Ranking firms in order based on findings in Excel

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APPL Q1

AAPL INCOME
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months Ended
December 28, December 29,
2019 2018
Net sales:
   Products $ 79,104 $ 73,435
   Services 12,715 10,875
Total net sales 91,819 84,310
Cost of sales:
   Products 52,075 48,238
   Services 4,527 4,041
Total cost of sales 56,602 52,279
Gross margin 35,217 32,031
Operating expenses:
Research and development 4,451 3,902
Selling, general and administrative 5,197 4,783
Total operating expenses 9,648 8,685
Operating income 25,569 23,346
Other income/(expense), net 349 560
Income before provision for income taxes 25,918 23,906
Provision for income taxes 3,682 3,941
Net income $ 22,236 $ 19,965
Earnings per share:
Basic $ 5.04 $ 4.22
Diluted $ 4.99 $ 4.18
Shares used in computing earnings per share:
Basic 4,415,040 4,735,820
Diluted 4,454,604 4,773,252
APPL Balance Sheet
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
December 28, September 28,
2019 2019
ASSETS:
Current assets:
Cash and cash equivalents $ 39,771 $ 48,844
Marketable securities 67,391 51,713
Accounts receivable, net 20,970 22,926
Inventories 4,097 4,106
Vendor non-trade receivables 18,976 22,878
Other current assets 12,026 12,352
Total current assets 163,231 162,819
Non-current assets:
Marketable securities 99,899 105,341
Property, plant and equipment, net 37,031 37,378
Other non-current assets 40,457 32,978
Total non-current assets 177,387 175,697
Total assets $ 340,618 $ 338,516
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 45,111 $ 46,236
Other current liabilities 36,263 37,720
Deferred revenue 5,573 5,522
Commercial paper 4,990 5,980
Term debt 10,224 10,260
Total current liabilities 102,161 105,718
Non-current liabilities:
Term debt 93,078 91,807
Other non-current liabilities 55,848 50,503
Total non-current liabilities 148,926 142,310
Total liabilities 251,087 248,028
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,384,959 and 4,443,236 shares issued and outstanding, respectively 45,972 45,174
Retained earnings 43,977 45,898
Accumulated other comprehensive income/(loss) (418 ) (584 )
Total shareholders’ equity 89,531 90,488
Total liabilities and shareholders’ equity $ 340,618 $ 338,516
APPL Cash Flow
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Three Months Ended
December 28, December 29,
2019 2018
Cash, cash equivalents and restricted cash, beginning balances $ 50,224 $ 25,913
Operating activities:
Net income 22,236 19,965
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization 2,816 3,395
Share-based compensation expense 1,710 1,559
Deferred income tax expense/(benefit) (349 ) 53
Other (142 ) (54 )
Changes in operating assets and liabilities:
Accounts receivable, net 2,015 5,130
Inventories (28 ) (1,076 )
Vendor non-trade receivables 3,902 6,905
Other current and non-current assets (7,054 ) (886 )
Accounts payable (1,089 ) (8,501 )
Deferred revenue 985 (370 )
Other current and non-current liabilities 5,514 570
Cash generated by operating activities 30,516 26,690
Investing activities:
Purchases of marketable securities (37,416 ) (7,077 )
Proceeds from maturities of marketable securities 19,740 7,203
Proceeds from sales of marketable securities 7,280 9,723
Payments for acquisition of property, plant and equipment (2,107 ) (3,355 )
Payments made in connection with business acquisitions, net (958 ) (167 )
Purchases of non-marketable securities (77 ) (427 )
Other (130 ) (56 )
Cash generated by/(used in) investing activities (13,668 ) 5,844
Financing activities:
Proceeds from issuance of common stock 2 —
Payments for taxes related to net share settlement of equity awards (1,379 ) (1,318 )
Payments for dividends and dividend equivalents (3,539 ) (3,568 )
Repurchases of common stock (20,706 ) (8,796 )
Proceeds from issuance of term debt, net 2,210 —
Repayments of term debt (1,000 ) —
Proceeds from/(Repayments of) commercial paper, net (979 ) 6
Other (16 ) —
Cash used in financing activities (25,407 ) (13,676 )
Increase/(Decrease) in cash, cash equivalents and restricted cash (8,559 ) 18,858
Cash, cash equivalents and restricted cash, ending balances $ 41,665 $ 44,771
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 4,393 $ 4,916
Cash paid for interest $ 771 $ 836

APPL Q2

Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months Ended Nine Months Ended
June 29, June 30, June 29, June 30,
2019 2018 2019 2018
Net sales:
   Products $ 42,354 $ 43,095 $ 162,354 $ 173,546
   Services 11,455 10,170 33,780 29,149
Total net sales 53,809 53,265 196,134 202,695
Cost of sales:
   Products 29,473 28,956 109,758 113,467
   Services 4,109 3,888 12,297 11,473
Total cost of sales 33,582 32,844 122,055 124,940
Gross margin 20,227 20,421 74,079 77,755
Operating expenses:
Research and development 4,257 3,701 12,107 10,486
Selling, general and administrative 4,426 4,108 13,667 12,489
Total operating expenses 8,683 7,809 25,774 22,975
Operating income 11,544 12,612 48,305 54,780
Other income/(expense), net 367 672 1,305 1,702
Income before provision for income taxes 11,911 13,284 49,610 56,482
Provision for income taxes 1,867 1,765 8,040 11,076
Net income $ 10,044 $ 11,519 $ 41,570 $ 45,406
Earnings per share:
Basic $ 2.2 $ 2.36 $ 8.92 $ 9.07
Diluted $ 2.18 $ 2.34 $ 8.86 $ 8.99
Shares used in computing earnings per share:
Basic 4,570,633 4,882,167 4,660,175 5,006,640
Diluted 4,601,380 4,926,609 4,691,759 5,050,963
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
June 29, September 29,
2019 2018
ASSETS:
Current assets:
Cash and cash equivalents $ 50,530 $ 25,913
Marketable securities 44,084 40,388
Accounts receivable, net 14,148 23,186
Inventories 3,355 3,956
Vendor non-trade receivables 12,326 25,809
Other current assets 10,530 12,087
Total current assets 134,973 131,339
Non-current assets:
Marketable securities 115,996 170,799
Property, plant and equipment, net 37,636 41,304
Other non-current assets 33,634 22,283
Total non-current assets 187,266 234,386
Total assets $ 322,239 $ 365,725
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 29,115 $ 55,888
Other current liabilities 31,673 33,327
Deferred revenue 5,434 5,966
Commercial paper 9,953 11,964
Term debt 13,529 8,784
Total current liabilities 89,704 115,929
Non-current liabilities:
Term debt 84,936 93,735
Other non-current liabilities 51,143 48,914
Total non-current liabilities 136,079 142,649
Total liabilities 225,783 258,578
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,531,395 and 4,754,986 shares issued and outstanding, respectively 43,371 40,201
Retained earnings 53,724 70,400
Accumulated other comprehensive income/(loss) (639 ) (3,454 )
Total shareholders’ equity 96,456 107,147
Total liabilities and shareholders’ equity $ 322,239 $ 365,725
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Nine Months Ended
June 29, June 30,
2019 2018
Cash, cash equivalents and restricted cash, beginning balances $ 25,913 $ 20,289
Operating activities:
Net income 41,570 45,406
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization 9,368 8,149
Share-based compensation expense 4,569 3,995
Deferred income tax benefit (38 ) (33,109 )
Other (340 ) (410 )
Changes in operating assets and liabilities:
Accounts receivable, net 9,013 3,756
Inventories 496 (1,114 )
Vendor non-trade receivables 13,483 5,536
Other current and non-current assets 693 (65 )
Accounts payable (19,804 ) (10,410 )
Deferred revenue (776 ) (73 )
Other current and non-current liabilities (8,753 ) 36,250
Cash generated by operating activities 49,481 57,911
Investing activities:
Purchases of marketable securities (21,902 ) (56,133 )
Proceeds from maturities of marketable securities 26,783 46,290
Proceeds from sales of marketable securities 49,516 41,614
Payments for acquisition of property, plant and equipment (7,718 ) (10,272 )
Payments made in connection with business acquisitions, net (611 ) (431 )
Purchases of non-marketable securities (632 ) (1,788 )
Proceeds from non-marketable securities 1,526 310
Other (268 ) (523 )
Cash generated by investing activities 46,694 19,067
Financing activities:
Proceeds from issuance of common stock 391 328
Payments for taxes related to net share settlement of equity awards (2,626 ) (2,267 )
Payments for dividends and dividend equivalents (10,640 ) (10,182 )
Repurchases of common stock (49,453 ) (53,634 )
Proceeds from issuance of term debt, net — 6,969
Repayments of term debt (5,500 ) (6,500 )
Repayments of commercial paper, net (2,026 ) (10 )
Other (83 ) —
Cash used in financing activities (69,937 ) (65,296 )
Increase in cash, cash equivalents and restricted cash 26,238 11,682
Cash, cash equivalents and restricted cash, ending balances $ 52,151 $ 31,971
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 11,795 $ 8,819
Cash paid for interest $ 2,563 $ 2,120

APPL Q3

Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months Ended Six Months Ended
March 30, March 31, March 30, March 31,
2019 2018 2019 2018
Net sales:
   Products $ 46,565 $ 51,287 $ 120,000 $ 130,451
   Services 11,450 9,850 22,325 18,979
Total net sales 58,015 61,137 142,325 149,430
Cost of sales:
   Products 32,047 33,936 80,285 84,511
   Services 4,147 3,779 8,188 7,585
Total cost of sales 36,194 37,715 88,473 92,096
Gross margin 21,821 23,422 53,852 57,334
Operating expenses:
Research and development 3,948 3,378 7,850 6,785
Selling, general and administrative 4,458 4,150 9,241 8,381
Total operating expenses 8,406 7,528 17,091 15,166
Operating income 13,415 15,894 36,761 42,168
Other income/(expense), net 378 274 938 1,030
Income before provision for income taxes 13,793 16,168 37,699 43,198
Provision for income taxes 2,232 2,346 6,173 9,311
Net income $ 11,561 $ 13,822 $ 31,526 $ 33,887
Earnings per share:
Basic $ 2.47 $ 2.75 $ 6.7 $ 6.69
Diluted $ 2.46 $ 2.73 $ 6.66 $ 6.63
Shares used in computing earnings per share:
Basic 4,674,071 5,024,877 4,704,945 5,068,877
Diluted 4,700,646 5,068,493 4,736,949 5,113,140
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
March 30, September 29,
2019 2018
ASSETS:
Current assets:
Cash and cash equivalents $ 37,988 $ 25,913
Marketable securities 42,104 40,388
Accounts receivable, net 15,085 23,186
Inventories 4,884 3,956
Vendor non-trade receivables 11,193 25,809
Other current assets 12,092 12,087
Total current assets 123,346 131,339
Non-current assets:
Marketable securities 145,319 170,799
Property, plant and equipment, net 38,746 41,304
Other non-current assets 34,587 22,283
Total non-current assets 218,652 234,386
Total assets $ 341,998 $ 365,725
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 30,443 $ 55,888
Other current liabilities 35,368 33,327
Deferred revenue 5,532 5,966
Commercial paper 11,924 11,964
Term debt 10,505 8,784
Total current liabilities 93,772 115,929
Non-current liabilities:
Term debt 90,201 93,735
Other non-current liabilities 52,165 48,914
Total non-current liabilities 142,366 142,649
Total liabilities 236,138 258,578
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,607,284 and 4,754,986 shares issued and outstanding, respectively 42,801 40,201
Retained earnings 64,558 70,400
Accumulated other comprehensive income/(loss) (1,499 ) (3,454 )
Total shareholders’ equity 105,860 107,147
Total liabilities and shareholders’ equity $ 341,998 $ 365,725
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended
March 30, March 31,
2019 2018
Cash, cash equivalents and restricted cash, beginning balances $ 25,913 $ 20,289
Operating activities:
Net income 31,526 33,887
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization 6,435 5,484
Share-based compensation expense 3,073 2,644
Deferred income tax benefit (124 ) (34,235 )
Other (215 ) (151 )
Changes in operating assets and liabilities:
Accounts receivable, net 8,094 3,523
Inventories (1,006 ) (2,807 )
Vendor non-trade receivables 14,616 9,715
Other current and non-current assets (717 ) (1,053 )
Accounts payable (20,024 ) (12,004 )
Deferred revenue (540 ) 394
Other current and non-current liabilities (3,273 ) 38,026
Cash generated by operating activities 37,845 43,423
Investing activities:
Purchases of marketable securities (13,854 ) (48,449 )
Proceeds from maturities of marketable securities 16,880 31,884
Proceeds from sales of marketable securities 22,635 38,942
Payments for acquisition of property, plant and equipment (5,718 ) (7,005 )
Payments made in connection with business acquisitions, net (291 ) (305 )
Purchases of non-marketable securities (490 ) (163 )
Other 30 216
Cash generated by investing activities 19,192 15,120
Financing activities:
Proceeds from issuance of common stock 390 327
Payments for taxes related to net share settlement of equity awards (1,427 ) (1,190 )
Payments for dividends and dividend equivalents (7,011 ) (6,529 )
Repurchases of common stock (32,498 ) (32,851 )
Proceeds from issuance of term debt, net — 6,969
Repayments of term debt (2,500 ) (500 )
Other (87 ) 1
Cash used in financing activities (43,133 ) (33,773 )
Increase in cash, cash equivalents and restricted cash 13,904 24,770
Cash, cash equivalents and restricted cash, ending balances $ 39,817 $ 45,059
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 9,497 $ 6,340
Cash paid for interest $ 1,762 $ 1,356

APPL Q4

Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months Ended
December 29, December 30,
2018 2017
Net sales:
   Products $ 73,435 $ 79,164
   Services 10,875 9,129
Total net sales 84,310 88,293
Cost of sales:
   Products 48,238 50,575
   Services 4,041 3,806
Total cost of sales 52,279 54,381
Gross margin 32,031 33,912
Operating expenses:
Research and development 3,902 3,407
Selling, general and administrative 4,783 4,231
Total operating expenses 8,685 7,638
Operating income 23,346 26,274
Other income/(expense), net 560 756
Income before provision for income taxes 23,906 27,030
Provision for income taxes 3,941 6,965
Net income $ 19,965 $ 20,065
Earnings per share:
Basic $ 4.22 $ 3.92
Diluted $ 4.18 $ 3.89
Shares used in computing earnings per share:
Basic 4,735,820 5,112,877
Diluted 4,773,252 5,157,787
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
December 29, September 29,
2018 2018
ASSETS:
Current assets:
Cash and cash equivalents $ 44,771 $ 25,913
Marketable securities 41,656 40,388
Accounts receivable, net 18,077 23,186
Inventories 4,988 3,956
Vendor non-trade receivables 18,904 25,809
Other current assets 12,432 12,087
Total current assets 140,828 131,339
Non-current assets:
Marketable securities 158,608 170,799
Property, plant and equipment, net 39,597 41,304
Other non-current assets 34,686 22,283
Total non-current assets 232,891 234,386
Total assets $ 373,719 $ 365,725
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 44,293 $ 55,888
Other current liabilities 36,703 33,327
Deferred revenue 5,546 5,966
Commercial paper 11,969 11,964
Term debt 9,772 8,784
Total current liabilities 108,283 115,929
Non-current liabilities:
Term debt 92,989 93,735
Other non-current liabilities 54,555 48,914
Total non-current liabilities 147,544 142,649
Total liabilities 255,827 258,578
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,729,803 and 4,754,986 shares issued and outstanding, respectively 40,970 40,201
Retained earnings 80,510 70,400
Accumulated other comprehensive income/(loss) (3,588 ) (3,454 )
Total shareholders’ equity 117,892 107,147
Total liabilities and shareholders’ equity $ 373,719 $ 365,725
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Three Months Ended
December 29, December 30,
2018 2017
Cash and cash equivalents, beginning balances $ 25,913 $ 20,289
Operating activities:
Net income 19,965 20,065
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization 3,395 2,745
Share-based compensation expense 1,559 1,296
Deferred income tax expense/(benefit) 53 (33,737 )
Other (54 ) (11 )
Changes in operating assets and liabilities:
Accounts receivable, net 5,130 (5,570 )
Inventories (1,076 ) 434
Vendor non-trade receivables 6,905 (9,660 )
Other current and non-current assets (886 ) (197 )
Accounts payable (8,501 ) 12,602
Deferred revenue (370 ) 569
Other current and non-current liabilities 570 39,757
Cash generated by operating activities 26,690 28,293
Investing activities:
Purchases of marketable securities (7,077 ) (41,272 )
Proceeds from maturities of marketable securities 7,203 14,048
Proceeds from sales of marketable securities 9,723 16,801
Payments for acquisition of property, plant and equipment (3,355 ) (2,810 )
Payments made in connection with business acquisitions, net (167 ) (173 )
Purchases of non-marketable securities (427 ) (141 )
Other (56 ) (43 )
Cash generated by/(used in) investing activities 5,844 (13,590 )
Financing activities:
Payments for taxes related to net share settlement of equity awards (1,318 ) (1,038 )
Payments for dividends and dividend equivalents (3,568 ) (3,339 )
Repurchases of common stock (8,796 ) (10,095 )
Proceeds from issuance of term debt, net — 6,969
Change in commercial paper, net 6 2
Cash used in financing activities (13,676 ) (7,501 )
Increase/(Decrease) in cash and cash equivalents 18,858 7,202
Cash and cash equivalents, ending balances $ 44,771 $ 27,491
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 4,916 $ 3,551
Cash paid for interest $ 836 $ 623

APPL Q5

Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months Ended Nine Months Ended
June 30, July 1, June 30, July 1,
2018 2017 2018 2017
Net sales $ 53,265 $ 45,408 $ 202,695 $ 176,655
Cost of sales 32,844 27,920 124,940 108,400
Gross margin 20,421 17,488 77,755 68,255
Operating expenses:
Research and development 3,701 2,937 10,486 8,584
Selling, general and administrative 4,108 3,783 12,489 11,447
Total operating expenses 7,809 6,720 22,975 20,031
Operating income 12,612 10,768 54,780 48,224
Other income/(expense), net 672 540 1,702 1,948
Income before provision for income taxes 13,284 11,308 56,482 50,172
Provision for income taxes 1,765 2,591 11,076 12,535
Net income $ 11,519 $ 8,717 $ 45,406 $ 37,637
Earnings per share:
Basic $ 2.36 $ 1.68 $ 9.07 $ 7.18
Diluted $ 2.34 $ 1.67 $ 8.99 $ 7.14
Shares used in computing earnings per share:
Basic 4,882,167 5,195,088 5,006,640 5,239,847
Diluted 4,926,609 5,233,499 5,050,963 5,274,394
Cash dividends declared per share $ 0.73 $ 0.63 $ 1.99 $ 1.77
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
June 30, September 30,
2018 2017
ASSETS:
Current assets:
Cash and cash equivalents $ 31,971 $ 20,289
Short-term marketable securities 38,999 53,892
Accounts receivable, net 14,104 17,874
Inventories 5,936 4,855
Vendor non-trade receivables 12,263 17,799
Other current assets 12,488 13,936
Total current assets 115,761 128,645
Long-term marketable securities 172,773 194,714
Property, plant and equipment, net 38,117 33,783
Other non-current assets 22,546 18,177
Total assets $ 349,197 $ 375,319
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 38,489 $ 49,049
Accrued expenses 25,184 25,744
Deferred revenue 7,403 7,548
Commercial paper 11,974 11,977
Current portion of long-term debt 5,498 6,496
Total current liabilities 88,548 100,814
Deferred revenue, non-current 2,878 2,836
Long-term debt 97,128 97,207
Other non-current liabilities 45,694 40,415
Total liabilities 234,248 241,272
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,842,917 and 5,126,201 shares issued and outstanding, respectively 38,624 35,867
Retained earnings 79,436 98,330
Accumulated other comprehensive income/(loss) (3,111 ) (150 )
Total shareholders’ equity 114,949 134,047
Total liabilities and shareholders’ equity $ 349,197 $ 375,319
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Nine Months Ended
June 30, July 1,
2018 2017
Cash and cash equivalents, beginning of the period $ 20,289 $ 20,484
Operating activities:
Net income 45,406 37,637
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization 8,149 7,673
Share-based compensation expense 3,995 3,666
Deferred income tax expense/(benefit) (33,109 ) 4,764
Other (410 ) (142 )
Changes in operating assets and liabilities:
Accounts receivable, net 3,756 3,381
Inventories (1,114 ) (1,014 )
Vendor non-trade receivables 5,536 3,312
Other current and non-current assets (65 ) (3,229 )
Accounts payable (11,139 ) (5,212 )
Deferred revenue (103 ) (418 )
Other current and non-current liabilities 37,009 (1,942 )
Cash generated by operating activities 57,911 48,476
Investing activities:
Purchases of marketable securities (56,133 ) (123,781 )
Proceeds from maturities of marketable securities 46,290 19,347
Proceeds from sales of marketable securities 41,614 76,747
Payments for acquisition of property, plant and equipment (10,272 ) (8,586 )
Payments made in connection with business acquisitions, net (431 ) (248 )
Purchases of non-marketable securities (1,788 ) (213 )
Proceeds from non-marketable securities 310 126
Other (523 ) 104
Cash generated by/(used in) investing activities 19,067 (36,504 )
Financing activities:
Proceeds from issuance of common stock 328 274
Payments for taxes related to net share settlement of equity awards (2,267 ) (1,646 )
Payments for dividends and dividend equivalents (10,182 ) (9,499 )
Repurchases of common stock (53,634 ) (25,105 )
Proceeds from issuance of term debt, net 6,969 21,725
Repayments of term debt (6,500 ) (3,500 )
Change in commercial paper, net (10 ) 3,866
Cash used in financing activities (65,296 ) (13,885 )
Increase/(Decrease) in cash and cash equivalents 11,682 (1,913 )
Cash and cash equivalents, end of the period $ 31,971 $ 18,571
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 8,819 $ 9,752
Cash paid for interest $ 2,120 $ 1,456

APPL Q6

Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months Ended Six Months Ended
March 31, April 1, March 31, April 1,
2018 2017 2018 2017
Net sales $ 61,137 $ 52,896 $ 149,430 $ 131,247
Cost of sales 37,715 32,305 92,096 80,480
Gross margin 23,422 20,591 57,334 50,767
Operating expenses:
Research and development 3,378 2,776 6,785 5,647
Selling, general and administrative 4,150 3,718 8,381 7,664
Total operating expenses 7,528 6,494 15,166 13,311
Operating income 15,894 14,097 42,168 37,456
Other income/(expense), net 274 587 1,030 1,408
Income before provision for income taxes 16,168 14,684 43,198 38,864
Provision for income taxes 2,346 3,655 9,311 9,944
Net income $ 13,822 $ 11,029 $ 33,887 $ 28,920
Earnings per share:
Basic $ 2.75 $ 2.11 $ 6.69 $ 5.5
Diluted $ 2.73 $ 2.1 $ 6.63 $ 5.46
Shares used in computing earnings per share:
Basic 5,024,877 5,225,791 5,068,877 5,262,226
Diluted 5,068,493 5,261,688 5,113,140 5,294,841
Cash dividends declared per share $ 0.63 $ 0.57 $ 1.26 $ 1.14
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
March 31, September 30,
2018 2017
ASSETS:
Current assets:
Cash and cash equivalents $ 45,059 $ 20,289
Short-term marketable securities 42,881 53,892
Accounts receivable, less allowances of $60 and $58, respectively 14,324 17,874
Inventories 7,662 4,855
Vendor non-trade receivables 8,084 17,799
Other current assets 12,043 13,936
Total current assets 130,053 128,645
Long-term marketable securities 179,286 194,714
Property, plant and equipment, net 35,077 33,783
Other non-current assets 23,086 18,177
Total assets $ 367,502 $ 375,319
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 34,311 $ 49,049
Accrued expenses 26,756 25,744
Deferred revenue 7,775 7,548
Commercial paper 11,980 11,977
Current portion of long-term debt 8,498 6,496
Total current liabilities 89,320 100,814
Deferred revenue, non-current 3,087 2,836
Long-term debt 101,362 97,207
Other non-current liabilities 46,855 40,415
Total liabilities 240,624 241,272
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,943,282 and 5,126,201 shares issued and outstanding, respectively 38,044 35,867
Retained earnings 91,898 98,330
Accumulated other comprehensive income/(loss) (3,064 ) (150 )
Total shareholders’ equity 126,878 134,047
Total liabilities and shareholders’ equity $ 367,502 $ 375,319
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended
March 31, April 1,
2018 2017
Cash and cash equivalents, beginning of the period $ 20,289 $ 20,484
Operating activities:
Net income 33,887 28,920
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization 5,484 5,319
Share-based compensation expense 2,644 2,473
Deferred income tax expense/(benefit) (34,235 ) 2,822
Other (151 ) (209 )
Changes in operating assets and liabilities:
Accounts receivable, net 3,523 4,183
Inventories (2,807 ) (778 )
Vendor non-trade receivables 9,715 4,512
Other current and non-current assets (1,053 ) (896 )
Accounts payable (13,220 ) (6,862 )
Deferred revenue 478 (221 )
Other current and non-current liabilities 39,158 541
Cash generated by operating activities 43,423 39,804
Investing activities:
Purchases of marketable securities (48,449 ) (99,821 )
Proceeds from maturities of marketable securities 31,884 12,429
Proceeds from sales of marketable securities 38,942 60,454
Payments for acquisition of property, plant and equipment (7,005 ) (6,309 )
Payments made in connection with business acquisitions, net (305 ) (67 )
Other 53 (10 )
Cash generated by/(used in) investing activities 15,120 (33,324 )
Financing activities:
Proceeds from issuance of common stock 327 273
Payments for taxes related to net share settlement of equity awards (1,190 ) (788 )
Payments for dividends and dividend equivalents (6,529 ) (6,134 )
Repurchases of common stock (32,851 ) (18,012 )
Proceeds from issuance of term debt, net 6,969 10,975
Repayments of term debt (500 ) —
Change in commercial paper, net 1 1,879
Cash used in financing activities (33,773 ) (11,807 )
Increase/(Decrease) in cash and cash equivalents 24,770 (5,327 )
Cash and cash equivalents, end of the period $ 45,059 $ 15,157
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 6,340 $ 6,878
Cash paid for interest $ 1,356 $ 1,007

APPL Q7

Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months Ended
December 30, December 31,
2017 2016
Net sales $ 88,293 $ 78,351
Cost of sales 54,381 48,175
Gross margin 33,912 30,176
Operating expenses:
Research and development 3,407 2,871
Selling, general and administrative 4,231 3,946
Total operating expenses 7,638 6,817
Operating income 26,274 23,359
Other income/(expense), net 756 821
Income before provision for income taxes 27,030 24,180
Provision for income taxes 6,965 6,289
Net income $ 20,065 $ 17,891
Earnings per share:
Basic $ 3.92 $ 3.38
Diluted $ 3.89 $ 3.36
Shares used in computing earnings per share:
Basic 5,112,877 5,298,661
Diluted 5,157,787 5,327,995
Cash dividends declared per share $ 0.63 $ 0.57
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
December 30, September 30,
2017 2017
ASSETS:
Current assets:
Cash and cash equivalents $ 27,491 $ 20,289
Short-term marketable securities 49,662 53,892
Accounts receivable, less allowances of $59 and $58, respectively 23,440 17,874
Inventories 4,421 4,855
Vendor non-trade receivables 27,459 17,799
Other current assets 11,337 13,936
Total current assets 143,810 128,645
Long-term marketable securities 207,944 194,714
Property, plant and equipment, net 33,679 33,783
Goodwill 5,889 5,717
Acquired intangible assets, net 2,149 2,298
Other non-current assets 13,323 10,162
Total assets $ 406,794 $ 375,319
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 62,985 $ 49,049
Accrued expenses 26,281 25,744
Deferred revenue 8,044 7,548
Commercial paper 11,980 11,977
Current portion of long-term debt 6,498 6,496
Total current liabilities 115,788 100,814
Deferred revenue, non-current 3,131 2,836
Long-term debt 103,922 97,207
Other non-current liabilities 43,754 40,415
Total liabilities 266,595 241,272
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 5,081,651 and 5,126,201 shares issued and outstanding, respectively 36,447 35,867
Retained earnings 104,593 98,330
Accumulated other comprehensive income/(loss) (841 ) (150 )
Total shareholders’ equity 140,199 134,047
Total liabilities and shareholders’ equity $ 406,794 $ 375,319
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Three Months Ended
December 30, December 31,
2017 2016
Cash and cash equivalents, beginning of the period $ 20,289 $ 20,484
Operating activities:
Net income 20,065 17,891
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization 2,745 2,987
Share-based compensation expense 1,296 1,256
Deferred income tax expense/(benefit) (33,737 ) 1,452
Other (11 ) (274 )
Changes in operating assets and liabilities:
Accounts receivable, net (5,570 ) 1,697
Inventories 434 (580 )
Vendor non-trade receivables (9,660 ) (375 )
Other current and non-current assets (197 ) (1,446 )
Accounts payable 14,588 2,460
Deferred revenue 791 42
Other current and non-current liabilities 37,549 2,124
Cash generated by operating activities 28,293 27,234
Investing activities:
Purchases of marketable securities (41,272 ) (54,272 )
Proceeds from maturities of marketable securities 14,048 6,525
Proceeds from sales of marketable securities 16,801 32,166
Payments made in connection with business acquisitions, net (173 ) (17 )
Payments for acquisition of property, plant and equipment (2,810 ) (3,334 )
Payments for acquisition of intangible assets (154 ) (86 )
Payments for strategic investments, net (94 ) —
Other 64 (104 )
Cash used in investing activities (13,590 ) (19,122 )
Financing activities:
Payments for taxes related to net share settlement of equity awards (1,038 ) (629 )
Payments for dividends and dividend equivalents (3,339 ) (3,130 )
Repurchases of common stock (10,095 ) (10,851 )
Proceeds from issuance of term debt, net 6,969 —
Change in commercial paper, net 2 2,385
Cash used in financing activities (7,501 ) (12,225 )
Increase/(Decrease) in cash and cash equivalents 7,202 (4,113 )
Cash and cash equivalents, end of the period $ 27,491 $ 16,371
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 3,551 $ 3,510
Cash paid for interest $ 623 $ 497

APPL Q8

Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months Ended Nine Months Ended
July 1, June 25, July 1, June 25,
2017 2016 2017 2016
Net sales $ 45,408 $ 42,358 $ 176,655 $ 168,787
Cost of sales 27,920 26,252 108,400 102,337
Gross margin 17,488 16,106 68,255 66,450
Operating expenses:
Research and development 2,937 2,560 8,584 7,475
Selling, general and administrative 3,783 3,441 11,447 10,712
Total operating expenses 6,720 6,001 20,031 18,187
Operating income 10,768 10,105 48,224 48,263
Other income/(expense), net 540 364 1,948 921
Income before provision for income taxes 11,308 10,469 50,172 49,184
Provision for income taxes 2,591 2,673 12,535 12,511
Net income $ 8,717 $ 7,796 $ 37,637 $ 36,673
Earnings per share:
Basic $ 1.68 $ 1.43 $ 7.18 $ 6.66
Diluted $ 1.67 $ 1.42 $ 7.14 $ 6.62
Shares used in computing earnings per share:
Basic 5,195,088 5,443,058 5,239,847 5,505,456
Diluted 5,233,499 5,472,781 5,274,394 5,535,931
Cash dividends declared per share $ 0.63 $ 0.57 $ 1.77 $ 1.61
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
July 1, September 24,
2017 2016
ASSETS:
Current assets:
Cash and cash equivalents $ 18,571 $ 20,484
Short-term marketable securities 58,188 46,671
Accounts receivable, less allowances of $55 and $53, respectively 12,399 15,754
Inventories 3,146 2,132
Vendor non-trade receivables 10,233 13,545
Other current assets 10,338 8,283
Total current assets 112,875 106,869
Long-term marketable securities 184,757 170,430
Property, plant and equipment, net 29,286 27,010
Goodwill 5,661 5,414
Acquired intangible assets, net 2,444 3,206
Other non-current assets 10,150 8,757
Total assets $ 345,173 $ 321,686
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 31,915 $ 37,294
Accrued expenses 23,304 22,027
Deferred revenue 7,608 8,080
Commercial paper 11,980 8,105
Current portion of long-term debt 6,495 3,500
Total current liabilities 81,302 79,006
Deferred revenue, non-current 2,984 2,930
Long-term debt 89,864 75,427
Other non-current liabilities 38,598 36,074
Total liabilities 212,748 193,437
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 5,169,782 and 5,336,166 shares issued and outstanding, respectively 34,445 31,251
Retained earnings 98,525 96,364
Accumulated other comprehensive income/(loss) (545 ) 634
Total shareholders’ equity 132,425 128,249
Total liabilities and shareholders’ equity $ 345,173 $ 321,686
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Nine Months Ended
July 1, June 25,
2017 2016
Cash and cash equivalents, beginning of the period $ 20,484 $ 21,120
Operating activities:
Net income 37,637 36,673
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization 7,673 7,957
Share-based compensation expense 3,666 3,180
Deferred income tax expense 4,764 5,191
Other (142 ) 419
Changes in operating assets and liabilities:
Accounts receivable, net 3,381 4,623
Inventories (1,014 ) 518
Vendor non-trade receivables 3,312 6,166
Other current and non-current assets (3,229 ) 1,049
Accounts payable (5,212 ) (9,567 )
Deferred revenue (418 ) (1,148 )
Other current and non-current liabilities (2,476 ) (5,363 )
Cash generated by operating activities 47,942 49,698
Investing activities:
Purchases of marketable securities (123,781 ) (112,068 )
Proceeds from maturities of marketable securities 19,347 14,915
Proceeds from sales of marketable securities 76,747 69,926
Payments made in connection with business acquisitions, net (248 ) (146 )
Payments for acquisition of property, plant and equipment (8,586 ) (8,757 )
Payments for acquisition of intangible assets (209 ) (753 )
Payments for strategic investments, net (87 ) (1,376 )
Other 313 (321 )
Cash used in investing activities (36,504 ) (38,580 )
Financing activities:
Proceeds from issuance of common stock 274 247
Excess tax benefits from equity awards 534 391
Payments for taxes related to net share settlement of equity awards (1,646 ) (1,361 )
Payments for dividends and dividend equivalents (9,499 ) (9,058 )
Repurchases of common stock (25,105 ) (23,696 )
Proceeds from issuance of term debt, net 21,725 17,984
Repayments of term debt (3,500 ) (2,500 )
Change in commercial paper, net 3,866 3,992
Cash used in financing activities (13,351 ) (14,001 )
Increase/(Decrease) in cash and cash equivalents (1,913 ) (2,883 )
Cash and cash equivalents, end of the period $ 18,571 $ 18,237
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 9,752 $ 8,990
Cash paid for interest $ 1,456 $ 892

APPL SUMMARY

APPL Current Assets Current Liabilities Inventories Current Ratio(APPL) Acid Test Total Sales
Q1 $ 163,231.00 $ 102,161.00 $ 4,097.00 $ 1.60 $ 1.56 $ 79,104.00
Q2 $ 134,973.00 $ 89,704.00 $ 3,355.00 $ 1.50 $ 1.47 $ 42,354.00
Q3 $ 123,346.00 $ 93,772.00 $ 4,884.00 $ 1.32 $ 1.26 $ 46,565.00
Q4 $ 140,828.00 $ 108,283.00 $ 4,988.00 $ 1.30 $ 1.25 $ 73,435.00
Q5 $ 115,761.00 $ 88,548.00 $ 5,936.00 $ 1.31 $ 1.24 $ 53,265.00
Q6 $ 130,053.00 $ 89,320.00 $ 7,662.00 $ 1.46 $ 1.37 $ 61,137.00
Q7 $ 143,810.00 $ 115,788.00 $ 4,421.00 $ 1.24 $ 1.20 $ 88,293.00
Q8 $ 112,875.00 $ 81,302.00 $ 3,146.00 $ 1.39 $ 1.35 $ 45,408.00

Acid Test

1.557678566184748 1.467247837331669 1.26329821268609 1.254490547916109 1.240287753534806 1.37025302283923 1.203829412374339 1.349646995153871

APPL current ratio

1.597781932439972 1.504648622135022 1.315381990359596 1.300555027104901 1.307324840764331 1.456034482758621 1.242011261961516 1.388342230203439

GOOGL Q1

GOOGL INCOME
Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2018 2019 2018 2019
Revenues $ 33,740 $ 40,499 $ 97,543 $ 115,782
Costs and expenses:
Cost of revenues 14,281 17,568 41,631 50,876
Research and development 5,232 6,554 15,385 18,796
Sales and marketing 3,849 4,609 11,233 12,726
General and administrative 1,753 2,591 4,920 6,722
European Commission fines 0 0 5,071 1,697
Total costs and expenses 25,115 31,322 78,240 90,817
Income from operations 8,625 9,177 19,303 24,965
Other income (expense), net 1,458 (549 ) 5,538 3,956
Income before income taxes 10,083 8,628 24,841 28,921
Provision for income taxes 891 1,560 3,053 5,249
Net income $ 9,192 $ 7,068 $ 21,788 $ 23,672
Basic net income per share of Class A and B common stock and Class C capital stock $ 13.21 $ 10.2 $ 31.34 $ 34.12
Diluted net income per share of Class A and B common stock and Class C capital stock $ 13.06 $ 10.12 $ 30.95 $ 33.83
GOOGL Balance Sheet
Alphabet Inc.
CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts which are reflected in thousands, and par value per share amounts)
As of As of
31-Dec-18 30-Sep-19
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 16,701 $ 16,032
Marketable securities 92,439 105,145
Total cash, cash equivalents, and marketable securities 109,140 121,177
Accounts receivable, net of allowance of $729 and $643 20,838 20,889
Income taxes receivable, net 355 192
Inventory 1,107 1,401
Other current assets 4,236 4,699
Total current assets 135,676 148,358
Non-marketable investments 13,859 12,488
Deferred income taxes 737 564
Property and equipment, net 59,719 69,252
Operating lease assets 0 10,341
Intangible assets, net 2,220 1,747
Goodwill 17,888 18,069
Other non-current assets 2,693 2,225
Total assets $ 232,792 $ 263,044
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 4,378 $ 4,142
Accrued compensation and benefits 6,839 7,399
Accrued expenses and other current liabilities 16,958 21,038
Accrued revenue share 4,592 4,835
Deferred revenue 1,784 1,679
Income taxes payable, net 69 131
Total current liabilities 34,620 39,224
Long-term debt 4,012 4,082
Deferred revenue, non-current 396 364
Income taxes payable, non-current 11,327 11,355
Deferred income taxes 1,264 1,747
Operating lease liabilities 0 9,666
Other long-term liabilities 3,545 1,637
Total liabilities 55,164 68,075
Commitments and Contingencies (Note 10)
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); 695,556 (Class A 299,242, Class B 46,636, Class C 349,678) and 690,906 (Class A 299,624, Class B 46,508, Class C 344,774) shares issued and outstanding 45,049 49,040
Accumulated other comprehensive loss (2,306 ) (1,196 )
Retained earnings 134,885 147,125
Total stockholders’ equity 177,628 194,969
Total liabilities and stockholders’ equity $ 232,792 $ 263,044
GOOGL Cash Flow
Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Nine Months Ended
September 30,
2018 2019
Operating activities
Net income $ 21,788 $ 23,672
Adjustments:
Depreciation and impairment of property and equipment 5,791 7,774
Amortization and impairment of intangible assets 664 594
Stock-based compensation expense 7,100 8,149
Deferred income taxes 723 381
Gain on debt and equity securities, net (5,413 ) (2,399 )
Other (82 ) (119 )
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable 718 25
Income taxes, net (1,891 ) 210
Other assets (1,240 ) (787 )
Accounts payable 293 (386 )
Accrued expenses and other liabilities 6,457 2,927
Accrued revenue share (196 ) 201
Deferred revenue 272 (149 )
Net cash provided by operating activities 34,984 40,093
Investing activities
Purchases of property and equipment (18,058 ) (17,496 )
Purchases of marketable securities (37,340 ) (80,968 )
Maturities and sales of marketable securities 34,926 74,783
Purchases of non-marketable investments (1,118 ) (1,499 )
Maturities and sales of non-marketable investments 1,345 297
Acquisitions, net of cash acquired, and purchases of intangible assets (1,452 ) (373 )
Other investing activities 69 468
Net cash used in investing activities (21,628 ) (24,788 )
Financing activities
Net payments related to stock-based award activities (3,952 ) (3,566 )
Repurchases of capital stock (6,425 ) (12,298 )
Proceeds from issuance of debt, net of costs 6,766 317
Repayments of debt (6,822 ) (538 )
Proceeds from sale of interest in consolidated entities 0 202
Net cash used in financing activities (10,433 ) (15,883 )
Effect of exchange rate changes on cash and cash equivalents (195 ) (91 )
Net increase (decrease) in cash and cash equivalents 2,728 (669 )
Cash and cash equivalents at beginning of period 10,715 16,701
Cash and cash equivalents at end of period $ 13,443 $ 16,032

GOOGL Q2

Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2018 2019 2018 2019
Revenues $ 32,657 $ 38,944 $ 63,803 $ 75,283
Costs and expenses:
Cost of revenues 13,883 17,296 27,350 33,308
Research and development 5,114 6,213 10,153 12,242
Sales and marketing 3,780 4,212 7,384 8,117
General and administrative 1,764 2,043 3,167 4,131
European Commission fines 5,071 0 5,071 1,697
Total costs and expenses 29,612 29,764 53,125 59,495
Income from operations 3,045 9,180 10,678 15,788
Other income (expense), net 1,170 2,967 4,080 4,505
Income before income taxes 4,215 12,147 14,758 20,293
Provision for income taxes 1,020 2,200 2,162 3,689
Net income $ 3,195 $ 9,947 $ 12,596 $ 16,604
Basic net income per share of Class A and B common stock and Class C capital stock $ 4.6 $ 14.33 $ 18.13 $ 23.91
Diluted net income per share of Class A and B common stock and Class C capital stock $ 4.54 $ 14.21 $ 17.89 $ 23.71
Alphabet Inc.
CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts which are reflected in thousands, and par value per share amounts)
As of As of
31-Dec-18 30-Jun-19
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 16,701 $ 16,587
Marketable securities 92,439 104,469
Total cash, cash equivalents, and marketable securities 109,140 121,056
Accounts receivable, net of allowance of $729 and $721 20,838 20,965
Income taxes receivable, net 355 352
Inventory 1,107 964
Other current assets 4,236 4,100
Total current assets 135,676 147,437
Non-marketable investments 13,859 12,112
Deferred income taxes 737 585
Property and equipment, net 59,719 64,891
Operating lease assets 0 9,713
Intangible assets, net 2,220 1,902
Goodwill 17,888 18,000
Other non-current assets 2,693 2,461
Total assets $ 232,792 $ 257,101
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 4,378 $ 3,925
Accrued compensation and benefits 6,839 6,432
Accrued expenses and other current liabilities 16,958 19,823
Accrued revenue share 4,592 4,567
Deferred revenue 1,784 1,717
Income taxes payable, net 69 536
Total current liabilities 34,620 37,000
Long-term debt 4,012 4,074
Deferred revenue, non-current 396 387
Income taxes payable, non-current 11,327 10,969
Deferred income taxes 1,264 1,892
Operating lease liabilities 0 9,088
Other long-term liabilities 3,545 1,499
Total liabilities 55,164 64,909
Commitments and Contingencies (Note 10)
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); 695,556 (Class A 299,242, Class B 46,636, Class C 349,678) and 694,050 (Class A 299,520, Class B 46,522, Class C 348,008) shares issued and outstanding 45,049 47,937
Accumulated other comprehensive loss (2,306 ) (1,091 )
Retained earnings 134,885 145,346
Total stockholders’ equity 177,628 192,192
Total liabilities and stockholders’ equity $ 232,792 $ 257,101
Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Six Months Ended
June 30,
2018 2019
Operating activities
Net income $ 12,596 $ 16,604
Adjustments:
Depreciation and impairment of property and equipment 3,653 5,042
Amortization and impairment of intangible assets 447 406
Stock-based compensation expense 4,870 5,525
Deferred income taxes (157 ) 620
Gain on debt and equity securities, net (4,060 ) (3,878 )
Other (120 ) (48 )
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable 1,388 26
Income taxes, net (656 ) 25
Other assets (756 ) (176 )
Accounts payable (23 ) (443 )
Accrued expenses and other liabilities 4,600 1,074
Accrued revenue share (303 ) (60 )
Deferred revenue 295 (90 )
Net cash provided by operating activities 21,774 24,627
Investing activities
Purchases of property and equipment (12,776 ) (10,764 )
Purchases of marketable securities (23,041 ) (44,724 )
Maturities and sales of marketable securities 25,523 40,692
Purchases of non-marketable investments (732 ) (1,095 )
Maturities and sales of non-marketable investments 1,191 206
Acquisitions, net of cash acquired, and purchases of intangible assets (1,434 ) (247 )
Other investing activities 49 89
Net cash used in investing activities (11,220 ) (15,843 )
Financing activities
Net payments related to stock-based award activities (2,699 ) (2,435 )
Repurchases of capital stock (4,225 ) (6,602 )
Proceeds from issuance of debt, net of costs 6,236 317
Repayments of debt (6,267 ) (393 )
Proceeds from sale of subsidiary shares 0 184
Net cash used in financing activities (6,955 ) (8,929 )
Effect of exchange rate changes on cash and cash equivalents (166 ) 31
Net increase (decrease) in cash and cash equivalents 3,433 (114 )
Cash and cash equivalents at beginning of period 10,715 16,701
Cash and cash equivalents at end of period $ 14,148 $ 16,587

GOOGL Q3

Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
Three Months Ended
March 31,
2018 2019
Revenues $ 31,146 $ 36,339
Costs and expenses:
Cost of revenues 13,467 16,012
Research and development 5,039 6,029
Sales and marketing 3,604 3,905
General and administrative 1,403 2,088
European Commission fine 0 1,697
Total costs and expenses 23,513 29,731
Income from operations 7,633 6,608
Other income (expense), net 2,910 1,538
Income before income taxes 10,543 8,146
Provision for income taxes 1,142 1,489
Net income $ 9,401 $ 6,657
Basic net income per share of Class A and B common stock and Class C capital stock $ 13.53 $ 9.58
Diluted net income per share of Class A and B common stock and Class C capital stock $ 13.33 $ 9.5
Alphabet Inc.
CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts which are reflected in thousands, and par value per share amounts)
As of As of
31-Dec-18 31-Mar-19
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 16,701 $ 19,148
Marketable securities 92,439 94,340
Total cash, cash equivalents, and marketable securities 109,140 113,488
Accounts receivable, net of allowance of $729 and $761 20,838 19,149
Income taxes receivable, net 355 111
Inventory 1,107 1,053
Other current assets 4,236 4,406
Total current assets 135,676 138,207
Non-marketable investments 13,859 14,474
Deferred income taxes 737 750
Property and equipment, net 59,719 60,528
Operating lease assets 0 8,837
Intangible assets, net 2,220 2,063
Goodwill 17,888 17,943
Other non-current assets 2,693 2,547
Total assets $ 232,792 $ 245,349
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 4,378 $ 3,710
Accrued compensation and benefits 6,839 5,072
Accrued expenses and other current liabilities 16,958 19,382
Accrued revenue share 4,592 4,318
Deferred revenue 1,784 1,667
Income taxes payable, net 69 761
Total current liabilities 34,620 34,910
Long-term debt 4,012 4,066
Deferred revenue, non-current 396 391
Income taxes payable, non-current 11,327 11,605
Deferred income taxes 1,264 1,282
Operating lease liabilities 0 8,206
Other long-term liabilities 3,545 1,417
Total liabilities 55,164 61,877
Commitments and Contingencies (Note 10)
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); 695,556 (Class A 299,242, Class B 46,636, Class C 349,678) and 694,782 (Class A 299,444, Class B 46,527, Class C 348,811) shares issued and outstanding 45,049 46,532
Accumulated other comprehensive loss (2,306 ) (1,780 )
Retained earnings 134,885 138,720
Total stockholders’ equity 177,628 183,472
Total liabilities and stockholders’ equity $ 232,792 $ 245,349
Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Three Months Ended
March 31,
2018 2019
Operating activities
Net income $ 9,401 $ 6,657
Adjustments:
Depreciation and impairment of property and equipment 1,791 2,416
Amortization and impairment of intangible assets 195 197
Stock-based compensation expense 2,457 2,769
Deferred income taxes (18 ) (73 )
Gain on debt and equity securities, net (2,992 ) (1,081 )
Other (257 ) 22
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable 1,700 1,172
Income taxes, net 782 1,068
Other assets (241 ) (265 )
Accounts payable 122 (425 )
Accrued expenses and other liabilities (1,142 ) (229 )
Accrued revenue share (286 ) (147 )
Deferred revenue 130 (81 )
Net cash provided by operating activities 11,642 12,000
Investing activities
Purchases of property and equipment (7,299 ) (4,638 )
Proceeds from disposals of property and equipment 30 34
Purchases of marketable securities (8,849 ) (20,883 )
Maturities and sales of marketable securities 9,351 21,006
Purchases of non-marketable investments (327 ) (907 )
Maturities and sales of non-marketable investments 498 99
Acquisitions, net of cash acquired, and purchases of intangible assets (1,250 ) (99 )
Net cash used in investing activities (7,846 ) (5,388 )
Financing activities
Net payments related to stock-based award activities (1,158 ) (1,175 )
Repurchases of capital stock (2,173 ) (3,025 )
Proceeds from issuance of debt, net of costs 4,691 315
Repayments of debt (3,378 ) (345 )
Proceeds from sale of subsidiary shares 0 47
Net cash used in financing activities (2,018 ) (4,183 )
Effect of exchange rate changes on cash and cash equivalents 165 18
Net increase in cash and cash equivalents 1,943 2,447
Cash and cash equivalents at beginning of period 10,715 16,701
Cash and cash equivalents at end of period $ 12,658 $ 19,148

GOOGL Q4

Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2017 2018 2017 2018
Revenues $ 27,772 $ 33,740 $ 78,532 $ 97,543
Costs and expenses:
Cost of revenues 11,148 14,281 31,316 41,631
Research and development 4,205 5,232 12,319 15,385
Sales and marketing 3,042 3,849 8,583 11,233
General and administrative 1,595 2,068 5,096 6,105
European Commission fines 0 0 2,736 5,071
Total costs and expenses 19,990 25,430 60,050 79,425
Income from operations 7,782 8,310 18,482 18,118
Other income (expense), net 197 1,773 693 6,723
Income before income taxes 7,979 10,083 19,175 24,841
Provision for income taxes 1,247 891 3,493 3,053
Net income $ 6,732 $ 9,192 $ 15,682 $ 21,788
Basic net income per share of Class A and B common stock and Class C capital stock $ 9.71 $ 13.21 $ 22.65 $ 31.34
Diluted net income per share of Class A and B common stock and Class C capital stock $ 9.57 $ 13.06 $ 22.3 $ 30.95
Alphabet Inc.
CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts which are reflected in thousands, and par value per share amounts)
As of As of
31-Dec-17 30-Sep-18
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 10,715 $ 13,443
Marketable securities 91,156 92,973
Total cash, cash equivalents, and marketable securities 101,871 106,416
Accounts receivable, net of allowance of $674 and $652 18,336 17,897
Income taxes receivable, net 369 170
Inventory 749 1,212
Other current assets 2,983 4,007
Total current assets 124,308 129,702
Non-marketable investments 7,813 12,673
Deferred income taxes 680 682
Property and equipment, net 42,383 55,300
Intangible assets, net 2,692 2,448
Goodwill 16,747 17,895
Other non-current assets 2,672 2,838
Total assets $ 197,295 $ 221,538
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 3,137 $ 3,789
Accrued compensation and benefits 4,581 5,946
Accrued expenses and other current liabilities 10,177 15,936
Accrued revenue share 3,975 3,878
Deferred revenue 1,432 1,752
Income taxes payable, net 881 0
Total current liabilities 24,183 31,301
Long-term debt 3,969 3,986
Deferred revenue, non-current 340 317
Income taxes payable, non-current 12,812 11,562
Deferred income taxes 430 1,318
Other long-term liabilities 3,059 3,214
Total liabilities 44,793 51,698
Commitments and Contingencies (Note 9)
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 695,957 (Class A 298,967, Class B 46,880, Class C 350,110) shares issued and outstanding 40,247 43,111
Accumulated other comprehensive loss (992 ) (1,676 )
Retained earnings 113,247 128,405
Total stockholders’ equity 152,502 169,840
Total liabilities and stockholders’ equity $ 197,295 $ 221,538
Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Nine Months Ended
September 30,
2017 2018
Operating activities
Net income $ 15,682 $ 21,788
Adjustments:
Depreciation and impairment of property and equipment 4,272 5,791
Amortization and impairment of intangible assets 617 664
Stock-based compensation expense 5,832 7,100
Deferred income taxes 242 723
(Gain) loss on debt and equity securities, net 67 (5,413 )
Other 192 (82 )
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable (719 ) 718
Income taxes, net (865 ) (1,891 )
Other assets (2,086 ) (1,240 )
Accounts payable 58 293
Accrued expenses and other liabilities 3,121 6,457
Accrued revenue share 182 (196 )
Deferred revenue 228 272
Net cash provided by operating activities 26,823 34,984
Investing activities
Purchases of property and equipment (8,877 ) (18,058 )
Proceeds from disposals of property and equipment 81 69
Purchases of marketable securities (78,709 ) (37,340 )
Maturities and sales of marketable securities 62,588 34,926
Purchases of non-marketable investments (871 ) (1,118 )
Maturities and sales of non-marketable investments 215 1,345
Acquisitions, net of cash acquired, and purchases of intangible assets (273 ) (1,452 )
Proceeds from collection of notes receivable 1,419 0
Net cash used in investing activities (24,427 ) (21,628 )
Financing activities
Net payments related to stock-based award activities (3,111 ) (3,952 )
Repurchases of capital stock (2,745 ) (6,425 )
Proceeds from issuance of debt, net of costs 2,698 6,766
Repayments of debt (2,762 ) (6,822 )
Proceeds from sale of subsidiary shares 800 0
Net cash used in financing activities (5,120 ) (10,433 )
Effect of exchange rate changes on cash and cash equivalents 387 (195 )
Net increase (decrease) in cash and cash equivalents (2,337 ) 2,728
Cash and cash equivalents at beginning of period 12,918 10,715
Cash and cash equivalents at end of period $ 10,581 $ 13,443

GOOGL Q5

Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2017 2018 2017 2018
Revenues $ 26,010 $ 32,657 $ 50,760 $ 63,803
Costs and expenses:
Cost of revenues 10,373 13,883 20,168 27,350
Research and development 4,172 5,114 8,114 10,153
Sales and marketing 2,897 3,780 5,541 7,384
General and administrative 1,700 2,002 3,501 4,037
European Commission fines 2,736 5,071 2,736 5,071
Total costs and expenses 21,878 29,850 40,060 53,995
Income from operations 4,132 2,807 10,700 9,808
Other income (expense), net 245 1,408 496 4,950
Income before income taxes 4,377 4,215 11,196 14,758
Provision for income taxes 853 1,020 2,246 2,162
Net income $ 3,524 $ 3,195 $ 8,950 $ 12,596
Basic net income per share of Class A and B common stock and Class C capital stock $ 5.09 $ 4.6 $ 12.94 $ 18.13
Diluted net income per share of Class A and B common stock and Class C capital stock $ 5.01 $ 4.54 $ 12.74 $ 17.89
Alphabet Inc.
CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts which are reflected in thousands, and par value per share amounts)
As of As of
31-Dec-17 30-Jun-18
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 10,715 $ 14,148
Marketable securities 91,156 88,106
Total cash, cash equivalents, and marketable securities 101,871 102,254
Accounts receivable, net of allowance of $674 and $630 18,336 17,043
Income taxes receivable, net 369 201
Inventory 749 698
Other current assets 2,983 3,961
Total current assets 124,308 124,157
Non-marketable investments 7,813 11,487
Deferred income taxes 680 685
Property and equipment, net 42,383 51,672
Intangible assets, net 2,692 2,662
Goodwill 16,747 17,895
Other non-current assets 2,672 3,052
Total assets $ 197,295 $ 211,610
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 3,137 $ 3,369
Accrued compensation and benefits 4,581 4,642
Accrued expenses and other current liabilities 10,177 15,261
Accrued revenue share 3,975 3,728
Deferred revenue 1,432 1,714
Income taxes payable, net 881 1,189
Total current liabilities 24,183 29,903
Long-term debt 3,969 3,981
Deferred revenue, non-current 340 358
Income taxes payable, non-current 12,812 11,652
Deferred income taxes 430 479
Other long-term liabilities 3,059 3,237
Total liabilities 44,793 49,610
Commitments and Contingencies (Note 9)
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 695,946 (Class A 298,895, Class B 46,891, Class C 350,160) shares issued and outstanding 40,247 42,243
Accumulated other comprehensive loss (992 ) (1,525 )
Retained earnings 113,247 121,282
Total stockholders’ equity 152,502 162,000
Total liabilities and stockholders’ equity $ 197,295 $ 211,610
Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Six Months Ended
June 30,
2017 2018
Operating activities
Net income $ 8,950 $ 12,596
Adjustments:
Depreciation and impairment of property and equipment 2,711 3,653
Amortization and impairment of intangible assets 417 447
Stock-based compensation expense 4,012 4,870
Deferred income taxes 538 (157 )
(Gain) loss on debt and equity securities, net 22 (4,060 )
Other 96 (120 )
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable 431 1,388
Income taxes, net (1,779 ) (656 )
Other assets (454 ) (756 )
Accounts payable 119 (23 )
Accrued expenses and other liabilities 1,687 4,600
Accrued revenue share 6 (303 )
Deferred revenue 195 295
Net cash provided by operating activities 16,951 21,774
Investing activities
Purchases of property and equipment (5,339 ) (12,776 )
Proceeds from disposals of property and equipment 54 49
Purchases of marketable securities (39,676 ) (23,041 )
Maturities and sales of marketable securities 34,238 25,523
Purchases of non-marketable investments (694 ) (732 )
Maturities and sales of non-marketable investments 118 1,191
Acquisitions, net of cash acquired, and purchases of intangible assets (143 ) (1,434 )
Proceeds from collection of notes receivable 1,419 0
Net cash used in investing activities (10,023 ) (11,220 )
Financing activities
Net payments related to stock-based award activities (2,093 ) (2,699 )
Repurchases of capital stock (2,745 ) (4,225 )
Proceeds from issuance of debt, net of costs 0 6,236
Repayments of debt (56 ) (6,267 )
Proceeds from sale of subsidiary shares 480 0
Net cash used in financing activities (4,414 ) (6,955 )
Effect of exchange rate changes on cash and cash equivalents 279 (166 )
Net increase in cash and cash equivalents 2,793 3,433
Cash and cash equivalents at beginning of period 12,918 10,715
Cash and cash equivalents at end of period $ 15,711 $ 14,148

GOOGL Q6

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 net income per share of Class A and B common stock and Class C capital stock $ 7.85 $ 13.53
Diluted net income per share of Class A and B common stock and Class C capital stock $ 7.73 $ 13.33
Alphabet Inc.
CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts which are reflected in thousands, and par value per share amounts)
As of As of
31-Dec-17 31-Mar-18
(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 (Note 9)
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 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

GOOGL Q7

Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2016 2017 2016 2017
Revenues $ 22,451 $ 27,772 $ 64,208 $ 78,532
Costs and expenses:
Cost of revenues 8,699 11,148 24,477 31,316
Research and development 3,596 4,205 10,326 12,319
Sales and marketing 2,565 3,042 7,367 8,583
General and administrative 1,824 1,595 4,961 5,096
European Commission fine 0 0 0 2,736
Total costs and expenses 16,684 19,990 47,131 60,050
Income from operations 5,767 7,782 17,077 18,482
Other income (expense), net 278 197 216 693
Income before income taxes 6,045 7,979 17,293 19,175
Provision for income taxes 984 1,247 3,148 3,493
Net income $ 5,061 $ 6,732 $ 14,145 $ 15,682
Basic net income per share of Class A and B common stock and Class C capital stock $ 7.36 $ 9.71 $ 20.59 $ 22.65
Diluted net income per share of Class A and B common stock and Class C capital stock $ 7.25 $ 9.57 $ 20.26 $ 22.3
Alphabet Inc.
CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts which are reflected in thousands,
and par value per share amounts)
As of As of
31-Dec-16 30-Sep-17
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 12,918 $ 10,581
Marketable securities 73,415 89,562
Total cash, cash equivalents, and marketable securities 86,333 100,143
Accounts receivable, net of allowance of $467 and $625 14,137 15,295
Income taxes receivable, net 95 282
Inventory 268 765
Other current assets 4,575 2,860
Total current assets 105,408 119,345
Non-marketable investments 5,878 7,269
Deferred income taxes 383 505
Property and equipment, net 34,234 40,120
Intangible assets, net 3,307 2,883
Goodwill 16,468 16,731
Other non-current assets 1,819 2,683
Total assets $ 167,497 $ 189,536
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 2,041 $ 2,674
Accrued compensation and benefits 3,976 4,022
Accrued expenses and other current liabilities 6,144 9,307
Accrued revenue share 2,942 3,200
Deferred revenue 1,099 1,269
Income taxes payable, net 554 221
Total current liabilities 16,756 20,693
Long-term debt 3,935 3,964
Deferred revenue, non-current 202 346
Income taxes payable, non-current 4,677 4,358
Deferred income taxes 226 151
Other long-term liabilities 2,665 2,924
Total liabilities 28,461 32,436
Commitments and Contingencies (Note 11)
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); 691,293 (Class A 296,992, Class B 47,437, Class C 346,864) and 694,790 (Class A 298,263, Class B 47,054, Class C 349,473) shares issued and outstanding 36,307 39,609
Accumulated other comprehensive loss (2,402 ) (746 )
Retained earnings 105,131 118,237
Total stockholders’ equity 139,036 157,100
Total liabilities and stockholders’ equity $ 167,497 $ 189,536
Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Nine Months Ended
September 30,
2016 2017
Operating activities
Net income $ 14,145 $ 15,682
Adjustments:
Depreciation and impairment of property and equipment 3,803 4,272
Amortization and impairment of intangible assets 654 617
Stock-based compensation expense 4,857 5,832
Deferred income taxes 119 242
Loss on marketable and non-marketable investments, net 204 160
Other 117 99
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable (299 ) (719 )
Income taxes, net 2,153 (865 )
Other assets 114 (2,086 )
Accounts payable 238 58
Accrued expenses and other liabilities 338 3,121
Accrued revenue share 138 182
Deferred revenue 42 228
Net cash provided by operating activities 26,623 26,823
Investing activities
Purchases of property and equipment (7,134 ) (8,877 )
Proceeds from disposals of property and equipment 226 81
Purchases of marketable securities (70,959 ) (78,709 )
Maturities and sales of marketable securities 54,379 62,588
Purchases of non-marketable investments (862 ) (871 )
Maturities and sales of non-marketable investments 189 215
Cash collateral related to securities lending (2,428 ) 0
Investments in reverse repurchase agreements 450 0
Acquisitions, net of cash acquired, and purchases of intangible assets (324 ) (273 )
Proceeds from collection of notes receivable 0 1,419
Net cash used in investing activities (26,463 ) (24,427 )
Financing activities
Net payments related to stock-based award activities (2,425 ) (3,111 )
Repurchases of capital stock (3,693 ) (2,745 )
Proceeds from issuance of debt, net of costs 8,729 2,698
Repayments of debt (10,051 ) (2,762 )
Proceeds from sale of subsidiary shares 0 800
Net cash used in financing activities (7,440 ) (5,120 )
Effect of exchange rate changes on cash and cash equivalents 137 387
Net decrease in cash and cash equivalents (7,143 ) (2,337 )
Cash and cash equivalents at beginning of period 16,549 12,918
Cash and cash equivalents at end of period $ 9,406 $ 10,581

GOOGL Q8

Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2016 2017 2016 2017
Revenues $ 21,500 $ 26,010 $ 41,757 $ 50,760
Costs and expenses:
Cost of revenues 8,130 10,373 15,778 20,168
Research and development 3,363 4,172 6,730 8,114
Sales and marketing 2,415 2,897 4,802 5,541
General and administrative 1,624 1,700 3,137 3,501
European Commission fine 0 2,736 0 2,736
Total costs and expenses 15,532 21,878 30,447 40,060
Income from operations 5,968 4,132 11,310 10,700
Other income (expense), net 151 245 (62 ) 496
Income before income taxes 6,119 4,377 11,248 11,196
Provision for income taxes 1,242 853 2,164 2,246
Net income $ 4,877 $ 3,524 $ 9,084 $ 8,950
Basic net income per share of Class A and B common stock and Class C capital stock $ 7.11 $ 5.09 $ 13.23 $ 12.94
Diluted net income per share of Class A and B common stock and Class C capital stock $ 7 $ 5.01 $ 13.01 $ 12.74
Alphabet Inc.
CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts which are reflected in thousands,
and par value per share amounts)
As of As of
31-Dec-16 30-Jun-17
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 12,918 $ 15,711
Marketable securities 73,415 79,002
Total cash, cash equivalents, and marketable securities 86,333 94,713
Accounts receivable, net of allowance of $467 and $546 14,137 14,003
Income taxes receivable, net 95 874
Inventory 268 398
Prepaid revenue share, expenses and other assets 4,575 2,398
Total current assets 105,408 112,386
Prepaid revenue share, expenses and other assets, non-current 1,819 2,004
Non-marketable investments 5,878 6,642
Deferred income taxes 383 376
Property and equipment, net 34,234 37,676
Intangible assets, net 3,307 2,933
Goodwill 16,468 16,604
Total assets $ 167,497 $ 178,621
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 2,041 $ 2,488
Accrued compensation and benefits 3,976 3,271
Accrued expenses and other current liabilities 6,144 8,560
Accrued revenue share 2,942 3,007
Deferred revenue 1,099 1,226
Income taxes payable, net 554 133
Total current liabilities 16,756 18,685
Long-term debt 3,935 3,955
Deferred revenue, non-current 202 345
Income taxes payable, non-current 4,677 4,128
Deferred income taxes 226 369
Other long-term liabilities 2,665 2,853
Total liabilities 28,461 30,335
Commitments and Contingencies (Note 11)
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); 691,293 (Class A 296,992, Class B 47,437, Class C 346,864) and 692,876 (Class A 298,043, Class B 47,101, Class C 347,732) shares issued and outstanding 36,307 38,509
Accumulated other comprehensive loss (2,402 ) (1,728 )
Retained earnings 105,131 111,505
Total stockholders’ equity 139,036 148,286
Total liabilities and stockholders’ equity $ 167,497 $ 178,621
Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Six Months Ended
June 30,
2016 2017
Operating activities
Net income $ 9,084 $ 8,950
Adjustments:
Depreciation and impairment of property and equipment 2,426 2,711
Amortization and impairment of intangible assets 435 417
Stock-based compensation expense 2,997 4,012
Deferred income taxes 364 538
Loss on marketable and non-marketable investments, net 294 84
Other 91 34
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable (17 ) 431
Income taxes, net 1,680 (1,779 )
Prepaid revenue share, expenses and other assets 161 (454 )
Accounts payable (221 ) 119
Accrued expenses and other liabilities (471 ) 1,687
Accrued revenue share (48 ) 6
Deferred revenue 3 195
Net cash provided by operating activities 16,778 16,951
Investing activities
Purchases of property and equipment (4,580 ) (5,339 )
Proceeds from disposals of property and equipment 29 54
Purchases of marketable securities (45,588 ) (39,676 )
Maturities and sales of marketable securities 37,789 34,238
Purchases of non-marketable investments (681 ) (694 )
Maturities and sales of non-marketable investments 98 118
Cash collateral related to securities lending (363 ) 0
Investments in reverse repurchase agreements (50 ) 0
Acquisitions, net of cash acquired, and purchases of intangible assets (72 ) (143 )
Proceeds from collection of notes receivable 0 1,419
Net cash used in investing activities (13,418 ) (10,023 )
Financing activities
Net payments related to stock-based award activities (1,610 ) (2,093 )
Repurchases of capital stock (3,693 ) (2,745 )
Proceeds from issuance of debt, net of costs 5,753 0
Repayments of debt (6,801 ) (56 )
Proceeds from sale of subsidiary shares 0 480
Net cash used in financing activities (6,351 ) (4,414 )
Effect of exchange rate changes on cash and cash equivalents 69 279
Net increase (decrease) in cash and cash equivalents (2,922 ) 2,793
Cash and cash equivalents at beginning of period 16,549 12,918
Cash and cash equivalents at end of period $ 13,627 $ 15,711

GOOGL SUMMARY

GOOGL Current Assets Current Liabilities Inventories Current Ratio(GOOGL) Acid Test Total Income
Q1 $ 135,676.00 $ 34,620.00 1,107 $ 3.92 $ 3.89 $ 9,192.00
Q2 $ 135,676.00 $ 34,620.00 1,107 $ 3.92 $ 3.89 $ 3,195.00
Q3 $ 135,676.00 $ 34,620.00 1,107 $ 3.92 $ 3.89 $ 9,401.00
Q4 $ 124,308.00 $ 24,183.00 749 $ 5.14 $ 5.11 $ 6,732.00
Q5 $ 124,308.00 $ 24,183.00 749 $ 5.14 $ 5.11 $ 3,524.00
Q6 $ 124,308.00 $ 24,183.00 749 $ 5.14 $ 5.11 $ 5,426.00
Q7 $ 105,408.00 $ 16,756.00 268 $ 6.29 $ 6.27 $ 5,061.00
Q8 $ 105,408.00 $ 16,756.00 268 $ 6.29 $ 6.27 $ 4,877.00

Current Ratio(GOOGL)

3.919006354708261 3.919006354708261 3.919006354708261 5.140305173055452 5.140305173055452 5.140305173055452 6.290761518262114 6.290761518262114

Acid Test

3.887030618139803 3.887030618139803 3.887030618139803 5.109333002522433 5.109333002522433 5.109333002522433 6.274767247553115 6.274767247553115