#1amazon Q1 2022 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 spending, inflation, labor market and global supply chain 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 conditions and additional or unforeseen effects from the COVID-19 pandemic 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 $80,000 $40,000 $26,410 $0 Free Cash Flow -- TTM (1) (2) Down 171% Y/Y (3) $-40,000 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $(18,627) Q1 2022 Long-Term Goal - Optimize Free Cash Flows 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) तुल Trailing twelve-month period. (3) Operating cash flow decreased 41% Y/Y. 3#4Free Cash Flow Less Principal Repayments of Finance Leases and Financing Obligations -- TTM (1) MM $80,000 $40,000 $0 $14,859 Down 297% Y/Y (2) $-40,000 Q1 2021 Q2 2021 Q3 2021 (1) (2) Q4 2021 $(29,335) Q1 2022 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 decreased 41% Y/Y. 4#5Free Cash Flow Less Equipment Finance Leases and Principal Repayments of All Other Finance Leases and Financing Obligations -- TTM (1) MM $80,000 $40,000 $0 $16,846 Down 232% Y/Y (2) $-40,000 Q1 2021 Q2 2021 Q3 2021 (1) Q4 2021 $(22,279) Q1 2022 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," 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 decreased 41% Y/Y. 5#6MM 700 350 519 15 504 Shares (1) 523 14 509 0 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Common Shares Outstanding Stock-Based Awards Outstanding Efficiently Managing Dilution (1) The Company repurchased 0.9 million shares in Q1 2022. 6#7MM Net Sales $250,000 Up 7% Y/Y; Up 9% F/X Adjusted (1) $125,000 $108,518 (1) $116,444 $0 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Information 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. 7#8MM Net Sales - TTM $800,000 Up 14% Y/Y $419,130 $400,000 $0 Net Sales - TTM (MM) $67,140 14% $477,748 $125,897 26% Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 North America International AWS $284,711 60% 8#9MM $14,000 Operating Income $7,000 $8,865 Down 59% Y/Y; Down 60% F/X Adjusted $3,669 $0 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 6#10MM $50,000 $25,000 $27,775 Operating Income - TTM Down 29% Y/Y; Down 30% F/X Adjusted $19,683 $0 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 10#11MM $30,000 $15,000 $8,107 $0 $-15,000 Q1 2021 (1) Net Income (Loss) ( (1) Q2 2021 Down 147% Y/Y Q3 2021 Q4 2021 $(3,844) Q1 2022 Q1 2022 net loss includes a pre-tax valuation loss of $7.6 billion included in non-operating expense from our common stock investment in Rivian Automotive, Inc. 11#12MM $60,000 $30,000 $26,903 Net Income – TTM - Down 20% Y/Y $21,413 $0 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 12#13Segment Results - North America MM Net Sales MM Operating Income (Loss) $130,000 $8,000 Up 8% Y/Y $64,366 $65,000 $69,244 $4,000 $3,450 Down 145% Y/Y; Down 147% F/X Adjusted $0 $(1,568) $0 $-4,000 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 TTM Net Sales $284.7B 13#14Segment Results - International MM $70,000 Net Sales MM Operating Income (Loss) $6,000 Down 6% Y/Y; Flat F/X Adjusted Down 202% Y/Y; Down 196% F/X Adjusted $3,000 $1,252 $35,000 $30,649 $28,759 $0 $(1,281) $0 $-3,000 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 TTM Net Sales $125.9B 14#15Segment Results - AWS MM Net Sales MM Operating Income $30,000 $12,000 $15,000 $13,503 Up 37% Y/Y $18,441 $6,000 $4,163 Up 57% Y/Y; Up 53% F/X Adjusted $6,518 $0 $0 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 TTM Net Sales $67.1B 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 Q1 2021 $67,213 Q2 2021 $59,322 Q3 2021 Q4 2021 Q1 2022 $54,671 $46,327 $39,324 (40,803) (47,176) (52,119) (55,396) (57,951) Free Cash Flow $26,410 $12,146 $2,552 ($9,069) ($18,627) 17#18Free Cash Flow Less Principal Repayments of Finance Leases and Financing Obligations Reconciliation - TTM MM Operating Cash Flow Purchases of property and Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 $67,213 $59,322 $54,671 $46,327 $39,324 equipment, net of proceeds from sales and incentives (40,803) (47,176) (52,119) (55,396) (57,951) Principal repayments of finance leases Principal repayments of financing obligations (11,448) (11,435) (11,271) (11,163) (10,534) (103) (116) (124) (162) (174) Free Cash Flow Less Principal Repayments of Finance Leases and Financing Obligations: $14,859 $595 ($8,843) ($20,394) ($29,335) 18#19Free Cash Flow Less Equipment Finance Leases and Principal Repayments of All Other Finance Leases and Financing Obligations Reconciliation - TTM MM Operating Cash Flow Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 $67,213 $59,322 $54,671 $46,327 $39,324 Purchases of property and equipment, net of proceeds from (40,803) (47,176) (52,119) (55,396) (57,951) sales and incentives Equipment acquired under finance leases (1) (8,936) (7,295) (5,738) (4,422) (2,764) Principal repayments of all (525) (550) (582) (687) (714) other finance leases (2) Principal repayments of financing obligations (103) (116) (124) (162) (174) Free Cash Flow Less Equipment Finance Leases and Principal Repayments of all other Finance Leases and Financing Obligations $16,846 $4,185 ($3,892) ($14,340) ($22,279) (1) For the twelve months ended March 31, 2022, this amount relates to equipment included in "Property and equipment acquired under finance leases" of $5,160 million. (2) For the twelve months ended March 31, 2022, this amount relates to property included in "Principal repayments of finance leases" of $10,534 million. 19