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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue:	$ 40,589	$ 34,146	$ 116,116	$ 94,791
Costs and expenses:
Cost of revenue	7,375	6,210	21,322	18,264
Research and development	11,177	9,241	31,693	27,966
Marketing and sales	2,822	2,877	8,107	9,075
General and administrative	1,865	2,070	8,978	9,119
Total costs and expenses	23,239	20,398	70,100	64,424
Income from operations	17,350	13,748	46,016	30,367
Interest and other income, net	472	272	1,095	254
Income before provision for income taxes	17,822	14,020	47,111	30,621
Provision for income taxes	2,134	2,437	5,589	5,540
Net income	$ 15,688	$ 11,583	$ 41,522	$ 25,081
Earnings per share:
Basic (in dollars per share)	$ 6.20	$ 4.50	$ 16.37	$ 9.73
Diluted (in dollars per share)	$ 6.03	$ 4.39	$ 15.88	$ 9.56
Weighted-average shares used to compute earnings per share:
Basic (in shares)	2,529	2,576	2,536	2,577
Diluted (in shares)	2,600	2,641	2,615	2,623

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 41,522	$ 25,081
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,038	8,006
Share-based compensation	12,428	10,603
Deferred income taxes	(3,406)	1,292
Impairment charges for facilities consolidation, net	288	1,342
Other	(82)	278
Changes in assets and liabilities:
Accounts receivable	1,493	444
Prepaid expenses and other current assets	(168)	(141)
Other assets	(70)	31
Accounts payable	(195)	(543)
Accrued expenses and other current liabilities	(1,199)	5,355
Other liabilities	1,691	(39)
Net cash provided by operating activities	63,340	51,709
Cash flows from investing activities
Purchases of property and equipment, net	(22,831)	(19,453)
Purchases of marketable debt securities	(14,644)	(1,810)
Sales and maturities of marketable debt securities	11,972	3,825
Acquisitions of businesses and intangible assets	(261)	(565)
Other investing activities	112	(20)
Net cash used in investing activities	(25,652)	(18,023)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards	(9,913)	(4,789)
Repurchases of Class A common stock	(30,125)	(13,832)
Payments for dividends and dividend equivalents	(3,802)	0
Proceeds from issuance of long-term debt, net	10,432	8,455
Principal payments on finance leases	(1,558)	(751)
Other financing activities	(350)	(182)
Net cash used in financing activities	(35,316)	(11,099)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(72)	(283)
Net increase in cash, cash equivalents, and restricted cash	2,300	22,304
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	45,127	37,900
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	43,852	36,890
Restricted cash, included in prepaid expenses and other current assets	90	152
Restricted cash, included in other assets	1,185	858
Total cash, cash equivalents, and restricted cash	45,127	37,900
Supplemental cash flow data
Cash paid for income taxes, net	8,326	2,016
Cash paid for interest, net of amounts capitalized	356	302
Non-cash investing and financing activities:
Property and equipment in accounts payable and accrued expenses and other current liabilities	7,217	4,506
Acquisition of businesses and intangible assets in accrued expenses and other current liabilities and other liabilities	186	182
Repurchases of Class A common stock in accrued expenses and other current liabilities	$ 0	$ 122

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 43,852	$ 41,862
Marketable securities	27,048	23,541
Accounts receivable, net	14,700	16,169
Prepaid expenses and other current assets	5,467	3,793
Total current assets	91,067	85,365
Non-marketable equity securities	6,071	6,141
Property and equipment, net	112,162	96,587
Operating lease right-of-use assets	14,812	13,294
Goodwill	20,654	20,654
Other assets	11,642	7,582
Total assets	256,408	229,623
Current liabilities:
Accounts payable	7,656	4,849
Operating lease liabilities, current	2,016	1,623
Accrued expenses and other current liabilities	23,658	25,488
Total current liabilities	33,330	31,960
Operating lease liabilities, non-current	18,208	17,226
Long-term debt	28,823	18,385
Long-term income taxes	9,171	7,514
Other liabilities	2,347	1,370
Total liabilities	91,879	76,455
Commitments and contingencies
Stockholders' equity:
Common stock, $0.000006 par value; 5,000 million Class A shares authorized, 2,180 million and 2,211 million shares issued and outstanding, as of September 30, 2024 and December 31, 2023, respectively; 4,141 million Class B shares authorized, 344 million and 350 million shares issued and outstanding, as of September 30, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	80,749	73,253
Accumulated other comprehensive loss	(1,192)	(2,155)
Retained earnings	84,972	82,070
Total stockholders' equity	164,529	153,168
Total liabilities and stockholders' equity	$ 256,408	$ 229,623