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Quarter Ended September 30, | |||||||||||
2019 | 2020 | ||||||||||
Revenues | $40,499 | $46,173 | |||||||||
Increase in revenues year over year | 20 | % | 14 | % | |||||||
Increase in constant currency revenues year over year(1) | 22 | % | 15 | % | |||||||
Operating income | $9,177 | $11,213 | |||||||||
Operating margin | 23 | % | 24 | % | |||||||
Other income (expense), net | ($549) | $2,146 | |||||||||
Net income | $7,068 | $11,247 | |||||||||
Diluted EPS | $10.12 | $16.40 | |||||||||
Quarter Ended September 30, | |||||||||||
2019 | 2020 | ||||||||||
Google Search & other | $24,741 | $26,338 | |||||||||
YouTube ads(1) | 3,804 | 5,037 | |||||||||
Google properties | 28,545 | 31,375 | |||||||||
Google Network Members' properties | 5,251 | 5,720 | |||||||||
Google advertising | 33,796 | 37,095 | |||||||||
Google Cloud | 2,379 | 3,444 | |||||||||
Google other(1) | 4,050 | 5,478 | |||||||||
Google revenues | 40,225 | 46,017 | |||||||||
Other Bets revenues | 155 | 178 | |||||||||
Hedging gains (losses) | 119 | (22) | |||||||||
Total revenues | $40,499 | $46,173 | |||||||||
Total TAC | $7,490 | $8,166 | |||||||||
Number of employees | 114,096 | 132,121 |
Quarter Ended September 30, | |||||||||||
2019 | 2020 | ||||||||||
Google operating income | $10,746 | $12,589 | |||||||||
Other Bets operating loss | ($941) | ($1,103) |
Investor relations | Media | ||||
investor-relations@abc.xyz | press@abc.xyz |
As of December 31, | As of September 30, | ||||||||||
2019 | 2020 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 18,498 | $ | 20,129 | |||||||
Marketable securities | 101,177 | 112,467 | |||||||||
Total cash, cash equivalents, and marketable securities | 119,675 | 132,596 | |||||||||
Accounts receivable, net | 25,326 | 24,925 | |||||||||
Income taxes receivable, net | 2,166 | 588 | |||||||||
Inventory | 999 | 835 | |||||||||
Other current assets | 4,412 | 5,425 | |||||||||
Total current assets | 152,578 | 164,369 | |||||||||
Non-marketable investments | 13,078 | 14,656 | |||||||||
Deferred income taxes | 721 | 972 | |||||||||
Property and equipment, net | 73,646 | 81,636 | |||||||||
Operating lease assets | 10,941 | 11,946 | |||||||||
Intangible assets, net | 1,979 | 1,520 | |||||||||
Goodwill | 20,624 | 20,870 | |||||||||
Other non-current assets | 2,342 | 3,274 | |||||||||
Total assets | $ | 275,909 | $ | 299,243 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 5,561 | $ | 4,391 | |||||||
Accrued compensation and benefits | 8,495 | 8,747 | |||||||||
Accrued expenses and other current liabilities | 23,067 | 25,631 | |||||||||
Accrued revenue share | 5,916 | 6,030 | |||||||||
Deferred revenue | 1,908 | 2,302 | |||||||||
Income taxes payable, net | 274 | 1,099 | |||||||||
Total current liabilities | 45,221 | 48,200 | |||||||||
Long-term debt | 4,554 | 13,902 | |||||||||
Deferred revenue, non-current | 358 | 454 | |||||||||
Income taxes payable, non-current | 9,885 | 8,616 | |||||||||
Deferred income taxes | 1,701 | 1,973 | |||||||||
Operating lease liabilities | 10,214 | 10,984 | |||||||||
Other long-term liabilities | 2,534 | 2,194 | |||||||||
Total liabilities | 74,467 | 86,323 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Convertible preferred stock, $0.001 par value per share, 100,000 shares authorized; no shares issued and outstanding | 0 | 0 | |||||||||
Class A and Class B common stock, and Class C capital stock and additional paid-in capital, $0.001 par value per share: 15,000,000 shares authorized (Class A 9,000,000, Class B 3,000,000, Class C 3,000,000); 688,335 (Class A 299,828, Class B 46,441, Class C 342,066) and 677,724 (Class A 300,641, Class B 45,915, Class C 331,168) shares issued and outstanding | 50,552 | 57,307 | |||||||||
Accumulated other comprehensive income (loss) | (1,232) | 46 | |||||||||
Retained earnings | 152,122 | 155,567 | |||||||||
Total stockholders’ equity | 201,442 | 212,920 | |||||||||
Total liabilities and stockholders’ equity | $ | 275,909 | $ | 299,243 |
Quarter Ended September 30, | Year to Date September 30, | ||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | ||||||||||||||||||||
Revenues | $ | 40,499 | $ | 46,173 | $ | 115,782 | $ | 125,629 | |||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of revenues | 17,568 | 21,117 | 50,876 | 58,652 | |||||||||||||||||||
Research and development | 6,554 | 6,856 | 18,796 | 20,551 | |||||||||||||||||||
Sales and marketing | 4,609 | 4,231 | 12,726 | 12,632 | |||||||||||||||||||
General and administrative | 2,591 | 2,756 | 6,722 | 8,221 | |||||||||||||||||||
European Commission fines | 0 | 0 | 1,697 | 0 | |||||||||||||||||||
Total costs and expenses | 31,322 | 34,960 | 90,817 | 100,056 | |||||||||||||||||||
Income from operations | 9,177 | 11,213 | 24,965 | 25,573 | |||||||||||||||||||
Other income (expense), net | (549) | 2,146 | 3,956 | 3,820 | |||||||||||||||||||
Income before income taxes | 8,628 | 13,359 | 28,921 | 29,393 | |||||||||||||||||||
Provision for income taxes | 1,560 | 2,112 | 5,249 | 4,351 | |||||||||||||||||||
Net income | $ | 7,068 | $ | 11,247 | $ | 23,672 | $ | 25,042 | |||||||||||||||
Basic earnings per share of Class A and B common stock and Class C capital stock | $ | 10.20 | $ | 16.55 | $ | 34.12 | $ | 36.69 | |||||||||||||||
Diluted earnings per share of Class A and B common stock and Class C capital stock | $ | 10.12 | $ | 16.40 | $ | 33.83 | $ | 36.38 | |||||||||||||||
Number of shares used in basic earnings per share calculation | 692,741 | 679,449 | 693,860 | 682,561 | |||||||||||||||||||
Number of shares used in diluted earnings per share calculation | 698,199 | 685,851 | 699,677 | 688,381 |
Quarter Ended September 30, | Year to Date September 30, | ||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | ||||||||||||||||||||
Operating activities | |||||||||||||||||||||||
Net income | $ | 7,068 | $ | 11,247 | $ | 23,672 | $ | 25,042 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Depreciation and impairment of property and equipment | 2,732 | 3,289 | 7,774 | 9,366 | |||||||||||||||||||
Amortization and impairment of intangible assets | 188 | 189 | 594 | 606 | |||||||||||||||||||
Stock-based compensation expense | 2,624 | 3,195 | 8,149 | 9,768 | |||||||||||||||||||
Deferred income taxes | (239) | 136 | 381 | (280) | |||||||||||||||||||
(Gain) loss on debt and equity securities, net | 1,479 | (2,015) | (2,399) | (3,055) | |||||||||||||||||||
Other | (71) | 206 | (119) | 875 | |||||||||||||||||||
Changes in assets and liabilities, net of effects of acquisitions: | |||||||||||||||||||||||
Accounts receivable | (1) | (3,601) | 25 | (1,079) | |||||||||||||||||||
Income taxes, net | 185 | (69) | 210 | 469 | |||||||||||||||||||
Other assets | (611) | (233) | (787) | (592) | |||||||||||||||||||
Accounts payable | 57 | 420 | (386) | (269) | |||||||||||||||||||
Accrued expenses and other liabilities | 1,853 | 2,990 | 2,927 | 891 | |||||||||||||||||||
Accrued revenue share | 261 | 969 | 201 | 277 | |||||||||||||||||||
Deferred revenue | (59) | 280 | (149) | 428 | |||||||||||||||||||
Net cash provided by operating activities | 15,466 | 17,003 | 40,093 | 42,447 | |||||||||||||||||||
Investing activities | |||||||||||||||||||||||
Purchases of property and equipment | (6,732) | (5,406) | (17,496) | (16,802) | |||||||||||||||||||
Purchases of marketable securities | (36,244) | (40,821) | (80,968) | (104,932) | |||||||||||||||||||
Maturities and sales of marketable securities | 34,091 | 31,877 | 74,783 | 97,751 | |||||||||||||||||||
Purchases of non-marketable investments | (404) | (553) | (1,499) | (1,864) | |||||||||||||||||||
Maturities and sales of non-marketable investments | 91 | 125 | 297 | 598 | |||||||||||||||||||
Acquisitions, net of cash acquired, and purchases of intangible assets | (126) | (13) | (373) | (368) | |||||||||||||||||||
Other investing activities | 379 | (406) | 468 | 125 | |||||||||||||||||||
Net cash used in investing activities | (8,945) | (15,197) | (24,788) | (25,492) | |||||||||||||||||||
Financing activities | |||||||||||||||||||||||
Net payments related to stock-based award activities | (1,131) | (1,357) | (3,566) | (4,073) | |||||||||||||||||||
Repurchases of capital stock | (5,696) | (7,897) | (12,298) | (23,245) | |||||||||||||||||||
Proceeds from issuance of debt, net of costs | 0 | 9,863 | 317 | 11,761 | |||||||||||||||||||
Repayments of debt | (145) | (61) | (538) | (2,043) | |||||||||||||||||||
Proceeds from sale of interest in consolidated entities, net | 18 | (2) | 202 | 2,462 | |||||||||||||||||||
Net cash provided by (used in) financing activities | (6,954) | 546 | (15,883) | (15,138) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (122) | 35 | (91) | (186) | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (555) | 2,387 | (669) | 1,631 | |||||||||||||||||||
Cash and cash equivalents at beginning of period | 16,587 | 17,742 | 16,701 | 18,498 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 16,032 | $ | 20,129 | $ | 16,032 | $ | 20,129 |
Quarter Ended September 30, 2020 | |||||
Net cash provided by operating activities | $ | 17,003 | |||
Less: purchases of property and equipment | (5,406) | ||||
Free cash flow | $ | 11,597 |
Quarter Ended September 30, 2020 | |||||||||||
YoY (using Q3'19's FX rates) | QoQ (using Q2'20's FX rates) | ||||||||||
EMEA revenues (GAAP) | $ | 13,924 | $ | 13,924 | |||||||
Exclude foreign exchange effect on Q3'20 revenues using Q3'19 rates | (250) | N/A | |||||||||
Exclude foreign exchange effect on Q3'20 revenues using Q2'20 rates | N/A | (605) | |||||||||
EMEA constant currency revenues (non-GAAP) | $ | 13,674 | $ | 13,319 | |||||||
Prior period EMEA revenues (GAAP) | $ | 12,565 | $ | 11,363 | |||||||
EMEA revenue percentage change (GAAP) | 11 | % | 23 | % | |||||||
EMEA constant currency revenue percentage change (non-GAAP) | 9 | % | 17 | % | |||||||
APAC revenues (GAAP) | $ | 8,458 | $ | 8,458 | |||||||
Exclude foreign exchange effect on Q3'20 revenues using Q3'19 rates | 1 | N/A | |||||||||
Exclude foreign exchange effect on Q3'20 revenues using Q2'20 rates | N/A | (180) | |||||||||
APAC constant currency revenues (non-GAAP) | $ | 8,459 | $ | 8,278 | |||||||
Prior period APAC revenues (GAAP) | $ | 6,814 | $ | 6,945 | |||||||
APAC revenue percentage change (GAAP) | 24 | % | 22 | % | |||||||
APAC constant currency revenue percentage change (non-GAAP) | 24 | % | 19 | % | |||||||
Other Americas revenues (GAAP) | $ | 2,371 | $ | 2,371 | |||||||
Exclude foreign exchange effect on Q3'20 revenues using Q3'19 rates | 304 | N/A | |||||||||
Exclude foreign exchange effect on Q3'20 revenues using Q2'20 rates | N/A | (35) | |||||||||
Other Americas constant currency revenues (non-GAAP) | $ | 2,675 | $ | 2,336 | |||||||
Prior period Other Americas revenues (GAAP) | $ | 2,290 | $ | 1,839 | |||||||
Other Americas revenue percentage change (GAAP) | 4 | % | 29 | % | |||||||
Other Americas constant currency revenue percentage change (non-GAAP) | 17 | % | 27 | % | |||||||
United States revenues (GAAP) | $ | 21,442 | $ | 21,442 | |||||||
United States revenue percentage change (GAAP) | 15 | % | 19 | % | |||||||
Hedging gains (losses) | $ | (22) | $ | (22) | |||||||
Revenues (GAAP) | $ | 46,173 | $ | 46,173 | |||||||
Constant currency revenues (non-GAAP) | $ | 46,250 | $ | 45,375 | |||||||
Prior period revenues, excluding hedging effect (non-GAAP)(1) | $ | 40,380 | $ | 38,146 | |||||||
Revenue percentage change (GAAP) | 14 | % | 21 | % | |||||||
Constant currency revenue percentage change (non-GAAP) | 15 | % | 19 | % |
Quarter Ended | |||||||||||
September 30, | |||||||||||
2019 | 2020 | ||||||||||
Interest income | $ | 631 | $ | 460 | |||||||
Interest expense | (23) | (48) | |||||||||
Foreign currency exchange gain (loss), net | 41 | (84) | |||||||||
Gain (loss) on debt securities, net | 49 | 116 | |||||||||
Gain (loss) on equity securities, net(1)(2) | (1,528) | 1,899 | |||||||||
Performance fees | 227 | (135) | |||||||||
Income (loss) and impairment from equity method investments, net | (14) | 26 | |||||||||
Other | 68 | (88) | |||||||||
Other income (expense), net | $ | (549) | $ | 2,146 |
Quarter Ended | |||||||||||
September 30, | |||||||||||
2019 | 2020 | ||||||||||
Revenues: | |||||||||||
Google(1) | $ | 40,225 | $ | 46,017 | |||||||
Other Bets | 155 | 178 | |||||||||
Hedging gains (losses)(1) | 119 | (22) | |||||||||
Total revenues | $ | 40,499 | $ | 46,173 | |||||||
Operating income (loss): | |||||||||||
Google(1) | $ | 10,746 | $ | 12,589 | |||||||
Other Bets | (941) | (1,103) | |||||||||
Reconciling items(1)(2) | (628) | (273) | |||||||||
Total income from operations | $ | 9,177 | $ | 11,213 | |||||||
Stock-based compensation(3): | |||||||||||
$ | 2,470 | $ | 2,921 | ||||||||
Other Bets | 117 | 130 | |||||||||
Reconciling items(4) | 34 | 66 | |||||||||
Total stock-based compensation | $ | 2,621 | $ | 3,117 | |||||||
Capital expenditures: | |||||||||||
$ | 7,228 | $ | 5,465 | ||||||||
Other Bets | 71 | 120 | |||||||||
Reconciling items(5) | (567) | (179) | |||||||||
Total capital expenditures | $ | 6,732 | $ | 5,406 | |||||||
Depreciation, amortization, and impairment: | |||||||||||
$ | 2,837 | $ | 3,383 | ||||||||
Other Bets | 83 | 95 | |||||||||
Total depreciation, amortization, and impairment | $ | 2,920 | $ | 3,478 |
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