Company Quick10K Filing
Amazon
Price1,844.50 EPS25
Shares468 P/E74
MCap862,877 P/FCF22
Net Debt-31,607 EBIT15,107
TEV831,270 TEV/EBIT55
TTM 2019-12-31, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-01-31
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-26
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-01
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-07-27
10-Q 2018-03-31 Filed 2018-04-27
10-K 2017-12-31 Filed 2018-02-02
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-10
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-01-29
10-Q 2015-09-30 Filed 2015-10-23
10-Q 2015-06-30 Filed 2015-07-24
10-Q 2015-03-31 Filed 2015-04-24
10-K 2014-12-31 Filed 2015-01-30
10-Q 2014-09-30 Filed 2014-10-24
10-Q 2014-06-30 Filed 2014-07-25
10-Q 2014-03-31 Filed 2014-04-25
10-K 2013-12-31 Filed 2014-01-31
10-Q 2013-09-30 Filed 2013-10-25
10-Q 2013-06-30 Filed 2013-07-26
10-Q 2013-03-31 Filed 2013-04-26
10-Q 2012-09-30 Filed 2012-10-26
10-Q 2012-06-30 Filed 2012-07-27
10-Q 2012-03-31 Filed 2012-04-27
10-K 2011-12-31 Filed 2012-02-01
10-Q 2011-09-30 Filed 2011-10-26
10-Q 2011-06-30 Filed 2011-07-27
10-Q 2011-03-31 Filed 2011-04-27
10-K 2010-12-31 Filed 2011-01-28
10-Q 2010-09-30 Filed 2010-10-22
10-Q 2010-06-30 Filed 2010-07-23
10-Q 2010-03-31 Filed 2010-04-23
10-K 2009-12-31 Filed 2010-01-29
8-K 2020-09-09 Officers
8-K 2020-08-21 Officers, Exhibits
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-06-23
8-K 2020-06-03
8-K 2020-05-27
8-K 2020-04-30
8-K 2020-04-16
8-K 2020-01-30
8-K 2019-11-15
8-K 2019-10-24
8-K 2019-07-31
8-K 2019-07-25
8-K 2019-05-22
8-K 2019-04-25
8-K 2019-04-11
8-K 2019-04-04
8-K 2019-02-25
8-K 2019-02-04
8-K 2019-01-31
8-K 2018-10-25
8-K 2018-07-26
8-K 2018-05-30
8-K 2018-04-27
8-K 2018-04-26
8-K 2018-04-18
8-K 2018-02-01

AMZN 10Q Quarterly Report

Part I. Financial Information
Item 1.Financial Statements
Note 1 - Accounting Policies and Supplemental Disclosures
Note 2 - Financial Instruments
Note 3 - Leases
Note 4 - Commitments and Contingencies
Note 5 - Debt
Note 6 - Stockholders' Equity
Note 7 - Income Taxes
Note 8 - Segment Information
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
EX-31.1 amzn-20200630xex311.htm
EX-31.2 amzn-20200630xex312.htm
EX-32.1 amzn-20200630xex321.htm
EX-32.2 amzn-20200630xex322.htm

Amazon Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
230184138924602011201420172021
Assets, Equity
907153351702011201420172021
Rev, G Profit, Net Income
20124-4-12-202011201420172021
Ops, Inv, Fin

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ____________________________________
FORM 10-Q
____________________________________ 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to             .
Commission File No. 000-22513
____________________________________
AMAZON.COM, INC.
(Exact name of registrant as specified in its charter)
 ____________________________________
Delaware 91-1646860
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
410 Terry Avenue North, Seattle, Washington 98109-5210
(206) 266-1000
(Address and telephone number, including area code, of registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, par value $.01 per shareAMZNNasdaq Global Select Market
____________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
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.   ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
500,889,651 shares of common stock, par value $0.01 per share, outstanding as of July 22, 2020


Table of Contents
AMAZON.COM, INC.
FORM 10-Q
For the Quarterly Period Ended June 30, 2020
INDEX
 
  Page
PART I. FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2

Table of Contents
PART I. FINANCIAL INFORMATION
Item 1.Financial Statements
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,
 201920202019202020192020
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD$23,507  $27,505  $32,173  $36,410  $20,536  $22,965  
OPERATING ACTIVITIES:
Net income2,625  5,243  6,186  7,778  12,096  13,180  
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 other5,202  5,748  10,056  11,110  18,097  22,843  
Stock-based compensation1,971  2,601  3,245  4,358  6,012  7,977  
Other operating expense (income), net80  282  67  348  200  445  
Other expense (income), net(7) (769) (142) (204) 152  (310) 
Deferred income taxes105  465  520  787  958  1,063  
Changes in operating assets and liabilities:
Inventories(2,100) (672) (1,381) 720  (3,826) (1,176) 
Accounts receivable, net and other(2,193) (2,854) (2,594) (1,592) (6,873) (6,680) 
Accounts payable3,668  8,616  (2,716) 573  8,060  11,482  
Accrued expenses and other(623) 1,699  (3,556) (1,063) (653) 1,110  
Unearned revenue390  247  1,278  854  1,806  1,286  
Net cash provided by (used in) operating activities9,118  20,606  10,963  23,669  36,029  51,220  
INVESTING ACTIVITIES:
Purchases of property and equipment(3,562) (7,459) (6,852) (14,254) (13,938) (24,263) 
Proceeds from property and equipment sales and incentives919  844  1,488  2,212  2,927  4,895  
Acquisitions, net of cash acquired, and other(117) (118) (1,285) (210) (2,592) (1,385) 
Sales and maturities of marketable securities5,161  8,138  7,804  19,764  11,706  34,641  
Purchases of marketable securities(9,950) (19,209) (16,827) (34,210) (22,919) (49,196) 
Net cash provided by (used in) investing activities(7,549) (17,804) (15,672) (26,698) (24,816) (35,308) 
FINANCING ACTIVITIES:
Proceeds from short-term debt, and other222  2,433  307  3,050  972  4,145  
Repayments of short-term debt, and other(73) (1,906) (363) (2,537) (958) (3,693) 
Proceeds from long-term debt61  9,918  166  9,994  347  10,699  
Repayments of long-term debt(39) (205) (101) (241) (122) (1,305) 
Principal repayments of finance leases(2,327) (2,817) (4,541) (5,417) (8,693) (10,504) 
Principal repayments of financing obligations(2) (15) (3) (32) (211) (56) 
Net cash provided by (used in) financing activities(2,158) 7,408  (4,535) 4,817  (8,665) (714) 
Foreign currency effect on cash, cash equivalents, and restricted cash47  127  36  (356) (119) (321) 
Net increase (decrease) in cash, cash equivalents, and restricted cash(542) 10,337  (9,208) 1,432  2,429  14,877  
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD$22,965  $37,842  $22,965  $37,842  $22,965  $37,842  
See accompanying notes to consolidated financial statements.
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AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
 
  
Three Months Ended
June 30,
Six Months Ended
June 30,
 2019202020192020
Net product sales$35,856  $50,244  $70,139  $92,085  
Net service sales27,548  38,668  52,965  72,279  
Total net sales63,404  88,912  123,104  164,364  
Operating expenses:
Cost of sales36,337  52,660  70,257  96,917  
Fulfillment9,271  13,806  17,872  25,337  
Technology and content9,065  10,388  16,991  19,713  
Marketing4,291  4,345  7,955  9,173  
General and administrative1,270  1,580  2,444  3,032  
Other operating expense (income), net86  290  81  360  
Total operating expenses60,320  83,069  115,600  154,532  
Operating income3,084  5,843  7,504  9,832  
Interest income215  135  398  337  
Interest expense(383) (403) (749) (805) 
Other income (expense), net(27) 646  138  240  
Total non-operating income (expense)(195) 378  (213) (228) 
Income before income taxes2,889  6,221  7,291  9,604  
Provision for income taxes(257) (984) (1,094) (1,729) 
Equity-method investment activity, net of tax(7) 6  (11) (97) 
Net income$2,625  $5,243  $6,186  $7,778  
Basic earnings per share$5.32  $10.50  $12.57  $15.59  
Diluted earnings per share$5.22  $10.30  $12.31  $15.32  
Weighted-average shares used in computation of earnings per share:
Basic493  500  492  499  
Diluted503  509  503  508  
See accompanying notes to consolidated financial statements.

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AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(unaudited)
 
  
Three Months Ended
June 30,
Six Months Ended
June 30,
 2019202020192020
Net income$2,625  $5,243  $6,186  $7,778  
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $(6), $(8), $(8) and $137  207  (1) (668) 
Net change in unrealized gains (losses) on available-for-sale debt securities:
Unrealized gains (losses), net of tax of $(11), $(73), $(11) and $(61)44  407  76  205  
Reclassification adjustment for losses (gains) included in “Other income (expense), net,” net of tax of $0, $0, $0 and $0(1) (6)   (6) 
Net unrealized gains (losses) on available-for-sale debt securities43  401  76  199  
Total other comprehensive income (loss)50  608  75  (469) 
Comprehensive income$2,675  $5,851  $6,261  $7,309  
See accompanying notes to consolidated financial statements.

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AMAZON.COM, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
 
December 31, 2019June 30, 2020
 (unaudited)
ASSETS
Current assets:
Cash and cash equivalents$36,092  $37,466  
Marketable securities18,929  33,925  
Inventories20,497  19,599  
Accounts receivable, net and other20,816  19,918  
Total current assets96,334  110,908  
Property and equipment, net72,705  86,517  
Operating leases25,141  28,537  
Goodwill14,754  14,751  
Other assets16,314  17,601  
Total assets$225,248  $258,314  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$47,183  $51,036  
Accrued expenses and other32,439  33,863  
Unearned revenue8,190  8,997  
Total current liabilities87,812  93,896  
Long-term lease liabilities39,791  42,798  
Long-term debt23,414  33,128  
Other long-term liabilities12,171  14,764  
Commitments and contingencies (Note 4)
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 — 521 and 524
Outstanding shares — 498 and 5015  5  
Treasury stock, at cost(1,837) (1,837) 
Additional paid-in capital33,658  38,017  
Accumulated other comprehensive income (loss)(986) (1,455) 
Retained earnings31,220  38,998  
Total stockholders’ equity62,060  73,728  
Total liabilities and stockholders’ equity$225,248  $258,314  
See accompanying notes to consolidated financial statements.

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AMAZON.COM, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Note 1 — ACCOUNTING POLICIES AND SUPPLEMENTAL DISCLOSURES
Unaudited Interim Financial Information
We have prepared the accompanying consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These consolidated financial statements are unaudited and, in our opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of our consolidated cash flows, operating results, and balance sheets for the periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for 2020 due to seasonal and other factors. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been omitted in accordance with the rules and regulations of the SEC. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 of Part II, “Financial Statements and Supplementary Data,” of our 2019 Annual Report on Form 10-K.
Prior Period Reclassifications
Certain prior period amounts have been reclassified to conform to the current period presentation. Proceeds from and repayments of short-term debt, and other were reclassified from proceeds from and repayments of long-term debt, and other on our consolidated statements of cash flows.
Principles of Consolidation
The consolidated financial statements include the accounts of Amazon.com, Inc. and its consolidated entities (collectively, the “Company”), consisting of its wholly-owned subsidiaries and those entities in which we have a variable interest and of which we are the primary beneficiary, including certain entities in India and certain entities that support our seller lending financing activities. Intercompany balances and transactions between consolidated entities are eliminated.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, income taxes, useful lives of equipment, commitments and contingencies, valuation of acquired intangibles and goodwill, stock-based compensation forfeiture rates, vendor funding, inventory valuation, collectability of receivables, and valuation and impairment of investments. Given the global economic climate and additional or unforeseen effects from the COVID-19 pandemic, these estimates have become more challenging, and actual results could differ materially from these estimates.
We review the useful lives of equipment on an ongoing basis, and effective January 1, 2020 we changed our estimate of the useful life for our servers from three to four years. The longer useful life is due to continuous improvements in our hardware, software, and data center designs. The effect of this change in estimate for Q2 2020, based on servers that were included in “Property and equipment, net” as of March 31, 2020 and those acquired during the quarter ended June 30, 2020, was a reduction in depreciation and amortization expense of $696 million and an increase in net income of $534 million, or $1.07 per basic share and $1.05 per diluted share. The effect of this change in estimate for the six months ended June 30, 2020, based on servers that were included in “Property and equipment, net” as of December 31, 2019 and those acquired during the six months ended June 30, 2020, was a reduction in depreciation and amortization expense of $1.5 billion and an increase in net income of $1.1 billion, or $2.27 per basic share and $2.24 per diluted share.
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Supplemental Cash Flow Information
The following table shows supplemental cash flow information (in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
Twelve Months Ended
June 30,
201920202019202020192020
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on debt$147  $139  $433  $430  $837  $872  
Cash paid for operating leases838  1,086  1,547  2,115  1,547  3,929  
Cash paid for interest on finance leases150  161  315  329  536  662  
Cash paid for interest on financing obligations4  21  5  43  105  77  
Cash paid for income taxes, net of refunds283  486  451  791  822  1,221  
Assets acquired under operating leases2,220  3,347  3,094  5,755  3,094  10,530  
Property and equipment acquired under finance leases3,307  3,155  5,935  5,321  11,944  13,110  
Property and equipment acquired under build-to-suit arrangements283  482  719  861  2,825  1,504  
Earnings per Share
Basic earnings per share is calculated using our weighted-average outstanding common shares. Diluted earnings per share is calculated using our weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method. In periods when we have a net loss, stock awards are excluded from our calculation of earnings per share as their inclusion would have an antidilutive effect.
The following table shows the calculation of diluted shares (in millions):
  
Three Months Ended
June 30,
Six Months Ended
June 30,
 2019202020192020
Shares used in computation of basic earnings per share493  500  492  499  
Total dilutive effect of outstanding stock awards10  9  11  9  
Shares used in computation of diluted earnings per share503  509  503  508  
Inventories
Inventories, consisting of products available for sale, are primarily accounted for using the first-in, first-out method, and are valued at the lower of cost and net realizable value. This valuation requires us to make judgments, based on currently available information, about the likely method of disposition, such as through sales to individual customers, returns to product vendors, or liquidations, and expected recoverable values of each disposition category. The inventory valuation allowance, representing a write-down of inventory, was $1.6 billion and $1.7 billion as of December 31, 2019 and June 30, 2020.
Accounts Receivable, Net and Other
Included in “Accounts receivable, net and other” on our consolidated balance sheets are amounts primarily related to customers, vendors, and sellers. As of December 31, 2019 and June 30, 2020, customer receivables, net, were $12.6 billion and $12.2 billion, vendor receivables, net, were $4.2 billion and $3.1 billion, and seller receivables, net, were $863 million and $543 million. Seller receivables are amounts due from sellers related to our seller lending program, which provides funding to sellers primarily to procure inventory.
We estimate losses on receivables based on expected losses, including our historical experience of actual losses. The allowance for doubtful accounts was $718 million and $1.1 billion as of December 31, 2019 and June 30, 2020.
Digital Video and Music Content
The total capitalized costs of video, which is primarily released content, and music as of December 31, 2019 and June 30, 2020 were $5.8 billion and $6.1 billion. Total video and music expense was $1.8 billion and $2.8 billion in Q2 2019 and Q2 2020, and $3.5 billion and $5.2 billion for the six months ended June 30, 2019 and 2020.
Unearned Revenue
Unearned revenue is recorded when payments are received or due in advance of performing our service obligations and is recognized over the service period. Unearned revenue primarily relates to prepayments of AWS services and Amazon Prime memberships. Our total unearned revenue as of December 31, 2019 was $10.2 billion, of which $5.6 billion was recognized as
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revenue during the six months ended June 30, 2020. Included in “Other long-term liabilities” on our consolidated balance sheets was $2.0 billion of unearned revenue as of December 31, 2019 and June 30, 2020.
Additionally, we have performance obligations, primarily related to AWS, associated with commitments in customer contracts for future services that have not yet been recognized in our financial statements. For contracts with original terms that exceed one year, those commitments not yet recognized were $41.0 billion as of June 30, 2020. The weighted average remaining life of our long-term contracts is 3.3 years. However, the amount and timing of revenue recognition is largely driven by customer usage, which can extend beyond the original contractual term.
Note 2 — FINANCIAL INSTRUMENTS
Cash, Cash Equivalents, Restricted Cash, and Marketable Securities
As of December 31, 2019 and June 30, 2020, our cash, cash equivalents, restricted cash, and marketable securities primarily consisted of cash, AAA-rated money market funds, U.S. and foreign government and agency securities, and other investment grade securities. Cash equivalents and marketable securities are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:
Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets.
Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
Level 3—Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.
We measure the fair value of money market funds and certain marketable equity securities based on quoted prices in active markets for identical assets or liabilities. Other marketable securities were valued either based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. We did not hold significant amounts of cash, cash equivalents, restricted cash, or marketable securities categorized as Level 3 assets as of December 31, 2019 and June 30, 2020.
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The following table summarizes, by major security type, our cash, cash equivalents, restricted cash, and marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in millions):
 December 31, 2019June 30, 2020
  
Total
Estimated
Fair Value
Cost or
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Total
Estimated
Fair Value
Cash$9,776  $9,277  $—