beatandraise : Equity Research with AI and ChatGPT on SEC Edgar

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue	$ 21,470	$ 17,652	$ 57,893	$ 49,615
Costs and expenses:
Cost of revenue	4,194	3,155	11,482	9,279
Research and development	4,763	3,548	13,240	9,722
Marketing and sales	2,683	2,416	8,310	6,850
General and administrative	1,790	1,348	4,965	8,636
Total costs and expenses	13,430	10,467	37,997	34,487
Income from operations	8,040	7,185	19,896	15,128
Interest and other income, net	93	144	229	515
Income before provision for income taxes	8,133	7,329	20,125	15,643
Provision for income taxes	287	1,238	2,198	4,507
Net income	$ 7,846	$ 6,091	$ 17,927	$ 11,136
Earnings per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 2.75	$ 2.13	$ 6.29	$ 3.90
Diluted (in dollars per share)	$ 2.71	$ 2.12	$ 6.22	$ 3.87
Weighted-average shares used to compute earnings per share attributable to Class A and Class B common stockholders:
Basic (in shares)	2,850	2,854	2,850	2,855
Diluted (in shares)	2,891	2,874	2,883	2,875
Share-based compensation expense included in costs and expenses:
Share-based compensation expense	$ 1,722	$ 1,249	$ 4,752	$ 3,562
Cost of revenue
Share-based compensation expense included in costs and expenses:
Share-based compensation expense	116	91	327	287
Research and development
Share-based compensation expense included in costs and expenses:
Share-based compensation expense	1,297	907	3,557	2,557
Marketing and sales
Share-based compensation expense included in costs and expenses:
Share-based compensation expense	180	148	516	421
General and administrative
Share-based compensation expense included in costs and expenses:
Share-based compensation expense	$ 129	$ 103	$ 352	$ 297

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income	$ 17,927	$ 11,136
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,999	4,273
Share-based compensation	4,752	3,562
Deferred income taxes	(816)	358
Other	56	44
Changes in assets and liabilities:
Accounts receivable	1,547	(264)
Prepaid expenses and other current assets	(89)	(527)
Other assets	(8)	66
Accounts payable	39	2
Partners payable	(100)	59
Accrued expenses and other current liabilities	(3,273)	6,439
Deferred revenue and deposits	111	82
Other liabilities	(438)	2,001
Net cash provided by operating activities	24,707	27,231
Cash flows from investing activities
Purchases of property and equipment, net	(10,502)	(11,002)
Purchases of marketable securities	(28,193)	(19,152)
Sales of marketable securities	9,779	7,402
Maturities of marketable securities	10,725	7,048
Purchases of equity investments	(6,302)	(61)
Acquisitions of businesses, net of cash acquired, and purchases of intangible assets	(384)	(63)
Other investing activities, net	(9)	0
Net cash used in investing activities	(24,886)	(15,828)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards	(2,444)	(1,710)
Repurchases of Class A common stock	(4,343)	(2,906)
Principal payments on finance leases	(398)	(411)
Net change in overdraft in cash pooling entities	(24)	(260)
Other financing activities, net	124	14
Net cash used in financing activities	(7,085)	(5,273)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(36)	(174)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(7,300)	5,956
Cash, cash equivalents, and restricted cash at beginning of the period	19,279	10,124
Cash, cash equivalents, and restricted cash at end of the period	11,979	16,080
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	11,617	15,979
Total cash, cash equivalents, and restricted cash	11,979	16,080
Supplemental cash flow data
Cash paid for income taxes, net	3,122	2,528
Non-cash investing activities:
Acquisition of businesses and other investments in accrued expenses and other liabilities	118	0
Property and equipment in accounts payable and accrued expenses and other liabilities	$ 2,137	$ 1,850

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 11,617	$ 19,079
Marketable securities	44,003	35,776
Accounts receivable, net of allowances of $311 and $206 as of September 30, 2020 and December 31, 2019, respectively	8,024	9,518
Prepaid expenses and other current assets	2,155	1,852
Total current assets	65,799	66,225
Equity investments	6,164	86
Property and equipment, net	42,291	35,323
Operating lease right-of-use assets, net	9,439	9,460
Intangible assets, net	744	894
Goodwill	19,031	18,715
Other assets	2,969	2,673
Total assets	146,437	133,376
Current liabilities:
Accounts payable	1,106	1,363
Partners payable	800	886
Operating lease liabilities, current	975	800
Accrued expenses and other current liabilities	8,684	11,735
Deferred revenue and deposits	379	269
Total current liabilities	11,944	15,053
Operating lease liabilities, non-current	9,641	9,524
Other liabilities	7,121	7,745
Total liabilities	28,706	32,322
Commitments and contingencies
Stockholders' equity:
Common stock, $0.000006 par value; 5,000 million Class A shares authorized, 2,406 million and 2,407 million shares issued and outstanding, as of September 30, 2020 and December 31, 2019, respectively; 4,141 million Class B shares authorized, 444 million and 445 million shares issued and outstanding, as of September 30, 2020 and December 31, 2019, respectively	0	0
Additional paid-in capital	48,910	45,851
Accumulated other comprehensive income (loss)	308	(489)
Retained earnings	68,513	55,692
Total stockholders' equity	117,731	101,054
Total liabilities and stockholders' equity	$ 146,437	$ 133,376