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    Amazon.com Announces Second Quarter Results

    8/1/24 4:01:00 PM ET
    $AMZN
    Catalog/Specialty Distribution
    Consumer Discretionary
    Get the next $AMZN alert in real time by email

    Amazon.com, Inc. (NASDAQ:AMZN) today announced financial results for its second quarter ended June 30, 2024.

    • Net sales increased 10% to $148.0 billion in the second quarter, compared with $134.4 billion in second quarter 2023. Excluding the $1.0 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 11% compared with second quarter 2023.
      • North America segment sales increased 9% year-over-year to $90.0 billion.
      • International segment sales increased 7% year-over-year to $31.7 billion, or increased 10% excluding changes in foreign exchange rates.
      • AWS segment sales increased 19% year-over-year to $26.3 billion.
    • Operating income increased to $14.7 billion in the second quarter, compared with $7.7 billion in second quarter 2023.
      • North America segment operating income was $5.1 billion, compared with operating income of $3.2 billion in second quarter 2023.
      • International segment operating income was $0.3 billion, compared with an operating loss of $0.9 billion in second quarter 2023.
      • AWS segment operating income was $9.3 billion, compared with operating income of $5.4 billion in second quarter 2023.
    • Net income increased to $13.5 billion in the second quarter, or $1.26 per diluted share, compared with $6.7 billion, or $0.65 per diluted share, in second quarter 2023.
      • Second quarter 2024 net income includes a pre-tax valuation gain of $0.4 billion included in non-operating income (expense) from the common stock investment in Rivian Automotive, Inc., compared to a pre-tax valuation gain of $0.2 billion from the investment in second quarter 2023.
    • Operating cash flow increased 75% to $108.0 billion for the trailing twelve months, compared with $61.8 billion for the trailing twelve months ended June 30, 2023.
    • Free cash flow increased to $53.0 billion for the trailing twelve months, compared with $7.9 billion for the trailing twelve months ended June 30, 2023.
    • Free cash flow less principal repayments of finance leases and financing obligations increased to $49.6 billion for the trailing twelve months, compared with $1.9 billion for the trailing twelve months ended June 30, 2023.
    • Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations increased to $51.4 billion for the trailing twelve months, compared with $6.7 billion for the trailing twelve months ended June 30, 2023.

    "We're continuing to make progress on a number of dimensions, but perhaps none more so than the continued reacceleration in AWS growth," said Andy Jassy, Amazon President & CEO. "As companies continue to modernize their infrastructure and move to the cloud, while also leveraging new Generative AI opportunities, AWS continues to be customers' top choice as we have much broader functionality, superior security and operational performance, a larger partner ecosystem, and AI capabilities like SageMaker for model builders, Bedrock for those leveraging frontier models, Trainium for those where the cost of compute for training and inference matters, and Q for those wanting the most capable GenAI assistant for not just coding, but also software development and business integration."

    Some other highlights since the company's last earnings announcement include that Amazon:

    • Held its 10th Prime Day, the biggest Prime Day shopping event yet.
    • Delivered to Prime members at its fastest speeds ever in the first half of the year.
    • Expanded selection, including brands like Aéropostale, Bumble and bumble, and Kiehl's.
    • Announced that U.S. Prime members can enjoy a Grubhub+ membership worth $120 a year.
    • Launched multiple AI-powered features for consumers, including shopping assistant Rufus for all U.S. mobile customers, playlist generator Maestro for Amazon Music, and a new search experience for Fire TV.
    • Launched Amazon's Stores business in South Africa with same and next-day delivery.
    • Expanded Amazon Pharmacy's RxPass program, which now offers Prime members on Medicare unlimited consumption of 60 broadly-used prescription medications for just $5 a month.
    • Released 19 films and series from Amazon MGM Studios, including:
      • Fallout, the second most watched Original title worldwide ever on Prime Video during its launch.
      • Season 4 of The Boys, reaching No. 1 on Prime Video in over 165 countries in its first two weeks.
      • The Idea of You, attracting ~50 million viewers in its first two weeks on Prime Video.
    • Earned 62 Primetime Emmy Award nominations, including 17 for Fallout and 16 for Mr. and Mrs. Smith.
    • Secured expansive streaming rights for the NBA for 11 seasons, starting in 2025-26.
    • Became the exclusive home of Monday Night National Hockey League games in Canada.
    • Launched Anthropic Claude 3.5 Sonnet, Meta Llama 3.1, and Mistral Large 2 models in Amazon Bedrock.
    • Shared that companies like AXA, DoorDash, Nasdaq, Rocket Insurance, SAP, Thomson Reuters, Workday, WPP, and Zendesk announced new applications built on Bedrock.
    • Delivered new AWS Graviton4-based compute instances, providing up to 30% better price-performance than the industry-leading AWS Graviton3 instances.
    • Signed new AWS agreements with Commonwealth Bank of Australia, Databricks, Discover Financial Services, Eli Lilly and Company, Experian, GE HealthCare, NetApp, Scopely, ServiceNow, Shutterfly, and many others—as well as AI startups Perplexity, H Company, and Observea.
    • Announced an AUD $2 billion strategic partnership with the Australian Government to provide a "Top Secret" AWS Cloud to enhance the nation's defense and intelligence capabilities.
    • Added Austin and Miami to where self-driving robotaxi Zoox is deploying its test fleet on public roads.
    • Ranked No. 2 on LinkedIn's Top Companies list and No. 1 in the technology sector.
    • Announced that all electricity consumed by Amazon's operations, including its data centers, was matched with 100% renewable energy in 2023.
    • Replaced 95% of plastic air pillows in Amazon's delivery packaging in North America with paper filler.
    • Announced an additional $1.4 billion commitment to Amazon's Housing Equity Fund for affordable homes.

    For additional highlights from the quarter, visit aboutamazon.com/q2-2024-earnings.

    Financial Guidance

    The following forward-looking statements reflect Amazon.com's expectations as of August 1, 2024, and are subject to substantial uncertainty. Our results are inherently unpredictable and may be materially affected by many factors, such as fluctuations in foreign exchange rates, changes in global economic and geopolitical conditions and customer demand and spending (including the impact of recessionary fears), inflation, interest rates, regional labor market constraints, world events, the rate of growth of the internet, online commerce, cloud services, and new and emerging technologies, and the various factors detailed below.

    Third Quarter 2024 Guidance

    • Net sales are expected to be between $154.0 billion and $158.5 billion, or to grow between 8% and 11% compared with third quarter 2023. This guidance anticipates an unfavorable impact of approximately 90 basis points from foreign exchange rates.
    • Operating income is expected to be between $11.5 billion and $15.0 billion, compared with $11.2 billion in third quarter 2023.
    • This guidance assumes, among other things, that no additional business acquisitions, restructurings, or legal settlements are concluded.

    Conference Call Information

    A conference call will be webcast live today at 2:30 p.m. PT/5:30 p.m. ET, and will be available for at least three months at amazon.com/ir. This call will contain forward-looking statements and other material information regarding the Company's financial and operating results.

    Forward-Looking Statements

    These forward-looking statements are inherently difficult to predict. Actual results and outcomes could differ materially for a variety of reasons, including, in addition to the factors discussed above, the amount that Amazon.com invests in new business opportunities and the timing of those investments, the mix of products and services sold to customers, the mix of net sales derived from products as compared with services, the extent to which we owe income or other taxes, competition, management of growth, potential fluctuations in operating results, international growth and expansion, the outcomes of claims, litigation, government investigations, and other proceedings, fulfillment, sortation, delivery, and data center optimization, risks of inventory management, variability in demand, the degree to which the Company enters into, maintains, and develops commercial agreements, proposed and completed acquisitions and strategic transactions, payments risks, and risks of fulfillment throughput and productivity. Other risks and uncertainties include, among others, risks related to new products, services, and technologies, security breaches, system interruptions, government regulation and taxation, and fraud. In addition, global economic and geopolitical conditions and additional or unforeseen circumstances, developments, or events may give rise to or 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 ("SEC"), including its most recent Annual Report on Form 10-K and subsequent filings.

    Additional Information

    Our investor relations website is amazon.com/ir and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, corporate governance information (including our Code of Business Conduct and Ethics), and select press releases, which may contain material information about us, and you may subscribe to be notified of new information posted to this site.

    About Amazon

    Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth's Most Customer-Centric Company, Earth's Best Employer, and Earth's Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.

    AMAZON.COM, INC.

    Consolidated Statements of Cash Flows

    (in millions)

    (unaudited)

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

    Twelve Months Ended

    June 30,

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD

    $

    49,734

     

     

    $

    73,332

     

     

    $

    54,253

     

     

    $

    73,890

     

     

    $

    37,700

     

     

    $

    50,067

     

    OPERATING ACTIVITIES:

     

     

     

     

     

     

     

     

     

     

     

    Net income

     

    6,750

     

     

     

    13,485

     

     

     

    9,922

     

     

     

    23,916

     

     

     

    13,072

     

     

     

    44,419

     

    Adjustments to reconcile net income to net cash from operating activities:

     

     

     

     

     

     

     

     

     

     

     

    Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other

     

    11,589

     

     

     

    12,038

     

     

     

    22,712

     

     

     

    23,722

     

     

     

    45,724

     

     

     

    49,673

     

    Stock-based compensation

     

    7,127

     

     

     

    6,722

     

     

     

    11,875

     

     

     

    11,683

     

     

     

    23,037

     

     

     

    23,831

     

    Non-operating expense (income), net

     

    47

     

     

     

    (95

    )

     

     

    581

     

     

     

    2,639

     

     

     

    2,754

     

     

     

    1,310

     

    Deferred income taxes

     

    (2,744

    )

     

     

    (785

    )

     

     

    (3,216

    )

     

     

    (1,723

    )

     

     

    (7,408

    )

     

     

    (4,383

    )

    Changes in operating assets and liabilities:

     

     

     

     

     

     

     

     

     

     

     

    Inventories

     

    (2,373

    )

     

     

    (3,085

    )

     

     

    (2,002

    )

     

     

    (1,309

    )

     

     

    1,910

     

     

     

    2,142

     

    Accounts receivable, net and other

     

    (2,041

    )

     

     

    (2,209

    )

     

     

    2,683

     

     

     

    1,475

     

     

     

    (2,686

    )

     

     

    (9,556

    )

    Other assets

     

    (3,126

    )

     

     

    (3,055

    )

     

     

    (6,329

    )

     

     

    (5,756

    )

     

     

    (14,542

    )

     

     

    (11,692

    )

    Accounts payable

     

    3,029

     

     

     

    6,005

     

     

     

    (8,235

    )

     

     

    (5,277

    )

     

     

    391

     

     

     

    8,431

     

    Accrued expenses and other

     

    (1,938

    )

     

     

    (4,147

    )

     

     

    (7,701

    )

     

     

    (7,075

    )

     

     

    (1,944

    )

     

     

    (1,802

    )

    Unearned revenue

     

    156

     

     

     

    407

     

     

     

    974

     

     

     

    1,975

     

     

     

    1,533

     

     

     

    5,579

     

    Net cash provided by (used in) operating activities

     

    16,476

     

     

     

    25,281

     

     

     

    21,264

     

     

     

    44,270

     

     

     

    61,841

     

     

     

    107,952

     

    INVESTING ACTIVITIES:

     

     

     

     

     

     

     

     

     

     

     

    Purchases of property and equipment

     

    (11,455

    )

     

     

    (17,620

    )

     

     

    (25,662

    )

     

     

    (32,545

    )

     

     

    (58,632

    )

     

     

    (59,612

    )

    Proceeds from property and equipment sales and incentives

     

    1,043

     

     

     

    1,227

     

     

     

    2,180

     

     

     

    2,217

     

     

     

    4,669

     

     

     

    4,633

     

    Acquisitions, net of cash acquired, non-marketable investments, and other

     

    (316

    )

     

     

    (571

    )

     

     

    (3,829

    )

     

     

    (3,925

    )

     

     

    (5,545

    )

     

     

    (5,935

    )

    Sales and maturities of marketable securities

     

    1,551

     

     

     

    3,265

     

     

     

    2,666

     

     

     

    4,657

     

     

     

    8,906

     

     

     

    7,618

     

    Purchases of marketable securities

     

    (496

    )

     

     

    (8,439

    )

     

     

    (834

    )

     

     

    (10,404

    )

     

     

    (1,306

    )

     

     

    (11,058

    )

    Net cash provided by (used in) investing activities

     

    (9,673

    )

     

     

    (22,138

    )

     

     

    (25,479

    )

     

     

    (40,000

    )

     

     

    (51,908

    )

     

     

    (64,354

    )

    FINANCING ACTIVITIES:

     

     

     

     

     

     

     

     

     

     

     

    Proceeds from short-term debt, and other

     

    4,399

     

     

     

    525

     

     

     

    17,179

     

     

     

    863

     

     

     

    40,124

     

     

     

    1,813

     

    Repayments of short-term debt, and other

     

    (7,641

    )

     

     

    (229

    )

     

     

    (11,244

    )

     

     

    (633

    )

     

     

    (34,957

    )

     

     

    (15,066

    )

    Proceeds from long-term debt

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    8,342

     

     

     

    —

     

    Repayments of long-term debt

     

    (2,000

    )

     

     

    (4,169

    )

     

     

    (3,386

    )

     

     

    (4,499

    )

     

     

    (4,643

    )

     

     

    (4,789

    )

    Principal repayments of finance leases

     

    (1,220

    )

     

     

    (538

    )

     

     

    (2,600

    )

     

     

    (1,308

    )

     

     

    (5,705

    )

     

     

    (3,092

    )

    Principal repayments of financing obligations

     

    (77

    )

     

     

    (79

    )

     

     

    (134

    )

     

     

    (169

    )

     

     

    (244

    )

     

     

    (306

    )

    Net cash provided by (used in) financing activities

     

    (6,539

    )

     

     

    (4,490

    )

     

     

    (185

    )

     

     

    (5,746

    )

     

     

    2,917

     

     

     

    (21,440

    )

    Foreign currency effect on cash, cash equivalents, and restricted cash

     

    69

     

     

     

    (312

    )

     

     

    214

     

     

     

    (741

    )

     

     

    (483

    )

     

     

    (552

    )

    Net increase (decrease) in cash, cash equivalents, and restricted cash

     

    333

     

     

     

    (1,659

    )

     

     

    (4,186

    )

     

     

    (2,217

    )

     

     

    12,367

     

     

     

    21,606

     

    CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD

    $

    50,067

     

     

    $

    71,673

     

     

    $

    50,067

     

     

    $

    71,673

     

     

    $

    50,067

     

     

    $

    71,673

     

    SUPPLEMENTAL CASH FLOW INFORMATION:

     

     

     

     

     

     

     

     

     

     

     

    Cash paid for interest on debt, net of capitalized interest

    $

    954

     

     

    $

    680

     

     

    $

    1,356

     

     

    $

    949

     

     

    $

    2,289

     

     

    $

    2,201

     

    Cash paid for operating leases

     

    2,528

     

     

     

    2,844

     

     

     

    4,995

     

     

     

    6,176

     

     

     

    9,173

     

     

     

    11,634

     

    Cash paid for interest on finance leases

     

    77

     

     

     

    72

     

     

     

    158

     

     

     

    146

     

     

     

    330

     

     

     

    296

     

    Cash paid for interest on financing obligations

     

    41

     

     

     

    50

     

     

     

    100

     

     

     

    114

     

     

     

    194

     

     

     

    210

     

    Cash paid for income taxes, net of refunds

     

    3,735

     

     

     

    5,700

     

     

     

    4,354

     

     

     

    6,158

     

     

     

    6,791

     

     

     

    12,983

     

    Assets acquired under operating leases

     

    4,104

     

     

     

    3,911

     

     

     

    7,730

     

     

     

    7,664

     

     

     

    19,254

     

     

     

    13,986

     

    Property and equipment acquired under finance leases, net of remeasurements and modifications

     

    240

     

     

     

    181

     

     

     

    248

     

     

     

    223

     

     

     

    696

     

     

     

    617

     

    Property and equipment recognized during the construction period of build-to-suit lease arrangements

     

    84

     

     

     

    31

     

     

     

    215

     

     

     

    68

     

     

     

    1,051

     

     

     

    210

     

    Property and equipment derecognized after the construction period of build-to-suit lease arrangements, with the associated leases recognized as operating

     

    —

     

     

     

    —

     

     

     

    720

     

     

     

    —

     

     

     

    4,766

     

     

     

    654

     

     

    AMAZON.COM, INC.

    Consolidated Statements of Operations

    (in millions, except per share data)

    (unaudited)

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

     

     

     

     

     

    Net product sales

    $

    59,032

     

    $

    61,569

     

    $

    116,013

     

    $

    122,484

     

    Net service sales

     

    75,351

     

     

     

    86,408

     

     

     

    145,728

     

     

     

    168,806

     

    Total net sales

     

    134,383

     

     

     

    147,977

     

     

     

    261,741

     

     

     

    291,290

     

    Operating expenses:

     

     

     

     

     

     

     

    Cost of sales

     

    69,373

     

     

     

    73,785

     

     

     

    137,164

     

     

     

    146,418

     

    Fulfillment

     

    21,305

     

     

     

    23,566

     

     

     

    42,210

     

     

     

    45,883

     

    Technology and infrastructure

     

    21,931

     

     

     

    22,304

     

     

     

    42,381

     

     

     

    42,728

     

    Sales and marketing

     

    10,745

     

     

     

    10,512

     

     

     

    20,917

     

     

     

    20,174

     

    General and administrative

     

    3,202

     

     

     

    3,041

     

     

     

    6,245

     

     

     

    5,783

     

    Other operating expense (income), net

     

    146

     

     

     

    97

     

     

     

    369

     

     

     

    325

     

    Total operating expenses

     

    126,702

     

     

     

    133,305

     

     

     

    249,286

     

     

     

    261,311

     

    Operating income

     

    7,681

     

     

     

    14,672

     

     

     

    12,455

     

     

     

    29,979

     

    Interest income

     

    661

     

     

     

    1,180

     

     

     

    1,272

     

     

     

    2,173

     

    Interest expense

     

    (840

    )

     

     

    (589

    )

     

     

    (1,663

    )

     

     

    (1,233

    )

    Other income (expense), net

     

    61

     

     

     

    (18

    )

     

     

    (382

    )

     

     

    (2,691

    )

    Total non-operating income (expense)

     

    (118

    )

     

     

    573

     

     

     

    (773

    )

     

     

    (1,751

    )

    Income before income taxes

     

    7,563

     

     

     

    15,245

     

     

     

    11,682

     

     

     

    28,228

     

    Provision for income taxes

     

    (804

    )

     

     

    (1,767

    )

     

     

    (1,752

    )

     

     

    (4,234

    )

    Equity-method investment activity, net of tax

     

    (9

    )

     

     

    7

     

     

     

    (8

    )

     

     

    (78

    )

    Net income

    $

    6,750

     

     

    $

    13,485

     

     

    $

    9,922

     

     

    $

    23,916

     

    Basic earnings per share

    $

    0.66

     

     

    $

    1.29

     

     

    $

    0.97

     

     

    $

    2.30

     

    Diluted earnings per share

    $

    0.65

     

     

    $

    1.26

     

     

    $

    0.95

     

     

    $

    2.24

     

    Weighted-average shares used in computation of earnings per share:

     

     

     

     

     

     

     

    Basic

     

    10,285

     

     

     

    10,447

     

     

     

    10,268

     

     

     

    10,420

     

    Diluted

     

    10,449

     

     

     

    10,708

     

     

     

    10,398

     

     

     

    10,689

     

     

    AMAZON.COM, INC.

    Consolidated Statements of Comprehensive Income

    (in millions)

    (unaudited)

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income

    $

    6,750

     

    $

    13,485

     

     

    $

    9,922

     

    $

    23,916

     

    Other comprehensive income (loss):

     

     

     

     

     

     

     

    Foreign currency translation adjustments, net of tax of $(22), $58, $(32), and $88

     

    264

     

     

     

    (637

    )

     

     

    650

     

     

     

    (1,733

    )

    Available-for-sale debt securities:

     

     

     

     

     

     

     

    Change in net unrealized gains (losses), net of tax of $(5), $(69), $(34), and $(227)

     

    17

     

     

     

    241

     

     

     

    112

     

     

     

    777

     

    Less: reclassification adjustment for losses included in "Other income (expense), net," net of tax of $(5), $(1), $(15), and $(1)

     

    12

     

     

     

    3

     

     

     

    45

     

     

     

    4

     

    Net change

     

    29

     

     

     

    244

     

     

     

    157

     

     

     

    781

     

    Other, net of tax of $0, $(1), $0, and $(2)

     

    —

     

     

     

    (2

    )

     

     

    —

     

     

     

    (1

    )

    Total other comprehensive income (loss)

     

    293

     

     

     

    (395

    )

     

     

    807

     

     

     

    (953

    )

    Comprehensive income

    $

    7,043

     

     

    $

    13,090

     

     

    $

    10,729

     

     

    $

    22,963

     

     

    AMAZON.COM, INC.

    Segment Information

    (in millions)

    (unaudited)

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    North America

     

     

     

     

     

     

     

    Net sales

    $

    82,546

     

     

    $

    90,033

     

     

    $

    159,427

     

     

    $

    176,374

     

    Operating expenses

     

    79,335

     

     

     

    84,968

     

     

     

    155,318

     

     

     

    166,326

     

    Operating income

    $

    3,211

     

     

    $

    5,065

     

     

    $

    4,109

     

     

    $

    10,048

     

     

     

     

     

     

     

     

     

    International

     

     

     

     

     

     

     

    Net sales

    $

    29,697

     

     

    $

    31,663

     

     

    $

    58,820

     

     

    $

    63,598

     

    Operating expenses

     

    30,592

     

     

     

    31,390

     

     

     

    60,962

     

     

     

    62,422

     

    Operating income (loss)

    $

    (895

    )

     

    $

    273

     

     

    $

    (2,142

    )

     

    $

    1,176

     

     

     

     

     

     

     

     

     

    AWS

     

     

     

     

     

     

     

    Net sales

    $

    22,140

     

     

    $

    26,281

     

     

    $

    43,494

     

     

    $

    51,318

     

    Operating expenses

     

    16,775

     

     

     

    16,947

     

     

     

    33,006

     

     

     

    32,563

     

    Operating income

    $

    5,365

     

     

    $

    9,334

     

     

    $

    10,488

     

     

    $

    18,755

     

     

     

     

     

     

     

     

     

    Consolidated

     

     

     

     

     

     

     

    Net sales

    $

    134,383

     

     

    $

    147,977

     

     

    $

    261,741

     

     

    $

    291,290

     

    Operating expenses

     

    126,702

     

     

     

    133,305

     

     

     

    249,286

     

     

     

    261,311

     

    Operating income

     

    7,681

     

     

     

    14,672

     

     

     

    12,455

     

     

     

    29,979

     

    Total non-operating income (expense)

     

    (118

    )

     

     

    573

     

     

     

    (773

    )

     

     

    (1,751

    )

    Provision for income taxes

     

    (804

    )

     

     

    (1,767

    )

     

     

    (1,752

    )

     

     

    (4,234

    )

    Equity-method investment activity, net of tax

     

    (9

    )

     

     

    7

     

     

     

    (8

    )

     

     

    (78

    )

    Net income

    $

    6,750

     

     

    $

    13,485

     

     

    $

    9,922

     

     

    $

    23,916

     

     

     

     

     

     

     

     

     

    Segment Highlights:

     

     

     

     

     

     

     

    Y/Y net sales growth:

     

     

     

     

     

     

     

    North America

     

    11

    %

     

     

    9

    %

     

     

    11

    %

     

     

    11

    %

    International

     

    10

     

     

     

    7

     

     

     

    5

     

     

     

    8

     

    AWS

     

    12

     

     

     

    19

     

     

     

    14

     

     

     

    18

     

    Consolidated

     

    11

     

     

     

    10

     

     

     

    10

     

     

     

    11

     

    Net sales mix:

     

     

     

     

     

     

     

    North America

     

    61

    %

     

     

    61

    %

     

     

    61

    %

     

     

    60

    %

    International

     

    22

     

     

     

    21

     

     

     

    22

     

     

     

    22

     

    AWS

     

    17

     

     

     

    18

     

     

     

    17

     

     

     

    18

     

    Consolidated

     

    100

    %

     

     

    100

    %

     

     

    100

    %

     

     

    100

    %

     

    AMAZON.COM, INC.

    Consolidated Balance Sheets

    (in millions, except per share data)

    (unaudited)

     

     

    December 31, 2023

     

    June 30, 2024

     

     

     

     

    ASSETS

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    73,387

     

     

    $

    71,178

     

    Marketable securities

     

    13,393

     

     

     

    17,914

     

    Inventories

     

    33,318

     

     

     

    34,109

     

    Accounts receivable, net and other

     

    52,253

     

     

     

    50,106

     

    Total current assets

     

    172,351

     

     

     

    173,307

     

    Property and equipment, net

     

    204,177

     

     

     

    220,717

     

    Operating leases

     

    72,513

     

     

     

    74,575

     

    Goodwill

     

    22,789

     

     

     

    22,879

     

    Other assets

     

    56,024

     

     

     

    63,340

     

    Total assets

    $

    527,854

     

     

    $

    554,818

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    84,981

     

     

    $

    81,817

     

    Accrued expenses and other

     

    64,709

     

     

     

    60,351

     

    Unearned revenue

     

    15,227

     

     

     

    16,004

     

    Total current liabilities

     

    164,917

     

     

     

    158,172

     

    Long-term lease liabilities

     

    77,297

     

     

     

    78,084

     

    Long-term debt

     

    58,314

     

     

     

    54,889

     

    Other long-term liabilities

     

    25,451

     

     

     

    27,226

     

    Commitments and contingencies

     

     

     

    Stockholders' equity:

     

     

     

    Preferred stock ($0.01 par value; 500 shares authorized; no shares issued or outstanding)

     

    —

     

     

     

    —

     

    Common stock ($0.01 par value; 100,000 shares authorized; 10,898 and 11,005 shares issued; 10,383 and 10,490 shares outstanding)

     

    109

     

     

     

    110

     

    Treasury stock, at cost

     

    (7,837

    )

     

     

    (7,837

    )

    Additional paid-in capital

     

    99,025

     

     

     

    110,633

     

    Accumulated other comprehensive income (loss)

     

    (3,040

    )

     

     

    (3,993

    )

    Retained earnings

     

    113,618

     

     

     

    137,534

     

    Total stockholders' equity

     

    201,875

     

     

     

    236,447

     

    Total liabilities and stockholders' equity

    $

    527,854

     

     

    $

    554,818

     

     

    AMAZON.COM, INC.

    Supplemental Financial Information and Business Metrics

    (in millions, except per share data)

    (unaudited)

     

     

    Q1 2023

    Q2 2023

    Q3 2023

    Q4 2023

    Q1 2024

    Q2 2024

    Y/Y %

    Change

    Cash Flows and Shares

     

     

     

     

     

     

     

    Operating cash flow -- trailing twelve months (TTM)

    $

    54,330

     

    $

    61,841

     

    $

    71,654

     

    $

    84,946

     

    $

    99,147

     

    $

    107,952

     

    75

    %

    Operating cash flow -- TTM Y/Y growth

     

    38

    %

     

    74

    %

     

    81

    %

     

    82

    %

     

    82

    %

     

    75

    %

    N/A

     

    Purchases of property and equipment, net of proceeds from sales and incentives -- TTM

    $

    57,649

     

    $

    53,963

     

    $

    50,220

     

    $

    48,133

     

    $

    48,998

     

    $

    54,979

     

    2

    %

    Principal repayments of finance leases -- TTM

    $

    6,544

     

    $

    5,705

     

    $

    5,245

     

    $

    4,384

     

    $

    3,774

     

    $

    3,092

     

    (46

    )%

    Principal repayments of financing obligations -- TTM

    $

    226

     

    $

    244

     

    $

    260

     

    $

    271

     

    $

    304

     

    $

    306

     

    25

    %

    Equipment acquired under finance leases -- TTM (1)

    $

    285

     

    $

    269

     

    $

    239

     

    $

    310

     

    $

    306

     

    $

    425

     

    58

    %

    Principal repayments of all other finance leases -- TTM (2)

    $

    625

     

    $

    631

     

    $

    694

     

    $

    683

     

    $

    761

     

    $

    794

     

    26

    %

    Free cash flow -- TTM (3)

    $

    (3,319

    )

    $

    7,878

     

    $

    21,434

     

    $

    36,813

     

    $

    50,149

     

    $

    52,973

     

    572

    %

    Free cash flow less principal repayments of finance leases and financing obligations -- TTM (4)

    $

    (10,089

    )

    $

    1,929

     

    $

    15,929

     

    $

    32,158

     

    $

    46,071

     

    $

    49,575

     

    N/A

     

    Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations -- TTM (5)

    $

    (4,455

    )

    $

    6,734

     

    $

    20,241

     

    $

    35,549

     

    $

    48,778

     

    $

    51,448

     

    664

    %

    Common shares and stock-based awards outstanding

     

    10,625

     

     

    10,794

     

     

    10,792

     

     

    10,788

     

     

    10,788

     

     

    10,871

     

    1

    %

    Common shares outstanding

     

    10,258

     

     

    10,313

     

     

    10,330

     

     

    10,383

     

     

    10,403

     

     

    10,490

     

    2

    %

    Stock-based awards outstanding

     

    367

     

     

    481

     

     

    462

     

     

    406

     

     

    385

     

     

    381

     

    (21

    )%

    Stock-based awards outstanding -- % of common shares outstanding

     

    3.6

    %

     

    4.7

    %

     

    4.5

    %

     

    3.9

    %

     

    3.7

    %

     

    3.6

    %

    N/A

     

    Results of Operations

     

     

     

     

     

     

     

    Worldwide (WW) net sales

    $

    127,358

     

    $

    134,383

     

    $

    143,083

     

    $

    169,961

     

    $

    143,313

     

    $

    147,977

     

    10

    %

    WW net sales -- Y/Y growth, excluding F/X

     

    11

    %

     

    11

    %

     

    11

    %

     

    13

    %

     

    13

    %

     

    11

    %

    N/A

     

    WW net sales -- TTM

    $

    524,897

     

    $

    538,046

     

    $

    554,028

     

    $

    574,785

     

    $

    590,740

     

    $

    604,334

     

    12

    %

    WW net sales -- TTM Y/Y growth, excluding F/X

     

    13

    %

     

    13

    %

     

    12

    %

     

    12

    %

     

    12

    %

     

    12

    %

    N/A

     

    Operating income

    $

    4,774

     

    $

    7,681

     

    $

    11,188

     

    $

    13,209

     

    $

    15,307

     

    $

    14,672

     

    91

    %

    F/X impact -- favorable

    $

    139

     

    $

    104

     

    $

    132

     

    $

    85

     

    $

    72

     

    $

    29

     

    N/A

     

    Operating income -- Y/Y growth, excluding F/X

     

    26

    %

     

    128

    %

     

    338

    %

     

    379

    %

     

    219

    %

     

    91

    %

    N/A

     

    Operating margin -- % of WW net sales

     

    3.7

    %

     

    5.7

    %

     

    7.8

    %

     

    7.8

    %

     

    10.7

    %

     

    9.9

    %

    N/A

     

    Operating income -- TTM

    $

    13,353

     

    $

    17,717

     

    $

    26,380

     

    $

    36,852

     

    $

    47,385

     

    $

    54,376

     

    207

    %

    Operating income -- TTM Y/Y growth (decline), excluding F/X

     

    (37

    )%

     

    10

    %

     

    99

    %

     

    197

    %

     

    252

    %

     

    205

    %

    N/A

     

    Operating margin -- TTM % of WW net sales

     

    2.5

    %

     

    3.3

    %

     

    4.8

    %

     

    6.4

    %

     

    8.0

    %

     

    9.0

    %

    N/A

     

    Net income

    $

    3,172

     

    $

    6,750

     

    $

    9,879

     

    $

    10,624

     

    $

    10,431

     

    $

    13,485

     

    100

    %

    Net income per diluted share

    $

    0.31

     

    $

    0.65

     

    $

    0.94

     

    $

    1.00

     

    $

    0.98

     

    $

    1.26

     

    95

    %

    Net income -- TTM

    $

    4,294

     

    $

    13,072

     

    $

    20,079

     

    $

    30,425

     

    $

    37,684

     

    $

    44,419

     

    240

    %

    Net income per diluted share -- TTM

    $

    0.42

     

    $

    1.26

     

    $

    1.93

     

    $

    2.90

     

    $

    3.56

     

    $

    4.18

     

    229

    %

     

    (1)

     

    For the twelve months ended June 30, 2023 and 2024, this amount relates to equipment included in "Property and equipment acquired under finance leases, net of remeasurements and modifications" of $696 million and $617 million.

    (2)

     

    For the twelve months ended June 30, 2023 and 2024, this amount relates to property included in "Principal repayments of finance leases" of $5,705 million and $3,092 million.

    (3)

     

    Free cash flow is cash flow from operations reduced by "Purchases of property and equipment, net of proceeds from sales and incentives."

    (4)

     

    Free cash flow less principal repayments of finance leases and financing obligations is free cash flow reduced by "Principal repayments of finance leases" and "Principal repayments of financing obligations."

    (5)

     

    Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations is free cash flow reduced by equipment acquired under finance leases, which is included in "Property and equipment acquired under finance leases, net of remeasurements and modifications," principal repayments of all other finance lease liabilities, which is included in "Principal repayments of finance leases," and "Principal repayments of financing obligations."

     

    AMAZON.COM, INC.

    Supplemental Financial Information and Business Metrics

    (in millions)

    (unaudited)

     

     

    Q1 2023

    Q2 2023

    Q3 2023

    Q4 2023

    Q1 2024

    Q2 2024

    Y/Y %

    Change

    Segments

     

     

     

     

     

     

     

    North America Segment:

     

     

     

     

     

     

     

    Net sales

    $

    76,881

     

    $

    82,546

     

    $

    87,887

     

    $

    105,514

     

    $

    86,341

     

    $

    90,033

     

    9

    %

    Net sales -- Y/Y growth, excluding F/X

     

    11

    %

     

    11

    %

     

    11

    %

     

    13

    %

     

    12

    %

     

    9

    %

    N/A

     

    Net sales -- TTM

    $

    323,517

     

    $

    331,633

     

    $

    340,677

     

    $

    352,828

     

    $

    362,288

     

    $

    369,775

     

    12

    %

    Operating income

    $

    898

     

    $

    3,211

     

    $

    4,307

     

    $

    6,461

     

    $

    4,983

     

    $

    5,065

     

    58

    %

    F/X impact -- favorable (unfavorable)

    $

    41

     

    $

    (7

    )

    $

    (27

    )

    $

    (13

    )

    $

    8

     

    $

    8

     

    N/A

     

    Operating income -- Y/Y growth, excluding F/X

     

    N/A

     

     

    N/A

     

     

    N/A

     

     

    N/A

     

     

    454

    %

     

    58

    %

    N/A

     

    Operating margin -- % of North America net sales

     

    1.2

    %

     

    3.9

    %

     

    4.9

    %

     

    6.1

    %

     

    5.8

    %

     

    5.6

    %

    N/A

     

    Operating income (loss) -- TTM

    $

    (381

    )

    $

    3,457

     

    $

    8,176

     

    $

    14,877

     

    $

    18,962

     

    $

    20,816

     

    502

    %

    Operating margin -- TTM % of North America net sales

     

    (0.1

    )%

     

    1.0

    %

     

    2.4

    %

     

    4.2

    %

     

    5.2

    %

     

    5.6

    %

    N/A

     

    International Segment:

     

     

     

     

     

     

     

    Net sales

    $

    29,123

     

    $

    29,697

     

    $

    32,137

     

    $

    40,243

     

    $

    31,935

     

    $

    31,663

     

    7

    %

    Net sales -- Y/Y growth, excluding F/X

     

    9

    %

     

    10

    %

     

    11

    %

     

    13

    %

     

    11

    %

     

    10

    %

    N/A

     

    Net sales -- TTM

    $

    118,371

     

    $

    121,003

     

    $

    125,420

     

    $

    131,200

     

    $

    134,012

     

    $

    135,978

     

    12

    %

    Operating income (loss)

    $

    (1,247

    )

    $

    (895

    )

    $

    (95

    )

    $

    (419

    )

    $

    903

     

    $

    273

     

    N/A

     

    F/X impact -- favorable (unfavorable)

    $

    (174

    )

    $

    32

     

    $

    228

     

    $

    160

     

    $

    (3

    )

    $

    (94

    )

    N/A

     

    Operating income (loss) -- Y/Y growth (decline), excluding F/X

     

    (16

    )%

     

    (48

    )%

     

    (87

    )%

     

    (74

    )%

     

    N/A

     

     

    N/A

     

    N/A

     

    Operating margin -- % of International net sales

     

    (4.3

    )%

     

    (3.0

    )%

     

    (0.3

    )%

     

    (1.0

    )%

     

    2.8

    %

     

    0.9

    %

    N/A

     

    Operating income (loss) -- TTM

    $

    (7,712

    )

    $

    (6,836

    )

    $

    (4,465

    )

    $

    (2,656

    )

    $

    (506

    )

    $

    662

     

    N/A

     

    Operating margin -- TTM % of International net sales

     

    (6.5

    )%

     

    (5.6

    )%

     

    (3.6

    )%

     

    (2.0

    )%

     

    (0.4

    )%

     

    0.5

    %

    N/A

     

    AWS Segment:

     

     

     

     

     

     

     

    Net sales

    $

    21,354

     

    $

    22,140

     

    $

    23,059

     

    $

    24,204

     

    $

    25,037

     

    $

    26,281

     

    19

    %

    Net sales -- Y/Y growth, excluding F/X

     

    16

    %

     

    12

    %

     

    12

    %

     

    13

    %

     

    17

    %

     

    19

    %

    N/A

     

    Net sales -- TTM

    $

    83,009

     

    $

    85,410

     

    $

    87,931

     

    $

    90,757

     

    $

    94,440

     

    $

    98,581

     

    15

    %

    Operating income

    $

    5,123

     

    $

    5,365

     

    $

    6,976

     

    $

    7,167

     

    $

    9,421

     

    $

    9,334

     

    74

    %

    F/X impact -- favorable (unfavorable)

    $

    272

     

    $

    79

     

    $

    (69

    )

    $

    (62

    )

    $

    67

     

    $

    115

     

    N/A

     

    Operating income -- Y/Y growth (decline), excluding F/X

     

    (26

    )%

     

    (8

    )%

     

    30

    %

     

    39

    %

     

    83

    %

     

    72

    %

    N/A

     

    Operating margin -- % of AWS net sales

     

    24.0

    %

     

    24.2

    %

     

    30.3

    %

     

    29.6

    %

     

    37.6

    %

     

    35.5

    %

    N/A

     

    Operating income -- TTM

    $

    21,446

     

    $

    21,096

     

    $

    22,669

     

    $

    24,631

     

    $

    28,929

     

    $

    32,898

     

    56

    %

    Operating margin -- TTM % of AWS net sales

     

    25.8

    %

     

    24.7

    %

     

    25.8

    %

     

    27.1

    %

     

    30.6

    %

     

    33.4

    %

    N/A

     

     

    AMAZON.COM, INC.

    Supplemental Financial Information and Business Metrics

    (in millions, except employee data)

    (unaudited)

     

     

    Q1 2023

    Q2 2023

    Q3 2023

    Q4 2023

    Q1 2024

    Q2 2024

    Y/Y %

    Change

    Net Sales

     

     

     

     

     

     

     

    Online stores (1)

    $

    51,096

     

    $

    52,966

     

    $

    57,267

     

    $

    70,543

     

    $

    54,670

     

    $

    55,392

     

    5

    %

    Online stores -- Y/Y growth, excluding F/X

     

    3

    %

     

    5

    %

     

    6

    %

     

    8

    %

     

    7

    %

     

    6

    %

    N/A

     

    Physical stores (2)

    $

    4,895

     

    $

    5,024

     

    $

    4,959

     

    $

    5,152

     

    $

    5,202

     

    $

    5,206

     

    4

    %

    Physical stores -- Y/Y growth, excluding F/X

     

    7

    %

     

    7

    %

     

    6

    %

     

    4

    %

     

    6

    %

     

    4

    %

    N/A

     

    Third-party seller services (3)

    $

    29,820

     

    $

    32,332

     

    $

    34,342

     

    $

    43,559

     

    $

    34,596

     

    $

    36,201

     

    12

    %

    Third-party seller services -- Y/Y growth, excluding F/X

     

    20

    %

     

    18

    %

     

    18

    %

     

    19

    %

     

    16

    %

     

    13

    %

    N/A

     

    Advertising services (4)

    $

    9,509

     

    $

    10,683

     

    $

    12,060

     

    $

    14,654

     

    $

    11,824

     

    $

    12,771

     

    20

    %

    Advertising services -- Y/Y growth, excluding F/X

     

    23

    %

     

    22

    %

     

    25

    %

     

    26

    %

     

    24

    %

     

    20

    %

    N/A

     

    Subscription services (5)

    $

    9,657

     

    $

    9,894

     

    $

    10,170

     

    $

    10,488

     

    $

    10,722

     

    $

    10,866

     

    10

    %

    Subscription services -- Y/Y growth, excluding F/X

     

    17

    %

     

    14

    %

     

    13

    %

     

    13

    %

     

    11

    %

     

    11

    %

    N/A

     

    AWS

    $

    21,354

     

    $

    22,140

     

    $

    23,059

     

    $

    24,204

     

    $

    25,037

     

    $

    26,281

     

    19

    %

    AWS -- Y/Y growth, excluding F/X

     

    16

    %

     

    12

    %

     

    12

    %

     

    13

    %

     

    17

    %

     

    19

    %

    N/A

     

    Other (6)

    $

    1,027

     

    $

    1,344

     

    $

    1,226

     

    $

    1,361

     

    $

    1,262

     

    $

    1,260

     

    (6

    )%

    Other -- Y/Y growth (decline), excluding F/X

     

    57

    %

     

    26

    %

     

    (3

    )%

     

    8

    %

     

    23

    %

     

    (6

    )%

    N/A

     

     

     

     

     

     

     

     

     

    Stock-based Compensation Expense

     

     

     

     

     

     

     

    Cost of sales

    $

    165

     

    $

    251

     

    $

    193

     

    $

    227

     

    $

    174

     

    $

    266

     

    6

    %

    Fulfillment

    $

    603

     

    $

    932

     

    $

    732

     

    $

    823

     

    $

    636

     

    $

    944

     

    1

    %

    Technology and infrastructure

    $

    2,574

     

    $

    4,043

     

    $

    3,284

     

    $

    3,533

     

    $

    2,772

     

    $

    3,670

     

    (9

    )%

    Sales and marketing

    $

    993

     

    $

    1,303

     

    $

    1,111

     

    $

    1,216

     

    $

    932

     

    $

    1,224

     

    (6

    )%

    General and administrative

    $

    413

     

    $

    598

     

    $

    509

     

    $

    520

     

    $

    447

     

    $

    618

     

    3

    %

    Total stock-based compensation expense

    $

    4,748

     

    $

    7,127

     

    $

    5,829

     

    $

    6,319

     

    $

    4,961

     

    $

    6,722

     

    (6

    )%

    Other

     

     

     

     

     

     

     

    WW shipping costs

    $

    19,937

     

    $

    20,418

     

    $

    21,799

     

    $

    27,326

     

    $

    21,834

     

    $

    21,965

     

    8

    %

    WW shipping costs -- Y/Y growth

     

    2

    %

     

    6

    %

     

    9

    %

     

    11

    %

     

    10

    %

     

    8

    %

    N/A

     

    WW paid units -- Y/Y growth (7)

     

    8

    %

     

    9

    %

     

    9

    %

     

    12

    %

     

    12

    %

     

    11

    %

    N/A

     

    WW seller unit mix -- % of WW paid units (7)

     

    59

    %

     

    60

    %

     

    60

    %

     

    61

    %

     

    61

    %

     

    61

    %

    N/A

     

    Employees (full-time and part-time; excludes contractors & temporary personnel)

     

    1,465,000

     

     

    1,461,000

     

     

    1,500,000

     

     

    1,525,000

     

     

    1,521,000

     

     

    1,532,000

     

    5

    %

    Employees (full-time and part-time; excludes contractors & temporary personnel) -- Y/Y growth (decline)

     

    (10

    )%

     

    (4

    )%

     

    (3

    )%

     

    (1

    )%

     

    4

    %

     

    5

    %

    N/A

     

     

    (1)

     

    Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and software. These product sales include digital products sold on a transactional basis. Digital media content subscriptions that provide unlimited viewing or usage rights are included in "Subscription services."

    (2)

     

    Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our physical stores are included in "Online stores."

    (3)

     

    Includes commissions and any related fulfillment and shipping fees, and other third-party seller services.

    (4)

     

    Includes sales of advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising.

    (5)

     

    Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-AWS subscription services.

    (6)

     

    Includes sales related to various other offerings, such as health care services, certain licensing and distribution of video content, and shipping services, and our co-branded credit card agreements.

    (7)

     

    Excludes the impact of Whole Foods Market.

    Amazon.com, Inc.

    Certain Definitions

    Customer Accounts

    • References to customers mean customer accounts established when a customer places an order through one of our stores. Customer accounts exclude certain customers, including customers associated with certain of our acquisitions, Amazon Payments customers, AWS customers, and the customers of select companies with whom we have a technology alliance or marketing and promotional relationship. Customers are considered active when they have placed an order during the preceding twelve-month period.

    Seller Accounts

    • References to sellers means seller accounts, which are established when a seller receives an order from a customer account. Sellers are considered active when they have received an order from a customer during the preceding twelve-month period.

    AWS Customers

    • References to AWS customers mean unique AWS customer accounts, which are unique customer account IDs that are eligible to use AWS services. This includes AWS accounts in the AWS free tier. Multiple users accessing AWS services via one account ID are counted as a single account. Customers are considered active when they have had AWS usage activity during the preceding one-month period.

    Units

    • References to units mean physical and digital units sold (net of returns and cancellations) by us and sellers in our stores as well as Amazon-owned items sold in other stores. Units sold are paid units and do not include units associated with AWS, certain acquisitions, certain subscriptions, rental businesses, or advertising businesses, or Amazon gift cards.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240731312365/en/

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