Our ultimate financial measure, and the one we most want to drive over the long-term, is free cash flow per share.
Notable quotes
Lines worth keeping from shareholder letters. Every quote is a click from the page it appeared on.
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From the latest letters
a company can actually impair shareholder value in certain circumstances by growing earnings
EBITDA isn’t cash flow.
Discerning investors don’t stop with the income statement.
when "forced to choose between optimizing GAAP accounting and maximizing the present value of future cash flows, we'll take the cash flows."
Long-term thinking is both a requirement and an outcome of true ownership.
Owners are different from tenants.
Though negative reviews cost us some sales in the short term, helping customers make better purchase decisions ultimately pays off for the company.
Our pricing strategy does not attempt to maximize margin *percentages*, but instead seeks to drive maximum value for customers and thereby create a much larger bottom line—in the long term.
In short, what's good for customers is good for shareholders.
People see that we're determined to offer both world-leading customer experience and the lowest possible prices, but to some this dual goal seems paradoxical if not downright quixotic.
We transform much of customer experience—such as unmatched selection, extensive product information, personalized recommendations, and other new software features—into largely a fixed expense.