Amazon.com (AMZN) 30 Jul 212021 Q2 Earnings call transcript

Thank you for standing by. Good day, everyone, and welcome to the amazon.com Q2 2021 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.

will Relations, the Mr. I Director over remarks, Investor of opening be call turning to For Dave Fildes. ahead. go Please

Hello, and welcome call. to our QX XXXX Financial results conference

Joining your CFO. answer us Brian today our Olsavsky, questions is to

we results comparisons As to unless quarter. our press in be metrics the results, of you front Please and in otherwise period will of financial to which against our well today's call, note, release includes listen you, this as comparable have call encourage for conference commentary our all you stated, as the on XXXX.

of questions materially. Our Forward-looking and XX/XX/XXXX, responses statements. to comments include and reflect your management's will differ views as today, Actual may results only,

information on included including subsequent the Additional financial SEC, could press Form our filings. most filings impact results in annual recent XX-K with factors our is and report about release that potentially today's and our

certain this IR of disclosures filings and financial non-GAAP reconciliations non-GAAP these measures. may In the webcast measures, comparable measures. regarding is measures with on we SEC, which During press this find GAAP our including additional slides you of will posted call, accompanying discuss these release, with our website, each our

today trends guidance what believe Our seen assumptions. to to-date be order we've we appropriate and incorporates that the

on growth in with that various not also factors, and unpredictable the SEC, impact our the our materially dependent services, and of of we highly pandemic operations, of those predict the actions results in any the activity, control, staffing, changes Our in impact economic businesses, inherently on of Internet, able and with are in detailed employee spending factors economies regional This our the cloud well areas, numerous affected including to and to-date productivity, by uncertain. pandemic, and by which online on and estimates the COVID-XX foreign operations our global and be continue global patterns, filings spending scope taken conditions in of and demand filings and of pandemic, individuals ability maybe and the regarding all effects response on events, and the duration sellers, our may measures, rate is and world SEC. including the recurrence, creditors, discussed reflects continuing suppliers, as safety many and to on the pandemic guidance our including economic the third-party fluctuations the commerce workforce, are the in or rates, significant affected as governments, exchange and factors. to including and consumer customer spending,

among legal any assumes, investments, we over goods call additional not for and restructurings, conclude services, our from And accurately possible the predict I acquisitions, guidance. our other that will materially Our things, turn don't actual now, results demand Brian. guidance could and differ our business or also to settlements. therefore It's to

today. joining for you Thank us

we to for Before June. our Q&A, colleagues, vendors, first XP all team, record-breaking sellers, in like Ops Prime I'd our especially my thank the get Worldwide to members, Day of and Prime Amazon a our

's success. ever Third-party X-day and of event SMBs Prime to a biggest Day in The stores. were contributor small who businesses, sellers, period big comprised Prime Day these mostly our the was medium-size are for

revenue. continues than stores faster online XP significantly Our grow revenue our to

a XX% Third-party up represented our units XX% ago. QX, paid of units in one total from mix year

guidance or range. about quarter at Our billion the of second sales midpoint a $XXX were net our

of points year-over-year our to rate. impact XX% foreign shift to the year-over-year the and for a XXX this of transition this basis added customers. year, increase included into Prime Day of excluding year XX% growth which about the exchange, As period QX or was of QX a many

as eased geographies including much largest restrictions at and the people progressed, in some quarter home Europe. the U.S. our were less, of of lockdowns and As

spend members spend to continue in peak Prime members spending during of Prime the seen while result, to a pandemic. with growth moderated As compared more the us,

what revenue seeing, As you run in recent I at want impact will so growth some rate. to into exchange. also quarters all X insight has some look give our changes since for growth exclude past the comments our Prime X comments. rates as my different have I are Day in noticeable there FX revenue been intra-quarter my we rates, years, in this of you bounced rate have around, Also normalize foreign been

recap growth of rates our a XXXX quick XXXX. in and Just

pandemic close year began growth the at was XX%. range. QX revenue ended XXXX a Once And XXXX, last revenue full-year into growing jumped XXXX and of growth with XX%. before rate was for months COVID-XX, First, revenue March growth the XX%. the rate lockdowns rate in XX%. of growth to we've the initial of hit two been growth first the mid-XX%

our By excluding up operations rate available mid-May narrowed and to our and of need of network to in of safety. health mid-teens. time However, QX to rate hiring homes. QX serve demand to growth or quickly in people took are narrowed. employee prioritizing step constraints getting year many also growth. year-over-year when space and this due their up the our become dropped this Day, had ramp up out to made has open vaccines we of XX% again, capacity of this and remained we this revenue thousands XX/XX, to revenue Since allowed range to sales readily employees. year-over-year year, into has jump countries to Prime XX% as growth more from last It hundreds began the In period have year, more and to growth adding through at level high the [Indiscernible] has progress year we XX% last rate of good our This by growth that

reflects revenue continuation of XX% guidance trend. this QX an XX% of range expected Our growth, to

this this not I'm XX Well, pattern to continue our range. volatility Recall XX%. for of the difficult giving this to reflects Prime membership which useful over This rate, of the the is annual XX% in growth of strong next of Given comps compares months. forward the growth X-year all year-over-year and revenue expect beyond consider XX% the levels guidance rate to QX pre-pandemic this purchase few quarters. acceleration do Prime We member to past compounded remains year.

As we 's the we the pandemic at COVID move revenue encourage the better compounded on this look rate growth impact forward onset you start of growth, put annual our perspective. since to to multiyear to growth comp also in and

Now, back highlights. to the QX

months, million We've be like the family digital We past engagement continued member Prime seeing. Prime pleased of continue to Prime members the very welcome we're benefits movies. more includes fortunate with usage high. in than new in growth remains original XX to member Prime's and offerings, That and been engagement strong XX Video's

Tomorrow XX% XX discover and making Tom make helping Remorse, Without products. increased The it respective easier the Advertising for by example, companies, excluding on Clancy's fast opening brands of their capabilities at and one Amazon streaming the business. Other innovating acceleration ads in number features clip, businesses self-service helped For War in new over their largely the sellers, in revenue is quarter, our Prime launching customers a movies continued members their authors driven foreign impact by and QX, and to year-over-year grow exchange, weekends.

BMO not startup strong strategically. commitments educational many a accelerated and AWS, customers. research and money to have [Indiscernible] customers. gain and medium Moving from new comments to our come want set for AWS. Ferrari the customers financial economic cause broad term. and some change digital and They our I'll COVID see and cloud services, events that about Disruptive diverse announced industries, by We finish the operations. a and positive moving growth Financial of datacenters. think very that Bancolombia Group, own major innovation want move to revenue recently like in governments, recognize with investments native the and We've and in they the their including growth of long people migrations across how many customers businesses, their can range AWS do across enterprises, on ongoing automotive. And and step on run institutions, own to save telecom, of back and in agility conclusion to Canada in to is they and Swisscom they up and to assume Bell

pull-forward our about network. months, has significant think we've a in past demand we these and required seen fulfillment to the require amount in As investment will continue it XX of

remarkable capacity serve our worked and and Our we've to customers vendors sellers, support a at job to a increase rapid teams stepping up done rate. hard and have

were investment sellers. multi-year continue for all cycle volumes of Unit rates growing XX% For building and second the leases the trailing prior usual, XX high. us. increased large strong XX-month months, planned is and versus demand spend comp last trailing part most for period. at in of finance half see And obviously as And FBA we ended year's to QX, this and Capex XXXX equipment our openings lower of of remain This third-party year. the are a

lasting our there's customer-focused do, Amazon last-mile only I that, to [Indiscernible] additional Black add seven customer FCs, the well It's in to Accelerator move So collection plans To as our middle Night encourage focused, first We driving more heads value and business customers. remain Business -improving collaboration Thursday read better program. to experience. of Football with for fast capabilities. many our reliable Motor With starting for from to AWS's thousands Prime support work putting let's release. Q&A. Pharmacy year. To supported our of diverse next of believe efforts highlights to down, the to Ford build-outs mile employees, you shareholders. on to delivery by We regions. Company. including a on Amazon customers to press Business the is new way our create To offers a NFL as to

up [Operator now pick handset one poll to question, quality. each instructions]. Thank post open Please [Operator We yourself will you hold provide the we that ask please while this limit for for we ask question. one call to you. your questions. At up to questions. time, you We down instructions] optimum caller

Your with Doug the with question Anmuth Please JPMorgan. from question. of your line first comes proceed

partnership. anything beyond versus to taking for X, to that Amazon. range where back they merchants year over to reopening, just Brian, is ago, about you And point expectations? in you the Day XQ to versus the the seem ask weeks more want of Prime expectations? just have the of your particular you'd revenue ed to BigCommerce there from guess can been going in then moderating away the Prime couple A obviously up relative questions. kept middle the And spend is talk with and I in the working you've open else last secondly, you Thanks particular, to

think could where fulfillment you opportunity. logistics more talk the everything has more point recovered Thanks. third-parties? the multichannel and you can services the you hoping Just offer these do you now to to have about and capabilities,

Sure. Thanks, Doug.

run as a we've the quarters of Now few far -- of last the COVID. back concerned, rate for nailing not look as QX job you is I done if great impact

range. have We guidance generally our over-performed

coming in, process comp, And I same some the we kept before very is really had only QX. volumes we the off quarter, QX last prior versus but which last the in had year-over-year factored is the quarters. the high four in think increase mobility. also I for And difference see

great think out. in not people which staff life living time think also Prime very third-party but against shopping, of it a really up I to and appropriately to time. so Day of which gauge phenomenon and was for our impact shopping past and you run-rate pointed Prime we're a I away good It have pleased. in getting set bump good record getting forward. and very I going holiday was only last as successful. We to takes different the it's sellers, -- from was shopping offline, Day, fall's out then It's a start out. for early it's And And the vaccinated Day the Prime day world, again, getting great. year

innovative here. and to We're current working to initiatives about particular Amazon, second shipping adding ways just focus in Dave reliably. that businesses opening Doug, question, remarks. programs packages meet quickly his new I testing partners, includes high say customers is and customer support that squarely to in who Brian and SMBs can sell develop to those and newer get on on that your help the really demand it's on our capacity talked always

for appropriate to to relative we're the to ways So customer in seeing us continues be network. see it's already our innovate demand where look able

with your question next proceed comes Please, from line Your of Sebastian the Colin question. with Baird.

Day gross segments after guys. higher performance margin capitalize subscriptions, very somehow of and these you guess events saw year AWS, in then still Thanks And Including in solid I mid-May? advertising. margin trends? is output during on different is services, guess a the deliberate phenomenon business. question seasonal spread and services just same I that was the is think pretty whether shift or the towards would then of I results masked sort out my secondly much, that year is any well. is and once third-party more to actually Thanks. or in there headline Prime consider of as an weaker trends the separate you per evident

Sure.

second the anything question, On today. have announce to I don't

Our trend has been a year. once

quarters last it's the years. X moved between course, Of

So one. that's that all I have on

the if is in as higher-margin that's say you are look they program and a I'd continuation our FBA like what is, but of it purposeful far particular. As third-party strategy, whether strength a areas to in at

I that's our like see doing to a that and flywheel. march. flywheel. that. steady advertising, think seen job went that, last very a units part adding we advertising sellers of the see as third-party we again, are And of are percent is, doing the third-party to On of and said, As great We've selection job we'd valuable up that's like sellers reinforces a another great you our and XX% that and additional from see XX%, to year

traffic vendors. for additive if consumer sellers our and experience have business. We for And and it our customers do make job in advertising, a we an we'll the with coming good

find AWS, pays And in think experience would've has of to. is been we to development AWS otherwise on scale separate your the work and or and been XX found relevant again, you to shopping its and shopping wouldn't then our that own selection you have we what that's and it's the on, harder sure It a So really business. experience and perhaps it adds that make dividends. experience is, helps part years

quarter-over-quarter that's XX history billion you last and in last revenue at year-over-year our quarter, this than at and year. any up the now at If set more $XX billion AWS are quarter run-rate looked time We from business annualized

able good new we to work a customers input adding with So capabilities, say, to on products, doing measures measures being to like solve output those are are the as problems. our job and their

up when long and they're what renewed for putting and cloud to well partner that proud the and companies seeing control are and getting companies yourself a matching emphasis that haul, it's -- it's the up that's us choose I choosing of And for that you transition, giving in lot to journey. a think on there. with a by looking out make we're

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

you of fulfillment want the per one little Brian, a picture. X costs to high was big nitpick because relative I've normal questions. my taking for Thanks unit a basis on you second -- to pretty seasonality. kind nitpick The on, in quarter given

of process same-day and and grocery think headlines some think about How the -- driving new share of little there last inefficiencies that. fulfillment. just You bit do has part the in we in quarter how in a Thanks. just your what's feet, one the we there of same-day you bigger build, investment a in talked Is second been about quarter, larger that same-day. should are talked maintain sort on square grow And right the being picture, offering Europe, went to about about now, consumables? new that

Sure. the are things. a Thanks. on number fulfillment Yeah, of would say side, there I

capacity. First, are adding we a of lot

in unit arm the years. you business, that of coming delivery more the volume, our AMZL, both has FBA and the And fulfillment retail than out period. back, doubled If step centers, Amazon so of X the fulfilled have that's doubled past the our in units time

here see with that year. from you we're strong still there's So been multiyear last up can very demand catching

year the So and -- June, compared the -- year-over-year to leases in XX% end XX% equipment of mentioned second of our I most growth the before. is earlier in at CapEx

that the and year. in the really So second development of most of is ahead continuing add, half us we're of to

lot strong running. been to doubled as as is that our [Indiscernible] period takes a and or the of the from or you've the here if long network in -- excuse additional assets. that up literally getting that teams size add months station There's by help a lot cadence we've a on, starting delivery standpoint. effort of to hiring, usually costs. you a add training, XX with to a a up mitigate building time, to know, we So demand and ops sort And It of fulfillment multi-year going there's last from us me, our we capacity, lot those nearly costs center

a about market have thing a money wage lot bit. would while And good pressures seeing certainly incentives. evident, we're other inflationary talked to a wage October, and And -- without The spending labor the cost. staffing become competitive signing forward levels, is on we've for there. increase normally that We're pulled very we into in this pressure a biggest May. it's has The It's business. do out we very contributor in of that we not

on the been demand. point back last past support one-day investing as around the that has we transportation support countries Brian, the in just most many demands, of as been operate about in the for respond years, of and to course, Prime mile years. support second in times, time of the keep well capital we've the European for that has few a pandemic's to and at those capacity talking about We're those are standard expanding to XXXX, Europe, significant with part the efforts part start, many high-quality customers delivery in U.S. where been delivery since the pace certainly to we in delivery of investments the network and fast, talked and one-day speed, we've talking sizable in about were middle the

done [Indiscernible] We're work's to not that here we continuing as expand. So yet.

in One-day customers. where delivery it as and see is faster that U.S. there. times is network sense And improving growing investment network XXXX. the throughout makes transportation growing support delivery, well -- where for as and that the delivery You'll same-day will

how improving on of go, we to see of offering. we points. delivery -- improving overall a we're quality And as continue we'll the to are but those So of have precision focused data also the focused way on

Your with question. Youssef next Truist question comes from Squali with of your Securities. Please line proceed

what look stores, Thank maybe One, the opposite, have softness have area actually you for you of and within quarter? QX, e-commerce budget have And working you may then for build opportunity? stays online gone just the you events questions. you. [Indiscernible] are much. couple beyond that in the are two elevated just highlight. kind of guys next or growth product Thank to any you general back, reopening at - it demand or of come that that years, during assumptions assuming an there QX particular levels or about I COVID pre goes some categories back just very guys growth down, the remains maybe for was with the as or may thinking, I'm with against and to your I'm level, the can e-commerce thinking

Sure.

online revenue. the with me Let start store's

probably back restrictions last and period. remember, be the I at FX-neutral XX% it. you part to in on the retail well would our -- early growth mix warehouses. our sitting XX%, in how we I balanced here's then retail had past. At You're shifted in are basis. year Fulfilled up of that then rate Again, growth in forward doubled as of the mix last in to more a revenue have mix It's here But lot And gone you've MFN be there as mix, looking grew of QX. On QX would revenue to Amazon flip Network X-year the third-party space that and we stores demand you the QX on stocked volumes point that a an as more growth of with explain back rate for what we were it versus investment, to year online XX%. for sellers offering. a seen constrain

But seeing percentage dropped since to It's handled is pre-pandemic we've that's delivery not while pandemic want year, getting it And And it in year. on returned catch-up to in better better, So started. United the the we a -- has back where States, are suffered hasn't Europe. in pretty has than But constraints. but be par reached what last of gotten and our one-day space it's was space a dimensions. not still it's and the also We improving, last been on to factor the we level. much playing States, number pre-pandemic pre-pandemic levels United and QX

to have there. we of growth do lot So a

As of stickiness far purchases. as the

think like outfit that purchased you certainly things gloves, were repeat on, lot a to things I monitors, some use consumables computer your there's that of didn't last early a cleaning supplies, house. for Things number year retailers. of

checklist purchases and can will to But say, movement through commerce. not okay, every own go healthy been probably year. I You probably online a has do of your there this

purchases year-over-year Even starting members, I us, and they have We those we've up on added needs. can that or had Prime we're member sign. Prime plan per more grew Prime quarter, said, prior have good of means and cliff always just purchases they X the satisfying the as buy things was -- rates in in at -- they didn't when, in have quarters. basis their that same a grow still offering are with X a Prime the to member QX, and moderate, the demand members part It that the them which we their more ratcheted and

levels that's with good engagement the we the Prime So members. like we sign. see a and levels And that retention

a that realize a very comparison some the accelerated Day growth positive X-year a story are been on have with model Prime judge because look again, we'll moving ins has compound lot annual at quite and bit. where rate that of issues just, around. of time a outs, perhaps progress and to So on for period that we There's there's especially to all-in-all front just

question. your answers So hopefully that

from Credit Please question proceed with question. the Stephen with line of Suisse. next your Ju comes Your

is was like there, SMBs off year? so online, seeing following I a the touched see sellers the you to among you perhaps centers marketplaces' it performance market will hiring platform wondering your up much. their people faster any urgency you commentary what a greater incremental more accelerate emerging this seems like if Brian, Thank has and pandemic influx labor do or third-party looks for on Thanks. the necessary brands. headwinds think And presence of

first question around Stephen, Dave. SMBs just I'll take behavior. and it's that

I and externalize think, to were with building we and to but our early thought on services that it's sellers and features. offerings and size XX-year noteworthy in the business, terms those we've look, with particularly, time. resonated many also businesses FBA out very a Obviously, progression -- seen of services us other small-medium over saw

And so it's in representation. of I see partners. is able to what recent really think been years surface, by -- put brand a we've selling out advertising this effort with continuation that just of recently. you whether the for our the teams logistics, features, some develop around, all More

of XXX on a continue basis see that year-over-year. I part so up in XX% units, And commitment. metric points the know say don't that's third-party. big about that and should than great a that are we That's overall of momentum we other I basis total paid give anything to area every units specifically as big to term about I [Indiscernible] near think our quarter, a

sellers So, expect of continue some other for for there. gain in put SMB the momentum to around to us forth world. features these continue effort that FBA and to

fall. and back growth mix labor labor children got or estimate not then school too some the in fully up, in far QX people's And whether guidance, future. working, it's industries government would the in I a say at we predict can't our complicated bit opening of areas at economic payments that may a are on of We've the and impact in comment,

to employees lot know, So dynamics as we count having of holidays. QX, up there's you QX and do in the ramp more from our on a

So I for would remaining I probably the count future. wage would immediate on pressure

JMP. Josey proceed from Please Ron comes line of your question question. next Our the with with

question. international operating here. the just the now at that's producing taking for Thanks consistently results, ask to wanted look Great. you results positive on income. if -- I it's

that. this we trend in is more? else or can a a about the driving should now so something more you centers, to little and to talk bit continue remaining us complete, Is you. Thank international this major so driving Just bit talk you're positive there and builds Just of see little operating seeing the result fulfillment income? that's here. us what's most are And efficiencies

a it's of lot as QX international trend and had Ron, the so. the since invest not or quarters centers Sure. we international That's year. May positive question. that, bit, had much prior the the which said have Yes, before, of leverage say set our factors at on last are last assets. thanks talked so lot in in - the would Noticeably, growth results years a of to growth, having pretty the been the top running operating strong a put income, major have for last been out peak to of of your but of five here X we've some year. we of operations today's we've I acceleration stress, And have. fulfillment that about starting strong It's expansion. we mitigate to a But undercurrent. it's but continue in assets ways

added You as may we country a have that Portugal quarter. Prime noticed last

countries. and in a investments number and India, East Brazil, have the We and of Middle

to add new we continue So countries.

more and our We Japan. established have a strong performance like in countries Europe

performance And right again, is been has very mixed exchange the well a of as so rate favorable a bit foreign last The now, bag, quarters. but strong. it's few

eventually customers with helped. in we pleased advanced resonate our are make would so the performance for -- U.S. into run of obviously the really we with have of and good lot international see benefits, forward the in been a our have in trajectory bit on again have plans them. that But see countries are benefits turn we'll So our if there's they Prime they really investment did it before has forward video, of as to run. and same and teams. the long to especially the that But Prime investment these And money, program, strong -- plans able businesses. things like Prime

Helfstein with Please question. your from comes proceed Jason Oppenheimer. next Our question with

Thanks.

a then follow-up. Amazon on one maybe So

sorry, Amazon So -- AWS.

challenges and you kind So exceptionally in in you AWS we maybe throttling for are point kind business. this on, because a trying was everything. this to of or of strong to then second growth to you still cadence there around up. with for just to some like might should kind capacity customers a reopening -- was XX% kind an can just any who Thanks. given the quarter, you a the and feel -- we to the also made losing just quarter or saw that's do sequential share be Is or saw other in a FBA say of that your don't have that that of item forward, mile of get kind your sellers and and that going you And the good quarter fourth going faster, kind the keep of to keep of last anything duarter, promise the mind there of ability is AWS about normal logistics follow-up,

Thank Jason. you. Hi,

me our were a we're April somewhat also that which vendors May our it QX, comments unheard with get last pronounced in early start and year, out about -- business, more really retail are again, volumes were handling well and year QX we fully impact helpful and throttling impacted that third-party last question. No, our staffed of space my and second Let more safe build as year-over-year. help of In working as did business as -- in probably to especially into of way, capacity.

our companies demand by plunged our to say All was year the lot always will, rate worse space trying QX others. was of in their networks the to we're the added already handling on, spend like were why On only who in as the not a last usually space more lot year, new the We moving for it's do. as have we There's but of planning things price into you quickly. in so you growth capacity we're possible. was second And to year. we're unknown building quickly XX, It's a we're something the if to limit volumes of XX note had all growth, X do we it industries think there was ones and to again, and And QX at throttling their that magnified rate and Our not highest year-over-year half we that look XX%. last issue. was operate when we're last out year. hurt AWS curve minds. and going some hard That's lot being that's growth peak quarters. I and run if of an XX% as do a as and our case, of don't we who effort in efficiently had dropped but the of that XX, rate than the at quickly

AWS services best -- lower with we worked could match actually we patterns. our demand demand remember, customers them very to you If new as for we worked any to help their hard

accelerating scale scale to bag strong performance We their like with and quarter. contracts clients them Cloud, new up lot or AWS meet the very Companies with us. glad help were a see -- of mixed either quickly. journey and making contracts also that a up volume the [Indiscernible] think was there there. new was or to help help to this new We [Indiscernible], Netflix are that Cloud quickly, that for We there's setting AWS others very and journey so longer-term the it very trends to signing with can good

from question your with of proceed come final America. Please with Our Bank will question. Justin Post

the really one's mentioned CEO No change. couple. A Great.

but of So or investment should -- or not be I AWS, on we it that of anything in if was integration is of change any the wondering call any aware fluctuation? you. philosophies, direction, more change? some quarter-over-quarter. that that you margin And remind us revenues. AWS second, The Can to Thank margins, really margins came related drives of strong down just then what

Sure.

start second the me Let with one.

So are the AWS. operating of There's increasing assets. There's our and the servers our a point sales efficiency in our growth us of force. margins in again, of there's helps of which cross pressures efficiency all time, lot any Those leverage at positives.

On the price decreases, signed flipside, there's with contracts there's large years. multiple players for new

also new the pressure. There's building pricing of there's force So infrastructure to regions globally. and sales expansion add the

a it's bounce these as negative invest, We're note that for margin about bounce but there this was around foreign we from margins going a I points. to we So also the would QX exchange said, going as We at margins. basis was are impact to strong know around. XXX But even He's business. XX.X, to that excellence, it's running. happy standards, customer for leadership that It's known and run your externally. businesses internally on hit and efficiently operational continuing the high very hard assets. in our Amazon fail, the have change. Andy, our a ground, else inventiveness, worked expect willingness he's bar and -- experience. high is for scale to everything to with very

Selipsky has Amazon AWS lot in, is him good think with as role that a we've at continuing will and Adam change I stronger We've moving back. as into CEO had not we X-way say, leadership involved door external had obviously himself of Executive be a the knowledge decisions. Adam and also experience coming a very and Jeff, in. good leaving. he history is comes be to even he comes handoff. course, with made He Chairman of

So customers. optimism transition. and of we add of in forward-looking And about attitude drop Andy and unique Amazon keep expect any brand help feel going his good focus don't the to to positive really and delighting expect course,

joining be A will IR and appreciate our your We available months. talking for website Amazon least you Thanks for your call us look in to we today on quarter. next X questions. for and interest again on the at with forward replay