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Q3 2008 Financial Results
 Conference Call Slides
This presentation may contain forward-looking statements which are inherently
difficult to predict. Actual results could differ materially for a variety of reasons,
including fluctuations in foreign exchange rates, changes in global economic
conditions and consumer spending, world events, the rate of growth of the
Internet and online commerce, the amount that Amazon.com invests in new
business opportunities and the timing of those investments, the mix of products
sold to customers, the mix of net sales derived from products as compared with
services, the extent to which we owe income taxes, competition, management
of growth, potential fluctuations in operating results, international growth and
expansion, the outcomes of legal proceedings and claims, fulfillment center
optimization, risks of inventory management, seasonality, the degree to which
the Company enters into, maintains and develops commercial agreements,
acquisitions and strategic transactions, and risks of fulfillment throughput and
productivity. Other risks and uncertainties include, among others, risks related
to new products, services and technologies, system interruptions, indebtedness,
government regulation and taxation, payments, and fraud. In addition, the
recent disruption in the global financial markets amplify many of these risks.
More information about factors that potentially could affect Amazon.com’s
financial results is included in Amazon.com’s filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for the year
ended December 31, 2007, and subsequent filings.


Additional information relating to certain of our financial measures contained
herein is available in the appendix to our presentation, our most recent earnings
release and at our website at www.amazon.com/ir under ‘Financial Documents’.



                                                                                         2
Free Cash Flow -- TTM                                                  (1)
MM


                                                                                                                              Up 21% Y/Y


                                                                                                                                     $970MM
                $800MM




          Long Term Goal – Optimize Free Cash Flow Per Share
(1)   Free Cash Flow, a non-GAAP financial measure, is GAAP Operating Cash Flow Less Purchases of Fixed Assets. See appendix for a
      reconciliation of Operating Cash Flow to Free Cash Flow.


                                                                                                                                          3
Shares
MM

                   435                                                                         448




                             Efficiently Managing Dilution – Up 3% Y/Y
     (1)   Does not include shares issuable upon conversion of outstanding convertible debt.
                                                                                                     4
Return on Invested Capital -- TTM                                                                           (1)




                  42%

                                                                                                                                         32%




                         Long Term Expectation – Triple Digit ROIC
(1)   ROIC = TTM Free Cash Flow divided by average Total Assets minus Current Liabilities, excluding Current Portion of our Long Term Debt,
      over 5 quarter ends.


                                                                                                                                               5
Net Sales
MM




                                                $4,264MM

     $3,262MM




                Up 31% Y/Y (28% F/X Adjusted)


                                                       6
MM
                             Net Sales -- TTM
                                $18,135MM
           Up 38% Y/Y; 33%
             F/X Adjusted


     $13,149MM




     38% of WW TTM Revenue from EGM, Up From 33% Y/Y


                                                       7
GAAP Operating Income
MM




                                      Up 26% Y/Y




                                        $154MM
     $123MM




                                                   8
GAAP Operating Income -- TTM
MM



                                        Up 45% Y/Y

                                          $840MM


     $581MM




                                                     9
Consolidated Segment Operating Income                                                                                       (1)



  MM




                                                                                                                                Up 31% Y/Y



                                                                                                                                    $231MM
                    $177MM




(1)   Consolidated Segment Operating Income (CSOI), a non-GAAP financial measure, excludes Stock-Based Compensation and Other Operating Income (Expense).
      See appendix for a reconciliation of CSOI to GAAP Operating Income.


                                                                                                                                                      10
Consolidated Segment Operating Income -- TTM                                                                                                    (1)



      MM


                                                                                                                                Up 42% Y/Y

                                                                                                                                   $1,062MM


                      $749MM




(1)   Consolidated Segment Operating Income (CSOI), a non-GAAP financial measure, excludes Stock-Based Compensation and Other Operating Income (Expense).
      See appendix for a reconciliation of CSOI to GAAP Operating Income.


                                                                                                                                                      11
GAAP Net Income
MM




                               Up 48% Y/Y



                                $118MM

     $80MM




                                            12
Segment Results – North America
MM                                                                                  MM




                                                           Up 29%                                                                               Up 12%
                                                             Y/Y                                                                                  Y/Y


                                                               $2,302MM

           $1,788MM

                                                                                                                                                       $88MM
                                                                                              $79MM




                                                  TTM Net Sales Over $9.6B
     (1)   A significant majority of our costs for quot;Technology and Contentquot; are incurred in the United States and most of these costs are allocated to our
           North America segment.


                                                                                                                                                             13
Segment Results – International
MM                                      MM




                                                     Up 46% Y/Y; 39%
                      Up 33%Y/Y; 28%
                                                       F/X Adjusted
                        F/X Adjusted


                             $1,962MM                        $143MM


     $1,474MM                                $98MM




                     TTM Net Sales Over $8.4B


                                                                       14
Supplemental Revenue Highlights – Media
MM                                    MM




                         Up 15%                            Up 24% Y/Y; 18%
                                                             F/X Adjusted
                           Y/Y



                           $1,245MM                               $1,249MM
     $1,081MM                              $1,010MM




     Books, Movies, Music, Digital Downloads, Software, Video Games



                                                                             15
Supplemental Revenue Highlights –
     Electronics & Other General Merchandise (EGM)
MM                                              MM


                                  Up 51%                                         Up 54% Y/Y; 48%
                                    Y/Y                                            F/X Adjusted

                                                                                        $690MM
                                     $950MM


     $631MM                                             $448MM




      Electronics & Computers, Devices, Office Supplies, Home & Garden, Toys, Kids & Baby,
      Grocery, Apparel, Shoes & Jewelry, Health & Beauty, Sports & Outdoors, Tools, Auto &
                                            Industrial



                                                                                               16
Supplemental Revenue Highlights – Other
MM                                         MM




                             Up 41%                                   Up 49% Y/Y; 52%
                               Y/Y                                      F/X Adjusted


                                                                                $23MM
                                 $107MM


     $76MM                                      $16MM




     Amazon Enterprise Solutions, Amazon Web Services, Co-branded Credit Cards &
                               Miscellaneous Marketing



                                                                                        17
Appendix




           18
Free Cash Flow Reconciliation -- TTM



$MM                               Q3 '07      Q4 '07    Q1 ’08      Q2 '08      Q3 '08

Operating Cash Flow               $ 1,001     $ 1,405   $ 1,039     $ 1,088     $ 1,275

Less:

Purchases of Fixed Assets,
Including Internal-Use Software
and Website Development               (201)     (224)       (251)       (272)       (305)


Free Cash Flow                    $    800    $ 1,181   $    788    $    816    $    970




                                                                                           19
Consolidated Segment Operating Income
                     Reconciliation


$MM                                 Q3 '07     Q4 '07     Q1 ‘08     Q2 '08       Q3 '08

Consolidated Segment Operating
Income                              $   177    $   328    $   258    $ 245    $      231

Less:

Stock-Based Compensation                (51)       (54)       (54)     (73)         (70)

Other Operating Income (Expense),
Net                                      (3)        (3)       (6)        45           (7)

GAAP Operating Income               $   123    $   271    $   198    $ 217    $      154




                                                                                       20
Consolidated Segment Operating Income
                  Reconciliation -- TTM


$MM                                 Q3 '07      Q4 '07      Q1 ’08      Q2 '08      Q3 '08

Consolidated Segment Operating
Income                              $    749    $    849    $    928    $ 1,008     $ 1,062

Less:

Stock-Based Compensation                (161)       (185)       (205)       (232)       (251)

Other Operating Income (Expense),
Net                                      (7)         (9)        (15)          32          29

GAAP Operating Income               $    581    $    655    $    708    $    808    $    840




                                                                                          21

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Amazon Q3 2008 Earnings

  • 1. Q3 2008 Financial Results Conference Call Slides
  • 2. This presentation may contain forward-looking statements which are inherently difficult to predict. Actual results could differ materially for a variety of reasons, including fluctuations in foreign exchange rates, changes in global economic conditions and consumer spending, world events, the rate of growth of the Internet and online commerce, the amount that Amazon.com invests in new business opportunities and the timing of those investments, the mix of products sold to customers, the mix of net sales derived from products as compared with services, the extent to which we owe income taxes, competition, management of growth, potential fluctuations in operating results, international growth and expansion, the outcomes of legal proceedings and claims, fulfillment center optimization, risks of inventory management, seasonality, the degree to which the Company enters into, maintains and develops commercial agreements, acquisitions and strategic transactions, and risks of fulfillment throughput and productivity. Other risks and uncertainties include, among others, risks related to new products, services and technologies, system interruptions, indebtedness, government regulation and taxation, payments, and fraud. In addition, the recent disruption in the global financial markets amplify many of these risks. More information about factors that potentially could affect Amazon.com’s financial results is included in Amazon.com’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2007, and subsequent filings. Additional information relating to certain of our financial measures contained herein is available in the appendix to our presentation, our most recent earnings release and at our website at www.amazon.com/ir under ‘Financial Documents’. 2
  • 3. Free Cash Flow -- TTM (1) MM Up 21% Y/Y $970MM $800MM Long Term Goal – Optimize Free Cash Flow Per Share (1) Free Cash Flow, a non-GAAP financial measure, is GAAP Operating Cash Flow Less Purchases of Fixed Assets. See appendix for a reconciliation of Operating Cash Flow to Free Cash Flow. 3
  • 4. Shares MM 435 448 Efficiently Managing Dilution – Up 3% Y/Y (1) Does not include shares issuable upon conversion of outstanding convertible debt. 4
  • 5. Return on Invested Capital -- TTM (1) 42% 32% Long Term Expectation – Triple Digit ROIC (1) ROIC = TTM Free Cash Flow divided by average Total Assets minus Current Liabilities, excluding Current Portion of our Long Term Debt, over 5 quarter ends. 5
  • 6. Net Sales MM $4,264MM $3,262MM Up 31% Y/Y (28% F/X Adjusted) 6
  • 7. MM Net Sales -- TTM $18,135MM Up 38% Y/Y; 33% F/X Adjusted $13,149MM 38% of WW TTM Revenue from EGM, Up From 33% Y/Y 7
  • 8. GAAP Operating Income MM Up 26% Y/Y $154MM $123MM 8
  • 9. GAAP Operating Income -- TTM MM Up 45% Y/Y $840MM $581MM 9
  • 10. Consolidated Segment Operating Income (1) MM Up 31% Y/Y $231MM $177MM (1) Consolidated Segment Operating Income (CSOI), a non-GAAP financial measure, excludes Stock-Based Compensation and Other Operating Income (Expense). See appendix for a reconciliation of CSOI to GAAP Operating Income. 10
  • 11. Consolidated Segment Operating Income -- TTM (1) MM Up 42% Y/Y $1,062MM $749MM (1) Consolidated Segment Operating Income (CSOI), a non-GAAP financial measure, excludes Stock-Based Compensation and Other Operating Income (Expense). See appendix for a reconciliation of CSOI to GAAP Operating Income. 11
  • 12. GAAP Net Income MM Up 48% Y/Y $118MM $80MM 12
  • 13. Segment Results – North America MM MM Up 29% Up 12% Y/Y Y/Y $2,302MM $1,788MM $88MM $79MM TTM Net Sales Over $9.6B (1) A significant majority of our costs for quot;Technology and Contentquot; are incurred in the United States and most of these costs are allocated to our North America segment. 13
  • 14. Segment Results – International MM MM Up 46% Y/Y; 39% Up 33%Y/Y; 28% F/X Adjusted F/X Adjusted $1,962MM $143MM $1,474MM $98MM TTM Net Sales Over $8.4B 14
  • 15. Supplemental Revenue Highlights – Media MM MM Up 15% Up 24% Y/Y; 18% F/X Adjusted Y/Y $1,245MM $1,249MM $1,081MM $1,010MM Books, Movies, Music, Digital Downloads, Software, Video Games 15
  • 16. Supplemental Revenue Highlights – Electronics & Other General Merchandise (EGM) MM MM Up 51% Up 54% Y/Y; 48% Y/Y F/X Adjusted $690MM $950MM $631MM $448MM Electronics & Computers, Devices, Office Supplies, Home & Garden, Toys, Kids & Baby, Grocery, Apparel, Shoes & Jewelry, Health & Beauty, Sports & Outdoors, Tools, Auto & Industrial 16
  • 17. Supplemental Revenue Highlights – Other MM MM Up 41% Up 49% Y/Y; 52% Y/Y F/X Adjusted $23MM $107MM $76MM $16MM Amazon Enterprise Solutions, Amazon Web Services, Co-branded Credit Cards & Miscellaneous Marketing 17
  • 18. Appendix 18
  • 19. Free Cash Flow Reconciliation -- TTM $MM Q3 '07 Q4 '07 Q1 ’08 Q2 '08 Q3 '08 Operating Cash Flow $ 1,001 $ 1,405 $ 1,039 $ 1,088 $ 1,275 Less: Purchases of Fixed Assets, Including Internal-Use Software and Website Development (201) (224) (251) (272) (305) Free Cash Flow $ 800 $ 1,181 $ 788 $ 816 $ 970 19
  • 20. Consolidated Segment Operating Income Reconciliation $MM Q3 '07 Q4 '07 Q1 ‘08 Q2 '08 Q3 '08 Consolidated Segment Operating Income $ 177 $ 328 $ 258 $ 245 $ 231 Less: Stock-Based Compensation (51) (54) (54) (73) (70) Other Operating Income (Expense), Net (3) (3) (6) 45 (7) GAAP Operating Income $ 123 $ 271 $ 198 $ 217 $ 154 20
  • 21. Consolidated Segment Operating Income Reconciliation -- TTM $MM Q3 '07 Q4 '07 Q1 ’08 Q2 '08 Q3 '08 Consolidated Segment Operating Income $ 749 $ 849 $ 928 $ 1,008 $ 1,062 Less: Stock-Based Compensation (161) (185) (205) (232) (251) Other Operating Income (Expense), Net (7) (9) (15) 32 29 GAAP Operating Income $ 581 $ 655 $ 708 $ 808 $ 840 21