#1amazon Q1 2023 Financial Results Conference Call Slides#2This presentation may contain forward-looking statements which are inherently difficult to predict. Actual results and outcomes could differ materially for a variety of reasons, including, among others, fluctuations in foreign exchange rates, changes in global economic conditions and customer demand and spending, inflation, interest rates, regional labor market constraints, world events, the rate of growth of the Internet, online commerce, and cloud services, 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, 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 relating to certain of our financial measures contained herein, including non-GAAP financial measures, is available in the appendix to our presentation, our most recent earnings release and at our website at www.amazon.com/ir. 2#3MM $250,000 $125,000 $116,444 (1) Net Sales Up 9% Y/Y; Up 11% F/X Adjusted (1) $127,358 $0 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Net Sales (MM) $21,354 17% $29,123 23% North America International AWS $76,881 60% Information throughout this presentation regarding the effect of foreign exchange rates, versus the U.S. Dollar, on our net sales and operating income is provided to show reported period operating results had the foreign exchange rates remained the same as those in effect in the comparable prior year periods. 3#4MM $900,000 $477,748 $450,000 $0 Net Sales - TTM (1) Up 10% Y/Y; Up 13% F/X Adjusted $524,897 Net Sales - TTM (MM) $83,009 16% $118,371 22% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 North America International AWS (1) Trailing twelve-month period. $323,517 62% 4#5MM $8,000 $4,000 $3,669 Operating Income Up 30% Y/Y; Up 26% F/X Adjusted $4,774 $0 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 5#6MM $30,000 $15,000 Operating Income - TTM $19,683 Down 32% Y/Y; Down 37% F/X Adjusted $13,353 $0 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 60#7MM $10,000 $0 $(3,844) $-10,000 Q1 2022 (1) Net Income (Loss) (1 (1) Q2 2022 Q3 2022 Q4 2022 $3,172 Q1 2023 Q1 2023 net income includes a pre-tax valuation loss of $0.5 billion included in non-operating income (expense) from the common stock investment in Rivian Automotive, Inc., compared to a pre-tax valuation loss of $7.6 billion from the investment in Q1 2022. 7#8MM $30,000 $15,000 $0 Net Income (Loss) - TTM (1) Down 80% Y/Y $21,413 $-15,000 Q1 2022 (1) Q2 2022 Q3 2022 Q4 2022 $4,294 Q1 2023 TTM Q1 2023 net income includes a pre-tax valuation loss of $5.6 billion included in non-operating income (expense) from the common stock investment in Rivian Automotive, Inc., compared to a pre-tax valuation gain of $4.2 billion from the investment in Q1 2022. 8#9Segment Results - North Americal MM $160,000 Net Sales MM Operating Income (Loss) $4,000 Up 11% Y/Y $80,000 $69,244 $76,881 $0 40 $(1,568) $898 $0 $-4,000 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 TTM Net Sales $323.5B; TTM Operating Loss $0.4B 9#10MM $70,000 Segment Results - International Net Sales Up 1% Y/Y; Up 9% F/X Adjusted MM $4,000 Operating Loss Down 3% Y/Y; Down 16% F/X Adjusted $35,000 $28,759 $29,123 $0 50 $(1,281) $(1,247) $0 $-4,000 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 TTM Net Sales $118.4B; TTM Operating Loss $7.7B 10 10#11Segment Results - AWS MM $40,000 Net Sales MM Operating Income $12,000 Up 16% Y/Y Down 21% Y/Y; Down 26% F/X Adjusted $20,000 $18,441 $21,354 $6,518 $6,000 $5,123 $0 $0 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 TTM Net Sales $83.0B; TTM Operating Income $21.4B 11#12MM $30,000 $0 $(18,627) Free Cash Flow - TTM (1) $-30,000 Q1 2022 Q2 2022 Up 82% Y/Y (2) Q3 2022 Q4 2022 Long-Term Goal - Optimize Free Cash Flows $(3,319) Q1 2023 Free cash flow is cash flow from operations reduced by "Purchases of property and equipment, net of proceeds from sales and incentives." See Appendix for a reconciliation of operating cash flow to free cash flow. (1) (2) Operating cash flow increased 38% Y/Y. 12#13Free Cash Flow Less Principal Repayments of Finance Leases and Financing Obligations – TTM (1) MM - $40,000 $0 $(29,335) Up 66% Y/Y (2) $-40,000 Q1 2022 Q2 2022 Q3 2022 (1) (2) Q4 2022 $(10,089) Q1 2023 Long-Term Goal - Optimize Free Cash Flows 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." See Appendix for a reconciliation of non-GAAP measures. Operating cash flow increased 38% Y/Y. 13#14Free Cash Flow Less Equipment Finance Leases and Principal Repayments of All Other Finance Leases and Financing Obligations - TTM (1) MM $30,000 $0 $(22,279) Up 80% Y/Y (2) $-30,000 Q1 2022 Q2 2022 Q3 2022 (1) Q4 2022 $(4,455) Q1 2023 Long-Term Goal - Optimize Free Cash Flows 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." See Appendix for a reconciliation of non-GAAP measures. (2) Operating cash flow increased 38% Y/Y. 14#15MM 16,000 10.454 8,000 283 10,171 Shares (1) 10,625 367 10,258 0 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Common Shares Outstanding Stock-Based Awards Outstanding (1) Long-Term Goal - Efficiently Managing Dilution All share information for comparable prior periods throughout this presentation have been retroactively adjusted to reflect the 20-for-1 stock split effected on May 27, 2022. 15#16amazon Appendix 16#17Free Cash Flow Reconciliation - TTM MM Operating Cash Flow Purchases of property and equipment, net of proceeds from sales and incentives Free Cash Flow Q1 2022 Q2 2022 Q3 2022 Q4 2022 $39,324 $35,574 $39,665 $46,752 Q1 2023 $54,330 (57,951) (59,061) (59,351) (58,321) (57,649) ($18,627) ($23,487) ($19,686) ($11,569) ($3,319) 17#18Free Cash Flow Less Principal Repayments of Finance Leases and Financing Obligations Reconciliation - TTM MM Operating Cash Flow Purchases of property and Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 $39,324 $35,574 $39,665 $46,752 $54,330 equipment, net of proceeds from (57,951) (59,061) (59,351) (58,321) (57,649) sales and incentives Principal repayments of finance leases (10,534) (9,789) (8,561) (7,941) (6,544) Principal repayments of financing obligations (174) (205) (233) (248) (226) Free Cash Flow Less Principal Repayments of Finance Leases and Financing Obligations. ($29,335) ($33,481) ($28,480) ($19,758) ($10,089) 18#19Free Cash Flow Less Equipment Finance Leases and Principal Repayments of All Other Finance Leases and Financing Obligations Reconciliation - TTM Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 MM Operating Cash Flow Purchases of property and equipment, net of proceeds from sales and incentives $39,324 $35,574 $39,665 $46,752 $46,752 $54,330 (57,951) (59,061) (59,351) (58,321) (57,649) Equipment acquired under finance leases (1) (2,764) (1,621) (868) (299) (285) Principal repayments of all other finance leases (2) (714) (751) (706) (670) (625) Principal repayments of financing obligations (174) (205) (233) (248) (226) Free Cash Flow Less Equipment Finance Leases and Principal Repayments of all other Finance Leases and Financing Obligations ($22,279) ($26,064) ($21,493) ($12,786) ($4,455) (1) For the twelve months ended March 31, 2022 and 2023, this amount relates to equipment included in "Property and equipment acquired under finance leases, net of remeasurements and modifications" of $5,160 million and $517 million. (2) For the twelve months ended March 31, 2022 and 2023, this amount relates to property included in "Principal repayments of finance leases" of $10,534 million and $6,544 million. 19