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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________________________
FORM 10-Q
________________________________________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number: 001-37580
________________________________________________________________________________________
Alphabet Inc.
(Exact name of registrant as specified in its charter)
________________________________________________________________________________________
Delaware61-1767919
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
1600 Amphitheatre Parkway
Mountain View, CA 94043
(Address of principal executive offices, including zip code)
(650) 253-0000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par valueGOOGLNasdaq Stock Market LLC
(Nasdaq Global Select Market)
Class C Capital Stock, $0.001 par valueGOOGNasdaq Stock Market LLC
(Nasdaq Global Select Market)
________________________________________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer  Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No
As of July 23, 2020, there were 300,471,156 shares of Alphabet’s Class A common stock outstanding, 46,061,366 shares of Alphabet's Class B common stock outstanding, and 333,631,113 shares of Alphabet's Class C capital stock outstanding.

1

Alphabet Inc.
Alphabet Inc.
Form 10-Q
For the Quarterly Period Ended June 30, 2020
TABLE OF CONTENTS
  Page No.
Item 1
Item 2
Item 3
Item 4
Item 1
Item 1A
Item 2
Item 6

i

Alphabet Inc.
Note About Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, among other things, statements regarding:
the ongoing effect of the novel coronavirus pandemic ("COVID-19"), including its macroeconomic effects, on our business, operations, and financial results, including the effect of governmental lockdowns, restrictions and new regulations on our operations and processes;
the growth of our business and revenues and our expectations about the factors that influence our success and trends in our business;
the potential for declines in our revenue growth rate and operating margin;
our expectation that the shift from an offline to online world will continue to benefit our business;
our expectation that the portion of our revenues that we derive from non-advertising revenues will continue to increase and may affect our margins;
our expectation that our traffic acquisition costs ("TAC") and the associated TAC rate will fluctuate, which could affect our overall margins;
our expectation that our monetization trends will fluctuate, which could affect our revenues and margins;
fluctuations in our revenue growth, as well as the change in paid clicks and cost-per-click on Google properties and the change in impressions and cost-per-impression on Google Network Members’ properties, and various factors contributing to such fluctuations;
our expectation that we will continue to periodically review, refine, and update our methodologies for monitoring, gathering, and counting the number of paid clicks on Google properties and impressions on Google Network Members’ properties;
our expectation that our results will be affected by our performance in international markets as users in developing economies increasingly come online;
our expectation that our foreign exchange risk management program will not fully offset our net exposure to fluctuations in foreign currency exchange rates;
the expected variability of gains and losses related to hedging activities under our foreign exchange risk management program;
the amount and timing of revenue recognition from customer contracts with commitments for performance obligations, including our estimate of the remaining amount of commitments and when we expect to recognize revenue;
fluctuations in our capital expenditures;
our plans to continue to invest in new businesses, products, services and technologies, systems, land and buildings for data centers and offices, and infrastructure, as well as to continue to invest in acquisitions;
our pace of hiring and our plans to provide competitive compensation programs;
our expectation that our cost of revenues, research and development ("R&D") expenses, sales and marketing expenses, and general and administrative expenses may increase in amount and/or may increase as a percentage of revenues and may be affected by a number of factors;
estimates of our future compensation expenses;
our expectation that our other income (expense), net ("OI&E"), will fluctuate in the future, as it is largely driven by market dynamics;
fluctuations in our effective tax rate;
seasonal fluctuations in internet usage and advertiser expenditures, underlying business trends such as traditional retail seasonality (including developments and volatility arising from COVID-19), which are likely to cause fluctuations in our quarterly results;
the sufficiency of our sources of funding;
our potential exposure in connection with pending investigations, proceedings, and other contingencies;
1

Alphabet Inc.
the sufficiency and timing of our proposed remedies in response to the European Commission's ("EC") and others' decisions;
our expectations regarding the timing, design and implementation of our new global enterprise resource planning ("ERP") system;
the expected timing and amount of Alphabet Inc.'s share repurchases;
our long-term sustainability goals;
as well as other statements regarding our future operations, financial condition and prospects, and business strategies. Forward-looking statements may appear throughout this report and other documents we file with the Securities and Exchange Commission ("SEC"), including without limitation, the following sections: Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Quarterly Report on Form 10-Q and Part II, Item 1A, "Risk Factors" in this Quarterly Report on Form 10-Q, as may be updated in our subsequent Quarterly Reports on Form 10-Q. Forward-looking statements generally can be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "will be," "will continue," "may," "could," "will likely result," and similar expressions. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this Quarterly Report on Form 10-Q, and in particular, the risks discussed in Part II, Item 1A, "Risk Factors" and those discussed in other documents we file with the SEC. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
As used herein, "Alphabet," "the company," "we," "us," "our," and similar terms include Alphabet Inc. and its subsidiaries, unless the context indicates otherwise.
"Alphabet," "Google," and other trademarks of ours appearing in this report are our property. This report contains additional trade names and trademarks of other companies. We do not intend our use or display of other companies' trade names or trademarks to imply an endorsement or sponsorship of us by such companies, or any relationship with any of these companies.

2

Alphabet Inc.
PART I. FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Alphabet Inc.
CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts which are reflected in thousands, and par value per share amounts)
As of
December 31, 2019
As of
June 30, 2020
(unaudited)
Assets
Current assets:
Cash and cash equivalents$18,498  $17,742  
Marketable securities101,177  103,338  
Total cash, cash equivalents, and marketable securities119,675  121,080  
Accounts receivable, net25,326  21,201  
Income taxes receivable, net2,166  394  
Inventory999  815  
Other current assets4,412  5,579  
Total current assets152,578  149,069  
Non-marketable investments13,078  12,961  
Deferred income taxes721  895  
Property and equipment, net73,646  78,748  
Operating lease assets10,941  11,567  
Intangible assets, net1,979  1,697  
Goodwill20,624  20,824  
Other non-current assets2,342  2,731  
Total assets$275,909  $278,492  
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$5,561  $4,064  
Accrued compensation and benefits8,495  7,127  
Accrued expenses and other current liabilities23,067  24,426  
Accrued revenue share5,916  5,005  
Deferred revenue1,908  2,061  
Income taxes payable, net274  975  
Total current liabilities45,221  43,658  
Long-term debt4,554  4,018  
Deferred revenue, non-current358  397  
Income taxes payable, non-current9,885  8,599  
Deferred income taxes1,701  1,797  
Operating lease liabilities10,214  10,709  
Other long-term liabilities2,534  1,992  
Total liabilities74,467  71,170  
Contingencies (Note 10)
Stockholders’ equity:
Convertible preferred stock, $0.001 par value per share, 100,000 shares authorized; no shares issued and outstanding
0  0  
Class A and Class B common stock, and Class C capital stock and additional paid-in capital, $0.001 par value per share: 15,000,000 shares authorized (Class A 9,000,000, Class B 3,000,000, Class C 3,000,000); 688,335 (Class A 299,828, Class B 46,441, Class C 342,066) and 681,215 (Class A 300,221, Class B 46,302, Class C 334,692) shares issued and outstanding
50,552  55,937  
Accumulated other comprehensive loss(1,232) (296) 
Retained earnings152,122  151,681  
Total stockholders’ equity201,442  207,322  
Total liabilities and stockholders’ equity$275,909  $278,492  
See accompanying notes.
3

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2019202020192020
Revenues$38,944  $38,297  $75,283  $79,456  
Costs and expenses:
Cost of revenues17,296  18,553  33,308  37,535  
Research and development6,213  6,875  12,242  13,695  
Sales and marketing4,212  3,901  8,117  8,401  
General and administrative2,043  2,585  4,131  5,465  
European Commission fines0  0  1,697  0  
Total costs and expenses29,764  31,914  59,495  65,096  
Income from operations9,180  6,383  15,788  14,360  
Other income (expense), net2,967  1,894  4,505  1,674  
Income before income taxes 12,147  8,277  20,293  16,034  
Provision for income taxes2,200  1,318  3,689  2,239  
Net income$9,947  $6,959  $16,604  $13,795  
Basic net income per share of Class A and B common stock and Class C capital stock$14.33  $10.21  $23.91  $20.16  
Diluted net income per share of Class A and B common stock and Class C capital stock$14.21  $10.13  $23.71  $20.00  
See accompanying notes.
4

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions; unaudited)
Three Months EndedSix Months Ended
 June 30,June 30,
 2019202020192020
Net income$9,947  $6,959  $16,604  $13,795  
Other comprehensive income:
Change in foreign currency translation adjustment118  284  82  (266) 
Available-for-sale investments:
Change in net unrealized gains (losses)741  867  1,460  1,365  
Less: reclassification adjustment for net (gains) losses included in net income(75) (149) (68) (318) 
Net change, net of tax benefit (expense) of $(103), $(220), $(191) and $(301)
666  718  1,392  1,047  
Cash flow hedges:
Change in net unrealized gains (losses)(25) (86) (55) 292  
Less: reclassification adjustment for net (gains) losses included in net income(70) (115) (174) (137) 
Net change, net of tax benefit (expense) of $22, $35, $23 and $(46)
(95) (201) (229) 155  
Other comprehensive income689  801  1,245  936  
Comprehensive income$10,636  $7,760  $17,849  $14,731  
See accompanying notes.
5

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions, except share amounts which are reflected in thousands; unaudited)
 Three Months Ended June 30, 2019
 Class A and Class B
Common Stock, Class C Capital Stock and
Additional Paid-In Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
 Shares    Amount    
Balance as of March 31, 2019694,782  $46,532  $(1,780) $138,720  $183,472  
Common and capital stock issued2,403  34    34  
Stock-based compensation expense 2,782    2,782  
Tax withholding related to vesting of restricted stock units and other (1,268)   (1,268) 
Repurchases of capital stock(3,135) (256)  (3,321) (3,577) 
Sale of interest in consolidated entities 113    113  
Net income   9,947  9,947  
Other comprehensive income (loss)  689   689  
Balance as of June 30, 2019694,050  $47,937  $(1,091) $145,346  $192,192  

Six Months Ended June 30, 2019
Class A and Class B Common Stock, Class C Capital Stock and Additional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal Stockholders’ Equity
SharesAmount
Balance as of December 31, 2018695,556  $45,049  $(2,306) $134,885  $177,628  
Cumulative effect of accounting change  (30) (4) (34) 
Common and capital stock issued4,315  73    73  
Stock-based compensation expense 5,570    5,570  
Tax withholding related to vesting of restricted stock units and other (2,452)   (2,452) 
Repurchases of capital stock(5,821) (463)  (6,139) (6,602) 
Sale of interest in consolidated entities 160    160  
Net income   16,604  16,604  
Other comprehensive income (loss)  1,245   1,245  
Balance as of June 30, 2019694,050  $47,937  $(1,091) $145,346  $192,192  

6

Alphabet Inc.
 Three Months Ended June 30, 2020
 Class A and Class B
Common Stock, Class C Capital Stock and
Additional Paid-In Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
 Shares    Amount    
Balance as of March 31, 2020683,972  $53,688  $(1,097) $151,068  $203,659  
Common and capital stock issued2,391  37    37  
Stock-based compensation expense 3,413    3,413  
Tax withholding related to vesting of restricted stock units and other (1,558)   (1,558) 
Repurchases of capital stock(5,148) (506)  (6,346) (6,852) 
Sale of interest in consolidated entities 863    863  
Net income   6,959  6,959  
Other comprehensive income (loss)  801   801  
Balance as of June 30, 2020681,215  $55,937  $(296) $151,681  $207,322  

Six Months Ended June 30, 2020
Class A and Class B
Common Stock, Class C Capital Stock and
Additional Paid-In Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
SharesAmount
Balance as of December 31, 2019688,335  $50,552  $(1,232) $152,122  $201,442  
Common and capital stock issued4,516  143    143  
Stock-based compensation expense 6,635    6,635  
Tax withholding related to vesting of restricted stock units and other (2,737)   (2,737) 
Repurchases of capital stock(11,636) (1,112)  (14,236) (15,348) 
Sale of interest in consolidated entities 2,456    2,456  
Net income   13,795  13,795  
Other comprehensive income (loss)  936   936  
Balance as of June 30, 2020681,215  $55,937  $(296) $151,681  $207,322  

See accompanying notes.


7

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Six Months Ended
June 30,
20192020
Operating activities
Net income$16,604  $13,795  
Adjustments:
Depreciation and impairment of property and equipment5,042  6,077  
Amortization and impairment of intangible assets406  417  
Stock-based compensation expense5,525  6,573  
Deferred income taxes620  (416) 
Gain on debt and equity securities, net(3,878) (1,040) 
Other(48) 669  
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable26  2,522  
Income taxes, net25  538  
Other assets(176) (359) 
Accounts payable(443) (689) 
Accrued expenses and other liabilities1,074  (2,099) 
Accrued revenue share(60) (692) 
Deferred revenue(90) 148  
Net cash provided by operating activities24,627  25,444  
Investing activities
Purchases of property and equipment(10,764) (11,396) 
Purchases of marketable securities(44,724) (64,111) 
Maturities and sales of marketable securities40,692  65,874  
Purchases of non-marketable investments(1,095) (1,311) 
Maturities and sales of non-marketable investments206  473  
Acquisitions, net of cash acquired, and purchases of intangible assets(247) (355) 
Other investing activities89  531  
Net cash used in investing activities(15,843) (10,295) 
Financing activities
Net payments related to stock-based award activities(2,435) (2,716) 
Repurchases of capital stock(6,602) (15,348) 
Proceeds from issuance of debt, net of costs317  1,898  
Repayments of debt(393) (1,982) 
Proceeds from sale of interest in consolidated entities184  2,464  
Net cash used in financing activities(8,929) (15,684) 
Effect of exchange rate changes on cash and cash equivalents31  (221) 
Net decrease in cash and cash equivalents(114) (756) 
Cash and cash equivalents at beginning of period16,701  18,498  
Cash and cash equivalents at end of period$16,587  $17,742  
See accompanying notes.
8

Alphabet Inc.
Alphabet Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Nature of Operations and Summary of Significant Accounting Policies
Nature of Operations
Google was incorporated in California in September 1998 and re-incorporated in the State of Delaware in August 2003. In 2015, we implemented a holding company reorganization, and as a result, Alphabet Inc. (Alphabet) became the successor issuer to Google.
We generate revenues primarily by delivering relevant, cost-effective online advertising.
Basis of Consolidation
The consolidated financial statements of Alphabet include the accounts of Alphabet and entities consolidated under the variable interest and voting models. All intercompany balances and transactions have been eliminated.
Unaudited Interim Financial Information
The Consolidated Balance Sheet as of June 30, 2020, the Consolidated Statements of Income for the three and six months ended June 30, 2019 and 2020, the Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2020, the Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2019 and 2020 and the Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2020 are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). In our opinion, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of our financial position as of June 30, 2020, our results of operations for the three and six months ended June 30, 2019 and 2020, and our cash flows for the six months ended June 30, 2019 and 2020. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020.
These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the SEC.
Use of Estimates
Preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates. On an ongoing basis, we evaluate our estimates, including those related to the allowance for credit losses, fair values of financial instruments, non-marketable equity securities, intangible assets and goodwill, useful lives of intangible assets and property and equipment, income taxes, and contingent liabilities, among others. We base our estimates on assumptions, both historical and forward looking, that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
As of June 30, 2020 the impact of COVID-19 continues to unfold and the extent of the impact will depend on a number of factors, including the duration and severity of the pandemic; the uneven impact to certain industries; advances in testing, treatment and prevention; and the macroeconomic impact of government measures to contain the spread of the virus and related government stimulus measures. As a result, certain of our estimates and assumptions, including the allowance for credit losses for accounts receivable, the credit worthiness of customers entering into revenue arrangements, the valuation of non-marketable equity securities, including our impairment assessment, the fair values of our financial instruments, and income taxes, require increased judgment and carry a higher degree of variability and volatility that could result in material changes to our estimates in future periods.
Accounts Receivable
Our payment terms for accounts receivable vary by the type and location of our customer and the products or services offered. The term between invoicing and when payment is due is not significant. For certain products or services and customers, we require payment before the products or services are delivered to the customer.
9

Alphabet Inc.
We maintain an allowance for credit losses for accounts receivable, which is recorded as an offset to accounts receivable and changes in such are classified as general and administrative expense in the Consolidated Statements of Income. We assess collectibility by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when we identify specific customers with known disputes or collectibility issues. In determining the amount of the allowance for credit losses, we consider historical collectibility based on past due status and make judgments about the creditworthiness of customers based on ongoing credit evaluations. We also consider customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data.
For the six months ended June 30, 2020, our assessment considered the impact of COVID-19 and estimates of expected credit and collectibility trends. Volatility in market conditions and evolving credit trends are difficult to predict and may cause variability and volatility that may have a material impact on our allowance for credit losses in future periods. The allowance for credit losses on accounts receivable was $275 million and $788 million as of December 31, 2019 and June 30, 2020, respectively.
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2016-13 ("ASU 2016-13") "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to certain available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes result in earlier recognition of credit losses. We adopted ASU 2016-13 using the modified retrospective approach as of January 1, 2020. The cumulative effect upon adoption was not material to our consolidated financial statements. See "Accounts Receivable" above as well as Note 3 for the effect on our consolidated financial statements.
Prior Period Reclassifications
Certain amounts in prior periods have been reclassified to conform with current period presentation. Hedging gains (losses), which were previously included in Google revenues, are now reported separately as a component of total revenues for all periods presented. See Note 2 for further details.
Note 2. Revenues
Disaggregated Revenues
The following table presents our revenues disaggregated by revenue source (in millions, unaudited). Certain amounts in prior periods have been reclassified to conform with current period presentation.
Three Months EndedSix Months Ended
June 30,June 30,
2019202020192020
Google Search & other$23,642  $21,319  $46,189  $45,821  
YouTube ads(1)
3,603