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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
_________________________ 
FORM 8-K
_________________________ 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
August 1, 2024
Date of Report
(Date of earliest event reported)
 _________________________
AMAZON.COM, INC.
(Exact name of registrant as specified in its charter)
_________________________ 
Delaware 000-22513 91-1646860
(State or other jurisdiction of
incorporation)		 (Commission File Number) (IRS Employer Identification No.)
410 Terry Avenue North, Seattle, Washington 98109-5210
(Address of principal executive offices, including Zip Code)
(206) 266-1000
(Registrant’s telephone number, including area code)
_________________________ 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, par value $.01 per share AMZN Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 ☐

Table of Contents
TABLE OF CONTENTS
 
EXHIBIT 99.1
EXHIBIT 99.2

Table of Contents
ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On August 1, 2024, Amazon.com, Inc. announced its second quarter 2024 financial results. A copy of the press release containing the announcement is included as Exhibit 99.1 and additional information regarding the inclusion of non-GAAP financial measures in certain of Amazon.com, Inc.’s public disclosures, including its second quarter 2024 financial results announcement, is included as Exhibit 99.2. Both of these exhibits are incorporated herein by reference.
ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
 
Exhibit
Number		 Description
99.1
99.2
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101).
3

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
AMAZON.COM, INC. (REGISTRANT)
By: /s/ Brian T. Olsavsky
Brian T. Olsavsky
Senior Vice President and
Chief Financial Officer
Dated: August 1, 2024
4

EX-99.1 2 amzn-20240630xex991.htm EX-99.1 Document

Exhibit 99.1
 amazonlogorgba09.jpg
AMAZON.COM ANNOUNCES SECOND QUARTER RESULTS

SEATTLE—(BUSINESS WIRE) August 1, 2024—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.

Contacts:
Amazon Investor Relations   Amazon Public Relations
amazon-ir@amazon.com   amazon-pr@amazon.com
amazon.com/ir   amazon.com/pr

EX-99.2 3 amzn-20240630xex992.htm EX-99.2 Document

Exhibit 99.2
Non-GAAP Financial Measures
Regulation G, Conditions for Use of Non-GAAP Financial Measures, and other SEC regulations define and prescribe the conditions for use of certain non-GAAP financial information. Our measures of free cash flows and the effect of foreign exchange rates on our consolidated statements of operations meet the definition of non-GAAP financial measures.
We provide multiple measures of free cash flows because we believe these measures provide additional perspective on the impact of acquiring property and equipment with cash and through finance leases and financing obligations.
Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, net of proceeds from sales and incentives.”
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.”
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.” All other finance lease liabilities and financing obligations consists of property. In this measure, equipment acquired under finance leases is reflected as if these assets had been purchased with cash, which is not the case as these assets have been leased.
All of these free cash flows measures have limitations as they omit certain components of the overall cash flow statement and do not represent the residual cash flow available for discretionary expenditures. For example, these measures of free cash flows do not incorporate the portion of payments representing principal reductions of debt or cash payments for business acquisitions. Additionally, our mix of property and equipment acquisitions with cash or other financing options may change over time. Therefore, we believe it is important to view free cash flows measures only as a complement to our entire consolidated statements of cash flows.
For a quantitative reconciliation of our free cash flow measures to the most directly comparable amounts reported in accordance with GAAP, see “Supplemental Financial Information and Business Metrics” in Exhibit 99.1 to this Current Report on Form 8-K.
The effect on our consolidated statements of operations from changes in foreign exchange rates versus the U.S. Dollar is also a non-GAAP financial measure. Information regarding the effect of foreign exchange rates, versus the U.S. Dollar, on our consolidated statements of operations is provided to show reported period operating results had the foreign exchange rates remained the same as those in effect in the comparable prior year period. We include various measures on both an as-reported basis and a basis showing the effect of changes in foreign exchange rates versus the U.S. Dollar in “Supplemental Financial Information and Business Metrics” in Exhibit 99.1 to this Current Report on Form 8-K.