February 01, 2024
Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its fourth quarter ended December 31, 2023.
Fourth Quarter 2023
Full Year 2023
“This Q4 was a record-breaking Holiday shopping season and closed out a robust 2023 for Amazon,” said Andy Jassy, Amazon CEO. “While we made meaningful revenue, operating income, and free cash flow progress, what we’re most pleased with is the continued invention and customer experience improvements across our businesses. The regionalization of our U.S. fulfillment network led to our fastest-ever delivery speeds for Prime members while also lowering our cost to serve; AWS’s continued long-term focus on customers and feature delivery, coupled with new genAI capabilities like Bedrock, Q, and Trainium have resonated with customers and are starting to be reflected in our overall results; our Advertising services continue to improve and drive positive results; our newer businesses are progressing nicely, and along with our more established businesses, collectively making customers’ lives easier and better every day. As we enter 2024, our teams are delivering at a rapid clip, and we have a lot in front of us to be excited about.”
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 February 1, 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.
First 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
December 31,
Twelve Months Ended
December 31,
2022
2023
2022
2023
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD
$
35,178
$
50,081
$
36,477
$
54,253
OPERATING ACTIVITIES:
Net income (loss)
278
10,624
(2,722
)
30,425
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other
12,685
13,820
41,921
48,663
Stock-based compensation
5,606
6,319
19,621
24,023
Non-operating expense (income), net
3,445
(339
)
16,966
(748
)
Deferred income taxes
(3,367
)
(1,464
)
(8,148
)
(5,876
)
Changes in operating assets and liabilities:
Inventories
3,180
2,643
(2,592
)
1,449
Accounts receivable, net and other
(4,741
)
(7,447
)
(8,622
)
(8,348
)
Other assets
(4,047
)
(2,802
)
(13,275
)
(12,265
)
Accounts payable
9,852
10,888
2,945
5,473
Accrued expenses and other
5,777
6,594
(1,558
)
(2,428
)
Unearned revenue
505
3,629
2,216
4,578
Net cash provided by (used in) operating activities
29,173
42,465
46,752
84,946
INVESTING ACTIVITIES:
Purchases of property and equipment
(16,592
)
(14,588
)
(63,645
)
(52,729
)
Proceeds from property and equipment sales and incentives
1,152
1,235
5,324
4,596
Acquisitions, net of cash acquired, non-marketable investments, and other
(831
)
(381
)
(8,316
)
(5,839
)
Sales and maturities of marketable securities
5,683
1,568
31,601
5,627
Purchases of marketable securities
(233
)
(435
)
(2,565
)
(1,488
)
Net cash provided by (used in) investing activities
(10,821
)
(12,601
)
(37,601
)
(49,833
)
FINANCING ACTIVITIES:
Common stock repurchased
—
—
(6,000
)
—
Proceeds from short-term debt, and other
10,607
734
41,553
18,129
Repayments of short-term debt, and other
(15,797
)
(6,338
)
(37,554
)
(25,677
)
Proceeds from long-term debt
8,235
—
21,166
—
Repayments of long-term debt
(1,257
)
(290
)
(1,258
)
(3,676
)
Principal repayments of finance leases
(1,640
)
(779
)
(7,941
)
(4,384
)
Principal repayments of financing obligations
(62
)
(73
)
(248
)
(271
)
Net cash provided by (used in) financing activities
86
(6,746
)
9,718
(15,879
)
Foreign currency effect on cash, cash equivalents, and restricted cash
637
691
(1,093
)
403
Net increase (decrease) in cash, cash equivalents, and restricted cash
19,075
23,809
17,776
19,637
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD
$
54,253
$
73,890
$
54,253
$
73,890
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on debt, net of capitalized interest
$
629
$
787
$
1,561
$
2,608
Cash paid for operating leases
2,365
2,766
8,633
10,453
Cash paid for interest on finance leases
84
74
374
308
Cash paid for interest on financing obligations
55
46
207
196
Cash paid for income taxes, net of refunds
1,695
4,197
6,035
11,179
Assets acquired under operating leases
4,769
2,977
18,800
14,052
Property and equipment acquired under finance leases, net of remeasurements and modifications
317
211
675
642
Property and equipment recognized during the construction period of build-to-suit lease arrangements
310
49
3,187
357
Property and equipment derecognized after the construction period of build-to-suit lease arrangements, with the associated leases recognized as operating
1,851
162
5,158
1,374
AMAZON.COM, INC.
Consolidated Statements of Operations
(in millions, except per share data)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2022
2023
2022
2023
Net product sales
$
70,531
$
76,703
$
242,901
$
255,887
Net service sales
78,673
93,258
271,082
318,898
Total net sales
149,204
169,961
513,983
574,785
Operating expenses:
Cost of sales
85,640
92,553
288,831
304,739
Fulfillment
23,103
26,095
84,299
90,619
Technology and infrastructure
20,814
22,038
73,213
85,622
Sales and marketing
12,818
12,902
42,238
44,370
General and administrative
3,333
3,010
11,891
11,816
Other operating expense (income), net
759
154
1,263
767
Total operating expenses
146,467
156,752
501,735
537,933
Operating income
2,737
13,209
12,248
36,852
Interest income
445
901
989
2,949
Interest expense
(694
)
(713
)
(2,367
)
(3,182
)
Other income (expense), net
(3,450
)
289
(16,806
)
938
Total non-operating income (expense)
(3,699
)
477
(18,184
)
705
Income (loss) before income taxes
(962
)
13,686
(5,936
)
37,557
Benefit (provision) for income taxes
1,227
(3,062
)
3,217
(7,120
)
Equity-method investment activity, net of tax
13
—
(3
)
(12
)
Net income (loss)
$
278
$
10,624
$
(2,722
)
$
30,425
Basic earnings per share
$
0.03
$
1.03
$
(0.27
)
$
2.95
Diluted earnings per share
$
0.03
$
1.00
$
(0.27
)
$
2.90
Weighted-average shares used in computation of earnings per
Basic
10,220
10,356
10,189
10,304
Diluted
10,308
10,610
10,189
10,492
AMAZON.COM, INC.
Consolidated Statements of Comprehensive Income (Loss)
(in millions)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2022
2023
2022
2023
Net income (loss)
$
278
$
10,624
$
(2,722
)
$
30,425
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $(36), $(59), $100, and $(55)
2,075
1,765
(2,586
)
1,027
Available-for-sale debt securities:
Change in net unrealized gains (losses), net of tax of $162, $(58), $159, and $(110)
272
192
(823
)
366
Less: reclassification adjustment for losses (gains) included in “Other income (expense), net,” net of tax of $0, $0, $0, and $(15)
281
2
298
50
Net change
553
194
(525
)
416
Other, net of tax of $0, $(1), $0, and $(1)
—
4
—
4
Total other comprehensive income (loss)
2,628
1,963
(3,111
)
1,447
Comprehensive income (loss)
$
2,906
$
12,587
$
(5,833
)
$
31,872
AMAZON.COM, INC.
Segment Information
(in millions)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2022
2023
2022
2023
North America
Net sales
$
93,363
$
105,514
$
315,880
$
352,828
Operating expenses
93,603
99,053
318,727
337,951
Operating income (loss)
$
(240
)
$
6,461
$
(2,847
)
$
14,877
International
Net sales
$
34,463
$
40,243
$
118,007
$
131,200
Operating expenses
36,691
40,662
125,753
133,856
Operating loss
$
(2,228
)
$
(419
)
$
(7,746
)
$
(2,656
)
AWS
Net sales
$
21,378
$
24,204
$
80,096
$
90,757
Operating expenses
16,173
17,037
57,255
66,126
Operating income
$
5,205
$
7,167
$
22,841
$
24,631
Consolidated
Net sales
$
149,204
$
169,961
$
513,983
$
574,785
Operating expenses
146,467
156,752
501,735
537,933
Operating income
2,737
13,209
12,248
36,852
Total non-operating income (expense)
(3,699
)
477
(18,184
)
705
Benefit (provision) for income taxes
1,227
(3,062
)
3,217
(7,120
)
Equity-method investment activity, net of tax
13
—
(3
)
(12
)
Net income (loss)
$
278
$
10,624
$
(2,722
)
$
30,425
Segment Highlights:
Y/Y net sales growth (decline):
North America
13
%
13
%
13
%
12
%
International
(8
)
17
(8
)
11
AWS
20
13
29
13
Consolidated
9
14
9
12
Net sales mix:
North America
63
%
62
%
61
%
61
%
International
23
24
23
23
AWS
14
14
16
16
Consolidated
100
%
100
%
100
%
100
%
AMAZON.COM, INC.
Consolidated Balance Sheets
(in millions, except per share data)
(unaudited)
December 31, 2022
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
53,888
$
73,387
Marketable securities
16,138
13,393
Inventories
34,405
33,318
Accounts receivable, net and other
42,360
52,253
Total current assets
146,791
172,351
Property and equipment, net
186,715
204,177
Operating leases
66,123
72,513
Goodwill
20,288
22,789
Other assets
42,758
56,024
Total assets
$
462,675
$
527,854
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
79,600
$
84,981
Accrued expenses and other
62,566
64,709
Unearned revenue
13,227
15,227
Total current liabilities
155,393
164,917
Long-term lease liabilities
72,968
77,297
Long-term debt
67,150
58,314
Other long-term liabilities
21,121
25,451
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; 10,757 and 10,898 shares issued; 10,242 and 10,383 shares outstanding)
108
109
Treasury stock, at cost
(7,837
)
(7,837
)
Additional paid-in capital
75,066
99,025
Accumulated other comprehensive income (loss)
(4,487
)
(3,040
)
Retained earnings
83,193
113,618
Total stockholders’ equity
146,043
201,875
Total liabilities and stockholders’ equity
$
462,675
$
527,854
AMAZON.COM, INC.
Supplemental Financial Information and Business Metrics
(in millions, except per share data)
(unaudited)
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Y/Y %
Change
Cash Flows and Shares
Operating cash flow -- trailing twelve months (TTM)
$
39,665
$
46,752
$
54,330
$
61,841
$
71,654
$
84,946
82%
Operating cash flow -- TTM Y/Y growth (decline)
(27
)%
1
%
38
%
74
%
81
%
82
%
N/A
Purchases of property and equipment, net of proceeds from sales and incentives -- TTM
$
59,351
$
58,321
$
57,649
$
53,963
$
50,220
$
48,133
(17)%
Principal repayments of finance leases -- TTM
$
8,561
$
7,941
$
6,544
$
5,705
$
5,245
$
4,384
(45)%
Principal repayments of financing obligations -- TTM
$
233
$
248
$
226
$
244
$
260
$
271
9%
Equipment acquired under finance leases -- TTM (1)
$
868
$
299
$
285
$
269
$
239
$
310
4%
Principal repayments of all other finance leases -- TTM (2)
$
706
$
670
$
625
$
631
$
694
$
683
2%
Free cash flow -- TTM (3)
$
(19,686
)
$
(11,569
)
$
(3,319
)
$
7,878
$
21,434
$
36,813
N/A
Free cash flow less principal repayments of finance leases and financing obligations -- TTM (4)
$
(28,480
)
$
(19,758
)
$
(10,089
)
$
1,929
$
15,929
$
32,158
N/A
Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations -- TTM (5)
$
(21,493
)
$
(12,786
)
$
(4,455
)
$
6,734
$
20,241
$
35,549
N/A
Common shares and stock-based awards outstanding
10,597
10,627
10,625
10,794
10,792
10,788
2%
Common shares outstanding
10,198
10,242
10,258
10,313
10,330
10,383
1%
Stock-based awards outstanding
399
384
367
481
462
406
6%
Stock-based awards outstanding -- % of common shares outstanding
3.9
%
3.8
%
3.6
%
4.7
%
4.5
%
3.9
%
N/A
Results of Operations
Worldwide (WW) net sales
$
127,101
$
149,204
$
127,358
$
134,383
$
143,083
$
169,961
14%
WW net sales -- Y/Y growth, excluding F/X
19
%
12
%
11
%
11
%
11
%
13
%
N/A
WW net sales -- TTM
$
502,191
$
513,983
$
524,897
$
538,046
$
554,028
$
574,785
12%
WW net sales -- TTM Y/Y growth, excluding F/X
12
%
13
%
13
%
13
%
12
%
12
%
N/A
Operating income
$
2,525
$
2,737
$
4,774
$
7,681
$
11,188
$
13,209
383%
F/X impact -- favorable
$
357
$
213
$
139
$
104
$
132
$
85
N/A
Operating income -- Y/Y growth (decline), excluding F/X
(55
)%
(27
)%
26
%
128
%
338
%
379
%
N/A
Operating margin -- % of WW net sales
2.0
%
1.8
%
3.7
%
5.7
%
7.8
%
7.8
%
N/A
Operating income -- TTM
$
12,971
$
12,248
$
13,353
$
17,717
$
26,380
$
36,852
201%
Operating income -- TTM Y/Y growth (decline), excluding F/X
(57
)%
(54
)%
(37
)%
10
%
99
%
197
%
N/A
Operating margin -- TTM % of WW net sales
2.6
%
2.4
%
2.5
%
3.3
%
4.8
%
6.4
%
N/A
Net income
$
2,872
$
278
$
3,172
$
6,750
$
9,879
$
10,624
N/A
Net income per diluted share
$
0.28
$
0.03
$
0.31
$
0.65
$
0.94
$
1.00
N/A
Net income (loss) -- TTM
$
11,323
$
(2,722
)
$
4,294
$
13,072
$
20,079
$
30,425
N/A
Net income (loss) per diluted share -- TTM
$
1.10
$
(0.27
)
$
0.42
$
1.26
$
1.93
$
2.90
N/A
______________________________
(1)
For the twelve months ended December 31, 2022 and 2023, this amount relates to equipment included in “Property and equipment acquired under finance leases, net of remeasurements and modifications” of $675 million and $642 million.
(2)
For the twelve months ended December 31, 2022 and 2023, this amount relates to property included in “Principal repayments of finance leases” of $7,941 million and $4,384 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)
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Y/Y %
Change
Segments
North America Segment:
Net sales
$
78,843
$
93,363
$
76,881
$
82,546
$
87,887
$
105,514
13%
Net sales -- Y/Y growth, excluding F/X
20
%
14
%
11
%
11
%
11
%
13
%
N/A
Net sales -- TTM
$
304,877
$
315,880
$
323,517
$
331,633
$
340,677
$
352,828
12%
Operating income (loss)
$
(412
)
$
(240
)
$
898
$
3,211
$
4,307
$
6,461
N/A
F/X impact -- favorable (unfavorable)
$
95
$
76
$
41
$
(7
)
$
(27
)
$
(13
)
N/A
Operating income (loss) -- Y/Y growth (decline), excluding F/X
(158
)%
53
%
N/A
N/A
N/A
N/A
N/A
Operating margin -- % of North America net sales
(0.5
)%
(0.3
)%
1.2
%
3.9
%
4.9
%
6.1
%
N/A
Operating income (loss) -- TTM
$
(2,813
)
$
(2,847
)
$
(381
)
$
3,457
$
8,176
$
14,877
N/A
Operating margin -- TTM % of North America net sales
(0.9
)%
(0.9
)%
(0.1
)%
1.0
%
2.4
%
4.2
%
N/A
International Segment:
Net sales
$
27,720
$
34,463
$
29,123
$
29,697
$
32,137
$
40,243
17%
Net sales -- Y/Y growth, excluding F/X
12
%
5
%
9
%
10
%
11
%
13
%
N/A
Net sales -- TTM
$
120,816
$
118,007
$
118,371
$
121,003
$
125,420
$
131,200
11%
Operating loss
$
(2,466
)
$
(2,228
)
$
(1,247
)
$
(895
)
$
(95
)
$
(419
)
(81)%
F/X impact -- favorable (unfavorable)
$
(216
)
$
(331
)
$
(174
)
$
32
$
228
$
160
N/A
Operating loss -- Y/Y growth (decline), excluding F/X
147
%
17
%
(16
)%
(48
)%
(87
)%
(74
)%
N/A
Operating margin -- % of International net sales
(8.9
)%
(6.5
)%
(4.3
)%
(3.0
)%
(0.3
)%
(1.0
)%
N/A
Operating loss -- TTM
$
(7,145
)
$
(7,746
)
$
(7,712
)
$
(6,836
)
$
(4,465
)
$
(2,656
)
(66)%
Operating margin -- TTM % of International net sales
(5.9
)%
(6.6
)%
(6.5
)%
(5.6
)%
(3.6
)%
(2.0
)%
N/A
AWS Segment:
Net sales
$
20,538
$
21,378
$
21,354
$
22,140
$
23,059
$
24,204
13%
Net sales -- Y/Y growth, excluding F/X
28
%
20
%
16
%
12
%
12
%
13
%
N/A
Net sales -- TTM
$
76,498
$
80,096
$
83,009
$
85,410
$
87,931
$
90,757
13%
Operating income
$
5,403
$
5,205
$
5,123
$
5,365
$
6,976
$
7,167
38%
F/X impact -- favorable (unfavorable)
$
478
$
468
$
272
$
79
$
(69
)
$
(62
)
N/A
Operating income -- Y/Y growth (decline), excluding F/X
1
%
(10
)%
(26
)%
(8
30
%
39
%
N/A
Operating margin -- % of AWS net sales
26.3
%
24.3
%
24.0
%
24.2
%
30.3
%
29.6
%
N/A
Operating income -- TTM
$
22,929
$
22,841
$
21,446
$
21,096
$
22,669
$
24,631
8%
Operating margin -- TTM % of AWS net sales
30.0
%
28.5
%
25.8
%
24.7
%
25.8
%
27.1
%
N/A
AMAZON.COM, INC.
Supplemental Financial Information and Business Metrics
(in millions, except employee data)
(unaudited)
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Y/Y %
Change
Net Sales
Online stores (1)
$
53,489
$
64,531
$
51,096
$
52,966
$
57,267
$
70,543
9%
Online stores -- Y/Y growth, excluding F/X
13
%
2
%
3
%
5
%
6
%
8
%
N/A
Physical stores (2)
$
4,694
$
4,957
$
4,895
$
5,024
$
4,959
$
5,152
4%
Physical stores -- Y/Y growth, excluding F/X
10
%
6
%
7
%
7
%
6
%
4
%
N/A
Third-party seller services (3)
$
28,666
$
36,339
$
29,820
$
32,332
$
34,342
$
43,559
20%
Third-party seller services -- Y/Y growth, excluding F/X
23
%
24
%
20
%
18
%
18
%
19
%
N/A
Advertising services (4)
$
9,548
$
11,557
$
9,509
$
10,683
$
12,060
$
14,654
27%
Advertising services -- Y/Y growth, excluding F/X
30
%
23
%
23
%
22
%
25
%
26
%
N/A
Subscription services (5)
$
8,903
$
9,189
$
9,657
$
9,894
$
10,170
$
10,488
14%
Subscription services -- Y/Y growth, excluding F/X
14
%
17
%
17
%
14
%
13
%
13
%
N/A
AWS
$
20,538
$
21,378
$
21,354
$
22,140
$
23,059
$
24,204
13%
AWS -- Y/Y growth, excluding F/X
28
%
20
%
16
%
12
%
12
%
13
%
N/A
Other (6)
$
1,263
$
1,253
$
1,027
$
1,344
$
1,226
$
1,361
9%
Other -- Y/Y growth (decline), excluding F/X
168
%
80
%
57
%
26
%
(3
)%
8
%
N/A
Stock-based Compensation Expense
Cost of sales
$
190
$
208
$
165
$
251
$
193
$
227
9%
Fulfillment
$
727
$
757
$
603
$
932
$
732
$
823
9%
Technology and infrastructure
$
3,036
$
3,126
$
2,574
$
4,043
$
3,284
$
3,533
13%
Sales and marketing
$
1,128
$
1,092
$
993
$
1,303
$
1,111
$
1,216
11%
General and administrative
$
475
$
423
$
413
$
598
$
509
$
520
23%
Total stock-based compensation expense
$
5,556
$
5,606
$
4,748
$
7,127
$
5,829
$
6,319
13%
Other
WW shipping costs
$
19,942
$
24,714
$
19,937
$
20,418
$
21,799
$
27,326
11%
WW shipping costs -- Y/Y growth
10
%
4
%
2
%
6
%
9
%
11
%
N/A
WW paid units -- Y/Y growth (7)
11
%
8
%
8
%
9
%
9
%
12
%
N/A
WW seller unit mix -- % of WW paid units (7)
58
%
59
%
59
%
60
%
60
%
61
%
N/A
Employees (full-time and part-time; excludes contractors & temporary personnel)
1,544,000
1,541,000
1,465,000
1,461,000
1,500,000
1,525,000
(1)%
Employees (full-time and part-time; excludes contractors & temporary personnel) -- Y/Y growth (decline)
5
%
(4
)%
(10
)%
(4
)%
(3
)%
(1
)%
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 certain licensing and distribution of video content, health care services, and shipping services, and our co-branded credit card agreements.
(7)
Excludes the impact of Whole Foods Market.
Amazon.com, Inc.
Customer Accounts
Seller Accounts
AWS Customers
Units
Source: Amazon.com, Inc. Multimedia Files:News release details
)%
Certain Definitions