Price

Shares
Incorporated in Washington in 1994 MC
July 1995 - store opened Cash
IPO 1997 Debt
EV

CEO: Andy Jassy

 105.00
10,331 Q322
1,084,755
58,662 Q322
58,919 Q322
1,085,012

CEO: Andy Jassy

Main
Q418 Q119 Q219 Q319 Q419 Q120 Q220
NorthAmerica 44,124 35,812 38,653 42,638 53,670 46,127 55,436
Media
Electronics/General
International 41,873 16,192 16,370 18,348 23,813 19,106 22,668
Media
Electronics/General
AWS 7,430 7,696 8,381 8,995 9,954 10,219 10,808

Online Stores 39,822 29,498 31,053 35,039 45,657 36,652 45,896

Physical Stores 4,401 4,307 4,330 4,192 4,363 4,640 3,774
Third-party 13,383 11,141 11,962 13,212 17,446 14,479 18,195
Subscription 3,959 4,342 4,676 4,957 5,235 5,556 6,018
Ads 3,388 2,716 3,002 3,586 4,782 3,906 4,221
Other 0 0 0 0 0 0

Product 44,700 34,283 35,856 39,726 50,542 41,841 50,244

Services 27,683 25,417 27,548 30,255 36,895 33,611 38,668
Revenue 72,383 59,700 63,404 69,981 87,437 75,452 88,912
Cost of Sales 44,786 33,920 36,337 41,302 53,977 44,257 52,660
Fulfillment 10,028 8,601 9,271 10,167 12,192 11,531 13,806
Gross Margin 17,569 17,179 17,796 18,512 21,268 19,664 22,446
Technology 7,669 7,927 9,065 9,200 9,740 9,325 10,388
S&M 4,911 3,664 4,291 4,752 6,172 4,828 4,345
G&A 1,117 1,173 1,270 1,348 1,412 1,452 1,580
OpEx 13,697 12,764 14,626 15,300 17,324 15,605 16,313
OpInc 3,872 4,415 3,170 3,212 3,944 4,059 6,133
Interest Expense -522 -14 -281 -580 109 -676 88
Pretax 3,350 4,401 2,889 2,632 4,053 3,383 6,221
Taxes 323 840 264 498 785 848 978
Net Income 3,027 3,561 2,625 2,134 3,268 2,535 5,243
EPS 6.04 7.09 5.22 4.23 6.47 5.01 10.30
Shares 501 502 503 504 505 506 509

Revenue y/y 21% 26% 40%

Product y/y 22% 40%
Service y/y 32% 40%
Online Stores y/y 15% 24% 48%
Third-party y/y 30% 30% 52%
Subscription y/y 32% 28% 29%
Ads y/y 41% 44% 41%
AWS y/y 34% 33% 29%
Gross Margin 24.3% 28.8% 28.1% 26.5% 24.3% 26.1% 25.2%

Net Cash
Cash
AR
Inventories
PP&E
Leases
Goodwill
OA
Assets

AP
AE
DR
Leases
Debt
OLTL
SE
L+SE

Model NI
Reported NI
D&A
SBC
Other
Other
DT
WC
CFFO

CapEx
Sale of CapEx
Acquisitions
Investments
CFFI

Buybacks
Debt
CFFF
FX
CIC

Headcount

North America OI
International OI
AWS OI

FCF

Stock Price
 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222 Q322
59,373 75,346 64,366 67,550 65,557 82,360 69,244 74,430 78,843

25,171 37,467 30,649 30,721 29,145 37,272 28,759 27,065 27,720

11,601 12,742 13,503 14,809 16,110 17,780 18,441 19,739 20,538

48,350 66,451 52,901 53,157 49,942 66,075 51,129 50,855 53,489

3,788 4,022 3,920 4,198 4,269 4,688 4,591 4,721 4,694
20,436 27,327 23,709 25,085 24,252 30,320 25,335 27,376 28,666
6,572 7,061 7,580 7,917 8,148 8,123 8,410 8,716 8,903
5,398 7,350 6,381 7,451 7,612 9,716 7,877 8,757 9,548
0 602 524 463 479 710 661 1,070 1,263

52,774 71,056 57,491 58,004 54,876 71,416 56,455 56,575 59,340

43,371 54,499 51,027 55,076 55,936 65,996 59,989 64,659 67,761
96,145 125,555 108,518 113,080 110,812 137,412 116,444 121,234 127,101
57,106 79,284 62,403 64,176 62,930 82,835 66,499 66,424 70,268
14,705 18,474 16,530 17,638 18,498 22,445 20,271 20,342 20,583
24,334 27,797 29,585 31,266 29,384 32,132 29,674 34,468 36,250
10,976 12,049 12,488 13,871 14,380 15,313 14,842 18,072 19,485
5,434 7,403 6,207 7,524 8,010 10,810 8,320 10,086 11,014
1,668 1,968 1,987 2,158 2,153 2,525 2,594 2,903 3,061
18,078 21,420 20,682 23,553 24,543 28,648 25,756 31,061 33,560
6,256 6,377 8,903 7,713 4,841 3,484 3,918 3,407 2,690
553 1,388 1,365 921 -526 11,450 -9,183 -425 254
6,809 7,765 10,268 8,634 4,315 14,934 -5,265 2,982 2,944
478 543 2,161 856 1,159 611 -1,421 0 72
6,331 7,222 8,107 7,778 3,156 14,323 -3,844 2,982 2,872
12.37 14.08 15.80 0.76 6.13 1.39 -7.55 0.29 0.28
512 513 513 10,286 515 10324 509 10,175 10,331

37% 44% 44% 27% 15% 9% 7% 7% 15%

33% 41% 37% 15% 4% 1% -2% -2% 8%
43% 48% 52% 42% 29% 21% 18% 17% 21%
38% 46% 44% 16% 3% -1% -3% -4% 7%
55% 57% 64% 38% 19% 11% 7% 9% 18%
33% 35% 36% 32% 24% 15% 11% 10% 9%
51% 54% 63% 77% 41% 32% 23% 18% 25%
29% 28% 32% 37% 39% 40% 37% 33% 27%
25.3% 22.1% 27.3% 27.6% 26.5% 23.4% 25.5% 28.4% 28.5%

18,829 2,657 -257

66,385 60,710 58,662
34,987 38,153 36,647
32,504 34,804 36,154
168,468 173,706 177,195
56,161 58,430 62,033
20,229 20,195 20,168
32,033 33,730 37,503
410,767 419,728 428,362

68,547 71,219 67,760

58,141 56,254 59,974
 12,820 12,818 12,629
65,731 66,524 69,332
47,556 58,053 58,919
23,971 23,458 22,259
134,001 131,402 137,489
410,767 419,728 428,362

-3,844 2,982 2,872

-3,844 -2,028 2,872
8,978 9,594 10,204
3,250 5,209 5,556
215 122 123
8,689 6,104 -1,272
-2,001 -1,955 -825
-18,077 -8,081 -5,254
-2,790 8,965 11,404

-14,951 -15,724 -16,378

1,209 1,626 1,337
-6,341 -259 -885
20,989 2,279 318
906 -12,078 -15,608

-2,666 -3,334 0
4,656 7,960 3,016
1,990 4,626 3,016
16 -412 -1,334
122 1,101 -2,522

1,298 1,271 1,335 1,468 1,608 1,622 1,523 1,544

3,147 880 -627 -412

362 -911 -1,771 -2,466
4,193 4,883 5,715 5,403

-17,741 -6,759 -4,974

 Q422 Q123 Q223 Q323 Q423 1995 1996 1997
93,363 76,881

34,463 29,123

21,378 21,354 25,661 26,699 27,791

64,531 51,096 52,381 55,094 66,467

4,957 4,895 4,721 4,694 4,957
36,339 29,820 28,197 29,526 37,429
9,189 9,657 9,413 9,615 9,924
11,557 9,509 9,633 10,503 12,713
1,253 1,027 1,070 1,263 1,253

70,531 56,981
78,673 70,377
149,204 127,358 131,076 137,394 160,534 1 16 148
85,640 67,791 70,834 74,083 87,916
23,103 20,905 20,144 21,155 25,974
40,461 38,662 40,098 42,156 46,644
20,814 20,450 19,879 21,434 22,895
12,818 10,172 10,590 11,565 13,459
3,333 3,043 3,048 3,214 3,500
36,965 33,665 33,518 36,212 39,854
3,496 4,997 6,580 5,944 6,791
-249 -878
3,247 4,119 6,580 5,944 6,791
0 947 987 892 1,019
3,247 3,172 5,593 5,052 5,772
0.31 0.31 0.54 0.49 0.56
10,308 10,347 10,347 10,347 10,347

9% 9% 8% 8% 8%
-1% 1%
19% 17%
-2% 0% 3% 3% 3%
20% 18% 3% 3% 3%
13% 15% 8% 8% 8%
19% 21% 10% 10% 10%
20% 16% 30% 30% 30%
27.1% 30.4% 30.6% 30.7% 29.1%

2,990 6,162 11,755 16,807 22,579

70,026 64,405
34,405 34,170
42,360 37,646
186,715 190,754
66,123 68,262
20,288 22,749
42,758 46,392
462,675 464,378

79,600 66,907
62,566 66,382
 13,227 14,281
72,968 74,267
67,150 67,084
21,121 20,931
146,043 154,526
462,675 464,378

3,247 3,172

1,541 1,465

-240 898
-2,228 -1,247
5,205 5,123

0 0

7.25
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

610 1,640 2,762 3,122 3,933 5,264 6,921 8,490 10,711 14,835
2,324 2,940 4,007
799 392 477
0 600 780
241 216 208
138 125 123
90 79 88
469 420 419
-469 180 361
-110 -119 -108
-579 61 253
0 0 0
-579 61 253
-1.59 0.16 0.60
161 364 378 419

313% 169% 68% 13% 26% 34% 31% 23% 26% 39%
 -120 174 392

28.73 71.35
 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
50,834 63,708 79,785 106,110
11,567 12,483 13,580
38,517 50,401 64,887
33,510 35,418 43,983 103,273
10,938 10,026 10,631
22,369 25,196 33,107
4,644 7,880 12,219 17,459

118,573
59,293
19,166 24,509 34,204 48,077 61,093 74,452 88,988 107,006 135,987 177,866
62,752 71,651 88,265 111,934
10,766 13,410 17,619 25,249
15,470 21,945 30,103 40,683
9,275 12,540 16,085 22,620
4,332 5,254 7,233 10,069
1,552 1,747 2,432 3,674
15,159 19,541 25,750 36,363
311 2,404 4,353 4,320
-422 -836 -461 -514
-111 1,568 3,892 3,806
130 972 1,521 773
-241 596 2,371 3,033
-0.52 1.25 4.90 6.15
462 477 484 493

29% 28% 40% 41% 27% 22% 20% 20% 27% 31%

70% 55% 43%

17.4% 20.5% 22.1% 22.9%
 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
141,366 170,773 236,282 279,833

134,099 74,723 104,412 127,787

25,655 35,026 45,370 62,202 80,096 101,506 131,957 171,544 223,008 289,910

122,987 141,247 197,349 222,075 220,004 225,037 236,289 248,104 260,509 273,534
17,224 17,192 16,224 17,075 18,963 19,267 20,230 21,242 22,304 23,419
42,745 53,761 80,437 103,366 117,716 124,972 131,221 137,782 144,671 151,905
14,167 19,210 25,207 31,768 35,218 38,610 42,471 46,718 51,389 56,528
10,108 14,086 20,875 31,160 37,739 42,357 46,593 51,252 56,377 62,015
0 602 2,176 4,247 4,613 4,844 5,086 5,340 5,607

141,915 160,407 215,915 241,787

90,972 120,115 170,149 228,035
232,887 280,522 386,064 469,822 513,983 556,362 613,605 681,728 763,598 862,919
139,156 165,536 233,307 272,344 288,831 300,623 402,562 445,783 498,092 562,023
34,027 40,231 58,516 75,111 84,299 88,178 36,751 38,589 40,518 42,544
59,704 74,755 94,241 122,367 140,853 167,560 174,291 197,356 224,988 258,351
28,837 35,932 42,738 56,052 73,213 84,658 87,198 89,814 92,508 95,283
13,814 18,879 22,010 32,551 42,238 45,786 47,159 48,574 50,031 51,532
4,336 5,203 6,668 8,823 11,891 12,805 13,189 13,585 13,992 14,412
46,987 60,014 71,416 97,426 127,342 143,249 147,546 151,973 156,532 161,228
12,717 14,741 22,825 24,941 13,511 24,311 26,745 45,383 68,456 97,124
-1,456 -766 1,353 13,210 -9,603 -878 226 455 845 1,434
11,261 13,975 24,178 38,151 3,908 23,433 26,971 45,838 69,301 98,557
1,188 2,387 2,847 4,787 -1,349 3,844 4,046 6,876 10,395 14,784
10,073 11,588 21,331 33,364 5,257 19,589 22,925 38,963 58,906 83,774
20.15 23.01 41.83 6.17 0.52 1.89 2.22 3.77 5.69 8.10
500 504 510 5,410 10,175 10,347 10,347 10,347 10,347 10,347

31% 20% 38% 22% 9% 8% 10% 11% 12% 13%

15% 40% 13% -1% 2% 5% 5% 5% 5%

26% 50% 29% 14% 6% 5% 5% 5% 5%
36% 31% 26% 11% 10% 10% 10% 10% 10%
39% 48% 49% 21% 12% 10% 10% 10% 10%
47% 37% 30% 37% 29% 27% 30% 30% 30% 30%
25.6% 26.6% 24.4% 26.0% 27.4% 30.1% 28.4% 28.9% 29.5% 29.9%

2,990 22,579 45,504 84,467 143,373 227,146

 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037

347,892 417,470 500,964

287,211 301,571 316,650

24,590 25,820 27,111
159,500 167,475 175,849
59,355 62,323 65,439
65,116 68,372 71,790
5,887 6,182 6,491

949,551 1,049,212 1,164,294

620,565 688,122 766,362
44,671 46,905 49,250
284,315 314,186 348,681
98,142 101,086 104,119
53,078 54,671 56,311
14,844 15,290 15,748
166,065 171,047 176,178
118,250 143,139 172,503
2,271 3,296 4,541
120,522 146,435 177,044
18,078 21,965 26,557
102,443 124,470 150,487 150,487 150,487 150,487 150,487 150,487 150,487 150,487
9.90 12.03 14.54
10,347 10,347 10,347

10% 10% 11%

5% 5% 5%
5% 5% 5%
5% 5% 5%
5% 5% 5%
20% 20% 20%
29.9% 29.9% 29.9% Discount 8%
ROIC 1%
329,590 454,060 604,547 Terminal 0%
NPV 1,394,955
135.03
 2038 2039 2040

150,487 150,487 150,487 150,487 150,487 150,487 150,487 150,487 150,487 150,487
150,487 150,487 150,487 150,487 150,487 150,487 150,487 150,487 150,487 150,487
150,487 150,487 150,487 150,487 150,487 150,487 150,487 150,487 150,487 150,487
150,487 150,487 150,487 150,487 150,487 150,487 150,487 150,487 150,487 150,487
150,487 150,487 150,487 150,487 150,487 150,487 150,487 150,487 150,487 150,487
150,487 150,487 150,487 150,487 150,487