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Alphabet Announces Fourth Quarter and Fiscal Year 2018 ResultsMOUNTAIN VIEW, Calif. February 4, 2019 Alphabet Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter and fiscal year ended December 31, 2018.“In 2018 we delivered strong revenue growth, up 23% year over year to $136.8 billion, and up 22% for the fourth quarter to $39.3 billion,“ said Ruth Porat, Chief Financial Officer of Alphabet and Google. “With great opportunities ahead, we continue to make focused investments in the talent and infrastructure needed to bring exceptional products and experiences to our users, advertisers and partners around the globe.“Q4 2018 financial highlightsThe following summarizes our consolidated financial results for the quarters ended December 31, 2017 and 2018 (in millions, except for per share information, percentages, and number of employees; unaudited):Three Months Ended December 31, 2017(1)Three Months EndedDecember 31, 2018Revenues $32,323 $39,276Increase in revenues year over year 24% 22%Increase in constant currency revenues year over year 24% 23%Operating income $7,664 $8,203Operating margin 24% 21%Other income (expense), net $354 $1,869Net income (loss) ($3,020) $8,948Diluted EPS ($4.35) $12.77Diluted shares (in thousands) 694,604 700,899Effective tax rate 138% 11%Number of employees 80,110 98,771(1) The Tax Act was enacted on December 22, 2017 and resulted in additional tax expense of $9.9 billion in the fourth quarter of 2017 primarily due to the one-time transition tax on accumulated foreign subsidiary earnings and deferred tax effects.Q4 2018 supplemental information (in millions, except for EPS and percentages; unaudited)Segment revenues and operating resultsThree Months EndedDecember 31, 2017Three Months EndedDecember 31, 2018Google properties revenues $22,237 $27,022Google Network Members properties revenues 4,990 5,613Google advertising revenues 27,227 32,635Google other revenues 4,965 6,487Google segment revenues $32,192 $39,122Other Bets revenues $131 $154Google operating income $8,595 $9,700Other Bets operating loss ($748) ($1,328)Traffic acquisition costs (TAC) to Google Network Members and distribution partnersThree Months EndedDecember 31, 2017Three Months EndedDecember 31, 2018TAC to Google Network Members $3,674 $3,930TAC to Google Network Members as % of Google Network Members properties revenues 74% 70%TAC to distribution partners $2,776 $3,506TAC to distribution partners as % of Google properties revenues 12% 13%Total TAC $6,450 $7,436Total TAC as % of Google advertising revenues 24% 23%Monetization metrics informationChange from Q4 2017 to Q4 2018 (YoY)Change from Q3 2018 to Q4 2018 (QoQ)Paid clicks on Google properties 66 % 22 %Cost-per-click on Google properties (29)% (9)%Impressions on Google Network Members properties 7 % 7 %Cost-per-impression on Google Network Members properties 5 % 7 %2018 effect from securitiesThe following summarizes the effects on our fourth quarter and fiscal year 2018 results of an accounting standard (ASU 2016-01) adopted on January 1, 2018 that changed the way companies are required to account for equity security investments. Specifically, all gains and losses, unrealized and realized, on equity security investments must be recognized in other income (expense), net (OI 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 effect 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 31,2017December 31,2018(unaudited)AssetsCurrent assets:Cash and cash equivalents $ 10,715 $ 16,701Marketable securities 91,156 92,439Total cash, cash equivalents, and marketable securities 101,871 109,140Accounts receivable, net of allowance of $674 and $729 18,336 20,838Income taxes receivable, net 369 355Inventory 749 1,107Other current assets 2,983 4,236Total current assets 124,308 135,676Non-marketable investments 7,813 13,859Deferred income taxes 680 737Property and equipment, net 42,383 59,719Intangible assets, net 2,692 2,220Goodwill 16,747 17,888Other non-current assets 2,672 2,693Total assets $ 197,295 $ 232,792Liabilities and Stockholders EquityCurrent liabilities:Accounts payable $ 3,137 $ 4,378Accrued compensation and benefits 4,581 6,839Accrued expenses and other current liabilities 10,177 16,958Accrued revenue share 3,975 4,592Deferred revenue 1,432 1,784Income taxes payable, net 881 69Total current liabilities 24,183 34,620Long-term debt 3,969 4,012Deferred revenue, non-current 340 396Income taxes payable, non-current 12,812 11,327Deferred income taxes 430 1,264Other long-term liabilities 3,059 3,545Total liabilities 44,793 55,164Commitments 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 695,556 (Class A 299,242, Class B 46,636, Class C 349,678)shares issued and outstanding 40,247 45,049Accumulated other comprehensive loss (992) (2,306)Retained earnings 113,247 134,885Total stockholders equity 152,502 177,628Total liabilities and stockholders equity $ 197,295 $ 232,792Alphabet Inc.CONSOLIDATED STATEMENTS OF INCOME(In millions, except per share amounts; unaudited)Three Months Ended Twelve Months EndedDecember 31, December 31,2017 2018 2017 2018Revenues $ 32,323 $ 39,276 $ 110,855 $ 136,819Costs and expenses:Cost of revenues 14,267 17,918 45,583 59,549Research and development 4,306 6,034 16,625 21,419Sales and marketing 4,310 5,100 12,893 16,333General and administrative 1,776 2,021 6,872 8,126European Commission fines 0 0 2,736 5,071Total costs and expenses 24,659 31,073 84,709 110,498Income from operations 7,664 8,203 26,146 26,321Other income (expense), net 354 1,869 1,047 8,592Income before income taxes 8,018 10,072 27,193 34,913Provision for income taxes 11,038 1,124 14,531 4,177Net income (loss) $ (3,020) $ 8,948 $ 12,662 $ 30,736Basic earnings per share of Class A and B common stock andClass C capital stock $ (4.35) $ 12.87 $ 18.27 $ 44.22Diluted earnings per share of Class A and B common stock andClass C capital stock $ (4.35) $ 12.77 $ 18.00 $ 43.70Alphabet Inc.CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions; unaudited)Three Months Ended Twelve Months EndedDecember 31, December 31,2017 2018 2017 2018Operating activitiesNet income (loss) $ (3,020) $ 8,948 $ 12,662 $ 30,736Adjustments:Depreciation and impairment of property and equipment 1,831 2,373 6,103 8,164Amortization and impairment of intangible assets 195 207 812 871Stock-based compensation expense 1,847 2,253 7,679 9,353Deferred income taxes 16 55 258 778(Gain) loss on debt and equity securities, net (30) (1,237) 37 (6,650)Other 102 (107) 294 (189)Changes in assets and liabilities, net of effects of acquisitions:Accounts receivable (3,049) (2,887) (3,768) (2,169)Income taxes, net 9,076 (360) 8,211 (2,251)Other assets (78) 33 (2,164) (1,207)Accounts payable 673 774 731 1,067Accrued expenses and other liabilities 1,770 2,157 4,891 8,614Accrued revenue share 773 679 955 483Deferred revenue 162 99 390 371Net cash provided by operating activities 10,268 12,987 37,091 47,971Investing activitiesPurchases of property and equipment (4,307) (7,081) (13,184) (25,139)Proceeds from disposals of property and equipment 18 29 99 98Purchases of marketable securities (13,486) (12,818) (92,195) (50,158)Maturities and sales of marketable securities 11,371 13,581 73,959 48,507Purchases of non-marketable investments (874) (955) (1,745) (2,073)Maturities and sales of non-marketable investments 318 407 533 1,752Acquisitions, net of cash acquired, and purchases of intangible assets (14) (39) (287) (1,491)Proceeds from collection of notes receivable 0 0 1,419 0Net cash used in investing activities (6,974) (6,876) (31,401) (28,504)Financing activitiesNet payments related to stock-based award activities (1,055) (1,041) (4,166) (4,993)Repurchases of capital stock (2,101) (2,650) (4,846) (9,075)Proceeds from issuance of debt, net of costs 1,593 0 4,291 6,766Repayments of debt (1,615) (5) (4,377) (6,827)Proceeds from sale of subsidiary shares 0 950 800 950Net cash used in financing activities (3,178) (2,746) (8,298) (13,179)Effect of exchange rate changes on cash and cash equivalents 18 (107) 405 (302)Net increase (decrease) in cash and cash equivalents 134 3,258 (2,203) 5,986Cash and cash equivalents at beginning of period 10,581 13,443 12,918 10,715Cash and cash equivalents at end of period $ 10,715 $ 16,701 $ 10,715 $ 16,701Reconciliation 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 MonthsEnded December31, 2018Net cash provided by operating activities $ 12,987Less: purchases of property and equipment (7,081)Free cash flow $ 5,906Free 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 effect of foreign exchange rate movements and hedging activities, which are not indicative of our core operating results.Three Months EndedDecember 31, 2018Three Months EndedDecember 31, 2018YoY(using Q417s FX rates)QoQ(using Q318s FX rates)EMEA revenues (GAAP) $ 12,350 $ 12,350Exclude foreign exchange effect on Q418 revenues using Q417 rates 367 N/AExclude foreign exchange effect on Q418 revenues using Q318 rates N/A 175Exclude hedging effect recognized in Q418 (99) (99)EMEA constant currency revenues (non-GAAP) $ 12,618 $ 12,426Prior period EMEA revenues, excluding hedging effect (non-GAAP) $ 10,488 $ 10,909EMEA revenue growth (GAAP) 20% 13 %EMEA constant currency revenue growth (non-GAAP) 20% 14 %APAC revenues (GAAP) $ 6,056 $ 6,056Exclude foreign exchange effect on Q418 revenues using Q417 rates 146 N/AExclude foreign exchange effect on Q418 revenues using Q318 rates N/A 92Exclude hedging effect recognized in Q418 (25) (25)APAC constant currency revenues (non-GAAP) $ 6,177 $ 6,123Prior period APAC revenues, excluding hedging effect (non-GAAP) $ 4,696 $ 5,401APAC revenue growth (GAAP) 29% 12 %APAC constant currency revenue growth (non-GAAP) 32% 13 %Other Americas revenues (GAAP) $ 2,201 $ 2,201Exclude foreign exchange effect on Q418 revenues using Q417 rates 211 N/AExclude foreign exchange effect on Q418 revenues using Q318 rates N/A 27Exclude hedging effect recognized in Q418 0 0Other Americas constant currency revenues (non-GAAP) $ 2,412 $ 2,228Prior period Other Americas revenues, excluding hedging effect (non-GAAP) $ 1,909 $ 1,827Other Americas revenue growth (GAAP) 16% 20 %Other Americas constant currency revenue growth (non-GAAP) 26% 22 %United States revenues (GAAP) $ 18,669 $ 18,669United States revenue growth (GAAP) 21% 20 %Revenues (GAAP) $ 39,276 $ 39,276Constant currency revenues (non-GAAP) $ 39,876 $ 39,446Prior period revenues, excluding hedging effect (non-GAAP) $ 32,521 $ 33,660Revenue growth (GAAP) 22% 16 %Constant currency revenue growth (non-GAAP) 23% 17 %Non-GAAP constant currency revenues and growth: We define non-GAAP constant currency revenues as total revenues excluding the effect of foreign exchange rate movements and hedging activities, and we use it to determine the constant currency revenue growth on year-on-year and quarter-on-quarter bases. Non-GAAP constant currency revenues are calculated by translating current quarter revenues using prior period exchange rates and excluding any hedging effect recognized in the current quarter. Constant currency revenue growth (expressed as a percentage) is calculated by determining the increase in current quarter non-GAAP constant currency revenues over prior period revenues, excluding any hedging effect recognized in the prior period.Other income (expense), netThe following table presents our other income (expense), net (in millions, unaudited):Three Months EndedDecember 31,2017 2018Interest income $ 400 $ 542Interest expense (36) (29)Foreign currency exchange losses, net (20) 32Gain (loss) on debt securities, net (13) 1,252Gain (loss) on equity securities, net 43 (15)Income (loss) and impairment from equity
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