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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue:	$ 39,071	$ 31,999	$ 75,527	$ 60,645
Costs and expenses:
Cost of revenue	7,308	5,945	13,948	12,054
Research and development	10,537	9,344	20,515	18,725
Marketing and sales	2,721	3,154	5,285	6,198
General and administrative	3,658	4,164	7,114	7,049
Total costs and expenses	24,224	22,607	46,862	44,026
Income from operations	14,847	9,392	28,665	16,619
Interest and other income (expense), net	259	(99)	624	(19)
Income before provision for income taxes	15,106	9,293	29,289	16,600
Provision for income taxes	1,641	1,505	3,455	3,102
Net income	$ 13,465	$ 7,788	$ 25,834	$ 13,498
Earnings per share:
Basic (in dollars per share)	$ 5.31	$ 3.03	$ 10.17	$ 5.24
Diluted (in dollars per share)	$ 5.16	$ 2.98	$ 9.86	$ 5.18
Weighted-average shares used to compute earnings per share:
Basic (in shares)	2,534	2,568	2,540	2,577
Diluted (in shares)	2,610	2,612	2,619	2,604

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 25,834	$ 13,498
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,011	5,147
Share-based compensation	8,178	7,111
Deferred income taxes	(2,098)	(1,757)
Impairment charges for facilities consolidation, net	280	1,002
Other	(71)	204
Changes in assets and liabilities:
Accounts receivable	1,350	1,122
Prepaid expenses and other current assets	16	767
Other assets	(41)	67
Accounts payable	(862)	(1,155)
Accrued expenses and other current liabilities	(1,771)	5,268
Other liabilities	790	33
Net cash provided by operating activities	38,616	31,307
Cash flows from investing activities
Purchases of property and equipment, net	(14,573)	(12,957)
Purchases of marketable debt securities	(10,176)	(803)
Sales and maturities of marketable debt securities	7,858	2,351
Acquisitions of businesses and intangible assets	(129)	(527)
Other investing activities	(12)	(10)
Net cash used in investing activities	(17,032)	(11,946)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards	(6,370)	(2,701)
Repurchases of Class A common stock	(21,307)	(10,263)
Dividend payments	(2,539)	0
Proceeds from issuance of long-term debt, net	0	8,455
Principal payments on finance leases	(614)	(484)
Other financing activities	(115)	(231)
Net cash used in financing activities	(30,945)	(5,224)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(440)	71
Net increase (decrease) in cash, cash equivalents, and restricted cash	(9,801)	14,208
Cash, cash equivalents, and restricted cash at beginning of the period	42,827	15,596
Cash, cash equivalents, and restricted cash at end of the period	33,026	29,804
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	32,045	28,785
Total cash, cash equivalents, and restricted cash	33,026	29,804
Supplemental cash flow data
Cash paid for income taxes, net	6,559	1,507
Cash paid for interest, net of amounts capitalized	245	182
Non-cash investing and financing activities:
Property and equipment in accounts payable and accrued expenses and other current liabilities	3,229	3,845
Acquisition of businesses and intangible assets in accrued expenses and other current liabilities and other liabilities	267	217
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	100	165
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	$ 881	$ 854

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 32,045	$ 41,862
Marketable securities	26,035	23,541
Accounts receivable, net	14,505	16,169
Prepaid expenses and other current assets	3,846	3,793
Total current assets	76,431	85,365
Non-marketable equity securities	6,207	6,141
Property and equipment, net	102,959	96,587
Operating lease right-of-use assets	14,058	13,294
Goodwill	20,654	20,654
Other assets	9,929	7,582
Total assets	230,238	229,623
Current liabilities:
Accounts payable	3,173	4,849
Operating lease liabilities, current	1,917	1,623
Accrued expenses and other current liabilities	21,914	25,488
Total current liabilities	27,004	31,960
Operating lease liabilities, non-current	17,685	17,226
Long-term debt	18,389	18,385
Long-term income taxes	7,897	7,514
Other liabilities	2,500	1,370
Total liabilities	73,475	76,455
Commitments and contingencies
Stockholders' equity:
Common stock, $0.000006 par value; 5,000 million Class A shares authorized, 2,188 million and 2,211 million shares issued and outstanding, as of June 30, 2024 and December 31, 2023, respectively; 4,141 million Class B shares authorized, 345 million and 350 million shares issued and outstanding, as of June 30, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	78,270	73,253
Accumulated other comprehensive loss	(2,695)	(2,155)
Retained earnings	81,188	82,070
Total stockholders' equity	156,763	153,168
Total liabilities and stockholders' equity	$ 230,238	$ 229,623