亚马逊（AMZN） 2024 年第四季度财报电话会议记录
注：这篇是广告，这是不完整纪要
戴夫·菲尔德斯 - 行政人员安德鲁·贾西 - 行政人员布莱恩·奥尔萨夫斯基 - 行政人员马克·史蒂芬·马哈尼 - 分析师埃里克·谢里丹 - 分析师道格拉斯·安穆斯 - 分析师布莱恩·诺瓦克 - 分析师约翰·布莱克里奇 - 分析师迈克尔·莫顿 - 分析师
Operator
Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Fourth Quarter 2024 Financial Results Teleconference. [Operator Instructions] Today's call is being recorded. 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.
谢谢各位耐心等待。大家好，欢迎参加亚马逊公司2024年第四季度财务成果电话会议。[操作员提示]今天的通话将被录音。首先，我将把会议交给投资者关系副总裁戴夫·菲尔兹先生。谢谢您，先生，请开始您的发言。
Dave Fildes
Dave Fildes
Hello, and welcome to our Q4 2024 financial results conference call.
你好，欢迎参加我们2024年第四季度财务成果电话会议。
Joining us today to answer your questions is Andy Jassy, our CEO; and Brian Olsavsky, our CFO.
今天加入我们回答您问题的是我们的首席执行官安迪·贾西；和我们的首席财务官布莱恩·奥尔萨夫斯基。
As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter.
在您收听今天的会议电话时，我们鼓励您将我们的新闻稿放在面前，其中包含我们的财务业绩以及季度的指标和评论。
Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2023.
请注意，除非另有说明，本次通话中的所有比较都将基于我们2023年同期的结果。
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.
我们的评论和对您问题的回答仅反映管理层截至2025年2月6日的观点，并将包含前瞻性陈述。实际结果可能大不相同。
Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.
关于可能影响我们财务结果的额外因素的信息包含在今天的新闻稿以及我们向SEC提交的文件中，包括我们最近的10-K年度报告和后续的备案。
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.
在本次通话中，我们可能会讨论某些非通用会计准则财务指标。在我们的新闻稿、 accompanies this网络广播的幻灯片，以及向SEC提交的文件中，这些都会发布在我们的IR网站上，您将找到更多关于这些非通用会计准则措施的信息，包括这些措施与相应通用会计准则措施的调节表。
Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions.
我们的指导方针结合了迄今为止我们所看到的订单趋势，以及我们今天认为合适的假设。
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.
我们的结果本质上不可预测，可能会受到许多因素的重大影响，包括：外汇汇率波动；全球宏观经济和地缘政治条件的变化以及客户需求和支出变化，包括经济衰退担忧的影响；通货膨胀；利率；区域劳动力市场限制；世界事件；互联网增长速度；在线商务；云计算服务；以及新兴技术和我们在SEC备案文件中详细说明的各种因素。
Our guidance assumes, among other things, that we don't conclude any additional business acquisitions, restructurings or legal settlements. It's not possible to accurately predict demand for our goods and services, and therefore, our actual results could differ materially from our guidance. And now I'll turn the call over to Andy.
我们的指导假设，除此之外，我们不会得出任何额外的业务收购、重组或法律和解。准确预测我们商品和服务的需求是不可能的，因此，我们的实际结果可能与我们的指导大不相同。现在我将电话转给安迪。
Andrew Jassy
Andrew Jassy
Thanks, Dave. Today, we're reporting $187.8 billion in revenue, up 10% year-over-year.
谢谢，戴夫。今天，我们报告的收入为1878亿美元，同比增长10%。
Given the way the dollar strengthened throughout the quarter, we saw $700 million more of foreign exchange headwind than we anticipated in guidance. Without that headwind, revenue would have been 11% year-over-year and exceeded the top end of our guidance. 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.
鉴于美元在整个季度内走强，我们看到外汇逆风比预期的多了7亿美元。如果没有这股逆风，收入将同比增长11%，超出我们的指导范围的上限。运营收入为212亿美元，同比增长61%。剔除设备融资租赁后的过去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年在创新、客户体验改进和成果方面所取得的成绩感到满意，并且2025年还有更多计划。
I'll start by talking about our Stores business. We saw a 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.
我将从我们的门店业务开始谈起。我们看到北美地区的收入同比增长了10%，国际地区的收入同比增长了9%，不包括外汇汇率的影响。
Our continued focus on expanding selection, lowering prices, and improving convenience drove strong unit growth that even outpaced our revenue growth.
我们继续专注于扩大商品种类、降低价格和提高便利性，推动了强劲的销量增长，甚至超过了收入增长。
We continue to add to our broad range of selection, giving customers choice across a variety of price points.
我们继续扩大我们的选择范围，为客户提供跨越多种价格点的选择。
We welcomed notable brands to our stores throughout 2024, including Clinique, Estee Lauder, Oura Rings, and Armani Beauty.
我们在2024年全年欢迎了知名品牌的入驻，包括倩碧、雅诗兰黛、Oura Rings和阿玛尼美妆。
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.
我们继续增加来自销售合作伙伴的数亿种产品，这些销售合作伙伴在2024年占我们所售商品的61%，这是我们年度第三方卖家商品比例最高的一年。
We also launched Amazon Haul for U.S. customers in Q4, which offers customers an engaging shopping experience that brings ultra low-priced products into 1 convenient destination. It's off to a very strong start.
我们也为美国顾客在第四季度推出了Amazon Haul，它为顾客提供了一个引人入胜的购物体验，将超低价产品汇集到一个方便的目的地。它开局非常强劲。
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 the Prime Big Deal Days in October and Black Friday and Cyber Monday around Thanksgiving.
客户继续希望亚马逊成为他们可以信赖的尖端价格之地。在第四季度，消费者通过我们的低日常价格和十月Prime大促销日以及感恩节前后的黑色星期五和网络星期一创纪录的促销活动节省了超过150亿美元。
Additionally, Profitero'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 U.S.
此外，Profitero的年度价格研究报告显示，进入假期季节，亚马逊连续第八年保持最低在线价格，平均比其他美国主要零售商便宜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.
我们的交付速度继续加快，2024年对于Prime会员来说又是创纪录的一年。我们在2024年将当日交付站点的数量增加了60%以上，这些站点现在服务于超过140个大都市区域。总体而言，我们全年在全球范围内交付了超过90亿个单位的当日或次日送达商品。
Our relentless pursuit of better selection, price and delivery speed is driving accelerated growth in Prime membership.
我们对更好的选择、价格和配送速度的不懈追求正在推动Prime会员的快速增长。
For just $14.99 a month, Prime members get unlimited free shipping on 300 million items off of the same day or 1-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 prescription 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.
仅需每月14.99美元，Prime会员即可享受3亿种商品的无限免费配送，当天或次日送达，独家购物活动如Prime日，访问Prime视频上的大量优质节目和体育直播，使用亚马逊音乐无广告聆听1亿首歌曲和播客，每月仅需5美元即可享受无限量通用处方药，Whole Foods Market和Amazon Fresh订单超过35美元时，每月9.99美元的无限杂货配送服务，免费的Grubhub+会员并享受无限次免费配送，以及我们最新的福利——在BP Amoco和AMPM加油站每加仑汽油优惠0.10美元。
When you think about this as a whole and also compared to many other membership services that are comparably and more expensively priced that offer just 1 benefit like video, Prime is a screaming deal, and we have more coming for our Prime members in 2025.
当我们整体考虑这个问题，并将其与其他价格相当甚至更昂贵的会员服务进行比较时，这些服务仅提供像视频这样的单一福利，Prime 就显得非常划算。而且我们将在2025年为我们的Prime会员带来更多福利。
We also remain squarely focused on cost to serve in our fulfillment network, which has been a meaningful driver of our increased operating income. We've talked about the regionalization of our U.S. network.
我们也依然专注于履行网络中的成本控制，这一直是我们的营业利润增长的重要驱动力。我们讨论过美国网络的区域化。
We've also recently rolled out our redesigned U.S. inbound network.
我们也最近推出了重新设计的美国进港网络。
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 order units available in the ideal building by over 40% year-over-year.
尽管还处于早期阶段，我们的入站努力已经改善了库存配置，使更多商品更接近终端客户。在11月的黑色星期五之前，我们已经将理想仓库中可获得的订单单元比例同比提高了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 continued 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.
我们也花费了大量时间优化发送给客户的包裹中的商品数量，这减少了包装，对客户来说更方便，也降低了我们的履行成本。随着我们建立和优化最后一公里网络，每单位的运输成本继续下降。总体而言，这是我们连续第二年在全球范围内每单位服务成本降低的同时，提高了速度、改善了安全并增加了选择。
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，我们看到有机会再次降低成本，通过进一步优化库存定位，扩大当日配送网络，并在整个网络中加速机器人和自动化的发展。
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 4 years ago at $29 billion. Sponsored Products, the largest portion of ad revenue, are doing well and we see runway for even more growth.
在广告方面，我们对在一个庞大的基数上实现的强劲增长感到满意，本季度收入达到173亿美元，同比增长18%。这相当于年化收入运行速率达到了690亿美元，是仅仅4年前290亿美元的两倍多。 sponsored products（赞助产品），广告收入中占比最大的部分，表现良好，我们看到了进一步增长的空间。
We also have a number of newer streaming offerings that are starting to become significant new revenue sources.
我们也有一些新的流媒体服务开始成为重要的新收入来源。
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 headed into this year with momentum. 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 responsive brands that companies specify certain keywords and audiences to attract people to their detailed 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.
在流媒体视频方面，我们完成了Prime Video广告的第一年，并且对早期的进展感到相当满意，今年也带着势头前进。我们使全漏斗广告更易于操作。全漏斗广告从漏斗顶部的广泛覆盖广告开始，以提升品牌知名度，到中漏斗响应式广告，公司可以指定某些关键词和受众来吸引人们访问他们在亚马逊上的详细页面或品牌商店，再到漏斗底部，Sponsored Products（赞助产品）帮助广告商在购买点为客户提供相关产品广告。我们让品牌更容易注册并部署到我们不断增长的广告业务中。
We also have differentiated audience features that leverage billions of customer signals across our stores and media destinations. From Amazon Marketing Cloud 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.
我们也拥有差异化的受众功能，利用我们各门店和媒体平台上的数十亿客户信号。从亚马逊营销云安全的清洁室为广告商提供分析数据、生成核心营销指标并了解其营销在各个渠道的表现能力，到我们新的多触点归因模型帮助广告商了解其营销效果。如果广告商在其活动中使用了流媒体电视、展示广告、赞助产品等其他广告类型，多触点归因将显示每个广告类型对其销售额的相对贡献。
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 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' customers and business.
转向AWS。在第四季度，AWS同比增长了19%，目前的年化收入运行速率达到了1150亿美元。按照大多数标准，AWS已经是一个相当大的业务，尽管我们预计在未来几年内，随着企业采用周期、容量考虑和技术进步的影响，增长可能会波动，但很难过分强调我们对AWS客户和业务未来前景的乐观态度。
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 infused in 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 1 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.
我在几年前花了很多时间思考。尽管对于一些人来说，很难想象一个几乎所有应用程序都融合了生成式人工智能的世界，其中推理成为像计算、存储和数据库一样核心的构建模块，并且大多数公司都有自己的代理来完成各种任务并相互交互，但这正是我们一直思考的世界。我们仍然相信，这个世界将主要基于云构建，其中大部分将在AWS上构建。
To best help customers realize this future, you need powerful capabilities in all 3 layers of the stack. At the bottom layer for those building models, you need compelling chips. Chips are a 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.
为了最好地帮助客户实现这一未来，您需要在堆栈的全部3个层次上具备强大的能力。在最底层，对于那些构建模型的人来说，您需要有吸引力的芯片。芯片是驱动训练和推理计算的关键组成部分。大多数AI计算都是由NVIDIA芯片推动的，我们显然与NVIDIA有着深厚的合作伙伴关系，并且只要我们能看到的未来，这种合作关系就会持续下去。
However, there aren't that many generative AI applications of large scale yet.
然而，目前规模较大的生成性AI应用并不多。
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. Trainium2 just launched at our AWS re:Invent 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.
当你到达那里时，就像我们对Alexa和Rufus等应用所做的那样，成本会迅速增加。客户希望获得更好的性价比，这也是我们构建自己的定制AI芯片的原因。Trainium2在我们去年12月的AWS re:Invent大会上刚刚发布。配备这些芯片的EC2实例通常比其他当前可用的GPU驱动实例具有30%到40%更高的性价比。这对于大规模应用非常有吸引力。
Several technically-capable companies like Adobe, Databricks, poolside and Qualcomm have seen impressive results in early testing of Trainium2. It's also why you're seeing Anthropic build their future frontier models on Trainium2. We're collaborating with Anthropic to build Project Rainier, a cluster of Trainium2 Ultra servers containing hundreds of thousands of Trainium2 chips. This cluster is going to be 5x the number of exaflops as the cluster that Anthropic used to train their current leading set of cloud models.
几家技术能力较强的公司，如Adobe、Databricks、Poolside和Qualcomm，在Trainium2的早期测试中看到了令人印象深刻的结果。这也是为什么你看到Anthropic在其未来前沿模型中使用Trainium2。我们正在与Anthropic合作开发Project Rainier，这是一个包含数十万块Trainium2芯片的Trainium2 Ultra服务器集群。这个集群的运算能力将是Anthropic用于训练其目前领先的云模型集群的五倍。
We're already hard at work on Trainium3, which we expect to preview late in '25 and defining Trainium4 thereafter. Building outstanding performant 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 and AI and something unique to AWS relative to other competing cloud providers.
我们已经在努力开发Trainium3，预计将在25年末进行预览，并在此之后定义Trainium4。构建出色的高性能芯片并提供领先的价格性能已经成为AWS的核心优势，从我们核心业务中的Nitro和Graviton芯片开始，并且现在扩展到Trainium以及AI领域，这在与其他竞争云服务提供商相比时，对AWS来说是独一无二的。
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 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 that 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%. It continues to be a differentiator.
对于模型构建者来说，另一个关键的组成部分是那些能够使他们更轻松地构建模型的服务。我不会在这些评论中过多介绍Amazon SageMaker AI，它已经成为AI模型构建者管理和处理AI数据、构建模型、实验和部署这些模型的首选服务，只是想说SageMaker的Hyperpod功能，该功能可以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来防止中断，并且能够从最后一个保存的检查点自动修复故障实例，从而最多节省40%的训练时间。这仍然是一个差异化的优势。
several new compelling capabilities at re:Invent, 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 gen AI 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 and make it easy to build a high-quality generative AI application.
在re:Invent上发布了几个新的引人注目的功能，包括能够在集群级别管理成本，并在预算达到时优先考虑哪些工作负载应该获得容量。这些功能正被越来越多的模型构建者采用。在中间层，对于那些希望利用前沿模型来构建生成式AI应用的人，Amazon Bedrock是我们完全托管的服务，提供最广泛的选择高性能基础模型和最具吸引力的功能集，使构建高质量的生成式AI应用程序变得容易。
We continue to iterate quickly on Bedrock announcing Luma AI poolside and over 100 other popular emerging models to Bedrock at re:Invent. In short order, we also just added DeepSeek's R1 models to Bedrock and SageMaker. And additionally, we delivered several compelling new Bedrock features at re:Invent, including prompt caching, intelligent prompt routing and model distillation, all of which help customers achieve lower cost and latency in their inference. Like SageMaker AI, Bedrock is growing quickly and resonating strongly with customers.
我们继续快速迭代Bedrock，在re:Invent大会上宣布了Luma AI等泳池边的应用，并将超过100个其他热门新兴模型添加到Bedrock。不久之后，我们还刚刚将DeepSeek的R1模型添加到了Bedrock和SageMaker。此外，我们在re:Invent上推出了几个引人注目的Bedrock新功能，包括提示缓存、智能提示路由和模型蒸馏，所有这些都有助于客户降低推理成本和延迟。与SageMaker AI一样，Bedrock也在迅速增长，并且深受客户欢迎。
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, Trelix, and Robinhood, and we've just gotten started.
相关地，我们刚刚在Bedrock中推出了亚马逊自家的一系列前沿模型，称为Nova。这些模型在智能方面可以与全球领先的模型相媲美，但具有更低的延迟和更低的价格，比Bedrock中的其他模型便宜约75%，并且集成了关键的Bedrock功能，如微调、模型蒸馏、RAG的知识库以及代理能力。成千上万的AWS客户已经利用了亚马逊Nova模型的功能和性价比优势，包括Palantir、Deloitte、SAP、Dentsu、Fortinet、Trelix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.
在堆栈的顶层，Amazon Q是最有能力的基于生成式AI的软件开发助手，并且可以利用你自己的数据。
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 and 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.
您可能还记得，在上次通话中，我分享了一个非常实用的使用案例，在这个案例中，Q Transform帮助亚马逊团队节省了2.6亿美元和4500个开发人员的工作年，并且迁移了超过30000个应用程序到Java JDK的新版本。这是真正的价值，许多公司要求提供更多这样的工具。为此，我们最近交付了Q转换，它能够实现从Windows.NET应用程序到Linux的迁移，从VMware到EC2的迁移，并加速主机系统的迁移。
Early customer testing indicates that Q 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.
早期客户测试表明，Q 将成为一个多年的努力，以实现从主机系统迁移至一个持续多个季度的努力，将迁移主机系统的时间缩短了50%以上。这是一个重大的事情，这些转型是实用人工智能的良好示例。
While AI continues to be a compelling new driver in the business, we haven't lost our focus on core modernization of company's technology infrastructure from on-premises to the cloud.
尽管AI继续成为商业领域的一个强有力的新驱动力，我们也没有失去对公司将技术基础设施从本地部署向云迁移的核心现代化的关注。
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 re:Invent gathering was appreciation that we're still inventing rapidly in non-AI key infrastructure areas like storage, compute, database and analytics.
我们与多家公司签署了新的AWS协议，包括Intuit、PayPal、挪威邮轮控股公司、诺斯罗普·格鲁曼公司、守护者人寿保险公司、Reddit、日本航空公司、贝克休斯公司、赫兹公司、Redfin、Chime Financial、Asana等许多其他公司。在最近的AWS re:Invent大会上，客户反馈一致表示，他们非常赞赏我们在存储、计算、数据库和分析等非AI关键基础设施领域仍然能够迅速创新。
Our functionality leadership continues to expand, and there were several key launches customers were abuzz about, including Amazon Aurora, our new serverless distributed SQL database that enables applications with the highest availability, strong consistency, PostgreS compatibility and 4x 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.
我们的功能领导地位继续扩大，有几个关键发布让客户兴奋不已，包括亚马逊奥罗拉，这是一种新的无服务器分布式SQL数据库，能够使应用程序具有最高的可用性、强一致性、PostgreS兼容性，并且与其它流行的分布式SQL数据库相比，读写速度提高了4倍。还有Amazon S3表，这使得S3成为第一个具有完全托管的Apache Iceberg支持的云对象存储，从而实现更快的分析。
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 1 interface to do analytics and AI more easily at scale.
Amazon S3 的元数据，它会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，帮助客户解锁其在 S3 中的数据价值。下一代 Amazon SageMaker，它将所有数据 analytics 服务和 AI 服务整合到一个界面中，以便更轻松地大规模进行数据分析和 AI。
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. With that, I'll turn it over to Brian for a financial update.
随着2024年底的到来，我想感谢我们的团队成员和合作伙伴在这一年中带来的有意义的影响。几乎在任何维度上，这都是一个非常成功的一年。我们还有很多工作要做，并期待在2025年为客户提供更好的服务。说到这里，我将把时间交给Brian来做财务更新。
Brian Olsavsky
Brian Olsavsky
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 had anticipated in our Q4 guidance range.
谢谢，安迪。首先来看我们的营收财务业绩。全球营收为1878亿美元，按年同比增长11%，不包括外汇影响。本季度外汇的影响约为9亿美元的逆风，这比我们在第四季度指导范围内的预期高出约7亿美元。
Excluding that additional FX headwind, we would have exceeded the top end of our revenue guidance range.
如果不包括额外的外汇不利因素，我们将超出收入指导范围的上限。
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. 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.
全球营业收入为212亿美元，这是我们有史以来最高的季度营业收入，比我们的指导范围上限高出12亿美元。在所有业务部门中，我们继续为客户创新的同时也提高了运营效率。在北美部门，第四季度收入为1156亿美元，同比增长10%。国际部门收入为434亿美元，若不考虑外汇影响，同比增长9%。全球付费用户增长了11%，因为我们对低价、广泛选择和快速配送的关注继续引起客户的共鸣。
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。北美地区营业利润为93亿美元，同比增长28亿美元。营业利润率为8%，同比提高190个基点。在国际地区，营业利润为13亿美元，同比改善17亿美元。营业利润率为3%，同比提高400个基点。这标志着我们连续第八个季度在北美和国际两个地区都实现了同比利润率的提高。
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.
2024年也是我们连续第二年在全球范围内实现每单位服务成本降低。在第四季度，由于库存摆放优化、每个包裹的单位数量增加以及旅行距离缩短，我们的运输网络表现出强劲的生产力。
We also saw improved productivity in our fulfillment centers.
我们也看到了在我们的 fulfillment 中心生产力的提升。
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.
总体而言，我们的团队在整个季度，特别是在旺季期间表现非常出色。我要感谢他们为我们的客户所做的一切。
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. In the U.S., 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.
展望未来，我们有几个机会通过更佳的库存布局进一步降低成本，这也使我们能够更快地将商品交付给客户。在美国，我们正在调整我们的 inbound 网络并继续扩展我们的当日达配送网络。在全球范围内，我们正在整个网络中增加自动化和机器人技术。
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.
虽然这些措施的实施需要时间，进展也可能不会一帆风顺，但我们有一个很好的计划，可以继续推动成本结构的改进。
Advertising remains an important contributor to profitability in the North America and International segments.
广告仍然是北美和国际部门盈利能力的重要贡献者。
This quarter, we saw strong advertising revenue growth on an increasingly large base.
本季度，我们在不断扩大的基础上看到了强劲的广告收入增长。
We will also continue to invest in experiences that have potential to be important to customers in Amazon long term in areas like Alexa, health care and grocery, as well as Kuiper, including the planned launches of our production satellites in the coming months.
我们还将继续投资于那些在亚马逊长期发展中对客户重要的体验领域，比如Alexa、医疗保健和杂货，以及Kuiper，包括在未来几个月内计划发射的生产卫星。
As a reminder, we currently expense the majority of the costs associated with the development of our satellite network.
作为提醒，我们目前将与卫星网络开发相关的大部分成本费用化。
We will capitalize certain costs once the service achieves commercial viability, including sales to customers.
我们将一旦这项服务实现商业可行性后，将某些成本资本化，包括向客户销售。
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.
接下来是我们的AWS板块。收入为288亿美元，同比增长19%。AWS现在达到了1150亿美元的年化收入运行速率。