亞馬遜 (AMZN) 2019 Q3 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q3 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 年第三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 Q3 2019 Financial Results Conference Call. Joining us today to answer your questions is Brian Olsavsky, our CFO; and Dave Fildes, Director of Investor Relations. 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.

您好，歡迎參加我們的 2019 年第三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。當您收聽今天的電話會議時，我們鼓勵您閱讀我們的新聞稿，其中包括我們的財務表現以及本季度的指標和評論。

Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2018.

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, October 24, 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 10 月 24 日的觀點，並將包含前瞻性陳述。實際結果可能存在重大差異。有關可能影響我們財務表現的因素的更多資​​訊包含在今天的新聞稿和我們向美國證券交易委員會提交的文件中，包括我們最近的 10-K 表年度報告和後續文件。

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

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

Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions. Our results are inherently unpredictable and may be materially affected by many factors, including fluctuations in foreign exchange rates; changes in global economic conditions and customer spending; world events; the rate of growth of the Internet; online commerce and cloud services; and the various factors detailed in our filings with the SEC. Our guidance also assumes, among other things, that we don't conclude any additional business acquisitions, investments, restructurings or legal settlements. It's not possible to accurately predict demand for our goods and services, and therefore, our actual results could differ materially from our guidance.

我們的指導包含了我們迄今為止所看到的訂單趨勢以及我們今天認為合適的假設。我們的結果本質上是不可預測的，並且可能受到許多因素的重大影響，包括外匯匯率波動；全球經濟狀況和客戶支出的變化；世界大事；互聯網的增長率；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 comes from the line of Eric Sheridan with UBS.

（操作員指示）我們的第一個問題來自瑞銀的 Eric Sheridan。

I wanted to know if I can go a little bit deeper in the framework you gave around revenue guidance for Q4. Historically, you have seen deceleration in the year-on-year growth rate in Q4 versus Q3, but many of your businesses look like they reaccelerated in Q3 over Q2. So just wanted to know whether it was AWS or advertising or some of the things in the e-commerce business, whether there are things we should be keeping in front of mind from a headwind or tailwind perspective as we dig through some of the moving pieces in Q4.

我想知道我是否可以更深入地了解您給出的第四季度收入指導的框架。從歷史上看，第四季的年成長率與第三季相比有所放緩，但你們的許多業務在第三季似乎比第二季有所加速。所以我只是想知道它是 AWS 還是廣告或電子商務業務中的一些東西，當我們深入研究第四季度的一些活動部分時，是否有一些事情我們應該從逆風或順風的角度放在首位。

Sure, Eric. Yes. Let me make clear. We are really excited and looking forward to a great holiday season. We feel like we had a great Q3 as well and have made rapid progress on our one-day shipping. The Ops team has done a great job getting us in a position where we're in, and I think it's going to be a great additional service for customers in Q4.

當然，埃里克。是的。讓我解釋清楚。我們真的很興奮並期待一個美好的假期。我們感覺第三季也表現優異，在一日送達服務方面取得了快速進展。營運團隊為我們取得了現在的成績做出了巨大貢獻，我認為這將為第四季度的客戶提供一項很棒的附加服務。

On the guidance front, here's what I would have you keep in mind. If you look back over the last few years and adjust for the acquisition of Whole Foods and Souq, which obscured this a bit in the last couple years. There's been a noticeable drop in run rate between Q2 -- or excuse me, Q3 and Q4 generally along the lines about 300 basis points. We are factoring that in this year. That's just something we're expecting. It's a bit about the law of large numbers and the differential between growth in the holiday season, that very tight few weeks of the holiday season versus the rest of the year, but -- so we factored that in.

在指導方面，我希望您記住以下幾點。如果回顧過去幾年，並考慮到對 Whole Foods 和 Souq 的收購，你會發現過去幾年的情況有些模糊。第二季（或不好意思，第三季和第四季）之間的運作率明顯下降，下降幅度一般在 300 個基點左右。我們今年正在考慮這一點。這正是我們所期待的。這有點與大數定律有關，也與假期季節的成長差異有關，假期季節的那幾週與一年中其他時間相比成長非常緊張，但是——所以我們把這個因素考慮在內了。

And then there's also 2 other issues. The Diwali holiday in India was all in Q4 last year, and a bit of it was in Q3 this year. Also, the Japan consumption tax was raised from 8% to 10% on October 1. And what we saw was a prebuy a bit in Q3 at the end of the quarter. And based on our history with the last time that consumption tax went up many years ago, we've expected a slight negative impact from that tax in Q4 in Japan. So if you wrap those together, we expect it's going to be more of an issue with our international growth rate. I would say it's -- has made -- have helped us by 150 basis points in Q3 and will be a negative headwind of 300 basis points year-over-year in Q4.

另外還有兩個問題。印度的排燈節去年全部在第四季度，今年有一部分在第三季。此外，日本消費稅於 10 月 1 日從 8% 提高到 10%。我們看到，在第三季末出現了一些預購現象。根據我們多年前上一次消費稅上調的歷史，我們預計該稅將在日本第四季產生輕微的負面影響。因此，如果將這些因素綜合起來，我們預計這將對我們的國際成長率產生更大的影響。我想說的是，它已經在第三季度幫助我們實現了 150 個基點的成長，但在第四季度，它將帶來同比 300 個基點的負面阻力。

For the company, it's not as large an issue at -- it's about 40 basis points of favorability in Q3 and it's expected to be about an 80 basis point headwind in Q4.

對該公司來說，這不是什麼大問題——第三季的有利因素約為 40 個基點，而第四季的不利因素預計約為 80 個基點。

So that's a little bit more on our guidance, but again, we're looking -- really looking forward to Q4. I think we're well positioned to make it the best holiday ever for our customers. I think one day should help with holiday shipping. We've got a great new device line up you may have seen announced in September. And on the AWS side, we're looking forward to our re:Invent conference in Las Vegas, where we welcome over 65,000 conference attendees.

這只是我們的一些指導，但我們再次期待——真的很期待第四季度。我認為我們有能力為我們的客戶打造最棒的假期。我認為有一天應該可以幫助解決假期運輸問題。我們推出了一系列出色的新設備，您可能已在九月看到這些設備。在 AWS 方面，我們期待在拉斯維加斯舉行的 re:Invent 大會，屆時我們將迎來超過 65,000 名與會者。

Our next question is from Doug Anmuth with JPMorgan.

下一個問題來自摩根大通的 Doug Anmuth。

Brian, just wanted to ask you kind of more broadly about Prime One-Day, what your biggest learnings have been so far over the past several months as you've been increasing availability. And then how should we think about that availability now when we get into the heart of the holiday season? And can you also just help us understand how that's playing into your operating income guidance for 4Q?

布萊恩，我只是想更廣泛地詢問您有關 Prime One-Day 的問題，在過去幾個月中，隨著您不斷提高可用性，您最大的收穫是什麼。那麼，當我們進入假期高峰期時，我們應該如何考慮這種可用性？您能否幫助我們了解這對您第四季的營業收入預測有何影響？

Sure, sure. Let me start with the second part of that. So we're -- back in Q2, I said that we were estimating an $800 million expense in -- tied to one-day in Q2, and we actually were just above that in Q2.

當然，當然。讓我從第二部分開始。因此，回到第二季度，我說過，我們估計第二季度的單日支出為 8 億美元，而實際上我們在第二季度的支出略高於這個數字。

In Q3, we expected that to grow. We've put it into our guidance, and we hit essentially where we expected on the guidance. So as we head into Q4, we've added what's just nearly $1.5 billion penalty in Q4 year-over-year for the cost of shipping, which is essentially transportation cost, the cost of expanding our transportation capacity, things like adding additional pulls in shifts in our warehouses, the cost of forward deploying inventory closer to customers. There's a lot of tangential costs. But by and away, the biggest expenses is on the actual transportation cost.

在第三季度，我們預計這一數字將會成長。我們已將其納入我們的指導中，並且基本上達到了我們預期的指導目標。因此，當我們進入第四季度時，我們在第四季度增加了近 15 億美元的罰款，用於支付運輸成本，這基本上是運輸成本，擴大運輸能力的成本，例如在我們的倉庫中增加額外的輪班，將庫存預先部署到更靠近客戶的成本。有很多間接成本。但總的來說，最大的開支是實際運輸成本。

So we've built that into our Q4 guidance estimate. But we're very pleased with the customer response to one-day. You can see it in our revenue acceleration and also in our unit growth acceleration. Once again, the Ops team has really done yeoman's work here to create this capacity for us, and they continue to unlock additional capacity daily. We're expecting that it will be, again, a great help to customers in Q4. We have seen Prime members increase their orders, spend more, so they must also see it as a real help to them in their daily lives.

因此我們將其納入了第四季度的指導估計中。但我們對客戶對一日遊的反應感到非常滿意。您可以從我們的收入加速和單位成長加速中看到這一點。再次，Ops 團隊確實在這裡做了大量工作來為我們創造這種容量，並且他們每天都在繼續解鎖額外的容量。我們預計它將在第四季度再次為客戶提供巨大幫助。我們看到 Prime 會員的訂單增加了，消費也增加了，因此他們一定也將其視為對日常生活的真正幫助。

Our next question comes from the line of Youssef Squali with SunTrust Robinson Humphrey.

我們的下一個問題來自 SunTrust Robinson Humphrey 的 Youssef Squali。

Brian, just a couple of quick ones. Of the 400 basis point sequential acceleration growth, can you help us just understand maybe how much of that was driven by Prime Day, which I think you guys said was a record day for you versus one-day shipping. Just trying to extract one versus the other because, obviously going into Q4, you're only going to have the latter.

布萊恩，我只想簡單問幾個問題。在 400 個基點的連續加速增長中，您能否幫助我們了解其中有多少是由 Prime Day 推動的，我認為你們說過，與單日送達相比，Prime Day 是創紀錄的一天。只是試圖提取其中一個而不是另一個，因為顯然進入 Q4，你只會得到後者。

And then on a lot of news around counterfeit and whatnot on the site, can you just help quantify that for us if there is a way for you to do that? And is the higher OpEx for Q4 also driven, at least in part, by the higher investment to combat that?

然後，關於網站上關於假冒產品等的大量新聞，如果有辦法的話，您能幫我們量化一下嗎？第四季營運支出增加是否也至少部分是由於為應對此問題而增加的投資所致？

Yes, sure. So on the second one, I would say, the -- we're certainly very diligent on the -- trying to catch counterfeit products. I would put a lot of effort into that. We put a lot of human effort. We put a lot of machine learning and algorithmic effort into that as well. But I would say the bigger investments in Q4 are certainly twofold, one, around the AWS -- excuse me, the one-day shipping that I just mentioned. The other would be on AWS. We have -- we continue to invest in AWS. If you look at the progression of our operating margin in that business, we've reached a high of 31% last Q4 -- or excuse me, Q3. That was a time when we were -- as we mentioned at that time, it was very efficient. We had been banking some savings from forward investments in infrastructure in 2017. We continue to feel really good about not only the top line but also the bottom line in that business, but we are investing a lot more this year in sales force and marketing personnel mainly to handle a wider group of customers, a increasingly wide group of products. We continue to add thousands of new products and features a year, and we continue to expand geographically.

是的，當然。因此，關於第二點，我想說，我們確實非常努力地打擊仿冒品。我會為此付出很多努力。我們付出了很多人力。我們也為此投入了大量的機器學習和演算法努力。但我想說，第四季更大的投資肯定是雙重的，一是圍繞 AWS——對不起，就是我剛才提到的一日送達服務。另一個將在 AWS 上。我們已經—我們將繼續投資 AWS。如果你看一下我們該業務的營業利潤率的進展，我們會發現去年第四季（對不起，是第三季）的營業利潤率已經達到了 31% 的高點。那時我們 — — 正如我們當時提到的那樣，效率非常高。我們從 2017 年對基礎設施的前期投資中累積了一些儲蓄。我們對業務的營收和利潤都感到非常滿意，但今年我們在銷售隊伍和行銷人員方面的投資大幅增加，主要是為了應對更廣泛的客戶群和越來越廣泛的產品群。我們每年都會持續增加數千種新產品和新功能，並且不斷擴大地理範圍。

So the biggest impact that we saw in Q3 year-over-year in the AWS segment was tied to costs related to sales and marketing year-over-year and also, to secondary extent, infrastructure, which, if you look at our capital leases or equipment leases line, it grew 30% on trailing 12-month basis in Q3 of this year, and that was 9% last year. So there's been a step-up in infrastructure cost to support the higher usage demand. So we see those trends continuing into Q4, and that's essentially probably the other element of operating income year-over-year that's shorter than in prior quarters.

因此，我們在 AWS 部門第三季度看到的最大同比影響與銷售和行銷相關的成本以及基礎設施相關成本有關，如果你看看我們的資本租賃或設備租賃線，今年第三季度它在過去 12 個月的基礎上增長了 30%，去年同期為 9%。因此，為了滿足更高的使用需求，基礎設施成本不斷增加。因此，我們認為這些趨勢將持續到第四季度，這基本上可能是營業收入比去年同期增幅低於前幾個季度的另一個因素。

Our next question comes from Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. Just to go back to the one-day cost, appreciate the color. Be curious to hear about how you think about what portion of these costs are sort of transitory versus structural. It sounds like there are some shipping costs in there. Can you just sort of talk to some of the steps you have to take over the next 1 to 2 years to get the one-day shipping cost closer to what they used to be for two day? And how do you think about how long it's going to take? Then secondly on one day, I think it's mostly U.S. to date. Is that right? And then if not, how do we think about sort of timing and pushing more internationally?

我有2個，只為了回饋一天的費用，欣賞一下色彩。我很想知道您如何看待這些成本中哪些部分是暫時性的，哪些部分是結構性的。聽起來這裡面有一些運輸費用。您能否談談在未來 1 到 2 年內需要採取哪些措施，以使一日送達的運費更接近兩日送達的運費水準？您認為這需要多長時間？其次，我認為迄今為止，這主要是在美國。是嗎？如果沒有，我們該如何考慮時機以及如何進一步推動國際化？

Sure. Yes, most of the expense has been in international -- or excuse me, in the U.S., but we have also increased our one-day selection internationally. We're starting to see some benefits from that. But I would say, the biggest impact so far both on the top line lift and also the bottom line cost is in the U.S.

當然。是的，大部分的開支都花在國際上——或者對不起，是在美國，但我們也增加了國際上的一日遊選擇。我們開始看到其中的一些好處。但我想說，到目前為止，對營業收入成長和利潤成本影響最大的是美國。

We're still learning here on the one-day cost as we go about what the long-term cost structure will be. We have -- we know we have temporary cost in the short run as we do things like forward deploy inventory, get greater inbound into those warehouses, set up new Amazon Logistics, AMZL capacity staff, multiple shifts so that we can have later pull times to hit one-day cutoffs, things like that, adding sort centers.

我們仍在研究一天的成本，並了解長期成本結構。我們知道，短期內我們會有暫時的成本，因為我們會做一些事情，例如提前部署庫存，讓更多的貨物進入這些倉庫，建立新的亞馬遜物流、AMZL 容量員工、多班次，這樣我們就可以有更晚的拉動時間來達到一天的截止時間，諸如此類的事情，增加分類中心。

So it's a drastic change to the whole network topology that we're glad to do and working through it. And we've been down this road before obviously in a number of different incarnations in Amazon's history. So we will keep you posted on a quarterly basis as best we can, but right now, all I'm really forward guiding is for Q4.

因此，這是對整個網路拓撲的重大改變，我們很高興能夠這樣做並努力實現它。顯然，在亞馬遜歷史上多個不同的時期，我們都曾經走過這條路。因此，我們將盡力按季度向您通報最新情況，但目前，我真正要預測的是第四季度的情況。

Our next question comes from the line of Heath Terry with Goldman Sachs.

我們的下一個問題來自高盛的希思·特里。

I know most of the focus on one day has been on speed, but based on the vans we're all seeing, it would seem that the shift to more of your own last-mile infrastructures may be the bigger part of this. As it scales and you get to higher levels of efficiency and utilization, does that become margin accretive or profitability accretive relative to using third parties almost exclusively in the way that you have in the past? And then this was also a very big hiring quarter for you, 100,000 people. Can you give us a sense of where those people are going relative to AWS fulfillment, retail, kind of understanding sort of where they've been prioritized?

我知道一天中大部分的焦點都集中在速度上，但根據我們所看到的貨車，似乎轉向更多自己的最後一英里基礎設施可能是其中更重要的部分。隨著規模的擴大和效率與利用率的提高，與過去幾乎完全使用第三方相比，這是否會增加利潤或提高獲利能力？這對你們來說也是一個非常大的招募季度，招募人數達 10 萬人。您能否告訴我們這些人相對於 AWS 履行、零售方面的工作方向，以及他們的優先順序？

Sure. Thank you for your questions, Heath. On the first question, I think it boils down to whether we'll be competitive long term with other options out there. Yes, we will be. We believe that in many cases we already are and places where we have very high AMZL percentages, the U.K. for instance. There, in some cases, there's -- we're lacking alternative options for the type of delivery that we're doing. But in the long run, we're going to have a combination both of our own capacity certainly fueled by -- helped with third-party carriers, large carriers that we've used in the past.

當然。謝謝你的提問，希思。關於第一個問題，我認為歸根結底是我們是否能夠與其他選擇保持長期競爭力。是的，我們會的。我們相信，在很多情況下我們已經做到了這一點，而且在 AMZL 百分比非常高的地方，例如英國。在某些情況下，我們對於正在進行的交付類型缺乏其他選擇。但從長遠來看，我們將結合我們自己的運力，並藉助第三方承運商，也就是我們過去使用過的大型承運商的幫助。

So we see a role for all carriers. In fact, including the delivery service partner program that we've developed to help spur small businesses to help fill this need as well. So -- but on the cost side, yes, it's going to be the route density, and other things will improve over time and get our cost structure down. But for now there's certainly some start-up pain in adding new capacity.

因此，我們看到了所有運營商的作用。事實上，包括我們開發的送貨服務合作夥伴計劃在內的計劃也是為了幫助刺激小型企業來滿足這一需求。所以——但在成本方面，是的，這將是路線密度，其他事情將隨著時間的推移而改善，並降低我們的成本結構。但就目前而言，增加新產能肯定會帶來一些初期困難。

On the headcount question, yes, we increased, as you said, close to 100,000 people in Q3, and we're up 22% year-over-year. In the past, I've pointed to investments in technology teams, and that's certainly part of it. But by and away, the biggest driver this time is the people that we're adding for fulfillment and transportation roles, especially as we head into Q4 and add this additional transportation capacity to service one day.

關於員工人數的問題，是的，正如您所說，我們在第三季度增加了近 100,000 名員工，年增 22%。過去，我曾指出對技術團隊的投資，這當然是其中的一部分。但總的來說，這次最大的驅動力是我們為履行和運輸角色增加的人員，特別是當我們進入第四季度並有朝一日增加額外的運輸能力以提供服務時。

Our next question comes from Steven Ju with Crédit Suisse.

下一個問題來自瑞士信貸的 Steven Ju。

So Brian, wondering if you can weigh in on the puts and takes on the long-term potential margin for AWS. When this was first launched, it pretty much sold itself, and now you are employing a greater number of salespeople and with that, I guess, the incremental marketing dollars. But -- and on the other hand, it seems like the engineering talent hiring just slowed down over time. So I'm just wondering if you can weigh in on the -- on what's coming in and what's coming out.

那麼 Brian，想知道您是否可以對 AWS 的長期潛在利潤做出評估。當該產品首次推出時，它基本上是自動銷售的，現在你僱用了更多的銷售人員，我想，隨之而來的是增加的行銷費用。但是——另一方面，工程人才的招募似乎隨著時間的推移而放緩。所以我只是想知道您是否可以對即將發生的事情和即將發生的事情發表看法。

Yes, sure. I would say the margins -- our margins expectations are that we will price competitively and continue to pass along pricing reductions to customers both in the form of absolute price reductions and also in the form of new products that will, in effect, cannibalize the old ones. And we're -- we also see a point out that in -- increasingly, what we're doing is renegotiating or negotiating incremental price decreases for customers who then commit to us long term. And if you look in our disclosure on our 10-Q, it shows that we have $27 billion in future commitments for AWS -- from AWS customers, and that's up 54% year-over-year. So that's another thing to watch. It's not only the short-term commitment but also the long-term commitment that we see.

是的，當然。我想說的是利潤率——我們的利潤率預期是，我們將以具有競爭力的價格，並繼續將降價傳遞給客戶，既以絕對降價的形式，也以新產品的形式，實際上，新產品將蠶食舊產品。我們也看到，我們正在越來越多地為那些與我們建立長期合作關係的客戶重新談判或協商逐步降低價格。如果你查看我們的 10-Q 揭露，你會發現我們來自 AWS 客戶的未來對 AWS 的承諾金額為 270 億美元，年增 54%。這是另一個值得關注的事情。我們看到的不僅是短期承諾，還有長期承諾。

On the rest of the P&L there, again, we have, I believe, some of the best infrastructure people in the industry, if not, the best. We're continually driving up efficiency and lowering down -- lowering costs, and we see that in our bottom line. The sales and marketing investment, we're chasing a large opportunity here, and that will be, as we say, bumpy as we go along. But we're fully confident that, that will be a very leveraged cost as we get to scale. So -- and then on technology side, as you said, yes, we will continue to invest in tech, SDEs and software engineers to build these products that customers love, continue to respond to their demands, and that'll push our -- inform our product portfolio.

至於其餘的損益表，我相信，我們擁有業界最優秀的基礎建設人員，即使不是最好的。我們不斷提高效率並降低成本，我們從我們的底線中看到了這一點。我們正在追逐銷售和行銷投資的一大機遇，正如我們所說，這一進程將會充滿坎坷。但我們完全有信心，隨著規模的擴大，這將是一筆非常有槓桿的成本。所以 — — 在技術方面，正如您所說，是的，我們將繼續投資技術、SDE 和軟體工程師來打造客戶喜愛的產品，繼續回應他們的需求，這將推動我們的產品組合。

Our next question is from Lloyd Walmsley with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Lloyd Walmsley。

Can you talk about the key drivers of the acceleration in what looks like advertising revenue within "Other?"[KJ1] And related to that, the press release mentions, I think, you now have 37 million Fire Stick users worldwide. So can you talk about maybe how much ad inventory you've been able to get inside of networks within that? And how meaningful is this to the overall kind of advertising strategy?

您能否談談「其他」廣告收入成長的關鍵驅動因素？ [KJ1] 與此相關，新聞稿中提到，我認為，你們現在在全球擁有 3,700 萬 Fire Stick 用戶。那麼，您能否談談您能夠在該網路內獲得多少廣告庫存？這對於整體廣告策略有何意義？

Yes, sure. Let me start with the first question on advertising. So "Other Revenue," [KJ2]which is principally advertising, grew 45% this quarter, up from 37% last quarter. And the biggest thing in there is advertising, and advertising grew at rate higher than that, 45%. So we're very happy with the progress in the advertising business, continue to focus on inventing advertising experiences that are helpful for customers, helping them to see new products. We want to empower our businesses to find, attract and engage these customers. And it's increasingly popular with vendors, sellers and third-party advertisers. So it's still early, and what we're focused on really at this point is relevancy, making sure that the ads are relevant to our customers, helpful to our customers. And to do that, we use machine learning, and that's helping us to drive better and better relevancy.

是的，當然。我先從廣告的第一個問題開始。因此，「其他收入」[KJ2]（主要是廣告）本季成長了 45%，高於上一季的 37%。其中最大的貢獻是廣告，廣告成長率高達 45%。因此，我們對廣告業務的進展感到非常高興，並將繼續專注於創造對客戶有幫助的廣告體驗，幫助他們了解新產品。我們希望讓我們的企業能夠找到、吸引並留住這些客戶。它越來越受到供應商、賣家和第三方廣告商的歡迎。所以現在還為時過早，我們目前真正關注的是相關性，確保廣告與我們的客戶相關，對我們的客戶有幫助。為了做到這一點，我們使用機器學習，這有助於我們提高相關性。

Yes, and then Lloyd, hey, Dave -- this is Dave. Just quickly on Fire TV, I mean I have to start with the fact that we did recently introduce 20 new Fire TV products. That includes the new -- the first Fire TV Edition soundbar, Fire TV Cube. So a number of things have come out recently we're really excited to get into customers' hands. So more to come there.

是的，然後是勞埃德，嘿，戴夫——這是戴夫。快速介紹一下 Fire TV，我的意思是我必須先說明我們最近確實推出了 20 款新的 Fire TV 產品。其中包括新款－第一款 Fire TV Edition 長條音箱、Fire TV Cube。最近我們推出了許多新產品，我們非常高興能夠將它們送到客戶手中。未來還會有更多。

I think specifically on the advertising side and the opportunity with that, we are continuing to see some increased adoption. One of our areas of focus is expanding our video and OTT offerings for brands. It's still early in the space, but we've done a few things with IMDb TV, live sports, things like adding more inventory through Fire TV apps and as I said, IMDb TV, adding more OTT video supply through Amazon Publisher Services or APS integrations and streamlining access for third-party apps and really just making it easier for advertisers to manage their campaigns and provide better results. So as I said, early days, but I think with the engagements of the device community, the fact that we're really excited with the progress and improvements of these devices, I think, yes, we gain a lot of opportunity there.

我認為，特別是在廣告方面以及隨之而來的機會方面，我們將持續看到採用率的提高。我們的重點領域之一是擴大為品牌提供的影片和 OTT 產品。該領域還處於早期階段，但我們已經對 IMDb TV、體育直播做了一些事情，例如透過 Fire TV 應用程式增加更多庫存，正如我所說，IMDb TV，透過亞馬遜出版商服務或 APS 整合增加更多 OTT 應用程式增加更多庫存，正如我所說，IMDb TV，透過亞馬遜出版商服務或 APS 整合增加更多 OTT 視訊供應，簡化第三方應用程式的訪問，實際上只是讓廣告商更容易管理他們的廣告活動並獲得更好的效果。正如我所說，雖然還處於早期階段，但我認為隨著設備社群的參與，我們對這些設備的進步和改進感到非常興奮，是的，我們在那裡獲得了很多機會。

Our question comes from Scott Devitt with Stifel.

我們的問題來自 Stifel 的 Scott Devitt。

There's been a meaningful reacceleration in paid unit growth in the past 2 quarters with the expansion of the one-day guarantees from Prime customers and just wondering if consumers are responding more in certain categories that you would highlight over others. Or is the response fairly broad based across the product categories where one day has been expanded?

過去兩個季度，隨著 Prime 客戶的一日送達保證範圍擴大，付費單位成長出現了顯著的加速，我只是想知道消費者是否對某些您會強調的類別的反應更為積極。或者，在延長一天的產品類別中，回應是否相當廣泛？

Scott, yes, what I can tell you is that, yes, the unit growth has been reaccelerated in the last 2 quarters. And actually, the Amazon fulfilled unit growth is growing at a higher clip. So we do attribute it to one day. We're seeing broad sales across all categories. So yes, there's been some reduction in the threshold for some low ASP items that we've been doing separately over the last 6 months that have spurred some sales in lower ASP items. But we think that is, again, the right decision for customers, especially over the long term.

史考特，是的，我可以告訴你的是，是的，過去兩個季度單位成長已經重新加速。實際上，亞馬遜配送單位的成長速度更快。所以我們確實將其歸因於一天。我們看到所有類別的銷售情況都很普遍。是的，過去 6 個月我們單獨降低了一些低 ASP 商品的門檻，這刺激了低 ASP 商品的銷售。但我們認為，這對客戶來說仍然是正確的決定，特別是從長遠來看。

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)。

I want to go back to AWS. When asked about the margins, you referred to -- Brian, you first referred to bringing down prices. Have you seen anything different in terms of the level of price competition? Could you talk about what kind of traction you've had building out into the enterprise? And I know it's a broad question, but take a shot at it. And the third part of this is your interest and your success in going in and generating more app -- going up the stack and getting more into the application software space, all that AWS related.

我想回到 AWS。當被問及利潤時，您提到—布萊恩，您首先提到降低價格。您是否看到價格競爭水平有什麼不同？您能否談談您在企業中取得了哪些進展？我知道這是一個很廣泛的問題，但請試著回答。第三部分是您的興趣以及您在進入和產生更多應用程式方面的成功 - 提升堆疊並進入更多應用軟體領域，所有這些都與 AWS 相關。

Sure. So yes, I would say my comments around pricing were as much mix as absolute price decreases or competitive price pressures. It's certainly a competitive market that we see and we've seen for really a number of years. So everyone is very sharp on their pricing, is very eager to lock up long-term commitments from AWS customers. We do it with a combination of price and capability that we think is unmatched. So the bigger element of that really is around us creating new products and services that are cheaper and less expensive than the old ones. So there's a certain bit of mix issue that we're always up against.

當然。所以是的，我想說我對定價的評論與絕對價格下降或競爭價格壓力一樣多。我們看到這確實是一個競爭激烈的市場，而且我們已經看到這個市場很多年了。因此，每個人都對定價非常敏銳，非常渴望鎖定 AWS 客戶的長期承諾。我們將價格和性能完美結合，我們認為這是無與倫比的。因此，其中更重要的因素實際上是我們創造比舊產品和服務更便宜、更便宜的新產品和服務。因此，我們總是面臨一些混合問題。

But again, on the -- and your question on enterprise penetration. I think the enterprise, we're making great progress there. It's going to be hard to -- on revenue growth, it's going to fluctuate quarter to quarter. It's hard to predict the pace of some of the sales cycles and the enterprise migrations that companies are willing to make or some are faster than others and some have other work to do before they can migrate. So there's a lot of factors at play there on the enterprise business. But we are having great success, and we're adding a lot of the sales force -- or sales representatives, especially for the enterprise market.

但再次，關於企業滲透率的問題。我認為我們在企業方面正在取得巨大進步。收入成長將會很困難，因為它每季都會波動。很難預測某些銷售週期和企業遷移的速度，有些公司願意進行這些遷移，有些公司的速度比其他公司快，而有些公司在遷移之前還有其他工作要做。因此，有許多因素在影響企業業務。但我們取得了巨大的成功，我們正在增加大量銷售人員或銷售代表，特別是針對企業市場。

Yes. And Mark, hey, this is Dave. Just really quickly just in terms of your question on the stack. I mean I think for really since as long as AWS has been around, we really pride ourselves in getting really top, high-caliber people, both the technical side but also salespeople, that are plugged in and listening to customers, understanding issues that are emerging, having open lines of communication. And that's really allowed us to innovate quickly and really faster than anyone else. And we see that in terms of the services and feature breadth and depth that we have. So a lot of the focus for us is really making sure that that flywheel keeps spinning and that we continue to roll out a lot of great services that customers are looking for. So I think that's largely what dictates our road map and making sure that we give ourselves autonomy and availability to look to new areas and stay on the cusp of whether it's kind of emerging technologies or really just our customer needs or pain points that need to be solved.

是的。馬克，嘿，這是戴夫。就您關於堆疊的問題而言，我非常快速地回答一下。我的意思是，我認為自從 AWS 出現以來，我們就一直為擁有真正頂尖、高素質的人才而感到自豪，這些人才既包括技術人員，也包括銷售人員，他們積極傾聽客戶的意見，了解新出現的問題，並保持開放的溝通管道。這確實使我們能夠比其他任何人都更快地進行創新。我們從我們所提供服務和功能的廣度和深度上看到了這一點。因此，我們的重點實際上是確保飛輪繼續旋轉，並繼續推出客戶所期望的大量優質服務。所以我認為這很大程度上決定了我們的路線圖，並確保我們擁有自主權和可用性來探索新領域並始終處於前沿，無論是新興技術還是僅僅是我們的客戶需求或需要解決的痛點。

Our next question comes from Colin Sebastian with Baird.

我們的下一個問題來自貝爾德的科林·塞巴斯蒂安。

Maybe first as a follow-up on the logistics and delivery side. Wondering if you'd give us some sense for the portion of SKUs in the U.S. or orders in the U.S. that are now delivered through your own network of drivers and partners. And then secondly, there have been some reports that Amazon is or, on occasion, is delivering products for other merchants or suppliers not specifically tied to an Amazon order. So just wondering if you view this as another potential opportunity down the road as you get excess capacity on the logistics side.

也許首先作為物流和交付方面的後續工作。想知道您是否可以告訴我們目前透過您自己的司機和合作夥伴網路交付的美國 SKU 或美國訂單的比例。其次，有報道稱，亞馬遜正在或偶爾為其他商家或供應商運送產品，而這些商家或供應商並非專門與亞馬遜訂單掛鉤。所以我想知道，隨著物流方面產能過剩，您是否將此視為未來的另一個潛在機會。

Yes, Colin. Hey, it's Dave. Thanks for the question. On that second point in terms of how we think about the capacity we might have for our own, I think I'd start with we've got a great relationship with third-party carriers across the countries where we operate. Over time, I think we'll look and expect to be able to grow our internal volumes using AMZL or Amazon Logistics but also continue to grow our 3P volumes with carriers and transporters around the world. But our focus is really on ensuring that we've got capacity from available resources, whether it's our own or our great -- our carrier partners to be able to serve the small- and medium-sized businesses in the 3P realm but also the first-party items that we're receiving orders from customers, making sure we're able to deliver those things quickly and reliably.

是的，科林。嘿，我是戴夫。謝謝你的提問。關於第二點，也就是我們如何看待自己的運力，我想首先要說的是，我們與我們經營所在國家的第三方業者建立了良好的關係。隨著時間的推移，我認為我們將期待並期望能夠利用 AMZL 或亞馬遜物流來增加我們的內部運輸量，同時還能繼續透過與世界各地的承運商和運輸商合作來增加我們的 3P 運輸量。但我們的重點實際上是確保我們擁有可用資源的能力，無論是我們自己的資源還是我們的優秀運營商合作夥伴，都能夠為 3P 領域的中小型企業提供服務，同時也能為我們從客戶那裡收到訂單的第一方產品提供服務，確保我們能夠快速可靠地交付這些東西。

Our final question will come from Justin Post of Bank of America Merrill Lynch.

我們的最後一個問題來自美銀美林的賈斯汀·波斯特。

I'll grab you a couple here. Just wondering back on the shorter holiday season. Do you think that's going to be a headwind for overall online sales in the quarter? Anything specific to Amazon? And then secondly, just thinking about the regulatory environment. I wonder if you can just comment on the opportunities and the competitiveness for third-party sellers. Are there other platforms that you see for them? And how do you think about their profitability on Amazon if you can comment on that at all?

我在這裡給你拿幾個。只是想回顧一下較短的假期。您認為這會對本季的整體線上銷售造成不利影響嗎？有什麼特別針對亞馬遜的嗎？其次，考慮監管環境。我想知道您是否可以評論一下第三方賣家的機會和競爭力。您還為他們考慮過其他平台嗎？如果您可以對此發表評論，您如何看待他們在亞馬遜上的盈利能力？

Sure. Yes. On third party, I would say we only succeed if the third-party seller succeeds. So we're heavily invested in them as they are in us. So we are constantly investing on their behalf, adding new projects -- products and features, and we're cognizant of their economics as well, and we want a business that works for both of us, and we set our fees accordingly.

當然。是的。關於第三方，我想說，只有第三方賣家成功，我們才能成功。因此，我們對他們投入了大量資金，正如他們對我們投入了大量資金一樣。因此，我們不斷為他們進行投資，增加新項目——產品和功能，我們也了解他們的經濟狀況，我們希望開展一項對雙方都有利的業務，並據此設定費用。

So I think that we've -- and I'll also point out that with the one-day, the increase in one-day, sellers have participated in that as much as anyone else -- I mean as much as our 1P offering. So it's been a great boon for sellers as well as particularly our FBA program.

所以我認為我們已經——我還要指出的是，隨著一日交易的增加，賣家的參與程度與其他人一樣高——我的意思是與我們的 1P 服務一樣高。因此，這對賣家以及我們的 FBA 計劃來說是一個巨大的福音。

On the holiday season question, we are not anticipating that the move of the shorter time period between Thanksgiving and Christmas Day is going to be that impactful. What we've found in the past is that there's generally a holiday budget that is spent somewhere between November 15 and -- or November 1 maybe and December 25. And while certainly Black Friday and Cyber Monday are important dates in that holiday period, there's -- the purchases tend to move around. Some have been moving early in the quarter. Some have been moving later in the quarter as customers count on and receive very quick shipments at the end and have higher faith in delivery just before the holidays. So that's all the color. That's what's anticipated in our guidance that we've given.

關於假期問題，我們預計感恩節和聖誕節之間較短的時間段不會產生太大影響。我們過去發現，假期預算一般是在 11 月 15 日至 11 月 1 日至 12 月 25 日之間花費的。雖然「黑色星期五」和「網路星期一」無疑是假期期間的重要日期，但購買量往往會有所變化。一些公司在本季初就已開始採取行動。由於客戶期望在季度末能夠快速收到貨物，並且對假期前的交貨更有信心，因此部分客戶在本季末開始採取行動。這就是全部的顏色。這就是我們給予的指導中所預期的。

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。

[KJ1]This is referring to a financial line item on our earnings release. Not sure how you guys would prefer to format this.

[KJ1]這指的是我們收益報告中的一項財務項目。不確定你們希望如何格式化它。

[KJ2]Same comment as above. How do you prefer to format this name of our financial line item?

[KJ2]與上述評論相同。您希望如何格式化我們的財務項目名稱？