亞馬遜 (AMZN) 2018 Q2 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 Q2 2018 Financial Results Teleconference.

大家好，歡迎來到 Amazon.com 2018 年第二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 Q2 2018 financial results conference call.

您好，歡迎參加我們的 2018 年第二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 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, July 26, 2018, only and will include forward-looking statements.

我們對您問題的評論和回复僅反映管理層截至 2018 年 7 月 26 日的觀點，並將包括前瞻性陳述。

Actual results may differ materially.

實際結果可能大不相同。

Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.

有關可能影響我們財務業績的因素的其他信息包含在今天的新聞稿和我們向 SEC 提交的文件中，包括我們最近的 10-K 表格年度報告和後續文件。

During this call, we may discuss certain non-GAAP financial measures.

在這次電話會議中，我們可能會討論某些非公認會計原則的財務措施。

In our press release, slides accompanying this webcast and our filings with the SEC, each of which is posted on our IR website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures.

在我們的新聞稿、本網絡廣播隨附的幻燈片以及我們向 SEC 提交的文件中，每一個都發佈在我們的 IR 網站上，您會發現有關這些非 GAAP 措施的更多披露，包括這些措施與可比較的 GAAP 措施的對賬。

Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions.

我們的指導包含了我們迄今為止看到的訂單趨勢以及我們今天認為是適當的假設。

Our results are inherently unpredictable and may be materially affected by many factors, including fluctuations in foreign exchange rates, changes in global economic conditions and customer spending, world events, the rate of growth of the Internet, online commerce and cloud services and the various factors detailed in our filings with the SEC.

我們的結果本質上是不可預測的，並可能受到許多因素的重大影響，包括外匯匯率波動、全球經濟狀況和客戶支出的變化、世界事件、互聯網、在線商務和雲服務的增長率以及各種因素在我們提交給美國證券交易委員會的文件中有詳細說明。

Our guidance also assumes, among other things, that we don't conclude any additional business acquisitions, investments, restructurings or legal settlements.

除其他外，我們的指導還假設我們不會完成任何額外的業務收購、投資、重組或法律和解。

It's not possible to accurately predict demand for our goods and services, and therefore, our actual results could differ materially from our guidance.

無法準確預測對我們商品和服務的需求，因此，我們的實際結果可能與我們的指導存在重大差異。

With that, we will move to Q&A.

有了這個，我們將進入問答環節。

Operator, please remind our listeners how to initiate a question.

接線員，請提醒我們的聽眾如何發起提問。

(Operator Instructions) Our first question comes from the line of Justin Post from Merrill Lynch.

（操作員說明）我們的第一個問題來自美林公司的 Justin Post。

I guess the standout metric of the quarter was the profitability and the margins.

我想本季度的突出指標是盈利能力和利潤率。

Both U.S. and international have improved year-over-year.

美國和國際都在逐年改善。

Could you talk about, was it better than your expectations for the quarter?

您能否談談，它是否比您對本季度的預期好？

And then maybe a reason for the ad business to accelerate within the other line.

然後也許是廣告業務在另一條線上加速的原因。

Sure, yes.

當然，是的。

Thanks, Justin.

謝謝，賈斯汀。

Yes, for the quarter, so it was a strong quarter.

是的，就本季度而言，這是一個強勁的季度。

We had, what I attribute it to is continued strength in some of our most profitable areas.

我們擁有，我認為這是我們在一些最賺錢的領域的持續實力。

AWS had its third consecutive quarter of accelerating growth, 49% FX-neutral growth.

AWS 連續第三個季度加速增長，外匯中性增長 49%。

Advertising also had strong growth.

廣告也有強勁增長。

Elsewhere, we saw probably better-than-expected efficiencies in operations, our infrastructure costs and generally all of our fixed costs.

在其他地方，我們看到運營效率、基礎設施成本以及我們所有的固定成本可能好於預期。

You'll note that in the first half of the year, capital leases were flat year-over-year, although we're up 20% for the full trailing 12 months.

您會注意到，在今年上半年，資本租賃與去年同期持平，儘管我們在過去的 12 個月中增長了 20%。

In the last 6 months it's been pretty flat as the team has really worked well to plan our data centers, run our data centers more efficiently even to meet, again, increasing usage by our customers, usage rates that are exceeding our growth rate.

在過去的 6 個月裡，情況一直很平穩，因為團隊在規劃我們的數據中心、更有效地運行我們的數據中心甚至再次滿足我們客戶的使用量增加、使用率超過我們的增長率的情況下確實工作得很好。

So that's what I would point to.

這就是我要指出的。

Internationally, a lot of the same factors hold.

在國際上，許多相同的因素也成立。

I would say that in addition to the operating efficiencies, advertising is also starting to make an impact on gross profit, although advertising is smaller in international segment than it is in North America.

我想說的是，除了運營效率之外，廣告也開始對毛利潤產生影響，儘管國際市場的廣告比北美的要小。

It's growing at the same rapid clip year-over-year.

它以同樣的速度逐年增長。

Even while in international, we're continuing to invest in a lot of areas.

即使在國際上，我們也在繼續投資很多領域。

We continue to frontload Prime benefits for the newer geographies.

我們繼續為較新的地區提供 Prime 福利。

We continue to launch new countries.

我們繼續推出新的國家。

We launched Prime in Australia recently.

我們最近在澳大利亞推出了 Prime。

We've launched devices in multiple countries.

我們已經在多個國家/地區推出了設備。

Echo and Alexa were launched in France.

Echo 和 Alexa 在法國推出。

Echo Spot was launched in India and Japan in the last quarter.

Echo Spot 於上個季度在印度和日本推出。

So continued -- it's a mix of operating efficiencies as we grow and then also continuing to invest on a lot of fronts.

所以繼續 - 隨著我們的成長，它是運營效率的混合體，然後還繼續在很多方面進行投資。

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。

Okay.

好的。

Hey, maybe 2 things.

嘿，也許有兩件事。

Just a little bit of color on that unit growth.

該單位增長只是一點點顏色。

I think it was 17%.

我認為是 17%。

Any particular things to call out there that would have stunted that growth or negatively limit it?

那裡有什麼特別的事情會阻礙這種增長或對其產生負面限制嗎？

Or is that just kind of a new, new normal?

或者這只是一種新的、新的常態？

And then Brian, I'm sorry.

然後布萊恩，對不起。

You just talk better-than-expected efficiencies in operations.

您只是說運營效率好於預期。

Can I ask you to tease that out a little bit more?

我可以請你再多梳理一下嗎？

And a little more color, particularly on the retail side of the business.

還有更多的色彩，尤其是在零售方面。

Are there particularly newfound efficiencies that are sustainable?

是否有特別新發現的可持續效率？

Sure.

當然。

Let's start with the unit growth.

讓我們從單位增長開始。

So I will note, we did a very strong unit growth rate last year in Q2 with 27%, so we're comping against that.

所以我要指出，我們去年第二季度的單位增長率非常強勁，達到了 27%，所以我們正在與之抗衡。

As we look back on that, there were a number of factors.

當我們回顧這一點時，有許多因素。

I mean, in any quarter, there can be product mix or ASP differentials would shift the unit growth figure, but if you also remember, we dropped our Super Saver shipping threshold twice in early part of last year from $49 to $35 and then down to $25.

我的意思是，在任何一個季度，產品組合或 ASP 差異都會改變單位增長數據，但如果你還記得，我們在去年初兩次將 Super Saver 運費門檻從 49 美元降至 35 美元，然後降至25 美元。

So there was a bit of growth, particularly in lower ASP items from that, that we saw a last year.

因此，我們去年看到了一些增長，特別是在較低的 ASP 項目中。

So we're comping that.

所以我們正在編譯那個。

Another factor is digital content that moves to subscription.

另一個因素是轉向訂閱的數字內容。

So Amazon Music and Kindle Unlimited, while they're very successful and it's a good transition, they just -- the units do not count in this unit calculation.

因此，Amazon Music 和 Kindle Unlimited，雖然它們非常成功並且是一個很好的過渡，但它們只是——這些單位不計入這個單位計算。

So there's some things like that, that maybe obfuscate the numbers a bit, but we're really pleased with the retail growth.

所以有些事情可能會混淆數字，但我們對零售增長感到非常滿意。

We think it's driven by, again, Prime -- the Prime program, the efficiency -- or excuse me, the engagement of Prime customers as well as increased selection and particularly third-party selection.

我們認為它再次受到 Prime 的驅動——Prime 計劃、效率——或者對不起，Prime 客戶的參與以及增加的選擇，特別是第三方選擇。

On operations, if you look at probably the last 18 months, you're going to see a lot of different pace of increase in both infrastructure, cost and capital cost and the addition of fixed cost heads.

在運營方面，如果你看看過去 18 個月，你會看到基礎設施、成本和資本成本以及固定成本頭的增加速度都有很多不同的增長。

So one thing that you'll notice is that we've grown -- that we've stepped down our rate of growth of fixed headcount, excluding acquisitions.

所以你會注意到的一件事是我們已經成長——我們已經降低了固定員工人數的增長率，不包括收購。

We've grown 26% year-over-year at the end of June on a trailing 12-month basis.

在過去 12 個月的基礎上，我們在 6 月底同比增長了 26%。

But the 23% of that was in the second half of last year.

但其中 23% 是在去年下半年。

So we are continuing to look at where we're investing headcount.

因此，我們將繼續關注我們在哪裡投資人數。

We're seeing a lot of our growth areas being fueled by headcount that's moving within the company.

我們看到我們的許多增長領域都受到公司內部人員流動的推動。

There's a lot of movement of tech headcount.

技術人員的流動性很大。

And so there was less external hiring in the first half of this year.

因此，今年上半年的外部招聘減少了。

We don't think that, that's necessarily the long-term trend, but it's certainly created a lot of operating efficiencies and now we'll reset and evaluate where we need to still add people.

我們認為這不一定是長期趨勢，但它確實創造了很多運營效率，現在我們將重新設置並評估我們仍然需要在哪裡增加人員。

So I think the first half of the year can be a good test of where our cost structure is coming off of the investment that leads up to the holiday.

因此，我認為今年上半年可以很好地測試我們的成本結構從導致假期的投資中脫離出來的地方。

Last year, there was a lot of first half investment.

去年上半年有很多投資。

If you look back on infrastructure and fixed headcount, that may be made that less pronounced.

如果你回顧基礎設施和固定員工人數，那可能就不那麼明顯了。

But this year, it's a little more apparent.

但今年，它變得更加明顯。

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

我們的下一個問題來自摩根大通的 Douglas Anmuth。

I want to ask 2 if I could.

我想問2是否可以。

First, 3Q is typically a heavy fulfillment center build-out period, ahead of the holidays and then lower utilization, but obviously your outlook is good.

首先，第 3 季度通常是一個繁重的履行中心建設期，在假期之前，然後是較低的利用率，但顯然您的前景是好的。

Can you just give us a sense of how you're thinking about FC build-out in square footage increases this year?

您能否告訴我們您如何看待今年增加的 FC 建設面積？

And then secondly, a lot of excitement around the pharmacy opportunity with the acquisition of PillPack.

其次，收購 PillPack 帶來的藥房機會令人興奮。

Can you frame some of the strategic rationale there around the acquisition and how that helps advance your efforts and how we should think about integration going forward?

您能否圍繞收購提出一些戰略理由，以及這如何有助於推進您的努力，以及我們應該如何考慮未來的整合？

Sure.

當然。

On the fulfillment center capacity, I don't have a number for you today.

關於履行中心的容量，我今天沒有給你的號碼。

I'll probably clarify that at the end of next quarter as we head into the holiday.

當我們進入假期時，我可能會在下個季度末澄清這一點。

But if you think back the last 2 years, we've added square footage that's exceeded 30% growth both in 2016 and 2017.

但如果你回想過去 2 年，我們增加的平方英尺在 2016 年和 2017 年均超過 30% 的增長。

We anticipate it's going to be lower this year as we get some efficiencies off what we've built over the last few years.

我們預計今年它會更低，因為我們從過去幾年建立的東西中獲得了一些效率。

But we don't have a number for you today.

但我們今天沒有給你的電話號碼。

I will say that the majority of it is being put in service in the back end of the year, just like in the last 2 years.

我會說大部分都在年底投入使用，就像過去兩年一樣。

But we'll clarify that next quarter.

但我們將在下個季度澄清這一點。

On PillPack, yes, the deal of course, hasn't closed yet.

在 PillPack 上，是的，當然，這筆交易還沒有結束。

We expect to close it in the second half of the year, so I'll limit my comments right now.

我們預計將在下半年關閉它，所以我現在將限制我的評論。

But we're excited.

但我們很興奮。

I think the company has a really highly differentiated customer experience, and they've done a great job getting to the size and scale that they're at today.

我認為該公司擁有非常差異化的客戶體驗，他們在達到今天的規模和規模方面做得很好。

We think that working together with them, we can expand on that in the future.

我們認為，與他們合作，我們可以在未來擴大這一點。

They're like a lot of the other acquisitions we've done.

它們就像我們所做的許多其他收購一樣。

Recently, we're looking for well-run companies with highly differentiated customer experience and a real sense of customer obsession that matches ours.

最近，我們正在尋找運營良好的公司，這些公司具有高度差異化的客戶體驗和與我們相匹配的真正的客戶痴迷意識。

So we think PillPack has got all those traits, and we look forward to the deal closing and working with them.

因此，我們認為 PillPack 具備所有這些特徵，我們期待交易完成並與他們合作。

Our next question comes from Mark May with Citi.

我們的下一個問題來自 Mark May 和 Citi。

On AWS, does the backlog there give you confidence in the ability for this business to continue to post the type of robust growth that you've seen of late?

在 AWS 上，那裡的積壓工作是否讓您對該業務繼續保持您最近看到的強勁增長的能力充滿信心？

And on Alexa, now that you're reaching a meaningful number of Alexa users, I wondered if you could discuss a bit more about how Alexa is impacting their retail business.

在 Alexa 上，既然您已經接觸到相當數量的 Alexa 用戶，我想知道您是否可以更多地討論一下 Alexa 如何影響他們的零售業務。

Sure.

當然。

Let me start with AWS.

讓我從 AWS 開始。

Yes, we're very happy with the results we're seeing and the backlog that we see and the new contracts and new customers and the expansion of existing customer business that we see.

是的，我們對我們看到的結果和我們看到的積壓工作以及我們看到的新合同和新客戶以及現有客戶業務的擴展感到非常滿意。

Again, the businesses accelerated in the last 3 quarters, and we're seeing great signs in a number of areas.

再一次，這些業務在過去三個季度加速發展，我們在許多領域看到了很好的跡象。

We've added 800 new services and features so far this year.

今年到目前為止，我們已經添加了 800 項新服務和功能。

That's an accelerated pace from last year, which was a record year.

與去年創紀錄的一年相比，這一速度有所加快。

We see customers have migrated more than 80,000 databases using the AWS data migration service -- excuse me, Database Migration Service.

我們看到客戶已經使用 AWS 數據遷移服務遷移了 80,000 多個數據庫——對不起，數據庫遷移服務。

And customers are just branching out to a lot of new products from us.

客戶只是從我們這裡擴展到很多新產品。

There are new areas like machine learning, artificial intelligence, Internet of Things.

有新的領域，如機器學習、人工智能、物聯網。

Serverless computing and database and analytics are really big.

無服務器計算、數據庫和分析真的很大。

So we think that when you look at it, why do people come to us essentially?

所以我們認為，當你看到它時，人們本質上為什麼會來找我們？

It's that functionality and pace of innovation that we've demonstrated for multiple years.

這是我們多年來展示的功能和創新速度。

We've built a very strong partner and customer ecosystem.

我們建立了一個非常強大的合作夥伴和客戶生態系統。

And frankly, we're the most proven in reliability, security and performance, and we've been at this longer than anyone else.

坦率地說，我們在可靠性、安全性和性能方面是最久經考驗的，而且我們在這方面的時間比其他任何人都長。

So again, we continue to deliver for customers.

因此，我們再次為客戶提供服務。

We continue to use feedback from customers to develop new services and features.

我們將繼續利用客戶的反饋來開發新的服務和功能。

The operating margin itself will fluctuate quarter-to-quarter.

營業利潤率本身將逐季波動。

A very strong performance this quarter, obviously.

顯然，本季度的表現非常強勁。

Part of that was in the capital expenditures -- excuse me, or capital leases being flat year-over-year and the team's ability to really run the data centers at a higher efficiency.

其中一部分是資本支出——對不起，或者資本租賃與去年同期持平，以及團隊真正以更高效率運行數據中心的能力。

Yes, and I think the second question was really just how is Alexa impacting the business overall.

是的，我認為第二個問題實際上是 Alexa 如何影響整體業務。

Hey, this is Dave.

嘿，這是戴夫。

And I think we're having a lot of success with devices and customers are enjoying those.

我認為我們在設備方面取得了很大的成功，客戶也很享受這些。

We talked to coming out of Prime Day, had some good success and happy customers enjoying some of the devices there.

我們談到了 Prime Day 的到來，取得了一些不錯的成功，並且讓客戶滿意地享受了那裡的一些設備。

So I think that's a lot of -- the focus now is really having good and exciting roadmap of recent revises and more to come ahead and getting those into customers' hands.

所以我認為這是很多 - 現在的重點是最近修訂的良好和令人興奮的路線圖，以及更多的未來並將這些交到客戶手中。

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。

Just on the AWS point, as you're seeing in customers to AWS -- you're adding new customers to AWS, can you give us a sense of sort of where you're seeing customers spend focus?

就 AWS 而言，正如您在 AWS 的客戶中所看到的那樣——您正在向 AWS 添加新客戶，您能否讓我們了解一下您看到客戶將重點放在哪裡？

How successful you mentioned database, but what other areas are you potentially seeing as customers move up the stack with you and grow?

您提到數據庫有多成功，但是隨著客戶與您一起向上移動並成長，您可能會看到哪些其他領域？

And then you flagged the flat capital lease growth on a year-over-year basis.

然後你標記了資本租賃同比增長持平。

In the past, when you've talked about the growth in CapEx and capital lease, you generally referred to trying to grow those numbers or that infrastructure growth overall with more or less with the business.

過去，當您談到資本支出和資本租賃的增長時，您通常指的是試圖通過或多或少的業務來增加這些數字或基礎設施的整體增長。

Is there some level of efficiency breakthrough that you've gotten there where that's no longer the case?

您是否已經實現了某種程度的效率突破，但情況已不再如此？

Or is it a function of timing?

還是時間的函數？

How should we think about what that CapEx and capital lease spend signals about your expectations for growth?

我們應該如何看待資本支出和資本租賃支出表明您對增長的預期？

Sure.

當然。

I would say it's just a demonstration of a very tight period where we -- we're still adding a lot.

我想說這只是一個非常緊張的時期的證明，我們仍然在增加很多。

I mean, $4.6 billion is a lot of capital leases.

我的意思是，46 億美元是很多資本租賃。

But the rate of growth over last year was flat.

但與去年相比，增長率持平。

So what I would say is, I'm not sure about the breakthrough element of it.

所以我想說的是，我不確定它的突破性元素。

We do spend a lot of time driving better efficiency in our data centers.

我們確實花費了大量時間來提高數據中心的效率。

We do see it.

我們確實看到了。

Sometimes it is higher than other quarters.

有時它高於其他季度。

The starting point for our expectation would be that usage growth would be very -- that our growth in infrastructure cost would start with the growth in usage, which has been exceeding the revenue growth rate.

我們預期的起點是使用量增長將非常 - 我們的基礎設施成本增長將從使用量增長開始，這已經超過了收入增長率。

But we can do -- we can drive more efficiently and we can sometimes bank the efficiencies of prior investments that we've made in other periods.

但我們可以做到——我們可以更有效地駕駛，有時我們可以將我們在其他時期所做的先前投資的效率存入銀行。

So it will fluctuate quarter-to-quarter.

所以它會按季度波動。

I would say last year, in the first half, was a pretty large investment area.

我想說，去年上半年，是一個相當大的投資領域。

I'll lump it in with capital expenditures.

我會將其與資本支出混為一談。

But in the first 2 quarters, Q1 of last year was 82% growth year-over-year in capital expenditures.

但在前兩個季度，去年第一季度的資本支出同比增長 82%。

Q2 was 67%.

第二季度為 67%。

This year, those numbers are 33% in Q1 and 1% in Q2.

今年，這些數字在第一季度為 33%，在第二季度為 1%。

So there's a bit of timing at play here, but I think overall, in the longer term, we certainly work to drive efficiency in both AWS infrastructure capability and also in our warehouse networks.

所以這裡有一些時間安排，但我認為總的來說，從長遠來看，我們肯定會努力提高 AWS 基礎設施能力和倉庫網絡的效率。

I don't have, on the other piece, on the product detail, I don't have anything more for you.

我沒有，另一方面，關於產品細節，我沒有更多的東西給你。

I would just say that our growth is coming from customers that span from start-ups to enterprise customers to government agencies, and they start small and then they continue to build and shift their businesses to us.

我只想說，我們的增長來自從初創企業到企業客戶再到政府機構的客戶，他們從小規模開始，然後繼續建立並將業務轉移給我們。

And many of them have gone -- a large number have gone all-in on AWS and have had a chance to lower their cost structures as a result.

他們中的許多人已經離開了——很多人都在 AWS 上全力以赴，因此有機會降低他們的成本結構。

I would count Amazon in that category because on the consumer side of the business, we increasingly see infrastructure savings due to the conversion to AWS resources.

我會將亞馬遜歸入這一類別，因為在業務的消費者方面，我們越來越多地看到由於轉換為 AWS 資源而節省了基礎設施。

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, on the ad business.

我有 2 個。第一個，關於廣告業務。

Brian, I was just wondering, could you give us some examples of some products you have particular success with on the ad side?

Brian，我只是想知道，你能給我們舉一些你在廣告方面特別成功的產品的例子嗎？

And then I know you guys are always focused on removing customer friction points and solving pain points for customers.

然後我知道你們總是專注於消除客戶摩擦點並為客戶解決痛點。

Maybe talk to us about some of the still existing pain points for your advertiser customers you're looking to address with the advertising product.

也許與我們談談您希望通過廣告產品解決的廣告客戶的一些仍然存在的痛點。

And the second one, I know it's an accounting question, but we're going to be asked a lot.

第二個，我知道這是一個會計問題，但我們會被問到很多。

On revenue accounting, can you just sort of walk us through any of the accounting changes that any of the revenue lines had in the current quarter because of the multiple accounting moving pieces?

在收入會計方面，您能否簡單介紹一下由於多個會計活動部分而導致本季度任何收入項目發生的任何會計變化？

Yes, let me give Dave a chance afterwards to talk about that piece, but I'll start with advertising.

是的，讓我稍後給戴夫一個機會來談談那篇文章，但我將從廣告開始。

So conceptually, stepping back, it's now a multibillion-dollar business for us.

所以從概念上講，退後一步，它現在對我們來說是一項價值數十億美元的業務。

We're seeing strong adoption across a number of fronts.

我們在許多方面都看到了強大的採用。

Amazon vendors, sellers, authors, as well as third-party advertisers who want to reach Amazon customers.

想要接觸亞馬遜客戶的亞馬遜供應商、賣家、作者以及第三方廣告商。

So we have hundreds of thousands of emerging and established advertisings -- advertisers, and they're using our services to achieve their marketing goals, whether that's to drive new brand awareness, discovery or ultimately purchase decisions on our site.

因此，我們有成千上萬的新興和成熟的廣告——廣告商，他們正在使用我們的服務來實現他們的營銷目標，無論是提高新的品牌知名度、發現還是最終在我們的網站上做出購買決定。

Pain points and improvements, I would say our priorities include improving the usability of our tools for advertisers, helping make smarter recommendations for customers.

痛點和改進，我想說我們的優先事項包括提高我們工具對廣告商的可用性，幫助為客戶提供更明智的建議。

Automating, we're doing a lot of work on automating the activities that the advertisers need to do and continue to invent new products for the advertisers.

自動化，我們在自動化廣告商需要做的活動方面做了大量工作，並繼續為廣告商發明新產品。

We also think measurement is going to be important, so we're focused on our measurement capabilities, so advertisers understand what outcomes they're driving on our properties.

我們還認為測量將很重要，因此我們專注於我們的測量能力，以便廣告商了解他們在我們的屬性上帶來的結果。

And we think that we're uniquely positioned to show them the direct benefit of their advertising.

而且我們認為我們具有獨特的優勢，可以向他們展示廣告的直接好處。

Yes, and Brian, this is Dave.

是的，布賴恩，這是戴夫。

Just on the accounting piece, specifically to Q2, the impact of the accounting standards update revenue recognition changes we did starting in the first part of year, it's $640 million increase to other revenue, specifically related to how we treat some of the advertising service.

就會計部分而言，特別是對第二季度，會計準則更新的影響是我們從今年上半年開始所做的收入確認變化，其他收入增加了 6.4 億美元，特別是與我們如何處理一些廣告服務有關。

So you remember, as part of the adoption, beginning in 2018, certain of the advertising services were classified as revenue rather than cost of sales.

所以你記得，作為採用的一部分，從 2018 年開始，某些廣告服務被歸類為收入而不是銷售成本。

So $640 million more is another revenue this second quarter.

因此，第二季度的另一筆收入增加了 6.4 億美元。

You'd see that in that line item, which is about $2.2 billion here in the second quarter.

您會在該項目中看到這一點，第二季度約為 22 億美元。

In addition to that, some of the other factors I talked about last quarter, some of the treatment of gross to net changes in some sales of apps and app content, digital media costs, some of that shift created a headwind for online stores revenue.

除此之外，我在上個季度談到的其他一些因素，一些應用程序和應用程序內容的銷售總額到淨額變化的處理，數字媒體成本，其中一些轉變對在線商店的收入造成了不利影響。

So that year-over-year growth rate for that line item would have been higher but for that change.

因此，如果沒有這種變化，該項目的同比增長率會更高。

Our next question comes from Eric Sheridan with UBS.

我們的下一個問題來自瑞銀的 Eric Sheridan。

Two questions, if I can.

兩個問題，如果可以的話。

On Whole Foods, any update on the integration of Whole Foods within the broader Prime ecosystem, the way in which you're tying those assets and customer bases together to sort of promote the flywheel that you've talked about a fair bit?

關於 Whole Foods，關於 Whole Foods 在更廣泛的 Prime 生態系統中整合的任何更新，您將這些資產和客戶群捆綁在一起以促進您已經談到的飛輪的方式？

And Prime Now, any update on the scale of markets globally and what you're learning as Prime Now continues to scale in terms of how users adopt the service, putting SKUs closer to prem, what that does to the velocity of purchasing?

還有 Prime Now，關於全球市場規模的任何更新以及隨著 Prime Now 在用戶如何採用服務方面繼續擴展，使 SKU 更接近 prem，您正在學習什麼，這對購買速度有什麼影響？

Sure.

當然。

So it's a big quarter for Whole Foods and Prime.

因此，對於 Whole Foods 和 Prime 來說，這是一個很大的季度。

We launched Prime for -- sorry, we launched Additional Savings for Prime members at Whole Foods.

我們為全食超市的 Prime 會員推出了 Prime 服務——抱歉，我們為 Prime 會員推出了額外優惠。

If you go a Whole Foods store or a Whole Foods market, 365 store, you'll see a lot of yellow stickers for 10% discount off hundreds of sale items.

如果您去 Whole Foods 商店或 Whole Foods 市場、365 商店，您會看到很多黃色貼紙，可在數百種銷售商品中享受 10% 的折扣。

You'll also see deep discounts on selected popular products.

您還將看到所選熱門產品的大幅折扣。

So Prime members have adopted this benefit.

所以Prime會員採用了這個福利。

It's one of the fastest rates we've ever seen for a Prime benefit, and they've already saved millions of dollars on everything from seasonal favorites to, as I said, popular daily sales.

這是我們所見過的 Prime 福利最快的價格之一，而且他們已經在從季節性的最愛到如我所說的流行的日常銷售的所有東西上節省了數百萬美元。

So in addition, we've expanded the grocery delivery to 20 cities, so that's picking up steam.

因此，此外，我們已將雜貨配送擴展到 20 個城市，這正在加速發展。

During the Prime Day, we had some unique deals with -- for Prime customers at Whole Foods.

在 Prime Day 期間，我們與 Whole Foods 的 Prime 客戶進行了一些獨特的交易。

Actually, the deals lasted for a week at Whole Foods, and people had, again, the ability to see the benefit that Prime membership -- save incremental dollars because of it at Whole Foods.

實際上，Whole Foods 的交易持續了一周，人們再次看到了 Prime 會員資格的好處——因為它在 Whole Foods 節省了更多的錢。

And the Prime Rewards Visa card, which gives you $5 -- excuse me 5% off on all purchases, has been applied to Whole Foods purchases as well.

Prime Rewards Visa 卡給你 5 美元——對不起，所有購買都可以享受 5% 的折扣，它也適用於 Whole Foods 的購買。

So that is the second wave.

所以這是第二波。

Probably after the first wave, when we've talked in previous calls about initial price drops, putting lockers in the stores, selling some of the Whole Foods products on the Amazon site and other things.

可能在第一波浪潮之後，當我們在之前的電話會議中談到最初的降價、在商店裡放置儲物櫃、在亞馬遜網站上銷售一些 Whole Foods 產品以及其他事情時。

So the invention level is still really high.

所以發明水平還是很高的。

We're -- we think it's a big milestone this quarter to launch Prime benefits with Whole Foods, and we'll keep going.

我們 - 我們認為這是本季度通過 Whole Foods 推出 Prime 福利的一個重要里程碑，我們將繼續前進。

We'll see how that develops.

我們將看到它是如何發展的。

Prime Now, I guess my comments are that it's in 50 cities worldwide.

Prime Now，我想我的評論是它在全球 50 個城市。

It's across 9 countries.

它橫跨9個國家。

The -- it is different than -- we have multiple options for you in grocery delivery.

- 它不同於 - 我們在雜貨配送方面為您提供多種選擇。

We have the delivery services, so AmazonFresh and Prime Now, which serve a certain need.

我們有送貨服務，比如 AmazonFresh 和 Prime Now，它們可以滿足一定的需求。

We have a traditional grocery store now with Whole Foods.

我們現在有一家傳統的雜貨店，裡面有 Whole Foods。

And then we have the combination of those 2 with home delivery and we're using Prime Now or Whole Foods products through Prime Now to make those deliveries, as well as the new kind of stores with Amazon Go that we're experimenting with.

然後我們將這兩者與送貨上門相結合，我們使用 Prime Now 或通過 Prime Now 的 Whole Foods 產品進行送貨，以及我們正在試驗的新型 Amazon Go 商店。

So lots of innovation, invention on that front as well.

在這方面也有很多創新和發明。

Our next question comes from 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, I had 2 questions.

大家好，我有2個問題。

First is on the Music business.

首先是關於音樂業務。

So I think you said recently you have tens of millions of paying subscribers.

所以我想你最近說過你有數千萬付費用戶。

So are those paying music listeners coming from Prime and using the mobile app?

那麼那些付費音樂聽眾是否來自 Prime 並使用移動應用程序？

Or are they coming in from Echo?

或者他們是從 Echo 進來的？

Any color on what's driving that uptick and converting users into paid members?

是什麼推動了這種增長並將用戶轉變為付費會員？

And then the second question is, you mentioned efficiency gains in retail and the improvement in retail operating margin.

然後第二個問題是，您提到了零售效率的提高和零售營業利潤率的提高。

If we look at international, it's still negative, but it's also improving pretty meaningfully.

如果我們看國際，它仍然是負面的，但它也在顯著改善。

So can you parse where that improvement is coming from between India and the other emerging markets versus some of the more mature markets in Western Europe?

那麼你能分析一下印度和其他新興市場與西歐一些更成熟的市場之間的改善來自哪裡嗎？

Sure, let me start with that second question.

當然，讓我從第二個問題開始。

So yes, we have seen, over the last few quarters, improved operating margins internationally.

所以，是的，我們已經看到，在過去幾個季度中，國際運營利潤率有所提高。

I would say in places like Europe and Japan, we're seeing many of the efficiencies I talked about earlier on fixed headcount, operations cost, infrastructure cost and also things like marketing, working to be very efficient.

我想說的是，在歐洲和日本等地，我們看到了我之前談到的許多關於固定員工人數、運營成本、基礎設施成本以及營銷等方面的效率，它們的工作效率非常高。

I would also say that although it's smaller internationally, the impact of advertising is starting to show up more and more internationally.

我還要說，雖然它在國際上規模較小，但廣告的影響開始在國際上越來越多地顯現出來。

It's growing quite quickly just as it is in North America.

就像在北美一樣，它的增長速度非常快。

But you're right.

但你是對的。

We continue to invest.

我們繼續投資。

We're investing in India, obviously, and have seen good traction there.

顯然，我們正在印度投資，並且在那裡看到了良好的牽引力。

We just passed our fifth year anniversary.

我們剛剛過了五週年。

We just celebrated our fifth year anniversary.

我們剛剛慶祝了我們的五週年紀念日。

And it's the most visited site in India.

它是印度訪問量最大的網站。

So we think there's a lot of great innovation that has continued to occur for Indian customers, consumers and sellers, and that will continue.

因此，我們認為對於印度客戶、消費者和賣家來說，許多偉大的創新不斷發生，而且這種情況還會繼續。

But you're also seeing additional expansion.

但是你也看到了額外的擴展。

So we launched Prime Australia.

所以我們推出了 Prime Australia。

We're rolling devices out.

我們正在推出設備。

We launched Echo and Alexa in France.

我們在法國推出了 Echo 和 Alexa。

The Echo Spot in India and Japan, and we announced that we're going to expand Echo and Alexa soon to Italy, Mexico and Spain.

印度和日本的 Echo Spot，我們宣布將很快將 Echo 和 Alexa 擴展到意大利、墨西哥和西班牙。

So I would say that we're continuing to frontload Prime Benefits in the newer geographies.

所以我想說，我們將繼續在較新的地區推出 Prime 福利。

So that's one of the issues that we see with operating margin.

這就是我們在營業利潤率方面看到的問題之一。

But we think it's the right thing to do.

但我們認為這是正確的做法。

We are seeing strong traction in that front as well.

我們在這方面也看到了強大的牽引力。

We also like that on Prime Day, we're able to expand our list of countries that experienced Prime Day this year to Australia, Singapore, the Netherlands and Luxembourg.

我們也喜歡 Prime Day，我們能夠將今年經歷 Prime Day 的國家名單擴大到澳大利亞、新加坡、荷蘭和盧森堡。

So we're very bullish on our international business.

所以我們非常看好我們的國際業務。

We do realize it's a period of investment, and we're at different stages of growth in different countries.

我們確實意識到這是一個投資時期，我們在不同的國家處於不同的增長階段。

Yes, this is Dave.

是的，這是戴夫。

Just quickly on Music, as you mentioned, tens of millions of paid customers are enjoying Amazon Music.

正如您所提到的，在音樂上，數以千萬計的付費客戶正在享受亞馬遜音樂。

When you look at the Amazon Music Unlimited subscription, it continues to grow very quickly.

當您查看 Amazon Music Unlimited 訂閱時，它會繼續快速增長。

We've got those offerings in more than 30 countries now, and the catalog, there's tens of millions of songs, and a lot of rich playlists, personalized stations, those kinds of things.

我們現在在 30 多個國家/地區提供這些產品，並且目錄，有數千萬首歌曲，以及許多豐富的播放列表、個性化電台，諸如此類。

Of course, we started in Music with Prime Music a little bit earlier in that space, and I think that's been a great way for Prime members to enjoy some of that catalog for free, and then as they enjoy that, be able to move into the Amazon Music Unlimited scale.

當然，我們在 Prime Music 領域的音樂起步早一點，我認為這是 Prime 會員免費享受其中一些目錄的好方法，然後在他們享受的同時，能夠進入亞馬遜音樂無限規模。

One of the great things that's also part of that, I think, you alluded to is just Alexa, and one of the most popular features we see, as you probably imagine, for using those devices or just interacting with Alexa wherever you may be is being able to listen to music, so that's proven to be, I think, a good skill for folks to be able to enjoy, in addition to a really kind of rich and growing Amazon skill set.

我認為，你提到的其中一件偉大的事情就是 Alexa，我們看到的最受歡迎的功能之一，正如你可能想像的那樣，無論你身在何處都可以使用這些設備或與 Alexa 進行交互能夠聽音樂，所以我認為，這被證明是人們能夠享受的一項很好的技能，此外還有一種非常豐富且不斷增長的亞馬遜技能。

We now have more than 45,000 skills available to customers.

我們現在有超過 45,000 種技能可供客戶使用。

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

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

On the new Supreme Court decision, you guys have been collecting state taxes in all 45 states where it's applicable for 1P.

根據最高法院的新裁決，你們一直在所有 45 個適用於 1P 的州徵收州稅。

And for 3P, I think it was in 2 states.

對於 3P，我認為它處於 2 個狀態。

Have you seen any slowdown to growth in these 2 states since you began collecting taxes?

自您開始徵稅以來，您是否看到這兩個州的增長放緩？

I think you started maybe last 12 months or so.

我想你開始可能持續了 12 個月左右。

When will you start collecting taxes in the rest of the other -- in the rest of the country?

你什麼時候開始在其他地方收稅——在這個國家的其他地方？

And will you charge for it?

你會為此收費嗎？

Because my understanding is that in those 2 states, you do not collect or you do not charge to help these 3P sellers file taxes or collect state taxes.

因為我的理解是，在這兩個州，您不收取或不收取幫助這些 3P 賣家報稅或收取州稅的費用。

Yes, hey, Youssef, this is Dave.

是的，嘿，優素福，這是戴夫。

So right now, as you mentioned, 45 states that have state-imposed sales tax, first-party products, we do our own collection on that.

所以現在，正如你所提到的，有 45 個州徵收銷售稅，第一方產品，我們對此進行了自己的收集。

For 3P sellers, right now, it's 3 states.

對於 3P 賣家來說，現在是 3 個州。

So Washington State started as of January 1, Pennsylvania as of April 1, and most recently, Oklahoma on July 1. So those are the ones where we're collecting in and remitting.

所以華盛頓州從 1 月 1 日開始，賓夕法尼亞州從 4 月 1 日開始，最近的俄克拉荷馬州從 7 月 1 日開始。所以這些是我們收集和匯款的地方。

We haven't said -- and to your second point, we've not talked about any kind of trends.

我們還沒有說——關於你的第二點，我們還沒有談論任何趨勢。

As you imagine, some of these are still really early days.

正如您想像的那樣，其中一些仍處於早期階段。

Our final question comes from Jason Helfstein with Oppenheimer & Co.

我們的最後一個問題來自 Oppenheimer & Co. 的 Jason Helfstein。

Given the focus in the press release about Alexa Voice Services, any thoughts about how you would monetize on third-party devices?

鑑於新聞稿中有關 Alexa 語音服務的重點，您對如何在第三方設備上獲利有任何想法嗎？

And then just a follow-up, Amazon Prime Video channels, any plans to offer standard skinny bundles to become a cable replacement thing?

然後只是一個後續，亞馬遜 Prime 視頻頻道，是否有計劃提供標準的緊身捆綁包以成為電纜替代品？

Yes, let me start with Alexa.

是的，讓我從 Alexa 開始。

So right now, our emphasis is around expanding the reach of Alexa and the usefulness.

所以現在，我們的重點是擴大 Alexa 的範圍和實用性。

So as Dave mentioned, we're now up over 45,000 skills.

正如戴夫所說，我們現在擁有超過 45,000 項技能。

We have a developer network that's expanded, and we have over 13,000 smart home devices from 2,500 unique brands.

我們擁有一個不斷擴展的開發者網絡，我們擁有來自 2,500 個獨特品牌的超過 13,000 台智能家居設備。

You're seeing things like expansion into the hotel space, where we're partnering with hotels to allow you to experience Alexa while you're traveling.

您正在看到諸如擴展到酒店空間之類的事情，我們正在與酒店合作，讓您在旅行時體驗 Alexa。

And you saw from the quote that was in our press release that Jeff -- from Jeff, the number of Alexa-enabled devices has tripled in the past year, including some really large companies like Polk, Sonos, Acer, Hewlett-Packard, Lenovo, BMW, Ford, Toyota, to name a few.

你從我們新聞稿中的引述中看到，Jeff——來自 Jeff，支持 Alexa 的設備的數量在過去一年中增加了兩倍，其中包括一些非常大的公司，如 Polk、Sonos、Acer、惠普、聯想、寶馬、福特、豐田等等。

So that's the biggest emphasis, is getting the expansion of Alexa to places where it can be useful.

所以這是最大的重點，就是將 Alexa 擴展到可能有用的地方。

We also are developing new machine learning tools to help developers more easily build Alexa skills.

我們還在開發新的機器學習工具，以幫助開發人員更輕鬆地構建 Alexa 技能。

We feel like we're getting great traction there.

我們覺得我們在那裡得到了很大的牽引力。

So I think your original question was about monetization of Alexa, but right now, the biggest thing we can do is to make it as useful as possible and make devices that can use the skills.

所以我認為你最初的問題是關於 Alexa 的貨幣化，但現在，我們能做的最重要的事情是讓它盡可能有用，並製造可以使用這些技能的設備。

Yes, and then just on the second question, I mean, I can't speculate on what we might do in the future, but I'd say today, with Prime channels, I think we're very pleased with the growth we're seeing.

是的，然後就第二個問題，我的意思是，我無法推測我們未來可能會做什麼，但我今天想說的是，有了 Prime 頻道，我認為我們對我們的增長感到非常滿意'重看。

We've seen some good channels come online over the last few quarters and have seen some good traction there.

在過去的幾個季度中，我們已經看到一些不錯的頻道上線，並且在那裡看到了一些不錯的牽引力。

So we'll keep focusing on building out even better selection because it's clear to us that customers want that option to be able to add that content as part of their Prime memberships.

因此，我們將繼續專注於構建更好的選擇，因為我們很清楚客戶希望該選項能夠添加該內容作為其 Prime 會員資格的一部分。

Thanks for joining us today on the call 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 Investor Relations website at least through the end of the quarter.

至少在本季度末，我們的投資者關係網站上將提供重播。

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

我們感謝您對亞馬遜的興趣，並期待在下個季度再次與您交談。