Inc.

Amazon.com, Inc.
AMZN-USA
09 Sep 21 Public Information Book

Contents
Overview
05 Overview
Sales & Earnings
11 Sales & Earnings
Valuation
19 Valuation
Profitability
23 Profitability
Statement Analysis
29 Statement Analysis
M&A
33 M&A
Company Overview
35 Supply Chain
74 Event Calendar
StreetAccount
76 Amazon.com said to be developing new POS system -- Business Insider ($3521.84, +12.55)
77 Amazon planning to launch its own branded TV in the US as soon as October - Business Insider ($3463.12, 0.00)
78 Amazon to take proactive approach to remove more content that violates cloud service policies - Reuters ($3463.12, 0.00)
79 StreetAccount Summary: The Economist print edition
80 Amazon.com invests to help restore portions of Brazilian rainforest ($3500.81, +21.81)
Transcripts
82 Amazon.com, Inc.(AMZN-US), Q2 2021 Earnings Call, 29-July-2021 5:30 PM ET
Investor Slides
96 Amazon.com, Inc. Slide 1: Q2 2021 Earnings Call
Management & Board
116 Management and Board
Broker Research
119 Thursday's Analysis + The ECB and the Keymaster (Stock Traders Daily) 9 pages
128 Wednesday's Analysis + SPS has begun to trigger (Stock Traders Daily) 9 pages
Overview
Amazon.com, Inc. (AMZN) $3,525.50 Next Rpt Date: 28 Oct '21 Report as of 09 Sep '21
Profile
Sector Industry Mkt Cap (B) EV (B) Sales (B)

Retail Trade Internet Retail $1,841 $1,802 $443.3
Amazon.com, Inc. engages in the provision of online retail shopping services. It operates through the following business segments:
North America, International, and Amazon Web Services (AWS). The North America segment includes retail sales of consumer
products and subscriptions through North America-focused websites such as www.amazon.com and www.amazon.ca. The
International segment offers retail sales of consumer products and subscriptions through internationally-focused websites. The
Amazon Web Services segment involves in the global sales of compute, storage, database, and AWS service offerings for start-ups,
enterprises, government agencies, and academic institutions. The company was founded by Jeffrey P. Bezos in July 1994 and is
headquartered in Seattle, WA.
$3,525.50
YTD 8.2%
3M 8.0%
1Y 11.9%
Beta 1.06
FY1 PE 66.2x
Key Items
Trading Information Valuation 5Y Trend Current vs. Ind vs. Bmrk
Current Price $3,525.50 P/E (LTM) 61.4 2.2 3.1
52 Wk Range $2,871.00 - 3,773.08 P/E (NTM) 55.9 2.0 3.0
Avg Daily Vol (3m) 3.29 (M)
P/Sales 4.1 2.8 2.1
Short Int (% of Float) 1.2%
P/Bk 15.5 1.7 5.8
P/CF 30.5 1.9 2.8
Key Statistics EV/EBITDA 30.8 1.8 2.1
Mkt Value (B) $1,841
EV/Sales 4.1 2.7 1.7
Ent Value (B) $1,802
Basic Shares (M) 506.4 Profitability (%) 10Y Trend LTM Ind Bmrk
Dividend (Ann) $0.00 Gross Margin 40.7 27.4 26.4
Div Yld 0.0% EBITDA Margin 13.3 9.1 17.3
EBIT Margin 6.6 6.3 11.1
Estimates Net Margin 6.6 4.6 8.2

EPS (FY0) $41.83 ROE 31.2 27.8 11.1
EPS (FY1) $53.24
EPS (FY2) $67.51 Growth (%) 10Y Trend LTM Ind Bmrk
Coverage 47 Analysts Sales 37.8 13.8 10.6
Target Price $4,145.07 EBITDA 46.6 32.6 21.5
LT Growth Rate 31.3%
EBIT 68.6 45.8 33.2
Avg Rating Buy (1.11)
EPS (Dil) 120.6 61.1 52.8
© 2021 FactSet Research Systems, Inc.

Event Calendar
Upcoming Events EPS Sales

Date Time (EST) Description Actual Mean Actual Mean
28 Oct '21 - Q3 2021 Earnings Release (Projected)
… - 9.05 - 111,715
03 Feb '22 - Q4 2021 Earnings Release (Projected)

… - 12.7 - 142,998
28 Apr '22 - Q1 2022 Earnings Release (Projected)

… - 17.1 - 125,456
28 Jul '22 - Q2 2022 Earnings Release (Projected)

… - 16.8 - 133,203
Past Events EPS Sales

Date Time (EST) Description Actual Mean Actual Mean
29 Jul '21 05:30 PM Q2 2021 Earnings Call 15.1 12.2 113,080 115,421
26 May '21 12:00 PM Annual General Meeting
25 May '21 - Hitachi Social Innovation Americas…Forum

29 Apr '21 05:30 PM Q1 2021 Earnings Call 15.8 9.54 108,518 104,510
12 Apr '21 - GPU Technology Conference

02 Feb '21 05:30 PM Q4 2020 Earnings Call 14.1 7.19 125,555 119,701
02 Dec '20 - Web Summit

29 Oct '20 05:30 PM Q3 2020 Earnings Call 12.4 7.41 96,145 92,778
Enterprise Value
Fiscal Date Jun '21 Mar '21 Dec '20 Sep '20 Jun '20
Basic Market Capitalization 1,740,721.0 1,559,416.3 1,638,235.8 1,580,662.5 1,382,168.8
Diluted Market Capitalization 54,010.5 44,864.2 49,505.3 51,639.2 44,692.9
ITM Convertible Debt - - - - -
ITM Convertible Preferred - - - - -
Stock Compensation 54,010.5 44,864.2 49,505.3 51,639.2 44,692.9
Fully Diluted Market Capitalization 1,794,731.5 1,604,280.5 1,687,741.1 1,632,301.6 1,426,861.7
ST Debt Total 1,155.0 1,156.0 1,155.0 155.0 1,154.0
Net LT Debt Total 50,279.0 31,868.0 31,816.0 32,929.0 33,128.0
Total Debt 51,434.0 33,024.0 32,971.0 33,084.0 34,282.0
Market Capitalization 1,794,731.5 1,604,280.5 1,687,741.1 1,632,301.6 1,426,861.7
+ Total Debt 51,434.0 33,024.0 32,971.0 33,084.0 34,282.0
- ITM Convertible Debt - - - - -
- Cash Equivalents 90,159.0 73,569.0 84,653.0 68,677.0 71,769.0
+ Total Preferred - - - - -
- ITM Convertible Preferred - - - - -
- Invest. in Unconsold. Subs. 0.0 0.0 0.0 0.0 0.0
+ Non-Controlling Interest 0.0 0.0 0.0 0.0 0.0
+ Pension Liabilities - - - - -
Enterprise Value 1,756,006.5 1,563,735.5 1,636,059.1 1,596,708.6 1,389,374.7
All figures in millions of USD. Source: FactSet Equity Capital Structure, FactSet DCS, FactSet Fundamentals

Industry Metrics - Annual (B)
Revenue & Expenses 10Y Trend Dec '16 Dec '17 Dec '18 Dec '19 Dec '20
Sales 135.987 177.866 232.887 280.522 386.064
Merchandise Margin (%) - - - - -
Net Rental Expense 1.4 2.2 3.4 4.635 6.257
New/Relocated Store Expense - - - - -
Operating Lease Expense 1.4 2.2 3.4 4.635 6.257
Capital Expenditures -6.737 -11.955 -13.427 -16.861 -40.14
Key Statistics 10Y Trend Dec '16 Dec '17 Dec '18 Dec '19 Dec '20
Same Store Sales (%) - - - - -
Domestic - - - - -
International - - - - -
Average Sales per Store - - - - -
Sales per Retail Sq. Ft. - - - - -
Floor Area Sq. Ft. (000's) - 21286 20073 20903 21988
Selling Space Sq. Ft. (000's) - - - - -
Store Information 10Y Trend Dec '16 Dec '17 Dec '18 Dec '19 Dec '20
# Comparable Stores - - - - -
Average Store Size - - - - -
# Beginning Stores - - 472 527 571
# Ending Stores - 472 527 571 618
Key Estimates
Earnings Dec '20 Dec '21E Dec '22E Jun '21 Sep '21E Dec '21E Mar '22E
EPS - GAAP 41.83 53.24 67.51 15.12 9.05 12.70 17.09
Growth (%) 81.8 27.3 26.8 46.8 -26.9 -9.8 8.2
EPS - Non GAAP 41.83 58.03 74.73 15.13 13.13 16.13 19.29
Growth (%) 81.8 38.7 28.8 46.9 6.2 14.4 22.1
Industry Metrics Dec '20 Dec '21E Dec '22E Jun '21 Sep '21E Dec '21E Mar '22E
Same Store Sales - - - - - - -
Net Sales per Retail Sq. Ft. - - - - - - -
Selling Space Sq. Ft. (Gross) - - - - - - -
# Stores at Period End - - - - - - -
Income Statement (B) Dec '20 Dec '21E Dec '22E Jun '21 Sep '21E Dec '21E Mar '22E
Sales 386.1 476.2 563.6 113.1 111.7 143.0 125.5
Growth (%) 37.6 23.3 18.4 27.2 16.2 13.9 15.6
EBITDA 57.3 72.6 90.9 19.3 16.4 19.4 21.7
Growth (%) 32.5 26.7 25.2 34.2 9.4 16.9 15.9
Operating Income 22.9 30.4 42.8 7.7 5.7 8.2 11.0
Growth (%) 57.5 32.7 40.9 31.8 -8.6 19.4 24.3
Net Income 21.3 27.2 35.4 7.8 4.8 6.8 9.1
Growth (%) 84.1 27.7 29.9 48.4 -24.2 -5.3 12.6

Corporate Information
Management (6 of 37) Board (6 of 11)

President, Chief Executive Officer & Director Executive Chairman
Andrew R. Jassy, 53 Jeffrey P. Bezos, 57
Chief Financial Officer & Senior Vice President President, Chief Executive Officer & Director
Brian T. Olsavsky, 57 Andrew R. Jassy, 53
Senior VP & Country Manager-Amazon India Independent Director
Amit Agarwal Patricia Q. Stonesifer, 64
Secretary, Senior Vice President & General Counsel Independent Director
David A. Zapolsky, 57 Thomas O. Ryder, 76
Vice President & Head Scientist-Alexa Lead Independent Director
Rohit Prasad Jonathan Jake Rubinstein, 64
Vice President & World Wide Controller Independent Director
Shelley L. Reynolds, 56 Jamie S. Gorelick, 70
410 Terry Avenue North Dave Fildes Fiscal Year December

Seattle, Washington Investor Relations Contact Exchange NASDAQ
98109-5210 +1.206.266.2171 ISIN US0231351067
United States amazon.com CUSIP 023135106
Employees (2020) 1,298,000 SEDOL 2000019
Ownership Summary
FLOAT 86.4%
Shares Out 506,441,000
Short Interest 5,094,460
INSIDER 13.6%
Inst. Ownership 59.7%
North American 49.3%
Non-North American 10.3%
Inst Ownership as % of Float 69.1%
Top 10 Inst. Holders 23.4%
NET POSITION CHANGE 5,927,468

Total (4818) 302,225,600
New (320) 3,800,720
Increase (2328) 19,087,900
Decrease (1519) -13,804,500
Soldout (208) -3,156,630

Top Holders - Institutions and Insiders
Institutions Position (000) % O/S % Port 3M Chg (000) Mkt Value (USD)
The Vanguard Group, Inc. 30,907 6.1 2.2 371 107,497,000,000
BlackRock Fund Advisors 17,565 3.5 2.0 -593 61,090,700,000
T. Rowe Price Associates, Inc. (Inves... 16,174 3.2 4.7 538 56,253,200,000
SSgA Funds Management, Inc. 15,963 3.2 2.7 9 55,521,500,000
Fidelity Management & Research Co. LLC 14,593 2.9 3.5 -114 50,756,700,000
Geode Capital Management LLC 6,749 1.3 2.6 289 23,474,600,000
Northern Trust Investments, Inc.(Inve... 4,840 1.0 2.7 -74 16,834,900,000
Norges Bank Investment Management 4,581 0.9 1.6 0 15,931,500,000
Capital Research & Management Co. (Gl... 3,732 0.7 2.2 -220 12,980,800,000
Capital Research & Management Co. (In... 3,332 0.7 2.4 212 11,588,300,000
Capital Research & Management Co. (Wo... 3,253 0.6 1.2 107 11,315,000,000
BlackRock Investment Management (UK) ... 3,185 0.6 1.8 97 11,078,800,000
Insiders Position (000) % O/S % Port 3M Chg (000) Mkt Value (USD)
BEZOS JEFFREY PRESTON 51,142 10.1 100.0 -2,068 177,873,000,000
BEZOS MACKENZIE T 17,404 3.4 100.0 0 60,532,800,000
Wellcome Trust Ltd. (Direct Investments) 177 0.0 5.1 27 616,700,000
JASSY ANDREW R 91 0.0 100.0 4 315,115,000
WILKE JEFFREY A 49 0.0 100.0 0 169,931,000

Sales & Earnings
Segments Snapshot - Quarterly (B)
Jun '21 YoY % % of Sales Sep '21E YoY % 3Y Trend

Sales 113.1 27.2 100.0 111.7 16.2
Online Stores 53.2 15.8 47.0 51.9 7.3
Third-Party Seller Services 25.1 37.9 22.2 24.2 18.4
AWS 14.8 37.0 13.1 15.4 32.9
Subscription Services 7.9 31.6 7.0 8.1 22.9
Other 7.9 87.5 7.0 8.1 49.8
Advertising 7.2 - 6.4 7.8 -
Physical Stores 4.2 11.2 3.7 4.1 8.0
Whole Foods 4.2 11.2 3.7 4.1 9.0
Estimate Growth - Quarterly
Sep '20 Sep '21E Growth (YoY%)

12.37 9.05 -26.87%
Sep '20 Sep '21E Growth (YoY%)

96.1 111.7 16.2%

EPS - Consensus Outlook - Annual & Quarterly
FY Ending Guidance # of Ests Mean Low High Std Dev 3 Mo. Rev
Dec '20 - - 41.83 - - -
Dec '21E - 47 53.24 44.66 63.50 4.26
Dec '22E - 47 67.51 42.96 89.43 8.66
Dec '23E - 26 92.34 67.88 127.06 12.74
Latest 12 Mo. - - 15.12 15.12 15.12 -
Next 12 Mo. - - 63.10 43.49 81.40 -
FQ Ending Guidance # of Ests Mean Low High Std Dev 3 Mo. Rev
Jun '21 - - 15.12 - - -
Sep '21E - 41 9.05 5.25 13.43 1.82
Dec '21E - 40 12.70 7.22 17.56 2.50
Mar '22E - 22 17.09 12.57 24.05 3.04
Jun '22E - 22 16.78 13.64 21.32 1.80
Sep '22E - 20 15.12 8.82 19.88 2.43
Dec '22E - 20 18.82 11.35 27.46 3.78
Mar '23E - 3 24.13 22.51 26.32 1.97
Jun '23E - 3 23.83 23.69 23.98 0.14
Segments LT Estimates - Annual (B)
Actuals 10Y Trend Dec '20 Dec '21E Dec '22E Dec '23E Dec '24E
Sales 386.1 476.2 563.6 657.3 742.4
Online Stores 197.3 238.1 272.7 290.5 290.8
AWS 45.4 60.3 76.6 94.3 115.6
Other 21.5 33.6 44.1 55.3 66.2
Physical Stores 16.2 16.5 17.2 17.7 17.5
Whole Foods 16.2 16.6 16.7 16.9 17.0
Advertising - 31.1 40.3 54.9 -
Growth (%) 10Y Trend Dec '20 Dec '21E Dec '22E Dec '23E Dec '24E
Sales 37.6 23.3 18.4 16.6 13.0
Online Stores 39.7 20.6 14.6 6.5 0.1
AWS 29.5 32.9 27.0 23.1 22.5
Other 52.5 56.5 31.3 25.3 19.6
Physical Stores -5.6 1.6 4.2 3.0 -1.1
Whole Foods -5.6 2.1 1.0 0.9 0.8
Advertising - - 29.6 36.1 -

Guidance History
Estimate Table
Sales (B)
FY Ending Dec '15 Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21E Dec '22E Dec '23E
Q1 (Mar) 22.7 29.1 35.7 51.0 59.7 75.5 108.5 125.5 145.7
Q2 (Jun) 23.2 30.4 38.0 52.9 63.4 88.9 113.1 133.2 152.9
Q3 (Sep) 25.4 32.7 43.7 56.6 70.0 96.1 111.7 136.3 156.2
Q4 (Dec) 35.7 43.7 60.5 72.4 87.4 125.6 143.0 172.8 189.9
Fiscal Year 107.0 136.0 177.9 232.9 280.5 386.1 476.2 563.6 657.3
EV/Sales (x) 3.0 2.6 3.3 3.3 3.4 4.3 3.9 3.3 2.8
CY Ending Dec '15 Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21E Dec '22E Dec '23E
Cal. Year 107.0 136.0 177.9 232.9 280.5 386.1 476.2 563.6 657.3
EV/Sales (x) 3.0 2.6 3.3 3.3 3.4 4.3 3.9 3.3 2.8
Growth (YoY%)
Q1 (Mar) 15.1 28.2 22.6 42.9 17.0 26.4 43.8 15.6 16.1
Q2 (Jun) 19.9 31.1 24.8 39.3 19.9 40.2 27.2 17.8 14.8
Q3 (Sep) 23.2 29.0 33.7 29.3 23.7 37.4 16.2 22.0 14.6
Q4 (Dec) 21.9 22.4 38.2 19.7 20.8 43.6 13.9 20.9 9.9
Fiscal Year 20.2 27.1 30.8 30.9 20.5 37.6 23.3 18.4 16.6
Cal. Year 20.2 27.1 30.8 30.9 20.5 37.6 23.3 18.4 16.6

Sales - Consensus Trend - Annual (B)
Sales - Broker Detail - Sep '21E (B)
Consensus Guidance # of Brokers

111.7 106,000.0-112,000.0 38
Top 16 Brokers Research Estimate Bottom 16 Brokers Research Estimate

Wedbush Securities 07/30/2021 116.0 Needham 07/30/2021 111.2
Edgewater Research 07/19/2021 115.9 Piper Sandler Companies 07/30/2021 111.2
Atlantic Equities 07/30/2021 113.6 DA Davidson 07/30/2021 111.0
Cowen & Company 07/30/2021 113.3 Invest Heroes 09/03/2021 110.9
Restricted 07/30/2021 112.9 Restricted 09/08/2021 110.8
R5 Capital 07/30/2021 112.8 KeyBanc Capital Markets 07/30/2021 110.6
Loop Capital Markets 08/03/2021 112.5 Canaccord Genuity 07/30/2021 110.4
Raymond James 07/30/2021 112.4 The Benchmark Company,
…LLC07/30/2021 110.3
Mizuho Securities USA 07/30/2021 112.3 Evercore ISI 08/19/2021 110.0
China Renaissance Securities
… 07/30/2021
(US) 112.1 Wolfe Research 07/30/2021 110.0
Guggenheim Securities 07/30/2021 112.0 Susquehanna Financial Group
… 07/30/2021 109.1
Oppenheimer 07/30/2021 112.0 Elazar Advisors 07/30/2021 109.0
Telsey Advisory Group 07/30/2021 111.9 Credit Suisse - -
Jefferies 07/30/2021 111.8 Restricted - -
Stifel Nicolaus 07/30/2021 111.8 Restricted - -
Daiwa Securities Co. Ltd. 08/03/2021 111.8 Bernstein Research - -
* Only 32 of the 38 brokers are shown in this report. See all...

Sales - Broker Revisions - Sep '21E (B)
Consensus Guidance 1M Revision 1W Revision

111.7 106.0 - 112.0 -0.0% -0.0%
Estimate Table
EPS
Q1 (Mar) -0.12 1.07 1.48 3.27 7.09 5.01 15.79 17.09 24.13
Q2 (Jun) 0.19 1.78 0.40 5.07 5.22 10.30 15.12 16.78 23.83
Q3 (Sep) 0.17 0.52 0.52 5.75 4.23 12.37 9.05 15.12 22.07
Q4 (Dec) 1.00 1.54 2.16 6.04 6.47 14.09 12.70 18.82 27.06
Fiscal Year 1.25 4.90 4.56 20.14 23.01 41.83 53.24 67.51 92.34
P/E (x) 540.7 153.0 256.5 74.6 80.3 77.9 66.2 52.2 38.2
Cal. Year 1.25 4.90 4.56 20.14 23.01 41.83 53.24 67.51 92.34
P/E (x) 540.7 153.0 256.5 74.6 80.3 77.9 66.2 52.2 38.2
Growth (YoY%)
Q1 (Mar) -152.2 - 38.3 120.9 116.8 -29.3 215.2 8.2 41.2
Q2 (Jun) - 836.8 -77.5 1,167.5 3.0 97.3 46.8 11.0 42.0
Q3 (Sep) - 205.9 0.0 1,005.8 -26.4 192.4 -26.9 67.2 46.0
Q4 (Dec) 122.2 54.0 40.2 179.7 7.1 117.8 -9.8 48.1 43.8
Fiscal Year - 292.0 -7.0 341.7 14.3 81.8 27.3 26.8 36.8
Cal. Year - 292.0 -7.0 341.7 14.3 81.8 27.3 26.8 36.8

EPS - Consensus Trend - Annual
EPS - Broker Detail - Sep '21E
Consensus Guidance # of Brokers

9.05 - 41
Top 16 Brokers Research Estimate Bottom 16 Brokers Research Estimate

Wedbush Securities 07/30/2021 13.43 The Benchmark Company,
…LLC07/30/2021 8.15
Edgewater Research 07/19/2021 13.01 Wolfe Research 07/30/2021 7.96
Restricted 07/30/2021 12.73 Evercore ISI 08/19/2021 7.59
Guggenheim Securities 07/30/2021 11.94 Piper Sandler Companies 07/30/2021 7.50
Restricted 07/30/2021 11.23 Restricted 09/08/2021 7.31
Cowen & Company 07/30/2021 10.75 Wells Fargo Securities 07/30/2021 7.26
KeyBanc Capital Markets 07/30/2021 10.50 Truist Securities 07/30/2021 7.23
Oppenheimer 07/30/2021 10.23 Needham 07/30/2021 7.17
China Renaissance Securities
… 07/30/2021
(US) 10.17 Susquehanna Financial Group
… 07/30/2021 6.50
Telsey Advisory Group 07/30/2021 10.05 Elazar Advisors 07/30/2021 6.36
Loop Capital Markets 08/03/2021 9.98 William Blair 07/30/2021 5.25
Daiwa Securities Co. Ltd. 08/03/2021 9.48 Restricted - -
Raymond James 07/30/2021 9.33 Credit Suisse - -
Mizuho Securities USA 07/30/2021 9.10 Restricted - -
Monness, Crespi, Hardt 08/27/2021 9.05 Restricted - -
R5 Capital 07/30/2021 9.04 Bernstein Research - -
* Only 32 of the 41 brokers are shown in this report. See all...

EPS - Broker Revisions - Sep '21E
Consensus Guidance 1M Revision 1W Revision

9.05 - 0.0% 0.0%

Valuation
Valuation Summary
Valuation 5Y Trend Current 5Y High 5Y Low 5Y Avg vs. Ind vs. Bmrk
P/E LTM 61.4 388.0 59.9 148.5 2.2 2.6
P/E NTM 55.9 171.8 49.0 87.5 2.0 2.5
P/Sales 4.1 6.0 2.8 4.0 2.8 1.4
P/Sales NTM 3.3 4.4 2.1 3.0 2.4 1.3
P/Bk 15.5 31.2 13.0 21.1 1.7 3.6
P/Bk NTM 10.2 20.8 8.5 13.9 1.4 2.5
P/CF 30.5 55.3 21.3 31.5 1.9 1.9
P/CF NTM 21.6 32.4 15.6 22.4 1.2 1.3
EV/EBITDA 30.8 62.2 25.8 38.6 1.8 1.6
EV/EBITDA NTM 19.9 32.0 15.6 20.3 1.4 1.3
EV/Sales 4.1 6.0 2.7 4.0 2.7 1.2
EV/Sales NTM 3.4 4.5 2.1 3.0 2.4 1.1
Valuation Peers Analysis
Charter
Amazon.com Alphabet A News A Microsoft Communications A Alibaba Group Holding
(AMZN) (GOOGL) (NWSA) (MSFT) (CHTR) (9988-HK)
P/E LTM 61.4 31.2 39.7 37.3 42.5 20.2
P/E NTM 55.9 27.1 29.6 33.3 29.7 15.8
PEG NTM 1.8 1.6 - 2.3 0.8 0.7
P/Sales 4.1 8.9 1.4 13.6 3.2 3.9
P/Bk 15.5 8.1 1.6 15.9 7.6 3.0
P/CF 30.5 24.2 10.5 29.7 10.2 13.5
EV/EBITDA 30.8 23.9 10.9 27.3 12.5 21.8
EV/Sales 4.1 8.2 1.6 13.1 4.8 3.6
Div Yld 0.0 0.0 0.9 0.7 0.0 0.0

Price to Earnings
Price to Earnings - NTM

Valuation Multiples
Financial Valuation Ratios Dec '20A Jun '21LTM Dec '21E Dec '22E Dec '23E Dec '24E
EV/Sales 4.60 4.01 3.73 3.15 2.70 2.39
EV/EBITDA 44.91 30.16 24.49 19.55 15.73 12.57
EV/EBIT 77.87 60.76 58.47 41.49 29.95 22.94
EBITDA/Interest Expense 24.03 35.16 41.69 44.95 60.31 68.81
EBIT/Interest Expense 13.86 17.45 17.46 21.18 31.68 37.71
EBITDA-CapEx/Interest Expense -0.34 3.99 14.09 23.15 35.21 43.88
Total Debt/EBITDA 2.54 2.08 - - - -
Total Debt/EV 0.06 0.07 0.03 0.03 0.03 -
Price to Earnings 83.16 60.62 65.32 51.52 37.66 28.41
Financial Summary Dec '20A Jun '21LTM Dec '21E Dec '22E Dec '23E Dec '24E
Revenue 386.06 443.30 476.18 563.61 657.30 742.44
Gross Income 152.76 180.33 197.32 236.97 279.67 316.98
EBITDA 39,572.0 58,936.0 72,574.0 90,897.0 112,996.0 141,363.0
EBIT 22.82 29.25 30.40 42.84 59.35 77.46
Net Income 21,331.0 29,438.0 27,242.8 35,379.5 49,169.2 65,114.2

Profitability
Profitability Ratios
Profitability (%) 10Y Trend Dec '15 Dec '16 Dec '17 Dec '18 Dec '19 Dec '20
Gross Margin 33.0 35.1 37.1 40.2 41.0 39.6
Operating Margin 2.2 3.2 2.4 5.5 5.3 5.9
Pretax Margin 1.5 2.9 2.1 4.8 5.0 6.3
Net Margin 0.6 1.7 1.7 4.3 4.1 5.5
ROA 1.0 3.1 2.8 6.9 6.0 7.8
ROE 4.9 14.5 12.9 28.3 21.9 27.4
ROTC 8.3 12.3 7.7 15.4 12.7 13.7
ROIC 2.3 7.6 6.1 13.5 11.1 14.1
Efficiency 10Y Trend Dec '15 Dec '16 Dec '17 Dec '18 Dec '19 Dec '20
Revenue/Employee (000) 463.6 398.3 314.3 359.7 351.5 297.4
Net Income/Employee (000) 2.6 6.9 5.4 15.6 14.5 16.4
Receivables Turnover (x) 18.9 19.6 18.2 16.6 15.3 17.2
Days of Sales Outstanding 19.3 18.6 20.1 22.0 23.9 21.2
Inventory Turnover (x) 7.7 8.1 8.1 8.4 8.8 10.5
Days of Inventory on Hand 47.2 44.9 44.8 43.6 41.5 34.6
Payables Turnover (x) 4.0 3.9 3.9 3.9 4.0 4.0
Days of Payables Outstanding 91.4 93.2 93.9 94.7 92.3 92.3
Total Asset Turnover (x) 1.6 1.6 1.4 1.4 1.2 1.2
Working Capital Turnover (x) 41.6 69.2 76.9 34.7 32.9 60.8
Profitability Peer Analysis - Annual
Charter
Amazon.com Alphabet A News A Microsoft Communications A Alibaba Group
(AMZN) (GOOGL) (NWSA) (MSFT) (CHTR) Holding (9988-HK)
Gross Margin (%) 39.6 53.5 41.1 68.9 36.0 39.8
Operating Margin (%) 5.9 22.5 6.4 41.6 17.6 12.7
Net Margin (%) 5.5 22.1 3.5 36.5 6.7 21.0
ROA (%) 7.8 13.5 2.1 19.3 2.2 10.0
ROE (%) 27.4 19.0 4.2 47.1 11.7 17.7
Revenue/Employee (000) 297.4 1,348 389.9 928.7 500.5 3,262
Receivables Turnover (x) 17.2 6.2 6.6 4.8 21.7 13.8
Inventory Turnover (x) 10.5 98.1 18.3 23.1 - 20.0
Payables Turnover (x) 4.0 15.2 16.1 3.8 39.7 51.7

Credit Ratios
Liquidity Analysis 10Y Trend Dec '15 Dec '16 Dec '17 Dec '18 Dec '19 Dec '20
Current Ratio 1.08 1.04 1.04 1.10 1.10 1.05
Quick Ratio 0.77 0.78 0.76 0.85 0.86 0.86
Cash Ratio 0.59 0.61 0.56 0.61 0.63 0.67
Credit Analysis 10Y Trend Dec '15 Dec '16 Dec '17 Dec '18 Dec '19 Dec '20
Interest Coverage (EBITDA) 15.1 21.5 15.3 17.9 19.0 24.0
Interest Coverage (EBIT) 5.2 9.0 5.1 9.0 9.2 13.9
Fixed Chg Coverage 5.2 9.0 5.1 9.0 9.2 13.9
CFO/Int Exp 26.0 34.0 21.7 21.7 24.1 40.1
Total Debt/EBITDA 2.5 2.0 3.4 1.9 1.7 1.6
Net Debt/EBITDA -0.4 -0.6 0.9 0.3 0.7 0.4
Net Debt/(EBITDA-CapEx) -1.1 -1.7 11.6 0.6 1.6 -27.9
LT Debt/EBITDA 2.0 1.5 2.9 1.6 2.1 2.1
Total Debt/Total Equity 131.1 105.8 159.3 113.2 124.9 107.6
Total Debt/Total Capital 56.7 51.4 61.4 53.1 55.5 51.8
Total Debt/Total Assets 25.9 23.7 33.6 30.3 34.4 31.3
Net Debt/FFO -0.3 -0.5 0.6 0.2 0.5 0.3
LT Debt/FFO 1.5 1.2 2.0 1.3 1.5 1.6
FCF/Total Debt 0.4 0.5 0.1 0.4 0.3 0.3
CFO/Total Debt 0.7 0.8 0.4 0.6 0.5 0.7
Altman Z-Score (Original) - Annual (M)

Dec '16 Dec '17 Dec '18 Dec '19 Dec '20
(Working Capital 1,965.0 2,314.0 6,710.0 8,522.0 6,348.0
/ Total Assets) 86,022.0 131,310.0 162,648.0 225,248.0 321,195.0
= 1.2 * X1 0.0274 0.0211 0.0495 0.0454 0.0237
+ (Retained Earnings 4,916.0 8,636.0 19,625.0 31,220.0 52,551.0
/ Total Assets) 86,022.0 131,310.0 162,648.0 225,248.0 321,195.0
= 1.4 * X2 0.0800 0.0921 0.1689 0.1940 0.2291
+ (EBIT 4,353.0 4,320.0 12,717.0 14,742.0 22,824.0
/ Total Assets) 86,022.0 131,310.0 162,648.0 225,248.0 321,195.0
= 3.3 * X3 0.1670 0.1086 0.2580 0.2160 0.2345
+ (Market Value of Equity 356,313.0 563,535.0 737,467.0 920,224.0 1,634,170.0
/ Total Liabilities) 66,737.0 103,601.0 119,099.0 163,188.0 227,791.0
= 0.6 * X4 3.2034 3.2637 3.7152 3.3834 4.3044
+ (Revenue 135,987.0 177,866.0 232,887.0 280,522.0 386,064.0
/ Total Assets) 86,022.0 131,310.0 162,648.0 225,248.0 321,195.0
= 0.999 * X5 1.5793 1.3532 1.4304 1.2442 1.2008
Z-Score 5.06 4.84 5.62 5.08 5.99

CDS Curve
Debt Capital Structure Summary
EBITDA (30 Jun '21) EBITDA (31 Mar '21)

58,936.00LTM 55,066.00LTM
30 Jun '21 /EBITDA 31 Mar '21 /EBITDA

ST Debt Total 1,155.00 0.02 1,156.00 0.02
Current Portion of LTD 1,155.00 - 1,156.00 -
Revolving Credit 503.00 0.01 429.00 0.01
Sec. Rev. Facility 503.00 - 429.00 -
Term Loans 509.00 0.01 548.00 0.01
Other Borrowings 509.00 - 548.00 -
Notes/Bonds 50,621.70 0.86 32,122.00 0.58
Senior Unsec. 50,621.70 - 32,122.00 -
Other -199.75 -0.00 -75.00 -0.00
Adjustments -199.75 - -75.00 -
LT Debt Total 51,434.00 0.87 33,024.00 0.60
Current Portion of LTD -1,155.00 - -1,156.00 -
Net LT Debt Total 50,279.00 0.85 31,868.00 0.58
Total Debt 51,434.00 0.87 33,024.00 0.60

Debt Seniority Breakdown - Annual (M)
Credit Peer Analysis - Annual
Charter
Interest Coverage (EBIT) 13.9 116.3 16.3 29.8 2.2 20.4
Fixed Chg Coverage 13.9 116.3 16.3 29.8 2.2 20.4
CFO/Int Exp 40.1 482.4 33.4 32.7 3.8 51.8
Total Debt/EBITDA 1.6 0.3 1.6 0.9 4.6 1.1
Net Debt/EBITDA 0.4 -2.0 0.9 -0.6 4.6 -2.5
LT Debt/EBITDA 2.1 0.5 2.4 0.9 4.6 1.2
Total Debt/Total Equity 107.6 12.5 43.5 57.9 353.3 19.4
Total Debt/Total Capital 51.8 11.1 30.3 36.7 77.9 16.2
Total Debt/Total Assets 31.3 8.7 21.3 24.7 57.6 10.7

DuPont Analysis - Annual
Dec '13 Dec '14 Dec '15 Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 LTM
Asset Turnover 2.01 1.82 1.73 1.77 1.64 1.58 1.45 1.41 1.43
x Operating Margin 1.2 0.3 2.2 3.2 2.4 5.5 5.3 5.9 6.6
x Interest Burden 0.59 -0.36 0.65 0.89 0.88 0.89 0.95 1.06 1.14
x Tax Burden 0.54 2.17 0.38 0.61 0.80 0.89 0.83 0.88 0.88
= ROA 0.7 -0.5 1.0 3.1 2.8 6.9 6.0 7.8 9.5
x Equity Leverage 4.12 4.77 5.14 4.71 4.62 4.13 3.67 3.51 3.28
= ROE 3.1 -2.4 4.9 14.5 12.9 28.3 21.9 27.4 31.2
x Earnings Retention 100.0 - 100.0 100.0 100.0 100.0 100.0 100.0 100.0
= Reinvestment Rate 3.1 -2.4 4.9 14.5 12.9 28.3 21.9 27.4 31.2
DuPont Peer Analysis - Annual
Charter
Asset Turnover 1.4 0.6 0.6 0.5 0.3 0.5
x Operating Margin 5.9 22.5 6.4 41.6 17.6 12.7
x Interest Burden 1.1 1.2 0.7 1.0 0.5 1.8
x Tax Burden 0.9 0.8 0.7 0.9 0.7 0.9
= ROA 7.8 13.5 2.1 19.3 2.2 10.0
x Equity Leverage 3.5 1.4 2.0 2.4 5.4 1.8
= ROE 27.4 19.0 4.2 47.1 11.7 17.7
x Earnings Retention 100.0 100.0 64.0 72.2 100.0 100.0
= Reinvestment Rate 27.4 19.0 2.1 34.4 11.7 17.7

Statement Analysis
Financial Statement
Dec '17 Dec '18 Dec '19 Dec '20 LTM 10Y Trend 5Y CAGR 10Y CAGR
Sales/Revenues 177.9 232.9 280.5 386.1 443.3 29.3% 27.4%
COGS incl. D&A 111.9 139.2 165.5 233.3 263.0 26.6% 24.3%
Gross Inc 65.9 93.7 115.0 152.8 180.3 34.0% 34.9%
SG&A 61.6 81.0 100.2 129.9 151.1 31.6% 35.7%
Other Oper Expense 0.0 0.0 0.0 0.0 0.0 - -
EBIT(Operating Income) 4.3 12.7 14.7 22.8 29.2 56.9% 31.2%
Nonop Inc (Exp) - Net 0.2 0.1 0.8 1.5 4.5 - 51.2%
Interest Expense 0.8 1.4 1.6 1.6 1.7 29.1% 45.4%
Unusual Exp (Inc) - Net -0.1 0.1 -0.0 -1.5 -1.4 - -
Pretax Income 3.8 11.3 14.0 24.2 33.5 72.8% 32.1%
Income Taxes 0.8 1.2 2.4 2.9 4.2 24.7% 23.3%
Minority Interest 0.0 0.0 0.0 0.0 0.0 - -
Net Income 3.0 10.1 11.6 21.3 29.4 104.5% 33.9%
EPS (recurring) 5.997 20.329 22.977 39.767 55.337 99.8% 31.7%
EPS (diluted) 6.150 20.146 22.992 41.826 57.379 101.8% 32.4%
EBITDA 13.0 25.3 30.5 39.6 58.9 41.6% 34.9%
Income Statement Growth - Annual

AMZN Ind

Financial Statement
Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 10Y Trend 5Y CAGR 10Y CAGR
Curr Assets 45.8 60.2 75.1 96.3 132.7 29.5% 25.5%
Cash & ST Inv 26.6 32.3 41.7 55.3 84.7 33.3% 25.2%
Accounts Receivable 7.7 11.8 16.3 20.5 24.3 31.7% 32.7%
Inventories 11.5 16.0 17.2 20.5 23.8 18.4% 22.2%
Other Current Assets - - - - - - -
Curr Liabilities 43.8 57.9 68.4 87.8 126.4 30.1% 28.4%
STD & Curr Port LT Debt 5.2 6.2 9.5 14.3 16.1 36.8% 53.4%
Accounts Payable 25.3 34.6 38.2 47.2 72.5 28.9% 24.6%
Income Tax Payable - - - - - - -
Other Current Liabilities 13.3 17.0 20.7 26.3 37.7 30.1% 33.5%
Total Debt 20.4 44.1 49.3 77.5 100.5 41.8% 60.9%
Total Assets 86.0 131.3 162.6 225.2 321.2 36.5% 32.8%
Total Liabilities 66.7 103.6 119.1 163.2 227.8 33.2% 34.3%
Shrhldrs Equity 19.3 27.7 43.5 62.1 93.4 47.5% 29.8%
BVPS 40.430 57.250 88.695 124.618 185.694 45.6% 28.4%
Use of Cash
Cash and Liabilities Dec '15 Dec '16 Dec '17 Dec '18 Dec '19 Dec '20
Cash and Short Term Investments 20,093 26,581 32,321 41,676 55,342 84,653
Share Repurchase 0 0 0 0 0 0
Dividends 0 0 0 0 0 0
Debt Servicing -4,694 -4,845 -7,219 -9,871 -13,939 -13,895
Net Change in Reporting Period Cash (FX adjusted) 1,333 3,444 1,188 10,317 4,237 5,967
Cash Flow Increases/Decreases 6,048 7,880 -8,537 19,771 15,833 8,100
Cash Received (Paid) from Debt Activity -4,341 -4,224 9,012 -9,103 -11,666 -2,751
Dividends Paid 0 0 0 0 0 0
Cash Received (Paid) from Change in Equity 0 0 0 0 0 0

Financial Statement
Dec '17 Dec '18 Dec '19 Dec '20 LTM 10Y Trend 5Y CAGR 10Y CAGR
Net Income 3,033 10,073 11,588 21,331 29,438 104.5% 33.9%
Deprec & Amort 10,933 15,341 21,789 25,251 29,687 34.9% 52.0%
Other Funds 4,670 5,911 6,779 6,555 5,284 16.6% 33.2%
Changes in Wk Cap -173 -1,043 -2,438 13,481 -6,149 39.4% 23.9%
Operating Cash Flow 18,434 30,723 38,514 66,064 59,323 40.8% 34.2%
Cap Ex -11,955 -13,427 -16,861 -40,140 -52,256 - -
Other Investing, Total -15,864 1,058 -7,420 -19,471 - - -
Investing Cash Flow -27,819 -12,369 -24,281 -59,611 -63,659 - -
Free Cash Flow 6,479 17,296 21,653 25,924 7,067 28.7% 26.3%
FCF/Share 13.142 34.592 42.962 50.831 13.749 27.0% 24.9%
FCF Yield (%) 1.1 2.3 2.3 1.6 0.4 -7.3% -6.5%
% of Net Income 213.6 171.7 186.9 121.5 24.0 -37.1% -5.7%
Cash Divs Pd 0 0 0 0 0 - -
Change in Capital Stock 0 0 0 0 0 - -
Iss/Red Debt 9,860 -7,686 -10,066 -1,104 6,246 - -
Financing Cash Flow 9,860 -7,686 -10,066 -1,104 6,246 - -
Net Change in Cash 1,188 10,317 4,237 5,967 2,825 35.0% 33.5%
Industry Metrics - Annual (B)
Revenue & Expenses 10Y Trend Dec '16 Dec '17 Dec '18 Dec '19 Dec '20
Sales 135.987 177.866 232.887 280.522 386.064
Merchandise Margin (%) - - - - -
Net Rental Expense 1.4 2.2 3.4 4.635 6.257
New/Relocated Store Expense - - - - -
Operating Lease Expense 1.4 2.2 3.4 4.635 6.257
Capital Expenditures -6.737 -11.955 -13.427 -16.861 -40.14
Key Statistics 10Y Trend Dec '16 Dec '17 Dec '18 Dec '19 Dec '20
Same Store Sales (%) - - - - -
Domestic - - - - -
International - - - - -
Average Sales per Store - - - - -
Sales per Retail Sq. Ft. - - - - -
Floor Area Sq. Ft. (000's) - 21286 20073 20903 21988
Selling Space Sq. Ft. (000's) - - - - -
Store Information 10Y Trend Dec '16 Dec '17 Dec '18 Dec '19 Dec '20
# Comparable Stores - - - - -
Average Store Size - - - - -
# Beginning Stores - - 472 527 571
# Ending Stores - 472 527 571 618

M&A
Takeover Defense
Bullet Proof Rating
0.75
0 10
Strengths Weaknesses
The ability of shareholders to call special meetings is limited to 25% Action can be taken without a meeting by written consent
shareholders
Directors may be removed with or without cause
All vacancies on board are filled by remaining directors, including No poison pill in force
vacancies as a result of removal or an enlargement of the board
Board is authorized to adopt, amend or repeal bylaws without
shareholder approval
Cumulative voting is prohibited
Blank check preferred stock
Advance notice requirements for proposals/nomination
More
State Takeover Laws
Statute Source Covered

Assumption of Labor Contracts Section 706 of Title 19 of the Delaware Code Yes
Freezeout Provision (3 Year) Section 203 of the Delaware General Corporation Law Yes
No
No
Takeover Defense Peer Analysis
Alibaba
Alphabet Charter Group
Amazon.com A News A Microsoft Communications Holding
(AMZN) (GOOGL) (NWSA) (MSFT) A (CHTR) (9988-HK)
Bullet Proof Rating 0.8 1.8 5.2 1.2 1.2 4.0
Classified Board No No No No No Yes
S'holders Can't Call Meetings No No No No Yes No
No Action By Written Consent No Yes Yes Yes No Yes
Fair Price Provision No No No No No No
Supermajority for Mergers No No No No No Yes
Directors Removed w/ Cause No No Yes No No No
Supermajority to Remove No No No No No No
Poison Pill In Force No No Yes No No No

Company Overview
Amazon.com, Inc. (AMZN) Data as of: 9 Sep '21
$3525.50 Next Report Date: 28 Oct '21
Relationship Overview
Top 10 Relationships (out of 1318)
Relationship Disclosures/ 3M Price

Rel Type Rel Rank Company Ctry Industry Value ($) Mkt Cap ($) Source Correlation Key Risks Key Events
Supplier,Custo 1 Arlo USA Electronic 44 506 Reverse 0.16 - -
mer,Partner Technologies Security
Equipment
Supplier,Custo 2 Telos USA Administrative - 2,242 Reverse 0.04 - -
mer,Partner Services
Supplier,Custo 3 GoDaddy A USA Internet Hosting - 12,725 Reverse 0.65 - -
Supplier,Custo 4 Blue Prism GBR Enterprise - 1,601 Reverse -0.05 1 1
mer,Partner Group Management
Software
Supplier,Custo 5 Celsius USA Beverages 20 6,525 Reverse -0.16 - -
mer,Partner Production
Supplier,Custo 6 Hasbro USA Other Leisure 546 13,508 Reverse -0.06 - -
mer,Partner Goods
Supplier,Partner 7 NVIDIA USA Specialized - 556,688 Reverse 0.02 - -
Semiconductors
Supplier,Partner 8 Equinix Inc USA Equity REITs - 79,188 Reverse 0.19 - -
Customer,Partn 9 PagerDuty USA Enterprise - 3,916 Reverse 0.28 - 1
er Management
Software
Supplier,Custo 10 iRobot USA Small 324 2,296 Reverse 0.09 - -
mer Appliances and
Accessories
Manufacturing
Millions, Sources: FactSet Revere, FactSet Fundamentals, FactSet Prices, FactSet Mergerstat, FactSet Estimates, and the World Bank
All Relationships (1318)
Relationship Disclosures/ 3M Price

Rel Type Rel Rank Company Ctry Industry Value ($) Mkt Cap ($) Source Correlation Key Risks Key Events
Supplier,Custo 1 Arlo USA Electronic 44 506 Reverse 0.16 - -
mer,Partner Technologies Security
Equipment
Supplier,Custo 2 Telos USA Administrative - 2,242 Reverse 0.04 - -
Supplier,Custo 3 GoDaddy A USA Internet Hosting - 12,725 Reverse 0.65 - -
Supplier,Custo 4 Blue Prism GBR Enterprise - 1,601 Reverse -0.05 1 1
mer,Partner Group Management
Software
Supplier,Custo 5 Celsius USA Beverages 20 6,525 Reverse -0.16 - -
Supplier,Custo 6 Hasbro USA Other Leisure 546 13,508 Reverse -0.06 - -
mer,Partner Goods
Supplier,Partner 7 NVIDIA USA Specialized - 556,688 Reverse 0.02 - -
Semiconductors
Supplier,Partner 8 Equinix Inc USA Equity REITs - 79,188 Reverse 0.19 - -
Customer,Partn 9 PagerDuty USA Enterprise - 3,916 Reverse 0.28 - 1
er Management
Software
Supplier,Custo 10 iRobot USA Small 324 2,296 Reverse 0.09 - -
mer Appliances and
Accessories
Manufacturing
Supplier,Custo 11 YETI Holdings USA Home and 153 8,452 Reverse -0.45 - -
mer,Partner Office
Furnishings
Manufacturing
Supplier 12 Hudson Pacific USA Equity REITs 19 4,260 Reverse 0.18 - 2
Props
Customer,Partn 13 Fortinet Inc USA Wide Area - 50,499 Reverse -0.27 - 1
er Networking
Equipment
Supplier,Custo 14 Liberty Media A USA Arts, - 29,176 Reverse 0.16 - -
mer,Partner Entertainment
and Recreation
Providers
Supplier,Custo 15 ZoomInfo USA Enterprise - 28,523 Reverse -0.27 - -
mer Technologies A Management
Software
Supplier,Custo 16 Digital Turbine USA Telecommunica - 5,873 Reverse 0.24 - -
mer tions Industry
Software
Customer,Partn 17 Fastly A USA Internet Hosting - 5,263 Reverse 0.46 - -
er Services
Supplier,Partner 18 Alteryx A USA Enterprise - 4,997 Reverse 0.48 - -
Management
Software
Supplier,Partner 19 Tenable USA IT Infrastructure - 4,911 Reverse 0.06 - -
Holdings Software
Supplier,Custo 20 Qualys USA IT Infrastructure - 4,577 Reverse -0.26 - -
mer,Partner Software
Supplier,Partner 21 CommVault USA IT Infrastructure - 3,604 Reverse 0.31 - -
Systems Software
Customer,Partn 22 Ping Identity USA IT Infrastructure - 2,104 Reverse -0.25 - -
er Holding Software
Supplier,Custo 23 Liquidity USA Auction Houses - 856 Reverse -0.32 - -
mer Services and
Authentication
Services
Supply Chain Report © 2021 FactSet Research Systems Inc. | 1 of 39

Customer,Partn 24 ChannelAdvisor USA Internet Hosting - 770 Reverse -0.06 - -
er Services
Supplier,Custo 25 Vinco Ventures USA Professional - 710 Reverse 0.14 - -
mer,Partner Data and
Services
Supplier,Custo 26 DHI Group USA Consumer Data - 215 Reverse -0.25 - -
mer and Services
Supplier 27 Duke Realty USA Equity REITs 95 20,362 Reverse -0.02 - -
Supplier 28 Terreno Realty USA Equity REITs 10 4,852 Reverse 0.11 - -
Supplier 29 Cinedigm USA Entertainment 2 341 Reverse -0.48 - 1
and
Programming
Providers
Supplier,Partner 30 Roku-A Rg USA Entertainment - 44,658 Reverse 0.65 - -
and
Programming
Providers
Supplier,Partner 31 Datadog A USA IT Infrastructure - 43,269 Reverse -0.33 - -
Software
Supplier,Partner 32 Liberty Media USA Broadcast - 29,176 Reverse -0.23 - -
Corp. Media Services
Supplier 33 Generac USA Commercial - 27,976 Reverse 0.57 - 2
and Industrial
Electric
Products
Customer,Partn 34 Zynga A USA Games - 9,314 Reverse 0.59 1 -
er Software
Supplier,Partner 35 Resideo USA IT Hardware - 4,320 Reverse -0.50 - -
Technologies Distributors
Supplier,Custo 36 Amyris USA Additives - 4,092 Reverse 0.22 1 -
mer,Partner Manufacturing
Supplier,Custo 37 World Wrestling USA Entertainment - 3,854 Reverse 0.08 - -
mer,Partner Entmt A and
Programming
Providers
Supplier,Custo 38 Lions Gate USA Entertainment - 2,598 Reverse 0.35 - -
mer,Partner Entertainment A and
Programming
Providers
Supplier,Custo 39 Funko A USA Other Leisure - 921 Reverse -0.10 - -
mer,Partner Goods
Supplier,Custo 40 Veritone USA Marketing and - 665 Reverse -0.20 - -
mer Advertising
Services
Supplier,Custo 41 Chicken Soup USA Entertainment - 366 Reverse 0.57 - -
mer,Partner for the Soul and
Entertainment A Programming
Providers
Supplier,Custo 42 Mtrsport Games USA Games - 199 Reverse 0.47 - -
Supplier 43 United Natural USA Retail 4,773 2,060 Reverse -0.19 - -
Foods Distributors
Supplier 44 Jabil Inc USA Contract 2,999 9,041 Reverse -0.43 - -
Electronic
Manufacturing
Supplier 45 ACCO Brands USA Other Leisure 83 883 Reverse -0.64 - -
Goods
Supplier 46 Simply Good USA Food 82 3,420 Reverse 0.72 - -
Foods Production
Supplier 47 Applied USA Optoelectronics 27 211 Reverse 0.18 - -
Optoelectronics Electronic
Components
Supplier 48 Regency USA Equity REITs 25 11,781 Reverse -0.26 - -
Centers
Supplier 49 STAG Industrial USA Equity REITs 18 7,138 Reverse -0.27 - -
Supplier 50 Lexington USA Equity REITs 14 3,925 Reverse -0.47 - -
Realty Trust
Supplier 51 PS Business USA Equity REITs 7 5,617 Reverse -0.04 - -
Parks
Supplier 52 Kite Realty USA Equity REITs 3 1,724 Reverse 0.13 - -
Group Trust
Customer,Partn 53 Carrier Global USA Air, Liquid and - 49,164 Reverse -0.35 - -
er Gas Control
Equipment
Supplier,Partner 54 F5 Networks USA IT Infrastructure - 12,203 Reverse -0.46 - -
Software
Supplier,Custo 55 Nielsen Hld USA Consulting/Busi - 7,477 Reverse 0.10 - -
mer ness Process
Outsourcing
Services
Supplier,Custo 56 Freshpet USA Food - 5,767 Reverse 0.41 - -
mer Production
Supplier,Custo 57 Box A USA Enterprise - 3,842 Reverse -0.28 - -
mer Management
Software
Supplier,Custo 58 Kontoor Brands USA Apparel and - 3,060 Reverse -0.26 - -
mer,Partner Footwear
Production
Supplier,Custo 59 Momentive USA Enterprise - 2,983 Reverse 0.39 - -
mer Global Management
Software
Supplier,Custo 60 Stem USA Commercial - 2,963 Reverse 0.29 - -
mer and Industrial
Electric
Products
Customer,Partn 61 Yelp A USA Web-Based - 2,677 Reverse 0.03 - -
er Data and
Services
Customer,Partn 62 Domo B USA Enterprise - 2,527 Reverse -0.08 - -
er Management
Software
Supplier,Custo 63 GoPro A USA Photography - 1,470 Reverse -0.05 - -
mer Equipment

Supplier,Custo 64 Viant Tech Rg-A USA Enterprise - 803 Reverse 0.07 - -
mer Management
Software
Supplier,Custo 65 CuriosityStream USA Web-Based - 648 Reverse -0.03 - -
mer,Partner A Data and
Services
Customer,Partn 66 Brightcove USA Design and - 491 Reverse 0.39 - -
er Engineering
Software
Supplier,Custo 67 CalAmp USA Wireless Mobile - 400 Reverse 0.04 - -
mer,Partner Equipment
Supplier,Custo 68 Rocky Brands USA Apparel and - 351 Reverse -0.12 - -
mer,Partner Footwear
Production
Supplier,Custo 69 Casper Sleep USA Home and - 199 Reverse 0.17 - -
mer Office
Furnishings
Manufacturing
Supplier,Custo 70 Laird Superfood USA Food - 157 Reverse 0.42 - -
Supplier 71 Sears Holdings USA Department - 101 Reverse 0.41 1 -
Stores
Supplier,Custo 72 IDW Media USA Print Media and - 52 Reverse 0.34 - -
mer,Partner Holdings B Publishing
Services
Supplier,Custo 73 BIO-key USA Enterprise - 25 Reverse 0.08 - -
mer,Partner Management
Software
Supplier,Custo 74 ARRIS USA Cable - - Reverse - - -
mer International Plc Equipment
Supplier,Custo 75 Blackhawk USA Consumer - - Reverse - - -
mer Network Finance
Holdings, Inc. Services
Supplier,Partner 76 DTS, Inc. USA Design and - - Reverse - - -
Engineering
Software
Supplier,Partner 77 Hortonworks, USA Enterprise - - Reverse - - -
Inc. Management
Software
Supplier,Partner 78 Pivotal USA Design and - - Reverse - - -
Software, Inc. Engineering
Software
Supplier,Partner 79 Pluralsight, Inc. USA Educational - - Reverse - - -
Services
Supplier,Custo 80 Rosetta Stone USA Home and - - Reverse - - -
mer,Partner Inc. Office Software
Supplier,Custo 81 SendGrid, Inc. USA Enterprise - - Reverse - - -
mer Management
Software
Supplier,Partner 82 Sizmek, Inc. USA Marketing and - - Reverse - - -
Advertising
Services
Supplier,Custo 83 TiVo Corp. USA Entertainment - - Reverse - - -
mer and
Programming
Providers
Customer,Partn 84 Virtusa USA Information - - Reverse - - -
er Corporation Technology
Consulting
Supplier 85 United Parcel USA Express 11,229 169,479 Reverse 0.62 - -
Service B Couriers
Supplier 86 Prologis Inc USA Equity REITs 271 105,388 Reverse -0.25 - -
Supplier 87 Nautilus USA Sporting and 94 320 Reverse 0.30 - 1
Athletic Goods
Supplier 88 Limelight USA Internet Hosting 83 323 Reverse -0.05 - -
Networks Services
Supplier 89 Summer Infant USA Baby 51 19 Reverse 0.36 - -
Accessories
Manufacturing
Supplier 90 JBG SMITH USA Equity REITs 35 4,428 Reverse 0.30 - -
Properties
Supplier 91 Industrial USA Equity REITs 25 1,788 Reverse -0.06 - -
Logistics
Supplier 92 Acme United USA Other Leisure 21 144 Reverse 0.42 - -
Goods
Supplier 93 Kilroy Realty USA Equity REITs 18 7,865 Reverse 0.32 - -
Supplier 94 Columbia USA Equity REITs 9 2,183 Reverse 0.11 - 1
Property Trust
Supplier 95 Emerson Radio USA Audio 2 25 Reverse 0.46 - -
Electronics
Manufacturing
Supplier,Custo 96 Sony Group JPN General - 136,809 Reverse 0.19 - 1
mer,Partner Computer
Hardware
Supplier,Custo 97 Atlassian A AUS Design and - 96,169 Reverse -0.39 - -
mer Engineering
Software
Customer 98 Zscaler USA IT Infrastructure - 38,447 Reverse -0.09 - 1
Software
Customer 99 Coupa Software USA Enterprise - 18,679 Reverse 0.52 - 1
Management
Software
Partner 100 Pegasystems USA Enterprise - 11,207 Reverse 0.54 - -
Management
Software
Customer 101 Guidewire USA Finance - 10,238 Reverse 0.05 - 1
Software Software and
Services
Customer 102 Vonage USA Wireline - 3,740 Reverse 0.41 - -
Services
Customer,Partn 103 Persistent IND Infrastructure - 3,598 Reverse -0.14 - -
er Systems and Network
Consulting
Services

Supplier,Custo 104 Kainos Group GBR Information - 3,328 Reverse -0.29 - 1
mer Technology
Consulting
Customer 105 2U USA Administrative - 2,661 Reverse 0.75 - -
Services
Customer 106 Zuora-A Rg USA Enterprise - 2,133 Reverse 0.62 - -
Management
Software
Supplier,Custo 107 Sanrio JPN Entertainment - 1,924 Reverse -0.28 - -
mer,Partner Retail
Customer,Partn 108 Mastek IND Infrastructure - 1,012 Reverse 0.03 - 1
er and Network
Consulting
Services
Supplier,Custo 109 Rovio Entmt FIN Games - 663 Reverse 0.61 - -
Supplier,Custo 110 Enthusiast CAN Web-Based - 525 Reverse -0.04 - 2
mer,Partner Gaming Data and
Services
Supplier 111 Ooma USA Wireline - 503 Reverse 0.03 - 1
Services
Supplier,Custo 112 WildBrain CAN Entertainment - 366 Reverse 0.06 - 1
mer and
Programming
Providers
Partner 113 eGain USA Enterprise - 361 Reverse 0.25 - 1
Management
Software
Customer 114 Fluent USA Marketing and - 206 Reverse 0.05 - 1
Advertising
Services
Customer,Partn 115 Automated HKG Information - 175 Reverse 0.16 - -
er Systems Hldgs Technology
Consulting
Customer 116 Remark USA Enterprise - 131 Reverse 0.17 1 -
Holdings Management
Software
Supplier 117 Air Transport USA Air and Water 471 1,931 Reverse -0.70 - -
Svcs Grp Transportation
Operators
Supplier 118 Mattel Inc USA Other Leisure 470 7,129 Reverse -0.58 - -
Goods
Supplier 119 Fitbit, Inc. USA Wearable 143 - Reverse - - -
Technology
Supplier 120 Hamilton Beach USA Small 97 222 Reverse 0.25 - -
Brands A Appliances and
Accessories
Manufacturing
Supplier 121 Duke Realty LP USA Equity REITs 90 - Reverse - - -
Supplier 122 Lifetime Brands USA Home and 77 377 Reverse -0.73 - -
Office
Furnishings
Manufacturing
Supplier 123 Escalade USA Sporting and 63 289 Reverse -0.22 - -
Athletic Goods
Supplier 124 Cousins USA Equity REITs 30 5,805 Reverse -0.22 - -
Properties
Supplier 125 Regency USA Equity REITs 26 - Reverse - - -
Centers LP
Supplier 126 Crown Crafts USA Baby 20 72 Reverse 0.07 - -
Accessories
Manufacturing
Supplier 127 Kimco Realty USA Equity REITs 18 13,287 Reverse -0.50 - -
Supplier 128 AeroGrow USA Other Leisure 14 - Reverse - - -
International, Goods
Inc.
Supplier 129 InvenTrust Ppts USA Equity REITs 12 108 Reverse 0.39 - -
Supplier 130 Weingarten USA Equity REITs 9 - Reverse - - -
Realty Investors
Supplier 131 Monmouth Real USA Equity REITs 5 1,845 Reverse -0.19 - -
Estate
Investment A
Supplier 132 Whitestone USA Equity REITs 3 458 Reverse -0.61 - -
REIT
Supplier 133 Mack-Cali USA Equity REITs 3 1,592 Reverse 0.02 - -
Realty
Supplier 134 Koss USA Audio 2 164 Reverse -0.06 - -
Electronics
Manufacturing
Supplier 135 Mack-Cali USA Equity REITs 2 - Reverse - - -
Realty LP
Supplier,Partner 136 Walt Disney USA Entertainment - 336,441 Reverse 0.20 - -
and
Programming
Providers
Customer,Partn 137 Comcast A USA Other United - 276,027 Reverse -0.12 - -
er States
Telecommunica
tions Services
Customer 138 Netflix USA Web-Based - 268,235 Reverse 0.17 - -
Data and
Services
Customer 139 ServiceNow USA Enterprise - 129,518 Reverse 0.04 - -
Management
Software
Partner 140 Workday A USA Enterprise - 66,961 Reverse 0.08 - -
Management
Software
Customer 141 CrowdStrike USA IT Infrastructure - 60,539 Reverse 0.45 - -
Holdings A Software
Customer,Partn 142 Palo Alto USA Wide Area - 45,365 Reverse 0.16 - -
er Networks Networking
Equipment

Customer 143 Fujitsu JPN Information - 39,971 Reverse 0.75 - -
Technology
Consulting
Customer 144 Equifax USA Administrative - 33,575 Reverse -0.04 - -
Services
Customer,Partn 145 MongoDB A USA IT Infrastructure - 31,219 Reverse -0.03 - 1
er Software
Supplier,Partner 146 Legrand FRA Commercial - 30,612 Reverse -0.28 - -
and Industrial
Electric
Products
Partner 147 NetApp USA Data Storage - 20,019 Reverse -0.16 - -
Hardware
Customer 148 Ubiquiti USA Local Area - 19,796 Reverse -0.17 - -
Networking
Equipment
Customer 149 Tyler USA Administrative - 19,720 Reverse 0.31 - -
Technologies Services
Customer 150 Domino's Pizza USA Restaurants - 19,216 Reverse -0.09 1 -
and Bars
Customer,Partn 151 SK Telecom KOR Wireless - 18,624 Reverse 0.38 - -
er Services
Partner 152 Avalara USA Enterprise - 16,189 Reverse 0.06 - -
Management
Software
Customer 153 FactSet USA Professional - 14,415 Reverse -0.30 - -
Data and
Services
Customer 154 Fair Isaac USA General and - 13,133 Reverse 0.73 - -
Mixed-Type
Software
Supplier,Custo 155 Wm Morrison GBR Grocery Stores - 9,718 Reverse 0.07 - 1
mer,Partner Supermarkets
Supplier 156 Federal Realty USA Equity REITs - 9,553 Reverse -0.26 - -
Investment
Trust
Customer 157 Kohl's USA Department - 8,042 Reverse -0.45 - -
Stores
Supplier,Custo 158 Pearson GBR Educational - 7,903 Reverse 0.35 - 1
Customer 159 Appian A USA Design and - 7,545 Reverse 0.65 - -
Engineering
Software
Customer 160 Workiva A USA Enterprise - 7,397 Reverse -0.05 - -
Management
Software
Customer 161 Iridium USA United States - 6,208 Reverse -0.08 - -
Communication Satellite
s Services
Supplier 162 Stamps com USA Office Supplies - 6,104 Reverse -0.02 - -
and Stationery
Retail
Customer 163 C3.ai A USA Design and - 5,268 Reverse 0.26 - 1
Engineering
Software
Customer 164 New Relic USA IT Infrastructure - 5,096 Reverse -0.44 - -
Software
Customer,Partn 165 TTEC Holdings USA Information - 5,049 Reverse -0.28 - -
er Technology
Consulting
Customer 166 Q2 USA Finance - 5,012 Reverse 0.66 - -
Software and
Services
Supplier 167 Ambarella USA Specialized - 4,994 Reverse 0.05 - -
Semiconductors
Customer,Partn 168 Globalstar USA United States - 4,823 Reverse 0.37 - -
er Satellite
Services
Partner 169 LivePerson USA Enterprise - 4,619 Reverse 0.06 - -
Management
Software
Customer 170 Perficient USA Information - 3,933 Reverse -0.34 - -
Technology
Consulting
Partner 171 ACI Worldwide USA Enterprise - 3,822 Reverse 0.37 - -
Management
Software
Customer,Partn 172 Software DEU IT Infrastructure - 3,762 Reverse -0.18 - -
er Software
Customer 173 Accolade USA Enterprise - 3,116 Reverse 0.42 - -
Management
Software
Supplier,Custo 174 Docebo CAN Enterprise - 2,651 Reverse -0.21 - -
mer Management
Software
Supplier 175 TechTarget USA Professional - 2,430 Reverse 0.01 - -
Data and
Services
Customer,Partn 176 1-800-FLOWER USA Beverage and - 2,094 Reverse -0.07 - -
er S.COM A Specialty Foods
Stores
Supplier,Custo 177 Swedencare SWE Other Leisure - 1,968 Reverse -0.18 - -
mer,Partner Goods
Supplier,Custo 178 Trident IND Home and - 1,714 Reverse -0.32 - -
mer,Partner Office
Furnishings
Manufacturing
Customer 179 Yext USA Enterprise - 1,627 Reverse 0.17 - 1
Management
Software
Customer 180 Unisys USA Infrastructure - 1,605 Reverse -0.21 - -
and Network
Consulting
Services

Supplier 181 G-III Apparel USA Apparel and - 1,434 Reverse -0.10 - 1
Group Footwear
Production
Customer 182 Model N USA Healthcare - 1,292 Reverse -0.04 - -
Administrative
Support
Services
Customer 183 OptimizeRx USA Healthcare - 1,178 Reverse -0.26 - -
Administrative
Support
Services
Supplier,Custo 184 PVR IND Arts, - 1,117 Reverse -0.24 - -
mer,Partner Entertainment
and Recreation
Providers
Supplier 185 One Liberty USA Equity REITs - 665 Reverse -0.20 - -
Properties
Supplier 186 VSE USA Logistics and - 606 Reverse 0.50 - -
Supply Chain
Service
Providers
Supplier 187 DSP Group USA Specialized - 528 Reverse -0.21 - -
Semiconductors
Customer,Partn 188 Destination XL USA Apparel Retail - 428 Reverse -0.24 - -
er Group
Supplier,Custo 189 Shinsegae I&C KOR Information - 360 Reverse -0.46 - -
mer Technology
Consulting
Customer 190 Spok Holdings USA Wireless - 203 Reverse 0.17 - -
Services
Supplier 191 Lantronix USA Local Area - 197 Reverse 0.15 - -
Networking
Equipment
Supplier,Custo 192 Airthings NOR Industrial - 188 Reverse 0.39 - -
mer,Partner Machine Parts
and Support
Equipment
Customer,Partn 193 Charles & USA Accessories - 85 Reverse 0.15 - 1
er Colvard Production
Customer 194 FlexShopper USA Electronics - 67 Reverse 0.10 - -
Retail
Customer 195 Salem Media USA Broadcast - 61 Reverse -0.34 1 -
Group A Media Services
Customer,Partn 196 Kaspien USA General - 50 Reverse 0.03 1 1
er Holdings Merchandise
Retailers
Supplier 197 Socket Mobile USA Commerce - 49 Reverse -0.07 - -
Equipment
Supplier 198 Electronics For USA Printing/Publish - - Reverse - 1 -
Imaging, Inc. ing Industry
Electronics
Makers
Supplier 199 Happinet JPN Mixed 352 329 Reverse 0.59 - -
Electronics and
Entertainment
Retail
Supplier 200 Yiwu Huading CHN Department 349 645 Reverse 0.25 - -
Nylon A Stores
Supplier 201 World Holdings JPN Administrative 211 455 Reverse 0.72 - -
Services
Supplier 202 Wellnet JPN Consumer 30 93 Reverse 0.55 - -
Finance
Services
Supplier 203 Impress JPN Print Media and 15 90 Reverse 0.29 - -
Publishing
Services
Partner 204 Berkshire USA Diversified - 632,534 Reverse -0.69 - 1
Hathaway B Insurance
Supplier,Custo 205 Samsung KOR General - 441,252 Reverse 0.33 - -
mer Electronics Computer
Hardware
Partner 206 Oracle USA IT Infrastructure - 249,800 Reverse -0.10 - 1
Software
Partner 207 Accenture A IRL Information - 215,809 Reverse -0.06 - 3
Technology
Consulting
Customer 208 AT&T USA Other United - 197,064 Reverse 0.14 - 1
States
Telecommunica
tions Services
Customer 209 Intuit USA Enterprise - 155,099 Reverse -0.15 - 1
Management
Software
Supplier 210 AMD USA Specialized - 128,781 Reverse -0.34 - -
Semiconductors
Customer 211 Raytheon USA Aerospace - 124,958 Direct -0.24 - -
Technologies Equipment
Customer 212 3M USA Diversified - 108,720 Direct 0.07 - -
Materials
Customer 213 Mercadolibre ARG Department - 94,757 Reverse -0.25 - -
Stores
Customer 214 Twilio A USA Design and - 62,482 Reverse 0.72 - -
Engineering
Software
Supplier,Partner 215 NXP NLD Analog and - 55,180 Reverse -0.48 - -
Semiconductors Mixed Signal
Semiconductors
Supplier 216 Synopsys USA Design and - 51,331 Reverse -0.18 - -
Engineering
Software
Customer 217 Palantir Tchnlg USA Administrative - 49,961 Reverse -0.30 - -
A Services
Partner 218 Global USA Consumer - 49,943 Reverse 0.51 - 1
Payments Finance
Services

Customer 219 Veeva Systems USA Healthcare - 47,139 Reverse 0.18 - 1
A Administrative
Support
Services
Customer 220 HubSpot USA Enterprise - 31,996 Reverse -0.22 - -
Management
Software
Customer,Partn 221 Arista Networks USA Wide Area - 27,584 Reverse 0.24 - -
er Networking
Equipment
Customer 222 CDW USA IT Hardware - 27,553 Reverse -0.33 - -
Distributors
Partner 223 Splunk USA Enterprise - 25,448 Reverse 0.01 - -
Management
Software
Customer,Partn 224 Continental DEU Consumer - 25,420 Reverse -0.06 - -
er Vehicle Parts
Manufacturing
Supplier 225 Clorox USA Household - 20,848 Reverse 0.66 - -
Cleaning
Products
Customer,Partn 226 Warner Music USA Entertainment - 20,015 Reverse 0.32 - -
er Grp A and
Programming
Providers
Customer,Partn 227 Vodacom ZAF Wireless - 17,697 Reverse -0.61 - -
er Group Services
Customer 228 Asana A USA Enterprise - 16,935 Reverse 0.06 - 1
Management
Software
Supplier 229 PTC USA Design and - 15,235 Reverse 0.78 - -
Engineering
Software
Customer,Partn 230 Citrix Systems USA IT Infrastructure - 13,242 Reverse 0.46 - -
er Software
Customer 231 Dropbox-A Rg USA Internet Hosting - 12,221 Reverse -0.01 - -
Services
Supplier,Custo 232 Embracer SWE Games - 11,734 Reverse 0.39 - -
mer Group B Software
Customer,Partn 233 A. O. Smith USA Air, Liquid and - 11,474 Reverse -0.07 - -
er Gas Control
Equipment
Supplier 234 RPM USA Adhesive, - 10,457 Reverse 0.19 - 1
Sealant,
Coating and
Paint Products
Supplier 235 Amricld Rlty-SBI USA Equity REITs - 9,683 Reverse 0.48 - -
Customer,Partn 236 PVH USA Apparel and - 7,748 Reverse -0.43 - 1
er Footwear
Production
Customer,Partn 237 Reply ITA Information - 7,716 Reverse -0.24 - -
er Technology
Consulting
Supplier 238 First Industrial USA Equity REITs - 7,355 Reverse -0.17 - -
Realty Trust
Customer 239 Teradata USA Enterprise - 6,077 Reverse -0.34 - -
Management
Software
Customer 240 Science USA Defense - 4,966 Reverse 0.25 - 1
Applications Intl Manufacturing
Supplier 241 SPS Commerce USA Enterprise - 4,914 Reverse -0.40 - -
Management
Software
Customer 242 Papa John's USA Restaurants - 4,687 Reverse -0.24 - -
and Bars
Supplier 243 Diodes Inc USA General - 4,177 Reverse -0.47 - -
Semiconductors
Partner 244 ExlService USA Consulting/Busi - 4,091 Reverse -0.45 - -
ness Process
Outsourcing
Services
Partner 245 Alarm com USA Enterprise - 4,021 Reverse 0.25 - -
Holdings Management
Software
Partner 246 Magnite USA Entertainment - 3,806 Reverse 0.33 - -
and
Programming
Providers
Customer,Partn 247 John Wiley & USA Print Media and - 3,210 Reverse -0.28 - 1
er Sons A Publishing
Services
Customer,Partn 248 Vodafone Idea IND Wireless - 3,150 Reverse 0.40 - -
er Services
Supplier,Custo 249 Television FRA Entertainment - 2,117 Reverse 0.01 - -
mer Francaise 1 and
Programming
Providers
Partner 250 Monro USA Motor Vehicles - 1,862 Reverse 0.52 - -
and Parts Sales
and Rental
Supplier,Custo 251 Shenzhen CHN Finance - 1,791 Reverse 0.38 - -
mer,Partner Infogem Tech A Software and
Services
Supplier 252 Methode USA Consumer - 1,651 Reverse -0.28 - 1
Electronics Vehicle Parts
Manufacturing
Customer,Partn 253 ASKUL JPN Department - 1,601 Reverse 0.21 - -
er Stores
Customer,Partn 254 Formula ISR Infrastructure - 1,473 Reverse -0.22 - -
er Systems 1985 and Network
Consulting
Services
Customer 255 ePlus USA Infrastructure - 1,473 Reverse -0.52 - -
and Network
Consulting
Services

Partner 256 PubMatic A USA Entertainment - 1,426 Reverse 0.38 - -
and
Programming
Providers
Customer 257 iRhythm USA System-Specific - 1,398 Reverse 0.28 - -
Technologies General
Medical
Devices
Partner 258 Devoteam FRA Information - 1,250 Reverse -0.42 - 2
Technology
Consulting
Supplier,Custo 259 Sonata IND Infrastructure - 1,206 Reverse -0.40 - -
mer Software and Network
Consulting
Services
Supplier 260 Matthews USA Other - 1,126 Reverse -0.27 - -
International A Professional
Services
Supplier,Custo 261 Blue Star IND Air, Liquid and - 1,095 Reverse 0.53 - -
mer,Partner Gas Control
Equipment
Customer 262 NextGen USA Healthcare - 1,022 Reverse 0.26 - -
Healthcare Administrative
Support
Services
Supplier,Custo 263 Appen AUS Information - 931 Reverse 0.05 - -
mer Technology
Consulting
Customer,Partn 264 Lands' End USA Apparel Retail - 865 Reverse 0.23 - 1
er
Supplier 265 Calavo Growers USA Retail - 836 Reverse 0.18 - 1
Distributors
Supplier 266 Neenah USA Diversified - 827 Reverse -0.06 - -
Materials
Customer,Partn 267 Axway Software FRA IT Infrastructure - 723 Reverse -0.60 - -
er Software
Supplier 268 Universal USA Consumer - 689 Reverse -0.52 - -
Electronics Electronics
Accessories
Manufacturing
Supplier 269 Hackett Group USA Information - 608 Reverse -0.28 - -
Technology
Consulting
Supplier,Custo 270 Nuix AUS Enterprise - 607 Reverse -0.15 - -
mer Management
Software
Supplier,Custo 271 BWX AUS General - 567 Reverse -0.27 - -
mer,Partner Personal Care
and Cleaning
Products
Makers
Supplier,Custo 272 Humble Group SWE General - 551 Reverse -0.41 - -
mer,Partner Personal Care
and Cleaning
Products
Makers
Supplier 273 Turtle Beach USA Electronic - 459 Reverse 0.08 - -
Gaming/Enterta
inment
Electronics
Makers
Supplier,Partner 274 Genius Brands USA Entertainment - 451 Reverse 0.04 - -
Intl and
Programming
Providers
Customer 275 TrueCar USA Consumer Data - 391 Reverse 0.58 - -
and Services
Supplier 276 Superior Group USA Apparel and - 384 Reverse -0.22 - -
of Cos Footwear
Production
Customer 277 comScore USA Consulting/Busi - 334 Reverse 0.39 - -
ness Process
Outsourcing
Services
Supplier,Partner 278 Highlight CHE Entertainment - 296 Reverse -0.40 - -
Communication and
s Programming
Providers
Supplier,Custo 279 LT Foods IND Food - 288 Reverse 0.67 - -
mer Production
Customer,Partn 280 Blancco USA General and - 262 Reverse 0.24 - -
er Technology Mixed-Type
Group Software
Customer,Partn 281 LiveXLive Media USA Web-Based - 259 Reverse 0.17 - -
er Data and
Services
Supplier,Partner 282 Kaon Media KOR Consumer - 212 Reverse -0.60 - -
Video
Electronics
Equipment
Supplier,Custo 283 KINX KOR Internet Hosting - 210 Reverse 0.55 - -
mer Services
Customer,Partn 284 Ault Global USA Diversified - 161 Reverse -0.27 - -
er Holdings Electronic
Components
Partner 285 Limeade CDI USA Enterprise - 143 Reverse 0.37 - -
Management
Software
Supplier,Custo 286 Iervolino & Lady ITA Entertainment - 131 Reverse 0.35 - -
mer,Partner Bacardi and
Entertainment Programming
Providers
Customer,Partn 287 JAKKS Pacific USA Other Leisure - 129 Reverse -0.32 - -
er Goods
Customer 288 Inpixon USA Design and - 121 Reverse -0.03 - -
Engineering
Software

Customer 289 ARC Document USA Printing - 116 Reverse -0.60 - -
Solutions Services
Customer,Partn 290 ParkerVision USA Analog and - 102 Reverse 0.08 1 -
er Mixed Signal
Semiconductors
Partner 291 Marin Software USA Enterprise - 91 Reverse 0.57 - -
Management
Software
Customer 292 Inuvo USA Enterprise - 84 Reverse 0.52 - -
Management
Software
Supplier 293 LS Starrett A USA Tools and - 79 Reverse 0.26 - 1
Outdoor Care
Equipment
Supplier 294 Vince Holding USA Apparel and - 78 Reverse 0.11 - 1
Footwear
Production
Customer,Partn 295 Digital Ally USA Automotive and - 71 Reverse 0.19 - 1
er Marine
Electronics
Manufacturing
Supplier,Custo 296 MAV Beauty CAN General - 66 Reverse 0.20 - -
mer,Partner Brands Personal Care
and Cleaning
Products
Makers
Supplier,Custo 297 Shemaroo IND Entertainment - 46 Reverse 0.54 - -
mer,Partner Entertainment and
Programming
Providers
Customer 298 NovaBay USA Infectious - 28 Reverse -0.13 - -
Pharmaceutical Disease
s Biopharmaceuti
cals
Customer,Partn 299 Avivagen CAN Agricultural - 20 Reverse 0.47 1 1
er Support Activity
Providers
Partner 300 Pareteum USA Telecommunica - 16 Reverse 0.23 1 -
tions Industry
Software
Supplier 301 Sonoma USA Dermatology - 15 Reverse 0.19 1 -
Pharmaceutical Biopharmaceuti
s cals
Customer,Partn 302 School USA Office Supplies - 0 Reverse 0.30 1 -
er Specialty and Stationery
Retail
Supplier 303 Mad Catz USA Computer - 0 Reverse -0.02 - -
Interactive Peripherals
Customer 304 Applied USA Packaged - - Direct - - -
Training Software
Systems, Inc.
Supplier 305 CSS Industries, USA Other Leisure - - Reverse - 1 -
Inc. Goods
Supplier 306 Centric Brands, USA Apparel and - - Reverse - 1 -
Inc. Footwear
Production
Customer,Partn 307 GNC Holdings, USA Other Health - - Reverse - 1 -
er Inc. and Personal
Care Retail
Supplier 308 Inventure Foods USA Food - - Reverse - 1 -
Incorporated Production
Partner 309 MMRGlobal Inc. USA Healthcare - - Reverse - 1 -
Administrative
Support
Services
Supplier 310 Monotype USA Design and - - Reverse - 1 -
Imaging Engineering
Holdings Inc. Software
Customer 311 Reverb.com USA Electronics/App - - Direct - - -
LLC liance Stores
Customer,Partn 312 Talend SA FRA Enterprise - - Reverse - - -
er Management
Software
Customer 313 Vyopta, Inc. USA Information - - Direct - - -
Technology
Services
Supplier 314 Windstream USA Wireline - - Reverse - 1 -
Holdings, Inc. Services
Supplier 315 Helen of Troy BMU Diversified 420 5,579 Reverse -0.40 - -
Household
Products
Makers
Supplier 316 Maruwa Unyu JPN Logistics and 201 1,967 Reverse 0.40 - -
Kikan Supply Chain
Service
Providers
Supplier 317 Media DO JPN Web-Based 109 784 Reverse -0.20 - -
Data and
Services
Supplier 318 Goodman AUS Equity REITs 100 31,307 Reverse -0.17 - -
Group
Supplier 319 PHYZ Holdings JPN Consulting/Busi 80 76 Reverse 0.32 - -
ness Process
Outsourcing
Services
Supplier 320 Granit REIT Stp CAN Equity REITs 15 4,833 Reverse -0.07 - -
Uts
Supplier 321 Senci Electric CHN Commercial 7 565 Reverse 0.04 - -
Machinery A and Industrial
Electric
Products
Supplier 322 Manulife US SGP Equity REITs 6 1,152 Reverse 0.55 - -
REIT-S
Supplier 323 Urban Logistics GBR Equity REITs 1 794 Reverse -0.41 - -
REIT

Partner 324 Cisco Systems USA Wide Area - 247,290 Reverse -0.39 - -
Networking
Equipment
Supplier 325 Intel USA Processor - 217,333 Reverse 0.27 - -
Semiconductors
Customer 326 Texas USA Analog and - 174,302 Reverse 0.14 - -
Instruments Mixed Signal
Semiconductors
Partner 327 Volkswagen Vz DEU Consumer - 144,366 Reverse 0.00 - 2
Vehicle
Manufacturing
Customer 328 Fiserv USA Consumer - 77,478 Reverse -0.31 - -
Finance
Services
Customer 329 Capital One USA Consumer - 68,969 Reverse -0.55 - -
Financial Finance
Services
Customer 330 Autodesk USA Design and - 63,660 Reverse -0.36 - -
Engineering
Software
Supplier 331 Activision USA Games - 62,442 Reverse 0.31 - -
Blizzard Software
Partner 332 VMware A USA IT Infrastructure - 61,025 Reverse -0.21 - -
Software
Customer,Partn 333 Roblox A USA Games - 48,031 Reverse -0.24 - -
er Software
Customer 334 Cognizant Tech USA Information - 40,292 Reverse -0.65 - -
A Technology
Consulting
Supplier 335 General Mills USA Food - 36,001 Reverse -0.16 - -
Production
Customer 336 EPAM Systems USA Infrastructure - 35,639 Reverse -0.35 - -
and Network
Consulting
Services
Customer 337 Pinterest A USA Web-Based - 35,074 Reverse 0.68 - -
Data and
Services
Partner 338 Hilton World USA Accommodatio - 34,211 Reverse 0.08 - -
n Providers
Partner 339 ANSYS USA Design and - 32,504 Reverse -0.02 - -
Engineering
Software
Supplier 340 Skyworks USA Analog and - 29,348 Reverse 0.57 - -
Solutions Mixed Signal
Semiconductors
Customer 341 Zillow Group C USA Consumer Data - 23,949 Reverse 0.45 - -
and Services
Customer 342 Cerner USA Healthcare - 22,367 Reverse -0.13 - -
Administrative
Support
Services
Customer 343 Teladoc Health USA Multi-Delivery-Ty - 22,272 Reverse 0.42 - -
pe Patient Care
Customer 344 Expedia Group USA Travel - 21,970 Reverse 0.38 - -
Arrangement
and
Reservation
Services
Customer 345 RingCentral A USA IT Infrastructure - 21,596 Reverse 0.53 - -
Software
Customer 346 Broadridge USA Consulting/Busi - 19,959 Reverse -0.09 - -
Financial Sol ness Process
Outsourcing
Services
Customer 347 Lyft A USA Other - 16,700 Reverse 0.40 - -
Passenger
Transportation
Customer,Partn 348 Masimo USA Specialized - 15,056 Reverse 0.06 - -
er Medical
Devices
Partner 349 NEC JPN Infrastructure - 14,936 Reverse 0.35 - 1
and Network
Consulting
Services
Supplier 350 Plug Power USA Power - 14,502 Reverse 0.14 - -
Generation and
Support
Products
Supplier 351 Masco USA Small - 14,380 Reverse -0.49 - -
Appliances and
Accessories
Manufacturing
Customer,Partn 352 Discovery A USA Entertainment - 13,421 Reverse 0.02 - -
er and
Programming
Providers
Supplier 353 News A USA Print Media and - 12,966 Reverse 0.29 - -
Publishing
Services
Supplier 354 Lennox USA Air, Liquid and - 12,210 Reverse -0.16 - -
Gas Control
Equipment
Customer 355 Cable One USA Wireline - 12,169 Reverse -0.18 - -
Services
Customer 356 Robert Half USA Administrative - 11,471 Reverse -0.58 - -
Services
Customer,Partn 357 Deckers USA Apparel and - 11,101 Reverse -0.17 - -
er Outdoor Footwear
Production
Supplier 358 Newell Brands USA Diversified - 10,852 Reverse 0.44 - -
Household
Products
Makers

Customer 359 Amdocs Ltd USA Infrastructure - 10,050 Reverse 0.07 - -
and Network
Consulting
Services
Supplier,Partner 360 Dolby USA Design and - 9,553 Reverse -0.04 - -
Laboratories A Engineering
Software
Supplier 361 Western Union USA Consumer - 8,724 Reverse 0.16 - -
Finance
Services
Supplier 362 Euronet USA Consumer - 6,959 Reverse -0.14 - -
Worldwide Finance
Services
Customer 363 Scientific USA Arts, - 6,839 Reverse -0.18 - -
Games Entertainment
and Recreation
Providers
Supplier,Partner 364 MGM A USA Entertainment - 6,705 Reverse - - -
and
Programming
Providers
Customer,Partn 365 Hanesbrands USA Apparel and - 6,519 Reverse -0.74 - -
er Footwear
Production
Partner 366 Silicon USA Processor - 6,437 Reverse -0.31 - -
Laboratories Semiconductors
Customer 367 PLDT PHL Wireless - 6,342 Reverse 0.05 1 -
Services
Customer 368 MicroStrategy A USA Enterprise - 6,225 Reverse -0.29 - -
Management
Software
Customer 369 Inovalon USA Healthcare - 6,079 Reverse -0.42 - -
Holdings A Administrative
Support
Services
Customer 370 CACI A USA Administrative - 6,067 Reverse 0.39 - -
Services
Customer 371 Avis Budget USA Motor Vehicles - 6,008 Reverse -0.70 - -
Group and Parts Sales
and Rental
Customer 372 Sonos USA Audio - 4,822 Reverse -0.41 - -
Electronics
Manufacturing
Partner 373 Cloudera USA Enterprise - 4,719 Reverse -0.56 - -
Management
Software
Customer 374 TripAdvisor USA Travel - 4,717 Reverse 0.12 - -
Arrangement
and
Reservation
Services
Customer 375 AppFolio A USA Other Real - 4,524 Reverse 0.25 - -
Estate
Investment and
Services
Customer 376 FireEye USA IT Infrastructure - 4,389 Reverse 0.58 - -
Software
Customer,Partn 377 Carters USA Apparel and - 4,318 Reverse -0.40 - -
er Footwear
Production
Customer,Partn 378 Qurate Retail A USA Entertainment - 4,309 Reverse 0.24 - -
er and
Programming
Providers
Customer,Partn 379 BigCommerce USA Internet Hosting - 4,082 Reverse 0.63 - -
er Holdings Services
Supplier 380 Steven Madden USA Apparel and - 3,220 Reverse 0.04 - -
Footwear
Production
Supplier 381 Altium USA Design and - 3,076 Reverse 0.05 - -
Engineering
Software
Customer 382 CommScope USA Other - 3,057 Reverse 0.52 - -
Holding Communication
s Equipment
Customer 383 Europcar FRA Motor Vehicles - 2,962 Reverse -0.14 2 -
Mobility Group and Parts Sales
and Rental
Supplier 384 Kratos Defense USA Defense - 2,934 Reverse 0.62 - -
& Sec Sol Manufacturing
Supplier 385 Brickworks AUS Heavy Building - 2,799 Reverse 0.45 - -
Material and
Aggregate
Products
Customer,Partn 386 Prestige USA Diversified - 2,777 Reverse -0.53 - -
er Consumer Biopharmaceuti
cals
Supplier 387 Wolverine USA Apparel and - 2,752 Reverse -0.73 - -
World Wide Footwear
Production
Supplier 388 Central Garden USA Other Leisure - 2,306 Reverse 0.07 - -
& Pet Goods
Supplier 389 Vista Outdoor USA Defense - 2,225 Reverse -0.40 - -
Manufacturing
Supplier 390 ESCO USA Other - 2,214 Reverse 0.40 - -
Technologies Machinery
Manufacturing
Supplier 391 Atlas Air USA Air and Water - 2,112 Reverse -0.76 - -
Worldwide Transportation
Hldgs Operators
Supplier 392 Gray Television USA Broadcast - 2,022 Reverse -0.14 - -
Media Services
Partner 393 NetScout USA IT Infrastructure - 1,986 Reverse 0.23 - -
Systems Software

Supplier,Partner 394 AMC Networks USA Entertainment - 1,866 Reverse 0.16 - -
A and
Programming
Providers
Customer 395 PROS USA Enterprise - 1,809 Reverse 0.28 - -
Management
Software
Customer 396 ICF USA Consulting/Busi - 1,731 Reverse -0.48 - -
ness Process
Outsourcing
Services
Supplier 397 Clean Energy USA LPG, Propane - 1,724 Reverse 0.05 - -
Fuels and Other
Distributors
Supplier,Partner 398 Cengage USA Educational - 1,694 Reverse - - -
Learning Services
Customer 399 Eventbrite USA Arts, - 1,587 Reverse -0.17 - -
Entertainment
and Recreation
Providers
Partner 400 WW USA Consumer Data - 1,541 Reverse 0.27 - -
International and Services
Supplier 401 Harsco USA Diversified - 1,416 Reverse -0.09 - -
Materials
Customer 402 Stride USA Educational - 1,382 Reverse -0.38 - -
Services
Partner 403 TriMas USA Plastic - 1,325 Reverse -0.46 - -
Packaging
Products
Customer 404 Extreme USA Wide Area - 1,324 Reverse -0.31 - -
Networks Networking
Equipment
Supplier 405 Blink Charging USA Commercial - 1,316 Reverse -0.04 - -
and Industrial
Electric
Products
Customer,Partn 406 Pitney Bowes USA General - 1,256 Reverse 0.37 - -
er Delivery and
Logistics
Providers
Partner 407 Plantronics USA Business - 1,211 Reverse 0.33 - -
Communication
s Equipment
Customer,Partn 408 Children's Place USA Apparel Retail - 1,197 Reverse -0.49 - -
er
Customer,Partn 409 Johnson USA Sporting and - 1,132 Reverse -0.28 - -
er Outdoors A Athletic Goods
Customer,Partn 410 City Chic AUS Apparel Retail - 1,114 Reverse 0.22 - -
er Collective
Customer 411 A10 Networks USA Wide Area - 1,038 Reverse -0.33 - -
Networking
Equipment
Supplier 412 SunOpta USA Food - 1,033 Reverse 0.14 - -
Production
Supplier 413 NETGEAR USA Local Area - 1,031 Reverse 0.07 - -
Networking
Equipment
Customer 414 Neurones FRA Infrastructure - 950 Reverse -0.47 - 1
and Network
Consulting
Services
Customer 415 Simulations USA Healthcare - 916 Reverse 0.14 - -
Plus Administrative
Support
Services
Supplier 416 Caleres USA Footwear Retail - 861 Reverse 0.09 - -
Supplier 417 SpartanNash USA Retail - 773 Reverse -0.61 - -
Co Distributors
Supplier 418 Wabash USA Commercial - 762 Reverse -0.57 - -
National Transportation
Equipment
Manufacturing
Supplier 419 Vuzix USA Wearable - 752 Reverse 0.28 - -
Technology
Customer 420 OneSpan USA IT Infrastructure - 746 Reverse 0.42 - -
Software
Customer,Partn 421 Movado Group USA Accessories - 734 Reverse -0.35 - -
er Production
Customer,Partn 422 Clas Ohlson B SWE Building - 721 Reverse -0.41 - 2
er Materials and
Garden Supply
Stores
Supplier 423 CRA USA Consulting/Busi - 688 Reverse -0.50 - -
ness Process
Outsourcing
Services
Customer,Partn 424 Fossil Group USA Accessories - 647 Reverse -0.43 - -
er Production
Supplier 425 Universal USA Road and Rail - 567 Reverse 0.03 - -
Logistics Hldgs Transportation
Operators
Customer,Partn 426 Chromadex USA Nutritional - 527 Reverse 0.31 - -
er Health
Pharmaceutical
s
Customer,Partn 427 Shoppers Stop IND Department - 375 Reverse 0.21 - 1
er Stores
Customer,Partn 428 Norcros GBR Small - 336 Reverse 0.50 - -
er Appliances and
Accessories
Manufacturing
Customer 429 MiX Telematics USA Enterprise - 332 Reverse 0.02 - -
Management
Software
Partner 430 Quantum USA Data Storage - 321 Reverse 0.18 - -
Hardware

Customer 431 Solocal Group FRA Marketing and - 264 Reverse -0.13 1 -
Advertising
Services
Customer 432 Eurotech SpA ITA Computer - 254 Reverse -0.13 - 1
Systems
Supplier 433 VOXX A USA Audio - 245 Reverse 0.00 - -
Electronics
Manufacturing
Supplier 434 Innodata USA Information - 216 Reverse -0.62 - -
Technology
Consulting
Supplier 435 Horizon Global USA Consumer - 200 Reverse 0.17 - -
Vehicle Parts
Manufacturing
Customer,Partn 436 Gaia A USA Web-Based - 190 Reverse 0.15 - -
er Data and
Services
Customer,Partn 437 LifeMD USA Hair Care - 188 Reverse 0.09 - -
er Products
Supplier 438 Blackbird GBR Design and - 174 Reverse -0.10 - 1
Engineering
Software
Customer,Partn 439 Regis Corp USA Personal - 174 Reverse 0.09 - -
er Services
Supplier,Partner 440 Reading A USA Arts, - 138 Reverse 0.37 - -
Entertainment
and Recreation
Providers
Supplier 441 Orion Energy USA Other Electrical - 135 Reverse 0.13 - -
Systems Equipment/Pow
er Systems
Makers
Customer 442 ServiceSource USA Enterprise - 133 Reverse -0.02 - -
Intl Management
Software
Customer 443 iMedia Brands USA Accessories - 123 Reverse -0.16 - -
A Retail
Supplier 444 GeoVision TWN Electronic - 119 Reverse 0.44 - -
Security
Equipment
Customer 445 Cast FRA IT Infrastructure - 92 Reverse 0.08 - 1
Software
Supplier 446 REED'S USA Beverages - 61 Reverse 0.27 - -
Production
Supplier 447 Data I/O USA Electronics - 61 Reverse 0.09 - -
Manufacturing
Equipment
Customer 448 BSQUARE USA Software - 50 Reverse 0.43 - -
Distributors
Customer,Partn 449 Stream Co JPN Electronics - 46 Reverse -0.36 - 1
er Retail
Customer 450 CSP USA IT Hardware - 40 Reverse 0.28 - -
Distributors
Customer 451 Bridgeline USA Enterprise - 39 Reverse 0.50 - -
Digital Management
Software
Supplier 452 SPAR Group USA Marketing and - 35 Reverse -0.16 - -
Advertising
Services
Partner 453 FalconStor USA IT Infrastructure - 27 Reverse 0.04 - -
Software Software
Supplier 454 Tofutti Brands USA Food - 15 Reverse 0.06 - -
Production
Supplier 455 Singing USA Other Leisure - 13 Reverse -0.02 - -
Machine Goods
Customer 456 Learning Tree USA Educational - 9 Reverse 0.32 - -
Intl Services
Customer 457 hhgregg USA Electronics - 0 Reverse 0.19 - -
Retail
Customer,Partn 458 Destination USA Apparel Retail - 0 Reverse -0.02 - -
er Maternity
Partner 459 ADT USA Security - - Reverse - - -
Corporation Services
Supplier 460 Aerohive USA Local Area - - Reverse - - -
Networks, Inc. Networking
Equipment
Partner 461 Alithya USA, USA Information - - Reverse - - -
Inc. Technology
Consulting
Customer 462 Amber Road, USA Enterprise - - Reverse - - -
Inc. Management
Software
Customer 463 Apptio, Inc. USA Enterprise - - Reverse - - -
Management
Software
Customer 464 Astea USA Enterprise - - Reverse - - -
International Management
Inc. Software
Customer,Partn 465 Barracuda USA IT Infrastructure - - Reverse - - -
er Networks, Inc. Software
Customer,Partn 466 BroadVision, USA Enterprise - - Reverse - - -
er Inc. Management
Software
Customer,Partn 467 Cafepress Inc. USA Entertainment - - Reverse - - -
er Retail
Customer 468 Carbon Black, USA IT Infrastructure - - Reverse - - -
Inc. Software
Customer 469 Carbonite, Inc. USA IT Infrastructure - - Reverse - - -
Software
Customer 470 Covisint Corp. USA IT Infrastructure - - Reverse - - -
Software
Customer 471 Enel X North USA Other Electric - - Reverse - - -
America, Inc. and Natural
Gas Utilities

Supplier 472 FLIR Systems, USA Electronic - - Reverse - - -
Inc. Security
Equipment
Partner 473 ForeScout USA IT Infrastructure - - Reverse - - -
Technologies, Software
Inc.
Supplier 474 GlobalSCAPE, USA IT Infrastructure - - Reverse - - -
Inc. Software
Customer,Partn 475 Glu Mobile Inc. USA Games - - Reverse - - -
er Software
Supplier 476 Harman USA Automotive and - - Reverse - - -
International Marine
Industries, Electronics
Incorporated Manufacturing
Supplier,Partner 477 Iconix Brand USA Apparel and - - Reverse - - -
Group Footwear
Customer 478 Infoblox Inc. USA Other - - Reverse - - -
Communication
s Equipment
Supplier 479 Inphi USA Specialized - - Reverse - - -
Corporation Semiconductors
Customer 480 Instructure, Inc. USA Administrative - - Reverse - - -
Services
Customer 481 Interactive USA IT Infrastructure - - Reverse - - -
Intelligence Software
Group, Inc.
Supplier 482 InvenSense, USA Analog and - - Reverse - - -
Inc. Mixed Signal
Semiconductors
Customer 483 Jive Software, USA Home and - - Reverse - - -
Inc. Office Software
Supplier 484 Leaf Group Ltd. USA Furniture and - - Reverse - - -
Home
Furnishings
Stores
Supplier 485 LeapFrog USA Other Leisure - - Reverse - - -
Enterprises, Inc. Goods
Customer 486 Level 3 Parent, USA Telecommunica - - Reverse - - -
LLC tions Carrier
Services
Supplier 487 Liberty Property USA Equity REITs - - Reverse - - -
Trust
Supplier 488 Lionbridge USA Administrative - - Reverse - - -
Technologies, Services
Inc.
Customer 489 Medidata USA Healthcare - - Reverse - - -
Solutions, Inc. Administrative
Support
Services
Customer 490 MobileIron USA IT Infrastructure - - Reverse - - -
Incorporated Software
Customer 491 MuleSoft, Inc. USA IT Infrastructure - - Reverse - - -
Software
Customer,Partn 492 NBCUniversal USA Entertainment - - Reverse - - -
er Media LLC and
Programming
Providers
Customer 493 NetSuite Inc. USA Enterprise - - Reverse - - -
Management
Software
Partner 494 Nimble Storage, USA Data Storage - - Reverse - - -
Inc. Hardware
Supplier 495 Nutraceutical USA Nutritional - - Reverse - - -
Intl Health
Pharmaceutical
s
Supplier 496 Oclaro, Inc. USA Optoelectronics - - Reverse - - -
Electronic
Components
Customer 497 PCM, Inc. USA IT Hardware - - Reverse - - -
Distributors
Customer 498 Pandora Media, USA Web-Based - - Reverse - - -
Inc. Data and
Services
Supplier 499 Pattern Energy USA United States - - Reverse - - -
Group, Inc. Wholesale
Power
Supplier 500 Perry Ellis USA Apparel and - - Reverse - - -
International, Footwear
Inc. Production
Customer 501 Perspecta USA Administrative - - Reverse - - -
Services
Customer 502 Presidio, Inc. USA Infrastructure - - Reverse - - -
and Network
Consulting
Services
Supplier 503 Proofpoint, Inc. USA IT Infrastructure - - Reverse - - -
Software
Customer 504 QVC, Inc. USA Entertainment - - Reverse - - -
and
Programming
Providers
Partner 505 Red Hat, Inc. USA IT Infrastructure - - Reverse - - -
Software
Customer 506 Rightside USA Internet Support - - Reverse - - -
Group Ltd. Services
Customer 507 SharpSpring, USA Enterprise - - Reverse - - -
Inc. Management
Software
Customer 508 Shutterfly, Inc. USA Personal - - Reverse - - -
Services
Supplier 509 Spectrum USA Diversified - - Reverse - - -
Brands Household
Holdings, Inc. Products
Makers

Customer 510 Syntel, Inc USA Finance - - Reverse - - -
Software and
Services
Customer 511 Tableau USA Enterprise - - Reverse - - -
Software, Inc. Management
Software
Customer 512 Tech Data USA IT Hardware - - Reverse - - -
Corporation Distributors
Customer 513 Telaria Inc USA Marketing and - - Reverse - - -
Advertising
Services
Customer 514 TeleNav, Inc. USA Design and - - Reverse - - -
Engineering
Software
Customer 515 TheStreet, Inc. USA Consumer Data - - Reverse - - -
and Services
Customer 516 Town Sports USA Web-Based - - Reverse - - -
International, Data and
Inc. Services
Supplier 517 Tribune USA Print Media and - - Reverse - - -
Publishing Co. Publishing
Services
Customer,Partn 518 Tyratech, Inc. USA Agrochemical - - Reverse - - -
er Products
Customer 519 Virgin Media USA Wireline - - Reverse - - -
Incorporated Services
Partner 520 Whole Foods USA Food Retail - - Reverse - - -
Market, Inc.
Supplier 521 ZAGG USA Nonmetallic - - Reverse - - -
Incorporated Minerals
Products
Supplier 522 Logitech CHE Computer 683 17,357 Reverse 0.34 - -
International Peripherals
Supplier 523 CB GROUP JPN Other Health 168 61 Reverse 0.26 - -
MANAGEMENT and Personal
Care Retail
Supplier 524 Melco JPN Local Area 168 1,018 Reverse 0.25 - -
Networking
Equipment
Supplier 525 Enshu Truck JPN Road and Rail 128 190 Reverse -0.55 - -
Transportation
Operators
Supplier 526 Loginet Japan JPN Logistics and 95 210 Reverse 0.43 - -
Supply Chain
Service
Providers
Supplier 527 Japan Logistic JPN General 65 43 Reverse -0.01 - -
Systems Transportation
and Related
Services
Supplier 528 Tritax Big Box GBR Equity REITs 40 5,503 Reverse -0.40 - -
Supplier 529 Kornit Digital ISR Factory 22 6,277 Reverse -0.18 - -
Automation
Equipment
Supplier 530 ESR Cayman HKG Other Real 15 9,390 Reverse 0.51 - -
Estate
Investment and
Services
Supplier 531 Charter Hall AUS Equity REITs 9 6,139 Reverse -0.38 - -
Group
Supplier 532 Prologis MEX Equity REITs 9 1,890 Reverse -0.31 - -
Property Mexico
Supplier 533 LondonMetric GBR Equity REITs 5 3,171 Reverse -0.28 - -
Property
Supplier 534 UK Coml Prop GBR Equity REITs 4 1,367 Reverse -0.44 - -
GBP
Supplier 535 Mindspace IND Equity REITs 4 2,370 Reverse -0.61 - -
Business Parks
Supplier 536 WPT Industrial CAN Equity REITs 4 1,800 Reverse -0.45 - -
REIT
Supplier 537 First Capital CAN Equity REITs 3 3,157 Reverse 0.25 - -
Supplier 538 HF Co FRA General 3 27 Reverse 0.06 - -
Consumer
Electronics
Manufacturing
Partner 539 Toyota Motor JPN Consumer - 295,055 Reverse 0.17 - 1
Vehicle
Manufacturing
Customer 540 Deutsche DEU Mixed - 101,101 Reverse -0.23 - 2
Telekom AG International
Telecommunica
tions Services
Customer 541 NetEase CHN Games - 64,935 Reverse 0.49 - -
Software
Supplier 542 Infineon DEU Analog and - 55,887 Reverse -0.40 - -
Technologies Mixed Signal
Semiconductors
Customer 543 Bharti Airtel IND Wireless - 49,827 Reverse -0.46 - 1
Services
Supplier 544 ENGIE FRA Other Electric - 34,599 Reverse -0.58 - 2
and Natural
Gas Utilities
Customer 545 NTT DATA JPN Information - 27,240 Reverse -0.13 - -
Technology
Consulting
Customer 546 ICON IRL Contract - 20,680 Reverse -0.48 - -
Research
Organizations
Customer 547 Fomento MEX General Food - 18,262 Reverse -0.68 - 2
Econom Uts and Beverage
Retail
Supplier 548 Info Edge IND Consumer Data - 11,758 Reverse -0.01 - -
(India) and Services

Customer 549 GMO Payment JPN Consumer - 10,748 Reverse 0.47 - -
Gateway Finance
Services
Customer 550 Bechtle DEU Information - 9,338 Reverse -0.26 - -
Technology
Consulting
Partner 551 Toei Animation JPN Entertainment - 8,405 Reverse -0.08 - -
and
Programming
Providers
Customer,Partn 552 Capcom JPN Games - 8,286 Reverse 0.14 - -
er Software
Customer 553 ITOCHU JPN Information - 7,798 Reverse 0.43 - -
Techno-Solution Technology
s Consulting
Customer 554 TIS JPN Information - 7,614 Reverse -0.03 - -
Technology
Consulting
Customer 555 Computacenter GBR Infrastructure - 4,676 Reverse -0.36 - 1
and Network
Consulting
Services
Customer,Partn 556 FANCL JPN General - 4,578 Reverse -0.04 - -
er Personal Care
and Cleaning
Products
Makers
Customer 557 Coforge IND Industry-Specifi - 4,228 Reverse -0.12 - -
c IT Services
Partner 558 Sopra Steria FRA Information - 4,180 Reverse 0.12 - -
Group Technology
Consulting
Supplier 559 Interroll Holding CHE Factory - 3,921 Reverse -0.12 - -
Automation
Equipment
Supplier 560 Compal TWN Contract - 3,623 Reverse -0.09 - 1
Electronics Electronic
Manufacturing
Customer 561 Internet Initiative JPN General - 3,471 Reverse 0.45 - -
Japan Enterprise and
Technology
Consulting
Supplier 562 GVS ITA Diversified - 3,307 Reverse -0.42 - 1
Medical
Devices and
Instruments
Supplier 563 Cargojet CAN Air and Water - 2,770 Reverse -0.15 - -
Transportation
Operators
Supplier 564 Gav-Yam Lands ISR Property - 2,426 Reverse -0.04 - -
Owners
Partner 565 Basler DEU Industrial - 2,069 Reverse -0.32 - -
Machine Parts
and Support
Equipment
Customer,Partn 566 Tiangong CHN Primary Metals - 2,006 Reverse -0.33 - -
er Products
Customer 567 Daiwabo JPN Other IT - 1,823 Reverse 0.21 - -
Distributors
Customer 568 NSD JPN Infrastructure - 1,779 Reverse -0.15 - -
and Network
Consulting
Services
Customer 569 S&T AUT Information - 1,669 Reverse 0.43 - -
Technology
Consulting
Partner 570 Radware ISR Wide Area - 1,623 Reverse -0.17 - -
Networking
Equipment
Customer,Partn 571 transcosmos JPN Other - 1,585 Reverse -0.13 - -
er Professional
Services
Supplier 572 Meltwater NLD Enterprise - 1,491 Reverse -0.09 - -
Management
Software
Supplier 573 Next Fifteen GBR Marketing and - 1,453 Reverse 0.06 - -
Comm Advertising
Services
Customer 574 NCC Group GBR Infrastructure - 1,382 Reverse -0.29 - 1
and Network
Consulting
Services
Customer 575 VSTECS HKG IT Hardware - 1,336 Reverse 0.01 - -
Holdings Distributors
Customer 576 Infocom JPN Web-Based - 1,319 Reverse 0.46 - -
Data and
Services
Customer 577 Dustin Group SWE IT Hardware - 1,293 Reverse -0.03 - -
Distributors
Supplier 578 Alpha Group A CHN Other Leisure - 1,256 Reverse 0.24 - -
Goods
Customer 579 DTS JPN Infrastructure - 1,246 Reverse 0.73 - -
and Network
Consulting
Services
Supplier 580 Bangladesh BGD Textile Products - 1,206 Reverse -0.29 1 -
Export Import
Customer 581 Cogeco CAN Wireline - 1,166 Reverse 0.69 - -
Services
Customer 582 T-Gaia JPN IT Hardware - 1,029 Reverse 0.62 - -
Distributors
Supplier 583 Shanghai CHN Adhesive, - 915 Reverse -0.28 - -
Yongguan A Sealant,
Coating and
Paint Products
Customer 584 F-Secure FIN IT Infrastructure - 893 Reverse 0.28 - -
Software

Partner 585 Comture JPN Information - 888 Reverse -0.27 - -
Technology
Consulting
Supplier 586 Dubber AUS Telecommunica - 881 Reverse -0.43 - -
tions Industry
Software
Customer 587 Beyondsoft A CHN Consulting/Busi - 875 Reverse 0.42 - -
ness Process
Outsourcing
Services
Supplier 588 Technicolor FRA Consumer - 829 Reverse -0.30 1 -
Video
Electronics
Equipment
Customer 589 Techmatrix JPN Infrastructure - 793 Reverse 0.62 - -
and Network
Consulting
Services
Customer 590 DATAGROUP DEU Infrastructure - 749 Reverse -0.26 - -
and Network
Consulting
Services
Customer 591 Perion Network ISR Enterprise - 695 Reverse 0.16 - -
Rg Management
Software
Supplier 592 Landai CHN Module and - 645 Reverse 0.50 - -
Technology Subassembly
Group A Components
Customer 593 GMO JPN Internet Support - 585 Reverse 0.29 - -
GlobalSign Services
Holdings
Customer 594 Newgen IND Enterprise - 565 Reverse 0.64 - -
Software Techs Management
Software
Customer 595 Computer Eng JPN Information - 541 Reverse 0.70 - 1
& Consulting Technology
Consulting
Customer 596 accesso GBR Accommodatio - 538 Reverse -0.23 - 1
Technology n Providers
Group
Supplier 597 GHCL IND Other - 502 Reverse -0.30 - -
Commodity
Chemical
Manufacturing
Customer 598 Adlink TWN General - 499 Reverse 0.52 - -
Technology Computer
Hardware
Customer 599 Datatec ZAF IT Hardware - 461 Reverse -0.23 - -
Distributors
Supplier 600 Greaves Cotton IND Natural - 433 Reverse 0.72 - -
Resource and
Construction
Machinery
Makers
Customer 601 Umanis TEMP FRA Information - 328 Reverse -0.42 - -
Technology
Consulting
Supplier 602 TECHNO JPN Electronic - 258 Reverse 0.65 - -
HORIZON Security
Equipment
Customer 603 JBCC JPN Infrastructure - 253 Reverse 0.25 - -
and Network
Consulting
Services
Supplier 604 Lacroix Group FRA Contract - 249 Reverse -0.03 - -
Electronic
Manufacturing
Supplier 605 M&C Saatchi GBR Marketing and - 244 Reverse 0.16 - -
Advertising
Services
Customer,Partn 606 Comvita NZL Food - 185 Reverse 0.27 - -
er Production
Customer 607 Netcall GBR Enterprise - 176 Reverse -0.32 - -
Management
Software
Supplier 608 Uniden JPN Other - 153 Reverse 0.16 - -
Holdings Communication
s Equipment
Customer 609 Computer JPN Infrastructure - 149 Reverse -0.24 - -
Institute of and Network
Japan Consulting
Services
Supplier 610 YFC-BonEagle TWN Commercial - 115 Reverse 0.51 - -
ELECTRIC and Industrial
Electric
Products
Customer 611 Webstep NOR Information - 101 Reverse -0.06 - -
Technology
Consulting
Customer,Partn 612 Imagineer JPN Home and - 100 Reverse 0.41 - -
er Office Software
Customer 613 PROFILE Sys & GRC Finance - 90 Reverse -0.04 - -
Services
Customer,Partn 614 Fujikyu JPN Entertainment - 82 Reverse -0.11 - -
er Retail
Customer 615 Aucfan JPN Department - 80 Reverse 0.52 - -
Stores
Partner 616 SIOS Corp JPN IT Infrastructure - 60 Reverse -0.24 - -
Software
Customer 617 Ubiquitous AI JPN Infrastructure - 58 Reverse 0.42 - -
and Network
Consulting
Services
Customer 618 Nippon JPN Information - 53 Reverse 0.52 - -
Computer Technology
Dynamics Consulting

Partner 619 MEDIASEEK JPN Information - 52 Reverse 0.82 - -
Technology
Consulting
Customer 620 JTP JPN Infrastructure - 39 Reverse 0.39 - -
and Network
Consulting
Services
Supplier 621 Altitude Group GBR Internet Hosting - 33 Reverse 0.31 - 1
Services
Customer,Partn 622 SPORTTOTAL DEU Arts, - 28 Reverse 0.05 - -
er Entertainment
and Recreation
Providers
Partner 623 Tata IND Information - 189,666 Reverse -0.35 - -
Consultancy Technology
Services Consulting
Supplier 624 Nintendo JPN Electronic - 65,217 Reverse 0.42 - -
Gaming/Enterta
inment
Electronics
Makers
Customer 625 Wipro IND Information - 49,310 Reverse -0.39 - -
Technology
Consulting
Customer 626 BCE CAN Wireline - 47,654 Reverse -0.34 - -
Services
Partner 627 HCL IND Information - 43,820 Reverse -0.43 - -
Technologies Technology
Consulting
Customer,Partn 628 Vivendi FRA Entertainment - 42,808 Reverse -0.45 - -
er and
Programming
Providers
Partner 629 Capgemini FRA Information - 37,790 Reverse -0.33 - -
Technology
Consulting
Customer 630 TELUS CAN Wireless - 32,017 Reverse -0.38 - -
Services
Supplier 631 Eurofins LUX Diversified - 28,350 Reverse -0.21 - -
Scientific Healthcare
Services
Customer,Partn 632 Titan IND Accessories - 24,809 Reverse -0.36 - -
er Production
Supplier 633 SEGRO GBR Equity REITs - 20,948 Reverse -0.23 - -
Partner 634 NICE ISR Enterprise - 18,518 Reverse 0.09 - -
Management
Software
Customer,Partn 635 Liberty Global A GBR Wireline - 16,296 Reverse -0.65 - -
er Services
Customer,Partn 636 Dabur India IND General - 15,389 Reverse 0.10 - -
er Personal Care
and Cleaning
Products
Makers
Supplier 637 Lenovo Group HKG Computer - 12,683 Reverse 0.07 - -
Systems
Customer,Partn 638 Minebea JPN Metal Parts and - 11,748 Reverse 0.49 - -
er Mitsumi Component
Manufacturing
Customer,Partn 639 Dr Reddy's IND Diversified - 11,099 Reverse 0.59 - -
er Laboratories Biopharmaceuti
cals
Customer,Partn 640 Tata Consumer IND Beverages - 11,016 Reverse -0.14 - -
er Products Production
Customer 641 Mindtree IND Information - 8,394 Reverse -0.27 - -
Technology
Consulting
Customer 642 Emirates Integ ARE Wireless - 8,133 Reverse 0.11 - -
Telecom Services
Customer 643 Globe Telecom PHL Wireless - 7,439 Reverse -0.13 1 -
Services
Partner 644 Nordic NOR Analog and - 6,845 Reverse -0.20 - -
Semiconductor Mixed Signal
Semiconductors
Customer,Partn 645 BlackBerry CAN IT Infrastructure - 5,880 Reverse -0.07 - -
er Software
Customer,Partn 646 Page Industries IND Apparel and - 4,833 Reverse 0.27 - -
er Footwear
Production
Customer 647 PCCW HKG Wireline - 4,106 Reverse -0.28 - -
Services
Customer,Partn 648 Relaxo IND Apparel and - 3,987 Reverse 0.12 - -
er Footwears Footwear
Production
Customer,Partn 649 Bata India IND Apparel and - 3,027 Reverse -0.54 - -
er Footwear
Production
Partner 650 Vector NZL Other Electric - 2,991 Reverse -0.13 - -
and Natural
Gas Utilities
Supplier 651 Acer TWN Computer - 2,692 Reverse 0.17 - 1
Systems
Supplier 652 Zee IND Entertainment - 2,316 Reverse 0.41 - -
Entertainment and
Enterpr Programming
Providers
Supplier 653 Canadian Solar CAN Power - 2,174 Reverse 0.39 - -
Generation and
Support
Products
Customer 654 Atea NOR Infrastructure - 2,095 Reverse 0.36 - -
and Network
Consulting
Services
Customer,Partn 655 KPR Mill IND Textile Products - 1,877 Reverse 0.14 - -
er

Supplier 656 Gemdale HKG Other Real - 1,876 Reverse 0.28 - -
Properties & Estate
Invt Investment and
Services
Customer 657 Matrix IT ISR Information - 1,702 Reverse 0.31 - -
Technology
Consulting
Customer,Partn 658 AO World GBR Electronics - 1,590 Reverse -0.08 - -
er Retail
Customer 659 Frontier GBR Games - 1,454 Reverse -0.56 - 1
Developments Software
Supplier 660 C&C Group IRL Retail - 1,354 Reverse -0.43 - -
Distributors
Supplier 661 Delta Galil ISR Apparel and - 1,321 Reverse -0.33 - -
Industries Footwear
Production
Supplier 662 Triumph CHN Other - 1,291 Reverse -0.28 - -
Science & Tech Specialty/Perfor
A mance
Chemical
Manufacturing
Partner 663 Vestel TUR Household - 1,140 Reverse 0.58 1 -
Elektronik Appliances and
Sanayi Furnishings
Production
Customer,Partn 664 CEWE Stiftung DEU Personal - 1,097 Reverse 0.21 - -
er & Co Services
Supplier 665 Elecnor ESP Infrastructure - 1,033 Reverse 0.10 - -
Construction/C
ontracting
Services
Customer,Partn 666 Jyothy Labs IND Household - 885 Reverse 0.49 - -
er Cleaning
Products
Customer 667 Econocom BEL Infrastructure - 865 Reverse -0.44 - 1
Group and Network
Consulting
Services
Customer,Partn 668 KRBL IND Food - 825 Reverse 0.59 - -
er Production
Supplier 669 Kin and Carta GBR Marketing and - 701 Reverse 0.14 - -
Advertising
Services
Supplier 670 La Doria ITA Food - 698 Reverse -0.15 - -
Production
Partner 671 TECSYS CAN Information - 662 Reverse -0.37 - 1
Technology
Consulting
Customer,Partn 672 TCNS Clothing IND Apparel and - 552 Reverse 0.41 - -
er Footwear
Production
Customer,Partn 673 Del Monte SGP Food - 513 Reverse 0.47 - 1
er Pacific Production
Supplier 674 Stingray Group CAN Entertainment - 414 Reverse 0.65 - -
and
Programming
Providers
Customer 675 iomart Group GBR Internet Hosting - 361 Reverse 0.02 - -
Services
Supplier 676 Prime Focus IND Entertainment - 339 Reverse 0.05 - -
and
Programming
Providers
Customer,Partn 677 Mavi Giyim TUR Apparel and - 331 Reverse 0.13 1 -
er Sanayive Footwear
Production
Customer 678 TDC SOFT JPN Information - 327 Reverse -0.40 - -
Technology
Consulting
Customer 679 Linedata FRA Finance - 323 Reverse -0.47 - 1
Services Software and
Services
Customer,Partn 680 SH Kelkar & Co IND Additives - 323 Reverse 0.50 - -
er Manufacturing
Customer,Partn 681 Kakiyasu JPN Food - 296 Reverse 0.09 - -
er Honten Production
Customer 682 Altron A ZAF Information - 294 Reverse -0.31 - -
Technology
Consulting
Customer,Partn 683 HONEYS JPN Apparel and - 285 Reverse 0.57 - -
er Holdings Footwear
Production
Supplier 684 Vecima CAN Media Industry - 285 Reverse 0.45 - -
Networks Electronics
Manufacturing
Partner 685 Computer ISR Information - 284 Reverse 0.49 - -
Direct Group Technology
Consulting
Customer,Partn 686 Vertu Motors GBR Motor Vehicle - 275 Reverse -0.41 - -
er Sales
Supplier 687 Access GBR Enterprise - 272 Reverse -0.42 - -
Intelligence Management
Software
Customer 688 Datamatics IND Enterprise - 258 Reverse -0.09 - -
Global Svcs Management
Software
Customer,Partn 689 TV Today IND Entertainment - 249 Reverse 0.29 - -
er Network and
Programming
Providers
Supplier 690 Bango GBR Internet Hosting - 230 Reverse 0.29 - 1
Services
Customer 691 Digia FIN Information - 229 Reverse 0.51 - 1
Technology
Consulting

Customer,Partn 692 Gamevil KOR Games - 193 Reverse 0.31 - -
er Software
Customer,Partn 693 McBride GBR Household - 183 Reverse 0.23 - 1
er Cleaning
Products
Customer 694 Haivision CAN Cable - 183 Reverse -0.01 - 1
Systems Equipment
Customer 695 AGS JPN Internet Hosting - 146 Reverse 0.39 - -
Services
Partner 696 Entertainment IND Broadcast - 140 Reverse -0.10 - -
Ntwk Media Services
Supplier 697 PAPYLESS JPN Entertainment - 140 Reverse 0.46 - -
Retail
Customer 698 SBS Contents KOR Entertainment - 137 Reverse 0.44 - -
Hub and
Programming
Providers
Customer,Partn 699 Fonciere Euris FRA General - 131 Reverse 0.07 - -
er Merchandise
Retailers
Customer 700 HIMACS JPN Infrastructure - 124 Reverse 0.31 - -
and Network
Consulting
Services
Customer,Partn 701 Bastogi ITA Arts, - 117 Reverse 0.07 - -
er Entertainment
and Recreation
Providers
Customer,Partn 702 Bjorn Borg SWE Apparel and - 115 Reverse -0.20 - -
er Footwear
Production
Supplier 703 Namsung KOR Automotive and - 103 Reverse 0.40 - -
Marine
Electronics
Manufacturing
Customer 704 Datalex IRL General - 101 Reverse 0.31 - 1
Transportation
and Related
Services
Customer,Partn 705 Mirza IND Apparel and - 98 Reverse 0.00 - -
er Footwear
Production
Partner 706 Parsvnath IND Other Real - 93 Reverse 0.18 - -
Developers Estate
Investment and
Services
Customer 707 PCI-PAL GBR Consumer - 80 Reverse -0.25 - 1
Finance
Services
Customer 708 Metro Systems THA IT Hardware - 70 Reverse 0.40 - -
Distributors
Customer,Partn 709 Tea Life JPN Beverage and - 62 Reverse 0.51 - 1
er Specialty Foods
Stores
Customer 710 Gala JPN Games - 39 Reverse 0.13 - -
Software
Partner 711 Nippon RAD JPN Infrastructure - 31 Reverse 0.37 - -
and Network
Consulting
Services
Supplier 712 GreenSpace CAN General Food - 26 Reverse 0.21 1 -
Brands and Beverage
Production
Customer,Partn 713 Provexis GBR Additives - 24 Reverse 0.30 - 1
er Manufacturing
Customer 714 SYSTEMS JPN Infrastructure - 21 Reverse 0.55 - -
DESIGN and Network
Consulting
Services
Supplier 715 DCD Media GBR Entertainment - 6 Reverse 0.06 - 1
and
Programming
Providers
Supplier 716 L'Oreal FRA General - 259,569 Reverse -0.62 - -
Personal Care
and Cleaning
Products
Makers
Customer 717 Novartis CHE Diversified - 214,185 Reverse -0.03 - -
Biopharmaceuti
cals
Supplier 718 Unilever (GB) GBR General - 143,203 Reverse 0.27 - -
Personal Care
and Cleaning
Products
Makers
Partner 719 Siemens DEU Other - 141,527 Reverse -0.55 - -
Machinery
Manufacturing
Partner 720 Schneider FRA Commercial - 101,278 Reverse -0.42 - -
Electric and Industrial
Electric
Products
Supplier 721 BP GBR Integrated Oil - 82,319 Reverse -0.16 - -
and Gas
Exploration and
Production
Partner 722 Eaton IRL Other Electrical - 65,099 Reverse -0.35 - -
Equipment/Pow
er Systems
Makers
Supplier 723 Orsted DNK Other - 63,720 Reverse -0.16 - -
International
Wholesale
Power

Customer 724 Emirates ARE Mixed - 58,674 Reverse -0.56 - -
Telecoms International
Group Telecommunica
tions Services
Customer,Partn 725 Reckitt GBR Diversified - 57,043 Reverse 0.45 - -
er Benckiser Biopharmaceuti
Group cals
Customer,Partn 726 Danone FRA Food - 48,410 Reverse -0.61 - -
er Production
Customer 727 Vodafone GBR Wireless - 46,229 Reverse -0.37 - -
Group Services
Partner 728 Nokia FIN Other - 33,854 Reverse -0.25 - -
Communication
s Equipment
Supplier 729 Wolters Kluwer NLD Professional - 30,784 Reverse -0.13 - -
Data and
Services
Customer,Partn 730 Swisscom CHE Pan-Europe - 30,182 Reverse -0.03 - -
er Mixed
Telecommunica
tions Services
Partner 731 LG Electronics KOR General - 21,238 Reverse 0.56 - -
Computer
Hardware
Customer 732 Tech Mahindra IND Information - 18,800 Reverse -0.50 - -
Ltd Technology
Consulting
Customer 733 Xero NZL Enterprise - 16,726 Reverse -0.28 - -
Management
Software
Partner 734 Check Point ISR IT Infrastructure - 16,450 Reverse -0.17 - -
Software Tech Software
Partner 735 Giga Device CHN Memory - 16,037 Reverse 0.28 - -
Semiconductor Semiconductors
A
Customer 736 Open Text CAN Enterprise - 14,742 Reverse -0.16 - -
Management
Software
Customer 737 Royal KPN NLD Pan-Europe - 13,722 Reverse -0.26 - -
Mixed
Telecommunica
tions Services
Customer 738 Telefonica BRA Wireless - 13,151 Reverse -0.44 - -
Brasil Services
Customer 739 Iliad FRA Pan-Europe - 12,814 Reverse -0.68 - -
Mixed
Telecommunica
tions Services
Customer 740 Wix com ISR Internet Support - 12,650 Reverse 0.62 - -
Services
Customer,Partn 741 NCsoft KOR Games - 11,518 Reverse -0.07 - -
er Software
Customer,Partn 742 Temenos CHE Finance - 10,977 Reverse 0.33 - -
er Software and
Services
Supplier 743 Quanta TWN Contract - 10,611 Reverse 0.63 - -
Computer Electronic
Manufacturing
Customer 744 Teva ISR Diversified - 10,346 Reverse -0.43 - -
Pharmaceutical Biopharmaceuti
Inds cals
Supplier 745 RTL Group LUX Entertainment - 9,459 Reverse -0.34 - -
and
Programming
Providers
Customer,Partn 746 SEB FRA Small - 8,916 Reverse 0.37 - -
er Appliances and
Accessories
Manufacturing
Customer 747 Mobile KWT Wireless - 8,620 Reverse -0.42 - -
Telecommunica Services
tions
Supplier 748 Actividades de ESP Infrastructure - 8,568 Reverse -0.47 - -
Construccion y Construction/C
Servicios ontracting
Services
Partner 749 Wartsila FIN Commercial - 8,153 Reverse 0.53 - -
Transportation
Equipment
Manufacturing
Customer 750 Husqvarna B SWE Tools and - 7,700 Reverse -0.17 - -
Outdoor Care
Equipment
Customer,Partn 751 Man Wah HKG Household - 7,451 Reverse -0.06 - -
er Holdings Appliances and
Furnishings
Production
Customer 752 Endava ADR A GBR Infrastructure - 7,363 Reverse -0.27 - -
and Network
Consulting
Services
Customer,Partn 753 Jarir SAU Electronics - 6,757 Reverse -0.20 - -
er Retail
Supplier 754 ITV GBR Entertainment - 6,345 Reverse 0.12 - -
and
Programming
Providers
Partner 755 Grupo MEX Pan-Americas - 6,341 Reverse 0.23 - -
Televisa-Cpo Mixed
Telecommunica
tions Services
Supplier 756 ENGIE Brasil BRA Americas - 5,912 Reverse 0.24 - -
Energia Wholesale
Power
Customer,Partn 757 Alpargatas Pfd BRA Apparel and - 5,564 Reverse -0.32 - -
er N1 Footwear
Production

Customer,Partn 758 Glanbia IRL Food - 5,149 Reverse -0.33 - -
er Production
Partner 759 Parkland CAN Gasoline - 4,373 Reverse 0.25 - -
Stations
Customer 760 Cogeco CAN Wireline - 4,317 Reverse 0.59 - -
Communication Services
s
Partner 761 Shenzhen MTC CHN Consumer - 4,007 Reverse 0.07 - -
A Video
Electronics
Equipment
Customer 762 FPT VNM Information - 3,712 Reverse -0.20 - -
Technology
Consulting
Customer,Partn 763 Casino, FRA General - 3,093 Reverse -0.18 - -
er Guichard Merchandise
Retailers
Supplier 764 A2 Milk NZL Food - 3,031 Reverse 0.55 - -
Production
Supplier 765 Toei JPN Entertainment - 2,949 Reverse 0.23 - -
and
Programming
Providers
Customer 766 Megacable MEX Wireline - 2,924 Reverse -0.01 - -
CPO Services
Supplier 767 Metropole FRA Entertainment - 2,777 Reverse 0.11 - -
Television and
Programming
Providers
Customer,Partn 768 MakeMyTrip IND Travel - 2,723 Reverse 0.49 - -
er Arrangement
and
Reservation
Services
Customer,Partn 769 Gillette India IND Skin Care - 2,645 Reverse -0.16 - -
er Products
Customer 770 Kagome JPN General Food - 2,561 Reverse -0.15 - -
and Beverage
Production
Customer 771 Batelco BHR Middle East - 2,559 Reverse 0.42 - -
Telecommunica and Africa
tns Mixed Telecom
Services
Supplier 772 Montnets Cloud CHN Home and - 2,383 Reverse -0.33 - -
Technology Office Software
Group A
Partner 773 NOS SGPS PRT Pan-Europe - 2,071 Reverse -0.38 - -
Mixed
Telecommunica
tions Services
Supplier 774 Himax TWN Analog and - 1,943 Reverse 0.29 - -
ADR Semiconductors
Customer 775 Micro Focus GBR IT Infrastructure - 1,862 Reverse -0.20 - -
International Software
Partner 776 Bic Camera JPN Electronics - 1,857 Reverse 0.35 - -
Retail
Partner 777 Fuji Soft JPN Infrastructure - 1,775 Reverse -0.38 - -
and Network
Consulting
Services
Customer 778 Beijing CHN Games - 1,757 Reverse -0.40 - -
Ultrapower A Software
Customer 779 Vaibhav Global IND Accessories - 1,739 Reverse 0.36 - -
Production
Customer 780 Digital China CHN IT Hardware - 1,700 Reverse 0.43 - -
Group A Distributors
Customer,Partn 781 Welspun India IND Home and - 1,688 Reverse -0.01 - -
er Office
Furnishings
Manufacturing
Customer,Partn 782 Lux Industries IND Apparel and - 1,629 Reverse -0.12 - -
er Footwear
Production
Customer,Partn 783 Modern Times SWE Games - 1,617 Reverse 0.24 - -
er Group MTG B Software
Customer 784 Birlasoft IND Information - 1,508 Reverse -0.20 - -
Technology
Consulting
Customer 785 Redington India IND Other IT - 1,502 Reverse 0.15 - -
Distributors
Partner 786 Genimous CHN Enterprise - 1,412 Reverse -0.46 - -
Technology A Management
Software
Supplier 787 MITIE Group GBR Facilities and - 1,395 Reverse -0.52 - -
Other Support
Services
Partner 788 Zensar IND Information - 1,381 Reverse -0.28 - -
Technology
Consulting
Partner 789 DIA ESP Grocery Stores - 1,365 Reverse 0.16 - -
Customer,Partn 790 IGG HKG Games - 1,258 Reverse 0.23 - -
er Software
Partner 791 TomTom NLD Design and - 1,091 Reverse -0.29 - -
Engineering
Software
Customer 792 Hand Enterprise CHN Information - 1,085 Reverse -0.31 - -
Solutions A Technology
Consulting
Customer,Partn 793 Zinus KOR Home and - 1,073 Reverse 0.35 - -
er Office
Furnishings
Manufacturing
Customer 794 Hutchison AUS Wireless - 1,049 Reverse -0.19 - -
Telecom Services

Supplier 795 Thermador FRA Equipment and - 1,027 Reverse -0.21 - -
Groupe Supplies
Distributors
Customer,Partn 796 Chow Sang HKG Accessories - 1,023 Reverse 0.00 - -
er Sang Hldgs Intl Production
Customer,Partn 797 Corus CAN Entertainment - 1,010 Reverse -0.27 - -
er Entertainment B and
Programming
Providers
Customer,Partn 798 Vitec Group GBR Photography - 999 Reverse -0.40 - -
er Equipment
Customer 799 Magic Software ISR Infrastructure - 997 Reverse -0.21 - -
Enterpr and Network
Consulting
Services
Customer,Partn 800 Cloetta B SWE Food - 963 Reverse -0.35 - -
er Production
Customer 801 GFT DEU Finance - 930 Reverse -0.26 - -
Technologies Software and
Services
Customer 802 FD GBR General and - 926 Reverse -0.57 - -
Technologies Mixed-Type
Software
Supplier 803 Dalian Zeus CHN Home and - 903 Reverse 0.50 - -
Entertainment A Office Software
Supplier,Partner 804 Saregama India IND Entertainment - 890 Reverse 0.28 - -
and
Programming
Providers
Customer 805 MEDION DEU General - 886 Reverse -0.06 - -
Consumer
Electronics
Manufacturing
Customer 806 Seoul KOR Broadcast - 846 Reverse -0.55 - -
Broadcasting Media Services
System
Customer 807 Partner ISR Wireless - 820 Reverse -0.13 - -
Communication Services
s
Partner 808 Hansen AUS Other Electric - 819 Reverse -0.01 - -
Technologies and Natural
Gas Utilities
Partner 809 Arad ISR General - 760 Reverse 0.20 - -
Investment Ind Enterprise and
Technology
Consulting
Customer 810 Nearmap Ltd AUS Design and - 732 Reverse 0.10 - -
Engineering
Software
Customer,Partn 811 COL Digital CHN Print Media and - 727 Reverse -0.63 - -
er Publishing Gp Publishing
A Services
Customer,Partn 812 Indo Count IND Home and - 714 Reverse -0.24 - -
er Industries Office
Furnishings
Manufacturing
Customer 813 Malam Team ISR Infrastructure - 701 Reverse 0.49 - -
and Network
Consulting
Services
Customer 814 Chief Telecom TWN Infrastructure - 690 Reverse 0.14 - -
and Network
Consulting
Services
Supplier 815 PayPoint GBR Consumer - 674 Reverse -0.40 - -
Finance
Services
Supplier 816 Hortifrut CHL Crop - 669 Reverse -0.01 - -
Production
Customer 817 Sify IND Telecommunica - 667 Reverse -0.42 - -
Technologies tions Carrier
ADR Services
Partner 818 Bang & Olufsen DNK Audio - 663 Reverse 0.17 - -
Electronics
Manufacturing
Customer 819 Borussia DEU Arts, - 649 Reverse -0.50 - -
Dortmund Entertainment
and Recreation
Providers
Supplier 820 Tasty Bite IND Food - 641 Reverse 0.34 - -
Eatables Production
Partner 821 NRJ Group FRA Broadcast - 563 Reverse -0.53 - -
Media Services
Supplier 822 Lapidoth ISR Infrastructure - 555 Reverse 0.33 - -
Capital Construction/C
ontracting
Services
Customer 823 Cellcom Israel ISR Middle East - 546 Reverse 0.09 - -
and Africa
Mixed Telecom
Services
Supplier 824 Eolus Vind B SWE Infrastructure - 527 Reverse 0.29 - -
Construction/C
ontracting
Services
Customer,Partn 825 JK Tyre & IND Commercial - 511 Reverse -0.34 - -
er Industries Transportation
Equipment
Manufacturing
Supplier 826 INOX Leisure IND Arts, - 509 Reverse -0.44 - -
Entertainment
and Recreation
Providers
Customer 827 LOTTE DATA KOR Infrastructure - 502 Reverse -0.02 - -
COMMUNICATI and Network
ON Consulting
Services

Customer,Partn 828 G5 SWE Games - 480 Reverse 0.13 - -
er Entertainment Software
Customer 829 Exasol DEU Information - 472 Reverse 0.12 - -
Technology
Consulting
Supplier 830 Leifheit DEU Home and - 465 Reverse 0.35 - -
Office
Furnishings
Manufacturing
Customer 831 Sonda CHL Information - 431 Reverse 0.47 - -
Technology
Consulting
Partner 832 Tufin Software ISR IT Infrastructure - 404 Reverse -0.22 - -
Technologies Software
Partner 833 D-Link TWN Local Area - 394 Reverse 0.44 - -
Networking
Equipment
Customer,Partn 834 QAF SGP Food - 393 Reverse 0.51 - -
er Production
Supplier 835 Television HKG Entertainment - 380 Reverse -0.08 - -
Broadcasts and
Programming
Providers
Supplier 836 Gaumont FRA Entertainment - 376 Reverse 0.39 - -
and
Programming
Providers
Customer,Partn 837 BEENOS JPN Accessories - 375 Reverse 0.17 - -
er Retail
Customer 838 Dish TV India IND International - 374 Reverse 0.31 - -
Satellite
Services
Customer,Partn 839 Rallye FRA Grocery Stores - 364 Reverse 0.04 - -
er
Supplier 840 Sunonwealth TWN Module and - 361 Reverse 0.64 - -
Electric Subassembly
Components
Supplier 841 Aten TWN Computer - 352 Reverse 0.48 - -
Peripherals
Supplier 842 Claranova FRA Personal - 349 Reverse -0.02 - -
Services
Customer,Partn 843 Taiwan Hopex TWN Other - 345 Reverse 0.20 - -
er Chemical Specialty/Perfor
mance
Chemical
Manufacturing
Partner 844 Altek TWN Photography - 342 Reverse 0.60 - -
Equipment
Customer,Partn 845 Icure KOR Diversified - 334 Reverse -0.64 - -
er Pharmaceutical Biopharmaceuti
cals
Supplier 846 Himatsingka IND Textile Products - 332 Reverse -0.18 - -
Seide
Customer,Partn 847 Huafang A CHN Textile Products - 327 Reverse -0.08 - -
er
Supplier 848 Dorel Industries CAN Diversified - 312 Reverse 0.67 - -
B Household
Products
Makers
Customer 849 ULS Group JPN Information - 305 Reverse -0.16 - -
Technology
Consulting
Customer,Partn 850 Simonds MLT Beverages - 293 Reverse 0.23 - -
er Farsons Cisk Production
Supplier 851 Longwell TWN Commercial - 288 Reverse 0.69 - -
and Industrial
Electric
Products
Customer,Partn 852 Chiyoda JPN Footwear Retail - 286 Reverse 0.21 - -
er
Partner 853 IEI Integration TWN Computer - 284 Reverse 0.52 - -
Systems
Customer 854 Pan Group VNM Food - 266 Reverse -0.68 - -
Production
Customer,Partn 855 Matrix HKG Other Leisure - 263 Reverse 0.03 - -
er Goods
Customer 856 Sysage TWN IT Hardware - 262 Reverse 0.70 - -
Technology Distributors
Supplier 857 Up Global GBR Diversified - 260 Reverse -0.29 - -
Sourcing Household
Holdings Products
Makers
Customer 858 WANdisco GBR IT Infrastructure - 257 Reverse 0.26 - -
Software
Customer 859 E&M ISR Infrastructure - 256 Reverse 0.05 - -
Computing and Network
Consulting
Services
Customer 860 Changhong HKG IT Hardware - 255 Reverse 0.02 - -
Jiahua Distributors
Customer 861 Medica Sur B MEX Multi-Delivery-Ty - 253 Reverse -0.51 - -
pe Patient Care
Supplier 862 Point Mobile KOR Computer - 251 Reverse 0.51 - -
Systems
Customer 863 Proact IT Group SWE Infrastructure - 248 Reverse 0.28 - -
and Network
Consulting
Services
Supplier,Partner 864 Kudelski CHE General and - 245 Reverse -0.20 - -
Mixed-Type
Software
Supplier 865 Jiangsu Boxin CHN Audio - 232 Reverse 0.48 - -
Investing A Electronics
Manufacturing
Customer,Partn 866 Finatis FRA Grocery Stores - 227 Reverse 0.16 - -
er

Supplier 867 CIE Mexico B MEX Arts, - 225 Reverse -0.75 - -
Entertainment
and Recreation
Providers
Customer,Partn 868 Playmates HKG Other Leisure - 223 Reverse 0.12 - -
er Goods
Supplier 869 Hamat Group ISR Small - 221 Reverse -0.71 - -
Appliances and
Accessories
Manufacturing
Customer,Partn 870 Medtecs TWN Medical - 220 Reverse 0.17 - -
er International Supplies
Customer 871 Nucleus IND Finance - 212 Reverse 0.59 - -
Exports Services
Supplier 872 Guillemot FRA Electronic - 211 Reverse -0.05 - -
Gaming/Enterta
inment
Electronics
Makers
Supplier 873 Enero Group AUS Marketing and - 205 Reverse -0.18 - -
Advertising
Services
Customer 874 Ramco IND Enterprise - 192 Reverse 0.70 - -
Systems Management
Software
Customer,Partn 875 Future IND Food - 191 Reverse 0.46 - -
er Consumer Production
Customer 876 SEG MYS Educational - 189 Reverse - - -
Services
Customer 877 Groupe Open FRA Information - 187 Reverse -0.38 - -
Technology
Consulting
Customer,Partn 878 Beter Bed NLD Furniture and - 179 Reverse 0.40 - -
er Holding Home
Furnishings
Stores
Customer 879 Nippon JPN Infrastructure - 177 Reverse 0.08 - -
Information Dev and Network
Consulting
Services
Partner 880 Aferian GBR Consumer - 175 Reverse 0.28 - -
Video
Electronics
Equipment
Partner 881 Expert ai ITA Enterprise - 172 Reverse 0.31 - -
Management
Software
Supplier 882 MH HKG Wireless Mobile - 161 Reverse - - -
Development Equipment
Customer 883 ID Holdings JPN Infrastructure - 158 Reverse 0.38 - -
and Network
Consulting
Services
Supplier 884 ZOO Digital GBR Entertainment - 155 Reverse -0.76 - -
Group and
Programming
Providers
Supplier 885 Kitex Garments IND Apparel and - 154 Reverse 0.18 - -
Footwear
Production
Partner 886 Infortrend TWN Data Storage - 147 Reverse 0.20 - -
Technology Hardware
Customer 887 Verimatrix FRA IT Infrastructure - 143 Reverse 0.52 - -
Software
Customer 888 Ryoyu Systems JPN Infrastructure - 136 Reverse -0.39 - -
and Network
Consulting
Services
Supplier 889 Creative SGP Audio - 134 Reverse -0.09 - -
Technology Electronics
Manufacturing
Customer 890 Exprivia ITA Infrastructure - 134 Reverse -0.30 - -
and Network
Consulting
Services
Supplier 891 Taiwan Line Tek TWN Interconnect - 133 Reverse 0.50 - -
Electr Electronic
Components
Customer 892 Yatra Online IND Travel - 124 Reverse 0.18 - -
Arrangement
and
Reservation
Services
Supplier 893 EuropaCorp FRA Entertainment - 116 Reverse -0.34 - -
and
Programming
Providers
Customer,Partn 894 Starbreeze SWE Games - 115 Reverse -0.11 - -
er Software
Partner 895 Q-Free NOR Commercial - 112 Reverse 0.08 - -
Transportation
Equipment
Manufacturing
Customer,Partn 896 McPherson's AUS General - 102 Reverse -0.22 - -
er Personal Care
and Cleaning
Products
Makers
Partner 897 Easy Software DEU Enterprise - 101 Reverse 0.27 - -
Management
Software
Customer 898 Quest JPN Infrastructure - 89 Reverse 0.28 - -
and Network
Consulting
Services
Supplier 899 TV Azteca CPO MEX Broadcast - 88 Reverse 0.16 - -
Media Services

Supplier 900 Gale Pacific AUS Textile Products - 82 Reverse -0.21 - -
Customer,Partn 901 Sangam /India IND Textile Products - 82 Reverse -0.14 - -
er
Customer,Partn 902 Empressa Iansa CHL Food - 81 Reverse - - -
er Production
Customer,Partn 903 Playmates Toys HKG Other Leisure - 80 Reverse 0.33 - -
er Goods
Partner 904 SunCorp HKG General - 75 Reverse -0.15 - -
Technologies Computer
Hardware
Customer 905 RenetJapanGro JPN Mixed - 74 Reverse 0.33 - -
up Electronics and
Entertainment
Retail
Partner 906 Broadcasting JPN Information - 71 Reverse -0.07 - -
Sys Niigata Technology
Consulting
Customer 907 Keyrus FRA Information - 67 Reverse -0.45 - -
Technology
Consulting
Supplier 908 Edimax TWN Other - 66 Reverse 0.30 - -
Technology Communication
s Equipment
Customer 909 Webcentral AUS Internet Hosting - 61 Reverse -0.25 - -
Group Services
Customer,Partn 910 Thunder Tiger TWN Other Leisure - 58 Reverse 0.33 - -
er Goods
Supplier 911 Pennar IND Primary Metals - 57 Reverse 0.26 - -
Industries Products
Customer 912 Business JPN Educational - 57 Reverse 0.07 - -
Breakthrough Services
Customer,Partn 913 Telechoice SGP General - 56 Reverse -0.08 - -
er Enterprise and
Technology
Consulting
Supplier 914 Wild Bunch DEU Entertainment - 55 Reverse 0.39 - -
and
Programming
Providers
Customer,Partn 915 Quarto Group GBR Print Media and - 55 Reverse -0.37 - -
er Publishing
Services
Customer 916 Smartspace GBR Home and - 53 Reverse 0.27 - -
Software Office Software
Supplier 917 SHOBIDO JPN Cosmetics - 51 Reverse -0.01 - -
Products
Customer 918 KLM Royal NLD Air Passenger - 50 Reverse 0.13 - -
Dutch Airlines Transportation
Partner 919 Gigaset DEU Business - 49 Reverse 0.17 - -
Communication
s Equipment
Customer 920 Prime TWN Other - 49 Reverse 0.47 - -
Electronics Communication
s Equipment
Customer,Partn 921 Verde AgriTech BRA Agrochemical - 48 Reverse -0.75 - -
er Products
Supplier 922 Space Shower JPN Entertainment - 47 Reverse 0.38 - -
Networks and
Programming
Providers
Partner 923 Netgem FRA Entertainment - 46 Reverse -0.33 - -
and
Programming
Providers
Supplier 924 Kyoto Tool JPN Tools and - 45 Reverse 0.29 - -
Outdoor Care
Equipment
Supplier 925 Kam Hing Intl HKG Textile Products - 40 Reverse -0.03 - -
Hldgs
Customer,Partn 926 Silver Base HKG Retail - 40 Reverse 0.38 - -
er Group Holding Distributors
Customer 927 Encourage JPN General and - 39 Reverse 0.11 - -
Technologies Mixed-Type
Software
Customer 928 Micropole FRA Information - 39 Reverse -0.61 - -
Technology
Consulting
Supplier 929 Brand GBR General - 38 Reverse 0.43 - -
Architekts Personal Care
Group and Cleaning
Products
Makers
Customer 930 Jacada ISR Enterprise - 38 Reverse 0.15 - -
Management
Software
Supplier 931 AS Co GRC Other Leisure - 36 Reverse -0.48 - -
Goods
Supplier 932 Byotrol GBR Cleaning and - 30 Reverse 0.27 - -
Sanitizing Agent
Products
Customer,Partn 933 China Jo-Jo CHN Pharmacies - 30 Reverse 0.35 - -
er Drugstores and Drug
Retailers
Customer 934 Silicon Studio JPN Design and - 28 Reverse 0.12 - -
Engineering
Software
Customer 935 Futong Tech CHN Infrastructure - 28 Reverse -0.34 - -
Dev Hldgs and Network
Consulting
Services
Customer,Partn 936 Gerry Weber DEU Apparel and - 27 Reverse - - -
er International Footwear
Production
Partner 937 NorCom Inf DEU Enterprise - 27 Reverse 0.45 - -
Tech Management
Software

Partner 938 Prophecy Intl AUS IT Infrastructure - 25 Reverse -0.09 - -
Holdings Software
Customer,Partn 939 Ahlers DEU Apparel and - 25 Reverse 0.10 - -
er Footwear
Production
Customer,Partn 940 MOONBAT JPN Multi-Type - 24 Reverse 0.34 - -
er Apparel and
Accessories
Production
Supplier 941 United Labels DEU Multi-Type - 24 Reverse -0.25 - -
Apparel and
Accessories
Production
Customer,Partn 942 One Media iP GBR Entertainment - 23 Reverse 0.41 - -
er Group and
Programming
Providers
Customer,Partn 943 Wellfully AUS Additives - 22 Reverse -0.18 - -
er Manufacturing
Supplier 944 SunMoon Food SGP Retail - 18 Reverse - - -
Distributors
Supplier,Partner 945 Splendid DEU Entertainment - 18 Reverse 0.10 - -
Medien and
Programming
Providers
Customer,Partn 946 Soribada KOR Web-Based - 17 Reverse - - -
er Data and
Services
Supplier 947 Your Family DEU Entertainment - 16 Reverse 0.52 - -
Entertainment and
Programming
Providers
Supplier 948 PINE HKG Computer - 14 Reverse 0.26 - -
Technology Peripherals
Customer 949 CloudCoCo GBR Infrastructure - 13 Reverse -0.17 - -
Group and Network
Consulting
Services
Partner 950 Tintra GBR Arts, - 12 Reverse -0.26 - -
Entertainment
and Recreation
Providers
Customer,Partn 951 Kurogane JPN Home and - 11 Reverse 0.44 - -
er Kosakusho Office
Furnishings
Manufacturing
Customer,Partn 952 Cellmid AUS Hair Care - 7 Reverse 0.30 - -
er Products
Customer 953 IDE Group GBR Infrastructure - 5 Reverse 0.19 - -
Holdings and Network
Consulting
Services
Customer,Partn 954 Ellen SWE Absorbent - 3 Reverse -0.16 - -
er Products
Manufacturing
Supplier 955 Amira Nature ARE Food - 2 Reverse 0.07 - -
Foods Production
Supplier 956 AOI Pro., Inc. JPN Marketing and - - Reverse - - -
Advertising
Services
Customer 957 Affecto Plc FIN Information - - Reverse - - -
Technology
Consulting
Partner 958 Arria NLG GBR Design and - - Reverse - - -
Engineering
Software
Partner 959 DXC United Pty AUS Information - - Reverse - - -
Limited Technology
Consulting
Supplier 960 Dalenys SA BEL Consumer - - Reverse - - -
Finance
Services
Customer 961 Dalet FRA Entertainment - - Reverse - - -
and
Programming
Providers
Customer 962 Edgeware AB SWE Entertainment - - Reverse - - -
and
Programming
Providers
Partner 963 Frontier Smart GBR Analog and - - Reverse - - -
Group Limited Semiconductors
Customer,Partn 964 Gameloft SE FRA Games - - Reverse - - -
er Software
Customer 965 IMImobile Plc GBR Enterprise - - Reverse - - -
Management
Software
Supplier 966 IndigoVision GBR General - - Reverse - - -
Group plc Computer
Hardware
Partner 967 Ingenico Group FRA Commerce - - Reverse - - -
SA Equipment
Supplier 968 Interxion NLD Internet Hosting - - Reverse - - -
Holding N.V. Services
Customer,Partn 969 Le Chameau GBR Apparel and - - Reverse - - -
er Group plc Footwear
Production
Supplier 970 Li & Fung HKG Apparel and - - Reverse - - -
Footwear
Production
Customer,Partn 971 LightwaveRF GBR Factory - - Reverse - - -
er PLC Automation
Equipment
Supplier 972 Memtech SGP Plastic Products - - Reverse - - -
International Manufacturing
Ltd.

Partner 973 Mitel Networks CAN Home and - - Reverse - - -
Corporation Office Software
Customer 974 Netia SA POL Telecommunica - - Reverse 0.21 - -
tions Carrier
Services
Supplier 975 Nippon JPN Entertainment - - Reverse - - -
Columbia Co. and
Ltd. Programming
Providers
Customer 976 Peak Sport CHN Apparel and - - Reverse - - -
Products Co., Footwear
Ltd. Production
Customer 977 Pironet AG DEU Internet Hosting - - Reverse - - -
Services
Partner 978 Qlik Analytics ISR IT Infrastructure - - Reverse - - -
(ISR) Ltd. Software
Supplier 979 ReThink Group GBR Administrative - - Reverse - - -
Ltd. Services
Customer 980 RhythmOne plc GBR Marketing and - - Reverse - - -
Advertising
Services
Partner 981 SMS AUS Information - - Reverse - - -
Management & Technology
Technology Consulting
Limited
Supplier 982 Sirius XM CAN Broadcast - - Reverse - - -
Canada Media Services
Holdings, Inc.
Supplier 983 St. Modwen GBR Home Builders - - Reverse 0.05 - -
Properties PLC
Customer,Partn 984 Stars Group CAN Arts, - - Reverse - - -
er Inc. Entertainment
and Recreation
Providers
Customer 985 Taldor Comp ISR Infrastructure - - Reverse - - -
Sys 1986 and Network
Consulting
Services
Supplier 986 Techedge S.p.A ITA Information - - Reverse - - -
Technology
Consulting
Customer 987 Vermeg GBR Finance - - Reverse - - -
Management Software and
Limited Services
Supplier 988 Village AUS Arts, - - Reverse - - -
Roadshow Entertainment
Limited and Recreation
Providers
Customer 989 Wireless Group GBR Broadcast - - Reverse - - -
Plc Media Services
Customer 990 Shopify A CAN Internet Hosting - 184,377 Reverse 0.35 - -
Services
Customer 991 Snap A USA Home and - 117,207 Reverse -0.27 - -
Office Software
Customer 992 Airbnb A USA Travel - 103,053 Reverse -0.33 - -
Arrangement
and
Reservation
Services
Customer 993 Snowflake A USA Enterprise - 95,716 Reverse -0.23 - -
Management
Software
Customer 994 Adyen NLD Consumer - 93,997 Reverse -0.21 - -
Finance
Services
Partner 995 Dell Technolges USA General - 72,602 Reverse -0.48 - -
C Computer
Hardware
Customer 996 DoorDash A USA Other Food and - 67,898 Reverse 0.11 - -
Beverage
Services
Supplier 997 Cellnex ESP Telecommunica - 46,589 Reverse -0.35 - -
Telecom tions Industry
Software and
Services
Customer,Partn 998 Match Group USA Consumer Data - 43,816 Reverse 0.78 - -
er and Services
Partner 999 Okta A USA IT Infrastructure - 40,747 Reverse 0.42 - 1
Software
Supplier 1000 Foxconn Indl CHN Local Area - 37,476 Reverse -0.27 - -
Internet A Networking
Equipment
Customer 1001 Chewy USA Pet and Pet - 31,729 Reverse -0.30 - 1
Supply Retail
Partner 1002 UiPath A USA Enterprise - 28,724 Reverse -0.04 - 1
Management
Software
Customer 1003 Bill com USA Enterprise - 28,201 Reverse 0.01 - -
Holdings Management
Software
Customer 1004 Synchrony Finl USA Consumer - 26,024 Reverse -0.62 - -
Finance
Services
Customer,Partn 1005 Sirius XM USA Broadcast - 24,910 Reverse 0.24 - -
er Media Services
Customer 1006 Upstart USA Finance - 21,334 Reverse -0.47 - -
Holdings Software and
Services
Partner 1007 Dynatrace Inc USA IT Infrastructure - 19,894 Reverse 0.00 - -
Software
Supplier 1008 Lens CHN Nonmetallic - 19,348 Reverse 0.20 - -
Technology A Minerals
Products
Supplier 1009 Seagate IRL Data Storage - 19,056 Reverse -0.53 - -
Technology Hardware
Holdings

Customer 1010 Live Nation USA Arts, - 18,984 Reverse -0.18 - -
Entertainment Entertainment
and Recreation
Providers
Supplier 1011 DLocal A URY Consumer - 18,597 Reverse 0.01 - -
Finance
Services
Customer 1012 Shenzhen CHN Wireless Mobile - 17,740 Reverse 0.24 - -
Transsion Equipment
Holding A
Customer 1013 Ceridin HCM USA Enterprise - 16,966 Reverse -0.14 - -
Hldg Rg Management
Software
Customer,Partn 1014 China Feihe CHN Food - 15,895 Reverse 0.07 - -
er Production
Customer 1015 GoodRx USA Consumer Data - 15,798 Reverse -0.32 - -
Holdings A and Services
Customer,Partn 1016 Elastic USA Enterprise - 14,903 Reverse -0.06 - -
er Management
Software
Customer,Partn 1017 Ecovacs CHN Small - 13,626 Reverse 0.50 - -
er Robotics A Appliances and
Accessories
Manufacturing
Customer 1018 Globant LUX Infrastructure - 13,514 Reverse -0.35 - -
and Network
Consulting
Services
Customer 1019 Lumen USA Wireline - 13,373 Reverse 0.15 - -
Partner 1020 Larsen & IND Information - 12,884 Reverse -0.38 - -
Toubro Infotech Technology
Consulting
Supplier 1021 GDS Holdings CHN Internet Hosting - 12,114 Reverse 0.39 - -
Services
Supplier 1022 Avery Holding CHN Interconnect - 12,031 Reverse 0.28 - -
Shenzhen A Fabrication
Customer 1023 McAfee A USA IT Infrastructure - 10,737 Reverse -0.02 - -
Software
Partner 1024 Anaplan USA Enterprise - 9,689 Reverse -0.13 - -
Management
Software
Customer,Partn 1025 Ninebot Ltd CHN Consumer - 9,370 Reverse -0.02 - -
er CDR-A Vehicle
Manufacturing
Supplier 1026 Nippon Prologis JPN Equity REITs - 9,266 Reverse -0.29 - -
REIT
Customer,Partn 1027 Nutanix A USA IT Infrastructure - 9,089 Reverse 0.25 - 1
er Software
Customer 1028 DXC USA Infrastructure - 8,915 Reverse 0.02 - -
Technology and Network
Consulting
Services
Customer,Partn 1029 Beijing CHN Small - 8,802 Reverse -0.40 - -
er Roborock Tech Appliances and
A Accessories
Manufacturing
Customer 1030 Telefonica DEU Wireless - 8,756 Reverse 0.18 - -
Deutschland Services
Customer 1031 Avast GBR Home and - 8,414 Reverse -0.20 - -
Office Software
Supplier 1032 Shenzhen CHN Specialized - 7,560 Reverse -0.12 - -
Goodix Tech A Semiconductors
Customer,Partn 1033 Dali Foods CHN Food - 7,485 Reverse 0.36 - -
er Group Production
Customer,Partn 1034 Pure Storage A USA Data Storage - 7,325 Reverse -0.09 - -
er Hardware
Supplier 1035 Beyond Meat USA Food - 7,119 Reverse 0.14 - -
Production
Partner 1036 TeamViewer DEU IT Infrastructure - 7,101 Reverse 0.23 - -
Software
Customer 1037 Darktrace GBR IT Infrastructure - 7,073 Reverse 0.22 - 1
Software
Customer 1038 SCSK JPN Information - 7,016 Reverse 0.35 - -
Technology
Consulting
Supplier 1039 ChargePoint USA Electric Vehicle - 6,967 Reverse 0.16 - 1
Holdings A Charging
Stations
Customer 1040 Change USA Healthcare - 6,830 Reverse 0.21 - -
Healthcare Administrative
Support
Services
Customer 1041 RAKUS JPN Enterprise - 6,545 Reverse 0.14 - -
Management
Software
Supplier 1042 Amlogic CHN Specialized - 6,522 Reverse 0.09 - -
Shanghai A Semiconductors
Customer 1043 Fiverr Intl ISR Consumer Data - 6,503 Reverse 0.65 - -
and Services
Customer,Partn 1044 Vimeo USA Internet Hosting - 6,391 Reverse 0.66 - -
er Services
Supplier 1045 Clearway USA United States - 6,351 Reverse -0.54 - -
Energy C Wholesale
Power
Customer 1046 Squarespace A USA Internet Support - 6,239 Reverse 0.44 - -
Services
Supplier 1047 S4 Capital GBR Marketing and - 6,181 Reverse -0.13 - 2
Advertising
Services
Supplier 1048 Perrigo IRL Diversified - 6,063 Reverse 0.34 - 1
Biopharmaceuti
cals

Customer,Partn 1049 Hangzhou CHN Tools and - 5,933 Reverse -0.22 - -
er Great Star Indl Outdoor Care
A Equipment
Customer 1050 Softcat GBR Infrastructure - 5,911 Reverse -0.41 - -
and Network
Consulting
Services
Customer 1051 Upwork USA Consumer Data - 5,613 Reverse 0.68 - -
and Services
Customer 1052 Signify Health A USA Healthcare - 5,497 Reverse 0.45 - -
Administrative
Support
Services
Customer 1053 Olo A USA Accommodatio - 5,207 Reverse -0.29 - -
n Providers
Partner 1054 HANKOOK KOR Consumer - 4,890 Reverse 0.22 - -
TIRE & Vehicle Parts
TECHNOLOGY Manufacturing
Customer 1055 Flywire USA Consumer - 4,844 Reverse -0.19 - -
Finance
Services
Customer 1056 NextDC AUS Internet Hosting - 4,614 Reverse -0.24 - -
Services
Customer,Partn 1057 Leslie's USA Building - 4,591 Reverse 0.16 - -
er Materials and
Garden Supply
Stores
Partner 1058 SailPoint USA IT Infrastructure - 4,345 Reverse 0.60 - -
Technologies Software
Customer 1059 Jamf Holding USA Enterprise - 4,260 Reverse -0.20 - -
Management
Software
Partner 1060 E-MART KOR Warehouse - 4,146 Reverse -0.52 - -
Clubs and
Superstores
Customer 1061 SoftwareONE CHE Infrastructure - 4,118 Reverse 0.05 - -
Holding and Network
Consulting
Services
Customer 1062 Datto Holding USA IT Infrastructure - 4,096 Reverse 0.25 - -
Software
Supplier 1063 NavInfo A CHN General and - 4,044 Reverse 0.30 - -
Mixed-Type
Software
Customer 1064 TietoEVRY FIN Information - 4,020 Reverse -0.35 - -
Technology
Consulting
Customer 1065 Sunnova USA United States - 3,970 Reverse 0.38 - -
Energy Intnl Wholesale
Power
Supplier 1066 Spectrum USA Diversified - 3,958 Reverse 0.21 - 1
Brands Household
Holdings Products
Makers
Customer,Partn 1067 Spin Master CAN Other Leisure - 3,702 Reverse 0.15 - -
er Corp Goods
Customer 1068 Quectel CHN Module and - 3,532 Reverse -0.06 - -
Wireless Subassembly
Solutions A Components
Customer 1069 Beijing Sinnet CHN Infrastructure - 3,494 Reverse -0.39 - -
Technology A and Network
Consulting
Services
Customer 1070 LiveRamp USA Enterprise - 3,341 Reverse -0.34 - -
Holdings Management
Software
Customer 1071 MultiChoice ZAF Wireline - 3,250 Reverse -0.37 - -
Group Services
Customer 1072 Rackspace USA Infrastructure - 3,032 Reverse 0.42 - -
Consulting
Services
Customer,Partn 1073 Jiangsu CHN Print Media and - 2,879 Reverse 0.17 - -
er Phoenix A Publishing
Services
Supplier 1074 Zip AUS Consumer - 2,838 Reverse 0.18 - 1
Finance
Services
Customer,Partn 1075 UTZ Brands A USA Food - 2,685 Reverse 0.45 - -
er Production
Customer 1076 Espressif CHN Processor - 2,653 Reverse 0.47 - -
Systems A Semiconductors
Supplier 1077 Charter Hall Lo AUS Equity REITs - 2,464 Reverse -0.39 - -
Supplier 1078 BlueFocus CHN Marketing and - 2,425 Reverse 0.11 - -
Intelligent A Advertising
Services
Partner 1079 Sinosoft A CHN Infrastructure - 2,405 Reverse 0.36 - -
and Network
Consulting
Services
Supplier 1080 Ranpak USA Factory - 2,353 Reverse -0.29 - -
Holdings A Automation
Equipment
Customer,Partn 1081 SciPlay Corp A USA Games - 2,312 Reverse -0.53 - -
er Software
Customer 1082 EVgo A USA Electric Vehicle - 2,235 Reverse 0.30 - -
Charging
Stations
Supplier 1083 Maxar USA Design and - 2,220 Reverse 0.36 - -
Technologies Engineering
Software
Customer 1084 Nagarro DEU Infrastructure - 2,113 Reverse -0.16 - -
and Network
Consulting
Services

Supplier 1085 Lion Electric CAN Consumer - 2,106 Reverse 0.15 - -
Vehicle
Manufacturing
Supplier 1086 SmileDirectClub USA Specialized - 2,073 Reverse 0.25 - -
A Medical
Devices
Supplier 1087 Razer USA Computer - 2,062 Reverse 0.18 - -
Peripherals
Customer 1088 Beachbody USA Personal - 2,040 Reverse 0.18 - -
Company A Services
Customer 1089 Megaport AUS Internet Hosting - 1,990 Reverse -0.20 - -
Services
Customer,Partn 1090 GrowGeneratio USA Building - 1,794 Reverse 0.43 - -
er n Materials and
Garden Supply
Stores
Customer 1091 Bytes GBR Infrastructure - 1,775 Reverse -0.48 - -
Group Consulting
Services
Supplier 1092 Suntak CHN Interconnect - 1,741 Reverse -0.20 - -
Technology A Fabrication
Customer 1093 BTRS Holdings USA Enterprise - 1,720 Reverse 0.15 - -
Management
Software
Supplier 1094 BrightView USA Facilities and - 1,657 Reverse 0.25 - -
Holdings Other Support
Services
Supplier 1095 Alexander & USA Equity REITs - 1,640 Reverse -0.50 - -
Baldwin
Customer 1096 Crayon Group NOR Software - 1,613 Reverse -0.23 - -
Holding Distributors
Supplier 1097 Tremor ISR Marketing and - 1,597 Reverse -0.24 - -
International Advertising
Services
Supplier 1098 Shenzhen CHN Passive - 1,581 Reverse 0.18 - -
Microgate Tech Electronic
A Components
Supplier 1099 Glbwrt Est EUR GBR Equity REITs - 1,563 Reverse 0.28 - -
Customer 1100 Mobvista CHN Marketing and - 1,513 Reverse 0.48 - -
Advertising
Services
Customer 1101 Conduent USA Consulting/Busi - 1,480 Reverse -0.17 - -
ness Process
Outsourcing
Services
Customer,Partn 1102 Xiamen Comfort CHN Diversified - 1,479 Reverse 0.43 - -
er Science & Household
Technology Products
Group A Makers
Supplier 1103 Shenzhen CHN Air, Liquid and - 1,468 Reverse -0.59 - -
Envicool Tech A Gas Control
Equipment
Supplier 1104 Amber Entr Rg IND Air, Liquid and - 1,439 Reverse 0.54 - -
Gas Control
Equipment
Customer,Partn 1105 Shuhua Sports CHN Sporting and - 1,431 Reverse -0.09 - -
er A Athletic Goods
Partner 1106 Skillsoft A IRL Enterprise - 1,309 Reverse -0.01 - 1
Management
Software
Customer 1107 MediaAlpha A USA Finance - 1,290 Reverse 0.25 - -
Software and
Services
Customer,Partn 1108 Healthcare Co CHN Home and - 1,235 Reverse 0.25 - -
er A Office
Furnishings
Manufacturing
Customer 1109 CLASSYS KOR Specialized - 1,232 Reverse -0.26 - -
Medical
Devices
Customer 1110 BASE JPN Internet Hosting - 1,193 Reverse 0.39 - -
Services
Supplier 1111 Clipper GBR Logistics and - 1,175 Reverse 0.55 - -
Logistics Supply Chain
Service
Providers
Customer 1112 TOKAI JPN Natural Gas - 1,171 Reverse 0.33 - -
Utilities
Customer 1113 Upland USA Enterprise - 1,168 Reverse 0.25 - -
Software Management
Software
Customer,Partn 1114 Premier JPN General - 1,167 Reverse 0.21 - 1
er Anti-Aging Personal Care
and Cleaning
Products
Makers
Supplier 1115 Shenzhen CHN General - 1,166 Reverse 0.09 - -
Fenda Consumer
Technology A Electronics
Manufacturing
Customer 1116 Intellect Design IND Finance - 1,158 Reverse 0.45 - -
Arena Software and
Services
Supplier 1117 Sumo Group GBR Games - 1,153 Reverse -0.30 - -
Plc Software
Customer 1118 Digital Value ITA Infrastructure - 1,122 Reverse -0.45 - -
SpA and Network
Consulting
Services
Supplier 1119 Opera ADR NOR Home and - 1,113 Reverse 0.49 - -
Office Software
Customer 1120 Ideagen GBR Enterprise - 1,112 Reverse -0.22 - -
Management
Software

Supplier 1121 Dongguan CHN Metal Parts and - 1,057 Reverse -0.13 - -
Eontec A Component
Manufacturing
Customer,Partn 1122 Rossari Biotech IND Other - 1,044 Reverse -0.57 - -
er Specialty/Perfor
mance
Chemical
Manufacturing
Customer,Partn 1123 Changjiang CHN Print Media and - 1,025 Reverse -0.11 - -
er Publishing A Publishing
Services
Customer,Partn 1124 Colopl JPN Games - 1,011 Reverse 0.18 - -
er Software
Supplier 1125 Jones Tech A CHN Semiconductor - 1,010 Reverse -0.44 - -
Manufacturing
Capital
Equipment
Customer 1126 FINEOS IRL Finance - 997 Reverse 0.33 - 1
Corporation Software and
Holdings DR Services
Customer,Partn 1127 Keeson CHN Household - 971 Reverse -0.31 - -
er Technology A Appliances and
Furnishings
Production
Supplier 1128 Symphony IND Air, Liquid and - 960 Reverse 0.54 - -
Gas Control
Equipment
Partner 1129 LATAM Airlines CHL Air Passenger - 951 Reverse 0.17 1 -
Group Transportation
Supplier 1130 Warehouse GBR Equity REITs - 930 Reverse -0.54 - -
REIT
Customer,Partn 1131 DoubleU KOR Games - 921 Reverse 0.02 - -
er Games Software
Customer 1132 Ribbon USA Wide Area - 920 Reverse 0.21 - -
Communication Networking
s Equipment
Supplier 1133 Xiwang CHN Food - 889 Reverse -0.01 - -
Foodstuffs A Production
Supplier 1134 Inseego USA Local Area - 863 Reverse 0.04 - -
Networking
Equipment
Supplier 1135 PetIQ A USA Veterinary - 803 Reverse 0.48 - -
Products and
Services
Supplier 1136 Meliuz BRA Marketing and - 791 Reverse 0.40 - -
Advertising
Services
Customer 1137 Hillstone CHN Wide Area - 754 Reverse 0.03 - -
Networks A Networking
Equipment
Customer 1138 Tabula Rasa USA Healthcare - 733 Reverse 0.50 - -
Healthcare Distributors
Supplier 1139 Cuckoo KOR Small - 726 Reverse -0.73 - -
Holdings Appliances and
Accessories
Manufacturing
Supplier 1140 Harworth Group GBR Other Real - 707 Reverse -0.43 - 1
Estate
Investment and
Services
Supplier 1141 Thinkingdom CHN Print Media and - 698 Reverse 0.10 - -
Media Group A Publishing
Services
Customer 1142 eCloudvalley TWN Information - 681 Reverse 0.40 - -
Digital Tech Technology
Consulting
Customer 1143 Cafe24 KOR Internet Support - 679 Reverse -0.50 - -
Services
Customer 1144 Aussie Broad AUS Wireline - 672 Reverse -0.38 - -
Services
Customer,Partn 1145 Qingdao CHN Print Media and - 663 Reverse 0.18 - -
er Citymedia A Publishing
Services
Customer,Partn 1146 Shg Rongtai-A CHN Household - 659 Reverse 0.47 - -
er Rg Appliances and
Furnishings
Production
Customer,Partn 1147 Remedy FIN Games - 645 Reverse 0.25 - -
er Entertainment Software
Customer 1148 Systems PAK Information - 642 Reverse -0.01 1 -
Technology
Consulting
Customer 1149 EverQuote A USA Consumer Data - 613 Reverse 0.40 - -
and Services
Partner 1150 Alfa Financial GBR Finance - 593 Reverse 0.00 - -
Services
Supplier 1151 Dongguan CHN Interconnect - 585 Reverse -0.09 - -
Dingtong Electronic
Precision Metal Components
A
Customer,Partn 1152 Bestway Global CHN Other Leisure - 581 Reverse 0.20 - -
er Holding Goods
Customer 1153 Guangdong CHN General - 554 Reverse -0.04 - -
SACA Precision Consumer
A Electronics
Manufacturing
Supplier 1154 Bigtincan Hold AUS Enterprise - 545 Reverse -0.14 - -
Management
Software
Customer 1155 Barnes & Noble USA Entertainment - 535 Reverse 0.27 - 1
Education Retail
Supplier 1156 Social Chain DEU Marketing and - 530 Reverse -0.39 - -
Advertising
Services

Customer,Partn 1157 Thunderful SWE Other IT - 525 Reverse -0.05 - 1
er Distributors
Customer 1158 Huobi HKG Contract - 509 Reverse 0.09 - -
Technology Electronic
Holdings Manufacturing
Customer,Partn 1159 Rupa IND Apparel and - 493 Reverse 0.29 - -
er Footwear
Production
Supplier 1160 Shenzhen CHN Computer - 482 Reverse 0.32 - -
Rapoo Peripherals
Technology A
Customer 1161 GTY USA Administrative - 458 Reverse 0.22 - -
Technology Services
Holdings
Customer 1162 Vast Platform A BRA Administrative - 454 Reverse 0.29 - -
Services
Customer 1163 LeoVegas SWE Arts, - 442 Reverse 0.02 - -
Entertainment
and Recreation
Providers
Partner 1164 All For One DEU Information - 439 Reverse -0.02 - -
Group Technology
Consulting
Supplier 1165 Gulf Oil IND Other - 417 Reverse 0.35 - -
Lubricants India Specialty/Perfor
mance
Chemical
Manufacturing
Customer 1166 BrainPad JPN Internet Support - 397 Reverse 0.03 - -
Services
Customer 1167 Chatwork JPN Home and - 385 Reverse 0.29 - -
Office Software
Customer 1168 Tianze CHN Enterprise - 363 Reverse 0.10 - -
Information Ind Management
A Software
Customer 1169 CentralNic GBR Internet Support - 362 Reverse -0.19 - 1
Group Services
Supplier 1170 Guangdong CHN Other - 361 Reverse 0.11 - -
Tengen A Containers and
Packaging
Products
Supplier 1171 Beijing CHN Electronic - 359 Reverse 0.38 - -
Hanbang Tech Security
A Equipment
Customer 1172 Liberty USA Travel - 354 Reverse -0.14 - -
TripAdvisor Arrangement
Hldgs A and
Reservation
Services
Customer,Partn 1173 Supreme GBR Other Electrical - 330 Reverse -0.36 - -
er Equipment/Pow
er Systems
Makers
Customer,Partn 1174 Aterian USA Electronics - 329 Reverse 0.32 - -
er Retail
Supplier 1175 Lucira Health USA Clinical - 326 Reverse -0.28 - -
Diagnostics
Devices
Supplier 1176 Eros STX USA Entertainment - 305 Reverse 0.54 - -
Global A and
Programming
Providers
Customer 1177 Artefact FRA Marketing and - 305 Reverse -0.33 - -
Advertising
Services
Customer 1178 Redcentric GBR Infrastructure - 294 Reverse 0.05 - -
and Network
Consulting
Services
Customer 1179 Panoply GBR Administrative - 293 Reverse 0.42 - -
Holdings Services
Partner 1180 Tuas AUS Wireless - 288 Reverse -0.44 - -
Services
Customer,Partn 1181 Spigen Korea KOR Wireless Mobile - 286 Reverse 0.47 - -
er Equipment
Supplier 1182 Cheetah Mobile CHN Home and - 272 Reverse 0.04 - 1
ADR Office Software
Customer 1183 Serverworks Co JPN Infrastructure - 263 Reverse 0.68 - -
and Network
Consulting
Services
Customer 1184 essensys GBR IT Infrastructure - 263 Reverse 0.06 - -
Software
Customer 1185 TerraSky Co Ltd JPN Information - 256 Reverse 0.29 - -
Technology
Consulting
Customer,Partn 1186 Me2zen KDR KOR Games - 246 Reverse 0.67 - -
er Software
Customer,Partn 1187 Hamee JPN Electronics - 244 Reverse -0.64 - 1
er Retail
Supplier 1188 Freelancer AUS Consumer Data - 238 Reverse 0.28 - -
and Services
Customer 1189 Alithya Group A CAN Consulting/Busi - 237 Reverse 0.63 - -
ness Process
Outsourcing
Services
Customer 1190 CMC Vietnam VNM Information - 233 Reverse -0.41 - -
Technology
Consulting
Customer 1191 Centogene DEU Ambulatory and - 232 Reverse 0.34 - 1
Outpatient
Diagnostic
Patient Care
Customer,Partn 1192 Nureca IND System-Specific - 221 Reverse -0.04 - -
er General
Medical
Devices

Supplier 1193 XLMedia GBR Marketing and - 214 Reverse -0.32 1 1
Advertising
Services
Partner 1194 NEOJAPAN JPN Home and - 205 Reverse 0.06 - 1
Office Software
Customer,Partn 1195 Mobly BRA Furniture and - 198 Reverse 0.27 - -
er Home
Furnishings
Stores
Customer,Partn 1196 Sempio Foods KOR Food - 191 Reverse 0.39 - -
er Production
Customer 1197 DB Inc KOR Information - 190 Reverse 0.72 - -
Technology
Consulting
Partner 1198 PiPEDO HD JPN Information - 189 Reverse 0.30 - -
Technology
Consulting
Supplier 1199 Kingfish NLD Food - 188 Reverse 0.19 - -
Distributors
Customer,Partn 1200 Esports MLT Arts, - 185 Reverse 0.05 - -
er Entertainment Entertainment
Group and Recreation
Providers
Customer 1201 Fat Brands A USA Restaurants - 185 Reverse 0.35 - 1
and Bars
Supplier 1202 Enzymatica SWE Specialized - 184 Reverse -0.27 - -
Medical
Devices
Customer,Partn 1203 Kaizen Platform JPN Enterprise - 183 Reverse 0.31 - -
er Management
Software
Supplier 1204 Doctor Care GBR Multi-Delivery-Ty - 181 Reverse 0.41 - -
Anywhere pe Patient Care
Customer 1205 Leaf Mobile CAN Games - 178 Reverse -0.19 - -
Software
Supplier 1206 Pendrell A Rg USA Consulting/Busi - 173 Reverse - - -
ness Process
Outsourcing
Services
Customer,Partn 1207 coly JPN Games - 168 Reverse 0.43 - 1
er Software
Customer 1208 DistIT SWE IT Hardware - 158 Reverse -0.12 - -
Distributors
Partner 1209 Awanbiru MYS General - 155 Reverse 0.36 - -
Technology Enterprise and
Technology
Consulting
Customer,Partn 1210 ME2ON KOR Games - 149 Reverse 0.43 - -
er Software
Customer,Partn 1211 Super Lg USA Web-Based - 139 Reverse 0.22 - -
er Gaming Data and
Services
Customer,Partn 1212 Science In GBR General Food - 138 Reverse -0.37 - -
er Sport and Beverage
Production
Customer 1213 Gentrack Group NZL Other Electric - 137 Reverse -0.09 - -
and Natural
Gas Utilities
Supplier 1214 IZEA Worldwide USA Marketing and - 135 Reverse -0.03 - -
Advertising
Services
Customer 1215 itsumo JPN Internet Hosting - 133 Reverse 0.29 - -
Services
Customer 1216 System Support JPN Infrastructure - 127 Reverse -0.18 - -
and Network
Consulting
Services
Partner 1217 Alfi USA Enterprise - 127 Reverse 0.44 - -
Management
Software
Customer 1218 PGS Software POL Infrastructure - 125 Reverse -0.22 - -
and Network
Consulting
Services
Customer 1219 Cybernaut Intl HKG Electronics - 123 Reverse -0.06 - -
Holdings Retail
Customer 1220 Mintra Holding NOR Enterprise - 123 Reverse -0.06 - -
Management
Software
Customer,Partn 1221 TONYMOLY KOR Skin Care - 122 Reverse 0.01 - -
er Products
Customer,Partn 1222 Venture Life GBR General - 119 Reverse 0.31 - -
er Group Personal Care
and Cleaning
Products
Makers
Customer 1223 ATON KOR IT Infrastructure - 119 Reverse -0.25 - -
Software
Customer 1224 Attraqt Group GBR Retail Industry - 119 Reverse -0.31 - -
Software
Customer 1225 Siili Solutions FIN Infrastructure - 117 Reverse 0.55 - -
and Network
Consulting
Services
Customer 1226 Vega JPN Internet Support - 117 Reverse 0.18 - -
Corporation Services
Customer,Partn 1227 Hempfusion CAN Nutritional - 117 Reverse - - -
er Wellness Health
Pharmaceutical
s
Customer 1228 Navya FRA Commercial - 115 Reverse -0.12 - -
Transportation
Equipment
Manufacturing
Customer 1229 Takung Art HKG Entertainment - 110 Reverse -0.05 - -
Retail

Customer,Partn 1230 TDH Holding CHN Food - 108 Reverse 0.32 1 -
er Production
Customer,Partn 1231 VISIONARY JPN Other Health - 107 Reverse 0.21 - -
er HLDG and Personal
Care Retail
Customer,Partn 1232 Monte Carlo IND Apparel and - 104 Reverse 0.33 - -
er Fashions Footwear
Production
Customer,Partn 1233 BBTV Holdings CAN Entertainment - 102 Reverse 0.23 - -
er and
Programming
Providers
Customer,Partn 1234 DAVIDsTEA CAN Beverage and - 92 Reverse -0.09 1 1
er Specialty Foods
Stores
Supplier 1235 iFabric CAN Textile Products - 87 Reverse -0.52 - -
Partner 1236 Temona JPN Enterprise - 84 Reverse 0.41 - -
Management
Software
Customer,Partn 1237 Alchimie FRA Web-Based - 76 Reverse -0.21 - -
er Data and
Services
Customer,Partn 1238 Dogness Intl A CHN Other Leisure - 76 Reverse -0.10 - -
er Goods
Customer 1239 McColl's Retail GBR Grocery Stores - 76 Reverse 0.49 - -
GRP
Customer,Partn 1240 Pivotree CAN Internet Hosting - 76 Reverse 0.04 - -
er Services
Supplier 1241 Blockchain FRA Marketing and - 74 Reverse -0.30 - -
Group Advertising
Services
Customer 1242 American USA Infrastructure - 71 Reverse 0.40 - -
Virtual Cloud and Network
Technologies Consulting
Services
Customer,Partn 1243 Toughbuilt USA Accessories - 71 Reverse 0.28 - -
er Industries Production
Customer 1244 R&D Computer JPN Infrastructure - 68 Reverse 0.11 - -
and Network
Consulting
Services
Customer 1245 B3 Consulting SWE Infrastructure - 68 Reverse -0.08 - -
Group and Network
Consulting
Services
Customer 1246 SecureKloud IND Internet Hosting - 63 Reverse -0.17 - -
Supplier 1247 Baosheng CHN Marketing and - 61 Reverse 0.27 - -
Media Advertising
Services
Supplier 1248 Giglio Group ITA Apparel Retail - 61 Reverse 0.02 - -
Partner 1249 Digital Media JPN Specialized - 59 Reverse 0.04 - -
Semiconductors
Customer 1250 Headwaters JPN Information - 58 Reverse 0.29 - -
Technology
Consulting
Customer 1251 AXIS JPN Infrastructure - 56 Reverse 0.16 - -
and Network
Consulting
Services
Partner 1252 Gfinity GBR Arts, - 56 Reverse -0.04 - -
Entertainment
and Recreation
Providers
Customer,Partn 1253 Napster Group GBR Home and - 56 Reverse 0.14 - -
er Office Software
Customer 1254 SpyroSoft POL Infrastructure - 56 Reverse 0.43 - -
and Network
Consulting
Services
Customer 1255 GetBusy GBR Enterprise - 56 Reverse 0.25 - -
Management
Software
Supplier 1256 STRAX SWE Wireless Mobile - 53 Reverse -0.15 - -
Equipment
Customer,Partn 1257 UTime CHN Contract - 52 Reverse -0.20 - -
er Electronic
Manufacturing
Customer 1258 LAIX ADR A CHN Home and - 51 Reverse 0.25 - -
Office Software
Customer,Partn 1259 Shoe Zone GBR Footwear Retail - 50 Reverse 0.00 - -
er
Supplier 1260 Balyo FRA Factory - 46 Reverse 0.26 - -
Automation
Equipment
Customer,Partn 1261 TheWorks GBR Mixed - 46 Reverse -0.37 - -
er Electronics and
Entertainment
Retail
Supplier 1262 Buddy AUS Other Electrical - 43 Reverse 0.31 - -
Technologies Equipment/Pow
er Systems
Makers
Supplier 1263 Notorious ITA Entertainment - 43 Reverse 0.21 - -
Pictures and
Programming
Providers
Customer 1264 ShiftPixy USA Accommodatio - 34 Reverse 0.06 1 -
n Providers
Customer,Partn 1265 Guardion USA Nutritional - 34 Reverse 0.25 - -
er Health Sciences Health
Pharmaceutical
s

Customer,Partn 1266 Miji International CHN Household - 32 Reverse 0.05 - -
er Hldgs Appliances and
Furnishings
Production
Customer,Partn 1267 Dream Vision JPN Apparel Retail - 27 Reverse 0.46 - -
er
Customer,Partn 1268 Wellnex Life AUS Food - 26 Reverse 0.20 - -
er Production
Customer,Partn 1269 Indian Terrain IND Apparel and - 25 Reverse 0.60 - -
er Fashions Footwear
Production
Customer 1270 windeln.de DEU Furniture and - 24 Reverse 0.05 - -
Home
Furnishings
Stores
Customer 1271 DigiTouch ITA Marketing and - 24 Reverse 0.34 - -
Advertising
Services
Customer,Partn 1272 AmidA JPN Other Leisure - 24 Reverse 0.25 - -
er Goods
Customer 1273 Felix Group AUS Other Real - 23 Reverse 0.45 - -
Estate
Investment and
Services
Customer,Partn 1274 CMON SGP Other Leisure - 23 Reverse 0.04 - -
er Goods
Supplier 1275 PANTAFLIX DEU Entertainment - 21 Reverse 0.47 - -
and
Programming
Providers
Supplier 1276 Nutritional ISR Food - 18 Reverse 0.42 - -
Growth Production
Solutions
Customer,Partn 1277 Shirohato JPN Apparel Retail - 17 Reverse 0.38 - -
er
Supplier,Partner 1278 Sequential USA Apparel and - 10 Reverse 0.23 1 -
Brands Group Footwear
Production
Customer,Partn 1279 Y Ventures SGP Entertainment - 10 Reverse 0.18 - -
er Group Retail
Customer 1280 6D Global USA Internet Support - 8 Reverse 0.28 - -
Customer,Partn 1281 Youngevity USA Other Health - 6 Reverse 0.20 1 -
er International and Personal
Care Retail
Customer 1282 Net Pix Shorts IND Web-Based - 1 Reverse 0.55 - -
Digital Media Data and
Services
Customer,Partn 1283 AVG NLD Home and - - Reverse - - -
er Technologies Office Software
NV
Supplier 1284 Amplify Snack USA Food - - Reverse - - -
Brands Inc Production
Customer 1285 Beijing Papaya CHN Marketing and - - Reverse - - -
Mobile Advertising
Technology Inc. Services
Supplier 1286 Better Being USA Nutritional - - Reverse - - -
Co. Health
Pharmaceutical
s
Supplier 1287 Blue Buffalo Pet USA Food - - Reverse - - -
Products Inc Production
Customer,Partn 1288 Bolina Holding CHN Small - - Reverse - - -
er Co. Ltd. Appliances and
Accessories
Manufacturing
Partner 1289 CSRA, Inc. USA Administrative - - Reverse - - -
Services
Partner 1290 Caesars USA Arts, - - Reverse - - -
Holdings, Inc. Entertainment
and Recreation
Providers
Supplier 1291 Cardtronics plc USA Consumer - - Reverse - - -
Finance
Services
Supplier 1292 Clearwater CAN Animal - - Reverse - - -
Seafoods Inc. Production
Supplier 1293 CommerceHub, USA Retail Industry - - Reverse - - -
Inc. Software
Customer 1294 DSHE Holdings AUS Electronics - - Reverse - 1 -
Ltd. Retail
Supplier 1295 GLP Pte. Ltd. SGP Property - - Reverse - - -
Owners
Customer,Partn 1296 Gigamon Inc. USA IT Infrastructure - - Reverse - - -
er Software
Supplier 1297 Gramercy USA Equity REITs - - Reverse - - -
Property Trust
Supplier 1298 Italiaonline SpA ITA Web-Based - - Reverse - - -
Data and
Services
Customer 1299 JUST EAT plc GBR Other Food and - - Reverse - - -
Beverage
Services
Supplier 1300 Kew Media CAN Entertainment - - Reverse - - -
Group and
Programming
Providers
Customer,Partn 1301 Leyou Tech HKG Games - - Reverse - - -
er Holdings Software
Customer 1302 Livongo Health, USA Healthcare - - Reverse - - -
Inc. Administrative
Support
Services

Customer 1303 Mediawan SA FRA Entertainment - - Reverse - - -
and
Programming
Providers
Customer 1304 Mi-Pay Group GBR Consumer - - Reverse - - -
plc Finance
Services
Supplier 1305 Mood Media USA Marketing and - - Reverse - - -
Corporation Advertising
Services
Customer 1306 Orion Health NZL Healthcare - - Reverse - - -
Group Administrative
Support
Services
Customer 1307 Pivot CAN Infrastructure - - Reverse - - -
Solutions Consulting
Incorporated Services
Supplier 1308 RLJ USA Entertainment - - Reverse - - -
Entertainment, and
Inc. Programming
Providers
Customer 1309 Slack USA Home and - - Reverse - - -
Technologies, Office Software
Inc.
Supplier 1310 Snyder's-Lance USA Food - - Reverse - - -
Customer 1311 Sophos Group GBR IT Infrastructure - - Reverse - - -
Plc Software
Partner 1312 Sprint Corp. USA Wireless - - Reverse - - -
Services
Supplier 1313 Starz USA Entertainment - - Reverse - - -
and
Programming
Providers
Customer 1314 TalkTalk GBR Wireline - - Reverse - - -
Telecom Group Services
PLC
Customer 1315 Textura Corp. USA Other Real - - Reverse - - -
Estate
Investment and
Services
Supplier 1316 Trilogy NZL Other Health - - Reverse - - -
International and Personal
Limited Care Retail
Customer 1317 Viggle Media, USA Packaged - - Reverse - - -
Inc. Software
Supplier 1318 Worldpay GBR Consumer - - Reverse - - -
Group PLC Finance
Services
Rel Type Rel Rank Company Ctry Industry 1D Return 1W Return 2W Return 1M Return 3M Return 6M Return 1Y Return 5Y Return
Supplier,Cus 1 Arlo USA Electronic -1.93 -2.56 0.00 2.01 -12.61 -11.98 19.61 -
tomer,Partne Technologie Security
r s Equipment
Supplier,Cus 2 Telos USA Administrativ -1.12 3.39 5.33 20.27 -4.06 14.14 - -
tomer,Partne e Services
r
Supplier,Cus 3 GoDaddy A USA Internet 0.16 1.64 2.45 5.04 -7.35 4.14 -1.61 130.75
tomer,Partne Hosting
r Services
Supplier,Cus 4 Blue Prism GBR Enterprise -1.39 5.16 41.20 40.95 33.67 -4.60 -15.16 370.84
tomer,Partne Group Management
r Software
Supplier,Cus 5 Celsius USA Beverages 2.04 4.16 19.31 15.69 20.91 59.24 368.20 3,993.46
tomer,Partne Production
r
Supplier,Cus 6 Hasbro USA Other -2.10 -0.75 -0.34 0.12 2.50 2.23 29.33 38.27
tomer,Partne Leisure
r Goods
Supplier,Part 7 NVIDIA USA Specialized -1.43 -0.45 0.59 9.71 28.02 92.83 87.71 1,347.24
ner Semiconduct
ors
Supplier,Part 8 Equinix Inc USA Equity REITs 0.06 1.55 9.26 7.95 8.41 49.42 20.90 159.67
ner
Customer,Pa 9 PagerDuty USA Enterprise -2.06 5.28 12.58 8.65 18.37 35.21 93.53 -
rtner Management
Software
Supplier,Cus 10 iRobot USA Small -0.82 -1.67 -1.17 -4.65 -19.13 -30.27 14.37 103.68
tomer Appliances
and
Accessories
Manufacturin
g
2W TR 1M TR 3M TR 6M TR 1Y TR
Rel Type Rel Rank Company Ctry Industry 2W Corr. 1M Corr. 3M Corr. 6M Corr. 1Y Corr. Corr. Corr. Corr. Corr. Corr.
Supplier,C 1 Arlo USA Electronic 0.84 0.85 0.16 -0.34 -0.01 0.65 0.81 0.18 -0.35 -0.01
ustomer,P Technolog Security
artner ies Equipment
Supplier,C 2 Telos USA Administra 0.79 0.76 0.04 -0.22 - 0.73 0.78 0.07 -0.22 -
ustomer,P tive
artner Services
Supplier,C 3 GoDaddy USA Internet 0.69 0.86 0.65 0.59 0.52 0.67 0.87 0.66 0.57 0.51
ustomer,P A Hosting
artner Services
Supplier,C 4 Blue Prism GBR Enterprise 0.89 0.86 -0.05 -0.54 -0.55 0.88 0.88 -0.02 -0.52 -0.54
ustomer,P Group Managem
artner ent
Software

Supplier,C 5 Celsius USA Beverages 0.96 0.96 -0.16 0.55 0.54 0.95 0.96 -0.09 0.55 0.55
ustomer,P Production
artner
Supplier,C 6 Hasbro USA Other 0.78 0.67 -0.06 0.07 0.40 0.51 0.61 -0.14 0.12 0.44
ustomer,P Leisure
artner Goods
Supplier,P 7 NVIDIA USA Specialize 0.71 0.75 0.02 0.67 0.73 0.48 0.75 -0.01 0.67 0.73
artner d
Semicond
uctors
Supplier,P 8 Equinix USA Equity 0.92 0.74 0.19 0.70 0.64 0.92 0.76 0.14 0.69 0.66
artner Inc REITs
Customer, 9 PagerDuty USA Enterprise 0.84 0.92 0.28 0.49 0.34 0.84 0.93 0.25 0.49 0.35
Partner Managem
ent
Software
Supplier,C 10 iRobot USA Small 0.08 -0.10 0.09 -0.54 0.00 0.02 -0.15 0.14 -0.53 -0.01
ustomer Appliance
s and
Accessori
es
Manufactu
ring
LT Debt Interest Liquidity

Rel Type Rel Rank Company Ctry Industry /Equity Coverage 1Y CDS 5Y CDS Moody's S&P Outlook
Supplier,Cust 1 Arlo USA Electronic 0.20 - - - - - Stable
omer,Partner Technologies Security
Equipment
Supplier,Cust 2 Telos USA Administrative 0.09 -6.74 - - - - Stable
omer,Partner Services
Supplier,Cust 3 GoDaddy A USA Internet - 2.90 - - - - Stable
omer,Partner Hosting
Services
Supplier,Cust 4 Blue Prism GBR Enterprise 0.02 -298.00 - - - - Negative
omer,Partner Group Management
Software
Supplier,Cust 5 Celsius USA Beverages 0.00 26.05 - - - - Stable
omer,Partner Production
Supplier,Cust 6 Hasbro USA Other Leisure 1.59 4.20 14.67 72.76 WR BBB- Stable
omer,Partner Goods
Supplier,Partn 7 NVIDIA USA Specialized 0.55 34.13 - - A2 A- Stable
er Semiconducto
rs
Supplier,Partn 8 Equinix Inc USA Equity REITs 1.39 2.00 14.93 61.56 WR BBB Stable
er
Customer,Part 9 PagerDuty USA Enterprise 1.07 -7.97 - - - - Stable
ner Management
Software
Supplier,Cust 10 iRobot USA Small 0.06 - - - - - Stable
omer Appliances
and
Accessories
Manufacturing
Comps - Overlapping Relationships (Top 10)
Rel Type Rel Rank Company Rel Value ($) Relationship

Supplier,Customer,Partner 1 Arlo Technologies - 0
Supplier,Customer,Partner 2 Telos - 0
Supplier,Customer,Partner 3 GoDaddy A - 0
Supplier,Customer,Partner 4 Blue Prism Group - 0
Supplier,Customer,Partner 5 Celsius - 0
Supplier,Customer,Partner 6 Hasbro - 0
Supplier,Partner 7 NVIDIA - 0
Supplier,Partner 8 Equinix Inc - 0
Customer,Partner 9 PagerDuty - 0
Supplier,Customer 10 iRobot - 0
News Stories for Related Companies (Top 10 Relationships, 1 month)
09 Sep '21
12:58a NVDA Supplier,Partner EU sets provisional deadline of 13-Oct to rule on
NVIDIA's acquisition of Arm(roughly 12:00
ET/01:00 JT/18:00 CET)) (¥7105.0000, -160)
07 Sep '21
12:26a NVDA Supplier,Partner NVIDIA running into opposition from EU over
acquisition of Arm - FT ($228.43, 0.00)
02 Sep '21
4:09p PD Customer,Partner PagerDuty reports Q2 EPS ($0.13) ex-items vs
FactSet ($0.15) [9 est, ($0.17)-(0.14)] ($44.25,
0.00)
01 Sep '21
10:31p EQIX Supplier,Partner Equinix completes acquisition of data centers in
India; deal was announced 10-Aug ($868.84, 0.00)
31 Aug '21
10:02a PRSM-GB Supplier,Customer,Partner Blue Prism Group confirms it is in discussions with
TPG Capital and Vista Equity Partners regarding
possible offers for the company's entire issued

28 Aug '21
7:00p NVDA Supplier,Partner Musk, Amazon and Samsung to oppose Nvidia's
plan to buy semiconductor designer Arm -
Telegraph, citing sources
27 Aug '21
12:19a NVDA Supplier,Partner EC to formally look into NVIDIA's acquisition of
Arm - FT ($220.68, 0.00)
20 Aug '21
8:32a CELH Supplier,Customer,Partner Celsius Holdings announces new board members;
names CEO John Fieldly as Chairman ($65.89,
0.00)
19 Aug '21
12:31a NVDA Supplier,Partner Nvidia CEO is confident that regulators will clear
planned acquisition of Arm - FT ($190.40, 0.00)
18 Aug '21
4:23p NVDA Supplier,Partner NVIDIA reports Q2 EPS $1.04 ex-items vs FactSet
$1.02 [37 est, $0.97-1.07] ($190.40, 0.00)
16 Aug '21
5:41p EQIX Supplier,Partner Elliott discloses material changes in holdings in
13F filing
4:22p TLS Supplier,Customer,Partner Telos Corp reports Q2 adjusted EPS $0.04 vs
FactSet $0.02 [6 est, ($0.02)-0.07] ($24.56, 0.00)
12 Aug '21
9:01a GDDY Supplier,Customer,Partner GoDaddy enters accelerated share repurchase
agreement with Goldman Sachs ($70.60, 0.00)
8:26a CELH Supplier,Customer,Partner Celsius Holdings reports Q2 GAAP EPS $0.05 vs
FactSet $0.02 [4 est, $0.01-0.04] - 10-Q ($77.81,
0.00)
11 Aug '21
2:05a GDDY Supplier,Customer,Partner Minds + Machines Group completes sale of assets
to GoDaddy Inc. affiliate Registry Services
(7.1000p, 0)

Upcoming Events
EPS Sales
Date Time Type Description Actual Mean Surprise(%) Actual Mean Surprise(%)
28 Oct '21 - Q3 2021 Earnings Release (Projected) - 9.05 - - 111,715 -
03 Feb '22 - Q4 2021 Earnings Release (Projected) - 12.7 - - 142,998 -
28 Apr '22 - Q1 2022 Earnings Release (Projected) - 17.1 - - 125,456 -
28 Jul '22 - Q2 2022 Earnings Release (Projected) - 16.8 - - 133,203 -
Past Events
EPS Sales
Date Time Type Description Actual Mean Surprise(%) Actual Mean Surprise(%)
29 Jul '21 05:30 PM Q2 2021 Earnings Call 15.1 12.2 23.6 113,080 115,421 -2.03
26 May '21 12:00 PM Annual General Meeting
25 May '21 - Hitachi Social Innovation Americas Forum
29 Apr '21 05:30 PM Q1 2021 Earnings Call 15.8 9.54 65.5 108,518 104,510 3.83
12 Apr '21 - GPU Technology Conference
02 Feb '21 05:30 PM Q4 2020 Earnings Call 14.1 7.19 95.9 125,555 119,701 4.89
02 Dec '20 - Web Summit
29 Oct '20 05:30 PM Q3 2020 Earnings Call 12.4 7.41 67.0 96,145 92,778 3.63
1
© 2021 Factset Research Systems Inc.
StreetAccount
Amazon.com said to be developing new POS system -- Business Insider ($3521.84, +12.55)
Wednesday, September 08, 2021 06:02:56 PM (GMT)
Article indicates the Amazon is developing the new point-of-sale system in order to attract merchants away from
Shopify (SHOP), Square (SQ), and Paypal (PYPL)
Reference Links:
Business Insider
Industries: Misc. Financial Services, Restaurants, Retail (Internet & Catalog), Computer & Internet Services, Office
Equipment, Software & Programming
Primary Identifiers: AMZN-US, FISV-US, LSPD-CA, NCR-US, PAR-US, PYPL-US, SHOP-US, SQ-US, 0FPTRK-E
Related Identifiers: AMZN-US, FISV-US, LSPD-CA, NCR-US, PAR-US, PYPL-US, SHOP-US, SQ-US, 0FPTRK-E
Subjects: Articles, Reports, Conjecture, Media Summaries, Published Reports
Amazon planning to launch its own branded TV in the US as soon as October - Business Insider ($3463.12,
0.00)
Thursday, September 02, 2021 11:47:08 PM (GMT)
Reference Links:
Business Insider
Industries: Retail (Internet & Catalog)

Primary Identifiers: AMZN-US
Related Identifiers: AMZN-US
Amazon to take proactive approach to remove more content that violates cloud service policies - Reuters
($3463.12, 0.00)
Friday, September 03, 2021 12:50:26 AM (GMT)
Citing sources familiar with the matter, the article reports that Amazon will hire a small group of people in the
AWS division over the coming months to develop expertise and work with outside researchers to monitor for
future threats
In a statement, AWS said that AWS Trust & Safety works to protect AWS customers, partners, and internet
users from bad actors attempting to use its services for abusive or illegal purposes, and when AWS Trust &
Safety is made aware of abusive or illegal behavior on AWS services, they act quickly to investigate and engage
with customers to take appropriate actions
A source notes that the new team within AWS does not plan to sift through the vast amounts of content hosted
by companies on the cloud, but rather will aim to get ahead of future threats, as it seeks to determine when
misinformation on a company's website reaches a scale that requires AWS action
Reference Links:
Reuters

StreetAccount Summary: The Economist print edition
Some notable articles in this week's print edition of The Economist:
Cover Story
The dangers of illiberalism
Discusses the threats of liberalism specifically in America following recent decisions made by the
Supreme Court as classical liberalism is called on to push for equitable process
Leaders:
American engagement with the Taliban
Following the recent removal of American presence in Afghanistan, the United States will have to
decide how to engage with the Taliban without having a physical presence
Delta variant putting pressure on global economies
The spreading of the Delta variant has slowed economic growth while raising inflation as
policymakers must decide the best way to combat the virus despite the apparent lack of care from
consumers compared to earlier in the pandemic (GPS, NKE)
Chinese firms struggling to repay debts
As Chinese firms have some of the highest levels of debt in the world, the Chinese government is
calling for better ways to restructure debt which could improve the efficiency of capital allocation in
the country (2799.HK, 3333.HK)
Business:
The future state of business meetings
With the Delta variant continuing to spread, more businesses have had to postpone office
reopening plans which has meant video calls/meetings will not be going anywhere as employees
push for hybrid meeting formats to remain (ZM, MSFT, FB, JPM, NOKIA.FH)
Rivian preparing for IPO
The high level of competition in the electric vehicle market looks set to continue as Rivian, a
maker of EVs, is seeking a valuation of over $70B and already preparing for business after the
firm's IPO (+RIVIAN, TSLA, AMZN, F, GOEV, ARVL)
Databricks growing in momentum and popularity
Databricks, a software maker, is pursuing plans for an IPO to rival the valuation of Snowflake
which could price the firm out of a potential rumored acquisition from Microsoft as the artificial
intelligence/business intelligence market becomes more saturated and competitive (SNOW,
ORCL, MSFT,CMCSA, ABN.NA, HM.B.SS, AMZN, GOOGL)
Chinese crackdown on video game industry
The video game industry became the latest recipient of regulatory crackdown as the Chinese
government is trying to establish anti-addiction rules for children under the age of 18 which could
see Chinese and Western firms struggle for new customers (700.HK, NTES, AAPL)
Finance and Economics:
Vietnamese economy seeing growth despite the pandemic
Despite the widespread effects of the pandemic, the economy of Vietnam grew in part due to
integration with global manufacturing as the World Bank predicts even greater growth in 2021 if the
country remains open to trade and investment (NKE, 005930.KS, VIC.VN, VHM.VN, +VINFAST)
Industries: Unspecified, Auto & Truck Manufacturers, Auto & Truck Parts, Footwear, Misc. Financial Services, Money
Center Banks, Regional Banks, Broadcasting & Cable TV, REIT, Retail (Apparel), Retail (Internet & Catalog),
Communications Equipment, Computer Hardware, Computer & Internet Services, Semiconductors, Software &
Programming
Primary Identifiers: 005930-KR, 2799-HK, 3333-HK, 700-HK, AAPL-US, ABN-NL, AMZN-US, ARVL-US, CMCSA-US,
F-US, FB-US, GOEV-US, GOOGL-US, GPS-US, HM.B-SE, JPM-US, MSFT-US, NKE-US, NOKIA-FI, NTES-US,
ORCL-US, SNOW-US, TSLA-US, VHM-VN, VIC-VN, ZM-US, 0FMGXN-E, 0KSNWW-E
Related Identifiers: 005930-KR, 2799-HK, 3333-HK, 700-HK, AAPL-US, ABN-NL, AMZN-US, ARVL-US, CMCSA-US, F-
US, FB-US, GOEV-US, GOOGL-US, GPS-US, HM.B-SE, JPM-US, MSFT-US, NKE-US, NOKIA-FI, NTES-US, ORCL-
US, SNOW-US, TSLA-US, VHM-VN, VIC-VN, ZM-US, 0FMGXN-E, 0KSNWW-E
Subjects: Media Summaries, Economist Summary
Amazon.com invests to help restore portions of Brazilian rainforest ($3500.81, +21.81)
Partnering with The Nature Conservancy on launch of new Agroforestry and Restoration Accelerator, with initial
investment supporting 3K farmers and restoring 20K hectares of deforested land within three years to remove
10M metric tons of carbon emissions by 2050.
Part of Amazon's commitment to meeting The Climate Pledge which it co-founded and encourages other firms to
reach net-zero by 2040.
Reference Links:
Amazon Announces Investment in Nature-Based Carbon Removal Solutions in Brazil with The Nature
Conservancy

Subjects: ESG, Environment
Transcripts
Corrected Transcript
29-Jul-2021
Amazon.com, Inc. (AMZN)

Q2 2021 Earnings Call
Total Pages: 13
1-877-FACTSET www.callstreet.com Copyright © 2001-2021 FactSet CallStreet, LLC
Amazon.com, Inc. (AMZN) Corrected Transcript
Q2 2021 Earnings Call 29-Jul-2021
CORPORATE PARTICIPANTS
David Fildes
Director-Investor Relations, Amazon.com, Inc.
Brian T. Olsavsky
Chief Financial Officer & Senior Vice President, Amazon.com, Inc.
.....................................................................................................................................................................................................................................................................
OTHER PARTICIPANTS
Douglas Anmuth Stephen Ju
Analyst, JPMorgan Securities LLC Analyst, Credit Suisse Securities (USA) LLC
Colin Alan Sebastian Ronald V. Josey
Analyst, Robert W. Baird & Co., Inc. Analyst, JMP Securities LLC
Brian Nowak Jason Stuart Helfstein
Analyst, Morgan Stanley & Co. LLC Analyst, Oppenheimer & Co., Inc.
Youssef Squali Justin Post
Analyst, Truist Securities, Inc. Analyst, BofA Securities, Inc.
.....................................................................................................................................................................................................................................................................
MANAGEMENT DISCUSSION SECTION

Operator: Good day, everyone, and welcome to the Amazon.com Q2 2021 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 Director of Investor Relations Mr. Dave Fildes. Please go
ahead.
.....................................................................................................................................................................................................................................................................
David Fildes
Hello and welcome to our Q2 2021 financial results conference call. Joining us today to answer your questions is
Brian Olsavsky, our CFO.
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. Please note, unless otherwise
stated, all comparisons in this call will be against our results for the comparable period of 2020.
Our comments and responses to your questions reflect management's views as of today, July 29, 2021 only and
will include forward-looking statements. Actual results may differ materially. Additional information about factors
that could potentially impact our financial results 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.
2
During this call, we may discuss certain non-GAAP 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.
Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate
assumptions. Our results are inherently unpredictable and may be materially affected by many factors, including:
fluctuations in foreign exchange rates; changes in global economic conditions and customer spending; world
events; the rate of growth of the Internet; online commerce and cloud services; and the various factors detailed in
our filings with the SEC.
This guidance also reflects our estimates to date regarding the impact of the COVID-19 pandemic on our
operations, including those discussed in our filings with the SEC, and is highly dependent on numerous factors
that we may not be able to predict or control, including: the duration and scope of the pandemic including any
recurrence; actions taken by governments, businesses, and individuals in response to the pandemic; the impact
of the pandemic on global and regional economies and economic activity, workforce staffing and productivity, and
our significant and continuing spending on employee safety measures; our ability to continue operations in
affected areas; and consumer demand and spending patterns as well as the effects on suppliers, creditors, and
third-party sellers, all of which are uncertain.
Our guidance also assumes, among other things, that we don't conclude any additional business acquisitions,
investments, restructurings, or legal settlements. It's not possible to accurately predict demand for our goods and
services, and therefore our actual results could differ materially from our guidance.
And now I'll turn the call over to Brian.

.....................................................................................................................................................................................................................................................................
Brian T. Olsavsky
Chief Financial Officer & Senior Vice President, Amazon.com, Inc.
Thank you for joining us today.
Before we get to Q&A, I'd like to first thank all of our Prime members, our vendors, our 3P [third-party] sellers, and
my Amazon colleagues, especially the worldwide ops team, for a record-breaking Prime Day in June. Third-party
sellers, who are mostly comprised of small and medium-sized businesses, were a big contributor to Prime Day's
success. The Prime Day event was the biggest two-day period ever for these SMBs in our stores, and our 3P
revenue continues to grow significantly faster than our online stores revenue. Third-party units represented 56%
of our total paid units in Q2, up from a 53% mix one year ago.
Our second quarter net sales were $113 billion, or at about the midpoint of our guidance range. That's a year-
over-year increase of 27%, or 24% excluding the impact of foreign exchange, and included the shift of Prime Day
into Q2 this year, which added about 400 basis points to the year-over-year growth rate.
Q2 of this year was a transition period for many of our customers. As the quarter progressed, people were at
home less as restrictions and lockdowns eased in some of our largest geographies, including the US and much of
Europe. As a result, while Prime members continue to spend more with us, growth in Prime member spend
moderated compared to spending seen during the peak of the pandemic.
As you look at our recent revenue growth rates, I want to give you some insight into what we are seeing, as there
have been some noticeable intra-quarter changes in our revenue run rate. Prime Day has also been in three
3
different quarters the past three years, so In will normalize for this impact in my growth rate comments. Also,
since FX rates have bounced around, all of my comments exclude foreign exchange.
Here's a quick recap of our growth rates in 2020 and 2021. First, before COVID-19, we had been growing at a
revenue growth rate close to 20%. 2019 full-year growth was 22%, and revenue growth the first two months of
2020 was 21%. Once the pandemic hit and lockdowns began in March 2020, the initial growth rate jumped into
the mid-30% range. Q1 of last year ended with a revenue growth rate of 27%.
However, our operations network took time to step up to serve this growth in demand due to space constraints
and our need to ramp up hiring quickly while prioritizing employee health and safety. By mid-May of last year, we
had made good progress to open up more capacity by adding hundreds of thousands of employees. This allowed
our revenue growth rate to jump to the 35% to 45% range and remained at that level through Q1 of this year,
when we had 41% growth.
In Q2 of this year, we began to comp this high sales period from last year, and the year-over-year revenue growth
rate has narrowed. It has also narrowed as vaccines have become more readily available in many countries and
people are getting out of their homes. Since May 15, again excluding Prime Day, our year-over-year growth rate
has dropped into the mid-teens. Our Q3 revenue guidance range of 10% to 16% growth reflects an expected
continuation of this trend.
Given all this volatility, it is useful to consider the two-year compounded annual growth rate, which remains strong
in the 25% to 30% range. Recall this compares to our pre-pandemic growth rate of 21%. This reflects the
acceleration of Prime membership and Prime member purchase levels over the past 18 months.
While I am not giving forward guidance beyond Q3 of this year, we do expect this pattern of difficult year-over-
year revenue comps to continue for the next few quarters. As we move forward and start to comp COVID's impact
on our revenue growth, we encourage you to also look at the multiyear compounded annual growth rate since the
onset of the pandemic to better put this growth in perspective.
Now back to the Q2 highlights, we continue to be very pleased with the Prime member growth and engagement
we're seeing. We've been fortunate to welcome more than 50 million new members in the past 18 months, and
Prime member benefits usage remains high. That includes continued strong engagement in Prime's family of
digital offerings, like Prime Video's original movies. For example, Prime members helped make The Tomorrow
War and Tom Clancy's Without Remorse the number one streaming movies on their respective opening
weekends.
Amazon advertising is innovating at a fast clip, launching over 40 new features and self-service capabilities in the
quarter, making it easier for sellers, companies, and authors to grow their businesses by helping customers
discover their brands and products.
Other revenue increased 83% year over year in Q2 excluding the impact of foreign exchange, driven largely by
continued acceleration in our ads business.
Moving on to AWS, revenue growth accelerated across a broad range of customers. We see strong growth in
enterprises, governments, educational and research institutions, and our startup and digital-native customers.
We've recently announced new commitments and migrations from customers across a diverse set of major
industries, including Swisscom and Bell Canada in telecom, BMO Financial Group and Bancolombia in financial
services, and Ferrari in automotive.
4
AWS customers recognize that the move to the cloud is very positive for their businesses in the medium and long
term. Disruptive economic events like COVID have caused many people to step back and think about how they
want to change strategically, and many have come to the conclusion that they do not want to own and run their
own data centers. They see that they can save money and gain agility and innovation by moving to AWS.
I'll finish up with some comments on our ongoing investments in operations. As we think about the pull-forward in
demand we've seen these past 18 months, it has required and will continue to require a significant amount of
investment in our fulfillment network. Our teams have done a remarkable job stepping up to serve customers and
support our vendors and sellers, and we have worked hard to increase capacity at a rapid rate.
For the trailing 12 months ended Q2, CapEx and equipment financed leases increased 74% versus the prior
trailing 12-month period. And as usual, most of our 2021 spend in building openings are planned in the second
half of this year. This is all part of a multiyear investment cycle for us. Unit volumes, while obviously growing at
lower rates off last year's large comp, continue to remain high, and we see strong demand for FBA [Fulfillment by
Amazon] and third-party sellers. So there's more work to do, including additional build-outs of our FCs as well as
our middle mile and last mile capabilities to support our fast improving delivery offers for customers.
I encourage you to read the business highlights in our press release. It's a diverse collection of efforts supported
by many thousands of customer-focused Amazon employees, from Amazon Pharmacy, to Business Prime, to
AWS's plans to add seven new regions, to NFL Thursday Night Football starting next year, to the Black Business
Accelerator program, to Alexa's collaboration with Ford Motor Company. We remain heads-down focused on
driving a better customer experience. We believe putting customers first is the only reliable way to create lasting
value for our shareholders.
With that, let's move on to Q&A.
5
QUESTION AND ANSWER SECTION

Operator: Thank you. [Operator Instructions] Your first question comes from the line of Doug Anmuth with
JPMorgan. Please proceed with your question.
.....................................................................................................................................................................................................................................................................
Douglas Anmuth
Analyst, JPMorgan Securities LLC Q
Thanks for taking the questions. Brian, I just want to ask two. Just going back to the 2Q revenue, beyond Prime
spend moderating and the reopening, is there anything else you'd point to in particular that may have kept you in
the middle of the range versus obviously where you've been over the last year versus expectations? And I guess
in particular, can you talk about Prime Day relative to your expectations?
And then secondly, the BigCommerce partnership a couple weeks ago, you seem to open up more to working
with merchants away from Amazon. I was just hoping you could talk more about the multichannel fulfillment
opportunity. And do you think you now have the logistics capabilities, and has everything recovered to the point
where you can offer these services more to third parties? Thanks.
.....................................................................................................................................................................................................................................................................
Brian T. Olsavsky
Chief Financial Officer & Senior Vice President, Amazon.com, Inc. A
Sure. Thanks, Doug. As far as Q2 run rate is concerned, if you look back the last few quarters, we've not done a
great job of nailing the impact of COVID. We've generally over-performed our guidance range. I think last quarter
we had kept the same process coming off some very high volumes for the prior four quarters.
And really the only difference I see in Q2 versus Q1 and before is the year-over-year comp, which we had
factored in, but also the increase in mobility. I think the impact of people getting vaccinated and getting out in the
world, not only shopping offline but also living life and getting out, it takes away from shopping time. It's a good
phenomenon and it's great. And we just have to appropriately gauge our run rate going forward.
Prime Day was very successful. We passed the record set in last fall's Prime Day, which was a very different time
of year to have Prime Day, and it started to bump up against early holiday shopping. So we're really pleased. And
again, I think it was a great day then for third-party sellers, as I've pointed out.
.....................................................................................................................................................................................................................................................................
David Fildes
Director-Investor Relations, Amazon.com, Inc. A
Doug, on your second question, it's Dave here. I'd just say our focus is really squarely on adding capacity to meet
the current high customer demand that Brian talked about in his opening remarks. We're always working to
develop new and innovative ways to support partners, SMBs in particular who sell on Amazon, and that includes
testing shipping programs and newer initiatives that can help those businesses get packages to customers quickly
and reliably. So continue to see us look for ways to be able to innovate where it's appropriate relative to the
customer demand we're already seeing in our network.
.....................................................................................................................................................................................................................................................................
Operator: Your next question comes from the line of Colin Sebastian with Baird. Please proceed with your
question.
.....................................................................................................................................................................................................................................................................
6
Colin Alan Sebastian

Analyst, Robert W. Baird & Co., Inc. Q
Thanks very much, guys. I guess sort of masked in the headline results is actually pretty solid performance in
higher margin segments of the business, including third-party services, subscriptions, AWS, and advertising. And
I think that was evident in gross margin as well. So I guess my question is whether there's any deliberate shift
towards these services, or is that just more of an output of the somewhat weaker trends you saw after mid-May?
And then secondly, is Prime Day still a once per year phenomenon, or would you consider separate events
spread out during the same year to capitalize on different seasonal trends? Thanks.
.....................................................................................................................................................................................................................................................................
Brian T. Olsavsky
Sure. On the second question, I don't have anything to announce today. Our trend has been once a year. Of
course, it's moved between quarters the last three years. So that's all I have on that one.
As far as the higher margin areas and whether that's a purposeful strategy, I'd like to say it is, but if you look at
what they are, third-party is kind of a continuation of strength in our FBA program in particular. I think the sellers
are doing a great job of adding additional selection that's very valuable and reinforces our flywheel, and we like to
see that. And you see that third-party percent of units went up from 53% last year to 56%. And that's a steady
march. We've seen that. As we said, the third-party sellers are doing a great job, and we like to see that.
On advertising, advertising is again another part of our flywheel. We have traffic coming in for the consumer
business. And if we do a good job with advertising, we'll make it an additive experience for our customers and our
sellers and vendors. So that's what we work on is to make sure that it's a relevant experience and adds to your
shopping experience and helps you find selection that perhaps you wouldn't have found otherwise or it would
have been harder to.
And then on AWS, AWS is again its own separate part of the business. It has been 15 years in the development,
and we think our scale and experience really pays dividends. If you look at the last quarter, AWS added more
revenue quarter over quarter and year over year than any quarter in our history. We're now a $59 billion
annualized run rate business, and that's up from $43 billion at this time last year.
So those are output measures, as we like to say. The input measures are doing a good job on products, adding
new capabilities and being able to work with our customers to solve their problems, and I think that's what you're
seeing. And it's matching up well with a renewed emphasis on getting to the cloud by a lot of companies out there.
And when they are looking to make that transition, it's giving up control and putting yourself and choosing a
partner for the long haul, and we're proud that companies choose us for that journey.
.....................................................................................................................................................................................................................................................................
Operator: Your next question comes from the line of Brian Nowak with Morgan Stanley. Please proceed with
your question.
.....................................................................................................................................................................................................................................................................
Brian Nowak
Analyst, Morgan Stanley & Co. LLC Q
Thanks for taking my questions. I have two, one a little nitpicky and one big picture. The nitpicky one, Brian,
fulfillment cost on a per-unit basis was pretty high in the second quarter relative to normal seasonality. Can you
just talk to us about what's driving that? Is that new build, new square feet, or are there sort of inefficiencies that
went on in the quarter in fulfillment?
7
And the second one, sort of bigger picture, last quarter you talked a little bit about same-day in Europe. There
have been some headlines about same-day. How should we think about a larger same-day offering being part of
the investment process right now just to sort of maintain and grow your share of grocery and consumables?
Thanks.
.....................................................................................................................................................................................................................................................................
Brian T. Olsavsky
Sure, thanks. I would say on the fulfillment side, there are a number of things. First, we're adding a lot of capacity.
If you step back, the Amazon fulfilled units volumes, so that's the units coming out of our fulfillment centers, both
retail and FBA, have doubled in the past two years. And the AMZL, the delivery arm of our business, has more
than doubled in that time period. So you can see there has been very strong multiyear demand here that we are
still catching up with from last year.
So I mentioned earlier our year-over-year growth in CapEx and equipment leases of 74% at the end of June
compared to 38% the year before. So we are continuing to add, and most of that development is really ahead of
us in the second half of the year. So if you've been with us a long time, you know the cadence is that as we add
capacity, there's a lot of additional costs, from hiring, starting up, to training, to getting that building or sort center
or delivery station up and running. It usually takes a multiyear period to tame those assets, and we've literally
nearly doubled our network here in the last 18 months from a size standpoint. So there's a lot of that going on, a
lot of strong effort by our fulfillment and ops teams to help mitigate the cost.
The other thing is wage pressure has become evident. We've talked about this a bit. The wage increase that we
normally would do in October we pulled forward into May. We're spending a lot of money on signing and
incentives. And while we have very good staffing levels, it's not without cost. It's a very competitive labor market
out there and certainly the biggest contributor to inflationary pressures that we're seeing in the business.
.....................................................................................................................................................................................................................................................................
David Fildes
Brian, on the second point just around speed, as we've talked about many times, customers respond well to the
fast high-quality delivery. And of course, back in 2019 we were talking at that time about expanding the one-day
delivery in the US into Europe, one-day delivery as part of Prime. In most of those sizable European countries
where we operate has been standard for many years.
We're investing in the transportation network to support the demand, a significant part of the capital investments
we've been talking about for the past few years, and certainly since the pandemic's start has been to support
those efforts in middle and last mile capacity to keep pace and support with that demand. So as we've been
saying here, that work's not done yet. We're continuing to expand. You'll see that investment throughout 2021.
And that growing transportation network will support faster delivery times for customers. One-day delivery is
improving in the US as well as same-day delivery where it makes sense and where the network is growing there.
So we'll have to continue to see how we go, but we're focused on those data points. And we're also focused on
improving delivery precision as a way of improving the quality of the overall offering.
.....................................................................................................................................................................................................................................................................
Operator: Your next question comes from the line of Youssef Squali with Truist Securities. Please proceed with
your question.
.....................................................................................................................................................................................................................................................................
8
Youssef Squali
Analyst, Truist Securities, Inc. Q
Thank you very much. I have two questions. One, within online stores, was there any particular area of softness
during the quarter? I'm just thinking about maybe some product categories that may have come back – or actually
the opposite, may have gone down the demand for, with the reopening that you can maybe highlight?
And then as you look beyond Q3 and Q4, what kind of growth assumptions for e-commerce just in general for the
next couple years are you guys working with to build your budget and invest against the opportunity? I'm just
thinking, are you guys assuming that e-commerce growth remains – goes back to pre-COVID levels or stays kind
at an elevated level versus not? Thank you.
.....................................................................................................................................................................................................................................................................
Brian T. Olsavsky
Sure. Let me start with the online stores revenue. You're probably looking at the growth rate of 13% in Q2 versus
the FX-neutral revenue growth rate of 24%. I would point you back to last year in Q2, that online stores grew 49%.
There were restrictions on what we stocked in our warehouses. And as you'll remember, we had to constrain
space for a lot of third-party sellers as well as our retail offering. But the mix shifted for the early part of Q2 last
year to be more of a retail mix and an MFN [Merchant Fulfilled Network] mix, and then it flipped back to be more
of a balanced mix that you'd seen in the past.
On forward investment, here is how I would explain it. Again, we are sitting here with demand volumes that have
gone up on an Amazon Fulfilled Network basis that doubled in a two-year period. So we are not back to where we
want to be on a number of dimensions. We handled Q4 last year. We've been playing catch-up pretty much since
the pandemic started, but what suffered is space and space constraints. And it's gotten better, but it was a factor
last year. And also, our one-day delivery percentage has dropped and has not returned to levels seen pre-
pandemic in the United States. It's on par and getting better than pre-pandemic in Europe, but in the United
States, while it's improving, it still hasn't reached the pre-pandemic levels. So we have a lot of growth to do there.
As far as the stickiness of purchases, I think there's certainly a number of things that were purchased last year
that didn't repeat for a lot of retailers, things like consumables early on, gloves, cleaning supplies, computer
monitors, things you use to outfit your house. You could probably go through your own checklist of purchases and
say okay, I probably will not do this every year.
But there has been a healthy movement to online commerce. We've added Prime members, and the Prime
members that we have, have ratcheted up their purchases with us, which has always been a part of the plan and
a good sign. It means we're offering them more things that they can buy and satisfy more of their demand needs.
So even in Q2, when as I said rates were starting to moderate in the quarter, those Prime member purchases still
grew year over year on a per Prime member basis. They just didn't grow at the same clip that they had in the prior
three or four quarters. So that's a good sign, and we like the engagement levels and the retention levels that we
see with Prime members.
So all in all, a very positive story on that front has accelerated the model quite a bit. There's just, again, some
comparison issues that we'll just have to realize and perhaps look at a two-year compounded annual growth rate
for a period of time to judge where we are on that progress, because there's been a lot of ins and outs, especially
with Prime Day moving around. So hopefully that answers your question.
.....................................................................................................................................................................................................................................................................
9
Operator: Your next question comes from the line of Stephen Ju with Credit Suisse. Please proceed with your
question.
.....................................................................................................................................................................................................................................................................
Stephen Ju
Analyst, Credit Suisse Securities (USA) LLC Q
Thank you so much. So, Brian, it seems like the pandemic has touched off what looks like a greater urgency
among SMBs to accelerate their presence online. So I was wondering if your third-party marketplaces platform is
seeing perhaps a faster influx of more sellers or emerging brands.
And following up on the labor market commentary there, do you think you will see any incremental headwinds
hiring the necessary people for fulfillment centers this year? Thanks.
.....................................................................................................................................................................................................................................................................
David Fildes
Stephen, it's Dave. I'll take that first question just around SMBs and behavior. Look, we've seen a 20-year
progression in terms of building out the services that we thought were resonating with us and our business but
also sought very early on to externalize those services and offerings to sellers and particularly small and medium-
sized businesses over time, obviously noteworthy with FBA and many other features.
And so I think what you see is really just a continuation of that effort put out by the teams around, whether it's
logistics, brand representation, more recently in recent years with some of the advertising features we've been
able to develop, surface for all our selling partners. And so I think that's a big area and a big part of the
commitment. So I don't know that I'd call out anything specifically in the near term other than to say that we
should continue to see great momentum on a units basis, as we give that metric every quarter. About 56% of our
overall total paid units are third-party. That's up about 300 basis points year over year. So I expect for us to
continue to put forth that effort in FBA around the world for sellers and some of these other SMB features to gain
momentum there.
.....................................................................................................................................................................................................................................................................
Brian T. Olsavsky
And on the labor comment, we can't predict too far in the future. We've got a labor estimate in our Q3 guidance. I
would say it's a bit of a complicated mix of economic growth and industries opening up, government payments in
some areas that may impact people's working, and then whether or not children are back at school fully in the fall.
So there's a lot of dynamics. We do count on having more employees in Q3 and Q4, as you know, from our ramp
up to the holidays. So I would probably count on wage pressure remaining for the immediate future.
.....................................................................................................................................................................................................................................................................
Operator: Our next question comes from the line of Ron Josey with JMP. Please proceed with your question.
.....................................................................................................................................................................................................................................................................
Ronald V. Josey
Analyst, JMP Securities LLC Q
Great, thanks for taking the question. I wanted to ask on just international operating income. If you look at the
results, it's now producing consistently positive results here. And so can you talk to us a little bit more about
what's driving that? Is this the result of most major builds are now completing, you're seeing efficiencies in
fulfillment centers, and so we should see this trend continue, or is there something else that's driving international
operating income just remaining positive here? Thank you.
.....................................................................................................................................................................................................................................................................
10
Brian T. Olsavsky
Sure, Ron. Thanks for your question. Yes, we have had strong international results in the last five quarters or so.
Noticeably, they've been positive operating income, which had not been the trend prior to Q2 of last year. I would
say the major factors here are the acceleration of growth. So we've in some ways put two years outgrowth on top
of today's assets. That's a lot of stress, but it's a lot of leverage of the assets that we have. And as we've talked
about before, our fulfillment centers and operations have been running pretty much at peak since May of last
year. It's starting to mitigate a bit, but it's a strong undercurrent.
But having said that, we continue to invest in international expansion. You may have noticed that we added
Portugal as a Prime country last quarter. We have investments in Brazil and India and the Middle East and a
number of countries. So we continue to add new countries. We have strong performance in our more established
countries like Europe and Japan, and so it's a bit of a mixed bag. But right now, again, the performance is very
strong. The foreign exchange rate has been favorable as well the last few quarters, so that has helped. But really
pleased with the performance of our international teams.
And we'll see, again, our investment plans, our plans are to make money obviously in the long run, but we have
forward advance Prime benefits in a lot of these countries before they would have been able to see them if they
had run the same trajectory as we did in the US. So there's a bit of forward investment on Prime benefits,
especially things like video that we know resonate with customers and are good for the Prime program and turn
into eventually really strong businesses.
.....................................................................................................................................................................................................................................................................
Operator: Our next question comes from Jason Helfstein with Oppenheimer. Please proceed with your question.
.....................................................................................................................................................................................................................................................................
Jason Stuart Helfstein

Analyst, Oppenheimer & Co., Inc. Q
Thanks, maybe one on AWS, and then a follow-up. So you saw 10% sequential growth in the quarter. You saw
that also in the fourth quarter. Was there anything around reopening that made second quarter AWS exceptionally
strong and that we should kind of keep in mind going forward, or do we feel like this was kind of a normal quarter
for AWS, and this is kind of a good cadence for the business?
And then just to follow up, maybe your point about the ability to kind of keep up, is there any kind of throttling of
FBA that's going on just because you don't have the capacity, or are you trying to say that you might be losing
share to other sellers who can kind of promise to get an item to customers faster, given still some of the
challenges with logistics and last mile and everything? Thanks.
.....................................................................................................................................................................................................................................................................
Brian T. Olsavsky
Hi, Jason. Thank you. Let me start with that second question. No, my comments were really about throttling of
space last year, which did impact our vendors and our retail business as well as our third-party business. It was
probably more pronounced in Q2 of last year, especially April and into early May, as we were working to get fully
staffed in a healthful and safe way and also build out more capacity. In Q4, again, we were handling volumes that
were somewhat unheard of year over year. Our Q4 growth rate was 42%. That's usually not the case, and it's
magnified at peak when we're already handling the highest volumes of the year.
So all I was trying to say was that our space planning and, if you will, throttling of space for third-party sellers is
not something we like to do. We don't think we're the only ones who had that issue, and that's why we're building
11
out our network so quickly in our minds. It's hard to do quickly, but we're moving as quickly as possible. And
again, we have a lot of new capacity being added in the second half of the year.
On AWS growth, if you look at the run rate last year, we had 33% growth rate in Q1, and it dropped to 29%, 29%,
and 28% the last three quarters. There's always a lot of year-over-year things going on, but we do note that last
year there was a lot of effort by companies to limit their spend and operate more efficiently as we were all plunged
into kind of an unknown demand curve, and some industries were hurt worse than others.
If you'll remember, we actually worked very hard with our customers to help them lower their demand for AWS
services as best we could to match any new demand patterns. We also helped people scale very quickly.
Companies like Disney+, Netflix, and others were very glad that AWS was there to help them scale to meet
volumes very quickly.
So there's a lot of mixed bag there. We think that it was a strong performance this quarter. We do see good trends
with new contracts and new clients that are either signing up with AWS and making the journey to the cloud or
accelerating their journey to the cloud or setting up new longer-term contracts with us.
.....................................................................................................................................................................................................................................................................
Operator: Our final question will come from Justin Post with Bank of America. Please proceed with your
question.
.....................................................................................................................................................................................................................................................................
Justin Post
Analyst, BofA Securities, Inc. Q
Great, a couple. No one's really mentioned the CEO change, so I was wondering if he's on the call. But any
change in direction, investment philosophies, or any more integration of AWS or anything that we should be
aware of related to that change?
And then second, AWS margins, really strong revenues. The margins came down quarter over quarter. Can you
just remind us of what drives some of that margin fluctuation? Thank you.
.....................................................................................................................................................................................................................................................................
Brian T. Olsavsky
Sure, let me start with the second one. So, again, at any point in time, there's a lot of cross-pressures in the
operating margins of AWS. There's growth, which helps us leverage our assets. There's increasing the efficiency
of our servers and the efficiency of our sales force. Those are all positives.
On the flip side, there are price decreases. There are new contracts signed with large players for multiple years,
so there's pricing pressure. There's also the expansion of the sales force and building infrastructure to add new
regions globally. So as we said, these margins are going to bounce around. We're happy with the Q2 margins. I
would note that there was a negative impact from foreign exchange. That was about 150 basis points. But even at
28.3%, it's a strong margin for this business. We know it's going to bounce around as we invest, but also work
very hard to scale our businesses and efficiently run our assets.
On the leadership change, as you expect, Andy has hit the ground running. He's continuing to have a very high
bar for customer experience, high standards, operational excellence, inventiveness, willingness to fail, and
everything else that Amazon is known for internally and externally. I think we've had a good handoff. Jeff of
course is moving into the Executive Chairman role, and he will not be leaving. He's obviously continuing to be
very involved in, as we say, the one-way door decisions.
12
We've also had a good leadership change at AWS with Adam Selipsky coming in. Adam himself comes with a lot
of Amazon history and knowledge and external CEO experience that has made him even stronger as he comes
back, so we feel really good about the transition. And of course, don't expect any drop and expect Andy to add his
unique brand of positive attitude and optimism and forward-looking focus to help Amazon keep going and
delighting customers.
.....................................................................................................................................................................................................................................................................
David Fildes
Thanks for joining us today on the call and for your questions. A replay will be available on our IR website for at
least three months. We appreciate your interest in Amazon, and we look forward to talking with you again next
quarter.
Disclaimer
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13
Investor Slides
Q2 2021 Financial Results
Conference Call Slides
This presentation may contain forward-looking statements which are inherently
difficult to predict. Actual results could differ materially for a variety of reasons,
including fluctuations in foreign exchange rates, changes in global economic
conditions and customer spending, world events, the rate of growth of the
Internet, online commerce, and cloud services, the amount that Amazon.com
invests in new business opportunities and the timing of those investments, the
mix of products and services sold to customers, the mix of net sales derived
from products as compared with services, the extent to which we owe income or
other taxes, competition, management of growth, potential fluctuations in
operating results, international growth and expansion, the outcomes of claims,
litigation, government investigations, and other proceedings, fulfillment,
sortation, delivery, and data center optimization, risks of inventory management,
variability in demand, the degree to which the Company enters into, maintains,
and develops commercial agreements, proposed and completed acquisitions
and strategic transactions, payments risks, and risks of fulfillment throughput
and productivity. Other risks and uncertainties include, among others, risks
related to new products, services, and technologies, system interruptions,
government regulation and taxation, and fraud. In addition, additional or
unforeseen effects from the COVID-19 pandemic and the global economic
climate may give rise to or amplify many of these risks. More information about
factors that potentially could affect Amazon.com’s financial results is included in
Amazon.com’s filings with the Securities and Exchange Commission, including
its most recent Annual Report on Form 10-K and subsequent filings.
Additional information relating to certain of our financial measures contained

herein, including non-GAAP financial measures, is available in the appendix to
our presentation, our most recent earnings release and at our website at
www.amazon.com/ir.
2
MM Free Cash Flow -- TTM (1) (2)
$60,000
Down 62% Y/Y (3)
Up 101% Y/Y
$31,852
$30,000
$12,146
$0
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Long-Term Goal – Optimize Free Cash Flows

(1) Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, net of proceeds from sales and incentives.” See Appendix for a
reconciliation of operating cash flow to free cash flow.
(2) Trailing twelve-month period.
(3) Operating cash flow grew 16% Y/Y.
3
Free Cash Flow Less Principal Repayments of Finance Leases
MM and Financing Obligations -- TTM (1)
$40,000
Down 97% Y/Y (2)
$21,292
$20,000
$595
$0
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

(1) Free cash flow less principal repayments of finance leases and financing obligations is free cash flow reduced by “Principal repayments of
finance leases” and “Principal repayments of financing obligations.” See Appendix for a reconciliation of non-GAAP measures.
4
Free Cash Flow Less Equipment Finance Leases and Principal Repayments
of All Other Finance Leases and Financing Obligations -- TTM (1)
MM
$40,000
Down
Down 78%50%
Y/Y (2)Y/Y(3)
$20,000 $19,429
$4,185
$0
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

(1) Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations is free cash flow reduced by
equipment acquired under finance leases, which is included in “Property and equipment acquired under finance leases,” principal repayments of all other
finance lease liabilities, which is included in “Principal repayments of finance leases,” and “Principal repayments of financing obligations.” See Appendix for a
reconciliation of non-GAAP measures.
5
Shares
MM
700
517 522
16 16
350
501 506
0
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Common Shares Outstanding Stock-Based Awards Outstanding
Efficiently Managing Dilution
6
MM
Net Sales
$200,000
$113,080
$100,000 $88,912
$0
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Up 27% Y/Y, Up 24% F/X Adjusted (1)

(1) Information regarding the effect of foreign exchange rates, versus the U.S. Dollar, on our net sales and operating income is provided to show
reported period operating results had the foreign exchange rates remained the same as those in effect in the comparable prior year periods.
7
Net Sales – TTM
MM
$800,000 Net Sales - TTM (MM)
Up 38% Y/Y;
Up 36% F/X Adjusted $52,655
12%
$443,298 $124,008
$400,000 28% $266,635
$321,782 60%
North America
International
AWS
$0
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
8
Operating Income
MM
$14,000
Up 32% Y/Y
$7,702
$7,000
$5,843
$0
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
9
Operating Income – TTM
MM
$50,000
Up 76% Y/Y;
Up 73% F/X Adjusted
$29,634
$25,000
$16,868
$0
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
10
Net Income
MM
$14,000
Up 48% Y/Y
$7,778
$7,000
$5,243
$0
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
11
Net Income – TTM
MM
$50,000
Up 123% Y/Y
$29,438
$25,000
$13,180
$0
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
12
Segment Results – North America
MM Net Sales MM Operating Income
$130,000 $6,000
Up 22% Y/Y; Up 47% Y/Y;

Up 21% F/X Adjusted Up 45% F/X Adjusted
$67,550 $3,147
$65,000 $3,000
$55,436
$2,141
$0 $0
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
TTM Net Sales $266.6B
13
Segment Results – International
MM Net Sales MM Operating Income
$70,000 $3,000
Up 36% Y/Y; Up 5% Y/Y;

Up 26% F/X Adjusted Down 53% F/X Adjusted
$35,000 $1,500
$30,721
$22,668
$345 $362
$0 $0
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
14
Segment Results – AWS
MM
Net Sales MM Operating Income
$25,000 $8,000
Up 37% Y/Y Up 25% Y/Y;

Up 32% F/X Adjusted
$14,809
$4,193
$12,500 $10,808 $4,000
$3,357
$0 $0
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
15
Appendix
16
Free Cash Flow Reconciliation – TTM
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

MM
Operating Cash Flow $51,220 $55,292 $66,064 $67,213 $59,322
Purchases of property and

equipment, net of proceeds
from sales and incentives (19,368) (25,791) (35,044) (40,803) (47,176)
Free Cash Flow $31,852 $29,501 $31,020 $26,410 $12,146
17
Free Cash Flow Less Principal Repayments of Finance
Leases and Financing Obligations Reconciliation – TTM
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
MM

equipment, net of proceeds from
sales and incentives (19,368) (25,791) (35,044) (40,803) (47,176)
Principal repayments of
finance leases (10,504) (11,054) (10,642) (11,448) (11,435)
financing obligations (56) (68) (53) (103) (116)
Free Cash Flow Less Principal
Repayments of Finance Leases
and Financing Obligations $21,292 $18,379 $20,325 $14,859 $595
18
Free Cash Flow Less Equipment Finance Leases and Principal
Repayments of All Other Finance Leases and Financing
Obligations Reconciliation – TTM
MM Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

equipment, net of proceeds from (19,368) (25,791) (35,044) (40,803) (47,176)
sales and incentives
Equipment acquired under
finance leases (1) (11,952) (11,116) (9,104) (8,936) (7,295)
Principal repayments of all

other finance leases (2) (415) (413) (427) (525) (550)
financing obligations (56) (68) (53) (103) (116)
Free Cash Flow Less Equipment
Finance Leases and Principal
Repayments of all other Finance
Leases and Financing Obligations $19,429 $17,904 $21,436 $16,846 $4,185
(1) For the twelve months ended June 30, 2021, this amount relates to equipment included in “Property and equipment acquired under finance leases” of $9,976 million.
(2) For the twelve months ended June 30, 2021, this amount relates to property included in “Principal repayments of finance leases” of $11,435 million.
19
Management & Board
Amazon.com, Inc. (AMZN)$3,525.50 Next Rpt Date: 28 Oct '21Report as of 09 Sep '21
TOTAL INDEPENDENT AVERAGE AVERAGE INSIDER

Mgmt 37 Mgmt 54 Mgmt 13 Mgmt 0.021%
MEMBERS DIRECTORS AGE TENURE OWNED
47 Board 11 82% 61 YRS Board 64 12 YRS Board 9 10.125% Board 10.122%
Management
Company Insider Total

Name Position Age Tenure (Yrs) Holdings (%) Salary Comp.
Andrew R. Jassy, MBA President, Chief Executive Officer & Director 53 24 0.018 $175,000 $35,848,449
Brian T. Olsavsky, MBA Chief Financial Officer & Senior Vice President 57 19 0.000 $160,000 $17,174,185
David A. Zapolsky Secretary, Senior Vice President & General Counsel 57 22 0.001 $160,000 $17,174,185
Amit Agarwal Senior VP & Country Manager-Amazon India - 22 - - -
Shelley L. Reynolds Vice President & World Wide Controller 56 15 0.001 - -
Rohit Prasad Vice President & Head Scientist-Alexa - 22 - - -
Charlie Lohr Senior Pre-Construction Manager - 2 - - -
Jeffrey A. Gaither Senior Real Estate Manager - 2 - - -
Stephen Smith Senior Real Estate Manager - 3 - - -
Joanthan Waldron Real Estate Head - 3 - - -
Ali Farahani Head-Physical Stores Real Estate Expansion - 3 - - -
Christine M. Beauchamp, MBA Vice President-Amazon Fashion 51 4 - - -
Joshua Huang Head-Business Development, Amazon Fresh Stores - 4 - - -
Jay Carney Senior Vice President-Corporate Affairs - 6 - - -
Ryan Slemons Senior Manager-Real Estate - 7 - - -
David A. Limp Senior Vice President-Amazon Devices & Services - 11 - - -
Doug Herrington Senior Vice President-North America Consumer - 16 - - -
Peter A. Krawiec, MBA Vice President-Worldwide Corporate Development - 17 - - -
Tom Taylor Senior Vice President-Alexa Management - 21 - - -
Dave Clark Chief Executive Officer-Worldwide Consumer - 22 0.001 $160,000 $46,288,671
Charlie Bell Senior Vice President-Utility Computing Services - 23 - - -
Jeff M. Blackburn, MBA Senior Vice President-Business Development 51 23 - - -
Steven Soloway Program Manager - - - - -
Emily Iacolo Senior GIS Manager - - - - -
Alexander Ragonese Senior Real Estate Manager - - - - -
W. Paul Rowley Senior Real Estate Manager-Amazon 4Star, Books - - - - -
Peter DeSantis Senior Vice President-AWS Infrastructure & Support - - - - -
Russ Grandinetti Senior Vice President-International Consumer - - - - -
Lori Jordan Strategic Product Leader 57 - - - -
Ned Curic Vice President-Alexa Automotive - - - - -
Neil Lindsay, MBA Vice President-Worldwide Prime & Marketing - 11 - - -
Matt Garman Vice President-AWS Sales & Marketing - 15 - - -
Colleen Aubrey Vice President-Performance Advertising - 16 - - -
Paul Kotas Senior Vice President-Advertising, Music & IMDb - 22 - - -
Dave Fildes Investor Relations Contact - - - - -
Beth Galetti, MBA Senior Vice President-Human Resources - 8 - - -
Source: FactSet People, Ownership
Management
Company Insider Total

Kelly Jo MacArthur Vice President Legal & Associate General Counsel - 9 - - -
Board Members
Board Insider Total

Jeffrey P. Bezos Executive Chairman 57 27 10.098 $81,840 $1,681,840
Andrew R. Jassy, MBA President, Chief Executive Officer & Director 53 <1 0.018 $175,000 $35,848,449
Keith Brian Alexander Independent Director 69 1 - - -
Indra Krishnamurthy Nooyi, MBA Independent Director 66 2 0.000 - -
Daniel P. Huttenlocher, PhD Independent Director 62 5 0.000 - -
Wendell P. Weeks, MBA Independent Director 61 5 0.000 - -
Judith A. McGrath Independent Director 68 7 0.000 - -
Jamie S. Gorelick Independent Director 70 9 0.001 - -
Jonathan Jake Rubinstein Lead Independent Director 64 11 0.001 - -
Thomas O. Ryder Independent Director 76 19 0.002 - -
Patricia Q. Stonesifer Independent Director 64 24 0.000 - -

Broker Research
DEFENSE WINS CHAMPIONSHIPS
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09.08.21 @ 16:13 --
Thursday's Analysis + The ECB and the Keymaster
Nav: T/A | Analysis | Stocks | Research & Indicators | Economics | About
General Commentary
Typically, by the Thursday following Labor Day the hangover is over. This year, at least for now, the
popular notion is that the market will get back on the exact same path that it was on before Labor
Day, and that means the consensus suggests buying every dip, valuation is not a concern, and there
are no risks, just like before, but Labor Day typically marks a material shift in psychology, and we
need to be aware. Everything can turn on a dime, because everything that seemed to not matter
before actually does matter, it was simply masked by fabricated demand.
The most immediate catalyst is the ECB, whose meeting is scheduled for Thursday, and the most
important facet of the ECB stimulus program is the corporate debt purchases. Very few are
expecting anything shocking from the ECB when they meet on Thursday, the beginning of tapering
maybe, but even that is expected to be minimal if it happens at all.
The opinions that are being vocalized are that the ECB does not matter, that the FOMC does not
matter, and ultimately that the tax debate does not matter ether, but those opinions are foolhardy.
The opinions that you do not hear are coming from the biggest investors in the room.
Admittedly, the concerns of the biggest investors have been quieted by smaller investors all year,
but the influence of the smaller investor is behind us. That new (free) money they had to invest is
now old money. They cannot influence the market like they did earlier in the year, which opens the
door for the things that should matter to the market to matter again.
Namely, the pace of stimulus matters, taxes matter, and valuation matters.
Although unlikely, if the ECB were to do the unthinkable and cut their corporate debt purchases to
$0 after their meeting on Thursday I would be very concerned that a 20% pullback would begin
immediately, and there would not be any ‘buy the dip mentality’ anymore.
The ECB is the ‘keymaster’ right now, but it is just one of a handful of keys that can unlock the sell
side, and the opinions that are not being vocalized right now are very aware of this list. The ECB
happens to be the most immediate, so that is where our attention is, but make no mistake. The
post Labor Day Market is not the same as the one that existed leading up to Labor Day.
ECB Corporate Debt Purchases and the Capital Gains Tax Hike could turn the market on its head.
Please read the combined technical analysis associated with this commentary for price-based
observations too, but remain aware that the most powerful investor class is back in action, and
they do not like what they see. The PE of the SPX is 35x!!!!!!
Defense Wins Championships!

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Reuters
Factset
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SP Capital IQ*
Interactive Brokers
Bloomberg Terminals
Zacks
Disclaimer: Past Performance is no guarantee of future results. Substantial losses may come from
investing in the stock market. Consult with your personal financial advisor before making any
decisions to invest. These are DIY results except where references to managed accounts are
made.
Review the Charts
Strategies Summary
Review these strategies on our Website
CORE
CORE is neutralized.
SENTIMENT TABLE STRATEGY
The Sentiment Table is neutral
STRATEGIC PLAN
The Strategic Plan Strategy triggered short DJIA and has a tight stop loss.
STOCK OF THE WEEK
No SOW call for next week.
SWING TRADING
SWING TRADING
The strategy did not have a trade
DAY TRADING
The strategy had a stop
Technical Analysis
NDX DJIA
R2 15658 R2 35144
R1 15642 R1 35079
NDX 15621 DJIA 35031
S1 15598 S1 34938
S2 15576 S2 34000
SPX RUT
R2 4523 R2 2278
R1 4520 R1 2261
SPX 4514 RUT 2249
S1 4514 S1 2250
S2 4505 S2 2220
Trader Psychology
Traders sound the same as before Labor Day, but conditions do not look the same.
Heads Up
From the Past weekend's Newsletter.
Expect the first day next week to be unusual, but slowly the market leaders will return, and by the end of the
week the big boys will be back in control.
Combined Analysis
Our combined analysis for Thursday tells us to expect the markets to begin the day looking for direction, but if slight
declines follow thereafter the declines can get worse fast, and momentum driven declines can push the market down hard.
The midterm support levels remain broken, the longer term charts remain ominous, and if slight declines follow that will
manifest across all markets too. The SPX would need to increase back above 4520 for this to change. If the SPX fails to do
this, the markets could have much more room to decline.
Review the Charts
Near Term Analysis

Our combined near term analysis tells us that the Markets are in neutral near term patterns after adjusting lower recently.
The adjusted support levels would need to break for down channels to follow. Otherwise, expect neutral patterns to prevail.
Mid Term Analysis

Our combined midterm analysis tells us that midterm support is breaking. Therefore, former support levels have been
converted into resistance, and those act as inflection. In the SPX that level is 4520. If this holds as converted resistance our
combined midterm analysis tells us to expect an aggressive decline, but if it breaks higher again instead neutral patterns
will likely prevail.
Long Term Analysis

Our combined longer term analysis tells us that the DJIA is breaking longer term support, the SPX is testing intra channel
support, the RUT s breaking support again, and the NDX is threatening to decline from resistance. Slight declines could
open the door for aggressive declines based on these patterns. The longer term charts of the DJIA and RUT are ominous
because there are no support levels there. Our longer term charts tell us to remain cautious if the SPX remains under 4514.
Review the Charts
Stock Trading
First Review our Combined analysis and Commentary, then select the appropriate plan-type. Or, use our Correlation Tool in
Real-Time when support or resistance is tested to get the best result.
Long Support Plans (more) Long Resistance Plans (more)
WMT SPG
WMT SPG
Buy over 147.37, Buy over 132.15,
Target n/a, Target 141.76,
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Target 157.64, Target 58.70,
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MCD JNPR
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WMT CAH
Short under 147.37, Short under 53.49,
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Institutional Research
The Macro Picture

What to expect as 2021 comes to an end and 2022 begins
July 29, 2021
Sentiment Table Indicator

Weak Neutral Strong
56 53 30
21 81 37
3 28 108
Economic Analysis
How Retail Sales Data Prove Stimulus is Exhausted
The free money associated with stimulus has been exhausted.

Retail spending is now coming down to more reasonable levels.
Today’s retail sales data supports recent changes to inflation pressures too.
The Russell 2000 fell like Retail Sales and Inflation Data, but it came first.
The government allowed our country to go into deeper debt for a temporary boost in retail sales,
and there was very little reward from that effort now that the dust has settled.
Consumers have received free money from the government during the pandemic, and many have used that money to make
exorbitant purchases. When the last round of checks were issued our Random Walk evidenced lines around the block to get
into stores like Louis Vuitton, and those lines were populated by a demographic who did not seem compatible with the price
points.
Of course many citizens really needed the money, but many of those who did not made purchases that would have been
unreasonable otherwise. This caused a surge in retail spending that is now being reversed.

With that, the stimulus checks also influenced inflation readings higher. The buyers who were using stimulus checks did not
care as much about price, because they did not earn the money they were spending. If you don’t work for it, it often does
not mean as much.
Not surprisingly, as the free money from stimulus checks is exhausted (it only has a very short half-life) the influence on
retail sales dissolve, and the inflation pressures abate. This is exactly what we are seeing in the recent data.
Stimulus checks not only influenced spending and inflation, but they also influenced the stock market. Many citizens who
did not need the money and who did not choose to spend it made investments into the stock market instead. This was
tangible at the time, and it did not require a Random Walk.
Arguably, the free money allowed MEME conditions in stocks likeGameStop (NYSE: GME) and AMC Entertainment
Holdings (NYSE: AMC) to exist, and it strongly influenced the Russell 2000 Index (INDEXRUSSELL: RUT). Smaller
investors often are attracted to small cap stocks, like those in the Russell 2000, so not unlike prices and inflation pressures
associated with stimulus checks, the Russell 2000 was an initial beneficiary as well, but that’s not the only correlation.
The Russell 2000 fell by as much as 10% after the retail buying surge associated with the last stimulus checks was finished.
This happened as the other markets, like the S&P 500 INDEX (INDEXSP: .INX), hit all time highs over and over. The
decline in the Russell 2000 was a tell, it came first because stocks act in real time and the data is not delayed, and it told us
that the retail investor was done. Now the new Retail Sales and Inflation data support the notion that the benefits of that
free money program are officially dissolved.
The government allowed our country to go into deeper debt for a temporary boost in retail sales, and there was very little
reward from that effort now that the dust has settled.
Economic Related Comments

Investment Rate
Inflation concerns are front and center on Wall Street as the dollar index rises, and additional excess liquidity is set to be
proposed. With over $9 Trillion in fabricated asset demand already infused over the past 10 months by Central Banks, an
imminent inflationary environment seems set to exist.
However, our assessment is that inflation will not ramp up until such time as natural asset demand also ramps up. The
Natural Rate of Change of the amount of NEW Money available to be invested into the US economy, which is another way of
saying new asset demand, is measured by our proprietary macro analysis, The Investment Rate (IR).
The IR has been declining since December 2007, when the longer term trend peaked and started to decline measurably.
The asset demand growth being witnessed in the economy since then has been largely due to stimulus measures. The
capital infusions since 2012 in particular have resulted in additional monies for institutions and high net worth individuals
to buy asset such as stocks and real estate. In those asset classes inflation has been increasing at an unparalleled rate, but
the level of the stock market does not impact CPI or PPI.
The central bank actions were specifically designed to spur investment-based asset prices higher, but they are not
impacting inflation.
The inflation rate is affected by natural forces, and the natural rate of change in the amount of NEW Money available to be
invested into the US economy is still declining from the December 2007 peak in the IR.
Until the third major down period in US History comes to an end, according to the Investment Rate, inflation is likely to
remain subdued.
Investment Rate
About Us
Reuters: We have been sending Reuters about 1000 Stock Reports like this daily for the past 15 years. They provide our
reports to their institutional client base.
Founded on Jan 2, 2000 — The Peak of the Internet Bubble.

We are Rooted in Proactive Strategies.
Triple digit returns were posted in 2000, 2001, 2002.
"The Investment Rate" was Developed in 2002.
We Became 'Buy and Hold' investors until late 2006.
We reverted to Proactive Strategies exclusively in 2007
The Investment Rate told us December 2007 would be the beginning of a major decline.
Between Dec. 2007 and June 2009 our Stock of the Week Strategy posted 120%.
The Declines Started, but then Stimulus Kicked In.
We never stopped being proactive and using proactive strategies.
Investors became lazy and accustomed to Stimulus.
Our Strategies require a little work, and no one saw the need during stimulus.
Still, our Strategic Plan Strategy Beat the SPX by 90% from credit crisis lows*
Our Sentiment Table Strategy posted 68% in 2015.
Our LETS Strategy posted 92% in 2016.
Our Strategies are designed to be used in any market environment.
They are coupled with our timing indicators and market analysis.
We are using Proactive Strategies Exclusively.
We will until the market crashes again.
We can make money along the way — we are proven.
And then we intend to buy the capitulation again when it comes.
The Investment Rate and our Liquidity Analysis tell us when it will come.
Register as a Subscriber Here
*Strategic Plan Strategy as of 10.11.18.
Disclaimer: Past Performance is no guarantee of future results. Substantial losses may come from investing in the stock
market. Consult with your personal financial advisor before making any decisions to invest. These are DIY results; managed
money results may differ slightly.
Strategic Plan Strategy From Inception
© 2019-2021 Stock Traders Daily, All rights reserved.
Powered by TCPDF (www.tcpdf.org)

DEFENSE WINS CHAMPIONSHIPS
EVITAR CORTE, A TAIL RISK HEDGE FROM STOCK TRADERS DAILY, HAS HELPED
PORTFOLIOS PROTECT THEMSELVES FROM MARKET CRASHES SINCE 2000.
Request Access to Evitar Corte by visiting Stock Traders Daily. There, you will see a trial form. This will
allow you to investigate this in detail. Once you have done this, then select one of the access options
Trial Access:
Evitar Corte, Our Market Analysis, & Trading Reports
Biggest Readers of our Research include Blackrock, Two Sigma, Invictus, Citadel, RenTech, etc.
09.07.21 @ 16:12 --
Wednesday's Analysis + SPS has begun to trigger
Nav: T/A | Analysis | Stocks | Research & Indicators | Economics | About
General Commentary
The NDX vs DJIA divergence was palpable again on Tuesday, and initially it seems that the Market is
picking up right where it left off, in terms of tech (AAPL), but there are technical concerns stemming
from the longer term charts again, and these were not there before.
Namely, the DJIA is threatening to break longer term support. The reason this is important is
because there are no immediate support levels under these, in any of the chart patterns for the
DJIA, so the declines could come without a clear downside target. That’s risky.
Support is beginning to break, and if it breaks the market can get ugly.
Our Strategic Plan Strategy (SPS) Indicator triggered long Tuesday when the DJIA tested support, and
that is the way it went out too, but the stops are tight, and it can turn short if needed.
The strategy purposefully only trades when longer term support and resistance levels are being
tested, so the simple fact that the Strategic Plan Strategy Indicator is triggering should be
meaningful, but the lack of additional support this time seems peculiar.
Defense Wins Championships!

Outperform the Market Without active trading
Evitar Corte helps you avoid market crashes using the FOMC.
How to Efficiently Manage Risk:
Review our Boot Camp page to see how to most efficiently manage risk
Book: Evitar Corte & the Covid-19 Crash (by Thomas Kee)
Available on Amazon
Institutional Entitlements Available:
Reuters
Factset
Refinitiv
SP Capital IQ*
Interactive Brokers
Bloomberg Terminals
Zacks
Disclaimer: Past Performance is no guarantee of future results. Substantial losses may come from
investing in the stock market. Consult with your personal financial advisor before making any
decisions to invest. These are DIY results except where references to managed accounts are
made.
Review the Charts
Strategies Summary
Review these strategies on our Website
CORE
CORE is neutralized.
SENTIMENT TABLE STRATEGY
The Sentiment Table is neutral
STRATEGIC PLAN
The Strategic Plan Strategy triggered long DJIA and has a tight stop loss.
STOCK OF THE WEEK
No SOW call for next week.
SWING TRADING
The strategy had a stop
DAY TRADING
The strategy secured a modest gain.
Technical Analysis
NDX DJIA
R2 15837 R2 35133
R1 15713 R1 35130
R1 15713 R1 35130
NDX 15676 DJIA 35100
S1 15673 S1 30000
S2 15635 S2 29000
SPX RUT
R2 4531 R2 2297
R1 4522 R1 2284
SPX 4520 RUT 2276
S1 4486 S1 2263
S2 4393 S2 2200
Trader Psychology
Traders are not concerned with AAPL, but they are concerned abut almost everything else.
Heads Up
From the Past weekend's Newsletter.
Expect the first day next week to be unusual, but slowly the market leaders will return, and by the end of the
week the big boys will be back in control.
Combined Analysis
Our combined analysis for Wednesday tells us to expect the Market to begin the day looking for direction. If the markets
decline slightly more than they did on Tuesday they would offer concerning technical reads because there are no immediate
support levels under the ones the market tested on Tuesday, in the DJIA. Longer term support is being threatened in the
DJIA, and it is the focal point. If longer term support breaks lower aggressive declines are likely to follow, and only if the
market stays above longer term support would these concerns diminish. For most of Tuesday the early tests of support held
successfully, but by the end of the day the markets had fallen back and the DJIA was threatening a breakdown. Risks appear
to be high.
Review the Charts
Near Term Analysis

Near Term Analysis
Our combined near term analysis tells us that the support levels in most markets act as inflection. In the SPX, that level is
4522. If support holds neutral channels are likely to prevail, but if support breaks lower aggressive declines can follow,
Mid Term Analysis

Our combined midterm analysis tells us that midterm support is breaking in most markets. Therefore, former support levels
have been converted into resistance in most markets, and those act as inflection. In the SPX that level is 4531. If this holds
as converted resistance our combined midterm analysis tells us to expect an aggressive decline, but if it breaks higher again
instead neutral patterns will likely prevail.
Long Term Analysis

Our combined longer term analysis tells us that the DJIA has tested support, and there are no support levels under this for
the time being. That makes the test of support that took place on Tuesday eye opening. Monitor longer term support in the
DJIA accordingly. The Strategic Plan Strategy Indicator is triggering based on this test too, and it is long from the thus far
successful tests, but tight stops exist.
Review the Charts
Stock Trading
First Review our Combined analysis and Commentary, then select the appropriate plan-type. Or, use our Correlation Tool in
Real-Time when support or resistance is tested to get the best result.
Long Support Plans (more) Long Resistance Plans (more)
THO DIA
DIS ALL
MCD IBM
MO WMT
Target 53.96, Target n/a,

Short Support Plans (more) Short Resistance Plans (more)
LVS WMT
Target n/a, Target 146.37,
MCD CTXS
ABT COST
EA ABT
Stop Loss @ 145.42. Stop Loss @ 129.
Institutional Research
The Macro Picture

What to expect as 2021 comes to an end and 2022 begins
July 29, 2021
Weak Neutral Strong
39 72 28
22 79 38
3 28 108
Economic Analysis
How Retail Sales Data Prove Stimulus is Exhausted
The free money associated with stimulus has been exhausted.

The government allowed our country to go into deeper debt for a temporary boost in retail sales,
and there was very little reward from that effort now that the dust has settled.
Consumers have received free money from the government during the pandemic, and many have used that money to make
exorbitant purchases. When the last round of checks were issued our Random Walk evidenced lines around the block to get
into stores like Louis Vuitton, and those lines were populated by a demographic who did not seem compatible with the price
points.
Of course many citizens really needed the money, but many of those who did not made purchases that would have been
unreasonable otherwise. This caused a surge in retail spending that is now being reversed.

With that, the stimulus checks also influenced inflation readings higher. The buyers who were using stimulus checks did not
care as much about price, because they did not earn the money they were spending. If you don’t work for it, it often does
not mean as much.
Not surprisingly, as the free money from stimulus checks is exhausted (it only has a very short half-life) the influence on
retail sales dissolve, and the inflation pressures abate. This is exactly what we are seeing in the recent data.
Stimulus checks not only influenced spending and inflation, but they also influenced the stock market. Many citizens who
did not need the money and who did not choose to spend it made investments into the stock market instead. This was
tangible at the time, and it did not require a Random Walk.
Arguably, the free money allowed MEME conditions in stocks likeGameStop (NYSE: GME) and AMC Entertainment
Holdings (NYSE: AMC) to exist, and it strongly influenced the Russell 2000 Index (INDEXRUSSELL: RUT). Smaller
investors often are attracted to small cap stocks, like those in the Russell 2000, so not unlike prices and inflation pressures
associated with stimulus checks, the Russell 2000 was an initial beneficiary as well, but that’s not the only correlation.
The Russell 2000 fell by as much as 10% after the retail buying surge associated with the last stimulus checks was finished.
This happened as the other markets, like the S&P 500 INDEX (INDEXSP: .INX), hit all time highs over and over. The
decline in the Russell 2000 was a tell, it came first because stocks act in real time and the data is not delayed, and it told us
that the retail investor was done. Now the new Retail Sales and Inflation data support the notion that the benefits of that
free money program are officially dissolved.
The government allowed our country to go into deeper debt for a temporary boost in retail sales, and there was very little
reward from that effort now that the dust has settled.
Economic Related Comments
Investment Rate
Inflation concerns are front and center on Wall Street as the dollar index rises, and additional excess liquidity is set to be
proposed. With over $9 Trillion in fabricated asset demand already infused over the past 10 months by Central Banks, an
imminent inflationary environment seems set to exist.
However, our assessment is that inflation will not ramp up until such time as natural asset demand also ramps up. The
Natural Rate of Change of the amount of NEW Money available to be invested into the US economy, which is another way of
saying new asset demand, is measured by our proprietary macro analysis, The Investment Rate (IR).
The IR has been declining since December 2007, when the longer term trend peaked and started to decline measurably.
The asset demand growth being witnessed in the economy since then has been largely due to stimulus measures. The
capital infusions since 2012 in particular have resulted in additional monies for institutions and high net worth individuals
to buy asset such as stocks and real estate. In those asset classes inflation has been increasing at an unparalleled rate, but
the level of the stock market does not impact CPI or PPI.
The central bank actions were specifically designed to spur investment-based asset prices higher, but they are not
The inflation rate is affected by natural forces, and the natural rate of change in the amount of NEW Money available to be
invested into the US economy is still declining from the December 2007 peak in the IR.
Until the third major down period in US History comes to an end, according to the Investment Rate, inflation is likely to
remain subdued.
Investment Rate
About Us
Reuters: We have been sending Reuters about 1000 Stock Reports like this daily for the past 15 years. They provide our
reports to their institutional client base.
Founded on Jan 2, 2000 — The Peak of the Internet Bubble.

We are Rooted in Proactive Strategies.
Triple digit returns were posted in 2000, 2001, 2002.
"The Investment Rate" was Developed in 2002.
We Became 'Buy and Hold' investors until late 2006.
We reverted to Proactive Strategies exclusively in 2007
The Investment Rate told us December 2007 would be the beginning of a major decline.
Between Dec. 2007 and June 2009 our Stock of the Week Strategy posted 120%.
The Declines Started, but then Stimulus Kicked In.
We never stopped being proactive and using proactive strategies.
Investors became lazy and accustomed to Stimulus.
Our Strategies require a little work, and no one saw the need during stimulus.
Still, our Strategic Plan Strategy Beat the SPX by 90% from credit crisis lows*
Our Sentiment Table Strategy posted 68% in 2015.
Our LETS Strategy posted 92% in 2016.
Our Strategies are designed to be used in any market environment.
They are coupled with our timing indicators and market analysis.
We are using Proactive Strategies Exclusively.
We will until the market crashes again.
We can make money along the way — we are proven.
And then we intend to buy the capitulation again when it comes.
Register as a Subscriber Here
*Strategic Plan Strategy as of 10.11.18.
Disclaimer: Past Performance is no guarantee of future results. Substantial losses may come from investing in the stock
market. Consult with your personal financial advisor before making any decisions to invest. These are DIY results; managed
money results may differ slightly.
Strategic Plan Strategy From Inception

© 2019-2021 Stock Traders Daily, All rights reserved.
Powered by TCPDF (www.tcpdf.org)

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Amazon.com, Inc.

09 Sep 21 Public Information Book

Sales & Earnings

11 Sales & Earnings

79 StreetAccount Summary: The Economist print edition

80 Amazon.com invests to help restore portions of Brazilian rainforest ($3500.81, +21.81)

82 Amazon.com, Inc.(AMZN-US), Q2 2021 Earnings Call, 29-July-2021 5:30 PM ET

96 Amazon.com, Inc. Slide 1: Q2 2021 Earnings Call

Management & Board

116 Management and Board

Sector Industry Mkt Cap (B) EV (B) Sales (B)

Estimates Net Margin 6.6 4.6 8.2

© 2021 FactSet Research Systems, Inc.

Upcoming Events EPS Sales

03 Feb '22 - Q4 2021 Earnings Release (Projected)

28 Apr '22 - Q1 2022 Earnings Release (Projected)

28 Jul '22 - Q2 2022 Earnings Release (Projected)

Past Events EPS Sales

26 May '21 12:00 PM Annual General Meeting

25 May '21 - Hitachi Social Innovation Americas…Forum

12 Apr '21 - GPU Technology Conference

02 Dec '20 - Web Summit

© 2021 FactSet Research Systems, Inc.

Industry Metrics - Annual (B)

© 2021 FactSet Research Systems, Inc.

Management (6 of 37) Board (6 of 11)

410 Terry Avenue North Dave Fildes Fiscal Year December

NET POSITION CHANGE 5,927,468

© 2021 FactSet Research Systems, Inc.

Top Holders - Institutions and Insiders

© 2021 FactSet Research Systems, Inc.

Segments Snapshot - Quarterly (B)

Jun '21 YoY % % of Sales Sep '21E YoY % 3Y Trend

Estimate Growth - Quarterly

Sep '20 Sep '21E Growth (YoY%)

Sep '20 Sep '21E Growth (YoY%)

© 2021 FactSet Research Systems, Inc.

EPS - Consensus Outlook - Annual & Quarterly

Segments LT Estimates - Annual (B)

© 2021 FactSet Research Systems, Inc.

© 2021 FactSet Research Systems, Inc.

Sales - Consensus Trend - Annual (B)

Sales - Broker Detail - Sep '21E (B)

Consensus Guidance # of Brokers

Top 16 Brokers Research Estimate Bottom 16 Brokers Research Estimate

* Only 32 of the 38 brokers are shown in this report. See all...

© 2021 FactSet Research Systems, Inc.

Sales - Broker Revisions - Sep '21E (B)

Consensus Guidance 1M Revision 1W Revision

© 2021 FactSet Research Systems, Inc.

EPS - Consensus Trend - Annual

EPS - Broker Detail - Sep '21E

Consensus Guidance # of Brokers

Top 16 Brokers Research Estimate Bottom 16 Brokers Research Estimate

* Only 32 of the 41 brokers are shown in this report. See all...

© 2021 FactSet Research Systems, Inc.

EPS - Broker Revisions - Sep '21E

Consensus Guidance 1M Revision 1W Revision

© 2021 FactSet Research Systems, Inc.

Valuation Peers Analysis

© 2021 FactSet Research Systems, Inc.

Price to Earnings - NTM

© 2021 FactSet Research Systems, Inc.