Amazon.com Inc.
Consolidated Cash Flow Statement
US$ in millions
12 months ended	Dec 31, 2018	Dec 31, 2017
Net income (loss)	10,073	3,033
Depreciation of property and equipment and other amortization, including capitalized content costs	15,341	11,478
Stock-based compensation	5,418	4,215
Other operating expense, net	274	202
Other (income) expense, net	219	(292)
Deferred income taxes	441	(29)
Excess tax benefits from stock-based compensation
Inventories	(1,314)	(3,583)
Accounts receivable, net and other	(4,615)	(4,786)
Accounts payable	3,263	7,175
Accrued expenses and other	472	283
Unearned revenue	1,151	738
Changes in operating assets and liabilities	(1,043)	(173)
Adjustments to reconcile net income (loss) to net cash from operating activities	20,650	15,401
Net cash provided by operating activities	30,723	18,434
Purchases of property and equipment	(13,427)	(11,955)
Proceeds from property and equipment incentives	2,104	1,897
Acquisitions, net of cash acquired, and other	(2,186)	(13,972)
Sales and maturities of marketable securities	8,240	9,988
Purchases of marketable securities	(7,100)	(13,777)
Net cash used in investing activities	(12,369)	(27,819)
Excess tax benefits from stock-based compensation
Proceeds from long-term debt and other	768	16,231
Repayments of long-term debt and other	(668)	(1,372)
Principal repayments of capital lease obligations	(7,449)	(4,799)
Principal repayments of finance lease obligations	(337)	(200)
Net cash provided by (used in) financing activities	(7,686)	9,860
Foreign currency effect on cash, cash equivalents, and restricted cash	(351)	713
Net increase (decrease) in cash, cash equivalents, and restricted cash	10,317	1,188
Cash, cash equivalents, and restricted cash, beginning of period	21,856	19,334
Cash, cash equivalents, and restricted cash, end of period	32,173	20,522
Based on: 10-K (filing date: 2019-02-01), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-10), 10-K (filing date: 2016-01-29), 10-K (filing date: 2015-01-30).
Directions
1. Review each section of the SCF and:
a. Discuss Amazon's CF from Operations. How did the company generate so much more cash than profit? Explain.
b. Refer to CF from Investments. What does it appear Amazon's strategy is by how it is investing (using) cash? Explain
c. Refer to CF from Financing. What does it appear Amazon's finacing strategy is by how it finances (uses) cash? Explain.