亞馬遜 (AMZN) 2019 Q2 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q2 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. Please go ahead.

感謝您的支持。大家好，歡迎參加亞馬遜 2019 年第二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。請繼續。

Hello, and welcome to our Q2 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 年第二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. Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2018.

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。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。

Our comments and responses to your questions reflect management's views as of today, July 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.

我們對您的問題的評論和回應僅反映管理層截至 2019 年 7 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. 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.

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。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；互聯網的增長率；在線商務和雲端服務；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 is coming from the line of Brian Nowak with Morgan Stanley.

（操作員指示）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. Maybe could you just talk about whether 24-hour shipping is driving that? And if so which specific categories of consumption are you seeing really drive that acceleration? 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?

我有 2 個。看起來本季整體零售業務成長相當不錯。您能否談談 24 小時送貨是否推動了這項進程？如果是的話，您認為哪些特定的消費類別真正推動了這種加速？然後是關於 AWS 的相反的問題，它已經放緩了一點，您能否談談本季與上一季相比 AWS 收入成長的一些變化？

Sure, Brian. Thanks for your questions. Let me start with AWS. We had a really strong quarter. We had a growth year-over-year in our run rate from $24 billion to $33 billion, so 37% growth. The $9 billion that we increased our run rate by was second only to Q4 of last year as far as our history. 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. 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. 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.

當然，布萊恩。感謝您的提問。讓我從 AWS 開始。我們本季表現非常強勁。我們的營業額年增了 37%，從 240 億美元成長到了 330 億美元。就我們的歷史而言，我們的運行率增加了 90 億美元，僅次於去年第四季。因此，正如您所看到的，我們的 AWS 收入和收益數字一直非常透明，自 2015 年以來我們一直在公佈這些數字。我們對絕對美元價值的成長感到非常高興，我們看到客戶數量和使用量都在增加，企業遷移速度加快，我們服務的採用率也有所提高，尤其是我們的機器學習服務。而且，由於我們在技術方面的領導地位、我們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，AWS 不斷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. So we are really pleased with the customer response to our growing one-day offering. In Q2, we had a meaningful step-up in the one-day shipments, primarily in North America. And volume was -- one-day volume was accelerating throughout the quarter. 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.

關於您關於一日遊的問題，讓我向您介紹一下最新情況，因為顯然這是上個季度討論的一個熱門話題，您可以看到它開始在我們第二季度的業績中顯現出來。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高興。在第二季度，我們的單日出貨量顯著增加，主要在北美。整個季度的單日交易量都在加速成長。營運團隊在這裡做得非常出色，不僅能夠擴大一日選擇和配送能力，而且還為本月早些時候的 Prime Day 做好了準備並處理了一些非常大的交易量。

So we're in the middle of a journey here. 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. International was up slightly in Q2, but for the most part, the improvement in delivery speeds will be, in future quarters, there. 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. We were a little bit higher than that number in total cost. We saw some additional transition costs in our warehouses. We saw some lower productivity as we were expanding rather quickly both local capacity and the off-season also in our delivery networks. 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. 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.

所以我們正處於旅程的中途。我們預計，未來幾個季度，北美和國際市場的一日票選擇和供應量將持續增加。國際業務在第二季度略有成長，但總體而言，未來幾季的交付速度將會有所提高。在成本方面，我們上次談到了供應一日班次的運輸成本估計為 8 億美元——第二季度增加了一日班次。我們的總成本比這個數字略高一點。我們發現倉庫中存在一些額外的轉移成本。由於我們的本地產能和淡季配送網路擴張速度較快，我們的生產力下降。我們還看到了一些轉移成本——購買更多庫存並在我們的網路中移動庫存以使其更接近客戶。我們不僅建立了成本結構，還將加速成本懲罰納入了我們今天隨收益發布的第三季指引中。

And as I said in another setting, we've seen this before. 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. So it does create a shock to the system. We're working through that now, and we expect we'll be working through that for a number of quarters. But when the dust settles, we will regain our cost efficiency over time.

正如我在另一個場合說過的，我們以前見過這種情況。在我們的歷史上，我們的分銷和運輸網絡曾多次經歷重大變革，從媒體到各種不同的產品線、硬線產品、我們稱之為不可分類的產品，再到多年前推出的最初的 2 天 Prime 配送服務，我們的網絡得到了極大擴展，包括 FBA 商家及其容量，以及最近首次增加一日和當日配送，儘管規模要小得多。所以它確實對系統造成了衝擊。我們現在正在努力解決這個問題，我們預計我們將在未來幾季繼續努力解決這個問題。但當塵埃落定後，隨著時間的推移，我們將恢復成本效率。

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

至於您詢問的具體產品線，其實沒有什麼好分享的。我們在第二季度普遍看到平均售價較低，北美的單位成長率高於收入成長率，而且我們——可能是我們在推出一日遊產品時混入了一些平均售價較低的產品，但我們還沒有得出最終結論。

Our next question comes from Heath Terry with Goldman Sachs.

我們的下一個問題來自高盛的希思·特里。

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? 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. 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?

只是想回顧一下 AWS 方面的情況，您能否從數量角度告訴我們您所看到的情況？顯然，價格始終是成長的重要組成部分，但我們只是想了解，在數量方面，成長率減速是否也呈現類似的趨勢。然後，就我們考慮該業務的收入或使用情況的組合而言，是否有任何產品或產品領域（顯然，人工智慧是您的一項重要舉措），您認為相對於整體業務而言，它有特別的外部成長或成長不足？

Yes, sure. On that second point, I'd say we're seeing a lot of increased adoption in machine learning services, especially 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. Database is also a multibillion-dollar business propelled by Aurora. So we're seeing a lot of strength. We're seeing strong usage growth that outpaces revenue growth as usual, increased pace of enterprise migrations. So I would say that, on a percentage growth basis, again, on a dollar basis, it's growing very strongly. On a percentage growth basis, we are lapping some very strong growth in the first half of last year. 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. But for the most part, we continue to grow usage and our expansion of our services with all of our customers. So very happy.

是的，當然。關於第二點，我想說我們看到機器學習服務的採用率正在大幅提高，尤其是 Amazon SageMaker。我們擁有數以萬計的客戶目前正在使用 AWS 機器學習服務，我們將繼續為這些客戶進行創新，僅在 2018 年就在此領域發布了 200 多種機器學習特性和功能。資料庫也是由 Aurora 推動的一個價值數十億美元的產業。所以我們看到了很大的力量。我們看到使用量成長強勁，其速度一如既往地超過了收入成長，企業遷移的步伐也加快了。因此我想說，以百分比成長率計算，以美元計算，成長非常強勁。從百分比成長來看，去年上半年我們實現了非常強勁的成長。去年上半年我們的成長了約 50%，並且有一些特定的獨特客戶量流經其中，一些客戶的使用率與他們的業務非常高。但在大多數情況下，我們會繼續為所有客戶增加使用量並擴展我們的服務。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證券的賈斯汀波斯特 (Justin Post)。

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

偉大的。幾個問題。我想第一個問題是，當客戶有一天的空閒時間時，他們的行為會發生什麼變化？我假設單位會增加，但是您能否向我們提供有關會發生什麼情況的詳細信息，或者切換到一日遊的類別會發生什麼情況？

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

第二個問題，我們從一些調查中得知，一些較小的商家正在轉向 3P，而從 1P 獲得的訂單較少。你們的業務是否有任何變化，從第一方轉向第三方？

Sure. No, we don't have category specifics to really share with you today on the move to one-day. I did say that generally in Q2, the unit volume was greater than revenue volume. So we did see some lower ASPs. But I think what you're seeing is just a lot more products enter the consideration set for our customers. 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. I've noticed that personally myself, they're just -- with one-day shipments, it's here before you know it. So what categories that hits specifically, we'll have to see over time.

當然。不，在轉向一日遊的過程中，我們今天沒有具體的類別資訊可以與大家分享。我確實說過，一般來說，第二季的銷售量大於營收銷售量。因此我們確實看到了一些較低的平均售價。但我認為，您所看到的只是越來越多的產品進入了我們客戶的考慮範圍。因此，他們可能無法等待兩天的事情，他們可以等待一天，這對亞馬遜網站來說是一個非常有用的功能。我個人注意到，他們只是──一天出貨，不知不覺它就到了。那麼具體影響哪些類別，還需要隨著時間的推移觀察。

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. 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. So as you know, our 3P selection has -- our 3P percent of units has been increasing over time. It increased again in this quarter to 54% of units. 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.

關於您的評論，我假設您指的是供應商，而不是商家，但是 - 從 1P 轉向 3P，但不，不應該 - 我無法強調與渠道轉變相關的任何內容，但我想說的是，我們仍然漠不關心 - 我們是否專注於為客戶提供價格、便利和選擇。無論產品是零售產品還是第三方產品，對我們來說都不是那麼重要，只要有庫存，只要價格有競爭力就好。如您所知，我們的 3P 選擇——我們的 3P 單位百分比一直在增加。本季度，這一比例再次上升至 54%。我們繼續對我們的系統進行大量投資，包括針對零售商和第三方商家，每年為他們投資數十億美元，使亞馬遜成為客戶更好的購物場所，不僅增加供應商的銷售額，也增加第三方商家的銷售額。

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

特別是在 Prime Day，我想你會看到，在我們的新聞稿中，我們從中小型企業購買了超過 20 億美元的產品。因此，當我們獲勝時，我們與供應商合作夥伴以及賣家合作夥伴共同獲勝。

Our next question comes from Jason Helfstein with Oppenheimer.

我們的下一個問題來自奧本海默公司的 Jason Helfstein。

So in the release, you made a comment about automotive and Alexa. Anything you want to elaborate a little more that looks like that could be very interesting opportunity? 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? I know you're past that now.

所以在發布會上，您對汽車和 Alexa 發表了評論。您想進一步詳細說明這是否是一個非常有趣的機會？然後關於印度，新聞稿中有 2 則評論，但您能否評論如何解決過去影響業務的一些問題？我知道你現在已經過去那個階段了。

Yes, let me start with India. So yes, continue to see growth in programs for both sellers -- for our sellers and delivery partners. In the last 18 months, we've doubled the number of paid Prime members, which we're very excited about. 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. 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. So it's a win-win. We've also introduced package-free shipment program in 9 cities. 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.

是的，讓我先從印度說起。所以是的，我們繼續看到針對賣家和配送合作夥伴的計劃的成長。在過去的 18 個月裡，我們的付費 Prime 會員數量增加了一倍，我們對此感到非常興奮。我們在全球銷售計劃上投入了大量資金，該計劃不僅可以幫助印度賣家接觸印度的客戶，還可以幫助印度賣家接觸世界其他地區的客戶。我們在印度啟動了 Amazon Flex，幫助我們的當地合作夥伴遞送包裹，為他們提供就業機會，增加我們為賣家遞送的能力，並提高我們的遞送速度。所以這是一個雙贏的局面。我們也在9個城市推出了無包裹運輸計畫。這將成為我們「零排放」計畫的重要組成部分，我們的願景是讓所有亞馬遜貨物實現淨零碳排放。

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. And it also helps us to create jobs and scale local businesses. So we think there's a lot of shared purpose there and a good quarter where -- looking forward to the Diwali holiday this year. The events we have for Diwali were all in Q4 last year. Some of them are in Q3 this year based on the timing of the holiday. So that's factored into our international -- or excuse me, our revenue growth rate for the quarter.

在政府方面，我們與印度政府的合作使我們對合作和協作感到樂觀，以尋求穩定、可預測的政策，從而能夠繼續投資於我們的技術和基礎設施。它還幫助我們創造就業機會並擴大當地企業規模。因此，我們認為，這裡有很多共同的目標，人們都對今年的排燈節充滿期待。我們為排燈節舉辦的活動都發生在去年第四季。根據假期時間，其中一些是在今年第三季。所以這被計入了我們本季的國際營收成長率——或者不好意思，是本季的營收成長率。

Yes. And Jason, this is Dave. Just quickly on the Alexa point and auto, Alexa is really in more and more places. I think the point you're probably referencing is we're now seeing hundreds of third-party devices with Alexa built in. So that runs the gamut from smart thermostat and other smart home devices, headphones, but also vehicles. 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. 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. 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.

是的。傑森，這是戴夫。只需快速關注 Alexa 點和自動功能，Alexa 就會出現在越來越多的地方。我認為您可能提到的觀點是，我們現在看到數百種內建 Alexa 的第三方裝置。因此，它涵蓋了智慧恆溫器和其他智慧家庭設備、耳機以及車輛等各個方面。因此，我們看到與寶馬和 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。當然，這很大程度上取決於 Alexa 的強大功能，以及能夠提供更大的便利和客戶可以與之互動的接觸點，我們看到使用情況以及客戶與 Alexa 互動的方式都呈現出巨大的發展勢頭，但當你看看更廣泛的第三方設備環境，以及我們在所有這些領域推出的設備時，我們也看到了很多良好的發展勢頭。我認為這是因為 Alexa 一直在變得越來越智能，因此客戶正在享受這種增強體驗的好處。

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. 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? And when does it plateau? How should we be thinking about it as we map it out over the next several quarters? And then you guys made a very intriguing acquisition, the Sizmek acquisition sometime back. Just wondering, how does it fit in the overall strategy? And is the idea to try to build maybe a double-click like-minded model, sorry, using that platform?

請問我兩個簡單問題。您能否將一日送達的成本量化為第三季的指導值，類似於您在第四季對 8 億美元所做的那樣？那什麼時候達到穩定狀態呢？在規劃未來幾季時，我們該如何思考這個問題？然後你們進行了一次非常有趣的收購，即不久前對 Sizmek 的收購。只是想知道，它如何適應整體策略？這個想法是不是想嘗試建立一個雙擊志同道合的模型，抱歉，使用該平台？

Youssef, let me start with your question on one-day. I'm not breaking out the specific cost this quarter as I did last year -- last quarter. Some of this is because it's very hard to pinpoint exactly the lines between one-day and other cost issues. So we're always working within a range. We're confident we were near but just above our $800 million estimate in Q2. And as I said, this is going to take multiple quarters to play out. We had a meaningful step-up in North America in Q2. We'll -- and it was accelerating through the quarter. We'll see more cost in Q3. We'll see about Q4 when we talk -- and everything we know about or anticipate about Q3 is built into our guidance. So I wouldn't break out the dollar term. 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.

優素福，讓我先回答你關於「一天」的問題。我不會像去年（上個季度）那樣公佈本季的具體成本。部分原因是，很難準確區分一日遊成本和其他成本問題之間的界線。所以我們總是在一定範圍內工作。我們相信，我們第二季的營收接近但略高於 8 億美元的預期。正如我所說，這將需要多個季度才能實現。我們在第二季在北美取得了顯著的成長。我們會 — — 而且整個季度它都在加速發展。我們將在第三季看到更多成本。我們將在討論第四季度時關注這一問題——我們對第三季度的所有了解或預期都已納入我們的指導中。所以我不會打破美元的界限。我會在本季結束時告訴您我們看到的成本狀況以及第四季的成本。

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.

我想指出的另一件事是，我們才剛開始進軍國際市場，大部分工作都還在我們面前，儘管速度在第一季度（或者對不起，是第二季度）確實有所加快，並且在第三季度和未來幾個季度會加快更多。

Yes, and then just on Sizmek quickly. We're excited to have acquired the Sizmek ad server and then Sizmek's Dynamic Creative Optimization, or DCO. Customers are going to be able to continue to use those proven products and services. We're invested in the long-term success of Sizmek. And Amazon advertising and Sizmek has many mutual customers, so we know how valued these proven solutions are to their customer base. 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.

是的，然後就快速進入 Sizmek。我們很高興收購了 Sizmek 廣告伺服器以及 Sizmek 的動態創意優化（DCO）。客戶將能夠繼續使用那些經過驗證的產品和服務。我們致力於 Sizmek 的長期成功。而且亞馬遜廣告和 Sizmek 有很多共同的客戶，所以我們知道這些經過驗證的解決方案對他們的客戶群有多重要。因此，我們期待與該團隊合作，並且在未來為廣告商創造新的機會時，我們將分享更多更新。

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

我們的下一個問題來自加拿大皇家銀行資本市場的馬克‧馬哈尼 (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? And I just -- the commentary in the press release about this acceleration from one-day sounds great. It's a little surprising that you would see the reaction that quickly, but maybe this really is -- well, you're obviously seeing it. You're confident that you'll also see it as you roll out into international markets, if you could just comment on that.

嘿，布萊恩，您能否談談您所看到的彈性——您預計在一日遊推出後在國際市場上會看到這種彈性？我只是——新聞稿中關於一日加速的評論聽起來很棒。您會如此迅速地看到反應，這有點令人驚訝，但也許這確實是——嗯，您顯然看到了。您有信心在進軍國際市場時也會看到這一點，您能否對此發表評論？

Sure. The -- of course, the proportion of one-day shipments is higher in international, to begin with, in a lot of our countries. So we will -- we expect it to be very valuable to customers as we add selection into that one-day category. But we think the biggest elasticity is probably in North America where the standard has been 2-day shipping for Prime. So yes, I would say you're faced with the -- you see it every time you go to our site. It's automatically built in. You're surprised by the speed. It's not like you have to search one-day shipping specifically to find out what's available. It's growing, and it's pervasive. So I think what that does is, again, it strengthens your purchase decision. It strengthens the need to not have to go elsewhere to buy a product because you need it quickly. So I think it becomes a part of your routine. At least that's what we're seeing in North America. 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.

當然。當然，首先，在我們許多國家，國際一日送達的比例較高。因此，我們期望，當我們為一日遊類別添加選擇時，它將對顧客非常有價值。但我們認為最大的彈性可能是在北美，那裡的 Prime 送貨標準是 2 天。所以是的，我想說你面臨著——每次你訪問我們的網站時都會看到它。它是自動內建的。你對這個速度感到驚訝。您不需要專門搜尋「一日送達」來了解有哪些可用服務。它正在不斷增長，並且無處不在。所以我認為這會再次強化你的購買決定。它強化了人們不需要去其他地方購買產品的需求，因為你需要盡快得到它。所以我認為它已經成為你日常生活的一部分。至少我們在北美看到的情況是這樣的。我們再次希望，隨著我們將這種能力擴展到越來越多的地區、越來越多的郵遞區號等，增加越來越多的選擇，每個人都能看到我們在大城市已經看到的相同的東西。

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. If you look at Q2, our marketing expense was up 48% year-over-year, and that's a combination of a few things. First, we're continuing to add to our AWS sales and marketing teams. We see great opportunity there to help customers engage with our services and migrate to our products. So we continue to build out our sales force and our marketing programs. We're also adding more and more advertising as we roll out devices and Prime Video -- new Prime Video content, in particular internationally. So we're seeing higher marketing costs. We're also seeing a higher stock-based compensation expense. That was up 36% year-over-year. And you'll see that our headcount grew 13% year-over-year. 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. 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.

不過，我確實想補充一點，因為當我們談論第二季和第三季的營業收入以及單日成本和罰款時，我想強調一下，這裡肯定還有一些其他投資領域正在進行中。如果你看第二季度，你會發現我們的行銷費用年增了 48%，這是多種因素共同作用的結果。首先，我們正在繼續擴大我們的 AWS 銷售和行銷團隊。我們看到了巨大的機會，可以幫助客戶參與我們的服務並遷移到我們的產品。因此，我們將繼續擴大我們的銷售團隊和行銷計劃。隨著我們推出設備和 Prime Video——新的 Prime Video 內容，尤其是在國際上，我們還將添加越來越多的廣告。因此，我們看到行銷成本更高。我們也看到股票薪酬支出增加。與去年同期相比成長了 36%。您會發現我們的員工人數年增了 13%。因此，當你看到我們成長最快的一些領域，例如 Alexa 和 AWS，以及從事機器學習和其他高端技術專案的團隊時，我們的技術人員數量實際上是這個速度的兩倍，或者按總員工人數計算，這個速度幾乎是這個速度的兩倍。因此，我們的員工人數有很多變動，但我們在 AWS、裝置和影片方面的投資尤其強勁。

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

嘿夥計們，只有兩個問題。北美零售業加速成長了 3.5 個百分點，而您提到國際零售業加速成長了 1 個百分點。那麼，我們可以將差異歸因於一天的加速成長嗎？或者除了轉向一日遊之外，北美還發生了其他有機加速事件嗎？

And then, Brian, related to that investing question, AWS operating margin came down a bit. I know they had a tough comp. 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?

然後，布萊恩，與投資問題相關，AWS 的營業利潤率略有下降。我知道他們的比賽很激烈。但是，除了您剛才提到的員工人數問題之外，您還想指出 AWS 本季可能出現的任何波動嗎？

Sure. Let me start with that second question. 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. 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. 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%. So we had that dynamic. Our trailing 12-month growth in that number is 21% after Q2. So it's stepped up from 9% to 21%. So we are starting to see, as I mentioned in earlier calls, that the investment will be stepping up in 2019. So started to see that in Q2. 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.

當然。讓我從第二個問題開始。所以是的，抱歉，AWS 的營業利潤率，就像收入率一樣，是一個快速增長的業務，投資時機不同，在全球擴張、營銷和其他基礎設施方面的投資都會有所不同，而且每個季度都會有所不同。如果您還記得去年的話，我們已經度過了一個時期，我們對 AWS 和亞馬遜整體基礎設施所需的投資都減少了。我沒有確切的數字，但無論如何，哦，對不起，我們的融資租賃（基本上是基礎設施資本租賃的代理）在第一季度增長了 9%，去年全年增長了 10%，而 2017 年我們的增長率為 69%。所以我們有這樣的動態。繼第二季之後，過去 12 個月該數字的成長率為 21%。因此，這一比例從 9% 上升到了 21%。因此，正如我在之前的電話會議中提到的那樣，我們開始看到投資將在 2019 年加大。所以在第二季開始看到這一點。但最大的——我想說對營業利潤影響最大的是 AWS 增加了銷售和行銷人員，此外，在較小程度上，還有股票薪酬，這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. 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. 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. 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.

您對收入成長差異的評論，我的意思是每個國家都有許多不同的因素，很難將北美與國際進行比較。但我想說，我們將營收成長從第一季的 17% 加速到第二季的 20% 很大程度歸功於一日遊的推出及其影響。如果還有其他事情，我們顯然會繼續增加選擇，而且我們再次透過 Prime 福利、視訊和設備與客戶建立起許多互動點，這無疑有助於提高我們的收入運行率和 Prime 會員的保留率。但如果我們要指出第一季的一個不同之處——第二季度，對不起，這是不同的，這顯然是開始——以及單日發貨量的增加。

Our next question comes from Mark May with Citi.

我們的下一個問題來自花旗銀行的馬克‧梅。

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. And just wonder, first, do you generally agree with this? 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? 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? And will this have any meaningful impact in that line's growth, say, in Q3 or the back half of the year?

首先，我猜這是一個組織問題，但我從生態系統中聽到的一些回饋是，亞馬遜的內部組織方式和廣告業務的快速成長（1P、3P）相結合，有時有跡象表明這些內部團隊並不總是一致的，也許這會產生一些問題。我只是想知道，首先，您是否普遍同意這一點？如果是這樣，那麼公司正在採取什麼措施來更好地優化這些日益相關的功能，而這些功能在過去可能並不總是以這樣的方式在內部組織起來的？其次，就訂閱收入而言，我們從去年宣布的價格上漲公告以及去年全年推廣到現有會員中獲得的收益如何？這會對該系列的成長產生任何有意義的影響嗎，例如在第三季或下半年？

Sure. 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?

當然。所以我假設您的第一個問題是關於廣告商與與供應商和賣家互動的團隊之間的協調，這是您的意思嗎？

Exactly. Yes.

確切地。是的。

Okay. 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. So there's always learnings that we have that's why we say it's still Day 1 here. But we're trying to minimize the negative impact on any vendor or seller out there. So I can't comment on any certain -- on exactly what issues you might be talking about. 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. But as we say, they're separately run and they can meet at different points. And sometimes, at certain vendors, perhaps that may get out of hand, get out of sync. But hopefully, that is a temporary condition.

好的。是的，首先，我想說我們首先是以客戶為中心的，但我們需要團隊之間進行良好的協調，我們快速成長，並增加新的東西。因此，我們總是不斷學習，這就是為什麼我們說現在仍然是第一天。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。所以我無法對您所談論的任何特定問題發表評論。我們有專門負責賣家體驗和供應商體驗的團隊，我們認為他們與亞馬遜的廣告團隊合作，很好地銷售了包括廣告在內的全套產品。但正如我們所說，它們是分開運行的，並且可以在不同的點相遇。有時，對於某些供應商來說，情況可能會失控、不同步。但希望這只是暫時的情況。

On subscription revenue, yes, we -- you'll remember, we raised the price of Prime in the U.S. last June from $99 to $119. 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. So yes, that will be a factor that we're comping for the next 12 months. It's offset by the growth in the Prime program itself and the expansion of Prime Benefits -- or the Prime program globally. You may see that we -- may have seen that we launched Prime in United Arab Emirates this quarter. 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.

關於訂閱收入，是的，你會記得，我們​​去年 6 月將美國 Prime 的價格從 99 美元提高到了 119 美元。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接下來的 4 個季度，第二季度的影響較小，而第三季度到今年第二季度的影響較大。是的，這將是我們未來 12 個月競爭的因素。它被 Prime 計劃本身的成長和 Prime Benefits （或全球 Prime 計劃）的擴展所抵消。您可能已經看到我們——可能已經看到我們本季在阿拉伯聯合大公國推出了 Prime。所以這不是什麼——這是我們過去在價格上漲時機上肯定看到過的事情，但它已經包含在我給出的第三季指導中。

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

下一個問題來自羅伯特·W·貝爾德 (Robert W. Baird) 的科林·塞巴斯蒂安 (Colin Sebastian)。

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

我想首先，我好奇地想跟進一下有關 ASP 的評論，如果這些是 - 所述轉變是在同一類別內，或者只是較低的 ASP 意味著多樣化到新的類別。但我的主要問題是展望假期，考慮到一些活動部件、第三方物流和航運生態系統，當然還有向一日送達的過渡，您是否有信心您自己的第一方物流以及第三方合作夥伴有足夠的運力來滿足季節性需求？我們現在是否應該期待亞馬遜航空以更快的速度在配送中心之間運輸貨物？

Yes. 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. So we are confident that we will have the ability to handle seasonal demand. 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. So we're feeling good about Q4. It's a little early to discuss that now, but we certainly had a really good test on Prime Day. It was the 2 biggest days we've ever had. A lot of good work went into Prime Day. A lot of benefit for customers, a lot of benefit for our selling partners, the small business merchants as well. So it was a good test for us.

是的。因此我想說，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以及我們的假期能力以及第二季和第三季。因此我們有信心有能力應對季節性需求。我們正在努力擴大我們的一日運輸能力，增加承運商，在我們自己的 AMZL 能力範圍內增加配送合作夥伴，並讓我們的合作夥伴也擴大他們的能力。所以我們對第四季感到很滿意。現在討論這個問題還為時過早，但我們在 Prime Day 確實進行了非常好的測試。這是我們經歷過的最重要的兩天。我們為 Prime Day 付出了很多努力。這為客戶帶來許多好處，為我們的銷售夥伴和小商家也帶來許多好處。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. 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. I'm always a little leery to put too much into the unit growth number. 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.

抱歉，關於您關於低 ASP 的問題，我想我們還在努力解決這個問題。我的意思是，他們——我的反應是相對於收入的良好成長而言，單位成長率很高，但單位成長率更快。我總是對單位成長數字投入過多精力有些擔心。正如我在其他季度談到的那樣，這個數字不包括 AWS 訂閱服務、廣告和 Whole Foods，這些都是我們成長最快的領域，而且我們還有——或者積極銷售 Kindle Unlimited 和 Amazon Music Unlimited 等訂閱服務，這些服務可能會蠶食單位銷售額。

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.

因此，有許多變動因素，通常會對我們的單位成長數字產生不利影響，但同樣，我們對季度環比增長 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. I'm curious if you could just talk to any changes around expenses and the success of the one-day just doubling down. Or can you just walk through what transpires in the next quarter?

布萊恩，僅就下一季的收入指南而言，它明顯低於我們許多人的水平。我很好奇，您是否可以談談有關費用的任何變化以及一日雙倍投資的成功。或者您能否簡單介紹一下下一季將會發生什麼？

Yes, sure. So again, the biggest individual item is the one-day shipping. 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. 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. Just a lot of things moving -- a lot of moving parts in the fulfillment center world right now and our transportation network. 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. 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. 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. We expected a step-up in 2019. 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. We're seeing more of it in Q2, and we'll see it through the remainder of the year.

是的，當然。所以，再說一次，最大的單項商品是一日送達。正如我之前所說，與第一季相比，我們第二季的出貨量有了顯著成長，但我們仍在努力，第三季在北美的出貨量將比第二季有所成長，國際市場的出貨量也將有更大成長。因此，正如我之前提到的，一日送達量的增加以及額外運輸和運力的相關成本，還有新的成本以及擴大庫存、更貼近客戶等因素。目前，在配送中心世界和我們的運輸網路中，有很多東西在移動——有很多移動的部件。所以這是最大的個人貢獻者，但正如我在第二季的結果中提到的那樣，一些行銷投資、基礎設施支出的增加應該會繼續下去。我們當然有很多需要繼續投資的領域，其中最重要的是我們的 AWS 業務、設備、視訊、許多 Prime 福利的全球擴張以及透過 Whole Foods、Prime Now 和 AmazonFresh 進行的商店和雜貨配送等。所以我想說是的，正如我們在前幾次電話會議中提到的那樣，去年我們在一些關鍵領域的開支有所減少，主要與員工人數增長、基礎設施和履行能力有關。我們預計 2019 年將會有所提升。我們在第一季沒有看到太多這樣的情況，主要是因為時間和季節性以及事情的進展。我們在第二季會看到更多這樣的情況，並且在今年剩餘時間內我們也會看到這樣的情況。

Our final question will come from Eric Sheridan with UBS.

我們的最後一個問題來自瑞銀的 Eric Sheridan。

Maybe a few small questions on the advertising side of the business if I can. How much of the advertising business, if you're willing to say, is driven by domestic sellers and domestic brands versus the international side? Two, how do you think about the video ad revenue opportunity? 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. How do you think about making investments against that possibility or even just the possibility of it being a driver on your platform overall?

如果可以的話，我想問一些有關業務廣告方面的小問題。如果您願意說的話，有多少廣告業務是由國內賣家和國內品牌推動的，有多少是由國際賣家和品牌推動的？二、您如何看待影片廣告的收入機會？我們從許多廣告業人士那裡聽說，你們可能會在今年稍後或明年成為影片廣告領域中更重要的參與者。您如何看待針對這種可能性進行投資，或者只是考慮它是否可能成為您整個平台的驅動力？

Yes, Eric, this is Dave. 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. 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. So I think some interesting areas that we're continuing to put a lot of focus into.

是的，艾瑞克，這是戴夫。我認為從影片廣告開始，我們的一個重點領域是擴大我們為品牌提供的影片和 OTT 產品。我們已經在體育直播和 IMDb TV 方面採取了一些措施，但我們將繼續做一些事情，例如增加更多的 OTT 視訊供應，例如亞馬遜出版商服務集成，簡化第三方應用程式的訪問，並透過 Fire TV 應用程式和 IMDb TV 等增加更多庫存。所以我認為我們將繼續專注於一些有趣的領域。

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. But I think we're really excited about the international opportunity. 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. 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. Improving relevancy on each of those geographic websites is an important thing that we're measuring. So expect to continue to see us look for new ways to be able to roll that out.

關於你問題的第一部分，就地理分佈而言，我的意思是，可以合理地假設，就像我們的許多業務一樣，北美地區的廣告佔了更大的份額。但我認為我們對國際機會感到非常興奮。我們在美國等地推出和推出的許多工具在許多國際地區都可以使用。因此，問題在於繼續與廣告商和品牌合作，不僅要提高知名度，還要了解贊助產品等廣告如何與客戶互動，客戶如何接收訊息，建立我們在這裡多次談論的內容。提高每個地理網站的相關性是我們正在衡量的一件重要的事情。因此，我們期待繼續尋找新的方法來實現這一目標。

Thank you for joining us on the call today 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.

感謝您今天參加我們的電話會議並提出您的問題。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。