GOOGLE

DISCOUNTED CASH FLOW ANALYSIS (fiscal year ending December 31, 2022)

x Ticker GOOGL.O Implied Share Price $ 93.78

Date 9/4/23 Current Share Price $ 107.00

x Assumptions 2015 2016 2017 2018 2019

Switches Conservative Case
Revenue Growth 1 Revenue 2023 4%
EBIT Margin 1 Revenue 2032 6%
Taxes 1 EBIT 2023 25%
WACC 1 EBIT 2032 28%
D&A 1 Taxes 25%
CaPEX 1 D&A 4.9%
WACC 1 CaPEX 8%
TGR 1 WACC 9%
TGR 2.5%

Valuation Assumptions
WACC 9%
TGR 3%

x Income statements 2015 2016 2017 2018 2019

Revenue 74,989 90,272 110,855 136,819 161,857
% growth 20% 23% 23% 18%

EBIT 19,360 23,716 26,178 27,524 34,231

% sales 26% 26% 24% 20% 21%

Taxes 3,303 4,672 4,707 4,177 5,282

% EBIT 17% 20% 18% 15% 15%

x Cash flow Items 2015 2016 2017 2018 2019

D&A 4,979 5,063 6,144 6,915 9,035
% of revenue 7% 6% 6% 5% 6%
% of Capex 50% 50% 47% 28% 38%

Capex 9,950 10,212 13,184 25,139 23,548

% of revenue 13% 11% 12% 18% 15%
 Change in NWC (409) 3,300 9,246 4,908 819
% of revenue -1% 4% 8% 4% 1%
% of change in revenue 22% 45% 19% 3%

x DCF 2015 2016 2017 2018 2019

Revenue 74,989 90,272 110,855 136,819 161,857
% growth 20% 23% 23% 18%
Conservative case
Base Case - Street Estimates
Optimistic Case

EBIT 19,360 23,716 26,178 27,524 34,231

% revenue 26% 26% 24% 20% 21%
Conservative case
Base Case - Street Estimates
Optimistic Case

Taxes 3,303 4,672 4,707 4,177 5,282

% EBIT 17% 20% 18% 15% 15%
Conservative case
Base Case - Street Estimates
Optimistic Case

x EBIAT

D&A 4,979 5,063 6,144 6,915 9,035

% revenue 7% 6% 6% 5% 6%
Conservative case
Base Case - Street Estimates
Optimistic Case

Capex 9,950 10,212 13,184 25,139 23,548

% revenue 13% 11% 12% 18% 15%
Conservative case
Base Case - Street Estimates
Optimistic Case

Change in NWC (409) 3,300 9,246 4,908 819

% revenue -1% 4% 8% 4% 1%

Unlevered Free Cash flow

Present Value of Free Cash Flow
31, 2022)

2020 2021 2022 2023 2024E 2025E 2026E

Base Case Optimistic Case
Revenue 2032 6% Revenue 2023
EBIT 2032 26% Revenue 2032
Taxes 17% EBIT 2023
CaPEX 2031 7% EBIT 2032
WACC 9% Taxes
TGR 3.0% D&A
CaPEX
WACC
TGR

2020 2021 2022 2023E 2024E 2025E 2026E

182,527 257,637 282,836 298824 334190 371120
13% 41% 10% 6% 12% 11% -100%

41,224 78,714 74,842 77158 90659 106590 0

23% 31% 26% 26% 27% 29% #DIV/0!

7,813 14,701 11,356 13114 15346 18480

19% 19% 15% 17% 17% 17% #DIV/0!

2020 2021 2022 2023E 2024E 2025E 2026E

11,781 13,697 12,441 16230 18342 21043
6% 5% 4% 5% 5% 6% #DIV/0!
53% 56% 40% 51% 56% 63% #DIV/0!

22,281 24,640 31,485 31828 32590 33412

12% 10% 11% 11% 10% 9% #DIV/0!
 1,827 (1,523) (2,235) (6155.50) (5495.50) 1222.00
1% -1% -1% -2% -2% 0% #DIV/0!
9% -2% -9% -39% -16% 3% 0%

1 2 3 4
2020 2021 2022 2023E 2024E 2025E 2026E
182,527 257,637 282,836 294,149 326,021 358,789 391,748
13% 41% 10% 4% 11% 10% 9%
4% 11% 10% 9.2%
6% 12% 11% 10.3%
8% 13% 12% 11.5%

41,224 78,714 74,842 74,894 85,183 99,460 108,597

23% 31% 26% 25% 26% 28% 28%
25% 26% 28% 28%
26% 27% 29% 29%
27% 28% 30% 30%

7,813 14,701 11,356 12,729 14,419 24,865 27,149

19% 19% 15% 17% 17% 25% 25%
17% 17% 25% 25%
17% 17% 17% 17%
17% 17% 17% 17%

62165 70764 74595 81448

11,781 13,697 12,441 14,299 15,848 17,441 19,043

6% 5% 4% 5% 5% 5% 5%
5% 5% 5% 5%
5% 5% 5% 5%
6% 6% 6% 6%

22,281 24,640 31,485 31,330 33,423 34,095 36,386

12% 10% 11% 11% 10% 10% 9%
11% 10% 10% 9.3%
11% 10% 9% 8.7%
11% 9% 9% 8.0%

1,827 (1,523) (2,235) (373) (1,639) (1,698) (1,440)

1% -1% -1% 0% -1% 0% 0%

45506 54828 59639 65545

41,749 46,148 46,052 46,434
 2027E 2028E

8%
6%
27%
30%
17%
6%
5%
7%
3.5%

2027E 2028E

#DIV/0! #DIV/0!

0 0
#DIV/0! #DIV/0!

#DIV/0! #DIV/0!

2027E 2028E

#DIV/0! #DIV/0!
#DIV/0! #DIV/0!

#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!

5 6 7 8 9 10
2027E 2028E 2029E 2030E 2031E 2032E
424,349 455,995 486,059 513,905 538,903 560,459
8% 7% 7% 6% 5% 4%
8.3% 7.5% 6.6% 5.7% 4.9% 4%
9.6% 8.9% 8.2% 7.4% 6.7% 6%
10.9% 10.3% 9.7% 9.2% 8.6% 8%

117,635 126,407 134,741 142,460 149,390 156,929

28% 28% 28% 28% 28% 28%
28% 28% 28% 28% 28% 28%
29% 29% 29% 29% 29% 29%
30% 30% 30% 30% 30% 30%

29,409 31,602 33,685 35,615 37,348 39,232

25% 25% 25% 25% 25% 25%
25% 25% 25% 25% 25% 25%
17% 17% 17% 17% 17% 17%
17% 17% 17% 17% 17% 17%

88226 94805 101056 106845 112043 117696

20,628 22,167 23,628 24,982 26,197 27,245

5% 5% 5% 5% 5% 5%
5% 5% 5% 5% 5% 5%
5% 5% 5% 5% 5% 5%
6% 6% 6% 6% 6% 6%

38,503 40,396 42,016 43,319 44,269 44,837

9% 9% 9% 8% 8% 8%
9.1% 8.9% 8.6% 8.4% 8.2% 8%
8.4% 8.1% 7.9% 7.6% 7.3% 7%
7.5% 7.0% 6.5% 6.0% 5.5% 5%

(1,900) (1,959) (2,017) (2,214) (2,291) (2,374)

0% 0% 0% 0% 0% 0%

72251 78535 84686 90722 96261 102479

46,958 46,828 46,326 45,530 44,321 43,288
 WACC , VALUATION & SENSITIVITY ANALYSIS
WACC CALCULATION
Market Cap $ 1,391,399.60
% of Equity 99%
Cost of Equity 8.79200%
Risk-free Rate 3.42% CNBC
Levered beta 1.1 Eikon
Size of Premium 4.88% Damodaran

Debt $ 14,701
% of Debt 1%
Cost of debt 5% Fred data
Tax rate 15%
After tax cost of debt 4%

TOTAL $ 1,406,100.60
x WACC 8.745%

Sensitivity Analysis
Valuation Assumptions
WACC 9%
TGR 3%

Enterprise Value
Terminal Growth Rate
$ 1,136,254 1.50% 2.00% 2.5% 3.00% 3.50%
8.0% 1136254 1136254 1136254 1136254 1136254
WACC

8.5% 1136254 1136254 1136254 1136254 1136254

9% 1136254 1136254 1136254 1136254 1136254
9.5% 1136254 1136254 1136254 1136254 1136254
10.0% 1136254 1136254 1136254 1136254 1136254
 ENTERPRISE VALUE
Cumulative PV of FCF $ 453,634

Terminal Value
Terminal Year FCF $ 102,479
Discount Factor 15.8

Terminal Value $ 1,616,010

Discount Factor 0.42
PV of Terminal Value $ 682,620
% of Enterprise Value 60%

Enterprise value $ 1,136,254

Implied Equity Value

Terminal Growth Rate
$ 94 1.50% 2.00% 2.5% 3.00%
8.0% 93.7763064 93.7763064 93.7763064 93.776306359
WACC

8.5% 93.7763064 93.7763064 93.7763064 93.776306359

9% 93.7763064 93.7763064 93.7763064 93.776306359
9.5% 93.7763064 93.7763064 93.7763064 93.776306359
10.0% 93.7763064 93.7763064 93.7763064 93.776306359
 Implied Equity Value and Share Price
Enterprise value $ 1,136,254
Less: Total Debt (14,701)
Less: Preferred stock -
Less: Noncontrolling Interest -
Plus: Cash and Cash Equivalents 113,762

Implied Equity Value $ 1,235,315

Fully Diluted Shares Outstanding 13,173

Implied Equity Value $ 94

3.50%
93.7763064
93.7763064
93.7763064
93.7763064
93.7763064
Alphabet Inc | Income Statement 09-Apr-2023 10:59

Income Statement
Annual Standardised in Millions of U.S. Dollars
2013 2014 2015 2016 2017
Period End Date 31-Dec-2013 31-Dec-2014 31-Dec-2015 31-Dec-2016 31-Dec-2017
Revenue 55,519 66,001 74,989 90,272 110,855
Net Sales 55,519 66,001 74,989 90,272 110,855
Other Revenue, Total -- -- -- -- --
Total Revenue 55,519 66,001 74,989 90,272 110,855
Cost of Revenue, Total 21,993 25,313 28,164 35,138 45,583
Cost of Revenue 21,993 25,313 28,164 35,138 45,583
Gross Profit 33,526 40,688 46,825 55,134 65,272

Selling/General/Admin. Expenses, Total 10,986 13,982 15,183 17,470 19,733

Selling/General/Administrative Expense 9,969 12,542 13,423 15,110 19,733
Labor & Related Expense 1,017 1,440 1,760 2,360 --
Research & Development 7,137 9,832 12,282 13,948 16,625
Depreciation/Amortization -- -- -- -- --
Interest Expense, Net - Operating -- -- -- -- --
Interest/Investment Income - Operating -- -- -- -- --
Interest Expense(Income) - Net Operating -- -- -- -- --
Interest Exp.(Inc.),Net-Operating, Total -- -- -- -- --
Unusual Expense (Income) -- 378 -- -- 2,736
Impairment-Assets Held for Use -- 378 -- -- --
Other Unusual Expense (Income) -- -- -- -- 2,736
Other Operating Expenses, Total -- -- -- -- --
Total Operating Expense 40,116 49,505 55,629 66,556 84,677
Operating Income 15,403 16,496 19,360 23,716 26,178
Interest Expense, Net Non-Operating (81) (101) (104) (124) (109)
Interest Expense - Non-Operating (81) (101) (104) (124) (157)
Interest Capitalized - Non-Operating -- -- -- -- 48
Interest/Invest Income - Non-Operating 386 686 139 214 874
Interest Income - Non-Operating 766 746 999 1,220 1,312
Investment Income - Non-Operating (380) (60) (860) (1,006) (438)
Interest Income(Exp), Net Non-Operating -- -- -- -- --
Interest Inc.(Exp.),Net-Non-Op., Total 305 585 35 90 765
Gain (Loss) on Sale of Assets (57) 0 0 -- --
Other, Net 248 178 256 344 250
 Other Non-Operating Income (Expense) 248 178 256 344 250
Net Income Before Taxes 15,899 17,259 19,651 24,150 27,193
Provision for Income Taxes 2,739 3,639 3,303 4,672 4,707
Net Income After Taxes 13,160 13,620 16,348 19,478 22,486
Minority Interest -- -- -- -- --
Equity In Affiliates -- -- -- -- --
U.S. GAAP Adjustment -- -- -- -- --
Net Income Before Extra. Items 13,160 13,620 16,348 19,478 22,486

Accounting Change -- -- -- -- --
Discontinued Operations (427) (224) 0 0 --
Extraordinary Item -- -- -- -- (9,824)
Tax on Extraordinary Items -- 740 -- -- --
Total Extraordinary Items (427) 516 0 0 (9,824)
Net Income 12,733 14,136 16,348 19,478 12,662

Preferred Dividends -- -- -- -- --
General Partners' Distributions -- -- -- -- --
Miscellaneous Earnings Adjustment 0 0 (522) 0 --
Pro Forma Adjustment -- -- -- -- --
Interest Adjustment - Primary EPS -- -- -- -- --
Total Adjustments to Net Income 0 0 (522) 0 --
Income Available to Com Excl ExtraOrd 13,160 13,620 15,826 19,478 22,486
Income Available to Com Incl ExtraOrd 12,733 14,136 15,826 19,478 12,662
Basic Weighted Average Shares 13,314 13,519 13,693 13,756 13,858
Basic EPS Excluding Extraordinary Items 0.99 1.01 1.16 1.42 1.62
Basic EPS Including Extraordinary Items 0.96 1.05 1.16 1.42 0.91
Dilution Adjustment 0 0 0 0 0
Diluted Net Income 12,733 14,136 15,826 19,478 12,662
Diluted Weighted Average Shares 14,739 13,741 13,859 13,974 14,072
Diluted EPS Excluding ExtraOrd Items 0.89 0.99 1.14 1.39 1.60
Diluted EPS Including ExtraOrd Items 0.86 1.03 1.14 1.39 0.90
Supplemental ($ Millions)
DPS - Common Stock Primary Issue 0.00 0.00 0.00 0.00 --
Dividends per Share - Com Stock Issue 2 0.00 0.00 0.00 0.00 --
Dividends per Share - Com Stock Issue 3 0.00 0.00 0.00 0.00 --
Dividends per Share - Com Stock Issue 4 -- -- -- -- --
Special DPS - Common Stock Primary Issue -- -- -- -- --
Special DPS - Common Stock Issue 2 -- -- -- -- --
Special DPS - Common Stock Issue 3 -- -- -- -- --
Special DPS - Common Stock Issue 4 -- -- -- -- --
Gross Dividends - Common Stock 0 0 0 0 0
Pro Forma Stock Compensation Expense -- -- -- -- --
Net Income after Stock Based Comp. Exp. -- -- -- -- --
Basic EPS after Stock Based Comp. Exp. -- -- -- -- --
Diluted EPS after Stock Based Comp. Exp. -- -- -- -- --
(Gain) Loss on Sale of Assets, Suppl. -- -- -- -- --
Impairment-Assets Held for Sale, Suppl. -- -- -- -- --
Impairment-Assets Held for Use, Suppl. -- -- -- -- --
Litigation Charge, Supplemental -- -- -- -- --
Purchased R&D Written-Off, Supplemental -- -- -- -- --
Restructuring Charge, Supplemental -- -- -- -- --
Other Unusual Expense(Income), Suppl. -- -- -- -- --
Non-Recurring Items, Supplemental, Total -- -- -- -- --
Total Special Items 57 378 0 -- 2,736
Normalized Income Before Taxes 15,956 17,637 19,651 24,150 29,929
Effect of Special Items on Income Taxes 10 80 0 -- 474
Inc Tax Ex Impact of Sp Items 2,749 3,719 3,303 4,672 5,181
Normalized Income After Taxes 13,207 13,918 16,348 19,478 24,748
Normalized Inc. Avail to Com. 13,207 13,918 15,826 19,478 24,748
Basic Normalized EPS 0.99 1.03 1.16 1.42 1.79
Diluted Normalized EPS 0.90 1.01 1.14 1.39 1.76
EPS, Supplemental -- -- -- -- --
Funds From Operations - REIT -- -- -- -- --
Amort of Acquisition Costs, Supplemental -- -- -- -- --
Amort of Intangibles, Supplemental 1,011 1,079 892 833 796
Amort. of Right-of-Use Intang.Assets,Sup -- -- -- -- --
Depreciation, Supplemental 2,781 3,523 4,132 5,267 6,103
Depreciation of Right-of-Use Assets,Sup. -- -- -- -- --
Interest Expense, Supplemental 81 101 104 124 109
Interest Capitalized, Supplemental -- -- -- -- (48)
Interest Expense on Lease Liabs., Suppl. -- -- -- -- --
Interest Expense (Financial Oper), Suppl -- -- -- -- --
Net Revenues -- -- -- -- --
Rental Expense, Supplemental 465 570 734 897 1,100
Labor & Related Expense Suppl. 3,127 4,175 -- -- --
Stock-Based Compensation, Supplemental 3,127 4,175 5,253 6,871 7,679
Variable Lease Expense - Unclassified -- -- -- -- --
Variable Operating Lease Expenses -- -- -- -- --
Variable Financial Lease Expenses -- -- -- -- --
Short-Term Lease Cost -- -- -- -- --
Sublease Income -- -- -- -- --
Lease Expense -Total -- -- -- -- --
Advertising Expense, Supplemental 2,389 3,004 3,186 3,868 5,100
Equity in Affiliates, Supplemental -- -- -- -- (156)
Minority Interest, Supplemental -- -- -- -- --
Income Taxes - Non-Recurring Tax Change -- -- -- -- 9,824
Research & Development Exp, Supplemental 7,137 9,832 12,282 13,948 16,625
Audit Fees -- -- 14 14 17
Audit-Related Fees -- -- 4 3 4
Tax Fees -- -- 0 1 5
All Other Fees -- -- 3 3 0
Reported Recurring Revenue -- -- -- -- --
Reported Net Premiums Written -- -- -- -- --
Reported Total Revenue -- -- -- -- --
Reported Operating Revenue -- -- -- -- --
Reported Total Cost of Revenue -- -- -- -- --
Reported Total Sales, General & Admin. -- -- -- -- --
Reported Gross Profit -- -- -- -- --
Reported Operating Profit -- -- -- -- --
Reported Operating Profit Margin -- -- -- -- --
Reported Ordinary Profit -- -- -- -- --
Reported Net Income After Tax -- -- -- -- --
Reported Basic EPS -- -- -- -- --
Reported Diluted EPS -- -- -- -- --
Reported Net Business Profits -- -- -- -- --
Islamic Income -- -- -- -- --
Zakat -- -- -- -- --
COVID-19 Non-Recurring Inc/Exp - Other -- -- -- -- --
COVID-19 One-time Provisions -- -- -- -- --
COVID-19 Restructuring Chrgs/Provisions -- -- -- -- --
COVID-19 Impairment of Long-Term Assets -- -- -- -- --
COVID-19 One-time Government Grants -- -- -- -- --
COVID-19 Inc Taxes - Non-Recurring -- -- -- -- --
Islamic Section, Supplemental -- -- -- -- --
Normalized EBIT 15,403 16,874 19,360 23,716 28,914
Normalized EBITDA 19,195 21,476 24,384 29,816 35,813
Tax & Pension Items ($ Millions)
Current Tax - Total 3,232 3,647 3,561 4,792 4,154
Current Tax - Domestic 2,394 2,716 3,235 3,520 2,408
Current Tax - Foreign 711 774 723 966 1,746
Current Tax - Local 127 157 (397) 306 --
Deferred Tax - Total (493) (8) (258) (120) 553
Deferred Tax - Domestic (421) 29 (198) (70) 596
Deferred Tax - Foreign (72) (43) (17) (50) (43)
Deferred Tax - Local 0 6 (43) 0 --
Income Tax - Total 2,739 3,639 3,303 4,672 4,707
Income Tax by Region - Total -- -- -- -- --
Domestic Pension Plan Expense -- -- -- -- --
Foreign Pension Plan Expense -- -- -- -- --
Post-Retirement Plan Expense -- -- -- -- --
Total Pension Expense -- -- 309 385 448
Defined Contribution Expense - Domestic -- -- 309 385 448
Assumptions -- -- -- -- --
Total Plan Interest Cost -- -- -- -- --
Total Plan Service Cost -- -- -- -- --
Total Plan Expected Return -- -- -- -- --
Total Plan Other Expense -- -- -- -- --
Dividends and Capital Changes
Alphabet Ord Shs Class A
1x
Buyback -- -- -- (27-Oct) --
1x
Exchange Offer -- -- (05-Oct) -- --
0
Stock Dividend -- (02-Apr) -- -- --

Share Split -- -- -- -- --
 2018 2019 2020 2021 2022
31-Dec-2018 31-Dec-2019 31-Dec-2020 31-Dec-2021 31-Dec-2022
136,819 161,857 182,527 257,637 282,836
136,819 161,857 182,527 257,637 282,836
-- -- -- -- --
136,819 161,857 182,527 257,637 282,836
59,549 71,896 84,732 110,939 126,203
59,549 71,896 84,732 110,939 126,203
77,270 89,961 97,795 146,698 156,633

23,256 28,015 28,998 36,422 42,291

23,256 28,015 28,998 36,422 42,291
-- -- -- -- --
21,419 26,018 27,573 31,562 39,500
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
5,071 1,697 0 0 --
-- -- -- -- --
5,071 1,697 0 0 --
-- -- -- -- --
109,295 127,626 141,303 178,923 207,994
27,524 34,231 41,224 78,714 74,842
(114) (100) (135) (346) (357)
(206) (267) (353) (509) (485)
92 167 218 163 128
8,497 5,573 8,239 13,863 (4,336)
1,878 2,427 1,865 1,499 2,174
6,619 3,146 6,374 12,364 (6,510)
-- -- -- -- --
8,383 5,473 8,104 13,517 (4,693)
-- -- -- -- --
(994) (79) (1,246) (1,497) 1,179
 (994) (79) (1,246) (1,497) 1,179
34,913 39,625 48,082 90,734 71,328
4,177 5,282 7,813 14,701 11,356
30,736 34,343 40,269 76,033 59,972
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
30,736 34,343 40,269 76,033 59,972

-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
30,736 34,343 40,269 76,033 59,972

-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
30,736 34,343 40,269 76,033 59,972
30,736 34,343 40,269 76,033 59,972
13,903 13,852 13,616 13,353 13,063
2.21 2.48 2.96 5.69 4.59
2.21 2.48 2.96 5.69 4.59
0 0 0 0 0
30,736 34,343 40,269 76,033 59,972
14,066 13,971 13,741 13,553 13,159
2.19 2.46 2.93 5.61 4.56
2.19 2.46 2.93 5.61 4.56

-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
 -- -- -- -- --
-- -- -- -- --
0 0 0 0 0
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
5,071 1,697 0 0 --
39,984 41,322 48,082 90,734 71,328
607 226 0 0 --
4,784 5,508 7,813 14,701 11,356
35,200 35,814 40,269 76,033 59,972
35,200 35,814 40,269 76,033 59,972
2.53 2.59 2.96 5.69 4.59
2.50 2.56 2.93 5.61 4.56
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
865 795 774 875 642
-- -- -- -- --
8,164 10,856 12,905 11,555 15,287
-- -- -- -- --
114 100 135 346 357
(92) (167) (218) (163) (128)
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
1,300 2,361 2,267 2,699 2,900
-- -- -- -- --
9,353 10,794 12,800 15,000 19,500
-- -- -- -- --
 -- -- 619 726 838
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- 2,886 3,425 3,738
6,400 6,800 5,400 7,900 9,200
(120) 390 401 334 (337)
-- -- -- -- --
-- -- -- -- --
21,419 26,018 27,573 31,562 39,500
16 20 22 24 --
6 7 7 9 --
4 2 1 1 --
1 1 2 1 --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
32,595 35,928 41,224 78,714 74,842
41,624 47,579 54,903 91,144 90,771
3,404 5,137 6,476 12,818 19,554
2,153 2,424 4,789 10,126 17,120
1,251 2,713 1,687 2,692 2,434
-- -- -- -- --
773 145 1,337 1,883 (8,198)
907 286 1,552 2,018 (8,052)
(134) (141) (215) (135) (146)
-- -- -- -- --
4,177 5,282 7,813 14,701 11,356
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
691 724 855 916 --
691 724 855 916 --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --

1x 1x
-- (24-Jul) -- (01-Apr) --

-- -- -- -- --

-- -- -- -- --
0
-- -- -- -- (15-Jul)
Alphabet Inc | Cash Flow 09-Apr-2023 14:51

Cash Flow
Annual Standardised in Millions of U.S. Dollars
2013 2014 2015 2016 2017
Period End Date 31-Dec-2013 31-Dec-2014 31-Dec-2015 31-Dec-2016 31-Dec-2017
Cash Flow-Operating Activities ($ Millions)
Net Income/Starting Line 12,733 14,136 16,348 19,478 12,662
Depreciation/Depletion 2,781 3,523 4,132 5,267 6,103
Depreciation 2,781 3,523 4,132 5,267 6,103
Amortization 1,158 1,456 931 877 812
Amortization of Intangibles 1,158 1,456 931 877 812
Deferred Taxes (437) (104) (179) (38) 258
Non-Cash Items 2,268 3,341 5,749 7,152 8,010
Unusual Items (866) (1,130) 334 275 194
Other Non-Cash Items 3,134 4,471 5,415 6,877 7,816
Changes in Working Capital 156 672 (409) 3,300 9,246
Accounts Receivable (1,307) (1,641) (2,094) (2,578) (3,768)
Prepaid Expenses (930) 459 (318) 312 (2,164)
Other Assets -- -- -- -- --
Accounts Payable 605 436 203 110 731
Accrued Expenses 967 1,002 1,936 2,108 5,846
Taxes Payable 588 591 (179) 3,125 8,211
Other Liabilities 233 (175) 43 223 390
Cash from Operating Activities 18,659 23,024 26,572 36,036 37,091

Cash Flow-Investing Activities ($ Millions)

Capital Expenditures (7,358) (11,014) (9,950) (10,212) (13,184)
Purchase of Fixed Assets (7,358) (11,014) (9,950) (10,212) (13,184)
Other Investing Cash Flow Items, Total (6,321) (10,041) (13,761) (20,953) (18,217)
Acquisition of Business (1,448) (4,888) (236) (986) (287)
Sale of Business 2,525 386 0 0 --
Sale of Fixed Assets -- 55 35 240 99
Sale/Maturity of Investment 38,314 51,528 63,059 67,389 74,492
Purchase of Investments (46,013) (57,750) (76,694) (85,618) (93,940)
Other Investing Cash Flow 301 628 75 (1,978) 1,419
Cash from Investing Activities (13,679) (21,055) (23,711) (31,165) (31,401)

Cash Flow-Financing Activities ($ Millions)

Financing Cash Flow Items (300) (2,069) (2,422) (3,304) (4,166)
Other Financing Cash Flow (300) (2,069) (2,422) (3,304) (4,166)
Total Cash Dividends Paid -- -- -- -- --
Issuance (Retirement) of Stock, Net 0 0 (1,780) (3,693) (4,046)
Sale/Issuance of Common -- -- -- -- 800
Repurchase/Retirement of Common 0 0 (1,780) (3,693) (4,846)
Common Stock, Net 0 0 (1,780) (3,693) (4,046)
Issuance (Retirement) of Debt, Net (557) (18) (23) (1,335) (86)
Long Term Debt Issued -- -- -- -- --
Long Term Debt Reduction -- -- -- -- --
Long Term Debt, Net -- -- -- -- --
Total Debt Issued 10,768 11,625 13,705 8,729 4,291
Total Debt Reduction (11,325) (11,643) (13,728) (10,064) (4,377)
Cash from Financing Activities (857) (2,087) (4,225) (8,332) (8,298)

Foreign Exchange Effects (3) (433) (434) (170) 405

Net Change in Cash 4,120 (551) (1,798) (3,631) (2,203)

Net Cash - Beginning Balance 14,778 18,898 18,347 16,549 12,918

Net Cash - Ending Balance 18,898 18,347 16,549 12,918 10,715
Cash Interest Paid 72 86 96 84 84
Cash Taxes Paid 1,932 3,138 3,651 1,643 6,191
Lease liability Issued, Supplemental -- -- -- -- --
Lease liability Reduced, Supplemental -- -- -- -- --
Lease liability Net, Supplemental -- -- -- -- --
Share Based Payments, Supplemental -- -- -- -- --
Net Changes in Working Capital 156 672 (409) 3,300 9,246
Reported Cash from Operating Activities -- -- -- -- --
Reported Cash from Investing Activities -- -- -- -- --
Reported Cash from Financing Activities -- -- -- -- --

Free Cash Flow 11,301 12,010 16,622 25,824 23,907

 2018 2019 2020 2021 2022
31-Dec-2018 31-Dec-2019 31-Dec-2020 31-Dec-2021 31-Dec-2022

30,736 34,343 40,269 76,033 59,972

8,164 10,856 12,905 11,555 15,287
8,164 10,856 12,905 11,555 15,287
871 925 792 886 641
871 925 792 886 641
778 173 1,390 1,808 (8,081)
2,514 7,404 7,941 2,893 25,911
(6,650) (2,798) (6,317) (12,270) 5,519
9,164 10,202 14,258 15,163 20,392
4,908 819 1,827 (1,523) (2,235)
(2,169) (4,340) (6,524) (9,095) (2,317)
-- -- -- -- --
(1,207) (621) (1,330) (1,846) (5,046)
1,067 428 694 283 707
9,097 8,443 7,143 8,986 3,470
(2,251) (3,128) 1,209 (625) 584
371 37 635 774 367
47,971 54,520 65,124 91,652 91,495

(25,139) (23,548) (22,281) (24,640) (31,485)

(25,139) (23,548) (22,281) (24,640) (31,485)
(3,365) (5,943) (10,492) (10,883) 11,187
(1,491) (2,515) (738) (2,618) (6,969)
-- -- -- -- --
98 589 -- -- --
50,259 98,230 133,929 129,228 97,972
(52,231) (102,247) (143,751) (138,034) (81,405)
0 0 68 541 1,589
(28,504) (29,491) (32,773) (35,523) (20,298)
 (4,993) (4,545) (2,920) (9,852) (9,265)
(4,993) (4,545) (2,920) (9,852) (9,265)
-- -- -- -- --
(8,125) (18,396) (31,149) (50,274) (59,296)
950 -- -- -- --
(9,075) (18,396) (31,149) (50,274) (59,296)
(8,125) (18,396) (31,149) (50,274) (59,296)
(61) (268) 9,661 (1,236) (1,196)
6,766 317 11,761 20,199 52,872
(6,827) (585) (2,100) (21,435) (54,068)
(61) (268) 9,661 (1,236) (1,196)
-- -- -- -- --
-- -- -- -- --
(13,179) (23,209) (24,408) (61,362) (69,757)

(302) (23) 24 (287) (506)

5,986 1,797 7,967 (5,520) 934

10,715 16,701 18,498 26,465 20,945

16,701 18,498 26,465 20,945 21,879
69 -- -- -- --
5,671 8,203 4,990 13,412 18,892
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
4,908 819 1,827 (1,523) (2,235)
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --

22,832 30,972 42,843 67,012 60,010

GOOGL.O | Statement App | Income Statement 09-Apr-2023
Mean | Annual
Consolidated | USD

Next Earning Report 24-Apr-2023

FY Dec-20 FY Dec-21
ADVERTISEMENT REVENUE 146924.000 209497.000

REVENUE 182527.000 257637.000

BUSINESS SEGMENTS
GOOGLE CLOUD 13059.000 19206.000
GOOGLE SERVICES 168.635 237529.000
GOOGLE ADVERTISING 146924.000 209497.000
GOOGLE OTHER 21711.000 28032.000
HEDGING GAINS (LOSSES) 0.176 149.000
OTHER BETS 657.000 753.000
GEOGRAPHICAL SEGMENTS
APAC - -
EMEA - -
HEDGING GAINSS (LOSSES) - -
OTHER AMERICAS - -
UNITED STATES - -

TRAFFIC ACQUISITION COST 32778.000 45566.000

NET REVENUE 149749.000 212071.000
COST OF GOODS SOLD 84732.000 110939.000
GROSS INCOME 97795.000 146698.000
GROSS PROFIT MARGIN 53.580% 56.940%

SELLING & MARKETING EXPENSE 17946.000 22912.000

SG&A EXPENSE 28998.000 36422.000
GENERAL & ADMIN EXPENSE 11052.000 13510.000
R&D EXPENSE 27573.000 31562.000
STOCK BASED COMPENSATION 12991.000 15376.000
OPERATING EXPENSE 56571.000 67984.000

EBITDA 67912.000 106531.000

EBITDA PER SHARE 4.943 7.860
DEPRECIATION 12905.000 11555.000
EBITA - -
AMORTIZATION 792.000 875.000
DEPRECIATION & AMORTIZATION 13679.000 12430.000
EBIT 41224.000 78714.000
GOOGLE CLOUD -5.607 -3099.000
GOOGLE SERVICES 54.606 -91855.000
HEDGING GAINS (LOSSES) - -
OTHER BETS -4476.000 -5281.000

INTEREST EXPENSE 135.000 346.000

PRE-TAX PROFIT 48082.000 90734.000

TAX PROVISION 7813.000 14701.000
TAX RATE 16.250% 16.202%

NET INCOME 40269.000 76033.000

NUMBER OF SHARES OUTSTANDING 13740.560 13553.480

EARNINGS PER SHARE 2.931 5.610

CASH EPS 3.928 6.527
EBITDA REPORTED 54903.000 91144.000
PRE-TAX PROFIT REPORTED 48082.000 90734.000
NET INCOME REPORTED 40269.000 76033.000
EARNINGS PER SHARE REPORTED 2.931 5.610
DIVIDEND PER SHARE 0.000 0.000
HISTORICAL (ACTUALS) FORECAST (MEAN)
FY Dec-22 FY Dec-23 FY Dec-24 FY Dec-25
224473.000 234193.936 258300.976 286025.443

282836.000 298823.737 334190.153 371120.489

26280.000 33350.969 42060.169 62084.750

253528.000 263006.182 289299.719 350519.375
224473.000 234459.266 258353.740 284640.017
29055.000 31084.091 34220.150 39226.333
1960.000 308.055 471.740 995.333
1068.000 994.864 1111.105 1433.900

47024.000 53122.925 60096.500 123119.500

82062.000 91384.625 98797.575 130484.000
1960.000 -285.400 -81.600 -
16976.000 17373.750 28835.575 49246.000
134814.000 144595.525 154474.100 237798.500

48955.000 50932.295 53560.121 55444.643

233881.000 247811.111 277244.148 310947.757
126203.000 122340.537 134772.863 156424.931
156633.000 166748.792 188259.345 214911.800
55.380% 57.037% 57.226% 57.639%

26567.000 28248.912 30589.512 32737.467

42291.000 46690.500 49565.000 52977.000
15724.000 16445.397 17554.082 18232.158
39500.000 41854.401 45667.672 49149.200
19362.000 20708.113 22580.993 23145.600
207994.000 148193.788 159955.272 189491.322

110132.000 115373.530 132121.255 152784.399

8.369 7.629 8.901 10.375
15287.000 17045.660 19107.203 22595.422
75483.000 91068.500 103432.500 114862.000
641.000 691.955 555.935 1012.548
15928.000 16229.549 18342.479 21042.989
74842.000 77158.128 90659.443 106590.200
-2968.000 -2523.600 -1544.329 2006.000
86572.000 91628.614 98649.000 -
- -9304.000 -7515.000 -4206.000
-6083.000 -5730.750 -5052.800 -2548.500

357.000 833.000 1829.750 3010.000

71328.000 79380.975 93320.564 110878.477

11356.000 13114.158 15345.701 18480.409
15.921% 16.314% 16.324% 16.950%

59972.000 65164.459 76858.425 90131.118

13159.000 13427.498 13485.242 14224.642

4.560 5.056 6.075 7.249

- 6.952 7.914 9.183
90770.000 101634.200 119883.982 137631.644
71328.000 78374.811 91972.951 108662.929
59972.000 64928.000 76421.433 89452.089
4.560 5.037 6.049 7.215
0.000 0.000 0.000 0.000
GOOGL.O | Statement App | Cash Flow Statement 10-Apr-2023
Mean | Annual
Consolidated | USD

Next Earning Report 24-Apr-2023

FY Dec-20 FY Dec-21
NET WORKING CAPITAL 117462.000 123889.000
INCOME TAXES PAID 4990.000 13412.000
CASH FLOW FROM OPERATIONS 65124.000 91652.000
CAPITAL EXPENDITURES 22281.000 24640.000
CASH FLOW FROM INVESTING -32773.000 -35523.000
FREE CASH FLOW 42843.000 67012.000
FREE CASH FLOW PER SHARE 3.118 4.945
TOTAL DIVIDENDS 0.000 0.000
CASH FLOW FROM FINANCING -24408.000 -61362.000
CASH FLOW PER SHARE 4.740 6.762
HISTORICAL (ACTUALS) FORECAST (MEAN)
FY Dec-22 FY Dec-23 FY Dec-24 FY Dec-25
95495.000 -6155.500 -5495.500 1222.000
18892.000 584.000 584.000 584.000
91495.000 102693.571 117029.023 134124.871
31485.000 31828.289 32589.859 33411.726
-20298.000 -33913.600 -29789.086 -31699.425
60010.000 70805.768 84363.166 99531.032
4.560 5.597 6.964 8.698
0.000 0.000 0.000 0.000
-69757.000 -60438.025 -67417.888 -67082.733
6.950 7.846 9.303 10.231
Alphabet Inc | Balance Sheet 10-Apr-2023 14:10

Balance Sheet
Annual Standardised in Millions of U.S. Dollars
2013 2014 2015 2016
Period End Date 31-Dec-2013 31-Dec-2014 31-Dec-2015 31-Dec-2016
Assets ($ Millions)
Cash and Short Term Investments 58,717 64,395 73,066 86,333
Cash 9,909 9,863 7,380 7,078
Cash & Equivalents 8,989 8,484 9,169 5,840
Short Term Investments 39,819 46,048 56,517 73,415
Accounts Receivable - Trade, Net 8,882 9,383 11,556 14,137
Accounts Receivable - Trade, Gross 9,513 9,608 11,852 14,604
Provision for Doubtful Accounts (631) (225) (296) (467)
Total Receivables, Net 9,390 10,849 13,909 14,232
Receivables - Other 508 1,466 2,353 95
Total Inventory -- -- -- 268
Prepaid Expenses 3,021 2,560 2,511 3,979
Other Current Assets, Total 1,758 852 628 596
Deferred Income Tax - Current Asset 1,526 -- -- --
Other Current Assets 232 852 628 596
Total Current Assets 72,886 78,656 90,114 105,408

Property/Plant/Equipment, Total - Gross 23,837 32,746 40,146 47,527

Buildings - Gross 1,576 1,868 2,576 3,415
Land/Improvements - Gross 7,488 13,326 16,518 19,804
Machinery/Equipment - Gross 9,094 10,918 13,645 16,084
Construction in Progress - Gross 5,602 6,555 7,324 8,166
Other Property/Plant/Equipment - Gross 77 79 83 58
Property/Plant/Equipment, Total - Net 16,524 23,883 29,016 34,234
Accumulated Depreciation, Total (7,313) (8,863) (11,130) (13,293)
Goodwill, Net 11,492 15,599 15,869 16,468
Intangibles, Net 6,066 4,607 3,847 3,307
Intangibles - Gross 9,586 8,653 8,730 6,357
Accumulated Intangible Amortization (3,520) (4,046) (4,883) (3,050)
Long Term Investments 1,976 3,079 5,183 5,878
LT Investments - Other 1,976 3,079 5,183 5,878
Note Receivable - Long Term -- -- -- --
Other Long Term Assets, Total 1,976 3,363 3,432 2,202
 Deferred Charges 1,976 3,187 3,181 1,819
Defered Income Tax - Long Term Asset -- 176 251 383
Other Long Term Assets -- -- -- --
Total Assets 110,920 129,187 147,461 167,497

Liabilities ($ Millions)
Accounts Payable 2,453 1,715 1,931 2,041
Payable/Accrued -- -- -- --
Accrued Expenses 6,253 7,473 8,293 10,107
Notes Payable/Short Term Debt 0 2,000 2,000 0
Current Port. of LT Debt/Capital Leases 3,009 9 1,225 0
Other Current liabilities, Total 4,193 5,582 5,861 4,608
Customer Advances 2,791 2,704 3,117 4,041
Income Taxes Payable 24 96 302 554
Other Payables 1,374 2,778 2,428 0
Other Current Liabilities 4 4 14 13
Total Current Liabilities 15,908 16,779 19,310 16,756

Total Long Term Debt 2,236 3,228 1,995 3,935

Long Term Debt 1,990 2,992 1,995 3,935
Capital Lease Obligations 246 236 0 --
Total Debt 5,245 5,237 5,220 3,935
Deferred Income Tax 1,947 758 189 226
Deferred Income Tax - LT Liability 1,947 758 189 226
Minority Interest -- -- -- --
Other Liabilities, Total 3,520 4,562 5,636 7,544
Other Long Term Liabilities 3,520 4,562 5,636 7,544
Total Liabilities 23,611 25,327 27,130 28,461

Shareholders Equity ($ Millions)

Redeemable Preferred Stock, Total -- -- -- --
Preferred Stock - Non Redeemable, Net 0 -- -- 0
Convertible Preferred Stock - Non Rdmbl 0 -- -- 0
Common Stock, Total 1 1 1 1
Common Stock 1 1 1 1
Additional Paid-In Capital 25,921 28,766 32,981 36,306
Retained Earnings (Accumulated Deficit) 61,262 75,066 89,223 105,131
Treasury Stock - Common -- -- -- --
ESOP Debt Guarantee -- -- -- --
Unrealized Gain (Loss) 50 421 (86) (179)
Other Equity, Total 75 (394) (1,788) (2,223)
Translation Adjustment 16 (980) (2,047) (2,646)
Other Comprehensive Income 59 586 259 423
Total Equity 87,309 103,860 120,331 139,036

Total Liabilities & Shareholders' Equity 110,920 129,187 147,461 167,497

Supplemental ($ Millions)
Shares Outstanding - Common Issue 2 1,130 1,064 1,006 949
Shares Outstanding - Common Issue 3 6,735 6,808 6,895 6,937
Shares Outstanding - Common Issue 4 -- -- -- --
Total Common Shares Outstanding 13,452 13,603 13,747 13,826
Shares Outs - Common Stock Primary Issue 5,587 5,731 5,846 5,940
Treas Shares - Common Stock Prmry Issue 0 0 0 0
Treasury Shares - Common Issue 2 0 0 0 0
Treasury Shares - Common Issue 3 0 0 0 0
Treasury Shares - Common Issue 4 -- -- -- --
Total Preferred Shares Outstanding -- -- -- --
Treasury Shares - Preferred Issue 1 -- -- -- --
Treasury Shares - Preferred Issue 2 -- -- -- --
Treasury Shares - Preferred Issue 3 -- -- -- --
Treasury Shares - Preferred Issue 4 -- -- -- --
Treasury Shares - Preferred Issue 5 -- -- -- --
Treasury Shares - Preferred Issue 6 -- -- -- --
Minority Interest - Redeemable -- -- -- --
Minority Interest - Non Redeemable -- -- -- --
Total Equity & Minority Interest 87,309 103,860 120,331 139,036
Full-Time Employees 47,756 53,600 61,814 72,053
Part-Time Employees -- -- -- --
Number of Common Shareholders 2,610 5,028 4,520 4,428
Other Property/Plant/Equipment - Net -- -- -- --
Intangibles - Net -- -- -- --
Goodwill - Net 11,492 15,599 15,869 16,468
Accumulated Goodwill Amortization Suppl. -- -- -- --
Accumulated Intangible Amort, Suppl. 3,520 4,046 4,883 3,050
Wgt Avg Rem Lease Term (Yrs)-Oper Lease -- -- -- --
Wgt Avg Rem Lease Term (Yrs)-Fin Lease -- -- -- --
Wgt Avg Disc Rate - Operating Lease -- -- -- --
Wgt Avg Disc Rate - Finance Lease -- -- -- --
Right-of-Use Assets-Cap.Lease,Net-Suppl. -- -- -- --
Right-of-Use Assets-Cap.Lease,Gross-Sup. -- -- -- --
Right-of-Use Assets-Cap.Lease,Depr.-Sup. -- -- -- --
Right-of-Use Assets-Op.Lease, Net-Suppl. -- -- -- --
Right-of-Use Assets-Op.Lease, Gross-Sup. -- -- -- --
Right-of-Use Assets-Op.Lease, Depr.-Sup. -- -- -- --
Non-Current Marketable Securities,Suppl. -- 3,079 5,183 5,878
Contract Assets - Short Term -- -- -- --
Contract Assets - Long Term -- -- -- --
Contract Liability - Long Term -- -- -- --
Contract Liability - Short Term -- -- -- --
Deferred Revenue - Current 2,791 2,704 3,117 4,041
Deferred Revenue - Long Term 139 104 151 202
Short Term Debt Financial Sector, Suppl. -- -- -- --
Curr Port - LTD/Cap Lse Fin Sec., Suppl. -- -- -- --
Long Term Debt Financial Sector, Suppl. -- -- -- --
Capital Lease Oblig. - Fin Sector, Suppl -- -- -- --
Curr. Port. of LT Capital Leases, Suppl. -- -- -- --
Curr Port of LT Operating Leases, Suppl. -- -- -- --
Long-Term Operating Lease Liabs., Suppl. -- -- -- --
Curr Derivative Liab. Hedging, Suppl. 4 4 14 13
Curr Derivative Liab. Spec./Trdg, Suppl. -- -- -- --
Non-Curr Derivative Liab. Hedging, Suppl -- -- -- --
Non-Curr Derivative Liab Spec/Trdg Suppl -- -- -- --
Leverage Ratio (Basel 3) -- -- -- --
Net Stable Funding Ratio (Basel 3) -- -- -- --
Liquidity Coverage Ratio (Basel 3) -- -- -- --
Capital Adequacy - Core Tier 1 (Value) -- -- -- --
Capital Adequacy - Hybrid Tier 1 (Value) -- -- -- --
Capital Adequacy -Tier 1 Capital (Value) -- -- -- --
Capital Adequacy -Tier 2 Capital (Value) -- -- -- --
Capital Adequacy -Tier 3 Capital (Value) -- -- -- --
Capital Adequacy - Total Capital (Value) -- -- -- --
Total Risk-Weighted Capital -- -- -- --
Capital Adequacy - Core Tier 1 Capital % -- -- -- --
Capital Adequacy - Tier 1 Capital % -- -- -- --
Capital Adequacy - Tier 2 Capital % -- -- -- --
Capital Adequacy - Tier 3 Capital % -- -- -- --
Capital Adequacy - Total Capital % -- -- -- --
Trading Account -- -- -- --
Credit Exposure -- -- -- --
Non-Performing Loans -- -- -- --
Assets under Management -- -- -- --
Loans - Stage 1 - Gross, Total -- -- -- --
Loans - Stage 2 - Gross, Total -- -- -- --
Loans - Stage 3 - Gross, Total -- -- -- --
Total Current Assets less Inventory 72,886 78,656 90,114 105,140
Revolving Line of Credit - Outstanding -- -- -- --
Rvlvng Line of Credit - Principal Amount -- -- -- --
Rvlvng Line of Credit - Unused Amount -- -- -- --
Net Debt Incl. Pref.Stock & Min.Interest (53,472) (59,158) (67,846) (82,398)
Tangible Book Value, Common Equity 69,751 83,654 100,615 119,261
Reported Total Assets -- -- -- --
Reported Total Liabilities -- -- -- --
Shareholders' Equity Excl. Stock Subscr. -- -- -- --
Reported Shareholder's Equity -- -- -- --
Reported Net Assets -- -- -- --
Reported Net Assets to Total Assets -- -- -- --
Reported Return on Assets -- -- -- --
Reported Return on Equity -- -- -- --
Islamic Investments & Deposits -- -- -- --
Islamic Receivables -- -- -- --
Islamic Debt -- -- -- --
Islamic Section, Supplemental -- -- -- --
Debt & Lease, Pension Items ($ Millions)
Total Long Term Debt, Supplemental 3,255 -- 3,225 4,000
Long Term Debt Maturing within 1 Year 1,009 -- 1,225 0
Long Term Debt Maturing in Year 2 10 -- 0 0
Long Term Debt Maturing in Year 3 1,236 -- 0 0
Long Term Debt Maturing in Year 4 0 -- 0 0
Long Term Debt Maturing in Year 5 -- -- -- --
Long Term Debt Maturing in 2-3 Years 1,246 -- 0 0
Long Term Debt Maturing in 4-5 Years 0 -- 0 0
Long Term Debt Matur. in Year 6 & Beyond 1,000 -- 2,000 4,000
Total Capital Leases, Supplemental -- -- -- --
Total Operating Leases, Supplemental 4,127 -- 7,456 7,970
Operating Lease Payments Due in Year 1 527 -- 672 843
 Operating Lease Payments Due in Year 2 501 -- 794 902
Operating Lease Payments Due in Year 3 454 -- 796 910
Operating Lease Payments Due in Year 4 427 -- 769 854
Operating Lease Payments Due in Year 5 373 -- 719 767
Operating Lease Pymts. Due in 2-3 Years 955 -- 1,590 1,812
Operating Lease Pymts. Due in 4-5 Years 800 -- 1,488 1,621
Oper. Lse. Pymts. Due in Year 6 & Beyond 1,845 -- 3,706 3,694
Operating Leases - Interest Cost -- -- -- --
Total Funded Status -- -- -- --
Period End Assumptions -- -- -- --
Net Assets Recognized on Balance Sheet -- -- -- --
Asset Allocation -- -- -- --
Total Plan Obligations -- -- -- --
Total Plan Assets -- -- -- --
 2017 2018 2019 2020 2021 2022
31-Dec-2017 31-Dec-2018 31-Dec-2019 31-Dec-2020 31-Dec-2021 31-Dec-2022

101,871 109,140 119,675 136,694 139,649 113,762

7,158 -- -- -- 0 --
3,557 16,701 18,498 26,465 20,945 21,879
91,156 92,439 101,177 110,229 118,704 91,883
18,336 20,838 25,326 30,930 39,304 40,258
19,010 21,567 26,079 32,274 40,693 41,471
(674) (729) (753) (1,344) (1,389) (1,213)
18,705 21,193 27,492 31,384 40,270 40,258
369 355 2,166 454 966 --
749 1,107 999 728 1,170 2,670
-- -- -- -- -- --
2,983 4,236 4,412 5,490 7,054 8,105
-- -- -- -- -- --
2,983 4,236 4,412 5,490 7,054 8,105
124,308 135,676 152,578 174,296 188,143 164,795

59,647 82,507 115,148 138,673 159,971 186,091

4,496 5,310 6,310 7,516 9,146 10,575
23,183 30,179 39,865 49,732 58,881 66,897
21,429 30,119 36,840 45,906 55,606 66,267
10,491 16,838 21,036 23,111 23,171 27,657
48 61 11,097 12,408 13,167 14,695
42,383 59,719 84,587 96,960 110,558 127,049
(17,264) (22,788) (30,561) (41,713) (49,414) (59,042)
16,747 17,888 20,624 21,175 22,956 28,960
2,692 2,220 1,979 1,445 1,417 2,084
6,163 6,177 5,929 5,604 5,964 2,793
(3,471) (3,957) (3,950) (4,159) (4,547) (709)
7,813 13,859 13,078 20,703 29,549 30,492
7,813 13,859 13,078 20,703 29,549 30,492
-- -- -- -- -- --
3,352 3,430 3,063 5,037 6,645 11,884
 -- -- -- -- -- --
680 737 721 1,084 1,284 5,261
2,672 2,693 2,342 3,953 5,361 6,623
197,295 232,792 275,909 319,616 359,268 365,264

3,137 4,378 5,561 5,589 6,037 5,128

-- -- -- -- -- --
14,406 14,000 19,543 28,208 35,213 42,490
0 0 0 0 0 0
0 -- 0 1,100 113 298
6,640 16,242 20,117 21,937 22,891 21,384
5,407 8,186 10,069 10,043 12,284 12,278
881 69 274 1,485 808 --
-- -- -- -- -- --
352 7,987 9,774 10,409 9,799 9,106
24,183 34,620 45,221 56,834 64,254 69,300

3,969 4,012 4,554 13,932 14,817 14,701

3,943 3,950 3,869 12,832 12,841 12,857
26 62 685 1,100 1,976 1,844
3,969 4,012 4,554 15,032 14,930 14,999
430 1,264 1,701 3,561 5,257 514
430 1,264 1,701 3,561 5,257 514
-- -- -- -- -- --
16,211 15,268 22,991 22,745 23,305 24,605
16,211 15,268 22,991 22,745 23,305 24,605
44,793 55,164 74,467 97,072 107,633 109,120

-- -- -- -- -- --
0 0 0 0 0 0
0 0 0 0 0 0
1 1 1 1 1 13
1 1 1 1 1 13
40,246 45,048 50,551 58,509 61,773 68,171
113,247 134,885 152,122 163,401 191,484 195,563
-- -- -- -- -- --
-- -- -- -- -- --
 233 (688) 812 1,612 236 (3,477)
(1,225) (1,618) (2,044) (979) (1,859) (4,126)
(1,103) (1,884) (2,003) (864) (2,306) (4,142)
(122) 266 (41) (115) 447 16
152,502 177,628 201,442 222,544 251,635 256,144

197,295 232,792 275,909 319,616 359,268 365,264

939 933 929 917 893 883

6,987 6,994 6,841 6,573 6,334 6,002
-- -- -- -- -- --
13,896 13,911 13,767 13,504 13,242 12,849
5,969 5,985 5,997 6,015 6,015 5,964
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
152,502 177,628 201,442 222,544 251,635 256,144
80,110 98,771 118,899 135,301 156,500 190,234
-- -- -- -- -- --
4,263 4,286 4,485 6,343 6,704 8,391
-- -- -- -- 1 --
-- -- -- -- -- --
16,747 17,888 20,624 21,175 22,956 28,960
-- -- -- -- -- --
3,471 3,957 3,950 4,159 4,547 709
-- -- -- 9 8 8
-- -- -- -- -- --
-- -- -- 3 2 3
 -- -- -- -- -- --
-- -- 1,600 -- -- --
-- -- 1,600 -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- 10,941 12,211 12,959 14,381
-- -- -- -- -- --
7,813 13,859 13,078 20,703 29,549 30,492
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
5,407 8,186 10,069 10,043 12,284 12,278
340 396 358 481 535 599
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- 101 113 --
-- -- 1,199 1,694 2,189 2,477
-- -- 10,214 11,146 11,389 12,501
352 233 369 -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
 -- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
123,559 134,569 151,579 173,568 186,973 162,125
-- -- -- 0 0 0
-- -- -- 4,000 10,000 10,000
-- -- -- -- -- --
(97,902) (105,128) (115,121) (121,662) (124,719) (98,763)
133,063 157,520 178,839 199,924 227,262 225,100
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --

4,026 4,062 4,685 15,319 15,440 15,312

0 0 0 1,104 187 221
1 14 1,046 86 146 1,156
1 1,003 46 86 1,159 1,159
1,001 3 46 1,087 1,162 2,163
1 3 1,047 1,088 2,165 1,166
2 1,017 1,092 172 1,305 2,315
1,002 6 1,093 2,175 3,327 3,329
3,022 3,039 2,500 11,868 10,621 9,447
-- -- -- -- -- --
8,803 10,102 11,413 12,840 13,578 14,978
1,175 1,319 1,757 2,198 2,539 2,955
1,133 1,397 1,845 2,170 2,527 2,771
1,073 1,337 1,680 1,995 2,226 2,377
975 1,153 1,508 1,738 1,815 1,953
831 980 1,301 1,389 1,401 1,502
2,206 2,734 3,525 4,165 4,753 5,148
1,806 2,133 2,809 3,127 3,216 3,455
3,616 3,916 3,322 3,350 3,070 3,420
-- -- (2,441) (2,251) (1,878) (2,462)
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --