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Actionable news in AMZN:, Inc., (AMZN) Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 28, 2016 5:00 pm ET


Phil Hardin - Director, Investor Relations

Brian T. Olsavsky - Senior Vice President and Chief Financial Officer


Mark A. May - Citigroup Global Markets, Inc. (Broker)

Douglas T. Anmuth - JPMorgan Securities LLC

Heath Terry - Goldman Sachs & Co.

Brian Nowak - Morgan Stanley & Co. LLC

Mark Mahaney - RBC Capital Markets LLC

Carlos Kirjner-Neto - Sanford C. Bernstein & Co. LLC

Brian J. Pitz - Jefferies LLC

Justin Post - Merrill Lynch, Pierce, Fenner & Smith, Inc.

Ross Sandler - Deutsche Bank Securities, Inc.

Eric J. Sheridan - UBS Securities LLC

Aaron M. Kessler - Raymond James & Associates, Inc.

Steve D. Ju - Credit Suisse Securities (NYSE:USA) LLC (Broker)

John Blackledge - Cowen & Co. LLC

Ron Victor Josey - JMP Securities LLC

Robert S. Peck - SunTrust Robinson Humphrey, Inc.


Thank you for standing by. Good day, everyone, and welcome to the Q1 2016 Financial Results Teleconference. At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question-and-answer session. Today's call is being recorded.

For opening remarks, I will be turning the call over to the Director of Investor Relations, Phil Hardin. Please go ahead.

Phil Hardin - Director, Investor Relations

Hello, and welcome to our Q1 2016 financial results conference call. Joining us today is Brian Olsavsky, our CFO. We will be available for questions after our prepared remarks. The following discussion and responses to your questions reflect management's views as of today, April 28, 2016 only and will include forward-looking statement. Actual results may differ materially.

Additional information about factors that could potentially impact our financial result is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings. As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter.

During this call, we will discuss certain non-GAP financial measures. In our press release, slides accompanying this webcast and our filings with the SEC, each of which is posted on our IR website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures. Finally, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2015.

Now, I'll turn the call over to Brian.

Brian T. Olsavsky - Senior Vice President and Chief Financial Officer

Thanks, Phil. I'll begin with comments on our first quarter financial results. Trailing 12-month operating cash flow increased 44% to $11.3 billion. Trailing 12-month free cash flow increased to $6.4 billion, up from $3.2 billion. Trailing 12-month free cash flow less lease principal repayment increased to $3.5 billion, up from $1.5 billion. Trailing 12-month free cash flow less finance lease principal repayment and assets acquired under capital leases increased to $1.6 billion, up from an outflow of $1.2 billion. Trailing 12-month capital expenditures were $4.9 billion.

Capital expenditures do not include the impact of property and equipment acquired under capital and finance lease obligation. These capital expenditures and capital leases reflect additional investments in support of continued business growth due to investment in technology infrastructure, the majority of which is to support AWS, and additional capacity to support our fulfillment operations. A combination of common stock and stock-based awards outstanding was 490 million shares, compared with 483 million one year ago.