2024-08-01 Amazon.com, Inc. (AMZN) Q2 2024 Earnings Call Transcript

Amazon.com, Inc. (NASDAQ:AMZN) Q2 2024 Earnings Conference Call August 1, 2024 5:30 PM ET

亚马逊公司（NASDAQ:AMZN）2024 年第二季度收益电话会议美国东部时间 2024 年 8 月 1 日下午 5:30

Company Participants 公司参与者

Dave Fildes - VP, IR

Dave Fildes - 投资关系副总裁

Andy Jassy - CEO 安迪-贾西 - 首席执行官

Brian Olsavsky - CFO Brian Olsavsky - 首席财务官

Conference Call Participants

电话会议与会者

Eric Sheridan - Goldman Sachs

Eric Sheridan - 高盛集团

Brian Nowak - Morgan Stanley

Brian Nowak - 摩根士丹利

Mark Mahaney - with Evercore

马克-马哈尼（Mark Mahaney）--与 Evercore 合作

Brent Thill - Jefferies

John Blackledge - TD Cowen

Doug Anmuth - JPMorgan Doug Anmuth - 摩根大通

Operator 操作员

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Second Quarter 2024 Financial Results Conference. At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question-and-answer session. Today's call is being recorded.

感谢各位的支持。大家好，欢迎参加亚马逊公司 2024 年第二季度财报会议。现在，所有与会者都处于只听不说的状态。演讲结束后，我们将进行问答环节。今天的电话会议正在录音。

And for opening remarks, I will be turning the call over to the Vice President of Investor Relations, Dave Fildes. Thank you, sir. Please go ahead.

下面有请投资者关系副总裁 Dave Fildes 致开幕词。谢谢您，先生。请继续。

Dave Fildes 戴夫-菲尔德斯

Hello, and welcome to our Q2 2024 financial results conference call. Joining us today to answer your questions is Andy Jassy, our CEO, and Brian Olsavsky, our CFO. 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.

大家好，欢迎参加我们的 2024 年第二季度财务业绩电话会议。我们的首席执行官安迪-贾西（Andy Jassy）和首席财务官布莱恩-奥尔萨夫斯基（Brian Olsavsky）今天将与我们一起回答您的问题。在您收听今天的电话会议时，我们建议您将我们的新闻稿放在面前，其中包括我们的财务业绩以及本季度的指标和评论。

Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2023. Our comments and responses to your questions reflect management's views as of today, August 1s, 2024 only, and will include forward-looking statements. Actual results may differ materially.

请注意，除非另有说明，本次电话会议中的所有比较都将与我们 2023 年可比期间的业绩进行比较。我们的评论和对您问题的回答仅反映管理层截至今天（2024 年 8 月 1 日）的观点，其中包括前瞻性陈述。实际结果可能存在实质性差异。

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.

有关可能影响我们财务结果的因素的更多信息，请参见今天的新闻稿和我们向美国证券交易委员会提交的文件，包括我们最近的 10-K 表年报和后续文件。

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.

在本次电话会议中，我们可能会讨论某些非美国通用会计准则的财务指标。在我们的新闻稿、本次网络广播所附的幻灯片以及我们向美国证券交易委员会提交的文件（每份文件都发布在我们的投资者关系网站上）中，您可以找到有关这些非美国通用会计准则计量的更多披露信息，包括这些计量与可比美国通用会计准则计量的对账。

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 and geopolitical conditions and customer demand and spending, including the impact of recessionary fears, inflation, interest rates, regional labor market constraints, world events, the rate of growth of the internet, online commerce, cloud services, and new and emerging technologies, and the various factors detailed in our filings with the SEC.

我们的指导包含了迄今为止我们所看到的订单趋势以及我们目前认为适当的假设。我们的业绩本质上是不可预测的，可能会受到许多因素的实质性影响，包括汇率波动、全球经济和地缘政治状况的变化、客户需求和支出，包括经济衰退担忧的影响、通货膨胀、利率、地区劳动力市场限制、世界事件、互联网、在线商务、云服务和新兴技术的增长速度，以及我们向美国证券交易委员会提交的文件中详述的各种因素。

Our guidance assumes, among other things, that we don't conclude any additional business acquisitions, 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.

我们的指导假设，除其他事项外，还包括我们不会完成任何额外的业务收购、重组或法律和解。我们不可能准确预测对我们的产品和服务的需求，因此，我们的实际结果可能与我们的指导有实质性的差异。

And now, I'll turn the call over to Andy.

现在，我把电话交给安迪。

Andy Jassy 安迪-贾西

Thanks, Dave. Today, we're reporting $148 billion in revenue, up 11% year-over-year, excluding the impact from foreign exchange rates. Operating income was $14.7 billion, up 91% year-over-year, and trailing 12-month free cash flow adjusted for equipment finance leases was $51.4 billion, up 664% or $44.7 billion year-over-year.

谢谢，戴夫。今天，我们公布的收入为 1,480 亿美元，同比增长 11%，其中不包括汇率的影响。营业收入为 147 亿美元，同比增长 91%，经设备融资租赁调整后的 12 个月自由现金流为 514 亿美元，同比增长 664% 或 447 亿美元。

长期低空飞行的公司准备盈利了？

As I think about what matters to customers long-term and, therefore, to Amazon, there's a lot to like about what we're seeing. Starting with AWS, year-over-year revenue growth accelerated again from 17.2% in Q1 to 18.8% in Q2. We're continuing to see three macro trends drive AWS growth. First, companies have completed the significant majority of their cost optimization efforts and are focused again on new efforts. Second, companies are spending their energy again on modernizing their infrastructure and moving from on-premises infrastructure to the cloud. This modernization enables builders to save money, innovate at a more rapid clip, and drive productivity in most companies' scarcest resources, developers.

当我思考什么对客户以及亚马逊的长期发展至关重要时，我们看到了很多值得称道的地方。从 AWS 开始，收入同比增长再次加速，从第一季度的 17.2% 增长到第二季度的 18.8%。我们继续看到三个宏观趋势推动着 AWS 的增长。首先，企业已经完成了大部分的成本优化工作，并再次将重点放在新的工作上。其次，企业再次将精力用于基础设施的现代化，并从内部基础设施转向云。这种现代化使构建者能够节省成本，以更快的速度进行创新，并提高大多数公司最稀缺资源--开发人员的生产力。

This is the flip I've talked about in the past, where the vast majority of global IT spend today is on-premises, and we expect that to keep inverting over time. With the broadest functionality, the strongest security and operational performance, and the deepest partner ecosystem, AWS continues to be customers' partner of choice and the biggest beneficiary of this flip from on-premises to the cloud.

这就是我在过去谈到的翻转，今天全球绝大多数的IT支出都在企业内部，我们预计随着时间的推移，这种情况将继续倒转。AWS 拥有最广泛的功能、最强大的安全性和运营性能以及最深入的合作伙伴生态系统，将继续成为客户的首选合作伙伴，也将成为从内部部署向云转变的最大受益者。

And third, builders and companies of all sizes are excited about leveraging AI. Our AI business continues to grow dramatically with a multi-billion dollar revenue run rate despite it being such early days, but we can see in our results and conversations with customers that our unique approach and offerings are resonating with customers.

第三，各种规模的建筑商和公司都对利用人工智能感到兴奋。我们的人工智能业务持续大幅增长，收入已达数十亿美元，尽管还处于初期阶段，但我们可以从我们的成果和与客户的对话中看到，我们独特的方法和产品正在引起客户的共鸣。

At the heart of this strategy is a firmly held belief, which we've had since the beginning of AWS, that there is not one tool to rule the world. People don't want just one database option or one analytics choice or one container type. Developers and companies not only reject it, but are suspicious of it. They want multiple options for flexibility and to use the best tool for each job to be done.

这一战略的核心是我们从 AWS 创立之初就坚定不移的信念，即没有一种工具可以统治世界。人们不希望只有一种数据库选择、一种分析选择或一种容器类型。开发人员和公司不仅拒绝接受，而且对此心存疑虑。他们希望有多种选择，以获得灵活性，并为每项工作使用最好的工具。

The same is true in AI. You saw this several years ago when some companies tried to argue that TensorFlow would be the only machine learning framework that mattered, and then PyTorch and others overtook it. The same one model or one-chip approach dominated the earliest moments of the generative AI boom, but we have a lot of data to suggest this is not what customers want here either. And our AWS team is determined to deliver choice and options for customers.

人工智能领域也是如此。几年前，当一些公司试图论证 TensorFlow 将是唯一重要的机器学习框架，然后 PyTorch 和其他公司超越了它时，你就看到了这一点。同样的单模型或单芯片方法在生成式人工智能热潮的初期占据了主导地位，但我们有大量数据表明，这也不是客户想要的。我们的 AWS 团队决心为客户提供选择和选项。

You can see this philosophy in the primitive building blocks we're building at all three layers of the Gen AI stack. At the bottom layer, which is for those building generative AI models themselves, the cost to compute for training and inference is critical, especially as models get to scale. We have a deep partnership with NVIDIA and the broadest selection of NVIDIA instances available, but we've heard loud and clear from customers that they relish better price performance.

你可以从我们在 Gen AI 堆栈的所有三层构建的原始构件中看到这一理念。在底层，也就是为构建生成式人工智能模型的人自己构建模型时，训练和推理的计算成本至关重要，尤其是当模型达到一定规模时。我们与英伟达（NVIDIA）建立了深入的合作关系，并提供了最广泛的英伟达实例选择，但我们也清楚地听到客户的呼声，他们希望获得更高的性价比。

Amazon能成为软件巨头是不容易的。

It's why we've invested in our own custom silicon in Trainium for training and Inferentia for inference. And the second versions of those chips, with Trainium coming later this year, are very compelling in price performance. We're seeing significant demand for these chips.

这也是我们投资自己的定制芯片的原因，Trainium 用于训练，Inferentia 用于推理。这些芯片的第二个版本（Trainium 将于今年晚些时候推出）在价格性能方面非常引人注目。我们看到了对这些芯片的巨大需求。

These model builders also desire services that make it much easier to manage the data, construct the models, experiment, deploy to production, and achieve high-quality performance, all while saving considerable time and money. That's what Amazon SageMaker does so well, including its most recently launched feature called HyperPods that changes the game and networking performance for large models. And we're increasingly seeing model builders standardized on SageMaker.

这些模型构建者也希望能有服务让他们更轻松地管理数据、构建模型、进行实验、部署到生产中并实现高质量性能，同时节省大量时间和金钱。这正是亚马逊 SageMaker 所擅长的，包括其最近推出的名为 HyperPods 的功能，该功能改变了大型模型的游戏和网络性能。我们看到越来越多的模型构建者将 SageMaker 标准化。

While many teams will build their own models, lots of others will leverage somebody else's frontier model, customize it with their own data and seek a service that provides broad model selection and great generative AI capabilities. This is what we think of as the middle layer, what Amazon Bedrock does and why Bedrock has tens of thousands of companies using it already.

虽然很多团队会建立自己的模型，但也有很多团队会利用别人的前沿模型，用自己的数据对其进行定制，并寻求能提供广泛模型选择和强大人工智能生成能力的服务。这就是我们认为的中间层，也是亚马逊 Bedrock 所做的工作，也是 Bedrock 已经有数万家公司在使用它的原因。

Bedrock has the largest selection of models, the best generative AI capabilities in critical areas like model evaluation, guardrails, RAG and agenting, and then makes it easy to switch between different model types and model sizes. Bedrock has recently added Anthropic's Claude 3.5 models, which are the best performing models on the planet. Meta's new Llama 3.1 models and Mistral's new Large two models. And Lama's and Mistral's impressive performance benchmarks in open nature are quite compelling to our customers as well.

Bedrock 有最多的模型可供选择，在模型评估、防护栏、RAG 和代理等关键领域具有最佳的生成式人工智能功能，而且可以在不同的模型类型和模型大小之间轻松切换。Bedrock 最近增加了 Anthropic 的 Claude 3.5 模型，这是目前世界上性能最好的模型。Meta 的新型 Llama 3.1 型号和 Mistral 的新型 Large 2 型号。Lama 和 Mistral 在开放自然环境中令人印象深刻的性能基准对我们的客户来说也是相当有吸引力的。

At the application or top layer, we're continuing to see strong adoption of Amazon Q, the most capable generative AI powered assistant for software development and to leverage your own data. Q has the highest known score and acceptance rate for code suggestions, but it does a lot more than provide code suggestions. It tests code, outperforms all other publicly benchmarkable competitors on caching security vulnerabilities and leads all software development assistants on connecting multiple steps together and applying automatic action. It also saves development teams time and money on the muck nobody likes to talk about.

在应用层或顶层，我们继续看到亚马逊 Q 的强势应用，它是最有能力的生成式人工智能助手，可用于软件开发和利用自身数据。Q 在代码建议方面拥有已知的最高得分和接受率，但它的作用远不止提供代码建议。它能测试代码，在缓存安全漏洞方面优于所有其他可公开基准的竞争对手，并在将多个步骤连接在一起并应用自动操作方面领先于所有软件开发助手。它还能为开发团队节省时间和金钱，解决无人问津的难题。

For instance, when companies decide to upgrade from one version of a framework to another, it takes development teams many months, sometimes years, burning valuable opportunity costs and churning developers who hate this tedious, though important work. With Q's code transformation capabilities, Amazon has migrated over 30,000 Java JDK applications in a few months, saving the company $260 million and 4,500 developer years compared to what it would have otherwise cost. That's a game changer.

例如，当公司决定从一个版本的框架升级到另一个版本的框架时，开发团队需要花费数月，有时甚至数年的时间，既浪费了宝贵的机会成本，又使开发人员讨厌这项乏味但重要的工作。利用 Q 的代码转换功能，亚马逊在几个月内就迁移了 30,000 多个 Java JDK 应用程序，为公司节省了 2.6 亿美元，并为开发人员节省了 4,500 年的时间。这改变了游戏规则。

And think about how this Q transformation capability might evolve to address other elusive but highly desired migrations. During the past 18 months, AWS has launched more than twice as many machine learning and generative AI features into general availability than all the other major cloud providers combined. This team is cooking, but we're not close to being done adding capabilities for our customer's usage base.

再想一想，这种 Q 转换能力可能会如何发展，以解决其他难以实现但又非常需要的迁移问题。在过去的 18 个月中，AWS 推出的机器学习和生成式人工智能功能的可用性是所有其他主要云提供商的总和的两倍多。这个团队正在努力，但我们还没有完成为客户的使用基础增加功能的工作。

Amazon在云服务领域排名第一，占到34%的市场份额，这个公司没有微软的工具软件，没有Google的搜索引擎，没有Oracle的数据库，一个做业务的企业在软件企业的强大势力下奋起反抗并且成功走出来的唯一案例，地主家的长工自己也成为地主了。

For perspective, we've added over $2 billion in advertising revenue year-over-year and generated more than $50 billion in revenue in the trailing 12 months. Sponsored ads drive the majority of our advertising revenue today and we see further opportunity there. Even with this growth, it's important to realize we're at the very beginning of what's possible in our video advertising.

我们的广告收入同比增长了 20 多亿美元，在过去 12 个月中创造了 500 多亿美元的收入。目前，赞助广告占我们广告收入的绝大部分，我们在这方面看到了更多的机会。即使有这样的增长，重要的是要认识到我们在视频广告方面还处于起步阶段。

In May, we made our first appearance at the upfronts and were encouraged by the agency and advertiser feedback on the differentiated value we offer across our content, reach, signals, and ad tech. With ads and prime video, the exciting opportunity for brands is the ability to directly connect advertising that's traditionally been focused on driving awareness, as is the case for TV, to a business outcome, like product sales or subscription signups. We're able to do that through our measurement and ad tech, so brands can continually improve the relevance and performance of their ads. While ads have become the norm in streaming video, we aim to have meaningfully fewer ads than linear TV and other streaming TV providers. And of course, for customers preferring an ad-free experience, we offer that option for an additional $2.99 a month.

在五月，我们首次亮相于推介会，并受到代理商和广告商对我们在内容、覆盖范围、信号和广告技术方面提供的独特价值的积极反馈。对于品牌来说，广告和Prime视频的激动人心的机会在于，能够将传统上专注于提高知名度的广告（就像电视一样）直接连接到商业成果，比如产品销售或订阅注册。我们可以通过我们的测量和广告技术做到这一点，因此品牌可以不断提高他们的广告的相关性和性能。虽然广告已经成为流媒体视频的常态，但我们的目标是拥有比线性电视和其他流媒体电视提供商更少的广告。当然，对于喜欢无广告体验的客户，我们提供每月额外2.99美元的选项。

In our stores business, we saw growth of 9% year-over-year in the North America segment and 10% year-over-year in the international segment. A few notes on our North America revenue growth rate. First, last quarter's leap day added about 100 basis points of year-over-year growth. Second, we're seeing lower average selling prices, or ASPs, right now because customers continue to trade down on price when they can. More discretionary higher ticket items, like computers or electronics or TVs, are growing faster for us than what we see elsewhere in the industry, but more slowly than we see in a more robust economy. And our continued faster delivery speed is earning us more of our customers' everyday essentials business.

在门店业务方面，北美分部同比增长 9%，国际分部同比增长 10%。关于北美地区的收入增长率，有几点需要说明。首先，上一季度的闰日使同比增长增加了约 100 个基点。其次，我们现在看到的平均销售价格（ASP）较低，这是因为客户在可能的情况下继续降价交易。对于我们来说，电脑、电子产品或电视等可自由支配的高价商品的增长速度要快于其他行业，但要慢于经济更强劲时的增长速度。我们持续加快的送货速度为我们赢得了更多客户的日常必需品业务。

Third, our seller fees are a little lower than expected given the behavior changes we've seen from our latest fee changes.

第三，考虑到我们最新的费用调整所带来的行为变化，我们的卖方费用比预期的要低一些。

While some of these issues compress short-term revenue, we generally like these trends. While consumers are being careful on price, our North America unit growth is meaningfully outpacing our sales growth as our continued work on selection, low prices, and delivery is resonating. So far this year, our speed of delivery for prime customers has been faster than ever before, with more than 5 billion units arriving the same day or next day. As more customers experience our fast delivery, they look to Amazon for more of their shopping needs, and the continued acceleration of our everyday essentials business is an example of this phenomenon.

虽然其中一些问题压缩了短期收入，但我们总体上看好这些趋势。虽然消费者在价格方面比较谨慎，但我们在北美地区的销售量增长明显超过了销售额的增长，因为我们在精选、低价和配送方面的持续努力正在产生共鸣。今年到目前为止，我们为主要客户提供的送货速度比以往任何时候都要快，超过 50 亿件产品在当天或次日送达。随着越来越多的客户体验到我们的快速配送，他们希望亚马逊能满足他们更多的购物需求，我们日常必需品业务的持续加速就是这一现象的例证。

On seller fees, lowering apparel fees has spurred substantial year-over-year unit growth in apparel. And the incentive we've given sellers to send their items to multiple Amazon inbound facilities so they can save money where they save us effort and money is getting more traction than we even hoped. These collective developments will benefit customers in the form of better selection, lower prices, and faster delivery speed.

在卖家费用方面，服装费用的降低促使服装单量同比大幅增长。我们鼓励卖家将商品发送到亚马逊的多个进货设施，这样他们就可以在为我们省力省钱的地方省钱，这一举措的效果超出了我们的预期。这些共同的发展将以更好的选择、更低的价格和更快的交付速度使客户受益。

There's no shortage of ideas aimed in improving the experience for stores' customers. For instance, we're adding even more value to Prime, recently introducing free restaurant delivery in many of our geos, expanding Amazon's PharmacyRx pass to Medicare members. This is a benefit that gives subscribers all you can consume access to the most common generic medications for just $5 a month, and offering a grocery subscription to help save on grocery items when shopping our U.S. and UK fresh stores.

我们不乏旨在改善商店客户体验的想法。例如，我们正在为 Prime 增加更多价值，最近在我们的许多地区推出了免费餐厅送货服务，将亚马逊的 PharmacyRx 通行证扩展至医疗保险会员。这项福利让用户每月只需支付 5 美元就能购买到最常见的普通药物，还提供了杂货订阅服务，帮助用户在美国和英国的生鲜店购物时节省杂货开支。

As we pursue these initiatives, we remain focused on lowering our cost to serve. We have a number of opportunities to further reduce costs, including expanding our use of automation and robotics, further building out our same-day facility network, and regionalizing our inbound network. With more optimal inbound inventory placement, we expect to enable faster speeds, consolidate more orders in one box, and reduce inventory transfers once items reach a fulfillment center.

在我们追求这些计划的同时，我们仍然专注于降低我们的服务成本。我们有许多机会进一步降低成本，包括扩大我们对自动化和机器人技术的使用，进一步构建我们的当日送达设施网络，以及使我们的进货网络区域化。通过更优化的进货库存放置，我们期望能够实现更快的速度，将更多订单合并在一个箱子里，并减少物品到达配送中心后的库存转移。

巴菲特认为需要一直保持聪明的模式，有缺陷的商业模式在软件和互联网的加持下已经发生很大的改变。

These cost improvements won't happen in one quarter or one fell swoop. They take technology and process innovation with a lot of outstanding execution, but we see a path to continuing to lower our cost to serve, which as we've discussed in the past, has very meaningful value for customers in our business.

这些成本改善不可能在一个季度或一蹴而就。这需要技术和流程创新以及大量出色的执行力，但我们看到了继续降低服务成本的途径，正如我们过去讨论过的，这对我们业务中的客户具有非常重要的价值。

As we lower our cost to serve, we can add more low ASP selection that we can support economically, which coupled with our fast delivery, puts Amazon in the consideration set for increasingly more shopping needs for customers.

随着我们服务成本的降低，我们可以增加更多的低 ASP 选品，以经济的方式提供支持，再加上我们的快速配送，亚马逊可以满足客户越来越多的购物需求。

A few other comments about areas in which we're investing. We remain very bullish on the medium to long-term impact of AI in every business we know and can imagine. The progress may not be one straight line for companies. Generative AI especially is quite iterative, and companies have to build muscle around the best way to solve actual customer problems. But we see so much potential to change customer experiences.

关于我们正在投资的领域，我还想说几句。我们仍然非常看好人工智能对我们所知和所能想象的每项业务的中长期影响。对于公司来说，进展可能不是一条直线。尤其是生成式人工智能的迭代性很强，企业必须围绕解决实际客户问题的最佳方式来建立自己的力量。但我们看到了改变客户体验的巨大潜力。

We see it in how our generative AI-powered shopping assistant Rufus is helping customers make better shopping decisions. We see it in how our AI features that allow customers to simulate trying apparel items or changing the buying experience. We see it in how our generative AI listing tool is enabling sellers to create new selection with a line or two of text versus the many forms previously required.

我们的生成式人工智能购物助手 Rufus 正在帮助客户做出更好的购物决策。我们的人工智能功能可以让顾客模拟试穿服装商品或改变购买体验。我们的生成式人工智能列表工具让卖家只需一两行文字就能创建新的选择，而不像以前需要填写许多表格。

We see it in our fulfillment centers across North America where we're rolling out Project Private Investigator, which uses a combination of generative AI and computer vision to uncover defects before products reach customers. We see it in how our generative AI is helping our customers discover new music and video.

在我们的北美配送中心，我们正在推出“私家侦探项目”，该项目结合了生成式人工智能和计算机视觉技术，在产品送达客户之前发现缺陷。我们还看到，我们的生成式人工智能正在帮助我们的客户发现新的音乐和视频。

We see it in how it's making Alexa smarter. And we see it in how our custom silicon and services like SageMaker and Bedrock are helping both our internal teams and many thousands of external companies reinvent their customer experiences and businesses. We are investing a lot across the board in AI, and we'll keep doing so as we like what we're seeing and what we see ahead of us.

它使Alexa变得更智能。我们还看到我们的定制硅和像SageMaker和Bedrock这样的服务是如何帮助我们的内部团队以及成千上万的外部公司重新塑造他们的客户体验和业务。我们在人工智能方面进行了大量投资，并且我们将继续这样做，因为我们喜欢我们所看到的以及我们预见的未来。

已经是少数大型科技企业的独脚戏。

We also continue to like the progress in Prime Video. Our storytelling is resonating with our hundreds of millions of monthly viewers worldwide, and the 62 Emmy nominations Amazon MGM Studios recently received is another supporting data point. We recently debuted titles like Fallout, the second most watched original title ever for Prime Video, The Idea of You, which attracted nearly 50 million viewers worldwide in the first two weeks on Prime Video, and Season 4, The Boys, which reached number one on Prime Video in 165 countries in its opening two weeks.

我们也继续看好 Prime Video 的进展。我们的故事正在引起全球数亿月度观众的共鸣，亚马逊美高梅在线娱乐官网工作室最近获得的 62 项艾美奖提名是另一个佐证数据。我们最近首次推出了《辐射》（Fallout）、《你的想法》（The Idea of You）和《男孩》（The Boys）第四季等作品，前者是 Prime Video 有史以来收视率第二高的原创作品，后者在 Prime Video 上播出的头两周就吸引了全球近 5000 万观众，而第四季开播两周就在 165 个国家和地区的 Prime Video 上排名第一。

And we continue to see momentum in live sports. We recently announced 11-year landmark deals with the NBA and the WNBA. When combined with our original films and shows, partner streaming services, licensed content, and rent or buy titles, Prime Video continues to evolve into the best destination for streaming video.

我们将继续保持体育直播的势头。我们最近宣布与 NBA 和 WNBA 签订为期 11 年的里程碑式协议。结合我们的原创电影和节目、合作伙伴流媒体服务、授权内容以及可租可买的内容，Prime Video 将继续发展成为流媒体视频的最佳目的地。

And for Project Kuiper, our low-Earth orbit satellite constellation, we're accelerating satellite manufacturing at our facility in Kirkland, Washington. We've announced a distribution agreement with Vrio, who distributes direct TV Latin America and Sky Brazil to offer Project Kuiper's satellite broadband network to residential customers across seven countries in South America, and we continue to feel significant demand for the service from enterprise and government entities. We expect to start shipping production satellites late this year and continue to believe this could be a very large business for us.

对于我们的低地球轨道卫星星座 Project Kuiper，我们正在华盛顿州柯克兰的工厂加速卫星制造。我们已经宣布与 Vrio 公司达成分销协议，该公司分销拉丁美洲直播电视和巴西天空电视台，向南美洲七个国家的住宅客户提供 Project Kuiper 的卫星宽带网络，我们继续感受到企业和政府实体对这项服务的巨大需求。我们预计将在今年年底开始交付生产卫星，并继续相信这将是我们的一项非常大的业务。

I could go on, but we'll stop here. There's a lot to feel optimistic about over the next several years and the team collectively remains focused on continuing to invent and deliver for our customers in the business.

我还可以继续说下去，但到此为止。在未来几年里，有很多事情值得我们感到乐观，我们的团队将继续专注于为我们的客户提供发明创造。

科技已经是最重要的力量，大部分企业都只能选择做长工，能当家做地主的机会越来越少。

With that, I'll turn it over to Brian for a financial update.

下面请布莱恩介绍最新财务状况。

Brian Olsavsky 布莱恩-奥尔萨夫斯基

Thanks, Andy. Let's start with our top line financial results. Worldwide revenue was $148 billion, an 11% increase year-over-year, excluding the impact of foreign exchange. This equates to a $1 billion headwind from foreign exchange in the quarter, which is about $300 million higher than we'd anticipated in our Q2 guidance range.

谢谢，安迪。让我们先来看看我们的首要财务业绩。全球收入为 1,480 亿美元，同比增长 11%，这还不包括汇率的影响。这相当于本季度外汇兑换带来了 10 亿美元的不利影响，比我们在第二季度指导范围内预计的高出约 3 亿美元。

Worldwide operating income nearly doubled year-over-year to $14.7 billion, which was $700 million above the high end of our guidance range. Across all of our segments, we remain focused on managing costs in a way that allows us to continue innovating and investing in areas that we think could move the needle for our customers.

全球营业收入同比增长近一倍，达到 147 亿美元，比指导范围的上限高出 7 亿美元。在我们所有的业务部门中，我们仍然专注于管理成本，使我们能够继续在我们认为能够为客户创造价值的领域进行创新和投资。

Starting with the North American international segments, customers continue to respond positively to our focus on low prices, broad selection, and fast shipping offers. We delivered at our fastest speeds ever so far this year, which helps drive strength in areas like our everyday essentials. These include items like non-perishable foods, as well as health, beauty, and personal care items. And Prime members continue to increase their shopping frequency while growing their spend on Amazon.

从北美国际市场开始，客户继续对我们的低价、丰富选择和快速送货服务给予积极回应。今年到目前为止，我们的送货速度是有史以来最快的，这有助于推动我们在日常必需品等领域的发展。这些商品包括不易腐坏的食品以及健康、美容和个人护理用品。Prime会员的购物频率不断提高，同时他们在亚马逊的消费也在不断增长。

Overall unit sales grew 11% year-over-year, which is consistent with our growth rates in Q1 after you adjust for the approximately 100 basis point impact of leap year. North America segment revenue was $90 billion, an increase of 9% year-over-year. And international segment revenue was $31.7 billion, an increase of 10% year-over-year, excluding the impact of foreign exchange. North America segment operating income was $5.1 billion, an increase of $1.9 billion year-over-year.

整体单位销售额同比增长 11%，在扣除闰年约 100 个基点的影响后，与第一季度的增长率保持一致。北美业务收入为 900 亿美元，同比增长 9%。国际业务收入为 317 亿美元，同比增长 10%（不包括汇率影响）。北美业务运营收入为 51 亿美元，同比增长 19 亿美元。

Operating margin was 5.6%, up 170 basis points year-over-year, and down 20 basis points quarter over quarter. If we look at profitability of the core North America stores business, we actually improved our margin again quarter-over-quarter in Q2. The overall North America segment operating margin decreased slightly due to increased Q2 spend in some of our investment areas, including Kuiper, where we're starting to manufacture satellites we'll launch into space in Q4.

营业利润率为 5.6%，同比增长 170 个基点，环比下降 20 个基点。如果我们看一下北美核心门店业务的利润率，实际上我们在第二季度的利润率又比上一季度有所提高。北美分部的整体营业利润率略有下降，原因是第二季度我们在一些投资领域的支出有所增加，其中包括库伯（Kuiper）公司，我们开始在该公司生产卫星，并将于第四季度发射到太空。

跟别人做是有风险的，最大的风险是系统的碎片化。

We saw improvements in our cost to serve, driven by our efforts to place inventory more regionally, closer to where our customers are. This resulted in more consolidated shipments, with higher units per box shipped. We also saw packages traveling shorter distances to customers, and this also led to better on-road productivity in our transportation network.

我们努力在更多地区、更靠近客户的地方放置库存，从而提高了服务成本。这使得装运更加集中，每箱装运单位更高。此外，我们还缩短了包裹到客户手中的距离，这也提高了我们运输网络的路面生产率。

Our international segment was profitable again in Q2, with operating income of $300 million, an improvement of $1.2 billion year-over-year. Operating margin was 0.9%, up 390 basis points year over year. This increase is primarily driven by our established countries, as we improve our cost structure with better inventory placement and more consolidated shipments. Additionally, our emerging countries continue to expand their customer offerings, leverage their cost structure, and invest in expanding prime benefits.

我们的国际业务部门在第二季度再次实现盈利，营业收入为 3 亿美元，同比增长 12 亿美元。营业利润率为 0.9%，同比增长 390 个基点。这一增长主要得益于我们在成熟国家的业务，因为我们通过更好的库存安排和更多的合并装运，改善了成本结构。此外，我们的新兴国家也在继续扩大其客户群，充分利用其成本结构，并投资于扩大主要利益。

We are pleased with the overall progress of these countries as they make strides on their respective paths to profitability. Advertising remains an important contributor to profitability in the North America and international segments, and we saw strong growth on an increasing larger revenue base this quarter. We continue to see opportunities that further expand our offering in areas that are driving growth today, like sponsored products, as well as newer areas, like Prime Video ads.

我们对这些国家在各自盈利道路上取得的总体进展感到高兴。广告仍然是北美和国际业务盈利能力的重要贡献者，本季度我们看到收入基数越来越大，增长势头强劲。我们将继续寻找机会，进一步扩大我们在赞助产品等目前正在推动增长的领域以及 Prime Video 广告等新领域提供的服务。

Moving next to our AWS segment, revenue is $26.3 billion, an increase of 18.8% year-over-year, excluding the impact of foreign exchange. AWS now has an annualized revenue run rate of more than $105 billion. During the second quarter, we saw continued growth across both generative AI and non-generative AI workloads. We saw companies turn their attention to newer initiatives, bring more workloads to the cloud, restart or accelerate existing migrations from on-premises to the cloud, and tap into the power of generative AI.

再来看我们的 AWS 分部，收入为 263 亿美元，同比增长 18.8%，这还不包括汇率的影响。目前，AWS 的年化收入已超过 1,050 亿美元。在第二季度，我们看到生成式人工智能和非生成式人工智能工作负载都在持续增长。我们看到各公司将注意力转向更新的计划，将更多的工作负载引入云，重新启动或加快从内部部署向云的现有迁移，并利用生成式人工智能的强大功能。

这个增长速度不如微软云，1个季度的数据也不能说明什么。

AWS operating income was $9.3 billion, an increase of $4 billion year-over-year. It's driven by our continued focus on cost control, including a measured pace of hiring. Additionally, AWS operating margin includes an approximately 200 basis point favorable impact from the change in the estimated useful life of our servers that we instituted in Q1.

AWS 营业收入为 93 亿美元，同比增长 40 亿美元。这得益于我们对成本控制的持续关注，包括有节制的招聘步伐。此外，AWS 的营业利润率还包括了我们在第一季度实施的服务器估计使用寿命变化所带来的约 200 个基点的有利影响。

As we've long said, we expect AWS operating margins to fluctuate over time, driven in part by the level of investments we're making at any point in time. We remain focused on driving efficiencies across the business, which enables us to invest to support the strong growth we're seeing in AWS, including generative AI.

正如我们早就说过的，我们预计 AWS 的运营利润率会随着时间的推移而波动，部分原因是我们在任何时间点的投资水平。我们仍然专注于提高整个业务的效率，这使我们能够进行投资，以支持我们在 AWS 看到的强劲增长，包括生成式人工智能。

Now let's turn our attention to capital investments. As a reminder, we define these as a combination of CapEx plus equipment finance leases. For the first half of the year, CapEx was $30.5 billion. Looking ahead to the rest of 2024, we expect capital investments to be higher in the second half of the year. The majority of the spend will be to support the growing need for AWS infrastructure as we continue to see strong demand in both generative AI and our non-generative AI workloads. For the third quarter, specifically, I'd highlight a few seasonal factors to keep in mind.

现在，让我们把目光转向资本投资。在此提醒大家，我们将资本投资定义为资本支出加设备融资租赁的组合。今年上半年，资本支出为 305 亿美元。展望 2024 年下半年，我们预计下半年的资本投资将有所增加。大部分支出将用于支持对 AWS 基础设施日益增长的需求，因为我们将继续看到生成式人工智能和非生成式人工智能工作负载的强劲需求。具体到第三季度，我想强调几个需要注意的季节性因素。

First, we hosted another successful Prime Day in mid-July. It was our 10th Prime Day and was our largest ever. Prime members globally saved billions of dollars on deals across every product category. From a profitability perspective, we've historically seen a headwind to operating margin in Q3, driven by Prime Day deals, as well as the marketing spend surrounding the event.

首先，我们在 7 月中旬又成功举办了一次 "总理日 "活动。这是我们举办的第 10 个 Prime Day，也是有史以来规模最大的一次。全球 Prime 会员在各个产品类别的交易中节省了数十亿美元。从盈利的角度来看，我们历来认为第三季度的营业利润率会受到 Prime Day 交易以及围绕该活动的营销支出的影响。

Additionally, in Q3, we also begin to ramp up our capacity to handle Q4 holiday volumes in our fulfillment network. And lastly, we expect an increase in digital content cost quarter-over-quarter from the return of our NFL Thursday Night Football. We remain heads down, focused on driving a better customer experience. We believe putting customers first is the only reliable way to create lasting value for our shareholders.

此外，在第三季度，我们也开始增加我们的配送网络的容量，以应对第四季度假期的货运量。最后，我们预计由于我们的NFL周四夜橄榄球赛事的回归，数字内容成本将逐季度增加。我们保持专注，致力于提供更好的客户体验。我们相信，把客户放在第一位是为股东创造持久价值的唯一可靠方式。

With that, let's move on to your questions.

好了，现在开始回答你们的问题。

Question-and-Answer Session

问答环节

Operator 操作员

At this time, we will now open the call up for questions. [Operator Instructions] And our first question comes from the line of Eric Sheridan with Goldman Sachs. Please proceed with your question.

现在，我们开始提问。[第一个问题来自高盛集团的埃里克-谢里丹。请继续提问

Eric Sheridan 埃里克-谢里丹

Thanks so much for taking the question and thanks for all the detail and the prepared remarks. Maybe a two-parter on AWS. There's been a theme during the last couple of weeks of earnings of the potential to over-invest as opposed to under-invest in AI as a broad theme. I'm curious, Andy, if you have a perspective on that in terms of thinking about elements of capitalizing on the theme longer term against the potential for pace in cases of investment on AWS as a segment.

非常感谢你接受这个问题，也感谢你提供的所有细节和准备好的发言。关于 AWS，我想问两个问题。在过去几周的财报中，有一个主题是，作为一个大主题，在人工智能领域可能会投资过度，而不是投资不足。我很好奇，安迪（Andy），你是否对此有自己的看法，即从更长远的角度考虑利用这一主题的要素，而不是将 AWS 作为一个细分市场进行投资。

And the second part would be coming back to your comments on custom silicon. How do you feel about custom silicon, both from a piece of investment and then more broadly, how you think about it as a return profile on a pivot to more custom silicon in your portfolio over the medium to long term? Thanks so much.

第二部分将回到你对定制硅的评论。您对定制硅有什么看法，无论是从投资的角度，还是从更广泛的角度来看，您如何看待它作为中长期投资组合中更多定制硅的回报特征？非常感谢。

Andy Jassy 安迪-贾西

Thanks, Eric. I'll take them in order. I think on the question about investment in AWS and on the AI side, I think where I'd start is, I think one of the least understood parts about AWS over the last 18 years has been what a massive logistics challenge it is to run that business.

谢谢，埃里克。我会按顺序回答。关于 AWS 和人工智能方面的投资问题，我想从以下几点谈起：我认为在过去 18 年里，人们对 AWS 最不了解的一点是，运营这项业务面临着巨大的物流挑战。

If you think about the fact that we have about 35 regions and think of a region as multiple -- a cluster of multiple data centers and about 110 availability zones, which is roughly equivalent to a data center, sometimes it includes multiple. And then if you think about having to land thousands and thousands of SKUs across the 200 AWS services in each of those availability zones at the right quantities, it's quite difficult. And if you end up actually with too little capacity, then you have service disruptions, which really nobody does because it means companies can't scale their applications.

考虑到我们拥有大约35个地区，并且将一个地区视为多个数据中心的集群，大约有110个可用区，这大致相当于一个数据中心，有时甚至包括多个。然后如果你考虑到必须在这些可用区的每个地方，针对200项AWS服务中的成千上万的SKU，以正确的数量进行着陆，这是相当困难的。如果你最终实际上容量太小，那么你就会遇到服务中断，这是真的没有人愿意发生的，因为这意味着公司无法扩展他们的应用程序。

So most companies deliver more capacity than they need. However, if you actually deliver too much capacity, the economics are pretty woeful and you don't like the returns of the operating income. And I think you can tell from having -- we disclosed both our revenue and our operating income in AWS that we've learned over time to manage this reasonably well. And we have built models over a long period of time that are algorithmic and sophisticated that land the right amount of capacity.

大多数公司提供的容量超出了他们的需求。然而，如果你实际上提供了过多的容量，那么经济性就会相当糟糕，你不会喜欢运营收入的回报。我认为你可以看出——我们已经披露了AWS的收入和运营收入，我们已经学会了随着时间的推移合理地管理这个问题。我们建立了长期运行的算法和复杂的模型，以确定正确的容量。

And we've done the same thing on the AI side. Now AI is newer. And it's true that people take down clumps of capacity in AI that are different sometimes. I mean -- but it's also true that it's not like a company shows up to do a training cluster asking for a few hundred thousand chips the same day? Like you have a very significant advanced signal when you have customers that want to take down a lot of capacity.

我们在人工智能方面也做了同样的事情。现在的人工智能比较新。在人工智能领域，人们确实有时会采取不同的能力集群。我的意思是--但这也是事实，它不像一家公司来做一个训练集群，要求在同一天获得几十万个芯片？当你的客户想要削减大量容量时，你就会有一个非常重要的高级信号。

So while the models are more fluent, it's also true that we've built, I think, a lot of muscle and skill over time in building these capacity signals and models. And we also are getting a lot of signal from customers on what they need. I think that it's -- the reality right now is that while we're investing a significant amount in the AI space and in infrastructure, we would like to have more capacity than we already have today. I mean we have a lot of demand right now. And I think it's going to be a very, very large business for us.

因此，在模型更加流畅的同时，我认为我们在建立这些能力信号和模型方面也积累了大量的经验和技能。我们也从客户那里获得了很多关于他们需求的信号。我认为，现在的现实是，虽然我们在人工智能领域和基础设施方面投入了大量资金，但我们希望拥有比现在更多的能力。我的意思是，我们现在有很多需求。我认为这对我们来说将是一个非常非常大的业务。

On the custom silicon point, yeah, it's really interesting what's happened here. And it's also -- our strategy and approach here has been informed by running AWS for 18 years. When we started AWS, we had and still have a very deep partnership with Intel on the generalized CPU space. But what we found from customers is that they -- when you find a -- an offering that is really high value for you and high return, you don't actually spend less, even though you're spending less per unit, you spend less per unit, but it enables you and free you up to do so much more inventing and building for your customers. And then when you're spending more, you actually want better price performance than what you're getting.

关于定制硅的问题，确实非常有趣。我们的策略和方法是基于18年来运营AWS的经验。当我们开始AWS时，我们与英特尔在通用CPU领域有着非常深入的合作关系，现在仍然如此。但我们从客户那里发现的是，当你找到一个对你来说非常有价值且回报高的产品时，你实际上并不会减少支出，即使你每个单位的支出减少了，它让你能够释放出来，为你的客户做更多的创新和建设。然后当你支出更多时，你实际上希望得到比你现在得到的更好的性价比。

And a lot of times, it's hard to get that price performance from existing players unless you decide to optimize yourself for what you're learning from your customers and you push that envelope yourself. And so we built custom silicon in the generalized CPU space with Graviton, which we're on our fourth model right now. And that has been very successful for customers and for our AWS business is it saves customers about -- up to about 30% to 40% price performance versus the other leading x86 processors that they could use.

而很多时候，除非你决定根据从客户那里了解到的情况进行优化，并自己突破这个界限，否则很难从现有的竞争者那里获得这样的性价比。因此，我们通过 Graviton 在通用 CPU 领域开发了定制芯片，现在已经是第四个型号了。这对客户和我们的 AWS 业务来说都非常成功，因为与其他领先的 x86 处理器相比，它为客户节省了约 30% 至 40% 的价格性能。

And we saw the same trend happening about five years ago in the accelerator space in the GPU space, where the products are good, but there was really primarily one provider and supply was more scarce than what people wanted. And people -- our customers really want improved price performance all the time. And so that's why we went about building Trainium, which is our training chip and Inferentia, which is our inference chip, which we're on second versions of both of those, they will have very compelling relative price performance and in a world where it's hard to get GPUs today, the supply is scarce and all the schedules continue to move over time. Customers are quite excited and demanding at a high clip. Our custom silicon, and we're producing it as fast as we can.

大约五年前，我们在加速器领域看到了同样的趋势，在 GPU 领域，产品很好，但实际上主要只有一家供应商，供应比人们想要的更稀缺。而人们--我们的客户确实一直希望提高性价比。因此，这就是为什么我们要开发 Trainium（我们的训练芯片）和 Inferentia（我们的推理芯片）的原因，我们正在开发这两款芯片的第二版，它们将具有非常引人注目的相对价格性能，而且在今天这个很难获得 GPU 的世界里，供应稀缺，所有的时间表都在随着时间的推移而不断变化。客户非常兴奋，要求也很高。我们的定制芯片，我们正在以最快的速度生产。

NVIDIA要想实现垄断并不容易，微软、苹果、Google能走到今天花了很长的时间。

I think that's going to have very good return profile just like Graviton has and I think it will be another differentiating feature around AWS relative to others.

我认为这将会像 Graviton 一样，拥有非常好的回报率，我认为这将是 AWS 相对于其他公司的另一个与众不同之处。

Operator 操作员

And our next question comes from the line of Brian Nowak with Morgan Stanley. Please proceed with your question.

下一个问题来自摩根士丹利的布莱恩-诺瓦克。请继续提问。

Brian Nowak 布莱恩-诺瓦克

Thanks for the questions. I have two. So the first one I wanted to ask about in the second quarter, the retail gross margins that we're trying to do the monkey math, look a little weaker than expected. Was there any extra pressure on retail gross margins because of discounting? Or is that where Kuiper is? Or sort of how do we think about some of the drivers of retail gross margins in the quarter of shipping?

感谢提问。我有两个问题。第一个问题，我想询问第二季度的零售毛利率，我们尝试做一些简单的计算，看起来比预期的要弱一些。零售毛利率是否因为打折而面临额外的压力？还是因为Kuiper（项目）？或者我们应该如何考虑本季度零售毛利率的一些驱动因素，比如运输？

And the second one, Andy, in the past, you talked about cost to serve improvement and sort of getting the North America margins back to pre-pandemic levels. Can you just remind us again sort of the internal philosophy about executing on that? Is there a time line to deliver on that? Sort of how are you sort of balancing showing that profitability improvement over the next couple of years versus pressing on new investments like Kuiper and perhaps reinvesting some of those profits over the next couple of years?

第二个问题，安迪，你在过去谈到了改善服务成本，以及让北美地区的利润率恢复到大流行前的水平。你能不能再提醒我们一下关于执行这一目标的内部理念？有实现这一目标的时间表吗？你们是如何平衡未来几年利润率的提高与库柏（Kuiper）等新投资的压力，以及未来几年利润的再投资？

Brian Olsavsky 布莱恩-奥尔萨夫斯基

Brian, let me start with the first question on North America margins. So if you look at the segment operating margins, we did decrease 20 basis points sequentially from Q1 to Q2. I'll remind you that we have seen the annual step-up in stock-based compensation at the end of Q1 each year, and that added about $1.8 billion of stock-based comp expense in Q2 versus Q1. So that's impacting to some extent, all three segments.

布莱恩，首先请允许我回答第一个关于北美利润率的问题。如果你看一下分部的营业利润率，从第一季度到第二季度，我们确实连续下降了 20 个基点。我要提醒大家的是，我们每年都会在第一季度末对股票薪酬进行年度递增，因此第二季度的股票薪酬支出比第一季度增加了约 18 亿美元。因此，这在一定程度上影响了所有三个部门。

But even with that stock-based comp step up, the stores part of the North America segment, increase the margin again last quarter. So we're continuing to see strong improvements in cost to serve as well as improvement in speed, added selection, better safety. So a lot of the key areas that we're hitting on are strong.

但是，即使增加了基于股票的补偿，北美分部的门店部分在上个季度再次提高了利润率。因此，我们继续看到服务成本的大幅改善，以及速度的提高、选择的增加和安全性的提高。因此，我们在很多关键领域的表现都很强劲。

What you're seeing for the segment is that some of our investment areas had a tick up in expenses and investment in Q2 versus Q1. And that's not unheard of. Q1 is usually the lightest investment quarter, things like Prime Video and devices have less investment going on in those quarters. But the one thing I'd point out, I think we mentioned it is Kuiper stepping up a bit in Q2 versus Q1. And as we start to build satellites that we'll launch in Q3 and Q4 this year.

你在分部看到的是，我们的一些投资领域在第二季度的支出和投资比第一季度有所增加。这种情况并非罕见。第一季度通常是投资最少的季度，像 Prime Video 和设备在这一季度的投资较少。但我要指出的一点是，我想我们已经提到过，Kuiper 在第二季度的投资比第一季度要多一些。随着我们开始建造卫星，我们将在今年第三季度和第四季度发射卫星。

Andy Jassy 安迪-贾西

And your second question, Brian, I continue and the team continues to believe that we have the opportunity to expand the margin in our stores business. And as I've said on a number of the calls that we've done, it's not going to happen in one quarter, it's not going to happen in 1 fell swoop, it's going to take work over a long period of time. But I think that one of the silver linings, if you will, about year and half ago in the ricochet of the pandemic and all the growth that we had and the cost to serve challenges that we had was, it really forced us to reevaluate everything in the network.

布莱恩，你的第二个问题是，我和我们的团队始终认为，我们有机会扩大门店业务的利润率。正如我在多次电话会议上所说的，这不是一个季度就能实现的，也不是一蹴而就的，需要长期的努力。但我认为，如果你愿意，一年半前的大流行病和所有的增长，以及我们面临的服务成本挑战，确实迫使我们重新评估网络中的一切。

And really, even our most closely felt beliefs over a long period of time. And what it did was unveiled a number of opportunities that we believe we have to keep driving cost to serve down. And the first one that you've seen play out over the last year or so has been the regionalization of the U.S. network.

实际上，即使是我们长期以来坚信不疑的信念。它揭示了我们认为必须持续降低服务成本的许多机会。而你们在过去一年左右看到的首个实现的机会是美国网络的区域化。

一个始终需要降低成本的业务不是好业务。

And I think one thing to remember about that is that while it's had even bigger impact than maybe we theorized when we first architected it, we're still not done fully honing it. There's a lot of ways that we continue to optimize that U.S. regionalization that we think will continue to bear lower cost to serve.

我认为，需要记住的一点是，虽然它的影响比我们最初设计它时所设想的还要大，但我们仍未完成对它的全面磨练。我们有很多方法可以继续优化美国的区域化，我们认为这将继续降低服务成本。

But at the same time, we found a number of other areas where we believe we can take our cost down while also improving the customer experience. One of the great things about regionalization was it not only took our costs served down, but it meaningfully changed the speed with which we're able to get items to customers.

但与此同时，我们也发现了其他一些领域，我们相信在这些领域我们可以降低成本，同时改善客户体验。区域化的一大好处是，它不仅降低了我们的服务成本，还显著提高了我们向客户提供商品的速度。

And so we have a number of those other opportunities. Another example of that is regionalizing our inbound network, which is also going to lower our cost to serve and get items more close to end users and diminish the amount of time it takes to get them to customers. We have a number of things that we're working on that allow us to combine more units per box, which lowers our costs as well and a lot of customers like that better because it's better for the environment, having more units per box.

因此，我们还有很多其他机会。另一个例子是将我们的进货网络区域化，这也将降低我们的服务成本，让产品更接近最终用户，减少将产品送到客户手中所需的时间。我们正在研究一些方法，使我们能够将更多的单位组合到每个箱子里，这也降低了我们的成本，很多客户也更喜欢这样，因为这样对环境更好，每个箱子里有更多的单位。

So I think we have a lot of opportunities to continue to take down our cost to serve. And strategically and philosophically, just two other things as you were alluding to that question. I think that from our perspective, as we're able to take cost to serve down, it means that we're able to afford to have more selection that we're able to offer to customers. And there are a lot of lower ASP items there, average selling price items that we don't stock because they're not economic to stock with our current cost to serve.

因此，我认为我们有很多机会继续降低服务成本。从战略和理念上讲，你刚才提到的问题还有两点。我认为，从我们的角度来看，我们能够降低服务成本，就意味着我们有能力为客户提供更多的选择。有很多平均销售价格较低的商品，我们都没有进货，因为按照我们目前的服务成本，进货并不划算。

But as we work hard to make progress like we are on lowering our cost to serve, that allows us to add more selection. And we see this time in and time out that we -- when we add more selection, customers actually consider us for more of their purchases and spend more with us down the line.

但是，当我们像降低服务成本那样努力取得进展时，我们就可以增加更多的选择。我们一次又一次地发现，当我们增加了更多的选择时，客户实际上会在更多的采购中考虑我们，并在我们这里花更多的钱。

I think the other thing, too, I would tell you is that I don't see it as being binary in any way, nor have I really ever seen it this way in the history of the company. I've been here 27 years. But we don't think of it as we can either be investing or we can be working on trying to take our cost to serve down. We believe we can do both.

我想告诉您的另一件事是，我不认为这是二元的，实际上我在公司的历史上也从未这样看待过。我已经在这里工作了27年。但我们不认为我们要么可以投资，要么可以努力降低我们的服务成本。我们相信我们可以同时做到这两点。

If you think about the examples you gave, the stores business and the Kuiper business are -- they're just different people working on those businesses. So our stores team is going to continue to work really hard on expanding selection and keeping prices low and speeding up our delivery times and driving our cost to serve down while our Kuiper team is working on how to figure out how to help the 400 million to 500 million households around the world who don't have broadband connectivity get that connectivity and allow them to do a lot of the things we take for granted today with broadband connectivity. So they're not going to be binary. We're going to work on them both at the same time.

如果您考虑您给出的例子，实体店业务和Kuiper业务——它们只是不同的团队在运作这些业务。因此，我们的实体店团队将继续努力扩大产品选择，保持价格低廉，加快我们的送货时间，并降低我们的服务成本，而我们的Kuiper团队正在研究如何帮助全球4亿到5亿没有宽带连接的家庭获得这种连接，并允许他们做很多我们今天认为理所当然的事情，拥有宽带连接。所以它们不是二元对立的。我们将同时进行这两项工作。

Operator 操作员

And our next question comes from the line of Mark Mahaney with Evercore. Please proceed with your question.

下一个问题来自 Evercore 的 Mark Mahaney。请继续提问。

Mark Mahaney 马克-马哈尼

Hey, thanks so much. Two questions. AWS, those three factors that are causing that kind of acceleration in Q2 and recovery in growth rates from a year ago, those sound sustainable? Is there any reason that we shouldn't see sort of ongoing acceleration at some level through the back half of the year?

嘿，非常感谢。两个问题。AWS，这三个因素导致了第二季度的增长加速，增长率从一年前开始回升，这些因素听起来可以持续吗？有什么理由让我们在今年下半年看不到某种程度的持续加速吗？

And secondly, I just want to ask about a small segment of pharmacy. It seems to me like at least anecdotally I seem to lean more into marketing for that and survey work suggests to us that there's kind of greater consumer interest in that. Just talk about where that business is for you? And is it at a point where you feel like you move beyond early adoption and are leaning into kind of getting more mass Amazon customer adoption? Thank you.

其次，我想问一下药房的一小部分。在我看来，至少从轶事来看，我似乎更倾向于药店营销，而调查工作表明，消费者对药店更感兴趣。请谈谈你们的业务现状如何？你是否已经超越了早期采用的阶段，开始倾向于让更多的亚马逊客户采用？谢谢。

Andy Jassy 安迪-贾西

On the AWS question, it's always hard to predict what the growth rates are going to be, and it's a relatively large business at $105 billion revenue run rate at this point. But I do think that we have seen the lion's share of the cost optimization happen. And I also do believe that pre-pandemic, we were on this March where most companies are trying to figure out how to modernize their infrastructure, which really means moving from on-premises to the cloud because they can save money and invent that more quickly and get better developer productivity. And then the pandemic happen and people were in survival mode and then a difficult economy came and people are trying to save money.

关于 AWS 的问题，我们总是很难预测它的增长率会是多少，而且它的业务规模相对较大，目前营收已达到 1,050 亿美元。但我认为，我们已经看到了成本优化的主要部分。我也相信，在大流行之前，我们正处于三月，大多数公司都在想办法如何实现基础设施的现代化，这实际上意味着从内部部署向云迁移，因为他们可以节省成本，更快地发明创造，并获得更好的开发人员生产力。然后大流行病发生了，人们进入了生存模式，然后经济困难来临，人们试图节省开支。

And we just see people going back to asking themselves, why aren't we taking this low hanging fruit here. I mean it makes -- I don't want to run my own data centers. I can actually be more cost-effective and invent more quickly from my customers if I'm using the cloud. And AWS with just a lot more functionality, stronger operational performance and security, which really matters to customers as well and a deeper partner ecosystem continues to be the partner of choice as people are moving to the cloud.

我们看到人们开始重新自问，为什么我们不去摘这些触手可及的果实呢。我的意思是，我不想自己运营数据中心。如果我使用云服务，实际上我可以更有成本效益，并且更快地为客户创新。AWS拥有更多的功能、更强的操作性能和安全性，这些对客户来说真的很重要，并且拥有更深入的合作伙伴生态系统，继续成为人们转向云服务时的首选合作伙伴。

And I think the generative AI component is in its very early days. It's -- as I said, we kind of sometimes look at it and say that it's interesting that we have a multibillion-dollar revenue run rate already in AI, and it's so early. But if we look at the amount of demand that we have from customers right now, it's very significant. So I think all three of those things have a chance and will likely continue over time. And we'll see where that growth rate nets out over the next number of years.

我认为人工智能的发展还处于早期阶段。正如我所说的，我们有时会说，我们在人工智能领域已经有了数十亿美元的收入，这很有趣，但现在还为时尚早。但是，如果我们看看客户现在的需求量，那是非常可观的。因此，我认为这三件事都有机会，而且很可能会持续下去。我们将看到未来几年的增长率。

I think that -- the one other thing I would say about that, too, Mark, is that -- the business today, as I mentioned, it's a $105 billion revenue run rate business, about 90% of the global IT spend is still on premises. And if you believe that equation is going to flip, which I do, there's a lot of growth ahead of us in AWS as the leader in all those dimensions I mentioned.

我认为，Mark，我还想说的是——正如我提到的，这项业务目前是一个年收入达到1050亿美元的业务，大约90%的全球IT支出仍然是在本地进行的。如果您相信这个等式将会翻转，我确实相信，那么作为我在我提到的所有维度上的领导者，AWS面前有很多增长机会。

这个业务更像是软件的升级，微软/Google的软件属性更强。

But I also think that generative AI itself and AI as a whole it's going to be really large. I mean it is not something that we originally factored when we were thinking about how large AWS could be and unlike the non-AI space, where you're basically taking all of this infrastructure that's been built on premises over a long period of time and working with customers to help them migrate it to the cloud, which is a lot of work, by the way. In the generative AI space, it's going to get big fast and it's largely all going to be built from the get-go in the cloud, which allows the opportunity for those businesses to continue to grow.

但我也认为，生成式人工智能本身和整个人工智能都将非常庞大。我的意思是，我们最初在考虑 AWS 的规模时，并没有考虑到这一点。与非人工智能领域不同的是，在非人工智能领域，你基本上是把长期以来在企业内部构建的基础设施全部搬到云上，然后与客户合作，帮助他们将其迁移到云上，顺便说一句，这需要做很多工作。在生成式人工智能领域，它将迅速发展壮大，而且大部分都将从一开始就建立在云端，这就为这些企业提供了继续发展的机会。

On the pharmacy side, I think you're right that you're seeing that business continue to grow and to get more resonance with customers. And I think it was always a relatively natural extension for us to build a pharmacy offering from our retail business. But I think a lot of what you see in the business has grown really quickly, a lot of what you've seen is that the work that the team has done on the customer experience over the last 18 months has really paid off. Customers love the customer experience of Amazon Pharmacy.

在药房方面，我想你是对的，你看到该业务在继续增长，并与客户产生了更多的共鸣。我认为，从我们的零售业务延伸出药房业务，是一个相对自然的过程。但我认为，你所看到的很多业务都发展得非常快，你所看到的很多东西都是团队在过去 18 个月里在客户体验方面所做的工作真正得到了回报。客户喜欢亚马逊药店的客户体验。

And especially, by the way, when you think about the experience and the speed and ease with which you can order versus walking into a pharmacy in a physical store, if you walk into pharmacies and -- in cities today, it's a pretty tough experience with how much is locked behind cabinets, where you have to press a button to get somebody to come out and open the cabinets for you and a lot of shop lifting going on in the stores. So the combination of what's happening in the physical world and how much improved we've made our pharmacy experience is driving a lot of customer resonance and buying behavior.

顺便提一下，如果你考虑到订购的体验、速度和便捷性，而不是走进实体店的药房，那么在今天的城市里，如果你走进药房，就会发现很多东西都被锁在柜子后面，你必须按一个按钮，让别人出来帮你打开柜子，而且店里还有很多偷窃行为，这是一种相当艰难的体验。因此，物理世界中发生的事情与我们对药店体验的改进相结合，推动了许多客户的共鸣和购买行为。

I think also you see us continuing to expand there. We expanded our RxPass package and program to Medicare members, that program allows customers and members to be -- Prime members to be able to get up to 60 common medications for just $5 a month. And we continue to launch same-day delivery of medications to cities. We have them in 8 cities, including Los Angeles and New York today with plans to expand to more than a dozen cities by the end of the year.

我想你也看到了我们在这方面的持续拓展。我们将 RxPass 套餐和计划扩展至医疗保险会员，该计划允许客户和会员成为 Prime 会员，每月只需支付 5 美元即可获得多达 60 种常用药物。我们还将继续推出当日送药到城市的服务。目前，我们已在包括洛杉矶和纽约在内的 8 个城市推出了这一服务，并计划在今年年底前扩展到十多个城市。

传统企业只会越来越难，但凡好的想法都需要结合技术，都不在自己手里。

So we're seeing a lot of growth there, and we're very optimistic about it.

因此，我们看到那里有很大的增长，我们对此非常乐观。

Operator 操作员

And our next question comes from the line of Brent Thill with Jefferies. Please proceed with your question.

下一个问题来自 Jefferies 的 Brent Thill。请继续提问。

Brent Thill 布伦特-蒂尔

On AWS, I'm curious if you had a backlog number you could share for the quarter. And I guess, Andy, when you think about getting the data state ready, I know AI today is early, but when you see most of these companies are having to move to public cloud, are you seeing a step-up in return to workloads moving to get ready for this day to stay even if they're not ready to adopt AI? What are you seeing in those sales motions? Thank you.

关于AWS，我很好奇您是否能分享本季度的积压订单数量。还有，Andy，当您考虑让数据状态准备好时，我知道今天的AI还处于早期阶段，但当您看到这些公司大多数都必须转向公共云时，您是否看到了为了准备迎接这一天而将工作负载转移到云上的回报增加，即使他们还没有准备好采用AI？您在这些销售动态中看到了什么？谢谢。

Dave Fildes 戴夫-菲尔德斯

This is Dave. I'll just start off just to give you the backlog figure. So at the end of the second quarter, it was $156.6 billion. So that's up about 19% year-over-year.

我是戴夫。我先给大家介绍一下积压数据。截至第二季度末，积压订单总额为 1566 亿美元。同比增长约 19%。

Andy Jassy 安迪-贾西

On the second part of your question, Brent, what I would say is that it's true in analytics, but it's even maybe more so true in AI, which is that it's quite difficult to be able to do AI effectively if your data is not organized in such a way that you can access that data and run the models on top of them and then build the application. So when we work with customers, and this is true both when we work directly with customers as well as when we work with systems integrator partners, everyone is in a hurry to get going on doing generative AI and one of the first questions that we ask is show us where your data is, show us what your data lake looks like, show us how you're going to access that data.

关于你问题的第二部分，布伦特，我想说的是，这在分析领域是正确的，但在人工智能领域也许更加正确，那就是，如果你的数据组织方式无法让你访问这些数据并在其上运行模型，然后构建应用程序，那么就很难有效地进行人工智能。因此，当我们与客户合作时，无论是直接与客户合作，还是与系统集成商合作伙伴合作，每个人都急于开始进行生成式人工智能，而我们问的第一个问题就是告诉我们你的数据在哪里，告诉我们你的数据湖是什么样的，告诉我们你将如何访问这些数据。

And there's very often work associated with getting your data in the right shape and in the right spot to be able to do generative AI. Fortunately, because so many companies have done the work to move to the cloud, there's a number of companies who are ready to take advantage of AI, and that's where we've seen a lot of the growth. But also it's worth remembering that again, remember the 90% of the global IT spend being on premises, there are a lot of companies who have yet to move to a cloud, who will, and the ability to use AI more effectively is going to be one of the many drivers in doing so for them.

要将数据调整到正确的形状和位置，以实现生成式人工智能，往往需要做大量的工作。幸运的是，由于很多公司已经完成了向云计算迁移的工作，因此有很多公司已经准备好利用人工智能，这也是我们看到大量增长的地方。但同样值得记住的是，全球 90% 的 IT 支出都是在企业内部，还有很多公司尚未迁移到云端，但他们会迁移到云端，而更有效地使用人工智能的能力将成为他们迁移云端的众多驱动力之一。

Operator 操作员

And the next question comes from the line of John Blackledge with TD Cowen. Please proceed with your question.

下一个问题来自 TD Cowen 的 John Blackledge。请继续提问。

John Blackledge 约翰-布莱克利奇

Great. Two questions. First, the AWS op income margins were strong, again, mid-30% area. Just kind of what were the key drivers? And how should we think about AWS margins in the back half of the year? And then the international op income margin stepped down a bit Q-over-Q. Just curious about that. Thank you.

太好了两个问题。首先，AWS 的运营收入利润率很高，同样在 30% 左右。关键驱动因素是什么？我们应该如何看待 AWS 今年下半年的利润率？然后，国际运营收入利润率环比有所下降。我对此很好奇。谢谢。

Brian Olsavsky 布莱恩-奥尔萨夫斯基

Yeah. Thank you, John. Let me start with AWS profitability. So yes, the margin is in the mid-30% range in Q2. It's up from the mid-20% range last year. So you're seeing the impact of a number of cost reductions that we've made and efficiencies we've driven in the business.

好的谢谢你，约翰。让我先谈谈 AWS 的盈利能力。是的，第二季度的利润率在 30% 左右。比去年同期的 20% 左右有所提高。所以，你看到了我们在业务中削减成本和提高效率所带来的影响。

There's also an adjustment that we made to the useful life of servers that happened in Q1. Talked about last quarter, that contributed about 200 basis points of margin year-over-year. So we continue to work on the cost structure. But again, as we've said in the past, these operating margin will fluctuate and be lumpy quarter-to-quarter. We are -- continue to work to build new products that attract new customers and work on our efficiencies.

此外，我们还在第一季度对服务器的使用寿命进行了调整。上一季度，我们对服务器的使用年限进行了调整，同比增加了约 200 个基点的利润率。因此，我们将继续努力改善成本结构。但是，正如我们过去所说的，这些运营利润率每个季度都会有波动和起伏。我们将继续努力开发新产品，吸引新客户，提高效率。

黄仁勋在《NVIDIA Corporation (NVDA) GTC Financial Analyst Q&A - (Transcript)》解释了其中的原因，他认为GPU的快速发展让原来的通用服务器陷入瓶颈，重新买一套新的也不会提升太多的性能，不如接着用，Amazon对成本非常敏感。

Second question was? 第二个问题是？

John Blackledge 约翰-布莱克利奇

International segment margin.

国际分部利润率。

Dave Fildes 戴夫-菲尔德斯

Yeah, this is Dave. Just real quick on that. You mentioned we're about $300 million profit for the quarter. That is up about 390 basis points year-on-year from a margin perspective. And as we talked about in the past, there's a number of countries that different stages of existence and maturity there. And so I think you're seeing continued progress, certainly on a year-over-year basis with both our established countries. So the UK, Germany and Japan in particular, being sizable contributors to that business, continued improvement and build out there, similar to the factors we talked about with the U.S., focused on operational efficiency while expanding the customer experience.

我是戴夫我就简单说一下。你提到我们本季度的利润约为 3 亿美元。从利润率的角度来看，同比增长了约 390 个基点。正如我们过去谈到的，有许多国家处于不同的发展和成熟阶段。因此，我认为你们看到了持续的进步，当然是在我们已建立的国家的同比基础上。因此，英国、德国和日本尤其是该业务的重要贡献者，将继续改进和建设，这与我们谈到的美国的因素类似，在扩大客户体验的同时，注重运营效率。

And then in the emerging countries, as we've said over the past several quarters, we launched about 10 countries over the last seven years really focused on, again, expanding that customer experience, building out the Prime member benefits while building scalable solutions for customers. And so I think in both that established and emerging areas, seeing good progress year-over-year in working for further improvement there.

而在新兴国家，正如我们在过去几个季度所说的那样，我们在过去 7 年里在大约 10 个国家推出了真正专注于扩大客户体验的产品，在为客户建立可扩展解决方案的同时，建立 Prime 会员权益。因此，我认为，无论是在成熟领域还是新兴领域，我们都看到了逐年取得的良好进展，并致力于进一步改善。

Operator 操作员

And our final question will come from the line of Doug Anmuth with JPMorgan. Please proceed with your question.

最后一个问题来自摩根大通的道格-安穆斯。请继续提问。

Doug Anmuth 道格-安穆斯

Thanks for taking the questions. You factored in some macro indiscretionary pressures into your 2Q guide, especially in Europe, and I think you called out computers, electronics and maybe TVs in 2Q as well. I’m just curious, were the macro trends generally as you expected? Or did you see softening through the quarter? And kind of how does that influence your 3Q outlook? And then separately, Brian, can you help us quantify the incremental investment around Kuiper that you talked about? Thank you.

感谢您提出问题。在第二季度的指导中，您考虑了一些宏观的非自愿性压力，特别是在欧洲，并且我认为您也特别指出了计算机、电子产品和电视在第二季度的情况。我只是好奇，宏观趋势是否总体上如您所预期？或者您是否看到了季度内的疲软？这又是如何影响您对第三季度的展望的？另外，Brian，您能否帮助我们量化您提到的围绕Kuiper的额外投资？谢谢。

Brian Olsavsky 布莱恩-奥尔萨夫斯基

Yeah, sure. Thank you, Doug. The macro factors, if I step back, I think Andy discussed it earlier as well. We're seeing a lot of the same consumer trends that we have been talking about for the last year. Consumers being careful with their spend, trading down, looking for lower ASP products, looking for deals. That continued into Q2, and we expect it to continue into Q3. We're seeing signs of it continuing in Q3.

是的，当然。谢谢，道格。宏观因素，我想安迪早些时候也讨论过。我们看到了很多去年一直在谈论的消费趋势。消费者谨慎消费，减少交易，寻找低ASP产品，寻找优惠。这种趋势一直持续到第二季度，我们预计第三季度仍将如此。我们看到第三季度仍有这种迹象。

The difference in Q2 was that, again, we had very strong unit volume growth. We actually slightly accelerated when you adjust for leap year in North America unit growth in Q2. So the drop in revenue sequentially -- revenue growth sequentially was tied to ASP and both continuation of existing trends, but also as we talked about growth in our everyday essentials business and categories.

第二季度的不同之处在于，我们再次实现了非常强劲的单位销量增长。实际上，当你考虑到闰年因素，北美第二季度的单位增长率略有加快。因此，收入环比下降——收入环比增长与平均售价（ASP）有关，既有现有趋势的延续，也因为我们日常必需品业务和类别的增长。

So while we think we are selling a number of higher ticket items, certainly and holding up well in the market itself, certainly not as strong as it's been in a normalized economy. And -- so it's -- lower ASP products are more of the mix right now. And we like that because, again, our speed allows us to deliver, especially everyday essentials, quickly, and we'd like to be in the consideration set for consumers on those items.

尽管我们认为我们销售了许多高价值商品，并且在市场本身表现良好，但显然并不像在正常经济中那样强劲。因此，目前混合产品中的平均售价较低。我们喜欢这样，因为，再次强调，我们的速度使我们能够快速交付，特别是日常必需品，我们希望成为消费者在这些商品上的考虑范围。

美国经济开始出现疲软，股市对此做出的反应是比较大的。

We're not going to quantify Kuiper today, but thank you for your question.

我们今天不打算对高柏进行量化，但还是要感谢你的提问。

Dave Fildes 戴夫-菲尔德斯

And thanks for joining us today on the call and for your questions. A replay will be available on our Investor Relations website for at least three months. We appreciate your interest in Amazon and look forward to talking with you again next quarter.

感谢您参加今天的电话会议并提出问题。我们将在投资者关系网站上提供至少三个月的重播。我们感谢您对亚马逊的关注，并期待下一季度与您再次交流。

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