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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue:	$ 34,146	$ 27,714	$ 94,791	$ 84,444
Costs and expenses:
Cost of revenue	6,210	5,716	18,264	16,913
Research and development	9,241	9,170	27,966	25,567
Marketing and sales	2,877	3,780	9,075	10,688
General and administrative	2,070	3,384	9,119	8,731
Total costs and expenses	20,398	22,050	64,424	61,899
Income from operations	13,748	5,664	30,367	22,545
Interest and other income (expense), net	272	(88)	254	125
Income before provision for income taxes	14,020	5,576	30,621	22,670
Provision for income taxes	2,437	1,181	5,540	4,123
Net income	$ 11,583	$ 4,395	$ 25,081	$ 18,547
Earnings per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 4.50	$ 1.64	$ 9.73	$ 6.86
Diluted (in dollars per share)	$ 4.39	$ 1.64	$ 9.56	$ 6.82
Weighted-average shares used to compute earnings per share attributable to Class A and Class B common stockholders:
Basic (in shares)	2,576	2,682	2,577	2,703
Diluted (in shares)	2,641	2,687	2,623	2,718

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	$ 25,081	$ 18,547
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,006	6,310
Share-based compensation	10,603	8,984
Deferred income taxes	1,292	(2,113)
Impairment charges for facilities consolidation, net	1,342	413
Other	278	71
Changes in assets and liabilities:
Accounts receivable	444	1,930
Prepaid expenses and other current assets	(141)	(693)
Other assets	31	(160)
Accounts payable	(543)	(666)
Partners payable	(347)	(12)
Accrued expenses and other current liabilities	5,702	2,942
Other liabilities	(39)	411
Net cash provided by operating activities	51,709	35,964
Cash flows from investing activities
Purchases of property and equipment	(19,601)	(22,388)
Proceeds relating to property and equipment	148	190
Purchases of marketable debt securities	(1,810)	(8,885)
Maturities and sales of marketable debt securities	3,825	10,895
Acquisitions of businesses and intangible assets	(565)	(1,250)
Other investing activities	(20)	(1)
Net cash used in investing activities	(18,023)	(21,439)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards	(4,789)	(2,938)
Repurchases of Class A common stock	(13,832)	(21,093)
Proceeds from issuance of long-term debt, net	8,455	9,921
Principal payments on finance leases	(751)	(615)
Other financing activities	(182)	(351)
Net cash used in financing activities	(11,099)	(15,076)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(283)	(1,063)
Net increase (decrease) in cash, cash equivalents, and restricted cash	22,304	(1,614)
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	37,900	15,251
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	36,890	14,308
Total cash, cash equivalents, and restricted cash	37,900	15,251
Supplemental cash flow data
Cash paid for income taxes, net	2,016	4,647
Cash paid for interest, net of amounts capitalized	302	0
Non-cash investing and financing activities:
Property and equipment in accounts payable and accrued expenses and other current liabilities	4,506	4,130
Acquisition of businesses in accrued expenses and other current liabilities and other liabilities	182	294
Repurchases of Class A common stock in accrued expenses and other current liabilities	122	265
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	152	232
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	$ 858	$ 711

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 36,890	$ 14,681
Marketable securities	24,233	26,057
Accounts receivable, net	12,944	13,466
Prepaid expenses and other current assets	4,311	5,345
Total current assets	78,378	59,549
Non-marketable equity securities	6,142	6,201
Property and equipment, net	91,772	79,518
Operating lease right-of-use assets	13,033	12,673
Intangible assets, net	813	897
Goodwill	20,668	20,306
Other assets	5,468	6,583
Total assets	216,274	185,727
Current liabilities:
Accounts payable	4,372	4,990
Partners payable	770	1,117
Operating lease liabilities, current	1,460	1,367
Accrued expenses and other current liabilities	23,929	19,552
Total current liabilities	30,531	27,026
Operating lease liabilities, non-current	16,374	15,301
Long-term debt	18,383	9,923
Other liabilities	8,113	7,764
Total liabilities	73,401	60,014
Commitments and contingencies
Stockholders' equity:
Common stock, $0.000006 par value; 5,000 million Class A shares authorized, 2,221 million and 2,247 million shares issued and outstanding, as of September 30, 2023 and December 31, 2022, respectively; 4,141 million Class B shares authorized, 350 million and 367 million shares issued and outstanding, as of September 30, 2023 and December 31, 2022, respectively	0	0
Additional paid-in capital	71,224	64,444
Accumulated other comprehensive loss	(3,556)	(3,530)
Retained earnings	75,205	64,799
Total stockholders' equity	142,873	125,713
Total liabilities and stockholders' equity	$ 216,274	$ 185,727