Nasdaq Amzn 2019 PDF
Nasdaq Amzn 2019 PDF
Nasdaq Amzn 2019 PDF
A N N U A L R E P O R T
To our shareowners:
One thing we’ve learned from the COVID-19 crisis is how important Amazon has become to our customers. We
want you to know we take this responsibility seriously, and we’re proud of the work our teams are doing to help
customers through this difficult time.
Amazonians are working around the clock to get necessary supplies delivered directly to the doorsteps of people
who need them. The demand we are seeing for essential products has been and remains high. But unlike a
predictable holiday surge, this spike occurred with little warning, creating major challenges for our suppliers and
delivery network. We quickly prioritized the stocking and delivery of essential household staples, medical
supplies, and other critical products.
Our Whole Foods Market stores have remained open, providing fresh food and other vital goods for customers.
We are taking steps to help those most vulnerable to the virus, setting aside the first hour of shopping at Whole
Foods each day for seniors. We have temporarily closed Amazon Books, Amazon 4-star, and Amazon Pop Up
stores because they don’t sell essential products, and we offered associates from those closed stores the
opportunity to continue working in other parts of Amazon.
Crucially, while providing these essential services, we are focused on the safety of our employees and contractors
around the world—we are deeply grateful for their heroic work and are committed to their health and well-being.
Consulting closely with medical experts and health authorities, we’ve made over 150 significant process changes
in our operations network and Whole Foods Market stores to help teams stay healthy, and we conduct daily
audits of the measures we’ve put into place. We’ve distributed face masks and implemented temperature checks
at sites around the world to help protect employees and support staff. We regularly sanitize door handles,
stairway handrails, lockers, elevator buttons, and touch screens, and disinfectant wipes and hand sanitizer are
standard across our network.
We’ve also introduced extensive social distancing measures to help protect our associates. We have eliminated
stand-up meetings during shifts, moved information sharing to bulletin boards, staggered break times, and spread
out chairs in breakrooms. While training new hires is challenging with new distancing requirements, we continue
to ensure that every new employee gets six hours of safety training. We’ve shifted training protocols so we don’t
have employees gathering in one spot, and we’ve adjusted our hiring processes to allow for social distancing.
A next step in protecting our employees might be regular testing of all Amazonians, including those showing no
symptoms. Regular testing on a global scale, across all industries, would both help keep people safe and help get
the economy back up and running. For this to work, we as a society would need vastly more testing capacity than
is currently available. If every person could be tested regularly, it would make a huge difference in how we fight
this virus. Those who test positive could be quarantined and cared for, and everyone who tests negative could
re-enter the economy with confidence.
We’ve begun the work of building incremental testing capacity. A team of Amazonians—from research scientists
and program managers to procurement specialists and software engineers—moved from their normal day jobs
onto a dedicated team to work on this initiative. We have begun assembling the equipment we need to build our
first lab and hope to start testing small numbers of our frontline employees soon. We are not sure how far we will
get in the relevant timeframe, but we think it’s worth trying, and we stand ready to share anything we learn.
While we explore longer-term solutions, we are also committed to helping support employees now. We increased
our minimum wage through the end of April by $2 per hour in the U.S., $2 per hour in Canada, £2 per hour in the
UK, and €2 per hour in many European countries. And we are paying associates double our regular rate for any
overtime worked—a minimum of $34 an hour—an increase from time and a half. These wage increases will cost
more than $500 million, just through the end of April, and likely more than that over time. While we recognize
this is expensive, we believe it’s the right thing to do under the circumstances. We also established the Amazon
Relief Fund—with an initial $25 million in funding—to support our independent delivery service partners and
their drivers, Amazon Flex participants, and temporary employees under financial distress.
In March, we opened 100,000 new positions across our fulfillment and delivery network. Earlier this week, after
successfully filling those roles, we announced we were creating another 75,000 jobs to respond to customer
demand. These new hires are helping customers who depend on us to meet their critical needs. We know that
many people around the world have suffered financially as jobs are lost or furloughed. We are happy to have
them on our teams until things return to normal and either their former employer can bring them back or new
jobs become available. We’ve welcomed Joe Duffy, who joined after losing his job as a mechanic at Newark
airport and learned about an opening from a friend who is an Amazon operations analyst. Dallas preschool
teacher Darby Griffin joined after her school closed on March 9th and now helps manage new inventory. We’re
happy to have Darby with us until she can return to the classroom.
Amazon is acting aggressively to protect our customers from bad actors looking to exploit the crisis. We’ve
removed over half a million offers from our stores due to COVID-based price gouging, and we’ve suspended
more than 6,000 selling accounts globally for violating our fair-pricing policies. Amazon turned over information
about sellers we suspect engaged in price gouging of products related to COVID-19 to 42 state attorneys general
offices. To accelerate our response to price-gouging incidents, we created a special communication channel for
state attorneys general to quickly and easily escalate consumer complaints to us.
Amazon Web Services is also playing an important role in this crisis. The ability for organizations to access
scalable, dependable, and highly secure computing power—whether for vital healthcare work, to help students
continue learning, or to keep unprecedented numbers of employees online and productive from home—is critical
in this situation. Hospital networks, pharmaceutical companies, and research labs are using AWS to care for
patients, explore treatments, and mitigate the impacts of COVID-19 in many other ways. Academic institutions
around the world are transitioning from in-person to virtual classrooms and are running on AWS to help ensure
continuity of learning. And governments are leveraging AWS as a secure platform to build out new capabilities
in their efforts to end this pandemic.
We are collaborating with the World Health Organization, supplying advanced cloud technologies and technical
expertise to track the virus, understand the outbreak, and better contain its spread. WHO is leveraging our cloud
to build large-scale data lakes, aggregate epidemiological country data, rapidly translate medical training videos
into different languages, and help global healthcare workers better treat patients. We are separately making a
public AWS COVID-19 data lake available as a centralized repository for up-to-date and curated information
related to the spread and characteristics of the virus and its associated illness so experts can access and analyze
the latest data in their battle against the disease.
We also launched the AWS Diagnostic Development Initiative, a program to support customers working to bring
more accurate diagnostic solutions to market for COVID-19. Better diagnostics help accelerate treatment and
containment of this pandemic. We committed $20 million to accelerate this work and help our customers harness
the cloud to tackle this challenge. While the program was established in response to COVID-19, we also are
looking toward the future, and we will fund diagnostic research projects that have the potential to blunt future
infectious disease outbreaks.
Customers around the world have leveraged the cloud to scale up services and stand up responses to COVID-19.
We joined the New York City COVID-19 Rapid Response Coalition to develop a conversational agent to enable
at-risk and elderly New Yorkers to receive accurate, timely information about medical and other important needs.
In response to a request from the Los Angeles Unified School District to transition 700,000 students to remote
learning, AWS helped establish a call center to field IT questions, provide remote support, and enable staff to
answer calls. We are providing cloud services to the CDC to help thousands of public health practitioners and
clinicians gather data related to COVID-19 and inform response efforts. In the UK, AWS provides the cloud
computing infrastructure for a project that analyzes hospital occupancy levels, emergency room capacity, and
patient wait times to help the country’s National Health Service decide where best to allocate resources. In
Canada, OTN—one of the world’s largest virtual care networks—is scaling its AWS-powered video service to
accommodate a 4,000% spike in demand to support citizens as the pandemic continues. In Brazil, AWS will
provide the São Paulo State Government with cloud computing infrastructure to guarantee online classes to
1 million students in public schools across the state.
Following CDC guidance, our Alexa health team built an experience that lets U.S. customers check their risk
level for COVID-19 at home. Customers can ask, “Alexa, what do I do if I think I have COVID-19?” or “Alexa,
what do I do if I think I have coronavirus?” Alexa then asks a series of questions about the person’s symptoms
and possible exposure. Based on those responses, Alexa then provides CDC-sourced guidance. We created a
similar service in Japan, based on guidance from the Japanese Ministry of Health, Labor, and Welfare.
We’re making it easy for customers to use Amazon.com or Alexa to donate directly to charities on the front lines
of the COVID-19 crisis, including Feeding America, the American Red Cross, and Save the Children. Echo users
have the option to say, “Alexa, make a donation to Feeding America COVID-19 Response Fund.” In Seattle,
we’ve partnered with a catering business to distribute 73,000 meals to 2,700 elderly and medically vulnerable
residents in Seattle and King County during the outbreak, and we donated 8,200 laptops to help Seattle Public
Schools students gain access to a device while classes are conducted virtually.
Beyond COVID
Although these are incredibly difficult times, they are an important reminder that what we do as a company can
make a big difference in people’s lives. Customers count on us to be there, and we are fortunate to be able to
help. With our scale and ability to innovate quickly, Amazon can make a positive impact and be an organizing
force for progress.
Last year, we co-founded The Climate Pledge with Christiana Figueres, the UN’s former climate change chief
and founder of Global Optimism, and became the first signatory to the pledge. The pledge commits Amazon to
meet the goals of the Paris Agreement 10 years early—and be net zero carbon by 2040. Amazon faces significant
challenges in achieving this goal because we don’t just move information around—we have extensive physical
infrastructure and deliver more than 10 billion items worldwide a year. And we believe if Amazon can get to net
zero carbon ten years early, any company can—and we want to work together with all companies to make it a
reality.
To that end, we are recruiting other companies to sign The Climate Pledge. Signatories agree to measure and
report greenhouse gas emissions regularly, implement decarbonization strategies in line with the Paris
Agreement, and achieve net zero annual carbon emissions by 2040. (We’ll be announcing new signatories soon.)
We plan to meet the pledge, in part, by purchasing 100,000 electric delivery vans from Rivian—a Michigan-
based producer of electric vehicles. Amazon aims to have 10,000 of Rivian’s new electric vans on the road as
early as 2022, and all 100,000 vehicles on the road by 2030. That’s good for the environment, but the promise is
even greater. This type of investment sends a signal to the marketplace to start inventing and developing new
technologies that large, global companies need to transition to a low-carbon economy.
We’ve also committed to reaching 80% renewable energy by 2024 and 100% renewable energy by 2030. (The
team is actually pushing to get to 100% by 2025 and has a challenging but credible plan to pull that off.)
Globally, Amazon has 86 solar and wind projects that have the capacity to generate over 2,300 MW and deliver
more than 6.3 million MWh of energy annually—enough to power more than 580,000 U.S. homes.
We’ve made tremendous progress cutting packaging waste. More than a decade ago, we created the Frustration-
Free Packaging program to encourage manufacturers to package their products in easy-to-open, 100% recyclable
packaging that is ready to ship to customers without the need for an additional shipping box. Since 2008, this
program has saved more than 810,000 tons of packaging material and eliminated the use of 1.4 billion shipping
boxes.
We are making these significant investments to drive our carbon footprint to zero despite the fact that shopping
online is already inherently more carbon efficient than going to the store. Amazon’s sustainability scientists have
spent more than three years developing the models, tools, and metrics to measure our carbon footprint. Their
detailed analysis has found that shopping online consistently generates less carbon than driving to a store, since a
single delivery van trip can take approximately 100 roundtrip car journeys off the road on average. Our scientists
developed a model to compare the carbon intensity of ordering Whole Foods Market groceries online versus
driving to your nearest Whole Foods Market store. The study found that, averaged across all basket sizes, online
grocery deliveries generate 43% lower carbon emissions per item compared to shopping in stores. Smaller basket
sizes generate even greater carbon savings.
AWS is also inherently more efficient than the traditional in-house data center. That’s primarily due to two
things—higher utilization, and the fact that our servers and facilities are more efficient than what most
companies can achieve running their own data centers. Typical single-company data centers operate at roughly
18% server utilization. They need that excess capacity to handle large usage spikes. AWS benefits from multi-
tenant usage patterns and operates at far higher server utilization rates. In addition, AWS has been successful in
increasing the energy efficiency of its facilities and equipment, for instance by using more efficient evaporative
cooling in certain data centers instead of traditional air conditioning. A study by 451 Research found that AWS’s
infrastructure is 3.6 times more energy efficient than the median U.S. enterprise data center surveyed. Along with
our use of renewable energy, these factors enable AWS to do the same tasks as traditional data centers with an
88% lower carbon footprint. And don’t think we’re not going to get those last 12 points—we’ll make AWS 100%
carbon free through more investments in renewable energy projects.
And Amazon’s jobs come with an industry-leading $15 minimum wage and comprehensive benefits. More than
40 million Americans—many making the federal minimum wage of $7.25 an hour—earn less than the lowest-
paid Amazon associate. When we raised our starting minimum wage to $15 an hour in 2018, it had an immediate
and meaningful impact on the hundreds of thousands of people working in our fulfillment centers. We want other
big employers to join us by raising their own minimum pay rates, and we continue to lobby for a $15 federal
minimum wage.
We want to improve workers’ lives beyond pay. Amazon provides every full-time employee with health
insurance, a 401(k) plan, 20 weeks paid maternity leave, and other benefits. These are the same benefits that
Amazon’s most senior executives receive. And with our rapidly changing economy, we see more clearly than
ever the need for workers to evolve their skills continually to keep up with technology. That’s why we’re
spending $700 million to provide more than 100,000 Amazonians access to training programs, at their places of
work, in high-demand fields such as healthcare, cloud computing, and machine learning. Since 2012, we have
offered Career Choice, a pre-paid tuition program for fulfillment center associates looking to move into high-
demand occupations. Amazon pays up to 95% of tuition and fees toward a certificate or diploma in qualified
fields of study, leading to enhanced employment opportunities in high-demand jobs. Since its launch, more than
25,000 Amazonians have received training for in-demand occupations.
To ensure that future generations have the skills they need to thrive in a technology-driven economy, we started a
program last year called Amazon Future Engineer, which is designed to educate and train low-income and
disadvantaged young people to pursue careers in computer science. We have an ambitious goal: to help hundreds
of thousands of students each year learn computer science and coding. Amazon Future Engineer currently funds
Introduction to Computer Science and AP Computer Science classes for more than 2,000 schools in underserved
communities across the country. Each year, Amazon Future Engineer also gives 100 four-year, $40,000 college
scholarships to computer science students from low-income backgrounds. Those scholarship recipients also
receive guaranteed, paid internships at Amazon after their first year of college. Our program in the UK funds 120
engineering apprenticeships and helps students from disadvantaged backgrounds pursue technology careers.
For now, my own time and thinking continues to be focused on COVID-19 and how Amazon can help while
we’re in the middle of it. I am extremely grateful to my fellow Amazonians for all the grit and ingenuity they are
showing as we move through this. You can count on all of us to look beyond the immediate crisis for insights and
lessons and how to apply them going forward.
“When something bad happens you have three choices. You can either let it define you, let it
destroy you, or you can let it strengthen you.”
Even in these circumstances, it remains Day 1. As always, I attach a copy of our original 1997 letter.
Sincerely,
Jeffrey P. Bezos
Founder and Chief Executive Officer
Amazon.com, Inc.
1997 LETTER TO SHAREHOLDERS
(Reprinted from the 1997 Annual Report)
To our shareholders:
Amazon.com passed many milestones in 1997: by year-end, we had served more than 1.5 million customers,
yielding 838% revenue growth to $147.8 million, and extended our market leadership despite aggressive
competitive entry.
But this is Day 1 for the Internet and, if we execute well, for Amazon.com. Today, online commerce saves
customers money and precious time. Tomorrow, through personalization, online commerce will accelerate the
very process of discovery. Amazon.com uses the Internet to create real value for its customers and, by doing so,
hopes to create an enduring franchise, even in established and large markets.
We have a window of opportunity as larger players marshal the resources to pursue the online opportunity
and as customers, new to purchasing online, are receptive to forming new relationships. The competitive
landscape has continued to evolve at a fast pace. Many large players have moved online with credible offerings
and have devoted substantial energy and resources to building awareness, traffic, and sales. Our goal is to move
quickly to solidify and extend our current position while we begin to pursue the online commerce opportunities
in other areas. We see substantial opportunity in the large markets we are targeting. This strategy is not without
risk: it requires serious investment and crisp execution against established franchise leaders.
Our decisions have consistently reflected this focus. We first measure ourselves in terms of the metrics most
indicative of our market leadership: customer and revenue growth, the degree to which our customers continue to
purchase from us on a repeat basis, and the strength of our brand. We have invested and will continue to invest
aggressively to expand and leverage our customer base, brand, and infrastructure as we move to establish an
enduring franchise.
Because of our emphasis on the long term, we may make decisions and weigh tradeoffs differently than
some companies. Accordingly, we want to share with you our fundamental management and decision-making
approach so that you, our shareholders, may confirm that it is consistent with your investment philosophy:
• We will continue to focus relentlessly on our customers.
• We will continue to make investment decisions in light of long-term market leadership considerations
rather than short-term profitability considerations or short-term Wall Street reactions.
• We will continue to measure our programs and the effectiveness of our investments analytically, to
jettison those that do not provide acceptable returns, and to step up our investment in those that work
best. We will continue to learn from both our successes and our failures.
• We will make bold rather than timid investment decisions where we see a sufficient probability of
gaining market leadership advantages. Some of these investments will pay off, others will not, and we
will have learned another valuable lesson in either case.
• When forced to choose between optimizing the appearance of our GAAP accounting and maximizing
the present value of future cash flows, we’ll take the cash flows.
• We will share our strategic thought processes with you when we make bold choices (to the extent
competitive pressures allow), so that you may evaluate for yourselves whether we are making rational
long-term leadership investments.
• We will work hard to spend wisely and maintain our lean culture. We understand the importance of
continually reinforcing a cost-conscious culture, particularly in a business incurring net losses.
• We will balance our focus on growth with emphasis on long-term profitability and capital management.
At this stage, we choose to prioritize growth because we believe that scale is central to achieving the
potential of our business model.
• We will continue to focus on hiring and retaining versatile and talented employees, and continue to
weight their compensation to stock options rather than cash. We know our success will be largely
affected by our ability to attract and retain a motivated employee base, each of whom must think like,
and therefore must actually be, an owner.
We aren’t so bold as to claim that the above is the “right” investment philosophy, but it’s ours, and we
would be remiss if we weren’t clear in the approach we have taken and will continue to take.
With this foundation, we would like to turn to a review of our business focus, our progress in 1997, and our
outlook for the future.
Our Employees
The past year’s success is the product of a talented, smart, hard-working group, and I take great pride in
being a part of this team. Setting the bar high in our approach to hiring has been, and will continue to be, the
single most important element of Amazon.com’s success.
It’s not easy to work here (when I interview people I tell them, “You can work long, hard, or smart, but at
Amazon.com you can’t choose two out of three”), but we are working to build something important, something
that matters to our customers, something that we can all tell our grandchildren about. Such things aren’t meant to
be easy. We are incredibly fortunate to have this group of dedicated employees whose sacrifices and passion
build Amazon.com.
We now know vastly more about online commerce than when Amazon.com was founded, but we still have
so much to learn. Though we are optimistic, we must remain vigilant and maintain a sense of urgency. The
challenges and hurdles we will face to make our long-term vision for Amazon.com a reality are several:
aggressive, capable, well-funded competition; considerable growth challenges and execution risk; the risks of
product and geographic expansion; and the need for large continuing investments to meet an expanding market
opportunity. However, as we’ve long said, online bookselling, and online commerce in general, should prove to
be a very large market, and it’s likely that a number of companies will see significant benefit. We feel good about
what we’ve done, and even more excited about what we want to do.
1997 was indeed an incredible year. We at Amazon.com are grateful to our customers for their business and
trust, to each other for our hard work, and to our shareholders for their support and encouragement.
Jeffrey P. Bezos
Founder and Chief Executive Officer
Amazon.com, Inc.
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Stock Price Performance Graph
The graph set forth below compares cumulative total return on the common stock with the cumulative total
return of the Morgan Stanley Technology Index, the S&P 500 Index, and the S&P 500 Retailing Index, resulting
from an initial investment of $100 in each and, except in the case of the Morgan Stanley Technology Index,
assuming the reinvestment of any dividends, based on closing prices. Measurement points are the last trading day
of each of Amazon’s fiscal years ended December 31, 2014, 2015, 2016, 2017, 2018, and 2019.
$650
$600
$550
$500
$450
$400
Dollars
$350
$300
$250
$200
$150
$100
$50
$0
2014 2015 2016 2017 2018 2019
Year Ended December 31
Note: Stock price performance shown in the Stock Price Performance Graph for the common stock is
historical and not necessarily indicative of future price performance.