Tim asks about why the $-19bn free cash flow for '22 is not a worry. All of this is because enormous levels of cap-ex spend: $58bn in net purchases of property

Tim asks about why the $-19bn free cash flow for '22 is not a worry. All of this is because enormous levels of cap-ex spend: $58bn in net purchases of property and equipment over the year ($63bn gross). The other piece is $9bn in debt paydown of lease obligations, which is not really concerning because it's just a debt reduction. They don't provide much of a breakdown of this very large capex number. Presumably a lot of it is fulfilment center spend, but there's data centers, vehicles, etc., to consider as well. It really comes down to whether this spend is wise. If this cap-ex will generate strong ROI, it's fine.