[아마존 주식 투자] 아마존 CEO 제프 베조스의 상장 후 1997년 다짐

1997년 상장힌 아마존 주가가 이미 2300달러를 넘었습니다. 최근 코로나바이러스로 기업가치가 더욱 올라 주당 4000달러까지 예상하고 있습니다.
2019년9월 대비 이미 주가는 40%가량 상승한 상태이지요.

아마존 CEO 제프 베조스는 매년 경영실적을 보고하는 Annual Report 상에 항상 1997년 최초의 annual report에서 발표한 내용을 포함하여 보고하고 있습니다. 

그 만큼 초심으로 돌아가서 사업을 하겠다는 의지를 밝히고 있다고 볼 수 있습니다. 그래서 아마존 주식 투자에 참조할 수 있도록 1997년 발표 내용을 최대한 원문 그대로 정리 해 보았습니다. 

 

[내용을 아래와 같습니다]

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주주 여러분께: 
아마존닷컴은 1997년에 많은 이정표를 지나왔습니다. 연말(1997)까지 150만 명 이상의 고객들에게 서비스를 제공했고, 매출 1억480만 달러로 838%의 성장을 달성하였으며, 공격적인 경쟁자 출현에도 불구하고 시장 주도권을 확장했습니다. 

2020.4.21 아마존의 주가 $2328.12

오늘은 인터넷의 첫째날(Day 1)이고 Amazon.com의 경우에 잘 실행되었습니다. 오늘의 온라인 상거래는 고객의 돈과 소중한 시간을 절약 해줍니다. 내일의 개인화를 통해 온라인 상거래는 발전 프로세스를 가속화 할 것입니다. Amazon.com은 인터넷을 사용하여 고객에게 실질적인 가치를 창출하며, 이를 통해 기존 및 대규모 시장에서도 지속적인 프랜차이즈를 창출 할 수 있기를 희망합니다.
우리는 더 큰 플레이어들이 온라인 기회를 추구하기 위한 자원을 확보하고, 온라인 구매가 처음인 고객들에게 새로운 관계 형성을 수용하면서 기회가 열렸다고 봅니다. 시장의 경쟁 환경은 빠른 속도로 계속 발전하고 있습니다. 많은 대기업들은 신뢰할 수 있는 제품을 가지고 온라인으로 전환했으며 인식도, 방문량, 판매량 증대에 상당한 에너지와 자원을 투자했습니다. 우리의 목표는 다른 분야에서 온라인 상거래 기회를 찾기 시작했으며, 현재 위치를 확고히하면서 빠르게 확장하기 위해 움직이는 것입니다. 목표로 하는 큰 시장에서 상당한 기회를 갖게 될 것입니다. 이 전략은 위험이 없지는 않습니다. 기존 프랜차이즈 리더에 대한 진지한 투자와 확실한 실행이 필요합니다.
 
장기 전략의 모든 것 

성공의 기본 척도는 장기적으로 창출할 주주 가치가 될 것이라고 믿습니다. 이 가치는 현재 시장에서의 리더십 위치를 확장하고 공고히 할 수 있는 능력에 대한 직접적인 결과가 될 것입니다. 시장 리더십이 강할수록 사업 모델은 더욱 강력 해집니다. 시장 리더십은 수익 증대, 수익성 향상, 자본 속도 향상, 그리고 이에 상응하여 투자 자본에 대한 수익성 강화로 직접 변환 될 수 있습니다. 우리의 결정은 일관되게 여기에 초점을 두고 있습니다. 먼저 시장 리더십을 가장 잘 나타내는 지표인 고객 및 매출 성장, 고객이 반복적으로 구매하는 정도 및 브랜드의 강점을 기준으로 측정할 것입니다.  
우리는 지속적인 프랜차이즈를 설립하기 위해 고객 기반, 브랜드 및 인프라를 확장하고 활용하기 위해 적극적이며, 지속적으로 투자 할 것입니다.  장기적인 관점에서 매우 중요하기 때문에 일부 회사와 다르게 결정을 내리고 절충안을 저울질해 갈 것입니다. 따라서 우리는 주주 여러분이 귀하의 투자 철학과 일치하는지 확인할 수 있도록 기본적인 관리 및 의사 결정 접근 방식을 공유하고자 합니다.
• 우리는 계속해서 고객에 끈질기게 집중할 것입니다.
• 단기적인 수익성 고려나 월가의 단기 실적에 대한 반응보다는 장기적인 시장 주도력을 고려한 투자 결정을 내릴 것입니다.
• 우리는 프로그램과 투자 효과를 분석하고, 지속적으로 측정하며, 허용 가능한 수익을 제공하지 않는 프로그램을 폐기하고, 가장 효과가 좋은 프로그램에 대한 투자를 강화할 것입니다. 성공과 실패 모두 다로부터 계속 배울 것입니다.
• 시장 주도적 우위를 확보할 가능성이 충분하다고 판단되는 곳에서 소심한 투자보다는 과감한 의사결정을 내릴 것입니다. 이러한 투자 중 일부는 성과를 거둘 것이고, 다른 일부는 그렇지 않을 것이며, 우리는 어느 경우든 또 다른 귀중한 교훈을 얻게 될 것입니다.
• GAAP 회계처리의 외관을 최적화하는 것과 미래 현금흐름의 현재가치 극대화 중 하나를 선택해야 할 때, 현금 흐름을 중시하도록 하겠습니다.
 • 우리는 과감한 선택을 할 때 (경쟁 압력이 허용하는 범위까지) 전략적 의사결정 과정을 여러분과 공유하며, 합리적인 장기 리더십 투자를 하고 있는지 여부를 스스로 평가할 수 있도록 하겠습니다.
• 우리는 현명하게 지출할 것이고 효율을 극대화하는 문화를 유지하기 위해 열심히 노력할 것입니다. 우리는 특히 순손실이 발생하는 사업에서는 비용에 민감한 자세를 취하여 수익성을 지속적으로 강화하는 것의 중요성을 이해합니다.
• 장기 수익성 및 자본 관리에 중점을 두고 성장에 중점을 둘 것입니다. 이 단계에서는 성장을 우선할 것입니다. 비즈니스 모델의 잠재력을 달성하는 데 있어 규모가 핵심적이라고 믿기 때문입니다.
• 우리는 다재다능하고 재능 있는 직원들을 고용하고 유지하는 데 계속 집중할 것이며, 그들의 보상은 현금보다는 스톡 옵션에 계속 무게를 둘 것입니다. 우리의 성공이 동기 부여된 직원을 끌어들이고 유지하는 능력에 의해 크게 영향을 받을 것이라는 것임을 알고 있습니다. 각자 소유주처럼 생각해야만 하고, 따라서 실제로 소유주여야 합니다. 
우리는 이러한 내용이 “올바른” 투자 철학이라고 주장 할 만큼 대담하지는 않지만, 우리의 것이기 때문에 우리가 취한 접근 방식에 대해 명확하지 않더라도 계속 해 나갈 것입니다.
이 토대로 중점 사업과 1997 년의 진척 상황 및 미래에 대한 전망을 검토하고 싶습니다.

고객에 대한 집중

처음부터 우리는 고객에게 매력적인 가치를 제공하는 데 데 주력해왔습니다. 우리는 웹이 월드 와이드 웨이트(World Wide Wait)라는 것을 깨달았습니다. 따라서 고객에게 다른 방법으로는 얻을 수 없는 것을 제공하고 책을 제공하기 시작했습니다. 우리는 실제 매장에서 가능한 것보다 훨씬 더 많은 선택을 가져 왔으며 (우리 매장은 이제 6 개의 축구장을 점유 할 것입니다) 365 일 열린 매장에서 유용하고 검색하기 쉬우며 탐색하기 쉬운 형식으로 제공했습니다. 

일년 24 시간동안 계속 쇼핑 할 수 있는 환경으로 개선하는데 끈질긴 집중을 유지했고, 1997년에는 우리 매장을 크게 개선 시켰습니다. 이제 고객에게 상품권을 1-클릭 SM 쇼핑(1-ClickSM shopping), 훨씬 더 많은 리뷰, 콘텐츠, 검색 옵션 및 추천 기능을 제공합니다. 우리는 가격을 대폭 낮춰 고객 가치를 더욱 높였습니다. 입소문은 우리가 가지고 있는 가장 강력한 고객 확보 도구로 남아 있으며, 고객들이 우리에게 준 신뢰에 감사 드립니다. 반복적인 구매와 입소문이 결합되어 Amazon.com이 온라인 서적 판매 시장의 선두주자가 되었습니다. 1997 년 Amazon.com은 많은 측면에서 먼 길을 왔습니다.
 
• 판매량은 1996 년 1,570 만 달러에서 1 억 8,800 만 달러로 838 % 증가했습니다.
• 누적 고객 계정이 180,000에서 1,510,000으로 증가하여 738 % 증가했습니다.
• 반복 고객의 주문 비율은 1996 년 4/4 분기 46 % 이상에서 1997 년 같은 기간 58 % 이상으로 증가했습니다.
• Media Metrix에 따르면 청중 도달 범위(audience reach) 측면에서 웹 사이트는 90 위에서 상위 20 위 안에 들었습니다.
• America Online, Yahoo !, Excite, Netscape, GeoCities, AltaVista, @Home 및 Prodigy를 포함한 많은 중요한 전략적 파트너와 장기적인 관계를 구축했습니다.

Jeffrey P. Bezos 
Founder and Chief Executive Officer 
Amazon.com, Inc.

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[원문 전체]

To our shareholders:

Amazon.com passed many milestones in 1997: by year-end, we had served more than 1.5 million customers, yielding 838% revenue growth to $147.8 million, and extended our market leadership despite aggressive competitive entry.

But this is Day 1 for the Internet and, if we execute well, for Amazon.com. Today, online commerce saves customers money and precious time. Tomorrow, through personalization, online commerce will accelerate the very process of discovery. Amazon.com uses the Internet to create real value for its customers and, by doing so, hopes to create an enduring franchise, even in established and large markets.

We have a window of opportunity as larger players marshal the resources to pursue the online opportunity and as customers, new to purchasing online, are receptive to forming new relationships. The competitive landscape has continued to evolve at a fast pace. Many large players have moved online with credible offerings and have devoted substantial energy and resources to building awareness, traffic, and sales. Our goal is to move quickly to solidify and extend our current position while we begin to pursue the online commerce opportunities in other areas. We see substantial opportunity in the large markets we are targeting. This strategy is not without risk: it requires serious investment and crisp execution against established franchise leaders.

 It’s All About the Long Term

We believe that a fundamental measure of our success will be the shareholder value we create over the long term. This value will be a direct result of our ability to extend and solidify our current market leadership position. The stronger our market leadership, the more powerful our economic model. Market leadership can translate directly to higher revenue, higher profitability, greater capital velocity, and correspondingly stronger returns on invested capital. Our decisions have consistently reflected this focus. We first measure ourselves in terms of the metrics most indicative of our market leadership: customer and revenue growth, the degree to which our customers continue to purchase from us on a repeat basis, and the strength of our brand. We have invested and will continue to invest aggressively to expand and leverage our customer base, brand, and infrastructure as we move to establish an enduring franchise. Because of our emphasis on the long term, we may make decisions and weigh tradeoffs differently than some companies. Accordingly, we want to share with you our fundamental management and decision-making approach so that you, our shareholders, may confirm that it is consistent with your investment philosophy:

• We will continue to focus relentlessly on our customers.

• We will continue to make investment decisions in light of long-term market leadership considerations rather than short-term profitability considerations or short-term Wall Street reactions.

• We will continue to measure our programs and the effectiveness of our investments analytically, to jettison those that do not provide acceptable returns, and to step up our investment in those that work best. We will continue to learn from both our successes and our failures.

 

• We will make bold rather than timid investment decisions where we see a sufficient probability of gaining market leadership advantages. Some of these investments will pay off, others will not, and we will have learned another valuable lesson in either case.

• When forced to choose between optimizing the appearance of our GAAP accounting and maximizing the present value of future cash flows, we’ll take the cash flows.

• We will share our strategic thought processes with you when we make bold choices (to the extent competitive pressures allow), so that you may evaluate for yourselves whether we are making rational long-term leadership investments.

• We will work hard to spend wisely and maintain our lean culture. We understand the importance of continually reinforcing a cost-conscious culture, particularly in a business incurring net losses.

• We will balance our focus on growth with emphasis on long-term profitability and capital management. At this stage, we choose to prioritize growth because we believe that scale is central to achieving the potential of our business model.

• We will continue to focus on hiring and retaining versatile and talented employees, and continue to weight their compensation to stock options rather than cash. We know our success will be largely affected by our ability to attract and retain a motivated employee base, each of whom must think like, and therefore must actually be, an owner.

We aren’t so bold as to claim that the above is the “right” investment philosophy, but it’s ours, and we would be remiss if we weren’t clear in the approach we have taken and will continue to take.

With this foundation, we would like to turn to a review of our business focus, our progress in 1997, and our outlook for the future.

 

Obsess Over Customers From the beginning, our focus has been on offering our customers compelling value. We realized that the Web was, and still is, the World Wide Wait. Therefore, we set out to offer customers something they simply could not get any other way, and began serving them with books. We brought them much more selection than was possible in a physical store (our store would now occupy 6 football fields), and presented it in a useful, easy- to-search, and easy-to-browse format in a store open 365 days a year, 24 hours a day. We maintained a dogged focus on improving the shopping experience, and in 1997 substantially enhanced our store. We now offer customers gift certificates, 1-ClickSM shopping, and vastly more reviews, content, browsing options, and recommendation features. We dramatically lowered prices, further increasing customer value. Word of mouth remains the most powerful customer acquisition tool we have, and we are grateful for the trust our customers have placed in us. Repeat purchases and word of mouth have combined to make Amazon.com the market leader in online bookselling. By many measures, Amazon.com came a long way in 1997:

• Sales grew from $15.7 million in 1996 to $147.8 million – an 838% increase.

• Cumulative customer accounts grew from 180,000 to 1,510,000 – a 738% increase.

• The percentage of orders from repeat customers grew from over 46% in the fourth quarter of 1996 to over 58% in the same period in 1997.

• In terms of audience reach, per Media Metrix, our Web site went from a rank of 90th to within the top 20.

• We established long-term relationships with many important strategic partners, including America Online, Yahoo!, Excite, Netscape, GeoCities, AltaVista, @Home, and Prodigy.

 

 

During 1997, we worked hard to expand our business infrastructure to support these greatly increased traffic, sales, and service levels:

• Amazon.com’s employee base grew from 158 to 614, and we significantly strengthened our management team.

• Distribution center capacity grew from 50,000 to 285,000 square feet, including a 70% expansion of our Seattle facilities and the launch of our second distribution center in Delaware in November.

• Inventories rose to over 200,000 titles at year-end, enabling us to improve availability for our customers.

• Our cash and investment balances at year-end were $125 million, thanks to our initial public offering in May 1997 and our $75 million loan, affording us substantial strategic flexibility

 

Our Employees

The past year’s success is the product of a talented, smart, hard-working group, and I take great pride in being a part of this team. Setting the bar high in our approach to hiring has been, and will continue to be, the single most important element of Amazon.com’s success.

It’s not easy to work here (when I interview people I tell them, “You can work long, hard, or smart, but at Amazon.com you can’t choose two out of three”), but we are working to build something important, something that matters to our customers, something that we can all tell our grandchildren about. Such things aren’t meant to be easy. We are incredibly fortunate to have this group of dedicated employees whose sacrifices and passion build Amazon.com.

Goals for 1998

We are still in the early stages of learning how to bring new value to our customers through Internet commerce and merchandising. Our goal remains to continue to solidify and extend our brand and customer base. This requires sustained investment in systems and infrastructure to support outstanding customer convenience, selection, and service while we grow. We are planning to add music to our product offering, and over time we believe that other products may be prudent investments. We also believe there are significant opportunities to better serve our customers overseas, such as reducing delivery times and better tailoring the customer experience. To be certain, a big part of the challenge for us will lie not in finding new ways to expand our business, but in prioritizing our investments.

We now know vastly more about online commerce than when Amazon.com was founded, but we still have so much to learn. Though we are optimistic, we must remain vigilant and maintain a sense of urgency. The challenges and hurdles we will face to make our long-term vision for Amazon.com a reality are several: aggressive, capable, well-funded competition; considerable growth challenges and execution risk; the risks of product and geographic expansion; and the need for large continuing investments to meet an expanding market opportunity. However, as we’ve long said, online bookselling, and online commerce in general, should prove to be a very large market, and it’s likely that a number of companies will see significant benefit. We feel good about what we’ve done, and even more excited about what we want to do.

1997 was indeed an incredible year. We at Amazon.com are grateful to our customers for their business and trust, to each other for our hard work, and to our shareholders for their support and encouragement.

Jeffrey P. Bezos  
Founder and Chief Executive Officer  
Amazon.com, Inc.