2025-02-06 Amazon.com, Inc. (AMZN) Q4 2024 Earnings Call Transcript

Amazon.com, Inc. (NASDAQ:AMZN) Q4 2024 Earnings Conference Call February 6, 2025 5:00 PM ET

Company Participants

Dave Fildes - VP of IR

Andy Jassy - CEO

Brian Olsavsky - CFO

Conference Call Participants

Mark Mahaney - Evercore ISI

Eric Sheridan - Goldman Sachs

Doug Anmuth - JPMorgan

John Blackledge - TD Cowen

Michael Morton - MoffettNathanson

Operator

主持人

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Fourth Quarter 2024 Financial Results Teleconference. 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.

感谢大家的耐心等待。大家好，欢迎参加亚马逊公司2024年第四季度财务业绩电话会议。现阶段，所有参与者均处于仅听模式。演示结束后，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.

接下来，由于开场致辞，我将把会议交给投资者关系副总裁Dave Fildes。谢谢您，请开始。

Dave Fildes

Hello and welcome to our Q4 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. Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2023.

大家好，欢迎参加我们2024年第四季度财务业绩电话会议。今天与我们一同回答问题的有我们的首席执行官Andy Jassy和首席财务官Brian Olsavsky。在聆听今天的电话会议时，我们建议您参阅我们的新闻稿，其中包含了本季度的财务业绩、关键指标及相关评论。请注意，除非另有说明，本次会议中所有的比较均与2023年同期的业绩进行对比。

Our comments and responses to your questions reflect management's views as of today, February 6, 2025, only and will include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.

我们对问题的评论和回答仅反映了管理层截至2025年2月6日的观点，并包含前瞻性陈述。实际结果可能存在重大差异。有关可能影响我们财务业绩的因素的更多信息，请参阅今天的新闻稿以及我们向美国证券交易委员会（SEC）提交的文件，包括我们最新的10-K年度报告及后续文件。

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.

在本次会议中，我们可能会讨论某些非GAAP财务指标。在我们的新闻稿、此次网络广播附带的幻灯片以及我们向SEC提交的文件中（均已发布在我们的投资者关系网站上），您将找到有关这些非GAAP指标的更多披露信息，包括与可比GAAP指标的调节表。

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.

我们的指引基于迄今为止观察到的订单趋势以及我们认为目前适当的假设。我们的业绩本质上难以预测，可能会受到许多因素的重大影响，包括外汇汇率的波动、全球经济与地缘政治条件的变化、以及客户需求和支出（包括经济衰退担忧、通胀、利率、地区劳动力市场限制、全球事件、互联网、在线商务、云服务以及新兴技术的增长速度）以及我们在向SEC提交的文件中详细说明的各项因素。

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.

我们的指引假设，除其他事项外，我们不会进行任何额外的业务收购、重组或法律和解。由于无法准确预测对我们商品和服务的需求，因此我们的实际业绩可能与指引存在重大差异。

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

现在，我将会议交给Andy。

Andy Jassy

安迪·贾西

Thanks, Dave. Today, we're reporting $187.8 billion in revenue, up 10% year-over-year. Given the way the dollar strengthened throughout the quarter, we saw $700 million more of foreign exchange headwind than we anticipated at guidance. Without that headwind, revenue would have been 11% year-over-year and exceeded the top-end of our guidance.

谢谢你，Dave。今天，我们报告收入为1878亿美元，同比增长10%。鉴于本季度美元持续走强，我们遭遇了比指引预期多出7亿美元的外汇逆风。如果没有这一逆风，收入同比增长将达到11%，并超出我们指引的最高预期。

Operating income was $21.2 billion, up 61% year-over-year and trailing 12-month free cash flow adjusted for equipment finance leases was $36.2 billion, up $700 million year-over-year. We're pleased with the invention, customer experience improvements and results delivered in 2024 and have a lot more planned in 2025.

营业收入为212亿美元，同比增长61%，而扣除设备融资租赁调整后的过去12个月自由现金流为362亿美元，同比增长7亿美元。我们对2024年的创新、客户体验改进及取得的成果感到满意，并计划在2025年推出更多举措。

I'll start by talking about our Stores business. We saw 10% year-over-year revenue growth in our North America segment and 9% year-over-year in our International segment, excluding the impact from foreign exchange rates. Our continued focus on expanding selection, lowering prices and improving convenience drove strong unit growth that even outpaced our revenue growth.

我先谈谈我们的零售业务。除去外汇影响，我们的北美业务收入同比增长10%，国际业务同比增长9%。我们持续专注于扩充商品种类、降低价格以及提升便捷性，从而推动了强劲的订单量增长，甚至超过了收入的增长速度。

We continue to add to our broad range of selection, giving customers choice across a variety of price points. We welcome notable brands to our store throughout 2024, including Clinique, Estee Lauder, Oura Rings and Armani Beauty. We continue to add to the hundreds of millions of products offered from our selling partners who made up 61% of items that we sold in 2024, our highest annual mix of third-party seller units ever. We also launched Amazon Haul for US customers in Q4, which offers customers an engaging shopping experience that brings ultra-low price products into one convenient destination. It's off to a very strong start.

我们不断丰富产品选择，为客户提供涵盖多种价格层次的选择。2024年，我们迎来了许多知名品牌入驻，包括 Clinique、Estée Lauder、Oura Rings 和 Armani Beauty。我们还不断增加来自销售合作伙伴的产品数量，这些产品在2024年占据了我们销售商品的61%，创下了第三方卖家产品比例的年度新高。我们还在第四季度为美国客户推出了 Amazon Haul，为客户提供一个汇聚超低价产品的一站式互动购物体验，其开局非常强劲。

Customers continue to want Amazon to be the place they rely on for sharp pricing. In the fourth quarter, consumers saved more than $15 billion with our low everyday prices and record-setting events during Prime big deal days in October and Black Friday and Cyber Monday around Thanksgiving. Additionally, for Federal's annual pricing study found that entering the holiday season, Amazon had the lowest online prices for the eighth year in a row, averaging 14% lower prices on average than other leading retailers in the US.

客户依然希望把亚马逊作为依赖于优惠价格的首选之地。在第四季度，消费者通过我们的低日常价格以及10月的 Prime 大促、感恩节期间的黑色星期五和网络星期一等创纪录的促销活动节省了超过150亿美元。此外，根据联邦的年度定价研究显示，进入假日季时，亚马逊连续第八年以在线最低价格出现，平均价格比美国其他领先零售商低14%。

Our speed of delivery continues to accelerate and 2024 was another record-setting year for Prime members. We expanded the number of same-day delivery sites by more than 60% in 2024, which now serve more than 140 metro areas. And overall, we delivered over 9 billion units the same or next day around the world. Our relentless pursuit of better selection, price and delivery speed is driving accelerated growth in Prime membership.

我们的配送速度持续加快，2024年再次创下了 Prime 会员的新记录。2024年，我们的同日配送站点增加了60%以上，目前已覆盖超过140个大都市区。总体而言，我们在全球实现了90亿件产品的当日或次日配送。我们对更优商品选择、价格和配送速度的不懈追求正推动 Prime 会员的快速增长。

For just $14.99 a month, Prime members get unlimited free shipping on 300 million items often the same-day or one-day delivery, exclusive shopping events like Prime Day, access to a vast collection of premium programming and live sports on Prime Video, ad-free listening of 100 million songs and podcasts with Amazon Music, access to unlimited generic prescriptions for only $5 a month, unlimited grocery delivery and orders over $35 from Whole Foods Market and Amazon Fresh for $9.99 a month, a free Grubhub+ membership with free unlimited delivery and our latest benefit of a $0.10 per gallon fuel discount at BP, Amoco and AMPM stations.

每月仅需14.99美元，Prime会员即可享受对3亿件商品的无限免费配送（通常为同日或次日送达）、诸如 Prime Day 之类的专属购物活动、在 Prime Video 上观看海量优质节目和直播体育、通过 Amazon Music 无广告聆听1亿首歌曲和播客、每月仅5美元享受无限量通用处方药、Whole Foods Market 和 Amazon Fresh 上35美元以上订单的无限食品杂货配送、免费 Grubhub+ 会员享受无限免费配送，以及我们最新推出的 BP、Amoco 和 AMPM 加油站每加仑0.10美元的燃油折扣优惠。

订阅是非常好的模式。

When you think about this as a whole and also compared to many other membership services that are comparably and more expensively priced and offer just one benefit like video, Prime is a streaming deal and we have more coming for our Prime members in 2025. We also remain squarely focused on cost to serve in our fulfillment network, which has been a meaningful driver of our increased operating income.

综合来看，与其他同类且价格更高、仅提供单一服务（如视频）的会员服务相比，Prime 提供的是一揽子流媒体及增值服务，并且我们将在2025年为 Prime 会员推出更多内容。同时，我们始终专注于降低履约网络的服务成本，这也是推动我们营业收入增长的重要因素。

We've talked about the regionalization of our US network. We've also recently rolled out our redesigned US inbound network. While still in its early stages, our inbound efforts have improved our placement of inventory so that even more items are closer to end customers. Ahead of Black Friday in November, we'd improved the percentage of ordered units available in the ideal building by over 40% year-over-year.

我们曾讨论过美国网络的区域化问题。最近，我们还推出了重新设计的美国入库网络。虽然目前还处于早期阶段，但我们的入库工作已改善了库存布局，使更多商品更接近最终客户。在11月的黑色星期五前，我们使理想仓库中可满足订单的单位比例同比提升了40%以上。

We've also spent considerable time optimizing the number of items we send customers in the same package, which reduces packaging is more convenient for customers and less expensive for us to fulfill. And our per unit transportation costs continue to decline as we build out and optimize our last mile network. Overall, we've reduced our global cost to serve on a per unit basis for the second year in a row, while at the same time, increasing speed, improving safety and adding selection.

我们还花了大量时间优化与客户同一包裹内发送的商品数量，这不仅减少了包装，更方便了客户，同时降低了我们的履约成本。随着我们不断建设和优化最后一公里配送网络，每件商品的运输成本也持续下降。总体而言，我们已连续第二年降低了全球每单位服务成本，同时提升了配送速度、改善了安全性并增加了产品种类。

As we look to 2025 and beyond, we see opportunity to reduce costs again as we further refine inventory placement, grow our same-day delivery network and accelerate robotics and automation throughout the network.

展望2025年及以后，我们认为通过进一步优化库存布局、扩大同日配送网络以及加速全网机器人与自动化技术的应用，还有机会进一步降低成本。

In advertising, we remain pleased with the strong growth on a very large base, generating $17.3 billion of revenue in the quarter and growing 18% year-over-year. That's a $69 billion annual revenue run rate, more than double what it was just four years ago at $29 billion.

在广告业务方面，我们对庞大基础上的强劲增长感到满意，本季度广告收入达到173亿美元，同比增长18%。这意味着年化收入达到690亿美元，是四年前290亿美元的两倍多。

相比之下，Youtube的整体规模和增速都不及Amazon广告业务。

Sponsored products, the largest portion of ad revenue are doing well and we see runway for even more growth. We also have a number of newer streaming offerings that are starting to become significant new revenue sources. On the streaming video side, we wrapped up our first year of prime video ads and we're quite pleased with the early progress and head into this year with momentum.

作为广告收入最大部分的赞助产品表现良好，我们预计未来将有更大增长空间。我们还推出了一些新的流媒体产品，正逐步成为重要的新收入来源。在流媒体视频方面，我们结束了首个 Prime 视频广告年，对早期进展十分满意，并以强劲势头迎接新的一年。

We've made it easier to do full-funnel advertising with us. Full-funnel is from the top of the funnel with broad-reach advertising that drives brand awareness to mid-funnel, where sponsored brands let companies specify certain keywords and audiences to attract people to their detail pages or brand store on Amazon. To bottom of the funnel, where sponsored products help advertisers service relevant product ads to customers at the point of purchase. We make this easy for brands to sign up for and deploy across our growing advertising. We also have differentiated audience features that leverage billions of customer signals across our stores and media destinations.

我们使得与我们合作进行全漏斗广告变得更加简单。全漏斗广告从漏斗顶部的广覆盖广告开始，提升品牌认知；到漏斗中段，赞助品牌允许企业指定特定关键词和受众，从而吸引用户访问其商品详情页或品牌店铺；再到漏斗底部，赞助产品帮助广告主在用户购买时展示相关产品广告。我们使品牌能够轻松注册并在不断扩大的广告平台上投放广告。此外，我们还拥有差异化的受众功能，充分利用我们零售和媒体平台上数十亿的客户信号。

From Amazon Marketing Cloud's secure clean rooms, providing advertisers the ability to analyze data, produce core marketing metrics and understand how their marketing performs across various channels to our new multi-touch attribution model that helps advertisers understand how their marketing is working. If an advertiser uses streaming TV, display, sponsored products and other ad types in their campaign, multi-touch attribution will show the relative contribution of each to their sales.

从 Amazon Marketing Cloud 的安全数据环境中，广告主可以分析数据、生成核心营销指标并了解其营销在各渠道的表现，再到我们全新的多触点归因模型，帮助广告主理解各广告形式的实际效果。如果广告主在活动中同时使用流媒体电视、展示广告、赞助产品及其他广告类型，多触点归因将展示各自对销售的相对贡献。

Moving on to AWS. In Q4, AWS grew 19% year-over-year and now has a $115 billion annualized revenue run rate. AWS is a reasonably large business by most folks' standards. And though we expect growth will be lumpy over the next few years as enterprise adoption cycles, capacity considerations and technology advancements impact timing, it's hard to overstate how optimistic we are about what lies ahead for AWS's customers and business.

接下来谈谈 AWS。在第四季度，AWS同比增长19%，现已实现1150亿美元的年化收入。按照大多数人的标准来看，AWS是一项相当庞大的业务。尽管我们预期未来几年由于企业采用周期、容量考量和技术进步会使增长起伏不定，但我们对 AWS 客户及业务的前景充满乐观。

I spent a fair bit of time thinking several years out. And while it may be hard for some to fathom a world where virtually every app has generative AI infusing it with inference being a core building block just like compute, storage and database, and most companies having their own agents that accomplish various tasks and interact with one another. This is the world we're thinking about all the time and we continue to believe that this world will mostly be built on top of the cloud with the largest portion of it on AWS.

我花了不少时间展望未来几年。尽管对某些人来说，很难想象一个几乎每个应用程序都融入生成式 AI，其推理能力成为和计算、存储、数据库一样的核心构件，而且大多数公司都有自己的代理来完成各种任务并相互协作的世界，但这正是我们始终在思考的世界，我们坚信这一世界大部分将建立在云端，而其中最大的一部分将在 AWS 上实现。

不一定，人工智能很可能建在本地，越高质量的提问越有数据安全的问题。

To best help customers realize this future, you need powerful capabilities in all three layers of the stack. At the bottom layer for those building models, unique compelling chips. Chips are the key ingredient in the compute that drives training and inference. Most AI compute has been driven by NVIDIA chips and we obviously have a deep partnership with NVIDIA and will for as long as we can see into the future.

为了帮助客户更好地实现这一未来，你需要在整个技术堆栈的三个层面上具备强大能力。对于构建模型的客户而言，底层最关键的是独特且引人注目的芯片。芯片是驱动训练和推理计算的关键成分。大多数 AI 计算依赖于 NVIDIA 芯片，而我们显然与 NVIDIA 拥有深厚的合作关系，并将在可预见的未来持续合作。

However, there aren't that many generative AI applications at large scale yet. And when you get there as we have with apps like Alexa and Rufus, cost can get steep quickly. Customers want better price performance and it's why we built our own custom AI silicon. Trainium 2 just launched at our AWS Reinvent Conference in December and EC2 instances with these chips are typically 30% to 40% more price performant than other current GPU-powered instances available. That's very compelling at scale. Several technically capable companies like Adobe, Databricks, poolside, and Qualcomm have seen impressive results in early testing of Trainium 2. It's also why you're seeing Anthropic build their future frontier models on Trainium 2.

然而，目前大规模的生成式 AI 应用还不多。而当你像我们那样在 Alexa 和 Rufus 等应用中达到规模时，成本会迅速攀升。客户需要更高的性价比，这也是我们开发自主定制 AI 硅的原因。Trainium 2 刚刚在我们12月的 AWS Reinvent 大会上发布，搭载这些芯片的 EC2 实例通常比其他现有的基于 GPU 的实例在性价比上高出30%至40%，在大规模应用中极具吸引力。Adobe、Databricks、Poolside 和 Qualcomm 等几家技术实力雄厚的公司在 Trainium 2 的早期测试中也取得了令人印象深刻的成果，这也是你看到 Anthropic 在 Trainium 2 上构建其未来前沿模型的原因。

We're collaborating with Anthropic to build Project Rainier, a cluster of Trainium 2 ultra servers containing hundreds of thousands of Trainium 2 chips. This cluster is going to be 5 times the number of exaflops as the cluster that Anthropic used to train their current leading set of cloud models. We're already hard at work on Trainium 3, which we expect to preview late in 2025 and defining Trainium 4 thereafter. Building outstanding performing chips that deliver leading price performance has become a core strength of AWS', starting with our Nitro and Graviton chips in our core business and now extending to Trainium in AI and something unique to AWS relative to other competing cloud providers.

我们正在与 Anthropic 合作，共同构建 Project Rainier——一个由数十万颗 Trainium 2 芯片组成的 Trainium 2 超级服务器集群。该集群的运算能力将是 Anthropic 之前用于训练其领先云模型集群的5倍。我们已经在紧锣密鼓地研发 Trainium 3，预计将在2025年底预览，并在此之后定义 Trainium 4。打造具备卓越性能且性价比领先的芯片已成为 AWS 的核心优势，这一优势从我们在核心业务中的 Nitro 和 Graviton 芯片开始，如今扩展到 AI 领域的 Trainium，并成为 AWS 相较于其他云服务提供商的独特之处。

跟微软一样，前几大科技公司中只有Google自己搞，Meta是通过开源的方式。

The other key component for model builders is services that make it easier to construct their models. I won't spend a lot of time in these comments on Amazon's SageMaker AI, which has become the go-to service for AI model builders to manage their AI data, build models, experiment, and deploy these models, except to say, the SageMaker's HyperPod capability, which automatically splits trading workloads across many AI accelerators, prevents interruptions by periodically saving checkpoints and automatically repairing faulty instances from their last saved checkpoint, and saving training time by up to 40%.

对模型构建者来说，另一个关键要素是能够简化模型构建过程的服务。我不会在此过多讨论 Amazon SageMaker AI——这一已经成为 AI 模型构建者管理数据、构建模型、进行试验和部署模型的首选服务，但值得一提的是 SageMaker 的 HyperPod 功能，该功能能够自动将训练工作负载分配到多个 AI 加速器上，通过定期保存检查点并自动修复故障实例以避免中断，从而最多节省40%的训练时间。

It continues to be a differentiator, received several new compelling capabilities at Reinvent, including the ability to manage costs at a cluster level and prioritize which workloads should receive capacity when budgets are reached, and is increasingly being adopted by model builders. At the middle layer for those wanting to leverage frontier models to build GenAI apps, Amazon Bedrock is our fully managed service that offers the broadest choice of high-performing foundation models with the most compelling set of features that make it easy to build a high-quality Generative AI application. We continue to iterate quickly on Bedrock, announcing Luma AI, poolside, and over 100 other popular emerging models to Bedrock and Reinvent.

这一功能继续成为我们的差异化优势，并在 Reinvent 大会上推出了几项引人注目的新能力，包括在集群级别管理成本以及在预算达到时优先分配资源给特定工作负载的功能，且越来越多的模型构建者开始采用这一方案。在中间层，对于希望利用前沿模型构建生成式 AI 应用的客户，Amazon Bedrock 是我们的全托管服务，它提供了最广泛的高性能基础模型选择和最具吸引力的功能组合，使得构建高质量生成式 AI 应用变得简单。我们在 Bedrock 上持续快速迭代，陆续推出了 Luma AI、Poolside 以及其他100多个受欢迎的新兴模型，在 Bedrock 和 Reinvent 上均有展示。

In short order, we also just added DeepSeek's R1models to Bedrock and SageMaker. And additionally, we delivered several compelling new Bedrock features at Reinvent, including prompt caching, intelligent prompt routing, and model distillation, all of which help customers achieve lower cost and latency in their inference.

简而言之，我们还将 DeepSeek 的 R1 模型添加到了 Bedrock 和 SageMaker 中。此外，我们在 Reinvent 大会上推出了几项引人注目的新 Bedrock 功能，包括提示缓存、智能提示路由和模型蒸馏，这些功能均帮助客户降低推理成本和延迟。

Like SageMaker AI, Bedrock is growing quickly and resonating strongly with customers. Related, we also just launched Amazon's own family of frontier models in Bedrock called Nova. These models compare favorably in intelligence against the leading models in the world, but offer lower latency, lower price, about 75% lower than other models in Bedrock, and are integrated with key Bedrock features like fine tuning, model distillation, knowledge bases of RAG and agentic capabilities. Thousands of AWS customers are already taking advantage of the capabilities and price performance of Amazon Nova models, including Palantir, Deloitte, SAP, Dentsu, Fortinet, Trellix, and Robinhood, and we've just gotten started.

与 SageMaker AI 类似，Bedrock 也在快速增长，并受到客户的广泛好评。同时，我们刚刚在 Bedrock 中推出了亚马逊自有的前沿模型系列，命名为 Nova。这些模型在智能水平上与全球领先模型相媲美，但具有更低的延迟和更低的价格，约比 Bedrock 中其他模型低75%，并且集成了诸如微调、模型蒸馏、RAG 知识库和代理能力等 Bedrock 关键功能。已有数千家 AWS 客户开始利用 Amazon Nova 模型的能力和性价比，包括 Palantir、Deloitte、SAP、Dentsu、Fortinet、Trellix 和 Robinhood，而我们才刚刚开始。

At the top layer of the stack, Amazon Q is the most capable Generative AI-powered assistant for software development and to leverage your own data. You may remember that on the last call, I shared the very practical use case where Q Transform helped save Amazon's teams $260 million and 4,500 developer years in migrating over 30,000 applications to new versions of the Java JDK. This is real value and companies asked for more, which we obliged with our recent deliveries of Q transformations that enable moves from Windows.NET applications to Linux, VMware to EC2, and accelerates mainframe migrations.

在技术堆栈的顶层，Amazon Q 是最强大的生成式 AI 驱动软件开发助手，能够帮助您充分利用自有数据。您可能还记得在上一次电话会议中，我分享了一个非常实际的案例，Q Transform 帮助亚马逊团队在将30,000多个应用程序迁移到新版 Java JDK 的过程中节省了2.6亿美元和4,500个开发者年。这是真正的价值，客户要求获得更多，因此我们近期交付了支持从 Windows.NET 应用迁移到 Linux、从 VMware 迁移到 EC2，并加速主机迁移的 Q 转换方案。

都是瞎扯，真有这个本事为什么还需要跟Anthropic合作？大型科技企业都在一定程度上丧失做产品的能力。

Early customer testing indicates that Q can turn what was going to be a multiyear effort to do a mainframe migration into a multi-quarter effort, cutting by more than 50% the time to migrate mainframes. This is a big deal and these transformations are good examples of practical AI. While AI continues to be a compelling new driver in the business, we haven't lost our focus on core modernization of companies' technology infrastructure from on-premises to the cloud.

早期客户测试表明，Q 能够将原本需要多年完成的主机迁移工作压缩为数个季度完成，将迁移时间缩短超过50%。这是一项重大突破，这些转换正是实际应用 AI 的优秀案例。尽管 AI 仍是业务中的一项引人注目的新驱动力，但我们始终没有忽视企业技术基础设施从本地向云端的核心现代化转型。

We signed new AWS agreements with companies, including Intuit, PayPal, Norwegian Cruise Line Holdings, Northrop Grumman, the Guardian Life Insurance Company of America, Reddit, Japan Airlines, Baker Hughes, the Hertz Corporation, Redfin, Chime Financial, Asana, and many others. Consistent customer feedback from our recent AWS Reinvent gathering was appreciation that we're still inventing rapidly in non-AI key infrastructure areas like storage, compute, database and analytics.

我们与包括 Intuit、PayPal、挪威邮轮控股、Northrop Grumman、美国 Guardian Life Insurance Company、Reddit、日本航空、Baker Hughes、Hertz Corporation、Redfin、Chime Financial、Asana 等在内的多家公司签署了新的 AWS 协议。我们在近期 AWS Reinvent 大会上收到的持续客户反馈表明，他们赞赏我们在存储、计算、数据库和分析等非 AI 关键基础设施领域仍在迅速创新。

Our functionality leadership continues to expand, and there were several key launches customers were abuzz about, including Amazon Aurora DSQL, our new serverless distributed SQL database that enables applications with the highest availability, strong consistency, PostgreS compatibility, and 4 times faster reads and writes compared to other popular distributed SQL databases. Amazon S3 tables, which make S3 the first cloud object store with fully managed support for Apache Iceberg for faster analytics.

我们的功能领先地位持续扩大，近期推出了几项引起客户热议的关键产品，包括 Amazon Aurora DSQL——一款全新的无服务器分布式 SQL 数据库，使应用程序具备最高的可用性、强一致性、PostgreSQL 兼容性，并且读写速度比其他流行的分布式 SQL 数据库快4倍；以及 Amazon S3 Tables，使 S3 成为首个提供 Apache Iceberg 全托管支持以加速分析的云对象存储。

Amazon S3 Metadata, which automatically generates queryable metadata, simplifying data discovery, business analytics, and real-time inference to help customers unlock the value of their data in S3. And the next generation of Amazon SageMaker, which brings together all of the data, analytics services, and AI services into one interface to do analytics and AI more easily at scale.

Amazon S3 Metadata 能够自动生成可查询的元数据，简化数据发现、业务分析和实时推理，帮助客户挖掘 S3 数据的价值。以及下一代 Amazon SageMaker，将所有数据、分析服务和 AI 服务整合到一个界面中，使大规模数据分析和 AI 应用更加便捷。

As 2024 comes to an end, I want to thank our teammates and partners for their meaningful impact throughout the year. It was a very successful year across almost any dimension you pick. We're far from done and look forward to delivering for customers in 2025.

随着2024年的结束，我想感谢我们的团队成员和合作伙伴在全年中所做出的重大贡献。从各个角度来看，这都是非常成功的一年。我们的工作还远未结束，期待在2025年为客户带来更多价值。

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

接下来，我将把话筒交给 Brian，进行财务更新。

Brian Olsavsky

布莱恩·奥尔萨夫斯基

Thanks, Andy. Starting with our top-line financial results, Worldwide revenue was $187.8 billion, an 11% increase year-over-year, excluding the impact of foreign exchange. This equates to an approximate $900 million headwind from FX in the quarter, which is about $700 million higher than what we'd anticipated in our Q4 guidance range. Excluding that additional FX headwind, we would have exceeded the top end of our revenue guidance range.

谢谢你，安迪。首先，从我们的顶线财务业绩来看，全球收入达到了1878亿美元，同比增长11%（不计外汇影响）。这意味着本季度的外汇逆风大约为9亿美元，比我们在第四季度指引区间中预期的高出约7亿美元。如果不计这一额外的外汇逆风，收入将超过我们指引的最高预期。

Worldwide operating income was $21.2 billion, our largest operating income quarter ever, and was $1.2 billion above the high end of our guidance range. Across all segments, we continued to innovate for customers while operating more efficiently at the same time.

全球营业收入为212亿美元，这是我们有史以来营业收入最高的一个季度，并且比我们指引区间上限高出12亿美元。在所有板块中，我们在提升运营效率的同时，持续为客户带来创新。

In the North America segment, fourth-quarter revenue was $115.6 billion, an increase of 10% year-over-year. International segment revenue was $43.4 billion, an increase of 9% year-over-year, excluding the impact of foreign exchange. Worldwide paid units grew 11% year-over-year as our focus on low prices, broad selection, and fast shipping continues to resonate with customers.

在北美板块，第四季度收入为1156亿美元，同比增长10%。在国际板块，收入为434亿美元，同比增长9%（不计外汇影响）。全球付费订单量同比增长11%，这表明我们对低价、大量选择和快速配送的坚持深受客户认可。

Shifting to profitability. North America segment operating income was $9.3 billion, an increase of $2.8 billion year-over-year. Operating margin was 8%, up 190 basis points year-over-year. In the International segment, operating income was $1.3 billion, an improvement of $1.7 billion year-over-year. Operating margin was 3%, up 400 basis points year-over-year. This marks the eighth consecutive quarter where we've seen year-over-year margin improvement in both the North America and International segments.

转向盈利方面。在北美板块，营业收入达到93亿美元，同比增长28亿美元，营业利润率为8%，同比上升190个基点。在国际板块，营业收入为13亿美元，同比增长17亿美元，营业利润率为3%，同比上升400个基点。这标志着北美和国际板块已连续八个季度实现了同比利润率的提升。

弄点钱参与AI大战。

2024 also marks the second year in a row where we've lowered our global cost to serve on a per-unit basis. In the fourth quarter, we saw strong productivity in our transportation network from improved inventory placement, higher units per package, and reduced travel distances. We also saw improved productivity in our fulfillment centers.

2024年也是我们连续第二年降低全球单位服务成本的一年。第四季度，由于优化了库存布局、每包配送单元增加以及运输距离缩短，我们的运输网络实现了显著的生产效率提升，同时我们的履约中心生产力也有所改善。

Overall, our teams executed extremely well throughout the quarter and particularly during our peak seasons. I want to thank them for all they do to deliver for our customers. Looking ahead, we have several opportunities to keep lowering our costs through even better inventory placement, which also allows us to deliver items to customers faster.

总体而言，我们的团队在整个季度内表现非常出色，尤其是在旺季期间，我要感谢他们为客户所做的一切。展望未来，通过进一步优化库存布局，我们有许多机会继续降低成本，同时也能更快地向客户交付商品。

In the US, we're tuning our inbound network and continuing to expand our same-day delivery network. Globally, we're adding automation and robotics throughout our network. While these efforts will take time to implement and progress may not be linear, we have a good plan to continue to drive improvements in our cost structure.

在美国，我们正在优化入库网络，并持续扩展同日配送网络。在全球范围内，我们正不断在整个网络中引入自动化和机器人技术。虽然这些举措的实施需要时间，且进展可能不会是线性的，但我们已有良好计划持续改善成本结构。

Advertising remains an important contributor to profitability in the North America and International segments. This quarter, we saw strong advertising revenue growth on an increasingly large base. We will also continue to invest in experiences that have potential to be important to customers in Amazon long term in areas like Alexa, healthcare, and grocery, as well as Kuiper, including the planned launches of our production satellites in the coming months.

广告业务依然是北美和国际板块盈利的重要贡献者。本季度，我们在不断扩大的基础上实现了广告收入的强劲增长。我们还将继续投资于那些长期内对客户具有重要意义的体验领域，如Alexa、医疗保健、食品杂货以及Kuiper，其中包括未来几个月计划推出的生产卫星。

As a reminder, we currently expense the majority of the costs associated with the development of our satellite network. We will capitalize certain costs once the service achieves commercial viability, including sales to customers.

请注意，目前我们将与卫星网络开发相关的大部分成本作为费用处理。一旦该服务达到商业可行性（包括向客户销售），我们将把部分成本资本化。

Moving next to our AWS segment. Revenue was $28.8 billion, an increase of 19% year-over-year. AWS now has an annualized revenue run rate of $115 billion. During the fourth quarter, we continue to see growth in both generative AI and non-generative AI offerings as companies turn their attention to newer initiatives, bring more workloads to the cloud, restart or accelerate existing migrations from on-premise to the cloud and tap into the power of generative AI. Customers recognize to get the full benefit of generative AI, they have to move to the cloud.

接下来谈谈我们的AWS板块。收入为288亿美元，同比增长19%。目前，AWS的年化收入运行率为1150亿美元。在第四季度，随着企业将目光转向新举措、将更多工作负载迁移到云端、重新启动或加速现有的本地向云端迁移，并利用生成式AI的力量，我们看到生成式AI和非生成式AI产品均实现了增长。客户认识到，要充分受益于生成式AI，必须迁移到云端。

AWS reported operating income of $10.6 billion, an increase of $3.5 billion year-over-year. This is a result of strong growth, innovation in our software and infrastructure to drive efficiencies and continued focus on cost-control across the business. As we've said in the past, we expect AWS operating margins to fluctuate over time, driven in part by the level of investments we're making. Additionally, we increased the estimated useful life of our servers starting in 2024, which contributed approximately 200 basis points to the AWS margin increase year-over-year in Q4.

AWS报告营业收入为106亿美元，同比增长35亿美元。这得益于强劲的增长、软件与基础设施方面的创新以提升效率，以及全业务对成本控制的持续关注。正如我们过去所说，我们预计AWS的营业利润率会随着投资水平的变化而波动。此外，我们从2024年开始延长了服务器的预计使用寿命，这在第四季度为AWS利润率的同比提升贡献了大约200个基点。

Now turning to our capital investments. As a reminder, we define these as a combination of cash CapEx plus equipment finance leases. Capital investments were $26.3 billion in the fourth quarter, and we think that run rate will be reasonably representative of our 2025 capital investment rate. Similar to 2024, the majority of the spend will be to support the growing need for technology infrastructure. This primarily relates to AWS, including to support demand for our AI services as well as tech infrastructure to support our North America and International segments.

现在谈谈我们的资本投资。请注意，我们将资本投资定义为现金资本支出与设备融资租赁的总和。第四季度的资本投资为263亿美元，我们认为这一运行率基本代表了2025年的资本投资水平。与2024年类似，大部分支出将用于支持日益增长的技术基础设施需求，这主要涉及AWS，包括支持我们AI服务的需求以及北美和国际板块的技术基础设施。

Additionally, we're continuing to invest in capacity for our fulfillment and transportation network to support future growth. We're also investing in same-day delivery facilities and our inbound network as well as robotics and automation to improve delivery speeds and to lower our cost to serve. These capital investments will support growth for many years to come.

此外，我们还在持续为履约和运输网络增加产能投资，以支持未来增长。我们也在投资同日配送设施、入库网络以及机器人和自动化技术，以提高配送速度并降低服务成本。这些资本投资将在未来多年支撑我们的增长。

Turning to our revenue guidance for Q1. Net sales are expected to be between $151 billion and $155.5 billion. I'd like to highlight two items impacting our Q1 revenue guidance. First, we estimate the year-over-year impact of changes in foreign exchange rates based on current rates, which we expect to be a headwind of approximately $2.1 billion in Q1 year-over-year or 150 basis points. As a reminder, global currencies can fluctuate during the quarter and just as we saw in Q4 with the strengthening of the dollar versus most other currencies.

现在谈谈我们对第一季度的收入指引。预计净销售额将在1510亿美元至1555亿美元之间。我想强调影响第一季度收入指引的两个因素。首先，根据当前汇率，我们估计外汇汇率变化将对第一季度的同比产生大约21亿美元的逆风，约为150个基点。请注意，全球货币在季度内可能会波动，就像我们在第四季度看到美元相对于大多数其他货币走强那样。

Second, a reminder that we are comping the impact of last year's leap year. The extra date contributed approximately $1.5 billion of additional net sales across our businesses in Q1 2024 or about 120 basis points to the year-over-year growth rate, which impacted all segments. Q1 operating income is expected to be between $14 billion and $18 billion. This guidance includes the estimated impact of certain updates to the useful life of our fixed assets. I'll provide a bit more detail in a moment, but on an aggregate basis, we estimate this will decrease full-year 2025 operating income by approximately $400 million for the assets on our balance sheet as of December 31, 2024.

其次，请注意，我们在比较时已经考虑了去年闰年的影响。去年额外的一天为我们2024年第一季度各业务贡献了大约15亿美元的额外净销售额，约占同比增长率的120个基点，并影响了所有板块。预计第一季度营业收入将在140亿美元至180亿美元之间。该指引还包括了对固定资产预计使用寿命某些更新的预估影响。我稍后会提供更多细节，但总体来看，我们估计截至2024年12月31日资产负债表上的这些资产将使2025全年营业收入减少约4亿美元。

First, in Q4, we completed a useful life study for our servers and networking equipment and observed an increased pace of technology development, particularly in the area of artificial intelligence and machine learning. As a result, we're decreasing the useful life for a subset of our servers and networking equipment from six years to five years, beginning in January 2025. We anticipate this will decrease full-year 2025 operating income by approximately $700 million.

首先，在第四季度，我们完成了对服务器和网络设备使用寿命的研究，并观察到技术发展速度加快，尤其在人工智能和机器学习领域。因此，从2025年1月开始，我们将部分服务器和网络设备的预计使用寿命从六年缩短至五年。我们预计这将使2025全年营业收入减少约7亿美元。

In addition, we also early retired a subset of our servers and network equipment, we recorded a Q4 2024 expense of approximately $920 million from accelerated depreciation and related charges, and expect this will also decrease full-year 2025 operating income by approximately $600 million. Both of these server and network equipment useful life changes primarily impact our AWS segment.

此外，我们还提前退役了部分服务器和网络设备，在2024年第四季度，我们因加速折旧及相关费用记录了约9.2亿美元的支出，预计这也将使2025全年营业收入减少约6亿美元。这两项关于服务器和网络设备使用寿命的调整主要影响我们的AWS板块。

Lastly, we also completed a useful life study for certain types of heavy equipment used in our fulfillment centers and are increasing the useful life from 10 years to 13 years beginning in January 2025. We anticipate this will increase full-year 2025 operating income by approximately $900 million.

最后，我们还对用于履约中心的某些重型设备进行了使用寿命研究，并将其预计使用寿命从10年延长至13年，从2025年1月开始生效。我们预计这将使2025全年营业收入增加约9亿美元.

As we turn the page to 2025, we're energized by the great work our teams have delivered. We remain focused on driving an even better customer experience and we believe putting customers first is the only reliable way to create lasting value for our shareholders.

当我们迈入2025年之际，我们对团队所取得的出色成绩感到振奋。我们将继续致力于提供更优质的客户体验，并坚信以客户为中心是为股东创造持久价值的唯一可靠途径.

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

话说到这里，让我们开始回答大家的问题.

Question-and-Answer Session

问答环节

Operator

主持人

At this time, we will now open the call up for questions. [Operator Instructions] Thank you. Our first question comes from the line of Mark Mahaney with Evercore ISI. Please proceed with your question.

现在，我们将开始提问环节。[主持人指示] 谢谢。我们的第一个问题来自 Evercore ISI 的 Mark Mahaney。请开始提问。

Mark Mahaney

Thanks. Two quick questions. So, Brian, that's $100 billion CapEx we should think about in 2025. And then, Andy, were there any -- would you describe that AWS growth is being currently moderated down by supply constraints? Do you see those across the industry or do you see those materially impacting AWS today? Thank you very much.

谢谢。我有两个简短的问题。布莱恩，关于2025年，我们应该考虑1000亿美元的资本支出。然后，安迪，你是否认为AWS的增长目前正受到供应限制的影响？你认为这种情况在整个行业普遍存在，还是它对今天的AWS产生了实质性的影响？非常感谢。

Andy Jassy

安迪·贾西

So I'll take both of those. This is Andy. On the CapEx side, as Brian mentioned earlier, we spent $26.3 billion in CapEx in Q4. And I think that is reasonably representative of what you could expect in the annualized CapEx rate in 2025. The vast majority of that CapEx spend is on AI for AWS. It's -- the way the AWS business works and the way the cash cycle works is that the faster we grow, the more CapEx we end up spending because we have to procure data center and hardware and chips and networking gear ahead of when we're able to monetize it.

我来回答这两个问题。我是安迪。关于资本支出方面，正如布莱恩之前提到的，我们在第四季度的资本支出为263亿美元。我认为这大致代表了你可以预期2025年年化资本支出率的水平。绝大部分资本支出都用于AWS的人工智能业务。AWS业务及其现金周期的运作方式是：我们增长越快，就需要在实现盈利前提前采购数据中心、硬件、芯片和网络设备，从而导致资本支出增加。

We don't procure it unless we see significant signals of demand. And so, when AWS is expanding its CapEx, particularly in what we think is one of these once-in-a-lifetime type of business opportunities like AI represents, I think it's actually quite a good sign medium-to-long term for the AWS business. And I actually think that spending this capital to pursue this opportunity, which from our perspective, we think virtually every application that we know of today is going to be reinvented with AI inside of it and with inference being a core building block just like compute and storage and database.

除非我们看到明显的需求信号，否则我们不会采购这些设备。因此，当AWS扩大资本支出，特别是在我们认为代表千载难逢商业机会的人工智能领域时，我认为这对AWS业务的中长期前景是个非常好的信号。我实际上认为，投入这些资本来抓住这一机遇——从我们的角度来看，我们几乎认为今天所知的每个应用程序都将通过内嵌AI，并将推理能力作为与计算、存储和数据库同等重要的核心构件来重新定义。

If you believe that, plus that altogether new experiences that we've only dreamed about are going to actually be available to us with AI. AI represents for sure the biggest opportunity since cloud and probably the biggest technology shift and opportunity in business since the Internet. And so, I think that both our business, our customers and shareholders will be happy medium-to-long term that we're pursuing the capital opportunity and the business opportunity in AI.

如果你相信这一点，再加上那些我们曾经仅仅梦想过的全新体验将随着AI的到来真正呈现给我们，那么可以肯定地说，AI代表了自云计算以来最大的机遇，也可能是自互联网以来商业领域最大的技术变革和机遇。因此，我认为从中长期来看，我们的业务、客户和股东都会因为我们抓住了AI的资本与商业机遇而感到满意。

We also have CapEx that we're spending this year in our Stores business really with an aim towards trying to continue to improve the delivery speed and our cost to serve. And so you'll see us expanding the number of same-day facilities from where we are right now. You'll also see us expand the number of delivery stations that we have in rural areas, so we can get items to people who live in rural areas much more quickly. And then a pretty significant investment as well on robotics and automation, so we can take our cost to serve down and continue to improve our productivity.

我们今年在零售业务上的资本支出也主要用于进一步提升配送速度和降低服务成本。因此，你会看到我们扩大现有的同日配送设施数量；也会看到我们在农村地区增加配送站，以便更快地将商品送达农村用户。此外，我们还在机器人和自动化方面进行了相当大的投资，从而降低服务成本并持续提高生产效率。

So that's the CapEx piece. I think the second question you asked, Mark, is really around AWS growth and whether this is being moderated down at all by supply chain constraints. It is hard to complain when you have a multi-billion dollar annualized revenue run rate business in AI like we do and it's growing triple digit percentage year-over-year. It's hard to complain. However, it is true that we could be growing faster if not for some of the constraints on capacity.

这就是关于资本支出部分的回答。马克，你问的第二个问题实际上是关于AWS增长是否因供应链限制而受到抑制。面对我们这样一家年化收入达数十亿美元且在AI领域实现三位数同比增长的企业，很难抱怨增长缓慢；然而，确实，如果没有一些产能限制，我们的增长本可以更快。

And they come in the form of -- I would say, chips from our third-party partners come in a little bit slower than before with a lot of midstream changes to take a little bit of time to get the hardware actually yielding the percentage healthy and high-quality servers we expect. It comes with our own big new launch of our own hardware and our own ships in Trainium2, which we just went to general availability at re:Invent but the majority of the volume is coming in really over the next couple of quarters, the next few months.

这些限制表现为——我会说，来自我们第三方合作伙伴的芯片交付速度比以前稍慢，再加上中游环节的诸多变化，使得硬件达到我们预期的健康和高质量标准需要更多时间。同时，我们也推出了全新的自有硬件和我们的Trainium2产品，该产品刚刚在re:Invent大会上实现全面量产，但大部分订单量实际上将在未来几个季度、未来几个月陆续到位。

It comes in the form of power constraints where I think the world is still constrained on power from where I think we all believe we could serve customers if we were unconstrained. There are some components in the supply chain like motherboards too that are a little bit short in supply for various types of servers. So I think the team has done a really good job scrapping and providing capacity for our customers so they can grow.

此外，还有电力供应的限制，我认为全球在电力方面依然存在制约，否则我们都相信能为客户提供更充分的服务。供应链中也有一些组件，比如主板，对于各种类型的服务器来说，供应也略显不足。因此，我认为团队在清理库存并为客户提供足够产能方面做得非常出色，以支持他们的增长。

We're still growing at a pretty reasonable clip, as I mentioned earlier, but I do think we could be growing faster if we were unconstrained. I predict those constraints really start to relax in the second half of 2025. And as I said, I think we could be growing faster even though we're growing a pretty good clip today.

正如我之前提到的，我们目前的增长速度已经相当不错，但我确实认为如果没有这些限制，我们的增长本可以更快。我预测这些限制将在2025年下半年开始明显放宽。正如我所说，即使现在增长速度已经很好，我仍然认为我们可以增长得更快。

Operator

主持人

And our next question is from Eric Sheridan with Goldman Sachs. Please proceed.

我们的下一个问题来自高盛的Eric Sheridan。请开始提问。

Eric Sheridan

Thanks so much for taking the question. I'll just ask one that's building on Mark's questions there. Andy, when you think about the news that came out of China over the last couple of weeks and think longer-term about bending the cost curve lower with AI. I understood the commentary around CapEx for 2025. But when you look at where you sit in the industry, the move towards open source elements of custom silicon, how do you think about bending the cost curve and either speeding up or amplifying time deployment to market or possibly higher returns on capital for AI? Thanks so much.

非常感谢您接受提问。我就再基于Mark的问题问一个问题。安迪，当您回顾过去几周中国传出的消息，并从长远角度思考如何利用人工智能降低成本曲线时，我理解您对2025年资本支出的评论。但当您看到我们在行业中的地位以及向开放源代码定制硅元件转变的趋势时，您如何看待降低成本曲线、加快或增强产品推向市场的部署速度，或者可能为人工智能带来更高的资本回报？非常感谢。

Andy Jassy

安迪·贾西

Yeah. Well, I'd say a few things because there are a few questions built into that. First of all, I think like many others, we were impressed with what DeepSeek has done. And I think in part, impressed with some of the training techniques, primarily in flipping the sequencing of reinforcement training, reinforcement learning being earlier and without the human in the loop. We thought that was interesting ahead of the supervised fine-tuning.

是的。我想说几点，因为这个问题中包含了几个方面。首先，和很多人一样，我们对DeepSeek所做的工作印象深刻。部分原因在于他们采用了一些训练技术，主要是将强化训练的顺序颠倒，使得强化学习提前进行且无需人类介入，这在监督微调之前就非常引人注目。

We also thought some of the inference optimizations they did were also quite interesting. For those of us who are building frontier models, we're all working on the same types of things and we're all learning from one another. I think you have seen and we'll continue to see a lot of leapfrogging between us. There is a lot of innovation to come.

我们还认为，他们在推理优化方面的一些做法也非常有趣。对于我们这些在构建前沿模型的人来说，我们都在处理类似的问题，并相互学习。我相信你们已经看到，也会继续看到我们之间的很多跨越式进步，未来还会有大量创新出现。

And I think if you run a business like AWS and you have a core belief like we do that virtually all the big generative AI apps are going to use multiple model types and different customers are going to use different models for different types of workloads. You're going to provide as many leading frontier models as possible for customers to choose from. And that's what we've done with services like Amazon Bedrock. And it's why we moved so quickly to make sure that DeepSeek was available both in Bedrock and in SageMaker, faster than you saw from others and we already have customers starting to experiment with that.

我认为，如果你经营像AWS这样的企业，并且拥有像我们一样的核心信念，即几乎所有大型生成式AI应用都会采用多种模型类型，不同的客户也会针对不同类型的工作负载使用不同的模型，那么你就需要为客户提供尽可能多的领先前沿模型供其选择。这正是我们通过Amazon Bedrock等服务所做的，也正因如此，我们迅速行动，确保DeepSeek能够在Bedrock和SageMaker上同步推出，比其他人更快，并且我们已经有客户开始对此进行试验。

I think what's -- one of the interesting things over the last couple of weeks is sometimes people make the assumptions that if you're able to decrease the cost of any type of technology component, in this case, we're really talking about inference that somehow it's going to lead to less total spend in technology. And we just -- we have never seen that to be the case. We did the same thing in the cloud where we launched AWS in 2006, where we offered S3 object storage for $0.15 a gigabyte and compute for $0.10 an hour, which of course is much lower now many years later.

我认为，过去几周一个有趣的现象是，有时人们会假设，如果能够降低任何类型技术组件的成本，在这里我们实际上谈论的是推理成本，那么这必然会导致总体技术支出减少。但我们从未见过这种情况。我们在2006年推出AWS时也做了类似的事情，当时我们以每GB 0.15美元的价格提供S3对象存储，每小时0.10美元的计算服务，而多年后这些价格显然已经大幅下降。

People thought that people would spend a lot less money on infrastructure technology. What happens is companies will spend a lot less per unit of infrastructure and that is very, very useful for their businesses, but then they get excited about what else they could build that they always thought was cost-prohibitive before and they usually end up spending a lot more in total on technology once you make the per unit cost less.

人们曾以为企业在基础设施技术上的支出会大幅减少。实际上，公司会在每个单位的基础设施上花费更少，这对它们的业务非常有用，但随后它们会对能够构建此前认为成本过高的其他事物感到兴奋，一旦每单位成本降低，通常最终在技术上的总支出反而会增加很多。

And I think that is very much what's going to happen here in AI, which is the cost of inference will substantially come down. What you heard the last couple of weeks that a DeepSeek is a piece of it, but everybody is working on this. I believe the cost of inference will meaningfully come down. I think it will make it much easier for companies to be able to infuse all their applications with inference and with generative AI. And I think it's going to -- if you run a business like we do where we want to make it as easy as possible for customers to be successful building customer experiences on top of our various infrastructure services, the cost of inference coming down is going to be very positive for customers and for our business.

我认为这正是人工智能领域将会发生的情况，也就是推理成本将大幅下降。你在过去几周听到的消息中提到DeepSeek只是其中的一部分，但实际上每个人都在致力于这一工作。我相信推理成本会显著降低，这将使企业更容易在所有应用中融入推理和生成式AI。如果你经营像我们这样的业务，致力于让客户在我们各种基础设施服务上构建客户体验变得尽可能简单，那么推理成本的降低将对客户和我们的业务都非常有利。

Operator

主持人

And the next question is from Doug Anmuth with J.P. Morgan. Please proceed.

接下来来自摩根大通的Doug Anmuth提问。请继续。

Doug Anmuth

Thanks for taking the questions. I'll stick with AWS to start. Just, Brian, maybe you can talk a little bit more about margins there just given that they've kind of moved between the mid-20s to high-30s over the past two years. How should we think about that more normalized, especially as you're investing that much more in generative AI? And then just on the Store side, can you talk about the impact of less volume going through your shipping partner UPS going forward? And are you able to manage that incremental shipping that's required? Thanks.

谢谢您的提问。我先谈谈AWS方面的问题。布莱恩，能否再多解释一下利润率的问题？过去两年中，AWS的利润率一直在20%中段到30%高段之间波动，我们应如何看待这种现象以达到更正常的水平，特别是在你们大幅加大生成式AI投资的情况下？另外，关于零售业务方面，请谈谈未来通过配送合作伙伴UPS处理的货量减少会带来什么影响，以及你们是否能够应对所需的额外配送？谢谢。

Brian Olsavsky

布莱恩·奥尔萨夫斯基

Yeah, sure, Doug. Thanks for your question. First on AWS, yeah, we have seen a lot of fluctuation in operating margin AWS. And we've said historically that they will be lumpy, as you say, over time. And the stage we're in right now, AI is still early stage. It does come originally with lower margins and a heavy investment load as we've talked about. And in the short-term, over time, that should have a -- be a headwind on margins. But over the long-term, we feel the margins will be comparable in non-AI business as well. So we're very pleased with the strong growth, focus on driving efficiencies in all of our data centers, saving power, reusing power in new generative AI applications and just generally reducing costs. So very pleased with the performance of the AWS team and look forward to strong 2025.

好的，Doug，谢谢你的提问。首先，谈谈AWS方面，我们确实观察到AWS经营利润率存在较大波动，正如你所说，历史上我们也预期会有这种波动。目前，我们正处于AI的早期阶段，初期通常伴随较低的利润率和沉重的投资负担，正如我们所讨论的那样。在短期内，这对利润率会产生一定的不利影响；但从长远来看，我们相信非AI业务的利润率也会达到类似水平。因此，我们对强劲的增长、在所有数据中心提升效率、节约能源、在新生成式AI应用中重复利用能源以及整体降低成本感到非常满意。我们对AWS团队的表现十分认可，并期待2025年实现强劲增长。

Andy Jassy

安迪·贾西

I'll take the UPS one, which is really the -- UPS has been a partner of ours for many years and we expect that we'll continue to be partners with UPS for many years. As you know, increasingly over the last several years, particularly accelerated by the pandemic. We have shipped a much larger percentage of our shipments through our own logistics network, our own last mile transportation network. And yes, I think that's in part because we needed to scale up so fast in the pandemic with everything being shut down and needing to serve more of the total market segment share of retail units during that time and needing to do it at a low-cost structure because, of course, our customers expect low prices and that's the nature of the business.

我来回答关于UPS的问题。UPS多年来一直是我们的合作伙伴，我们预计未来也会继续与UPS长期合作。正如您所知，近年来，尤其是疫情期间加速推动下，我们越来越多的货物通过自有物流网络和最后一公里配送网络发出。这部分原因在于疫情期间所有环节关闭，我们需要迅速扩大规模，以便在那段时间内服务更大比例的零售市场份额，并且必须以低成本模式运作，因为我们的客户当然期望低价，而这正是业务的本质。

I think UPS has decided that serving Amazon is a lower margin for them. And so I think they've walked away from some of the volume that they otherwise could have had in the partnership. We're able to handle it with our own logistics capability, and we'll see how it continues to evolve.

我认为，UPS已经认为为亚马逊服务的利润率较低，因此他们放弃了本来可以通过合作获得的一部分货量。我们有能力凭借自有物流应对这一挑战，未来如何发展还有待观察。

Operator

主持人

And the next question is from the line of Brian Nowak with Morgan Stanley. Please proceed.

接下来来自摩根士丹利的Brian Nowak提问。请开始。

Brian Nowak

Thanks for taking my questions. Andy, maybe to drill a little bit into the robotics acceleration that you talked about. Any new data points that you can share on learnings from Shreveport and how do we think about sort of the scalability of savings or the timing that we could see a real impact on profitability from robotics?

感谢您的提问。安迪，能否更深入地谈谈您提到的机器人加速方面的情况？您是否有关于施里夫波特的最新数据或经验分享，以及我们如何看待机器人在节约成本上的可扩展性或其对盈利能力产生实质影响的时间点？

And then maybe just a bigger picture, Gen AI, GPU-enabled changes, you've -- other examples of how you see the Amazon retail shopping experience changing throughout 2025 as you're better using Gen AI or GPU-enabled machine learning and things?

另外，从更宏观的角度看，关于生成式AI和GPU驱动的变革，您还有哪些例子可以说明，随着您更好地利用生成式AI或GPU加速的机器学习技术，您预见亚马逊零售购物体验在2025年将会发生哪些变化？

Andy Jassy

安迪·贾西

Yes. Okay. Well, on the robotics piece, what I would tell you is, since we've been pretty substantially integrating robotics into our fulfillment network over the last many years, we have seen cost-savings and we've seen productivity improvements and we've seen safety improvements. And so, we have already gotten a significant amount of value out of our robotics innovations. What we've seen recently, and I think maybe part of what you're referencing in Shreveport, is that the next tranche of robotics initiatives have started hitting production. And we've put them all together for the first time as part of an experience in our Shreveport facility.

是的。关于机器人方面，我想说的是，过去多年里我们已经在履约网络中大幅整合了机器人技术，因而实现了成本节约、生产率提升和安全性的改进。因此，我们已经从机器人创新中获得了显著价值。最近，我们看到的情况——我想这也正是您在施里夫波特提到的部分内容——是下一批机器人项目已经开始投入生产，我们首次将这些项目整合为施里夫波特设施中的一项整体体验。

And we are very, very encouraged by what we're seeing there, by both the speed improvements that we're seeing, the productivity improvements, the cost to serve improvements. It's still relatively early days, and these all being put together only in Shreveport at this point, but we have plans now to start to expand that and roll that out to a number of other facilities in the network, some of which will be our new facilities and others of which will retrofit existing facilities to be able to use those same robotics innovations.

我们对在那里所见到的一切非常鼓舞，无论是速度提升、生产率提高还是服务成本的降低。目前这一整套方案仅在施里夫波特实施，仍处于初期阶段，但我们计划开始将其推广到网络中更多的设施，有的新设施将采用这一方案，其他现有设施也会进行改造以应用这些相同的机器人创新。

I'll also tell you that this group of, call it, a half dozen or so new initiatives is not close to the end of what we think is possible with respect to being able to use robotics to improve the productivity, cost to serve, and safety in our fulfillment network. And we have kind of the next wave that we're starting to work on now. But I think this will be a many-year effort as we continue to tune different parts of our fulfillment network where we can use robotics. And we actually don't think there are that many things that we can't improve the experience with robotics.

我还要告诉您，这一大约六个左右的新项目组远未达到我们认为机器人技术在提升履约网络生产率、降低服务成本及增强安全性方面的极限。我们正着手开发下一波创新，但我认为这将是一个持续多年的努力，我们将不断优化履约网络中可利用机器人的各个环节。事实上，我们认为几乎所有环节都可以通过机器人技术得到改善。

On your other question, which is, I think, really about how we might use AI in other areas of the business, in AWS, maybe more. And I think you asked about our retail business. The way I would think about it is that there's kind of two macro buckets of how we see people, both ourselves inside Amazon, as well as other companies using AWS, how we see them getting value out of AI today.

至于您的另一个问题，我认为这实际上涉及我们如何在业务其他领域中使用AI，比如在AWS中，甚至在我们的零售业务中。我的看法是，我们认为企业——包括亚马逊内部和其他使用AWS的公司——从AI中获得价值可以分为两个大类。

The first macro bucket, I would say, is really around productivity and cost savings. And in many ways, this is the lowest-hanging fruit in AI, and you see that all over the place in our retail business. For instance, if you look at customer service and you look at the chatbot that we've built, we completely rearchitected it with Generative AI. It's delivering -- it already had pretty high satisfaction. It's delivering 500 basis points better satisfaction from customers with the new Generative AI-infused chatbot.

第一大类主要围绕提高生产力和降低成本。在许多方面，这也是AI中最容易实现收益的部分，您可以在我们的零售业务中随处看到。例如，在客户服务方面，我们构建的聊天机器人经过全面改造，融入了生成式AI技术。新版本的聊天机器人在客户满意度上较之前提高了500个基点，而原本的满意度就已经很高。

If you look at our millions of third-party selling partners, one of their biggest pain points is because we put a high premium on really organizing our marketplace so that it's easy to find things, there's a bunch of different fields you have to fill out when you're creating a new product detail page, but we've built a Generative AI application for them where they can either fill in just a couple of lines of text or take a picture of an image or point to a URL, and the Generative AI app will fill in most of the rest of the information they have to fill out, which speeds are getting selection on the website and easier for sellers.

再比如，我们数以百万计的第三方销售合作伙伴面临的一个重大难题是，由于我们高度重视市场的有序管理，创建新产品详情页时需要填写众多字段。为此，我们开发了一款生成式AI应用，允许他们只需输入几行文本、拍摄一张图片或提供一个网址，应用便能自动填充大部分必填信息，从而加快了网站上产品的上架速度，并为卖家带来更便捷的体验。

If you look at how we do inventory management and trying to understand what inventory we need and what facility at what time, the Generative AI applications we've built there have led to 10% better forecasting on our part and 20% better regional predictions. In our robotics, we were just talking about the brains in a lot of those robotics, or Generative AI-infused to do things like tell the robotic claw, what's in a bin, what it should pick up, how it should move in, where it should place it in the other bin that it's filling next to. So it's really in the brains of most of our robotics.

再者，在库存管理方面，为了更好地了解所需库存以及在何时需要存放在哪个设施，我们开发的生成式AI应用使我们的预测准确率提高了10%，区域预测提升了20%。在机器人技术中，我们提到过许多机器人的“大脑”部分，也就是融入生成式AI后，它们能够告诉机械爪：货箱内有什么，应该捡取什么，如何移动，以及应将物品放置在旁边正在装填的另一个箱子中的何处。实际上，大部分机器人的智能部分都由此体现。

So we have a number of very significant, I'll call it, productivity and cost savings efforts in our retail business. They're using Generative AI. And again, it's just a fraction of what we have going. I'd say the other big macro bucket are really altogether new experiences. And again, you see lots of those in our Retail Business, ranging from Rufus, which is our AI-infused shopping assistant, which continues to grow very significantly, to things like Amazon Lens, where you can take a picture of a product that's in front of you, check it out in the app, you can find it in the little box at the top.

因此，在我们的零售业务中，我们有许多非常显著的、旨在提高生产力和节省成本的举措，这些都在使用生成式AI，而且这仅仅是我们正在进行项目的一部分。我认为另一大类则是全新的用户体验。在我们的零售业务中，您可以看到许多此类创新，从我们的AI购物助手Rufus（其增长非常显著）到Amazon Lens等应用，后者允许您拍摄眼前的产品图片，在应用中查看，并在顶部的小框中找到该产品。

You take a picture of an item in front of you, and it uses computer vision and Generative AI to pull up the exact item in a search result; to things like sizing, where we basically have taken the catalogs of all these different clothing manufacturers and then compare them against once another -- one another. So we know which brands tend to run big or small relative to each other. So when you come to buy a pair of shoes, for instance, it can recommend what size you need.

您拍摄眼前商品的照片，系统利用计算机视觉和生成式AI技术在搜索结果中精准定位该商品；在尺寸匹配方面，我们基本上整合了各大服装厂商的产品目录，并进行比较，从而了解各品牌间的尺码偏大或偏小。因此，当您来购买鞋子时，系统能推荐适合您的尺码。

To even what we're doing in Thursday Night Football, where we're using Generative AI for really inventive features like defensive alerts, where we predict which players is going to blitz the quarterback or defensive vulnerabilities where we were able to show viewers what area of the field is vulnerable. So we're using it really all over our retail business and all the businesses in which we're in. We've got about 1,000 different Generative AI applications we've either built or in the process of building right now.

甚至在我们进行的《星期四夜橄榄球》项目中，我们也在利用生成式AI实现创新功能，如防守预警——预测哪位球员会对四分卫发动闪电袭击，或揭示防守漏洞，让观众看到场上哪些区域存在风险。因此，我们在零售业务以及其他各项业务中广泛应用生成式AI，目前我们已经构建或正在构建大约1,000个不同的生成式AI应用。

Operator

主持人

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

接下来来自TD Cowen的John Blackledge提问，请开始。

John Blackledge

Great. Thanks. Could you talk about the current speed of delivery? Maybe how much more room to go there and how is it driving the everyday essentials business? And then somewhat relatedly, any further color on inbound network efficiencies you would expect to see this year as you guys try to continue to lower the cost to serve? Thank you.

好的，谢谢。您能谈谈目前的配送速度吗？比如说，您认为还有多少提升空间，以及这对日常必需品业务有何推动作用？另外，关于入库网络效率方面，您能否进一步说明今年我们预计能看到哪些提升，以继续降低服务成本？谢谢。

Andy Jassy

安迪·贾西

Yes. I would say on speed of delivery that we measure this very carefully and we measure both, what the conversion rate is of somebody who views a product detail page with a faster delivery promise versus those that are slower, as well as what we see downstream from customers once they bought with a fast promise and what they end up buying throughout the year.

是的。关于配送速度，我们对此有非常严格的衡量标准，我们既会衡量浏览了承诺较快配送的产品详情页与那些承诺较慢配送的详情页之间的转化率，也会观察客户在享受了快速配送后，下游的购买行为以及他们全年最终购买的情况。

And we have not yet seen diminishing returns in being able to continue to improve the speed of delivery. It doesn't mean that there won't be instances in which people are happy to take products later. We have a program where if people want to pick a day during the week where they want to combine a bunch of their shipments and have it delivered, then to be more sustainable and more environmentally friendly, they can. And we have plenty of customers who choose that, but we time in and time out, see that people choose to buy from us more frequently, and we're able to deliver to their homes or wherever they are much more quickly. And it leads to actually using us for more of their everyday purchases when we can deliver more quickly.

而且，我们尚未发现继续提升配送速度会带来递减的效益。这并不意味着不会出现客户愿意稍后收货的情况。我们有一个计划，允许客户选择一周中的某一天，将多笔订单合并配送，从而实现更可持续、更环保的配送方式。虽然有不少客户选择这种方式，但我们不断观察到，客户更频繁地选择从我们这里购物，因为我们能够更快地将商品送到他们家中或其他地点，而这种快速配送促使他们将更多日常购买转移到我们这里。

And I think that if you look at what we're doing with Prime Air, the promise there is for a number of items that we'll be able to deliver items to customers inside an hour. And I think when you're ordering everyday essentials where you need something more quickly, it's a big deal. And you see it, it's had a big impact on our everyday essentials. It's had a big impact on our pharmacy business, where people are able to get items same day now in lots of cities throughout the US and they're just using us much more frequently than they had before.

此外，我认为如果您关注我们在Prime Air上的工作，我们承诺能在一小时内将部分商品送达客户。当您订购急需的日常必需品时，这非常重要。您也能看到，这对我们的日常必需品业务产生了重大影响，对我们的药房业务亦如此，现在美国众多城市的客户能够实现同日送达，他们比以前更频繁地选择我们的服务。

On the inbound network efficiencies, what I would tell you is we've made a pretty significant architectural change in our inbound network, that we've been working on for the better part of the year that we rolled out just a few months ago. Again, it's -- what we find when we make big architectural changes like this is that you tend to get some low-hanging fruit efficiencies early, but then there's all sorts of tuning and refinement you have to do once you actually see it working live across the really vast network. And we have all sorts of ways here that, where I think it's early, and I think we're going to get additional efficiencies throughout the year. But I expect that we'll have opportunities to keep taking our cost to serve down this year and that will be a big part of it.

关于入库网络效率，我要告诉您的是，我们对入库网络进行了相当显著的架构改进，这项改进我们已经努力了大部分今年，并在几个月前正式推出。正如我们发现的那样，当我们进行如此大规模的架构变更时，通常会在初期获得一些容易实现的效率提升，但一旦在庞大网络中实际运作，还需要进行各种调优和细化。我们在这方面已经探索了多种方法，目前仍处于初期阶段，但我相信全年内我们会获得更多效率提升，并且预计今年我们将持续降低服务成本，这将是一个重要部分。

Operator

主持人

And our final question comes from the line of Michael Morton with MoffettNathanson. Please proceed.

我们的最后一个问题来自MoffettNathanson的Michael Morton。请继续。

Michael Morton

Hi, thank you so much for the question. I wanted to follow up on Andy's remarks about how you're using AI within the Amazon e-commerce experience. But I wanted to talk about the other side of the coin, and that's really the e-commerce discovery process that leads people to Amazon. There's a lot of companies rolling out agents and assistants, and I would love to hear how Amazon is planning for potential disruption in this funnel and what the plans are. You spoke about Rufus, maybe make that more prominent. But what do you think the changes coming to the e-commerce funnel over the next several years would be great?

嗨，非常感谢您的提问。我想就安迪谈到的亚马逊电子商务体验中使用AI的言论做进一步跟进。但我也想讨论事情的另一面，那就是引导用户进入亚马逊的电子商务发现过程。如今，许多公司正在推出代理和助手，我非常想了解亚马逊如何规划这一漏斗可能面临的颠覆，以及具体的应对方案是什么。您曾提到Rufus，也许可以让这一部分更突出。那么，您认为未来几年电子商务漏斗会发生哪些重大的变化？

Andy Jassy

安迪·贾西

Well, I would say that, I think retailers ourselves and probably lots of other retailers are all going to have their own say on how they want to interact with agents. I think that it's an emerging space. And if you think about the investments that we've made in our fulfillment network, in our website, in all the selection that we've built, how we organize it, most retailers are going to have kind of terms in which they're going to interact with agents and will be no different that way.

嗯，我想说，我们零售商自己以及许多其他零售商都会对如何与代理互动有自己的看法。我认为这是一个新兴领域。再想想我们在履约网络、网站以及我们所构建的丰富商品选择和组织方式上的投资，大多数零售商在与代理互动时都会有各自的模式，这方面并不会有太大差异。

And I think that -- I do think that Rufus, if you look at what it -- how it impacts the customer experience and if you actually use it month-to-month, it continues to get better and better. It's already -- if you're buying something and you're on a product detail page, our product detail pages provide so much information that sometimes it's hard if you're trying to find something quickly to scroll through and figure and find that little piece of information. And so we have so many customers now who just use Rufus to help them find a quick fact about a product. They also use Rufus to figure out how to summarize customer reviews, so they have to read 100 customer reviews to get a sense of what people think about that product.

而且，我确实认为，如果你观察Rufus对客户体验的影响，并且如果你每月实际使用它，它会不断变得更好。实际上，当你购买商品并进入产品详情页时，我们的详情页提供了大量信息，有时如果你急于查找某个细节，就会觉得很难迅速找到那个小信息。因此，现在有很多客户仅仅依靠Rufus来迅速获取关于产品的某个关键信息。他们还使用Rufus来总结客户评价，避免需要阅读100条客户评论才能了解大家对产品的看法。

If you look at the personalization, really most prominently today, your ability to go into Rufus and ask what's happened to an order or what did I just order or can you pull up for me this item that I ordered two months ago. The personalization keeps getting much better. And so, we expect throughout 2025 that the number of occasions where you're not sure what you want to buy and you want help from Rufus are going to continue to increase and be more and more helpful to customers.

如果你看看个性化体验，尤其是如今你可以进入Rufus询问“订单发生了什么”、“我刚刚订购了什么”或“能否帮我调出两个月前我订购的那件商品”，这种个性化体验会不断提升。因此，我们预计在2025年内，那些不确定要购买什么、需要Rufus帮助的场合将会持续增多，并且Rufus会变得对客户越来越有帮助。

Dave Fildes

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

感谢您今天参加我们的电话会议并提问。会议回放将在投资者关系网站上至少保留三个月。我们感谢您对亚马逊的关注，并期待下个季度再次与您交流。

Operator

主持人

And ladies and gentlemen, that does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士们、先生们，今天的电话会议到此结束。您现在可以断开线路。感谢您的参与。

2025-02-06 Amazon.com, Inc. (AMZN) Q4 2024 Earnings Call Transcript

2025-02-06 Amazon.com, Inc. (AMZN) Q4 2024 Earnings Call Transcript

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