Amazon.Com Announces 28% Sales Growth Fueled by Lower Prices and Free Shipping.Business Editors SEATTLE--(BUSINESS WIRE)--April 24, 2003 Meaningful Innovation Leads, Launches, Inspires Relentless Amazon Amazon, in Greek mythology Amazon (ăm`əzŏn), in Greek mythology, one of a tribe of warlike women who lived in Asia Minor. Visitor Improvements Amazon.com (Amazon.com, Seattle, WA, www.amazon.com) The largest online shopping site and one of the most widely known e-commerce sites on the Web. Founded by Jeff Bezos in 1995, it had 11 employees by year's end. Within four years, it had more than 1,600 employees and four million customers. , Inc. (Nasdaq:AMZN AMZN Amazon.com (NASDAQ symbol) ) today announced financial results for its first quarter ended March 31, 2003. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. was $164 million for the trailing four quarters, compared with $46 million for the four quarters ended March 31, 2002. Free cash flow was $123 million for the trailing four quarters, compared with $10 million for the four quarters ended March 31, 2002. Common shares outstanding plus shares underlying stock-based employee awards totaled 432 million at March 31, 2003, a decrease of 1% compared with a year ago. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $1.084 billion in the first quarter, compared with $847 million in the first quarter 2002, an increase of 28%. Net loss was $10 million, or $(0.03) per share, in the first quarter, compared with $23 million in the first quarter 2002, or $(0.06) per share. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income in the first quarter, which includes interest expense, grew over $45 million to $40 million, or $0.10 per share, compared with a pro forma net loss of $5 million, or $(0.01) per share, in the first quarter 2002. "Our strategy of driving down costs to give customers lower prices continues to pay off," said Tom Szkutak, chief financial officer of Amazon.com. "In the first quarter, customers took advantage of Free Super Saver Super saver may refer to:
In addition to its year-round Free Super Saver Shipping on orders over $25 at www.amazon.com, the Company offers free shipping options at its U.K., German, French, Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and and Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. sites. Amazon.com also offers 30% off books over $15 and significantly lowered prices on electronics, tools, and bestselling bestselling adjective successful, top, hit (informal) smash (informal) flourishing, lucrative, smash-hit (informal) chart-topping (informal) moneymaking, number one, highly successful CDs and DVDs. "Meaningful innovation leads, launches, inspires relentless Amazon visitor improvements," said Jeff Bezos Jeffrey Preston Bezos (born January 12, 1964 , Albuquerque ) is the founder, president, chief executive officer, and chairman of the board of Amazon.com. Bezos, a Phi Beta Kappa graduate of Princeton University, worked as a financial analyst for D. E. Shaw & Co. , founder and chief executive officer of Amazon.com. "We are simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics lowering prices and driving customer experience." The Company also announced that on May 28, 2003, it will redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. all of its outstanding 10% Senior Discount Notes due May 2008, for $277 million, a redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. of 105% of the $264 million principal amount. See "Financial Measures" for additional information about certain of our financial measures. Highlights of First Quarter 2003 Results (comparisons are with the equivalent period of 2002) -- Worldwide unit growth was 35% in the first quarter. -- Third-party seller transactions (new, used and refurbished items sold on Amazon.com product detail pages by businesses and individuals) grew to 19% of worldwide units in the first quarter, compared with 13% of units a year ago. -- North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. segment sales grew 13% to $705 million in the first quarter, unit growth was 28%, and segment operating income grew 46% to $52 million. -- International segment sales, representing the Company's U.K., German, French and Japanese sites, grew 68% to $379 million in the first quarter, unit growth was 52%, and excluding the benefit from foreign exchange rates compared with the first quarter 2002, International segment sales grew 45%. International segment operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $16 million, a $27 million improvement. -- The Company's U.K. and German sites expanded selection by opening Kitchen & Home stores. -- Inventory turns for the trailing four quarters improved to 20 for the first quarter, up from 17. -- The Company has been taking pre-orders worldwide for copies of the highly-anticipated Harry Potter A potter is someone who makes pottery. Potter may also refer to: People
Phoenix. And, in what will be the largest single e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. distribution event in history, customers in the U.S. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of can receive their copy on Saturday Saturday: see week; Sabbath. , June June: see month. 21, the first day the book is available to the public. Financial Guidance and 2003 Expectations The following forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. reflect Amazon.com's expectations as of April 24, 2003. Results may be materially affected by many factors, such as changes in global economic conditions and consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. , world events, fluctuations in foreign exchange rates, the emerging nature and rate of growth of the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the and online commerce, and the various factors detailed below. Second Quarter 2003 Guidance -- Second quarter net sales are expected to be between $1.00 billion and $1.05 billion, or grow between 24% and 30%. -- Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: segment operating income is expected to be between $45 million and $60 million. Full Year 2003 Expectations -- Net sales are expected to be $4.7 billion or more, or grow over 19%. -- Consolidated segment operating income is expected to be $275 million or more, or grow over 50%. The Company is unable to forecast the effect on its future reported results of certain items, including the stock-based compensation charges or credits associated with variable accounting treatment on certain stock awards that result from fluctuations in its stock price, and the gain or loss associated with the remeasurement of its 6.875% PEACS PEACS Portable Environmental/Acoustic Collection System that results from fluctuations in foreign exchange rates. Accordingly, because stock-based compensation and remeasurement of 6.875% PEACS and other are impossible to predict, the Company cannot estimate future operating income (loss) or net income (loss). A conference call will be Webcast live today at 2 p.m. PT/5 p.m. ET and will be available through June 30, 2003, at www.amazon.com/ir. This call will contain forward-looking statements and other material information regarding the Company's financial and operating results. These forward-looking statements are inherently difficult to predict. Actual results could differ materially for a variety of reasons, including, among others, the rate of growth of the economy in general and of the Internet and online commerce; customer spending patterns; world events, 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 de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from products as compared with services; competition; risks of inventory management; the degree to which the Company enters into, maintains and develops commercial agreements and strategic transactions; foreign exchange risks; seasonality; international growth and expansion; and risks of fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. and productivity. Other risks and uncertainties include, among others, risk of future losses, significant amount of indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. , potential fluctuations in operating results, management of potential growth, system interruptions, consumer trends, fulfillment center optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. , limited operating history, government regulation and taxation, fraud and new business areas. 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 2002, and all subsequent filings. Financial Measures Free Cash Flow Free cash flow is net cash provided by (used in) operating activities (operating cash flow includes cash outflows for interest and excludes proceeds from the exercise of stock-based employee awards) less purchases of fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → (purchases of fixed assets includes internal-use software and web-site development). Free cash flow is provided as a complement to results provided in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with accounting principles generally accepted in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. (known as "GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "). Management uses this measure internally to evaluate the Company's performance and manage its operations. A tabular tab·u·lar adj. 1. Having a plane surface; flat. 2. Organized as a table or list. 3. Calculated by means of a table. tabular resembling a table. reconciliation of differences from the comparable GAAP measure--operating cash flow--is included in the attached "Supplemental Financial Information and Business Metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. ." Consolidated Segment Operating Income Consolidated segment operating income, a GAAP measure, excludes the following line items on the Company's statements of operations: -- Stock-based compensation, -- Amortization of goodwill and other intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. , and -- Restructuring-related and other. A tabular reconciliation of differences from operating income is included in "Segment Information" in the attached financial statements. Pro Forma Net Income (Loss) Pro forma net income (loss) excludes the following line items on the Company's statements of operations: -- Stock-based compensation, -- Amortization of goodwill and other intangibles, -- Restructuring-related and other, -- Remeasurement of 6.875% PEACS and other, -- Equity in losses of equity-method investees, net, and -- Cumulative effect of change in accounting principle. Pro forma net income is provided as a complement to results provided in accordance with GAAP. Management uses this measure internally to evaluate the Company's performance and manage its operations. A tabular reconciliation of differences from the comparable GAAP measure -- net income (loss) -- is included in the attached "Pro Forma Statements Pro forma statement A financial statement showing the forecast or projected operating results and balance sheet, as in pro forma income statements, balance sheets, and statements of cash flows. of Operations." About Amazon.com Amazon.com, a Fortune 500 company based in Seattle Seattle (sēăt`əl), city (1990 pop. 516,259), seat of King co., W Wash., built on seven hills, between Elliott Bay of Puget Sound and Lake Washington; inc. 1869. , opened on the World Wide Web in July July: see month. 1995 and today offers Earth's Biggest Selection. Amazon.com seeks to be Earth's most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavors to offer its customers the lowest possible prices. Amazon.com and other sellers list millions of unique new and used items in categories such as apparel and accessories, electronics, computers, kitchenware and housewares house·wares pl.n. Cooking utensils, dishes, and other small articles used in a household, especially in the kitchen. , books, music, DVDs, videos, cameras and photo items, toys, baby items and baby registry The configuration database in all 32-bit versions of Windows that contains settings for the hardware and software in the PC it is installed in. The Registry is made up of the SYSTEM.DAT and USER.DAT files. Many settings previously stored in the WIN.INI and SYSTEM. , software, computer and video games This article is about the British magazine covering computer and video games. For the American magazine, see Computer Games Magazine. Computer And Video Games (CVG , cell phones and service, tools and hardware, magazine subscriptions and outdoor living items. Amazon.com operates six Web sites: www.amazon.com, www.amazon.co.uk, www.amazon.de, www.amazon.fr, www.amazon.co.jp and www.amazon.ca.
AMAZON.COM, INC.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended
March 31,
2003 2002
-------- --------
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD $738,254 $540,282
OPERATING ACTIVITIES:
Net loss (10,121) (23,150)
Adjustments to reconcile net loss to net cash used
in operating activities:
Depreciation of fixed assets and other
amortization 19,750 20,940
Stock-based compensation 27,323 10,931
Equity in losses of equity-method investees, net 436 1,744
Amortization of other intangibles 912 1,979
Gain on sale of marketable securities, net (3,980) (376)
Remeasurement of 6.875% PEACS and other 21,798 (5,516)
Non-cash interest expense and other 7,877 7,061
Cumulative effect of change in accounting
principle - (801)
Changes in operating assets and liabilities:
Inventories 30,625 4,674
Accounts receivable, net and other current assets 27,233 (3,320)
Accounts payable (226,605) (128,286)
Accrued expenses and other current liabilities (87,065) (65,861)
Increases to unearned revenue 22,968 28,716
Amortization of previously unearned revenue (27,905) (37,333)
Interest payable (55,028) (52,435)
-------- --------
Net cash used in operating activities (251,782) (241,033)
INVESTING ACTIVITIES:
Sales and maturities of marketable securities and
other investments 208,955 136,575
Purchases of marketable securities (233,055) (134,227)
Purchases of fixed assets, including internal-use
software and Web-site development (6,394) (4,854)
-------- --------
Net cash used in investing activities (30,494) (2,506)
FINANCING ACTIVITIES:
Proceeds from exercise of stock options and other 38,555 7,409
Repayment of capital lease obligations and other (3,221) (4,563)
-------- --------
Net cash provided by financing
activities 35,334 2,846
Effect of exchange-rate changes on cash and cash
equivalents 4,461 (2,900)
-------- --------
Net decrease in cash and cash equivalents (242,481) (243,593)
-------- --------
CASH AND CASH EQUIVALENTS, END OF PERIOD $495,773 $296,689
======== ========
SUPPLEMENTAL CASH FLOW INFORMATION:
Fixed assets acquired under capital leases and
other financing arrangements $661 $924
Cash paid for interest 84,215 80,483
Note: The attached "Financial and Operational Highlights" are an
integral part of the press release financial statements.
AMAZON.COM, INC.
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
2003 2002
-------- --------
Net sales $1,083,559 $847,422
Cost of sales 812,977 624,297
---------- --------
Gross profit 270,582 223,125
Operating expenses:
Fulfillment 103,705 89,815
Marketing 28,227 32,244
Technology and content 50,088 55,497
General and administrative 21,102 20,911
Stock-based compensation (1) 27,323 10,931
Amortization of other intangibles 912 1,979
Restructuring-related and other - 9,974
---------- --------
Total operating expenses 231,357 221,351
---------- --------
Income from operations 39,225 1,774
Interest income 6,540 5,652
Interest expense (36,511) (35,244)
Other income, net 2,859 95
Remeasurement of 6.875% PEACS and other (21,798) 5,516
---------- --------
Total non-operating expenses, net (48,910) (23,981)
---------- --------
Loss before equity in losses of equity-method
investees (9,685) (22,207)
Equity in losses of equity-method investees, net (436) (1,744)
---------- --------
Loss before change in accounting principle (10,121) (23,951)
Cumulative effect of change in accounting
principle - 801
---------- --------
Net loss $(10,121) $(23,150)
=========== =========
Basic and diluted loss per share:
Prior to cumulative effect of change in
accounting principle $(0.03) $(0.06)
Cumulative effect of change in accounting
principle - -
---------- --------
$(0.03) $(0.06)
=========== =========
Shares used in computation of loss per share:
Basic and diluted 388,541 373,031
=========== =========
(1) Components of stock-based compensation:
Fulfillment $6,985 $1,771
Marketing 979 874
Technology and content 14,216 5,825
General and administrative 5,143 2,461
---------- --------
$27,323 $10,931
=========== =========
Note: The attached "Financial and Operational Highlights" are an
integral part of the press release financial statements.
AMAZON.COM, INC.
Pro Forma Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31, 2003
---------------------------------------
As Reported Pro Forma
(1) Adjustments Pro Forma
---------- ----------- ----------
Net sales $1,083,559 $- $1,083,559
Cost of sales 812,977 - 812,977
---------- ---------- ----------
Gross profit 270,582 - 270,582
Operating expenses:
Fulfillment 103,705 - 103,705
Marketing 28,227 - 28,227
Technology and
content 50,088 - 50,088
General and
administrative 21,102 - 21,102
Stock-based
compensation 27,323 (27,323) -
Amortization of
other
intangibles 912 (912) -
Restructuring-
related and
other - - -
---------- ---------- ----------
Total
operating
expenses 231,357 (28,235) 203,122
---------- ---------- ----------
Income from
operations 39,225 28,235 67,460
Interest income 6,540 - 6,540
Interest expense (36,511) - (36,511)
Other income, net 2,859 - 2,859
Remeasurement of
6.875% PEACS and
other (21,798) 21,798 -
---------- ---------- ----------
Total non-operating
expenses, net (48,910) 21,798 (27,112)
---------- ---------- ----------
Income (loss)
before equity in
losses of
equity-method
investees (9,685) 50,033 40,348
Equity in losses
of equity-method
investees, net (436) 436 -
---------- ---------- ----------
Income (loss)
before change in
accounting
principle (10,121) 50,469 40,348
Cumulative effect
of change in
accounting
principle - - -
---------- ----------- -----------
Net income (loss) $(10,121) $50,469 $40,348
=========== =========== ===========
Net cash used in
operating
activities $(251,782) $(251,782)
=========== ===========
Basic income
(loss) per
share:
Prior to
cumulative effect of
change in
accounting
principle $(0.03) $0.13 $0.10
Cumulative
effect of
change in
accounting
principle - - -
---------- ----------- -----------
$(0.03) $0.13 $0.10
=========== =========== ===========
Diluted income
(loss) per
share:
Prior to
cumulative
effect of
change in
accounting
principle $(0.03) $0.13 $0.10
Cumulative
effect of
change in
accounting
principle - - -
---------- ---------- ----------
$(0.03) $0.13 $0.10
=========== ======== ===========
Shares used in computation
of income (loss) per
share:
Basic 388,541 388,541
=========== ===========
Diluted 388,541 411,091
=========== ===========
(1) In accordance with accounting principles generally accepted in
the United States.
Note: The attached "Financial and Operational Highlights" are an
integral part of the press release financial statements.
Three Months Ended
March 31, 2002
-----------------------------------
As Reported Pro Forma
(1) Adjustments Pro Forma
---------- ----------- ---------
Net sales $847,422 $- $847,422
Cost of sales 624,297 - 624,297
-------- -------- --------
Gross profit 223,125 - 223,125
Operating expenses:
Fulfillment 89,815 - 89,815
Marketing 32,244 - 32,244
Technology and content 55,497 - 55,497
General and administrative 20,911 - 20,911
Stock-based compensation 10,931 (10,931) -
Amortization of other
intangibles 1,979 (1,979) -
Restructuring-related and
other 9,974 (9,974) -
-------- -------- --------
Total operating expenses 221,351 (22,884) 198,467
-------- -------- --------
Income from operations 1,774 22,884 24,658
Interest income 5,652 - 5,652
Interest expense (35,244) - (35,244)
Other income, net 95 - 95
Remeasurement of 6.875% PEACS
and other 5,516 (5,516) -
-------- -------- --------
Total non-operating
expenses, net (23,981) (5,516) (29,497)
-------- -------- --------
Income (loss) before equity in
losses of equity-method
investees (22,207) 17,368 (4,839)
Equity in losses of equity-
method investees, net (1,744) 1,744 -
-------- -------- --------
Income (loss) before change in
accounting principle (23,951) 19,112 (4,839)
Cumulative effect of change in
accounting principle 801 (801) -
-------- -------- --------
Net income (loss) $(23,150) $18,311 $(4,839)
=========== ======== ===========
Net cash used in operating
activities $(241,033) $(241,033)
=========== ===========
Basic income (loss) per share:
Prior to cumulative effect of
change in accounting
principle $(0.06) $0.05 $(0.01)
Cumulative effect of change in
accounting principle - - -
----------- -------- ----------
$(0.06) $0.05 $(0.01)
=========== ======== ==========
Diluted income (loss) per
share:
Prior to cumulative effect of
change in accounting
principle $(0.06) $0.05 $(0.01)
Cumulative effect of change in
accounting principle - - -
----------- -------- ----------
$(0.06) $0.05 $(0.01)
=========== ======== ==========
Shares used in computation of
income (loss) per share:
Basic 373,031 373,031
=========== ==========
Diluted 373,031 373,031
=========== ==========
(1) In accordance with accounting principles generally accepted in
the United States.
Note: The attached "Financial and Operational Highlights"
are an integral part of the press release financial
statements.
AMAZON.COM, INC.
Segment Information
(in thousands)
(unaudited)
Three Months Ended
March 31,
------------------
2003 2002
North America -------- --------
Net sales $704,712 $621,303
Cost of sales 517,880 447,781
-------- --------
Gross profit 186,832 173,522
Direct segment operating expenses 135,171 138,096
-------- --------
Segment operating income 51,661 35,426
International
Net sales 378,847 226,119
Cost of sales 295,097 176,516
-------- --------
Gross profit 83,750 49,603
Direct segment operating expenses 67,951 60,371
-------- --------
Segment operating income (loss) 15,799 (10,768)
Consolidated
Net sales 1,083,559 847,422
Cost of sales 812,977 624,297
-------- --------
Gross profit 270,582 223,125
Direct segment operating expenses 203,122 198,467
-------- --------
Segment operating income 67,460 24,658
Stock-based compensation 27,323 10,931
Amortization of other intangibles 912 1,979
Restructuring-related and other - 9,974
-------- --------
Income from operations 39,225 1,774
Total non-operating expenses, net (48,910) (23,981)
Equity in losses of equity-method investees, net (436) (1,744)
Cumulative effect of change in accounting
principle - 801
-------- --------
Net loss $(10,121) $(23,150)
======== ========
Segment Highlights:
Y / Y net sales growth:
North America 13% 9%
International 68 71
Consolidated 28 21
Y / Y gross profit growth:
North America 8 12
International 69 77
Consolidated 21 22
Gross margin:
North America 27 28
International 22 22
Consolidated 25 26
Operating margin:
North America 7 6
International 4 (5)
Consolidated 6 3
Net sales mix:
North America 65 73
International 35 27
Note: The attached "Financial and Operational Highlights" are an
integral part of the press release financial statements.
AMAZON.COM, INC.
Supplemental Revenue Information
(in thousands)
(unaudited)
Three Months Ended
March 31,
------------------
2003 2002
-------- --------
North America
Media $517,259 $471,343
Electronics and other general merchandise 168,145 127,644
Other 19,308 22,316
-------- --------
704,712 621,303
International
Media 355,712 214,269
Electronics and other general merchandise 22,863 11,358
Other 272 492
-------- --------
378,847 226,119
Consolidated
Media 872,971 685,612
Electronics and other general merchandise 191,008 139,002
Other 19,580 22,808
----------- ---------
$1,083,559 $847,422
=========== =========
Y / Y Revenue Growth:
North America:
Media 10% 8%
Electronics and other general merchandise 32 11
Other (13) 32
International:
Media 66 63
Electronics and other general merchandise 101 1,054
Other (45) --
Consolidated:
Media 27 21
Electronics and other general merchandise 37 20
Other (14) 35
Consolidated Revenue Mix:
Media 80 81
Electronics and other general merchandise 18 16
Other 2 3
Note: The attached "Financial and Operational Highlights" are an
integral part of the press release financial statements.
AMAZON.COM, INC.
Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
March December
31, 31,
2003 2002
--------- --------
ASSETS
Current assets:
Cash and cash equivalents $495,773 $738,254
Marketable securities 586,779 562,715
Inventories 173,030 202,425
Accounts receivable, net and other current
assets 88,914 112,282
--------- --------
Total current assets 1,344,496 1,615,676
Fixed assets, net 228,279 239,398
Goodwill, net 70,811 70,811
Other intangibles, net 2,548 3,460
Other equity investments 13,453 15,442
Other assets 46,346 45,662
---------- ----------
Total assets $1,705,933 $1,990,449
========== ==========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $393,696 $618,128
Accrued expenses and other current
liabilities 234,194 314,935
Unearned revenue 42,979 47,916
Interest payable 16,632 71,661
Current portion of long-term debt and other 11,078 13,318
---------- ----------
Total current liabilities 698,579 1,065,958
Long-term debt and other 2,296,418 2,277,305
Commitments and contingencies
Stockholders' deficit:
Preferred stock, $0.01 par value:
Authorized shares -- 500,000
Issued and outstanding shares -- none - -
Common stock, $0.01 par value:
Authorized shares -- 5,000,000
Issued and outstanding shares -- 391,609
and 387,906, respectively 3,916 3,879
Additional paid-in capital 1,714,616 1,649,946
Deferred stock-based compensation (5,420) (6,591)
Accumulated other comprehensive income 17,655 9,662
Accumulated deficit (3,019,831) (3,009,710)
---------- ----------
Total stockholders' deficit (1,289,064) (1,352,814)
---------- ----------
Total liabilities and stockholders'
deficit $1,705,933 $1,990,449
=========== ===========
Note: The attached "Financial and Operational Highlights" are an
integral part of the press release financial statements.
AMAZON.COM, INC.
Supplemental Financial Information and Business Metrics
(in millions, except per share data)
(unaudited)
Y / Y
Q1 Q2 Q3 Q4 Q1 %
2002 2002 2002 2002 2003 Change
------ ----- ----- ----- ----- ------
Results of Operations
Net sales $847 $806 $851 $1,429 $1,084 28%
Net sales -- trailing twelve
months (TTM) $3,269 $3,407 $3,619 $3,933 $4,169 28%
Net sales shipped outside
the U.S. -- % of net sales 34% 34% 36% 37% 41% N/A
Gross profit $223 $218 $216 $335 $271 21%
Gross margin -- % of net
sales 26.3% 27.1% 25.4% 23.5% 25.0% N/A
Gross profit -- TTM $839 $878 $932 $993 $1,040 24%
Gross margin -- TTM % of net
sales 25.7% 25.8% 25.7% 25.2% 24.9% N/A
Fulfillment costs -- % of net
sales 10.6% 10.6% 10.6% 8.9% 9.6% N/A
Fulfillment costs -- TTM % of
net sales 11.2% 10.7% 10.4% 10.0% 9.7% N/A
Consolidated direct segment
operating expenses $198 $192 $189 $233 $203 2%
Consolidated direct segment
operating expenses -- TTM $811 $795 $795 $813 $817 1%
Consolidated segment
operating income $25 $26 $27 $102 $67 174%
Consolidated segment
operating margin -- % of net
sales 2.9% 3.2% 3.2% 7.1% 6.2% N/A
Consolidated segment
operating income -- TTM $28 $82 $137 $180 $223 689%
Consolidated segment
operating margin -- TTM % of
net sales 0.9% 2.4% 3.8% 4.6% 5.3% N/A
GAAP operating income (loss) $2 $1 $(10) $71 $39 2,111%
GAAP operating margin -- % of
net sales 0.2% 0.2% (1.1%) 4.9% 3.6% N/A
GAAP operating income (loss)
-- TTM $(194) $(53) $8 $64 $102 N/A
GAAP operating margin -- TTM
% of net sales (5.9%) (1.5%) 0.2% 1.6% 2.4% N/A
GAAP net income (loss) $(23) $(94) $(35) $3 $(10) (56%)
GAAP net income (loss) per
share $(0.06)$(0.25)$(0.09) $0.01 $(0.03) (50%)
GAAP net loss -- TTM $(356) $(281) $(147) $(149) $(136) (62%)
North America segment:
Net sales $621 $586 $587 $967 $705 13%
Net sales -- TTM $2,513 $2,561 $2,647 $2,761 $2,845 13%
Gross profit $174 $170 $155 $243 $187 8%
Gross margin -- % of North
America net sales 28% 29% 26% 25% 27% N/A
Gross profit -- TTM $676 $696 $717 $741 $754 12%
Gross margin -- TTM % of
North America net sales 27% 27% 27% 27% 27% N/A
Operating income $35 $36 $26 $82 $52 46%
Operating margin -- % of
North America net sales 6% 6% 4% 9% 7% N/A
Operating income -- TTM $107 $141 $166 $180 $196 83%
Operating margin -- TTM %
of North America net sales 4% 5% 6% 7% 7% N/A
International segment:
Net sales $226 $219 $264 $462 $379 68%
Net sales -- TTM $756 $847 $973 $1,172 $1,324 75%
Gross profit $50 $48 $61 $93 $84 69%
Gross margin -- % of
International net sales 22% 22% 23% 20% 22% N/A
Gross profit -- TTM $163 $182 $215 $252 $286 75%
Gross margin -- TTM % of
International net sales 22% 21% 22% 21% 22% N/A
Operating income $(11) $(10) $1 $20 $16 N/A
Operating margin -- % of
International net sales (5%) (4%) 0% 4% 4% N/A
Operating income -- TTM $(79) $(58) $(29) $0 $27 N/A
Operating margin -- TTM %
of International net sales (10%) (7%) (3%) 0% 2% N/A
Note: The attached "Financial and Operational Highlights" are an
integral part of this Supplemental Financial Information and Business
Metrics.
AMAZON.COM, INC.
Supplemental Financial Information and Business Metrics
(in millions, except inventory turnover, accounts payable days, and
employee data)
(unaudited)
Y / Y
Q1 Q2 Q3 Q4 Q1 %
2002 2002 2002 2002 2003 Change
------ ----- ----- ----- ----- ------
Supplemental North America
Segment Revenue:
Media $471 $439 $436 $649 $517 10%
Media -- TTM $1,845 $1,871 $1,930 $1,995 $2,041 11%
Electronics and other
general merchandise $128 $130 $133 $290 $168 32%
Electronics and other
general merchandise -- TTM $590 $610 $633 $681 $722 22%
Other $22 $17 $18 $28 $19 (13%)
Other -- TTM $78 $80 $84 $85 $82 6%
Supplemental International
Segment Revenue:
Media $214 $209 $250 $431 $356 66%
Media -- TTM $729 $811 $925 $1,104 $1,245 71%
Electronics and other
general merchandise $11 $10 $14 $31 $23 101%
Electronics and other
general merchandise -- TTM $27 $35 $45 $66 $77 192%
Other $0 $1 $1 $0 $0 (45%)
Other -- TTM $1 $2 $2 $2 $2 71%
Supplemental Worldwide
Revenue:
Media $686 $648 $686 $1,079 $873 27%
Media -- TTM $2,574 $2,682 $2,855 $3,099 $3,286 28%
Electronics and other
general merchandise $139 $140 $147 $321 $191 37%
Electronics and other
general merchandise -- TTM $617 $644 $679 $747 $799 30%
Other $23 $18 $18 $29 $20 (14%)
Other -- TTM $79 $81 $86 $87 $84 7%
Balance Sheet
Cash and marketable
securities $745 $824 $866 $1,301 $1,083 45%
Inventory, net $139 $127 $152 $202 $173 24%
Inventory -- % of TTM net
sales 4% 4% 4% 4% 4% N/A
Inventory turnover -- TTM 17.4 18.9 19.4 19.3 19.7 13%
Fixed assets, net $256 $249 $239 $239 $228 (11%)
Accounts payable days --
ending 45 46 50 52 44 (4%)
Cash Flows
Operating cash flow -- TTM $46 $48 $151 $174 $164 254%
Purchases of fixed assets --
TTM $36 $33 $31 $39 $41 14%
Free cash flow (operating
cash flow less purchases of
fixed assets) -- TTM $10 $16 $120 $135 $123 1,078%
Other
Common shares and stock-based
awards outstanding 437 430 430 433 432 (1%)
Common shares outstanding 375 380 381 388 392 4%
Stock-based employee awards
outstanding 62 50 48 45 41 (35%)
Stock-based employee awards
outstanding -- % of common
shares outstanding 17% 13% 13% 12% 10% N/A
Employees (full-time and
part-time) 7,900 7,700 7,800 7,500 7,700 (3%)
Note: The attached "Financial and Operational Highlights" are an
integral part of this Supplemental Financial Information and Business
Metrics.
AMAZON.COM, INC. Financial and Operational Highlights (unaudited) First Quarter 2003 Results of Operations (comparisons are with the equivalent period of the prior year) Net Sales -- Net sales benefited by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $51 million from changes in foreign exchange rates compared with first quarter 2002. -- Shipping revenue, which excludes amounts earned from third-party sellers, was approximately $78 million, down from $89 million. Gross Profit -- Gross profit benefited by approximately $11 million, and consolidated segment operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. by approximately $4 million, from changes in foreign exchange rates compared with first quarter 2002. -- Shipping loss was approximately $27 million, up from a loss of $1 million. We continue to measure our shipping results relative to their effect on our overall financial results, with the viewpoint that shipping promotions are an effective marketing tool. We intend to continue offering our customers free shipping alternatives, which will reduce shipping revenue as a percentage of sales and negatively affect gross margins. Fulfillment -- Fulfillment costs represent those costs incurred in operating and staffing our fulfillment and customer service centers, credit card fees and bad debt costs. Fulfillment costs also include amounts paid to third-party cosourcers, who assist us in fulfillment and customer service operations. Certain of our fulfillment-related costs incurred on behalf of other businesses, such as Toysrus.com and Target Corporation, are classified as cost of sales rather than fulfillment. Stock-Based Compensation -- Stock based compensation consisted of $21 million for employee stock awards under variable accounting and $6 million for employee restricted stock units Restricted stock units Similar to restricted stock. However, the unit represents a promise that employees will receive stock in the future. The units do not pay dividends until the stock is vested. and restricted stock awards under fixed accounting. -- At March 31, 2003, outstanding stock awards consisted of 38 million stock options ($12 average exercise price), 3 million restricted stock units and 1 million shares of restricted stock. -- Stock options and restricted stock units are excluded from common stock outstanding, whereas grants of restricted stock are included in common stock outstanding. -- Under our restricted stock unit program, which commenced in the fourth quarter 2002, we award restricted stock units as our primary vehicle for equity compensation. Restricted stock units are measured at fair value on the date of grant based on the number of shares granted and the quoted price of our common stock. Such value is recognized as an expense over the corresponding service period. To the extent that restricted stock units are forfeited for·feit n. 1. Something surrendered or subject to surrender as punishment for a crime, an offense, an error, or a breach of contract. 2. Games a. prior to vesting Vesting The process by which employees accrue non-forfeitable rights over employer contributions that are made to the employee's qualified retirement plan account. Notes: , the corresponding previously recognized expense is reversed as an offset to stock-based compensation. -- At March 31, 2003, 3 million stock awards are subject to variable accounting, of which 2 million options granted under the January January: see month. 2001 exchange offer are scheduled to expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. in the third quarter of 2003. Beginning in January 2003, any new stock option grants are subject to variable accounting treatment. -- Under variable stock option accounting, we will incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. unpredictable charges or credits dependent on the fluctuations in market prices of our common stock, which we are unable to forecast. For example, if at the end of any quarter the quoted price of our common stock is lower than the quoted price at the end of the previous quarter, or to the extent previously-recorded amounts relate to unvested portions of options that were cancelled can·cel v. can·celed also can·celled, can·cel·ing also can·cel·ling, can·cels also can·cels v.tr. 1. To cross out with lines or other markings. See Synonyms at erase. 2. , compensation expense associated with variable accounting will be recalculated using the cumulative expense method and may result in a net benefit to our results of operations. -- Using the following hypothetical Hypothetical is an adjective, meaning of or pertaining to a hypothesis. See:
stock above and below our March 31, 2003 closing price of $26.03, our hypothetical stock-based compensation expense for the three months ended March 31, 2003 would have been affected by variable accounting treatment as follows (in millions, except percentages and per share amounts):
Hypothetical
vs.
Hypothetical Hypothetical Actual Stock-
Market Stock-Based Based
Percentage Difference Price per Share Compensation Compensation
Closing Price (1) (1) Expense Expense
----------------------------------------------------------------------
(15)% $22.13 $19 $(8)
(10)% 23.43 22 (6)
0 % 26.03 27(2) --
10 % 28.63 33 6
15 % 29.93 36 8
----------------- (1) Hypothetical--not a prediction "Prediction is very difficult, especially if it's about the future." - Niels Bohr A prediction is a statement or claim that a particular event will occur in the future in more certain terms than a forecast. of future performance of quoted prices of our common stock. (2) Represents actual stock-based compensation expense for the first quarter 2003. Restructuring-Related and Other -- As previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). , in the first quarter 2001 we announced and began implementation of our operational restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan. The restructuring plan is complete; however, we may adjust our restructuring-related estimates in the future, if necessary. -- Cash payments resulting from our operational restructuring were $16 million, compared with $14 million in the first quarter 2002. In December 2002, we reached a termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. agreement with the landlord of our leased fulfillment center facility in McDonough, Georgia McDonough is a city in Henry County, Georgia, United States. The population was 8,493 at the 2000 census. Census Estimates of 2005 indicate a population of 15,523. This is due both in part to growth of the city and extension of the city limits. . This agreement resulted in $12 million of cash payments in the first quarter 2003, including $8 million associated with the termination agreement and $4 million associated with restoration costs. No further payments are required relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the McDonough, Georgia facility. -- We estimate, based on currently available information, the remaining net cash outflows associated with restructuring-related leases and other commitments will be $9 million in the remainder of 2003, $13 million in 2004, and $19 million thereafter. Amounts due within 12 months are included within accrued expenses Accrued Expense An accounting expense recognized in the books before it is paid for. It is a liability, usually current. These expenses are typically periodic and documented upon a company's balance sheet due to the high probability of collection. and other current liabilities Other Current Liabilities A balance sheet entry used by companies to group together current liabilities that are not assigned to common liabilities such as debt obligations or accounts payable. and the remaining amounts within long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and other on our balance sheet. These amounts are net of anticipated sublease sublease n. the lease of all or a portion of premises by a tenant who has leased the premises from the owner. A sublease may be prohibited by the original lease, or require written permission from the owner. income of approximately $47 million (we have signed sublease agreements on $10 million in future payments) on gross lease obligations of $87 million. Other Income, Net -- Other income, net primarily consisted of net gains on sales of marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has of $4 million, compared with less than $1 million in the first quarter 2002. Remeasurement of 6.875% PEACS and Other -- Remeasurement of 6.875% PEACS and other, primarily consisted of foreign-currency losses on remeasurement of 6.875% PEACS from Euros to U.S. Dollars of $25 million, compared with gains of $6 million in the first quarter 2002. Income Taxes -- At March 31, 2003, we had net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. (NOLs) of approximately $2.5 billion related to U.S. federal, state and foreign jurisdictions. Utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be of NOLs, which begin to expire at various times starting in 2010, may be subject to certain limitations. Approximately $1.2 billion of our NOLs relate to tax deductible That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). stock-based compensation in excess of amounts recognized for financial reporting purposes--to the extent any of this amount is realized, the resulting benefit will be credited to stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. , rather than results of operations. Net Loss -- Although we reported a $13 million improvement in our net loss, we believe that this improvement is not necessarily predictive of future trends for a variety of reasons. For example, we are unable to forecast the effect on our future reported results of certain items, including the stock-based compensation charges or credits associated with variable accounting treatment on certain stock awards that result from fluctuations in our stock price and the gain or loss associated with the remeasurement of our 6.875% PEACS that results from fluctuations in foreign exchange rates. These items represented significant charges during the first quarter of 2003 and may result in significant charges or credits in future periods. Financial Condition -- Our cash, cash equivalents and marketable securities, at estimated fair value, consist of the following at March 31, 2003 (in millions):
Cash $204
Commercial paper and short-term obligations 292
--------
Cash and cash equivalents 496
--------
U.S. Treasury notes and bonds 271
Asset-backed and agency securities 245
Corporate notes and bonds 44
Certificates of deposit, commercial paper, short-term
obligations and equity securities 27
--------
Marketable securities (1) 587
--------
$1,083
========
----------------- (1) We have pledged pledge n. 1. A solemn binding promise to do, give, or refrain from doing something: signed a pledge never to reveal the secret; a pledge of money to a charity. 2. a. approximately $105 million as collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although for property leases and other contractual obligations, compared with $158 million at March 31, 2002. -- Long-term debt primarily includes the following (in millions):
Principal Interest Principal
at Maturity Rate Due Date
-------------------------------------
Senior Discount Notes $264 (1) 10.000% May 2008
Convertible Subordinated
Notes 1,250 (2) 4.750% February 2009
PEACS 753 (3) 6.875% February 2010
------
$2,267
======
----------------- (1) We announced that on May 28, 2003, we will redeem our Senior Discount Notes at a redemption price of $277 million, a 5% premium over the principal amount of $264 million. We will record a charge of approximately $15 million, classified in non-operating expenses in the second quarter 2003, consisting of the $13 million premium and $2 million of unamortized debt issuance costs. Accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. from May 1, 2003 to May 27, 2003 will also be payable at redemption The liberation of an estate in real property from a mortgage. Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions. . (2) Convertible at the holders' option into our common stock at $78.03. (3) 690 million Euros. Convertible at the holders' option into our common stock at 84.88 Euros. The U.S. Dollar long-term debt amount and conversion price fluctuates based on the Euro/U.S. Dollar exchange ratio. Certain Definitions and Other -- We present segment information along two lines: North America and International. We measure operating results of our segments using an internal performance measure of direct segment operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. that excludes stock-based compensation, amortization of goodwill and other intangibles, and restructuring-related and other charges, each of which are not allocated to segment results. All other centrally-incurred operating costs operating costs npl → gastos mpl operacionales are fully allocated to segment results. There are no internal revenue transactions between our reporting segments. -- The North America segment consists of amounts earned from retail sales of consumer products through www.amazon.com and www.amazon.ca (including from third-party sellers), from North America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. focused Syndicated Stores and mail-order mail order n. An order for goods to be shipped through the mail.  -or catalogs andfrom non-retail activities such as North America focused Merchant.com, marketing and promotional agreements. -- The International segment consists of amounts earned from retail sales of consumer products through www.amazon.co.uk, www.amazon.de, www.amazon.fr and www.amazon.co.jp (including from third-party sellers), from internationally focused Syndicated Stores and from non-retail activities such as internationally focused marketing and promotional agreements. This segment includes export sales from www.amazon.co.uk, www.amazon.de, www.amazon.fr and www.amazon.co.jp (including export sales from these sites to customers in the U.S. and Canada), but excludes export sales from www.amazon.com and www.amazon.ca. Operating results for the International segment are affected by movements in foreign exchange rates. -- We have also provided supplemental revenue information within each segment for three categories: "Media", "Electronics and other general merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain " and "Other." Media consists of amounts earned from retail sales from all sellers of books, music, DVD/video, magazine subscriptions, software and video games. Electronics and other general merchandise consists of amounts earned from retail sales from all sellers of items not included in Media, such as electronics, toys, home improvement, home and garden, and apparel. The Other category consists of non-retail activities, such as the Merchant.com program and miscellaneous marketing and promotional activities. -- All references to customers mean customer accounts, which are unique e-mail addresses See Internet address. e-mail address - electronic mail address , established either when a customer's initial order is shipped or when a customer orders from certain third-party sellers on our Web sites. Customer accounts include customers of Amazon Marketplace Amazon Marketplace ( i.e:Third-party Marketplace ) is Amazon.com's fixed-price online marketplace that allows sellers to survey their goods alongside Amazon's offerings. Buyers can buy new and used items sold directly by a third party through Amazon. , Auctions and zShops and our Merchants@ and Syndicated Stores Programs, but exclude Merchant.com Program customers, Amazon.com Payments customers, our catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. customers and the customers of select companies with whom we have a technology alliance or marketing and promotional relationships. A customer is considered active upon placing an order. -- All references to units mean units sold (net of returns and cancellations) by us and third-party sellers at Amazon.com domains worldwide--such as www.amazon.com, www.amazon.ca, www.amazon.fr, www.amazon.co.uk, www.amazon.de and www.amazon.co.jp--and at Syndicated Stores domains, as well as Amazon.com-owned items sold at non-Amazon.com domains, such as books, music and DVD/video items ordered from Amazon.com's store at www.target.com. Units do not include Amazon.com gift certificates. |
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