Amazon.com 2001 Annual Report Download

Download and view the complete annual report

Please find the complete 2001 Amazon.com annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 92

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92

2001
ANNUAL REPORT

Table of contents

  • Page 1
    2 0 0 1 ANNUAL REPORT

  • Page 2
    ... tripled our kitchen selection (you'll find all the best brands), we've launched computer and magazine subscriptions stores, and we've added selection with strategic partners such as Target and Circuit City. We've improved convenience with features like Instant Order Update which warns you if you're...

  • Page 3
    ... root causes of errors saves us money and saves customers time. Our consumer franchise is our most valuable asset, and we will nourish it with innovation and hard work. An investment framework In every annual letter (including this one), we attach a copy of our original 1997 letter to shareholders...

  • Page 4
    ... to work with this amazing team of Amazonians all over the world. I am lucky and grateful. We thank you, our owners, for your support, your encouragement, and for joining us on this adventure. If you're a customer, we thank you again! Jeffrey P. Bezos Founder and Chief Executive Officer Amazon.com...

  • Page 5
    ... 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...

  • Page 6
    ... more reviews, content, browsing options, and recommendation features. We dramatically lowered prices, further increasing customer value. Word of mouth remains the most powerful customer acquisition tool we have, and we are grateful for the trust our customers have placed in us. Repeat purchases and...

  • Page 7
    ... the launch of our second distribution center in Delaware in November. • Inventories rose to over 200,000 titles at year-end, enabling us to improve availability for our customers. • Our cash and investment balances at year-end were $125 million, thanks to our initial public offering in May 1997...

  • Page 8
    ...2002 ...Number of shares of common stock outstanding as of January 10, 2002 ...DOCUMENTS INCORPORATED BY REFERENCE The information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from the registrant's definitive proxy statement relating to...

  • Page 9
    ... 12. Item 13. Directors and Executive Officers of the Registrant ...Executive Compensation ...Security Ownership of Certain Beneficial Owners and Management ...Certain Relationships and Related Transactions ...PART IV Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K ...79 82...

  • Page 10
    ...other organizations to purchase products and services from our Web site using purchase orders in addition to credit cards or advance payments. Online Retail. Our online retail stores offer a broad range of categories of new products to our customers. These products include books, music, DVDs, videos...

  • Page 11
    ... our strategic alliances that support our travel stores on our U.S. and U.K.-focused Web sites. Merchant Program: The third-party seller's e-commerce Web site operates at its own URL using our features and technology. In this program, we offer the option of providing fulfillment-related services on...

  • Page 12
    [email protected] Program, as well as our strategic alliance with America Online, Inc. This segment also includes Auctions, zShops and Payments, and miscellaneous marketing and promotional agreements. Marketing responsibilities associated with successfully promoting the expansion of our third-party seller...

  • Page 13
    ... certain tools used by our customer service staff and have plans for further enhancements. We currently have customer service personnel working in six customer service centers located in Tacoma, Washington; Slough, England; Regensburg, Germany; Grand Forks, North Dakota; Huntington, West Virginia...

  • Page 14
    ... receive single or several shipments based on availability and to track the progress of each order. These applications also manage the process of accepting, authorizing and charging customer credit cards. Our Web sites also incorporate a variety of search and database tools and provide personalized...

  • Page 15
    ... have. They may be able to secure merchandise from vendors on more favorable terms and may be able to adopt more aggressive pricing policies. Competitors in both the retail and e-commerce services industries also may be able to devote more resources to technology development and marketing than us. 6

  • Page 16
    ...agreements, we may perform services such as offering consumer products sold by us through Syndicated Stores; allowing third parties to utilize our technology services such as search, browse and personalization; permitting third parties to offer products or services through our Web site; and powering...

  • Page 17
    ...our competitors of Web sites, products or services; changes in usage of the Internet and online services and consumer acceptance of the Internet and e-commerce; timing and costs of upgrades and developments in our systems and infrastructure; the effects of strategic alliances, acquisitions and other...

  • Page 18
    ... results of operations of our internationally-focused Web sites are exposed to foreign currency exchange rate fluctuations as the financial results of the applicable subsidiaries are translated from the local currency into U.S. dollars upon consolidation. As exchange rates vary, net sales and other...

  • Page 19
    ..., marketing and distributing products or services for these market segments and may not benefit from any first-to-market advantages. It is costly to establish international facilities and operations, promote our brand internationally, and develop localized Web sites and stores and other systems...

  • Page 20
    ... products sold by us through Syndicated Stores; allowing third parties to utilize our technology services such as search, browse and personalization; and powering third-party Web-sites, providing fulfillment services, or both. In exchange for the services we provide under these agreements, we...

  • Page 21
    ...our shipping margins by requiring us to make split shipments from one or more locations, complimentary upgrades, and additional long-zone shipments necessary to ensure timely delivery. As a result of our agreements with Toysrus.com, Babiesrus.com, and Target, these parties will identify, buy, manage...

  • Page 22
    ... interest rates, conditions or trends in the Internet and the e-commerce industry, fluctuations in the stock market in general and market prices for Internet-related companies in particular, quarterly variations in operating results, new products, services, innovations and strategic developments by...

  • Page 23
    ...on www.amazon.co.uk, www.amazon.de and www.amazon.fr and that are shipped into European Union member countries. We also collect Japanese consumption tax for products that are ordered on www.amazon.co.jp and that are shipped into Japan. Our fulfillment center and customer service center networks, and...

  • Page 24
    ...on Our Web Site and Fraudulent Activities of Users of Our Amazon Payments Program A fundamental requirement for e-commerce is the secure transmission of confidential information over public networks. Although we have developed systems and processes that are designed to prevent fraudulent credit card...

  • Page 25
    ... Marketplace, Auctions and zShops services, we rely on sellers of goods to make accurate representations and provide reliable delivery, and on buyers to pay the agreed purchase price. We do not take responsibility for delivery of payment or goods and while we can suspend or terminate the accounts of...

  • Page 26
    ... President of Product Development. From July 1991 to February 1997, Mr. Risher held a variety of marketing and project management positions at Microsoft Corporation, including Team Manager for Microsoft Access and Founder and Product Unit Manager for MS Investor, Microsoft's Web site for personal...

  • Page 27
    ...site storage and shipping; these are relatively short-term leases for space that fluctuates from a total of 340,000 to 710,000 square feet. Our U.S. customer service operations utilize 76,000 square feet of office space and are located in Tacoma, Washington, Huntington, West Virginia and Grand Forks...

  • Page 28
    ... we believe our accounting treatment and disclosures were appropriate. The SEC staff recently notified us that it believes the other party to one such transaction, Ashford.com, improperly reported the resolution of a business dispute with us, and that it is considering whether the Company, or any of...

  • Page 29
    ...for the Registrant's Common Stock and Related Stockholder Matters Market Information Our common stock is traded on the Nasdaq National Market under the symbol "AMZN." The following table sets forth the high and low sale prices for the common stock for the periods indicated, as reported by the Nasdaq...

  • Page 30
    ... per share data) 1997 (1) Statements of Operations Data: Net sales ...$ Gross profit ...Loss from operations ...Interest income ...Interest expense ...Net loss ...Basic and diluted net loss per share (2) ...$ Shares used in computation of basic and diluted net loss per share (2) ...Balance Sheet...

  • Page 31
    ...with our Merchant Program, such as Target.com, which is scheduled to launch in the second half of 2002; commissions earned from third parties who utilize our technology services such as search, browse and personalization; and amounts earned for miscellaneous marketing and promotional agreements. Net...

  • Page 32
    ... products by third party sellers through our [email protected] Program, and product revenues from stores offering these products through our internationally-focused Syndicated Stores Program, such as www.waterstones.co.uk. The annual growth rate in 2001 reflects increases in units sold by our www...

  • Page 33
    ... retail stores, the [email protected] Program, as well as our strategic alliance with America Online, Inc. Gross profit for our Services segment also includes amounts earned through Auctions, zShops and Payments, and miscellaneous marketing and promotional agreements. The decline in gross margin...

  • Page 34
    ... various Web portals and our Associates Program), an increase in co-operative marketing allowances during 2001, and the general decline in market costs for advertising-related promotions. In January 2002 we introduced a new shipping option at www.amazon.com, offering free shipping for certain orders...

  • Page 35
    shipping option for our internationally-focused Web sites. Although marketing expenses do not include our free and reduced shipping offers, we view such promotions as an effective marketing tool. Technology and Content Technology and content expenses consist principally of payroll and related ...

  • Page 36
    ... employee stock options to purchase 31 million shares of common stock with varying exercise prices in exchange for 12 million employee stock options with an exercise price of $13.375. The option exchange offer resulted in variable accounting treatment for, at the time of the exchange, approximately...

  • Page 37
    ... of our operational restructuring plan to reduce operating costs, streamline our organizational structure, and consolidate certain of our fulfillment and customer service operations. This initiative involved the reduction of employee staff by approximately 1,300 positions in managerial, professional...

  • Page 38
    ... corresponding with the business-unit goodwill and other intangibles initially recorded in connection with the following acquisitions: Alexa Internet, Back to Basics Toys, Inc., Livebid, Inc., and the catalog and Internet assets of Acme Electric Motor Co. (Tool Crib). Accordingly, we recorded...

  • Page 39
    ... improvement in operating loss for 2001 in comparison with the prior period was primarily due to an increase in gross profit; a reduction in certain operating costs including fulfillment, marketing, technology and content, and general and administrative; and declines in charges such as amortization...

  • Page 40
    .... Since services had not yet been performed under the contract, no amounts associated with this commercial agreement were recognized in "Net sales" during any period. Furthermore, during 1999, we made a cash investment of $60 million to acquire preferred stock of Kozmo.com and accounted for our...

  • Page 41
    ... principles generally accepted in the United States, however, we use this pro forma measure internally to evaluate our performance and believe it may be useful. For information about our financial results, as reported in accordance with accounting principles generally accepted in the United States...

  • Page 42
    ... certain cash flow information for 2001, 2000 and 1999, were as follows (in thousands): Year Ended December 31, 2001 Fourth Third Second Quarter Quarter Quarter First Quarter Full Year Pro forma income (loss) from operations ...Pro forma net income (loss) ...Pro forma income (loss) from operations...

  • Page 43
    ... December 31, 1999 As Reported(1) Pro Forma Adjustments (in thousands) Pro Forma Net sales ...Cost of sales ...Gross profit ...Operating expenses: Fulfillment ...Marketing ...Technology and content ...General and administrative ...Stock-based compensation ...Amortization of goodwill and intangibles...

  • Page 44
    ...; as well as $474 million in obligations related to operating leases and commitments for advertising and promotional arrangements. We generally have payment terms with our vendors that extend beyond the amount of time necessary to collect proceeds from our customers. As a result of holiday sales, at...

  • Page 45
    ... shorter payment terms, such as U.S. Electronics, Tools and Kitchen and International. Cash used in investing activities during 2001 was $253 million, consisting of net purchases of marketable securities of $197 million, purchases of fixed assets of $50 million and cash paid for acquired assets of...

  • Page 46
    ... products sold by us through Syndicated Stores; allowing third parties to utilize our technology services such as search, browse and personalization; and powering third-party Web-sites, providing fulfillment services, or both. In exchange for the services we provide under these agreements, we...

  • Page 47
    ... for changes in interest rates relates primarily to our investment portfolio and our long-term debt. All of our cash equivalent and marketable fixed income securities are designated as available-for-sale and, accordingly, are presented at fair value on our balance sheets. We generally invest our 38

  • Page 48
    .... Foreign Currency Exchange Rate Risk During 2001, net sales from our internationally-focused Web sites (www.amazon.co.uk, www.amazon.de, www.amazon.fr, and www.amazon.co.jp) accounted for 21% of consolidated revenues. Net sales generated from these Web sites, as well as most of the related expenses...

  • Page 49
    ... that are recorded in "Other gains (losses), net" on our statements of operations. We hedge the exchange rate risk on debt principal of 75 million Euros and a portion of the interest payments using a cross-currency swap agreement. Under the swap agreement, we agreed to pay at inception and receive...

  • Page 50
    ... and Supplementary Data INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Report of Ernst & Young LLP, Independent Auditors ...Consolidated Balance Sheets ...Consolidated Statements of Operations ...Consolidated Statements of Cash Flows ...Consolidated Statements of Stockholders' Equity (Deficit...

  • Page 51
    ...and cash flows for each of the three years in the period ended December 31, 2001. Our audits also included the financial statement schedule listed at Item 14(a)(2). These financial statements and schedule are the responsibility of the Company's management. Our responsibility is to express an opinion...

  • Page 52
    AMAZON.COM, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) December 31, 2001 ASSETS 2000 Current assets: Cash and cash equivalents ...Marketable securities ...Inventories ...Prepaid expenses and other current assets ...Total current assets ...Fixed assets, net ...Goodwill, ...

  • Page 53
    ..., INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) 2001 Years Ended December 31, 2000 1999 Net sales ...Cost of sales ...Gross profit ...Operating expenses: Fulfillment ...Marketing ...Technology and content ...General and administrative ...Stock-based compensation...

  • Page 54
    ...CASH AND CASH EQUIVALENTS, END OF PERIOD ...SUPPLEMENTAL CASH FLOW INFORMATION: Fixed assets acquired under capital leases ...Fixed assets acquired under financing agreements ...Equity securities received for commercial agreements ...Stock issued in connection with business acquisitions and minority...

  • Page 55
    .... CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (in thousands) Common Stock Shares Balance at December 31, 1998 ...Net loss ...Foreign currency translation gains ...Change in unrealized gain (loss) on available-for-sale securities, net ...Comprehensive loss ...Issuance of capital stock...

  • Page 56
    ..., music, DVDs, videos, electronics, computers, camera and photo items, software, computer and video games, cell phones and service, tools and hardware, outdoor living items, kitchen and houseware products, toys, baby and baby registry, travel services and magazine subscriptions. Through its Amazon...

  • Page 57
    ... (generally two to ten years). Included in fixed assets is the cost of internal-use software, including software used to develop and operate the Company's Web sites. The Company expenses all costs related to the development of internal-use software other than those incurred during the application...

  • Page 58
    ...-quality short- to intermediate-term fixed income securities that are also classified as available-for-sale securities. Such investments are included in "Marketable securities" on the accompanying consolidated balance sheets and are reported at fair value with unrealized gains and losses included...

  • Page 59
    ... implied value from any recent rounds of financing completed by the investee, as well as market prices of comparable public companies. The Company generally requires its private investees to deliver monthly, quarterly and annual financial statements to assist in reviewing relevant financial data and...

  • Page 60
    ... third parties to offer products or services through the Company's Web sites; and powering third-party Web sites, providing fulfillment services, or both. These strategic alliances also include miscellaneous marketing and promotional agreements. As compensation for the services the Company provides...

  • Page 61
    ... in marketing and selling activities. The Company expenses general media advertising costs as incurred. The Company enters into certain on-line promotional agreements with third parties to increase traffic to its Web sites. Costs associated with these promotional agreement consist of fixed payments...

  • Page 62
    ... consolidated statements of operations, "Other gains (losses), net," in the period of change. The Company determines the fair value of its warrants through option-pricing models using current market price and volatility assumptions, including public-company market comparables for its private-company...

  • Page 63
    ... per share is computed using the weighted average number of common and common stock equivalent shares outstanding during the period; common stock equivalent shares are excluded from the computation if their effect is antidilutive. Recent Accounting Pronouncements In July 2001, the FASB issued SFAS...

  • Page 64
    ... NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Note 2-CASH AND MARKETABLE SECURITIES The following tables summarize, by major security type, the Company's cash and marketable securities: Cash and Cash Equivalents December 31, 2001 Gross Gross Unrealized Unrealized Gains Losses (in thousands...

  • Page 65
    ..., 2001, 2000, and 1999 respectively. The Company has pledged a portion of its marketable securities as collateral for stand-by letters of credit that guarantee certain of its contractual obligations, a majority of which relates to property leases; the swap agreement that hedges foreign-exchange rate...

  • Page 66
    ... to Basics Toys, Inc., Livebid, Inc., and the catalog and internet assets of Acme Electric Motor Co. ("Tool Crib"). Accordingly, the Company recorded an impairment loss of $184 million during the fourth quarter of 2000 included in "Restructuring-related and other" on the consolidated statements of...

  • Page 67
    ... FINANCIAL STATEMENTS-(Continued) Summarized balance sheet information of the Company's equity-method investees (generally one month in arrears for private companies and three months in arrears for public companies) is as follows: December 31, 2001 2000 (unaudited) (in thousands) Current assets...

  • Page 68
    ..., INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Activity in the Company's equity-method investments and other equity investments for the years ended December 31, 2000 and 2001, is as follows: EquityMethod Investments Other Equity Investments (in thousands) Total Balance, December 31...

  • Page 69
    ... (22,400) $ 87,978 During 2001, the Company recognized previously unearned revenue associated with the termination of its commercial agreement with Kozmo.com, which was included in "Other gains (losses), net" on the accompanying consolidated statements of operations. Since services had not yet been...

  • Page 70
    ... price of 1,000 Euros per note, plus accrued and unpaid interest. In order to hedge a portion of the risk of exchange rate fluctuations between the U.S. dollar and the Euro, the Company entered into a cross-currency swap agreement and into a series of foreign currency forward purchase agreements...

  • Page 71
    ... receive 21 million Euros in February 2001. The Company designated these agreements as cash flow hedges of the foreign exchange rate risk on a portion of the 6.875% PEACS' interest payment paid on February 16, 2001. The effect on results of operations, relating to forward purchase agreements for the...

  • Page 72
    ... and affiliates, sell assets and engage in mergers and consolidations. However, these limitations are subject to a number of important qualifications and exceptions. The Company was in compliance with all financial covenants at December 31, 2001 and 2000. Based upon quoted market prices, the fair...

  • Page 73
    ... TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Note 8-COMMITMENTS AND CONTINGENCIES Commitments The Company currently leases office and fulfillment center facilities and fixed assets under noncancelable operating and capital leases. Rental expense under operating lease agreements for 2001, 2000...

  • Page 74
    ... and information concerning, among other things, previously reported sales of the Company's common stock by Jeffrey Bezos on February 2 and 5, 2001. The Company is cooperating with the SEC staff's continuing inquiry. A number of purported class action complaints were filed by holders of Amazon.com...

  • Page 75
    ... TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Stock Option Plans The Company's stock option plans consist of the 1999 Nonofficer Employee Stock Option Plan, the 1997 Stock Incentive Plan and the Amended and Restated 1994 Stock Option Plan. Shares reserved under these Plans at December 31, 2001...

  • Page 76
    ... TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Stock Option Activity The following table summarizes the Company's stock option activity: Number of Shares (in thousands) Weighted Average Exercise Price Balance January 1, 1999 ...Options granted and assumed ...Options canceled ...Options exercised...

  • Page 77
    ... value at the date of grant for options granted in 2001, 2000 and 1999, under SFAS No. 123, "Accounting for Stock-Based Compensation," pro forma amounts of the Company's net loss and net loss per share, which may not necessarily be indicative of effects on reported results for future years, for the...

  • Page 78
    ... 31, 2001 2000 1999 (in thousands, except per share data) Loss before change in accounting principle ...Cumulative effect of change in accounting principle ...Net loss ...Weighted average shares outstanding ...Weighted average common shares issued subject to repurchase agreements ...Shares used in...

  • Page 79
    ... restructuring plan to reduce operating costs, streamline its organizational structure, and consolidate certain of its fulfillment and customer service operations. This initiative involved the reduction of employee staff by approximately 1,300 positions throughout the Company in managerial...

  • Page 80
    ... relate to heavy equipment previously used in the McDonough, Georgia fulfillment center, vacated corporate office space, technology infrastructure no longer being utilized, and the unutilized portion of the Company's back-up data center. Where possible, the Company is actively seeking third parties...

  • Page 81
    ... business-unit goodwill and other intangibles initially recorded in connection with the following acquisitions: Alexa Internet, Back to Basics Toys, Inc., Livebid, Inc. and the catalog and Internet assets of Acme Electric Motor Co. (Tool Crib). Accordingly, the Company recorded an impairment loss of...

  • Page 82
    .... NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) sheets as hedging offsets to currency gains and losses on the Euro-denominated investments. As the hedge does not qualify for hedge accounting under the provisions of SFAS 133, commencing January 1, 2001, the foreign currency change resulting...

  • Page 83
    ...to the 401(k) savings plan. Note 16-SEGMENT INFORMATION In January 2001, the Company began presenting information to its chief operating decision maker in four segments: U.S. Books, Music and DVD/Video; U.S. Electronics, Tools and Kitchen; Services; and International. Accordingly, the Company is now...

  • Page 84
    ... www.amazon.com retail sales of electronics, computers, camera and photo items, software, computer and video games, cell phones and service, tools and hardware, outdoor living items, kitchen and houseware products, toys and video games sold other than through the Company's strategic alliance with...

  • Page 85
    ...to consolidated net loss is as follows: Books, Music and DVD/Video U.S. Retail Electronics, Tools and Kitchen Total Services (in thousands) International Consolidated 2001: Net sales ...$1,688,752 Gross profit ...453,129 Pro forma income (loss) from operations ...156,753 Stock-based compensation...

  • Page 86
    ..., Tools and Kitchen Total Services (in thousands) International Consolidated 1999: Net sales ...$1,308,292 $ 150,654 $1,458,946 $ 13,150 Gross profit ...262,871 (20,086) 242,785 12,285 Pro forma income (loss) from operations ...(31,000) (163,827) (194,827) (78,321) Stock-based compensation...

  • Page 87
    ... Quarter Net sales ...Gross profit ...Net income (loss) ...Basic and diluted income (loss) per share: Prior to cumulative effect of change in accounting principle ...Cumulative effect of change in accounting principle ...Basic and diluted income (loss) per share (1) ...Shares used in computation of...

  • Page 88
    ...: (1) Index to Consolidated Financial Statements: Report of Ernst & Young LLP, Independent Auditors Consolidated Balance Sheets as of December 31, 2001 and 2000 Consolidated Statements of Operations for each of the three years ended December 31, 2001 Consolidated Statements of Cash Flows for each of...

  • Page 89
    ...the form of 4 3⁄ 4% Convertible Subordinated Note Due 2009 attached as Exhibit A thereto (incorporated by reference to the Company's Current Report on Form 8-K dated February 3, 1999). Registration Rights Agreement by and among Amazon.com, Inc. and the Initial Purchasers (incorporated by reference...

  • Page 90
    ... Quarter Ended June 30, 2001). Form of Restricted Stock Agreement. Computation of Ratio of Earnings to Fixed Charges. Preferability Letter of Ernst & Young LLP, Independent Auditors, regarding change in accounting principle (incorporated by reference to the Company's Annual Report on Form 10-K for...

  • Page 91
    ...thereunto duly authorized, as of January 24, 2002. AMAZON.COM, INC. JEFFREY P. BEZOS Jeffrey P. Bezos President, Chief Executive Officer and Chairman of the Board /S/ By: Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons...

  • Page 92
    www.amazon.co.jp www.amazon.co.uk www.amazon.com www.amazon.fr www.amazon.de