Amazon-2019财年第四季度亚马逊财报PPT版（英文）-2020.2-18页_252kb

Amazon Q4 2019 Financial Results Summary

Core Content

The document provides an overview of Amazon's financial performance for Q4 2019, with a focus on free cash flow and net sales across different segments. It also includes details on the accounting changes related to lease classification, which impacted the way certain financial metrics are reported.

Main Financial Metrics

Free Cash Flow

• Free Cash Flow (TTM): Increased by 25% YoY.
• Free Cash Flow Less Principal Repayments of Finance Leases and Financing Obligations (TTM): Increased to $16,170 million in Q4 2019.
• Free Cash Flow Less Equipment Finance Leases and Principal Repayments of All Other Finance Leases and Financing Obligations (TTM): Increased to $12,490 million in Q4 2019.

Net Sales

• Total Net Sales (TTM): Reached $350,000 million.
• North America Segment: Net sales of $170.8 billion.
• International Segment: Net sales of $74.7 billion.
• AWS Segment: Net sales of $35.0 billion.
• Growth: Net sales increased by 21% YoY and 22% F/X Adjusted.

Key Financial Highlights

• Operating Cash Flow: Grew by 25% YoY.

• Purchases of Property and Equipment: Remained relatively stable across quarters.

• Free Cash Flow Reconciliation:

  • Operating Cash Flow (Q4 2019): $38,514 million
  • Purchases of property and equipment (Q4 2019): $12,689 million
  • Free Cash Flow (Q4 2019): $25,825 million

• Free Cash Flow Less Principal Repayments:

  • Operating Cash Flow (Q4 2019): $38,514 million
  • Purchases of property and equipment (Q4 2019): $12,689 million
  • Principal repayments of finance leases (Q4 2019): $9,628 million
  • Principal repayments of financing obligations (Q4 2019): $27 million
  • Free Cash Flow Less Principal Repayments (Q4 2019): $16,170 million

• Free Cash Flow Less Equipment Finance Leases:

  • Operating Cash Flow (Q4 2019): $38,514 million
  • Purchases of property and equipment (Q4 2019): $12,689 million
  • Equipment acquired under finance leases (Q4 2019): $12,916 million
  • Principal repayments of all other finance leases (Q4 2019): $392 million
  • Principal repayments of financing obligations (Q4 2019): $27 million
  • Free Cash Flow Less Equipment Finance Leases (Q4 2019): $12,490 million

Accounting Changes

• On January 1, 2019, Amazon adopted new accounting guidance for leases, which:
  • Changed "capital leases" to "finance leases."
  • Changed "finance leases" to "financing obligations."
• This change did not have a material impact on 2019 operating results.
• Prior period amounts were not retrospectively adjusted.

Long-Term Goals

• Optimize Free Cash Flows: Amazon's long-term goal is to efficiently manage dilution and improve free cash flow.
• The document emphasizes the importance of free cash flow as a key performance indicator, with multiple variations to assess different aspects of cash flow generation.

Additional Information

• The document includes non-GAAP financial measures, such as free cash flow and operating cash flow, and notes that reconciliation details are available in the Appendix.
• Information on the impact of foreign exchange rates is provided to adjust reported results for comparability.
• Amazon's financial results are subject to various risks and uncertainties, including market conditions, regulatory changes, and operational challenges.

Conclusion

Amazon reported strong financial performance in Q4 2019, with net sales growing by 21% YoY and operating cash flow increasing by 25% YoY. The company is focused on optimizing free cash flows, with detailed breakdowns of different cash flow metrics to assess performance across segments and accounting periods. The adoption of new lease accounting standards did not significantly affect the results, and the company continues to emphasize efficient dilution management and long-term financial health.