Aug 29, 20205 min read

US Stocks: Alphabet Inc (NASDAQ: GOOGL)

Updated: Sep 11, 2020

[주가 전망/기업 분석] 알파벳 구글 주식 최고재무책임자 실적발표 컨콜_2020년 1분기

2020 Q1 Consolidated financial results

Led by Search, Youtube and Cloud - drove revenues to $41.2 billion, up 13% versus last year (YoY), or 15% on a constant currency basis.

알파벳 연결기준 실적. 총 매출액은 41.2조 전년대비 13% 증가. 고정 통화 기준은 15% 증가

Exchange rate movement resulted in a modest headwind to reported revenues

환율의 영향으로 (달러강세) 실적에는 다소 부정적으로 작용

Key expense lines on a consolidated basis:

주요 비용 연결기준

Total cost of revenues including TAC was $19B of 19% YoY

매출원가는 $18.982조 (TAC 포함), 전년 대비 19% 증가

Other cost of revenues on a consolidated basis with $11.5B of 26% YOY, primarily drive by Google related expenses

매출원가 항목에서 기타 비용은 $11.5조로 전년 대비 26% 증가.

주로 구글 관련 비용

Biggest factors in Q1 2020 were costs associated with data centers and other operations (including depreciation)

가장 큰 요인은 이번 분기 역시 데이터 센터 비용과 다른 사업들이고 (감각상각 포함)

And then content acquisitions (primarily Youtube advertising support content)

다음 요인으로는 컨텐츠 인수 비용으로 주로 유튜브 광고 컨텐츠 지원하는데 들어감

Followed by content cost for Youtube TV and paid Youtube Music and Premium subscription services

뒤를 이어, 유튜브TV 컨텐츠 비용과 유료 음악 및 프리미엄 서비스 구독비용

Operating expenses (R&D, sales and marketing, general and admin): $14.2B. With headcount growth being the largest driver of year on year (YOY) growth

영업비용은 $14.2조. 직원수 증가가 대부분 증가요인 R&D, 세일즈, 마케팅 인건비 증가

For G&A the biggest driver of expense growth was attributable to reserve estimated credit deterioration as a result of COVID19.

판관비 증가요인은, 코로나로 인한 크레딧 훼손에 대한 보정치

Stock based compensation total $3.2B, headcount was up 4,149 from the Q4 - again the majority of the new hires were engineers and product managers.

스톡옵션 등 급여 $3.2조, 직원 4,149명 증가. 엔지니어와 상품매니저들 채용 비중 높았음

In terms of product area, the most sizeable headcount increases were in Google Cloud, for both technical and sales roles.

상품 쪽 채용에서는 단연 구글 클라우드에서 많았다. 기술직종과 세일즈 직종 모두

Operating income was $8B, down 4% YOY, excluding the impact of the “EC Fine” in Q1 of last year, for an operating margin of 19%.

영업이익은 8조로, 전년대비 -4%, 작년 1분기 “EC벌금" 영향은 제외, 영업이익율은 19%

Other income and expenses with a loss of $22M driven primarily by losses in equity security.

기타 손익은 -2,200억 정도로 대부분 주식 증권자산에 대한 손익에서 기인

Cash cap ex for the quarter was $6B

CAPEX 분기 현금흐름 6조였고

Operating cash flow was $11.5B with free cash flow of $5.4B.

영업 활동으로 인한 순현금흐름은 11.5조였고, 잉여 현금흐름은 5.4조였다.

We repurchased $8.5B of our shares. We ended the quarter with cash and marketable securities of approximately $117B.

자사주 매입에는 $8.5조를 썼다. 분기 마감 기준 현금성 자산, 유가증권 등 총 $117조 였다

Segment Results

Google 구글

Revenue $41B, up 14% YOY

매출 41조, 전년대비 14% 증가

Starting with Google Search and other advertising revenues, we generated $24.5B in revenue in the quarter, that was up 9% YOY. This reflects strong YOY growth for the first few months of a quarter, in march the revenue began to decline and entered the loss at a 15% decline in YOY revenue.

구글 검색은 $24.5조 매출 냈고, 전년대비 +9% 첫 두달은 강한 모습이다가 3월에 망가졌다

Although users search activities increased their interest shifted to less commercial topics. In addition, there was also reduced spending by our advertisers

사용자 검색활동은 늘었지만 관심은 비상업적 분야로 늘었고, 광고자들도 돈을 적게 썼다

Youtube advertising revenues were $4B, up 33% YOY. Significant Youtube revenue growth persisted until late in the first quarter.

유튜브 광고 4조 매출 냈고, 전년대비 +33% 분기 말까지 유튜브 고성장 계속되는 모습

With different performances trajectory for the 'brand' and 'direct response' component

'브랜드'와 '직접반응'의 실적 예상궤도가 각각 다르게 나오면서

Direct response continued to have substantial YOY growth throughout the entire quarter, brand advertising growth accelerated in the first two months of the quarter but began to experience headwind in mid March.

직접반응 광고는 분기내내 성장하며 좋았는데 브랜드 광고는 두달 좋다가 3월에 저항 있었다

As a result by the end of March total Youtube Ad revenue growth has decelerated to YOY growth rate in the high single digit

그 저항의 결과로 유튜브 광고 전체 실적이 약간 둔화되어 전년 대비 -9%까지 내려왔다

Network advertising revenues were $5.2B, up 4% YOY with health YOY growth for the first 2 months of the quarter

네트워크 매출은 5.2조로 전년대비 +4% 역시 분기 첫 두달은 견실한 모습

We ended March at YOY percentage decline in network revenues below double digit

3월에는 급감하여 전년대비 두자릿대 %까지 떨어짐

Turning to Google Cloud including GCP and G Suite, revenue for $2.8B for the first quarter, up 52% YOY

구글 클라우드 (GCP =플랫폼, G Suite 합산), 1분기 2.8조 매출 내서 전년대비 +52%

Driven by a significant growth at GCP and ongoing strong growth at G Suite

GCP와 G Suite의 +52% 폭발적인 성장으로 이뤄진 실적

Once again the growth rate of GCP was meaningfully higher than that of cloud overall

GCP의 성장수치가 전체 클라우드 사업의 수치보다 유의미하게 높았다

In the first quarter other revenues were $4.4B, up 23% YOY, primarily driven by growth in Youtube non-advertising revenues and play

기타 매출, 1분기 $4.4조 매출 전년대비 +23%, 대부분 유튜브의 비광고 매출성장 때문임

Youtube’s contribution to other revenues benefited from subscribers growth across various offering

유튜브는 다양한 지역 구독자 수의 증가 수혜로, 매출에 기여했다

Total Traffic Acquisition Costs (TAC) were $7.5B, for 22% of total advertising revenues, and up 9% YOY

전체 TAC $7.5조, 전체 광고 매출 22%비중, 전년대비 +9%

Total TAC as a percentage of total advertising revenues were down slightly YOY

전체 TAC이 전체 광고매출에서 차지하는 비용은 전년대비 살짝 떨어졌다

Reflecting once again a favourable revenue mix from ‘network’ to ‘google property’

‘네트워크’가 ‘Google Property’의 적절한 매출의 조화를 보여줬다

Google operating income was $9.3B, up 1% versus last year, and the operating margin was 23%.

구글 영업이익은 9.5조로 1%정도 증가했고, 영업이익률로는 23%이다

Google accrued CAPEX for the quarter was $5.7B, reflecting investments in data center, follwed by servers, office facilities

구글은 1분기 CAPEX 쌓인 금액 5.7조로 주로 데이터 센터와 서버, 사무시설에 투자했다

Moving on to the performance of the other Bets, for the first quarter revenues were $135M primarily generated by fibre and ,

operating loss was $1.1B for the first quarter

넘어가서, Other Bets의 1분기 매출 1,350억이었고 영업손실은 1.1조였다

Let me now conclude with our thoughts in the impact of global crisis on our revenues and investments, including an update on the outlook I shared on the fourth quarters earnings call

코로나가 준 영향과 향후 실적 전망 변화에 대한 생각 (지난 4분기 공유)과 함께 끝내겠다

At the inception of the crisis, the increase in user interest was for information about COVID19 and related non-commercial topics

코로나 발발 이후 검색결과를 분석해보니 비상업적이고 정보겸 검색 증가가 많았다

Although we have seen some very early signs of recovery in commercial search behaviour by users, it is not clear how durable or monetizable this behaviour will be.

상업적인 검색 활동 회복이 감지되긴 하지만 지속여부, 수익으로 연결시킬수 있을지 모른다

In order to gage the ongoing potential financial impact to our business from COVID19, a key signal is to monitor is macro economic performance, which is tended to be correlated with advertising spent.

코로나가 사업에 주는 타격 최소화를 위해 거시경제를 모니터링, 광고비와 연관 깊음

As of today we anticipate that the second quarter will be a difficult one for our advertising business, as we move beyond the crisis, and the global economy normalises this should be reflected in our advertising revenues

현재 2분기가 어려울 것이라고 전망한다, 광고 사업쪽은, 정상화되면 매출 회복할것

But it will be premature to comment on timing given all the variables here

변수가 많아서 시기를 말하기에는 이르다

11/09/2020