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, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue:	$ 28,645	$ 27,908
Costs and expenses:
Cost of revenue	6,108	6,005
Research and development	9,381	7,707
Marketing and sales	3,044	3,312
General and administrative	2,885	2,360
Total costs and expenses	21,418	19,384
Income from operations	7,227	8,524
Interest and other income, net	80	384
Income before provision for income taxes	7,307	8,908
Provision for income taxes	1,598	1,443
Net income	$ 5,709	$ 7,465
Earnings per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 2.21	$ 2.74
Diluted (in dollars per share)	$ 2.20	$ 2.72
Weighted-average shares used to compute earnings per share attributable to Class A and Class B common stockholders:
Basic (in shares)	2,587	2,725
Diluted (in shares)	2,596	2,742

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	$ 5,709	$ 7,465
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,524	2,156
Share-based compensation	3,051	2,498
Deferred income taxes	(620)	(563)
Impairment charges for facilities consolidation	770	0
Other	(7)	(221)
Changes in assets and liabilities:
Accounts receivable	2,546	2,557
Prepaid expenses and other current assets	821	573
Other assets	30	(108)
Accounts payable	(1,104)	(882)
Partners payable	(240)	(105)
Accrued expenses and other current liabilities	334	763
Other liabilities	184	(57)
Net cash provided by operating activities	13,998	14,076
Cash flows from investing activities
Purchases of property and equipment	(6,842)	(5,441)
Proceeds relating to property and equipment	19	126
Purchases of marketable debt securities	(85)	(4,068)
Maturities and sales of marketable debt securities	534	5,467
Acquisitions of businesses and intangible assets	(444)	(853)
Other investing activities	75	(10)
Net cash used in investing activities	(6,743)	(4,779)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards	(1,009)	(925)
Repurchases of Class A common stock	(9,365)	(9,506)
Principal payments on finance leases	(264)	(233)
Other financing activities	122	4
Net cash used in financing activities	(10,516)	(10,660)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	85	(149)
Net decrease in cash, cash equivalents, and restricted cash	(3,176)	(1,512)
Cash, cash equivalents, and restricted cash at beginning of the period	15,596	16,865
Cash, cash equivalents, and restricted cash at end of the period	12,420	15,353
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	11,551	14,886
Total cash, cash equivalents, and restricted cash	12,420	15,353
Supplemental cash flow data
Cash paid for income taxes, net	405	502
Cash paid for interest, net of amounts capitalized	182	0
Non-cash investing and financing activities:
Property and equipment in accounts payable and accrued expenses and other current liabilities	4,466	3,709
Acquisition of businesses in accrued expenses and other current liabilities and other liabilities	263	73
Settlement of convertible notes in exchange of equity securities in other current assets	0	131
Other current assets through financing arrangement in accrued expenses and other current liabilities	11	659
Repurchases of Class A common stock in accrued expenses and other current liabilities	86	221
Restricted cash, included in prepaid expenses and other current assets
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Restricted cash and cash equivalents	224	294
Restricted cash, included in other assets
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Restricted cash and cash equivalents	$ 645	$ 173

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 11,551	$ 14,681
Marketable securities	25,888	26,057
Accounts receivable, net	11,044	13,466
Prepaid expenses and other current assets	4,000	5,345
Total current assets	52,483	59,549
Non-marketable equity securities	6,167	6,201
Property and equipment, net	84,156	79,518
Operating lease right-of-use assets	12,899	12,673
Intangible assets, net	949	897
Goodwill	20,649	20,306
Other assets	7,188	6,583
Total assets	184,491	185,727
Current liabilities:
Accounts payable	3,672	4,990
Partners payable	885	1,117
Operating lease liabilities, current	1,479	1,367
Accrued expenses and other current liabilities	19,345	19,552
Total current liabilities	25,381	27,026
Operating lease liabilities, non-current	16,171	15,301
Long-term debt	9,925	9,923
Other liabilities	8,219	7,764
Total liabilities	59,696	60,014
Commitments and contingencies
Stockholders' equity:
Common stock, $0.000006 par value; 5,000 million Class A shares authorized, 2,215 million and 2,247 million shares issued and outstanding, as of March 31, 2023 and December 31, 2022, respectively; 4,141 million Class B shares authorized, 351 million and 367 million shares issued and outstanding, as of March 31, 2023 and December 31, 2022, respectively	0	0
Additional paid-in capital	66,535	64,444
Accumulated other comprehensive loss	(2,981)	(3,530)
Retained earnings	61,241	64,799
Total stockholders' equity	124,795	125,713
Total liabilities and stockholders' equity	$ 184,491	$ 185,727