亞馬遜 (AMZN) 2018 Q3 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 Q3 2018 Financial Results Teleconference.

大家好，歡迎來到 Amazon.com 2018 年第三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 will 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 Q3 2018 financial results conference call.

您好，歡迎參加我們的 2018 年第三季度財務業績電話會議。

Joining us today to answer your questions is Brian Olsavsky, our CFO.

今天加入我們回答您的問題的是我們的首席財務官 Brian Olsavsky。

As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter.

在您收聽今天的電話會議時，我們鼓勵您將我們的新聞稿放在您面前，其中包括我們的財務業績以及本季度的指標和評論。

Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2017.

請注意，除非另有說明，否則本次電話會議中的所有比較都將與我們 2017 年可比期間的結果相悖。

Our comments and responses to your questions reflect management's views as of today, October 25, 2018, only and will include forward-looking statements.

我們對您的問題的評論和回复僅反映管理層截至 2018 年 10 月 25 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 in our press release, slides accompanying this webcast and our filings with the SEC, each of which is posted on our IR website.

在本次電話會議中，我們可能會在我們的新聞稿、本網絡廣播隨附的幻燈片以及我們向美國證券交易委員會提交的文件中討論某些非公認會計原則財務措施，每一項都發佈在我們的投資者關係網站上。

You will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures.

您會發現有關這些非公認會計原則措施的額外披露，包括這些措施與可比較的公認會計原則措施的對賬。

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

我們的指導包含了我們迄今為止看到的訂單趨勢以及我們今天認為是適當的假設。

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

我們的結果本質上是不可預測的，並且可能受到許多因素的重大影響，包括外匯匯率波動、全球經濟狀況和客戶支出的變化、世界事件、互聯網、在線商務和雲服務的增長率，以及各種我們向美國證券交易委員會提交的文件中詳述了這些因素。

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

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

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

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

With that, we'll move to Q&A.

有了這個，我們將進入問答環節。

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

接線員，請提醒我們的聽眾如何發起提問。

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

（操作員說明）我們的第一個問題來自美林公司的賈斯汀·波斯特（Justin Post）。

I guess the big one is the deceleration in unit growth or online stores which is probably related to that.

我想最大的原因是單位增長或在線商店的減速，這可能與此有關。

I know it's a tough Q3 comp, but could you comment a little bit about that?

我知道這是一個艱難的第三季度比賽，但你能評論一下嗎？

And then kind of what initiatives could be most interesting to maybe reaccelerate that over the next couple of years, what categories?

然後，在接下來的幾年裡，哪些舉措可能最有趣，可能會重新加速這一進程，哪些類別？

Thank you, Justin.

謝謝你，賈斯汀。

Yes, let me just remind you of a couple of things from last year.

是的，讓我提醒您去年的幾件事。

We had 2 reductions on our super saver shipping threshold in the first half of the year between February and May.

在 2 月至 5 月的上半年，我們的超級節省運費門檻降低了 2 次。

That did spur a lot of unit growth in the second and third quarter.

這確實刺激了第二和第三季度的大量單位增長。

We also have issue with digital content -- not an issue, but the fact that digital content is moving to subscriptions, Amazon Music Unlimited and Kindle Unlimited, in particular.

我們也有數字內容的問題——不是問題，而是數字內容正在轉向訂閱的事實，尤其是亞馬遜音樂無限和 Kindle 無限。

It's been really popular.

它真的很受歡迎。

I'll just remind you just the units, those do not count in our unit totals nor do the units from Whole Foods Market.

我只是提醒您單位，這些不計入我們的單位總數，Whole Foods Market 的單位也不計入。

So yes, I would say, essentially with that backdrop, we're still very encouraged by the demand and the reception from customers.

所以是的，我想說，基本上在這種背景下，我們仍然對客戶的需求和接待感到非常鼓舞。

On the consumer side, we have -- Amazon-fulfilled units are still growing faster than paid units.

在消費者方面，我們有 - 亞馬遜配送單位的增長速度仍然快於付費單位。

3P is now up to 53% of total paid units.

3P 現在佔總付費單位的 53%。

In-stock is very strong, especially as we head into the holiday period.

庫存非常強勁，尤其是在我們進入假期期間。

I think we're well positioned for the holiday.

我認為我們已經為假期做好了準備。

We have over 100 million Prime-eligible items available for free 2-day shipping for Prime members.

我們有超過 1 億件符合 Prime 條件的商品可供 Prime 會員免費 2 天送貨。

And again, all -- a lot of -- when I'm talking about the unit deceleration, a lot of the fastest-growing areas, things like subscription services, AWS and advertising, are not caught in that metric.

再一次，當我談到單位減速時，所有 - 很多 - 很多增長最快的領域，如訂閱服務、AWS 和廣告，都沒有包含在該指標中。

Yes.

是的。

And Justin, this is Dave.

賈斯汀，這是戴夫。

Just to add on that, you mentioned the online stores, just a reminder there is a little bit of impact from the revenue recognition.

補充一下，你提到了網上商店，只是提醒一下收入確認有一點影響。

So you see the online stores revenue growing about 11% ex FX to be higher than that, but -- for the adoption of the standard.

因此，您會看到在線商店的收入增長約 11%，ex FX 高於此，但是 - 採用該標準。

So there's a little bit of a headwind there as well.

所以那裡也有一點逆風。

Our next question comes from the line of Mark Mahaney of 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 Mark Mahaney。

Okay, I was going to also then ask you to drill down a little bit on the international retail business that seemed to slow down, I guess, that -- whatever, 15% or something year-over-year.

好的，然後我還想請你深入了解一下似乎放緩的國際零售業務，我猜，不管怎樣，同比增長 15% 或其他什麼。

Any particularly color?

有什麼特別的顏色嗎？

Any markets that would've led to that?

任何會導致這種情況的市場？

Though the comp was tougher, but anything else you'd call out there?

雖然比賽更艱難，但你還有什麼要說的嗎？

Sure.

當然。

So on a year-over-year basis, I think you have to look at 2 things.

因此，按年計算，我認為你必須看兩件事。

We did the Souq acquisition last year in May, so the full pick up on that year-over-year was in 2017, and now, we're lapping that.

我們去年 5 月完成了對 Souq 的收購，因此與去年同期相比的全面回升是在 2017 年，而現在，我們正在對此進行研究。

There's also material change in the Diwali calendar in India.

印度的排燈節日曆也發生了重大變化。

About half of our Diwali sales last year were in Q3.

去年我們排燈節銷售額的大約一半是在第三季度。

This year, they'll be fully in Q4.

今年，他們將完全在第四季度。

So those are a couple of factors that hit the international growth area, particularly.

因此，這些是影響國際增長領域的幾個因素，尤其是。

But I'll also point out that we launched Turkey in the quarter, and now, we have 17 Amazon websites globally.

但我還要指出，我們在本季度推出了土耳其，現在我們在全球擁有 17 個亞馬遜網站。

So we're still very pleased again with the international business, continuing to invest in Prime Benefits, international expansion, as I just mentioned, and we're still seeing very good pick up.

因此，正如我剛才提到的，我們仍然對國際業務再次感到非常滿意，繼續投資於 Prime 福利、國際擴張，而且我們仍然看到了非常好的回升。

Story is different country-by-country, obviously.

顯然，每個國家的故事都不同。

Some are much further along than others, but overall, we're very happy.

有些人比其他人走得更遠，但總的來說，我們很高興。

India, although Diwali moved into Q4, so far, that's going really well.

印度，雖然排燈節進入了第四季度，但到目前為止，進展非常順利。

We've seen great response from customers.

我們已經看到客戶的強烈反應。

We've had 60% growth in new customers during the period.

在此期間，我們的新客戶增長了 60%。

Orders are coming in from 99% of the pin codes in the country.

訂單來自該國 99% 的密碼。

So a great first wave of the -- what we call the Amazon's Great Indian Festival, which leads into Diwali.

因此，偉大的第一波——我們稱之為亞馬遜大印度節，它通向排燈節。

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

我們的下一個問題來自摩根大通的 Douglas Anmuth。

You had significant operating income upside in 3Q relative to your guide.

相對於您的指南，您在第三季度的營業收入有顯著上升。

Could you just talk about the biggest drivers there in terms of out-performance?

您能談談表現出色的最大驅動因素嗎？

And then when you think about your 4Q outlook, how should we think about the minimum wage increase that you've talked about?

然後當你考慮你的第四季度前景時，我們應該如何考慮你所說的最低工資增長？

And any other one-time or special items that might be weighing on that operating income outlook?

以及任何其他可能影響該營業收入前景的一次性或特殊項目？

Sure.

當然。

Let me start with Q3.

讓我從 Q3 開始。

And this will be a commentary pretty much on the whole year.

這幾乎是對全年的評論。

That was especially true in Q4.

在第四季度尤其如此。

So first of all, we've had very strong growth in some very profitable businesses that we have, most notably AWS and advertising.

因此，首先，我們在一些非常有利可圖的業務中實現了非常強勁的增長，尤其是 AWS 和廣告。

But we've also had great cost performance this year in 3 specific areas I'll call out.

但我們今年在我要提到的 3 個特定領域也有很好的性價比。

So first, on headcount.

首先，關於人數。

If you'll remember, we grew headcount 48% in 2016 and 38% last year, if you adjust for Whole Foods.

如果你還記得的話，如果你調整 Whole Foods，我們的員工人數在 2016 年和去年分別增長了 48% 和 38%。

With Whole Foods, it was 66%.

Whole Foods 的比例為 66%。

But without Whole Foods, we still grew 38%.

但如果沒有 Whole Foods，我們仍然增長了 38%。

We have looked to really leverage our investment from the last couple of years.

我們一直在尋求真正利用過去幾年的投資。

And as we funded and moved, invested in a lot of new areas, as we've talked about AWS, devices, digital content, we've had a lot of movement within the company that has filled a lot of these roles.

隨著我們在許多新領域提供資金和轉移，正如我們談到 AWS、設備、數字內容時，我們在公司內部進行了很多活動，填補了很多這些角色。

So we're only up 13% on headcount through 9 months year-over-year, so a real step-down in that.

因此，在過去的 9 個月裡，我們的員工人數同比僅增長了 13%，因此這是一個真正的下降。

Again, the theme here is going to be banking some of the investments from prior years and looking to gain greater control.

同樣，這裡的主題將是存入前幾年的一些投資，並尋求獲得更大的控制權。

In our fulfillment center world, we had grown square footage for our fulfillment center and shipping areas by over 30% the last 2 years, 2016 and 2017.

在我們的履行中心世界中，在過去的兩年（2016 年和 2017 年）中，我們的履行中心和運輸區域的面積增加了 30% 以上。

I've talked about that in prior calls.

我在之前的電話中談到了這一點。

It's -- we're making that investment to match up with very strong Fulfilled by Amazon demand and AFN, or Amazon-Fulfilled Network units, that are growing at a faster rate than our paid units.

這是 - 我們正在進行這項投資以匹配非常強勁的亞馬遜物流需求和 AFN 或亞馬遜物流網絡單位，它們的增長速度比我們的付費單位更快。

This year, we're only adding about 15% to our square footage.

今年，我們只增加了大約 15% 的平方英尺。

So again, getting better efficiencies on what we have and banking the multi-year investment that we've been making.

因此，再次提高我們現有的效率，並將我們一直在進行的多年投資存入銀行。

And the last one which is really significant is on the infrastructure side.

最後一個真正重要的是基礎設施方面。

You see the operating margin for AWS is up to 31% this quarter.

您會看到本季度 AWS 的營業利潤率高達 31%。

A lot of that is based on efficiencies of our data centers, not only for the AWS business but also for our Amazon consumer businesses, which is AWS' biggest customer.

其中很大一部分是基於我們數據中心的效率，不僅適用於 AWS 業務，也適用於我們的亞馬遜消費者業務，後者是 AWS 的最大客戶。

If you look at capital leases, which is where we spend money for the data centers, it's up only 9% year-over-year trailing 12 months, and it was up 69% last year at the end of the year.

如果你看一下資本租賃，這是我們為數據中心花錢的地方，在過去的 12 個月裡，它僅同比增長 9%，而去年年底增長了 69%。

So those 3 areas have driven a lot of the cost performance and a lot of the deviation from probably the estimates that I've come up with this year.

因此，這三個領域推動了很多成本績效，並且與我今年提出的估計有很多偏差。

So we are really happy that, again, we're seeing great cost performance in a number of areas across the business.

因此，我們真的很高興，再次，我們在整個業務的許多領域看到了出色的成本效益。

Our next question comes from the line of Mark May with Citi.

我們的下一個問題來自 Mark May 與 Citi 的對話。

A question on AWS.

AWS 上的一個問題。

Obviously, in the last few quarters, you've seen accelerating revenue growth.

顯然，在過去幾個季度中，您已經看到收入增長加速。

This quarter, 46%.

本季度，46%。

Still quite strong.

還是蠻強的。

But dollar and percentage growth did slow.

但美元和百分比增長確實放緩。

And I'm just kind of curious, are you just reaching a point in terms of law of large numbers, where it will be more difficult to sustain, not only accelerating growth but sustain kind of the 40-plus-percent growth levels where we've been recently?

我只是有點好奇，你是否剛剛達到大數定律的一個點，它將更難以維持，不僅加速增長，而且維持我們 40% 以上的增長水平'最近去過嗎？

Or was there something else going on kind of in the quarter that maybe drove that?

還是本季度發生的其他事情可能推動了這一點？

Yes, thanks for your question.

是的，謝謝你的提問。

This growth rate's going to bounce around.

這個增長率將會反彈。

We've had sequential increase in growth rate the last prior 3 quarters, I believe, it was.

我相信，過去三個季度我們的增長率連續增長。

This quarter is slightly down, but still, 46% growth is very strong.

本季度略有下降，但 46% 的增長仍然非常強勁。

We are at an annualized run rate above $26 billion, and that was about $18 billion this time last year.

我們的年化運行率超過 260 億美元，去年這個時候約為 180 億美元。

So we're very happy with the growth in the business, the momentum that we're seeing with enterprise customers.

因此，我們對業務的增長以及我們在企業客戶中看到的勢頭感到非常滿意。

So -- and let me mention, on the cost side, it's been a very good year from gaining greater efficiencies in our infrastructure costs.

所以——讓我提一下，在成本方面，從提高我們的基礎設施成本效率來看，這是非常好的一年。

Our next question comes from the line of 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, the fourth quarter revenue guide and the fourth quarter revenue deceleration, maybe can you just help us understand a little bit any of the specific categories or countries that have been the largest contributors to revenue growth throughout the course of this year?

我有 2。第一個，第四季度收入指南和第四季度收入減速，也許你能幫助我們了解一下在整個過程中對收入增長貢獻最大的特定類別或國家今年？

And which of those are really slowing down sort of driving this potential deceleration that you're guiding to?

其中哪些真正減緩了推動你所引導的這種潛在減速的速度？

Then the second one, you've applied robotics to the warehouses now around Kiva.

然後是第二個，您已經將機器人技術應用於現在 Kiva 周圍的倉庫。

Curious of your thoughts about the need or desire to invest in autonomous driving technologies as you think about some of the other retailers partnering with Waymo and other players, et cetera.

當您想到與 Waymo 和其他參與者合作的其他一些零售商等時，您對投資自動駕駛技術的必要性或願望感到好奇。

Sure.

當然。

Let me talk about guidance.

讓我談談指導。

So our guidance for the fourth quarter implies 10% to 20% growth.

因此，我們對第四季度的指導意味著 10% 到 20% 的增長。

It includes an 80 basis point unfavorable impact from foreign exchange.

它包括來自外彙的 80 個基點的不利影響。

I wouldn't point to any specific country.

我不會指出任何具體的國家。

Once you adjust for the fact that Whole Foods -- it was purchased in August of last year, and that has impacted every quarter since then.

一旦你調整了 Whole Foods 的事實——它是在去年 8 月購買的，並且從那時起每個季度都會受到影響。

Q4 will be -- the first solid non-Whole Foods comp since before we bought them in Q2 of -- since Q2 of last year.

第四季度將是自去年第二季度以來我們在第二季度購買它們之前的第一個可靠的非全食公司。

So if you -- even factoring that in.

所以如果你 - 甚至考慮到這一點。

We're looking at Q4 and -- we often have very high error bars on the quarter.

我們正在關注第四季度，並且 - 我們經常在該季度有非常高的誤差線。

Much of our -- not only our revenue for the quarter but also for the year comes in that very tight window between middle of November and the end of the year.

我們的大部分 - 不僅是我們本季度的收入，而且全年的收入都來自 11 月中旬和年底之間的那個非常緊張的窗口。

So it's always a very difficult period for us to estimate.

所以這對我們來說總是一個非常難以估計的時期。

What I would say is that we feel like we're in great shape for the holiday.

我想說的是，我們覺得我們的假期狀態很好。

The warehouses are very clean.

倉庫非常乾淨。

We feel like we're going to have great capacity, not only for retail products but also for FBA.

我們覺得我們將擁有巨大的產能，不僅適用於零售產品，也適用於 FBA。

We're going to have great capacity for shipping to our customers.

我們將有很大的能力運送給我們的客戶。

So we're very ready to go.

所以我們已經準備好了。

Selection should be at its highest point, especially for Prime members.

選擇應該處於最高點，尤其是對於 Prime 會員。

So we're very bullish on the fourth quarter.

所以我們非常看好第四季度。

We'll just have to see how revenue comes in.

我們只需要看看收入是如何產生的。

I will say there's one housekeeping item on Prime revenue recognition that you should be aware of and may have -- removed it from prior quarters.

我會說，您應該注意並且可能已經從前幾個季度刪除了有關 Prime 收入確認的一項內務管理項目。

This year, we took Prime subscription revenue and amortized it over the quarters on a straight-line method.

今年，我們採用了 Prime 訂閱收入，並以直線法將其按季度攤銷。

Previously, we had done it on a -- it's tilted more to Q4, was based more on shipping units.

以前，我們已經這樣做了——它更傾向於第四季度，更多地基於運輸單位。

So what you've seen is a push of revenue and income from Q4 into Q1, 2 and 3 that we've mentioned on each call.

因此，您所看到的是我們在每次電話會議中提到的從第四季度到第一季度、第二季度和第三季度的收入和收入的推動。

This is the quarter where that will reverse.

這是將逆轉的季度。

That is, to scale it for you, under the old methodology, we would have had $300 million more of both revenue and operating income in the quarter.

也就是說，按照舊的方法，為你擴展它，我們在本季度的收入和營業收入都將增加 3 億美元。

That has, again, been caught up for in prior quarters.

這再次在前幾個季度被趕上了。

But again, not a huge factor on the growth rate for revenue, but just another item to consider.

但同樣，這並不是收入增長率的重要因素，而只是另一個需要考慮的因素。

On the robotics, I don't have much to say on autonomous driving.

關於機器人，我對自動駕駛沒有太多要說的。

We are putting most of our efforts right now -- continue to -- into our robotics program.

我們現在正在將大部分努力——繼續——投入到我們的機器人計劃中。

We think it's been a great addition to our fulfillment capacity.

我們認為這是對我們履行能力的一個很好的補充。

It makes the jobs in our warehouse that much better.

它使我們倉庫中的工作變得更好。

It makes the people around the robots that much more productive.

它使機器人周圍的人更有效率。

It allows us to have much greater density of product storage and a number of other benefits.

它使我們能夠擁有更大的產品存儲密度和許多其他好處。

It has some additional capital intensity, but it has good return on invested capital from our standpoint.

它有一些額外的資本密集度，但從我們的角度來看，它的投資資本回報率很高。

Our next question comes from the line of Eric Sheridan with UBS.

我們的下一個問題來自瑞銀的 Eric Sheridan。

With a lot of offline retailers talking more about omnichannel, I wanted to understand some of the investments you might be making around unifying the efforts with Whole Foods and Amazon Prime Now, speeding up delivery, giving consumers as much choice as possible and moving SKUs closer to households.

隨著許多線下零售商更多地談論全渠道，我想了解您可能在與 Whole Foods 和 Amazon Prime Now 的統一努力、加快交付速度、為消費者提供盡可能多的選擇以及使 SKU 更接近方面進行的一些投資到家庭。

How should we be thinking about that push in '19 to '20 and how that might open up new areas of wallet share for the company?

我們應該如何思考 19 到 20 年的推動，以及這可能如何為公司開闢新的錢包份額領域？

Sure.

當然。

Yes, I think we started to show our strategy on the Whole Foods side.

是的，我認為我們開始在 Whole Foods 方面展示我們的戰略。

You'll see, even in this quarter, we started to have greater expansion of our grocery delivery out of Whole Foods using Prime Now.

您會看到，即使在本季度，我們也開始使用 Prime Now 將我們的雜貨配送業務從 Whole Foods 擴大到更大範圍。

We're now in 60 cities that's -- in the U.S. giving customers delivery in as fast as an hour, thousands of great organic products from Whole Foods.

我們現在在美國的 60 個城市為客戶在一個小時內交付來自 Whole Foods 的數千種優質有機產品。

We've also expanded grocery pick up, and that's available in 10 cities, so the customers can pick up at the Whole Foods store.

我們還擴大了雜貨店取貨範圍，在 10 個城市提供，因此客戶可以在 Whole Foods 商店取貨。

You'll see that we've started to tie Whole Foods into Alexa.

您會看到我們已經開始將 Whole Foods 與 Alexa 聯繫起來。

You can order -- you can build your cart using Alexa and then checkout using the Prime Now app.

您可以訂購——您可以使用 Alexa 構建您的購物車，然後使用 Prime Now 應用程序結賬。

So there's going to be a lot of, as you say, omnichannel overlap, especially in the grocery business.

因此，正如您所說，將會有很多全渠道重疊，尤其是在雜貨業務中。

On the storefront, we're also, as you can see, experimenting with numerous store formats.

如您所見，在店面，我們也在嘗試多種商店形式。

Amazon Go is now up to 6 stores.

Amazon Go 現在最多有 6 家商店。

We opened 5 in the quarter.

我們在本季度開了 5 家。

We're getting great feedback on that.

我們得到了很好的反饋。

Customers love the ability to quickly walk in, select items they want and leave without waiting in a checkout line.

客戶喜歡快速走進去、選擇他們想要的物品並離開而無需排隊結賬的能力。

We opened up an Amazon 4-star location in New York City, where we're going to test the concept of a highly curated selection of top categories across Amazon.

我們在紐約市開設了一家亞馬遜 4 星級門店，我們將在那裡測試亞馬遜精選頂級類別的高度策劃概念。

We, of course, have Amazon bookstores, 18 bookstores in the U.S. So we're going to experiment with multiple ways of reaching the customer wherever they happen to be.

當然，我們有亞馬遜書店，在美國有 18 家書店。所以我們將嘗試多種方式來接觸客戶，無論他們身在何處。

Our next question comes from the line of Ross Sandler with Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

I have 2 questions.

我有 2 個問題。

Any color on -- it looks like shipping costs and maybe labor costs might see some inflation in 2019.

任何顏色 - 看起來像運輸成本，也許勞動力成本可能會在 2019 年出現一些通貨膨脹。

So do you agree with that?

那麼你同意嗎？

Or what are some of the things you can do to potentially offset some of that pressure?

或者您可以採取哪些措施來抵消部分壓力？

And then the 15% fulfillment square-footage growth, you're obviously deploying a lot of automation and there's a lot more efficiency gains in the current generation in fulfillment centers than maybe the older ones.

然後是 15% 的履行平方英尺增長，你顯然部署了很多自動化，並且在當前這一代履行中心的效率提升可能比舊的要多得多。

So how should we think about that 15%?

那麼我們應該如何看待這 15% 呢？

Is that not a good reading indicator on growth into 2019?

這不是 2019 年增長的一個很好的閱讀指標嗎？

Or is it -- any color there would be helpful.

或者是 - 任何顏色都會有幫助。

Sure.

當然。

I think it's comparable to -- last question first.

我認為這可以與 -- 最後一個問題相提並論。

I think the 15% is comparable to the 30% that -- plus that I mentioned in 2016 and 2017.

我認為 15% 與 30% 相當——加上我在 2016 年和 2017 年提到的。

We are debating whether the dynamics of the warehouse are changing, so that square footage may not be the main indicator.

我們正在討論倉庫的動態是否正在發生變化，因此平方英尺可能不是主要指標。

It might be cubic feet, but we will -- if we switch to that way of looking at it, we'll make sure that we bridge the gap on the difference between the 2. But the other comment about cost, I believe you're probably referring to the U.S. rumored USPS rate hikes in transportation cost.

它可能是立方英尺，但我們會——如果我們切換到這種看待它的方式，我們將確保我們彌合兩者之間的差異。但關於成本的其他評論，我相信你這可能是指美國傳聞的 USPS 運輸成本加息。

We're not expecting a material impact from these rate changes in 2019.

我們預計 2019 年這些利率變化不會產生重大影響。

Annual rate increases from our transportation partners is a really regular occurrence.

我們的運輸合作夥伴的年費率上漲是經常發生的事情。

And we negotiate hard, and we'll always work hard internally to get even more efficient on our shipping methods.

我們努力談判，我們將始終在內部努力工作，以提高我們的運輸方式的效率。

So we don't see that as being a huge issue.

所以我們不認為這是一個大問題。

On wages, of course, we did raise wages.

當然，在工資方面，我們確實提高了工資。

And starting November 1, over 400 -- or excuse me, just under 400,000 employees, both full time and part time in the U.S. and the U.K., will be getting a substantial wage increase.

從 11 月 1 日開始，美國和英國的全職和兼職員工將有 400 多名——或者對不起，近 40 萬名員工，將獲得大幅加薪。

So that is factored -- I'm not quantifying that today, but it's factored into our Q4 guidance, and it will be, obviously, factored into the guidance into 2019.

所以這是考慮因素 - 我今天沒有量化它，但它已被考慮到我們的第四季度指導中，顯然，它將被考慮到 2019 年的指導中。

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

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

Two quick questions.

兩個快速的問題。

First, can you quantify the contribution of PillPack acquisition in the quarter?

首先，能否量化一下本季度 PillPack 收購的貢獻？

Maybe help us understand the strategy there.

也許可以幫助我們了解那裡的策略。

And then there are some new reports suggesting that you guys were working on an ad-supported video streaming service under the IMDb brand.

然後有一些新的報導表明你們正在開發 IMDb 品牌下的廣告支持的視頻流服務。

Can you just help shed any more light on that?

你能幫我解釋一下嗎？

Is that especially relative to your Prime Video offering?

這與您的 Prime Video 產品特別相關嗎？

Let me start with PillPack.

讓我從 PillPack 開始。

The deal closed in September, so it was a material impact back on the quarter.

該交易於 9 月完成，因此對本季度產生了重大影響。

But we're excited, really excited to start working with the management team there.

但我們很興奮，真的很興奮能開始與那裡的管理團隊合作。

They're very strong.

他們非常強壯。

They've done a great job building a highly differentiated customer experience that's customer centric like we are.

他們在構建高度差異化的客戶體驗方面做得非常出色，就像我們一樣以客戶為中心。

And right now, our focus is on learning from them and innovating with them on how to best to meet customer needs over time.

而現在，我們的重點是向他們學習，並與他們一起創新如何隨著時間的推移最好地滿足客戶需求。

I'll let Dave handle the second question.

我會讓戴夫處理第二個問題。

Yes.

是的。

We have no plans to build an ad-supported Prime Video offering for free at this time.

我們目前沒有計劃免費構建廣告支持的 Prime Video 產品。

Our next question comes from the line of Jason Helfstein with Oppenheimer & Co.

我們的下一個問題來自 Jason Helfstein 與 Oppenheimer & Co. 的對話。

Two questions.

兩個問題。

First, I think I may have missed earlier if you gave out the impact of ASC 606.

首先，如果你給出了 ASC 606 的影響，我想我可能已經錯過了早些時候。

And then maybe second question, I think what -- one of the things people are trying to think through is you obviously guide to revenue and operating income.

然後也許是第二個問題，我認為人們試圖思考的一件事是您顯然可以指導收入和營業收入。

But obviously -- but as the business shifts more to 3P and advertising, gross profits is now much more important than just the way you capture the value you provide.

但顯然——但隨著業務更多地轉向 3P 和廣告，毛利潤現在比你獲取所提供價值的方式更重要。

So maybe if you can guide, is there a way to just help us foot perhaps slower revenue growth we're seeing versus what's obviously you extracting more value for your partners and customers and for yourself.

因此，也許如果您能提供指導，有沒有一種方法可以幫助我們應對我們所看到的收入增長放緩，而不是為您的合作夥伴和客戶以及您自己提取更多價值。

Yes, thanks, Jason.

是的，謝謝，傑森。

This is Dave.

這是戴夫。

Just quickly on the ASC impact.

很快就對 ASC 產生了影響。

Brian mentioned earlier that, of course, we've been talking about it all year, the changing in the subscription revenue recognition to now a straight line.

布賴恩早些時候提到，當然，我們一整年都在談論它，訂閱收入確認的變化現在是一條直線。

So on a comp basis, you'd expect to see subscription revenue will be about $300 million lower due to that accounting change.

因此，在比較的基礎上，由於會計變更，您預計訂閱收入將減少約 3 億美元。

The other piece that we haven't talked about is the re-class that we've given in the past few quarters, specifically around the advertising services that have moved from contra COGS into other revenue beginning in 2018.

我們還沒有談到的另一部分是我們在過去幾個季度中給出的重新分類，特別是圍繞從 2018 年開始從 contra COGS 轉變為其他收入的廣告服務。

That was about $750 million increase to that other sales revenue category here in the third quarter.

這比第三季度的其他銷售收入類別增加了約 7.5 億美元。

Yes.

是的。

And your comment on revenue versus operating income versus potentially gross profit, I would say the impact of third-party growth, and we're now up to 53% of our paid units in the quarter were a third party, it's steadily been going up.

你對收入、營業收入和潛在毛利潤的評論，我想說的是第三方增長的影響，我們現在本季度有高達 53% 的付費單位是第三方，它一直在穩步上升.

It's up 300 basis points year-over-year.

同比增長 300 個基點。

So I think the impact on revenue growth rates, since the revenue component of that is not as large, is probably something to consider on a year-over-year period.

因此，我認為對收入增長率的影響，因為其中的收入部分沒有那麼大，因此可能需要在同比期間考慮。

I think it tends to not be as big a factor sequentially quarter-over-quarter as -- since it has a gradual growth in it.

我認為它往往不是一個季度環比那麼大的因素——因為它是一個逐漸增長的因素。

But again, we'll continue to give revenue guidance and also operating income to an appropriately conservative level that we've tried to maintain over time.

但同樣，我們將繼續提供收入指導，並將營業收入保持在我們試圖隨著時間推移保持的適當保守水平。

Our next question comes from the line of Anthony DiClemente with Evercore ISI.

我們的下一個問題來自於 Evercore ISI 的 Anthony DiClemente。

Just wanted to dig in a little bit on advertising and the growth opportunity there.

只是想深入了解一下廣告和那裡的增長機會。

If you can help us on the potential for higher ad pricing in terms of the ROI for your marketers hopefully being reflected in higher price per ad.

如果您能幫助我們了解提高營銷人員投資回報率方面的廣告定價潛力，希望能反映在更高的每條廣告價格上。

And then what about the ad loads?

那麼廣告負載呢？

So are we kind of close to being at a full ad load?

那麼我們是否接近於滿載廣告？

Is there a long runway there?

那裡有長跑道嗎？

Just trying to get a sense for pricing and volume underneath the advertising.

只是試圖了解廣告下方的定價和數量。

And then also along the lines of advertising.

然後也沿著廣告線。

Heading into the holiday season, should we expect any increase in your efforts around Alexa commercialization, voice, keyword, ads, let's say?

進入假日季節，我們是否應該期待您在 Alexa 商業化、語音、關鍵字、廣告方面的努力有所增加？

And does that fit into your broader advertising growth strategy?

這是否符合您更廣泛的廣告增長戰略？

Yes, let me talk a little more broadly about advertising.

是的，讓我更廣泛地談談廣告。

So yes, we are seeing really strong adoption across a number of groups, Amazon vendors and sellers, for sure, authors as well as third-party advertisers who want to reach Amazon customers.

所以，是的，我們看到許多群體、亞馬遜供應商和賣家，當然還有作者以及想要接觸亞馬遜客戶的第三方廣告商，都在大力採用。

As far as penetration, we don't have that quantified for you, but we still believe that there is a lot of room to continue to improve the presentation of bringing to our customers new and more relevant purchase options.

至於滲透率，我們沒有為您量化，但我們仍然相信還有很大的空間可以繼續改進為我們的客戶帶來新的和更相關的購買選項的呈現方式。

So we don't think -- we'll continue to invent both on the product side, the tools side, with our goal being improve the usability of the tools for advertisers, make smarter recommendations for customers, automate activities so that advertisers don't have to work as hard and invent new products for advertisers.

所以我們不認為 - 我們將繼續在產品方面和工具方面進行發明，我們的目標是提高廣告商工具的可用性，為客戶提供更明智的建議，自動化活動，以便廣告商不這樣做'不必努力工作並為廣告商發明新產品。

If we do this right, we think we'll both help advertisers and help Amazon consumers at the same time.

如果我們做對了，我們認為我們將同時幫助廣告商和亞馬遜消費者。

So don't have -- I know it doesn't answer your question about specific rate increases or capacity, but that is the general strategy that we're seeing in advertising.

所以沒有 - 我知道它不能回答你關於具體費率增加或容量的問題，但這是我們在廣告中看到的一般策略。

Yes, and this is Dave, just jumping in on the Alexa point.

是的，這是戴夫，剛剛加入了 Alexa 的觀點。

I mean, I think the short answer is we don't have any plans to add paid advertising to Alexa.

我的意思是，我認為簡短的回答是我們沒有任何計劃向 Alexa 添加付費廣告。

I think we clearly had a lot of exciting things happen in the last month or 2 in terms of new announcements and devices out there.

我認為，就新的公告和設備而言，我們在上一兩個月顯然發生了很多令人興奮的事情。

And I mean, I think really looking at that, the goal is make customers lives easier and make it more convenient.

我的意思是，我認為真正考慮到這一點，目標是讓客戶的生活更輕鬆，更方便。

And a lot of that is you're seeing that in homes, and to some extent, on the go.

其中很多是你在家裡看到的，在某種程度上，在旅途中。

So I think if you look at the recent announcements, you've seen a few things.

所以我認為，如果您查看最近的公告，您會看到一些事情。

I mean, one, we're bringing a lot of cool hardware options to customers.

我的意思是，第一，我們為客戶帶來了許多很酷的硬件選項。

Second thing, I mean, making the Alexa service smarter -- just getting smarter and more capable.

第二件事，我的意思是，讓 Alexa 服務更智能——只是變得更智能、更有能力。

And then also delivering tools for developers, helping them build for and really with Alexa.

然後還為開發人員提供工具，幫助他們為 Alexa 構建並真正使用 Alexa。

So I think making her smarter and seeing that she gets smarter with all the skills, leveraging the cloud and AI, becoming more knowledgeable, and introducing a lot of really cool new features.

所以我認為讓她更聰明，看到她在所有技能上變得更聰明，利用雲和人工智能，變得更有知識，並引入了許多非常酷的新功能。

So really excited about the customer response with those devices and those tools so far and looking forward to doing even more.

到目前為止，客戶對這些設備和工具的反應非常興奮，並期待做得更多。

Our next question comes from the line of Lloyd Walmsley with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Lloyd Walmsley。

Wanted to just follow up on the advertising side and get a sense for how much you guys feel like you're demand constrained versus supply constrained, either in the ability to put more ads on your property and/or just provide the tools to advertisers, and you feel like there's more demand than you can satisfy.

只想在廣告方面跟進，了解你們在多大程度上感覺需求受限與供應受限，無論是在您的財產上投放更多廣告的能力和/或只是向廣告商提供工具，你會覺得需求比你能滿足的要多。

Any color you can share there?

你可以在那里分享任何顏色嗎？

This is Dave.

這是戴夫。

I mean, nothing specific.

我的意思是，沒有什麼特別的。

I mean, I think so much of what we're focused on is making sure that there's a high degree of relevancy and usefulness for customers when you look at advertisements that you see on the site, in particular, and how we position those.

我的意思是，我認為我們非常關注的是確保當您查看您在網站上看到的廣告時，對客戶具有高度的相關性和有用性，以及我們如何定位這些廣告。

And so we spend a lot of time looking at the data to make sure that customer behavior and feedback is telling us that it's useful and helpful when customers are making those purchase decisions.

因此，我們花費大量時間查看數據，以確保客戶行為和反饋告訴我們，當客戶做出這些購買決定時，它是有用且有幫助的。

And so we're always testing different levels of that and trying to understand the various features, whether it's display or some of the sponsored elements that are out there, what kind of feedback's that are out there, but certainly keep that in mind as we roll out new things.

因此，我們一直在測試不同級別的內容，並試圖了解各種功能，無論是展示還是一些贊助元素，那裡有什麼樣的反饋，但一定要記住這一點，因為我們推出新事物。

Our final question will come from the line of Colin Sebastian with Baird.

我們的最後一個問題將來自 Colin Sebastian 和 Baird。

I guess 2 quick ones.

我猜是2個快速的。

Any change in the trajectory of Prime membership growth since the June price increase?

自 6 月價格上漲以來，Prime 會員的增長軌蹟有何變化？

And then how would you describe the pricing environments for the core AWS services?

然後您會如何描述核心 AWS 服務的定價環境？

And is this still a key lever that you use for business development?

這仍然是您用於業務發展的關鍵槓桿嗎？

Yes, sure.

是的，當然。

Let me start with the Amazon Prime price increase.

讓我從亞馬遜 Prime 價格上漲開始。

Of course, that went into effect earlier in the year in May.

當然，這在今年早些時候於 5 月生效。

We're very pleased with the renewal data and annual sign-up data that we've seen since then.

從那時起，我們對續訂數據和年度註冊數據感到非常滿意。

Program remains very strong, both in membership and engagement.

該計劃在成員資格和參與度方面仍然非常強大。

And a lot of our video content, music and shipping, definitely, as well as other Prime Benefits, we just continue to see that ramp up, not only in the U.S. but in other countries.

我們的許多視頻內容、音樂和運輸，當然還有其他主要福利，我們只是繼續看到這種增長，不僅在美國，而且在其他國家。

So we do continue to make the Prime offer better as well.

因此，我們也會繼續讓 Prime 提供更好的服務。

I'd mentioned earlier the linkage with Prime member savings at Whole Foods market that we set up in Q2, the expansion of grocery delivery to more than 60 cities in the U.S. using Prime Now and Whole Foods stores, the ability to pick up groceries from Whole Foods, adding content.

我之前提到過我們在第二季度建立的 Whole Foods 市場與 Prime 會員儲蓄的聯繫，使用 Prime Now 和 Whole Foods 商店將雜貨配送擴展到美國 60 多個城市，能夠從Whole Foods，添加內容。

We have a great slate of content coming out in the fourth quarter here.

我們將在第四季度發布大量內容。

Hopefully, you've seen already Jack Ryan and The Romanoffs, and pretty soon, you'll see the follow-up season to The Marvelous Mrs.

希望你已經看過 Jack Ryan 和 The Romanoffs，很快你就會看到 The Marvelous Mrs. 的後續賽季。

Maisel, and also a couple other things.

Maisel，還有其他一些事情。

And hopefully, you'll see Thursday Night Football tonight when you get home.

希望今晚你回家後能看到週四晚上的足球賽。

Yes, just on the -- this is Dave.

是的，就在——這是戴夫。

Just on the AWS pricing philosophy.

就 AWS 定價理念而言。

I mean just a reminder, the way to look at this, our pricing philosophy is work relentlessly, take costs out of our own cost structure and, when we can, pass savings on to the web services customers in the form of lower prices.

我的意思是提醒一下，看待這個問題的方式，我們的定價理念是堅持不懈地工作，將成本從我們自己的成本結構中剔除，並在可能的情況下，以更低的價格將節省的成本轉嫁給網絡服務客戶。

So it's easy to lower prices, but it's much harder to be able to afford to lower prices.

因此，降價很容易，但要負擔得起降價卻要困難得多。

And that's something we work very hard in all our businesses, including AWS, to do that.

這是我們在包括 AWS 在內的所有業務中都在努力做到這一點的事情。

So when you look at AWS now, we've lowered prices of 67x since we launched, including a few more in the last few months.

因此，當您現在查看 AWS 時，自推出以來，我們已將價格降低了 67 倍，其中包括過去幾個月的更多價格。

So those periodic price reductions are a normal part of our business for us.

因此，這些定期降價對我們來說是我們業務的正常部分。

Thank you for your call today and for your questions.

感謝您今天的電話和您的問題。

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

至少在本季度末，我們的 IR 網站上將提供重播。

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

感謝您對 Amazon.com 的關注，並期待下個季度再次與您交談。