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Amazon.com, Inc. (NASDAQ:AMZN) today announced financial results for its
fourth quarter ended December 31, 2012.
Operating cash flow increased 7% to $4.18 billion for the trailing
twelve months, compared with $3.90 billion for the trailing twelve
months ended December 31, 2011. Free cash flow decreased 81% to $395
million for the trailing twelve months, compared with $2.09 billion for
the trailing twelve months ended December 31, 2011. Free cash flow for
the trailing twelve months ended December 31, 2012 includes fourth
quarter cash outflows for purchases of corporate office space and
property in Seattle, Washington, of $1.4 billion.
Common shares outstanding plus shares underlying stock-based awards
totaled 470 million on December 31, 2012, compared with 468 million one
year ago.
Net sales increased 22% to $21.27 billion in the fourth quarter,
compared with $17.43 billion in fourth quarter 2011. Excluding the $178
million unfavorable impact from year-over-year changes in foreign
exchange rates throughout the quarter, net sales grew 23% compared with
fourth quarter 2011.
Operating income increased 56% to $405 million in the fourth quarter,
compared with $260 million in fourth quarter 2011. The favorable impact
from year-over-year changes in foreign exchange rates throughout the
quarter on operating income was $2 million.
Net income decreased 45% to $97 million in the fourth quarter, or $0.21
per diluted share, compared with $177 million, or $0.38 per diluted
share, in fourth quarter 2011.
“We’re now seeing the transition we’ve been expecting,” said Jeff Bezos,
founder and CEO of Amazon.com. “After 5 years, eBooks is a multi-billion
dollar category for us and growing fast – up approximately 70% last
year. In contrast, our physical book sales experienced the lowest
December growth rate in our 17 years as a book seller, up just 5%. We're
excited and very grateful to our customers for their response to Kindle
and our ever expanding ecosystem and selection.”
Full Year 2012
Net sales increased 27% to $61.09 billion, compared with $48.08 billion
in 2011. Excluding the $854 million unfavorable impact from
year-over-year changes in foreign exchange rates throughout the year,
net sales grew 29% compared with 2011.
Operating income decreased 22% to $676 million, compared with $862
million in 2011. The unfavorable impact from year-over-year changes in
foreign exchange rates throughout the year on operating income was $14
million.
Net loss was $39 million, or $0.09 per diluted share, compared with net
income of $631 million, or $1.37 per diluted share, in 2011.
Highlights
For the second year in a row, Amazon’s tablet was the most popular
item for customers – Kindle Fire HD continued its run as the #1
best-selling, most gifted, and most wished for product across the
millions of items available on Amazon worldwide. At year-end, Kindle
Fire HD, Kindle Fire, Kindle Paperwhite and Kindle held the top four
spots on the Amazon worldwide best seller charts since launch.
Amazon announced the launch of AutoRip, a new service that gives
customers free MP3 versions of CDs they purchase from Amazon.
Additionally, customers who have purchased AutoRip CDs at any time
since Amazon first opened its Music Store in 1998 will find MP3
versions of those albums in their Cloud Player libraries – also
automatically and for free.
Amazon introduced Kindle FreeTime Unlimited, bringing together for the
first time all of the types of content kids and parents love – books,
games, educational apps, movies and TV shows – into one simple,
unlimited, easy-to-use service for kids ages 3-8.
Amazon’s digital media selection has grown to over 23 million movies,
TV shows, songs, magazines, books, audiobooks, and popular apps and
games in 2012, an increase from 19 million at year-end 2011.
Amazon.com announced new licensing agreements with Turner
Broadcasting, Warner Bros. Domestic Television Distribution, and A+E
Networks, for popular television series including Falling Skies,
The Closer, Pawn Stars, Storage Wars, and Dance
Moms, expanding its catalog of title offerings for Prime Instant
Video to more than 36,000 movies and television episodes.
Amazon launched Kindle Stores for Brazil, Canada, China, and Japan,
with a large selection of the most popular books, including thousands
of local-language books.
Amazon announced that 23 KDP authors each sold over 250,000 copies of
their books in 2012, and that over 500 KDP Select books have reached
the top 100 Kindle best seller lists around the world.
Amazon announced that for the eighth consecutive year, the company
ranks #1 in customer satisfaction during the holiday shopping season
according to the ForeSee annual Holiday E-Retail Satisfaction Index.
ForeSee surveyed over 24,000 customers between Thanksgiving and
Christmas, asking them to rate their satisfaction with the top 100
retailers. For the second year in a row, Amazon’s score of 88 is the
highest ever attained by any retailer in the study.
Amazon Web Services (AWS) announced the launch of its newest Asia
Pacific Region in Sydney, Australia, now available for multiple
services including Amazon Elastic Compute Cloud (EC2), Amazon Simple
Storage Service (S3), and Amazon Relational Database Service (RDS).
Sydney joins Singapore and Tokyo as the third Region in Asia Pacific
and the ninth Region worldwide.
AWS announced that SAP Business Suite is now certified to run on the
AWS cloud platform. Enterprises running SAP Business Suite can now
leverage the on-demand, pay as you go AWS platform to support
thousands of concurrent users in production without making costly
capital expenditures for their underlying infrastructure. AWS also
announced that SAP HANA, SAP’s in-memory database and platform, is
certified to run on AWS and is available for purchase via AWS
Marketplace.
AWS continued its rapid pace of innovation by launching 159 new
services and features in 2012. This is nearly double the services and
features launched in 2011.
AWS has lowered prices 24 times since it launched in 2006, including
10 price reductions in 2012.
Financial Guidance
The following forward-looking statements reflect Amazon.com’s
expectations as of January 29, 2013. 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 consumer spending, world events, the rate of growth of
the Internet and online commerce and the various factors detailed below.
First Quarter 2013 Guidance
Net sales are expected to be between $15.0 billion and $16.6 billion,
or to grow between 14% and 26% compared with first quarter 2012.
Operating income (loss) is expected to be between $(285) million and
$65 million, compared to $192 million in the prior year period.
This guidance includes approximately $285 million for stock-based
compensation and amortization of intangible assets, and it assumes,
among other things, that no additional business acquisitions or
investments are concluded and that there are no further revisions to
stock-based compensation estimates.
A conference call will be webcast live today at 2 p.m. PT/5 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 sold to customers, the mix of net sales
derived from products as compared with services, the extent to which we
owe income taxes, competition, management of growth, potential
fluctuations in operating results, international growth and expansion,
the outcomes of legal proceedings and claims, fulfillment 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, 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, payments 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.
About Amazon.com
Amazon.com, Inc. (NASDAQ: AMZN), a Fortune 500 company based in Seattle,
opened on the World Wide Web in July 1995 and today offers Earth’s
Biggest Selection. Amazon.com, Inc. seeks to be Earth’s most
customer-centric company, where customers can find and discover anything
they might want to buy online, and endeavors to offer its customers the
lowest possible prices. Amazon.com and other sellers offer millions of
unique new, refurbished and used items in categories such as Books;
Movies, Music & Games; Digital Downloads; Electronics & Computers; Home
& Garden; Toys, Kids & Baby; Grocery; Apparel, Shoes & Jewelry; Health &
Beauty; Sports & Outdoors; and Tools, Auto & Industrial. Amazon Web
Services provides Amazon’s developer customers with access to
in-the-cloud infrastructure services based on Amazon’s own back-end
technology platform, which developers can use to enable virtually any
type of business. Kindle Paperwhite is the most-advanced e-reader ever
constructed with 62% more pixels and 25% increased contrast, a patented
built-in front light for reading in all lighting conditions, extra-long
battery life, and a thin and light design. The new latest generation
Kindle, the lightest and smallest Kindle, now features new, improved
fonts and faster page turns. Kindle Fire HD features a stunning custom
high-definition display, exclusive Dolby audio with dual stereo
speakers, high-end, laptop-grade Wi-Fi with dual-band support,
dual-antennas and MIMO for faster streaming and downloads, enough
storage for HD content, and the latest generation processor and graphics
engine—and it is available in two display sizes—7” and 8.9”. The
large-screen Kindle Fire HD is also available with 4G wireless, and
comes with a groundbreaking $49.99 introductory 4G LTE data package. The
all-new Kindle Fire features a 20% faster processor, 40% faster
performance, twice the memory, and longer battery life.
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
662
359
2,159
1,083
Stock-based compensation
235
159
833
557
Other operating expense (income), net
36
43
154
154
Losses (gains) on sales of marketable securities, net
(1
)
-
(9
)
(4
)
Other expense (income), net
100
(16
)
253
(56
)
Deferred income taxes
(148
)
67
(265
)
136
Excess tax benefits from stock-based compensation
(239
)
(1
)
(429
)
(62
)
Changes in operating assets and liabilities:
Inventories
(974
)
(1,260
)
(999
)
(1,777
)
Accounts receivable, net and other
(1,024
)
(1,077
)
(861
)
(866
)
Accounts payable
4,926
4,684
2,070
2,997
Accrued expenses and other
1,412
1,076
1,038
1,067
Additions to unearned revenue
545
358
1,796
1,064
Amortization of previously unearned revenue
(546
)
(300
)
(1,521
)
(1,021
)
Net cash provided by (used in) operating activities
5,081
4,269
4,180
3,903
INVESTING ACTIVITIES:
Purchases of property and equipment, including internal-use
software and website development
(2,025
)
(550
)
(3,785
)
(1,811
)
Acquisitions, net of cash acquired, and other
(35
)
(49
)
(745
)
(705
)
Sales and maturities of marketable securities and other investments
506
912
4,237
6,843
Purchases of marketable securities and other investments
(1,528
)
(1,782
)
(3,302
)
(6,257
)
Net cash provided by (used in) investing activities
(3,082
)
(1,469
)
(3,595
)
(1,930
)
FINANCING ACTIVITIES:
Excess tax benefits from stock-based compensation
239
1
429
62
Common stock repurchased
-
(277
)
(960
)
(277
)
Proceeds from long-term debt and other
3,083
47
3,378
177
Repayments of long-term debt, capital lease, and finance lease
obligations
(156
)
(104
)
(588
)
(444
)
Net cash provided by (used in) financing activities
3,166
(333
)
2,259
(482
)
Foreign-currency effect on cash and cash equivalents
(61
)
(21
)
(29
)
1
Net increase (decrease) in cash and cash equivalents
5,104
2,446
2,815
1,492
CASH AND CASH EQUIVALENTS, END OF PERIOD
$
8,084
$
5,269
$
8,084
$
5,269
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on long-term debt
$
10
$
4
$
31
$
14
Cash paid for income taxes (net of refunds)
52
15
112
33
Property and equipment acquired under capital leases
239
187
802
753
Property and equipment acquired, net, under build-to-suit leases
(17
)
39
29
259
AMAZON.COM, INC.
Consolidated Statements of Operations
(in millions, except per share data)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2012
2011
2012
2011
(unaudited)
Net product sales (1)
$
18,147
$
15,309
$
51,733
$
42,000
Net services sales (2)
3,121
2,122
9,360
6,077
Net sales
21,268
17,431
61,093
48,077
Operating expenses (3):
Cost of sales
16,136
13,830
45,971
37,288
Fulfillment
2,258
1,659
6,419
4,576
Marketing
851
593
2,408
1,630
Technology and content
1,345
862
4,564
2,909
General and administrative
235
184
896
658
Other operating expense (income), net
38
43
159
154
Total operating expenses
20,863
17,171
60,417
47,215
Income from operations
405
260
676
862
Interest income
9
14
40
61
Interest expense
(28
)
(20
)
(92
)
(65
)
Other income (expense), net
(49
)
19
(80
)
76
Total non-operating income (expense)
(68
)
13
(132
)
72
Income before income taxes
337
273
544
934
Provision for income taxes
(194
)
(86
)
(428
)
(291
)
Equity-method investment activity, net of tax
(46
)
(10
)
(155
)
(12
)
Net income (loss)
$
97
$
177
$
(39
)
$
631
Basic earnings per share
$
0.21
$
0.39
$
(0.09
)
$
1.39
Diluted earnings per share
$
0.21
$
0.38
$
(0.09
)
$
1.37
Weighted average shares used in computation of earnings per share:
Basic
454
455
453
453
Diluted
461
462
453
461
(1) Represents revenue from the sale of products and related
shipping fees and digital content where we are the seller of
record.
(2) Represents third-party seller fees earned (including
commissions) and related shipping fees, digital content
subscriptions, and non-retail activities.
(3) Includes stock-based compensation as follows:
Fulfillment
$
62
$
42
$
212
$
133
Marketing
18
12
61
39
Technology and content
124
80
434
292
General and administrative
31
25
126
93
AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2012
2011
2012
2011
(unaudited)
Net income (loss)
$
97
$
177
$
(39
)
$
631
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $(12), $3,
$(30), and $20
60
(77
)
76
(123
)
Net change in unrealized gains on available-for-sale securities:
Unrealized gains (losses), net of tax of $1, $0, $(3), and $1
(1
)
1
8
(1
)
Reclassification adjustment for losses (gains) included in net
income, net of tax effect of $0, $0, $3, and $1
(1
)
-
(7
)
(2
)
Net unrealized gains (losses) on available-for-sale securities
(2
)
1
1
(3
)
Total other comprehensive income (loss)
58
(76
)
77
(126
)
Comprehensive income
$
155
$
101
$
38
$
505
AMAZON.COM, INC.
Segment Information
(in millions)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2012
2011
2012
2011
(unaudited)
North America
Net sales
$
12,175
$
9,902
$
34,813
$
26,705
Segment operating expenses (1)
11,567
9,617
33,221
25,772
Segment operating income
$
608
$
285
$
1,592
$
933
International
Net sales
$
9,093
$
7,529
$
26,280
$
21,372
Segment operating expenses (1)
9,023
7,352
26,204
20,732
Segment operating income
$
70
$
177
$
76
$
640
Consolidated
Net sales
$
21,268
$
17,431
$
61,093
$
48,077
Segment operating expenses (1)
20,590
16,969
59,425
46,504
Segment operating income
678
462
1,668
1,573
Stock-based compensation
(235
)
(159
)
(833
)
(557
)
Other operating income (expense), net
(38
)
(43
)
(159
)
(154
)
Income from operations
405
260
676
862
Total non-operating income (expense)
(68
)
13
(132
)
72
Provision for income taxes
(194
)
(86
)
(428
)
(291
)
Equity-method investment activity, net of tax
(46
)
(10
)
(155
)
(12
)
Net income (loss)
$
97
$
177
$
(39
)
$
631
Segment Highlights:
Y/Y net sales growth:
North America
23
%
37
%
30
%
43
%
International
21
31
23
38
Consolidated
22
35
27
41
Y/Y segment operating income growth (decline):
North America
114
%
(4
)
%
71
%
(2
)
%
International
(61
)
(46
)
(88
)
(35
)
Consolidated
47
(26
)
6
(19
)
Net sales mix:
North America
57
%
57
%
57
%
56
%
International
43
43
43
44
100
%
100
%
100
%
100
%
(1) Represents operating expenses, excluding stock-based
compensation and "Other operating expense (income), net," which
are not allocated to segments.
AMAZON.COM, INC.
Supplemental Net Sales Information
(in millions)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2012
2011
2012
2011
(unaudited)
North America
Media
$
2,903
$
2,562
$
9,189
$
7,959
Electronics and other general merchandise
8,503
6,881
23,273
17,315
Other (1)
769
459
2,351
1,431
Total North America
$
12,175
$
9,902
$
34,813
$
26,705
International
Media
$
3,611
$
3,447
$
10,753
$
9,820
Electronics and other general merchandise
5,431
4,032
15,355
11,397
Other (1)
51
50
172
155
Total International
$
9,093
$
7,529
$
26,280
$
21,372
Consolidated
Media
$
6,514
$
6,009
$
19,942
$
17,779
Electronics and other general merchandise
13,934
10,913
38,628
28,712
Other (1)
820
509
2,523
1,586
Total Consolidated
$
21,268
$
17,431
$
61,093
$
48,077
Y/Y Net Sales Growth:
North America:
Media
13
%
8
%
15
%
16
%
Electronics and other general merchandise
24
51
34
57
Other
68
62
64
73
Total North America
23
37
30
43
International:
Media
5
%
20
%
9
%
23
%
Electronics and other general merchandise
35
42
35
55
Other
4
32
11
24
Total International
21
31
23
38
Consolidated:
Media
8
%
15
%
12
%
19
%
Electronics and other general merchandise
28
48
35
56
Other
61
58
59
66
Total Consolidated
22
35
27
41
Y/Y Net Sales Growth Excluding Effect of Exchange Rates:
International:
Media
7
%
18
%
12
%
16
%
Electronics and other general merchandise
37
41
40
47
Other
5
31
15
18
Total International
23
29
27
31
Consolidated:
Media
10
%
14
%
14
%
16
%
Electronics and other general merchandise
29
47
36
53
Other
61
58
59
66
Total Consolidated
23
34
29
37
Consolidated Net Sales Mix:
Media
31
%
34
%
33
%
37
%
Electronics and other general merchandise
65
63
63
60
Other
4
3
4
3
100
%
100
%
100
%
100
%
(1) Includes sales from non-retail activities, such as AWS in the
North America segment, advertising services, and our co-branded
credit card agreements in both segments.
AMAZON.COM, INC.
Consolidated Balance Sheets
(in millions, except per share data)
December 31,
December 31,
2012
2011
ASSETS
Current assets:
Cash and cash equivalents
$
8,084
$
5,269
Marketable securities
3,364
4,307
Inventories
6,031
4,992
Accounts receivable, net and other
3,364
2,571
Deferred tax assets
453
351
Total current assets
21,296
17,490
Property and equipment, net
7,060
4,417
Deferred tax assets
123
28
Goodwill
2,552
1,955
Other assets
1,524
1,388
Total assets
$
32,555
$
25,278
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
13,318
$
11,145
Accrued expenses and other
5,684
3,751
Total current liabilities
19,002
14,896
Long-term debt
3,084
255
Other long-term liabilities
2,277
2,370
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 — 478 and 473
Outstanding shares — 454 and 455
5
5
Treasury stock, at cost
(1,837
)
(877
)
Additional paid-in capital
8,347
6,990
Accumulated other comprehensive loss
(239
)
(316
)
Retained earnings
1,916
1,955
Total stockholders' equity
8,192
7,757
Total liabilities and stockholders' equity
$
32,555
$
25,278
AMAZON.COM, INC.
Supplemental Financial Information and Business Metrics
Purchases of property and equipment (incl. internal-use software &
website development) -- TTM
$
1,811
$
1,899
$
2,123
$
2,310
$
3,785
109
%
Free cash flow (operating cash flow less purchases of property and
equipment) -- TTM
$
2,092
$
1,152
$
1,099
$
1,058
$
395
(81
%)
Free cash flow -- TTM Y/Y growth (decline)
(17
%)
(39
%)
(40
%)
(31
%)
(81
%)
N/A
Invested capital (1)
$
9,680
$
10,006
$
10,250
$
10,392
$
11,181
16
%
Return on invested capital (2)
22
%
12
%
11
%
10
%
4
%
N/A
Common shares and stock-based awards outstanding
468
464
468
469
470
0
%
Common shares outstanding
455
450
452
453
454
0
%
Stock-based awards outstanding
14
13
16
16
16
17
%
Stock-based awards outstanding -- % of common shares outstanding
3.0
%
2.9
%
3.6
%
3.6
%
3.5
%
N/A
Results of Operations
Worldwide (WW) net sales
$
17,431
$
13,185
$
12,834
$
13,806
$
21,268
22
%
WW net sales -- Y/Y growth, excluding F/X
34
%
34
%
32
%
30
%
23
%
N/A
WW net sales -- TTM
$
48,077
$
51,404
$
54,325
$
57,256
$
61,093
27
%
WW net sales -- TTM Y/Y growth, excluding F/X
37
%
37
%
35
%
33
%
29
%
N/A
Operating income (loss)
$
260
$
192
$
107
$
(28
)
$
405
56
%
Operating income -- Y/Y growth (decline), excluding F/X
(48
%)
(38
%)
(34
%)
(137
%)
59
%
N/A
Operating margin -- % of WW net sales
1.5
%
1.5
%
0.8
%
(0.2
%)
1.9
%
N/A
Operating income -- TTM
$
862
$
732
$
637
$
531
$
676
(22
%)
Operating income -- TTM Y/Y growth (decline), excluding F/X
(44
%)
(50
%)
(50
%)
(48
%)
(15
%)
N/A
Operating margin -- TTM % of WW net sales
1.8
%
1.4
%
1.2
%
0.9
%
1.1
%
N/A
Net income (loss)
$
177
$
130
$
7
$
(274
)
$
97
(45
%)
Net income (loss) per diluted share
$
0.38
$
0.28
$
0.01
$
(0.60
)
$
0.21
(45
%)
Net income (loss) -- TTM
$
631
$
561
$
377
$
40
$
(39
)
(106
%)
Net income (loss) per diluted share -- TTM
$
1.37
$
1.22
$
0.82
$
0.09
$
(0.09
)
(106
%)
Segments
North America Segment:
Net sales
$
9,902
$
7,427
$
7,326
$
7,884
$
12,175
23
%
Net sales -- Y/Y growth, excluding F/X
37
%
36
%
36
%
33
%
23
%
N/A
Net sales -- TTM
$
26,705
$
28,667
$
30,587
$
32,540
$
34,813
30
%
Operating income
$
285
$
349
$
344
$
291
$
608
114
%
Operating margin -- % of North America net sales
2.9
%
4.7
%
4.7
%
3.7
%
5.0
%
N/A
Operating income -- TTM
$
933
$
991
$
1,120
$
1,268
$
1,592
71
%
Operating income -- TTM Y/Y growth (decline), excluding F/X
(2
%)
2
%
14
%
34
%
71
%
N/A
Operating margin -- TTM % of North America net sales
3.5
%
3.5
%
3.7
%
3.9
%
4.6
%
N/A
International Segment:
Net sales
$
7,529
$
5,758
$
5,508
$
5,922
$
9,093
21
%
Net sales -- Y/Y growth, excluding F/X
29
%
32
%
28
%
27
%
23
%
N/A
Net sales -- TTM
$
21,372
$
22,737
$
23,738
$
24,716
$
26,280
23
%
Net sales -- TTM % of WW net sales
44
%
44
%
44
%
43
%
43
%
N/A
Operating income (loss)
$
177
$
49
$
16
$
(59
)
$
70
(61
%)
Operating margin -- % of International net sales
2.4
%
0.9
%
0.3
%
(1.0
%)
0.8
%
N/A
Operating income -- TTM
$
640
$
515
$
359
$
183
$
76
(88
%)
Operating income -- TTM Y/Y growth (decline), excluding F/X
(41
%)
(49
%)
(57
%)
(68
%)
(77
%)
N/A
Operating margin -- TTM % of International net sales
3.0
%
2.3
%
1.5
%
0.7
%
0.3
%
N/A
Consolidated Segments:
Operating expenses (3)
$
16,969
$
12,787
$
12,474
$
13,574
$
20,590
21
%
Operating expenses -- TTM (3)
$
46,504
$
49,899
$
52,846
$
55,805
$
59,425
28
%
Operating income
$
462
$
398
$
360
$
232
$
678
47
%
Operating margin -- % of Consolidated sales
2.7
%
3.0
%
2.8
%
1.7
%
3.2
%
N/A
Operating income -- TTM
$
1,573
$
1,505
$
1,480
$
1,451
$
1,668
6
%
Operating income -- TTM Y/Y growth (decline), excluding F/X
(21
%)
(22
%)
(21
%)
(15
%)
7
%
N/A
Operating margin -- TTM % of Consolidated net sales
3.3
%
2.9
%
2.7
%
2.5
%
2.7
%
N/A
AMAZON.COM, INC.
Supplemental Financial Information and Business Metrics
(in millions, except inventory turnover, accounts payable days
and employee data)
(unaudited)
Y/Y %
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Change
Supplemental
Supplemental North America Segment Net Sales:
Media
$
2,562
$
2,197
$
1,874
$
2,215
$
2,903
13
%
Media -- Y/Y growth, excluding F/X
8
%
17
%
18
%
15
%
13
%
N/A
Media -- TTM
$
7,959
$
8,270
$
8,559
$
8,847
$
9,189
15
%
Electronics and other general merchandise
$
6,881
$
4,772
$
4,937
$
5,061
$
8,503
24
%
Electronics and other general merchandise -- Y/Y growth, excluding
F/X
51
%
44
%
41
%
39
%
24
%
N/A
Electronics and other general merchandise -- TTM
$
17,315
$
18,784
$
20,226
$
21,652
$
23,273
34
%
Electronics and other general merchandise -- TTM % of North America
net sales
65
%
66
%
66
%
67
%
67
%
N/A
Other
$
459
$
458
$
515
$
608
$
769
68
%
Other -- TTM
$
1,431
$
1,613
$
1,802
$
2,041
$
2,351
64
%
Supplemental International Segment Net Sales:
Media
$
3,447
$
2,513
$
2,245
$
2,385
$
3,611
5
%
Media -- Y/Y growth, excluding F/X
18
%
22
%
12
%
12
%
7
%
N/A
Media -- TTM
$
9,820
$
10,261
$
10,431
$
10,590
$
10,753
9
%
Electronics and other general merchandise
$
4,032
$
3,203
$
3,224
$
3,497
$
5,431
35
%
Electronics and other general merchandise -- Y/Y growth, excluding
F/X
41
%
42
%
42
%
39
%
37
%
N/A
Electronics and other general merchandise -- TTM
$
11,397
$
12,314
$
13,139
$
13,956
$
15,355
35
%
Electronics and other general merchandise -- TTM % of International
net sales
53
%
54
%
55
%
56
%
58
%
N/A
Other
$
50
$
42
$
39
$
40
$
51
4
%
Other -- TTM
$
155
$
162
$
168
$
170
$
172
11
%
Supplemental Worldwide Net Sales:
Media
$
6,009
$
4,710
$
4,119
$
4,600
$
6,514
8
%
Media -- Y/Y growth, excluding F/X
14
%
19
%
15
%
14
%
10
%
N/A
Media -- TTM
$
17,779
$
18,531
$
18,990
$
19,437
$
19,942
12
%
Electronics and other general merchandise
$
10,913
$
7,975
$
8,161
$
8,558
$
13,934
28
%
Electronics and other general merchandise -- Y/Y growth, excluding
F/X
47
%
43
%
42
%
39
%
29
%
N/A
Electronics and other general merchandise -- TTM
$
28,712
$
31,098
$
33,365
$
35,608
$
38,628
35
%
Electronics and other general merchandise -- TTM % of WW net sales
60
%
60
%
61
%
62
%
63
%
N/A
Other
$
509
$
500
$
554
$
648
$
820
61
%
Other -- TTM
$
1,586
$
1,775
$
1,970
$
2,211
$
2,523
59
%
Balance Sheet
Cash and marketable securities
$
9,576
$
5,715
$
4,970
$
5,248
$
11,448
20
%
Inventory, net -- ending
$
4,992
$
4,255
$
4,380
$
5,065
$
6,031
21
%
Inventory turnover, average -- TTM
10.3
10.4
10.1
9.7
9.3
(10
%)
Fixed assets, net
$
4,417
$
4,653
$
5,097
$
5,662
$
7,060
60
%
Accounts payable -- ending
$
11,145
$
6,886
$
7,072
$
8,369
$
13,318
20
%
Accounts payable days -- ending
74
62
68
75
76
2
%
Other
WW shipping revenue
$
531
$
461
$
469
$
517
$
832
57
%
WW shipping costs
$
1,466
$
1,129
$
1,054
$
1,153
$
1,798
23
%
WW net shipping costs
$
935
$
668
$
585
$
636
$
966
3
%
WW net shipping costs -- % of WW net sales
5.4
%
5.1
%
4.6
%
4.6
%
4.5
%
N/A
Employees (full-time and part-time; excludes contractors & temporary
personnel)
56,200
65,600
69,100
81,400
88,400
57
%
(1) Average Total Assets minus Current Liabilities (excluding
current portion of Long Term Debt) over five quarter ends.
(2) TTM Free Cash Flow divided by Invested Capital.
(3) Represents cost of sales, fulfillment, marketing, technology
and content, and general and administrative operating expenses,
excluding stock-based compensation.
Amazon.com, Inc.
Certain Definitions
Customer Accounts
References to customers mean customer accounts, which are unique
e-mail addresses, established either when a customer places an order
or when a customer orders from other sellers on our websites. Customer
accounts exclude certain customers, including customers associated
with certain of our acquisitions, Amazon Payments customers, Amazon
Web Services 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.
Registered Developers
References to registered developers mean cumulative registered
developer accounts, which are established when potential developers
enroll with Amazon Web Services and receive a developer access key.
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