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Amazon.com Announces First Quarter Results

SEATTLE — (BUSINESS WIRE) — April 29, 2021 — Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its first quarter ended March 31, 2021.

“Two of our kids are now 10 and 15 years old—and after years of being nurtured, they’re growing up fast and coming into their own,” said Jeff Bezos, Amazon founder and CEO. “As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70% year over year. Amazon Studios received a record 12 Academy Award nominations and two wins. Upcoming originals include Tom Clancy’s Without Remorse, The Tomorrow War, The Underground Railroad, and much more. In just 15 years, AWS has become a $54 billion annual sales run rate business competing against the world’s largest technology companies, and its growth is accelerating—up 32% year over year. Companies from Airbnb to McDonald’s to Volkswagen come to AWS because we offer what is by far the broadest set of tools and services available, and we continue to invent relentlessly on their behalf. We love Prime Video and AWS, and we’re proud to have them in the family.”

Highlights

Our Vision to be Earth’s Best Employer and Earth’s Safest Place to Work

Supporting Communities

The Climate Pledge

Empowering Small and Medium-Sized Businesses

Shopping

Entertainment

Amazon Devices and Services

Amazon Web Services

Financial Guidance

The following forward-looking statements reflect Amazon.com’s expectations as of April 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 April 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 second 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 second quarter of 2021, or whether other currently unanticipated direct or indirect consequences of the pandemic are reasonably likely to materially affect our operations.

Second 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
March 31,

 

Twelve Months Ended
March 31,

 

2020

 

2021

 

2020

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

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

$

36,410

 

 

$

42,377

 

 

$

23,507

 

 

$

27,505

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

Net income

2,535

 

 

8,107

 

 

10,563

 

 

26,903

 

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

5,362

 

 

7,508

 

 

22,297

 

 

27,397

 

Stock-based compensation

1,757

 

 

2,306

 

 

7,347

 

 

9,757

 

Other operating expense (income), net

67

 

 

30

 

 

244

 

 

(108

)

Other expense (income), net

565

 

 

(1,456

)

 

451

 

 

(4,603

)

Deferred income taxes

322

 

 

1,703

 

 

704

 

 

827

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Inventories

1,392

 

 

(304

)

 

(2,605

)

 

(4,545

)

Accounts receivable, net and other

1,262

 

 

(2,255

)

 

(6,018

)

 

(11,686

)

Accounts payable

(8,044

)

 

(8,266

)

 

6,532

 

 

17,258

 

Accrued expenses and other

(2,761

)

 

(4,060

)

 

(1,213

)

 

4,455

 

Unearned revenue

607

 

 

900

 

 

1,430

 

 

1,558

 

Net cash provided by (used in) operating activities

3,064

 

 

4,213

 

 

39,732

 

 

67,213

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

Purchases of property and equipment

(6,795

)

 

(12,082

)

 

(20,365

)

 

(45,427

)

Proceeds from property and equipment sales and incentives

1,367

 

 

895

 

 

4,970

 

 

4,624

 

Acquisitions, net of cash acquired, and other

(91

)

 

(630

)

 

(1,384

)

 

(2,864

)

Sales and maturities of marketable securities

11,626

 

 

17,826

 

 

31,664

 

 

56,437

 

Purchases of marketable securities

(15,001

)

 

(14,675

)

 

(39,938

)

 

(72,153

)

Net cash provided by (used in) investing activities

(8,894

)

 

(8,666

)

 

(25,053

)

 

(59,383

)

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

Proceeds from short-term debt, and other

617

 

 

1,926

 

 

1,934

 

 

8,105

 

Repayments of short-term debt, and other

(631

)

 

(2,001

)

 

(1,860

)

 

(7,547

)

Proceeds from long-term debt

76

 

 

111

 

 

842

 

 

10,560

 

Repayments of long-term debt

(36

)

 

(39

)

 

(1,140

)

 

(1,556

)

Principal repayments of finance leases

(2,600

)

 

(3,406

)

 

(10,013

)

 

(11,448

)

Principal repayments of financing obligations

(17

)

 

(67

)

 

(43

)

 

(103

)

Net cash provided by (used in) financing activities

(2,591

)

 

(3,476

)

 

(10,280

)

 

(1,989

)

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

(484

)

 

(293

)

 

(401

)

 

809

 

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

(8,905

)

 

(8,222

)

 

3,998

 

 

6,650

 

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

$

27,505

 

 

$

34,155

 

 

$

27,505

 

 

$

34,155

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

 

 

 

 

 

Cash paid for interest on debt

$

290

 

 

$

276

 

 

$

879

 

 

$

902

 

Cash paid for operating leases

1,029

 

 

1,640

 

 

3,680

 

 

5,086

 

Cash paid for interest on finance leases

168

 

 

157

 

 

650

 

 

601

 

Cash paid for interest on financing obligations

22

 

 

33

 

 

59

 

 

113

 

Cash paid for income taxes, net of refunds

305

 

 

801

 

 

1,017

 

 

2,209

 

Assets acquired under operating leases

2,408

 

 

3,536

 

 

9,403

 

 

17,345

 

Property and equipment acquired under finance leases

2,166

 

 

2,067

 

 

13,262

 

 

11,489

 

Property and equipment acquired under build-to-suit arrangements

379

 

 

887

 

 

1,304

 

 

2,775

 

AMAZON.COM, INC.

Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)

 

Three Months Ended
March 31,

 

2020

 

2021

 

 

 

 

 

 

Net product sales

$

41,841

 

 

$

57,491

 

Net service sales

33,611

 

 

51,027

 

Total net sales

75,452

 

 

108,518

 

Operating expenses:

 

 

 

Cost of sales

44,257

 

 

62,403

 

Fulfillment

11,531

 

 

16,530

 

Technology and content

9,325

 

 

12,488

 

Marketing

4,828

 

 

6,207

 

General and administrative

1,452

 

 

1,987

 

Other operating expense (income), net

70

 

 

38

 

Total operating expenses

71,463

 

 

99,653

 

Operating income

3,989

 

 

8,865

 

Interest income

202

 

 

105

 

Interest expense

(402

)

 

(399

)

Other income (expense), net

(406

)

 

1,697

 

Total non-operating income (expense)

(606

)

 

1,403

 

Income before income taxes

3,383

 

 

10,268

 

Provision for income taxes

(744

)

 

(2,156

)

Equity-method investment activity, net of tax

(104

)

 

(5

)

Net income

$

2,535

 

 

$

8,107

 

Basic earnings per share

$

5.09

 

 

$

16.09

 

Diluted earnings per share

$

5.01

 

 

$

15.79

 

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

 

 

 

Basic

498

 

 

504

 

Diluted

506

 

 

513

 

AMAZON.COM, INC.

Consolidated Statements of Comprehensive Income

(in millions)

(unaudited)

 

Three Months Ended
March 31,

 

2020

 

2021

 

 

 

 

 

 

Net income

$

2,535

 

 

$

8,107

 

Other comprehensive income (loss):

 

 

 

Foreign currency translation adjustments, net of tax of $21 and $13

(874

)

 

(374

)

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

 

 

 

Unrealized gains (losses), net of tax of $12 and $30

(203

)

 

(98

)

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

 

 

(14

)

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

(203

)

 

(112

)

Total other comprehensive income (loss)

(1,077

)

 

(486

)

Comprehensive income

$

1,458

 

 

$

7,621

 

AMAZON.COM, INC.

Segment Information

(in millions)

(unaudited)

 

Three Months Ended
March 31,

 

2020

 

2021

 

 

 

 

 

 

North America

 

 

 

Net sales

$

46,127

 

 

$

64,366

 

Operating expenses

44,815

 

 

60,916

 

Operating income

$

1,312

 

 

$

3,450

 

 

 

 

 

International

 

 

 

Net sales

$

19,106

 

 

$

30,649

 

Operating expenses

19,504

 

 

29,397

 

Operating income (loss)

$

(398

)

 

$

1,252

 

 

 

 

 

AWS

 

 

 

Net sales

$

10,219

 

 

$

13,503

 

Operating expenses

7,144

 

 

9,340

 

Operating income

$

3,075

 

 

$

4,163

 

 

 

 

 

Consolidated

 

 

 

Net sales

$

75,452

 

 

$

108,518

 

Operating expenses

71,463

 

 

99,653

 

Operating income

3,989

 

 

8,865

 

Total non-operating income (expense)

(606

)

 

1,403

 

Provision for income taxes

(744

)

 

(2,156

)

Equity-method investment activity, net of tax

(104

)

 

(5

)

Net income

$

2,535

 

 

$

8,107

 

 

 

 

 

Segment Highlights:

 

 

 

Y/Y net sales growth:

 

 

 

North America

29

%

 

40

%

International

18

 

 

60

 

AWS

33

 

 

32

 

Consolidated

26

 

 

44

 

Net sales mix:

 

 

 

North America

61

%

 

59

%

International

25

 

 

28

 

AWS

14

 

 

13

 

Consolidated

100

%

 

100

%

AMAZON.COM, INC.

Consolidated Balance Sheets

(in millions, except per share data)

 

December 31,
2020

 

March 31,
2021

 

 

 

(unaudited)

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

42,122

 

 

$

33,834

 

Marketable securities

42,274

 

 

39,436

 

Inventories

23,795

 

 

23,849

 

Accounts receivable, net and other

24,542

 

 

24,289

 

Total current assets

132,733

 

 

121,408

 

Property and equipment, net

113,114

 

 

121,461

 

Operating leases

37,553

 

 

39,328

 

Goodwill

15,017

 

 

15,220

 

Other assets

22,778

 

 

25,660

 

Total assets

$

321,195

 

 

$

323,077

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

72,539

 

 

$

63,926

 

Accrued expenses and other

44,138

 

 

40,939

 

Unearned revenue

9,708

 

 

10,539

 

Total current liabilities

126,385

 

 

115,404

 

Long-term lease liabilities

52,573

 

 

53,067

 

Long-term debt

31,816

 

 

31,868

 

Other long-term liabilities

17,017

 

 

19,418

 

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 528

 

 

 

Outstanding shares — 503 and 504

5

 

 

5

 

Treasury stock, at cost

(1,837

)

 

(1,837

)

Additional paid-in capital

42,865

 

 

45,160

 

Accumulated other comprehensive income (loss)

(180

)

 

(666

)

Retained earnings

52,551

 

 

60,658

 

Total stockholders’ equity

93,404

 

 

103,320

 

Total liabilities and stockholders’ equity

$

321,195

 

 

$

323,077

 

AMAZON.COM, INC.

Supplemental Financial Information and Business Metrics

(in millions, except per share data)

(unaudited)

 

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Y/Y %
Change

Cash Flows and Shares

 

 

 

 

 

 

 

Operating cash flow -- trailing twelve months (TTM)

$

38,514

 

$

39,732

 

$

51,220

 

$

55,292

 

$

66,064

 

$

67,213

 

69

%

Operating cash flow -- TTM Y/Y growth

25

%

16

%

42

%

56

%

72

%

69

%

N/A

 

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

$

12,689

 

$

15,395

 

$

19,368

 

$

25,791

 

$

35,044

 

$

40,803

 

165

%

Principal repayments of finance leases -- TTM

$

9,628

 

$

10,013

 

$

10,504

 

$

11,054

 

$

10,642

 

$

11,448

 

14

%

Principal repayments of financing obligations -- TTM

$

27

 

$

43

 

$

56

 

$

68

 

$

53

 

$

103

 

140

%

Equipment acquired under finance leases -- TTM (1)

$

12,916

 

$

12,209

 

$

11,952

 

$

11,116

 

$

9,104

 

$

8,936

 

(27

)%

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

$

392

 

$

407

 

$

415

 

$

413

 

$

427

 

$

525

 

29

%

Free cash flow -- TTM (3)

$

25,825

 

$

24,337

 

$

31,852

 

$

29,501

 

$

31,020

 

$

26,410

 

9

%

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

-- TTM (4)

$

16,170

 

$

14,281

 

$

21,292

 

$

18,379

 

$

20,325

 

$

14,859

 

4

%

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

$

12,490

 

$

11,678

 

$

19,429

 

$

17,904

 

$

21,436

 

$

16,846

 

44

%

Common shares and stock-based awards outstanding

512

 

513

 

517

 

518

 

518

 

519

 

1

%

Common shares outstanding

498

 

499

 

501

 

502

 

503

 

504

 

1

%

Stock-based awards outstanding

14

 

14

 

16

 

16

 

15

 

15

 

5

%

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

2.9

%

2.8

%

3.2

%

3.3

%

3.0

%

2.9

%

N/A

 

Results of Operations

 

 

 

 

 

 

 

Worldwide (WW) net sales

$

87,437

 

$

75,452

 

$

88,912

 

$

96,145

 

$

125,555

 

$

108,518

 

44

%

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

21

%

27

%

41

%

36

%

42

%

41

%

N/A

 

WW net sales -- TTM

$

280,522

 

$

296,274

 

$

321,782

 

$

347,946

 

$

386,064

 

$

419,130

 

41

%

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

22

%

23

%

28

%

31

%

37

%

40

%

N/A

 

Operating income

$

3,879

 

$

3,989

 

$

5,843

 

$

6,194

 

$

6,873

 

$

8,865

 

122

%

F/X impact -- favorable (unfavorable)

$

16

 

$

63

 

$

111

 

$

133

 

$

142

 

$

107

 

N/A

 

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

2

%

(11

)%

86

%

92

%

74

%

120

%

N/A

 

Operating margin -- % of WW net sales

4.4

%

5.3

%

6.6

%

6.4

%

5.5

%

8.2

%

N/A

 

Operating income -- TTM

$

14,541

 

$

14,109

 

$

16,868

 

$

19,905

 

$

22,899

 

$

27,775

 

97

%

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

16

%

(6

)%

11

%

36

%

54

%

93

%

N/A

 

Operating margin -- TTM % of WW net sales

5.2

%

4.8

%

5.2

%

5.7

%

5.9

%

6.6

%

N/A

 

Net income

$

3,268

 

$

2,535

 

$

5,243

 

$

6,331

 

$

7,222

 

$

8,107

 

220

%

Net income per diluted share

$

6.47

 

$

5.01

 

$

10.30

 

$

12.37

 

$

14.09

 

$

15.79

 

215

%

Net income -- TTM

$

11,588

 

$

10,563

 

$

13,180

 

$

17,377

 

$

21,331

 

$

26,903

 

155

%

Net income per diluted share -- TTM

$

23.01

 

$

20.93

 

$

26.04

 

$

34.21

 

$

41.83

 

$

52.59

 

151

%

______________________________

(1)

For the twelve months ended March 31, 2020 and 2021, this amount relates to equipment included in “Property and equipment acquired under finance leases” of $13,262 million and $11,489 million.

(2)

For the twelve months ended March 31, 2020 and 2021, this amount relates to property included in “Principal repayments of finance leases” of $10,013 million and $11,448 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)

 

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Y/Y %
Change

Segments

 

 

 

 

 

 

 

North America Segment:

 

 

 

 

 

 

 

Net sales

$

53,670

 

$

46,127

 

$

55,436

 

$

59,373

 

$

75,346

 

$

64,366

 

40

%

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

22

%

29

%

44

%

39

%

40

%

39

%

N/A

 

Net sales -- TTM

$

170,773

 

$

181,088

 

$

197,871

 

$

214,606

 

$

236,282

 

$

254,521

 

41

%

Operating income

$

1,900

 

$

1,312

 

$

2,141

 

$

2,252

 

$

2,946

 

$

3,450

 

163

%

F/X impact -- favorable (unfavorable)

$

(3

)

$

5

 

$

(4

)

$

 

$

7

 

$

8

 

N/A

 

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

(16

)%

(43

)%

37

%

76

%

55

%

162

%

N/A

 

Operating margin -- % of North America net sales

3.5

%

2.8

%

3.9

%

3.8

%

3.9

%

5.4

%

N/A

 

Operating income -- TTM

$

7,033

 

$

6,057

 

$

6,634

 

$

7,604

 

$

8,651

 

$

10,789

 

78

%

Operating margin -- TTM % of North America net sales

4.1

%

3.4

%

3.4

%

3.5

%

3.7

%

4.2

%

N/A

 

International Segment:

 

 

 

 

 

 

 

Net sales

$

23,813

 

$

19,106

 

$

22,668

 

$

25,171

 

$

37,467

 

$

30,649

 

60

%

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

15

%

20

%

41

%

33

%

50

%

50

%

N/A

 

Net sales -- TTM

$

74,723

 

$

77,637

 

$

83,935

 

$

90,758

 

$

104,412

 

$

115,955

 

49

%

Operating income (loss)

$

(617

)

$

(398

)

$

345

 

$

407

 

$

363

 

$

1,252

 

N/A

 

F/X impact -- favorable (unfavorable)

$

(7

)

$

(5

)

$

32

 

$

152

 

$

232

 

$

270

 

N/A

 

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

(5

)%

338

%

N/A

 

N/A

 

N/A

 

347

%

N/A

 

Operating margin -- % of International net sales

(2.6

)%

(2.1

)%

1.5

%

1.6

%

1.0

%

4.1

%

N/A

 

Operating income (loss) -- TTM

$

(1,693

)

$

(2,001

)

$

(1,055

)

$

(262

)

$

717

 

$

2,367

 

N/A

 

Operating margin -- TTM % of International net sales

(2.3

)%

(2.6

)%

(1.3

)%

(0.3

)%

0.7

%

2.0

%

N/A

 

AWS Segment:

 

 

 

 

 

 

 

Net sales

$

9,954

 

$

10,219

 

$

10,808

 

$

11,601

 

$

12,742

 

$

13,503

 

32

%

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

34

%

33

%

29

%

29

%

28

%

32

%

N/A

 

Net sales -- TTM

$

35,026

 

$

37,549

 

$

39,976

 

$

42,582

 

$

45,370

 

$

48,654

 

30

%

Operating income

$

2,596

 

$

3,075

 

$

3,357

 

$

3,535

 

$

3,564

 

$

4,163

 

35

%

F/X impact -- favorable (unfavorable)

$

26

 

$

63

 

$

83

 

$

(20

)

$

(96

)

$

(171

)

N/A

 

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

18

%

36

%

54

%

57

%

41

%

41

%

N/A

 

Operating margin -- % of AWS net sales

26.1

%

30.1

%

31.1

%

30.5

%

28.0

%

30.8

%

N/A

 

Operating income -- TTM

$

9,201

 

$

10,053

 

$

11,289

 

$

12,563

 

$

13,531

 

$

14,619

 

45

%

Operating margin -- TTM % of AWS net sales

26.3

%

26.8

%

28.2

%

29.5

%

29.8

%

30.0

%

N/A

 

AMAZON.COM, INC.

Supplemental Financial Information and Business Metrics

(in millions, except employee data)

(unaudited)

 

 

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Y/Y %
Change

Net Sales

 

 

 

 

 

 

 

Online stores (1)

$

45,657

 

$

36,652

 

$

45,896

 

$

48,350

 

$

66,451

 

$

52,901

 

44

%

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

15

%

25

%

49

%

37

%

43

%

41

%

N/A

 

Physical stores (2)

$

4,363

 

$

4,640

 

$

3,774

 

$

3,788

 

$

4,022

 

$

3,920

 

(16

)%

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

(1

)%

8

%

(13

)%

(10

)%

(7

)%

(16

)%

N/A

 

Third-party seller services (3)

$

17,446

 

$

14,479

 

$

18,195

 

$

20,436

 

$

27,327

 

$

23,709

 

64

%

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

31

%

31

%

53

%

53

%

54

%

60

%

N/A

 

Subscription services (4)

$

5,235

 

$

5,556

 

$

6,018

 

$

6,572

 

$

7,061

 

$

7,580

 

36

%

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

32

%

29

%

30

%

32

%

34

%

34

%

N/A

 

AWS

$

9,954

 

$

10,219

 

$

10,808

 

$

11,601

 

$

12,742

 

$

13,503

 

32

%

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

34

%

33

%

29

%

29

%

28

%

32

%

N/A

 

Other (5)

$

4,782

 

$

3,906

 

$

4,221

 

$

5,398

 

$

7,952

 

$

6,905

 

77

%

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

41

%

44

%

41

%

49

%

64

%

73

%

N/A

 

 

 

 

 

 

 

 

 

Stock-based Compensation Expense

 

 

 

 

 

 

 

Cost of sales

$

43

 

$

41

 

$

76

 

$

75

 

$

91

 

$

90

 

116

%

Fulfillment

$

286

 

$

260

 

$

417

 

$

316

 

$

364

 

$

342

 

31

%

Technology and content

$

1,007

 

$

961

 

$

1,421

 

$

1,267

 

$

1,412

 

$

1,228

 

28

%

Marketing

$

322

 

$

332

 

$

456

 

$

446

 

$

476

 

$

456

 

38

%

General and administrative

$

182

 

$

163

 

$

231

 

$

184

 

$

219

 

$

190

 

16

%

Total stock-based compensation expense

$

1,840

 

$

1,757

 

$

2,601

 

$

2,288

 

$

2,562

 

$

2,306

 

31

%

Other

 

 

 

 

 

 

 

WW shipping costs

$

12,884

 

$

10,936

 

$

13,652

 

$

15,063

 

$

21,465

 

$

17,162

 

57

%

WW shipping costs -- Y/Y growth

43

%

49

%

68

%

57

%

67

%

57

%

N/A

 

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

22

%

32

%

57

%

46

%

47

%

44

%

N/A

 

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

53

%

52

%

53

%

54

%

55

%

55

%

N/A

 

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

798,000

 

840,400

 

876,800

 

1,125,300

 

1,298,000

 

1,271,000

 

51

%

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

23

%

33

%

34

%

50

%

63

%

51

%

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

 



Contact:

Amazon Investor Relations
Dave Fildes, Email Contact
amazon.com/ir

Amazon Public Relations
Dan Perlet, Email Contact
amazon.com/pr