William,
Let's look at only two parts of the balance sheet.
The cash on hand and marketable securities.
They total $373.445 million. Current liabilities
totaled $161.575 million. Now let's subtract current liabilities
from the cash and marketable securities. We end up with
$211.870 million.
AMAZON.COM, INC.
Consolidated Balance Sheets
(in thousands, except share data)
December 31, December 31,
1998 1997
(Unaudited) (Audited)
ASSETS
Current assets:
Cash $25,561 $1,876
Marketable securities 347,884 123,499
Inventories 29,501 8,971
Prepaid expenses and other 21,308 3,363
Total current assets 424,254 137,709
Fixed assets, net 29,791 9,726
Deposits and other 626 169
Goodwill and other purchased intangibles, net 186,377 --
Deferred charges 7,412 2,240
Total assets $648,460 $149,844
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $113,273 $33,027
Accrued advertising 13,071 3,454
Other liabilities and accrued expenses 34,547 6,570
Current portion of long-term debt 684 1,500
Total current liabilities 161,575 44,551
Long-term debt 348,077 76,521
Long-term portion of capital lease obligation 63 181
Stockholders' equity:
Preferred stock, $0.01 par value:
Authorized shares -- 10,000,000 Issued and
outstanding shares -- none -- --
Common stock, $0.01 par value:
Authorized shares -- 300,000,000 Issued and
outstanding shares -- 159,267,288 and
144,908,874 shares, respectively 1,593 1,449
Additional paid-in capital 300,130 66,586
Note receivable from officer for
common stock (1,099) --
Deferred compensation (1,625) (1,930)
Accumulated other comprehensive income 1,806 --
Accumulated deficit (162,060) (37,514)
Total stockholders' equity 138,745 28,591
Total liabilities and stockholders' equity $648,460 $149,844
Note: On January 4, 1999, the Company effected a three-for-one stock
split in the form of a stock dividend to stockholders of record on
December 18, 1998.Accordingly, the accompanying consolidated financial
statements have been restated to reflect the split.
Now let's look at Q3 1998:
--------------------------------------------------------------------------------------------------------
SEPTEMBER 30, DECEMBER 31,
1998 1997
--------------------------------------------------------------------------------------------------------
(unaudited)
ASSETS
Current assets:
Cash .......................................................... $ 14,856 $ 1,876
Marketable securities ......................................... 322,404 123,499
Inventories ................................................... 19,772 8,971
Prepaid expenses and other .................................... 17,625 3,363
------------- -------------
Total current assets .................................. 374,657 137,709
Fixed assets, net ............................................... 23,821 9,726
Deposits and other .............................................. 582 169
Goodwill and other purchased intangibles, net ................... 213,064 --
Deferred charges ................................................ 7,590 2,240
------------- -------------
Total assets .......................................... $ 619,714 $ 149,844
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable .............................................. $ 60,046 $ 33,027
Accrued advertising ........................................... 11,857 3,454
Other liabilities and accrued expenses ........................ 26,868 6,570
Current portion of long-term debt ............................. 684 1,500
------------- -------------
Total current liabilities ............................. 99,455 44,551
Long-term debt .................................................. 340,392 76,521
Long-term portion of capital lease obligation ................... 103 181
Stockholders' equity:
Preferred stock, $0.01 par value:
Authorized shares -- 10,000,000
Issued and outstanding shares -- none ...................... -- --
Common stock, $0.01 par value:
Authorized shares -- 300,000,000
Issued and outstanding shares -- 52,725,622 and 48,302,958
shares, respectively ....................................... 527 483
Additional paid-in capital .................................... 298,322 67,552
Note receivable from officer for common stock ................. (1,099) --
Deferred compensation ......................................... (2,943) (1,930)
Accumulated other comprehensive income ........................ 590 --
Accumulated deficit ........................................... (115,633) (37,514)
------------- -------------
Total stockholders' equity ............................ 179,764 28,591
------------- -------------
Total liabilities and stockholders' equity ......... $ 619,714 $ 149,844
Cah and marketable securities at the end of Q3 of 98 totaled $336.990.
Current liabilities were $99.545 million. The difference is $237.445.
At the end of Q4 98 when current liabilities are paid which would be
in January AMZN had $211.870 million but as of the prior quarter
cash was $237.445. Therefore cash flow is a negative
$25.575 million. These are the real numbers.
Cash flow was in fact negative.
Glenn |
