Ranking firms in order based on findings in Excel

Just like the title, according to the excel data, analyze and rank these four companies. Then pick one of it to invest, then tell the reason. Please finish in 4 hours (due 2/28/2020 9:30pm)!

2

>

Don't use plagiarized sources. Get Your Custom Essay on
Ranking firms in order based on findings in Excel
Just from $13/Page
Order Essay
MSFT

Q

1

(Unaudited)

September

,

1

,2

$

,240

,928

Product

Service and other

3

5

income, net

2

7

$

$

$

5

$

3

$

$

Basic 7,708

Diluted

$

$

2016

Net income $ 6,576 $

, net of tax:

0

6

)

)

)

Other comprehensive income (loss)

)

$

$

(In millions) (Unaudited)

$

$

(including securities loaned of $4,774 and $3,6

)

1

,587

,

,471

,981

, net of allowance for doubtful accounts of $2

and $

5

1

Other

,031

and $24,

4

$

,0

$

,

$

$

97

Other

taxes

$

,097

$

(In millions) (Unaudited)

Three Months Ended September 30, 2017 2016

Net income $ 6,576 $ 5,667

, amortization, and other

23

)

1

1

)

)

0

Accounts receivable

Inventories

)

67

)

8

)

)

Other long-term assets

8

)

)

Accounts payable

0

7

)

)

)

)

)

1

)

Other long-term liabilities

443

)

)

)

5

)

)

2

)

)

)

0

)

)

,341

)

)

)

9

)

)

)

,181

)

Securities lending payable 106

)

)

,470

)

26 10

79

)

7,663

$ 6,884 $

FINANCIAL STATEMENTS
INCOME STATEMENTS
(In millions, except per share amounts

)
Three Months Ended 3 0 20 7 201 6
Revenue:
Product $ 1

4 9 8 14,968
Service and other 10 6,9

60
Total revenue 24,

5 38 21
Cost of revenue:
2,9

80 3,581
5,298 4,

26
Total cost of revenue 8,278 7,844
Gross margin 16,260 14,084
Research and development 3,5

74 3,

106
Sales and marketing 3,8

12 3,2

18
General and administrative 1,

166 1,045
Operating income 7,708 6,

71
Other 276 11
Income before income taxes 7,984 6,

82
Provision for income taxes 1,

408 1,160
Net income 6,576 5,6

67
Earnings per share:
Basic 0.8 0.7
Diluted 0.84 0.72
Weighted average shares outstanding:
7,7

89
7,7

99 7,876
Cash dividends declared per common share 0.

42 0.

39
COMPREHENSIVE IN COME STATEMENTS
(In millions) (Unaudited)
Three Months Ended September 30, 20

17 5,667
Other comprehensive income (loss)
Net change related to derivatives (1 (

37
Net change related to investments (2 88 83
Translation adjustments and other 2

93 118
(101 164
Comprehensive income 6,4

75 5,831
BALANCE SHEETS
September 30,
2017
June 30,
2017
Assets
Current assets:
Cash and cash equivalents 6,884 7,663
Short-term investments 94 13 1

25 318
Total cash, cash equivalents, and short-term investments 138 1

32
Accounts receivable 85 34 14,5

61 22,

43
Inventories 3,

211 2,181
4,

788 5,103
Total current assets 161 162,696
Property and equipment, net of accumulated depreciation of $25,

523 179 2

4,809 23,

73
Operating lease right-of-use assets 6,844 6,555
Equity and other investments 5,343 6,023
Goodwill 35,

389 35,122
Intangible assets, net 9,598 10,106
Other long-term assets 6,083 6,076
Total assets 2

49 97 2

50 312
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable 6,

866 7,

390
Short-term debt 8,

170 9,072
Current portion of long-term debt 1,050 1,049
Accrued compensation 4,108 5,8

19
Income taxes 920 718
Short-term unearned revenue 22,778 24,013
Securities lending payable 203
7,520 7,587
Total current liabilities 51,615 55,745
Long-term debt 76,

255 76,073
Long-term unearned revenue 2,126 2,

643
Deferred income 5,

513 5,734
Operating lease liabilities 5,768 5,

372
Other long-term liabilities 18,173 17,034
Total liabilities 159,450 16

2,

601
Commitments and contingencies
Stockholders’ equity:
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,720 and 7,708 69,

419 69,

315
Retained earnings 19,702 17,769
Accumulated other comprehensive income 526 627
Total stockholders’ equity 89,647 87,711
Total liabilities and stockholders’ equity 249 250,312
CASH FLOWS STATEMENTS
Operations
Adjustments to reconcile net income to net cash from operations:
Depreciation 2,499 1,816
Stock-based compensation expense 973 703
Net recognized gains on investments and derivatives (5 (3
Deferred income taxes (53 54
Changes in operating assets and liabilities:
7,949 7,187
(1,023 (8
Other current assets (31 (9

65
(27 (93
(4 (

443
Unearned revenue (

1,806 (1,

807
Other current liabilities (1,962 (32
813
Net cash from operations 12,

440 11,549
Financing
Repayments of short-term debt, maturities of 90 days or less, net (3,

710 (3,390
Proceeds from issuance of debt 3,954 24,977
Repayments of debt (1,169 (22
Common stock issued 307 241
Common stock repurchased (2,

570 (4,

36
Common stock cash dividends paid (3,003 (2,

800
Other, net (15 (112
Net cash from (used in) financing (6 14,

329
Investing
Additions to property and equipment (2,132 (2,

163
Acquisition of companies, net of cash acquired, and purchases of intangible and other assets (17 (24
Purchases of investments (32,

961 (57
Maturities of investments 5,226 8,659
Sales of investments 23,036 32,323
(84
Net cash used in investing (

6,904 (18
Effect of foreign exchange rates on cash and cash equivalents
Net change in cash and cash equivalents (7 7,418
Cash and cash equivalents, beginning of period 6,510
Cash and cash equivalents, end of period 13,928

MSFT

Q2

INCOME STATEMENTS

December 31,

2017 2016 2017 2016

Revenue:

Product $

$

$

$

Service and other

Total revenue

8

Cost of revenue:

Product

Service and other

Total cost of revenue

Gross margin

Research and development

Sales and marketing

General and administrative

Operating income

Income before income taxes

Provision for income taxes

$

) $

$

$

Basic $

) $

$

$

Diluted $ (0.82 ) $ 0.8 $ 0.04 $

Weighted average shares outstanding:

Basic

Diluted 7,710

Cash dividends declared per common share $ 0.42 $ 0.39 $ 0.84 $

COMPREHENSIVE IN COME STATEMENTS

(In millions) (Unaudited) Three Months Ended
December 31,

2017 2016 2017 2016

Net income (loss) $ (6,302 ) $ 6,267 $ 274 $ 11,934

Net change related to derivatives (7 )

)

Net change related to investments

)

)

)

)

Translation adjustments and other (40 )

)

)

)

)

)

)

$

) $

$

2

) $

BALANCE SHEETS
(In millions) (Unaudited)

June 30,
2017

Assets
Current assets:

Cash and cash equivalents $

$ 7,663

and $3,694)

,318

Total cash, cash equivalents, and short-term investments

132,981

of allowance for doubtful accounts of $337 and $345

22,

Inventories

2,181

Other

5,103

Total current assets

162,696

23,734

Operating lease right-of-use assets

6,555

Equity and other investments

6,023

Goodwill

35,122

Intangible assets, net

10,106

Other long-term assets

6,076

Total assets $

$ 250,312

Liabilities and stockholders’ equity
Current liabilities:

Accounts payable $

$ 7,390

Short-term debt

9,072

Current portion of long-term debt

1,049

Accrued compensation

5,819

788 718

Short-term unearned revenue

24,013

Securities lending payable 26 97
Other

7,587

Total current liabilities

55,745

Long-term debt

76,073

Long-term unearned revenue

Deferred income taxes

5,734

Operating lease liabilities

Other long-term liabilities

Total liabilities

162,601

Commitments and contingencies
Stockholders’ equity:

69,315

Retained earnings

17,769

9

) 627

Total stockholders’ equity

87,711

Total liabilities and stockholders’ equity $ 256,003 $ 250,312

CASH FLOWS STATEMENTS

(In millions) (Unaudited) Three Months Ended
December 31,

2017 2016 2017 2016

Operations
Net income (loss) $ (6,302 ) $ 6,267 $ 274 $ 11,934

Depreciation, amortization, and other

Stock-based compensation expense

Net recognized gains on investments and derivatives

)

)

)

3

)

Deferred income taxes

) 5

)

Changes in operating assets and liabilities:

Accounts receivable

)

)

Inventories

Other current assets

36

Other long-term assets

)

)

)

)

Accounts payable

99

(344 )

Unearned revenue

)

)

)

)

Income taxes

Other current liabilities 643

)

)

)

Other long-term liabilities

)

) 201

)

Net cash from operations

Financing

) 49

)

Proceeds from issuance of debt

Repayments of debt

)

)

)

)

Common stock issued

131 496 372

Common stock repurchased

)

)

)

)

Common stock cash dividends paid

)

)

)

)

Other, net

) 312

) 200

Net cash from (used in) financing

)

)

Investing

Additions to property and equipment

)

)

)

)

Acquisition of companies, net of cash acquired, and purchases of intangible and other assets (27 )

)

)

)

Purchases of investments

,154

)

,775

)

)

)

Maturities of investments

Sales of investments

Securities lending payable

)

) 986

Net cash used in investing

1

)

,751

)

)

)

Effect of foreign exchange rates on cash and cash equivalents (17 ) (18 ) 9 (8 )
Net change in cash and cash equivalents

)

Cash and cash equivalents, beginning of period 6,884 13,928 7,663 6,510
Cash and cash equivalents, end of period $ 12,859 $

$ 12,859 $ 8,468

MICROSOFT CORPORATION
For the Quarter Ended December 31, 2017
(In millions, except per share amounts) (Unaudited)
Six Months Ended
Three Months Ended
December 31,
17,926 18,273 32,224 33,241
10,992 7,553 21,232 14,513
28,

91 25,826 53,456 47,754
5,498 5,378 8,

478 8,959
5,566 4,523 10,864 8,786
11,064 9,901 19,

342 1

7,745
17,854 15,925 34,114 30,009
3,504 3,062 7,078 6,168
4,562 4,079 8,374 7,297
1,

109 879 2,

275 1,

924
8,679 7,905 16,387 14,

620
Other income, net 490 117 766 229
9,169 8,022 17,153 1

4,849
15,471 1,755 16,879 2,915
Net income (loss) (6,302 6,267 274 11,

934
Earnings (loss) per share:
(0.82 0.81 0.04 1.54
1.52
7,710 7,755 7,709 7,772
7,830 7,

799 7,853
0.78
Six Months Ended
December 31,
Other comprehensive income (loss), net of tax:
280 (113 243
(878 (994 (1,166 (

911
(592 253 (474
Other comprehensive loss (925 (1,306 (1,026 (1,

142
Comprehensive income (loss) (7,227 4,961 (75 10,792
December 31,
2017
12,

859
Short-term investments (including securities loaned of $4,

247 129,921 125
142,780
Accounts receivable, net 18,428 431
2,003
4,422
167,633
Property and equipment, net of accumulated depreciation of $26,849 and $2

4,179 26,

304
6,749
3,961
35,355
9,034
6,967
256,003
7,

850
12,466
3,446
4,

427
Short-term income taxes
21,309
7,787
58,099
73,

348
Long-term income taxes 30,050 13,485
2,

500 2,643
3,186
5,640 5,372
4,

820 3,549
177,643
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,705 and 7,708 70,192
8,567
Accumulated other comprehensive income (loss) (39
78,

360
Six Months Ended
December 31 ,
Adjustments to reconcile net income (loss) to net cash from operations:
2,536 2,166 5,035 3,982
986 767 1,959 1,470
(684 (652 (1,207 (96
(

2,

305 (2,358 545
(3,908 (

2,789 4,041 4,398
1,205 1,132 182 265
354 1,300 335
(344 (

200 (622 (293
938 531
(1,065 (

1,077 (2,871 (2,884
15,974 843 16,635 1,407
(1,267 (

1,521 (1,727
(153 (301 (

283
7,875 6,293 20,315 17,842
Proceeds from issuance (repayments) of short-term debt, maturities of 90 days or less, net 3,759 (3,755 (7,

145
3,229 17,069 7,183 42,046
(3,327 (4,118 (4,

496 (4,343
189
(

2,008 (3,599 (4,578 (7,961
(3,

238 (3,024 (

6,241 (5,824
(156 (306
(1,552 3,016 (7,

893 17,345
(2,586 (

1,988 (4,718 (4,

151
(24,760 (206 (24,784
(45 (46 (78,115 (103,956
6,

352 8,715 11,578 17,374
41,

261 48,987 64,297 81,310
(177 1,070 (71
(33 (14 (7,235 (33,221
5,975 (5,

460 5,

196 1,958
8,468

MSFT

Q3

MICROSOFT CORPORATION

INCOME STATEMENTS

(In millions, except per share amounts) (Unaudited)

March 31,

2018 2017 2018 2017

Revenue:

Product $

$ 14,513 $

$ 47,754

Service and other

Total revenue

23,212

Cost of revenue:

Product

Service and other

Total cost of revenue

Gross margin

Research and development

Sales and marketing

General and administrative

Operating income

Other income, net

Income before income taxes

Provision for income taxes

4,523

Net income $

$

$

$

Earnings per share:

Basic $

$

$ 1 $

Diluted $

$ 0.7 $

$

Weighted average shares outstanding:

Basic

Diluted

Cash dividends declared per common share $ 0.42 $ 0.39 $

6

$

COMPREHENSIVE IN COME STATEMENTS

(In millions) (Unaudited) Three Months Ended
March 31,

2018 2017 2018 2017

Net income $ 7,424 $ 5,486 $ 7,698 $ 17,420

Other comprehensive income (loss), net of tax:

Net change related to derivatives 7 (

) (106 ) 18

Net change related to investments

) 65

)

)

Translation adjustments and other 255 349

5

)

Other comprehensive income (loss)

) 189

)

3

)

Comprehensive income $

$

$

$

BALANCE SHEETS
(In millions) (Unaudited)

June 30,
2017

Assets
Current assets:

Cash and cash equivalents $

$ 7,663

Short-term investments

125,318

Total cash, cash equivalents, and short-term investments

132,981

and $345

22,431

Inventories

2,181

Other

5,103

Total current assets

162,696

23,734

Operating lease right-of-use assets

6,555

Equity and other investments

6,023

Goodwill

35,122

Intangible assets, net

10,106

Other long-term assets

6,076

Total assets $

,497

$ 250,312

Liabilities and stockholders’ equity
Current liabilities:

Accounts payable $

$ 7,390

Short-term debt

9,072

Current portion of long-term debt

1,049

Accrued compensation

5,819

Short-term income taxes

718

Short-term unearned revenue

24,013

Other

Total current liabilities

55,745

Long-term debt

76,073

Long-term income taxes

13,485

Long-term unearned revenue

2,643

Deferred income taxes

5,734

Operating lease liabilities

5,372

Other long-term liabilities

3,549

Total liabilities

162,601

Commitments and contingencies
Stockholders’ equity:

and 7,708

69,315

Retained earnings

17,769

Accumulated other comprehensive income (loss)

) 627

Total stockholders’ equity

87,711

Total liabilities and stockholders’ equity $ 245,497 $ 250,312

CASH FLOWS STATEMENTS

(In millions) (Unaudited) Three Months Ended
March 31,

2018 2017 2018 2017

Operations
Net income $ 7,424 $ 5,486 $ 7,698 $ 17,420
Adjustments to reconcile net income to net cash from operations:

Depreciation, amortization, and other

7,745

Stock-based compensation expense

Net recognized gains on investments and derivatives

)

)

)

)

Deferred income taxes

)

)

) 261

Changes in operating assets and liabilities:

Accounts receivable

Inventories (75 )

)

249

Other current assets

) (31 ) (113 ) 304

Other long-term assets

)

)

)

)

Accounts payable

)

) 138

)

Unearned revenue 91 (45 )

)

)

Income taxes 645

Other current liabilities

)

)

Other long-term liabilities 145 283

1

Net cash from operations

Financing

Repayments of short-term debt, maturities of 90 days or less, net

)

)

)

)

Proceeds from issuance of debt 0

7,183

Repayments of debt

)

)

)

)

Common stock issued

179

Common stock repurchased

)

)

)

)

Common stock cash dividends paid

)

)

)

)

Other, net

0

)

)

6

)

)

Net cash from (used in) financing

,658

)

)

)

Investing

Additions to property and equipment

)

)

)

)

Acquisition of companies, net of cash acquired, and purchases of intangible and other assets

)

2

)

)

,586

)

Purchases of investments

,885

)

)

,000

)

)

Maturities of investments

Sales of investments

Securities lending payable (19 )

)

) (94 )

)

)

)

Effect of foreign exchange rates on cash and cash equivalents 25 12 34 4
Net change in cash and cash equivalents

)

)

203

Cash and cash equivalents, beginning of period 12,859 8,468 7,663 6,510
Cash and cash equivalents, end of period $ 9,221 $

$ 9,221 $ 6,713

FORM 10-Q
For the Quarter Ended March 31,

2018
ITEM 1. FINANCIAL STATEMENTS
Three Months Ended
March 31,
Nine Months Ended
15,114 47,338
11,705 8,699 32,937 23,

212
26,819 80,275 70,966
3,

425 3,075 1

1,903 1

2,034
5,844 4,

985 16,708 13,771
9,269 8,060 28,611 25,805
17,550 15,152 51,664 45,161
3,715 3,355 10,793 9,523
4,335 3,872 12,709 11,169
1,208 1,

202 3,483 3,126
8,292 6,723 24,679 21,343
349 371 1,115 600
8,641 7,094 25,794 21,943
1,217 1,608 18,096
7,424 5,486 7,

698 17,420
0.96 0.71 2.25
0.95 0.99 2.22
7,698 7,

725 7,706 7,756
7,794 7,813 7,798 7,840
1.2 1.17
Nine Months Ended
March 31,
225
(1,016 (

2,182 (

846
508 (12
(754 (1,780 (95
6,670 5,675 5,918 16,467
March 31,
2018
9,221
123,049
132,270
Accounts receivable, net of allowance for doubtful accounts of $

311 17,208
2,084
5,097
15

6,659
Property and equipment, net of accumulated depreciation of $28,377 and $24,179 27,929
6,859
2,818
35,582
8,544
7,106
245
7,623
230
3,447
5,149
814
21,370
7,500 7,684
46,133
73,

480
30,669
2,585
2,417
5,751
5,223
166,258
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,

690 70,418
9,974
(1,153
79,239
Nine Months Ended
March 31 ,
2,710 2,453 6,

435
969 883 2,928 2,353
(438 (590 (1,

645 (1,553
(

396 (284 (2,754
1,285 1,415 5,326 5,813
(16 107
(149
(

213 (387 (

835 (680
(

393 (425 (769
(2,780 (2,929
1,247 17,280 2,

654
546 671 (975 (1,057
346
12,151 10,660 32,466 28,502
(7,373 (1,302 (7,324 (8,447
547 42,593
(4,883 (211 (9,379 (4,554
251 747 551
(3,781 (

2,062 (8,359 (10,023
(3,232 (3,012 (9,473 (8,836
(64 (

375 (94 (175
(19 (6,236 (2

7,551 11,109
(2,934 (1,695 (7,652 (5,846
(248 (80 (454 (25
(26 (43,918 (

105 (147,

874
7,674 4,860 19,

252 22,

234
2

6,256 36,444 90,553 117,754
(

1,080 (90
Net cash from (used in) investing 3,844 (6,

191 (

3,391 (39,

412
(3,638 (1,755 1,558
6,713

MSFT 4Q

MICROSOFT CORPORATION
FORM 10-Q

ITEM 1. FINANCIAL STATEMENTS

INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited)

Three Months Ended September 30, 2018 2017

Revenue:

Product $

$

Service and other

Total revenue

Cost of revenue:

Product

2,980

Service and other 6,256 5,298
Total cost of revenue

8,278

Gross margin

16,260

Research and development

3,574

Sales and marketing

General and administrative

1,166

Operating income

7,708

Other income, net

276

Income before income taxes

7,984

Provision for income taxes

1,408

Net income $

$ 6,576

Earnings per share:

Basic $

$

Diluted $

$ 0.84

Weighted average shares outstanding:

Basic

7,708

Diluted

7,799

Cash dividends declared per common share $

$ 0.42

COMPREHENSIVE IN COME STATEMENTS
(In millions) (Unaudited)

Three Months Ended September 30, 2018 2017

Net income $ 8,824 $ 6,576

Other comprehensive income (loss), net of tax:

Net change related to derivatives (45 ) (106 )
Net change related to investments

) (

)

Translation adjustments and other

) 293

Other comprehensive loss

) (101 )

Comprehensive income $

$ 6,475

BALANCE SHEETS
(In millions) (Unaudited)

Assets
Current assets:

Cash and cash equivalents $

$

Short-term investments

,822

Total cash, cash equivalents, and short-term investments

,880

and $377

Inventories

Other

Total current assets

Operating lease right-of-use assets

2,034

Goodwill

Intangible assets, net

Other long-term assets

Total assets $

$

Liabilities and stockholders’ equity
Current liabilities:

Accounts payable $

$

Current portion of long-term debt

Accrued compensation

Short-term income taxes

Short-term unearned revenue

Other

Total current liabilities

Long-term debt

Long-term income taxes

Long-term unearned revenue

Deferred income taxes

Operating lease liabilities

Other long-term liabilities

Total liabilities

,652

Commitments and contingencies
Stockholders’ equity:

Retained earnings

)

)

Total stockholders’ equity

Total liabilities and stockholders’ equity $ 257,619 $ 258,848

CASH FLOWS STATEMENTS
(In millions) (Unaudited)

Three Months Ended September 30, 2018 2017

Operations
Net income $ 8,824 $ 6,576
Adjustments to reconcile net income to net cash from operations:

Depreciation, amortization, and other

2,499

Stock-based compensation expense

973

Net recognized gains on investments and derivatives

) (523 )

Deferred income taxes

) (53 )

Changes in operating assets and liabilities:

Accounts receivable

7,949

Inventories

) (1,023 )

Other current assets

) (318 )

Other long-term assets 21

)

Accounts payable

)

)

Unearned revenue

) (1,806 )

Income taxes

)

Other current liabilities

)

)

Other long-term liabilities 43 354
Net cash from operations

12,440

Financing

Repayments of short-term debt, maturities of 90 days or less, net 0 (3,710 )
Proceeds from issuance of debt 0 3,954
Repayments of debt 0 (1,169 )
Common stock issued 360 307
Common stock repurchased

) (2,570 )

Common stock cash dividends paid

) (3,003 )

Other, net

) (

)

) (6,341 )

Investing

Additions to property and equipment

) (2,132 )

Acquisition of companies, net of cash acquired, and purchases of intangible and other assets

)

)

Purchases of investments

) (32,961 )

Maturities of investments

5,226

Sales of investments

23,036

Securities lending payable 0 106
Net cash used in investing

) (6,904 )

Effect of foreign exchange rates on cash and cash equivalents

) 26

Net change in cash and cash equivalents

)

Cash and cash equivalents, beginning of period 11,946 7,663
Cash and cash equivalents, end of period $ 15,137 $ 6,884
For the Quarter Ended September 30, 2018
INDEX
17,299 14,298
11,785 10,240
29,084 24,

538
3,

649
9,905
19,179
3,977
4,098 3,

812
1,149
9,955
266
10,221
1,

397
8,824
1.15 0.85
1.14
7,673
7,766
0.46
(261 288
(55
(361
8,463
September 30,
2018
June 30,
2018
15,137 11,946
120,743 121
135 133,768
Accounts receivable, net of allowance for doubtful accounts of $

319 17,390 26,481
3,614 2,662
7,311 6,751
164,

195 169,662
Property and equipment, net of accumulated depreciation of $30,953 and $29,223 31,

430 2

9,460
6,734 6,686
Equity investments 1,

862
35,855 3

5,683
7,579 8,053
9,792 7,442
257,619 258,848
8,511 8,617
6,497 3,998
4,271 6,103
2,341 2,121
26,704 28,905
7,953 8,

744
56,277 58,

488
69,733 72,242
28,936 30,265
3,538 3,815
1,977 541
5,652 5,568
5,539 5,211
171 176,130
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,680 and 7,677 71,303 71,223
17,

279 13,682
Accumulated other comprehensive loss (

2,615 (2,187
85,967 82,718
2,837
1,107
(240
(247
9,

194
(956
(677
(278
(395 (407
(2,441
(1,091 661
(2,322 (2,164
13,657
(3,744
(3,

220
(780 150
Net cash used in financing (7,384
(3,

602
(245 (179
(19,551
5,

214
15,231
(2,953
(129
3,191 (779

MSFT

Q5

MICROSOFT CORPORATION
FORM 10-Q

INDEX
ITEM 1. FINANCIAL STATEMENTS

INCOME STATEMENTS

(In millions, except per share amounts) (Unaudited) Three Months Ended
December 31, Six Months Ended
December 31,

2018 2017 2018 2017

Revenue:

Product $

$ 17,926 $

$ 32,224

Service and other

10,992

21,232

Total revenue

53,456

Cost of revenue:

Product

5,498

8,478

Service and other

5,566

10,864

Total cost of revenue

11,064

19,342

Gross margin

17,854

34,114

Research and development

3,504

7,078

Sales and marketing

4,562

8,374

General and administrative 1,132 1,109

2,275

Operating income

8,679

16,387

Other income, net

490 393 766

Income before income taxes

9,169

17,153

Provision for income taxes

15,471

16,879

Net income (loss) $

$ (6,302 ) $

$ 274

Earnings (loss) per share:

Basic $

$ (0.82 ) $

$ 0.04

Diluted $

$ (0.82 ) $ 2.22 $ 0.04

Weighted average shares outstanding:

Basic

7,710

7,709

Diluted

7,710

7,799

COMPREHENSIVE IN COME STATEMENTS
(In millions) (Unaudited) Three Months Ended
December 31, Six Months Ended
December 31,

2018 2017 2018 2017

Net income (loss) $ 8,420 $ (6,302 ) $ 17,244 $ 274

Other comprehensive income (loss), net of tax:

Net change related to derivatives (15 ) (7 )

) (113 )

Net change related to investments

(878 ) 620 (1,166 )

Translation adjustments and other

) (40 )

) 253

Other comprehensive income (loss) 602 (925 ) 241 (1,026 )
Comprehensive income (loss) $

$ (7,227 ) $

$

)

BALANCE SHEETS
(In millions) (Unaudited)

June 30,
2018

Assets
Current assets:

Cash and cash equivalents $

$ 11,946

Short-term investments

121,822

Total cash, cash equivalents, and short-term investments

133,768

26,481

Inventories

2,662

Other

6,751

Total current assets

169,662

and $29,223

29,460

Operating lease right-of-use assets

6,686

Equity investments

1,862

Goodwill

Intangible assets, net

8,053

Other long-term assets

7,442

Total assets $

$ 258,848

Liabilities and stockholders’ equity
Current liabilities:

Accounts payable $

$ 8,617

Current portion of long-term debt

3,998

Accrued compensation

6,103

Short-term income taxes

2,121

Short-term unearned revenue

28,905

Other

8,744

Total current liabilities

58,488

Long-term debt

72,242

Long-term income taxes

30,265

Long-term unearned revenue

3,815

Deferred income taxes 2,062 541
Operating lease liabilities 5,683 5,568
Other long-term liabilities

5,211

Total liabilities

176,130

Commitments and contingencies
Stockholders’ equity:

71,223

Retained earnings

13,682

Accumulated other comprehensive loss

) (2,187 )

Total stockholders’ equity

82,718

Total liabilities and stockholders’ equity $ 258,859 $ 258,848

CASH FLOWS STATEMENTS

(In millions) (Unaudited) Three Months Ended
December 31, Six Months Ended
December 31 ,
2018 2017 2018 2017

Operations

Net income (loss) $ 8,420 $ (6,302 ) $ 17,244 $ 274

Adjustments to reconcile net income (loss) to net cash from operations:

Depreciation, amortization, and other

2,536

5,035

Stock-based compensation expense

986

1,959

Net recognized gains on investments and derivatives

5

) (684 ) (375 ) (1,207 )

Deferred income taxes

) (2,305 )

) (2,358 )

Changes in operating assets and liabilities:

Accounts receivable

) (3,908 )

4,041

Inventories

1,205 698 182

Other current assets (173 ) 354

) 36

Other long-term assets

) (344 )

) (622 )

Accounts payable

) 938 (835 ) 531

Unearned revenue

) (1,065 )

) (2,871 )

Income taxes (64 ) 15,974

) 16,635

Other current liabilities

643

) (1,521 )

Other long-term liabilities (32 ) (153 ) 11 201
Net cash from operations

7,875

20,315

Financing

0 3,759 0 49

Proceeds from issuance of debt 0 3,229 0 7,183
Repayments of debt

) (3,327 ) (3,000 )

)

Common stock issued 200 189

496

Common stock repurchased

) (2,008 )

) (4,578 )

Common stock cash dividends paid

) (3,238 )

) (6,241 )

Other, net

) (156 )

) (306 )

Net cash used in financing

) (1,552 )

) (7,893 )

Investing

Additions to property and equipment

) (2,586 )

) (4,718 )

Acquisition of companies, net of cash acquired, and purchases of intangible and other assets

) (27 )

) (206 )

Purchases of investments

)

)

) (78,115 )

Maturities of investments

6,352

11,578

Sales of investments

64,297

Securities lending payable 0 (177 ) 0 (71 )
Net cash used in investing

) (

)

) (7,235 )

Effect of foreign exchange rates on cash and cash equivalents 17 (17 ) (112 ) 9
Net change in cash and cash equivalents

) 5,975

) 5,196

Cash and cash equivalents, beginning of period 15,137 6,884 11,946 7,663
Cash and cash equivalents, end of period $ 6,638 $ 12,859 $ 6,638 $ 12,859
For the Quarter Ended December 31, 2018
16,219 33,518
16,252 28,037
32,471 28,918 61,555
5,885 9,534
6,538 12,794
12,

423 2

2,328
20,048 39,227
4,070 8,047
4,588 8,686
2,281
10,258 20,213
127
10,385 20,606
1,965 3,362
8,420 17,244
1.09 2.24
1.08
7,692 7,683
7,768 7,767
(60
881
(264 (319
9,022 17,485 (752
December 31,
2018
6,638
12

1,024
127,662
Accounts receivable, net of allowance for doubtful accounts of $354 and $377 19,680
1,961
7,571
156,874
Property and equipment, net of accumulated depreciation of $3

3,082 32,717
6,806
2,274
41,

577 35,683
8,482
10,129
258,859
7,

563
3,516
4,624
2,033
24,285
8,297
50,318
69,653
29,161
3,799
6,055
166,

731
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,683 and 7,677 77,556
16,585
(2,013
92,128
2,995 5,832
1,183 2,

290
(13
(173 (420
(2,396 6,798
1,654
(850
(473 (452
(440
(2,122 (4,563
(1,

155
656 (

1,666
8,900 22,

557
Proceeds from issuance of short-term debt, maturities of 90 days or less, net
(3,000 (4,496
560
(6,413 (10,

157
(3,544 (6,764
(

459 (1,239
(13,216 (20,600
(3,707 (7,309
(1,593 (

1,838
(16,858 (45,154 (36,409
3,

782 8,

996
14,176 4

1,261 29,407
(4,200 331 (7,153
(8,499 (5,308

MSFT

Q6

MICROSOFT CORPORATION
FORM 10-Q

INDEX
ITEM 1. FINANCIAL STATEMENTS

INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited) Three Months Ended
March 31, Nine Months Ended
March 31,

2019 2018 2019 2018

Revenue:

Product $

$ 15,114 $

$ 47,338

Service and other

11,705

32,937

Total revenue

26,819

80,275

Cost of revenue:

Product

3,425

11,903

Service and other

5,844

16,708

Total cost of revenue

9,269

28,611

Gross margin

17,550

51,664

Research and development

3,715

10,793

Sales and marketing

4,335

12,709

General and administrative

1,208

3,483

Operating income

8,292

24,679

Other income, net 145 349 538 1,115
Income before income taxes

8,641

25,794

Provision for income taxes

1,217

18,096

Net income $

$ 7,424 $

$ 7,698

Earnings per share:

Basic $ 1.15 $ 0.96 $

$ 1

Diluted $ 1.14 $ 0.95 $

$ 0.99

Weighted average shares outstanding:

Basic

7,698

7,706

Diluted

7,794

7,798

COMPREHENSIVE IN COME STATEMENTS
(In millions) (Unaudited) Three Months Ended
March 31, Nine Months Ended
March 31,

2019 2018 2019 2018

Net income $ 8,809 $ 7,424 $ 26,053 $ 7,698

Other comprehensive income (loss), net of tax:

Net change related to derivatives (33 ) 7 (93 ) (106 )
Net change related to investments

(1,016 )

(2,182 )

Translation adjustments and other 67 255

) 508

Other comprehensive income (loss)

(754 )

(1,780 )

Comprehensive income $

$ 6,670 $

$ 5,918

BALANCE SHEETS
(In millions) (Unaudited)

June 30,
2018

Assets
Current assets:

Cash and cash equivalents $

$ 11,946

Short-term investments

121,822

Total cash, cash equivalents, and short-term investments

133,768

and $377

26,481

Inventories

2,662

Other

6,751

Total current assets

169,662

29,460

Operating lease right-of-use assets

6,686

Equity investments

1,862

Goodwill

35,683

Intangible assets, net

8,053

Other long-term assets 10,258 7,442
Total assets $

$ 258,848

Liabilities and stockholders’ equity
Current liabilities:

Accounts payable $

$ 8,617

Current portion of long-term debt

3,998

Accrued compensation

6,103

Short-term income taxes

2,121

Short-term unearned revenue

28,905

Other

8,744

Total current liabilities

58,488

Long-term debt

72,242

Long-term income taxes

30,265

Long-term unearned revenue

3,815

Deferred income taxes 1,838 541
Operating lease liabilities

5,568

Other long-term liabilities

5,211

Total liabilities

176,130

Commitments and contingencies
Stockholders’ equity:

71,223

Retained earnings

13,682

Accumulated other comprehensive loss

) (2,187 )

Total stockholders’ equity

82,718

Total liabilities and stockholders’ equity $ 263,281 $ 258,848

CASH FLOWS STATEMENTS

(In millions) (Unaudited) Three Months Ended
March 31, Nine Months Ended
March 31 ,

2019 2018 2019 2018

Operations
Net income $ 8,809 $ 7,424 $ 26,053 $ 7,698
Adjustments to reconcile net income to net cash from operations:

Depreciation, amortization, and other

2,710

7,745

Stock-based compensation expense

969

2,928

Net recognized gains on investments and derivatives (95 ) (438 )

)

)

Deferred income taxes

) (396 )

) (2,754 )

Changes in operating assets and liabilities:

Accounts receivable 460 1,285

5,326

Inventories 12 (75 ) 710 107
Other current assets (14 ) (149 )

) (113 )

Other long-term assets

) (213 )

) (835 )

Accounts payable

)

)

) 138

Unearned revenue 20 91

) (2,780 )

Income taxes 276 645

) 17,280

Other current liabilities 649 546

) (975 )

Other long-term liabilities

145

346

Net cash from operations

12,151

32,466

Financing

Repayments of short-term debt, maturities of 90 days or less, net 0 (7,373 ) 0 (7,324 )
Proceeds from issuance of debt 0 0 0 7,183
Repayments of debt 0 (4,883 ) (3,000 ) (9,379 )
Common stock issued 274 251

747

Common stock repurchased

) (3,781 )

) (8,359 )

Common stock cash dividends paid

) (3,232 )

) (9,473 )

Other, net

) (835 )

)

Net cash used in financing

)

)

) (27,551 )

Investing

Additions to property and equipment

) (2,934 )

) (7,652 )

Acquisition of companies, net of cash acquired, and purchases of intangible and other assets

) (248 )

) (454 )

Purchases of investments (5,846 ) (26,885 )

)

,000 )

Maturities of investments

7,674

19,252

Sales of investments

90,553

Securities lending payable 0 (19 ) 0 (90 )
Net cash from (used in) investing

) 3,844

) (3,391 )

Effect of foreign exchange rates on cash and cash equivalents 18 25 (94 ) 34
Net change in cash and cash equivalents

(3,638 )

) 1,558

Cash and cash equivalents, beginning of period 6,638 12,859 11,946 7,663
Cash and cash equivalents, end of period $ 11,212 $ 9,221 $ 11,212 $ 9,221
For the Quarter Ended March 31,

2019
15,

448 48,966
15,123 43,160
30,571 92,126
3,441 12,975
6,

729 19,523
10,170 32,498
20,401 59,628
4,

316 12,363
4,565 13,251
1,179 3,460
10,341 30,554
10,486 31,092
1,677 5,039
8,809 26,053
3.39
3.36
7,672 7,679
7,744 7,759
714 1,334
(252
748 989
9,557 27,042
March 31,
2019
11,212
120,

406
131,618
Accounts receivable, net of allowance for doubtful accounts of $

336 19,269
1,951
7,049
159,887
Property and equipment, net of accumulated depreciation of $35,431 and $29,223 33,648
7,121
2,

403
41,861
8,103
263,281
7,544
6,

515
5,764
1,950
24,251
7,837
53,861
66,585
29,514
3,884
5,972
6,763
168,417
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,666 and 7,677 77,

791
18,338
(1,265
9

4,864
2,926 8,758
1,172 3,462
(470 (1,645
(

320 (740
7,258
(864
(517 (969
(197 (393 (1,032
(4,

543
(879
(1,017
339 350
13,520 36,077
834
(4,753 (14,910
(

3,526 (10,290
404 (640 (946
(7,601 (1

9,658 (28,201
(2,565 (9,874
(269 (2,107
(42,255 (105
5,893 14,889
1,424 26,256 30,831
(1,363 (8,516
4,574 (734

MSFT

Q7

MICROSOFT CORPORATION
FORM 10-Q

INDEX
ITEM 1. FINANCIAL STATEMENTS

INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited)

Three Months Ended September 30, 2019 2018

Revenue:

Product $

$ 17,299

Service and other

11,785

Total revenue

29,084

Cost of revenue:

Product

Service and other

6,256

Total cost of revenue

9,905

Gross margin

19,179

Research and development 4,565 3,977
Sales and marketing

4,098

General and administrative

1,149

Operating income

9,955

Other income, net 0 266
Income before income taxes 12,686 10,221
Provision for income taxes 2,008 1,397
Net income $

$ 8,824

Earnings per share:

Basic $

$ 1.15

Diluted $

$ 1.14

Weighted average shares outstanding:

Basic

7,673

Diluted 7,710 7,766

(In millions) (Unaudited)

Three Months Ended September 30, 2019 2018

Net income $ 10,678 $ 8,824

Other comprehensive income (loss), net of tax:

Net change related to derivatives (2 ) (45 )
Net change related to investments 577 (261 )
Translation adjustments and other

) (55 )

Other comprehensive income (loss) 279 (361 )
Comprehensive income $

$ 8,463

BALANCE SHEETS
(In millions) (Unaudited)

Assets
Current assets:

Cash and cash equivalents $

$

Short-term investments

Total cash, cash equivalents, and short-term investments

,636

Inventories

Other current assets 7,551

Total current assets

,896

Operating lease right-of-use assets

Equity investments

2,649

Goodwill

Intangible assets, net

Other long-term assets

Total assets $

$

,556

Liabilities and stockholders’ equity
Current liabilities:

Accounts payable $

$

Current portion of long-term debt

Accrued compensation

Short-term income taxes

Short-term unearned revenue

Other current liabilities

Total current liabilities

Long-term debt

Long-term income taxes

Long-term unearned revenue

Deferred income taxes 234

Operating lease liabilities 6,659

Other long-term liabilities

Total liabilities

,226

Commitments and contingencies
Stockholders’ equity:

Retained earnings

Accumulated other comprehensive loss

)

)

Total stockholders’ equity

,330

Total liabilities and stockholders’ equity $ 278,955 $

CASH FLOWS STATEMENTS
(In millions) (Unaudited)

Three Months Ended September 30, 2019 2018

Operations
Net income $ 10,678 $ 8,824
Adjustments to reconcile net income to net cash from operations:

Depreciation, amortization, and other

2,837

Stock-based compensation expense

1,107

11 (240 )

Deferred income taxes (177 ) (247 )

Changes in operating assets and liabilities:

Accounts receivable

9,194

Inventories

) (956 )

Other current assets (438 ) (677 )
Other long-term assets

) 21

Accounts payable

7

) (395 )

Unearned revenue

) (2,441 )

Income taxes

) (1,091 )

Other current liabilities

) (2,322 )

Other long-term liabilities

43

Net cash from operations

13,657

Financing

Repayments of debt

) 0

Common stock issued 427 360
Common stock repurchased

) (3,744 )

Common stock cash dividends paid

) (

)

Other, net 286 (780 )
Net cash used in financing

) (7,384 )

Investing

Additions to property and equipment

)

)

Acquisition of companies, net of cash acquired, and purchases of intangible and other assets

) (245 )

Purchases of investments

) (19,551 )

Maturities of investments

5,214

Sales of investments

15,231

Net cash used in investing

) (2,953 )

Effect of foreign exchange rates on cash and cash equivalents

) (129 )

Net change in cash and cash equivalents

3,191

Cash and cash equivalents, beginning of period 11,356 11,946
Cash and cash equivalents, end of period $ 13,117 $ 15,137
For the Quarter Ended September 30, 2019
15,768
17,287
33,055
3,305 3,649
7,101
10,406
2

2,649
4,337
1,061
12,686
10,678
1.4
1.38
7,

634
COMPREHENSIVE INCOME STATEMENTS
(296
10,957
September 30,
2019
June 30,
2019
13,117 11,356
123,519 122,463
136 133,819
Accounts receivable, net of allowance for doubtful accounts of $303 and $411 19,087 29,524
2,622 2,063
10,146
165 175,552
Property and equipment, net of accumulated depreciation of $36,971 and $35,330 38,409 36,477
7,890 7,379
2,684
42,113 42,026
7,508 7,750
14,455 1

4,723
278,955 286
8,574 9,382
3,017 5,516
4,676 6,830
3,440 5,665
29,904 32,676
8,

507 9,351
58,118 69,420
66,478 66,662
28,457 29,612
4,122 4,530
233
6,

188
8,826 7,581
172,894 184
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,634 and 7,643 78,

882 78,520
27,240 24,150
(61 (

340
106,061 102
286,556
2,971
1,

262
Net recognized losses (gains) on investments and derivatives
10,090
(561
(333
(54
(2,

892
(3,336
(3,320
410
13,818
(2,500
(4,912
(

3,510 3,220
(10,

209
(3,385 (3,602
(462
(23,390
19,082
6,379
(

1,776
(72
1,761

MSFT

Q8

MICROSOFT CORPORATION
FORM 10-Q

INDEX
ITEM 1. FINANCIAL STATEMENTS

INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited) Three Months Ended
December 31, Six Months Ended
December 31,

2019 2018 2019 2018

Revenue:

Product $

$ 16,219 $

$ 33,518

Service and other

16,252

28,037

Total revenue

32,471

61,555

Cost of revenue:

Product

5,885

9,534

Service and other

6,538

12,794

Total cost of revenue

12,423

22,328

Gross margin

20,048

39,227

Research and development

4,070

8,047

Sales and marketing

4,588

8,686

General and administrative

1,132 2,182 2,281

Operating income

10,258

20,213

Other income, net 194 127 194 393
Income before income taxes

10,385

20,606

Provision for income taxes

1,965

3,362

Net income $

$ 8,420 $

$ 17,244

Earnings per share:

Basic $

$ 1.09 $

3

$ 2.24

Diluted $

$ 1.08 $ 2.9 $ 2.22

Weighted average shares outstanding:

Basic

7,692

7,683

Diluted

7,768

7,767

COMPREHENSIVE INCOME STATEMENTS
(In millions) (Unaudited) Three Months Ended
December 31, Six Months Ended
December 31,

2019 2018 2019 2018

Net income $ 11,649 $ 8,420 $ 22,327 $ 17,244

Other comprehensive income (loss), net of tax:

Net change related to derivatives (4 ) (15 ) (6 ) (60 )
Net change related to investments (420 ) 881 157 620
Translation adjustments and other 230 (264 )

) (319 )

Other comprehensive income (loss)

) 602 85 241

Comprehensive income $

$ 9,022 $

$ 17,485

BALANCE SHEETS
(In millions) (Unaudited)

June 30,
2019

Assets
Current assets:

Cash and cash equivalents $

$ 11,356

Short-term investments

122,463

Total cash, cash equivalents, and short-term investments

133,819

29,524

Inventories

2,063

Other current assets

10,146

Total current assets

175,552

36,477

Operating lease right-of-use assets

7,379

Equity investments

2,649

Goodwill

42,026

Intangible assets, net

7,750

Other long-term assets

14,723

Total assets $

$ 286,556

Liabilities and stockholders’ equity
Current liabilities:

Accounts payable $

$ 9,382

Current portion of long-term debt

5,516

Accrued compensation

6,830

Short-term income taxes

5,665

Short-term unearned revenue

32,676

Other current liabilities

9,351

Total current liabilities

69,420

Long-term debt

66,662

Long-term income taxes

29,612

Long-term unearned revenue

4,530

Deferred income taxes

233

Operating lease liabilities

6,188

Other long-term liabilities 9,658 7,581
Total liabilities

184,226

Commitments and contingencies
Stockholders’ equity:

78,520

Retained earnings

24,150

Accumulated other comprehensive loss

)

)

Total stockholders’ equity

102,330

Total liabilities and stockholders’ equity $ 282,794 $ 286,556

CASH FLOWS STATEMENTS

(In millions) (Unaudited) Three Months Ended
December 31, Six Months Ended
December 31,

2019 2018 2019 2018

Operations
Net income $ 11,649 $ 8,420 $ 22,327 $ 17,244
Adjustments to reconcile net income to net cash from operations:

Depreciation, amortization, and other

2,995

5,832

Stock-based compensation expense

1,183

2,290

Net recognized gains on investments and derivatives

) (135 )

) (375 )

Deferred income taxes (53 ) (173 )

) (420 )

Changes in operating assets and liabilities:

Accounts receivable

) (2,396 )

6,798

Inventories 799 1,654 238 698
Other current assets 165 (173 )

) (850 )

Other long-term assets (517 ) (473 ) (850 ) (452 )
Accounts payable (7 ) (440 )

) (835 )

Unearned revenue

) (2,122 )

) (4,563 )

Income taxes

) (64 )

) (1,155 )

Other current liabilities

656

) (1,666 )

Other long-term liabilities 425 (32 ) 835 11
Net cash from operations

8,900

22,557

Financing

Repayments of debt (18 ) (3,000 )

) (3,000 )

Common stock issued 234 200 661 560
Common stock repurchased

) (6,413 )

)

)

Common stock cash dividends paid

) (3,544 )

) (6,764 )

Other, net (39 ) (459 ) 247 (1,239 )
Net cash used in financing

) (13,216 )

) (20,600 )

Investing

Additions to property and equipment

) (3,707 )

) (7,309 )

Acquisition of companies, net of cash acquired, and purchases of intangible and other assets (80 ) (1,593 )

)

)

Purchases of investments

) (16,858 )

) (36,409 )

Maturities of investments

3,782

8,996

Sales of investments

14,176

29,407

Net cash used in investing

) (4,200 )

) (7,153 )

Effect of foreign exchange rates on cash and cash equivalents 18 17 (54 ) (112 )
Net change in cash and cash equivalents

) (8,499 )

) (5,308 )

Cash and cash equivalents, beginning of period 13,117 15,137 11,356 11,946
Cash and cash equivalents, end of period $ 8,864 $ 6,638 $ 8,864 $ 6,638
For the Quarter Ended December 31, 2019
18,255 34,023
18,651 35,938
36,906 69,961
4,966 8,271
7,392 14,493
12,358 22,764
24,

548 47,197
4,603 9,168
4,933 9,270
1,121
13,891 26,577
14,085 26,771
2,

436 4,444
11,649 22,327
1.53 2.9
1.51
7,621 7,628
7,691 7,701
(66
(194
11,455 22,412
December 31,
2019
8,864
125,389
134,253
Accounts receivable, net of allowance for doubtful accounts of $384 and $411 23,525
1,823
7,473
167,074
Property and equipment, net of accumulated depreciation of $39,597 and $35,330 40,522
8,439
2,755
42,248
7,126
14,630
282,794
8,811
6,247
5,421
2,687
27,343
9,131
59,640
63,361
28,754
3,878
222
7,172
172,685
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,611 and 7,643 79,625
30,739
(255 (340
110,109
3,203 6,174
1,340 2,602
(203 (192
(230
(4,203 5,887
(273
(554
(2,936 (5,828
(471 (3,807
1,489 (1,831
10,680 24,498
(2,518
(5,206 (

10,118 (10,157
(

3,886 (7,396
(8,915 (19,

124
(3,545 (6,930
(542 (1,838
(19,011 (42,401
11,230 30,312
5,370 11,749
(6,036 (7,812
(4,253 (2,492

MSFT SUMMARY

MSFT

Current Assets Current Liabilities

Inventories

Accounts Receivable MSFT Current Ratio Acid Test Total Sales Operating Income Account Receivable Turn over Average Collection Period Inventory Turnover
Ratio Total Assets OI-ROI Operating Profit Margins Total Asset Turnover Total Current Assets

MSFT Current Ratio

Q1

[$]161,031.00 [$]51,615.00 [$]3,211.00 [$]7,949.00

3.12

[$]34.08 [$]14,298.00 [$]7,708.00

1.80 20

2.92 4.45

[$]249,097.00 [$]0.03

0.54 0.057

[$]161,031.00 3.12
Q2 [$]167,633.00 [$]58,099.00 [$]2,003.00 [$]3,908.00

2.89

[$]54.68 [$]17,926.00 [$]8,679.00

4.59 79.57 8.95

[$]256,003.00 [$]0.03

0.48 0.070

[$]167,633.00 2.89
Q3 [$]156,659.00 [$]46,133.00 [$]2,084.00 [$]1,285.00

3.40

[$]53.04 [$]15,114.00 [$]8,292.00

11.76 31.03 7.25

[$]245,497.00 [$]0.03

0.55 0.062

[$]156,659.00 3.40
Q4

[$]164,195.00 [$]56,277.00 [$]3,614.00 [$]9,194.00 2.92 [$]29.86 [$]17,299.00 [$]9,955.00

1.88 193.99 4.79

[$]257,619.00 [$]0.04

0.58 0.067

[$]164,195.00 2.92
Q5 [$]156,874.00 [$]50,318.00 [$]1,961.00 [$]2,396.00 3.12 [$]5

4.34

[$]16,219.00 [$]10,258.00

6.77 53.92 8.27

[$]258,859.00 [$]0.04

0.6

3 0.063

[$]156,874.00 3.12
Q6 [$]159,887.00 [$]53,861.00 [$]1,951.00 [$]460.00

2.97

[$]54.34 [$]15,448.00 [$]10,341.00

33.58 1

0.87 7.92

[$]263,281.00 [$]0.04

0.67 0.059

[$]159,887.00 2.97
Q7 [$]165,896.00 [$]58,118.00 [$]2,622.00 [$]10,090.00

2.85

[$]41.11 [$]15,768.00 [$]12,686.00

1.56 233.56 6.01

[$]278,955.00 [$]0.05

0.80

0.057 [$]165,896.00 2.85
Q8 [$]167,074.00 [$]59,640.00 [$]1,823.00 [$]4,203.00

2.80

[$]58.93 [$]18,255.00 [$]13,891.00 4.34

84.04 10.01

[$]282,794.00 [$]0.05

0.76 0.065

[$]167,074.00 2.80

MSFT Current Ratio

MSFT Current Ratio

Acid Test

Acid Test

INTC

Q1

FORM 10-Q

INDEX

Three Months Ended Six Months Ended

Jul 1,
2017 Jul 2,
2016

$

$

$

$

5,665

Gross margin

Research and development

105

1,414

37 89 75 179

Operating income

3,886

342 478

500

403

)

)

340 2,615

Net income $

$

$

$

$ 0.6 $

$

$ 0.71

$ 0.58 $

$

$

$

$ — $

$

Basic

Diluted

4,864

INTEL CORPORATION

Three Months Ended Six Months Ended

Jul 1,
2017 Jul 2,
2016 Jul 1,
2017 Jul 2,
2016

Net income $ 2,808 $ 1,330 $ 5,772 $ 3,376

)

) 9 (55 )

— (2 ) — (3 )

136 26 331 213

(12 ) 1 (10 ) 3

214 (318 ) 230

)

507 (1 ) 508 1

Other comprehensive income (loss) 311 (640 )

)

$

$ 690 $

$

(In Millions) Jul 1,
2017

Assets
Current assets:

Cash and cash equivalents $

$ 5,560

Short-term investments

Accounts receivable, net

Inventories

Other current assets

Total current assets

Goodwill

Other long-term assets

Total assets $

$

Current liabilities:

Short-term debt $

$

Accounts payable

835

Deferred income

Total current liabilities

Long-term debt

Other long-term liabilities

3,538

874 882

Stockholders’ equity:

— —

issued and outstanding

issued and outstanding as of December 31, 2016)

Accumulated other comprehensive income (loss)

106

Retained earnings

Total stockholders’ equity

$ 122,107 $ 113,327

Six Months Ended

(In Millions) Jul 1,
2017 Jul 2,
2016
Cash and cash equivalents, beginning of period $ 5,560 $

Net income 5,772 3,376
Depreciation

725 812

Restructuring and other charges 185 1,414

634 791

)

)

(387 ) —

807 71

1

Accounts receivable

) 734

Inventories

)

)

Accounts payable 425 375
Accrued compensation and benefits

)

)

563

)

)

)

(4,730 )

)

(3 )

)

)

)

(7,961 )

)

)

)

)

924 —

201 304

)

)

(12 )

7,078

) —

406

(2,518 )

)

)

)

)

)

142

367

)

Cash and cash equivalents, end of period $ 11,687 $

$

$

$

$ —

$

$ —

and interest rate swap payments/receipts

$ 280 $ 348

$

$

INTEL CORPORATION
FOR THE FISCAL QUARTER ENDED JULY 1, 2017
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)
(In Millions, Except Per Share Amounts) Jul 1,
2017
Jul 2,
2016
Net revenue 14,763 13,533 29,559 27,235
Cost of sales 5,560 11,314 11,132
9,098 7,973 18,245 16,103
3,275 3,145 6,601 6,391
Marketing, general and administrative 1,854 2,007 3,958 4,233
Restructuring and other charges 1,414 185
Amortization of acquisition-related intangibles
Operating expenses 5,271 6,655 10,819 12,217
3,827 1,318 7,

426
Gains (losses) on equity investments, net 594
Interest and other, net (126 367 (208
Income before taxes 4,572 1,670 8,387 4,178
Provision for taxes 1,764 802
2,808 1,330 5,772 3,376
Basic earnings per share of common stock 0.28 1.22
Diluted earnings per share of common stock 0.27 1.19 0.69
Cash dividends declared per share of common stock 0.5325 0.52
Weighted average shares of common stock outstanding:
4,710 4,729 4,717 4,725
4,845 4,866 4,

870
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In Millions)
Changes in other comprehensive income, net of tax:
Net unrealized holding gains (losses) on available-for-sale investments (534 (346
Deferred tax asset valuation allowance
Net unrealized holding gains (losses) on derivatives
Net prior service (costs) credits
Actuarial valuation (299
Net foreign currency translation adjustment
1,068 (140
Total comprehensive income 3,

119 6,840 3,236
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited)
Dec 31,
2016
11,687
3,158 3,225
Trading assets 11,084 8,314
5,397 4,690
6,324 5,553
Assets held for sale 5,210
2,967 2,956
40,617 35,508
Property, plant and equipment, net of accumulated depreciation of $56,520 ($53,934 as of December 31, 2016) 38,130 36,171
Marketable equity securities 5,904 6,180
Other long-term investments 4,481 4,716
14,102 14,099
Identified intangible assets, net 8,867 9,494
10,006 7,159
122,107 113,327
Liabilities, temporary equity, and stockholders’ equity
4,130 4,634
3,671 2,475
Accrued compensation and benefits 2,332 3,465
Accrued advertising 810
1,587 1,718
Liabilities held for sale 1,920
Other accrued liabilities 6,227 5,280
18,782 20,302
27,855 20,649
Long-term deferred tax liabilities 2,502 1,730
3,469
Contingencies (Note 17)
Temporary equity
Preferred stock
Common stock and capital in excess of par value,

4,699 (4,730 25,781 25,373
1,174
41,670 40,747
68,625 66,226
Total liabilities, temporary equity, and stockholders’ equity
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
15,308
Cash flows provided by (used for) operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
3,300 3,141
Share-based compensation
Amortization of intangibles
(Gains) losses on equity investments, net (526 (426
(Gains) losses on divestitures
Deferred taxes
Changes in assets and liabilities:
(618
(760 (

104
(1,102 (1,659
Income taxes payable and receivable (79
Other assets and liabilities (413 (546
Total adjustments 2,833 4,524
Net cash provided by operating activities 8,605 7,900
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment (

3,632
Acquisitions, net of cash acquired (14,619
Purchases of available-for-sale investments (1,894 (5,693
Sales of available-for-sale investments 1,698 3,685
Maturities of available-for-sale investments 2,197 2,393
Purchases of trading assets (7,205
Maturities and sales of trading assets 5,977 5,313
Investments in loans receivable and reverse repurchase agreements (223
Collection of loans receivable and reverse repurchase agreements 650
Investments in non-marketable equity investments (625 (663
Proceeds from divestitures
Other investing
Net cash used for investing activities (4,216 (19,690
Cash flows provided by (used for) financing activities:
Increase (decrease) in short-term debt, net 1,416
Issuance of long-term debt, net of issuance costs 2,734
Repayment of debt (500
Proceeds from sales of common stock through employee equity incentive plans 527
Repurchase of common stock (1,597
Restricted stock unit withholdings (404 (394
Payment of dividends to stockholders (2,516 (2,461
Other financing 204
Net cash provided by (used for) financing activities 1,738
Net increase (decrease) in cash and cash equivalents 6,127 (11,423
3,885
Supplemental disclosures of noncash investing activities and cash flow information:
Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities 1,686 1,479
Loan receivable from McAfee and TPG 2,200
Non-marketable equity investment in McAfee 1,078
Cash paid during the period for:
Interest, net of capitalized interest
Income taxes, net of refunds 1,139 689

INTC Q2

INTEL CORPORATION
FORM 10-Q

INTEL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)

Three Months Ended Nine Months Ended
(In Millions, Except Per Share Amounts)

Sep 30,
2017 Oct 1,
2016

Net revenue $

$

$

$

Cost of sales

Gross margin

Research and development

9,460

Marketing, general and administrative 1,666

Restructuring and other charges 4 372 189

Amortization of acquisition-related intangibles 49 74 124 253
Operating expenses

Operating income

Gains (losses) on equity investments, net 846 (12 )

488

Interest and other, net (31 )

) 336 (340 )

Income before taxes

Provision for taxes 1,414

Net income $

$

$

$

Basic earnings per share of common stock $ 0.96 $ 0.71 $

$

Diluted earnings per share of common stock $

$ 0.69 $

$

Cash dividends declared per share of common stock $

$ 0.52 $

$

Weighted average shares of common stock outstanding:

Basic

Diluted

4,849

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

Three Months Ended Nine Months Ended

(In Millions) Sep 30,
2017 Oct 1,
2016 Sep 30,
2017 Oct 1,
2016

Net income $ 4,516 $ 3,378 $ 10,288 $ 6,754
Changes in other comprehensive income, net of tax:

Net unrealized holding gains (losses) on available-for-sale investments

412 408

Deferred tax asset valuation allowance — (2 ) — (5 )
Net unrealized holding gains (losses) on derivatives 19 61 350 274
Net prior service (costs) credits 2 1 (8 ) 4
Actuarial valuation 11 10 241

)

Net foreign currency translation adjustment 5 (2 ) 513 (1 )
Other comprehensive income (loss) 436 480

340

Total comprehensive income $

$

$

$ 7,094

CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited)

(In Millions) Sep 30,
2017 Dec 31,
2016

Assets
Current assets:

Cash and cash equivalents $

$ 5,560

Short-term investments

3,225

Trading assets

8,314

Accounts receivable, net

4,690

Inventories

5,553

Assets held for sale — 5,210

Other current assets

2,956

Total current assets

35,508

36,171

Marketable equity securities

6,180

Other long-term investments 3,844 4,716
Goodwill

14,099

Identified intangible assets, net

9,494

Other long-term assets

7,159

Total assets $

$ 113,327

Liabilities, temporary equity, and stockholders’ equity
Current liabilities:

Short-term debt $

$ 4,634

Accounts payable

2,475

Accrued compensation and benefits

3,465

Accrued advertising 892 810
Deferred income

1,718

Liabilities held for sale — 1,920

Other accrued liabilities

5,280

Total current liabilities

20,302

Long-term debt

20,649

Long-term deferred tax liabilities

1,730

Other long-term liabilities

3,538

Temporary equity 870 882

Stockholders’ equity:
Preferred stock — —

25,373

Accumulated other comprehensive income (loss)

106

Retained earnings

40,747

Total stockholders’ equity

66,226

Total liabilities, temporary equity, and stockholders’ equity $ 127,088 $ 113,327

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)

Nine Months Ended

(In Millions) Sep 30,
2017 Oct 1,
2016

Cash and cash equivalents, beginning of period $ 5,560 $ 15,308
Cash flows provided by (used for) operating activities:

Net income 10,288 6,754

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

Share-based compensation

Restructuring and other charges 189 1,786
Amortization of intangibles

(Gains) losses on equity investments, net

)

)

(Gains) losses on divestitures (387 ) —

Deferred taxes 570

)

Changes in assets and liabilities: 1

Accounts receivable

)

)

Inventories

)

)

Accounts payable 171 188
Accrued compensation and benefits

)

)

Income taxes payable and receivable

961

Other assets and liabilities 315 (333 )
Total adjustments

6,904

Net cash provided by operating activities

Cash flows provided by (used for) investing activities:

Additions to property, plant and equipment

)

)

Acquisitions, net of cash acquired

)

)

Purchases of available-for-sale investments

)

)

Sales of available-for-sale investments

Maturities of available-for-sale investments

Purchases of trading assets

)

)

Maturities and sales of trading assets

Investments in loans receivable and reverse repurchase agreements — (223 )

Collection of loans receivable and reverse repurchase agreements 250 911
Investments in non-marketable equity investments

)

)

Proceeds from divestitures


Other investing 893

Net cash used for investing activities

)

)

Cash flows provided by (used for) financing activities:

Increase (decrease) in short-term debt, net (5 ) 426
Issuance of long-term debt, net of issuance costs

2,734

Repayment of debt

) —

Proceeds from sales of common stock through employee equity incentive plans

1,024

Repurchase of common stock

)

)

Restricted stock unit withholdings

)

)

Payment of dividends to stockholders

)

)

Other financing 161 155
Net cash provided by (used for) financing activities

)

)

Net increase (decrease) in cash and cash equivalents

)

Cash and cash equivalents, end of period $ 9,075 $

Supplemental disclosures of noncash investing activities and cash flow information:

Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities $

$

$ 1,078 $ —

Cash paid during the period for:

Interest, net of capitalized interest and interest rate swap payments/receipts $

$ 472

Income taxes, net of refunds $ 2,328 $ 843
FOR THE FISCAL QUARTER ENDED SEPTEMBER 30, 2017
Sep 30,
2017
Oct 1,
2016
16,149 15,778 45,708 43,013
6,092 5,795 17,406 16,927
10,057 9,983 28,302 26,086
3,223 3,069 9,824
2,006 5,624 6,239
1,786
4,942 5,521 15,761 17,738
5,115 4,462 12,541 8,348
1,440
(132
5,930 4,318 14,317 8,496
940 4,029 1,742
4,516 3,378 10,288 6,754
2.19 1.43
0.94 2.12 1.39
0.545 1.0775 1.04
4,688 4,734 4,707 4,

728
4,821 4,877 4,872
399 357
(

289
1,504
4,952 3,858 11,792
9,075
1,446
6,983
5,954
6,929
2,767
3

3,154
Property, plant and equipment, net of accumulated depreciation of $58,048 ($53,934 as of December 31, 2016) 39,

472
6,059
24,389
13,058
7,112
127,088
4,142
3,554
2,805
1,706
7,590
20,689
27,498
2,943
4,152
Contingencies (Note 18)
Common stock and capital in excess of par value, 4,680 issued and outstanding (4,730 issued and outstanding as of December 31, 2016) 26,547
1,610
42,779
70,936
4,990 4,684
1,051 1,136
999 1,176
(1,372 (414
(188
(1,128 (

100
(1,245 (118
(551 (1,874
979
4,581
14,869 13,658
(7,709 (6,095
(14,499 (15,151
(1,977 (7,962
4,610 3,793
3,488 4,928
(9,792 (9,953
11,806 7,867
(726 (893
3,124
405
(10,532 (22,373
7,716
(1,502
637
(3,611 (2,054
(424 (

434
(3,794 (3,692
(822 (1,841
3,515 (10,556
4,752
1,736 1,505
Non-marketable equity investment in McAfee from divestiture
386

INTC Q3

INTEL CORPORATION
FORM 10-Q

Three Months Ended
Net revenue $

$

Cost of sales

Gross margin

Research and development

3,311

Marketing, general and administrative

Restructuring and other charges — 80
Amortization of acquisition-related intangibles 50 38
Operating expenses

Operating income

3,632

Gains (losses) on equity investments, net 643 252
Interest and other, net

)

)

Income before taxes

3,815

Provision for taxes 557

Net income $

$

$ 0.95 $

$

$

Cash dividends declared per share of common stock $ 0.6 $ 0.5325

Weighted average shares of common stock outstanding:

Basic

4,723

Diluted

Three Months Ended

Mar 31,
2018 Apr 1,
2017

Net income $ 4,454 $ 2,964
Changes in other comprehensive income, net of tax:

— 543

Net unrealized holding gains (losses) on derivatives 119 195

18

Translation adjustments and other (22 ) 1
Other comprehensive income (loss) 245

Total comprehensive income $ 4,699 $

(In Millions) Mar 31,
2018

Assets
Current assets:

Cash and cash equivalents $ 3,554 $

Short-term investments

Trading assets

Accounts receivable

Inventories

6,983

Other current assets

Total current assets

Equity investments

Other long-term investments

Goodwill

24,389

Identified intangible assets, net

Other long-term assets 3,614

Total assets $

$

Liabilities, temporary equity, and stockholders’ equity
Current liabilities:

Short-term debt $

$ 1,776

Accounts payable

2,928

Accrued compensation and benefits

3,526

Deferred income —

Other accrued liabilities

Total current liabilities


Deferred income taxes

Other long-term liabilities 3,082

Temporary equity

866

Stockholders’ equity:
Preferred stock — —

Accumulated other comprehensive income (loss)

) 862

Retained earnings

Total stockholders’ equity

Total liabilities, temporary equity, and stockholders’ equity $ 128,596 $ 123,249

Three Months Ended
(In Millions; Unaudited) Mar 31,
2018 Apr 1,
2017

Cash and cash equivalents, beginning of period $

$ 5,560

Cash flows provided by (used for) operating activities:

Net income 4,454 2,964

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation 1,806

Share-based compensation 433 397

Restructuring and other charges — 80

Amortization of intangibles 390

(Gains) losses on equity investments, net

)

)

Deferred taxes 1 212
Changes in assets and liabilities:
Accounts receivable 102 (105 )
Inventories (96 )

)

Accounts payable 73 188
Accrued compensation and benefits

)

)


Income taxes payable and receivable

427

Other assets and liabilities (822 ) (452 )
Total adjustments

934

Net cash provided by operating activities

Cash flows provided by (used for) investing activities:

Additions to property, plant and equipment

)

)

)

)

893

Purchases of trading assets

)

)

Maturities and sales of trading assets

Other investing

) 54

Net cash used for investing activities

)

)

Cash flows provided by (used for) financing activities:

Increase (decrease) in short-term debt, net

435

) —

Proceeds from sales of common stock through employee equity incentive plans 289 329
Repurchase of common stock

)

)

Payment of dividends to stockholders

)

)

Other financing

) (39 )

Net cash provided by (used for) financing activities (1,372 ) (1,746 )
Net increase (decrease) in cash and cash equivalents 121

)

Cash and cash equivalents, end of period $ 3,554 $

Supplemental disclosures of noncash investing activities and cash flow information:

Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities $

$

Cash paid during the period for:

Interest, net of capitalized interest and interest rate swap payments/receipts $ 60 $ 97
Income taxes, net of refunds $

$ 171

FOR THE FISCAL QUARTER ENDED March 31, 2018
INTEL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(In Millions, Except Per Share Amounts; Unaudited) Mar 31,
2018
Apr 1,
2017
16,066 14,796
6,335 5,636
9,731 9,160
3,311
1,900 2,099
5,261 5,528
4,470
(102 (69
5,011
851
4,454 2,964
Earnings per share – Basic 0.63
Earnings per share – Diluted 0.93 0.61
4,674
4,790 4,881
INTEL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(In Millions; Unaudited)
Net unrealized holding gains (losses) on available-for-sale equity investments
Actuarial valuation and other pension benefits (expenses), net 148
757
3,721
NTEL CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
Dec 30,
2017
(unaudited)
3,

433
2,020 1,814
10,623 8,755
4,879 5,607
7,146
3,408 2,908
31,630 29,500
Property, plant and equipment, net of accumulated depreciation of $60,665 ($59,286 as of December 30, 2017) 43,735 41,109
9,481 8,579
3,435 3,712
24,346
12,355 12,745
3,

215
128,596 123,249
3,842
4,415
2,118
1,656
9,586 7,535
19,961 17,421
Debt 24,770 25,037
Contract liabilities 2,479
Income taxes payable, non-current 5,774 4,069
1,564 3,046
3,791
Contingencies (Note 15)
801
Common stock and capital in excess of par value, 4,660 issued and outstanding (4,687 issued and outstanding as of December 30, 2017) 26,430 26,074
(683
44,418 42,083
70,165 69,019
INTEL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
3,433
1,625
321
(643 (250
(232
(1,307 (1,277
Customer deposits and prepaid supply agreements 1,599
294
1,830
6,284 3,898
(2,910 (1,952
Purchases of available-for-sale debt investments (859 (1,746
Maturities of available-for-sale debt investments 1,508
(5,398 (3,075
3,760 2,433
(277
(4,791 (2,778
2,142
Repayment of debt and debt conversion (327
(1,914 (1,242
(1,400 (1,229
(162
(626
4,934
2,904 1,448
228

INTC Q4

INTEL CORPORATION
FORM 10-Q

INTEL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME

Three Months Ended Six Months Ended

(In Millions, Except Per Share Amounts; Unaudited)

Jul 1,
2017 Jun 30,
2018 Jul 1,
2017

Net revenue $

$ 14,763 $

$ 29,559

Cost of sales

5,667

Gross margin

Research and development

Marketing, general and administrative

Restructuring and other charges — 105 — 185
Amortization of acquisition-related intangibles 50 37 100 75
Operating expenses

Operating income

3,842

Gains (losses) on equity investments, net (203 ) 342 440 594
Interest and other, net 459

357 319

Income before taxes

4,572

8,387

Provision for taxes 523 1,764 1,080 2,615
Net income $

$ 2,808 $ 9,460 $ 5,772

Earnings per share – Basic $ 1.08 $ 0.6 $

$ 1.22

Earnings per share – Diluted $

$ 0.58 $

$ 1.19

Cash dividends declared per share of common stock $ — $ — $ 0.6 $ 0.5325

Weighted average shares of common stock outstanding:

Basic

4,710

4,717

Diluted

4,845

4,864

INTEL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended Six Months Ended

(In Millions; Unaudited) Jun 30,
2018 Jul 1,
2017 Jun 30,
2018 Jul 1,
2017

Net income $ 5,006 $ 2,808 $ 9,460 $ 5,772
Changes in other comprehensive income, net of tax:

Net unrealized holding gains (losses) on available-for-sale equity investments — (534 ) — 9
Net unrealized holding gains (losses) on derivatives (293 ) 136

) 331

Actuarial valuation and other pension benefits (expenses), net

) 202 26 220

Translation adjustments and other 9 507 (13 ) 508
Other comprehensive income (loss)

) 311

) 1,068

Total comprehensive income $

$

$

$ 6,840

(In Millions) Jun 30,
2018 Dec 30,
2017

(unaudited)
Assets
Current assets:

Cash and cash equivalents $

$ 3,433

Short-term investments

1,814

Trading assets

8,755

Accounts receivable

5,607

Inventories

6,983

Other current assets

2,908

Total current assets

29,500

41,109

Equity investments

8,579

Other long-term investments

3,712

Goodwill

24,389

Identified intangible assets, net

12,745

Other long-term assets

Total assets $

$ 123,249

Liabilities, temporary equity, and stockholders’ equity
Current liabilities:

Short-term debt $ 3,510 $ 1,776
Accounts payable

2,928

Accrued compensation and benefits 2,601 3,526

Deferred income — 1,656

Other accrued liabilities

7,535

Total current liabilities

17,421

Debt

25,037

Contract liabilities 2,393 —
Income taxes payable, non-current

4,069

Deferred income taxes 1,666 3,046
Other long-term liabilities 3,391 3,791

Contingencies (Note 15)

Temporary equity 654 866

Stockholders’ equity:
Preferred stock — —

26,074

Accumulated other comprehensive income (loss)

) 862

Retained earnings

42,083

Total stockholders’ equity

69,019

Total liabilities, temporary equity, and stockholders’ equity $ 125,972 $ 123,249

INTEL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended

(In Millions; Unaudited) Jun 30,
2018 Jul 1,
2017

Cash and cash equivalents, beginning of period $ 3,433 $ 5,560
Cash flows provided by (used for) operating activities:

Net income 9,460 5,772

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

3,300

Share-based compensation 820 725
Restructuring and other charges — 185
Amortization of intangibles 782 634
(Gains) losses on equity investments, net

) (526 )

(Gains) losses on divestitures

) (387 )

Deferred taxes 93 807

Changes in assets and liabilities:

Accounts receivable

(618 )

Inventories

) (760 )

Accounts payable 274 425
Accrued compensation and benefits

) (1,102 )

Customer deposits and prepaid supply agreements


Income taxes payable and receivable

) 563

Other assets and liabilities 94 (413 )
Total adjustments

2,833

Net cash provided by operating activities

8,605

Cash flows provided by (used for) investing activities:

Additions to property, plant and equipment

) (4,730 )

Purchases of available-for-sale debt investments

)

)

Maturities of available-for-sale debt investments

2,197

Purchases of trading assets

) (7,961 )

Maturities and sales of trading assets 7,691 5,977

) (643 )

215

Proceeds from divestitures 548 924
Other investing (45 ) 145
Net cash used for investing activities

) (4,216 )

Cash flows provided by (used for) financing activities:

Increase (decrease) in short-term debt, net

(12 )

Issuance of long-term debt, net of issuance costs — 7,078
Repayment of debt and debt conversion (1,169 ) (500 )
Proceeds from sales of common stock through employee equity incentive plans 320 406
Repurchase of common stock

) (2,518 )

Restricted stock unit withholdings

) (404 )

Payment of dividends to stockholders

) (2,516 )

Other financing

) 204

Net cash provided by (used for) financing activities

) 1,738

Net increase (decrease) in cash and cash equivalents

) 6,127

Cash and cash equivalents, end of period $ 2,614 $ 11,687

Supplemental disclosures of noncash investing activities and cash flow information:

Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities $ 2,789 $ 1,686
Loan receivable from McAfee and TPG $ — $ 2,200
Non-marketable equity investment in McAfee from divestiture $ — $ 1,078

Cash paid during the period for:

Interest, net of capitalized interest and interest rate swap payments/receipts $ 209 $ 280
Income taxes, net of refunds $

$ 1,139

FOR THE FISCAL QUARTER ENDED June 30, 2018
Jun 30,
2018
16,962 33,028
6,543 12,878 11,303
10,419 9,096 20,150 18,256
3,371 3,262 6,682 6,

573
1,725 1,850 3,625 3,949
5,146 5,254 10,407 10,782
5,273 9,743 7,474
388
5,529 10,540
5,006
2.03
1.05 1.98
4,649 4,661
4,747 4,768
(174
(122
(406 (161
4,600 3,119 9,299
INTEL CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
2,614
2,263
7,348
4,636
7,344
3,398
27,603
Property, plant and equipment, net of accumulated depreciation of $62,071 ($59,286 as of December 30, 2017) 45,914
9,245
3,071
24,351
12,098
3,690 3,215
125,972
4,143
7,317
17,571
2

4,632
5,618
Common stock and capital in excess of par value, 4,611 issued and outstanding (4,687 issued and outstanding as of December 30, 2017) 25,470
(

1,089
45,666
70,047
3,536
(401
(497
369
(303
(884
1,580
(1,226
4,237
13,697
(7,440
(1,578 (1,876
1,720
(6,501
Purchases of equity investments (594
Sales of equity investments 1,751
(5,984
1,991
(5,807
(465
(2,800
(602
(8,532
(819
2,196

INTC Q5

INTEL CORPORATION
FORM 10-Q

INTEL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME

Three Months Ended Nine Months Ended

(In Millions, Except Per Share Amounts; Unaudited)

Sep 30,
2017 Sep 29,
2018 Sep 30,
2017

Net revenue $

$ 16,149 $

$ 45,708

Cost of sales

Gross margin

Research and development

Marketing, general and administrative

Restructuring and other charges (72 ) 4 (72 ) 189
Amortization of acquisition-related intangibles 50 49 150 124
Operating expenses 5,011

Operating income

Gains (losses) on equity investments, net (75 ) 846

1,440

Interest and other, net (132 ) (57 ) 225 262
Income before taxes

5,930

14,317

Provision for taxes 744 1,414

4,029

Net income $

$ 4,516 $

$ 10,288

Earnings per share – Basic $ 1.4 $ 0.96 $

$ 2.19

Earnings per share – Diluted $ 1.38 $ 0.94 $

$ 2.12

Cash dividends declared per share of common stock $ 0.6 $ 0.545 $ 1.2 $ 1.0775

Weighted average shares of common stock outstanding:

Basic 4,574 4,688 4,632 4,707
Diluted

4,821 4,728 4,849

INTEL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended Nine Months Ended

(In Millions; Unaudited) Sep 29,
2018 Sep 30,
2017 Sep 29,
2018 Sep 30,
2017

Net income $ 6,398 $ 4,516 $ 15,858 $ 10,288
Changes in other comprehensive income, net of tax:

Net unrealized holding gains (losses) on available-for-sale equity investments — 399 — 408
Net unrealized holding gains (losses) on derivatives (25 ) 19

) 350

Actuarial valuation and other pension benefits (expenses), net 13 13 39 233
Translation adjustments and other (2 ) 5 (15 ) 513
Other comprehensive income (loss) (14 ) 436 (175 ) 1,504
Total comprehensive income $

$ 4,952 $

$ 11,792

INTEL CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS

(In Millions) Sep 29,
2018 Dec 30,
2017

(unaudited)
Assets
Current assets:

Cash and cash equivalents $

$ 3,433

Short-term investments

1,814

Trading assets

8,755

Accounts receivable

5,607

Inventories

6,983

Other current assets

2,908

Total current assets

29,500

41,109

Equity investments 7,551 8,579
Other long-term investments

3,712

Goodwill

24,389

Identified intangible assets, net

12,745

Other long-term assets

3,215

Total assets $

$ 123,249

Liabilities, temporary equity, and stockholders’ equity
Current liabilities:

Short-term debt $

$ 1,776

Accounts payable

2,928

Accrued compensation and benefits

3,526

Deferred income — 1,656

Other accrued liabilities

7,535

Total current liabilities

17,421

Debt

25,037

Contract liabilities


Income taxes payable, non-current 4,879 4,069
Deferred income taxes

3,046

Other long-term liabilities

3,791

Temporary equity 515 866

Stockholders’ equity:
Preferred stock — —

issued and outstanding (4,687 issued and outstanding as of December 30, 2017)

26,074

Accumulated other comprehensive income (loss)

) 862

Retained earnings

42,083

Total stockholders’ equity

69,019

Total liabilities, temporary equity, and stockholders’ equity $ 128,242 $ 123,249

INTEL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended

(In Millions; Unaudited) Sep 29,
2018 Sep 30,
2017

Cash and cash equivalents, beginning of period $ 3,433 $ 5,560
Cash flows provided by (used for) operating activities:

Net income 15,858 10,288

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

4,990

Share-based compensation

1,051

Amortization of intangibles 1,172 999
(Gains) losses on equity investments, net

) (1,372 )

(Gains) losses on divestitures (497 ) (387 )

211 —

Deferred taxes 18 570

Changes in assets and liabilities:

Accounts receivable

) (1,128 )

Inventories

) (1,245 )

Accounts payable 430 171
Accrued compensation and benefits

) (362 )

Customer deposits and prepaid supply agreements


Income taxes payable and receivable

) 979

Other assets and liabilities 261 315
Total adjustments

4,581

Net cash provided by operating activities

14,869

Cash flows provided by (used for) investing activities:

Additions to property, plant and equipment

) (7,709 )

Acquisitions, net of cash acquired

) (14,499 )

Purchases of available-for-sale debt investments

)

)

135

Maturities of available-for-sale debt investments

3,488

Purchases of trading assets

) (9,792 )

Maturities and sales of trading assets

11,806

Purchases of equity investments

)

)

Sales of equity investments

Proceeds from divestitures 548 3,124
Other investing

)

Net cash used for investing activities

) (10,532 )

Cash flows provided by (used for) financing activities:

Increase (decrease) in short-term debt, net

(5 )

Issuance of long-term debt, net of issuance costs 423 7,716
Repayment of debt and debt conversion

) (1,502 )

Proceeds from sales of common stock through employee equity incentive plans 545 637
Repurchase of common stock

) (3,611 )

Restricted stock unit withholdings

) (424 )

Payment of dividends to stockholders

) (3,794 )

Other financing

) 161

Net cash provided by (used for) financing activities

) (822 )

Net increase (decrease) in cash and cash equivalents (26 ) 3,515
Cash and cash equivalents, end of period $ 3,407 $ 9,075

Supplemental disclosures of noncash investing activities and cash flow information:

Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities $ 1,988 $ 1,736

Non-marketable equity investment in McAfee from divestiture $ — $ 1,078
Cash paid during the period for:

Interest, net of capitalized interest $ 316 $ 386
Income taxes, net of refunds $

$ 2,328

FOR THE FISCAL QUARTER ENDED September 29, 2018
Sep 29,
2018
19,163 52,191
6,803 6,085 19,681 17,388
12,360 10,064 32,510 28,320
3,428 3,209 10,110 9,782
1,605 1,661 5,230 5,610
4,923 15,418 15,705
7,349 5,141 17,092 12,615
365
7,142 17,682
1,824
6,398 15,858
3.42
3.35
4,648
(199
6,384 15,683
3,407
2,641
7,138
5,457
7,401
3,546
29,590
Property, plant and equipment, net of accumulated depreciation of $63,684 ($59,286 as of December 30, 2017) 47,071
3,562
24,506
12,007
3,955
128,242
3,051
3,593
3,095
9,835
19,574
24,823
2,220
1,485
3,263
Contingencies (Note 16)
Common stock and capital in excess of par value,

4,564 25,492
(1,103
47,094
71,483
5,420
1,203
(329
Loss on debt conversion and extinguishment
(449
(362
(801
1,472
(1,075
6,674
22,532
(11,291
(183
(3,090 (1,959
Sales of available-for-sale debt investments 1,511
2,232
(8,316
9,705
(667 (744
1,646 3,173
(138 1,069
(9,419
1,707
(1,928
(8,464
(492
(4,173
(757
(13,139
2,854

INTC Q6

INTEL CORPORATION
FORM 10-Q

Three Months Ended

(In Millions, Except Per Share Amounts; Unaudited)

Mar 31,
2018

Net revenue $

$ 16,066

Cost of sales

6,335

Gross margin

9,731

Research and development

3,311

Marketing, general and administrative

1,900

Amortization of acquisition-related intangibles 50 50
Operating expenses

5,261

Operating income

4,470

Gains (losses) on equity investments, net 434 643
Interest and other, net (61 ) (102 )
Income before taxes

5,011

Provision for taxes 573 557
Net income $

$ 4,454

$

$ 0.95

$ 0.87 $ 0.93

Weighted average shares of common stock outstanding:

Basic

4,674

Diluted 4,564 4,790

Three Months Ended

(In Millions; Unaudited) Mar 30,
2019 Mar 31,
2018

Net income $ 3,974 $ 4,454
Changes in other comprehensive income, net of tax:

Net unrealized holding gains (losses) on derivatives 102 119
Actuarial valuation and other pension benefits (expenses), net 9 148
Translation adjustments and other 50 (22 )
Other comprehensive income (loss) 161 245
Total comprehensive income $

$ 4,699

(In Millions) Mar 30,
2019

(unaudited)
Assets
Current assets:

Cash and cash equivalents $ 3,154 $

Short-term investments

Trading assets

Accounts receivable

Inventories

Other current assets 2,305

Total current assets

Equity investments 5,254

Other long-term investments 3,465

Goodwill

Identified intangible assets, net

Other long-term assets

Total assets $

$

Liabilities, temporary equity, and stockholders’ equity
Current liabilities:

Short-term debt $

$ 1,261

Accounts payable

Accrued compensation and benefits

Other accrued liabilities 10,118

Total current liabilities

Debt

Contract liabilities

Income taxes payable, non-current

Deferred income taxes 1,521

Other long-term liabilities

Temporary equity 275 419

Stockholders’ equity:
Preferred stock — —

Accumulated other comprehensive income (loss)

)

)

Retained earnings

Total stockholders’ equity

Total liabilities, temporary equity, and stockholders’ equity $ 129,458 $ 127,963

Three Months Ended
(In Millions; Unaudited) Mar 30,
2019 Mar 31,
2018

Cash and cash equivalents, beginning of period $ 3,019 $ 3,433

Cash flows provided by (used for) operating activities:

Net income 3,974 4,454

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

1,806

Share-based compensation 389 433
Amortization of intangibles 396 390
(Gains) losses on equity investments, net

) (643 )

Changes in assets and liabilities:

Accounts receivable

) 102

Inventories

) (96 )

Accounts payable 196 73
Accrued compensation and benefits

) (1,307 )

Customer deposits and prepaid supply agreements

) 1,599

Income taxes 440

Other assets and liabilities 204 (822 )
Total adjustments 985 1,830
Net cash provided by operating activities

6,284

Cash flows provided by (used for) investing activities:

Additions to property, plant and equipment

) (2,910 )

Purchases of available-for-sale debt investments

) (859 )

Maturities of available-for-sale debt investments 940 893
Purchases of trading assets

) (5,398 )

Maturities and sales of trading assets

3,760

Sales of equity investments 1,077 163
Other investing

) (440 )

Net cash used for investing activities

) (4,791 )

Cash flows provided by (used for) financing activities:

Increase (decrease) in short-term debt, net

2,142

Repayment of debt and debt conversion

) (327 )

Proceeds from sales of common stock through employee equity incentive plans 290 289
Repurchase of common stock

) (1,914 )

Payment of dividends to stockholders

) (1,400 )

Other financing 731 (162 )
Net cash provided by (used for) financing activities

) (1,372 )

Net increase (decrease) in cash and cash equivalents 135 121
Cash and cash equivalents, end of period $ 3,154 $ 3,554

Supplemental disclosures of noncash investing activities and cash flow information:

Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities $

$ 2,904

Cash paid during the period for:

Interest, net of capitalized interest $ 109 $ 60
Income taxes, net of refunds $ 125 $ 228
FOR THE FISCAL QUARTER ENDED March 30, 2019
CONSOLIDATED CONDENSED
STATEMENTS OF INCOME
Mar 30,
2019
16,061
6,972
9,089
3,332
1,533
4,915
4,174
4,547
3,974
Earnings per share – basic 0.88
Earnings per share – diluted
4,492
CONSOLIDATED CONDENSED STATEMENTS
OF COMPREHENSIVE INCOME
4,135
CONSOLIDATED CONDENSED
BALANCE SHEETS
Dec 29,
2018
3,019
2,698 2,788
6,181 5,843
6,957 6,722
7,765 7,253
3,162
29,060 28,787
Property, plant and equipment, net of accumulated depreciation of $67,438 ($65,342 as of December 29, 2018) 50,040 48,976
6,042
3,388
24,521 24,513
11,457 11,836
5,661 4,421
129,458 127,963
2,750
4,059 3,824
1,984 3,622
7,919
18,911 16,626
25,737 25,098
1,775 2,049
4,781 4,897
1,665
2,

797 2,646
Contingencies (Note 10)
Common stock and capital in excess of par value, 4,477 issued and outstanding (4,516 issued and outstanding as of December 29, 2018) 25,346 25,365
(813 (974
49,128 50,172
73,661 74,563
See accompanying notes.
CONSOLIDATED CONDENSED
STATEMENTS OF CASH FLOWS
2,229
(274
(235
(512
(1,620
(228
295
4,959
(3,321
(872
(1,869
1,554
(231
(2,722
1,682
(861
(2,530
(1,414
(2,102
2,259

INTC Q7

INTEL CORPORATION
FORM 10-Q

CONSOLIDATED CONDENSED
STATEMENTS OF INCOME

Three Months Ended Six Months Ended

(In Millions, Except Per Share Amounts; Unaudited)

Jun 30,
2018 Jun 29,
2019 Jun 30,
2018

Net revenue $

$ 16,962 $

$ 33,028

Cost of sales

6,543

12,878

Gross margin

10,419

20,150

Research and development

3,371

6,682

Marketing, general and administrative

1,725

3,625

Restructuring and other charges 184 — 184 —
Amortization of acquisition-related intangibles 50 50 100 100
Operating expenses 5,261 5,146

10,407

Operating income

5,273

9,743

Gains (losses) on equity investments, net 170 (203 )

440

Interest and other, net

) 459

) 357

Income before taxes

5,529

10,540

Provision for taxes 545 523

1,080

Net income $ 4,179 $ 5,006 $

$ 9,460

Earnings per share – basic $ 0.94 $ 1.08 $

$ 2.03

Earnings per share – diluted $

$ 1.05 $

$ 1.98

Weighted average shares of common stock outstanding:

Basic

4,649

4,661

Diluted 4,523 4,747

4,768

Three Months Ended Six Months Ended

(In Millions; Unaudited) Jun 29,
2019 Jun 30,
2018 Jun 29,
2019 Jun 30,
2018

Net income $ 4,179 $ 5,006 $ 8,153 $ 9,460
Changes in other comprehensive income, net of tax:

Net unrealized holding gains (losses) on derivatives 151 (293 ) 253 (174 )
Actuarial valuation and other pension benefits (expenses), net 8 (122 ) 17 26
Translation adjustments and other 32 9 82 (13 )
Other comprehensive income (loss) 191 (406 ) 352 (161 )
Total comprehensive income $

$ 4,600 $

$ 9,299

CONSOLIDATED CONDENSED
BALANCE SHEETS

(In Millions) Jun 29,
2019 Dec 29,
2018

(unaudited)
Assets
Current assets:

Cash and cash equivalents $

$ 3,019

Short-term investments

2,788

Trading assets

5,843

Accounts receivable

6,722

Inventories

7,253

Other current assets

3,162

Total current assets

28,787

48,976

Equity investments

6,042

Other long-term investments

3,388

Goodwill

24,513

Identified intangible assets, net

11,836

Other long-term assets

4,421

Total assets $

$ 127,963

Liabilities, temporary equity, and stockholders’ equity
Current liabilities:

Short-term debt $

$ 1,261

Accounts payable

3,824

Accrued compensation and benefits

3,622

Other accrued liabilities

7,919

Total current liabilities

16,626

Debt

25,098

Contract liabilities 1,558 2,049
Income taxes payable, non-current

4,897

Deferred income taxes

1,665

Other long-term liabilities

2,646

Temporary equity 247 419

Stockholders’ equity:
Preferred stock — —

25,365

Accumulated other comprehensive income (loss) (622 ) (974 )
Retained earnings

50,172

Total stockholders’ equity

74,563

Total liabilities, temporary equity, and stockholders’ equity $ 130,759 $ 127,963

Six Months Ended

(In Millions; Unaudited) Jun 29,
2019 Jun 30,
2018

Cash and cash equivalents, beginning of period $ 3,019 $ 3,433
Cash flows provided by (used for) operating activities:

Net income 8,153 9,460

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

3,536

Share-based compensation 859 820
Amortization of intangibles 800 782
(Gains) losses on equity investments, net

) (401 )

Changes in assets and liabilities:

Accounts receivable 490 369
Inventories

) (303 )

Accounts payable 431 274
Accrued compensation and benefits

) (884 )

Customer deposits and prepaid supply agreements

) 1,580

Income taxes (15 )

)

Other assets and liabilities 448

)

Total adjustments

4,237

Net cash provided by operating activities

13,697

Cash flows provided by (used for) investing activities:

Additions to property, plant and equipment

) (7,440 )

Purchases of available-for-sale debt investments

) (1,578 )

Maturities of available-for-sale debt investments 1,903 1,720
Purchases of trading assets

) (6,501 )

Maturities and sales of trading assets

7,691

Sales of equity investments

215

Other investing 42

)

Net cash used for investing activities

) (5,984 )

Cash flows provided by (used for) financing activities:

Increase (decrease) in short-term debt, net 996 1,991
Issuance of long-term debt, net of issuance costs 601 —
Repayment of debt and debt conversion

) (1,169 )

Proceeds from sales of common stock through employee equity incentive plans 305 320
Repurchase of common stock

) (5,807 )

Payment of dividends to stockholders

) (2,800 )

Other financing 850

)

Net cash provided by (used for) financing activities

) (8,532 )

Net increase (decrease) in cash and cash equivalents

) (819 )

Cash and cash equivalents, end of period $ 2,867 $ 2,614

Supplemental disclosures of noncash investing activities and cash flow information:

Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities $

$ 2,789

Cash paid during the period for:

Interest, net of capitalized interest $ 243 $ 209
Income taxes, net of refunds $

$ 2,196

FOR THE FISCAL QUARTER ENDED June 29, 2019
Jun 29,
2019
16,505 32,566
6,627 13,599
9,878 18,967
3,438 6,770
1,589 3,122
10,176
4,617 8,791
604
(63 (124
4,724 9,271
1,118
8,153
1.82
0.92 1.79
4,466 4,479
4,543
CONSOLIDATED CONDENSED
STATEMENTS OF COMPREHENSIVE INCOME
4,370 8,505
2,867
2,414
6,663
6,233
8,696
2,366
29,239
Property, plant and equipment, net of accumulated depreciation of $69,227 ($65,342 as of December 29, 2018) 51,377
4,629
3,577
24,583
11,249
6,105
130,759
3,726
4,682
2,554
8,743
19,705
25,089
4,847
1,783
2,583
Contingencies (Note 12)
Common stock and capital in excess of par value, 4,430 issued and outstanding (4,516 issued and outstanding as of December 29, 2018) 25,140
50,429
74,947
CONSOLIDATED CONDENSED
STATEMENTS OF CASH FLOWS
4,379
(100
(1,443
(1,012
(444
(1,133
(403
4,393
12,546
(6,875
(1,721
(4,498
3,808
1,331
(91
(6,010
(1,033
(5,579
(2,828
(1,067
(6,688
(152
2,678
1,112

INTC Q8

INTEL CORPORATION
FORM 10-Q

CONSOLIDATED CONDENSED
STATEMENTS OF INCOME

Three Months Ended Nine Months Ended

(In Millions, Except Per Share Amounts; Unaudited)

Sep 29,
2018 Sep 28,
2019 Sep 29,
2018

Net revenue $

$ 19,163 $

$ 52,191

Cost of sales

6,803

19,681

Gross margin

12,360

32,510

Research and development

3,428

10,110

Marketing, general and administrative

1,605

5,230

Restructuring and other charges 104 (72 ) 288 (72 )
Amortization of acquisition-related intangibles 50 50 150 150
Operating expenses

5,011

15,418

Operating income

7,349

17,092

Gains (losses) on equity investments, net 318 (75 )

365

Interest and other, net (46 ) (132 )

) 225

Income before taxes

7,142

17,682

Provision for taxes 729 744

1,824

Net income $ 5,990 $ 6,398 $

$ 15,858

Earnings per share – basic $

$ 1.4 $

$ 3.42

Earnings per share – diluted $

$ 1.38 $

$ 3.35

Weighted average shares of common stock outstanding:

Basic

4,574

4,632

Diluted

4,648

4,728

Three Months Ended Nine Months Ended

(In Millions; Unaudited) Sep 28,
2019 Sep 29,
2018 Sep 28,
2019 Sep 29,
2018

Net income $ 5,990 $ 6,398 $ 14,143 $ 15,858
Changes in other comprehensive income, net of tax:

Net unrealized holding gains (losses) on derivatives

) (25 ) 138 (199 )

Actuarial valuation and other pension benefits (expenses), net 9 13 26 39
Translation adjustments and other 6 (2 ) 88 (15 )
Other comprehensive income (loss) (100 ) (14 ) 252 (175 )
Total comprehensive income $

$ 6,384 $

$ 15,683

(In Millions) Sep 28,
2019 Dec 29,
2018

(unaudited)
Assets
Current assets:

Cash and cash equivalents $

$ 3,019

Short-term investments

2,788

Trading assets 6,241 5,843
Accounts receivable

6,722

Inventories

7,253

Other current assets 2,414 3,162
Total current assets

28,787

48,976

Equity investments

6,042

Other long-term investments 3,428 3,388
Goodwill

24,513

Identified intangible assets, net

11,836

Other long-term assets

4,421

Total assets $ 133,768 $ 127,963

Liabilities, temporary equity, and stockholders’ equity
Current liabilities:

Short-term debt $

$ 1,261

Accounts payable 4,809 3,824
Accrued compensation and benefits 3,220 3,622
Other accrued liabilities

7,919

Total current liabilities

16,626

Debt

25,098

Contract liabilities

2,049

Income taxes payable, non-current

4,897

Deferred income taxes

1,665

Other long-term liabilities

2,646

Contingencies (Note 12)

Temporary equity 166 419

Stockholders’ equity:
Preferred stock — —

25,365

Accumulated other comprehensive income (loss)

) (974 )

Retained earnings

50,172

Total stockholders’ equity

74,563

Total liabilities, temporary equity, and stockholders’ equity $ 133,768 $ 127,963

CONSOLIDATED CONDENSED
STATEMENTS OF CASH FLOWS

Nine Months Ended

(In Millions; Unaudited) Sep 28,
2019 Sep 29,
2018

Cash and cash equivalents, beginning of period $ 3,019 $ 3,433
Cash flows provided by (used for) operating activities:

Net income 14,143 15,858

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

5,420

Share-based compensation

1,203

Amortization of intangibles

1,172

(Gains) losses on equity investments, net (395 ) (329 )

Changes in assets and liabilities:

Accounts receivable (156 ) (449 )
Inventories

) (362 )

Accounts payable 728 430
Accrued compensation and benefits

) (801 )

Customer deposits and prepaid supply agreements

) 1,472

Income taxes 435 (1,057 )
Other assets and liabilities

(25 )

Total adjustments

6,674

Net cash provided by operating activities

22,532

Cash flows provided by (used for) investing activities:

Additions to property, plant and equipment

) (11,291 )

Purchases of available-for-sale debt investments

) (3,090 )

Sales of available-for-sale debt investments

135

Maturities of available-for-sale debt investments 1,920 2,232
Purchases of trading assets

) (8,316 )

Maturities and sales of trading assets

9,705

Sales of equity investments 1,414 1,646
Other investing

) (440 )

Net cash used for investing activities

) (9,419 )

Cash flows provided by (used for) financing activities:

Increase (decrease) in short-term debt, net 835 1,707
Issuance of long-term debt, net of issuance costs 650 423
Repayment of debt and debt conversion

) (1,928 )

Proceeds from sales of common stock through employee equity incentive plans 797 545
Repurchase of common stock

) (8,464 )

Payment of dividends to stockholders

) (4,173 )

Other financing 1,089

)

Net cash provided by (used for) financing activities

) (13,139 )

Net increase (decrease) in cash and cash equivalents

(26 )

Cash and cash equivalents, end of period $ 3,935 $ 3,407

Supplemental disclosures of noncash investing activities and cash flow information:

Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities $

$ 1,988

Cash paid during the period for:

Interest, net of capitalized interest $ 312 $ 316
Income taxes, net of refunds $ 1,334 $ 2,854
FOR THE FISCAL QUARTER ENDED September 28, 2019
Sep 28,
2019
19,190 51,756
7,895 21,494
11,295 30,262
3,208 9,978
1,486 4,608
4,848 15,024
6,447 15,238
922
(170
6,719 1

5,990
1,847
14,143
1.36 3.18
1.35 3.14
4,391 4,450
4,433 4,507
CONSOLIDATED CONDENSED STATEMENTS
OF COMPREHENSIVE INCOME
(115
5,890 14,395
CONSOLIDATED CONDENSED
BALANCE SHEETS
3,935
1,849
6,880
8,638
29,957
Property, plant and equipment, net of accumulated depreciation of $71,183 ($65,342 as of December 29, 2018) 53,563
4,819
24,727
11,019
6,255
5,200
11,835
25,064
23,707
1,413
4,974
1,696
2,506
Common stock and capital in excess of par value, 4,350 issued and outstanding (4,516 issued and outstanding as of December 29, 2018) 25,290
(722
49,674
74,242
6,647
1,290
1,211
(1,376
(365
(674
1,769
9,114
23,257
(11,547
(2,028
1,198
(5,769
5,467
(575
(9,920
(1,478
(10,100
(4,214
(1,249
(12,421
916
2,376

INTC SUMMARY

INTC Current Assets Current Liabilities Inventories Accounts Receivable

INTC Current Ratio

Acid Test Total Sales Operating Income

Account Receivable
Turn over

Average Collection Period Inventory Turnover
Ratio Total Assets OI-ROI Operating Profit Margins Total Asset Turnover Total Current Assets INTC Current Ratio

Q1 [$]40,617.00 [$]18,782.00 [$]6,324.00 [$]618.00 [$]

2.16 1.83

[$]14,763.00 [$]3,827.00 [$]23.89

15.28 2.33

[$]122,107.00

0.0313413645 0.26 0.12

[$]40,617.00 2.16
Q2 [$]33,154.00 [$]20,689.00 [$]6,926.00 [$]1,128.00 [$]

1.60 1.27

[$]16,149.00 [$]5,115.00 [$]14.32

25.50

2.33 [$]127,088.00

0.0402477024 0.32 0.13

[$]33,154.00 1.60
Q3 [$]31,630.00 [$]19,961.00 [$]7,146.00 [$]4,879.00 [$]

1.58 1.23

[$]16,066.00 [$]4,470.00 [$]3.29

110.84

2.25 [$]128,596.00

0.0347600236

0.28 0.12 [$]31,630.00 1.58
Q4 [$]27,603.00 [$]17,571.00 [$]7,344.00 [$]4,636.00 [$]

1.57

1.15 [$]16,962.00 [$]5,273.00 [$]3.66

99.76 2.31

[$]125,972.00

0.0418585082 0.31

0.13 [$]27,603.00 1.57
Q5 [$]29,590.00 [$]19,574.00 [$]7,401.00 [$]5,457.00 [$]1.51

1.13

[$]19,163.00 [$]7,349.00 [$]3.51

103.94 2.59

[$]128,242.00

0.0573057189 0.38 0.15

[$]29,590.00 1.51
Q6 [$]29,060.00 [$]18,911.00 [$]7,765.00 [$]6,957.00 [$]1.54 1.13 [$]16,061.00 [$]4,174.00 [$]2.31

158.10 2.07

[$]129,458.00

0.0322421171

0.26 0.12 [$]29,060.00 1.54
Q7 [$]29,239.00 [$]19,705.00 [$]8,696.00 [$]6,233.00 [$]

1.48

1.04 [$]16,505.00 [$]4,617.00 [$]2.65

137.84 1.90

[$]130,759.00

0.035309233

0.28 0.13 [$]29,239.00 1.48
Q8 [$]29,957.00 [$]25,064.00 [$]8,638.00 [$]6,880.00 [$]

1.20

0.85 [$]19,190.00 [$]6,447.00 [$]2.79

130.86

2.22 [$]133,768.00

0.048195383 0.34 0.14

[$]29,957.00 1.20

INTC Current Ratio

INTC Current Ratio

Acid Test

Acid Test

2

>

APPL

Q

1

,

8

:

9,

$

,

,

9

,

0

:

   Products

   Services

,602

3

8

,

6

income/(expense), net

$

,236

$

5

$

$

$

$

Basic

Diluted

,604

Apple Inc.

(Unaudited)

December 28,

2019

$

$

,

, net

Marketable securities

9

,031

$

,618

$

,516

$

$

0

Term debt

,310

,087

9 and 4,443,236 shares issued and outstanding, respectively

)

4

)

1

$ 340,618 $ 338,516

Apple Inc.

(Unaudited)

Three Months Ended

December 28, December 29,
2019

$

$

:

Net income 22,236 19,965

/(benefit)

) 53

Other

)

)

Accounts receivable, net

Inventories

)

)

Vendor non-trade receivables 3,902

)

)

Accounts payable

)

)

Deferred revenue

)

:

)

)

)

)

)

7

)

)

)

Other

)

)

)

:

2

)

)

)

)

)

)


) —

) 6

Other (16 ) —

)

)

)

$

$

$

$

$ 771 $

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
2

0 19 201
Net sales
   Products $ 7 104 7

3 435
   Services 12,715 10,875
Total net sales 91 81 84 31
Cost of sales
52,075 48,

238
4,527 4,0

41
Total cost of sales 5

6 52,

279
Gross margin 35,217 32,031
Operating expenses:
Research and development 4,451 3,902
Selling, general and administrative 5,

197 4,

78
Total operating expenses 9,

64 8,

685
Operating income 25 5

69 23,

34
Other 3

49 560
Income before provision for income taxes 25,9

18 23,906
Provision for income taxes 3,

682 3,941
Net income 22 19,

96
Earnings per share:
Basic 5.04 4.22
Diluted 4.

99 4.18
Shares used in computing earnings per share:
4,415,040 4,735,820
4,4

54 4,773,252
APPL Balance Sheet
CONDENSED

CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares which are reflected in thousands and par value)
September 28,
2019
ASSETS:
Current assets:
Cash and cash equivalents 39,

771 48,844
Marketable securities 67 391 51,713
Accounts receivable 20,970 22,9

26
Inventories 4,097 4,106
Vendor non-trade receivables 18,976 2

2,878
Other current assets 12,026 12,

352
Total current assets 163,231 162,819
Non-current assets:
99,

89 105,341
Property, plant and equipment, net 37 37,

378
Other non-current assets 40,4

57 32,978
Total non-current assets 177,

387 175,697
Total assets 340 338
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable 45,

111 4

6,236
Other current liabilities 36,263 37,720
Deferred revenue 5,573 5,522
Commercial paper 4,990 5,

98
Term debt 10,224 10,260
Total current liabilities 102,

161 105,

718
Non-current liabilities:
93,078 91,807
Other non-current liabilities 55,848 50,503
Total non-current liabilities 148,926 1

42
Total liabilities 251 248,028
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,384,

95 45,972 45,174
Retained earnings 43,977 45,898
Accumulated other comprehensive income/(loss) (418 (

58
Total shareholders’ equity 89,

53 90,488
Total liabilities and shareholders’ equity
APPL Cash Flow
CONDENSED

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
2018
Cash, cash equivalents and restricted cash, beginning balances 50,224 25,913
Operating activities
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 (349
(142 (54
Changes in operating assets and liabilities:
2,015 5,1

30
(28 (1,076
6,905
Other current and non-current assets (7,054 (886
(1,089 (8,501
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 (16
Purchases of non-marketable securities (77 (427
(

130 (56
Cash generated by/(used in) investing activities (13,668 5,844
Financing activities
Proceeds from issuance of common stock
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
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 836

APPL

Q2

Apple Inc.

Three Months Ended

June 29, June 30,
2019 2018 2019 2018

Net sales:

   Products $

$

$

$

   Services

Total net sales

,695

Cost of sales:

   Products

3

   Services

Total cost of sales

,055

Gross margin

Operating expenses:

Research and development

Selling, general and administrative

Total operating expenses

Operating income

Income before provision for income taxes

Provision for income taxes

Net income $

$

$

$

Earnings per share:

Basic $

$

$

$

Diluted $

8

$

$

$

Shares used in computing earnings per share:

Basic

Diluted

,759

Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)

June 29,

2019 2018
ASSETS:
Current assets:

Cash and cash equivalents $

$ 25,913

Marketable securities

Accounts receivable, net

Inventories 3,355

Vendor non-trade receivables

Other current assets

Total current assets

,339

Non-current assets:

Marketable securities

Property, plant and equipment, net

Other non-current assets

Total non-current assets

Total assets $

$

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:

Accounts payable $

$

Other current liabilities

Deferred revenue

Commercial paper

Term debt

Total current liabilities

Non-current liabilities:

Term debt

Other non-current liabilities

Total non-current liabilities

Total liabilities

Commitments and contingencies

Shareholders’ equity:

Retained earnings

Accumulated other comprehensive income/(loss)

)

)

Total shareholders’ equity

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 $

Operating activities:

Net income 41,570 45,406

Adjustments to reconcile net income to cash generated by operating activities:

Depreciation and amortization

Share-based compensation expense

)

)

Other

)

)

Changes in operating assets and liabilities:

Accounts receivable, net

Inventories

)

Vendor non-trade receivables

Other current and non-current assets

)

Accounts payable

)

,410

)

Deferred revenue

)

)

Other current and non-current liabilities

)

Cash generated by operating activities

Investing activities:

Purchases of marketable securities

)

)

Proceeds from maturities of marketable securities

Proceeds from sales of marketable securities

Payments for acquisition of property, plant and equipment

)

)

Payments made in connection with business acquisitions, net

)

1

)

Purchases of non-marketable securities

)

)

310

Other

)

)

Financing activities:

Proceeds from issuance of common stock 391

Payments for taxes related to net share settlement of equity awards

)

)

Payments for dividends and dividend equivalents

)

)

Repurchases of common stock

)

)

Proceeds from issuance of term debt, net —

Repayments of term debt

)

)

) (10 )

Other

) —

Cash used in financing activities

)

)

Cash, cash equivalents and restricted cash, ending balances $

$

Supplemental cash flow disclosure:

Cash paid for income taxes, net $

$

Cash paid for interest $

$

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares which are reflected in thousands and per share amounts)
Nine Months Ended
June 29, June 30,
42,354 43,095 162,354 173,546
11,455 10,

170 3

3,780 29,149
53,809 53,265 196,134 202
29,

47 28,956 109,758 1

13,467
4,109 3,888 12,

297 11,473
33,582 32,844 122 124,940
20,227 20,421 74,079 77,755
4,257 3,701 12,107 10,486
4,426 4,108 13,667 12,489
8,683 7,809 25,774 22,975
11,544 12,612 48,305 54,780
Other income/(expense), net 367 672 1,305 1,702
11,911 13,284 49,610 56,482
1,867 1,

765 8,040 11,076
10,044 11,519 41,570 45,

406
2.2 2.36 8.92 9.07
2.1 2.34 8.86 8.99
4,570,633 4,882,167 4,660,175 5,006,640
4,601,380 4,926,609 4,691 5,050,963
September 29,
50,530
44,084 40,388
14,148 23,186
3,956
12,326 25,809
10,530 12,087
134,973 131
115,996 170,799
37,

636 41,304
33,

634 22,283
187,266 234,386
322,239 365,725
29,115 55,888
31,673 33,

327
5,

434 5,966
9,953 11,

964
13,529 8,784
89,704 115,929
84,936 93,735
51,143 48,914
136,079 142,649
225,783 258,578
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
53,724 70,400
(639 (3,454
96,456 107,147
20,289
9,368 8,149
4,569 3,995
Deferred income tax benefit (38 (33,109
(340 (410
9,013 3,

756
496 (1,

114
13,483 5,

536
693 (65
(19,804 (10
(776 (73
(8,753 36,250
49,481 57,911
(2

1,902 (56,

133
26,783 46,290
49,516 41,614
(7,718 (10,

272
(611 (43
(632 (1,788
Proceeds from non-marketable securities 1,526
(

268 (523
Cash generated by investing activities 46,694 19,067
328
(2,626 (2,267
(10,640 (10,

182
(49,453 (53,634
6,969
(5,500 (6,500
Repayments of commercial paper, net (2,026
(83
(69,937 (65,296
Increase in cash, cash equivalents and restricted cash 26,238 11,682
52,

151 31,971
11,795 8,819
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

March 30, March 31,

2019 2018 2019 2018
Net sales:

   Products $

$

$

$

   Services

Total net sales

Cost of sales:

   Products

   Services

Total cost of sales

Gross margin

Operating expenses:

Research and development

Selling, general and administrative

Total operating expenses

Operating income

Other income/(expense), net 378

Income before provision for income taxes

Provision for income taxes

Net income $

$

$

$

Earnings per share:

Basic $

$

$

$

Diluted $

$

$

$

Shares used in computing earnings per share:

Basic

Diluted

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 $

$ 25,913

Marketable securities

40,388

Accounts receivable, net

23,186

Inventories

3,956

Vendor non-trade receivables

25,809

Other current assets

12,087

Total current assets

131,339

Non-current assets:

Marketable securities

170,799

Property, plant and equipment, net

41,304

Other non-current assets

22,283

Total non-current assets

234,386

Total assets $

$ 365,725

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:

Accounts payable $

$ 55,888

Other current liabilities

Deferred revenue

5,966

Commercial paper

11,964

Term debt

8,784

Total current liabilities

115,929

Non-current liabilities:

Term debt

93,735

Other non-current liabilities

48,914

Total non-current liabilities

142,649

Total liabilities

258,578

Commitments and contingencies

Shareholders’ equity:

40,201

Retained earnings

70,400

Accumulated other comprehensive income/(loss)

) (3,454 )

Total shareholders’ equity

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

Share-based compensation expense

Deferred income tax benefit

)

)

Other

)

)

Changes in operating assets and liabilities:

Accounts receivable, net

Inventories

)

)

Vendor non-trade receivables

Other current and non-current assets

)

)

Accounts payable

)

)

Deferred revenue

)

Other current and non-current liabilities

)

Cash generated by operating activities

Investing activities:

Purchases of marketable securities

)

,449

)

Proceeds from maturities of marketable securities

Proceeds from sales of marketable securities

Payments for acquisition of property, plant and equipment

)

)

Payments made in connection with business acquisitions, net

)

)

Purchases of non-marketable securities

)

)

Other 30

Cash generated by investing activities

Financing activities:

Proceeds from issuance of common stock

327

Payments for taxes related to net share settlement of equity awards

)

)

Payments for dividends and dividend equivalents

)

)

Repurchases of common stock

)

)

Proceeds from issuance of term debt, net — 6,969

Repayments of term debt

)

0

)

Other

) 1

Cash used in financing activities

)

)

Increase in cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash, ending balances $

$

Supplemental cash flow disclosure:

Cash paid for income taxes, net $

$

Cash paid for interest $

$

Six Months Ended
March 30, March 31,
46,565 5

1,287 120,000 130,451
11,

450 9,850 22,325 18,979
58,015 61,

137 142,325 149,

430
32,047 33,936 80,285 84,511
4,147 3,779 8,188 7,

585
36,194 37,715 88,473 92,096
21,

821 23,422 53,852 57,334
3,948 3,378 7,850 6,785
4,458 4,150 9,241 8,

381
8,406 7,528 17,091 15,166
13,415 15,894 36,

761 42,168
274 938 1,030
13,793 16,168 37,699 43,198
2,232 2,

346 6,173 9,311
11,561 13,822 31,526 33,887
2.47 2.75 6.7 6.69
2.46 2.73 6.66 6.63
4,674,071 5,02

4,877 4,704,945 5,068,877
4,700,646 5,068,493 4,736,949 5,113,140
37,988
42,104
15,085
4,884
11,193
12,092
123,346
14

5,319
38,746
34,

587
218,652
341,998
30,443
35,368 33,327
5,532
11,924
10,

505
93,772
90,201
52,

165
142,366
236,

138
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
64,558
(

1,499
105,860
6,435 5,484
3,073 2,644
(124 (34,235
(

215 (151
8,094 3,523
(1,006 (

2,807
14,616 9,715
(717 (

1,053
(20,024 (1

2,004
(

540 394
(3,

273 38,026
37,845 43,423
(13,854 (48
16,880 31,884
22,635 38,942
(5,718 (7,005
(291 (305
(490 (163
216
1

9,

192 15,120
390
(1,427 (1,190
(7,011 (6,529
(32,

498 (32,851
(2,500 (50
(87
(43,133 (33,773
13,904 24,770
39,817 45,059
9,

497 6,340
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,

2018

Net sales:

   Products $ 73,435 $

   Services 10,875

Total net sales

Cost of sales:

   Products 48,238

   Services 4,041

Total cost of sales 52,279

Gross margin 32,031

Operating expenses:

Research and development 3,902

Selling, general and administrative 4,783

Total operating expenses 8,685

Operating income 23,346

Other income/(expense), net 560 756
Income before provision for income taxes 23,906

Provision for income taxes 3,941

Net income $ 19,965 $

Earnings per share:

Basic $ 4.22 $

Diluted $ 4.18 $

Shares used in computing earnings per share:

Basic 4,735,820

Diluted 4,773,252

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

40,388

Accounts receivable, net

23,186

Inventories

3,956

Vendor non-trade receivables

25,809

Other current assets

12,087

Total current assets

131,339

Non-current assets:

Marketable securities

170,799

Property, plant and equipment, net

41,304

Other non-current assets

22,283

Total non-current assets

234,386

Total assets $

$ 365,725

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:

Accounts payable $

$ 55,888

Other current liabilities

33,327

Deferred revenue

5,966

Commercial paper

11,964

Term debt

8,784

Total current liabilities

115,929

Non-current liabilities:

Term debt

93,735

Other non-current liabilities

48,914

Total non-current liabilities

142,649

Total liabilities

258,578

Commitments and contingencies

Shareholders’ equity:

40,201

Retained earnings

70,400

Accumulated other comprehensive income/(loss)

) (3,454 )

Total shareholders’ equity

,

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

$ 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

Share-based compensation expense 1,559

Deferred income tax expense/(benefit) 53

)

Other (54 )

)

Changes in operating assets and liabilities:

Accounts receivable, net

)

Inventories (1,076 ) 434
Vendor non-trade receivables 6,905

)

Other current and non-current assets (886 )

)

Accounts payable (8,501 )

Deferred revenue (370 ) 569
Other current and non-current liabilities 570

Cash generated by operating activities 26,690

Investing activities:

Purchases of marketable securities (7,077 )

)

Proceeds from maturities of marketable securities 7,203

Proceeds from sales of marketable securities 9,723

Payments for acquisition of property, plant and equipment

)

)

Payments made in connection with business acquisitions, net

)

3

)

Purchases of non-marketable securities (427 )

)

Other (56 ) (43 )
Cash generated by/(used in) investing activities 5,844

)

Financing activities:

Payments for taxes related to net share settlement of equity awards (1,318 )

)

Payments for dividends and dividend equivalents (3,568 )

)

Repurchases of common stock (8,796 )

)

Proceeds from issuance of term debt, net — 6,969

6 2

Cash used in financing activities (13,676 )

)

18,858

$ 44,771 $

Supplemental cash flow disclosure:

Cash paid for income taxes, net $ 4,916 $

Cash paid for interest $ 836 $

December 30,
2017
79,164
9,129
84,310 88,

293
50,575
3,806
54,381
33,912
3,407
4,231
7,638
26,274
27,030
6,965
20,065
3.92
3.89
5,112,877
5,157,787
41,656
18,077
4,988
18,904
12,432
140,828
158,608
39,597
34,686
232,

891
373,719
44,293
36,703
5,546
11,969
9,772
10

8,283
92,989
54,555
147,544
255,827
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
80,

510
(3,588
117 892
Cash and cash equivalents, beginning balances
2,745
1,296
(33,

737
(11
5,130 (5,570
(9,660
(197
12,602
39,757
28,293
(41,272
14,048
16,801
(3,355 (2,810
(167 (17
(141
(13,590
(1,038
(3,339
(10,095
Change in commercial paper, net
(7,501
Increase/(Decrease) in cash and cash equivalents 7,202
Cash and cash equivalents, ending balances 27,491
3,551
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,

June 30, July 1,
2018 2017 2018 2017
Net sales $ 53,265 $

$ 202,695 $

Cost of sales 32,844

124,940

Gross margin 20,421

77,755

Operating expenses:

Research and development 3,701

10,486

Selling, general and administrative 4,108

12,489

Total operating expenses 7,809

22,975

Operating income 12,612

54,780

Other income/(expense), net 672 540 1,702

Income before provision for income taxes 13,284

56,482

Provision for income taxes 1,765

11,076

Net income $ 11,519 $

$ 45,406 $

Earnings per share:

Basic $ 2.36 $

$ 9.07 $

Diluted $ 2.34 $

$ 8.99 $

Shares used in computing earnings per share:

Basic 4,882,167

,088

5,006,640

Diluted 4,926,609

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 30,

2018 2017
ASSETS:
Current assets:

Cash and cash equivalents $ 31,971 $ 20,289
Accounts receivable, net

Inventories

Vendor non-trade receivables

Other current assets

Total current assets

Property, plant and equipment, net

Other non-current assets

Total assets $

$

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:

Accounts payable $

$

Deferred revenue

Commercial paper

Total current liabilities

2,878

Other non-current liabilities

Total liabilities

Commitments and contingencies

Shareholders’ equity:

,201 shares issued and outstanding, respectively

Retained earnings

Accumulated other comprehensive income/(loss)

)

)

Total shareholders’ equity

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

$ 20,289 $

Operating activities:

Net income 45,406 37,637

Adjustments to reconcile net income to cash generated by operating activities:

Depreciation and amortization 8,149

Share-based compensation expense 3,995

Deferred income tax expense/(benefit) (33,109 )

Other (410 ) (142 )

Changes in operating assets and liabilities:

Accounts receivable, net

Inventories (1,114 )

)

Vendor non-trade receivables 5,536

Other current and non-current assets (65 )

)

Accounts payable

)

)

Deferred revenue

) (418 )

Other current and non-current liabilities

)

Cash generated by operating activities 57,911

Investing activities:

Purchases of marketable securities (56,133 )

)

Proceeds from maturities of marketable securities 46,290

Proceeds from sales of marketable securities 41,614

Payments for acquisition of property, plant and equipment (10,272 )

)

Payments made in connection with business acquisitions, net

)

)

Purchases of non-marketable securities (1,788 )

)

Proceeds from non-marketable securities 310 126
Other (523 ) 104
Cash generated by/(used in) investing activities 19,067

)

Financing activities:

Proceeds from issuance of common stock 328 274
Payments for taxes related to net share settlement of equity awards (2,267 )

)

Payments for dividends and dividend equivalents (10,182 )

)

Repurchases of common stock (53,634 )

)

Proceeds from issuance of term debt, net 6,969

Repayments of term debt (6,500 )

)

Change in commercial paper, net (10 )

Cash used in financing activities (65,296 )

)

Increase/(Decrease) in cash and cash equivalents 11,682

)

$ 31,971 $

Supplemental cash flow disclosure:

Cash paid for income taxes, net $ 8,819 $

Cash paid for interest $ 2,120 $

July 1,
45,408 176,655
27,920 108,400
17,488 68,255
2,937 8,584
3,783 11,

447
6,720 20,031
10,768 48,224
1,948
11,308 50,172
2,591 12,535
8,717 37,637
1.68 7.18
1.67 7.14
5,

195 5,239,847
5,233,499 5,274,394
Cash dividends declared per share 0.73 0.63 1.99 1.77
September 30,
Short-term marketable securities 38,999 53,892
14,104 17,

874
5,936 4,855
12,263 17,799
1

2,488 13,936
115,761 128,645
Long-term marketable securities 172,773 194,714
3

8,117 33,783
22,546 18,177
349,197 375,319
38,489 49,049
Accrued expenses 25,

184 25,744
7,403 7,548
11,974 11,977
Current portion of long-term debt 5,498 6,496
88,548 100,814
Deferred revenue, non-current 2,836
Long-term debt 97,128 97,207
45,694 40,415
234,248 241,272
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,842,917 and 5,

126 38,624 35,867
79,436 98,330
(3,111 (150
114,949 134,047
Cash and cash equivalents, beginning of the period 20,484
7,673
3,666
4,764
3,756 3,381
(1,014
3,312
(3,229
(11,139 (5,212
(

103
37,009 (1,942
48,476
(123,781
19,347
76,747
(8,586
(

431 (248
(213
(36,504
(1,646
(9,499
(25,105
21,725
(

3,500
3,866
(13,885
(1,913
Cash and cash equivalents, end of the period 18,571
9,752
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,

March 31, April 1,

2018 2017 2018 2017

Net sales $ 61,137 $

$ 149,430 $

Cost of sales 37,715

92,096

Gross margin 23,422

57,334

Operating expenses:

Research and development 3,378

6,785

Selling, general and administrative 4,150

8,381

Total operating expenses 7,528

15,166

Operating income 15,894

42,168

Other income/(expense), net 274 587 1,030

Income before provision for income taxes 16,168

43,198

Provision for income taxes 2,346

9,311

Net income $ 13,822 $

$ 33,887 $

Earnings per share:

Basic $ 2.75 $

$ 6.69 $

Diluted $ 2.73 $ 2.1 $ 6.63 $

Shares used in computing earnings per share:

Basic 5,024,877

5,068,877

Diluted 5,068,493

5,113,140

,841

Cash dividends declared per share $ 0.63 $

$

$

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

53,892

17,874

Inventories

4,855

Vendor non-trade receivables

17,799

Other current assets

13,936

Total current assets

128,645

Long-term marketable securities

194,714

Property, plant and equipment, net

33,783

Other non-current assets

18,177

Total assets $

$ 375,319

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:

Accounts payable $

$ 49,049

Accrued expenses

25,744

Deferred revenue

7,548

Commercial paper

11,977

Current portion of long-term debt

6,496

Total current liabilities

100,814

Deferred revenue, non-current

2,836

Long-term debt

97,207

Other non-current liabilities

40,415

Total liabilities

241,272

Commitments and contingencies

Shareholders’ equity:

and 5,126,201 shares issued and outstanding, respectively

35,867

Retained earnings

98,330

Accumulated other comprehensive income/(loss)

) (150 )

Total shareholders’ equity

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

Deferred income tax expense/(benefit) (34,235 )

Other (151 )

)

Changes in operating assets and liabilities:

Accounts receivable, net 3,523

Inventories (2,807 )

)

Vendor non-trade receivables 9,715

Other current and non-current assets (1,053 )

)

Accounts payable

)

)

Deferred revenue

)

Other current and non-current liabilities

Cash generated by operating activities 43,423

Investing activities:

Purchases of marketable securities (48,449 )

,821

)

Proceeds from maturities of marketable securities 31,884

Proceeds from sales of marketable securities 38,942

Payments for acquisition of property, plant and equipment (7,005 )

)

Payments made in connection with business acquisitions, net (305 )

)

Other 53 (10 )
Cash generated by/(used in) investing activities 15,120

)

Financing activities:

Proceeds from issuance of common stock 327 273
Payments for taxes related to net share settlement of equity awards (1,190 )

)

Payments for dividends and dividend equivalents (6,529 )

)

Repurchases of common stock (32,851 )

,012

)

Proceeds from issuance of term debt, net 6,969

Repayments of term debt (500 ) —
Change in commercial paper, net 1

Cash used in financing activities (33,773 )

)

Increase/(Decrease) in cash and cash equivalents 24,770

)

Cash and cash equivalents, end of the period $ 45,059 $

Supplemental cash flow disclosure:

Cash paid for income taxes, net $ 6,340 $ 6,878
Cash paid for interest $ 1,356 $

April 1,
52,896 131,

247
32,305 80,

480
20,591 50,767
2,776 5,647
3,718 7,

664
6,494 13,311
14,097 37,456
1,408
14,684 38,864
3,655 9,944
11,029 28,920
2.11 5.5
5.46
5,225,

791 5,262,

226
5,261,688 5,

294
0.57 1.26 1.14
42,

881
Accounts receivable, less allowances of $60 and $58, respectively 14,324
7,662
8,084
1

2,043
130,053
179,286
35,077
23,086
367,502
34,311
26,756
7,775
11,980
8,498
89,320
3,087
101,362
46,855
240,624
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,943,

282 3

8,044
91,898
(3,064
12

6,878
2,473
2,822
(209
4,183
(778
4,512
(896
(13,220 (6,862
478 (

221
39,158 541
39,804
(99
12,429
60,454
(6,309
(67
(33,324
(788
(6,134
(18
10,975
1,879
(11,807
(5,327
15,157
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,

2017

Net sales $ 88,293 $

Cost of sales 54,381

Gross margin 33,912

Operating expenses:

Research and development 3,407

Selling, general and administrative 4,231

Total operating expenses 7,638

Operating income 26,274

Other income/(expense), net 756 821
Income before provision for income taxes 27,030

Provision for income taxes 6,965

Net income $ 20,065 $

Earnings per share:

Basic $ 3.92 $

Diluted $ 3.89 $

Shares used in computing earnings per share:

Basic 5,112,877

Diluted 5,157,787

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

53,892

17,874

Inventories

4,855

Vendor non-trade receivables

17,799

Other current assets

13,936

Total current assets

128,645

Long-term marketable securities

194,714

Property, plant and equipment, net

33,783

Other non-current assets

Total assets $

$ 375,319

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:

Accounts payable $

$ 49,049

Accrued expenses

25,744

Deferred revenue 8,044 7,548

Commercial paper 11,980 11,977

Current portion of long-term debt

6,496

Total current liabilities

100,814

Deferred revenue, non-current

2,836

Long-term debt

97,207

Other non-current liabilities

40,415

Total liabilities

241,272

Commitments and contingencies

Shareholders’ equity:

35,867

Retained earnings

98,330

Accumulated other comprehensive income/(loss)

) (150 )

Total shareholders’ equity

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

Share-based compensation expense 1,296

Deferred income tax expense/(benefit) (33,737 )

Other (11 )

)

Changes in operating assets and liabilities:

Accounts receivable, net (5,570 )

Inventories 434

)

Vendor non-trade receivables (9,660 )

)

Other current and non-current assets (197 )

)

Accounts payable

Deferred revenue 791 42
Other current and non-current liabilities

Cash generated by operating activities 28,293

Investing activities:

Purchases of marketable securities (41,272 )

)

Proceeds from maturities of marketable securities 14,048

Proceeds from sales of marketable securities 16,801

Payments made in connection with business acquisitions, net (173 ) (17 )
Payments for acquisition of property, plant and equipment (2,810 )

)

)

)

) —

Other 64

)

(13,590 )

)

Financing activities:

Payments for taxes related to net share settlement of equity awards (1,038 )

9

)

Payments for dividends and dividend equivalents (3,339 )

)

Repurchases of common stock (10,095 )

)

Proceeds from issuance of term debt, net 6,969 —
Change in commercial paper, net 2

Cash used in financing activities (7,501 )

)

Increase/(Decrease) in cash and cash equivalents 7,202

)

Cash and cash equivalents, end of the period $ 27,491 $

Supplemental cash flow disclosure:

Cash paid for income taxes, net $ 3,551 $

Cash paid for interest $ 623 $ 497
December 31,
2016
78,351
48,175
30,176
2,871
3,946
6,817
23,359
24,180
6,289
17,891
3.38
3.36
5,298,661
5,327,995
49,662
Accounts receivable, less allowances of $59 and $58, respectively 23,440
4,421
27,459
11,337
143,810
207,944
33,679
Goodwill 5,889 5,717
Acquired intangible assets, net 2,149 2,298
13,323 10,162
406,794
62,985
26,281
6,498
1

15,788
3,131
103,922
43,754
266,595
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
104,593
(841
140,199
2,987
1,256
1,452
(274
1,697
(580
(375
(1,446
14,588 2,460
37,549 2,124
27,234
(5

4,272
6,525
32,166
(3,334
Payments for acquisition of intangible assets (154 (86
Payments for strategic investments, net (94
(104
Cash used in investing activities (19,122
(62
(3,130
(10,851
2,385
(1

2,225
(4,113
16,371
3,510

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,

July 1, June 25,
2017 2016 2017 2016
Net sales $ 45,408 $

$ 176,655 $

Cost of sales 27,920

108,400

Gross margin 17,488

68,255

Operating expenses:

Research and development 2,937

8,584

Selling, general and administrative 3,783

11,447

Total operating expenses 6,720

20,031

Operating income 10,768

48,224

Other income/(expense), net 540

1,948

Income before provision for income taxes 11,308

50,172

Provision for income taxes 2,591

12,535

Net income $ 8,717 $

$ 37,637 $

Earnings per share:

Basic $ 1.68 $

$ 7.18 $ 6.66

Diluted $ 1.67 $

$ 7.14 $

Shares used in computing earnings per share:

Basic 5,195,088

5,239,847

Diluted 5,233,499

5,274,394

Cash dividends declared per share $ 0.63 $ 0.57 $ 1.77 $

Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)

July 1,

2017 2016
ASSETS:
Current assets:

Cash and cash equivalents $ 18,571 $ 20,484
Short-term marketable securities

Inventories

Vendor non-trade receivables

Other current assets

8,283

Total current assets

Long-term marketable securities

Property, plant and equipment, net

Goodwill

Acquired intangible assets, net

Other non-current assets

Total assets $

,173

$

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:

Accounts payable $

$

Accrued expenses

Deferred revenue

Commercial paper 11,980

Current portion of long-term debt

3,500

Total current liabilities

Deferred revenue, non-current

Long-term debt

Other non-current liabilities

Total liabilities

Commitments and contingencies

Shareholders’ equity:

and 5,33

shares issued and outstanding, respectively

Retained earnings

Accumulated other comprehensive income/(loss)

) 634

Total shareholders’ equity

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 $

Operating activities:

Net income 37,637 36,673

Adjustments to reconcile net income to cash generated by operating activities:

Depreciation and amortization 7,673

Share-based compensation expense 3,666

Deferred income tax expense 4,764

Other (142 )

Changes in operating assets and liabilities:

Accounts receivable, net 3,381

Inventories (1,014 )

Vendor non-trade receivables 3,312 6,166
Other current and non-current assets (3,229 )

Accounts payable (5,212 )

)

Deferred revenue (418 )

)

Other current and non-current liabilities

)

)

Cash generated by operating activities

Investing activities:

Purchases of marketable securities (123,781 )

)

Proceeds from maturities of marketable securities 19,347

Proceeds from sales of marketable securities 76,747

Payments made in connection with business acquisitions, net (248 )

)

Payments for acquisition of property, plant and equipment (8,586 )

)

Payments for acquisition of intangible assets (209 )

)

Payments for strategic investments, net (87 )

)

Other

)

Cash used in investing activities (36,504 )

)

Financing activities:

Proceeds from issuance of common stock 274 247

391

Payments for taxes related to net share settlement of equity awards (1,646 )

)

Payments for dividends and dividend equivalents (9,499 )

)

Repurchases of common stock (25,105 )

,696

)

Proceeds from issuance of term debt, net 21,725

Repayments of term debt

) (2,500 )

Change in commercial paper, net 3,866

Cash used in financing activities

)

)

Increase/(Decrease) in cash and cash equivalents (1,913 )

)

Cash and cash equivalents, end of the period $ 18,571 $

Supplemental cash flow disclosure:

Cash paid for income taxes, net $ 9,752 $

Cash paid for interest $ 1,456 $ 892
June 25,
42,

358 168,787
26,252 102,337
16,106 66,450
2,560 7,475
3,441 10,712
6,001 18,187
10,105 48,263
364 921
10,469 49,184
2,673 12,511
7,796 36,673
1.43
1.42 6.62
5,443,058 5,505,456
5,472,781 5,535,931
1.61
September 24,
58,188 46,671
Accounts receivable, less allowances of $55 and $53, respectively 12,399 15,754
3,146 2,132
10,233 1

3,545
10,338
112,875 106,869
184,757 170,430
29,286 27,010
5,661 5,414
2,444 3,

206
10,150 8,757
345 321,686
31,915 37,294
23,304 22,027
7,608 8,080
8,105
6,495
81,302 79,006
2,

984 2,930
89,864 75,427
38,598 36,074
212,748 193,437
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 5,169,

782 6,166 34,445 31,251
98,525 96,364
(545
132,425 128,249
21,120
7,957
3,180
5,

191
419
4,623
518
1,049
(9,567
(1,148
(2,476 (5,363
47,942 49,

698
(11

2,068
14,915
69,926
(146
(8,757
(753
(1,

376
313 (321
(38,580
Excess tax benefits from equity awards 534
(1,361
(9,058
(23
17,984
(3,500
3,992
(13,351 (14,001
(

2,883
18,237
8,990

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

1.557

678

566184748 1.467247837331669 1.26329821268609 1.2544905

479

16109 1.240287753534806 1.3702530

228

3923 1.203829412374339 1.3496469951

538

71

APPL current ratio

1.597781932439972 1.504648622135022 1.

315

381990359596 1.300555027104901 1.307324840764331 1.456034482758621 1.

242

011261961516 1.388342230203439

GOOGL

Q1

Three Months Ended Nine Months Ended

September 30,
2018 2019

2018 2019

$

$

$

$

Research and development

2,591

s

0 0

1,697

)

3,956

Provision for income taxes 891

Net income $

$

$

$

$

$

$

$

$

$

$

$

Alphabet Inc.

CONSOLIDATED BALANCE SHEETS

As of

Assets

Current assets:

Cash and cash equivalents $

$

Marketable securities

355 192

Other current assets

Total current assets

12,488

737

0

Goodwill

Other non-current assets

2,225

Total assets $

$

Current liabilities:

Accounts payable $

$

Deferred revenue

69 131

Total current liabilities

Long-term debt

Deferred revenue, non-current

364

Deferred income taxes

1,747

0

3,545

Total liabilities

0 0

)

)

Retained earnings

$ 232,792 $ 263,044

Alphabet Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended
September 30,
2018 2019

Operating activities
Net income $ 21,788 $ 23,672

664

8,149

Deferred income taxes 723 381

)

)

Other

)

)

Accounts receivable 718 25

) 210

)

)

Accounts payable 293

)

Accrued revenue share

) 201

Deferred revenue 272

)

Investing activities

)

)

Purchases of marketable securities

)

)

) (1,499 )

297

)

)

69

)

)

Financing activities

)

)

)

)

)

)

0 202

)

)

)

)

)

16,701

$

$ 16,032

GOOGL INCOME
Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
September 30,
Revenues 33,740 40,499 97,543 115,782
Costs and expenses:
Cost of revenues 14,281 17,568 41,631 50,876
5,232 6,

554 15,385 18,796
Sales and marketing 3,849 4,609 11,233 12,726
General and administrative 1,753 4,920 6,722
European Commission fine 5,071
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
Income before income taxes 10,083 8,628 24,841 28,921
1,560 3,053 5,249
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
(in millions, except share amounts which are reflected in thousands, and par value per share amounts)
As of
31-Dec-18 30-Sep-19
(unaudited)
16,701 16,032
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
Inventory 1,107 1,401
4,236 4,699
135,676 148,358
Non-marketable investments 13,859
Deferred income taxes 564
Property and equipment, net 59,719 69,252
Operating lease assets 10,341
Intangible assets, net 2,220 1,747
17,888 18,069
2,693
232,792 263,044
Liabilities and Stockholders’ Equity
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
1,784 1,679
Income taxes payable, net
34,

620 39,224
4,012 4,082
396
Income taxes payable, non-current 11,327 11,355
1,264
Operating lease liabilities 9,666
Other long-term liabilities 1,637
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
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
134,885 147,125
Total stockholders’ equity 177,628 194,969
Total liabilities and stockholders’ equity
GOOGL Cash Flow
(in millions; unaudited)
Adjustments:
Depreciation and impairment of property and equipment 5,791 7,774
Amortization and impairment of intangible assets 594
Stock-based compensation expense 7,100
Gain on debt and equity securities, net (5,413 (2,399
(82 (

119
Changes in assets and liabilities, net of effects of acquisitions:
Income taxes, net (1,891
Other assets (1,240 (787
(386
Accrued expenses and other liabilities 6,457 2,927
(196
(149
Net cash provided by operating activities 34,984 40,093
Purchases of property and equipment (18,058 (17,496
(37,340 (80,968
Maturities and sales of marketable securities 34,926 74,783
Purchases of non-marketable investments (1,

118
Maturities and sales of non-marketable investments 1,345
Acquisitions, net of cash acquired, and purchases of intangible assets (1,452 (373
Other investing activities 468
Net cash used in investing activities (21,628 (24,788
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
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
Cash and cash equivalents at end of period 13,443

GOOGL Q2

Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)

Three Months Ended Six Months Ended

June 30,
2018 2019 2018 2019
Revenues $

$

$

$

Costs and expenses:

Cost of revenues

Research and development

Sales and marketing 3,780

8,117

General and administrative

2,043

5,071 0 5,071 1,697

Total costs and expenses

Income from operations

15,788

Other income (expense), net

Income before income taxes

Provision for income taxes

Net income $

$

$

$

Basic net income per share of Class A and B common stock and Class C capital stock $

$

$

$

Diluted net income per share of Class A and B common stock and Class C capital stock $

$

$

$

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

(unaudited)
Assets
Current assets:

Cash and cash equivalents $ 16,701 $

Marketable securities 92,439

Total cash, cash equivalents, and marketable securities 109,140

20,838

Income taxes receivable, net 355 352
Inventory 1,107 964
Other current assets 4,236

Total current assets 135,676

Non-marketable investments 13,859

Deferred income taxes 737 585
Property and equipment, net 59,719

Operating lease assets 0

Intangible assets, net 2,220 1,902
Goodwill 17,888

Other non-current assets 2,693

Total assets $ 232,792 $

Liabilities and Stockholders’ Equity
Current liabilities:

Accounts payable $ 4,378 $

Accrued compensation and benefits 6,839

Accrued expenses and other current liabilities 16,958

Accrued revenue share 4,592

Deferred revenue 1,784

Income taxes payable, net 69 536
Total current liabilities

Long-term debt 4,012

Deferred revenue, non-current 396 387
Income taxes payable, non-current 11,327

Deferred income taxes 1,264

Operating lease liabilities 0

Other long-term liabilities 3,545 1,499
Total liabilities 55,164

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

45,049

Accumulated other comprehensive loss (2,306 )

)

Retained earnings 134,885

Total stockholders’ equity 177,628

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

Amortization and impairment of intangible assets 447 406
Stock-based compensation expense

Deferred income taxes

) 620

Gain on debt and equity securities, net

)

)

Other

) (48 )

Changes in assets and liabilities, net of effects of acquisitions:

Accounts receivable

26

Income taxes, net

) 25

Other assets

)

)

Accounts payable (23 )

)

Accrued expenses and other liabilities

Accrued revenue share

)

)

Deferred revenue

)

Net cash provided by operating activities

Investing activities

Purchases of property and equipment

)

)

Purchases of marketable securities

)

)

Maturities and sales of marketable securities

Purchases of non-marketable investments

)

)

Maturities and sales of non-marketable investments

206

Acquisitions, net of cash acquired, and purchases of intangible assets

)

)

Other investing activities 49 89
Net cash used in investing activities

)

)

Financing activities

Net payments related to stock-based award activities

)

)

Repurchases of capital stock

)

)

Proceeds from issuance of debt, net of costs 6,236 317
Repayments of debt

)

)

0 184

Net cash used in financing activities

)

)

Effect of exchange rate changes on cash and cash equivalents

) 31

Net increase (decrease) in cash and cash equivalents

)

Cash and cash equivalents at beginning of period 10,715 16,701

Cash and cash equivalents at end of period $ 14,148 $ 16,587
June 30,
32,657 38,944 6

3,803 75,283
13,883 17,296 27,350 33,308
5,114 6,213 10,153 12,242
4,212 7,384
1,764 3,167 4,131
European Commission fines
29,612 29,764 53,125 59,495
3,045 9,180 10,678
1,170 2,967 4,080 4,505
4,215 12,147 14,758 20,293
1,020 2,200 2,162 3,689
3,195 9,947 12,596 16,604
4.6 14.33 18.13 23.91
4.54 14.21 17.89 23.71
30-Jun-19
16,587
104,469
121,056
Accounts receivable, net of allowance of $729 and $721 20,965
4,100
147,437
12,112
64,891
9,713
18,000
2,461
257,101
3,925
6,432
19,823
4,567
1,717
34,620 37,000
4,074
10,969
1,892
9,088
64,909
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 47,937
(1,091
145,346
192,192
3,653 5,042
4,870 5,525
(157
(4,060 (

3,878
(120
1,388
(656
(756 (176
(443
4,600 1,074
(303 (60
295 (90
21,774 24,627
(12,776 (10,764
(23,041 (44,724
25,523 40,692
(732 (1,095
1,191
(1,434 (247
(11,220 (15,843
(2,699 (2,435
(4,225 (6,602
(6,267 (393
Proceeds from sale of subsidiary shares
(6,955 (8,929
(166
3,433 (114

GOOGL Q3

Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)

Three Months Ended

2018 2019

Revenues $

$

Costs and expenses:

Cost of revenues 13,467

Research and development

Sales and marketing

General and administrative

European Commission fine 0 1,697
Total costs and expenses

Income from operations

Other income (expense), net

Income before income taxes

Provision for income taxes

Net income $

$

Basic net income per share of Class A and B common stock and Class C capital stock $

$

8

Diluted net income per share of Class A and B common stock and Class C capital stock $

$ 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

(unaudited)
Assets
Current assets:

Cash and cash equivalents $ 16,701 $

Marketable securities 92,439

Total cash, cash equivalents, and marketable securities 109,140

20,838

Income taxes receivable, net 355 111
Inventory 1,107 1,053
Other current assets 4,236

Total current assets 135,676

Non-marketable investments 13,859

Deferred income taxes 737

Property and equipment, net 59,719

Operating lease assets 0

Intangible assets, net 2,220

Goodwill 17,888

Other non-current assets 2,693

Total assets $ 232,792 $

,349

Liabilities and Stockholders’ Equity
Current liabilities:

Accounts payable $ 4,378 $

Accrued compensation and benefits 6,839

Accrued expenses and other current liabilities 16,958

Accrued revenue share 4,592

Deferred revenue 1,784

Income taxes payable, net 69 761
Total current liabilities 34,620

Long-term debt 4,012

Deferred revenue, non-current 396 391
Income taxes payable, non-current 11,327

Deferred income taxes 1,264

Operating lease liabilities 0

Other long-term liabilities 3,545

Total liabilities 55,164

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

45,049

Accumulated other comprehensive loss (2,306 )

)

Retained earnings 134,885

Total stockholders’ equity 177,628

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

Amortization and impairment of intangible assets 195 197
Stock-based compensation expense

Deferred income taxes (18 ) (73 )
Gain on debt and equity securities, net

)

)

Other

) 22

Changes in assets and liabilities, net of effects of acquisitions:

Accounts receivable

Income taxes, net 782

Other assets

)

)

Accounts payable 122

)

Accrued expenses and other liabilities

)

)

Accrued revenue share

)

)

Deferred revenue 130

)

Net cash provided by operating activities

Investing activities

Purchases of property and equipment

)

)

30 34

Purchases of marketable securities

)

)

Maturities and sales of marketable securities

Purchases of non-marketable investments

)

)

Maturities and sales of non-marketable investments 498 99
Acquisitions, net of cash acquired, and purchases of intangible assets

) (99 )

Net cash used in investing activities

)

)

Financing activities

Net payments related to stock-based award activities

)

)

Repurchases of capital stock

)

)

Proceeds from issuance of debt, net of costs 4,691 315
Repayments of debt

)

)

Proceeds from sale of subsidiary shares 0 47
Net cash used in financing activities

)

)

Effect of exchange rate changes on cash and cash equivalents 165 18

Cash and cash equivalents at beginning of period 10,715 16,701

Cash and cash equivalents at end of period $

$ 19,148

March 31,
31,146 36,339
16,012
5,039 6,029
3,604 3,905
1,403 2,088
23,513 29,731
7,633 6,608
2,910 1,538
10,543 8,146
1,142 1,489
9,401 6,657
13.53 9.5
13.33
31-Mar-19
19,148
94,340
113,488
Accounts receivable, net of allowance of $729 and $761 19,149
4,406
138,207
14,474
750
60,528
8,837
2,063
17,943
2,547
245
3,710
5,072
19,382
4,318
1,667
34,910
4,066
11,605
1,282
8,206
1,

417
61,877
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 46,532
(1,780
138,720
183,472
1,791 2,416
2,457 2,769
(2,992 (1,081
(257
1,700 1,172
1,068
(241 (265
(425
(1,142 (229
(286 (147
(81
11,642 12,000
(7,299 (4,638
Proceeds from disposals of property and equipment
(8,849 (20,883
9,351 21,006
(327 (907
(1,250
(7,846 (5,388
(1,158 (1,175
(2,173 (3,025
(3,378 (345
(2,018 (4,183
Net increase in cash and cash equivalents 1,943 2,447
12,658

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 $

$ 33,740 $

$ 97,543

Costs and expenses:

Cost of revenues

14,281

41,631

Research and development

5,232

15,385

Sales and marketing

3,849

11,233

General and administrative

2,068

European Commission fines 0 0

5,071

Total costs and expenses

Income from operations

Other income (expense), net 197

693

Income before income taxes

10,083

24,841

Provision for income taxes

891

3,053

Net income $

$ 9,192 $

$ 21,788

Basic net income per share of Class A and B common stock and Class C capital stock $

$ 13.21 $

$ 31.34

Diluted net income per share of Class A and B common stock and Class C capital stock $

$ 13.06 $

$ 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

(unaudited)
Assets
Current assets:

Cash and cash equivalents $ 10,715 $ 13,443
Marketable securities

Total cash, cash equivalents, and marketable securities

Income taxes receivable, net

170

Inventory

Other current assets

Total current assets

Non-marketable investments

Deferred income taxes

682

Property and equipment, net

Intangible assets, net

Goodwill

Other non-current assets

Total assets $

$

Liabilities and Stockholders’ Equity
Current liabilities:

Accounts payable $

$

Accrued compensation and benefits

Accrued expenses and other current liabilities

Accrued revenue share

3,878

Deferred revenue

Income taxes payable, net 881 0
Total current liabilities

Long-term debt

Deferred revenue, non-current 340 317
Income taxes payable, non-current

Deferred income taxes 430 1,318
Other long-term liabilities

Total liabilities

Stockholders’ equity:
Convertible preferred stock, $0.001 par value per share, 100,000 shares authorized; no shares issued and outstanding 0 0

Accumulated other comprehensive loss

)

)

Retained earnings

Total stockholders’ equity

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

664

Stock-based compensation expense

7,100

Deferred income taxes 242 723

67 (5,413 )

Other 192 (82 )

Changes in assets and liabilities, net of effects of acquisitions:

Accounts receivable

) 718

Income taxes, net

) (1,891 )

Other assets

) (1,240 )

Accounts payable 58 293
Accrued expenses and other liabilities

6,457

Accrued revenue share 182 (196 )
Deferred revenue 228 272
Net cash provided by operating activities

34,984

Investing activities

Purchases of property and equipment

) (18,058 )

Proceeds from disposals of property and equipment 81 69
Purchases of marketable securities

) (37,340 )

Maturities and sales of marketable securities

34,926

Purchases of non-marketable investments

) (1,118 )

Maturities and sales of non-marketable investments 215 1,345
Acquisitions, net of cash acquired, and purchases of intangible assets

) (1,452 )

0

Net cash used in investing activities

) (21,628 )

Financing activities

Net payments related to stock-based award activities (3,111 ) (3,952 )
Repurchases of capital stock

) (6,425 )

Proceeds from issuance of debt, net of costs

6,766

Repayments of debt

) (6,822 )

Proceeds from sale of subsidiary shares

0

Net cash used in financing activities

) (10,433 )

Effect of exchange rate changes on cash and cash equivalents 387 (195 )
Net increase (decrease) in cash and cash equivalents

) 2,728

Cash and cash equivalents at beginning of period

10,715

Cash and cash equivalents at end of period $

$ 13,443

27,772 78,532
11,148 31,316
4,205 12,319
3,042 8,583
1,595 5,096 6,105
2,736
19,990 25,430 60,050 79,425
7,782 8,310 18,482 18,118
1,773 6,723
7,979 19,175
1,247 3,493
6,732 15,682
9.71 22.65
9.57 22.3
31-Dec-17 30-Sep-18
91,156 92,973
101,871 106,416
Accounts receivable, net of allowance of $674 and $652 18,336 17,897
369
749 1,212
2,983 4,007
124,308 129,702
7,813 12,673
680
42,

383 55,300
2,692 2,448
16,747 17,895
2,672 2,838
197,295 221,538
3,137 3,789
4,581 5,946
10,177 15,936
3,975
1,432 1,752
24,183 31,301
3,969 3,986
12,812 11,562
3,059 3,214
44,793 51,698
Commitments and Contingencies (Note 9)
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
(992 (1,676
113,247 128,405
152,502 169,840
617
5,832
(Gain) loss on debt and equity securities, net
(719
(865
(2,086
3,121
26,823
(8,877
(78,709
62,588
(871
(273
Proceeds from collection of notes receivable 1,419
(24,427
(2,745
2,698
(2,762
800
(5,120
(2,337
12,918
10,581

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 $

$ 32,657 $

$ 63,803

Costs and expenses:

Cost of revenues

13,883

27,350

Research and development

5,114

10,153

Sales and marketing

3,780

7,384

General and administrative 1,700

European Commission fines 2,736 5,071 2,736 5,071
Total costs and expenses

Income from operations

2,807

Other income (expense), net 245 1,408 496

Income before income taxes

4,215

14,758

Provision for income taxes

1,020

2,162

Net income $

$ 3,195 $

$ 12,596

Basic net income per share of Class A and B common stock and Class C capital stock $

$ 4.6 $

$ 18.13

Diluted net income per share of Class A and B common stock and Class C capital stock $

$ 4.54 $

$ 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

(unaudited)
Assets
Current assets:

Cash and cash equivalents $ 10,715 $ 14,148
Marketable securities 91,156

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

18,336

Income taxes receivable, net 369 201
Inventory 749 698
Other current assets 2,983

Total current assets 124,308

Non-marketable investments 7,813

Deferred income taxes 680 685
Property and equipment, net 42,383

Intangible assets, net 2,692

Goodwill 16,747 17,895

Other non-current assets 2,672

Total assets $ 197,295 $

Liabilities and Stockholders’ Equity
Current liabilities:

Accounts payable $ 3,137 $

Accrued compensation and benefits 4,581

Accrued expenses and other current liabilities 10,177

Accrued revenue share 3,975

Deferred revenue 1,432

Income taxes payable, net 881

Total current liabilities 24,183

Long-term debt 3,969

Deferred revenue, non-current 340 358
Income taxes payable, non-current 12,812

Deferred income taxes 430 479
Other long-term liabilities 3,059

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

) shares issued and outstanding

40,247

Accumulated other comprehensive loss (992 )

)

Retained earnings 113,247

Total stockholders’ equity 152,502

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

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

) (656 )

Other assets

) (756 )

Accounts payable 119 (23 )
Accrued expenses and other liabilities

4,600

Accrued revenue share 6 (303 )
Deferred revenue 195 295
Net cash provided by operating activities

21,774

Investing activities

Purchases of property and equipment

) (12,776 )

Proceeds from disposals of property and equipment 54 49
Purchases of marketable securities

) (23,041 )

Maturities and sales of marketable securities

25,523

Purchases of non-marketable investments

) (732 )

Maturities and sales of non-marketable investments 118 1,191
Acquisitions, net of cash acquired, and purchases of intangible assets

) (1,434 )

Proceeds from collection of notes receivable 1,419 0

Net cash used in investing activities

) (11,220 )

Financing activities

Net payments related to stock-based award activities

) (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

) (6,955 )

Effect of exchange rate changes on cash and cash equivalents 279 (166 )
Net increase in cash and cash equivalents

3,433

Cash and cash equivalents at beginning of period 12,918 10,715

Cash and cash equivalents at end of period $

$ 14,148

26,010 50,760
10,373 20,168
4,172 8,114
2,897 5,541
2,002 3,501 4,037
21,878 29,850 40,060 53,995
4,132 10,700 9,808
4,950
4,377 11,196
853 2,246
3,524 8,950
5.09 12.94
5.01 12.74
30-Jun-18
88,106
102,254
Accounts receivable, net of allowance of $674 and $630 17,043
3,961
124,157
11,487
51,672
2,662
3,052
211,610
3,369
4,642
15,261
3,728
1,714
1,

189
29,903
3,981
11,652
3,237
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 42,243
(1,525
121,282
162,000
2,711
(1,779
(454
1,687
16,951
(5,339
(39,676
34,238
(694
(143
(10,023
(2,093
(4,414
2,793
15,711

GOOGL Q6

Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)

Three Months Ended
March 31,
2017 2018

Revenues $

$ 31,146

Costs and expenses:

Cost of revenues

13,467

Research and development

5,039

Sales and marketing 2,644 3,604
General and administrative

Total costs and expenses

Income from operations

Other income (expense), net 251

Income before income taxes

10,543

Provision for income taxes

1,142

Net income $

$ 9,401

Basic net income per share of Class A and B common stock and Class C capital stock $

$ 13.53

Diluted net income per share of Class A and B common stock and Class C capital stock $

$ 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

(unaudited)
Assets
Current assets:

Cash and cash equivalents $ 10,715 $ 12,658
Marketable securities 91,156

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

18,336

Income taxes receivable, net 369 37
Inventory 749 636
Other current assets 2,983

Total current assets 124,308

Non-marketable investments 7,813

Deferred income taxes 680 678
Property and equipment, net 42,383

Intangible assets, net 2,692

Goodwill 16,747

Other non-current assets 2,672 2,004
Total assets $ 197,295 $

Liabilities and Stockholders’ Equity
Current liabilities:

Accounts payable $ 3,137 $

0

Accrued compensation and benefits 4,581

Accrued expenses and other current liabilities 10,177

Accrued revenue share 3,975

Deferred revenue 1,432

Income taxes payable, net 881

Total current liabilities 24,183

Long-term debt 3,969

Deferred revenue, non-current 340 315
Income taxes payable, non-current 12,812

Deferred income taxes 430 394
Other long-term liabilities 3,059

Total liabilities 44,793

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

40,247

Accumulated other comprehensive loss (992 )

)

Retained earnings 113,247

Total stockholders’ equity 152,502

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

2,457

Deferred income taxes

(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

1,700

Income taxes, net 510 782
Other assets

) (241 )

Accounts payable 103 122
Accrued expenses and other liabilities

) (1,142 )

Accrued revenue share

) (286 )

Deferred revenue 111 130
Net cash provided by operating activities

11,642

Investing activities

Purchases of property and equipment

) (7,299 )

Proceeds from disposals of property and equipment 41 30
Purchases of marketable securities

) (8,849 )

Maturities and sales of marketable securities

9,351

Purchases of non-marketable investments

) (327 )

Maturities and sales of non-marketable investments 78 498
Acquisitions, net of cash acquired, and purchases of intangible assets

) (1,250 )

Proceeds from collection of notes receivable 750 0
Net cash used in investing activities

) (7,846 )

Financing activities

Net payments related to stock-based award activities

) (1,158 )

Repurchases of capital stock

) (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

) (2,018 )

Effect of exchange rate changes on cash and cash equivalents 191 165
Net increase in cash and cash equivalents

1,943

Cash and cash equivalents at beginning of period 12,918 10,715

Cash and cash equivalents at end of period $

$ 12,658

24,750
9,795
3,942
1,801 2,035
18,182 24,145
6,568 7,001
3,542
6,819
1,393
5,426
7.85
7.73
31-Mar-18
90,227
102,885
Accounts receivable, net of allowance of $674 and $536 16,777
3,426
123,761
10,976
48,845
2,809
17,862
206,935
3,526
Short-term debt 1,329
3,812
10,065
3,723
1,596
1,343
25,394
3,973
12,885
3,149
46,110
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 41,487
(670
120,008
160,825
2,009
613
1,267
(128
(1,868
(74
9,548
(2,508
(20,119
19,362
(354
(101
(2,851
(1,009
(1,127
(1,674
5,214
18,132

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 $

$ 27,772 $

$ 78,532

Costs and expenses:

Cost of revenues

11,148

31,316

Research and development

4,205

12,319

Sales and marketing

3,042

8,583

General and administrative

1,595

5,096

European Commission fine 0 0 0 2,736
Total costs and expenses

19,990

60,050

Income from operations

7,782

18,482

Other income (expense), net

197 216 693

Income before income taxes

7,979

19,175

Provision for income taxes 984 1,247

3,493

Net income $

$ 6,732 $

$ 15,682

Basic net income per share of Class A and B common stock and Class C capital stock $

$ 9.71 $

$ 22.65

Diluted net income per share of Class A and B common stock and Class C capital stock $

$ 9.57 $

$ 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

(unaudited)
Assets
Current assets:

Cash and cash equivalents $ 12,918 $ 10,581
Marketable securities

Total cash, cash equivalents, and marketable securities

Income taxes receivable, net 95 282
Inventory 268 765
Other current assets

Total current assets

Non-marketable investments

Deferred income taxes 383 505
Property and equipment, net

Intangible assets, net

2,883

Goodwill

Other non-current assets

Total assets $

$

Liabilities and Stockholders’ Equity
Current liabilities:

Accounts payable $

$

Accrued compensation and benefits

Accrued expenses and other current liabilities

Accrued revenue share

Deferred revenue

Income taxes payable, net 554 221
Total current liabilities

Long-term debt

Deferred revenue, non-current 202 346
Income taxes payable, non-current

Deferred income taxes 226 151
Other long-term liabilities

Total liabilities

Stockholders’ equity:
Convertible preferred stock, $0.001 par value per share, 100,000 shares authorized; no shares issued and outstanding 0 0

Accumulated other comprehensive loss

)

)

Retained earnings

Total stockholders’ equity

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

617

Stock-based compensation expense

5,832

Deferred income taxes 119 242

160

Other 117 99

Changes in assets and liabilities, net of effects of acquisitions:

Accounts receivable

) (719 )

Income taxes, net

(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

26,823

Investing activities

Purchases of property and equipment

) (8,877 )

Proceeds from disposals of property and equipment 226 81
Purchases of marketable securities

) (78,709 )

Maturities and sales of marketable securities

62,588

Purchases of non-marketable investments

) (871 )

Maturities and sales of non-marketable investments 189 215

) 0

450 0

Acquisitions, net of cash acquired, and purchases of intangible assets

) (273 )

Proceeds from collection of notes receivable 0 1,419
Net cash used in investing activities

) (24,427 )

Financing activities

Net payments related to stock-based award activities

) (3,111 )

Repurchases of capital stock

) (2,745 )

Proceeds from issuance of debt, net of costs

2,698

Repayments of debt

) (2,762 )

Proceeds from sale of subsidiary shares 0 800
Net cash used in financing activities

) (5,120 )

Effect of exchange rate changes on cash and cash equivalents 137 387

) (2,337 )

Cash and cash equivalents at beginning of period

12,918

Cash and cash equivalents at end of period $

$ 10,581

22,451 64,208
8,699 24,477
3,596 10,326
2,565 7,367
1,824 4,961
16,684 47,131
5,767 17,077
278
6,045 17,293
3,148
5,061 14,145
7.36 20.59
7.25 20.26
31-Dec-16 30-Sep-17
73,415 89,562
86,333 100,143
Accounts receivable, net of allowance of $467 and $625 14,137 15,295
4,575 2,860
105,408 119,345
5,878 7,269
34,234 40,120
3,307
16,468 16,731
1,819 2,683
167,497 189,536
2,041 2,674
3,976 4,022
6,144 9,307
2,942 3,200
1,099 1,269
16,756 20,693
3,935 3,964
4,677 4,358
2,665 2,924
28,461 32,436
Commitments and Contingencies (Note 11)
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
(2,402 (746
105,131 118,237
139,036 157,100
654
4,857
Loss on marketable and non-marketable investments, net 204
(299
2,153
26,623
(7,134
(70,959
54,379
(862
Cash collateral related to securities lending (2,428
Investments in reverse repurchase agreements
(324
(26,463
(2,425
(3,693
8,729
(10,051
(7,440
Net decrease in cash and cash equivalents (7,143
16,549
9,406

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 $

$ 26,010 $

$ 50,760

Costs and expenses:

Cost of revenues

10,373

20,168

Research and development

4,172

8,114

Sales and marketing

2,897

5,541

General and administrative

1,700 3,137 3,501

European Commission fine 0 2,736 0 2,736
Total costs and expenses

21,878

40,060

Income from operations

4,132

10,700

Other income (expense), net 151 245 (62 ) 496
Income before income taxes

4,377

11,196

Provision for income taxes

853

2,246

Net income $ 4,877 $ 3,524 $

$ 8,950

Basic net income per share of Class A and B common stock and Class C capital stock $

$ 5.09 $

$ 12.94

Diluted net income per share of Class A and B common stock and Class C capital stock $ 7 $ 5.01 $

$ 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

(unaudited)
Assets
Current assets:

Cash and cash equivalents $ 12,918 $ 15,711
Marketable securities 73,415

Total cash, cash equivalents, and marketable securities 86,333

14,137

Income taxes receivable, net 95 874
Inventory 268

4,575

Total current assets 105,408

1,819 2,004

Non-marketable investments 5,878

Deferred income taxes 383 376
Property and equipment, net 34,234

Intangible assets, net 3,307

Goodwill 16,468 16,604
Total assets $ 167,497 $

Liabilities and Stockholders’ Equity
Current liabilities:

Accounts payable $ 2,041 $ 2,488
Accrued compensation and benefits 3,976

Accrued expenses and other current liabilities 6,144

Accrued revenue share 2,942

Deferred revenue 1,099

Income taxes payable, net 554 133
Total current liabilities 16,756

Long-term debt 3,935

Deferred revenue, non-current 202 345
Income taxes payable, non-current 4,677

Deferred income taxes 226 369
Other long-term liabilities 2,665

Total liabilities 28,461

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

36,307

Accumulated other comprehensive loss (2,402 )

)

Retained earnings 105,131

Total stockholders’ equity 139,036

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

2,711

Amortization and impairment of intangible assets 435 417
Stock-based compensation expense

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

(1,779 )

Prepaid revenue share, expenses and other assets 161 (454 )
Accounts payable

) 119

Accrued expenses and other liabilities

) 1,687

Accrued revenue share (48 ) 6
Deferred revenue 3 195
Net cash provided by operating activities

16,951

Investing activities

Purchases of property and equipment

) (5,339 )

Proceeds from disposals of property and equipment 29 54
Purchases of marketable securities

) (39,676 )

Maturities and sales of marketable securities

34,238

Purchases of non-marketable investments

) (694 )

Maturities and sales of non-marketable investments 98 118
Cash collateral related to securities lending

) 0

Investments in reverse repurchase agreements (50 ) 0
Acquisitions, net of cash acquired, and purchases of intangible assets

) (143 )

Proceeds from collection of notes receivable 0 1,419

Net cash used in investing activities

) (10,023 )

Financing activities

Net payments related to stock-based award activities

) (2,093 )

Repurchases of capital stock (3,693 ) (2,745 )

Proceeds from issuance of debt, net of costs

0

Repayments of debt

) (56 )

Proceeds from sale of subsidiary shares 0 480
Net cash used in financing activities

) (4,414 )

Effect of exchange rate changes on cash and cash equivalents 69 279
Net increase (decrease) in cash and cash equivalents

) 2,793

Cash and cash equivalents at beginning of period 16,549 12,918

Cash and cash equivalents at end of period $

$ 15,711

21,500 41,757
8,130 15,778
3,363 6,730
2,415 4,802
1,624
15,532 30,447
5,968 11,310
6,119 11,248
1,242 2,164
9,084
7.11 13.23
13.01
30-Jun-17
79,002
94,713
Accounts receivable, net of allowance of $467 and $546 14,003
398
Prepaid revenue share, expenses and other assets 2,398
112,386
Prepaid revenue share, expenses and other assets, non-current
6,642
37,676
2,933
178,621
3,271
8,560
3,007
1,226
18,685
3,955
4,128
2,853
30,335
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 38,509
(1,728
111,505
148,286
2,426
2,997
1,680
(221
(471
16,778
(4,580
(45,588
37,789
(681
(363
(72
(13,418
(1,610
5,753
(6,801
(6,351
(2,922
13,627

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

What Will You Get?

We provide professional writing services to help you score straight A’s by submitting custom written assignments that mirror your guidelines.

Premium Quality

Get result-oriented writing and never worry about grades anymore. We follow the highest quality standards to make sure that you get perfect assignments.

Experienced Writers

Our writers have experience in dealing with papers of every educational level. You can surely rely on the expertise of our qualified professionals.

On-Time Delivery

Your deadline is our threshold for success and we take it very seriously. We make sure you receive your papers before your predefined time.

24/7 Customer Support

Someone from our customer support team is always here to respond to your questions. So, hit us up if you have got any ambiguity or concern.

Complete Confidentiality

Sit back and relax while we help you out with writing your papers. We have an ultimate policy for keeping your personal and order-related details a secret.

Authentic Sources

We assure you that your document will be thoroughly checked for plagiarism and grammatical errors as we use highly authentic and licit sources.

Moneyback Guarantee

Still reluctant about placing an order? Our 100% Moneyback Guarantee backs you up on rare occasions where you aren’t satisfied with the writing.

Order Tracking

You don’t have to wait for an update for hours; you can track the progress of your order any time you want. We share the status after each step.

image

Areas of Expertise

Although you can leverage our expertise for any writing task, we have a knack for creating flawless papers for the following document types.

Areas of Expertise

Although you can leverage our expertise for any writing task, we have a knack for creating flawless papers for the following document types.

image

Trusted Partner of 9650+ Students for Writing

From brainstorming your paper's outline to perfecting its grammar, we perform every step carefully to make your paper worthy of A grade.

Preferred Writer

Hire your preferred writer anytime. Simply specify if you want your preferred expert to write your paper and we’ll make that happen.

Grammar Check Report

Get an elaborate and authentic grammar check report with your work to have the grammar goodness sealed in your document.

One Page Summary

You can purchase this feature if you want our writers to sum up your paper in the form of a concise and well-articulated summary.

Plagiarism Report

You don’t have to worry about plagiarism anymore. Get a plagiarism report to certify the uniqueness of your work.

Free Features $66FREE

  • Most Qualified Writer $10FREE
  • Plagiarism Scan Report $10FREE
  • Unlimited Revisions $08FREE
  • Paper Formatting $05FREE
  • Cover Page $05FREE
  • Referencing & Bibliography $10FREE
  • Dedicated User Area $08FREE
  • 24/7 Order Tracking $05FREE
  • Periodic Email Alerts $05FREE
image

Our Services

Join us for the best experience while seeking writing assistance in your college life. A good grade is all you need to boost up your academic excellence and we are all about it.

  • On-time Delivery
  • 24/7 Order Tracking
  • Access to Authentic Sources
Academic Writing

We create perfect papers according to the guidelines.

Professional Editing

We seamlessly edit out errors from your papers.

Thorough Proofreading

We thoroughly read your final draft to identify errors.

image

Delegate Your Challenging Writing Tasks to Experienced Professionals

Work with ultimate peace of mind because we ensure that your academic work is our responsibility and your grades are a top concern for us!

Check Out Our Sample Work

Dedication. Quality. Commitment. Punctuality

Categories
All samples
Essay (any type)
Essay (any type)
The Value of a Nursing Degree
Undergrad. (yrs 3-4)
Nursing
2
View this sample

It May Not Be Much, but It’s Honest Work!

Here is what we have achieved so far. These numbers are evidence that we go the extra mile to make your college journey successful.

0+

Happy Clients

0+

Words Written This Week

0+

Ongoing Orders

0%

Customer Satisfaction Rate
image

Process as Fine as Brewed Coffee

We have the most intuitive and minimalistic process so that you can easily place an order. Just follow a few steps to unlock success.

See How We Helped 9000+ Students Achieve Success

image

We Analyze Your Problem and Offer Customized Writing

We understand your guidelines first before delivering any writing service. You can discuss your writing needs and we will have them evaluated by our dedicated team.

  • Clear elicitation of your requirements.
  • Customized writing as per your needs.

We Mirror Your Guidelines to Deliver Quality Services

We write your papers in a standardized way. We complete your work in such a way that it turns out to be a perfect description of your guidelines.

  • Proactive analysis of your writing.
  • Active communication to understand requirements.
image
image

We Handle Your Writing Tasks to Ensure Excellent Grades

We promise you excellent grades and academic excellence that you always longed for. Our writers stay in touch with you via email.

  • Thorough research and analysis for every order.
  • Deliverance of reliable writing service to improve your grades.
Place an Order Start Chat Now
image

Order your essay today and save 30% with the discount code Happy