“For the next two decades, Amazon grew its revenue and made no profits, leading journalist Matthew Yglesias to write, in 2013: “Amazon, as best I can tell, is a charitable organization being run by elements of the investment community for the benefit of consumers.””
Bezos told shareholders in 1997 he’d pick cash flow over pretty accounting. Twenty years of no profits later, people called Amazon a charity. Change your payment terms and your company is worth more. Most people reading earnings never look at the cash.