グローバル企業の「最新IR英語」事例集#1 逆風に身構えるAlphabet
米国を中心としたグローバル企業のIR（投資家向け広報）で使われている英文の実例をシチュエーション（伝えたい内容）別に収集・整理していきます。海外の機関投資家との1on1ミーティングや英文開示の充実に取り組む経営者や財務・IR担当者はもちろん、英語で仕事をするビジネスパーソンに幅広く活用していただくことを目指しています。
1. 財務成績を説明する
定量的な説明
増収／増益
Google Services revenues of $61B were up 2% year-on-year.
――Google Servicesの収益は前年同期比2%増の610億ドルだった。
Search and Other revenues grew 4% year-over-year to $40B, led by Travel and Retail.
ーーSearchおよびOhter（その他）の収益は、旅行・小売分野の好調により前年同期比4%増の400億ドルに拡大した。
減収／減益
Operating income was $17.1 billion, down 19% versus last year, and our operating margin was 25%.
ーー営業利益は171億ドルと前年同期から19％減少し、営業利益率は25%となった。
横ばい／想定通り
Capital expenditures totaled nearly $5 billion in fiscal 2022, in line with our expectations.
ーー2022年度の設備投資は、計画並みの合計約50億ドルとなった。
キャッシュフロー
We delivered Free Cash Flow of $16.1 billion in the quarter, and $63 billion for the trailing 12 months.
ーー当四半期では161億ドル、直近12ヶ月では630億ドルのフリー・キャッシュ・フローを創出した。
BS
We ended the quarter with $116 billion in cash and marketable securities.
ーー当四半期末の現金および有価証券の合計額は1,160億ドルとなった。
定性的な説明
好調
We're pleased with the momentum in Cloud and do continue to be excited about the long-term opportunities.
ーーCloud事業は好調に推移しており、当社としては引き続き長期的な成長機会があると考えている。
堅調
We delivered solid growth in hardware revenues, primarily from sales of the Pixel 6a.
ーー主にPixel 6aの販売が伸びたことにより、ハードウェア収益は着実に成長した。
Turning to our segment results, within the Google Services segment, Search and Other revenues had healthy fundamental growth in the third quarter, which was affected by the impact of currency movements.
Looking toward fiscal 2023, while we continue to monitor our booking trends for any macroeconomic impacts, we are still seeing robust demand at our domestic parks and are anticipating a strong holiday season in Q1.
連続／継続
In YouTube and Network, the sequential deceleration of year-on-year growth in the third quarter versus the second quarter primarily reflects further pullbacks in advertiser spend.
YouTube Music Premium and YouTube TV continued to drive ongoing strong growth in YouTube non-advertising revenues.
要因の分析
増加／ポジティブ要因
Operating expenses were $20.8 billion, up 26%, reflecting the following:
First, the increases in R&D and G&A expenses, which were driven primarily by headcount growth; and second, the growth in Sales & Marketing expenses, which was driven primarily by increased spending on ads and promotions, followed by headcount growth.
減少／ネガティブ要因
Play revenues were lower due to a number of factors, including a decline in user engagement in gaming from the elevated levels seen earlier in the pandemic.
Among other factors, this shift in user behavior also created
downward pressure on our advertising revenues with lower revenues from app promo spend on YouTube, Network and Play ads in Search & Other.
Our domestic parks delivered significant year-over-year revenue and operating income growth despite an adverse impact of approximately $65 million to segment operating income from Hurricane Ian.
一過性の要因
The growth in our advertising revenues was also impacted by lapping last year’s elevated growth levels and the challenging macro climate.
As I already noted, the largest driver of the deceleration in year-on-year growth of Search compared with 3Q21 was lapping the outsized growth in 2021.
複合的な要因
Other Revenues were up 2% year-over-year, with growth in YouTube non-advertising and hardware revenues offset by a decrease in Play revenues.
期ずれ／タイミング要因
Compared to the prior-year fourth quarter, cable programing and production costs benefited from the timing of the NBA Finals, which were in Q4 of fiscal 2021 versus Q3 of fiscal 2022. Note that in Q1 of fiscal 2023, we also expect to see a timing impact versus the prior year from two college football playoff games that are shifting into the second fiscal quarter this year versus the first quarter last year.
We usually give you a Capex number for the beginning of the year. And by the end of the year, we haven't spent it all. So, there is some slippage that goes from one year into the next.
今後の見通し
楽観／改善
Our financial results this quarter represent a turning point as we reached peak DTC operating losses, which we expect to decline going forward.
2. 経営戦略や施策を説明する
方針
強化／加速する
Over the past quarter, we’ve made several shifts away from lower priority efforts to fuel higher growth priorities.
抑制／減速する
As we noted on our second quarter call, our actions to slow the pace of hiring will become more apparent in 2023.
人材採用
As in prior quarters, the majority of hires were for technical roles.
Within this slower headcount growth next year, we will continue hiring for critical roles, particularly focused on top engineering and technical talent.
設備投資
Turning to Capex, we continue to make significant investments in Technical Infrastructure, with servers as the largest component.
コスト削減
And marketing costs should decline, as we continue to focus on aligning our costs with our dynamic business models.
We are actively evaluating our cost base currently, and we're looking for meaningful efficiencies. Some of those are going to provide some near-term savings, and others are going to drive longer-term structural benefits.
3. マクロ環境を説明する
全般的な環境
Putting this all together, assuming we do not see a meaningful shift in the macroeconomic climate, we currently expect total company fiscal 2023 revenue and segment operating income to both grow at a high single digit percentage rate versus fiscal 2022.
為替
為替レートの変動
Our results in the third quarter reflect an increased headwind from foreign exchange, given the ongoing strengthening of the U.S. dollar versus last year.
業績に対する為替影響
For the third quarter, our Consolidated Revenues were $69.1 billion, up 6%, or up 11% in constant currency.
In addition, as we have previously said, the impact of foreign exchange is greater on operating income than it is on revenues, given that our expense base is weighted more toward the U.S. with most of our R&D efforts located here.