亞馬遜 (AMZN) 2018 Q2 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q2 2018 Financial Results Teleconference. (Operator Instructions) Today's call is being recorded. For opening remarks, I'll be turning the call over to the Director of Investor Relations, Dave Fildes. Please go ahead.

感謝您的支持。大家好，歡迎參加亞馬遜 2018 年第二季財務業績電話會議。（操作員指示）今天的通話正在錄音。在開場發言時，我將把電話轉給投資者關係總監戴夫·菲爾德斯 (Dave Fildes)。請繼續。

Hello, and welcome to our Q2 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 年第二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 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. Our comments and responses to your questions reflect management's views as of today, July 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.

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。我們對您的問題的評論和回應僅反映管理層截至 2018 年 7 月 26 日的觀點，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. 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. 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 demand for our goods and services, and therefore, our actual results could differ materially from our guidance.

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

With that, we will move to Q&A. Operator, please remind our listeners how to initiate a question.

接下來，我們將進入問答環節。接線員，請提醒我們的聽眾如何提出問題。

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

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

I guess the standout metric of the quarter was the profitability and the margins. Both U.S. and international have improved year-over-year. Could you talk about, was it better than your expectations for the quarter? And then maybe a reason for the ad business to accelerate within the other line.

我認為本季最突出的指標是獲利能力和利潤率。美國和國際市場均較去年同期有所改善。您能談談本季的表現是否比您的預期更好嗎？這也許是廣告業務在其他領域加速發展的原因。

Sure, yes. Thanks, Justin. Yes, for the quarter, so it was a strong quarter. We had, what I attribute it to is continued strength in some of our most profitable areas. AWS had its third consecutive quarter of accelerating growth, 49% FX-neutral growth. Advertising also had strong growth. Elsewhere, we saw probably better-than-expected efficiencies in operations, our infrastructure costs and generally all of our fixed costs. 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. 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. So that's what I would point to. Internationally, a lot of the same factors hold. 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. It's growing at the same rapid clip year-over-year. Even while in international, we're continuing to invest in a lot of areas. We continue to frontload Prime benefits for the newer geographies. We continue to launch new countries. We launched Prime in Australia recently. We've launched devices in multiple countries. Echo and Alexa were launched in France. Echo Spot was launched in India and Japan in the last quarter. So continued -- it's a mix of operating efficiencies as we grow and then also continuing to invest on a lot of fronts.

當然，是的。謝謝，賈斯汀。是的，就本季而言，這是一個強勁的季度。我認為這歸功於我們一些最賺錢領域的持續強勁表現。AWS 連續第三個季度達到加速成長，剔除匯率因素，成長率達 49%。廣告業務也實現了強勁成長。在其他方面，我們的營運效率、基礎設施成本以及所有固定成本可能都比預期要好。您會注意到，今年上半年，資本租賃與去年同期持平，儘管過去 12 個月全年增長了 20%。在過去的 6 個月裡，情況一直很平穩，因為團隊確實很好地規劃了我們的資料中心，更有效率地運作了我們的資料中心，甚至再次滿足了客戶不斷增長的使用量，使用率超過了我們的成長率。這就是我要指出的。在國際上，許多相同的因素也存在。我想說，除了營運效率之外，廣告也開始對毛利產生影響，儘管國際市場的廣告規模比北美市場的廣告規模要小。它每年都以同樣的速度成長。即使在國際上，我們也持續在許多領域進行投資。我們將繼續為新地區預先提供 Prime 優惠。我們將繼續開拓新的國家。我們最近在澳洲推出了 Prime。我們已經在多個國家推出了該設備。Echo 和 Alexa 在法國推出。Echo Spot 於上季在印度和日本推出。因此，隨著我們的發展，我們會繼續提高營運效率，並繼續在許多方面進行投資。

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

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

Okay. Hey, maybe 2 things. Just a little bit of color on that unit growth. I think it was 17%. Any particular things to call out there that would have stunted that growth or negatively limit it? Or is that just kind of a new, new normal? And then Brian, I'm sorry. You just talk better-than-expected efficiencies in operations. Can I ask you to tease that out a little bit more? And a little more color, particularly on the retail side of the business. Are there particularly newfound efficiencies that are sustainable?

好的。嘿，也許有兩件事。只是對該單位增長進行了一點說明。我認為是 17%。有什麼特別的事情會阻礙或負面影響這種成長嗎？或者這只是一種新的、新的常態？那麼布萊恩，我很抱歉。您只是談論了營運效率超出預期。我可以請您進一步解釋嗎？並且更加豐富多彩，特別是在業務的零售方面。是否存在特別新的可持續的效率？

Sure. Let's start with the unit growth. So I will note, we did a very strong unit growth rate last year in Q2 with 27%, so we're comping against that. As we look back on that, there were a number of factors. 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. So there was a bit of growth, particularly in lower ASP items from that, that we saw a last year. So we're comping that. Another factor is digital content that moves to subscription. 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. So there's some things like that, that maybe obfuscate the numbers a bit, but we're really pleased with the retail growth. 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. 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. 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. We've grown 26% year-over-year at the end of June on a trailing 12-month basis. But the 23% of that was in the second half of last year. So we are continuing to look at where we're investing headcount. We're seeing a lot of our growth areas being fueled by headcount that's moving within the company. There's a lot of movement of tech headcount. And so there was less external hiring in the first half of this year. 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. 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. Last year, there was a lot of first half investment. If you look back on infrastructure and fixed headcount, that may be made that less pronounced. But this year, it's a little more apparent.

當然。讓我們從單位成長開始。所以我要指出的是，去年第二季我們的單位成長率非常強勁，達到了 27%，因此我們正在與之進行比較。回顧過去，我們發現有許多因素。我的意思是，在任何季度，產品組合或 ASP 差異都會改變單位成長數字，但如果您還記得，我們​​在去年年初兩次將超級節省運費門檻從 49 美元降至 35 美元，然後又降至 25 美元。因此，我們看到去年出現了一些成長，特別是平均售價較低的商品。因此我們正在對此進行補償。另一個因素是轉向訂閱的數位內容。因此，儘管亞馬遜音樂和 Kindle Unlimited 非常成功，而且轉型良好，但它們的單位不計入此單位計算中。因此，有些事情可能會讓數字有點混亂，但我們對零售成長感到非常滿意。我們認為這再次受到 Prime 的推動——Prime 計劃、效率——或者對不起，Prime 客戶的參與度以及增加的選擇，特別是第三方選擇。在營運方面，如果你回顧過去 18 個月，你會看到基礎設施、成本和資本成本以及固定成本的成長速度有很大不同。因此，您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成長率，不包括收購。截至 6 月底，我們的銷售額較過去 12 個月年增 26%。但其中的23%發生在去年下半年。因此，我們將繼續關注員工投資的方向。我們發現，公司內部員工流動推動了許多成長領域。科技人員流動很大。因此今年上半年的外部招募減少。我們不認為這一定是長期趨勢，但它確實創造了很多營運效率，現在我們將重新調整並評估我們仍然需要在哪些方面增加人員。因此，我認為上半年可以很好地檢驗我們的成本結構如何從假期前的投資中獲益。去年上半年投資很多。如果回顧一下基礎設施和固定員工人數，這種現象可能就沒那麼明顯了。但今年，這種情況更加明顯了。

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道格拉斯·安穆斯。

I want to ask 2 if I could. 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. Can you just give us a sense of how you're thinking about FC build-out in square footage increases this year? And then secondly, a lot of excitement around the pharmacy opportunity with the acquisition of PillPack. 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?

我想問 2 是否可以。首先，第三季通常是履行中心建設的高峰期，假期前夕，利用率會較低，但顯然前景良好。您能否向我們介紹一下您對今年 FC 建設面積增加的看法？其次，收購 PillPack 後，藥局市場機會令人興奮不已。您能否闡述此次收購的一些策略原理，以及這如何幫助您推進工作，以及我們應該如何看待未來的整合？

Sure. On the fulfillment center capacity, I don't have a number for you today. I'll probably clarify that at the end of next quarter as we head into the holiday. But if you think back the last 2 years, we've added square footage that's exceeded 30% growth both in 2016 and 2017. 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. But we don't have a number for you today. 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. But we'll clarify that next quarter. On PillPack, yes, the deal of course, hasn't closed yet. We expect to close it in the second half of the year, so I'll limit my comments right now. But we're excited. 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. We think that working together with them, we can expand on that in the future. They're like a lot of the other acquisitions we've done. Recently, we're looking for well-run companies with highly differentiated customer experience and a real sense of customer obsession that matches ours. So we think PillPack has got all those traits, and we look forward to the deal closing and working with them.

當然。關於履行中心的容量，我今天沒有具體數字可以告訴你。我可能會在下個季度末假期來臨之際澄清這一點。但如果回顧過去兩年，我們增加的面積在 2016 年和 2017 年都超過了 30%。我們預計今年的成本將會更低，因為我們在過去幾年中取得了一些效率提升。但我們今天沒有您的電話號碼。我想說的是，大部分項目都將在今年年底投入使用，就像過去兩年一樣。但我們將在下個季度澄清這一點。關於 PillPack，是的，交易當然還沒完成。我們預計將在今年下半年完成這項工作，所以我現在只能限制我的評論。但我們很興奮。我認為該公司擁有真正高度差異化的客戶體驗，他們在達到今天的規模方面做得非常出色。我們認為，透過與他們合作，我們可以在未來擴大這一領域。它們就像我們進行的許多其他收購一樣。最近，我們正在尋找經營良好、擁有高度差異化的客戶體驗和與我們相符的真正客戶至上意識的公司。因此，我們認為 PillPack 具備所有這些特質，我們期待交易的完成並與他們合作。

Our next question comes from Mark May with Citi.

我們的下一個問題來自花旗銀行的馬克‧梅。

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? 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 AWS 上，那裡的積壓訂單是否讓您有信心這項業務能夠繼續實現您最近看到的強勁成長？關於 Alexa，既然您已經擁有了相當數量的 Alexa 用戶，我想知道您是否可以進一步討論 Alexa 如何影響他們的零售業務。

Sure. Let me start with AWS. 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. Again, the businesses accelerated in the last 3 quarters, and we're seeing great signs in a number of areas. We've added 800 new services and features so far this year. That's an accelerated pace from last year, which was a record year. We see customers have migrated more than 80,000 databases using the AWS data migration service -- excuse me, Database Migration Service. And customers are just branching out to a lot of new products from us. There are new areas like machine learning, artificial intelligence, Internet of Things. Serverless computing and database and analytics are really big. So we think that when you look at it, why do people come to us essentially? It's that functionality and pace of innovation that we've demonstrated for multiple years. We've built a very strong partner and customer ecosystem. And frankly, we're the most proven in reliability, security and performance, and we've been at this longer than anyone else. So again, we continue to deliver for customers. We continue to use feedback from customers to develop new services and features. The operating margin itself will fluctuate quarter-to-quarter. A very strong performance this quarter, obviously. 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.

當然。讓我從 AWS 開始。是的，我們對所看到的結果、所看到的積壓訂單、新合約、新客戶以及現有客戶業務的擴展感到非常滿意。再次，過去三個季度業務加速發展，我們在許多領域都看到了良好的跡象。今年到目前為止，我們已經增加了 800 項新服務和功能。與創紀錄的去年相比，這一速度有所加快。我們看到客戶已經使用 AWS 資料遷移服務（對不起，是資料庫遷移服務）遷移了超過 80,000 個資料庫。客戶也開始購買我們的許多新產品。還有機器學習、人工智慧、物聯網等新領域。無伺服器計算、資料庫和分析確實很重要。所以我們認為，當你看到這一點時，人們為什麼會來找我們？我們已經展示了多年的功能和創新速度。我們已經建立了非常強大的合作夥伴和客戶生態系統。坦白說，我們在可靠性、安全性和性能方面得到了最充分的證明，而且我們在這方面的經驗比任何人都要長。因此，我們將繼續為客戶提供服務。我們將繼續利用客戶的回饋來開發新的服務和功能。營業利益率本身會逐季波動。顯然，本季的表現非常強勁。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，以及團隊以更高的效率真正運作資料中心的能力。

Yes, and I think the second question was really just how is Alexa impacting the business overall. Hey, this is Dave. And I think we're having a lot of success with devices and customers are enjoying those. We talked to coming out of Prime Day, had some good success and happy customers enjoying some of the devices there. 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.

是的，我認為第二個問題實際上是 Alexa 如何影響整體業務。嘿，我是戴夫。我認為我們在設備方面取得了很大成功，客戶也非常喜歡這些設備。我們談到了 Prime Day 的推出，取得了一些成功，客戶也對那裡的一些設備感到滿意。所以我認為現在的重點是真正擁有最近修訂的良好且令人興奮的路線圖以及未來的更多內容，並將它們交給客戶。

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。

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? How successful you mentioned database, but what other areas are you potentially seeing as customers move up the stack with you and grow? And then you flagged the flat capital lease growth on a year-over-year basis. 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. Is there some level of efficiency breakthrough that you've gotten there where that's no longer the case? Or is it a function of timing? How should we think about what that CapEx and capital lease spend signals about your expectations for growth?

就 AWS 而言，正如您所看到的 AWS 客戶——您正在為 AWS 新增客戶，您能否讓我們了解您看到客戶的支出重點在哪裡？您提到的資料庫有多成功，但是隨著客戶與您一起升級和成長，您可能會看到哪些其他領域？然後您標記了同比持平的資本租賃成長。過去，當您談到資本支出和資本租賃的成長時，您通常指的是嘗試增加這些數字或使基礎設施整體成長或多或少地與業務同步。你們在效率方面是否取得了某種程度的突破，不再存在這樣的情況？或者它是時間函數？我們該如何看待資本支出和資本租賃支出對成長預期發出的訊號？

Sure. I would say it's just a demonstration of a very tight period where we -- we're still adding a lot. I mean, $4.6 billion is a lot of capital leases. But the rate of growth over last year was flat. So what I would say is, I'm not sure about the breakthrough element of it. We do spend a lot of time driving better efficiency in our data centers. We do see it. Sometimes it is higher than other quarters. 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. 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. So it will fluctuate quarter-to-quarter. I would say last year, in the first half, was a pretty large investment area. I'll lump it in with capital expenditures. But in the first 2 quarters, Q1 of last year was 82% growth year-over-year in capital expenditures. Q2 was 67%. This year, those numbers are 33% in Q1 and 1% in Q2. 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. I don't have, on the other piece, on the product detail, I don't have anything more for you. 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. 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. 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.

當然。我想說，這只是一個非常緊張的時期的證明——我們仍在增加很多東西。我的意思是，46 億美元的資本租賃是一大筆錢。但與去年同期相比，成長率持平。所以我想說的是，我不確定它的突破性元素。我們確實花了大量時間來提高資料中心的效率。我們確實看到了。有時它比其他季度更高。我們預期的起點是使用量成長將非常快——我們的基礎設施成本成長將始於使用量的成長，而使用量的成長一直超過收入成長率。但我們可以做到——我們可以更有效率地駕駛，有時我們可以利用我們在其他時期進行的投資的效率。因此它會逐季度波動。我想說，去年上半年的投資領域相當大。我會將其歸類為資本支出。但在前兩個季度，去年第一季的資本支出年增了82%。Q2 為 67%。今年第一季這一數字為 33%，第二季為 1%。所以這裡有一些時間上的問題，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路的效率。另一方面，關於產品細節，我沒有更多資訊可以提供給您。我想說的是，我們的成長來自於從新創公司到企業客戶再到政府機構的客戶，他們從小規模開始，然後不斷發展並將業務轉移給我們。其中許多公司已經全面投入 AWS，並因此有機會降低成本結構。我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到 AWS 資源而節省的基礎設施成本。

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. Brian, I was just wondering, could you give us some examples of some products you have particular success with on the ad side? And then I know you guys are always focused on removing customer friction points and solving pain points for customers. 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. And the second one, I know it's an accounting question, but we're going to be asked a lot. 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?

我有 2 個。第一個是關於廣告業務的。布萊恩，我只是想知道，您能否給我們舉一些您在廣告方面取得特別成功的產品的例子？然後我知道你們始終專注於消除客戶的摩擦點並解決客戶的痛點。也許您可以和我們談談您希望透過廣告產品解決的廣告客戶仍然存在的一些痛點。第二個問題，我知道這是會計問題，但我們會被問到很多次。關於收入會計，您能否向我們介紹一下由於多個會計變動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. So conceptually, stepping back, it's now a multibillion-dollar business for us. We're seeing strong adoption across a number of fronts. Amazon vendors, sellers, authors, as well as third-party advertisers who want to reach Amazon customers. 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. Pain points and improvements, I would say our priorities include improving the usability of our tools for advertisers, helping make smarter recommendations for customers. 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. 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. And we think that we're uniquely positioned to show them the direct benefit of their advertising.

是的，之後我會給戴夫一個機會來談論這個主題，但我將從廣告開始。因此從概念上來說，退一步來說，這對我們來說現在是一項價值數十億美元的生意。我們看到它在多個領域都得到了廣泛的應用。亞馬遜供應商、賣家、作者以及想要接觸亞馬遜客戶的第三方廣告商。因此，我們擁有數十萬新興和成熟的廣告商，他們正在使用我們的服務來實現他們的行銷目標，無論是推動新的品牌知名度、發現還是最終在我們的網站上做出購買決定。痛點和改進，我想說我們的優先事項包括提高我們的工具對廣告商的可用性，幫助為客戶提供更聰明的建議。自動化，我們正在做大量工作來自動化廣告商需要做的活動，並繼續為廣告商發明新產品。我們也認為測量非常重要，因此我們專注於測量能力，以便廣告商了解他們在我們的網站上所取得的成果。我們認為，我們擁有獨特的優勢，可以向他們展示廣告的直接好處。

Yes, and Brian, this is Dave. 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. 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. So $640 million more is another revenue this second quarter. You'd see that in that line item, which is about $2.2 billion here in the second quarter. 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. So that year-over-year growth rate for that line item would have been higher but for that change.

是的，布萊恩，這是戴夫。僅就會計部分而言，具體到第二季度，我們從今年上半年開始實施的會計準則更新收入確認變化的影響是其他收入增加了 6.4 億美元，具體與我們如何處理部分廣告服務有關。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。因此，第二季又增加了 6.4 億美元的營收。您將在該項目中看到這一點，第二季度該項目的金額約為 22 億美元。除此之外，我上個季度談到的一些其他因素，一些應用程式和應用程式內容銷售額的毛利到淨額變化的處理，數位媒體成本，這些轉變給線上商店的收入帶來了阻力。因此，如果沒有這項變化，該專案的年成長率將會更高。

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. 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? 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?

如果可以的話，我有兩個問題。關於 Whole Foods，您關於 Whole Foods 與更廣泛的 Prime 生態系統整合的最新進展如何？您如何將這些資產和客戶群結合在一起，以某種方式促進您談論的飛輪效應？Prime Now，您能更新一下全球市場的規模嗎？隨著 Prime Now 不斷擴大服務規模，SKU 越來越接近預付費，您對用戶採用該服務的方式有何了解？這對購買速度有何影響？

Sure. So it's a big quarter for Whole Foods and Prime. We launched Prime for -- sorry, we launched Additional Savings for Prime members at Whole Foods. 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. You'll also see deep discounts on selected popular products. So Prime members have adopted this benefit. 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. So in addition, we've expanded the grocery delivery to 20 cities, so that's picking up steam. During the Prime Day, we had some unique deals with -- for Prime customers at Whole Foods. 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. 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. So that is the second wave. 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. So the invention level is still really high. We're -- we think it's a big milestone this quarter to launch Prime benefits with Whole Foods, and we'll keep going. We'll see how that develops. Prime Now, I guess my comments are that it's in 50 cities worldwide. It's across 9 countries. The -- it is different than -- we have multiple options for you in grocery delivery. We have the delivery services, so AmazonFresh and Prime Now, which serve a certain need. We have a traditional grocery store now with 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. So lots of innovation, invention on that front as well.

當然。因此，對於 Whole Foods 和 Prime 來說，這是一個重要的季度。我們推出了 Prime 服務——抱歉，我們為 Whole Foods 的 Prime 會員推出了額外優惠。如果您去 Whole Foods 商店或 Whole Foods 市場、365 商店，您會看到很多黃色標籤，上面寫著數百種促銷商品 10% 的折扣。您還會看到精選熱門商品的大幅折扣。因此 Prime 會員已經享受了這項福利。這是我們見過的 Prime 會員福利中最快的折扣之一，他們已經在從季節性熱賣商品到熱門每日促銷商品等各個方面節省了數百萬美元。此外，我們還將雜貨配送服務擴展到了 20 個城市，業務正在蓬勃發展。在 Prime Day 期間，我們為 Whole Foods 的 Prime 客戶提供了一些獨特的優惠。實際上，Whole Foods 的優惠活動持續了一周，人們再次看到了 Prime 會員帶來的好處——在 Whole Foods 節省了更多錢。而且 Prime Rewards Visa 卡還可以為所有購物提供 5 美元（也就是 5% 的折扣）的折扣，也可用於 Whole Foods 購物。這就是第二波。可能是在第一波疫情之後，我們在之前的電話會議中談到過最初的降價、在商店裡放置儲物櫃、在亞馬遜網站上銷售一些全食超市的產品等等。所以發明水準還是很高的。我們認為本季與 Whole Foods 合作推出 Prime 福利是一個重要的里程碑，我們將繼續努力。我們將拭目以待事情將如何發展。Prime Now，我想我的評論是它遍布全球 50 個城市。它橫跨9個國家。與此不同，我們在雜貨配送方面為您提供多種選擇。我們有送貨服務，例如 AmazonFresh 和 Prime Now，可以滿足特定需求。我們現在有一家傳統的雜貨店，裡面有 Whole Foods。然後，我們將這兩者與送貨上門相結合，並使用 Prime Now 或透過 Prime Now 的 Whole Foods 產品進行送貨，同時我們也正在嘗試使用 Amazon Go 這種新型商店。因此，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. First is on the Music business. So I think you said recently you have tens of millions of paying subscribers. So are those paying music listeners coming from Prime and using the mobile app? Or are they coming in from Echo? Any color on what's driving that uptick and converting users into paid members? And then the second question is, you mentioned efficiency gains in retail and the improvement in retail operating margin. If we look at international, it's still negative, but it's also improving pretty meaningfully. 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?

嘿夥計們，我有兩個問題。首先是音樂業務。所以我想您最近說過您有數千萬付費用戶。那麼，那些付費音樂聽眾是否來自 Prime 並使用行動應用程式？還是它們是從 Echo 進來的？您能解釋一下是什麼推動了這種成長並將用戶轉化為付費會員嗎？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。如果我們看看國際情況，情況仍然是負面的，但也正在顯著改善。那麼，您能否分析一下印度和其他新興市場與西歐一些較成熟的市場相比，這種改善來自哪裡？

Sure, let me start with that second question. So yes, we have seen, over the last few quarters, improved operating margins internationally. 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. I would also say that although it's smaller internationally, the impact of advertising is starting to show up more and more internationally. It's growing quite quickly just as it is in North America. But you're right. We continue to invest. We're investing in India, obviously, and have seen good traction there. We just passed our fifth year anniversary. We just celebrated our fifth year anniversary. And it's the most visited site in India. 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. But you're also seeing additional expansion. So we launched Prime Australia. We're rolling devices out. We launched Echo and Alexa in France. 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. So I would say that we're continuing to frontload Prime Benefits in the newer geographies. So that's one of the issues that we see with operating margin. But we think it's the right thing to do. We are seeing strong traction in that front as well. 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. So we're very bullish on our international business. We do realize it's a period of investment, and we're at different stages of growth in different countries.

當然，讓我從第二個問題開始。是的，我們看到，在過去幾個季度裡，國際營業利潤率有所提高。我想說，在歐洲和日本等地，我們看到了我之前談到的許多效率提升，包括固定員工人數、營運成本、基礎設施成本以及行銷等方面，工作效率都非常高。我還想說，儘管國際上的規模較小，但廣告的影響力在國際上也開始越來越明顯。就像在北美一樣，它的發展相當迅速。但你是對的。我們繼續投資。顯然，我們正在印度投資，並且在那裡看到了良好的發展勢頭。我們剛剛度過了五週年紀念日。我們剛剛慶祝了結婚五週年紀念日。它是印度訪問量最大的網站。因此，我們認為，印度客戶、消費者和賣家已經不斷湧現許多偉大的創新，而且這種趨勢還會持續下去。但你還會看到額外的擴張。因此我們推出了 Prime Australia。我們正在推出這些設備。我們在法國推出了 Echo 和 Alexa。Echo Spot 已在印度和日本推出，我們也宣布很快將 Echo 和 Alexa 擴展到義大利、墨西哥和西班牙。所以我想說，我們將繼續在較新的地區預先提供 Prime Benefits。這是我們在營業利潤率方面看到的問題。但我們認為這是正確的做法。我們也看到了這方面的強勁發展動能。我們也很高興在 Prime Day，我們能夠將今年體驗 Prime Day 的國家名單擴展到澳洲、新加坡、荷蘭和盧森堡。因此，我們對我們的國際業務非常看好。我們確實意識到這是一個投資時期，而且我們在不同國家處於不同的成長階段。

Yes, this is Dave. Just quickly on Music, as you mentioned, tens of millions of paid customers are enjoying Amazon Music. When you look at the Amazon Music Unlimited subscription, it continues to grow very quickly. 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. 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. 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. We now have more than 45,000 skills available to customers.

是的，這是戴夫。關於音樂，正如您所說，數千萬付費用戶正在享受亞馬遜音樂。當您查看 Amazon Music Unlimited 訂閱時，它會持續快速成長。目前，我們已在 30 多個國家/地區提供這些服務，目錄中有數千萬首歌曲、大量豐富的播放清單、個人化電台等。當然，我們較早進入了 Prime Music 音樂領域，我認為這對 Prime 會員來說是一種很好的方式，可以讓他們免費享受部分曲目，然後在他們享受到這些曲目後，就可以進入 Amazon Music Unlimited 的規模。我認為，您提到的其中一項很棒的功能是 Alexa，而正如您可能想像的那樣，使用這些設備或與 Alexa 互動的最受歡迎的功能之一就是能夠聽音樂，無論您身在何處，所以我認為這已被證明是一項人們可以享受的好技能，此外，它還提供了一套真正豐富且不斷增長的亞馬遜技能。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. And for 3P, I think it was in 2 states. Have you seen any slowdown to growth in these 2 states since you began collecting taxes? I think you started maybe last 12 months or so. When will you start collecting taxes in the rest of the other -- in the rest of the country? And will you charge for it? 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.

根據最高法院的新裁決，你們已經在所有 45 個適用 1P 的州徵收州稅。對於 3P，我認為它存在於 2 個州。自從你們開始徵稅以來，你們有沒有發現這兩個州的成長有所放緩？我認為你大概是去年 12 月左右開始的。你們什麼時候開始在全國其他地區徵稅？你們會收費嗎？因為我的理解是，在這兩個州，你不會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. So right now, as you mentioned, 45 states that have state-imposed sales tax, first-party products, we do our own collection on that. For 3P sellers, right now, it's 3 states. 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. We haven't said -- and to your second point, we've not talked about any kind of trends. As you imagine, some of these are still really early days.

是的，嘿，優素福，我是戴夫。因此，正如您所提到的，目前有 45 個州對第一方產品徵收銷售稅，我們自行徵收。對於第三方賣家來說，目前有 3 個州。華盛頓州從 1 月 1 日開始，賓州從 4 月 1 日開始，最近，俄克拉荷馬州從 7 月 1 日開始。這些就是我們收款和匯款的地方。我們沒有說過——對於你的第二點，我們還沒有談論任何趨勢。正如您所想像的，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? And then just a follow-up, Amazon Prime Video channels, any plans to offer standard skinny bundles to become a cable replacement thing?

鑑於新聞稿中關於 Alexa 語音服務的重點，您對如何透過第三方裝置獲利有何想法？然後只是後續問題，亞馬遜 Prime Video 頻道是否有計劃提供標準精簡套餐來取代有線電視？

Yes, let me start with Alexa. So right now, our emphasis is around expanding the reach of Alexa and the usefulness. So as Dave mentioned, we're now up over 45,000 skills. We have a developer network that's expanded, and we have over 13,000 smart home devices from 2,500 unique brands. 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. 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. So that's the biggest emphasis, is getting the expansion of Alexa to places where it can be useful. We also are developing new machine learning tools to help developers more easily build Alexa skills. We feel like we're getting great traction there. 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.

是的，讓我從 Alexa 開始。因此現在，我們的重點是擴大 Alexa 的覆蓋範圍和實用性。正如戴夫所提到的，我們現在已經擁有超過 45,000 種技能。我們擁有不斷擴展的開發者網絡，並且擁有來自 2,500 個獨特品牌的 13,000 多種智慧家庭設備。您將看到我們向酒店領域擴展，我們與酒店合作，讓您在旅行時體驗 Alexa。從我們新聞稿中的引言中您可以看到，Jeff，據 Jeff 稱，過去一年支援 Alexa 的設備數量增加了兩倍，其中包括一些真正的大公司，例如 Polk、Sonos、宏碁、惠普、聯想、寶馬、福特、豐田等等。因此，最大的重點是將 Alexa 擴展到可以發揮作用的地方。我們也正在開發新的機器學習工具，以幫助開發人員更輕鬆地建立 Alexa 技能。我們感覺我們在那裡獲得了巨大的發展動力。所以我認為你最初的問題是關於 Alexa 的貨幣化，但目前，我們能做的最重要的事情是讓它盡可能有用，並製造出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. We've seen some good channels come online over the last few quarters and have seen some good traction there. 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.

是的，然後關於第二個問題，我的意思是，我無法推測我們將來會做什麼，但我想說，今天，有了 Prime 頻道，我認為我們對所看到的增長感到非常滿意。在過去的幾個季度中，我們看到一些優秀的管道上線，並且取得了良好的發展勢頭。因此，我們將繼續致力於打造更好的選擇，因為我們清楚地知道，客戶希望能夠將這些內容添加為其 Prime 會員資格的一部分。

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

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