亞馬遜 (AMZN) 2019 Q2 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 Q2 2019 Financial Results Teleconference.

大家好，歡迎來到 Amazon.com 2019 年第二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。

Please go ahead.

請繼續。

Hello, and welcome to our Q2 2019 financial results conference call.

您好，歡迎參加我們的 2019 年第二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.

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 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, July 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 7 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；互聯網的增長率；在線商務和雲服務；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 is coming from the line of Brian Nowak with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Brian Nowak。

I have 2. It looks like the overall retail business accelerated pretty nicely in the quarter.

我有 2 個。看起來整個零售業務在本季度的加速非常好。

Maybe could you just talk about whether 24-hour shipping is driving that?

也許你能談談 24 小時送貨是否推動了這一點？

And if so which specific categories of consumption are you seeing really drive that acceleration?

如果是這樣，您認為哪些特定的消費類別真正推動了這種加速？

And then sort of the opposite question on AWS which has slowed down a little bit, can you just talk about some of the puts and takes in the AWS revenue growth this quarter versus the prior Q?

然後是關於AWS的相反問題，它已經放緩了一點，你能談談本季度AWS收入增長與上一季度相比的一些看跌期權嗎？

Sure, Brian.

當然，布賴恩。

Thanks for your questions.

感謝您的提問。

Let me start with AWS.

讓我從 AWS 開始。

We had a really strong quarter.

我們有一個非常強勁的季度。

We had a growth year-over-year in our run rate from $24 billion to $33 billion, so 37% growth.

我們的營業額從 240 億美元增長到 330 億美元，同比增長 37%。

The $9 billion that we increased our run rate by was second only to Q4 of last year as far as our history.

就我們的歷史而言，我們將運行率提高了 90 億美元，僅次於去年第四季度。

So as you can tell, we've been pretty transparent with our AWS revenue and income numbers, we've been breaking it out since 2015.

如您所知，我們的 AWS 收入和收入數字非常透明，自 2015 年以來我們一直在打破它。

And we're very happy with the growth in absolute dollar terms, we're seeing the pickup from customers and their usage, their increased pace of enterprise migrations, increased adoption of our services, especially our machine learning services.

我們對以絕對美元計算的增長感到非常滿意，我們看到客戶及其使用量的增加、他們企業遷移速度的加快、我們服務的採用率增加，尤其是我們的機器學習服務。

And continually, again, AWS is being chosen as a partner to many companies because of our leadership position both in technology, our vibrant partner ecosystem and also the stronger security that we offer.

由於我們在技術、充滿活力的合作夥伴生態系統以及我們提供的更強大的安全性方面的領先地位，AWS 再次被許多公司選為合作夥伴。

On your question about one-day, let me update you on that because obviously that was a big topic of conversation last quarter, and you can see that it's starting to show up in our results in Q2.

關於你關於一天的問題，讓我更新你，因為顯然這是上個季度的一個重要話題，你可以看到它開始出現在我們第二季度的結果中。

So we are really pleased with the customer response to our growing one-day offering.

因此，我們對客戶對我們不斷增長的一日服務的反應感到非常滿意。

In Q2, we had a meaningful step-up in the one-day shipments, primarily in North America.

在第二季度，我們的一日發貨量顯著增加，主要是在北美。

And volume was -- one-day volume was accelerating throughout the quarter.

交易量是——整個季度的單日交易量都在加速。

The ops team did a fantastic job here, not only being able to expand one-day selection and delivery capacity, but also preparing for and handling some very high volumes on Prime Day earlier in the month.

運營團隊在這裡做得非常出色，不僅能夠擴大一日選擇和交付能力，而且還在本月早些時候的 Prime Day 準備和處理一些非常大的交易量。

So we're in the middle of a journey here.

所以我們正處於旅程的中間。

We expect to see a continued ramp of the one-day selection and availability for the next few quarters both in North America and international.

我們預計未來幾個季度在北美和國際上的一日選擇和可用性將繼續增加。

International was up slightly in Q2, but for the most part, the improvement in delivery speeds will be, in future quarters, there.

國際在第二季度略有增長，但在很大程度上，交付速度的提高將在未來幾個季度出現。

On the cost side, we talked last time about $800 million estimate of transportation cost to supply one-day -- the addition of one-day in Q2.

在成本方面，我們上次談到了大約 8 億美元的運輸成本估算，以供應一天 - 第二季度增加了一天。

We were a little bit higher than that number in total cost.

我們的總成本略高於這個數字。

We saw some additional transition costs in our warehouses.

我們在倉庫中看到了一些額外的過渡成本。

We saw some lower productivity as we were expanding rather quickly both local capacity and the off-season also in our delivery networks.

我們看到生產力有所下降，因為我們在本地產能和淡季也在我們的交付網絡中快速擴張。

We also saw some costs for moving -- buying more inventory and moving inventory around in our network to have it be closer to the customers.

我們還看到了搬家的一些成本——購買更多庫存並在我們的網絡中移動庫存以使其更接近客戶。

And we built that, not only that cost structure, but an accelerating cost penalty into our Q3 guidance that was released with our earnings today.

我們建立了這一點，不僅是這種成本結構，而且在我們今天與我們的收益一起發布的第三季度指導中加速了成本懲罰。

And as I said in another setting, we've seen this before.

正如我在另一個環境中所說，我們以前見過這種情況。

We have had large changes to our distribution and transportation network repeatedly in our history, from going from media to a vast variety of different product lines, hardlines, nonsortable as we call them, the initial 2-day Prime shipping offer that we launched many years ago, the great expansion of our network to include FBA merchants and capacity for them and more recently, the first steps to increase one-day and same-day, although on a much smaller scale.

在我們的歷史上，我們的分銷和運輸網絡多次發生重大變化，從媒體到各種不同的產品線、強硬線、我們稱之為不可分類的產品線，我們多年來推出的最初的 2 天 Prime 運輸服務以前，我們網絡的巨大擴展包括 FBA 商家和他們的容量，最近，第一步增加了單日和當日，儘管規模要小得多。

So it does create a shock to the system.

因此，它確實會對系統造成衝擊。

We're working through that now, and we expect we'll be working through that for a number of quarters.

我們現在正在解決這個問題，我們預計我們將在幾個季度內解決這個問題。

But when the dust settles, we will regain our cost efficiency over time.

但當一切塵埃落定，我們將隨著時間的推移重新獲得成本效率。

As far as you asked about specific product lines, nothing really to share there.

至於您詢問具體的產品線，沒有什麼可分享的。

We have seen lower ASP generally in Q2, higher unit growth versus revenue growth in North America, and we -- could be that we are mixing into some lower ASP items as we launch one-day, but we haven't drawn that total conclusion yet.

我們已經看到第二季度的平均售價普遍較低，北美的單位增長與收入增長相比較高，而且我們 - 可能是我們在推出一天后混入了一些較低的平均售價項目，但我們還沒有得出完全的結論然而。

Our next question comes from Heath Terry with Goldman Sachs.

我們的下一個問題來自高盛的 Heath Terry。

Just wondering back on the AWS side of things, can you give us a sense of sort of what you're seeing from a volume perspective?

只是想知道 AWS 方面的事情，您能否讓我們從數量的角度了解您所看到的內容？

Obviously, price is always a big component of growth in this, but just trying to understand whether or not you're seeing similar trends in terms of growth rate deceleration on the volume side of things.

顯然，價格始終是其中增長的重要組成部分，但只是想了解您是否在數量方面的增長率減速方面看到了類似的趨勢。

And then to the extent that we're sort of thinking about the mix of either revenue or usage within that business, are there any products or sort of product areas, AI obviously being one that's been a major initiative for you, that you're seeing particular either outside growth or under growth relative to the overall business that you would call out?

然後在某種程度上，我們正在考慮該業務中收入或使用的組合，是否有任何產品或產品領域，人工智能顯然是你的一項重大舉措，你是相對於您會提出的整體業務，您是否看到了特定的外部增長或增長不足？

Yes, sure.

是的，當然。

On that second point, I'd say we're seeing a lot of increased adoption in machine learning services, especially Amazon SageMaker.

關於第二點，我想說我們看到機器學習服務的採用率越來越高，尤其是 Amazon SageMaker。

We've had tens of thousands of customers who are now using AWS machine learning services, and we'll continue to innovate on behalf of those customers and released more than 200 machine learning features and capabilities in 2018 alone in this area.

我們現在有成千上萬的客戶在使用 AWS 機器學習服務，我們將繼續代表這些客戶進行創新，僅在 2018 年就在該領域發布了 200 多項機器學習特性和功能。

Database is also a multibillion-dollar business propelled by Aurora.

數據庫也是由 Aurora 推動的價值數十億美元的業務。

So we're seeing a lot of strength.

所以我們看到了很多力量。

We're seeing strong usage growth that outpaces revenue growth as usual, increased pace of enterprise migrations.

我們看到強勁的使用增長超過了往常的收入增長，企業遷移的步伐加快。

So I would say that, on a percentage growth basis, again, on a dollar basis, it's growing very strongly.

所以我想說，在百分比增長的基礎上，再一次，在美元的基礎上，它的增長非常強勁。

On a percentage growth basis, we are lapping some very strong growth in the first half of last year.

在百分比增長的基礎上，我們在去年上半年實現了一些非常強勁的增長。

We were growing about 50% in the first half of last year, and there are some particular unique customer volumes that were flowing through that, some customers have really high usage tied to their businesses.

去年上半年，我們增長了約 50%，並且有一些特殊的獨特客戶量正在流動，一些客戶的使用率非常高，與他們的業務相關。

But for the most part, we continue to grow usage and our expansion of our services with all of our customers.

但在大多數情況下，我們會繼續增加使用量並擴展我們與所有客戶的服務。

So very happy.

所以非常高興。

Our next question is from Justin Post with Merrill Lynch.

我們的下一個問題來自美林公司的賈斯汀·波斯特。

Great.

偉大的。

Couple of questions.

幾個問題。

I guess the first question is just what happens with customer behavior when they do have one-day availability?

我想第一個問題是當他們確實有一天的可用性時，客戶行為會發生什麼？

I'm assuming units go up, but can you give us any details on what happens or a category that switches to one-day, what happens?

我假設單位會增加，但您能否詳細說明發生了什麼或切換到一天的類別，會發生什麼？

And the second question, we've heard from some of our checks that some of the smaller merchants are moving to 3P, not getting orders on the 1P's side as much.

第二個問題，我們從我們的一些檢查中得知，一些較小的商家正在轉向 3P，而不是在 1P 方面獲得太多訂單。

Is there any change in your business there to really kind of focus more towards third party from first party?

您的業務是否有任何變化，從第一方開始更加關注第三方？

Sure.

當然。

No, we don't have category specifics to really share with you today on the move to one-day.

不，我們今天沒有具體的類別細節可以真正與您分享，以轉移到一天。

I did say that generally in Q2, the unit volume was greater than revenue volume.

我確實說過，通常在第二季度，單位數量大於收入數量。

So we did see some lower ASPs.

所以我們確實看到了一些較低的平均售價。

But I think what you're seeing is just a lot more products enter the consideration set for our customers.

但我認為你所看到的只是更多的產品進入了我們客戶的考慮範圍。

So things that maybe they can't wait 2 days on, they can wait 1 day, and it lights up a whole separate usefulness for the Amazon site.

因此，可能他們不能等待 2 天的事情，他們可以等待 1 天，它為亞馬遜網站點亮了一個完全獨立的功能。

I've noticed that personally myself, they're just -- with one-day shipments, it's here before you know it.

我個人注意到，他們只是 - 一日發貨，在你知道之前就已經到了。

So what categories that hits specifically, we'll have to see over time.

那麼，具體有哪些類別，我們將不得不隨著時間的推移而看到。

On your comment, I assume you meant vendors, not merchants, but -- on the move from 1P to 3P, but no, there shouldn't be -- I can't highlight anything related to shift in channel there, but I would say that we remain indifferent on whether -- we're focused on price, convenience and selection for our customers.

根據您的評論，我假設您的意思是供應商，而不是商家，但是 - 在從 1P 到 3P 的轉變中，但不，不應該 - 我無法強調與那裡的渠道轉移相關的任何內容，但我會說我們對是否 - 我們專注於價格、便利性和為客戶提供選擇仍然漠不關心。

And whether a product is a retail offering, a third-party offering is not that important to us, as long as it's in stock, as long as it's priced competitively.

產品是否是零售產品，第三方產品對我們來說並不重要，只要它有庫存，只要它的價格具有競爭力。

So as you know, our 3P selection has -- our 3P percent of units has been increasing over time.

如您所知，我們的 3P 選擇已經 - 我們的 3P 單位百分比隨著時間的推移而增加。

It increased again in this quarter to 54% of units.

它在本季度再次增加到 54% 的單位。

We continue to invest very heavily in our systems, both for retail vendors and also for third-party merchants, invest billions of dollars a year on behalf of them making Amazon a better place for customers to buy and increasing not only vendor sales but also third-party merchant sales.

我們繼續為零售供應商和第三方商家在我們的系統上進行大量投資，代表他們每年投資數十億美元，使亞馬遜成為客戶購買的更好場所，不僅增加了供應商的銷售額，還增加了第三方- 派對商家銷售。

In particular, on Prime Day, I think you'll see that we had over -- in our press release, we had more than $2 billion of products were bought from small and medium-sized businesses.

特別是在 Prime 會員日，我想你會看到我們已經結束了——在我們的新聞稿中，我們從中小企業那裡購買了超過 20 億美元的產品。

So when we win, we win together with our vendor partners and also our seller partners.

因此，當我們獲勝時，我們將與我們的供應商合作夥伴以及我們的賣家合作夥伴一起獲勝。

Our next question comes from Jason Helfstein with Oppenheimer.

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

So in the release, you made a comment about automotive and Alexa.

因此，在發布中，您對汽車和 Alexa 發表了評論。

Anything you want to elaborate a little more that looks like that could be very interesting opportunity?

任何你想詳細說明的事情看起來都可能是非常有趣的機會？

And then with respect to India, there were 2 comments in the release, but anything you can comment on kind of getting past some of the issues that had impacted the business in the past?

然後關於印度，發布中有 2 條評論，但是您可以評論一下過去影響業務的一些問題嗎？

I know you're past that now.

我知道你現在已經過去了。

Yes, let me start with India.

是的，讓我從印度開始。

So yes, continue to see growth in programs for both sellers -- for our sellers and delivery partners.

所以，是的，我們的賣家和交付合作夥伴的計劃繼續增長。

In the last 18 months, we've doubled the number of paid Prime members, which we're very excited about.

在過去的 18 個月裡，我們的付費 Prime 會員數量翻了一番，我們對此感到非常興奮。

We've invested a lot in our global selling program, which helps Indian sellers not only reach customers in India but also in other geographies around the world.

我們在全球銷售計劃上投入了大量資金，該計劃不僅幫助印度賣家接觸印度的客戶，還幫助接觸世界其他地區的客戶。

We started Amazon Flex in India which helps our local partners to deliver packages, gives them jobs, grows our delivery capacity for sellers and increases our speed of delivery.

我們在印度創辦了 Amazon Flex，幫助我們當地的合作夥伴運送包裹，為他們提供工作機會，提高我們對賣家的運送能力，並提高我們的運送速度。

So it's a win-win.

所以這是雙贏的。

We've also introduced package-free shipment program in 9 cities.

我們還在 9 個城市推出了免包裹運輸計劃。

This is going to be a big part of our Shipment Zero program, it's a vision to make all Amazon shipments net carbon zero.

這將成為我們零發貨計劃的重要組成部分，這是一個讓所有亞馬遜發貨的淨碳為零的願景。

On the government side, our engagement with the Indian government makes us optimistic about partnering and collaborating to seek a stable, predictable policy that allows to continue investing in our technology and infrastructure.

在政府方面，我們與印度政府的合作使我們對合作和合作感到樂觀，以尋求穩定、可預測的政策，從而繼續投資於我們的技術和基礎設施。

And it also helps us to create jobs and scale local businesses.

它還有助於我們創造就業機會並擴大當地企業的規模。

So we think there's a lot of shared purpose there and a good quarter where -- looking forward to the Diwali holiday this year.

所以我們認為那裡有很多共同的目標和一個很好的季度——期待今年的排燈節假期。

The events we have for Diwali were all in Q4 last year.

我們為排燈節舉辦的活動都在去年第四季度。

Some of them are in Q3 this year based on the timing of the holiday.

根據假期的時間安排，其中一些在今年第三季度。

So that's factored into our international -- or excuse me, our revenue growth rate for the quarter.

因此，這已計入我們的國際 - 或者對不起，我們本季度的收入增長率。

Yes.

是的。

And Jason, this is Dave.

還有傑森，這是戴夫。

Just quickly on the Alexa point and auto, Alexa is really in more and more places.

很快就在 Alexa point 和 auto 上，Alexa 真的出現在越來越多的地方。

I think the point you're probably referencing is we're now seeing hundreds of third-party devices with Alexa built in.

我認為您可能提到的一點是，我們現在看到了數百個內置 Alexa 的第三方設備。

So that runs the gamut from smart thermostat and other smart home devices, headphones, but also vehicles.

因此，它涵蓋了智能恆溫器和其他智能家居設備、耳機以及車輛的所有領域。

So we've seen a lot of good partnerships and arrangements with companies like BMW and Mini, and not just in the U.S, but in places like Europe as well.

因此，我們已經看到與寶馬和 Mini 等公司建立了許多良好的合作夥伴關係和安排，不僅在美國，而且在歐洲等地也是如此。

So a lot of this, of course, is just around the great power of Alexa and being able to offer even greater convenience and touch points where customers can interact with that, and we're seeing a lot of great momentum with usage and how customers are interacting with Alexa, but also when you look at the broader environment of third-party devices, devices that we're rolling out in all those things, it's -- we're seeing a lot of good momentum there.

當然，其中很多都圍繞著 Alexa 的強大功能，能夠提供更大的便利性和接觸點，讓客戶可以與之互動，我們看到了很大的使用勢頭以及客戶如何正在與 Alexa 進行交互，而且當您查看第三方設備的更廣泛環境時，我們正在所有這些事情中推出的設備，它是 - 我們在那裡看到了很多良好的勢頭。

And I think it's underpinned by the fact that Alexa is always getting smarter, and so customers are enjoying the benefit of that enhanced experience.

我認為這得益於 Alexa 一直在變得越來越聰明，因此客戶正在享受這種增強體驗帶來的好處。

Our next question comes from Youssef Squali with SunTrust.

我們的下一個問題來自 SunTrust 的 Youssef Squali。

Two quick questions for me, please.

請給我兩個快速的問題。

Can you quantify the cost of one-day shipping to Q3 guidance kind of similarly to what you did into 4Q too with that $800 million?

您能否量化一日運送到第三季度指導的成本，類似於您在第四季度所做的 8 億美元？

And when does it plateau?

什麼時候達到平穩期？

How should we be thinking about it as we map it out over the next several quarters?

當我們在接下來的幾個季度中規劃它時，我們應該如何考慮它？

And then you guys made a very intriguing acquisition, the Sizmek acquisition sometime back.

然後你們進行了一次非常有趣的收購，在某個時候收購了 Sizmek。

Just wondering, how does it fit in the overall strategy?

只是想知道，它如何適應整體戰略？

And is the idea to try to build maybe a double-click like-minded model, sorry, using that platform?

嘗試構建一個雙擊志同道合的模型的想法，對不起，使用那個平台？

Youssef, let me start with your question on one-day.

優素福，讓我先從你的問題開始。

I'm not breaking out the specific cost this quarter as I did last year -- last quarter.

我沒有像去年——上個季度那樣詳細說明本季度的具體成本。

Some of this is because it's very hard to pinpoint exactly the lines between one-day and other cost issues.

其中一些是因為很難準確地確定一日成本問題和其他成本問題之間的界限。

So we're always working within a range.

所以我們總是在一個範圍內工作。

We're confident we were near but just above our $800 million estimate in Q2.

我們有信心在第二季度接近但略高於我們估計的 8 億美元。

And as I said, this is going to take multiple quarters to play out.

正如我所說，這將需要多個季度才能發揮出來。

We had a meaningful step-up in North America in Q2.

我們在第二季度在北美取得了有意義的進步。

We'll -- and it was accelerating through the quarter.

我們會——而且整個季度都在加速。

We'll see more cost in Q3.

我們將在第三季度看到更多成本。

We'll see about Q4 when we talk -- and everything we know about or anticipate about Q3 is built into our guidance.

當我們談論第四季度時，我們會看到 - 我們對第三季度的了解或預期的一切都包含在我們的指導中。

So I wouldn't break out the dollar term.

所以我不會打破美元術語。

I will tell you at the end of the quarter kind of what we're seeing on cost and how it looks for Q4 as well.

我將在本季度末告訴您我們在成本方面看到的情況以及第四季度的情況。

And the other thing I would point out on the trajectory is that we're just getting started in international, and most of that work is ahead of us, although the speed did tick up a bit in Q1 -- or excuse me, Q2, but -- and will do even more so in Q3 and future quarters.

我要在軌跡上指出的另一件事是，我們才剛剛開始國際化，大部分工作都在我們前面，儘管速度在第一季度確實有所加快——或者對不起，第二季度，但是——並且在第三季度和未來幾個季度會做得更多。

Yes, and then just on Sizmek quickly.

是的，然後很快就在 Sizmek 上。

We're excited to have acquired the Sizmek ad server and then Sizmek's Dynamic Creative Optimization, or DCO.

我們很高興獲得了 Sizmek 廣告服務器和 Sizmek 的動態創意優化 (DCO)。

Customers are going to be able to continue to use those proven products and services.

客戶將能夠繼續使用那些經過驗證的產品和服務。

We're invested in the long-term success of Sizmek.

我們投資於 Sizmek 的長期成功。

And Amazon advertising and Sizmek has many mutual customers, so we know how valued these proven solutions are to their customer base.

亞馬遜廣告和 Sizmek 擁有許多共同的客戶，因此我們知道這些經過驗證的解決方案對他們的客戶群有多麼重要。

So we're looking forward to working with that team, and we'll share more updates as we invent and create new opportunities to serve advertisers in the future.

因此，我們期待與該團隊合作，我們將在未來發明和創造為廣告商服務的新機會時分享更多更新。

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

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

Hey, Brian, could you talk a little bit about the elasticity you're seeing -- you expect to see in international markets with the rollout of one-day?

嘿，布賴恩，你能談談你所看到的彈性——你希望在一天的推出後在國際市場上看到嗎？

And I just -- the commentary in the press release about this acceleration from one-day sounds great.

我只是 - 新聞稿中關於這一天加速的評論聽起來很棒。

It's a little surprising that you would see the reaction that quickly, but maybe this really is -- well, you're obviously seeing it.

您會如此迅速地看到反應，這有點令人驚訝，但也許這真的是 - 好吧，您顯然已經看到了。

You're confident that you'll also see it as you roll out into international markets, if you could just comment on that.

如果您能對此發表評論，您有信心在進入國際市場時也會看到它。

Sure.

當然。

The -- of course, the proportion of one-day shipments is higher in international, to begin with, in a lot of our countries.

- 當然，在國際上，一日發貨的比例更高，首先，在我們的許多國家。

So we will -- we expect it to be very valuable to customers as we add selection into that one-day category.

因此，我們將 - 我們希望它對客戶非常有價值，因為我們將選擇添加到該一日類別中。

But we think the biggest elasticity is probably in North America where the standard has been 2-day shipping for Prime.

但我們認為最大的彈性可能在北美，那裡的 Prime 標準是 2 天發貨。

So yes, I would say you're faced with the -- you see it every time you go to our site.

所以是的，我會說你面臨著——你每次訪問我們的網站時都會看到它。

It's automatically built in.

它是自動內置的。

You're surprised by the speed.

你對速度感到驚訝。

It's not like you have to search one-day shipping specifically to find out what's available.

這不像您必須專門搜索一日發貨來找出可用的東西。

It's growing, and it's pervasive.

它在增長，而且無處不在。

So I think what that does is, again, it strengthens your purchase decision.

所以我認為這再次加強了你的購買決定。

It strengthens the need to not have to go elsewhere to buy a product because you need it quickly.

它增強了您不必去其他地方購買產品的需要，因為您需要它很快。

So I think it becomes a part of your routine.

所以我認為它成為你日常生活的一部分。

At least that's what we're seeing in North America.

至少這是我們在北美看到的。

And we hope, again, as we build this capacity to more and more regions and more and more ZIP codes and more -- adding more and more selection that everyone will see the same thing that we see already in major cities.

我們再次希望，隨著我們將這種能力建設到越來越多的地區和越來越多的郵政編碼等等——添加越來越多的選擇，每個人都會看到我們已經在主要城市看到的同樣的東西。

I do want to add one point though because when we talk about operating income and both in Q2 and Q3 and we talk about the cost and penalty of one-day, I would like to highlight there are some other investment areas that are certainly going on here.

我確實想補充一點，因為當我們談論第二季度和第三季度的營業收入時，我們談論一天的成本和罰款，我想強調還有一些其他的投資領域肯定在進行這裡。

If you look at Q2, our marketing expense was up 48% year-over-year, and that's a combination of a few things.

如果您查看第二季度，我們的營銷費用同比增長了 48%，這是一些因素的結合。

First, we're continuing to add to our AWS sales and marketing teams.

首先，我們將繼續增加我們的 AWS 銷售和營銷團隊。

We see great opportunity there to help customers engage with our services and migrate to our products.

我們在那裡看到了幫助客戶參與我們的服務並遷移到我們的產品的絕佳機會。

So we continue to build out our sales force and our marketing programs.

因此，我們繼續建立我們的銷售隊伍和我們的營銷計劃。

We're also adding more and more advertising as we roll out devices and Prime Video -- new Prime Video content, in particular internationally.

隨著我們推出設備和 Prime Video——新的 Prime Video 內容，尤其是在國際上，我們還添加了越來越多的廣告。

So we're seeing higher marketing costs.

所以我們看到更高的營銷成本。

We're also seeing a higher stock-based compensation expense.

我們還看到更高的基於股票的薪酬費用。

That was up 36% year-over-year.

同比增長 36%。

And you'll see that our headcount grew 13% year-over-year.

您會看到我們的員工人數同比增長了 13%。

So when you look at some of our most quickly growing areas, things like Alexa and AWS and also teams working on machine learning and other high-end technical projects, our technical headcount actually grew twice that rate or nearly twice that rate based on the total headcount.

因此，當您查看我們增長最快的一些領域時，例如 Alexa 和 AWS 以及從事機器學習和其他高端技術項目的團隊，我們的技術人員數量實際上增長了兩倍或近兩倍（基於總數）人數。

So there's a lot of moving parts within our headcount number, but there's a very strong investment going on in AWS, devices and videos, in particular.

因此，我們的員工人數中有很多變動因素，但特別是在 AWS、設備和視頻方面的投資非常強勁。

Our next question comes from Ross Sandler with Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

Hey guys, just 2 questions.

大家好，只有2個問題。

The North America retail acceleration, 3.5 points, and you mentioned that international is about 1. So can we attribute the difference to one-day?

北美零售加速，3.5分，你提到國際大約是1。那麼我們可以將差異歸因於一日嗎？

Or was there other organic acceleration in North America happening aside from the move to one-day?

或者，除了轉向一日遊之外，北美還有其他有機加速嗎？

And then, Brian, related to that investing question, AWS operating margin came down a bit.

然後，布賴恩，與那個投資問題有關，AWS 的營業利潤率下降了一點。

I know they had a tough comp.

我知道他們有一個艱難的比賽。

But anything you would call out aside from the headcount stuff that you just mentioned that may have been lumpy in the quarter on AWS?

但是，除了您剛才提到的在 AWS 上本季度可能出現混亂的員工人數之外，您還會提到什麼？

Sure.

當然。

Let me start with that second question.

讓我從第二個問題開始。

So yes, the -- sorry, the operating margin in AWS, just like the revenue rate, it's such a rapidly growing business with different timing of investments, in global expansion and investment in marketing and other -- in infrastructure that is going to vary quarter to quarter.

所以，是的，抱歉，AWS 的營業利潤率，就像收入率一樣，這是一項快速增長的業務，投資時機不同，全球擴張和營銷投資以及其他基礎設施方面的投資都會有所不同季度到季度。

We had a -- we've come off a period where, if you remember last year, we had less investment needed in infrastructure both for AWS and for Amazon in total.

如果你還記得去年，我們有一個時期——如果你還記得去年，我們在 AWS 和 Amazon 的基礎設施方面所需的投資總體上減少了。

The -- I don't have the number directly in front of me, but anyway, the -- oh, I'm sorry, we grew finance leases, which is essentially our proxy for capital leases, for infrastructure, by 9% in Q1, and it was 10% all of last year, coming off a year in 2017 where we had growth of 69%.

- 我沒有直接在我面前的數字，但無論如何， - 哦，對不起，我們增加了融資租賃，這基本上是我們的資本租賃代理，基礎設施，在第一季度，去年全年增長 10%，2017 年增長 69%。

So we had that dynamic.

所以我們有這種動態。

Our trailing 12-month growth in that number is 21% after Q2.

在第二季度之後，我們在該數字上的 12 個月增長率為 21%。

So it's stepped up from 9% to 21%.

所以它從9%上升到21%。

So we are starting to see, as I mentioned in earlier calls, that the investment will be stepping up in 2019.

因此，正如我在之前的電話會議中提到的，我們開始看到投資將在 2019 年增加。

So started to see that in Q2.

所以在第二季度開始看到這一點。

But the biggest -- I would say the biggest impact in the operating profit was the addition of sales and marketing personnel in AWS and also, to a lesser extent, the stock-based compensation which certainly hits across all of our businesses.

但最大的——我想說對營業利潤的最大影響是在 AWS 中增加了銷售和營銷人員，而且在較小程度上，基於股票的薪酬肯定會影響到我們所有的業務。

Your comment on revenue growth differential, I mean there are so many different factors going on in every country that's hard to compare North America to international.

您對收入增長差異的評論，我的意思是每個國家都有很多不同的因素，很難將北美與國際進行比較。

But I would say that we are attributing a good bit of the revenue growth acceleration from 17% in Q1 to 20% in Q2 to the rollout of one-day and the impact of that.

但我想說，我們將收入增長從第一季度的 17% 加速到第二季度的 20% 歸因於一日遊的推出及其影響。

If there's other things obviously we continue to add selection, and we have again lots of engagement points with customers through Prime benefits and video and devices that certainly contribute to our revenue run rate and our retention of Prime members.

如果顯然還有其他事情，我們會繼續增加選擇，並且我們再次通過 Prime 福利、視頻和設備與客戶有很多接觸點，這肯定有助於我們的收入運行率和保留 Prime 會員。

But if we're going to point to one thing in Q1 that's different -- Q2, excuse me, that's different, it was obviously the start of the -- and the step-up in one-day shipments.

但是，如果我們要指出第一季度的一件事是不同的——第二季度，對不起，那是不同的，這顯然是第一季度的開始——以及一日發貨量的增加。

Our next question comes from Mark May with Citi.

我們的下一個問題來自 Mark May 和 Citi。

First, I guess sort of an organizational question but some of the feedback I've heard from the ecosystem is that it appears the combination of the way Amazon's organized internally and just the rapid growth in the ad business, 1P, 3P, that at times, there are signs that kind of these teams internally are not always aligned and maybe that creates some issues.

首先，我想這是一個組織問題，但我從生態系統中聽到的一些反饋是，它似乎是亞馬遜內部組織方式與廣告業務快速增長的結合，1P，3P，有時，有跡象表明這些團隊內部並不總是一致的，這可能會產生一些問題。

And just wonder, first, do you generally agree with this?

只是想知道，首先，您是否普遍同意這一點？

And if so, what is the company doing to kind of better optimize these increasingly related functions that maybe, in the past, haven't always been organized internally that way?

如果是這樣，公司正在做些什麼來更好地優化這些日益相關的功能，這些功能在過去可能並不總是以這種方式組織起來？

And then secondly, in terms of subscription revenue, where are we in terms of the benefit from the price increase announcement announced last year and rolled through to existing members throughout the last year?

其次，就訂閱收入而言，我們從去年宣布的漲價公告中受益並在去年全年惠及現有會員的收益在哪裡？

And will this have any meaningful impact in that line's growth, say, in Q3 or the back half of the year?

這是否會對這條線的增長產生任何有意義的影響，比如在第三季度或下半年？

Sure.

當然。

So I assume your first question is about the coordination of advertiser with teams that are interacting with vendors and sellers perhaps, is that what you meant?

所以我假設你的第一個問題是關於廣告商與可能與供應商和賣家互動的團隊的協調，這就是你的意思嗎？

Exactly.

確切地。

Yes.

是的。

Okay.

好的。

Yes, so first, I'd say we're customer-focused first and primarily, but we need to have good coordination across our teams, and we grow fast, and we add new things.

是的，所以首先，我想說我們首先以客戶為中心，但我們需要在我們的團隊之間進行良好的協調，我們會快速成長，並且會添加新的東西。

So there's always learnings that we have that's why we say it's still Day 1 here.

所以我們總能學到東西，這就是為什麼我們說它仍然是第 1 天。

But we're trying to minimize the negative impact on any vendor or seller out there.

但我們正在努力將對任何供應商或賣家的負面影響降至最低。

So I can't comment on any certain -- on exactly what issues you might be talking about.

因此，我無法就您可能正在談論的確切問題發表任何評論。

We have teams dedicated to the seller experience and the vendor experience, and we think that they do a good job of selling the whole suite of products, including advertising -- with the advertising teams at Amazon.

我們有專門負責賣家體驗和供應商體驗的團隊，我們認為他們在銷售包括廣告在內的整套產品方面做得很好——與亞馬遜的廣告團隊一起。

But as we say, they're separately run and they can meet at different points.

但正如我們所說，他們是分開運行的，他們可以在不同的地點見面。

And sometimes, at certain vendors, perhaps that may get out of hand, get out of sync.

有時，在某些供應商處，這可能會失控，不同步。

But hopefully, that is a temporary condition.

但希望這是暫時的情況。

On subscription revenue, yes, we -- you'll remember, we raised the price of Prime in the U.S. last June from $99 to $119.

關於訂閱收入，是的，我們——你會記得，去年 6 月，我們將 Prime 在美國的價格從 99 美元提高到 119 美元。

So the largest impact, favorable impact from that, at least from a subscription revenue standpoint, would have happened in the subsequent 4 quarters, less in Q2, more in Q3 through Q2 of this year.

因此，至少從訂閱收入的角度來看，最大的影響，有利的影響將發生在隨後的 4 個季度，第二季度較少，今年第三季度到第二季度更多。

So yes, that will be a factor that we're comping for the next 12 months.

所以，是的，這將是我們在未來 12 個月內競爭的一個因素。

It's offset by the growth in the Prime program itself and the expansion of Prime Benefits -- or the Prime program globally.

它被 Prime 計劃本身的增長和 Prime 福利或全球 Prime 計劃的擴展所抵消。

You may see that we -- may have seen that we launched Prime in United Arab Emirates this quarter.

您可能會看到我們 - 可能已經看到我們本季度在阿拉伯聯合酋長國推出了 Prime。

So it's not something -- it's something we've certainly seen in the past with timing of price increases, but it's built into the Q3 guidance that I've given.

所以這不是什麼 - 這是我們過去肯定看到的價格上漲時間，但它已包含在我給出的第三季度指導中。

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

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

I guess first off, curious just to follow up on the ASP comment, if those were -- the said shift was within the same categories or just lower ASPs imply diversification into new categories.

我想首先，好奇只是想跟進 ASP 的評論，如果是的話——所說的轉變是在相同的類別中，或者只是較低的 ASP 意味著多元化進入新的類別。

But my main question is just looking ahead of the holiday period, given some of the moving parts, 3PL and shipping ecosystem and then, of course, with the transition to one-day, are you confident that there is enough capacity from your own first-party logistics as well as third-party partners to meet that seasonal demand?

但我的主要問題只是展望假期期間，考慮到一些活動部分、3PL 和航運生態系統，然後，當然，隨著過渡到一天，你是否有信心從你自己的第一個開始就有足夠的容量- 第三方物流以及第三方合作夥伴來滿足季節性需求？

And should we now expect a faster ramp in Amazon Air as the means to move cargo between fulfillment centers?

我們現在是否應該期待亞馬遜航空更快地作為在履行中心之間轉移貨物的手段？

Yes.

是的。

So I would say the first time we started discussing the rollout of one-day, our first thoughts went to Q4 this year and our capability for holiday and as much as Q2 and Q3.

所以我想說，當我們第一次開始討論推出一日遊時，我們首先想到的是今年第四季度以及我們的假期能力以及第二季度和第三季度。

So we are confident that we will have the ability to handle seasonal demand.

因此，我們相信我們將有能力處理季節性需求。

We are working very hard to expand our one-day capacity, add carriers, add delivery partners at our own AMZL capability and have our partners expand their capabilities as well.

我們正在努力擴大我們的一日運力，增加承運人，增加我們自己的 AMZL 能力的交付合作夥伴，並讓我們的合作夥伴也擴大他們的能力。

So we're feeling good about Q4.

所以我們對第四季度感覺很好。

It's a little early to discuss that now, but we certainly had a really good test on Prime Day.

現在討論這個還為時過早，但我們在 Prime 會員日確實進行了一次非常好的測試。

It was the 2 biggest days we've ever had.

這是我們經歷過的最大的兩天。

A lot of good work went into Prime Day.

Prime 會員日做了很多出色的工作。

A lot of benefit for customers, a lot of benefit for our selling partners, the small business merchants as well.

對客戶有很多好處，對我們的銷售夥伴，小商家也有很多好處。

So it was a good test for us.

所以這對我們來說是一個很好的考驗。

And sorry, and your question on low ASP, I think we're still figuring that out a bit.

抱歉，還有你關於低 ASP 的問題，我認為我們仍在解決這個問題。

I mean, they -- what I'm reacting to is the high unit growth relative to what was also good growth in revenue, but unit growth grew faster.

我的意思是，他們 - 我的反應是高單位增長相對於收入的良好增長，但單位增長更快。

I'm always a little leery to put too much into the unit growth number.

我總是對在單位增長數字上投入過多持懷疑態度。

As I've talked in other quarters, it's a number that excludes AWS subscription services, advertising and Whole Foods, which are some of our fastest-growing areas, and we also have -- or actively selling subscription services like Kindle Unlimited and Amazon Music Unlimited, which can cannibalize unit sales.

正如我在其他季度所說的那樣，這個數字不包括 AWS 訂閱服務、廣告和 Whole Foods，這是我們增長最快的一些領域，我們也有——或積極銷售 Kindle Unlimited 和 Amazon Music 等訂閱服務無限，可以蠶食單位銷售。

So there's a lot of moving parts, usually headwinds to our unit growth number, but again, happy with the 800 basis point quarter-over-quarter jump in that.

所以有很多變動的部分，通常是我們單位增長數字的逆風，但同樣，對環比增長 800 個基點感到滿意。

Our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Brian, just on the income guide for the next quarter, it's significantly below where many of us are at.

布萊恩，就在下一季度的收入指南中，它大大低於我們許多人的水平。

I'm curious if you could just talk to any changes around expenses and the success of the one-day just doubling down.

我很好奇您是否可以談談有關費用的任何變化以及一天的成功翻倍。

Or can you just walk through what transpires in the next quarter?

或者你能簡單地了解下一個季度發生的事情嗎？

Yes, sure.

是的，當然。

So again, the biggest individual item is the one-day shipping.

同樣，最大的單個項目是一日發貨。

As I said earlier, we had a meaningful step-up in shipments in Q2 versus Q1, but we're still on our way, and Q3 will be a step-up over Q2 in North America, and we'll see more in international.

正如我之前所說，與第一季度相比，我們在第二季度的出貨量有了顯著的增長，但我們仍在路上，第三季度將比第二季度在北美有所增長，我們將在國際市場看到更多.

So it's that increase in one-day shipping and the associated cost of additional transportation and getting capacity in place, as I mentioned earlier, new costs and things like expanding inventory, getting it closer to the customer.

因此，正如我之前提到的，這是一天運輸的增加以及額外運輸和獲得能力的相關成本，新成本以及諸如擴大庫存之類的事情，使其更接近客戶。

Just a lot of things moving -- a lot of moving parts in the fulfillment center world right now and our transportation network.

只是很多東西在移動——現在在履行中心世界和我們的運輸網絡中有很多移動部件。

So that is the biggest individual contributor, but as I mentioned in Q2's results, some of the investments in marketing, the step-up in infrastructure spending, that should continue.

所以這是最大的個人貢獻，但正如我在第二季度的結果中提到的，一些營銷投資，基礎設施支出的增加，應該會繼續下去。

We certainly have a lot of areas where we continue to invest, not the least of which is our AWS business, devices, video, the global expansion of a lot of our Prime benefits and things like stores and grocery delivery through Whole Foods, Prime Now and AmazonFresh.

我們當然在很多領域繼續投資，其中最重要的是我們的 AWS 業務、設備、視頻、我們的許多 Prime 福利的全球擴張以及通過 Whole Foods、Prime Now 進行的商店和雜貨配送等和亞馬遜生鮮。

So I would say yes, we had a -- as we've mentioned in the last couple of calls, we had some lessening of expenses in some key areas last year, mostly tied to headcount growth, infrastructure and fulfillment capacity.

所以我會說是的，我們有一個 - 正如我們在最近幾次電話會議中提到的那樣，去年我們在一些關鍵領域減少了一些開支，主要與員工人數增長、基礎設施和履行能力有關。

We expected a step-up in 2019.

我們預計 2019 年會有所提升。

We didn't see as much of it in Q1 mainly because of the timing and the seasonality of the year and getting things going.

我們在第一季度沒有看到那麼多，主要是因為時間和一年的季節性以及事情的進展。

We're seeing more of it in Q2, and we'll see it through the remainder of the year.

我們在第二季度看到了更多，我們將在今年餘下的時間裡看到它。

Our final question will come from Eric Sheridan with UBS.

我們的最後一個問題將來自瑞銀的 Eric Sheridan。

Maybe a few small questions on the advertising side of the business if I can.

如果可以的話，也許可以在業務的廣告方面提出一些小問題。

How much of the advertising business, if you're willing to say, is driven by domestic sellers and domestic brands versus the international side?

如果您願意說，有多少廣告業務是由國內賣家和國內品牌推動的，而不是國際方面的？

Two, how do you think about the video ad revenue opportunity?

二、您如何看待視頻廣告收入機會？

We hear from a lot of people in the advertising industry that you might be a bigger player in video advertising later this year or more into next year.

我們從廣告行業的很多人那裡聽說，您可能會在今年晚些時候或明年更長時間成為視頻廣告的更大參與者。

How do you think about making investments against that possibility or even just the possibility of it being a driver on your platform overall?

您如何考慮針對這種可能性進行投資，甚至只是將其作為整個平台的驅動因素進行投資？

Yes, Eric, this is Dave.

是的，埃里克，這是戴夫。

I think starting with the video advertising, I think that one focus area for us is expanding our video and over-the-top offerings for brands.

我認為從視頻廣告開始，我認為我們的一個重點領域是擴展我們的視頻和品牌的頂級產品。

We've taken some steps with live sports and then IMDb TV, but we'll continue to do things like add more OTT video supply, so things like Amazon Publisher Services integrations, simplifying access for third-party apps and add more inventory through things like Fire TV apps and IMDb TV.

我們已經在體育直播和 IMDb 電視方面採取了一些措施，但我們將繼續做一些事情，比如增加更多的 OTT 視頻供應，比如亞馬遜出版商服務集成，簡化第三方應用程序的訪問，並通過事情增加更多庫存例如 Fire TV 應用和 IMDb TV。

So I think some interesting areas that we're continuing to put a lot of focus into.

所以我認為我們將繼續重點關註一些有趣的領域。

On the first part of your question in terms of geographical mix, I mean it's fair to assume that like a lot of our business, advertising in the North America segment is the bigger piece of that.

關於地理組合問題的第一部分，我的意思是可以公平地假設，就像我們的許多業務一樣，北美細分市場的廣告是其中更大的一部分。

But I think we're really excited about the international opportunity.

但我認為我們對國際機會感到非常興奮。

A lot of the tools that we've rolled out, introduced in places like the United States are available in many of the international regions.

我們在美國等地推出的許多工具在許多國際地區都可用。

And so it's a matter of continuing to work with advertisers and brands and kind of build up not only awareness but just how those ad things like Sponsored Products interact with customers, how they receive, building up the things we talk about many times here around.

因此，這是一個繼續與廣告商和品牌合作的問題，不僅要建立意識，還要建立諸如贊助產品之類的廣告內容如何與客戶互動，他們如何接收，建立我們在這裡多次談論的內容。

Improving relevancy on each of those geographic websites is an important thing that we're measuring.

提高每個地理網站的相關性是我們正在衡量的重要事情。

So expect to continue to see us look for new ways to be able to roll that out.

因此，期待繼續看到我們尋找能夠推出的新方法。

Thank you 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。