Well, unless you don’t have that, either. From this article in Inc.:
“As Griffin explains, “Bezos sees a competitor’s love of margins and other financial ‘ratios’ as an opportunity for Amazon since the competitor will cling to them while he focuses on absolute dollar free cash flow and slices through them like a hot knife through butter. Bezos spelled out his focus on absolute dollar free cash flow in his 2004 letter to shareholders…””
Sounds great, except for one thing. Not only are Amazon’s profit margins terrible, its cash flow is fairly dire as well. From their financials:
3 months ending 2014-03-31: -$3,584.00 (in millions, so a drop of almost $3.6 billion).
12 months ending 2013-12-31: $574.00
9 months ending 2013-09-30: $-4,212.00
6 months ending 2013-06-30: $-4,380.00
3 months ending 2013-03-31: $-3,603.00
2004 Bezos probably does a facepalm whenever he thinks about 2014 Bezos.