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Quarter | Fiscal Year | |||||||||||||||||||||||||||||||
Q4 2019 | Q4 2020 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Google Services | $ | 43,198 | $ | 52,873 | $ | 130,524 | $ | 151,825 | $ | 168,635 | ||||||||||||||||||||||
Google Cloud | 2,614 | 3,831 | 5,838 | 8,918 | 13,059 | |||||||||||||||||||||||||||
Other Bets | 172 | 196 | 595 | 659 | 657 | |||||||||||||||||||||||||||
Hedging gains (losses) | 91 | (2) | (138) | 455 | 176 | |||||||||||||||||||||||||||
Total revenues | $ | 46,075 | $ | 56,898 | $ | 136,819 | $ | 161,857 | $ | 182,527 | ||||||||||||||||||||||
Quarter | Fiscal Year | |||||||||||||||||||||||||||||||
Q4 2019 | Q4 2020 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||||||||||||
Google Services | $ | 13,488 | $ | 19,066 | $ | 43,137 | $ | 48,999 | $ | 54,606 | ||||||||||||||||||||||
Google Cloud | (1,194) | (1,243) | (4,348) | (4,645) | (5,607) | |||||||||||||||||||||||||||
Other Bets | (2,026) | (1,136) | (3,358) | (4,824) | (4,476) | |||||||||||||||||||||||||||
Corporate costs, unallocated(1)
|
(1,002) | (1,036) | (7,907) | (5,299) | (3,299) | |||||||||||||||||||||||||||
Total income from operations | $ | 9,266 | $ | 15,651 | $ | 27,524 | $ | 34,231 | $ | 41,224 | ||||||||||||||||||||||
(1)Corporate costs, unallocated for fiscal year 2018 includes a fine of $5.1 billion and fiscal year 2019 includes a fine and a legal settlement totaling $2.3 billion.
|
Quarter Ended December 31, | |||||||||||
2019 | 2020 | ||||||||||
Revenues | $ | 46,075 | $ | 56,898 | |||||||
Increase in revenues year over year | 17 | % | 23 | % | |||||||
Increase in constant currency revenues year over year(1)
|
19 | % | 23 | % | |||||||
Operating income | $ | 9,266 | $ | 15,651 | |||||||
Operating margin | 20 | % | 28 | % | |||||||
Other income (expense), net
|
$ | 1,438 | $ | 3,038 | |||||||
Net income | $ | 10,671 | $ | 15,227 | |||||||
Diluted EPS | $ | 15.35 | $ | 22.30 | |||||||
Quarter Ended December 31, | |||||||||||
2019 | 2020 | ||||||||||
Google Search & other | $ | 27,185 | $ | 31,903 | |||||||
YouTube ads | 4,717 | 6,885 | |||||||||
Google Network Members' properties | 6,032 | 7,411 | |||||||||
Google advertising | 37,934 | 46,199 | |||||||||
Google other | 5,264 | 6,674 | |||||||||
Google Services total | 43,198 | 52,873 | |||||||||
Google Cloud | 2,614 | 3,831 | |||||||||
Other Bets | 172 | 196 | |||||||||
Hedging gains (losses) | 91 | (2) | |||||||||
Total revenues | $ | 46,075 | $ | 56,898 | |||||||
Total TAC | $ | 8,501 | $ | 10,466 | |||||||
Number of employees | 118,899 | 135,301 |
Investor relations | Media |
||||
investor-relations@abc.xyz | press@abc.xyz |
As of December 31, | As of December 31, |
||||||||||
2019 | 2020 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 18,498 | $ | 26,465 | |||||||
Marketable securities | 101,177 | 110,229 | |||||||||
Total cash, cash equivalents, and marketable securities | 119,675 | 136,694 | |||||||||
Accounts receivable, net | 25,326 | 30,930 | |||||||||
Income taxes receivable, net | 2,166 | 454 | |||||||||
Inventory | 999 | 728 | |||||||||
Other current assets | 4,412 | 5,490 | |||||||||
Total current assets | 152,578 | 174,296 | |||||||||
Non-marketable investments | 13,078 | 20,703 | |||||||||
Deferred income taxes | 721 | 1,084 | |||||||||
Property and equipment, net | 73,646 | 84,749 | |||||||||
Operating lease assets | 10,941 | 12,211 | |||||||||
Intangible assets, net | 1,979 | 1,445 | |||||||||
Goodwill | 20,624 | 21,175 | |||||||||
Other non-current assets | 2,342 | 3,953 | |||||||||
Total assets | $ | 275,909 | $ | 319,616 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 5,561 | $ | 5,589 | |||||||
Accrued compensation and benefits | 8,495 | 11,086 | |||||||||
Accrued expenses and other current liabilities | 23,067 | 28,631 | |||||||||
Accrued revenue share | 5,916 | 7,500 | |||||||||
Deferred revenue | 1,908 | 2,543 | |||||||||
Income taxes payable, net | 274 | 1,485 | |||||||||
Total current liabilities | 45,221 | 56,834 | |||||||||
Long-term debt | 4,554 | 13,932 | |||||||||
Deferred revenue, non-current | 358 | 481 | |||||||||
Income taxes payable, non-current | 9,885 | 8,849 | |||||||||
Deferred income taxes | 1,701 | 3,561 | |||||||||
Operating lease liabilities | 10,214 | 11,146 | |||||||||
Other long-term liabilities | 2,534 | 2,269 | |||||||||
Total liabilities | 74,467 | 97,072 | |||||||||
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 675,222 (Class A 300,730, Class B 45,843, Class C 328,649) shares issued and outstanding |
50,552 | 58,510 | |||||||||
Accumulated other comprehensive income (loss) | (1,232) | 633 | |||||||||
Retained earnings | 152,122 | 163,401 | |||||||||
Total stockholders’ equity | 201,442 | 222,544 | |||||||||
Total liabilities and stockholders’ equity | $ | 275,909 | $ | 319,616 |
Quarter Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
Revenues | $ | 46,075 | $ | 56,898 | $ | 161,857 | $ | 182,527 | |||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of revenues | 21,020 | 26,080 | 71,896 | 84,732 | |||||||||||||||||||
Research and development | 7,222 | 7,022 | 26,018 | 27,573 | |||||||||||||||||||
Sales and marketing | 5,738 | 5,314 | 18,464 | 17,946 | |||||||||||||||||||
General and administrative | 2,829 | 2,831 | 9,551 | 11,052 | |||||||||||||||||||
European Commission fine | 0 | 0 | 1,697 | 0 | |||||||||||||||||||
Total costs and expenses | 36,809 | 41,247 | 127,626 | 141,303 | |||||||||||||||||||
Income from operations | 9,266 | 15,651 | 34,231 | 41,224 | |||||||||||||||||||
Other income (expense), net | 1,438 | 3,038 | 5,394 | 6,858 | |||||||||||||||||||
Income before income taxes | 10,704 | 18,689 | 39,625 | 48,082 | |||||||||||||||||||
Provision for income taxes | 33 | 3,462 | 5,282 | 7,813 | |||||||||||||||||||
Net income | $ | 10,671 | $ | 15,227 | $ | 34,343 | $ | 40,269 | |||||||||||||||
Basic earnings per share of Class A and B common stock and Class C capital stock | $ | 15.49 | $ | 22.54 | $ | 49.59 | $ | 59.15 | |||||||||||||||
Diluted earnings per share of Class A and B common stock and Class C capital stock | $ | 15.35 | $ | 22.30 | $ | 49.16 | $ | 58.61 | |||||||||||||||
Number of shares used in basic earnings per share calculation | 688,806 | 675,582 | 692,596 | 680,816 | |||||||||||||||||||
Number of shares used in diluted earnings per share calculation | 695,194 | 682,969 | 698,556 | 687,028 |
Quarter Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
Operating activities | |||||||||||||||||||||||
Net income | $ | 10,671 | $ | 15,227 | $ | 34,343 | $ | 40,269 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Depreciation and impairment of property and equipment | 3,082 | 3,539 | 10,856 | 12,905 | |||||||||||||||||||
Amortization and impairment of intangible assets | 331 | 186 | 925 | 792 | |||||||||||||||||||
Stock-based compensation expense | 2,645 | 3,223 | 10,794 | 12,991 | |||||||||||||||||||
Deferred income taxes | (208) | 1,670 | 173 | 1,390 | |||||||||||||||||||
Gain on debt and equity securities, net | (399) | (3,262) | (2,798) | (6,317) | |||||||||||||||||||
Other | (473) | 392 | (592) | 1,267 | |||||||||||||||||||
Changes in assets and liabilities, net of effects of acquisitions: | |||||||||||||||||||||||
Accounts receivable | (4,365) | (5,445) | (4,340) | (6,524) | |||||||||||||||||||
Income taxes, net | (3,338) | 740 | (3,128) | 1,209 | |||||||||||||||||||
Other assets | 166 | (738) | (621) | (1,330) | |||||||||||||||||||
Accounts payable | 814 | 963 | 428 | 694 | |||||||||||||||||||
Accrued expenses and other liabilities | 4,243 | 4,613 | 7,170 | 5,504 | |||||||||||||||||||
Accrued revenue share | 1,072 | 1,362 | 1,273 | 1,639 | |||||||||||||||||||
Deferred revenue | 186 | 207 | 37 | 635 | |||||||||||||||||||
Net cash provided by operating activities | 14,427 | 22,677 | 54,520 | 65,124 | |||||||||||||||||||
Investing activities | |||||||||||||||||||||||
Purchases of property and equipment | (6,052) | (5,479) | (23,548) | (22,281) | |||||||||||||||||||
Purchases of marketable securities | (19,347) | (31,644) | (100,315) | (136,576) | |||||||||||||||||||
Maturities and sales of marketable securities | 23,042 | 35,155 | 97,825 | 132,906 | |||||||||||||||||||
Purchases of non-marketable investments | (433) | (5,311) | (1,932) | (7,175) | |||||||||||||||||||
Maturities and sales of non-marketable investments | 108 | 425 | 405 | 1,023 | |||||||||||||||||||
Acquisitions, net of cash acquired, and purchases of intangible assets | (2,142) | (370) | (2,515) | (738) | |||||||||||||||||||
Other investing activities | 121 | (57) | 589 | 68 | |||||||||||||||||||
Net cash used in investing activities | (4,703) | (7,281) | (29,491) | (32,773) | |||||||||||||||||||
Financing activities | |||||||||||||||||||||||
Net payments related to stock-based award activities | (1,199) | (1,647) | (4,765) | (5,720) | |||||||||||||||||||
Repurchases of capital stock | (6,098) | (7,904) | (18,396) | (31,149) | |||||||||||||||||||
Proceeds from issuance of debt, net of costs | 0 | 0 | 317 | 11,761 | |||||||||||||||||||
Repayments of debt | (47) | (57) | (585) | (2,100) | |||||||||||||||||||
Proceeds from sale of interest in consolidated entities, net | 18 | 338 | 220 | 2,800 | |||||||||||||||||||
Net cash used in financing activities | (7,326) | (9,270) | (23,209) | (24,408) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 68 | 210 | (23) | 24 | |||||||||||||||||||
Net increase in cash and cash equivalents | 2,466 | 6,336 | 1,797 | 7,967 | |||||||||||||||||||
Cash and cash equivalents at beginning of period | 16,032 | 20,129 | 16,701 | 18,498 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 18,498 | $ | 26,465 | $ | 18,498 | $ | 26,465 |
Quarter Ended December 31, 2020 |
|||||
Net cash provided by operating activities | $ | 22,677 | |||
Less: purchases of property and equipment | (5,479) | ||||
Free cash flow | $ | 17,198 |
Quarter Ended December 31, 2020 | |||||||||||
YoY (using Q4'19's FX rates) |
QoQ (using Q3'20's FX rates) |
||||||||||
EMEA revenues (GAAP) | $ | 17,238 | $ | 17,238 | |||||||
Exclude foreign exchange effect on Q4'20 revenues using Q4'19 rates | (457) | N/A | |||||||||
Exclude foreign exchange effect on Q4'20 revenues using Q3'20 rates | N/A | (91) | |||||||||
EMEA constant currency revenues (non-GAAP) | $ | 16,781 | $ | 17,147 | |||||||
Prior period EMEA revenues (GAAP) | $ | 14,099 | $ | 13,924 | |||||||
EMEA revenue percentage change (GAAP) | 22 | % | 24 | % | |||||||
EMEA constant currency revenue percentage change (non-GAAP) | 19 | % | 23 | % | |||||||
APAC revenues (GAAP) | $ | 9,909 | $ | 9,909 | |||||||
Exclude foreign exchange effect on Q4'20 revenues using Q4'19 rates | (156) | N/A | |||||||||
Exclude foreign exchange effect on Q4'20 revenues using Q3'20 rates | N/A | (109) | |||||||||
APAC constant currency revenues (non-GAAP) | $ | 9,753 | $ | 9,800 | |||||||
Prior period APAC revenues (GAAP) | $ | 7,482 | $ | 8,458 | |||||||
APAC revenue percentage change (GAAP) | 32 | % | 17 | % | |||||||
APAC constant currency revenue percentage change (non-GAAP) | 30 | % | 16 | % | |||||||
Other Americas revenues (GAAP) | $ | 3,050 | $ | 3,050 | |||||||
Exclude foreign exchange effect on Q4'20 revenues using Q4'19 rates | 324 | N/A | |||||||||
Exclude foreign exchange effect on Q4'20 revenues using Q3'20 rates | N/A | 11 | |||||||||
Other Americas constant currency revenues (non-GAAP) | $ | 3,374 | $ | 3,061 | |||||||
Prior period Other Americas revenues (GAAP) | $ | 2,666 | $ | 2,371 | |||||||
Other Americas revenue percentage change (GAAP) | 14 | % | 29 | % | |||||||
Other Americas constant currency revenue percentage change (non-GAAP) | 27 | % | 29 | % | |||||||
United States revenues (GAAP) | $ | 26,703 | $ | 26,703 | |||||||
United States revenue percentage change (GAAP) | 23 | % | 25 | % | |||||||
Hedging gains (losses) | $ | (2) | $ | (2) | |||||||
Revenues (GAAP) | $ | 56,898 | $ | 56,898 | |||||||
Constant currency revenues (non-GAAP) | $ | 56,611 | $ | 56,711 | |||||||
Prior period revenues, excluding hedging effect (non-GAAP)(1)
|
$ | 45,984 | $ | 46,195 | |||||||
Revenue percentage change (GAAP) | 23 | % | 23 | % | |||||||
Constant currency revenue percentage change (non-GAAP) | 23 | % | 23 | % |
Quarter Ended | |||||||||||
December 31, | |||||||||||
2019 | 2020 | ||||||||||
Interest income | $ | 621 | $ | 386 | |||||||
Interest expense | (17) | (53) | |||||||||
Foreign currency exchange gain (loss), net | 40 | (87) | |||||||||
Gain (loss) on debt securities, net | 4 | 210 | |||||||||
Gain (loss) on equity securities, net(1)(2)
|
395 | 3,052 | |||||||||
Performance fees | 7 | (405) | |||||||||
Income (loss) and impairment from equity method investments, net | 460 | 355 | |||||||||
Other(3)
|
(72) | (420) | |||||||||
Other income (expense), net | $ | 1,438 | $ | 3,038 |
Quarter | Fiscal Year | |||||||||||||||||||||||||||||||||||||||||||||||||
Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Google Services | $ | 43,198 | $ | 38,198 | $ | 34,991 | $ | 42,573 | $ | 52,873 | $ | 130,524 | $ | 151,825 | $ | 168,635 | ||||||||||||||||||||||||||||||||||
Google Cloud | 2,614 | 2,777 | 3,007 | 3,444 | 3,831 | 5,838 | 8,918 | 13,059 | ||||||||||||||||||||||||||||||||||||||||||
Other Bets | 172 | 135 | 148 | 178 | 196 | 595 | 659 | 657 | ||||||||||||||||||||||||||||||||||||||||||
Hedging gains (losses) | 91 | 49 | 151 | (22) | (2) | (138) | 455 | 176 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 46,075 | $ | 41,159 | $ | 38,297 | $ | 46,173 | $ | 56,898 | $ | 136,819 | $ | 161,857 | $ | 182,527 | ||||||||||||||||||||||||||||||||||
Quarter | Fiscal Year | |||||||||||||||||||||||||||||||||||||||||||||||||
Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Google Services | $ | 13,488 | $ | 11,548 | $ | 9,539 | $ | 14,453 | $ | 19,066 | $ | 43,137 | $ | 48,999 | $ | 54,606 | ||||||||||||||||||||||||||||||||||
Google Cloud | (1,194) | (1,730) | (1,426) | (1,208) | (1,243) | (4,348) | (4,645) | (5,607) | ||||||||||||||||||||||||||||||||||||||||||
Other Bets | (2,026) | (1,121) | (1,116) | (1,103) | (1,136) | (3,358) | (4,824) | (4,476) | ||||||||||||||||||||||||||||||||||||||||||
Corporate costs, unallocated(1)
|
(1,002) | (720) | (614) | (929) | (1,036) | (7,907) | (5,299) | (3,299) | ||||||||||||||||||||||||||||||||||||||||||
Total income from operations | $ | 9,266 | $ | 7,977 | $ | 6,383 | $ | 11,213 | $ | 15,651 | $ | 27,524 | $ | 34,231 | $ | 41,224 |