。這是我們首次嘗試直播形式，這是我們首次嘗試直播形式，我們有直播廣告，不僅學習技術，還學習——學習業務。我認為我們對目前所看到的情況感到滿意，並期待 NFL 接下來的幾個賽季。

Our next question comes from Stephen Ju with Credit Suisse.

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. So I think this was recently announced. 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? And where do you think your value proposition lies? 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. So which regions or countries are accounting for most of the demand that you are seeing?

所以我認為，布萊恩，我對你的國際購物推廣有一個疑問。所以我認為這是最近宣布的。您認為與一些在該國沒有直接業務的本地公司相比，您的表現如何？您認為您的價值主張在哪裡？並且據推測這是由來自那些您實際上沒有官方網站的地區的用戶告知的，但人們還是會來向您購買東西。那麼，您認為哪些地區或國家佔據了大部分需求？

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

史蒂芬，如果您還在，您能具體闡述您所談論的國家嗎？

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. 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?

不，我只是想知道，你們已經在中國、日本等一些國家建立了直接業務，而且國際購物業務的推廣可能會擴大，所以這對全球大部分地區來說都是選擇。所以我只是想知道您是否看到了增量需求，以及您可能看到來自您可能沒有直接業務的國家的需求？

Oh, on the global store? Okay. Yes. Yes. Sorry, I thought you meant to some of our expansion countries. 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. So it's a great benefit for sellers, and it only works if it's a great benefit for customers on the other side.

哦，在全球商店嗎？好的。是的。是的。抱歉，我以為您指的是我們的一些擴張國家。是的，今天我沒有太多內容可以分享，但我認為你觸及了主要觀點，即不同國家的賣家可以選擇並有機會接觸到他們祖國以外的買家。因此，這對賣家來說是一個巨大的好處，而且只有當它對另一端的客戶也有很大好處時，它才會有效。

Our next question comes from Justin Post with Merrill Lynch.

我們的下一個問題來自美林證券的賈斯汀波斯特 (Justin Post)。

I'd like to maybe dive into a couple of the local recent overhangs. First, on shipping partners, just wondering how dependent are you on any shipping partner? And can you talk about any initiatives you've had to build out your own shipping network? I know in some countries, you might be over 50% of the stuff you're delivering. Could you talk a little bit about dependency there? 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?

我可能想深入了解當地最近出現的幾個懸而未決的問題。首先，關於航運合作夥伴，我只是想知道您對任何航運合作夥伴的依賴程度如何？您能談談你們為建立自己的航運網絡所採取的任何舉措嗎？我知道在某些國家，你可能運送的貨物量超過 50%。您能稍微談談那裡的依賴性嗎？其次，關於稅收，您能否提醒我們，當亞馬遜開始在各州對您的商品徵稅時發生了什麼？如果這項政策得以通過，您對向其他州的第三方徵收第三方銷售稅的看法是什麼？

Sure. Let me start with transportation. 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. 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. So we will continue to operate with this combination of external partners and internal capability. We like what we see so far with our Amazon Logistics capability. 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. So we think it's a core competency that we have and we need to have, and we'll continue to invest in that.

當然。我先從交通說起。我們擁有一群優秀的承運商，我們在全球範圍內使用這些承運商，您知道他們是誰，但我們也在擴大我們的團隊和能力，以確保我們能夠自行應對不斷增長的業務量，特別是在假期期間。因此，這在很大程度上推動了亞馬遜物流的擴張，推動了分類中心的創建，推動了飛機的購買，以便在我們的配送網絡內的各個點之間運送產品。因此，我們將繼續透過外部合作夥伴和內部能力的結合來進行營運。到目前為止，我們對亞馬遜物流能力的表現非常滿意。在某些國家，尤其是英國，這一比例遠超過 50%。它再次為 Prime Now 和 AmazonFresh 以及我們將看到的許多舉措提供幫助，我們再次提到 Prime Now 與 Whole Foods 合作，目前已覆蓋 10 個城市。因此，我們認為這是我們擁有的、也是我們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. Today, on the first-party sales, we collect on our own products in all 45 states that have a state-imposed sales tax. 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. So nothing really more to add on that. 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. We're not opposed to collecting sales tax within a constitutionally-permissible system that is both simple and applied evenhandedly.

是的，賈斯汀，這是戴夫，只負責銷售稅部分。如今，在第一方銷售中，我們在所有 45 個徵收銷售稅的州收集自己的產品。在第三方平台上，我們確實代表兩個州的賣家收款，華盛頓州從今年 1 月開始收款，賓州從 4 月 1 日開始收款。所以關於你提到的第一方平台上線的影響的問題，許多州都是在一段時間內開始收款的，總共收款 45 個，這種情況已經持續了很多年了。因此，關於這一點真的沒有什麼可補充的了。我想說的是，我們確實繼續相信銷售稅問題需要在聯邦層級解決，我們正在積極與各州、零售商和國會合作，以推動聯邦立法的通過。我們並不反對在憲法允許的、簡單且公平的製度下徵收銷售稅。

Our next question comes from Greg Melich with MoffettNathanson.

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

I want to follow up on Prime little bit. The fee increase, why now? I mean, we've been adding value for a long time, obviously, shipping costs are going up. Why is now the right time to have that fee hike, especially since membership looks like the growth number's starting to slow? And tied into that, there's a lot of Alexa mentioned in the release. 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?

我想稍微跟進一下 Prime。費用上漲，為什麼現在？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。為什麼現在是提高費用的最佳時機，尤其是會員數量成長似乎開始放緩的情況？與此相關的是，發布中多次提到了 Alexa。您能否向我們介紹 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. 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. So it's really nothing more than looking at the state of the program, the high benefit it's delivering. 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. So there's all kinds of new features that we've continually added to the Prime program. It's much different than it was in 2014. This is a reflection of that, that's a better reflection of the cost value of the program.

當然。我們始終會評估所有國家/地區的 Prime 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。因此，實際上只不過是查看該計劃的狀態以及它帶來的巨大利益。我提到，4 年前我們上次提高 Prime 會員價格時，如果你在 2 天內可以收到 2000 萬件商品，那麼今天你可以在 2 天內收到超過 1 億件商品，並且在 1 天、同一天或 2 小時內可以收到很多很多件商品。因此，我們不斷為 Prime 計劃添加各種新功能。這與 2014 年的情況大不相同。這反映了這一點，並更好地反映了該計劃的成本價值。

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%. Given investments in international markets, would you envision international kind of closing the gap in the coming years? And what would be the key drivers of the mix shift getting closer to 50-50?

因此，美國的國際收入結構（不包括 Whole Foods 和 AWS）約為 64% 和 36%。考慮到對國際市場的投資，您是否認為未來幾年國際市場會縮小差距？那麼，推動混合比例向 50-50 轉變的關鍵驅動因素是什麼？

Sure. 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. 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. We think, at the end of the day, customers behave the same globally, and that they value low prices, selection and great customer experience. So we'll continue to make these investments in Prime. We'll continue to expand selection, continue to build FBA programs so that it increases selection even more and build great partnerships with sellers. We'll continue to accelerate shipping. We'll continue to lower prices. And sorry, I cut out -- the last person got cut off a bit. 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. We'll continue to invest in India where we're seeing great progress with both sellers, and also, customers. And we like the momentum we've seen there. 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. We're adding local content in India -- video content, excuse me. We're also adding other benefits, Prime Benefits. 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

當然。是的，我不想預測不同部分的相對比例，但我可以說的是，國際投資水平繼續與我們在北美看到的或曾經在北美看到的相同。因此，當我們添加福利、Prime 福利時，我們可能會在 Prime 計劃的國際生命週期的早期階段添加它們，而不是在美國添加。因此它們具有不同的動態。我們認為，歸根究底，全球客戶的行為都是一樣的，他們重視低價、選擇和良好的客戶體驗。因此，我們將繼續對 Prime 進行這些投資。我們將繼續擴大選擇範圍，繼續建立 FBA 計劃，以便進一步增加選擇，並與賣家建立良好的合作夥伴關係。我們將繼續加快運輸速度。我們將繼續降低價格。抱歉，我打斷了——最後一個人的話被打斷了一點。我們將繼續在全球範圍內打造設備業務，包括 Alexa，我們認為 Alexa 在家庭中具有很強的粘性，並且我認為它為家庭創造了很多價值，並且隨著時間的推移，還能讓您更好地訪問亞馬遜產品。我們將繼續在印度投資，我們看到印度的賣家和客戶都取得了巨大的進步。我們喜歡那裡所看到的勢頭。Prime 計畫在印度啟動的第一年，其發展速度比任何 Prime 計畫——對不起，比我們在其他國家見過的任何 Prime 計畫都要快。我們正在印度添加本地內容——視頻內容，抱歉。我們還增加了其他福利，即 Prime Benefits。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，Alexa 的技能數量已經達到了 40,000 個，正如你在新聞稿中看到的

(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，重要的是他們仍然能夠取悅客戶，並盡其所能地成長。

Thanks, Brian, and 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.

謝謝，布萊恩，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。

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。