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Exhibit
Exhibit 99.1

Alphabet Announces First Quarter 2018 Results
MOUNTAIN VIEW, Calif. – April 23, 2018 – Alphabet Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended March 31, 2018.
"Our ongoing strong revenue growth reflects our momentum globally, up 26% versus the first quarter of 2017 and 23% on a constant currency basis to $31.1 billion. We have a clear set of exciting opportunities ahead, and our strong growth enables us to invest in them with confidence," said Ruth Porat, CFO of Alphabet and Google.
Q1 2018 financial highlights
The following summarizes our consolidated financial results for the quarters ended March 31, 2017 and 2018 (in millions, except for per share information, percentages, and number of employees; unaudited) with results for the quarter ended March 31, 2018 affected by gains on equity securities reflected in other income (expense), net (OI&E):
 
Three Months Ended March 31, 2017
 
Three Months Ended March 31, 2018
Revenues

$24,750

 

$31,146

Increase in revenues year over year
22
%
 
26
%
Increase in constant currency revenues year over year
24
%
 
23
%
 
 
 
 
Operating income

$6,568

 

$7,001

Operating margin
27
%
 
22
%
 
 
 
 
OI&E

$251

 

$3,542

 
 
 
 
Net income

$5,426

 

$9,401

Diluted EPS

$7.73

 

$13.33

Diluted shares (in thousands)
702,036

 
705,134

 
 
 
 
Effective tax rate
20
%
 
11
%
Number of employees
73,992

 
85,050

Q1 2018 impact from equity securities*
Our Q1 2018 financial results were affected by a new accounting standard (ASU 2016-01) that changes the way companies account for equity security investments. As a result, all gains and losses, unrealized and realized, on equity security investments are recognized in OI&E on the income statement. Performance fees related to the equity security gains in Q1 2018 were accrued in the period. Income tax expense on the equity security gains was offset by the release of a deferred tax asset valuation allowance. The following summarizes the impact to our Q1 2018 results (in millions, except for EPS and percentages; unaudited):
 
Three Months Ended March 31, 2018
Operating expenses impact:
 
Accrued performance fees

$632

OI&E impact:
 
Gain on equity securities

$3,031

Income tax impact:
 
Deferred income tax expense

$475

Release of deferred tax asset valuation allowance

($475
)
Net income impact

$2,399

Diluted EPS impact

$3.40

Effective tax rate reduction
5
%
*Additional information about the new accounting standard affecting our equity security investments can be found in our blog post on April 2, 2018 and our Q1 2018 10-Q.


Q1 2018 supplemental information (in millions, except percentages; unaudited)
Segment revenues and operating results
In Q1 2018, Nest joined forces with Google’s hardware team. Consequently, the financial results of Nest have been reported in the Google segment, with Nest revenues reflected in Google other revenues. Prior period segment information has been recast to conform to the current period segment presentation. Consolidated financial results are not affected.
 
Three Months Ended March 31, 2017
 
Three Months Ended March 31, 2018
Google properties revenues

$17,403

 

$21,998

Google Network Members' properties revenues
4,008

 
4,644
Google advertising revenues
21,411

 
26,642
Google other revenues
3,207

 
4,354
Google segment revenues

$24,618

 

$30,996

Other Bets revenues

$132

 

$150

 
 
 
 
Google operating income

$7,446

 

$8,368

Other Bets operating loss

($703
)
 

($571
)
Traffic acquisition costs (TAC) to Google Network Members and distribution partners
 
Three Months Ended March 31, 2017
 
Three Months Ended March 31, 2018
TAC to Google Network Members

$2,824

 

$3,386

TAC to Google Network Members as % of Google Network Members' properties revenues
70
%
 
73
%
TAC to distribution partners

$1,805

 

$2,902

TAC to distribution partners as % of Google properties revenues
10
%
 
13
%
Total TAC

$4,629

 

$6,288

Total TAC as % of Google advertising revenues
22
%
 
24
%
Monetization metrics information
In Q1 2018, we changed our monetization metrics for Google Network Members’ properties revenues from the percentage change in the number of paid clicks and cost-per-click to the percentage change in the number of impressions and cost-per-impression. The monetization metrics for Google properties revenues remain unchanged.
 
Change from Q1 2017 to Q1 2018 (YoY)
 
Change from Q4 2017 to Q1 2018 (QoQ)
Paid clicks on Google properties
59
 %
 
8
 %
Cost-per-click on Google properties
(19
)%
 
(7
)%
 
 
 
 
Impressions on Google Network Members' properties
0
 %
 
5
 %
Cost-per-impression on Google Network Members' properties
18
 %
 
(10
)%


Webcast and conference call information
A live audio webcast of our first quarter 2018 earnings release call will be available at http://abc.xyz/investor. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available on that site.
We also provide announcements regarding our financial performance, including SEC filings, investor events, press and earnings releases, and blogs, on our investor relations website (http://abc.xyz/investor).
Forward-looking statements
This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2017, which is on file with the SEC and is available on our investor relations website at http://abc.xyz/investor and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018. All information provided in this release and in the attachments is as of April 23, 2018. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
About non-GAAP financial measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: free cash flow; constant currency revenues; and constant currency revenue growth. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results, such as our revenues excluding the impact of foreign exchange rate movements and hedging activities. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance and liquidity as well as comparisons to our competitors' operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.
There are a number of limitations related to the use of non-GAAP financial measures. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP.
For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliation from net cash provided by operating activities to free cash flow" and "Reconciliation from GAAP revenues to non-GAAP constant currency revenues" included at the end of this release.
Contact
Investor relations                    Media
investor-relations@abc.xyz                press@abc.xyz



Alphabet Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except share amounts which are reflected in thousands and par value per share amounts)
 
December 31, 2017
 
March 31,
2018
 
 
 
(unaudited)
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
10,715

 
$
12,658

Marketable securities
91,156

 
90,227

Total cash, cash equivalents, and marketable securities
101,871

 
102,885

Accounts receivable, net of allowance of $674 and $536
18,336

 
16,777

Income taxes receivable, net
369

 
37

Inventory
749

 
636

Other current assets
2,983

 
3,426

Total current assets
124,308

 
123,761

Non-marketable investments
7,813

 
10,976

Deferred income taxes
680

 
678

Property and equipment, net
42,383

 
48,845

Intangible assets, net
2,692

 
2,809

Goodwill
16,747

 
17,862

Other non-current assets
2,672

 
2,004

Total assets
$
197,295

 
$
206,935

Liabilities and Stockholders’ Equity
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
3,137

 
$
3,526

Short-term debt
0

 
1,329

Accrued compensation and benefits
4,581

 
3,812

Accrued expenses and other current liabilities
10,177

 
10,065

Accrued revenue share
3,975

 
3,723

Deferred revenue
1,432

 
1,596

Income taxes payable, net
881

 
1,343

Total current liabilities
24,183

 
25,394

Long-term debt
3,969

 
3,973

Deferred revenue, non-current
340

 
315

Income taxes payable, non-current
12,812

 
12,885

Deferred income taxes
430

 
394

Other long-term liabilities
3,059

 
3,149

Total liabilities
44,793

 
46,110

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); 694,783 (Class A 298,470, Class B 46,972, Class C 349,341) and 694,945 (Class A 298,652, Class B 46,940, Class C 349,353) shares issued and outstanding
40,247

 
41,487

Accumulated other comprehensive loss
(992
)
 
(670
)
Retained earnings
113,247

 
120,008

Total stockholders’ equity
152,502

 
160,825

Total liabilities and stockholders’ equity
$
197,295

 
$
206,935





Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts; unaudited)
 
Three Months Ended
 
March 31,
 
2017
 
2018
Revenues
$
24,750

 
$
31,146

Costs and expenses:
 
 
 
Cost of revenues
9,795

 
13,467

Research and development
3,942

 
5,039

Sales and marketing
2,644

 
3,604

General and administrative
1,801

 
2,035

Total costs and expenses
18,182

 
24,145

Income from operations
6,568

 
7,001

Other income (expense), net
251

 
3,542

Income before income taxes
6,819

 
10,543

Provision for income taxes
1,393

 
1,142

Net income
$
5,426

 
$
9,401

 
 
 
 
Basic earnings per share of Class A and B common stock and Class C capital stock
$
7.85

 
$
13.53

Diluted earnings per share of Class A and B common stock and Class C capital stock
$
7.73

 
$
13.33





Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions; unaudited)
 
Three Months Ended
 
March 31,
 
2017
 
2018
Operating activities
 
 
 
Net income
$
5,426

 
$
9,401

Adjustments:
 
 
 
Depreciation and impairment of property and equipment
1,287

 
1,791

Amortization and impairment of intangible assets
216

 
195

Stock-based compensation expense
2,009

 
2,457

Deferred income taxes
613

 
(18
)
(Gain) loss on debt and equity securities, net
19

 
(2,992
)
Other
57

 
(257
)
Changes in assets and liabilities, net of effects of acquisitions:
 
 
 
Accounts receivable
1,267

 
1,700

Income taxes, net
510

 
782

Other assets
(128
)
 
(241
)
Accounts payable
103

 
122

Accrued expenses and other liabilities
(1,868
)
 
(1,142
)
Accrued revenue share
(74
)
 
(286
)
Deferred revenue
111

 
130

Net cash provided by operating activities
9,548

 
11,642

Investing activities
 
 
 
Purchases of property and equipment
(2,508
)
 
(7,299
)
Proceeds from disposals of property and equipment
41

 
30

Purchases of marketable securities
(20,119
)
 
(8,849
)
Maturities and sales of marketable securities
19,362

 
9,351

Purchases of non-marketable investments
(354
)
 
(327
)
Maturities and sales of non-marketable investments
78

 
498

Acquisitions, net of cash acquired, and purchases of intangible assets
(101
)
 
(1,250
)
Proceeds from collection of notes receivable
750

 
0

Net cash used in investing activities
(2,851
)
 
(7,846
)
Financing activities
 
 
 
Net payments related to stock-based award activities
(1,009
)
 
(1,158
)
Repurchases of capital stock
(1,127
)
 
(2,173
)
Proceeds from issuance of debt, net of costs
0

 
4,691

Repayments of debt
(18
)
 
(3,378
)
Proceeds from sale of subsidiary shares
480

 
0

Net cash used in financing activities
(1,674
)
 
(2,018
)
Effect of exchange rate changes on cash and cash equivalents
191

 
165

Net increase in cash and cash equivalents
5,214

 
1,943

Cash and cash equivalents at beginning of period
12,918

 
10,715

Cash and cash equivalents at end of period
$
18,132

 
$
12,658





Reconciliation from net cash provided by operating activities to free cash flow (in millions, unaudited):
We provide free cash flow because it is a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can be used for strategic opportunities, including investing in our business and acquisitions, and to strengthen our balance sheet.
 
Three Months Ended March 31, 2018
Net cash provided by operating activities
$
11,642

Less: purchases of property and equipment
(7,299
)
Free cash flow
$
4,343

Free cash flow: We define free cash flow as net cash provided by operating activities less capital expenditures.




Reconciliation from GAAP revenues to non-GAAP constant currency revenues (in millions, unaudited):
We provide non-GAAP constant currency revenues and growth because they facilitate the comparison of current results to historic performance by excluding the impact of foreign exchange rate movements and hedging activities, which are not indicative of our core operating results.
 
Three Months Ended March 31, 2018
 
Three Months Ended March 31, 2018
 
YoY
(using Q1'17's FX rates)
 
QoQ
(using Q4'17's FX rates)
EMEA revenues (GAAP)
$
10,474

 
$
10,474

Exclude foreign exchange impact on Q1'18 revenues using Q1'17 rates
(1,094
)
 
N/A

Exclude foreign exchange impact on Q1'18 revenues using Q4'17 rates
N/A

 
(324
)
Exclude hedging impact recognized in Q1'18
217

 
217

EMEA constant currency revenues (non-GAAP)
$
9,597

 
$
10,367

Prior period EMEA revenues, excluding hedging impact (non-GAAP)
$
7,933

 
$
10,488

EMEA revenue growth (GAAP)
29
%
 
2
 %
EMEA constant currency revenue growth (non-GAAP)
21
%
 
(1
)%
 
 
 
 
APAC revenues (GAAP)
$
4,804

 
$
4,804

Exclude foreign exchange impact on Q1'18 revenues using Q1'17 rates
(198
)
 
N/A

Exclude foreign exchange impact on Q1'18 revenues using Q4'17 rates
N/A

 
(96
)
Exclude hedging impact recognized in Q1'18
15

 
15

APAC constant currency revenues (non-GAAP)
$
4,621

 
$
4,723

Prior period APAC revenues, excluding hedging impact (non-GAAP)
$
3,560

 
$
4,696

APAC revenue growth (GAAP)
33
%
 
2
 %
APAC constant currency revenue growth (non-GAAP)
30
%
 
1
 %
 
 
 
 
Other Americas revenues (GAAP)
$
1,724

 
$
1,724

Exclude foreign exchange impact on Q1'18 revenues using Q1'17 rates
(19
)
 
N/A

Exclude foreign exchange impact on Q1'18 revenues using Q4'17 rates
N/A

 
3

Exclude hedging impact recognized in Q1'18
7

 
7

Other Americas constant currency revenues (non-GAAP)
$
1,712

 
$
1,734

Prior period Other Americas revenues, excluding hedging impact (non-GAAP)
$
1,271

 
$
1,909

Other Americas revenue growth (GAAP)
36
%
 
(9
)%
Other Americas constant currency revenue growth (non-GAAP)
35
%
 
(9
)%
 
 
 
 
United States revenues (GAAP)
$
14,144

 
$
14,144

United States revenue growth (GAAP)
20
%
 
(8
)%
 
 
 
 
Revenues (GAAP)
$
31,146

 
$
31,146

Constant currency revenues (non-GAAP)
$
30,074

 
$
30,968

Prior period revenues, excluding hedging impact (non-GAAP)
$
24,533

 
$
32,521

Revenue growth (GAAP)
26
%
 
(4
)%
Constant currency revenue growth (non-GAAP)
23
%
 
(5
)%
Non-GAAP constant currency revenues and growth: We define non-GAAP constant currency revenues as total revenues excluding the impact of foreign exchange rate movements and hedging activities, and we use it to determine the constant currency revenue growth on year-on-year and quarter-on-quarter bases. Non-GAAP constant currency revenues are calculated by translating current quarter revenues using prior period exchange rates and excluding any hedging impact recognized in the current quarter. Constant currency revenue growth (expressed as a percentage) is calculated by determining the increase in current quarter non-GAAP constant currency revenues over prior period revenues, excluding any hedging impact recognized in the prior period.




Other income (expense), net
The following table presents our other income (expense), net (in millions, unaudited):
 
Three Months Ended
 
March 31,
 
2017
 
2018
Interest income
$
312

 
$
399

Interest expense
(25
)
 
(30
)
Foreign currency exchange losses, net
(2
)
 
(24
)
Loss on debt securities, net
(25
)
 
(39
)
Gain on equity securities, net
6

 
3,031

Loss and impairment from equity method investments, net
(49
)
 
(7
)
Other
34

 
212

Other income (expense), net
$
251

 
$
3,542






Segment results
The following table presents our revenues, operating income (loss), stock-based compensation, capital expenditures, and depreciation, amortization, and impairment by segment (in millions, unaudited):
 
Three Months Ended
 
March 31,
 
2017(1)
 
2018
Revenues:
 
 
 
Google
$
24,618

 
$
30,996

Other Bets
132

 
150

Total revenues
$
24,750

 
$
31,146

 
 
 
 
Operating income (loss):
 
 
 
Google
$
7,446

 
$
8,368

Other Bets
(703
)
 
(571
)
Reconciling items(2)
(175
)
 
(796
)
Total income from operations
$
6,568

 
$
7,001

 
 
 
 
Stock-based compensation(3):
 
 
 
Google
$
1,882

 
$
2,304

Other Bets
86

 
112

Reconciling items(4)
41

 
41

Total stock-based compensation
$
2,009

 
$
2,457

 
 
 
 
Capital expenditures:
 
 
 
Google
$
2,409

 
$
7,669

Other Bets
167

 
55

Reconciling items(5)
(68
)
 
(425
)
Total capital expenditures
$
2,508

 
$
7,299

 
 
 
 
Depreciation, amortization, and impairment:
 
 
 
Google
$
1,416

 
$
1,901

Other Bets
87

 
85

Total depreciation, amortization, and impairment
$
1,503

 
$
1,986

(1) 
Segment information for Q1 2017 has been recast to reflect the move of Nest from Other Bets to the Google segment and conform to the current period segment presentation. Consolidated financial information is not affected.
(2) 
Reconciling items are primarily related to performance fees for the three months ended March 31, 2018, as well as corporate administrative costs and other miscellaneous items that are not allocated to individual segments.
(3) 
For purposes of segment reporting, SBC represents awards that we expect to settle in Alphabet stock.
(4) 
Reconciling items are primarily related to corporate administrative costs that are not allocated to individual segments.
(5) 
Reconciling items are related to timing differences of payments, as segment capital expenditures are on accrual basis while total capital expenditures shown on the Consolidated Statements of Cash Flows are on cash basis, and other miscellaneous differences.




Recast segment results
The following table presents our recast segment results for all quarters in 2017 to reflect the move of Nest from Other Bets to the Google segment and conform to the current period segment presentation (in millions, unaudited):
 
Three Months Ended
 
Mar 31, 2017
 
Jun 30, 2017
 
Sep 30, 2017
 
Dec 31, 2017
Revenues:
 
 
 
 
 
 
 
Google
$
24,618

 
$
25,913

 
$
27,655

 
$
32,192

Other Bets
132

 
97

 
117

 
131

Total revenues
$
24,750

 
$
26,010

 
$
27,772

 
$
32,323

 
 
 
 
 
 
 
 
Operating income (loss):
 
 
 
 
 
 
 
Google
$
7,446

 
$
7,664

 
$
8,582

 
$
8,595

Other Bets
(703
)
 
(633
)
 
(650
)
 
(748
)
Reconciling items(1)
(175
)
 
(2,899
)
 
(150
)
 
(183
)
Total income from operations
$
6,568

 
$
4,132

 
$
7,782

 
$
7,664

 
 
 
 
 
 
 
 
Stock-based compensation(2):
 
 
 
 
 
 
 
Google
$
1,882

 
$
1,884

 
$
1,690

 
$
1,712

Other Bets
86

 
81

 
94

 
102

Reconciling items(3)
41

 
38

 
36

 
33

Total stock-based compensation
$
2,009

 
$
2,003

 
$
1,820

 
$
1,847

 
 
 
 
 
 
 
 
Capital expenditures:
 
 
 
 
 
 
 
Google
$
2,409

 
$
2,838

 
$
3,563

 
$
3,809

Other Bets
167

 
148

 
73

 
105

Reconciling items(4)
(68
)
 
(155
)
 
(98
)
 
393

Total capital expenditures
$
2,508

 
$
2,831

 
$
3,538

 
$
4,307

 
 
 
 
 
 
 
 
Depreciation, amortization, and impairment:
 
 
 
 
 
 
 
Google
$
1,416

 
$
1,564

 
$
1,693

 
$
1,935

Other Bets
87

 
61

 
68

 
91

Total depreciation, amortization, and impairment
$
1,503

 
$
1,625

 
$
1,761

 
$
2,026

(1) 
Reconciling items are primarily related to the European Commission fine for the three months ended June 30, 2017, as well as corporate administrative costs and other miscellaneous items that are not allocated to individual segments.
(2) 
For purposes of segment reporting, SBC represents awards that we expect to settle in Alphabet stock.
(3) 
Reconciling items are primarily related to corporate administrative costs that are not allocated to individual segments.
(4) 
Reconciling items are related to timing differences of payments, as segment capital expenditures are on accrual basis while total capital expenditures shown on the Consolidated Statements of Cash Flows are on cash basis, and other miscellaneous differences.




Monetization metrics
To provide a basis for comparison, we have included the percentage change in impressions and cost-per-impression for Google Network Members' properties revenues for all quarters of 2017 along with the percentage change in paid clicks and cost-per-click for Q1 2018. We do not plan to include clicks and cost-per-click metrics for Google Network Members' properties revenues going forward.
The following table presents our impressions and cost-per-impression metrics for Google Network Members' properties revenues for all quarters in 2017 (unaudited):
 
Three Months Ended
 
Mar 31, 2017
 
Jun 30, 2017
 
Sep 30, 2017
 
Dec 31, 2017
Year-over-year change
 
 
 
 
 
 
 
Impressions on Google Network Members' properties
8
 %
 
3
 %
 
4
 %
 
(3
)%
Cost-per-impression on Google Network Members' properties
(2
)%
 
7
 %
 
10
 %
 
19
 %
 
 
 
 
 
 
 
 
Quarter-over-quarter change
 
 
 
 
 
 
 
Impressions on Google Network Members' properties
1
 %
 
(5
)%
 
(1
)%
 
1
 %
Cost-per-impression on Google Network Members' properties
(10
)%
 
11
 %
 
5
 %
 
14
 %
The following table presents our clicks and cost-per-click metrics for Q1 2018 (unaudited):
 
Change from Q1 2017 to Q1 2018 (YoY)
 
Change from Q4 2017 to Q1 2018 (QoQ)
Aggregate paid clicks
55
 %
 
11
 %
Paid clicks on Google Network Members' properties
37
 %
 
29
 %
 
 
 
 
Aggregate cost-per-click
(18
)%
 
(9
)%
Cost-per-click on Google Network Members' properties
(17
)%
 
(21
)%



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