Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Amazon.com Announces Second Quarter Results


Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its second quarter ended June 30, 2021.

"Over the past 18 months, our consumer business has been called on to deliver an unprecedented number of items, including PPE, food, and other products that helped communities around the world cope with the difficult circumstances of the pandemic. At the same time, AWS has helped so many businesses and governments maintain business continuity, and we've seen AWS growth reaccelerate as more companies bring forward plans to transform their businesses and move to the cloud," said Andy Jassy, Amazon CEO. "Thank you to all of our passionate, innovative, mission-driven employees around the world for continuing to stay focused on delivering for customers?I am very excited to work with you as we invent and build for the future."

Highlights

Investing in Employee Safety and Providing Good Jobs

Economic Impact and Small Business Empowerment

Supporting Communities

Protecting the Planet

Shopping

Entertainment

Amazon Devices and Services

Amazon Web Services

Financial Guidance

The following forward-looking statements reflect Amazon.com's expectations as of July 29, 2021, and are subject to substantial uncertainty. Our results are inherently unpredictable and may be materially affected by many factors, such as fluctuations in foreign exchange rates, changes in global economic conditions and customer spending, world events, the rate of growth of the Internet, online commerce, and cloud services, and the various factors detailed below. This guidance reflects our estimates as of July 29, 2021 regarding the impact of the COVID-19 pandemic on our operations, including those discussed above, and is highly dependent on numerous factors that we may not be able to predict or control, including: the duration and scope of the pandemic, including any recurrence; actions taken by governments, businesses, and individuals in response to the pandemic; the impact of the pandemic on global and regional economies and economic activity, workforce staffing and productivity, and our significant and continuing spending on employee safety measures; our ability to continue operations in affected areas; and consumer demand and spending patterns, as well as the effects on suppliers, creditors, and third-party sellers, all of which are uncertain. This guidance also assumes the impacts on consumer demand and spending patterns, including impacts due to concerns over the current economic outlook, will be in line with those experienced during the third quarter of 2021 to date, and the additional assumptions set forth below. However, it is not possible to determine the ultimate impact on our operations for the third quarter of 2021, or whether other currently unanticipated direct or indirect consequences of the pandemic are reasonably likely to materially affect our operations.

Third Quarter 2021 Guidance

A conference call will be webcast live today at 2:30 p.m. PT/5:30 p.m. ET, and will be available for at least three months at amazon.com/ir. This call will contain forward-looking statements and other material information regarding the Company's financial and operating results.

These forward-looking statements are inherently difficult to predict. Actual results could differ materially for a variety of reasons, including, in addition to the factors discussed above, the amount that Amazon.com invests in new business opportunities and the timing of those investments, the mix of products and services sold to customers, the mix of net sales derived from products as compared with services, the extent to which we owe income or other taxes, competition, management of growth, potential fluctuations in operating results, international growth and expansion, the outcomes of claims, litigation, government investigations, and other proceedings, fulfillment, sortation, delivery, and data center optimization, risks of inventory management, variability in demand, the degree to which the Company enters into, maintains, and develops commercial agreements, proposed and completed acquisitions and strategic transactions, payments risks, and risks of fulfillment throughput and productivity. Other risks and uncertainties include, among others, risks related to new products, services, and technologies, system interruptions, government regulation and taxation, and fraud. In addition, additional or unforeseen effects from the COVID-19 pandemic and the global economic climate may give rise to or amplify many of these risks. More information about factors that potentially could affect Amazon.com's financial results is included in Amazon.com's filings with the Securities and Exchange Commission ("SEC"), including its most recent Annual Report on Form 10-K and subsequent filings.

Our investor relations website is amazon.com/ir and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, corporate governance information (including our Code of Business Conduct and Ethics), and select press releases, which may contain material information about us, and you may subscribe to be notified of new information posted to this site.

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth's Most Customer-Centric Company, Earth's Best Employer, and Earth's Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.

AMAZON.COM, INC.

Consolidated Statements of Cash Flows

(in millions)

(unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

Twelve Months Ended

June 30,

 

 

2020

 

2021

 

2020

 

2021

 

2020

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD

$

27,505

 

 

$

34,155

 

 

$

36,410

 

 

$

42,377

 

 

$

22,965

 

 

$

37,842

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Net income

5,243

 

 

7,778

 

 

7,778

 

 

15,885

 

 

13,180

 

 

29,438

 

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other

5,748

 

 

8,038

 

 

11,110

 

 

15,546

 

 

22,843

 

 

29,687

 

Stock-based compensation

2,601

 

 

3,591

 

 

4,358

 

 

5,897

 

 

7,977

 

 

10,747

 

Other operating expense (income), net

282

 

 

18

 

 

348

 

 

48

 

 

445

 

 

(372

)

Other expense (income), net

(769

)

 

(1,258

)

 

(204

)

 

(2,714

)

 

(310

)

 

(5,092

)

Deferred income taxes

465

 

 

701

 

 

787

 

 

2,404

 

 

1,063

 

 

1,063

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Inventories

(672

)

 

(209

)

 

720

 

 

(513

)

 

(1,176

)

 

(4,082

)

Accounts receivable, net and other

(2,854

)

 

(4,462

)

 

(1,592

)

 

(6,717

)

 

(6,680

)

 

(13,294

)

Accounts payable

8,616

 

 

47

 

 

573

 

 

(8,219

)

 

11,482

 

 

8,689

 

Accrued expenses and other

1,699

 

 

(1,685

)

 

(1,063

)

 

(5,745

)

 

1,110

 

 

1,071

 

Unearned revenue

247

 

 

156

 

 

854

 

 

1,056

 

 

1,286

 

 

1,467

 

Net cash provided by (used in) operating activities

20,606

 

 

12,715

 

 

23,669

 

 

16,928

 

 

51,220

 

 

59,322

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

(7,459

)

 

(14,288

)

 

(14,254

)

 

(26,370

)

 

(24,263

)

 

(52,256

)

Proceeds from property and equipment sales and incentives

844

 

 

1,300

 

 

2,212

 

 

2,195

 

 

4,895

 

 

5,080

 

Acquisitions, net of cash acquired, and other

(118

)

 

(320

)

 

(210

)

 

(950

)

 

(1,385

)

 

(3,066

)

Sales and maturities of marketable securities

8,138

 

 

13,213

 

 

19,764

 

 

31,039

 

 

34,641

 

 

61,512

 

Purchases of marketable securities

(19,209

)

 

(21,985

)

 

(34,210

)

 

(36,660

)

 

(49,196

)

 

(74,929

)

Net cash provided by (used in) investing activities

(17,804

)

 

(22,080

)

 

(26,698

)

 

(30,746

)

 

(35,308

)

 

(63,659

)

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Proceeds from short-term debt, and other

2,433

 

 

1,176

 

 

3,050

 

 

3,102

 

 

4,145

 

 

6,848

 

Repayments of short-term debt, and other

(1,906

)

 

(1,176

)

 

(2,537

)

 

(3,177

)

 

(3,693

)

 

(6,817

)

Proceeds from long-term debt

9,918

 

 

18,516

 

 

9,994

 

 

18,627

 

 

10,699

 

 

19,158

 

Repayments of long-term debt

(205

)

 

(41

)

 

(241

)

 

(80

)

 

(1,305

)

 

(1,392

)

Principal repayments of finance leases

(2,817

)

 

(2,804

)

 

(5,417

)

 

(6,210

)

 

(10,504

)

 

(11,435

)

Principal repayments of financing obligations

(15

)

 

(28

)

 

(32

)

 

(95

)

 

(56

)

 

(116

)

Net cash provided by (used in) financing activities

7,408

 

 

15,643

 

 

4,817

 

 

12,167

 

 

(714

)

 

6,246

 

Foreign currency effect on cash, cash equivalents, and restricted cash

127

 

 

234

 

 

(356

)

 

(59

)

 

(321

)

 

916

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

10,337

 

 

6,512

 

 

1,432

 

 

(1,710

)

 

14,877

 

 

2,825

 

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD

$

37,842

 

 

$

40,667

 

 

$

37,842

 

 

$

40,667

 

 

$

37,842

 

 

$

40,667

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

 

 

 

Cash paid for interest on debt

$

139

 

 

$

179

 

 

$

430

 

 

$

455

 

 

$

872

 

 

$

942

 

Cash paid for operating leases

1,086

 

 

1,577

 

 

2,115

 

 

3,217

 

 

3,929

 

 

5,577

 

Cash paid for interest on finance leases

161

 

 

129

 

 

329

 

 

286

 

 

662

 

 

569

 

Cash paid for interest on financing obligations

21

 

 

35

 

 

43

 

 

68

 

 

77

 

 

127

 

Cash paid for income taxes, net of refunds

486

 

 

1,803

 

 

791

 

 

2,604

 

 

1,221

 

 

3,526

 

Assets acquired under operating leases

3,347

 

 

5,578

 

 

5,755

 

 

9,114

 

 

10,530

 

 

19,576

 

Property and equipment acquired under finance leases

3,155

 

 

1,642

 

 

5,321

 

 

3,709

 

 

13,110

 

 

9,976

 

Property and equipment acquired under build-to-suit arrangements

482

 

 

1,094

 

 

861

 

 

1,981

 

 

1,504

 

 

3,387

 

AMAZON.COM, INC.

Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2020

 

2021

 

2020

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net product sales

$

50,244

 

 

$

58,004

 

 

$

92,085

 

 

$

115,495

 

Net service sales

38,668

 

 

55,076

 

 

72,279

 

 

106,103

 

Total net sales

88,912

 

 

113,080

 

 

164,364

 

 

221,598

 

Operating expenses:

 

 

 

 

 

 

 

Cost of sales

52,660

 

 

64,176

 

 

96,917

 

 

126,579

 

Fulfillment

13,806

 

 

17,638

 

 

25,337

 

 

34,168

 

Technology and content

10,388

 

 

13,871

 

 

19,713

 

 

26,359

 

Marketing

4,345

 

 

7,524

 

 

9,173

 

 

13,731

 

General and administrative

1,580

 

 

2,158

 

 

3,032

 

 

4,145

 

Other operating expense (income), net

290

 

 

11

 

 

360

 

 

49

 

Total operating expenses

83,069

 

 

105,378

 

 

154,532

 

 

205,031

 

Operating income

5,843

 

 

7,702

 

 

9,832

 

 

16,567

 

Interest income

135

 

 

106

 

 

337

 

 

211

 

Interest expense

(403

)

 

(435

)

 

(805

)

 

(834

)

Other income (expense), net

646

 

 

1,261

 

 

240

 

 

2,958

 

Total non-operating income (expense)

378

 

 

932

 

 

(228

)

 

2,335

 

Income before income taxes

6,221

 

 

8,634

 

 

9,604

 

 

18,902

 

Provision for income taxes

(984

)

 

(868

)

 

(1,729

)

 

(3,024

)

Equity-method investment activity, net of tax

6

 

 

12

 

 

(97

)

 

7

 

Net income

$

5,243

 

 

$

7,778

 

 

$

7,778

 

 

$

15,885

 

Basic earnings per share

$

10.50

 

 

$

15.40

 

 

$

15.59

 

 

$

31.49

 

Diluted earnings per share

$

10.30

 

 

$

15.12

 

 

$

15.32

 

 

$

30.92

 

Weighted-average shares used in computation of earnings per share:

 

 

 

 

 

 

 

Basic

500

 

 

505

 

 

499

 

 

505

 

Diluted

509

 

 

514

 

 

508

 

 

514

 

AMAZON.COM, INC.

Consolidated Statements of Comprehensive Income

(in millions)

(unaudited)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2020

 

2021

 

2020

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

5,243

 

 

$

7,778

 

 

$

7,778

 

 

$

15,885

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of tax of $(8), $(17), $13 and $(4)

207

 

 

159

 

 

(668

)

 

(215

)

Net change in unrealized gains (losses) on available-for-sale debt securities:

 

 

 

 

 

 

 

Unrealized gains (losses), net of tax of $(73), $(2), $(61) and $28

407

 

 

(6

)

 

205

 

 

(104

)

Reclassification adjustment for losses (gains) included in "Other income (expense), net," net of tax of $0, $4, $0 and $8

(6

)

 

(12

)

 

(6

)

 

(26

)

Net unrealized gains (losses) on available-for-sale debt securities

401

 

 

(18

)

 

199

 

 

(130

)

Total other comprehensive income (loss)

608

 

 

141

 

 

(469

)

 

(345

)

Comprehensive income

$

5,851

 

 

$

7,919

 

 

$

7,309

 

 

$

15,540

 

AMAZON.COM, INC.

Segment Information

(in millions)

(unaudited)

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2020

 

2021

 

2020

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

Net sales

$

55,436

 

 

$

67,550

 

 

$

101,563

 

 

$

131,916

 

Operating expenses

53,295

 

 

64,403

 

 

98,111

 

 

125,319

 

Operating income

$

2,141

 

 

$

3,147

 

 

$

3,452

 

 

$

6,597

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

Net sales

$

22,668

 

 

$

30,721

 

 

$

41,774

 

 

$

61,370

 

Operating expenses

22,323

 

 

30,359

 

 

41,826

 

 

59,756

 

Operating income (loss)

$

345

 

 

$

362

 

 

$

(52

)

 

$

1,614

 

 

 

 

 

 

 

 

 

AWS

 

 

 

 

 

 

 

Net sales

$

10,808

 

 

$

14,809

 

 

$

21,027

 

 

$

28,312

 

Operating expenses

7,451

 

 

10,616

 

 

14,595

 

 

19,956

 

Operating income

$

3,357

 

 

$

4,193

 

 

$

6,432

 

 

$

8,356

 

 

 

 

 

 

 

 

 

Consolidated

 

 

 

 

 

 

 

Net sales

$

88,912

 

 

$

113,080

 

 

$

164,364

 

 

$

221,598

 

Operating expenses

83,069

 

 

105,378

 

 

154,532

 

 

205,031

 

Operating income

5,843

 

 

7,702

 

 

9,832

 

 

16,567

 

Total non-operating income (expense)

378

 

 

932

 

 

(228

)

 

2,335

 

Provision for income taxes

(984

)

 

(868

)

 

(1,729

)

 

(3,024

)

Equity-method investment activity, net of tax

6

 

 

12

 

 

(97

)

 

7

 

Net income

$

5,243

 

 

$

7,778

 

 

$

7,778

 

 

$

15,885

 

 

 

 

 

 

 

 

 

Segment Highlights:

 

 

 

 

 

 

 

Y/Y net sales growth:

 

 

 

 

 

 

 

North America

43

%

 

22

%

 

36

%

 

30

%

International

38

 

 

36

 

 

28

 

 

47

 

AWS

29

 

 

37

 

 

31

 

 

35

 

Consolidated

40

 

 

27

 

 

34

 

 

35

 

Net sales mix:

 

 

 

 

 

 

 

North America

62

%

 

60

%

 

62

%

 

59

%

International

26

 

 

27

 

 

25

 

 

28

 

AWS

12

 

 

13

 

 

13

 

 

13

 

Consolidated

100

%

 

100

%

 

100

%

 

100

%

AMAZON.COM, INC.

Consolidated Balance Sheets

(in millions, except per share data)

 

 

December 31, 2020

 

June 30, 2021

 

 

 

(unaudited)

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

42,122

 

 

$

40,380

 

Marketable securities

42,274

 

 

49,514

 

Inventories

23,795

 

 

24,119

 

Accounts receivable, net and other

24,542

 

 

26,835

 

Total current assets

132,733

 

 

140,848

 

Property and equipment, net

113,114

 

 

133,502

 

Operating leases

37,553

 

 

43,346

 

Goodwill

15,017

 

 

15,350

 

Other assets

22,778

 

 

27,273

 

Total assets

$

321,195

 

 

$

360,319

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

72,539

 

 

$

66,090

 

Accrued expenses and other

44,138

 

 

41,007

 

Unearned revenue

9,708

 

 

10,695

 

Total current liabilities

126,385

 

 

117,792

 

Long-term lease liabilities

52,573

 

 

56,297

 

Long-term debt

31,816

 

 

50,279

 

Other long-term liabilities

17,017

 

 

21,148

 

Commitments and contingencies

 

 

 

Stockholders' equity:

 

 

 

Preferred stock, $0.01 par value:

 

 

 

Authorized shares ? 500

 

 

 

Issued and outstanding shares ? none

?

 

 

?

 

Common stock, $0.01 par value:

 

 

 

Authorized shares ? 5,000

 

 

 

Issued shares ? 527 and 530

 

 

 

Outstanding shares ? 503 and 506

5

 

 

5

 

Treasury stock, at cost

(1,837)

 

 

(1,837)

 

Additional paid-in capital

42,865

 

 

48,724

 

Accumulated other comprehensive income (loss)

(180)

 

 

(525)

 

Retained earnings

52,551

 

 

68,436

 

Total stockholders' equity

93,404

 

 

114,803

 

Total liabilities and stockholders' equity

$

321,195

 

 

$

360,319

 

AMAZON.COM, INC.

Supplemental Financial Information and Business Metrics

(in millions, except per share data)

(unaudited)

 

 

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Y/Y %

Change

Cash Flows and Shares

 

 

 

 

 

 

 

Operating cash flow -- trailing twelve months (TTM)

$

39,732

 

$

51,220

 

$

55,292

 

$

66,064

 

$

67,213

 

$

59,322

 

16

%

Operating cash flow -- TTM Y/Y growth

16

%

42

%

56

%

72

%

69

%

16

%

N/A

 

Purchases of property and equipment, net of proceeds from sales and incentives -- TTM

$

15,395

 

$

19,368

 

$

25,791

 

$

35,044

 

$

40,803

 

$

47,176

 

144

%

Principal repayments of finance leases -- TTM

$

10,013

 

$

10,504

 

$

11,054

 

$

10,642

 

$

11,448

 

$

11,435

 

9

%

Principal repayments of financing obligations -- TTM

$

43

 

$

56

 

$

68

 

$

53

 

$

103

 

$

116

 

106

%

Equipment acquired under finance leases -- TTM (1)

$

12,209

 

$

11,952

 

$

11,116

 

$

9,104

 

$

8,936

 

$

7,295

 

(39

)%

Principal repayments of all other finance leases -- TTM (2)

$

407

 

$

415

 

$

413

 

$

427

 

$

525

 

$

550

 

33

%

Free cash flow -- TTM (3)

$

24,337

 

$

31,852

 

$

29,501

 

$

31,020

 

$

26,410

 

$

12,146

 

(62

)%

Free cash flow less principal repayments of finance leases and financing obligations

-- TTM (4)

$

14,281

 

$

21,292

 

$

18,379

 

$

20,325

 

$

14,859

 

$

595

 

(97

)%

Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations -- TTM (5)

$

11,678

 

$

19,429

 

$

17,904

 

$

21,436

 

$

16,846

 

$

4,185

 

(78

)%

Common shares and stock-based awards outstanding

513

 

517

 

518

 

518

 

519

 

522

 

1

%

Common shares outstanding

499

 

501

 

502

 

503

 

504

 

506

 

1

%

Stock-based awards outstanding

14

 

16

 

16

 

15

 

15

 

16

 

(3

)%

Stock-based awards outstanding -- % of common shares outstanding

2.8

%

3.2

%

3.3

%

3.0

%

2.9

%

3.1

%

N/A

 

Results of Operations

 

 

 

 

 

 

 

Worldwide (WW) net sales

$

75,452

 

$

88,912

 

$

96,145

 

$

125,555

 

$

108,518

 

$

113,080

 

27

%

WW net sales -- Y/Y growth, excluding F/X

27

%

41

%

36

%

42

%

41

%

24

%

N/A

 

WW net sales -- TTM

$

296,274

 

$

321,782

 

$

347,946

 

$

386,064

 

$

419,130

 

$

443,298

 

38

%

WW net sales -- TTM Y/Y growth, excluding F/X

23

%

28

%

31

%

37

%

40

%

36

%

N/A

 

Operating income

$

3,989

 

$

5,843

 

$

6,194

 

$

6,873

 

$

8,865

 

$

7,702

 

32

%

F/X impact -- favorable (unfavorable)

$

63

 

$

111

 

$

133

 

$

142

 

$

107

 

$

7

 

N/A

 

Operating income -- Y/Y growth (decline), excluding F/X

(11

)%

86

%

92

%

74

%

120

%

32

%

N/A

 

Operating margin -- % of WW net sales

5.3

%

6.6

%

6.4

%

5.5

%

8.2

%

6.8

%

N/A

 

Operating income -- TTM

$

14,109

 

$

16,868

 

$

19,905

 

$

22,899

 

$

27,775

 

$

29,634

 

76

%

Operating income -- TTM Y/Y growth (decline), excluding F/X

(6

)%

11

%

36

%

54

%

93

%

73

%

N/A

 

Operating margin -- TTM % of WW net sales

4.8

%

5.2

%

5.7

%

5.9

%

6.6

%

6.7

%

N/A

 

Net income

$

2,535

 

$

5,243

 

$

6,331

 

$

7,222

 

$

8,107

 

$

7,778

 

48

%

Net income per diluted share

$

5.01

 

$

10.30

 

$

12.37

 

$

14.09

 

$

15.79

 

$

15.12

 

47

%

Net income -- TTM

$

10,563

 

$

13,180

 

$

17,377

 

$

21,331

 

$

26,903

 

$

29,438

 

123

%

Net income per diluted share -- TTM

$

20.93

 

$

26.04

 

$

34.21

 

$

41.83

 

$

52.59

 

$

57.47

 

121

%

(1)

For the twelve months ended June 30, 2020 and 2021, this amount relates to equipment included in "Property and equipment acquired under finance leases" of $13,110 million and $9,976 million.

(2)

For the twelve months ended June 30, 2020 and 2021, this amount relates to property included in "Principal repayments of finance leases" of $10,504 million and $11,435 million.

(3)

Free cash flow is cash flow from operations reduced by "Purchases of property and equipment, net of proceeds from sales and incentives."

(4)

Free cash flow less principal repayments of finance leases and financing obligations is free cash flow reduced by "Principal repayments of finance leases" and "Principal repayments of financing obligations."

(5)

Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations is free cash flow reduced by equipment acquired under finance leases, which is included in "Property and equipment acquired under finance leases," principal repayments of all other finance lease liabilities, which is included in "Principal repayments of finance leases," and "Principal repayments of financing obligations."

AMAZON.COM, INC.

Supplemental Financial Information and Business Metrics

(in millions)

(unaudited)

 

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Y/Y %

Change

Segments

 

 

 

 

 

 

 

North America Segment:

 

 

 

 

 

 

 

Net sales

$

46,127

 

$

55,436

 

$

59,373

 

$

75,346

 

$

64,366

 

$

67,550

 

22

%

Net sales -- Y/Y growth, excluding F/X

29

%

44

%

39

%

40

%

39

%

21

%

N/A

 

Net sales -- TTM

$

181,088

 

$

197,871

 

$

214,606

 

$

236,282

 

$

254,521

 

$

266,635

 

35

%

Operating income

$

1,312

 

$

2,141

 

$

2,252

 

$

2,946

 

$

3,450

 

$

3,147

 

47

%

F/X impact -- favorable (unfavorable)

$

5

 

$

(4

)

$

?

 

$

7

 

$

8

 

$

34

 

N/A

 

Operating income -- Y/Y growth (decline), excluding F/X

(43

)%

37

%

76

%

55

%

162

%

45

%

N/A

 

Operating margin -- % of North America net sales

2.8

%

3.9

%

3.8

%

3.9

%

5.4

%

4.7

%

N/A

 

Operating income -- TTM

$

6,057

 

$

6,634

 

$

7,604

 

$

8,651

 

$

10,789

 

$

11,795

 

78

%

Operating margin -- TTM % of North America net sales

3.4

%

3.4

%

3.5

%

3.7

%

4.2

%

4.4

%

N/A

 

International Segment:

 

 

 

 

 

 

 

Net sales

$

19,106

 

$

22,668

 

$

25,171

 

$

37,467

 

$

30,649

 

$

30,721

 

36

%

Net sales -- Y/Y growth, excluding F/X

20

%

41

%

33

%

50

%

50

%

26

%

N/A

 

Net sales -- TTM

$

77,637

 

$

83,935

 

$

90,758

 

$

104,412

 

$

115,955

 

$

124,008

 

48

%

Operating income (loss)

$

(398

)

$

345

 

$

407

 

$

363

 

$

1,252

 

$

362

 

5

%

F/X impact -- favorable (unfavorable)

$

(5

)

$

32

 

$

152

 

$

232

 

$

270

 

$

199

 

N/A

 

Operating income/loss -- Y/Y growth (decline), excluding F/X

338

%

N/A

 

N/A

 

N/A

 

347

%

(53

)%

N/A

 

Operating margin -- % of International net sales

(2.1

)%

1.5

%

1.6

%

1.0

%

4.1

%

1.2

%

N/A

 

Operating income (loss) -- TTM

$

(2,001

)

$

(1,055

)

$

(262

)

$

717

 

$

2,367

 

$

2,384

 

N/A

 

Operating margin -- TTM % of International net sales

(2.6

)%

(1.3

)%

(0.3

)%

0.7

%

2.0

%

1.9

%

N/A

 

AWS Segment:

 

 

 

 

 

 

 

Net sales

$

10,219

 

$

10,808

 

$

11,601

 

$

12,742

 

$

13,503

 

$

14,809

 

37

%

Net sales -- Y/Y growth, excluding F/X

33

%

29

%

29

%

28

%

32

%

37

%

N/A

 

Net sales -- TTM

$

37,549

 

$

39,976

 

$

42,582

 

$

45,370

 

$

48,654

 

$

52,655

 

32

%

Operating income

$

3,075

 

$

3,357

 

$

3,535

 

$

3,564

 

$

4,163

 

$

4,193

 

25

%

F/X impact -- favorable (unfavorable)

$

63

 

$

83

 

$

(20

)

$

(96

)

$

(171

)

$

(226

)

N/A

 

Operating income -- Y/Y growth, excluding F/X

36

%

54

%

57

%

41

%

41

%

32

%

N/A

 

Operating margin -- % of AWS net sales

30.1

%

31.1

%

30.5

%

28.0

%

30.8

%

28.3

%

N/A

 

Operating income -- TTM

$

10,053

 

$

11,289

 

$

12,563

 

$

13,531

 

$

14,619

 

$

15,455

 

37

%

Operating margin -- TTM % of AWS net sales

26.8

%

28.2

%

29.5

%

29.8

%

30.0

%

29.4

%

N/A

 

AMAZON.COM, INC.

Supplemental Financial Information and Business Metrics

(in millions, except employee data)

(unaudited)

 

 

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Y/Y %

Change

Net Sales

 

 

 

 

 

 

 

Online stores (1)

$

36,652

 

$

45,896

 

$

48,350

 

$

66,451

 

$

52,901

 

$

53,157

 

16

%

Online stores -- Y/Y growth, excluding F/X

25

%

49

%

37

%

43

%

41

%

13

%

N/A

Physical stores (2)

$

4,640

 

$

3,774

 

$

3,788

 

$

4,022

 

$

3,920

 

$

4,198

 

11

%

Physical stores -- Y/Y growth, excluding F/X

8

%

(13

)%

(10

)%

(7

)%

(16

)%

10

%

N/A

Third-party seller services (3)

$

14,479

 

$

18,195

 

$

20,436

 

$

27,327

 

$

23,709

 

$

25,085

 

38

%

Third-party seller services -- Y/Y growth, excluding F/X

31

%

53

%

53

%

54

%

60

%

34

%

N/A

Subscription services (4)

$

5,556

 

$

6,018

 

$

6,572

 

$

7,061

 

$

7,580

 

$

7,917

 

32

%

Subscription services -- Y/Y growth, excluding F/X

29

%

30

%

32

%

34

%

34

%

28

%

N/A

AWS

$

10,219

 

$

10,808

 

$

11,601

 

$

12,742

 

$

13,503

 

$

14,809

 

37

%

AWS -- Y/Y growth, excluding F/X

33

%

29

%

29

%

28

%

32

%

37

%

N/A

Other (5)

$

3,906

 

$

4,221

 

$

5,398

 

$

7,952

 

$

6,905

 

$

7,914

 

87

%

Other -- Y/Y growth, excluding F/X

44

%

41

%

49

%

64

%

73

%

83

%

N/A

 

 

 

 

 

 

 

 

Stock-based Compensation Expense

 

 

 

 

 

 

 

Cost of sales

$

41

 

$

76

 

$

75

 

$

91

 

$

90

 

$

145

 

91

%

Fulfillment

$

260

 

$

417

 

$

316

 

$

364

 

$

342

 

$

566

 

36

%

Technology and content

$

961

 

$

1,421

 

$

1,267

 

$

1,412

 

$

1,228

 

$

1,887

 

33

%

Marketing

$

332

 

$

456

 

$

446

 

$

476

 

$

456

 

$

691

 

52

%

General and administrative

$

163

 

$

231

 

$

184

 

$

219

 

$

190

 

$

302

 

31

%

Total stock-based compensation expense

$

1,757

 

$

2,601

 

$

2,288

 

$

2,562

 

$

2,306

 

$

3,591

 

38

%

Other

 

 

 

 

 

 

 

WW shipping costs

$

10,936

 

$

13,652

 

$

15,063

 

$

21,465

 

$

17,162

 

$

17,747

 

30

%

WW shipping costs -- Y/Y growth

49

%

68

%

57

%

67

%

57

%

30

%

N/A

WW paid units -- Y/Y growth (6)

32

%

57

%

46

%

47

%

44

%

15

%

N/A

WW seller unit mix -- % of WW paid units (6)

52

%

53

%

54

%

55

%

55

%

56

%

N/A

Employees (full-time and part-time; excludes contractors & temporary personnel)

840,400

 

876,800

 

1,125,300

 

1,298,000

 

1,271,000

 

1,335,000

 

52

%

Employees (full-time and part-time; excludes contractors & temporary personnel) -- Y/Y growth

33

%

34

%

50

%

63

%

51

%

52

%

N/A

(1)

Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and software. These product sales include digital products sold on a transactional basis. Digital product subscriptions that provide unlimited viewing or usage rights are included in "Subscription services."

(2)

Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our physical stores are included in "Online stores."

(3)

Includes commissions and any related fulfillment and shipping fees, and other third-party seller services.

(4)

Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-AWS subscription services.

(5)

Primarily includes sales of advertising services, as well as sales related to our other service offerings.

(6)

Excludes the impact of Whole Foods Market.

Amazon.com, Inc.

Certain Definitions

Customer Accounts

Seller Accounts

AWS Customers

Units

 


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