2018亚马逊第四季度及全年财报（英文）-2019.2-18页.pdf

Q4 2018 Financial Results Conference Call Slides每日免费获取报告1、每日微信群内分享7+最新重磅报告；2、每日分享当日华尔街日报、金融时报；3、每周分享经济学人4、行研报告均为公开版，权利归原作者所有，起点财经仅分发做内部学习。扫一扫二维码关注公号回复：研究报告加入“起点财经”微信群。2This 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 customer spending,world events,the rate of growth of theInternet,online commerce,and cloud services,the amount that Ainvests in new business opportunities and the timing of those investments,themix of products and services sold to customers,the mix of net sales derivedfrom products as compared with services,the extent to which we owe incomeor other taxes,competition,management of growth,potential fluctuations inoperating results,international growth and expansion,the outcomes of legalproceedings and claims,fulfillment,sortation,delivery,and data centeroptimization,risks of inventory management,seasonality,the degree to whichthe Company enters into,maintains,and develops commercial agreements,proposed and completed acquisitions and strategic transactions,paymentsrisks,and risks of fulfillment throughput and productivity.Other risks anduncertainties 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 ofthese risks.More information about factors that potentially could affectAs financial results is included in As filings with theSecurities and Exchange Commission,including its most recent Annual Reporton Form 10-K and subsequent filings.Additional information relating to certain of our financial measures containedherein,including non-GAAP financial measures,is available in the appendix toour presentation,our most recent earnings release and at our website Cash Flow TTM(1)(2)(3)(1)Free cash flow is cash flow from operations reduced by“Purchases of property and equipment,net of proceeds from property and equipment incentives,”which both are included in cash flow from investing activities.See Appendix for a reconciliation of operating cash flow to free cash flow.(2)Trailing twelve-month period.(3)As a result of the adoption of new accounting guidance,we retrospectively adjusted our consolidated statements of cash flows toadd restricted cash to cash and cash equivalents.(4)Operating cash flow grew 67%Y/Y.Long-Term Goal Optimize Free Cash Flows MM3Up 101%Y/YUp 134%Y/Y(4)4Free Cash Flow Less Lease Principal Repayments TTM(1)(2)(1)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.See Appendix for a reconciliation of operating cash flow to free cash flow less lease principal repayments.(2)As a result of the adoption of new accounting guidance,we retrospectively adjusted our consolidated statements of cash flows to add restricted cash to cash and cash equivalents.(3)Operating cash flow grew 67%Y/Y.Long-Term Goal Optimize Free Cash Flows MMUp 101%Y/YUp 134%Y/YUp 251%Y/Y(3)5Free Cash Flow Less Finance Lease Principal Repayments and Assets Acquired Under Capital Leases TTM(1)(2)(3)(1)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.See Appendix for a reconciliation of operating cash flow to free cash flow less finance lease principal repayments and assets acquired under capital leases.(2)As a result of the adoption of new accounting guidance,we retrospectively adjusted our consolidated statements of cash flowsto add restricted cash to cash and cash equivalents.(3)Operating cash flow grew 67%Y/Y.Long-Term Goal Optimize Free Cash Flows 5Down N/A Y/Y(3)MM6Efficiently Managing Dilution Shares6504507MM7Net SalesUp 20%Y/Y,Up 21%F/X Adjusted(1)7(1)Information regarding the effect of foreign exchange rates,versus the U.S.Dollar,on our net sales and operating income 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 periods.MM8Net Sales TTMMM8Up 31%Y/Y;Up 30%F/X Adjusted 9MMOperating Income9Up 78%Y/Y;Up 72%F/X Adjusted10MMOperating Income TTM 10Up 203%Y/Y;Up 197%F/X Adjusted11Net Income11MM12Segment Results North AmericaTTM Net Sales$141.4B MMMM12Up 18%Y/Y SalesOperating Income13Segment Results InternationalTTM Net Sales$65.9B MM13Up 15%Y/Y;Up 19%F/X AdjustedSalesOperating Income(Loss)MM14Segment Results AWSTTM Net Sales$25.7B MM14SalesOperating IncomeUp 61%Y/Y;Up 57%F/X AdjustedMMUp 45%Y/Y;Up 46%F/X AdjustedAppendix1516Free Cash Flow Reconciliation TTMQ4 2017Q1 2018Q2 2018Q3 2018Q4 2018Operating Cash Flow$18,365$18,194$21,793$26,604$30,723Purchases of property and equipment,net of proceeds from property and equipment incentives(10,058)(10,924)(11,372)(11,239)(11,323)Free Cash Flow$8,307$7,270$10,421$15,365$19,400MM16As a result of the adoption of new accounting guidance,we retrospectively adjusted our consolidated statements of cash flows to add restricted cash to cash and cash equivalents.17Free Cash Flow Less Lease Principal Repayments Reconciliation TTMQ4 2017Q1 2018Q2 2018Q3 2018Q4 2018Operating Cash Flow$18,365$18,194$21,793$26,604$30,723Purchases of property and equipment,net of proceeds from property and equipment incentives(10,058)(10,924)(11,372)(11,239)(11,323)Principal repayments of capital lease obligations(4,799)(5,981)(6,037)(7,016)(7,449)Principal repayments of finance lease obligations(200)(235)(244)(277)(337)Free Cash Flow Less Lease Principal Repayments$3,308$1,054$4,140$8,072$11,614MM17As a result of the adoption of new accounting guidance,we retrospectively adjusted our consolidated statements of cash flows to add restricted cash to cash and cash equivalents.18Q4 2017Q1 2018Q2 2018Q3 2018Q4 2018Operating Cash Flow$18,365$18,194$21,793$26,604$30,723Purchases of property and equipment,net of proceeds from property and equipment incentives(10,058)(10,924)(11,372)(11,239)(11,323)Property and equipment acquired under capital leases(9,637)(10,020)(9,631)(9,704)(10,615)Principal repayments of finance lease obligations(200)(235)(244)(277)(337)Free Cash Flow Less Finance Lease Principal Repayments and Assets Acquired Under Capital Leases$(1,530)$(2,985)$546$5,384$8,448MM18Free Cash Flow Less Finance Lease Principal Repayments and Assets Acquired Under Capital Leases Reconciliation TTMAs a result of the adoption of new accounting guidance,we retrospectively adjusted our consolidated statements of cash flows to add restricted cash to cash and cash equivalents.