Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its first quarter ended March 31, 2024.
"It was a good start to the year across the business, and you can see that in both our customer experience improvements and financial results," said Andy Jassy, Amazon President and CEO. "The combination of companies renewing their infrastructure modernization efforts and the appeal of AWS's AI capabilities is reaccelerating AWS's growth rate (now at a $100 billion annual revenue run rate); our Stores business continues to expand selection, provide everyday low prices, and accelerate delivery speed (setting another record on speed for Prime customers in Q1) while lowering our cost to serve; and, our Advertising efforts continue to benefit from the growth of our Stores and Prime Video businesses. It's very early days in all of our businesses and we remain excited by how much more we can make customers' lives better and easier moving forward."
Highlights
Obsessing over the customer experience
Amazon obsesses over how to make customers' lives better and easier every day with new and improved products and services. This is true for consumers, sellers, brands, developers, enterprises, and creators. For example, Amazon:
Inventing on behalf of customers
Amazon is driven by a passion for invention across all of its business areas. The company builds new products and services that customers ask for, and also invents new ones that customers didn't know they wanted but make their lives or businesses better in some meaningful way. For example, Amazon:
Empowering employees and delivery service partners
In addition to its focus on customers, Amazon strives to make every day better for its employees and delivery service partners. For example, the company:
Supporting communities and protecting the environment
Amazon believes that success and scale bring broad responsibility to help the planet, future generations, and communities. Amazon employees have passion for investing in these areas, and a sampling of the efforts from this past quarter are that Amazon:
Financial Guidance
The following forward-looking statements reflect Amazon.com's expectations as of April 30, 2024, 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 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 below.
Second Quarter 2024 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 and outcomes 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, security breaches, system interruptions, government regulation and taxation, and fraud. In addition, global economic and geopolitical conditions and additional or unforeseen circumstances, developments, or events 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
|
|
Twelve Months Ended
|
||||||||||||
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD |
$ |
54,253 |
|
|
$ |
73,890 |
|
|
$ |
36,599 |
|
|
$ |
49,734 |
|
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Net income |
|
3,172 |
|
|
|
10,431 |
|
|
|
4,294 |
|
|
|
37,684 |
|
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 |
|
11,123 |
|
|
|
11,684 |
|
|
|
43,851 |
|
|
|
49,224 |
|
Stock-based compensation |
|
4,748 |
|
|
|
4,961 |
|
|
|
21,119 |
|
|
|
24,236 |
|
Non-operating expense (income), net |
|
534 |
|
|
|
2,734 |
|
|
|
8,811 |
|
|
|
1,452 |
|
Deferred income taxes |
|
(472 |
) |
|
|
(938 |
) |
|
|
(6,619 |
) |
|
|
(6,342 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||||||||
Inventories |
|
371 |
|
|
|
1,776 |
|
|
|
393 |
|
|
|
2,854 |
|
Accounts receivable, net and other |
|
4,724 |
|
|
|
3,684 |
|
|
|
(4,361 |
) |
|
|
(9,388 |
) |
Other assets |
|
(3,203 |
) |
|
|
(2,701 |
) |
|
|
(14,499 |
) |
|
|
(11,763 |
) |
Accounts payable |
|
(11,264 |
) |
|
|
(11,282 |
) |
|
|
1,061 |
|
|
|
5,455 |
|
Accrued expenses and other |
|
(5,763 |
) |
|
|
(2,928 |
) |
|
|
(1,418 |
) |
|
|
407 |
|
Unearned revenue |
|
818 |
|
|
|
1,568 |
|
|
|
1,698 |
|
|
|
5,328 |
|
Net cash provided by (used in) operating activities |
|
4,788 |
|
|
|
18,989 |
|
|
|
54,330 |
|
|
|
99,147 |
|
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Purchases of property and equipment |
|
(14,207 |
) |
|
|
(14,925 |
) |
|
|
(62,901 |
) |
|
|
(53,447 |
) |
Proceeds from property and equipment sales and incentives |
|
1,137 |
|
|
|
990 |
|
|
|
5,252 |
|
|
|
4,449 |
|
Acquisitions, net of cash acquired, non-marketable investments, and other |
|
(3,513 |
) |
|
|
(3,354 |
) |
|
|
(5,488 |
) |
|
|
(5,680 |
) |
Sales and maturities of marketable securities |
|
1,115 |
|
|
|
1,392 |
|
|
|
9,963 |
|
|
|
5,904 |
|
Purchases of marketable securities |
|
(338 |
) |
|
|
(1,965 |
) |
|
|
(1,139 |
) |
|
|
(3,115 |
) |
Net cash provided by (used in) investing activities |
|
(15,806 |
) |
|
|
(17,862 |
) |
|
|
(54,313 |
) |
|
|
(51,889 |
) |
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Common stock repurchased |
|
? |
|
|
|
? |
|
|
|
(3,334 |
) |
|
|
? |
|
Proceeds from short-term debt, and other |
|
12,780 |
|
|
|
338 |
|
|
|
40,590 |
|
|
|
5,687 |
|
Repayments of short-term debt, and other |
|
(3,603 |
) |
|
|
(404 |
) |
|
|
(34,926 |
) |
|
|
(22,478 |
) |
Proceeds from long-term debt |
|
? |
|
|
|
? |
|
|
|
21,166 |
|
|
|
? |
|
Repayments of long-term debt |
|
(1,386 |
) |
|
|
(330 |
) |
|
|
(2,644 |
) |
|
|
(2,620 |
) |
Principal repayments of finance leases |
|
(1,380 |
) |
|
|
(770 |
) |
|
|
(6,544 |
) |
|
|
(3,774 |
) |
Principal repayments of financing obligations |
|
(57 |
) |
|
|
(90 |
) |
|
|
(226 |
) |
|
|
(304 |
) |
Net cash provided by (used in) financing activities |
|
6,354 |
|
|
|
(1,256 |
) |
|
|
14,082 |
|
|
|
(23,489 |
) |
Foreign currency effect on cash, cash equivalents, and restricted cash |
|
145 |
|
|
|
(429 |
) |
|
|
(964 |
) |
|
|
(171 |
) |
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
(4,519 |
) |
|
|
(558 |
) |
|
|
13,135 |
|
|
|
23,598 |
|
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD |
$ |
49,734 |
|
|
$ |
73,332 |
|
|
$ |
49,734 |
|
|
$ |
73,332 |
|
SUPPLEMENTAL CASH FLOW INFORMATION: |
|
|
|
|
|
|
|
||||||||
Cash paid for interest on debt, net of capitalized interest |
$ |
402 |
|
|
$ |
269 |
|
|
$ |
1,684 |
|
|
$ |
2,475 |
|
Cash paid for operating leases |
|
2,467 |
|
|
|
3,332 |
|
|
|
8,733 |
|
|
|
11,318 |
|
Cash paid for interest on finance leases |
|
81 |
|
|
|
74 |
|
|
|
348 |
|
|
|
301 |
|
Cash paid for interest on financing obligations |
|
59 |
|
|
|
64 |
|
|
|
208 |
|
|
|
201 |
|
Cash paid for income taxes, net of refunds |
|
619 |
|
|
|
458 |
|
|
|
6,201 |
|
|
|
11,018 |
|
Assets acquired under operating leases |
|
3,626 |
|
|
|
3,753 |
|
|
|
20,251 |
|
|
|
14,179 |
|
Property and equipment acquired under finance leases, net of remeasurements and modifications |
|
8 |
|
|
|
42 |
|
|
|
517 |
|
|
|
676 |
|
Property and equipment recognized during the construction period of build-to-suit lease arrangements |
|
131 |
|
|
|
37 |
|
|
|
1,953 |
|
|
|
263 |
|
Property and equipment derecognized after the construction period of build-to-suit lease arrangements, with the associated leases recognized as operating |
|
720 |
|
|
|
? |
|
|
|
5,845 |
|
|
|
654 |
|
AMAZON.COM, INC. |
||||||||
Consolidated Statements of Operations |
||||||||
(in millions, except per share data) |
||||||||
(unaudited) |
||||||||
|
|
Three Months Ended
|
||||||
|
|
|
2023 |
|
|
|
2024 |
|
|
|
|
|
|
||||
|
|
|
|
|
||||
Net product sales |
|
$ |
56,981 |
|
|
$ |
60,915 |
|
Net service sales |
|
|
70,377 |
|
|
|
82,398 |
|
Total net sales |
|
|
127,358 |
|
|
|
143,313 |
|
Operating expenses: |
|
|
|
|
||||
Cost of sales |
|
|
67,791 |
|
|
|
72,633 |
|
Fulfillment |
|
|
20,905 |
|
|
|
22,317 |
|
Technology and infrastructure |
|
|
20,450 |
|
|
|
20,424 |
|
Sales and marketing |
|
|
10,172 |
|
|
|
9,662 |
|
General and administrative |
|
|
3,043 |
|
|
|
2,742 |
|
Other operating expense (income), net |
|
|
223 |
|
|
|
228 |
|
Total operating expenses |
|
|
122,584 |
|
|
|
128,006 |
|
Operating income |
|
|
4,774 |
|
|
|
15,307 |
|
Interest income |
|
|
611 |
|
|
|
993 |
|
Interest expense |
|
|
(823 |
) |
|
|
(644 |
) |
Other income (expense), net |
|
|
(443 |
) |
|
|
(2,673 |
) |
Total non-operating expense |
|
|
(655 |
) |
|
|
(2,324 |
) |
Income before income taxes |
|
|
4,119 |
|
|
|
12,983 |
|
Provision for income taxes |
|
|
(948 |
) |
|
|
(2,467 |
) |
Equity-method investment activity, net of tax |
|
|
1 |
|
|
|
(85 |
) |
Net income |
|
$ |
3,172 |
|
|
$ |
10,431 |
|
Basic earnings per share |
|
$ |
0.31 |
|
|
$ |
1.00 |
|
Diluted earnings per share |
|
$ |
0.31 |
|
|
$ |
0.98 |
|
Weighted-average shares used in computation of earnings per share: |
|
|
|
|
||||
Basic |
|
|
10,250 |
|
|
|
10,393 |
|
Diluted |
|
|
10,347 |
|
|
|
10,670 |
|
AMAZON.COM, INC. |
||||||||
Consolidated Statements of Comprehensive Income |
||||||||
(in millions) |
||||||||
(unaudited) |
||||||||
|
|
Three Months Ended
|
||||||
|
|
|
2023 |
|
|
|
2024 |
|
|
|
|
|
|
||||
|
|
|
|
|
||||
Net income |
|
$ |
3,172 |
|
$ |
10,431 |
|
|
Other comprehensive income (loss): |
|
|
|
|
||||
Foreign currency translation adjustments, net of tax of $(10) and $30 |
|
|
386 |
|
|
|
(1,096 |
) |
Available-for-sale debt securities: |
|
|
|
|
||||
Change in net unrealized gains (losses), net of tax of $(29) and $(158) |
|
|
95 |
|
|
|
536 |
|
Less: reclassification adjustment for losses (gains) included in "Other income (expense), net," net of tax of $(10) and $0 |
|
|
33 |
|
|
|
1 |
|
Net change |
|
|
128 |
|
|
|
537 |
|
Other, net of tax of $0 and $(1) |
|
|
? |
|
|
|
1 |
|
Total other comprehensive income (loss) |
|
|
514 |
|
|
|
(558 |
) |
Comprehensive income |
|
$ |
3,686 |
|
|
$ |
9,873 |
|
AMAZON.COM, INC. |
||||||||
Segment Information |
||||||||
(in millions) |
||||||||
(unaudited) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2023 |
|
|
|
2024 |
|
|
|
|
|
|
||||
|
|
|
|
|
||||
North America |
|
|
|
|
||||
Net sales |
|
$ |
76,881 |
|
|
$ |
86,341 |
|
Operating expenses |
|
|
75,983 |
|
|
|
81,358 |
|
Operating income |
|
$ |
898 |
|
|
$ |
4,983 |
|
|
|
|
|
|
||||
International |
|
|
|
|
||||
Net sales |
|
$ |
29,123 |
|
|
$ |
31,935 |
|
Operating expenses |
|
|
30,370 |
|
|
|
31,032 |
|
Operating income (loss) |
|
$ |
(1,247 |
) |
|
$ |
903 |
|
|
|
|
|
|
||||
AWS |
|
|
|
|
||||
Net sales |
|
$ |
21,354 |
|
|
$ |
25,037 |
|
Operating expenses |
|
|
16,231 |
|
|
|
15,616 |
|
Operating income |
|
$ |
5,123 |
|
|
$ |
9,421 |
|
|
|
|
|
|
||||
Consolidated |
|
|
|
|
||||
Net sales |
|
$ |
127,358 |
|
|
$ |
143,313 |
|
Operating expenses |
|
|
122,584 |
|
|
|
128,006 |
|
Operating income |
|
|
4,774 |
|
|
|
15,307 |
|
Total non-operating expense |
|
|
(655 |
) |
|
|
(2,324 |
) |
Provision for income taxes |
|
|
(948 |
) |
|
|
(2,467 |
) |
Equity-method investment activity, net of tax |
|
|
1 |
|
|
|
(85 |
) |
Net income |
|
$ |
3,172 |
|
|
$ |
10,431 |
|
|
|
|
|
|
||||
Segment Highlights: |
|
|
|
|
||||
Y/Y net sales growth: |
|
|
|
|
||||
North America |
|
|
11 |
% |
|
|
12 |
% |
International |
|
|
1 |
|
|
|
10 |
|
AWS |
|
|
16 |
|
|
|
17 |
|
Consolidated |
|
|
9 |
|
|
|
13 |
|
Net sales mix: |
|
|
|
|
||||
North America |
|
|
60 |
% |
|
|
60 |
% |
International |
|
|
23 |
|
|
|
22 |
|
AWS |
|
|
17 |
|
|
|
18 |
|
Consolidated |
|
|
100 |
% |
|
|
100 |
% |
AMAZON.COM, INC. |
|||||||
Consolidated Balance Sheets |
|||||||
(in millions, except per share data) |
|||||||
(unaudited) |
|||||||
|
December 31, 2023 |
|
March 31, 2024 |
||||
|
|
|
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
73,387 |
|
|
$ |
72,852 |
|
Marketable securities |
|
13,393 |
|
|
|
12,222 |
|
Inventories |
|
33,318 |
|
|
|
31,147 |
|
Accounts receivable, net and other |
|
52,253 |
|
|
|
47,768 |
|
Total current assets |
|
172,351 |
|
|
|
163,989 |
|
Property and equipment, net |
|
204,177 |
|
|
|
209,950 |
|
Operating leases |
|
72,513 |
|
|
|
73,313 |
|
Goodwill |
|
22,789 |
|
|
|
22,770 |
|
Other assets |
|
56,024 |
|
|
|
60,947 |
|
Total assets |
$ |
527,854 |
|
|
$ |
530,969 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
84,981 |
|
|
$ |
73,068 |
|
Accrued expenses and other |
|
64,709 |
|
|
|
63,970 |
|
Unearned revenue |
|
15,227 |
|
|
|
15,927 |
|
Total current liabilities |
|
164,917 |
|
|
|
152,965 |
|
Long-term lease liabilities |
|
77,297 |
|
|
|
77,052 |
|
Long-term debt |
|
58,314 |
|
|
|
57,634 |
|
Other long-term liabilities |
|
25,451 |
|
|
|
26,657 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Preferred stock ($0.01 par value; 500 shares authorized; no shares issued or outstanding) |
|
? |
|
|
|
? |
|
Common stock ($0.01 par value; 100,000 shares authorized; 10,898 and 10,918 shares issued; 10,383 and 10,403 shares outstanding) |
|
109 |
|
|
|
109 |
|
Treasury stock, at cost |
|
(7,837 |
) |
|
|
(7,837 |
) |
Additional paid-in capital |
|
99,025 |
|
|
|
103,938 |
|
Accumulated other comprehensive income (loss) |
|
(3,040 |
) |
|
|
(3,598 |
) |
Retained earnings |
|
113,618 |
|
|
|
124,049 |
|
Total stockholders' equity |
|
201,875 |
|
|
|
216,661 |
|
Total liabilities and stockholders' equity |
$ |
527,854 |
|
|
$ |
530,969 |
|
AMAZON.COM, INC. |
||||||||||||||||||||||||||
Supplemental Financial Information and Business Metrics |
||||||||||||||||||||||||||
(in millions, except per share data) |
||||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||||
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Y/Y %
|
|||||||||||||||||||
Cash Flows and Shares |
|
|
|
|
|
|
|
|||||||||||||||||||
Operating cash flow -- trailing twelve months (TTM) |
$ |
46,752 |
|
$ |
54,330 |
|
$ |
61,841 |
|
$ |
71,654 |
|
$ |
84,946 |
|
$ |
99,147 |
|
82 |
% |
||||||
Operating cash flow -- TTM Y/Y growth |
|
1 |
% |
|
38 |
% |
|
74 |
% |
|
81 |
% |
|
82 |
% |
|
82 |
% |
N/A |
|
||||||
Purchases of property and equipment, net of proceeds from sales and incentives -- TTM |
$ |
58,321 |
|
$ |
57,649 |
|
$ |
53,963 |
|
$ |
50,220 |
|
$ |
48,133 |
|
$ |
48,998 |
|
(15 |
)% |
||||||
Principal repayments of finance leases -- TTM |
$ |
7,941 |
|
$ |
6,544 |
|
$ |
5,705 |
|
$ |
5,245 |
|
$ |
4,384 |
|
$ |
3,774 |
|
(42 |
)% |
||||||
Principal repayments of financing obligations -- TTM |
$ |
248 |
|
$ |
226 |
|
$ |
244 |
|
$ |
260 |
|
$ |
271 |
|
$ |
304 |
|
34 |
% |
||||||
Equipment acquired under finance leases -- TTM (1) |
$ |
299 |
|
$ |
285 |
|
$ |
269 |
|
$ |
239 |
|
$ |
310 |
|
$ |
306 |
|
8 |
% |
||||||
Principal repayments of all other finance leases -- TTM (2) |
$ |
670 |
|
$ |
625 |
|
$ |
631 |
|
$ |
694 |
|
$ |
683 |
|
$ |
761 |
|
22 |
% |
||||||
Free cash flow -- TTM (3) |
$ |
(11,569 |
) |
$ |
(3,319 |
) |
$ |
7,878 |
|
$ |
21,434 |
|
$ |
36,813 |
|
$ |
50,149 |
|
N/A |
|
||||||
Free cash flow less principal repayments of finance leases and financing obligations -- TTM (4) |
$ |
(19,758 |
) |
$ |
(10,089 |
) |
$ |
1,929 |
|
$ |
15,929 |
|
$ |
32,158 |
|
$ |
46,071 |
|
N/A |
|
||||||
Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations -- TTM (5) |
$ |
(12,786 |
) |
$ |
(4,455 |
) |
$ |
6,734 |
|
$ |
20,241 |
|
$ |
35,549 |
|
$ |
48,778 |
|
N/A |
|
||||||
Common shares and stock-based awards outstanding |
|
10,627 |
|
|
10,625 |
|
|
10,794 |
|
|
10,792 |
|
|
10,788 |
|
|
10,788 |
|
2 |
% |
||||||
Common shares outstanding |
|
10,242 |
|
|
10,258 |
|
|
10,313 |
|
|
10,330 |
|
|
10,383 |
|
|
10,403 |
|
1 |
% |
||||||
Stock-based awards outstanding |
|
384 |
|
|
367 |
|
|
481 |
|
|
462 |
|
|
406 |
|
|
385 |
|
5 |
% |
||||||
Stock-based awards outstanding -- % of common shares outstanding |
|
3.8 |
% |
|
3.6 |
% |
|
4.7 |
% |
|
4.5 |
% |
|
3.9 |
% |
|
3.7 |
% |
N/A |
|
||||||
Results of Operations |
|
|
|
|
|
|
|
|||||||||||||||||||
Worldwide (WW) net sales |
$ |
149,204 |
|
$ |
127,358 |
|
$ |
134,383 |
|
$ |
143,083 |
|
$ |
169,961 |
|
$ |
143,313 |
|
13 |
% |
||||||
WW net sales -- Y/Y growth, excluding F/X |
|
12 |
% |
|
11 |
% |
|
11 |
% |
|
11 |
% |
|
13 |
% |
|
13 |
% |
N/A |
|
||||||
WW net sales -- TTM |
$ |
513,983 |
|
$ |
524,897 |
|
$ |
538,046 |
|
$ |
554,028 |
|
$ |
574,785 |
|
$ |
590,740 |
|
13 |
% |
||||||
WW net sales -- TTM Y/Y growth, excluding F/X |
|
13 |
% |
|
13 |
% |
|
13 |
% |
|
12 |
% |
|
12 |
% |
|
12 |
% |
N/A |
|
||||||
Operating income |
$ |
2,737 |
|
$ |
4,774 |
|
$ |
7,681 |
|
$ |
11,188 |
|
$ |
13,209 |
|
$ |
15,307 |
|
221 |
% |
||||||
F/X impact -- favorable |
$ |
213 |
|
$ |
139 |
|
$ |
104 |
|
$ |
132 |
|
$ |
85 |
|
$ |
72 |
|
N/A |
|
||||||
Operating income -- Y/Y growth (decline), excluding F/X |
|
(27 |
)% |
|
26 |
% |
|
128 |
% |
|
338 |
% |
|
379 |
% |
|
219 |
% |
N/A |
|
||||||
Operating margin -- % of WW net sales |
|
1.8 |
% |
|
3.7 |
% |
|
5.7 |
% |
|
7.8 |
% |
|
7.8 |
% |
|
10.7 |
% |
N/A |
|
||||||
Operating income -- TTM |
$ |
12,248 |
|
$ |
13,353 |
|
$ |
17,717 |
|
$ |
26,380 |
|
$ |
36,852 |
|
$ |
47,385 |
|
255 |
% |
||||||
Operating income -- TTM Y/Y growth (decline), excluding F/X |
|
(54 |
)% |
|
(37 |
)% |
|
10 |
% |
|
99 |
% |
|
197 |
% |
|
252 |
% |
N/A |
|
||||||
Operating margin -- TTM % of WW net sales |
|
2.4 |
% |
|
2.5 |
% |
|
3.3 |
% |
|
4.8 |
% |
|
6.4 |
% |
|
8.0 |
% |
N/A |
|
||||||
Net income |
$ |
278 |
|
$ |
3,172 |
|
$ |
6,750 |
|
$ |
9,879 |
|
$ |
10,624 |
|
$ |
10,431 |
|
229 |
% |
||||||
Net income per diluted share |
$ |
0.03 |
|
$ |
0.31 |
|
$ |
0.65 |
|
$ |
0.94 |
|
$ |
1.00 |
|
$ |
0.98 |
|
219 |
% |
||||||
Net income (loss) -- TTM |
$ |
(2,722 |
) |
$ |
4,294 |
|
$ |
13,072 |
|
$ |
20,079 |
|
$ |
30,425 |
|
$ |
37,684 |
|
778 |
% |
||||||
Net income (loss) per diluted share -- TTM |
$ |
(0.27 |
) |
$ |
0.42 |
|
$ |
1.26 |
|
$ |
1.93 |
|
$ |
2.90 |
|
$ |
3.56 |
|
756 |
% |
______________________________ |
||
(1) |
For the twelve months ended March 31, 2023 and 2024, this amount relates to equipment included in "Property and equipment acquired under finance leases, net of remeasurements and modifications" of $517 million and $676 million. |
|
(2) |
For the twelve months ended March 31, 2023 and 2024, this amount relates to property included in "Principal repayments of finance leases" of $6,544 million and $3,774 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, net of remeasurements and modifications," 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) |
||||||||||||||||||||||||||
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Y/Y %
|
|||||||||||||||||||
Segments |
|
|
|
|
|
|
|
|||||||||||||||||||
North America Segment: |
|
|
|
|
|
|
|
|||||||||||||||||||
Net sales |
$ |
93,363 |
|
$ |
76,881 |
|
$ |
82,546 |
|
$ |
87,887 |
|
$ |
105,514 |
|
$ |
86,341 |
|
12 |
% |
||||||
Net sales -- Y/Y growth, excluding F/X |
|
14 |
% |
|
11 |
% |
|
11 |
% |
|
11 |
% |
|
13 |
% |
|
12 |
% |
N/A |
|
||||||
Net sales -- TTM |
$ |
315,880 |
|
$ |
323,517 |
|
$ |
331,633 |
|
$ |
340,677 |
|
$ |
352,828 |
|
$ |
362,288 |
|
12 |
% |
||||||
Operating income (loss) |
$ |
(240 |
) |
$ |
898 |
|
$ |
3,211 |
|
$ |
4,307 |
|
$ |
6,461 |
|
$ |
4,983 |
|
455 |
% |
||||||
F/X impact -- favorable (unfavorable) |
$ |
76 |
|
$ |
41 |
|
$ |
(7 |
) |
$ |
(27 |
) |
$ |
(13 |
) |
$ |
8 |
|
N/A |
|
||||||
Operating income (loss) -- Y/Y growth, excluding F/X |
|
53 |
% |
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
454 |
% |
N/A |
|
||||||
Operating margin -- % of North America net sales |
|
(0.3 |
)% |
|
1.2 |
% |
|
3.9 |
% |
|
4.9 |
% |
|
6.1 |
% |
|
5.8 |
% |
N/A |
|
||||||
Operating income (loss) -- TTM |
$ |
(2,847 |
) |
$ |
(381 |
) |
$ |
3,457 |
|
$ |
8,176 |
|
$ |
14,877 |
|
$ |
18,962 |
|
N/A |
|
||||||
Operating margin -- TTM % of North America net sales |
|
(0.9 |
)% |
|
(0.1 |
)% |
|
1.0 |
% |
|
2.4 |
% |
|
4.2 |
% |
|
5.2 |
% |
N/A |
|
||||||
International Segment: |
|
|
|
|
|
|
|
|||||||||||||||||||
Net sales |
$ |
34,463 |
|
$ |
29,123 |
|
$ |
29,697 |
|
$ |
32,137 |
|
$ |
40,243 |
|
$ |
31,935 |
|
10 |
% |
||||||
Net sales -- Y/Y growth, excluding F/X |
|
5 |
% |
|
9 |
% |
|
10 |
% |
|
11 |
% |
|
13 |
% |
|
11 |
% |
N/A |
|
||||||
Net sales -- TTM |
$ |
118,007 |
|
$ |
118,371 |
|
$ |
121,003 |
|
$ |
125,420 |
|
$ |
131,200 |
|
$ |
134,012 |
|
13 |
% |
||||||
Operating income (loss) |
$ |
(2,228 |
) |
$ |
(1,247 |
) |
$ |
(895 |
) |
$ |
(95 |
) |
$ |
(419 |
) |
$ |
903 |
|
N/A |
|
||||||
F/X impact -- favorable (unfavorable) |
$ |
(331 |
) |
$ |
(174 |
) |
$ |
32 |
|
$ |
228 |
|
$ |
160 |
|
$ |
(3 |
) |
N/A |
|
||||||
Operating income (loss) -- Y/Y growth (decline), excluding F/X |
|
17 |
% |
|
(16 |
)% |
|
(48 |
)% |
|
(87 |
)% |
|
(74 |
)% |
|
N/A |
|
N/A |
|
||||||
Operating margin -- % of International net sales |
|
(6.5 |
)% |
|
(4.3 |
)% |
|
(3.0 |
)% |
|
(0.3 |
)% |
|
(1.0 |
)% |
|
2.8 |
% |
N/A |
|
||||||
Operating loss -- TTM |
$ |
(7,746 |
) |
$ |
(7,712 |
) |
$ |
(6,836 |
) |
$ |
(4,465 |
) |
$ |
(2,656 |
) |
$ |
(506 |
) |
(93 |
)% |
||||||
Operating margin -- TTM % of International net sales |
|
(6.6 |
)% |
|
(6.5 |
)% |
|
(5.6 |
)% |
|
(3.6 |
)% |
|
(2.0 |
)% |
|
(0.4 |
)% |
N/A |
|
||||||
AWS Segment: |
|
|
|
|
|
|
|
|||||||||||||||||||
Net sales |
$ |
21,378 |
|
$ |
21,354 |
|
$ |
22,140 |
|
$ |
23,059 |
|
$ |
24,204 |
|
$ |
25,037 |
|
17 |
% |
||||||
Net sales -- Y/Y growth, excluding F/X |
|
20 |
% |
|
16 |
% |
|
12 |
% |
|
12 |
% |
|
13 |
% |
|
17 |
% |
N/A |
|
||||||
Net sales -- TTM |
$ |
80,096 |
|
$ |
83,009 |
|
$ |
85,410 |
|
$ |
87,931 |
|
$ |
90,757 |
|
$ |
94,440 |
|
14 |
% |
||||||
Operating income |
$ |
5,205 |
|
$ |
5,123 |
|
$ |
5,365 |
|
$ |
6,976 |
|
$ |
7,167 |
|
$ |
9,421 |
|
84 |
% |
||||||
F/X impact -- favorable (unfavorable) |
$ |
468 |
|
$ |
272 |
|
$ |
79 |
|
$ |
(69 |
) |
$ |
(62 |
) |
$ |
67 |
|
N/A |
|
||||||
Operating income -- Y/Y growth (decline), excluding F/X |
|
(10 |
)% |
|
(26 |
)% |
|
(8 |
)% |
|
30 |
% |
|
39 |
% |
|
83 |
% |
N/A |
|
||||||
Operating margin -- % of AWS net sales |
|
24.3 |
% |
|
24.0 |
% |
|
24.2 |
% |
|
30.3 |
% |
|
29.6 |
% |
|
37.6 |
% |
N/A |
|
||||||
Operating income -- TTM |
$ |
22,841 |
|
$ |
21,446 |
|
$ |
21,096 |
|
$ |
22,669 |
|
$ |
24,631 |
|
$ |
28,929 |
|
35 |
% |
||||||
Operating margin -- TTM % of AWS net sales |
|
28.5 |
% |
|
25.8 |
% |
|
24.7 |
% |
|
25.8 |
% |
|
27.1 |
% |
|
30.6 |
% |
N/A |
|
AMAZON.COM, INC. |
||||||||||||||||||||||||||
Supplemental Financial Information and Business Metrics |
||||||||||||||||||||||||||
(in millions, except employee data) |
||||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||||
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Y/Y %
|
|||||||||||||||||||
Net Sales |
|
|
|
|
|
|
|
|||||||||||||||||||
Online stores (1) |
$ |
64,531 |
|
$ |
51,096 |
|
$ |
52,966 |
|
$ |
57,267 |
|
$ |
70,543 |
|
$ |
54,670 |
|
7 |
% |
||||||
Online stores -- Y/Y growth, excluding F/X |
|
2 |
% |
|
3 |
% |
|
5 |
% |
|
6 |
% |
|
8 |
% |
|
7 |
% |
N/A |
|
||||||
Physical stores (2) |
$ |
4,957 |
|
$ |
4,895 |
|
$ |
5,024 |
|
$ |
4,959 |
|
$ |
5,152 |
|
$ |
5,202 |
|
6 |
% |
||||||
Physical stores -- Y/Y growth, excluding F/X |
|
6 |
% |
|
7 |
% |
|
7 |
% |
|
6 |
% |
|
4 |
% |
|
6 |
% |
N/A |
|
||||||
Third-party seller services (3) |
$ |
36,339 |
|
$ |
29,820 |
|
$ |
32,332 |
|
$ |
34,342 |
|
$ |
43,559 |
|
$ |
34,596 |
|
16 |
% |
||||||
Third-party seller services -- Y/Y growth, excluding F/X |
|
24 |
% |
|
20 |
% |
|
18 |
% |
|
18 |
% |
|
19 |
% |
|
16 |
% |
N/A |
|
||||||
Advertising services (4) |
$ |
11,557 |
|
$ |
9,509 |
|
$ |
10,683 |
|
$ |
12,060 |
|
$ |
14,654 |
|
$ |
11,824 |
|
24 |
% |
||||||
Advertising services -- Y/Y growth, excluding F/X |
|
23 |
% |
|
23 |
% |
|
22 |
% |
|
25 |
% |
|
26 |
% |
|
24 |
% |
N/A |
|
||||||
Subscription services (5) |
$ |
9,189 |
|
$ |
9,657 |
|
$ |
9,894 |
|
$ |
10,170 |
|
$ |
10,488 |
|
$ |
10,722 |
|
11 |
% |
||||||
Subscription services -- Y/Y growth, excluding F/X |
|
17 |
% |
|
17 |
% |
|
14 |
% |
|
13 |
% |
|
13 |
% |
|
11 |
% |
N/A |
|
||||||
AWS |
$ |
21,378 |
|
$ |
21,354 |
|
$ |
22,140 |
|
$ |
23,059 |
|
$ |
24,204 |
|
$ |
25,037 |
|
17 |
% |
||||||
AWS -- Y/Y growth, excluding F/X |
|
20 |
% |
|
16 |
% |
|
12 |
% |
|
12 |
% |
|
13 |
% |
|
17 |
% |
N/A |
|
||||||
Other (6) |
$ |
1,253 |
|
$ |
1,027 |
|
$ |
1,344 |
|
$ |
1,226 |
|
$ |
1,361 |
|
$ |
1,262 |
|
23 |
% |
||||||
Other -- Y/Y growth (decline), excluding F/X |
|
80 |
% |
|
57 |
% |
|
26 |
% |
|
(3 |
)% |
|
8 |
% |
|
23 |
% |
N/A |
|
||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Stock-based Compensation Expense |
|
|
|
|
|
|
|
|||||||||||||||||||
Cost of sales |
$ |
208 |
|
$ |
165 |
|
$ |
251 |
|
$ |
193 |
|
$ |
227 |
|
$ |
174 |
|
6 |
% |
||||||
Fulfillment |
$ |
757 |
|
$ |
603 |
|
$ |
932 |
|
$ |
732 |
|
$ |
823 |
|
$ |
636 |
|
5 |
% |
||||||
Technology and infrastructure |
$ |
3,126 |
|
$ |
2,574 |
|
$ |
4,043 |
|
$ |
3,284 |
|
$ |
3,533 |
|
$ |
2,772 |
|
8 |
% |
||||||
Sales and marketing |
$ |
1,092 |
|
$ |
993 |
|
$ |
1,303 |
|
$ |
1,111 |
|
$ |
1,216 |
|
$ |
932 |
|
(6 |
)% |
||||||
General and administrative |
$ |
423 |
|
$ |
413 |
|
$ |
598 |
|
$ |
509 |
|
$ |
520 |
|
$ |
447 |
|
8 |
% |
||||||
Total stock-based compensation expense |
$ |
5,606 |
|
$ |
4,748 |
|
$ |
7,127 |
|
$ |
5,829 |
|
$ |
6,319 |
|
$ |
4,961 |
|
4 |
% |
||||||
Other |
|
|
|
|
|
|
|
|||||||||||||||||||
WW shipping costs |
$ |
24,714 |
|
$ |
19,937 |
|
$ |
20,418 |
|
$ |
21,799 |
|
$ |
27,326 |
|
$ |
21,834 |
|
10 |
% |
||||||
WW shipping costs -- Y/Y growth |
|
4 |
% |
|
2 |
% |
|
6 |
% |
|
9 |
% |
|
11 |
% |
|
10 |
% |
N/A |
|
||||||
WW paid units -- Y/Y growth (7) |
|
8 |
% |
|
8 |
% |
|
9 |
% |
|
9 |
% |
|
12 |
% |
|
12 |
% |
N/A |
|
||||||
WW seller unit mix -- % of WW paid units (7) |
|
59 |
% |
|
59 |
% |
|
60 |
% |
|
60 |
% |
|
61 |
% |
|
61 |
% |
N/A |
|
||||||
Employees (full-time and part-time; excludes contractors & temporary personnel) |
|
1,541,000 |
|
|
1,465,000 |
|
|
1,461,000 |
|
|
1,500,000 |
|
|
1,525,000 |
|
|
1,521,000 |
|
4 |
% |
||||||
Employees (full-time and part-time; excludes contractors & temporary personnel) -- Y/Y growth (decline) |
|
(4 |
)% |
|
(10 |
)% |
|
(4 |
)% |
|
(3 |
)% |
|
(1 |
)% |
|
4 |
% |
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 media content 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 sales of advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising. |
|
(5) |
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. |
|
(6) |
Includes sales related to various other offerings, such as health care services, certain licensing and distribution of video content, and shipping services, and our co-branded credit card agreements. |
|
(7) |
Excludes the impact of Whole Foods Market. |
Amazon.com, Inc.
Certain Definitions
Customer Accounts
Seller Accounts
AWS Customers
Units
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