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
	Mar. 31, 2022	Mar. 31, 2021
Revenue	$ 27,908	$ 26,171
Costs and expenses:
Cost of revenue	6,005	5,131
Research and development	7,707	5,197
Marketing and sales	3,312	2,843
General and administrative	2,360	1,622
Total costs and expenses	19,384	14,793
Income from operations	8,524	11,378
Interest and other income, net	384	125
Income before provision for income taxes	8,908	11,503
Provision for income taxes	1,443	2,006
Net income	$ 7,465	$ 9,497
Earnings per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 2.74	$ 3.34
Diluted (in dollars per share)	$ 2.72	$ 3.30
Weighted-average shares used to compute earnings per share attributable to Class A and Class B common stockholders:
Basic (in shares)	2,725	2,847
Diluted (in shares)	2,742	2,882
Share-based compensation expense included in costs and expenses:
Share-based compensation expense	$ 2,498	$ 1,830
Cost of revenue
Share-based compensation expense included in costs and expenses:
Share-based compensation expense	160	118
Research and development
Share-based compensation expense included in costs and expenses:
Share-based compensation expense	1,941	1,408
Marketing and sales
Share-based compensation expense included in costs and expenses:
Share-based compensation expense	216	174
General and administrative
Share-based compensation expense included in costs and expenses:
Share-based compensation expense	$ 181	$ 130

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income	$ 7,465	$ 9,497
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,156	1,972
Share-based compensation	2,498	1,830
Deferred income taxes	(563)	418
Other	(221)	(66)
Changes in assets and liabilities:
Accounts receivable	2,557	849
Prepaid expenses and other current assets	573	(461)
Other assets	(108)	(10)
Accounts payable	(882)	(250)
Partners payable	(105)	(72)
Accrued expenses and other current liabilities	763	(1,681)
Deferred revenue and deposits	(52)	6
Other liabilities	(5)	210
Net cash provided by operating activities	14,076	12,242
Cash flows from investing activities
Purchases of property and equipment	(5,441)	(4,303)
Proceeds relating to property and equipment	126	31
Purchases of marketable securities	(4,068)	(6,231)
Sales of marketable securities	5,065	1,650
Maturities of marketable securities	402	3,981
Acquisitions of businesses and intangible assets	(853)	0
Other investing activities	(10)	(2)
Net cash used in investing activities	(4,779)	(4,874)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards	(925)	(1,077)
Repurchases of Class A common stock	(9,506)	(3,939)
Principal payments on finance leases	(233)	(151)
Net change in overdraft in cash pooling entities	20	(50)
Other financing activities	(16)	32
Net cash used in financing activities	(10,660)	(5,185)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(149)	(246)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(1,512)	1,937
Cash, cash equivalents, and restricted cash at beginning of the period	16,865	17,954
Cash, cash equivalents, and restricted cash at end of the period	15,353	19,891
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	14,886	19,513
Total cash, cash equivalents, and restricted cash	15,353	19,891
Supplemental cash flow data
Cash paid for income taxes, net	502	2,907
Non-cash investing and financing activities:
Property and equipment in accounts payable and accrued expenses and other current liabilities	3,709	2,198
Acquisition of businesses in accrued expenses and other current liabilities and other liabilities	73	118
Settlement of convertible notes in exchange of equity securities in other current assets	131	0
Other current assets through financing arrangement in accrued expenses and other current liabilities	659	0
Repurchases of Class A common stock in accrued expenses and other current liabilities	221	240
Prepaid Expenses and Other Current Assets
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Restricted cash	294	257
Other Assets
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Restricted cash	$ 173	$ 121

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 14,886	$ 16,601
Marketable securities	29,004	31,397
Accounts receivable, net	11,390	14,039
Prepaid expenses and other current assets	3,985	4,629
Total current assets	59,265	66,666
Total equity investments	6,775	6,775
Property and equipment, net	61,582	57,809
Operating lease right-of-use assets	12,241	12,155
Intangible assets, net	910	634
Goodwill	19,923	19,197
Other assets	3,522	2,751
Total assets	164,218	165,987
Current liabilities:
Accounts payable	3,246	4,083
Partners payable	935	1,052
Operating lease liabilities, current	1,159	1,127
Accrued expenses and other current liabilities	15,226	14,312
Deferred revenue and deposits	520	561
Total current liabilities	21,086	21,135
Operating lease liabilities, non-current	12,894	12,746
Other liabilities	7,010	7,227
Total liabilities	40,990	41,108
Commitments and contingencies
Stockholders' equity:
Common stock, $0.000006 par value; 5,000 million Class A shares authorized, 2,301 million and 2,328 million shares issued and outstanding, as of March 31, 2022 and December 31, 2021, respectively; 4,141 million Class B shares authorized, 413 million and 413 million shares issued and outstanding, as of March 31, 2022 and December 31, 2021, respectively	0	0
Additional paid-in capital	57,512	55,811
Accumulated other comprehensive loss	(1,996)	(693)
Retained earnings	67,712	69,761
Total stockholders' equity	123,228	124,879
Total liabilities and stockholders' equity	$ 164,218	$ 165,987