beatandraise : Equity Research with AI and ChatGPT on SEC Edgar

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue	$ 29,077	$ 18,687	$ 55,248	$ 36,423
Costs and expenses:
Cost of revenue	5,399	3,829	10,530	7,288
Research and development	6,096	4,462	11,293	8,477
Marketing and sales	3,259	2,840	6,102	5,627
General and administrative	1,956	1,593	3,578	3,175
Total costs and expenses	16,710	12,724	31,503	24,567
Income from operations	12,367	5,963	23,745	11,856
Interest and other income, net	146	168	271	136
Income before provision for income taxes	12,513	6,131	24,016	11,992
Provision for income taxes	2,119	953	4,124	1,911
Net income	$ 10,394	$ 5,178	$ 19,892	$ 10,081
Earnings per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 3.67	$ 1.82	$ 7.00	$ 3.54
Diluted (in dollars per share)	$ 3.61	$ 1.80	$ 6.90	$ 3.51
Weighted-average shares used to compute earnings per share attributable to Class A and Class B common stockholders:
Basic (in shares)	2,834	2,850	2,841	2,851
Diluted (in shares)	2,877	2,879	2,881	2,876
Share-based compensation expense included in costs and expenses:
Share-based compensation expense	$ 2,548	$ 1,695	$ 4,379	$ 3,030
Cost of revenue
Share-based compensation expense included in costs and expenses:
Share-based compensation expense	163	117	281	211
Research and development
Share-based compensation expense included in costs and expenses:
Share-based compensation expense	1,967	1,261	3,376	2,260
Marketing and sales
Share-based compensation expense included in costs and expenses:
Share-based compensation expense	239	187	413	336
General and administrative
Share-based compensation expense included in costs and expenses:
Share-based compensation expense	$ 179	$ 130	$ 309	$ 223

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net income	$ 19,892	$ 10,081
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,958	3,301
Share-based compensation	4,379	3,030
Deferred income taxes	647	690
Other	(88)	49
Changes in assets and liabilities:
Accounts receivable	(517)	1,924
Prepaid expenses and other current assets	(2,313)	(353)
Other assets	(195)	(15)
Accounts payable	(134)	(100)
Partners payable	(133)	(158)
Accrued expenses and other current liabilities	(200)	(3,016)
Deferred revenue and deposits	9	(1)
Other liabilities	184	(554)
Net cash provided by operating activities	25,489	14,878
Cash flows from investing activities
Purchases of property and equipment	(8,884)	(6,813)
Purchases of marketable securities	(16,528)	(14,063)
Sales of marketable securities	6,337	5,381
Maturities of marketable securities	6,327	7,868
Acquisitions of businesses, net of cash acquired, and purchases of intangible assets	(259)	(372)
Other investing activities	(62)	(288)
Net cash used in investing activities	(13,069)	(8,287)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards	(2,432)	(1,444)
Repurchases of Class A common stock	(11,018)	(2,618)
Principal payments on finance leases	(274)	(209)
Net change in overdraft in cash pooling entities	3	(17)
Other financing activities	(13)	114
Net cash used in financing activities	(13,734)	(4,174)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(129)	(127)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(1,443)	2,290
Cash, cash equivalents, and restricted cash at beginning of the period	17,954	19,279
Cash, cash equivalents, and restricted cash at end of the period	16,511	21,569
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	16,186	21,045
Total cash, cash equivalents, and restricted cash	16,511	21,569
Supplemental cash flow data
Cash paid for income taxes	6,294	1,250
Non-cash investing and financing activities:
Property and equipment in accounts payable and accrued expenses and other current liabilities	2,249	1,592
Acquisition of businesses and other investments in accrued expenses and other current liabilities and other liabilities	73	316
Other current assets through financing arrangements in accrued expenses and other current liabilities	381	0
Repurchases of Class A common stock in accrued expenses and other current liabilities	310	46
Prepaid Expenses and Other Current Assets
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Restricted cash	201	308
Other Assets
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Restricted cash	$ 124	$ 216

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 16,186	$ 17,576
Marketable securities	47,894	44,378
Accounts receivable, net of allowances of $108 million and $114 million as of June 30, 2021 and December 31, 2020, respectively	11,698	11,335
Prepaid expenses and other current assets	4,919	2,381
Total current assets	80,697	75,670
Equity investments	6,393	6,234
Property and equipment, net	50,909	45,633
Operating lease right-of-use assets, net	10,525	9,348
Intangible assets, net	514	623
Goodwill	19,219	19,050
Other assets	2,352	2,758
Total assets	170,609	159,316
Current liabilities:
Accounts payable	973	1,331
Partners payable	949	1,093
Operating lease liabilities, current	1,051	1,023
Accrued expenses and other current liabilities	11,510	11,152
Deferred revenue and deposits	391	382
Total current liabilities	14,874	14,981
Operating lease liabilities, non-current	10,956	9,631
Other liabilities	6,552	6,414
Total liabilities	32,382	31,026
Commitments and contingencies
Stockholders' equity:
Common stock, $0.000006 par value; 5,000 million Class A shares authorized, 2,389 million and 2,406 million shares issued and outstanding, as of June 30, 2021 and December 31, 2020, respectively; 4,141 million Class B shares authorized, 437 million and 443 million shares issued and outstanding, as of June 30, 2021 and December 31, 2020, respectively	0	0
Additional paid-in capital	52,845	50,018
Accumulated other comprehensive income	285	927
Retained earnings	85,097	77,345
Total stockholders' equity	138,227	128,290
Total liabilities and stockholders' equity	$ 170,609	$ 159,316