AMZN-公司周读
Amazon
按照模版要求研究公司名称
业务介绍
E-Commerce
Online Retail
Amazon.com: The primary online marketplace offering a wide range of products, including books, electronics, apparel, and home goods.
Third-Party Sellers: Facilitates independent merchants selling on its platform, often through Fulfillment by Amazon (FBA).
Subscriptions
Amazon Prime: A subscription service providing benefits like free shipping, streaming (Prime Video, Prime Music), and exclusive deals.
Amazon Fresh & Pantry: Grocery delivery services integrated with Prime.
Amazon Web Services (AWS)
https://www.theinformation.com/articles/why-aws-fat-margins-are-here-to-stay
Advertising
Digital Media and Entertainment
Devices
Kindle: E-readers designed for digital books.
Amazon Echo & Alexa: Smart home devices and virtual assistant technology.
Fire TV & Tablets: Streaming and tablet devices.
Streaming and Media
Prime Video: Offers movies, TV shows, and exclusive content.
Amazon Music: Music streaming services with ad-supported and premium options.
Audible: Audiobook platform.
Gaming
Owns Twitch, a leading live-streaming platform for gamers and creators.
Physical Retail
Whole Foods Market: Operates physical grocery stores focused on organic and natural products.
Amazon Go: Cashier-less convenience stores using "Just Walk Out" technology.
Amazon Fresh Stores: A combination of traditional and tech-driven grocery shopping.
Revenue/Operating Income Percentage
https://www.fool.com/investing/2024/01/10/amazon-e-commerce-company-74-profit-this-instead/
创始人/管理层/董事会背景
创始人
管理层
CEO - Andy Jassy (July 2021–Present)
Succeeded Jeff Bezos as CEO.
Previously led Amazon Web Services (AWS), where he was instrumental in making it the world's leading cloud platform.
Other Key Executives
Brian Olsavsky - Senior Vice President and Chief Financial Officer (CFO):
Oversees Amazon's global finance and accounting operations.
Dave Clark - CEO of Worldwide Consumer (Resigned in 2022):
Formerly responsible for Amazon’s consumer business operations, including retail, logistics, and technology.
Doug Herrington - CEO of Worldwide Amazon Stores:
Leads Amazon’s retail and operations globally, including its e-commerce platform.
Adam Selipsky - CEO of Amazon Web Services (AWS):
Replaced Andy Jassy to lead AWS, focusing on innovation and growth in cloud computing.
Alicia Boler Davis - Former VP of Global Customer Fulfillment (Left in 2022):
Played a key role in Amazon’s logistics and fulfillment network.
Beth Galetti - Senior Vice President of Human Resources:
Responsible for talent management and organizational development at Amazon.
Dave Limp - Senior Vice President of Devices & Services:
Oversees Amazon's hardware products, such as Echo (Alexa), Fire TV, and Kindle.
董事会背景
Amazon's Board of Directors oversees corporate governance and strategic decisions. Notable members include:
Jeff Bezos - Executive Chairman and Founder.
Indra Nooyi - Former CEO of PepsiCo.
Patricia Stonesifer - Former CEO of Martha's Table and Chair of the Gates Foundation.
Thomas Ryder - Former CEO of Reader’s Digest.
Judith McGrath - Former Chair and CEO of MTV Networks.
财务数据
Income Statement
<!--{"config":{}}-->
Amazon Income Statement | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
Revenue | $280,522 | $386,064 | $469,822 | $513,983 | $574,785 |
Cost of Goods Sold | $165,536 | $233,307 | $272,344 | $288,831 | $304,739 |
Gross Profit | $114,986 | $152,757 | $197,478 | $225,152 | $270,046 |
Operating Expenses | $265,981 | $363,165 | $444,943 | $501,735 | $537,933 |
Operating Income | $14,541 | $22,899 | $24,879 | $12,248 | $36,852 |
Net Income | $11,588 | $21,331 | $33,364 | *$(2,722) | $30,425 |
*: Amazon experienced significant losses from its investment in Rivian Automotive, an electric vehicle manufacturer, due to a decline in Rivian's stock value. This was recorded as a non-operating expense in Amazon's financial statements. [Ref]
Balance Sheet
<!--{"config":{}}-->
Amazon Balance Sheet | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
Cash | $36,092 | $42,122 | $36,220 | $53,888 | $73,387 |
Short-term investments | $18,929 | $42,274 | $59,829 | $16,138 | $13,393 |
Receivables | $20,816 | $24,542 | $32,891 | $42,360 | $52,253 |
Inventory | $20,497 | $23,795 | $32,640 | $34,405 | $33,318 |
Prepaid Expenses | |||||
Current Assets | $96,334 | $132,733 | $161,580 | $146,791 | $172,351 |
PP&E | $72,705 | $113,114 | $160,281 | $186,715 | $204,177 |
Operating lease | $25,141 | $37,553 | $56,082 | $66,123 | $72,513 |
Intangible assets | |||||
Goodwill | $14,754 | $15,017 | $15,371 | $20,288 | $22,789 |
Deferred Income taxes | |||||
Total Assets | $225,248 | $321,195 | $420,549 | $462,675 | $527,854 |
Current portion of long term debt | |||||
Notes payable | |||||
Account Payable | $47,183 | $72,539 | $78,664 | $79,600 | $84,981 |
Current portion of operating lease | |||||
Accrued liabilities | $32,439 | $44,138 | $51,775 | $62,566 | $64,709 |
Income taxes payable | |||||
Current Liabilities | $87,812 | $126,385 | $142,266 | $155,393 | $164,917 |
Long term debt | $23,414 | $31,816 | $48,744 | $67,150 | $58,314 |
Operating lease | $39,791 | $52,573 | $67,651 | $72,968 | $77,297 |
Deferred Income taxes | |||||
Total liabilities | |||||
Total shareholders equity | $62,060 | $93,404 | $138,245 | $146,043 | $201,875 |
Total liabilities and shareholders equity | $225,248 | $321,195 | $420,549 | $462,675 | $527,854 |
Cash Flow
<!--{"config":{}}-->
Amazon Cash Flow Statement | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
Net Cash from Operating Activities | $38,514 | $66,064 | $46,327 | $39,365 | $54,657 |
Net Cash used in Investing Activities | $(24,299) | $(59,786) | $(59,455) | $(59,737) | $(65,234) |
Net Cash from Financing Activities | $(1,612) | $(1,401) | $(1,804) | $(7,879) | $(9,123) |
Effect of Exchange Rate Changes | $58 | $104 | $59 | $34 | $45 |
Net Increase (Decrease) in Cash | $12,661 | $4,981 | $(14,873) | $(28,217) | $(19,655) |
竞争对手与竞品分析
3 cloud providers - AWS vs Azure vs GCP
相对优势
Better user experience
More advanced/mature products and features
Better operational support
Moat - cloud is very hard to migrate by its nature
相对劣势
Government relations compared to Azure
Bundled services, e.g. Office 365, to facilitate sales
机会
Insfrature for the tech industry, similar to utility
Total Addressable Market for Cloud Computing, CAGR of 16.5% from 2024 and 2032
Source: https://www.fortunebusinessinsights.com/cloud-computing-market-102697Better macro environment than 2022 and 2023
威胁
Regulation
Large companies to go off cloud for cost-saving