【Alphabet Inc. (GOOG) on Q1 2020 Earnings Call notes】
Apr. 28, 2020 11:46 PM ET
Company Participants
Jim Friedland - Director of Investor Relations
Sundar Pichai - Chief Executive Officer
Ruth Porat - Chief Financial Officer
Conference Call Participants
Eric Sheridan - UBS
Doug Anmuth - JPMorgan
Heather Bellini - Goldman Sachs
Michael Nathanson - MoffettNathanson
Brian Nowak - Morgan Stanley
Brent Thill - Jefferies
Dan Salmon - BMO Capital Markets
Justin Post - Bank of America Merrill Lynch
Kevin Rippey - Evercore ISI
Mark Mahaney - RBC Capital Markets
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CEO:
1. 針對Covid-19，Google高度配合美國CDC或WHO，並將Youtube上不符合官方的內容快速移除。
2. 提供與Google往來的中小企業$8億美元緊急貸款、金援或信用擔保。
3. Google上有關Covid-19的搜尋量是美國超級杯賽時的4倍。
4. Google Play下載量增加30%。
5. 三月底時全世界有超過1億學生或教師使用Google Classroom，是月初時的兩倍。
6. Google Meet使用者增加3百萬人，相較於1月成長30倍。（所以一月時只有十幾萬人？）
7. 廣告業務在一、二月表現強勁，但三月之後顯著萎縮。
8. CEO認為Google廣告業務在2008年就證明有兩大優勢，他相信靠這兩大優勢Google可以平安度過此疫情：
a. Google廣告上線與下線非常有彈性且快速。
b. Google業務多元化。
9. 還有一個重點是CEO認為Google在此次疫情表現會比上次2008年金融危機好：相較於12年前，Google現在承包美國政府許多業務，例如紐約州的失業補助申請系統就是Google提供、聯邦政府的緊急健康公衛伺服系統也是Google提供。這部份業務在此次疫情都有顯著成長。
10. G suit這產品目前有600萬付費用戶，就連Netflix都是。
11. Android系統上每月使用Google Play的活要用戶高達25億。
12. Google會降低徵才速率。
13. 研發自動駕駛的Waymo增資$22.5億美元。
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CFO
1. Q1 Revenue $41.2B (12% YoY)| Revenue related costs $19B (19% YoY)| Other Costs $11.5B (26% YoY)
mainly due to data center operation, depreciation, and content acquisition
2. Operating expenses $14.2B, mainly due to R&D and sales&marketing
3. Stock-based compensation costs $3.2B
4. Headcount was up 4149 comparing to the Q4. Google will slow the hiring pace in Q2 and Q3.
5. Google Cloud(including G suit and enterprise services) -- operating income $8B (-4% YoY)| operating margin 19%
6. loss of $220M driven by looses in equity securities
7. Effective tax rate is 11.9%| Net income was $6.8M
8. CapEx $6B | Operating cash flow was $11.5B| Free cash flow was $5.4B| Repurchase share plan costed $8.5B | Cash pile up to $117B
9. Google Search & other Ads -- Revenue $24.5B (9% YoY)| It was strong in the first two months but significantly declined in March.
10. Youtube Ad -- revenue $4B (33% YoY)| However, the Brand Advertising hugely declined in March.
11. Network Ad -- Revenue $5.2B (4% YoY)
12. Google Cloud -- Revenue $2.8B (52% YoY) (相較Amazon的AWS同期營收是$10B，Microsoft Intelligent Cloud $12.3B，Google小很多)
13. Other Revenue, mainly driven by Youtube non-ad revenue, $4.4B (23% YoY)
14. Total Traffic Acquisition costs $7.5B (9% YoY)
15. Fiber and Verily Revenue $135M | Operating loss $1.1B （果然是兩個賠錢貨）
16. CFO 這句話明白闡釋Google很清楚自身的上頭成本狀況：「much of our operating expense is not directly related to the change in revenue」（有關企業的上頭成本與租值的觀念我解釋過，就不重複）
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Q&A部分問者打不到重點，答者不著邊際、儘是官腔，浪費很長時間卻乏善可陳，懶得摘錄。
https://bit.ly/2WmlYlm
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