beatandraise : Equity Research with AI and ChatGPT on SEC Edgar

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 74,604	$ 69,685	$ 144,391	$ 137,696
Costs and expenses:
Cost of revenues	31,916	30,104	62,528	59,703
Research and development	10,588	9,841	22,056	18,960
Sales and marketing	6,781	6,630	13,314	12,455
General and administrative	3,481	3,657	7,240	7,031
Total costs and expenses	52,766	50,232	105,138	98,149
Income from operations	21,838	19,453	39,253	39,547
Other income (expense), net	65	(439)	855	(1,599)
Income before income taxes	21,903	19,014	40,108	37,948
Provision for income taxes	3,535	3,012	6,689	5,510
Net income	$ 18,368	$ 16,002	$ 33,419	$ 32,438
Basic net income per share of Class A, Class B, and Class C stock (in dollars per share)	$ 1.45	$ 1.22	$ 2.63	$ 2.46
Diluted net income per share of Class A, Class B, and Class C stock (in dollars per share)	$ 1.44	$ 1.21	$ 2.61	$ 2.44

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net income	$ 33,419	$ 32,438
Adjustments:
Depreciation and impairment of property and equipment	6,339	7,289
Amortization and impairment of intangible assets	244	392
Stock-based compensation expense	11,058	9,286
Deferred income taxes	(4,269)	(4,237)
Loss (gain) on debt and equity securities, net	425	2,478
Other	650	202
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	1,506	2,395
Income taxes, net	8,520	(253)
Other assets	(1,259)	(1,621)
Accounts payable	14	(1,172)
Accrued expenses and other liabilities	(4,037)	(1,719)
Accrued revenue share	(418)	(942)
Deferred revenue	(17)	(8)
Net cash provided by operating activities	52,175	44,528
Investing activities
Purchases of property and equipment	(13,177)	(16,614)
Purchases of marketable securities	(35,589)	(50,199)
Maturities and sales of marketable securities	37,049	55,374
Purchases of non-marketable securities	(1,513)	(1,264)
Maturities and sales of non-marketable securities	181	125
Acquisitions, net of cash acquired, and purchases of intangible assets	(340)	(1,236)
Other investing activities	(357)	576
Net cash used in investing activities	(13,746)	(13,238)
Financing activities
Net payments related to stock-based award activities	(4,725)	(5,180)
Repurchases of stock	(29,526)	(28,497)
Proceeds from issuance of debt, net of costs	8,050	29,228
Repayments of debt	(8,207)	(29,582)
Proceeds from sale of interest in consolidated entities, net	5	0
Net cash used in financing activities	(34,403)	(34,031)
Effect of exchange rate changes on cash and cash equivalents	24	(268)
Net increase (decrease) in cash and cash equivalents	4,050	(3,009)
Cash and cash equivalents at beginning of period	21,879	20,945
Cash and cash equivalents at end of period	$ 25,929	$ 17,936

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 25,929	$ 21,879
Marketable securities	92,403	91,883
Total cash, cash equivalents, and marketable securities	118,332	113,762
Accounts receivable, net	38,804	40,258
Inventory	2,231	2,670
Other current assets	9,421	8,105
Total current assets	168,788	164,795
Non-marketable securities	31,224	30,492
Deferred income taxes	9,357	5,261
Property and equipment, net	121,208	112,668
Operating lease assets	14,469	14,381
Intangible assets, net	1,966	2,084
Goodwill	29,210	28,960
Other non-current assets	6,822	6,623
Total assets	383,044	365,264
Current liabilities:
Accounts payable	5,313	5,128
Accrued compensation and benefits	11,260	14,028
Accrued expenses and other current liabilities	49,300	37,866
Accrued revenue share	7,990	8,370
Deferred revenue	3,846	3,908
Total current liabilities	77,709	69,300
Long-term debt	13,705	14,701
Deferred revenue, non-current	667	599
Income taxes payable, non-current	8,753	9,258
Deferred income taxes	558	514
Operating lease liabilities	12,746	12,501
Other long-term liabilities	1,765	2,247
Total liabilities	115,903	109,120
Commitments and contingencies (Note 9)
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); 12,849 (Class A 5,964, Class B 883, Class C 6,002) and 12,629 (Class A 5,934, Class B 876, Class C 5,819) shares issued and outstanding	72,248	68,184
Accumulated other comprehensive income (loss)	(5,991)	(7,603)
Retained earnings	200,884	195,563
Total stockholders’ equity	267,141	256,144
Total liabilities and stockholders’ equity	$ 383,044	$ 365,264