Amazon “but no profit!” critics don’t appreciate how rare the business is that can effectively deploy (massively increasing amounts of) capital without using (questionable) buybacks and (questionable) acquisitions to soak up the excess.
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Cash flow from operations does not represent cash flow from existing/continuing businesses. AWS and data center build out are very expensive; depreciation is a very real expense for capital intensive businesses. CFO excludes depreciation
agree, depreciation is real - so is stock-based comp. will pull numbers and dig in further.