Amazon 2023 Q1 Earnings Call
发布时间 2023-04-28 04:37:38 来源
Thank you for standing by. Good day, everyone, and welcome to the Amazon.com first quarter 2023 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2023年第一季度财务业绩电话会议。现在，所有参与者都只能听取，请稍后我们将进行问答环节。本次通话将进行录音。
For opening remarks, I will be turning the call over to the Vice President of Investor Relations, Dave Files. Thank you, sir. Please go ahead.
首先，我将把通话交给投资者关系副总裁戴夫·费尔斯先生。谢谢您，先生。请您开始。
翻译：为了开场白，我将把话筒交给投资者关系副总裁戴夫·费尔斯先生。感谢您，先生。请开始。
解释：这是一个电话会议的开场白，主持人表示将把话筒交给公司的投资者关系副总裁，让他来管理会议的日程安排。
Hello and welcome to our Q1 2023 financial results conference call. Joining us today to answer your questions is Andy Jassy, our CEO and Brian Ososki, our CFO.
大家好，欢迎参加我们关于2023年第一季度财务业绩的电话会议。今天与我们一起回答问题的有我们的CEO Andy Jassy和CFO Brian Ososki。
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 2022.
在您听今天的电话会议时，我们鼓励您将我们的新闻发布版放在面前，其中包括我们的财务结果以及本季度的度量和评论。请注意，除非另有说明，在本次通话中的所有比较都将与我们2022年同期的结果进行对比。
Our comments and responses to your questions reflect management's views as of today, April 27, 2023 only, and will include forward-looking statements. Actual results made different 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 10K and subsequent filings.
我们对您的问题的评论和回答仅反映了管理层截至2023年4月27日的观点，并包括前瞻性声明。实际结果可能会有所不同。有关可能影响我们财务业绩的因素的附加信息已包含在今天的新闻发布和我们向证监会提交的文件中，包括我们最近的10K表格年度报告和后续文件。
During this call, we may discuss certain non-gap 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-gap measures, including reconciliation of these measures with comparable gap measures.
在本通话期间，我们可能会讨论某些非通用会计原则财务指标。在我们的新闻发布、附带网站直播幻灯片以及向证券交易委员会提交的文件中，均有披露这些非通用会计原则财务指标的信息。您可以在我们的IR网站上找到有关这些指标的补充披露信息，包括与可比通用会计原则财务指标的调和情况。
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 and cloud services, and the various factors detailed in our filings with the SEC.
我们的指导意见结合了我们目前所看到的订单趋势和我们认为适当的假设。我们的业绩本质上是不可预测的，并可能受到许多因素的重大影响，包括外汇汇率波动，全球经济和地缘政治条件变化，以及客户需求和支出，包括衰退的担忧、通货膨胀、利率、区域劳动力市场限制、世界事件、互联网、在线商务和云服务的增长率，以及我们在向SEC提交的文件中所详细列出的各种因素。
Our guidance assumes, among other things, that we don't conclude any additional business acquisitions, restructuring, 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, and now we'll turn the call over to Brian.
我们的指导假设包括但不限于：我们不会进行任何其他商业收购、重组或法律和解。无法准确预测我们商品和服务的需求，因此我们实际的业绩可能与我们的指导相差很大。现在我们将把通话转交给布赖恩。
Thank you for joining today's call. As Dave mentioned earlier, I am joined today by Andy J.S.D. RCEO. Before we move on to take your questions, I'll make some comments regarding our Q1 results.
谢谢大家参加今天的电话会议。正如戴夫之前提到的，今天我与Andy J.S.D. RCEO一同出席。在回答大家的问题之前，我想就我们的Q1结果发表一些评论。
Let's begin with revenue. For the first quarter, our worldwide net sales were $127.4 billion. Up 9% year-to-year, or 11% excluding approximately 210 basis points of unfavorable impact from changes in foreign exchange rates. This was above the top end of our guidance range.
让我们从营收开始说起。在第一季度，我们的全球净销售额为1274亿美元。同比增长9％，或者排除外汇汇率变化不利因素的大约210基点后为11％。这超出了我们指导范围的最高端。
Overall, we are pleased with the growth we're seeing in worldwide stores' businesses, including quarter over quarter revenue acceleration in the international segment, which is helped by easing macroeconomic pressures in Europe. Across the geographies we serve, customers appreciate our focus on staying sharp on pricing, having strong selection, and easier convenience, including delivery speeds which continue to improve throughout the first quarter.
总体来说，我们对全球店铺业务的增长感到满意，包括国际业务季度收入加速增长，这得益于欧洲宏观经济压力的缓解。在我们服务的各个地区，顾客都欣赏我们在价格、产品选择和更便捷的配送速度方面的专注，其中配送速度在第一季度继续提高。
That said, the uncertain economic environment and ongoing inflationary pressures continue to be a factor, and we believe it's continuing to drive cautious spending across consumers. This means our customers are looking to stretch their budgets further and are focused on value. We saw moderated spending on discretionary categories, as well as shifts to lower priced items and healthy demand in everyday essentials such as consumables and beauty.
尽管如此，不确定的经济环境和持续的通货膨胀压力仍是一个因素，我们相信这仍在推动消费者谨慎消费。这意味着我们的客户正在寻求更好的预算利用，重点放在价值上。我们看到在可选择的品类上消费减少，向低价位商品的转变以及对日常必需品如消费品和美容品的健康需求持续。
Third-party sellers, including businesses who elect to utilize fulfillment by Amazon for their storage and shipping services, are key contributor to the selection offered to customers. We also continue to invest meaningfully in brand protection efforts, including industry leading technology, so that sellers can trust we will provide a great selling experience free from bad actors. Sellers comprise 59% of overall unit sales in Q1, up from 55% one year ago.
第三方卖家，包括选择使用亚马逊履行服务进行存储和运输服务的企业，是为顾客提供选择的关键贡献者。我们还持续大力投资于品牌保护工作，包括业内领先的技术，以便卖家可以相信我们提供的卖家体验绝不会有不良行为者。卖家占第一季度整体销售量的59％，比一年前的55％有所增长。
We also saw strong engagement in our advertising services, with revenue up 23% year-to-year excluding the impact from changes in foreign exchange rates. In particular, our sponsored product and brand offerings remain a key driver of growth. As we work with advertisers, top customers make more informed purchase decisions.
除外汇汇率变动的影响外，我们的广告服务也表现出强劲的参与度，收入同比增长23%。特别是，我们的赞助产品和品牌优惠仍然是增长的主要推动力。随着我们与广告客户合作，顶级客户能够做出更明智的购买决策。
Our teams remain focused on delivering performance to our comprehensive and flexible measurement capabilities, along with insights that allow advertisers the ability to measure their return on their advertising spend and help them grow their business.
我们团队致力于提供综合灵活的测量能力和洞察力，帮助广告商衡量他们的广告投入回报，并帮助他们发展业务。
In AWS, net sales were $21.4 billion in the first quarter, up 16% year-to-year, and representing an annualized sales run rate of more than $85 billion. Given the ongoing economic uncertainty, customers of all sizes and all industries continue to look for cost savings across their businesses, similar to what you've seen us doing at Amazon.
在AWS中，第一季度净销售额为214亿美元，同比增长16％，年化销售额超过850亿美元。鉴于当前经济不确定性，各行各业的客户继续寻求在其业务各个领域节约成本，这与您在亚马逊看到的情况类似。
As expected, customers continue to evaluate ways to optimize their cloud spending in response to these tough economic conditions in the first quarter. We are seeing these optimizations continue into the second quarter, with April revenue growth rates about 500 basis points lower than what we saw in Q1.
不出所料，客户们在面对第一季度的不景气经济状况时，继续寻求优化云计算支出的方法。我们看到这些优化措施持续到第二季度，四月份收入增长率较第一季度下降了约500个基点。
As a reminder, we're not trying to optimize for any one quarter or year. We're working to build customer relationships and a business that will outlast all of us. Therefore, AWS sales and support teams continue to spend much of their time helping customers optimize their AWS spend so that they can better weather this uncertain economy. This customer orientation is built into our DNA and how we think about our customer relationships and business over the long term.
作为提醒，我们不是试图优化任何一个季度或年份。我们正在努力建立客户关系，打造一个能超越我们所有人的业务。因此，AWS销售和支持团队继续花费大量时间帮助客户优化他们在AWS上的支出，以便他们能更好地应对这个不确定的经济环境。这种客户导向已经深入到我们的DNA中，体现在我们对客户关系和业务的长期考虑中。
Now let's shift to worldwide operating income. For the first quarter, we reported $4.8 billion in operating income above the top end of our guidance range. This operating income was negatively impacted by an estimated employee severance charge of approximately $470 million in Q1, including $270 million related to AWS.
现在我们来看看全球运营收入。在第一季度，我们的运营收入为48亿美元，高于我们指导范围的最高值。这个运营收入受到了约4.7亿美元的员工离职费用的负面影响，其中包括与AWS相关的2.7亿美元。
As we finalized our annual planning process and considered the ongoing economic environment, we made the difficult decision to eliminate 9,000 roles, impacting our AWS business as well as Twitch devices advertising and our human resources teams.
在我们完成年度规划过程并考虑持续的经济环境时，我们做出了艰难的决定，裁减了9,000个职位，影响了我们的AWS业务、Twitch设备广告和人力资源团队。
In Q1, our year-of-year growth in stores revenue and unit sales outpaced growth in both our fulfillment expense and our outbound shipping costs. Inflationary pressures continue to ease quarter over quarter, primarily driven by reductions in line haul shipping rates, as well as lower diesel fuel and electricity costs.
在第一季度，我们门店收入和销售数量的同比增长超过了我们履行费用和出库运输成本的增长。通货膨胀压力继续逐季缓解，主要是由于线路运输费率的降低以及燃油和电力成本的降低。
We also built on the progress we made throughout 2022 in improving productivity in our fulfillment network through continued process and tech improvements. We exited Q4 with a good balance of labor throughout the network and leveraged that throughout Q1 with customer demand patterns remaining more stable compared to Q1 of last year.
我们还在2022年持续优化流程和技术改进方面取得的进步上进行了加强，以提高物流网络的生产力。我们在整个网络中保持了良好的劳动力平衡，顺应了客户需求模式，Q1相对于去年同期保持了更加稳定的表现。
As labor availability has stabilized and inventory supply chain challenges have moderated, we're able to implement some significant structural changes to transition our US fulfillment network to a regionalized model. We believe these improvements put us in a good position to improve both delivery speed and our cost to serve customers over time.
随着劳动力供应的稳定和库存供应链挑战的缓解，我们能够实施一些重大的结构性改变，将我们的美国订单配送网络转换为区域化模式。我们相信这些改进可以使我们在未来提高交货速度和为客户提供服务的成本，并使我们处于良好的位置。
We reported overall net income of $3.2 billion in the first quarter. While we primarily focus our comments on operating income, I'd point out that this net income includes a pre-tax valuation loss of $467 million included in non-operating expense.
我们在第一季度报告的总净收入为32亿美元。虽然我们主要关注经营收入，但我要指出这个净收入包括一项税前估值损失，金额为4.67亿美元，已计入非经营性费用。
From our common stock investment in Rivian automotive, as we've noted in recent quarters, the sector is now related to Amazon's ongoing operations, but rather to quarter to quarter fluctuations in Rivian stock price. According to cash flows, we remain focused on building long-term sustainable growth in free cash flow, including our efforts towards a strong cash flow of creative working capital cycle.
我们在 Rivian 汽车公司的普通股投资中，正如我们最近几个季度所指出的那样，该部门现在与亚马逊的运营相关，而不是季度对季度波动的 Rivian 股价。根据现金流，我们仍然专注于建立长期可持续的自由现金流增长，包括我们努力实现强大的创造性营运资本循环的现金流。
Our operating cash flow for the trailing 12 months ended March 31, increased to $54.3 billion of 38% versus a comparable period year-rear. Besides the cash benefit of improved profitability year-rear, we've also seen supply chains easing up and made progress to improve our inventory purchasing and payment cycles, which in turn has a positive impact on working capital.
截至3月31日的过去12个月的经营性现金流增长至543亿美元，同比增长38%。除了去年盈利能力的现金效益外，我们还看到供应链缓解，并取得了提高库存采购和付款周期的进展，这反过来对营运资本产生了积极影响。
Now, let's turn to our capital investments. We define our capital investments as the combination of CAPEX plus equipment finance leases. For the full year 2023, we expect capital investments to be lower than our $59 billion investment level in 2022, primarily driven by an expected year-rear decrease in fulfillment network investments. We're continuing to invest in infrastructure to support AWS customer needs, including investments to support large language models and generative AI.
现在，让我们转向我们的资本投资。我们定义资本投资为CAPEX加设备融资租赁的组合。对于2023全年，我们预计资本投资将低于我们在2022年的590亿美元投资水平，主要是由于预计履行网络投资将年度减少。我们继续投资于基础设施，以支持AWS客户需求，包括支持大型语言模型和生成式人工智能的投资。
Before we open the call up for your questions, I'll hand it over to Andy to share some high level perspectives on the first quarter. Thanks, Brian. I'll share a few thoughts before opening up for questions.
在我们开放问题之前的电话，我想让安迪分享一些对第一季度的高层次观点。谢谢，布莱恩。在开放问题之前，我想简单谈几点想法。
From my perspective, I think there's a fair bit to like about how our teams are delivering for customers and the results are starting to see.
从我的角度来看，我认为我们的团队在为客户提供服务方面做得相当不错，我们正在开始看到结果。
In our stores business, we've been very focused on reducing our costs to serve in our fulfillment network. As we share in the past, given the unexpected surge in demand or in the pandemic, we double the size of our fulfillment center footprint and largely build the transportation network the size of UPS in a couple years. This ended up substantially changing the number of nodes and connections in our fulfillment network and as a result, we spent the last several months not only redesigning dozens of processes to drive better productivity, but also re-architecting our placement approach and larger fulfillment center footprint to move from a national fulfillment network in the US to a regional one.
我们在零售业务中一直专注于降低履行网络的成本。正如我们过去所分享的，由于需求的意外增长或疫情的影响，我们将履行中心的规模扩大了一倍，并在几年内大规模建立了与UPS相当的运输网络。这导致我们的履行网络中节点和连接的数量发生了实质性变化。因此，我们花费了最近几个月的时间，不仅重新设计了数十个流程以提高生产力，而且重新架构了我们的放置方法和更大的履行中心规模，从美国的全国履行网络转向了区域履行网络。
It means we've created eight interconnected regions in geographic areas with each of these regions having broad relevant selection to operate in a largely self-sufficient way while still being able to ship nationally when necessary. We've just recently completed this rollout and are quite bullish on the early results, but not surprisingly, shorter travel distances means lower costs to serve and customers getting their orders faster.
这意味着我们在地理区域内创建了八个相互关联的区域，每个区域都具有广泛的相关选择，在自给自足的情况下，当需要进行全国性运输时仍能胜任。我们刚刚完成了这一推广，对早期的成果感到非常乐观，但并不意外的是，较短的行程意味着服务成本更低，顾客能够更快地收到他们的订单。
And while on the topic of delivery speed, we're really excited about our progress in providing customers more one day and same day deliveries and are on track to have our fastest prime delivery speeds ever in 2023.
谈到送货速度，我们非常兴奋地看到我们为客户提供更多一天和同日送达服务的发展并计划在2023年实现我们迄今为止最快速的Prime送货速度。
On the advertising side, we're continuing to buck wider advertising trends and deliver robust growth. I think there are a few reasons for it. Of course, even in difficult economies, most people still shop. And with the largest e-commerce shopping venue, we have a lot of customers the company seek to reach. That coupled with our very substantial investment in machine learning to make sure customers see relevant ads when they're looking for various items have met that these advertisements have performed unusually well for brands, which makes them want to advertise an Amazon. It's also worth noting that we're still very early in our efforts to find a way to thoughtfully place ads in our broader video, live sports, audio and grocery properties. We have a lot of upsides to on advertising.
在广告方面，我们继续违抗更广泛的广告趋势，提供强劲的增长。我认为有几个原因。即使在困难的经济环境下，大多数人仍然购物。而且，我们拥有最大的电子商务购物平台，因此我们有很多客户是公司寻求接触的对象。加上我们在机器学习方面的巨大投资，确保客户在寻找各种物品时能看到相关的广告，这使得这些广告对品牌的表现异常出色，从而让它们想在亚马逊投放广告。值得注意的是，我们仍然处于在我们广泛的视频、直播体育、音频和杂货业务中有意放置广告的尝试的早期阶段。我们在广告方面还有很多上涨的空间。
In AWS, what we're seeing is enterprises continuing to be cautious and they're spending in this uncertain time. Customers are looking for ways to save money however they can right now. They tell us that most of it is cost-optimizing versus cost-cutting, which is an interesting distinction because they say they're cost-optimizing to reallocate those resources on new customer experiences.
在AWS上，我们看到企业在这个不确定的时期继续保持谨慎并进行支出。客户正在寻找任何方法来节省资金。他们告诉我们，大部分是在成本优化上而不是成本削减上，这是一个有趣的区别，因为他们表示他们正在进行成本优化以重新分配这些资源到新的客户体验上。
One of the great attributes of the cloud is that you can scale seamlessly up or down as demand dictates, which is not the case with on-premises infrastructure. Customers want help finding ways to spend less during this challenging time and given that it's best for customers long term, we've been actively helping customers make these adjustments. We've spent a fair bit of time analyzing what we're seeing and I've spent a good chunk of time myself looking as well and we'd like the fundamentals of what we're seeing in AWS.
云计算的一大特点是，您可以根据需求轻松地进行缩放，这在本地基础设施上不是这样的。客户希望在这个具有挑战性的时期找到减少开支的方式，考虑到这对客户的长期利益最好，我们一直在积极地帮助客户进行调整。我们花了相当多的时间分析了我们正在看到的情况，我自己也花了很多时间来观察，并且我们想了解 AWS 的基本情况。
The new customer pipeline looks strong, a set of ongoing migrations of workloads, AWS is strong, the product innovation and delivery is rapid and compelling and people sometimes forget that 90 plus percent of global IT spend is still on-premises. If you believe that equation is going to flip, which we do, it's going to move to the cloud and having the cloud infrastructure offering with the broadest functionality by a fair bit, the best security and operational performance, and the largest and partner ecosystem both well for us moving forward. But we're not close to being done inventing an AWS.
新的客户流水线看起来很强壮，工作负载的持续迁移很强，AWS很强，产品创新和交付速度非常快且令人信服，有时人们会忘记全球90％以上的IT支出仍然在公司内部。如果你相信这个方程式即将翻转（我们确实这样认为），它将会移到云端，并且拥有云基础设施提供的最广泛的功能、最好的安全性和运营性能，以及最大的合作伙伴生态系统，这对我们未来的发展非常有帮助。但我们在AWS方面的发明还远未结束。
A recent announcement on large language models and generative AI and the chips and managed services associated with them is another recent example. In my opinion, few folks appreciate how much new cloud business will happen over the next several years from the pending day we've been using machine learning that's coming.
一份最新公告针对大型语言模型和生成式人工智能以及与之相关的芯片和托管服务，这是最近的又一个例子。在我看来，很少有人意识到从我们开始使用机器学习到未来几年内会有多少新的云业务将会出现。
This past year has seen us do a fair bit of cost-ream mining. As I mentioned in my recent shareholder letter, we took a deep look across the company and asked ourselves whether we had conviction about each initiative's long-term potential to drive enough revenue, operating income, free cash flow, and return on invested capital. In some cases, it led us to shuttering certain businesses like our physical bookstores, four-star stores, Amazon Fabric, Amazon Care, and certain devices where we didn't see a path to meaningful returns. In other cases, we looked at some programs that weren't producing the returns we'd hope. An example is free shipping for all online grocery orders over $35 and changed them.
在过去的一年里，我们进行了一些费用开支的挖掘。正如我在最近的股东信中提到的那样，我们深入剖析了整个公司，问自己对于每个重点项目未来是否有足够的信心来推动足够的收入、运营利润、自由现金流和投资回报率。在某些情况下，这使我们关闭了某些业务，如我们的实体书店、四星级商店、亚马逊织物、亚马逊护理和某些设备，因为我们看不到有意义的回报路径。在其他情况下，我们审视了一些未能产生我们希望获得回报的项目。例如，我们开展了面向所有网上杂货订单的35美元以上的免运费服务，但并未达到预期收益，我们做了调整。
We also made the very difficult decision to eliminate about 27,000 corporate roles. Like most leadership teams, we'll continue to evaluate what we're seeing in our business and proceed adaptively.
我们也做出了非常困难的决定，削减约27,000个企业职位。像大多数领导团队一样，我们将继续评估我们业务中看到的情况并采取适应性的措施。
But while we've taken several actions to streamline our costs, we've been able to do so while still pursuing the key strategic long-term investments that we believe can meaningfully make customers lives better and potentially change what Amazon is.
尽管我们采取了多项措施来简化成本，但我们仍然能够在追求关键的战略性长期投资的同时，让顾客的生活变得更好，并有可能改变亚马逊的本质。
These are investments both in our larger businesses mentioned earlier, as well as in areas like international expansion in our stores business, large retail market segments in which we're still nascent like grocery and business to business, lowland consumers to use prime off of Amazon and our buy-with-prime program, entertainment, devices, healthcare, and our low-earth orbit satellite for the hundreds of millions of households, companies, and government entities that have limited to no connectivity.
这些投资包括我们之前提到的大型业务，以及像国际扩张、杂货和商业-to-商业等我们仍处于初级阶段的大型零售市场领域，在这些领域我们都需要投入。同时，我们还面向低地消费者推出了Amazon Prime会员专享服务和我们的购买-with-prime计划，此外还包括娱乐、设备、医疗保健和为数百万家庭、企业和政府实体提供有限甚至没有连接能力的低地球轨道卫星项目。
It's hard to predict that all of these will be successful, but who in one or two working would change our business over the long term? We have a lot of work in front of us, but I'd like the direction we're headed and strongly believe our best days are in front of us. With that, I'll open it up for questions.
虽然这些事情都成功还很难预测，但即使有一两个成功，也足以让我们的业务长期发展方向产生变化。我们还有很多工作要做，但我很喜欢我们目前的发展方向，并且坚信我们的最好的日子还在前面。好的，现在我开放问题环节。
Thank you.
谢谢你。简单表达感谢之意。
At this time, we will now open the call for questions. We ask each caller to please limit yourself to one question. If you would like to ask a question, please press star one on your keypad. We ask that when you pose your question, you pick up your handset to provide the optimal sound quality.
现在，我们将启动提问环节。每位参与者仅限提出一个问题。如果您想提问，请按下您手机键盘上的星号键一。我们希望您在提问时能举起听筒以获得最佳音质。
Once again, to initiate a question, please press star then one on your touchtone telephone at this time. Thank you, and please hold what we pull for questions.
请再次注意，如果您有问题，请在此时按下您的触摸电话上的星号和数字一。谢谢，我们会稍后接听您的问题。
Our first question comes from the line of Doug and Nith with JP Morgan. Please proceed with your question.
我们的第一个问题来自道格和尼斯，他们来自JP摩根公司。请继续提出你们的问题。
Thanks for taking the questions. You talked about the continued optimization. Can you talk about the degree to which optimization has been done in AWS versus what you think could still lie ahead and when do you start to lapse some of those efforts?
感谢您回答问题。您谈到了持续优化。您能谈一下在AWS方面已经进行了多少程度的优化，以及您认为还可以进行多少，并在何时开始放弃某些努力吗？
Then also on the CAPEX side, I think you said overall CAPEX would be down in 23. You can just help us understand that a little bit better between retail and AWS and then what's required on CAPEX from a generative AI and large language model perspective.
此外，关于CAPEX方面，我记得您曾表示23年总的CAPEX将会减少。您能否帮助我们更好地理解零售业和AWS之间的差异，以及从生成式AI和大型语言模型的角度来看需要的CAPEX？
Thanks. This is Brian. I'll take the first or the second part of that question first. On CAPEX, we spent $59 million, excuse me, last year. We on our core fulfillment and in transportation areas, we actually are spending less year a year and those estimates are going down. The CAPEX increases in AWS and infrastructure and we are adding more dollars to the large language models and generative AI.
谢谢。我是布莱恩。首先我要回答这个问题的第一部分或第二部分。关于CAPEX，去年我们花费了5900万美元。我们减少了在核心履行和运输领域的支出，每年这些估计值都在下降。在AWS和基础设施方面，CAPEX有所增加，我们正在向大型语言模型和生成AI投入更多的资金。
We are creating some space in our fulfillment and transportation number that has been repurposed over to AWS. We still think the combined CAPEX will be lower year by year. Just on your first question, Doug.
我们正在为履行和运输数字创建一些空间，这些数字已被重新分配到AWS。我们仍然认为，综合CAPEX每年会更低。就您提出的第一个问题，Doug。
It's hard to say exactly where we are in the process. I think that what we continue to see when we talk with customers is that they are appropriately cautious about what they are seeing in the economy and they are trying to find ways to save money as most companies are including our own. We have a long track record which we continue to pursue which I think makes sense for customers and for our business long term that we are not trying to optimize for a quarter or a year.
很难准确说我们在这个过程中到了哪一步。我认为当我们与客户交谈时，他们对经济状况持谨慎态度，正像大多数企业一样，尝试节约开支。我们有一个长期追求的良好记录，为顾客和我们自己的长远利益考虑，我们不试图为某个季度或一年的利益最大化。
We are going to do whatever it takes to help customers be successful over a long period of time because we are trying to build up relationships in a business that has asked all of us. We are spending a lot of time with customers trying to help them think of smart ways, not short term ways but smart ways to optimize their costs and to be able to scale up and down. Again, one of the big advantage of the cloud is that if you grow quickly, you can seamlessly scale up but when you know that demand, you can give it back to us and stop paying for it. That is not true with what you see on premises.
我们会尽一切努力帮助客户长期成功，因为我们正试图在一个需要我们所有人的业务中建立起关系。我们花很多时间与客户共同思考明智而不是短期的优化成本和能够进行适度伸缩的方法。云计算的一个巨大优势是，如果您迅速增长，您可以无缝地扩大规模，但是当您知道需求减少时，您可以将其归还给我们，并停止支付。这在本地部署的情况下不成立。
We are trying to work hard to help customers with that. I think it's important to remember that customers are pretty explicitly telling us that this is not a cost-cutting effort where we intend on spending less money on technology or on the cloud. This is our reprioritizing what matters most to our business at this time and trying to reallocate resources so we can build new customer experience of the change which is possible. I think if you think about those projects by the way take time to build.
我们正在努力帮助客户。我认为重要的是要记住客户明确告诉我们这不是一次削减成本的努力，我们并不打算在技术或云端上花费更少的钱。这是我们重新安排目前最重要的业务，试图重新分配资源，从而我们可以构建可能发生的变化的全新客户体验。我认为，如果你考虑这些项目，需要花费时间来建立。
When you reallocating, reprioritizing, redefining what you are going to build, you have to actually go build it before you can implement it. We are working pretty carefully and closely with customers on those initiatives. I think it's important to remember that there is still so much growth ahead of the cloud.
当你重新分配、重新设置优先级、重新定义你要建立的东西时，你必须先实际建立它然后才能实施。我们正在与客户密切合作，谨慎地推进这些倡议。我认为重要的是要记得云计算仍有很多增长空间。
90% of the global IT spend is on premises. If you believe that equation is going to flip, it's mostly moving in the cloud. I also think that there are a lot of folks that don't realize the amount of non-consumption right now that's going to happen and be spent in the cloud with the advent of garbage language models and generally AI. I think so many customer experiences are going to be reinvented and invented that haven't existed before and that's all going to be spent in my opinion on the cloud.
全球90% 的IT支出是在本地环境中的。如果你认为这种比例会翻转，那么这就意味着大部分支出将流向云端。还有很多人并没有意识到现在的云端市场还存在很多未被利用的机遇，随着垃圾语言模型和AI的出现，这些机遇将被充分利用。我认为许多客户体验将被重新发明和发明，这些体验以前不存在，全部将在云端上实现。
Our next question comes from the line of Eric Sheridan with Goldman Sachs. Please proceed with your question. Thanks so much for taking the questions. Andy, you've talked a lot in the shareholder letter on the last earnings call about driving greater levels of efficiencies in the company and also possibly returning to some of the margin structures we saw pre-pandemic and absorbing over capacity that built up during the pandemic. Can you give us an update on where you think you are in those broad efforts to match margins versus pre-pandemic levels and strike the right balance between profitability and driving your growth initiatives over the next couple of years? Thanks so much.
我们的下一个问题来自高盛的Eric Sheridan。请提出你的问题。感谢您的回答问题。安迪，在上一次财报电话中，您在股东信中谈到了在公司中驱动更高效率的话题，还可能返回疫情前的利润结构，并吸收在疫情期间积累的过剩产能。您能否给我们提供更新，您认为在与疫情前相比的利润率上，您会达到何种程度，并在未来几年中在盈利和驱动增长方面达到正确的平衡？非常感谢。
Eric, Brian, let me start on the financial part of that question. So I think we would describe ourselves as along on the journey and making solid progress on recovering our cost structure and getting it back to pre-pandemic levels. Andy's talked about the efforts and operations and the regionalization of our operations. We've obviously taken a hard look at all of our businesses that were in over the last six to nine months and have made adjustments there, but there's still a lot ahead of us, especially on the operational side, that if you look at our operating margin in North America, for example, in North America segment, it was 1.2% this quarter pre-pandemic that number was in the 46% range broadly. So it's a bit of a marker on how much upside. But there's a lot of moving parts in that number, obviously.
Eric，Brian，让我开始谈一下财务方面的问题。我认为我们可以说我们正在历程中，并正在取得稳健的进展，以恢复我们的成本结构并将其恢复到疫情前的水平。Andy谈到了我们的努力和运营以及我们运营的区域化。显然，我们在过去的六到九个月中已经认真审查了我们所有的业务，并对其进行了调整，但在运营方面还有很多工作要做，特别是在北美地区运营的部分，例如，这个季度我们的北美地区运营利润率为1.2%，而疫情前该数字大致在46%的范围内。因此，这标志着我们还有很大的上行空间。但这个数字有很多变动的部分，显然。
There's advertising, there's investments going on for future growth, and there's the core profitability and cost structure that our operations are achieving. So making progress, working hard at it, but it's a longer road than bouncing back in one or two quarters. I would just add to that, we have looked pretty hard at every single one of our businesses. I think that while it's probably most visible given the size of it, what's the improvement in the operating margin, the efficiency in our stores business, I think every business is working really hard on finding ways to be more efficient. As Brian said, I think we're making really good progress, the fulfillment costs in our operations network and our stores business. But one of the things that's been interesting and frankly pretty encouraging to all of us is that as we, over the last six to nine months, as the network fundamentally changed, remember, when you go through as much growth as we went through, and you add, you double your fulfillment center footprint, and you also build a last mile transportation network besides the UPS in a couple of years. There's a lot that you have to work on to get that as productive as you want. We've spent a lot of time working on that last six to nine months.
我们正在进行广告推广和投资以实现未来增长，以及我们的业务核心盈利能力和成本结构。我们正在努力取得进展，但与在一两个季度内反弹相比，这是一条更长的道路。此外，我们已经仔细审查了公司的每一个业务。虽然由于其规模，我们的门店业务的营运利润率的改善可能最为明显，但每个业务都在努力寻找提高效率的方法。正如Brian所说，我们在我们的运营网络和门店业务中的履行成本取得了非常好的进展。但有趣的是，并且对我们所有人来说令人鼓舞的一件事情是，过去六到九个月中，随着网络的根本性变化，当你经历如此大的增长并扩大运营中心的规模，并在几年内建立除UPS之外的最后一英里运输网络时，需要大量的工作才能使其达到您想要的效果。在过去的六到九个月中，我们已经花了很多时间在这方面努力。
But some of the ways that you operated before, which worked through several elbows of the curve and scale, when they become inefficient because the network fundamentally changes, they become inefficient in a significant way. So it's part of what led to the regionalization effort that I talked about. But it also caused us to really reevaluate virtually everything we do in operations over the last six to nine months. And we have found a lot more opportunities than we even thought were there before. So I'm pretty optimistic that we have a chance not just to recover to where we were pre-pandemic in terms of operating margin, but I think there's additional upside with some of the opportunities we've identified.
但是在网络根本性改变后，之前可以通过曲线和规模的几个弯肘运行的一些方式变得效率低下，并且会造成显著的低效。这是我提到的地区化努力的一部分。但它也促使我们在过去的六到九个月里重新评估我们在运营中所做的几乎一切。我们发现了更多的机会，甚至比之前想象的还要多。所以我非常乐观，我们不仅有机会恢复到疫情前的运营利润水平，还有一些我们已经发现的机会的额外上涨空间。
And the next question comes in the line of Brian and Noak with Morgan Stanley. Please proceed with your question. Great. Thanks for taking my questions. I have two Andy. The first one you talked a lot about the long-term AI and large language model potential out of AWS. I think there's a lot of discussion about AWS's competitive positioning when it comes to these tools. Could you just sort of walk us through two or three of the key points of differentiation that you think AWS offers and AI tools versus some of the competitors? And then the second one around Echo and Alexa, the neural networks may not be a leading edge of technology now with the rapid emergence of some of these new large language models.
接下来是Brian和Noak的问题，他们来自摩根士丹利。请继续提问。好的，谢谢回答我的问题。我有两个问题。首先，您谈到了AWS在长期AI和大语言模型方面的潜力。关于这些工具，AWS的竞争位置有很多讨论。您能否简单地介绍一下AWS在AI工具方面与一些竞争对手的区别的两到三个关键点？其次，关于Echo和Alexa，由于一些新的大型语言模型的迅速出现，神经网络可能不再是技术领先的了。
How do you think about the key investment priorities for Echo and Alexa going forward and what's your view on ROIC around that division? Thanks.
你认为 Echo 和 Alexa 未来的关键投资重点是什么？你对该部门的 ROIC 的看法是什么？谢谢。
Yeah. I'll try and answer those together because they're somewhat related. I think when you think about machine learning, it's useful to remember that we have had a pretty substantial investment in machine learning for 25 plus years at Amazon.
嗯，我会尽量把它们放在一起回答，因为它们有些相关。我认为当你想到机器学习时，值得记住的是，亚马逊已经对机器学习进行了相当大的投资超过25年了。
It's deeply ingrained in virtually everything we do. If fuels are personalized, e-commerce recommendations, it drives the pickpast in our fulfillment centers, we have it in our ghost stores, we have it in our primary drones. It's obviously in Alexa. And then AWS, we have 25 plus machine learning services where we have the broadest machine learning functionality and customer base by fair bit. So it is deeply ingrained in our heritage.
这已经深深地根植于我们所做的一切事情中。如果燃料是个性化的，电子商务推荐，那么它驱动了我们履行中心的拣选过程，我们在我们的幽灵商店里有它，在我们的主要无人机中也有它。这显然体现在 Alexa 上。然后在AWS上，我们拥有25多个机器学习服务，其中我们拥有最广泛的机器学习功能和客户群。因此，它已经深深地根植于我们的传统中。
I think if you look at what's happened over the last nine months or so is that the large language models and generative AI capabilities, they've been around for a while, but frankly the models were not that compelling before about six, nine months ago and they have gotten so much bigger and so much better much more quickly that it really presents a remarkable opportunity to transform virtually every customer experience that exists and many that don't exist that weren't really that easily made possible before.
我认为如果你看看过去九个月左右发生的事情，就会发现大型语言模型和生成式人工智能能力已经存在了一段时间，但说实话，在六个到九个月前，这些模型并没有那么引人注目，而它们现在变得更大、更好、更快，这确实为转变几乎每一个客户体验提供了一个非常卓越的机会，而且许多以前不那么容易实现的体验也变得可能了。
And so it's very early days in that space, but probably not surprisingly, we've been investing in building in our own large language models for several years and we have a very large investment across the company. And the way I would break it out, Brian, is I would say that there's three macro areas in this space.
因此，在这个领域里，我们还处在非常初级的阶段，但可能并不令人惊讶的是，我们已经投资了数年来自建我们自己的大型语言模型，在整个公司范围内进行了大量的投资。从我的角度来看，我认为这个领域可以分为三个宏观领域。
You know, if you think about maybe the bottom layer here is that all of the large language models are going to run on compute and the key to that compute is going to be the chips that's in that compute. And to date, you know, I think a lot of the chips there, particularly GPUs which are optimized for this type of workload, they're expensive and they're scarce. It's hard to find enough capacity.
你知道的，如果你考虑一下，也许最基本的问题是所有大型语言模型都要在计算机上运行，而计算机的关键在于其中的芯片。而至今为止，我认为很多芯片，特别是为这种工作负载优化的GPU，它们都很昂贵而且很少见，很难找到足够的容量。
And so in AWS, we've been working for several years on building customized machine learning chips and we built a chip that specialized for training, machine learning training, which we call training, a chip that specialized for inference or the predictions that come from the model called inferential. And the reality, by the way, is that most people are spending most their time and money on the training, but as these models graduate to production where they're in the apps, all the spend is going to be an inference. So they both matter a lot.
在 AWS 中，我们已经花费了数年时间开发定制的机器学习芯片。我们建立了一款专门用于机器学习培训的芯片，我们称之为“Training”。同时，我们还建立了一款专门用于推断（模型预测）的芯片，我们称之为“Inferential”。实际情况是，大多数人都在花费大量的时间和金钱用于培训，但是当这些模型进入应用程序的生产环境时，所有的花费都将用于推断。所以，这两个方面都非常重要。
And if you look at, we just released our second versions of both training and inferential and the combination of price and performance that you can get from those chips is pretty differentiated and very significant. So we think that a lot of that machine learning training inference will run on AWS.
如果你观察一下，我们刚刚发布了第二版的训练和推理芯片，这些芯片的价格和性能组合与众不同，非常显著。因此，我们认为许多机器学习训练和推理将在AWS上运行。我们认为这是非常重要的。
And if you think about, see, if you have to train the models, you've drawn the inference, then you've got to, but you have to build the models. And if you look at the really significant reading, large language models, they take many years to build and many billions of dollars to build.
如果你想一想，你要训练模型，你就必须推理，那么就必须构建模型。如果你看看真正重要的阅读，大语言模型，他们需要多年时间来建造，需要花费数十亿美元来建造。
And there will be a small number of companies that want to invest that time and money and will be one of them at Amazon, but most companies don't. And so what most companies really want, and what they tell AWS is that they'd like to use one of those foundational models and then have the ability to customize it for their own proprietary data and their own needs and customer experience. And they want to do it in a way where they don't leak their unique IP to the broader generalized model.
在这些公司中，只有少部分公司会花费时间和金钱来进行投资，而Amazon是其中之一。大多数公司并没有这个意愿。所以，大多数公司真正想要的是告诉AWS，他们希望使用这些基础模型，并且可以根据自己的专有数据、需求和客户体验进行自定义。而且，他们希望以这样的方式来实现，使得他们不会泄露其独特的知识产权到更广泛的通用模型中。
And that's what bedrock is, which we just announced a week ago or so. They managed foundational model service where people can run foundational models from Amazon, which we're exposing ourselves, which we call Titan, or they can run it from leading large language model providers like AI21 and Anthropic and Stability AI. And they can run those models, take the baseline, customize them for their own purposes, and then be able to run it with the same security and privacy and all the features they use for the rest of their applications in AWS.
就是我们在大约一周前刚刚宣布的基础架构服务——基岩。它可以让用户在AWS上运行Amazon所提供的基础模型服务Titan，或者在AI21、Anthropic和Stability AI等其他大型语言模型提供商处运行。用户可以运行这些模型，以其为基础进行定制，并在AWS上使用同样的安全和隐私保护功能以及其它应用程序的所有功能来运行这些模型。
So that's very compelling for customers. And then that third layer are really the applications that are going to be built on top of those large language models. So ChatGPT is a good example of an application that's being built. Or we'll build some of those applications ourselves.
所以，这对顾客来说非常有吸引力。第三层就是要建立在这些大型语言模型之上的应用程序。ChatGPT就是一个很好的例子，它正在被建立。我们也会自己建立一些这样的应用程序。
So for instance, we think one of the most compelling applications that are going to be built in generative AI have to do with making developers much more effective with coding assistance. So we built something called Code Whisper, which we just announced the general availability for, where developers can plug in a natural language, something like I want to build a video hosting website.
例如，我们认为生成式人工智能最具吸引力的应用之一，是在编码辅助方面使开发人员更加高效。因此，我们开发了一些被称为“代码耳语”的工具，最近我们刚刚宣布了此工具的普及。通过这种工具，开发人员可以输入自然语言，比如“我想要建立一个视频托管网站”。
And Code Whisper will bring up the code you need and the developer needs to employ and put that in production, which is really compelling. If you think about how much more productive developer is going to be and what they're going to spend their time on instead of rewriting code that is nitty and takes time, I think it's a big deal.
Code Whisper能够提供开发者在生产中需要使用的代码，这是非常令人信服的。如果您考虑一下开发者能够更加高效，而不是将时间浪费在重新编写细节复杂的代码上，那么这将是一个非常重要的事情。
Now to your second question, and it's related to this top layer, I was just talking about, we're going to build very every single one of our businesses inside Amazon are building on top of large language models to reinvent our customer experiences. You'll see it in every single one of our businesses, stores, advertising, devices, entertainment, and devices, which was your specific question, is a good example of that.
现在回答你的第二个问题，它与我刚才提到的顶层有关。我们将在Amazon内的每一个业务中都建立大型语言模型，以重新定义我们的客户体验。你将在我们的每一个业务中看到这一点，包括商店、广告、设备、娱乐和设备等。而你提出的具体问题则是设备业务是其中一个很好的例子。
I think when people often ask us about Alexa, what we often share is that if we were just building a smart speaker, it would be a much smaller investment. But we have a vision which we have conviction about that we want to build the world's best personal assistant. And to do that, it's difficult. It's across a lot of domains and it's a very broad surface area.
我认为，当人们经常问我们关于Alexa的问题时，我们经常表达的是，如果我们只是建造一个智能音箱，那将是一个更小的投资。但是我们有一个关于构建世界最佳个人助理的愿景，这是我们深信不疑的。而要实现这一愿景，是困难的。它涉及到很多领域，面积也非常广泛。
However, if you think about the advent of large language models in generative AI, it makes the underlying models that much more effective such that I think it really accelerates the possibility of building that world's best personal assistant. And I think we start from a pretty good spot with Alexa because we have a couple hundred million endpoints being used across entertainment and shopping and smart home and information. And a lot of involvement from third party ecosystem partners.
然而，如果您考虑到生成式人工智能中大型语言模型的出现，这将使底层模型更加有效，从而加速了构建世界最佳个人助手的可能性。我认为我们从Alexa这个起点开始已经相当不错了，因为我们已经拥有数亿个端点在娱乐、购物、智能家居和信息领域使用，并且有大量第三方生态系统合作伙伴的参与。
And we've had a large language model underneath it, but we're building one that's much larger and much more generalized and capable. And I think that's going to really rapidly accelerate our vision of becoming the world's best personal assistant. I think there's a significant business model underneath it.
我们已经拥有了一个庞大的语言模型，但我们正在构建一个更大、更广泛和更有能力的模型。我认为这将会极大地加速我们成为全球最好的个人助理的愿景。我认为这背后有一个重要的商业模式。
And the next question comes from the line of Colin Sebastian with Baird. Please proceed with your question.
接下来的问题来自贝尔公司的科林·塞巴斯蒂安。请提出你的问题。
意思是说，在这个场合，科林·塞巴斯蒂安将要提问，并进一步听取他的问题。
Great. Good afternoon and thanks for taking my questions. I guess, first off, on the international segments, I mean, not only an acceleration there on top of mine, but also on the margin side if you could maybe add a little more color on some of the initiatives and improvements there. And then secondly, on the physical stores, including the grocery strategy, maybe any of you worth going through any updated thoughts you have there around the strategy of optimizing stores across categories. And if there are any changes to the footprint plans for those businesses, thank you.
非常好，下午好，感谢您回答我的问题。首先，在国际市场领域，我看到不仅业务加速，利润率也在提高，如果您能详细介绍一些该领域中的举措和改进，那将非常棒。其次，有关实体店，包括杂货战略，也许您们中的任何一位可以介绍一下有关优化不同类别店铺战略的更新思路。如果对这些业务的规划有任何变化，请告诉我们。谢谢。
Thanks, Colin. I'll start with the international question. So yeah, we saw a acceleration of growth on an FX neutral basis, 9% versus 5% in Q4. I think the economy there is starting to stabilize, especially in established countries of Europe. We're seeing consumer confidence has increased and inflation is ticking down. So some of those are similar to North America, but that is what we probably had some upside that we weren't counting on in international in the first quarter. And that was good strength.
谢谢，科林。我会从国际问题开始回答。我们看到了一个外汇中性基础上的增长加速，第一季度为9%，而第四季度为5%。我认为该地区的经济正在稳定，特别是在欧洲的成熟国家。我们看到了消费者信心的提高和通胀的下降。一些情况类似于北美，但我们可能在第一季度的国际业务有一些意外的增长，这是一个良好的势头。
And the margin has, the negative margin has come down. Top line is helping there, but it's also a function of some of the reductions that we're making across some of our investments. Most of those are in North America, but that you'll see kind of the improvement in operational efficiency and on the edge of some of the global programs are going to be reducing costs in international. I will remind you again, the international is an aggregation of established countries which are already profitable and who look a bit like North America, perhaps at an earlier stage of development.
利润率下降了，负利润率也有所降低。销售额的增长对此有所助益，但还要考虑我们在某些投资领域进行削减的效果。这些削减主要发生在北美地区，但是您将会看到在全球项目的边缘，我们的操作效率将得到提高，同时也将会降低一些国际成本。我要再次提醒您，国际业务是包括一些已经盈利的成熟国家，它们类似于北美地区的一些业务，只不过处于一个较早的发展阶段罢了。
And they're working their way to parity on profitability. We have forward loaded prime benefits in a lot of these countries that ahead of the curve that we saw in North America. So happy there. We have a larger merging business in the last five years we've had in more than 10 new countries.
他们正在朝着盈利平衡的方向努力。我们已经在许多这些国家中提前实现了领先曲线的主要好处。我们感到非常高兴。在过去五年中，我们已经在超过10个新的国家扩大并购业务。
What we're seeing is if you looked back to North America, what long ago it took nine years for us to reach a break even profitability in the United States. We see a similar curve in a lot of countries overseas. There's in fact additional challenges that we usually have to deal with, things like lack of payment methods, lack of the established infrastructure for, especially for transportation and infrastructure for the internet and everything else. So the adoption can be slower but we feel good about the businesses we're building.
我们目前所看到的情况是，如果你回顾北美市场，很久以前我们在美国达到盈亏平衡所需的时间为九年。类似的曲线在海外许多国家也存在。实际上，在许多国家还存在其他的挑战，比如缺乏支付方法，缺乏运输和互联网基础设施。因此，市场的接受可能会更加缓慢，但是我们对我们正在建立的业务感到满意。
They carry a lot of the same traits that we have in North America. Price selection and convenience are at the core of that. We're happy with the adoption and traffic and new customer acquisition that we're seeing from Prime Video and a lot of their emerging countries as well. So good quarter, I'll continue to work again on cost structure and growing those businesses country by country.
他们具有很多我们在北美所拥有的特征，价格选择和便利是其中的核心。我们很高兴看到Prime Video在许多新兴国家获得的认可和流量，以及新客户的获取。所以这是一个不错的季度，我将继续通过逐个国家来建设成本结构和拓展业务。
On the grocery part, what I would say is we continue to progress there. We have an interesting grocery business where we've been in for a while and we've actually quite a large grocery business. It's just an unusual selection grocery business. Very much like how the mass merchandiser has got into grocery 25, 30 years ago where the selection are items that are not temperature controlled. So it's canned goods and packaged food and paper products and pet supplies and personal care and health and beauty and all sorts of consumables.
在食品杂货部分，我想说的是我们在这方面一直在进步。我们有一个有趣的食品杂货业务已经经营了一段时间，而且我们的食品杂货业务相当大。这是一个非常不寻常的选择食品杂货业务。就像大型商超25年、30年前进入食品杂货市场时一样，选择的项目不是温度控制的。所以它是罐装食品、包装食品、纸制品、宠物用品、个人护理、健康和美容以及各种消费品。
And interestingly in this current environment where consumers are being cautious about what they spend and finding ways to trade down in different product variations, consumables have stayed very strong and so we continue to be very pleased with that part of our grocery business to serve a much broader number of the grocery shopping journeys which we seek to try to help customers with. We have to have a bigger physical presence since most of the shopping visits are still physical stores. We've got two efforts there.
有趣的是，在目前这种消费者谨慎对待开支，寻求在不同产品变种中换购的环境下，消费品仍然非常强劲，因此我们对我们的杂货业务的这一部分感到非常满意，以便为更广泛的杂货购物之旅服务，我们希望通过这种方式来帮助客户。由于大多数购物仍然是实体店，所以我们必须拥有更大的实体店。我们有两个努力方向。
We've got whole foods which really pioneered the organic grocery space and that continues to grow nicely and we've made a number of changes in the last year of the business that have changed the profitability trajectory there and feel very good about that. And at the same time it is still a portion of the overall market segment and if you really want to serve as much of grocery as we'd like to you have to have a mass physical offering and that's what we've been working on for a few years with the brand we've called Amazon Fresh. We wish we were further along at this point.
我们有整个食品，这真正开创了有机食品类别，并且继续以很好的速度增长。过去一年我们对业务进行了很多变化，并且这些变化改变了其盈利能力的轨迹。同时，它仍是整个市场细分的一部分。如果您真的想像我们希望的那样服务于尽可能多的食品杂货市场，则必须拥有大规模的实体店面，这就是我们几年来一直致力于的Amazon Fresh品牌。我们希望在这一点上能够更进一步。
We've tried lots of ideas. We haven't yet found conviction around format that we want to go expand much more broadly. We have a set of experiments and ideas and concepts that we're working on across our dozens of stores there and we're pretty optimistic that we have something that may very well work and we're hopeful over this next year we find that. But we continue to believe it's a big business for us today. It's continuing to get bigger but we believe we have the opportunity for it to be much larger for Amazon and where we can help customers more broadly.
我们尝试过许多想法，但还没有找到我们想要扩展得更广泛的格式方面的信念。我们在数十家商店中进行了一系列实验、想法和概念的研究，我们相当乐观地相信我们可能拥有一些可行的方案，我们希望在接下来的一年中能够找到更好的方案。但我们仍然相信这对我们来说是一个非常大的业务。它持续的增长，但我们相信我们有机会使亚马逊更大，更有利于更广泛的客户。
And I think having that physical presence we will also have the ability both to be able to serve the grocery product they come for as well as store some other pieces and help customers across some other product lines as well. And the next question comes from the line of Justin Post with Bank of America. Please proceed with your question.
我认为，我们拥有实体店铺的存在，会让我们具备服务客户购买食品产品的能力，同时还能存储其他产品，并在其他产品线上帮助客户。接下来的问题来自美国银行的贾斯汀·波斯特先生。请提出您的问题。
Great. Thanks for taking my question. I guess AWS, can you call it any unusual items in April or 2Q for the comp? I know you had a very good 2Q last year and just thinking about linearity in the quarter. And then second, Andy really appreciated the shareholder letter. It looks like you picked medical and Kuiper as big investment areas. Do you think those, I mean why those areas and just the company ever think about breaking out all the big investments so we had more clarity on the retail margin structure? Thank you.
太好了，感谢您回答我的问题。我想问一下AWS，您在4月或第2季度是否有任何不寻常的项目？我知道去年第2季度您的业绩非常好，我在想这个季度会不会也有同样的趋势。其次，安迪非常欣赏股东信，看起来您选择了医疗和Kuiper作为大投资领域。您认为这些领域为什么特别，公司是否考虑将所有大投资分解，以便我们更清楚地了解零售利润结构？谢谢。
Hi, Justin. Thank you. On AWS, I think Andy did a good job of laying out the dynamics we're seeing among customers right now and where they're cutting workloads and continued strength that we see in customers hitting their contractual limits and extending them and planning for the future. So we feel really strongly about the outlook for the business and understand the short term work that we're doing to help customers save money. So I would say Q2 versus Q1, there's not an obvious year of year comp differential. It's just again understanding which customers are cutting. And some areas and growing in others and helping them get on, hopefully, to the new initiatives that they are planning as well.
嗨，贾斯汀。谢谢你。关于AWS，我认为安迪在描述我们目前看到的客户之间的动态方面做得非常好，以及他们正在削减工作量和持续强劲的客户力量，我们看到客户达到合同限制并延长合同时的情况，并为未来做好计划。因此，我们非常有信心该业务的前景，并了解我们正在做的短期工作，以帮助客户节省费用。因此，我认为第二季度和第一季度之间没有明显的同比差异，只是要理解哪些客户在削减，哪些客户在增长，并帮助他们尽快掌握新的计划。
Yeah, in terms of the calling out healthcare and Kuiper and in my annual letter, I think what I was trying to do in the letter was explain how we think about investing and how we think about our big new investments that we make. And I talked about in the letter that we look at a few things. We look at if it's successful, could it be big and move the needle for Amazon with the right ROICs? Is that experience being well served today elsewhere? Do we have some kind of differentiation? And do we have some confidence at the company in that area?
在我年度信中所提到的医疗保健和Kuiper，我想表达的是我们在投资和进行大规模新投资时的思考方式。我在信中解释了我们考虑的几个因素。我们会考虑这个投资是否成功，并且是否能够带来足够的收益并提高亚马逊的ROIC。我们会考虑这个领域的服务水平是否已经很高，是否有足够的差异化，并是否有足够的信心将其投资。
If not, can we acquire quickly? And we would like the answers to those questions we will invest.
如果不能，我们能否快速地获得答案？我们希望能够得到这些问题的答案，以便进行投资。
Some of those investments lead to what seemed like relatively straightforward investments. And I talked a little bit about category expansion and international expansion in our stores business and some of the nascent retail market segments that are large for us that we think we can have big businesses in business to business, our Amazon business entity and grocery and things like buy with prime which allow our consumers to use their prime benefit and other third party websites beyond Amazon and also that merchants converted a higher rate because prime members are able to pay quickly and then get that fast reliable shipping they get from prime.
其中一些投资似乎是相对简单的投资。我谈到了我们店铺业务中的类别扩展和国际扩展，以及一些我们认为可以在业务对业务、我们的Amazon业务单位和食品杂货等领域中发展成大型企业的新兴零售市场细分。同时，我们也推出了像Prime付款购买等针对Prime会员的推广，让我们的消费者在亚马逊之外的第三方网站上使用他们的Prime会员福利，从而提高了商家的转化率，因为Prime会员能够快速支付并享受快速可靠的Prime配送。
But then there are other investments I was pointing out that sometimes don't lead to categories that people might initially guess. And AWS was a good example of that where that seemed really different for us when we started to pursue that in 2003 and were a pretty different company because we did so. Even though there were a lot of people externally and internally that thought it was a little bit crazy. And so I just chose two of them there. I could have chosen a lot more. The letter was long enough as it was. So I just chose two but I chose two that we have conviction about.
然而，我也指出有些投资并不会导致人们最初猜测的类别。AWS就是一个很好的例子，在我们2003年开始追求它时，那似乎对我们来说非常不同，因此我们成为了一家非常不同的公司。虽然有很多外部和内部的人认为这有点疯狂。所以我选择了其中的两个。我本可以选择更多，但这篇信本来已经够长了。因此我选择了两个我们坚信的投资。
On the healthcare side when you think about that set of questions that we ask ourselves when we consider whether we should make big investments, you know, healthcare is a multi-trillion dollar business that's very segmented and that's really broken in the US particularly. I think in other parts of the world too but particularly in the US. And we had what we thought were some differentiated ways that we could be successful at it.
在医疗保健方面，当我们考虑是否要进行大型投资时，我们会思考一系列问题。医疗保健是一个多万亿美元的行业，非常分散，特别是在美国。我认为在世界其他地区也是如此，但尤其是在美国。我们认为有一些独特的方法可以让我们在这方面取得成功。
And I think when our customers have been asking us for years to provide a pharmacy, if you think about that, it's not, you know, that's a pretty natural extension from what we do in retail and we've launched Amazon Pharmacy in 2020. And I think it's off to a good start and it's continuing to grow. We have a lot to do there.
我认为当我们的顾客多年来一直要求我们提供药房时，如果你考虑一下，这是我们在零售业务中自然而然的扩展，我们在2020年推出了亚马逊药房。我认为它有一个良好的开端，并且它在不断地增长。我们还有很多工作要做。
But a lot of our customers who like that experience said, gosh, I wish you guys would help us in the broader healthcare experience and if you think about trying to meaningfully change that experience, primary care is right at the center of it. And if you look at the experience that's been the case of the last several decades, you know, we're going to have a hard time convincing our grandkids that it used to be the case to get a primary care appointment.
很多喜欢医疗保健体验的我们的客户说：“天哪，我希望你们能在更广泛的医疗保健体验中帮助我们，而如果你想要有意义地改变这一体验，初级护理就处于其中心位置。如果你看看最近几十年的经验，你会发现这一点，你知道，我们将很难说服我们的孙子孙女，曾经预约初级护理是一件困难的事情。”
You had to call ahead of time, a month ahead to schedule an appointment and drive 20 minutes to the doctor and park and get into the facility and wait 20 minutes in reception. Then you can do exam room, you wait 10 minutes for the doctor to come in. The doctor talks to you for five minutes and then prescribed a few medicine where you drive 20 minutes to go get the medicine. That experience just doesn't make sense and won't be the case.
您需要提前一个月打电话预约，开车二十分钟到医生那里停车，进入医疗设施并在候诊室等待二十分钟。然后您可以进入检查室，等待医生十分钟后进行诊断。医生与您交谈五分钟，然后开了几种药物，您需要开车二十分钟去取药。这种经历毫无意义以及不情愿的。
And so, you know, we looked at, we had some experience when we started experimenting with Amazon care and we couldn't believe how much people liked the streamlined experience and we ultimately decided we didn't have the right business model there. But we came across one medical where, you know, the digital app is very compelling and you can talk to a medical practitioner by chat or by video conference or if you have to come into a physical facility, the clinics around the country and you can get that appointment same day or next day and all those cities, they have relationships with health specialists where you're plugged into their ability to get reservations where you can get reservations in a day or two there.
因此，当我们开始尝试亚马逊医护时，我们有一些经验，我们无法相信人们有多喜欢这种简化的体验，最终我们决定我们没有正确的商业模式。但我们发现了一个名叫One Medical的医疗机构，数字应用非常引人注目，你可以通过聊天或视频会议与医生交流，如果必须到物理设施进行诊疗，全国的诊所都可提供当日或次日预约，对于所有这些城市，他们与卫生专家建立关系，从而可以利用他们的预约能力在一两天内预约到位。
And then when you need medicine, you can have it automatically shipped to you by Amazon pharmacy or other third party pharmacies. It's a very, very different experience and we think we have an opportunity to be successful in helping change that experience and if we're successful with primary care and with pharmacy, there are a lot of other things we can help customers with as well. We think that's a big opportunity.
然后，当你需要药品时，你可以选择通过亚马逊药店或其他第三方药店自动发货。这是一种非常不同的体验，我们认为我们有机会帮助改变这种体验，如果我们在基本医疗保健和药房方面成功的话，我们还可以帮助客户处理许多其他事情。我们认为这是一个很大的机会。
I just briefly say on Kuiper that, you know, it's a very large number. It's hundreds and millions of households and businesses and government entities that today have limited to no connectivity to the internet and if you just think about what you can't do if you don't have connectivity, we all take it for granted but you know, having that connectivity means you can take online education courses and get an education or you can start or run a business or you can enjoy entertainment or you can shop for anything you can imagine.
我简要地谈了谈关于库伊珀，你知道它是一个非常大的数字。数以百万计的家庭、企业和政府机构，在今天仍然存在着有限或没有连接到互联网的情况。如果你想想不具备连接所带来的影响，我们都会认为这是理所当然的。你知道，拥有这种连接意味着你可以参加在线的教育课程并且接受教育，或者你可以开始或者经营一项业务，或者享受娱乐，或者购买任何你能想象到的东西。
And for businesses and governments to be able to have that coverage, to be able to operate much more seamlessly in the various environments in which you have to have a presence, it's a total game changer.
如果企业和政府可以获得这种覆盖范围，可以在必须出现的各种环境中更无缝地运营，这将是一个彻底的游戏变革者。
And so we think it has the chance to be a very large business.
因此，我们认为它有成为一个非常庞大业务的机会。
We haven't, you know, we've released some information about it and some of our designs and it's pretty exciting to us how many customers, you know, and in all those different segments are excited about it.
我们还没有，你知道的，我们已经发布了一些关于它的信息和一些我们的设计，对于有多少客户在所有这些不同的领域对此感到兴奋，这对我们来说非常令人兴奋。
And so I just chose those two as exemplary of some of the inventions that come out of that investment process that you might not guess but that we think can be very significant for the company.
因此，我选择这两个作为例子，展示出那些投资过程中出现的发明，你可能无法猜到，但我们认为这些发明对公司非常重要。
Thanks for joining us today and the call and for your questions.
感谢您今天参加我们的会议并发问，非常感谢您的支持和关注。
Today replay will be available on our investor relations website for at least three months.
今天的回放将在我们的投资者关系网站上提供至少三个月。这意味着用户可以在未来三个月内随时访问我们的投资者关系网站来回放今天的内容。
We appreciate your interest in Amazon and look forward to talking to you again next quarter.
我们感谢您对亚马逊的关注，并期待下一季度再次与您交流。