amzn-20240331

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 March 31, 2024


☐			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

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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 Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $.01 per share	AMZN	Nasdaq 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 filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller 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 ☒

10,406,627,415 shares of common stock, par value $0.01 per share, outstanding as of April 24, 2024

Table of Contents

AMAZON.COM, INC.

FORM 10-Q

For the Quarterly Period Ended March 31, 2024

INDEX


		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	3
	Consolidated Statements of Cash Flows	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Balance Sheets	6
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	34

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 3.	Defaults Upon Senior Securities	46
Item 4.	Mine Safety Disclosures	46
Item 5.	Other Information	46
Item 6.	Exhibits	47
Signatures		48

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 March 31,			Twelve Months Ended March 31,
		2023		2024		2023		2024
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD		$	54,253	$	73,890	$	36,599	$	49,734
OPERATING ACTIVITIES:
Net income		3,172		10,431		4,294		37,684
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 other		11,123		11,684		43,851		49,224
Stock-based compensation		4,748		4,961		21,119		24,236

Non-operating expense (income), net		534		2,734		8,811		1,452
Deferred income taxes		(472)		(938)		(6,619)		(6,342)
Changes in operating assets and liabilities:
Inventories		371		1,776		393		2,854
Accounts receivable, net and other		4,724		3,684		(4,361)		(9,388)
Other assets		(3,203)		(2,701)		(14,499)		(11,763)
Accounts payable		(11,264)		(11,282)		1,061		5,455
Accrued expenses and other		(5,763)		(2,928)		(1,418)		407
Unearned revenue		818		1,568		1,698		5,328
Net cash provided by (used in) operating activities		4,788		18,989		54,330		99,147
INVESTING ACTIVITIES:
Purchases of property and equipment		(14,207)		(14,925)		(62,901)		(53,447)
Proceeds from property and equipment sales and incentives		1,137		990		5,252		4,449
Acquisitions, net of cash acquired, non-marketable investments, and other		(3,513)		(3,354)		(5,488)		(5,680)
Sales and maturities of marketable securities		1,115		1,392		9,963		5,904
Purchases of marketable securities		(338)		(1,965)		(1,139)		(3,115)
Net cash provided by (used in) investing activities		(15,806)		(17,862)		(54,313)		(51,889)
FINANCING ACTIVITIES:
Common stock repurchased		—		—		(3,334)		—
Proceeds from short-term debt, and other		12,780		338		40,590		5,687
Repayments of short-term debt, and other		(3,603)		(404)		(34,926)		(22,478)
Proceeds from long-term debt		—		—		21,166		—
Repayments of long-term debt		(1,386)		(330)		(2,644)		(2,620)
Principal repayments of finance leases		(1,380)		(770)		(6,544)		(3,774)
Principal repayments of financing obligations		(57)		(90)		(226)		(304)
Net cash provided by (used in) financing activities		6,354		(1,256)		14,082		(23,489)
Foreign currency effect on cash, cash equivalents, and restricted cash		145		(429)		(964)		(171)
Net increase (decrease) in cash, cash equivalents, and restricted cash		(4,519)		(558)		13,135		23,598
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD		$	49,734	$	73,332	$	49,734	$	73,332

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 March 31,
		2023		2024
Net product sales		$	56,981	$	60,915
Net service sales		70,377		82,398
Total net sales		127,358		143,313
Operating expenses:
Cost of sales		67,791		72,633
Fulfillment		20,905		22,317
Technology and infrastructure		20,450		20,424
Sales and marketing		10,172		9,662
General and administrative		3,043		2,742
Other operating expense (income), net		223		228
Total operating expenses		122,584		128,006
Operating income		4,774		15,307
Interest income		611		993
Interest expense		(823)		(644)
Other income (expense), net		(443)		(2,673)
Total non-operating expense		(655)		(2,324)
Income before income taxes		4,119		12,983
Provision for income taxes		(948)		(2,467)
Equity-method investment activity, net of tax		1		(85)
Net income		$	3,172	$	10,431
Basic earnings per share		$	0.31	$	1.00
Diluted earnings per share		$	0.31	$	0.98
Weighted-average shares used in computation of earnings per share:
Basic		10,250		10,393
Diluted		10,347		10,670

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 March 31,
		2023		2024
Net income		$	3,172	$	10,431
Other comprehensive income (loss):

Foreign currency translation adjustments, net of tax of $(10) and $30		386		(1,096)



Available-for-sale debt securities:
Change in net unrealized gains (losses), net of tax of $(29) and $(158)		95		536

Less: reclassification adjustment for losses (gains) included in “Other income (expense), net,” net of tax of $(10) and $0		33		1

Net change		128		537
Other, net of tax of $0 and $(1)		—		1
Total other comprehensive income (loss)		514		(558)
Comprehensive income		$	3,686	$	9,873

See accompanying notes to consolidated financial statements.

Table of Contents

AMAZON.COM, INC.

CONSOLIDATED BALANCE SHEETS

(in millions, except per share data)


	December 31, 2023		March 31, 2024
			(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	73,387	$	72,852
Marketable securities	13,393		12,222
Inventories	33,318		31,147
Accounts receivable, net and other	52,253		47,768
Total current assets	172,351		163,989
Property and equipment, net	204,177		209,950
Operating leases	72,513		73,313
Goodwill	22,789		22,770
Other assets	56,024		60,947
Total assets	$	527,854	$	530,969
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	84,981	$	73,068
Accrued expenses and other	64,709		63,970
Unearned revenue	15,227		15,927
Total current liabilities	164,917		152,965
Long-term lease liabilities	77,297		77,052
Long-term debt	58,314		57,634
Other long-term liabilities	25,451		26,657
Commitments and contingencies (Note 4)
Stockholders’ equity:
Preferred stock ($0.01 par value; 500 shares authorized; no shares issued or outstanding)	—		—
Common stock ($0.01 par value; 100,000 shares authorized; 10,898 and 10,918 shares issued; 10,383 and 10,403 shares outstanding)	109		109
Treasury stock, at cost	(7,837)		(7,837)
Additional paid-in capital	99,025		103,938
Accumulated other comprehensive income (loss)	(3,040)		(3,598)
Retained earnings	113,618		124,049
Total stockholders’ equity	201,875		216,661
Total liabilities and stockholders’ equity	$	527,854	$	530,969

See accompanying notes to consolidated financial statements.

Table of Contents

AMAZON.COM, INC.

SEC Form 10-Q filed by Amazon.com Inc.