beatandraise : Equity Research with AI and ChatGPT on SEC Edgar

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues	$ 74,989	$ 66,001	$ 55,519
Costs and expenses:
Cost of revenues	28,164	25,691	21,993
Research and development	12,282	9,832	7,137
Sales and marketing	9,047	8,131	6,554
General and administrative	6,136	5,851	4,432
Total costs and expenses	55,629	49,505	40,116
Income from operations	19,360	16,496	15,403
Other income (expense), net	291	763	496
Income from continuing operations before income taxes	19,651	17,259	15,899
Provision for income taxes	3,303	3,639	2,739
Net income from continuing operations	16,348	13,620	13,160
Net income (loss) from discontinued operations	0	516	(427)
Net income	16,348	14,136	12,733
Less: Adjustment Payment to Class C capital stockholders	522	0	0
Net income available to all stockholders	$ 15,826	$ 14,136	$ 12,733
Net income (loss) per share of Class A and Class B common stock and Class C capital stock - basic:
Continuing operations (in USD per share)		$ 20.15	$ 19.77
Net income (loss) per share - basic (in USD per share)		20.91	19.13
Net income (loss) per share of Class A and Class B common stock and Class C capital stock - diluted:
Continuing operations (in USD per share)		19.82	19.42
Net income (loss) per share - diluted (in USD per share)		20.57	18.79
Common Class A and Common Class B
Net income (loss) per share of Class A and Class B common stock and Class C capital stock - basic:
Continuing operations (in USD per share)	$ 23.11	20.15	19.77
Discontinued operations (in USD per share)	0.00	0.76	(0.64)
Net income (loss) per share - basic (in USD per share)	23.11	20.91	19.13
Net income (loss) per share of Class A and Class B common stock and Class C capital stock - diluted:
Continuing operations (in USD per share)	22.84	19.82	19.42
Discontinued operations (in USD per share)	0.00	0.75	(0.63)
Net income (loss) per share - diluted (in USD per share)	$ 22.84	$ 20.57	$ 18.79
Class C Capital Stock
Costs and expenses:
Net income from continuing operations	$ 7,935	$ 6,813	$ 6,580
Net income (loss) from discontinued operations	0	258	(214)
Less: Adjustment Payment to Class C capital stockholders	(522)
Net income available to all stockholders	$ 8,457	$ 7,071	$ 6,366
Net income (loss) per share of Class A and Class B common stock and Class C capital stock - basic:
Continuing operations (in USD per share)	$ 24.63	$ 20.15	$ 19.77
Discontinued operations (in USD per share)	0.00	0.76	(0.64)
Net income (loss) per share - basic (in USD per share)	24.63	20.91	19.13
Net income (loss) per share of Class A and Class B common stock and Class C capital stock - diluted:
Continuing operations (in USD per share)	24.34	19.82	19.42
Discontinued operations (in USD per share)	0.00	0.75	(0.63)
Net income (loss) per share - diluted (in USD per share)	$ 24.34	$ 20.57	$ 18.79
Google Inc.
Revenues	$ 74,989	$ 66,001	$ 55,519
Costs and expenses:
Cost of revenues	28,164	25,691	21,993
Research and development	12,282	9,832	7,137
Sales and marketing	9,047	8,131	6,554
General and administrative	6,136	5,851	4,432
Total costs and expenses	55,629	49,505	40,116
Income from operations	19,360	16,496	15,403
Other income (expense), net	291	763	496
Income from continuing operations before income taxes	19,651	17,259	15,899
Provision for income taxes	3,303	3,639	2,739
Net income from continuing operations	16,348	13,620	13,160
Net income (loss) from discontinued operations	0	516	(427)
Net income	16,348	14,136	12,733
Less: Adjustment Payment to Class C capital stockholders	522	0	0
Net income available to all stockholders	$ 15,826	$ 14,136	$ 12,733

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net income	$ 16,348	$ 14,136	$ 12,733
Adjustments:
Depreciation and impairment of property and equipment	4,132	3,523	2,781
Amortization and impairment of intangible assets	931	1,456	1,158
Stock-based compensation expense	5,203	4,279	3,343
Excess tax benefits from stock-based award activities	(548)	(648)	(481)
Deferred income taxes	(179)	(104)	(437)
Gain on divestiture of business	0	(740)	(700)
(Gain) loss on marketable and non-marketable investments, net	334	(390)	(166)
Other	212	192	272
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable	(2,094)	(1,641)	(1,307)
Income taxes, net	(179)	591	588
Prepaid revenue share, expenses and other assets	(318)	459	(930)
Accounts payable	203	436	605
Accrued expenses and other liabilities	1,597	757	713
Accrued revenue share	339	245	254
Deferred revenue	43	(175)	233
Net cash provided by operating activities	26,024	22,376	18,659
Investing activities
Purchases of property and equipment	(9,915)	(10,959)	(7,358)
Purchases of marketable securities	(74,368)	(56,310)	(45,444)
Maturities and sales of marketable securities	62,905	51,315	38,314
Purchases of non-marketable investments	(2,172)	(1,227)	(569)
Cash collateral related to securities lending	(350)	1,403	(299)
Investments in reverse repurchase agreements	425	(775)	600
Proceeds from divestiture of business	0	386	2,525
Acquisitions, net of cash acquired, and purchases of intangibles and other assets	(236)	(4,888)	(1,448)
Net cash used in investing activities	(23,711)	(21,055)	(13,679)
Financing activities
Net payments related to stock-based award activities	(2,375)	(2,069)	(781)
Excess tax benefits from stock-based award activities	548	648	481
Adjustment Payment to Class C capital stockholders	(47)	0	0
Repurchases of capital stock	(1,780)	0	0
Proceeds from issuance of debt, net of costs	13,705	11,625	10,768
Repayments of debt	(13,728)	(11,643)	(11,325)
Net cash used in financing activities	(3,677)	(1,439)	(857)
Effect of exchange rate changes on cash and cash equivalents	(434)	(433)	(3)
Net increase (decrease) in cash and cash equivalents	(1,798)	(551)	4,120
Cash and cash equivalents at beginning of period	18,347	18,898	14,778
Cash and cash equivalents at end of period	16,549	18,347	18,898
Supplemental disclosures of cash flow information
Cash paid for taxes	3,338	2,819	1,932
Cash paid for interest	96	86	72
Google Inc.
Operating activities
Net income	16,348	14,136	12,733
Adjustments:
Depreciation and impairment of property and equipment	4,132	3,523	2,781
Amortization and impairment of intangible assets	931	1,456	1,158
Stock-based compensation expense	5,203	4,279	3,343
Excess tax benefits from stock-based award activities	(548)	(648)	(481)
Deferred income taxes	(179)	(104)	(437)
Gain on divestiture of business	0	(740)	(700)
(Gain) loss on marketable and non-marketable investments, net	334	(390)	(166)
Other	212	192	272
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable	(2,094)	(1,641)	(1,307)
Income taxes, net	(179)	591	588
Prepaid revenue share, expenses and other assets	(318)	459	(930)
Accounts payable	203	436	605
Accrued expenses and other liabilities	1,597	757	713
Accrued revenue share	339	245	254
Deferred revenue	43	(175)	233
Net cash provided by operating activities	26,024	22,376	18,659
Investing activities
Purchases of property and equipment	(9,915)	(10,959)	(7,358)
Purchases of marketable securities	(74,368)	(56,310)	(45,444)
Maturities and sales of marketable securities	62,905	51,315	38,314
Purchases of non-marketable investments	(2,172)	(1,227)	(569)
Cash collateral related to securities lending	(350)	1,403	(299)
Investments in reverse repurchase agreements	425	(775)	600
Proceeds from divestiture of business	0	386	2,525
Acquisitions, net of cash acquired, and purchases of intangibles and other assets	(236)	(4,888)	(1,448)
Net cash used in investing activities	(23,711)	(21,055)	(13,679)
Financing activities
Net payments related to stock-based award activities	(1,612)	(2,069)	(781)
Excess tax benefits from stock-based award activities	548	648	481
Adjustment Payment to Class C capital stockholders	(47)	0	0
Capital transactions with Alphabet	2,543	0	0
Proceeds from issuance of debt, net of costs	13,705	11,625	10,768
Repayments of debt	(13,728)	(11,643)	(11,325)
Net cash used in financing activities	(3,677)	(1,439)	(857)
Effect of exchange rate changes on cash and cash equivalents	(434)	(433)	(3)
Net increase (decrease) in cash and cash equivalents	(1,798)	(551)	4,120
Cash and cash equivalents at beginning of period	18,347	18,898	14,778
Cash and cash equivalents at end of period	16,549	18,347	18,898
Supplemental disclosures of cash flow information
Cash paid for taxes	3,338	2,819	1,932
Cash paid for interest	$ 96	$ 86	$ 72

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 16,549	$ 18,347
Marketable securities	56,517	46,048
Total cash, cash equivalents, and marketable securities (including securities loaned of $4,058 and $4,531)	73,066	64,395
Accounts receivable, net of allowance of $225 and $296	11,556	9,383
Receivable under reverse repurchase agreements	450	875
Income taxes receivable, net	1,903	591
Prepaid revenue share, expenses and other assets	3,139	3,412
Total current assets	90,114	78,656
Prepaid revenue share, expenses and other assets, non-current	3,181	3,187
Non-marketable investments	5,183	3,079
Deferred income taxes	251	176
Property and equipment, net	29,016	23,883
Intangible assets, net	3,847	4,607
Goodwill	15,869	15,599
Total assets	147,461	129,187
Current liabilities:
Accounts payable	1,931	1,715
Short-term debt	3,225	2,009
Accrued compensation and benefits	3,539	3,069
Accrued expenses and other current liabilities	4,768	4,408
Accrued revenue share	2,329	1,952
Securities lending payable	2,428	2,778
Deferred revenue	788	752
Income taxes payable, net	302	96
Total current liabilities	19,310	16,779
Long-term debt	1,995	3,228
Deferred revenue, non-current	151	104
Income taxes payable, non-current	3,663	3,340
Deferred income taxes	189	758
Other long-term liabilities	$ 1,822	$ 1,118
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock	$ 0	$ 0
Class A and Class B common stock, and Class C capital stock and additional paid-in capital	32,982	28,767
Accumulated other comprehensive income (loss)	(1,874)	27
Retained earnings	89,223	75,066
Total stockholders’ equity	120,331	103,860
Total liabilities and stockholders’ equity	147,461	129,187
Google Inc.
Current assets:
Cash and cash equivalents	16,549	18,347
Marketable securities	56,517	46,048
Total cash, cash equivalents, and marketable securities (including securities loaned of $4,058 and $4,531)	73,066	64,395
Accounts receivable, net of allowance of $225 and $296	11,556	9,383
Receivable under reverse repurchase agreements	450	875
Income taxes receivable, net	1,903	591
Prepaid revenue share, expenses and other assets	3,139	3,412
Total current assets	90,114	78,656
Prepaid revenue share, expenses and other assets, non-current	3,181	3,187
Non-marketable investments	5,183	3,079
Deferred income taxes	251	176
Property and equipment, net	29,016	23,883
Intangible assets, net	3,847	4,607
Goodwill	15,869	15,599
Total assets	147,461	129,187
Current liabilities:
Accounts payable	1,931	1,715
Short-term debt	3,225	2,009
Accrued compensation and benefits	3,539	3,069
Accrued expenses and other current liabilities	4,768	4,408
Accrued revenue share	2,329	1,952
Securities lending payable	2,428	2,778
Deferred revenue	788	752
Income taxes payable, net	302	96
Total current liabilities	19,310	16,779
Long-term debt	1,995	3,228
Deferred revenue, non-current	151	104
Income taxes payable, non-current	3,663	3,340
Deferred income taxes	189	758
Other long-term liabilities	$ 1,822	$ 1,118
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock	$ 0	$ 0
Class A and Class B common stock, and Class C capital stock and additional paid-in capital	31,313	28,767
Accumulated other comprehensive income (loss)	(1,874)	27
Retained earnings	90,892	75,066
Total stockholders’ equity	120,331	103,860
Total liabilities and stockholders’ equity	$ 147,461	$ 129,187