2018亚马逊第四季度及全年财报（英文）-2019.2-18页_1mb
报告摘要
Amazon Q4 2018 Financial Results Summary
Core Content
Amazon's Q4 2018 financial results focus on free cash flow optimization as a long-term goal. The document highlights various financial metrics, including free cash flow, free cash flow less lease principal repayments, and free cash flow less finance lease principal repayments and assets acquired under capital leases, all presented on a trailing twelve-month (TTM) basis. These metrics are adjusted for new accounting guidance that includes restricted cash in the cash and cash equivalents category. Additionally, the document provides insights into net sales, operating income, and segment results for North America, International, and AWS.
Main Financial Metrics
Free Cash Flow (TTM)
- Definition: Operating cash flow minus "Purchases of property and equipment, net of proceeds from property and equipment incentives."
- Adjustment: Restricted cash was added to cash and cash equivalents due to new accounting guidance.
- Growth: Operating cash flow grew 67% year-over-year (Y/Y).
Free Cash Flow Less Lease Principal Repayments (TTM)
- Definition: Free cash flow minus "Principal repayments of capital lease obligations" and "Principal repayments of finance lease obligations."
- Adjustment: Same as above, restricted cash was added.
- Growth: Operating cash flow grew 67% Y/Y.
Free Cash Flow Less Finance Lease Principal Repayments and Assets Acquired Under Capital Leases (TTM)
- Definition: Free cash flow minus "Principal repayments of finance lease obligations" and "Property and equipment acquired under capital leases."
- Adjustment: Restricted cash was added.
- Growth: Operating cash flow grew 67% Y/Y.
Key Financial Highlights
Net Sales
- Overall Growth: Net sales increased by 20% Y/Y and 21% when adjusted for foreign exchange (F/X).
- F/X Adjustment: The adjustment shows the impact of foreign exchange rates on reported net sales and operating income.
Operating Income
- Growth: Operating income showed significant growth, though specific figures were not provided in the document.
Net Income
- Performance: Net income figures were also reported, though not detailed in the summary.
Segment Results
North America
- TTM Net Sales: $141.4 billion.
International
- TTM Net Sales: $65.9 billion.
AWS
- TTM Net Sales: $25.7 billion.
Reconciliation Tables
Free Cash Flow Reconciliation (TTM)
| Item | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 |
|---|---|---|---|---|---|
| Operating Cash Flow | $18,365 | $18,194 | $21,793 | $26,604 | $30,723 |
| Purchases 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 | $19,400 |
Free Cash Flow Less Lease Principal Repayments Reconciliation (TTM)
| Item | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 |
|---|---|---|---|---|---|
| Operating Cash Flow | $18,365 | $18,194 | $21,793 | $26,604 | $30,723 |
| Purchases 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 | $11,614 |
Free Cash Flow Less Finance Lease Principal Repayments and Assets Acquired Under Capital Leases Reconciliation (TTM)
| Item | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 |
|---|---|---|---|---|---|
| Operating Cash Flow | $18,365 | $18,194 | $21,793 | $26,604 | $30,723 |
| Purchases 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 | $8,448 |
Key Information
- Accounting Adjustments: The adoption of new accounting guidance led to retrospective adjustments, including the inclusion of restricted cash in cash and cash equivalents.
- Growth Trends: Operating cash flow showed a consistent 67% Y/Y growth across the presented metrics.
- Segment Performance: North America, International, and AWS segments all contributed to the overall financial performance, with North America being the largest contributor in terms of net sales.
- Risks and Uncertainties: The document notes various risks that could affect financial results, such as foreign exchange fluctuations, economic conditions, competition, legal proceedings, and inventory management.
Conclusion
Amazon's Q4 2018 financial results emphasize the importance of free cash flow optimization and the impact of accounting changes on financial reporting. The company's net sales and operating income showed strong growth, with North America leading the segment performance. Despite the challenges posed by global economic conditions and various risks, Amazon's strategic focus on cash flow management and operational efficiency remains a central theme in its financial planning.
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