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
CEO:
- 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。
- 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。
- Google上有關Covid-19的搜尋量是美國超級杯賽時的4倍。
- Google Play下載量增加30%。
- 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。
- 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？）
- 廣告業務在一、二月表現強勁，但三月之後顯著萎縮。
- 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。 - 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。
- G suit這產品目前有600萬付費用戶，就連Netflix都是。
- Android系統上每月使用Google Play的活要用戶高達25億。
- Google會降低徵才速率。
- 研發自動駕駛的Waymo增資$22.5億美元。
CFO
- 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
- Operating expenses $14.2B, mainly due to R&D and sales&marketing
- Stock-based compensation costs $3.2B
- Headcount was up 4149 comparing to the Q4. Google will slow the hiring pace in Q2 and Q3.
- Google Cloud (including G suit and enterprise services)– operating income $8B (-4% YoY)| operating margin 19%
- loss of $220M driven by looses in equity securities
- Effective tax rate is 11.9%| Net income was $6.8M
- 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
- Google Search & other Ads — Revenue $24.5B (9% YoY)| It was strong in the first two months but significantly declined in March.
- Youtube Ad — revenue $4B (33% YoY)| However, the Brand Advertising hugely declined in March.
- Network Ad — Revenue $5.2B (4% YoY)
- 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)
- Other Revenue, mainly driven by Youtube non-ad revenue, $4.4B (23% YoY)
- Total Traffic Acquisition costs $7.5B (9% YoY)
- Fiber and Verily Revenue $135M | Operating loss $1.1B （果然是兩個賠錢貨）
- 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）
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。
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元毓說 