亞馬遜 (AMZN) 2019 Q1 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 First Quarter 2019 Financial Results Teleconference.

大家好，歡迎來到 Amazon.com 2019 年第一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, Shelly Kay Pfeiffer.

對於開場白，我將把電話轉給投資者關係總監 Shelly Kay Pfeiffer。

Thank you.

謝謝你。

Please go ahead.

請繼續。

Hello, and welcome to our Q1 2019 financial results conference call.

您好，歡迎參加我們的 2019 年第一季度財務業績電話會議。

Joining us today to answer your questions is Brian Olsavsky, our CFO; and Dave Fildes, Director of Investor Relations.

今天加入我們回答您的問題的是我們的首席財務官 Brian Olsavsky；和投資者關係總監 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 2018.

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 2018 年可比期間的結果相反。

Our comments and responses to your questions reflect management's views as of today, April 25, 2019, 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 2019 年 4 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.

在這次電話會議中，我們可能會討論某些非公認會計原則的財務措施。

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

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

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

我們的指導包含了我們迄今為止看到的訂單趨勢以及我們今天認為是適當的假設。

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

我們的結果本質上是不可預測的，可能會受到許多因素的重大影響，包括外匯匯率的波動；全球經濟狀況和客戶支出的變化；世界大事；互聯網、在線商務和雲服務的增長率；以及我們向美國證券交易委員會提交的文件中詳述的各種因素。

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

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

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

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

With that, we will move to Q&A.

有了這個，我們將進入問答環節。

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

接線員，請提醒我們的聽眾如何發起提問。

(Operator Instructions) Our first question comes from the line of Mark Mahaney from RBC Capital Markets.

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

Okay.

好的。

I'm going to ask 2 questions because the first one is really simple.

我要問 2 個問題，因為第一個問題非常簡單。

Unit growth of 10%, is this a meaningless metric?

10%的單位增長率，這是一個沒有意義的指標嗎？

Just talk through that number.

就通過那個號碼說話。

I think it's the lowest unit growth I think we've ever seen, but just talk through us a little bit about that.

我認為這是我認為我們見過的最低的單位增長，但請通過我們談談這一點。

And then international sales growth decelerated 16%.

然後國際銷售增長放緩了 16%。

I know last -- ex FX, I know last quarter, you talked about some challenges in the India market.

我知道最後——前外匯，我知道上個季度，你談到了印度市場的一些挑戰。

Just give us some color, please, around that growth rate.

請給我們一些關於這個增長率的顏色。

How do we think about the sustainability of that?

我們如何看待它的可持續性？

Was that negatively impacted by developments in India?

這是否受到印度事態發展的負面影響？

Sure, Mark.

當然，馬克。

Thanks for your questions.

感謝您的提問。

I'll start on unit growth.

我將從單位增長開始。

So unit growth was 10%.

因此，單位增長率為 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.

同樣，正如我上個季度提到的，它是衡量，不包括我們增長最快的許多業務，比如 AWS、廣告、蠶食單位計算的訂閱服務，比如 Kindle Unlimited 和 Amazon Music Unlimited。

And also, it doesn't include Whole Foods Market.

而且，它不包括全食超市。

So while it is meaningful, it needs to be understood and caveated.

因此，雖然它是有意義的，但它需要被理解和警告。

So your second question was on international growth.

所以你的第二個問題是關於國際增長。

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.

是的，更多地談論印度，所以印度，對於上個季度電話會議的你們，我們正進入一個不確定的時期，因為 PN2 的裁決。

We did make some changes to our structure to stay in compliance with all regulations.

我們確實對我們的結構進行了一些更改，以遵守所有法規。

There was a few days of downtime for some of our selection.

我們的一些選擇有幾天的停機時間。

But for the full quarter, the impact was minimal.

但就整個季度而言，影響微乎其微。

And we're in compliance, and we're very happy with the progress of the business in India.

我們遵守規定，我們對印度業務的進展感到非常滿意。

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.

因此，就國際市場的增長而言，我們在第三季度和第四季度遇到了一些噪音，如果你還記得的話，排燈節假期的時間安排，但我們對那裡的第一季度增長感到相當不錯，儘管印度出現了一些停機時間。

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.

如果可以的話，我也會問2。

Just first, Brian, can you just talk about the outperformance in operating income in 1Q, pretty significant there?

首先，Brian，您能談談第一季度營業收入的出色表現嗎？

It looks like local sales and booking and so hoping you can provide some more color.

它看起來像本地銷售和預訂，因此希望您能提供更多顏色。

And then why would the margin be materially lower in Q2 as you're guiding?

那麼，在您的指導下，為什麼第二季度的利潤率會大幅下降？

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.

緊隨其後的是第二季度在外匯中性基礎上的收入前景，高端意味著良好的加速。

So curious what gives you the confidence.

很好奇是什麼給了你信心。

Sure, Doug.

當然，道格。

Yes, let's start with Q1.

是的，讓我們從 Q1 開始。

So if you remember last quarter, I made the point that 2018 saw lower growth in some of our key cost areas.

因此，如果您還記得上個季度，我指出 2018 年我們的一些關鍵成本領域的增長放緩。

Things like fulfillment capacity, which have been growing over 30% a year in 2016 and '17, dropped to 15% last year.

諸如履行能力之類的事情，在 2016 年和 17 年每年增長超過 30%，去年下降到 15%。

Headcount growth was 48% in 2016, 38% if you exclude Whole Foods and Souq acquisitions in 2017.

2016 年員工人數增長 48%，如果不包括 2017 年收購 Whole Foods 和 Souq，則增長 38%。

That dropped to 14% last year.

去年這一比例下降到 14%。

And then financial leases for infrastructure, which are good proxy for capital investment and infrastructure, after growing 69% in 2017, grew 10%.

然後是基礎設施融資租賃，這是資本投資和基礎設施的良好代表，在 2017 年增長 69% 之後，增長了 10%。

So all of those trailing 12-month metrics actually stayed the same or slightly declined in Q1.

因此，所有這些過去 12 個月的指標實際上在第一季度保持不變或略有下降。

So we had continued efficiency.

所以我們有持續的效率。

We didn't put a lot of new fulfillment center capacity or infrastructure into place at least compared to Q1 of last year.

至少與去年第一季度相比，我們沒有部署很多新的履行中心容量或基礎設施。

And hiring was moderate.

招聘適中。

We actually are down to 12% on a trailing 12-month basis.

在過去的 12 個月中，我們實際上下降了 12%。

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.

所以我想說這是去年的延續，但我上次電話會議的觀點仍然成立，我們確實預計這些增長率在 2019 年全年都會更高。

So most of that will happen in the next 3 quarters, and we have that built into the Q2 guidance.

因此，其中大部分將在接下來的 3 個季度發生，我們已將其納入第二季度的指導。

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.

我們還達到了收入範圍的高端，從效率的角度來看，這總是好的，而收入高端的下降。

So now turning into Q2, I would like to tell you a bit about why that's lower.

所以現在進入第二季度，我想告訴你一些為什麼會更低。

So we have -- we're currently working on evolving our Prime free 2-day shipping program to be a free 1-day shipping program.

所以我們有 - 我們目前正在努力將我們的 Prime 免費 2 天送貨計劃發展為免費 1 天送貨計劃。

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.

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，還有很多工作要做。

For Q2 guidance, we've included approximately $800 million of incremental spend related to this investment.

對於第二季度的指導，我們已經包括了與這項投資相關的大約 8 億美元的增量支出。

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.

澄清一下，提供更多信息，很明顯，多年來，我們一直為 Prime 會員提供比 2 天運送更快的服務，Prime Now 的 1 天，同一天，甚至低至 1 到 2 小時的運送.

So we're going to continue to do -- to offer same-day and Prime Now selection on an accelerated basis.

所以我們將繼續做 - 以加速提供當日和 Prime Now 選擇。

But this is all about the core free 2-day offer morphing into -- or evolving into a free 1-day offer.

但這都是關於核心免費 2 天優惠演變為或演變為免費 1 天優惠的全部內容。

We've already started down this path.

我們已經開始走這條路了。

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.

在過去的幾個月中，我們顯著擴大了 1 天合格選擇範圍，並擴大了 1 天配送條件的郵政編碼數量。

So we're taking a significant step.

因此，我們正在邁出重要的一步。

It wasn't showing up in Q1.

它沒有出現在第一季度。

It was minimal in Q2 -- in Q1's results.

在第二季度——在第一季度的結果中，這是最小的。

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.

這是一個重要的步驟，我們需要時間來實現，我們希望確保我們在開發軟件時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.

最後，作為提醒，我會在第二季度說，每年，我們 - 它是 - 第二季度是我們向員工授予 RSU 的時候，我們傳統上看到第二季度基於股票的薪酬費用有所增加。

We're seeing the same thing this year.

今年我們看到了同樣的事情。

And that's -- sorry, and that's also tied in with your question about revenue acceleration.

那是 - 對不起，這也與你關於收入加速的問題有關。

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.

我們確實相信，儘管沒有為更快的運輸內置明確的提升，但我們已經看到了良好的訂單趨勢——迄今為止，我們預計——我們圍繞我們所看到的情況構建了第二季度的範圍。

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 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?

隨著用戶消費更多服務並且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，但這對客戶粘性意味著什麼？

How are you thinking about getting more advertising and getting more subscription services?

您如何考慮獲得更多廣告和獲得更多訂閱服務？

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.

也許您可以讓我們稍微了解一下您在 Prime churn 中看到的情況，尤其是在更成熟的美國市場。

Yes.

是的。

Sure.

當然。

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.

賈斯汀，我想說，正如我所說，我相信，在最後一次電話會議上，我們在 2018 年註冊 Prime 會員的人數比以往任何一年都多。

So we are very happy with the -- not only the absolute membership levels of the Prime program, but also the engagement.

因此，我們對 Prime 計劃的絕對會員級別以及參與度都非常滿意。

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.

我們對視頻福利的參與——或者對不起，Prime 福利、運費、視頻觀看時間、音樂收聽時間，所有這些都朝著正確的方向發展，並且越來越具有粘性。

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.

因此，雖然我無法分享 - 我今天不會與您分享 Prime - 任何 Prime - 有關流失的特定 Prime 統計數據，但它確實仍然是一個非常引人注目的計劃。

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.

我認為我剛剛宣布的關於轉變為 1 天免費送貨優惠的公告將使它成為我們所說的零售業的最佳優惠。

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.

廣告業務在第一季度與第四季度相比再次出現了一些下滑。

Q4 was a fairly big step-down when you strip out the accounting benefit over the last quarter -- the accounting benefit.

當您剔除上一季度的會計收益——會計收益時，第四季度是一個相當大的下降。

Can you talk a little bit about the supply and demand dynamics in the advertising business?

您能談談廣告業務的供需動態嗎？

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?

您可能會控制多少來決定廣告負載與平台上賣家之間的廣告需求？

And any color you could give us on what you might be seeing in the advertising business domestically versus internationally would be helpful.

您可以為我們提供的任何關於您在國內和國際廣告業務中可能看到的顏色的顏色都會有所幫助。

Sure.

當然。

Yes.

是的。

We're seeing -- as you can see in the operating margin, we're seeing good advertising growth both in North America and also internationally.

我們看到——正如你在營業利潤率中看到的那樣，我們在北美和國際上看到了良好的廣告增長。

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.

雖然我無法回答有關廣告加載和庫存的一些問題，但我想說的是，我們現在真正關注的是提高相關性，確保我們盡可能提供最有用的廣告。

I think that's going to be the best experience for customers and also for advertisers.

我認為這對客戶和廣告商來說都是最好的體驗。

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.

因此，我們的大部分重點再次放在添加更多功能、添加更多產品和添加——為企業和廣告商提供報告，以便他們能夠了解通過亞馬遜廣告在亞馬遜上看到的增量客戶。

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.

所以現在更多的是圍繞工具和提出更好的建議，讓我們更容易使用我們的亞馬遜需求方平台，諸如此類的事情，運營改進。

And then I guess we're very focused on serving brands as well.

然後我想我們也非常專注於為品牌服務。

That's another theme that we have.

這是我們的另一個主題。

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.

這些品牌商店我們很容易創建、定制，並且我們從品牌那裡獲得了很好的體驗，他們可以向購物者展示他們的身份並講述他們的故事。

So it builds a better engagement for the brand and the customer.

因此，它為品牌和客戶建立了更好的參與度。

It builds better customer loyalty both to that brand and also to Amazon.

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.

然後在品牌方面本身，我們有新的報告，我們再次尋求衡量品牌購物者的新情況以及他們看到的提升。

So I would say right now, it's more about efficiency and also performance of the advertisement themselves.

所以我現在要說的是，它更多的是關於效率和廣告本身的表現。

The other revenue growth that you see does include some non-advertising things as well.

您看到的其他收入增長確實也包括一些非廣告方面的內容。

So while other revenue grew 36% and it is principally advertising, advertising grew a bit higher than that.

因此，雖然其他收入增長了 36%，主要是廣告，但廣告的增長略高於此。

Our next question is from Stephen Ju from Credit Suisse.

我們的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.

我相信您可以分享有關 Prime 用戶對 Whole Foods 產品可用性的認識。

Is the order flow coming in from a wide number of users?

訂單流是否來自大量用戶？

Or is the activity coming in from a small but very dedicated number of customers?

還是來自少數但非常專注的客戶的活動？

Yes.

是的。

Thanks, Stephen.

謝謝，斯蒂芬。

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.

我想說的是，我們非常 - 它很普遍，而且與我們提供給他們的幾乎任何其他福利相比，更多的 Prime 會員採用了 Whole Foods 福利，因此他們節省了數億美元。

We continue to expand the coverage for delivery.

我們繼續擴大交貨範圍。

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.

我們通過 Prime Now 應用從 75 至 75 個美國大都市提供送貨服務，我們還通過 Prime Now 應用在 30 多個大都市取貨。

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.

所以我們非常 - 我要說的另一點就像上個季度一樣，我會提醒你，實體店的收入主要是 Whole Foods 的收入，但它不包括人們在 Prime Now 上訂購的在線訂購部分應用程序並將其交付給他們。

That shows up in our online stores classification.

這顯示在我們的在線商店分類中。

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.

所以上個季度，我告訴過你，我們的商店銷售額增長，包括購物和在線交付，在第四季度接近 6%，在第一季度也是類似的數字。

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.

因此，我們再次對 Whole Foods 採用 Prime 或認可 Prime 福利以及購買感到非常滿意。

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.

您可能還注意到，自 2017 年夏天我們與 Whole Foods 聯手以來，我們進行了第三輪大幅降價。

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

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

Maybe, Brian, just to return to the advertising business for a moment.

也許，布賴恩，只是暫時回到廣告行業。

It does sound like, as Eric noted, that there was a bit more of a slowdown again.

正如埃里克所說，聽起來確實又出現了更多的放緩。

I mean I guess I'll ask it this way.

我的意思是我想我會這樣問。

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?

您是否認為某些相關性的提高、對品牌的一些改進以及一些新產品的關注會導致該業務在某個時候再次加速？

Or is it facing law of large numbers?

還是面臨大數定律？

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).

然後只是一個後續行動，只是為了返回 8 億美元的投資以改善 1 天運輸，聽起來這項投資已經在進行中，而且 - 注意到這將有助於提高指導的高端本季度，聽起來時間相當[快]（在電話會議後由公司更正）。

I would imagine it's just simply expanding availability and that $800 million is largely related to shipping cost.

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。

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.

但我只是想確保我們能夠很快理解——這項投資相對較快地推出並開始相對較快地生效。

Yes.

是的。

I'm glad you asked that.

我很高興你這麼問。

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.

我想說的是，雖然我們在物流和履行能力方面的 20 年領先投資以及我們建立的合作夥伴網絡對我們有所幫助，但我們現在也確實有一個調整為 2 天交貨的網絡，主要是 2 - 當天交貨。

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.

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 1 天運力，但我們正在迅速行動，我們已經有了一個良好的開端。

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.

我們可以快速撥出某些部分，我們已經開始這樣做，你會在第二季度很快看到這一點。

And then stay tuned because we'll be building this -- most of this capacity through the year in 2019.

然後請繼續關注，因為我們將在 2019 年建立這個——大部分容量。

And then your question about advertising, I wouldn't comment on acceleration or deceleration of growth.

然後你關於廣告的問題，我不會評論增長的加速或減速。

I would just say we're early on in this venture.

我只想說我們在這個冒險中處於早期階段。

There's a lot of -- it's having a lot of pickup by both vendors, sellers and also authors.

有很多——供應商、賣家和作者都喜歡它。

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.

因此，我們再次認為，如果我們致力於這項業務的投入並繼續增加網站的流量，我們將在廣告領域取得良好的成果。

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.

幾個問題。

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.

在股東信中，Jeff 寫道第三方賣家正在踢我們的第一方屁股，我們通讀了這一點，但是當我們看看 3P 業務的趨勢和節奏時，你可以看到一點點3P 賣家服務線的減速和隨後的 3P 單位放緩可能表明第三方 GMV 的擴張可能不會那麼快。

So maybe just talk a little bit about that.

所以也許只是談談這個。

Is this just law of large numbers as time goes by?

隨著時間的推移，這只是大數定律嗎？

What is Amazon doing to sort of sustain that growth rate in the third-party marketplace business?

亞馬遜正在採取什麼措施來維持第三方市場業務的增長率？

And then second question is maybe just quickly on media spend.

然後第二個問題可能是關於媒體支出的很快。

Just update us on how you're thinking about the trajectory of video content spend.

只需更新我們您對視頻內容支出軌蹟的看法即可。

Any strategic changes there in terms of library versus originals versus films or TV content?

在圖書館、原創、電影或電視內容方面有什麼戰略變化嗎？

Yes, let's step back on the third-party question.

是的，讓我們回到第三方問題。

So again, let me reiterate our approach.

因此，讓我再次重申我們的方法。

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.

因此，這裡的主要目標是讓客戶擁有最廣泛的選擇、最優惠的價格以及他們如何接收商品的最方便的選擇。

If we're delivering on those 3 elements, we're indifferent as to whether it's sold by us or a third party.

如果我們交付了這三個要素，那麼我們對它是由我們出售還是由第三方出售是無所謂的。

We actively recruit sellers to sell on our platform.

我們積極招募賣家在我們的平台上銷售。

It's because it adds selection.

這是因為它增加了選擇。

It adds -- if it's in the FBA program, it adds Prime-eligible selection.

它添加了——如果它在 FBA 計劃中，它會添加符合 Prime 條件的選擇。

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.

正如傑夫所說，我們每年在基礎設施、工具和服務上花費數十億美元，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。

So we have a vested interest in the success of our sellers.

因此，我們對賣家的成功有著既得利益。

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.

您看到的任何增長加速或減速都可能與我們擁有的客戶的總銷售額密切相關，即任何國家的客戶。

So you'll still see the percentage of third-party units increased and has been steadily over the last few years.

因此，您仍然會看到第三方單位的百分比有所增加，並且在過去幾年中一直在穩步增長。

So again, the sellers are as important to us as anything for servicing the customers' need for price selection and convenience.

因此，對於我們滿足客戶對價格選擇和便利性的需求，賣家對我們來說同樣重要。

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.

我剛才談到的投資要素，即對 1 天運輸的進一步投資，將直接成為我們承擔的成本，這也將直接惠及賣家以及我們倉庫中的 Prime 資格選擇。

Anthony, just real quick, this is Dave.

安東尼，很快，這是戴夫。

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.

關於您關於媒體的問題，尤其是視頻策略以及我們正在投資的內容，我的意思是，我們將繼續對數字視頻進行有意義的投資。

It's an area where we're very excited about.

這是一個我們非常興奮的領域。

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.

許多非常受歡迎、廣受好評的節目顯然已經問世，比如 Homecoming、Jack Ryan、最近的 Hanna、Guava Island，以及一些偉大的作品。

So I think look for us to continue to invest there.

所以我認為尋找我們繼續在那裡投資。

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.

在會計方面，我們確實在 1 月份採用了一項會計標準，修改了我們對製作原創視頻內容的上限的會計處理方式。

And under that new guidance, we capitalize production cost for original video content.

在新的指導下，我們將原創視頻內容的製作成本資本化。

Previously, we only capitalized a portion of those costs.

以前，我們只將這些成本的一部分資本化。

So the net impact for the first quarter to operating income wasn't material.

因此，第一季度對營業收入的淨影響並不重大。

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.

這是 - 對於第一季度，變化的影響是由於資本化變化導致銷售成本減少了約 1.3 億美元。

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.

不過，隨著我們進入 2019 年，我們預計影響會在下半年或下半年增加，這與我們的生產計劃一致，因為它全年都在增長。

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

我們的下一個問題來自 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?

剛回到 Prime 1 天交貨，美國大部分地區是否可以在假期或年底前使用？

And I think you had about 100 million items available for 2-day delivery, Prime delivery.

而且我認為您有大約 1 億件商品可用於 2 天交付，即 Prime 交付。

As the 1-day program starts, how many SKUs will be available?

隨著為期 1 天的計劃開始，將有多少 SKU 可用？

And would you expect to get the entire 100 million SKUs for 1-day at some point?

您是否希望在某一天獲得全部 1 億個 SKU？

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.

然後是第二個問題，就在雜貨店，只是好奇在你對 Whole Foods 所做的所有改進之外進一步擴張的好處。

Sure.

當然。

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.

所以是的，在 1 天免費送貨與 2 天免費送貨的對比中，我們的目標是將 2 天免費送貨計劃演變為 1 天免費送貨計劃，我們正在朝著這個方向邁進。

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.

我談到了我們必須增加的能力以及我們必須對供應鏈做出的改變以實現這一點。

We expect to make steady progress quickly and through the year.

我們希望在這一年中快速取得穩步進展。

We'll have more for you at the end of Q2 obviously.

顯然，我們會在第二季度末為您提供更多。

There's a lot of error bars around this program, especially from the cost side.

這個程序有很多錯誤，尤其是在成本方面。

We are -- feel we're doing something very important for the customer.

我們 - 感覺我們正在為客戶做一些非常重要的事情。

And we are -- again trying to take advantage of the fulfillment capacity and transportation capacity especially with third-party partners that we have.

我們正在 - 再次嘗試利用我們擁有的第三方合作夥伴的履行能力和運輸能力。

And we'll just have to see what changes have to be made to get more and more selection into that 1-day category.

我們只需要看看必須進行哪些更改才能讓越來越多的選擇進入該 1 天類別。

And then this is Dave again.

然後這又是戴夫。

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.

正如你所提到的，就在雜貨店方面，Brian 談到了全食超市 500 多家商店的增長，75 條具有送貨能力的地鐵，因此繼續增長。

We are also continuing to invest in our other grocery initiatives.

我們還將繼續投資於我們的其他雜貨計劃。

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.

Amazon Fresh，Prime Now，它提供雜貨作為選擇的組成部分之一，提供 2 小時甚至 1 小時的送貨能力。

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.

所以我認為我們將繼續投資於這些領域——以及其他我們可以通過 Pantry, Go 獲得食物的舉措。

There's a number of initiatives there, so excited about what we'll be able to continue to bring to customers on that space.

那裡有許多舉措，我們對能夠繼續在該領域為客戶帶來的東西感到非常興奮。

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.

所以更多關於 1 天發貨。

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?

我們是否應該期望它主要依賴 USPS、UPS 或其他運輸服務，或者您真的會嘗試建立更多您的亞馬遜擁有和運營的運輸？

And on the numbers, $800 million for the quarter, how should we think about that ramping into the back half of the year?

在數字上，本季度為 8 億美元，我們應該如何看待今年下半年的增長？

Yes.

是的。

Sure, Ben.

當然，本。

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.

我想說我們將使用我們現在擁有的所有可用槓桿，包括 AMZL 和第三方，所有第三方運營商，我們將看看它如何發展。

But we're going to need definitely the continued support of our external transportation partners.

但我們肯定需要外部運輸合作夥伴的持續支持。

So outside of the ramp, I would say that the $800 million is what I have for you today.

所以在坡道之外，我會說 8 億美元是我今天為你準備的。

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.

我們將在本季度末看到我們的立場，我將讓您了解我們剛剛看到的內容以及我們當時對未來幾個季度的展望。

I would like to -- as I don't want to run out of time here.

我想——因為我不想在這裡用完時間。

So I'm going to ask a question for myself about AWS because I want to get some information to you.

所以我要問自己一個關於 AWS 的問題，因為我想向您了解一些信息。

Most of the questions I can tell around 1-day are topical and important.

在 1 天左右我能說出的大多數問題都是熱門且重要的。

I do want to highlight the AWS performance in Q1.

我確實想強調 AWS 在第一季度的表現。

We're now over $30 billion annualized run rate, 42% FX-neutral growth and $2 billion more of revenue this Q1 versus last Q1.

我們現在的年化運行率超過 300 億美元，外匯中性增長 42%，與上一季度相比，第一季度的收入增加了 20 億美元。

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.

由於我在電話會議早些時候談到的基礎設施和效率方面的許多出色工作，營業利潤率在此期間也擴大了 320 個基點，因為這是在我們技術大幅擴張的背景下支持這項業務的團隊和我們的銷售團隊。

We're continuing to engage with many large customers globally.

我們將繼續與全球許多大客戶合作。

I'm particularly happy about the Volkswagen alliance that we've joined up with them to power their Volkswagen Industrial Cloud.

我對大眾汽車聯盟感到特別高興，我們與他們一起為他們的大眾汽車工業雲提供動力。

That's going to integrate more than 30,000 facilities and 1,500 suppliers and partners in Volkswagen's global supply chain over time.

隨著時間的推移，這將整合大眾汽車全球供應鏈中的 30,000 多家設施和 1,500 家供應商和合作夥伴。

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.

我們與福特達成了為未來汽車、Lyft、Gogo 提供動力的交易，本季度贏得了很多非常好的客戶。

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.

而且我認為更廣泛地說，我們看到企業遷移到 AWS 的勢頭持續強勁，人們正在以更快的速度將工作負載遷移到 AWS。

Usage growth continues to be higher than revenue growth rates.

使用增長率繼續高於收入增長率。

Our next question is from Mark May from Citi.

我們的下一個問題來自花旗的 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.

實際上是 AWS 的後續產品，增長顯然令人印象深刻，但我們確實看到了，我認為是連續的——我很抱歉我不在模型前面，但我認為增長在 3% 或 4% 左右.

There was a little bit of a slowdown in the quarter.

本季度略有放緩。

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.

我只是想知道您是否會在那裡提出任何問題，定價或您可以提出的任何其他因素可能導致了這一點。

And I apologize but another 1-day shipping question here.

我很抱歉，這裡還有一個 1 天的運輸問題。

In terms of the $800 million, just curious where that gets you to in terms of coverage of zip codes and SKUs.

就 8 億美元而言，只是想知道在郵政編碼和 SKU 的覆蓋範圍內你能做到什麼。

I assume right now, this is a project that's in the U.S. Where that gets you from a coverage standpoint?

我現在假設，這是一個在美國的項目。從覆蓋的角度來看，這會讓你得到什麼？

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?

您是否期望在英國、德國等其他一些發達市場中，這會成為近期到中期的優先事項？

Yes.

是的。

So I'm glad you asked that, Mark.

所以我很高興你這麼問，馬克。

It is -- I'm going to start with the second question.

是——我將從第二個問題開始。

The program will be global.

該計劃將是全球性的。

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.

我們在第二季度看到的大部分支出都是從北美開始的，但這旨在提高與我們的 Prime 計劃相關的全球速度。

So you will see more going forward.

所以你會看到更多的未來。

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.

我不能給你確切的選擇百分比以及所有這些，主要是因為我們仍在努力解決這個問題，我們已經 - 雖然我們已經大幅提升 - 我們在 4 月份大幅調整了錶盤，所以我們將在本季度幾乎可以立即看到成本影響。

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.

我們真的將不得不看看本季度在我們選擇添加和 1 天擴展的速度方面的進展情況，並可能在本季度末讓您知道。

I would say in the short run, it's also expanding and increasing our speed on all of our orders quite frankly.

我想說的是，在短期內，坦率地說，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.

關於 AWS 收入，是的，讓我提醒您去年在外匯中性基礎上的季度增長。

So Q1 was 48% then 49% then 46% and 46%.

所以第一季度是 48%，然後是 49%，然後是 46% 和 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.

因此，在今年上半年，如果你願意的話，我們有一個更艱難的競爭，而去年上半年則出現了一些強勁的增長。

This is always going to be a lumpy business.

這將永遠是一個坎坷的事業。

It's not only dependent on us.

它不僅取決於我們。

It's also dependent on the companies that are adopting Amazon.

它還取決於採用亞馬遜的公司。

So there's -- or excuse me, AWS.

所以有 - 或者對不起，AWS。

So there's differences in sales cycles.

因此，銷售週期存在差異。

There's differences in adoption of the cloud.

雲的採用存在差異。

There's differences in migration patterns that will make any quarter-to-quarter movements lumpy, as I said.

正如我所說，遷移模式存在差異，這將使任何季度間的遷移變得混亂。

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.

因此，我們對增長感到滿意，在外匯中性基礎上增長 42%，再次達到 300 億美元——超過 300 億美元的年化運行率。

Our next question is from Heath Terry from Goldman Sachs.

我們的下一個問題來自高盛的 Heath Terry。

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.

我想在某種程度上沿著這些路線或至少沿著增長路線，我們看到資本支出和資本租賃投資減速至幾年來的最低水平，甚至可能是有史以來的最低水平。

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.

你們過去曾說過，一般來說，資本支出會跟踪你的——你正在以你期望的增長水平進行投資。

I'm sure that's not representative of what you expect growth to look like.

我敢肯定，這並不代表您期望的增長情況。

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.

因此，只需嘗試了解其中的脫節之處，以及您對物理基礎設施的投資水平在多大程度上說明了您對未來增長的期望，以及正確的閱讀方式是什麼。

Sure.

當然。

Thanks for that question, Heath.

謝謝你的問題，希思。

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.

不，我會說，a，我們不期望我們的任何業務或增長率的回報減少，我們也不用我們的資本以任何方式限制業務或限制業務。

I would point you back again to the investments that we made in 2016 and 2017.

我想再次指出我們在 2016 年和 2017 年所做的投資。

So we did front-load a lot of the investment both in fulfillment centers and also infrastructure.

因此，我們在履行中心和基礎設施方面進行了大量投資。

But more than that, it's more than kind of bleeding through excess capacity.

但更重要的是，這不僅僅是產能過剩造成的損失。

We have some really, really impressive gains in efficiencies in both the warehouses and also the data centers.

我們在倉庫和數據中心的效率方面都取得了令人印象深刻的進步。

We talk efficiency and every percentage utilization in our data centers is worth tens and more millions of dollars.

我們談論效率，我們數據中心的每一個百分比利用率都價值數千萬美元。

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.

再說一次，那是 - 我們模型的很大一部分不僅是投資，而且還致力於提高效率，為客戶添加新產品和功能。

And as we lower costs, we pass those along to customers either through new rates or new deals that we have.

當我們降低成本時，我們會通過新的費率或我們擁有的新交易將這些成本傳遞給客戶。

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.

所以我會說——我會回顧 2018 年的表現並說，這是一項很棒的工作——效率很高，因為我們還儲備了很多以前建立的產能。

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.

展望未來，這就是為什麼我說它會隨著我們一年的發展而增加，這將是再次增長、AWS 的地理擴張以及限制我們實際需要的效率之間的持續戰鬥。

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.

我認為我們在更快地增加容量方面也做得更好，所以我會說，提前 6 到 12 個月建造它的需要更少。

Although we did just launch our Hong Kong region today as well, and I want to point that out.

雖然我們今天也剛剛推出了我們的香港地區，但我想指出這一點。

The business in China is going really well and we continue to see strong growth there.

中國的業務進展順利，我們繼續看到那裡的強勁增長。

And launching the Hong Kong region is -- gets us to a footprint of 19 cities in China.

推出香港地區是——讓我們進入中國 19 個城市的足跡。

So it continues to be a really good story for us.

所以這對我們來說仍然是一個非常好的故事。

Thank you.

謝謝你。

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

我們的最後一個問題將來自摩根士丹利的布賴恩諾瓦克。

I'll go to a new topic, 1-day shipping.

我將轉到一個新主題，即 1 天發貨。

So Amazon, the first principle is customer obsession.

所以亞馬遜，第一個原則是客戶至上。

And Brian, you talked about record Prime sub growth last year.

還有布賴恩，你談到了去年創紀錄的 Prime 次增長。

I guess the question is what are the signals or the key strategic rationale behind investing in 1-day?

我想問題是投資 1 天的信號或關鍵戰略原理是什麼？

Are there certain types of users, demographics of users, categories of products, countries?

是否有特定類型的用戶、用戶人口統計數據、產品類別、國家/地區？

Do you think this will help you attract and retain?

您認為這會幫助您吸引和留住客戶嗎？

It seems like Prime is growing pretty well.

Prime 似乎發展得很好。

Just talk us through what you see as the big opportunity to invest in 1-day?

只需告訴我們您認為投資 1 天的大機會是什麼？

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.

然後是第二個，也許可以和我們談談醫療保健行業方面的早期學習，並可能試圖擴大到醫療保健領域。

Great.

偉大的。

Yes.

是的。

Brian, I would say it's as simple as price selection and convenience, which is the mantra that we talk about quite often.

布賴恩，我想說它就像價格選擇和便利一樣簡單，這是我們經常談論的口頭禪。

By going to 1-day increases the convenience and it increases the available selection into the consideration set.

通過進入 1 天增加了便利性，並增加了考慮集中的可用選擇。

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.

儘管我們有許多商品可以在 1 到 2 小時內以及當天提供，但我們的大部分選擇都可以在 2 天內提供給您。

If we get that to 1 day, we'd literally cut it in half.

如果我們把它延長到 1 天，我們真的會把它減半。

That's tough math for you.

這對你來說很難計算。

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.

我很抱歉這樣做，但是 - 我們認為，這將打開很多潛在的購買 - 並將為這些客戶提供便利。

So we've been experimenting on a lot of different formats, as you know, 2-day, 1-day, same-day, 2-hour stores.

因此，我們一直在嘗試許多不同的格式，如您所知，2 天、1 天、當日、2 小時商店。

There's all types of points of being there for the customer when they need us at different points in their consideration set.

當客戶在他們的考慮範圍內的不同點需要我們時，他們會為他們提供各種類型的服務。

So we really think it's going to be groundbreaking for Prime customers, and we're very excited to add this capability.

所以我們真的認為這對 Prime 客戶來說將是開創性的，我們很高興能添加這項功能。

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.

再說一次，部分原因是我們有能力，因為我們已經在這方面工作了 20 多年，並繼續投資於我們的履行能力、物流能力並對其進行微調，但我感謝你的提問。

Yes.

是的。

Brian, this is Dave.

布賴恩，這是戴夫。

Just briefly on health care, I mean that term can touch upon any number of different parts of our businesses.

只是簡單地談一下醫療保健，我的意思是這個詞可以觸及我們業務的任意數量的不同部分。

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.

當然，我們過去曾談到亞馬遜商業如何為包括醫療保健行業在內的許多其他公司提供服務，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。

So -- and that continues to do well and it's a focus of Amazon Business amongst other verticals there that they serve.

所以 - 這繼續做得很好，這是亞馬遜商業在他們服務的其他垂直領域中的一個重點。

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.

PillPack，我們可能在收購結束後大約 6 個月左右，並繼續支持他們的使命並肯定地向他們學習，所以沒有真正的更新，但肯定對那裡的潛力感到興奮。

Thanks for joining us today on the call and for your questions.

感謝您今天加入我們的電話會議並提出您的問題。

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

至少在本季度末，我們的投資者關係網站上將提供重播。

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

我們感謝您對亞馬遜的興趣，並期待在下個季度再次與您交談。