Amazon.com, Inc. (NASDAQ:AMZN) today announced financial results
for its second quarter ended June 30, 2024.
- Net sales increased 10% to $148.0 billion in the second
quarter, compared with $134.4 billion in second quarter 2023.
Excluding the $1.0 billion unfavorable impact from year-over-year
changes in foreign exchange rates throughout the quarter, net sales
increased 11% compared with second quarter 2023.
- North America segment sales increased 9% year-over-year to
$90.0 billion.
- International segment sales increased 7% year-over-year to
$31.7 billion, or increased 10% excluding changes in foreign
exchange rates.
- AWS segment sales increased 19% year-over-year to $26.3
billion.
- Operating income increased to $14.7 billion in the
second quarter, compared with $7.7 billion in second quarter 2023.
- North America segment operating income was $5.1 billion,
compared with operating income of $3.2 billion in second quarter
2023.
- International segment operating income was $0.3 billion,
compared with an operating loss of $0.9 billion in second quarter
2023.
- AWS segment operating income was $9.3 billion, compared with
operating income of $5.4 billion in second quarter 2023.
- Net income increased to $13.5 billion in the second
quarter, or $1.26 per diluted share, compared with $6.7 billion, or
$0.65 per diluted share, in second quarter 2023.
- Second quarter 2024 net income includes a pre-tax valuation
gain of $0.4 billion included in non-operating income (expense)
from the common stock investment in Rivian Automotive, Inc.,
compared to a pre-tax valuation gain of $0.2 billion from the
investment in second quarter 2023.
- Operating cash flow increased 75% to $108.0 billion for
the trailing twelve months, compared with $61.8 billion for the
trailing twelve months ended June 30, 2023.
- Free cash flow increased to $53.0 billion for the
trailing twelve months, compared with $7.9 billion for the trailing
twelve months ended June 30, 2023.
- Free cash flow less principal repayments of finance leases
and financing obligations increased to $49.6 billion for the
trailing twelve months, compared with $1.9 billion for the trailing
twelve months ended June 30, 2023.
- Free cash flow less equipment finance leases and principal
repayments of all other finance leases and financing
obligations increased to $51.4 billion for the trailing twelve
months, compared with $6.7 billion for the trailing twelve months
ended June 30, 2023.
“We’re continuing to make progress on a number of dimensions,
but perhaps none more so than the continued reacceleration in AWS
growth,” said Andy Jassy, Amazon President & CEO. “As companies
continue to modernize their infrastructure and move to the cloud,
while also leveraging new Generative AI opportunities, AWS
continues to be customers’ top choice as we have much broader
functionality, superior security and operational performance, a
larger partner ecosystem, and AI capabilities like SageMaker for
model builders, Bedrock for those leveraging frontier models,
Trainium for those where the cost of compute for training and
inference matters, and Q for those wanting the most capable GenAI
assistant for not just coding, but also software development and
business integration.”
Some other highlights since the company’s last earnings
announcement include that Amazon:
- Held its 10th Prime Day, the biggest Prime Day shopping event
yet.
- Delivered to Prime members at its fastest speeds ever in the
first half of the year.
- Expanded selection, including brands like Aéropostale, Bumble
and bumble, and Kiehl’s.
- Announced that U.S. Prime members can enjoy a Grubhub+
membership worth $120 a year.
- Launched multiple AI-powered features for consumers, including
shopping assistant Rufus for all U.S. mobile customers, playlist
generator Maestro for Amazon Music, and a new search experience for
Fire TV.
- Launched Amazon’s Stores business in South Africa with same and
next-day delivery.
- Expanded Amazon Pharmacy’s RxPass program, which now offers
Prime members on Medicare unlimited consumption of 60 broadly-used
prescription medications for just $5 a month.
- Released 19 films and series from Amazon MGM Studios,
including:
- Fallout, the second most watched Original title worldwide ever
on Prime Video during its launch.
- Season 4 of The Boys, reaching No. 1 on Prime Video in over 165
countries in its first two weeks.
- The Idea of You, attracting ~50 million viewers in its first
two weeks on Prime Video.
- Earned 62 Primetime Emmy Award nominations, including 17 for
Fallout and 16 for Mr. and Mrs. Smith.
- Secured expansive streaming rights for the NBA for 11 seasons,
starting in 2025-26.
- Became the exclusive home of Monday Night National Hockey
League games in Canada.
- Launched Anthropic Claude 3.5 Sonnet, Meta Llama 3.1, and
Mistral Large 2 models in Amazon Bedrock.
- Shared that companies like AXA, DoorDash, Nasdaq, Rocket
Insurance, SAP, Thomson Reuters, Workday, WPP, and Zendesk
announced new applications built on Bedrock.
- Delivered new AWS Graviton4-based compute instances, providing
up to 30% better price-performance than the industry-leading AWS
Graviton3 instances.
- Signed new AWS agreements with Commonwealth Bank of Australia,
Databricks, Discover Financial Services, Eli Lilly and Company,
Experian, GE HealthCare, NetApp, Scopely, ServiceNow, Shutterfly,
and many others—as well as AI startups Perplexity, H Company, and
Observea.
- Announced an AUD $2 billion strategic partnership with the
Australian Government to provide a “Top Secret” AWS Cloud to
enhance the nation’s defense and intelligence capabilities.
- Added Austin and Miami to where self-driving robotaxi Zoox is
deploying its test fleet on public roads.
- Ranked No. 2 on LinkedIn’s Top Companies list and No. 1 in the
technology sector.
- Announced that all electricity consumed by Amazon’s operations,
including its data centers, was matched with 100% renewable energy
in 2023.
- Replaced 95% of plastic air pillows in Amazon’s delivery
packaging in North America with paper filler.
- Announced an additional $1.4 billion commitment to Amazon's
Housing Equity Fund for affordable homes.
For additional highlights from the quarter, visit
aboutamazon.com/q2-2024-earnings.
Financial Guidance
The following forward-looking statements reflect Amazon.com’s
expectations as of August 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.
Third Quarter 2024 Guidance
- Net sales are expected to be between $154.0 billion and $158.5
billion, or to grow between 8% and 11% compared with third quarter
2023. This guidance anticipates an unfavorable impact of
approximately 90 basis points from foreign exchange rates.
- Operating income is expected to be between $11.5 billion and
$15.0 billion, compared with $11.2 billion in third quarter
2023.
- This guidance assumes, among other things, that no additional
business acquisitions, restructurings, or legal settlements are
concluded.
Conference Call Information
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.
Forward-Looking Statements
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.
Additional Information
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,
2023
2024
2023
2024
2023
2024
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH, BEGINNING OF PERIOD
$
49,734
$
73,332
$
54,253
$
73,890
$
37,700
$
50,067
OPERATING ACTIVITIES:
Net income
6,750
13,485
9,922
23,916
13,072
44,419
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
11,589
12,038
22,712
23,722
45,724
49,673
Stock-based compensation
7,127
6,722
11,875
11,683
23,037
23,831
Non-operating expense (income), net
47
(95
)
581
2,639
2,754
1,310
Deferred income taxes
(2,744
)
(785
)
(3,216
)
(1,723
)
(7,408
)
(4,383
)
Changes in operating assets and
liabilities:
Inventories
(2,373
)
(3,085
)
(2,002
)
(1,309
)
1,910
2,142
Accounts receivable, net and other
(2,041
)
(2,209
)
2,683
1,475
(2,686
)
(9,556
)
Other assets
(3,126
)
(3,055
)
(6,329
)
(5,756
)
(14,542
)
(11,692
)
Accounts payable
3,029
6,005
(8,235
)
(5,277
)
391
8,431
Accrued expenses and other
(1,938
)
(4,147
)
(7,701
)
(7,075
)
(1,944
)
(1,802
)
Unearned revenue
156
407
974
1,975
1,533
5,579
Net cash provided by (used in) operating
activities
16,476
25,281
21,264
44,270
61,841
107,952
INVESTING ACTIVITIES:
Purchases of property and equipment
(11,455
)
(17,620
)
(25,662
)
(32,545
)
(58,632
)
(59,612
)
Proceeds from property and equipment sales
and incentives
1,043
1,227
2,180
2,217
4,669
4,633
Acquisitions, net of cash acquired,
non-marketable investments, and other
(316
)
(571
)
(3,829
)
(3,925
)
(5,545
)
(5,935
)
Sales and maturities of marketable
securities
1,551
3,265
2,666
4,657
8,906
7,618
Purchases of marketable securities
(496
)
(8,439
)
(834
)
(10,404
)
(1,306
)
(11,058
)
Net cash provided by (used in) investing
activities
(9,673
)
(22,138
)
(25,479
)
(40,000
)
(51,908
)
(64,354
)
FINANCING ACTIVITIES:
Proceeds from short-term debt, and
other
4,399
525
17,179
863
40,124
1,813
Repayments of short-term debt, and
other
(7,641
)
(229
)
(11,244
)
(633
)
(34,957
)
(15,066
)
Proceeds from long-term debt
—
—
—
—
8,342
—
Repayments of long-term debt
(2,000
)
(4,169
)
(3,386
)
(4,499
)
(4,643
)
(4,789
)
Principal repayments of finance leases
(1,220
)
(538
)
(2,600
)
(1,308
)
(5,705
)
(3,092
)
Principal repayments of financing
obligations
(77
)
(79
)
(134
)
(169
)
(244
)
(306
)
Net cash provided by (used in) financing
activities
(6,539
)
(4,490
)
(185
)
(5,746
)
2,917
(21,440
)
Foreign currency effect on cash, cash
equivalents, and restricted cash
69
(312
)
214
(741
)
(483
)
(552
)
Net increase (decrease) in cash, cash
equivalents, and restricted cash
333
(1,659
)
(4,186
)
(2,217
)
12,367
21,606
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH, END OF PERIOD
$
50,067
$
71,673
$
50,067
$
71,673
$
50,067
$
71,673
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on debt, net of
capitalized interest
$
954
$
680
$
1,356
$
949
$
2,289
$
2,201
Cash paid for operating leases
2,528
2,844
4,995
6,176
9,173
11,634
Cash paid for interest on finance
leases
77
72
158
146
330
296
Cash paid for interest on financing
obligations
41
50
100
114
194
210
Cash paid for income taxes, net of
refunds
3,735
5,700
4,354
6,158
6,791
12,983
Assets acquired under operating leases
4,104
3,911
7,730
7,664
19,254
13,986
Property and equipment acquired under
finance leases, net of remeasurements and modifications
240
181
248
223
696
617
Property and equipment recognized during
the construction period of build-to-suit lease arrangements
84
31
215
68
1,051
210
Property and equipment derecognized after
the construction period of build-to-suit lease arrangements, with
the associated leases recognized as operating
—
—
720
—
4,766
654
AMAZON.COM, INC.
Consolidated Statements of
Operations
(in millions, except per share
data)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2024
2023
2024
Net product sales
$
59,032
$
61,569
$
116,013
$
122,484
Net service sales
75,351
86,408
145,728
168,806
Total net sales
134,383
147,977
261,741
291,290
Operating expenses:
Cost of sales
69,373
73,785
137,164
146,418
Fulfillment
21,305
23,566
42,210
45,883
Technology and infrastructure
21,931
22,304
42,381
42,728
Sales and marketing
10,745
10,512
20,917
20,174
General and administrative
3,202
3,041
6,245
5,783
Other operating expense (income), net
146
97
369
325
Total operating expenses
126,702
133,305
249,286
261,311
Operating income
7,681
14,672
12,455
29,979
Interest income
661
1,180
1,272
2,173
Interest expense
(840
)
(589
)
(1,663
)
(1,233
)
Other income (expense), net
61
(18
)
(382
)
(2,691
)
Total non-operating income (expense)
(118
)
573
(773
)
(1,751
)
Income before income taxes
7,563
15,245
11,682
28,228
Provision for income taxes
(804
)
(1,767
)
(1,752
)
(4,234
)
Equity-method investment activity, net of
tax
(9
)
7
(8
)
(78
)
Net income
$
6,750
$
13,485
$
9,922
$
23,916
Basic earnings per share
$
0.66
$
1.29
$
0.97
$
2.30
Diluted earnings per share
$
0.65
$
1.26
$
0.95
$
2.24
Weighted-average shares used in
computation of earnings per share:
Basic
10,285
10,447
10,268
10,420
Diluted
10,449
10,708
10,398
10,689
AMAZON.COM, INC.
Consolidated Statements of
Comprehensive Income
(in millions)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2024
2023
2024
Net income
$
6,750
$
13,485
$
9,922
$
23,916
Other comprehensive income (loss):
Foreign currency translation adjustments,
net of tax of $(22), $58, $(32), and $88
264
(637
)
650
(1,733
)
Available-for-sale debt securities:
Change in net unrealized gains (losses),
net of tax of $(5), $(69), $(34), and $(227)
17
241
112
777
Less: reclassification adjustment for
losses included in “Other income (expense), net,” net of tax of
$(5), $(1), $(15), and $(1)
12
3
45
4
Net change
29
244
157
781
Other, net of tax of $0, $(1), $0, and
$(2)
—
(2
)
—
(1
)
Total other comprehensive income
(loss)
293
(395
)
807
(953
)
Comprehensive income
$
7,043
$
13,090
$
10,729
$
22,963
AMAZON.COM, INC.
Segment Information
(in millions)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2024
2023
2024
North America
Net sales
$
82,546
$
90,033
$
159,427
$
176,374
Operating expenses
79,335
84,968
155,318
166,326
Operating income
$
3,211
$
5,065
$
4,109
$
10,048
International
Net sales
$
29,697
$
31,663
$
58,820
$
63,598
Operating expenses
30,592
31,390
60,962
62,422
Operating income (loss)
$
(895
)
$
273
$
(2,142
)
$
1,176
AWS
Net sales
$
22,140
$
26,281
$
43,494
$
51,318
Operating expenses
16,775
16,947
33,006
32,563
Operating income
$
5,365
$
9,334
$
10,488
$
18,755
Consolidated
Net sales
$
134,383
$
147,977
$
261,741
$
291,290
Operating expenses
126,702
133,305
249,286
261,311
Operating income
7,681
14,672
12,455
29,979
Total non-operating income (expense)
(118
)
573
(773
)
(1,751
)
Provision for income taxes
(804
)
(1,767
)
(1,752
)
(4,234
)
Equity-method investment activity, net of
tax
(9
)
7
(8
)
(78
)
Net income
$
6,750
$
13,485
$
9,922
$
23,916
Segment Highlights:
Y/Y net sales growth:
North America
11
%
9
%
11
%
11
%
International
10
7
5
8
AWS
12
19
14
18
Consolidated
11
10
10
11
Net sales mix:
North America
61
%
61
%
61
%
60
%
International
22
21
22
22
AWS
17
18
17
18
Consolidated
100
%
100
%
100
%
100
%
AMAZON.COM, INC.
Consolidated Balance
Sheets
(in millions, except per share
data)
(unaudited)
December 31, 2023
June 30, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
73,387
$
71,178
Marketable securities
13,393
17,914
Inventories
33,318
34,109
Accounts receivable, net and other
52,253
50,106
Total current assets
172,351
173,307
Property and equipment, net
204,177
220,717
Operating leases
72,513
74,575
Goodwill
22,789
22,879
Other assets
56,024
63,340
Total assets
$
527,854
$
554,818
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
84,981
$
81,817
Accrued expenses and other
64,709
60,351
Unearned revenue
15,227
16,004
Total current liabilities
164,917
158,172
Long-term lease liabilities
77,297
78,084
Long-term debt
58,314
54,889
Other long-term liabilities
25,451
27,226
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 11,005 shares issued; 10,383 and
10,490 shares outstanding)
109
110
Treasury stock, at cost
(7,837
)
(7,837
)
Additional paid-in capital
99,025
110,633
Accumulated other comprehensive income
(loss)
(3,040
)
(3,993
)
Retained earnings
113,618
137,534
Total stockholders’ equity
201,875
236,447
Total liabilities and stockholders’
equity
$
527,854
$
554,818
AMAZON.COM, INC.
Supplemental Financial
Information and Business Metrics
(in millions, except per share
data)
(unaudited)
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Y/Y %
Change
Cash Flows and Shares
Operating cash flow -- trailing twelve
months (TTM)
$
54,330
$
61,841
$
71,654
$
84,946
$
99,147
$
107,952
75
%
Operating cash flow -- TTM Y/Y growth
38
%
74
%
81
%
82
%
82
%
75
%
N/A
Purchases of property and equipment, net
of proceeds from sales and incentives -- TTM
$
57,649
$
53,963
$
50,220
$
48,133
$
48,998
$
54,979
2
%
Principal repayments of finance leases --
TTM
$
6,544
$
5,705
$
5,245
$
4,384
$
3,774
$
3,092
(46
)%
Principal repayments of financing
obligations -- TTM
$
226
$
244
$
260
$
271
$
304
$
306
25
%
Equipment acquired under finance leases --
TTM (1)
$
285
$
269
$
239
$
310
$
306
$
425
58
%
Principal repayments of all other finance
leases -- TTM (2)
$
625
$
631
$
694
$
683
$
761
$
794
26
%
Free cash flow -- TTM (3)
$
(3,319
)
$
7,878
$
21,434
$
36,813
$
50,149
$
52,973
572
%
Free cash flow less principal repayments
of finance leases and financing obligations -- TTM (4)
$
(10,089
)
$
1,929
$
15,929
$
32,158
$
46,071
$
49,575
N/A
Free cash flow less equipment finance
leases and principal repayments of all other finance leases and
financing obligations -- TTM (5)
$
(4,455
)
$
6,734
$
20,241
$
35,549
$
48,778
$
51,448
664
%
Common shares and stock-based awards
outstanding
10,625
10,794
10,792
10,788
10,788
10,871
1
%
Common shares outstanding
10,258
10,313
10,330
10,383
10,403
10,490
2
%
Stock-based awards outstanding
367
481
462
406
385
381
(21
)%
Stock-based awards outstanding -- % of
common shares outstanding
3.6
%
4.7
%
4.5
%
3.9
%
3.7
%
3.6
%
N/A
Results of Operations
Worldwide (WW) net sales
$
127,358
$
134,383
$
143,083
$
169,961
$
143,313
$
147,977
10
%
WW net sales -- Y/Y growth, excluding
F/X
11
%
11
%
11
%
13
%
13
%
11
%
N/A
WW net sales -- TTM
$
524,897
$
538,046
$
554,028
$
574,785
$
590,740
$
604,334
12
%
WW net sales -- TTM Y/Y growth, excluding
F/X
13
%
13
%
12
%
12
%
12
%
12
%
N/A
Operating income
$
4,774
$
7,681
$
11,188
$
13,209
$
15,307
$
14,672
91
%
F/X impact -- favorable
$
139
$
104
$
132
$
85
$
72
$
29
N/A
Operating income -- Y/Y growth, excluding
F/X
26
%
128
%
338
%
379
%
219
%
91
%
N/A
Operating margin -- % of WW net sales
3.7
%
5.7
%
7.8
%
7.8
%
10.7
%
9.9
%
N/A
Operating income -- TTM
$
13,353
$
17,717
$
26,380
$
36,852
$
47,385
$
54,376
207
%
Operating income -- TTM Y/Y growth
(decline), excluding F/X
(37
)%
10
%
99
%
197
%
252
%
205
%
N/A
Operating margin -- TTM % of WW net
sales
2.5
%
3.3
%
4.8
%
6.4
%
8.0
%
9.0
%
N/A
Net income
$
3,172
$
6,750
$
9,879
$
10,624
$
10,431
$
13,485
100
%
Net income per diluted share
$
0.31
$
0.65
$
0.94
$
1.00
$
0.98
$
1.26
95
%
Net income -- TTM
$
4,294
$
13,072
$
20,079
$
30,425
$
37,684
$
44,419
240
%
Net income per diluted share -- TTM
$
0.42
$
1.26
$
1.93
$
2.90
$
3.56
$
4.18
229
%
(1)
For the twelve months ended June 30, 2023
and 2024, this amount relates to equipment included in “Property
and equipment acquired under finance leases, net of remeasurements
and modifications” of $696 million and $617 million.
(2)
For the twelve months ended June 30, 2023
and 2024, this amount relates to property included in “Principal
repayments of finance leases” of $5,705 million and $3,092
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)
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Y/Y %
Change
Segments
North America Segment:
Net sales
$
76,881
$
82,546
$
87,887
$
105,514
$
86,341
$
90,033
9
%
Net sales -- Y/Y growth, excluding F/X
11
%
11
%
11
%
13
%
12
%
9
%
N/A
Net sales -- TTM
$
323,517
$
331,633
$
340,677
$
352,828
$
362,288
$
369,775
12
%
Operating income
$
898
$
3,211
$
4,307
$
6,461
$
4,983
$
5,065
58
%
F/X impact -- favorable (unfavorable)
$
41
$
(7
)
$
(27
)
$
(13
)
$
8
$
8
N/A
Operating income -- Y/Y growth, excluding
F/X
N/A
N/A
N/A
N/A
454
%
58
%
N/A
Operating margin -- % of North America net
sales
1.2
%
3.9
%
4.9
%
6.1
%
5.8
%
5.6
%
N/A
Operating income (loss) -- TTM
$
(381
)
$
3,457
$
8,176
$
14,877
$
18,962
$
20,816
502
%
Operating margin -- TTM % of North America
net sales
(0.1
)%
1.0
%
2.4
%
4.2
%
5.2
%
5.6
%
N/A
International Segment:
Net sales
$
29,123
$
29,697
$
32,137
$
40,243
$
31,935
$
31,663
7
%
Net sales -- Y/Y growth, excluding F/X
9
%
10
%
11
%
13
%
11
%
10
%
N/A
Net sales -- TTM
$
118,371
$
121,003
$
125,420
$
131,200
$
134,012
$
135,978
12
%
Operating income (loss)
$
(1,247
)
$
(895
)
$
(95
)
$
(419
)
$
903
$
273
N/A
F/X impact -- favorable (unfavorable)
$
(174
)
$
32
$
228
$
160
$
(3
)
$
(94
)
N/A
Operating income (loss) -- Y/Y growth
(decline), excluding F/X
(16
)%
(48
)%
(87
)%
(74
)%
N/A
N/A
N/A
Operating margin -- % of International net
sales
(4.3
)%
(3.0
)%
(0.3
)%
(1.0
)%
2.8
%
0.9
%
N/A
Operating income (loss) -- TTM
$
(7,712
)
$
(6,836
)
$
(4,465
)
$
(2,656
)
$
(506
)
$
662
N/A
Operating margin -- TTM % of International
net sales
(6.5
)%
(5.6
)%
(3.6
)%
(2.0
)%
(0.4
)%
0.5
%
N/A
AWS Segment:
Net sales
$
21,354
$
22,140
$
23,059
$
24,204
$
25,037
$
26,281
19
%
Net sales -- Y/Y growth, excluding F/X
16
%
12
%
12
%
13
%
17
%
19
%
N/A
Net sales -- TTM
$
83,009
$
85,410
$
87,931
$
90,757
$
94,440
$
98,581
15
%
Operating income
$
5,123
$
5,365
$
6,976
$
7,167
$
9,421
$
9,334
74
%
F/X impact -- favorable (unfavorable)
$
272
$
79
$
(69
)
$
(62
)
$
67
$
115
N/A
Operating income -- Y/Y growth (decline),
excluding F/X
(26
)%
(8
)%
30
%
39
%
83
%
72
%
N/A
Operating margin -- % of AWS net sales
24.0
%
24.2
%
30.3
%
29.6
%
37.6
%
35.5
%
N/A
Operating income -- TTM
$
21,446
$
21,096
$
22,669
$
24,631
$
28,929
$
32,898
56
%
Operating margin -- TTM % of AWS net
sales
25.8
%
24.7
%
25.8
%
27.1
%
30.6
%
33.4
%
N/A
AMAZON.COM, INC.
Supplemental Financial
Information and Business Metrics
(in millions, except employee
data)
(unaudited)
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Y/Y %
Change
Net Sales
Online stores (1)
$
51,096
$
52,966
$
57,267
$
70,543
$
54,670
$
55,392
5
%
Online stores -- Y/Y growth, excluding
F/X
3
%
5
%
6
%
8
%
7
%
6
%
N/A
Physical stores (2)
$
4,895
$
5,024
$
4,959
$
5,152
$
5,202
$
5,206
4
%
Physical stores -- Y/Y growth, excluding
F/X
7
%
7
%
6
%
4
%
6
%
4
%
N/A
Third-party seller services (3)
$
29,820
$
32,332
$
34,342
$
43,559
$
34,596
$
36,201
12
%
Third-party seller services -- Y/Y growth,
excluding F/X
20
%
18
%
18
%
19
%
16
%
13
%
N/A
Advertising services (4)
$
9,509
$
10,683
$
12,060
$
14,654
$
11,824
$
12,771
20
%
Advertising services -- Y/Y growth,
excluding F/X
23
%
22
%
25
%
26
%
24
%
20
%
N/A
Subscription services (5)
$
9,657
$
9,894
$
10,170
$
10,488
$
10,722
$
10,866
10
%
Subscription services -- Y/Y growth,
excluding F/X
17
%
14
%
13
%
13
%
11
%
11
%
N/A
AWS
$
21,354
$
22,140
$
23,059
$
24,204
$
25,037
$
26,281
19
%
AWS -- Y/Y growth, excluding F/X
16
%
12
%
12
%
13
%
17
%
19
%
N/A
Other (6)
$
1,027
$
1,344
$
1,226
$
1,361
$
1,262
$
1,260
(6
)%
Other -- Y/Y growth (decline), excluding
F/X
57
%
26
%
(3
)%
8
%
23
%
(6
)%
N/A
Stock-based Compensation
Expense
Cost of sales
$
165
$
251
$
193
$
227
$
174
$
266
6
%
Fulfillment
$
603
$
932
$
732
$
823
$
636
$
944
1
%
Technology and infrastructure
$
2,574
$
4,043
$
3,284
$
3,533
$
2,772
$
3,670
(9
)%
Sales and marketing
$
993
$
1,303
$
1,111
$
1,216
$
932
$
1,224
(6
)%
General and administrative
$
413
$
598
$
509
$
520
$
447
$
618
3
%
Total stock-based compensation expense
$
4,748
$
7,127
$
5,829
$
6,319
$
4,961
$
6,722
(6
)%
Other
WW shipping costs
$
19,937
$
20,418
$
21,799
$
27,326
$
21,834
$
21,965
8
%
WW shipping costs -- Y/Y growth
2
%
6
%
9
%
11
%
10
%
8
%
N/A
WW paid units -- Y/Y growth (7)
8
%
9
%
9
%
12
%
12
%
11
%
N/A
WW seller unit mix -- % of WW paid units
(7)
59
%
60
%
60
%
61
%
61
%
61
%
N/A
Employees (full-time and part-time;
excludes contractors & temporary personnel)
1,465,000
1,461,000
1,500,000
1,525,000
1,521,000
1,532,000
5
%
Employees (full-time and part-time;
excludes contractors & temporary personnel) -- Y/Y growth
(decline)
(10
)%
(4
)%
(3
)%
(1
)%
4
%
5
%
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
- References to customers mean customer accounts established when
a customer places an order through one of our stores. Customer
accounts exclude certain customers, including customers associated
with certain of our acquisitions, Amazon Payments customers, AWS
customers, and the customers of select companies with whom we have
a technology alliance or marketing and promotional relationship.
Customers are considered active when they have placed an order
during the preceding twelve-month period.
Seller Accounts
- References to sellers means seller accounts, which are
established when a seller receives an order from a customer
account. Sellers are considered active when they have received an
order from a customer during the preceding twelve-month
period.
AWS Customers
- References to AWS customers mean unique AWS customer accounts,
which are unique customer account IDs that are eligible to use AWS
services. This includes AWS accounts in the AWS free tier. Multiple
users accessing AWS services via one account ID are counted as a
single account. Customers are considered active when they have had
AWS usage activity during the preceding one-month period.
Units
- References to units mean physical and digital units sold (net
of returns and cancellations) by us and sellers in our stores as
well as Amazon-owned items sold in other stores. Units sold are
paid units and do not include units associated with AWS, certain
acquisitions, certain subscriptions, rental businesses, or
advertising businesses, or Amazon gift cards.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240731312365/en/
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