亞馬遜 (AMZN) 2018 Q4 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 Q4 2018 Financial Results Teleconference.

大家好，歡迎來到 Amazon.com 2018 年第四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 Q4 2018 financial results conference call.

您好，歡迎參加我們的 2018 年第四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, January 31, 2019, 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 2019 年 1 月 31 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 acquisition, 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 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 I'll ask about units, 14% in the quarter.

我想我會詢問單位，本季度為 14%。

Just how do you feel about the overall unit growth here given that growth was higher last year in the 20s?

鑑於去年 20 年代的增長較高，您對這裡的整體單位增長有何看法？

And do you think there's some investments you can make in other areas to kind of reaccelerate that going forward?

你認為你可以在其他領域進行一些投資來重新加速這一進程嗎？

And then, secondly, just if you could remind us or help us understand the Prime accounting change impact on subscription revenues in Q4?

其次，您能否提醒我們或幫助我們了解 Prime 會計變更對第四季度訂閱收入的影響？

Justin, this is Dave.

賈斯汀，這是戴夫。

On the second question, on the subscription service, we'd said on the last call, you probably remember, related to the adoption of the Accounting Standards Update and revenue recognition policies that was impacting our results in a number of areas in 2018, we'd said we'd anticipated about $300 million lower sort of headwind to subscription services revenue due to the accounting change.

關於第二個問題，關於訂閱服務，我們在上次電話會議上說過，您可能還記得，與採用會計準則更新和收入確認政策有關，這些政策影響了我們 2018 年在許多領域的業績，我們曾表示，由於會計變更，我們預計訂閱服務收入將減少約 3 億美元。

So that's where we came out for the quarter.

這就是我們本季度出現的地方。

So you'll see that we reported subscription services revenue increased 26%, when you exclude FX.

所以你會看到我們報告的訂閱服務收入增長了 26%，當你排除外匯時。

So the $300 million is certainly part of that decelerate, a sequential deceleration in the growth rate in that line item.

因此，3 億美元肯定是減速的一部分，即該項目增長率的連續減速。

Yes, and on unit deceleration, I think the unit numbers more and more require some interpretation because it doesn't include the fast -- some of our fastest growing areas, things like, as Dave mentioned, subscription services, AWS, advertising, Whole Foods units are not in that number.

是的，在單位減速方面，我認為單位數量越來越需要一些解釋，因為它不包括快速——我們增長最快的一些領域，比如戴夫提到的訂閱服務、AWS、廣告、整體食品單位不在這個數字之內。

So we don't focus as much on the number.

所以我們不那麼關注數字。

I would direct you more to the supplemental revenue guidance that breaks out the component parts.

我會更多地指導您查看分解組成部分的補充收入指南。

But in general, we feel good about the growth in the quarter.

但總的來說，我們對本季度的增長感覺良好。

We think it was a -- Q4, in particular, was a great quarter for customers.

我們認為這是一個 - 特別是第四季度，對客戶來說是一個很棒的季度。

The retail, a lot of strength in the retail part of the businesses.

零售方面，在零售部分有不少實力的商家。

The teams here had done a great job planning, preparing and then executing on the quarter.

這裡的團隊在本季度進行了出色的計劃、準備和執行工作。

AWS maintained a very strong growth rate and continue to deliver for customers.

AWS 保持了非常強勁的增長率，並繼續為客戶提供服務。

We had a great re:Invent conference in the quarter.

我們在本季度舉辦了一場精彩的 re:Invent 會議。

So we feel good about the growth in the quarter and also the total revenue and income.

因此，我們對本季度的增長以及總收入和收入感到滿意。

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

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

Do you want to just comment a little bit on the international revenue outlook and any commentary on India and whether you think there's a material impact on your business?

您是否只想對國際收入前景和對印度的任何評論發表一點評論，以及您是否認為這對您的業務有重大影響？

Secondly, could you talk about advertising revenue, just qualitatively or quantitatively, how that's doing?

其次，您能否談談廣告收入，只是定性或定量，這是怎麼回事？

And third, if I could, you spent a lot on marketing in the quarter.

第三，如果可以的話，你在本季度在營銷上花了很多錢。

It's a real step up.

這是一個真正的進步。

Do you want to just talk about the ROI that you think you're getting on that marketing spend?

您是否只想談談您認為在營銷支出上獲得的投資回報率？

Sure, Mark.

當然，馬克。

The first question's on India.

第一個問題是關於印度的。

Let me start with that.

讓我從那開始。

So we have incorporated into our guidance estimate, the best estimate we have for Q1 in India.

因此，我們已將印度第一季度的最佳估計納入我們的指導估計。

However, there's much uncertainty as to what the impact of the government role changes is going to have on the e-commerce sector there.

然而，政府角色變化對當地電子商務部門的影響存在很大不確定性。

We remain committed to complying with all laws and regulations, and we will, but we're evaluating the situation.

我們仍然致力於遵守所有法律法規，我們會這樣做，但我們正在評估情況。

Our main issue and our main concern is trying to minimize the impact to our customers and sellers in India.

我們的主要問題和主要關注點是盡量減少對印度客戶和賣家的影響。

We've built our business around price selection and convenience.

我們圍繞價格選擇和便利建立了我們的業務。

We don't think the changes help in those dimensions for both the customers in India and also the sellers.

我們認為這些變化對印度的客戶和賣家都沒有幫助。

Dave, why don't you talk about the advertising growth?

戴夫，你為什麼不談談廣告增長？

Yes.

是的。

I think, I mean, we're continuing to -- there's a lot of focus on serving that customer set.

我認為，我的意思是，我們將繼續 - 將重點放在為該客戶群服務上。

One of the things we're trying to do is continually evolve our tools and the products to help that customer set, agencies, advertisers, make sure they've got a variety of ways to meet their goals.

我們正在嘗試做的一件事是不斷改進我們的工具和產品，以幫助客戶群、代理商、廣告商確保他們有多種方式來實現他們的目標。

Some of the things we've done more recently over the last few months or so was expanded sponsor, brands placements, rolled out new campaign reports, so improve campaign manager features.

在過去幾個月左右的時間裡，我們最近做的一些事情是擴大贊助商、品牌展示位置、推出新的活動報告，從而改進活動管理器功能。

So a number of -- there's a number of things beyond that, but features out there that are just going to, I think, make it easier for companies to grow with ad tools and the ad services that we offer.

因此，除此之外還有很多東西，但我認為，這些功能將使公司更容易通過廣告工具和我們提供的廣告服務來發展。

And we're continually excited about the opportunity there.

我們一直對那裡的機會感到興奮。

And then, on your question on marketing, yes, the marketing percent of revenue was up 110 basis points year-over-year.

然後，關於你關於營銷的問題，是的，收入的營銷百分比同比增長了 110 個基點。

The -- this category also includes AWS sales and marketing.

- 這個類別還包括 AWS 銷售和營銷。

Keep that in mind because that's where a lot of our headcount investment is going.

請記住這一點，因為這是我們大量員工投資的去向。

Headcount only grew 14% year-over-year, but the areas that we're growing in that mix were things like technology teams, device areas, AWS, especially sales and marketing.

員工人數僅同比增長 14%，但我們在該組合中增長的領域是技術團隊、設備領域、AWS，尤其是銷售和營銷。

So variable marketing was pretty consistent with prior periods, and we feel good about our return on investment on the marketing, the variable marketing.

因此，可變營銷與之前的時期非常一致，我們對我們在營銷、可變營銷方面的投資回報感到滿意。

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

我們的下一個問題來自摩根大通的 Doug Anmuth。

I just wanted to follow up on India.

我只是想跟進印度。

Just bigger picture, Brian, did the new policies change your view at all the attractiveness or the potential of operating in India?

布賴恩，只是更大的圖景，新政策是否改變了您對在印度經營的所有吸引力或潛力的看法？

And how do you think about your investment strategy there in the near term?

您如何看待近期的投資策略？

And then, also, just hoping you could talk about some of the impact in the U.S. and U.K. from free shipping during the fourth quarter holidays?

然後，只是希望你能談談第四季度假期免費送貨對美國和英國的一些影響？

Yes, really, we're still evaluating the situation in India.

是的，真的，我們仍在評估印度的情況。

We feel very good about the long-term prospects in India and doing a good job for both Indian customers and Indian sellers.

我們對印度的長期前景感到非常滿意，並為印度客戶和印度賣家做好了工作。

The new regulations need to be interpreted, need to be -- need to make sure they don't have unintended consequences.

新法規需要被解釋，需要——需要確保它們不會產生意想不到的後果。

And again, I don't think it's necessarily consistent with better price, better selection, better convenience for the Indian customer.

再說一次，我認為這不一定與更好的價格、更好的選擇、更好的印度客戶便利相一致。

So it's all we can say on that topic right now.

所以這就是我們現在可以說的關於這個話題的全部內容。

Yes, and I think, Doug, your second point was just around shipping, some of the shipping offers in the holiday.

是的，我認為，Doug，你的第二點是關於航運，假期的一些航運優惠。

We did lower the free shipping threshold at the end of the fourth quarter, so customers took advantage of that.

我們確實在第四季度末降低了免費送貨門檻，因此客戶利用了這一點。

That was a great offer for them in the holidays.

這對他們來說是一個很棒的假期。

Brian talked a little about it before, but pleased with the holiday season, both from sort of a first-party side, but also sellers continue to do well.

布賴恩之前談過一點，但對假日季節很滿意，無論是從第一方的角度來看，還是賣家繼續做得很好。

That's part of the holiday offering.

這是節日產品的一部分。

We sold a number of record-breaking number of Alexa devices as well.

我們還出售了許多創紀錄的 Alexa 設備。

And I think, just in that shipping vein, really pleased with the continued engagement from Prime members.

而且我認為，就在航運方面，我對 Prime 會員的持續參與感到非常滿意。

We had the most-ever number of Prime members sign up this quarter than any quarter we've had.

我們本季度註冊的 Prime 會員人數比以往任何季度都多。

So really pleased with that.

所以真的很高興。

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。

When I try to back out the impact of factors like Whole Foods, the advertising accounting change and other factors, what I see is stable and pretty healthy revenue growth in the retail segment but a slowdown in Q4 from what seems to have been, in more recent quarters, meaningful gross margin expansion in the retail segment.

當我試圖排除全食超市、廣告會計變化和其他因素等因素的影響時，我看到零售部門的收入增長穩定且相當健康，但第四季度的增長似乎比以往放緩，更多最近幾個季度，零售領域的毛利率顯著增長。

Can you discuss what may have driven that and how to think about retail gross margins going forward?

您能否討論一下可能是什麼推動了這一點，以及如何看待未來的零售毛利率？

And then, somewhat separately, retail margins last year benefited from several factors, including more modest hiring and more modest growth in fulfillment center capacity.

然後，在某種程度上，去年的零售利潤率受益於幾個因素，包括更適度的招聘和更適度的履行中心容量增長。

Do you see these factors persisting this year?

你認為這些因素今年持續存在嗎？

Yes, thank you.

是的，謝謝。

Let me start with that last part because I think if we step back and put 2018 in perspective, there's some clear trends regarding our cost structure, starting with fulfillment costs.

讓我從最後一部分開始，因為我認為如果我們退後一步，展望 2018 年，我們的成本結構有一些明顯的趨勢，從履行成本開始。

So in the prior 2 years, 2016, 2017, we had grown our square footage tied to fulfillment and shipping by greater than 30%.

因此，在前兩年，即 2016 年、2017 年，我們與履行和運輸相關的平方英尺增長了 30% 以上。

In 2018, that number grew by 15%.

2018 年，這一數字增長了 15%。

Certainly, unit demand was lower, but AFN, or Amazon Fulfilled Demand, where, if we combine FBA and retail, remained strong.

當然，單位需求較低，但 AFN 或亞馬遜履行的需求，如果我們將 FBA 和零售結合起來，仍然保持強勁。

So we had a banking, if you will, of some large expansions in the prior 2 years.

因此，如果您願意的話，我們在前兩年進行了一些大規模的擴張。

Similarly, on headcount, we grew headcount by 48% in 2016, 38% in 2017, if you exclude the acquisitions of Whole Foods and Souq, which drove the number up to closer to 68%, I believe.

同樣，在員工人數方面，如果排除對 Whole Foods 和 Souq 的收購，我們 2016 年的員工人數增加了 48%，2017 年增加了 38%，我相信這使人數接近 68%。

Last year, we had 14% growth, and so there was a lot of leverage and a lot of -- in a way, there was a lot of prehiring in 2017 that we digested in 2018, while we still -- in some areas, especially things like our core retail business and also G&A functions, but then we continue to invest again in the technology tied to AWS sales team to an AWS device area.

去年，我們實現了 14% 的增長，因此有很多槓桿作用，而且在某種程度上，我們在 2018 年消化了 2017 年的大量預聘，而我們仍然在某些領域，尤其是我們的核心零售業務和 G&A 職能，但隨後我們繼續投資與 AWS 銷售團隊相關的技術到 AWS 設備領域。

So their groups are growing considerably higher than that 14%, but in total, the company grew 14%.

因此，他們的團隊增長幅度遠高於 14%，但公司總體增長了 14%。

And then, on capital, especially infrastructure capital, if you use the capital lease line as maybe an indicator for what we had invested into our AWS business support infrastructure and global expansion, that number grew 10% last year when it had grown 69% in 2017.

然後，關於資本，尤其是基礎設施資本，如果您使用資本租賃線作為我們對 AWS 業務支持基礎設施和全球擴張的投資的指標，這個數字去年增長了 10%，而去年增長了 69%。 2017 年。

So in a lot of ways, 2018 was about banking the efficiencies of investments in people, warehouses, infrastructure that we had put in place in 2016 and '17.

因此，在很多方面，2018 年都是為了提高我們在 2016 年和 17 年實施的人員、倉庫和基礎設施投資的效率。

So while we will continue to concurrently drive growth and customer offering in Prime Benefits, we certainly do take costs seriously, and we will continue to work on operational efficiencies.

因此，雖然我們將繼續同時推動 Prime 福利的增長和客戶提供，但我們當然會認真對待成本，我們將繼續致力於提高運營效率。

I would expect those investments to increase relative to 2018.

我預計這些投資將相對於 2018 年增加。

And we've reflected what we've seen so far in Q1 in our guidance.

我們已經在我們的指導中反映了我們在第一季度迄今為止所看到的內容。

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。

A little bit -- to dig a little bit deeper into the CapEx capital lease side of things, you guys have said in the past that, generally, you work to build in line with your expectations for guidance so that you're trying not to overbuild or underbuild when thinking about your fulfillment and data center capacity.

一點點——為了更深入地研究資本支出資本租賃方面，你們過去曾說過，一般來說，你們努力建立符合你們對指導的期望，這樣你們就盡量不在考慮您的履行和數據中心容量時，過度建設或建設不足。

We saw that investment reaccelerate in the fourth quarter after getting the lows that you referenced in Q3.

在達到您在第三季度提到的低點後，我們看到第四季度投資重新加速。

Anything to read into that about sort of what your expectations are for growth in those businesses, seeing that re-acceleration after the deceleration that we saw over the course of, at least, the first 3 quarters of last year?

關於您對這些業務增長的期望，您是否看到在我們至少在去年前三個季度看到的減速之後重新加速？

Yes, I see total CapEx that was -- grew 33% in Q1, 1% in Q2, negative 1% in Q3, and then positive 17% in Q4, just the quarter itself.

是的，我看到總資本支出 - 第一季度增長 33%，第二季度增長 1%，第三季度負 1%，然後第四季度正增長 17%，僅本季度本身。

So there was, as you say, a bit of an investment in Q4 relative to Q2 and Q3.

所以，正如你所說，相對於第二季度和第三季度，第四季度有一些投資。

I still think the 17% is a low number for us when you talk about supporting the AWS business that's still growing at a very high clip and a very strong and healthy growth in FBA and customer demand and our expansion into new countries, both with AWS and also with our core consumer business.

當您談到支持 AWS 業務時，我仍然認為 17% 對我們來說是一個很低的數字，該業務仍在高速增長，FBA 和客戶需求的強勁和健康增長，以及我們通過 AWS 向新國家的擴張以及我們的核心消費者業務。

So I'm not prepared to give you the forecast for the year right now.

所以我現在不准備給你今年的預測。

I would say that I would consider 2018 to be a lighter investment year and a lighter year for adding fixed headcount, certainly compared to 2016 and 2017, and we'll reveal that as we go through the year, but we've built into the first quarter what we expect in the first 3 months.

我會說，與 2016 年和 2017 年相比，我會認為 2018 年是投資較少的一年，也是增加固定員工人數較少的一年，我們將在這一年中透露這一點，但我們已經建立了第一季度我們對前 3 個月的預期。

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. Just the first one is, to go back to the fourth quarter gross margins, I think, if we try to back out AWS, it looks like there was a little more gross margin pressure.

我有 2 個。第一個是，回到第四季度的毛利率，我認為，如果我們嘗試退出 AWS，看起來毛利率壓力會更大一些。

Can you just talk to any of the puts and takes we should know about from a gross margin perspective in the fourth quarter?

你能談談我們應該從第四季度毛利率的角度了解的任何看跌期權嗎？

And then, that other line that I think includes the advertising business, can you just help us, any help at all on the growth of the advertising business or the impact of any of the accounting changes in the quarter?

然後，我認為包括廣告業務的另一條線，你能幫我們嗎，對廣告業務的增長或本季度任何會計變化的影響有什麼幫助嗎？

Yes.

是的。

Sure.

當然。

Sorry, I skipped over that gross margin question earlier, but yes, gross margins were, while up 180 basis points year-over-year, were not up as much as prior quarters.

抱歉，我之前跳過了那個毛利率問題，但是是的，毛利率雖然同比增長 180 個基點，但沒有前幾個季度的增長那麼多。

I would say, the positive tailwinds still remain.

我想說，積極的順風仍然存在。

AWS had strong growth of 46% on an FX-neutral basis, third-party units continue to grow, advertising dollars continue to grow very well.

在外匯中性的基礎上，AWS 實現了 46% 的強勁增長，第三方部門繼續增長，廣告收入繼續增長良好。

Some of the headwinds, I would say, were outbound shipping costs, including the free shipping that we did, but mostly it was the higher Amazon Fulfilled units and the greater use of Amazon Logistics.

我想說，其中一些不利因素是出境運輸成本，包括我們提供的免費送貨服務，但主要是亞馬遜配送量更高和亞馬遜物流使用率更高。

And I would also say retail was very strong.

我還要說零售業非常強勁。

We had, I think Dave mentioned, the Echo Dot was the highest selling unit globally.

我認為戴夫提到，Echo Dot 是全球銷量最高的產品。

So devices had a very strong sales in the quarter.

因此，設備在本季度的銷售非常強勁。

We discussed how we don't price devices to make money.

我們討論了我們如何不為賺錢的設備定價。

We usually will expand -- our content expanding our device and usage throughout our group of customers who use our devices and then we monetize that in different ways to commitment to Amazon and the video and everything else.

我們通常會擴展——我們的內容會在使用我們設備的客戶群中擴展我們的設備和使用，然後我們以不同的方式將其貨幣化，以致力於亞馬遜、視頻和其他一切。

So a bit of it was mixed, but I would say that retail, which has a lower gross margin, more because of the revenue treatment was stronger in Q4.

所以有點喜憂參半，但我想說的是，毛利率較低的零售業更多是因為第四季度的收入待遇更強。

Yes, and just on the other revenue piece, Brian, just to get back to the accounting side, we did adopt that revenue recognition standard in 2018, as I mentioned.

是的，就另一個收入部分，布萊恩，只是回到會計方面，我們確實在 2018 年採用了該收入確認標準，正如我所提到的。

As part of the adoption, certain advertising services were classified as revenue rather than a reduction of cost of sales.

作為採用的一部分，某些廣告服務被歸類為收入，而不是銷售成本的減少。

So specific to Q4, the impact of that change was an increase of approximately $1 billion to other revenue.

所以具體到第四季度，這種變化的影響是其他收入增加了大約 10 億美元。

So you'll see that in the other revenue in total.

所以你會在其他總收入中看到這一點。

Our next question comes from the line of Colin Sebastian with Robert W. Baird.

我們的下一個問題來自 Colin Sebastian 和 Robert W. Baird。

I guess, 2 for me as well.

我想，2對我來說也是如此。

In the quarter, looking backwards, not considering India and the impact going forward, but the international growth accelerated.

在本季度，向後看，不考慮印度和未來的影響，但國際增長加速。

So I was curious, any particular regions or product categories to call out, especially given some of the weakness in the U.K.?

所以我很好奇，有什麼特定的地區或產品類別需要指出，特別是考慮到英國的一些弱點？

And then marketplace fees are changing in several categories, including home furnishings, health and beauty.

然後市場費用在幾個類別中發生變化，包括家居用品、健康和美容。

Curious what the strategy is there.

好奇那裡有什麼策略。

I assume to expand selection.

我假設擴大選擇。

But is it also an indication of an increasing focus on those retailer categories?

但這是否也表明人們越來越關注這些零售商類別？

Sure.

當然。

Let me start with your second question.

讓我從你的第二個問題開始。

Obviously, third-party sellers are an important part of our value proposition there.

顯然，第三方賣家是我們在那裡價值主張的重要組成部分。

They've had great success on our site.

他們在我們的網站上取得了巨大的成功。

More than half of our units sold are from third-party sellers.

我們售出的產品中有一半以上來自第三方賣家。

So it's very important to us that we have the right business profile, both for Amazon and for the sellers.

因此，對我們來說，擁有正確的業務概況非常重要，無論是對亞馬遜還是對賣家而言。

So we will always be evolving that.

因此，我們將始終不斷發展。

Part of that involves changing fee structures, sometimes adding new fees or subtracting old ones.

其中一部分涉及改變費用結構，有時會增加新費用或減去舊費用。

Part of it involves raising or lowering fees that sellers pay.

其中一部分涉及提高或降低賣家支付的費用。

So you're going to see this continually from us.

因此，您將不斷從我們這裡看到這一點。

We generally work to change the fees to make sure that the incentives are strong on both sides, and we continue to have a healthy growth in third-party.

我們通常會努力改變費用，以確保雙方都有強大的激勵措施，並且我們繼續在第三方方面保持健康增長。

On the international, on an FX-neutral basis, the growth was 15% in Q3 and 19% in Q4, but last call, if you remember, I talked about the timing of Diwali and the impact that had on our growth rates.

在國際上，在外匯中性的基礎上，第三季度的增長率為 15%，第四季度為 19%，但如果你還記得的話，最後一次電話會議上，我談到了排燈節的時間以及對我們增長率的影響。

If we adjust for that, and again, Diwali had -- took place primarily in Q4 this year and it was split between Q3 and Q4 last year, if we adjust for that, international growth is pretty flat Q3 to Q4.

如果我們對此進行調整，排燈節主要發生在今年第四季度，去年第三季度和第四季度分開，如果我們對此進行調整，國際增長在第三季度到第四季度相當平緩。

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。

Two, if I can.

二，如果可以的話。

First, just on the advertising side.

首先，只是在廣告方面。

We hear a lot of positive feedback from customers, but also, we hear suggestions, there are supply constraints.

我們聽到了很多來自客戶的積極反饋，但我們也聽到了一些建議，但也存在供應限制。

So how do you guys see inventory growth versus pricing growth as a driver in that business?

那麼你們如何看待庫存增長與定價增長作為該業務的驅動力？

And are there things you can do to grow inventory?

您可以做些什麼來增加庫存？

And then, secondly, there've been some reports, your Amazon shipping effort is kind of expanding beyond some test markets.

其次，有一些報導稱，您的亞馬遜運輸工作正在擴大到一些測試市場之外。

So wondering if you can give us a sense for what you've seen in those test markets and how you think about expanding your shipping efforts on that productized basis going forward?

所以想知道您是否可以讓我們了解您在這些測試市場中看到的情況，以及您如何看待在產品化的基礎上擴大您的運輸工作？

Yes, Lloyd.

是的，勞埃德。

Thanks for the question.

謝謝你的問題。

I'll take the advertising piece first.

我先拿廣告片。

I mean, I think, as I talked before, we're working on improving usability of tools.

我的意思是，我認為，正如我之前所說，我們正在努力提高工具的可用性。

I mean, our priorities in this space, that's certainly one of them, looking for ways to make smarter recommendations, addressing the needs of brands, automating activities, inventing new products.

我的意思是，我們在這個領域的優先事項，當然是其中之一，尋找提出更明智建議的方法，解決品牌需求，自動化活動，發明新產品。

And I think, in all those regards and those priorities, we think there's some good growth to continue to come, both in advertising for -- on our own properties, but also potentially beyond -- over the longer term.

而且我認為，在所有這些方面和這些優先事項中，我們認為在長期來看，無論是在我們自己的財產上，還是在未來的廣告方面，都會有一些良好的增長。

So -- but even as we look for advertising opportunities on places like Amazon.com, we think there's a lot of opportunity and a lot of experimentation.

所以——但即使我們在像 Amazon.com 這樣的地方尋找廣告機會，我們認為有很多機會和很多實驗。

I think we're learning and are a very data-interested company and working with a lot of great brands to be able to develop better toolkits for them, understand what types of metrics they want to make them more successful based on what they're telling us.

我認為我們正在學習，並且是一家對數據非常感興趣的公司，並與許多偉大的品牌合作，以便能夠為他們開發更好的工具包，了解他們希望哪些類型的指標讓他們更成功。告訴我們。

Yes, and on transportation, I assume you're just talking about our expansion of Amazon deliveries and Amazon Logistics.

是的，在運輸方面，我假設您只是在談論我們擴大亞馬遜交付和亞馬遜物流。

Again, we have great partners in place for our business and support globally.

同樣，我們在全球範圍內為我們的業務和支持提供了出色的合作夥伴。

What we do is add capacity where we feel we need to speed up service or ensure demand, particularly at peak.

我們所做的是在我們認為需要加快服務或確保需求的地方增加容量，尤其是在高峰期。

So we will continue to build out our DSP or -- and Flex and Ship with Amazon programs.

因此，我們將繼續構建我們的 DSP 或 - 以及 Flex 和 Ship with Amazon 計劃。

So during the quarter, it was a much bigger presence obviously year-over-year.

因此，在本季度，它的存在顯然比去年同期要大得多。

So we're happy with that, both from a performance standpoint.

因此，從性能的角度來看，我們對此感到滿意。

The delivery estimate accuracy, as we call it, was very strong on our self-delivered products and also the cost profile is very good as well.

正如我們所說，交付估算的準確性在我們的自交付產品上非常強大，而且成本狀況也非常好。

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。

Maybe 2, if I can.

也許2，如果可以的話。

One, on the media side, has there been any step up in terms of investments around media content to support your ambition with respect to Prime and Video?

第一，在媒體方面，圍繞媒體內容的投資是否有任何進展，以支持您在 Prime 和視頻方面的雄心壯志？

It's been a couple of years now since we got an update on rate of spend or how it might impact either historical periods or going forward periods.

自從我們獲得有關支出率的更新或它可能如何影響歷史時期或未來時期以來，已經過去了幾年。

That would be number one.

那將是第一名。

And then, number two, going back to Lloyd's question on the advertising front, how do you think about the video opportunity?

然後，第二，回到勞埃德關於廣告方面的問題，你如何看待視頻機會？

You're moving beyond just branded opportunities or sponsored product search on your own properties, thinking about experimenting with over-the-top video or connected TV opportunities that might look in front of you going forward?

您正在超越僅在自己的資產上進行品牌商機或贊助產品搜索，正在考慮嘗試未來可能擺在您面前的頂級視頻或聯網電視機會？

Let me start with video.

讓我從視頻開始。

We're not quantifying the Prime Video spend today, but we do -- it has been increasing.

我們今天沒有量化 Prime Video 的支出，但我們做了——它一直在增加。

We expect it to increase even further in 2019.

我們預計它會在 2019 年進一步增加。

We're seeing a lot of, again, continued strong adoption in the usage and viewing and hours watched of both our music and our -- excuse me, video and music.

我們再次看到我們的音樂和我們的音樂和我們的 - 對不起，視頻和音樂的使用和觀看和觀看時間持續強勁採用。

And as -- if you step back, it builds stronger Prime connectivity with our Prime members.

而且，如果您退後一步，它將與我們的 Prime 會員建立更強大的 Prime 連接。

It leads to higher membership renewal rates and higher overall engagement.

它導致更高的會員續訂率和更高的整體參與度。

And we like what we see.

我們喜歡我們所看到的。

We continue to see that engagement growing.

我們繼續看到這種參與度在增長。

I would say that we've had some particular success in -- recently with 10 Golden Globe nominations and 3 Oscar nominations, and Jack Ryan Homecoming and season 2 of the Marvelous Mrs.

我想說我們在最近取得了一些特別的成功——最近獲得了 10 項金球獎提名和 3 項奧斯卡提名，以及傑克·瑞恩回歸和《了不起的夫人》第 2 季。

Maisel, in particular, were very well-received during the quarter.

尤其是 Maisel，在本季度非常受歡迎。

Yes, and then, on your second question just around advertising opportunities and around video, you may have seen not that long ago, IMDb, Internet Movie Database, one of our subsidiaries, launched Free Dive, which is an ad-supported free streaming video channel that's available in the U.S., and it enables customers to watch hit TV shows and movies without purchasing a subscription.

是的，然後，關於關於廣告機會和視頻的第二個問題，您可能不久前看到，IMDb，互聯網電影數據庫，我們的子公司之一，推出了免費潛水，這是一個廣告支持的免費流媒體視頻在美國可用的頻道，它使客戶無需購買訂閱即可觀看熱門電視節目和電影。

So, ad-supported.

所以，廣告支持。

So that's available on the IMDb website with your laptop or personal computer.

因此，您可以在 IMDb 網站上使用您的筆記本電腦或個人計算機獲取這些信息。

And I think it's definitely on the Fire TV devices as well, as a great way to consume content.

而且我認為它肯定也出現在 Fire TV 設備上，作為一種消費內容的好方法。

So I think excited about that.

所以我覺得很興奮。

Other opportunities we've been working with in ads and video for a bit longer period of time had been things like our sports offerings, some of the live sports that we've done, things like Thursday Night Football.

我們在廣告和視頻方面合作了一段時間的其他機會包括我們的體育產品、我們已經完成的一些現場體育賽事，比如周四晚上的足球比賽。

I really like the success that we've seen on those and a bit of learning from that, looking forward to pursuing more opportunities to engage and serve with customers of those types of video offers, but also take some opportunities to monetize with the advertising.

我真的很喜歡我們在這些方面看到的成功，並從中學到了一些東西，期待尋求更多機會與這些類型的視頻優惠的客戶互動和服務，同時也抓住一些機會通過廣告獲利。

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

我們的下一個問題來自 Jason Helfstein 和 Oppenheimer 的觀點。

Just two.

就兩個。

So just can you comment, did advertising slow down relative to third quarter?

那麼您能否評論一下，廣告相對於第三季度是否放緩？

One.

一。

You're kind of adjusting for 606.

你有點適應606。

And then, secondly, was there any reallocation in segments between online and physical stores?

其次，在線商店和實體店之間的細分市場是否有任何重新分配？

And if not, any commentary why physical stores was down year-over-year?

如果沒有，任何評論為什麼實體店同比下降？

Yes, thanks, Jason, for your questions.

是的，謝謝，傑森，你的問題。

Let me start with the physical stores revenue.

讓我從實體店的收入開始。

So physical stores decreased 3% year-over-year, and this is primarily Whole Foods, but also includes our other stores, the Amazon Bookstores, Amazon Go, Amazon Four Star.

所以實體店同比下降了 3%，這主要是 Whole Foods，但也包括我們的其他商店，亞馬遜書店、亞馬遜 Go、亞馬遜四星。

What happened in the quarter was we were lapping a period last year when we had purchased Whole Foods in Q3, as you remember, of 2017.

正如你所記得的，我們在去年的第三季度購買了全食超市，這一季度發生的事情是在 2017 年。

In Q4, we adjusted their fiscal calendar to link it up with Amazon's, and it added about 5 days of revenue into Q4 of last year.

在第四季度，我們調整了他們的財務日曆以將其與亞馬遜的財務日曆聯繫起來，它在去年第四季度增加了大約 5 天的收入。

So we're comping that year-over-year.

因此，我們正在逐年計算。

The second piece is that the -- as you said, the online orders where people go to the Prime Now app or Whole -- and then order for delivery or pickup at Whole Foods stores does count or is counted in the online stores component of revenue.

第二部分是——正如你所說，人們去 Prime Now 應用程序或 Whole 的在線訂單——然後在 Whole Foods 商店訂購送貨或取貨確實計入或計入在線商店的收入部分.

So if you adjust for those, what's the Whole Foods growth year-over-year on an apples-to-apples basis was approximately 6%.

因此，如果您對此進行調整，Whole Foods 的年增長率約為 6%。

Because of some of those, again, mostly the year-over-year counting or days true-up issue, it's showing up as negative 3% in physical stores.

由於其中一些，再次，主要是同比計數或天數校正問題，它在實體店中顯示為負 3%。

Yes, and then just on your second question around advertising, if you look at the other revenue, the growth rate decelerated some.

是的，然後關於你關於廣告的第二個問題，如果你看一下其他收入，增長率會有所放緩。

So it's -- at 97%, still very strong year-over-year growth in the fourth quarter.

因此，第四季度的同比增長仍然非常強勁，達到 97%。

In other revenue, as I think you're aware, there are a number of components, but the largest by a good margin is the advertising revenue.

在其他收入方面，我想你知道，有許多組成部分，但最大的利潤是廣告收入。

And we are comping a period of rapid growth in the prior year.

我們正在經歷上一年的快速增長期。

So that is part of the factor there, as you mentioned.

正如你所提到的，這是其中的一部分因素。

But I'd just reiterate, we're continuing to see quite strong adoption across Amazon's vendors, sellers, authors, all types of advertisers that are utilizing that.

但我想重申一下，我們繼續看到亞馬遜的供應商、賣家、作者和所有類型的廣告商都在使用它。

Our next question comes from the line of Dan Salmon with BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Dan Salmon。

Brian, can we just return to your comment earlier about the increased use of Amazon Logistics, not a surprise there, but just curious, through the holiday season, any particular learnings that you can offer some color on?

布賴恩，我們能否回到您之前關於亞馬遜物流使用增加的評論，這並不奇怪，只是好奇，通過假期，您可以提供一些特別的知識嗎？

And how do you view the balance between using your own proprietary logistics versus third-parties as you go into 2019?

進入 2019 年，您如何看待使用自有物流與第三方之間的平衡？

And then, just a quick follow-up, obviously, the HQ2 news came out during the quarter.

然後，只是一個快速的跟進，顯然，HQ2 的消息是在本季度發布的。

What would you highlight as maybe the most important next steps there?

您會強調哪些可能是最重要的後續步驟？

And maybe some color on the feedback from that process would be interested to hear that as well.

也許對該流程的反饋有一些色彩也會有興趣聽到這一點。

Yes, sure.

是的，當然。

So let's start with HQ2.

因此，讓我們從 HQ2 開始。

Of course, in November, we announced we selected New York City and Northern Virginia, and between the 2 cities we'll be investing $5 billion and creating more than 50,000 jobs.

當然，在 11 月，我們宣布我們選擇了紐約市和北弗吉尼亞州，我們將在這兩個城市之間投資 50 億美元並創造 50,000 多個工作崗位。

We also announced an operation center of excellence to be opened up in Nashville, which is about -- estimate of about 5,000 jobs.

我們還宣布將在納什維爾開設一個卓越運營中心，估計約有 5,000 個工作崗位。

So right now, we're working through some next issues in both cities.

所以現在，我們正在處理這兩個城市的一些後續問題。

We're looking forward to investing in New York and Northern Virginia and being a good community partner as well as Nashville.

我們期待在紐約和北弗吉尼亞投資，並成為一個良好的社區合作夥伴以及納什維爾。

So not really much else to report at this time on that.

因此，目前沒有太多其他要報告的內容。

On your comment or question on transportation, we do continue to expand our Amazon Logistics and our delivery capability, and it also matches up with our faster ship speed that we're seeing for Prime members as well.

關於您對運輸的評論或問題，我們確實繼續擴大我們的亞馬遜物流和我們的交付能力，這也與我們為 Prime 會員看到的更快的運輸速度相匹配。

We added, of course, we have over 100 million items that customers can get within 2 days, but there's now over 3 million that will be delivered within 1 day or faster in 10,000 cities and towns.

我們補充說，當然，我們有超過 1 億件商品可以在 2 天內為客戶提供，但現在有超過 300 萬件商品將在 1 天內或更快地交付到 10,000 個城鎮。

So Amazon Deliveries are a big part of that.

所以亞馬遜交付是其中的重要組成部分。

Again, we have great third-party partners as well in the transportation space.

同樣，我們在運輸領域也擁有出色的第三方合作夥伴。

What we like about our ability to participate in transportation is that, a lot of times, we can do it at same cost or better, and we like the cost profile of it, too.

我們喜歡我們參與運輸的能力是，很多時候，我們可以以相同或更好的成本做到這一點，我們也喜歡它的成本概況。

We can also invest selectively because we have more perfect information, we know where our demand is, we know where we're moving things between warehouses and sort centers.

我們也可以有選擇地投資，因為我們有更完善的信息，我們知道我們的需求在哪裡，我們知道我們在倉庫和分揀中心之間移動的地方。

And by not involving third-parties all the time, we can -- we found that we can extend our ship cut-off -- excuse me, our order cut-offs, and we've done that over the last few years.

通過不一直涉及第三方，我們可以 - 我們發現我們可以延長我們的船舶停產時間 - 對不起，我們的訂單停產，我們在過去幾年中已經這樣做了。

So that's also another helpful side benefit for consumers when we are doing our own logistics -- excuse me, transportation final delivery.

因此，當我們進行自己的物流時，這對消費者來說也是另一個有益的附帶好處——對不起，運輸最終交付。

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

我們的最後一個問題來自巴克萊銀行的羅斯桑德勒。

So the AWS operating margins historically kind of moved around a bit.

因此，AWS 的營業利潤率在歷史上略有變動。

Any color on what drove the decline sequentially from 3Q to 4Q?

從第三季度到第四季度連續下降的原因有什麼顏色嗎？

And then, I guess, going back to the investment catch-up team, it sounds like 2019 will be a little bit more aggressive push from you guys.

然後，我想，回到投資追趕團隊，聽起來 2019 年你們會更加積極地推動。

Can you parse out whether you expect the pace of retail margin expansion that we're seeing in North America right now, is that going to continue and most of these investments are going to be in international and some of the stuff going on in India?

您能否分析一下您是否預計我們現在在北美看到的零售利潤率擴張速度會持續下去，並且這些投資中的大部分將在國際上進行，而在印度進行的一些事情？

And any color on the North America operating margin trajectory?

北美營業利潤率軌蹟有什麼顏色嗎？

Yes, sure.

是的，當然。

Let me start with the AWS operating margin, as you called it out.

讓我從您所說的 AWS 營業利潤率開始。

That number will move around.

這個數字會移動。

We're very pleased with the 29.3% that we saw during the quarter.

我們對本季度看到的 29.3% 感到非常滿意。

Of course, at any point in time, this business is going to be a combination of lowering prices, expanding geographically, adding people to build new -- especially tech teams and sales teams to build new and innovative products and staying very relevant and ahead of our customers' minds.

當然，在任何時候，這項業務都將是降低價格、擴大地域範圍、增加人員以開發新產品的組合——尤其是技術團隊和銷售團隊以開發新的和創新的產品，並保持相關性和領先地位。我們客戶的心。

And infrastructure will -- again, it will bounce between quarters a bit.

基礎設施將 - 再次，它將在兩個季度之間反彈。

Our capital lease expenditure in Q4 was a bit higher than the prior 3 quarters.

我們在第四季度的資本租賃支出略高於前三個季度。

That had a slight impact on the operating margin.

這對營業利潤率產生了輕微影響。

But again, year-over-year, operating margins were up and were almost 280 basis points.

但同樣，營業利潤率同比上升，接近 280 個基點。

We've said quite openly that this is going to bounce around.

我們已經非常公開地表示，這將會反彈。

What we do is create great value for the customer on one end and then work to minimize our cost of infrastructure, and we're getting more and more creative around getting efficiency up and getting our cost of acquisition down.

我們所做的是一方面為客戶創造巨大價值，然後努力將我們的基礎設施成本降至最低，而且我們在提高效率和降低採購成本方面變得越來越有創意。

Thanks for joining us on the call today 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 site 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。