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Alphabet Announces First Quarter 2018 ResultsMOUNTAIN VIEW, Calif. April 23, 2018 Alphabet Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended March 31, 2018.“Our ongoing strong revenue growth reflects our momentum globally, up 26% versus the first quarter of 2017 and 23% on a constant currency basis to $31.1 billion. We have a clear set of exciting opportunities ahead, and our strong growth enables us to invest in them with confidence,“ said Ruth Porat, CFO of Alphabet and Google.Q1 2018 financial highlightsThe following summarizes our consolidated financial results for the quarters ended March 31, 2017 and 2018 (in millions, except for per share information, percentages, and number of employees; unaudited) with results for the quarter ended March 31, 2018 affected by gains on equity securities reflected in other income (expense), net (OI unaudited):Three Months EndedMarch 31, 2018Operating expenses impact:Accrued performance fees $632OI unaudited)Segment revenues and operating resultsIn Q1 2018, Nest joined forces with Googles hardware team. Consequently, the financial results of Nest have been reported in the Google segment, with Nest revenues reflected in Google other revenues. Prior period segment information has been recast to conform to the current period segment presentation. Consolidated financial results are not affected.Three Months EndedMarch 31, 2017Three Months EndedMarch 31, 2018Google properties revenues $17,403 $21,998Google Network Members properties revenues 4,008 4,644Google advertising revenues 21,411 26,642Google other revenues 3,207 4,354Google segment revenues $24,618 $30,996Other Bets revenues $132 $150Google operating income $7,446 $8,368Other Bets operating loss ($703) ($571)Traffic acquisition costs (TAC) to Google Network Members and distribution partnersThree Months EndedMarch 31, 2017Three Months EndedMarch 31, 2018TAC to Google Network Members $2,824 $3,386TAC to Google Network Members as % of Google Network Members properties revenues 70% 73%TAC to distribution partners $1,805 $2,902TAC to distribution partners as % of Google properties revenues 10% 13%Total TAC $4,629 $6,288Total TAC as % of Google advertising revenues 22% 24%Monetization metrics informationIn Q1 2018, we changed our monetization metrics for Google Network Members properties revenues from the percentage change in the number of paid clicks and cost-per-click to the percentage change in the number of impressions and cost-per-impression. The monetization metrics for Google properties revenues remain unchanged.Change from Q1 2017 to Q1 2018 (YoY)Change from Q4 2017 to Q1 2018 (QoQ)Paid clicks on Google properties 59 % 8 %Cost-per-click on Google properties (19)% (7)%Impressions on Google Network Members properties 0 % 5 %Cost-per-impression on Google Network Members properties 18 % (10)%Webcast and conference call informationA live audio webcast of our first quarter 2018 earnings release call will be available at abc/investor. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available on that site.We also provide announcements regarding our financial performance, including SEC filings, investor events, press and earnings releases, and blogs, on our investor relations website (abc/investor).Forward-looking statementsThis press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Managements Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2017, which is on file with the SEC and is available on our investor relations website at abc/investor and on the SEC website at sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018. All information provided in this release and in the attachments is as of April 23, 2018. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.About non-GAAP financial measuresTo supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: free cash flow; constant currency revenues; and constant currency revenue growth. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results, such as our revenues excluding the impact of foreign exchange rate movements and hedging activities. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate managements internal comparisons to our historical performance and liquidity as well as comparisons to our competitors operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.There are a number of limitations related to the use of non-GAAP financial measures. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP.For more information on these non-GAAP financial measures, please see the tables captioned “Reconciliation from net cash provided by operating activities to free cash flow“ and “Reconciliation from GAAP revenues to non-GAAP constant currency revenues“ included at the end of this release.ContactInvestor relations Mediainvestor-relationsabc pressabcAlphabet Inc.CONSOLIDATED BALANCE SHEETS(In millions, except share amounts which are reflected in thousands and par value per share amounts)December 31,2017March 31,2018(unaudited)AssetsCurrent assets:Cash and cash equivalents $ 10,715 $ 12,658Marketable securities 91,156 90,227Total cash, cash equivalents, and marketable securities 101,871 102,885Accounts receivable, net of allowance of $674 and $536 18,336 16,777Income taxes receivable, net 369 37Inventory 749 636Other current assets 2,983 3,426Total current assets 124,308 123,761Non-marketable investments 7,813 10,976Deferred income taxes 680 678Property and equipment, net 42,383 48,845Intangible assets, net 2,692 2,809Goodwill 16,747 17,862Other non-current assets 2,672 2,004Total assets $ 197,295 $ 206,935Liabilities and Stockholders EquityCurrent liabilities:Accounts payable $ 3,137 $ 3,526Short-term debt 0 1,329Accrued compensation and benefits 4,581 3,812Accrued expenses and other current liabilities 10,177 10,065Accrued revenue share 3,975 3,723Deferred revenue 1,432 1,596Income taxes payable, net 881 1,343Total current liabilities 24,183 25,394Long-term debt 3,969 3,973Deferred revenue, non-current 340 315Income taxes payable, non-current 12,812 12,885Deferred income taxes 430 394Other long-term liabilities 3,059 3,149Total liabilities 44,793 46,110Commitments and contingenciesStockholders equity:Convertible preferred stock, $0.001 par value per share, 100,000 shares authorized; no shares issued and outstanding 0 0Class A and Class B common stock, and Class C capital stock and additional paid-incapital, $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 41,487Accumulated other comprehensive loss (992) (670)Retained earnings 113,247 120,008Total stockholders equity 152,502 160,825Total liabilities and stockholders equity $ 197,295 $ 206,935Alphabet Inc.CONSOLIDATED STATEMENTS OF INCOME(In millions, except per share amounts; unaudited)Three Months EndedMarch 31,2017 2018Revenues $ 24,750 $ 31,146Costs and expenses:Cost of revenues 9,795 13,467Research and development 3,942 5,039Sales and marketing 2,644 3,604General and administrative 1,801 2,035Total costs and expenses 18,182 24,145Income from operations 6,568 7,001Other income (expense), net 251 3,542Income before income taxes 6,819 10,543Provision for income taxes 1,393 1,142Net income $ 5,426 $ 9,401Basic earnings per share of Class A and B common stock and Class C capital stock $ 7.85 $ 13.53Diluted earnings per share of Class A and B common stock and Class C capital stock $ 7.73 $ 13.33Alphabet Inc.CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions; unaudited)Three Months EndedMarch 31,2017 2018Operating activitiesNet income $ 5,426 $ 9,401Adjustments:Depreciation and impairment of property and equipment 1,287 1,791Amortization and impairment of intangible assets 216 195Stock-based compensation expense 2,009 2,457Deferred 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 1,700Income taxes, net 510 782Other assets (128) (241)Accounts payable 103 122Accrued expenses and other liabilities (1,868) (1,142)Accrued revenue share (74) (286)Deferred revenue 111 130Net cash provided by operating activities 9,548 11,642Investing activitiesPurchases of property and equipment (2,508) (7,299)Proceeds from disposals of property and equipment 41 30Purchases of marketable securities (20,119) (8,849)Maturities and sales of marketable securities 19,362 9,351Purchases of non-marketable investments (354) (327)Maturities and sales of non-marketable investments 78 498Acquisitions, net of cash acquired, and purchases of intangible assets (101) (1,250)Proceeds from collection of notes receivable 750 0Net cash used in investing activities (2,851) (7,846)Financing activitiesNet 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 4,691Repayments of debt (18) (3,378)Proceeds from sale of subsidiary shares 480 0Net cash used in financing activities (1,674) (2,018)Effect of exchange rate changes on cash and cash equivalents 191 165Net increase in cash and cash equivalents 5,214 1,943Cash and cash equivalents at beginning of period 12,918 10,715Cash and cash equivalents at end of period $ 18,132 $ 12,658Reconciliation from net cash provided by operating activities to free cash flow (in millions, unaudited):We provide free cash flow because it is a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can be used for strategic opportunities, including investing in our business and acquisitions, and to strengthen our balance sheet.Three Months EndedMarch 31, 2018Net cash provided by operating activities $ 11,642Less: purchases of property and equipment (7,299)Free cash flow $ 4,343Free cash flow: We define free cash flow as net cash provided by operating activities less capital expenditures.Reconciliation from GAAP revenues to non-GAAP constant currency revenues (in millions, unaudited):We provide non-GAAP constant currency revenues and growth because they facilitate the comparison of current results to historic performance by excluding the impact of foreign exchange rate movements and hedging activities, which are not indicative of our core operating results.Three Months EndedMarch 31, 2018Three Months EndedMarch 31, 2018YoY(using Q117s FX rates)QoQ(using Q417s FX rates)EMEA revenues (GAAP) $ 10,474 $ 10,474Exclude foreign exchange impact on Q118 revenues using Q117 rates (1,094) N/AExclude foreign exchange impact on Q118 revenues using Q417 rates N/A (324)Exclude hedging impact recognized in Q118 217 217EMEA constant currency revenues (non-GAAP) $ 9,597 $ 10,367Prior period EMEA revenues, excluding hedging impact (non-GAAP) $ 7,933 $ 10,488EMEA revenue growth (GAAP) 29% 2 %EMEA constant currency revenue growth (non-GAAP) 21% (1)%APAC revenues (GAAP) $ 4,804 $ 4,804Exclude foreign exchange impact on Q118 revenues using Q117 rates (198) N/AExclude foreign exchange impact on Q118 revenues using Q417 rates N/A (96)Exclude hedging impact recognized in Q118 15 15APAC constant currency revenues (non-GAAP) $ 4,621 $ 4,723Prior period APAC revenues, excluding hedging impact (non-GAAP) $ 3,560 $ 4,696APAC revenue growth (GAAP) 33% 2 %APAC constant currency revenue growth (non-GAAP) 30% 1 %Other Americas revenues (GAAP) $ 1,724 $ 1,724Exclude foreign exchange impact on Q118 revenues using Q117 rates (19) N/AExclude foreign exchange impact on Q118 revenues using Q417 rates N/A 3Exclude hedging impact recognized in Q118 7 7Other Americas constant currency revenues (non-GAAP) $ 1,712 $ 1,734Prior period Other Americas revenues, excluding hedging impact (non-GAAP) $ 1,271 $ 1,909Other Americas revenue growth (GAAP) 36% (9)%Other Americas constant currency revenue growth (non-GAAP) 35% (9)%United States revenues (GAAP) $ 14,144 $ 14,144United States revenue growth (GAAP) 20% (8)%Revenues (GAAP) $ 31,146 $ 31,146Constant currency revenues (non-GAAP) $ 30,074 $ 30,968Prior period revenues, excluding hedging impact (non-GAAP) $ 24,533 $ 32,521Revenue growth (GAAP) 26% (4)%Constant currency revenue growth (non-GAAP) 23% (5)%Non-GAAP constant currency revenues and growth: We define non-GAAP constant currency revenues as total revenues excluding the impact of foreign exchange rate movements and hedging activities, and we use it to determine the constant currency revenue growth on year-on-year and quarter-on-quarter bases. Non-GAAP constant currency reven
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