...NEW YORK (Standard & Poor's) Jan. 30, 2015--Standard & Poor's Ratings Services said today that Amazon.com Inc.'s fourth-quarter 2014 results were consistent with our assumption that revenue growth will continue to benefit from the company's reputation for service, selection, and price while investments in infrastructure and technology will pressure margins and remain a large call on cash flow. High revenue growth mainly occurred in North America while international revenue growth was far slower. We do not think Amazon's international performance reflects any loss of competitive momentum because the important world-wide Prime customer base increased 53% in 2014 and slightly faster outside of the U.S. The company reported a consolidated operating margin that was roughly flat at around 2%. Segment operating income (reported operating margin excluding stock comp) increased slightly to 3.5% from 3.4%. Operating cash flow for the trailing 12 months rose 25% but purchases of PP&E rose more, so...
