2011 Financial Presentation
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Transcript of 2011 Financial Presentation
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2 2011 Financial Results
Conference Call Slides
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This presentation may contain forward-looking statements which are inherentlydifficult to predict. Actual results could differ materially for a variety of reasons,including fluctuations in foreign exchange rates, changes in global economicconditions and consumer spending, world events, the rate of growth of theInternet and online commerce, the amount that Amazon.com invests in new
,sold to customers, the mix of net sales derived from products as compared withservices, the extent to which we owe income taxes, competition, management
of growth, potential fluctuations in operating results, international growth and, ,
optimization, risks of inventory management, seasonality, the degree to whichthe Company enters into, maintains and develops commercial agreements,acquisitions and strategic transactions, and risks of fulfillment throughput and
new products, services and technologies, system interruptions, governmentregulation and taxation, payments, and fraud. In addition, the current globaleconomic climate amplifies many of these risks. More information about factorsthat otentiall could affect Amazon.coms financial results is included in
Amazon.coms filings with the Securities and Exchange Commission, including itsmost recent Annual Report on Form 10-K and subsequent filings.
Additional information relating to certain of our financial measures containedherein is available in the appendix to our presentation, our most recent earningsrelease and at our website at www.amazon.com/ir under Financial Documents.
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Free Cash Flow -- TTM (1)
$4,000
Down 8% Y/Y
$2,000$1,986MM
$1,831MM
$0
Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11
Long Term Goal Optimize Free Cash Flow
(1) Free Cash Flow, a non-GAAP financial measure, is GAAP Operating Cash Flow Less Purchases of Fixed Assets. See appendix for areconciliation of Operating Cash Flow to Free Cash Flow.
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Shares
600
17 15
468465
300
448 454
0' ' ' ' '
CommonSharesOutstanding StockBasedAwardsOutstanding
y u
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Return on Invested Capital -- TTM (1)
80%
40% 34%
21%
0%
2 '10 3 '10 4 '10 1 '11 2 '11
Efficient Capital Structure
(1) ROIC = TTM Free Cash Flow divided by average Total Assets minus Current Liabilities, excluding current portion of our Long Term Debt,over 5 quarter ends.
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Net Sales
$20,000
$10,000$9,913MM
,
$0
2 '10 3 '10 4 '10 1 '11 2 '11
Up 51% Y/Y (44% F/X Adjusted)
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Net Sales -- TTM
$50,000
$1,231MM
WW Revenue Mix
p ;39% F/X Adjusted
$40,278MM
$22,845MM57%
$25,000
,
$16,202MM40%
$0
Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11
57% of WW TTM Revenue from EGM, Up From 49% Y/Y
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AAP r in In m
MM
$700
Down
25% Y/Y
$350 $270MM
$201MM
$0
Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11
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AAP r in In m TM 1
MM
$2,000Down
9% Y/Y
$1,391MM$1,265MM
$1,000
$0
Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11
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n li m n r in In m 1
MM
$800
Down 5%
Y/Y
$400
$0
Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11
(1) Consolidated Segment Operating Income (CSOI), a non-GAAP financial measure, excludes Stock-Based Compensation and Other Operating Income (Expense).See appendix for a reconciliation of CSOI to GAAP Operating Income.
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n li m n r in In m -- TM 1
MM
$3,000
Up 1% Y/Y
$1,859MM $1,874MM
$1,500
$0
Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11
(1) Consolidated Segment Operating Income (CSOI), a non-GAAP financial measure, excludes Stock-Based Compensation and Other Operating Income (Expense).See appendix for a reconciliation of CSOI to GAAP Operating Income.
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AAP N In m
MM
$600
Down 8%
$300 $207MM $191MM
$0
Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11
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Segment Results North America
$10,000Net Sales
MM
$400
MM
Up 51%
Y/Y
Up 7% Y/Y
$5,000
$3,590MM
$5,406MM
$200$200MM
$214MM
$0
Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 $0
Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11
TTM Net Sales Over $22.2B
(1) A majority of our costs for "Technology and Content" are incurred in the United States and most of these costs are allocated to our NorthAmerica segment.
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Segment Results International
$8,000
MM
$500O eratin Income
MM
Up 51%Y/Y; 36%
F/X Adjusted
Down 16% Y/Y;
34% F/X Adjusted
$4,000
$2,976MM
$4,507MM
$250$206MM
$0
Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11
$0
Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11
TTM Net Sales Over $18.0B
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Supplemental Revenue Highlights Media
$4,000
North America
MM
$4,000
Up 20% Y/YUp 34% Y/Y; 20%
F/X adjusted
$2,000
$1,324MM$1,585MM
$2,000$2,075MM
$1,550MM
$0
Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11
$0
Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11
Books, Music, Movies, Video Games and Consoles, Software andDigital Downloads
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Supplemental Revenue Highlights
$6,000North America
MM
$6,000International
MM
Up 71% Y/Y; 53% F/XAdjusted
Up 67% Y/Y
$3,000
$3,496MM
$3,000
$2,398MM
,
$1,399MM
$0
Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11
$0
Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11
Computers & Office, Electronics, Home & Garden, Grocery, Health & Beauty, Toys, Kids & Baby,Apparel, Shoes & Jewelry, Sports & Outdoors, Tools, Auto & Industrial and Digital Devices
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Supplemental Revenue Highlights Other
$500
North America
MM
$60International
MM
$325MM
Up 85% Y/Y
Up 25% Y/Y; 13%F/X Adjusted
$250
$176MM
$30 $27MM
$34MM
$0
Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11$0
Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11
Amazon Web Services, Marketing and Promotional Activities, Other Seller Sites, &Co-branded Credit Cards
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A endix
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Free Cash Flow Reconciliation -- TTM
Q2 10 Q3 10 Q4 10 Q1 11 Q2 11$MM
Operating Cash Flow $ 2,561 $ 2,617 $ 3,495 $ 3,033 $ 3,205
Purchases of Fixed Assets,Including Internal-Use Softwarean We site Deve opment 575 788 979 1,138 1,374
Free Cash Flow 1,986 1,829 2,516 1,895 1,831
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Consolidated Segment Operating Income
Q2 10 Q3 10 Q4 10 Q1 11 Q2 11$MM
Consolidated Segment OperatingIncome $ 406 $ 401 $ 622 $ 465 $ 386
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Other Operating Income,
GAAP Operating Income $ 270 $ 268 $ 474 $ 322 $ 201
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Consolidated Segment Operating Income--
Q2 10 Q3 10 Q4 10 Q1 11 Q2 11$MM
Consolidated Segment OperatingIncome $ 1,859 $ 1,910 $ 1,936 $ 1,894 $ 1,874
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Other Operating IncomeEx ense , Net 82 98 106 112 128
GAAP Operating Income $ 1,391 $ 1,408 $ 1,406 $ 1,334 $ 1,265
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