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, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues	$ 307,394	$ 282,836	$ 257,637
Costs and expenses:
Cost of revenues	133,332	126,203	110,939
Research and development	45,427	39,500	31,562
Sales and marketing	27,917	26,567	22,912
General and administrative	16,425	15,724	13,510
Total costs and expenses	223,101	207,994	178,923
Income from operations	84,293	74,842	78,714
Other income (expense), net	1,424	(3,514)	12,020
Total	85,717	71,328	90,734
Provision for income taxes	11,922	11,356	14,701
Net income	$ 73,795	$ 59,972	$ 76,033
Basic net income per share of Class A, Class B, and Class C stock (in dollars per share)	$ 5.84	$ 4.59	$ 5.69
Diluted net income per share of Class A, Class B, and Class C stock (in dollars per share)	$ 5.80	$ 4.56	$ 5.61

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income	$ 73,795	$ 59,972	$ 76,033
Adjustments:
Depreciation of property and equipment	11,946	13,475	10,273
Stock-based compensation expense	22,460	19,362	15,376
Deferred income taxes	(7,763)	(8,081)	1,808
(Gain) loss on debt and equity securities, net	823	5,519	(12,270)
Other	4,330	3,483	1,955
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	(7,833)	(2,317)	(9,095)
Income taxes, net	523	584	(625)
Other assets	(2,143)	(5,046)	(1,846)
Accounts payable	664	707	283
Accrued expenses and other liabilities	3,937	3,915	7,304
Accrued revenue share	482	(445)	1,682
Deferred revenue	525	367	774
Net cash provided by operating activities	101,746	91,495	91,652
Investing activities
Purchases of property and equipment	(32,251)	(31,485)	(24,640)
Purchases of marketable securities	(77,858)	(78,874)	(135,196)
Maturities and sales of marketable securities	86,672	97,822	128,294
Purchases of non-marketable securities	(3,027)	(2,531)	(2,838)
Maturities and sales of non-marketable securities	947	150	934
Acquisitions, net of cash acquired, and purchases of intangible assets	(495)	(6,969)	(2,618)
Other investing activities	(1,051)	1,589	541
Net cash used in investing activities	(27,063)	(20,298)	(35,523)
Financing activities
Net payments related to stock-based award activities	(9,837)	(9,300)	(10,162)
Repurchases of stock	(61,504)	(59,296)	(50,274)
Proceeds from issuance of debt, net of costs	10,790	52,872	20,199
Repayments of debt	(11,550)	(54,068)	(21,435)
Proceeds from sale of interest in consolidated entities, net	8	35	310
Net cash used in financing activities	(72,093)	(69,757)	(61,362)
Effect of exchange rate changes on cash and cash equivalents	(421)	(506)	(287)
Net increase (decrease) in cash and cash equivalents	2,169	934	(5,520)
Cash and cash equivalents at beginning of period	21,879	20,945	26,465
Cash and cash equivalents at end of period	24,048	21,879	20,945
Supplemental disclosures of cash flow information
Cash paid for income taxes, net of refunds	$ 19,164	$ 18,892	$ 13,412

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 24,048	$ 21,879
Marketable securities	86,868	91,883
Total cash, cash equivalents, and marketable securities	110,916	113,762
Accounts receivable, net	47,964	40,258
Other current assets	12,650	10,775
Total current assets	171,530	164,795
Non-marketable securities	31,008	30,492
Deferred income taxes	12,169	5,261
Property and equipment, net	134,345	112,668
Operating lease assets	14,091	14,381
Goodwill	29,198	28,960
Other non-current assets	10,051	8,707
Total assets	402,392	365,264
Current liabilities:
Accounts payable	7,493	5,128
Accrued compensation and benefits	15,140	14,028
Accrued expenses and other current liabilities	46,168	37,866
Accrued revenue share	8,876	8,370
Deferred revenue	4,137	3,908
Total current liabilities	81,814	69,300
Long-term debt	13,253	14,701
Deferred revenue, non-current	911	599
Income taxes payable, non-current	8,474	9,258
Deferred income taxes	485	514
Operating lease liabilities	12,460	12,501
Other long-term liabilities	1,616	2,247
Total liabilities	119,013	109,120
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); 12,849 (Class A 5,964, Class B 883, Class C 6,002) and 12,460 (Class A 5,899, Class B 870, Class C 5,691) shares issued and outstanding	76,534	68,184
Accumulated other comprehensive income (loss)	(4,402)	(7,603)
Retained earnings	211,247	195,563
Total stockholders’ equity	283,379	256,144
Total liabilities and stockholders’ equity	$ 402,392	$ 365,264