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, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenues	$ 282,836	$ 257,637	$ 182,527
Costs and expenses:
Cost of revenues	126,203	110,939	84,732
Research and development	39,500	31,562	27,573
Sales and marketing	26,567	22,912	17,946
General and administrative	15,724	13,510	11,052
Total costs and expenses	207,994	178,923	141,303
Income from operations	74,842	78,714	41,224
Other income (expense), net	(3,514)	12,020	6,858
Total	71,328	90,734	48,082
Provision for income taxes	11,356	14,701	7,813
Net income	$ 59,972	$ 76,033	$ 40,269
Basic net income per share of Class A, Class B, and Class C stock (in dollars per share)	$ 4.59	$ 5.69	$ 2.96
Diluted net income per share of Class A, Class B, and Class C stock (in dollars per share)	$ 4.56	$ 5.61	$ 2.93

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net income	$ 59,972	$ 76,033	$ 40,269
Adjustments:
Depreciation and impairment of property and equipment	15,287	11,555	12,905
Amortization and impairment of intangible assets	641	886	792
Stock-based compensation expense	19,362	15,376	12,991
Deferred income taxes	(8,081)	1,808	1,390
(Gain) loss on debt and equity securities, net	5,519	(12,270)	(6,317)
Other	1,030	(213)	1,267
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	(2,317)	(9,095)	(6,524)
Income taxes, net	584	(625)	1,209
Other assets	(5,046)	(1,846)	(1,330)
Accounts payable	707	283	694
Accrued expenses and other liabilities	3,915	7,304	5,504
Accrued revenue share	(445)	1,682	1,639
Deferred revenue	367	774	635
Net cash provided by operating activities	91,495	91,652	65,124
Investing activities
Purchases of property and equipment	(31,485)	(24,640)	(22,281)
Purchases of marketable securities	(78,874)	(135,196)	(136,576)
Maturities and sales of marketable securities	97,822	128,294	132,906
Purchases of non-marketable securities	(2,531)	(2,838)	(7,175)
Maturities and sales of non-marketable securities	150	934	1,023
Acquisitions, net of cash acquired, and purchases of intangible assets	(6,969)	(2,618)	(738)
Other investing activities	1,589	541	68
Net cash used in investing activities	(20,298)	(35,523)	(32,773)
Financing activities
Net payments related to stock-based award activities	(9,300)	(10,162)	(5,720)
Repurchases of stock	(59,296)	(50,274)	(31,149)
Proceeds from issuance of debt, net of costs	52,872	20,199	11,761
Repayments of debt	(54,068)	(21,435)	(2,100)
Proceeds from sale of interest in consolidated entities, net	35	310	2,800
Net cash used in financing activities	(69,757)	(61,362)	(24,408)
Effect of exchange rate changes on cash and cash equivalents	(506)	(287)	24
Net increase (decrease) in cash and cash equivalents	934	(5,520)	7,967
Cash and cash equivalents at beginning of period	20,945	26,465	18,498
Cash and cash equivalents at end of period	21,879	20,945	26,465
Supplemental disclosures of cash flow information
Cash paid for income taxes, net of refunds	$ 18,892	$ 13,412	$ 4,990

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 21,879	$ 20,945
Marketable securities	91,883	118,704
Total cash, cash equivalents, and marketable securities	113,762	139,649
Accounts receivable, net	40,258	39,304
Inventory	2,670	1,170
Other current assets	8,105	8,020
Total current assets	164,795	188,143
Non-marketable securities	30,492	29,549
Deferred income taxes	5,261	1,284
Property and equipment, net	112,668	97,599
Operating lease assets	14,381	12,959
Intangible assets, net	2,084	1,417
Goodwill	28,960	22,956
Other non-current assets	6,623	5,361
Total assets	365,264	359,268
Current liabilities:
Accounts payable	5,128	6,037
Accrued compensation and benefits	14,028	13,889
Accrued expenses and other current liabilities	37,866	32,044
Accrued revenue share	8,370	8,996
Deferred revenue	3,908	3,288
Total current liabilities	69,300	64,254
Long-term debt	14,701	14,817
Deferred revenue, non-current	599	535
Income taxes payable, non-current	9,258	9,176
Deferred income taxes	514	5,257
Operating lease liabilities	12,501	11,389
Other long-term liabilities	2,247	2,205
Total liabilities	109,120	107,633
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.001 par value per share, 100 shares authorized; no shares issued and outstanding	0	0
Class A, Class B, and Class C stock and additional paid-in capital, $0.001 par value per share: 300,000 shares authorized (Class A 180,000, Class B 60,000, Class C 60,000); 13,242 (Class A 6,015, Class B 893, Class C 6,334) and 12,849 (Class A 5,964, Class B 883, Class C 6,002) shares issued and outstanding	68,184	61,774
Accumulated other comprehensive income (loss)	(7,603)	(1,623)
Retained earnings	195,563	191,484
Total stockholders’ equity	256,144	251,635
Total liabilities and stockholders’ equity	$ 365,264	$ 359,268
Common stock and capital stock, shares authorized (in shares)	300,000,000,000	300,000,000,000