Financial Performance Analysis of Amazon

Financial Performance Analysis of Amazon Executive Summary Amazon.com, Inc (Amazon) registered strong growth of 36% in 2008 mainly due to increased unit sales and expanded sales base in several categories. Meanwhile during the 3rd quarter of 2009, Amazon managed to report a steady growth despite the recession period. This report reviews and analyse Amazon financial performance as well as comparison with its competitors. All analysis and ratios are derived from data collected from respective companies annual reports and www.reuters.com. Brief Description of the Company Amazon is one of the leading online retailers in the world based in Seattle, Washington, United States of America. The company started its operation in 1995 and has regional involvement in the Asia Pacific, North America and Western Europe. Initially the core business of the company is selling online books however has diversified to products such as apparel, electronic and home improvement products. The company is involved in the internet retailing industry with 7.5% market share in 2008. The e-commerce industry has gone through major phases of growth and decline however, Amazon persevered and surprised everyone. Amazon achieved its first annual profit in 2003 and has continuously performed better each year. Amazons main competitors are the book retailer, Barnes and Nobles (BN) and third party retailing non-book related good, Ebay.com (Ebay). BN and Ebay are engaged in the similar industry as Amazon, which is online business and catalogue retailing of single and diversified product lines In terms of market capitalisation, Amazon has the highest at $59.57 billion and followed by Ebay and BN at $30.59 billion and $1.21 billion respectively. This indicates that Amazon has greater stability and low risk compared to the competitors. Financial Analysis Profitability The companys performance has improved wherein it has performed above the projections made throughout the four years period. Net sales have increased by 29.2% from $14,835 million in 2007 to $19,166 million in 2008 with net income of $476 million and $645 million respectively. The Cost of Sales (COS) has increased throughout the years partly contributed from the free shipping cost and has affected the net income figure. There was a drop in the net income in 2006 due to increase spending on technology and content and in income tax expenses. However, the said figure has increased thereafter. In terms of sales, Amazon has performed double from the competitors throughout the four-year period. Sales increased tremendously primarily due to low prices, vast selection of products and free shipping offers. However, in terms of Gross Profit Margin (GPM), Ebay operated at 74% has outperformed Amazon at 23% in 2008. The reason behind this is due to Amazons high expenditure on Cost of Sales (COS), which is about 70% of its sales value. The high COS was mainly contributed from the free shipping cost incurred. In comparison to Ebay, the company applies different business model from Amazon and have managed to minimise its expenditure on COS at about 20% of its sales value and therefore reflected to a high GPM. GPM proves that eBay is generating a very large percent of net income from each dollar of sales and this contributes greatly to the growing of eBays overall financial strength. Meanwhile, BN showed a better margin because of its smaller size and the retailer aspect. Amazon and BN have a stable Operating Profit Margin (OPM) of 4% compared to Ebay, which fluctuates within the same period. Its constant operating expenses of 20% from its sales value support the stable growth for Amazons OPM. Ebays fluctuation figures are resulted from high expenses incurred from selling, general and administrative. Based on the industry standard, Amazon and its competitors have performed ahead from the standard, which are 14.1% and 0.53% for GPM and OPM respectively. The low OPM standard can be ascribed to the effect of the recent financial crisis. As of the 3rd quarter of 2009, Amazons sales were $14,989 million with net income of $518 million. For the current year, it is projected a further increase of 21% and 19.5% in sales and COS respectively from 2008 primarily to the low prices, vast selection and free shipping offers. With the said sales projection, the net profit is projected at $743 million in 2009. The basis for the projection takes into consideration on the global economic downturn and changes in customer purchasing preferences. Based on the current quarter performance, the same trend was observed wherein Amazon is still having the highest net sales while Ebay still dominating the net income figure. BN was badly hit from the result of economic crisis. In comparison with the competitors, Amazons Return on Equity (ROE) was high in 2005 at 135% but drastically dropped throughout the years to 40% and 20% in 2007 and 2008 respectively. The main reason for the decrease was due to the yearly increase in the businesss equity. As at 2008, Amazons ROE is equivalent to the competitors and is expected to be in line with the competitors in the future. In comparison on the ROE and Return on Assets (ROA), Amazon has the highest growth among its competitors as it has a smaller capital base than Ebay and a higher profit level than BN. The high ROE is indicates that Amazon is continuing to grow. Meanwhile the ROA showed that Amazon is efficient in generating income from its assets compared to its competitors. The industry standard for the ROE and ROA are 3.8% and 1.6% respectively. The lower industry standard might be driven by the economic condition, which has a great impact to the performance and profitability of most companies. There was an increase of 1% for each year from 2006 to 2008 for the Return on Investment (ROI), whereas the Return on Capital Employed (ROCE) was at the highest in 2008 at 29%. These have indicated that Amazon is efficientat using its assets to generate earnings compared to the competitors. Liquidity and leverage analysis The companys current ratios are more or less similar to BN during the four-year period. The companys current ratio was between the ranges of 1.3 to 1.5 for the past four years. This indicates that Amazon is able to lay its hands on $1.30-$1.50 for every $1.00 they owe. In comparison between current and acid test ratio, acid test ratio is lower at average of 1.0 within the years. It will enable the company to cover its short-term liabilities adequately with its liquid assets. This is within some of the industry standards of 1:1, showing that the company will be able to cover its short-term liabilities adequately with its liquid assets. In comparison with the industry, Ebay performed better than Amazon for both the current ratio and acid test ratio. Amazon fell below the standard in the initial years but almost meeting the standard in 2008 at 1.5:1. Although not performing better than the industry average, Amazon has good and stable ratios, which indicates that the company is able to cover its current liabilities. Amazons gearing ratio was high in 2005 at 86% and subsequently reduces within the years to 13% in 2008. Due to the operational efficiency, increased sales and improved liquidity, Amazon was able to reduce its debt and currently the business is funded with internal generated funds. Meanwhile, Ebay has no borrowings and BN has an average of 30% for the gearing ratio. The high borrowing in 2005 has a huge impact on the debt-to-equity ratio, which was 6:0:1. However as the borrowings is paid, the debt equity ratio when down to 0.2:1 in 2008. This indicates that Amazon has 20 cent debt for every $1 equity the company have. As for BN, its debt/equity ratio was at average of 0.5:1 during the four years. Therefore, in comparison, Amazon is less risky than BN. As Ebay has no borrowing, the interest cover for the said company is high compared to Amazon and Ebay. In comparison with the debt-to-equity ratio set by the industry, Amazon has a very low ratio of 0.2 compared to 40.98. As mentioned earlier, the industry ratio is on the high side due to the economic condition. Investment analysis Amazons common shares outstanding plus shares underlying stock-based awards outstanding totalled 446 million on December 31, 2008, compared with 435 million a year ago. As of to date, the said shares amounted to 451 million. Based on Amazons Earning per Share (EPS) trend, it indicated that the markets willingness to pay for the companys earnings has increased. This indicates that the market foresees Amazons long-term prospects over and above its current position. As at 3rd quarter 2009, the EPS was $1.20 and to grow further based on the companys projection on higher earnings in 4th quarter. Analyst predicts that strong online holiday sales will boost the shares of retailers, including Amazon and has recommended that the said shares will outperform in the market (Reuters.com, 2009). In terms of market performance, Amazons share price fluctuates throughout the years and increased tremendously in 2007 at $92.64 due to the launch of its e-book reader, Kindle. However, during the economy downturn in 2008, the share price dropped to $51.28 due to low operating profit as Amazon begins its price reduction for the goods and services. In 2009, the share price gradually increased and after the 3rd quarter results, it continuously went up and as at 11 December 2009, the share price was $134.15. The current Price/Earning Ratio has increased to 80.70 times from 33.80 times in 2008. Analyst predicted that with a strong revenue growth Amazon would be able to gain significant market share from other competitors (Stahl, 2009). Due to the economic downturn, all companies are affected which was reflected in its performance. Similar to Amazon, Ebays and BNs share prices had an initial stable growth but in 2008 it dropped by about 50%. While others are still struggling to recover from the economic situation, Amazon has showed a growth in 2009 and the share price has currently increased by 168% compared to Ebay and BN at 70% and 62% respectively. Cash flow Analysis As at 3rd quarter 2009, the cash and cash equivalents was $2,514, which a reduction from the opening balances at the beginning of the year of $2,769. During the period, the cash used in financing activities was $229 million compared to $1,199 million in 2008 of which the cash outflows results from repurchases of common stock, repayments of long-term debt. Repayments on long-term debt and payments on capital lease obligations were $379 million for the 3rd quarter 2009 and $335 million in 2008. Meanwhile, free cash flowwas $446 million for the quarter. Throughout the years, Amazon has managed to have a positive cash flow from its operating activities. This indicates a good sign that the core operation of the company is generating income. In comparison of Amazons total liabilities to the cash flow generated from operations, the company has enough funds to cover level of investment and takes about 3.3 years to pay back all its financial commitments. With the current cash, cash equivalents, and marketable securities balances, the company is likely to be able to meet its anticipated operating cash needs for at least the next 12 months. In comparison between the cash flow from operating activities and net income, it indicated that Ebay has the higher ability compared to Amazon in managing its operating cash cycle through receivables, payables and inventory. The reason is that Ebay takes advantages of its payable days for as long as 361 days. Due to the similar business model, both companies have a negative cash cycle of which cash is generated from its payable and quick settlement payment from the customers. Management of Working Capital In terms of managing working capital, Amazon had maintained its positive cash flow being the highest at 2007 for an amount of $1,450. This indicates that the company is able to pay off its short-term liabilities and operating expenses accordingly. In comparison between the competitors, Ebay has the highest working capital of $4,023 million in 2007 while BN has the lowest at $841million in 2006. The high working capital for Ebay has enabled the company to be successful in its expansion programme and improve their operations. For the 3rd quarter ending 31st December, Amazons working capital is $1,832 million and is expected to increase further due to higher expectation of sales in the coming quarter. Working capital provides information on the companys underlying operational efficiency. In terms of efficiency, Amazon is efficient in using its assets in generating sales compared to its competitors, which are reflected in the asset turnover ratio. This indicates Amazons improved efficiency in inventory and asset management that is partly supported from the low pricing strategy and low profit margin. In comparison to the competitors, BN has the lowest account receivable days due to its retail business model, which is based on the cash transaction. Based on the account payable days, Ebay has taken advantage on the free source of finance for the business at 361 days compared to Amazon at 62 days. In respect of the inventory days, Amazon is able to turn the inventory quickly as low as 12 days compared to BN at 140 days. BN has high stock inventory days due to the reason of its retailing business model and product which requires some time to be sold. Due to the same business application, both Amazon and Ebay have a negative cash operating cycle, which indicates efficiency in cash management. In term of the industry standard, the three companies are performing above the indicative ratios, which are supported by the significant growth in the industry. Based on the industry standard, Amazon and the competitors are performing ahead from the standard. For the assets turnover ratio, Amazon was the highest at 2 times compared to 0.7 times industry standard. This indicates the companys efficiency at using its assets in generating sales. The reason Amazon performed better than the competitors is relatively derive from the pricing strategy wherein low profit margin company tends to have high asset turnover. Amazon Future Prospects Based on Amazons current performance, it is projected that the company will have a strong growth supported by the low pricing strategy and free shipping. Moreover, the latest acquisition of Zappos.com and improvised version of Kindle are expected to increase Amazon sales which leads to higher profitability. Due to the growth of Amazon, its annual earning is expected to grow over the next two to three years with sales reaching $2.38 million and $2.86 million respectively. Due to robust financial performance during the current economic condition, it has enhances investors confidence. Share prices are expected to increase with earnings of $2.57 and $2.38 per share in 2008 and 2009 respectively. In line with the said growth, Amazon will benefit in gaining additional market share despite tough competition from other online sites such as Ebay. References Amazon.com Annual Report 2008 Available from: http://amazon.com (accessed on 11th November 2009) Amazon.com 3rd Quarter 2009 Report Available from: http://amazon.com (accessed on 11th November 2009) Ebay.com Annual Report 2008 Available from: http://ebay.com (accessed on 11th December 2009) Barnes and Noble Annual Report 2008 Available from: barnesnobleinc.com ((accessed on 11th November 2009) BBC News (2008), Amazon Shares Fall Despite Growth. (Online) Available from: http://news.bbc.co.uk (accessed on 5th December 2009) George Stahl (2009), Amazon Shares Hit All Time High. The Wall Street Journal (0nline), Available from: http://online.wsj.com/article/SB125630854623203899.html (accessed on 4th December 2009) John Pacskowski (2009), Spare Change for Amazon Shares. The Wall Street Journal (Online), Available from: http://online.wsj.com/article/SB125630854623203899.html (accessed on 4th December 2009) Richard Waters and Jonathan Birchall (2009), Amazon Share Surge Recalls Tech Boom Days (Online) Available from:http://ft.com (accessed on 5th December 2009) Reuters.com (2009), Nasdaq rises with Online Retailers Dos Dips on Oil. (Online), http://ul.reuters.com (accessed on 3rd December 2009) www. reuters.com (accessed on 1st December 2009)

Lords of Discipline Essay

A novel based on his own military experience at â€Å"The Citadel†, Pat Conroy’s The Lords of Discipline takes place at the South Carolina Military Institute (a fictitious military school). Like most military schools throughout the United States, â€Å"The Institute† prides itself on its ability to transform â€Å"douche bags† to â€Å"whole men†. The authoritative figures responsible for this transformation are the cadre (upper classman), carriers of the ring (alumni), and General Durrell (the president of the institute). Similar to the supremacist nature of the city of Charleston, â€Å"The Institute† also has an illustrious history of rejecting many. The honor of wearing the ring, the ring being a symbol of graduation, does not come easy and for some does not come at all. Whether it is the dark skinned Pearce, the pants pissing Bobby Bentley, or even Dante Pignetti some cadets are simply not allowed to graduate from the school. No matter how intelligent, strong, or determined some students are forced to leave the institute in order to keep the reputation of the institute strong. Will McLean, an Irish Roman Catholic and the novel’s protagonist, did not belong at the institute. However, because of his status on the basketball team, like most other athletes, he was overlooked by the system allowing him to experience the institute with no real danger of expulsion. Will noticed, through his experience in the plebe system and curiosity for â€Å"Then Ten†, that this school was wrong. Will realized that the rules inside the Gates of Legrand were different from the rest of the United Sates. Will McLean along with his roommates, Mark and Pig, rebelled against the institute, disagreeing with its illegality and abuse of selected students. As in most military schools, a system is put in place, to insure desired results. For â€Å"The Institute† there is three stages to achieving the desired result of becoming a whole man: Plebe Year (freshman year), the cadre (upperclassman), and wearing the ring (graduating from the University). During a cadet’s plebe year at the institute their mind, body, and personality are all completely destroyed. The cadet is stripped of his ndividualism and is turned into clay ball for molding. The cadre, for the most part, is responsible for the initiation to the institute. They, being the upperclassman, are assigned by the General to pick out the weak and unworthy and run them out of the institute. Whether, they give the unworthy individual extra thrashings, sweat parties, or emotional abuse the cadre almost always succeeds in the removal of such selected subjects. However, as long as a cadet does not have any disgraceful qualities, such as crying, food allergies, dark skin tone, or limited bladder control, â€Å"The Institute† will allow him to graduation. As long as one isolates the institute from the rest of the world, submit to all of its requests and necessities, and fight to protect its honor (even if that means going against one’s own morals) he will graduate form the South Carolina Military Institute. Will McLean, tolerated submission to the institute, the physical effort, and everything else the institute asked. However, Will would not abandon his moral compass, by physically abusing and emotionally destroying 18-year-old boys and he says this at the end of his plebe year â€Å"I Will not be like them. I will not be like them. I shall bear witness against them† (Conroy 232) Although, the brutality of the cadre was more than formidable, the institute often faced a strong willed individual that they could not break. For example Bobby Bentley, the pants pissing extraordinaire, refused to leave the institute and when Pig asked him why said â€Å"I had made up my mind that no one in the world was going to run me out of that school. I had made a vow to myself just like you guys must have done during the year sometime. † (Conroy 407). Although Bobby Bentley was receiving the very worst that the cadre had to offer, he was never going to leave the school. With the pride of the Institute at stake and the reputation of the cadre on the line, the institute needed a guaranteed dismissal from the unbreakable boy. â€Å"The Ten† designed by the institute in generations past, was designed to remove any problem student from the school no matter what. After Bentley’s mysterious departure Willy says, according to legend, â€Å"No one could survive the attention of The Ten† (Conroy 192). This is where the institute crosses the line. As if the viciousness of the plebe system is not enough, â€Å"The Ten† breaks the law. The Ten† is un-American and against the very foundations on which America was established. This is what makes Will rebel; this is what made him betray â€Å"The Institute†. Will assembled a group of friends to neutralize his shortcomings. Will, lacking physical strength and Charleston status, selected two meatheads (Mark Santoro and Dante Pignetti) and a legacy at the school and the city of Charleston (Tradd St. Croix). Although this seems like an irresponsible perverted way of selecting friends, this group of â€Å"paisans† had an inseparable bond. Subsequently, after Will was assigned to protect Pearce (the schools first African American student) his roommates became heavily involved. Although seemingly Will had everything under control, the involvement of â€Å"The Ten†, coerced his roommates to intercede. Throughout the final 200 pages of The Lords of Discipline, Will, Mark, and Pig step further and further outside of the boundaries of respectable cadet behavior. They kidnapping of Molligen, they witnessing â€Å"The Ten† torturing a student, and they were planning to confront the General. These men were in way over their head. Although the system of this military institute is brutal, inappropriate, and even illegal it does, in fact, produce â€Å"whole men†. Honesty, honor, discipline, strength, loyalty, and brotherhood are all facets at the heart of â€Å"The Institutes† curriculum. These characteristics were instilled into the hearts and minds of the â€Å"paisans†. These characteristics are what inspire Mark, Pig, and Will to fight â€Å"The Institute†. They knew that they were extremely outnumbered and even outwitted, but believed that their bond, their brotherhood could withstand anything. As Pig says after physically dismantling Cain Gilbreth â€Å"The Ten† â€Å"We stick together like brothers and go on secret mission for her majesty. We have adventures and great times. That was the most fun I’ve ever had out there on the beach with you boys† (Conroy 442). Ultimately, neither the â€Å"paisans† nor the South Carolina Military Institute won. Pearce, Will and Mark all graduated, much to the chagrin of â€Å"The Institute† and Pig died. Pig’s death is a example of a consequence to rebellion. Although Pig, committed suicide, it was â€Å"The Institute† that killed him. By expelling him from the school, â€Å"The Institute† destroyed Pig’s goals, passion, marriage, and life. By having the characteristics of a â€Å"whole man†, Pig would have rather killed himself than submit himself to dishonor. Although, Will had information, credible information, along with first hand sources, to ruin â€Å"The institute† he didn’t. While speaking to Tradd, in regards to why he can no longer say Pig’s name Will says â€Å"I can’t say it, I can’t say it because the Institute is that strong within me. It is in me so deep I’ll never get it out, Tradd. It is strong† (Conroy 550). The South Carolina Military Institute was responsible for the death of Will’s best friend, the humiliation of himself, and the terrorization of many plebes before him, but Will still wanted to wear the ring. Will still wanted to graduate. Without a doubt, The South Carolina Military Institute was wrong. Their treatment of students were not only morally unacceptable, but illegal. Had the United States Government received information about Pearce’s torture or even the way plebes were treated General Durrell would have been imprisoned and â€Å"The Institute† dismantled.

Top College Essay Samples Failure Reviews!

Top College Essay Samples Failure Reviews! Do not say that you're likely to graduate school since you don't understand what else to do or because you would like to please your parents. Bridget's essay is quite strong, but there continue to be a couple little things that could be made better. The better part of the essay utilizes standard English and English grammar. There are a couple things you can do in your essay to be noticed and get accepted. The Key to Successful College Essay Samples Failure A structure can spare you from a substantial quantity of stress. Such unfavorable image in the very start of my career had the capability to affect my future prospects. To be effective, you will need to think about several facets. One of the most difficult facets of college life is finances. Right heart failure might happen alone. however, it is typically a result of left-sided failure. At precisely the same time, you will impress the college admissions folks greatly if it's possible to present your capacity to learn from your failures and mistakes. Attempt to conclude with an illustration of the way the failure improved the manner in which you deal with similar situations now. The problem may be a scarcity of high-quality time to do your college essay as a result of academic workload or maybe you are in possession of a part-time job which should be attended to on a daily basis. How to Get Started with College Essay Samples Failure? Our company always prioritizes the requirements and necessities of our clientele. There are lots of solutions to your essay writing needs online but some are much better than others. A few of the advantages that you can get when you hire our services incorporate the next. The total format of your essay, for example, font size and mar gins, will solely count on the instructions provided to you. Learn precisely what the demands of the prompt are. Thus, the essay is supposed to coincide with the applicant's qualities and interests in order for it to boost the possibilities of admission. The way you start your application essay is vital to how well it's going to be received. In most instances, the prompt is quite elaborate and open to interpretation. Developing a good college essay may lose its purpose in the event the content of what you've written is not what the university is asking for. Our writers always create unique content that is absolutely free from all grammatical error. Many college authorities ask that you compose an application essay before getting an admission. It is possible to easily depend on us to find essay help as we have a tendency to assist and guide the students with the assistance of our professional experts. College Essay Samples Failure Explained It is crucial to capture the interest of the admission tutors irrespective of how strict they may appear to be. Do not lie or attempt to write what you feel the admissions officers wish to read. Since you are interested in getting the essay to communicate the ideal information about you, you should do thorough preparation for the sample college admission essays to accomplish its purposes. If you would like to create a college essay which works, you wil l need to provide importance on the content which you will give the admissions officer of your intended university with. Before you even begin writing the content of your college essay, there are a few essay writing basic guide that you must always remember. Two new essay options are added, and a number of the previous questions are revised. One very simple, tempting alternative is to use college essays samples. Share an essay on any subject of your pick. Additionally, there are some who think they are fit candidates and are guaranteed to have a spot for enrollment. All you have to do is specify if you want your essay to be delivered. The way you begin your essay is vital to the reception your essay will receive, so this step should take up lots of your essay writing process. Whatever college essay topic you select or are assigned, the secret is to compose a fantastic stand-out essay.

My Personal Reflection On Decision Making - 802 Words

Decision making is a vital skill to have to succeed in today’s world. A person decides on multiple things throughout their day, like what they should have for dinner, the clothes they should wear, or the beginning a new relationship. Decisions, simple or complex, impact our daily lives. This is why it is critical to understand your personal decision making process. Throughout this paper, I will explore my personal spiritual discernment and the influence of my past and present which impacted and developed my individual decision making abilities. Also, I will analyze how my personal position could influence my future clients. What guides you to make a decision, small or big? How do you know you made the right choice? Horton describes in his article, Discerning Spiritual Discernment: Assessing Current Approaches for Understanding God’s Will, three major perspectives to spiritual discernment. The â€Å"bull’s eye† approach is the most popular of the three pe rspectives â€Å"theorize that God has a perfect plan for all individuals and seeks to real the plan to them (Horton, 2009, p. 8).† Unlike the â€Å"bull’s eye approach† the second perspective in Horton’s article seeks the individual to use their and other understanding in the decision making process. The wisdom approach reasons that â€Å"Christians should rely extensively on their God-given reasoning abilities, wise counsel, and a clear assessment of their strengths, talents, and abilities (Horton, 2009, p. 9).† This approach has twoShow MoreRelatedReporting Studying senior social science subjects was the most influential factor which provided a1600 Words   |  7 PagesReporting Studying senior social science subjects was the most influential factor which provided a wonderful opportunity to discover my abilities and develop skills and confidence in critical thinking and systematic research processes. 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