亞馬遜 (AMZN) 2019 Q1 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com First Quarter 2019 Financial Results Teleconference. (Operator Instructions) Today's call is being recorded. For opening remarks, I will be turning the call over to the Director of Investor Relations, Shelly Kay Pfeiffer. Thank you. Please go ahead.

感謝您的支持。大家好，歡迎參加亞馬遜 2019 年第一季財務業績電話會議。（操作員指示）今天的通話正在錄音。在開幕致詞時，我將把電話轉給投資者關係總監 Shelly Kay Pfeiffer。謝謝。請繼續。

Hello, and welcome to our Q1 2019 financial results conference call. Joining us today to answer your questions is Brian Olsavsky, our CFO; and Dave Fildes, Director of Investor Relations.

您好，歡迎參加我們 2019 年第一季財務業績電話會議。今天與我們一起回答您的問題的是我們的財務長 Brian Olsavsky；以及投資者關係總監 Dave Fildes。

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.

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。

Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2018. Our comments and responses to your questions reflect management's views as of today, April 25, 2019, 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.

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 2018 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 2019 年 4 月 25 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.

在本次電話會議中，我們可能會討論某些非公認會計準則財務指標。在我們的新聞稿、本次網路廣播附帶的幻燈片以及我們向美國證券交易委員會提交的文件中（每一份都發佈在我們的投資者關係網站上），您將找到有關這些非公認會計準則指標的更多披露，包括這些指標與可比公認會計準則指標的對帳。

Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions. Our results are inherently unpredictable and may be materially affected by many factors, including fluctuations in foreign exchange rates; changes in global economic conditions and customer spending; world events; the rate of growth of the Internet, online commerce and cloud services; and the various factors detailed in our filings with the SEC. 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.

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；世界大事；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細說明的各種因素。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 Mark Mahaney from RBC Capital Markets.

（操作員指示）我們的第一個問題來自 RBC Capital Markets 的 Mark Mahaney。

Okay. I'm going to ask 2 questions because the first one is really simple. Unit growth of 10%, is this a meaningless metric? Just talk through that number. I think it's the lowest unit growth I think we've ever seen, but just talk through us a little bit about that. And then international sales growth decelerated 16%. I know last -- ex FX, I know last quarter, you talked about some challenges in the India market. Just give us some color, please, around that growth rate. How do we think about the sustainability of that? Was that negatively impacted by developments in India?

好的。我要問兩個問題，因為第一個問題很簡單。單位成長率10%，這是一個毫無意義的指標嗎？只需透過該號碼進行交談即可。我認為這是我們見過的最低的單位增長率，但請您稍微談談這一點。隨後國際銷售成長放緩16%。我知道上個季度——除外匯外，您談到了印度市場面臨的一些挑戰。請給我們一些有關該增長率的詳細資訊。我們如何看待它的永續性？這是否受到印度事態發展的負面影響？

Sure, Mark. Thanks for your questions. I'll start on unit growth. So unit growth was 10%. Again, as I mentioned last quarter, it is measurement, excludes a lot of our fastest growing businesses, things like AWS, advertising, subscription services which cannibalize the unit calculations, things like Kindle Unlimited and Amazon Music Unlimited. And also, it doesn't include Whole Foods Market. So while it is meaningful, it needs to be understood and caveated.

當然，馬克。感謝您的提問。我先從單位成長開始。因此單位成長率為10%。再一次，正如我上個季度提到的，它是衡量標準，不包括我們許多成長最快的業務，例如 AWS、廣告、訂閱服務等，這些都會蠶食單位運算，例如 Kindle Unlimited 和 Amazon Music Unlimited。而且，它不包括全食超市。因此，雖然它很有意義，但需要理解和注意。

So your second question was on international growth. Yes, talking more about specifically India, so India, for those of you on the call last quarter, we are just heading into an uncertain period with the PN2 ruling. We did make some changes to our structure to stay in compliance with all regulations. There was a few days of downtime for some of our selection. But for the full quarter, the impact was minimal. And we're in compliance, and we're very happy with the progress of the business in India. So as far as the growth is concerned in international, we had some noise in Q3 and Q4, if you remember, with the timing of the Diwali holiday, but we feel pretty good about the Q1 growth there even despite some downtime in India.

您的第二個問題是關於國際成長的。是的，具體談論的是印度，所以印度，對於上個季度參加電話會議的人來說，我們正進入 PN2 裁決的不確定時期。我們確實對我們的結構做了一些改變，以符合所有法規。我們的部分選擇有幾天的停機時間。但就整個季度而言，影響微乎其微。我們遵守規定，並且對印度業務的進展感到非常滿意。因此，就國際成長而言，如果您還記得的話，我們在第三季和第四季遇到了一些噪音，因為正值排燈節假期，但儘管印度出現了一些停工期，我們對第一季度的成長感到相當滿意。

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

我們的下一個問題來自摩根大通的 Doug Anmuth。

I'll also ask 2, if I can. Just first, Brian, can you just talk about the outperformance in operating income in 1Q, pretty significant there? It looks like local sales and booking and so hoping you can provide some more color. And then why would the margin be materially lower in Q2 as you're guiding? And then just second, on the outlook for revenue in the second quarter on an FX-neutral basis, the higher end implies a nice acceleration. So curious what gives you the confidence.

如果可以的話，我還會問 2。首先，布萊恩，您能否談談第一季營業收入的優異表現，相當顯著？它看起來像是本地銷售和預訂，所以希望您能提供更多資訊。那麼，為什麼正如您所預測的那樣，第二季的利潤率會大幅下降？其次，就第二季外匯中性收入前景而言，較高的收入端意味著良好的加速。我很好奇是什麼給了你信心。

Sure, Doug. Yes, let's start with Q1. So if you remember last quarter, I made the point that 2018 saw lower growth in some of our key cost areas. Things like fulfillment capacity, which have been growing over 30% a year in 2016 and '17, dropped to 15% last year. Headcount growth was 48% in 2016, 38% if you exclude Whole Foods and Souq acquisitions in 2017. That dropped to 14% last year. And then financial leases for infrastructure, which are good proxy for capital investment and infrastructure, after growing 69% in 2017, grew 10%. So all of those trailing 12-month metrics actually stayed the same or slightly declined in Q1. So we had continued efficiency. We didn't put a lot of new fulfillment center capacity or infrastructure into place at least compared to Q1 of last year. And hiring was moderate. We actually are down to 12% on a trailing 12-month basis. So I would say that is a continuation of last year, but my point from the last call still holds in that we do expect those growth rates to be higher for all of 2019. So most of that will happen in the next 3 quarters, and we have that built into the Q2 guidance. We also hit the high end of the revenue range, which is always good from efficiency standpoint and the drop-through on the higher end of the revenue.

當然，道格。是的，讓我們從 Q1 開始。所以如果你還記得上個季度，我指出 2018 年我們的一些關鍵成本領域的成長有所下降。例如，2016 年和 2017 年，履行能力每年增長超過 30%，但去年卻下降到了 15%。2016 年員工人數增加了 48%，如果不包括 2017 年對 Whole Foods 和 Souq 的收購，員工人數則增加了 38%。去年這一比例下降至14%。然後，基礎設施融資租賃（可以很好地代表資本投資和基礎設施）在 2017 年增長 69% 之後，又增長了 10%。因此，過去 12 個月的所有指標在第一季實際上都保持不變或略有下降。因此我們保持了持續的效率。至少與去年第一季相比，我們並沒有投入大量新的履行中心容量或基礎設施。招聘人數適中。事實上，以過去 12 個月計算，我們的成長率已下降至 12%。所以我想說這是去年的延續，但我上次通話中的觀點仍然成立，我們確實預計 2019 年全年的成長率會更高。因此，大部分情況將在未來三個季度內發生，並且我們已將其納入第二季度指引中。我們的收入也達到了最高水平，從效率和收入高端的下降來看，這總是一件好事。

So now turning into Q2, I would like to tell you a bit about why that's lower. So we have -- we're currently working on evolving our Prime free 2-day shipping program to be a free 1-day shipping program. We're able to do this because we spent 20-plus years expanding our fulfillment and logistics network, but this is still a big investment and a lot of work to do ahead of us. For Q2 guidance, we've included approximately $800 million of incremental spend related to this investment. And just to clarify, to give a little more information, we have been offering, obviously, faster than 2-day shipping for Prime members for years, 1 day, same day, even down to 1- to 2-hour delivery for Prime Now. So we're going to continue to do -- to offer same-day and Prime Now selection on an accelerated basis. But this is all about the core free 2-day offer morphing into -- or evolving into a free 1-day offer. We've already started down this path. We've, in the past months, significantly expanded our 1-day eligible selection and also expanded the number of zip codes eligible for 1-day shipping. So we're taking a significant step. It wasn't showing up in Q1. It was minimal in Q2 -- in Q1's results. This is a significant step and it will take us time to achieve and we want to ensure that we have good delivery experience for our customers as we evolve the software.

現在進入第二季度，我想告訴大家為什麼這個數字會更低。因此，我們目前正在努力將 Prime 免費 2 天送貨計劃發展為免費 1 天送貨計劃。我們之所以能夠做到這一點，是因為我們花了 20 多年的時間來擴展我們的履行和物流網絡，但這仍然是一項巨大的投資，我們還有很多工作要做。對於第二季的指導，我們已將與此項投資相關的約 8 億美元增量支出納入其中。需要澄清的是，為了提供更多信息，我們多年來一直為 Prime 會員提供明顯快於 2 天的送貨服務，1 天、當天，甚至 Prime Now 的 1 到 2 小時送貨服務。因此，我們將繼續加速提供當日和 Prime Now 精選服務。但這完全是關於核心的 2 天免費優惠轉變為或演變為 1 天免費優惠。我們已經開始走這條路了。在過去的幾個月裡，我們大幅擴展了 1 天送達的合格選擇範圍，並增加了符合 1 天送達資格的郵遞區號數量。因此，我們正在邁出重要的一步。它在第一季沒有出現。在第二季——也就是第一季的業績中，這影響微乎其微。這是一個重要的步驟，我們需要時間來實現，我們希望確保在軟體改進過程中為客戶提供良好的交付體驗。

And lastly, I would say in Q2, as a reminder, each year, we -- it's -- Q2 is a time when we grant RSUs to employees and we traditionally see a step-up in stock-based compensation expense in Q2. We're seeing the same thing this year. And that's -- sorry, and that's also tied in with your question about revenue acceleration. We do believe that although there's not explicit lift built in for the faster shipping, we have seen good order trends to -- month to date and we expect -- we built the Q2 range about -- around what we've seen.

最後，我想提醒一下，每年的第二季度，我們都會向員工授予 RSU，而我們通常會在第二季度看到基於股票的薪酬支出的增加。今年我們也看到了同樣的事情。抱歉，這也與您關於收入加速的問題有關。我們確實相信，儘管沒有明確提升運輸速度，但我們已經看到了良好的訂單趨勢 - 本月迄今為止，我們預計 - 我們根據所看到的製定了第二季度的範圍。

Our next question is from Justin Post from Merrill Lynch.

我們的下一個問題來自美林證券的賈斯汀波斯特 (Justin Post)。

As users consume more services and maybe get less boxes, although I guess you could see a pickup in Q2, what does that mean for customer stickiness? How are you thinking about getting more advertising and getting more subscription services? And maybe you could just give us a little insight into what you're seeing with Prime churn especially in the more mature U.S. market.

隨著用戶消費更多的服務並可能獲得更少的盒子，雖然我猜你可能會在第二季度看到回升，但這對客戶黏性意味著什麼？您如何考慮獲得更多廣告和更多訂閱服務？或許您可以向我們稍微介紹一下 Prime 會員流失的情況，尤其是在較成熟的美國市場。

Yes. Sure. Justin, I would say, as I said, I believe, on the last call, we had more people sign up for Prime in 2018 than any other year before. So we are very happy with the -- not only the absolute membership levels of the Prime program, but also the engagement. Our engagement in video benefit -- or excuse me, Prime benefits, shipping, hours watched on video, hours listened to on music, all of them are trending in the right direction and continue to get more and more sticky. So while I can't share -- I wouldn't share with you today the Prime -- any Prime -- specific Prime statistics about churn, it does remain a very compelling program. I think the announcement I just made about morphing to a 1-day free shipping offer will make it even more the best deal in retail as we say.

是的。當然。賈斯汀，我想說，正如我上次通話時所說，我相信，2018 年註冊 Prime 的人數比以往任何一年都多。因此，我們不僅對 Prime 計劃的絕對會員等級感到非常滿意，而且對參與度也非常滿意。我們在視頻福利方面的參與——或者不好意思，是 Prime 福利、運輸、觀看視頻的時間、聽音樂的時間，所有這些都朝著正確的方向發展，並且會變得越來越粘稠。因此，雖然我無法分享——我今天不會與你們分享任何有關 Prime 的客戶流失的具體 Prime 統計數據，但它仍然是一個非常引人注目的計劃。我認為，我剛剛宣布的關於改為 1 天免費送貨服務的公告將使其成為我們所說的零售業中最好的交易。

Our next question comes from Eric Sheridan from UBS.

我們的下一個問題來自瑞銀的 Eric Sheridan。

The advertising business saw what looks like a little bit of a step-down again in Q1 versus Q4. Q4 was a fairly big step-down when you strip out the accounting benefit over the last quarter -- the accounting benefit. Can you talk a little bit about the supply and demand dynamics in the advertising business? How much of that will you might be controlling to making decisions about ad load versus the demand to advertise among sellers on the platform? And any color you could give us on what you might be seeing in the advertising business domestically versus internationally would be helpful.

與第四季相比，第一季的廣告業務似乎再次出現小幅下滑。如果剔除上一季的會計收益，第四季的業績下滑幅度相當大。能談談廣告業務的供需動態嗎？在決定廣告負載和平台賣家之間的廣告需求時，您能控制多少呢？如果您能向我們介紹國內和國際廣告業的現狀，那將會很有幫助。

Sure. Yes. We're seeing -- as you can see in the operating margin, we're seeing good advertising growth both in North America and also internationally. While I can't get into some of the questions about ad loads and inventory, I would say really what we're focused on right now is driving relevancy, ensuring that we service the most useful ad as possible. I think that's going to be the best experience for customers and also for advertisers. So most of our focus has been on again adding more functionality, adding more products and adding -- reporting for businesses and advertisers so they can understand the incremental customers they're seeing on Amazon through advertising with Amazon. So it's more right now around tools and making better recommendations, making it easier to use our Amazon demand-side platform, things like that, operational improvements.

當然。是的。我們看到—正如您在營業利潤率中所看到的，我們看到北美和國際上的廣告業務都呈現良好的成長勢頭。雖然我無法回答有關廣告負載和庫存的一些問題，但我要說的是，我們現在真正關注的是提高相關性，確保我們提供盡可能最有用的廣告。我認為這對客戶和廣告商來說都將是最好的體驗。因此，我們的大部分重點是再次增加更多功能、增加更多產品和增加——為企業和廣告商提供報告，以便他們能夠了解透過在亞馬遜上投放廣告他們在亞馬遜上看到的增量客戶。因此，現在更多的是圍繞工具和提出更好的建議，使我們的亞馬遜需求方平台更容易使用，諸如此類，運營改進。

And then I guess we're very focused on serving brands as well. That's another theme that we have. These brand stores that we have our easy to create, customize, and we've had great pickup on that from brands where they can show shoppers who they are and tell their story. So it builds a better engagement for the brand and the customer. It builds better customer loyalty both to that brand and also to Amazon.

我想我們也非常注重服務品牌。這是我們的另一個主題。我們擁有的這些品牌商店易於創建和定制，並且我們從品牌中獲得了巨大的收穫，品牌可以向購物者展示他們是誰並講述他們的故事。因此，它為品牌和客戶建立了更好的聯繫。它為該品牌和亞馬遜建立了更好的客戶忠誠度。

And then on the brand side itself, we have new reporting where we're again looking to measure the new to the brand shoppers and what lift they're seeing. So I would say right now, it's more about efficiency and also performance of the advertisement themselves. The other revenue growth that you see does include some non-advertising things as well. So while other revenue grew 36% and it is principally advertising, advertising grew a bit higher than that.

然後，在品牌方面，我們有了新的報告，我們再次尋求衡量品牌購物者的新事物以及他們看到的提升。所以我現在想說，這更多的是關於廣告本身的效率和表現。您看到的其他收入成長也包括一些非廣告收入。因此，雖然其他收入增加了 36%，而且主要是廣告收入，但廣告收入的成長幅度略高於此。

Our next question is from Stephen Ju from Credit Suisse.

下一個問題來自瑞士信貸的 Stephen Ju。

I'm sure you can share in regards to the Prime users' awareness of the availability of stuff from Whole Foods. Is the order flow coming in from a wide number of users? Or is the activity coming in from a small but very dedicated number of customers?

我相信您可以分享有關 Prime 用戶對 Whole Foods 商品供應的了解。訂單流是否來自大量用戶？還是這項活動是來自少數但非常忠誠的客戶？

Yes. Thanks, Stephen. I would say that we're very -- it's widespread and more Prime members have adopted the Whole Foods benefit than almost any other benefit we've offered them, and they're saving, as a result, hundreds of millions of dollars. We continue to expand the coverage for delivery. We have delivery from 75 -- into 75 U.S. metros through the Prime Now app, and we also have pickup in over 30 metros also through the Prime Now app.

是的。謝謝，史蒂芬。我想說的是，我們的福利非常廣泛，而且採用 Whole Foods 福利的 Prime 會員比採用我們提供的幾乎任何其他福利的會員都多，因此他們節省了數億美元。我們將繼續擴大配送覆蓋範圍。我們透過 Prime Now 應用程式向 75 個美國大都市提供送貨服務，我們也透過 Prime Now 應用程式向 30 多個大都市提供取貨服務。

So we're very -- the other point I'll make is just like last quarter, I'll remind you that the physical stores revenue is principally Whole Foods revenue, but it excludes the online ordering component where people order on the Prime Now app and it's delivered to them. That shows up in our online stores classification. So last quarter, I told you that our growth in store sales, including both shopping and also online deliveries, was closer to 6% in Q4 and it's a similar number in Q1. So again, we're very happy with both the Prime adoption of -- or the recognition of the Prime benefits by -- at Whole Foods and also the purchases. And you may have also noticed that we lowered prices for the third major round of price cuts since we joined forces with Whole Foods in the summer of 2017.

所以我們非常——我要說的另一點是，就像上個季度一樣，我會提醒你，實體店的收入主要是全食超市的收入，但它不包括人們在 Prime Now 應用程式上訂購並送貨上的線上訂購部分。這顯示在我們的線上商店分類中。上個季度，我告訴過大家，我們的門市銷售額（包括購物和線上配送）在第四季的成長接近 6%，與第一季的成長速度相似。因此，我們對 Whole Foods 的 Prime 會員制度的採用（或 Prime 會員制度的認可）以及購買量感到非常高興。而大家可能也注意到了，這是自2017年夏天我們與Whole Foods聯手以來，我們第三次大規模降價。

Our next question is from Dan Salmon from BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Dan Salmon。

Maybe, Brian, just to return to the advertising business for a moment. It does sound like, as Eric noted, that there was a bit more of a slowdown again. I mean I guess I'll ask it this way. Do you believe that some of the improved relevance, some of the improved focus on brands as well as some of the new products can lead that business to reaccelerate at some point again? Or is it facing law of large numbers? And then just a follow-up, just to return to the $800 million investment to improve 1-day shipping, it sounds like that investment is underway already and that -- in noting that it'll help contribute to the high end of the guidance this quarter, it sounds like the timing of that is fairly [quick] (corrected by the company after the call). I would imagine it's just simply expanding availability and that $800 million is largely related to shipping cost. But I just want to make sure we're understanding that quickly that the -- this investment rolled out relatively quickly and starts to take effect relatively quickly.

布萊恩，也許，我們只是暫時回到廣告業。正如埃里克指出的那樣，聽起來確實又出現了一些放緩。我的意思是我想我會這樣問。您是否認為，相關性的提高、對品牌的關注度的提高以及一些新產品的推出，能夠使該業務在某個時候再次加速成長？還是面臨大數定律？然後只是一個後續問題，回到 8 億美元的投資以改善 1 天送達服務的問題，聽起來這項投資已經在進行中，並且 - 注意到它將有助於為本季度的高端指引做出貢獻，聽起來這個時機相當[快]（公司在電話會議後進行了更正）。我想這只是簡單地擴大可用性，而 8 億美元主要與運輸成本有關。但我只是想確保我們能夠迅速理解——這項投資推出得相對較快，並且開始產生相對較快的效果。

Yes. I'm glad you asked that. I would say that while our 20-year head start in investments in logistics and fulfillment capacity and partner networks that we've built are helping us, we also do have a network that is tuned to 2-day delivery right now, principally for 2-day delivery. So we do need to build out more 1-day capacity along with our transportation partners, but we're moving quickly and we've got a good head start. There is a certain tranche that we can dial up quickly, and we've started to do that and you'll see that very quickly in Q2. And then stay tuned because we'll be building this -- most of this capacity through the year in 2019.

是的。我很高興你問了這個問題。我想說的是，雖然我們在物流和履行能力方面的投資領先 20 年，並且我們已經建立了合作夥伴網絡，這對我們很有幫助，但我們目前也有一個適合 2 天送達的網絡，主要用於 2 天送達。因此，我們確實需要與我們的運輸合作夥伴一起建立更多的一日運力，但我們正在迅速行動，並且已經取得了良好的開端。我們可以快速撥打某個特定的電話，我們已經開始這樣做了，您將在第二季很快就看到這一點。請繼續關注，因為我們將在 2019 年全年建造這一產能——大部分產能。

And then your question about advertising, I wouldn't comment on acceleration or deceleration of growth. I would just say we're early on in this venture. There's a lot of -- it's having a lot of pickup by both vendors, sellers and also authors. So again, we feel like if we work on the inputs on this business and continue to grow traffic to the site, we will have a good outcome in the advertising space.

然後關於你關於廣告的問題，我不會評論成長的加速或減速。我只想說我們在這項事業上才剛起步。有很多——供應商、賣家和作者都有很多選擇。因此，我們再次認為，如果我們努力投入這項業務並繼續增加網站流量，我們將在廣告領域取得良好的結果。

Our next question is from Anthony DiClemente from Evercore.

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

A couple of questions. In the shareholder letter, Jeff wrote third-party sellers are kicking our first-party butt, and we read through that, but as we kind of look at the trending and the pacing of the 3P business, you can see a little bit of a deceleration in the 3P sellers services line and then 3P unit slowdown might suggest that the third-party GMV expansion may not be happening quite as fast. So maybe just talk a little bit about that. Is this just law of large numbers as time goes by? What is Amazon doing to sort of sustain that growth rate in the third-party marketplace business? And then second question is maybe just quickly on media spend. Just update us on how you're thinking about the trajectory of video content spend. Any strategic changes there in terms of library versus originals versus films or TV content?

有幾個問題。在致股東的信中，傑夫寫道，第三方賣家正在對我們第一方賣家造成巨大衝擊，我們也讀到了這篇文章，但當我們觀察第三方業務的趨勢和節奏時，你會發現第三方賣家服務線略有減速，而第三方業務單位增速放緩可能表明第三方 GMV 擴張可能不會那麼快。所以也許我們只是稍微談論一下這個。這只是隨著時間的推移的大數定律嗎？亞馬遜正在採取什麼措施來維持第三方市場業務的成長率？第二個問題可能只是關於媒體支出的問題。請告訴我們您對影片內容支出軌跡的看法。在圖書館、原創作品、電影或電視內容方面有任何策略變化嗎？

Yes, let's step back on the third-party question. So again, let me reiterate our approach. So main goal here is that it will allow customers to have the broadest selection, the best available price and also the most convenient options on how they receive the item. If we're delivering on those 3 elements, we're indifferent as to whether it's sold by us or a third party. We actively recruit sellers to sell on our platform. It's because it adds selection. It adds -- if it's in the FBA program, it adds Prime-eligible selection. We spend billions of dollars a year, as Jeff said, on infrastructure, tools and services not only to allow sellers to sell but to help themselves more successfully. So we have a vested interest in the success of our sellers. Any growth acceleration or deceleration that you see can be very much tied to the total sales of the customer that we have, the customers in any country. So you'll still see the percentage of third-party units increased and has been steadily over the last few years. So again, the sellers are as important to us as anything for servicing the customers' need for price selection and convenience. The elements I just talked about of investment, further investment in 1-day shipping, is directly going to be a cost that we bear and it's also going to be a direct benefit to sellers as well as the Prime-eligible selection in our warehouses.

是的，讓我們回顧一下第三方問題。因此，讓我再次重申我們的做法。因此，這裡的主要目標是讓客戶擁有最廣泛的選擇、最優惠的價格以及最方便的接收物品的方式。如果我們實現了這三個要素，那麼無論它是由我們自己銷售還是由第三方銷售，我們都不會在意。我們積極招募賣家在我們的平台上銷售。這是因為它增加了選擇。它添加了 - 如果它在 FBA 計劃中，它會添加 Prime 合格選擇。正如傑夫所說，我們每年花費數十億美元用於基礎設施、工具和服務，不僅是為了讓賣家能夠銷售，而且是為了更成功地幫助自己。因此，我們對賣家的成功有既得利益。您所看到的任何成長加速或減速都與我們的客戶（任何國家的客戶）的總銷售額密切相關。因此，您仍然會看到第三方單位的百分比正在增加，並且在過去幾年中保持穩定。所以，對我們來說，賣家對於滿足顧客對價格選擇和便利的需求同樣重要。我剛才談到的投資要素，對 1 天送達服務的進一步投資，將直接成為我們承擔的成本，同時也將直接惠及賣家以及我們倉庫中符合 Prime 資格的商品。

Anthony, just real quick, this is Dave. On your question around media and probably more particularly the video strategy and what we're investing in, I mean, we are continuing to invest meaningfully in digital video. It's an area where we're very excited about. Lots of very popular, critically acclaimed shows have obviously come out, things like Homecoming, Jack Ryan, more recently Hanna, Guava Island, and some great titles. So I think look for us to continue to invest there.

安東尼，簡單說一下，這是戴夫。關於您關於媒體的問題，特別是視訊策略以及我們的投資方向，我的意思是，我們將繼續對數位影片進行有意義的投資。這是一個令我們非常興奮的領域。顯然，已經有很多非常受歡迎、廣受好評的電視劇上映，例如《英雄歸來》、《傑克瑞恩》，最近的《漢娜》、《番石榴島》以及一些很棒的劇集。所以我認為我們應該繼續在那裡投資。

There was -- on the accounting side, we did adopt an accounting standard in January that amended our accounting for how we cap for produced original video content. And under that new guidance, we capitalize production cost for original video content. Previously, we only capitalized a portion of those costs. So the net impact for the first quarter to operating income wasn't material. It was -- for Q1, the impact of a change was a decrease of about $130 million to cost of sales due to the capitalization change. As we go through 2019 though, we would expect the impact to increase in the latter part -- or the second half of the year, in line with our production schedule as it grows throughout the year.

在會計方面，我們確實在一月份採用了一項會計準則，該準則修改了我們對製作原創影片內容的會計限制。根據新的指導方針，我們將原創影片內容的製作成本資本化。以前，我們僅將其中一部分成本資本化。因此，第一季對營業收入的淨影響並不重大。對於第一季而言，由於資本化變化，銷售成本減少了約 1.3 億美元。然而，隨著我們進入 2019 年，我們預計影響將在下半年或下半年增加，與我們全年成長的生產計劃一致。

Our next question is from John Blackledge from Cowen and Company.

下一個問題來自 Cowen and Company 的 John Blackledge。

Just coming back to the Prime 1-day delivery, will it be available to most of the U.S. by the holidays or by the end of the year? And I think you had about 100 million items available for 2-day delivery, Prime delivery. As the 1-day program starts, how many SKUs will be available? And would you expect to get the entire 100 million SKUs for 1-day at some point? And then second question, just on grocery, just curious the upside for further expansion outside of kind of all the enhancements you're doing with Whole Foods.

回到 Prime 一日送達服務的問題，假期前或年底前，美國大部分地區都可以享受這項服務嗎？我認為大約有 1 億件商品可供 Prime 配送，即 2 天配送。隨著為期 1 天的計劃開始，將有多少個 SKU 可用？您是否希望在某一天獲得全部 1 億個 SKU？第二個問題，僅關於食品雜貨，我只是好奇除了對 Whole Foods 進行的所有改進之外，進一步擴張的優勢是什麼。

Sure. So yes, on the 1-day free shipping versus the 2-day free shipping, our goal is to evolve the 2-day free shipping program into a 1-day free shipping program, and we're making strides on that. I got into a little bit about the capacity we have to add and changes we have to make to our supply chain in order to deliver on that. We expect to make steady progress quickly and through the year. We'll have more for you at the end of Q2 obviously. There's a lot of error bars around this program, especially from the cost side. We are -- feel we're doing something very important for the customer. And we are -- again trying to take advantage of the fulfillment capacity and transportation capacity especially with third-party partners that we have. And we'll just have to see what changes have to be made to get more and more selection into that 1-day category.

當然。所以是的，對於 1 天免費送貨與 2 天免費送貨，我們的目標是將 2 天免費送貨計劃發展為 1 天免費送貨計劃，我們正在朝著這個目標邁進。我稍微談了一下我們必須增加的產能以及為了實現這一目標我們必須對供應鏈做出的改變。我們期望在今年迅速取得穩步進展。顯然，我們會在第二季末為您提供更多資訊。該計劃存在許多誤差，特別是在成本方面。我們覺得我們正在為客戶做一些非常重要的事情。我們再次嘗試利用履行能力和運輸能力，特別是與我們擁有的第三方合作夥伴合作。我們只需看看需要做出哪些改變才能在 1 日類別中提供越來越多的選擇。

And then this is Dave again. Just on the grocery side of it, as you mentioned, Brian talked a bit about the Whole Foods Market growth over 500 stores, 75 metros with delivery capability, so continuing to grow that out. We are also continuing to invest in our other grocery initiatives. Amazon Fresh, Prime Now, which offers grocery as one of the components of the selection there for the 2-hour or even 1-hour delivery capabilities. And so I think we'll keep investing in those areas -- and in other initiatives as well where we can get food through Pantry, Go. There's a number of initiatives there, so excited about what we'll be able to continue to bring to customers on that space.

這又是戴夫。就食品雜貨方面而言，正如您所提到的，布萊恩談到了全食超市的增長情況，目前全食超市已擁有超過 500 家門店，在 75 個大都市擁有配送能力，並且將繼續增長。我們也將繼續投資於其他雜貨計劃。Amazon Fresh、Prime Now 等提供雜貨作為選擇的一部分，提供 2 小時甚至 1 小時的送貨服務。因此我認為我們會繼續在這些領域進行投資——以及其他可以透過 Pantry, Go 獲取食物的舉措。那裡有很多舉措，我們很高興能夠繼續為該領域的客戶帶來幫助。

Our next question is from Ben Schachter from Macquarie Group.

我們的下一個問題來自麥格理集團的 Ben Schachter。

So more on the 1-day shipping. Should we expect that to rely mostly on USPS, UPS or other shipping services or you're really going to try to build out more your Amazon owned and operated shipping? And on the numbers, $800 million for the quarter, how should we think about that ramping into the back half of the year?

更多關於 1 天送達的資訊。我們是否應該主要依賴 USPS、UPS 或其他運輸服務，或者您真的會嘗試建立更多由亞馬遜擁有和運營的運輸服務？從數字上看，本季的銷售額為 8 億美元，我們該如何看待這一數字在下半年的成長？

Yes. Sure, Ben. I would say we're going to be using all of the available levers that we have right now, both AMZL and also third party, all third-party carriers, and we'll just see how it develops going forward. But we're going to need definitely the continued support of our external transportation partners. So outside of the ramp, I would say that the $800 million is what I have for you today. We will see where we stand at the end of the quarter, and I'll give you insight as to what we just saw and what our outlook is for future quarters at that time.

是的。當然，本。我想說，我們將利用目前所有可用的手段，包括 AMZL 和第三方，所有第三方營運商，我們將看看它未來的發展。但我們肯定需要外部運輸合作夥伴的持續支持。因此，除了坡道之外，我想說的是，我今天要為你們提供的是 8 億美元。我們將在本季末看到我們的處境，屆時我將向您介紹我們剛剛看到的情況以及我們對未來幾季的展望。

I would like to -- as I don't want to run out of time here. So I'm going to ask a question for myself about AWS because I want to get some information to you. Most of the questions I can tell around 1-day are topical and important. I do want to highlight the AWS performance in Q1. We're now over $30 billion annualized run rate, 42% FX-neutral growth and $2 billion more of revenue this Q1 versus last Q1. The operating margin has also expanded in that time period by 320 basis points as a result of a lot of the good work on infrastructure and efficiencies that I talked about earlier in the call because this is against a backdrop of a very large expansion of our tech teams and our sales teams that supports this business. We're continuing to engage with many large customers globally. I'm particularly happy about the Volkswagen alliance that we've joined up with them to power their Volkswagen Industrial Cloud. That's going to integrate more than 30,000 facilities and 1,500 suppliers and partners in Volkswagen's global supply chain over time. We have deals going with Ford on powering the cars of the future, Lyft, Gogo, a lot of really good customer wins in the quarter. And I think just more broadly, we're seeing continued momentum in enterprise migrations to AWS, and people are moving their workloads to AWS at a faster pace. Usage growth continues to be higher than revenue growth rates.

我願意——因為我不想在這裡浪費時間。因此我要問一個有關 AWS 的問題，因為我想向您提供一些資訊。我可以在 1 天內回答的大多數問題都是時事性的且很重要。我確實想強調一下 AWS 在第一季的表現。目前，我們的年化運作率已超過 300 億美元，扣除匯率因素的成長率為 42%，今年第一季的營收較去年同期增加了 20 億美元。由於我在電話會議早些時候談到的在基礎設施和效率方面所做的大量出色工作，營業利潤率在此期間也擴大了 320 個基點，因為這是在支持這項業務的技術團隊和銷售團隊大幅擴張的背景下進行的。我們將繼續與全球許多大客戶合作。我對與大眾汽車聯盟感到特別高興，我們已加入該聯盟，為大眾汽車工業雲提供支援。隨著時間的推移，這將整合大眾全球供應鏈中的 30,000 多家工廠和 1,500 家供應商及合作夥伴。我們與福特、Lyft、Gogo 就未來汽車的動力進行了合作，本季贏得了許多非常好的客戶。我認為從更廣泛的角度來看，我們看到企業向 AWS 遷移的勢頭持續增強，人們正在以更快的速度將他們的工作負載遷移到 AWS。使用量成長率持續高於收入成長率。

Our next question is from Mark May from Citi.

下一個問題來自花旗銀行的馬克梅 (Mark May)。

And actually a follow-on to AWS, the growth clearly impressive, but we did see, I think sequentially -- and I apologize I'm not in front of the model, but I think the growth was somewhere 3% or 4% sequentially. There was a little bit of a slowdown in the quarter. I just wondered if there's anything that you'd call out there, pricing or any other factors that you could call out that may have contributed to that. And I apologize but another 1-day shipping question here. In terms of the $800 million, just curious where that gets you to in terms of coverage of zip codes and SKUs. I assume right now, this is a project that's in the U.S. Where that gets you from a coverage standpoint? And is this something that you expect to be a near- to medium-term priority in some of your other developed markets like the U.K., Germany, et cetera?

實際上，作為 AWS 的後續產品，其成長顯然令人印象深刻，但我們確實看到了，我認為是連續的——抱歉，我沒有了解模型，但我認為連續的成長率在 3% 或 4% 左右。本季出現了一些放緩。我只是想知道您是否能指出任何可能導致這一現象的原因，例如定價或其他因素。我很抱歉，但這裡還有另一個 1 天的運輸問題。就 8 億美元而言，我只是好奇它在郵遞區號和 SKU 覆蓋方面能發揮什麼作用。我假設現在這是一個在美國的計畫。從報道的角度來看，這對您有什麼幫助？您是否預期這會成為英國、德國等其他已開發市場的近期至中期優先事項？

Yes. So I'm glad you asked that, Mark. It is -- I'm going to start with the second question. The program will be global. Most of the spend that we are seeing in Q2 is starting in North America, but this is intended to be a global improvement in speed tied to our Prime program. So you will see more going forward. I can't give you exact percentages of selection and all that mainly because we are still again working through that and we've -- while we have ratcheted up a significant -- we turned the dial significantly in April, and so we'll see the cost impact almost immediately in the quarter. We're really going to have to see how it goes this quarter both on our pace of selection addition and expansion of 1-day and let you know probably at the end of the quarter. I would say in the short run, it's also expanding and increasing our speed on all of our orders quite frankly.

是的。所以我很高興你問這個問題，馬克。是的──我將從第二個問題開始。該計劃將是全球性的。我們在第二季度看到的大部分支出都始於北美，但這旨在與我們的 Prime 計劃一起提高全球的速度。因此，您將會看到更多進步。我無法給你確切的選擇百分比，主要是因為我們仍在努力解決這個問題，雖然我們已經取得了顯著的進步，但我們在 4 月份已經進行了大幅調整，因此我們將在本季度幾乎立即看到成本影響。我們真的需要觀察本季度的選擇增加和 1 天擴展的進展情況，並可能在本季度末告知您。我想說，從短期來看，坦白說，它也在擴大和提高我們所有訂單的速度。

On AWS revenue, yes, let me just remind you the quarterly growth last year on an FX-neutral basis. So Q1 was 48% then 49% then 46% and 46%. So in the first half of the year, we have a tougher comp, if you will, versus some strong growth in the first half of last year. This is always going to be a lumpy business. It's not only dependent on us. It's also dependent on the companies that are adopting Amazon. So there's -- or excuse me, AWS. So there's differences in sales cycles. There's differences in adoption of the cloud. There's differences in migration patterns that will make any quarter-to-quarter movements lumpy, as I said. So we're happy with the growth, 42% on an FX-neutral basis and again a $30 billion -- greater than $30 billion annualized run rate.

關於 AWS 收入，是的，讓我提醒您去年季度的外匯中性成長。因此 Q1 的比例是 48%，然後是 49%，然後是 46%，最後是 46%。因此，與去年上半年的強勁成長相比，今年上半年我們的競爭更加激烈。這永遠都會是一個棘手的問題。這不僅取決於我們。這也取決於採用亞馬遜的公司。所以有——或者對不起，AWS。因此銷售週期存在差異。在雲端的採用上存在差異。正如我所說，移民模式存在差異，這會導致季度間的流動不平穩。因此，我們對此成長感到滿意，以外匯中性計算，成長率為 42%，年化成長率為 300 億美元以上。

Our next question is from Heath Terry from Goldman Sachs.

我們的下一個問題來自高盛的希思·特里。

I guess somewhat along those lines or at least along the lines of growth, we saw CapEx spending and investment in capital leases decelerate to the lowest rate that it's been in, in several years, maybe even the lowest rate ever. And you guys have said in the past that generally, CapEx sort of tracks your -- that you're investing at the level of growth that you expect. I'm sure that's not representative of what you expect growth to look like. So just trying to understand sort of where the disconnect is there and to the extent that your -- the level of investment in physical infrastructure says anything about your expectations for future growth, what the right way to read that is.

我想，沿著這樣的思路，或者至少是沿著成長的思路，我們看到資本支出和資本租賃投資減速到幾年來的最低水平，甚至可能是有史以來的最低水平。你們過去曾說過，一般來說，資本支出會追蹤你的投資——你正在按照預期的成長水平進行投資。我確信這並不代表您所期望的成長情況。因此，只是想了解脫節在哪裡，以及在多大程度上 - 您對實體基礎設施的投資水平可以說明您對未來成長的期望，正確的解讀方式是什麼。

Sure. Thanks for that question, Heath. No, I would say, a, we're not expecting diminished returns in any of our businesses or growth rates nor are we restraining the business or constraining the businesses in any way with our capital. I would point you back again to the investments that we made in 2016 and 2017. So we did front-load a lot of the investment both in fulfillment centers and also infrastructure. But more than that, it's more than kind of bleeding through excess capacity. We have some really, really impressive gains in efficiencies in both the warehouses and also the data centers. We talk efficiency and every percentage utilization in our data centers is worth tens and more millions of dollars. So again, that's -- a big part of our model is not only investing but also working on efficiencies, adding new products and features for customers. And as we lower costs, we pass those along to customers either through new rates or new deals that we have.

當然。謝謝你的提問，希思。不，我想說，a，我們不希望我們的任何業務的回報或成長率下降，也不會以任何方式限制業務或用我們的資本約束業務。我想再次向大家回顧我們在 2016 年和 2017 年所做的投資。因此，我們確實在履行中心和基礎設施方面投入了大量的前期投資。但更重要的是，這不僅是產能過剩的問題。我們在倉庫和資料中心的效率方面都取得了非常令人印象深刻的提升。我們談論效率，我們資料中心的每一個百分比利用率都價值數千萬美元。所以，再說一次，我們的模式很大一部分不僅是投資，而且還致力於提高效率，為客戶增加新產品和新功能。當我們降低成本時，我們會透過新的價格或新的交易將成本轉嫁給客戶。

So I would say that -- I would look back on the performance in 2018 and say that, that was great work with -- on a lot of efficiency as we also banked a lot of that capacity that had been built previously. Moving forward, that's why I say it will be increasing as we move through the year, and that will be a constant battle between again growth, geographic expansion in AWS and also efficiencies to limit how much we actually need. I think we're also getting much better at adding capacity faster so there's less need to build it 6 to 12 months in advance, I would say. Although we did just launch our Hong Kong region today as well, and I want to point that out. The business in China is going really well and we continue to see strong growth there. And launching the Hong Kong region is -- gets us to a footprint of 19 cities in China. So it continues to be a really good story for us.

所以我想說——回顧 2018 年的表現，我會說那是一項非常出色的工作——效率很高，因為我們也儲存了之前建造的大量產能。展望未來，這就是為什麼我說它會隨著時間的推移而增加，這將是再次成長、AWS 的地理擴展以及限制我們實際需求的效率之間的持續鬥爭。我認為我們在快速增加產能方面也做得更好了，因此沒有必要提前 6 到 12 個月進行建造。雖然我們今天也剛啟動了香港地區，我想指出這一點。中國的業務進展非常順利，我們繼續看到強勁的成長。推出香港地區使我們的足跡遍佈中國 19 個城市。所以這對我們來說仍然是一個很好的故事。

Thank you. Our final question will come from Brian Nowak from Morgan Stanley.

謝謝。我們的最後一個問題來自摩根士丹利的 Brian Nowak。

I'll go to a new topic, 1-day shipping. So Amazon, the first principle is customer obsession. And Brian, you talked about record Prime sub growth last year. I guess the question is what are the signals or the key strategic rationale behind investing in 1-day? Are there certain types of users, demographics of users, categories of products, countries? Do you think this will help you attract and retain? It seems like Prime is growing pretty well. Just talk us through what you see as the big opportunity to invest in 1-day? And then the second one, just maybe talk to us a little bit about the early learnings on the health care industry side and potentially trying to move larger into health care.

我將轉到一個新主題，1 天送達。所以亞馬遜的首要原則就是顧客至上。布萊恩，您談到了去年 Prime 會員成長創紀錄的情況。我想問題是，投資 1 天背後的訊號或關鍵策略原則是什麼？是否存在特定類型的使用者、使用者人口統計、產品類別和國家？您認為這會幫助您吸引和留住人才嗎？看起來 Prime 發展得相當不錯。請跟我們談談您認為投資 1-day 的巨大機會是什麼？然後第二個問題，請您跟我們簡單談談您在醫療保健行業的早期經驗，以及進軍醫療保健領域的潛在嘗試。

Great. Yes. Brian, I would say it's as simple as price selection and convenience, which is the mantra that we talk about quite often. By going to 1-day increases the convenience and it increases the available selection into the consideration set. Although we have many items that are available in 1 to 2 hours and also same-day, the vast majority of our selection is available to you in 2 days. If we get that to 1 day, we'd literally cut it in half. That's tough math for you. I'm sorry to do that but the -- we think that, that will open up a lot of potential purchases that -- and will open up convenience to those customers. So we've been experimenting on a lot of different formats, as you know, 2-day, 1-day, same-day, 2-hour stores. There's all types of points of being there for the customer when they need us at different points in their consideration set. So we really think it's going to be groundbreaking for Prime customers, and we're very excited to add this capability. And again, part of this is we have the capability because we've been at this for over 20 years and continue to invest in our fulfillment capacity, our logistics capacity and also fine-tune it, but I thank you for your question.

偉大的。是的。布萊恩，我想說這就像價格選擇和便利性一樣簡單，這是我們經常談論的口頭禪。透過 1 天的行程可以增加便利性，並增加可供考慮的選擇。儘管我們有許多商品可以在 1 到 2 小時內或當天提供，但絕大多數商品可以在 2 天內提供給您。如果我們將其縮短至 1 天，我們實際上會將其縮短一半。這對你來說是一道難題。我很抱歉這樣做，但是我們認為，這將帶來許多潛在的購買機會，並為這些客戶帶來便利。因此，我們一直在嘗試許多不同的形式，如您所知，2 天、1 天、當日、2 小時商店。當客戶在考慮的不同階段需要我們時，我們會以各種方式為他們提供協助。因此，我們確實認為這對 Prime 客戶來說將是一個突破性的進展，我們非常高興能夠添加此功能。再次強調，部分原因是我們有能力，因為我們已經在這個領域工作了 20 多年，並且繼續投資於我們的履行能力、我們的物流能力並對其進行微調，但我還是感謝您的提問。

Yes. Brian, this is Dave. Just briefly on health care, I mean that term can touch upon any number of different parts of our businesses. Of course, we talked in the past about how Amazon Business serves many other companies, including the health care industry, and providing them some great selection, and fast delivery is part of that -- the business program there. So -- and that continues to do well and it's a focus of Amazon Business amongst other verticals there that they serve. PillPack, we're probably around 6 months or so in since that acquisition closed and continuing to support them in their mission and learn from them certainly, so no real update on that but excited about the potential there, to be sure.

是的。布萊恩，這是戴夫。簡單談談醫療保健，我的意思是這個術語可以涉及我們業務的許多不同部分。當然，我們過去談到亞馬遜商業如何為許多其他公司提供服務，包括醫療保健行業，並為他們提供一些很好的選擇，快速交付是其中的一部分——那裡的商業計劃。所以 — — 而且這方面業務繼續表現良好，並且是亞馬遜商業及其服務的其他垂直領域的重點。PillPack，自收購完成以來，我們大概已經過去了 6 個月左右，並且繼續支持他們的使命，當然也向他們學習，所以沒有真正的更新，但可以肯定的是，我們對那裡的潛力感到興奮。

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。