亞馬遜 (AMZN) 2019 Q3 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 Q3 2019 Financial Results Teleconference.

大家好，歡迎來到 Amazon.com 2019 年第三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 Q3 2019 Financial Results Conference Call.

您好，歡迎參加我們的 2019 年第三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, October 24, 2019, only and will include forward-looking statements.

我們對您的問題的評論和答复僅反映了管理層截至 2019 年 10 月 24 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 comes from the line of Eric Sheridan with UBS.

（操作員說明）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.

我想知道我是否可以更深入地了解您圍繞第四季度收入指導提供的框架。

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.

從歷史上看，您已經看到第四季度與第三季度的同比增長率有所放緩，但您的許多業務看起來在第三季度比第二季度重新加速。

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.

所以只是想知道是 AWS 還是廣告還是電子商務業務中的一些事情，當我們挖掘一些動態的部分時，是否有一些事情我們應該從逆風或順風的角度來考慮在第四季度。

Sure, Eric.

當然，埃里克。

Yes.

是的。

Let me make clear.

讓我說清楚。

We are really excited and looking forward to a great holiday season.

我們真的很興奮，並期待著一個美好的假期。

We feel like we had a great Q3 as well and have made rapid progress on our one-day shipping.

我們覺得我們也有一個很棒的第三季度，並且在我們的一日發貨方面取得了快速進展。

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.

Ops 團隊做得很好，讓我們處於我們所處的位置，我認為這將是第四季度為客戶提供的一項很棒的附加服務。

On the guidance front, here's what I would have you keep in mind.

在指導方面，這是我希望您牢記的。

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.

如果你回顧過去幾年並為收購 Whole Foods 和 Souq 進行調整，這在過去幾年中有點模糊了這一點。

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.

第二季度之間的運行率明顯下降——或者對不起，第三季度和第四季度總體上下降了大約 300 個基點。

We are factoring that in this year.

我們將在今年考慮到這一點。

That's just something we're expecting.

這只是我們所期待的。

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.

這有點關於大數定律和假日季節增長之間的差異，假日季節的幾週與一年中的其他時間非常緊張，但是 - 所以我們考慮了這一點。

And then there's also 2 other issues.

然後還有另外兩個問題。

The Diwali holiday in India was all in Q4 last year, and a bit of it was in Q3 this year.

印度的排燈節假期都在去年第四季度，今年第三季度有一點。

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.

此外，日本消費稅於 10 月 1 日從 8% 提高到 10%。我們看到的是第三季度末的預購。

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.

根據我們多年前上一次消費稅上調的歷史，我們預計日本第四季度的消費稅會產生輕微的負面影響。

So if you wrap those together, we expect it's going to be more of an issue with our international growth rate.

因此，如果您將它們匯總在一起，我們預計這將成為我們國際增長率的更大問題。

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.

我會說它 - 已經 - 在第三季度幫助了我們 150 個基點，並且在第四季度將同比下降 300 個基點。

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.

對於該公司來說，這並不是一個大問題——第三季度的好感度約為 40 個基點，預計第四季度的逆風約為 80 個基點。

So that's a little bit more on our guidance, but again, we're looking -- really looking forward to Q4.

所以這對我們的指導有點多，但我們再次期待 - 非常期待第四季度。

I think we're well positioned to make it the best holiday ever for our customers.

我認為我們已經準備好讓它成為我們客戶有史以來最好的假期。

I think one day should help with holiday shipping.

我認為有一天應該有助於假日運輸。

We've got a great new device line up you may have seen announced in September.

我們有一個很棒的新設備系列，您可能已經在 9 月看到過。

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.

在 AWS 方面，我們期待在拉斯維加斯舉行 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.

我們的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.

布賴恩，只是想更廣泛地問您有關 Prime One-Day 的問題，在過去幾個月中，隨著您的可用性不斷提高，您最大的收穫是什麼。

And then how should we think about that availability now when we get into the heart of the holiday season?

那麼當我們進入假日季節的中心時，我們現在應該如何考慮這種可用性？

And can you also just help us understand how that's playing into your operating income guidance for 4Q?

您是否也可以幫助我們了解這對您第四季度的營業收入指導有何影響？

Sure, sure.

一定一定。

Let me start with the second part of that.

讓我從第二部分開始。

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.

所以我們 - 在第二季度，我說我們估計在第二季度的一天費用為 8 億美元，實際上我們在第二季度略高於這一數字。

In Q3, we expected that to grow.

在第三季度，我們預計會增長。

We've put it into our guidance, and we hit essentially where we expected on the guidance.

我們已將其納入我們的指導，並且我們基本上達到了指導的預期。

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.

因此，當我們進入第四季度時，我們在第四季度增加了近 15 億美元的運輸成本罰金，這本質上是運輸成本，擴大運輸能力的成本，比如增加額外的拉力在我們的倉庫轉移，提前部署庫存更接近客戶的成本。

There's a lot of tangential costs.

有很多切向成本。

But by and away, the biggest expenses is on the actual transportation cost.

但漸漸地，最大的開支是實際的運輸成本。

So we've built that into our Q4 guidance estimate.

因此，我們已將其納入我們的第四季度指導估計。

But we're very pleased with the customer response to one-day.

但我們對客戶對一日的反應感到非常滿意。

You can see it in our revenue acceleration and also in our unit growth acceleration.

您可以在我們的收入加速以及我們的單位增長加速中看到它。

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.

再一次，Ops 團隊確實在這裡完成了 yeoman 的工作，為我們創造了這種能力，他們每天都在繼續解鎖額外的能力。

We're expecting that it will be, again, a great help to customers in Q4.

我們預計這將再次對第四季度的客戶提供很大幫助。

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.

我們已經看到 Prime 會員增加他們的訂單，花費更多，所以他們也必須將其視為對他們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.

布賴恩，只是幾個快速的。

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.

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，我認為你們所說的這一天對您來說是創紀錄的一天，而不是一日發貨。

Just trying to extract one versus the other because, obviously going into Q4, you're only going to have the latter.

只是試圖提取一個與另一個，因為顯然進入第四季度，你只會擁有後者。

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?

然後關於網站上關於假冒和諸如此類的大量新聞，如果您有辦法做到這一點，您能幫我們量化一下嗎？

And is the higher OpEx for Q4 also driven, at least in part, by the higher investment to combat that?

第四季度更高的運營支出是否也至少部分是由對抗該問題的更高投資推動的？

Yes, sure.

是的，當然。

So on the second one, I would say, the -- we're certainly very diligent on the -- trying to catch counterfeit products.

所以在第二個問題上，我想說的是——我們當然非常努力——試圖抓住假冒產品。

I would put a lot of effort into that.

我會為此付出很多努力。

We put a lot of human effort.

我們付出了很多人力。

We put a lot of machine learning and algorithmic effort into that as well.

我們也在其中投入了大量的機器學習和算法工作。

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.

但我想說，第四季度更大的投資肯定是雙重的，一是圍繞 AWS——對不起，我剛才提到的一日發貨。

The other would be on AWS.

另一個將在 AWS 上。

We have -- we continue to invest in AWS.

我們有——我們繼續投資 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.

如果你看看我們在該業務中的營業利潤率的進展情況，我們在上個第四季度達到了 31% 的高位——或者對不起，第三季度。

That was a time when we were -- as we mentioned at that time, it was very efficient.

那是我們當時——正如我們當時提到的那樣，它非常有效。

We had been banking some savings from forward investments in infrastructure in 2017.

2017 年，我們從基礎設施的遠期投資中節省了一些資金。

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.

我們繼續對這項業務的收入和利潤感覺非常好，但今年我們在銷售人員和營銷人員方面投入更多，主要是為了處理更廣泛的客戶群體，越來越廣泛的群體產品。

We continue to add thousands of new products and features a year, and we continue to expand geographically.

我們每年繼續增加數千種新產品和新功能，並繼續在地域上擴展。

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.

因此，我們在 AWS 部門的第三季度同比看到的最大影響與同比銷售和營銷相關的成本以及次要範圍內的基礎設施有關，如果您查看我們的資本租賃或設備租賃線，今年第三季度過去 12 個月增長了 30%，去年為 9%。

So there's been a step-up in infrastructure cost to support the higher usage demand.

因此，為了支持更高的使用需求，基礎設施成本有所增加。

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同比下降的另一個因素，比前幾個季度要短。

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.

我有2個。只是為了回到一日費用，欣賞顏色。

Be curious to hear about how you think about what portion of these costs are sort of transitory versus structural.

想知道您如何看待這些成本中的哪一部分是暫時性的還是結構性的。

It sounds like there are some shipping costs in there.

聽起來那裡有一些運費。

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?

您能否談談您在未來 1 到 2 年內必須採取的一些步驟，以使一日運輸成本更接近過去兩天的運輸成本？

And how do you think about how long it's going to take?

你如何看待這需要多長時間？

Then secondly on one day, I think it's mostly U.S. to date.

其次，有一天，我認為迄今為止主要是美國。

Is that right?

那正確嗎？

And then if not, how do we think about sort of timing and pushing more internationally?

如果沒有，我們如何考慮時間安排和更多的國際化？

Sure.

當然。

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.

是的，大部分費用都在國際上——或者對不起，在美國，但我們也增加了國際上的一日選擇。

We're starting to see some benefits from that.

我們開始從中看到一些好處。

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.

但我想說，到目前為止，對頂線提升和底線成本的最大影響是在美國。

We're still learning here on the one-day cost as we go about what the long-term cost structure will be.

在了解長期成本結構時，我們仍在學習一日成本。

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.

我們有——我們知道我們在短期內會產生臨時成本，因為我們會做一些事情，比如提前部署庫存、更多地進入這些倉庫、建立新的亞馬遜物流、AMZL 產能人員、多班次，以便我們可以有以後的拉時間達到一天的截止日期，諸如此類的事情，添加排序中心。

So it's a drastic change to the whole network topology that we're glad to do and working through it.

因此，這是對整個網絡拓撲結構的巨大改變，我們很樂意這樣做並努力完成它。

And we've been down this road before obviously in a number of different incarnations in Amazon's history.

顯然，我們在亞馬遜歷史上曾經歷過許多不同的化身。

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，我們將盡我們所能每季度向您發布一次，但現在，我真正向前的指導是第四季度。

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集團的希思特里。

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.

我知道一天的大部分注意力都集中在速度上，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。

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?

隨著它的擴展和您達到更高水平的效率和利用率，與您過去幾乎完全使用第三方的方式相比，這是否會成為利潤增長或盈利增長？

And then this was also a very big hiring quarter for you, 100,000 people.

然後這對你來說也是一個非常大的招聘季度，100,000 人。

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?

您能否讓我們了解這些人相對於 AWS 的履行、零售以及他們被優先考慮的地方的理解？

Sure.

當然。

Thank you for your questions, Heath.

謝謝你的問題，希思。

On the first question, I think it boils down to whether we'll be competitive long term with other options out there.

關於第一個問題，我認為這歸結為我們是否會長期與其他選擇競爭。

Yes, we will be.

是的，我們會的。

We believe that in many cases we already are and places where we have very high AMZL percentages, the U.K. for instance.

我們相信，在許多情況下，我們已經是 AMZL 百分比非常高的地方，例如英國。

There, in some cases, there's -- we're lacking alternative options for the type of delivery that we're doing.

在那裡，在某些情況下，我們正在做的交付類型缺乏替代選擇。

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.

但從長遠來看，我們將擁有我們自己的能力的組合，這肯定會受到第三方運營商的幫助，我們過去使用過的大型運營商。

So we see a role for all carriers.

因此，我們看到了所有運營商的角色。

In fact, including the delivery service partner program that we've developed to help spur small businesses to help fill this need as well.

事實上，包括我們開發的送貨服務合作夥伴計劃，以幫助刺激小型企業也幫助滿足這一需求。

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.

所以 - 但在成本方面，是的，這將是路線密度，其他事情會隨著時間的推移而改善並降低我們的成本結構。

But for now there's certainly some start-up pain in adding new capacity.

但就目前而言，增加新產能肯定會給初創企業帶來一些痛苦。

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.

在員工人數問題上，是的，正如你所說，我們在第三季度增加了近 100,000 人，同比增長 22%。

In the past, I've pointed to investments in technology teams, and that's certainly part of it.

過去，我曾指出對技術團隊的投資，這當然是其中的一部分。

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.

但漸漸地，這次最大的推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增加這一額外的運輸能力以提供服務時。

Our next question comes from Steven Ju with Crédit Suisse.

我們的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.

所以布賴恩，想知道你是否可以權衡看跌期權並承擔 AWS 的長期潛在利潤。

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.

當它第一次推出時，它幾乎賣掉了自己，現在你僱傭了更多的銷售人員，我猜，隨之而來的是增量營銷資金。

But -- and on the other hand, it seems like the engineering talent hiring just slowed down over time.

但是——另一方面，工程人才的招聘似乎隨著時間的推移而放緩。

So I'm just wondering if you can weigh in on the -- on what's coming in and what's coming out.

所以我只是想知道你是否可以權衡 - 進來什麼和出去什麼。

Yes, sure.

是的，當然。

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.

我想說的是利潤——我們的利潤預期是，我們將以具有競爭力的價格定價，並繼續以絕對降價的形式和新產品的形式將降價傳遞給客戶，這實際上將蠶食舊產品那些。

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.

而且我們 - 我們還看到一點，我們正在做的事情越來越多地是重新談判或談判為客戶長期承諾降低價格。

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.

如果您查看我們對 10-Q 的披露，它表明我們對 AWS 的未來承諾為 270 億美元——來自 AWS 客戶，同比增長 54%。

So that's another thing to watch.

所以這是另一件值得關注的事情。

It's not only the short-term commitment but also the long-term commitment that we see.

我們看到的不僅是短期承諾，而且是長期承諾。

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.

在其他的損益表中，我相信，我們有一些業內最好的基礎設施人員，如果不是的話，也是最好的。

We're continually driving up efficiency and lowering down -- lowering costs, and we see that in our bottom line.

我們不斷提高效率並降低成本——降低成本，我們在底線中看到了這一點。

The sales and marketing investment, we're chasing a large opportunity here, and that will be, as we say, bumpy as we go along.

銷售和營銷投資，我們在這裡追逐一個巨大的機會，正如我們所說，隨著我們的發展，這將是坎坷的。

But we're fully confident that, that will be a very leveraged cost as we get to scale.

但我們完全有信心，隨著我們擴大規模，這將是一個非常槓桿化的成本。

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.

所以——然後在技術方面，正如你所說，是的，我們將繼續投資於技術、SDE 和軟件工程師，以構建客戶喜愛的這些產品，繼續響應他們的需求，這將推動我們——告知我們的產品組合。

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.

您能談談“其他”中廣告收入加速增長的關鍵驅動因素嗎？[KJ1] 與此相關的是，新聞稿提到，我認為您現在在全球擁有 3700 萬 Fire Stick 用戶。

So can you talk about maybe how much ad inventory you've been able to get inside of networks within that?

那麼，您能否談談您能夠在其中的網絡中獲得多少廣告庫存？

And how meaningful is this to the overall kind of advertising strategy?

這對整體廣告策略有多大意義？

Yes, sure.

是的，當然。

Let me start with the first question on advertising.

讓我從關於廣告的第一個問題開始。

So "Other Revenue," [KJ2]which is principally advertising, grew 45% this quarter, up from 37% last quarter.

因此，主要是廣告的“其他收入”[KJ2] 本季度增長了 45%，高於上一季度的 37%。

And the biggest thing in there is advertising, and advertising grew at rate higher than that, 45%.

其中最大的就是廣告，廣告的增長速度比這還高，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.

所以我們對廣告業務的進展非常滿意，繼續專注於創造對客戶有幫助的廣告體驗，幫助他們看到新產品。

We want to empower our businesses to find, attract and engage these customers.

我們希望讓我們的企業能夠發現、吸引和吸引這些客戶。

And it's increasingly popular with vendors, sellers and third-party advertisers.

它越來越受到供應商、賣家和第三方廣告商的歡迎。

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.

所以現在還為時過早，我們現在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。

And to do that, we use machine learning, and that's helping us to drive better and better relevancy.

為此，我們使用機器學習，這有助於我們推動越來越好的相關性。

Yes, and then Lloyd, hey, Dave -- this is Dave.

是的，然後是勞埃德，嘿，戴夫——這是戴夫。

Just quickly on Fire TV, I mean I have to start with the fact that we did recently introduce 20 new Fire TV products.

很快在 Fire TV 上，我的意思是我必須從我們最近推出 20 款新的 Fire TV 產品的事實開始。

That includes the new -- the first Fire TV Edition soundbar, Fire TV Cube.

這包括新的——第一個 Fire TV 版條形音箱 Fire TV Cube。

So a number of things have come out recently we're really excited to get into customers' hands.

因此，最近出現了許多事情，我們很高興能夠進入客戶手中。

So more to come there.

所以更多的來那裡。

I think specifically on the advertising side and the opportunity with that, we are continuing to see some increased adoption.

我認為特別是在廣告方面和機會方面，我們繼續看到一些增加的採用。

One of our areas of focus is expanding our video and OTT offerings for brands.

我們的重點領域之一是為品牌擴展我們的視頻和 OTT 產品。

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.

在這個領域還處於早期階段，但我們已經在 IMDb 電視、體育直播方面做了一些事情，比如通過 Fire TV 應用程序添加更多庫存，正如我所說的 IMDb 電視，通過 Amazon Publisher Services 或 APS 添加更多 OTT 視頻供應集成和簡化第三方應用程序的訪問，實際上只是讓廣告商更容易管理他們的活動並提供更好的結果。

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.

所以正如我所說，早期，但我認為隨著設備社區的參與，我們對這些設備的進步和改進感到非常興奮，我認為，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 Scott Devitt 和 Stifel。

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.

在過去的兩個季度中，隨著 Prime 客戶的一日保證的擴大，付費單位增長出現了有意義的重新加速，只是想知道消費者在某些類別中的反應是否更多，而你會強調這些類別。

Or is the response fairly broad based across the product categories where one day has been expanded?

還是在某一天已擴展的產品類別中，響應相當廣泛？

Scott, yes, what I can tell you is that, yes, the unit growth has been reaccelerated in the last 2 quarters.

斯科特，是的，我可以告訴你的是，是的，單位增長在過去兩個季度重新加速。

And actually, the Amazon fulfilled unit growth is growing at a higher clip.

實際上，亞馬遜實現的單位增長正在以更高的速度增長。

So we do attribute it to one day.

因此，我們確實將其歸因於某一天。

We're seeing broad sales across all categories.

我們看到所有類別的廣泛銷售。

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.

所以是的，我們在過去 6 個月中單獨進行的一些低 ASP 項目的門檻有所降低，這刺激了較低 ASP 項目的一些銷售。

But we think that is, again, the right decision for customers, especially over the long term.

但我們認為，這又是對客戶的正確決定，尤其是從長遠來看。

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

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

I want to go back to AWS.

我想回到 AWS。

When asked about the margins, you referred to -- Brian, you first referred to bringing down prices.

當被問及利潤率時，你提到了——布賴恩，你首先提到的是降低價格。

Have you seen anything different in terms of the level of price competition?

就價格競爭的水平而言，您是否看到了任何不同之處？

Could you talk about what kind of traction you've had building out into the enterprise?

你能談談你在企業中建立了什麼樣的牽引力嗎？

And I know it's a broad question, but take a shot at it.

我知道這是一個廣泛的問題，但請試一試。

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.

第三部分是你的興趣和你在進入和生成更多應用程序方面的成功——提升堆棧並進入應用程序軟件空間，所有這些都與 AWS 相關。

Sure.

當然。

So yes, I would say my comments around pricing were as much mix as absolute price decreases or competitive price pressures.

所以是的，我會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。

It's certainly a competitive market that we see and we've seen for really a number of years.

這無疑是一個競爭激烈的市場，我們已經看到而且我們已經看到了很多年。

So everyone is very sharp on their pricing, is very eager to lock up long-term commitments from AWS customers.

所以每個人都對他們的定價非常敏銳，非常渴望鎖定 AWS 客戶的長期承諾。

We do it with a combination of price and capability that we think is unmatched.

我們結合了我們認為無與倫比的價格和能力來做到這一點。

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.

因此，更大的因素實際上是在我們周圍創造比舊產品和服務更便宜、更便宜的新產品和服務。

So there's a certain bit of mix issue that we're always up against.

因此，我們總是遇到一些混合問題。

But again, on the -- and your question on enterprise penetration.

但同樣，關於 - 以及您關於企業滲透的問題。

I think the enterprise, we're making great progress there.

我認為企業，我們在那裡取得了很大的進步。

It's going to be hard to -- on revenue growth, it's going to fluctuate quarter to quarter.

這將很難 - 在收入增長方面，它將逐季波動。

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.

很難預測公司願意進行的某些銷售週期和企業遷移的速度，或者有些公司比其他公司更快，有些公司在遷移之前還有其他工作要做。

So there's a lot of factors at play there on the enterprise business.

因此，企業業務有很多因素在起作用。

But we are having great success, and we're adding a lot of the sales force -- or sales representatives, especially for the enterprise market.

但是我們取得了巨大的成功，我們正在增加大量的銷售人員——或銷售代表，特別是針對企業市場。

Yes.

是的。

And Mark, hey, this is Dave.

馬克，嘿，這是戴夫。

Just really quickly just in terms of your question on the stack.

就您在堆棧上的問題而言，真的很快。

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.

我的意思是，我認為，自從 AWS 存在以來，我們就為擁有真正頂尖的高素質人才而感到自豪，無論是技術方面還是銷售人員，他們都可以參與進來並傾聽客戶的意見，了解當前存在的問題新興，擁有開放的溝通渠道。

And that's really allowed us to innovate quickly and really faster than anyone else.

這真的讓我們能夠比其他任何人更快地進行創新。

And we see that in terms of the services and feature breadth and depth that we have.

我們從我們擁有的服務和功能的廣度和深度方面看到了這一點。

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.

因此，我們真正關注的重點是確保飛輪繼續旋轉，並且我們繼續推出許多客戶正在尋找的優質服務。

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.

所以我認為這在很大程度上決定了我們的路線圖，並確保我們給予自己自主權和可用性來尋找新的領域，並保持在它是否是一種新興技術的風口浪尖上，或者真的只是我們的客戶需求或需要解決的痛點解決了。

Our next question comes from Colin Sebastian with Baird.

我們的下一個問題來自 Colin Sebastian 和 Baird。

Maybe first as a follow-up on the logistics and delivery side.

也許首先作為物流和交付方面的後續行動。

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.

想知道您是否對我們現在通過您自己的司機和合作夥伴網絡交付的美國 SKU 或美國訂單的部分有所了解。

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.

其次，有報導稱亞馬遜正在或有時正在為其他與亞馬遜訂單無關的商家或供應商提供產品。

So just wondering if you view this as another potential opportunity down the road as you get excess capacity on the logistics side.

因此，只是想知道您是否將其視為未來的另一個潛在機會，因為您在物流方面獲得了過剩的產能。

Yes, Colin.

是的，科林。

Hey, it's Dave.

嘿，我是戴夫。

Thanks for the question.

謝謝你的問題。

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.

關於我們如何考慮我們自己可能擁有的容量的第二點，我想我首先要與我們運營所在國家/地區的第三方運營商建立良好的關係。

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.

隨著時間的推移，我認為我們將期待並期望能夠使用 AMZL 或亞馬遜物流增加我們的內部交易量，同時繼續增加我們與世界各地的承運人和運輸商的 3P 交易量。

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.

但我們的重點實際上是確保我們從可用資源中獲得容量，無論是我們自己的還是我們偉大的——我們的運營商合作夥伴能夠為 3P 領域的中小型企業提供服務，但也是第一個- 我們從客戶那裡收到訂單的派對物品，確保我們能夠快速可靠地交付這些物品。

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

我們的最後一個問題將來自美銀美林的賈斯汀波斯特。

I'll grab you a couple here.

我在這裡給你找一對。

Just wondering back on the shorter holiday season.

只是想知道較短的假期。

Do you think that's going to be a headwind for overall online sales in the quarter?

你認為這會成為本季度整體在線銷售的逆風嗎？

Anything specific to Amazon?

有什麼亞馬遜特有的嗎？

And then secondly, just thinking about the regulatory environment.

其次，只考慮監管環境。

I wonder if you can just comment on the opportunities and the competitiveness for third-party sellers.

我想知道您是否可以評論第三方賣家的機會和競爭力。

Are there other platforms that you see for them?

您是否為他們看到了其他平台？

And how do you think about their profitability on Amazon if you can comment on that at all?

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.

當然。

Yes.

是的。

On third party, I would say we only succeed if the third-party seller succeeds.

在第三方方面，我想說我們只有在第三方賣家成功的情況下才能成功。

So we're heavily invested in them as they are in us.

因此，我們對它們進行了大量投資，就像它們對我們一樣。

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.

因此，我們不斷代表他們投資，添加新項目——產品和功能，我們也認識到他們的經濟性，我們想要一個對我們雙方都有效的業務，我們相應地設定我們的費用。

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.

所以我認為我們已經——而且我還要指出，隨著一日，一日的增加，賣家和其他人一樣多地參與其中——我的意思是和我們的 1P 產品一樣多.

So it's been a great boon for sellers as well as particularly our FBA program.

因此，這對賣家尤其是我們的 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.

在假日季節問題上，我們預計感恩節和聖誕節之間的較短時間段的移動會產生那麼大的影響。

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.

我們過去發現，假期預算通常會在 11 月 15 日至 11 月 1 日至 12 月 25 日之間花費。

And while certainly Black Friday and Cyber Monday are important dates in that holiday period, there's -- the purchases tend to move around.

雖然黑色星期五和網絡星期一肯定是那個假期期間的重要日期，但購買往往會四處走動。

Some have been moving early in the quarter.

有些人在本季度初就開始行動了。

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.

一些公司在本季度晚些時候採取行動，因為客戶指望並在年底收到非常快的貨物，並且對假期前的交貨更有信心。

So that's all the color.

所以這就是所有的顏色。

That's what's anticipated in our guidance that we've given.

這就是我們給出的指導中所預期的。

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。

[KJ1]This is referring to a financial line item on our earnings release.

[KJ1]這是指我們收益報告中的一個財務項目。

Not sure how you guys would prefer to format this.

不知道你們喜歡如何格式化這個。

[KJ2]Same comment as above.

[KJ2]與上述相同的評論。

How do you prefer to format this name of our financial line item?

您希望如何格式化我們的財務項目名稱？