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Amazon.com Announces First Quarter Sales up 23% to $35.7 Billion

April 27, 2017 4:01 PM

SEATTLE--(BUSINESS WIRE)-- Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its first quarter ended March 31, 2017.

Operating cash flow increased 53% to $17.6 billion for the trailing twelve months, compared with $11.6 billion for the trailing twelve months ended March 31, 2016. Free cash flow increased to $10.2 billion for the trailing twelve months, compared with $6.7 billion for the trailing twelve months ended March 31, 2016. Free cash flow less lease principal repayments increased to $6.2 billion for the trailing twelve months, compared with $3.8 billion for the trailing twelve months ended March 31, 2016. Free cash flow less finance lease principal repayments and assets acquired under capital leases increased to $3.3 billion for the trailing twelve months, compared with $1.9 billion for the trailing twelve months ended March 31, 2016.

Common shares outstanding plus shares underlying stock-based awards totaled 497 million on March 31, 2017, compared with 490 million one year ago.

Net sales increased 23% to $35.7 billion in the first quarter, compared with $29.1 billion in first quarter 2016. Excluding the $492 million unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 24% compared with first quarter 2016.

Operating income decreased 6% to $1.0 billion in the first quarter, compared with operating income of $1.1 billion in first quarter 2016.

Net income was $724 million in the first quarter, or $1.48 per diluted share, compared with net income of $513 million, or $1.07 per diluted share, in first quarter 2016.

“Our India team is moving fast and delivering for customers and sellers. The team has increased Prime selection by 75% since launching the program nine months ago, increased fulfillment capacity for sellers by 26% already this year, announced 18 Indian Original TV series, and just last week introduced a Fire TV Stick optimized for Indian customers with integrated voice search in English and Hindi,” said Jeff Bezos, Amazon founder and CEO. “We’re grateful that customers are responding — Amazon.in is the most visited and the fastest growing marketplace in India. It’s still Day 1 for e-commerce in India, and I assure you that we’ll keep investing in technology and infrastructure while working hard to invent on behalf of our customers and small and medium businesses in India.”

Highlights

Financial Guidance

The following forward-looking statements reflect Amazon.com’s expectations as of April 27, 2017, and are subject to substantial uncertainty. Our results are inherently unpredictable and may be materially affected by many factors, such as fluctuations in foreign exchange rates, changes in global economic conditions and customer spending, world events, the rate of growth of the Internet, online commerce, and cloud services, and the various factors detailed below.

Second Quarter 2017 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 www.amazon.com/ir. This call will contain forward-looking statements and other material information regarding the Company’s financial and operating results.

These forward-looking statements are inherently difficult to predict. Actual results could differ materially for a variety of reasons, including, in addition to the factors discussed above, the amount that Amazon.com invests in new business opportunities and the timing of those investments, the mix of products and services sold to customers, the mix of net sales derived from products as compared with services, the extent to which we owe income or other taxes, competition, management of growth, potential fluctuations in operating results, international growth and expansion, the outcomes of legal proceedings and claims, fulfillment, sortation, delivery, and data center optimization, risks of inventory management, seasonality, the degree to which the Company enters into, maintains, and develops commercial agreements, acquisitions and strategic transactions, payments risks, and risks of fulfillment throughput and productivity. Other risks and uncertainties include, among others, risks related to new products, services, and technologies, system interruptions, government regulation and taxation, and fraud. In addition, the current global economic climate amplifies 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 www.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 and social media postings, 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. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit www.amazon.com/about and follow @AmazonNews.

AMAZON.COM, INC.
Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Three Months Ended Twelve Months Ended
March 31, March 31,
2016 2017 2016 2017
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD $ 15,890 $ 19,334 $ 10,237 $ 12,470
OPERATING ACTIVITIES:
Net income 513 724 1,166 2,583
Adjustments to reconcile net income to net cash from operating activities:
Depreciation of property and equipment, including internal-use software and website development, and other amortization, including capitalized content costs 1,827 2,435 6,682 8,725
Stock-based compensation 544 792 2,257 3,223
Other operating expense, net 43 42 155 157
Other expense (income), net (50 ) (40 ) 108 (10 )
Deferred income taxes 11 (22 ) 94 (279 )
Changes in operating assets and liabilities:
Inventories 769 947 (2,138 ) (1,249 )
Accounts receivable, net and other 412 994 (1,784 ) (2,785 )
Accounts payable (5,770 ) (6,865 ) 2,773 3,935
Accrued expenses and other (956 ) (1,404 ) 893 1,277
Additions to unearned revenue 2,814 4,054 8,412 13,171
Amortization of previously unearned revenue (2,110 ) (3,247 ) (7,055 ) (11,114 )
Net cash provided by (used in) operating activities (1) (1,953 ) (1,590 ) 11,563 17,634
INVESTING ACTIVITIES:
Purchases of property and equipment, including internal-use software and website development, net (1,179 ) (1,861 ) (4,897 ) (7,417 )
Acquisitions, net of cash acquired, and other (16 ) (45 ) (446 ) (146 )
Sales and maturities of marketable securities 1,138 1,910 3,788 5,505
Purchases of marketable securities (636 ) (1,620 ) (3,741 ) (8,740 )
Net cash provided by (used in) investing activities (693 ) (1,616 ) (5,296 ) (10,798 )
FINANCING ACTIVITIES:
Proceeds from long-term debt and other 9 24 179 636
Repayments of long-term debt and other (175 ) (69 ) (1,512 ) (247 )
Principal repayments of capital lease obligations (801 ) (832 ) (2,761 ) (3,891 )
Principal repayments of finance lease obligations (29 ) (37 ) (111 ) (155 )
Net cash provided by (used in) financing activities (1) (996 ) (914 ) (4,205 ) (3,657 )
Foreign currency effect on cash and cash equivalents 222 226 171 (209 )
Net increase (decrease) in cash and cash equivalents (3,420 ) (3,894 ) 2,233 2,970
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 12,470 $ 15,440 $ 12,470 $ 15,440
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on long-term debt $ 2 $ 4 $ 310 $ 292
Cash paid for interest on capital and finance lease obligations 47 61 168 220
Cash paid for income taxes, net of refunds 139 246 357 520
Property and equipment acquired under capital leases 875 1,888 4,638 6,717
Property and equipment acquired under build-to-suit leases 351 1,200 793 2,057

________________________

(1) As a result of the adoption of new accounting guidance, we retrospectively adjusted our consolidated statements of cash flows to reclassify excess tax benefits of $207 million for the three-months ended March 31, 2016 and $305 million for the twelve-months ended March 31, 2016 from financing activities to operating activities.
AMAZON.COM, INC.
Consolidated Statements of Operations
(in millions, except per share data)
(unaudited)
Three Months Ended
March 31,
2016 2017
Net product sales $ 20,581 $ 23,734
Net service sales 8,547 11,980
Total net sales 29,128 35,714
Operating expenses:
Cost of sales 18,866 22,440
Fulfillment 3,687 4,697
Marketing 1,436 1,920
Technology and content 3,526 4,813
General and administrative 497 795
Other operating expense, net 45 44
Total operating expenses 28,057 34,709
Operating income 1,071 1,005
Interest income 21 39
Interest expense (117 ) (139 )
Other income (expense), net 81 48
Total non-operating income (expense) (15 ) (52 )
Income before income taxes 1,056 953
Provision for income taxes (475 ) (229 )
Equity-method investment activity, net of tax (68 ) —
Net income $ 513 $ 724
Basic earnings per share $ 1.09 $ 1.52
Diluted earnings per share $ 1.07 $ 1.48
Weighted-average shares used in computation of earnings per share:
Basic 471 477
Diluted 481 490
AMAZON.COM, INC.
Consolidated Statements of Comprehensive Income
(in millions)
(unaudited)
Three Months Ended
March 31,
2016 2017
Net income $ 513 $ 724
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $(24) and ($13) 102 187
Net change in unrealized gains (losses) on available-for-sale securities:
Unrealized gains (losses), net of tax of $0 and $(1) 6 (2 )
Reclassification adjustment for losses (gains) included in “Other income (expense), net,” net of tax of $(1) and $0 1 3
Net unrealized gains (losses) on available-for-sale securities 7 1
Total other comprehensive income (loss) 109 188
Comprehensive income $ 622 $ 912
AMAZON.COM, INC.
Segment Information
(in millions)
(unaudited)
Three Months Ended
March 31,
2016 2017
North America
Net sales $ 16,996 $ 20,992
Operating expenses 16,408 20,396
Operating income $ 588 $ 596
International
Net sales $ 9,566 $ 11,061
Operating expenses 9,687 11,542
Operating income (loss) $ (121 ) $ (481 )
AWS
Net sales $ 2,566 $ 3,661
Operating expenses 1,962 2,771
Operating income $ 604 $ 890
Consolidated
Net sales $ 29,128 $ 35,714
Operating expenses 28,057 34,709
Operating income 1,071 1,005
Total non-operating income (expense) (15 ) (52 )
Provision for income taxes (475 ) (229 )
Equity-method investment activity, net of tax (68 ) —
Net income $ 513 $ 724
Segment Highlights:
Y/Y net sales growth:
North America 27 % 24 %
International 24 16
AWS 64 43
Consolidated 28 23
Net sales mix:
North America 58 % 59 %
International 33 31
AWS 9 10
Consolidated 100 % 100 %
AMAZON.COM, INC.
Consolidated Balance Sheets
(in millions, except per share data)
December 31, 2016 March 31, 2017
(unaudited)

ASSETS

Current assets:
Cash and cash equivalents $ 19,334 $ 15,440
Marketable securities 6,647 6,091
Inventories 11,461 10,600
Accounts receivable, net and other 8,339 7,329
Total current assets 45,781 39,460
Property and equipment, net 29,114 32,632
Goodwill 3,784 3,823
Other assets 4,723 5,054
Total assets $ 83,402 $ 80,969

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable $ 25,309 $ 18,891
Accrued expenses and other 13,739 13,054
Unearned revenue 4,768 5,454
Total current liabilities 43,816 37,399
Long-term debt 7,694 7,691
Other long-term liabilities 12,607 14,205
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value:
Authorized shares — 500
Issued and outstanding shares — none — —
Common stock, $0.01 par value:
Authorized shares — 5,000
Issued shares — 500 and 501
Outstanding shares — 477 and 478 5 5
Treasury stock, at cost (1,837 ) (1,837 )
Additional paid-in capital 17,186 17,976
Accumulated other comprehensive loss (985 ) (797 )
Retained earnings 4,916 6,327
Total stockholders’ equity 19,285 21,674
Total liabilities and stockholders’ equity $ 83,402 $ 80,969
AMAZON.COM, INC.
Supplemental Financial Information and Business Metrics
(in millions, except per share data)
(unaudited)
Y/Y %
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Change
Cash Flows and Shares
Operating cash flow -- trailing twelve months (TTM) (1) $ 12,039 $ 11,563 $ 13,049 $ 15,004 $ 17,272 $ 17,634 53 %
Operating cash flow -- TTM Y/Y growth 76 % 49 % 45 % 51 % 43 % 53 % N/A
Purchases of property and equipment, including internal-use software and website development, net -- TTM $ 4,589 $ 4,897 $ 5,395 $ 6,040 $ 6,737 $ 7,417 51 %
Principal repayments of capital lease obligations -- TTM $ 2,462 $ 2,761 $ 3,298 $ 3,579 $ 3,860 $ 3,891 41 %
Principal repayments of finance lease obligations -- TTM $ 121 $ 111 $ 108 $ 131 $ 147 $ 155 39 %
Property and equipment acquired under capital leases -- TTM $ 4,717 $ 4,638 $ 4,676 $ 4,998 $ 5,704 $ 6,717 45 %
Free cash flow -- TTM (1) (2) $ 7,450 $ 6,666 $ 7,654 $ 8,964 $ 10,535 $ 10,217 53 %
Free cash flow less lease principal repayments -- TTM (1) (3) $ 4,867 $ 3,794 $ 4,248 $ 5,254 $ 6,528 $ 6,171 63 %
Free cash flow less finance lease principal repayments and assets acquired under capital leases -- TTM (1) (4) $ 2,612 $ 1,917 $ 2,870 $ 3,835 $ 4,684 $ 3,345 75 %
Invested capital (5) $ 31,393 $ 32,824 $ 34,695 $ 36,722 $ 39,126 $ 42,114 28 %
Common shares and stock-based awards outstanding 490 490 495 496 497 497 1 %
Common shares outstanding 471 472 474 475 477 478 1 %
Stock-based awards outstanding 19 18 21 21 20 20 6 %
Stock-based awards outstanding -- % of common shares outstanding 4.1 % 3.9 % 4.4 % 4.4 % 4.2 % 4.1 % N/A
Results of Operations
Worldwide (WW) net sales $ 35,747 $ 29,128 $ 30,404 $ 32,714 $ 43,741 $ 35,714 23 %
WW net sales -- Y/Y growth, excluding F/X 26 % 29 % 30 % 29 % 24 % 24 % N/A
WW net sales -- TTM $ 107,006 $ 113,418 $ 120,637 $ 127,993 $ 135,987 $ 142,572 26 %
WW net sales -- TTM Y/Y growth, excluding F/X 26 % 28 % 29 % 28 % 28 % 26 % N/A
Operating income $ 1,108 $ 1,071 $ 1,285 $ 575 $ 1,255 $ 1,005

(6)%

FX impact -- favorable (unfavorable) $ 20 $ 50 $ 45 $ 8 $ 7 $ (31 ) N/A
Operating income -- Y/Y growth, excluding F/X 84 % 300 % 168 % 40 % 13 % (3 )% N/A
Operating margin -- % of WW net sales 3.1 % 3.7 % 4.2 % 1.8 % 2.9 % 2.8 % N/A
Operating income -- TTM $ 2,233 $ 3,049 $ 3,871 $ 4,040 $ 4,186 $ 4,120 35 %
Operating income -- TTM Y/Y growth, excluding F/X N/A 933 % 388 % 128 % 83 % 34 % N/A
Operating margin -- TTM % of WW net sales 2.1 % 2.7 % 3.2 % 3.2 % 3.1 % 2.9 % N/A
Net income $ 482 $ 513 $ 857 $ 252 $ 749 $ 724 41 %
Net income per diluted share $ 1.00 $ 1.07 $ 1.78 $ 0.52 $ 1.54 $ 1.48 39 %
Net income -- TTM $ 596 $ 1,166 $ 1,931 $ 2,105 $ 2,371 $ 2,583 122 %
Net income per diluted share -- TTM $ 1.25 $ 2.43 $ 4.02 $ 4.38 $ 4.90 $ 5.31 118 %

______________________________

(1) As a result of the adoption of new accounting guidance, we retrospectively adjusted our consolidated statements of cash flows to reclassify excess tax benefits from financing activities to operating activities. The amount of the adjustment was $119 million for TTM Q4 2015, $305 million for TTM Q1 2016, $323 million for TTM Q2 2016, $401 million for TTM Q3 2016, and $829 million for TTM Q4 2016.
(2) Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, including internal-use software and website development, net,” which is included in cash flow from investing activities.
(3) Free cash flow less lease principal repayments is free cash flow reduced by “Principal repayments of capital lease obligations,” and “Principal repayments of finance lease obligations,” which are included in cash flow from financing activities.
(4) Free cash flow less finance lease principal repayments and assets acquired under capital leases is free cash flow reduced by “Principal repayments of finance lease obligations,” which is included in cash flow from financing activities, and property and equipment acquired under capital leases. In this measure, property and equipment acquired under capital leases is reflected as if these assets had been purchased with cash, which is not the case as these assets have been leased.
(5) Average Total Assets minus Current Liabilities (excluding current portion of Long-Term Debt and current portion of capital lease obligations and finance lease obligations) over five quarter ends.
AMAZON.COM, INC.
Supplemental Financial Information and Business Metrics
(in millions)
(unaudited)
Y/Y %
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Change
Segments
North America Segment:
Net sales $ 21,501 $ 16,996 $ 17,674 $ 18,874 $ 26,240 $ 20,992 24%
Net sales -- Y/Y growth, excluding F/X 24 % 27 % 28 % 26 % 22 % 23 % N/A
Net sales -- TTM $ 63,708 $ 67,299 $ 71,176 $ 75,045 $ 79,785 $ 83,781 24%
Operating Income:
Operating income $ 636 $ 588 $ 702 $ 255 $ 816 $ 596 1%
FX impact -- favorable (unfavorable) $ 6 $ 5 $ 5 $ 6 $ 11 $ 4 N/A
Operating income -- Y/Y growth, excluding F/X 129 % 100 % 34 % 26 % 1 % N/A
Operating margin -- % of North America net sales 3.0 % 3.5 % 4.0 % 1.3 % 3.1 % 2.8 % N/A
Operating income -- TTM $ 1,425 $ 1,759 $ 2,113 $ 2,182 $ 2,361 $ 2,369 35%
Operating margin -- TTM % of North America net sales 2.2 % 2.6 % 3.0 % 2.9 % 3.0 % 2.8 % N/A
International Segment:
Net sales $ 11,841 $ 9,566 $ 9,844 $ 10,609 $ 13,965 $ 11,061 16%
Net sales -- Y/Y growth, excluding F/X 22 % 26 % 28 % 28 % 23 % 21 % N/A
Net sales -- TTM $ 35,418 $ 37,239 $ 39,518 $ 41,860 $ 43,983 $ 45,477 22%
Operating income (loss):
Operating income (loss) $ (108 ) $ (121 ) $ (135 ) $ (541 ) $ (487 ) $ (481 ) 299%
FX impact -- favorable (unfavorable) $ (47 ) $ 21 $ 40 $ 22 $ 5 $ (32 ) N/A
Operating income/loss -- Y/Y growth (decline), excluding F/X (27 )% (8 )% 171 % 354 % 272 % N/A
Operating margin -- % of International net sales (0.9 )% (1.3 )% (1.4 )% (5.1 )% (3.5 )% (4.4 )% N/A
Operating income (loss) -- TTM $ (699 ) $ (626 ) $ (571 ) $ (905 ) $ (1,283 ) $ (1,644 ) 163%
Operating margin -- TTM % of International net sales (2.0 )% (1.7 )% (1.4 )% (2.2 )% (2.9 )% (3.6 )% N/A
AWS Segment:
Net sales $ 2,405 $ 2,566 $ 2,886 $ 3,231 $ 3,536 $ 3,661 43%
Net sales -- Y/Y growth, excluding F/X 69 % 64 % 58 % 55 % 47 % 43 % N/A
Net sales -- TTM $ 7,880 $ 8,880 $ 9,943 $ 11,088 $ 12,219 $ 13,314 50%
Operating income:
Operating income $ 580 $ 604 $ 718 $ 861 $ 926 $ 890 48%
FX impact -- favorable (unfavorable) $ 60 $ 24 $ — $ (20 ) $ (9 ) $ (3 ) N/A
Operating income -- Y/Y growth, excluding F/X 198 % 136 % 106 % 61 % 48 % N/A
Operating margin -- % of AWS net sales 24.1 % 23.5 % 24.9 % 26.6 % 26.2 % 24.3 % N/A
Operating income -- TTM $ 1,507 $ 1,916 $ 2,329 $ 2,762 $ 3,108 $ 3,395 77%
Operating margin -- TTM % of AWS net sales 19.1 % 21.6 % 23.4 % 24.9 % 25.4 % 25.5 % N/A
AMAZON.COM, INC.
Supplemental Financial Information and Business Metrics
(in millions, except employee data)
(unaudited)
Y/Y %
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Change
Net Sales:
Retail products (1) $ 19,916 $ 20,378 $ 21,590 $ 29,548 $ 22,826 15%
Retail products - Y/Y growth, excluding F/X 21 % 22 % 20 % 16 % 16 % N/A
Retail third-party seller services (2) $ 4,801 $ 5,083 $ 5,652 $ 7,456 $ 6,438 34%
Retail third-party seller services - Y/Y growth, excluding F/X 46 % 48 % 46 % 39 % 36 % N/A
Retail subscription services (3) $ 1,300 $ 1,431 $ 1,532 $ 2,130 $ 1,939 49%
Retail subscription services - Y/Y growth, excluding F/X 56 % 52 % 47 % 33 % 52 % N/A
AWS $ 2,566 $ 2,886 $ 3,231 $ 3,536 $ 3,661 43%
AWS - Y/Y growth, excluding F/X 64 % 58 % 55 % 47 % 43 % N/A
Other (4) $ 545 $ 626 $ 709 $ 1,071 $ 850 56%
Other - Y/Y growth, excluding F/X 46 % 65 % 74 % 99 % 58 % N/A
Stock-based Compensation Expense
Cost of sales $ 7 $ 9 $ 8 N/A
Fulfillment $ 137 $ 116 $ 186 $ 165 $ 190 $ 163 41%
Marketing $ 57 $ 56 $ 80 $ 85 $ 102 $ 94 68%
Technology and content $ 364 $ 317 $ 419 $ 434 $ 493 $ 441 39%
General and administrative $ 48 $ 55 $ 83 $ 85 $ 93 $ 86 57%
Total stock-based compensation expense $ 606 $ 544 $ 768 $ 776 $ 887 $ 792 46%
Other
WW shipping revenue $ 2,328 $ 1,820 $ 2,000 $ 2,154 $ 3,003 $ 2,497 37%
WW shipping revenue -- Y/Y growth 37 % 40 % 43 % 44 % 29 % 37 % N/A
WW shipping costs $ 4,170 $ 3,275 $ 3,362 $ 3,897 $ 5,634 $ 4,383 34%
WW shipping costs -- Y/Y growth 37 % 42 % 44 % 43 % 35 % 34 % N/A
WW net shipping costs $ 1,842 $ 1,455 $ 1,362 $ 1,743 $ 2,631 $ 1,886 30%
WW net shipping costs -- Y/Y growth 37 % 44 % 45 % 42 % 43 % 30 % N/A
WW paid units -- Y/Y growth 26 % 27 % 28 % 28 % 24 % 24 % N/A
WW seller unit mix -- % of WW paid units 47 % 48 % 49 % 50 % 49 % 50 % N/A
Employees (full-time and part-time; excludes contractors & temporary personnel) 230,800 245,200 268,900 306,800 341,400 351,000 43%
Employees (full-time and part-time; excludes contractors & temporary personnel) -- Y/Y growth 50 % 49 % 47 % 38 % 48 % 43 % 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 electronics and general merchandise as well as media products available in both a physical and digital format, such as books, music, video, games, and software. These product sales include digital products sold on a transactional basis; digital product subscriptions that provide unlimited viewing or usage rights are included in Retail subscription services.
(2) Includes commissions, related fulfillment and shipping fees, and other third-party seller services.
(3) Includes annual and monthly fees associated with Amazon Prime membership, as well as audiobook, e-book, digital video, digital music, and other subscription services.
(4) Includes sales not otherwise included above, such as certain advertising services and our co-branded credit card agreements.

Amazon.com, Inc.Certain Definitions

Customer Accounts

Seller Accounts

AWS Customers

Units

Amazon.com

Investor Relations

Darin Manney, [email protected]

www.amazon.com/ir

or

Public Relations

Ty Rogers, [email protected]

www.amazon.com/about

Source: Amazon.com, Inc.

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